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cxport < te^et 1 in° bn Rouble falls 21 . 5 % as currency exchanges close 

flVMliffh Mian H'wW®'* fcJIhtg value By John Thornhill in Moscow month r efinancing rate from 1L6 ^ "*" it vulnerable to speculation, said fierce debate on the rouble in 

rdfJIU growin plan „ per cent to u per cent from today ** D __. , currency experts. Russian parliament today. 


China aims to export SISObn worth of electronics 
and machinery annually by early next century 
under a three-phase plan aimed at securing a sub- 
stantial share of the world market. Exports of 
machinery and electronics are expected to reach 
$26bn this year, an increase of $EL3ha or M5 per 
cent over last year. The export drive reflects a 
desire to become more competitive in both world 
and domestic markets. This also coincides with Bei- 
jing’s moves to re-enter the General Agreement on 
TVuifis and Trade. Page 8; Inflation “will stay Chi- 
na’s big headache’. Page 6 

Strong demand pushes Chrysler ahead: 

Chrysler, smallest of the US’s three big carmakers, 
reported a 54 per cent surge in profits Dor the latest 
quarter as demand for the company’s most popular 
models in North America continued to outstrip sup- 
ply. Page 19; Lex, Page 18 

Tlphook’s banks named In (IS stdb National 
Westminster Bank and Commerzbank, lenders to 
UK transport leasing group Tiphook, have been 
drawn into a $700m (£443m) US mass action suit 
against the company. Sir Charles Powell. Lady 
Thatcher’s former foreign affairs adviser and now a 
non-executive director of NatWest, and Commerz- 
bank chairman Martin Knhfhfliiacian, axe al<tn 

named as defendants. Page 19 

James Kalman wins Booker Prize 

The £20,000 ($31,600) UK 
Booker Prize for fiction 
was awarded to James 
Kelman (left) for How 
Late It Was, Bow Late, 
published by Seeker and 
Warburg. The novel, a 
story of Scottish low-life 
narrated largely in Glas- 
wegian dialect, is 
unlikely to prove a popu- 
lar choice With booksell- 
ers, which have damned 
all six books shortlisted for this year’s prize as bor- 
ing, elitist and - worst of all - unsaleable. 

Crackdown on software pirates: Leading 
software companies are offering rewards of up to 
£2.500 <$3350) to informers prepared to expose com- 
panies in the UK illegally copying software, in a 
drive to crack down an piracy estimated to have 
cost them nearly SSOOm last year. Page 18 


Reynolds prottos UK on Ulster: Irish prime 
minister Albert Reynolds called for “an accelerated 
British response” to the six-week-old IRA ceasefire. 
Page ll; Irish PM’s pay increase, Page 4 

Hong Kong newspaper chief may face ban: 

Yu Pun Hoi, chairman erf Hong Kong newspaper 
group Ming Pao. was notified by the Hong Kong 
Stock Exchange of disciplinary proceedings which 
could lead to disqualification after it was revealed 
he had a criminal record. Page 22 

News Corp to modify new shares: Rupert 
Murdoch's News Corporation bowed to investor 
pressure and agreed.to modify its oue-for-two issue 
of limited voting preference shares. Page 21 

I G Metafl de ma nds 6% pay rise: German 
engineering workers’ union 1G MetaD called for a 6 
per cent pay rise next year and insisted on the 
introduction of a 35-hour week. The claim was con- 
demned by engineering employers. Page 18 

‘Open skies 1 move for regional airports: 

Britain lifted all restrictions for transatlantic flights 
to its regional airports in an effort to revive talks 
with the US to liberalise air services between the 
two countries. Page ll 

Sanyo SecurWes plans rights Issue: Sanyo 
Securities, troubled Japanese broker, said it would 
raise YSflbtt <Sl9Bm) through a rights issue to its 
three leading creditor banks - Nippon Credit Bank , 
Bank of Tokyo and Daiwa Bank - and Nomura 
Securities, its largest shareholder. Page 22 

UK truck and van sales rise: UK commercial 
vehicle registrations rose for the ninth successive 
month in September, but the proportion of imported 
vehicles increased sharply- Page 11 

VSEL takeover likely this week: The agreed 
takeover of UK submarine maker VSEL by British 
Aerospace is likely to be concluded this weds. 

Page 20 

Barings bucks trend with 54% rise: Barings 
bucked the trend in the UK merchant banking sec- 
tor to- reporting interim pre-tax profits up 54 per 
cent to £54 3m ($86 .58m). The improvement con- 
trasts with profit warnings issued by S.G. Warburg 
and Hambros. two other UK houses. Page 19; Edito- 
rial Comment. Page 17; Observer, Page 17; lex, 
Pape 16 


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By John Thornhill tn Moscow 

The Russian rouble plummeted 
ZL5 per cent yesterday, its big- 
gest one-day fall 

The currency’s collapse 
shocked Russia’s emerging finan- 
cial markets, caused confusion in 
the streets and prompted fierce 
debate among politicians about 
the future of the country's reform 
programme. 

The government appeared sur- 
prised by the extent of the foil 
and said it would raise Us one- 


month refinancing rate from LL6 
per cent to U per cent from today 
in a desperate attempt to defend 
the currency. 

'Many Russian hanirc shut for 
the day and refused to exchange 
currency, creating bewilderment 
and anger among the crowds out- 
side. “Collapse? Hyperinflation? 
We simply do not know," said 
one Russian. 

One western economist in 
Moscow said: “It is a full-blown 
panic at the moment The chal- 
lenge to the government is going 


Russians bemused by 
‘Black Tuesday* Page 4 


to be not to over-react and to 
recommence with its stabilisation 
programme as required.” 

The central bank held a crisis 
meeting yesterday afternoon 
amid allegations that 10 banks 
had colluded to dump roubles on 
the market. The low volumes 
traded on the Moscow Interbank 

(Tinrenry farhan y (MIcpt) irmb 


it vulnerable to speculation, said 
currency experts. 

On Micex, the rouble plunged 
to 3£26 to the US dollar from 
3.081 on Monday, taking this 
month’s decline to 32L9 per cent. 

The Moscow commodities 
exchange, one of thi> wain dollar 
futures trading floors, shut down 
when the Micex rate was 
announced, member brokers said. 
Trading in shares was also 
affected as brokers checked to 
see if prices had been updated. 

Government ministers expect a 


Iraqi troop 
withdrawal 
fails to 
convince US 





By Roger M atthews , 

Middle East Editor 

The US rejected claims from 
Ragfrriad yesterday that a signifi- 
cant number of Iraqi troops have 
been moved away from the bor- 
der with Kuwait, and warned 
that a preemptive military strike 
was being considered. 

The Pentagon announced that 
156,000 ground troops were on 
alert Nearly 40.000 troops are in 
or heading for the Gulf, together 
with an additional 350 aircraft 
including B-52 bombers and F-117 
stealth fighters. Their arrival will 
bring the total of US aircraft and 
helicopters in the region to more 
than 650. 

General John Shalikashvili, 
chairman of the joint chiefs of 

Crisis could be a blessing 
for Kuwait Page 6 

staff, said some Iraqi units may 
have moved away from their 
combat positions, but that “con- 
siderable units" remained close 
to the Kuwaiti border. 

Gen Shalikashvili said: “We 
still have quite some time to look 
at this situation before we are 
certain as to their intentions and 
where they are moving. 1 am not 
prepared yet to say that the crisis 
is over in any way." 

Ms Madeleine Albright, the US 
ambassador to the UN, said ear- 
lier that a pre-emptive strike 
against the forces of President 
Saddam Hussein was under con- 
sideration because “we want to 
make sure that they do not do 
this ag3in“. She also said there 
was some evidence of a minimal 
Iraqi troop movement away from 
the border, but confirmation was 
i required. 


Mr MrihamiriHi Saeed al-Sahaf. 
the Iraqi foreign minister, 
claimed, however, that all Iraqi 
forces had left their forward posi- 
tions by noon yesterday, and the 
two brigades still on the move 
were expected to reach their des- 
tination within 14 hours. Iraq 
said that it had also invited the 
Russian and Chine se emhasgipg 
in Baghdad to said representa- 
tives to verify the troop with- 
drawal. 

A Reuters correspondent 
returning from Basra to Baghdad 
yesterday reported large numbers 
of tanks, armoured troop carriers 
and artillery moving north, with 
some forces nij, jig south. 

Mr William Perry, US defence 
secretary, stressed that a pre- 
emptive strike remained an 
option for the US if the Iraqi 
forces did not pull back. “We 
have prepared the contingency 
plans to do that We mil resolve 
the crisis in a relatively short 
amount of time, and if that 
requires the use of military 
power, we sue prepared to use it” 
he said. 

Mr Douglas Hind, the UK for- 
eign secretary, left for Kuwait 
last night where he is expected to 
meet the Gulf Cooperation Coun- 
cil. The foreign ministers of the 
six members of the council - 
Saudi Arabia, Kuwait. United 
Arab Emirates, Qatar, Bahrain 
and Oman - are gathering to 
show their united opposition to 
the Iraqi military threat 

In Moscow, the Russian foreign 
ministry said it was surfing two 
senior diplomats to Baghdad and 
Kuwait in an effort to defuse the 
crisis. A spokesman said the Rus- 
sian plan was to encourage Iraq 
to pull back its troops in return 
for the prospect of an eventual 
eating of UN sanctions. 



: V’""- ' 

M 


Lady Thatcher and John Major at the start of the UK Cons ervative party conference yesterday rw 

Lamont re-opens Tory split 
over European Union 


By PtitRp Stephens, 

Po5tica] Editor 

Mr Norman Lamont. the former 
chancellor, last night re-opened 
the deep divisions in the Conser- 
vative party over Europe with 
the stark suggestion that Britain 
might have to consider with- 
drawal from the European Union. 

His uncompromising rejection 
on the first day of the Tory con- 
ference of any further moves 
towards European integration 
was instantly dismissed by Mr 
Douglas Hurd, the foreign secre- 
tary. as “completely out of date". 

But, with some on the Euro- 
sceptic wing of the party backing 
Mr Lamont’s stance, the speech 
signalled the potential for the 
1996 Intergovernmental confer- 
ence on EU integration to spark a 
renewed Tory civil war. 

Mr Lamont accused Mr John 
Major of “wishful thinking” in 
judging that Britain’s partners 
would not press ahead with a sto- 
gie currency and dismissed as 
“simplistic" the prime minister’s 


assertion that leaving Europe 
was “unthinkable". There was 
not a “shred of evidence" that 
any of the 11 other governments 
shared Britain's view of the ElTs 
future. 

Earlier Mr Hurd had antici- 
pated the intervention by warn- 
ing the conference to ignore the 
Eurosceptics. Insisting that the 
federalist ambitions of Britain's 
partners had been severely 
curbed by the experience of the 
Maastricht Treaty, Mr Hurd said: 
“Our interest lies in steering 
Europe our way, rather than pre- 


tending we belong to another 
continent.” 

Amid a clamour of criticism 
from the pro-European wing of 
the party, other cabinet ministers 
were less diplomatic and accused 
Mr Lamont of being driven by a 
detire to exact revenge on Mr 
Major for his dismissal from the 
Treasury. 

But Mr Lamont articulated the 
views of a small but powerful 
minority within the party at 
Westminster. A number of 

Continued on Page 18 


fierce debate on the rouble in the 
Russian parliament today. 

Mr Sergei Glazyev, head of the 
parliament’s economic policies 
committee, said the rouble’s 
large fall would have a destabilis- 
ing effect over the medium-term. 
“This chaotic outburst of hard 
currency speculation will tell on 
the central bank's interest 
rates . . . and cause prices to rise 
sharply,” he spid- 

Mr Boris Fyodorov a former 

Continued on Page 18 

Games of 
chance set 
up Nobel 
prize in 
economics 

By Stephanie Flanders 

Three academics from the US, 
Germany and Hungary won the 
Nobel economics prize yesterday 
for their work deriving economic 
lessons from the dynamics of 
simple gstnes- 

The winners were Dr John C. 
Harsanyi, bom in Budapest and 
now at the University of Calif- 
ornia at Berkeley, Dr John F. 
Nash, of Princeton University, 
and Dr Reinhard Selten, now at 
the University of Bonn. They are 
the first economists to win the 


A poker game la In 
Nash equilibrium 
Iff- 

eSi.U. fsJ^Ui (s\sl). 


prize from the field of “game the- 
ory", one of the biggest trends in 
economics of the past 30 years. 

Game theorists use models of 
games such as poker to deduce 
lessons about situations in which 
people may base their decisions 
on how they expect others to 
react Pioneering work by yester- 
day’s winners has since been 
applied to everything from cor- 
porate pricing strategy to inter- 
national disarmament talks. 

AH three theorists tend to 
express their ideas In complex 

Continued on Page 18 
Editorial Comment Page 17 


Cable and Wireless to unveil 
telecoms project in China 



By Andrew Adonis in London 

Cable and Wireless of the UK will 
today announce a large telecoms 
development project in China 
which could lead to the opening 
up of the world’s largest telecoms 
growth market to foreign opera- 
tors. 

The deal will involve Hong- 
kong Telecom, of which C&W 
owns a majority stake, in a joint 
venture with Chinese partners to 
expand the country’s telecoms 
services. Until now, China has 
maintained a state monopoly 
over telecoms services, although 
western telecoms equipment sup- 
pliers have long been established 
in the Chinese market. 

A leading Hong Kong analyst 
said the agreement would involve 
either a substantial loan from 
Hongkong Telecom tied to an 
ope rating agreement, or a leasing 
arrangement, either of which 
mi gh t in time be convertible into 


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an equity holding. 

“This is a watershed, which 
could lead within months to a far 
wider opening up of Chinese tele- 
coms to overseas operators,” he 
said. 

The Cable & Wireless board 
met in Shanghai on Monday, 
when the agreement was finali- 
sed. The agreement follows 
mohths of intensive contacts 
between C&W and China’s minis- 
try of posts and telecommunica- 
tions, during which the ministry 
nominated C&W as its “preferred 
partner” for future operations. 

China has ambitious plans to 
increase its number of phone 
lines from about 30m to at least 
110m within the next decade But 
the ministry is believed to be 
finding it increasingly difficult to 
secure supplier finance for tele- 
coms expansion, which has 
obliged the government to move 
foster than expected on joint ven- 
tures with foreign network opera- 


tors. 

The last significant step in the 
erosion of the state telecoms 
monopoly took place in July, 
when the state council allowed 
ministries other than pasts and 
telecoms to operate telecoms net- 
works. 

Three other ministries - rail- 
ways, electronic industries and 
electrical power - launched a 
new telecoms network backed by 
leading domestic groups, which 
has called on US operators for 
technical advice. 

Earlier this year the operating 
and regulatory divisions of the 
MPT were separated, making it 
easier for new operators to estab- 
lish themselves. Lord Young, 
C&W chairman, held talks in Bei- 
jing in March with telecoms offi- 
cials and with Mr Jiang Zemin, 
China's president He predicted 
then that CAW’S first Chinese 
joint ventures could be agreed by 
the end of the year. 


Smart Ross returned Scotland’s oldest 
independent brewery. Be Ihaven, to Scottish 
control with a £36 million management buy-out 
led by CVC 


6 One of our stipulations 
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structure a deal which would 
leave us headroom to expand. 

It was the flexibility of their 
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,, TIMES UMITED 1994 NO 32,495 Weak NO 41 IONPOH • PARIS - FBAMKFUBT - HEW YORK - TOKYO 












FINANCIAL TIMES 


WEDNESDAY OCTOBER 


12 1994 


NEWS: EUROPE 


Stock market anticipates Kohl victory 


By Andrew Fisher in Frankfurt 


Growing confidence among Investors 
that Chancellor Helmut Kohl's gov- 
ernment would be re-elected on Sun- 
day helped the German stock market 
to make further gains yesterday after 
earlier concern that the coalition 
might lose the rote. 

The DAS index of leading stocks in 
Frankfurt added a further 2.3 per 
cent, or 46.3 points, to reach 2,071 
points after a rise of 3.3 per cent (64.2 
points) on Monday. Also contributing 
to the continued upturn was the 
stronger performance in the bond 
market Despite the positive German 
stock market showing, however, 
some economists still feel Mr Kohl 


could have an nphill struggle to win 
this weekend's general election. “I 
think his chances are slightly better 
than 50-50," said Mr Holger Fahrink- 
rug, Frankfhrt-based economist with 
UBS Global Research. 

This morning, he added, stock mar- 
ket opinion was probably tilting to a 
55 per cent probability of a victory 
for Mr Kohl, whose Christian Demo- 
cratic (CD CD governs with the Bavar- 
ian Christian Social Union (CSU) and 
the Free Democrats (FDP); the latter 
have done badly in recent state elec- 
tions. Now, he thought market opin- 
ion in favour of a Kohl success had 
probably strengthened to 60 per cent 

In its latest monthly German 
report CBS said: “The chance of a 


swing to the left is worrying Inves- 
tors and contributing to a high 
liquidity preference." 

Recent opinion polls suggesting the 
governing coalition was likely to win 
an outright victory, with the FDP 
staying in parliament, have helped 
market sentiment- 
So has confidence about the eco- 
nomic recovery and receding infla- 
tion, despite yesterday’s news that 
west German inflation in September 
had stack at 3 per cent instead of 
easing to an annual 2.9 per cent as 
provisionally stated. 

Agreeing that the government was 
likely to be re-elected, Mr Ulrich 
Ndtges, economist at Trinkaus Capi- 
tal management, wrote in a pre-elec- 


tion report that markets had been too 
blase about the outcome and then 
swung to over-pessimism. “Only 
since Hie start of September do opin- 
ion polls show that the coalition has 
a proper chance of being re-elected." 
■ A novel opinion survey set np with 
the help of the Nobel economic prize 
winner. Professor Reinhard Seltem 
says Mr Kohl win win, Wlrtscbafts- 
woche magazine reported, Reuter 
reports from Bonn. 

The economic weekly said its Elec- 
tion Bourse survey, which has 506 
real traders dealing in fictitious 
stocks linked to the political parties, 
said Mr EMU’s coalition would win a 
tmy majority of seats with 48.6 per 
cent of the vote. The survey, for 


which Prof Selteu of Bonn University 
was an adviser, had traders buying 
and selling each party’s stocks 
according to what they expect the 
Dual mult to be. Their figures show 
the combined opposition getting 47.5 
per cent and this failing to reach an 
anti-Kohl majority. 

The Social Democrats would get 35 
per cent, the Greens 8.2 per cent and 
the reformed communist Party of 
Democratic Socialism 441 per cent 

"An election market follows quite 
different principles from normal 
opinion polling," Wirtscbaftswoche 
quoted Prof Selten as saying. “How 
the participants will vote is not deci- 
sive, but rather which result they 
expect" 


Bonn government basks in the 
light of television coverage 

On air, some are more equal than others, writes Judy Dempsey 


"\ On the night of 



i \ August 17. Ger- 

man holiday- 
makers who 
had flocked to 
the Canary- 
Islands for 
their vacation 
had an unex- 
.,. v pected opportu- 

Ti- ' nity to see an 

! interview with 

GERMAN Chancellor Hel- 

ELECTIONS n °“ 

October 16 ® at i ’ 1116 pn ‘ 

vate commer- 
cial television channel. For one 
hour, the chancellor, unhin- 
dered by any trenchant ques- 
tioning, covered a broad range 
of issues. "This was not a polit- 
ical broadcast,” insisted Ms 
Simone Telgart from Sat I. 
"We interviewed him not as 
head of the Christian Demo- 
cratic Union but as the chan- 
cellor." 

That interview, directed spe- 
cifically at German holiday- 
makers. was a foretaste of 
things to come as television 
geared up for next Sunday’s 
federal elections. 

“There is no doubt television 
has played a very Important 
role in this campaign and will 
play a crucial role in influenc- 
ing the undecided voters," said 
Mr Manfred Gullner, head of 
the Dortmund-based Farsa 
Institute for Social Research 
and Statistical Analysis. 



■Discussiom/taks by the leading pofittcfcms from Jan 1 through to Sep< 30, 1994 


“At least 15 per cent of vot- 
ers have still to make up their 
minds how they will vote. In 
this context, the role and influ- 
ence of television in this cam- 
paign is much greater than in 
other federal elections.” 

In the past particularly dur- 
ing the 1970s and early 1980s, 
voters were exposed to only 
two state-run television chan- 
nels; ARD, controlled by the 16 
states, and the Mainz-based 
ZDF. Since the advent of pri- 


vate television in 1985, viewers 
have had a choice of several 
commercial and satellite chan- 
nels. These include: RTL. 
partly owned by the Bertels- 
mann publishing group; Sat 1, 
jointly owned by Munich-based 
mogul Leo Kirch and the 
Springer group; and Pro 7, also 
owned by Mr Kirch. 

By law, the channels are 
required to provide equal 
opportunities for expression of 
opinions. However, they are 


not required to give equal time 
to each party outside party 
political broadcasts. 

Sat 1, with 16 per cent of the 
audience, and ZDF, with 17 per 
cent, have consistently sup- 
ported the CDU, and particu- 
larly Mr Kohl, throughout the 
campaign. "You know exactly 
where you stand with Sat l," 
said Mr Gdflner, adding: "It’s 
the Kohl chann el." 

Between January and the 
beginning of this month, Sat 1 
had broadcast five hours and 
10 minutes of interviews with 
Mr KohL compared to one hour 
and 24 minutes with Mr Rudolf 
Sc harping, leader of the opposi- 
tion Social Democrats. Mr 
Klaus Efinkel, foreign minist er 
and leader of the Free Demo- 
crats, junior partners in the 
Bonn government, was given a 
mere 47 minutes. 

The Greens and the Party of 
Democratic Socialism (PDS). 
successor to east Germany’s 
Communist party, hardly got a 
look-in. Mr Joschka Fischer. 
Hesse’s environmental minis- 
ter and a prominent Green, has 
been given one minute and 19 
seconds; Mr Gregor GysL the 
PDS parliamentary leader, 
seven minutes. Neither has 
been interviewed. Said Ms Tel- 
gart: “We are concentrating on 
the main established political 
parties. And In any case, its 
natural that the chancellor 
gets the most air time." 


In Baden-Wurttemberg, we know all about bull markets. 




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industry, funding for residential con- 
struction programs and family support, 
to name buL a few. Oh. and (he promo- 


tion of agriculture, of course. Which 
brings us back to those bull markets. 
L-Bank. Schlossplatz 10/12. 

D-76IIJ Karlsruhe, Germany. 
Telephone INT 721/150-0. 


L-BANK 


Landeskreditbank Baden-WCrtlemberq 



SPD leader Rudolf Scharping: television has had much less time 
for him than his rival, Helmut Kohl mat 


Mr Kohl and the CDU could 
hardly ask for better coverage 
from Sat 1, particularly since 
Mr Kirch is able to extend his 
influence beyond television. He 
owns a 37 per cent stake in the 
Springer group which pub- 
lishes the conservative Die 
Welt daily and the Bild tabloid, 
both staunchly CDU. 

At Springer. Mr Kirch can 
rely on Mr Jttrgen Richter, its 
new chairman, to promote the 
CDU. Like Mr Kirch, Mr Rich- 
ter is a personal friend of the 
chancellor from the days when 
he was r unning the Rhein pfalz 
newspaper group at Ludswigs- 
hafen, near Mr Kohl's home It 
was that newspaper group, 
backed by the chancellor, 
which took over the Freie 
Presse in Chemnitz, one of east 
Germany's largest dailies. 

Such support for the CDU is 
boosted by ZDF. According to 
Media Control, an independent 
company specialising in the 
electronic media, the channel 
has given Mr Kohl more than 
five hours of air time between 
January and the end of Sep- 
tember, compared to three 
hours and 10 minutes for Mr 
Scharping. In contrast, ZDF 
has given Mr Kinkel over four 
hoars and 17 minutes. 

Some of Germany’s other 
television channels and news- 
papers have tried to provide 


more balanced coverage. Mr 
Gullner reckons RTL and ARD 
are "comparatively fair". 
Indeed, Media Control has 
shown that there is only about 
30 minutes’ difference between 
the air time given the two 
main leaders, while the 
Greens, FDP and PDS are 
given coverage as well, 
although no channel has man- 
aged to have a debate between 
Mr Kohl and Mr Scharping. 
But Media Control has also 
shown that on the four main 
channels Mr Kohl has received 
17 hours and three minutes; Mr 
Scharping 10 hours and 11 min- 
utes. “We have complained to 
the television authorities about 
the bias," said the SPD’s Ms 
MechthUd Reith. "But we had 
little success. Without a doubt, 
television has been pro-Kohl 
and CDU. and ZDF has becom- 
ing increasingly pro-Kohl." 

The election coverage has 
convinced Mr Cdllner, and Mr 
Hans Hege, head of the Berlin- 
Brandenburg Medienanstalen, 
a body supposed to ensure a 
wide variety of high quality 
programmes, of the need to set 
a ceiling on ownership of tele- 
vision channels, or audience 
share. 

"Once this election is over, 
there will have to be a major 
rethink about the ownership 
structures," said Mr GOllner. 


German vision 
of EU outlined 


By Emma Tucker in Brussels 


The transfer of sovereignty 
away from member states to 
European Union institutions 
remains at the core of Euro- 
pean unification, Mr Roman 
Herzog, the German president, 
told a group of Belgian busi- 
nessmen yesterday. 

“This conviction of the foun- 
ding fathers ... has lost none 
of its importance nor of its top- 
icality." he said, addressing the 
problem of haw to fashion a 
union of 20 or more member 
states as more countries queue 
up to join. His forthright 


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endorsement of a united 
Europe comes at a time when 
governments are playing down 
the emphasis on further inte- 
gration and highlighting, to 
increasingly sceptical citizens, 
that national governments 
remain in charge of the Euro- 
pean Union. 

But speaking to the Federa- 
tion of Belgian Enterprise, Mr 
Herzog said the German presi- 
dency of the Union - which 
comes to an end in December - 
had allowed a united Germany 
to show that it still subscribed 
wholeheartedly to a united 
Europe. 

“The conclusion of the Maas- 
tricht treaty allowed the Union 
to take a big step forward," he 
said. “That is not to sa; that in 
the face of new challenges, the 
Union will not have to work to 
win the confidence of its citi- 
zens, and in some instances, 
win it back.” 

Addressing the principal 
theme of the German presi- 
dency - enlargement of the EU 
to take in the countries of east 
and central Europe - Mr Her- 
zog pointed out that western 
Europe would not be able to 
continue to enjoy its current 
levels of wealth and security if 
east and central Europe 
remained poor and insecure. 

But he warned that "adhe- 
sion cannot happen from one 
day to the next. Among the 
countries waiting to join, none 
has yet completely surmounted 
the profound crisis brought on 
by transformation that all of 
them face." Last month France 
and Germany railed upon the 
Commission to produce a 
white paper setting ont a plan 
for enlargement to the east. 


EUROPEAN NEWS DIGEST 


Serb-Croat deal 
‘on the cards’ 


Private cable operators organise 


A group of Europe's leading private cable operators will this 
week launch an association to campaign for permission to 
carry teleco mmunic ations services across their networks in 
competition with phone companies. The move comes as the 
European Commission seeks to persuade EU telecoms minis- 
ters to allow competing telecoms networks, including existing 
cable television systems. The Association of Private European 
Cable Operators will include G&nerale des Eaux, the ma in 
French private sector cable operator, UK-based cable compa- 
nies - which since 1991 have been allowed to offer telecoms 
services and now have more than 500,000 phone subscribers - 
and independent operators in Denmark and Germany. The 
association, based in Brussels, is a break away from the Euro- 
pean Cable Communications Association by private operators 
whose interests are diverging sharply from those of the state- 
owned phone companies which account for 40 per cent of 
Europe’s cable connections. About 43 per cent of Europe’s 
cable connections are provided by private operators, with a 
further 17 per cent provided by local authorities or non-tele- 
coms utilities. Andrew Adonis, London 


Polish defence row simmers 


I The Polish parliament's defence committee yesterday came 
I out strongly in support of Mr Piotr Kolodziejczyk, the defence 
minis ter who is at the centre of a dispute over control of the 
armed forces between the government and President Lech 
Walesa. The committee, meeting on the day after Mr Walesa 
asked Mr Kolodziejczyk to resign, called on the government to 
examine the circumstances of an alleged “revolt" by the top 
military command against Mr Kolodziejczyk last week on 
manoeuvres in Drawsko. President Walesa, who wants to 
control the army directly through the general staff, explained 
in a letter to the committee yesterday that he had indeed 
asked Poland's top generals to express their view on the 
progress of army reforms. Yesterday, however, Mr Kolod- 
ziejezyk, a retired admiral and once a Walesa favourite, said 
the president had asked the generals to vote on his record. 
“Eleven voted against and two for,” Mr Kolodziejczyk said, 
adding that he would not resign until the issue of bringing the 
army into politics in this way had been resolved. Christopher 
Bobinski, Warsaw 


Belarus bans foreign currency 


The Belarus government, which until recently was pressing 
for monetary union with the Russian rouble, has banned its 
use. along with other foreign currency in all cash and domes- 
tic transactions. The Belarus rouble will be the sole means of 
payment in retail trade by the end of the year and enterprises 
have to comply with the order within a week. Russia approved 
a similar move earlier this year, outlawing the common prac- 
tice of many shops to quote prices in dollars or other convert- 
ible currencies. Belarus's first post-Soviet government lobbied 
for monetary union with the Russian rouble but central banks 
in both countries dismissed the arrangement as unworkable 
and President Alexander Lukashenko has dropped the pro- 
posal since his election in July. The “anti-crisis" programme 
approved by tbe Belarus parliament earlier this month plans 
to cut monthly inflation to 7-3 per cent by next June and 
reduce the budget deficit Inflation last month stood at 25 per 
cent, down from 53 per cent in August Reuter. Minsk 


Caspian nations get together 


Representatives of all the countries surrounding the Caspian 
Sea will meet today to try to hammer out their differences 
over claims to the region’s natural resources. The precise 
demarcation of borders has been in dispute following the 
break-up of the Soviet Union. Russia and Azerbaijan have 
recently squabbled over oil rights after a $7bn exploration and 
development deal was announced by the Azeri government 
The sea is enormously rich in oil resources and has been the 
focus of much exploration activity by foreign companies. The 
other Interested countries, which include Iran. Kazakhstan, 
and Turkmenistan, will discuss the division of mineral and 
fish resources and also navigational issues for shipping. The 
Russian government which will be represented by Mr Andrei 
Kozyrev, foreign minister, will stress the unacceptability of 
unilateral action by any one government bordering the sea. Mr 
Kozyrev met a representative of the Ir anian government yes- 
terday. John Thornhill, Moscow 


Nuclear arrests in Romania 


The Romanian police have arrested three Moldovans, two 
Ro mani ans and two Jordanians in possession of 7kg of ura- 
nium and strontium. Radio Bucharest reported yesterday. The 
seven were trying to sell the nuclear material for $400,000 and 
had been arrested in Vrancea, central Romania, following a tip 
off from security services. It is the second uranium cmngg Hiig 
incident in Romania in the past 10 days. Police said last week 
they had arrested six Romanians, including two army officers, 
who were attempting to sell -L5kg of u ranium 235 and 238 at a 
vilk near Bucharest. Officials said they believed the uranium 
had come from abroad. The arrests follow a recent spate of 
rases of uranium smuggling in eastern Europe. Most have 
involved uranium from nuclear plants in the former Soviet 
Union. Romania, which borders the former Soviet republics of 
Ukraine and Moldova, is close to completing its first nuclear 
plant. Virginia Marsh, Budapest 


ECONOMIC WATCH 



., ■ i i 

V- i i ^ * * 

w 1 


Serb and Croat media reports insisted yesterday that a l formal 
reconciliation between Belgrade and Zagreb was joderadw 
consideration, despite official denials from J^th siefes. ferbw s 
President Slobodan Milosevic has come under strong procure 
from western countries and his close ally. Russia, to recognise 
the Croatian government and acknowledge, at least m princi- 
ple. Croatia’s territorial integrity. This woiddinKin renounc- 
ing all claims that a separate mini-state has been created in 
tbe Serb-controlled areas of Croatia. Mr Predrag Suae, direc- 
tor of Belgrade’s leading foreign policy institute, raid reconcili- 
ation with Zagreb would be the "logical next step m the more 
moderate foreign policy course charted by Mr Milosevic since 
his decision in August to sever ties with Bosnian Sens. There 
have been persistent reports of a secret Serb-Croat meeting at 
Graz, Austria, having taken place recently. 

M ean while, prosecutor Richard Goldstone said yesterday m 
The Hague that the Yugoslav War Crimes Tribunal would 
issue indictments next mouth. He expected to begin trials in 
March. He said Croatian officials had agreed to surrender war 
crime suspects but there was no indication or the identities of 
the suspects, or whether they were even in custody. So for the 
Serbian government has refused to co-operate with the 
inquiry, set up by the UN Security Council last year. Bruce 
Clark in Belgrade and Agencies 


v reform 





i \ t i. 
















FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 * 


NEWS: EUROPE 


French tear down symbol of urban conflict and despair 


Andrew Jack reports on the demolition in Lyons yesterday of a 
low-mcome tower block city that became a national embarrassment 



Ten tower blocks In Les Minguettes, a complex in a Lyons suburb, being demolished yesterday. The 15-storey blocks disappeared 
from the skyline in a cloud of dust as many expressed a sense of relief at the end of an era of 1960s technocratic planning hmmt 


F or a suburb known 
almost universally 
throughout France as a 
synonym for the worst in 
urban conflict and decay, Les 
Minguettes is remarkably hard 
to find. 

The area seems to be myste- 
riously off the edge of many of 
the maps of Lyons, fust as it is 
a little beyond the end of the 
m fe tr o line, itself only extended 
far into the south-east of the 
city in recent years. 

Many in the region would 
probably like it to remain for- 
gotten, given the associations 
of Minguettes with the riots in 
the "hot summers" of 1981 and 
1983 which gave it national 
notoriety and helped trigger a 
range of government inquiries 
and new urban policies. 

Yesterday was an exception, 
as thousands gathered to wit- 
ness one of the most ambitious 
such acts ever undertaken: 10 
of the 15-storey, low-income 
housing blocks in the suburb 
that became most tarnished 
with despair over the past 30 
years were demolished by 
explosives in a matter of min- 
utes. The so-called Towers of 
Democracy", distinguished by 
little more than the enormous 
purple numbers on their 
flanks, disappeared from the 
skyline. The recently-erected 
barriers will soon be removed 


and 86,000 tonnes of rubble 
trucked away. 

The destruction left many - 
including former inhabitants - 
with a sense of relief, and 
marked the end of an era of 
technocratic 1960s urban plan- 
ning strategies. But others 
were left wondering whether it 
was all in fact far more sym- 
bolic than useful 

Some 48 high-density towers 
still stand in Minguettes, rem- 
nants of one of the “mushroom 
cities" constructed at great 
speed in the late 1960s and 
early 1970s to cope with 
extreme housing shortages. At 
their peak, the blocks accom- 
modated 35,000 people. 

Mr Andre G£rtn, the Commu- 
nist mayor of Venissieux, the 
municipality in which Min- 
guettes is based, remembers 
the excitement when they were 
first built Formerly a worker 
In a lorry factory, he moved 
into one of the blocks In the 
late 1960s and recalls the 
delight of being for the first 
time in a flat that was modem 
and spacious, with central 
heating and a bathroom. 

Yesterday he said he felt 
mainly “relief at the destruc- 
tion of the flats. 

The problem was partly poor 
quality construction and man- 
agement, and partly the failure 
of attempts to create socially- 


mixed housing. Low-income 
housing policy started to 
favour lower-density construc- 
tion. Over the following years, 
those who could afford, to 
moved out: the young profes- 
sionals, skilled workers, any- 
one with money. A residue of 
increasingly more marginal- 
ised groups remained. 

Struggling with economic 
recession, Minguettes became 
one of the most concentrated 
areas of deprivation in the 
country. Even official statis- 
tics, which substantially 
underestimate the problem, 
showed unemployment last 
year at 22 per cent 

N early a quarter of the 
population are classi- 
fied as immigrant, 
more than a third are aged 
under 19, and more than 22 per 
cent live in households of at 
least five people. Many families 
have fallen behind in paying 
their subsidised rents. Crime, 
drugs and educational failure 
are aD widespread. 

The difference in lifestyles 
between the older French pop- 
ulation and younger immi- 
grants in the area has helped 
fuel racial conflict, while rela- 
tions between the police and 
the local youth - particularly 
those of North African origin - 
have always been tense. 


Yet even the saga of the 
demolition of the Towers of 
Democracy” hi g hli g hts the 
problems of French urban pol- 
icy. It has taken nine years and 
a number of alternative plans 
for rehabilitation since the 
Oats were emptied of residents 
in 1985 In preparation for 
demolition. 

Mr John Tuppen, a geogra- 
pher at Lyons business school, 
says the delays were partly 
explained by political compli- 
cations and persistent dis- 
agreements over the different 
policies of the various strands 
of government 

It remains unclear whether the 
local community will be able to 
gain sufficient political and 
financial support for its plans 
for Minguettes: an extension of 
the mfitro, a new media centre 
and a tech ni ca l institu te. 

"Most of the proposals to do 
with ‘Democracy’ have come to 
nothing," says Mr Tuppen. 
Even the planned physical 
changes do little to affect the 
underlying social problems. 
“Despite all the rhetoric, it is 
unrealistic to expect any major 
change while there is such 
high unemployment," he says. 

Mr Gdrin, the mayor, is opti- 
mistic about the future, point- 
ing to a strong sense of local 
community. “We need to pro- 
ceed with humility and wis- 


dom, realising that it takes 
time to build a town, 1 * he says. 
But his solutions are ambi- 
tious: social integration, work 
and greater local power. Father 
Christian Delorme, in charge 
of relations with the Moslem 


community for the Diocese of 
Lyons, sees continued tensions 
between, the second generation 
of North Africans and other 
members of French society, 
including the police. “I am pes- 
simistic. I see French suburbs 


becoming more like American 
ghettos. It would be difficult to 
create balanced communities 
there now." 

While yesterday's demolition 
cost an estimated FFrl4m 
($Z£5m) the municipality still 


faces an outstanding bill of 
FFrl7m to complete payments 
to the state for the blocks' orig- 
inal construction. It will be a 
continual reminder that the 
problems of the past are for 
from over. 





? 


Kuchma plans 
big reforms 
for Ukraine 


By Matthew Kaminski in Kiev 

Ukrainian President Leonid 
Kuchma yesterday outlined a 
radical economic reform pro- 
gramme In an inaugural policy 
address before parliament 

Mr Kuchma, elected in July, 
confronted the communist- 
dominated chamber with plans 
to privatise land, overhaul 
agriculture and cut state subsi- 
dies as part of Ukraine’s first 
real attempt at reform. The 
president also claimed wide 
powers to Implement the steps 
even In the face of opposition 
from parliament 

Mr Kuchma's speech, which 
had been postponed several 
times, is the first dear public 
indication that the Ukrainian 
president intends to support 
comprehensive market 
reforms. His address is a direct 
challenge to the conservative 
legislature and to western gov- 
ernments, which Kiev will now 
expect to deliver on promises 
oT substantial aid. 

The broad strokes of Mr 
Kuchma's reform programme 
come from the preliminary 
deal agreed with the Interna- 
tional Monetary Fund last 
week on a 5360m loan, the 
country's first since indepen- 
dence. But Mr Kuchma, defy- 
ing expectations of some west- 
ern observers who doubted 
whether the former missile fac- 
tory director would ever be 
fully converted to the cause of 
market reforms, went beyond 
that text. 

After outlining Ukraine's 
economic predicament, the 
president said the only way to 
ensure “true independence" 
and prevent “colonial status" 
was to stabilise the currency 
and inflation, overhaul the tax- 
ation system to lure businesses 
back from the growing shadow 
economy, and reform financial 
sere ices. 

Although Mr Kuchma cam- 
paigned on a pro- Russian plat- 
form, he couched his economic 
programme in national terms. 
Mr Kuchina, still viewed suspi- 
ciously by some nationalist 
politicians who fear be seeks a 
reunion with Russia, warned 
parliamentarians that eco- 
nomic reforms are crucial if 
Ukraine is to survive as an 

independent state. 


“Our banks are not Strang 
enough to fight and compete 
with Russian hanks,” he said 
in his now fluent Ukrainian. 
“We must do a lot to ensure 
economic sovereignty." 

Against strong parliamen- 
tary opposition, Mr Ku chma 
also endorsed land and prop- 
erty privatisation only days 
after Mr Alexander Moroz, the 
conservative parliamentary 
chairman, vowed to oppose 
these measures. 

The other bold step, awaited 
by World Bank negotiators 
keen, on structural reform, was 
the call to overhaul agricul- 
ture, potentially Ukraine's 
most profitable industry but 
now heavily subsidised. 

The key to the realisation of 
real reform in Ukraine is agri- 
culture." Mr Kuchma said. 

Mr Kuchma also endorsed 
large-scale privatisation, cur- 
rently stalled, and the decen- 
tralisation of the economic 
control currently exercised by 
central ministries. Both steps 
face strong opposition in par- 
liament awl among some min- 
istries, 

Mr Kuchma warned that he 
would not permit parliament to 
hamper his economic plans. 
“Political changes are needed, 
too," he told MPs. “Parliament 
cannot interfere in the affairs 
of the president [modi . . . does 
not have the power to act inde- 
pendently on economic 
reform." 

With the constitution 
unclear on division of powers, 
Mr Kuchma claimed the power 
to appoint regional govern- 
ment heads, unilaterally estab- 
lish the division of power 
between the president and the 
legislature and eventually 
replace the Brezhnev-era con- 
stitution. 

He also appealed to interna- 
tional financial institutions for 
further aid, such as the $4bn 
promised at Naples’ G7 sum- 
mit, to promote reform. He 
said “we cannot solve energy 
problems on our own" and saw 
a need for external financing to 
cover the chronic balance of 
payments gap, now at $3bn. 

His speech was seen as a 
direct attack against the com- 
munist-dominated parliament 
which poses the greatest poten- 
tial threat to reforms. 


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FINANCIAL TIMES WEDN ESDA\ 


OCTOBER 12 1944 


NEWS: EUROPE 


Russians bemused by ‘Black Tuesday’ (Irish PM’s pay 


Either by accident or design, the government appears to 
have lost control of the rouble, reports John Thornhill 


R ussia is not the first 
country to experience 
the humiliating effects 
of a currency market in full 
flight - although few devalua- 
tions can compare with the 
rouble's fall, in speed and 
scale. Like many before them, 
Russian ministers and central 
bankers yesterday were like 
puppets tossed around by the 
savage forces of a panicking 
market. 

The Russian media were 
quick to pronounce “Black 
Tuesday" fallowing the "cata- 
strophic fall" in the rouble. 
The reaction of ordinary Rus- 
sians was one of stunned 
incomprehension. 

No one in the streets knew 
what it would mean for the 
everyday economy. "Collapse? 
Hyper-inflation? We simply do 
not know” said one confused 
Russian. Currency exchanges 
shut their doors for "technical 
reasons" as anxious crowds 
milled around outside. 


Mr Yuri Zarubin, who works 
at a computer company which 
sells software priced off the 
dollar was fearful of the 
effects, thinking his company’s 
sales would be badly hit 

His wife, Olga, said; “All the 
prices will go up again and I do 
not know how we will buy the 
most basic things." 

What cannot be measured is 
the psychological damage the 
rouble's fall will inflict The 
value of the currency has great 
symbolic significance in Rus- 
sia. A television advertisement 
for one Russian finance com- 
pany envisages the day in 1999 
when the dollar will have col- 
lapsed to a few kopeks against 
the mighty resurgent rouble. 
Such advertisements tap into a 
deep vein of Russian pride. 

Throughout the summer the 
central bank appeared to have 
done a good job in husbanding 
the rouble. Indeed, in real 
terms it had appreciated 
against the dollar, encouraging 


A currency market in full flight 

Roubles per S 


Rovtte rales unfed Jf N 

1.000 125. then adjusted Qy \a* 

regular bank auctions 

^ Political and economic unceftarvty - — — 
leads to near coflapso at currency 

2.000 - L — ' 

I Government crisis sends rouble tumbling 


1 2000 level broken after months ol deefine contained by Intervention ^ 1 

| Authorities allow further foil' to release martwt pressure" ^ I 

3.500 loci 10 1994: 3000 barrier breached; Oct 11:3926 dose m-— 


1992 

Souice: FT Graphite, Reuter 


people to hold roubles to the 
benefit of the Russian govern- 
ment bond market. 

Russia's reformist minis ters 
spoke with pride about how 
they were winning the confi- 
dence of the people. Their eco- 
nomic stabilisation policies 
were having a visible effect. 
Russia was beginning to 
become a “normal” country 
once again. 

How severely the govern- 
ment's economic programme 
will be jeopardised by the rou- 
ble’s fell is - as yet - impossi- 
ble to tell. The devaluation will 
undoubtedly bring relief to 
some parts of the economy - at 
least temporarily. The energy 
sector, in particular, which 
sells oil and gas abroad for 
hard currency, will make use- 
ful currency gains although 
they will also have to pay more 
for Imported equipment. 

The devaluation may also 
help domestic manufacturers 
compete more effectively 
against imports. The Russian 
government has been seeking 
to protect domestic industry by 
raising import duties. 

The rouble’s fall will have a 
similar effect. The relative 
price of imported goods will 
shoot up making life difficult 
for the western consumer 
goods manufacturers active in 
the Russian market. 

In comparison with most 
countries, however. Imports 
stiU represent a relatively 
small proportion of all traded 
goods - especially outside the 
big cities. 

Some economists argue that 
is far from certain that the 
rush into the dollar will neces- 
sarily fuel inflation. The criti- 
cal test will be the effect the 
devaluation will have on the 
prices of domestic goods. 

Some devaluations have 


proved beneficial in retrospect 
and there is a certainly a 
benign interpretation that can 
be placed on the rouble's fall. 

One western economist in 
Moscow says: "There are two 
ways of viewing it. The nega- 
tive one is simply that the gov- 
ernment has lost the trust of 
the people. The other is that 
the government is letting the 
rouble slide to help exchange 
rote stabilisation in 1995. On 
this view, the rouble's fall is a 
policy pursued by the govern- 
ment not imposed by the mar- 
ket." 

At the government's budget 
meeting held at Sochi at the 
weekend, it is believed minis- 
ters discussed an extremely 
tight budget for 1995 with the 
aim of reducing the monthly 
inflation rate to 1 per cent. 
Credit emissions would be 
strictly controlled and a real 
attempt would be made to pro- 
duce a stabilisation package 
for 1995. 

But some ministers argued 
that trying to stabilise with the 
rouble at too high a level 
would inflict further unaccept- 
able pain on Russian industry. 

"At this new rate all opposi- 
tion within the government to 
trying to fix an exchange rate 
next year has been eliminated. 
Previously there was a view 
that the stabilisation policy 
was too tough for Russian 
industry,” says one source 
familiar with the discussions. 

The government believes 
that perhaps as much as $10bn 
of western money would be 
needed to stabilise the 
exchange rate but fears the 
IMF will not move quickly 
enough to support a new leveL 
The IMF will face an agonising 
decision about the extent of its 
support following the rouble's 
latest collapse. 



lonyriHA npoflAMA 


increase raises 
issues of state 





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- 


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,£Af? k\ '• . 


The rouble in trouble: a bank clerk posts the latest rates in a 
Moscow street nu<* 


The danger for the govern- 
ment is that its plans, if such 
they are, might yet be defeated 
by the manner of their imple- 
mentation. The problem per- 
haps Is not so much the level 
at which the rouble now trades 
but the speed with which it 
has fallen. 

There is not much the cen- 
tral bank can do to stabilise 
the situation if the rouble con- 
tinues to run out of control. Mr 


Victor Gerashchenko, chair- 
man of the bank, threatened to 
raise interest rates to help 
defend the currency if the spec- 
ulation continued but that 
would further damage Russian 
industry. 

"The trouble is the govern- 
ment's credibility has been 
obliterated. It will now be that 
much harder to try to stabilise 
the currency next time round,” 
one western banker said. 


The Irish prime minister, Mr 
Albert Reynolds, yesterday 
came under attack from oppo- 
sition politicians over a pro- 
posed 17 per cent pay rise 
which they said would make 
him the second-highest paid 
head of government in Europe 
while he has one of the small- 
est countries to run. Reuter 
reports from Dublin. 

The row broke out shortly 
after the resolution of a parlia- 
mentary dispute over top legal 
appointments between Mr 
Reynolds's Fianna Fail party 
and its junior Labour party 
coalition partner - which had 
briefly raised the prospect of 
an early general election. 

The attack on Mr Reynolds’ 
pay increase was led by Mr 
John Bruton, the leader of the 
opposition Fine Gael party. 
“We have a situation where 
our prime minister is the sec- 
ond-highest paid in Europe, 
while we are one of the small- 
est countries. He is now paid 
more than [British prime min- 
ister! John Major, who has a 
job which Involves dealing 
with a population between 15 
and 20 times as big as the one 
for which Mr Reynolds is 
responsible.” 

The pay increase would give 
Mr Reynolds, whose country 
has a population of 3.5m, an 
annual salary of around 
IfilOO.OOO (£99,240), compared 
with the £280,000 earned by 
German Chancellor Helmut 
Kohl, head of a nation of 75m 
people, and Europe's best-paid 
political leader. 

Mr Bruton tabled a motion 
calling for the pay increase to 
be postponed but it was 
unlikely to be adopted by par- 


liament, political sources said. 

Earlier, the Labour party 
leader. Mr Dick Spring, had 
raised the prospect of an elec- 
tion barely two years after the 
ruling coalition was formed by 
objecting to the miming of the 
attornev-seneral. Mr Harry 
Whelelun. as president of the 
High Court 

However, the government 
said a few hours before parlia- 
ment reconvened after a 103- 
day summer recess that tt 
would legislate to make 
changes to the way top legal 
appointments are decided. 

This row had been seen as a 
trial of strength between 
Labour, whose popularity has 
been slipping in opinion polls, 
and its dominant government 
partner which might have held 
up an Anglo-Irish campaign to 
bring peace to Northern 
Ireland. 

Mr Spring had said that the 
Labour party wanted to be con- 
sulted and Involved in such top 
appointments and put forward 
alternative candidates which 
Mr Reynolds refused to accept 

The dispute was smoothed 
over when ir was announced 
that the government had 
accepted the recommendations 
of a parliamentary committee 
set up to mediate in the crisis 
and said legislative changes 
would be ueeded. The state- 
ment said a new High Court 
president would be named 
when the changes had been 
brought into law but gave no 
further details. 

The announcement ended 
weeks of wrangling over the 
appointment which had raised 
Fine Gael's hopes of ending 
Fianna Fail's grip on power. 




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6 



FINANCIAL TIMES WEDNESDAY OCTOBER \2 19i>4 

NEWS: INTERNATIONAL — 


Thai state sell-offs prove to be a half-hearted business 

Privatisation can mean the government retains control and will not let go, write Victor Mallet and William Barnes 


STATUS OF PRIVATISATION STUDIES 


Name of State E nte rprise Not Yet Being Ongoing Completed 

Started Contracted 


1 . 

Airport Authority of Thailand (MT) 

X 




2. 

Bangkok Mass Transit Authority of Thailand (BMTA) 

X 




3. 

Communications Authority of Thailand (CAT) 




X 

4. 

Electricity Generating Authority of Thailand (EGAT) 



X 


5. 

Express Transport Organisation (ETO) 

X 




5. 

Expressway and Rapid Transit Authority (EHTAy 

X 




7. 

Mass Communication Organisation of Thailand (MCCiT) 

X 




8. 

Metropolitan Bectriciry Authority (MEA) 




X 

9. 

Metropolitan Waterworks Authority (MW A) 


X 



to. 

Petroleum Authority of Thailand (PTT) 



X 


11 . 

Port Authority of Thailand (PAT) 

X 




12. 

Provincial Electricity Authority (PEA) 


X 



13. 

Provincial Waterworks Authority (PWA) 


X 



14. 

State Raflway of Thailand (SRT) 

X 




15. 

Telephone Organisation of Thai and (TOT) 


X 




State enterprises 

Capital expenditures ($bn) 



1986 87 88 88 80 91 92 93 84 9S 86 VT 98 98 2000 

Source: World Bank 


W hen is a privatisation 
not a privatisation? 
The answer, accord- 
ing to critics of Thailand’s half- 
hearted attempts to sell state 
enterprises to the public, is 
when the government re tains 
management control over the 
"privatised" company and will 
not let go. 

Thai Airways International 
was floated on the Thai stock 
exchange more than two years 
ago, but only 7 per cent of the 
company was offered to private 
investors; the poor perfor- 
mance of the shares has 
delayed the sale of further 
tranches: the finance ministry 
has 93 per cent. 

The Electricity Generating 
Authority of Thailand (Egat) 
embarks on privatisation in 
the next few weeks by floating 
a subsidiary' called Egco that 
will own at least one power 
station, but Egat will keep a 
controlling stake and sell only 
half the shares to the public. 

The Telephone Organisation 
of Thailand (TOTi. which 
failed for years to provide 
Thailand with enough tele- 
phone lines, has contracted pri- 
vate companies to instal 3m 
new lines in exchange for a 
share of revenues. But the TOT 
and the Communications 
Authority of Thailand (CAT) 
maintain monopoly control 
over local and international 
calls respectively. 


In the oil industry, the Petro- 
leum Authority of Thailand 
still controls 71 per cent of PTT 
Exploration and Production 
(PTTEP). the subsidiary it 
floated last year. Private Inves- 
tors hold only 20 per cent of 
Bangchak Petroleum, the oil 
refiner and distributor floated 
last month. "It's not real priva- 
tisation.'" says Mr Prachai Leo- 
phairatana, chief executive of 
the privately-owned Thai Pet- 
rochemical Industry. “The gov- 
ernment still holds and con- 
trols the whole thing.” 

T hailan d h fls embraced the 
principle of privatisation since 
1988, both to raise funds for 
heavy capital spending by 
state utilities and to increase 
their efficiency, but successive 
governments have been slow to 
implement the policy. Until 
now, there has been little sense 
of urgency. Egat, the biggest 
state enterprise, has increased 
electricity generating capacity 
fast enough to meet surging 
demand in Thailand's fast- 
growing economy. 

In other state companies, 
some managers are reluctant 
to lose control of lucrative fief- 
doms or open the financial 
accounts of their companies to 
the public. Before its privatisa- 
tion, Thai Airways was con- 
trolled by the air force; the 
company bought a bewildering 
array of aircraft and engines 
which appeared to have little 


to do with building an efficient 
airline. Civilian managers are 
now attempting to rationalise 
the company. 


"Anomalies are more appar- 
ent in listed companies,” says 
Mr George Morgan of stockbro- 
kers HG Asia. “It's much easier 


to spot where money can be 
siphoned out.” He claims: 
“Vested interests are woven 
deep" into the fabric of various 


or ganisa tions. AlUtiOUS about 
the slow pace of privatisation, 
the Thai f inan ce ministry last 
year asked the World Bank to 
send a mission to Thailand to 
pyaprine the Issue. 

Mrs Manimal Vudtitometi- 
raks, one of the privatisation 
officials, says the various state 
enterprises and their parent 
ministries have been reluctant 
to privatise. “I don’t think we 
can force any ministry to do it, 
but we can try to pressure 
them," she says. “That is why 
we asked the World Bank to 
make suggestions. We expect 
to see a steady stream of priva- 
tisations but each ministry will 
have to make the move itself.” 

World Bank officials are in 
no doubt about the benefits of 
selling state companies to 
investors. “Massive capital 
need is driving privatisation,” 
says Mr Ismail Dalla, head of 
the Bank's privatisation mis- 
sion to Thailand. 

According to Mr Dalla, the 15 
Thai utilities on which the 
Bank concentrated its research 
have $94bn (£62.6bn) of capital 
expenditure requirements up 
to the year 2000. They are not 
badly run and can generate 
$4Ibn internally, but still need 
a further $53bn. “If this financ- 
ing gap is taken care of by the 
private sector, the government 
can focus on education, envi- 
ronment policy and welfare, 
which should be the role of the 


government." says Mr Delia. 

Apart from recommending 
the use of a range of interna- 
tional and domestic financing 
mechanisms to ease the strain 
on the Thai equity market as it 
absorbs huge privatisation 
issues, the bank has delicately 
suggested that Thailand should 
end the conflision arising from 
the hesitant privatisation 
moves made thus far. 

Hie most pressing need is for 
independent regulators. At 
present the state-owned TOT 
and CAT are expanding into 
new telecommunications mar- 
kets via private concessions 
and acting simultaneously as 
operators and regulators. If the 
TOT and CAT are privatised, 
they could find themselves 
competing against, and regula- 
ting. their own contractors. 

Egat will be in a similar posi- 
tion in the electricity market. 
It would hardly be surprising if 
Egat favoured Egco, which it 
controls, over its private-sector 
rivals in the awarding of power 
contracts. 

Indeed it already does so. 
according to Mr Prachai; he 
says Egat will buy surplus 
electricity from his petrochem- 
icals complex at a much lower 
price than from Egco. 

“We are not aware of any 
country that has chosen to pro- 
mote private power by creating 
a generating company that is 
affiliated with, and competes 


for, the purchases of its parent 
company," comments the draft 
World Bank report on Thai pri- 
vatisation. 

-IVe recommend that the 
government fully divest Egco 
as soon as possible." 

State enterprise managers 
and employees may balk, at pri- 
vatisation because they fear 
the loss of sinecures, but they 
are also tempted by windfall 
profits from share offerings 
and by big salary increases For 
civil servants who suddenly 
become executives in a “pri- 
vate-sector" company. 

“It is kind of tricky when 
you ore taking away someone's 
toy.” says Mr Vuthipong Pri- 
ebjrivat, managing director of 
Thailand Rating and Informa- 
tion Services, which assigns 
credit ratings to potential bond 
issuers. 

“But once they realise they 
can get another, perhaps even 
more attractive, toy when their 
business expands, they get 
interested.'' 

The World Bank's Mr Dalla 
agrees. “A year and a half ago 
there was a lot of fear, espe- 
cially among the employees. 
But after PTTEP and 
Bangchak I think they realise 
it's a win-win situation 
because all the employees 
become wealthier through pri- 
vatisation. .J think it will accel- 
erate. There are really no 
major hurdles in the way.” 


# 


Minister 
to answer 
to Hualon 
inquiry 

By Laura Tyson in Taipei 

Mr Lin Chen-kuo. Taiwan’s 
finance minister, and Mr Day 
Lima, chairman of the securi- 
ties and exchange commission, 
are to appear before the legisla- 
ture’s finance committee today 
for questioning. 

There have been calls for 
their resignations for their 
alleged part in a share market 
controversy that sent stock 
prices plummeting 14.7 per 
cent in a week. 

Mr Ma Ying-jeou. justice 
minister, told the legislature 
yesterday that the government 
would crack down on illegal 
share trading activities, and 
those responsible for the 
defaults crisis would be 
brought to justice. 

The episode erupted last 
Wednesday when Hung Fu 
Securities, controlled by the 
Hualon Group, bounced a 
cheque to the Taiwan Stock 
Exchange Corp, triggering a 
rash of cheque defaults total- 
ling T$7.6bn tfUKml. 

Mr Lin and Mr Day will be 
asked to explain why they did 
not begin earlier to investigate 
suspicious trading in shares of 
Imperial Hotel, controlled by 
the Hualon group. The price of 
shares in the hotel rose from 
TST5 to T$40£ over 10 months, 
sparking concerns among 
underground financiers lend- 
ing tn Hualon s chief. Mr Oung 
Ta ming, winch led them to 
withdraw funds. 

Investigations could show 
that legislators, big companies 
and even government officials 
figured among Mr Oung's 
financial links. The three main 
political parties yesterday 
announced party members 
found to be involved would be 
punished. 

Officials made a surprise 
raid on Mr Oung's headquar- 
ters fate on Thursday night 
and seined documents relating 
to the share crisis. 

Mr Oung's chief trader and 
financial manager. Ms Li Hsiu- 
fen. was detained last Thurs- 
day morning as she tried to 
Aw? the country and has been 
held incommunicado since. Ms 
Li was responsible for Mr 
Oung's share trading activities 
as well as negotiating with the 
underground financiers who 
backed him. 


Crisis could bring a blessing to Kuwait 

US troop presence will almost surely mean a mini-boom, reports Robin Allen 


K uwait's financial and 
business community 
has praised the profes- 
sionalism displayed by the gov- 
ernment, the central bank and 
the Kuwait Investment Author- 
ity (KIA) in maintaining public 
confidence and forestalling 
panic in the emirate by “flood- 
ing the market with liquidity,” 
as one banker put it yesterday. 

It is too early to assess the 
full impact of this latest crisis 
with Iraq, but the presence of 
more than 7 0,000 US and other 
troops will almost certainly 
lead to a mini-boom among 
importers, traders, and retail- 
ers and increased activity in 
consumer durables, foodstuffs 
and the catering business. 

If the US maintains its 
resolve over Iraq and Saddam 
Hussein's ability to intimidate 
Kuwait is eliminated, many in 
the hanking and business com- 
munities believe a more stable 
and healthy political environ- 
ment could emerge. This would 
lift Kuwait’s, and the region's, 
economy out of the present 
stagnation. 

The rush to get cash and 
hard foreign currencies, which 
began on Friday, had largely 
dissipated by Monday night, 
and according to some bankers 
had been reversed by yester- 
day, when Kuwaiti dinars were 
again in demand and cash was 
being returned to banks. 

Given the imbalance in 
Kuwait's population between 
nationals and foreigners, bank- 
ers said the rush to convert 
had sensibly been anticipated 
by the central bank. 

Of Kuwait's total population 
of l.75m, only 670,000 are 
nationals, latest figures from 
Al-Shall Economic Consultants 
show. Its head. Mr Jassem Al- 
Saadoun, Is an independent 
economic adviser to Kuwait's 
parliament. The balance of 
some 1.1m people is made up 
largely of low-income workers, 
mainly expatriate Arabs, some 



.a-MMU/ ??T, 

A money changer at rest in Kuwait City’s money market yesterday. After an initial rush for 
dollars, news of a possible Iraqi withdrawal calmed exchange activity ap 


519,000 Asians (mostly 
Indians), 7,200 Europeans, 4.400 
North Americans, 282 South 
Americans and 470 Austral- 
ians. 

Those Kuwaitis who sold 
dinars were simply transfer- 
ring money overseas rather 
than taking cash. The demand 
for hard-currency cash came 
from the foreigners: the 
demand volume from banks' 
automatic teller machines over 
the Friday and Saturday bank- 
ing weekend was always man- 
ageable. The population as a 
whole stocked up on food, 
water and petrol, the last of 
which sells for less than $0.5 
per gallon. 

According to Mr Ibrahim 
Dabdoub. chief executive or 
National Bank of Kuwait 
(NBK), the leading commercial 


bank, the central bank minim- 
ised panic by instructing all 
banks to ensure public demand 
was met. The only problem 
encountered was getting bard- 
currency notes from one 
branch to another. 

The government has gained 
in other ways. 

It has frequently been at 
odds with the national assem- 
bly over the management of 
the economy, but sensibly used 
Friday's emergency cabinet 
meeting as a chance to Invite 
the assembly's speaker, Mr 
Ahmad al-Saadoun, into its 
councils. 

Communication has also 
improved between government 
and the public, largely because 
government spokesmen have 
encouraged the local press to 
be as outspoken as it wants. 


Even Kuwait's stock 
exchange, for years almost 
moribund, but recently reviv- 
ing. has reacted favourably. 
Share prices lost a little in the 
first two days of the crisis, but 
since recovered. 

The real underlying prob- 
lems confronting the economy 
- the fall-out from, succes- 
sively, the Souk al-Manakh cri- 
sis when the unofficial stock 
market crashed in August 1982, 
the instability from the Iran- 
Lraq war which only ended in 
1988, the oil-price fall of 1986. 
the Iraqi invasion of August 
1990 and its aftermath, all of 
which drained private sector 
confidence - can only be met 
with a return to sustained 
political stability. 

A measure of the local econo- 
my's stagnation is shown in 


central bank figures to last 
June. Some 55 per cent of 
Kuwaiti commercial banks' 
assets are represented by tbeir 
holdings of government bonds; 
a further 20 per cent by their 
overseas holdings. 

Only about 12 per cent of 
commercial banks' assets are 
in loans to the private sector. 
Most financing to the private 
sector is connected to the gov- 
ernment’s spending on oil or 
oil-related projects. The public 
sector in Kuwait is responsible 
for 75 per cent of overall eco- 
nomic activity. 

But the government in turn 
only spends when it has 
enough money from oil. which 
accounts for more than 85 per 
cent of annual budget revenue. 

The combination of pro- 
longed instability and a gov- 
ernment strapped for cash 
dominating the economy 
meant that for years the pri 
vate sector has kept its money 
overseas. 

A portent of any impending 
economic recovery, were 
enduring political stability to 
return to the northern Gulf, 
came in September with the 
public issue of Shares held by 
KIA in the Commercial Facili- 
ties Company (CFG), a local 
consumer credit company. 

National Bank of Kuwait 
acted as lead manager for a 
group of local banks and 
investment companies which 
underwrote the issue on behalf 
of the government Originally, 
KIA intended to sell only 30m 
of the S8m shares. 55 per cent 
of its holdings in CFC. How- 
ever, the share issue was five 
times oversubscribed and in 
face of this. KIA ended up sell- 
ing 70m of its shares, reducing 
its holding in CFC to a mere 15 
per cent 

If confidence returns to 
Kuwait, further public share 
issues could be as successful. 
Then, finally, Kuwait's econ- 
omy could turn the comer. 


FRANCE OFFERS GULF FORCES, BUT WITHOUT ENTHUSIASM 


By David Buchan In Paris 

France has told the (JS that French 
forces in the Gulf region are available 
for any allied riposte to Iraq, but has 
so far moved only a single frigate 
towards Kuwait, in an effort not to 
over-dramatise the situation. 

In the same relatively cool vein, the 
French Foreign Ministry said yesterday 
that Mr Alain Juppt, France's foreign 


minister, saw no need to modify his 
planned trip to other three Gulf states 
this weekend by stopping off In 
Kuwait 

Mr Juppe told his US counterpart, Mr 
Warren Christopher, on Monday that 
Paris shared Washington's “serious 
concern” about Iraqi threats to 
Kuwait and that its forces in the 
general region, including six Mirages 
in Saadi Arabia, five Jaguars in 


Turkey, two ships in Muscat and 4,000 
men in Djibouti, would be available for 
any necessary action. 

Just as France had been somewhat 
readier than the TJS or Britain to 
contemplate an easing of sanctions 
against Bagdhad after a trial period of 
a new United Nations monitoring 
system in Iraq, so France has been a 
bit less enthusiastic than its 
Anglo-American Security Council 


partners to return In force to the 
Golf. 

While Mr Juppe stressed that no 
risks should be taken with Iraqi 
troops, his Foreign Ministry officials 
were cautioning against “excessive 
dramatisation” of the situation lest 
very rapid mobilisation on both 
sides of the Iraqi -Kuwaiti frontier 
should make a clash almost inevit- 
able. 


NEWS IN BRIEF 


Strike disrupts 
life in Karachi 

Business activity was disrupted in Karachi. Pakistan's 
commercial capital yesterday in response to an opposition call 
for a general strike. Farhan Bokhan reports from Karachi. Many 
businesses were shut and employees fearing violence stayed away 
from work. The Karachi Stock Exchange, the pulse of the coun- 
try’s business activity saw thin trading with turnover at a quar- 
ter of the market's daily average. 

In Lahore Pakistan's second largest city and the home town of 
Mr Nawaz Sharif, the apposition leader, at least six people were 
killed in a bus accident during a pro-government demonstration 
by members of the ruling Pakistan’s People's party who were 
protesting against the strikes. 

The strike was the latest episode in an opposition-backed cam- 
paign by Mr Sharif who is demanding the resignation of Ms 
Benazir Bhutto, the prime minister, and Mr Farooq Leghari, the 
president. Both leaders have turned down their demands. 

This latest encounter is a reminder of political instability in 
Pakistani politics. Last year four governments came to office in a 
five-month period before Ms Bhutto’s electoral victory gave her a 
second chance to become prime minister. 

In spite of the opposition's protest, most political analysts 
discount the possibility of another change of government Ms 
Bhutto is backed by Mr Leghari, and the powerful army is 
apparently not interested in bringing about change. 

HK hard line on securities 

Hong Kong's government is to tighten securities legislation by 
empowering the Securities and Futures Commission (SFC), the 
regulatory body, to provide reciprocal investigative assistance to 
overseas counterparts and company inspectors. Louise Lucas 
writes from Hong Kong. 

The measures, detailed in a bill which will be introduced into 
the Legislative Council this month, will enable the SFC to pass 
information on to overseas authorities even where the case con- 
cerned does not involve a breach of relevant Hong Kong laws. Mr 
Michael Cartland, secretary for financial services, said the 
changes had been prompted by the local market's internation- 
alisation and growing need for cross-border regulatory co- 
operation. 

However, the SFC will not be obliged to provide automatic 
assistance on request, but will have to consider cases on their 
own merits and against certain criteria. 

Berber singer released 

Lounes Mahtoub, the Kabyle Berber singer, kidnapped by Islamic 
guerrillas two weeks ago, was released on Mondav evening, 
Francis Ghiias writes from Paris. The kidnapping of the popular 
singer, who strongly identifies with Berber culture, had brought 
out 100,000 people into the streets of the regional capital of Tin 
Ouzou. 

The kidnapping appears to have been the work of the extremist 
Islamic Armed Group. The release of the singer appears to have 
been negotiated through traditional channels of family and clan, 
Mr Mahtoub's family having threatened retribution on the fami- 
lies of two of the kidnappers, who were also Kabyle Berbers. 

Rabin and Arafat prize 

Mr Yitzhak Rabin, feraeli prime minister and Mr Yassir Arafat, 

™51Ilirt. 0r ij t fc e i£ le,t 2? Liberatlon Organisation, will be 
awarded the Nobel Pence Prize for 1994 for their landmark Middle 

Norwa >'' s leading daily newspa- 
J*r reported yMtenday, Karen Fossil writes from Oslo. According 
to the report, the decision has split the Nobel Committee and on 
Fnday when the announcement is due to be made, Mr Kaare 

SSK 01 1116 ■“»*»* 

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Ir-i**" 


Inflation ‘will 
stay China’s 
big headache’ 

By Tony Walker bi Beijing 


~~ ^ NEW S: IN l ERNAT|o NAL — 

Vietnam’s dollar^anconfuseslnvestors 

Hanoi move to end parallel mm™ u.u. _ i V CS> lOfS 


Hanoi move to end parade! money halts hard V 1 VCS lOIS 

Don ® • s hard currency spending, writes a correspondent 

k-/ dollar in mnat ■ also fears iha hum. . _ 


China’s economy is headed for 
2“?S7* biggest headache 
^dthe Academy of Soci^. 

ss-'SBBs.as 

sSrisss 

with a piLS^S 
Sat of 9 per cent. 

PPediCted What it 
22S ,a Lf s a “smooth slow- 
doTOi nest year, with growth 
of 10 per cent and inflationof 

i/iT* The re Port said 
that most economic indicators 
had been “getting nearer Zv- 
eraunent projections!^ ®° 
Economists had ejcnresseH 
!j5f tot Bditofs attempts to i 
curb monetary growth and ! 
£{£* tighter credit ceilfo^ j 
S?S^ evere retrenching 
S 2?? ^ds “»dicate that S 

SSJSKK,. 1 * COnttaUi ^ *° J 
China registered average a 


^Pwmh in the past two 

» *3 Per cent and this 

d SnS?” 1 ** 1 to ove rh eating and 
l : inflation, partly fuelled bv a 

? spending boom. ya 

; study said that apart 

\ motion, China's “prSS- 

^ut problems” included exces- 
' ^ “vestment in fixed assett 
poor performance oflome 
state-owned enterprises, rela- . 
fijdy tow growth in the agri- 
cnlturai sector, and a devplmt 
“entgapbetw^ri^ 10 ^ 
jk mSS** 1 prices in China’s 
SUi:gBd by 27.1 
“ Dt in August compared 
wltt the same month last year 
?®de ra hevTS 

fighting inflation their main 
prionty. and have instituted 
^controls. on b£fefo^ 
soias and services. 

*2" “W Predicted China’s 
2? de 5? t wouJd narrow this i 
Sf’-j;? 1 of $U5bn , 

gTfiLGbnj and imports of l 
Smtra, compared with a deficit c 

SS. , J a L? f about The 
manufacturing sector would f 

vS?r ptffnSKrt growth this r 
year of 16 per cent, with ser- l 
was growing by 10 per cent h 
and agriculture 3 per r*n \ 


Japanese companies 
buy more machinery 

By WfUram Dawfdna in Tola** 


i k-J dollar in 

tions in yietnam and favouring 
tne local currency, the dona 

S d®* a psycho-' 
togcal blow to investors who 
^ve depended on foreign cur- 
rency revenues for profits. 

The new rules have been 

£""“*2 by the prime minis- 
ter but left to the central hanv 
Known as the State Bank, to 
implement. Under them 
ootels, airlines, taxis and shoos 

S^*l 0c y te ‘ h 110 

SSSSdlBWsy! 

TOe measure also requires 
letnamese oiganisatious to 
hannel their hard currency 
mungs through banks, ratter 
an holding cash. Already in 
ie capital Hanoi and the i 
iuth s Ho Chi Uinh City, mini ! 
reign exchange counters i 
T® sprouted in hotels and i 
staurants, where tourists and 
smera people must exchange v 
—liars for the local unittopav i 
bffls mcreastogly made out to l 

Foreign investors are con- a 
5jed as to precisely how the F 
JJ 111 be enforced and are 
worried about the effect it may f c 

have on mvestor confidence ™ 
Their biggest problem is tt 


Dong . 

AQ«*W tt»S fooo Dong pot SJ 

B 


a -~V- 


10 -4rr™~- ■ 


1991 

Sow** tettstrwn 


working out how, under the 
retos. projects whose earnings 
projections depend on dollar 
revenues will survive in an 
environment where revenues 
mje.aow earned in a currency 
wbtoh is impossible to rep&trf- 

ate. 

At the moment peonle 
wont spend (hard currency) 
Position is 
^mffied, said Bill Magennis 
representative of 
Australian law firm Phillip 

"L— “ wipes out 
torepi companies’ ability to 
earnings in dollars and 
therefore to meet hard cur- 


reocy obligations abroad Indi- 
cations from the State Bank 
2; 0134 clarifying guidelines 

l^HnS 0011 1,6 issued - Possibly 
bsttoff some exemptions. But 
until this is clearer, the mood 

HSE*. ante investors is 

finely to remain one of con- 
cern. 

J™ esB y° u can get some 
sort of counter trade sorted 
out, you’re going to be stuck 
with profits in a non-convert- 
ible currency," said Tony Fos- 
? r ’ ™ sldent Partner of Lon- 
dou-based law firm Freshflelds. 
*v-J 0U ve ^ ot 110 assurance 
can get your money 
out of the country." There are 


also fears the move may drive 
the currency underground 

Everyone's going to get dol- 

’ W ^ ver toy cap and 
toftgofag to create a black 
tuarket, Bffr Foster added 
,J™®re are a few exceptions 

3 9 ^ 2 u Law 011 foreign 
fcvestawnt. which allows for 
exported, infrastructure inves- 
tor and certain import substi- 
t^ou projects freely to con, 
rert dong earnings into hard 
currmcy. But since Vietnam 
opened up to foreign investors 
m the late 1980s, the greenback 
been the currency of 
JSf* most transactions, 
with business people and tour^ 
Jats preferring to pay in dollars 
ratter than unwieldy bundles 
or dong. 

Now everything from res- 
taurant meals to purchases of 
foreign-made machinery for 
♦ Projects wfll have < 

J? hf “ade ® dong. Although : 
the local unit has in the last j 

stabilised against j 
the dollars at around n ooo s 
tong to the dollar. ™wpCS \ 
denomination note is so ooo t 
□ong. “ 

Policymakers are hoping the «? 

2T* da “Pen miStion. 
which rose an alarming L6 per a 
rent m SeptembeTfrom to S 
previous month, endangering v 
the govemmenFs target of sS cc 
gle-figure inflation for the gc 


whole year. Inflation in the 
nrst rune months was 93 per 
cent, government statistics 
snow. 

Hanoi signalled its determi- 
nation to eliminate the dual 
currency system in statements 
earlier this year, aiming to 
siphon an estimated $800m in 
dollm- bills m circulation into 
the banking system and curb 
the growth of a "shadow" econ- 
omy in a country of 72m peo- 
ple. r 


V ietnam is particularly 
keen to ensure that 
roughly 300 Vietnamese 
enterprises that trade primar- 
ily m dollars will in future 
channel their hard currency 
trough the banking system. 

Dollars are now the means 
of payment in the shadow 
economy,” said one Vietnam- 
ese economist and top govern- 
ment planner. “But by circulat- 
ing SSOOm in Vietnam, Hanoi is 
g^d^.^bington with 
*»«m credit without interest 
The regulation is necessary 
because we need to get 
this into the banking 
system." g 

Hanoi has also launched a 
modest domestic bond sales 
programme targeted at local 
Vietnamese, with the aim of 
coaxing an estimated 82hn in 
gold and dollars currently 


Japanese companies bought 

J^ r !^ cfainery I* August for 
the third month running, the 
latest evidence that the decline 

spend ing has bot- 
tomed out. 

A 7.1 per cent rise in machin- 

SLJUf™* from the same 
month last year shows machin- 
ery purchases could grow 4.7 
per rent from the second to the 
and third quarter of this year 
the government’s Economic 
Agency said. But Mr 
Ryutaro Hashimoto. intema- 
ponal trade and industry min . 

cau tioned yesterday on 
tke strength of capital invest- 
ment recovery. 

. A slow pick-up in capital 
investment, especially for i 


fflnaU and medium businesses, 
figured among several worries 
5 over the slowness of Japan’s 
economic recovery, he said. He 
feared small business output 
would revive more slowly than 
m previous recoveries, and 
reductions in unsold stocks 
and materials were “stumb- 
Hug . The yen’s continuing 
strength was a worry for small 
busfimsses, Mr Hashimoto told 
the parliament’s budget com 

mittee. 

The recent growth in 
machinery orders, a leading 
indicator for overall capital 
nv ^’ 4r o e ht, has been driven 
mamfy by exports and the pub- 
seconding to James 
Capel Pacific. The figures 
exclude shipbuilding and elec- 
tric power utilities. 


technology. 

evolvinn Airline « n1 ^ ^Ohrces from our partners in Fnnxo c. _ 


i? SES? 1 * 1 - “ Abie’s homes, 
er The idea is to txy to shore up 

-s foreign exchange reserves and 
attract more overseas loan for 
a- development. 

>1 Foreign investors - particu- 
f SS 111 to hotels sector - are 

? 2 e, L- t0 ^ been to seek 
o exemptions from the r uling so 

? tot they wiU be able to con- 

5 J®? toeir dong earnings into 

‘ dollars. It is understood that 
* 2? 84346 Banit has set a dead- 
hue of the end of this month 
oy which applications should 
be made. 

According to one State Bank 
official, they may receive a 
sympathetic hearing, “in prin- 
tbe State Bank says this 
is all right, but there will have 
to be guidelines published 
detailing exactly how far this 
sues, he said. 

Foreign bankers generally 
we lcom ed the move as a way 
of removing the parallel cur- 
rcucy system, but pinned the 
chances of success on how the 
rules are enforced. 

t S nk that 411 the long 
term, it’s a good move,” said 
one Hanoi-based banker, “it 
“to-Jy encourages some bona 
fide transactions to go through 
the banking system. Certainfy 
the intention is not to scare 
away foreign investors. But the 
way the transition is managed 
will be crucial." K 


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WEDNESDAY OCTOBER 12 


NEWS: WORLD TRADE 


Honda to manufacture car parts in China 


By Micftiyo Nakamoto in Tokyo 


Honda, the vehicle maker, yesterday 
became the first Japanese company to 
announce it would set up a joint ven- 
ture to make car parts in China. 

Honda said that it had reached 
agreement with Dong Feng Motor to 
produce cast and forged parts. 

The deal is in line with Chinese 
government policy to develop the 
countrj-'s car parts industry' and 
encourage foreign investments that 
will bring technology to China. 

