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FINANCIAL TIMES 




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TUESDAY OCTOBER 19 1994 


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Israel and Jordan First step in partial sell-off ■ Car group valued at up to FFr42. 5bn Kohl in 
agree draft deal ~ " " ZT I I f f 

to ^ c6tre ? ty France launches Renault shares 

By John Rkiding m Paris Mr Alphand&ry described the individuals, but the proportion profit during the recession in the mimist-led union, the Conftdera- I ] Ql*fTl O *1 

partial privatisation, which is could be increased to two-thirds industry in 1992 and 1990. tion Generate du Travail, has ltlu.ll 

The French government will expected within the next month, if demand was strong. Mr Alphandery stressed that sought to block the sale of Ren- _ m m 

today launch the partial private as an important step for the Previous issues in the French the company would remain in ault shares, but «*?in for Indus- IlilAVI 

sation of Renault, the motor motor group and for French government's privatisation pro- French hands and that the gov- trial action at the motor group vUuIillUll 



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Israeli prime minister Yitzhak Rabin fleft) and Ring 
Hussein of Jordan (right) announced they had 
reached a draft peace treaty, paving the way to nor- 
mal relations between the two countries and break- 
ing down economic barriers in the Middle East The 
two leaders settled disputes over their borders and 
access to the region's water sources to achieve the 
treaty, which was inrHanad by Mr Rabin and Mr 
Abdul-Salam al-Majali, the Jordanian prime minis- 
ter, in Amman, the Jordanian capital. Page 18; Cor- 
nerstone for new Middle East, Page 5; Editorial 
Comment Page 17; Lex, Page 18 

Eurotunnel; The railways of Britain, France and 
Belgium announced the start of high-speed Channel 
tunnel rail services, with prices for a return ticket 
from London to Paris starting at £95 ($150). Euro- 
tunnel, the Channel tunnel operator, meanwhile, 
said it expected revenues for 1994 to be only a quar- 
ter of the £L35m (5216m) it predicted as recently as 
May, following delays to the start of rail services. 
Page 8; Eurotunnel warns of lower revenues. Page 
19; Lex, Page 18 

India eases lending controls: India scrapped 
most controls on bank lending rates in a move to 
promote cheaper credit, greater liberalisation in 
financial markets and more competition in the 
banking industry. Page 18 

$10hn fraud hatted: An international police ; 
operation led by the UK's metropolitan fraud squad, 
prevented a glObn fraud attempt on the Agricul- 
tural Bank of China, one of China’s big four banks. 
Page 8 

Brussels extends telecoms probe: The 

structure of Italy's state-controlled telecoms sector 
is to come under European Commission scrutiny as 
part of an antitrust investigation into a proposed 
venture between Italtel, Italy’s telecoms equipment 
manufacturer, and Siemens of Germany. Page 18 

Poll called to end Bulgarian crisis: 

Bulgarian president, Zhelyu Zbelev, ended a six- 
week-long cabinet crisis by dissolving parliament 
and appointing an interim government until early 
general elections on December 18. Page 3 

Unisys: Thfrt^uarter earnings at the US 
computer group dropped sharply as it continued a 
painful transition from mainframe computers to 
information aft^Kces. Net income for the third quar- 
ter was $42^id compared with 584.1m in the same 
period last year. Page 19 

Arrest warrant for financier: An arrest 
warrant was issued for Javier de la Rosa, the Barce- 
lona-based financier who in the 1980s became a 
symbol of the then booming Spanish economy as he 
orchestrated investment into the country by the 
Kuwait Investment Office. Page 3 

Honda is investing more than YlObn (5100m) in a 
new car-making plant in Thailand, a move that will 
double its Thai capacity and may lead to the pro- 
duction of a small, popular car for Asia. Page 6 

Finland’s EU vote boosts Nonfic hopes: 

Swedish prime minister, Ingvar Carlsson, flew to 
Oslo for talk s with Gro Harlem Brundtland. his 
Norwegian counterpart, as the two leaders sought 
to capitalise an Finland’s approval of European 
Union membership. Page 4 

Mitsubishi Motors is to begin producing cars in 
Europe for the first time next year at its joint ven- 
ture plant in the Netherlands. The company aims to 
produce up to 100.000 Mitsubishi cars a year by 
1997. Page 6 

China-US air traffic accord: China and the US 
agreed to co-operate in converting the Chinese mili- 
tary-dominated air traffic control system to civilian 
management under an agreement signed by senior 
US and Chinese officials. Page 5 

Bomb kills Russian reporter. A suitcase bomb 
killed investigative reporter Dmitry Kholodov and 
destroyed the newsroom of Moskovsky Komsomo- 
lets, a popular Moscow newspaper that had cru- 
saded against the Russian mafia. 

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By John Rkiding in Paris 

The French government will 
today launch the partial privati- 
sation of Renault, the motor 
group that is one of the most 
attractive assets in the country’s 
public sector and a former bas- 
tion of union power. 

Mr Edmond Alphand&y, econ- 
omy minister, gave a guideline 
price of between FFr163 and 
FFr178 per share for institutional 
investors, valuing the company 
at between FFr39bn (£L4bn) and 
FFr42. 5b n. The price range, 
which officials described as non- 
binding. is below many market 
estimates which have been 
between FFr42bn and FFr45bn. 


Mr Alphandery described the 
partial privatisation, which is 
expected within the next month, 
as an important step for the 
motor group and for French 
financial markets. 

“It will give Renault the 
resources for development and 
place it In pole position for com- 
petition with its rivals. It also 
puts one of France’s most impor- 
tant industrial groups on the 
bourse, ” he said. 

The issue is being aimed 
mainly at Individual investors, 
who will be able to make non- 
binding applications for shares 
from today. Mr Alphanddry said 
the government planned to sell 
about 60 per cent of the shares to 


individuals, but the proportion 
could be increased to two-thirds 
if demand was strong. 

Previous issues in the French 
government's privatisation pro- 
gramme have seen shares clawed 
back from institutional investors 
following strong subscriptions by 
individuals. Industry observers in 
Paris predicted that Renault 
would also see keen interest 

“It is a household name and 
seems likely to be fairly priced," 
said a motor industry analyst at 
a French merchant bank. He 
added that Renault, which 
achieved profits of FFl.OTbn last 
year and forecasts a strong 
Increase in 1994, was one of the 
few motor groups to remain in 


profit during the recession in the 
industry in 1992 and 1999. 

Mr Alphandery stressed that 
the company would remain in 
French hands and that the gov- 
ernment, which bolds 80 per cent 
of Renault's shares, would retain 
a 51 per cent stake. “Privatisation 
is not on the agenda. There are 
no plans for a second tranche to 
be floated on the bourse.” 

The proceeds of the share sale 
are expected to be used to 
finance a capital increase at Air 
France, the loss-making state- 
owned airline. 

The government’s decision to 
limit the flotation to a partial pri- 
vatisation reflects the political 
sensitivity of Renault The com- 


munist-led union, the Confedera- 
tion Generate du Travail, has 
sought to block the sale of Ren- 
ault shares, but calls for indus- 
trial action at the motor group 
have met with little success. 

As part of the operation, Volvo 
of Sweden, Renault’s former part- 
ner in an aborted merger, will 
seD between S per cent and 12 per 
cent of the French company’s 
shares. Volvo holds 20 per cent of 
Renault’s equity, which it has 
kept since the collapse of the 
merger plans last year. 

The French economy minister 
said that foreign shareholders 
would be welcome and that inter- 
national investors bad expressed 
strong interest in the issue. 


GE agrees terms 
for sale of Kidder 
to PaineWebber 


Queen arrives in Russia 




By Richard Waters in New York 

Bidder Peabody, the troubled 
investment banking subsidiary of 
General Electric, will be broken 
up and Its most a ttract i ve busi- 
nesses transfered to Wall Street 
rival PaineWebber- 

The deal, agreed late on Sun- 
day and announced yesterday 
morning, ends GE’s troubled 
eight-year ownership of Kidder 
Peabody. Rocked by an insider 
trading scandal and loss-making 
junk bond holdings in the late 
1980s. Kidder has been hit this 
year by tumbling bond markets 
and an alleged bond trading 
fraud which resulted in fictitious 
profits of 5350m. 

The US industrial conglomer- 
ate said it would take a charge of 
around 5500m as a result of the 
sale, taking the total cost of its 
Ill-fated involvement with Kidder 
to more than 5L5bn. 

GE paid $60Gm for 80 per cent 
of Kidder in 1986 and subse- 
quently injected another $80Qm of 
capital. By the middle, of this 
year, Kidder had returned a total 
of 5250m in profits, GE said. 
Since then, the firm is under- 
stood to have lost 585m. 

Hie deal with PaineWebber is 
worth a net 590m to GE. 

Under the agreement, PaineW- 
ebber will acquire Kidder's 
highly regarded retail stockbrok- 
ing business, which generates 
around 5500m of revenues a year, 
and its fund management opera- 
tion. It will also take over parts 
of Kidder's investment banking 
and trading businesses, though 


final agreement will be reached 
over the coming weeks. 

PaineWebber will receive 
5580m in net assets from GE. In 
return, the securities firm said It 
would issue 5670m. of ordinary, 
convertible and preferred shares 
to GE, which if fully converted 
would give the industrial group a 
25 per cent interest 

Mr Jack Welch, GE’s chairman 
who negotiated the original Kid- 
der purchase, said yesterday that 
the group would retain an inter- 
est in “a much larger, well- 
established franchise" in the , 
broking industry. 

The deal will further PaineW- 
ebber's ambition of becoming a | 
full -service investment bank, 
combinmg a retail broking force 
with underwriting securities | 
issues, advising on takeovers and 
trading, said Mr Donald Marron, > 
chairman. I 

However, rivals pointed out 
that the acquisition of Kidder’s ; 
businesses would do little to 1 
strengthen PaineWebber’s under- 
writing and advisory operations. 
Besides Kidder’s specialised 
mortgage-backed bonds business, 
which may not be transfered to 
PaineWebber, neither firm has a 
substantial presence in these 
businesses. 

GE will remain liable for any 
outstanding lawsuits against Kid- 
der. including any litigation con- 
nected with the alleged fictitious 
profits scheme. It will also pay 
redundancy costs for staff not 
taken on by PaineWebber. 

Lex. Page 18 






■ f 

r : 


Queen Elizabeth, the 'first 
reigning British monarch to visit 
Russia, inspects a guard of hon- 
our on her arrival in Moscow 
yesterday, She was greeted at 
Vnukovo 11 Airport by Oleg Sos- 
kovets, the first deputy prime 
minister, as Viktor Chernomyr- 
din, the prime minister, is on 
holiday. 

Later, the Queen and her hus- 
band, Prince Philip, received a 
formal red carpet welcome from 
President Boris Yeltsin at St 
George’s Hall in the Kremlin. 

However, the start of the his- 
toric four-day visit was marred 


by furore over the marital prob- 
lems of her son and heir to the 
throne. Prince Charles, the 
Prince of Wales. 

John Major, the UK prime min- 
ister, dismissed as pretty far 
from tiie mark” reports that he 
was to advise the Queen that the 
prince and the Princess of Wales 


should divorce as soon possible. 
Close aides of the prime minister 
made clear that he continued to 
believe the monarchy was the 
cornerstone of the British consti- 
tution and must remain so. 

Joe Rogaly, Page 16; Observer. 
PagB 17 netuwRainr 


By Quentin Peel in Bonn 

Chancellor Helmut Kohl held 
preliminary talks yesterday to 
reform Germany's conservative- 
liberal coalition after its parlia- 
mentary majority was drastically 
reduced - from 134 to just 10 
seats - in Sunday's election. 

He rejected any suggestion that 
the majority might be too small 
to govern the country, and ruled 
out a grand coalition with the 
opposition Social Democratic 
party (SPD). Mr Rudolf Sc harp- 
ing. the SPD leader, also rejected 
calls from his own party for such 
a move, while predicting that the 
present coalition would prove 
unstable. 

The coalition of Mr Kohl's 
Christian Democratic Union 
(CDU), its Bavaria-based sister 
party, the Christian Social Union 
(CSU) and the liberal Free Demo- 
cratic party (FDP) was “perfectly 
capable of government”, the 
chancellor said. "The German 
voters have shown confidence in 
us once again.” 

A Kohl victory had been 
heavily discounted by the finan- 
cial markets, which reduced its 
impact yesterday. The D-Mark's 
performance was mixed, with the 
main casualty on currency mar- 
kets being the dollar, which sunk 
to a two-year low. It was trading 
last night at DML4955 in New 
York, below the previous 1994 
low of DML5160. 

The Frankfurt stock exchange 
gained nearly 1 per cent, mea- 
sured by the DAX index of 30 
leading shares, although it later 
eased to close 0.7 per cent down 
at 2,091 points. 

The final election result for the 
Bundestag, the lower house of 
parliament, gave the CDU 244 
seats in a 672-seat assembly, with. 
50 seats for the CSU, and 47 for 
the FDP. This gave a total of 341 
seats for the government, against 
a combined 331 for the opposition 
parties - the SPD, the Greens, 
and the Party of Democratic 
Socialism (PDS). the re-formed 

Continued on Page 18 
Election reports. Page 2; 
Battle to hold middle lane. Page 
17; Editorial comment. 
Page 17; Observer, Page 17; 

Bonds, Page 24; Currencies, 
Rage 36; World stocks. Page 38 


Samsung to invest $723m in 
new UK manufacturing plant 


This announcement appears as a matter of record only 

£10,200,000 

MANAGEMENT BUY-OUT 


I By John Burton in Seoul, 
Christine Tlghe in Cleveland 
and Alan Cane in London 

Samsung of South Korea, the 
world's 14th largest industrial 
group, is to invest £450m ($723m) 
to build a manufacturing plant at 
Wynyard, Cleveland in the north 
east of England. 

The factory, which will pro- 
duce consumer goods ranging 
from microwave ovens to com- 
puter monitors for the European 
market, will eventually create 
3,000 new jobs and provide a con- 
siderable psychological boost for 
a region where high unemploy- 
ment seems endemic. 

The Korean company also 
plans to move its European head- 
quarters from Frankfort to Lon- 
don as part of the deal The 
investment was unveiled yester- 
day by Mr Michael Heseltine, sec- 
retary of state for trade and 
industry, during a visit to Seoul, 
who said that Samsung was 
attracted to the UK because of 
“competitive wage rates without 
the social charter”. 

Samsung's plan is the latest in 
a series of large investments in 


the UK by foreign companies. 
Last month NEC, the Japanese 
electronics giant, said it intended 
to spend £53Qm to build a semi- 
conductor manufacturing plant 
at Livingston, near Edinburgh In 
Scotland. 

The UK government offered 
Samsung £5Sm in regional grants 
and loans to secure the project 
Together with indirect aid the 

Samsung project biggest 
since Nissan — Page 9 

support is equivalent to 20 per 
na td of Samsung’s investment 

Samsung’s decision follows 
stiff competition from other 
European countries. The Cleve- 
land investment dwarfs other 
Korean investments in the Euro- 
pean Union (EU). 

Mr Chan Bea, m an a ging direc- 
tor of Samsung’s UK operations, 
said the decision had been influ- 
enced by the proximity of Geve- 
land to Scotland’s “Silicon Glen” 
where a large number of com- 
puter manufacturers, potential 
customers for Samsung’s elec- 
tronics products, are located. He 


said the move was part of Sam- 
sung's globalisation strategy and 
a measure against possible anti- 
dumping measures by the EU. 

Samsung intends initially to 
manufacture 1.3m microwave 
ovens and lm computer monitors 
annually at the Cleveland site. It 
will add production facilities for 
personal computers, facsimile 
machines, colour display tubes 
and semiconductors. The plant 
should be completed by 1999 
when it should be generating 
$2bn in turnover, about half 
the group's total European 




"7 


Samsung manufactures a broad, 
range of products from semicon- 
ductors and personal computers 
to ships, petrochemicals and 
medical equipment 
Samsung Electronics was 
established in the UK in 1969. It 
makes 700,000 televisions a year 
in Teeside, and earlier this year 
agreed to invest Him over three 
years in the Teeside plant 
The UK accounts for 47 
per cent of all Korean manu- 
facturing in the EU with 10 
Korean firms operating in the 
country. 


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THF FIN ANCIAL TIMES LIMITED 1994 No 32.500 Week No 4 2_ 


LONDON - PARIS - FRANKFURT - NEW YORK « TOKYO 


i 




FINANCIAL TIMES TUESDAY OCTOBER I S 1994 


NEWS: EUROPE 


SPD leader unbowed after 


Election results: the coalition scrapes back 


defeat in German polls 



GERMAN 

ELECTIONS 


By Michael Undemann in Bonn 

Mr Rudolf 
Scharping was 
sitting rela- 
tively pretty as 
the dust settled 
yesterday on 
one of Ger- 
many's closest 
election results 
in years. And 
be seemed con- 
tent to sit 
tight. Looking 
slightly more 
_ relaxed than 

during pre-election encounters 
with the press, the leader of 
the Social Democratic party 
(SPD) said be would give the 
government no quarter over 
the next four years. “Nothing 
will get done without the 
Social Democrats," he said. 

True, Mr Scharping has not 
managed to unseat Chancellor 
Helmut Kohl and many party 
members, exasperated by 12 
years of Mr Kohl, were obvi- 
ously disappointed. 

He had also not fought the 
most inspiring election cam- 
paign. allowing a lead of sev- 
eral percentage points in the 
spring to be turned into a 5.1 
point bonus for Mr Kohl's 
Christian Democratic Union 
and its Bavarian sister party, 
the Christian Social Union. 

He did. however, manage to 
improve on the party's dismal 
performance in 1990 when it 



Rudolf Scharping: pledged to give Kohl government no quarter. 
'Nothing will get done without the Social Democrats' aw 


won just 33-5 per cent. The 
odds were also against him: no 
modem German government 
has fallen at the elections; they 
have collapsed mid-term with 
the break-up of the governing 
coalition. Had Mr Scharping 
made it, he would also have 
been the first state premier to 
manage the leap from a provin- 
cial capital directly to the 
chancellor's office in Bonn. 

Most importantly, party 
members and outside observ- 
ers were agreed that Mr 
Scharping bad emerged from 
Sunday's vote unchallenged as 
the party’s leader. For the time 


being at least he has fended off 
a challenge from Mr Gerhard 
Schroder, the ambitious state 
premier of Lower Saxony, 
whose differences with Mr 
Scharping had several times 
caused contusion in SPD 
ranks. 

Once again, though, it seems 
Mr SchrOder will have to play 
second fiddle. Mr Scharping 
denied any prospects of a 
grand coalition and seemed 
content yesterday to sit out Mr 
Kohl’s new and weaker coali- 
tion and wait his tom. 

That could happen in two 
ways. The Free Democratic 


party (POP), the small liberal 
party which has been In coali- 
tion with the CDU since 1382, 
might decide in the next few 
years to transfer its allegiance 
and support the SPD, reversing 
the move it made 12 years ago 
when it caused the collapse of 
the then SPD government. 

A more plausible, though 
still distant, possibility is that 
the CDU and SPD move closer 
together over the next four 
years if it becomes apparent 
that Mr Kohl's new 10-seat gov- 
ernment majority is becoming 
untenable. 

Such a grand coalition does 
in practice already exist Mr 
Kohl has a majority of just 10 
seats in the Bundestag, while 
the SPD controls just over 60 
per cent of the votes in the 
Bundesrat, the upper chamber 
which represents Germany's 16 
Lander, and which approves all 
Bundestag legislation. 

The parallels with Mr Kohl 
bode well for Mr Scharping’s 
future. Both were state pre- 
miers of the Rhineland-Palati- 
nate, the wine-growing south- 
western German state. 

Now Mr Scharping hopes 
that he will today be endorsed 
as the leader of Die SPD’s par- 
liamentary part; aged 46, as 
Chancellor Kohl was when he 
took over his party in Bonn in 
1376. Mr Kohl had to wait just 
six years before he managed to 
move from parliament into the 
chancellor’s office. 


Parliament from the political left to the right 

who holds the Bundestag's 67 2 seats’ and % of votes won 

(1990 results) 

Social Democratic party 
(SPD) 

252 seats (239) 

36.4% (33.5%) 

Greens 
48 seats (8) 

7.3% (5.1%) 


Party far Democratic 
Socialism (PDS) 

30 seats (17) 

4.4% (2.4%) i 

SeucarOttaatreafts 



The new Bundestag ha® 

tan more seats than the 
outgoing one 


Centre-right 

coaBttori 


(tapamociaSc 
potyfDFy 
. 47«s«a{79i 


ChrirfanDereocrate: 

Christian Soefei Uriah' 
K 

• ■ • 294 seats I 

. 41JWI 


‘Overhang mandates 5 help 
swell Kohl’s majority 


Chancellor Helmut Kohl’s governing Christian 
Democrat coalition, which tn the early hoars of 
the federal count had its slender majority 
reduced to two, managed to increase it by eight 
because of the ‘‘overhang mandates”, a 
peculiarity of the German political system. The 
opposition Social Democrats gained four extra 
seats in this way. writes Judy Dempsey in 
Berlin. 

The system works as follows. If a party gains 
more seats on the first vote (for directly-elected 
individual constituency seats) than its share 
based on the second vote (for the party) then 
the number of seats is increased by the 
difference. These are known as “overhang 
mandates”. This is done on a state- to- state 
basis. 

For example. In the case of 
Mecklenburg-Vorpommern, the CDU won seven 
of the nine constituencies. In the second vote, it 


was allocated five seats. This number reflects 
the state’s share of the overall federal CDU 
party vote, which was just over 34 per cent, the 
equivalent of 232 seats. 

But since the number of seats foe CDU won 
on the constituency level exceeded by two the 
number of seats available to the 
Mecklenburg-Vorpommern CDU on the federal 
party list, foe party still retains the right to 
send foe seven directly-elected deputies. The 
extra two are known as overhang votes. 

Through foe overhang mandate system, the 
CDU won extra seats in several other 
constituencies, which helped boost Mr Kohl’s 
majority. These indude two overhang 
mandates in Baden-Wurttembnrg, tiro in 
Saxony-Anhait three in Thuringia and three in 
Saxony. The outgoing Bundestag had six such 
overhang mandates. The incoming one will 
have 16. 


Election boost poses dilemma for east German party 

The PDS must decide whether to widen its horizons, writes Judy Dempsey in Berlin 


Leaders of the Party of 
Democratic Socialism, succes- 
sor to east Germany’s former 
Communist party, had much to 
smile about yesterday. They 
had won four constituencies in 
east Berlin, gained 44 per cent 
Q[ the national vote, and will 
have 30 deputies in lower 
house of parliament the Bund- 
estag. 

“Against all the odds, includ- 
ing the anti-PDS propaganda in 
the media, we have proved we 
are a genuine left-wing party 
for the east Germans." said Mr 


Gregor Gysi, its charismatic 
parliamentary leader. Ironi- 
cally, however, the very suc- 
cess has exposed the party's 
weaknesses as it tries to define 
its role in foe Bundestag, and 
what kind of party it wants to 
become. 

Ms Christa Luff, economics 
minister in the last co mmunis t 
government in East Germany 
who was elected for the PDS In 
east Berlin, said she would 
lobby hard for east German 
interests. “We have to have a 
new policy for the east German 


Mine Island [small and medi- 
um-sized companies]. They 
require capital and financial 
assistance." 

Mr Manfred Muller, a former 
banker who was also elected, 
wants a new housing policy for 
the east Germans. But Mr Gysi 
admitted it was too early to 
say what impact the PDS 
would have on the Bundestag. 

One thing seems certain, 
however. The PDS will be 
working closely with the 
(keens and foe Social Demo- 
crats to promote east German 


interests, and to dispel the per- 
sistent image in western Ger- 
many that it is at heart either 
still communis t, or merely an 
ephemeral “protest" one. 

To achieve the latter, the 
PDS knows it has to confront 
three issues: its membership 
structure; whether it will 
remain a regionally-based 
party for the east Germans, 
akin to Bavaria's Christian 
Social Union; and if it can iso- 
late the Communist Platform, 
its influential Leninist faction. 

The party's voting structure 


V 


Dictation in French. Letter 
in Spanish. At The R eg e n t 
ire'll even take a few notes 


! i ’ h e a l h e o c c a s ion d e in a n d s 


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is already changing. Although 
90 per cent of members are for- 
mer communists, thin does not 
reflect its vote Mr Andre Brie, 
the campaign manager, and 
Tufas , the independent polling 
organisation, have shown that 
more than 20 per cent of PDS 
voters are under 25 ~ too 
young to have any m eaning ful 
communist background- How- 
ever, more than 30 per cent are 
unemployed. “This vote will 
erode over time," said Mr Brie, 
adding that it would be strate- 
gically unwise for the party to 
rely on this protest vote. 
“When the economy picks up, 
peoples' voting habits will 
change.” 

The PDS will thus have to 
decide If it will remain a party 
for east Germans in the expec- 
tation that they will retain an 
identity, and interests, sepa- 
rate from west Germans’, or 
should move into the western 
states - the party has already 
captured 5 per cent of the vote 
in foe radical Kreuzberg dis- 
trict of west Berlin. 

“We want to get a foot in the 
west and be seen as the alter- 
native left-wing party,” said Mr 
Lothar Bisky. PDS leader. That 
carries a risk. Were foe PDS to 
go nationwide, it could split 
the left-wing vote tn the west - 
to foe advantage of Chancellor 
Helmut Kohl's Christian Demo- 
crats. 

But these problems pale in 
comparison to foe task the 
party faces in shaking off its 





Parliamentary leader Gregor Gysi: “We have proved we are a 
genuine left-wing party for foe east Germans.” 

communist legacy so that it 
can move towards becoming, 
at least in east Germany, a 
genuine east German social 
democratic party. If it wants to 
woo SPD votes in foe east and 
later in the west, it knows it 
must expel the Communist 
Platform. 

Achieving this would remove 
the charge that the PDS is a 
mere front for communists. 

East Germany’s SPD state and 


local governments might also 
find it ideologically more 
acceptable to work with. A 
“purge”, though, would 
deprive the party of a vital and 
disciplined grassroots element 
which helped increase its influ- 
ence in all five east German 
states. “But it is a showdown 
we have to have,” said Mr 
Bisky. “And we have to 
address these issues very 
soon." 


Financial 
markets 
show their 
approval 

By Andrew Fisher hi Frankfurt 

German financial markets 
opened yesterday with a posi- 
tive reaction to the election 
result, but profit-taking and 
concern over the sharp cut in 
the government's majority left 
share prices slightly tower. 

Initially, the Frankfurt stock 
exchange gained nearly 2 per 
cent, measured by the DAX-in- 
dex of 30 leading shares, later 
easing to close 0.7 per cent 
down at 2,091 points. 

Markets had already shifted 
last week from pessimism 
about a possible defeat for 
Chancellor Helmut Kohl to the 
expectation of a victory for the 
coalition his Christian Demo- 
cratic Union (CDU) leads. Thus , 
the vote’s outcome had been f? 
discounted, with the DAX up 
by 7.4 per cent over the week. 

The stock market also failed 
to draw any benefit from yes- 
terday’s firmer bond market, 
where prices continued last 
week's gains. Traders said 
higher bond prices reflected 
the strength of the D-Mark 
which yesterday stood at 
around DMl.50 against the dol- 
lar, a two-year high. 

Although the coalition's 
majority fell from 134 to 10. 
economists felt investors 
would be encouraged by foe re- 
election of Mr Kohl's govern- 
ment, committed to making 
Germany more competitive 
through deregulation, privati- 
sation and debt-cutting. 

“The good news is that the 
government can continue,” 
said Mr Norbert Braems, 
Frankfurt -based economist at 
Barclays de Zoete Wedd. But, 
he added: “The narrow major- 
ity does not make politics 
easier.” 

Hie first test would be the 
next budget; the government 
intends to reintroduce an 
income tax surcharge to help 
pay for east German recon- 
struction. The opposition 
would be strong, he said, par- 
ticularly because of the Social 
Democrats' Increased majority .j, 
in the upper house, the Bund- 
esrat - which can hinder legis- 
lation - thanks to its perfor- 
mance in Sunday’s, regional 
state elections. 

Economists said -the Bundes- 
bank would watch to see how 
derisively the government held 
back public spending. The 
bank has been coucerned 
about the inflationary conse- 
quences of the cost of rebuild- 
ing east Germany. 

Yesterday’s September 
wholesale price figures for 
west Germany, with a rise of 
2B per cent on the year against 
22 per cent in August, showed 
inflationary tendencies persist 

The Bundesbank reported on 
a favourable trend in federal 
finances in its monthly report, 
however. It said the govern- ' 
ment had cash reserves of 
some DMllbn as a result of its 
capital-raising late last year. 
The federal cash deficit fell to 
DMl5.3bn in the first nine 
months from DM38. 7bn in the 
same period of 1983. partly as a 
result of a higher profit from 
the Bundesbank. 


Job cuts spark strike at Skoda 


By Vincent Boland In Prague 

Ten thousand workers at 
Skoda Automobilova, the 
Czech ca r maker that is part of 
the Volkswagen group, staged 
a half-hour warning strike yes- 
terday over plans to make 800 
employees redundant by the 
end of the year. More stop- 
pages are threatened. 

The dispute risks disrupting 
the launch next month of 
Skoda 's Felicia model its first 
new product since 1988. It 
could also rebound on VW’s 
delicate talks with the govern- 
ment on increasing its stake. 

Skoda says the job losses, 
announced last month, are nec- 


essary to increase competitive- 
ness and it has hinted at more 
next year. The company 
employs 17,000 people. 

Union representatives insist, 
however, that wages are lower 
and productivity higher at 
Skoda's Mladd Boleslav plant 
north of Prague than in Euro- 
pean Union countries. 

Volkswagen’s 31 per cent of 
Skoda is due to rise to 70 per 
cent under a 1991 agreement 
with the government, at a total 
cost of DM1.4hn. VW also 
agreed to invest DMSbn, but it 
announced last year that it 
would cut this to DMS.?5bn 
after running up huge losses at 
its Seat subsidiary in Spain. 


The original investment 
envisaged production levels of 
400.000 cars yearly at Skoda by 
1997, but this is expected to be 
changed to about 300.000 by foe 
end of the decade. 

Production has fallen steeply 
this year as the company’s old 
Favorit model has been phased 
out and new assembly plants 
installed to produce foe Feli- 
cia. Overall production is 
expected to dip to 180.000 this 
year from 220.000 last year, but 
Skoda says it should rise to 
1993 levels again next year. 

Skoda lost Kcs4J26bn ($154m) 
last year on revenues of 
Kcs35bn. and further losses are 
expected again this year. 


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Published by The Financial Times 
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60313 Frankfurt am Main, Germany. 
Telephone ++49 69 156 850. Fas ++49 
69 5964481. Teles. 416193. Represented 
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helm J. Brussel. Colin A. K canard as 

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M« manufacturing and certain 
service sector busincs*es 
ir nesting in Birmingham 
ran now apply for the highest levrls. 
of gram jMstutce available in 
Great Britain, 

For further information contact 
The Business Location Service on 

021 235 2222 

QhrCouncB 

nm la pn B f m u i tf 


Volkswagen and foe govern- 
ment are discussing an adden- 
dum to foe 1991 agreement 
under which the carmaker J. 
would cominit itself to produc- 
tion, employment and invest 
ment targets. The talks are doe 
to be completed by the end rf 
this month. Even at Its 
reduced level Volkswagen's 
investment Is the biggest in 
the Czech Republic to date. 
Hostility to foreign investment L, 

is growing, however, as the 
Skoda investment and other 
high-profile deals, such as that 
of Air France in Czechoslovak 
Airlines, begin to run into 
problems. 

Czech telecoms, Page 22 ^ 



.j 



r 



FINANCIAL TIMES 


TUESDAY OCTOBER 18 1994 


is* 

-■» 


n 


, ar ^ts 

sho " % 

“PProvaJ 


NEWS: EUROPE 


*. .... 


Rouble probe 
says fears 
caused fall 


v 



By John Uoyd In Moscow 

The official investigation into 
the reasons for the more than 
30 per cent fell in the value of 
the Russian rouble last week 
points to fears about the 
underlying weakness of the 
economy and not to subversive 
or criminal manipulation of 
the market, as senior Russian 
officials, including President 
Boris Yeltsin, initially 
suggested. 

Mr Mikhail Zadornov, a 
member of a special investiga- 
tion into the currency collapse, 
said yesterday that rising infla- 
tion, lower bank interest rates, 
a new tax on bank deposits 
and a presidential decree 
ordering all transactions of 
more than $10,000 (£6,329) to be 
reported to the tax police came 
together to produce a flight 
from the rouble. The probe is 
being led by Mr Oleg Lobov, 
the secretary of the Security 
Council, which reports to Mr 
Yeltsin on matters of national 
security. 

The immediate cause of the 
rouble run, said Mr Zadornov, 
was “weak co-ordination*’ 
between the Finance Ministry 
and the Central Bank. He said 
the bank, which had drawn 
heavily on hard currency 
reserves which stood at only 
$5bn on August 1 during trad- 
ing in August and September, 
had ceased to intervene last 
week and precipitated the 
crash. 

The findings of a report by 
the commission investigating 
the currency fall, which has 
not yet been officially released, 
was confirmed yesterday by 
leading Moscow bankers. Mr 
Vladimir Vinogradov, presi- 
dent of Tniwmhanir, said yes- 
terday that a lack of financial 
products in which money could 
be invested - apart from 
short-term Treasury bills - 
meant that fears of inflatio n 
and the drop in interest rates 
sent investors fleeing from the 
rouble into the dollar. 

“Why can't the Central Bank 
develop a range of products as 
others are learning to do?” 


asked Mr Vinogradov. Fears of 
a further sharp ten in the rou- 
ble in trading yesterday were 
not fulfilled- The Russian cur- 
rency fell by only eight points 
to end the day at Rbs2996 to 
the dollar. The c u r ren cy fell to 
Bbs4000 to the dollar on .“Black 
Tuesday” last week, to recover 
after bank intervention to 
ftbs2888 last Friday. 

There is, however, less una- 
nimity on the successor to Mr 
Victor Gerashchenko, the Cen- 
tral Bank chairman who 
resigned after what was said to 
be a frosty meeting with Mr 
Yeltsin last Friday - or even if 
hiS resignation is rnmriitirtirm. 
ally in oritar. 

Mr Zadornov, chairman of 
the parliament’s budget com- 
mittee, said his committee 
believed the resignation, 
accepted by Mr Yeltsin, should 
be debated by parliament and 
suggested that Mr Gerash- 
chenko shrm id be reappointed 
acting chairman until aiwthw 
candidate is found. 

Mr Vladimir Gusinsky. head 
of the Most financial group and 
vice-president of the Associa- 
tion of Russian Banks, said 
that the chairman “must be a 
professional, not a macroecon- 
omist" - a comment which 
indicate d that the hank rhfofe 
are against the appoi n tment of 
either Mr Boris Fyodorov, the 
for m er minister, or Mr 

Yegor Gaidar, the former 
prime minister. 

The NTV independent TV 
channel - which Mr Gusinsky 
owns - reported on Sunday 
that Mr Gaidar would be 
appointed as head of the hank. 
However, his office said yester- 
day that Mr Gaidar would 
make no comment. 

Mr Fyodorov said that the 
rouble’s fall was engineered by 
the Finance Ministry and the 
Central Rank to “patch up the 
holes in the budget" by artifi- 
cially lowering the rate of the 
rouble. Be said the incident 
showed that the government 
had no defined economic policy 
and that there was “insuffi- 
cient political iriff* to rantimift 
economic reforms. 


Arrest warrant issued for Spanish financier 


By Tom Bums in Madrid 

An arrest warrant was issued 
yesterday for Mr Javier de la Rosa, 
the Barcelona-based financier who 
in the 1980s became a symbol 
of the then booming Spanish econ- 
omy as he orchestrated a major 
investment drive by the Kuwait 
Investment Office (KIO) into the 
country. 

The chief prosecutor of Catalonia’s 
supreme court in Barcelona, Mr 
Carlos Jimenez Vlllarejo, said that 
tire arrest had been ordered on 
counts of fraud, misappropriation of 
public funds a nd falsification of legal 
documents in connection with Mr de 
la Rosa’s loss-making holding com- 


pany Gran Tibidab© and that he 
would oppose bail. 

Mr de la Rosa is accused of rerout- 
ing towards other businesses in his 
bolding Ptalbn <£4£6m) of a PtalQbn 
credit, guaranteed by Catalonia’s 
Generality government, that he 
obtained in order to develop a theme 

park south of Barcelona. Earlier this 

year Mr de la Sosa sold Ms interests 
in the theme park to a consortium 
headed by the UK’s Tnssauds Group, 
part of Pearson, owners of the Finan- 
cial Times. 

Mr de la Rosa, who was an a hunt- 
ing trip in central Spain when the 
wa r ran t was issued, meanwhile told 
a radio station that he was travelling 
back to Barcelona to present himself 


to the court hut that he could not 
“understand what all the fuss was 
about”. 

The arrest order has shaken the 
domestic financial establishment, 
which had viewed Mr de la Rosa’s 
rapid creation of one of Spain’s big- 
gest private fortunes with a mix of 
awe and envy. 

“A lot of people considered 
de la Boss an upstart and had it in 
for him but the general belief was be 
would get away with it; now they are 
thinking again,” said a Madrid bro- 
ker. 

The development is seen as part of 
a wider Judicial movement against 
t h e self-made multi-mi Hi onair es of 
the late 1980s that 1ms already tar- 


geted Mr Mario Conde, who was 
removed as chairman of Banesto, 
one of the leading domestic banks, 
at the end of last year and Mr 
Manuel de la Concha, a former head 
of the Madrid stock exchange who 
was held briefly in prison earlier this 
year in connection with the collapse 
of a p ri vate banking empire he had 
created. 

The move against Mr de la Rosa is 
also likely to have an embarrassing 
knock-on effect in Catalan political 
circles as his meteoric business 
career had been consistently hacked 
by Hie local nationalist party as an 
example of Catalonian enterprise. 
Prosecutor Jhnen&z Vfllarejo hinted 
yesterday that the judicial investiga- 


tion into Mr de la Rosa’s affairs could 
extend to local potitidans. 

Mr de la Rosa lost executive 
responsibilities at Grupo Torres, the 
KIO’s investment arm in Spain, in a 
1992 management shake-up and came 
under further pressure at a stormy 
shareholder meeting of his Gran Tibi- 
dabo bolding in June after a revised 
audit declared losses of Ptailbn last 
year in place of profits of PtalGn. 

Separately, the Barcelona finan- 
cier, along with other former KIO 
executives, is being sued In Madrid 
and London by the Office’s present 
board over alleged losses of PtaSOObn 
that forced Grupo Torres into receiv- 
ership two years ago. 


Six-week row over cabinet prompts president’s action 


Poll called to end Bulgaria crisis 


By Theodor Troev ki Sofia and 
Anthony Robinson In London 

The Bulgarian president, Mr 
Zbeiyu Zhelev, yesterday 
e nd ed a six-week-long c ab in e t 
crisis by dissolving parliament 
and appointing Ms Renata Ind- 
jova to lead an interim govern- 
ment until early general elec- 
tions on December 28. 

Ms ihdjova. a tough-minded, 
41-year-old economist who 
helped to draw up the eco- 
nomic programme of the anti- 
communist Union of Demo- 
cratic Forces (DDF), is the first 
woman premier in thfa Raikan 
country's political history. 

Early elections were made 
inevitable by the refusal of the 
two biggest parliamentary 
groups, the Bulgarian. Socialist 
party (BSP) and the DDF to try 
to form a government to 
replace the non-party govern- 
ment of technocrats headed by 
MrLyuben Berov. 

Mr Berov, who survived a 
severe heart attack in March 
and six no-confidence votes 
over the past 12 months, 
resigned on September 2 after 
successfully concluding negoti- 
ations for a reduction of Bul- 
garia’s $&3bn foreign debt and 
a strategically important oil 
pi peline deal with Russia. 

His government, which was 
supported by Socialist party 
votes and a handful of break- 
away groups from the UDF. 
was neverJbrgiven by the UDF 
which won. the October 1991 
elections' but resigned and was 


replaced after only a year in 
office by Mr Berov. This fol- 
lowed a no-confidence vote in 
Mr Philip Di mitro v, the then 
UDF prime minister. 

The UDF saw the govern- 
ment as a front for the BSP 
with its roots in the commu- 
nist past and continued to 
press for early elections. This 


imposed embargo on neigh- 
bouring Serbia and the Greek 
blockade of the former Yugo- 
slav republic of Macedonia also 
nunte millionaires out of smug- 
glers and led to widespread 
bribery of poorly paid officials 
and policemen, undermining 
public morale. 

S ensit ive to such complaints. 


ing the bureaucratic system 
arid creating tfra institutional 
and legal framework needed to 
sustain several planned large 
infrastructure and industrial 
projects. The most important is 
a $700m oil pipeline, to be 
financed largely by Russian oil 
companies and Greek banking 
and shipping companies. 



is in spite of the fact that opin- 
ion polls indirflto that the BSP 
is likely to emerge from elec- 
tions as the largest party, 
albeit without an absolute 
majority. 

The government was also 
held responsible for the emer- 
gence of a new rfara of busi- 
nessmen who made Quick prof- 
its from the illegal, or so-called 
“shadow”, privatisation of 
state or municipally owned 
assets. 

Breaking the United Natidns- 


President Zhelev appealed to 
Ms Ihdfova to declare war on 
crime and to clear the adminis- 
tration of people with Mafia- 
type connections. 

Critics aten blame the slow 
pace of privatisation for the 
lack of transparency which has 
encouraged the enrichment of 
farmer communist offirials- 

The n TTt m wip of the elections 
will be closely watched both by 
potential western and Russian 
investors who are looking for a 
government capable of improv- 


The pipeline will run from 
Burgas to the northern Greek 
port of Alexandroupolis. by- 
passing the congested Bos- 
porus. It will strengthen the 
hand of Rural? which is deter- 
mined to maintain a strangle- 
hold over future exports of oil 
and gas from the entire Cas- 
pian region by ensuring that 
future regional pipelines con- 
verge on its own Black Sea 
port of Novorossiysk before 
fr amahipment to BuigaS »rvd 
on to the Aegean sea. 


Lisbon looks for 
rise in revenues 


By Peter Wise in Lisbon 

Portugal’s centre-right 
government yesterday pres- 
ented to parliament a moder- 
ately restrictive budget for 199S 
that allows room for a high 
level of European Union- 
financed investment in the 
approach to a general election 
next October. 

Mr Eduardo Cafroga. finance 
minister, said the budget defi- 
cit would be cut to 53 per cent 
of gross domestic product from 
an estimated 62 per cent this 
year. The reduction is to be 
achieved through increased 
revalue rather than by spend- 
ing cuts. 

Portugal aims to consolidate 
a downward trend for the bud- 
get deficit after a large budget 
overrun in 1993 when the defi- 
cit jumped to 7.1 per cent of 
GDP. The original target for 
1994 was 6.9 per cent but has 
been lowered as a result of 
higher than expected tax reve- 
nue. 

Overall revenue next year is 
forecast to grow by 7 per cent 
compared with 1994, to 
Es33492bn (£14.7bn). The cen- 
tral value added tax rate is to 
be raised from 16 to 17 per 
emit But Mr Catroga said the 
direct tax burden would not 
increase as a percentage of 
GDP. 

Public spending is to rise 52 
per cent, above forecast 1996 
inflation of 3343 per cent, to 
Es4.38G.8im. But Mr Catroga 
said the increase in current 


spending would be lower than 
the inflation rate. Public 
investment is to rise by IS per 
cent, largely due to national 
budget contributions to EU-fi- 
nanced projects. 

The government aims to 
stimulate economic recovery in 
the run-up to the election. GDP 
growth resumed in mid-1994 
after two years of recession 
and is expected to reach l.l per 
cent this year. Mr Catroga fore- 
cast the economy would 
expand by 23-35 per cent in 
1995. 

But Mr Anibal Cavaco Silva, 
prime minister, is also con- 
cerned to meet targets for nom- 
inal convergence with the EU. 
particularly now that the possi- 
bility of a multi-speed Europe 
has been raised by politicians 
in Germany and France. 

Failure to cut public debt, 
inflation and interest rates 
would hinder Portugal's partic- 
ipation in economic and mone- 
tary union. The 1995 budget 
deficit target Mr Catroga 
announced yesterday is equal 
to that earlier suggested by the 
European Commission. 

“If we lose the battle to 
reduce the budget deficit, Por- 
tugal will forfeit the political 
weight required to defend its 
interests within the European 
Union." Mr Cavaco Silva 
warned at the weekend. 

He was talking to trade 
unionists after the collapse of 
efforts to forge a 1995 wage 
pact between government, 
empl oyer*; and unions. 



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FDNANCIAL TIMES TUESDAY OCTOBER IS 1994 



NEWS: EUROPE 


i ' > 


Finland’s EU vote boosts Nordic hopes seeks 

... _ . . - . < ■ «• - _i_ i! . il c_k« nmmct inVnincr fWo am *1hmf tt, n icr m than ■ ■ ^ 


By Hugh Camegy in Helsinki and 
Karen Fossli in Oslo 


Mr logvar Carlsson, the Swedish 
prime minister, flew to Oslo yester- 
day for talks with Airs Gro Harlem 
Bmndtland, his Norwegian counter- 
part, as the two leaders sought to 
capitalise on Finland's approval of 
European Union membership in their 
own EU referendum campaigns. 

Both Mr Carlsson, making his first 
trip outside Sweden since his Social 


Democratic party won last month’s 
genera] election, and Mrs Bnmdtland 
welcomed the result of Snnday's 
Finn ish vote «nd said it should help 
persuade sceptical voters in Sweden 
and Norway to accept EU member- 
ship in referendums due in the two 
countries on November 13 and 28 
respectively. 

Opposition in Sweden and Norway 
is more deeply entrenched than in 
Finland. Mr Carisson’s own cabinet 
includes two prominent anti-EU cam- 


paigners. Bnt he said the Finnish 
vote undercut the argument from the 
no campaign that there was a Nordic 
alternative to the EU. “It would be 
striking for Sweden to be outside the 
Union when Denmark and Finland 
are inside,” he said. 

However, leaders of the strong 
anti-EU campaigns in both countries 
said the F innis h result - a yes vic- 
tory by 57 per cent to 43 per cent - 
was not as decisive as had been 
expected and they pledged to con- 


tinue their fight against joining Ok 
U nion. Ms Anne Eager Lahnstein, 
leader of Norway's anti-EU Centre 
party, said; “Supporters of the EU are 
depending on a momentum from Fin- 
land. But Norwegians will react 
against such an influence.” 

The Finnish vote meant two out of 
the four European Free Trade Associ- 
ation countries which agreed terms 
for EU membership earlier this year 
have now won national referendmns 
on the issue. Austria voted in June 


by an even clearer margin than 
Finland. 

The last hurdle in Finland before 
taking up membership on January 1 
- a historic move for a neutral coun- 
try which has lived in the shadow of 
Russia for generations - will be a 
so-far unscheduled parliamentary 
vote. Under the Finnish constitution, 
membership must he approved by a 
two-thirds majority, leading to some 
concern that EU opponents might try 
to mount a last-ditch blocking effort. 


Finns see new era of prosperity in Union 


By Hugh Camegy 


The Finnish electorate's dear 
approval of the country's move 
to join the European Union 
was welcomed yesterday by 
government and both sides of 
industry who believe member- 
ship will cement Finland’s 
recovery from the deepest 
recession experienced by an 
industrialised country since 
the second world war. 

“EU membership is good for 
oui economy." said Mr Sixten 
Korkman. director general of 
the finan ce ministry's econom- 
ics department. “It should help 
to sustain the momentum of 
our recovery and help to bring 
down long-term interest rates. 
Investment activity should 
benefit because there will be 
more certainty about the rules 


of the game.” Mr Jarl Kishler, 
head of the country's forestry 
industry association, said: 
“This means a lot for [Finnish] 
industry, especially for the for- 
estry industry." 

Finland’s economy is already 
rebounding from a recession 
that between 1990 and late 1993 
saw output shrink by some 15 
per cent, the deepest slump in 
any member of the Organisa- 
tion of Economic Co-operation 
and Development in the post- 
war period. 

Loss of vital trade with the 
neighbouring Soviet Union, the 
bursting of a huge 1980s credit 
boom, the international reces- 
sion and the burden of a big 
welfare system combined to 
throw the economy violently 
into reverse, driving up unem- 
ployment to almost 20 per cent 


of the workforce.This year an 
export-led recovery has taken 
hold, with the country's big 
forestry industry and compa- 
nies such as Nokia, the tele- 
communications group, bene- 
fiting from renewed 
international demand and the 
low value of the Finnish 
Markka, which is about 20 per 
cent below its 1991 level 
a gains t a basket of currencies. 

Gross domestic product is 
expected to grow by about 4 
per cent this year and by at 
least 5 per cent in 1995. 

F innis h political and busi- 
ness leaders have been careful 
not to portray EU membership 
as a magic formula for greater 
growth. Although Finnish 
exports will no longer be sub- 
ject to EU customs duties, 
most of the other direct trad- 


ing benefits of membership are 
already available through Fin- 
land's membership of the Euro- 
pean Economic Area. 

Mainly because of the extra 
costs of pushinning Finland's 
highly subsidised agriculture 
from the adjustment to lower 
EU producer prices, EU mem- 
bership will add a net FMlObn 
(£L25bn) in costs to the gov- 
ernment's budget in 1995. This 
will help push up state debt set 
to the equivalent of 70 per cent 
of GDP next year and prolong 
the struggle to bring the bud- 
get deficit to within the BlTs 
Maastricht criteria for Euro- 
pean monetary union. 

But the benefits of member- 
ship are expected to flow in 
other ways. Lower agricultural 
prices will further dampen 
annual inflation, already run- 


ning at a lowly 2 per cent Yes- 
terday. long-term interest rates 
continued the downward path 
they have been following since 
opinion polls began forecasting 
a firm Yes vote in the referen- 
dum. Yields on 10-year govern- 
ment bonds stood at around 10 
per cent down from a peak of 
around U-5 per cent in mid-Au- 
gust. The Markka also 
strengthened in another sign of 
market confidence. 

The hope is that such trends 
will boost investment - which 
is vital to sustain the ambi- 
tious levels of growth needed 
to make significant inroads on 
unemployment A recent presi- 
dential commission on unem- 
ployment said annual growth 
of 5 per cent was required up 
to the end of the decade just to 
get unemployment down to 8 


per cent from the present level 
of 18 per cent 

Furnish officials are also 
Loping that being in the EU 
wifi encourage foreign inves- 
tors to look more seriously at 
Finland, which only abolished 
its last restrictions on foreign 
ownership of Finnish compa- 
nies at the end of 1992. Since 
then there has been a flood of 
foreign buying of shares in 
F innish companies, but little 
direct foreign investment in 
the country. 

In the drive to attract inward 
investment, the new Invest in 
Finland bureau, set up by the 
government, is stressing the 
location of the country as a 
gateway to trading with Rus- 
sia, with which Finland shares 
a i^70km-long border and a 
long history of trading ties. 


I thought this was 


a radio commercial for 


ED&F Man Funds? 


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


‘Do you think they will?” 

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


'That’s it? 


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

Does that mean cut out the coupon ? ” 

I suppose it does now. 


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at one of the numbers below. ED&F Man: Get in touch. 


Country 


Address 


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PU-.ise provide jmir phone number so we may contact you to answer any questions you may have regarding our services and lo discuss our investment products. 

E 1) & F Man International Ud is regulated in the UK by the Securities and investments Board. Rules and regulations made under the UK Financial Services Act 1986 
do not apply to investment business conducted outside the UK. £ 


London: Diana Hill or Brian Fudge, Fax +44 71 626 6458, Tel. +44 71 285 5200. Bahrain : Arthur Bradly or Antoine Massad, Fax +975 555 078, 
Tel. +975 555 288. Rotterdam: Rob Engels. Fax +51 (10) 4 147 796, Tel. +31 (10) 2 154 049. Miami: Steve F. Phillips or Tamara J. Mora, 
Fax + 1 (505) 550 962 1. Tel. + i (505.) 559 9700. Montevideo : Marcelo Cichowsky, Fax +598 (2) 97 01 70, Tel. +598 ( 2 ) 97 01 91. Tokyo : Matthew Dillon, 
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sreai 

ED&F MAN INTERNATIONAL LTD 


A MEMBER OFTHE ED£F MAN GROUP. ESTABLISHED IN 1783 


new investors 


The four trig public television shareholders in Furonews - 
attempted answer to CNN of America - y^tenfay 
pledged to fund the satellite news station for the next two 

Swiss public television 

companies, which together own about hag of J" 

ised toprovide -the necessary ftindu^ * station to 

continue in 199M6. Euronews has so for pried of 
FFrl50m (£18m) in its first two years of transmitting identical 
pictures in five different language for 20 hours a d^drapite 
a FFr20m a year subsidy from the European parliamimL Its 
Tnain problem is that despite a claimed audience in the tens of 
wiiMnw* through cable, satellite and terrestial r^broadrast, it 
has foiled to pull in much advertising. David Buchan, fans 


Italian grain ‘king’ arrested 


Mr Franco Ambrosio. the largest private gram trader m Italy, 
was arrested yesterday in Naples on charges of being involved 
in illicit fjn^rvHng of political parties. The charge related to a 
L7.5bn (£3m) payment made in 1990 by the late Pietro Barilla, 
then a lading industrialist, which Mr Ambrosio is afieged to 
have deposited in a Swiss bank account on behalf of the 
Socialist party. The arrest was ordered by Milan magistrates 
as part of their investigations into the secret use of accounts 
at the Clariden Bank, Geneva, by the Socialist party, then 
headed by Mr Bettino CraxL Mr Ambrosio. dubbed ^he king 
of grain", has his trading base in Naples and he is the biggest 
business figure in southern Italy. He has already been arrested 
once in the past year on charges of alleged corruption, b ut mis 
related to investigations by Naples magistrates, ftooert Gra- 
ham, Rome 


•: ;a l.- * 


Swedish sell-offs to slow down 


Sweden’s new Social Democrat industry minister, Mr Sten 
Heckscher, has said two existing privatisation plans would 
continue but that he was less enthusiastic about state asset 
sales than his conservative predecessor. ’•Privatisation is not a 
religion for us," he said in a weekend interview with the 
business daily, Dagens Industri. The planned flotation of the 
hanif Nordbanken, and the sale of more shares in the drugs 
maker. Pharmacia, would continue. However, in Nordbanken's 
case, Mr Heckscher said there would be no hurry to comply 
with the target of early 1995 set by the previous minister. Mr 
Per Westerberg. Mr Heckscher said that he would consider 
some privatisation of the national telecommunications com- 
pany, Telia, “but I am convinced that the state must ensure it 
baa a significant control over this company in the foreseeable 
future". Reuter, Stockholm 


- ,• yv&ij 

f 1 


\ : ,\ 


:*•- ^V.v 


Greek opposition gains ground V > \ * * \ C 

Grara's conservative ouDosition New Democracy party came i c ^ ’• 4 ' * ? %$. 


Greece's conservative opposition New Democracy party came 
out ahead in Athens and Thessaloniki in Sunday's first round 
of local government elections, but the governing Panhellenic 
Socialist Movement (Pasok) retained its popularity in the 
countryside- Mr Constantine Koxmopoulos, the ND candidate, 
won a second term as mayor of Thessaloniki, capturing 52.4 
per emit of the vote to 32.1 per cent for Mr Nikos Akritides of 
Pasok. hi Athens, Mr Dimitris Avramopoulos of ND. took 4A2 
per emit of the vote to 323 per cent for Mr Theodoros Panga- 
los, Pasok’s ex-European affairs minister. Mr Pangalos pre- 
dicted victory in next Sunday’s run-off. Kerin Hope, Athens 


ECONOMIC DIGEST 


Swedish unemployment falls 


1 M: 


Sweden 


Unamptaym-wt rate; % 


9 •—«•!»*.—* 


B 1 


■t 


Unemployment in Sweden fell 
last month in line with a 
trend of gradual improvement 
in the economy, but the num- 
bers out of wcuk remain at 
historically high levels. Those 
without work or places in 
government training pro- 
grammes totalled 346,000, or 
8J per cent of the workforce, 
in September, down from &8 
per cent in August and below 
the figure of 8.7 per cent a 
year ago. Although an export- 
led recovery has created 
many jobs, much of the fall in 
unemployment in September 
was due to a rise in the num- 
ber in training schemes by 


*.;r .\1 


- wr-wfl 


• ‘ 93 - . was due to a rise in the num- 

Sbure*: Dafcaslraam her training s chem as by 

40,000 to 289,000. 

■ The number of jobless in Poland fell to 16.5 per cent in 
September from 16.8 per cent in August, but it was up from 
15.4 per cent a year ago. 

■ Hungary’s monthly consumer price index rose 2A per cent 
in September, up from 1.4 per cent in August, making it 185 
per cent higher than a year ago. 




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FINANCIAL TIMES TUESDAY OCTOBER 1 S 1 994 


! ,CNVs 

uw\x\.s3 


NEWS: INTERNATIONAL 


s seel Cornerstone for new Middle East 

Israel and Jordan point the way to regional economic changes, writes Julian Ozanne 


, m . . '» » 




- i ‘ ? 1 


M 1 


i. 



T he Israel-Jordan peace 
treaty initialled in 
Amman yesterday is the 
most important cornerstone 
yet of plans for a new Middle 
East marked by Arab-fsraeli 
trade, integration and regional 
economic development 
The geographical proximity 
of the two countries and the 
opportunities for Joint projects 
in energy, water, tourism anti 
shared use of ports, airports 
and roads will take the new 
Middle East beyond the draw* 
log board. 

The agreement comes two 
weeks before Arabs and 
Israelis are due to meet in 
Casablanca at a conference to 
discuss an economic blueprint 
to cement peace in the Middle 
East. On the Casablanca 
agenda are plans to form a 
regional development bank, 
initially capitalised at JlObn, 
and to raise finance for at least 
150 private and public sector 
projects worth $25bn (£15Abn) 
in investment over 10 years. 

Furthermore, with a second 
Arab neighbour formally at 
peace with Israel, economic 
relations with Egypt, a much 
larger economy than Jordan, 
should increase after more 
than a decade of cold and cau- 
tious peace and minimal trade. 

“This is an enormously 
important piece of the eco- 
nomic puzzle,” Mr Ehud Kauf- 
man. senior Israeli economic 
negotiator, said yesterday. 
“Jordan is a trading country at 
the heart of the Middle East 
with western standards and a 
desire to boost its economy-*' 
Economic negotiations 
between Israel and Jordan, 
backed by detailed plans, are 
already well advanced and yes- 






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Stot *i»/U|ab 0 


Rabin (left) and Hussein: signing a peace treaty yesterday against an the odds 


terda/s. agreement win allow 
for speedy implementation of 
projects. 

first on the agenda is the 
construction of dams on the 
Yarmouk and Jordan rivers 
and a desalination plant at the 
Sea of Galilee. Under the peace 
agreement, Israel has promised 
to raise the Biumf-e and, says 
one official, the European 
Union has agreed to meet half 
the costs. There are hopes of 
finance from the US-backed 
Overseas Private Investment 
Corporation. 

The second most immediate 
development will be the wider 
opening of borders to promote 
trade and tourism. A new bor- 
der crossing at Bet Shean 


south of the Sea of Galilee is 
expected to be opened early 
next month. The main arm of 
the crossing, supported by an 
upgrading of roads, will be to 
give Jordan access to the 
Israeli Mediterranean ports of 

Haifa anil Ashdod. 

The new crossing, combined 
with that opened two months 
ago between Aqaba and Eilat, 
will also boost tourism. Once 
the agreement Is formally 
signed, Jordan is expected to 
lift the ban on Israeli passport 
holders crossing Into Jordan 
and to speed the movement of 
vehicles. 

Israel last week transferred 
responsibility for a third cross- 
ing at the AUeriby bridge from 


the military to the ministry of 
transport and Jordan abolished 
the requirements for special 
permits to cross the bridge. 

In return for Jordanian 
access to Israel’s ports, Israel is 
hoping for a quick agreement 
for shared use of Jordan's huge 
Red Sea port at Aqaba to gain 
easy access to markets in east 
Asia. Use of Aqaba would also 
allow Israel to give scarce land 
in Eilat, currently used by its 
port, over to the more profit- 
able and booming Eilat tour- 
ism industry. 

In trade, Mr Kaufman said 
yesterday, the agreement 
would allow Israeli negotiators 
to move ahead quickly with a 
formal bilateral trade deal. 


Israel has already granted Jor- 
dan a preferential trade conces- 
sion worth $30m a year for 
exports into the stfil Israeli-oc- 
cupied West Bank. 

Mr Kaufman said both sides 
were committed in principle to 
a free trade area with the 
removal of customs barriers 
but first would conclude an 
agreed fist of products. While 
Israel would continue to give 
Jordan preferential trade treat- 
ment to support its political 
courage, he said Israel now 
wanted a formal agreement to 
“underscore the fact that the 
trade boycotts and barriers are 
removed formally and in prac- 
tice'’. Within a few years trade 
could approach $L5bn or SZbn, 


f EGYPT :*5". 

I j*-V ■ 

| SAUDI ARABIA 

Mr Kau fman said. 

Air links between the two 
states are also expected to be 
concluded within weeks of the 
formal signing ceremony. Unk- 
ing the electricity grids of 
Israel and Jordan is already 
under way, starting with Eilat 
and Aqaba 

Jordan’s $L5tm economy is 
dwarfed by Israel’s which last 
year had a gross national prod- 
uct of $7 Eton, But the two coun- 
tries, spurred by the political 
commitment of their leaders to 
a new Middle East, are the 
most likely to develop eco- 
nomic cooperation, providing 
both a vital building block and 
a model of economic transfor- 
mation in the region. 


Roger Matthews shows just how delicately balanced Arab-Israeli negotiations have proved to be 

Three days is a long time in this peace process 


J ust how delicately balanced the 
Middle East peace process 
remains was never better illus- 
trated than during the past 72 hours. 
On Friday afternoon it was legitimate 
to speculate about a possible collapse 
of the negotiations between Israel and 
the Palestine Liberation Organisation, 
with potentially devastating conse- 
quences for the entire movement 
towards a lasting settlement By yes- 
terday afternoon not only had that 
fear receded, but the momentum 
towards peace had gathered pace with 
the signing of a draft agreement 
between Israel and Jordan. 

The advocates of peace, and its ene- 
mies, will both probably have been 
heartened by events. Hamas, the radi- 
cal Palestinian faction, will have 
noted how close it came to provoking 
Mr Yitzhak Rabin, Israel’s prime min- 
ister, into breaking off talks with the 
PLO and forcing a bitter confronta- 
tion among the Palestinian commu- 
nity. 

Little suits Hamas better than being 
able to portray Mr Yassir Arafat, the 
PLO chairman, as a tool of Israeli 
security policy in repressing Palestin- 
ian national ambitions. By first stag- 
ing a terror attack in the heart of 
Jerusalem and then kidnapping an 
Israeli soldier, Hamas got the reaction 


More than 5,000 Islamic supporters, 
some armed, marched through Gaza. 
City yesterday calling for the dis- 
missal of the Palestinian military 
chief in a continuing upsurge of ten- 
sion in the Palestinian controlled 
area, reports Julian Ozanne. 

The march followed riots earlier in 
the day by angry students demon- 
strating against air internal Palestin- 
ian crack down on the extremist 
Hamas movement responsible for the 
kidnapping and killing of an Israeli 
soldier last week. 

Hamas has demanded that Mr Yas- 
sir Arafat, leader of the Palestine lib- 
eration Organisation, sack Gen Nasr 
Youssef who last week headed the 
operation to arrest and question 
Hamas activists believed to have 

from Mr Rabin that it sought The end 
to the kidnapping, tragic though it 
was, would have been so much worse 
had Hamas been holding the soldier 
in territory under the control of Mr 
Arafat’s police. 

The speed with which Mr Rabin 
announced the resumption of talks 
with the PLO, suspended last week, 
on the holding of elections in the 
West Bank and Gaza and the further 
redeployment of Israeli troops, sug- 


infonnation on the kidnapped Israeli 
During yesterday’s inarch organised 
by Hamas some activists fired gnus 
in the air in defiance of last week’s 
PLO decision to ban unlicensed fire- 
arms. 

The disturbances reveal the bitter 
divide winch has emerged between 
the PLO and Hamas since the kidnap- 
ping crisis. In an effort to calm the 
tension Mr Arafat yesterday began 
releasing some of the 300 Hamas 
activists he arrested last week and 
detained a PLO general who ordered 
Ms troops to fire in the air during a 
Hamas demonstration at the Gaza 
central prison on Saturday. 

Mr Arafat’s advisers have warned 
the FLO leader against giving in to 
Israeli and western pressure. 

gests the Israeli government is aware 
of how dangerously close the peace 
process bad come to breaking down. 
It was also fortuitous that negotia- 
tions with Jordan had progressed to 
the point that Mr Rabin was able to 
head almost immediately to Amman 
where he and King Hussein worked 
late into Sunday night to complete 
their agreement 

Ring Hussein, had signalled in June 
his intention to press ahead with 


bilateral negotiations. Frustrated by 
the lack of co-ordination among his 
Arab negotiating partners, and gen- 
erally depressed about the political 
health of the region. King Hussein 
said he had no option but to concen- 
trate on his own immediate interests. 
The Jordanians had been angered by 
the behaviour of Mr Arafat, particu- 
larly over future links between the 
two economies, and were being given 
little information by the Syrians on 
the progress of their negotiations with 
Israel 

“We cannot wait any longer. We 
have to address the problems which 
relate to the interests of this coun- 
try," said King Hussein. 

This he has now done. In the pro- 
cess, the king has cemented his rap- 
prochement with the US after the 
breach caused by the Gulf war, and 
will probably be successful in win- 
ning debt relief on some $2bn owed to 
western govenunents. Simultaneously 
be has given Israel the satisfaction of 
having picked off the third of the five 
Arab nations which had sworn to 
remain forever united before the Zion- 
ist foe. Egypt, the Palestinians and 
Jordan have all now signed separate 
deals. Only Syria and Lebanon 

remain. 

On paper, the last stage should not 


present too formidable an obstacle. 
The broad outline of an agreement is 
already well understood by all sides. 
Syria requires Israel to withdraw 
totally from the Golan Heights, occu- 
pied in 1957. The Lebanese govern- 
ment, which will not act without 
Syria’s blessing, similarly wants 
Israel to quit territory in the south of 
its country. Israel is demanding a full 
normalisation of relations. 

The critical issue is over timing. 
Israel says it must have prior evi- 
dence of the Syrian commitment to 
peace before it will begin a staged 
withdrawal, which would only be 
completed over several years. The 
Syrians, of course, want their land 
back first 


G iven the deeply suspicious 
nature of Mr Rabin and Presi- 
dent Hafez ai-Assad of Syria, 
it was to be expected that the media- 
tion efforts of Mr Warren Christopher, 
the US secretary of state, would only 
edge forward slowly. But US officials 
are confident progress is being made 
and the most optimistic talk about a 
breakthrough before the end of the 
year. Nothing would provide a greater 
blow to the ambitions of Middle East 
extremists than the sight of Mr Assad 
and Mr Rabin s haking bands. 


China air traffic 
accord with US 


Kenya central bank comes under 
attack from angry exporters 


By Tony Walker in Belong 

China and the US yesterday 
agreed to co-operate in convert 
ing the Chinese military- 
dominated air traffic control 
system to civilian manag ement 
under an agreement signed by 
senior US and Chinese offi- 
cials. 

Mr William Perry, the US 
defence secretary, and Mr Ding 
Henggao, minister of the Com- 
mission of Science, Technology 
and Industry for National 
Defence, agreed to “pursue pre- 
liminary co-operation in air 
traffic control systems and 
technology” . 

The signing follows the 
Sino-US decision earlier this 
year to establish a Joint 
Defence Conversion Commis- 
sion to provide a framework 
for co-operation in transform- 
ing military industries to civil- 
ian use. 

Mr Perry and his Chinese 
counterparts were seeking 
improved defence co-operation 
as part of attempts to enhance 
Sino-US relations. Other issues 
discussed by the US defence 
secretary and Chinese officials 
included human rights. North 
Korea and non-proliferation of 
nuclear technology. 

The US had identified air 
traffic control exacerbated by 
confusion between civiUanand 
military controllers, as a prior- 
ity because of China's poor 
safety record. 

At present China's military 
controls 90 per cent £ the 

skies, with civilian controllers 

playing a limited role. 

ITS officials did not go mto 
details, but the transformation 
of china’s chaotic 

control system rntt lead to 
greater involvement of U5 


companies in the building of a 
modern network. 

Mr Ferry arrived in China on 
Sunday at the start of a four- 
day visit aimed at consolidat- 
ing a recent improvement in 
Sino-US relations. But US offi- 
cials made it clear that an 
embargo on arms sales to 
China would be maintained. 

Imposition of sanctions on 
sales of military equipment fol- 
lowed the bloody events of 
1989, when the military turned 
its guns on pro-democracy pro- 
testers in Befiing. 

Chinese media hailed the 
visit, saying it marked the 
“resumption of high-level con- 
tacts between the two coun- 
tries." US officials expressed 
satisfaction with the wide- 
ranging discussions, which 
included human rights Issues. 

Mr Ferry spent two hours in 
talks with General Chi Hao- 
tinn, his Chinese counterpart 
These discussions will con- 
tinue over the next few days. 

• Guy de Jouquifcres, Busi- 
ness Editor, adds: Mr Richard 
Needham, Britain’s trade min- 
ister, has cancelled plans to 
visit three Chinese provinces 
this month after being told by 
Bering that his visit was 

"inopportune.'* 

The move appears intended 
to underline Beijing’s continu- 
ing anger at political reforms 
in Hong Kong instituted by Mr 
Chris Patten, the colony's gov- 
ernor. However, the Depart- 
ment of Trade and Industry in 
London was playing down-the 
significance of the incident It 
said ministerial visits were 
always subject to last-minute , 
change and Mr Needham had , 
known the visit was not going 
ahead before he left for a Far 
East tour at the weekend. 


The central bank of Kenya has 
come under siege from irate 
exporters who claim a rapid 
appreciation of the Kenya shil- 
ling is stran g lin g their $200KU 
(£I33ra)-a-year sales of fresh 
vegetables and cut Dowers to 
European markets. 

Since the abolition of foreign 
exchange controls 12 months 
ago, the Kenyan, currency has 
strengthened by more than 30 
per cent against Che dollar. A 
wave of speculative capital has 
come from abroad, chasing 
high-yielding Treasury bills 
which offer some of the best 
rates of return in the world. 

Exporters complain they are 
shouldering the cost of the gov- 
ernment’s inability to bring its 
budget deficit, and the ineffi- 
ciencies of its large parastatal 
sector, under control. 

“Interest rates must come 
down," says Mr Richard Evans 
of Homegrown, the largest sup- 
pliers of fresh horticultural 
produce to Marks and Spencer 
in the UK. 

“Speculators are making 
windfall profits on Kenyan 
treasury bills, white my earn- 
ings are down by 30 per cent.” 
Smaller export-oriented compa- 
nies, he adds, are on the brink 
of disaster. 

The predicament of Kenya's 
horticulture exporters, who are 
the third largest exchange cur- 
rency earners after tourism 
and coffee, poses an unprece- 
dented challenge for Mr MEcah 
Cheserem, central bank gover- 
nor. 

If it were not for the bank’s 
frequent interventions In the 
money market to buy surplus 
dollars, the shilling would be 
even stronger than It is. 

But the central bank has 
already accumulated $800m of 


The nfiBling: further Intervention ruled out 


fasbnsento 
ShOW pari . 

as — — 

Control 


JfeMUNtet 



1992 90 . 94 

. Sourc*; Centeal B»nK of Kar*m. 

reserves, enough to cover six 
months’ imports, and ruled out 
any more interventions, to sta- 
bilise the currency market 
The unexpected dollar 
bounty marks a dramatic turn 
of events. Only last year, the 
Kenyan government was 
forced to reschedule $500m of 
debt arrears. 


muon 

. Annual K change In CPI 

. .. 60 


40 '/ 1 




1969 93 


meat in Kenya's economy, 
which baa seen no significant 
growth In over two years. 

"When inflation reaches sin- 
gle digits,’' Mr Cheserem says, 
"we will see a revival in eco- 
nomic activity, and the greater 
demand for imports should 
case the dollar ghrt” 

Kenya will be hosting an 




INTERNATIONAL NEWS DIGEST 

Tokyo surplus 
down again 

Japan’s trade surplus continued its slow decline In September, 
for the second month running, with an unexpectedly large 4.6 
per cent annualised fall, to $11.94bn (£77^m). a strong growth 
in imports, sucked in by Japan's recovering economy, out- 
weighed a rise in exports to the fast-developing markets of 
Asia and to a strong US economy. It brings the trade gap for 
the six months to the end of September to $59.38bn or 0.7 per 
cent less than the same period of 1993, the first such decline 
for 3ft years. On a three-month sliding average, which shows a 
clearer trend for Japan's volatile surplus, the gap, at S9.-ibn, is 
the lowest since January last year. “It's pretty clear the 
surplus is declining, though at a painfully slow rate,” said Mr 
Jim Vestal, chief economist at Barclays de Zoete VVedd in 
Tokyo. The good news was partly undermined by a 13.2 per 
rent rise in Japan's trade surplus with the US. to S27.09bo in 
the six months to September, suggesting that yesterday's 
figure will bring little relief to Japanese industry in the form 
of a weaker yen. Japanese exports to all destinations in the 
first six months of the fiscal year rose SJ per cent, while 
imports grew rather fester, by 12.7 per cent Increased energy , 
use during Japan’s unusually hot summer is one reason for 
the rise in imports. Another is the strong growth in purchases 1 
of foreign food, drink, clothing and other consumer goods, i 
where the yen’s strength has fed through to bargain prices. 
Three-quarters of export growth came from sales to other 
Asian countries, Japan's fastest growing market and invest- 
ment destination, where the trade surplus for the six months 
rose to $31.4bn. This continues a trend started test year, when 
Japan's surplus with Aria outstripped its surplus with the US 
for the first time. But so for, Japan's Asian trade gap has 
produced none of the political problems of its surplus with the 
US. William Dawkins. Tokyo 

Interest rate controls lifted 

Bank interest rates in Japan were yesterday freed tram final 
government controls, as the finance ministry completed a 
series of de regulatory measures begun in 1985. Interest rates 
on ordinary and savings deposits rose slightly above their 
peviously fixed levels, in line with the general upward drift in 
market interest rates. Rates on ordinary bank deposits, which 
were a uniform 0.22 per cent a year, increased to between 0.27 
per cent and 0.3 per cent at the country’s main commercial 
banks. Rates on time savings deposits rose by between 0.05 
and 0.1 percentage points. Until 1965, virtually all Japanese 
interest rates were fixed by the government, as it sought to 
keep both borrowing and lending rates low, to finance the 
country's post-war economic reconstruction. But. under pres- 
sure from foreign governments and financial Institutions, the 
finance ministry allowed a limited deregulation of interest 
rates that year. A slow, rolling process of deregulation ensued. 
The deregulation will put further competitive pressure on 
banks, already weakened by a large stock of bad debts. In 
future they will be forced to compete more on interest rates 
than services; in a period of rising rates, that is likely to eat 
further into their already poor profitability. Gerard Baker, 
Tokyo 

Japanese bankruptcies decline 

Corporate bankruptcies in Japan continue to decline, but ^ 
those companies that do collapse are getting bigger, according . 
to Teikoku Databank, a credit research agency. The number of 
companies to close their doors fell by 6£ per cent from a year 
earlier to 1,143 in September, for the third month in a row. But 
their debts piled up by 30J> per cent to Y568bn (£3Abn), the 
highest this year, a sign of how companies damaged in the 
recession can easily be brought down by the strains on work- 
ing capital imposed by even a gentle upturn, a handful of 
largB corporate collapses was to blame, including the YlOObn i 
failure of Fasuto, a property developer, and a rise in bankrupt- 
cies in construction and manufacturing, Teikoku says. Of the 
total, 702 bankruptcies were caused by recession, while a 
surprisingly low 10 casualties were attributed to the strength 
of the yen. WQMam Dawkins. Tokyo 

Telecom networks in Africa 

A unit of Japan’s Nippon Telegraph and Telephone is joining a 
project of California’s Stanford University to set up telecom- 
munications networks to Africa using optical fibre networks 
and satellites. Nippon Telegraph and Telephone International 
and Hughes Aircraft of the US agreed to join Afronetwork, a 
company set up In June by Stanford’s Satellite Planning 
Centre. Tbs company would provide consulting services for 
the construction and management of telecommunications net- 
works in African countries. Separately, Tunisia and AT&T of 
the US are discussing a cable project around the African 
continent Baiter. Tokyo 

Iraq considers border issue 

Iraq’s People's Assembly yesterday gathered for an extraordi- 
nary, secret session, amid speculation that it was about to 
approve tbe recognition of United Nations demarcated borders 
with Kuwait and the Gulf state's sovreignty - a fundamental 
UN Security Council precondition for any moves towards tbe 
easing of sanctions. The hastily-called meeting was expected 
to deliver an official recognition of Kuwait's sovreignty and 
borders in the terms required by this weekend's Security 
Council resolution, which, called on Iraq to make the recogni- 
tion through “full and formal constitutional procedures'*. No 
announcement was forthcoming at the end of the meeting. In 
New York, Mr Andrei Kozyrev, the Russian foreign minister, 
reported formally to tbe UN security council on his Baghdad 
talks and reiterated Moscow's view that members should con- 
sider lifting the oil embargo in about six months if Iraq 
showed honest co-operation and followed through with recog- 
nition of Ku waits borders. Ms Madeline Allbrigbt, the US 
delegate, responded that the crisis created by the recent Iraqi 
troop deployments was still not over. As for promises made to 
Mr Kozyrev America placed no more value on these than on 
previous Traqi pledges. The council should categorically 
reject any idea of rewarding Iraq for “ partial 
compliance with some of its obligations,” she said, 
citing a list of other requirements under UN resolutions. Mark 
Nicholson. Baghdad and Michael Littlejohns, New York 


Araj. Moi; uprorge of unrest Indonesia looking for $50bn 


Exporters complain of unfair 
burdens, Leslie Crawford reports 


Mr Cheserem believes his 
success In curbing inflation, 
from an annualised rate of 
over 50 per emit last year to 
under 20 per cent, should allow 
interest rates to come down 
and a more realistic exchange 
rate to emerge. 

Treasury bill yields have 
fatten from a high of 80 per 
cent in June 1993 to 16 per cent 
this month, but commercial 
banks have been slow to follow 
suit. 

The prohibitive cost of credit 
has discouraged new invest- 


investors’ conference in Lon- 
don next month, during which 
its rapid progress in deregulat- 
ing the economy will be on dis- 
play. Import curbs have been 
abolished, the currency Is now 
freely convertible, and a host 
of incentives are In place to 
attract foreign investors. 

Doubts persist, however, 
about the willingness of Presi- 
dent Daniel arap Mol's govern- 
ment to tackle more fundamen- 
tal reforms. 

Little progress has been 
made in the programme to pri- 


vatise loss- making parastatals. 
largely due to tbe Inertia of 
civil servants. Meanwhile, the 
services provided by parasta- 
tals (telecommunications, elec- 
tricity, water and the upkeep 
of roads) continues to deterio- 
rate. 

President arap Moi has faced 
an upsurge in social unrest to 
recent months, with doctors 
and university lecturers stag- 
ing strikes to demand govern- 
ment recognition of their unof- 
ficial trade unions. 

Both groups returned to 
work in September defeated, 
but the government’s refusal 
to tolerate independent trade 
unions has drawn criticism 
from human rights groups and 
donor governments. 

Donors will be meeting in 
late November to review Ken- 
ya’s economic progress and 
assess the country’s aid 
requirements for 1995. 

Aid pledges are expected to 
be substantially lower than the 
$850m obtained last year, 
partly because of continued 
concern over Kenya’s human 
rights record. 


Indonesia will need more than S50bn (£33J3bn) in infrastruc- 
ture investment over the next five years, President Suharto 
said at the opening of the world infrastructure forum Asia, 
which the Indonesian government is hosting this week. “We 
hope most of this investment is borne by the private sectors, 
both domestic and foreign,” he said. According to a govern- 
ment report Indonesia needs the private sector to invest at 
least $18bn in infrastructure projects over the next five years. 
That investment will be channelled mainly Into toll roads, 
container ports, airports, power plants, housing and water 
supplies. In June, the government unveiled a deregulation 
package for foreign investment which opened up most of these 
sectors to foreign capital. Manuela Saragosa, Jakarta 

Suharto trial is postponed 

President Suharto yesterday forced the postponement of his 
own trial in a landmark suit charging him with diverting state 
frmds meant for preservation of Indonesia's rain forests. As no 
presidential lawyer turned up for the hearing on the opening 
day of the trial. Judge Benyamin Mangkudflaga of Jakarta’s 
State Administrative Court said he had no option but to put it 
off until Oct. Si. Mr Suharto is not expected to testify in the 
trial, the first time he has been taken to court to his three 
decades of power. The suit, filed by six environmental groups 
In August, accuses Mr Suharto of ignoring ecological concerns 
by diverting $lB3m in state forestry funds as an interest-free 
loan to the state-owned Indonesian aircraft industry for a 
project to develop a passenger plane.The prototype of the 
64-seat turboprop plane is scheduled to roll out of the plant 
next month, coinciding with a summit of heads til state from 
the Asia Pacific Economic Cooperation forum. Reuter. Jakarta 




mu a A I . TIMES 


TUESDAY OCTOBER 


IS 1994 


NEWS: WORLD TRADE 


Honda to double Thai capacity 



By Michlyo Nakamtrto in Tokyo and 
Victor Mallet in Bangkok 

Honda is Investing more than YlObn 
(SI 00m) In a new car-making plant in 
Thailand, a move which win double 
its Thai capacity and may lead to the 
production of a small, popular car for 
Asia, the company announced yester- 
day. A ground-breaking ceremony for 
the new press-stamping factory near 
Ayutthaya, 70km north of Bangkok, is 
to take place nest week. 

The plant, which should he com- 
pleted in early 1996, will incorporate 
research and development capability, 
according to the Japanese vehicle 
maker. 


The decision to double capacity 
reflects both the rapid growth of the 
Thai domestic market for cars and 
Thailand's campaign to become a 
regional automotive centre by wel- 
coming foreign manufacturers with 
investment incentives. 

“Thailand is one of the best poten- 
tial markets in Asia." Mr Tetsuyo 
Honda, a Honda executive in Bang- 
kok, said yesterday. China, Indonesia, 
and India were also promising mar- 
kets in the longer term, he said, 

Honda in T hailan d does not make 
the pick-up trucks which at present 
account for more than half the 
vehicles sold in the country- With 
only a 7.4 per cent share of the total 


Thai vehicle market, it lags behind 
the four dominant Japanese manufac- 
turers: Toyota, Isuzu, Nissan and Mit- 
subishi. 

But sales of Honda passenger cars, 
most of them Civics and Accords 
assembled at an existing plant in 
Thailand, have surged 60 per cent in 
the first nine months of this year to 
reach 26.000 units, giving Honda a 23 
per cent share of Thai passenger car 
market - second only to Toyota. 

With increasing spending power 
and growing wealth in the population, 
the Thai passenger car market is 
expected to grow strongly to reach 
about 400,000 units by the end of the 
decade. Honda said. The market grew 


rapidly from 67,000 units sold in 1991 
to 174,000 units last year, although it 
has declined by 14 per cent in the first 
nine m ont hs of 199L 

"Currently the pick-up market is 
bigger than the passenger car mar- 
ket,” said Mr Honda, “bn t the desire 
of mankind is for more speedy and 
more comfortable transport This kind 
of desire is unlimited. This is the mar- 
ket trend.” 

Honda expects its expanded Thai 
manufacturi ng facility to be one of 
the recipients of vehicle components 
it will produce in China under a joint 
venture arrangement with a Chinese 
parts maker which it announced last 
week. 


Toyota of Japan is considering 
increasing vehicle production 
capacity at its Indonesian mid 
Philippines units loan annual 
150,000 and 50,000 vehicles 
respectively by 1997, Reuter reports 
from Tokyo. 

Such a move would double its 
combined vehicle production in 
south-east Asian countries to an 
annual 520,000 in 1997, a spokesman 
said. In 1993, Toyota produced 24,799 
vehicles in the Philippines, 51^535 In 
Indonesia, 114,752 in Thailand, 

524)28 in Taiwan and 13,488 In 
Malaysia- In February 1993, Toyota 
said its Thai unit Toyota Motor 
Thailand in Samnmg, east Thailand, 
would invest about 9bn baht ($360m) 
over the next four years to double car 
production capacity to 2004)00 and 
set up a training centre for service 
technicians. 


Mitsubishi to launch Dutch-made hatchback 


By Kevin Done, 

Motor Industry Correspondent 

Mitsubishi Motors is to begin 
its first car production in 
Europe in the first half of next 
year at its joint venture plant 
in the Netherlands, Mr Hiroshi 
Ninomiya, president of Mitsu- 
bishi Motor Sales Europe, said 
last night 

The company aims to 
achieve production of up to 
100,000 Mitsubishi cars a year 
by 1997 at the Nedcar plant 
which it owns jointly with 
Volvo, the Swedish carmaker, 
and the Dutch government, 
each holding a one-third stake. 

The partners are investing 
F13.4bn ($L9bn) in tiie project 
to modernise the former Volvo 


Car BV plant at Bom in the 
Netherlands in order to create 
a total capacity to produce 
200,000 cars a year, which will 
be shared equally by Mitsubi- 
shi and Volvo. 

Mr Ninomiya disclosed in a 
speech at the Birmingham 
motor show that Mitsubishi 
would initially launch from the 
Dutch plant a five-door hatch- 
back car, code-named MX, 
between its existing Mitsubishi 
Lancer and (intent ranges in 
size. It is expected to be fol- 
lowed later by a four-door 
saloon version, and possibly an 
estate car. 

It will compete directly with 
rivals such as the Ford Mondeo 
and the Opel Vectra/Vauxhall 
Cavalier, as well as the Euro- 


pean-built products of other 
Japanese carmakers such as 
the Nissan Priznera and the 
Toyota Carina, both assembled 
in the UK. 

The new car will be unveiled 
at the Amsterdam motor show 
in January and will go on sale 
in continental European mar- 
kets from mid-1995 and in the 
UK from November not year. 
The Volvo version of the new 
range, which is expected even- 
tually to replace the current 
Dutch-built Volvo 400. will 
have a different exterior and 
interior styling and is expected 
to be unveiled in the autumn 
next year. 

Mitsubishi is following the 
same strategy as its Japanese 
competitors by choosing the 


large family car sector of the 
European car market for its 
first locally-built products in 
Europe. Mr Ninomiya said the 
local European content of the 
new Mitsubishi range would 
exceed 85 per cent. 

Purchases from components 
suppliers in Europe for the Mit- 
subishi car alone are expected 
to total more than Fllbn a 
year by the time output 
reaches 100,000 cars a year, the 
company said yesterday. More 
than 150 suppliers have 
already been selected In 
Europe, including some local 
European subsidiaries of Japa- 
nese components groups, such 
as f!ai$o nir? in the UK, which 
will supply radiators and cool- 
ing systems. 


lanNDGOLD 


Gold mining companies 1 reports for 
the quarter ended 30 September 1994 


Blyvooruitzicht Gold Mining 
Company, Limited 


Harmony Gold Mining Company 
Limited 


RagaraHoii Mi. 0 MS 743 /M 
ISSUED CAPITAL: R 6 000 000 H 2*000000 ORDMARY SHARES 


Quarter ended 


OPERATING RESULTS 

S 0 - 0 - 10 M 

SM-IOIM 

Underground ogemion* 








aoo 





44960 





2 S 14 G 






Surtaon oparaUona 



Gold produced - kg . .. 

«o 

160 



041 
41 8 U 





89 WO 

17.19 

TM 







FMAMGUL RESULTS (ROOffu) 





65 0*7 
R 29 } 
tlTSfl 
<2356) 











1290 
11 007 ) 







P 070 ) 

S 86 * 

Cnpi MpendKuto - m 

, J 78 # 


Rerou te on Ha. ofiaeaaiM 

ISSUED CAPITAL: R 1 JMZ 329 Ol to 004000 ORDRMRV SHARES 


OPaUTWQ RESULTS 

Underground operatkm 
Ora MBed—tOOO— 

GaM produced- fcg 

YMd-flR — 

Revenue - R/kg 

Con-r- 


Qaarter ended 


Wortdoo print- Wfl ■ 
■ Revenue -Hi mtted . 
Cost- nn mOod . 


Waiting prom - Oft eteed . 


TbiuugalraaM-rooo . 

Onto produced -kg ___ 
YMO-01 ___ 

Revenue- R/kg — — 
Ouer-RAg 


(Noting pro* - Rftg - 
Mwm - nn bound . 
Cot! - RA treated 


Wnttng prott - HI boated 

FINANCIAL RESULTS (ROaVa) 


COR 
WraUnOPR**- 


Htttypg cmaMon fUti 
Suaaty revenue -net 

Proa baton taxation 

itoroton . 


OPERATIONS 

TTw eecine in iwqwgomii (petd vne nol ■ w B d pNNd iod «w» era being Man to addraw eta 
tebeMft. 

D*cu*Pon mganMQ a nMtarttai ramicuinB of Bra tpMWn have commenced wtt 
rapra — nmw at en teateee . 


TWunMonlray 

neaaner taxation 

Crpttai wpamStaa - me . 
□PBWnONS 


iAoo,wR iRq m not quartet 
WDOM 

TO ante* Die company in teuton mwAnwo beneA iram n» safer price afl omecnnding iMdgteg 
eottaeti -ran ca ncel l ed by taMng out counter poatoona. The mol oral — ou ntea to HU 


N 44 IM 

904 - 190 * 

1 BM 

IS 79 

B 140 

6220 

in 

131 

4 ) m 

40 6*7 

40110 

38 409 

3 003 

8 366 

190.10 

13&37 

12*40 

127.48 

0.70 

741 

K 

44 

117 

116 

8 . 1 * 

8.81 

43 123 

40 847 

10 074 

15967 

30 MO 

24890 

KJ 3 

106.78 

90.11 

41.71 

OK 

65 X 0 

327 0*1 

318887 

800 516 

80 S 092 

10 680 

16 196 

7 BOO 

- 

1768 

9 166 

TTSff 

10 351 

a Mo 

814 


1 627 

11 SOB 

79210 



9500 

8 884 

port! lumbar 1 abali 1 * IU>» 
*r cotta. utsOng want na 


CAPITAL EXPe wc mi TO 

Thera ara con u titnaci e tor cepew w pa nritwre toaoiateng to R3rotacn(preriou«qaarWcRaJ> 
mWo*0- Capua) •ppandSuw Is raflacifd nte o» Ora proceed! &M Mh> te wn wWe» wN 
u ML0 mHan. coopered *Wi R0.4 ateton In tfi, preceedng grotto 


HEOOIMO 

To enefclo Ota company K> obum outaun benebi tram 
conracu Vrara canceled H ■ cote Ol R3J nteton. 


M COM prtca »« M 


capital ttPERommc 

Cum MMMKura Inaueee B1 6 mOon 
COOWbuUOB lor rtavetoomeol IHM » M 
There ere co nrnia u ieni a tat capital 
K 1 m*cml 


18 October IftM 


i Quener NM rrOen} tor Die WWiyi 
OHpLmliTibM. 

•MNOiiaiira wo u nbno U R2-0 inBton (provtoua qnitar. 


For and on bohaH dtfteboaid. 
J. P. S TURNER, CMhmui 
E. B. CROCKER Managing ttrvetor 


TO October 1004 

Durban Roodepoort Deep, 
Limited 

Raoundton Ha. mmtwnww 

ISSUED CAPITAL: RS 32S QOO W 3 SB M0 SHARES 


E. B. CROCKER. Managing Dtreelor 


OPERATWQ RESULTS 

Undwgionad geamaoee 

Ora mfied -rooo 

Gold produced -Mg - 

R even u e ~RRg — ___ 
Coei-R/kp- 


Quarter ended 
004-1004 304-1994 


East Rand Proprietary Mines, 
Limited 

U tRrtr a ao n No. 0im7;3f00 

ISSUED CAPffAL: R470 220 010 M 140 3U 3M OROWAKT SHARES 

Oranan 

OPIRATWO RESULTS 
Ui m ton BM oparaSoaa 

C*»m«Ba-n>00 

Goto producM - kg 

Tnu- oa 

ftovooM - RAg 

Com - RJLg - - - ~ 

Won mg ton - RAg 

RvroraM - R/l mood 

Com - Rji n-Hd 

WOrUng km - R.T mRed . — 


Worung M - RA® - 
RawnM- RAsM . 
Com - Rji Mod 


Ol 

SIB 
MB 
40 001 
10) 4*2 
00441 
17U0 


Sana MM - rooo 
OoU produead - kg . 
Ttow-un 


J-RA0 

Com-RAq. 


Sam traatod - rooo 

Goto preducod - kg ... 



Ravonuo - RAg 

Com -Rkg 


Wortong |MR - RAq 

Ravanua - Wl batitu .. . 
Coal - R.1 Maud 


wic*d*g pram - m maud 

RHAHOAL WESULTS (ROOtfal 
Rawwara 


Com ... 

Working proOUftonJ 

Abnomm Ham 

Sandry raramia-nM . 




Inurasi: paid and dalarrad . — 

Profit Mtoto 

TranaOkpi ia*r 

Prow attar manor) 


Capitol aapangaura - nal . 
Soadal dMand-.m 


OPERATIONS 

Production anprovM dwtng Bm qumw and a lurtHar Inproaat 
quanar aKnougn Dta praOl ytO ba towv atan ortgaia^ toracuL 
An undary Mato drtgng progra mm a hai io ran an t aa to i 



304-rge* 

8B4 

244 

1 4M 

1*84 

849 

8.12 

*4 578 

43 723 

46 M7 

*9 888 

1 116 

6 139 

m» 

887.71 

264ST 

30&3O 

7,10 

37 J9 

BM 

500 

*94 

383 

0.90 

o.« 

44 STS 

43 773 

22 224 

22 502 

22 364 

Si 221 

SIM 

STM 

1UI 

14JI 

1343 

13.49 

B0B02 

79 446 

0*996 

91 7B1 

6 STB 

e 3101 

- 

23 700 

3106 

2 688 

W 

70 

9891 

2S970 

130 

898 

>915 

33 SR 



0218 

10 444 

. 

119*9 



m a aroectaa In taa netd 


TMatongproM-ROcg . 
Raranua - Rft traewd 
Coat - R/l aaatad 


WDiU>QP>mR-Rfftraaaaif 

FHANCML RESULTS fROOCaJ 
Baaanua 


Coat 


Ratr rmwl eau 
Sums, raranra-ttM - 
Salt ol gold in procan 


Lota betora tuadoo . 


Lota altar taxation 

Capital raoouotnaoto - nal . 


31 IM« 

2*2 

104 
DUH 
40 051 
XT 070 
IT 472 
x$jn 

17 JO 
11.12 

SI ISO 
34 217 

10 TM 
071 
13 237 

(MOOD) 

tttWQ 


22 S 
807 
MO 
42 201 
03609 
13 248 
IBIJM) 

1B0J9S 

47^1 


067 
42 201 
29 982 
12299 
2360 
1843 
008 

40628 
401 


I 8 822 J 
BOG 

(T 917 J 
(7«7) 

16 

OPERATIONS 

Tna laouebaa In unotrgraund pfOducden b conaMant wM On raatroobalag ol Bm sparttiM to 
a kr»«t ol bo 000 tana pw oua tfar. TWi raatnicairtaa urmivas an mrana to mni of 4 600 
noploro«>> * 0 eon tf RHL7 ndOtotiL 

Ctoiura o( dm uodatoround aparasona nB im occur and tSsaaaiMS isOOriRno tM pontua 

otergar mth Rarw Laaaa* ara continuing. 

T»ia aala ol aasata has baon tantpawlly toRMimO. 

* ta ctuty at R «o_na aog kaanaan nognthnad and ba uaad lor too putpaaa ol laua nulan a it i 
and rartor ftmtfng. 

PUUPWO ASStSTAHCE 

AaaMOrtOa ftdtBng BIS nOon (pwoia quorar RJJ) roOton) 1*7 pumping at axbtnaoua 
watar wm dbwtad ton Ota Sons dudng «n Qaartar. WMMtig coal* ora raflaetad not ol Ms 
awliiigica. itoyilltBora ra oa n ft w ongoing puntplnoi 4P S Ia ac B >«inprooraaa. 

CAPITAL EXPCNOmiM 

Tltora watB an capital co n aUlm a w at the and of ttoa quanor. 

For and *n bahoB oTSw board. 
J.P.S. TURNER Ondnau 

laoaaoar 19P4 R A. R. JtEBBtS. Muafllog DMtaor 


NOTES 


ua yud o m wdhiH^ttitoqhia j 
pracfleiora nvoa racarotno m ora raaanoa «*d gnua of Ma prafaaod eatunu payaliool arm 
gaologtotl atnjcnraa datotnaned by Hhnnic antiyM- Tha reiuto of iha progromnn nfl cotokni 
•naihar tna donalacmart ol On lartfary iMR wfl ba neeoauty or wfwttw iim aroa can bo 
aeeasaw by Bra artomion el too adOMg toeonad ahan. wall conconwant sptlngj. Tbh otStog 
programma n anaaad to ba aubrianOaly eoMpiatoo at Via ml M tna Unt guanar ol 1999. 


No cmcaidi nm been oactorad *or 04 dwaa BWrtH ondad 30 SaptoaMt 1994. 

captrl exnmmjHB 

Fuup* raotu 4 tomauBH « ramg nttrictad w Bum cra|«* *U w aw 


PUUPWO ASSISTANCE 

Aaamtanca naflng RT.6 mXtan {pratoeua tfiMMr Ri^Muq) Ur ns pumping of hHmom 
malar was daknod hum tha Stata during me quarwr. Worthg cosla taw been laflactod i*H m 

nun 


i dMHg aw BMitor if» pun « raraaua oanrad 


CAPITAL EXPENDITURE 

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Mitsubishi plans to import 
all its petrol engines Qn 1.6 and. 
L3 litre) and automatic gear- 
boxes from Japan, but it is 
understood that it will buy a 
1.9 litre diesel engine and all 
Its manual gearboxes from 
Renault, the French carmaker. 

Mr Ninomiya said that Mit- 
subishi had drawn heavily on 
the latest Japanese production 
technology to modernise the 
Dutch plant, organised along 
the of its Miznshima 
plant In Japan. 

Mitsubishi said it planned 
initially to achieve around 20 
hours per car assembly time at 
the Bom plant, but this would 
be reduced later to 17 hours 
per car when full capacity was 
reached. It would take around 


7 minutes to change the tools 
on the heavy stamping presses. 
The plant will include 305 
robots. 

Around half of the FJ 3.4to 
earmarked for the Nedcar proj- 
ect had been invested to date. 
Mr Ninomiya said Mitsubishi 
Motors, the third largest Japa- 
nese vehicle producer, was 
seeking a 5 per cent share of 
the global vehicle market by 
2000. 

To achieve this goal it was 
aiming to raise its share or the 
domestic Japanese market 
from 12 to 15 per cent, to 
increase its share of the Asian 
ami Asean market from 20 to 
25 per cent and to gain a 2 per 
cent share of the combined 
European and US markets. 


E Asia and EU 
may hold talks 


By Guy do JonquQres, 
Business Editor 

The European Union and east 
Asian countries may hold a 
summit late next year at which 
government leaders would aim 
to forge closer economic and 
trade ties between the two 
regions, according to European 
Commission officials. 

The EU also plans to renew 
attempts to establish a dia- 
logue wfth the Asia Pacific 
Economic Co-operation forum, 
the five-year-old grouping 
which embraces the US, Can- 
ada. Mexico. Australia and 
New Zealand as well as Japan 
and 11 other Asian countries. 

The initiatives are intended 
to accelerate recent efforts to 
deepen relations between 
Europe and Asia, amid grow- 
ing European fears of being 
excluded from developments in 
the world's fastest-growing eco- 
nomic region. 

Until now, most of the run- 
ning has been made by the 
Europeans. However, EU offi- 
cials say the proposal for a 
summit is Asian-inspired, a nd 
has been backed particularly 
strongly by Singapore and 
Thailand- The proposal has yet 
to be placed formally on the 
EU agenda but may be raised 


during a visit to Paris this 
week by Mr Goh Chok Tong, 
Singapore's prime minister. 

As president of the EU Coun- 
cil of Ministers in the first half 
of next year. France would be 
closely involved in preparing 
the ground for a summit Ger- 
many. the current council pres- 
ident, has called for stranger 
EU links with Asia. 

A senior European Commis- 
sion official said yesterday that 
if the summit went ahead, par- 
ticipants would be likely to 
include government leaders 
from Japan, Taiwan and 
Korea, as well as from the six 
members of the Association of 
South East Asian Nations. 

The official said the meeting 
was envisaged as a relatively 
informal event which would 
seek to encourage increased 
trade and investment between 
Europe and Asia and closer 
co-operation between govern- 
ments of the two regions in the 
new World Trade Organisation. 

Talks with Asian leaders 
would also bolster European 
efforts to establish closer con- 
tacts with Apec, which Is 
expected to agree a timetable 
for trade liberalisation by its 
members at a summit meeting 
in Bogor, Indonesia, next 
month. 


WORLD TRADE NEWS DIGEST 


Cambodia plant 
for Heineken 


Heineken. 

jreneiy maorityflWQedby fore^ initial capacity ol 

The brewery in Phomnh Penh “ m ;d-i996 at a cost of 
170,000 hectolitres when completedmhh . 

Al Camp's Mr mart* Shi 

Z cfoafly expanded to 500.000bl to meet demand. The couni 

fr fle only one brewery, Heineken said. t»rh«r«, 

TheDutch bear group and 

Vmwr & Neave will own 80 per cent of tne Dreweiy, ra oe 
Sc LSI Brewery, thro** their 
Asia Pacific Breweries (APBL). The remainder ^wri gowned 
KSs Import and Export, the ^mbodmto^ter of 
APBL’s Tiger beer brand. The Cambodian bre JEf' 
duce Tiger beer as well as ABC Stout, another APBL brand. 
Remold van de Krol Amsterdam 

Greek casino licences awarded 

Greece's tourism ministry has awarded four casino lioenCKta 
international operators for a total of Drl3.2bn i$S5m) m fees 
and taxes. Hyatt Casinos, the gaming aim of the US-tased 
Hyatt International hotel chain, in a joint venture with two 
Greek concerns, Theocharakis and the Laskandes shipping 
group, is to pay Dr7^bn for a licence to build a casino at 
Thessaloniki in northern Greece. 

The group plans a $i20m investment on a greenfield site, 
including a luxury hotel and conference centre. Hyatt is also 
bidding against London Clubs, the UK casino operator, for 
an other c as in o licence in the Athens area which will cost at 
least DrlObn. Lady Luck of the US is to pay Dr3.05bn for 
lic e nc e to open casinos at Patras and LoutrakL The fourth 
licence, for Drlbn, was awarded to Porto Carras Hotel owned 
by the Carras shi p pin g family, in association with Magic, a US 
gaming concern which operates river-boat g a m b l in g on the 
Mississippi The Greek government will take 30 per cent ol the 
casinos * gross earnings, estimated at over DrfObn yearly. The 
licences will be valid for 12 years. Kerin Hope, Athens 

Boost for Tunisian telecoms 

Tunisia is planning to spend an average of $2Q0m a year on 
modernising its te lec ommunica tions system. Among projects 
under way or planned for the next few years are investments 
in tRTBphnwp rintx imri exchanges, optic fibre links, a GSM 
(Groupe Special Mobile) standard digital mobile phone system 
anil a rural phone system. T unis ia is already linked to the 
world's longest Optical Submarine communications system 
connecting south-east Asia, the Arabian peninsula and west- 
ern Europe. It also invested $8m in a submarine optic fibre 
cable linking it to eastern Europe, the Americas and South 
Africa. Reuter, Tunis 

Contracts and ventures 

■ The Italian transport ministry has signed a Ll,200bn 
($762 m) contract to buy 30 high-speed Etr 500 trains from the 
Trevt consortium grouping ABB and Fiat The purchases are 
within an option to buy 100 high-speed trains. Reuter, Rom 

■ South Korea's Daewoo Motor will export about 20,000 pas- 
senger cars to Romania's Automobile Criova next year in 
preparation for the completion of a joint-venture factory in 
Romania. Daewoo Motor, the nation's third largest car maker, 
will export its Lemons, Cielo and Espero to the Romanian 
company Automobile Criova. AP-DJ, Seoul 

■ The Saudi Public Transport Company has bought 200 new 
buses worth SR20Qm ($53m). from The German private com- 
pany Neoplan sold 100 buses and Mercedes-Benz another 100, 
all for December delivery. Reuter. Manama 

■ US-based Raychem and Taiwan’s Pacific Electric Wire and 
Cable have signed contracts jointly to invest T$32Qm ($12m) in 
an electric wire and cable plant The 50/50 venture will build 
its plant in the northern Hsinchu Science Park, and begin 
production in the second half of 1995. Reuter, Taipei 

■ Singapore Airlines is discussing joint venture possibilities 
with at least two Chinese airlines, the Sichuan-based China 
Southern Airlines and China Eastern Airlines, both of which 
are relatively new regional carriers. AFX. Singapore 

■ Hutchison Whampoa has formed a consortium with British 
Airways and the Civil Aviation Administration erf China to bid 
for an aircraft line and base maintenance contract at Hong 
Kong’s new Chek Lap Kok airport The new consortium, China 
Aircraft Services, is one of three bidders for a maintenance 
li cence. Reuter, Hong Rang 

■ Malaysia's Prqjek Penyelenggaran Lebuhraya (Propel) has 
won a contract bo buOd a $350m expressway linking the 
Indonesian capital Jakarta to Surabaya. Reuter, Kuala Lumpur 


INTERNATIONAL ECONOMIC INDICATORS: BALANCE OF PAYMENTS 


la an Mm with 1985 - 100 . 


■ UNITED STATES 




«*t 

e™» 

for 

RtecdM 




OCCttM 


eteteeu 


Bum 

Urn 

torn 


tea 

1966 

279.8 

- 174 JZ 

-1645 

0.7623 

100.0 

1988 

231 J) 

- 140.6 

- 153.7 

05836 

802 

1967 

220.2 

— 131.8 

-1443 

1.1541 

703 

1968 

272.5 

-1005 

-1003 

1.1833 

66.0 

1889 

3302 

- 98.3 

- 83 J 

1.1017 

69,4 

1890 

309.0 

- 79 J 

-723 

13745 

65.1 

1991 

3405 

- 53.5 

- 6.6 

13391 

845 

1992 

345.9 

-602 

- 52.4 

13957 

825 

1993 

3972 

-907 

-808 

1.1705 

653 

3 rd qtr .1993 

99 -B 

- 27 ^ 

-243 

1.1443 

65.4 

4 th qtr .1993 

1009 

- 25.0 

-209 

1.1388 

66.4 

1 st qtr. 19 B 4 

1009 

-28 JJ 

-207 

1.1244 

663 

2nd qtr .1994 

107.7 

- 32.7 

-313 

1.1605 

653 

September 1993 

32.9 

-on 

rUL 

1.1728 

64.7 

October 

34 JS 

-03 

ne. 

1.1597 

655 

IwnMflUHM 

355 

-08 

n^. 

1.1282 

663 

December 

36.9 

-63 

n-a. 

1.1287 

673 

January 1994 

35 L 2 

- 9.7 

oa 

1.1139 

675 

February 

34.1 

-ion 

rui. 

1.1184 

66.7 

March 

37 ^ 

-04 

aa. 

1 . 141 D 

66.1 

April 

30.1 

- 10.6 

rwa. 

1.1385 

66.0 

May 

35.4 

- 11.1 

rva. 

1.1622 

653 

June 

303 

- 11.0 

na. 

1.1808 

64.6 

July 

308 

- 12.0 

ILBL 

13187 

63.0 

August 



o& 

12196 

63.1 


■ FRANCE 






tun 

CBKW 

be 

IBMihe 



Hurt* 

■OCOUtal 




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Item 

b*n» 

ntu 

m 

196 S 

133.4 

- 3.7 

-02 

6. 7842 

100.0 

1986 

127.1 

an 

3.0 

6.7946 

1023 

1997 

1282 

- 4.6 

- 3.7 

6.9285 

1035 

1968 

141.9 

- 3.9 

-04 

7.0354 

1003 

1999 

162-9 

-03 

- 3.6 

7.0169 

99.8 

I 960 

170.1 

-72 

-72 

63202 

1043 

1991 

175.4 

-42 

- 4.9 

6.9643 

102.7 

1992 

182-6 

4.0 

25 

85420 

106.0 

1993 

179.4 

133 

85 

06281 

1085 

3 rd otr .1993 

45.1 

3.8 

3.4 

6.6508 

108.4 

4 th qtr .1993 

400 

4.4 

&0 

6.6431 

1073 

1 st qtr .1994 

403 

2.6 

04 

05881 

106.0 

2 nd qtr .1994 

48.6 

3.3 

05 

05967 

mo 

September 1993 

15.4 

151 

1.04 

6 . 64 B 5 

1073 

October 

isn 

129 

ass 

65631 

1065 

November 

15.1 

1.14 

0.32 

06637 

106.8 

December 

155 

201 

134 

6.6026 

1092 

January 1994 

15-2 

029 

258 

65956 

1073 

February 

15.1 

078 

-029 

65905 

107 .S 

March 

15 3 

1.49 

1.38 

65782 

1083 

April 

15.8 

1.19 

0.42 

6.6240 

107.1 

Mcy 

18.6 

1.18 

0.17 

6.5872 

107.9 

June 

165 

asi 

-aoe 

65 S 88 

1083 

•Mr 

108 

037 

1.17 

65503 

109.7 

August 




65347 

1103 


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2303 

76.0 

645 

18050 

100.0 

211.1 

963 

87.0 

165.11 

124.4 

1073 

86.1 

753 

16658 

1332 

2193 

80.7 

66.7 

15151 

1473 

3453 

705 

5 Z 6 

15137 

1415 

220.0 

50.1 

283 

183.94 

1263 

247.4 

63.1 

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186.44 

137.0 

2543 

101.7 

90-0 

184.05 

1425 

300.0 

1203 

1112 

13031 

173.8 

79.1 

32 3 

282 

12039 

183.7 

75.0 

303 

26.9 

12320 

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81.1 

323 

30.1 

120.95 

182.5 

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295 

11934 

187.1 

255 

10.7 

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12333 

181.8 

243 

93 

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124.03 

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121 .66 

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27.1 

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112 

124.03 

177.0 

263 

113 

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118.77 

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273 

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88 

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103 

117.79 

188.6 

26.1 

93 

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120.67 

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103 

10.0 

121.06 

1863 

263 

11.1 

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120.00 

191.5 

263 

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73 

121.85 

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100.7 

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14942 

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1536.8 

973 

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1SOB2 

985 

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15232 

100.6 

137.0 

-105 

- 17.7 

1531,3 

983 

137.9 

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15915 

95.7 

1443 

175 

9.8 

1836.7 

79,6 

343 

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793 

385 

8.7 

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18612 

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12.7 

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133 

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18545 

782 

123 

13 

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1880.7 

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27 

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102 

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16923 

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14.5 

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13.0 

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78.0 

13.7 

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782 


■ GERMANY 


242.7 

24 as 

2542 

272.6 
310J3 

324.4 

327.4 

330.6 
323.1 



81.1 

32.7 
81^ 

89.8 


5.9 

9.7 

7.6 

11.2 


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- 5.9 

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1.9180 

1.3161 

1.9370 

1.9276 


123J 

13M 

122.4 

123.5 


27.4 

27.8 
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27.3 

28.8 

28.3 
2643 

29.1 

30.1 
30.6 


15 

30 

3.1 

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3.1 

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4.6 
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3.6 


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1.8996 

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1.9182 

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1.9415 

1.9397 

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1.9335 

1.9265 

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19075 


128.1 

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123.7 
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1213 
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122a 

1235 

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125.7 
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■ UNITED KINGDOM 


132.4 

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120.9 

137.0 
142J 

1 47,7 
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156.1 


- 5.7 

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- 14.7 

- 17.8 

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3.8 05890 
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- 11.7 0.7002 
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92.6 
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13.6 

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13.6 

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n,a. 0,7620 
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ruL 0.7873 
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Datastnsan and WffA ton national government aid central bank sources. Moos. Data 9 Uppfc*< V 


V • 


\ 





FINANCIAL TIMES TUESDAY OCTOBER 18 1994 


7 


NEWS: THE AMERICAS 


Campaign fails to dent disillusionment 



By Nancy Dunne 
In Washington 

Ten days of hard election 
campaigning afara the US con- 
gressional recess began has 
foiled to reverse the disillu- 
sioned and anti- Incumbent 
mood among US voters, 
according to an Associated 
Press polL 

The poll, released yesterday, 
found only 35 per cent of the 
electorate in favour of reject- 
ing their own congressional 
representatives. However, only 
28 per cent thought much 
would change if the Republi- 
cans took control of the Con- 
gress. 

There was good and bad 
news for both parties engaged 
in & r ^mpaig n so for permeated 
by rancour and sleaze. Republi- 
cans were slightly more likely 
to vote for newcomers thaw 


Democrats, who risk losing 
control of the Senate and, con- 
ceivably, the House as well in 
the November 8 poIL 

However, Democrats had a 
slight edge with 38 per cent of 
the voters against 37 per cent 
in favour of Republicans. 

Democratic party strategists 
fear the apathy and anger in 
the electorate is more likely to 
keep Democrats at home and 
drive Republicans to the polls. 
President Bin Clinton and the 
national Democratic party 
recognise the threat and have 
sought to turn the anger 
towards the “obstructionist" 
Republicans in Congress. 

Recent missteps by Con- 
gressman Newt Gingrich, the 
Republican leader in the 
House, have given the Demo- 
crats the opportunity to cam- 
paign with a national theme 
ms “Contract 'With America", 


unveiled last month and signed 
by 300 Republican inc um bents 

and challengers, promises a 

balanced budget, tax cuts and 
strengthening of defence - a 
prescription Bit Clinton is 
deriding as warmed-over 
Reaganism. 

Mr Gingrich has a lso warned 
that Democrats will be por- 
trayed as "the enemies of ordi- 
nary Americans". 

This has given ampirmitiryn 
to Mr Clinton, whose approval 
rating on foreign policy has 
been rising in the wake of US 
action in Haiti and towards 
Iraq. However, he remains 
deeply unpopular in large sec- 
tions of the country. 

They are going to give us 
the trickle-down economics of 
the 1980s. They are going to 
give os their ‘politics of the 
enemies list' of the 1978s," Mr 
Clinton said at the weekend. 


referring to the late President 
Richard Nixon’s obsession with 

his opponents. 

Key to the Democrats’ 
chances of stemming a Repub- 
lican tide wdl be delivering the 
message of Mr Clinton's 
accomplishments to voters, 
still anxious about job security 
and profoundly ignorant of tbs 
nation's business. 

Mr Richard Morin, polling 
director for the Washington 
Post, .noted at the weekend 
that few Americans knew the 
names of congressional leaders 
and four out of 10 think Repub- 
licans control Congress. 

Most could not name a single 
piece of legislation passed by 
Congress, and half could not 
think of a single Clinton 
accomplishment Those that 
could named healthcare 
reform, which was never 
passed. 


’West provinces key to one-Canada campaign 

Growing economic clout gives them voice in Quebec separatist debate, writes Bernard Simon 



A n unusual event in 
Canadian politics took 
place last month when 
Mr Ralph Alberta's uni- 
lingual premier, appeared as 
the guest speaker at a chamber 
of commerce function in Sher- 
brooke. Quebec. 

Thousands of miles and a 
huge cultural divide separate 
the French-speaking province 
from the prairies and moun- 
tains of Alherta and the rest of 
western Canada. Many west- 
erners resent French signs at 
federal government offices in 
Vancouver, Calgary and Winni- 
peg. For their part, few Qttebfr- 
cois have been "out west". 

Mr Klein's trip to Quebec, 
however, was a sign of the crit- 
ical role which the four west- 
ern provinces are set to play in 
the intensifying debate over 
the francophone province's 
future place in Canada, leading 
up to the independence refer- 
endum which the newly 
elected separatist government 
in Quebec plans to hold next 
year. The nm-up to the refer- 
endtun could also make or 
«'■. break the reputations of sev- 
eral of the west's most promi- 
nent politicians. 

The western provinces - 
British Columbia, Alberta, Sas- 
katchewan and Manitoba - 


have for years resented the 
influence wielded in national 
affa ir s by Ontario and Quebec, 
which are by for the most eco- 
nomically p o w e rfu l provinces. 
Right or wrong, westerners are 
convinced that they usually 
get the short end of whatever 
stick is being proffered by the 
federal government in for away 
Ottawa. 

Mr David Elton, president of 
the Canada West Foundation, a 
Calgary policy research group, 
observes that whenever a west- 
erner hears about a new fed- 
eral initiative, “you may not 
know what it is, but you know 
you want to he sitting down 
when you hear it". 

However, the west's clout 
has grown appreciably in 
recent years. Bank of Nova 
Scotia forecasts that British 
Columbia’s economy, bolstered 
by a flood of immigrants and 
climbing pulp, paper and metal 
prices, will expand by 48 per 
cent this year, the strongest 
growth rate among Canada's 
ten 10 provinces. Alberta, 
which depends heavily on ofl, 
natural gas and wheat, is 
expected to come in second 
with a 45 per cent growth rate. 

Alberta and Saskatchewan 
have made more progress than 
most other provinces in bring- 


ing down yawning budget defi- 
cits, to the point where Alberta 
Is on track to balance its bud- 
get in 1996. 

On t he political front. Con- 
servative westerners gained a 
new voice in last year’s general 
election when the Reform 
party, which is based in Cal- 
gary, won 52 seats in the 
House of Commons, all but one 
of them west of Ontario. 

Reform reaffirmed its opposi- 
tion to nffteifli hflingualiam at 
a convention last weekend. It 
is also opposed to any special 
concessions for Quebec. “Peo- 
ple want to hear tough talk 
from their pftHtiriarre on the 
Quebec issue,” says Prof David 
Bercuson, a political srigntfct 
at the University of Calgary. 

Many westerners take a 
more conciliatory line. Mr 
Elton estimates that only 
about 25 per cent to 30 per cent 
take the view that if Qufi&ois 
choose to leave Canada in the 
forthcoming referendum, noth- 
ing should be done to stop 
them. The west’s distance from 
Ottawa and its increasingly 
dose links with east Asia mid 
with neighbouring US states 
belie a strong attachment to 
Canada. Periodic initiatives to 
bring western US states and 
Canadian provinces together in 


a “Rocky Mountain Corridor” 
have so for been confined to 

mmmprr-tal lining 

Mr Klrfn, who is by for the 
west’s most popular politidan 
at present, has given notice 
that he will be a voice of mod- 
eration in the national unity 
debate. “Canada may not have 
succeeded in everyone's eyes," 
he told his audience in Sher- 
brooke, "but we have not 
foiled. Our federal system of 
government allowed both 
Alberta and Quebec to manage 
our own economies, and to pro- 
tect our diverse culture, lan- 
guage, heritage and history.” , 

Mr Klein's -closest ally in 


national politics is Mr Jean 
Charest, the 38-year old Qa£b6- 
cois who took over the Progres- 
sive Conservative party after 
its near-annihilation in last 
year’s election. The Conserva- 
tives, who governed Canada 
from 1984 to 1993, lost all but 
two of their seats in parlia- 
ment 

Mr Kiern believes that only 
Mr Charest, who is expected to 
emerge in coming months as 
one of most effective federalist 
voices within Quebec, can 
revive Conservative fortunes. 

Hie two men. have recently 
indicated - without putting 
flesh on their Ideas - that they 


favour a middle ground 
between Quebec breaking 
away and the status quo. Mr 
Elton agrees that “a creative, 
third upturn wQJ emerge". 

But the risk remains quite 
high that the west could has- 
ten rather than hinder a 
break-up. Mr Mike Harcourt 
British Columbia’s premier, 
was widely seen as playing 
fntn flu separatists’ hands ear- 
lier this year with remarks 
that while Qu£b£cois and west- 
erners were the best of friends, 
they would become the worst 
of enemies if Quebec decided to 
go its own way. 

The new government in Que- 
bec has an interest in provok- 
ing further such outbursts. 
After only a month in office, it 
has already raised hackles by 
turning a number of relatively 
minor irritants into evidence of 
the inability of French- and 
English-speaking Canada to 
Uve together. 

It would take a handful of 
western politicians to rise to 
the BO'S bait or the Reform 
Party to regain Us stride for Mr 
Klein's optimistic scenario to 
start unravelling. On the other 
hand, if the separatist threat is 
defused, Ur Klein and Mr 
Chare st could e m e rge as the 
saviours Of Canada. . 


AMERICAN NEWS DIGEST 

Cuba arrests 
raiding party 

Cuba said yesterday its security forces had captured a raiding 
party of seven armed Cubans from Miami who landed by 
launch on a causeway near Caibarten on the island's northern 
coast early an Saturday. The Interior Ministry said the seven, 
who wore camouflage uniforms, shot dead a local fishermen. 
Three of the raiders were wounded in a shootout with the 
security forces. 

The ministry desc r ibed the seven as mercenaries, and the 
incident in VDla Clara province as a "strange attempt of 
armed infiltration mming from the US”. It occurred a week 
before Cuban and US delegations were due to meet in Havana 
to review a bilateral immigration accord signed on September 
9. In January 1992 Cuba said it executed by firing squad one of 
three Miami Cuban exiles captured landing with arms and 
explosives on tbs north coast The two other members of that 
raiding party had their death sentences commuted to 30-year 
jail terms. At least one other attempted landing by armed 
exiles has been reported in the Last few years. Pascal Fletcher. 
Havana 

Cardoso confirmed as winner 

Mr Fernando Henrique Cardoso, Brazil's former finance min- 
ister, was yesterday confirmed as the country’s future presi- 
dent following elections two weeks ago. With the final votes 
counted yesterday, Mr Cardoso polled 344m votes or 543 per 
cent of the valid votes cast His nearest rival, left-winger Mr 
Uriz InArio Lula da Silva, polled 27 per cent The right-winger, 
Mr Eneas Carneiro, seen as a protest candidate, came third 
with 74 per cent beating established politicians Mr Orestes 
Quercia and Mr Leonel Brizola, who polled 44 per cent and £2 
per cent respectively. Most votes had been counted by early 
last week, bat delays and fraud allegations in Rio de Janeiro 
slowed the final announcement of the results. Mr Cardoso, 
who is on holiday in Russia with his wife, is due to take office 
on January L Angus Foster, Sdo Paula 

Outright win seen for Menem 

Argentinians will reelect President Carlos Menem next May 
without the need for a damaging second-round run-off, Leaving 
the opposition vote divided among rival factions, according to 
an opinion poll published yesterday. The poll adds weight to 
an important victory earlier this month for the president's 
Percmist party in Buenos Aires province. Governor Eduardo 
Duhalde, the second force in Mr Menem’s party, overwhelm- 
Ingly won a plebiscite allowing him to seek re-election, 
stren gthening the Peranists' claim that their policies stin 
carry majority support Yesterday’s poll, published in the 
government-leaning In Nadfin, showed the Peranists captur- 
ing 43-5 per cant of the vote, with the two main opposition 
forces, the centre-left Frente Grande and the Radical party, 
mustering only 20.7 and 1&9 per cent respectively. 