Honda will establish a joint venture 


called Dong Feng Honda Automobile 
Parts to be equally owned by Honda 
and its Chinese partner. The company 
will invest $20m to build a new plant 
in Guangdong province In the 
southern part of China. 

The company will start producing 
parts in early 1996, which will be 
exported to Honda’s Asian vehicle 
production facilities. The initial pro- 
duction target of parts for 50,000 cars 
in 1996 is expected to rise to 150,000 by 
the year 2000. 

Honda said that its decision to 
invest in parts production in China 


stemmed from a desire to be in a 
growing market rather than from a 
need to combat the impact of the 
yen’s sharp appreciation. Although 
parts made in China will replace 
those made in Japan and exported to 
its other Asian facilities, the invest- 
ment required will mean that initially 
costs wifi rise. 

Honda already has four joint ven- 
tures in China, hut thus is its first 
venture in the car sector. The others 
are in the motorcycle and power 
equipment sectors. 

Beijing has signalled its intention to 


strengthen the components sector, a 
weak link in its vehicle-building 
industry. 

Foreign car companies such as 
Ford, General Motors and Toyota 
have been told that to "qualify” for 
entry to China as fully-fledged partici- 
pants in passenger car manufacturing 
they must first invest in the compo- 
nents industry. 

Japanese companies are willing to 
go along with the policy in order to 
win entry into a highly promising 
market. Toyota, for example, is also 
in talks over the possibility’ of setting 


up a joint venture to manufacture car 
parts. 

Toyota has held discussions with 
Tianjin Automobile Industry, a part- 
ner of Daihatsu in the production of 
the Charade small car and minibuses. 
Toyota has a 16 per cent stake in 
Daihatsu. 

According to Japanese press 
reports, Toyota hopes by the end of 
this year to start building a factory 
near Tianjin to produce engines, 
transmissions a nd other m ein compo- 
nents for cars that would be sold 
domestically. 


Beijing eyes 
twin markets 
of $150bn 


By Tony Walker in Beijing 


China aims to export SloObn 
worth of electronics and 
machinery annually by early- 
next century under an ambi- 
tious three-phase plan aimed at 
securing a substantial share of 
the world market. 

“Expanding exports is the 
key to the development of Chi- 
na's machinery and electronics 
industries.” the official China 
Daily newspaper quoted an 
official of the Ministry of 
Machinery Industry' as saying. 

Exports of machinery and 
electronics are expected to 
reach S20hn this year, an 
increase of SoJbn or 14.5 per 
cent over last vear's figure of 
ST.7bn. 

China has targeted the 
machine-building and electron- 
ics sectors as offering the best 
options for rapid export 
growth. These are also areas of 
the economy in which foreign 
investors are active. 

Taiwanese, Hong Kong, Jap- 
anese and South Korean com- 
panies are investing heavily in 
consumer electronics. Taiwan- 
ese manufacturers, for exam- 
ple. have transferred to the 
mainland the manufacture of 
basic items such as computer 
keyboards and disc drives. 
Pocket calculators are another 
item that is being manufac- 
tured in increasing numbers in 
China for export. 

China plans to increase 
exports of electronics and 
machinery to S30bn by 1995, 
S60bn by 2000. and to exceed 
$l00bn by the early part of the 
next century, according to the 
three-phase plan. In 1993, 
exports of these items 
accounted for 30 per cent of 
total exports of $S6.3bn. 

Exports of all manufactured 
items grew from 49.S per cent 
of China's total exports in 1980 
to 7S.5 per cent in 1993. Export 
growth for these items reached 
9.6 per cent in 1993 compared 
with the previous year. 

China's coastal provinces 
have the lion's share of 
machinery and electronics 
exports with Guangdong prov- 
ince dominant. Guangdong's 
exports last year accounted for 
62.1 per cent of the total. 


Electrolux, Swedish producer 
of household products, plans 
to invest SI 00m in China over 
three years. 

Mr Leif Johansson, president 
of Electrolux, said in Beijing 
yesterday the company was 
also planning to establish a 
holding company in China to 
oversee its operations, expec- 
ted to inclnde "five to 10" 
joint ventures by the end of 
the century. Electrolux's new 
ventures include a vacuum 
cleaner plant in Tianjin, east 
of Beijing, and a water purifi- 
cation project with Beijing 
Yadn Enterprises Develop- 
ment. The company has 
invested S25m in a refrigerator 
compressor factory in Tianjin, 
which is producing lm units 
annually. Mr Johansson said 
Electrolux planned to doable 
its Slbn worth of sales in Asia 
by tbe year 2000. 


reflecting a surge of Taiwan 
and Hong Kong investment, 

China's export drive in prod- 
ucts kuown as elaborately 
transformed manufactures 
(ETMs), reflects a desire to 
become more competitive in 
both world and domestic mar- 
kets. This also coincides with 
Beijing's moves to re-enter the 
General Agreement on Tariffs 
and Trade. 

“Only when Chinese compa- 
nies can compete on the world 
market can they keep a lock on 
the domestic market." said an 
official quoted by China Daily. 

"If domestic companies dare 
not enter the world market, 
they will almost certainly lose 
the home one.” he said. 

• A senior US trade negotia- 
tor yesterday said China must 
make much faster progress and 
be more flexible if it is to meet 
its goal of entering Gatt by the 
end of the year. Ms Charlene 
Barshefsky. the deputy US 
trade representative, said in 
Beijing: "If it is to realise its 
accession or completion of 
negotiations by December 31st 
1994. we would suggest China 
put its foot on the Gatt pedal.” 
Talks on China's accession to 
Gatt have been continuing In 
Geneva for several weeks. 


Free zone 
at centre 
of Turk 


trading 

hopes 


Cases of galvanised steel, piles 
of aluminium ingots, aad 
crates of electric fans testify to 
the growing importance of the 
Turkish city of Trabzon as a 
free trade zone. 

Located at the south-east 
corner of the Black Sea, Trab- 
zon is well placed as a centre 
for trade with tbe newly 
emerging markets of the for- 
mer Soviet Union. 

“The fall of the Soviet Union 
has in fact played a crucial 
part in our new-found suc- 
cess." says Mr Alaattin Yuksel, 
governor of the region. "Trab- 
zon’s historic role as a key cen- 
tre of east-west trade ended 
temporarily when the commu- 
nists closed off the main trad- 
ing routes Those routes 

can [now] be reopened and 
trade resumed, much to our 
benefit,” he says. 

Some of those benefits have 
already become apparent, espe- 
cially through the growing 
influx of former Soviet citizens 
clamouring to buy Turkish 
goods for re-sale at home. 
According to Mr Yuksel. Trab- 
zon last year had more than 
750.000 visitors from the former 
Soviet Union, most of them on 
day trips via the Black Sea 
resort of Sochi. 

But the Turkish government 
envisions even greater benefits 
from Trabzon’s free trade zone, 
one of five in the country. 
Established in June 1992, the 
free trade zone is owned and 
managed by Transbas Trab- 
zone Serbest Bolge Isleticisi a 
joint venture between - the 
Turkish government’s Mari- 
time Corporation, the UK’s 
Balli Group, and the Marubeni 
Corporation of Japan. 

The zone occupies 16 acres of 
the port area and offers 5,500 
sq m of warehouse space in the 



Principal goods 

Agriculture/ 
livestock 2.1% 


Industrial 

materials 


Mineral \ 

products \ U 

11.1% >4 


Trade-flow volume 
(Sm) 12J& 

I I Imports 
Exports 

8-78 &S4 


8 &8%- _} 



Chief trading partners 

Others 2A5% 


EC 


245% 




Source Trabzon Free Zare 


1992 ’ 1993 1994 " 

• From Juno 6 cypwrj. - JarvJiiy 


Former Soviet ' 18.2%\ 
central Asia 
13.0% 



Other 

Europe 

11 . 0 % 


as 


first phase of its development 
Two further phases are 
planned that will see ware- 
house facilities doubled to 
11.000 sq m, including 1,500 sq 
m of cold storage facilities. 
Further developments will con- 
sist of storage tanks for chemi- 
cals and edible oils, as well as 
grain silos and bagging facili- 


use of the airport facilities, 
trade through tbe free zone has 
boomed. Indeed, in dollar 
terms, the total volume of 
trade has increased nearly five- 
fold in just more than two 
years of operations. 

“The volume of trade for the 
first six months this year alone 
equalled last year's and we 


Eric Watkins visits a site well 
placed for new emerging markets 


ties for sugar and fertilisers. 

Current facilities in the port 
consist of seven quays, with a 
capacity of 2,000 ships a year 
and a modem container termi- 
nal. Cargo handling is. accord- 
ing to the port authorities, pro- 
vided on a two-shift basis for 
17 hours a day while pilotage is 
available 24 hours a day. 
Onward delivery by road is 
handled by local operators 
with up to 1.500 trucks avail- 
able monthly, depending on 
seasonal demand. 

Trabzon's free trade zone has 
so far relied exclusively on sea 
and road transport. There are 
plans to link in the local air- 
port as well. But even without 


expect to repeat that perfor- 
mance in the next six months,” 
says Mr Kerim Kalafatoglu. 
chief executive officer of Cey 
International Trading, a firm 
which trades within the zone. 
"Location is a primary asset, 
especially with the emerging 
markets in central Asia.” 

To capitalise on those mar- 
kets Turkish businessmen are 
aiming to establish further free 
trade zones in neighbouring 
countries and to link them 
with Trabzon by road trans- 
port. The Ulusoy group, pre- 
dominant in Turkish long-haul 
trucking, but also with inter- 
ests in oil and insurance, have 
already begun negotiations for 


such zones in Batumi. Tiblisi, 
and Baku. Their aim. ulti- 
mately, is to use the linkages 
as a trade corridor with the 
central Asian republics, oil- 
rich Kazakhstan in particular. 

So far the bulk of trade 
through the Trabzon free zone 
has been from the west with 
European countries supplying 
□early 45 per cent of the goods 
passing through the port. 
Much of that trade has 
involved industrial materials 
and such traffic is expected to 
increase substantially as devel- 
opments associated with oil 
take off in nearby Azerbaijan 
and Kazakhstan. Authorities in 
Trabzon’s free zone hope that 
such developments will stimu- 
late an increased flow of trade 
from the east. 

But Turkish ambitions do 
not end there. "The Turks," 
says a local businessman, 
‘‘remember the days of their 
empire and are seeking to re- 
establish their presence 
through trade in all directions 
of historic interest whether in 
central Asia, the Middle East 
or North Africa". 

“Watch and you will see. The 
Turks are on the move and 
Trabzon plays a key role in 
their plans.” 


Japanese company to produce 64-megabit memory chip in US 


NEC plans $50m investment in 
California semiconductor plant 


/(laiue 


SAV I IE ROW 


HAND "A L O R = Q . N ENGl A N O 


A'.'A ; l a. 3 IS a ~ 3 2 SAVi'.: S O v. . 


Austin p s s d , harross, 


A-'O v TAr : . Z- .1.0 AND DOES 


By Michiyo Nakamoto In Tokyo 


NEC. the Japanese electronics 
group, yesterday announced 

it would invest SSOm in its 
semiconductor manufacturing 
facility in California, becoming 
tbe first company to mass pro- 
duce next generation 64-mega- 
bit chips in the US. 

NEC also revised upwards Its 
planned 1994-5 capital invest- 
ment in semiconductors by 
Yl5bn (Sl53.lm). This would 
bring total investment in semi- 
conductor facilities in the year 
to March 1995 to Y125bn. This 
represents a 39 per cent 
increase from the initial plan 
to invest Y90bn in semiconduc- 
tor facilities this year. 

Tile decision to increase 
investments in semiconductor 
manufacturing facilities fol- 
lows last mouth’s announce- 
ment of an SSOOm investment 
in the company's semiconduc- 
tor manufacturing facility in 
Scotland for increased memory 


chip production. 

*T am optimistic about the 
future D-Ram (dynamic ran- 
dom access memory) market,” 
says Mr Hajime Sasaki, senior 
executive vice president in 
charge of the semiconductor 
business. 

In Japan, tbe video games 
and computer printer indus- 
tries are providing a strong 
demand for semiconductors as 
the advanced products coming 
to the market require a larger 
memory. 

The emerging multimedia 
market, with personal comput- 
ers increasingly using CD- 
Roms (small plastic discs on 
which vast amounts of infor- 
mation can be stored and 
retrieved) for incorporating 
video images, is also support- 
ing buoyant demand for memo- 
ries. Mr Sasaki said last month 
that there is a 20 per cent 
worldwide shortfall In memory 
chips. 

NEC’s investment at its 


Roseville plant in California, 
where it manufactures current 
generation 4-megabit and 16- 
megabit D-Rams will go 
towards upgrading existing 
facilities. 

Although Roseville is 
acknowledged to be one of tbe 
company's most successful 
plants, it lost out to the Liv- 
ingston plant for the more sub- 
stantial investment of SSOOm. 

NEC’s decision to manufac- 
ture 64-megabit D-Rams, which 
are expected to come into pro- 
duction around 1997. stems 
from tbe need for customers to 
secure stable supply and flexi- 
bility. Mr Sasaki said. 

Other new investments, 
making up the Y15bn increase 
in capital spending, will be at 
four of its manufacturing facil- 
ities in Japan and facilities in 
Malaysia and Singapore. 

A strong increase in sales 
has lent support to NEC’s 
increased investment plans. In 
the first half of the current fis- 


cal year, NEC's semiconductor 
production value increased 11 
per cent from Y395bn to 
Y440bn, the company said yes- 
terday. This was alk> a Y5bn 
increase from NEC’s original 
estimate for the year. 

NEC expects full year ship- 
ments of semiconductors to 
increase by 12 per cent to 
Y910bn from a previous 
Y810bn. 

The Company maintains an 
even more bullish outlook for 
its semiconductor sales in the 
year to March 1996 when it 
expects sales to at least top 
Yl.OOObn for the first time. 

Japanese chip companies are 
eager not to slip behind their 
US competitors’ expansion in 
capacity. 

NEC last year lost its posi- 
tion as the world's top semi- 
conductor producer in dollar 
sales terms to Intel of the US. a 
symbolic blow which it intends 
to redress. 


WORLD TRADE DIGEST 


European court 
hears trade case 


Member states of the European Union and the European 
Commission yesterday came before judges .« th ^ 

Court of Justice for a crucial case, the outcome 
should allow the EU to ratify the Uruguay Round trade aaom 

before the January 1 1995 deadline. . a 

The commission asked the court for ite opmu er 
disagreement with member states over who has the v^ri 
negotiate in certain trade areas - such as ^ it 

and intellectual property rights. The commission has argued 
should ratify the Uruguay Round, under those \£. 

Rome and Maastricht treaties that give it exclusive authird} 
to negotiate on trade. But member States y«U.rdaj arjuro 
there was a limit as to how far the commission could claim io 
have exclusive competence in these areas. 

The judges are expected to give their opinion on tiv. legal 
basis for ratification on November 15. Emma Tucker. Luxem- 
bourg 


Price-setting deal under attack 


European exporters’ organisations have threatened lesral 
action against tbe European Commission if it dues not trike 
move quickly against a shipowners' agreement to set prices 
across the north Atlantic. The British and French Shippers 
Co uncils have written to the commission's competition direc- 
torate - DG4 - demanding measures to outlaw the Trans-At- 
lantic Agreement (TAA). The shippers are worried that unless 
action is taken soon, the TAA will go into its third year and 
exporters will face price rises of 15 per cent on cargoes 
crossing the north Atlantic. 

The TAA is a “conference" or agreement between »5 large 
shipping lines accounting for about 85 per cent of sailings 
between northern Europe and the US, to regulate both rates 
and capacity. It was introduced to stem losses by shipping 
lines, and its members include many large container shipping 
lines such as P&A. Nedlloyd and Maersk. 

The European Commission has issued a temporary' judg- 
ment objecting to the TAA, but shippers are now pressing for 
a final ruling. They also want a decision to outlaw a compro- 
mise agreement, the Trans-Atlantic Conference Agreement, 
proposed by the shipowners in July. 

The TAA is understood to be relaxed about the threat of 
legal action from the shippers, saying that it would take 
similar steps if it was unhappy with the commission decision. 
Charles Batchelor. Transport Correspondent 


Building begins on pipeline 


Building work for the Maghreb Europe Pipeline (GME) was 
launched yesterday at a ceremony on the Aluerian-Mnroccnn 
border, attended by the energy ministers of Algeria, Morocco. 
Spain and Portugal. When it is completed in mid- 1996. the 
GME will add some 7_2bn cubic metres to tbe annual pipeline 
export capacity of Sonatrach. Algeria's state oil and «as com- 
pany. Contractors for the pipeline include the VS company 
Bechtel, for the Algerian section; EMPL a subsidiary of the 
leading Spanish gas utility; Enagas for the Moroccan section 
and Italy’s Saipem for the submarine section. Frauds Ghi/cs. 
Paris 


Contracts 


■ Deutsche Babcock, the German engineering group, has won 
a DMl50m ($97.4m) contract to modernise a Romananian 
brown coal fired power station. Deutsche ABB, the German 
arm of the Swiss-Swedish engineering group, will pick up 
DM60m of tbe contract, which is being funded by a loan from 
the Kreditanstalt filr Wiederaufbau. the state-owned bank 
which finances export contracts. The two German companies 
will overhaul two 330MW blocks at the Turceni power station, 
a process expected to last about two years. Some of the work 
will be done by ABB Energoreparatii Romania, the group's 
Romanian subsidiary- In 1991 Deutsche Babcock signed a 
contract to clean 11 power station blocks at Turceni and 
Rovinart Michael Lindemarm. Bonn 

■ British van maker LDV launched 18 months ago after the 
collapse of Leyland Daf. will export kits of its 400 series range 
of vehicles to Poland. They will be assembled by Polish manu- 
facturer Andorra, fitting their diesel engines to the vans at 
their plant in Aodrychow. The deal comes on stream over the 
next few months, with sales rising to 1.000 kits in a full year. 
Press Association, London 

■ Ericsson and Raychem have formed a joint venture to 
develop, make and market fibre-optic communications systems 
for telephone access networks worldwide. The joint venture, 
Ericsson Raynet, will take over the operations of Raynet, 
previously a Raychem subsidiary. Reuter. California 

■ Motor Wheel, a vehicle wheel and brake maker, will enter a 
joint venture with Nissan Trading or Japan, a unit of Nissan 
Motor, to make brake components and flywheels. The business 
will be located in Monterrey. Mexico, and will be called Motor 
Wheel de Mexico. Reuter, Lansing. Michigan 

m General Electric of the US has received approval from the 
Chinese government to form a holding company in Shanghai 


to act as an investment vehicle for GE projects in China. The 
holding company will also provide services to GE's joint ven- 
tures and affiliates, which will include currency manage- 
ment. marketing, purchasing and after-sales support. Reuter, 
Beijing 

■ Ca n adian Occidental Petroleum hopes to sign a production- 
sharing agreement with state-owned PetroVietnam next 
month to explore a Vietnamese offshore block relinquished by 
state-owned PetroCanada. Canadian Occidental signed a mem- 
orandum of understanding last May to explore block 12-West, 
also known as 12-IA, east of Vung Tau. Reuter, Hanoi. 

■ Federal Express of the US has signed an air operating 
agreement with the Subic Bay Metropolitan Authority in 
Manila. Fedex is scheduled to start operating from Subic Bay, 
a former US naval base, by the second quarter of 1995. Fedex 
will pay Sl.65m annually until 2002 for airport use, landing 
fees, parking fees, and rental of building and office spaces 
inside Subic. Reuter, Manila 

■ Guinness has signed an agreement with Sri Lanka's Ceylon 
Brewery Ltd to brew and market Guinness beer In Sri Lanka. 
Ceylon Brewery already brews and markets Carlsberg A/s 
products. Reuter. Colombo 

■ San Miguel, together with its Japanese partners Yamamura 
Glass and Fuso Machine and Mould Manufacturing, has 
started operations of its glass container moulds manufacturing 
plant in Cavite, south of Manila. The 150m pesos project is 
being undertaken by its new joint venture company, SMC 
Yamamura Fuso Moulds. AP-DJ. Manila 


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FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 


ne S: 


NEWS: THE AMERICAS 


Solace is discovered on distant shores I US launches 


Jurek Martin finds President Clinton enjoying foreign policy success - for now 

N ot for the first time, a ing of trade conflict with 
US president in domes- Japan. 

tic trouble has found Mr Clinton himself arhn hart 


N ot for the first time, a 
US president in domes- 
tic trouble has fo und 
temporary solace in foreign 
policy. For Mr Bill Clinton, the 
change may be bittersweet, but 
the sudden absence of serious 
criticism about his conduct of 
external affairs is worth 
savouring when his social 
reform programme at home 
lies in partial rains. 

On Monday night, he was 
able to go on national televi- 
sion and to exude confidence 
and resolve on two difficult 
fronts. Iraq's "reckless provo- 
cation" in the Gulf would be 
faced down by US military 
might and Haiti’s military 
regime would keep its commit- 
ment not only to relinquish 
power but also to go into exile. 

Mr Clinton was careful also 
to note the recent successful 
visits to the US by President 
Boris Yeltsin of Russia and 
President Nelson Mandela of 
South Africa. He could well 
have added the announcement 
in Washington last week of 
progress in negotiations 
between Israel and Jordan, and 
the current mission of his sec- 
retary of state, Mr Warren 
Christopher, to Syria. 

If he had felt very bold, or 
mischievous, the president 
might also have rrw>ph'puBri the 
cessation of violence in North- 
ern Ireland in the wake of US 
initiatives. He could even have 
taken satisfaction in the defus- 


ing of trade conflict with 
Japan. 

Mr Clinton himse lf^ who bed 
c a nc e lled a Monday campaign 
trip to New Jersey to tend to 
the Gulf, was able to leave for 
Michigan yesterday to raise 
funds for Democratic party 

re>nHir?n ^ 

But the word from the White 
House - with Mr Leon Panetta, 
the chief of staff, now move 
firmly in control - was to keep 
talk of any political benefit in 
the mid-term US elections 
early next month to a mini , 
mum. “Well leave that to the 
pundits," one anonymous offi- 
cial said. 

That caution is probably well 
advised. The current public 
mood does not look kindly on 
foreign entangl p menfo . thmig h 
President Saddam Hussein of 
Iraq is enough of a popular vil- 
lain after the 1991 Gulf war to 
be considered a special case. 
There may be admiration for 
the role by US troops in Haiti, 
but the US occupation is still 
viewed at home with much 
scepticism. 

History also suggests, as Mr 
Kevin Phillips pointed out in a 
recent edition of his newslet- 
ter, American Political Report 
that, although foreign "Octo- 
ber surprises" may influence 
presidential elections, they 
have much less impact an the 
mid-term contests. 

The only dear exception was 
the resolution of the Cuban 



Stai unconvinced; Oliver North spurns Clinton as commander ap 


missile crisis in late October 
1962, which cut projected 
heavy Democratic losses to 
only four seats in the House of 
Representatives, offset by a 
gain of two in the Senate. Mr 
Clinton would give bis political 
eye-teeth for such an outcome 
on November 8. 

More telling: the Camp David 
agreement on the Mi ddle East, 
in September 1978. lifted Presi- 
dent Jimmy Carter’s standing 
in the opinion polls by 10-16 


points, but most of that had 
faded by the following Novem- 
ber, when the Democrats 
incurred losses. The US troop 
build-up in the Gulf in the 
autumn of 1990, after the Iraqi 
invasion of Kuwait was, to the 
US electorate, both controver- 
sial at the time and vn any 
case, overshadowed by poor 
economic news. 

However. Mr Clinton and the 
Democrats can take momen- 
ts? consolation from the fact 


that the Republican party 
assault on the foreign policy 
front has been silenced, for 
now. Former officials of the 
Bush administration, including 
Mr Laurence Eagleburger, once 
a caustic secretary of state, 
have commended the presi- 
dent’s resolve in the Gulf. 

Mr Dick Cheney, ex-defence 
secretary, merely added the 
barb that it did not look likely 
that Mr Clinton would have to 
send Mr Carter to Baghdad to 
negotiate. 

Criticism b ag emanated from 
the wilder shores. Mr Ross 
Perot, the 1992 independent 
presidential candidate who is 
urging his supporters to vote 
Republican on November 8, 
naturally thought the Gulf con- 
frontation a put-up job to save 
Mr Clinton’s skin. 

Mr Oliver North, Republican 
candidate for the US senate in 
Virginia, announced that Mr 
Clinton was not "my com- 
mander-in-chief", and charged 
that he had eviscerated US 
defence capability and thus 
encouraged Saddam Hussein. 
This caused embarrassment to 
Senator Phil Gramm, a Repub- 
lican from Texas, who was at 
Mr North’s side. 

Local pundits thought he 
might have made his first seri- 
ous campaign mistake thereby. 
He certainly provided scope 
yesterday for Vice-President A1 
Gore, who called Mr North’s 
statements “unpatriotic and 


despicable", and said he was 
“giving aid and oonxfort to a 
foreign dictator”. 

The irony of Mr Clinton as 
an international tough guy, a 
role he did not come to office 
intent on playing, is not lost on 
the US public, but the transfor- 
mation has won grudging 
approval in Washington. Both 
the state and defence depart- 
ments, the object of much viru- 
lent criticism far nearly two 
years, suddenly seem in much 
surer bands, with rumours of 
more changes at the top quiet 
for now. 

During finp month, Mr Clin- 
ton has twice dispatched sub- 
stantial US militar y contin- 
gents overseas. In Haiti, this 
may have been the only avail- 
able alternative after modi 
agony over policy - and at 
least the occupation was 
achieved with few guns blazing 
- but in the Gulf the second 
thoughts that have often 
seemed to paralyse his admin- 
istration have not been in 
evidence. 

Both missions could yet 
become messy, as happened in 
Somalia. The Gulf ^ga g^nt^nt, 
in particular, raises longer- 
term problems about how best 
to ftfmtaiw Mr Sflddain if the 
Iraqis themselves cannot dis- 
pose of hfrn Still, for a belea- 
guered president, these may 
seem manageable after what 
happened to his ambitious 
domestic programmes- 


probe into car 
pricing policies 


By George Graham 
In Washington 

The US Department of Justice 
has launched an inquiry into 
pricing practices in the car 
industry. 

Government anti-trust law- 
yers have asked the National 
Automobile Dealers* Associa- 
tion and several of its officers 
for information on the practice 
of no-haggle pricing. 

Following the successful 
example of GM*s Saturn sub- 
sidiary. many dealers have 
started to publish firm prices 
instead of following the tradi- 
tional practice of publishing an 
unrealistically hi gh label price, 
and negotiating discounts. 

Some have also adopted the 
practice of ‘‘value-pricing", in 
which they sell some popular 
models with a package of nor- 
mally optional extras at a sin- 
gle low recommended price. 

But the Justice Department 
request for information 
spreads beyond pricing, and 
could herald a broad investiga- 
tion of dealership arrange- 
ments in file Industry. 

None of the big carmakers 
has yet been contacted by the 
Justice Department, but all 
were asked to provide informa- 
tion earlier this summer for an 
investigation into their rela- 


tionships with car lure compa- 
nies. That investigation 
appeared to focus on whether 
carmakers had cut back sales 
of heavily discounted vehicles 
to independent hire companies. 

Ford owns Hertz and an 
interest in Budget, while 
Chrysler owns the Dollar and 
Thrifty companies. GM is in 
the process of selling its stake 
in National Car Rental. 

The US industry experienced 
years of relatively lax anti- 
trust enforcement in the Rea- 
gan Bush administrations, 
which limited their challenges, 
for the most part, to cartel 
behaviour and horizontal 
mergers between competitors. 
However, the Clinton adminis- 
tration has shown more inter- 
est in vertical arrangements - 
either mergers between sup- 
plier and customer or contrac- 
tual arrangements such as 
minimum resale price agree- 
ments which could raise prices 
for the consumers. 

Both Ms Anne Bingaman, 
the Justice Department’s assis- 
tant attorney general in charge 
of anti-trust, and Mr Robert 
Pitofsky, recently nominated to 
head the Federal Trade Com- 
mission. have expressed inter- 
est in reviving the enforcement 
of anti-trust laws against verti- 
cal arrangements. 


isrupts US machine tool ‘opportunity’ Violence increases in Guatemala 

{» By Andrew Baxter manufa cturing technologies," says the research into market advantage. By Edward Orfebar In Guatemala cny seven months after the two sides signed meat agreed that the army would sfc 

Vl I *1 I'll! report Many of these barriers remained but an agreement calling for the immediate pressing indigenous youths into its rani 

(If 41 V li[ The US machine toed industry, in steep The US accounted for about 19 per cent recent developments suggested a brighter Violence and human right abuses in installation of such a mission. cease threats against popular leaders a: 


By Andrew Baxter 

The US winching toed industry, in steep 
decline for more than a decade, has an 
opportunity to recapture a significant 
share of the global market it used to dom- 
inate, according to a report published yes- 
terday by the California-based Rand 
research institution. 

Machine tool builders in the US are ben- 
efiting by a strong surge in demand, tech- 
nological advances and corporate 
res t ructuring, along with setbacks to 
rivals in Japan and Germany, says Sand’s 

Critical Technologies Institute. 

The $4bu (£JL5bn) US industry is rela- 
tively small and fragmented, but is strate- 
gical! y important. 

“A weak domestic industry means that 
the US risks losing access to the latest 


manufacturing technologies," says the 
report. 

The US accounted for about 19 per cent 
of world marhiwe tool production in 1981. 
However, by 1992, tts share had supped to 
about 8 per cent and its position in the 
industry from first to a distant fourth 
behind Japan, Germany and Italy. 

In 1992, concerned by the US producers’ 
collapse. Congress directed Rand to pro- 
duce the report. It says Japanese produc- 
ers filled orders more quickly with 
cheaper, more reliable products when US 
demand picked up after the 1981-83 
recession. 

In contrast, the US industry failed to 
rebound for various reasons. These 
included a lack of enough big producers, 
weak export capacity, and poor perfor- 
mance in the translating of technological 


research into market advantage. 

Many of these barriers remained but 
recent developments suggested a brighter 
future. In particular, domestic demand 
rose 25 per emit last year. 

The report suggests the US government 
conld foster development of local co-oper- 
ative ne t w or k s among small and medium- 
sized machine tool makers and users, 
invest in the man uf acturing infrastruc- 
ture so as to bolster the translation of 
research leadership into a production 
edge, and help US machine tool builders 
compete internationally. 

The Decline of the US Machine Tool Indus- 
try and Prospects far its Sustainable Recov- 
ery: Vol l; from Rand’s Distribution Ser- 
vices, PO Box 2138, Santa Monica, CA, 
USA 90407-2138: 528 including appendices. 


By Edward Orfebar In Guatemala City 

Violence and human right abuses in 
Guatemala have increased greatly in 
recent months, despite the imminent 
arrival of a UN human rights monitoring 
mission, observers say. 

Fighting has been intensified between 
government forces and left-wing guerrillas 
of the Gu atem alan National Revolutionary 
Unity, who are due to restart stalled peace 
talks this mnuth. 

Mr Ronald Ochaeta, director of the Cath- 
olic Church’s local human rights office, 
says there were 180 killings in August, at 
least 35 of them politically motivated, 
making it the worst month since the office 
opened five years ago. 

The UN mission is expected to begin 
operating early next month, more than 


seven months after the two sides signed 
an agreement railing tor the immediate 
installation of such a mission. 

The UN. which is mediating at the talks, 
had promised a mission in three months, 
but has dragged its feet, citing bureau- 
cratic problems in approving finance. Dip- 
lomats say that UN officials have been 
reluctant to commit themselves to a mis- 
sion while there was still armed conflict, 
despite making promises at the negotia- 
ting table. “We have to question the UN 
seriously," said Mr Ochaeta. “To a certain 
extent, the UN is responsible for what is 
happening at the moment." 

The guerrillas announced In early 
August that they were suspending talks 
because the government had failed to com- 
ply with the human rights accord signed 
at the end of March. In that, the govern- 


ment agreed that the army would stop 
pressing indigenous youths into its ranks, 
cease threats against popular leaders and 
human rights activists, and try to reduce 
the levels of violence. 

But local human rights monitors say 
they have many complaints of forced 
recruitment in recent months, while 
threats and violence have continued 
unabated. The guerrillas have also vio- 
lated the agreement, recruiting under-age 
people end a Harking - civilian Installatio ns. 

The guerrillas were pushed by the inter- 
national community into si g nin g an agree- 
ment in Oslo in June on setting up a 
commission to investigate war crimes dur- 
ing the 33-year conflict The commission’s 
mandate falls short of naming individuals 
who have committed atrocities, and will 
have no legal recourse. 


n m vim> 




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10 


bttst &N r( a I. TIMES 


WEDNESDAY OCTOBER 12 1994 




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NEWS: UK 


United ends Glasgow air service 


Jury told 
of £1 .36m 


I By James Buxton, 

Scottish Correspondent 

^ United Airlines is to withdraw 
its daily service between Glas- 
gow and Washington DC at the 
end of November only 18 
months after it was launched. 
It is the third airline in three 
months to announce the with- 
drawal or curtailment of trans- 
atlantic flights from Scotland. 

United said it was losing 
money on the route and 
wanted to redeploy its aircraft 
in more profitable markets. It 

Race bias 
alleged in 
choice of 
employees 

By Richard Donldn, 

Labour Staff 

A study of racial discrim- 
ination in job recruitment in 
Nottingham has found the 
chances of getting an interview 
were twice as high among 
white applicants than among 
black or Asian candidates. 

The study by the Notting- 
ham and District Racial Equal- 
ity Council submitted three fic- 
titious applications for each of 
281 job vacancies. The candi- 
dates. one white, one black and 
one Asian, were evenly 
matched in terms of job experi- 
ence, qualifications, age and 
sex. 

In the 3S cases where only 
one applicant was offered an 
interview, 30 of the employers 
picked the white applicant, five 
chose the Asian, and one chose 
the black candidate. 

In another case letters of 
application were sent to 
well-known insurance com- 
pany seeking a sale representa- 
tive. 

The white job-seeker 
received an application form 
on the first day of the month 
asking him to contact the com- 
pany for the interview. The 
other two applicants did not 
receive the form until the 11th 
of the next month, a hill six 
weeks after the white appli- 
cant. There was no offer of an 
interview with the forms. The 
company described itself as an 
equal-opportunity employer. 

The study was repeating a 
similar exercise carried out in 
1981. That study found discrim- 
ination against black and 
Asian candidates in half the 
jobs that were tested. 

Reporting the findings of the 
latest study, Ms Greta Sohoye. 
who chairs Nottingham and 
District Racial Equality Coun- 
cil, said: “What we found is as 
disturbing as it was in 1981. 
Employers appear to have 
learnt little from previous ini- 
tiatives." 

Mr Herman Ouseley, CRE 
chairman, said it was frustra- 
ting that 13 years of work with 
employers, unions and other 
organisations had not had 
greater impact on reducing the 
levels of discrimination. 


said it had achieved high peak- 
season load factors, but yields 
were low because of the severe 
shortage of passengers paying 
premium fares. It sells fewer 
than two business class seats a 
day in Scotland and five in the 
US. 

The departure of United Air- 
lines will leave only British 
Airways flying all through the 
year from Glasgow to the US. 
Later this month Northwest 
Airlines will cease its daily 
Glasgow-Boston service after 
14 years, and American Air- 


lines is to operate its daily 
Glasgow-Chicago service in the 
summer only, ending its all- 
year service on November 2. 

The airlines' decisions are a 
serious blow to long-running 
efforts by BAA, which runs 
Glasgow airport, and the devel- 
opment body Scottish Enter- 
prise to attract transatlantic 
services to Glasgow. It was felt 
direct flights would benefit 
Scottish consumers and make 
it easier to attract US compa- 
nies to open plants in Scotland. 

United complained yesterday 


that too many Scots preferred 
to fly to the US via London or 
Continental airports. Mr David 
Coltznan. vice-president for 
transatlantic services, added: 
“Scottish business travellers 
are very cost-conscious. They 
will put up with restrictions 
such as staying over a week- 
end in order to get a lower 
fare." 

Manchester airport is also 
seeing a reduction in long-haul 
services this winter, with BA 
ending flights to Los Angeles 
and American Airlines making 


its New York service summer 
only. South African Airlines is 
ceasing to fly from Manchester 
to Johannesburg. 

BA is increasing flights from 
Glasgow to New York from 
four a week to five from Janu- 
ary and adding Boston to the 
route. The flights are operated 
by its subsidiary British Air- 
ways Regional which pays its 
cabin crew less than the parent 
company. 

United is also withdrawing 
feeder services linking Geneva 
and Athens with Paris. 


passport 

‘racket’ 

A barrister and a solicitor ran 
a multi-millioii-doUar passport 
racket preying on the fears of 
wealthy Hong Kong residents 
desperate to leave before Chi- 
na's 1997 takeover, a court 
heard yesterday. 

Numerous documents were 
forged and the Home Office 
“fooled" repeatedly. Southwark 
Crown Court was told. 

For nearly three years Mr 
James Walker, a solicitor, and 
barrister Mr Paul Sanirai got 
away with the “scam" which 
enabled dozens of people to get 
the right to live in Britain, said 
Mr Brendon Finucane. prose- 
cuting. 

He alleged that altogether 
the men's company, charging 
about £40,000 for each applica- 
tion. made a total of £l.36m, 
most of which was obtained 
illegally. 

Mr Finucane told the jury 
that Mr Sanirai and Mr Walker 

- the only one before the court 

- and others, set up a Hong 
Kong-based operation. 

Mr Samrai saw customers in 
the colony and then forwarded 
often false documentation to 
Mr Walker in Britain. 

Once they reached the solici- 
tor's office at a London law 
firm Mr Walker signed them 
knowing many were bogus, 
claimed Mr Finucane. 

Trading on the “trust and 
integrity" his profession 
attracted, he then submitted 
them to an "overworked" 
Home Office immigration 
department as part of applica- 
tions for “right of abode" in 
Britain or "indefinite leave to 
remain". 

Counsel claimed “certificates 
of entitlement” were subse- 
quently Issued. 

Mr Finucane told the court 
that Mr Samrai and Mr Walker 
set up the business initially 
without any dishonest inten- 
tions. The case continues 

New tax ‘keeps 
premiums high’ 

The cost of car and house 
insurance policies would have 
fallen in the past three months 
if the government had not 
imposed a 2.5 per cent tax on 
premiums from this month, 
AA Insurance said yesterday. 

During 1992 and last year 
both car and home and house- 
contents insurance premiums 
increased sharply but that 
trend appears to have been 
reversed as the market has 
returned to profitability, the 
AA said. Many insurers are 
absorbing a large part, or all, 
of the cost of the new tax. 

Tugs contract 

Ferguson Shipbuilders, the 
shipbuilder based at Port Glas- 
gow on the lower Clyde, has 
signed a £10m contract to build 
two 55-tonne tugs for Shetland 
Towage, which provides tow- 
age services for the Sullom Voe 
oil terminal. 


Competing for the forecourt 

Robert Corzine and Neil Buckley on the petrol station price war 



Coin B tent 

Filling up: a Tesco Express site in Barnes, south-west London 


In a new television advert- 
isement. the engine leaps out 
of a car. zooms to the nearest 
BP garage and fills itself with 
petrol. 

The message of the advert - 
devised by Mr Joe Johnston, 
the Hollywood film director of 
Honey I Shrunk the Rids fame 
- is clear: BP stations are the 
best places to buy petrol and 
the cheapest 

As it was launched, Mr Rolf 
Stomberg, chief executive of 
BP Oil Europe, was quoted as 
saying he was “fed up with the 
growth in [petrol sales] by 
hypermarkets and the erosion 
of our market share. We are 
taking them on." BP's promise 
to match supermarket petrol 
prices is the latest skirmish in 
a long battle between the big 
oil companies and supermarket 
c hains 

Since the late 1980s, large 
retailers such as Sainsbury, 
Safeway, Tesco and Asda have 
opened more than 500 super- 
market filling stations. 
Although they account for only 
a fraction of the total of 19,000 
petrol stations in the UK, 
supermarket filling stations 
have increased their volume 
shar e of the retail petrol mar- 
ket from 6 per cent to almost 
20 per cent within the last 
three years, by selling at a dis- 
count 

But the likelihood of a 
protracted price war in the UK 
is small Many in the industry 
doubt that BP will be able to 
halt erosion of its market share 
for long. “Supermarket prices 
will always be below those of 
the major brands," said one 
industry observer. “They are 
trying to stop the unstoppa- 
ble." 

Supermarkets have a num- 
ber of advantages over the oil 
companies. Their market share 
is such that their purchasing 
power at the refineries is simi- 
lar to that of the marketing 
arms of the oil companies 
themselves. The high volumes 
purchased means they enjoy 
good credit terms from refiner- 
ies. 

By concentrating on a few 
high-volume sites, they can use 
large, economical tankers to 
fill large storage tanks. Oil 
companies typtcally have to 
pay a dealer or tenant to run 
their site, whereas supermar- 
kets have to pay only a 
cashier. 

No supermarket sites are 


more than a few years old, so 
there is little need for the 
costly maintenance required at 
the generally older company- 
owned stations. There are also 
environmental clean-up costs 
at the latter when they are 
closed or refurbished. 

Those advantages allow 
supermarkets to offer average 
savings of about 3p a litre 
according to figures from Opal 
Oil Price Assessments, a Wal- 
to n-on-Th ames- based company 


which monitors retail fuel mar- 
kets in Europe. 

Intense local competition 
usually means the differential 
at company stations near a 
supermarket outlet falls to 
about lp a litre. 

That local competition has 
also added to a widening of 
price differentials. Figures 
from Opal show that the 
highest price of four-star petrol 
was 61 .9p a litre last week 
compared with a low of 52Jp 


and a supermarket average of 
54.2p. 

In addition to lowering 
prices in some areas, the main 
response of the oil companies 
has been to question the 
quality of the petrol sold by 
the supermarkets. Even 
though all the petrol sold by 
■ supermarkets comes from 
refineries owned by the oil 
companies, it previously did 
not contain the additives the 
oil companies put into fuel to 
make it flow more smoothly 
and prolong engine life. 

Sainsbury began mixing 
additives to its petrol last year, 
and other retailers are 
following suit 

A better route for improving 
the profitability of oil company 
petrol stations is to take on the 
retailers at their own game - 
selling consumer goods. Oil 
groups are finding that adding 
pop-in, top-up shopping outlets 
can transform the profitability 
of sites previously dependent 
on low-margin petrol sales. 

According to a report from 
Corporate Intelligence, the 
turnover in petrol forecourt 
shops was £1.7bn in 1992 and is 
growing at more than 10 per 
cent a year. 

Shell, for example, is 
opening five convenience 
stores a week, and has begun 
promoting its stations as retail 
outlets, advertising price 
promotions on such products 
as Coca-Cola. Groups including 
BP. Mobil and Texaco are 
doing the same. 

At the same time, retailers 
are encroaching increasingly 
on to oil companies’ territory. 
With scope for building new 
superstores shrinking. Tesco 
has opened two standalone 
petrol stations in London, both 
with 2.000 sq ft Tesco Express 
convenience stores attached. 
Sainsbury is reported to be 
looking for petrol station sites, 
too. 

Wood Mackenzie, the 
Edinburgh-based oil market i 
analysts, published a report in ! 
August suggesting 
supermarkets were poised to 
become significant retailers of 
petrol. That could make 
dropping into filling stations 
for an extra pint of milk or loaf 
of bread commonplace. It also 
means future price battles 
between retailers and oil 
companies may not jnst be 
about petrol, but about soft 
drinks, crisps and baked beans. 


Drinks groups give Virgin Cola a sceptical welcome 


By Roderick Oram, 

Consumer Industries Editor 

Virgin Cola, Mr Richard 
Branson's latest enterprise, 
was greeted sceptically yester- 
day by other soft-drink makers. 
They look forward to the com- 
petition but wonder how Vir- 
gin and Cott, its Canadian 
partner, wUl crack distribution 
and sales problems. 


The Virgin Cola Company is 
a 50-50 joint venture between 
Virgin Trading Company, a 
new Virgin subsidiair, and 
Cott. Virgin will be primarily 
responsible for marketing, pro- 
motion and advertising. Cott 
will develop, manufacture and 
distribute the drinks. 

“We invented Cola Wars," 
PepsiCo said. “We’re very used 
to competition because it 


builds the whole cola market” 
Its cola volume has grown 15 
per cent this year in spite of 
competition from J. Salis- 
bury's Classic Cola, also made 
by Cott 

Distribution will be one criti- 
cal issue. PepsiCo added. “Put- 
ting the product within arm's 
reach of desire" requires a 
complex distribution system to 
reach retailers. 


“Physical distribution is not 
a problem for us," said Mr 
Simon Lester, managing direc- 
tor of Cott Europe. 

On the sales side, “the inde- 
pendent trade has shown an 
enormous amount of interest, 
and we've already spoken to 
one or two multiples." he said. 

Mr Lester stressed that 
Cott's link with Virgin was 
fundamentally different from 


its relationship with Sains- 
bury. With Virgin, Cott is aim- 
ing to build from scratch a new 
brand, largely for independent 
retailers. With Sainsbury, it is 
supplying a supermarket own- 
la be i cola using a different for- 
mula. 

“We have no objection to 
this," Sainsbury said. “We 
have an exclusive blend we 
wifi develop with Cott and. 


we've got the better blend com- 
pared with Virgin's.” 

Mr Lester said Cott was 
working with some half-dozen 
bottlers in the UK and on the 
Continent on its range of prod- 
ucts besides bottling them at 
its subsidiary. Ben Shaw. 

The main thrust, apart from 
the UK, will be the US and 
Japan where Virgin is known 
for its airline. 


Diverse products show 
what’s in a brand name 



User-friendly: Virgin aims to add some fizz to its product range with Us new cola drink 


What has a cola drink to do 
with an airline, radio station, 
music store or computer game, 
and what have any of these 
activities to do with each 
other? 

Virgin's move Into soft 
drinks, announced yesterday , 
looks distinctly out of step 
with the management vogue 
for paring down activities. 

But the company would 
argue that it is the Virgin 
"attribute-based” rather than 
“product-based" brand name 
which holds alt these diverse 
activities together. 

The Virgin name does not 
mean a specific product to the 
public, but is associated with 
fun. friendliness, doing things 
differently, quality and price 
competitiveness, said Mr Will 
Whitehorn. Virgin's corporate 
affairs director. These attri- 
butes mean the brand can be 
applied to a diverse range of 
products, be added. 

These claims for the attri- 
butes of the Virgin name were 
given some independent cre- 
dence recently by an NOP poll 
conducted for the trade journal 


Virgin’s tactics 
would be more 
familiar in 
Japan, says 

Diane Summers 

PR Week. In two separate sur- 
veys it found that about 80 per 
cent of respondents associated 
the Virgin name with friendli- 
ness, nearly the same propor- 
tion with high quality, and 
between 60 per cent and 70 per 
cent with innovation, fun and 
low prices. 

Virgin’s tactics may seem 
odd by the management stan- 
dards of western businesses 
but would be familiar to the 
Japanese, said Mr Whitehorn. 
He points to the keiretsu . or 
corporate family formation, of 
Japanese businesses. “Western 
companies tend to work in 
pyramidal structures, domi- 
nated by a holding company at 
the top. The keiretsu structure 
is flat and dominated by attri- 


bute-based brands. There is 
some communality of owner- 
ship but freedom among each 
of the units to make its own 
joint venture deals,” he said. 

An example is Mitsubishi, 
which is a bank and a car, as 
well as a shipbuilding and elec- 
tronics company. All are part 
of the same family or keiretsu 

interest 

Virgin's aim is to ensure that 
all its products and services 
match and exploit the brand 
attributes and are, broadly 
sp eaking , in the leisure area. 
Its computer games company 
has given the brand a presence 
in the youth market. Its 
link-up with 1CL, announced 
last month, will mean the pro- 
duction of Virgin computers 
slanted towards and games and 
multimedia markets. 

The vodka tie-up with Wil- 
liam Grant, aiso announced 
last month, fits the objectives 
for the Virgin brand, as does 
yesterday's cola announce- 
ment. 

Mr Whitehorn dismisses sug- 
gestions that the Virgin name 
could be weakened by diversi- 


fying into so many different 
areas. “We’ve never really used 
the brand on consumer prod- 
ucts until now. You can buy 
very few products, considering 
the number of trading activi- 
ties we're involved In. What we 
haven't worked out yet is 
where to draw the line. We're 
taking it on a case-by-case 

basis," he said. 

But is Virgin using the 
wrong name and should it re- 
brand itself as Branson? The 
PR Week survey suggests this 


might not be as ridiculous as it 
sounds. 

While 93 per cent of respon- 
dents recognised the name Vir- 
gin, 97 per cent knew the nanu. 
of Branson, and 34 per cent 
said they would be more likely 
to buy a Virgin product or ser- 
vice because of their high opin- 
ion of Branson. 

A recent MORT poll for the 
BBC rated him as one of the 
figures - along with Mother 
Teresa - that young people 
would most trust to revise the 


Ten Commandments. Mr 
Whitehorn believes that the 
identification of Mr Branson 
with Virgin is particularly 
strong in the British public’s 
mind, but this is not tbe case 
in Japan, the US or elsewhere 
in Europe. 

“Richard has been very 
important to the brand name 
and has helped to establish its 
key values. But the strength of 
the brand transcends his 
involvement. especially 
overseas." 






NEWS: UK 


^ m>h ‘Open skies’ offer to regional airports 


ackct' 


By Paul Betts, 

Aarwpace Correspondent 

Britain lifted aJI restrictions 
yesterday for transatlantic 
flights to its regional airports 
in an effort to revive tally ■» with 
the US to liberalise air services 
between the two countries. 

Mr Brian Mawhinney, the 
UK transport secretary, called 
the decision “the most sweep- 
ing unilateral liberalisation 

move in the history of transat- 
lantic aviation". 

But UK and US airlines 
regarded the announcement as 
only a “welcome gesture" 
which did little to advance the 
core issue of liberalising a cc e s s 
to the two main London air- 
ports of Heathrow and Gat- 
wick. 

The US government walked 
away from “open skies’* negoti- 
ations last December after the 
UK refused to grant immediate 


access to all US carriers at 
Heathrow, the world’s busiest 
international airport 

Mr Mawhinney, who was 
addressing the Conservative 
party conference at Bourne- 
mouth, said he had written to 
Mr Federico Pena, his US coun- 
terpart, offering all IIS and UK 
airlines the possibility of flying 
from any point in the US to 
any regional airport in the UK, 
including Luton and Stansted 
in the London area. 

He also called on the US gov- 
ernment to agree the liberalisa- 
tion of so-called codesharing 
arra n ge me nts between UK and 
US carriers. These increasingly 
popular marketing tools enable 
airlines to combine their 
respective networks by nstng 
each other’s ticketing codes. 

In turn, this would clear the 
way for US government 
approval of the proposed com- 
mercial and code-sharing part- 


nership between the UK’s Vir- 
gin Atlantic Airways and Delta 
Air Lines, the third largest US 
carrier. 

Mr Mawhinney said “open 
skies" for regional airports 
would offer economic benefits 
to cities such as Belfast. Bir- 
mingham. Cardiff, Edinburgh, 
Manchester, Newcastle as weD 
as Luton and Stansted. 

However, airline industry 
officials suggested that the 
decision was aimed at winning 
political support in regions 
which have sought to expand 
air services to boost their local 
economic development 

“These steps are welcome 
but in themselves do not repre- 
sent significant progress in the 
liberalisation process." said Mr 
David Coltman, vice-president 
of the Atlantic division of 
United Airline, the largest US 
carrier. 

American Airlines, the sec- 


ond largest US carrier, said 
“the nub remains access to 
Heathrow and beyond Heath- 
row*’. The US carrier is also 
opposed to code-sharing 
because it sees this as a device 
to circumvent restrictions 
imposed by bilateral agree- 
ments it wants changed. 

Ironically, United announced 
yesterday it was ceasing Its 
daily Glasgow to Washington 
DC service at the end of next 
month because of continuing 
losses. This will bring to just 
five the number of transatlan- 
tic daily flights from UK 
regional airports this winter. 

UK and US carriers have not 
been rushing to start new tran- 
satlantic services from regional 
airports, but instead have con- 
tinued to concentrate their 
operations at Heathrow and 
Gatwick. Only United and 
American Airlines can fly to 
Heathrow under gristing rules. 


Other carriers, which have also 
been seeking the right to fly to 
Heathrow, have been restricted 
to Gatwick where peak-time 
slots are also tight. 

However, Mr Richard Bran- 
son, Virgin’s chairman, said 
Mr Mawhinney had made “a 
bold gesture without asking 
anything in return from the 
US". 

He hoped it would prompt 
the US to go back to the negoti- 
ating table in the next few 
days and approve Virgin’s com- 
mercial partnership with Delta 
which already been cleared 
by the UK government. 

Virgin and Delia had origi- 
nally hoped to start their com- 
bined services nest month. Tf 
we receive the necessary US 
approval, we would like to 
start in January so that Virgin 
and Delta can compete on an 
equal front with BA and 
USAir,” Mr Branson said. 


« Thatcher allegations take toll of party 


»V i% 

U f tV; " .. 


eicoif 


By Kevin Brown, 

PoUtica) Correspondent 

Allegations of impropriety 
appeared to be taking a toll on 
the government yesterday, as a 
senior backbench MP blamed 
disclosures about Mr Mark 
Thatcher’s role in arms sales 
on a plot against the Conserva- 
tives. 

Baroness Thatcher, who 
arrived at the conference yes- 
terday morning, refused to 
comment on claims that her 
son received a commission for 
helping to set up the £20bn A1 
Yam am ah arms deal with 
Saudi Arabia. 


But Sir Marcus Fox, chair- 
man of tire 1922 committee of 
Conservative backbench MPs, 
said the timing of the disclo- 
sures on the eve of the the 
party conference suggested 
that the intention was “to 
undermine the government." 

Lady Thatcher, who was 
given a warm but muted wel- 
come by conference delegates, 
was lavishly praised by Mr Jer- 
emy Hanley, party chairman, 
after emerging from 40 min- 
utes of private talks with Mr 
John Major- 

Smiling grimly. Lady 
Thatcher waved for the cam- 
eras, but refused to answer 


Truck and van sales 
rise for ninth month 


By John Griffiths 

Commercial vehicle regist- 
rations rose for the ninth suc- 
cessive month in September, 
proriding only tentative signs 
that a slowdown In the rate of 
recovery or the new car market 
might be spreading to parts of 
the van and truck market 

Registrations of trucks over 
3.5 tonnes did fall in September 
- by l£2 per cent to 4,443 from 
5.059 in the same period a year 
ago. But this was attributable 
entirely to sales during the pre- 
vious September being inflated 
by a rush to register vehicles 
which would not have met new 
emissions regulations intro- 
duced on October l last year. 

In contrast registrations of 
tight vans last month jumped 
by 10.6 per cent to 5^30 from 
3,719, while those of panel vans 
such as the Ford Transit were 
12.3 per cent higher at 8,464. 

Registrations of light four- 
wheel-drive utility vehicles 
also fell slightly last month, to 
1.210 from 1,322 a year ago, 
although for the first three 
quarters of the year as a whole 
they were half a percentage 
point higher at 10,775. 


Statistics from the Society of 
Motor Manufacturers and 
Traders show that the bus and 
coach market was static last 
month compared with levels 
achieved a year ago at 235 
against 234, but this sector is 
also up - by 18.1 per cent at 
2,145 for the first nine months 
as a whole. 

The share of the total com- 
mercial vehicle market taken 
by Imports rose last month to 
45.4 per cent compared with 
43.8 per cent a year ago. lifting 
the year-to-date level to 43 j 6 
per cent from the 4L13 of the 
first nine months of last year. 

However, the figure conceals 
a very sharp rise In the pene- 
tration of the truck market by 
importers anxious to compen- 
sate the the steep recession in 
Continental truck markets. 
Their share jumped to more | 
than 58 per cent last month . 
compared with just over 47 per I 
cent a year ago. 

Among those making the 
biggest gains in the month i 
were Scania, with registrations 
up 22A per cent, Renault up 
44.3, and Mercedes-Benz up 
12.7. 


journalists’ questions. Later, 
guests at a private lunch said 
she appeared frail, but adroitly 
sidestepped questions on the 
A1 Y am am ah affair. Lady 
Thatcher left in the evening to 
begin a visit to the US. 

Party managers sought to 
play down the allegations, 
cballeBgmg critics to bring for- 
ward evidence of any impropri- 
ety or wrongdoing. 

But Mr William Waldegrave, 
the agriculture minister, 
admitted that the allegations 
were hurting the party even 
though they were inaccurate. 

Mr Douglas Hurd, foreign 
secretary, who left for a visit to 


Reynolds 
call oyer 
Ulster 


Mr Albert Reynolds, the Irish 
prime minister, yesterday 
called for “an accelerated Brit- 
ish response" to the six-week- 
old IRA ceasefire. 

In the wake of the assertion 
by Sir Patrick Mayhew, the 
Northern Ireland secretary, 
that the British government 
may never be in a position to 
say it accepts that the IRA | 
ceasefire is permanent, Mr 
Reynolds told the Dublin par- ’ 
liament he was convinced that 
the end of IRA violence was 
“real and for good". 

Mr Reynolds also said he was 
“encouraged" by signs of a loy- 
alist ceasefire. 

He added: “I will be making 
the point that I believe the 
time has come now to acceler- 
ate the response of the British 
government" 

There was fresh optimism in 
Northern Ireland last night 
after the government allowed 
loyalist leaders into the top-se- 
curity Maze Prison on Monday 
for talks about a possible 
ceasefire with UDA and UVF 
inmates. 


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the Gulf Co-operation Council 
to Kuwait last night, said the 
controversy was unlikely to be 
raised by Arab ministers. 

Mr David Hunt, the open 
government minister, also 
sought to play down the affair. 
He said the government would 
not be deflected from the main 
purpose of this conference, 
winch was to dis c us s policies 
for the next five years. 

“All these allegations have 
been denied before and I don't 
think it profits politics to 
throw unfounded allegations 
around,” he said on BBC 
Radio. 

Lord Howe, the former for- 


eign secretary, said that he had 
no recollection of Mr Mark 
Thatcher's name being men- 
tioned in the context of the A1 
Yamamah deal. 

“There was no question of 
any impropriety being 
suggested to relation to Mark 
Thatcher or anybody else," he 
said on BBC Radio. 

Labour continued to press 
allegations against Mr 
Thatcher. Mr Tam Dalyell, MP 
for Linlithgow, wrote to Mr 
Kenneth Clarke, chancellor, 
asiriTig whether Mr Thatcher 
awti a Saadi middiAm«Ti had 
paid tax on commissions 
ea rned from the aims deal. 


Nationwide agrees to 
sale of estate agents 


By Andrew Taylor and 
| Christopher Price 

Nationwide building society 
has agreed to sell for just £1 a 
total of 304 estate agency 
branches acquired since 1987 
far £T20m- 

The sale marks the latest 
exit from the struggling estate 
agency business by leading 
financial services groups. 
These paid high prices in the 
late JBB08 to buy branches 
from which they could sell a 
wide range of services such as 
home loans and insurance poli- 
cies. 

The collapse of the housing 
market, however, has led to 
mounting losses prompting 
large-scale branch closures and 
disposals- About a quarter of 
all estate agency branches are 
estimated to have dosed since 
1388- 

The Nationwide chain, which 
is being acquired by Hambro 
Coontrywide, the estate agency 
and financial services group, 
has made cumulative losses of 
£80m since 1987 taking the 
total loss to £200m for Britain’s 
second largest building society. 

A loss of less than £50m also 


has been incurred by Guardian 
Assurance, which had a 49 per 
cent stake in the estate agents. 
Guardian is thought to have 
paid Nationwide to acquire its 
stake before the sale to 
Hambro. 

Abbey National bank and 
Prudential Corporation made 
combined losses totalling more 
than £500m when they sold 
their estate agency businesses 
in 1993 and 1991. 

Mr Brian Davis, Nation- 
wide’s chief executive said the 
society had secured a stream of 
new mortgage business from 
its estate agents but the house 
sales operations had been dis- 
appointing. 

Not ail financial services 
groups have been displeased 
with their expansion into 
estate agency. Halifax, 
Britain's biggest building soci- 
ety, said yesterday that a tenth 
of its mortgage business was 
generated through its 530 
estate agent brandies. It was 
“strongly committed" to 
remaining in this business 
even though its estate agency 
division made a £2m loss in the 
first six months of this year. 


Hurd says 
Tories 
must not 
‘lurch to 
the right’ 

By Philip Stephens, 

Political Ecfitor 


A powerful wanting against a 
lureh to the right by the Con- 
servative party in domestic 
policy and a retreat into isola- 
tion in foreign affairs was 
made yesterday by Mr Douglas 
Hurd, the foreign secretary. 

As the party conference con- 
tinued to debate the party’s, 
response to the electoral threat 
by Mr Tony Blair's modernisa- 
tion of the opposition Labour 
party, Mr Hurd said the Con- 
servatives must not cede the 
political centre ground. 

He accompanied a strong 
rebuttal of the suggestion by 
Mr Norman Lament, the for- 
mer chancellor, that Britain 
should consider withdrawal 
from the EU with an equally 
firm insistence that the Tories 
must not lose touch with "com- 
monsense convictions". 

Heading a move by a series 
of centre-left ministers to slow 
the drift to the right in the 
party’s rhetoric, he said it 
must show it has a vision of 
society which stretched beyond 
the free market. 

In his speech on the confer- 
ence floor. Mr Hud aid that 
the government must craft a 
foreign policy based “not on 
the world as it was. not on the 
world as we would like it to be, 
but as it is”. 

That meant recognition that 
wielding influence on the 
world stage depended on 
Britain playing its part in the 
big international institutions - 
the UN, Nato and the Common- 
wealth - and playing an active 
role in the European Union. 

In a brusque rejection of the 
xenophobia of some on the 
right of the party, Mr Hurd dis- 
missed the “siren sounds” of 
those who believed Britain 
could turn its back on Europe. 

He told the conference; “We 
can enjoy ourselves morning, 
noon and night, poking fun at 
foreigners .... But if we 
indulge ourselves in that way 
we won't have a strong and 
effective foreign policy, we 
won’t be influencing events, 
we won’t be advancing British 
interests”. 

Instead Britain’s interest lay 
in steering Europe in its direc- 
tion: “Whenever we have 
looked away from our conti- 
nent over the past hundred 
years, we have {aid a price. So 
has Europe. No one wins an 
argument by kicking over the 
table”. 

Turning to the likely out- 
come of the European Union's 
1996 intergovernmental confer- 
ence, he insisted; “No one with 
any grasp of political reality 
can suppose after the last three 
years that the national parlia- 
ments or national electorates 
will vote for the smothering 
and extinction of the nations of 
Europe.” 




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12 


FINANCIAL TIMES 


WEDNESDAY OCTOBER 1- 1994 


Business 
schools 
set out 
their stall 


B usiness schools in Europe 
have been making 
cautiously optimistic 
noises about a revival of interest 
in the MBA. A reception in 
London next Monday evening 
organised by the UK-based 
Association of MBAs will pat 
their confidence to the test. 

Altogether, 41 schools from 
the UK, continental Europe and 
the US will be available to 
answer questions from 
prospective students. Those who 
attend will be able to find out 
about the availability and 
suitability of courses and about 
various methods of financing 
their studies. All modes of MBA 
“delivery" - full-time, part-time 
and “distance learning" - will 
be represented. 

According to Roger 
McCormick, director general of 
AMBA, would-be students “will 
be able to speak directly not 
only to admissions directors and 
business school faculty, but also 
to graduates about what it was 
really like". 

The participating schools 
include 23 from the UK 
(including London, Ashridge, 
Cranfield, Manchester and 
Henley), 10 from continental 
Europe (eg, IESE of Barcelona, 
Iusead in France and Rotterdam 
of the Netherlands) and top US 
institutions such as Harvard, 
Wharton, Stanford and DOT. 

The reception will be held at 
the Institute of Directors, 116 
Fall Mall, London Wl. Details 
from AMBA On 071-837 3375. 

The European Foundation for 
I Management Development in 
Brussels has announced that 
this year’s European Case 
Writing competition winner is 
Dr Morgan Gould from IMD in 
Switzerland. The prize - 
Intended to improve and expand 
the availability of 
European-based teaching and 
training materials - was 
awarded for the case Revolution 
at Oticon. Robert Brown of 
Cranfield University was winner 
of the entrepreneurship 
category for his case Dockspeed. 

Tim Dickson 


E ven the most innovative 
Japanese multinationals 
lag well behind their west- 
ern competitors in inviting 
foreign executives to compete for 
top jobs. 

As a consequence. Japanese com- 
panies risk failing to make full use 
of foreign talent, at a time when 
their need for outside management 
- Asian as well as western - Is 
growing faster than ever before. 
Trendsetters such as Sony, the 
entrepreneurial electronics group, 
have long ago taken this message to 
heart. But Sony is a special case. 
The use of senior foreign manage- 
ment is still rare among more tradi- 
tional players in Japanese business. 

One of them, Mitsubishi Corpora- 
tion, the sprawling international 
empire which is Japan's largest gen- 
eral trading company, has just seen 
the light and is taking steps to cre- 
ate a merit-based career path for 
foreign managers in a traditional 
Japanese seniority-based hierarchy. 

Its experience in this regard is at 
an early stage, but already instruc- 
tive. Early this year, Mitsubishi 
inaugurated an international 
human resources development unit 
in its Tokyo head office. Its man- ' 
ager is Mohan Patel, an intelligent, 
gently-spoken Canadian of mixed 
Indian and Japanese extraction, 
who has spent 14 years as a trader 
in the machinery division. 

Patel, 44. is hims elf an example of 
the kind of manager he is trying to 
foster. Younger than Japanese col- 
leagues at the same level, he is the 
only foreign manager among nearly 
10,000 head office staff. 

His five-person unit has been 
fully operational for four months, 
long enough for Patei to identify the 
main tasks needed to make more 
efficient use of Mitsubishi’s 4.000 
non-Japanese employees worldwide 
and the 20 staff from overseas sub- 
sidiaries who have moved to head 
office in the past five years. 

Mitsubishi has a long history of 
hiring foreigners in the 600 overseas 
joint ventures in which it has 
equity stakes across the world, 
ranging from printed circuit board 
manufacturing to pharmaceuticals. 

Until a few years ago, however, 
nearly all of them were support 1 
staff, working under Japanese man- 
agers. That has started to change, 
slowly, so the group now has six 
foreign directors of its overseas 
joint ventures. “We need to delegate 
increasing responsibility to local 
staff, so our requirements have 
started to rise.” says Patel. 

Mitsubishi realises that joint ven- 
ture managers do not necessarily 
have to be Japanese, if only because 
it is hard for such a large hierarchi- 
cal organisation to train “true man- 
agers" to take charge of far-flung 
subsidiaries, says PateL The supply 
of Japanese managers is also 
starting to fall in line with the 


MANAGEMENT 

Career moves 
in Tokyo 

Mitsubishi has recognised that its managers do 
not have to be Japanese, writes William Dawkins 


Carol Coooer looks at depress ion 
in the office and how to sp otn 

High cost of 
feeling down 






r .. 





country’s ageing population, a trend 
that is easy to spot early in a 
seniority-based hierarchy such as 
Mitsubishi's. 

To retain and make efficient use 
of foreign executives, “we have to 
consider how to train these individ- 
uals and provide them with more 
opportunities within the group", 
says PateL 

The main problem, he says, is 
that Mitsubishi lacks a system for 

rotating foreign 

managers . . 

through the lO retail 

group, from one exeCIlti 
foreign unit to . , 

another or even train til 1 

through Tokyo. with fflOl 
Denied a clear 

career path, a ■■■■■■■■■■■ 
growing number of foreign staff 
were leaving for other companies 
after completing a single posting. 

The solution is essentially techni- 
cal, he believes. Traditionally, staff 
are promoted only within their own 
division or within their foreign joint 
venture, where the opportunities 
are naturally limited. 

A handful of exceptions have 
been made for foreigners, who did 
not easily fit into the Japanese hier- 
archy because they tended to enter 
the group via a joint venture or 
subsidiary, often in mid-career. 


Mohan Pate) 


They include the transfer of a Bos- 
tonian via Tokyo to Singapore, then 
to France, where be has for the past 
two years been managing director 
of a circuit board factory. Another 
US executive moved from New York 
to be number two at a chemicals 
plant in the Netherlands. “In the 
past, there was an independent dis- 
cussion each time we made an 
appointment like this," says PateL 
His first task, therefore, will be to 


To retain and make efficient use of foreign 
executives, Sve have to consider how to 
train these individuals and provide them 
with more opportunities within the group’ 


set up a clearly understood system 
for transferring foreign executives 
between divisions. To assist this 
process, Patel’s unit has been given 
responsibilities across Mitsubishi's 
seven divisions, along with the elite 
p lanning committees that sit just 
beneath the board. 

Another task identified is to set 
up a regular system for giving for- 
eign executives exposure to head 
office, for short pokings of up to 
two years. 

Authority at Mitsubishi is central- 
ised, so managers who know the 



ropes at head office have a clear 
advantage. “Our overseas staff have 
very loose job descriptions because 
our activities are so diverse, from 
trading to finance and manufactur- 
ing. So it boils down to creativi- 
ty. . .but you can’t function in that 
environment unless you know what 
it takes to convince your bosses in 
Tokyo," says Patel. 

Until now, foreign managers had 
to wait for an invitation from a tal- 

ent spotter in 

~ - . Tokyo to achieve 

it ioreign that wind of expo- 

how to sure. That was. in 

a fact, what hap- 

le tnem pened to Patel. 

ie group’ who spent nine 

r years selling 

machinery in 
Canada before his divisional boss 
asked him to move to Japan in 1989. 
to take up another trading job. 

As in most Japanese companies, 
there remains a limit to foreign 
executives' promotion prospects. 
There are none, for example, on 
Mitsubishi’s board of directors. 

That will change “in the not too 
distant future”. Patel predicts. But 
the first foreigner to sit on Mitsubi- 
shi’s board may well be Chinese, to 
make a contribution to developing 
one of its fastest growing markets, 
rather than European or American. 


Depression can 
strike anyone, 
WK from office cleaner 

to chief executive. 
In various 
f . / degrees, it affects 
np to 60 per cent 
adults at some 
/ time in their lives, 
— ^ * and at least 50 per 
health qycic 0 f these will 

suffer serious depressive illness. 

In the UK, the cost to industry 
of depression - let alone other 
mental hiham - is estimated to be 
more than £3bn a year. 

Most of us know roughly what 
is meant by depression, but recog- 
nising it in others is more diffi- 
cult Symptoms of depression can 
be surprisingly physical, with 
complaints or headache, aches 
and pains, lack of energy, insom- 
nia or early-morning wakening, 
changes in appetite, weight loss 
(or sometimes gain), constipation, 
dizziness and loss of libido. 

AQ these can be caused by phys- 
ical illness, and a recent study 
shows that GPs miss the diagno- 
sis in about 50 per cent of 
depressed patients at the first 
consultation. 

There can, however, be impor- 
tant does to depression in atti- 
tude or mood in the workplace. 
Depressed colleagues may show 
less interest in work, have diffi- 
culty coping with their usual 
workload, or become more irrita- 
ble with others. They may have 
trouble making decisions, or 
blame themselves unnecessarily 
when things go wrong. 

Depression can be disabling 
socially too, and anhedonia - 
inability to experience pleasure - 
is significant Perhaps someone in 
your department has not laughed 
for a long time or seems unable to 
relax. 

There is evidence that depres- 
sion is partly a biochemical acci- 
dent. Bnt we are still far from 
regarding mental illness in the 
same light as we do diabetes. 

A MORI survey commissioned 
last year by the Defeat Depression 
Campaign suggested that half the 
population believe depression is 
not the sort of thing to see the GP 
about And many depressed peo- 


ple. including doctors, fear the 
effect the diagnosis could have on 
their career. Treatment, however, 
is what they need- With a few 
exceptions, depression docs not 
get better on its own or with 
exhortations to pull oneself 
together. 

Treatment falls into two main 
categories: drug therapy and non- 
drug therapy. Many favour the 
former, but there is a drop-out 
rate of about 30 per cent, which 
reflects the incidence of side-ef- 
fects such as dry mouth (newer 
drugs tend to have fewer), as well 
as public misconception that anti- 
depressants are addictive. 

Non-drug treatments are becom- 
ing more popular, incuding coun- 
selling and cognitive therapy, 
which is psychological treatment 
aimed at altering negative pat- 
terns of thought leading to 
depression. 

Psychological techniques are 
rime-consnming, at least to begin 
with, and may demand regular 
time off work. Their exact place 
in the treatment of depression is 
uncertain, bnt they often work 
best in conjunction with drugs. 

Untreated, depression can be 
fatal. In the UK. 5,000 people die 
through suicide every year. Of 
these deaths, most are associated 
with depression, and the toll 
seems to be rising among men 
aged between 16 and 30. 

The government has a target of 
reducing the overall suicide rate 
by at least 15 per cent by the year 
2000. Bnt the extent to which 
treatment for depression can 
influence the suicide rate is 
uncertain. Some authorities 
believe treatment is itself a risk 
factor, particularly with the older 
types of antidepressants. 

It is commonly agreed, how- 
ever, that better diagnosis and 
management of depression would 
be an appropriate and cost-effec- 
tive aim. 

A leaflet Depression in the Work- 
place. is available for 40p from the 
Defeat Depression Campaign. 
Royal College of Psychiatrists. 17 
Belgrave Square. London SWlX 
SPG (tel 071 235 2351). 

* Dr Cooper is a practising GP. 


PEOPLE 


Leven on the rise at Holiday Inn 


Bass, the UK brewing and 
leisure group, has appointed 
Michael Leven president and 
chief operating officer of its 
Holiday Inn subsidiary. 

The appointment to this 
newly-created position led to 
speculation by leisure analysts 
yesterday that Leven was 
being groomed to take over 
from Bryan Langton, Holiday 
inn 's rhnirmnn and chief exec- 
utive. The only Daw in this 
view is that the two men are 
too close in age. Langton is 57, 
with three years to go until 
retirement. Leven is only a 


year younger. 

Bass said yesterday that no 
conclusions should be drawn 
from the appointment except 
that Holiday Inn believed 
Leven had a job to do. 

The chain recently 
announced a rebranding of its 
most expensive hotels, the 
Crowne Plaza properties, 
which will no longer carry the 
Holiday Inn name. 

The company has also 
embarked on an aggressive 
expansion campaign. Over the 
past two years it has. on aver- 
age, opened a new hotel every 


second day. It now operates or 
franchises over 1,900 hotels in 
60 countries. 

Ian Prosser. Bass chairman, 
says Leven will be responsible 
for Holiday Inn’s worldwide 
hotel operations and sales; 
Langton would focus more 
closely on strategic issues. 

Leven joined Holiday Inn in 
1990 as head of franchising in 
the Americas, after serving aa 
a senior executive with several 
US hotel companies. He 
became president of Holiday 
Inn's Americas division last 
year. 


Non-executive 

directors 




Cuoni quits Courts Zurich 


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■ Gerry Brown (above) has 
been appoi nted operations 
director of EXEL Logistics and 
BRS. part of NFC. 

■ Jean-Marie Fink, md of 
Roulement Service, has been 
appointed to the BRAMMER 
parent board. 

■ Jonathan Shier, former 
deputy md of Thames 
Television, has been appointed 
md for eastern and central 
Europe of MULTICHOICE. 

■ Philip Butler, formerly md 
of The Tetley Pub Company, 
has been appointed 
commercial director of 
ALLIED-LYONS Retailing: he 
re mains chairman of Allied 
Breweries Nederland and 
Allied Breweries Overseas 
Trading. John McKeown is 
appointed md of The Tetley 
Pub Company; he is replaced 
as retail services director of 
AUied-Lyoas Retailing by 
David Longbottom, md of 
Taylor Walker. Ramon 
Mora-Figueroa, a founder of 
Hiram Walker Europa and 
chief executive of Pedro 
Domecq, has been appointed to 
the board of ALLIED 
DOMECQ. 

■ Keith Cameron, group 
personnel director, has been 
appointed to the board of The 
BURTON GROUP. 

• Jonathan Vickers has been 
promoted to director, 
marketing and technology, at 
BURMAH CASTROL on the 
retirement of Brian Ridgewell. 


National Westminster Bank is 
likely to increase its manage- 
ment grip on Courts, the frock- 
coated bankers to Britain’s 
royal family, following the res- 
ignation of Jean Pierre Cuoni, 
chief executive of Courts Inter- 
national Private Banking in 
Zurich. 

Cuoni, 57, was appointed 
chairman of the executive com- 
mittee of Courts AG in Zurich 
in 1988 after 28 years with Citi- 
bank. David Went, who took 
over as chief executive of the 
Courts Group in June, says 
Cuoni has done a “fantastic 
job" in bringing together a 
group of very disparate busi- 
nesses. However, Cuoni felt 
that the time had come for 
someone else to take Courts’ 
International business forward. 

Courts has offices in 14 coun- 
tries and Went is keen to 
expand the international side 
of its business. The group 
opens its Hong Kong office this 
week and is expected to open 
three offices in California over 
the next few months. 

Although Cuoni was never a 
member of one of the families 
which ran Courts for many 
years, he was a member of a 
senior management team 



which has been gradually 
replaced as NatWest has taken 
a firmer hold on a part of its 
business which has never 
really fulfilled its potential. Ian 
Farnsworth, a NatWest general 
manager, took over from 
Julian Robarts as managing 
director of Courts & Co in early 
1992 and just over a year ago. 
Sir David Money-Coutts 

Stepped down as c hair man of 
the group. 

Went denied yesterday that 
Cuoni’s departure had any- 
thing to do with NatWest’s 
increasing involvement with 
one of the world's great tank- 
ing brand names. He said it 
was unlikely that Cuoni's suc- 
cessor would come from Nat- 
West and that he was looking 
for an international banker of 
“some stature". 

■ Art Brown, formerly head of 
financial markets trading in 
Sydney, has been appointed 
general manager Europe of 
COMMONWEALTH BANK OF 
AUSTRALIA in succession to 
John Koch. 

■ Hnw Alderman has been 
appointed md of Elrinc 
WOOLWICH Surveying 
Services. 


Sarah He ward (left) has been 
appointed md of Corney & Bar- 
row, the chain of ten (soon to 
be 11, when Farringdon opens) 
restaurants and wine bars in 
the City. After a brief spell in 
the Old Broad Street bar, 
Heward became manager of 
the Old Broad Street branch in 
July 1988 and was promoted to 
operations director In 2991. 
She replaces Christopher 
Brown who takes up bis new 
appointment on the board of 
Croupe Chez Gerard and md of 
Group Chez Gerard Restau- 
rants on December l. 



t\ 


■ Sir Timothy Kitson (above), 
chairman of Provident 
Financial and vice-chairman of 
Leeds Permanent Building 
Society, at LONDON CLUBS 
INTERNATIONAL. 

■ Ian Clubb. chairman of CTR 
(formerly Tiphook), at 
SHANKS & McEWAN. 

■ Jack Rowell, a director of 
Dalgety, and Derek Pearce, 
chief executive of the Leeds 
Tec. at CELS1S 
INTERNATIONAL. 

■ Sipko Huismans, chief 
executive of Courtaulds, at 
VICKERS. 

■ Peter Ogden, former md of 
Morgan Stanley International 
at ABBEY NATIONAL. 

■ Christopher Chataway, 
chairman of the CAA and 
former DTI minis ter, at 
MACQUARIE SECURITIES 
(UK). 

■ David Gestetner, president 
of Gestetner Holdings, at 
ALPHAMERIC. 

■ Campbell Allan, a founding 
director of Gartmore 
Investments, as c hairman at 
WORLD FLUIDS (HOLDINGS): 
the former chairman John 
Dowling remains on the board- 

■ Gerard Hardy has resigned 
from CAPITAL RADIO. 

■ George Pryce has retired 
from Hi*. B ULMER 
HOLDINGS. 

■ Gerald Newton at LISTER & 

Co. 

■ Frank Hirst as deputy 
chairman at COBRA SPORTS. 

■ Andrew Lindsey has 
resigned from BEMROSE ’ 
CORPORATION. 

■ Eric Holroyd has resigned 
from SERIF. 

■ Adrian Smart at BARING 
STRATTON INVESTMENT 
TRUST. 