David Pitting, Buenos Aires 

US inventories surge 

US business inventories rose 1 per cent in August, the fifth 
straight increase and the biggest advance since May, in what 
analysts said is fresh evidence of continuing economic expan- 
sion. The Commerce Department also reported yesterday that 
the rise was easily outpaced by business sales, which surged 3 
per cent in August, the biggest jump in over seven years. The 
Cmmnercg Department said inventories totalled a seasonally 
adjusted $903.6bn, up from $8947bn in July, more than twice 
the rise expected by analysts. AP, Washington 



The new JAGUAJc* XJ Series is fitted exclusively with Pirelli tyres* 

POWER IS NOTHING WITHOOT CONTROL. 


llRELLI 

Pirelli UK Ltd. 






8 


0 



financial times 


TUESDAY OCTOBER- 


18 1994 



NEWS: UK 


Price of London-Paris rail return unexpectedly high, says airline London-*^: how much does a co«i? 


Eurostar announces £95 fare 


By Charles Batchelor 
and Michael Ska pinker 

The railways of Britain, Franca 
a ad Belgium yesterday- 
announced the start of their 
high-speed Eurostar service 
through the Channel tunnel 
with prices for a return ticket 
from London to Paris or Brus- 
sels starting at £95 (SI 50V 

European Passenger Ser- 
vices. the British partner in 
the three-country project, said 
the prices did not seek to 
undercut airline fares because 
Eurostar aims to sell tickets on 
the basis of more convenient 
travel. Mr Richard Edgley. 
mana gin g director, said: “We 
will run a city centre to city 
centre service with less hassle. 
VVe will also offer better and 
more interesting meals." 

He said Eurostar would gain 
“a major share" of the market 


for journeys between the three 
capitals and a significant, 
though probably smaller, share 
of longer journeys between 
Manchester and Paris. 

Fares for what Eurostar calls 
its Discovery service start at 
£95 return between London 
and Paris or Brussels if the 
traveller books 14 days in 
advance. They rise to £155 for a 
standard ticket without pre- 
booking, and £195 for first-class 
travel which includes a hot 
three^ourse meaL The service 
starts on November 14 with 
tickets on sale horn October 24. 

British Airways said the 
Eurostar fares were higher 
than expected, making Its own 
cheap flights look competitive. 
BA said air travellers could 
buy return flights from London 
to Paris for £83 provided they 
travelled in mid week and 
stayed in the French capital 


over a Saturday night. In 
August the fare for this flight 
had Mien to £59. 

However, Mr Cris Rees, com- 
mercial manager at Thomas 
Cook, the travel agents, said 
Eurostar could probably afford 
to charge a small premium 
because it offered a convenient 
route from the centre of Lon- 
don to the centres of Paris and 
Brussels, cutting out travel to 
and from airports. Mr Rees 
said travelling by rail for the 
weekend would also appeal to 
families. 

American Express, the finan- 
cial services and travel group, 
said It welcomed the added 
competition for London-Paris 
travel, the world's busiest air 
route. Tbe company said it 
expected Eurostar to win over 
travellers who found it easier 
to travel to Waterloo station 
than to Heathrow airport. 


American Express said: “Com- 
muters to Waterloo will just 
have to change platforms to 
travel to Paris.” They would 
also be able to work more com- 
fortably on the trains than on 
an aircraft, the company said. 

fit the first few months of 
Eurostar travel, departures 
will be limited to two a day 
each way to each of the other 
two centres, with a third train 
serving Lille at file junction of 
the three spurs in northern 
France. As more trains and 
carriages are delivered over 
the next few months Eurostar 
services will Increase in fre- 
quency. 

Because of continued work 
on the tunnel by Eurotunnel, 
operator of the cross-Channel 
link, there will be no Eurostar 
services on Saturdays and Sun- 
day mornings. But the Friday 
afternoon and Sunday after- 


current return fares 


Eurostar 

First dess 

Second dass ■ 
Uwesr 

Air Business*" 

Lowest • 

Highest 

Economy 

Lowest 

Highest 

Economy Apex Lowest 

Highest 

Cheapest 


Stana SeaShfc 

Dovw-Cafats 

Newhawen-Oteppe 

Howarspeed. 

Loncton-Dow- 

C^ass-Parts 

f&tysprttt} 

NANI 

London-Paris 


Express 
'Nerd g WdaybocM 



£0 90 tOO ISO 200 SO 300 350 

-British ttnmp. Mr France, EWteb Mktand 


noon services will allow travel- 
lers to spend weekends away. 

Tickets will go on sale 
through Eurostar's telesales 
office, at main railway stations 
and through travel agents. 

The journey time between 
London and Paris is three 


hours and between London and 
Brussels 3V4 hours, but these 
rimes will fall when the Bel- 
gian and British high-speed 
links are complete. 


Lex, Page 18 
Light at the end? Page 19 


Policy on detention of asylum-seekers is attacked 


By Edward Mortimer 

The UK Home Office practice 
of detaining asylum seekers for 
long periods without giving 
reasons is severely criticised in 
two reports from humanitarian 
organisations published today. 

in one report, based on a 
study tracking the fortunes of 
50 detained asylum seekers 
over 14 months, Amnesty 
International's British section 
says current procedures violate 


international human rights 
laws and standards. The other 
report, from the Medical Foun- 
dation for the Care of Victims 
of Torture (a UK-based char- 
ity), finds that people who seek 
asylum after surviving torture 
in their own countries are 
being detained in Britain for 
periods ranging from two to 17 
months. 

Some 600 asylum seekers in 
the UK. out of 50,000 under 
consideration, are currently 


detained pending a decision on 
their claims. Amnesty believes 
that “in most cases detention 
is neither necessary nor for 
reasons recognised as legiti- 
mate under international stan- 
dards". 

On average. Amnesty says, 
the asylum seekers in its 
study, none of whom were 
charged with any criminal 
offence, were detained almost 
three times as long as remand 
prisoners charged with serious 


offences. Twenty-two of the 50 
were eventually released, 
either on bail or on “temporary 
admission*’, while their 
were still unresolved - five of 
them after being held for over 
six months. None of these later 
absconded or failed to comply 
with the conditions of their 
release. 

“These findings seriously 
undermine the government's 
claim that detention is used 
only where necessary and ‘only 


as a last resort' when ‘the 
applicant cann ot be relied 
upon to comply volun- 
tarily . . . the report says. 

It also condemns the lack of 
any requirement that deten- 
tions should be justified to a 
court or similar review body. It 
contrasts this with the crimi- 
nal justice system. 

The Medical Foundation 
report is based on 47 
cases of detained asylum- 
seekers visited by doctors 


from the foundation since 
January 1993. In 45 of these, 
the foundation was able to doc- 
ument evidence of torture, but 
detention continued none the 
less. 

The report stresses that 
detention, besides adding sig- 
nificantly to the distress of tor- 
ture survivors, “makes it more 
difficult to make decisions 
about a person’s credibility", 
because of the anxiety and 
trauma it produces. 


Police crackdown averts $10bn fraud on China bank 


By Robert Peston 

A SlObn bank fraud was 
prevented by an international 
police operation led by the 
UK's metropolitan fraud squad. 

Details of one of the biggest- 
ever attempted bank frauds 
emerged yesterday on the eve 
of the UK's first National 
Fraud Forum, which brings 
together police, City of London 
regulators and private-sector 
investigators to discuss how to 
improve the UK’s record on 
fraud prevention and prosecu- 
tions. 

The victim of the fraud 


attempt was the Agricultural 
Bank of China, one of China’s 
big four banks. 

It involved the issue by the 
bank of SlObn In letters of 
credit, or bank certificates 
guaranteeing trade payments 
between two companies. 
Letters of credit can be traded 
or used as collateral when reus- 
ing bank loans. 

On April 1 last year, the 
Hengshui Central branch of 
tbe Agricultural Bank issued 
200 of these certificates, in the 
name of United Asia (Group) 
Corporation, a sheli company 
based in North America, with 


payment due to Sherwood 
Investments Of Bahamas 
According to an official with 
a dose knowledge of the case, 
the certificates were genuine 
in that they were signed by 
two employees of the bank. 
However, they may have been 
obtained by deception and 
their export out of China was 
also probably fllegaL 
The official said that the per- 
petrators of the scheme were 
too greedy. “If there had been 
less money at stake, they 
might have got away with it", 
he said. Most of the certificates 
were taken on a circuitous 


route through a series of off- 
shore centres to the City of 
London, where eventually they 
were presented to Barclays, the 
UK clearing bank. 

Investigators believe that 
the aim of presenting them to 
Barclays was to obtain a 
receipt stating that the certifi- 
cates had been lodged with the 
bank. This receipt would then 
have been used to obtain sub- 
stantial loans from other 
b anks. 

However, Barclays had suspi- 
cions about tike provenance of 
the certificates and therefore 
contacted Agricultural Bank’s 


head office and tbe Bank of 
England. 

Meanwhile, the Chinese 
authorities had by July of last 
year become aware of tbe 
export of the letters of credit 
Messages were sent to all Inter- 
national banks via the SWIFT 
electronic funds transfer net- 
work, telling these banks that 
the certificates should not be 
treated as legal tender. 

The police in London and 
New York were alerted. In the 
following six months, they suc- 
ceeded in recovering 183 of the 
certificates in London. Six 
more were found in the US and 


West Indies. The location of 
one was traced to a bank vault 
in Switzerland. 

Mr Lei Ping Wu of the agri- 
cultural bank’s London office 
said that, thanks to the actions 
of the police, his bank had suf- 
fered no losses. 

The individual who pres- 
ented the certificate to Bar- 
clays has disappeared. In 
China, several people have 
been imprisoned in connection 
with the case, including two 
bank employees. No charges 
have been laid against anyone 
outside China. 

Fraud Survey, Page 27 


BRITAIN IN BRIEF 

Do-it-yourself stores 
group to shed 900 jobs 

Texas Homecare, the UK’s second-biggest chain of do-lt -yonrsclf 

of •ttmm 

recovery fa the bousing market With more than 1,000 DIY 
superstores in operation, 

much capacity fa the market About half the job losses at Texas, 
owned by the Ladbroke group, will come from JJ? 
average number of managers and assistant managers in stores 
from seven to five, with some administrative ^ nc ^ ons * >em * 
taken over by computer systems. Remaining a»tefant .managers 
are being retrained and will spend more of their time on the 

shop floor to Improve service, 

Restnicturing costs of about £2m wffi be chained tofaisyearis 
profit and loss account but Ladbroke said resulting cost s aving 
would be “considerable”. Ladbroke. which has no other retail 
interests, says it has no plans to sell Texas, bat analysts believe 

. r _ - Minld ho imnmvoil 


Lottery war ahead on television 

Commercial television companies are considering broadcasting 
an “unofficial” programme about tbe National Lottery to counter 
the official live draw of winners which will be shown on the 
publicly owned BBC 1 channel every Saturday evening from late 
next month. ITV. the national commercial network, is saying 
nothing about its plans other than to insist that its viewers will 
be kept fully informed about the lottery that will start creating 
millionaires from November 19. 

The signs that ITV intends to be competitive on what could be 
nr i» of the top-rated programmes on British television came 
yesterday as Camelot, the National Lottery operator and the BBC 
confirmed that they bad signed a three-year contract Lottery 
tickets will cost £1, and if Camelot’s forecasts are met, the world's 
largest individual lottery should have revenues of £32bn over 
seven years. Raymond Snoddy, London. 


Army role in Ireland to change 

The British government yesterday gave fresh impetus to the 
peace process in Northern Ireland by indicating that the armed 
forces were preparing to adopt a Iowa* profile in the province. 

Amid clear indications that Downing Street will announce 
within the next week that it is ready to hold exploratory talks 
with Irish nationalists, Mr Malcolm Rifkind. defence secretary, 
told MPs he was planning new measures to reduce the impact of 
the armed forces’ operations. 

Mr Wfkin d said it would be irresponsible to cut force levels in 
Northern Ireland prematurely. But be told the House of Com- 
mons that the government aimed to “make the posture of the 
military patrols appear less aggressive to the public. It can never 
be normal for soldiers to be deployed on the streets of the United 
Kingdom.” Ivor Owen and James Blitz, Westminster. 


Leader’s grip on party grows 

Mr Tom Sawyer, a leading trade union ally of Labour party leader 
Mr Tony Blair, was yesterday appointed general secretary of the 
party by its ruling national executive committee. His appoint- 
ment ensures the loyalty of the party machinery, and helps 
prepare the ground for Mr Blair's plan to dump its traditional 
commitment to nationalisation later this year. 

Mr Blair's grip on the party machine is expected to be farther 
strengthened tomorrow by the election of additional supporters to 
the shadow cabinet Kevin Brown, Westminster. 


0 






The day’s dealing had been 
even more successful than I’d 
hoped. But now I was 
feeling as limp as my suit, and the 
decision whether to dive 
into the bar or the shower first 
was going to be a tough one. 
Take me to the Hilton! . 

A few phone calls and faxes, and 
Fd be able to relax. 

Tonight it wourd be dinner for two, 
with a bottle of something 
suitably extravagant from the HiUon’s 
impressive celiac 
Soon, together with my suit Td be 
restored to my former selt ■ 



HILTON 

Where you can be 
youry^^again. 


HfLTON INTERNATIONAL OPERATES OVER ISO HOTELS AROUND THE WORLD- FOR RESERVATIONS CONTACT YOUR TRAVEL AGENT. ANY HILTON HOTEL OR HILTON RESERVATIONS WORLDWIDE 












FINANCIAL TIMES TUESDAY OCTOBER IS 1994 


9 


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NEWS: UK 




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Industry minister says Conservatives were right to opt out of EU social chapter 


Samsung project biggest since Nissan 


By John Burton n Seoul 

Samsung's decision to 
establish its main European 
production beachhead at 
Wynyard in north-east 
England comes after fierce 
competition among EtJ mem- 
bers to attract the biggest 
investment project yet by a 
Korean company in the region. 

The world’s flfflrtjlggest elec- 
tronics group has been scout- 
ing sites in the EU for the past 
year as part of its strategy to 
establish regional manufactur- 
ing centres around the globe, it 
has already selected Tijuana, 
Mexico, as Its ™i« production 
complex for North America. 

EU candidates included Por- 
tugal, Germany and France. 
The final choice came down to 
Spain, where Samsung has TV 
and VCR manufacturing 
operations in Barcelona, and 
the UK. It now produces colour 
TVs at Bfllmgham. Cleveland. 

According to UK investment 
officials, Samsung conducted 
negotiations on the final chninp 
in the past two months Mach 
was at stake. Samsung pbma to 

Industrial 
revolution 
in north-east 

By Chris Tighe 

The Samsung project is a 
tremendous economic and 
psychological boost for a 
region of Britain undergoing 
its own industrial revolution. 

North-east England prides 
itself on being the UK's biggest 
focus of inward investment by 
Far East manufacturers. 

It already numbers among 
its dozens of big foreign 
investments two of the UK’s 
biggest - Nissan's £926m 
European car plant at 
Sunderland, Tyne and Wear, 
and Fujitsu's only European 
semiconductor manufacturing 
operation, at Newton Ayclifie, 
County Durham. 

Fujitsu announced yesterday 
that production _cf 16 megabit 
D-Ram microchips at Newton 
Ayclifie wiQ start next April. 


spend $7QGm on the project, 
almost seven times the annual 
investment by Korean compa- 
nies in the EU. 

The proposed complex will 
have an annual production of 
lm computer monitors, i_3m 
microwave ovens, 250,000 fac- 
simile machines, 250,000 per- 
sonal computers, and 3m moni- 
tor tubes as wefl as facilities to 
manufacture 8-inch semicon- 
ductor wafers and colour tele- 
visions. The facilities win gen- 
erate $2hn in annual turnover. 

British officials describe 
Samsung's project as the single 
biggest foreign manufacturing 
investment in the UK since 
tfissan’s initial 8450m invest- 
ment at Sunderland in 1988. 

It is a significant escalation 
of the trend towards overseas 
expansion by South Korean 
companies, which lag their 
Japanese competitors in estab- 
lishing plants abroad. The aim 
is both to get round protection- 
ist trade barriers and to be 
close to the markets they 
serve. Samsung recently also 
announced plans to build a 
$500m plant outside Shanghai 


Mr Michael Heseltine. UK 
trade and industry secretary, 
believes the UK was selected 
over Spain far several reasons 
including labour productivity 
and infrastructure, the 
Koreans’ familiarity with the 
jjftt ffffch language, the pre- 
vious success of Korean 
operations in the UK. 

Mr Besetting, who is on a 
visit to Seoul, cited the Sam- 
sung derision as supportive of 
the UK's decision to opt out of 
the EU social chapter so that it 
can offer "competitive wage 
rates." But he added that Sam- 
sung found the UK an attrac- 
tive place to invest because of 
its membership in the EU. 

However, the government’s 
offer of financial benefits also 
swayed Samsung. Direct and 
indirect assistance accounts 
for 20 per cent erf the invest- 
ment cost, Hy* company 

British officials believe the 
incentive package is worth the 
price because the Samsung 
complex will provide 3JJ00 jobs 
in a “regional unemployment 
blackspot” in north-east 
England. 


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Electronics giants queue to invest 


By Alan Cane 

Samsung’s decision to spend 
same £45Qm ($7iim) to extend 
its Cleveland factories repre- 
sents a further vote of confi- 
dence in the quality of British 
manufacturing from South 
Korea’s largest industrial 
group, which is also the 
world's 18th-largest company. 

Its activities range from 
semiconductors, electronic 
watches and computers to 
shipbuilding, heavy engineer- 
ing, petrochemicals and medi- 
cal equipment 

In the past month NEC, the 
Japanese electronics giant, 
Sharp, the Japanese ^»nmw 
electronics company and Phil- 
ips of Holland have all 
announced farther investment 
in their UK manufacturing 
operations, chiefly in the areas 
of semiconductors, television 
picture tubes and white goods. 

In addition, Mr Phillip 
Samper, president of the com- 
puter division, of Sun Microsys- 
tems, the US workstation man- 


ufacturer, said the quality of 
portable computers produced 
by Sun’s Scottish plant was on 
a par with any nrtwr wMuwfan . 
taring region. 

Samsung is following thin 
investment pattern, ft already 
manufactures 700,000 colour 
television sets a year in 
north-east England for export 
to the rest of Europe. 

More *ihnm haw the personal 
computers Bold throughout 
Europe are now manufactured 
in the UK. Some 10.3m 
machines worth about 820bn 
were shipped to continental 
Europe in 1993; the number 
grew another by 10 per cent in 
1994. The market is buoyant A 
recent Economist study 
suggested demand is set to 
grow in double digits for the 
foreseeable future: “Business 
in the 1990s cannot compete 
without the efficiency and 
technology provided by com- 
puters . . . the massive price 
reductions of the past two 
years have played a vital part 
fa promoting continued growth 


Growino 


PC 


UttesMppsdh'maiwwr 
• 20 - 



v ; «sqet-;ar.es- Mesas. «r «s 

S0UMOMaqp«st - - “I. ' j.. • 

in the of pcs," it argues. 

M r fnmn Bea, manag in g 
director cf Samsung Electron- 
ics in the UK. pointed out the 
p r ox i m i ty (rf Cleveland to Scot- 
land’s Silicon Valley where 
there are a host of computer 
m m pinipg which muW become 
customers for Samsung’s prod- 
ucts. 

The picture for microwave 
ovens is less dear cut. Accord- 


ing to the UK Association of 
Manufacturers of Domestic 
Appliances some 1.5m ovens 
were shipped last year, roughly 
the same as the number of 
washing machines. While the 
number of first-time buyers is 
continually replenished, it is 
becoming a replacement mar- 
ket 

The UK Is reckoned to be 
ahead of the rest of Europe, 
however. Total European pro- 
duction of microwave ovens in 
1992 was ».Bm. Whereas almost 
90 pa 1 cent of European house- 
holds have a washing machine, 
however, only about 33 per 
cent have microwave ovens. 
Mr Bea said manufac turin g 
within Europe would prevent 
regulatory problems with the 
European Cammlssum. 

S amsung 's new investment 
corresponds with its stated cor- 
porate strategy which is to 
concentrate investment in 
promising sectors of interna- 
tional industry rather than 
weakening its thrust by over- 
djyergjfication. 


Incentives 
in cash 
attract 
companies 

By Chris Tighe 

Samsung’s new Electronics 
Complex underlines yet again 
the fierce competition between 
rival areas of Europe for new 
investments, and the substan- 
tial incentives offered to help 
tip the balance. 

In the summer, the rift 
between UK government 
ministries about the aid 
available from the Department 
of Trade and Industry for 
inward investment was 
exposed, ft was revealed in a 
leaked letter in which Mr 
Michael Portillo, then a junior 
minister at the Treasury, 
wrote critically about the use 
of investment grants to deal 
with regional imbalances in 
employment 

Samsung’s choice of 
north-east England win have 
been influenced by its happy 
experience in the region, 
where it has a successful 
recently expanded £20m 
investment at Billingham, 
Cleveland, producing televi- 
sion sets and employing 300 
people. 

fart nobody in the economic 
development field doubts the 
important of large cash incen- 
tives; at Wynyard, a Develop- 
ment Arpflj Smnnwg hw howi 
offered £58m (891.6m) in 
Regional Selective Assistance 
on the basis of a Z450m proj- 
ect If, as hoped locally, the 
investment goes up to £60 0m, 
applications for farther RSA 
could he made. 

In addition, government- 
backed developer England 
Partnerships is contributing 
£9m and Cleveland Comity 
Council and Teesside Training 
and Enterprise Council are 
offering £5m each. Other coun- 
cil aid and European funds 
have produced an additional 
£1.85m. 

As late as last Friday the 
Northern Development Com- 
pany did not know if it had 
secured the project; chief exec- 
utive Mr John Bridge believes 
the Samsung study team made 
its final decision only on Fri- 
day. 


Branson rival 
hopes to take 
cola war to US 


By Diane Simmers, 

Marketing Correspondent 

Richard Branson, the Virgin 
company chairman who 
appears to delight fa challeng- 
ing the supremacy of estab- 
lished organisations such as 
British Airways and Coca-Cola, 
is himself coming under attack 
from a minnow competitor. 

Mr Ric Hurting, a business- 
man who has been operating a 
small group of companies 
called the Ellin Group from 
Wales, says he, and not Mr 
Branson, originated the idea of 
a Virgin Cola drink. He says he 
intends to launch the product 
fa the USA and is also pressing 
ahead fa Australia and South 
Africa. 

Meanwhile Mr Branson's Vir- 
gin d rink will initially be dis- 
tributed in the UK mainly 
through Tesco supermarkets 
and his lawyers said they 
would act against Mr Huning if 
he launched a product called 
Virgin cola anywhere. 

Mr Huning says he first pres- 
ented the Cola concept to Vir- 
gin fa 1992 but that fa January 
last year the organisation 
rejected the idea. Virgin has 
confirmed that one of its exec- 
utives wrote to Mr H oning fa 
January last year saying: 
“Your idea for ‘Virgin Cola’ 
looks very interesting and I am 
sure it would be a great suc- 
cess.” 

“However, we are currently 
concentrating investment on 
ideas which fit fa with our 
mrigting businesses," he contin- 
ued. “Unfortunately your idea 


is a little too far removed from 
those businesses to be of inter- 
est to us. I wish you luck with 
your endeavours and thank 
you for considering Virgin." 

Mr Huning says that after 
receiving the letter be started 
discussions about manufactur- 
ing and marketing Virgin Cola 
himself. But then, he contin- 
ues: “Somebody in the [Virgin] 
organisation must have 
decided somewhere through 
1993 that it was a damn good 
idea and they should really do 

it.” 

In July this year Virgin 
gained mi interim inj unction fa 
the UK preventing Mr Huning 
from using the Virgin Cola 
name fa the UK. Harbottle & 
Lewis, Virgin’s lawyers in Lou- 
don. said that the letter from 
Mr Dixon was “written by mis- 
take in the middle of an 
extremely aggressive set of cor- 
respondence" between the firm 
and Mr Huning. 

This correspondence mode 
clear to Mr H un big that “if he 
tried to go ahead and use this 
[the Virgin Cola name] we’d 
come after him," said Har- 
bottle & Lewis. 

Virgin said Mr Branson had 
tqtiri some years ago tip** he 
was thinking of going into the 
soft drinks business. Mr Hun- 
ing bad been told a long time 
ago that cola was about a for- 
mula rather than an idea. "We 
needed someone to bring us 
the formula.” 

Mr Huning, who has subse- 
quently seen the collapse of his 
main trading company, 
remains undeterred. 


Farmland to be freed 


Legislation ending security of 
tenure for new agricultural 
tenants should immediately 
free nearly lm acres of farm- 
land for rent for periods of five 
years or more, the Royal Insti- 
tution erf Chartered Surveyors 
said yesterday, Alison 
Maitland writes. 

The institution said this 
would represent almost 10 per 
cent of the rented sector fa 
England and Wales, which is 
paralysed by landowners’ 


unwillingness to risk losing 
control of their land. 

Mr William Waldegrave, 
agriculture minister, said last 
week that a bill reviving freely 
negotiated contracts between 
farm landlords and tenants 
would be introduced early in 
the parliamentary session 
which opens next month. 

Mr Martin Lowry, RICS 
spokesman on rural property, 
said the change would enable 
new blood to enter fanning. 


■P 


Hl ltl 


V« 


OUR CHAIRMAN 



We know that today’s baby talk will turn into tomorrow’s 

BUSINESS NEGOTIATIONS. WHICH IS WHY WE’RE WORKING FOR 


FUTURE GENERATIONS. OUR R&D CENTRES 
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OUR MANUFACTURING PLANTS IN COUNT- 
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Already, Canon office equipment is 

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10 


FINANCIAL TIMES 


TUESDAY OCTOBER IS 1994 


BUSINESS AND THE LAW 


A s it approaches its 
first birthday, the 
UK's Financial Law 
Panel has good cause 
for cheer. The panel was set up 
by the Bank of England amid 
concern that uncertainties in 
the law affecting financial mar- 
kets were undermining Lon- 
don’s future as an interna- 
tional financial centre. 

Today, the FLP enjoys the 
active support of some 150 l lee 
paying) law firms, banks and 
other financial institutions. 
And according to the FLP’s 
chairman. Lord Donaldson, for- 
mer Master of the Roils: “In its 
first year, the p and has made 
far greater progress with Its 
allotted task than could rea- 
sonably have been expected." 

To date, nine projects have 
been completed. In addition to 
guidance papers on so-called 
“netting” (off-setting liablities 
between two parties), the FLP 
has produced papers on the 
legal position of “shadow" 
directors (people who, while 
not directors themselves, exer- 
cise control over the manage- 
ment of a company): the con- 
troversial issue of brokers' 
liability for premium in non- 
marine insurance at Lloyds; 
and a recommendation on the 
position banks should adopt on 
security over cash deposits. 

Lord Alexander QC. chair- 
man of National Westminster 
Bank and the Bank of 
England’s legal risks review 
committee, which recom- 
mended setting up the FLP, 
said “I feel the prototype is Dy- 
ing." When, two years ago, the 
committee recommended the 
FLP the idea seemed a good 
one, he said. But there were 
several concerns. Would there 
be enough subscribers? Would 
there be enough for the panel 
to do in the long term? Would 
enough people want to solve 
problems outside court to 
make the panel worthwhile? 
Those concerns have proved 


Cause for quiet celebration 


One year after its launch, Robert Rice examines 
the progress of the UK’s Financial Law Panel 


largely unfounded. “Overall, 
I’m rather encouraged," said 
Lard Alexander. 

According to Lord Alexan- 
der, NatWest is satisfied it Is 

getting value for money. He 
points to the reassurance the 
panel has provided for the mar- 
kets in general, particularly in 
areas such as netting and 
shadow directorships, where 
although hankers and lawyers 
felt they were on solid legal 
ground there was still some 
uncertainty. 

The panel has also been able 
to prevent disputes going to 
court by examining issues such 
as the Lloyd's brokers' liabil- 
ity. The panel sought to deter- 
mine whether an industry 
practice existed by which bro- 
kers could be held liable for 
premiums. It found no such 
custom existed and the issue 
has now been resolved without 
recourse to the courts. “That 
seems to me like a very attrac- 
tive way of dealing with 
issues," said Lord Alexander. 

He believes the panel's great- 
est strength is that it is seen as 
impartial - a view echoed by 
Mr Colin Bamford. the FLP’s 
chief executive. Although Mr 
Bamford concedes that “some- 
times what we do makes peo- 
ple's lives more difficult", his 
main objective of ensuring the 
FLP is seen as independent 
appears to have been achieved. 

“There is no point in the 
panel being the representative 
voice of City solicitors or 
another arm of the Bank of 
England.” he said. 

This Question of indepen- 
dence is particularly important 
when dealing with the govern- 
ment “My perception is that 
the government regards us as 
worth listening to because we 
are not a representative body 



City success: FLP’s Colin Bamford and Lord Alexander 


of City interests. There is 
enough special pleading on 
behalf of interest groups 
already," he said. 

One consequence of this 
uncompromising stance is that 
several banks which have 
turned to the FLP have been 
frustrated at its dogged impar- 
tiality. 

The debate on the limits of 
auditors' liability is an exam- 
ple of an issue in which the 
FLP has resisted any involve- 
ment. "It’s an important 
debate. But there are no legal 
uncertainties involved- We 
would just be adding our voice 
to one side or another and 
that’s not what we’re here for,” 
says Mr Bamford. 

As it sets out on its second 
12 months, the panel's agenda 
is already fulL The two big pro- 
jects on its hands are legal 
uncertainties in ftnui manage- 


ment - an issue brought to the 
FLP by UK commercial banks 
- and the powers of public bod- 
ies, such as local authorities 
and National Health Service 
Trusts, to deal in financial 
markets. The latter is a legacy 
of the 1990 Hammersmith and 
Fulham council “interest rate 
swaps” case in which the Law 
Lords ruled that swaps con- 
tracts between h anks and local 
authorities were invalid 
because local authorities were 
not empowered to carry out 
such transactions. 

The issue of public bodies 
trading in financia l markets 
has been given added impor- 
tance by two recent develop- 
ments: a High Court ruling in 
May in the AHerdale case; and 
by the government's much- 
vaunted private finance initia- 
tive for public sector projects. 

In the Allendale case, the 


High Court ruled that Credit 
Suisse, a Swiss bank, could not 
recover a £5m loan to AUerdala 
Borough Council, Cumbria, 
which the local authority had 
guaranteed. The court said the 
council did not have the power 
to issue a guarantee. The judg- 
ment heightened concern in 
the City about lending to local 
authorities. 

Since the H aynTT >«>rymifh and 
Fulham ruling local authorities 
have been lobbying the govern- 
ment for a change in the law 
on the public bodies’ powers to 
engage in City trading. Local 
authorities have proposed two 
solutions: either abolish the 
ultra vires rule (which provides 
that a contract is void and 
unenforceable if it is beyond 
the powers of a public body); 
or introduce “safe harbour” 
provisions for banks entering 
into such transactions. 

Neither solution is attractive 
to the government The FLP 
was called in and has proposed 
to the Treasury that a tribunal 
be set up under the Audit Com- 
mission to which public bodies 
can take pre-clearance for pro- 
posed City deals. If the pro- 
posed tribunal says a deal is 
within a public body’s powers 
it will issue a certificate as a 
safeguard for third parties. It is 
a novel solution, says Lord 
Alexander, which only an inde- 
pendent body such as the panel 
could have proposed. 

Over the coming months the 
panel will also be co ntinuing 
two long-term projects - semi- 
nars for judges on practical 
developments in the financial 
markets, and the development 
of the idea of the panel acting 
as amicus curiae - friend of the 
court - in litigation involving 
the operation of the financial 

markpts - 

The latter has already been 
discussed with senior judges 
and lawyers and is generally 
well received, said Mr Bam- 
ford. 


Tetra Pak, the 
/j\ 9 A Swedish pack- 
Lg. aging group, 

recently lost its 

appeal to the 

Court of First 
EUROPEAN Instance 
court against a 
------ record Ecu75m 

(£58 .8m) fine levied by the 
European Commission for 
breach of the Rome Treaty 
competition roles. 

The case, which involved a 
six-year investigation by the 
Commission followed by a two- 
year administrative procedure, 
concerned the commercial pol- 
icy adopted by Tetra Pak in the 
European Community since 
1976 in respect of its packaging 
machines a nd cartons. 

The Commission found Tetra 
Pak had a dominant position in 
the markets for machines and 
cartons Intended for the asep- 
tic packaging of liquid foods in 
the EC, and that it bad abused 
that position both in those 
•marfcatR a nd in the neighbour- 
ing markets for non-aseptic 
m^rhhy*! and cartons. 

Non-aseptic food packaging 
does not require the same 
degree of sterility as aseptic 
packaging and so /alls for less 
sophisticated equipment 
Tetra Pak denied it was in a 
dominant position in the EC 
and that it had infrtngpd the 
competition rules. 

First, it disputed the Com- 
mission's definitions of the 
product market and geographi- 
cal market Second, it disputed 
that it was in a dominant posi- 
tion in the markets for aseptic 
products. Finally, it disputed 
whether the relevant EC com- 
petition rules applied to Tetra 
Pak’s conduct in the neigh- 
bouring markets for non-asep- 
tic products, in which it was 
not dominant 

In rigfining the product mar- 
ket the Court held that it was 
necessary to take account of 
all the competitive conditions 
in the general market for the 
packaging of liquid food prod- 
ucts when determining 
whether the Commission was 
correct in finding that there 


Tetra 

Pak 

appeal 

were distinct markets for asep- 
tic and non-aseptic machines 
and cartons. 

The Commission was right to 
determine this issue on the 
basis of whether other prod- 
ucts were sufficiently inter- 
changeable with the particular 
markets, and to apply this test 
to the packaging systems 
themselves and not to the fin- 
ished products (for example, 
milk cartons). 

Given this, the Court found, 
on tiie facts the Commission 
had es tablishe d to the requisite 
legal s tandar ds, that the mar- 
kets for aseptic and non-asep- 
tic mpehiftfis and cartons were 
distinct from the general mar- 
ket in systems for packaging 
liquid food products. 

With regard to the geograph- 
ical market, the Court held 
that this consisted of a terri- 
tory in which all traders oper- 
ated imrigr the same conditions 
of competition as for as the 
relevant products were con- 
cerned. 

The Commission’s definition 
of the market as covering the 
whole EC market was thus cor- 
rect, as demand was stable 
throughout the EC. customers 
could obtain supplies in other 
member states and the prod- 
ucts themselves could be easily 
transported between member 
states. 

With regard to dominance of 
the aseptic markets, the Court 
had little difficulty supporting 
the Commission's findings, as 
these showed the applicant had 
90 per cent of the market in 
aseptic wmnhineg and cartons 
throughout the EC. 

With regard to the Commis- 
sion’s finding that Tetra Pak 
had abused its dominant posi- 


tion in the neighbouring mar- 
ket of non-aseptic products, m 
which it was not dominant the 
Court said a company in a 
dominant position had a spe- 
cial responsibility not to allow 
its conduct to impair genuine, 
undistorted competition on the 
common market 

The actu al scope of this spe- 
cial responsibility depended on 
the specific circumstances of 
each case. 

In the present case, both 
aseptic and non-aseptic prod- 
ucts were used for packaging 
the same liquid food products, 
and a substantial proportion of 
Tetra Pak’s customers oper- 
ated in both areas. 

Given these facts, the Court 
held that the Commission was 
entitled to find that the links 
between the aseptic and non- 
aseptic markets reinforced the 
applicant’s economic power 
over those markets, without 
there being a need to establish 
the existence of a dominant 
position on the non-aseptic 
markets. 

Tetra Pak also claimed that 
its conduct was not abusive. 
The Court found, among other^ 
things, that customer contracts 
which tied machine users to 
using Tetra Pale’s cartons were 
not objectively justified and 
were intended to strengthen 
the company's dominant posi- 
tion by reinforcing its custom- 
ers’ economic dependence on 
it 

The Court also found thal 
the company's prices at certair 
times were below variable 
costs and that this was evi 
dence of predatory pricing, af 
no dominant company bad an) 
interest in applying sue l 
prices except to eliminate com 
petitors. 

A number of other proce 
dural pleas raised by Tetn 
Pak, including submissions or 
the level of the record fine 
were dismissed. 

Tetra Pak International SA i 
Commission, CFI 2CH, 6 Otic 
ber 1994. 

BRICK COURT CHAMBERS 
BRUSSEL. 1 


LEGAL BRIEFS 



.I*-' \ 

\ ✓ 

1 


... a Tlie short march to the Euromarket” 

i* ' 

ii£‘ : >r.4 n; s \v ,i (o: i'7 experience L-.-.u-marmuine, l.irec oo 

save O.imeln Lamp. Corporate hn.ince, LBS. "So we know wli.u /f^- 

Jf 

\j r. !.ika to ensure a -ucce^ful transaction. A newcomer to the 
huronurkc: - a ^overnntent institution Irom China's GuanuJ.oup, 
province - was a challenge to all of us. Our Hong Kong and 
London offices combined efforts to secure an investment grade 
rating from. Moody's and a winning reception from the market’' 






\ 



■ y . A:;,: / >> . 

V/ • V. 



i 



T \ - 





CEDR settles 
£3m dispute 

T he Centre for Dispute 
Resolution (CEDR), an 
industry-backed, 
non-profit-making body set up 
in 1990 to promote the use of 
alternative dispute resolution 
in the UK. has resolved a £3m 
dispute between Hawker 
Siddeley Power Engineering 
and the Ceylon Electricity 
Board. 

The two-year-old dispute, 
over an electrical engineering 
contract for Colombo’s 
underground distribution 


Systran, was resolved in five 
days. 

CEDR was approached by 
tire British High Commission 
after several unsuccessful 
attempts by the parties to 
settle the wrangle. Mediation 
was carried out in Sri Lanka 
by two mediators from 
London. The alternative for 
the parties was lengthy 
international arb itration, 
according to CEDR. One of the 
companies estimated its cost 
savings at £200,000. 

New IBA president 

P rofessor Ross Harper, 
former president of the 
Law Society of Scotland, 
has been elected president of 
the International Bar 
Association from 1994-1996. 

B&M leads field 

B aker & Mckenzie, the 
world’s largest law 
firm, has emerged as 
the leading legal adviser on 
international infrastructure 
pxqjecte In 1993-94, according 
to the magazine Privatisation 
IntemationaL Firms are 


ranked by the number and 
value of the transactions they 
were involved in. 

Accountants need 
to be ‘proactive* <f 

A ccountants need to be 
more proactive in the 
services they provide to 
lawyers. This is the finding of 
a survey of law firms by 
accountants Baker Tilley and 
The Lawyer magazine. 

Lawyers do not rate the 
financial advice they receive 
from accountants very highly, 
with only 43 per cent of 
respondents considering it to 
be good or excellent A 
number of firms said 
accountancy documents were 
too technical and should be 
simpler and more precise. 

Lawyers are also unhappy a 
the level of fees charged by 
accountants. More than 30 pa 
cent of respondents thought 
these were high or very high. 

According to Baker Tilley, 
this is “a surprisingly high 
statistic from a profession 
which operates a similar foe 
structure”. 


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12 



financial, times 


TUESDAY OCTOBER 


IS 1994 



Call to end VAT 
‘money-go-round’ 

The Federation of Small 
Businesses yesterday called for 
a system of VAT-free trading 
between companies dealing on 
credit terms. 

The Federation says HU Cus- 
toms and Excise collected £63 bn 
in 1993, of which £25bn was sub- 
sequently repaid to companies 
in a "futile money-go-round". 

Freeing such inter-company 
trading from VAT would relieve 
small companies of much of the 
paper work required to avoid 
the stringent VAT penalty 
regime, the Federation said in a 
submission to the Chancellor of 
the Exchequer ahead of the 
November Budget. 

Abolition of inter-company 
VAT would be tbe “biggest 
clearance of red tape within a 
system recognised by all small 
business surveys to be the big- 
gest cause of concern for this 
sector”, the Federation said. 

The idea Is likely to be 
opposed by Customs and Excise, 
which has argued that VAT-free 
trading would increase the risk 
of abuse. The Federation claims 
Customs and Excise collects con- 
siderably more than it is due 
and pays it bade later, creating 
a cash flow benefit to the Exche- 
quer at the expense of UK com- 
merce. 


Guidance when 
late bills pile up 

Legislation to allow businesses a 
statutory right to interest on 
bills that are paid late may stOl 
be a long way off in tbe UK. But 
the need to manage cash flow 
remains as acute as ever for 
businesses, particularly when 
they are growing rapidly. 

TO help understand and calcu- 
late the cost of unpaid invoices 
and improve cash flow, Griffin 
Factors, the subsidiary of Mid- 
land Bank, has produced a 
guide. Financing the Credit Gap. 

The free guide contains an 
interactive disc and a booklet 
which help to assess the busi- 
ness's financial position and 
make recommendations. 
Available from Griffin Factors. 
Tet 0800 525507 


A round Derbyshire’s coal- 
fields in the north of 
England there is wide- 
spread mistrust of anyone 
who says that improving productiv- 
ity mil m a ke jobs more secure. The 
closure of pits shortly after British 
Coal exhorted employees to higher 
productivity left many understanda- 
bly cynical. 

Local feelings were therefore run- 
ning high three years ago when 
new management at Ply glass, a 
glass processor in Somercotes. Der- 
byshire, attempted to rebuild the 
basis on which its 4S0-strong work- 
force was paid. 

Tbe company, which makes tem- 
pered and laminated glass, sealed 
double glazing units and PVCU win- 
dows for the construction Industry, 
was typical' of many long-estab- 
lished companies. 

Industrial relations were charac- 
terised by management and labour 
simply coexisting with little sense 
of common purpose in an atmo- 
sphere of mistrust and hostility. 

Plyglass’s efforts to break with 
the “them and us” attitude and 
improve productivity will be famil- 
iar with many other companies try- 
ing to alter working practices. Its 
experience underlines the difficulty 
of changing deeply entrenched atti- 
tudes. 

When Alan Twaite arrived at Ply- 
glass as managing director three 
years ago, he says, it was clear that 
company interests were not upper- 
most in the minds of many in the 
workforce. 

He says less than ID per cent of 
the workforce at its four sites could 
be described as "caring'’ and willing 
to learn how to improve the busi- 
ness. A smaller minority were 
firmly rooted in the “stuff it" camp. 
But the vast majority of employees 
were sitting on the fence, undecided 
which side of the traditional divide 
they were on. 

“There was this feeling that if 
everyone was standing to attention 
the manag ement was in control," 
says Twaite. 

“In feet Plygiass was paying the 
highest wages in the area but it was 
bad value for money," he adds. 

The business was also in financial 
difficulty. Like many larger compa- 
nies, the parent of Plygiass, family- 
owned Greenbrook Industries, had 
gone on an acquisition spree in the 
19S0s that proved unsuccessful 
Plygiass was on the way to mak- 
ing pre-tax losses of £2.4m on sales 
of £17m in the year to June 1993 and 
was threatening the health of the 
whole group. 

Twaite quickly sold or closed the 
Scottish, Welsh and Hampshire 
companies. But he believed the big 
obstacle to further progress was 
working practices. 

“The productivity issue was 
important, to solve an attitude prob- 
lem,” says Twaite. But the company 
also needed the workforce on its 


MANA GEMENT: THE GRO WING B USINESS 

Richard Gourlay on why a 
Derbyshire-based company 
altered work and pay structures 


Pains of 



tart McCtonay 

Handle with cans response from employees to new work practices has bean mixed 


side to reduce waste of materials. 
Sixty per cent of manufacturing 
costs is accounted for by materials 
compared with less than 10 per cent 
for labour costs. 

“One does not address this issue 


Boflennakers Union would negoti- 
ate a basic rate that accounted for 
about half average pay. The balance 
was negotiated in bonuses at the 
factory. 

Twaite says this system led to all 


The main problem is that the workforce does 
not feel it can see the bad months coming, 
whereas in the old system they could tell 
what their pay would be’ 


with enforced disciplines,” Twaite 
says. “You have to get the guys to 
treat the product with care.” 

With the one remaining site at 
Somercotes, the management 
started looking at the annual pay 
settlement 

Under long-established practice, 
the Glass and Glaring Federation 
and the General. Municipal and 


sorts of anomalies. The bonus was 
partly decided by time and motion 
studies of throughput on a particu- 
lar machine. Any breakages or 
work that required more work led 
to higher bonuses. 

Furthermore, the system was 
geared to maximising output, not to 
meeting demand from customers. 

At the beginning of 1993 Twaite 


and production director Bob Taylor 
decided to raise the baric pay to 
about 80 per cent of the average pay 
under the old system. This would be 
enhanced under anew pooled bonus 
scheme. 

The new scheme includes a pro- 
ductivity element; if departmental 
targets are exceeded, the bonus pool 
is credited. Employees also work to 
quality targets. This Is based on a 
formula that loots at the amount of 
materials waste, whether orders are 
delivered on time and the level of 
customer returns. The bonus pool is 
then shared equally throughout the 
company. 

Management's announcement of 
the plan, after months of frying to 
negotiate its introduction, was 
greeted with a vote for strike 
action. But the strike never hap- 
pened - Taylor says because dis- 
trict union afidals realised the com- 
pany’s customers would take their 
orders elsewhere, effectively closing 
the factory. 

Eighteen months later, there has 
been progress but not unqualified 
success. Output has increased by 16 
per cent, while the wage bill is 
unchanged year on year. 

But there has been less consistent 
progress in reducing waste. “1 can- 
not point to continuous improve- 
ment," says Taylor though he 
cl.iims Plygiass is better placed to 
manage its reduction. 

The response from the workforce 
has been mixed. Twaite says some 
old attitudes die slowly. Some 
employees are only just beginning 
to understand what the company is 
trying to do for its customers. 

The manag ement admits it also 
has much to learn, particularly 
about communication. Employees 
complain they get little notice of 
the size of their bonus payments or 
explanation why they vary. 

“The main problem is that the 
workforce does not feel it can see 
the bad mo nths coming whereas in 
the old system they could ten what 
their pay would be.” says Taylor. 

The company has returned to 
profit with £620,000 from sales 
reduced to £16m. But it believes it 
has only scratched the surface of 
possible improvements. 

It is working with consultants on 
a programme of continuous 
improvement funded partly by the 
Derbyshire Training and Enterprise 
Council. And it is stepping up 
efforts to communicate better - a 
move Taylor says will pay off as 
more employees try to isolate prob- 
lems that have affected the bonus 
pooL 

Whether this is enough to give 
Plygiass a future as a successful, 
independent glass processor is 
uncertain, given the consolidation 
taking place within the Industry, 
says Twaite. 

But its efforts so far have at least 
riven it the opportunity to fight for 
that future. 


Learning to 
extend quality 

New aids are available to take 
companies beyond BS accreditation 


C ompanies pursuing 
accreditation under BS 
EN ISO 9000 - what 
used to be BS 5760. - 
need to peer through a fog of mar- 
keting hype these days to find 
those parts of tbe process that 
genuinely improve quality. 

Different organisations are 
attempting this in different ways. 
The British standards Institution, 
the UK’s largest quality assurance 
assessor, is about to launch an 
ambitious teaching aid using 
CD-Rom technology. 

Tbe distance learning product, 
called Fastraq 9000, uses video, 
text and sound in an interactive 
package to describe the methodol- 
ogy behind the writing of a qual- 
ity manual. Fastraq 3000 took two 
years to develop at a project cost 
of £500,000. It will take an execu- 
tive 16 hours to work through 
properly, BSI says. 

In complete contrast MRDL, a 
small Woking-based consultancy, 
is questioning the way many com- 
panies have implemented qualify 
programmes and is introducing 
what it calls an alternative “Mini- 
malist Managing System”. 

MRDL asserts that UK compa- 
nies waste £45m a year writing 
and managing inflexible and over- 
complex quality systems simply 
to comply with BS KN ISO 9000. 
Simplification of the process not 
only costs less, but is more likely 
to produce a quality manual that 
will become a management tool, 
MRDL says. 

But first. BSI’s Fastraq 9000, 
which will be on sale from mid- 
November. BSI has targeted the 
product at managers interested in 
gaining certification and for com- 
pany training purposes. Accord- 
ing to Ram Mylvaganam, director 
of marketing at BSI, the most 
committed managers can also nse 
it as a tool to help write a compa- 
ny's quality manual, thereby 
reducing the need for external 
consultants. 

BSI is doing its bit to dispel the 
idea that the BS EN ISO 9000 
standard is an end in itself. 
Accreditation, it says, “is just the 
end of the beginning”. 

But for a CD-based product of 
such length, the material is sur- 
prisingly difficult to dip into and 


needs to be systematically worked 
through from start to finish. 

The 10 modules arc not cheap - 
£2,500 in total, excluding VAT, 
plus np to £500 for an expansion 
board to handle the high quality 
video pictures. Unfortunately, BSI 
has declined to say how many 
Fastraq 9000’s it hopes to sell - so 
^ outsiders being able to 
measure its performance against 
objectives. 

Minimalist takes a different 
approach. It attempts to strip the 
narrative used to describe proce- 
dures in quality manuals. The 
English language, it says, is 
wordy and imprecise and even 
when clearly written can spawn 
confusion. Minimalist breaks 
down each crucial procedure in a 
business and puts the actions 
required in a matrix. 

Down one side of tbe matrix are 
the actions needed to perform 
marketing or purchasing proce- 
dures, for example; across the top 
is a list of who is responsible, the 
follow-up action required, and 
what other procedures depend on 
the action elsewhere in the organ- 
isation. 

One fen of the system is Black 
Horse Relocation Services, part of 
the Lloyds Bank group, which 
sought BS EN ISO 9000 accredita- 
tion to maintain a competitive 
edge. After scorning the market 
Paul Bolton, general manager of 
network services, said he saw the 
limitation of many quality man- 
agement systems. “You can end 
np with volumes of documenta- 
tion that hold the building np bat 
do not help to manage the busi- 
ness,” Bolton says. 

MRDL provided the training for 
Black Horse to write its own man- 
ual nsfog Minimalist By minimis- 
ing documentation and using the 
simple tabular format. Black 
Horse's staff were able to write 
their own quality system. This 
involvement gave them “owner- 
ship” of a rwnwnai that has since 
become a working tool. 

“We have noticed a lot of bene- 
fit in terms of departments that 
are more aware of wbat each 
other department is doing.’* says 
Bolton. 

RG 


d 1 


BUSINESS OPPORTUNITIES 

READERS ARE REC01MB40ED TO SEEK APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING WTO COWtlTIIENTS 


Selling your Business? 


We have the skills and experience to achieve the best price for your 
business and structure the deal to achieve maximum tax efficiency. 
If you arc considering a sale and your turnover exceeds £lm, 
we would tike to talk to you. 

Our charges are based largely on results, so you have little to lose. 
For a confidential discussion without commitment please contact 
Lance Btackstonc or Gary Morley at: 


Blackstone liluckMunc Franks Corpuriitv Hnanci- 
Frink'S 2<*-34 Old Street. Loudon FC.'IV 9HL 
1 1 a,iro To!: l»7l _\-D .riOft Fax; 071 25D U02 


INVESTMENT BANK "ZERICH" (MOSCOW) 

INVITES FOR JOINT TRANSACTIONS IN RUSSIA, INC L: 

CAPITAL RAISING 
BUY - AND SELL - PRIVATIZATION 
ASSISTANCE WITH MERGERS 
PROPERTY PURCHASE BY ORDER 
DEBT COLLECTION 

PHONE: (7-095) 287 8291 , 287-8385 
FAX: 287-65-06 


CHANNEL ISLANDS 

Offshore Company Formation 
and Administration. Also Liberia. Panama & BV1 vie 
Total offshore facilities and services. 

For detail] lad appointment write 

Cim Tiuat Lid.. BelnuMt House. 2-0 Be Intent Rd, St He lie r, Jersey, C.l 
Tc) ItfJW 78774, Fai IBM 35401. TU 4142227 COFORM C 


FINANCIAL PARTNERS REQUIRED 

Successful residential developer requires funding for additional land 
purchases. A substantial profit share is available to individuals or 
companies able to provide funds m excess of £20(1,000. 

Principals only Should Contact: Mr D Lawrence 
Tel: 01672516510 daring office boars 



JVevey 

Justness. 

m 

Montreuxe 

Your Place of 1 

to, 

pctmlts to* dam 

p, Tuwiwmteifly* 

' andcMWMri 
atwtwp 

p. (hmuuM staeisti i 
nlibtaf 

to st«Bbybrf** fl I I 

and baa^aaa j 

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1 g] 

"P ntmci Gnu', wrirnrialj ; 

Mtdicl 4. Grabct, Etcrank Cootscfldr 

PO Boa WtttCH'lMDMoiWsM l 

Km -IIII W « 4S. Fat 4CI/MJ 80M 



From US S250 

Various Jurisdictions 
Infcirmation/immediate service: 


INTERNATIONAL COMPANY 


SERVICES (UK) UNITED 

Siandbrok Houm. 2 - 5 Old Bond 
Srroai, LONDON. WIX 3TB 

Tet 071 4S3 4244 
Fax: 071 491 0605 


We can ' offer very compcUdvdy 
priced NON -FERROUS Casting!* 
6rcra our<»Mi Foundry '• 
to INDIA. : 

Tel ft Pass 0*1 940 1227.. : 


Cumae Investment OpporhntMaa 
0*x»j Mmugmtn Srfnw E» 

litth fcrt'gwy Vanbtkm aoeux/O 

VUo^CMc&iiittaicMiguma fl.VtflO 
Langap h-wt-tt* onXUUU 

OttPO** MnjfaouKT up«)£5UQX>X) 

S4* Heatup ■■ Spoil £Sl5jn) 

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PiejM Ma Hmy t wm l S/wmi IVdap fctu.lUO 
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Full iMaUa mi mMitw, la nDatt^j> njwr* 

£ VCR ) UWiiMwM Wrlh. irtdwtWifriSn 

T*0OTi7»*» tterOMPOW 


COMMERCIAL FINANCE 

Venture Capital available from £25,000 upwards. 
Sensible Rates, Sensible Fees. Broker enquiries welcome. 

Anglo American Ventures Ltd. 

Teb (0924) 201365, Fax (0924) 201377 


WITH A MAJOR UK INSTITUTION, WK WILL CONSIDER 
QUALITY FINANCING PROPOSALS, INCLUDING: 

* Commercial & Roideatial Property * Nursing Homes, Betels and Retail 
* Restructure and RefhumriBg * International Trade Finance 

High quality of service ban hng-csabSsbed Finn, based in Central London. 
Write (w Bos B2505. Finudai Tunes One Southwark Bridge, London SET 9KL- 


MANUFACTURERS! 

IMPORTERS! 

INVENTORS! 


-EVERY ISSUE OF THE SEAL HOME 
SHOnwe CATALOGUE » WSTWIIt/TED 

TO tO MtUJON HOMES TO SELL VOUR 

PRODUCT AT RETAIL PRICES. 

GRAB TOUR SHAM OP HUGE SALES 
AMO PROMTS! 
hw mobe mFomunoir- 


Tel. 0733 341445 


or writ* tor 
(NEW BUSINESS DEPT) 
IDEAL HOME MAIL ORDER 
IDEAL HOME HOUSE 
9 FLAG BUSTNESS EXCHANGE. 
PETERBOROUGH PET SIX 


ONE OF THE TOP 75 
U.S. Travel Management 
Companies seeks 
International 
Merger/ Acquisition. 
Strategically located. 
Unique proprietary 
automation. 

Write to: P.O. Box AC 
470 Park Ave. South 
New York, NY 10016. 


TEXTILE SALE 

Lillies’ Trim ‘• it-. i-le. (li-ijn.i: Various 
MikIcK Mail-Onlvr-Qu:ilii>. Surti-U. 
.h'.tfi'. .iruf .fi'iins-liS. 1 - Curti.n. {'uni 
(li/ntsCiuK: I :np-in. I.i-l'.iv-ri uln. S>t-ti<) 
r-vilt- 'I'rul', ,«v-: Impvi t, l.ini'ii Stmclsu'i; 

W.lj t'ljdc.c i.t IHi'.'clilort 
RutUTt 'sfim/ii; ■ ll.nuli l - 

I ,i\: i'UMV 2U 4/iHSftl. 


SPECIAL sale: 

i i:\lik' I'rmlisils \l:uk- in Our minis 
KtiiftuU i L'.V'-i uliiir. o f'acft-rn-. 
tin 2.S0 fin 

Lim> l' H OuTliu-: ■•shin'. -S I’.iUnriL-:. 
.-.-I) ,* 1 U!i cr>» 

Wiiri'll'iu-f ir. lliis'-Udnrl'. 
Ki.ln:rt N’iic/i". fCndt'l 
Kiss: llllM'l :it 


COPPER (Wire Bars) 
99.9% Pure 
With Lae Analysis 
& S.G.S. Certificate 
Please contact 
Fax: (966) 1 476 0886 


Company based in Essex 
20 minutes off the A12 with 
1 1000 sqit of factory Boor and 
2000 sq.ft of office space, seeks 
to acquire turnover in the 
following areas: 
hydraulic engineering, 
machining, pre fabrication, 
assembly and manufacturing. 
Phase reply to Box No. B34S9 
Financial Times. 

One Southwark Bridge, 
London, SE1 9HL. 


ESTABLISHED 
COMMERCIAL PROPERTY 
DEVELOPMENT COMPANY 


development schemes. 

E2m -£iom. 

Principals only. 

WtKa In: Bra B3*9L financial Tunes. 
One Southwark Bridge, London SEl 9HL 


Experienced 
Nursing Home Operator ! 
seeks to expand portfolio 
in SW and NE England. 
Owners able to offer 
flexible terms. 

Write uk Bn SWW2. Raaodal Hina, 
Mbwuk Bridge. London S6l 9HL I 



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

For further information or to advertise in this section 
please contact 

Karl Loynton on 071873 4780 or 
Lesley Sumner on 0718733308 


FINANCIAL TIMES I 

rtwmuwmwiwrol 


BUSINESSES WANTED 



ARE YOU CONSIDERING THE SALE OF YOUR BUSINESS? 
Investigations • Stocktaking - Manned Guarding 

Capitol Group pic is a fully listed Compaq committed to the acquisition of 
suitable businesses in the above related sectors. 

If you are the Owner; Director or Agent o) such a company 
with a nwrarmim annual turnover of £2S0k we would very much 
ISte to hear from you. 

Fora confidential dtscusswi) and further details, please telephone 
0737-373977 and ask for CM Cavender, Finance Director; 

Alternatively, write with brief details about your company 
in the strictest confidence to: The Finance Director Capitol Group pic, 

82 St, John Street SOM 4JN. 

* OUR PBEFQIENCE IS TO RETAIN OWNERS AW) DIRECTORS FOR JIT LEAST 4 2 YEAR TOWOO 


PRECISION ENGINEERING CO. 

MERSEYSIDE BASED CO. WITH OWN PRODUCT SEEKS 
N. WEST PRECISION COMPONENT MANUFACTURER WITH AUTO 
LA7HE/CNC MACHINING. EXISTING SALES c. £ fc - £ 1M P/A. 
PURCHASE MERGER OR CAPITAL INJECTION CONSIDERED. 

PRINCIPALS PLEASE REPLY TO: 

BOX NO. B3474 FINANCIAL TIMES. ONE SOUTHWARK BRIDGE, 
LONDON. SEl 9HL 


Polyethylene Pipe Manufacturer 

Prefer red company win have a number of well maintained extruders 
manufacturing polyethylene pipe between 4 Omm and 250mm. wiH be 
technologically up to dale end produce to high quality standards. 

Good engineering base and skills important 

PkSst reply l» Box No-. B3476 Financial Tunes, One Soudn»ari Bridge. London SEl 9HL 


CHAPTERED ACCOUNTANTS 
Tired of regulation?? Hoping to retire?? 

Wearesedddg the acquisition of a firm with gross fees of up to £500.000. The 
kteal firm will be situated in the South East We are a long established Bren of 
60+ employees seddng expansion via such a route. 

Please reply to Box No. B3497 
financial Times. One Southwark Bridge, London SEl 9HL 



teats 

AND ACQUISITIONS 

we’d fto Oflllghlnd tn naa. (ram cnmiw-tj m.,n a minimum i,.ndv(i at C500 OOO 
J'-O fro M • crams af £S£» «*(-o J* ww.nc M7 tvn VMI arc in contact Vilir. a , a , 
PLC-D Who il.o lOChihK M OCQV'I* uu,d tOiPMO.tt 
for (• iiKMr details conuci Mark Bunn ACA an 
0*1 U) -00*0 ** fan OS1 S34 *722 


BUSINESS WANTED 

private individual seeks a going concern in 
Sates/Distribution/Light Assembly work. Reply In 
confidence to: Brand 15, Chelmeilon Ave, 
Chelmsford, Essex CM2 9RE. Tel 0245 471669. 


BUSINESS SERVICES 


BENELUX BUSIN E-SSCENTER N.V 

OFFICE and COMMUNICATION SERVICES 

20 min. from BRl SSEf.S 

H-26W ANTWERP. Boo ruses feetuveg 090 
Phone: 32 t0) 3S2S.M96 Fax: 32 1 0) 3827.1844 


Save on 
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Phone Calls! 


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Call USA 1-20B-2S4-8600 
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4l9Socw>d An. W. Scwite. Wfc981 It USA 


LEGAL 

NOTICES 


CcmptBy No. 1837331 

RcswcraJiu and Wide* 

Ttem Med Limited 
ifttncrf} HahlinMi 

Principal Phcr at Bassets 

Oaumy Hook, Satba Road. SbeBkU 

NOTICE IS HEREBY OIVEN, pmuuat la 
Section 48(11 of tba Imotacncy Act 1M6, Ami 
r< tbe anKCared oouidto t 


CALL USA 
ONLY 17p/min 
AUSTRALIA 
ONLY 29p/MIN 

First 30 mins FREE 
Dial Int. Telecom 
Tel: 081 490 5014 
Fax: 081 568 2830 


int Uk abtnt- 

, „■ ran He trtd ■> I Eos Punk. 

Sbo/fleld. SI SET ob 26 Ociobci IW jl 
lOJfam Car tte porpene of toriag tut before it a 
copy of tho repon prepared try Uk B fW i M w 
recehen uada Scaka -W at Or aid Ao. Tbo 
■BMiiag may. If it think* ill. ciiablUh a 
mmodace n> nerda the fiwzko txmkonl oo 
creditor*' committees by or oDdei the Act. 
Creditor* wtKMc cUims an wholly Kcutd are 
not entitled m attend at be reprauahrf at the 
MOtta* Other credinxi arc only codded to 
w*e it 

i haw dattvered to on it l But Paode. 
1 SI TET. by od tarer dan ooou no 23 
October 1994, w ritte n detnib of U» detaa they 
dako to be doe Bi than (rim the canfuny, aoi 
the claim ha* been duly admitted aodcr ibe 
pgriaten of Role 3.11 o( the Insolvency Holes 


a* 

wmcQ i 


then turn been 
"i the creditor A 
herbehdL 


with a* toy I 
R> be used eo 1 


DJSUhn 

Idat AdmUstncive Receiver 
NOTE: A copy of Ike report <s hear sew to 
creditors herewith. No farther written 
adenuilai win be presmmd at the jaccrh*. 


HOTELS & 
LICENSED 
PREMISES 


Schiosshotel 

m Eostem Europe. 

750 v«are Of history. 
Highly proflfabie. 

30 bsefiooms. 2 lestauranfs etc. 

For Infamation cat 
T«i 44 <07372844665 
Fck 44 (0) 372 M4696 



AUCTIONS 


NEXT AUCTIONS 

of fife assurance policies for 
toveanKnt will be held oa 2fl October 
hod 3 November in London and 
10 November in Sotinrenouib. 
TeJcpbooc 

H£. Foster & CratrficU 
071-608 1941 for caalogoe 
Rcgalaad by Ac Personal fnvmnetu Authority 


OFFICE EQUIPMENT 


OFFICE FURNITURE 


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executive and system ranges - conference and receptions. 
Large choice of veneers, melamine and/or iaminate finishes 


with discount of up to 40% from R.R.P.? 


London Showroom for viewing: 

Ariel House, 76 Charlotte Street. London VV1 
Tel: 0374 741439 

Full cam cad and planning services. 


LINEABUBO LTD Tel: 0992 5033 1 3 







* FINANCIAL times 


TUESDAY OCTOBER 18 1994 


13 


BUSINESSES FOR SALE 




. Niche /London: •? 

OwntfFlottf arid busejneat-;;* 

• werSjpOp»gJt 

_ fitted and nscsatly upgraded ] 



STRUCTURAL PAINTER AND SHOTBLASTER 


. v - : apodwOl-tofwte. . 

only (o ftw jto,« 3 w«S 




sub-contract 

ENGINEERING CO. 

hss developed a quality product 
for the disabled and elderly 
muricet, but lacks the resources 
to exploit it. Ideal opportunity 
for sales orientated entrepreneur 
or existing business to acquire. 
Easily relocated. 

CaSh required £50k. 

Wriu Uk B34S4. PhunctalTann, 

I One Sajtbwark Bridge, London SE 1 9 HL 


The Joint AdmWaMIve Racatots. John F PtnwH and David J Waartiotisooter tor srtaBie business and 
osseb of Bds Satesfaeod hosed indmfrtal and marine pointers, s fa n&tatets and acafloldera. 

Prfffldpal teeturus of thb business fntfade: 

• annual turnover ol appraftnoblyfil 2 mtlflon 

• freehold head o®cn 

• eskfoHstad coaornsr base 

■ ongoing projects, wffli a total value exceeding £4 rnUHon 

• order book and txilslafiding tenders 

• BS5750 Part B occradRad. 

For farther Motmofloa please oontact John F PoweB or m Lester af Coopers & LytxancL Hadrian House; 
Hfgfum Ptoco. Newcastle Upon Tyne NE1 8BP. Telephone: (091) 261 2121. Fax: (091) 230 5993. 

Cooper* & Ljtond l» am h oriw d by the lytjtaeof QctUtoJ ArronwnW i* Ei^md wl Wald n cany tti 
IniuniKiu Basinas, 


BUSINESS FOR SALE 


Our client Is a well established and highly 
profitable London-based search and selection 
company operating primarily in the fields of 
Information Technology and the associated 
markets. They have an impressive and durable 
corporate -client base. 

The shareholders now wish to make a complete 
disposal of their business although the continuity 
of operational management can be maintained . 

This is an excellent opportunity for an 
organisation to develop or acquire a presence in 
this part of the UK recruitment marketplace. 

Principals only (no agendes) should write in 
confidence to Tony Sarin or Edward Ross- 
McNaim at- 


fK 

mORLEY x 
8 SCOTT O 


Morley <i. Scott 
Oiorteiod Accountants 
Lvntoi: HcuSP 
7- !2 Tovistoc k Square 
Louden WC l H 9LT 
Tel: 0 17 1 367 5668 
Fax: 0171 386 3978 


FOR SALE 

Bt tht Bowklator otKLDEC (BURY) LTD. 

Manufacturers of Slitting and 
Special Purpose Converting Machines 

All the Company's right; title and interest in certain Engineering 
Drawings and associated files of information, and ail intellectual 
property rights of the Company in connection with them. 

For further information contact 
. . Horotields 

Insolvency traditional 

Bdgrave Place, 8 Manchester Road, Buy BLS OED 
Teh Ml 703 3183 Fax: Ml 7(3 1283 


Buying or selling a private company 


Since 1979 . DCK fit Partners have advised on over 100 
transaction*' involving both buyer* and relief* of private companies. 
Our experienced and multi-tuspllned team can achieve the bear 
results In the most wit-effective way. Our Goes are based solely an 
the success we achieve for our dienrs 
Should you wish to discuss our services in confidence, please 
contact Stephen David or Richard Cleveiey in London 
or Fred Small in Scotland. 

S Ballon Sum 8U Radio HiO 

PKoJitV ■ B-W Rood. Ratho 

LomlomWlYBAU ^ T SW Midlothian. EH28 8QY 

Td: 071 Gja 1883 L * Tdb 031 333 3333 

Fair 071 02!> 188$ a PUTNOS fin: 031 J35 3033 


WEST GERMANY 

Odotne c forms - Stack forms - Software compatible brow - Sttf-adhohe j 
EDP labels - Coatinnoos mailings np to 9 colours. 

Two private companies, separately owned bat operating In conjunction with each 
other, offered fov sale as a complete package. Combined turnover circa DM 35 
miUioa pjL Nationwide market coverage in Germany. Innovative product Goes 
and good market position. Good profitability and prospects. Petsooal reasons for 
ale. Idea) opportunity far comtoemal market wmy or expansion. 

Interested panics steak) apply in confidence to Rqyitetne A Co- (Rc£ DRF) 10. 1 
Pinchbeck Road, Spalding, Lincolnshire, PB 11 1 PZ. Principals only - no f 
ageadeR. 

Raptorne & Co. is authorised by the Law Society 
in the conduct of investment busbies*. 


- ACQUISITION opportunity - 

A MHMLANI18 BASED 

MAMTiWAmiRKR OF HKAW DUTY INDUSTRIAL G EARING , 
XBAMSMISS I QM products. AND OnJOELP EQU I PMENT 


• EsL around lOOycaa 

» T/O die. £ 1.5 milL 

- Nett assets around £ 600,000 ( mbiin al gearing) 

• Good Order Book and Ftutnre Prospects 

• Retirement Sale 

Pf-u-Tswite HE Res BOW, FtnaflcM Tire*. Ose g^ttk londoe SBt MIL 


/Fin® China Company^ 

Midlands Baaed 
EstBbOsfted 24 Years 
Excellent Reputation as Lsatflnfl 
Innovative 

Manufacturer of Colecttote 

Ornamental Ceramics. 
Freehold PramteoB. 

Further detans (mm 

Hacker Young 

Chartered Accountants 
3 and SSL Pauls Road 
CWton. Bristol BS8 1U( 

\Tel: D272 738986 F&ie 0272 730878/ 


Household 
Detergent 
Manufacturer 
Liquid & Powder 

Situated in JHB - South Africa. 

To current year, expect 
R15 mil Hon supplying major 
supermarket chains. 

FAX (27- 11) 803-5898 


turned parts 
COMPANY 

FOR SALE 
pglfiflHJ FEATURES 

- Skilled Workforce 
„ giihciiniial Turnover 
. Blue Chip Order Book 
Farther rafonnatbn UMUact 
Henry Botcher* Co, Reft DEH 
9212365736 


GOLF COURSE 

FOR SALE 

18 Hole-72 Par- 
Driving Range • 

Good draining fund - 
Central England 

Write te Box 93423; Ptaacial Times, 
OreSooAwadtBridB*. London SGI 9RL 


100+ LIVE BUSINESSES FOB SALE 
and oah» of assets fotnlgMy 071 SA 21164 
FK 071 700348 * 


An AdwrtBoncnt booldqgsaroaa^ 

Ttsms and Conations, copfesofwbJAaroaro^ 

Xbe Advertisement Prcxhicrioa Director, The Financial Hmes, 
OncSoulhwaikak^I^Hidc»SE 19 H^ 
TeL-+ 447 lS 733000 Fw : +44 71 873 3064 


Bag Importer 

West Hendon, London > 

h 


9 

% 

■o 


J 

t . 

d t 


& 


% 




The company's main business is che 
design and bulk import of bags from 
India and the Far East. Offers are 
invited for the business and assets of 
the company which comprise of the 
following: 

■ Highly skilled design team 

■ Substantial forward order book 

■ Freehold premises approximately 
29,600 sq.ft. 

■ Prestigious customer base 

■ Annual turnover - £6-7 million 

For further details please contact 
the Joint Administrative Receivers, 
Scott Barnes or Maurice Withall, 
Grant Thornton, 

Grant Thornton House, 

Melton Street, E us ton Square, 
London NWl 2EP. 

Tel: 0171 383 5100 Fax: 0171 383 4077 

Grant Thornton® 

TbeUX member Bnn of Giant Thornton ImematiooiL 
Authorised by cbc Iigcmn - M Chartered Acc; 

Eugtond um VUei co c*ny on lavement 1 


6^ 

-p ^ 

A* 

KT 

O sQ 

\C2 


/? 


Coopers 

&Lyorand 


MICHAEL HORROCKS AND MARK PAU0S 
JOINT ADMINISTRATIVE RECEIVERS 


#/ 





0m ora bnM tor uia os a gotag eancm, lw taudnus and awdi a tn above 
company, riwond in North Mamyslda, wMch Dados at totga predMon englnwn 
and quaBly tabrtcctoa. 

Principal Mam ante Uwbina taefoda: 

■ (umawlnanworESOOk 

• arttortoakofopfmnhraiEtyfidOak 

• bnpiQstivBCusIonisrM 

• nputafoa for quotty(BS5750 part Q 

- modem kuflo Bnotnootbig ptant hdwfirio CMC Bqu^oK 

• modem 20,000 iq B propiKJy w*b overtwad crane* and repanrioa land 

• highly sidled and commBed woddocca of 20. 

fix Wh« tatarawthm (Doom oontad Um Wabh tR Caopea & LytMfld, Umpool 
on Mephona (051) 227 4242 V fax (Q51) 227 4575. 

Engtaedlad Weia toevn^o, linom ButacM. 


-ACQUISITION OPPORTUNITY- 

CQMEITTER MAINTENAN.CE-C£>. 

* T/O ^Jprox. £1^2 milL 

* Approx. 1000 Service Courracts. 

* 20 Mobile Engineers covering the UJC 

* EsL 15 years 

* Divestment Sale 

R* DeaUi Write lo: Brae S3486 nMod>J Tlacs, ten SoodmO: Undoo SB1 3HL 


Businesses & Property in Receivership 


PINK 

PAGES 


PROPERTY 

PAGES 


Fully indexed weekly guide to co's In liquidation & 
receivership, co's In trouble. Insolvency auctions, 
businesses for sale New Sections: Pre-Insolvency 
& LPA Receiverships. 

the UK guide to commercial property In 
receivership and for sale - 100's of property 
bargains - Hotels. Nursing Homes, Land. Offices, 
Retail & industrial premises. Development 
opportunities etc. 

Sample copies 

Tel: (0273) 626681 Fax: 698661 


UHEB 

grjwrmomc caijbirattcw 
COMPANIES 
FOR SALS 

* Highly profitable, nu^or player 
Ip instruments Odd. 

• NAMAS/BS 5750 accredttaUon. 
■ Prime tocatUou on fbe M 4 and 

Mb corridors. 

Reply to Boar Kb. BS 4 S 0 
Financial Tbnea 

One Soufiiwark Bridge. London. 
SE 19 HL 


Heating Appliance 

FOR SALE 

Small manufacturing company witb 
high growth patcudiL Produces a 
patented cfcctiic heating appUaocc. 

Writs ttx Bat B3494, Hataaal Tfanaj, 
Ore Soatinnik Bridge, Loodoa SEt 9UL 


BUSINESS OPVORTUN1TY LOG 



"’TtfcOTwSWn 


UNUSUAL OPPORTUNITY 

Tenerife (Canary Islands) 


SPLENDID A P \ K I HOTEL 
LOR SALE 


Over 450 Stotio/ApitiSnites 
Large Iteated S*. Pool - 
StaHWGJkry- 
Srverall 


Occopaaey- Over 90 % afl year rooad - 
High rrtotro- Unique style - 
E arop etn Toraiate- Competent Mgn > 
Hitter prim wsmem. 

Write to: Box B3493, RnaocW -nmes. 
Odd SoodiwaA Bridge. Loodoa SB1 9HL 


FOR SALE 

PrerisloB Engineering 

Company with niche maricet 
prodnete with proven d em a n d. 
CcnentT/O 

£1,7 Milium PA. Strong order 


potential growth to 
£Z6 Million PA. 
Cunoiliy Profitable. 
Sooth Oust Location. 
PrincipVcs Only. AU enquiries to: 
Mr. Isn Thurgood 
Tel: 0850 303382 


a ,L’. 

v ■ 


A 

'.‘Ayr 


UNITED KINGDOM ATOMIC ENERGY AUTHORITY 


Sale of 

Facilities Services 

The United Kingdom Atomic Energy Authority (the Authority) is offering its 
Facilities Services Division (FSD) for sale by competitive tender. 

The proposed sale offers prospective purchasers the opportunity to acquire 
a business with some forty years of experience in providing property, 
engineering and site support services. 

Key features of FSD include: 

• an established customer base with the Authority with contracts of up to 
six years guaranteeing total income of over £110 million 

• six operational bases from the north of Scotland to Dorset 

• a wide portfolio of services 

• a skilled and trained workforce of some 1000 staff 

• proven experience in the management and servicing of sites and buildings 
of a variety of types and ages 

• the ability to meet demanding operational standards of the nuclear 
industry - relevant to other markets calling for high standards of safety 
and security. 

For further details, contact: 

Andrew Jordan, Coopers & Lybrand, 

Flumtree Court, London EC4A 4HT 

Telephone (071) 212 8101 _ 

* . The UK firm of Coopers & Lybrand is a member firm of 

Facsimile (07 1 ) 2 1 3 1 330 Coopers & Lybrand (Intemationai). 








louche 


MsWe'tafti 


& 


(AU In Administrative Receivership) 

The Joint Administrative Receivers, F.K.A. Silcock and J. Wilson, oiler for sale the business and assets of these 
leisure companies: 

■ Forties Bar, Northampton 

- freehold town centre bar. 
annual turnover of some £300,000. 

■ Rock n Bowl, Kettering 

- freehold 1 6 Lane air conditioned ten pin bowling centre. 

• bars, function facilities and fast food outlet. 

- annual turnover of some £800,000. 

Offers are invited Tor the whole or parts of the assets and businesses. For further in formation please contact 
Karen Silcock (on 0223 460222) or Jonathan Astfaury at Touche Ross & Co., Sc. Johns House, hast Street, 
Leicester LEI 6NG. Tel: Of 16 256 2200. Fax: Oil 6 255 2055. 

A i r »n i. Mi inl ^li ri mi Wnmwn.! 


■ Kellyfe Bar, Northampton 

- freehold town centre bar. 

- annual turnover of some £250,000. 

■ Mill Road Snooker Club, Kettering 

- lounge bar. 

- six snooker tables and other games facilities, 

- ■ annual iu mover of some £80.000. 


MAG-TRON (U.K) LTD 

The Joint Administrative Receivers J Russell 
and R Fidmcm offer for sole as a going 
concern the business and assets of die above 
company which trades in the design and 
manufacture of dcctro and permanent 
magnetic drilling machines and cutting tools. 

Principal features includes 

■ Recognised brand names 

■ Worldwide distribution network 

■ Rented premises in Chesterfield 
M Annual turnover of &13m 

for further tnforTiwiion conuic? cbe a^ent of 
ihejaiiu Administrative Receivers 




For Sale 

The Joint Administathv Receiver * of 
Hellcls5S Limited offer for sale the 
business assets of this hosiery manufacturer 
producing a range of the highest quality. 
Situated in North West Leicestershire 
dose to the Ml the company enjoys a broad 
customer base comprising many of the UK's 
major retailers. Turnover approximately £!.4m 
(25% export! for the current year with good 
potential hr strong growth, 
m 22,000 s q ft leasehold factory on 13 acre 
site (freehold possibly available! 
m Skilled and dedicated workforce 

m Quafity contract customer base and order book 
» Specialised knitting plant 

For further information contact: RJ dwell 
Ernst & 'foung, City Gate, Toff House 1 Hi# Nottingham 
NCI 5fY. Td: 0602 596 666. Fax: 0602 536000. 

=H Ernst & Young 

4 oUMftMf 4 > 

W tWrt on I nurew hmiima . 


BUSINESSES FOR SALE 

itutdfty 
tfonpl 
873 33 


Appear every Tuesday, Friday and Saturday. 

For farther information or to advertise Is this section please contact 


Karl Loynton on +44 71 873 4780 or Lesley Sumner on +44 71 873 3308 or Fax: +44 71 873 3064 








financial TIMES 


TUESDAV OCTOBER IS 1994 



C ompaq Computer's plant 
at Erskine in Scotland is 
Just a few miles from the 
village of Houston, a coin- 
cidence that symbolises its connec- 
tion with the company’s headquar- 
ters in Houston, Texas. 

Until recently Compaq’s Scottish 
manufacturing operations have 
largely focused on assembling tech- 
nology developed in the US. How- 
ever, Erskine’s role is being 
upgraded as port of the company’s 
worldwide review of manufacturing 
efficiency, started four months ago 
in a bid to become the personal 
computer world market leader by 
1996. 

Already, Compaq is well on the 
way to achieving its goal The com- 
pany doubled its profits in the first 
half of this year. It has also contin- 
ued to cut the prices of its PCs. 
which have stolen a lead from IBM 
and Apple Computer in tenns of 
unit sales in the US and Europe for 
the first half of this year. Third- 
quarter results are due tomorrow. 

George Devlin, managing director 
at Erskine, has led the project team 
e xami ning the company's manufac- 
turing and delivery operation, nick- 
named “make and move”. 

However, lie acknowledges that 
shortcomings have recently 
emerged across the company’s 
plants in producing its Elite line of 
notebook computers. 

“We couldn't get some new prod- 
ucts to our customers in the quan- 
tities they wanted, at the time they 
wanted them,” he says. This, he 
observes, was due to “design 
issues” and “supply issues”. 

The rethinking of the company's 
processes from manufacturing to 
delivery has now gone through 
what Devlin calls its diagnosis 
phase, ending last week with a pre- 


On time and to order 

James Buxton looks at Compaq’s upgrade of its Scottish computer plant 

i ■ — r “ran— TvrrT— ! SmEaoore. to manufacture its 01 



Production changes have enabled the ErsHne plant to manufacture mother boards and notebook computers 


sentation in Houston to Eckhard 
Pfeiffer, Compaq's president and 
chief executive. Compaq plants are 
now implementing the conclusions 
of the review. 

Compaq has been transformed 
since Pfeiffer was appointed in late 
1991. Between November 1991 and 
November 1993 Compaq quadrupled 
its global output volume, producing 
cheaper PCs. without increasing the 
manufacturing space of its core fac- 
tories at Houston, Singapore and 
Erskine. 


This year it ha s opened plants in 
Brazil and Ch in a 

The 540,000 sq ft Erskine plant 
outside Glasgow, which supplies 80 
per cent of Compaq's European, 
Middle East and Africa market, had 
to make changes in manufacturing 
systems, some of which are now 
being adopted across the company. 

“We used to think of ourselves as 
a high volume manufacturer." says 
Devlin. “In reality we’ve become 
one only recently.” Erskine’s output 
increased two and half times 


between 1991 and 1993. while unit 
production costs fell by 76 per cent 
There has been a further 60 per cent 
rise in output volume over the past 
12 months. 

Greg Petsch, senior vice-president 
in Houston for corporate operations, 
set the Erskine plant the target of 
cutting costs to the level of the 
Singapore plant which has the 
advantages of more component sup- 
pliers located nearby and lower 
labour costs. If it succeeded it 
would earn the right enjoyed by 


Singapore, to manufacture its own 
mother boards - a printed circuit 
board which Includes the micropro- 
cessor and other tiny components, 
and are at the value added end of 
making PCs - and to produce note- 
book computers. 

First Erskine’s PC assembly area 
abandoned progressive production 
lines and moved to a station build 
system - instead of a moving pro- 
duction line, one person, assembles 
most of the central processing unit 
at one station. Ken McQuade. man- 
ufacturing manager, says this gives 
workers more satisfaction because 
they partially finish a product 

Erskine then introduced a cell 
build system alongside station build 
and now uses it for 40 per cent of its 
output Workers in cells of five 
operate as a team, carrying out all 
the jobs of PC assembly to boxed 
product ready for the customer. 

This enables PC testing and soft- 
ware installation to be carried out 
in one place, cuts out travel round 
the plant mid releases valuable 
space. There are manpower savings 
as all members of the cell- can be 
continuously occupied. 

Partly because of successful cost- 
reductions at Erskine. Compaq has 
installed five new production lines 
using surface mount technology 
(SMT) to produce the PCs mother 
board. The first line began operat- 
ing in July. A month earlier 
Erskine began production of its 
notebook products. 


By the end of the year Erskine 
will have invested £17m in SMT 
ltnpg, producing 40 per cent of its 
boanis in-house. It has taken on 250 
p ^ij a staff, taking total numbers to 
around 1,100. in addition to which 

there are up to 500 temporary staff. 

To justify the capital cost of the 
new lines the Erskine plant has 
begun working 24 hours a day 
seven days a week. Devlin says the 
new production processes at the 
plant “collapse part of the supply 
chain". 

The remaining boards will con- 
tinue to be imported from Compaq 
in Singapore with some supplied by 
PCB assemblers nearby in Scotland. 
By 1997 Erskine hopes to make all 
its mother boards in-house. 

Devlin admit s that the Scottish 
plant has less control over its sup- 
ply chain than Houston or Singa- 
pore, but says 5060 per cent of its 
components are delivered on a 
daily, just-in-time basis. Most sheet 
metal products come from FuHarton 
at Irvine, Ayrshire, and disc drives 
from Quantum in Ireland as well as 
Conner at Irvine. 

But the Bat-panel displays for the 
company’s notebook still have to be 
Imported by sea from Japan, requir- 
ing a 24- week ordering lead time. 
“Scotland should get someone to 
invest in a $lbn plant making dis- 
plays and monitors,” be says. 

As the plant moves towards PC 
production to order, a short supply 
chain is essential and would com- 
plement its improved manufactur- 
ing efficiency. “We want to move 
the company from being a “push' 
organisation in which we determine 
what we build and you the cus- 
tomer use it, to becoming a ‘puli’ 
organisation in which we build 
what the customers tell us they 
want," he says. 


M atsushita’s new CD-Rom drive, 
unveiled in Tokyo this month, 
could provide the company with a 
specialised niche in the multimedia market 
The latest drive enables users to transfer 
data from CD-Rom to another disc, edit the 
data, and read it at roughly the same speed 
as from the CD-Rom. It is the nearest the 
industry has come to creating recordability 
in the CD-Rom format 
The drive will read conventional CD-Rom 
discs at quadruple speed and allows the 
user to write, erase and rewrite up to 650 
megabytes of data onto optical discs. The 
drive uses a “phase-change” recording tech- 
nique. which reversibly alters the structure 
of the disc. 

Matsushita is not the first to produce 
such a dual-purpose drive. This February, 
Sony introduced the MD (MiniDisc) data 
drive, an offshoot of the MiniDisc audio 
format which also combines read-write and 
read-only technology in the same drive. But 
where the MiniDisc has yet to develop its 
market, CD-Rom has become an essential 
part of every computer system that aspires 
to the “multimedia" catch word. 

When Sony’s MiniDisc format was being 


Robert Patton considers a new concept in CD-Rom drives 

Driving at new speeds 


developed, recordability was an essential 
part of the concept. According to Andrew 
House, a Sony spokesman: “We never 
thought that write once was a really effec- 
tive alternative." 

The field of audio, video and data record- 
ing is strewn with the bones of formats that 
died because they did not allow consumers 
to make their own recordings. The compact 
disc is the only recording medium since the 
LP record that has achieved broad market 
success without offering recordability. That 
shortcoming is the principal reason for the 
continued market success of the audio cas- 
sette. 

With recording media for computer appli- 
cations, the ability to rewrite data is even 
more vital. This makes the success of 
CD-Rom as a medium of distribution and 
storage for computer data remarkable. But 


CD-Rom arrived at a time when there were 
no better alternatives. The market needed a 
means of distributing large quantities of 
graphical data to users. Hard disc drives of 
comparable size were expensive. Some 
drives could handle removable media, but 
the capacity of a CD-Rom disc was 5-10 
times that of a removable hard disc. 

A rewritable CD-Rom drive is technically 
im possib le at the moment. The process of 
recording data on a CD involves burning 
microscopic pits into the surface and the 
process is not reversible. 

But there are other optical disc recording 
methods which combine the capacity of the 
CD with the advantage of recordability. 

Magneto-optical (MO) recording uses a 
laser beam to change the magnetic state of 
the recording surface using a technique 
called Kerr-rotation. The changes are 


read magnetically during playback. 

Most optical disc drives for personal com- 
puter applications use magnetooptical tech- 
nology. Governed by an international ISO 
standard, MO drives are now available with 
capacities of 230 MB per 3.5-inch disc and 
are expected to surpass 600 MB by 1996. 
Magnetooptical is also the technique Sony 
uses in MiniDisc and MD Data recorders. 

A second optical recording technique, 
shown by Matsushita at the Japan electron- 
ics show, uses the laser beam’s heat to 
change the phase of structure of the record- 
ing surface from an amorphous state to 
crystalline and back a gain It is this ability 
to change structure and reverse that is the 
basis of the rewritable CD-Rom/optical 
drive. 

It is likely that when CD-Kom/phase- 
change drives appear in the shops next 


year, they will be the only gams in town for 
those who want to read pre-recorded soft- 
ware and multimedia data CDs in a drive 
that can both read and write the same 
amount of data at the same speed. The only 
alternatives available now involve two 
drives, a conventional CD-Rom combined 
with a 650+ MB hard disc drive or one of a 
few very expensive optical recorders cur- 
rently produced for commercial and indus- 
trial applications. 

But in a year or two, next generation 
magneto-optical drives are likely to reach 
the capacity of a CD. Matsushita hopes that 
by then its CD-Rom/phase change drive, 
which uses discs of 120mm diameter, will 
have carved out its own specialised niche in 
the market. In addition. CD-Rom drives 
might be used side-by-side with high-capac- 
ity magneto-optical drives. 

One thing is certain: the market wants 
high-capacity, high-speed, rewritable media. 
One way or another, the market will get it. 
By November, Matsushita will be shipping 
samples of their CD-Rom/phase-change 
drive priced at Y100.00Q (£633) and some 
time next year, volume shipments will 
begin. 


Factory 

cranes 

get 

smart 


F actory cranes 

been taken for grant** 
industrial users, but the 
drive for increased productivity 
Is prompting customers to seek 

more sophisticated solutions for 

their handling needs. Enter, the 

thinking crane. 

The trend towards more 
efficient stock control, smaller 
warehouses and just-in-time 
production, calls for faster, 
more productive and safer 
cranes, which, in torn, requires 
sophisticated controls of electric 

motors. _ . 

In March, Cheshire-based 
Street Crane, one of the market 
leaders for electric overhead 
travelling cranes, responded by 
beginning Hoist 2000. a £500,000 
project to develop tbe use of 
p rogrammable logic controllers 
in hoists. 

The aim is to develop 
programmable speed control for 
cranes, incorporating changes of 
speed to accelerate tbe 
movement of components 
around a factory or distribution 
centre without compromising on 
safety. 

For the first time. Street has 
won support for its technology 
development from the 
Department of Trade and 
Industry, which Is funding the 
most innovative parts of the 
project with £300.000. 

In its most developed form, 
the Hoist 2000 will incorporate 
in-built condition monitoring to 
record cycles of operation and 
events such as overloading. This 
will allow users to undertake 
planned maintenance, detect 
abuse of the crane and monitor 
safety of operation. 

The project is still under 
development, but Street is 
already selling cranes 
incorporating another 
PLC-based initiative called 
Smart Options. This embraces 
two developments, SC-SmartUft 
and SC.Smartdrive, which 
enable tbe crane’s horizontal 
and vertical motions to be 
pre-programmed. SC.Smartlift 
monitors the speed 25 times per 
second. 

~ Andrew Baxter 


THE ONLY NAME TO LOOK FOR 
IN A SUIT 


■ re : j a o z ■ 


EAST 

EUROPEAN 

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[jj 


iV\xr-\! TIMES 


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The irfimmtt yjo reunite -ill tv heW htnjil my hr 
Mil hy oilwr qeAi la^wia In nitre U fupv a 

FT Bukukmi Ejrterpnsi.-, Ltd 
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VAT Brgnmujon No. OB 2 71* 5171 21 


BUSINESS 

LAW 

EUROPE 


The twice-monthly newsletter covering current 
legal issues for lawyers advising industry in Europe. 
Business Law Europe combines up-to-date timely 
reporting with down-to-earth and practical 
comment, setting news in context and identifying 
the real meaning of events and their implications 
for European business. 

KEY AREAS COVERED INCLUDE 

competition law - restrictive practices; monopolies; 
market dominance; merger control; deregulation of 
stare-controlled sectors; control of subsidies 

Intellectual property - copyright; patents; designs; 
trade marks; licensing; technology transfers 

market access - commercial laws: tort liability 
regimes; international trade measures, regulations 
and agreements; export controls: public 
procurement regimes; GATT/WTO framework 

corporate law - the impact on cross-border business 
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FINANCIAL TIMES - 

Newsletters 


PEOPLE 


BZW’s new deputy 
chief executive 


The heir appparent to David 
Band at the helm of BZW, Bar- 
days’ investment banking 
arm, emerged yesterday with 
the appointment of Donald 
Brydon. chairman and chief 
executive of BZW Asset Man- 
agement as BZW deputy chief 
executive. 

Brydon, right, who has been 
responsible for growing funds 
under management at BZW 
Asset Management to £50bn 
and spreading its international 
activities, takes over from 
John Spencer, who will be 
leaving BZW at the end of the 
year. 

Although Band is expected 
to remain chief executive for at 
least two years. Brydon's 
appointment completes the 
reshuffle of senior manage- 
ment at BZW intended to pre- 
pare for a new generation of 
leadership in the second half of 
the decade. 

Unlike Spencer, who com- 
bined the role of deputy chief 
executive with being head of 
BZW’s markets division, Bry- 
don will give up his line man- 
agement responsibilities to 
work alongside Band heading 
BZW’s management commit- 
tee. 

He will be succeeded as 
BZW AM chief executive by 
Lindsay Tomlinson, tbe cur- 
rent deputy chief executive. 

Btydon will be non-executive 
chairman of BZWAM, and will 
also join the group executive 
committee which runs the Bar- 


clays group. 

Band, who has been chief 
executive of BZW since 1988 
and has been at the helm dur- 
ing a period of rapid growth 
and diversificaction, may suc- 
ceed Sir Peter Middleton as 
chairman of BZW when he 
gives up the chief executive 



post 

Brydon, who is 49, said that 
the firm's growth meant that 
"a more complex style of man- 
agement” was required. 

Brydon took over at BZAM 
in 1991. He has a mathematics 
degree and helped to introduce 
quantitative techniques there, 
but is modest about his skills. 
“I wouldn't describe myself as 
a mathematician. I am numer- 
ate maybe," he says. 


Hook nets 

leading 

role 

Ivory & Sime, the quoted 
Edinburgh-based fund man- 
agement group. Is getting a 
new managing director. 

Allan Munro, who has held 
the job since 1991, is stepping 
down and being replaced by 
Colin Hook. 52, who joins from 
Caledonia Investments, the 
holding company controlled by 
tbe Cayzer family which took 
a 29.9 per cent stake in l&S in 
July. 

David Newbigging, chair- 
man, said Monro had told him 
earlier this year he wished to 
step down to concentrate on 
bis speciality, managing fixed 
interest portfolios. 

Munro was a member of the 
management committee which 
took over the running of I&S 
in 1990 after the previous 
managing director David Ross 
and four senior fund managers 
abruptly left. 

Hook was founding manag- 
ing director and shareholder 
of J Rothschild Charterhouse 
Management and Global Asset 
Management (Asia), two Asian 
fund management businesses 
in Hong Kong. 

His appointment is cau- 
tiously welcomed in Edin- 
burgh investment manage- 
ment circles. “Probably the 
first tnd l&S have ever bad 
from outride the company. He 
could be a new broom,” one 
observer said yesterday. 


HSBC consolidates control over 
Midland Bank management 


Michael Geoghegan, 41, who 
joined the predecessor of HSBC 
Holdings over 20 years ago and 
is senior vice-president of its 
US operations, is taking over 
from Michael Smith, 38, as 
head of Midland Bank's inter- 
national operations. 

Smith, managing director of 
Midland's international busi- 
ness for the past couple of 
years, becomes deputy chief 
executive of Hongkong Bank 
Malaysia Berhard. with effect 
from November 28. 

Midland Bank was taken 
over by HSBC Holdings just 
over two years ago. 'Hie Hong, 
kong Bank has since moved its 
own people into top positions 
at Midland. Keith Whitson, 
with the Hongkong Bank since 
he left school, took over as 


Midland's chief executive at 
the end of March. IBs deputy, 
chief financial officer, head of 
h uman resources and Mid- 
land's head of credit and risk 
have all been drafted in from 
the Hongkong Bank. 

A couple of months ago 
Christopher Sheridan. 51, quit 
as chief executive of Midland’s 
Samuel Montagu after ten 
years in the post. Sheridan, 
who joined Montagu in 1962. 
has been replaced by Keith 
Harris, a former Morgan Gren- 
fell and Drexei Burnham Lam- 
bert merchant banker who was 
managing director of the corpo- 
rate finance arm of Apax Part- 
ners, the venture capital 
group. 

Roger Downham, 50, director 
of Midland Rank Property Ser- 


vices. recently left to join Les- 
lie Clark & Partners as manag- 
ing director of Leslie Clark 
Project Services. His place has 
been taken by John Breen, 
head of group property at 
HSBC. 

The Hongkong Bank has also 
extended control over manage- 
ment of Midland's overseas 
subsidiaries. David Dew, 38, a 
senior manager with the Brit- 
ish Bank of the Middle East, 
has become chief executive of 
Midland Bank, Italy. John 
Wheeler. 47, senior manager 
international corporate 
accounts at Hongkong Bank, 
takes over as chief executive of 
Midland Bank. Spain; his post 
goes to Alan Keir. 35, Mid- 
land’s head of consumer indus- 
tries. 



changes are planned in the 
short-term but added that 
O'Shea, in his new position, 
was clearly “the favourite can- 
didate" to replace him. 

Barber has turned Halma 
into one of the UK’s most suc- 
cessful specialist engineering 
companies, with subsidiaries in 
environmental control, fir® 
detection, gas detection, safety 
and security. In June, It 
announced a 20 per cent rise in 
annual pre-tax profits to 
£25.1m. 

O'Shea was previously Hal- 
ma’s divisional chief executive 
responsible for both the fire 
detection and gas detection 
divisions; he will have overall 
responsibility for these busi- 
nesses and the security divi- 
sion. 

He is replaced by Neil Quinn 
and Ralph Jessop at fire detec- 
tion and gas detection respec- 
tively. 


’TEi J ] , i 

-w V i l 


O'Shea 
moves up 
at Halma 
group 

Stephen O'Shea has been 
appointed to the new post of 
deputy chief executive at 
Halma Group, the fast-growing 
safety and environmental tech- 
nology concern. 

The promotion of O’Shea, 48, 
below, is designed to give more 
“central horsepower" accord- 
ing to David Barber, who 
remains chairman and chief 
executive. Over the past two 
years, the number of compa- 
nies within Halma has grown 
from 30 to about 45. 

The appointment suggests 
the beginnings of a succession 
policy. Barber. 62, chairman 
since 1973. said no further <t) 




4 


X • 








FWANCIAI, times TUESDAY OCTOBER 1 8 1 994 


IS 



★ 



ARTS 



\i 



* 




t 


N Ic olas Poussin is one 
of the great panjan- 
drums of the history 
of painting. Almost 
the exact contempo- 
rary or Kembrandt in Holland and 

he was the 
greatest French painter of the 17th 
centitty, indeed the first great 
French painter of the modem, post- 
Renaissance era. 

Thathe came out of France both 
figuratively and literally, spending 
all bat a couple of years of his 
mature career in Borne, simply con- 
firms his European reputation and 
influence. For he united within a 
single oeuvre the warmer, more 
sensuous and instinctive Italian 
tradition with the cooler, more 
cerebral tradition of the north. He 
also set the programme for the 
development of neo-classicism 
that ran on through David and 
Ingres and has continued in con- 
structivist and analytical practice 
and tradition, from Cdzanne and 
Mondrian to the minimaK?m of our 
own times. 

Indeed the problem with Poussin, 
if problem it be, has largely been a 
function of his acknowledged 
importance and the general serious- 
ness in which he is held. “Signor 
Poussin’', said Bernini tapping his 
forehead, “is a painter who works 
up here." Such respect is all very 
well, but it is inclined to get in the 
way of the work itself 
The scholars of art have a 
day with Poussin, loving him for 
the recondite complexities of his 
references, and absorbed by the 
problems of attribution arid chrono- 
logical development he sets thwn. 
As for the artists, to them Poussin 
is the supreme organiser and con- 
structor of the image, the supreme 
analyser and integrator of form and 
space, the supreme controller of 
tone and colour. 

There is to his work a simple 
authority, assured and inevitable, 
that quite takes the breath away. 
How calm it all is, how exactly right 
in every gesture and expression, 
how entirely free of fudge and 
hurry and histrionic. AH is worked 
out, definitive in its presence, ideal 
in its essence, artless in its appar- 
ent simplicity and completeness, 
yet so foil of art No wonder that 
Cezanne was moved to say. two cen- 
turies on. that his only wish was 
“to do Poussin again, but from 
Nature”, as though to suppose in all 
sincerity that Poussin had. taken 
nothing from the real world, had 
made it all up. 

The thrill of the magnificent and 
comprehensive review of Poussin, 
now on in Paris, is that while it 
gives us these two views of this 
great master's work exactly - the 
scholar’s and the artist's to both 
their hearts’ content - it goes for 



uwiu^uc uc uhyiu t *u*o, uy x uub.mii. ut; may nave iweu uereorai, out jie whs sumj rapenmcuiai, sensuous anu lull 01 \ 

Master of simple authority 


William Packer admires a magnificent review of Poussin's work in Paris 


beyond each limited response to 
give us the whole artist Here he 
is, cerebral and technical to be 
sure, but also free and experimen- 
tal, sensuous and intuitive, and foil 
of wit 

The drawings are an especial 
interest and pleasure and, quite 
rightly, are given due prominence - 
though I would question the wis- 
dom of showing such naturally 
dense and absorbing material en 
bloc, most of all the early drawings 
that fill the first room, for they 
inevitably create a traffic jam of 
visitors at the very outset of the 
show. That said, they are not to be 
missed, for they are not only 
extremely rare, delicate and beauti- 
ful things but they offer a peculiar 


insight into Poussin’s working 
methods. 

Here, lightly and freely stated, we 
see the first intuitive registering of 
his pictorial ideas, with each t fipn 
radically simplified, almost to mod- 
em eyes to the point ctf abstraction 
- shades of Cezanne, Picasso, Bom- 
berg - by the application of a stark 
chiaroscuro wash for the shadows. 
Thus are the esiwntial str u ct ur e and 
dynamic of each composition estab- 
lished, here a battle, here a baccha- 
nals, reduced to a set of vigorous 
directional strokes. 

The paintings take us througb the 
full range of the work, from the 
earliest mythologies and history 
paintings before the migration to 
Borne, to the mysterious and elegiac 


landscapes with cities and figures of 
the later years. Poussin had stopped 
at Venice for a period an his way to 
Borne, and the influence of the 
idealised arcadian vision of such as 
Bellini, Giorgione and the young 
Ti tian is dear enough. So much is 
known and recognised, but always 
rather in the letter than the spirit 
Here It is the evident sensuousness 
of Poussin htmwif , Venetian par- 
baps in origin but transformed by 
his own dear purposes and intel- 
lect that comes as the glorious sur- 
prise. 

So much for the stoical Poussin, 
looking rather to the c lassical than 
to the Christian model for his aus- 
tere moralities - yet how lightly his 
nymphs and goddesses flirt and 


turn, or stretch and dream beneath 
the trees. And bow beautifliDy seen 
they are, and so lovingly drawn and 
painted. The two great sequences of 
the sacraments are shown complete, 
and in the aarfier “Extreme Unc- 
tion", from Belvoir Castle, the dying 
man lies surrounded and urgently 
attended on the bed. Alone to the 
right the pretty serving-maid slips 
out to fetch more wine, turning to 
smile at us as she goes. Life goes 
an. 


Nicolas Poussin - 1594-1665: Galer- 
ies national es du Grand Palais. 
Paris 8me, until January 2. then on 
to the Royal Academy, London. 
Sponsored by LVMH/Moet Hen- 
nessy, Louis Vuitton 


Theatre / Malcolm Rutherford 

Aurelie, My Sister 


I ncest may be rife in Quebec 
even if tt isn’t, it is taken 
remarkably calmly when it 
occurs and can be beneficial to 
family relationships, or so we learn 
from the new production at The 
Gate. 

AuriJie, My Sister, by the prolific 
French Canadian, Marie Laberge, is 
beautifully acted, meticulously 
directed and has one of the most 
lovingly detailed sets ever seen in 
this theatre. It is also very well 
written. But it is not much of a 
drama. 

The plot is complex and tends to 
unfold backwards. There are only 
two characters: the 45-year-old 
Aurdlie and the near 25-year-old 
Cat, who could be her daughter. 
Their relationship is close and 
friendly. Cat is having an intensely 
physical affair with, a married man 
whom she hopes will leave his wife. 
She tells Aurelie all about it b i 
what seems a fairly banal develop- 
ment the man decides to spend 
more time with his family. 

Yet this is only a teasing, though 
longish, start almost a decoy, just 
as Hitchcock and Truffaut have 


been mentioned in the early dia- 
logue. Cat is not Aurffie’s daughter, 
she is her young sister. She was 
conceived by their father in a fit of 
Incest with AurgHe’s other sister, 
Charlotte. The latter has packed her 
bags and gone off to sculpt in Italy, 
leaving Cat in AurSie’s care. 

Most of this comes out about half 
way through when Cat and Aurthe 
return from the father’s funeral in 
small town Quebec. 

If the play has a coherent thane, 
it is that life in Fr ench Canada can 
be petty and bigoted, but that 
human r elationship s can survive in 
unexpected forms. Aizrfilie, who is 
divorced, says that she was brought 
up with a terror of God and sex. She 
declares herself a pagan like her 
father, but adds that “in *h»a nertic 
of the woods, you don’t have to be a 
Catholic to have all the symptoms”. 

Nevertheless, Quebec seems rea- 
sonably affluent Aur&ie and Cat 
are seldom less than well dressed 
and the friendship between them is 
civilised - closer perhaps than 
between a real mother and daugh- 
ter. One can just about read into 
the text a political allegory: either 



tfE— ill, illl-.,- 

Great performances: Carol Starks and Sheila Reid a***- m*t 


French and English-speaking Can- 
ada should stick together despite 
their differences, or that Quebec 
shonld get an with the separation. 

The flaw is the absence of action. 
AxtriUe , My Sister is a peculiarly 
passive play, ft might be better as a 
novel: certainly it has possibilities 
as a movie where the camera could 
range to scenes which are here only 
referred to in the dialogue. 

Given the text as it is, however. 


nothing can detract from the perfor- 
mances of Sheila Reid as Aurfilie 
and Carol Starks as Cat Both have 
a quiet dignity, even beauty: nei- 
ther basmach of a chip, despite the 
circumstances. The set, foil of old 
books, rag dolls and all the para- 
phernalia of half a life-time, is Aurd- 
lie’s conservatory, plants and vege- 
tables to the fore. She seems 
content to be there, and so does Cat 
Laurence Boswell directs- 1 do not 


wholly like the technique of pulling 
a semi-transparent curtain round 
the stage between scenes, especially 
when notidng is changed, but 
it does have the effect of suggesting 
a kind of therapy. There are charac- 
ters who need to be treated care- 
fully, wrapped and unwrapped: oth- 
erwise they might go mad. 


Gate Theatre until November 4. 
(071) 229 0706 


Opera in concert/David Murray 

An enlightened 
'Euryanthe' 


W e are in debt to the 
Orchestra of the Age 

of Enlightenment the 
South Bank’s 

“associate orchestra", for many 
enlightening performances. On 
Sunday, however, Carl Maria von 
Weber’s opera Euryanihz came up 
like a revelation: who would have 
believed that it could be so 
stirring? Happily, the Queen 
Elizabeth Hall was packed oat with 
the OAR’S devoted audience - but 
it is a thou sand pities that 
Euryanthe is not ruining for two or 
three evenings more. The 
“Deutsche Bomantik” series will be 
lucky to strike gold again with 
such £daL 

Euryanthe came two years after 
Weber's Der FreischMz. and less 
than three before his Oberon for 
London and Us untimely death 
here foe was not yet 40). Unlike the 
popular folk-tale Freischaa it has 
an old-fashioned chivalric plot, 
generally agreed to exceed the 
tiaits of preposteransnen. (The 
story is so batty that even the 
programme was muddled about 
just whose suicidal sister’s ghost 
needed laying.) That said, Weber 
set about animating every moment 
with direct, passionate feeling and 
a wealth of original resource. 

That was what we heard on 
Sunday: not just a performance 
that was often thrilling, but a 
proclamation that Euryanthe really 
is a magnificent operatic score. 
Everyone who collaborated in it 
was on peak form. A special 
mention is due to the bass-baritone 
Iticbolas Folwell, who had learned 
tiie role of the villainous Lysiart at 
very short notice, and delivered it 
with grim confidence and a torrent 


oflostily rolled “r"s. 

The hapless heroine herself was 
Christine Brewer, who explored the 
surprising range and depth of her 

part with exquisite sensitivity. 

Nicely matched against her. 
Elizabeth Connell lent her familiar, 
formidable powers to the wicked 
Eglantine. Jon Garrison was a 
stylish hero, Adolar, in the lesser 
role of the King, young Nathan 
Berg's beautiful baritone reminded 
ns that be is a star in the making: 
and in faceless small parts 
Elizabeth Woollett and Timothy 
Robinson made positive marks. 

The hero of the evening was 
nevertheless Mark Elder, 
conducting the OAE with tireless 
energy and imagination. Not only 
the main numbers, bnt all the fluid 
“recitatives” - misleadingly so 
called, for scarcely any of them are 
mere declamation over chords: 
Weber - and Elder - shaped them 
lovingly, instilling them with 
moment-to-moment drama and 
dressing them often in unheard-of 
orchestral colours. 

In all that, the OAE’s 
“originaT-style instruments came 
superbly into their own. Wonderful 
vox humarta bassoons, dewy Antes, 
a dattery hubbub of horns, 
trombones with a hoarse, rousing 
blot that never domineer over the 
tutti sound. Perhaps half the 
problem with Euryanthe in this 
century has been that Weber 
understood Ins own instruments so 
perfectly, and deployed them so 
brilliantly, that modem 
playing-machines can never do him 
more than dusty justice. 


Sponsored by the John S. Cohen 
Foundation 


Music Theatre/Paul Driver 


The Poisoned 
Chalice 


T he one virtue of The 

Poisoned ChaUce, an opera 
scripted and composed by 
Tony Britten, being 
premiered by Music Theatre 
London at the Drill Hall, is brevity. 
Its two acts arc not much more 
than half an hour apiece. The 
interval is mi yon just as yon feel 
the need to run out screaming into 
Chenies Street; and those who steel 
themselves to go baric in will be 
pleased to find that this i& unusual 
among bad operas in lacking the 
defect of long-windedneg. 

Indeed, its conrimon is like a slap 
in the face. The four characters in 
brilliant white process at the start 
on to Simon ffigiett's tilted silver 
disc, deliver some solemn choral 
thoughts, and embark on what will 
be very many individual drdings 
of tiie platform, surging as they 
walk, taking care to avoid the little 
tree, and all involved in a drama 
that has evidently been going on 
for some time before we arrived. 
Gradually we settle into tire idea 
that this is a story and not just a 
bawling contest, and recognise old 
friends in Arthur, Guinevere, 
Lancelot, and Morgan Le Fay. 

For it is the “Matter of Britain" 
that Tony Britten says has always, 
since childhood, drawn him on and 
driven him to pen the doggerel 
libretto and doggerel-like score of 
this ChaUce. His feeling for prosody 
is remarkable - extra syllables just 
crammed in where necessary and 
the musk stretched to fit What he 
says is even worse than how he 
says it utterances of pure 
unmisglvfng bathos which 
contaminate you with the deadly. 


confident clasp of bad art. 

Britten - an artistic director of 
Music Theatre London, along with 
the evening’s stage-director 
Nicholas Broadhurst - has 
composed much for television and 
films, bnt the Chalice's music has 
scarcely tire inventiveness of a 
soap-powder jingle. It was 
performed by a quartet consisting 
of condoctor/keyboardist Jonathan 
Rutherford with flute, cello and 
percussion players at least two of 
whom were not the musicians 
named in tiie programme. Perhaps 
they had bolted in horror at an 
insipid tonal idiom - tonal, that is, 
with a few obligatory raucous 
ges tar in gs - which seemed to my 
unlucky companion like the 
Hecklers’ answer to the Birtwistle 
opera Gauxdn they so deplored. 

It must have been a hard job 
finding the singers, too. Swedish 
soprano Sara Jungberg’s Morgan at 
least had some sort of voice. Mary 
Lincoln's Guinevere tried hard to 
make ns believe she had one. Both 
parts, alas, required considerable 
vocal prowess. Billy Hartman’s 
Lancelot was too stiff, Andrew C. 
Wadsworth’s Arthur not stiff 
enough. He just slouched there in 
his burlap with the cool 
self-possession of someone about to 
order a drink. At the opera's end 
each character is resolved into an 
allegorical single word - 
“Stability” (Arthur), “Honour” 
(Lancelot), “Power” (Morgan), 
“Love" (Guinevere) - which they 
keep repeating. “Love” has the last 
word. But 1 should add “Vanity”. 
This is a show that shonld never 
have reached the boards. 




1 1 Internationa^ 

A 

R 

rs 

Gi 

JI 

DE 





AMSTERDAM 

ncertgebouw Tonight Serge 
udo conducts Netherlands 
nwmonic Orchestra hi works by 
isikovsky, Prokofiev, Messiaen 

I Debussy, with violin sototet 
midas Kavakos. Tomorrow, 
us: Rlccafdo GhaiHy conducts 

yal Concertgebouw Orchestra In 

avinsky and Brahms (preceded 
lorrow by a free lunchtime 
icert). Tomorrow (Weine Zaal): 
nkl, Pauk. Kirshbaum trio. Frfc 
aifly conducts Schoenberg, 
nl insky, Netting. Stravinsky and 
ret. Sat, Sun afternoon, next 
Ken-/chira Kobayashl 
iducts Netherlands PhBharmoruc 
ihestra in Beethoven, Grieg and 
raikovsky. Sat (Weine ZaaO: 

>mas Zehetmak violin rectal. Sun: 
rra Joao Fires piano rectal 
-hour information service 020-675 

II ticket reservations 020-871 

ztoktheater Tonight, Thure, Sun 
Kuoon, next Wed and Sun: 
erne Jenkfre conducts final 
lormances of JOrgen Pimm's 
Auction of Le nose di Figaro, 


with cast heeded by Joan Rodgers 
and Dean Peterson (020-625 5455) 


■ BASLE 

Stadtcarino Tomorrow, Thurs: 
Theodor Guschlbauer conducts 
Basle Symphony Orchestra In 
Elgar's Violin Concerto (Dmitri 
Sitkovetsky) and Beethoven’s Sixth 
Symphony (061-272 1176) 


■ BRUSSELS 

Mormaie Tonight, Sat Antonio 
Pappano conducts Achim Freyer’s 
new production of Tristan und 
Isolde, with Ronald Hamilton and 
Anne Evans ( 02-218 1211) 

ThtAbre National Tonight, 
tomorrow: Tony Kushner’s play 
Angels to America - first part 
Millenium Approaches (02-217 0303) 


■ CHICAGO 

MUSIC 

Chicago Symphony In tonight's 
concert, .fames DePrrtst conducts 
works by Stravinsky and Mozart, 
with piano soloist Misha Dfchter. 
Thurs, Fri. Sat and naxtTues: 
Michfyoshi Inoue conducts Mozart 
arias and Mahler's Fourth 
Symphony, with soprano Sylvia 
McNair (312-435 6666) 

Lyric Opera Mirella Freni and 
Ptackfo Domingo star In Giordano’s 
Fedora tonight and Fri (continues tiH 
Nov IQ). The Rake’s Progress can 
be seen tomorrow and Sat (till Oct 

28). with a cast headed by Jeny 
Hadley, Ruth Ann Swensen, Samuel 
Ramey and Felicity Palmer (312-332 
2244) 

THEATRE 

• Angels in America: foe national 


touring production of Tony 
Kushrter's two-part epic is directed 
by Michael Mayer, with Jonathan 
Hadary as Roy Kahn (Royal George 
312-988 9000) 

• The Sisters Rosensweig: Wendy 
Wasserstein’s hit Broadway comedy 
about the mid-life reunion of three 
Jewish sisters from Brooklyn 
(Shubert 312-902 1500) 

• The Winter's Tale: Shakespeare 
Repertory has the Chicago maricst 
cornered on productions of the 
Band’s works. Artistic director 
Barbara Gaines has a go at Ms late 
romance. Opens on Fri for six weeks ' 
(Shakespeare Repertory 312-642 
2273) 

• A Clockwork Orange: the 
American premiere of the stage 
version of Anthony Burgess’ classic 
novel seen at the RSC several years 
ago. Terry Kinney directs a cast that 
Includes Chicago favourite K. Todd 
Freeman. THI Oct 30 (Steppenwoif 
312-335 1050) 

• The Who’s Tommy: the touring 
version of the Broadway hit musical 
about toe pinball wizard who 
becomes a media sensation. TtH Oct 
30 (Auditorium 312-902 1500) 


■ GHENT 

de VJaamse Opera Tonight, ThuiBy 
Sat next Tues aid Sun: Sflvlo 
Vanriso conducts Guy Joostsn’s 
production of Don Giovanni, with 
cast headed by Jeffrey Black, HUevi 
Martfopeho and Patricia Racette 
(09-225 2425) 


■ THE HAGUE 

Dr Anton Pftffi p s a ea l Tonight 
Samuel Friedman conducts Moscow 
State Radio Orchestra in works by 


Tchaikovsky and Borodin. Thurs: 
Netherlands Chamber Chorus in 
works by Rakhmaninov and Ligeti. 
Next Mon: PhlQppe Entremont 
conducts Netherlands Chamber 
Orchestra in Webern, Mozart, Berg 
and Haydn, with violin soloist Olivier 
Charter (070-360 9810) 


■ ROTTERDAM 

De Doelen Thurs: Jos6 Carreras. 

Fri: Roberto Patemostro conducts 
WOrttemberg Philharmonic in works 
by Weber, Grieg and Beethoven, 
with soprano Kari L&vaas. Sat Sun 
afternoon: Erl Was conducts 
Rotterdam Phflharmonlc Orchestra in 
Bizet and Schedrin (010-217 1717) 


■ VIENNA 

• The Danish Radio Symphony 
Orchestra gives concerts tomorrow 
and Thus at the Musikverein, with 
repertoire including Nielsen and 
Sibefeis. Rafael Frfihbeck de Burgos 
conducts the Vienna Symphony 
Orchestra in Mahler and Musofgsky/ 
Ravel on Sat, and Neeme Jfevi 
conducts the Gothenburg Symphony 
Orchestra on Sun morning and Mon 
evening *to works by Sibelius, Part, 
Stenhammar, Tubln aid Alfven (505 
8190) 

• Cecfta Bartofl gives a song 
recital on Sun at tiie Konzerthaus 
(7121211) 

• Vienna's annual contemporary 
music (estival, Wien Modem, opens 
on Sun and runs till Nov 28. This 
year's programme focuses on 
Morton Feidmann, George Crumb, 
Heknut Lachenmarm, (fori Schiske 
and GQnter Kahowaz (7124 B860) 

• The Staatsoper is closed fix 


technical alterations till Dec 14. 
Repertory at the Volksoper indudes 
a new production of Nicolai's comic 
opera Die histigan Weiber von 
Windsor (51444 2959/51444 2969/ 
513 1513) 

• Rfccardo Mutl conducts seven 
performances of Roberto de 
Simone’s production of Cod fan 
tutte at Theater an der Wien, starting 
Oct 30 (58885) 


■ WASHINGTON 

MUSIC/DANCE 

• Pennsylvania Ballet is in 
residence this week at Kennedy 
Center Opera House, tt gives the 
premiere tonight of a new work by 
David Parsons, and repertory also 
includes works by Balanchine and 
Paul Taytor (202-467 4600) . 

• David Zrnman conducts tiie 
Baltimore Symphony Orchestra 
tomorrow and Wed at Baltimore’s 
Joseph Meyertwff Symphony HaB. 
The programme indudes Barber's 
VioBn Concerto (Anne AWko Meyers) 
and Brahms’ First Symphony 
(410-783 8000) 

• Michael Stem conducts the 
National Symphony Orchestra on 
Thurs, Fri and Sat at Kennedy 
Center Concert Hall The programme 
indudes Ravel’s Piano Concerto in 
G (Afida de Lanocha) and Dvorak’s 
Sixth Symphony. Seiji Ozawa 
conducts the Boston Symphony 
Orchestra In works by Takemitsu, 
Brahms and Mozart on Sat late 
afternoon, with piano soloist Ursula 
Opperis. Paichas Zukerman directs 
the English Chamber Orchestra on 
Mon in Bach, Haydn, Mozart and 
Dvorak (202-467 4600) 

THEATRE 

• Defending the Caveman: a 


one-man show written by and 
starring American comedian Rob 
Becker, using humour to help define 
the differences between the two 
genders. TiU Sun at Warner Theater 
(202-432-SEAT) 

• Old Times: Washington Stage 
Guild presents Harold Pinter's 
three-hander about power within 
relationships. Opens tomorrow 
(202-529 2084) 

• The Foreigner. Joe Sears and 
Jaston Williams star in Larry Shoe's 
comedy, directed by David 
McKenna. TBI Sun at Ford’s Theater 
(202-347 4833) 

• Henry IV: this adaptation of 
Parts 1 and H of Shakespeare’s 
history plays is directed by Michael 
Kahn. A Shakespeare Theater 
production at the Lansburgh. TUI Oct 
30 (202-393 2700) 

• A Perfect Ganesh: Terrence 
McNally’s play about two Neiw 
England matrons on a personal 
quest journeying through India TBI 
Oct 30 at the Kreeger (202-488 
3300) 

• The Cherry Orchard: Chekhov’s 
play Is directed by Irene Lewis at 
Center Stage. Till Oct 30 (410-332 
0033) 


■ ZURICH 

Opemhaus Tonight Thurs, Sat 
Nikolaus Harnoncourt conducts tiie 
PonneUe production of EntfQhrung, 
with cast headed by Eva Met and 
Deon van der Walt Tomorrow, Fit 
Ralf Wefkert conducts Ruth 
Berghaus* new production of Katya 
Kabanova, with cast headed by Ana 
Pusar and Peter Straka. Sun: La 
Cenerentda. Mon: Carlo Bergonzi 
song recital (01-262 0909) 


ARTS GUIDE 

Monday; Berlin, New York and 
Paris. 

Tuesday: Austria, Belgium, 
Netherlands, Switzerland, Chi- 
cago. Washington. 
Wednesday; France, Ger- 
many, Scandinavia. 

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super 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/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 





FINANCIAL TIMES TUESDAY OCTOBER t8 1994 



In early 1994. 
Russia's eco- 
nomic pros- 
pects looked, 
bleak. Indus- 
trial produc- 
tion and gross 


domestic prod- 
v IE w u~a 


uct had fallen 
dramatically, inflation was 
running at almost 20 per cent a 
month and there were plans 
for a cosily monetary union 
with Belarus. 

Critics said the government 
had given up on economic 
reform, an assertion seemingly 
given new life last week by the 
dive of the rouble to almost 
Rbs4,0O0 to the US dollar. 