■ Emmanuel Olympitis, 
chairman and md of Johnson & 
Higgins, at PACIFIC MEDIA- 

■ Trevor Harrison, a principal 
with LEK and formerly with 
ICI, at UKAEA government 
division. 

■ Harald Westling has 
resigned from TAMARIS. 







FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 ★ 








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14 


★ 


FINANCIAL TIMES 


WEDNESDAY OCTOBER 12 1994 


BUSINESS AND THE ENVIRONMENT 


T he Japanese photo film 
Industry is facing up to 
international pressure for a 
more environment friendly 
way to dispose of used photo devel- 
opment solution. 

The country's photo film industry 
generates around 140.000 tonnes of 
used photo development solution a 
year, some 20 per cent of the 
world's output The used solution is 
being placed in containers and then 
dumped into the sea. 

However, dumping of industrial 
waste is to he banned at the end of 
next year under the London Con- 
vention, a worldwide treaty on sea 
pollution. 

The Japanese environment 
agency is to put together its own 
legislation, which will be put into 
effect at the beginning of 1996. 

Companies are now searching for 
alternatives to dumping, ahead of 
the London Convention. One option 
is to decompose the solution. 

Attempts to do this have until 
recently been unsuccessful, as once 
the chemicals for development are 
combined into a solution, that solu- 
tion becomes highly stable and diffi- 
cult to decompose. 

However, Fuji Photo Film, the 
country's leading photo film manu- 
facturer, earlier this month 
announced the first technology to 
purify used photo development 


Emiko Terazono looks at Japan’s 
attempts to clean up the disposal of 
used photo development solution 

Camera 

friendly 

solution. with its waste water recycling 

Toxic elements, including ammo- machine, developed with Tokyo 
nia and nitrogenous compounds are Electric Power, the electric utility 
eliminated from the waste solution concern. 

by microbial decomposition and oxi- The machine, sold commercially 
dation using a metal catalyst, Leav- since the beginning of last year, 
ing only water and salts. The com* allows retail photo development lab* 
pany has installed a Y30Cm f£l.9m) oratories to condense the used 
demonstration system in eastern development solution to less than a 
Japan, and officials say since incin- tenth of the original amount, 
eration is not involved, nitrogen The machine is integrated into 
oxides and other gases are not emit- the company’s “mini-lab" photo 
ted. However, the prototype system - operation, a computer-controlled 
for commercial use is expected to development system which costs 
take more than two years to Y5.6m for one version and Y7m for 
develop. a higher capacity machine. Using 

Konica has already partially heat and pressure, the solution is 
solved the solution waste problem divided into water and sludge. The 


water can be reused in the photo 
labs for photo development, while 
the sludge is collected by a subsid- 
iary of Konica for inrineration. 

An average lab which produces 20 
plastic tanks containing 20 litres of 
the solution in each, will only have 
to deal with seven, 5-litre bags of 
sludge when using the machine. 
Lab owners can also save on stor- 
age space and do not have to trans- 
port heavy tanks of waste 

Moreover, Konica says the 
machine is cost-effective as well as 
envinnunem-friendly. By using the 
recycled water and cutting down on 
waste collection fees, the company 
believes that users who develop 50 
rolls of film daily can save up to 
Y20.QOO a month. So far, the com- 
pany has sold around 600 units and 
last month started full production 
of the ‘‘mini-lab", manufacturing 
1.500 units a year. 

Meanwhile. Konica announced 
last month that it expected the 
introduction of chemical tablets - 
to replace the traditional chemical 
solutions - to increase sales. The 
tablets are dissolved in water and 
come in plastic cartridges which are 
collected and reused. 

Konica says that because the tab- 
lets are not messy, are easy to carry 
around and eliminate errors when 
mixing several chemicals together 
they are extremely user friendly. 


Recyclable film with a lens 



A kira Fukano, a researcher at 
Fuji Photo Film, is displeased 
when people talk of the 
company’s "disposable" cameras. 
This is a misnomer, he says, since 
almost all of the camera is reused 
or recycled. 

The company insists the device be 
called a “film with a lens", although 
when it was first marketed in 1986 
the idea was to throw away the lens 
and shutter apparatus once the film 
was used. 

But in 1990, Fuji launched its 
recycling centre and today more 
than 70 per cent of the parts, 
including the lens, flash and shutter 
are tested and reused. Other 
components, such asthe outer 
cardboard box and batteries, are 
sent to outside recycling companies. 

Fuji, which has been followed 
down the recycling path by other 
photo film companies, including 
Konica. Kodak, and Agfa, has about 
80 per cent of the domestic 
disposable camera market It 
invested Ylbn (£6.27m) in its first 
automated line in 1992 and another 
Yibn in its fully automated system 
the following year. 

Earlier this year, it won an award 
from the minis try of international 
trade and industry for its 
environment-friendly system. 


Mr Fukano says the key to the 
high reusage ratio is product 
development “Recycling parts is 
fine, but it's better for the 
environment to reuse the 
component as it is." he says. 

This has meant using q ualit y 
parts, which can be used over and 
over again, and meticulous quality 
testing systems which pick out 
used components that are 
damaged. 

To enable easy dismantling by 
machines, the components, screwed 


together in the original version, are 
shaped to allow them to be simply 
fitted together. . To limit the 
amounts of materials used in a 
product, miniaturisation has also 
been important The company has 
reduced the camera weight by 20 
per cent to 40g. 

But there are costs for recycling. 
Fukano admits that a recycled 
product is more expensive than a 
completely new one because of the 
initial development costs and the 
running costs for collection and 


storage of used cameras. 

Fuji, and the other photo film 
companies, are also facing 
competition from the large 
supermarkets selling their 
own-brand disposable cameras. 

A further problem is that the 
recycling process relies on the film 
processing labs to return used parts 
to the manufacturers. While this 
helps to create a link between 
consumer and processing lab, some 
labs, including those hgirmging to 
the large supermarkets, have used 
the parts from Fuji cameras, as well 
as their own, to produce new 
branded disposable cameras. 

After Fuji protests the retailers 
have agreed to stop, but some 
independent lahs are still using 
used parts. For example, Nihon 
Jumbo, a fast growing film 
processing chain, reuses parts from 
leading manufacturers' products. 
The company says it has a right to 
recycle parts from used cameras 
and is not obliged to return them to 
the maker since the consumer has 
“thrown them away". 

Fuji says, however, that sales of 
recycled products by processing 
laboratories pose little threat to its 
market position. 

ET 


Putting 
value on 
variety 

D oes biodiversity - the pres- 
ervation of wide varieties of 
species - have any eco- 
nomic value? Since biodiversity was 
one of the goals adopted by environ- 
mental policymakers at the Rio 
earth summit, the question is 
highly topical 

On the face of it, the answer 
seems to be no. or very little. A 
stretch of rain forest rich in plant, 
animal and insect life does not have 
enough value to prevent people 
chopping it down and selling the 
timber for short-term gain. So how 
can its value be enhanced to per- 
suade people to leave the forest 
alone? 

Professor David Pearce, the envi- 
ronmental economist who has made 
a career out of pricing the environ- 
ment, believes it can be done. In a 
new book* he says that biodiversity 
might be able to compete with alter- 
native laud uses if there was 
greater parity between the two. 

The trouble is that alternative 
uses tend to enjoy special treat- 
ment, such as tax breaks or dis- 
torted property rights. “This," be 
writes, “is one dominant reason 
why more investment in biodivers- 
ity does not automatically take 
place:" 

There is a further reason: the 
absence of what Pearce calls “global 
markets in the benefits of biodivers- 
ity". In particular, developing coun- 
tries find it difficult to exploit their 
biodiversity because no one is will- 
ing to pay enough for it 
For example, industrialised coun- 
tries do not put a value on the abil- 
ity of rain forests in the developing 
countries to soak up carbon from 
the atmosphere. Pearce argues that 
poorer countries need more help 
from richer ones and from multilat- 
eral institutions, such as the World 
Bank’s Global Environment Facil- 
ity, to extract this value. 

Even so. Pearce believes that 
there are many cases where biodiv- 
ersity pays: wetlands with potential 
for human use. and tropical forests 
that could yield between S3.000 
C£1,9Q0) and S7.000 per hectare, 
which Pearce says is “dearly attrac- 
tive". 

*The Economic Value of Biodivers- 
ity, by David Pearce and Dominic 
Moran. £12.95. 172pp. Earthscan. 120 
PemonviUe Road. London Nl 9JN. 
Tel: (071) 27S 0433. 

David Lascelles 



Farming the 
green fields 

Deborah Hargreaves on a farmer 
mixing commerce and conservation 


F or the past 14 years Cyril 
Cole has been farming in a 
more environmentally- 
friendly way on his mixed-stock 
farm. Lower Ash Moor, between 
Tiverton and South Motion in 
Devon. He has dog ponds, planted 
trees and fenced off hedges to 
prevent the cows eating them. 

Last year he became involved in 
more extensive conservation when 
he took over 30 acres of Culm 
grassland to manage under the 
Countryside Commission's 
stewardship scheme. 

He keeps this land in a 
traditional state, applying no 
fertiliser or lime to the fields - just 
cutting the grass in August - 
where more than 130 species of 
plants and wild flowers thrive. The 
scheme pays him £28 per acre 
which goes towards interest on his 
bank loan for purchasing some of 
the land. 

Cole’s efforts will be recognised 
today when the farm is announced 
as the winner of the Silver Lapwing 
award sponsored by Booker 
Countryside, part of the 
agribusiness group. 

The award is presented annually 


to the agricultural bolding which 
has done most to combine wildlife 
conservation and landscape 
improvement with a commercial 
farming business. 

Cole's holding is in a difficult 
fanning area just on the edge of 
Exmoor. It has a high rainfall and 
short grazing season for his 40 
dai ry cows. 60 cattle and 70 
breeding ewes. However, Cole 
manages to combine many 
traditional skills with running a 
liable business. 

He is currently being paid by the 
Countryside Commission to restore 
the high “Devon bank" hedges that 
flank the grasslands. 

Cole trims bushes on the side of 
hedges to make room for plants 
such as heather, honeysuckle and 
primroses, and digs a ditch at the 
bottom of the hedge to provide a 
moist habitat for toads, frogs and 
lizards. He has surrounded many 
fields with ditches to create 
“corridors" for small animals. 

Cole has found so much interest 
in his conservation efforts that he 
is considering setting up a farm 
trail and provide access for local 
schools. 



"Human resources managers shouldn't spend 
too much time behind their desks. Here, they cal! 
me the hands-on manager because I’m constantly 
out meeting our people. I know the employees 
in the Resins business unit personally. That s im- 


portant because it's my job to make sure that 
Akzo Nobel's human resources programs meet 
the personal and professional needs of each 
and every employee. And these needs vary at 
each of our five plants, with each local culture. 


and with each employee's individual situation. 
Akzo Nobel respects these differences. I’m not 
just developing programs; I'm creating the 
right chemistry between me and my 'customers', 
the employees and their families.” 



CREATING THE RIGHT CHEMISTRY 


AKZO NOBEL 


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FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 




★ 


ARTS 


Television/ Christopher Dunkley 

Driven out of the 
intellect business 


S o this is the fabled autumn sea- 
son. is it? The one which is sup- 
posed to redeem the reputations 
of the broadcasters after a sum- 
mer full of repeats and cheap 
imports? Yet many viewers seem unim- 
pressed. Their feelings are summed up by 
the novelist Jill Paton Walsh, featured In 
the regular Guardian item "My Media” on 
Monday. Of television she said: “We watch 
it less and less. We're not even going to 
have a TV set in our second home in 
Cornwall - John said it wasn't worth hav- 
ing one just to watch elephants at water 
holes. We see Newsnigftt and The Late 
Show, and nature programmes nnH good 
drama. But we increasingly feel TV is no 
longer directed at people like us: middle- 
brow, moderately intellectual". 

"No longer directed at people like us . . 

Of course the new season has brought new 
series, though as usual some called "new” 
are geriatrically old. Uroversiiy Challenge, 
for instance, first appeared in 1962. Switch- 
ing it from 1TV to BBC2 and sticking Jer- 
emy Paxman in Bamber Gascoigne's fhair 
does not make it new. Actually it maites it 
rather Inferior because with Gascoigne 
you always felt that he knew the answers 
without being told, whereas Paxman gives 
the impression that he would like you to 
think he knew but has sneaked a lode at 
the card. 

In the case of The Moral Maze the pro- 
gramme is genuinely new to this medium 
(BBC2 again) but is another example of 
television's increasingly frequent piracy 
on the radio seas. Of course the brains 
trust pre-dates all forms of broadcasting, 
but this particular team has been hijacked 
whole from Radio 4. As so often with talk 
shows, the formula works better on radio 
where you do not have to look at Janet 
Daley's hairdo, or wonder why David Star- 
key seems different from bis last appear- 
ance (he has shaved off his moustache). 

Most heavily hyped of all the borrowings 
from radio is Knowing Me, Showing You in 
which Steve Coogan in his Alan Partridge 
persona plays a chat show host of such 
embarrassing crassness that I find it hard 


to watch. This is another instance - Nigel 
Planer’s spoof master Hags in anting was a 
previous notable example - where mate- 
rial sufficient for a brilliant 10-minute 
sketch has been pulled out like chewing 
gum to stretch across not just a whole 
programme but an entire series. The fifth 
time you hear "Knowing me, Alan Par- 
tridge, knowing you Charlie Farnsbams. 
Aha" you fidget The tenth time you grind 
your teeth. The 15th time you change 
channels. 

The complaint is not that the material 
on British television this autumn is unpro- 
fessional. All four of the terrestrial eban- 

Where is the fizz, the 
buzz, the dangerous 
novelty? Programmes 
nowadays aim at max- 
imising ratings with tried 
and tested formulae 


nels, which still account for more than 93 
per cent of viewing, can point to new 
series that have been superbly well made, 
for instance the “family at war", serial 
Seaforth on BBCl, the documentary series 
Reputations on BBC2, the series about a 
police psychologist, Cracker, on ITV, and 
the topical light entertainment series Rory 
Bremner, Who Else? on Channel 4. The 
complaint is twofold: that so many pro- 
grammes now aim chiefly at maximising 
ratings, and that, however good, they all 
represent types of programming that are 
well tried and tested Where is the fizz, the 
buzz, the dangerous novelty? 

Most of all, where is the programme that 
makes you want to switch on because it 
feels as though It really is in touch with 
what is happening in the worid today, in a 
“moderately intellectual” way? Watching 
Labour Party Live on BBCl and 2 last 
week you began to wonder whether we 
might have reached a historic watershed 


with the Blair faction in the Labour Party 
finally leaving 1945 and Beveridge behind 
and looking out across new territory. Per- 
haps “coxnmunitarianism" is what it is all 
about and politics will henceforth focus on 
smaller units. Perhaps, conversely, politics 
is becoming irresistibly intemationaL 
Peter Jay's engrossing report on Pan- 
orama this week suggested that (he old 
restraints of national boundaries are being 
removed from the world of employment 
(or unemployment) and wages. 

The conference coverage and the Pan- 
orama report were, of course, as topical as 
yon could ask. Furthermore there have 
been programmes in the recent past which 
have capitalised (ho ho) on the collapse of 
rewiTmmtgm in eastern Europe; the final 
programme in BBCS’s Reputations series, 
for example, provided a portrait of Beria 
which could not have been made before 
the Soviet archives were opened up. So, as 
we might expect, it is not a question of 
broadcasters being blind to what is going 
on around them. However, such pro- 
grammes are relatively rare; far, for more 
time is occupied by programmes such as 
Seaforth . yet another authentically filmed 
yarn beginning in the second world war, 
or The Danny Baker Show, a chat show 
which has already been reduced to the 
desperate old ploy of featuring another 
chat show host (Jonathan Ross) as guest 

It is impossible to avoid the conclusion 
that television has been virtually driven 
out of the intellect business and into the 
market place. Those mainly to blame are 
the politicians whose tunnel vision, fear, 
and spite were largely responsible for the 
last lot of hroadcasting legislation, though 
they were helped by top broadcasting 
executives who much too readily accepted 
the “Nothing wrong with ratings” philoso- 
phy. It is not professional skills that are 
being lost; technically speaking our pro- 
gramme makers get better and better. 
What is disappearing is the work which 
used to make British television a truly 
significant element within our society. 

The change is strikingly exemplified by 
the Channel 4 series Alan Bleasdale Pres- 



ents which uses as a come-an the name of 
a man known for his outspokenness and 
for an idiosyncratic sort of drama which 
provided the nation with the phrase 
“Gissa job”. Last night’s offering was a 
glossy TV movie called “Requiem Apache” 
which offered yet another variation on the 
familiar old theme of the retired slick 
operator (spy, safe-breaker, whatever - in 


this case a getaway driver) who is wanted 
by his former colleagues to do another job. 

It was slickly made and impressively 
cast, albeit somewhat thfn in plotting for 
its 90 minu tes, yet often funny. All the 
dramas in this series come from new writ- 
ers and this, from actor Raymond Mur- 
tagh, was certainly hill cf promise. But 
apart from the professionalism there was 


nothing in it which you would associate 
with the sort of work that Alan Bleasdale 
stands for. The car chase was good, the 
use of music - for once - excellent, the 
photography lovely, and the ratings may 
well prove impressive. But I doubt 
whether Jill Paton Walsh will see it as a 
reason for having a television in that sec- 
ond home in Cornwall 


Theatre 

Doctor 

Knock 


T he programme photographs of 
Sam Walters' 1.979 production of 
Doctor Knock are almost indistin- 
guishable from his 1994 version, 
yet the world has changed in 15 years. The 
temptation is to interpret this revival as 
being intended to make a comment upon 
the currently hot issue of public health 
care. 

Such connections are at best specious. 
Jules Romains' 1923 comedy (presented 
here in Harley Granville Barker’s pithy 
translation) deals with an ambitious doc- 
tor who sets out to make a success of a 
small-town practice and ends up effec- 
tively creating a cult of hypochondria in 
order to maximise his own taking s- Hardly 
a relevant comparison, either, to private 
health insurance schemes (which would 
seemingly rather do without the patient 
altogether). Nor does Walters’ direction 
succumb to the lure of soda! punditry. He 
is concerned wholly with a finely told, 
amusing yam, which for the roost part he 
serves diligently. 

The cards are stacked against the sleepy 
burghers of St Maurice from the start; the 
villagers are little more than a collection 
of stereotypes (grinning bumpkins, effete 
schoolmaster, snobbish grande dame etc) 
ripe for exploitation by Doctor Knock. 
Geoffrey Beevers’ Knock is a masterly cre- 
ation: flattering his clients, gulling them 
into feeling non-existent illnesses and sub- 
tly interrogating them as to how much 
they can pay for treatment, all in an easy 
flow of urbane imperturbability. 

Knock's confidence in his own aptitude 



A masterly creation; Geoffrey Beevers as Doctor Knock, with Philip York 


Alaatalr Muir 


is unshakeable: to his near-equals (of 
course, he can admit to having no true 
peer) he shows a brisk candour regarding 
his enterprise while just as craftily enlist- 
ing their complicity. 

Within three months Knock turns bis 
brand of medicine into a religion of fanati- 
cal daily observance throughout his little 
realm, rhapsodising about lamps burning 
into the night at patients’ bedsides and 
envisioning “250 rectal thermometers 
lifted in unison and firmly inserted" as a 


perverse mass salute. At this point Wal- 
ters and Beevers over-egg the pudding by 
imhnhig Knock with moments of barking 
megalomania culminating in a final rub- 
ber-gloved Nuremburg tableau. It is appar- 
ent that the man's steely determi- 

nation has both trapped and unhinged hzm 
without resorting to such coarse touches. 

Doctor Knock sits comfortably within the 
Orange Tree’s prime constituency: a 
craftsmanlike production of a neglected 
work, chosen for entertainment rather 


than argument. It may not be easy to 
fathom why Walters is so repeatedly 
drawn to the play (he first singed it in 
1967; Beevers has played the eponymous 
role in all three productions), but each 
new audience will no donbt find it agree- 
able enough. 

Ian Shuttleworth 

At the Orange Tree Theatre, Richmond, 
until November 26 (081 940 3683). 


Concert/David Murray 

The orchestra reinvented 


T he BBC Symphony calls its cur- 
rent Berlioz celebration on the 
South Bank, “Reinventing the 
Orchestra”. On Monday, again 
with Andrew Davis conducting, we had 
two striking examples of that: one by Ber- 
lioz himself, the early overture Les Francs 
juges, and Katfa Saariaho’s 1990 Du Cris- 
taL The tSigm of the concert, however, 
was Berlioz's great Te Deum. for large 
orchestra, organ and triple chorus, which 
is not so much “reinvention” as magiste- 
rial consolidation. 

Les Francs-juges went with brilliant 
sonorities and datter, obviously inspired 
by Weber (think of the Freisch&tz over- 
ture) but no less obviously French and 
confidently original. Berlioz composed the 
first version at 23; David Cairns’ excellent 
programme-notes speculated that in later 
drafts - the original is lost - it acquired 
authority as well as a lot more instru- 
ments. 

Now, however, we know the even earlier 
Messe soIeneUe, “Tost” but recently redis- 
covered, from which much music was to 
be recycled In his mature scores. And 
though it acquired refinements in its var- 
ious new dresses, the pristine inventions 
of the original were astounding from the 
start no wonder that Berlioz used to be 
unjustly reputed as an extraordinary 
orchestrator but an amateurish composer. 
It Jakes time to realise that the music and 
the “effects’’ are indissoluble. 

There is no Tr pftfokmg that in the Te 
Deum, where the grandeur of the “Tibi 
omnes” and above all the “Judex crederis" 
- in Cairns's memorable phrase, “swaying 
between terror and splendour like the 
swing of an enormous beD” - are wholly 
musical The Davis performance was 


splendid, with the Phfibannonia Chorus 
vying with the orchestra in weight and 
depth, and John Aler a moving tenor solo- 
ist. The New London Children’s Choir 
were well np to standard too. 

One regretted just a little the dryness of 
the Royal Festival Hall acoustic. The sot 
emn opening chords, for example, alternat- 
ing between orchestra and organ, were 
designed for the reverberant church of St 
Eustache; here there was only dead air 
between them. The grand organ part was 
well played by Malcolm Hicks, but much 
subdued by the closed upper doors before 
the organ-pipes. Surely a mistake? - even 
if the requirements erf the live broadcast 
made it seem prudent The Festival Hall 
organ cannot be at the opposite end from 
the orchestra, as Berlioz intended, but it 
can roar, and it didn't 

Miss Saariaho’s Du Cristai is a study in 
soft, infinitely refined orchestral densities. 
It fields a synthesiser and any amount of 
percussion. Little by little, one perceives 
slow harmonic breakdown and change as 
if through deep water - or behind crystal, 
as her title suggests, or even ice (she is 
Finnish, and the score has a distinct Nor- 
dic atmosphere). On the surface tiny time- 
lets float and bob; just occasionally, the 
variously deployed orchestral sections 
come together in hammered ostinati. 

It holds and tantalises the ear, to myste- 
rious expressive effect When we can hear 
it together with its companion-piece, a 
“capricious” double concerto called ... d hi 
fumes, more may be revealed. One cannot 
but be intrigued by learning that the solo 
cello- trill that ends Du Cristai bo delicately 
is also the first sound in ... d lafum&r. 


Sponsored by Land Rover. 


International 

Arts 

Guide 


■ BONN 

Oper La traviata (Oct 13, 16, 19, 23. 
25. 28) marks the debut as producer 
o? jorgen Rose, the distinguished 
German stage designer. The cast is 
headed by Marisa Vrtali, Michael 
Rees Davis and Thomas Mohr. 
Repertory also indudes Jenuta. Les 
Contes d'Hoflmann, Antonio Carlos 
Gomes’ opera II guarany and a new 
dance drama on the Dreyfus affair 
10228-773667) 


■ BORDEAUX 
Palate des Sports Tonight, 
tomorrow: Pascal Verrot conducts 
Orchestra National Bordeaux 
Aquitaine in works by Honegger, 
Shostakovich and Ravel, with oeHo 

sotorst Boris PergamensMkov (5648 
5854) 


■ COLOGNE 

Schsusptelhaus Tonight revival of 
G tinier Kramer's production of 
Brecht’s The Good Person of 
Scchuan. Krhmer's production ot 
Shakespeare's King Lear can be 


seen throughout the month at Halle 
Kalk - next performances on Fri, Sat 
and Sun (0221-221 8400) 
Opemhaus Tonight, Sat Handel’s 
Agrippina. Tomorrow, Sure Der 
fliegende. Hollander with Wolfgang 
SchOtia and Lisbeth Balslev. Fri: 
Lortzing’s Der WHdschfltz (0221 -221 
8400) 

PhUharmonie Tomorrow. Frank 
Peter Zimmerman n violin recital. Sat 
Meredith Monk and vocal ensemble. 
Sun morning, Mon and Tues 
evenings: Jiri Kout conducts 
GOrzenich Orchestra in works by 
Janacek, Schoenberg and Dvorak, 
with violin soloist Christian 
Altenburger. Sun evening: Hartmut 
Haenchen conducts C.P.E Bach 
Chamber Orchestra in music by the 
Bach family (0221-2801) 


■ COPENHAGEN 

Royal Theatre Tonight, Sat, next 
Tues: Jan Latham- Koenig conducts 
Flemming Fftndf s new production of 
Prokofiev's Love for Three Oranges. 
Tomorrow. Peter Schaufuss’ 
production of La Sylph ids. Fri: Hans 
Brenaa's production of Coppelia 
Mon: John Cranko’s ballet Onegin 
(tel 3314 1002 fax 3312 3692) 


■ DRESDEN 

Semperoper Tonight, Sat Ingo 
Metzmacher conducts PWar 
Konwitschny's new production of Un 
baflo in maschera. with cast headed 
by Luana DeVol and Mario 
Maiagnini, Tomorrow: Ariadne auf 
Naxos. Fri, next Tues: La traviata. 
Sun: The Cunning Little Vixen. Mon: 
Stephan Those* production of 
Prokofiev's ballet Romeo and Juliet 
Oct 23, 24, 25: Giuseppe Sinopoli 


conducts the Dresden StaatskapeBe 
(0351-484 2323) 


■ FRANKFURT 

Oper Tonight Die WalkOre - second 
night of the Frankfurt Opera's new 
Ring cycle, staged by Herbert 
Wernicke and conducted by Syfvain 
Cambreflng. Siegfried follows on Fri 
and GOtterdammerung on Sun. A 
second cycle begins next Tues, and 
a third on Oct 25. The cast is 
headed by Handd Stamm, Jante 
Martin end William Cochran 
(069-236061) 

Alta Oper Tonight Mllva. Tomorrow, 
Fri: Dmitri KHaenko conducts 
Frankfurt Radio Symphony 
Orchestra in works by Richard 
Strauss and Mahler. Sun morning, 
Mon evening: Wolfgang Seefiger 
conducts Frankfurt Opera Orchestra 
and Darmstadt Concert Chorus In 
works by Stravinsky and Orff. Next 
Tues: Bryan Ferry. Oct 22, 23: 
Riecardo Muti conducts Orchestra 
and Chorus of La Scaia Milan 
(069-134 0400) 

Jahrhundertha&e Hoechst Tonight 
Chris Barber Jazz and Blues Band. 
Fri, Sat, Sun, Mon: Budapest 
Operetta Theatre in Kalman's GrSfin 
Mariza (069-360 1240) 


■ GOTHENBURG 

Konserthuset Waiter Welter 
conducts the Gothenburg Symphony 
Orchestra tonight and Fri in works 
by Wagner and Bartok, with vocal 
soloists Doris SofW and Oddbjdm 
Tenrrfjord. Next Tues: Sengt 
Forsbarg and Erik Risberg duo piano 
redtai. Next Wed and Thuns Neeme 
jarvi conducts two programmes of 
Scandinavian music (031-167000) 


Operan The first opera production in 
the new theatre is Bfomdahl's 1959 
opera Aniara, opening on Sat 
(repeated Oct 18, 20, 23, 26, 29). 

The first ballet is Prokofiev’s Romeo 
and Juliet, opening Oct 21 
(031-131300) 


■ HAMBURG 

Staatsoper The main event this 
week is the first night on Sun of a 
new production of FBgoletto, 
conducted by Roberto Abbado and 
staged by Andreas Homofd, with a 
cast headed by Franz Grundheber, 
Mario Giordani and HeOen Kwon 
(repeated Oct 18, 22, 27). Repertory 
also includes II trovatore. La 
boheme, Cosi fan tutte and the 
Henze/Neumeier ballet Undine. 
Alessandra Marc gives a song recital 
tonight (040-351721) 

Deutsches Schaosptelhaus The 
fast new production of the season is 
a five-hour sequence combining 
Lessing’s Nathan the Wise and 
Marlowe's The Jew of Malta, 
directed by 'Anselm Weber. Next 
performances tomorrow, Sat and 
Sun (040-248713) 


■ LEIPZIG 

Gewandhaus Fri: New Bach 
Collegium plays Bach and Haydn. 
Sun: Udo Zanmennarm conducts 
Middle German Radio Chamber 
PWBiannofw? in works by 
Lutoslawski, Prokofiev and Dvorak, 
wth piano soloist Ffancofe-Joel 
Ufoffier. Sun (Kleiner Saa0: Ysaye 
Quartet plays string quartets by 
Haydn, Sctejlhoff and Mendelssohn. 
Tues: Leonard Grin conducts Middle 
German Radio Symphony Orchestra 
in Rakhmaninov and Shostakovich, 


with piano soloist Vandan 
Mamikonian (0341-713 2280) 


■ LYON 

Opera The main event this week is 
the first night on Sun of a new 
production of Berlioz’s La 
Damnation de Faust, conducted by 
Kent Nagano and staged by Louis 
Eric, with Susan Graham, Thomas 
Moser and Josri van Dam (repeated 
Oct 19, 22, 30, Nov 2, 5 and 8). 

Lyon Opera Ballet presents Angelin 
Preijocaj’s production of Prokofiev’s 
Romeo and JuBet tonight, tomorrow, 
Fri, Sat next Tues at Halle Tony 
Gamier (te) 7200 4545 fox 7200 
4546) 


■ MUNICH 

Staartsoper Tonight Tues: 
Tarmhtiuser with Heikkf Siukota, 
Bemd Weikt Nadine Secunde and 
MarQyn Schmiege. Tomorrow, next 
Mon and Thurs: Lucia di 
Lammermoor with Edita Gruberova 
and Dennis O'Neill. Fri: Ray Barra's 
production of Mlnkus' ballet Don 
Quixote. Sat next Fri: Nabucco with 
Renato Bruson and Julia Varady. 
Sun: Ashton's La fide mal ganfoe 
(089-221316) 

Gastefg Tonight: Montserrat 
Caball6. Fri: St Petersburg 
StaatskapeBe plays Mozart, Chopin 
and Prokofiev (089-4800 8614) 
Herfcufessaal der Ftesfdenz 
Tonight Mischa Maisky cello reefed. 
Mon: Zurich Chamber Orchestra 
plays MararL Tues: Marilyn Home 
(089-299901) 


■ OSLO 

Konsertfuis Tomorrow: Michel 


Swierczewski conducts Oslo 
Philharmonic Orchestra in works by 
GubayduTina and Lutoslawski, wife 
violinist Stig Nilsson. Fit Yuri 
Bashmet directs the Moscow 
Soloists: Telemann, Bach, Schnittke. 
Sat Nanci Griffith (2283 3200) 


■ STOCKHOLM 

Konserthuset Tonight, tomorrow: 
Yan Pascal Tortelier conducts Royal 
Stockholm Philharmonic O rch est r a 
in works by Beethoven, Prokofiev 
and Debussy, with violin soloist 
Isabelle van Keulen (tickets 
08-102110 information 08-212520) 
Royal Opera Tonight, Mon and 
Tues: Tcsca, Tomorrow: Aida. Fri: 
Ingvar Udhoim's Strindberg opera A 
Dream Play (tickets 08-248240 
information 08-203515) 


■ STRASBOURG 

Theatre Municipal Tonight: 
premiere of new Op6ra du Rhln 
production of Salome, staged by 
Dieter Dom and conducted by 
Friedrich Haider, with cast headed 
by Cynthia Makris, Philippe Rouillon, 
Stuart Kale and Vera Baniewicz. 
Repeated Oct 14, 16, 20. 22 and 24 
(8875 4823) 


■ STUTTGART 

Staatsthaater Tonight Fffc Rolf 
RIehm’s opera Das Schweigen der 
Sirenen. Thurs: La boheme. Sat 
Sun, Tues: BSjarfs dance version of 
Die Zauberflfite (0711-221795) 
LtederhaR* Sun morning, Mon 
evening: LO Jia conducts State 
Orchestra in works by Faurri, 
Poulenc, Messiaen and Stravinsky 
(0711-221795) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

Tuesday: Austria, Belgium, 
Netherlands, Switzerland, Chi- 
cago, Washington. 
Wednesday: France, Ger- 
many, Scandinavia. 

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

(Centra! European Time) 

MONDAY TO FRIDAY 

NBG/Oupar Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745, 
1315, 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Supar Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Supar Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 





FINANCIAL TIMES 


16 


w 


WEDNESDAY OCTOBER 13 l«4 


Ian Davidson 



Tony Blair's 
spectacular de- 
but as Labour 
leader has 
started tbe 
modernisation 
of the par- 
ty's antiquated 
thinking on 
domestic political issues. In the 
process, he may well trigger a 
rethink of the domestic politi- 
cal vocabulary of British poli- 
tics at large. What he has not 
yet begun to do is to extend 
this modernisation process to 
British thinking about foreign 
policy, and specifically about 
Europe. 

This is a more difficult and 
more urgent task than any- 
thing he has so far undertaken. 
The commentators applauded 
Ur Blair's promise to reForra 
the Labour constitution and 
the Clause 4 commitment to 
nationalisation. But his chal- 
lenge to the left is not really a 
heroic effort of new thinking 
everybody has long known 
that Clause 4 is just an inert 
shibboleth inherited from the 
distant past This was really 
just a piece of political theatre: 
easy to understand, vibrant 
with symbolism, but devoid of 
operational significance. 

Europe is a different matter. 
This is not an ancient taberna- 
cle of old bones, but a colossal 
new problem that looms ahead; 
and the choices that will have 
to be made risk splitting the 
country from stem to stern. 
But the dividing line will not 
be between Labour and Tor}': 
there is a fault line which may 
split both parties, and indeed 
the whole country. 

Until now, the dominant 
characteristic of the British 
debate about Europe has been 
a pretence that the issue can 
be fudged. At the fringes there 
is a small minority of uncom- 
promising federalists; and 
opposing them is a larger 
minority' of visceral anti-Euro- 
peans. But the middle ground 
is occupied by a vast flock of 
ostriches; they vaguely assume 
that the UK ought in some 
lukewarm sense stay “in 
Europe", but they hope against 
hope that all rigorous derisions 
can be avoided. 

“Ostrirhism" has two conse- 
quences. Neither of the main 
parties of government has so 
jar been able to set out a coher- 
ent European strategy. As a 
result, both of them are liable 
to be jerked about by the ata- 
vism of the anti-Europeans. 

This situation is deplorable, 
because it means that Britain 
does not really count in the 


Blair’s 

EU 

labours 

A coherent 
Europe policy 
still eludes 
the UK’s main 
political parties 

grand debate on Europe's 
future. How could it when the 
government is vaguely but 
incoherently anti-European, 
and the opposition has yet to 
get to grips with the question? 

It is true that Mr Blair's tone 
on Europe is more positive 
than John Major's. But he still 
sounds like a man who is hedg- 
ing his bets. 

In his fullest policy state- 
ment on Europe. Mr Blair said 
that tbe UK needs a “develop- 
ment in Europe of the ways in 
which we co-operate on foreign 
and security policy"; and this 
in turn will “involve an assess- 
ment of our attitude to eastern 

Despite his 
positive tone, Blair 
still sounds like a 
man who is 
hedging his bets 

Europe". As for the pro- 
gramme for economic and 
monetary union and a single 
currency. Mr Blair has said the 
UK should keep an open mind. 
These pronouncements are not 
a bright beacon for the con- 
fused of middle England. 

Some people may think there 
is no rush. Labour's new leader 
still has time in hand to work 
out a thorough European pol- 
icy, they believe. The moment 
of truth will not come until the 
Inter-Governmental Confer- 
ence which is supposed to 
revise the Maastricht treaty, 
and it does not meet until 1996. 

Such a "no hurry" attitude is 
based on a double fallacy, how- 
ever. It is true that the IGC 
does not formally convene 
until 1996. But the outcome of 
the conference will to a signifi- 
cant degree be decided before- 
hand, In the preparatory 
debates over the agenda; and 


those debates are already 
under way, with the Germans 
(and the French* setting the 
pace as usual. 

In fact, it is the Germans 
who are out in front, with at 
least two coherent blueprints 
for a radical shift towards a 
more integrated Europe in 
1996; first with the report of 
the European structural com- 
mission financed by the 
Bertelsmann foundation, pub- 
lished in June and soon to 
appear in English; and more 
recently with the paper from 
the governing Christian Demo- 
crat (CDU) party. 

The most fundamental ques- 
tion is, what is the purpose of 
the conference? Is it just a rou- 
tine 5,000km tune-up of the 
Maastricht treaty in the light 
of experience? Or should it be. 
as tbe Germans obviously 
believe, a far-reaching rethink 
and revision of the European 
Union, its policies and its insti- 
tutions? This fundamental 
choice, between a big confer- 
ence and a little conference, 
will largely determine the 
agenda of 1996; and it will grad- 
ually emerge, as a result of the 
debates starting now. 

The second fallacy in the “no 
rush" approach, is that it takes 
no account of democracy. Rati- 
fication of tbe Maastricht 
treaty was a nightmare, 
mainly because governments 
treated voters and parliaments 
as an after-thought. They can- 
not afford to repeat the experi- 
ence; and governments which 
want a big IGC in 1996 will also 
want to make sure that public 
opinion is kept in touch with 
the arguments and the issues 
well in advance. “We want to 
avoid the main mistake of 
Maastricht," says Werner Wei- 
denfeld, editor of the Bertels- 
mann report “the almost com- 
plete absence of a public 
debate.” 

The British may imagine 
they can have the kind of con- 
ference they want, and prepare 
accordingly. Obviously Mr 
Major would prefer a little con- 
ference, because he is hostile 
to the quasi-federalist notions 
of the Germans. The danger is 
that the British may rely on 
foot-dragging, in the hope that 
they can avoid or prevent a big 
conference, until it is too late 
to prepare the voters for a dif- 
ferent scenario. For it is proba- 
ble that the UK shall face a big 
conference anyway, partly 
because a majority of member 
states will want it, but mainly 
because the European Union 
cannot be enlarged to the east 
without it 


N ippon Telegraph 
and Telephone, the 
part-privatised Jap- 
anese telecommuni- 
cations operator and the 
world's most valuable com- 
pany, is preparing to fight off 
the third attempt in 10 years to 
break it up. 

Today, UK investors will be 
invited to buy shares in the 
company - capitalised at 
Y13.6Q3bn i£85bn) - when it 
makes its debut on the London 
Stock Exchange. Last month, 
NTT was listed in New York. 

Mr MasasM Kojima, NTT's 
tough-talking president, hopes 
that success in attracting for- 
eign investors will help fend 
off a break-up of the company 
by the Ministry of Posts and 
Telecommunications when its 
status comes up for review 
next spring, five years after tbe 
last such exercise. 

The company wants to boost 
its poor international image 
and raise the proportion of 
shares in foreign hands above 
1.5 per cent, a fraction of the 
average for leading listed Japa- 
nese companies. 

At issue is haw fast Japan 
will modernise its backward 
telecommunications industry, 
and provide companies and pri- 
vate subscribers with the 
advanced communications 
they need in the next decade. 

The ministry wants to divide 
the group into a long-distance 
unit and one or several local 
monopolies to increase compe- 
tition and improve efficiency. 
The model is AT&T in the US, 
which was split in 1984 into 
several companies that have 
become fiercely competitive in 
th e hom e market and abroad. 

NTT’s detractors say that the 
arguments for break-up look 
stronger today than in 1985, 
when the ministry first 
launched a campaign to dis- 
member the group in the 
run-up to partial privatisation. 
Japanese telecommunications 
lag 10 years behind tbe US in 
the scope of services, according 
to Jardine Fleming Securities. 

Japan is. for example, well 
behind the US in installing dig- 
ital technology in local net- 
works. where NTT has a 
monopoly. Prices on long- 
distance calls have fallen less 
fast than in the US - despite 
competition from five private 
operators. The proportion of 
mobile phone users, where 
NTT has a 60 per cent share of 
the domestic market, is among 
the lowest in the developed 
world. Only recently has it 
been possible to buy a mobile 
phone - they had to be rented 
until last ApriL 
While there is competition 
on trunk calls, the company’s 
competitors allege that it has 



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Threat to tear 
apart big beast 

NTT of Japan will resist plans to break it up, 
write William Dawkins and Michiyo Nakamoto 


charged them unfairly high 
rates for connecting long- 
distance calls through its own 
local networks. And they claim 
that profits from the local 
monopoly subsidise operations 
in the long-distance market 

Mr Kojlma denies that NTT 
is overcharging long-distance 
competitors, and points out 
that prices have fallen by an 
average of 12 per cent a year. 
The access charges paid by 
long-distance operators for 
using the local network are in 
line with those in the UK and 
US, he says. 

However, the competitors 
also allege that NTT uses its 
monopoly over the local net- 
work to get access to crucial 
business information and to 
delay or even thwa rt ne w ser- 
vices. Separating NTT’s long- 
distance from its local business 
would weaken its monopoly 
power and force it to set lower 
access rates, they argue. 

NTT’s case for staying 
together is not helped by its 
poor financial performance. 
Profits have fallen for the past 
four years. Today's share price 
of Y872.000 is well below the 
Yi.l97m at which the first 
tranche of the company's 
shares was floated in 1986. 

Even at this level the shares 
stand at almost 184 times this 
year’s prospective earnings, a 
price/ earnings ratio that is 
unlikely to be attractive to 
non-Japanese investors. 

Over the next few months, 
Mr Kojima will try to persuade 
the ministry mandarins that 
NTT has been reborn under his 
guidance. The company has 
cut labour costs and focused 
on fast-growing services, such 
as recently deregulated mobile 
phones. "We used to be like an 
elephant Now we are a lean, 
strong tiger," be says. 

Securities analysts now pre- 
dict a gentle profits revival 
next year and a strong recov- 
ery in 1996. However, the out- 
look for a longer-term profits 
recovery depends partly on 
persuading the ministry to 
agree a rise in local call rates 
on top of a rise in line-hire 
charges, likely to take effect 
early next year. NTT has lost 
money on this part of its busi- 


NTT: a need to catch-up 

Mobile phone subscibers 
% of population 

no— 


Sweden 



Network modernisation [% of network digitalised) 


Hong Kong Telecom 
Franca TttScom 
Enteh Telecom 
NTT 

R80C* average 

Deutsche Bundespoot 
Telekom 


20 


40 


Source: SG Wwaurg Securities 


60 80 100 
• Regional Ml Operating Cwnp a niaa 


ness for 15 of the 17 years since 
the cost of a local call was fro- 
zen by the minis try at Y10 for 
three minutes - one of Japan's 
rare bargains. 

Tbe company has asked for 
an 18 per cent increase in local 
call charges next year or in 
1996. Mr Kojima is confident 
that the ministry will concede 
a rise, perhaps slightly below 
this level. 

The company's other main 
defence against dismember- 
ment rests on the growing 
complexity of the tasks 
required of a national operator. 
Mr Kajima says “ the situation 
has changed dramatically” 
since the last time a break-up 


was aired in 1990. 

NTT's telephone services 
face growing competition from 
private mobile operators, at a 
time when the arrival of multi- 
media will push up research 
costs. With US regional tele- 
phone companies pursuing 
integration in response to 
these pressures, it would be 
eccentric for NTT to follow the 
opposite tack and split up, says 
Mr Kojima. Only a single 
group can invest the Y45.000bn 
needed to catch up with the US 
and give Japan a full multime- 
dia network, offering services 
such as video on demand, 
home shopping and banking. 

In fending off NTT's detrac- 


tors. Mr Kojima has lost the * 
support of important allies, 
including customers, who have 
become more aware of the ben- 
efits greater competition has 
brought in other countries. 

The Keidanren. Japan s pow- 
erful business federation, has 
also embraced deregulation in 
its eagerness to drive down 
business costs at a time when 
the strength of the yen is dam- 
aging Japanese competitive- 
ness' NTT’s position as Japan's 
largest buyer by far of electri- 
cal equipment, with an annual 
budget of YLWObn, used to 
assure it of business support, 
but the Keidanren is now said 
to support an NTT break-up. 

The trade unions, another 
old NTT ally, may be rethink- 
ing their loyalty. They helped 
block two previous break-up 
attempts, in defence of Japan's 
largest private sector employer 
and the system of lifetime 
employment NTT represented. 

That loyalty has been weak- 
ened by the company's deci- 
sion last year to cut 10,000 jobs, 

13 per cent of the workforce, as 
part of an attack on NTTs 
uncompetitive labour costs. 

O ne important ally 
remains reluctant to 
split NTT; the 
finance ministry, 
which wants to sell part or its 
65.6 per cent holding of the 
company's shares. A plan to 
reduce its stake to 50 per cent 
in 1991 had to be delayed 
because of the poor perfor- 
mance of the shares. The min- 
istry- which is more influential 
politically than its telecommu- 
nications colleagues, believes 
keeping the company intact 
will maximise the price on 
shore sales. 

Whatever the outcome of the 
battle over the future of NTT, 
foreign investors are unlikely 
to be affected, say securities 
analysts. If the company were 
broken up into several local 
operators, a package of the 
new companies' shares would 
probably perform just the same 
as NTT over the years, says Mr 
Barry Dargan of S.G. Warburg, 
the UK merchant bank han- 
dling the listing. 

Mr Kqjima hopes that more 
foreign interest in NTT might 
help change telecommunica- 
tions ministry mandarins' 
uncharitable view. “Not even 
the ministry can ignore public 
opinion." he says. 

But Japan's new drive for 
deregulation means he faces a 
tough fight to justify NTT’s 
existence in its present shape. 

It is evidence, for those who 
doubt Japan's new enthusiasm * 
for deregulation, that even the 
biggest corporate beasts are 
being challenged. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 

Misguided protectionism in defence 


From Mr David Henderson 
and Mr David Sowers. 

Sir, Your feature on the 
forthcoming order for military 
helicopters from the British 
government ("Helicopter mak- 
ers in a spin". October 6) 
shows that protectionism lives 
on in British defence procure- 
ment, despite the ample evi- 
dence of its harmful and even 
disastrous effects on costs and 
performance in the past 

The instruction to bidders 
that as much of the work as 
possible should be placed in 
the UK is misguided on two 
grounds: that it involves pro- 
tection. and that it does so in 
an inefficient and ill-consid- 
ered way. 

As to the first and funda- 
mental point there is no valid 
reason to grant a subsidy to 
British rather than overseas 
elements of system costs. Each 
bidder could in any case be 
expected to place as much 


work in Britain as was consist- 
ent with minimising these 
costs. To require a higher Brit- 
ish content would increase the 
prospective costs, and would 
mean an inefficient use of Brit- 
ish resources. 

In the competitive market 
that the government claims to 
believe in, and which it has 
been fostering in some areas, 
resources will move where 
their output is worth most If 
resources can be used in a heli- 
copter programme only 
because a subsidy is paid, they 
can be expected to produce less 
than they could in other uses. 

The apparent willingness to 
pay a subsidy in this case may 
be accounted for by <1) the 
still-prevalent belief that prod- 
ucts identified as “high-tech" 
have some semi-mystical value 
of their own, over and above 
what people are willing to pay 
for them, and/or (2) a tacit 
assumption that the resources 


in question would otherwise be 
unemployed. But the first argu- 
ment is mistaken, and the sec- 
ond highly improbable for the 
skilled resources involved. If 
there is a problem of labour 
mobility, it is better dealt with 
by general measures than by 
ad hoc subsidies. Why should 
helicopter production be 
treated differently from coal 

mining ? 

The requirement to place as 
much of the work as possible 
in the UK is a recipe for need- 
less inefficiency unless the rel- 
ative costs of different mixes, 
British and foreign, are clearly 
brought out. It is important 
that in each case the bidders 
should have to specify which 
ttiIjc would minimise costs, and 
what Increases in costs would 
be caused by different ways of 
increasing the British contribu- 
tion. 

Finally we hope that Bernard 
Gray is mistaken in supposing 


that it is unlikely that orders 
could be placed for both the 
Lockheed C130J and the 
Apache helicopter system, 
because buying both would be 
one American purchase too 
many for the Ministry of 
Defence. If the present govern- 
ment allowed such nationalis- 
tic sentiments to determine its 
decisions on defence procure- 
ment, whatever the evidence 
on costs and performance, it 
would show that it is as willing 
as its predecessors to waste 
taxpayers’ money. It would 
also give the nation defences 
which are weaker than they 
need or ought to be. 

David Henderson, 

Fondation Nationals des 
Sciences Politicizes, 

4 Rue Michelete, 

75006 Paris 
David Sawers, 

10 Seauieic Avenue, 
Angmering-m-Sea, *1 

Littlehampion BN 16 lPP . 


Home delivery is answer 
to stores’ green damage 


From Mr RE Crum. 

Sir. Mr John Glimmer, UK 
environment secretary, is try- 
ing to get supermarkets to 
agree on recycling; at the same 
time there is concern about the 
miles travelled by the produce 
they sell ("Industry may be 
forced to fund recycling of 
packaging”, October 10). 

What about the miles trav- 
elled by their customers and 
the social and environmental 
damage that causes? My local 
supermarket, just off the city 
centre, only welcomes cars, to 
the considerable detriment of 
the nearby residential areas. 
There is no direct access for 
public transport, and the only 
pedestrian access is directly 
across a busy dual carriage- 
way. Absolutely classic bad 

planning. 

Mr Gummer should do some 
more head-bashing and make 
supermarkets take action to 
reduce customer use of cars. 


To do this, they could be 
required to provide a delivery 
service. That would at least 
provide some inducement for 
people to leave their cars at 
home and reduce environmen- 
tal damage, as well as offering 
help for the elderly and disa- 
bled. 

Of course, if we were really 
modern the delivery service 
would, on a restricted basts, 
extend to telephone and com- 
puter contacts as well as per- 
sonal rambles around the 
stores. 

The central thing is that 
there is an ever-increasing 
need for government to grapple 
with the environmental ill-ef- 
fects of supermarkets and force 
them to accept some responsi- 
bility for the damage they 
cause. A delivery service 
would be a good start. 

R E Crum, 

89 Hall Rood. 

Norwich NR1 2PP. 


Abuse of dominance is 
why fine was upheld 


Right years for interest rate rises 


From Mr Giles Radice MP. 

My review (“Powerful threat 
of German weakness". Septem- 
ber 29) of David Marsh's book, 
Germany and Europe: The Cri- 
sis of Unity, contained a small 
error. The Bundesbank 


increased interest rates three 
times in 1991 and again in July 
1992, not in 1992 and 1993 as 
stated in the article. 

Giles Radice, 

House of Commons, 

London SWIA 0AA 


From Mr E S Singleton. 

Sir, The European Commis- 
sion’s record Ecu75m fine 
against Tetra Pak has been 
upheld (World Trade News: 
“Tetra Pak loses appeal against 
fine", October 7). Your report 
states that Tetra Pak was 
regarded by the Commission as 
“too dominant". In feet, article 
86 of the Treaty of Rome does 
not outlaw dominance. Market 
dominance often occurs 
because a company produces 
products consumers want. It is 
the abuse of that dominant 
position which can result in 
fines of up to 10 per cent of 
worldwide annual group turn- 
over under the EU competition 
rules. 

Tetra Pak was found to have 
engaged in a range of practices 
such as discriminatory and 
predatory pricing, requiring 
purchasers of the company’s 


machines to use only Tetra 
Pak manufactured cartons on 
the machines, excessively long 
leasing contracts and restric- 
tions on re-sale of machines. 

As reported, the appeal cen- 
tred on the definition of the 
relevant market, often the 
hardest Issue in EU competi- 
tion cases. It is unfortunate 
that the Commission is now 
considering, in a new technol- 
ogy transfer regulation, out- 
lawing common provisions 
found in patent and know-how 
licences for companies with 
larger market shares; this will 
increase legaL costs and add 
uncertainty to many licensing 
arrangements. 

E S Singleton, 

Singteums. solicitors. 

Eagle House, 

67 Brooke Avenue, 

Harrow. 

Middlesex HA2 0ND 


Life under the big spenders 


From Mr Richard Bacon. 

Sir, According to Joe Rogaly. 
“today's Conservative ministry 
has trapped itself on the shores 
of tree-market minimalism" 
("Echoes of Tory voices", Octo- 
ber 7). Rogaly seems to have 
forgotten that nearly half the 
British economy - more than 


44 per cent - is in the pu&Ib 
sector. What would it be like 
under a Labour ministry, full 
of politicians who were actu- 
ally keen on spending othei 
people's money? 

Richard Bacon, 

S6 Gloucester Street, 

London SW1V4EE 




FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 


17 


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FINANCIAL TIMES 

Number One Southwark Bridge. London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Wednesday October 12 1994 


Mopping up 
the sleaze 


Some years ago, it might not have 
seemed Incongruous for a British 
minister to boast of the unparal- 
leled honesty of his c ountry' s poli- 
tics. It does today. No government 
can claim to be free of self-serving 
behaviour by elected or appointed 
officials. But standards of public 
life in Britain have fallen too far. 
Mr John. Major should respond by 
exposing past corruption, and act- 
ing to prevent future lapses. 

Much of this is a wi attw of per- 
ception; some is proven wrong- 
doing. Questionable individuals 
have donated large sums to the 
Conservative party. Tory MPs 
have been willing to accept fees 
for ashing parliamentary ques- 
tions. Ex-ministers have joined the 
boards of industries privatised by 
their former offices, or moved to 
merchant banks that handled 
departmental business. Trading in 
Anglia Television shares is 
believed not to have profited Lord 
Archer personally, but be should 
further amplify his denials of 
insider dealing. 

Former public officials, sitting 
as executives of state-owned 
industries, have become hugely 
enriched by privatisation. The net- 
work of quangos is managed in 
dark secrecy by ministerial place- 
men and women; many are redun- 
dant party functionaries or past 
donors to Conservative funds. 
Some are thought to have put 
business in the way of companies 
they previously served. 

The most dramatic accusations 
have arisen from aims deals. This 
week it has been alleged that Mr 
Mark Thatcher, son of the then 
prime minister, benefited from 


commissions paid to middlemen 
who brokered the A1 Yamamab 


arms deal with Saudi Arabia. 

It is hardly surprising that 61 
per cent of respondents to a Gal 
lup poll in the Daily Telegraph 
agreed that the Tories appear 
“very sleazy and disreputable" 
Some of them are. Mr John Major 
cannot be responsible for individ- 
ual actions, but he must be seen 
to be aware of the problem, and 
act to stop the rot He could use- 
fully begin with his predecessor. 

If Mr Thatcher profited from, the 
Saudi deal, the breach of rules for 
ministerial behaviour would have 
been his mother’s. She set up the 
deal; no relation, of hers should 
have profited. A public inquiry 
into the issue, as demanded by 
Labour's Mr Robin Cook, would be 
impossibly laborious. But Mr 
Major could publish the notes on 
A1 Yamamah prepared by the then 
permanent secretary at the minis- 
try of defence, the National Audit 
Office report, and other relevant 
documents. Hie could prevail upon 
Lady Thatcher to mak e a more 
detailed statement than her brief 
assertion of probity this week. 

He could tighten the rules of 
ministerial behaviour, both in 
office and within a couple of years 
of leaving it, and legislate to make 
the quangocracy transparent and 
accountable. He could subject 
appointments to NAO scrutiny, 
hold all names on a publicly avail- 
able national register, and publish 
audited accounts of all relevant 
bodies. He could tighten executive 
remuneration procedures in regu- 
lated utilities. Sleaze is a serious 
issue. Mr Major must tackle it 


Prize fighters 


It’s Nobel-tide again. The prize for 
medicine was awarded on Mon- 
day, that for economics yesterday, 
and the peace prize is expected on 
Friday. As usual the latter is caus- 
ing the greatest controversy. 
According to apparently authorita- 
tive leaks, it will go jointly to Yas- 
sir Arafat and Yitzhak Rabin. One 
member of the awarding commit- 
tee is said to be planning to resign 
in protest, on the grounds that Mr 
Arafat is a former terrorist 

The row is as depressingly pre- 
dictable as the choice. A terrorist 
past should not in itself be a dis- 
qualification. Apart from the diffi- 
culty of defining the term, it is 
true that those who make war are 
often best placed to make peace. 

No, the objection to Mr Arafat, 
as indeed to Mr Babin* is that they 
are established national leaders 
whose role in “the peace process 1 ’ 
has already been recognised ad 
nauseam. If the committee has 
indeed chosen them, it has acted 
true to the form which dictated 
such choices as de Kterk-Mandela 
0993), BegtoSadat (1978) or Es- 
singer-Le Due Tho (1973). 

Several questions suggest them- 
selves. What are Nobel prizes for? 
Why are there three science 
prizes, one for literature, and one 
for peace, but none for art, music, 
philosophy, psychology, or any of 
the social sciences except (since 
1968) economics? What are the cre- 
dentials of those who award them? 
And why does the world pay so 
much attention? 

Some of the answers lie buried 
with Alfred Nobel, who endowed 
the prizes and specified the bodies 


to award them in his wifi. On the 
whole those entrusted with his 
legacy have interpreted it imagi- 
natively, including astronomers 
under physics, animal behaviour- 
ists under physiology, and histori- 
ans (notably Winston Churchill) 
under literature. 

Inevitably, in making compari- 
sons across such enormous fields, 
they have to be subjective and 
sometimes appear capricious. Who 
can possibly be qualified to set the 
merits of a Chinese poet against 
those of a Colombian novelist? Yet 
the Swedish Academy was right to 
resist an early suggestion that 
only Europeans be considered for 
the literature prize. Recent awards 
suds as that to the Egyptian nov- 
elist Naguib Mahfouz in 1968 have 
helped to make the western public 
aware that great literature is 
bring produced in non-European 
languages and cultures. 

When the prizegivers err it is 
more by striving for objectivity or 
what is now called political cor- 
rectness than by eccentricity. 
They are at their best when giving 
the peace prize to a figure who is 
still controversial or embattled, as 
Martin Luther King was in 1964 
and Andrei Sakharov in 197S or in 
recognising a scientist such as 
Georges Charpak (physics, 1992) 
whose work on particle detection 
was hitherto little noticed, yet 
essential to many flashier discov- 
eries in related disciplines. 

Scandinavian subjectivity is no 
worse than any other sort Any 
attempt to make the committees 
globally representative would cer- 
tainly be the fcfos of d e a th- 


No prizes yet 


There is no Nobel pr-tee for 
investment banking. But if there 
were, the judges would have a 
problem in appraising the con- 
tenders - such are the divergent 
theories in the industry about bow 
to make durable profits. 

The triumphant statement of 
half-year results issued yesterday 
by Barings, the UK merchant 
bank throws down a gauntlet to 
proponents of the theory of inte- 
grated merchant banking. 

Baring s, which prides itself on 
focusing on the most lucrative 
markets, has delivered much bet- 
ter results than those rivals, such 
os Warburg, which have modelled 
themselves on the much larger US 
investment hanks. The US banks 
themselves, which have already 
disc losed disappointing profits for 
the second quarter - in some cose 
losses - are expected to show fur- 
ther deterioration in the third- 
quarter figures which are now 
trickling out 

The current creed of integrated 
investment banking is that to 
compete for high-margin business 
such as corporate advice, or plac- 
ing of shares and other securities 
in the market, a bank needs many 
tools. In particular, it needs dis- 
tributive power - the market pres- 
ence to place those securities. 
That, as some have interpreted 
the doctrine, means participation 
in marketmaking, in proprietary 
trading, and in the latest fa sh ions 
on the newest markets such as 
derivatives. ^ _ , . 

An implication of that trend is 
that banks with more capital will 
have a hefty advantage. They wifi 


be able better to withstand the 
turbulence of the markets and to 
extract the maximum return from 
the riSkiest products. If the theory 
is correct, the middle ground occu- 
pied by medium-sized banks may 
become increasingly uncomfort- 
able. 

The question raised by Barings’ 
success is whether specialisation 
offers a profitable alternative to 
integration for those banks that 
lack the capital to compete in the 
top league. 

Barings* figures, which showed 
pre-tax profits of £5<L8ra compared 
with £35.5m in the first half last 
year, owe something to luck: it 
has had relatively little exposure 
to some of the most turbulent 
areas this year, notably the UK 
fixed-income market. It has also 
benefited from its well-judged 
early entry into emerging mar- 
kets, particularly in. Asia. 

The more important test of the 

strategy will be whether its out- 
performance persists as bond mar- 
kets recover, and as competition 
tnPTMaes in Asia, and whether it 
succeeds in winning corporate 
advisory contracts without the 
appendages deemed necessary by 
its larger rivals. 

The implication of Barings’ 
results is that division of the 
investment banking market is 
already well under way: into the 
giants, and the specialised bouses. 
If large scale or specialisation 
prove to be the best recipes for 
lasting profits, banks in the mid- 
dle will have either to find more 
capital or to retreat from the most 
fiercely contested markets. 


B efore the decade is out, 
the biggest company in 
the world by turnover 
may sot be a carmaker, 
an oil company or a 
computer manufacturer, It could be 
a retailer. 

'Wal-Mart, the world’s biggest 
stores group, is forecast to increase 
sales from $67bn last year to $34bn 
(£S2bn) this year and more than 
SlOObn next year. This would put it 
among the world's top 10 companies 
- and if this growth rate continued, 
Wal-Mart could overtake industrial 
giants such as General Motors and 
Exxon to become the world's big- 
gest company by the millennium. 

Much of this growth win come 
outside Wal-Mart 's US base. In the 
past year, the company has 
acquired 100 stores in Canada, 
begun building 40 stores In Mexico 
and formed a joint venture in Hong 
Kong from which it will expand into 
China. It hflg also flrmrtiTnrgri ploiy* 
to move into Argentina and Brazil, 
and is thought to be planning to 
enter Singapore, Gbfie and Europe. 

Other retailers are following Wal- 
Mart in expanding internationally - 
evidence of the growing globalisa- 
tion of the retail industry. Until 
recently, many stares groups were 
discouraged Cram gg pandfag abroad 
by the potential pitfalls of appealing 
to different cultures and tastes. In a 
world of global manufacturers, 
there were few global retailers. 

Some retailers have had well-pub- 
licised problems with their interna- 
tional ventures. They include Dix- 
ons, H*w UK Plufftriqil stores gt UUp , 
with its acquisition of the US Silo 
rhafn; Marks an d Spencer, which 
■matte a costly entry Into the Cana- 
dian market; and France’s Prm- 
temps, whose joint venture in 
Japan almost went bankrupt 
The picture Is changing, however. 
Retailers are showing a new appe- 
tite for international ventures, and 
the ability to cany them oft This 
opens up the prospect of rapid 
growth for those that succeed and 
harder times for weaker chains 
used to competing only against 
fanfibar. national rivals. 

“If you were to list half a dozen 
key retailing issues for the 1990s, 
int mmMnnaByiti^ would be near 
the toP.” says Mr George Wallace, 
chief executive of the UK-based 
retail consultancy. Management 
Horizons. 

He rirtt that Hi* publicity that 
has surrounded the problem cases 
has obscured the extent to which 
some retailers have successfully 
matte their business more interna- 
tional since the 1980s. France’s Pro 
modCs and Carrefour, Germany's 
Aldi and Tengelmann, Belgium’s 
Delhaize, and Ahold of the Nether- 
lands have increased the proportion 
of their turnover that comes from 
outside domestic markets through 
ac quisitions and growth - to 70 per 
cent in the case of Delhaize. 


With domestic growth opportunities in decline, stores 
groups are expanding abroad, writes Neil Buckley 

Retailers’ global 
shopping spree 


Last week, J. Salisbury, the UK’s 
biggest food retailer, made its sec- 
ond foray into the US, buying 50 per 
cent of voting shares in Giant Food, 
the Washington DC-based super- 
market group. Satnsbory's latest 
acquisition, combined with its pur- 
chase in 1987 of Shaw's, the New 

RngfanH chain, makes the UK ETOUD 

the 11th largest grocer to the US. 

Other retailers have operations 
spread over so many countries that 
they can already be considered 
globaL These include clothes 
retailer Benetton of Italy, Sweden's 
home ftunfture chain Brea. Toys R 
Us of the US, UK clothes and food 
retailer Marks and Spencer, and fast 
food group McDonald's. 

Moreover, the pace of internation- 
alisation by retailers is quickening. 
In a recently published report, retail 
research group Corporate Intelli- 
gence says European retailers made 
6io cross-border moves in the first 
four years of the 1990s - compared 
with 611 cross-border deals to the 
whole of the 1960s. 

US retailers are also on the move, 
the group says. The number of US 
stores groups operating in Europe is 
45 today, up from 15 in 1991. 

Retailers with international ambi- 
tions are also emerging from east 
Asia. Japanese groups such as Sogo, 
Takashimaya and Yaohan, which 
have spread across Japan, Singa- 
pore, Hong Kong and Thailan d, are 
now earning to the west 
This wave of iwtem jiti fMiaTigaHnn 
has been prompted by a combina- 
tion of “push" and “pull" factors, 
according to Mr Giles Elliott, a 
director of Schroders mer chan t 
bank, «nd Mr Michael Poynor, of 
strategic consultancy Coba, who 
have advised retailers on interna- 
tional ex pansion 

The biggest “push" factor, they 
say, is saturation of domestic mar- 
kets. While there is room for expan- 
sion at home, retailers have no need 
to look abroad, but that option is 
fast disappearing. 

In the UK. for example, retail 
dams' share of the food r etailing 
market jumped from 49 p er cent in 
1973 to 80 per cent by 1992, accord- 
ing to market research group AGB. 
A similar pattern can be seen to 
countries such as France, Germany, 
Belgium and the Netherlands. 

With such levels of rinm inuring at 



OuMt&fcbS 


home, companies are moving into 
countries with less developed retail 
marlwte , or buying evicting rhamc 
in developed markets. 

The so-called “pull" factors 
include the faffing barriers to entry 
into markets worldwide. The cre- 
ation of a single European market 
of 320m consumers in 1992 allowed 
goods to be moved freely across 
pan-European distribution net- 
works. It has made Europe a much 
more attractive destination for US - 
and Asian - retailers. 

Another “pull” factor is that 
retailers' suppliers are becoming 
more international themselves. 
Manufacturers of consumer goods 
such as Unilever are restructuring 
manufacturing operations on a pan- 
European bass, and adopting inter- 
national marketing campaigns. A 


symbol of this Is the growing impor- 
tance Of interaatirvnally recognised 
brand ngtiwa in consumer goods, 
electricals and consumer durables. 

These “push" and “pull” factors, 
combined with increased foreign 
travel by consumers and the spread 
of cross-border m ag- s mpdia such as 
satellite television, are creating 
what Mr Wallace of retail consul- 
tancy Management Horizons 
“common denominators" in con- 
sumer tastes. 

Mr Alan Lambert, Marks and 
Spencer’s divisional director for 
continental Europe, says that not 
only is there now a “Euro-con- 
sumer” but aton an “international 
consumer" for its wares. “Our best- 
selling products are the same in 
London. Madrid or Hong Kong." 

How e ver , local differences remain 


which retailers cannot neglect in 
international moves. Says Mr Wal- 
lace: “15 years ago, companies 
plonked a few shops down and 
hoped they would work. Now they 
take great care to analyse the local 
situation and local markets.” 

Some have found partnerships 
and joint ventures with local retail- 
ers the best way to expand abroad. 
For example, M&S formed a joint 
venture with local retailer Cortefiel 
in Spain, which helped it to find 
sites, get to know the market, and 
deal with local authorities. 

Others such as Benetton, Body 
Shop and McDonald’s have takes 
the franchising path The retailer 
supplies the product, the name, a 
tried -and-tested store format and 
support systems, leaving local busi- 
ness people to run the stores. 

In saturated markets such as the 
US, Canada, the UK, France. Ger- 
many, the Netherlands and Austra- 
lia. there is limited scope for win- 
ning market share through growth 
The only retailers that can expect to 
do so are those that are highly inno- 
vative in at least one aspect of their 
business: store format, shopping 
environment, product quality or 
choice, customer service, or systems 
and distribution methods. For oth- 
ers, acquisition of existing groups is 
likely to be a better route. 

I n emerging markets, acquisi- 
tion targets are limited, but 
organic growth presents an 
exciting - if risky - opportu- 
nity. Accountancy Coopers 8s 
Lybrand identifies 10 target mar- 
kets for retailers, divided into the 
“tough three”, the “torrid three” 
and toe “formidable four”. 

The “tough three" - Italy, South 
Korea and Japan - are strong econ- 
omies with large middle classes, but 
where local restrictions have lim- 
ited toe degree of concentration of 
retailing, and entry by foreign 
groups. With at least some of toe 
entry barriers expected to ease aver 
the next few years, these markets 
provide significant opportunities. 

The “torrid three" - experiencing 
rapid if volatile economic growth 
but with an underdeveloped retail 
sector - are Mexico, Turkey and 
Argentina. These offer even more 
exciting growth prospects than the 
“tough three", but with a moderate 
degree of economic risk. 

The greatest political and eco- 
nomic risks are presented by the 
“formidable four” - Brazil, China , 
Russia and India - according to 
Coopers & Lybrand. They have a 
poor retail infrastructure, but offer 
retailers the most exciting pros- 
pects, with rapidly growing middle 
classes hungry for consumer goods. 

Wal-Mart in Volgograd or Sains- 
bury to Shanghai may still be years 
away. But one of the world's biggest 
but most localised industries is at 
last coming to terms with the global 
marketplace. 


P resident Boris Yeltsin has 
long been attacked by Rus- 
sia’s nationalists and com- 
munists as an unworthy 
upholder of democracy. 

They have accused him of falsify- 
ing last December’s referendum 
result to get the constitution he 
wanted; and derided him for subse- 
quently acting outside that consti- 
tution to push through measures, 
such as privatisation, against par- 
liament’s wifi. 

But the disillusionment that is 
now taking hold among his support- 
ers in democratic and liberal circles 
is altogether more worrying. 

That these new critics, from the 
core of his power base, are finding 
him increasingly autocratic and 
unpredictable, bodes ill for his polit- 
ical survival However, more than 
Mr Yeltsin’s reputation is being 
damaged by the actions that have 
prompted their criticisms. 

Russia’s position on the world 
stage has bear diroimshBri by his 
recent erratic behaviour on foreign 
trips. And the country’s need for 
greater domestic stability has 
hardly been served by the policy 
reversals that have come with Mr 
Yeltsin’s accommodation of his foes, 
at the expense of his supporters. 

Pro-refonn ministers allege that 
presidential advisers are interfering 
or even blocking them in their 


Russia’s tragicomedian 

Boris Yeltsin’s antics could backfire, argues John Lloyd 


efforts to introduce more liberal pol- 
icies, while the president is ignoring 
appeals to sack those accused of 
corruption or authoritarian behav- 
iour. 

Hie president’s long-serving (by 
Russian standards) press secretary, 
Mr Vyacheslav Kostikov, last week 
warned that Mr Yeltsin was being 
tempted to authoritarian measures 
by some of his more powerful and 
conservative aides - especially Mr 
Victor Hiushin, head of his sec- 
retariat 

Two former aides - Mr Genady 
BurbuHs, once his right band man 
and first deputy prime minister fin 
1992), and Mrs Galina Starovottcrva. 
former adviser on nationalities - 
have both called for the democratic 
movement to distance itself from 
hrm. Mr Burbulis said that there 
could be no question of Mr Yeltsin 
running alter his farm ^-rpinjs 

to 1996 and that toe greatest prob- 
lem for democrats was to support 
hhn in ending frte pr ese nt term with 

dignity. 

Mr Boris Fyodorov, who twice 
worked with Mr Yeltsin as finance 


minister, last weekend called for 
liberals to pass into opposition, 
since the administration was now 
becoming more communist than 
democratic. 

However, It has been the “three 
embarrassments" of his recent for- 
eign trips that have brought to a 
head the attacks from both the 
opposition and the president's 
former allies. 

During toe ceremony in Berlin to 
mark the withdrawal of Russian 
troops, Mr Yeltsin grabbed the 
baton from, the conductor of a police 
band and staged an impromptu dis- 
play of vigorous conducting and 
singing. In Washington, after meet- 
ings with President Bill Clinton, he 
was decidedly over-boisterous. And 
two weeks ago, he snubbed Mr 
Albert Reynolds, Irish prime minis- 
ter, when be failed to descend from 
the aircraft at Shannon airport on 
his way back from the US. 

Comic to themselves, these inci- 
dents add up to a potentially terrify- 
ing vision of a nuclear state’s leader 
not in control of himself. They also 
undermined the purpose of Mr Yelt- 


sin’s trip to the US. which was to 
emphasise that Russia is a great 
power and should be seen as such. 

Mr Yeltsin does represent a great 
power, but it is much weaker than 
the superpower Soviet Union and 
getting weaker. IBs initiatives on 
the world stage, including a pro- 
posal for deep nuclear cuts by the 
main nuclear powers and a push to 
strengthen the Conference on Secu- 
rity and Cooperation to Europe at 
the expense of Nato, have had at 
best non-committal reactions from 
the west. Were he stronger, he 
might command more attention 
for ideas which are at least 
interesting. 

At home, Izvestiya, once his most 
loyal ally to the press, has ripped 
into him for the Germany incident, 
calling his behaviour “our shame". 
Communist deputies repeated the 
charge on the opening of parliament 
last week. And Mr Yegor Yakovlev, 
the veteran liberal journalist, shaip- 
ened the attack in his Qbshaya Gaz- 
eia last weekend. 

Mr Grigory Yavlinsky, the eco- 
nomic reformer who leads the 


Yabloko block and has been run- 
ning for toe presidency for more 
than a year, says Mr Yeltsin is a 
spent force: a man - who as he said 
himself in his recent presidential 
memoir, A View firm the Kremlin - 
wants no more than “tranquillity'* 
for Russia. 

Mr Yeltsin can hope for little 
tranquillity. This year’s impressive 
fall in inflation, achieved by slash- 
ing public expenditure, now looks 
like unravelling after Mr Yeltsin 
announced, in late summer, 
Rbs4^00bn worth of soft credits far 
toe defence sector and for invest- 
ment The International Monetary 
Fund is sceptical about a standby 
agreement this year, and though 
foreign portfolio investment has 
gone up sharply, little of it has been 
in the form of longer-term capital. 

Last week, Mr Yeltsin said he 
would not seek to delay the June 
1996 presidential election, but did 
not say if he would stand. Whether 
he does or not, from now on the 
pressures on him will include 
those from the pretenders to bis 
chair. 

No one really knows how resilient 
Mr Yeltsin will prove to be- For 
every expert who knows he is a 
hopeless, even a fatally ill, alco- 
holic, there is another who knows 
he is a strong if moody man, who 
likes a drink. 


Observer 


Flattering 

philately 

■ Calling all philatelists. Watch out 
for a special issue from Italy on 
November 21 which could be very 
short-lived. The Berlusconi 
government, as if it didn’t have 
bigger problems on its hands, has 
now approved anew stamp 
depicting the philosopher Giovanni 
Gentile. Nothing wrong to that, 
surely? 

Except that Gentile was hardly a 
gentle spirit. In fact, he joined 
Benito Mussolini’s fascist party, 
serving as minister of education 
between 1922-24, eventually being 
murdered in 1944. 

The stamp was ordered by the 
neo-fascist minister of post and 
communications, Giuseppe 
TatareHa. Not su rp ri si n gly, the 
Italian Federation of Partisan 
Associations and the National 
Association of Italian Partisans 
have asked the ministry to 
withdraw the stamp. 

Gentile would no doubt have 
loved all the fuss. As idealist 
philosopher, he denied the existence 
of Individual minds and of any 
distinction between past and 
present QED, eh? 


if only... 

■ Observer doesn't want to deflate 
yesterday's excellent figures from 
Barings. But they could have been 


better if it had played its cards 
right 

time ago .Ter ri me Matheson, 
the ancient Hong Kong trading 
house, was looking for a partner for 
a new Hong Kong merchant bank. 
Apparently, BartogB was offered toe 
chance but let the idea slip. Robert 
Fleming stepped in. For a total 
investment of less than £lm, 
Fleming now owns a half share in 
toe Far East’s most profitable 
merchant hanir Jardine Fleming 
today contributes about 40 pm- cent 
of Flemings total profits, which 
were more than double those of 
Barings last year. 


Rugby balls 


■ The appointment of Dalgety 
ma rketing whiz Jack Rowell - who 
also finds time to manage England's 
rugby team - to toe board of 
biotechnology company Crisis 
reminds Observer of a bruising tale 

of corporate hospitality. 

_ Celsis was founded by 
JPenarirdriving biotechnology 
mogul Chiis Evans, whose other 
passion is rugby. So devoted to the 
sport is Evans that he loses no 
opportunity to take large groups of 
fund managers, investment analysts 
and even journalists to a game. He 
also fa vires old chums from his 
home town of Port Talbot, as well 
as a sprinkling of retired rugby 
stars. 

The scheme backfired last season, 
when a party of 30 or soOty types 
and steel-workers descended on 




THAW If YOU 

SSJSSj* ) 

■ I 1 p-G-flLLY 



Cardiff far a match. Unfortunately 
their tickets were dud; faces were as 
red as the Ferrari’s paintwork as 
they were turned away. 


Old banger 

■ Cabinet ministers enjoy 
revealing new policies at the 
Conservative party conference, even 
when toe "new” is actually just the 
old, dusted off a little. 

Yesterday at Bournemouth, 
transport secretary Brian 
Mawhmney gave literal extension 
to that metaphor, by saying that 
vintage car owners will be 
consulted over widening the 


application of vehicle excise duty to 
their old jalopies. 

As a vote-catching vehicle it looks 
a little rusty. 


Putt it there 

■ UK health sci e nce group seeks 
energetic executives with sporting 
expertise. Good handicap essential . 

Amersham International may 
have scored a bole-fa-one through 
its link-up yesterday with 
Sumitomo Chemical of Japan, but it 
has one problem - no golfers on the’ 
board. “Someone is going to have to 
learn,” says chief executive Bill 
Casten, whose Japanese 
counterpart has a handicap of less 
than 10. 

But he shouldn't have too much 
of a problem. While the directors 
are golfing duffers, the group has 
won the UK Pharmaceutical Golf 
Championships for two years 
running. Tm amazed." Castell 
adds. “I don't know when the staff 
get the time.” 


On guard 


■ Good news for left-leaning oldies. 
Tony Blair has appointed an adviser 
older than himself. Derek Scott, 47. 
who is married to Channel Four's 
political editor Elinor Goodman and 
is one of BZWs economic boffins, 
has taken on a jobshare as Blair’s 
economics adviser . 

Scott, who will continue at BZW, 
is not known as one of the City's 


great economics thinkers - but 
then who is? But he comes highly 
recommended by Lord Healey, 
Labour’s last chancellor. Scott was 
Healey’s numbers man; Healey says 
in his autobiography that Scott did 
him “yeoman service because he 
could argue with the Treasury 
without losing its confidence”. 

Yeoman? We thought Blair was 
hiring praetorians. Still, they're all 
spear-carriers, aren’t they? 


Easy access 


■ Who said resigning has gone out 
of fashion? Not in New Zealand it 
hasn’t, where Jeff Chapman bag 
given up his job as auditor general, 
following TV reports that he has 
defaulted on credit card payments 
Of NZ$23,000 (about £&850). The 
serious fraud office is also looking 
into dealings involving up to 
NZ$80,000 of audit office funds. 

Chapman was responsible for 
scrutinising the financial 
statements of government 
departments, local authorities and 
most government-controlled 
corporations, boards and 
companies. All over New Zealand, 
the sound of calculators can be 
heard, clicking late into the night . . 


Virgin pickle 

■ First Virgin vodka, now Virgin 
cola. Virgin nuts can’t be far 
behind. Virgin on the ridiculous 
obviously beckons. 