In fact, the Russian authori- 
ties have implemented an 
unprecedented austerity pro- 
gramme during 1994: policy- 
makers have responded to 
shortfalls in revenue with 
severe expenditure cuts, and 
high real interest rates have 
been maintained. 

As a result, inflation is at its 
lowest levels since the eco- 
nomic reforms began and lend- 
ing by the central bank has 
been so low that Russia has for 
the first time met its IMF mon- 
etary policy targets. At the 
same time, economic recovery 
is under way. 

One reason for the critics' 
gloom is the fall in government 
revenue. Budget revenue has 
fallen from 29.5 per cent of 
GOP in the fourth quarter of 
1993 to 26.3 per cent in the first 
half of 1994. This was due to 
changes in legislation, a profit 
squeeze as GDP fell and real 
wages stayed constant, and an 
increase in tax evasion. 

However, the response to low 
revenue was not the widely-ex- 
pected hike in central bank 
lending to government. 
Instead, government expendi- 
ture was cut from 35.3 per cent 
of GDP in the fourth quarter of 
1993 to 32.3 per cent in the first 
half of 1994. 

This is, by any standards, a 
serious fiscal austerity pro- 
gramme. It has been matched 
by successful efforts to 
increase tax compliance. 

Another argument raised by 
critics is that monetary policy 
has been “loose” because the 
central bank is lending to the 
government at 10 per cent a 
year, well below market rates. 

However, the amount of cen- 
tral bank lending to the gov- 
ernment Is restricted by credit 
ceilings. Because of these, 
quarterly central bank lending 
to government fell over the 
first half of 1994 from 8.8 per 
cent of GDP to 7.9 per cent 

Meanwhile, lending to other 
countries in the Common- 
wealth of Independent States 
has stopped. And lending to 


A case of cut 
and thrust 

Jochen Wermuth on Russia’s 
record of economic management 



Viktor Chernomyrdin has implemented austerity measures 


commercial banks is at high 
real interest rates, since the 
central bank has maintained 
high real refinance rates since 
November L9S3. 

The last batch of central 
bank credits at low interest 
rates - the so-called "soft cred- 
its" - was allocated in the 
spring. Since then, soft credits 
have been counted as part of 
federal government expendi- 
ture and are no longer a source 
of monetary expansion. 

True, government borrowing 
from the Central Bank of Rus- 
sia rose in July and August. 
But this was a deliberate move. 
The government is required by 
the parliament to make annual 
expenditure equal to the sum 
of tax revenues and approved 
borrowing. In 1992 and 1993. 
pressures from the former 
state enterprises and farms led 
to high levels of borrowing in 
the fourth quarter and a resur- 
gence In inflation. This time, 
the government borrowed 
more in the third quarter to 
head off lobby pressures. 

By September nominal bor- 
rowing had fallen to half the 
level of August The October 
figures, in line with govern- 
ment targets, are similarly low. 
Officially agreed credit limits 
for the fourth quarter are at a 


record low and could be as lit- 
tle as 3 to 5 per cent of GDP if 
some borrowing is replaced by 
sales of governmental currency 
reserves, as planned. 

Thanks to such restrictive 
monetary and fiscal policies, 
the Russian authorities have 
met the IMF monetary base 
target - even with the spring’s 
soft credits and additional bor- 
rowing in the third quarter. 

D espite the higher 
inflation rates of 
recent months and 
the recent collapse 
Of the rouble, annual inflation 
this year is not expected to 
exceed 180 per cent down from 
over 800 per cent in 1993 and 
over 2,400 per cent in 1992. 
Monetary growth at the end of 
1994 could average 3 per cent a 
month - providing ideal condi- 
tions for stabilisation in 1996. 

In spite of this restrictive 
policy stance, unemployment 
remains low and a recovery 
seems under way. Official GDP 
for August 1994 was 20 per cent 
higher in constant prices than 
In January, and 12 per cent 
higher than in August 1993. 
Industrial production troughed 
in May 1994 and has grown by 
around 1 per cent a month 
since. These figures are sup- 


ported by statistics on energy 
consumption and evidence of a 
construction boom. 

What prevents tile country 
from taking off even fester are 
outstanding reforms in the 
energy and agricultural sec- 
tors, hidden subsidies to pow- 
erful lobbies and enterprises, 
and the failure to make enter- 
prises bankrupt when they 
have no future. 

The lark of an Institutional 
framework for investors, such 
as registers to establish title to 
land, also means there is a lack 
of capital Domestic saving has 
been low and Russia has 
remained a net exporter of cap- 
ital The government has been 
working on macro-economic 
policies for the next 10 years to 
pay back foreign debt. These 
include commitments that 
should help to attract 
Long-term investment 

Furthermore, Mr Victor 
Chernomyrdin, the prime min- 
ister, rejected the first budget 
and monetary programme for 
1995, which aimed at an aver- 
age inflation rate of 5 per cent 
a month. Instead, on October 9, 
the government, supported by 
the president, set a budget defi- 
cit target for 1995 of 4-5 per 
cent of GDP. The government 
plana (O finanea a large part of 
this deficit, by issuing Treasury 
bills and with what could well 
be the last significant injection 
of foreign credits, rather than 
through central bank lending 
to government. At the same 
time, a stable exchange rate is 
to be maintained. 

As a result of these plans, 
inflation should be down to 
less than l per cent a month by 
the second half of 1995 and 
annual inflation is forecast at 
27 per cent for 1995. This is the 
culmination of a two-year pol- 
icy of a gradual but substantial 
reduction in inflation. 

Given economic fundamen- 
tals. the government’s tough 
policy, and the increase in the 
central bank’s refinancing rate, 
the recovery of the rouble after 
its fall last week is no surprise. 
The real exchange rate is. in 
fact, no lower than it was in 
December 1993. 

However, last week’s rapid 
devaluation is a warning to 
policy-makers against any 
return to loose policies. Genu- 
ine exchange rate stability is 
thus more politically feasible. 

Russia Is on the brink of 
moving beyond crisis manage- 
ment and could soon be a GS 
country with low inflation, low 
Inflationary expectations and 
low medium-term interest 
rates. 

Jochen Wermuth. of Balliol Col- 
lege, Oxford, is on adviser to 
the Ministry of Finance of the 
Russian Federation. 


Quite simply the Royal Oak. 



m 

iUDEMARS PlGUET 

7 he muster irctlcbnutker. 


Ki ir inh<niuii. n cul uulir^nc | iIi.-.l'v « nii- li» 

flout iv w lUtU' 1SI-J.-.-UV ■SwitioiiruL 

Tel 1 1 Jl .-4,- w »| l\i* 1 1 ,-i *** l-i 


Joe Rogaly 

A royal pipe -dream 



The “Charles 
and Diana” 
story is the 
opium of the 
people. It 
attracts 
immense inter- 
est in most 
countries, but 
at home it does more. In 
Britain, gossip about the pri- 
vate life of the scions of the 
House of Windsor is an obses- 
sion of the tabloids, a quick- 
seller for the serious newspa- 
pers, dominant on the air- 
waves, an easy topic of conver- 
sation, the stuff of fantasy and 
scribblers’ invention, marginal^ 
fluffy, inconsequential - and, 
as such, a substitute for 
thought, a painkiller for a 
bewildered national psyche. It 
is. in short, a constant distrac- 
tion from genuine problems of 
governance, evidence of a pol- 
ity thrashin g around for a 
sense of purpose. 

The latter is the serious ele- 
ment in an essentially unser- 
ious flow of media pap. It may 
be that this flow has latterly 
been stimulated by the heir to 
the throne and Ids estranged 
wife, but that is beside the 
point. The British people 
approach the end of the 20th 
century as uncertain about 
their role in the world as at 
any time since the end of 
empire. Historians will be justi- 
fied if they label it the century 
of moral decline. 

The final decade is already 
looking inglorious. A prize for 
literature is awarded to a 
“novel” widely acknowledged 
to be illiterate. A fund is set up 
to spend the proceeds of a 
national lottery on celebrating 
the millennium, but no one, 
not even the minister In 
charge, has articulated a clear 
idea of what that means, or 
what there is to celebrate. At a 
conference of the governing 
party, a yob makes a success- 
ful bid for the front pages by 
lifting his kilt for the cameras. 

We affect to be shocked, but 


our <yn<t ih»itiea are numbed. 
Nothing is sacred, least of all 
religion. There is some tut-tut- 
ting when a clergyman is dis- 
missed for professing a lack of 
belief in God. Several of our 
television comedians appear to 
be motivated by a militant, 
even spiteful, at h eis m . Hie end 
of deference may be welcome, 
but in its place has come - a 
void. We revel in titillating 
accounts of the sexual misde- 
meanours of this or that gov- 
ernment minister and affect 
surprise when we hear that 
various officials, elected and 
appointed, appear to have been 
lining their own pockets, or 
allowing their relatives to do 
so. We five in 


the wrong person," came the 
reply. ”1 give little thought to 
these things. AH we need to 
know is that most voters are 
monarchists. Nearly all of 
them hold the Queen in high 
regard. End of story.” 

Mr John Major concurs. “I 
thi pk the monarchy has got Its 
roots sunk so deep in the 
affairs of the people of this 
country that it is very sound 
and secure,” the prime minis- 
ter said yesterday. IBs confi- 
dence is supported by prece- 
dent. Two centuries have 
passed since James GiUray's 
caricatures savagely attacked 
the extravagance and promis- 
cuous behaviour or the “volup- 
tuary”. the 


« . • . v»veu weany 

subsumed into the 60 years have 
production line of ("catS 
the media; they 0 f Edward vm 
have become its 
primary raw 
material 


the kingdom of then Prince of 

Grab, an empty CuRTiCS 3DQ Uiana Wales. The 
commonwealth Have been crown sur- 

ln which, when - Ud e .. U vived. Nearly 

financial fid- 
dles are 
revealed, some 
wonder 
whether the 
misdemeanour 
lies in the act, 
or the getting 
caught 

In such a 

world, prattle about whether 
the monarchy win survive the 
war of the royal books is mere 
escapism. Prince Charles and 
Princess Diana have been sub- 
sumed into the production line 
of the media; they have 
become its primary raw mate- 
rial, second only to paper. 

They are the prince and prin- 
cess of publishing. Their origi- 
nal image, that of the shyly 
spooning couple, was a roman- 
tic fiction in the preparation at 
which they connived. They are 
now assisting in the manufac- 
ture of the salacious prose that 
may diminish or possibly even 
destroy nn e or both of them. 

Does it matter? At the Con- 
servative party conference in 
Bournemouth last week the 
senior minister at our dining- 
table was asked what he marie 


of it alL “You are addressing 


was forced 
upon him when 
he declared his 
intention of 
marrying Mrs 
mommmmamm Wallis Simp- 
son, the American divorcee. 
His niece is still on the throne. 

There is no constitutional 
reason why the Queen’s eldest 
son should not succeed her. 
That he shall do so is, as it 
happens, the essence of the 
British constitution. The 
Prince’s qualification for the 
job is that he is of his mother 
bom. His private behaviour is 
irrelevant 17115 is not a change 
of mind on my part I have 
long advocated the setting up 
of a federal republic of Britain, 
on the ground that the execu- 
tive bides behind “crown pre- 
rogative” as an excuse for mfa- 
government. Hanging 
everything on the tag of the 
supposed royal command is a 
licence to print honours, a per- 
mit for the exercise of patron- 
age. 

Yet I would cheerfully salute 


the accession of Prince Charles 
if the throne were first to 
become detached from the 
executive, made contractually 
subservient to the people, and 
defined in a written constitu- 
tion. It might then usefully be 
slimmed down, becoming a 
"bicycle monarchy” as in 
northern Europe. It would cer- 
tainly benefit from a period of 
reticence about itself, as the 
Duke of Edinburgh intimated 
yesterday. In such dearly-de- 
fined circumstances, the role of 
an hereditary king as a focus 
of loyalty to the nation - that 
is, of all of us to one another - 
could as well be fulfilled by 
Prince Charles as anyone. Bet- 
ter that, as they said at the 
recent Liberal Democrat con- 
ference In Brighton, than Pres- 
ident Tebbit or, heaven help 
us, President Thatcher. 

Meanwhile Queen Elizabeth 
n is more likely than not to 
reign well into the next cen- 
tury. The first queen bearing 
her name ruled during a flow- 
ering of English culture; here 
were years of national glory. 
The second Elizabeth, pos- 
sessed of few powers, has been 
less fortunate. She has been 
able to reign, but not rule. She 
has been steadfast and dutiful, 
but her governments have not 
covered themselves in glory. 
They have left the nation 
uncertain about whether it 
belongs to the continent to 
which it is attached. 

As a nuclear power and per- 
manent member of the security 
council, Britain retains the ves- 
tiges of its “great” past, but 
lacks the self-confidence to par- 
ticipate wholeheartedly in the 
af fair s of the European Union. 
We cling to illusory “certain- 
ties”. such as “sovereignty” 
and the idealised Victorian 
royal family. We know that 
reality lies elsewhere. Some - 
perhaps most - of us cannot 
bear the knowledge. To get 
through the night, we tune in 
to “Charles and Di,” and go 
back to sleep. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 


Strength in 
unity is only 
UK option 

From MrJHde Root 

Sir, Norman Lamont’s 
thoughts concerning the UK 
and the European Union place 
him some time in the first 
decade of this century (“Lam- 
ont says it may be necessary to 
pull out of EXT, October 12). 
He need only look beyond his 
small island to see that the UK 
will wither and shrivel if it 
cuts itself off from the conti- 
nent 

The economic power centres 
of the world are shifting to the 
east China's enormous poten- 
tial is only beginning to be 
realised. 

Among the great advantages 
China has over western Europe 
is that it has so much to do in 
order to modernise. Not having 
progressed at the rate of the 
west China can make use of 
the latest technologies without 
having to consider a loss on its 
investment in earlier technol- 
ogy. 

China wifi, indeed make its 
"great leap forward”. Without 
strong competition from a 
united Europe and a re invigo- 
rated North America, China 
will be far ahead by the middle 
of the new century. 

In the face of the progress of 
China and some of the other 
countries in East Asia, the UK 
is not in a position to go it 
alone. Like the rest of Europe 
(of which, like it or not, it is a 
part), the UK will have to find 
strength in union. 

The only other alternative I 
can see is for the UK to halt all 
further development and to 
turn the whole country into a 
museum. In 20 years or so the 
nation and its people could 
make a decent living by charg- 
ing admission. How quaint it 
would be. 

J H de Raat, 

Kaniershof 54. 

1104 GC Amsterdam, 

The Netherlands 


University reform 
proposal is recipe 
for destruction 


From Prof Tony Pomtan. 

Sir, Your editorial “Univer- 
sity reform" (October II), while 
befog music to the ears of cer- 
tain pressure groups who 
would subordinate a rational 
system of higher education to 
self-interest, will probably be 
quoted (and - God help us - 
used) to wipe out the UK sys- 
tem of h jghpr education as an 
international competitor. 

You suggest “a designated 20 
or so universities” should be 
funded to do research, while 
others would be restricted to 
being teaching institutions. 
What this would mean is that 
there would be 20 universities 
in the UK. That may he an aim 


espoused by the Financial 
Times - although there is 
absolutely no logic advanced 
for it 

Of course, many universities 
are currently inadequately 
funded to carry out their func- 
tions as places of teach- 
ing, learning and scholarship. 
The FT’S contribution appears 
to be to propose they are 
destroyed before they can col- 
lapse. 

Tony Pointon. 
chairman. 

committee of chairmen of 
research commiUees of new 
universities. 

University of Portsmouth. 
Portsmouth POl 2UP 


Basis for manufacturing’s 
pleas survives intact 


From Mr John Wells. 

Sir, Peter Robinson (Letters, 
October ll) errs in appearing 
to equate fixed investment in 
plant and equipment (p and e) 
with manufacturing invest- 
ment in p and e. In fact, manu- 
facturing now only accounts 
for 28.5 per cent of total p and 
e investment in the UK econ- 
omy, down from 48 per cent in 
the earl; 1960s; the services, 
broadly defined to include 
Internationally exposed and 
sheltered segments, account 
for the majority of economy- 
wide p and e investment 

UK manufacturing’s misera- 
ble record In p and e invest- 
ment can be gauged from the 
fact it now accounts for just 1.6 
per cent of gross domestic 
product - against 35 per cent 
in the early 1960s. In absolute 
terms, UK manufacturing's p 
and e investment is no higher 
(at constant prices) than 20 


years ago. but then output is 
no higher either. 

The UK’s comparative 
investment record internation- 
ally can best be gauged from 
the following data of the share 
of total manufacturing invest- 
ment as a percentage of gross 
domestic product (averages for 
1980-1992): UK: 2.1 per cent; 
Germany: 3.1 per cent; France: 
3.2 per cent; Italy: 4 per cent 

Quite why UK manufactur- 
ing stagnates despite the 
recent sharp recovery in prof- 
its remains a mystery. 

But the statistical basis for 
the industrial associations' 
pleas for fiscal incentives sur- 
vives Peter Robinson’s stric- 
tures intact 
John Wells, 

University of Cambridge Fac- 
ulty of Economics and Politics, 
Austin Robinson Building, 
Sidgutick Avenue, 

Cambridge CB3 9DD 


Clear and 
velvet tones 
at their best 

Fran Ms Gail Chan. 

Sir, I am writing to protest at 
your music critic’s review of 
Kathleen Battle’s recital with 
the Phflharmonia (“Battle with 
the Philharmonia”, October 
14). To say that her rendering 
of Mozart’s Exultate Jubilate 
was “a boring vocal display” is 
both grossly unfair and piti- 
fully inaccurate. 

It is wen known that Miss 
Battle does not have a loud 
booming voice. I was sitting 
quite far back in the hall and I 
was apprehensive that I might 
not hear well. However, I 
found that I could hear her 
quite clearly. 

The piece was sung with on 
abundance of subtle tone col- 
ours. Far from "one mezzo- 
forte-ish dynamic” sbe main- 
tained a beautifully controlled 
and sustained fortissimo which, 
was never harsh and strident 
She sang with an apparently 
effortless mastery of the music 
which left the audience in a 
state of joyful bliss - as 
was evidenced by the pro- 
longed and enthusiastic 
applause. 

It is to Andre Previn’s credit 
that he composed his song 
cycle Honey and Rue for Bat- 
tle’s voice. The result was 
truly magnificent. We were 
treated to a display of her vel- 
vet tones at their best full of 
light and shade, and great 
warmth: a heavenly interpreta- 
tion with its high point the 
fourth song “Do you know 
him” which, far from calling 
for “earthiness”, requires and 
was rendered with a beautiful 
time l ess ethereal quality. Only 
a very unmusical person could 
fail to be moved. 

It Is Indeed sad when such 
great artistry is so ill received 
and unrecognised. 

Gail Chan, 

31 Norland Square, 

London Wll 4PU 


Foreign entrants to Italian retail market will need to seek partner 


From Mr Alan D. Gordon. 

Sir. Neil Buckley’s article, 
“Retailers’ global shopping 
spree” (October 13), cited Italy 
as one of the “tough three” 
markets. We can oonfirm that 
it is “tough” especially for for- 
eigners. It is changing rapidly, 
but “d ritalienne". 

We have made four large 
studies of food retailing in 
Italy - the first in 1980 when 
the balance of power was 
firmly with producers and 
their problem was physical dis- 
tribution costs in serving the 
large market. Those of 1987 
and 1989 showed some increas- 
ing retailer toughness, but 
multinational producers still 
gut 20-30 per cent higher prices 
for their grocery products in 


Italy than in France or Ger- 
many due to the semi-collusive 
relationship with retailers to 
maintain high prices. 

Our new study, just pub- 
lished, shows that, while pend- 
ing legislative changes will 
probably allow the big to get 
bigger, the basic objective of 
large Italian retailers is to keep 
out any large foreign invasion 
(as in Spain) and ensure for- 
eign entrants come in via a 
partner (for example,- franchis- 
ing) or on a joint venture hasis. 

There are examples of acqui- 
sition by Carrefour and Tengel- 
maim, but the candidates are 
small and individually give tit- 
tle position. 

Auchan has been trying to 
start from scratch In Italy and 


has hardly made any progress, 
mainly due to bureaucratic 
obstruction. Foreign discount 
chains with small units are 
making some progress because 
of the lower threat to local 
interests. 

The Coop is the largest 
retailer to Italy and voluntary 
drains and buying groups have 
a strong presence. The inte- 
grated “five sisters” (Rlnas- 
cenfcre, Stands, GS. Esselunga 
and Pam), plus the Coop, cur- 
rently only hold 21 per cent of 
grocery food sales. 

We forecast, however, that 
the top five groups (all catego- 
ries) will hold 40 per cent in 
2000 . 

producers are meeting grow- 
ing demands for discounts, lon- 


ger delays in payments, 
increased publicity costs, anc 
tougher logistics requirements 
while private label Is starting 
to gain momentum. While ital 
tan retailing is concentrating, 
potential foreign retailer 
entrants, to be successful, will 
have to find a suitable Italian 
partner. 

It fa not for nothing that fa 
the cold-war days Italians 
boasted they would have con- 
verted invading Russian sol- 
diers into Italians in 12 
months. 

Alan D Gordon, chairman and 
managing director, 

Girag, 

6 chemin de Mercy 
1208 Geneve. 

Switzerland 






FINANCIAL TIMES TUESDAY OCTOBER 18 1994 


FINANCIAL TIMES 

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Tuesday October 18 1994 


Weaker rule 
in Germany 


Despite the robust confidence 
displayed by Chancellor Helmut 
Kohl yesterday, his margin of vic- 
tory m Sunday’s German aiwHn™? 
was uncomfortably narrow. The 
centre-right coalition’s 10-seat 
Bundestag majority appears insuf- 
ficient to guarantee passage of 
tough measures needed to 
improve Germany’s economic 
structure, particularly cuts In pub- 
lic spending and taxation, and 
social security reform. 

Modest recovery from recession 
will continue, but so wID voter 
disgruntlement caused by cuts in 
real incomes needed to correct 
post-unification economic imbal- 
ances. Mr Kohl’s domestic prob- 
lems may divert bis attention 
from necessary efforts to show 
German leadership over European 
integration. 

Mr Kohl owes his fourth term in 
office to his considerable election- 
eering shills, mistakes by the 
| opposition Social Democrats 
(SPD), and the innate conserva- 
tism of the German electorate, 
which since the war has never 
ejected an Incumbent government 
None tiie less, there is a risk that 
the coalition between the Chris- 
tian Democrats (CDU) and the lib- 
eral Free Democrats (FDF) may 
not last the full tour-year parlia- 
mentary mandat 
The share of the vote registered 
on Sunday by both senior parties, 
the CDU and SPD, was well below 
the average of the past 30 years. 
Voting fragmentation, reflected in 
the strength of the Greens and 
reformed east German commu- 
nists (PDS). win make the future 
policies and affiances of govern- 
ment and opposition prone to com- 
plex political arithmetic: 

Reflecting the shrunken Bundes- 
tag majority and the Social Demo- 
crats’ hold over the Bundesrat, 
winch has a veto over tax legist 


tion, the coalition's power to intro- 
duce radical legislative initiatives 
has now crumbled. It is tine that 
Chancellors Willy Brandi and Hel- 
mut Schmidt survived two past 
legislative periods with shniLariy 
slender majorities. However, in 
ISO and 1376 the Social Demo- 
crats' comparatively fresh coali- 
tion with the Free Democrats was 
probably in a fundamentally 
stronger state than Mr Kohl’s 12- 
year-old government 

Much will depend on how the 
Free Democrats adjust to the loss 
of power and prestige caused by a 
string of election setbacks. Mr 
Kohl’s recent rejection of bis coali- 
tion partner's calls for tax cuts 
indicates the FOP’S difficulties In 
wmiritafTMnp its traditional high 
profile as an exponent of free mar- 
ket policies. On the other hand, 
the FDP leadership, knowing that 
many voters now see it as little 
more than an ersatz CDU, scans 
unlikely to risk a trial of strength 
with Mr Kohl by threatening to 
deflect to the SPD in mid-term. 

The questions fanmg xbe SPD 
under its chairman and futu re 
parliamentary floor-leader, Mr 
Rnriolf Scharplng, are still more 
pataftil. It has lost four successive 
general elections, and leadership 
divisions during the recent cam- 
paign have left fresh scars. Mr 
Scharping's task is to mount an 
energetic yet constructive chal- 
lenge to Mr Kohl, particularly 
over economic policy, that will 
strengthen the SPD’s credentials 
as a party of government Given 
the SPD’s strength in the Bundes- 
rat, the new government in Bonn 
will in same ways be behaving 
like a de facto Grand Coalition. If 
Mr Scbarptng can use his leverage 
wisely, and restrain those within 
his party wishing an overt alli- 
ance with the PDS or the Greens, 
he may yet reap his reward. 


Inward & upward 


Last week the ex-chancellor, Mr 
Norman Lamont, declared himself 
“unable to pinpoint a single con- 
crete economic advantage” that 
conies to the UK from its member- 
ship of the European Union. A trip 
to Cleveland and Durham ought to 
make him think again. 

Samsung and Fujitsu yesterday 
joined a growing list of foreign 
companies that have recently 
decided to invest substantially in 
their UK sites- Such companies 
are apparently happier to invest in 
the UK’s economic fixture than 
many of their home-grown coun- 
terparts have been, of late. But Mr 
r.»m ont and others should be 
under no illusions: these foreign 
direct investors are betting money 
on a future within the EU, not 
without it 

Not so long ago, yesterday’s 
announcements by Samsung and 
Fipsu would have been met with 
little but complaints. Once the 
world’s leading manufacturer, the 
UK was said to be becoming 
merely a site for the “screwdriver” 
operations of foreigners eager to 
escape European import barriers. 

Why are these complaints not 
heard today? Some would put it 
down to a new realism about the 


UK’s economic options. But it is 
also the fact that Japanese direct 
investment has yielded consider- 
able benefits to both sides. The 
latest census data indicates that 
foreign-owned manufacturing 
enterprises achieved an average 31 
per cent higher net output per 
employee than domestically- 
owned enterprises in 1991. This is 
to be expected: the companies 
coming to the UK are some of the 
most successful in the world. But 
that is merely another argument 
in favour of such investment 
Low-cost labour, the English 
language and membership in the 
EU are dearly a large part of the 
UK’s attractiveness. The Nissan 
plant in Sunderland, for example, 
was a simple assembly operation 
for European sales when it was 
announced in 1984. From such 
beginnings, however, grew a plant 
that is now the UK’s largest car 
exporter, employing 4,600, up from 
an initial 470. With luck, Cleve- 
land and Durham will provide 
similarly good examples for UK 
companies to follow. Maybe the 
latter should also acquire the 
Asians’ quiet trust that the senti- 
ments of Mr Lamo nt and others 
win not prevail. 


Precarious peace 


Zhe Middle East peace process 
inok another important step for- 
ward yest e rday with the initial- 
ing of an outline agreement 
jetween Israel and Jordan. With 
he Hashemite kingdom now jolti- 
ng the Palestinians on the path 
xmpteted only by Egypt, there is 
i mounting sense that the process 
5 irreversible. 

Confidence would have been 
prater had it not beat for events 
ist week in Israel, where Pales- 
tinian extremists came alarmingly 
lose to wrecking much of what 
ad been achieved. The alarm is 
q the greater because the main 
roponents of peace knew all too 
-ell of the dangers in over-react- 
ig to such calculated pro voce- 
on. Hamas, on the one band, and 
Jewish extremist fringe cm the 
Char, have both, shown this year 
ieir capacity for polit ical ly mou- 
nted murder. The terror attack 
f Hamas in central Jerusalem 
st week, and the subsequent kid- 
ip and killing of an Israeli sol- 
ier, are part of a depressingly 
■edictahle pattern. 

Mr Yitzhak Rabin, Israel’s prime 
blister, is right to expect that 
ie Palestinian police force should 
aintain order in the newly-hber- 
ed territories. But to attempt to 
ik the future of the peace negoti- 
ions with the ability of the P&I- 
itinian police to prevent Hama s 
urn committing acts of terror in 
rad proper is dangerous. 
Although Mr Rabin and Mr Yas- 
r Arafat, the Palestinian leader, 
id no pleasure in each other’s 
mpany, they share a c ommo n 
ijective to seeking to blunt the 
oral and activities of Hamas m 
s bid to sabotage the peace 
reementi To this end, the secu- 
y forces of both sides need to 
^operate, not to apportion exclu- 


sive responsibility and subsequent 
Uame far security failures. At the 
same time, the two men need to 
work on limiting the appeal of 
Hamna to the wider Palestinian 
population, which means redress- 
ing the economic deprivation and 
political grievances that are still 
rife throughout the occupied West 
Bank and liberated parts of the 
Gaza strip. 

There - is culpability on both 
sides for failing to move the peace 
process forward with greater 
urgency. Mr Arafat’s reluctance to 
consult or delegate has delayed 
the creation of .an effective 
bureaucracy, and with it hundreds 
of minions of dollars to interna- 
tional aid. Mr Rabin’s desire to tie 
down every last detail of each 
accord in a way which stifles any 
sense Of Palestinian self-determi- 
nation has served to dissipate 
much of the goodwill that sur- 
rounded tha initial breakthrough. 

Withdrawal of Israeli forces 
from the rest of the West Bank 
and ejections for Palestinians to 
choose legitimate leaders are 
urgently needed. Israel should 
allow the elections fairly to reflect 
Palestinian opinion and should 
recognise their results, whether 
they legitimise Mr Arafat’s leader- 
ship or replace him with others 
more capable of persuing Palestin- 
ian aspirations. The practice of 
democracy can only assist peace. 

The agreement initialled in 
Amman yesterday has contributed 
to sustaining the wider momen- 
tum for peace, while con ti n uin g 
US efforts offer hope for progress 
between Israel and Syria. But 

events of the past week have been 
a reminder of how critical the cme 
issue of Israel’s relations with its 
Palestinian neighbours Is to the 
entire fabric of peace. 


I n the small hours of Ger- 
many's Monday morning, any 
normal political animal 
would have been wide awake, 
frantically following every 
last election return to determine the 
fate of Chancellor Helmut Kohl’s 
government. 

Computer predictions put his 
overall majority at two seats, a cliff- 
hanging result well within any nor- 
mal margin of error. Only three- 
quarters of the seats were counted 
by midnight, and most of the 
remainder were in unpredictable 
territory in east Germany. On the 
face of it, it could have gone either 
way. 

End to Bonn, at midnight, most 
German political animals were to 
bed. 

In the first place. Mr Kohl had 
said he had won, so they believed It 
Indeed, Mr Rudolf Scharping, the 
leader of the opposition Social Dem- 
ocratic Party (SPD), had virtually 
admitted defeat And secondly, they 
knew that even a two-vote majority 
would not necessarily spell chaos 
and instability in the German politi- 
cal system. 

Long past bedtime, it emerged 
that the chancellor's conservative- 
liberal coalition bad actually sur- 
vived with a 10-seat majority, a dra- 
matic drop from its lead of 134 in 
the outgoing parliament, but, in Mr 
Kohl’s words, “a perfectly good 
working majority". 

Yesterday, the markets took it all 
to their stride. The Frankfurt stock 
exchange put an an initial 2 per 
cent, before faffing back later in the 
day in “muted” trade. The bond 
market was up. The atmosphere 
was relaxed. 

But the political establishment 
was split down the middle over 
whether the current coalition would 
survive its full four-year term. 

“They won’t even last a year,” Mr 
Rudolf Dressier, social affairs 
Spokesman of the SPD, said yester- 
day. “There Is no reason why they 
shouldn't survive a full term,” said 
Mr Klaus Beck, head of the Bonn 
liaison office of the trade union fed- 
eration. 

Everyone accepts that a tiny 
majority is not in itself a disaster. 
Farmer Chancellor Helmut S chmidt 
survived with a 10-seat majority 
from 1976-1980, and bis predecessor, 
Mr Willy Brandt, bad a 12-6eat mar- 
gin from 1969-1972. Tim government 
of the north German state of Schles- 
wig-Holstein has been in power 
with a one seat majority since 1992. 
There are no mid-term by-elections, 
and Goman governments are any- 
way slow-moving, consensus-based 
creatures, which avoid conflicts at 
all costs. 

The trouble for Mr Kohl is that 
his coalition contains political 
strains which have ham under pres- 
sure for several years and the fine- 
ly-balanced election result could 
just bring them to breaking point 


Quentin Peel examines the challenges ahead for 
Chancellor Helmut Kohl’s coalition government 

Battle to hold 

the middle lane 



And the government agenda to the 
coming four years is certain to 
include some issues that could pro- 
vide the material for deep divisions. 

For a start, it must tackle the 
question of tax reform, of both 
income tax, which is the chancel- 
lor's priority, and company tax. 
Another key question is the soaring 
cost of the welfare state, and how to 
control it And Privatisation and 
deregulation are also potentially 
divisive issues for the members of 
the coalition- And so is the need to 
take tougher action to enforce law 
and order, and cope with organised 
crime. 

Only foreign policy looks to he an 
area of relative harmony. 

Everything depends on the highly 
unpredictable Free Democratic 
Party (FDP), the liberal minority 
partner in the ruling coalition, and 
foe big loser in Sunday’s general 
election. It emerged from the poll 
with just 47 members in the 672-seai 
Bundestag, compared with 79 to the 


previous parliament But it still 
holds the balance of power between 
Mr Kohl's Christian Democrats and 
the opposition SPD. 

The party, led by Mr Klaus Kin- 
keL the foreign minister, has fought 
a string of disastrous cam- 

paigns during the year, losing all its 
seats in 10 state parliaments, and in 
the European parliament, because it 
failed to get more than the required 
5 per cent minimum share of the 
vote. In east Germany, to particu- 
lar, its philosophy of free market 
liberalism has foiled to find any 
response 1 . 

It scraped into the Bundestag on 
Sunday night, largely thanks to 
votes transferred by CDU support- 
era. People who said they voted 
FDP as they emerged from the poll- 
ing stations were asked which party 
they really favoured. No fewer than 
63 per cent said CDU, compared 
with only 16 per cent for the FDP 
itself. 

The FDF is now the smallest 


member of the coalition - the Bavar- 
ia-based Christian Social Union 
(CSU) has 50 seats. Yet the irony is 
that it is more politically powerful, 
because of the paper-thin majority, 
than it was over the past four years. 

Mr TTinkpl is to tally wwwmiWwrt to 

the current coalition. He fought the 
entire election on that basis. But he 
knows that over the next four years 
he has to win a dear political pro- 
file for his own party if It is to 
survive the next election at all. The 
FDP has to take a clear, indepen- 
dent position on issues. The ques- 
tion is whether it can best do that 
within the ruling coalition, or out- 
side it 

On tax reform, the FDP, the CDU 
and the CSU are not too for apart, 
al thoug h the FDP is clearly more 
radical to the reduction It would 
wish to see to company tax. 

It is also more potentially radical 
on deregulation and privatisation. A 
big Issue for Mr Gflnter Rexrodt, 
the economics minister, has been 


the need to make the energy market 
more competitive, and another has 
been to deregulate the retail sector • 
both issues on which be has met 
solid opposition from the more con- 
servative CDU/CSU. 

But the most potentially conten- 
tious area is social spending cuts, 
where the FDP is also more radical 
than its more powerful partners. 

“The dilemma of the FDP is that 
they will be tempted to try to get 
more profile by being in the fore- 
front of moves to deregulation and 
to slim tie welfare state,” according 
to one top political adviser. “But 
they know first of all that the CDU 
is much more cautions. And Mr 
Kohl knows that these are issues on 
which he needs the support of the 
Bundesrat (the second house of par- 
liament representing the 16 federal 
states). The Bundesrat has an SPD 
majority, and on such issues, he 
will never get that support. So he 
has to resist the FDP.” 

S ocial spending issues 
nearly brought disaster 
during the past four 
years, first over reform of 
the health service, and 
then over setting up a new insur- 
ance scheme to finance nursing 
care for the old and handicapped. 
The FDP backed down, but next 
time, it might decide not to. 

The other key area of contention 
could be law and order, for the FDP 
still contains a strong libertarian 
wing, committed to generous immi- 
gration policies, good race relations, 
and a determined resistance to 
police surveillance, such as bugging 
telephone lines. Mr Kohl will be 
pushing for tougher action on law 
and order, to fulfil his election 
promises. 

Only on Europe are the coalition 
members in broad agreement, 
although Mr Kohl is perhaps more 
passionate about the need for fur- 
ther European integration. 

But any of those issues could be 
the one the FDP chooses to use to 
seek a new profile, if the party lead- 
ership decides that is the best strat- 
egy- 

Mr Kohl, on the other hand, will 
bend over backwards to keep his 
coalition together. He knows that 
the alternative - a grand coalition 
with the SPD - was a disaster for his 
party before, when it paved the way 
for a change of power to an SPD- 
FDP alliance. He will thus seek to 
accommodate the liberals, within 
the limits of his need to work with 
the SPD majority in the Bundesrat 
That is where a de facto grand coali- 
tion already exists. 

That is perhaps why the German 
body politic, and the financial mar- 
kets, can afford to be so relaxed 
about such a close election result 
But it still leaves the future clouded 
by uncertainty, and the fate of Mr 
Kohl in the hands of his unreliable 
partner, Mr KinkeL 




Antony Thomcroft argues that the Millennium Commission needs to firm up its brief 

2000 and beyond 


embers of the Mfllen.- 
nitnn Commission, a 
handpicked band of 
nine of the extremely 
Good and reasonably Great, are 
travelling the UK for ideas on bow 
to spend an estimated £L6bn to cel- 
ebrate the end of the second mfllen- 
niinn. 

Whflfi they search for imaginative 
sugg e stions, they must also find a 
new chief executive. For when the 
Commission moved into new offices 
in Westminster’s Little Rwy jth street 
last weekend. It was minus a boss. 

Mr Nicholas Hinton, former head 
of the Save the Children Fund, was 
due to start a £72,00O-a-year job 
there yesterday. But last week, the 
Commission's chairman, Mr Step- 
hen Dorrell, the National Heritage 
Secretary, told him his services 
would not be required. 

In bis preliminary meetings with 
the commissioners, Mr Hinton had 
proved too interventionist He 
thought he would have a decisive 
say in how the millions were spent 
the commissioners are seeking a 
more subservient bureaucrat. 
Excited by the prospect of making 
their mark on the future, the com- 
missioners are not about to dele- 
gate. 


However, they are saddled with 
implementing a scheme that has no 
organisation and is without a prac- 
tical, considered, brief. 

The Millennium Fund, first 
mooted by Lord Palumbo, the for- 
mer chairman of the Arts Councfl, 
is set to receive a fifth of the pro- 
ceeds from the UK’s National Lot- 
tery until the year 2001. But it is 
starting from scratch. 

Until tills weekend, the fund con- 
sisted of a seconded civil servant, 
Ms Heathar Wilkinson, a handful of 
helpers, and nine part-time commis- 
sioners, hearted by Mr Darrell mid 
including Industry Secretary Mich- 
ael Heseltine. 

Other commissioners were chosen 
for their strong regional links, or 
interest in areas likely to receive 
Millennium money. The Honourable 
Robin Dixon was ideal as an Olym- 
pic athlete from Northern Ireland; 
the Earl cf Dalkeith cart speak for 
Scotland and the heritage; and jour- 
nalist Srmon .T en Irina tS int erested 
in architecture and has a Welsh 
ba ck gro und. 

But choosing the commissioners 


was the easy part Deciding how the 
Millennium Fund should operate 
and what it should spend the 
money on is proving more difficult 
The only guidelines were provided 
to a short speech by the former 
Heritage Secretary Peter Brooke. 

In it he urged the commission to 
“seek to capture the spirit of our 
age in enduring landmarks that 
symbolise our hopes for the future”. 
Millennium projects should be those 
that would probably not otherwise 
happen, he added. “Above all, the 
Millennium Commission’s legacy 
fihouifi form a permanent enhance- 
ment of our national heritage”. 

Not much detail there, although 
Mr Brooke bad his own favourite 
ideas. He wanted a big Millennial 
Festival, and was keen on bursaries. 
On the projects, particularly the 
grand works that will absorb 
around half the Fund's expenditure, 
the brief was wide open. 

If the commissioners want to, 
they can reject all the likely front 
runners. The new Tate Gallery of 
Modern Art on London’s Banksxde 
Is a strong candidate - it represents 


contemporary art and it is interna- 
tional. But it is planning to move 
into a converted 1940s power station 
rather than a brand new 21st-cen- 
tury structure, hardly fitting for the 
new Millennium, the commissioners 
might decide. 

They can suggest to the proposed 
Cardiff Opera House that it goes to 
the Welsh Arts Council for its fund- 
ing. They can point the revamped 
South Bank Centre towards the 
fifth of the lottery assigned to heri- 
tage projects. AH can be criticised 
for not occupying new buildings, or 
for having possible alternative 
sources of lottery funding. 

This should add up to plenty of 
work for the nine part-timers. But 
the Commission will also be 
distributing thousands of small 
local grants, of £10,000 upwards. 
And the commissioners seem 
unwilling to hand over responsibil- 
ity for these much smaller projects 
to a bureaucracy. 

This Is perhaps understandable. 
The Miitenniinn money comes from 
millions of ordinary citizens spread 
across the land, with the majority 


living far from a national opera 
house and art galleries. The govern- 
ment is keen that they should bene- 
fit But bow? The commissioners’ 
tour for grass-roots projects has had 
little success to date. 

Most of the suggestions are out- 
side the scope of the Fund - 
improving the health service, or 
education, or transport are already 
the responsibility of existing gov- 
ernment institutions. Many are wor- 
thy but banal - like giving every 
village a millennial clock, or (the 
prime minister's suggestion) giving 
every community hall a computer. 
Few seem keen on a giant ferns 
wheel on the banks of the Thames. 
The Channel Tunnel has deterred 
plans for great engineering ven- 
tures. Environmental Ideas - inner- 
city parklands and a new Caledo- 
nian Forest - look likely winners. 

The government proclaims it 
wants an independent body, but the 
commission is an obvious source for 
some “feel good factor” in the run 
up to the next election. 

However, without guidelines and 
a bnreacracy that can take deci- 
sions, the Millennium Co mmissi on 
looks like becoming a huge bottle- 
neck with plenty of money, hut not 
enoug h time. 


Observer 


Three cheers 
for Oleg 

■ Oleg Soskovets. Russia's first 
deputy prime minister, is proving to 


political marfifne. As Russia's 
rmnffiriaT minister of apologies, he 
is the man who has to turn out at 
short notice to explain away the 
sudden no-show drills superiors. 

Three weeks ago he had to 
expiate to Irish prime minister 
Albert Reynolds why President 
Boris Yeltsin did not want get out 
of Ms plane at Shannon airport. 
Yesterday, be turned up at 
Moscow’s Vnukovo Airport to 


prime minister, Victor 
Chernomyrdin, was having too 
much fun on holiday in Sochi. 

The inciden t confi rms the air of 
impm v jfiati pn snfrn aiuBng Hw 

Russian government Yeltsin, who 
has twice delayed a planned state 
visit to Ukraine, decided at the 
weekend to put off a meeting of the 
Security Council to consider a 
report by the federal tateffigeoce 
series on the reasons for the fell in 
the rouble last week- 

Next Saturday’s high-level 
meeting of the signatories of 
Russia’s treaty on social accord, 
promoted as a crucial element of 
the co un t ry ’s political stability, has 
just been put off - without 
explanation - imtfl December. 
penally , the parliament's legal 
committee has postponed Friday’s 


vote of confidence on the 
government's handling of last 
week’s currency crash - because 
the finance ministry had been 
unable to prepare a report on the 
budget due today. Guess who was 
due to present that report? The 
overburdened Soskovets. 


Share timetable 

■ Nice to see Sir Alastair Morton, 
Eurotunnel’s co-chairman, 
underfilling his confidence to the 
sickly prefect by buying 5,000 more 
shares yesterday. What's more he 
says that he plans to hold them at 
least a year and then sell them 
when “the holding shows me a 50 
per cent growth". Brave words. Sir 
Alastair paid £2^0 for the shares 
and by the close was showing a loss 
of 7p a share on his latest 
investment. Timing has never been 
one of Hr Alastair’s strong points. 


Sock it to 'em 

■ The German electorate may have 
retained the same old chancellor at 
the weekend, but look to the 30 
deputies from the Party of 
Democratic Socialism, successors to 
east Germany’s framer communist 
party, to inject a bit of fresh colour 
into the next Bonn government 
Candidate for the gerontocracy is 
Stefan Heym, the 8l-year-old writer, 
who, as the oldest member of the 
Bundestag, qualifies to deliver the 
opening speech, when parHaimmt 



'Love and affection are for the 
proletariat* 

reconvenes. The literary caucus is 
further bolstered by the presence of 
Gerhard Zweren2, known 
principally for his steamy short 
stories. Heinrich von Efasiedel, the 
great grandson of Bismarck, should 
be relied on to deliver a piquant 
historical perspective, as. in a 
different way, should Rudolf 
Entzmutz, who admits to having 
been an informer for the Stasi 
secret police. On the distaff side, 
meanwhile, the formidable 
Christina Schenk, an outspoken 
lesbian, will be rubbing shoulders 
with Christa Loft, the elegant 
Marxist economist. 

The PDS’s parliamentary leader 
Gregor Gysi promises "anything but 


a boringly unified fraction". You 
could say that the heirs to the 
faceless grey communist party 
apparatchiks have come far. 


Case history 

■ Hope that professional investors 
attending Singer & Friedlander’s 
Company Investor Show on 
Thursday pay a bit more attention 
than they did last year. 

The idea is to give small quoted 
company stocks an opportunity to 
tell their story to the investment 
community. Last year, fund 
managers, brokers and analysts 
attending were asked to pick the 
three stocks that would perform 
best over a six month period. No 
one came close to picJdng the 
winning portfolio - car distributor 
William Jacks, chemical colours 
company European Colour or 
Regent Hotels - and no prize was 
awarded. All jolly embarrassing. 

In a bid to tickle the palates of a 
better class of punter this time 
round tiie organisers are offering a 
case of White Burgundy - 1992 
Meursault 


Time, gentlemen 

■ The European Monetary 
Institute, the precursor to the 
European Central Bank which has 
been squatting In Basle since the 
beginning of the year, moves to 
Frankfort next month and Is 
inviting journalists to its new 


headquarters after the 
mid-November council meeting. 

But it seems to have gone native 
even before it has pitched its stall 
among the preternaturally 
tidy-minded Teutons. 

Observer, having just discovered 
that journalists were supposed to 
register their interest (in uniting) 
by October 7, won't be there. 


Quality time 

■ British Rail travellers be warned: 
the system is running out of 
timetables. London's Kings Cross 
station, for example, no longer 
stocks timetables for journeys to 
Bournemouth or Liverpool. “We 
haven’t had all the timetables since 
British Rail was split up in April,” 
says an assistant 
Look on the bright side: if there 
are no timetables, at least you 
wont be worrying about trains 
running on time and all that 
nonsense. 


Fasten seat belts 

■ Unhappy conjunctions now 
featuring on the Uzbekistan 
Airways flight from Bangkok to 
London via Tashkent 
The in-flight tnagarino - 
inventively titled “Uzbekistan 
Airways’ -carries a profile of the 
Uzbek national football team, all 
killed in an. air crash some years 
ago, as the article exp lains 
And the movie? Dracufo. 



18 




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Historic treaty paves way for economic links 


Israel agrees draft deal 
for peace with Jordan 


By J id ton Ozanne In Jerusalem 

Israel and Jordan initialled a 
peace treaty yesterday in 
Amman, the Jordanian capital, 
paving the way to normal rela- 
tions between the two countries 
and breaking down economic bar- 
riers in the Middle East. 

Mr Yitzhak Rabin. Israeli 
prime minister, and King Hus- 
sein of Jordan settled disputes 
over their border and access to 
the region's water sources to 
achieve the draft treaty. It was 
initialled by Mr Rabin and Mr 
Abdul-Salam aJ-Mqjall, the Jorda- 
nian prime minister, at Amman's 
royal guest palace. 

Mr Rabin immediately 
returned to Israel and received 
unanimous support from his cabi- 
net for the accord. 

US president Bill Clinton might 
attend the signing ceremony, 
expected next Wednesday on the 
Jordan-Israel border, marking the 
formal end of hostility between 
the two countries which have 
fought three wars since 1948. 

The treaty. Israel's first formal 
peace accord with an Arab neigh- 
bour since the Israeli-Egyptian 


agreement of 1979, requires ratifi- 
cation by both parliaments. After 
that a timetable of normalisation 
will include the exchange of 
ambassadors and the opening of 
borders. 

The agreement is critical for 
boosting economic integration 
and trade in the region. It will 
put pressure on Syria and Leba- 
non to intensify peace talks with 
Israel, and considerably enhance 
Mr Rabin's domestic standing. 
The treaty will also unlock a 
range of planned economic pro- 
jects, Including shared use of 
trade infrastructure, joint pro- 
jects in water, energy and tour- 
ism and direct bilateral trade 

linfcg 

Mr Rabin said the agreement 
“will set a cornerstone for a new 
Middle East in which peace, 
development and co-operation 
will replace animosity, hatred 
and war”. 

Details of the deal have yet to 
be released, but Mr Rabin said 
the two sides had agreed to a 
border based on the international 
boundary between Jordan and 
Palestine drawn by the British in 
1921, with only minor changes. 


Mr Rabin said neither side had 
lost or won, although Jordanian 
and Israeli officials said accept- 
ing the 1921 border meant that 
Israel had given up a substantial 
part of the 350 sq km of arid land 
claimed by Jordan. Israeli farm- 
ers Living on part of the land 
would be able to stay under a 
leaseback deal which recognised 
Jordanian sovereignty. 

Israeli nfffrfal* said Mr Rabin 
and King Hussein spoke to Presi- 
dent Clinton yesterday and urged 
him to attend a re gional signing 

ceremony. Both leaders want to 
support Mr Clinton in maintain- 
ing his Democratic majority on 
Capitol Hill in the November 8 
congressional elections, given his 
administration's huge financial 
and military underwriting of the 
Middle East peace process. 

Mr Clinton said: “At a time 
when hatred and extremism and 
threatening behaviour still stalk 
the Middle East, this agreement 
reminds us that moderation and 
reason are prevailing.” 


Cornerstone for new Middle 
East, Page 5 
Editorial Comment, Page 17 


India scraps bank lending 
controls to boost borrowing 


By Stefan Wagstyi In New Delhi 
and R C Murthy in Bombay 

India scrapped most controls on 
bank lending rates yesterday to 
promote cheaper credit for 
blue-chip borrowers and stimu- 
late competition in the banking 
industry. 

The changes, announced by the 
Reserve Bank of India, will help 
the government rebut criticism 
from the International Monetary 
Fund and other observers that 
India has been delaying economic 
reforms started three years ago 
by Prime Minister P. V. Nara- 

simhfl Rao. 

Mr C. Rangarajan, reserve hank 
governor, said the new policy 
marked a continuation of finan- 
cial sector reforms. While 
controlling inflation remained 
important, the central bank 
would tolerate a foster rate of 
money supply growth than 
before: 16 per cent for the year 
to the end of March 1995, against 


an original target of 14-15 per 
cent 

The central bank also raised 
from Rs2bn to Rs5bn the ceiling 
for loans from all Indian banks to 
a single large project The mea- 
sure will help companies raise 
credit for power stations and sim- 
ilar schemes i 

Industry welcomed the pros- 
pect of lower interest rates. Mr 
Subodh Bhargava, president of 
the Confederation of Indian 
Industry, the employers' organi- 
sation. said: “The new policy 
includes initiatives industry 
has been seeking for some 
time.” 

The latest reforms were con- 
tained in the central bank's 
announcement of its credit polity 
for the six months to the end of 
March. 

The minimum lending rate, 
controlled by the reserve bank 
since bank nationalisation in 
1969, Is to be deregulated foT 
loans of about Rs200.000 (£4,123), 


which covers the great majority 
of all bank lendin g . Controls will 
remain in place for smaller loans . 

Bankers were divided over the 
extent of likely declines in land- 
ing rates from the present 14 per 
cent. 

Some forecast falls up to 2 
percentage points: others pre- 
dicted a decrease of 0.5 percent- 
age points. The biggest benefits 
are expected to go to big 
blue-chip borrowers able to nego- 
tiate good terms. 

An important constraint on 
reducing lending rates will be 
that deposit rates will remain 
fixed, though the key savings 
rate wifi foil from November 1 by 
0.5 of a percentage point to 4 J5 
per cent. 

The big state-controlled banks 
are under pressure by the 
government to improve their 
profitability. But competition 
from privately-owned banks 
will tend to encourage lending 
rate cuts. 


Kohl in talks to reform German coalition 


Continued from Page 1 

east German communist party. 

The size of the government 
majority was bolstered at the last 
minute by the allocation of 16 
so-called “residual seats” to the 
parliament, resulting from Ger- 
many's two-vote proportional 
representation. Twelve of the 
seats went to the CDU, and four 
to the opposition SPD. giving the 


latter a total of 252 seats. 

Mr Klaus Kinkel, the foreign 
minister and leader of the FDP, 
said that coalition negotiations 
would begin next week. 

His own party emerged from 
the election with 32 seats fewer 
than in the previous parliament, 
after its vote sank from 11 per 
cent to 6.9 per cent This means 
the PDP will almost certainly 
lose at least one of its ministries. 


The other major changes are 
the return of the Greens to the 
Bundestag, with 49 seats, and. the 
election of 30 members of the 
PDS, in spite of the fact that the 
former communists did not win 
the minimum 5 per tynt of the 
national vote. Instead, they 
gained four seats in the first 
direct vote, all in east Berlin, giv- 
ing them the right to propor- 
tional representation. 


Brussels 
to deepen 
Italian 
telecoms 
probe 

By Andrew HBI In Mian 

The structure of Italy's 
state-controlled telecommunica- 
tions sector is to come under 
European Commission scrutiny 
as part of an antitrust investiga- 
tion into the proposed joint ven- 
ture between Italtel, Italy's tele- 
coms equipment manufacturer, 
and Siemens of Germany. 

The commission yesterday 
announced it was deepening Its 
investigation into the deal 
struck in March between Stet, 
the state-controlled holding com- 
pany which is Italtel's parent, 
and Siemens. The two companies 
agreed to merge their equipment 
manufacturing interests in Italy. 
Stet and Siemens would each 
control 50 per cent of the new 
company, which would have a 
turnover of about L3.400bn 
(52.16bn) in 1994. 

The Brussels inquiry, which 
follows a preliminary one-month 
examination of the case, could 
last up to four months. That 
means it is likely to overlap with 
the build-up to privatisation of 
the Italian state's 65 per cent 
bolding in Stet, expected to take 
place in the middle of 1995. 

The commission said it was 
concerned about the impact of 
tite Italtel-Siemeus deal on the 
Italian market for the supply of 
telecoms switching and exchange 
equipment in the state sector. It 
said the joint venture would 
command around half the Italian 
market for public switching and 
transmission equipment 

But the commission is also 
worried about vertical links 
between Italtel/Siemens and 
Telecom Italia, Italy’s main 
domestic telephone company. 
Telecom Italia, which is Italtel’s 
principal client is also a subsid- 
iary of Stet “One of our con- 
cerns is that one of the main ED 
companies, Siemens, will have 
the same status [within Stet] as 
Italtel, which has a very impor- 
tant relationship with Telecom 
Italia,” said the commission yes- 
terday. 

The announcement of an 
in-depth inquiry was not unex- 
pected. given that Italtel already 
had nearly 50 per cent of the 
Italian equipment market before 
the merger. But it is the second 
antitrust setback this month for 
Stet and Telecom Italia, which 
are under pressure to end their 
monopoly over parts of the Ital- 
ian telecoms sector. 

Last week, a Milan appeal 
court ruled that Telecom Italia 
would have to provide more 
leased lines for Telsystem - an 
Italian telecoms services com- 
pany that wants to provide tele- 
coms services for businesses in 
Italy - pending a ruling by 
Italy's antitrust authority. 

The commission will also con- 
sider if the proposed joint ven- 
ture will hinder implementation 
of public procurement rules and 
the opening up of national mar- 
kets to ED competition. 


FT WEATHER GUIDE 


Europe today 

A strong high pressure system over 
Germany will give settled conditions over 
much of Europe. Along the northern side of 
the high, a north-westerly flow will direct 
quite cold air into Scandinavia. The north- 
west coast of Norway and the west coast of 
Finland will see a few wintry showers moving 
inland. Central and eastern Europe will have 
sunny spells and will remain dry. Ireland and 
western Scotland will have rain as active low 
pressure systems move in from the Atlantic. 
Other parts of the British Isles will stay dry. 
The Mediterranean will be rather unsettled 
with plenty of thunder showers over 
southern areas. 

Five-day forecast 

Central and eastern Europe will stay settled 
and dry as strong high pressure slowly 
moves into north-west Russia and extends 
into Scandinavia. Over the eastern Atlantic, 
low pressure systems will become very 
active and should produce quite a lot of rain 
and wind over the British Isles. The 
Mediterranean will remain unsettled with 
heavy rain and thunder storms at times. The 
Alps and south-east Europe will have plenty 
of rain towards the weekend. 


TODAY’S TEMPERATURES 



Situation at 12 GMT. Temperatures maamum fcrdsy. floreeasts by Meteo Consult of the Natfwriands 



Maximum 

Basing 

ter 

16 

Caracas 

fair 

31 

Faro 

ter 

23 

Madrid 

ter 

Si 

Rangoon 

Mr 

31 


Cteslus 

Ballast 

windy 

12 

Cardiff 

cloudy 

12 

Frankfurt 

sun 

11 

Majorca 

shower 

22 

Hayfcjavflr 

rain 

S 

Abu Dhobi 

sun 

35 

Belgrade 

fat 

9 

Casablanca 

shower 

22 

Geneva 

sun 

15 

Malta 

thtixj 

34 

RIO 

doudy 

25 

Accra 

shower 

31 

Berlin 

fair 

B 

Chicago 

shower 

IS 

Gibraltar 

shower 

21 

Manchester 

ter 

12 

Rome 

sun 

22 

Algiers 

shower 

22 

Bermuda 

cloudy 

26 

Cologne 

sun 

11 

Glasgow 

cloudy 

12 

Manta 

shower 

31 

S. Fraoo 

st*i 

20 

Amsiertiam 

fair 

10 

Bogota 

shower 

IS 

Dakar 

tor 

32 

Hamburg 

SU) 

8 

Meiboivro 

ter 

17 

Seoul 

ter 

IS 

Alberts 

fair 

22 

Bombay 

fair 

32 

DaBas 

fair 

27 

Helsinki 

fair 

3 

Mexico City 

cloudy 

24 

Singapore 

thund 

32 

Atlanta 

cloudy 

24 

Bnesete 

sun 

11 

Mb 

sun 

31 

Hong Kong 

shower 

29 

Miami 

fair 

28 

Stockholm 

sun 

5 

3. Aires 

ter 

22 

Budapest 

ter 

9 

Dubai 

Sun 

35 

Honolulu 

ter 

31 

Milan 

dun 

16 

Strasbourg 

sw 

12 

B.ham 

lair 

11 

C-hagen 

fair 

8 

Dublin 

ten 

13 

Istanbul 

Cloudy 

17 

Montreal 

doudy 

16 

Sydney 

Shower 

22 

Bangkok 

shower 

34 

Cairo 

sun 

30 

Dubrovnik 

sun 

20 

Jakarta 

fair 

32 

Moscow 

Mr 

4 

Tangier 

shower 

21 

Barcelona 

Fair 

19 

Cape Town 

cloudy 

19 

Ecfinbugh 

far 

11 

Jersey 

fair 

16 

Munich 

fair 

9 

Ta Aviv 

thund 

27 


No other airline flies to more cities in 
Eastern Europe. 


Lufthansa 


Karachi 
Kuwait 
LAngdee 
Las Palmas 
Lima 
Lisbon 
London 

Lux-bourg 

Lyon 

Madeira 


swi 

tor 

sun 

Mr 

cloudy 

cloudy 

ter 

sun 

hazy 

ter 


36 Naples 
25 Nassau 
^6 New York 
a bSes 
20 Nicosia 
12 Oak? 

11 Paris 
18 Perth 

23 Pia&ie 


blr 

sun 

fair 

fair 

sun 

shower 

sun 

fair 

Nr 

sun 


22 Toronto 
30 Vancouver 

18 Venice 

19 Vienna 
25 Warsaw 

S WastHnoon 
12 WeBngton 
27 Winnipeg 
S Zurich 


cloudy 

ter 

fair 

sun 

bar 

ter 

drad 

rain 

sun 


16 

13 

17 

7 

5 

21 

12 

11 

IT 


THE LEX COLUMN 


Eurotunnel’s cash crunch 


Eurotunnel and its advisers, S.G. 
Warburg, should be suitably red-faced 
for undershooting its revenue projec- 
tions by so much so quickly. Long-suf- 
fering shareholders who subscribed to 
May's rights issue at 265p yesterday 
watched their sterling units drop to 
just 22lp - their lowest point since 
1968. 

The group’s deteri o rating cash posi- 
tion is the immediate concern. It 
means Eurotunnel is unlikely to meet 
the conditions necessary to access Its 
senior debt next spring. This need not 
involve yet another rights issue 
because the breach is likely to involve 
tans rather thaw hundreds of millions 
of pounds. But it adds aggravation at a 
fimt> when the management should be 
concentrating on next summer's peak 

Each time important milestones 
have been reached - when the boring 
was completed, when the tunnel was 
commissioned, when the Queen and 
President Mitterrand opened it - 
doubts have emerged. Concerns over 
whether the group can generate 
enough revenue to cope with its inter- 
est burden should be dispelled or con- 
firmed next summer when the system 
is supposed to run at full capacity. 
Three things will be needed if it is to 
succeed. Euro tunne l has to ensure ser- 
vice quality, running fast, reliable and 
frequent trains; British Rail and SNCF 
have to generate volumes on the city 
to city routes; and Eurotunnel must 
avoid a price war with Stena and P&O. 