IS 



| A FINANCIAL TIME 
( for change 

I 



★ 

FINANCIAL TIMES 

Wednesday October 12 1994 



Germany’s engineering union 
claims 6% rise for 3.8m workers 


By Quentin Peel in Bonn 

The German engineering 
workers' union IG Metall called 
yesterday for a 6 per cent pay 
rise next year, and flatly rejected 
any attempt by employers to 
delay the introduction of a 35- 
bour week. 

Mr Klaus Zwickel, the union's 
leader, said the claim was justi- 
fied by the gathering economic 
recovery, rising productivity 
after mass redundancies over the 
past two years and the need to 
give further stimulation to con- 
sumer demand. 

The demand was immediately 
condemned by the engineering 
employers as “illusory”, and as 
the wrong signal for the forth- 
coming pay round. The employ- 
ers want the 35-hour week - due 
to be introduced from next Octo- 
ber - to be renegotiated in order 
to keep down costs in Germany’s 
most important export industry. 


The 6 per cent pay claim, 
which affects some 3 An workers 
in the industry, is based on fore- 
casts by IG Metall of consumer 
price inflation next year of 2J5 
per cent, and productivity growth 
of 3.5 per cent It amounts to a 
recommendation to all the 
union's regional branches, which 
then submit their own precise 
claims and negotiate with the 
employers. 

Mr Zwickel defended the pro- 
posed rise as an important way of 
stimulating the economic recov- 
ery and boosting consumer 
spending. “People who have suf- 
fered from three years of net 
reductions in their income have 
simply postponed their plans to 
buy new cars, refrigerators, and 
washing machines for longer and 
longer," he said. 

“The greatest brake on our eco- 
nomic recovery is [the lack of] 
private consumption. A signifi- 
cant increase in wages would 


support internal demand, secure 
existing jobs and create new 
ones." 

His argument was rejected by 
Mr Dieter Kirchner, chief execu- 
tive of Gesamtinetall, the engi- 
neering employers' federation, 
who insisted that cost cutting 
remained the employers’ highest 
priority in order to save jobs in 
the industry. 

The claim also became election 
campaig n material, with Mr GQn- 
ter Rexrodt, the Free Democratic 
party economics minis ter, saying 
flexible hours should have prece- 
dence over wage rises to promote 
Germany’s industrial competi- 
tiveness. 

However, the need to s timula te 
domestic demand is a plank of 
the election platform of the oppo- 
sition Social Democratic party. 

Mr Zwickel insisted that the 
present trend towards shorter 
working hours must be main- 
tained in order to create the 


opportunity for more jobs. For 
that reason he rejected the 
employers’ move to reopen the 
debate on the 35-hour week, 
which was won by IG Metall after 

a seven-week strike in 1934. 

That strike secured the union a 
staged move to a 35-hour week 
and has reduced the working 
week progressively from 40 hours 
to the present 36. 

In spite of the confrontational 
tone of the union and employers’ 
statements, there is considerable 
common ground between them. 
Both stress the need to preserve 
existing jobs, and both are likely 
to maintain the deal on flexible 
cuts in working hours, without 
full wage compensation. 

Mr Zwickel said that far firm 
slowing down, the reduction in 
jobs in the engineering industry 
was still continuing, with total 
employment in the second quar- 
ter of the year down 71 per cent 
compared with 1993. 


Software companies offer 
rewards to combat piracy 


By Andrew Adonis 

Leading software companies are 
offering rewards of up to £2,500 
($3,950) to informers prepared to 
expose companies in the UK ille- 
gally copying software, in a 
crackdown on piracy estimated 
to be costing them nearly $500m 
last year. 

The British are law-abiding 
compared with the French and 
Spanish when it comes to soft- 
ware piracy in Europe, according 
to the Business Software Alliance 
(BSA), which represents such 
software groups as Microsoft, 
Novell and Lotus. 

It claims Spanish companies 
pay for hardly any of the soft- 
ware they use, with the piracy 
rate - in the form of applications 
copied illegally - equal last year 
to 88 per cent of software con- 
sumed. 

France, it says, has a piracy 
rate of 66 per cent of consump- 
tion, while in Britain the rate is 


49 per cent, with only Austria 
and Switzerland having better 
records in the European league. 
Italy used to be a piracy black 
spot, but the BSA says it is 
reforming. Its piracy rate has 
dropped sharply - to 50 per cent 
last year from 86 per cent in 1932. 
The BSA attributes the change to 
new copyright legislation. 

Piracy rates are calculated by 
comparing hardware sales and 
average software consumption 
against payments tor software. 

To counter piracy in the UK. 
the BSA is offering rewards for 
information leading to successful 
prosecutions. 

It is encouraging staff to phone 
a piracy hotline if they believe 
their company is using illegally 
copied software. With only a tiny 
number of successful prosecu- 
tions so far, it hopes that rewards 
will have the same impact in the 
UK as in Australia, where 
their introduction to encourage 
informers led to six successful 


prosecutions within six months. 

Mr Evan Cox, BSA's European 
counsel, said: “Software theft 
continues to plague the industry; 
the software crimeline is going to 
hit thieves very hard.” 

Piracy in Europe is far lower 
than in parts of the world with 
lax copyright or enforcement 
rules. According to the alliance, 
four countries had a 99 per cent 
piracy rate last yean Indonesia. 
Thailand, Pakistan and the 
United Arab Emirates. 

The passage in 1992 of an EU 
software directive designed to 
outlaw software piracy has led to 
the tightening up of copyright 
laws in many European coun- 
tries. But policing the copying of 
software remains a significant 
problem tor suppliers. 

The BSA says that in North 
America the industry lost £l.6hn 
last year through piracy. In Asia 
losses totalled £2.6bn while in 
Europe the figure was 
£12ba 


Tories 
split over 
Europe 

Continued from Page l 


minis ters - irwinriing in the cabi- 
net Mr Michael Portillo, Mr Peter 
Lilley and Mr John Redwood - 
are understood to believe that 
Britain should not accept an; 
further integration at the 1996 
conference. 

Speaking at a fringe meeting 
organised by the right-wing Sels- 
don Group, Mr Lament said he 
was not advocating immediate 
withdrawal. But he added: 
“Britain is on a collision course 
unless we find a means of resolv- 
ing the different aspirations”. 

He suggested that at the 1996 
conference Britain should opt for 
one of three alternative strate- 
gies: declaring it would accept no 
further moves towards a federal 
Europe; opting for membership of 
the European Economic Area 
rather than the Union; or negoti- 
ating an outer tier of EU mem- 
bership. 


THE LEX COLUMN 


Chrysler cruises ahead 


Of the big 'three US car 
manufacturers, Chrysler was the one 
deemed most likely to collapse during 
the last recession. But the company 
was so successful in responding to the 
crisis that it quickly evolved into 
investors’ favoured stock in the sector. 
Its shares have outperformed the mar- 
ket by a factor of three in so many 
years, and the automotive sector by 
100 per cent 

The out-performance of Chrysler's 
shares, along with that of Ford and 
General Motors, came to a halt early 
this year; since then the shares have 
fallen back sharply amid worries 
about rising interest rates and the 
scale of recovery in the US car market. 
Yesterday's record third quarter 
results from Chrysler reflect the 
impact of good luck and good manage- 
ment - good luck because Chrysler -is 
traditionally strong in the buoyant 
sports utility segment of the market, 
good management because of the 
group's success in introducing new 
models such as the Neon and the 
Grand Cherokee at the right point in 
the cycle. 

The figures also raise the question 
as to whether the correction in US 
auto share prices has been premature. 
True, history suggests that automotive 
stocks should be sold well before the 
cyclical peak. But that peak now looks 
more distant than was thought earlier. 
Analysts now predict the turn in US 
car sales will not come until well into 
1996. A small further increase in inter- 
est rates will hit investor sentiment, 
hut is not likely lead to a material 
downturn in sales. Thus US car manu- 
facturers look undervalued on a multi- 
ple of six times consensus earning s for 
next year, a discount of more than 50 
per cent to the market as a whole. 

Barings 

The 54 per cent jump in Barings' 
first quarter results prompts the ques- 
tion whether they must know some- 
thing which a struggling Warburg 
does not Perhaps the secret of success 
in investment banking is to eschew 
market-making in securities, focus on 
lucrative niches and steer clear of low- 
margin businesses. But such a strat- 
egy has long been closed to a bank of 
Warburg’s size. It is also easy to exag- 
gerate Barings' triumph. The mere 
feet that it has had a good first half, 
helped incidentally fry the fees from a 
number of one-off deals such as the 3i 
flotation, does not say much for the 
quality of its earnings. 

Barings' profits have fluctuated 


FT-SE Index; 3073,0 (+40.7) 


Saitofi - 

Share price refctttve to the EAC 40 index 



wildly in recent years, from £66m in 
1989 to £2lm in 1992 and £100m last 
year. Nor is net return on capital out- 
standing at slightly over 20 per cent 
Barings itself admits the need tor a 
higher return to compensate for the 
volatility of its profits flow. 

Here, it becomes just like any other 
merchant bank. It must be continu- 
ously on the look-out for new high 
margin business, even in the emerging 
markets in which it specialises, and it 
must remain on its guard against ris- 
ing costs. Administrative expenses 
rose 33 per cent in the first half, which 
partly reflects the sunk costs of its 
emerging market network. Barings 
assumes its return will improve as 
that investment continues to come 
good, if so, its strategy will be vindi- 
cated. If not, and band markets even- 
tually recover, a fickle City might, one 
day end up lavishing praise instead on 
Warburg for its clever skills on propri- 
etary trading. 

Amersham/Sumitomo 

The logic behind yesterday's first 
step by Amersham towards a radio- 
pharmaceuticals joint-venture with 
Sumitomo Chemical is convincing. 
The deal fills Amersham’ s strategic 
gap in the world's second largest mar- 
ket. which is ex panding at 15 per cent 
a year. It gives the British group local 
manufacturing and distribution, 
important in Japan where physicians 
prefer prescribing a particular form of 
product that has an especially short 
shelf-life and so cannot be imported. 
Access to the fruits of Sumitomo’s 
R&D efforts could eventually prove 
handy. At a maximum of 26 times his- 
toric earnings, the price does not seem 


steeu for a Japanese company. 

Such deals are not easy In Japan. 

Amersham has Ihnited ^y nskt, by 
fairing particular core to smooth the 
venture with its established partner 
Chugai- The transaction is also a 
feather in the cop for Morgan Stanley. 
Investment bankers have been 
attempting to tie up such deals for 
many years. Few have succeeded. 

For Sumitomo, the move is good 
news after a run of had. Sales of Sumi- 
feron. Its topselling interferon, have 
tumbled since March when the gov- 
ernment warned that the drug could 
cause severe depression and then cut 
the medicine’s price by 19.5 per rent. 
The recent decisions by Smit n i v ime 
Beecham, Zeneca and Upjohn to dis- 
solve their respective joint ventures 
with Sumitomo have also wounded. 
Although Amersham’s link-up is to be 
welcomed, it does not secure the long 
term future of the pharmaceuticals 
subsidiary. Sumitomo Chemical may 
be a giant but its drugs wing remains 
a pharmaceuticals pigmy. Other West- 
ern companies looking to increase 
their presence in Japan might con- 
sider approaching the group to forge a 
more permanent alliance. 

SanofI 

Sanofi's sale of its bio-industries and 
rendering businesses to Viag of Ger- 
many kills two birds with one stone. It 
constitutes a strategic withdrawal 
from a low margin activity, at a fair 
price of 0.9 times sales and 12.5 times 
operating profits. It is also a logical 
move following the French group's 
acquisition in July of Sterling Drug's 
pharmaceutical activities. The purpose 
of that transaction was to give new 
direction to a group whose lack of 
focus had been heavily penalised by 
investors. Management then promised 
to finance the purchase with asset 
sales; had these not taken place there 
would have been further damage to 
the group's credibility. As it is. the 
Sterling deal is now likely to enhance 
earnings by next year, as Sanofi forces 
through cost-savings in the area of 
overlap with its existing pharmaceuti- 
cal business. The resulting earnings 
momentum should help tide Sanofi 
over until a new generation of promis- 
ing drugs comes on stream in two to 
three years' time. 

Viag’s desire to diversify is less easy 
to understand. It has no existing inter- 
est in bio-industries or rendering, and 
one might have expected it to be busy 
enough digesting Bayernwerk, the 
recently acquired Bavarian utility. 








Games lead to Nobel prize 


Continued from Page 1 


mathematical models. But the 
basic themes are relatively sim- 
ple. A Nash Equilibrium, formu- 
lated by Dr Nash in 1951. defines 
stalemate in a “non-co-opera- 
tive" game. 

In poker, this would mean that 
each player would make the 
same bid, even if they could see 
everyone else's cards, and knew 
what everyone else was going to 
bid. Nothing that a player could 
do would affect the other play- 
ers’ bids. 

Dr Harsanyi refined the con- 
cept to stretch to situations in 
which some players know more 
than others; for example, where 


one person might look at 
another player’s hand. He also 
pointed out that games might be 
expected to run more smoothly if 
everybody agreed on the roles at 
file start. 

On news of receiving the 
award, he said from his home in 
Berkeley, California: Tm very 
surprised, very pleased. Tm par- 
ticularly pleased that the two 
other people who got it are peo- 
ple working in the same field.” 

Dr Selten took game theory a 
step further, showing how play- 
ers’ behaviour might change if 
they knew they were going to 
play again the next day. He also 
contributed the “chain-store par- 
adox", which helps to explain 


why well-known, profitable play- 
ers may be willing to lose 
a lot of money to scare off minor 
competition. If it helps to stop 
others from trying the same 
thing. 

"It is a great day for game 
theory,” commented Professor 
Richard Zeckhanser, a fellow 
game theoretician at Harvard 
University. “All three are giants 
in the field: they made a great 
contribution to defining solution 
concepts.” 

Together, the three economists 
have helped to show that many 
problems can be construed as 
games. Work continues on apply- 
ing these techniques to real 
life. 


Rouble fall 

Continued from Page 1 


minister of finance, and fierce 
critic of the present administra- 
tion, said: “For 10 months the gov- 
ernment has been talking about 
reforms but apart from privatisa- 
tion it has done nothing. The 
markets reflect the real situation 
in the country; that everything is 
getting worse and we have a gov- 
ernment of mediocre and drifting 
economic policy." 

Mr Victor Gerashchenko, chair- 
man of the central bank, rejected 
suggestions that the rouble 
might fell to 5,000-6,000 to the dol- 
lar by the end of the year and 
dismissed out of hand Mr Fyodo- 
rov's prediction that it would rise 
to 12 , 000 . 


FT WEATHER GUIDE 


Europe today 

High pressure will continue to bring calm 
and fair weather to the British Isles, the 
Benelux. Germany, Poland and the 
Balkans. Sunshine will be plentiful, but 
morning fog will be common. A cold front 
over Finland, the Baltics and northern 
Poland will produce some rain and near- 
gal * westerly winds over the Gulf of 
Bothnia. It will be rainy along the 
Norwegian coast as another cold front 
approaches from the west, it will be 
calmer with patchy fog in southern 
Scandinavia and Denmark. South-west 
France, the west coast of Portugal, 
Tunisia and western Turkey will have 
some rain or showers. It will be sunny 
elsewhere in the Mediterranean. 

Five-day forecast 

High pressure will continue to dominate 
western Europe. It will remain calm and 
fair over the British Isles, the Benelux, 
Germany and the Balkans, Depressions 
moving over northern Europe will lead to 
very unsettled and cool conditions In 
Scandinavia. Western Turkey wfH have 
some showers, but it wil be dry and 
sunny elsewhere in the Mediterranean. 


TODAY’S TEMPERATURES Situation at 13 GMT. Temperatures maximum tor day. Forecasts ay Me tea Consult of the W Bff wrt a rxfe 



Maximum 

8a$ng 

sun 

24 

rtnrarg.f 

fair 

31 

Fa to 

fair 

24 

Madrid 

far 

24 

Rangoon 

doudy 

rain 

33 


Celsius 

Belfast 

sun 

14 

Cardiff 

Mr 

IE 

Frankfurt 

fair 

19 

Majorca 

shower 

25 

Reykjavik 

8 

Abu Dhabi 

sun 

34 

Belgrade 

sun 

16 

Casablanca 

sun 

24 

Geneva 

fair 

19 

Malta 

shower 

26 

Rk3 

cloudy 

24 

Accra 

fair 

32 

Berlin 

sun 

IS 

Chicago 

fab- 

16 

Gibraltar 

sun 

23 

Manchester 

fair 

17 

Roms 

sun 

24 

Alg*re 

fcUr 

26 

Bermuda 

shower 

26 

Cologne 

sun 

20 

Glasgow 

fair 

15 

Manila 

thund 

33 

S. Frsco 

tor 

21 

Amsterdam 

(air 

16 

Bogota 

rain 

IS 

Dakar 

sun 

29 

Hamburg 

fair 

14 

Metjoume 

rain 

14 

Seoul 

fair 

24 

Athens 

cloudy 

24 

Bombay 

lair 

33 

Dalas 

sun 

26 

Helsinki 

windy 

S 

Mexico City 

cloudy 

21 

Singapore 

rain 

31 

Atlanta 

sun 

20 

Brussels 

fair 

IS 

MW 

sun 

32 

Hong Kong 

fair 

31 

Miami 

thund 

28 

Stockholm 

fair 

9 

3. Aires 

rain 

16 

Budapest 

hazy 

14 

Dubai 

sun 

34 

honoMu 

far 

31 

Milan 

hazy 

18 

Strasbourg 

lair 

18 

3.ham 

far 

16 

C.hagen 

sun 

12 

Dublin 

sun 

IS 

totanhid 

shower 

20 

Montreal 

SW1 

17 

Sydney 

fair 

23 

Bangkok 

for 

34 

Cairo 

sun 

34 

Dubrovnik 

(air 

23 

Jakarta 

fair 

34 

Moscow 

doudy 

10 

Tangier 

sun 

24 

Barcelona 

cloudy 

22 

Capo Town 

sun 

22 

Edinburgh 

sun 

15 

Jersey 

doudy 

16 

Munich 

far 

IB 

Tel Aviv 

Bun 

34 










Karachi 

9111 

36 

Nairobi 

Naples 

doudy 

o« m 

28 

Tokyo 

Toronto 

fair 

L.L 

24 

IK 










iviiwau 

Ml 

37 

aUHl 



TBm 

ID 



Thu nirlintf for people who fly to work. 


L Angeles 
Las Palmas 

fair 

fair 

23 

27 

Nassau 

New York 

fair 

sun 

30 

20 

Vancouver 

Venice 

doudy 

lair 

13 

IS 










Lima 

cloudy 

22 

Nice 

sun 

22 

Vienna 

lair 

17 


Lufthansa 




Lisbon 
London 
Lumber tig 

doudy 

fair 

fair 

25 

18 

18 

Nicosia 

Oslo 

Paris 

shower 

tor 

fair 

32 

11 

21 

Warsaw 

Washington 

Woffington 

tor 

Gun 

shower 

14 

21 

12 

— 









Lyon 

fair 

22 

Perth 

fair 

fog 

24 

Winnipeg 

doudy 

11 










Madeira 

shower 

25 

Prague 

12 

ZLViCn 

shower 

17 



IIIIIIIIIIIIIIIIIIIlIfllMlIIIIIIIIIIIIIIMHIIIIIIIIVIIIIIIIIIIHIlIIllllMIlll 


This advertisement is issued in compliance with the requirements of The International Stock Exchange of 
the United Kingdom and the Republic of Ireland Limited (“London Stock Exchange”). 

It does not constitute or contain an offer or inuitation to any person to subscribe for or purchase any securities 
of Nippon Telegraph and Telephone Corporation. 





NIPPON TELEGRAPH AND TELEPHONE CORPORATION 

(Nippon Denshin Denwa Kabushiki Kaishj) 

(incorporated until limited liability in Japan under the Nippon Denshin 
Denwa Kabushiki Kaisha Law of Japan) 

Introduction to 

The London Stock Exchange 

sponsored by 

S.G, Warburg Securities Ltd. 

and 

Barclays tie Zoete Wedd Limited Kleinwon Benson Securities Limited 


llll 


Application has been made to the London Stock Exchange for ail the shares of common stock of Y50 000 oar value 
each in Nippon Telegraph and Telephone Corporation to be admitted to the Official List. The number of authorised 
shares ot common stock is 62,400,000, of which 15,u00,000 were in issue on 30th September 1994 j r is expecrcd 
chat dealings in the shares of Nippon Telegraph and Telephone Corporation will commence at 8 30 a m on 
12ch October; 1994. The shares of Nippon Telegraph and Telephone Corporation are already listed in japan on the 
Tokyo Stock Exchange and on the stock exchanges of Osaka, Nagoya, Kyoto, Hiroshima, Fukuoka Niicata and 
Sapporo, and in the United States of America m ADR form on the New York Stock Exchange. 

Listing Particulars relating to Nippon Telegraph and Telephone Corporation are available from the Cnmoanv 
Announcements Office, London Stock Exchange, London Stock Exchange Tower, Old Broad Srrwr I criN 

1HP, up to and including I4th October, 1994. Copies of the Listing Particulars will also he 
business hours on any weekday (Saturdays and Bank Holidays excepted) up to and including 26th oSS 

from: 4 


S.C, Warburg Securities Ltd. 
1 Finsbury Avenue, 
London, EC2M 2 PA 

and 


Barclays de Zoete Wedd Limited 
Ebbgate House, 

2 Swan Lane, 

London, EC4R 3TS 


LJemworf Benson Securities Limited 
20 Fcnchurch Street, 

London, EC3P 3DB 

12th October. 1994 







X 




< 


i 






19 




'ad 


IIHKIIHIW 


K>r a wealthier Lusine 
and a healthier life 


plume Davij Roberson on 0952 293262 

Telferd. 


FINANCIAL TIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Wednesday October 12 1994 


brother. 

TYPEWRITERS 
WORD PROCESSORS 
PRINTERS 
COMPUTERS 
FAX 


IN BRIEF 


Amersham takes 
Japanese stake 

Amerafcam International yesterday took a stride 
towards becoming a global h ealthcare business by 
paying Y8^S2bn ($85rn) for a 22 per cent stake in 
Nihon Medi+Physlcs, Japan's largest manufacturer 
of “nuclear medl tines". Page 24 

US hospital group to pay $ 2 bn for rival 

National Medical Enterprises, one of the biggest US 
hospital groups, is to pay nearly $2bn in and 
stock for American Medical, another Large hospital 
chain. The deal comes Just a week after National 
Medical lost out to Cohunbia/HCA, the US's biggest 
hospital company, in a $3.5bn bidding war for 
HealthTrust, which owns 116 hospitals. Page 20 

UAP profits fall 22% 

Union des Assurances de Paris, one of France's 
largest Insurance groups, yesterday reported consol- 
idated profits down 22 per cent to FFr853m 
($16L55m) in the first six months of the year. The 
figures included a substantial charge triggered by a 
jump in goodwill amortisation. 

Europe lags US In M&A recovery 

Merger and acquisition activity in Europe fell in the 
third quarter of this year to the lowest level this 
decade, although there was a sharp upturn in the 
US, according to Securities Data, a Trading compiler 
of league tables of investment banks. Page 20 

News Carp to modify status of new shares 

Mr Rupert Murdoch's News Corporation has bowed 
to investor pressure and agreed to modify its plan 
for a ooe-for-two Issue of limited voting preference 
shares. Page 21 

Kvaemer lowers forecasts 

Kvaerner, Norway's second largest stock market- 
listed company, warned yesterday that losses on a 
project by the oil and gas division, along with 
restructuring costs, would damage profits for the 
first eight months of this year, ftge 20 

International Paper posts 47% Increase 

The strength of the upswing in the US paper cycle 
was underlined yesterday by a 47 per cent Jump in 
third-quarter net earnings at International Paper, . 
the world’s largest paper company. Page 20 

Cellular phonos help Motorola rise 60% 

Worldwide demand for cellular telephones helped to 
boost Motorola's sales and earnings to record levels 
for the third quarter and year to date. Page 22 

Sanyo Securities plans Y20bn rights Issue 

Sanyo Securities, the troubled Japanese broker, yes- 
terday announced it would raise Y20bn ($l9Sm) 
through a rights issue to its three leading creditor 
banks - Nippon. Credit Bank, Bank of Tokyo and 
Daiwa Rank - and Nomura Securities, its largest 
shareholder. Page 22 

Intel cssHs on AMD to stop chip shipments 

Intel has called on rival Advanced Micro Devices to 
halt shipments of the microprocessor chips it sells 
to personal computer manufacturers. The move fol- 
lows a US court ruling that a small ele me nt of the 
“microcode" contained in AMD’s 486 microproces- 
sors infringes Intel copyright Page 22 

Companl— In this hw> 

A&C Black 
American Medical 
Amereham Intt 
Apple Computer 
Asprey 

BAT mduGOfea 
Badgertra 
Baft Auto 
BarfnQS 
Bass 

Beckman (A) 

Britsh Aerospace 
Brown (N) 

CPC 

Cotote & Wireless 
Ctvyster 

Commercial Union 
Corrvey & Bsnw 
Courts 

Domnlck Hunter 
Duitfns Coaches 
Eastern Group 
EH Sanofl 
PR 

GFSA 
Gannett 

General Accident 
G6n&ale des Eaux 
Goldsmiths 
Goodman fnt) 

Groupe Chez G6rard 
Guartflan Royal 
HadtoJgh industries 
Hanson 
Honda 
tncheape 

International Paper 
Klein wort Benson 


20 

Kvaonwr 

20 

20 

Landu 

28 

24 

£ 

I 

f 

17 

22 

Medfl Goran* 

21 

24 

Ming Pao 

22 

36 

Motorola 

22 

26 

MS Smaller 

28 

21 

NEC 

8 

19 

NTT 

22,16 

12 

Nat Medical Entefp. 

20 

26 

News Corp 

21 

20 

PacWney 

20 

24 

Pantos 

24 

22 

PepsiCo 

22 

36 

Potro Canada 

21 

10 

Procter & Gamble 

22 

38 

Retafraca lnda 

22 

12 

S-G. Warburg 

20 

12 

Sany Securities 

22 

26 

Sappl 

22 

26 

Saudi American Bank 

21 

24 

Saudi Hotendi Bank 

21 

10 

Securities Data 

20 

24 

Siemens 

21 

22 

Sinclair (William} 

26 

21 

Southwestern Befl 

20 

36 

Stives 

SB 

20 

Store 

21 

28 

TIG 

26 

24 

Thorntons 

28 

12 

Throgmorton Dual 

28 

38 

Tiphook 

IB 

26 

VSEL 

20 

36 

vodaphone 

20 

8 

Wal-Mart 

17 

26 

Wetpac 

28 

20 

Wesooi 

26 

21 

VWnegartans 

28 


Zeneca 

36 


Market Statistics 


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Bendnoik Govt bonds 
Bond futures and options 
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29 Short-tsrai w rates 
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Recovery at smallest of US big three car groups - ‘the world turned upside down’ 

Chrysler soars to $615m in quarter 


By Richard Waters in New York 

Chrysler, the smallest of the US’s 
three big carmakers, reported a 

54 per cent jump in profits for the 
latest quarter as demand for the 
company's most popular models 
in North America continued to 
outstrip supply. 

The company's after-tax earn- 
ings of 4651m, or $LG0 a share 
fully diluted, compared with 
$423m, or $1.04, a year before, 
about $100m ahead of Wall Street 
estimates. 

The news raised optimism 
about the North American car 
market and lifted the shares of 
rivals General Motors and Ford. 
The three are expected to report 
total net income of about S2faa - 
more than three times the level 
of a year ago. 

Chrysler said it expected 
demand in the US and Canada to 
remain strong for the next two 
years, in spite of the potential 
dampening of consumer demand 
caused by the rise in US interest 
rates this year. 

Mr Thomas Capo, treasurer, 
said: “We believe there has been 
a lot of penteip demand in the 
North American car business 


Worldwide factory unit sales (mUIim) 



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over the past couple of years,’’ 
and that meeting this demand 
would sustain sales at higher lev- 
els for some time. 

The strong sales strengthened 
Chrysler 1 s balance sheet, reinfor- 
cing its position as the most 
financially secure of the big 
three. “It's the world turned 
upside down,” said Mr David 
Healy, analyst at S.G. Warburg in 
New York. "Three or four years 
ago, they [Chrysler] were the 
weak one. and GM was the tower 
of strength.” 


The third-quarter Jump in prof- 
its came cm the back of $U.7bn in 
sales, up from $9.7bn a year 
before. Vehicles sold rose 15 per 
cent to 593,757. Due to demand, 
the incentives offered for each 
vehicle sold fell to $520, from 
abo ut $8 00 in the second quarter 
and $775 a year ago. 

The advance stems in part 
from the fact that 'same of its 
newer models are category lead- 
ers. Its Jeep Grand Cherokee, one 
of the most sought-after 
four-wheel drive vehicles, is "lit- 


erally sold out". Mr Capo said. 
Chrysler is adding a third shift 
part mon t h to lift production. 

Inventory levels of the Grand 
Cherokee fallen to 23 days' 
supply by the end of September, 
with fewer in dealers’s show- 
rooms. he said. Inventory of the 
Jeep Wrangler had slipped to 27 
days and the Neon, the compa- 
ny’s biggest-seHing small car, to 
34 days. This compares with nor- 
mal inventory levels at Chrysler 
of 60 days for cars and 70 days for 
trucks. 


'Ffciietf Eaton cftsnmw • 


The company said it would add 
capacity for a further 500,000 
vehicles over the next year. How- 
ever, since this will come mainly 

from adding arirtiHnnal shifts or 

retooling, it would add Utile to 
fixed costs and add only 30,000 
vehicles a year to the company's 
break-even leveL 
It had $6-6bn of cash and 
short-term securities at the end 
of September, up from $<L5bn a 
year ago and putting it within 
reach of its target of $75bn. 

Lex, Page 18 


Barings bucks the 
trend with 54% 
first-half advance 


By Nicholas Denton In London 

Barings yesterday bucked the 
trend among UK merchant banks 
by reporting a 54 per cent 
increase in pre-tax profits from 
cassm to £54jtto <$86. 6m) in the 
half year to June 30. 

The advance contrasted with 
the lower profits reported last 
week by SLG. Warburg and sig- 
nalled by Hamhros. Mr Peter Bar- 
ing, cfrfltrmnn Rfl jr! ! “This is a 
very satisfactory result in much, 
more difficult market conditions 
than those of 1993." He added: 
Tin conscious that we have had 
a very good 18-month period and, 
life bring what it is', you can’t 
i pftintadn that." 

Barings reported a strong per- 
formance in corporate finance, 
lifted by the role advising Lloyds 
Bank on its proposed acquisition 
of Cheltenham & Gloucester 
Building Society. Income from 
foes and commissions rose 47 per 
cent to £238-8m. 

Barings, like Warburg and 
Hambros, described market con- 
ditions as “turbulent" but raid its 


money market and fixed frimme 
businesses had “coped well”. Net 
dealing income, which fell at 
other banks, grew 16 per cent to 
£83 .6m. The company suffered 
relatively little because its main 
securities broking business is in 
Asia rather than North America 
and western Europe. 

Mr Andrew Tuckey, chairman 
of Baring Brothers, the merchant 
bank subsidiary, described Bar- 
ings’ involvement in bonds, 
which have fallen this year, as 
“specialised and modest". Dillon 
Bead, the US investment bank of 
which the group owns 40 per 
cent, produced lower profits in 
the first half but Barings said the 
performance was significantly 
better than many of its counter- 
parts on Wall Street 

Mr Baring said Barings had 
avoided markets where losses 
were made recently and those in 
mature economies where compe- 
tition between market makers 
was tough “I think we chose the 
Tight thing s tO do and avoided 
the wrong things,” he said. 

Lex, Page 19 


Tiphook’s main lenders 
drawn into US lawsuit 


B/ Simon Davies in London 

National Westminster Bank and 
Commerzbank, the two largest 
lenders to the British transport 
leasing group Tiphook, have been 
drawn into a $700m US class 
action suit against the company. 

The lawsuit Haims the banks 
helped to mislead US investors to 
enable Tiphook to raise capital to 
repay loans. 

Two former non-executive 
directors. Sir Charles Powell, 
Lady Thatcher’s former foreign 
affairs adviser and now a non-ex- 
ecutive director of NatWest, and 
Mr Martin Kohlhaussen, Com- 
merzbank's chairman, are also 
named as defendants, as repre- 
sentatives of those banks. 

The move appears to he an 
attempt to achieve a larger and 
quicker settlement, as Tiphook’s 
financial standing is effectively 
controlled by its banks. 

The original legal action was 
filed in January on behalf of US 
investors who took up three 
tranches of bond issues between 
November 1992 and April 1993, 
raising $70Qm for the company. 

The named defendants 
included Mr Robert Montague, 


Tiphook’s chief executive and 
founder, several executive direc- 
tors, and the underwriters to the 
bond issues. The investors claim 
they were sold Tiphook bonds 
and shares an the basis of “mate^ 
riaHy false and misleading” infor- 
mation. 

Sir Charles and Mr Kohlbaus- 
sen resigned "with regret" from 
Tiphook on March 10. Legal rea- 
sons were cited, connected to 
Tiphook’s new bank arrange- 
ments, but there were previous 
potential conflicts of interest, as 
their hanks were the prime recip- 
ients of the funds raised. 

The action claims: “Tiphook’s 
lead lenders were represented on 
Tiphook’s board of directors by 
their own senior directors and 
were thus aware of the true dis- 
tressed condition of the company. 
These lenders pressured the com- 
pany to repay Tiphook’s bank 
indebtedness to these institutions 
with indebtedness financed by 
unsuspecting public investors in 
the United States.” 

An initial status and settle- 
ment conference on the case has 
been called for October 18, to set 
the timetable for the proceedings. 

Tiphook has consistently stated 


that the accusations will be "vig- 
orously contested". The two 
banks would not comment 
The bond prospectuses antici- 
pated, among other things, easy 
continued access to capital, 
strong cash flows, and "the best 
Christmas in two years”. 

The first signs of declining for- 
tunes came just six days after the 
final prospectus, when Tiphook 
announced that interim profits 
would be 20 per cent below previ- 
ously projected results. 

A stream of bad news then 
leaked out and by October 1993, it 
had indicated possible breaches 
of its banking covenants. 

Tiphook has made provisions 
to cover its legal defence, but an 
adverse judgment could topple 
the company into receivership- 
Mr Montague was served with 
a bankruptcy petition from Royal 
Bank of Scotland on Monday 
night, over a £L3m ($3. 6m) loan. 
If made bankrupt, he would be 
ineligible as a director. 

Mr Montague is hoping for sup- 
port from the bulk of bis credi- 
tors to push for an Individual 
Voluntary Arrangement, which 
would schedule debt repayment, 
and avoid bankruptcy. 


Viag buys 
Sanofi’s 
additive 
businesses 

By Daniel Green In London 

Elf Sanofl, the drugs and beauty 
products subsidiary of French 
chemicals group Elf Aquitaine, 
yesterday took another step in a 
disposals programme designed to 
raise more than $lbn. 

The bio-industries and render- 
ing businesses were sold to Viag, 
the Munich-based German indus- 
trial and energy conglomerate, 
for FFr4.4bn ($830m). The busi- 
nesses supply the food industry 
with additives such as pectin and 
retnthnn gum. 

Sanofl embarked on the dispos- 
als progr a mme when it bought 
Sterling Wtnthrop’s prescription 
pharmaceutical activities from 
Eastman Kodak for $l.68bn in 
June. "We decided to sell all our 
bio-activities.” said Mr Jean- 
Francois Dehecq, Sanofi's chair- 
man and chiftf executive. 

Mr Jean-Claude Leroy, Sanofi 
finance director, said Sanofi 
hoped to sign agreements for the 
sale of its remaining bio-activi- 
ties by the end of the year. It 
aims to raise Fft&5bn from the 
sale of the portfolio. 

The company is also making 
disposals from its beauty side, 
and plans to sell its 46 per cent 
shareholding in the Entremont 
cheese-making business. 

Mr Leroy said Viag would pay 
Sanofi by December 31, so Sanofi 
would have to carry financing 
charges for the Sterling acquisi- 
tion until then. 

The food additives business 
had sales in 1993 of FFr3 -3bn. 
Sales to food manufacturers 
accounted for 80 per cent of reve- 
nues. The rendering business, 
which processes LSm tonnes of 
meat and fish by-products annu- 
ally, had sales of FFrL5bh. 

Viag’s acquisition will 
strengthen its position in food 
additives and in the French mar- 
ket Its new food additives divi- 
sion is to become part of the 
SKW Trostberg chemicals divi- 
sion. making it the company’s 
third largest after industrial trad- 
ing and energy. 

Mr Dehecq said once the dis- 
posals were accomplished Sanofi 
would have completed its transi- 
tion to a business with two indus- 
trial divisions - prescription 
pharmaceuticals and medical 
diagnostics, and beauty products. 

Sanofi shares had been 
suspended ahead of the compa- 
ny’s announcement of the sale. 
When trading restarted the 
shares rose FFr3.1 to EFr24L2. 

Shares in Viag; which is quoted 
in Frankfurt, rose DM7.5 to 
DM497. 

Lex, Page 18 


Barry Riley 


Subtle benefits from a 
rebalancing act 



Buying bonds will 
raise * pension 
scheme costs, cal- 
culate actuaries 
grappling with the 
implications of the 
proposed UK mini- 
mum solvency 

standard. Over the 

past few decades equities have 
achieved a rate of return averag- 
ing 55 per cent a year more than 
gilt-edged. 

That is why the equity expo- 
sure of UK schemes has drifted 
up to more than 80 per cent This 
makes company pension plans 
cheap to run. according to con- 
ventional actuarial assumptions. 
But the trend has exposed 
scheme members to greater dis- 
continuance risks, which have 
aroused political scrutiny. 

So here is an interesting ques- 
tion. Suppose at the b eginn i ng of 
1966 a pension ftmd with the then 
typical equity exposure of 74 per 
cent (excluding property) had 

decided to fix at a 50:50 mix of 
equities 3nd bonds, to be rebal- 
anced every quarter. How much 
worse would it have performed 
Up to March 1994 than the typical 
fond which allowed its asset mix 
to drift with the superior perfor- 
mance of equities? (The drifting 
mix, incidentally, would have fin- 
ished with about 78 per cent in 
equities, which was in the event 
further lifted by 9 percentage 
points by eager fund managers.) 

The answer, according to First 
Quadrant, the quantitative 
investment management firm, is 

that the 5050 mix woul d have 
produced a slightly better return, 
at 14.4 per cent against 14.0 per 
cent, and with lower volatility. 

Why should a mechanistic pro- 
cess sod as periodical rebalanc- 
ing to a benchmark have this 


beneficial result? The answer is 
that the rebalancing procedure 
acts as a counter to valuation 
distortions between the two asset 
classes and forces the fund to off- 
set them. When equities become 
expensive relative to bonds the 
equities are capped, and a small 
profit taken. Similarly when 
bonds are expensive relative to 
equities. It is a kind at automated 
contrarian approach, with a 
ratchet-like effect 


One problem with 
any contrarian 
approach Is that It 
can often be 
uncomfortable 


For quantitative managers 
such as First Quadrant, an off- 
shoot of the Xerox Corporation, 
the approaching minimum sol- 
vency standard offers an opportu- 
nity to break into the UR pension 
fund market, at present domi- 
nated by balanced managers. 
Ideas such as rebalancing are 
common in the US but are 
largely ignored in the consensus- 
charing British market 

But British pension ftmd trust- 
ees have proved tmreceptive to 
quantitative methods so far. Per- 
haps balanced management has 
taken the drifting mix further 
towards risk than the trustees 
would have wished to go, but the 
results have been good. 

The trouble with quantitative 
methods is that it would be tough 
to find excuses if they woe to go 
wrong: The trustees might have 
to confess that they had not 
understood what they were buy- 


ing. ft might not be enough sim- 
ply to blame external managers. 

What could go wrong? Take the 
simple question of rebalancing to 
a b enchmar k. One reason why it 
has worked so well since 1986 is 
that the extra return on equities 
has not been &5 per cent during 
this period, but only per cent. 
That relative decline in equity 
return will be the subject for 
another article, but the point 
kens is that the penalty for high 
bond exposure has been small in 
recent years. Over longer periods 
drift has beaten rebalancing, but 
often not by a large margin. 

The obvious problem with 
rebalancing is that, as with any 
contrarian approach, it will often 
be - uncomfortable. -The fund's 
trustees will have to be willing to 
bet against the crowd for periods 
which may not be very long but 
will certainly seem so. If the 
return differential between equi- 
ties and bonds were to widen, 
perhaps because of unanticipated 
inflation, the drifters would win. 

Finally, the capturing of profits 

from rebalancing depends on the 
existence of volatility in the rela- 
tive valuations of the asset clas- 
ses. Low volatility - that is, per- 
sistent trends - would make 
rebalancing costlier. 

DK pension foods have to come 
to grips with strategies which 
pay attention to the liability side 
of their balance sheets, rather 
than bring driven by historical 
returns or peer group emulation. 

At least First Quadrant's study 
provides hope that matching lia- 
bilities more precisely against 
safe assets may not prove as 
expensive as often feared. 
Rebalancing to Benchmark, by 
Bill GoodsaQ and Lisa Plaxco, 
First Quadrant Carp., London. 
TeL 072-9739373. 


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20 


FINANCIAL, TIMES WEDNESDAY OCTOBER 12 1994 




INTERNATIONAL COMPANIES AND FINANCE 


Generate des Eaux in 
mobile phone alliance 


US hospital group to pay $2bn for rival 


By Richard Waters in New Yorit 

National Medical Enterprises, one of 
the biggest US hospital groups, is to 
pay nearly $2bn in cash and stock fbr 
American Medical, another large hospi- 
tal <~hain 

The deal comes just a week after 
National Medical lost out to Columbia./ 
HCA, the US's biggest hospital com- 
pany, in a S3.5bn bidding war for 
HealthTrust, which owns 116 hospitals. 

The purchase of American Medical, if 
completed, will leave National Medical 
with 71 large acute-care hospitals and 
sales which it predicts next year 


will reach $52bn. compared with $15hn 
in the merged Columbia/HCA and 
HealthTrust 

The proposed acquisition comes a 
year after National Medical was almost 
brought to its knees by allegations of 
fraud and abuse of patients in its psy- 
chiatric hospitals, which have since 
been sold. 

The deal, which echoes the three 
multi-billion-dollar takeovers engi- 
neered by Columbia/HCA In the past 18 
months, is intended in part to reduce 
oosts by increasing the enlarged group's 
bargaining power with hospital supply 
companies. It also reflects the growing 


importance of large institutional buyers 
of healthcare, such as health mainte- 
nance organisations. 

Na tional Medical is paying $1.46bn in 
cash, and stock valued yesterday at 
8496m. The cash will come from bank 
borrowing and a bond issue, the com- 
pany said. 

Donaldson L ufkin & Jenrette, the 
Wall Street Qnn, has supplied the com- 
pany with a letter stating that it is 
"highly confident" it can raise the bond 
finance - a technique common In the 
1980s. when junk bond finance became 
a significant element in many take- 


The use of such letters has re- 
emerged as a tool in US takeovers this 
year, most notably in the $2.7bn agreed 
offer by Conseco, an insurer, for finan- 
cial services group Kezuper, which was 
supported by a “highly confident" letter 
from Morgan Stanley. 

That financing, however, has looked 
increasingly shaky in recent weeks. 
Conseco, at first said it would finance a 
larger part of the bid by selling assets, 
so reducing the junk bond portion. 
However, last week it filed to issue con- 
vertible bonds, a move taken as a sign 
the asset sales were not proceeding 


overs. 


smoothly. 


Sharp faD in Europe’s M&A activity 


By John Ridding hi Paris 

Generale des Eaux, the French 
utilities and communications 
group, yesterday announced 
the formation of alliances with 
Vodafone of the UK and South- 
western Bell of the US, aimed 
at strengthening its position in 
the French mobile telephone 
market and entering the sector 
in north America. 

As a result of the agree- 
ments. the capital of SFR, Gen- 
erate des Eaux’s mobile tele- 
phone subsidiary, will be 
increased by about FFr3bn 
(S567m). The group said it 
would use the resources to 
develop Its cellular telecoms 
operations. 

Vodafone, which already 
holds a 4 per cent stake in 


By Bernard Gray In London 

The agreed takeover of the 
submarine maker VSEL by 
British Aerospace is likely to 
be concluded this week. Bar- 
ring any last-minute hitch. 
VSEL's board will recommend 
that its shareholders accept an 
offer of BAe shares valuing 
VSEL at about £12.50 a share. 

General Electric Company of 
the UK. the other potential bid- 
der for the shipbuilding com- 
pany, has not said whether it 
intends to counter BAe's paper 
offer with an alternative cash 
bid. GEC had previously con- 
sidered buying VSEL and 
decided not to bid. 


By Karan Fossil In Oslo 

Kvaerner, Norway's second 
largest stock market-listed 
company, warned yesterday 
that losses on a project by the 
oil and gas division, along with 
restructuring costs, would 
damage profits for the first 
eight months of this year. 

Profits for the full year 
would also decline, it said. 

It expects the oil and gas 
division to incur a loss of 
about NKr200ra l$29.8m) for 
the first eight months, and 
losses of the same order for 


Cofira, the holding company of 
SFR, will exchange its stake 
for a direct 10 per cent holding 
in SFR. The transaction will 
involve a cash payment of 
FFr88Qm. 

Southwestern Bell is to take 
a 10 per cent stake in Cofira. It 
will do this through the pur- 
chase of a 22 per cent stake in 
a holding company which will 
control Cofira. Generale des 
Eaux will hold the balance of 
the shares. 

The French company 
declined to specify the amount 
involved in the Investment, but 
said it was larger than the new 
investment by Vodafone. 

Under the terms of the agree- 
ment, Gten&rale des Eaux will 
take a 10 per cent stake in the 
radio telephone franchises 


It is understood that GEO’S 
ownership of the Yarrow ship- 
yard on the Clyde would pro- 
voke competition concerns 
from the UK Ministry of 
Defence. A bid by BAe, which 
does not own a yard, is not 
thought to raise such concerns. 

Almost one-third of VSEL’s 
shares are held by specialist 
high-income funds. Some City 
of London observers think the 
BAe all-share offer might 
include a high-yield bond 
which would be convertible to 
BAe shares as a partial alterna- 
tive to encourage the Income 
funds to accept the deal 

The maximum City of Lon- 
don observers expect BAe to 


1994. because of losses on deliv- 
eries to the Troll oil project 
and restructuring costs of the 
division. 

“This result partly reflects a 
substantial loss already 
reported by the group on its 
deliveries to the Troll oil plat- 
form in the Norwegian North 
Sea," it said. 

Kvaerner. headed by Mr Erik 
Tonseth. said this implied a 
weaker 1994 result for the 
group as a whole. Last time, 
profits before unrealised for- 
eign currency items and tax 
reached NKrl.5bn. The coin- 


operated by Southwestern Bell 
in toe Washington and Balti- 
more regions of the US. 

The agreements reflect the 
desire by Mr Guy Dejouany, 
chairman of Generate des 
Eaux. to find industrial allies 
in its mobile telecoms activi- 
ties. Earlier this year he told 
shareholders he was seeking 
the formation of partnerships 
with foreign telecoms opera- 
tors with substantial financial 
and technological resources, 

Mr Dejouany' a motives are 
partly based on toe increased 
competition in the French 
mobile telephones market Last 
week, the government 
announced the award of a 
third mobile telephones licence 
aimed at stimulating the 
French mobile phone market 


have offered is three BAe 
shares fbr each VSEL share, 
though the company may offer 
slightly less. The deal will 
involve increasing the number 
of BAe shares in issue by a 
third. 

VS EL had a cash pile of 
£325m (8513m) at March 31 this 
year, some £240m of which was 
the company’s own money and 
the balance advance payments 
from the MoD for work in prog- 
ress. 

The total cash equates to 
850p a share, of which the com- 
pany’s own funds account for 
640p a share. The cash pile 
would all but eliminate BAe’s 
debt at June 30 of £367m. 


pany had earlier forecast prof- 
its for 1994 at toe same level as 
toe year before. 

Kvaerner is due on Friday to 
report full figures for the first 
eight months. In the first four 
months of the year, the group 
boosted pre-tax profits by 36 
per cent to NKr590m. However, 
the oil and gas division saw 
pre-tax profits cut by more 
than half, to NKr57m from 
NKrl35m. 

The division plunged into an 
operating loss of NKr3m in the 
period after a profit or 
NKrllfim a year earlier. 


Pechiney 
sets sights on 
cutting debt 

By David Buchan in Parts 

Pechiney. the French 
state-controlled metals group, 
plans to reduce Its debt 
“sharply and rapidly”, partly 
through assets sales, in the 
hope of being privatised after 
the end of 1995, Mr Jean- 
Pterre Rodier, the new presi- 
dent, said yesterday. 

Mr Rodier told the Tribune 
Desfbssds, the French newspa- 
per, that after two months in 
his post he had started a 
detailed study of what Pech- 
iney might sell to reduce its 
FFr20bn ($3.8bn) debt. “The 
problem is not so much selling 
assets as choosing well what 
you want to keep,” he said. 

The newspaper raised the 
possibility of Pechiney selling 
Howmet its US aircraft and 
engine components subsidiary, 
either through a stock market 
flotation or a management 
buy-out Mr Rodier, however, 
stressed that no decision had 
been taken. 

Mr Rodier’s background is 
in the non-ferrous metals 
industry, most recently with 
Union Mlntere of Belgium, and 
he said he could not imagine 
Pechiney “without a signifi- 
cant activity in aluminium”. 

He welcomed the recent 
pick-up In world demand 
and prices for aluminium, 
due in large part to joint 
action by Western and Russian 
producers to cut back 
output 

He also reaffirmed the libn 
plan of Pechiney, along with 
Bechtel of the US and Morgan 
Grenfell, the British bank, to 
modernise Russian aluminium 
factories. 


By Nicholas Denton 

Merger and acquisition activity 
in Europe fell in the third 
quarter of this year to toe low- 
est level this decade, although 
there was a sharp upturn in 
the US, according to Securities 
Data, a leading compiler of 
league tables of investment 
banks. 

The total value of transac- 
tions in Europe dropped to 
821bn In the three months to 
September, representing a 35 
per cent decline on the quar- 
terly average in 1993. Outside 
the US, activity dipped to 
$35.5bn, the lowest since 
1988. 

A stagnant corporate 
takeover market in Europe 
contrasts sharply with 
the US, where economic 
recovery pushed M&A volume 
up 33 per cent to $236.6bn 
in the first three quarters of 
1994. “The feelgood factor that 


By Tony Jackson 
in New York 

The strength of the upswing in 
the US paper cycle was under- 
lined yesterday by a 47 per 
cent jump in third quarter net 
earnings at International 
Paper, the world's largest 
paper company. 

Mr John Georges, chairman, 
said lie expected even stronger 
earning ^ in the fourth quarter, 
and added: “We believe that we 
will see even more robust 
growth in 1995." 

Mr Georges said the eco- 
nomic upturn in the US, 
Europe and the Pacific Rim 


is in the US is not in Europe 
yet," a US investment banker 
said. 

The figures show that M&A 
activity has been slow to 
recover in spite of renewed 
economic growth in Europe. 
However, investment banks in 
London are adding staff in 
their corporate advisory 


departments in anticipation of 
a revival in activity. 

The league tables of activity 
and advisers cover completed 
deals, which nan lag announce- 
ments by several months and 
initial approaches by even lon- 
ger. 


meant that the company was 
experiencing higher prices and 
greater demand for all its prod- 
ucts. 

“As the worldwide econo- 
mies improve, we expect 
demand for paper and packag- 
ing products to grow faster 
than the industry's manufac- 
turing capacity." he said. 

Earnings were up in packag- 
ing and board and remained at 
a high level in forest products. 
Printing papers were in profit 
for the first time in two years, 
helped by a very strong market 
for pulp and a sharp recovery 
in Europe. However, profits 
were down in the group's spe- 


report a healthy “pipeline” of 
deals as companies which have 
weathered the recession look 
again at expansion. M&A 
departments expect strategic 
deals tn sectors such as health 
care, automotive components, 
telec ommuni cations, financial 
services and chemicals. 

Another impetus could come 


from financial investors such 
as Glenisla. a takeover fund set 
up with backing from investors 
Kohlberg Kravis Roberts. 

S.G. Warburg, the UK invest- 
ment bank which issued a 
profit warning last week after 
setbacks in bond and equity 
markets, headed the league 


ciality products division, a 
catch-all category which 
ranges from oil and chemicals 
to Ilford photographic film. 

Group sales in the quarter 
were up 11 per cent at 83.79bn, 
with the strongest rises in 
printing papers (up 19 per cent) 
and packaging (up 13 per cent). 

The slowest sales growth 
came in forest products (up 4 
per cent), which had recovered 
earlier in the cycle. 

Pre-tax profits were up 40 per 
cent to the quarter to 8167m, 
bringing the nine-month 
increase to 20 per cent. 

Earnings per share were up 
47 per cent at 87 cents for toe 


table of advisers on European 
M&A, as it did in Securities 
Data's 1993 report 

Warburg advised on 43 deals 
worth ?13.6bn in the first three 
quarters, giving it market 
share of 16.5 per cent. The UK 
house advised Banco San- 
tander of Spain on its $2.4bn 
acquisition of Banes to and on $ 
the merger between Akzo, the 
Netherlands chemical com- 
pany, and Nobel Industrie of 
Sweden. 

Warburg was placed behind 
two US investment banks in 
the most recent league table of 
advisers on European cross- 
border transactions drawn up 
by Acquisitions Monthly, the 
other big compiler of M&A 
data. 

While the precise rankings 
vary depending on the criteria, 
Warburg and US investment 
banks Morgan Stanley and 
Goldman Sachs usually lead 
the pan-European tables. 


quarter - the highest figure 
since the second quarter of 
1992. but still well below the 
levels reached in the last cycli- 
cal peak. 

The figures further contrib- 
uted to a feeling of optimism in 
the US paper industry created 
by Scott Paper’s $1.6bn sale of 
its SJ). Warren subsidiary to 
Sappi of South Africa on Mon- 
day. Analysts had commented 
that Scott's success in selling 
the business would be a test of £ 
confidence in the sector's out- 
look. 

International Paper’s shares 
rose to $78 'j in early trad- 
ing. 


VSEL set to agree BAe deal 


Kvaerner warns of lower profits 


Most investment banks 

International Paper earnings rise 47% 


Value of completed mergers & acquisitions f$bn) 
(Brat three quarters) 


US ■ 

Non-US 

Wartdwfcto 

1993 

177.9 

150.1 

326.0 

1994 

23R6 

me 

370.2 

tenarSKWidiiDn 


TENDER NOTICE 


UK GOVERNMENT 
ECU TREASURY NOTES 

For tender on 18 October 1994 


1. The Bank of England announces the sale by 
lender on behalf of Her Majesty's Treasury of up to ECU 
500 million nominal and not less than ECU 250 million 
nominal of UK Government ECU Treasury Notes. These 
Notes will add to the ECU 1,000 million nominal of the 
same security sold by toe tender on 18 January 1994, 
toe ECU 500 million nominal sold by tender on 19 April 
1 994 and toe ECU 500 million nominal sold by tender on 
19 July 1994. The tender will be held on a bid-yield 
basis on Tuesday, 18 October 1994. 

2. The ECU Notes to be sold by tender will be dated as 
of 21 January 1994 and will mature on 21 January 1997. 

3. Notes will bear an annual coupon of 5.25% payable 
on 21 January, starting on 21 January 1995. Payment 
for Notes allotted in the tender will be due on 25 October 
1994; the amount payable will include Z74 days accrued 
interest. 

4. All tenders must be made on toe printed application 
forms available on request from toe Bank of England. 
Completed application forms must be lodged, by hand, 
at the Bank oi England, Securities Office, ihreadneedte 
Street, London not later than 10.30 a.m., London time, 
on 18 October 1994. 

5. Each tender at each yield for each maturity must be 
made on a separate application form fbr a minimum of 
ECU 500,000 nominal. Tenders above this minimum 
must be in multiples of ECU 100,000 nominal. 

G. Tenders must be made on a yield basis (calculated 
on the basis of a month of 30 days and a year of 360 
days) rounded to two decimal places. Each application 
form must state toe yield bid and the amount tendered 
tor. 

7. Notification will be despatched on toe day of toe 
tender to applicants whose lenders have been accepted 
in whole or in part For applicants who have requested 
credit of Notes in global form to toelr account with ESO, 
Euroclear or CEDEL, Notes will be credited in the 
relevant systems against payment For applicants who 
have requested definitive Notes, Notes will be available 
for collection at the Securities Office of toe Bank of 
England after 1.30 p.m. on 25 October 1994 provided 
cleared funds have been credited to the Bank of 
England's ECU Treasury Notes Account No. 59045828 
with Lloyds Bank Pic, International Banking Division. PO 
Box 19, Hays Lane House, 1 Hays Lane, London SE1 
2HA. Definitive Notes will be available in amounts of 
ECU 1.000, ECU 10.000. ECU 100,000, and ECU 
1,000,000 nominal. 

8. Her Majesty's Treasury reserve the right to reject 
any or part or any tender. 

9. The arrangements for the lender are set out in more 
detail in the Information Memorandum on the UK 
Government ECU Treasury Note programme issued by 
the Bank of England on behalf of Her Majesty's Treasury 
on 9 January 199 2. All tenders will be subject to the 
provisions of the Information Memorandum and to the 
provisions of this notice. 

10. in addition to (lie Notes being offered for sale by 
tender, a further ECU 25 million to ECU 50 minion 
nominal of Notes (depending or\ the actual nominal 
amount of Notes sold in the tender) will be issued and 
retained by the Bank of England for toe account of toe 
Exchange Equalisation Account These additional Notes 
will be added to the Bank’s holdings of Notes which may 
be made available for sale and repurchase operations 
with the market makers listed in toe Information 
Memorandum. 

11. 

obtained 

Treasury Notes are Issued under the National Loans Act 
1968. 


I. Copies of the Information Memorandum may be 
stained at the Bank of England. UK Government ECU 


Bank of England 
11 October 1994 



EARN UP TO 



% 


pa gross 

equal to 


9.05 

compound interest* 

GUARANTEED! 


% 


You can now take advantage of these 
attractive rates for fixed term deposits. 


£50,000- £250,000 

nXBtPBBOO 

QffOSSF«BJA4TF 

CCUPOLWD 

WISEST* 

2 years 

6.500% pa 

6.71% 

3 years 

7.125% pa 

7.64% 

4 years 

7.375% pa 

8.23% 

5 years 

7.750% pa 

9.05% 


Attractive rates are also available for £1,000 to £49,999, 
and for 1 year fixed period. 


Interest rates are guaranteed not to change during the 
period of deposit. For further information about the full 
range of Lombard deposit accounts for amounts of £1 ,000 
and above simply fill in the coupon and send it to 
Lombard or cal! us anytime on 07 1 409 3434 quoting 
reference 1515 or Fax us on 071 629 3739. 


Lombard 


DEPOSIT ACCOUNTS 

To- ChnsKiricnw. 

brahinJ 'Wifi Cifina] PUT. Banjul# jervkn nvpaiuouv 15 15 , 
1 2 Mourn lonTm V 1 Y SRA 

'bwvnln; 4 rnkJf«idqu<wniBinU(niTtL < «i'J] | triit.',i 


NA.WEiMi.Mjv Men MO. 
ADPKE5S 


Icmanl In EnybndNo 

WcKiwnrU Qflkrr Hcae. ,» P r uti u V»w. lUdhltl. sum 7 PH KtP tog unJ 

Ad TnkMrfrf jJefSnai mat 

-Inram It credited nuuuHv 10 elm Indies on oners*. ffar cxsnjtfe £30.000 dupotunl ft* 
“> i<sr«he«TOdsfrTj325Hqutv3] B njiaQ ijwt pa pn*s.Cdrts rales assume n& deduction of 
bast ntr ax. Rato conectJCldlK of jjrrtfljj iop«» but may dunge. As these ire fixed lam 
aero unix wilhdrawabMotcaaturiry arc not panUKtL Ve assume ihxi ail auraisrouKis 
have oomptai null kxaltvjjuUuoos when sending Funds id Louitxuvi for depgsil. 


All of these securities having been sold, rhis announcement appears as a matter of record only. 


October 


m 


10,000,000 Shares 


Giant Cement Holding, Inc. 


Common Stock 


IKEYSTONEI 



2,000,000 Shares 
PaineWebber International 

This tranche was offered outside rhe United Stares and Canada. 


Bear, Stearns & Co. Inc. 


Donaldson, Lufkin & Jenrette 

Securities Corporation 

Kidder, Peabody & Co. 

. incorporated 

Merrill Lynch & Co. 


8,000,000 Shares 
PaineWebber Incorporated 

Dean Witter Reynolds Inc. 
AG. Edwards & Sons, Inc. 
Lazard Freres & Co. 


Dillon, Read & Co. Inc. 
Goldman, Sachs & Co. 
Lehman Brothers 
Smith Barney Inc. 

S-G.Warburg & Co. Inc. L.H. Friend, Weinress St Frankson, Inc. 

First Albany Corporation Janney Montgomery Scott Inc. Kemper Securities, Inc. 
Ladenburg. Thalmann & Co. Inc. 

Rauscher Pierce Refcnes, Inc. 

The Robinsou-Humphrey Company, Inc. 

First Analysis Securities Corporation 
Gabelli & Company, Inc. 


McDonald & Company 

S«witic9. foe. 

Raymond James & Associates, Inc. 
Sutro & Co. Incorporated 


First Equity Corporation 

of Florida 

Gordon, Haskett Capital Corporation 


Interstate/Johnson Lane 

Corporation 

Parker/Hunter 

Incorporated 

Pryor, McClendon, Counts & Co., Inc 


C.L. King & Associates, Inc. 
Pennsylvania Merchant Group Ltd 
Unterberg Harris 

This tranche was offered in the United States and Canada. 


a 






FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 


21 




\ 







’ll 


A 

INTERNATIONAL COMPANIES AND FINANCE 


News Corp to modify status of new shares 


By Bruce Jacques in Sydney 

Mr Rupert Murdoch's News Corporation 
has bowed to investor pressure and 
agreed to modify its plan for a one-for- 
tao issue of limited voting preference 
shares. 

News directors announced yesterday 
that the international mwtfy company 
would proceed with the issue but make 
two important alterations to the status 
of the proposed new shares. The 
changes, to be put to shareholders by 
January 1396. provide that: 

• The new preference shares would 
receive a dividend premium of at least 
20 per cent over the company's ordinary 
shares. 


• The new shares would participate, on 
the same basis as ordinary shares, In 
any takeover bid for the company. 

Directors said the changes would be 
inserted In the company's articles of 
association, and followed consideration 
of comments from the Investment com- 
munity since the preference share issue 
was announced on September 30. 

They pointed out that the new prefer- 
ence shares would carry an annual divi- 
dend of 7.5 Australian cents, and the 
proposed 20 per cent premium would 
therefore not take effect until the ordi- 
nary dividend reached 6.25 cents a 
share. 

There was “no present intention'* of 
increasing the 3 cents-a-share annual 


dividend for ordinary shares. 

Hie proposed new articles will also 
build in a protection if any takeover 
failed to include the new preference 
shares. In this event, any ordinary 
shares acquired would automatically 
convert to preferred limited voting ordi- 
nary shares. 

The alterations help to address the 
main concerns of News' institutional 
shareholders, some of whom perceived 
the new issue as a way for Mr Murdoch 
to entrench his control over the com- 
pany. Others were more concerned that 
the preference issue might preface a 
large acquisition with consequent dilu- 
tion of News earnings. 

News shares slid following the 


preference issue announcement last 
month, hitting a low of AS7.72 on Aus- 
tralian stock exchanges, before recover- 
ing yesterday to close at AJ&27. 

The initial price fall served as a warn- 
ing that the proposed new preference 
shares could trade at a significant dis- 
count to the ordinaries, threatening to 
limit the size of future capital raisings 
by News. 

By guaranteeing a higher dividend 
and allowing the new shares to partici- 
pate In any control premium for the 
company, News directors have provided 
encouragement for the preference 
shares to be priced closer to their ordi- 
nary counterparts. In spite of their 
non-voting status. 


Siemens’ dream factory in Singapore 


The island republic is the base for German group’s 
sales in Asia-Pacific region, reports Kieran Cooke 


M r Hartmut Lueck, 
managing director of 
the Siemens semi- 
conductor plant in Singapore, 
has the sort of problem many 
* of the world’s industrialists 
* dream about His factory is 
working round the clock, every 
day of the year, yet it still can- 
not produce enough to satisfy 
demand. 

H A few years ago neither Sie- 
mens nor anyone else realised 
how big the demand for semi- 
conductors would be," 
says Mr Lueck. “Take the use 
of semiconductors in mobile 
phones. When mobile phones 
first appeared we thought they 
would be used mainly by busi- 
nesspeople and professionals. 
Now - In this region at least - 
they have virtually become a 
piece of costume jewellery." 

Siemens first established an 
electronics factory in Singa- 
pore in 1970. Now it employs 
1,600 people at a new compo- 
nents plant capable of turning 
out more than 300m semi- 
conductors a year. Singapore 
serves as the base for Siemens' 
components sales in the Asia 
Pacific region. 

Like many other companies, 
Siemens is increasingly focus- 
ing on the region as the area of 
future large-scale sales growth. 
Later this month the entire 
board will be flying to Singa- 
pore for the first board meeting 
to be held outside Germany in 
the company's 147-year history. 

. For Siemens as a whole, the 
9 Asia-Pacific countries - 
stretching from Pakistan to 
Australia - represent one of 
the world's most promising 
growth regions. The group's 
business there has been grow- 
ing at double-digit percentage 


rates and is expected in a few 
years to be as large as that in 
the US, accounting for some 15 
per cent of turnover. 

As a provider of complete 
energy, transport and tele- 
communications systems, Sie- 
mens alms to play an expand- 
ing role in the economic 
growth of Asia. 

The group’s order volume in 
east and south-east Asia rose 
by 50 per cent to DM5.4bn 
($35bn) in the financial year to 
end-September 1993; worldwide 
orders totalled DMMbn. In its 
last annual report, the group 
described south-east Asia as 
"an extraordinarily dynamic” 
electrical and electronics 
market 

In volume terms, Siemens 
does , not compete with the 
world’s biggest semiconductors 
manufacturers such as NEC of 
Japan and Intel of the (IS. But 


Siemens has reached the 
break-even level in its semi- 
conductor operations a year 
ahead of schedule as a result 
of the improved economic situ- 
ation in Europe and its own 
cost-cutting programme, 
writes Andrew fisher in 
Frankfurt. These activities 
have previously involved the 
group in heavy losses and 
restructuring costs. 

Mr Jtirgen Knorr, director of 
the semiconductor division, 
called this “a very good 


with the world chip market 
forecast to grow by between 50 
per cent and 100 per cent by 
the end of the decade, Siemens 
Singapore is confident that 
business will continue to 
expand. 

Last year sales from Siemens 
Singapore operations reached 
nearly DM800m - a rise of 
more than 50 per cent on the 
1982 figure. 

This year sales have already 
exceeded DMlbn, fuelled by 
growth in the region's telecom- 
munications industry, particu- 
larly in rfhfafl- 

M r Lueck feels his 
company has some 
advantages over 
competitors. Siemens started 
its Singapore factory in the 
1970s, in order to benefit from 
the island republic’s low 
wages. 


result” with new orders 
exceeding DM3bn ($lAbn) in 
the year to September 30 1994, 
after DM2.6bn the previous 
year. He said the outlook for 
1994-85 was very positive. Sie- 
mens expected to match 
growth in the semiconductor 
market, likely to be between 
13 and 15 per cent 
In south-east Asia and the 
US, the computer chip market 
should grow at twice this rate, 
he added. Investments in both 
areas would be increased, with 


“Though wages have risen 
here, they are still low com- 
pared with Germany or the US 
and are an important factor in 
our operations." says Mr 
Lueck. “But the character of 
the semiconductor industry Is 
changing. Now cost is not so 
crucial. The most important 
thing is innovation being 
first - then you make your 
own price. You can also then 
achieve cost advantages 
through volume and quickly 
recoup your costs - in order to 
invest in the next cycle of the 
industry.” 

Accumulated investment in 
Singapore by Siemens is put at 
DM450m. Siemens also has two 
other regional plants, both in 
neighbouring Malaysia, which 
together employ nearly 4,000 
people. “It’s very important to 
be based in the region you are 
selling to,” says Mr Lueck. 


a wafer plant in south-east 
Asia a possibility; Siemens 
currently makes wafers (used 
in semiconductor production) 
in Germany, France and Aus- 
tria, Mr Knorr said the world 
semiconductor market should 
total about $77bn this year 
and nearly $100bn next year. 

He said memory chips were 
the biggest part of Semens’ 
semiconductor business, with 
application specific chips close 
behind; each accounted for 
about DMlbn of turnover. 


There are other advantages. 
Aided by a Singapore govern- 
ment grant, Siemens is open- 
ing an integrated circuit design 
centre Hnimri to a gimifor facil- 
ity at headquarters in Munich. 
When Munich sleeps, the 
design centre can take over. 

Technological advances in 
the semiconductor industry are 
rapid: every three or four years 
a new generation of chips 
comes along which is far more 
powerful than its predecessor. 
“By working round the clock 
the R&D and innovation cycles 
are shortened,” says Mr Lueck. 
“That's vital for remaining 
competitive.” 

Urn wafers from which the 
chips are cut are flown in from 
Europe. Finished chips used to 
go back to Germany for test- 
ing. but now that is done in 
Singapore and Malaysia. 

. Siemens Singapore does have 
its problems. Labour shortages 
and job-hopping are top of the 
list About 30 per cent of the 
workers at the Singapore plant 
travel each day from Malaysia. 
For its top engineers Siemens 
has had to hold recruitment 
drives in the US and elsewhere 
to lure talented Singaporeans 
back home. 

Though the semiconductor 
market is buoyant, Mr Lueck 
says the industry is unpredict- 
able. “It’s a yo-yo industry - 
almost overnight you can go 
from chronic shortages to over- 
capacity. You always have to 
be flexible and ready to adapt 
to change. 

“But in this region at least 
the trend seem to be on an 
upward curve, with sales likely 
to rise by between 18 and 20 
per cent each year. For the 
time being it’s not too bad.” 


Chip operations break even a year early 


NEWS DIGEST 

Gannett rises 19% 
as advertising 
revenue improves 

A sharp rise in advertising revenue helped 
Gannett, the US media group, to a 19 per cent 
Increase in third- quarter net Income to 
•$105 .5m, writes Tony Jackson in New York. 
Gannett, which publishes 83 daily papers, 
including USA Today, said growth in newspa- 
per profits was fuelled by recruitment adver- 
tising. 

Newspaper advertising revenue was up 10 
per cent in the quarter to SS2lAm, with classi- 
fied advertising contributing a rise of 14 per 
cent and USA Today a rise of 11 per cent 
Circulation revenue rose 2 per cent, and news- 
paper profits overall were up 10 per cent at 
U87.7m on sales of gnUJm. 

Broadcasting profits were up 48 per cent at 
$27 5m on revenues of 895.2m. Gannett, which 
owns nine TV stations and 11 radio stations, 
said TV revenues were up 16 per cent and 
radio revenues up 15 per cent 
Profits from outdoor advertising were up 25 
per cent to $7.0m, on strong local and national 
ripmaprt. Gannett is the biggest outdoor adver- 
tising company in thB US. 

Group sales in the quarter were up 6 per 
cent at 1932.4m. Earnings per share were up 21 
per cent to a record 74 cents. The dividend was 
raised from 33 cents to 34 cents. 

• Media General, which owns newspapers 
and TV stations in the south-eastern US, said 
net earnings rose 57 per cent in the third 
quarter to $S.0m. on sales up 5 per cent at 
3155.2m. 

Bajaj Auto advances 
strongly at halfway 

Bajaj Auto, India leading maker of motor- 
cycles, scooters and three-wheeler auto-rick- 
draws, reported a 196 per cent rise in net profit 
to RsLS6bn ($43m) on a 48 per cent Increase in 
sales to Rsl032bn during the six months to 
end-September, writes Stefan Wagstyl in New 
Delhi. 

BaJq), which is considering plans to build 
low-cost cars in high volumes In collaboration 
with a foreign partner, is due to launch a 
$167m Euroequity issue later this month - 

Kleinwort Benson rating 
upgraded by Moody’s 

Kleinwort Benson, the UK-based merchant 
bank, received a boost yesterday from Moody’s 
Investors Service, the US credit rating agency, 
which said it had raised the rating on the 
bank’s long-term deposits to A3 from Baal, 
writes Norma Cohen in London. 

Moody's said the upgrade reflected a signifi- 
cant Improvement in the bank's internal con- 
trols since heavy losses reported in 1990, and 
its decision to shed its unprofitable commer- 
cial lending activities, A strong performance 
in securities markets and high volumes of new 
issues in subsequent years bad helped Klein- 


wort bolster its loan loss provisions. 

Moreover, the bank has benefited from its 
growing asset management business and its 
ability to retain Its franchise In the corporate 
advisory markets, the agency said. 

However, the bank's relatively small size 
compared with its US counterparts “is increas- 
ingly likely to prove a competitive disadvan- 
tage”, Moody's said. 

Stora to invest 
SKr550m in upgrades 

Stora of Sweden, 
Europe’s biggest pulp 
and paper group, yes- 
terday announced new 
investments worth 
SKr550m (874m) to be 
spent over the next 
year on its programme 
of upgrading process- 
ing plants and paper- 
making machines, 
writes Hugh Caraegy 
in Stockholm. Most of 
the new investments, 
part of annual develop- 
ment spending total- 
ling almost SKr3.5bn, 
will go on a new wood 
processing facility at Gruvdn in Sweden. The 
others include rebuilding a paper machine at 
Uetersen in Germany. 

The investments will not add to Store's over- 
all capacity; a decision Is not expected until 
next year on whether the group’s chief project 
to expand capacity - a SKr2.Sbn board-making 
machine - will go ahead. 

Saudi Holland! Bank 
profits down 25% 

Saudi Holland! B ank , which is 40 per cent 
owned by ABN Amro Bank of the Netherlands, 
reported net profit for the first nine months of 
1994 of SRlGl.6m ($27m), down 25 per cent 
from the SRl35.6m recorded in the same period 
last year, AP-DJ reports from Manama. 

The bank said there was a loss in invest- 
ments of SR16-5m during the 1994 period, com- 
pared with a gain of SR60.4m last year. Operat- 
ing revenues were up 38 per cent at SR749.4m, 
while operating expenses were 27 per cent 
higher at SR62SL3 ul 

The Saudi American Bank, which is 30 per 
cent owned by Citibank of the US. posted a 14 
per cent increase in net income in the first 
three quarters of 1994. the bank said in a 
statement yesterday. 

Net income rose to SR734J26m during the nine 
months from SR690.57to a year-earher. 

Petro Canada sale 

Petro Canada, the country's second biggest 
Integrated oil company, has sold a package of 
of British Columbia natural gas properties to 
Sceptre Resources, an upstream producer, for 
C$2L25m (USSxxm) and a share of future pro- 
duction and profits, writes Robert Gibbens in 
Montreal 


Stora (B free) 

SKr 

300 — - 



Some#: Dataatnaom 



Guilbert^ 


Guilbert Group 1st January to 30tfi June 1894 Financial Highlights 


First-half turnover 

Net profit 

Turnover to 30th September 1994: 

Consolidated accounts to 30th Juris 

+ 10.2% 
+ma% 

+ 7% 

(Thousand* of ftwnch Francs, wuudftacQ 

Turnover 

3o/ated 


31/12/93 

France 

992,331 

924,910 

1,805,795 

Abroad 

180.722 

120.840 

249,997 

Total 

1,153,053 

1,045,750 

2,055,792 


Net profit after tax 

30/6/94 

30/0/93 

31/12/93 

France 

10B£2B 

105,519 

209,815 

Abroad 

(3.144) 

(10,953) 


Total 

105,784 

94,566 

180,015 

Profit attributable to Guilbotfs 




shareholders 

104,481 

95,023 

181,351 

Net profit, in Franca, amounts to 11% of tumowar.vjk 11.4% In the first haH of 1993. 


Analysis of results from forerun operations 






574 

(4,998) 

Foreign development coats in France 


(321) 

0.177) 




(2,778) 

Total 


(3.144) 

(10,953) 


Outlook for the second half 

Sates growth, both In France and overseas, combined with reduced overall operating costs for overseas 
subsidiaries wffl maintain results for tho second half. 

Shgnt erosion of margin experienced inthaflrsthalMsduatothe temporary effects of rising paper prices. 
(The prieo of paper pulp wifi have almost doubled during 1994). Lower margins wffl persist untB prices 
stabilise. 

Two recent significant acquisitions in France (with turnover erf needy Fr. 100 trillion) wffl boost the final 
quarter. 

Sales for the nine months ended 30th September . _ . 



1994 

1993 

Growth 

France 


1.304,476 

3.9% 

Abroad - - 

238,160 

1 *5fla.9J>4 

183.782 

1488 258 

29-5% 

7.0% 

•Cfccwth nl constant aaeftanflerat® 

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COPRI 


PERU 

The number one producer of 
Fishmeal and fish Oil in the 
world is offering the first five 
excellent opportunities for 
immediate investment. 



C A P 


NEXT PUBLIC AUCTIONS 


The Privatization Comitee of Pesca 
Peru announces that in the near future will 
proceed with the selling in Public Auction 
of the stock shares correspondent to the first 
five affiliated enterprises: 

PESCA PERU-CHJCAMA SAl, 

PESCA PERU-CHIMBOTE CENTRO S.A., 
PESCA PERU MOLLENDO S-A., 

PESCA PERU LA PLANCHADA SA. and 
PESCA PERU ATICO SA. 

Official publication of the auctions will 
take effect on Oct. 15 and 29, Nov. 12 and 
26. The last date for La Planchada and Atico. 

For general information, call the office 
of The Privatization Comitee of Pesca Peru, 
located in the main building of Petroperu S. A, 
Paseo de La Republica Av. N° .3361 first, floor, 
San Isidro, Lima 27. 

Telephones: (5114) 425000, ext. 4945 - 
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Annual General Meeting of 
Securitas AB in Sweden 

Shareholder In Securitas AB are hereby invited to attend the Annual General Meeting to be held at 
9-OOam an Friday 28tb October, 1994, at Securitas, Lindhagenspian 70, Stockholm. 

MgHRSfrXIOtlgC 

Shareholders wishing to participate in the Annual General Meeting must be registered in the share 
register maintained by VardepapperscentraLen VPC AB l*VPC, the Swedish Securities Register Centre) 
not later than Tuesday, 18th October, 1994 and must notify their intention to attend the Meeting not 
later than 4pm on 25th October, 1994 to the following address: Securitas AB, P O Box 12307, 5-102. 28 
Stockholm, Sweden, or by telephone to: bit +46-8 657 74 00. Proxies shall be presented to the Company 
prior to the Meeting. 

To be entitled to participate in the Annual General Meeting, shareholders whose shares ate registered in 
the name of a trustee, through a bunk or other institution serving as trustee, should request that the 
shares are temporarily re-registered in their own name In the share register. Shareholder? must inform 
the trustee of such intentions in good time before Tuesday, 18th October, 1994. 

BUSINESS 

Regular Business 

Business that, under law and pursuant to the Articles of Association, must be addressed at the Annual 
General Meeting, including the presentation of the Annual Report and the Auditor's Report as well as 
the Consolidated Accounts and the Auditor’s Report for the Group, resolutions concerning the adoption 
of the Balance Sheets and Income Statement and the Consolidated Income Statement and Consolidated 
Balance Sheets, the appropriation to be made of the Company's profits or losses as shown in the 
Balance Sheets adopted by the Meeting, the discharge of the Board of Directors and of the President 
from liability for the fiscal year, the establishment of the fees to be paid to the Board of Directors and 
auditors and the election of the members of the Board of Directors and auditors and die election of the 
members of tile Board of Directors and auditors. 

Distribution of shares In Securitas Lock Group AB 

The Board of Directors proposes to distribute tree of charge the total shares outstanding in the wholly 
owned subsidiary Securitas Lock Group AB (whose name will be changed to ASSA ABLOY AB), in 
which Securitas shareholders will receive one (1) Series C share in Securitas Lock Group AB for each 
Senes A share held in Securitas AB, and one (1) Series B share in Securitas Lock Group AB for each 
Series 8 share held in Securitas B. 

November 2. 1994 is the proposed record date for the distribution of shares in Securitas Lock Group AB. 
If the Annual General Meeting approves the Board's proposal, the Securitas Lock Group AB shares are 
expected to be registered in the accounts of shareholders at the Swedish Securities Register Center 
(Vardepapper sc e n tiaten VPC AB) on November 4, 1994. 

Change of the Company’s objectives 

The Board proposes to amend Article 3 of the Company’s Bylaws as follows: ' The objectives of the 
Company's operation vs to conduct - directly of indirectly through subsidiaries - guarding operations, 
supply sendees and products in the security industry and own arid manage teal estate and chattels, as 
well as conduct associated activities". 

Change to fiscal year 

The Board proposes that the current fiscal year be shortened to cover the period July 1 - December 31, 
1991 and that Article 13 of the Company's Bylaws be amended to state that The Company’s fiscal year 
is tube January 1 - December 3L" 

Stockholm, October, 1994 
Board of Directors 


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FINANCIAL TIMES 


WEDNESDAY OCTOBER 1994 


V 


INTERNATIONAL COMPANIES AND FINANCE 


"ill 




Intel calls on 
AMD to stop 
chip shipments 


By Louise Kehoe 
in San Francisco 

Intel has called on rival 
Advanced Micro Devices to 
halt shipments of the micro- 
processor chips it sells to per- 
sonal computer manufacturers. 
The move follows a US court 
ruling that a small element of 
the "microcode" contained in 
AMD's 486 microprocessors 
infringes Intel copyright. 

Intel, the world's largest chip 
maker, said that if necessary it 
would seek a permanent 
injunction to prevent AMD 
from shipping chips incorpo- 
rating the infringing microcode 
- software that is embedded in 
microprocessor chips. 

AMD said, however, that it 
started production this week of 
chips that do not contain the 
infringing microcode and that 
it does not anticipate any dis- 
ruption to shipments of its 486 
microprocessors. 

"This litigation is simply 
another effort by Intel to limit 
competition in the 486 micro- 
processor market." claimed Mr 
W.J. Sanders m. AMD chair- 
man and chief executive offi- 
cer. "It must not succeed." 

The quarrel is the latest in 
almost a decade of legal battles 
between Intel and AMD. 

AMD, a former Intel technol- 
ogy partner, sells microproces- 
sors that emulate Intel's 
designs. 


By Louise Kehoe 

Worldwide demand for cellular 
telephones helped to boost 
Motorola's sales and earnings 
to record levels for the third 
quarter and year to date. 

The US communications, 
electronics and semiconductor 
group lifted third-quarter net 
earnings to S3S0m. up almost 
50 per cent from $254m. Earn- 
ings per share jumped to 65 
cents from 44 cents. Revenues 
rose 28 per cent to S5.7bn from 
$4.4bn in the same period last 
year. 

Motorola's largest businesses 
- wireless communications 
and semiconductors - saw rev- 
enues grow strongly. Sales of 
cellular telephone equipment 
advanced 63 per cent to 
$2J2bn. 

The number of cellular tele- 
phone service subscribers 
worldwide grew to nearly 50m, 
an increase of about 50 per 
cent from the end of 1993, 

Motorola was awarded con- 
tracts during the third quarter 
for digital cellular systems to 
be built in Moscow, Hong Kong 
and Nigeria. Contracts for ana- 
log cellular systems came from 
the Philippines and several 
countries in Africa. 

Other parts of Motorola’s 
wireless communications busi- 
ness - including two-way 


Procter & Gamble, the US 
household goods group, 
expects to report record sales 
and earnings for its first quar- 
ter ended September 30. Mr 
Edwin Artel. chairman, said, 
Reuter reports from Cincin- 
nati. 

In the previous first quarter, 
the company earned S670m, or 
S0.95 a share, on sales of 
S7.56bn. 

“The worldwide volume 
numbers are in and we have 
just completed a record quar- 
ter." Mr Artzt said. "As a 
result of this strong volume 
performance and the continua- 
tion of good cost controls 
throughout the company, we 
expect to report record sales 
and earnings." 


The copyright infringement 
ruling, issued by a US magis- 
trate, covers a very small por- 
tion of a microprocessor micro- 
code used for in-circuit 
emulation, or debugging of 
software. AMD said that the 
code was “superfluous". 

The ruling applies only to 
this portion of microcode and 
“does not affect jury verdicts 
returned earlier this year 
upholding AMD's right to man- 
ufacture and sell microchips 
containing Intel microcode, " 
AMD said. 

“AMD recognised that the 
market wants Intel technology. 
The . . . technology was so criti- 
cal to AMD's strategy that 
AMD copied the ICE code, after 
it bad specifically given up any 
rights to do so." said Mr 
F. Thomas Dunlap, Intel 
vice-president and general 
counsel 

AMD will ask the court for 
“reasonable time to change our 
production lines.” said Mr 
Sanders. “Intel Is not being 
damaged." he claimed, so the 
court should not order an 
immediate halt to shipments. 

Instead. AMD will ask the 
court to allow it to ship chips 
in the production pipeline. Ilie 
production cycle for a micro- 
processor is about 12 weeks. 

Intel said, however, that it 
would ask the magistrate to 
give AMD “a couple of weeks" 
to halt shipments. 


radios, pagers and wireless 
data communications for 
mobile computer users - 
together accounted for $1.5bn 
in revenues, up 23 per cent on 
the same period last year. 

Semiconductor sales rose 18 
per cent to Sl-Sbn, continuing 
an uninterrupted record of 
more than five years' growth. 
The company’s largest chip 
customers are the automotive 
and communications indus- 
tries. 

In a push to increase its pres- 
ence in the computer industry, 
both as a chip supplier and a 
systems manufacturer. Moto- 
rola is collaborating with IBM 
and Apple Computer on the 
development of PowerPC 
microprocessor chips. 

Last week Motorola 
launched a range of computers 
based on PowerPC to be sold 
through third parties. In the 
third quarter, however, its 
computer sales rose only 2 per 
cent and orders were flat Rev- 
enues for this segment were 
not reported separately. 

For the first nine months 
Motorola's sales reached 
Si5.8bn, up 32 per cent from 
S12bn a year ago. Net earnings 
were Sl.05bn, or *1.79 a share, 
compared with $682m, or 3120. 
The 1993 per-share figures were 
restated for a 2-for-i stock split 
in April. 


• McCormick, the US food 
products group, is planning to 
cut about 600 jobs, or 7 per 
cent of its workforce, in a 
restructuring. AP-DJ reports. 

The company said that as a 
result it expects to record a 
one-time, pre-tax charge of up 
to S66m in its fiscal fourth 
quarter ending November 30. 

It added that the restructur- 
ing would include closing its 
Hayward, California, produc- 
tion facility, realignment of 
some of its operations in the 
UK and sole of its Golden West 
Foods unit. 

Plant closures will occur dur- 
ing the next two years and 
staff reductions will begin no 
earlier than February 1 1995. 
the company said. 


Apple sees 
fourth-term 
results above 
forecasts 

By Louisa Kehoe 

Apple Compnter expects 
revenues and earnings for its- 
fourth quarter to be signifi- 
cantly higher than current 
Wall Street estimates. 

The US personal computer 
company, which plans to 
release results for the year 
ending September 30 next 
week, said it expected reve- 
nues for the fourth quarter to 
be around $2.5bn. up from 
$2.lbn In the same period last 
year. 

Earnings per share would be 
“slightly above 90 cents a 
share", the company said. This 
compares with Wall Street 
estimates of about 65 cents to 
70 cents. Apple's net income 
was 32.7m, or 2 cents a share, 
for the fourth quarter of fiscal 
1993. 

The company’s share price 
rose to a 14-month high to 
trade at 340% in mid-session 
yesterday. 

The shares have gained ll 
per cent since last Thursday’s 
close or S36% amid rumours of 
an impending agreement with 
International Business 
Machines to establish a com- 
mon standard for the design of 
PowerPC-based personal com- 
puters. 

Apple uses the PowerPC 
microprocessor in its latest 
Power Macintosh computers. 
There has also been wide- 
spread speculation that IBM 
might take a minority stake in 
Apple to cement snch an 
agreement 

Apple said that demand was 
strong in the fourth quarter 
for its entry-level PCs, Power 
Macintosh models based on 
the PowerPC chip and its Pow- 
erBook notebook computers. 

The company said it expec- 
ted gross margins as a percent- 
age of net sales for the fourth 
quarter to be slightly above 
the 26.7 per cent it reported in 
its third fiscal quarter. Operat- 
ing expenses would be slightly 
less than 20 per cent of net 
sales, it added. 

CPC reports 
earnings up 
3% to $I25m 

By Richard Tomkins 

After-tax earnings at CPC 
International, the US-based 
food group that makes Beil- 
in aim's mayonnaise, Knorr 
soups and Mazola corn oil, 
edged ahead 3 per cent to 
3125.4m in the third quarter, 
the company reported yester- 
day. 

The main factors hindering 1 
profits growth were difficult 
economic conditions in Brazil, 
which affected the group’s 
Latin American consumer food I 
earnings, and flat operating 
income at Best Foods, CPC’s 
North American consumer 
food business, caused partly 
by trade inventory reductions. 

World-wide sales advanced 
9 per cent to S1.81bn. with 
CPC attributing the rise to 
acquisitions in North America 
and Europe, a strong perfor- 
mance from its Asian con- 
sumer food operations, and 
good results from the corn 
refining business. 

Worldwide operating Income 
rose by 5 per cent, but higher 
financing charges relating to 
acquisitions and company 
share repurchases limited 
growth to 4 per cent at the 
pre-tax level. 

Earnings per share rose 
from 79 cents to S3 cents. 

Last month CPC warned that 
“an extremely difficult 
marketplace environment in 
Brazil" and a two-month 
stretch of weak volumes in 
Best Foods would lead to 
lower than expected earnings 
per share of $3.16 for the full 
year, excluding a second-quar- 
ter restructuring charge. 

CPC said yesterday that It 
was confident it would achieve 
that figure. 


Cellular phones help 
Motorola jump 50% 


Procter predicts record 
sales in first quarter 


GOLD FipJDS GROUP 

.. . Quarterly Reports V .. .• _ 



Reports of the undermentioned companies for the quarter ended 30th September 
199-1 were released to the relevant Stock Exchanges yesterday and have been published 
in the press in Sourh Africa today: 


Deelkraai Gold Mining Company Limited 
Doornfontein Gold Mining Company Limited 
Driefoncein Consolidated Limited 
Gold Fields Coal Limited 
Kloof Gold Mining Company Limited 

Copies of rhe reports will be posted to all shareholders of the companies, buc are also 
available to rhe public on collection from Gold Fields Corporate Services Limited, 
Greencoat House, Francis Street, London SWl from Monday to Friday each week 
during norma) business hours. 

12ch October 1994 


Sappi leads S Africa out of the woods 

Pulp and paper group has become a global force, writes Mark Suzman 


S appi, the South African 
pulp and paper company 
which this week 
announced it was acquiring US 
producer S.D. Warren for 
$l.6bn, has long had the goal of 
becoming a global player in the 
paper Industry by 2000. 

Guided by Mr Eugene van 
As, executive chairman, the 
unexpected announcement 
seems to indicate that the com- 
pany has achieved its target a 
few years earlier than antici- 
pated. 

In the process it has become 
South Africa's first truly global 
industrial company, following 
a route previously trodden 
only by the country's big min- 
ing houses. 

By adding SJD. Warren, 
which is dominant in the US 
coated paper market, to its 
operations in South Africa and 
Europe, the company has 
become one of the world's big- 
ger paper producers. 

More notably, it is now the 
global leader in dissolving pulp 
and coated wood-free papers, 
both fast-growing niche 
markets in the paper business. 

“I am delighted with the 
acquisition. It complements 
our existing operations and 
will play a key role in our 
future success," says Mr van 
As. 

In spite ol his confidence in 
Sappi’s future, the road ahead 
is far from certain, and ana- 
lysts and shareholders are not 
unanimous in their support for 
the latest move. 


The company remains domi- 
nant in the local market, with 
a 50 per cent share of the 
broader pulp and paper indus- 
try. and its interests encom- 
pass everything from raw tim- 
ber to finished papers. 

It owns 34Q,0QQba of forest In 
the southern Africa region - 
which will in effect be doubled 
to 765,000ha with the addition 
of S.D. Warren's timber inter- 
ests - and has a wide range of 
domestic plants covering craft 
papers, fine papers and pulp. 

Sappi's Saiccor plant, 
acquired from UK-based Court- 
aulds in 1988, has long been 
the world's largest and lowest- 
cost producer of dissolving 
pulp, which is used in the 
production of viscose for rayon 
fibre and cellophane film. 

2t is undergoing a Rlbn 
($280m) expansion and the 
bulk of its production is tar- 
geted for export 

Given the size of its share of 
the local market Sappi has for 
several years been diverting an 
increasing portion of local pro- 
duction for export It has also 
formed a wide-ranging interna- 
tional trading company. 

Complementing this, it made 
its first foreign acquisition in 
1990, buying five paper mills in 
the UK. Two years later, the 
company bought German- 
based coated paper producer 
Hannovier Papier. 

Nevertheless, during this 
period. South Africa's long 
recession and a global slump 
in paper prices severely 



Eugene van As: ‘a once In a 
lifetime opportunity* for Sappi 


weakened local sales. 

The situation was further 
aggravated by increased com- 
petition from imports, particu- 
larly from Brazil and Finland, 
which have taken advantage of 
South Africa's traditionally 
low tariffs on paper products to 
exploit the top end of the local 
market. 

Adding to Sappi’s woes, the 
European recession severely 
dented its newly acquired 
operations there, mid Hannov- 
ier has so far been a disap- 
pointment - as well as a severe 
drain on resources. 

Worse. Hannovier's recent 
losses have severely dented 


Sappi's bottom line becauses of 
the continued depreciation of 
the rand. 

In response, the company's 
earnings plunged and it was 
forced to suspend dividends. 
Sappi reported after-tax earn- 
ings of R1422m for 1993-94, 
down from R604m as recently 
as 1990. 

But the domestic market has 
picked up and Hannovier. 
which appears to have turned 
the corner. Is expected to make 
a significant contribution to 
ear nin g s this fin uncial year. 

Nevertheless, most analysts 
had expected Sappi to wait 
before making another interna- 
tional foray, giving itself time 
to consolidate its existing 
operations and build up cash. 

But the lure of SJ>. Warren 
appears to have been too great 
for Mr van As to resist The 
$ 1 . 6 bn purchase price is high 
in terms of the current stand- 
ing of paper stocks on the New 
York Stock Exchange, but as 
the Hannovier deal showed, Mr 
van As is always willing to 
take a gamble. 

The attraction lay in the 
overall quality of SJ3. Warren, 
Its strengths in an area where 
Sappi has considerable exper- 
tise, and positive industry pro- 
jections for sales in the coated 
wood-free sector, which are 
expected to outstrip all other 
main paper and board products 
over the next five years. 

The relative ease of finding 
partners and putting together 
a financial package seems to 


ave been equal!* 
•nationally- south African 
ompanies have trod cau- 


Hon abroad. . . 

Now, however, as mining 
house Gencor's S1.3bn acquisi- 
tion of Billiton in July demon- 
strated. South African compa- 
nies have gained a new 


acceptability. 


I ndeed, as Sappi's execu- 
tives noted with some sur- 
prise. several banks com- 
peted vigorously to organise 
the Sappi deal, in spite of the 
company's inability to raise 
money domestically or borrow 
against local assets because of 
exchange restrictions. 

“Having been the pariahs of 
the world for so long it was 
very p leasing to see some of 
the best banks in the world 
competing to do business with 
us," says Mr van As. 

“For Sappi this was a once in 
a lifetime opportunity and we 
were fortunate to have on our 
side financiers with a breadth 
of vision and a commitment to 
make the deal succeed." 

However, with a new debt/ 
equity ration of 1.25, up from 
its current level of 0.4 and 
nearly five times the 
company's stated aim of a ratio 
of 0.35, Sappi and its backers 
will need both vision and 
commitment to make the 
venture succeed. 


NTT hopes London listing will lift profile 


By William Dawkins 
in Tokyo 

Nippon Telegraph and 
Telephone, Japan's public tele- 
communications operator and 
the world’s biggest company 
by market capitalisation - It is 
valued at Y13.603bn ($135.2 bn) 
- will today be listed on the 
London Stock Exchange. 

NTT hopes the listing will 
lift its foreign profile, improve 
its ability to raise equity inter- 
nationally and stimulate for- 
eign business alliances. This 
follows the listing of NTT 
American Depositary Receipts 
in New York on September 29. 

“With the advent of multi- 
media. we are pursuing affilia- 
tions and tie-ups with various 
companies and countries and 
believe a listing will heighten 


our name recognition," said Mr 
Masashi Kajima, NTT presi- 
dent 

NTT’s foreign listings come 
as it is preparing to face a 
fresh battle against plans by 
the ministry of posts and tele- 
communications to split op its 
long-distance and local busi- 
nesses. 

The ministry hopes, in a 
review of the structure of 
Japan's telecommunications 
market next year, to emulate 
the success of AT&T, the US 
telecommunications operator, 
after it was split up in 1983. 
NTT argues that the invest- 
ment demands of multimedia 
make a split inappropriate. 

Over the past year, the group 
has entered joint ventures with 
three US software groups to 
develop multimedia. 


It is negotiating with British 
Telecommunications for a joint 
venture, between NTT and 
IBM of the US, to provide 
high-speed international data 
communications. Cable & 
Wireless of the UK meanwhile, 
is interested in a possible stake 
In NTT’s personal “handy- 
phone” service to open in 
Japan next year. 

NTT's foreign links are 
small partly a reflection of the 
fact that it is the only leading 
national telecommunications 
group not allowed to operate 
international services. 

The Japanese finance minis- 
try owns 65.6 per cent of NTT, 
which was partially privatised 
in 1985. but has been hindered 
from selling more by the weak- 
ness of Japan’s stock market. 

The group reported a 42.4 per 


NTT 

Share prtce (VOOOo) 
1.050 — — 



1988 1964 • 

Source; Dat MWOT 

cent decline in consolidated 
pre-tax profits to Yl75bn in the 
year to last March, on turnover 
up by 2.8 per cent to Y6,687bn. 
See Feature 


Sanyo Securities plans Y20bn rights issue 


By Enrtiko Terazono in Tokyo 

Sanyo Securities, the troubled 
Japanese broker, yesterday 
announced it would raise 
Y20bn ($l98m) through a rights 
issue to its three leading credi- 
tor banks - Nippon Credit 
Bank, Bank of Tokyo and 
Daiwa Bank - and Nomura 
Securities, its largest share- 
holder. 

A total of 41.7m shares at 
Y48G each will be issued with 
payment set for the end of this 
month. Of these, 33Bm. or 81 
per cent, will be allotted to 


Nomura Land B uilding , a prop- 
erty subsidiary of Nomura, 
raising the company’s stake to 
16.3 per cent from 5.3 per cent. 

Nippon Credit Bank and 
Bank of Tokyo will each take 
2.7m shares, raising their 
stakes to 5 per cent from 4.8 
per cent, while Daiwa Bank 
will purchase 2.6m shares, rais- 
ing its holdin g to 4.7 per cent 
from 4.5 per cent. 

The funding is part of San- 
yo’s restructuring programme, 
announced last March, which 
the broker is carrying out 
under the supervision of the 


three hanks and Nomura. 
Sanyo, one of Japan’s 10 medi- 
um-sized broking houses, has 
been hit by Y70bn in non- 
performing loans at its finance 
affiliate. 

Last month, the three credi- 
tor banks reduced their inter- 
est rates on loans to Sanyo's 
affiliates to L25 per cent. Other 
city banks also lowered their 
rates to 2 per cent, said Mr 
Takashi Ikeuchl Sanyo presi- 
dent. Interest rates on loans 
from other banks and insur- 
ance companies were cut to 35 
per cent, with those from non- 


bank finance companies low- 
ered to 3 per cent, he said. 

During the late 1980s, the 
broker had ambitions of 
becoming a large financial con- 
glomerate with stockbroking 
and banking as its main 
pillars. 

After the collapse in asset 
prices in 1990, Sanyo's affili- 
ates were left with mounting 
bad loans, which squeezed the 
parent company's profit mar- 
gins. Sanyo was hit by the bad 
loan burden and declining rev- 
enue due to the slump on the 
Tokyo stock market 


Reliance Industries posts 
strong midway advance 


By Stefan Wagstyl 
to New Delhi 

Reliance Industries, India's 
largest company, yesterday 
posted a 146 per cent increase 
in interim net profits to 
RsS.Ibn ($i62m>, due to strong 
demand, improved productivity 
and worldwide increases in 
chemicals prices. 

Sales in the six months to 
end-September rose 33 per cent 
to Rs339bn, pushing up operat- 
ing profits by 41 per cent to 
Rs7.4bn. Earnings per share 
soared 91 per cent to Rs31.45. 

Reliance is among the first of 

the large companies to report 
results for the half-year. Ana- 
lysts expect many groups to 
post rises due to a recovery in 
Indian industry following more 
than two years of stagnation. 


partly induced by reductions in 
public spending due to reforms 
introduced by Mr P.V. Nara- 
sitnha Rao, prime minister. 

Mr Anil Ambani. managing 
director, said: “We benefited 
from growing consumption of 
all our products in India, from 
productivity increases and 
from a cyclical turnround in 
the chemicals industry." 

Reliance, which produces 
textiles, plastics, and petro- 
leum-based chemicals, has 
grown in 30 years to overtake 
old-established companies such 
as Tata Iron and Steel, the 
country’s largest private steel- 
maker, as India's biggest com- 
pany. 

It is expanding capacity and 
diversifying into financial ser- 
vices, power and telecommuni- 
cations. 


GFSA gold mines ahead 
14.3% as production rises 


By Mark Suzman 
in Johannesburg 

Gold Fields of South Africa 
reported that its gold mines 
increased after-tax profit by 
14.3 per cent to R448m 
(3126.50m) for the September 
quarter, up from R392m the 
previous quarter. 

The increase was largely the 
result of improved overall pro- 
duction. 

In spite of a drop in the 
grade of ore milled, to 9.2 
grammes /tonne from 9.3 
grammes/ tonne in the June 
quarter, gold production rose 
to 30.612kg from 29,721kg. This 
was due to a substantial rise in 
ore milled to 3.33m tonnes 
from 3.2m tonnes. 

Overall gold revenue rose to 

R1.37bn from Rl.29tm while 


working profit advanced to 
R589m from R543m. However, 
working costs increased to 
R786m from R75lm. mainly 
because of wage increases 
starting from the beginning of 
the quarter. 

Of the group's bigger individ- 
ual mines, Driefontein boosted 
after-tax profits to R241.6m 
from Rl94.5m while Kloof 
increased after-tax earnings to 

R193-8m from Rl90m. 

Doornfontein. a marginal 
mine, reduced costs and raised 
revenue, reducing Its pre-tax 
loss to Rl.9m from the previ- 
ous quarter’s deficit of R8-8m. 
However, in spite of increased 
production, Deelkraai saw a 
drop in after-tax profit to 
Rl4.5m from Rl5.7xn as it 
resumed paying tax following 
last quarter's R8m rebate. 


HK newspaper chief may face ban 


By Simon Hoi barton 
in Hang Kong 

Mr Yu Pun Hoi. chairman of 
newspaper group Ming Pao and 
Hong Kong’s most mysterious 
media mogul, was yesterday 
notified by the Hong Kong 
Stock Exchange of disciplinary 
proceedings after it was 
revealed that he had a previ- 
ous and undisclosed criminal 
record. 

It is a listing requirement in 
Hong Kong that directors 
notify the stock exchange of 
any previous cr iminal convic- 
tions. Failure to do so could 
lead to disqualification. 

Share trading in Ming Pao 


and South Sea Development, a 
property developer and invest- 
ment company, was suspended 
on Monday after a newspaper 
revealed Mr Yu’s previous con- 
viction . In its statement about 
the pending inquiry, the stock 
exchange said trading would 
resume today. 

Mr Yu, 35, owns 605 per cent 
of Ming Pao, and 36 per cent of 
South Sea. Late Monday night 
Mr Yu confirmed that he had 
served a four-month prison 
term in Canada in 1979 after 
being convicted of credit card 
and cheque fraud, and posses- 
sion of a firearm. 

"I deeply regret my behav- 
iour in my youth and In regard 


to my past behaviour I have 
already paid for my wrongs 
and learnt my lesson, from 
this." he said in a statement 

The revelation of his past 
wrongdoing has focused public 
attention on one of Hong 
Kong’s most shadowy business 
people. The source of his funds 
for the acquisition of control of 
Ming Pao in 1991 remains 
unknown and subject to much 
speculation, especially given 
his youth. 

One source of his wealth and 
influence may be mainland 
China. Through his privately- 
held CIM. Mr Yu has joint ven- 
ture car dealerships for Ferrari 
and Toyota. He also lias joint 


ventures in magazine publish- 
ing, advertising, and cable TV 
- all “sensitive” areas where 
China's Communist party likes 
to keep tight control 

CIM is also Mr Yu's vehicle 
for satellite TV. By the end of 
this year analysts expect Asia 
Integrated Management, a sub- 
sidiary, to be broadcasting two 
Mandarin Chinese channels to 
Taiwan and possibly further 
afield. He has cable TV ambi- 
tions in Hong Kong. 

But the jewel in his crown 
still remains Ming Pao. It pub- 
lishes the Ming Pao Daily 
News, arguably Hong Kong’s 
most prestigious Chinese lm- 
guage daily. 


PepsiCo holds 
its own in 
brands battle 

By Richard Tomkins 
in New York 

PepsiCo, the US soft drinks 
and fast-food company, 
brought cheer to its sharehold- 
ers yesterday with quarterly 
figures suggesting it was fight- 
ing off the threat to its core 
Pepsi-Cola brand from own-la- 
bel cola drinks. 

The news from its fast-food 
restaurant businesses, how- 
ever, was less encouraging. 
Pizza Hut did particularly 
badly with operating profits 
dropping by 25 per cent, partly 
due to a decline in takeaway 
sales in the US. 

Overall, net income for the 
third quarter to September 3 
was $54 1.4m. This was 18 per 
cent higher than the compara- 
ble quarter’s 845 8. 2m - 
although excluding a tax 
adjustment in the prior year, 
growth would have been a less 
impressive 11 per cent 

Sales rose by 12 per cent to 
$7.1bn and earnings per share, 
boosted by company share 
repurchases, rose to 68 cents 
from 56 cents. 

The results were a signifi- 
cant improvement over the 
second-quarter performance, 
when weakness in the soft 
drink and restaurant busi- 
nesses brought underlying 
profits growth to standstill. 
Wall Street responded by 
marking the shares up $1% to 
$34 in early trading. 

In the beverage division, 
strong sales growth pushed 
world-wide revenues up 13 per 
cent to $2.6bn. This produced a 
19 per cent increase in operat- 
ing profits to $422. 2m in spite 
of higher discounts to retail- 
ers, a symptom of competition 
from other cola brands. 

Restaurant revenue 
increased by 9 per cent to 
$2£bn, but profit advances at 
Taco Bell and KFC (formerly 
Kentucky Fried Chicken) woe 
more than offset by the decline 
at Pizza Hut, leaving the divi- 
sion’s operating profits 5 per 
cent down at $211.1m. 

For the nine months, under- 
lying profits (excluding 
unusual charges) were 7 per 
cent ahead at Sl-Sbn. 


CREDIT COMMERCIAL 
DE FRANCE 
FRF 3,500,000,000 
FLOATING RATE 
NOTES DUE 1996 
ISIN CODE : 
XS0047999502 
For the period 
October 11 , 1994 to 
January 11 , 1995 the 
new rate has been 
fixed at 5,72265% PA 
Next payment date : 
January 11. 1995 
Coupon nr : 4 
Amount : 

FRF 146,25 for the 
denomination of 
FRF 10 000 
FRF 1462,46 for the 
denomination of 
FRF 100 000 
FRF 1462 4,55 for the 
denomination of 
FRF 1 000 000 

THE PRINCIPAL 
PAYING AGENT 
SOGENAL 
SOCIETTE GENERALE 
GROUP 

15, Avenue Emile Reuter 
LUXEMBOURG 



l 1 1 

vS l /* 


.1 


: rV . 


u: 







i\ 

l 




FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 


le w 


°04 


INTERNATIONAL CAPITAL MARKETS 


Treasuries forge ahead as rate rise fears recede 


By Prank McGurty In How York 
and Martin Brice in London 

US Treasury bonds forged 
ahead yesterday morning as 
fears of an Immediate incr ease 
In short-term interest rates dis- 


By midday, the benchmark 
30-year gorernment bond was 
£ higher at 96*, with the yield 
slipping to 7.83 percent At the 
short end, the two-year note 
was £ better at 99fi, to yield 
6.534 per cent 

Bonds opened with solid 
gains and advanced steadily as 
the morning progressed- The 
positive tone in part reflected 
technical conditions created by 
the extreme bearishness that 
had preceded Friday’s miifl 
employment data. 

With yesterday's activity the 
tentative upturn which had 
begun at the end of last week 
turned into a full-fledged rally, 


though trading volume 
remained moderate at best 

The extra impetus came 
from a report in The New York 
Times which further dispelled 
the lingering concern among 
traders that the Federal 
Reserve would lift rates at the 
end of this week. The story 
quoted unnamed Fed rrfffrfa te 
as saying the central bank 
would need to see more data 
before deciding when to 
tighten its policy a gain. The 
suggestion was that the policy 
makers would wait «mtn their 
next scheduled meeting on 
November 15 before consider- 
ing a move. 

Such signals gave the mar- 
ket a little breathing room 
ahead of the barrage of impor- 
tant economic figures to be 
released later in the week. 
Traders were already setting 
up positions in anticipation of 
Thursday’s reading on Septem- 


ber producer prices, which 
were expected to Show a slight 
0.1 par cent gain. Friday win 
bring nows of inflation on the 
consumer levd. The consensus 
forecast projected a 0-2 per 
cent gain during the month. 

There was an undercurrent 
of concern yesterday that the 
market was becoming too con- 
fident in such tame predic- 

GOVERNMENT 
BONDS 

tions. Some traders said prices 
could tumble if the figures on 
the current level of inflation 
came in stronger than expec- 
ted, or if Friday’s industrial 
production data suggested 
price pressures were building 
in the economy 

■ European government bond 
markets took their cue from 


* Multinational companies find 
success in eurodollar sector 


lV|Ki(‘i!r ;; 

its min in 
hr amis 


V. 


By Richard Upper 

Three leading multinational 
companies - Bayer, Smith- 
Kllne Beecham and Toyota - 
yesterday successfully com- 
pleted eurodollar issues, while 
deals by two frequent Euro- 
pean b o rrowers, including the 
first-ever 20-year peseta-de- 
nominated iSSUB, also onug h* 
the eye of investors. 

Toyota Motor Finance 
(Netherlands), a financing sub- 
sidiary of the Japanese motor 
concern, and Bayer USA, part 
of the German drugs and 
chemical group, successfully 
placed dollar-denominated 
paper. 

The three-year Toyota paper, 
led by CS First Boston, was 
sold at a fixed re-offer price of 
99.75, yielding 20 bads points 
over the corresponding US 


Treasury bond, and raising a 
total of man. 

The reoffer price on the five- 
year Bayer paper was 99.479, 
yielding 42 basis points over 
Treasuries. Deutsche Bank led 
the issue which raised $300m. 

INTERNATIONAL 

BONDS 

Investors were slightly less 
enthusiastic the issue from 
SmithKUne Beecham, the 
Anglo-American pharmaceuti- 
cals group. 

The issue was priced at 99.85, 
but tell to dose at 99.70 after 
the bands woe freed to trade, 
with the yield spread widening 
from 37* basis points to 42 
over the US Treasury braid. 

Lead rnanagwr S.G. Warburg 
said that the ttonigifln by Stan- 


dard & Poor’s, the credit rating 
agency, to downgrade the com- 
pany last month - and the fact 
that it now has a “split rating" 
- had discouraged some inves- 
tors. 

SmithKUne raised $200m as 
part of Its financing pro- 
gramme for a series of recent 
acquisitions, Including the 
$1.9bn purchase of Sterling 
Winthrop. 

Proceeds were immediately 
swapped into floating-rate 
funds and used to refinance 
bank debt, according to War- 
burg: 

Eurofuna, the Swiss-based 
group which funds the pur- 
chase of railway rolling Stock, 
raised Pta20bn, passing an the 
proceeds to Rente, the Spanish 
railway operator. 

The deal followed a Pta20bn 
floating-rate note by the Euro- 


the US yesterday, and adopted 
a generally firmer tone. How- 
ever, there was little trading 
ahead of key data due tomor- 
row from the US and the Ger- 
man election on. Sunday. 

■ German bunds drifted, lift- 
ing slightly during the course 
of the day. Mr Christoph 
Anhamm at UBS in Frankfort 
said: “It is a futures-driven 
market." He believes there 
may be a rally on Monday, 
after the result of the German 
election an Sunday, which he 
expects Chancellor Helmut 
Kohl to win 

He pointed out that the yield 
on the benchmark 10 -year 
bund fell by 21 basis points 
after the election in 1983. and 
by around 12 basis points after 
the election in 1990. He 
believes there is scope for the 
10-year yield to tell by 15 to 20 
basis points on Monday. 


The December bund future 
was around 89.40 in late trad- 
ing, qp 034 points on the day. 

■ UK gilts rose slightly, fol- 
lowing German bunds. Vol- 
umes were thin however, 
before today's important data 
on UK retail prices, employ- 
ment and earning s. 

Mr Robert Thomas at Nat- 
West Markets said gilts had 
taken their tone from bunds 
and if bunds were to rise on 
Monday after the German elec- 
tion result, gilts would be 
likely to rise in their wake. 

He said: “Bunds seem to 
have come to the conclusion 
that Chancellor Kohl will win, 
and I would say that was 
likely. However there is 
e n ough uncertainty around for 
the market to go up on Monday 
morning if Kohl wins." 

The December gilt future on 
LIffe rose & on the day to 100& 


in late trading. The yield 
spread over bunds widened 
slightly to around 130 basis 
paints hi late trading. 

The £65tta of stock issued 
yesterday by the Bank of 
England was sold around mar- 
ket prices. The stock was in 
three tranches: £250m of 6 per 
cent due 1999, £2S0m of & per 
cent due 2009, and £150m of 254 
per cent index-linked due 2034. 

■ The Italian market bucked 
the European trend to register 
a fall on domestic news. Mr 
Andre de Siva of Paine Webber 
said the sell-off was sparked by 
reports that Mr Silvio Berlus- 
coni, the prime minister, was 
to be directly investigated and 
that discussions on cutting the 
budget deficit by reducing pen- 
sion provisions had been 
suspended. He said: “This 
reflects the high risk attached 
to Italian assets." 


NEW INTERNATIONAL BOND ISSUES 


US DOLLARS 
Bayer USA 

Toyota Motor HnancefNathaJ 
SmithKttia Seectam Capital 
Bartow IntLInwaatmaniaWS 

FDB4CH FRANCS 
Co8noQi](b) 

ITALIAN LIRE 

European bivosinant Bunfcfc) 

AUSTRALIAN DOLLARS 
SBC Autitafa 

SWISS FRANCS 

BLFA 

UttaUBOURQ FRANCS 


Amount Coupon Price 

m. % 

300 7.7b 9S478R 

200 7.125 90.71 PI 

200 7.375 SSL85R 

75 100.00 

Ibn 7575 10Q435B 

400tm 10,15 97.805 

100 geo 101,197 

100 550 1023B 

2bn aOO 102.75 


octiara 

00.1997 

Nov.1997 

8*p30O4 


Faoo Spread Book (tamer 

% bp 

DJ30R +42(7MW-&Q) Deutsche Bank London 

0.1875R +20§jKt%-97) CS First Boston 

0225R +37J4(B5M6-97)SQ WartJurn Securitas 
250 Swiss Bank Carpi 

D34R +40(B.7%-g7) Soc-BOrt/ SBC Ftawo 

UTS - BOCartptaUP Mmn/S.Paoto 

1.75 8-tea Burk Ccrp. 

240 - Swiss Bank Corp. 


PESETAS 

Eurefliiw 20ton 11-00 100X0 Nov3014 ZIP Bare Vizcaya 

Hnai tenro and norvcalafcte union stated The yield spread lover relevant govarnmirt bend) at Hunch h mpptod try the tool 
monflOor. SComart&toi Ft fixed re-offer prtco; fees are shown at the re-offer level, a) Pricing: £18710184. Cow prwn Incfcatad at 
10-15%. Critoh to 1mm 2019190. *ut*ect to 130% hurdle, at par. Short 1st coupon, b) tong 1st eoupn. 4 FungUe with LIMObn. Plus 
126 days accrued 


pean Investment Bank last 
week but was the first matador 
bond to be issued for some 
months and the first ever to 
carry a 20-year maturity. 

Both its term and 11 per cent 
coupon appealed to Spanish 
life assurance companies 


pension funds, lead manager 
Banco Bilbao Vizcaya 
explained. 

The European Investment 
Bank was also back in the mar- 
kets yesterday, raising L4O0bn, 
fungible with a Ll,400bn deal 
launched in June. 


JJ. Morgan, together with 
three Italian banks, led the 
deal, which was priced at 
97.995 with a 10.15 per cent cou- 
pon. Morgan said rlmm-nri was 
particularly strong in Belgium, 
and Luxembourg, as well as in 
Italy. 


Mary Schapiro 
takes CFTC helm 


By Laurie Morse in Chicago 

Ms Mary Schapiro will take the 
chair of the Commodify 
Futures Trading Commission 
this week, giving the agency a 
permanent chief for the first 
time in nearly two years. 

Her confirmation as the chief 
US derivatives regulator came 
last weds, after being delayed 
for four months by a political 
dispute between Mr Jesse 
Helms, the powerful southern 
senator, and Mr Mike Espy, the 
US agriculture secretary. 

Although the 38-year-old Ms 
Schapiro kept a low profile 
during the dispute, both she 
and powerful people from the 
industry she will regulate have 
been anxious for her to start 
work. The CFTC has been 
without permanent leadership 
when financial regulators have 
been re-examining their treat- 
ment of derivatives, with the 
agency at best playing a con- 
sultative or catch-up role. 

Having suffered for years 
from an image as a too thless 
watchdog with questionably 
cosy relationships with its 
industry, the CFTC’s stature 
and its staff morale were fur- 
ther damaged by the low prior- 
ity the administration gave to 
fiiHng the chair. Now the agen- 
cy’s traditional constituency, 
the US futures exchanges, fear 
the CFTC's lack of status will 
put them at a disadvantage as 
global rules on derivatives 
trading are forged. 

hi her new post, Ms Schapiro 
has oversight of private deriva- 
tives markets as well as estab- 
lished futures exchang es. She 
will also become part of the 
president’s working group on 
financial markets, which for 
the past year has been focusing 
on nan-listed derivatives. 

Since 1968 she has served as 
a commissioner of the Securi- 
ties and Exchange Commis- 
sion, a regulatory agency that 
dwarfs the CFTC in terms of 


budget, staff and mandate. 
Asked about the perception 
that the SEC'S competency ter 
out-shines the CFTC, Bis 
Schapiro said: “I don’t want to 
compare the agencies - it 
wouldn’t be fair. I’d just like to 
say that the SEC Is as fine an 
agency as I*d ever like to work 
in, public or private, and Td 
like to bring the SEC’s tradi- 
tion as a fair, strong and tough 
regulator with me to the 
CFTC." 

Ms Schapiro says one of her 
first actions will be to look at 
the CFTC's structure. “The 
agency isn't growing, but its 
mandate and the markets it 
supervises are. Realistically, 1 
have to find a better way to do 
the job wit h the resources we 
have.” The CFTC's 1995 budget 
is $50m, compared with the 
SECs 3300m. 

The CFTC has been criticised 
for neglecting its enforcement 
duties while devoting too much 
energy to desk work. 

Ms Schapi ro, w ho started her 
career as a CFTC enforcement 
attorney, says she wants to 
change that image. “I don't 
believe you can have an effec- 
tive regulatory agency without 
an effective enforcement divi- 
sion. It doesn't matter how 
good your rules are if you can’t 
enforce them," she said. 

The agency must also ask 
Congress for reauthorisation 
this year. ‘Tm hoping very 
much that this reauthorisation 
will not absort) all the agency's 
time and energy. My goal la to 
get the agency reauthorised 
quickly,” Ms Schapiro says. 

Although Ms Schapiro’ s 
nomination last May was 
widely praised by executives at 
US futures exchanges, her 
extensive knowledge of the 
Industry may over time prove 
perplexing to th^m She will be 
the first experienced regulator 
with extensive derivatives 
knowledge to head the CFTC 
in more than a decade. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 


Rad 


DB/a 

Weak Month 

Data 

Price 

change Yield 

ago ago 


Auatrafia 8.000 0BAJ4 83.1800 

Bottom 7.250 04/M 82.3500 

Canada* 6-500 OBflM 84.7000 

Danmark 7.000 12AM 87.3000 

Franca 0TAN 8400 06/86 101.6000 

OAT 6500 04AM 88.1800 

Germany Trau 7X00 08AM 985800 

ttnfr 0500 08AM 80.7400 

Japan No 110 4. BOO 00/89 102.0140 

Japan No 104 4.100 12AS 85-8420 

Natharianda 5.750 01AM 08.4800 

Sptin 8.000 03AM 822000 


- 10,10 1040 10.00 
+0320 8.44 858 BBS 

+0800 850 089 aao 

+0300 &85 BOB 8. IS 

-0.040 7.48 7.55 7,45 

+0.170 am a2i a 03 
+0500 7.56 7.72 752 

-0330 linTt 11.82 12JW 
-0120 4,14 097 Bag 

+0080 4.75 45B 458 

+0880 7JSZ 756 7.48 

+0,060 11.08 1121 liar 


• -A- • 

UKGSta 

ILOOO 

COW 

90-08 

+2X32 

651 

8.72 

650 



8.750 

1W» 

87-05 

+2132 

688 

858 

8.70 



8.000 

10708 

102-21 

+2732 

K67 

B53 

859 

*" 

US Traeaury * 

7560 

0804 

97-16 

+10/32 

751 

758 

752 

V 

7500 

1UZ4 

86-OS 

+34132 

753 

756 

756 


ECU (French GrM) 

WXKJ 

(MAM 

KL570Q 

+0300 

850 

8.72 

852 


London aMtp ritaw Yrtk mkMHv 
T (keaa pnduUng vMtaldkia tax at 126 te \ 
PflMK US. UK to 32nd*. oUrn In (Mnl 

US INTEREST RATES 


ftUNl ... — — — 
FMJl«ft*l«naMML. 


ON man — 
,7V Vmmaa — 

S Uaaa north—. 




VMdK Locri matM atandanL 
by nonraaUMtt) 

Smear MfSMmaBofd 


Tnnwy Bb and Bond Vtaktt 

438 Two war 

UJ Itowyw — — 

— — - SCO Rwiaar 

55t TO-jaar 

5J8 30+rer 


BOND FUTURES AND OPTIONS 
Franca 

■ NOTIONAL FROICH BOND FUTURES (MATTF) 


■ LONG TERM FRENCH BOM) OPTIONS (MATIF) 


Strike 

Price 

Nov 

- CALLS - 
Dec 

Mar 

Nov 

— PITTS 
Dec 

110 

1<4B 

1.87 

- 

057 

057 

111 

0.78 

150 

- 

U74 

157 

113 

035 

054 

- 

150 

150 

113 

0.10 

049 

093 

- 

2.44 

114 

0.03 

055 

0.73 

- 

3.18 


Eat. VOL «A Calk ZZ.14Q Fun 32A» . Pi-ante* dafn open ML, Cda 193j>M Pin 326006 

. Germany 

5 » NOTIONAL GERMAN BUND FUTURgS gJFFgT DM2SOOW IQOtta of 1009* 

□pan Sett price Change High Low Eat. vd Open InL 
Dae 89.16 89,47 +QA1 8868 88JBB 1S48S4 181617 

M. 8866 68.72 +039 8080 68*6 706 2004 


■ BUNP FUTURES CH^TTOWS (UFF6) DM25Q00Q points 04 10094 


Nov 

CALLS — 

Dec Jan 

(Mr 

Naw 

Dec 

pins — 
Jen 

Mar 


153 1-13 

1.48 

044 

088 

151 

1.76 


1.04 050 

154 

064 

157 

1.88 

252 

056 

0.79 am 

154 

091 

152 

1.98 

252 


(Jt m CM* 24147 Put* 9C2B1. dW* optn K, Cali 270280 Put* 214383 


UK GILTS PRICES 


■ NOTIONAL ITALIAN GOVT. BOND (OTP) FUTURES 
flJFFEI* Ure 200m lOOtfn of 10056 


FT-ACTU ARIES FIXED INTEREST INDICES 

Price bidices Tub Day's Mon Accrued xd ndL 

UK Qfita - - - 


Oct 11 change 96 Oct 10 Interest 


— Low coupon yield— — Madum 0014100 yMd— — High coupon yield — 
Oct 11 Oet 10 Yr. ago Del 11 Oct 10 Yr. ago Oct 11 Oct 10 Y7. ago 



Open 

Sett price 

Change 

Hfch 

Low 

Est vd 

Open bit 

1 Up to S yaam(24) 

11IW1 

+009 

119.47 

157 

9.10 

5yra 

859 

8.80 

6.19 

858 

088 

044 

080 

853 

063 

Dec 

9655 

8850 

-014 

9655 

9745 

42078 

60481 

2 5-15 yearn (22) 

138J2 

+014 

13854 

1.78 

1059 

15 yra 

857 

859 

658 

071 

072 

7.11 

856 

858 

752 

Mar 

97.10 

9754 

•014 

97.10 

9758 

67 

2480 

3 Over 15 yean (31 

4 bredanmablas (8} 

5 AB stocks (B0) 

15451 

177.03 

13010 

+008 

+019 

+OII 

15458 

17070 

13852 

245 
* 357 
150 

951 

853 

9JTO 

20 yra 
lnred.T 

854 

854 

855 

856 

7.10 

753 

on 

8.72 

7.17 

HP3 

853 

734 

■ ITALIAN OOVT. BOND (OTP) FUTURES OPTIONS (LiFFQ UnSOOnt lOOtha of 10096 




— 

— Ltflalloo 5% — 

— 

— 

Wtetfao 10%- 

— 



Strike 

Price 

DaP 

. CALLS — •— 

Mar 

Dec 

- PUTS - • 

MW 

9800 

1.77 

258 

1.77 

044 

88BO 

152 

2^8 

2.02 

3.72 

9000 

139 

238 

229 

452 



Ck*l 

Sattprice 

Change 

Hgh 

Low 

EaL vd. 

Open fen. 

Sbflce 

Mm 

Dec 

11074 

hum 

+018 

111.18 

11080 

185,771 

143.787 

mw 

Mar 

11008 

11038 

+028 

11002 

10958 

3 

8.199 

100 

Jun 

10938 

10952 

+038 

10930 

10036 

2 

438 

101 

102 


en. «cL iota). Gala 890 Put* 883. Aato ch^a open K, ca* T44B1 Puls 24871 


Spain 

■ NOTIONAL 9PANMM BOM) FUTURES (MffF) 

Open Sett price Change Mgh Low Eat uot Open bn. 
Dec 87.15 87.10 * -0.07 8765 6890 51900 78948 


■ NOTIONAL UK QB.T WJTUREB (UFFE}* C5QJ00 32nd« qf 10056 

Open Sett price Chaigo Hgh Low E«L vd Open tnL 
Dec 100-21 100-26 +4HJ7 10030 100-08 48283 91228 

Mar 99-04 90-28 -0-02 90-27 90-04 SI 16 

■ LONG QB-T FUTURES OPTIONS ffJPPg E50900 B4tha of 10056 

Shfta - CALLS - ■— --- PUTB — 


Eat VOL total cab 3128 Pub 3874. Pnwtous dagrV up« H. Gaa* 63870 PUB 38065 


Ecu 

■ BCU BONO FUTURES (MATIF] 

Open Sattprice Change hfigh Low Eat voL Open bit 
Dec 7990 8054 +040 8080 7890 2032 0312 


' BOND FUTURES (C01? $100000 32nda o# 10056 



Open 

Latte 

Change 

High 

Low 

EaL voL 

Open bit 

Dae 

98-14 

98-22 

■+0-08 

98-28 

98-14 

42.987 

410517 

Mar 

97-28 

96-00 

+0-00 

98412 

97-25 

69 

26595 

Jui 

97-07 

07-12 

.+0417 

97-14 

97-07 

1 

11,177 


Japan 

B NOTIONAL LONO TBUI JAPANESE OOVT. BOND POTURBB 

0JFFEI YIQOm lOOtm of 10056 

Open Ctoaa Change Hgh Low Eat vd Opart InL 
Dae 107.00 107.17 10890 2067 0 

* UW8 oorareda aaOM on APT. M Open IMatn Ipt, are tor paaxtaua ttop. 


YWtt— — 1BH — 

Hum fit Watf PitoaC+ar- HP l«r 


Patti" OMWfcRn 1W« 

TrwWcWW — - 
tape 1885 51-2 

Ejtd)3pt6W18*HO— MS 
IOLi* 1805 .MB 

Tmaii2Veei«S» — 

line 1996 law 

l^lQC 1 W ft ft 

aw *inift«iBa— aao 
Tta»CW7>C l»ff — 

Trtat I3I*0C — 11-* 
lbJi nlac itW-r — 2* 

TiaasBIiOeWWl*— 

gLw tflfl | ft«0 

sasste: a 

14pc 1886-1 _ — — - 1-04 

Eirt 1®C 1990 *22 

T|a*itt>}PCl8B0P MO 


IBSt 

5.61 imp 
172 SB 1 **! 
8Bi tom 
UB 108AM 
7» W» 
7481UAM 
rsBioaafi 
; jo lOrifW 
7J5 STS 
794 110V 
798 WSA 
6» imjj 
831H7HN 
638 wn 

026 86B 
897 PAM 
681 He* 
645 1231+ 
69 1I1U 

ajM toov 


— waH 

— IOTA 

— Hd 


+A UOA 
OiB 
+A 1M0 
10W 
♦& 1« 
131* 

l«A 
*A R5fl 

+V i»A 


ItoatofWaanTaat* 

bffll2V0Cl» - 

Iren lO^sc 1*6 ..... 

TwaaSpeWBtt---- 

fwiR^ lteilO W 

CwrBBrWOW-— — - 

Tim 13« 3000 

1ft* !OM 

JKWSM* 

hljk 30tc_ 

atrasam- 

lopcaara— 

liBaa'iVptWn-^ — 


HUB MS 
ME 4LM 
0.U Ml 

m 

097 as* 
1098 BBS 
648 68* 
798 673 
890 687 
840 670 

MS 6g 
1028 602 


4*1 t9u 

*t. 1»& 
TOIfi 
+V 150S 
100 A 

1W A 
*H 138J3 
*i mi . 

U*A 

•A 

+A na» 

3! Si5 


TvObqVhk W99-L-. 
tOBA Co«mton9>zKa)04-> 

1WH TimB4iI*20H» 

B*zpc2005 

vsu o»»VPeadoa 

‘S Thai KVPC 2D0W — 

!™ JSSS — 

it»i opeaoa-Btt— , — 
tSI itoHiiftaca0O8-r — 

*4 T«i«iawaw» — 
110A tiVoc 2004-a 

1041* 7mm Ope 2008 46 

10Ou 

11W 

10311 

«v 

S3B 

iT 5 H OwmaalMn 

Vea.ftlc2D09.___ 

110a iiwBiMpeano— ~ 
iDiH o»*ewaoji# — 

tea* We On#-— 
teaPapanMStt- 

Trtaiflpejmstt 

7VseMtt-«tt 

naaaSVwsnm 

11 in E*» 12PC 2013-17 


u Dad Pikes +- or- 1*8 Lm 


494 796 ISA 
607 6781D4M 
7.74 897 

890 688 MB 
6M &7510SVM 
1035 609 120* 

&30 686 93U 

646 173 84* 

10*1 610 USA 

661 897 mm 

1098 608 tm 

878 688102*9 


64S 898 9«fi 
790 834 KVa 

672 684 10SA 

671 682 TOtV 
7.49 US 73B 
647 898 94fi 
641 857 983, 

680 858 10lV 
628 679 HSU 


as ss* — 

am WrtMRSVgctt- 
im Ooo»S l »c.'*i «L. 


1(U0> Cmrtlw 
WO Tm:>h>c- 


+J» B8A 
+* 125A 

+d 

+4 

+A 1*M 

+A uai 
+4 mv 

+M MBA 
+4 11« 
+A TO* 


4 USA 

♦V wv 

-A 93V 
— 117B 
+A 1WV 

128V 

+A iSft 


— EBV 
+A «fl 
-A 71 
-A 

+& m 

+V 87V 


_1toU_ —1994- 

Mai ffl WWnaC +«- taa 

toto. mai M 

2pcVS_ P7-8) 252 620 188% +A a»V 107SZ 

4itfe-88tt— 035JBJ 268 3S*TW&«I +V iwi l*& 

21*fK-tn p6R 643 683 M5A +h 175% 1»V 

ZhWS~~-$m 1SS 395 181/. +A 173V 1384 

Rt* — tmn ass +a iwv « tv 

2acV8 mm 3JH 398 1B7B +V W4fi W3A 


2ec VB H151 8Jtt 398 1B7B 

2%cV0 4JBJ) &H 397 151{| 

SVaem {ft* 10 397 157 

2VPC13. (BUS in 187 129V 


■+V W4g 165& 
+A 168,1 149V 

+A T7B v 154H 

+i 148V MOV 


ftgoi* 31 » 174 am is* +V wta wh 

ihSK‘2D~ 0 H.O> 177 IBITSIVtH *U 152fl 128V 

SVpeW#. I97J} ITS 398 rs&t *1 12BL w» 

Pipe ■30# (1360 670 692 108V +* WB «« 

Protpwah* real reOwTcton rtaa on projedaa toSafloo ol fl) ltS% 

and (9 55L H Rp» *> pa n wleaK ahow RP1 bm far 
Wtodng * 8 rocraha (riur to laauN arid Mae Man KftiAed to 
redact rabaalno el RPT to 100 In Jawy W8T. Oonwtoi teclor 
19*5. ftp) tor Januay 1994c 1*1 J and tor AugMi 1994: 1*4J. 

Other Fixed Interest 


-1fl94„ 

Hctoa hr Had PricaE+g- tyt in* 

MMDaaravK2909^. sjz am Men — issv iota 

rwton>2t«an2 asi tsa m — ic 11s 

kaMQpBfepeTO 698 - fiBV +V 115V 03V 

flpoCaalBW — 090 - HD — HBV WV 

1*CVM — 110 - H»V — 11SV MB 

unto doabic i&pc an I. hub m wsi — im 

iMdaisvccsm ran - isb — wav 12 s 

Uanml3VKkn6 950 -.38 V — 444, 33V 

UC9RT0AL 938 - 32 — 28V 

ItaMr 1lVPC2D07. 1618 970 113 136U 112 

M*«r.3*Tr — . — 40 80 aw, — to mh 

- 45i not, ism. irsv 

iVtcLSOM- ... - 40 t«v — MSV 123V 

UtoHer SMb K^se 2008 t£0 - WV — 1SH* M4V 


B Up to 5 years RJ 
7 Ow5yoanC111 
S A8 etoefcs (13) 

Pataanturaa and Lnana 
fl DttosS Loans (77) 


+0.18 18450 
+0.17 172+41 

+0.17 17293 


+0.08 12&58 


597 Up to 5 yra 
SL» OwrSyrt 
4JM 


Oct 11 Od 10 Yr. 


491 498 253 
398 390 3.15 


293 200 1.77 
3.70 3.71 298 


Syaar yfold — 

Oct 11 Oct Id Yr. 


■ 15 yw yield— - — ~25 year yield - 
Oct 11 Oct 10 Yr. ooo Oct 11 Oct IQ Yr. i 


9.72 0.72 7.78 9.67 998 605 8.63 994 8.17 


A>eape &om ledawpO u n ytoUa are utiown atrow. Coupon Banda: Un» OK-75H(; MadUre Hfgh: 1151 Md owl t B* yMd ytd Yaar to data. 


FT FIXED INTEREST INDICES CULT EDGED ACTIVITY INDICES 

Oct 11 Oct 10 Oct 7 Oct a OctSYrago Wgh* Low Oet 10 Oct 7 Oct 6 Oct 6 Oct 4 

flow. Secs. (UK) 90.83 9098 Sa /8 9063 9010 10294 107JM 8994 Ott Edged bwgMw 81^ 799 7B9 759 68 jQ 

Ftaad tatanaat 10790 10752 10793 107.02 10096 124^42 13397 108.50 5-diV avoraga 789 78.7 85.1 91.7 1049 

•tor 1994. amermam Socatoae Mph elnce cunp8ialotc 127 AO pnflBJ. tow 4&1B (wns). Ftoad Manat Ngh dnea c cti to toa ta c 13397 XZUW > . tow GbSl SW73) . Bade lOOc Comment SaeutoM iS/ldf 
» aid Ftoad hm 1 K». SE mMv Irion irii— cl 1BT4 


FT/1SMA INTERNATIONAL BOND SERVICE 


LMad arg ma Mat I 


BctaB Innda IV aMdi 8 m h ai adaquato ascondav marigBL LMat ptfcaa at MO pm oa Ootobar tl 
beuad BW Olhr CUp. YMd Keuod BU Ofltar Op. YlaU 


hand BU OOar Cbg. YlaU 


U& DOLLAfl SnUIOKlS 
Mttoy Na8 Ttaauy 8«j 08 - 

Atwta Antes 7V9B 

ADBDlafiVOO 

Bade ol Tdqo BV 98 

8atfun5Vl>3 

BFCE7V97 

BrtWiOHOft 

Qtrada990 

Chung Kbng Rn BV 98 — 
Qhta^M 

COmd Enopa B96 — .. 

CWSRnMSVW 

DcnatokH,98 — — — 

Siat.fepfnMa'vSVM- 

KSC8V96 

assay 88 — 


Baev 97 

Bac da Franc* 9 06 

BnftnafiVSB 

G>-tnBankJipan802 _ 
Baton Da* Cap BB _ 
Fadetal Ndl Mat 7A0 04 . 

FUrt&sr 

RmithEjpOrtBVBS — - 
FM Motor 0«R 6V BB. 
QmBKCwUieVSS-. 

QMACSVSS 

hdBk Japan Ri7lj| B7 _ 
lav Anar Oav TV BS — 

UftPkn 

Japan DwBkBV 01 — 

Knaf BacPwri09B _ 

UC8 Ra 8 W , — -p-I 

OSB itaanta* 8V m . 

fWigdStffl-— IZ 
Ojetee^dtoBVBB — 


SanatuyOVea _ — 

SHCFfiVsTllZ—I 

ScaKPMweftB 
Ibw MdrapoiB Bit BB . 

Toynto Wafer 5VBB 

Unhd Khgtain 7V 02 ~ 


- 1000 88V 

.1000 U» 
_ «0 103V 
_ TOO TWV 
. 1000 B3 
— 150 T01V 
. 1500 0V 

- WOO 102% 

_ 500 80V 

- tan 85V 
100 imv 

— 300 106V 
-1000 954 
-BOO 88V 
_ IBS 10EV 

— 100 102 
_ 250 10lV 
.1000 W5V 

- 200 W% 

-KB 1034 

- 500 99V 

_ 180 108 
. 1500 96% 
-3000 B84 

- ZD 102% 

. 1500 86% 

_ 3DQ 100% 
_ 230 102% 

-200 iaPi 
-200 101% 
. 3500 784 

-SOD 102 

- 350 104% 

- 1360 B44 
-200 100% 
. 1000 85% 
.1000 100% 
, 3000 S6% 

- 200 1<B% 
-200 100% 
. too #4% 
-1 50 105% 
-200 103% 
-150 103% 
-200 105% 
-150 108% 
.1500 85% 

- 200 1(C% 
.2500 86% 

- 700 102 

. 1000 07% 

- 200 102% 
.1500 M% 
.3000 95% 
.1500 103% 
.1500 103% 


□EUISCHE MARK SIRM8HTS 

Austin 04 31 .2000 

Qedt Fcnaa-7%03 2000 

P«iaft6%9B KBO 

D 4 A fence 6 % (U 1500 

DgtehafikNi7403 2000 

SCOliOD - - - -won 

m«%m . . - iq« 

Hrferd 7% to ________ 3CC0 

Stir 7% 86 5000 

UBSndso4VWil840B 2250 

NaMVfi%9B 1500 

CUafcG%W 1500 

Spin 7% to 4000 

BeaAn897 2500 


U*adKnpdm7%B7 5500 100% 100% 

8ft +V 627 WAsangan W Fh 7 03 100D 84 04% +% 

100% +% 792 Watt Bra* 015 2000 20% 20% +% 

nn4 4% 7J4 VlattMSVtB 3000 88% 8 3% 

102 791 Ykxtt BanB 8% 00 1260 110% lift 4% 

83% +% 628 

101% 4% 7.10 SMSS8 RMHC SIRWQHIS 

10% ♦% 683 Aatan Qn> SmR 8 10 100 88% S8% f% 

103% t% 880 AutbftOO KBB Oft 9ft 4% 

8B% 683 Oa«f Bicpe4%96 250 BS 89% 4% 

85% 4% BUB7 Dnralk4% BB 1D0D Bft Bft 4% 

102% 4% SW BBftM 300 105 W54 

107 4% 794 Bards fane 7% 08 100 107% 100% -% 

85% 4% 728 Fated 7% 89 300 107 4% 

8ft 4% 628 tyindri Motor Rn 8% 97 100 105% 105% 4% 

«E4 4% 7.13 teafend7%DD 100 107% 1W 4% 

ttC% +% 082 Kite ft 01 340 103 1(8% 

101% 898 OntartoftIB 400 100 10ft 4% 

105% 4% 728 Qtobac Hjdm 5 08 100 84 84% 

104% 4% 7AB 8NCF7D4 450 107 107% 4% 

1034 4% 681 Wold Bar* 5 C3 160 96 96% 

100% 4% 603 VWaUBto*701 800 103% 105% 4% 

10ft 4% 7JB 

Bft +% 610 YBI snunHra 

Bft 4% 7.43 BalgkxnSSe 75000 102% 1Q2% 4% 

103 4% 895 aaftoo tooooo 1004 108% 4% 

9ft 4% 7.71 RtedftSO 80000 104% HE 

10ft 722 War tear De* 7% OO 30000 lift lift 4% 

-102% 744 Rdf ftOI 300000 81% 81% 4% 

101% ft 798 Japan D*vBk5SB 1000CO toft 10ft 

101% 687 J*toiDsrBk6401 120000 110 110% 4% 

7ft 4% 617 Nppcn Tai Tal ft 9B 50000 10ft 104% ft 

10ft ft 7J9S Maw«$V87 180000 10ft 10ft ft 

Wft ft 888 SNCFftOO 30000 Mft 110% ft 

86 ft BIB SpahftCB 123100 105% 106% ft 

W1% ft 794 9esdan4%B8 150000 101% 101% ft 

95% ft B24 lltodd Bank ft 02 250000 103% 103% ft 

100% ft 7.11 

85% ft 898 OTHBI S1RWKI8 

10ft ft 798 QtofimaUKftWlA WOO 104% Wft 

100% 794 0(B Date fentetok B% 03 Ur — 3000 100% 101% 

85 ft 835 Watt Ba* 8 86 Ur 1000 100 Vt\ 

108% ft 796 ABN Amro 6% 00 R 1000 

10ft ft 797 Bank Nad Gemsoaan 7 OQ R — 1500 91 92 -1% 

103% 729 AtertoFtetealftesCS 500 W3% 104 ft 

tOB ft 8JB Bal Canada 10V 89 CS 16D 105 105% ft 

1004 4% 796 MttiOtftnbfclOgSCS 500 108% 1034 ft 

86% ft 772 BB 10% 98CS 130 105% 106% ft 

10ft ft 7.11 Bac (to France »%WCS 275 ME% Wft ft 

89% ft 654 Gen Ban Capkd 1088 CS 300 108 1P3% ft 

102% ft 667 raw K few 01 CS «0 105% 103% ft 

4% 61S HjpmWWlOVaBCI 200 104% 10^k 4% 

raft 7.10 attotoeoscs raw 91% 02% ft 

66 ft 799 Citato HpkoTdV 88 CS 500 108% 108% 4% 

BB ft 797 Oato-KaMter*W% 99CS — 150 104% 1CS% ft 

103% ft 793 OteeoPW 704 96CS— 200 104% 105 ft 

104% 4% 788 Mgun4%fl6Em 1250 102% KC% 

OocndfiaapaSOI Bai 1100 101% 101% ft 

CtodttytnifaSBBEco 125 104% 1® 

814 ft 620 BB ID 97 Ecu 1125 104% 10ft ft 

9^1 793 Ferro dd Sat Wi 96 Bar GOO W4% 10ft ft 

®4 -ft 7JJ2 6*10% 00 Ecu 1000 107% W8% ft 

90% ft 790 Spein 99fl£cu WOO VS 102% 

SB% +1 7.70 UtadHnpfcm6%DlEeu 27ED W24 UE% ft 

'96% 4% 791 ADC108BA8 WO 101% 101% ft 

BS 747 OSmm8k*eBafc13%89AS_100 Tift 115 ft 

90% 7*J 0BT%99tf 850 E6% 95% 

100% ft 793 NSwnaaauy2tooO2OA0 — , 1000 B 8% ft 

Bft ft S-1B R*IBank7%03AS 125 Bft 88 ft 

97% ft 692 SMn Bk NSW 9 IS AS 300 M 8ft ft 

89% ft 60S $tiAutOMfe9CCA$ 150 92% 80% ft 

Bft ft 787 Ut*wr7aaWa12»« 150 106% 107 ft 

102% 4% 7.16 WtostoriAatTrBa»7%06AS— . 100 84% 95% ft 


683 MftyMtiliaBMyBCBE. 
7JB8 ABtnoa lake tt% 97 E — 

743 atitoland8%23£ 

7J2 Dam«*B%flB6 

mb mw87e 

Httia 10% S7£ 

Haraon 10% 972 

807 HS8C HoUnga 11-002 6 - 

632 My 1ft V4 2 

507 Jqptn Dan Bk 7 00 E 

627 Land Bars ft 076 

607 Oaste 11% 01 E 

629 FcmewnftttC 

500 SwmTHttlftaE— - 
037 Tcfcyo Bac FbN 11 01 E - 
610 MteyNterttOSBKS— 

682 TCNZFhft 02 NTS 

624 QatB Local 6 £W f» 

086 Quo da Fora> fl% 22 FFr _ 

005 SNQfftWffr 

5J3 

STB HCMTMG RATE NOTES 


- TOO 91 
-W 0 W5% 
_ 150 87% 
-800 89% 

- 837 Wft 
-TO W3% 
-CD 0 W34 

- 158 108% 
-400 W 6 % 

- 200 91% 

-200 97% 
-100 W7% 
-250 85% 
-TO TOB 
-160 raft 

- 100 83% 

_ 75 Oft 
.7000 85% 

. 3000 99 

.4000 104% 


81% ft 858 

raft ft am 

88 4% 1049 
98% ft 083 
1034 ft 835 
104% 853 

100% ft 9i» 
109% 1003 

W3% ft BJB 
91% ft 855 
87% 95B 

107% ft 950 
98% ft 950 
10ft ft 931 
107% Ml 

84% ft 829 
97% +1% 686 

Bft ft 616 
Bft ft 684 
104% ft 755 


tamad Hd OHar CXfwi 


NteyNWTmaiuyftes WOO 

Banco Raw 0 BB 200 

Ba4kni&a7DM 500 

BFCE -Q0293 350 

BrttortaaiOaOE 150 

Canad a -% 88 — — 3300 

COCEOOBBhi. ... - 200 

OcdUtoatehOO 300 

Damaakft B8 1000 

Dmtoar Ftoanoa it B8 CM WOO 

Ftoo ddStat 81087 420 

RtedOW 1000 

MfetiOBB 300 

«ft%» 2000 

IXB BtenWtetRa -% 88 — TOW 

Ltoydfe Bank ItopS 810 GOO 

IMqtia^OS 650 

Naw Zrtend ft 99 TOED 

OnMoOSB 2000 

flarfaOHB 500 

Spate GanateOBB 300 

Stotetor* Boln -005 BB OH - 8000 

SteaeVetodaaOBW 125 

SeadanOBB ... ■ — 1500 

SuodmftOI - 2000 

IMfed KSngdcin ft 96 4000 


COMIEKnBLE BONDS 


BtoanhgftntoftOS 

Cute Capfei 098 

Sett Karate 74 00 _ 

Hanoi 9% 00 E — 

HnonAmate2aBOl . 
MrgKangb9id401 — 

Und Sere ft 0?E 

l*n»7%062 

MtoiBankftOB — - 
Moult hi Rn ft 87 — 

Mttiwftaae 

Opton6Q2 — 

Puna* ft CG 

Sonfiomo Ba4t 3% 0* — . 

SunAteto8 7%0BE 

1totoCatte905£ — 
Tens hahmartn2% 02 . 
•KaWaiwto WOfeMii 
tC^rwamatt nate 


Com. 

teti Price BM Ote 

TOO 5ft 83% 84% 

250 88 100% 101% 

95 US64 111% 113% 

500 25875 104% 105% 

TOO 734 7ft 

410 31X6 79 30% 

84 672 Bft SB 

SO S64 8ft 82% 

200 23325 85 87 

100 2283 10ft 101% 

250 453 117% 118% 

B5 30477 Bft 87% 

500588007 SB 89 

300 38069 79 80 

155 as 95% 98% 

200 251 T»2 113 

— soo aft aft 944 

I - potato plea 

r ratoptod a pnae 


SaadW897 2500 KB% 10ft 4% 7.15 WtetenAtinte»7%86AS— TO 94% 96% ft MS * Or* a* mate mate n«pM a pare 

StSMOHT BIMfitelte Yakl H te ate to atenate" W^riMcIh* toitek teato la to nOkni sToMney rate Op. <te4tenpa on ite 

tUMaMHBgNPnan te PiTitert toifcteauiteraltetel«iateLCte»niliitetoiidtemgp iote «tefli^ 

9Ci<te Panwt*ito*d h date iiite <*)arete tiitoad rte. pdretewte atiwura U bortt par dm wpwate P eureney of tew iff aoriwan are itel g tee. Btowrt 
Ote« alh ui itoptettnate l altei»mhe rawd raerte a te ra teapdcaadnia Orate 

<1 Tha Ftete Raw* Ud, 1694. fteWUMcn In ehato or to pad ta arer toon net parated wfehomwaton catet Cte auppdad by temaflonri Sacutla yaw Amnrtten. 


.C^niPtOiM 


• Tap 1 ato*. » 


Taa-tet » narwtedanBi an 


appsoaban. E tactai tetL ad Ea tedani Ctoafeip ndd-pncaa M idten In pemdt. 







FINANCIAL TIMES WEDNESDAY OCTOBER 


COMPANY NEWS: UK AND IRELAND 


Deal sets company on path to become a global healthcare business 

Japanese move for Amersham 


By Tim Burt 

Amersham International 
yesterday took a stride towards 
becoming a global healthcare 
business by paying Y8.52bn 
(£55m) for a 22 per cent stake 
in Nihon Medi+Physics, 
Japan’s largest manufacturer 
of “nuclear medicines". 

The move follows three years 
Of talks with Sumitomo Chemi- 
cal Company, NMP’s parent, 
which has granted the UK 
health science group options to 
acquire a further 30 per cent 
stake before the end of the 
decade. 

“This will help Amersham to 
achieve market leading posi- 
tions in each of the world's 
three major nuclear medicine 
markets - Europe, North 
America and Japan,” said Mr 
Bill Castell. Amersham chief 
executive. 

If the UK group takes up the 
options, it would greatly 
enhance its presence in the 
Japanese market for nuclear 
medicines, worth some £220m a 
year. 

The world market for such 
medicines, which use radioac- 
tive materials to identify dis- 
eased or damaged organs, is 
worth an estimated £700m. 




A. . 

§Sv-- 



Bill Castell: the second tranche could involve an equity placing 


The deal - financed from 
Yen-denominated borrowings - 
promises to increase the size of 
Amers ham's healthcare divi- 
sion by more than 60 per cent 
and could contribute sales of 
£65m. This compares with last 
year's group total of £3242m. 

Initially, the venture will 
allow the UK group to use 
NMP’s facilities to make and 
distribute its products in 
Japan, where it currently sup- 


plies 7 per cent of the market 

In particular, Amersham 
forecasts growing demand for 
Ceretec - its brain imaging 
agent - and an injectable ver- 
sion of Myoview, which detects 
heart disease. It also hopes to 
launch Metastron, a pain relief 
agent for cancer, in east Asia. 

If Japan's Fair Trade Com- 
mission approves the link-up, 
Amersham will pay up to 
Y9.78bn to raise its NMP 


Pentos £36m in the red 
after exceptional costs 


By Paul Tayfor 

Pentos, the specialist retailing 
group which is undergoing a 
restructuring under its new 
management reported a £36m 
pre-tax loss for the half year to 
July 2 after exceptional costs 
of £10.5 m. There were restated 
losses of £10.6m last time. 

Commenting on the results 
Mr Bill McGrath, who took 
over as chief executive in Jan- 
uary. said they “should mark a 
low point in Pentos’ fortunes”. 
He added that “considerable 
progress” had been made in 
implementing strategic initia- 
tives and refocusing the group 
since receiving the proceeds of 
its £45m rescue rights issue in 
May. 

Mr McGrath emphasised that 
the group’s management was 
only able to focus fully on 
implementing the initiatives 
after receipt of the rights pro- 
ceeds and accordingly the 
results "do not reflect any of 
the resulting benefits”. 

Turnover of continuing 
operations increased by 7 per 
cent to £97.9m (£91 .5m) includ- 
ing a 2 per cent increase in 
like-for-lite sales at Dillons, 
the flagship bookstore chain. 
The group also includes 
Hyman stationers and Athena 
Galleries, the cards and poster 

Chain., 


Pentos 

Share price retefive to the 
FT-SE-A AB-Share Index 

120 - - — 



Source: FT Graphite 

The exceptional costs cover a 
number of items, including 
£5.7m related to Dillons to 
cover a more accurate determi- 
nation of year-end creditors, 
provisions for prior year debt- 
ors. under-accrued property 
costs and redundancy costs of 
£400,000 which Mr McGrath 
said should result in full-year 
savings of £2m. 

Operating losses widened to 
£22.3m (£7 .4m) before 

unchanged interest charges of 
£3.2m. Mr McGrath said the 
losses were attributable to a 
number of factors including 
accounting changes and the 
fact that before the rights issue 
many suppliers were reluctant 
to supply stock. 


Dillons sales rose 7 per cent 
to £57.5m and trading losses 
were £13m before exceptional 
charges. Ryman reported a 
£3.8m loss on flat shies from 
continuing operations of 
£16.7m while Athena's loss on 
continuing activities was £5m 
on static sales of £16 2m. 

Losses per share were I72p 
(6.4p) and the Interim dividend 
is again passed. 

• COMMENT 

The latest exceptional costs, 
while unexpectedly high, 
should mark an end to the 
house cleaning at Pentos. 
Meanwhile the rights issue has 
enabled the group to reestab- 
lish good relations with is sup- 
pliers and begin rebuilding the 
balance sheet which shows 
bank borrowings of £62- 3m at 
the end of the first half. 
Looking ahead, Mr McGrath 
believes Dillons can continue 
to grow its market share which 
has recovered from a low of 
316 per cent in June, and is 
well positioned to take advan- 
tage of the likely demise of the 
net book agreement Managers 
are now under instructions to 
build sales. Barring the unex- 
pected, the group should break 
even in the second halt Those 
still holding the shares which 
slipped %p to 14p yesterday, 
should hang on. 


The Sydney Opera House, the Tower of London, 
the Channel Tunnel Terminal, offices, factories, 
schools, airports and possibly the street where 
you live - all these have been lit by products 
designed and provided by Thorn Lighting, 
international specialists in lighting far 
people and places. 


TLG pic 

The holding company of 
the Thorn Lighting Group 


Placing and Public Offer 
(prospectus available late October) 

To reserve a prospectus and application 
form, please call 


08 1 247 0247 


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holding to 50 per cent 

“While we’re happy to take 
the first part of the acquisition 
on the balance sheet, the sec- 
ond tranche could Involve an 
equity placement,” said Mr 
Castell 

For NMP, which enjoys a 
market share of close to 60 per 
cent, the deal promises access 
to Amersbam’s lucrative inter- 
national distribution network, 
particularly in North America. 

Last year, the Japanese com- 
pany saw pre-tax profits rise 37 
per cent to Y3.4bn on sales 
ahead 13 per cent at Y20.7bn. 

While hailing NMP’s likely 
contribution. Amersham has 
insisted on an exit clause 
allowing it resell the 20 per 
cent stake to Sumitomo at the 
original purchase price should 
regulatory approval be with- 
held. 

Although interest payments 
are expected to make the deal 
earnings dilutive next year, 
City analysts welcomed the 
announcement 

“It’s a good deal and will be 
earnings enhancing if the 50-50 
partnership goes ahead,” said 
one analyst 

Amersham 's shares closed 
up 17p at 943p- 

See Lex 

I Rumours 
spark Asprey 
share tumble 

Shares in Asprey fell I7p to 
135p yesterday amid market 
rumours about the financial 
position of the jewellery 
retailer, writes Peter Pearse. 

On September 9, the shares 
plummeted from 31 Op to 200p 
after a warning that the loss of 
a few big-spending customers 
would depress its profits. 

Yesterday Asprey said it was 
forced to put out a statement 
to the Stock Exchange assert- 
ing that the “rumours are 
without basis in fact”. It said 
that there were three rumours 
it wished to deny. First, the 
company had one bad debtor, 
owing some £30m. Second, it 
would have to make a £40m 
writeoff for stock. Thirdly, tt 
would not be able to pay its 
preference dividend. 

Asprey responded that at its 
most recent review, it had 
stock of £150m. The next 
review is at the time of the 
interim results and it did not 
expect that “further provi- 
sions, if any, will be material 
in the context of the value of 
the stock as a whole". 

It said it had never had a 
“material bad debt" in its his- 
tory as a public company. It 
added that nothing had altered 
since the profits warning to 
change its view of the upcom- 
ing results for the six months 
to September 30. It therefore 
expects to pay the preference. 


MoaBrMMrMnMlvM 
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m 


FR ahead 
17% and 
proposes 
name change 

Ely Andrew Botger 

FR Group, the aerospace 
engineering company, yester- 
day reported a 17 per cent 
increase in pre-tax profits and 
said it wanted to change its 
name to reflect the whole of 
the group's activities. 

Paradoxically, the proposed 
name change to Cobham coin- 
cided with news of the planned 
retirement next June of Mr 
Michael Cobham, who will by 
then have been rhairman of 
the Dorset-based company for 
26 years. 

FR said Its present name 
was identified too strongly 
with Flight Refuelling, the 
air-to-air refuelling business 
which accounts for about 40 
per cent of group sales, to the 
detriment of other divisions. 

Sir Alan Cobham - the pres- 
ent chairman's father - 
founded Flight Refuelling 60 
years ago and the group said 
the name Cobham had a long 
and well established associa- 
tion with the industry. 

Mr Gordon Page, chief exec- 
utive, said there were no more 
members of the Cobham fam- 
ily involved with the group, 
but this seemed an appropriate 
time to make the change - 
partly because this year is the 
centenary of Sir Alan’s birth. 

The new chairman will be 
Sir Michael Knight, 61, a non- 
executive director, who joined 
the board in 1990. He retired 
as Air Chief Marshall in 1989 
after 35 years* service with the 
Royal Air Force. 

PR's pre-tax profits rose 
from £10.5m to £12. 3m in the 
six months to June 30, on sales 
up 16 per cent at £10lm. The 
shares closed up 12p at 290p. 

Mr Page said the group had 
made good progress by “stick- 
ing to its knitting”. The order 
book stood at £280m at the 
period end, and was both 
long-term and well spread 
across the group's businesses. 