The auguries are not good. The mar- 
gin for error is tight and Eurotunnel’s 
historic inability to predict even the 
nearest of futures does not instill con- 
fidence. The bmnpi will undoubtedly 
be a money-spinner at some point But 
whether under thin management and 
for this generation of shareholders 
remains doubtful 

Renault 

The French government's refusal to 
privatise Renault ftiBy is a recipe for 
uncommercial meddling in the compa- 
ny's affair s it reflects political sensi- 
tivities over the French car manufac- 
turer and suggests that Renault may 
be managed counter to the interests of 
investors. 

But this will not stop the forthcom- 
ing Renault issue from being a roaring 
success. It was always likely that the 
issue would be priced generously, if 
only to avoid the embarrassment of a 
flop ahead of next spring’s presidential 
elections. So it has proved. The pricing 
parameters announced yesterday are 



FT-SE Index; 3120.2 (+13,5} 


Eu ro t uTWf 

Share prio® retoftre to the 
FT-SE-AAH-Share Index 
110 




40 ■■ 1 * - - ' -» 

Oct 189a 84 Oct 

Source: FT QrSpMe 

below analysts' expectations, valuing 
the group at FFi3Sbn-FFr42bn rather 
than the forecast FFr45bn. Assuming 
tiie price is fired at the upper end of 
the range, the shares will be on a 
multiple of some &5 times expected 
earnings for next year. This is a dis- 
count of at least 20 per cent to Peug- 
eot It also compares favourably with 
the ratings of other European car 
manufacturers which have not coped 
with recession so successfully. 

The issue’s likely success wfll be 
accentuated by the relatively small 
volume of shares allocated to institu- 
tions: 40 per cent of the total, with 
even that subject to a clawback from 
private investors. There will be a lot 
less demand for AGF, Bull and other 
Fre nch companies in the running to 
be privatised. But that is little consola- 
tion for institutions left scrabbling for 
shares in Renault. 

Retail sales 

The Confederation of British Indus- 
try’s September retail sales figures, 
showing a sharp rise in the balance of 
shops reporting higher volumes, do lit- 
tle to linVramhip the confused si gna l s 
«»wing from the British high street. 
Although the fail in the nffirfai figures 
for August was widely seen as an 
aberration, the City was expecting a 
pretty flat September picture from the 
CBL In recent months the CBI survey 
has tended to give a gloomier view 
than the official numbers, which are 
being treated with increasing caution. 
But those observers who justified their 
pessimism by arguing that the CBI is 
more accurate wfil find today's figures 
tricky to explain. 

The CBI believes that the weak sur- 


veys in July and August were partly 
due to retailers misreading the price/ 
volume mix of their sales growth. 
When inflation was high, retailers 
tended to overestimate volume growth 
and the CBI figures were generally 
better than the official numbers. Dur- 
ing the period of heavy discounting in 
the summer, the illusion worked the 
other way. With the summer sales 
largely over, the September figure for 
volume growth looks all the more 
impressive. Yet even those who place 
most faith in the CBI figures will not 
get carried away. The series has been 
very volatile and the average for the 
three months to September was 
unchanged from August. Nor, given 
their recent poor forecasting record, 
will retailers’ optimism about October 
be given much weight. But, if tomor- 
row’s offic ial figures are also better 
than expected, the City might start 
believing the leading chains’ predic- 
tions of a bright Christinas. 

PameWebber/Kidder 

Nun-financial groups do not make 
good parents for investment hanks. 
General Electric has had to admit as 
much by selling most of Kidder Pea- 
body to PaineWebber for ?87Dm. The 
reason is that investment banks are 
unruly and sensitive children. Too 
firm a band and the most talented 
brokers, traders and bankers will 
move to rival organisations. Too lax 
an approach and trading operations 
can easily run up large losses. GE now 
stands condemned of the latter failing. 
But it is also true that, in the past. 
Kidder’s ability to recruit suffered 
from the perception that GE was 
excessively interventionist. Yester- 
day’s sale is the third recent retreat by 
nfm-finantnal groups from US invest- 
ment banking. This year American 
Express cut its connection with Shear- 
son Lehman, while - last year Sears 
Roebuck spun off Dean Witter. 

Though PaineWebber should be a 
better parent for Kidder than GE, the 
acquisition will not catapult it into the 
investment banking big league. Nei- 
ther PaineWebber nor Kidder is large 
in advisory work or underwriting. 
Where the combined group will be a 
si gnifican t force is in US retail brok- 
ing, though it will still be a long way 
behind Merrill Lynch and Smith Bar- 
ney. Even so, PaineWebber will have 
its work cut out to make a success of 
the deal Blending the cultures of the 
two groups will not be easy and rivals 
will be circling to see if they can 
poach Kidder’s best staff. 





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FINANCIAL TIMES 


COMPANIES & MARKETS 


/^N/ TRUCK A 
fa toe yeaS/oF THE YEAR* 


1 a 


unci 


©THE FINANCIAL TIMES LIMITED 1994 


Tuesday October 18 1994 





BRIEF 


Time Warner 
lessens its loss 

Record operating earnings at Time Warner’s 
publishing, music and cable-television channel busi- 
nesses allowed the US entertainment group to 
report a net loss of $32m for the third, quarter, 
against a $l33m loss a year ago. Page 20 

Lbie-up for Czech Bites 

Twelve of the world’s leading telecommunications 
groups are fighting for a stake in SPT Telecom, the 
Czech Republic's telephone operator, in what could 
become the country’s biggest foreign direct invest- 
ment opportunity to date. Page 22 

MCA ma n a gers discuss buy-out 

Mr Lew Washerman, veteran chatT- puni of MCA, the 
Los Angeles-based entertainment group, nn ^ Mr 
Sidney Shemberg, its president, axe expected today 
to raise the subject of taking control of MCA by 
t buying a majority stake from Matsushita, its Japa- 
nese parent Page 23 

New York switches on to nationalisation 

America is perhaps the last place anyone would 
expect to find the public sector proposing to nation- 
alise a stock-market quoted company. But that is 
precisely what the State of New York intends to do 
with its planned gL5bn acquisition of the Long 
Island Lighting Company, a private sector electric- 
ity company. Page 23 

V8EL advances 

VSEL, the UK submarine maker and target of an 
agreed bid from British Aerospace, yesterday 
announced a 5 per cent rise in pre-tax profits to 
£30 An (548m) for the six months to September 3a 
Page 26 

BAe expects its lossmaking Avro regional jet 
operations to break even by 1297. Page 25 

Airtours: sea tours? 

Airtours. the UK's second biggest holiday company, 
continued its voyage into the cruise market with 
the £35m (555m) purchase of a second ship. Page 25 

Overseas growth spurs Famed 

Parnell Electronics, the UK electronic components 
distributor and manufacturer, reported sharply 
higher interim profits and turnover, after strong 
overseas growth and the £4lm (565m) acquisition of 
the Mukicomponents distribution business. Page 26 

Weak prices hold back Waste Management 

Weak prices held back profits growth at Waste 
Mangement International, the UK quoted arm of 
WMX Technologies of the US, which yesterday 
announced an 11 per cent improvement in the third- 
quarter. Page 26 

Coffee futures rebound 

• Coffee futures rebounded from a sharp setback in 
volatile trading yesterday, affected by rainfall that 
has relieved a long drought in Brazil, the world's 
biggest producer. Page 30 

German ballot reassures markets 

Sunday’s narrow victory for Germany’s conserva- 
tive/libera] coalition was seen as a reassurance for 
the country's financial markets. However, the Euro- 
pean strategy team at Merrill Lynch, the US broker, 
believes p/e ratios in major European equity mar- 
kets could halve as they approach peak earnings. 
Bade Page 


PaineWebber reaps the benefits as GE’s investment banking unit is pulled apart I P ainful 


Companies in this Issue 


Acorn Computer 

Airtours 

Alcoa 

Audax Properties 
BAe 

BES Engineering 

BMSS 

BS 

Berjaye 

DMaion 

EnstHajtwft 

Eurotunnel 

Exco 

Falconbridge 
Famed Elect 
Fertfn 

Forward Technology 

Geared Income 

Highland Dtst 

Hobson 

HoJdains 

IBM 

Itahel 

J Savtite Gordon 
Wf Kelt Energy - 
KeyCorp 
Kidder Peabody 
Kingfisher 


Long intend Lighting 
MCA 

MY HoWtega 

Matsushita 

Montedison 

NationsBank 

New Look 

Pacific T otacom 

PaineWebber 


18 

28 

26 

23 

18,1 


Pioneer Exhausts 
Renault 

Richards Grot*) 
Riva Group 
Roche 
ROSS 

SPT Telecom 

Samsung 

SanMgual 

Scott Paper 

Shaftesbury 

Siemens 

Skoda 

Slet 

Time Warner 
Unisys 

vss. 

Valeo 

WM1 


Statistics 


9An»Bl reports service 32-33 

Sendimark Govt bonds 24 

Bond irtma and options 24 

Bond grtces and ytoMs 24 

Oonnwdfites prices 30 

OMdsndS announced, IK 26 

EMS carency rates ® 

Eurobond prices 24 

Rued Mores! indices 24 

FT-A YftrtJ tndfcea BacfcPtjJ* 
fT Gold Mras Wax 
FTftSUA tail bond arc 24 

FriSE Setuaries Indices 31 


Foreign uxUBfiga 
GDIs prices 
Liffe equity options 
London share senifee 
London tadl options 
Managed finds service 
Money mortals 
New bid bond terns 
Recent banes, UK 
Stort-wm Intratea 

US Merest rotes 

World Slock Mutate 


changes yesterday 


Cd Hot 
EsteaMdtt 


Age no barrier to Kidder’s fall 


By Richard Waters in New York 

E.F. Hutton, Drexel Burnham 
Lambert, Shearson... and now 
Kidder Peabody. 

The list of fa mo u s nnmac that 
have became casualties in the US 
stockbroking and investment 
hanking industry gained another 
entry yesterday. The 125-year-old 
Wall Street firm, battered by 
fi flTinda l an d tumbling bond mar- 
kets this year, is to be rtianum. 
tied, and up to 2,000 of its staff 
laid off. 

Many aspects of the deal, 
agreed in principle on Sunday, 
have to be sorted out However, 
the broad outline is clear. 

The General Electric unit will 
be split for PaineWebber to pick 
over, allowing PaineWebber to 

wpmil in a nrrmher of areas — 

without having to take on any of 
Kidder’s operations It does not 
want “GE Is indemnifying us 
against all the liabilities of Kid- 
der.” says Mr Donald Marron, 
Paine Webber's chairman “GE is 
paying for all the down-sizing.” 

PaineWebber, whose 5,000- 
strong retail broking force puts it 
among the ranks of mid-sized 
brokers, is effectively raising 
5580m of new capital through the 
transaction, the amount of Bid- 
der's liquid net assets that Trill 
transferee!, and it will expand its 


After sales 
fall, Roche 
cuts jobs 
and makes 
provision 

By lan Rodger In Zurich 


Sales of Koche, the Basle-based 
healthcare and fine chemicals 
group, continued to deteriorate 
in the third quarter, falling 4.7 
per cent to SFr3-4bn (52.631m). 

Roche, which is in the process 
of completing a 55-Sbn acquisi- 
tion of the US pharmaceuticals 
group Syntex, also announced 
yesterday that it would make a 
SFr230m provision against this 
year’s pre-tax profit for the 
restructuring of its drugs divi- 
sion. Some 5,000 jobs would be 
eliminated, mainly in the US, 
during (he next few months. 

Roche, however, said it stQl 
expected 1994 net income “to 
show a further rise” over last 
rear’s SFrZ.4Bbn. 

The rise of the Swiss franc con- 
tinued to dampen revenues. 
Expressed in local currencies, 
total sales in the nine months to 
September 30 were up by 6 per 
cent fn Swiss franc terms, they 
were flat at SFrl0.7bu. 

The group said it had “felt the 
impact" of health cost contain- 
ment measures taken by govern- 
ments in several countries. Sales 
in the drugs division, which 
turned downward in the second 
quarter, fell 4.3 per cent in the 
third quarter to SFrLSfibn. 

It said pharmaceutical sales in 
local currencies grew signifi- 
cantly faster than the average 
for its sector in most leading 
countries, thanks to its strong 
position tn the hospital market. 

The vitamins and fine chemi- 
cals division achieved a volume 
increase in spite of competition 
from low-cost suppliers from the 
for east The division's sales 
eased 7 per cent in the third 
quarter to SFrTSOm. 

Sales in the diagnostics divi- 
sion were off 11K8 per cent in the 
third quarter to SFr380m. 
reflecting closure of some 
unprofitable laboratories and 
changes in customer payment 
policies. 

Two new applications of 
Roche's po ly merase chain reac- 
tion technology, for detecting the 
hepatitis C vtrus and mycobac- 
terium tuberculosis, have been 
well received. 

The flavours and fragrances 
division bucked the group trend, 
achiev ing a 4.7 per cent rise In 
third-quarter sates to SPW75HL 
The group cited strong flavours 
italre in the US and a general 

recovery of fragrance sales- 

The Syntex takeover is to be 
approved at a Syntex extraordi- 
nary general meeting on October 
28. Roche said preparations for 
eHminating duplication of effort 
were well underway. It said 
about 5*000 fobs from both the 
Roche and Syntex groups, 
mainly in the US, would be lost 

Roche, which has claimed the 
acquisition of Syntex would 
cause no earnings dilution, said 
the restru c turi ng would have 
been undertaken even without 
Syntax because of changing mar- 
ket conditions. 


equity capital base, which cur- 
rently stands at gi.2bn. 

In return, it welcomes a sub- 
stantial minority shareholder in 
the shape of GE, which will have 
a seat on PaineWebber's board. 
Net of the additional capital it 
acquires through the transaction, 
PaineWebber is paying GE 580m 
for the Kidder businesses it 
chooses. 

Chief among the assets on 
PaineWebber's target list is Kid- 
der's retail salesforce - 1,150 bro- 
kers around the country who are 
among the most productive in 
the US. Between them, these bro- 
kers generate about 5500m In 
commissions and fees a year. 
Their average of 5425,000 each is 
well ahead of PaineWebber's esti- 
mated 5300.000 average. 

The problem for PaineWebber 
- other than the question of how 
it merges this network of brokers 
with its own. bigger salesforce - 
is that every other retail stock- 
broker of size in the US is likely 
to attempt to lure away Kidder’s 
most productive offices. 

“There is bound to be scepti- 
cism regarding PaineWebber's 
ability to pall it off," says Mr 
Michael Flanagan, a securities 
industry analyst at Upper Ana- 
lytical 

If the firm succeeds in retain- 
ing all of Kidder’s brokers, it will 


US retail stockbrokers 

No of ratal! 
brokers 

MefTH Lynch 12,170 

Smith Barney 11.179 

Dean Witter Discover 7,315 

FttnSWebbavKktter B.71B 

Prudential Securities 5.383 

AG Edwante 5,048 

Charles Schwab 3.802 

to m mnd or >963 flnof on bKton at men ton 
Seunx SKuM, totuaoy toaacboan 


cement its position as the fourth- 
biggest US retail brokerage net- 
work. It will continue to be 
dwarfed, however, by the giants 
of the industry - Merrill Lynch 
and Smith Barney, owned by 
Travelers. 

On PaineWebber's immediate 
target list are Kidder’s invest- 
ment management activities. 
Assets under discretionary man- 
agement in this part of the busi- 
ness amount to 59bn, compared 
with some $S7bn at PaineWebber, 
says Mr Marron. 

The firm will also take over 
Kidder’s equity research group; 
Kidder ’s mortgage business; 
parts of its investment banking 
anti trading operations. 

R is these areas that raise the 
biggest questions. Odder, under 

former rhairmtm Mr Car 


‘There is bound 
to be scepticism 
regarding 
PaineWebber’s 
ability to pull 
it off 


pen ter. had turned itself into a 
big fixed-income trading house, 
with balance sheet with assets of 
more than glOQbn. PaineWebber, 
by contrast, has assets of little 
more than 530bn and a less lever- 
aged balance sheet 

White Mr Marron talked yester- 
day about acquiring parts of Kid- 
der’s fixed income trading busi- 
nesses - including those In 
London, where the firm’s bond 
operations provide no overlap 
with fodder’s US operation - he 
was studiously vague about what 
this would involve. 

Of particular interest to Wall 
Street is the fate of Kidder’s 
mortgage-backed bonds business, 
the biggest of its Mnri and the 
operation which in recent years 
bias provided the bulk of the 
firm's profits. 


GE ten days ago said it would 
transfer Kidder's mortgage- 
backed bond portfolio to another 
part of the group, while leaving 
Mr Michael Vranos, the highly-re- 
garded head of trading, at Kidder. 

While Mr Marron said he 
would talk to Mr Vranos and his 
team, the betting on Wall Street 
yesterday was that a securities 
house with a stomach for large 
and complex trading positions 
was a more likely home. 

For General Electric, mean- 
while, yesterday’s announcement 
marks an ignominious end to its 
eight-year involvement with Kid- 
der - though the industrial giant 
was at pains to point out Qmt it 
has a substantial continuing 
interest in the securities industry 
through its stake in PaineWeb- 
ber. 

"Over the long term, they don’t 
want to be in this business,” says 
Mr Michael Bunyaner, an analyst 
who follows GE at Oppenheimer 
in New York. 

“They want to let someone else 
who knows the industry manage 
it.” But GE may not rush to sell 
off its stake, he adds: it has a 
similar substantial minority 
stake in the defence group Mar- 
tin Marietta, rtMnrmt tr ating that 
it is content to remain a minority 
partner over the long term. 

Lex. Page IS 


Famous Grouse may flutter into new fields 





6tnMR Curinflham 

One tn the eye: Brian Ivory, chief e xec u tive of Hi ghlan d Distilleries, announced a 10 per cent profits rise and hinted at diversification. “We 
see ourselves as a premium spirits company," he said. “If there are opportunities in other spirits, we wouldn't say ‘no’.” Details, Page 25 


transition 
continues 
at Unisys 

By Louise Kehoe 
in San Francisco 


Third-quarter earnings at Unisys 
dropped sharply as the US com- 
< puter group continued a painful 
transition from mainframe com- 
puters to Information services. 

Net income for the third quar- 
ter was $42.9m, or 8 cents per 
share, compared with net income 
of $84.lm or 29 cents per share 
in the same period last year. 
Excluding a one-time favourable 
tax item of 9 cents a year ago, 
earning s were 20 cents per share. 
The earnings were tn line with 
Wall Street expectations. 

Revenues continued to decline, 
but more slowly than in recent 
quarters. Revenue for the quar- 
ter was 5L79bn, from Sl.&lbn in 
the third quarter last year. 

Unisys said results had been 
hit by declining government 
business, a continuing shift 
away from high-margin propri- 
etary systems and an increase in 
sales expenses. 

It reported, however, strong 
growth in information services. 
“Revenue from information ser- 
vices, our strongest business, 
grew 23 per cent in the quarter 
and 22 per cent over the past 
nine months." said Mr James 
Unruh, chairman and chief exec- 
utive. 

He added: “We are continuing 
to invest in this growth business 
which is leading our information 
management thrust Information 
services is now our single largest 
business revenue stream with 25 
per cent of total revenue.” He 
said the transformation of Uni- 
sys was on track, despite declin- 
ing earnings. 

Unisys returned to profitabil- 
ity in 1992 after three years of 
heavy losses. Revenues, how- 
ever, have continued to decline. 

Mr Unruh said Unisys aimed to 
grow by expanding services and 
systems integration, as well as 
sates of servers and desktop com- 
puters while maintaining its 
more mature, higher margin 
mainframe business. 

He was encouraged by a strong 
increase in European orders and 
revenue. This contrasts with the 
previous quarter when weak 
European sales dragged down 
performance. 

Revenue for the first nine 
months was 55.28bn ($5.64bn). 
Net income was 5152Jtm or 36 
cents per share. The nine months 
included a charge of 57.7m for 
costs associated with repurchase 
of debt In the 1993 period, net 
income was 5447.7m or 51-83 per 
share inrfndipg a net gain from 
accounting changes and an 
extraordinary item of $203-8m. 


Eurotunnel warns 
of lower revenue 
and outlines fares 


By Charles Batchelor and 
Tim Burt in London 

Eurotunnel, the Channel tunnel 
operator, has been hit harder 
than expected by delays to the 
start of rail services. 

It said yesterday it expected its 
revenues for 1994 to be only a 
quarter of the £135m ($213m) fig- 
ure which it was predicting as 
recently as May, at the time of its 
£858m rights Issue. Analysts in 
London had predicted revenues 
might be cut to £9Qm-£l00m. 
Eurotunnel shares fell 7p to 221 p. 

Eurotunnel faces tough negoti- 
ations with its bankers when it 
starts to draw down its loans 
early next year. But it expects 
they will continue .to provide 
backing, according to Sir Alastair 
Morton, co-chairman. 

Analysts expressed surprise at 
the revenue shortfall and pre- 
dicted the group would foil to 
meet its banking covenants next 
year. Mr Richard Hannah of UBS 
Securities said: “To miss first- 
year forecasts by this kind of 
margin Is upsetting to say the 
least One wonders how accurate 
thefir future figures will be.” 

But Eurotunnel's main lenders 
said they remained supportive 
and were unlikely to force a cash 
aims In the spring ahead of the 
peak holiday season. One leading 
bank lender, however, said: “AH 
we can do at this stage is sit and 
pray*. 

Sir Alastair commented: "We 
have had a grim and very hard 
nmo mo nths and we have not 
delivered an the expectations in 
our [rights issue [prospectus. But 
we believe were are getting into a 
position of delivering the goods.” 

Eurotunnel announced yester- 
day that high-speed Eurostar ser- 
vices through the tunnel would 


start on November 14. This repre- 
sents the final stage in the intro- 
duction of passenger and freight 
services and wffi bring the tunnel 
into direct competition with the 
airlines on short-haul routes. 

Eurostar fares for London-Paris 
will range from £95 return, pro- 
vided a booking is made 14 days 
in advance, up to £195 for first 
class travel including a hot, 
three-course meal for an initial 
“discovery” period lasting until 
next spring. 

Eurotunnel reported a £4 7m 
loss in the first six months of the 
year, most of if resulting from 
interest and financing charges 
and with a contribution of only 
£2m from the limited freight ser- 
vices which began in late May. 

But tight control on costs and 
savings made because services 
were started late had meant dash 
flow was £3m better than was 
expected at the time of the rights 
prospectus. Eurotunnel expects 
that by the end of 1994 its cash 
position will be £5Qm worse than 
planned. 

In spite of these setbacks, 
“there is no actual or potential 
breach of our loan covenants let 
alone a default, * said Mr Graham 
Corbett, chief financial officer 
“These estimates could pose techr 
meal problems when we draw 
down our bank loans but this sit- 
uation Is quite familiar to US and 
our bankers." 

Sir Alastair denied (here was 
any need for another cash call 
“No way will there be another 
righto issue”, he said. “We don’t 
need one. Our way forward is 
with our banks and with our war- 
rant holders later.” Eurotunnel 
expects to raise £200m if warrant 
holders exercise their rights. 
Cross-channel fares. Page 5; 

Lex, Page is 














FINANCIAL 


.TIMES TUESDAY OCTOBER IS l»a 


INTERNATIONAL COMPANIES AND FINANCE 


Time Warner trims losses 
in third period to $32m 


By Patrick Harverson 
in New York 

Record operating: earnings at 
Time Warner's publishing, 
music and cable-television 
channel businesses allowed the 
US entertainment group to 
report a net loss of $32m for 
the third quarter, sharply 
reduced from the $l33m loss 
incurred a year ago. 

During the quarter, com- 
bined earnings before interest, 
taxes, depreciation and 
amortisation (Ebitda) for the 
group and its Time Warner 
Entertainment subsidiary 
(which reports operating 
results on a deconsolidated 
basis) reached $747ra on reve- 
nues of S4.ibn, compared with 
Ebitda of $726m on revenues of 
$3.7bn a year ago. 

The group, which was (eft 
with a heavy debt and depreci- 


ation burden following the 1989 
merger between Time and 
Warner, likes to focus Wall 
Street’s attention on Ebitda as 
a measure of its underlying 
performance. 

Time Warner’s music divi- 
sion posted the best results, of 
the quarter, with Ebitda of 
S172m compared with $132m a 
year earlier. Worldwide record 
sales and music publishing rev- 
enues were both significantly 
higher, with Warner Music art- 
ists such as Eric Clapton and 
REM releasing best-selling 
albums during the period. 

The group’s publishing divi- 
sion also notched up record 
earnings from continuing 
operations, with Ebitda rising 
20 per cent to $7Bm. Gains in 
magazine circulation and 
advertising and increased reve- 
nues from the book unit were 
behind the improvement 


Although the group's HBO 
television cable channel 
reported record Ebitda of 936m, 
up IS per cent from 1993, 
Time Warner's filmed enter- 
tainment division saw the fig- 
ure foil to Sl89m from $204m a 
year ago. 

The group said the compari- 
son over the year was unfa- 
vourable primarily because the 
division produced exception- 
ally strong earnings in the 
third quarter of 1933. 

Once again, earnings from 

cable operations declined, with 
Ebitda foiling to 9242m from 
$263m a year ago in response 
to the reduction in cable televi- 
sion charges imposed by Con- 
gress last year. However, Mr 
Gerald Levin. Time Warner 
chairman, said that the worst 
effects of the government-man- 
dated rate regulation were 
over. 


Valeo in $80m US purchase 


By John Ridding hi Paris 

Valeo, the French vehicle 
components group, yesterday 
took a further step in the 
expansion of its North Ameri- 
can operations, announcing 
that it is to buy Lake Center 
Industries (LCD, a US supplier 
of electronic and mechanical 
equipment, for $80m. 

Tbe French company said 
the acquisition would 
strengthen its position with 
North American vehicle manu- 
facturers. in particular Chrys- 
ler. General Motors and Ford. 

LCI’s main product lines 
include control panels for heat- 
ing and air conditioning 


systems, switches and elec- 
tronic assemblies. Its annual 
revenues amount to $I10m and 
are expected to reach 2140m in 
1995. The company, a subsid- 
iary of Guy Atkinson, has six 
manufacturing plants in Min- 
nesota and Wisconsin, with a 
workforce of 1,380. 

The US company will 
become a division of Valeo 
Electronics, and should push 
sales for this sector of Valeo’s 
operations to FFr2.2bn ($410m) 
in 1995. 

Turnover for Valeo as a 
whole is expected to reach 
FFr22 J5bn this year, with more 
than FFr3bn coming from 
North America. Its principal 


products include cooling 
systems, clutches, heating and 
air conditioning systems and 
windscreen wiper equipment 

Valeo said it would pay for 
(he acquisition in cash. Follow- 
ing the purchase of Borg 
Instruments of Germany, and 
majority stakes in joint ven- 
tures in Argentina and China, 
Valeo said its total financial 
investments for the year 
should total about FFrSSOm. 

The company added that 
strong cash flow should enable 
it to reduce Its debt to equity 
ratio to below 10 per cent at 
the end of the year, compared 
with 14 per cent at the end of 
1993. 


Drug companies face lawsuits in US 


By Dart iei Green 

Twenty -nine of the world's 
largest drug companies are 
likely to face US federal law- 
suits from pharmacy groups 
alleging price discrimination 
and anti-trust violation. 

The Georgia Pharmacy Asso- 
ciation said yesterday it and 
other groups representing 1,348 
independent pharmacies in 15 
states would file separate fed- 
eral lawsuits against 29 drug 


companies. Target companies 
include Merck-Medco of the US 
and the UK's Glaxo, the 
world's two biggest drug 
companies. 

The lawsuits are the latest 
moves in a campaign by phar- 
macies against drug makers. It 
includes lobbying Washington 
to staunch the flow of corpo- 
rate and commercial drug com- 
pany deals with healthcare 
intermediaries called health 
management organisations 


(HMDs) and pharmacy benefit 
managers (PBMs). 

Pharmacists accuse drug 
makers of offering better deals 
to the intermediaries even if 
pharmacy chains are buying in 
greater bulk and should qual- 
ify for greater discounts. 

Pharmacists' groups have 
been pressing the Federal 
Trade Commission over the 
planned $4bn purchase by US 
drug company Eli Lilly of PCS, 
a pharmacy benefit manager. 


| Paribas 
buys rest of 
Luxembourg 
units’ shares 

By Andrew Jack in Paris 

Paribas, one of France's 
leading banks, yesterday 
announced the purchase of all 
outstanding shares in two 
Luxembourg financial compa- 
nies in which it had long held 

strategic stakes. 

The purchase came in an 
agreement signed with Croupe 
Gdndral Mediterranean Hold- 
ing-Compagnie Internationale 
de Participations Bancaires et 
Flnancteres (GMH-CIPAF), the 
holder of the remaining 
shares. 

The bank bought the 
remaining 20 per cent of 
shares in Basque Paribas Lux- 
embourg, which was created 
in 1984 and separated from 
Paribas at the time of its 
nationalisation by the French 
government in 1982. 

It also bought the remaining 
50 per cent or ontstamting 
shares in Banque Conti nen tale 
da Luxembourg, which had 
developed Hnka with Paribas 
and GMH-CIPAF since 1982. 

Both sides declined to reveal 
the price. Banque Continentale 
du Luxembourg last year 
reported net assets of FFr473m 
and net profits of FFr50m 
(99.45m), while Banque Pari- 
bas Luxembourg had assets of 
FFr880m and profits of 
FFrl5<hn In 1993. 


Motors venture 
for Norwegian 
groups 

Two state-owned Norwegian 
groups are joining forces in 
the aluminium automotive 
components business, writes 
Kenneth Gooding in London. 

Rauf oss, the munitions, met- 
als and automotive compo- 
nents company, and Hydro 
Aluminium, part of Norsk 
Hydro, the counby's biggest 
industrial group, will set up 
Raufoss Automotive to 
develop, manufacture and 
market these components. 

Parts of their research activ- 
ities related to aluminium in 
cars will also be included in 
the joint company which wifi 
have Hydro as a "substantial” 
minority shareholder. 


Ferfin opts for simplification 

The Italian group still has many debts to clear, writes Andrew Hill 

Ferfin also controls boldii 

W hat has been — - - — ■ " which reflect the interests 

described as the larg- FCRRUZ2B HNAMZIARiA AMD MOMTEDJSOM discredited founder, 

est out-of-court PRINCIPAL' ASSETS - SOLD OR FO B SALE . ‘ . ‘n ar dini. who kil 


Presidenza del Consigiio dei Ministri 
Regione autonoma della Sardegna Provincia di Cagliari 
Comune di Carbonia Coramie di Gonnesa Comune di Portoscuso 

Concession for the operation of the Sulcis coal mine and the construction 
and operation of an associated coal gasification heat and power plant 

Notice of Itender 

The Office of the Prime Minister of the Republic of Italy, the Regional Government of Sardinia, tbe Province of Cagliari, the 
Municipality of Carbonia. the Municipality of Gonnesa, and the Municipality of Portoscuso, jointly acting as the Concedant 
Authority, are seeking to award, in accordance with the Decree of the President of the Republic of Italy dated January 28, 1994 
(as amended by the Decree of the President of the Republic of Italy dated June 9. 1994) published in the Official Journal of 
the Republic of Italy cm March 9, 1994, a comprehensive concession far the completion, operation and maintenance of the 
Sulcis coal mine and the design, construction, operation and maintenance of an associated coal gasification heat and power 
plan! lo be builr in the Sulcis-lglcsientc area. 

The .selection process will be performed in accordance with the Council Directive 93/37/EEC, the Council Decision 
‘LV.'ZJ/LbC and the Legislative Decree of the Republic of Italy 406/91. The concession, to be run in accordance with the 
specific rules provided by Appendix A to the Decree of the President of the Republic of Italy dated January 28. 1994. 
will be awarded by ticiruzione privutu ti.c. restricted procedure), pursuant to AtlS of the Legislative Decree of the 
Italian Republic 406/Q I . 

Tlie life of the concession will be thirty years. The procedure will be open to bidders from both EU and non-EU countries. 
The concessionary will run the Sulcis coal mine and will build, own and operate an associated coal gasification heal and power 
plant, with net capacity ranging from 350 MW to 450 MW. The mining concession and the existing mining equipment of 
Carbosiilcis SpA will he transferred free of charge to the concessionary. Power from the new plant will be purchased by ENEL 
SpA under u long term power purchase agreement. 

The concession will be awarded on the basis of the maximum discount offered on the electricity selling price during the first 
eight vean. of operation, in accordance with the specifications set out in the contract documents which will be made available 
to the candidates invited to tender. The base electricity selling price for the first eight years will be ITL 160/Kwh. For the 
remaining period ot' the concession's life the electricity selling price will be determined as set out by Resolution CfP n.6/92 
for coal fired power plants. The full price of ITL k 60/Kwh will be conditional on the use of a quantity of Sulcis coal 
corresponding lo at least 50*£ of the total heat value fuelled each year to the gasification plant. 

A Steering Committee including representatives of the Concedant Authority and ENEL SpA, and headquartered at die Office 
of the President of the Regional Government of Sardinia, will be responsible for the awarding of the concession and for acting 
as die Contracting Authority. IMI - Istituto Mobiliure Italiano SpA will be advising the Steering Committee on the 
developrwnf of the tender procedure, the award of the concession and the structuring of the contractual documents. 

Companies with relevant expertise in the activities related lo the subject matter of the concession and having the availability 
of coal gasification technology they would intend to use, are invited to express their interest by means of a request to 
participate. Also joint enterprises set up and represented in accordance with Att.22 of the Legislative Decree of the Republic 
of Italy 406/91, are allowed to apply. The Prc -qualification Information Document setting out further information on the 
concession, the procedure for pre-qualification and the personal, financial and technical conditions to be fulfilled by the 
candidates, is available at (he following address: 

Comitate di Coordinamento 

cto Prcsidcn/a della Giunta della Regione Autonoma Sardegna 
Viulc Trento 69, Cagliari - ITALIA 
Tel. /39 70) 6062223 - 6U62406 
Fax. (39 70) 6062454 TELEX 790344 PREG1R I 

Requests to participate, written in the Italian language, must be sent by registered mail by December 2, 1994. Candidates are 
also required to promptly confirm by telegram, telefax or telex that requests have been mailed. 

This Notice of Tender was sent on October 10. 1994 ro the office for Official Publications of the European Community for the 
puhlienliun in Ihe Official Journal of the European Community and in the TED data bank. The original Italian text is ihe 
authentic version. 


of Interest Rotes 


To the Holden ot 

The United Mexican States 

Collateralized Floating Rate Bonds Due 2019 

NOTICE is HEREBY OIVEN that the Ink-rot rail -a onering the intonrat pnriod 
frtnnOcU*«r 17. 109-Ha April 18, 1893 are drtulftW beta*: 

Intorest 

Snnra DRai giitt loD Hnta Interest Amount P aynwnt Data 

USD DtaciMntScrira A 8.88731*1. P. A. USD 33.00 Per USD 1,000 April 18,1060 
EOT Dfaucvnt Sale* U.lffrtFrt.F.A. DPL 83.01 Per t»L 3,000 April LB. 190s 


October 17. 13W 


CITIBANK, N.A, Agent 


ORIX IRELAND FINANCE PLC 
YEN 20,000, 000, 000. FIXED AND FLOATING RATE 
GUARANTEED NOTES DUE 1995 
Notice is hereby given that for the interest period from 18tb 
October 1994 to 18th April 1995, the rale of interest will be 
2.79688# per annum. The interest payable on the 18th April 1995 
will be Yen 141,398 per each yen 10,000.000. Note 
Agent Bank: 

The Mitsui Trust and Banking Co* Ltd., 

London 


W hat has been 
described as tbe larg- 
est out-of-court 
financial restructuring in cor- 
porate history is almost one 
year old. 

In October Last year, FerruzzL 
Finanziaria (Ferfin), the Italian 
financial holding company, 
and its industrial subsidiary 
Montedison proposed a radical 
programme of disposals, capi- 
tal raising and debt-fortuity 
exchanges to sceptical bankers. 

The company had been 
brought close to collapse by 
alleged mismanagement, and 
was groaning under a burden 
of debt estimated at L30,000bn 
($19.35bn). Although the 
threatened alternative was 
bankruptcy for Italy’s second 
largest private industrial 
group, some foreign banks held 
out for better terms until the 
end of November, when the 
plan was finally agreed. 

Since then, Ferfin and Mont- 
edison. 30.5 per cent of which 
is owned by the financial hold- 
ing company, have moved 
quickly to reduce debt and 
mak e the promised disposals. 
Yesterday, Mr Guido Rossi and 
Mr Enrico Bondi, who took 
over last year as, respectively, 
chairman and m anag in g direc- 
tor of the two companies, 
expressed themselves satisfied 
with the progress of the plan at 
a shareholders' meeting called 
to simplify still further the 
sprawling structure of the 
group. 

But the Ferrurri-Montedison 
group is still less than halfway 
towards the target of LT.OQObn 
which it wants to raise from 
asset sales and debt transfers 
by the end of 1997. Although 
the group continues to work on 
restructuring all Its subsid- 
iaries. many of the most diffi- 


Alarfon Bank (banking, US) ■■ tttti July 1993. $47m f 
NOrate (Insurance braWrtg) sold Jime 1984, p»k» urapecified 

Fartnar (ahtpbuffcSng) •• aoW October 19S4. L23Sbn 

Cateeatocd (concrete) ’ 

Trenno (property) *' 

H Messaggaro (newspaper) 

Tetemontocarfo (teteviglori)' 

IMH (marine equipmen]) 

Irrtermarine (shipbuilding) 

Tencara (advan ced materials) ■ 

-frKfcaOM vjcuxt ampx*» f/Vartor. Eta* w* **1 Iwfcrt faraW rastrix****/ 
maagrfXKiic MjwvVw m3 ' ' 


cult disposals still have to be 
made. 

Asset sales have raised more 
than L2,300bn. in cash and 
debt transfers, with the dis- 
posal last week of Fermar, the 
group's shipbuilding subsid- 
iary. In the first six months of 
this year, Ferfin cut its borrow- 
ings by nearly 30 per cent to 
U5,768biL 

The sale of Fermar to fellow 
Italian shipbuilder Gruppo 
Coeclerlci was the biggest dis- 
posal so for. Coeclerici is to 
buy Fermar for L225bn. of 
which L62.5bn plus interest 
will be paid in three years, and 
the disposal will reduce Fer- 
fin’s debt by a further L320bn. 

The group has disposed of its 
stakes in other quoted compa- 
nies, including demine, the 
insurance company, Medio- 
banca, the merchant bank 
which masterminded the res- 
cue plan, and Parmalat, the 
foods group- ft bas also sold or 
closed many small trading 
agro-foods subsidiaries, dis- 
posed of substantial property 
Interests, and even auctioned 
off paintings, furniture and 
ornaments bought by the pre- 
vious management 

Ferfin wants to slim until it 
controls only its 30 per cent 


stake in Montedison, which is 
active in the energy, chemicals 
and agro-industrial sectors, 
and its 34 per cent direct and 
indirect investment in Fon- 
dfaria, the insurance company. 
Mr Bondi said yesterday that 
the disposal programme was 
on schedule, and that prices 
were in line with internal fore- 
casts “down to the last lira”. 
This is heartening news for a 
company which last year - 
under previous management - 
had to admit that it had discov- 
ered a L435bn bole hi Its 1992 
accounts, triggering a series of 
judicial and financ ial investi- 
gations which are continuing. 

The test will come with the 
larger disposals which He 
ahead. For example, Ferfin still 
controls a majority stake in 
Calcestruzzi, the quoted con- 
crete and building materials 
group, which has been hard hit 
by the downturn in the Italian 
construction and public works 
sector. Mr Giampiero Pesenti, 
who heads Italcementi. Italy’s 
biggest cement group, may 
want to increase his own 
minority interest in Calces- 
truzzi, but such a move would 
raise anti-trust problems and 
risk prompting a full bid for 
the concrete group. 


Ferfin also controls holdings 
which reflect the interests ot 
its discredited founder, Mr 
Raul Gardini, who killed 
himself last year, and Mr Carlo 
Sama, the former managing 
director. They include the ail- 
ing Rome newspaper. 11 Messa- 
gero, and the private television 
channel Telemontecarlo, as 
well as International Marine 
Holdings, a manufacture of 
yachting and nautical equip- 
ment. Inter-marine Shipbuild- 
ing which makes minehunt- 
ers.' and the company which 
worked on building the hulls 
for Mr Gardini’s ill-fated bid to 
win sailing’s America’s Cup. 

F erfin and Montedison 
undoubtedly hope that 
creditors - now among 
their largest shareholders fol- 
lowing the conversion of debt 
into equity last year - will not 
put undue pressure on the 
group to accelerate the pro- 
gramme, a move which might 
sacrifice the benefits already w 
achieved. 

At least the signs are encour- 
aging. Yesterday. Montedison 
shareholders heard tliat the 
group had consolidated the last 
L345bu of Us debt at favourable 
rates, which will save the com- 
pany a further LISbn of finan- 
cial charges every year, and 
voted in favour of absorbing 
Finanziaria A groindus triale. 
the quoted vehicle for shores 
in Eridania Begltin-Say. Mont- 
edison's agro-industrial subsid- 
iary. 

It may not sound like much, 
but for Mr Bondi and Mr Rossi, 
who inherited a group struc- 
ture consisting of 1,900 compa- 
nies, many of them dormant 
investment vehicles, it must 
seem like a small step in tbe 
right direction. 


Exco shares tumble 8% as chief executive resigns 


By Christopher Price 
in London 

Exco, the money broker that 
came to the London market 
21 weeks ago. yesterday 
announced the resignation of 
its chief executive. 

Its shares fell 15p. or 8 per 
cent, on the announcement to 
close in London at 17 sp. 
slightly above their flotation 
price of 175p. 

Mr Ron Sandler, 42, will 


leave tbe group at the end of 
the year. Exco said yesterday: 
“Since the notation, differences 
in management style have 
developed which the board felt 
could become damaging to the 
business.” 

Mr Sandler, who joined Exco 
in April 1993. was on a 
12-month contract and will 
leave with a year's salary of 
£297,000 ($469,260). 

However, his 480,000 share 
options, potentially worth 


NOTICE OF MEETING OF HOLDERS OF 7% 
CONVERTIBLE SUBORDINATED DEBENTURES DUE 1999 
OF RIEDEL ENVIRONMENTAL TECHNOLOGIES, 
INC. TO BE HELD ON November 9, 1994 

PLEASE TAKE NOTICE that a m e etin g of the holders (the ’HoldenT) of 
7% Convertible Subordinated Debentures doc 1999 (tbe “Debentures*) of 
Riedel Environmental Technologies, Inc. (the ‘Company’^ will be held at 
the offices of Chanlcoi Sank, 460 West 33rd Street, 16th Floor, New York, 
New York, on. November 9, 1994 at 10.00 am, Eastern Standard Time. 
Terms used In tbe Terms and Conditions of tbe Debentures have tbe same 
meaning in this notice. 

The purpose of this meeting is to obtain tbe consent of the Holden to a 
waiver of the requirements of Section 8(a) of the Terms and Conditions to 
allow the Company to sen all the outstanding shares of Riedel 
Environmental Services, Inc. (T2E8") to Canotrie Environmental Services 
Corp. fCanonic*). The sale involves substantially all of Che assets of Che 
Company. Section 6(a) imposes restrictions on the Company’s ability to 
sell aO or substantially all its assets. 

Any such waiver of Section 6(a) will be coadusvo and binding on all 
Holders, whether or not they have given tiwlr consent or were present at 
the meeting of the Ho (decs, and on ail hofctexa of coupons whether or not 
notation of such amendments is made on the Debentures. 

Chemical Bank as the Fiscal Agent under the Debentures is entitled to 
make such reasonable regulations for the meeting of Holders that it 
deems advisable in addition to those set forth in the Terms and 
Conditions. Tbe Fiscal Agent has established Uie following regulations for 
the purposo of determining who shall be entitled to vote at such meeting 
or any adjournment thereof 

1. The holding of Registered Debentures shall be proved by the registry 
books maintained In accordance vrith that certain Fiscal Agency 
Agreement (taxed as of October 11, 1999 by and between the Company 
and Chemical Bank or by a certificate or certificates of the Fiscal Agent In 
its capacity as tbe Company's agent for the maintenance of such books. 

2. The holding of Bearer Debentures may be proved by tbe production of 
the Bearer Debentures at the meeting. In addition, holders of voting cer- 
tificates and proxies named in a block voting Instruction with respect to 
Bearer Debentures may vote at the meeting 

3- Accountboiders of Euroclear and Cede! to whom Debentures are cred- 
ited in tbe relevant clearing system should notify the relevant clearing sys- 
tem to Inform the Fiscal Agent no later than 48 bourn before tbe sched- 
uled time for the meeting of the number of voces to be cast for and against 
tbe resolution. 

4. If a Debenturebolder wishes the Fiscal Agent to appoint a proxy to vote 
on hla behalf at the meeting, he must deposit hia Debentures with 
Chemical Bank (London) no later than 48 hours before the scheduled 
time of the meeting, specifying whether the voto(s) attributable to such 
Debentures should be cast for or against the waiver. Chemical Bank 
(London) will then issue a block voting instruction to a proxy of Its 
choice, instructing such proxy to cast such votefs) in the specified man- 
ner. 

& Written instruments appointing proxies, regular Oa (belr tace, are pre- 
sumed valid and genuine. 

Copies of the proxy statement mailed to shareholders of the Company 
containing information regarding the proposed sale by the Company of all 
of the outstanding shares of stock of RES to Canonic, reasons for such 
sale, terms of the proposed sale and other information regarding the 
Company may be obtained Cram William Cox, Vice President and General 
Counsel of the Company Ot 4611 North Channel Avenue, Portland, Oregon 
97217; phone (503) 2864666; facsimile (EiG) 28&-0G0H 

Dated 18 October 1994. 



CREDIT NATIONAL 

US$100,000,000 
Subordinated collared 
floating rate notes 2005 

Fbr the period IS October t$94 to 
IS April 1995 die notes will bear 
interest al 5.625% perannum. 
Interest payable on 18 April 1995 
will amount to USS28.44 
per USS 1,000, US$284.38 per 
US$fO,OOOandUSS7.m.38[Kr 
USS250.000note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


rauyftnte du a*» toncter de hones 
U.S. $200,000,000 
Subordinated Floating Rate Notes 
due October 2002 
In accordance with (he provisions of 
tiie Notes, notice is hereby given 
that the Rate of Interest for the six 
month period enditu; (7th April. 
11*15 has been fixed m 5.75% per 
annum. The interest accruing for 
such six month period will beu.S. 
529.H7 per U.S. SLOW Bearer 
Note, and U.S. S2V0.tW per U.S. 
Slti.tifki Bearer Note and U.S. 
S2.V06,«H per U.S. SIOU.OGO Bearer 
Note on 1 7th April. W3 against 
presentation or Coupon No. S. 

(J nten Bank of Switzerland 
London Branch Agent Bank Va7 
Uth October. 1994 


£500.000. and at the discretion 
of the board, will not be 
granted. 

Mr Peter Edge. 36, Exco 
director of global money mar- 
kets, who has been with the 
group since 1980, will take 
over. 

Mr Sandler joined Exco from 
a management consultancy to 
guide the money broker to the 
market Institutional investors 
had taken a majority stake in 
the group the previous year 


£ 100 , 000,000 


from the administrators of tbe 
failed financial services group 
British & Commonwealth Hold- 
ings. The share issue was 3.2 
times oversubscribed, valuing 
Exco at £230m. The shares 
went to 14 per cent premium 
on the first day’s trading, and 
reached a high of 21lp on 
August 15. 

Neither Mr Sandler nor any 
other member or the Exco 
board were available for 
comment. 


BRADFORD 
* BING LEY 

Floating Rate Notes Due 1998 



@ CS Mkt U>in<w 
*0*111 


NOTICE OF INTEREST 
RATE 

To the Holders of 
Banco Central do Brasil 
New Money Bonds 
Due In 1999 

In accordance with the provisions of 
the Bonds, notice la hereby given 
that the above Bonds will bear 
Interest lor the 183 day Interest 
Period from October 17. 1994 to 
April 18, 1995. at a rate per annum 
of G%e as calculated in accordance 
wflh the terms of the above Bonds. 

BANCO CENTRAL DO BRASIL 
issuer 


MAHAG KM ENT REPORTS 


AUT HORITATI V E 
MARKET 
REPORTS 

Accountancy -Auinmottve 

- Soaking & Finance - Eangj 

■ Eaviranimni - Immrancc - Media 

• nunocratlali - Property 

■ TatKoauminicaUMa and Travel 


+44 (0)71 814 9770 

OK IAX 

+44 <©) 71 814 9778 



to April 14,1995 
the new rate has been 
fixed at 7.73003 % PA. 

Next payment date : 
April 14,1995 
Coupon nr : 3 
Amount : 

FRF 386,50 
for the denomination 
of FRF 10 000 
, FRF 3865,02 
for the denomination 
of FRF 100 000 

THE PRINCIPAL 
PAVING AGENT 
SQGENAL 
SOOEIEGENERALE 
_ PARIS GROUP 
15, Avenue Emile Reuter 
Luxembourg 


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FINANCIAL TIMES 


TUESDAV OCTOBER IS 19M 


INTERNATIONAL COMPANIES AND FINANCE 


Contenders fight it out for Czech prize 

Part-sale of SPT Telecom may be biggest foreign investment to date, writes Vincent Boland 



T welve of the world's 
leading telecommunica- 
tions groups are fight- 
ing for a 27 per cent stake in 
SPT Telecom, the Czech 
Republic's telephone operator, 
in what could become the 
country’s biggest one-off for- 
eign investment opportunity to 
date. 

Competition for the stake - 
valued at between 5700m and 
Sibil - is likely to be fierce. If 
the price reaches the higher 
end of expectations it will out- 
strip Volkswagen's DMl.-ibn 
($900m), five-year purchase of 
70 per cent of Skoda Automo- 
bile as the largest foreign 
investment yet in the country. 

"This is the big one, the one 
everybody has been waiting 
for,” says a merchant banker 
advising one of the bidding 
companies. 

The 12 companies must make 
preliminary bids by mid- 
December. Those that most 
fully meet the government's 
two main criteria - price and 
operational experience - will 
go through to a second round, 
with final offers due to be 
tabled next February. The win- 
ner will be known by March 1. 

The bidders are American 
Telephone & Telegraph. Ameri- 
tech International. Bell Atlan- 
tic. Southwestern Bell Interna- 
tional Development, GTE 
Telephone. Deutsche Telekom, 
France Telecom. Telecom Den- 
mark. PTT Telecom Nether- 
lands. Stet International. Swiss 
Telecom and Korea Telecom. 

Analysts say the successful 
bid is likely to come from a 
consortium consisting of a pri- 
vate US operator and a wholly 
or partly state-owned Euro- 
pean group. The selection of 
the 12 companies on October 6 
has led to a hectic round of 
negotiations as they attempt to 
join forces to bid for the stake. 

A precedent for the sale is 
last December's sale for $875m 
of a 30 per cent stake in Matav, 
the Hungarian equivaJent of 


SPT Telecom: the challenges ahead 


Number of telephone lines per 
100 inhabitants 
{Jan 1 1993) 


Poland 

Hungary 

Slovakia 


Projected development of tefephone 
density in Czech Republic 
(foasmSton) 


Refected arena! constructor of 



in Czech RepoMc (Hr»3 000s) 
800 - 


700 


500 


400 


- 300 


200 


0 10 20 30 4D 50 SO 
Souca: SPT Te**»tn 


100V 







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/ 


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1 1 ! 1— 

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1894 96 


86 2000 


SPT. to a consortium of Deut- 
sche Telekom and Ameritech. 
The Matav sale is the biggest 
telecommunications invest- 
ment in central Europe to date. 

In that sale, the proceeds 
were split between the com- 
pany and the exchequer. But 
SPT will receive the entire pro- 
ceeds. to help it finance a 
Kcsl30bn f$4.7bn) modernisa- 
tion programme through to the 
end of the decade. 

The programme aims to 
increase the number of lines 
from 20 to 35 per 100 people by 
1998. The present density is 
one of the lowest in Europe, 
although higher than Hungary 
and Poland. The average in 
western Europe is roughly one 
line for every two people. 
“Demand and supply should 
balance by 1998,” says Mr Jlfi 
Makovec, SPT general director. 

Key elements of modernisa- 
tion will be to replace outdated 
analog equipment with digital 
technology and the construc- 
tion of 168 digital host 
exchanges by 1998. 

The Czech government has 
laid down strict rules for bids 
from consortiums. It insists 
that a bidder be “a clearly 
defined entity 7 ’ with a trans- 
parent ownership structure 
consisting of “experienced 


operators". It must also speak 
with one voice. “I will only 
deal with one person or one 
company at a time," warns Mr 
Karel Dyba. the Czech econ- 
omy min ister whose depart- 
ment is co-ordinating the 
tender. 

Already, speculation in 
Prague suggests that three of 
the 12 companies - France 
T6l6com, Bell Atlantic and 
PTT Telecom - are emerging 
as favourites for the SPT 
investment. France TGlficom 
has been providing technical 
assistance to the Czech com- 
pany for several years, while 
Bell Atlantic is a partner, 
along with US West and SPT, 
in the EuroTel consortium 
established in 1990 to provide 
mobile telephone services in 
the Czech Republic. 

PTT Telecom, the Dutch 
operator which was partly pri- 
vatised earlier this year, has a 
consultancy and technology 
joint venture with SPT, and 
has experience in Hungary. 
Ukraine and south-east Asia. 
As a rela tively small European 
operator, PTT “is not a threat” 
to SPT, analysts say. 

Attention is now focused on 
a detailed examination of SPT. 
Each company paid $100,000 fin- 
access to preliminary bidding 


packages. In spite of its under- 
developed network, SPT Is 
hi ghly profitable. Last year it 
made KcsSbn ($2i6m) on reve- 
nues of KcslSbn. In the first 
six months of 1994 it recorded 
pre-tax profits of Kes3.4im on 
revenues of KcslOtrn. 


S PT has received Kcs7bn 
in loans from the World 
Bank, the European 
Investment Bank and the Euro- 
pean Bank for Reconstruction 
and Development to finance its 
modernisation project In July 
it raised a further Kcslbn 
through a five-year bond issue 
But Uie bulk of the cost of 
modernisation will be met 
through the sale of the stake 
and re-investznent of future 
profits. 

SPT is 74 per cent state- 
owned, of which 70 per cent is 
held directly and 4 per cent is 
owned by two state-run invest- 
ment funds. The remaining 26 
per cent - roughly 6m shares - 
is held by domestic investors 
who bought the shares in the 
second wave of mass privatisa- 
tion this year. 

The winner of the tender will 
receive new shares in SPT, to 
give it a maximum 27 per cent 
stake. The issue of new shares 
will dilute the domestic inves- 


tors’ holding to 19 per cent and 
the state's directly-held share 
to 51 per cent The state will 
retain its majority stake for up 
to five years. It may then sell a 
further block of shares after 
tha t time. 

The 6m shares sold in the 
privatisation wave have still to 
be delivered to investors, but a 
grey market has developed in 
SPT stock on the Prague 
bourse. The shares are trading 
at about Ecs3,500, which val- 
ues SPT at S2J6bn. 

Bidden are somewhat in the 
dark, however, as to SET's true 
worth. This will not become 
clear until the government 
establishes a regulatory frame- 
work covering future tariff pol- 
icy for SPT. The framework is 
due to be announced late next 
month, and it will have an 
important bearing on the price 
the government gets for the 
stake. 

At present, high interna- 
tional tariffs subsidise SPT’s 
domestic call service. Interna- 
tional call prices from the 
Czech Republic are among the 
highest in Europe, costing up 
to hair as much again as com- 
parable prices in western 
Europe. 

A call from Prague costs 
Kcs31.5 a minute to the UK; 
Ecs83 a minute to the US; and 
Kcs25.2 a minute to Germany. 
A local call costs about Kcs2. 
SPT is to retain a monopoly of 
intercity and international 
calls until the end of the 
decade, while some competi- 
tion is to be Introduced in local 
services from next year. 

The tariff policy is expected 
to rebalance prices by lowering 
international tariffs, raising 
local charges to market level, 
and pegging future price rises 
to inflation. If it cuts interna- 
tional charges too much it 
would make SPT less attrac- 
tive. “The government can 
influence the price it gets by 
keeping international call 
prices high," one banker says. 


Higher nickel prices help to lift Falconbridge 


By Bernard Simon in Toronto 


Falconbridge, the Canadian metals 
producer which went public this year, 
has reported a sharp improvement in 
third-quarter performance, due to rising 
metal prices, higher sales volumes and 
a drop in the Canadian dollar. 

Earnings were C$ 55.5m (US$41.4m), or 
32 cents a share, compared with a 
C$ll-4m loss, or ll rents, a year earlier. 
Operating income more than quadru- 
pled to C$94 .6m from C$2l.5m, while 


revenues climbed to C$526.7m from 
C$371. im. 

The results were also buoyed by a 
reduction in debt-service expenses from 
C$21. lm to C$10-9m in the wake of the 
recent equity issue. 

Mr Frank Pickard, chief executive, 
predicted that nickel prices would be 
supported for the rest of the year by a 
10 per cent rise in western steel output 
in 1994, and a 9 per cent increase in 
nickel consumption. “Fourth-quarter 
fundamentals are the strongest the 


nickel industry has experienced in 
many years,” he said. 

Nickel output rose to 17,321 tonnes in 
the third quarter from 15,633 a year 
earlier. Ferro-nickel production was 
9.068 tonnes, up from 7,021 tonnes. 
Average nickel prices received rose to 
US$2.69 a lb from $2.29. Ferro-nickel 
prices climbed to $180 from $2J7, while 
copper prices advanced to $1.13 from 86 
cents. 

Falconbridge also disclosed yesterday 
it had obtained “particularly encourag- 


ing” exploration results from the Kidd 
Creek zinc and copper mine in northern 
Ontario. Samples from four new drill- 
holes have yielded an average grade of 
3 per cent copper, 4.6 per cent zinc, 0.85 
per cent lead and 180 grams of silver 
per tonne. 

Drilling results from the Biankouma 
nickel venture in the Ivory Coast indi- 
cate the ore may be suitable for ferro- 
nickel production, using the same pro- 
cess as Falconbridge's operation in the 
Dominican Republic. 


NEWS DIGEST 


Berjaya to take 
direct control of 
Singer subsidiary 


Berjaya. the Malaysian conglomerate 
controlled by Malaysian-Chinese businessman 
Mr Vincent Tan, has announced a wide-rang- 
ing shake-up of its corporate structure, writes 
Kieran Cooke in Kuala Lumpur. 

The complex exercise will bring the listed 
Berjaya Singer, a producer of household goods 
and one of the most profitable companies in 
the Berjaya stable, under the direct control of 
Berjaya Group, the quoted company which 
serves as the conglomerate's holding company 
and flagship. 

Under the present structure, Berjaya Singer 
is controlled through two other listed compa- 
nies in the group, Berjaya Industrial and Ber- 
jaya Leisure. Berjaya Group says the new 
arrangement will mean that Berjaya Singer’s 
profits to the group holding company will no 
longer be diluted. 

Beijaya, with interests including textiles, 
media , leisure and casino operations and tim- 
ber concerns, has been restructured several 
times in recent years. 

The latest reorganisation involves cash and 
share transactions between the various Ber- 
jaya companies, plus a Berjaya Group rights 
issue which aims to raise nearly M$970m 
(US$379m). The cash would be used to repay 
loans and finance Berjaya' s ambitious expan- 
sion plans. 

Earlier this month, Berjaya companies 
announced plans to gain control of Indah 
Water, a consortium which has been given 
charge of a M$6.4bn scheme to upgrade Malay- 
sia's sewerage system. 


Enso-Gutzeit. and 91.1 par, can 1 of the shares 

a profit 

jKSKdftto yaar This is the average 

Enso’s profit after financial Items was 
FM186m. 


San Miguel 


B Share price (pesos) 

160 


Gain from HK property sale 
helps San Miguel surge 

San Miguel, the Philip- 
pines’ largest food and 
beverage conglomer- 
ate. posted a sharply- 
improved net profit, of 
9 6bn pesos ($375.7m). 
in the first nine 
months of the year. It 
attributed the rise to 
an extraordinary gain 
from a Hong Kong 
property sale, Reuter 
reports from Manila. 
Even without the 
iLHJbn pesos gain, San 
Miguel would have 
posted a net profit of 
3.14bn pesos in the Jan- 
uary to September 



BES Engineering advances 
10% at pre-tax level 


1993 

SouiwfrOatestream 

period, 40 per cent up on the 2.24bn in the 
same period last year. 

San Miguel, through its San Miguel Brewery 
Hong Kong unit, sold a prime property in the 
colony for Hm5bn <$452.9m). 

San Miguel said profits continued to nse on 
sustained growth in sales volume and 
improvement in the Philippine economy. 

The company’s consolidated sales In the first 
nine months amounted to 48.9bn pesos, 12 per 
cent better than the 43.7bn pesos posted in the 
same period last year. 


BES Engineering, Taiwan's recently-privatised 
construction company, reported pre-tax profits 
of T$398m (US$15-2m) in the first quarter 
ended September 30. up 10 per cent from a 
year earlier, writes Laura Tyson m Taipei. 

BES was one of the first state-owned compa- 
nies to be privatised. 

As one of two government-owned contrac- 
tors. BES was until 1992 granted preferential 
access to infrastructure contracts. 

Faced with challenges from legislators and 
private construction companies, it has since 
been obliged to participate in open bidding for 
projects. 

The company is estimated to have orders 
amounting to some T$20bn 


Holdains upbeat in spite of 
4.6% profits decline 


Enso-Gutzeit in talks on 
taking Veitsiluoto stake 


Enso-Gutzeit, the Finnish forestry group, said 
yesterday it had been in talks with the Minis- 
try of Trade and Industry over the possible 
acquisition of a 35 per cent stake in state- 
owned Veitsiluoto, agencies report from Hel- 
sinki. 