Having cut several hundred 
jobs in the previous year, Mr 
Page said that FR had shed 
only 40 to 50 jobs in the half- 
year, and benefited from sta- 
ble buying programmes from 
Airbus and Fokker. 

Last month FR paid £6.7m 
for Sargent Fletcher, a Calif- 
ornia-based supplier of 
air-to-air refuelling equipment 
to the US Navy. Mr Page said 
the company was well placed 
to win a Pentagon contract to 
install aerial refuelling wing 
pods on its KC 135 tanker air- 
craft, which could be worth 
$100m (£63m) over 10 years. 

FR generated cash of £8-8m 
during the first half and had 
net cash of £3m at the period ! 
end. Earnings came out at i 
13. Dip (9.08p) per share and 
tiie interim dividend is lifted 
to 2.7p (2.46p). I 


Goodman and bankers 
are close to agreement 


By John MacManus 

Mr Larry Goodman, the Irish 
beef entrepreneur, is close to 
an agreement to buy back the 
outstanding 60 per cent of 
Goodman International which 
he lost when it was taken over 
by its banks as part of a rescue 
deal four years ago. 

Mr Goodman and his backers 
are understood to have offered 
the 33 banks in the Goodman 
syndicate, led by Lloyds Bank, 
up to I£50m (£49m) in settle- 
ment of debts in excess of 
I£300m- 

Goodman International has 
declined to comment on the 
negotiations other than to say 
they are extremely complex 
and it hopes they will be suc- 
cessfully completed by the end 
of November. 

Under the proposed deal Mr 
Goodman’s stake in the com- 
pany would Initially foil from 
40 to 35 per cent, but he is 
likely to have the option to buy 
back most of the remaining 
shares. He will remain manag- 
ing director. 


Morgans Waterfall, a US 
“vulture fund" specialising in 
high-risk investments, is 
believed to be prepared to take 
a stake of up to 25 per cent In 
the restructured company, 
while a group of Irish inves- 
tors, based outside the Repub- 
lic, are exported to take up to 
12 per cent Morgans Waterfall 
has refused to comment on the 
proposed investment 

Other Irish investors are due 
to participate, including the 
McCann family who are also 
shareholders in Fyffes, the 
fruit and vegetable distributor. 
Fyffes itself has ruled out tak- 
ing a stake. 

Klesch and Co, the London- 
based debt , trader, has con- 
finned that it is also involved 
in the buy-back. The deal is 
expected to involve a mecha- 
nism by which Mr Goodman 
can increase his stake by buy- 
ing out the other investors. 

The new investors are expec- 
ted to get representation on 
Goodman's board. Mr John 
O’Donnell, finance director, is 
expected to remain, as is Mr 


Ian Morrison, the chairman 
and a former governor of the 
Bank of Ireland. 

Two agreements have to be 
hammered out between the 
would-be investors and the 
banks. One will cover the exit 
mechanism for the banks, the 
other the provision of banking 
facilities for Goodman. Up to 10 
of the banks in Che consortium 
are expected to provide it with 
a working capital facility of 
about l£i00m to cover the peak 
of the cattle slaughtering sea- 
son. 

Goodman and the banks 
have already reached agree- 
ment on the distribution of the 
company's contingent assets 
should any be realised. Good- 
man is, lor instance, owed 
I£i75m by the Iraqi govern- 
ment for beef exported prior to 
che Gulf war. 

The company, Ireland's larg- 
est beef processor and one of w 
the largest in Europe, went 
into examination - the Irish 
equivalent of administration - 
in 1990, owing its banks more 
t itan I£500m. 


N Brown improves 19% amid 
expanding customer base 


By Peter Pearse 

More buyers and greater 
spending per head helped N 
Brown Group, the Manchester- 
based direct mail order group, 
announce a 19 per cent 
increase in first-half profits. 

In the 26 weeks to August 27, 
pre-tax profits rose to £ 10.8m 
(£9.02m) on turnover up 14 per 
cent at £9S.4m (£86 -2m). 

Mr Jim Martin, chief execu- 
tive. said that of a total data- 
base of about 8m people some 
1.2m were buyers in the six 
months, 8 per cent up on last 
time. Those 1.2m were spend- 
ing 6 per cent more. The data- 
base lists about 200 attributes 
on each customer. 

Sir David Alliance, the chair- 
man whose family holds 58 per 
cent of the company, said that, 
although N Brown had been 
pipped to the acquisition of 
Country Holidays, a direct 
seller of country cottage holi- 


days, the company bad “no 
real need to buy”. It was also 
“watching developments” on 
the TV shopping front, 
although Sir David reckoned it 
would not be important this 
decade. 

N Brown recently received 
the results of a two-year proj- 
ect undertaken by the Univer- 
sity of Manchester to ascertain 
the changing shape of women. 
Among the conclusions of the 
survey, which took 30.000 mea- 
surements from more than 700 
women, were that they had 
grown bigger and wider, and 
had figures more conical than 
hour-glass shaped. 

Mr Martin said that this 
information was being fed into 
Brown's catalogues and he 
hoped it would reduce the 
number of items returned. 

Home shopping operating 
profits rose 15 per cent to 
£lL9m on turnover up 15 per 
cent to £95J2m. Within that, the 


DIVIDENDS ANNOUNCED 


Beckman (A)*. ....Bn 

Black (A&Q irrt 

Brown (N) irrt 

FR Irrt 

Landu — fin 

NB Smaller Cob int 

St Ives fin 

Sinclair (Wm) _~___.fi n 

Thorntons fin 

Throgmorton Dual _~fin 
Wescol § fin 


Current 

payment 

Date of 
payment 

Comes - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

2.38 

J an 7 

2-38 

3.53 

3^8 

425 

Nova 

425 

- 

13.5 

1.35 

Jan 5 

1.125- 

- 

4* 

2.7 

Dec 12 

2.46 

- 

7.56 

025 

Nov 30 

0.5 

025 

0.54 

024 

- 

0.94 

- 

327 

4.5 

Dec 2 

4 

6.4 

5.5 

5.45 

Nov 11 

5.3 

7.15 

7 

345 

Nov 30 

2.4 

4.9 

3.65 

1.85 

Dec 9 

1.85 

7.1 

7.1 

025 

Dec 15 

nil 

025 

nil 


Dividends shown pence per share net except where otherwise stated. 
"Equivalent after allowing for scrip issue. §USM stock. ♦For 18 months. 


core catalogues for the mature 
woman accounted for 84 per 
cent and lifted sales by 10 per 
cent. However. Fashion World 
and Candid, for younger 
women, had sales growth of 31 
per cent This represented 14 
per cent of divisional turnover. 

Greater efficiencies offset the 
£lm launch costs of Classic 
Combination, which accounted 
for per cent of turnover and 
lost just £200,000. It should 
move into the black next year. 

Earnings rose to 4.97p (4.15p) 
per share and the interim divi- 
dend is raised 20 per cent to 
1.35p <U25p). The shares fell 
4p to 240p. With the City 
looking for £26.5m pre-tax for 
the full year, they are trading 
on a multiple of 19.5. 

Eastern director nets 
£90,000 from shares 

An executive director of 
Eastern Group yesterday made 
more than £90,000 profit in a 
share sale completed just 
hours before such transactions 
became prohibited in the run 
up to the interim results in 
December. 

Mr William Watson exer- 
cised 20,000 executive share 
options at 289p and immedi- 
ately sold them, with a further 
1,200 shares at 740p. He now 
holds 10,728 shares and has 
options on 83,897 more as of 
March 31. He could also 
receive np to 21,503 shares in 
April 1996 If targets are met 


CONTRACTS & TENDERS 






■ +. ; ' ■ 


ADVEK'l^SE ADJtjXJrC AKOTif - : : 

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'C0h[ : -Eftr VrGqnsdifi ca^ioja /£p £c&lKj|ta6c^ 

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at '^nsku£ij%. Firms ' 

•'3wW:ca» 'demons^ 

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.ifcriajice services. 


CREDIT COMMERCIAL DE FRANCE 
FRF 500,000,000 
REVERSE FLOATER BONDS DUE 1998 
CODE ISIN X SO 043048882 

For the period October 10, 1994 to i 

April 10, 1995 the new rate has been 
fixed at 7,91667 % P.A. 

Next payment date : April 10, 1995 
Coupon nr :3 

Amount : 

„ FRF 398,03 for the denomination of FRF 10 000 
FiRF 3 980,33 fp r the denomination of FRF 100 000 
FRF 19 901,63 for the denomination of FRF 500 000 
Pursuant to the Terms and Conditions of the Bonds, 
notice is hereby given to the Bondholders 
that FRF 20 5,000,000 have been 
purchased since April 8, 1994. 

Nominal outstanding : 

FRF 145,000,000 

THE PRINCIPAL PAYING AGENT 
.... . SOGENAL 
SOCIETE GENERALE GROUP 
15, Avenue Emile Reuter 
LUXEMBOURG 




^ a?: 




Argus Fundamentals 

‘Undorfii-.mcJ iv.'i iit m crvinn t' , il pners' 

Petroleum Argus 

CALL lor Fnr-iL TRIAL V- 1!'.;- Moclhly uubkirfiion iM /1 1 359 


I F r reA ^CIAL TIMES j 

MANAGEMENT REPORTS 

AUTHORITATIVE 

MARKET 

REPORTS 

Aeaworaacy -AatamoUfc 
- Basking A Finance • Energy 
* Enviroumeor • Insurunc* • Media 
• Pharroaccmftcals ■ IV o p a ny 
■ Tshco mnranlrntkin a and Tmtl 

+44 <0)71 814 9770 i 

OR rax 

+44 71 814 9778 


PAN -HOLDING 

SocUit Anonym* - Lnumboarg 

Aiol September 30, 1984, the 
tnv a nadl d atBd net awet value 
WM USD 342.180^36, l.s. 

U 80 040 ,33 par ahem of USD 200 
parvatue. 


LEGAL NOTICES 

m^S^SSSSSSSSSSSSSSSSS^^mlSSSmSSSSSm 

NO.OOMJ9ari»4 

BV the high cower OF JUSTICE 
CHANCERY DIVISION 

IN THE MATTER OF 
STORM GROUP PLC 
an d 

IN THE MATTES OF 
THE COMPANIES ACT IMS 

NOTICE IS HEREBY GIVEN tWi a Pestt* 

was oa the 23 m day of Scplanber 1994 
pawled to Her MaJciiyY HJahCOWi « tank* 
RrttMMaQaaatbaialna ictkiettoaaftfaaUm 
pto «ceona> at the above mad CWW 
g'dMMa o tZlASOflOO tom * 


idayof October 1994. 
Y Creditor or Shan 


per Bhare amounted aa of ! 

SepwmberaQ, iflEM to US087&37. ! 


DATED Ota 4ft day of October 1W. 

iS&taKUaniai 

Loadn# WCIA 2AJ 
Tctcpkne; 071 404 4701 
{kfattCCAWJWHfl 

soildim* for the ibomiiaied ClnpHQr 

~ MEMORIAL 
SERVICE 








> financial times 


WEDNESDAY OCTOBER 12 1994 



125 YEARS HAVE TAUGHT US THE VALUE OF PARTNERSHIP. 


Over a century ago, on 
Pine Street in downtown 
New York City, two 
individuals launched 
a partnership. Today, 
our partnership continues 
to thrive in 30 offices 


VVORKJNG 
SIS CE 


around the world. We i 
remained a partner* 
because it inspi 
teamwork, creativity 
dedication - qualii 
that are vital to build 
and sustaining strong cli 


relationships. It is a way of We celebrate not just our 
doing business built on anniversary, but our strong 
the belief that when R pJ I commitment to each 
people are dedicated other and t(J Qur 

to working together, It is a commitment that 

excellence and innovation has served our clients and 
result. Therefore, this year, our firm well for 125 years. 




26 


ETTOAMfl AX, TIMES 


WEDNESDAY OCTOBER 


12 1994 


COMPANY NEWS: UK 



Losses on disposal of non-core businesses keep outcome flat at £22m 

write-off checks 



Tiavor Ksnohrias 

Miles Emley: results ‘somewhere between not bad and quite good* 


Thorntons confirms 
recovery with £12.1m 



Ly.ua var oorMoar 

John Thornton: concentrating on ironing out seasonal variations 


£4.93m 


By Paul Taylor 

Exceptional losses on the 
disposal of discontinued busi- 
nesses held back full-year pre- 
tax profits at St Ives, the UK’s 
largest independent printer. 

Although there was a 
marked improvement at the 
operating level, the pre-tax line 
for the 52 weeks to July 29 was 
Oat at £224m. compared with 
£22. 1m last time, on turnover 
ahead 7.1 per cent at £237m 
(£22 lm). 

Earnings per share slipped 
from 15. 15p to I3.48p. To reflect 
the improved underlying per- 
formance, however. as 
increased final dividend of 44p 
is proposed, making a total of 
6.4p (5.5p). 

The shares closed lOp higher 
at325p. 

The pre-tax outcome was 
struck after first-half excep- 
tional costs of £L93m - repre- 
senting goodwill previously 
written off to reserves - on the 
disposal of two non-core busi- 
nesses. Talbot Publishing 
Systems in December and Nel- 
son Packaging in March. 

Excluding the exceptional 
items, pre-tax profits increased 
23 per cent to £27.2m and 
earnings per share grew 


By Peter Franklin 

A “sound performance" across 
the group, with increases in 
sales, profits and margins, was 
yesterday reported by William 
Sinclair Holdings. 

Pre-tax profits of the Lincoln- 
based group, which supplies 
products to the garden, leisure 
and pet markets, showed a 9.3 
per cent advance from £3.82m 
to £4.i7m in the year to June 
30. Turnover was up 7.4 per 
cent from £38.Sm to £41.3m. 

The figures included a con- 
tribution from the peat busi- 
ness acquired for £2.78m from 
Zeneca in late January. 

This business had been suc- 
cessfully integrated into the 
horticultural division, said Mr 
Tom Sinclair, chairman, and 
would make the company 
self-sufficient in peat 


T his year's wave of new 
issues has proved to be 
a mixed bag. However, 
few companies have made as 
good an impression on the City 
as Domnick Hunter Group, a 
small manufacturer of filters 
for compressed air and liquids. 

The Tyneside-based company 
came to the market in March 
through a placing which gave 
it a market value of £65m. The 
flotation attracted a lot of 
interest in spite of the shares 
being aggressively priced at 
200p, or 21.5 times historic 
earnings. 

They have since risen to 
-62p, bolstered by last month's 
announcement of a 29 per cent 
increase in interim profits and 
an upbeat trading statement. 
So just what is the attraction 
of this group, described by ana- 
lysts as “a little gem" and "one 
of the best small companies I 
have ever seen"? 

Investors have been 
impressed by the group's 
strong market position: it 
exports more than 60 per cent 
of Its output to 40 countries 
and managed to expand its 
sales and profits throughout 
the recession. 

About 75 per cent or the 
group's sales come from its 
industrial division, which 
makes filters that remove dirt, 
oil and moisture from com- 
pressed air. Its most sensitive 
filters make air one million 
times cleaner than the air we 
breathe. 

Domnick Hunter makes sig- 


22 per cent to 18.46p. 

Operating profits increased 
25 per cent to £26.3m (£2 1ml. 
while net interest receipts fell 
to £908.000 from £ 1.04m. 

Mr Miles Emley, chairman, 
described the results as "some- 
where between not bad and 
quite good". He said they 
reflected an improvement in 
some of the group’s markets, 
particularly UK magazines, 


Because of the seasonal 
nature of the group's activities, 
and their susceptibility to 
adverse weather conditions, it 
was impossible to indicate any 
significant trends at this stage, 
he said. 

The spring season - the most 
important sales period for the 
group - got off to a very poor 
start. "Most people have proba- 
bly by now forgotten that April 
this year had been one of the 
wettest on record for some B0 
years." Mr Sinclair said, and 
this had resulted in additional 
costs. 

However, sales volumes sub- 
sequently recovered and, 
helped by the increased acre- 
age made available by the 
Zeneca purchase, the peat har- 
vest turned out to be satisfac- 


nificant revenue from replace- 
ment cartridges and also sup- 
plies original equipment manu- 
facturers, which incorporate 
the group’s filters into their 
own compressors. 

A growing proportion of the 
industrial division's sales come 
from dryers, which use molecu- 
lar sieve technology developed 
in the US to produce clean dry 
air for the most critical of 
applications, such as paint- 
spraying or the handling of 
sensitive electronic compo- 
nents. 

Mr Brian Thompson, chair- 
man, says Domnick Hunter’s 
real expertise lies not just in 
manufacturing, but in finding 
solutions for each application. 
The group uses computer-aided 
design to study how air flows 
through systems to establish 
the optimum size and position- 
ing of filters. 

All this adds up to an 
extremely lucrative business, 
which has a wide spread of 
customers both geographically 
and across a broad range of 
industries. The division cur- 
rently enjoys a margin of oper- 
ating profits to sales of nearly 
20 per cent 

However, what has most 
excited analysts about its pros- 
pects is the recent move into 
making nitrogen generation 
equipment In January it paid 
£l.7m for Nitrox, a manufac- 
turer which it had been work- 
ing with for several years. 

Mr Thompson says the 
group’s new nitrogen genera- 


which benefited from increased 
pa gi na tions, and a turaround 
in the US ma ga-ring* business. 

However, conditions in the 
UK books market remained 
unsettled, particularly as a 
result of destocking by the 
large retail chains towards the 
end of the period. Even so. St 
Ives m aintain ed or improved 
its market share in UK general 
and hardback books and 


income is still derived from the 
horticultural division which, 
bolstered by a £164.000 contri- 
bution from the Zeneca busi- 
ness, made an operating profit 
of £2.82m (£2. 46m) from turn- 
over of £31m (£2&6m). 

The pet aquatic and house- 
hold division achieved operat- 
ing profits of £l-34m (£1.2 lm) 
on sales of £10.3m (£9. 89m). 
Companies within this division 
operated in a fragmented mar- 
ket Mr 5Hr>n1air said, and the 
group had embarked on a pro- 
gramme to merge th em, 

Sinclair ended the year with 
a strong balance sheet, with no 
borrowings and net cash of 
£4.7 5m. 

Earnings came out at I3p 
(12.2pj per share and a pro- 
posed final dividend of 5.45p 
makes a total for the year of 
7.15p (TP). 


tors, which he claims produce 
nitrogen gas from compressed 
air at a fraction of the cost of 
cylinder supplies, are attract-* 
ing tremendous interest Sales 
increased by 50 per cent to 
£660.000 in the first six months 
of the year. 

Mr Thompson says: “The 
potential nitrogen market is 
huge. Bottled is 35 per cent of 
what is a £2bn worldwide mar- 
ket.” 

Domnick Hunter’s other divi- 
sion is process, which makes 
sophisticated membranes to fil- 
ter pharmaceuticals and liq- 
uids such as mineral water, 
wine and spirits. 


St Ives 

increased international sales of 
bibles. 

The finanriai printing busi- 
ness was buoyant until the last 
two months of the year, 
reflecting the high level of 
domestic and overseas new 
issues. The direct mail printing 
business and compact disc 
packaging both made gains. 

The group ended the period 
with net cash of more than 
£36m. It plans to invest £47m 
in plant and equipment in the 
rifiyf 15 months, adding about 
15 per cent to capacity. 

• COMMENT 

St Ives' underlying results 
were somewhat ahead of expec- 
tations. Capacity utilisation In 
the UK print plants is back 
above 80 per cent, and overall 
pre-tax margins have increased 
from 10.3 to 11.7 per cent - well 
below the peak of 15 per cent 
implying further progress is 
possible. Meanwhile, the hefty 
capital expenditure programme 
should help keep profits mov- 
ing ahead. The pre-tax figure 
should reach about £31m this 
year, producing earnings of 
about 2lp. The shares are trad- 
ing on a prospective multiple 
of 15.5, which looks reasonable 
for a quality printer. 


Inchcape sells 
M5 service area 
to management 

Inchcape, the international 
motors, services and marketing 
group, has sold the services 
area on the M5 motorway at 
Strensham. Worcestershire, to 
its management for about 
£l2m. writes Andrew Bolger. 

Inchcape acquired the site 
with TKM, the motor dealer it 
bought for £383m in 1992. 

The Strensham managpment 
was backed by the Birming- 
ham office of 3i, the invest- 
ment capital group, and 
advised by Coopers & Lybrand 
and Edge and Ellison in Bir- 
mingham. 

Strensham, which will now 
trade under the TakeaBreak 
name, is situated on both sides 
of the M5 motorway, and 
employs 209 full-time staff and 
65 part-timers, catering for 6m 
visitors annually 

3i led the equity element of 
the total finance requirement 
of £164m, providing £4m. 


The business was established 
during the eighties to reduce 
the group's dependence on 
compressed air, but is still 
described as being In an evolu- 
tionary phase. Domnick 
Hunter Is one of only a small 
number of international com- 
panies which can make these 
membranes. Although smaiior 
than its US and German com- 
petitors, it has won more than 
20 per cent of the UK market. 

The process division's sales 
rose 14 per cent to £4 2m in the 
first half, but heavy invest- 
ment in an overseas sales net- 
work caused operating profits 
to fall from £151,000 to £51,000. 


Buoyant 
operating 
showing 
at TLG 

By Christopher Price 

Operating profits at TLG, the 
holding company for Thorn 
Lighting, which is coming to 
the market next month, 
jumped from £2. 63m to £6.06m 
for the five months to August 
31. 

The figures, published yes- 
terday in the pathfinder pro- 
spectus, also showed tur nov e r 
ahead 4 per cent at £136. 5m. 
Higher interest charges of 
£4.21zn, against £12,000, 
depressed pre-tax profits 
which declined 41 per emit to 
£U9u. 

TLG, Europe's second big- 
gest supplier of professional 
lighting systems, was the sub- 
ject of a £171 -5m management 
buy-out from Thorn EMI in 
August last year. 

Its flotation Involves a plac- 
ing and public offer to raise 
about £77 m of new money. The 
company is expected to have a 
market capitalisation of 
approximately £225m. Ana- 
lysts are forecasting operating 
profits of some £25m for the 
full year. 

Most of the proceeds will go 
to repairing TLG's balance 
sheet, which currently has 
gearing of 98 per cent Follow- 
ing the float, gearing win drop 
to just over 23 per cent 

Mr Hamlsh Bryce, TLG’s 
executive chairman who led 
tiie MBO, stressed the compa- 
ny's cash generative nature 
and said acquisitions could not 
be ruled out Germany, which 
has a fragmented lighting 
industry, was one area TLG 
had earmarked for expansion. 

Following the float, manage- 
ment which is currently inter- 
ested in 3 per cent of the 
shares, would hold up to 11 
per cent Thorn’s' share of 12 
per cent would he diluted to 
about 7 per cent while Invest- 
corp, the Bahrain-based inter- 
national investment bank, 
would see its 77 per cent Inter- 
est fall to approximately 45 
per cent. 

The shares will be priced 
when the full prospectus is 
published on October 27. 
Applications dose on Novem- 
ber 3, with the basis of alloca- 
tion announced the next day. 

Dealings in the shares will 
commence on November 10. 


air 

March flotation 

Domnick Hunter was 
founded in 1963 and bought by 
the Scottish coachbnilder Wal- 
ter Alexander in the 1970s. In 
1990 Mr Thompson led a £42m 
management buy-out for the 
whole group. Two years later, 
the coachbuilding division 
organised Its own buy-out and 
the company was left as a spe- 
cialist filter operation. 

The group employs 550, 
mainly divided between the 
group headquarters at Birtley 
and a factory at Team Valley, 
both in Tyne and Wear. The 
flotation reduced heavy bor- 
rowings and has allowed work 
to start on a £2. 5m extension to 
the industrial division's Birtley 
plant, expanding space by 50 
per cent 

Domnick Hunter has also 
invested heavily in increasing 
efficiency. Both managers and 
employees are converts to Jap- 
anese methods of continuous 
improvement and Just-in-time 
manufacturing. The enthusias- 
tic atmosphere apparent at the 
plants - which are set in an 
area of high unemployment - 
is fostered by regular team 
building activities. 

The price increase since flo- 
tation means the shares are 
trading on a prospective multi- 
ple that represents a 60 per 
cent-plus premium to the mar- 
ket. However, the shares are 
tightly held. Given the group’s 
quality and growth prospects. 
Institutions which snapped up 
stakes are likely to stay on 
board. 


By David Blackwell 

Thorntons, the chocolate 
mak er and retailer, yesterday 
reported record annual profits 
and sales for the year to June 
25, co nfi rm i n g its return to the 
black at the interim stage. 

Pre-tax profits were £l2.im 
against a loss of £4Am. when 
there was a one-off provision of 
£7.6Sm to restructure the 
group’s operation in France, as 
well as a £5.4Ltn charge for 
goodwill previously written off 
to reserves. 

Operating profits on continu- 
ing operations were 20 per cent 
ahead at £12.6m. Turnover 
grew to £96.6xn, including 
£3.48m from discontinued 
operations in France, against 
£92J5rn, including £5 53m from 
discontinued operations. 

Lflre-fortflce sales in France 
eased from £4.65m to £4. 4m 
against a weak economic back- 
ground. Commercial sales. 
mainl y to Marks and Spencer 
and Boots, were 13 per cent 
ahead at £l5m, while sales 
from the group’s retail and 
franchise outlets were up by 
just ever 7 per cent 

Mr John Thornton, chairman 
and chief executive, said the 
results reflected the benefits of 
changes made in the UK and 
France. The group would this 
year concentrate on starting to 
iron out seasonal variations in 
its sales patterns by attracting 
more daily trade. 

At the moment the group 
has only I per cent of the dally 
confectionery trade, but 6 per 
cent of the gift market. About 


Welpac loss 
deepens 
to £1.25m 

Shares in Welpac fell by 3p to 
24p yesterday after the hard- 
ware and gardening products 
maker reported pretax losses 
of £L25m for the half year to 
July 31. There were Josses of 
£138,000 last time although 
continuing operations pro- 
duced a £1,000 profit 
The result was after excep- 
tional costs of £224.000 
(£25.000), being redundancy 
costs of £144400 and an £80,000 
loss on the termination of a 
supply arrangement 
Mr Gerald Lavender, chair- 
man. said the “extremely dis- 
appointing” results were 
largely because of a fall in 
turnover, particularly in the 
second quarter when sales 
were 26 per cent below budget. 
Turnover of continuing 
operations declined to £7 -88m 
(£l0.lm). 


from the planing and open o ffer 
in May. 

Losses per share deepened to 
3.2p (03p). 

Mr Peter Dixon, who has 
been appointed a director, will 
take over as non-executive 
ch a irm an in February. Mr Lav- 
ender fetires from the board at 
the 1995 AGM. 

A Beckman lower 

A Beckman, the property and 
textiles group, announced pre- 
tax profits nearly halved from 
£790,000 to £403400 in the year 
to June 30. 

Mr Melvin Lawson, chair- 
man, said textiles margins ha d 
been squeezed while rental 
income had fallen mainly 
because of vacant space. 

Although that had now 
largely been re let it was at 
lower rents and as a conse- 
quence the associated company 
suffered a loss, of which the 
group's share was £128,000. The 
properties have been revalued 
downwards and there would be 
ongoing losses for the foresee- 
able fixture, Mr Lawson said. 

Turnover amounted to 
£17 Am (£14Am) with property 
contributing slightly less at 
£1.49m (£L55 m). Earnings per 
share fell to 2p (4.7p) but the 
dividend is held at 348p with a 


30 per cent of sales are made in 
the Christmas period, with 
another surge at Easter. 

The French operation, now 
concentrated on 20 shops in 
Paris, halved its losses from 
£630,000 to £301.000. Mr Thorn- 
ton said it was breaking even 
in cash terms in spite of the 
disruption of reorganisation, 
hut he would not commit him- 
self to predicting a profit this 
year. 

The group ended the year 
with net cash of £1.12m com- 
pared with previous net bor- 
rowings of £S.08m. Net interest 
payable fell from £978.000 to 
£469,000. 

Earnings per share were 
12.19p (11.94p losses). A final 
dividend of 3.45p (2.4p) is rec- 


ommended takin g the total to 
4.9p (3.65p). 

• COMMENT 

Strong cash generation and a 
34 per cent rise in the dividend 
highlight the strength of 
Thorntons’ recovery. The 
group is moving in the right 
direction by trying to expand 
day-to-day sales of confection- 
ery. but overall it remains a 
seasonal business driven by 
the sale of gifts. Given no fur- 
ther problems in France, and 
good sales at Christmas, profits 
can be expected to top £13.5m 
this year. This, with the shares 
up Sp at lS3p yesterday, puts 
the group on a prospective 
multiple of 13, which is begin- 
ning to look attractive. 


net asset value - from 7184p to 
7274p per capital share - dur- 
ing the year to July 31. 

Net revenue also showed lit- 
tle change at £l.58m (£i47m), 
for earnings of 6.86p (642p) per 
income share. A maintained 
final dividend of i.85p holds 
the annual total at T.lp. 

Lendu losses 

Pre-tax losses at Lendu Hold- 
ings, which invests in irrigated 
and dryland cotton, cereal and 
beef cattle production in 
Queensland, were £87,000 for 
the year to June 30. Turnover 
was £589,000. Losses at the 
interim stage were £126.000. 

The company said wide- 
spread drought in eastern Aus- 
tralia had led to a lack of any 
significant cotton crop, but 
this was partly offset by a bet- 
ter than expected wheat crop. 

Earnings per share were 
0-29p and the recommended 
dividend is halved to 045p. 

Lendu achieved pre-tax prof- 
its of £l.l5m for the 18 months 
ended June 30 1993 on turnover 
of £l-95m, including £549,000 
from discontinued operations. 
Earnings per share were 8.68p. 

The change in the year end 
was to coincide with the crop- 
ping cycle of cotton. 

Hadleigb disposal 

Hadleigh Industries, the USM- 
traded storage frnk manufac- 
turer. has sold its lossmaking 
Lynton offshoots to Inhoco SS3 
tor some £490.000, of which 
£100,000 is deferred. 

Hadleigh will use the pro- 
ceeds to reduce borrowings. 

Goldsmiths buy 

In a £838.000 cash deal Gold- 
smiths Group, the retail jewel- 
ler, has bought the stock, fix- 
tures and fittings of 
Winegartens. and has leased 
part of its premises in Bishops- 
gate, London. 

At December 31 1993 Wine- 
gartens had audited fixed 
assets and stock of £762,000. ft 
reported a pretax loss of £7,000 
for the year. 

BadgerUne purchase 

Badgerline, the Avon-based 
bus company, has bought Dur- 
bins Coaches for £540,000. 

The vendors, Mr JR Durbin 
and Mrs BM Durbin, will 
receive £98.000 in cash, £295,000 
in Badger line shares and the 
balance in loan notes. 


NEWS DIGEST 


Interest charges fell to 
£224,000 (£266,000) partly 134p, up from 10.6p. 
because of the £2.64m received 


proposed unchanged final of 
248p. 

NB Smaller Cos 

NB Smaller Companies Trust 
the former North British Cana- 
dian Investment, had a net 
asset value of 145 4p per share 
at August 31, up from lS7.lp a 
year earlier, but lower than the 
year end figure of 154.5p. 

Net revenue for the six 
months edged ahead to 
£479.000 (£471,000), equivalent 
to earnings of 1.78p (1.74p) per 
share. The interim dividend is 
maintained at 0.94p. 

A&C Black up 27% 

A&C Black, the publisher, 
lifted pretax profits by 27 per 
cent from £344,000 to £310,000 
in the six months to June 30. 

The increase was helped by a 
“further small improvement" 
in publishing margins, the 
company said. 

Turnover rose 9 per cent to 
£3.66m (£3.38m). 

The interim dividend is 
unchanged at 4.25p, payable 
from earnings per share of 


Wescol recovers 

Wescol Group, the Halifax- 
based steel fabrication and con- 
struction company, has contin- 
ued Its recovery and, following 
a stronger second half, 
reported pre-tax profits of 
£260,000 for the 12 months to 
July 3L 

The increase from last tune's 
£30,000 was achieved on turn- 
over ahead from £15.2m to 
£ 18.3m, and reflected a reduced 
interest burden following last 
November’s £2 4m rights issue. 
The company 'was now cash 
positive. 

Mr Peter Price, chairman, 
said the company was seeing 
"a much closer balance of 
capacity and demand" and 
intended to enlarge the Halifax 
factory to provide additional 
production and design facili- 
ties. Current order intake 
showed a "substantial" 
improvement over last year. 

Earnings per share were lp 
(0.4p) and a dividend of 045p - 
the first since 1990 - is pro- 
posed. The company plans to 
move from the USM to the Offi- 
cial List “in a few weeks". 

Throgmorton Dual 

The split capital Throgmorton 
Dual Trust reported a rise in 


Enlarged William Sinclair 
moves ahead 9% to £4.2m 


tory. 

The bulk of the group’s 


City welcomes a breath of clean 

Andrew Bolger on why Domnick Hunter’s shares have risen since its 



Brian Thompson: new nitrogen generators are attracting interest 



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28 


WEDNESDAY OCTOBER 


12 1994 





COMMODITIES AND AGRICULTURE 


LME urged to tighten its 
rules after Chilean losses 


MHE futures and.optlons turnover 


Mints 
SO •- 


By Kennatfi Gooding, 

Mining Correapomtem 

A call for the London Metal 
Exchange to introduce more 
stringent rules was made last 
night by Mr Juan Villarzu, 
president of Codelco, the state- 
owned Chilean copper group 
that last year lost about 
US$200m on metals trading. 

Using the LME's annual din- 
ner to launch his appeal. Mr 
Villarzu expressed particular 
concern about the exchange's 
system of “carries at historical 
prices". He said: “Had you the 
opportunity to examine the 
trading contracts which 
Codelco entered into during 
1993, you would have been 
amazed at the number of trans- 


actions whose prices had no 
direct relationship with the 
market prices ruling at the 
date and time of the transac- 
tion”. 


London A jjS 


Metals 

Week 


He suggested that the LME's 
most valuable asset - its credi- 
bility - was possibly being 
jeopardised by “the abuse of 
certain practices which came 
to our attention while examin- 
ing our last year’s futures trad- 
ing”. 

Mr Villarzu also called for 
producers and consumers to be 
given a bigger share in the 


running of the LME. 

Replying immediately, Mr 
Raj Bagrt, the LME chairman, 
said that if any member had 
misused the historical ■ price 
carries system “we will not 
hesitate to take appropriate 
action.” However, market 
users could not be absolved 
from their responsibilities. 
"Failure of controls, supervi- 
sion or systems at their end 
will not be an acceptable 
excuse for aiding and abetting 
any misuse of our markets by 
their staff or management," he 
declared. 

Mr Bagri pointed out that 
the break-neck speed at which 
derivatives and futures trading 
had taken root and spread 
across the full spectrum of 



Hivmriai and commodity mar- 
kets “has In many instances 
left managements far behind in 
having in place adequate, effec- 
tive and timely supervisory 
measures to monitor and con- 
trol risks.'’ 

Nevertheless, the LME hoped 
to have in place by early next 
year measures "to limit any 


perceived dangers of historical 

price carries”. 

Mr Bagri said where heavy 
losses had been suffered from 
its derivative and futures trad- 
ing, the LME had responded 
constructively to requests for 
co-operation from any properly 
constituted organisation inves- 
tigating those losses. 


Exchange awakens to attractions of non-trade Investment 


By Kenneth Gooding 

The London Metal Exchange 
once was hostile to fund and 
other non-trade activity in its 
markets, said Mr David King, 
the exchange's chief executive, 
yesterday, but now welcomed 
this business because it 
enhanced liquidity and there- 
fore reduced volatility. 

However, although fund 


activity on the LME had grown 
significantly in the past few 
months, it was not nearly as 
large as occasionally portrayed 
in the media and represented 
less than 5 per cent of the 
exchange's turnover. 

Funds were attracted to the 
LME by the apparent potential 
for metals price rises based on 
genuine fundamentals. Also 
“the LME now has a very- deep. 


liquid market compared with 
the size of market it had at the 
time of the last [economic] 
recovery, and financial engi- 
neering and rocket scientist 
technology which was now 
widely available - and all the 
ingredients were there for 
funds, in various guises, indi- 
ces, warrants and other prod- 
ucts, to move in and create 
positions in LME's market.” 


The LME's turnover had 
increased sixfold in six years 
to 35.3m “Lots” In 1993, equiva- 
lent to 800m tonnes of metal 
valued at US$l,000bn, he 
pointed out at a conference 
organised by Metal Bulletin. In 
1994 turnover would increase 
by another 35 per cent to about 
45m lots, or nearly $2,000bn. 

LME users needed to adjust 
in future to a new “fundamen- 


tal" in LME price discovery, 
said Mr King. “Along with sup- 
piy/demand levels, rock blasts, 
miners' strikes and LME stock 
levels there must be addpd the 
fundamental of non-trade 
activity - the movement of 
funds into or out of LME mar- 
kets, driven by their own trad- 
ing strategies or chart points, 
ranging with their movement, 
a movement in LME prices.” 


MARKET REPORT 

Gold price finds support after touching 6-week low 

The GOLD price dipped to the tralian producer and commis- below Monday's close. $3£33 a tonne, S87 up i 


The GOLD price dipped to the 
lowest level since the end of 
August at the London bullion 
market yesterday before strug- 
gling back up a little in what 
one dealer described as "a bit 
of a dead cat bounce”. 

“But at least It seemed to 
have found a level and may 
even be trying to break 
through on the upside, ” he 
added as the price closed at 
$338.25 a troy ounce, down 
$125 on the day and $4.45 on 
the week so far, but $2.75 
above its lunchtime low. 

Bullion's shaky morning was 
prompted by a lacklustre per- 
formance on Monday and Aus- 


COMMODITIES PRICES 


tralian producer and commis- 
sion house selling finding the 
market long, dealers said. 

They added that disillusion- 
ment had set in for the longs 
after the price failed to get 
through $400 an ounce when 
apparently well primed two 
weeks ago and to a lesser 
extent last week. 

“It may pick up from here," 
one suggested. "It needed this 
to clear out the tired longs." 

London Metal Exchange 
COPPER prices staged a sharp 
mid-afternoon rally after hear- 
ing that the cheapest offer to 
the US Mint at its tender yes- 
terday was $2^75 a tonne, con- 


LMI WAREHOUSE STOCKS 

(As st Monday's ckwe) 
tonnes 


Aluminium 

-22,150 

U 2J4M50 

Ahimlraufn alloy 

inched 

at 26,560 

Copper 

-13,675 

to 333500 

Load 

-175 

to 368,576 

Ncfcd 

+240 

to 148-592 

Zhc 

-1.575 

to T.23S.875 

Hi 

-250 

to 31 ,935 


firming that high premiums 
ruled in the US market, dealers 
said. 

Short-covering and specula- 
tive buying saw the three 
moths price climb from an 
early low of $2,464 a tonne to 
close at $2,488, still down on its 
earlier high of $2£06 and $$5.50 


below Monday's close. 

Dealers said copper earlier 
fell under speculative and stop- 
loss selling but appeared to 
find support below its medium 
term trendline at $2,470. They 
noted that a big fall in LME 
stocks had been reported in the 
morning as metal continued to 
be shipped from Europe to the 
premium US market 

At the London Commodity 
Exchange COFFEE futures 
shrugged off an early plunge to 
end the day significantly 
higher, helped by a short-cov- 
ering rally and increased 
roaster buying Jit the dose the 
January position was quoted at 


$3£33 a tonne, $87 up on the 
day and $183 above the morn- 
ing low. 

The early fall was prompted 
by a weak close on Monday in 
New York: But traders said 
that they then noticed 
increased roaster and trade 
buying. “Being a lot cheaper, 
they will be a lot more com- 
fortable buying at these lev- 
els," one explained. 

OIL prices moved in a fairly 
narrow range as uncertainty 
about the implications of the 
Gulf crisis for future supply led 
dealers to adopt a cautious 
stance. 

Compiled from Renters 


Zambia seeks partner 
to develop copper mine 

Outright privatisation of the giant Konkola 
deposit is ruled out, writes Leslie Crawford 


T he government of Zam- 
bia is likely to hive off 
the massive ore body of 
Konkola from the state-run 
Zambia Consolidated Copper 
Mines in an attempt to attract 
foreign loan or equity capital 
to develop the 8600m project 
President Frederick Chiiuba 
acknowledged In an interview 
that private Investment was 
urgently required to reverse 
the ailing fortunes of Zambia's 
copper industry, which 
remains the fulcrum of the 
economy. Since nationalisa- 
tion, copper production has 
nose-dived from a peak of 
700,000 tonnes a year in the 
mid-1970s to below 400,000 
tonnes. Output is forecast to 
halve again by the turn of the 
century unless the Konkola 
Deep deposit, with mineral 
resources of 38lm tonnes con- 
taining 3.5 per cent copper, can 
be brought' into operation 
before ZCCM’s existing mines 
are exhausted. 

"New projects, such as Kon- 
kola, should be able to attract 
private investment on their 
own,” President Chiiuba said. 
To make the project more 
attractive to foreign investors, 
he said Konkola might be run 
as a subsidiary of ZCCM, free 
from the parent company's 
financial constraints. 

President Chiluba's plan, 
however, stops short of out- 
right privatisation. Both he 
and ZCCM’s management are 
searching for formulas that 
would keep Konkola under 
state control. 

“Konkola is the jewel in our 
crown,” says Mr Edward Sha- 
mutete, ZCCM’s chief execu- 
tive. “If we privatise Konkola 
the rest of ZCCM is a dead 
duck." 

The government has already 
turned down an offer by Anglo 
American Corporation of South 
Africa to lead a consortium 
that would develop Konkola as 
an independent joint-venture - 
relegating ZCCM to a minority 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices from Amakjamsfad Meta I Trading) 
aluminium, 89.7 PURITY (S per tonne) 



Cash 

3 mtla 

Close 

1618J-7.5 

1635^-6.0 

Previous 

1016.5-7.5 

1634-5 

HlgMav 


1041/1630 

PM Official 

1619.5- WL6 

1638-8 

Kerb close 


1641-8 

Open lot 

253.383 


Total doily turnover 

21.317 


B ALUMINIUM ALLOY (S per tome) 



Precious Metals continued 

■ GOLD COMEX (100 Troy oz.; S/tray ozj 

Sen flay*» Open 

price dunge Mgh lew M Vet 
Oct 387.8 -3.1 3885 3 87.8 158 ? 

HO* 388.7 -30 .... 

Dec 3902 -02 3925 3840108558 155*5 

Feb me -3.2 3955 391 J 20.007 161 

Apr 397.1 -32 3995 3905 7,194 10 

JU 4005 -35 402.7 400.0 10381 1 

Total m,7n lam 

■ PLATINUM NYMEX (50 Tray qz.; SAray to.) 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (E par tonne) 


SOFTS 

COCOA ICE ©tonne) 


Sen Day * 


Open 




Mt 

Day* 



Open 



M 


prior i 

dtanga 

Hub 

Lour 

tat 

VO) 


m 

Ok 

EOS 

+4 

942 

S2S 

24.823 

900 

Oct 

158 

Hr 

974 

+4 

97B 

982 

40,107 

2.069 

DtC 

153 

May 

S07 

+4 

997 

S70 

12J68 

442 

m 

147 

Jri 

909 

+3 

1000 

994 

6.089 

87 

Apr 

20 

Sop 

1010 

+2 

1009 

1005 

>0297 

139 

Jm 

5 

Dec 

1020 

+2 

1028 

1025 

0218 

91 

Aug 

003 

Total 




iwms 

4,144 

Total 


MW 10350 -a 15 10359 10358 1545 

Jan 10955 -020 100.00 105.45 1562 

liar >87.70 -020 >08.15 10750 >,421 

Hay 109.65 -025 110.00 109.48 1583 

M 111.85 -035 11250 11150 2S3 

Sep 9525 -1.15 9600 9850 10 

TOM 7,000 

■ WHEAT COT (BjOOObu mhu cenWBOfc bushel) ■ COCOA CSCE (10 tonnes; S/topnos) 


MEAT AND LIVESTOCK 

UVE CATTLE CME (4O0OCtoa; centn/lba) 

Sett Day** Open 

prtca change iflgtr Low tat W 
57.425 +0550 67500 88500 10548 10,788 
68575 +0.075 BB0OO 87.600 26.977 9,413 
87525 +0.000 87500 08550 15,879 2,083 
61175 +0525 68200 67273 11519 1.406 
04525 +0 BWJ 84560 04250 2562 390 

04550 +0525 04.100 63550 1268 74 

80)344 24^50 
■ LIVE HOGS CME (40,000fca; centn/lba) 


Close 

Previous 

High/low 

AM Official 

Kora ctese 

Open hit. 

Tolu/ daoy turnover 

B LEAD (5 per tonne) 

1850-60 

1855-60 

1650-60 

2.071 

190 

1675-00 

1075-00 

1680 

1675-60 

1675-00 

OOW 

825-8 

E38.5-9.0 

Previous 

831-1.5 

643.5-4.0 

HHjh/tow 


846/834 

AM Official 

623.5-1.0 

638.S-7.0 

Kerb dose 


639-40 

Open mt. 

42.377 


Total limy turnover 

5.508 


B NICKEL ft per tonne) 


Qoso 

8+70-85 

6580-90 

Previous 

6555-60 

6660-5 

Hi^h/tow 

6533 

6720/6550 

AM Official 

6531-3 

6635-40 

Kerb doso 


8570-80 

Open inL 

73346 


Toiai daily turnover 

B TWI [S per lorme) 

10,603 


Close 

5290-300 

5370-80 

Previous 

5310-20 

5395-400 

HigMow 


5440/5350 

AM Official 

5270-80 

S35S-80 

Kerb tfeno 


5360-70 

Open mi. 

15.874 


Total daity turnover 

4.040 


■ ZINC, special high grade (5 per lannol 

Close 

1038-7 

1058-9 

Previous 

1039-40 

1D60-1 

Migh/low 


1064/1053 

AM Official 

1033-4 

1055-5.5 

kortt close 


1058-9 

Open ml. 

104.137 


Total da*y turnover 

17.614 


B COPPER, grade A (5 petr tormo) 


dose 

2485-8 

2485-6 

Previous 

2497.5-8.S 

2491-2 

Higulcrw 


2508/2465 

AM Official 

2473-4 

2475-8 

Kerb chwe 


2480-1 

Open iru. 

222.518 


Total dotty turnover 

53.136 



Oct 

415.4 

-10 

4100 

4153 

236 

11 

Doo 

418/2 

+0/2 

41M 

412* 47,125 

0356 

DM 

1259 

-2 

1208 

1255 33,834 2090 

OCt 

34075 +0000 35.100 34050 

1354 

M15 

•tan 

410.0 

4L7 

4203 

4173 19+411 

2,735 

Bar 

425/D 

+4* 

425/4 

420* 21.831 

1303 

War 

1311 

-4 

132T 

1309 20.425 

1.445 

Dac 

35050 +0.125 36.125 35050 16,412 

3063 

Apr 

423.4 

■0.7 

4240 

4213 

3,112 

258 

May 

385/2 

+0* 

396/4 

391/4 

3,173 

390 

May 

1339 

-5 

1345 

1338 

7048 

16 

Fab 

37050 +0050 37025 37275 

6,400 

580 

Jad 

4260 

■0.7 

4283 

425.0 

510 

B 

Jul 

357* 

+1* 

358* 

35V4 

7343 

1048 

■W 

1370 

-5 

1383 

1368 

2061 

43 

Apr 

37.475 +0075 37300 37.450 

3046 

211 

Oct 

429.6 

■0.7 

4290 

4290 

335 

2 

Sep 

301/4 

+2* 

301/4 

358/4 

165 

2 

S*P 

1399 

-5 

1400 

1400 

1003 

- 

Jon 

43.175 >0200 41250 41925 

1070 

61 

Jan 

4328 

■0.7 

- 

- 

2 

2 

DCC 

370* 

+2/D 

370* 

368* 

129 

8 

Dec 

1429 

-11 

1427 

1422 

4060 

2 

Aog 

42.475 +4)025 42000 42^400 

270 

91 

Total 





23,613 

3.012 

fetal 





T907Z 10040 

Total 





740TT 4029 

DM 


39MZ 

8070 


■ PALLADIUM NYMEX (100 Tray ql; S/Troy oz.) 

Oct 151. 35 -1.10 - - 39 39 

Deo 15255 -1.10 152.75 15050 4,750 190 

liar 15355 -1.10 15300 15250 1,405 U 

Jun 154.45 -1.10 - 152 

Total 6540 22& 

■ «LVEH COMEX (100 Tray Q 2 .: Cenn/lroy oz.) 


Oct 

6480 

-00 

_ 

5 


Nov 

550.6 



- 

- 

Dac 

533.0 

-15 

5590 

5490 97.128 

7.952 

Jan 

5516 

-60 

533.0 

3530 48 

4 

Mar 

561.8 

-80 

5680 

6580 11016 

116 

Hay 

Total 

567.9 

■80 

5710 

5660 4010 
126001 

17 

6093 


■ MAIZE CBT (5,000 txj urin; oante/ggfc bunhofl 

Deo 213* • 214/6 213/4132234 13549 

Bar 223/6 -+IV2 224/6 223/4 49593 2423 

May 231/2 +0/2 232/0 230/6 21561 1514 

Jul 236/0 +016 237/0 238/0 34595 2,428 

Sap 241/6 +0/6 242/0 241/0 1535 257 

Dec 247/4 +1/2 248/D 248/2 9585 638 

TOW 23*442 24570 

■ BARLEY LCE(S per tonne) 


■ COCOA gCCO) (SORVtonne) 


■ PORK BELLIES CME (40000018; camaflte) 


Del 10 
te»~ 


■ COFFEE LCE (S/tonneJ 


Price 

.98457 


Pm. Pay 
908.73 


Ko» 

10200 

-0.25 102-00 102JD 

428 

20 

Jan 

IHW 


308 


tar 

10600 

- - m 

128 


“ay 

10800 

- 

46 


Sep 

95.00 

- 

2 


Not 

TOW 

67.00 

“ 

1000 

20 


ENERGY 

B CRUDE OIL NYMEX (42000 US galls. S/barrel) 


■ SOYABEANS CBT [S.OOCtu mto; cate/BOfc bwtoH) ^ 


Latest Day's 
prtca change 
17.95 -0.04 

1857 -0.03 

1S.11 -0.03 

1809 -0-03 

10.1 Q -0.01 
ia.10 -an 


Dec 
Jan 
Feb 
Mar 
Apr 

raw 

B CRUDE OIL IP6 (S/tmreQ 


Mob 

18.09 

18.30 

18.19 

18.17 

18.15 

18.17 


Open 

1h M Val 

17.70 73,912 42,068 
1752 90,136 3Z57B 
1788 54.098 12507 
17.90 24561 4.188 
1750 23.121 4.242 
17.95 16.741 1.993 

m m 


■ LME AM Official E/S rate: 1.5335 

LME Ctoaing E/S rate; 15805 

Spotl J7S0 3 nahrl.5771 £ mfts-1.5740 SmBO: 1.5702 
fl HIOH GRADE COPPER (COMEX) 



Day* 

Case chaw Mjp 

to» 

Open 

tat 

vw 

Del 

116.00 

-100 11610 

11600 

ZVi 

244 

Nov 

I150S 

- 

- 

1.164 

54 

Q*e 

114.35 

050 115.00 

112.30 

39.438 

4001 

Job 

11400 

-340 11290 

>1260 

790 

1 

Fab 

11355 

-0.35 


456 

18 

Mar 

Total 

113.15 

035 11300 

1H6D 

6,5)5 

67313 

42S 

1394 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Pncea supotod tty N M RnmachM) 


Co<(l (Tray m.) 
Cto&o 
Cpentoa 
Morning Ta 
Ahottmn fix 
Day's KHjh 
Day's Low 
Previous cJo» 
Loco Ldn Mean 

l month 

S months 

3 months — 


£ equrv. 


345.710 

245.038 


S price 

388.00- 386.50 
309.80-39020 

389.45 
3sr.es 

390.00- 39050 

386.00- 38450 
390.30-390.70 

G«M LWKttifl Rates (VS USS) 

...,4.82 0 months 4.94 

....4.67 12 months — .550 

...4 81 



LatoM 

Day* 


Opw 



price 


ffigh 

Low tat 

Vd> 

Nov 

1605 

+0.01 

16.84 

16.46 60,162 

26025 

Dec 

1369 

002 

It, 66 

1352 62057 20,659 

Jan 

16.73 

-0.09 

1699 

16-39 22.194 

5070 

Ml 

16.73 

007 

16.88 

1664 11.410 

1.769 

Mar 

16.70 

0.10 

1666 

16.70 8.602 

750 


16.72 

0.O6 

16.72 

16.72 3.684 

1. MO 

Total 




181,452 38,435 

B HEATING OIL NYMEX 142.000 US gate; c/US gtfsj 


Latest 

Days 


Open 



prtca 

dtanga 

ffigb 

Lob let 

M 

No* 

49.75 

+0.16 

50.10 

49.10 33.127 

11007 

D« 

5ft 7D 

+0.11 

51.05 

5005 43,820 

7,035 

Jan 

5100 

♦001 

31.65 

51.00 31,805 

1137 

Feb 

52. ID 

+0.18 

5220 

51.55 16038 

975 

Mar 

51.75 

+0.06 

51 .95 

51J0 11,948 

635 

Apr 

5100 

- 

- 

- 4.770 

438 

Total 




N/A 

m 

■ OAS OH, JPE 3M 




m 

oaya 


Open 



price 

dnage 

Mgb 

Low bd 

VO 

Oct 

152.73 

-125 

16490 

15175 21.938 

11040 

Hn 

15150 

-2.75 167*5 

154.75 30,192 

10029 

DM 

157.50 

-2.75 

15900 

156.75 22048 

30S3 

Jan 

15980 

-225 16100 158.75 16,090 

2.464 

Fas 

16000 

-1.75 

160.75 

160.00 6.416 

135 

Mar 

160.25 

■1.75 

161.00 

16000 6.175 

389 

TOM 




113063 28,954 

■ NATURAL GAG NYWBt (10.000 rrmBiu.; SmfflS&U 


Latest 

teg's 


Open 



Price 

change 

Mgh 

urn tat 

Vol 

N4+ 

1080 +0 023 

1096 

1.656 27020 

9.177 

Dec 

2.000 +0.038 

2.009 

1075 20,674 

2.705 

Jan 

11» +0.025 

1115 

3.090 17,177 

1039 

Feb 

2060 +0.030 

1070 

2035 14,459 

942 

Mar 

2013 +0030 

2020 

1095 >2.032 

693 

AW 

1970 +0029 

1970 

1.965 7099 

223 

Tool 




R/A 

m 


tor 

532/2 

+2/4 

533/0 

529/4 70051 

15017 

Jae 

543/4 

+2» 

544/0 

540'* 27.175 

3 are 

Mar 

533/0 

+2/6 

0S3/4 

8SIV2 17058 

1067 

May 

561/4 

-2/6 

561/8 

SOM) 

7,656 

348 

Jul 

567/6 

+2/2 

568/4 

5668) 14045 

562 

Aug 

570/2 

+2/0 

571/2 

568/4 

518 

38 

Total 




149028 29081 

B SOYABEAN OIL CBT (BO.OOOUxk contaffi0 

OCt 

25-33 

+0.38 

2509 

2408 

7057 

1074 

Dec 

2295 

*tt>7 

2409 

Z3J7 30152 

7.133 

Jm 

23.40 

+0.12 

23.60 

2306 

11.140 

1026 

Mar 

ZX25 

+aio 

2304 

23.12 12087 

675 

May 

23.08 

+ai3 

23.15 

2205 

8023 

887 

Jtd 

22.02 

+aii 

23-00 

22.80 


285 

Total 





66,768 13064 

fl SOYABEAN MEAL CBT (100 tons; Mon) 


Oct 

161.4 

+08 

161-5 

1600 

3018 

1064 

Dec 

16}0 

+02 

1610 

1800 48038 

7039 

Jan 

1620 

■ai 

163.2 

1620 

15.422 

1.190 

Mar 

1850 

+03 

1682 

165.0 

12.466 

706 

May 

168.3 


1680 

168.0 

7015 

372 

u 

171.4 

-03 

1710 

1710 

6051 

385 

Total 





93,194 11013 

■ POTATOES LC£ (Ertonort 




Nov 

1500 

. 

. 

. 

. 

. 

Mar 

105.0 

- 

- 

. 

- 

- 

Apr 

2190 

-35 

2220 

2180 

1002 

84 

May 

240.0 

+10 

. 

. 

* 


Jon 

1070 

- 

- 

- 

. 


Total 





10K 

84 

■ FREIGHT (BffFEX) LCE (SIOAnAn pokiQ 


Oct 

ISIS 

-41 

1845 

1610 

536 

29 

No* 

>788 

-42 

1B35 

1795 

34? 

34 

Dec 

>775 

-43 

1623 

1770 

I3S 

41 

Jan 

1739 

-48 

1792 

1760 

1,062 

84 

Per 

1719 

-44 

1770 

17® 

708 

43 

Jul 

14ffi 

-48 

1635 

1533 

134 

3 

TotaJ 

Close 

Pm 



20*> 

216 

SR 

1789 

1772 






tor 

3559 

+111 

3588 

3370 

8074 1030 

JM 

3533 

+87 

3832 

3350 14017 3,458 

Bar 

3439 

+75 

3450 

3315 

7.753 2.417 

May 

3438 

+60 

3425 

3330 

2.887 330 

■Jul 

3388 

+45 

3360 

3345 

1003 321 

Sap 

3380 

+57 

3375 

y»n 

10J7 377 

Total 





38051 8,383 

■ COFFEE ■C CSCE (370OOtas: oemsdtra) 

Dec 

104.40 

+406 

18775 

18075 

16059 8,749 

Bar 

180.70 

+4JS 

19205 

184.50 

11.050 3026 

fl"? 

19100 

-000 

19400 

19100 

4077 213 

JW 

18205 

-000 

195.00 

19206 

1.383 48 

Sap 

193.75 

-8.73 

194.75 

19300 

803 31 

Dec 

19400 

-aao 

105.00 

19300 

Ml 4 

Total 





3400212071 

m COFFEE QCOt (V3 oants/pound) 


Oct 10 



Price 


Frw. day 

Comp, (tally 


-17402 


18203 

15 day average — 


.19907 


202-00 


Fab 

40000 +0050 40-700 40200 

8055 

992 

Bar 

40600 +0250 40825 40300 

835 

47 

K*J 

41050 +0275 41000 41000 

266 

13 

Jta 

<2000 +0200 42.450 42.100 

246 

3 

Aug 

Total 

41000 +0200 41000 41.150 

98 

9046 

1 

1096 


LONDON TRADED OPTIONS 

price S tonne —Celia Puts — 

ALUMINIUM 


B No7 PREMIUM RAW SUOAR USE (<**rt3/Tba) 


Jan 

1102 

_ 

. 


80 


Mar 

1206 

• 


« 


_ 

May 

12.78 

- 

- 

- 

450 

- 

JM 

12-27 

-038 

- 

to 

. 

. 

Total 






548 

flf WHITE SUGAR LCE (SAonna) 



Sec 

33100 

■&2D 32040 325 . SO 

3095 

711 

Mar 

324,10 

-620 329.00 

32400 

8017 

1012 

mar 

323.90 

-110 32120 324.10 

7,483 

513 

Aug 

323.40 

-8.00 

327 JO 

32X30 

1.7TB 

347 

Oct 

30800 

-4.10 31100 311.00 

351 

5 

Dec 

307.40 

-4.10 

- 


4 

. 

Total 





15026 2088 

fl SUGAR +11' CSCE IU2.000RJ3; centa/lba) 


Mar 

12 IS 

-027 

1240 

1213 95001 

2.783 

Bo? 

1221 

■024 

1241 

1200 

17071 

836 

jm 

1214 

-002 

1200 

1210 11092 

407 

Oct 

■1100 

-000 

1207 

1108 

9481 

560 

Mar 

H-58 

-0.15 

1105 

1105 

1,435 

6 

May 

1108 

•015 

- 

- 

9 

- 

TaW 




136,477 4091 

■ COTTON NYCE (6O0OOIbSi cWts/fts) 


Dec 

6800 

+102 

8800 

87.68 27080 2111 

Mar 

70.19 

+101 

7140 

60.40 11016 

688 

May 

7105 

+OSE 

7100 

7070 

600? 

100 

M 

7200 

+090 

7205 

7100 

3058 

64 

Oct 

89-25 

+005 

8900 

S90O 

545 

13 

Dau 

66.75 

+075 

8806 

68.10 

1018 

23 

Taw 





52029 3079 

■ ORANGE JUICE NYCE (1 SjXWte; oenta/lb^ 

to 

9305 

+245 

93.73 

9100 

6532 

556 

Jn 

9725 

+2.15 

9700 

95.10 

6078 

981 

Mar 

100.70 

+2.10 

101.00 

89.70 

40(0 

252 

May 

104.20 

+110 10200 10200 

1,161 

36 

Jnl 

10/45 

+2.10 

- 

- 

625 

25 

San 

11030 

+210 10900 10900 

296 

50 


F».7%) LME 

Dec 

Mar 

Dee 

Mar 

1685 .„ 

69 

89 

43 

87 

1650 

47 

77 

55 

80 

1676 

36 

66 

60 

33 

B COPPER 





(Grade A) LME 

Nov 

Fab 

Nov 

Fab 

2500 

67 

94 

82 

124 

2660 

47 

74 

112 

154 

2800 — — 

32 

58 

147 

186 

■ COFFEE LCE 

Nov 

Jan 

Nov 

Jan 

38O0 

81 

228 

122 

293 

3650 

B3 

209 

154 

326 

3700. ...... 

46 

183 

189 

360 

■ COCOA LCE 

Dec 

Mar 

Dec 

Mar 

f IBIS 

36 

87 

23 

36 

950 

24 

72 

38 

48 

9760 

15 

60 

62 

61 

■ BRENT CRUDE IPE 

Nov 

Dec 

Nov 

Dec 

1050 

2 

ST 

2 

44 

1700 

3 

40 

40 

80 

1750 .. 

1 

31 

90 

111 


LONDON SPOT MARKETS 

B CRUDE 00. FOB (per barrd/Noi^ +or 


fl UNLEADED GASOLINE 
Hmx U7.00C US ga)b; c/US gate.) 


Stiver Rx 

p/roy oz. 

US C?s oqufv. 

to 

Spot 

350.60 

555.75 

Ok 

3 months 

355.50 

56300 

Jan 

6 months 

381.00 

57000 

Fab 

1 year 

374.65 

589.55 

Mr 

GoM Coins 

S price 

E equtv. 

Apr 

Krugerrand 

392-385 

247-250 

ToW 

Mo^o Leal 

396.30-400.00 

- 


New* Sovereign 

91-94 

57-60 



Latest Day* Open 

price change Mgh Lew m w 

47.40 +0.35 47.70 4050 23,799 8.957 

5550 +021 55.70 5456 17,940 4582 

54.00 -aus 55.00 S40S 10,612 1,333 


54.70 

■000 5405 5400 5069 

770 

550(1 

- 2,418 

126 

59.31 

- 4088 

301 


X/A 

K/A 


Mfcwr Metals 

European free market tram Metal Sufletm, S 
per to to waeftouea, unless erthenriae stated 
(Iasi week's In brackets, whert changed}. Ai»- 
ir Krn y: 9S.696, S per tonne, 5,780-5,970 (5,730- 
5.830. Bismuth: min. 49.90K, tartne lots 3-05- 
4.00 (3. 75-4.00}. Cadmium; min, 09.538. 
200-216 (200-229) cento a pound. Cobalt: MB 
tree mtowt 09-096, 27.SO-280O t27.50-28.7S}; 
90.396, 2 fi -50-26. 75. Mercury: irin. 99.90%. S 
per 70 b Hart. 110-135 (110-130}. Mdybd*. 
man: drummed nwtybdlc oxide, 4.10-4.30 
(3, BO-305). Setanheis rrtn 99.6%. 135-4.05. 
Tungsten ore: standard rtWL 65%. $ par tonne 
mi (1«n) WO* ctf, 45-55. Vanadium: min. 
98%, df. r.35-1.50. Uranium.- Nuexco 
exchange value. 7.00 (7.1®. 


Total 


20002 1,327 


VOLUME DATA 

Open Interest and Volume data shown tor 
ceramets traded on COMEX NYMEX. CBT, 
NYCE. CME CSCE and IPE Crude Ofl art one 
day In arrears. 


INDICES 

■ REUTERS (Bare 16/9/31=1010 

Oct 11 Oct 10 month ago year ego 
3036.5 2007.0 2097.1 1570-4 

■ CRB Futuree (Beee: 1067*100} 


Dubai 

SI 5.45-5 ^6t 

-a 35 

Brent Stand (dated) 

Si 603-607 

-007 

Brent Bland (Nov) 

$1603-607| 

-0.37 

W.TJ. (1pm eat) 

$1707-7091 

-0026 

■ OH. PftOOUCTS NWE prompt delivery OF (tome* 

Premium GaaoRne 

$173-176 


Gas Ofl 

$158-160 

■s 

Heavy Fuel OU 

$91-64 

-1 

Naphttai 

$167-168 

-1 

Jot fuel 

SI 77-178 

-30 

(tool 

S1B2-163 

-2 

Peasfcum Arma. TtL London 8U1J.3SB 87S2 


■ oner 



Gold (per boy 

$38805 

-205 

Stiver (per (roy 04 ^ 

560.5c 

-8.00 

Ptadnuti (par tray oz} 

S414J50 

-160 

PaUatflum (per boy as.) 

SI 6005 

-3.00 

Copper (US prod.) 

122 . 0 c 


laid (US prod.) 

3905c 


Tin (Kuala Lunpur) 

U53C 

■0.12 

Tin (Hem Yorb) 

2470c 


Cattle (Bve wdgvJT 

nea Op 

+0.76' 

Sheep (to wNgwVrti 

9O02p 

+152* 

Pigs fflve welglH} 

75.8tip 

40.03- 

Lm day suga (raw) 

S308.7 


Lon. day sugar Qwtef 

5337.0 

+9.0 

Tate X Lyle export 

E3O70 

*10 

Barley (Eng. teed) 

Unq. 


Maize (US No3 Yellow} 

$136.0 


Wheat (US Daffi North} 

Unq. 


Rubber (Nov}V 

9505p 


Rubber 

94.75p 


Rubber (KLRSSNol Jtd 

366-Ore 

+10 

CocOnu* Ofl (PM}§ 

S595.0U 

-170 

Potai CN (Melay.)S 

$897.51 

+20 

Copra (PN05 

S382.0U 

-10 

Soyabeans (U3) 

ei3S.0v 

+1 

Cotton OiffiooHCA- hwsx 

730OC 


WbcAWpS (84s Super) 

434p 



Oct 10 
227.33 


Oct 7 
228.17 


month ago year ego 
233.14 21SL2S 


c s?!2T ,,,r ^ o ^ i ^ iiu, * i -pp* ,6art «S'0 ««*•*»■ 
m M+terttn r Mf/Om*. r ** v 

NoWPac. u Og/Nov. 1 Nov. f London Phyite*. 5 OF 
Raawhni. f Bitam mariwc dose. * Snap (Uva we l d* 
pnSMt. aim®* on weak o Prices ae tar prarioui ifcy. 


role. Anglo American Is disap- 
pointed. As ZCCM’s main 
minority shareholder, having 
retained a 27 per cent stake in 
the company following nation- 
alisation, the South African 
mining house is as anxious as 
the government to get Konkola 
off to an early start 
Mr Shamutete believes 
ZC CM could raise the $600m 
required to develop Konkola if 
the government were to 
lighten the company’s $740m 


emment's stated goal. When 
and how privatisation wilt take 
place Is less certain. 

The cabinet last week 
rejected a report by German 
consultants that recommended 
the carve up of ZCCM into five 
units for privatisation. 

Not surprisingly, both Anglo 
American and ZCCM's manage- 
ment were also opposed to the 
options outlined by Kieribaum 
Development Services, the Ger 
TYmn consultants. Mr Anderson 


‘Konkola is the jewel in our 
crown. . . If we privatise it the 
rest of ZCCM is a dead duck.’ 


debt burden by absorbing 
$220m owed to the Paris Club 
of creditor nations. Earlier this 
year, the ZCCM board 
appointed Nikko Securities of 
Japan to put together a loan 
package for Konkola. But few 
believe Nikko will be success- 
ful 

ZCCM's chief executive 
knows that he is in a race 
against time. 

In the meantime, his own 
investment budget Is shrink- 
ing. Low copper prices drove 
ZCCM's operations into the red 
last year, with the company 
posting losses of $135m in the 
six months to March 1994. A 
short-term recovery plan, 
which includes slashing 
ZCCM's investment budget 
from $l50m to $l05m this year 
and making redundant 10,000 
miners - one-fifth of the work- 
force - is behind schedule. Mr 
Shamutete admits that by Sep- 
tember production of finished 
copper was still 7 per cent 
below target and that efforts to 
lower production costs had 
only met with partial success. 

His aim is to transform 
ZCCM into an efficient, low- 
cost producer ahead of privati- 
sation, which remains the gov- 


Mazoka, Anglo American's 
managing director in Lusaka, 
believes the company would be 
better managed as a single unit 
under one group of sharehold- 
ers. “The break up of ZCCM 
would lead to the rapid closure 
of the less profitable divi- 
sions,” he says. He believes the 
negotiations to sell off separate 
units would be long and costly 
and would open up opportuni- 
ties for corruption. 

Few doubt that If ZCCM 
were to be privatised as a sin- 
gle unit Anglo American would 
became the controlling share- 
holder - an option which Is 
also politically unacceptable to 
the government, as it would 
place the country's entire cop- 
per wealth, and the source of 
90 per emit of Zambia's export 
earnings, in the hands of one 
multinational 

President Chiiuba says he 
plans to commission another 
study into ZCCM's options for 
privatisation. He admits that 
the sheer complexity of the 
exercise as well as the absence 
of a national consensus on the 
issue make it unlikely that 
ZCCM will be privatised during 
his present term of office, 
which ends in 1996. 


,-ijid 

u 


CROSSWORD 


No.8,582 Set by CINCINNUS 



ACROSS 

1 Gold recovery, so we hear (7) 

5 Saw lead inscribed with dog's 
name (7) 

9 Put o ff 19 (5) 

10 Intruders, disturbed or other- 
wise (9; 

11 I’d grass on misleading 
informers, by the way (4-5) 

IS Surpass an alfresco celebra- 
tion (5) 

13 Shakespearean spirit I 
detected In parts of Lear (5) 
IS Urban residents know lofts 
get converted (9) 

IS victor Norman W illiam? (9) 

19 Return to surrender (Sj 
21 Some people wear medals 
when carrying weapons (S) 

23 Coats need woven yarns (9) 

25 Abie to contend, not being 
disheartened (9) 

26 Packer the pugilist CS) 

27 Reassigns roles, introducing 
new actress (7) 

28 Again put into circulation 
obsolete foreign coins and 
take legal action (7) 

DOWN 

1 State whose neighbours are 
French and Sp anish and odd 
Scots (7) 

2 Francs taken into account, 
giving a boost to the economy 
(9) 

3 House and ground (5) 

4 Child acquiring foreign 
tongues within a year (9) 

5 Poles Cnding employment (5) 


6 On my soul 1 find it altered 
inauspiciously (9) 

7 Be sorry for headless bird (5> 

8 Doctor, getting duck to go in 
brook, shows what is funda- 
mental (7) 

14 Washer of Los Angeles strip 
(9) 

16 Bird climbing exotic trees In 
dty (9) 

17 Requires too much of public 
cuts (9) 

16 Tea to cure ailing poet (7) 

20 The Department or Education 
and Science ever out to 
reveal merit (7) 

22 Tm going up twice, about to 
take off (5) 

23 Lincoln, second Uwa around, 
helps criminal <5) 

24 Emirate princess, entertain- 
ing university graduate {5} 

Solution 8,581 


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snaHnEEH OEDamciQ 



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«■*?*! 



tan fcird 




W It i l , k' 1 : ' •. 

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WORD 


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.« m * T 


FINANCIAL times WEDNESDAY OCTOBER 12 1994 



29 


EXCHANGE 


MARKET REPORT 


US influences drive shares ahead at the close 


FT-SE-A AH-Share index 


1,650 


By Terry ByJand, 

UK Stock Market EcBtor 

trading results from some 
of the Wg names in US Industry 
gave a final boost yesterday to a 
London Stock market already 
looking confident in early trading 
The FT-SE 100 Share Index closed 
40£ up at 3,073, spurred on by the 
December futures contract on the 
Index which closed comfortably 
above 3.100. 

Institutional buyers came into the 
eqtdty market towards the close as 
Wall Street's opening strength put 
40 points on the Dow in UK hours 
and activated limit restriction on 
index-linked trades. The indications 
of u resurgent US economy drew 
further encouragement from firm- 
ness in Federal bonds, implying 
that inflation worries had not been 


reawakened ahead of Friday’s 
Important’ statistics on US indus- 
trial prod uction 

London was a little less sure Of 
Itself than the gain in the Footsie 
suggested. Until Wall Street opened, 
the gain on the Index was only 
around 25 points and trading vol- 
umes moderate, hi the final hour of 
trading blue chip stocks swept 
ahead behind a strong US dollar. 

Concerns over inflationary pres- 
sures to the UK will be tested this 
morning when the annnnnrpmpnt 
of the September retail price fode* 
wifi be followed by data on average 
earnings and unit wage costs. Ana- 
lysts have been impressed by thB 
rally in UK bonds but remain uncer- 
tain over likely trends in German 
and US bond markets. 

Second line issues were somewhat 
left behind to the late rise to the 


stock market The FT-SE Mid 250 
Index was content with a gain on 
the day of 24.1 for a closing reading 
of 3,506.9. Non-Footsie business 
nude up nearly 58 per cent of yes- 
terday's total, at the lower end of 
average daily trading patterns. Pri- 
vate investors, traditionally active 
in the second line issues, have been 
unwilling to trade in equities to 
recent months. 

The return of Wall Street to fully 
active trading after the Columbus 
Day break, which closed the Federal 
bond markets, was reflected to a 
similar return to normal business 
levels in London. The Seaq total of 
682.3m shares to London yesterday 
was around 36 per cent up on the 
previous session, although retail 
business remained satisfactory at 
£1.42bn in Monday's session. 

Oil shares, although still firm. 


continued to respond calmly to 
events in the Middle East. The 
strongest gains came in those UK 
companies where profits are most 
closely linked to the fortunes of the 
US currency. Glaxo, HSBC and Uni- 
lever were all firm spots. An excep- 
tion was Cadbury-Schweppes, upset 
by news that Virgin, Mr Richard 
Branson’s airline and retail group, 
plans to launch a cola drink, to 
association with a North American 
group; Cadbury, jointly with Coca- 
Cola, produces Coke in the UK mar- 
ket a generally favourable reading 
of the 1G Mstall union’s decision on 
the impending pay round benefited 
UK construction stocks with expo- 
sure in Germany. 

Consumer stocks showed little 
nervousness ahead of tomorrow's 
retail price statistics, and lea d in g 
store groups such as Marks & Spen- 


cer and Sears made progress. These 
sectors have suffered severely in 
the recent shakeout and were seen 
as in line far a rally. However, trad- 
ing volumes in these shares was 
modest yesterday, as institutions 
preferred the international blue 
chips. 

Hie advance on Wall Street was 
welcomed by those UK analysts 
who have pointed to the narrowing 
of the gap between the New York 
and London markets and identified 
it as a factor favourable to UK equi- 
ties. 

But some pointed to the unwill- 
ingness of UK government bond 
prices to share in the general 
advance yesterday, noting that 
recovery in UK bonds is still seen as 
the necessary driving force behind 
the keenly-awaited upturn in share 
prices before the end of this year. 



Equity Shares Traded 

Ttmwar &y vokam tmteenf. Em*u*V: 
frtnwwrtsi business and wtneaa bmorer 
1000 


ImScm and ratios 

FT-SE 100 3073.0 *40.7 

FT-SE MW 250 3506.9 +24.1 

FT-SE- A 350 154G.7 +162 

FT-SE-A AS-Share 152673 +1724 

FT-SE-A At-Share yield ZM (359) 

Bast p t f ormi ng sector* 

1 Building & Construct ......... 44.1 

2 Telecommunications +32 

3 Isurance +32 

4 Merchant Banks +3.0 

5 Life Assurance - +22 



FT Ordinary index 23S7.8 +18.9 

FT-SE-A Non Rns p/e 18.78 (18.62) 

FT-SEIOOFut Dec 3102.0 +45.0 

10 yr GSt yteW 8.79 (8.80) 

Long gllt/equtty yld ratio: 224 (221) 

Worst performing sectors 

1 011 Exploration & Prod 

2 Properly 


3 engineering. Vehicles 

4 Diversified Industrials 

5 Electricity 


.. — -02 

- 0.1 

+ 0.1 

+ 0.1 

+02 


Insurers 
on bid 
alert 

Composites surged ahead on a 
mixture of takeover rumours 
mainly prompted by talk that 
Allianz , the German insurance 
group may sell Its Comhill 
subsidiary attd launch a bid for 
another UK insurance group. 
Commercial Union settled 15 
ahead at 545p, General Acci- 
dent 21 to 584p, Guardian 10 % 
to 195Vip and Son Alliance 7V4 
to 331 Vip. Royals added 5 at 


EQUITY FUTURES AND OPTIONS TRADING 


294p. 

Legal & General, viewed as a 
prime bid target in Ufe/general 
insurers, ran up 11 to 45fip. 
Prudential moved up 9 to 308p. 
Of the s maller stocks United 
Friendly added 2 at 50Sp, Bri- 
tannic 10 to 4Q6p and Refuge 8 
to 279p. 

Aggressive buying of the 
traded options was said to 
have been the catalyst for a 21 
surge to Lloyds Abbey life to 
34fip. 

C & W hints 

Persistent talk around the 
markets that some sort of a 
deal is to the making at cable 
& Wireless, possibly involving 


a demerger of the group’s Mer- 
cury telecommunications busi- 
ness, was the catalyst 
for another surge in the 
shares. 

C & W were the heaviest 
traded and best performing 
stock to the FT-SE 100 tetter, 
the stock racing up 20 to 415p. 
Turnover reached 16m shares, 
the highest since January. 
C&W shares touched 538p at 
the start of the year, and 
where trading around 478p to 
August before plunging to 382p 
a week ago. plagued by worries 
about competition from the 
likes of BTs Cellnet and 
Hutchison's Orange cellular 
phone networks. 

Many analysts said stories of 


a possible demerger of the Mer- 
cury tefemmmiinteflrinng busi- 
ness had been revived and 
were still wide of the mack by 
leading analysts but C & W had 
expressed deep disappointment 
with the market’s treatment of 
Its share price. 

Dealers noted exceptionally 
heavy turnover in the shares 
recently and pointed to unusu- 
ally heavy activity to out-of- 
the-money calls - indicating 
high speculative support They 
also mentioned keen support 
from some big institutions, 
regarded by traders as having 
top quality contacts in the tele- 
coms industry. A number of 
brokers have been promoting 
C & W to recent weeks, notably 


//Stock index futures powered 
ahead with premiums to the 
cash market widening at times 
to more than 30 points, writes 
Jeffrey Brawn. 