Veitsiluoto produces paper and pulp and 
operates saw mills. Its turnover in 1993 was 
FM4.82bn (Slbn). resulting in a loss after finan- 
cial items of FM150m. 

The Finnish state owns 33.7 per cent of the 
shares and S2.1 per cent of the voting rights of 


An unproved political climate and renewed 
economic growth allowed Holdains, the South 
African paritag ing group, to lift an earlier, 
gloomy earning s forecast, but it still recorded 
a 4.6 per cent decline in after-tax profit to 
Rll0.6m ($30.lm) for the year ended in August, 
down from Rl34fim a year ago, writes Mark 
Suzman in Johannesburg. 

Sales rose 9 per cent, to R2-8bn from R2.5bn, 
but operating income declined sharply to 
Rl68.7m from Rl96m as a result of intense 
pressure on the group's margins in the first 
half of the year. 

However, after-tax figures were helped by a 
reduction in interest paid, to Rl9.8m from 
RJL8m, as well as lower taxes, at R25.7m com- 
pared with R29.4m a year ago. The full-year 
dividend' was maintained at 125 cents. 

Mr Richard Bruyns, chief executive, said the 
outlook for the next year was greatly 
improved. "Strong turnover growth in all our 
divisions was achieved in the last quarter and 
we anticipate that the accelerated pace will 
continue,” he said. 

Holdains’ balance sheet Improved slightly on 
the year as gearing dropped to 1*L8 per cent 
from 18.4 per cent a year ago. The 1992 figure 
was 45.1 per cent. The company also 
announced it had spent Rl05m on plant expan- 
sion and R34m on asset replacement 


HSBC GLOBAL INVESTMENT FUNDS 

Socivi* d' In vestisscmetit h capital ratable 
Sooth Pacific Equi ty 

Registered Office: 7 roc du MirehUn-Hcftu, L-1728 UwulKI l u g 

R.C. I_uxcmbour£ B-2S087 


Canssninsjuttia 

The shareholder, of HSBC Global Investment Funds ■ South Pacific Equity (’South 
Pacific Equity" ) are hereby convened to anew! an 

EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF SOUTH PACIFIC EQUITY 

to be held on October 27th 19*»4 at 3 pm at 7 rue du Marcbe-aux-Herbes, L-1728 
Uracmtx)ui£_ with l he following agenda: 

I. Dec Won to amalgamate the South Pacific Equity with HSBC Global Investment 
Funds - Asian Equity t"A>un Equity*) by contribution ol all the net assets of South 
Puri fie Equity lo Asian Equity, against attribution to the shareholder of Sooth 
Pacific Equity of an appiupnatc number of shares of Aslan Equity, in proportion to 
their •haicb. JJibe in the South Pacific Equity at an exchange ratio calculated on the 
basts "I the respective net asset valuer per share of the two sub-foods an Ac diy of 

diccnmnhuuun 

: Decision lit Ik's* South Pacific Equity. 

.’ PeicrciiiuiHin nf the effective date uf the contribution. 

Kc-riptiUioris ihe atave agenda d" nut require o quorum and decisions are ultra by a 
simple majority «t ibe shares present ur represented at the meeting. 

Each entire share is entitled In one s me. 

In rider to participate in ihe meeting. Ihe buMcn irf bearer stuns must dcprvrit their 
shires a 1 , the office of HSBC Invcsimem Funds Luxembourg SA, 7 me du Marohc-au- 
llcitcs, L-I"*2S Luxembourg by no laier than Spin on October 2Wh IOQ4. Prunes will 
be sen! to registered share holders by maiL In order to he valid, proxies nurst be relumed 
to the • ■flicc <sf HSBC Inseainenl Lunds Luxembourg SA. atm. Marcel Inc Jam. fax. 
!.=?:» 4- 55 rw.by m> Liter than 5pm on October 26Ul IWt. 

A notice s.<«riiinni(! ihe onicnmc of the meetup will he published in the Luxembourg 
Memorial, io the Luxembourg Wort, in the Financial Times and in the South China 
Monunc Post 

The cost «f the rut dgamalhin will be borne by Ihe Investment Manager. 

The jrictunn «i the xftarchutdcrt of South Pjafic Equity a specifically drawn to the 
folkminy. 

Whereas South Pacilic Equity seek* lo achieve lone term capital growth through 
ins none ni in ihe equity mar lew principally of Australia and New Zealand, the aim of 
Vuan Equity <s tu avhitie ihe same insestmeni objective fiom an actively managed 
portl.'lio of qm-trd scenmiex on ihe regulated nock exchanges uf the rcuoomtet in 
Asia, excluding Japan. The rtuyx proportion uf this sob-fund's investments will be in 
the markets of IUbir Kong, Singjp.wc, Malaysia and Thailand. However, the other stock 
marLcu of the region, including Korea. Shanghai and Shenzhen, China. Tauvan. the 
Philippines. Indonesia and Bombay. India, may be held Bum time to time. 

The cun cues uf denomination nf Asian Equity is US dollar os is the case for South 
Pacific Equity. 

The imminent adviser in Asian Equity is HSBC Asset Management Hong Kong 
Limited The invrximem manapemem and Advisory Ice in respect of Asian Equity will 
be id I per annum nf the dailv nrt asset value, whereas the equivalent fire in respect 
of the South Pacific Fquitv Fund is IT pet annum. The rates of other fees paid out of 
the two fuels are the same. 

The dWiibu'i>'n policy of Asian Equity is identical to the one applied n South Pacific 
Equity. 

The Dnrmires accept responsibility for the accuracy uf the cowans of this document. 

The Board afDmetan 


HSBC GLOBAL INVESTMENT FUNDS 

SocKtE d'lnvestiwemait k capital variable 
United Kingdom Equity 

Registered Office: 7 rue dn Maitkfw-Hetta, L-1728 Luxembourg 
R.C. Luxembourg B-2S687 

Convening aatto 

The shareholders of HSBC Global Investment Fuads - United Kingdom Equity 
(* United Kingdom Equity") are hereby convened m attend an 


EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF UNITED KINGDOM EQUITY 

to be held on October 27th 1994 at 3 pm at 7 n» du Marcbd-aux-Heibes, L-1728 
Luxembourg, with the following egeado: 

1. Decision to am al g a m a t e the United Kingdom Equity with HSBC Global Investment 
Funds - Pan-European Equity fTm-European Equity*} by contribution of all Ihe net 
assets of United Kingdom Equity to Pan- European Equity, against attribution lo the 
share ho Lien uf United Kingdom Equity of an appropriate number of shares of Pan- 
European Equity, in p ro por t ion id then shareholding hi the United Kingdom Equity 
at an exchange ratio calculated on the basis of the respective net asset values per 
share of the two jnb-fonds on [be day of the coturibruiou- 

2. Decision to Ctose United Kingdom Equity. 

3. Determination of ibe effective date of the contribution. 

Resolutions on the above agenda do opt require a quorum and decisions ate ultra by a 
simple majority of ibe shares present or represented at the meeting. 

Each entire share is entitled to one vote. 

(n order to participate in the meeting, the hotdeta of bearer shares must deposit their 
shares at Ibe oflfcc of HSBC Investment Funds Luxembourg SA, 7 rue du Marchf-aux- 
l kibes. L-1728 Luxembourg by o o later than Spot on October 26th 1994. Proxies will 
be sent to registered shareholders by maiL In order tube valid, proxies must be returned 
to the office of HSBC investment Funds Luxembourg SA, aim. Msrceline Jins, fax. 
(352) 47 55 69, by oo bier than 5pm ou October -Mi 1994. 

A notice confirming the ontcome of the meeting win be published in the Luxembourg 
Memorial, in the Luxembo u rg Won. in the Financial Tunes and in the South China 
Morning Post. 

The cent of the amalgamation wfll be borne by the Investment Manager. 

The attention of dm shareholders of United Kingdom Equity is specifically drawn to the 
following; 

Whereas United Kingdom Equity unrests in shares issued mainly by well established 
United Kingdom Companies the investment policy of the Pan-Emopcan Equity aims io 
invest in a wide range of company shares quoted or traded on any of the Eligible 
Markets in both the United Kingdom and in other Continental European countries. 
Generally, the portfolio of secu ri ties will be those hi large established companies with 
proven track records. The portfolio wfll also include securities in appropriate smaller or 
more specialised companies. 

The currency of denomination of Pan- European Equity is US dollar as is the case Cor 
United Kingdom Equity. 

The investment adviser to Pan- European Equity is HSBC Asset Management Europe 
Limited, who are also the investment adviser to Untied Kingdom Equity. 

Tbc investment advisory fees tmd the di strib uti on policy of United Kingdom Equity ure 
identical to those applied to Pan- European Equity. 

The Directors accept responsibility for tire accuracy of the content* of this document. 

The Scant of Directors 


INTERIM 

REPORT 


/euroN 

^ UNNE y 


RAPPORT 

SEMESTRIEL 


Eurotunnel F LC Registered Office: The Adefphi, John Adam Strccr, London. WC2S 6JT. 

RcqtMcrcd in England and Wales No.: l 1 WTC71. 

Eurotunnel S-Y Siccc Social: i 1 2, avenue Klcbcr, B P. I bri. Trocadcro. 75770 Pans Cedes 16. France. 
Capital FRFSJWft.9i4.gU0 RCS Parb No. B3J4 193 aui-APE 74 1J. 


The Interim Rcpurl at the Eurotunnel Gioup of com- 
panies lu 3U June IW was. published on li October 
Copies have been sent to holders of unite and 
warrants in registered form and to Ihosc holders of 
units untL'nr warrants in bearer form who requested 
copies of Ihe last Annual Report published in May 
1 «*U. Copies of the Interim Report in English and 
French will he available from 25 October from any 
of the following institutions: 


Lc Rapport Scmesmcl du Croupe Eurotunnel au 30 
juin l*W4 a etc public le 15 ociobrc 1994. Une copie 
de cv Rapport 4 efe envoy tie a chaqud actiormatre 
numtnaLif, airtsi qu'aux liniiaircs d'unitds clou bents 
de souscripiion au poncur qui avaienl demand^ une 
copic du Rapport Annuel publie en mai 1994. Les 
copies du Rapport Seme*iriel en anglais cl franqais 
peuvenf elre obcenues auprds des organismea 
suivants a parti r du 25 ociobrc 1994; 


English language - Royal Dank of Scotland pic.. Registrar's Department. PO Box 39. Caxion House. 
Kcdclifl'e Way. Bristol. BS99 7ZR. (by posit - The Nomuru Securities Company Ltd, 1-9-1 Nibontushl. 
Chuo-ku. Tokyo. Japan - Erwkilda Corporate, Nurrlandsgaian 15, PO Box 16067, S-10322 Stockholm, 
Sweden taxailabfc for collection) - Citibank NA.. Ill Wall Sircci, New York. N.Y. 10043, IJ.SA 
Fonnulatres cn inun,-ais - (par courtier} BanqiK Indosuez, 96, Boulevard Haussmann. 75008. Paris, prance ei i 
R.F.C. 130 axenue des Champs El} sen 75008 Paris. France. - (it voire disposition) GdaiSrale de Baaque, 
5 Monugne du Parc. I ODD Bruxelles, Belgique ei Banquc lodusucz Belgique, 40 rue des Colonics. 
(000 Bruxelles. Btffgtyuc. 


Caisse Centrale de 
Credit lmmobiDer 3CI 




SI 16,000,000 
floating Rate Notes 1998 


iVoflce is hereby given dial lor 
die interest period H October 
1994 to 16 January 1995 die 
notes mill cony an interest rate 
of 6. 125% per annum. Interest 
payable on f 6 January 1995 
will amount lo SIS. 77 per 
& 1,000 note. 


Agent; Morgan Guaranty 
Trust Company 


JPMorgan 


HSBC GLOBAL INVESTMENT FUNDS 

Sod£fo d Tnrejtitmuen 1 1 capital variable 
European Equity 

Registered Office 7 me du MarcM-anx-Herbes, L-1728 L mw a b eurg 
R.C Luxembourg B-Z5687 


Camaningjuttke 

The ifaarefaolden of HSBC Global Investment Funds - European Equity C" European 
Equity') are hereby convened to attend an 

EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF EUROPEAN EQUITY 

to be held on October 27ih 1994 it 3 pm u 7 me do Marche -xux- He rbes, L-1728 
Luxembourg, wftij the foUowing agenda: 

1. Decision to amalgamate the European Equity with HSBC Global Investment Finds 
- Pan -European Equity ("Pin- European Equity*) by exauributfon of all the net assets 
of European Equity n Pan- European Equity, against unribunoo to the shareholder 
of European Equity of an appropriate number of shares of Pan-European Equity, in 
proportion to Ibeir shareholding in Ibe European Equity at an exchange ratio 
cal c ula t ed on the basis of the respec ti ve net asset values pet share or the two sub- 
funds on the day nf tbc cqmributioa. 

2. Dectsfon to dose European Equity. 

3. Determination of the effective date of the contribution. 

Resolutions On Ibe above agenda do not require a quorum and decisions are taken by a 
simple majority of the shares present or represented at the meeting. 

Each entire shore is entitled lo one vote. 

In drier to participate in the meeting, the holders of bearer shares must deposit their 
shares at the office of HSBC Investment Foods Luxembourg SA. 7 rue du Marchd-anx- 
HcrfMs, L-1728 Luxembourg by no hun than 5pm on October 26tb 1994. Proxies will 
be teat to registered shareholders by maiL In order to be valid, proxies must be returned 
to the office or HSBC lovennem Foods Luxembourg SA. attn. Maroelloe Jans. fax. 
p52) 47 55 09, by oo laier than 5pm tm October 2fith >994. 

A notice era firming the outcome of foe meeting will be published in the Luxembourg 
Memorial, in the Luxembourg Won. in the Financial Times and in the South China 
Morning Post. 

The cost of ibe amalgamation will be borne by the Investment Manager. 

Tbc ancariou of the shareholders ol European Equity la specifically drawn to the 
following: 

Whereas European Equity invests in shares of large Continental European Compan i es, 
the investment policy of Ihe Pan- European Equity anna lo invest in a wide range Of 
company sharea quoted or traded on any of foe Eligible Markets in both the United 
Kingdom and in other Continental European cuuntriea. Generally, the portfolio of 
securities wQJ be those in targe cstaHislKd companies with proven crude records. The 
portfolio will also include securities in appropriate smaller ot more specialised 

gim p miftc. 

The currency of dawmiawion of Pan- European Equity is US dollar U te the case for 
European Equity. 

The Investment adviser to Pan-European Equity is HSBC Asset Management Europe 
Limited, who are abo the investment adviser to E ur ope a n Equity. 

The investment advisory foes and the distribution policy of European Equity are 
ideatied to those applied to Pan- European Equity. 

The Directors accept responsibility for the accuracy of the contents of this doeomenL 

The Board tf Directors 


U.S. $150,000,000 

Floating Rate Notes due 1995 


Fiduciary issue by Bankers Trust Luxembourg S. A. 
to Arad! a loan to bo made to 


BrniKf 


Istituto per lo Sviluppo Economico 
DelTItalia Meridionale 

fa iUnirory bialy u] the Republic «■/ ImK nu-ir/wir.iMt iiiuier 
. Lau No 398 a/ II th AptiL I V53l 


Notice if hert-h gi ven ihar tor the I n rertmt Peru <J l7rh Cltt* 'her. 1 99-} 
IO 16rh April, 1995 [he Nure> will bv.tr .t Rare ul Interest of 6.175 p<r 
cenr. per annum. The Coupon Amtninr mil he U.S. $H3.90 per 
U.S. $10,000 Note and U.S. $3,118.96 per U.S. $100,000 Note 

payable on 18rh April, 1995 . 


0 


BankersTrust 
Company, London 


Agent Bank 


HSBC GLOBAL INVESTMENT FUNDS 

SocWti d'lnvcsOsscmciit i capital variable 
r vmufinii Equity 

Registered Office 7 rue dn M ar chd - em c-mrfaes. L-1728 Lax eit riworg 
R.C Luxembourg B-25087 


Cnmcning iwtfcg 


The siumfooMen of HSBC Global investment Funds - Canadian Equity f Canadian 
Equity*) are hereby eunvenod to atiend an 


EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF CANADIAN EQUITY 

to be held ou October 27th 1994 at 3 pm at 7 roe dn Marcbd-aux-Herbes, L-1728 
Luxembourg, with (be following agenda: 

1. Decision u amalgamate the C an adian Equity with HSBC Global Investment 
Funds - North American Equity ('Nonfa American Equity") by contribution of aB 
Ute net assets of C a n a di a n Equity u North American Equity, against attribution to 
Ibe shareholders of C a nadian Equity of an appropriate number of shares of North 
American Equity, in proportion to their shareholding in the Canadian Equity at an 
exchange ratio calculated on tbc basis of the respective net asset values pet share 
of Ihe two sub-ftmds on the day of the contribution. 

2. Decision to dose Can adian Equity. 

3. Dcicnninslicn of the effective dote of the contribution. 

Resolutions on foe above agenda do not require a quorum and dechtkms are tu t ire" by 
a simple majority of tbe shares present or represented at the meeting. 

Each entiru share a catitfod oi one vote. 

In order to participate in the meeting, the holders of bearer shares must deposit their 
shares, at the office of HSBC Investment Funds Luxembourg SA. 7 roc do MareJrf- 
aux-Herbes. L-1728 Luxembourg by no later than 5pm on October 26th 1994. 
Proxies will be sent » registered shareholders by maiL In order to be valid, proxies 
must be returned to the office of HSBC Investment Fends Luxembourg SA, aan. 
MnrcelLoe Jans, fax. 1357) 47 55 69. by no later than 5pm on October 26tb 1994. 

A notice confirming Ibe outcome of the meeting will be published in the 
Luxembourg Memorial, jo foe Luxembourg Wan, in the Financial Times and in the 
South China Monting Post 

The com of foe amalgamation will be borne by the investment Manager. 

The attention or die shareholders of Canadian Equity ■& specifically drawn to the 

following; 

The investment policy of North American Equity is to provide maximum capital 
growth through a portfolio of carefully selected shares traded on the stock exchanges 
of the Untied Stares of America, Canada and Mexico, whereas the investment policy 
of Canadian Equity is to achieve the same objective by investing only in companies 
whose activities ore principally baaed in Canada or which are quoted or traded ou an 
Eligible Marta fa Canada. 

The currency of denomination of North American Equity is US dollar as b the case 
for Canadian Equity. 

The investment adviser to North American Equity is HSBC Asset Management 
Americas Inc, who are also the investment adviser to Canadian Equity. 

The investment advisory foes and foe distribution policy of North American Equity 
are Identical to those applied to Canadian Equity. 

The Directum accept respons&ifity for the accuracy of foe contents of this document. 
The Board of Directors 


NOTICE OF REDEMPTION 
To the Holders of 
Ralston Purina Company 

12% Notes doe November 28, 1996 


and ejmraderef the 


111 Wall SUM. au Bum Undnu WCRIHB 
He* Toro rtw yrAJUnO 
{bamdSmOMn 

CMmi*.NA CUtunk.NA 

i’?S r a' h:T *? vu,en - M9 CS«a». JSleftBWr 
B-tlSBUnr** P»«I.Ul*t*u*7 

Brigltiin Fora* 


OD1I FrinkhitamUra I 
Gammy 


CUcaphB*(MpBbnd) 

SeonracS 

frkzatand 


Outran. Na 

NawxwUrasfStB 
U0| KAmoeteLmi 
fiUMatotl 

indeed obore mh be mo* by 

acroum maintained by the wren aSh V tank ■ Unft «‘ »«« 

28. 1994. nara on foe ¥* Met W 2 w !? er 

octwned nu Rahtou Purina company b» nre*«i.peft«, 

RAtOTtW KBIMA COMMNT 
Bp CU/bant,M, fiscal me Paytas Agent 


Dated: Ochatm 25, 1994 


NOTICE 


Ai tf Jamm? I. WB ol ot mm r m& mhw . njnr ^. . . , 

UflMSuoiMrtf 

Jb. Fijoia *pa km B* orni PuW M 01 JS 

■omwI or erengore renAra d an rturepSiw ""t^r® maiwraw; 







It l 


FINANCIAL TIMES TUESDAY OCTOBER 1$ 1994 


fV • \ >.v- 

»i : v. « . , 




ft f nil ||L 


m *k«- 






mist-. lUvSiru 


MCA managers to 
discuss buy-out at 
Matsushita talks 


INTERNATIONAL COMPANIES AND FINANCE 


By AH co Rawsthom 
in London and MfchJyo 
Nakamoto In Tokyo 

Mr Lew Wasserman, veteran 
chairman of MCA. the Los 
Angeles-based entertainment 
group, and Mr Sidney Shehi- 
berg> its president, are expec- 
ted at a meeting today to raise 
the subject of taking control of 
MCA by baying a majority 
stake from Matsushita, its Jap- 
anese parent 

Top managers from MCA are 
due to meet in Hawaii with 
representatives of Matsushita, 
the Japanese electronics com- 
pany that acquired MCA four 
years ago. 

Matushita yesterday denied 
it would consider ceding con- 
trol of MCA, which owns Gef- 
fen Records and Columbia Pic- 
tures, the studio behind a 
string of recent recent box 
office hits, including The 
Flintstotes and Jurassic Park. 

Mr Yoichi Morishita, presi- 
dent of Matsushita, said his 
group had not received notifi- 
cation of a bid for MCA. How- 
ever, he admitted to a Japa- 
nese newspaper that there had 
been differences between MCA 
and Matsushita over the for- 
mer’s investment plans. 

The MCA management has 


made no secret of its frustra- 
tion with Matsushita's appar- 
ent reluctance to allow the 
company to participate in the 
acquisitions and joint ventures 
sweeping across the entertain- 
ment industry. 

Since haying MCA for $8.itan 
in 1990, Matsushita is reported 
to have blocked several pro- 
posed investments, frwhwHng a 
plan to buy a stake in the NBC 
television network and an ear- 
lier bid to take control of Vir- 
gin Records. 

Faced with the aggressive 
expansion of rivals, sach as 
Time Warner and Viacom, Mr 
Wasserman and Mr Steinberg 
are said to have become anx- 
ious to free MCA from Matsus- 
hita's control. The two, both of : 
whom made substantial sums i 
from the Matsushita acquisi- 
tion, are believed to have dis- 
cussed the possibility of a buy- 
back with external investors. 

They are also understood to 
have had discussions with the 
three Hollywood heavyweights 
- Mr David Geffen, the music 
magnate, Mr Steven Spielberg, 
the Oscar-winning trhri direc- 
tor, and Mr Jeffrey Katzenberg, 
farmer head of Walt Disney's 
movie studios - who last week 
announced plans to launch a 
new entertainment group. 


Two US commercial 
banks sharply ahead 


By Richard Waters 
ht New York 

The pick-up in consumer 
lending in the US this year was 
the main factor behind 
double-digit earnings growth at 
two large US commercial 
banks which reported third- 
quarter eamteg s yesterday. 

NationsBank, the third big- 
gest bank with assets of 
gliSTbn* said its cmnanww loans 
were up 18 per cent on a year 
ago, while commercial loans 
were 10 per cent highs’, exclu- 
ding the effect of acquisitions. 

KeyCorp, the Cleveland- 
based group with assets of 
$85bn. reported loans up is per 
cent on e year before. 

The growth in loans came 
against the background of nar- 
rower lending margins. 

At NationsBank, which 
maintains large dealing posi- 
tions, the net interest margin 
slipped from 3-83 per emit to 


3.54 per cant, and at KeyCorp 
from 5.3 per cent to 4.69 per 
cent 

NationsBank reported after- 
tax profits of $43lm, up 26 per 
cent from a year before due 
partly to acquisitions made 
since then. Earnings per share 
rose 17 per cent, to 5L55, in 
line with market expectations. 

KeyCorp's net income also 
matched most analysts's pro- 
jections, with a 14 per cent 
year-on-year rise, to $229m. 
Earnings per share rose 12 per 
cent, to 92 cents. 

However, First Chicago, with 
assets of $66tm at the end of , 
September, reported a 46 par 
cent foil hi net income from a 
record level in the third quar- 
ter of 1993. In the previous 
period, earnings benefited from 
the sale of equity investments, 
which contributed |l.40 a 
share. The bank reported net 
income of $154m, or $1.54 a 
share. 


IBM simplifies range 
of PC product lines 


By Louisa Kehoe 
in San Francisco 

International Business 
Machines has simplified its 
personal computer product, 
lines, reducing them from nine 
ranges to four in an attempt to 
cut costs and reduce confusion 
among buyers. 

The new “branding strategy” 
is the latest move by IBM to 
try to regain momentum in the 
fiercely competitive PC mar- 
ket It has fallen from first 
[dace in the US PC market in 
1993 to fourth place behind 
Compaq Computer, Apple and 
Packard Bell in the first half of 
this year. 

The company also launched 
several new desktop and note- 
book models and cut prices on 
others. 

“The PC industry has done a 
brilliant job of innovation 
and technology," said Mr G. 
Richard Thoman, IBM senior 
vice-president and group exec- 
utive, who took charge of 
IBM's PC operations in Janu- 
ary- , . 

“But in the process, we ha ve 
lost touch with the majority of 
customers who are all dazed 
and confused by the complex- 
ity in the technology, the array 
of choices, and the level of sup- 
port-" . , * 

The new IBM brand names 
are IBM PC, IBM PC Server, 
ThinkP ad (for notebook com- 
puters) and Aptiva (for con- 
sumer products). 

The consolidation does away 


with lines including the PSA. 
PS/2 and Value Point, and 
reduces the number of designs 
IBM will manufacture. The 
new approach marks the 
return of the “IBM PC" brand 
that for. a decade was 
the hallmark of PC industry 
standards. 

IBM will back its new brand- 
ing strategy with an aggressive 
television and print advertis- 
ing campaign, Mr Thoman 
said. Streamlining the product 
lines is part of a broad 
restructuring effort, he added. 
Over the past 10 months he has 
consolidated IBM PC 
operations and sharply cut its 
workforce. 

The changes have been, "dif- 
ficult, but necessary”, said Mr 
Thoman. “We are now in a 
position to respond better and 
faster to the customer and 
become the long-term leader in 
the PC industry." 

The company also intro- 
duced new products under 
these brands, including a fam- 
ily of commercial desktops - 
the IBM PC 700 and IBM PC 300 
Series. 

A software suite called IBM 
PC EasyTools, including appli- 
cations and programs that help 
to. set up a new computer, will 
be loaded cm the entire IBM PC 
series. 

Also introduced were a new 
PC Server and new multimedia 
notebook computers. 

Prices were cut by up to 17 
per cent on some existing 
ThinkPad and PS/2 models. 


AT&T acquires Alaska 
phone group for $365m 


Pacific Telecom, an 87 per cent 

owned unit of PacifiCorp. is 

selling its Alascom long dis- 
tance phone company to AT&T 
tor $3&Sm. Reuter report*- 
Alascom provides Alaska 
with interstate and imiastate 
long-distance, private tern and 
other communications ear- 

^pacific Telecom is to use the 
proceeds to fund its local tele- 
phone exchange acquisition 

SSTS.'SSM 

in Colorado and Oregon for 
^§^2993 Alascom contributed 


$338m in operating revenue 
and $S9m in operating income 
to Pacific Telecom's consoli- 
dated operations. For the first 
half of 1994 the figures were 
$160m and $8hn respectively. 

“The decision to sell Alas- 
com was based in part on tire 
expectation that operating rev- 
enues and operating income 
would decline as the result of 
Implementing a final Federal 
Communications Commission 
order relating to the restruct- 
uring of the Alaska long dis- 
tance market," said Mr Fred 
Buckman, chief executive of 
PadflCorp. 


Scott jumps 
by 75% as 
restructure 
continues 

By Laurie Morse In Chicago 

Scott Paper, the international 
tissue paper manufacturer 
that has been undergoing a big 
restructuring, yesterday 
reported a near 75 per cent 
jump in third-quarter net 
income to SSO.ten, or 80 cents a 
share. This compares with 
936.1m, or 48 cents, in the 
comparable quarter last year. 

Scott last week announced 
the sale of its SJ). Warren 
printing paper subsidiary to 
the South African company 
SappL The deal was part of its 
strategy to focus on tissue- 
based consumer products. 

The profits advance was 
made in spite of flat sales, at 

$Llbn. 

Mr Albert Dunlap, the new 
c hairm a n brought in to over- 
see Scott’s restructuring; said: 
“Our third-quarter results rep- 
resent the best quarterly per- 
formance in four years." 

During the third quarter, 
SLD. Warren’s sales increased 
modestly to 9294.7m, from last 
year’s 9290.8m, while its oper- 
ating income rose to 
from $26m- 

For the first nfae mrmtfm, 
Scott recorded income of 
9128.0m, or $1.68, against last 
year’s fS&Sm, or 91-26. 


New York puts new light on nationalisation 

Richard Tomkins examines the arguments for the state’s planned $2.5bn takeover of Lilco 

A merica, the land of free state, says that taring T.iinn 
enterprise, is surely into public ownership would 
the last place anyone cut electricity bills by an 


A merica, the land of free 
enterprise, is surely 
the last place anyone 
would expect to find the public 
sector proposing to nationalise 
a stock-market quoted 
company. 

That, however, is precisely 
what the State of New York 
intends to do with its planned 
55L5bn acquisition of the Long 
Island Lighting Company, a 
private sector electricity com- 
pany known to Its customers 
as Lilco. 

Thumbing Its nose at the 
world-wide trend towards pri- 
vatisation, New York state has 
asked the company to enter 
immediate negotiations on its 
proposed cash offer of 9ZL50 a 
share. 

Lflro's board says it is “seri- 
ously evaluating” the offer: but 
it seems quite possible the 
company and its shareholders 
will accept 

Why do it? Lilco, which gen- 
erates and distributes power in. 
the counties of Nassau, Suffolk 
and a portion of Queens, is not 
in imminent danger of col- 
lapse. But it is extremely 
unpopular with its customers 
because it charges the highest 
electricity prices in the US - 
16.1 cents par kWh for residen- 
tial customers, almost double 
the n ational average of 8.7 
cents. 

Mr Mario Cuomo. Demo- 
cratic governor of New York 


Republic of Finland 

DM -1,250.000,000 
Hooting Rate Notes of 1994/2002 


DePfa-Bank 


DM 500.000,000 

&5D % Profit-Sharing Certificates of 1994/2009 


v — y 

International Bank 

for Reconstruction and Development 

US-S 5,000,000,000 
Mufti-Currency Not* Programme 

Spcnwnre (Wei 


SI KARSTADT 


BMBOOMOJIOO 

Multi-Currency 

Euro Metffum Term Note Programme 


BLBANK 


state, says that taking Lilco 
into public ownership would 
cut electricity bills by an 
immediate 10 per cent because 
the company would no longer 
have to pay tax or sharehold- 
ers’ dividends. 

The result would be a lot of 
happy voters when Mr Cuomo 
is fighting a tough reelection 
battle. 

Mr James McFadden, a utili- 
ties analyst at Bear Stearns, 
the Wall Street securities 
house, believes the financial 
case stacks up. The arithmetic 
goes like this. 

At present, US electricity 
companies need to deliver an 
annual rate of return of ll per 
cent on equity to attract inves- 
tors. For Lilco, the cost in 
Shareholder dividends works at 
about 9250m after tax. That 
means it has to earn 9400m 
before tax to deliver a satisfac- 
tory rate of remuneration. 



Long Island Lighting 

Share pries* (SJ 

» — T— 



N ow contrast the case if 
the company were 
taken Into public own- 
ership. The takeover would be 
financed through a 92.5bn 
issue of tax-exempt revenue 
bonds. Holders of these would 
require an interest rate only 7 
per cent because they would 
not have to pay tax on the 
income, so the aftertax cost of 
servicing the debt would be 
only 9175m. And because a 
government-owned Lilco would 


Mario Cuomo: fighting a tough 
re-election battle 

not be liable for taxation, the 
figure would be S175m before 
tax, too. 

The saving to Lilco would 
therefore be the difference 
between 5400m and 5175m: that 
is, 9225m. Based on Lllco's 
present annual revenues of 
9&35bn, that would allow tor 
an immediate cut in electricity 
prices of just under 10 per 
cent 

The logic is seductive. But if 
valid, could not the same case 
be made for nationalising 
every other private sector util- 
ity In the US? 

Mr Irwin Stelzer, director of 
regulatory policy studies at the 
American Enterprise Institute, 
a free-market think-tank. 


M 1093 84 Oct 

aewete FT Qrapwta 

points out there are flaws In 
the argument One is that a 
public sector company is 
unlikely to be better managed 
than a private sector one. 
Another is that Lllco's 
tax-exempt status will simply 
transfer costs from its 
customers to federal taxpayers. 
A third is that the bond issue 
will farther extend New York 
state’s Indebtedness, leaving it 
less room to borrow for other 
purposes. 

A better way of reducing 
electricity bills, according to 
Mr Stelzer, would be to allow 
other power companies to sup- 
ply cheap electricity to Lflco's 
customers through Lilco ’s 
wires. 


“The solution to high-cost 
power Is competition, not state 
monopolies,” Mr Stelzer says. 

In fact, some of Lilco’s meet 
pressing problems relate to the 
threat of competition. 

Between 1973 and 1384, the 
company spent $5J5bn on con- 
structing a nuclear power sta- 
tion which was never used. 
Now it has to charge high 
prices to service the debt it 
incurred - but it can only 
do so because it enjoys a 
monopoly. 

That could change. The regu- 
latory environment for electric- 
ity companies is shifting, and 
Lilco Is under increasing pres- 
sure to let its customers shop 
around for power. 

Once that starts to happen, 
LQco will need to charge even 
higher prices to maintain reve- 
nues from a smaller customer 
base, leading to a spiral of 
decline. 

S uch fears have done little 
tor Lilco’s share price: it 
has generally been head- 
ing downwards for more than a 
year. From that point of view, 
a takeover by New York state 
might come as a relief. 

But the market yesterday 
looked reluctant to gamble 
that Mr Cuomo would be re- 
elected to pursue it Lllco's 
shares were off SU at *17U, 
well below the 521.50 offer 
price. 


■: / \.'4 , 

V ■V ** 4 * *•* s * ♦ . 


Blironiarket ■ 







p ■ ■ .i ■ ■ ■ ■■ ■ ■ ■ 

Bank of China 

Bafllno. PaopW* Republic of China 


DM300,000,000 

TAW Deutsche Mark Bearer Bonds of 19S4/1999 


Kingdom of Sweden 
DM 200000 ,000 

Rxad Rrta/CoSarad Floating Rate Notes 
Of 1994/2000 



magurkuzeubM 

National Bank of Hungary 


DM 1,000,000,000 
8% Bearer Bonds of 1994/2004 


IKB Deutsche fadnstrietank & 


Land Baden-Wurttemberg 
DM50 OJOOOjOOO 

Floating Rato Landesobligatfonan of 1994/1999 


DM 500.000 JN» 

Floating Rata Notes of 1994/1999 


DfEERSTE 

OstWTWchbche.Spar-Casse - Bank /Uttiangeceftseftaft 
First Austrian Bank 

DM 150,000,000 

5 'A* Bearer Bonds of 1994/2001 


DM 000,000,000 

6.75 W Profit-Sharing Certificates 
of 1994/2009 


QggatEKKKmg 

Aktrangaeellschaft 
Rights Offering 

DM 5.000,000 (Par VaJua) Non-Voting Mmvm Shares 
Capital ktersase Through Pre-emptive Rlgttts 

Subscription Price DM 1, 900 par Noo-Votiog 
Preference Share 


UNIBIXNCO 


Unibanco - Unite de Ban cos Brasthrires S. A. 


DM 200,000,000 

«•/•% Bearer Bonds of 1394/1997 


The Council of Europe Resatttomant Fund 


DM 100.000,000 

Option-Strangle-Notes of 1994/1996 


KAUFtlOF 

Kaufhof Finance B.V, 

DM 100,000.000 
Baarer Bonds of 1994/2004 
with oHemafing coupons (fixed /variable /fixed) 




ASFINAG 


rkmtdmrngt Nm n gtatech aft 
DM ZOOfiQOjOQO 

Rooting Rato Notes of 1994/1999 

and 

2,000,000 Boor Certificates 


DM 250,000,000 

Floating Rata Nates of 1994/1997 


COMMERZBANK SSt 

German know-how in global finance 


Haadquartat* D-60261 Frankfurt, Germany. Tel: <091 1382 - 37 73, Fax: (69) 13B2-3097 

In terna ti on al Presence: Alma-Ata, Amsterdam. Antwerp, Atlanta, Bangkok. Berea lone, Beijing. Bombay, Brussels, Budapest, Buenos Aires, Cairo, Caracas, Chicago, 
Copenhagen, Dublin, Geneva, Gibraltar, Grand Cayman, Hong Kong, Istanbul, Jakarta, Johannesburg, Kiev, London, Los Angelas, Luxembourg, Madrid, Manama {Bahrain), 
Mexico Gty, Milan, Minsk, Moscow. New York, Novosibirsk. Osaka, Parte, Prague. Rio de Janeiro, Sto Paulo, Seoul. Shanghai, Singapore, St. Petersburg, Sydney, Tehran, 
Tokyo. Toronto, Warsaw, Zorich. Commerzbank is a member of SFA 



24 


FINANCIAL TIMES TUESDAY OCTOBER 18 1994 




INTERNATIONAL CAPITAL MARKETS 


unnerves 


By Patrick Harverson 
in New York and Conner 
MkMelnutnn in London 

US Treasury prices eased 
slightly at both ends of the 
maturity range yesterday 
morning as renewed dollar 
weakness and a rise in com- 
modity prices unnerved bond 
market investors. 

GOVERNMENT 

BONDS 

By midday, the benchmark 
30-year government bond was 
down & at 95£, to yield 7.845 
per cent. The two-year note 
was also weaker, down i at 
90S. yielding 6.567 per cent 

Prices edged lower from the 
start, due primarily to a slide 
in the dollar's value on foreign 
exchange markets overnight. 
Investors are worried that fur- 
ther declines in the dollar 
might push the Federal 


Reserve into raising interest 
rates sooner rather than later. 

Although the Fed generally 
does not change monetary pol- 
icy because of currency con- 
cerns. it is ready to raise rates 
if the economy continues to 
grow slowly. Some analysts 
believe fresh weakness In the 
dollar could trigger an early 
move by Fed policy makers. 

The market was put under 
additional pressure by a finn- 
ing in commodity prices - 
including gold, platinum, silver 
and crude oil - and by news of 
a strong business inventories 
reading for August According 
to data released yesterday, 
business Inventories rose 1 per 
cent in August a much larger 
Increase than forecast and an 
indicator that third-quarter 
economic growth may come in 
stronger than anticipated. 

■ German Chancellor Helmut 
Kohl's narrow election victory 
gave bunds a boost which rip- 


pled across European govern- 
ment bond markets. 

The Nordic markets derived 
additional support from the 
Finnish referendum on Euro- 
pean Union membership, 
which resulted in a vote of 57 
per cent in favour of joining. 

German government bonds 
recouped an early drop to end 
a busy day more than Vj point 
higher. 

Although bunds had already 
risen sharply last week in 
anticipation of a Kohl victory, 
the rally continued yesterday 
as capttal flows into the mar* 
ket increased, observers said. 

"Although a lot of people 
were calling for a Kohl victory, 
few of them were willing to bet 
their money on it before the 
election - the opinion polls 
were so close until the very 
end,” raid Mr Julian Callow, 
European economist at KJein- 
wort Benson. 

"But once people knew the 
outcome, there was an immedi- 


ate flow of funds into German 
assets, especially bonds." Trad- 
ers reported buying of bunds 
not only by European fund 
managers, but also from east 
Asian and US investors. This 
was also reflected in the 
D-Mark, which rose sharply 
against most other currencies. 

Bunds largely ignored weak- 
ness in the US Treasury mar- 
ket, which caused the yield 
spread between the two mar- 
kets to widen. Mr Callow 
expects this divergence to con- 
tinue in the near term as 
bunds strengthen further. 
However, he warned that as 
bund yields approached 7 per 
cent, that spread would look 
“very stretched". 

At yesterday’s European 
close, US Treasury notes 
yielded some 48 basis points 
more than bunds. 

The election hurdle having 
been overcome, the focus is 
now back ou the Bundesbank 
as market participants await 


September M3 money supply 
data and October inflation 
numbers. 

■ French bonds underper- 
formed their German counter- 
parts, causing the 10-year yield 
spread over bunds to widen to 
89 basis points, from 62 on Fri- 
day. 

The market was depressed 
by the French franc's weak- 
ness against the D-Mark and 
the shift of the political focus 
from Germany to France ahead 
of next year’s presidential elec- 
tions. Political jitters have 
been exacerbated by recent 
corruption scandals surround- 
ing members of the govern- 
ment. The OAT futures con- 
tract on Uatif rose by 0.08 
point to U1J90. 

■ UK gilts tracked bunds 
higher and underperformed 
them only slightly, with the 10- 
year yield spread widening by 
two basis points to 132. The 


December long gilt future mse 
by V* to 102%. In the absence of 
domestic data, gflfc 
are expected to take their cues 
from international markets 
until Friday’s release of third- 
quarter GDP figures. 

■ The Nordic markets posted 
solid gains, boosted both by 
firmer markets elsewhere and 
Finland's 57 per cent vote in 
favour of EU membership. 

Mr Paul Donovan, bond ana- 
lyst at UBS. said: “The pros- 
pect of a positive vote in the 
Swedish referendum on 
November 13 has increased; if 
Sweden agrees to EU member- 
ship, there are realistic pros- 
pects for a 'yes' in Norway’s 
referendum on November 28/ 

EU membership for Sweden 
would provide prospects for fis- 
cal austerity as the govern- 
ment aimed to meet the Maas- 
tricht criteria, and support for 
the krona, he said. 


World Bank follows EIB with three-year lira offering 


By Graham Bowtey 

The World Bank made its 
debut in the three-year area of 
the eurolira sector yesterday 
with a L300bn offering that 
was targeted mainly at Italian 
retail investors. 

Elsewhere, the Canadian dol- 
lar sector witnessed further 

INTERNATIONAL 

BONDS 

issuance, continuing a trend 
begun last week. Borrowers 
also launched offerings into a 
rising D-Mark sector, boosted 
by the German general election 
result 

The success of last month's 
three-year L500bn deal from 
the European Investment Bank 
persuaded the World Bank to 
tap the short end of the lira 
sector, joint lead manager 1MI 


said. The World Bank usually 
prefers to borrow funds of a 
maturity of at least five years, 
an IMI official said. 

"This deal recognises that 
current demand is at the very 
short maturities in most cur- 
rency sectors/ the official said. 
"There is a particular shortage 
of supranational paper.” 

The bonds, launched with a 
coupon of 10% per cent, repre- 
sent the World Bank's first lira 
offering since a reverse float- 
ing-rate note launched in May, 
IMI said. 

France T£l&com made its 
debut in the Canadian dollar 
sector with a C$125m offering 
of three-year bonds priced to 
yield 12 basis points over Cana- 
dian government bonds. 

Lead manager Paribas said 
the bonds were targeted 
mainly at retail investors in 
Switzerland and the Benelux 
countries. 


Syndicate managers said the 
bonds were fairly priced. How- 
ever, some dealers said that 
the Canadian dollar sector was 
now becoming congested. The 
launch follows similar deals 
last week by the European 
Investment Bank and Rabo- 
bank. 

“The EIB deal was a success, 
largely because there had been 
very little issuance in Cana- 
dian dollars for some time," 
said one syndicate manager. 
"Then there was Rabobank, 
and now this deal may just 
have overdone things.” 

Also in the Canadian dollar 
sector, $anque Nationale de 
Paris launched a C*75m offer- 
ing of six-year bonds, lead 
managed by Hambros Bank. 

Syndicate managers said 
that the bonds, priced to yield 
22 basis points over Canadian 
government bonds, represented 
very tight pricing for the 


NEW INTERNATIONAL BOND ISSUES 


Amount 

CotfeMMI 

Price 

Maturity 

FAee 

Spread 

Book runraer 

Borrawer 

D-MARKS 

m. 

% 



% 

bp 


State c4 Badan-Wuaiitarnbenria] 750 

750 

aasoR 

Oct200* 

CL325R 

+25(6%%-CW} Goldman/ Morgen Stanley 

araflma 

400 

6.625 

101 570 

Nav.1987 

155 

- 

Dresdnecr SBQIDeutscNand) 

GZB Bonkt 

160 

W 

100.10 

Nov.1989 

0-20 

- 

TrWraus & Brakftatdt 

ITALIAN URE 

World Bank 

300bn 

10-625 

101.135 

Ntw.lBOT 

155 

_ 

Deutsche Bank/M Beak Lux. 

CANADIAN DOLLARS 
France Telecom 

125 

625 

100JJ5SR 

Dec. 1997 

0.1875R 


Partoas Capital Market* 

Banque NattonoJa de Porta 

75 

600 

99-75R 

Dec2000 

0J775R 

+«2W 

HambnM Bark 

Final terms end ncrvcafeble unless stated. The yield spread (over relevant government banco at tomch Is RUppfcx* by the lead 
monger. tHcwtlng rats note. Ft fixed ne-ofter pries: toes era shown at the re-attar level a) Short let oo^xn. b} 6-mth Libor +30bp, 

max 10%. c) Over tmapdatad ytofcl 








six-year area of the yield curve. 

In the D-Mark sector, the 
state of Baden-WfLrttemberg 
launched a DM750m offering of 
10-year bonds priced to yield 25 
basis points over German gov- 
ernment bonds. 

Although there was some 
interest in the paper from 
German institutions, most of 


the bonds were placed with 
institutions in Hie Nether- 
lands, the UK. France and east 
Asia, excluding Japan, joint 
lead manager Goldman Sachs 
said. 

It said, many investors were 
switching out of German gov- 
ernment bonds to buy the new 
issue. 


"With state bond issuance 
falling following privatisation 
[of state companies], there is 
dearly room for an alternative 
to government bonds, and the 
states are prime candidates 
with their high implied credit 
rating and regular funding 
needs,” said a syndicate offi- 
cial. 


Indosat ADSs 
set for launch 
in New York 


By Richard Lappor 

Trading is set to begin today in 

New York in the American 
Depositary Shares (ADSs) 
issued by Tr do^t , Indonesia’s 
international tdecommuni ca- 
tions company, marking the 
launch of one of Asia's biggest 
international equity issues. 

The Tndnnwgian government 

- which will reduce its stake 
by some 25 per cent - has 
raised S 721.13m through an 
issue of 223m ADSs and has an 
option to sell a further 3.4m. It 
is expected to raise a further 
$330m through an issue of new 
shares to local investors. 

Overall, the scale of the deal 
looks likely to surpass other 
large Asian issues such as 
Pakistan Telecommunications 
($917.4m) and Morgan Stanley 
Asia Pacific ($SttL5m), accord- 
ing to figures produced by IFR 
Securities in London. 

The ADSs (each representing 
10 shares) were priced yester- 
day at $32.05 each. Roughly 
half have been directed to US 
investors. The new Indosat 
shares will be listed on the 
Jakarta and Surabaya bourses 
later this week. 

Merrill Lynch and the local 
brokerage house Danareksa 
Securities are joint global co- 
ordinators of the issue. Co- 
managers of the deal in the US 
are J.P. Morgan, Salomon 
Brothers, Lehman Brothers, 
Goldman Sacha. Morgan Stan- 
ley and Smith Barney. 

Reportedly oversubscribed in 
both New York and Jakarta, it 
should raise the international 
image of the local market and 
boost the government’s stalled 
plans to privatise a batch of 
state companies. The possible 
privatisation of more than 200 
state firms, many of them 
poorly-managed and ineffi- 


cient, has been mooted for 
some time. Garuda Indonesia, 
the airline. PT Telkom, the 
domestic telecommunications 
firm, and PLN, an electricity 
company, are the favourites to 
follow Indosat. 

The issue also confirms a 
trend far companies in emerg- 
ing markets to raise capital 
through issues of either ADSs, 
American Depositary Receipts 
or Global Depositary Receipts, 
tradeable certificates which 
represent underlying shares. 
Earlier month, a Citibank 
study showed that issuers from 
the emerging markets 
accounted for 62 per cent of 
ADR programmes launched in 
the first nine months of the 
year, compared with only 11 
per cent in all of 1990. 

The total number of ADR 
shares traded on the US stock 
exchanges hit an all-time high 
of 52bn in the period, a 21 per 
cent increase on the year. The 
^piiar volume of ADRs traded 
amounted to $l84bn, a rise of 
32 per cent 

A total of 184 companies 
from 40 countries launched 
new ADR or GDR programmes, 
up from 96 companies in the 
comparable months of 1993. 
Depositary receipts were also 
used in 17 privatisations. 

Indian companies were the 
most active in the ADR mar- 
ket, with 29 issuing new depos- 
itory receipt programmes in 
the period, followed by Hong 
Kong with 17 companies, Brazil 
and Mexico with 16, and South 
Africa with 10. 

India's Shiram Industrial 
Enterprises raised $40m 
through an issue of GDRs on 
Friday. Also last week, Banco 
Ganadero, one of Colombia’s 
largest commercial banks, con- 
firmed that it, too, intended to 
issue ADRs in New York. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Fled Day's 

Coupon Date Prior change 

Yield 

Week 

ego 

Month 

ago 

Auetrefla 

9500 

09/04 

962000 

+0-560 

1610 

1610 

10.10 

Belgiuni 

7550 

04D4 

965800 

+043 0 

854 

8A3 

684 

Canada" 

6600 

oertw 

869500 

-0550 

9.03 

9.04 

856 

Denmark 

7.000 

12rt)4 

869500 

46700 

668 

9.00 

9.18 

Franca BTAN 

8.000 

05/88 

im.8ioo 


7.48 

7.59 

7-55 

OAT 

5^00 

CMAJ4 

866500 

-0.130 

602 

613 

613 

G«rmany Treu 

7.600 

M/04 

101.0600 

+6580 

7-34 

7.63 

7.65 

Italy 

6500 

06/04 

81.7300 

-6120 11.88+ 

1151 

1153 

Japan No 119 

4.800 

06/99 

1061110 

+0.600 

4.01 

4.11 

351 

Japan No W 

4.100 

iara 

961540 

+0.130 

4.70 

4.70 

4.59 

Nethertends 

5.750 

01/04 

89.9600 

+6540 

756 

758 

7^1 

Spain 

aooo 

05/04 

860400 

+6140 

1692 

1109 

1155 

UK Gita 

6000 

08/99 

90-29 

+13/32 

632 

0-53 

675 


6750 

11/04 

B8-13 

+16/32 

647 

689 

696 


ft 000 

10/08 

104-11 

+20/32 

8-48 

687 

6S2 

US Treasury " 

7550 

asm 

97-15 

-1/32 

7.62 

7m 

749 


7500 

11/24 

95-31 

-3/32 

7-85 

750 

7.78 

ECU (French Govt) 

6000 

04/04 

84J5900 

+6320 

641 

666 

670 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTPJ FUTURES 
(UFFQ- Um 200m lOOths of 100ft 


FT -ACTUARIES FIXED INTEREST INDICES 

Price todJces Man Day's Frt Accrued 


UKGBta 


Oct 17 Chongs % Oct 14 Interest 


xd 14 
ytd 


—Law coupon jMd Medhim cotton yield — — Hlghtoivan yWO— 

■ Oct 17 Od 14 Yr. ago Get 17 Oct 14 Yr. ago Oct 17 Oct 14 Yr. ago 


Open Sett price Change FBgti Low Eat vol Open kit 
Dec 88-90 09.63 +0.31 99.85 9&80 31304 58422 

Mar 98.85 +033 0 2972 

■ ITALIAN QOVT. BOND (BTF1 FUTURES OPTIONS (UFFEJ Ura200m lOOthe of 100% 


1 

Up to 5 yearap4) 

119.38 

+020 

11928 

693 

923 5 yra 

640 

649 

610 

645 

655 

634 

680 

670 

652 

2 

5-15 years (22? 

14038 

+0.63 

138.84 

7.62 

1008 15 yra 

635 

644 

699 

648 

658 

7.15 

670 

679 

784 

3 

Over 15 years (B) 

15651 

+677 

15729 

2.64 

981 20 yra 

631 

640 

7.10 

648 

658 

720 

658 

668 

788 

4 

bradeemabias (61 

18138 

+1.00 

16618 

4.11 

683 InecLt 

640 

649 

723 







5 

Af stocks (60) 

137.45 

+651 

13697 

1JSG 

1635 

















— 

— Matted 6% — 

wrnmm 

— 

~ Inflation 10% - 

— 



Strike 


■ CALLS — 


■ PUTS - 

— tndaacHtoifcsd 






Price 

Deo 

Mar 

Dec 

Mar 

6 Up to 5 yeare(2] 

18585 

+0.11 

185.75 

020 

' 607 

9950 

1-62 

646 

1.49 

613 

7 Over S yearn (11) 

17669 

+0.30 

17617 

0-63 

486 

10000 

188 

228 

1.73 

3*1 

8 All stocks f* 3) 

17489 

+028 

17660 

0-59 

4-41 

10090 

1.13 

2.06 

2.00 

671 








Ott17 Oct 14 Yhago 


Oct 17 Oct 14 I V. ago 


3.81 

082 


3.65 

3.84 


234 

3.13 


23B 

3.62 


2.82 

334 


1.47 

206 


Em. vol. toot CM* 743 AM 401 ftmrtou* day'll open Inc, Cefe 222SS Puts 27297 


Debenture* and Loan* 


-—-S jot yield--— 15 jot jdeld— ~ - — — 25 year yMd — — 

Oct 17 Oct 14 Yr. ago Oct 17 Oct 14 Yr. ago Oct 17 Oct 14 Yr. ago 


9 Debs & Loons (771 123.41 

Avnga posa iNsnptoi yWd* eb shown 


+084 13833 325 335 931 9-81 7.78 &46 055 &06 

■bore. Coupon Box* Low: 0»-7*W; Mortem: OK-IOHM: Wpe 11M and owe. T Ret yMd. ytd Yew so dot*. 


London daakv- "No* York mUKtay 
1 Grow induing wWmca A p tax at 12J5 par 
Mme US, UK Ft 32nd*. artiera h tMdnM 

US INTEREST rates 


VMdw Load madM aandML 
cam fMfinUa by nomaldafila) 

Souca; UUS toasmtotonof 


Spain 

■ NOTIONAL SPAMSH BOND FUTURES (MEFFJ 


Open Sett price Change 
88.07 88.15 +0.08 


High 

88.78 


Low 

8835 


EsL voL Open bn. 
88322 78394 


Lunchtime 


taUHb at MmeotaL. 


Oh month _ 
n r«o mortfi 
Tin* rnonOu 
stxmonm — 
Owieir — 


Treasury BOs ant Bond YMds 

484 TVmywr. 


9 


LBS irseejaor- 
101 Hwjetr_ 
LSI 10-jear 
ana 30-yew 


658 

688 

738 

783 

70S 


BOND FUTURES AND OPTIONS 
Franco 


Dec 


UK 

■ NOTIONAL UK GILT HJTUBE8 (UFTET £50000 32nd* of 10098 

Open Sett price Change «gh Law EsL vol Open kit 
Dec 101-18 102-18 +0-21 102-17 101-12 63071 80413 

Mar 101-16 +0-21 0 46 

■ LONQ OM-T FUTURES OPTIONS (UFFtj £50300 64tha of TOOK 


FT FIXED INTEREST INDICES 

Oct 17 Oct 14 Oct 13 Oct 12 Od 11 Yr ago High- Low* 


GILT EDGED ACTIVITY INDICES 

Od 14 Od 13 Od 12 


9 l 40 a 49 8.19 


Od 11 Od 10 


Oovt See*. (UK) 6328 9136 91.73 6134 0083 10395 107.04 8834 GBt Edged bargains 973 1033 1053 B8.0 913 

Hud Interest 103.69 10835 10832 107.78 107.60 12438 133.87 10630 5-day average 993 953 90.6 84.7 783 

- tori 994. OoMimnt Gvarttaa UQh akwe ooirvlalkKi; 127.40 (Srt/3SL low 48.18 B/i/75). Ffcod WaroW Mgh Snoa ampautoK 13307 {71 /1/W) . knr 5033 . Slate tin Qowmment Swartd** isnw 

28 and Ftaed Were* 1BZS. SE aottHy Meat idbaaad 1074. 


FT/ISMA INTERNATIONAL BOND SERVICE 


Dec 

Open 

111.64 

Sett price 
111.90 

Change 

+0.08 

rtflh 

112.10 

Low 

11188 

EsL voL 
155898 

Open Ira. 
134240 

Strike 

Price 

Dec 

. CALLS 

Mar 

Dec 

- PUTS 

Mar 

- U& DOLLAR STRAIGHTS 
After Nrtntrauy 6% 03 

Abarft ftorinco 7% 66 

1000 

89% 

89% +% 

825 

Mar 

11088 

111.14 

+0.06 

11120 

11086 

1,416 

6779 

102 

1-37 

2-23 

Ml 

2-55 

1000 

M0% 

KD% 

7 S3 

Jim 

110.10 

11088 

+0.08 

110.10 

11610 

2 

651 

103 

1-04 

1-58 

1-42 

3-26 

Austria 8% 00 

.400 

103% 

103*2 

7J1 






104 

0-42 

1-33 

2-16 

4-01 

Baft of Tokyo 8% 96 

. 100 

101% 

102% 

7.11 


ttad am t» Mast Hemaflond bonds far wttdi ten to an adequate eeeonday motet latest prion at 7S10 pm tin Qctobsr 17 

booed BM Otter Chg. Yield 


Issued BM Ofler Chg. YtaM 


Uritod Mngdon 7% 97 . 
325 \fttaaoggnMRn703. 


, 5500 101% 101*2 


EM. vol. total Can 17834 Puts 2101. Previous (tv’s open kl, CMS 72849 Pin +1800 


■ LONQ TERM FRENCH BOND OPTIONS {MA71F) 


Strike 

Price 

Nov 

- CALLS “ 
Dec 

Mnr 

Nov 

— PUTS — 
DOC 

Mar 

110 

2.01 

2-51 

608 

0.12 

083 

183 

111 

121 

1.76 

2.11 

030 

083 

1.96 

112 

0-56 

1.18 

- 

065 

120 

_ 

113 

020 

0.72 

- 

127 

. 

_ 

114 

006 

038 

> 

- 

- 

- 


Hdgtai 03 . 
BREAST-. 
EM*G»021. 
Canada 9 90 . 


Ecu 

■ ECU BOND FUTURES (MATTF) 


Eat id. total Cab 24,793 Pula 29.855 . Pravkua day’s open H. CA 208.603 Pula 335.191. 

Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFEY DM250,000 looms d 100% 

Open Settprtce Change High Low Est vol Open kit 
Dec 9022 91.04 +0.69 91.17 69.07 244982 166735 

Mar 8935 8034 +0.71 9033 8938 401 4137 


■ BUND FUTURES OPTIONS (UFF0 DM250,000 points of 100% 


Dec 


US 


Open Settprtce Change 
8034 81.52 +032 


» 9*1 

81.80 


Low Sot. wot Open tot 
8034 804 7309 


Cheung Kong fin 5*2 06 , 

Cttoe 8^ 0* 

GoudEwpe8S6 

DoB Fonder 9% 83 — 
Donak $1(98 


■ US TREASURY BOND FUTURES (GBT) 5100,000 32nds ot 100% 


East jot Mmy A 0*. 

ECSC»%I» 

EEC 81(90 — 

HB 71(96. 

sorter. 



Open 

Latest 

Change 

Hgh 

Low 

Eat wot 

□pen tnt 

Dec 

99.12 

99-04 

-007 

99-15 

98-29 

472845 

406249 

Mar 

98-23 

08-14 

-0-08 

98-25 

98-09 

2,129 

25837 

Jun 

9724 

97-27 

-0-10 

97-27 

97-84 

1871 

11831 


Bee de France 9 88 . 
EuoftmrtM. 


Nov 

Dec 

CALLS — 
Jan 

Mar 

Nov 

Dec 

PUTS 

Jan 

Mar 

0.55 

1.08 

092 

124 

061 

1.02 

188 

2-00 

083 

0.81 

073 

1.03 

0.79 

127 

189 

229 

OIB 

081 

057 

OBS 

7.14 

1-57 

2.33 

281 


Strfce 
Price 
9100 
9180 
9200 

Eat. voL tot«L CMi 4S3S3 Pua 37319. PhMout (fey's open Inc. Cadi ZK7S4 Puts 250972 


UK GILTS PRICES 


Japan 

■ NOTIONAL LONG TERM JAPANESE OOVT, BOND FUTURES 
(UFFEJ YlOOm lOOths at 100% 


B+lm Baft Japan 8 02 _ 
Eferxt Dsr Oap 9% 96 _ 
FeCM Nad Mon 7.40 Ot. 

Fitted 6V97 

Rmeh Export tPj 95 

FadMoteCtecflrt 98- 
Gen Bee CapU 8% 88- 

GMAC9% 96 


hd Bit Japan Fit 7% 87 . 
tar fener Dev 7% 98 _ 


Mates 


.. VWd_ .-- 150+ _ 

M Rid PHaE+ar- Ugh Loo 


NOW 


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Dec 107.46 

• UFFE e o ti WL ta traded on APT. M Open 


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Red PrtceE + nr- Mtfi Los 


Ugh Low Est vtjt Open hit 
107.56 10736 1153 0 

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Kansal Bee PwriO 99 - 

Korea BacFPwarrt 03 . 