The FT-SE 100 December 
contract dosed 45 points 
higher at 3,102, moving above 
3,100 for the first time since 
mid September and extending 

■ FT-ae IDO INDEX FUTURES flJFFE) gZ5 par ftH todex point {APT} 

<fe*n Sett price Chi*^ High Low EmTwT OperTwT 
Deo 3053.0 3102.0 +45.0 3112.0 30382 18456 55208 

Mar 3084.0 31280 +444 3098.0 3084.0 744 2170 

■ nr -86 MO 2 S 0 IHDBt nmWBSjUFFg CIO PIT Mlntta point 


CMC 


3505.0 38450 +45.0 35450 3505.0 


70 


4258 


■ FT-SBMP 250 INOEX FUTURES tOMUQeiO par ft* Wax point 
Oac ~ 35350 I * I 

** open MM Ogura* we tar pwkM day. t Exact tame Am. 


■ FT-SE 100 tWDEX OPTTOW (UFFE) r3073) C 1 Q per M lnd« point 


2900 2950 3000 8080 3100 

CPCPCPCPCR 
OGt M3 2h T« 5h 100 10 80 21 aft 40 

NOV 214h 18 172^2 23+j IM 35*2 90 51% » 74 

fee 231 " ~ — “ — — 

J3B 


8180 8200 8280 
C P C P C P 

H 78 5 127 2 177 

_ . _ 40 1M 311* 139 II 100 

30 182 42b 157 S6fc125fc75lj »; Wh 73 125*2 02 155h37h 192 
42 2W* S*| 178*2 69h 1W 89»a 1»£nQ*a 9712 138 7ft 180 58 i 


Mftllft 


118 152 


Uftaffh 


Jmt 313b 77b 

Ml XMBHte 7,540 

■ EURO STYLE FT-SE lOO MDPt OPTION QJFFS) £10 par OS hdex point 


202 s ] 


3078 


B 7ft lft 41 28 21 

JftnaSj *3 as*? Bib n 

63 10ft ' 


81b 


3128 

SB 

K 

10 


3176 3228 3275 

ft 8ft ft 13ft Ha 18512 
36 114b 1ft Wft 1ft 18ft 
68 132 4ft 182 27 166 


2928 3975 

OGt 168 4*i t&b B 78b 13h 
Nov lBftlft 162 28b 1 . " 

Ok 2 OBI 333 I 2 I 7 H 3 « 138 

war 25ft M 164 8ft 

Jwt 2Bft B5 ZBftllft 176 156 13ft20ft 

Oft 1271 7ft 11282 * (Malta) Mai Mia Piasters awn n Owed gn tatan ta pdcra. 
t Long MM wpiy nxafla 

■ EURO STYLE FT-SE MO 380 WPBC OWnOW (OMUQ £10 par luB Max point 


3400 3480 3500 3660 3600 

Oct 136 80V 116 104 87 1 * 1301, 

Oft 0 Pft 0 Saiamnt Grien vd «tKM n Man « uogai. 


FT - SE Actuaries Share Indices 


3700 *760 


Its raHy to 128 points in four 
days. At this level, the 
premium to the cash market 
was 29 points against a fair 
value premium of around 16 
points. 

Virtually a/I the day's gains 
were made from lunchtime 
onwards, moving ahead very 
test once Wall Street came 
Into the picture showing a 
strong advance. 

Volume, which was a dreary 
10,657 on Monday, jumped to 
14,793 contracts at the official 
4:10pm dose, but traders said 
there was a marked absence 
of genuine business. 

The speed and acceleration 
of the afternoon upswing 
caught some traders on the 
hop and there was talk in the 
market that a number of short 
positions taken in the morning 
session had been severely 
squeezed. 

Volume in traded options 
rose strongly, jumping to 
43,931 lots from 24.420 on 
Monday. FT^SE and Euro 
FT-SE volume accounted for 
27,600 lots. 

Guinness was the day's 
most actively traded individual 
stock option with 2,000 fate 
dealt followed by British 
Airways with 1,792 lots. 


AW 


ifoocfct 

AMoc.8rt.ftm 

BAAt 

BJCC 


SP 


lift. 


smt 

after 


fW 

iCWat 


Bootaf 


w 

322 

BXOO 

Slfe 

10X00 

<09 

sa 

44 

730 

S77 

1AOO 

341 

77 

317 

1,700 

203 

2.100 

283 

ICO 

505 

548 

271 

9X00 

904 

&700 

*90 

1.700 

IMP* 

550 

363 

1X00 

080 

worn 


1X00 

312 

11X00 

woo 

S3 

3» 

205 

4JOO 

502 

3X00 

990 

4X00 

Z7S 

305 

*20 


BdMbMwayrt 

SftfaOMt 


M 

Bkamtoica «owt 
ftrton 

CftatWtat 


CMnConoLT 


Ccmm. vJrnorr! 

Ceowon 

Cowtauhtat 

8WU 


fft a m Bad-t 

EmMUMBM. 


Big Oft) 
Ermrft*C 
BrattoallfaM 
FW 

lOcl LT. 


nanBT 


The UK Series 


o#* 

Oct 11 chgolt Oct IQ Ott T Ott 6 


Year 

«Q° 


OSv. Earn. 


P/E 

ratio 


Xdacfi. Tow 
ytd Return 



FT-SE 100 3073.0 

FT-SE RIM 330 3508 JO 

FT-SE MM 250 «X hw Wwta 3601.7 

FT-SE-A 350 1640.7 

FT-SE SnwOCep 1781.83 

FT-SE S WC ep ex 8W Wurte 1750.B2 

FT-SE-A ALL-SHARE 1528.73 

■ FT-Sfi Actuaries All-Shara 


+14 30324 2998.7 2984.4 3084.7 

+07 3482a $4474 344&5 34745 

+0.7 3478.0 34414 3440.1 3482.1 

+1.2 1522^ 1S05J 16002 15400 

+05 1773^9 1771M 1778.01 1784.44 
+0.4 174308 174308 1746.74 177&14 
+1.1 1509.49 1494.19 1489.09 163105 


Days 

Oct 11 chgirtt Oct 10 


Oct 7 Oct 8 


Year 

ago 


4.12 7.07 

308 500 

3.72 608 

309 8.78 

302 405 

303 500 

304 605 

Oh. Earn 
ytew* yjaMW 


16.70 10709 
20.79 10400 
1905 10801 
17.48 5208 
2508 4708 
23.11 4805 
17.88 5008 


1164.73 

1307.91 

130020 

1194.14 

1304.75 

135405 

1203.62 


(3u*vm*t 

Hsacpspftjt 

H a wnft o B 

Hanaortt 

HMaftCftSft 


P/6 Xd ad). Total 
ratio ytd RMum 


10 M8CRAL EXTRACnONtMt 273409 

IS BdractW Wu3tri03(4) 400807 

15 Ott, mtaarotaOP) 288309 

16 OR Exploration A Predfll) 1912.19 


♦aa 2713.11 288801 2052082358.90 308 600 

+00 3975.78 393108 3917.06 314900 300 5.12 

+0.9 288808 263308 2S9WJ7 2317.90 301 500 

-gi 1915.02 189004 186806 190900 2.17 t 


2528 81A8 1100.73 
24.18 9802 1108.06 
7222. 95.60 110304 
t 38.03 110838 


20 OEM MANUFACTURER8(287) 

21 BuUhQ 8 CorwructionOS 

22 Butting Matte 4 Morct»P2J 

23 CtKfnfceb03) 

24 Dfverarfleri InAatrUteCIQ 

25 Electronic & Elect EcMP<34) 

26 Engfoerintfl] 

27 Englmartng, Vohidea(12) 

28 Printatg, Paper « 

29 Tradites & AooanMM _ 

30 COHSUMEH QOOMOT 2718^9 

31 B«w«ri*0(171 2lW-te 

32 SpWte. Wines 8 CWersfl^ 

33 Food MonutacturerstS^ K/J-SI 

34 Household Goodatl3) 2M4.73 

38 HeoW CoreCti) 

37 Pharmacou4lcats(12) 2TO08 

36 Tatggggffl 3 77?^,. . 


1873.38 +4X71880341842.70 1845.08 1814.40 4.00 ’5.10 23.76 0504 95703 

1076.11 +4.1 1033.78 101805 1018.43 1149.60 300 5.16 26.60 34^0 848^9 

1811.78 +1.1 178)07 1783.72 178701 1847.70 4.07 501 2304 88.53 K7.97 

2329.07 +00 231705 230504 228528 2218.70 3.98 4.43 2SJ22 7908 103305 

178205 +0.1 1780.84 175209 1784.11 197400 5.14 501 2908 82.75 91807 

1802.83 +0.7 1 BBS. 12 1878.14 187802 218100 306 8.62 1707 6086 93227 

178804 +0.7 178804 1772A8 177807 1892.80 3.16 408 2302 4700 1028.79 

223103 +0.1 222909 218807 220507 1888.10 449 1^8 8000T 7407 1082^6 

2798.81 +00 2778.422783.18 2754.84248800 307 508 2102 7324 110124 

181803 +0L7 160704 15P* 24 78 192700 4.16 6.85 1jL43 4&49 915.16 


+12 268328 268ai9 2671X07274800 4.38 709 15.63 10620 93805 
+122154,17215105215608204700 404 708 1509 81.10 978.64 
+1.42759.48275404 275203 260700 308 604 1808 10123 942.09 

*05 226072224076 2251.11 231000 427 7.73 1504 8106 957.09 

+1.4228102 2285012292012568,90 301 7.79 1508 5701 83045 

+0.6 158305 157402 1571.63 1702.00 aiB 308 4105 4824 92703 

+10 294201 2943.752948O8314SO0 4.42 7.18 1&12 12&18 96402 

+2.03699.593988023582.78 3891.40 5.75 0.11 11.79 21707 881.13 


40 SERVICE3(220) 

41 DtaUtMtaraPOl 

42 Letsutt 3 HowteCS 

43 

44 Ratitlara. FootfilQ 
46 Retadera. Qanerd{45) 
48 Support Servfcest*!) 
40 Trar>»port(t6) 

St Othur aanftaa * 


188103 +00 1677.57 186208 188Q03 189900 327 &44 18.72 8Q87 83038 

254000 +0.6 2828.77 2408.68 246908 268500 3.68 721 1041 82.78 88309 

206401 +00204a06 2024.82 201209 1041.80 809 4.91 24AB 5702 1020.78 

2786.70 +00 277045 2756.72 273908 S34O0 Z49 509 2104 8928 96922 

171027 +1.01693021894,191690151727.60 3.79 901 1327 51.78 1024J07 

1619.11 +00 1004.88 1594.19 159808 169800 325 &7D 1802 4325 86807 

1486.17 +00 147726 148704 148204 162500 £84 8.53 18.09 3208 90304 

222805 +002215.49 217003 21 7325 230000 3.77 508 2a40 6928 57520 

124827 +00 123803 124108 124503 120900 3.7S £35 7503 2802 1071X66 


eo uramEsoe) 

82 eteetrlc«y|l7| 

84 OMOtebfMUMC) 

68 Telecommunfcatwrtsi 4 ) 

68 WatMKQ _ 


BS HOH.FlWAHCWLSffW>_ 

70 FlHAMCIALSiKW 

71 BenhsifO) 

73 trtjurapcmiT 

74 Life AasuonttXB} 

75 Mere**") ennksfis) 

77 OtMr Pranclal(24) 

79 Praparty(4jl. 


2418.48 
2468-68 

2001.48 
2056.32 
1871,78 

+1X2380X4 2343XS 2314X42431.00 
*02 2447.75 2420X3 2387X8 2118X0 
+0X 198X13 1928X0 192X00 2197X0 
+X2 1992.14 1965X0 1089X5 221X60 
♦0.5 1881.98 1820.11 1605.41 1885X0 

4X5 

3-74 

5X9 

4X2 

5.19 

7.77 

1X03 

* 

7X5 

1264 

1X67 7X42 
11X0 83X6 
t 6X79 
1X91 5022 
8X2 68X5 

931X0 

1019X7 

814X8 

07X90 

035.60 

1648.78 

+1X 163X47 1618X2 161276 164X03 

3X1 

6X9 

1X78 53X8 

116X28 


215801 +20 211801 2083.58 207BO1 2293.10 

0813.83 +2.0 275807 271004 2702.15 280420 
126807 +32 122708 120408 119056 148500 

237403 +20 2306.84 2293.75 2275.77 2744.40 

2743.10 +30268201 209808 2096.18 31 192Q 
173X33 +1-1 1T73M 1768.61 177200 1821.40 
+4SR3B -0.1 1457.08 1437J7 143938 1882A0 


BO PprESTRgWT TWUSg^S L 

89 FT-ae-A ALL^H*R«B8fl 


274303 +0.8272101 2705^1 27011622827.40 


1526.73 +1-1 1500ft 1494.19 148809 153105 


4X8 

.Ml 

1273 87X0 

65X14 

4X9 

1X18 

11X5 114X4 

8*5X7 

X34 

8X9 

1231 54X7 

888.76 

6X9 

7X5 

1X53 127X2 

81X97 

3.79 

1204 

8,87 87.78 

628X1 

4.03 

8,72 

1X87 6X31 

981.79 

4.16 

4X3 

29-16 43X2 

83297 

224 

1X8 

61.48 63X1 

92268 

3X4 

6X6 

17X8 50X8 

1203X2 


FT-SE <«» 

FT- SC Mid SSO 
FT-SE-A 350 


Ooen 

8.00 

1000 

11X0 

1200 

1300 

14X0 

1500 

1X10 

WtfYday UwAtey 

1 tn ^ u 

In 

303X1 

348X0 

1524.6 

3037X 

3487X 

1525.0 

30403 

3*82.1 

152X5 

iii 

30323 

348X3 

1523X 

3043.1 

3491.4 

1527.5 

3087.7 

348X1 

1533X 

3073.1 

3S0L4 

154X2 

307X0 

350X9 

15408 

302X7 

3485.0 

152X6 


■ ft^E Actuaries 350 Industry baaketa 

BOO 1900 1100 1200 WOO 


StdB ACnsoat 

PhemraceuteJa 

Water 

Barite 


Op* 1 

977.5 978.7 

2922.4 2931 5 
18696 18S4.B 
2800.2 28067 


1400 1800 18.10 taoa* Prevfoua Chaos* 


983^ 

2926.3 

1856-8 

2003.8 


9905 

29250 

1858.7 

28040 


9910 

29240 

18460 

27890 


894.1 

2931.0 

18*7.7 

27955 


T00&4 

2933.8 

1845.7 

3110 


1014.9 

29410 

1559.7 

26242 


10170 

29850 

18650 

28*7.5 


io2a? 

29560 

1889.5 

28480 


978L2 +440 

2918.1 +41.1 

1859.7 +90 

27920 +66.1 


, ftftra B Sftttv ftm. Ift el BHfeft ft «W**U own n» nendte Itetat 

----- i of fttienlc ft papftMM 


Mft Jiwrwt**' - ijteTf??, n» FT-SE AauftaShft Iftaa Sift fte f i a w a ra y at 

Imft ft :ioua«*a rt,tfc ^Ji l ?7£!^j-u n BiF»JSTAT, Raw Hbum. 13-171 Ep+orti Sftt. Uwion BSA^L- . . 

rj^uSTnip to thft W«- Vh* FT-8E HA U FT-SE kft 22ft FT-SE Acn-tee 39D ftyeay 

**» bSSIb ar 6m IMad tdngftn ft Eteftft; or Wft ft ft FT-SE MateAMft Mm la 
m eftftte tw 4" Wb ™S5m w» “» ***** « acbfta ft ft ftftr «l teuftaftar aftndft ae gnuia eft. 
tSSm V* Raft «r teftd Ift) 1884. o Tie FteftU Tinea UftalW4. 

O ftSftaw-4 S»* - ** Ifi*"**** " TteftftaiT^lteftLTieFTOeftft^a.a 

^ r n 5£'S^«- « sSSm — ft— «teo 80 n « «ftx ~B-ft 

httH « «!**» W 


TRADING VOLUME 


■ Ma|or Stocks Yesterday 

Vcfc Oofto DW> 


ait 

ASDACteMri- 
AUeylftawri' 
Albeiftftr 
APad Damacat 


+8 
+0 
A 

-4 
* 
+2 

* 

+8 

yt 

+3 
4 
-6 

12 00 512 iOh 

T20D 487 +1 

557 408 O 

SJW 371 h 
1MJ3Q 302 

no ft 4 

13 . 0 C 0 tea 
2 .ico tea *3 

344 838 «Z 

IteO 64 

16.000 419 *20 

5500 444 -3 

1.700 278 -5 

BOB 835 *7 

ZttC 214 « 

1JBCC 54S +15 

XIOfl 740 « 

MS 453 -3 

m ear ts 

<70 959 430 

443 488 vl 

1.70 0 744 -18 

<33 717 -10 

348 474 ,13 

OB* 380 rt 

2200 388 .-a 

era m -3 

378 taft *1 

820 lift 
I4W? 138 +1 

2.400 234 

828 584 <31 

3L700 zae h 
4J00 sasH *13 

554 328 

'.<00 504 48 

1JB0 410 48 

1«0 5fi0 -2 

SJBO tart +totj 

1 «J 600 45 

1 JOO <55 46 

2*W 710 +14 

17 338 ^ 

7.000 22 a>+ ->J 

467 16* +1 

1.100 278 -1 

2.100 170 -3 

238 303 48 

2.000 816 -7 

2.700 435 -Hi 

14 541 +1 

1J0D 483 44 

48 5S3 -1 

1.800 108 
1^00 812 

315 701 +4 

387 458 +11 

1J00 3+8 431 

1200 650 +13 

IflOO IS* 

831 879 +1 

2.400 13B*2 4 3 

0400 193 -1 

asa *w 

4200 130 *6 

MI 787 43 

2^00 415^ 4« 

TO 72! 4 

1A00 133 

a 100 172 -1 

3^00 eozb 4«>2 

1700 490 +3 

3.100 2*2 •** 

354 553 48 

2M 748 -8 

*81 21013 -I 

150 787 «4 

TJ300 810 +5 

1JOO SBBh -2b 

zjoo tas +S 

Z4CD sarii 4* 

aaoo sob 40 

*B* H* *2* 

IflOO 88102 +7*2 

037 258 +0 

243 408 40 

1^00 5*7 +11 

1.400 472 45 

2.100 777 -< 

163 224 <3 

5.400 455 *3 

1,500 ISJlj 42‘2 

9SC 407 +7 

2+BOO 29* +5 

2JC0 402 +7% 

41 1363 4+0 

7*0 481 40 

2J00 331 42 

1J300 330 40 

&B00 106 +1 

1X00 166 40 

843 388 -4 

732 533 40 

2X00 7Vih *0h 

2231 517 40 

on 234 

141 430 

see i*3 

4000 430*2 40»| 

40 

♦ll 

67* 713 -fi 

239 785 *4 

7 S27 -* 

740 715 -12 

m s» 

4500 289 >2 

W ® + 

3X00 331*2 47*2 

ZJOO *10 • 

aa 35* ‘j 

1.100 220 *6h 

2X00 130 *8 

88* 4*7 *5 

Jtl ffl 4 

WOO 298 43*2 

988 Bl**» ♦l'* 

281 898 4« 

2.100 213 +1 

IjQOO 6 

1.M0 332 -1 

2X50 1122 +13 

574 312 43 

229 489 -1 

A Too 204 >2 47 

1X00 839 ->25 

1X00 «B7 +7 

329 BS1 

158 60* -fi 

1500 039 +12 

s *2 aa* +1 

1.700 181 +8 

828 ISO 44 

TZT 730 4fl 

483 889 <2 

058 533 -3 

UOO 80S -2 

OraaftiMelBftr 

ncutft das msagh ae S*C qraam 
yeemaoMaaf «5>ft TiadM of ana oftao er 
Bft ■» raealBd dfti. f Sidlo— ei FT-8E 
WMamfttt 


•9. 

tat 4 

Metope 

JoTraan Maanoy 

NMKSft 

Lftrant 

LMSaeunMarf 

Wrote 

legal 8 Oanftt 

asp 

L ento Baa. 
Loft 
Lueaa 
MS>Ct 

WT 


Mete 41 

Ukteftl 

MaiteMiyvnU 
NFC 
WWw Bank) 
NtftMPewert 
Not 

tea Wear twaaf 

NatewmBao. 

NontemFoedat 


Foot 


PoaarQant 

SteSltamwrf 


fteaanrf 


Ryi 8k 


Senate) 4 >ft.t 
Scot Hrft-Bwa. 
Sco^iPow-t 
Saant 


S — w tteart . 
Shed Tatuoorj 
swwt 


■afi 

Srin (7 


i{ w>g 

teas 5 Naaat 

at+a 0 — cna mt . 

Snaa BaacMM Jta-t 1200 
Sradfw kM*. 2500 

Soiftra Beett 
SettVtatsQecL 
SouteWaatvuw 
Sogei waat Beet 


Stendate CharULt 


Stn Atocet 
TIN 

7! Omi«t 

& 
Tfttlft 
rayter ft oftw 
Tmcaf 

DwnaalMaart 

nawiaet 

Hftdeit 

TteftarHaaaa 

Ikteate 

uSdftfttrt 

UKLH 


WftwflfOrf 
vueearet 
MftiWtear 
Wiaaer Wtear 

tahComan 


Hoare Govett who yesterday 
maintained the shares were 
still undervalued. 

Hanson weak 

Conglomerate Hanson stood 
out as a weak feature awirmy 
leading intprpflti riu pl ty tr aded 
stocks which were boosted by 
a surge in the dollar. 

Interest to the shares was 
said to have been dampened by 
particularly heavy selling in 
New York late on Monday. 
Dealers said Goldman Sachs 
the US investment bank sold 
two blocks of 760,000 American 
Depositary Receipts (ADRs) at 
$18 and $16%, equivalent to 
7.5m shares at around 228p a 
share, on behalf of a client. 
The London traded shares 
eased slightly to 228%p yester- 
day with 6 -5m traded by the 
dose. 

Elsewhere, Zeneca remained 
restrained by the reported 
attempt of one UK investment 
h ank to place 2m shares »nd 
closed 2 lighter at 750j>. How- 
ever, pharmaceuticals rival 
Glaxo jumped 13 to 585ftp as 
the group announced that 14.68 
per cent of its shares were held 
in the form of ADRs. The fig- 
ure was down from the previ- 
ously recorded 15.88 per cent 
but much as expected. Tobacco 
and Insurance conglomerate 
BAT Industries jumped a fur- 
ther g to 45&p. its shares helped 
by takeover speculation in the 
insurance sector. 


Brokers move 

Insurance sectors moved into 
overdrive late in the session as 


NEW HIGHS AND 
LOWS FOR 1994 

NBteMQHStm. 

DfVBtSna) WDL8 (fl WftenA ELCCTIWe 
0 MOT SOUP m U*A tnd*. 
fl) 000 (imp, SCTRACIWB WO* a 
Qoamtaftv smim. iMveameNT 
TRUSTS n LBSURE O HOTELS (tj NWtterri 
Oft 86701. BETHlxni, OBMEHAL p) FteB 
Eft. GMT. SUPPORT 8BIM (1) Mknpowr. 
TMNBPOfirn) QD-MMte. SOUTH AHVCAN8 
niSASOL. 

NBH LXVItB JS4J. 

nnewmom tn *ft>. a tenu rowi » 

UxjteraBpcPrt. Quote. Rom. VadyR. 
Wftac. MVttWRED INDLS N tOnamat B. 
Pftc Durfop, Steer. Do ten.. BE C TW WC A 
ELECT SOUP (E Control TxTv. Piocees 
8ymnte VUnLogte. GNONezsvNa m QBE 
ML. M. McKKMte Magta. Sftar. VKte+to. 
Bft VB8CLEB(1) Motor Vtfuto, BCTRACT1VE 
moo w BtetftL Empaior, Spa. VMhft 
HEALTH CAME (Q Mron. T^ft Uto 
8etencaa, M8URANCE ffl Lcnmft Lfttet 
MUSST1«T TRUSTS M BNESTVEKT 
CO8MM08 n Htnoaft POrtft Pit. 
fabeeo SteL. LBSUffi & KOTHX C1| Alpha 
Akporte amcHANT BANKS fl) 6»«ar 8 
FriedteKlar, OTHER FINAMCtAL (3| BZW 
Endowment, Chitete. OTHSt 8SRV8 A BU8N8 

(8 Left PRTNa MPSI « MCXD M 
Bennft Brit Thomen. Fvguten m flertt , 
PROPERTY n CBeatartMd SHpc Pit, Htnlng 
Btete Haft Pite, PnpMy Tft Swft, 
ttaeioM imua FOOD fij Merahrt 
RftB, RETAUHS, QSIERALtn teoay. 

Bftte M A. CUN. Ceurtey Cteft Fkw Ait 
Deum, Uoya* ChoreMi 7Hq Frt, Pfta. 
SUPPORT 9ERV8 (3} ACT. UR Dlte 
UngcnoM. UMegao. TBCTBJB8 0 APPARB. 
IE Baetenan (*L Pftft TRANSPORT (I) PA ' 
O OH, AMBRKAHB (t) Ingaraal-Rand. 


dealers reacted to continuing 
takeover speculation plus a 
more positive view of the 
insurance brokers from BZW. a 
leading light to the sector. 

The broking stocks made 
rapid progress with some deal- 
ers still convinced a predatory 
move against Willis Corroon 
could be in the offing. “If a 
serious bid was made for Willis 
the management would be vir- 
tually defenceless,* said one 
insurance specialist. 


Big blocks of Willis shares 
have changed band? in recent 
weeks with PDFM, one of the 
UK market’s biggest Institu- 
tions increasing its stake to 
over 11 per cent and another 
big buyer said to have been 
operating. HSBC is seen as a 
strong contender for WUlis. 

Willis shares rose a further 6 
to IGLp yesterday, after turn- 
over of 1.7m shares. Sedgwick, 
the UK’s biggest insurance bro- 
ker, jumped 8 to 156p on lxn 
traded. Much of yesterday's 
interest was triggered by a pos- 
itive note from BZW whose 
insurance team shifted its 
long-term stance an the sector 
from underweight to neutral 
with Sedgwick shifted to a 
“buy* and Willis from “sell” to 
“hold”. 

BZW said it had visited the 
US operations of Sedgwick, 
Willis Corroon, and JIB as well 
as the big US groups. The bro- 
ker said it viewed the under- 
performance of the sector as 
“too severe” and said many 
stocks now appear to be suffer- 
ing punishment ratings. BZW 
said Sedgwick has a “sensible’’ 
group strategy and is likely to 
be a winner in an industry 
which is likely to be restruc- 
tured to coming years. 

Airports group BAA rose 8 to 
504p in 5.1m trades for a 
two-day gain of 30p as a stream 
of favourable air transport 
news added potential spice to 
tomorrow’s September traffic 
figures from the company. 

Strong passenger flows from 
British Midland Airways, air 
fare cuts on a number of Far 
Eastern and trans-Atlantic 
routes and plans by British 


Airways to restart ’’open 
sides’’ policy talks this month 
with US airlines all helped to 
concentrate market focus on 
BAA’s volume background. 

British Airways put on 6 Vi to 
3715-ip. 

Whitbread rose 13 to 539p, in 
good trade of 12m. 

Cider maker HP Bulmer was 
a particularly strong feature in 
the drinks sector. The shares 
jumped sharply early in the 
session after details of the pre- 
vious three months trading 
were reported in the market, 
taking analysts by surprise. 

Calls by some City firms for 
further information were fol- 
lowed by release of an official 
trading statement from the 
company in the last hour of 
market trading. The shares 
closed 8 ahead at 433p. 

The day’s single biggest 
trade was carried out to retail- 
ing group House of Fraser 
bringing turnover to 25Jhn by 
the close. The shares eased a 
penny to 207p. 

The trade, representing 
around 5.5 per cent of the com- 
pany’s equity, was carried out 
by NatWest Securities below 
the market price. 

Amersham International 
jumped 17 to 943p as the com- 
pany announced it had 
acquired 20 per cent stake of 
Nihon MediPbyslcs, Japan’s 
leading nuclear medicine 
group. 

MARKET REPORTERS.* 

Steve Thompson, 

Peter John, Joel VGbazo, 
Jeffrey Brown. 

■ Other statistics. Page 23 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Feta 


Some 


OpOon 


— eras Pin — 

Oct tat Apr Oct J» Apr 


Option 


— Can Puts — 

Hev Fte Kq K» M toy 


Utal ftc q 6*0 41 H - -114 - - 

rS77 ) 589 7 - - 17H - - 

Arajfl 200 m T7H 25 5» 17 2DH 

C2M ) 280 ZM 8 18 20 28H 32H 

ASM 60 3 7 m 2 4M 5H 

fBI ) 70 1 3 *H 9H 11 11* 

M Always 360 1811 30 4011 4 1651 22H 

ran) 390 4 I7 2BH 21 32*36* 

MkteA 420 17 30H39K 5» IB 251* 

COO) 460 2 11 22 3ZH4ZH 49 

Boot* 500 17H 31 43H 5 IB 26 

C511 ) SSD 1H 12H 22 4111 50 55 

BP 390 33W41HSJ15 Hi 7 13 

r«OJ 420 Ott 23 33 8 19 2SH 

ftSsbSM 180 ' 10 TB 22tt 2 7 9» 

f1B7) 180 111 7 13 14 16 20 

8BU 500 » « 58tt Ztt IStt 21H 

(*330) SO 8 10H 25* 24* 4311 *01i 

OSlLMta 380 3011 42 5314 2 14 IBtt 

r*1* ) -CO 9tt 27 38tt12tt 29 34 

OKRaUUt 420 3511 48 5Stt Itt 11 14* 

(■451 ] 480 7 22 2Ztt 14 28M 32M 

CoranUteE 543 13 3JH42H 8tt21M33tt 
fS+a ] 592 113 2ttt49B3 66tt 

D 80020)1 S3 89 8 2SH*4tt 

(*316) 850 4tt 2B 44ti 39tt S3 72 

BftW 480 38 B 88 2* IDtt 1B» 

P<9« J 500 11 Z7 4311 141* 27 3814 

Land Sear 600 18 31 4Ztt 5 17 2 

T811 ) Will 1114 1914 41 49 S 

UarisSS 390 20tt 3811 48 1M 7H 12 

(VIS] 428 «tt ISttaSttlOH 20 201 
IMttM 500 13 S3 43H AS* Z3* 38 

(-503) 5» 1»13» 22tt 50 55 68H 

SBtetay 390 18 8111 44 4» 18 22)4 

1*403 ) 420 4 IBM 27 21)4 34)135)1 

SMI Item. 700 24 44 55 4M 1514 28 

T718) 780 2tt 18 281135)1 43 55)1 

StoRtnea 290 • 13 T7tt 4>» IDtt IBM 

r2m ) 220 15* 1212428 

Trafalgar 80 S 014 11 2 5 6» 

C82 J 90 Ttt 4tt 611 9tt lltt 13 

IHorar 1100 32 8814 7711 7)4 2B 46tt 

pi») 1150 7 33 52 35 58 73 

Oncca 800 TO* 40 5811 12 28)4 4514 

ra») 850 3 23 35 48 58H 7414 

Option MM U Mqr Nw Ftt May 


(228 > 


H54) 
Loras Mb 
H92) 

P t 0 

raooi 


2201414 18 21 4 814 12 

240 411 8 12 15 20 23 

154 Btt — - 714 - - 

1B0 2 514 Btt 28)4 30M 32 . 

180 18 19 24 5H Btt 13)4 

200 5 W 15 17J4 21 25 

600 2314 4111 S1K 19 29 4514 
650 Btt IS 29M 55 81 75K 
180 1114 IStt 21 5 SK 1214 

200 3* 7 12 18 2214 2414 

300 T7tt 28 3014 0M 12 19)4 
330 4tt 12 15% 2514 29 37 
850 Mtt 7714 87)4 Btt 22)4 371* 
BOO 23 4814 8914 2B 45 51)4 
460 2SM 4014 48 10)4 18 32M 
500 B 22 30 34 40)4 5614 
280 29 Mtt m 6 12R 17M 
300 13 2114 2814 16 2114 28 





IS 

13 

Otter Rued Harast 

1 

0 

Mnerai Extraction . 

58 

56 

85 

22 

72 

11 

38 

19 

16 

62 

338 

105 

311 

9 

177 

240 

29 



*+ — 


IMathM 






Otters- _ — 

62 

Totals 

942 

322 

1319 


P85 J 
PredeoM 
f308 ) 

RIZ 

1*886) 

MM 

(•471) 

Royal loaca 

P294 ) 

rasa 

1*239) 


Date based an those muffin Med an tf» London Sae Santa. 


Eupby 

Settlement 


January 12 
January 26 


(*20* ) 


f33*» 

Opdos 


220 24 
240 Btt 
200 12 
217 8 

328 17)4 
354 4 » 
Det 


29K35tt Ztt B TOtt 
17K 21 9)4 15 IB 
18 2411 Btt 12 IS 
12 - 17 21)4 - 
--a-- 

Jte Apr Oct Jbi Mr 


TRADfnONAL OPTIONS 

First Dealings October 10 

Last Oenfinga October 21 

CaBac hnkmt, BkaabM Toys, Cable ft Wireless, Ovoca Rss. Porta- Chadbunt. 
SaaffaM, lUknwr OR. Puts Asproy. Puts ft CaBK HS8a 


LONDON RECENT ISSUES: EQUITIES 


BAA 6QQ12H 2S 3B Itt 8tt 13 

CSaj) 525 3 13)4 21 28)4 32)4 37 

T&teteWr 500 3SH 33)4 47)4 4 19 23 

rS19J 550 3 14 25 34 48 51)4 

Qptfcc OK lltr JM Dse Mu Jm 


Issue Amt IttL 


Clow 


At*ey B 

r407) 

Amstrai 


ra«i 

BUS CWe 
r275> 
Bits* an 
ncz\ 


ft88) 


390 33 41(4 48 854 
420 1511 25 2SM 23 
25 3 314 414 2)4 

» 1)4 2 3 Btt 

550 33)4 47)484)4 16H 
800 122411 51 47)1 
200 27)132)138)4 7 

25014142111 2B IS 
300 10)4 2014 28 14)4 
330 4 9)1 11 37 

180 IBM 2» 28 7tt 
200 8 IS 18 19 


19)4 25 
38 *0)4 
3K 4)4 
7)1 8 

30»38J4 
SO SSS 
10)4 19 
19 29 
18)4 2514 
39)1 46 
12M 16 
2* 27 


pries paid 

P up 

cap 

BttD 

1994 

Nigh Low Stock 

price 

P 

+/- 

Net 

tSv. 

Dtv. On 
cov. ykJ 

P/E 

na 

§125 

FJ>. 

172 

130 

113 Comp* 

113 


WN40 

XI 

4.4 

10X 

- 

FJ>. 

1X0 

ih 

1 Conti Foods ftWa 

1*4 


- 

- 

- 

- 

- 

FS>. 

24X 

88 

61 Emerging tats C 

BE 


- 

- 

- 

- 

83 

FJ>. 

122 

88 

65B>wmh 

67 


RN0.71 

5X 

13 

M 

ns 

M». 

axs 

124 

115 Games Worirahop 

124 

+1 

FIN4X 

22 

46 

11.7 

_ 

KP. 

300 

60 

60 Hambraa Sm Aslan 

GO 



- 

- 

- 

- 

FP. 

290 

29 

28 Do Warrants 

29 


- 

- 

- 

- 

112 

FS>. 

214 

120 

118 independent Pans 

120 


LN4.0 

2.1 

43 

14X 

180 

FJ». 

17X 

IBS 

177 Matedelnd 

177 

-* 

RN6.0 

Z2 

43 

73 

180 

FP. 

444X 

181 

170 Man H3 & F 

173 

-1 

RN&B 

IX 

62 

95 

80 

FJ>. 

23X 

85 

78 Ryland 

82 


LN3X 

1.7 

S3 

135 

— 

FJ>. 

111X 

979 

360 Tampteton E New 

381 


- 

- 

- 

• 

- 

FJ». 

11X 

212 

190 Da lttts.2004 

191 


- 

- 

- 

- 

_ 

FP. 

2X3 

360 

340 Wrasbarn Wtear 

340 


- 

- 

- 

- 

- 

F P. 

4X1 

330 

325 Do. NV 

325 


- 

- 

- 

- 


ram 


D5B) 

US' 

mt> 

QpSw 


390 SOM 38 48 5)4 15tt 1BH 
420 12)4 2fl 3D» IBM 31M 34 
140 2214 27»30tt 2 4 714 

ISO 9 1514 19 8 IZtt IStt 

300 21 SOU X 8 9)4 1 Btt 
330 I IStt 2SK 23tt 26 38 
Dae tar Jon Dec ttar jat 


100 14 17 U 3M B 7 

110 SUM M 8 1112» 


nos ) 

open 


Iter F6b tay tar Pab lie 


« Aan 420 49 65 7IM 7 14)4 23tt 
(-459 ) 460 22)4 41 49112294 3114 41 

BAT Mt 420 40 5114 68 414 !1M 20tt 

f*51 ) 480 1311 2SH 34H 21 28)1 41 » 

STB 300 22 38 3814 Btt Btt 10 

r31« ) 330 9 151* 20 20M 25)4 32* 

tafttetta 390 15 2S 3014 711 17 21 

r395 ) 420 4M 11 17)1 27W 36tt 3954 

Ca2xn&2 420 M 45 SO 4 8h 1B4 

1*448 ) 480 1011 22 28 27)1 27 27 

EbHbdBk TOO GO 7711 9211 11h 24 34 
(■743 ) 750 29 4814 014 31)4 47 56 

6Uknes 420 44 54 68)4 3 7 14 

(*<5B ) 4B0 16 28 3414 10 2214 31 

BBC 280 16)4 21 27 8 10 13» 

(*288 ) 300 BUM 1714 JB 21)4 24 


nw> 

Lorain 

naB> 

NS Pom 

ra») 

Sol Pm 
r34B) 
Sen 
nos> 

Porte 

r235) 

Tanao 

CI2B) 

Tbom m 

1*998) 

158 

C219 J 

TomUm 

rai3) 


100 IS IS 22K 414 B 12)4 
180 511 9)4 12tt IBM 1814 24)4 
130 151418)4 21)4 4 7 7 

14D 8)4 1318)4 8 12 14 
480 4014 S3 83 11 1714 28 
500 18 31 41)4 29tt 3SK 46 
330 35 41 48 9 18 19 

360 18)4 2814 34 24)4 3014 34 
100 9 UN 1314 4 5)4 8 

110 411 (M 814 9)1 11)4 14 
23) 23 29 3ZM 5 8 13 

2401011 17 22 14 17 23 


RIGHTS OFFERS 


issue 

price 

P 

Amount 

paid 

up 

Latest 

Rarest. 

date 

1994 

High Low 

Stock 

Closing 

price 

P 

+or- 

180 

W 

17/10 

9pm 

2 pm 

Jannyn inv. 

2pm 


500 

M 

18/10 

52pm 

2 <pm 

Redon & Caiman 

35pm 

+10 

2*6 

N1 

901 

24pm 

10 pm 

UraChem 

16pm 

+5 

75 

ni 

14/11 

5pm 

3pm 

World of Leather 

3pm 



ra«) 

OpBoo 


12018)12811 24 
130 9ft 14H 18ft 

B50 74 88 109 
1000 43 58ft 8D 
200 28)1 30 32)1 
220 18- 17 2111 
200 2114 2814 32 
220 Tl 18 22 
650 48 70 82 
700204 4B58V4 
Oct Jm Apr 


5tt 8 11)4 
10K 13 18)4 
13ft 35ft 34)4 
32 495714 
3)4 8 11 

m 16ft 20ft 
Btt 8M 11)4 
14 18ft 21tt 
25 38)4 61 
63 65ft 77ft 
ft* J* Apr 


FINANCIAL TIMES EQUITY INDICES 


an 560 4011 G8» 71 3 17 28)1 

rS84> GOO 8 soft 44ft 2( 39*53* 

HSSCttpta TOO 24 551188)4 12 33 56)4 

1*710 1 760 B 3214 46 44* 61)4 84)4 

Hates 48012ft - - 8* - - 

I) 402 7 - - 18 - - 

ttw f«> Me wo» fee m 

fett-ftqa 1801184 16)4 2011 7 12 18 

(•ISO) 200 3ft Bit 12 gift 24)4 Mtt 


Ctet 11 

Oct 10 

Oct 7 

Oct 6 

Oct 5 

Yr ago 

■High 

tow 

2357X 

233X9 

231X4 

2308.1 

2286X 

2350X 

2713X 

22406 

437 

4X1 

4X5 

4X8 

4.51 

3.97 

441 

X43 

(L23 

X28 

X43 

X45 

6X1 

4.60 

X51 

3X2 

18X1 

17X8 

17.63 

1759 

17.18 

27X9 

33X3 

1X94 

1X48 

1X32 

17.43 

1738 

1731 

2538 

30X0 

17X9 


Old. cflv. ytekl 

Earn. yM. K fti 

P/E ratio net 

P/E ratio nf 

-Per ISP*. CHM( arm Mtec term oorapMtoR high znsjo Wzm-, tea * 48.4 aBBMO 
FT Ordtaary Stem tad* ban date 1/7/35 

Ortttiory Share hurty changes 

Opan 9X0 ULOO 11X0 1280 1800 14X0 1800 18J0 High Low 
2341 X 23382 23392 2338.4 2333.8 233SL3 23382 2347.9 2356.1 23595 233QJ9 
Oct 11 0010 Oct 7 Oct 0 Oct 5 Yf ago 


* Utetedytag meute ptH*. fteratem shewn ate 
based on eteatag eSar prieaa, 

October 11. Tote cematea: 43X30 Ctex 17X17 
Pte* 20X22 


FT GOLD MINES INDEX 


8EAO bagaiiB 23X70 22^21 20X74 

6quHy tanover Sm)T - 1022.0 1*205 

Eqtety bargainst • 26X09 24£06 

Shew traded frnfit - *40.7 4742 

leaftAig tana+rartBi butaaas aid ornate unover. 


20X25 21X55 29577 

1202X 1408.1 1241.0 

23X37 24JB18 33X01 

6352 913.8 458X 




Oct «<*0 
10 oo dar 

OOt OS Taw 

7 • aga 

ftteS ta 
yk« % 

52 weak 
a* law 

GoUMn later ffof 22 *wnf +09 

224X25 224748 1SQ3B 

1X1 

T3SBM 178282 

■ Oegtaal tafiew 

Hfam 

355938 +X3 

38008 349025 258335 

3X4 

382326 23X43 

teOftatten 

2778X7 -05 

2733X2 280X18 2141X5 

174 

3013X9 2138X0 

tatoteetatlij 

178246 00 

178307 1797.72 1608X4 

075 

2039X6 148X11 


Agnate baetea shew <u n te M waatt * . Btea U3 ontoita* laooxo wiaw . 
MdwMar Oted UkM Htec OB K! 2 S 1 X : dsyte etem ^2 gente; 1tar«to: 2 «U r PkU. 
cdOra am iaawttbta far 80 wooer, uams nsd lOflMK: Canada aid SouOi AOtea. 


; ACTODOMENTS ADVERTISING 

. : aj^esraidibe UK edftioV every Wednesday & Thursday 
.. QlYtijj the totorB^Q^edjtiori every Friday For further 
; .. ■ :: i > mformalfoo please crib 

. UinstbJtwes de +j4 71 $73 3779 
. . ?AndtewSlarigquId On +44 71 $73 4054 



V 








FINANCIAL TIMES WEDNESDAY OCTO 


J 2 1994 


LONDON SHARE SERVICE 


<4 

+3 

jpo 154 *6 as* 


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54 

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34 


FINANCIAL TIMES WEDNESDAY OCTOBER 1- L -4 


CURRENCIES AND MONEY 


MARKETS REPORT 



Troubled rouble sinks to new low in Moscow 


A dramatic decline in the 
Russian rouble was the high' 
light of a quiet day on the for< 
eign exchange markets, writes 
Philip Coggon. 

The rouble followed Mon* 
day's 6 per cent fall with a 
startling 21.5 per cent plunge, 
which took the unit from 
Rs3.08t to Rs3,92f5 to the dollar. 

The Russian central bank 
responded with its first inter- 
vention since September 22, 
selling 580m for roubles. Cen- 
tral bank chairman Viktor 
Gerashchenko said the three 
month refinancing rate was 
being increased from 130 per 
cent to 170 per cent with effect 
from today. 

The rouble's fall was a 
touring point in London, rather 
than a dealing issue, since the 
Russian currency is not traded 
on international foreign 
exchanges. 

The US dollar moved in a 
fairly narrow range, helped by 
a strong performance from 
bonds and equities but weak- 
ened by indications of Iraqi 


troop withdrawals. The dollar 
closed in London at 7100.325. 
down slightly from Y100.63 on 
Monday. 

Against the D-Mark, the dol- 
lar also eased to DM1.5466, 
from Monday's DM1.5500. The 
D-Mark gained some strength 
from expectations that Chan- 
cellor Helmut Kohl would tri- 
umph in Sunday's election. Mr 
Nick Parsons, treasury econo- 
mist at CIBC in London, said 
the dollar had now traded in 
the DM1. 54-DAD. 55 band for 25 
consecutive days. 

■ The sudden decline in the 
rouble took many people by 
surprise, with interbank deal- 
ers in Moscow stopping trad- 
ing. One Russian bank was 
quoting the rouble at 5,000 to 
the dollar to discourage sellers. 

■ Pound In Hew York 


Oct 11 

£ SCd 
t mBi 
3 mm 
lYf 


— Latast — 

1.5780 

1.5776 

1.5770 

1.5654 


- Prev. close- 
15860 
1.5857 
15851 
15740 


"Exactly what triggered the 
fail ts unclear'' said Mr Jona- 
than Hoffman, international 
economist at CS First Boston. 
But Mr Hoffman said the rou- 
ble appreciated sharply in real 
terms during 1993. “Our Judg- 
ment on policy is that the Rus- 
sian authorities wanted to 
reverse some - hut not all - of 
this in order to help exporting 
industries." 

Since September 22. in Mr 
Hoffman’s view, the authori- 
ties have followed a policy of 
benign neglect of the exchange 
rate. Previous announcements 
that they would not raise rates 
to support the rouble may have 
weakened the currency but 
yesterday's U-turn would help 
the currency, he thought 

Mr Hoffman does not think 
the rouble will go into a fur- 
ther tailspin and believes it 
can stabilise at around RsS.000/ 
S by the end of the year. 

However, Mr Paul Chertkow, 
head of global currency 
research at UBS, said “In this 
sort of circumstance, the mar- 


Steriing 

Trade-weighted Index, 1085*100 
80.5 — — 



ket is trading on fear and emo- 
tion. In the absence of an 
improvement in confidence 
over economic management 
and political leadership, there’s 
no level beyond which the rou- 
ble can’t depreciate." 

In the crisis atmosphere a 
spokeswoman for the central 
hank was reported as saying 


that the peak of speculation 
against the rouble was past 
and speculators risked heavy 
losses if they made further 
attacks. "The situation is 
under control and we have 
enough reserves to control it" 
she said. 

■ Sterling was generally 
weaker ahead of today’s hatch 
of important economic data. 
The pound fell against the dol- 
lar to close in London at 
$L58i5 from Monday’s close of 
$1.5852. while against the 
D-Mark, it weakened to 
DM2.4459 from DM2.4569. 

Today will see inflation and 
average earnings numbers, 
which will be scrutinised 
closely for signs that the gov- 
ernment will need to increase 
interest rates again. Consensus 
forecasts suggest the figures 
will show that inflationary 
pressures will remain subdued. 

However, Mr Parsons of 
CSBC. warns that history sug- 
gests the pound's short term 
outlook Is not good. “For the 


last eight years, sterling has 
fallen in the week of the Con- 
servative party conference on 
all but one occasion" he says. 

Mr Tony Norfield, UK Trea- 
sury economist at ABN-AMRO 
Bank, argues that the longer 
term outlook for sterling is 
encouraging. He believes the 
big fails in UK financial mar- 
kets this year have built in a 
risk premium to sterling 
assets, which should provide 
some underlying support for 

the pound. 

In the money markets, the 
Bank of England gave assis- 
tance in two batches of £126m 

and £485m, in response to a 
£65Qm shortage, revised from 
an earlier forecast of £700m. 
Overnight rates moved within 
the range of 6V» to 4% per cent 

■ OTHBR CURHEMCIES 


Oct <( 

£ 

3 

Hsagay 

170G» - 17H88Z 

107330 - 100330 

Iran 

2782am - 2795D0 

174830 - 175030 

Kowst 

0.4701 ■ 0.4715 

12873 - 0-2981 

MM 

368354 - 387118 

231710 - 237110 

Rurab 

6167 JS ■ 632600 

3900.00 - 400100 

UAE 

£8015 - 531 32 

33715 - 33735 


DOLLAR SPOT FORWARD AGAINST XHt DO! LAK 


Oct 11 


Closing Change 
mo-pan t on day 


Bid/offer 

spread 


Day's IWd 
Wflh taw 


One month Three months One year Bank ol 
Rate %Pft Hale MPA Rale %Pfl Eng. Index 


Oct 11 


Closing Change 
mid-point on day 


BicVdffar 

spread 


Day's mid 
high low 


One mo n th Three months One year AP Morgan 
Rata 96 PA Rate 96PA Rote 98PA Index 


Europe 

Austria 

Belgium 
CVnrrari. 

Finland 
France 
Germany 
Greece 
Ireland 
Italy 

Lu.-embourg 
Netherlands 
Norway 
Portugal 
Spam 
Sweden 
Stviberiand 
UK 
Ecu 
SORT 
Americas 
Argentina 
Brad 
Canada 
Mailed [New Pesoi 
USA (Sj 


(BFri 50.3708 
iDNrt 9 5331 
(FM) 7.5477 
iFFr) 

(DM) 

(Or) 373.471 
HD 1.0119 
fL) 2492.72 


-0.0267 789 - 873 
-0.0087 384 - 570 
0.3643 -0.0294 >514 - 672 
2.4459 -0.011 450 - 467 

-1.613 321 - 821 
-0.0011 113-125 


95956 95728 
7.5830 75220 
8.3815 8-3556 
£.4533 2.4445 
375.320 373.249 
1.0125 1.0087 


IFH 2.7390 -0.01 IB 377 - 403 2.7474 2.7373 


(Ed 249 846 
|Pta) 202.835 
(SKn 11.7177 


-0.0018 945 - 259 


ISPr) 

(E) 

- 1.5814 

- 0.920641 


2.0365 *0.0015 353 - 377 2.0385 2.0323 


-0.0038 808 - 830 1.2844 1.2806 



0.3 

17.204 

0.4 



115.1 

Europe 

Aunria 

(Sch) 

10.8885 

-0J32 

860 - 910 

10.8925 10.8665 

10.8885 

0.0 

10.8883 

0.0 

10.8135 

0.7 

104.3 

50.3808 

-0.5 

50.3058 

0.5 

49 9758 

18 

116.7 

Baiglun 

(BFri 

31.8500 

-003 

450 - 550 

31.8880 31.7540 

31.85 

0.0 

31.825 

D3 

31.835 

0.0 

105.8 

9-5788 

05 

0^952 

-OJ> 

9.6119 

-0,3 

1T&S 

Denmark 

(DKi ) 

6.0595 

-00029 

580 - 610 

B4630 6.0429 

10837 

-as 

64173 

-05 

6.1295 

-1 2 

1055 





. 

. 

87.9 

Finland 

(FM) 

4.7725 

+0.0055 

675 - 77S 

4.7885 4.7520 

4.772S 

0.0 

4.775 

-05 

4.789 

-05 

82.7 

8.3635 

0.1 

8.3603 

02 

8.3036 

0.7 

110.3 

France 

iFFr) 

5^869 

-00063 

880 - 897 

5-2913 5.2735 

5.2905 

-0.4 

541895 

05 

55918 

-0.1 

108.6 

2.4451 

0.4 

2-4416 

0.7 

2.4126 

1.4 

126.1 

Germany 

P 

15466 

-0.0034 

463 - 468 

15484 15433 

15464 

02 

15448 

05 

1.5378 

0.6 

1065 




. 

. 

. 


Greece 

(Dr) 

236.150 

-041 

100 - 200 

236.870 235.810 

236.45 

-1.5 

237.025 

-15 

239525 

-1.4 

68.9 

1.0118 

0.1 

1.012 

-ai 

1.0142 

-02 

106.4 

Ireland 

m 

1.5B29 

-0002 

623 - 636 

15697 15623 

1.5628 

0.1 

15627 

0.1 

15474 

1.0 

- 

2499.32 

-3^ 

2511.02 

-2.9 

2565.97 

-ZB 

74^ 

Italy 

W 

1578.18 

-0.3 

800 - 635 

1576.50 157150 

158053 

-3.4 

1588.68 

-32 

1635.18 

-3.7 

755 

503908 

-0.5 

50.3058 

0.5 

48^758 

0.0 

116.7 

Luxembourg 

(LFr) 

31^500 

-0.03 

450 - 550 

31.8660 31.7540 

3155 

0.0 

31.525 

05 

31.83S 

0.0 

1055 

2.7381 

0.4 

2. 7345 

0.7 

2.7033 

o 

1209 

Nefherianos 

(FI) 

1.7319 

-00035 

314 - 324 

1.7340 1.7293 

1.7317 

02 

1.7301 

a4 

1.7228 

05 

105.7 

10.6517 

0.1 

10.8552 

-0.1 

70.6562 

0.0 

88.3 

Norway 

(NKr> 

6.7355 

-0.0018 

340-370 

6.7385 a 71 62 

6.7415 

-1.1 

6.759 

-1.4 

18205 

-13 

96.5 

251.576 

-S3 

254.756 

-7^ 

- 

. 

_ 

Portugal 

<&) 

167.980 

-02 

930 - 030 

1 58.030 157.750 

158.685 

-5.4 

15958 

-4.0 

16453 

-4.0 

94 B 

20322 

-2J3 

203.935 

-2J} 

206.585 

-1J 

86.0 

Spain 

(Pra) 

1 20255 

-0.13 

230 - 280 

126^80 12a000 

12352 

-25 

129.03 

-ZA 

131.655 

-2.7 

81.1 

11.7367 

-1J3 

11.7842 

-2.3 

11^977 

-14 

76.7 

Sweden 

(SKr) 

7.4092 

+00159 

054 - 130 

7.4287 7.3678 

7.4254 

-2.6 

7.4567 

-2.6 

75322 

-3.0 

815 

2.0338 

1.6 

2.0278 

1.7 

1.9891 

2J3 

122J3 

SwRzffiland 

(SFr) 

12877 

+0JJ033 

672 - 882 

15882 1 .2825 

15863 

1.4 

1-2S3 

15 

15677 

1.6 

108.4 


. 

. 


- 

- 

801 

UK 

(E) 

1.5815 

-0.0037 

812 - 818 

1.5858 1.5012 

15812 

02 

1.5808 

CL2 

1.5691 

as 

B8.6 

1.2811 

0.3 

1.2808 

0^ 

1J779 

0-3 

- 

Ecu 


1^342 

+00007 

339- 345 

1J7373 1,7333 

15338 

0.6 

15329 

0.« 

12279 

05 

- 

- 

- 

- 

- 

- 

• 

- 

SORT 

- 

1.46520 

- 

- 

- 

- 

- 

* 

- 

- 

• 

- 


IP«ot 

(Rn 

(CS) 


1.5795 -0.0032 791 - 799 
1.3190 -0.0109 171 - 208 


5.4001 

1.5815 


1.5633 1.5789 
1.3209 1.3188 


Padflc/MkJdJo East/ Africa 


Australia 

IASI 

2.1476 

Hong Kong 

(HKS) 

12.2226 

India 

(Rsl 

49.6097 

Japan 

(Y) 

158.664 

Malaysia 

(MSI 

4.0669 

New Zealand 

(NZS1 

2.6128 

Philippines 

(Peso 

40.4865 

Saudi Arabs 

(SB) 

5.9346 

Singapore 

(S£) 

2.3464 

S Africa iCom.l 

(R) 

5.6448 

S Africa (Fn.| 

IB) 

6.4536 

South Korea 

(Won) 

128758 

Taiwan 

(TS) 

41.4160 

Thailand 

(Btl 

39.6190 


-0.0103 

229 - 245 

2.1325 

2.1220 

2.1231 

0.3 

2.1218 

04 

2.1161 

0.4 

-0.0092 

951 - 050 

5.4092 

5.3937 

- 

- 

■ 

- 

- 

- 

-0.0037 

812 - Si a 

1.5858 

1.5812 

13812 

02 

1.5808 

02 

1.5691 

0.8 

-0.0013 

457 - 485 

2.1558 

2.1436 

2.1476 

0.0 

2.1489 

-02 

2167 

-0.9 

-0.0279 

195 - 257 

12.2543 122171 

12.2187 

0.4 

122176 

02 

12.2248 

0.0 

-0.1145 

943-250 

49.7390 49.5890 

- 

- 

- 

» 

- 

- 

-0.85 

594 - 734 

159.520 15&550 

158224 

3.3 

157269 

3.5 

152144 

4.1 

-0 003 

653 - 884 

4.0744 

4.0645 

. 

- 

- 

. 

- 

- 

-0.0056 

101 - 154 

2.8177 

243100 

2.6187 

-1.8 

26245 

-1.8 

2.6468 

-12 


-0.0775 625 - 104 40£210 40.1556 
-0.0149 327 - 365 5.9493 5.9326 

-0.0068 456 - 472 2.3520 2.3453 

-0.0229 425 - 470 5.6659 5.6420 

-0.1886 355 - 698 6.8541 6-4342 

+0.56 623 - 829 1269.91 1286.93 


tSQR rates ler Oct 7. BktfoHtt spreads m the Pound Spot tattle show only the last three decimal pieces. Fonmrd ratal are not directly quoted id the martial 
but are Implied by curevn interest rzes. Sierttig nder cumulated by die Bank of England. Base average 1985 * 1O0.BU. Offer and Md*fatM mbotfi (fits and 
me Dollar Spot tables daisied (ram THE WM/REUTERS CUM I'M SPOT RATES. Soma whies are maided by the F.T. 


88.1 

S2-3 


188 2 


(Paso) 

(Rl) 

(CS) 


09988 400003 987 - 988 

0B34Q -0005 330 - 350 

1.3429 -00034 428 - 43i 

3.4145 40002 120 - 170 


0.9988 09983 
0.8350 0.8325 
1.3452 1.3426 
3.417Q 3.4110 


1.343 0.0 1.3424 0.1 1.3492 -OS 

3.4155 -0.4 3.4173 -OJ3 3.4247 -0.3 


84.5 


Americas 
Argentina 
Brazil 
Canada 

Mexico (New Paso) 

USA 

Padflc/Mdd 
Australia 
Hong Kong 
Indb 
Japan 
Malaysia 
New Zeeland 
Phllpptnes 
Saudi Arabia 
Singapore 
S Africa (Com) 

S Africa (finj 
South Korea 

Taiwan 
Thailand 

TSDR rate tor Oct 7. BfcVoHer epraedi In me Don* Spat table snow only me last three decimal place*. Femora raw* are not dracBy Quoted to the motet 

tW ere npa#dt>ye«TertirtoetfrwmWlii*lerta 4 ECU me quoted In U5 currency. jj». Afargsn oanSirf «x4c»e Oa Id Bare ererage 1900-300 


ffl 

. 

- 

- 

- 

- 

- 

- 

. 

- 

- 

- 

96.0 

i East/ Africa 












(AS) 

12580 

+CL004 

670 - 589 

1.3609 

12532 

12583 

-02 

1.359 

-02 

1.3663 

-0.6 

88.9 

(HKS) 

7 7285 

+0.0002 

280 - 290 

77290 

7.7275 

7.7283 

0.0 

7.729 

0.0 

7.744 

-02 

- 

(Hs) 

312688 

- 

BSD - 725 

31.3725 31.3650 

31.4538 

-32 

31.5088 

-2.9 

- 

- 

- 

m 

100.325 

-0205 

300 - 350 

100.650 100300 

100.065 

3.1 

99.505 

33 

9827 

32 

1462 

(MS) 

25715 

+0.004 

710 - 720 

25720 

22860 

2.5623 

42 

2.551 

32 

2.6245 

-2.1 

- 

(Nza 

1.6521 

+0.0001 

507 - 534 

1.8534 

1.6488 

1.6531 

-0.7 

1.6549 

-0.7 

1.B0O2 

-0.6 

- 

(Peso) 

25.800Q 

+0411 

000 - 000 

25.8000 25.4000 

- 

• 

a 

- 

- 

- 

- 

(SR) 

3.7525 

-0.0008 

520- 530 

3.7530 

3.7520 

3.7538 

-0.4 

3.7579 

—0.6 

3.7786 

-0.8 

— 

(SS) 

1.4837 

-0.0008 

834 - 339 

1.4830 

1.4830 

1.4823 

1.1 

1.4804 

02 

1.4737 

0.7 

- 

) IR) 

32693 

-0.0062 

885 - 700 

3J5765 

3.5655 

3.5840 

-52 

16131 

-4.9 

18898 

-14 

- 

(R) 

4.0800 

-0.097 

700 - 900 

4.2000 

4.0700 

4.1137 

-9.9 

4.1725 

-9.1 

- 

- 

- 

(Won) 

801200 

+22 

800 - 800 

801.800 799200 

804.3 

-4.5 

8072 

-32 

8282 

-11 

- 

(U) 

26.1878 

-0.0245 

860 - 895 

262050 26.1860 

282078 

-0.9 

282478 

-09 

- 

- 

- 

(BO 

25.051 S 

-0.0055 

480 - 560 

25.0550 25.0400 

26.124 

-32 

252515 

-32 

25.7315 

-2.7 

- 


CR<^;i^^'AND v D£^AfWES 


EXCHANGE CROSS RATES 

Oct 11 BFr DKr FFr 

DM 

IS 

L 

n 

NKr 

Es 

Pte 

SKr 

SFr 

£ 

CS 

S 

Y 

Ecu 

Belgium 

(BFr) 

100 

19.03 

16.61 

4.854 

2.000 

4947 

5.438 

21.14 

4952 

402.6 

2325 

4.042 

1.985 

4215 

1141 

314.9 

2.543 

Denmark 

(DKr) 

52.56 

10 

8-72B 

2251 

1.050 

2800 

2.868 

11.11 

280.7 

211.8 

1222 

2.125 

1244 

2215 

1.851 

1652 

1.337 

France 

(FFr) 

60.22 

11.46 

10 

2.923 

1210 

2979 

3275 

12.73 

298.7 

242.5 

14.00 

2434 

1.198 

2238 

1.891 

189.6 

1232 

Germany 

(DM) 

20.60 

3.919 

3421 

1 

0.414 

T019 

1.120 

4256 

102.2 

8224 

4.78 9 

(L833 

0.408 

0288 

0M7 

6427 

a 524 

Ireland 

(10 

49.77 

9.469 

a. 265 

2.416 

1 

2462 

2.707 

1022 

248.8 

200.4 

11.57 

2012 

0288 

2098 

1.563 

158.7 

1208 

Italy 

04 

2221 

0.385 

0.338 

0.098 

0.041 

100. 

0.110 

0427 

10.02 

8.138 

0.470 

0.082 

0.040 

0.085 

0283 

8264 

0.051 

Nettwrianda 

<FD 

18.39 

3.499 

3.054 

0293 

0289 

9092 

1 

3.888 

9120 

7404 

4275 

0.743 

0285 

0.775 

0278 

5720 

0.468 

Norway 

(NK/7 

47.30 

8.998 

7.854 

2296 

0.950 

2340 

2272 

10 

234.6 

190.4 

11.00 

1212 

0239 

1-993 

1.485 

1482 

1203 

Portugal 

(EsI 

20.16 

3.836 

3.348 

0.979 

1405 

9972 

1.098 

4283 

100. 

81.18 

4.688 

0215 

0v400 

0.850 

0.633 

8149 

0213 

Spain 

IPU) 

2424 

4.725 

4.124 

1208 

0.499 

1229 

1.351 

5251 

1232 

100. 

5.774 

1.004 

0.493 

1-047 

0.780 

7821 

0232 

Sweden 

iSKn 

43.01 

8.184 

7.143 

2.088 

0.884 

2128 

2239 

9.095 

2132 

1732 

10 

1.739 . 

0254 

1213 

1261 

135.4 

1.094 

Switzerland 

(SFr) 

24.74 

4.707 

4.108 

1201 

0.497 

1224 

1245 

1231 

122.7 

99.61 

5.731 

1 

0.401 

1.043 

0.777 

77.90 

0229 

UK 

(0 

5027 

9283 

8.364 

2.445 

1212 

2492 

2-739 

10.65 

249.8 - 

202.8 

11.71 

2238 

1 

2123 

1282 

1582 

1281 

Canada 

ICS) 

23.73 

4.514 

3.940 

1.152 

0.477 

1174 

1290 

5.016 

117.7 

9523 

5216 

0.959 

0.471 

1 

0.745 

74.71 

0203 

US 

iSl 

31.8J 

6.058 

5287 

1.548 

0.840 

1575 

1.781 

6.732 

157.9 

1282 

7.402 

1287 

0.632 

1242 

1 

1002 

0210 

Japan 

rr) 

31.76 

6.042 

5274 

1.542 

0.638 

1571 

1.727 

6.715 

1572 

127.9 

7.383 

1284 

0.831 

1239 

0297 

100. 

0208 

Ecu 


39.32 

7.481 

6229 

1.909 

0700 

1945 

Z.138 

8214 

1952 

158.3 

9.141 

1.689 

0.781 

1.657 

1235 

1232 

1 


Damn krenm. French Franc, Kroner, end SwedWi Kronor per HI: Belgian Franc, Yen. Escudo, Uni and Peseta per 100. 


D-MARK FUTURES (IWM) DM 125.000 per DM 


■ JAPANESE YEW FUTURES 0MM) Yen 12.5 perYwi 100 



Open 

Latest 

Change 

Ugh 

Low 

64. vd 

Open rtL 


Open 

Latest 

Change 

High 

LOW 

EeL vd 

Open Int 

Dec 

0.6470 

0.6478 


0 6479 

0.8468 

24.104 

78232 

Dec 

12022 

1.0002 

-0.0028 

1.0026 

0.9995 

17,441 

59,191 

Mar 

0.6485 

0.6485 

+0.0001 

0.8486 

0.6485 

50 

3,912 

Mar 

1.0077 

1.0077 

-02029 

1.0078 

1.0077 

854 

3209 

Jun 

- 

0 6498 

- 

- 


9 

506 

Jun 

- 

1.0200 

- 

- 

- 

2 

513 


■ SWISS FRANC FUTURES (IMM) SFr 125.000 par SFr 


■ STERUNO FUTURES 11 MM) E62.500 per £ 


Dec 

0 7Ri: 

0.7005 

-0.0021 

0.7815 

0.7798 

9219 

35.055 

Dec 

1.5838 

1.5828 -0.0022 12848 

12828 

4.752 

42,188 

Wl p 

0 7M5 

07830 

-0 0020 

0.78J5 

a7830 

133 

942 

Mar 

. 

1.5820 

12820 

3 

381 

Jun 

- 

0 7887 

■02005 


- 

1 

83 

Jun 

- 

1.5780 

1.5780 

1 

B 


LONDON MONEY RATES 

Oct 11 Over- 7 days One Three 

rerjtii nolkro month months 


Sir 

months 


One 

year 


.r.iwtta.u. Sfr’r'inq 

6': - 4>4 

5,« - SA 

S^-Slo 

6B - 512 

6A - 6A 

7 A - 7A 

SlCTirij CPs 



5,i - 53s 

5li - 5fi 

si - 6L 

7A - 71a 

Treasury Bins 



5»» . SA 

54* - 5ti 

. 


£ark fics 



5)1 - 5*4 

6?i - 543 

6A - 6,1 

- 

lec>u aLthwri\ Cops. 

5>4 - 5L] 

5>4 - 54 

5A - SA 

5^» - 5% 

»A - 8.’. 

7,*. - 6)1 

L+SCCSjnt Mark cl deps 

G'4 ■ 5U 

64 ■ 5*4 

- 

- 

- 

- 

UK rtwj tort, baici leraing rate 5'a per cent from September 12 

1994 




Up 10 I 

1-3 

3-6 

6-8 

9-12 



month 

month 

months 

montns 

months 

Certs cf Tj» coo. <L' 00.0001 

Hi 

4 

31* 

31* 

3*2 


Com c-r Ta, dcp. undo iittJ.Wo a il;pc. Deposits wttiorawn for non Lpc. 

"C^aer r J’e oF d.vcwfl 5 ISrtOpc ECCO fare raw Sog Expert F+unco Mofce us day Sao JO. 
'T'u --jjeoJ ratK (or period Crct 181VJ :o Now ZS. '9BJ. ScnemM N & HI 7.0SCC. rW eronce me I or 
wwt -*e 1 retH JO Swp 30 W. IVIVS .*15pc Flnrrao Hnw Bose Rote 600 tan Oct 

t 

■ THREE MONTH STERUNO FUTURES (UFFE) £500.000 points of 100% 



Odop 

Son price 

ClKngi? 

High 

Law 

Est. vet 

Open Int. 

Dec 

93 43 

93.45 

*0.02 

93.JS 

9329 

21004 

167B62 

Mar 

92 63 

K66 

+0.03 

92.68 

92.58 

20839 

74359 

Jun 

91 99 

92.01 

-0.04 

92.02 

91.92 

5622 

53173 

Sflp 

91 47 

91.54 

+0 04 

91.55 

91.47 

3083 

50413 


Trocsna on AFT 41 Ctwi merest tga are hy previous day 


■ SNORT STERLING OPTIONS iUFFE) £500.000 pokita of 100% 


Stn)>e 

Price 

Dec 

~ CALLS - 

Mar 

Jun 

Dec 

— PUTS - 

Mar 

Jun 

932S 

0.34 

0.13 

0.15 

0.14 

0.72 

1.39 

9350 

0.18 

0 07 

0.10 

0.23 

0.91 

1.59 

S37S 

oae 

0 04 

0.07 

038 

1.13 

1.81 


Eis ret red J0436 Puls 4765. Preview fflv'J open int, Cals 312457 Pwa 186625 


EMS EUROPEAN CURRENCY UNIT RATES 

Oct 11 Ecu con. Rata Change % +/• from % spread Dtv. 

against Ecu on day 


rates 


con. rata v weakest Ind. 


Nethertanda 

2.19672 

214815 

-0.00118 

-2.21 

5.43 

Ireland 

0.808628 

0.792393 

+0.001123 

-281 

SJ21 

Belgium 

40.2123 

39.4734 

-0.0174 

-184 

5.02 

Germany 

1.94964 

1 SI 803 

-0.00139 

-1.62 

4-79 

France 

6.63883 

655852 

+0.00005 

080 

2.78 

Denmark 

7.43879 

7^1363 

+0.00381 

1.03 

2.04 

Portugal 

192854 

195899 

-0.044 

188 

1.49 

Spain 

164.250 

159.023 

+0819 

3.09 

0J» 

NON ERM MEMBERS 





Greece 

284.613 

292.813 

-0.184 

10.70 

-6.87 

Italy 

17P3.19 

1953.B8 

+239 

8.96 

-538 

UK 

0.786749 

0.783440 

+0.001412 

-0.42 

363 


U 

IS 

-3 

-7 

-IT 

-22 


Ecu central raws set try the Sroprsn Gomissicn. Curendes are in dsscendng retetrve usngih- 
P n e n toge chingea era tor Ecu: a prettra Orange Qanom a week aarancy. Ovecgance sham the 
ratio barwrep rue greater the pw ca e ia yK W rance tehrean the actual fliwtwi and Em cararairarac 
lor a currency, end me iresnmum pemanad oereertage aeriellai at me currency 1 * manc et rate tan t* 
Ecu central rate. 

(irrwvai Smeng and ttaBon Lira amended tan BM Muurrm catamtwd by die Fl n uUal Timas. 


■ PtELAPEUHIA SB C/S OPTIONS £31 350 teems per pound) 


Strike 

Price 

Oct 

- CALLS “ 
Nov 

Dec 

Oct 

— PUTS — 
Nov 

Dk 

1JOO 

8.24 

8.18 

826 

- 

021 

ais 

1.529 

5.79 

5.00 

6.12 

- 

0.06 

0.45 

1350 

3.30 

161 

4.19 

- 

0J3 

0.99 

1S75 

1.03 

1.39 

2.61 

0.14 

105 

IXB 

1.600 

0.03 

0.77 

1^3 

184 

2.42 

118 

162S 

- 

023 

080 

4.01 

4.31 

4.93 


Previous days «*. CoBa i8« Pure S.7CO . Prow. day’s onen biL. Cola 411,175 Pub 331 .852 


■ THREE MONTH EUROOOU-AR (IMM1 Sim points of 100% 


BASE LENDING RATES 

Adam & CofTMnv S.7S Dirtan Lawtto — 5.75 'RnrtMphe Guarantee 

AL‘« Trint Ear* ... 5.75 Eydor gjnk UiratBd .8.75 C a poraoon LFnC9fl Gnc 

aib B.VJ- 5 75 Financed 5 Qen Bank _ 85 longer authorised as 

•Hunry Arobadvr . 5 '5 SRopgrt Fk«ilng& Ce . .575 a banking insUuton. 8 

BanholB.TOla 575 Grata* S75 Royal Hi of Scofcmd «. 5.75 

&1HCT Vccava - 5 ft SGumneas Mahon .. S75 a&mth & W»rwi Sea . 5.7S 

SonkcfCypna .. ..5 75 Hat* Bank AG airich . 5 75 TSB 5.75 

Sanioflraund 5.75 EHamcrosBanA. 5.75 aUModOh of Kuwait-. 5.7S 

SinkClliXM ... 575 Heritable S. Gen Inv Bk. 5.75 Unity Trust Bank Pfc 5.75 

flank of Scctiond 5.75 WflSamutf. — 5.75 VWas»n71u« 575 

EurtJawi Bank 575 C htaraSCo -5.75 VWWaawayLalcaaw..._575 

B.H BkolLW East ... 575 Haighaig & Shanghai 5.75 VamabreBafik 5.75 

•BroevTi SrjpKr, & CO LB 5 75 Jiian Hodge BanK...- 5.75 

CL Sank Meoortand 5.75 tNwpt*JJasophSSons575 * Members ot London 

& *‘ hart ' PW S- 7 * LtoydsBank 575 investment Banking 

• Clydesdale Bank .575 MoghraJ ftmk Lid .5.75 Association 

The COJSwraBVfBffiK. 5.75 MkttcmdBank .5.75 * In aiiwustraKrt 

CouasSCo ...-S75 • Moult Bankmg _ .... 6 

Craoi litmus 5.75 NatWtjsEtinsiBr 5.76 

CvurasrOpuiarBar*. S7S •Rea Brothers 575 



Open 

Latest 

Change 

High 

Low 

EbL vol 

Open ire 

Dec 

94.02 

94.03 

+0.03 

94.07 

84.02 

37,540 

488A39 


9165 

93.57 

+0X0 

93.69 

9184 

27.007 

398.620 

Jun 

9123 

9127 

+0.04 

0128 

8123 

15358 

301887 

■ US TREASURY BELL FUTURES flMM) Sim per 100% 



Dec 

94.34 

94.55 

+002 

94 66 

94.84 

347 

21,809 

Mar 

9423 

94.24 

+0X0 

94.25 

94X22 

30 

9.038 

Jun 

- 

93.96 

- 

9198 

• 

2 

2.092 


Ad >?pwi interest figs, be lor previous day 
m EURO MARK OPTIONS (UFFQ DM1 m points oM 00% 


Strike 

Price 

Oct 

Nov 

CALLS — 

Dec 

Mar 

Oct 

Nov 

PUTS ~— 
Dec 

Mar 

9480 

0.21 

023 

0.26 

117 

am 

0.03 

0.0s 

0^3 

9475 

0XJ2 

0.06 

0.11 

0.09 

0.07 

an 

ais 

150 

9500 

0.01 

0.01 

0-04 

0.04 

0J1 

0.31 

044 

aTO 


Esl v* tauL CjBs 2782 Pub 2548. Prevtau a dgy* a open W, CMa 17BT34 Pus 172081 
■ EURO SWISS FRANC OPTIONS (LFFg SFir im potnta of 1Q0% 


SfrlW 

Price 

Dec 

- CALLS - 
Mar 

Jun 

Dec 

PUTS - 
Mar 

Jtxi 

9550 

025 

ai6 

012 

005 

033 

088 

3575 

008 

008 

0.06 

0.13 

060 

0B5 

9600 

0.02 

0.05 

003 

0.32 

0.72 

1.07 

EA vaL 

lotsL C4W 0 Pus CL 

PmkMfi day’s opwi nt, Ca*» iBTO PW+ WS 




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MONEY RATES 

October 11 Over 

night 


One 

month 


Three 

miha 


Six 

mthe 


One Lome, 
vaar taler. 


DtS. 

rato 


Repo 

on 


Belgium 
week ego 
Frtmoa 
weak ago 
Qarmany 
wadk ago 
tretand 
weak ago 
RNy 

week ago 
Motherlands 
week ago 
Ow rttHHrt an d 
week ago 
US 

week ago 
Japan 
week ago 


474 

4% 

5% 

54 

4.90 

4.95 

4H 

8% 

4.04 

464 

3U 

314 

4*. 

4% 

2V, 

ZV, 


5 
5 
Si 
Si 
496 
4.85 
5 W 
5h 


54 

54 

5Q 

5ft 

5.20 

5.18 

ea 

64 


58 

5% 

SB 

S* 

5.30 

5.23 

64 

« 


7 40 
7.40 
5.00 
5.00 
6. CO 
6 00 


S% 

88 

94t 

8% 

SB 

9Wr 

4.98 

5.21 

5.38 

4£8 

5.24 

5J39 

3% 

4A 

4A 

3'e 

41+ 

4 Li 

5V> 

58 

58 

5K 


58 

3 

214 

2h 

3 

2'A 

24 

5ft 

5<ni 

5/S 

Si 

544 

EH 

5 DO 

5.31 

5.80 

6.00 

5.27 

5.58 

3H 

36 

3b 

3* 

34 

3*4 


815 

64 

8”s 
614 
5.75 
5.63 

7% 

7% 

IK 

104 

S81 

5-83 

43 6 625 

4>a 6-635 

64 
a vi 
2% 


4.50 

4.50 


4.50 

450 


7 50 
750 
535 
525 

5.50 

3.50 
4.00 
4.00 
1.75 
1.75 


5.75 

ATS 

4.86 

4.85 

825 

6.25 

820 

820 


6% 

6H 


■ S LIBOR FT London 
Interbank Ffadng 
waek ogo 
US Dollar CO* 
week ago 
SDH Linked Da 

MfQCk 3Q0 — __ 

ECU Untad Da mid retta 1 mh Sh. 3 mw SU. 8 } war SreS 

raws we offend ram lor Siam quoad 10 Sm mortwr br 

any. The tw*s am BanXan TmeL B«w of To^w. (Da) 

Md mm are shown for the domett Money R**. US S CDs and SPR Urfcoa Dee wn itm 


EURO CURRENCY INTEREST RATES 

Oot 11 Short 7 days One Three 

notice month months 


One 

month 


Su 

months 


Ore 

year 


Belgian Franc 

*il 

- 4}J 

4(1 

4(1 

4(3 

-4(1 

SA 

sA 

Danish Krona 

SU 

-5»J 

SU 

6 1 ’ 

5^t 

-5S8 

e»+ 

6*4 

D-Mark 

4(2 

-4« 

4(3 

4H 

5 - 

4% 

SA 

5>V 

Dutch Guilder 

5 • 

4^t 

G - 

iU 

5 - 

4* 

5>4 

5*s 

French Franc 

SU 

■ 5*4 

5A 

5A 

«A 

-SA 

SU 

S 1 ; 

Portuguese Esc. 

9A 

■Oft 

Oh 



- 9 l 2 

104 

-oh 

Spanish Peseta 

7,1 

-7U 

7*1 

7U 

7*8 

■ 7*7 

■'Id 

7li 

Staffing 

SU 

■su 

5W. 

SU 

5>» 

- 5,'. 

si: 

bid 

Serbs Franc 

3A 

-3A 

3U 

3U 

an 

“ Jlfc 


■V. 

Can. Dakar 

4'* 

-411 

5- 

4(i 

5 - 

4-* 

SU 

5*4 

US Dollar 

4ii 

-4(i 

5 - 


5A 

- 5, 1 , 

SU 

5*2 

Italian lira 

9 - 

7h 

BU 

- a 


■ aU 

“(i 

ail 

Yen 

2U 

-2A 


-2i 

2.1 

■ 2*4 


2U 

Asian sang 

14 

, - 1 

2l ( 

- 2 

2*« 


3i; 

3h 


7-BL 


Short term mm are as tor the 

■ THREE MONTM naon 


511 - SH 
10*1 - io,l 

- 8*4 
8tJ - 6* 

4,*g - 4.1 
51! - 552 
5% • 5*. 
eJg - 9\| 
2*J - £.1 
3~i - 3>4 

US Dotter and Yen. odiers mo days' nonce 

(MAT1F) Paris interbank oHared rale 


6b- 0H 
71, - 71- 
5U - 5^8 
SH - 511 
6,1 - 6,1 
10* ■ 10* 

9.1 - 8» 

7.1 - 

4 . 1 - 4,1 
6!J - 61I 
filg - SU 

10 ’s - 1 <* 

- 2i3 

41, -4 



Open 

Sett price 

Change 

High 

Low 

EsL vol 

Open ht 

Dec 

94.07 

94.08 

. 

94.11 

94.05 

13.316 

49,760 

Mar 

93.60 

93P3 

+0.03 

93.66 

9157 

13.738 

35.007 

Jun 

9118 

93^4 

+0.05 

B3JB 

93.15 

11X112 

24.572 

Sap 

S2.B5 

92.89 

+002 

92 92 

92.83 

3^72 

21.138 

■ THREE MONTH EURODOLLAR (UFFQ* Sim points of 100% 




Open 

Sett price 

Change 

High 

Low 

Esl vd 

□pen KiL 

Dec 

04.06 

94.07 

+0.06 

94.06 

94.06 

15 

2338 

Mar 


9168 

+005 



0 

1458 

Jun 


8129 

+007 



0 

300 

Sep 


92.98 

+0JB 



0 

52 

■ THREE MONTH HunOMAHK FUTURES 

; (UFFE)‘ DM1 m points of 100% 



Open 

Sett price 

Change 

High 

Low 

Esl vd 

Open Int 

Dec 

94-69 

94.70 

+0.01 

94.71 

9438 

34899 

184114 

Mar 

94.33 

34-34 

+3.02 

94.35 

9439 

30832 

176094 

Jun 

9194 

93.99 

+005 

94.00 

33.92 

27748 

106507 

Sep 

93.55 

9384 

*0.08 

93.65 

9153 

11373 

76084 

■ THREE 

MONTH BUROURA UTTJRATE FUTURES (UFFE) 11000m points of 100% 


Open 

Sen price 

Change 

High 

Low 

Esl vol 

Open int 

Dec 

90.48 

90.48 

+002 

90-48 

90.35 

4989 

32359 

Mar 

89.74 

89.74 

+001 

89.75 

89.64 

1894 

17260 

Jun 

88.08 

88.18 

+0.01 

B9.19 

89.08 

876 

15033 

Sep 

88.74 

88.80 

+0.02 

88.81 

88.74 

641 

15417 

■ THREE 

MONTH EURO SWISS FRANC FUTURES (UFFE) SFrlm points of 100% 


Open 

Sett price 

Change 

High 

Low 

Esl vd 

Open int 

Dec 

9S.ro 

85.70 

+0.01 

95.72 

05.67 

5668 

23434 

Mar 

05J!S 

96.33 

+004 

9536 

95.27 

1852 

14345 

Jun 

94.35 

94.98 

+004 

94.98 

94.94 

349 

7229 

Sep 

94.68 

94.85 

+003 

94.68 

94.64 

44 

1129 

■ THREE 

MONTH ECU FUTURES (UFFQ Eculm points of 100% 



Open 

Sett price 

Change 

High 

LOW 

EsL vd 

Open InL 

Dec 

93.66 

93.68 

+001 

93.70 

0164 

983 

7621 

Mar 

93.14 

93.18 

+0.03 

9930 

93.11 

979 

5715 

Jun 

9ZSS 

92.88 

+0.05 

92.68 

82.58 

338 

3383 

Sep 

92.12 

92.18 

+003 

92.23 

92.12 

171 

1180 


* uffe futunwfratMd cn APT 



U.S. $200,000,000 
American Express Bank Ltd. 

Floating Rate Subordinated Capital Notes 
Due 1999 

Notice is hereby given that for the Interest Period 13th October. 
1994 to 13th January, 1996 the Notes will bear Interest at the rate 
of B?4% par annum. The Interest payable on 13th January, 1996 
against Coupon No. 31 will be U.S. SM634 par U.S. S10J300 
Nominal and U.& *3.673.61 per U.5. 5250.000 Nominal. 

DATED THIS 12TH DAY OF OCTOBER, 1994. 

Principal Paying Agent 
ROYAL BANK OF CANADA 
EUROPE LIMITED 


t 


REUTERS IOOO 


FuuKoneio 


24 hows a day - only $100 a month I 

LIVE FINANCIAL DATA DfTOECT TO YOUH PC 

ftwrarCMT— 




For ill your mvoirmcni and occupational 
requirements in South Africa or rutlhcr 
information on Ihis emerging market 
contact: 

Duncan Waa/Rkirard Weller 


MICHAEL 

LAURIE 

Tel: 071 493 70S0 
Fax: 071 499 5379 


I 


We cannot give you one { 

reason why you should trade i 
futures at M-WaMock,., ! 

But we have m anaged to narrow it down to 7. | 

I 
I 
I 

I 
I 
I 
I 


BEjorUiL futures endnajes, rah 


H Trading support, feu get a full 


I 
I 
I 
I 
I 
I 
I 
I 

m yu jYiu 

i hours ew? trains daji 


tn etecute your orde and confirm 

jeor ED in one telephone cifl. 
Nearfy twniiiris of our ensumen 
rale onr BBquafifyu 
“better" or Tutcb better" than 
other Bras where they 1 ?* traded. 


Suppoit-fiee charts, newsletters, 

telephone ‘hotlines,’ and more. 


liraefcr daily and monthly octwun 


mn far single-lot orders . %u1 


araflaMerafacsimite. 

B _"ertn$," lite cunacy 


by foil-price finns. 

Q WduHTserletlftracsn place an 


and call- free huts. 


ftaldoek is the nutter-one choice of 
independem futures credos imridwtfe. 
Telephone or write today! 


■Vamg 


Address 

— ra. 



Rtanwle 


We. do fantionall 



i(lUC) 


t^KpererBaniheartifraiiNesninaDdeui- 
wnqnsL ih itt bereoea. sireot fwowjBte. 
mura uhcoi anue oqoxht me 

■MOCO.IMm-WWvORX 

IMWiMorir — • ■— 

^r^WALDQCK^a; COMFANYJ 


0800-262-472, 

Brijhmr 078-1 16444 
Uernuitf: 013MI8HD 
France 

Smwbnt04M68338 
D«wwricaWI-T«f. 
fwtietanib: OOHK2-7KBO 
Sncdm:ftSH)7B3l70 
OttmcaS07M4J.ll8i,nfw»ei*ai8B I 
S*071-il7-M71 | 

T^KS8oed^s*»twdlwUrt-W*m a 

SCornpanyanoMardiwSM. ■ 



t 


















r 


financial times 


WEDNESDAY 


OCTOBER 12 1994 


WORLD STOCK MARKETS 


EUROPE 

AUSTMA(0d It /Sch) 


CruJPt log 

WBW 1KJ0 

vm i3o 

Lnm i.iao 

sir sss 

PwCm 090 
Rtattt 400 
Start) =01 
Wile 1.101 
VfaMg 340 

VUH BT4 
VMM 46«) 
WfaPg 3.710 


• 230 1.760 is 
-181 VHQ Kflol 
(d 634 507 lj| 

-314.300 2.785 05 
\ 1,100 1.4 

-40 137 1 JJ50 04 
■*> ’** 558 .. 

_SS 2-25 845 ’-5 

-w 1.050 BBS aj 
... «S 39? is 
♦2 =58 171 34) 
■*<11.180 674 “ 
M 406 32Q in 

*3 281 H>M 

“3 600 430 1 7 
+33 4J« 3.411 IA 


“aauwjasaauro (0a ii / f*) 


Wt*1 RM'C 


ACMm 4.100 
Mmani 7jap 
MOad 4.WB 
Ml 4.070 
SMii 17AM 
MSnLPl 226S0 
&XIM8 34.025 
Bareo =.415 
BMH 2=*0o 
BDl 12AM 
CM8 2*16 

ssr •nt 
S& 9J X 

Boctb 5.360 
BMC 2.960 
2.415 

xmo 

GBLMv 3JBt0 
I® CO 1.298 
GanBmj r.sio 
Oman 8,9+o 
a*bM 4*10 
StniWaM 2*80 
Knftnk 6,230 
nwf B.510 
Urnr SAM 
Monna 1.40O 

pmjb huso 
P tftm SLBOo 

EE 1 

» 3S2 

SDcGnB 2.140 
SQnMV 2.160 
SoAia 12.900 
Sotvac 1,454 
Sohw 15.000 
Treni 9*7o 

23*50 

2.BB0 


♦JS J^50 3.705 13 _ 
-20 8390 7JB0 ia 
+ B 5300 4.000 “■ 

,MO iSSSISS9 £6 -- 
+ =5«j§fwooej z 


Bi 


8.100 1.7 
1.198 22 
s.110 73 

'‘’S 5-251 2 - D7 ° « 

+36 2370 7,:<nn 

+100 4*90 a.w»> 5,o 
+150 4,470 51 
+£1*80 1.256 23 
■10 9180 73=0 03 
+110 TOAD 8,720 13 

+150 5.M0 4.100 23 
+5 3305 2,760 53 
+40 6200 5.910 13 
+60 7360 G.0HO 13 

6.400 5300 43 
1330 1300 63 
~~ 1940016300 — 
+100 19775 9290 23 
+50 3.680 2320 53 
+9 588 420 3.7 
+140 9200 4,250 4.7 
— 5380 4320 4J 
+10 2338 2325 5J 
_■_■■■ 2336 2315 52 
+200 1470012*50 50 
+4 1,076 1350 7.1 
+1001735013750 45 
+70 11300 6.3=0 43 
+275 2810D 22300 23 
+10 2.330 2.440 45 


IMwl 435 
UMmft 4=0 
VMoo 27+.2D 
Vta* 298 

wraaca 23s 


-- 57038810 97 
-6 700 S00 S3 
BM 661 23 
~l-30 491.*] 877 84 
+330187.7010830 _ 
4UB1.MS 03 

+1 5i2a MM a* 

-■903085021050 — 

624 463 03 
+5JB 274=07.10 13 
-■50 13650 6730 53 
+«1J 4 8 868 95 
+1*018010 115 S3 
.... 280 1B4 
+8.10 525 315 63 
+2J 636 30133 73 
l- 20 S 4 <3850 83 
+=40 371 28540 73 
+1* 930 75Z 13 
+75 1305 TBS __ 
+81,150 000 13 
+17 004 502.10 _ 
+1.60 267 201 33 
♦30 15730 113J0 23 
-3 732 6*2 13 
-2 840 691 13 
-58 9290 2360 23 
+16 734 076 33 
+12 1.700 1370 36 
+748030537.10 2.7 
, +3 BOO 472 23 
+330 010373.10 73 
+6 700 382 73 
2370 1.790 ._ 

+13 7B2 5=3 4.0 

_ 

+91022740^40 23 Z 
-10 3.120=361 13 — 
*1.80 21415210 BJ2 _ 
+470 36460=33.10 3.4 
-230 22460 1=7 JO 92 
+3 404 333 41 
+5 850 4=9.10 80 


>/- BM L— VM M 


— SP9M0 9380 

— am 10,450 
™ SntaflP 2305 
_ TMBcm 4220 

— Torata 24300 

— TOtfT 16.400 
_ Unfcem 9.900 


— 11700 8350 43 
-19018900 8201 53 
-45 2^301382 23 
+10 5,195 3383 23 
-=S03UMMj£ 13 
+40024DG215J600 14 
-140 18700 9355 13 


_ OefBRg 13330 


315 -4 450 302 S3 

090 _ 971 782 13 

157 -1 1801459 13 

7BD +5 HI 700 1* 

1330 +4013751,400 11 
1 SSS +31.4371363 2.1 
3330 _ 175 123 _ 


-2 720 601 _ 

622 +1 870 814 03 

1.731 *— 1338 1.563 05 

832 -3 877 804 _ 

1,140 +1013801.150 _ 

310 -4 335 250 _ 


- NETHERLANDS (Oct 11 /fts.) 


PonDr 1J00 _ 1 T3fl 1+00 43 " MIBM 799 +49 860 737 „ m 

UK? ♦ TO 5340 1700 _ Z lUGo 2.1« +102,4601,700 Z 


ABMmr 56.70 
AEGON 10330 

AMO 48.TD 
AK20N 20030 
BOMWk 3330 


fldtSpR 

WnMJfi 0830 
Ganvne 92.10 
GBrOpH 4330 
Haomyr 136 
KB&*H 23730 
Haas* =78 

Kgaftsil 7830 
HmDoI 7930 
HCCM 3830 
MODpH 7B30 
BltMua 92.10 
MJ4 46.70 


SB 

+130 22918730 3= 
— 4730 3230 16 
10 52 34.80 23 

+T*0 7730 5230 _ 

-301030149 — 
+30 2S MOD 43 
+130 5830 6530 4J 

+230 230 MOW 13 
+333630 264 XB 

+5S*aSfiS^ 

+30 46.70 34 JO 10 
+130 9470 72.10 02 
~ 969 7470 23 
+1.10 5730 «9 2.1 
42.10 03 


Kakum 2310 +1D 2,7802.160 

605 -5 9B7 73= _ 

717 +3 749 00S 

- 9M M8 _ 
*3 787 SSl 

*7 S73 425 13 
460 — 523 Til __ 

. 1.160 -Z0TJ501310 __ 

MAj 842 -3 670 634 _ _ jg* 8 Xinanm+SS - 

__ 8m 1*80 -TO 1350 1360 2J - &!* “-SS “ 


180 ■» S83 IBS 83 — 

IJWOd -ID 1340 1301 — - 
11375 +1751&4011.1S 0.4 — __ 

I 5350 +W 7.270 5,160 03 _ 

1300 _ 2300 139 Z3 _ fi£8* . 


+! 1366 710 13 
_ 227 148 13 
-0 B88 832 — 


Skyttr 
— GiwOM 
-■ Bony 


„ Mylr m 


885 -01.100 845 20 

376 +6 631 352 43 

100 +230 258 173 4 A 

718 +10 818 584 >3 

BBS -S 770 515 13 

840 -10 B8B 735 

238 +1313031356 23 

803 +4 B32 S68 2.7 

,177 -4 13151.128 1.7 


Z PACIRC 

Z JAPAN (Deni /Yen) 



+5 89 
+4 800 

+4=0 307 
-■« 335 


DBBUK (Oct 1 1 / Kr) 


MPA BOO 
BhOl 184 
CaflA 200 
CodBl 5.800 
0/&12A108300 
□Maca 10630 

DanDsk 326 

EAaM 157 
aS8 422 
SOM GS730 
ISSB 177 
JvttuiH 30630 
LrtmB 970 
MCI A/E 205 
NuMneO 545 
RadoB 4G0W 
SnpnaA 60s 
SophsB 503 
SrnM 410 
Tanan 335 
TopOan 610 
IMdnA 238 


-41.80 79 565 23 
-4 281 183 2.7 

_ 833 250 13 
+9 739 539 03 
— DUBMBM 03 
+=30 22817650 13 
+ JO 427 307 17 
+1 =0125 150 5.7 

+145 BIS 305 23 
+831 643 445 23 

+7 270 19 1.1 
+430 4=5 330 12 
+20 1.B5D 99 04 
*12 385 =5= 3j 4 
+8 78331 468 ft? 

+5 737 418 1.1 
+2 616 467 03 
-1 875 425 03 

*10 495 321 23 
+336633 39 
+10 1372 510 13 
+9 207 31736 43 


HUANDfOcni/Mffi) 


4h9f<t * 


+1 154 19 23 
-4 179 121 13 
_ 105 9 _ 

—304830 3530 1.4 
+1 233 141 23 

17.40 931 — 

+30 9 45 13 

+S 705 SOS 23 
+H 160 19 08 
—3 =47 140 23 
-2 250 138 23 
+5 258 29 03 
+1 200 19 13 

+20 576 287 03 
+130 10? 69 — 

— lBfi 59 14 
-20 102 54.10 13 
+30 5730 41 — 

+30 120 8430 13 
__ 244 175 £3 
_ 31 18 _ 

+30 suss 12 _ 

+1 129 89 


GHWBHT (Oct 11 /Dm.) 

1S6 +51989 140 1.1 

615 +8 636 400 13 

_ VJ* -251448 139 1.4 
+64 2311 2.122 03 
847 +1250 68550 E76 13 
+30 1,101 700 _ 

7=0 +20-1325 815 13 

+83034330 276 23 

496 5TQ 43fi 

g»*0» 3m ii 486 Sis 

Boya- 35030 +3.70 40UD 33010 11 
389 +930 526 3SBJ0 17 
BMWBr 707 +19 B2B 6SS 13 

Bhi«V 421 +8 576 S96 8.1 

g»6y 1346 +39 1.106 816 14 

£?£, SI-5S +830 34850 238 1.7 

BWBk 38050 -130 528 374 33 

m 870 +35 051 730 1 3 

1.17“ -913301.140 10 

CoKnP B20 — 1330 80S 13 

Cntrebk JIB +530 380 SBZSB 18 
Cmltit 23030 *2 =0 23 H7 

PCW. 4 09 +3 ODD 381 03 

Oofcl*- 78730 +25 B04 SSS 13 

Dun 47730 +030 60S 443 13 

DUSb 282 +1E038R50 210 — 
DttftBk 715 +98873086850 23 

MMMI 140.20 +170 108 131 23 

510 +9 97 478 2.7 

312 -22 337 260 1 3 

300 +4j40 4S5D 346 1C 
520 +19 818 485 13 
258 +1 307 250 13 

732 +2 732 59 13 

223 +41 =45 19 23 

HsUZhi 1J71 -11 1J9 1.141 13 

591 +3 881 682 T.7 

329 +12 440 310 33 

1310 +4G1300 867 13 

IfCM 32230 +6.70 36030*420 2 2 
010 +S61399 830 13 

218 -4 2S3 208 23 

=769+19 313=5856 33 
39 -2 433 330 23 

148 +5 160 131 _ 

DIB +1150 840 515 2.1 
■WftSO +59 668 451 27 
120 +4 HUB 31110 — 

KtoCMV 1439 +39 17910270 15 
650 +5 800 (OO 23 

lean' BOO +10 850 B80 1.7 
UnOR 89 +3 99 830 13 

LfnoH 332 +11 410 311 24 

Luntui 1929 +1 21160 15750 — 

LUBPT 179. SO +9 29 151 1.4 
4119 +59 470 370 1.7 
317 +3 387 205 22 

limn 49 +0948050 39 13 
B7& -5 822 S75 _ 

1549 -9 288 101 S3 
2.795 +25 3*17 2370 03 

242 +7 282 210 _ 

PWma 503 „ 530 403 15 

Poneb 09 -1 950 B22 04 

Praam 463 +75B1JD 4io 22 

463 +7952150 39 23 
PI 3839 +29 424 328 13 
1*50 -5 1320 139 OS 

29 +8 372 254 27 

214 +8 287 29 17 

246 _ 3132499 2.4 


+2 849 71 13 

2jg % 'ay 

11BJ0 +1.10135.4811430 2.7 

81.70 64 

y 

riOtlil/ Kroner) 


— 112 M 43 

+2 176 19 07 

+.401830 119 — 
-9 19 125 1.1 
+9 114 9 _ 

+19 T4S 19 17 
-ID 366 374 2.0 

+191159 84 33 

+2 29 29 14 
+29 =06 140 03 
-19 3051009 23 

— 1649 130 33 

-=M 91 729 2J 

-1 01 7B 2JJ 

+5 B7 72 63 
+9 19 869 13 
-1 151 114 2.1 
+9 549=010 — 
+4 88 56 83 


MnnBD 1*10 1420 13D — 

NhabBr 520 -1 737 49 — 

1300 +201310 001 05 

1370 +20190 078 _ 

Annua V40 _ 1.270 soi — 

Aman 1300 — 13901370 — 

AndoCn 614 +1 744 563 1 5 

Anita 


Sm — — 4Hnn 713 +& 70= 562 0.7 

zlSiSJ Z Z H5SE ’4S aj'BS 1 ®" 


AndoCn 614 +1 744 563 15 — 

1.420 -101,700 B40 — — 

_ 483 -2 EU 402 1J — 

“ Aoymn 3390 -140 6901030 — — 

- AtmOJ 4380 — 1040 4.070 05 — 

AMflSk 1.140 +10139013=0 — _ 

AsanBr 139 -10 1JS0 1300 — 

MbMC 772 -2 811 500 12 — 

AaaMB 1350 +101J0U t.twO _ _ 

‘ - 616 -5 629 410 16 — 

415 +3 613 39 13 — 

AMM 585 -1 B7S 5SO - 

BnyuPh 020 +8 990 815 _ _ 

Organ 1*00 — 1391JB0 13 — 

700 +io am 415 _ _ 

3,-luO +70 3340 2.410 — __ 


383 - $12 361 U _ 

7.730 +20 8907.430 — _ 

1330 +101310190 _ - 

2470 —239 2430 — ._ 

Sttmfe 196 +181.110 776 — — 

ShOCa 2380 —23201310 — — 

080 1340 840 

1,180 +1013601,130 — Z 

1.100 +1013601390 — _ 

438 +2 636 438 U - 

+2 610 411 — — 

+2 385 258 — 

-6 700 500 — — 

— 823 481 — — 

SnaSIlS 1580 -10 190 1.110 — — 

SMr 239 +10 2320 2350 — _ 

763 +1 82B 700 03 — 

0300 +100 8,480 5490 - _ 

760 -i 852 GIB 

-- SUnBM 730 +3 747 425 — — 

— SunSnfc 1380 —£2601320 — _ 

— SumOun 99 +1 587 404 — — 

-e 1.10a as? — _ 

-10 1*80 1380 — _ 

-7 476 360 — — 

_ 4BS 288 — _ 

-21330 661 03 _ 

-2 353 252 — — 

SumMM 088 +141310 884 —_ 

-2 673 <37 

— 734 011 14 — 

1.79 2310 1.42Q 13 Z g"”"* ,555 *15 HS .515 — — 

1310 -1023=0179 Bumlrfl 1440 +10 1*20 1300 — _ 

1500 +30 13=0 139 “ “ Sumwns 751 +2 615 874 — — 

1360 — 1S0 l"T — SuziAl 1330 -20 1520 1330 — _ 

2310 +9 3540 239 — H* 4500 +110 5.091700 — — 

827 +4 060 711 Z Z WBOl 642 +10 748 BIO — — 

59 *5 B4B 367 Z Z J***" 1300 -10 2310 19J 1.1 — 

716 +3 08= 0B5 _ — TakBe 576 +7 722 59 — — 

824 _ 732 56? Z Z TXinSn 702 -8 88= 570 03 _ 

713 +& 73= 582 0.7 _ TlHWB 1400 — 1,850 1370 — 

— - ntdaai 1J20 +101340 1300 .. _ 

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170 160 84 204 4B386 I 

174 131 — — 

450 338 4.1 — 

838 110 4.7 — 

89 120 13 — 

132 730 25 _ 

235 1=0 4= — 

555 433 14 — 

122 3.70 13 — 

152 2.70 42 — 


HOW KDHG (Oct 1 1 / HJCQ 


— Suidftf 

— SunUM 

— SiraMv 


7i 2£ *5 T -S ail5 ^“ -■ -- 
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731 -4 8G0 730 _ _ 

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1.130 — 1330 788 — — 

1.110 — 1340 966 03 _ 

805 +12 038 612 _ _ 

1 - ao ° = - ta 

!! 3g 3S“ E 


Aramfr BJU 
BEAMa 3140 
CUnyF 11.85 
3180 
4030 


878 +23 KKJ 480 — — 

400 +16 983 39 — — Tata 

039 +28 ljao 7B0 0.7 _ 

— MbBank 259 +30101D13B0 — — TlMtan 

U230 -10137013=0 _ — Tnofloa 

728 +o 734 5M _ _ Tbahmi 

,19 -30139 90fi — _ Tohfflw 

505 -B 550 338 _. — TqitoCp 

+5 033 BOS __ Tod 


BOS 49 
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+8 1,19 705 O S 

+3 BE1 588 0.7 
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+1 7=0 WJ= 

-10 993 870 — 

735 +11 007 633 — 


■■^HlE40 

Homl 73SBS 
Hufem 3540*1 
Hyaan 205(U 
JirtM 10.10 
JUMP 64J5UI 


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+4 684 384 — — TOM 1179 +59=1.081 7700 — 

♦81310 7m Z Z TOMS* 2370 -1)633302540 — 

— 1233 042 — — TtaBk 139 +10 1.420 1.110 — 

+1 78= 467 Z Z TkaKD 484 +11 338 320 — 

-a 660 407 Z — TMdeo 635 +2 5B7 415 — 

— 484 310 Z — TdUM 1.140 _ 1.391.120 0 7 

+8 BBS 3ns _ TTiynmn 680 +1 582 421 — 

1.49 +10 1350 1.140 _. — TkjBa 1540 -l.TaiJM ._ 


702 -18 741 438 — — 

Canon 159 — 15201530 ._ 

Canons 3.150 +9190=39 —403 MM 

CaatoC 139 —1,4101320 13 — 

485 -4 011 313 _ _ 

370 +2 40= 337 14 — 

884 +5 007 841 — — 

830 +5 93 49 — — 


-5 SOB 426 _ _ 

+1 69 4S5 

+2 885 672 _ — TWta 

+1 49 301 __ — 

- 1.4=0 1.19 03 _ 

— 89 743 05 — 


635 +2 587 415 — 

1.140 —1.3801.120 0.7 

680 +1 502 421 — 

1*40 ...1.7201.460 — 

159 -20 2020 1310 — 

1 ,79 239 1370 

2340 -10 3.0402320 — 

1110 —40 3.460 2740 — 

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1370 +10 13301350 _ _ 

2310 -30 2780 2410 — — 

1*78 -10 13001310 _ _ 

mm +30 084 772 13 — 

767 +4 806 768 

575 +10 025 410 — — 
671 +10 672 387 — _ 

1300 +2013701.420 — — 


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820 +26 930 878 — — TtaQp 

030 +15 940 770 17 — HoAnO 

406 — 448 310 — 783 I«*« 

1.170 +101300 B4S _ _ 

8=5 -71.110 700 — — 

1300 +3022301330 14 _ ±i-s. . ™ 

613 7BZ 95 _ _ TttlOEC 1J310 

1380 —30 1310 060 _ _ TlhfiMa 741 

2300 +00 2600 1383 14 _ Tatal 

E74 +3 024 406 Ifl _ Total 


_ 2300 +10 279 2300 - - _ 

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139 +20 1310 1/19 _ _ NGKtfl 1330 +101,170 BOS — — ToynOl 007 +6 754 615 — — 

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617 +9 780 450 — 

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1310 —1*901300 — 

741 -4 754 433 — 

810 +10 005 7B5 — 

306 -2 414 205 — 

1510 -10 239 1.89 — 


■ (Octmptsj 


-$0 639 5.150 23 
+30 8,700 4.770 63 

— 3333 2780 24 
+35 3.49 2315 T.l 

+54*753375 4.1 
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+70 6321 449 53 
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— 5.110 249 28 
+5011*10 690 25 
+1527151.755 43 

+5 1.776 1.210 20 
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+2 1,210 79 7* 
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+13 815 585 6.0 
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+90 390 2250 1.1 


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89 -1 1320 89 — — MHKSp 

748 +10 010 651 _ _ 

614 +10 570 415 — — 

139 +10 1270 0B3 — — 

DoMV 1*70 +9 2020139 — — 

<15 +3 5Z7 345 _ 

730 +261380 7=0 — 

740 -ID 555 887 03 — 

— DUMB 139 -101,120 951 — — 


— Pah mil 13m 
MnS 1430 


— DonnJp 3420 

— a mA 683 


508 59 

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3420 — 45S0 34=0 0-7 

683 -4 70S 545 13 

564 — 038 49 — 

1.760 —13101*50 — 

1.720 — 13801*80 _ 

139 -10 1.180 903 _ 

4*40 +140 4*40 339 _ 
59 -10 700 5=1 03 


+8 754 515 — 

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Sf . lYutaM 209 -10 2360 1,79 __ 

565 Z Z TOVOTn 49 +4 5Z7 330 — 

520 15 ToytfTB 1.120 — 1*50 065 — . 

+9 606 39 

+7 B®) 432 — 
610 +1ffl «30 346 __ 
+0 432 285 — 

-3 418 272 — 

_ _ 1*50 +30 1300 &3S — 

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2240 +501 

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— 1270 
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— 035 
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-121*9 734 — — 

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- NORTH AMERICA 


1*9 +201*70 S9 _ — NpHodo IJfflJ -SO 2100 1 *G0 0.7 — YoMnd 


— CUlEC 520 

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1*9 -20 2591*9 — — 

1,110 +91.19 841 — — 

806 +8 788 514 _ — 

780 -12 833 785 — 

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FRANCE (Oct If fPn) 


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BOomn 3320 
DWaxAo 2780 
BROM 1388 




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174 +4*0 550 IS ID 
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132 +1*0 IB 14 1.7 
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1=5 +2*0 184 122 _ 
127*0 +2 158 124 13 

110*0 +2*0 143 88*0 23 
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48*0 +.10 73 3830 — 

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141*0 _ Q3 19 23 

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TORONTO (Oct 11 /ConS) 

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1289 WB3H6 38 

M1NTREAL (Oct n /CanS) 
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■MJ4BS BmonB, 22 

BMCW 14% 

comao 21% 

Cscada 6 

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30700 GTCBx B% 

1849 JCoutu 6% 

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AFRICA 

SOUTH AFRICA |0d 1 1 / Rand) 


Ooncor 13*0 

GFSA 124 

42 

2325 
31 
4.73 
100 
105 
74 
9 
86 
16 

31 

PalabU 7i 

PromGo 5.40 


+/- Me* Ion VM PIC 

_ 1095 570 4 3 _ 
_ 23 17*0 2.1 ... 

.... 1=3 339 =* _ 

_ 255 IIS 2.1 
-6 264501629 1.7 _ 
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-1 140 102 1* 

-*0 57 269 __ 

-1 31 =0.75 an ._ 

„ 60 42 5.7 — 

... 4*0 355 1 9 
-3 121 25 07 0.4 - 

-10 10*5 69 27 . 
-250 73*0 48 3* ... 

- 75 1425 7*5 4.4 _ 
-1 35 =2.9 30 — 

-25 4= 30 43 _ 

-*5 23*0 199 37 _ 

-4 9 5375 07 .. 

-4514*5 7*4 1.1 — 
-2 130 879 1.7 - 
-75 47=3*5 _ 

-J5 26.75 1075 6-0 _ 

_. 34 16 1 8 

- 405 2-15 1* _ 
„ 104 65 1.4 _ 

-1 1= 76 1* ... 

84.9 63. 59 3 6 ._ 
-2 75 41 2.6 _ 

-1 100 75 1* . 

_ 22 16 60 ._ ... 
35 25 1* ... 

91 58*0 73 ... 
+05 7.7S 4J5 86 


Hondln 4X75 -2*0 589 379 5 0 
RmmGp 249 ....3075 239 1* 

RmlaCn 1875 .... 209 109 l.G 

RUBPI 1129 -2*5 126 72 1* 

tatai gjem __ 139 8.70 _ 
smnes 15 -9 =o 15 = 
3ABnm 84 +9 1W.5U 70 I.B 

SAMtAra 55*5 +.75 S 289 1* 

auie -- 


■c 

-25 

37 

=7 34 


1=6 

-9 

184 

102 33 


41.75 

+26 

Gfl 

40 1.7 


41.75 


15*5 23*5 30 


435 

-23 

498 

350 3.1 



-1.75 74*0 

33 43 


215 

-8 223*0 

151 2J) 


60 


80 44 50 33 

— 



’IS 


_ BnraPTa 

_ CS8 
_ CM 


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+20 1.320 1.070 Cane* 

-II 802 78i ... Carn« 

-6 483 325 _ _ CCAoU 

+101*70 815 ... CUeaM 

... ... Cma)co 


882 -e 1*70 ; 
1*60 -101,140 1 
3.000 +30037001 

417 -9 525 : 

1J22 -ajgTJ 
-too +4 457 : 

505 +5 565 , ; 

725 +3 758 ! 


BIO +10 1*« 

+ 3QB 390 

1A40 +30 1J10 

-2 372 
+401901 

-wz^70-< 

+10 853 
+7 800 
7P* -1 773 

1*40 +201,100 

m +W as 


1070 .... 

3 +05 39 255 03 _ 
110 +15 3.40 29 2* _ 
_ „ CCAoud BJB +JJ5 129 7*0 =* _ 
4.02 +.03 5.70 39 30 „. 

onaill 5*5 *10* 5*0 420 1.1 _ 

_ _ Comntt 79 +.04 0» 89 7* _ 

10 _ Cnn* 1.16 -*5 1*2 0.7B0.4 _ 

„ DnniAxT 0*7 -.01 09 n.15 04 

Z _ Eire* 4*0 + 002 3*7 5.7 21* 

_ _ EnoyRs 19 _ 1.B2 1*0 5.1 _ 

0.7 _ FAT 0.76 _ 19 09 08 0* 

„ __ Faktl 2*5 + 02 3.45 2.44 2* _. 


700 Bmawk 11% -% tab 11% 33=06 - 

903993 BMIont 24% +% SM0 24% 37200 

9S1950 BkHoaSa 26% +% *27 26% 453585 _ „ 

41505 SsauSt 217 +2 =0 21 8 507000 BkqSkC 

56830 BmUefla 22 +% *22 21% 76658 RnyOak 

■ TOKYO - MOST ACTIW STOCKS; Tuesday. October 11, 1994 

Stocks Closing Change 
Traded Prices on day 

CHd Bectric 5.9m 803 +13 Kawasaki Steel 

Mtsrtshi Bee &3m 728 +6 Toshiba 

Nippon Steel 5.1m 379 Sanyo Elec — 

Hitachi 4*m 1010 +20 Honshu Paper 

l*C 4.4m 1280 +30 Mitsubishi Huy 


suytKl br Ttamo 

HOIS ■ Pikaa oa m [aga am m autM on ihs 
hatata ealmn. Ml « madly ta moad 
mteax MoM/lma an fcc 1BW. md Twtaao 4 
Itanri vMA * OoBnip umM m Ex 
iftHMnd b Ex nalp Bae. a Ex ivax m b at 

FT FHEE ANNUAL R EPORTS SBW1CE 

atmmn umw ■» 0 taa* max ma am 
PnuenqOX 710 nm te*n2, Iraa bdMng 
xamads » to nai ttb mz a aMm taicumi «* 
10 u +44 at 770 0770 (T m *44 »! 710 38H. 

Bexmixa ha an m m raa amta nr. eapa m 


Stocks Closing Change 

Traded Prices on day 

3.8m 441 +7 

3.3m 760 +14 

3.2m 581 +5 

2.7m B96 +9 

2- 5m 785 +5 


_ ... FBchC 
_ _ Fnana 

_ ._ GrtYTr 


39 +.10 3*5 29 4* _ 
1*0 _ 1.47 09 54) _ 

2.19 +*3 29 2.15 7A 10* 


_ QflAuS 2*4a) +*= 3*0 272 7.1 „ 

19 +.02 1 JO 1.10 24 03 


_ _ omm 


-S *58 575 _ 6NKUD 19 +.02 1J8 1.10 24 
+2 1,110 833 1* — Etanff 1*7 +J71 1 J8 124 07 


2*8 + *3 2*5 


778 +1 810 770 14 _ Onaon 1J30 +101*301400 „ _ HtflUG 19 +*3 2*2 1.12 2* _ 

5*50 -200150 5*40 — ~ OnePD «*30 _ 5*104*10 OJ .. ItasIkE 1*0 __ 2*2 1 9 __ 


i {Oct T1 / FraJ 


+$ 282 191 — 
-3 721 568 1* 
-3 713 567 1* 
+30 3*88 4173 1J 
+331*491*16 1* 
+7 260 100 1* 
+14 747 500 3-3 
-7 vm 70S 21 
-9 042 696 01 
-4 422 331 _ 
-80 3*00 190 1 J 
+201,7001*80 2* 
+10 2*32 2*00 2* 
+12 083 658 1* 


579 +5 744 420 — — OmaH 

1*00 _ 2070 1.730 — _ OMd 

DOS +18 954 SZ8 — — Orta 

1*80 +30 1J7D 1.490 oe — 

- JiSomH 328 +2 448 284 — — 

742 +7 778 60S OJ — 

■422 - 91 398 — _ 

508 +8 686 470 _ 

” •**- '« *3*® '18 z z 

614 +18 S«6 BK) — 

KID *7 715 431 — 

1.110 — 190 82= 0* — 

2.160 +302902*50 0* — 

10*00 +101x509*00 _ _ Saoky 

1*20 —04781*10 07 — Stall 

978 —1*50 825 — — Snand 

— KMOWn 190 -101.860 1*80 — — 

_ Hnonka 1*70 -i024S2i*7D _ — 

348 -1 420 339 — — 


*70 - 190 1,050 1* ._ lOAua 

631 -17 744 530 — — KUHn ++> — -- v — + — 

3*50 +20 4*20 2*00 04 605 UndU 1058a) +.10 7064 1070 4* 31* 


11 +9119 075 2*423 

187 — 49 283 BJ — 


+1 1 , 
4*10 +10 4, 


— - - 2*6 +*3 340 245 S3 _ 

_ 2*1*1 — 39 2*5 1*702 

— uaytaff 79 +*3 10*4 7*7 4* 21* 

— 29 _ 421 285 4.7 — 

10*2 +.08 13*6 087 4* 12* 
_ _ -2-74 +.12 7*0 6*6 1* _ 

— — NaMftl 027 +.17 109 7.72 04 7.7 

_ 39 +*8 828 0SO 35 — 

— . — .„ NmdPW 246 + 2.7B 19 24 — 

. 1*40 1*30 — — MHtal 39 +9 4.16 3*S 3* 24* 


-3 538 410 — _ lion M 

— 779 603 12 — MM 
-30 3*40 2^10 — — UayoaH 

— 682 3£« 1.1 — IUM 

— 810 440 1.6 — NM 
705 — — Nam* 


— 1 

784 _ 809 516 0* _ 

55° +11 OT 430 — — 

2,470 +10 2*70 2450 — — .„ 

570 +S 602 425 _ _ Safari- 1*00 -10 1*20 1*80 06 

1.160 +10 1*10 1.140 _ _ SatynF 1J30 -201*00 1*00 _ 

47D +1 S00 338 — — 

384 +11 412 271 — — . „ 


+1 704 515 ._ — PacDtr 

—2*600110 04 — Pamaai 

1*7B -20 2.150 1 — 

2*ZO -10 2*70 1 
940 +3 1*00 

581 +5 009 415 — — PtUK 

019 -1 1.000 am _ _ PteOd 

090 -10 7*80 03SO 0B — OBED 

5.740 +40 0*40 5*00 — — OCT Ra 

4*80 +S® <*50 3*7Q _ _ 


pacOin 3*1 u -*s s*2 39 5* — 

Pancar 1 J2 +9 2.15 1*0 — — 

Pxtoicq 210 - 243 1*3 — — 

Ptoun 3-25 id +*7 348 2*0 4* 13* 

4*4 +*8 4*5 240 S* _ 
5*3 — -02 9-25 5*0 1* — 
37B +*0 4*0 2*3 2* _ 


LB - QBEII 440jd -*6 000 448 5* — 

_ _ aerna i*eai +*4 1.74 1.15 a* — 

5-10 +.10 0=S 4*8 OB _ 

5.10 +*5 520 4-82 — — 

+ lw ■/„ i.i+u owur >+a -oii/HiNa, _ — 4*5 + 4*2 3*8 Q-T 84 

- — - -*** — iSl® 1*60 — — Stall*- 0*7 +*6 7.10 **s 40 _ 

+.. — — «+... -.+ +31.160 SOB — — SonGMa 119 +-OG 1210 8.10 4* _ 

+7 451 303 — — SekHn 1,150 +10 1/100 1.130 1* — Smtfp 2*4 -*1 3*0 2.6S S* — 


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 fink you with all the UK stock 
market information you need: 


INDICES 


US INDICES 


GHaial CS'IZTT) 


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1775080 20/4 

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10514 

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1043.4 

234090 30 
113010 3/2 

1987*0 27* 
804*0 50 

39J.05 
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394.43 

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136520 

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71759 
20=4 79 

74=56 

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196059 

55027 18/5 
245550 25 
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74204 5/10 
211030 5/10 
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5WT? 

8GS07 

874X0 

119458 180 

808*7 25(5 

93623? 

9=4940 

3X183 12201*9 * n 

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441095 

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517.38 

511.B6 

51505 

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63663 

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6299 

10200 

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914*0 ion 


PC #tor 107^ 


2621*3 204079 2BBLT7 BB 105733 ZOH 


C8Sl«naapriW 

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D* 40(1/7/*) 


4Z7* 421* CUO 3171 
26 a* 2BSD 2649 31/1 


4DB30 2UB 
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2025.75 1032*3 1388*5 243884 3/2 IfMBJSI 11/7 


feta SEfatB/lAQ) 1044*2 1041*0 .1031*8 12TUB 28/2 880*1 Z1A3 


Ifada Coop (27UBS 29489 2972.11 2997.16 3308*7 4/1 2607*3 913 

BTAPS77) 2860.4 2B67J 28707 3225*0 VU2. 8 8129 20« 


SES AB-ffpOftCWTS) 57457 53534 5/474 641*1 4/1 


J5E Gdd P&/B/7B) 
JSE ML (28/8/78) 


23500 2334*0 Tffl 
0261* 6757*0 15ffi 


174000 14/2 
5446*0 18/1 


KcnoCRpe^war io/a« iib&b h»* 4 ura* iino mar 

spata 

UMHSFfWlWR^ 285.73 294S 291/46 350*1 31* 29007 6/10 


Dow Jam* 

OB 

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Oct 

1884 

Sncaogndfakai 


. 10 

7 

6 

HP 

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LAV 

tatostrtjfe 

3821*2 

378753 

3775*8 

387838 

3593*5 

397838 

4122 





pi/n 

HMJ 

(H/UB4) 

pnaa 

Home Bonis 

95*2 

95*1 

98.17 

105*1 

95*1 

10077 

54*9 





(2U1) 

(7/lfl 

(18/10KQ 

(1/10/81) 

Import 

14B2AB 

1444.7B 

1438*0 

185229 

1438*0 

188229 

12*2 





pm 

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prm 

mm 

usaea 

17087 

170U 

177*3 

227*6 

175*5 

29848 

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pm 

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744.19 

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(1801 

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(31/10/72) 


•real time share prices 
•updated financial reports 


•daily unit trust prices 
•personal portfolio facility 


MMUUHfal (1/2137) 1415*0 1382*0 07030 M0S90 3V1 U3430 6/7 


■ RATIOS 


SiBB Bk M <31/1 250 120475 1198*7 1174*1 142X34 31/1 
SBC Gawd n/487) '91010 91078 892*9 108X28 31/1 


11S7J87 IB/7 
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iMynaftcnn/aor Bi24Ji <4 oaza* 7 WLt* sos st 8 «*i rea 

vc-aMMi 

BM0Dk&ET{»W75) 144420 14ZH.T2 145078 118323 4h 

TDrtay . 

maa Qopym 19BQ 2&«4a ZS135*T Z72Z&B2MB*D 13/1 
WORLD 

IfiCqMHtlh/TQS 8207 6109 817* 84400 » 

Sm^ao^ionn 133045 1317*8 1287*8 154018 31/1 

an T/p-ioo jzsfist) iimo iwtas »4ie stun 22 

XpaOta (51/12/68) M SUB 33011 36118 50 

faring! Bmo/T/UBa 18401 18241 18177 18U8 2GS 

fa g A4^aTOCKWWXP«ITIIMl(MATff) 



Oct 7 

Sap 30 

Sap 23 

Yeer ago 

Dow Janas fad. Div. Ylald 

2.79 

2.78 

2.76 

234 


Oct 6 

Sep 28 

Sep 21 

Yewago 

S & P bat Dhr. yhta 

2*3 

233 

2*1 

231 

S & P incL P/E redo 

2033 

20.78 

20,64 

2732 


FT Cityline has proved invaluable to business people and investors 
in the UK for years. And now it is available from anywhere in the 
world. 

If you would like further details fill In the coupon below or call 
the FT Cityline Help Desk on (071) 873 4378. 


FT Business Enterprises Limited, Number One Southwark Bridge, 
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nauB 4A 

1298(00 24/3 


130048 5/10 
HSM8 5/W 
39028 21/3 
14188 2W4 


■ STJWPAHP AMP POORS BOO BMP0X Fl«ItllUE8 9500 Bmoa index 

Open Latest Change Hgh Law EutvoL Open Ini. 
Dae 460*5 461*0 +1*0 461.75 46015 66.779 218*72 

Mar - 463.75 - - 976 8*56 

Jun - 467*0 ... A 2*70 

Opao mass to»* an fa- pMrieua day. 


FINANCIAL TIMES 


I YORK ACTIVE STOCKS ■ TBAPQ4Q ACTIWTY 


NMwseap.'iMs rauc 

Tamil *nm 

H fetal (4>.w saw 


asm snJi 
& lira 05 xmn im 
( e} -1974 254UB ^ 


1738824 W 

An 

1445*7 4/1 
1673*3 4/1 

828*3 VA 



Open 

SattPriea Change 

Hgh 

Lew 

Est aoL Oprai HL 

Oct 

1915* 

1927.0 

+200 

19343 

18800 

20334 

2004B 

Nov 

1922.0 

193SJ3 

+20.0 

1922.0 

19073 

105 

671 

Dee 

1B313 

1B443 

+20.0 

19520 

19153 

788 

20396 


Open HMM fan fa peariaoa ifa- 


mdari price 

Grain Tel 4*80.000 47H 

Qmpaq Com 3*0,100 34% 

Fat Hour 2747*00 2BH 

Gaa Uofaa 2*98*00 45* 

Ucnn 2*19*00 35 

andar 2*74*00 46* 

Haem 2.179.100 18 

Dig Eqdp 2*35*00 Z7S 

Mgfata 1*85*00 5» 

m 1*04*00 71» 


One dnopa • Wune fa 

price m uar 

47H -7H HBW V(rt SE 

51 **5 Se — 

45* +1H NYSE 

35 +1V TnOad 

46K +1» Haas 

18 -» FMs 

zft +1% UnehanoBd 

sm +10 Nct Hiflta 

7ia +41 Now Urns 


43 VUunn taWfal 

Qd 10 OP 7 Ott 0 
Haw Yortt SE 210112 278*82 260082 
Am 01 DO 14*05 17*03 


'immmm 


2*17 2*32 

1*09 1*08 

717 934 


934 1,113 
690 724 
26 IB 
1B4 141 


g ha (far ay each 
aata hamarimi 
FT warp h arrar. 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 


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■ I ■ faiad 1 nifimatc lin.+nci+il pj9 l ? f 0,1 Vil- market, iry 


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riw largest P ro . v ' d ?, r u ° hS ,on T-=i«om. brings 

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Call OSOO 2S 28 26 Ext. 134 today. 



Fora HtEE Trial all 

0800 2828 26 


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Telecom 


Postcode: Tel: 








36 


FINANCIAL TIMES WEDNESDAY qCTC> BER 1994 


9 


4 pmcbsa October 11 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


ISM 

Bffa ImBU 

i7*a iz% m 
i^«izSB*ua»A 
7Bj,57hAW 
72% 48% MB) 

,5 A«* 

5%3Al« 

31% 25*b AttjdLx 
15% 11% AfiawPr 
23% l7%AflHlndji 
16 11% *mna*i 
31 22% ACE Lid 
12b ‘ 

10 % 

10% 

12 

11% 

6% 

1 

28% 

13% 


1H. 

« 


0.48 10 21 74 

018 1.1 36 57 

1® 22Z7 47S? 

005219 
IS 103 
SjOD 10 33 1083 
076 2.4 18 9504 31% 31 31% 

050 14 11 lit 14% 14% 14% 
062 16 17? 20% 20% »% 

28 179 ' ' 

044 11 30 222 

505 


9% ACMSnbx 1X9 11.4 
7ACM(5«0pp* 09011.4 88 

7 ACM Git Sox 0.96 132 420 

8%tfU6rtSex 1.09129 185 

7% AGMMsni 1X0 14.4 972 

BKMttqdiOTS 07 131 

8% AaneOv 044 12 17 200 14% 13 
6bAcaeBed 7 13 B 0 

23 AeonSa 060 22 13 4 27% 27 

5% Maw 038 3 6 2 190 10' 


CVga 
On* PWL 
Bgh Uw Ofeaa Eton 

13 12% 12% ■% 
10% 18% 16% +% 
77% 70 77% +1% 

51 H>% 50% +% 

37 a 3% 3% 

Si «% »* A 

i 

+% 

A 

+% 

+% 

A 


9% 89% 
7% 67 
7% 67 

sss 

8 % 8 % 


17 ll%AdEan 126 GEO 10% 10% 10% -% 

10% 16% Mans Ev 048 18 0 216 17% 18% 17% +% 

B4 48%Mmo3 100 5.6 BIB 54 53% 53% -% 

^ 100 hi 1019741 25% 24% »% *% 

016 11 8 53 5% 5% S% 

0.10 06115 142 17% 17% 17% *% 
1.47 15 13 99 59% 59% 59% A 

176 5X 7 2780 40% 47% 48 +% 

046 1.4 13 1070 32% 31% 32% +% 
0® 4.4 14 1873 70*4 20 20 

1 95 2% 2 2%-% 

098 27 2S 7568 48% 45% 46 +*» 

OX 1 X 14 139T 24% 23% 23% +% 

47 300 27% 27 27% +% 

1X411X12 X 15% 15*2 15% +% 

15408 29% X 29% 4-1% 

020 1.3 22 1920 15% 14% 15% +*2 

OX 11 29 IX 17 18% 17 +% 

020 1.4 2S8 14% 14% 14% -% 

0X8 IJ 18 86 23% 22% 23% +% 

0X8 1.3 16 Z5* 22% 27% 22% 

044 IX 23 4048 23% 28% 

OX 1.1 71 330 27 28% __ . 

1.00 1.7 42 2320 60 59% 59% 

070 16 4 494 26% 25' 

O10 0X116 6«7 18% 19. 

048 14 19 1413 20% 20% . . 

1X4 7.7 11 2897 21% 21 21% 

016 08 17 89 20% 20% 20% 

044 1.7 16 721 26% 25% 26' 


31% 16%AAMc 
6% SMmtOp 
80 iSAdwtaci 
59% 49% Aegon ADR 
85% 44%«maL 
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>- r 

\ 

* 


FINANCIAL TIMES WEDNESDAY OCTOBER 12 1994 * 


37 


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NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


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WP&OM 0JH21 3fi tt 3% 3% +A 

Wyman-atna*0 1 287 Bft 6% 6 +% 


-X- Y-2S- 

Mtax 3317035 52% 49% 52% +3% 

*080 C«p 2 431 3% 3% 3% -% 

Tefcvr 094 91 834 19% 18% 19ft tt 
YMtfedi 129 352 4 3ft 3% 

Ztomurexix 8 374 98 30% 30 



N. 




FINANCIAL 



AMERICA 


EUROPE 


Bond market 
gives support 
to US stocks 


Wall Street 


US share prices soared as a 
buoyant bond market and solid 
earnings news brought sharp 
gains across the board, writes 
Frank McGurty m New York. 

By 1 pm, the Dow Jones 
Industrial Average was 51.47 
higher at 3,872.79, despite 
NYSE restrictions on program- 
guided buying. The so-called 
"downtick” rule had gone into 
effect when the gain first 
exceeded the 50-point thresh- 
old. 

The broad base of the rally 
was reflected in the Stan- 
dard^ Poor’s 500, which was 
up 6.53, or 1.5 per cent, at 

465.57. On the NYSE, advances 
led declines by a three-to-one 
margin on fairly heavy volume 
of 220m shares. 

The Nasdaq composite was 
also staging a powerful 
advance, with a gain of S.77 to 

765.58. The American SE com- 
posite, up 1.32 at 457.30. lagged 
behind. 

It was the third day in a row 
in which stocks showed a 
marked improvement The sus- 
tained upturn reflected an eas- 
ing of concerns over an imme- 
diate move by the Federal 
Reserve to lift short-term inter- 
est rates. 

The rally was given added 
impetus yesterday by a pub- 
lished report, quoting 
unnamed Fed officials, which 
suggested that policy makers 
would wait until their next 
scheduled meeting on Novem- 
ber 15 before tightening credit 
conditions. 

The shift in sentiment, 
which had begun when Fri- 
day’s employment data proved 
weaker than expected, was evi- 
dent in the Treasury market 
where bond prices made fur- 
ther progress ahead of this 
week's inflation news. 

Meanwhile, equity investors 
had a smorgasbord of appeal- 
ing corporate results from 
which to feast. PepsiCo gained 
$1% to $34% after beating the 
consensus forecast with net 
earnings of 68 cents a share. 

Motorola led the technology 
sector on impressive quarterly 
results, revealed after the close 
of trading in the previous ses- 


Mexico advances 1% 


The Mexican stock market was 
was up sharply in early trading 
as investors took advantages of 
recent declines to purchase 
equities. 

The EPC index was up 2K59 
or 1 per cent, at 2,648.22 in vol- 
ume of 14.7m shares in early 
trade. Advancing stocks out- 
numbered losers by 19 to three 
in 174 trades with a total value 
of 176.11m pesos. 

• The value of foreign hold- 
ings of Mexican stocks rose 
nearly l per cent in September 
to $55.9bn. the Mexican stock 
exchange said. 

For the year to date, the for- 
eign investment figure was up 
2.3-1 per cent. 


Brazil 


Shares in Sao Paulo were down 
1 per cent in moderate trade by 
mid-session led by a drop in 
Telebras, the state telecom 
utility, on news that the gov- 
ernment was planning to lower 
long-distance telephone rates. 

The Bovespa index was down 
496 at 49,825 in turnover of 
R$197.6m ($236 -9m). 

Brokers commented that 
investors were nervous ahead 
of the futures settlements 
which take place tomorrow 
and October 17. 

Telebras preferred were off 
1.6 per cent at R$46. 


Gold, mining stocks weak 


South African gold and other 
mining stocks lost ground by 
the close as the market reacted 
to strength in the financial 
rand and gold price weakness. 

Dealers said that firmer 
world stock markets had pro- 
vided support to industrial 
stocks. 

The overall index fell 72 to 


5,526, the industrial 14 to 6,247 
and the gold index lost 91 to 
2.265. 

Among the main movers De 
Beers fell H3 to R98, Anglos R6 
to R227 and Barlows 50 cents to 
R30d. Vaal Reefs was R23 lower 
at R435 but SAB went against 
the trend to rise 50 cents to 
RS4. 


Schering soars after report from San Francisco 


sion. Its shares were marked 
up $1% at $54% with an 
upgrading by Merrill Lynch 
giving the stock added support. 

Digital Equipment forged 
$1% ahead to $29% on news 
that it had sold another of its 
marginal businesses. 

Chrysler was the first of the 
Big Three car makers to 
report, but the response to its 
announcement was tepid, even 
although its performance was 
better than most had predicted. 
The issue added $% to $46'/a. 

International Paper's results 
were a disappointment, but the 
stock managed to edge $‘/< for- 
ward to $78%. 

But several other cyclical 
stocks were up sharply as 
investors anticipated good 
news to come. Caterpillar 
gained $2% to $55%, General 
Electric was up $1% at $48 and 
Deere jumped $2 to $70%. 

There was something more 
tangible to boost confidence in 
Procter & Gamble, up $1% at 
$61. Its chairman told share- 
holders that the company had 
just completed its best quarter 
ever. 

Apple helped its own cause 
as well by forecasting better- 
than-expected results for the 
quarter. On the Nasdaq, the 
stock added 81% to $40. 

Biogen backtracked a further 
$1% to $50%. The company fell 
victim to profit-taking for a 
second day although clinical 
trials for its beta interferon 
multiple sclerosis treatment 
were successful. 

Canada 

Toronto stocks were firmer at 
midday, but the advance was 
moderated slightly by declin- 
ing gold issues. The TSE 300 
composite index was up 28.13 
at 4,318.93 in volume of 27.17m 
shares worth C$395 -28m. High- 
technology shares helped push 
the index higher. 

The industrial products 
group rose 48.92, or 1.78 per 
cent, to 2797.63. Northern Tele- 
com rose C$L% to C$47% on 
news that it had secured a con- 
tract from CellCom Israel to 
supply Israel's second nation- 
wide cellular mobile telephone 
network in a three-year, 
C$100m agreement 


Easing tensions in the Middle 
East, optimism for the ruling 
German coalition ahead of 
Sunday’s parliamentary elec- 
tions and the unleashing of the 
Dow yesterday afternoon 
coaxed another decidely 
upbeat performance from Ger- 
man equities, writes Our Mar- 
kets Stafl_ 

FRANKFURT accentuated 
the positive with bonds rising 
and. towards the end of the 
official session, Dax futures 
extending Monday's uptrend. 
The Dax index rose 46.27, or 2.3 
per cent to 2,071.06. effectively 
doubling Monday's post-bourse 
rise to 2.04&56. 

In the afternoon, apparently 
unimpeded by wage demands 
of up to 6 per cent from the 
German engineering workers’ 
union, IG Metall, the Ibis-indi- 
cated Dax climbed further to 
2,087.71, up 13 per cent over 24 
hours. 

The stock of the day was 
Schering, which recovered 
DM44 to DM942 following the 
presentation of rival multiple 
sclerosis drugs in San Fran- 
cisco on Monday. Mr Mark 
Tracey, of Goldman Sachs in 
London, said that Schering's 
BetaSeron drug was unlikely 
to face productive competition 
until 1996. 

ASIA PACIFIC 


Schering 

Share price (OM) 
1300 



1 FT-SE Actuaries Share !n 

dices 




1 

CM 11 




THE EUROPEAN SER/ES 

Honty dongas 

Open 1140 

11 JO 

1X00 

1340 

1440 

1540 

Qua 

FT-SE Euntfrack IDO 

1327.80 1326.44 

132X50 

1321.04 

133X84 

132729 

133028 

133043 

Ff-SE finback 200 

138037 137055 

137079 

137029 

1375-66 

139147 

138456 

138440 


Oct 10 


'00 7 


0d 6 


Oct 5 


004 


J7-SE finfcx* IDO 131739 

FT-SE Eura&a* ZOO 1370.44 

Bn inn pworan Htfuu* ioo - tmzt; an 


1287 99 120084 1286.48 131247 

134402 1345.42 133S96 1360.81 

asm LmKtr. ioo - isui an - 13ra.Bg t nma 


-850 1 ■ 1 1 

Source: FTGraphfts 


’ ISM 


In the meantime, said Mr 
Tracy. Schering was looking at 
higher margins and sales, cost 
cutting potential, net cash 
equal to around 30 per cent of 
the share price and a p/e ratio 
of 13 to 14 for 1995 backed by 
prospective five-year earnings 
per share growth of 25 per cent 
per annum compound. 

Back in the broad market, 
there were big gains for Alli- 
anz, chemicals and carmakers. 
US buying for the latter took 
Volkswagen up DM11 to 
DM477, BMW by DM13.50 to 
DM791 and Daimler by another 
DM10.60 to DM78950 although. 


according to the chairman of 
Adam Opel in Frankfurt, the 
European and German car 
markets will grow only mod- 
estly in the next five years and 
manufacturers will not mathh 
the profits they achieved in the 
early 1990s.. 

PARIS finally broke through 
the L9Q0 barrier as the CACAO 
index attained a session high 
of 1*924 before easing slightly 
to close up 20.70 at 1,919.02. 

Trading in Sanofl was 
suspended for a time ahead of 
its announcement that it was 
to sell a significant proportion 
of its bio-activities to Viag of 
Germany for FFr4-4bn. On 
resumption the shares put on 
FFr3.10 to close at FFr24L20. 

The sale comes as part of 
Sanofi’s disposal programme to 
financ e the acquisition of ster- 
ling Winthrop’s prescription 
pharmaceuticals activities 


from Eastman Kodak of the 
US. 

Initial reaction from analysis 
was positive, with the sale 
price at or above expectations. 
However, others remarked that 
Sanofl still had to dispose of 
the remaining part of its bio- 
activities, worth around 
FFtfbn, although the company 
said that it hoped to sign 
agreements for the remaining 
part of the business by the end 
o f the year. 

ZURICH had mixed feelings 
about its pharmaceuticals and 
chemicals sector. Switzerland’s 
three big drug companies are 
due to produce nine month 
sales figures over the next 
weeks, and the talk yesterday 
was that Swiss franc apprecia- 
tion, and the policy of cost con- 
tainment by ifrafliwp customers 
will affect the outcome. 

Roche certificates recovered 


SFr95 to SFr5,SS0 but Sandoz 
bearers dropped SFr8 to 
SFr665, and Ciba bearers by 
SFr7 to SFr775. 

The SMI index rose 16.8, or 
0.7 pa" cent to 2^70.24, led by 
hanks which saw CS Holding 
up SFrl4 at S&5J4 and SBC 
bearers SFrfi higher at SFr375. 
One of the best gains of the 
day came from Brown Boveri. 
up SFr33 at SFrl.100 in a tech- 
nical recovery. 

MILAN was again rocked by 
political turmoil as rumours 
swept the market that Mr Sil- 
vio Berlusconi, the prime min- 
ister, was about to be placed 
under investigation by magis- 
trates. The allegation was 
firmly denied by a government 
spokesperson and the stock 
market made a late rally on 
short-covering. 

The Comit index ended the 
session off 3.23 at 636.83 in 
light turnover. Losses among 
stocks were evenly spread with 
Montedison off L27 at L1.223 
and Pirelli down L80 at L2.190. 

Benetton recovered L230 to 
L19.900, as the company con- 
tinued to recoup last week’s 


AMSTERDAM'S forward 
momentum continued in mod- 
erate turnover. The AEX index 
improved 5.23 to 404.1 1. Philips, 


which was positive on Monday 
following news that it had 
signed a co-operation agree- 
ment with IBM for the produc- 
tion of semi-conductors, 
attracted renewed support, the 
shares rising FI 1.80 to FI 55.00. 

MADRID moved from a 
small decline in mid-session to 
a minor recovery at the close, 
th e general index rising 0.93 to 
295.75. Mr Christopher Cooper 
of James Capel noted that 
Monday’s turnover had been 
at. or near a low for the year of 
Ptal4bn: yesterday produced 
an improvement at PtaiS.Tbn. 

Banks provided the base for 
the index Improvement with 
BCH dosing Pta35 higher at 
Pta2.975. Popular up Pta210 at 
ptai 5,660 and Santander PtaTO 
better at Pta4.970. 

STOCKHOLM, and Ericsson 
Bs were inspired by nine- 
month figures from the tele- 
communications group’s US 
competitor. Motorola. The 
Ericsson B rise of SKT21.50, or < 
6.3 per cent to SKr416 was fol- 
lowed by Volvo B. up SKM50 
at SKrl3S, and the Alf&rs- 
varlden General index climbed 
by 22.80. or 1.6 per cent to 
1.415.00. 


Written and edited by 
Cochrane and John Pitt 


WHIIam 


Rise in the dollar encourages the region’s investors 


Tokyo 


The rise in the dollar above the 
Y100 level encouraged inves- 
tors, and the Nikkei index 
gained ground following Mon- 
day's holiday closure on buy- 
ing of high-technology stocks 
by overseas investors and deal- 
ers, writes Emiko Terazono in 
Tokyo. 

The 225 index added 76.71 to 
19.821.46 after a low of 19.790.46 
and a high of 19,894.88. The 
index jumped to the day’s high 
in the morning session on buy- 
ing of export-oriented stocks, 
but fluctuated later in a nar- 
row range. 

Expectations of higher US 
interest rates and growing ten- 
sions in the Middle East sup- 
ported the dollar while corpo- 
rate investors, encouraged by 
the dollar’s advance, also put 
in buy orders. However, vol- 
ume was subdued at 199m 
shares against Friday's 226m. 

Traders said the sluggish 
activity was also partly due to 
subscriptions to Japan Tobacco 
- yesterday was the deadline 
for the successful bidders to 
the share subscription to 
make payments for their 
stocks, but some brokers esti- 
mated that 25 per cent to 50 
per cent had abstained from 
buying shares. 

The Topix index of all' first 
section stocks finished 5.79 
higher at 1,583.84 and the Nik- 
kei 300 rose 1.15 to 290.26. 
Gainers led losers by 587 to 
330, with 231 issues un- 
changed. 

In London, the ISE/Nikkei 50 
index rose 1.01 to 1311.94. 

High-technology issues led 
trading activity. Oki Electric, 
the day's most active issue, 
rose Y13 to Y803, Mitsubishi 
Electric gained Y6 to Y728 and 
Hitachi added T20 to Yi.010. 
NEC rose Y30 to YL2SQ and 
Fujitsu advanced Y30 to 
Y1.110. 

Carmakers, however, were 
neglected, with Toyota Motor 
down Y10 to Y2.060 and Nissan 
Motor declining Y2 to Y815. 

Pulp and paper stocks were 
higher. Honshu Paper rose Y9 
to Y696 and New Qji Paper 
added Y20 to Y 1,040. 

Japan Telecom continued to 
lose ground, falling Y30.Q00 to 
Y3.89m ahead of the Jfcpan 
Tobacco listing. However, Nip- 
pon Telegraph and Telephone 


gained Y7.000 to Y872.000 and 
East Japan Railway added 
Y1.000 to Y476.000. 

In Osaka, the OSE average 
rose 10633 to 22,115.04 in vol- 
ume of 12.5m shares. High- 
technology stocks gained 
ground, with Rohm, the semi- 
conductor manufacturer, rising 
Y50 to Y4.360. 

Roundup 

The region was firmer yester- 
day helped by overnight gains 
on Wall Street. 

HONG KONG moved forward 
on bargain hunting although 
turnover was thin. 

The Hang Seng index closed 
up 113.92 or L23 per cent, at 
9,36132 after touching a high 
of 9^82^3 in the closing min- 
utes of trade. 

Brokers said the buying was 
mainly led by domestic inves- 
tors. 

Among the day’s main mov- 
ers Jar dine Matheson rose 
HKS2.75, or 4.4 per cent, to 
HKS64.75 and HSBC HKS1.25, 
or 1.4 per cent to HKJ87.50. 
Brokers said they saw poten- 
tial for further gains today, 
ahead of tomorrow’s market 
holiday and US price data due 
out by the end of the week. 

SEOUL improved on a rise in 
blue chips as overall sentiment 
remained positive after the 
government's announcement 
last week of an easing of for- 
eign ownership restrictions. 

The composite index put on 
9.98 to 10,78.66, with an esti- 
mated 53.7m shares traded.* 

Brokers said that the index 
reached a new high of L063.49 
in early trading before easing 
slightly on a light round of 
profit-taking. 

Posco closed Won2,300 
higher at Won85,700 ahead of a 
scheduled listing of its ADRs 
on the New York stock 
exchange later this month. 

SINGAPORE recouped all of 
Monday’s losses on buying 
from overseas investment 
funds following the rally on 
Wall Street. 

The Straits Times Industrial 
index added 4235 to 2,345.23. 
with 188m shares traded. 

US and UK based funds were 
seen as buyers of blue-chip 
issues, pushing the index to an 
intra-session high of 2,350.1 
near the close. 

Cycle and Carriage led the 
market higher with a 40 cent 


gain to S$13.60 and Jurong 
Shipyard 10 cents to SS13.80. 

Elsewhere, Singapore Air- 
lines added 10 cents to S$8J5, 
with the foreign share rising 30 
cents to S$ 14.00. 

Foreign-held bank shares 
were higfoer, as Development 
Bank of Singapore foreign rose 
30 cents to S915.40, while 
United Overseas Bank foreign 
added 50 cents to S$16.00 and 
Overseas Union Bank foreign 
20 cents to S$S£5. 

TAIPEI lost another 1.4 per 
cent following last week's 
heavy losses, as investors 
returned after Monday's holi- 
day closure. The weighted 
index shed 89.77 to 6,124.71, but 
off a session low of 5.916JJ9. 
Turnover was steady at 
T$78.45bn. 

Financials went against the 
trend, leaving the sector index 
up 0.5 per cent, with ICBC ris- 
ing T$2 to T$9L Brokers said 


that they expected the market 
to recover gradually in the 
coming sessions as the impact 
of default payments had 
started to cease and institu- 
tions were seen to be buying. 

The plastics sector had a 
mixed day. Grand Petrochemi- 
cal lost T$4 to t$5S.50 while 
Union Petrochemical reversed 
an earlier fall to rise T$1 to 
T$74 on late institutional buy- 
ing. 

SYDNEY was encouraged by 
the gains seen elsewhere 
which helped the All Ordi- 
naries index to a rise of 15.6 
points to 2,003.6. 

BHP continued to lead the 
market higher, adding 26 cents 
to AJ19.50, with News Corp ris- 
ing 17 cents to A$8£7. 

BANGKOK, sensitive to 
news from the Gulf, recovered 
as tension in the region 
appeared to ease but the mood 
was still dominated by caution 


as the SET index closed 16.14 
higher at 1,444.26 on thin turn- 
over of Bt4bn. 

The absence of outside influ- 
ences would be good for the 
market, said brokers. They 
said investors were generally 
optimistic about third-quarter 
results due at the end of the 
month. 

National Finance, Bangkok 
Bank and FIT exploration all 
rose by Bt4, to Bt470. Bt20S and 
Bt234 respectively. National 
Finance peaked at Bt476 earlier 
in the day, on active turnover 
of Bt78.1m. 

BOMBAY featured sharply 
higher first-half results from 
Reliance Industries, the big 
textiles and petrochemicals 
manufacturer which produced 
a 146 per cent increase at net 
profit level The BSE 30-sbare 
climbed 12-30 to 4,423.25. 

The Reliance figures, with a 
net of RsS.Ibn against market 


expectations of about Rs-lbn. 
brought some late enthusiasm 
into other blue chips. 

Reliance itself rose RslO to 
Rs4l5 after a slight dip ahead 
of the results. 

MANILA could not shake off 
early weakness on Middle East 
fears which, with a new wave 
of domestic initial public offer- 
ings and a lack of fresh com- 
pany news, pulled the compos- 
ite index down 25.16 to 2, 946-95 
as turnover dropped from 
Z.58bn pesos to l.llbn. 

WELLINGTON strengthened 
considerably with the NZSE-40 
capital index rising 1.65 per 
cent. Turnover was a moderate 
NZ$38. 06m. 

The leading stocks per- i 
formed well, notably Fletcher T 
Challenge which added 14 
cents to NZ$4.26. 

The power utility, EnergyDi- 
rect, gained 4 cents to NZ$1.67 
on takeover rumours. 


1 FT -ACTUARIES WORLD INDICES i h - : 1 

Jointly computed try Tho Financial TVrtea Ltd, Goldman. Sachs & Co. and NatWesi Secutuss Lid. In conjunakHi wKh the institute of Actuaries and the Faculty of Actuaries 

NATIONAL AND 

















Figures m parentheses 

US 

Days 

Pound 



Local 

Local 

Gross 

US 

Pound 



Local 




show number of Rnes 

Dollar 

Change 

Sterling 

Yen 

DM 

Cvrency 

W Chg 

Dm. 

DoSw 

Sterling 

Yen 

DM Currency 52 week 52 week 


of stock 

Index 

94 

index 

hdwc 

Index 

Index 

on day 

Yield 

Index 

Index 

index 

Index 

Index 

High 

Low 

(approx) 

Australia (66) 

167.35 

1.1 

156.51 

106.45 

13486 

150.70 

i.i 

3.68 

165.44 

154,21 

10431 

13235 

148.04 

189.15 

149.36 

150.77 

Austria (16). 

181 .67 

0.8 

169 90 

1 15.56 

14629 

146.33 

1.4 

1.10 

13028 

168.04 

11431 

144.44 

144.30 

19089 

16746 

17019 

EMpuffl (371 — 

-.162.59 

0.J 

152.08 

10342 

131.02 

127.83 

0.9 

4.31 

162.02 

15102 

102.05 

12931 

126.66 

17734 

14933 

153.05 

Canada (103) 

136-67 

ai 

12741 

86.93 

J 10.13 

13023 

0.0 

2.52 

138. 54 

J 27.27 

38.50 

JOS-39 

13 3.23 

14531 

f2Q. 54 

12438 

Denmark 03) 

245.85 

1.0 

229.92 

16628 

13011 

202.71 

1J5 

1.46 

243^1 

226.97 

15437 

195.10 

199.72 

275.79 

23027 

23842 

Knlond C4I 

176.96 

-0.1 

165.40 

112.50 

142.51 

17083 

0 JS 

0.50 

177.09 

165.07 

112.19 

14138 

176.02 

18238 

11835 

11033 

Franco (101) 165.99 

1.4 

15523 

105.58 

133.76 

137.87 

2.0 

3.14 

163.63 

152.52 

103.67 

131.10 

136.19 

18537 

15934 

17335 

Germany (58).... 

138.32 

2.4 

129.38 

87.99 

111.48 

111.46 

19 

1.85 

135.16 

12538 

85.62 

10028 

10028 

15040 

12037 

13556 

Hong Kong (56) 

—..378.32 

-OS 

353 8? 

240.65 

304 87 

37528 

-0.8 

3.2S 

381.20 

35532 

24130 

30543 

37020 

506.56 

31738 

81736 

Ireland (14). 

202-13 

0.4 

109.03 

128.57 

162.88 

181.99 

09 

3.52 

201.35 

187.68 

12736 

16133 

18038 

21030 

17140 

173.17 

tafyi59f— 

— 73.90 

14 

73.78 

50,13 

easa 

32.83 

ZB 

1.67 

77.71 

72.43 

4933 

62^8 

PI .04 

97.78 

57.88 

7230 

Japan (468) 

—157.44 

-0.4 

147.24 

100.15 

128.87 

10015 

00 

077 

158.08 

14735 

100.15 

126.66 

10015 

17010 

12434 

15021 

Malaysia (97) 

_ ..546.91 

-12 

511.48 

347.89 

440.72 

540.80 

-1.1 

1.55 

55091 

516.30 

36032 

443. BO 

547.08 

621.63 

430.71 

442,82 

Mofico ( 18 ) 

... 2203.17 

0.6 

2060.43 

1401.42 

1775.37 

822014 

OS 

1.25 

0139.12 

204047 

1386.88 

1753.91 

8179.68 

2647.08 

1674.01 

1674.01 

Motherland (19) 

..._209.64 

0.9 

156.08 

133.35 

168.94 

188.05 

IS 

3-48 

207.78 

19336 

131.62 

16646 

163.59 

2(019 

187.01 

19130 

How Zealand (14) 

7043 

0.3 

85.68 

44.67 

56.59 

61.60 

02 

195 

70.03 

65_£7 

4436 

5011 

61.40 

7739 

5932 

62.54 

Norway C3].. 

196.07 

04 

183.36 

124.72 

15759 

179.29 

1.1 

1.84 

195.05 

181.80 

12337 

15027 

177.33 

211.74 

165.52 

18135 

Singapore (44) 

377.51 

-1.3 

353.09 

24016 

30424 

SSB28 

-1.1 

1.63 

382,68 

35 6.70 

242.44 

306.67 

261.17 

3B3.12 

294.66 

30011 

Souin Africa (59) 

313.82 

-0.1 

293.48 

199.02 

252.88 

28050 

0.0 

2.24 

31357 

292-65 

19091 

25135 

28050 

31424 

202.72 

211.44 

Spain (381 

_... 13742 

as 

128.96 

87.73 

111.14 

134.14 

1.1 

4.13 

137.18 

127.87 

8831 

10931 

13234 

155.79 

12088 

14063 

Sweden (36) 

—220.42 

ai 

206.14 

14021 

177.82 

24135 

12 

1.66 

230.11 

205.16 

139.45 

176.35 

23041 

23135 

175.83 

19756 

Switzerland (471 _. __ 

163.90 

14 

15328 

10428 

132.08 

130.45 

2.3 

1.80 

161.06 

150.12 

1000* 

12904 

12738 

17656 

143.64 

145.10 

United Kingdom iHM) — 

195.50 

04 

182.83 

124.36 

157.54 

16223 

1.1 

4.16 

103.92 

180.78 

12236 

1SS37 

180.76 

214.98 

181.11 

193.96 

USA (5151 

107.32 

04 

175.19 

119.18 

15095 

187.32 

0.8 

2.90 

185.83 

17331 

117.73 

14838 

18533 

19034 

17095 

18004 

5UROPE (709) 

16820 

12 

157.31 

100.99 

135.54 

14040 

1.7 

3.13 

166.25 

15436 

105.32 

13300 

145.96 

178.58 

164.79 

16298 

HortMiueu., „ — . 

214.57 

0.3 

200.67 

136.49 

172.90 

20087 

1.1 

1.48 

21333 

199.40 

135.53 

171.40 

198.42 

222-18 

173.10 

107.48 

Pacific Basin (747) 

— 168.74 

-04 

155.94 

106.06 

134^7 

110.65 

-0.1 

1.10 

167.41 

150.05 

106.00 

134.13 

110.72 

17630 

134.79 

16133 

&«>- PacBic (1456) 

167.24 

0.3 

156.40 

108.38 

134.78 

125.68 

07 

1.96 

16630 

155.47 

10537 

133.64 

125.02 

175.14 

143.68 

162.19 

North America (6161 

1B4.17 

08 

17224 

117.15 

14041 

18157 

08 

088 

162.76 

17036 

115.78 

14843 

182.17 

192.73 

17537 

184.11 

Europe Ex. UK(5U5)_. 

.... 149.98 

1.4 

14026 

95.40 

12086 

128.11 

ZB 

051 

14732 

137.87 

93.71 

118.51 

126-63 

15012 

135.94 

143.18 

Pacific Ex Jtapan OTffl 257,00 

-04 

240.35 

163.48 

207.10 

228.91 

-03 

2-84 

2S8L01 

24049 

16346 

20072 

229,72 

29021 

216.73 

21073 

World Ex US (1636) 

10921 

03 

15024 

107.83 

138.35 

129.80 

06 

1.97 

168.77 

15731 

10092 

13532 

128.78 

17085 

14536 

182.35 

World Ex UK (1947) 

— 172.14 

04 

160.98 

109.50 

13071 

14187 

07 

£.10 

171.43 

159.79 

10061 

13736 

14234 

178.59 

15536 

18757 

Wertd Ex So. A/. (2092) 

173.31 

OS 

162.08 

11024 

133.85 

14040 

0.7 

030 

17232 

mao 

10930 

138-22 

14637 

180.03 

15834 

189.72 

World Ex Japan (16831 — 

105.10 

0.8 

173.10 

117.74 

149.18 

17508 

1.0 

234 

183.61 

171.14 

11632 

147.11 

17334 

19020 

17634 

178.14 

The World Index (2151) __ 

_ 17420 

0.5 

16222 

110.81 

14048 

147.43 

07 

2.30 

173.42 

101.05 

10087 

13804 

14042 

16030 

15835 

16990 



JF Pacific Warrant Company SjL 
ANNUAL RESULTS TO 30TH JUNE 1994 


•Net Assets as at 30th June 1994 

•Performance in & from lstjafy 1993 to 30th June 1994 

• NAV per Ordinary Share 

• Ordinary Share Price 

• Total Net Assets 


Chairman’s Statement 

The first half of the past financial year saw exceptional growth in Hong 
Kong and the South-East Asian markets fuelled by huge capital inflows. This 
trend was abruptly reversed at the beginning of 1994 with declining bond 
markets and the erosion of confidence in the US dollar. Hong Kong, Malaysia, 
Thailand and Indonesia were amongst the worst performing markets while 
Japan, Korea and Taiwan were amongst the best. 

“We believe that the Pacific region equity markets will recover strongly in 
the second half of the year. With the initial shock of rising US interest rates 
absorbed, investors have begun to refocus their attention upon strong 
economic growth and rising earnings in those Asian markets which were 
sold heavily in the first half of 1 994. The Japanese market should also perform 
well as there is little evidence of any reversal in Japan’s economic recovery, 
despite the Yen’s recent advance. 


“Whfie we do not ex pea a replay of the final 
quarter of 1995, we do anticipate a steady 
improvement in the region's markets." 



US$52.9m 
£34.3m 

+36.9% 
+41.6% 
+ 12 . 2 % 


AH. Smith 
Chairman 

13th September 1994 


Fbr a copy of the Arana] Report please contact either 
JsKfloe Fleming, 47* noosjbnitae House, 

One Connaught Race Hong Kong. 

Aim: G Goodman TcL {852)8438888 Rue {852) 524 8649 or 
Planing Invewment Trust Management Ud. (Member oT IMHO) 
25 Capital! Avenue London, EC2R 7DR. 

H± 0071)638 5858 Fax (071) 2566617. 



Pacific Warrant Company SA 



Annual Report 

30tbjuae 1994 



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