UC8 151897 

Mdaarfta Bee 74| 0G — 

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> 1000 85% 85% 

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.200 100% 700% 

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» 





FINANCIAL TIMES TUESDAY OCTOBER 18 1994 


25 


COMPANY NEWS: UK 


Whisky producer hints at diversifying into other spirits 

Highland advances to £42.5m 


By Roderick Oram, 

Consumer Industries Editor 

Highland Distilleries, the 
independent Scotch whisky 
producer, reported yesterday a 
rise in pre-tax profits from 
fi& B m to £42-5m for the year to 
August 31 and hinted that it 
was thinking of diversifying 
into other spirits. 

Despite its success from 
focusing on Scotch, “we see 
ourselves as a premium spirits 
company. If there are opportu- 
nities in other spirits, we 
wouldn’t say ‘no’," Mr Brian 
Ivory, chief executive, said. 

“Other spirits would give our 
sales and distribution another 
sector of the market,” said Mr 
John Goodwin, chairman. Nei- 
ther he nor Mr Ivory would be 
drawn cm which drinks High- 
land was looking at or whether 
it would buy or build brands. 

“We’re working very hard on 
this and within the next year, 
well come out with some- 
thing,” Mr Goodwin said. 


Despite difficult conditions 
over the past year. Highland’s 
Famous Grouse Scotch brand, 
accounting for three quartos 
of group operating profits of 
£2&4m C£23im), held its second 
place in the UK market behind 
Bell's, hut Its share slipped to 
1&8 per cent (14 per cent). It 
Increased exports by 14 per 
cent in volume terms and 24 
per cent by value. 

Sales of new fillings and 
mature whiskies were steady, 
but profits were lower in the 
latest financial year. Orders for 
new finings this year were up 
U per cent. 

rpmmft from rose 

to £lL3m (£9 An), reflecting a 
larger contribution from 
Robertson & Baxter, a distiller, 
and the first time equity 
accounting of Highland's 50 
per cent interest in tbs North 
British grain distillery. 

With Christmas threatening 
to bring another whisky price 
war. Highland expressed confi- 
dence in its strategy of main- 


Htghtaod DlflWlertes 



final dividend Is proposed, 
making 7.26p (&6p) for the 
year. Earnings per share were 
up 9 per cent at 2LSp and the 
company is proposing to bay 
back up to 5 per cent of its 
shares. 


1M3 . . 

90UTQKJFT&WM? 

i-aining its premium market 
position. 

Highland planned to use the 
same approach as last year 
when it maintained its pre- 
mium pricing and refrained 
from joining its rivals’ dis- 
counts for buying multiple bot- 
tles. 

Turnover rose 3 per cant 
from £171. lm to £1753m. A 53p 


H ig h l a n d has proved again the 
wisdom of focusing an Scotch 
and the Famous Chouse brand. 
The strategy win face another 
test this Christinas when the 
group will defend its premium 
market position against price- 
cutting competitors. But the 
brand’s inherent strength is 
likely to produce pre-tax prof- 
its of about £4fim this year for 
earnings of 23.7p and a pro- 
spective p/e of 17.6. This is 
expensive relative to the mar- 
ket and the suggestion of 
broadening the drinks portfolio 
might undermine the shares 
until Highland’s strategy is 
clarified. With these uncertain- 
ties, the shares fell 14p to 419p 
yesterday. 


New Look margins grow 
to 16.9% in first half 


By Dadd BtactnraK 

Operating margins at New 
Look, the women’s wear chain, 
grew to 16 l 9 per cent in its first 
half, the pathfinder prospectus 
showed yesterday. 

The 224-shop chain, which 
hopes for a market value above 
£15Gm, made operating profits 
of £&£tim cm sales of £58. Tin in 
the six months to September 
24. In the year to the end of 
March, when operating mar- 
gins were 115 per cent, operat- 
ing profits were Sll.lm on 
sates of £88u4m. 

Mr Tom Singh, founder and 
deputy chairman, said the 
group was weQ on course for 
sales of more thorn £iOQm this 


year. Sales per square foot 
were £449 in 199344, up from 
£299 in 198990. 

He attributes the growth, 
among other factors, to a stock 
turnover rate of more than 15 
times, compared with a sector 
average of eight times. More 
than 15m customers pass 
through the shops every 
week. 

The group is wholly owned 
by the Singh family. About 35 
per cent of the equity is com- 
ing to the mar ket through a 
placing and intermediaries 
offer. Mr Singh will not be 
selling any shares. He will 
have about 9 per cent of the 
company after flotation. 

The flotation will raise about 


£lQm of new money, most of 
which will be spent on free- 
holds. 

The prospectus shows that 
Mr Singh, file managing direc- 
tor and the corporate develop- 
ment director will be paid 2 per 
cent of any increase in net 
profits under a bonus scheme. 
Mr Singh miH yesterday that 
the group was highly incautiv- 
ised, with bonus schemes for 
all its workers, including the 
71 per cent of staff who are 
part 

Impact day is November 3 

and rivaling 1 * are expected to 
begin on November 18- Spon- 
sors are J Henry Schroder 
Wagg and brokers James 
CapeL 


Ross tumbles to £15,000 as 
costs of restructuring bite 


By Heather. Davidson 

Restructuring costs of £500,000 
reduced pre-tax profits at Ross 
Group, the consumer products 
and technical services com- 
pany. from a restated £802,000 
to just £15,000 for the six 
months to June 30. 

The shares closed 2p down at 
8V»p. 

Turnover of continuing 
operations rose by 41 per cent, 
from £223m to £32An_ Operat- 
ing profits fell from £i-83m to 
£82.000. 

The technical services divi- 
sion suffered “significant 
losses”, which would continue 
into the second half, said Mr 
Noel Hayes, chairman. 

The company had recently 
won two contracts for test rigs, 


the benefits of which would be 
apparent in the 1995 results. 

Stiff competition and small 
margins, together with the 
costs of integrating three busi- 
nesses into one site at Bolton, 
depressed profits in the con- 
sumer products division. 

Better news came from the 
Powercords division, which 
makes plug-in power supplies 
for mobile phones, said Mr 
Hayes. Tadmod was expected 
to increase turnover by 75 per 
cent in 1994, and Ross was 
anticipating a further 35 per 
cent inmease for 1995. The 
group is targeting Asian mar- 
kets through Aocom, its joint 
venture company in China. 

The group also disposed erf 
Traveller, its travel accessories 
company. 


Losses per share came out at 
0.04p, compared with earnings 
of 0.29p, and there is no 
interim dividend (0.2p). The 
company will not make a deci- 
sion on a final dividend until 
tire end of the first quarter of 
1995. 


Geared Income 

Geared Income Investment 
Trust net asset value was 
9&88p per share at September 
30, compared with 97.71p a year 
earlier. 

Net revenue for the six 
month period slipped to 
£778^19 (£901,497) tor earnings 
pa* share of 3-42p (lip). An 
unchanged second quarterly 
dividend of 1.75p is declared. 



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Kelt Energy 
buoyed by 
lower interest 

A sharp reduction In interest 
charges helped Kelt Energy, 
the oil and gas producer and 
explorer, increase Interim prof- 
its In spite of lower oil 
prices. 

Profits after tax for the six 
months to endJune rose from 
£2. 54m to £2.77m after a 
reduced interest charge of 
£523.000 (£1.05m). 

Strong operating cashflow 
enabled the company to repay 
frrpr! interest loans of fl5J2m 
(£9.6m) and 96.97m and to 
reduce gearing to 4 per cent (9 
pcx cent) in spite of acquisi- 
tions in Gabon and heavy 
investment in its Colombian 
wells. 

Turnover was down at 
nSJBm (£l&2m), with the profit 
improvement being achieved in 
spite of ofl prices an average 93 
per barrel (15 per cent) lower 
than in the first half of last 
year. Tim price toll was, how- 
ever, partly offset by higher 
production, with dally output 
running 17 per cent above that 
achieved last year. 

Earnings per share were 
unchanged at 1 Bp. - 


Airtours 
stretches 
sea-legs in 
£3 5m buy 

By David Slackwefl 


The detour by Airtours into 
the cruise market, launched in 
April with the purchase of a 
Norwegian stop, has taken Off 
faster than the group expec- 
ted. 

Yesterday the UK’s second 
biggest holiday company paid 
£3Sm cash tor a second ship - 
almost six months before a 
single passenger embarks on 
an Airtours cruise. 

“We were surprised by the 
demand in the market place.” 
said Mr Hugh CoHinson, man- 
aging director, adding that 
potential customers bad been 
disappointed that more than 
90 per cent of the cruises on 
the first sbtp had already been 
sold, 

“We were keen to get a sec- 
ond stop to take advantage of 
the pent up demand,*’ he said. 

The groups first boat, the 
Seawing, has room for 800 pas- 
sengers, and sets sail under 
the Airtours banner on March 
25. 

Its purchase for £l6m was 
announced on April 28 at the 
butwp time as an oum rights 
issue and the acquisition of 
SAS Leisure for £74m. The 
group said at the time that it 
bad no immediate plans to 
invest in further cruise ships. 

The Nordic Prince, bought 
yesterday from Royal Carib- 
bean Cruises, can take more 
than 1,200 passengers. Air- 
tours takes delivery at the 
beginning of next year, but is 
leasing the stop back to Royal 
Caribbean until March 15. 

Mr Coffinson said the ship 
would then undergo a minor 
refit - mainly of frmiishhigs - 
and start operations for Air- 
tours on May 6 from Palma in 
the Mediterranean. 

Airtours is using its existing 
marketing and reservation 
systems tor its cruise holidays, 
which can be combined with 
stays ashore. 

Mr Collinson said summer 
prices for a flight and an 
inside cabin ranged from £399 
to £549 per person a week, 
which he claimed was £300 
below competitors’ prices. 

April’s rights issue price 
was 390p- Yesterday the 
shares edged ahead 3p to 
455p. 


Division’s $2m step into 
electronic entertainment 


By Alan Cane 

Division, one of a snail group 
of public companies specialis- 
ing in virtual reality technol- 
ogy, has taken its first step in 
the entertainment business. 

It will announce today a 
923m (EL45m) order from Vir- 
tual World Entertainment of 
Chicago, which Is pionee ring a 
form of en tertainment c e nt re. 
The VWE order marks Divi- 
sion’s first success in an area 
with great potential for virtual 
reality companies. 

VWE specialises in electronic 
entertainment tor 18 to 35-year- 
olds. Its centres follow the 
theme of a battle between 


robots or a race beneath the 
surface of Mare. 

The Idea is to create an elec- 
tronic equivalent of the setting 
where social ambience is as 
important as the game, as with 
a bowling alley, for example. 
Electronics supplied by Divi- 
sion will improve the realism. 

Its principal market to date 
has been the engineering sec- 
tor. Its largest customer is Mat- 
sushita Electric of Japan, for 
which it built a system that 
simulates a kitchen complete 
with white goods. It recently 
sold a system to McDonnell 
Douglas which simulates the 
wngina and engine bay of its 
F/A-18 fighter aircraft 


Lossmakers delivery to Lufthansa a ‘milestone’ 

BAe confident that Avro 
will break even by 1997 


By Paul Batts, Asraspace 
Correspondent 

British Aerospace expects its 
loss making Avro regional jet 
operations to break even by 
1997; earlier if the regional air- 
craft market recovers more 
quickly as a result of the 
extensive restructuring of the 
past three years. 

Avro is expected to lose 
about £50m this year cm sales 
of between £400m and £500m. 

Mr Michael Donovan, Avro's 
new chief executive, said yes- 
terday that break-even would 
be achieved even without a 
joint venture with other 
regional jet manufacturers. 

The company has shed 6.000 
lobs in the last three years and 
now employs only 2,000 at its 
assembly facility at Woodford, 
near Manchester. 

Mr Donovan was speaking at 
the hand-over of the first of 
three Avro RJ85 jets to Luft- 
hansa’s regional subsidiary, 
Cityline. The German airline is 
the first large international 
flag carrier to order the air- 
craft 

“The delivery to Lufthansa 
represents a milestone in the 
history of Avro, and Indeed 
British Aerospace,” said Mr 
Donovan, i.nffiiawa has also 
taken options to acquire an 
additional three RJ aircraft 

Talks are continuing 
between BAe and Fokker, the 


Dutch regional aircraft manu- 
facturer owned by Deutsche 
Aerospace, on tbe establish- 
ment of a regional aircraft 
joint venture modelled on 
European Airbus, the large air- 
liner consortium. These discus- 
sions are likely to take time, 
although both companies 
acknowledge that they share a 
vision of the need to regroup in 
the European regional jet mar- 
ket 

BAe is also keeping its 
options open over possible col- 
laboration with Asia-Pacific 
manufacturers, since it 
believes that Asia will become 
tiie biggest market for regional 
jets. BAe failed to negotiate a 
regional jet joint venture with 
Taiwan last year, but Taiwan 
is understood to be still inters 
ested. 

Mr Donovan stressed that 
any joint venture would be 
customer-driven. Although the 
industrial logic argued in 
favour of a European grouping 
of regional jet manufacturers 
to reduce excess capacity, 
European manufacturers had 
to be open to possible joint 
ventures with Asian partners - 
a prerequisite for large- 
scale aircraft sales in that 
region. 

This year Avro has won 28 
orders for its jets (equivalent 
to one year’s production) and 
has an order backlog of 29 air- 
craft. 


At its peak five years ago. 
BAe was producing about 40 
regional jets from its two 
assembly lines at Woodford 
and Hatfield, Hertfordshire. 
Hatfield has since been closed. 

BAe is also continuing its 
search for joint venture part- 
ners for its lossmaking turbo- 
propeller activities regrouped 
around Prestwick, Scotland. 
This represents a more diffi- 
cult challenge as tbe turbo- 
prop business is estimated to 
be losing some £150m a year. 

Unlike tbe regional jet 
operations, the future of the 
turbo-prop side hinges on a 
joint venture since the com- 
pany believes it is highly 
unlikely that these activities 
can break even on their own. 
BAe has been talking to the 
Franco-Italian ATR consor- 
tium. 

The problem tor Urn turbo- 
prop business is that regional 
airlines ore tending to trade up 
their turbo-prop aircraft tor 
jets. 

Overall, BAe is confident its 
commercial aircraft operations 
- which turned over £i.6bn 
last year - will be profitable by 
1997, largely because of the 
contribution from its 20 per 
cent stake in the Airbus con- 
sortium. Airbus is already con- 
tributing profits and these ore 
expected to grow as it delivers 
more high-value wide-body air- 
craft. 


Survey reveals average 8.5% 
increase in directors’ pay 


By Richard WoKfe 

Directors' pay rose by an 
average &5 per cent this year, 
more than six percentage 
points above inflation, accord- 
ing to a survey published yes- 
terday. 

Chief executives, directors 
and senior executives earn an 
average basic salary of 
£109,030, increasing to £183,787 
when bonuses and other bene- 
fits are included. 

The survey, by actuaries 
Bacon & Woodrow, of 954 direc- 
tors in 126 companies, also 
revealed a widening pay gap 
between wmali and large busi- 
nesses. 

Directors at companies with 
turnover of more than £1.25bn 
enjoyed a 10 per cent pay rise, 
compared with 6 per cent for 
those at companies with less 
than £l25m turnover. 

“Our survey data shows that 
directors’ earnings differentials 
are widening between the suc- 
cessful and the struggling com- 
panies, as performance-related 
pay becomes a larger part of 
the remuneration mix,” said 
Mr Keith McNelsh, pay and 
benefits consultant at Bacon & 
Woodrow. 

The salary gap between exec- 
utives has also increased over 
the past 12 months, with the 
differential between chief exec- 
utives and their senior execu- 
tives rising from 136 to 170 per 
cent 

Chief executives, whose aver- 


Chief executives: the total package 


Average £ Receiving % 


Basic salary 



207,576 


100.0 

Pension 



52.198 


953 

Life assurance 



5,104 


983 

Company car/ allowance 



15379 


973 

Private fuel 



1,468 


713 

Medical insurance 



884 


96.4 

Permanent health 






insurance 



2,662 


46.4 

Extra holiday# 



5,847 


52.7 

Subsidised loans 



4.005 


13.6 

Other benefits 



7329 


21.8 

National Insurance 






contributions 



24364 


100.0 

Bonus payments 



59320 


882 

Total 



351,280 



«£g»iw»a m ceeb mkm at Holder* beyend SS Obya • year 

Comparative remuneration packages** 

Under 

£50- 

£75- 

£100- £150- 

£200-£2SQk+ 

ESOfc 

£75k 

nook 

£150k EZOOfc 

£290fc 


Chief executive 

- 

e 

25 11 

13 

55 

Director 4 

42 

84 

140 79 

55 

83 

Senior executive It 

49 

104 

124 49 

12 

8 

Total 15 

91 

194 

289 139 

80 

148 

-Snp»ttMawi4MMde tto ct*ef omethwe. fhpaoe *tx» food* dt huOdWat* m each 


age total pay package now 
stands at £351,280, have 
resisted institutional pressure 
to move away from three-year 
rolling contracts. 

In a telephone survey of tbe 
FT-SE 100 companies, more 
than half said their child exec- 
utives worked under three-year 
contracts, which can command 
huge severance payments. 

Almost two thirds of those 
companies stated they had no 


intention to reduce the length 
of contracts, despite a high 
profile campaign by leading 
investment institutions. 

The survey revealed that the 
UK’s average director is aged 
48 and main Of the 954 execu- 
tives surveyed, just 32 are 
female. 

Directors' TRP survey 1994. 
Bacon & Woodrow. St Olaf 
Bouse. London Bridge City. 
London SEL 3XO0. 


Hobson continues CWS rationalisation with further sales 


By Peter Pearee 

Hobson, the homecare and food 
products group, yesterday announced a 
farther sales of rati o nalisa t i on s of the 
food manufacturing business of the Co- 
operative Wholesale Society it bought 
tor mim in April. 

The group will receive same E L L l m 
cash, but costs, including write-offs, 


will amount to £7 Am. 

It has sold, to HL Foods, the plant 
and machinery of FE Barber's cannery 
operations in Lowestoft, Suffolk, for 
£200,000, and its contracts and stock tor 

It has also sold - to Pura Food Prod- 
ucts. a subsidiary of Acatos & Hutche- 
son, the edible oils group - the plant 
and machinery of Its oils and fats opera- 


tion for £950,000. pura has paid ELOSm 
tor the contracts and stock. 

As already announced, Hobson has 
closed the Lowestoft cannery with the 
loss of 350 jobs. Its oils and fats opera- 
tion in Irlam, Greater Manchester, is 
also to be closed and relocated to Lon- 
don with the loss of a f urther 120 jobs. 
This will take the CWS jobs lost since 
tbe acquisition to 600, or about 40 per 


cent of the ex-CWS workforce. 

In the year to January 8, the cannery 
made losses before interest and tax of 
£691,000 on sales of £39£m. Net assets 
at that date were £15-Bm. The operation 
hag continued to be lossmaking. 

The oils and fats operations, which 
had assets of £2.lm at the year end, 
incurred losses of £235,000 before inter- 
est and tax. 


KIATNAK1N FINANCE AND SECURITIES 
PUBLIC COMPANY LIMITED 

toooVsZSSSSQ a 


NOTICE IS HEREBY GIVEN to the holders of the outstanding 
Bonds that toe Company has announced a rights share Issue of 
54,564,869 shares with a record date of October 10, 1994. In 
accordance with the pftnrtstons of the indenture constituting the 
Bonds, the Conversion price has been adjusted tom Thai Baht 
485 per share to Thai Baht 12M7 per share effective October 10, 
1994. . 

October 18. 1994 
By: Citibank, NA London 


_0J 


Kaufhof Finance B.V. 

Can$ 100,000,000 Collared Floating Rate Notes 1993/5003 
(Issued under the DM 1 bfflon Hum-Currency Euro lledhoi Term Note 
Programme of KauJTiof HoKSng AG) Tranche No: LI 

The Rate of Interest applicable to the Interest Period from 
October 1ft 1994 to January 17, 1995. inclusive, was determined to be 
63 per cent par annum. Therefore, on January 18, 1995, interest per 
Note of Can$1 ,000 prindpM amount In the amount of Can$ 1B38 and 
Interest per Note of Can$ 10.000 principal amount In the (mount of 

cars 163A4 ts *». Dresdnef Bank 

Frankfurt am Main, AUtongesaOscteS 

C akariaflon and Principal 

UCTODer iyS4 PaytogAgent 





If you want to reach this Important audience, mid decision makers 
worldwide please call: 


Mr. Cfro Coetante 
bitnstanbu) 

Td 0212 279 26S3 or 3795360 


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FT Surveys 






A. « TIlUITfi 


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26 


TUESDAY OCTOBER IS 1994 



COMPANY NEWS: UK 


BAe shares rise 28p on market speculation about bid from GEC 

VSEL advances to £30.2m 


By Bomard Gray 

VSEL, the Barrow-based 
submarine maker and target of 
an agreed bid from British 
Aerospace, yesterday 
announced a 5 per cent rise in 
pre-tax profits from £28 .8m to 
£30.2m for the six months to 
September 30. 

The results were hurried out 
to coincide with the publica- 
tion of BAe's offer document 

BAe’s bid offers 2.747 of its 
shares for each VSEL share 
with a cash alternative of 
£11.40. 

At BAe's closing price, up 
28p to 493p. the bid values each 
VSEL share at £13.68 and the 
company at £5 18m. 

BAe shares had risen on 
market speculation that GEC 


might bid for it VSEL shares 
did not follow, however, and 
Closed down 2p at £13213. GEC 
has declared that it is a possi- 
ble bidder for VSEL. 

The offer document includes 
details of VSEL’s results. In its 
last full-year statement the 
company predicted that its 
1994-95 profits would be similar 
to last year and trading profits 
for the first half were £24.4m 
compared with £24.7m. Turn- 
over declined from £2&2m to 

£194.701. 

Interest income on the com- 
pany's cash pile has increased 
from £4.1m to £5JBm, lifting the 
pre-tax result 

The interim dividend is 
increased from 10.5p to I2p, 
payable from earnings of 52J5p 
(49.3p) per share. 


The document says that trad- 
ing continues to be in line with 
the board's previous forecast 

The document also confirms 
that Lord Chaifont, VSEL’s 
chairman, will become an 
adviser to BAe until next July 
if the recommended offer goes 
ahead. 

Mr Noel Davies, the chief 
executive, will also be a con- 
sultant to BAe during the 
handover period. 

Information made available 
to BAe in the course of discus- 
sions Ls expected to be made 
available to GEC in the next 
day or so. Any GEC bid would 
be for cash, and it would take 
the company some days to 
assess information provided by 
Morgan Grenfell. VSEL’s bank- 
ers. 


BAe is to hold an extraordi- 
nary meeting on November 2 
to approve the takeover bid. 
Proxy votes must be registered 
by October 31. 

BAe forecasts that its total 
dividend for 1994 will be not 
less than iop, an increase of 20 
per cent on the previous year. 

The offer document also dis- 
closes that VSEL is in a legal 
dispute with British Shipbuild- 
ers, from which it was priva- 
tised in 1986. VSEL would be 
obliged to pay British Ship- 
builders (a government-owned 
company) an additional 
amount if its profits rose above 
a certain level offer privatisa- 
tion. 

The dispute could cost VSEL 
up to £40111, but the company is 

P gftKng the fllfliTn 


Acquisitive MY leaps to £4.5m 


By Richard Wolfte 

MY Holdings, the packaging 
group, pledged to continue its 
acquisitions strategy after 
announcing an 80 per cent rise 
in pre-tax profits for the year 
to August 27. 

The company, which spent 
£23.3m acquiring four packag- 
ing businesses this year, 
increased pre-tax profits from 
£2.5lm to £4£lm on turnover 
up 46 per cent to £51.2m 
(£35. lm). 

Mr John Monks, chief execu- 
tive. said the company was 


considering another share 
issue to fund acquisitions this 
year. In February, the group 
raised about £23m through a 
placing which more than dou- 
bled its market capitalisation. 

‘This year’s acquisitions are 
not the end of the story. We 
are only at the beginning." he 
said. 

“We like healthcare and 
would like further expansion 
in that sector. We are also 
looking to continue our expan- 
sion of specialist corrugated 
activities, and would like to fill 
in gaps in our geographical 


spread. We do not really have 
anything in the Midlands and 
the west country, and the Scot- 
tish market would be very 
interesting to us.” 

However, the directors 
warned that operating mar- 
gins, which increased from 7.6 
to 9.4 per cent last year, would 
come under pressure from 
price rises for its pulp and 
paper raw materials. 

Turnover on continuing 
businesses rose by 13 per 
cent to £39.8m, despite a 
poor performance by Trend ex, 
the moulded cushion 


packaging business. 

Stripping out acquisitions, 
operating profit grew 12 per 
cent to £3m. 

Interest costs increased from 
£164,000 to £301.000 as the 
group raised its borrowing for 
cash acquisitions and capital 
investment Gearing rose from 
4J2 to 16L3 per cent 

Earnings per share grew 16 
per cent to 4^2p (3 .9lp), as the 
number of shares doubled. 

The board recommended a 
final dividend of l.lp to make a 
total of 1.6p (i.25p) for the 
year. 


Acorn slides £1.98m into red 
as schools tighten spending 


By Alan Cane 

Acorn Computer Group, the 
do minan t supplier of school 
computers in the UK, lapsed 
into the red at the halfway 
stage as changes In education 
spending patterns and the cost 
of new initiatives took their 
tolL 

Turnover was flat at £23.7m 
(£23.6m). The deficit amounted 
to £i.98m against a pre-tax 
profit of £305,000 and losses per 
share came out at 3.2p (0.5p 
earnings). 

Mr Sam Wauchope, manag- 


ing director, said the first half 
was affected by changes in the 
pattern of education spending 
as budgetary control and finan- 
cial management were 
devolved to schools. 

Customers had also delayed 
purchases in anticipation of 
the launch in April of the Rise 
PC, Acorn's new top-of-the-line 
offering. At the period end 
there was an order backlog of 
more than 2,000 Rise PC 
systems. 

The USM- traded group now 
comprises three companies: 
Acorn Computers. Advanced 


Rise Machines, designer of the 
ARM family of low power con- 
sumption microprocessors in 
which Acorn has a 47 per cent 
stake, and Online Media, a new 
division established to exploit 
the emerging market for inter- 
active multimedia. Online 
Media incurred an operating 
loss because of start-up costs. 
ARM made pre-tax profits of 
£l.2m in the first half, of which 
Acorn’s share was £499,000. 

Mr Wauchope said Rise PC 
was proving a success and was 
confident Acorn would return 
to profit in the second half. 


Forward Tech 

recovery 

continues 

Forward Technology Industries 
continued the recovery seen in 
the second half of last year and 
reported pre-tax profits of 
£340,000 for the half year to 
June 30, compared with losses 
of £1.23m. 

The company produces spe- 
cialist machinery for plastic 
assembly, precision cleaning 
and Tamp making , lar gely over- 
seas, while the main UK activ- 
ity is the reproduction of audio 
and video cassettes. 

Turnover advanced to £21 .7m 
(£20.1m). Earnings per share 
were 0.8p (3.6p losses) and the 
interim dividend is 0 Jlip (nil). 


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WMI rises 
11% in 
third 
quarter 

By Peggy Hoflfnger 

Weak prices reined in profits 
growth at Waste Mangement 
International, the UK quoted 
arm of WMX Technologies of 
the US, which yesterday 
announced an 11 per cent 
improvement In third quarter 
pre-tax profits. 

Mr Nigel Wilson, of WMI, 
said the group was disap- 
pointed following a mixed 
third quarter performance, in 
spite of strong sales growth. 

Pre-tax profits rose from 
£38J9ra to £43.lm on sales 23 
per cent ahead to £288 .8m. 
Profits fOT the nine months 
rose 14 per cent to £ 125.4m on 
sales up 20 per cent to 
£831.7m. 

Revenue growth in the quar- 
ter was doe in roughly equal 
measure to acquisitions and 
underlying volume gains. 
About 3 percentage points of 
the sales improvement was 
down to price increases. 

Mr Wilson said operating 
margins had slipped from 16.8 
per cent to 16.2 per cent in the 
quarter. 

This was partly due to prob- 
lems in Italy, which is WMFs 
single largest market with 26 
per cent of its total sales. 
Municipal customers In Italy 
were renegotiating contracts 
at prices of between 10 and 20 
per cent below existing 
arrangements. These reduc- 
tions would have to be recov- 
ered through productivity 
improvements. 

The company also suffered 
from a poor performance in 
the highly competitive French 
market Mr Wilson said vol- 
ume at some group landfills 
was running at about two 
thirds of peak levels. 

WMI said it was pleased 
with volumes in the UK, and it 
was beginning to see some 
signs of the “significant price 
increases” being talked about 
in UK landffiL 

Mr Wilson said WMI was 
comfortable about prospects in 
the UK market, even if Brow- 
ning-Ferns Industries, the 
large US waste services group, 
wins its hostile £364m bid for 
Attwoods. Such a major force 
could bring “further support 
for stronger regulation, ” 
which would improve the mar- 
ket, the company said. 

In the Asia/Pacific region, 
WMI enjoyed good growth in 
Hong Kong, a higher margin 
business which would also 
benefit in 1995 from the land- 
fill opened last week. 

WMI has spent £40m on 35 
acquisitions so Jar this year,. 
Earnings rose by 6 per cent to 
7.2p for the quarter. 

Analysts are forecasting 
annual profits of about 2175m 
this year, with significant 
improvements from European 
recovery and east Asia feeding 
through in 1995. 


Richards Group 
jumps to £0.12m 

Richards Gronp, the 
engineering concern, doubled 
pre-tax profits from £62,000 to 
£120,000 in the six months to 
June 30, 

Turnover moved ahead from 
£6.38m to £8. 23m. 

Mr John Crabtree, chairman, 
said Steel Supports was mak- 
ing inroads into the European 
and overseas power generation 
markets, while Richards Engi- 
neering had secured its first 
substantial order in the 
expanding Chinese market 

The interim dividend is held 
at lp, payable from earnings 
of l.07p <0.55p) per share. 


Audax Properties 

Audax Properties, a wholly 
owned subsidiary of Value and 
Income Trust doubled pre-tax 
profits from £54,000 to 
£110,000 for the half year to 
September 30. 

There was a realised loss of 
£24,000 (£20,000) on disposal of 
properties. Earnings per share 
for the period amounted to 
132p (50p). 


Strong overseas growth 
helps Famell to £28.7m 


By Paul Taylor 

Parnell Electronics, the 
components distributor and 
manufacturer, reported 
sharply higher Interim profits 
and turnover, reflecting strong 
overseas growth and the £4Lm 
acquisition of the Multicompo- 
nents distribution business. 

Pre-tax profits for the six 
mouths to July 31 increased by 
36 per cent to £28.7m (£2l.lm). 
Turnover grew by 77 per cent 
to £26lm (£i47m); underlying 
growth was 155 per cent 

“Overseas growth was partic- 
ularly strong.” said Mr Richard 
HanweU, chairman. Both the 
high volume distribution and 
the low-volume catalogue busi- 
nesses improved profitability 
overseas, he said, “demonstrat- 
ing the success of offering cus- 
tomers a pan-European ser- 
vice”. . 

The Multicomponents 
operations, renamed FaraeU 
Electronic Services, added 
£93. 7m to turnover In the first 
half and £2 .2m to operating 
profits, which increased by 40 
per cent to £29.8m (£21 5m). 

Overall, the overseas FES 
operations doubled profits on 
sales up 15 per cent In the UK, 
sales volumes at FES increased 
by 11 per cent but margins 
remained under pressure. 

Famell Electronic Compo- 
nents reported a 22 per cent 
increase in profits on sales 12.3 
per cent ahead. 

The UK operations achieved 
steady sales growth while over- 
seas sales were up by more 
than 40 per cent 

Particularly strong sales of 
power supplies for the telecom- 
munications sector helped the 
group's manufacturing 
operations to increase sales by 



Ron Pony 


Howard Poulson; growth will focus on higher margin business 


26 per cent, but results from 
Famell Instruments were “dis- 
appointing”. 

At the end of July the group 
bad net borrowings of £8.67m, 
equivalent to gearing of 7 per 
cent 

Interest costs totalled Ei.OTm 
(£138,000), reflecting borrow- 
ings undertaken to finance the 
purchase of Multicomponents. 

Earnings per share grew by 
36 per cent to 145p (105p). The 
Interim dividend is Increased 
by 19 per cent to 35p (3J2p). 

Mr Harry Elstone is to step 
down as finance director, 
although be will remain on the 
board. He is succeeded by Mr 
Andrew Fisher. 

Mr Bob Horton, chairman of 
Rail track, and Mr Barry Brom- 
ley. a director of BAT Indus- 
tries, are both joining the 
board as non-executives. 


• COMMENT 

Once again Farnell has pro- 
duced a strong underlying per- 
formance, justifying its deci- 
sion to expand its overseas 
operations. Following a recent 
strategic review undertaken by 
Mr Howard Poulson, the chief 
executive, the company 
intends to focus future growth 
on the higher margin cata- 
logue distribution business and 
Is particularly interested in 
expanding in the US or east 
Asia - possibly through acqui- 
sition. Pre-tax profits should 
climb to about £62m this year, 
producing earnings of about 
305p. At 53 lp, the shares are 
trading on a forward multiple 
of 17.4 - a small discount to 
competitors such as Electro- 
components - and well below 
their 12-month peak of 653p. 


BS back to black with £0.4m 
and returns to dividend list 


By Roland Adburgham, Wales 
and West Correspondent 

BS Group, the property and 
leisure group formerly called 
Bristol Scotts, has returned to 
profit for the first time since 
1988 and will resume dividend 
payments. 

The shares rose 12p to 2O0p. 

Pre-tax profits were £429,000 
in the six months to June 30, 
compared with a deficit of 
£116,000 last time. 

The interim dividend, the 
first since 1989, is 3p, payable 
from earnings of 6.87p (losses 
of I56p) per share. 

Turnover expanded by a 


Riva loss 
deepens to 
£629,000 

Increased pre-tax losses of 
£829,000, against £425.000. were 
announced by Riva Group, the 
USM-quoted supplier of elec- 
tronic point of sale systems, for 
the half year to June 30. 

The result was in line with 
expectations, said Mr Peter 
Giles, chairman. Revenue was 
stable bat, in common with the 
industry, there were declining 
hardware margins. 

He said the outcome for the 
year was sensitive to volumes 
in the last quarter but was not. 
expected to show a significant 
improvement on the first halt 

Turnover edged ahead to 
£27m (£26. 4m). Losses per 
share deepened to 2.5p (L9p). 

BMSS ahead 

BMSS, the USM-quoted build- 
ers’ merchant, saw pre-tax 
profits rise by 39 per cent from 
£207,000 to £297.000 in the Six 
months to July 31. 

Although marg im remained 
under pressure, the result 
reflected a modest Improve- 
ment In activity levels in the 
construction industry. 

Turnover improved 25 per 
cent to £9.4lm; the company 
said the second half had 


quarter to £5.41m (£4 Jim) and 
margins increased slightly. 
The improvement, however, 
largely reflects the disposal of 
its lossmaking restaurants. 

The board is engaged in a 
prolonged power struggle 
which saw Sir Ian Rankin 
replace Mr Anthony Kerman 
as chairman in August. The 
Kerman family controls a quar- 
ter of the company and is 
understood to have been 
recently approached by Scotts 
Holdings, a Singapore property 
company. Sir Ian, who is seek- 
ing to widen the BS share own- 
ership by attracting institu- 
tional investment, is opposed 


NEWS DIGEST 


started encouragingly with 
sales showing a significant 
increase over last year. 

Earnings per share climbed 
to 2.4p (L7p) and the interim 
dividend is raised to 2p (L5p). 

Shaftesbury buys 

Shaftesbury is expanding its 
property interests in London's 
West End to Carnaby Street 

The company is pairing 
Berkeley Hambro £9. 75m cash 
for a block of 11 freehold shops 
and restaurants, with offices, 
at the comer of Carnaby Street 
and Beak Street in Soho. Cov- 
ering a total of 47,000 sq ft the 
block currently produces an 
annual income of £785.000. 

Pioneer buy-out 

Montagu Private Equity 
has arranged a £10. 2m manag e 
ment buy-out of Pioneer 
Exhausts, the Stoke-on-Trent 
manufacturer of replacement 
systems for the principal car 
makers. 

Pioneer has grown steadily 
since it was founded in 1980. It 
makes about 200 different parts 
for 130 popular car models. Its 
sales are mainly to indepen- 
dent garages and local/regional 
distributors and motor factors 


to any sale of the entire Ker- 
man stake to the Singapore 
group. 

Mr Kerman did not comment 
yesterday on the family’s a, 
intentions. 

Sir Ian said the group's 
liquidity had been greatly 
unproved with the elimination 
of short-term borrowings and 
the creation of cash reserves. 
“The company, having weath- 
ered the financial storm cre- 
ated by its London restaurant 
businesses, is now ideally posi- 
tioned to take advantage of the 
numerous opportunities which 
are presenting themselves both 
in leisure and property." 


principally for Ford, Vauxhail 
and Rover models. 

Funding for the deal will 
come from MPE and Royal 
Bank Development Capital. 

Saville Gordon 

J Saville Gordon Group, the 
property investment concern, 
said it was a member of North- 
ern Natural Resources, which 
in turn is a member of Mining 
(Scotland), the preferred bidder 
for Scottish CoaL 

It has agreed to subscribe up 
to £3m by way of equity capital 
if the bid is successful. That 
would represent about 10 per 
cent of Mining Scotland’s 
equity. JSG's investment in 
Northern Natural Resources 
was £11,700. 

Kingfisher 

Kingfisher, the retail group 
which Includes the B&Q DIY 
chain, announced that the 
Paris Bourse quotation for Eta- 
blissements Darty, the electri- 
cal retailer it acquired last 
year, has been suspended as its 
Financiers Darty subsidiary is 
considering exercising its 
power to acquire the outstand- 
ing 2 per cent of shares which 
it does not already own. 


I DIVIDENDS ANNOUNCED j 



Cones - 

Total 

Total 

Current 

Date of 

ponding 

for 

last 

payment 

payment 

dividend 

year 

year 


BMSS 

fnt 

2§ 

Dec 2 

1.5 

_ 

3 

BS 

- fnt 

3 

Dec 1 

nil 

_ 

nil 

Famell Beet — 

Jnt 

3.8 

Dec 5 

32 

_ 

7.4 

Forward Tech - 

— .fnt 

0.5 

Nov 30 

nO 

_ 

0.25 

Geared Income 

— -Jnt 

1-7S* 

NOV 30 

1.75 

. 

8.075 

Highland Dist - 

On 

5.5 

Jan 12 

5 

7.26 

6.6 

MYHokSnga _ 

fin 

i.n 

Jan 23 

1 

1.6 

1.25 

Richards 

Int 

i 

Nov 28 

1 

. 

2.25 

Ross . — - 

Int 

nil 

- 

0.2 

_ 

0.4 

VSEL 

— — int 

12 

- 

10.5 

- 

34 


□ividencte shown pence par share net except where otherwise stated- ton 
Increased capital. JSecond quarterly, making 3J25p (Earns) so tar. 


INDEXIA 


INDEX; 


mifWBilTI 


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FINANCIAL TIMES TUESDAY OCTOBER IS 1994 


27 


FINANCIAL TIMES SURVEY 


'iiLW FRAUD: PREVENTION AND DETECTION 





* CC «»*ENT 


ick with £1 
dividend Ifc 


i H- 3 ' 


Tuesday October 18 1994 


The first national fraud forum this week comes at a 
time when the incidence of this crime in business is 
rising steadily. Robert Peston reports 

Focus on financial 
crimes sharpens 


The first national fraud forum, 
bringing together representa- 
tives of the police, regulatory 
agencies, and private sector 
investigators, is being held, this 


The three-day event, organ- 
ised by the Association of 
Chief Police Officers (Acpo), 
will bring together all groups 
interested in the fight against 
this growing crime for the first 
time, to discuss how to 
improve prevention and inves- 
tigation procedures. 

It comes, moreover, at a time 
when companies and the gov- 
ernment are increasingly 
aware of the penalties of fail- 
ing to implement effective pro- 
cedures to prevent fraud. 

The government has this 
year been considering introdu- 
cing plastic identity cards to 
replace benefit books, in an 
a ttemp t to save some or all of 
the hundreds of millions of 
pounds lost every year in 
social security fraud. 

Meanwhile, a growing num- 
ber of companies has imple- 
mented much ti ghter tnta»rp al 

auditing procedures, in a bid to 
detect possible frauds at a 
much earlier stage. 

Fraud comes in so many dif- 
ferent farms - from the com- 
pany director who uses com- 
pany funds to take his partner 
on holiday to the wholesale 
theft of hundreds of mfifiona 
by the corrupt Bank of Credit 
and Commerce International - 
that it is notoriously difficult 
to define. 

It is not explicitly described 
in criminal law, but in practice 
it is treated by the authorities 
as a sophisticated form of 
theft, usually involving deceit 
to obtain funds. Prosecution is 
normally carried out under the 
1968 Theft Act 

Detailed statistics on the 


national scale of fraud are 
eqnaliy elusive, but Network 
Security Management, the 
fraud investigation business 
controlled by the merchant 
bank Hambros, estimates that 
companies on average lose 
between 2 per cent and 5 per 
cent of their turnover as a 
result of fraud. 

An attempt at obtaining 
more precise statistics has 
been by the investigation 
arm of accountants, Ernst & 
Young; Its survey in 1992 of 100 
companies, covering most 
industrial and commercial sec- 
tors. feund that 24 per cent had 
reported a fraud costing more 
than £250,000 at least once In 
the previous two years and 
that 30 per cent had reported a 
fraud exceeding £50.000 in the 
same period. More than a third 
had suffered a fraud but not 
notified the authorities. 

Banks in particular have 
been particularly reluctant to 
report frauds, fearing publicity 
would damage the confidence 
of their customers. 

Ernst & Young has recently 
completed another survey of 
these 100 companies: 98 per 
cent believed that there had 
either bean no dmrmiition, ora 
rise in the incidence of fraud 
over the past two years. 

la its assessment of reported 
frauds KPMG Peat Marwick's 
fraud investigation unit identi- 
fied 27 significant cases involv- 
ing the attempted theft of 
£254m in the first six months 
of 1994, a larger number than 
in the whole of 199L 

These increases are perhaps 
surprising, the level of 
fraud which comes to light 
usually rises as the economy 
goes Into recession. felting 
back again as the economy 
recovers, as at present 

There are probably two rea- 


sons for the countercyclical 
trend. First, a company hit by 
tougher trading conditions 
may resort to fraud to prop 
itself up - the motive widely 
ascribed to the late Robert 
Maxwell for Ms decision to 
plunder his companies’ pen- 
sion schemes. Second, honest 
companies facing tough times 
may wawina their costs more 
closely - and in the process 
detect hitherto hidden frauds. 

The specific types of fraud 
showing the greatest increases, 
according to Detective Superin- 
tendent John Probert and 
other experts, are insurance, 
mortgage and banking frauds, 
such as advance fee fraud. 

All three are wimple in con- 
cept Mortgage fraud, for exam- 
ple, usually involves overstate- 
ment of the purchase price of a 
property, so that a bank or 
building society lends more 
than the actual price - with 
the rfiffAwnw hgirig pocketed. 
Earlier this year, charges alleg- 
ing a £100m fraud were 
brought against one group of 
development nrnnpaniag after a 
three-year investigation. 

The apparent abundance of 
work has led to a sharp 
increase in the number of pri- 
vate sector firms involved in 
giving advice on prevention, as 
well as the detection and 
recovery of lost funds. As a 
result, the market has become 
far more competitive. 

At the gfflw time, the ser- 
vices offered by some less scru- 
pulous fin ns — a-nri the meth- 
ods they use - threatens to 
sully the image of alL Some 
agencies advertise openly that 
they can obtain confidential 
details of hawk accounts, credit 
card records or medical infor- 
mation, for modest fees. 

However, for police fraud 
squads the greatest challenge 





is how to do the Job effectively 
while having to compete 
against other policing priori- 
ties for increasingly scarce 
resources. 

There are 850 officers 
involved in fighting fraud 
throughout the OK, with the 
biggest single unit, the Lon- 
donbased Metropolitan Fraud 
Squad, employing 150 police- 
men and a further 40 people in 
support services. 

The Metropolitan Police 
Fraud Squad, working in part- 
nership with other agencies, 
and with an annual budget of 
£10m last year, recovered more 
than £20m in cash and securi- 
ties obtained by fraudsters. 


compared with £L0-6m in the 
previous year. 

The Met claims to have pre- 
vented frauds worth £6J57bn in 
the twelve months to March 31, 
1994. However, this figure is 
slightly mifliABfHng because it 
iimln des one lmnanally big 
case: a ££5bn attempted fraud 
on the Agricultural Bank of 

China 

Persistent and widespread 
criticism of the Serious Fraud 
Office, which was set up in 
1968 to lead the battle against 
the most complex and substan- 
tial forms of financial crime 
has to some extent undermined 
morale in thp nffiriai fraud 
agencies. The SFO was given 


large financial and staff 
resources including lawyers 
and accountants as well as 
policemen. 

Because the government 
believed that the fight against 
fraud presented very different 
challenges from those pres- 
ented by other kn«i« of crime, 
the SFO was made Indepen- 
dent of the Crown Prosecution 
Service, handling both investi- 
gations and prosecutions. 
Detection has remained, how- 
ever, the responsibility erf the 
police and City of London regu- 
latory authorities, such as the 
Stock Exchange and the Bank 
of England. The SFO was also 
given unique powers in Section 


2 of the Criminal Justice Act 
1988 to remove a suspect’s 
right to silence and compel 
witnesses to give evidence. 

However, its handling of 
some high-profile cases - nota- 
bly the Blue Arrow trial and 
the prosecution of the financial 
services salesman, Roger Lev- 
itt — baa tv>PT7 chnnsy, and its 

future is under review by the 
government Officials beHeve it 
could be merged with its less 
glamorous sister, the Fraud 
Investigation Group, under the 
umhreHa of the Crown Prose- 
cution Service. An Bnnnfimrft . 
ment is likely before the end of 
the year. 

The multi-disciplinary 


approach which the SFO 
applies - combining the skills 
of police, accountants and law- 
yers - is likely to be increas- 
ingly adopted by agencies ami 
firms involved in. the fight 
against fraud, whether they 
are private sector or public sec- 
tor. 

Building those bridges 
between different institutions 
with their different skills will 
be the focus of the forum this 
week. 

According to some experts, 
such co-operation between the 
police and private sector firms 
could one day lead to privatisa- 
tion of some of the fraud 
squads’ activities. 



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FINANCIAL, TIMES 


TUESDAY OCTOBER 


IS 1994- 


FRAUD: PREVENTION AND DETECTION II 


M oney laundering has 
suddenly become 
among the most fre- 
quent of crimes being attacked 
by law enforcement officers 
and politicians. 

Scarcely a week goes by 
without a fresh call to action 
being issued against this most 
discreet of crimes. 

And scarcely a week goes by 
without a new case of money 
laundering coming to light or 
being prosecuted. It even fig- 
ured in the recent macabre 
case of more than 50 religious 
cult-related deaths in Switzer- 
land C anada 

The two trends are of course 
related. The increased focus on 
the problem has made banks 
and law enforcers more sensi- 
tive to it, thus leading to 
greater surveillance and more 
discoveries. 

According to recent esti- 
mates by US and UK officials, 
the amount of money laun- 
dered every year amounts to 
roughly SSOObn. This money is 
the fuel that keeps organised 
crime going and growing, 
mainly in support of the inter- 
national drug trade but also for 
various other sophisticated 
crimes, from insider trading to 
the traffic in nuclear materials. 
The attack on money laun- 


Money Laundering: Ian Rodger discusses reasons why the frequency of this crime has increased 


Greater alertness uncovers more cases 


dering only became serious in 
the 1980s, mainly because of 
the expanding drug business. 
And there are still several loop- 
holes or weak points within 
the international financial sys- 
tem, some of them bizarre. 

For example, in the US, 
which probably still tops the 
world money laundering 
league table, a 1970 Secrecy 
Act requires financial institu- 
tions to report suspicious 
transactions. But wire trans- 
fers, the most common form of 
transaction, are excluded from 
this requirement 

In theory, money laundering 
should be relatively easy to 
prevent. If banks and other 
financial institutions deal only 
with customers they know and 
if they monitor carefully cer- 
tain types of potentially suspi- 
cious transactions, they should 
be able to keep out big-time 
financial criminals. 

That is the rationale behind 
a plethora of guidelines and 


recommendations that have 
been issued by various interna- 
tional organisations in recent 
years. 

Starting in 1988, the Basle 
Committee on Banking Regula- 
tions and Supervisory Prac- 
tices Issued a recommendation 
calling on banks to make Tea- 


Jt has been estimated 
that the amount of 
money laundered 
annually is $500bn 


so cable efforts" to determine 
the true identity of customers. 

The following year, the 
group of seven leading indus- 
trial countries set up a Finan- 
cial Action Task Force to study 
ways of curbing money Laun- 
dering. FATF has since estab- 
lished guidelines for national 
financial systems and carried 
out audits of several leading 
countries. 


A European Council 1991 
directive on the prevention of 
the use of the financial system 
for the purpose of money laun- 
dering came into effect 
throughout the European 
Union at the beginning of last 
year. It obliges all financial 
institutions to know the true 
identity of their clients and to 
report any suspicious transac- 
tions to the police. 

Money launder era tend to 
use large centres or 

tax havens to try and disguise 
routes to the sources of their 
earnings. 

It is in places such as Swit- 
zerland, the City of London or 
New York that they are likely 
to find a few bent bankers will- 
ing to help them. 

In an attempt to preserve 
their reputations, these centres 
have been among the most 
aggressive in introducing laws 
and guidelines to prevent 
money laundering. 

The Swiss Federal Banking 


Commission, for example, 
issued detailed guidelines in 
1992 on tuning no fewer than 30 
specific transactions - with- 
drawals. purchase of drafts, 
transfers or excessive cash 
movements - that should be 
regained as suspicious. 

This year, a new law has bro- 
ken the conflict between Swit- 
zerland's bank secrecy provi- 
sions and criminal 
investigations. Bankers may 
now report substantial suspi- 
cion s of criminal activities by 
their clients to state prosecu- 
tors. This is, in fact, tanta- 
mount to an obligation. Failure 
to do so would be regarded by 
the banking commission as 
negligence. 

Switzerland has also made 
insider trading, money laun- 
dering and membership in a 
criminal organisation criminal 
offences, thus bringing them 
within the orbit of crimes on 
whidh it is willing to co-oper- 
ate with Jaw enforcers from 


other countries. 

With this Sort Of tightening 
occurring in most western 
countries, the focus has in the 
past couple of years moved 
eastward and southward. 

Money launderers were 
quick to realise that the former 
Warsaw pact and Soviet Union 


The FBI and Scotland 
Yard Is tightening the 
noose on the tax havens 
of the Caribbean 


countries, with no experience 
of financial markets anrf with a 
desperate need for hard cur- 
rency, were easy victims. 

There is also believed to 
have been a large flow of 
til-gotten funds from former 
Co mmunis t officials to western 
banks. 

In June, Tw niha«d«Tm tflit, 
the industrial reconstruction 
agency for eastern Germany, 


The former Soviet Union: Jimmy Burns on fears of money laundering 


Mafia gangs target the west 


There are increasing fears 
among regulators and law 
enforcement agencies that 
so-called Russian Mafia net- 
works may be penetrating 
western financial systems with 
the object of laundering their 
illicit cash. 

The break-up of the Soviet 
Union has brought in its wake 
a huge flight of capital esti- 
mated by senior bankers to be 
as much as Slbn a month. It 
has also led to a proliferation 
of gangs involved in financial 
corruption and illegal trade 
whose operations threaten to 
extend well beyond the former 
Soviet Union states. 


These fears were voiced in 
July this year by Albert Pacey, 
the director-general of the 
UK's National Criminal Intelli- 
gence Service, daring a visit to 
Moscow and in evidence to a 
Boose of Commons committee. 

British police believe that 
although Russian gangsters 
are most active in eastern 
Europe and Germany, there 
are indications that they may 
move their operations to other 
parts of western Europe. 

The National Criminal Intel- 
ligence Service (NCIS) refuses 
to discuss specific cases. How- 
ever, last year under new reg- 
ulations requiring banks and 


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other institutions to report 
"suspicious fteawiaai transac- 
tions", there were 13,000 cases 
reported to NCIS of which 200 
involved Russians. 

"That is not a large number, 
bat what distinguished the 
Russian cases were the 
amounts involved - from 
£500,000 to several million 
pounds, " says Mr Pacey. 

An NCIS briefing paper ear- 
lier this year states that "the 
nations of eastern and central 
Europe and the former Soviet 
Union have enormous poten- 
tial to impact significantly 
upon Europe and the United 
Kingdom ... the situation in 
the Russian Federation contin- 
ues to give particular cause for 
concern.” 

According to NCIS, the sig- 
nificance of the UK in terms of 
criminal groups emanating 
from the Soviet Union and 
eastern Europe is that "UK 
financial institutions, over a 


long period, are being used for 
the transfer of large sums of 
illicit funds". 

NCIS identified four areas 
for potentially illicit transac- 
tions emanating from the for- 


There are indications 
Russian gangsters may 
move their operations to 
western Europe 


mer Soviet Union: 

■ Laundering of hinds from 
"general criminal activity" 
including extortion: 

■ Laundering of funds involv- 
ing trade in high-technology 
equipment; 

■ Laundering of fluids from 
the sale of weapons, commodi- 
ties, and precious metals, 
including radio-active mate- 
rial; and 

■ The transfer to the west of 
former Communist Party 



Bank of England, while Rus- 
sian businessmen wishing to 
set up a trading operation in 
the UK are subject to immigra- 
tion controls. 

In practice, according to 
some senior bankers, some 
Russians may be taking 
advantage of areas such as the 
property business, which is 
not subject to significant Insti- 
tutional controls. They may 
also be using offshore centres 
to confuse investigators track- 


Some Russians may be 
taking advantage of 
areas such as the 
property business 


Albeit Pacey. situation in Russia is 
causing concern 


funds. 

The extent to which regula- 
tory authorities in the west 
are managing to curb these 
illicit activities remain 
unknown. Theoretically, any 
unusual cash transfers to the 
UK emanating from the former 
Soviet Union should be 
brought to the attention of the 


Peter Marsh on the incidence of false accounting in the European Union 


Exploiting the EU loopholes 


Something is rotten in the 
rapidly evolving mega-state of 
Europe. The stale odour of sys- 
tematic fraud is persistently 
leaking from investigations of 
the European Union’s prowM-fai 
arrangements, but so far there 
has been little concrete reme- 
dial action. 

Expert opinion is that up to 
10 per cent of the EU’s budget 
of EcuTObn ($87bn) a year Is 
diverted to the wrong recipi- 
ents either through fraud or 
improper exploitation of finan- 
cial loopholes. The exact figure 
is impossible to calculate 
because most fraud is unde- 
tected. However, Lord Hunt of 
Tamworth, a former top-rank- 
ing UK civil servant who 


Up to 10 per cent of the 
EU's annual budget of 
Ecu70bn is diverted to 
the wrong recipients 


served as cabinet secretary and 
who is chairman or the House 
of Lords' European communi- 
ties committee, does not dis- 
pute the 10 per cent figure. 

In July, Lord Hunt's commit- 
tee issued a damning report on 
EU fraud which said: "We have 
increasingly come to the con- 
clusion that most fraud in the 
EU happens because the 
administrative procedures and 
financial controls are not 
lucidly defined by community 
legislation, and because the 
procedures and controls [in 
member states] are defective. 


There is no central responsibil- 
ity in the European Commis- 
sion for ensuring that new reg- 
ulations and schemes are 
foolproof and this is far from 
being the prime consideration 
in the policy-making director- 
ates (of the commission)." 

Most fraud involving EU 
spending follows directly from 
the extreme complexity of the 
rules for channelling money 
from Brussels to member 
states for projects such as 
Infrastructure programmes or 
supporting food prices. This 
makes it relatively easy for 
fraudsters - who can range 
from highly organised criminal 
gangs to opportunist individu- 
als taking occasional advan- 
tage of an EU loophole - to 
make a financi al gain. 

This can happen, for exam- 
ple. through a former applying 
for an extra subsidy on, say, a 
cotton shipment simply by fill- 
ing In a form saying he has 
grown 10 per cent more than 
he really has. Behind many of 
the frauds discovered over the 
past few years have been such 
cases of falsified documenta- 
tion, sometimes created with 
the connivance of government 
officials in the state where the 
act is taking place. Indeed, a 
factor which may help the 
fraudster is that often the 
country where he or she is 
operating may see no particu- 
lar advantage in combating the 
fraud. The government 
involved may be willing to 
turn a Nelsonian eye to evi- 
dence of what is taking place 




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damning report on EU fraud 


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on the grounds that the cash 
from Brussels is boosting the 
local economy whether or not 
it is being spent according to 
the letter of EU rules. 

At the level of the European 
Commission itself, officials 
operate within a culture where 
it is the spending of money 
that is all important, not the 
monitoring of the extent to 
which the spending achieves 
agreed objectives. Operating 
along these lines, Brussels offi- 
cials frequently become embar- 
rassed when the subject of 
fraud crops up. In many ways 
they are as reluctant as are 
some member governments to 
discuss the incidence or fraud 
and how to tackle it. This is 
because raising the subject 
may irritate the member gov- 
ernment where the alleged 
fraud is taking place and may 
be seen to be against the co-op- 
erative spirit driving the 
union. 

Italy is one of the focal 
points of fraud investigations. 
Italian prosecutors recently 
alleged that Filippo Galli. the 
head of the state organisation 
overseeing EU agriculture sub- 
sidies, took bribes from a big 
grain trader to ignore evidence 
of massive corruption. In one 
instance documented by Uclaf, 
the European Commission’s 
anti-fraud unit, traders claimed 
a subsidy of Ecu76m ($94m) for 
a large shipment of wheat 
which supposedly was kept in 
Intervention storage in a gov- 
ernment warehouse but which 
inquiries indicated did not 
exist. 

In another recent case, sugar 
traders in Belgium are thought 


to have gained about Ecu6m in 
extra subsidies by claiming to 
have transferred a large quan- 
tity of this commodity out of 
the EU to states in the former 
Soviet Union, so qualifying for 
an export refund, whereas the 
sugar was really sold at high 
prices in Spain. 

What is being done about EU 
fraud? Several moves are afoot, 
though the effect of these 
actions may turn ont to be 
fairly slight Uclaf, which has a 
new director, Per Brix Kmid- 
sen, an energetic and outspo- 
ken Danish customs officer, is | 
doubling its staff to 100 by the 
end of the year and promises | 
to he more diligent in detecting i 
fraud cases and bringing mis- 
creants to justice through 
co-operation with national 
authorities. 

Second, the EU’s agricultural 
aid programme, which 
accounts for half the total EU 
spending and is thought to 
account for the lion's share of 
fraud, is being radically 
changed to cut down on subsi- 
dies overall and to change the 
direction of subsidies towards 
farmers rather than traders 
and processing companies 
where opportunities for false 
accounting are greatest 

Third, the Luxembourg- 
based Court of Auditors, the 


The Court of Auditors is 
becoming more eager to 
highlight cases of fraud 
or improper action 


EU’s financial watchdog, is 
becoming more eager to high- 
light cases of fraud or 
improper action. However, 
most of Its deliberations and 
actions are kept secret. The 
court also lacks the self-confi- 
dence to take the initiative on 
big cases of fraud or financial 
mismanagement, and as a 
result its power to influence 
the broad picture on fraud is 
limited. 

It seems that the efforts to 
improve the EU's far from 
impressive record on combat- 
ing fraud can only really come 
from the centre, via the com- 
missioners Installed in Brus- 
sels by the member govern- 
ments. Much will therefore 
depend on how the new crop of 
commissioners, easing into 
their positions over the next 
fen months, approach a sub- 
ject which is certain to com- 
mand an increasing amount of 
attention from outside pres- 
sure groups and from taxpay- 
ers concerned that their cash is 
being misspent. 


launched a civil action in Zur- 
ich against the Swiss subsid- 
iary of Bank Austria. 

It claimed that agents of the 
former East German Commu- 
nist Party stashed Schl.76bn 
<$162m) there In toe spring of 
1991 as the German Democratic 
Republic collapsed. Bank Aus- 
tria, Austria’s largest bank, 
has denied the charges. 

In September, EU finance 
ministers met with their cen- 
tral and eastern European 
counterparts in Berlin and, 
among other things, urged the 
eastern countries to tighten 
their laws and regulations 
against money laundering. 

Meanwhile, the noose 
appears to be tightening on the 
tax havens of the Caribbean. In 
January, the US Federal 
Bureau of Investigation and 
Britain's Scotland Yard set up 
a joint task force to fight 
white-collar crime in the UK 
dependant territories. 

The British Government has 


also recently reprimanded Gib- 
raltar for not implementing the 
EU directive on money laun- 

d ^Such is the momentum that 

several speaker® at an interna- 
tional symposium on economic 
crime at Cambridge University 
in England in September rec- 
ommended that economic sanc- 
tions be imposed on countries 
that do not combat money 
laundering seriously. 

The idea was hacked by a 
number of delegates attending 

the symposium. John Moscow, 
New York’s assistant district 
attorney, said: “It is^an idea 
whose time has come." 

All of this activity does not 
mean that money laundering Is 
going to disappear in the near 
fixture. Even if new cri min a l s 
are rebuffed by banks, it is 
going to take them some time 
to clear their books of 
long-standing dubious- custom- 
ers. , 

This problem was high- 
lighted tor a case earlier this 
year in which a $l5Gm account 
of a suspected Colombian drug 
dealer came to tight at the 
Union Bank of Switzerland. It 
had remained undetected for 
several years partly because # 
there had been very few trans- 
actions into or out of it. 


tog money flows. 

Ray King, finance director of 
Cbartwell International (UK), 
a financial consultancy firm 
which specialises In the for- 
mer Soviet Union, says part of 
the problem for regulators in 
the west is identifying what 
amounts of Russian flight cap- 
ital actually emanate from 
criminal activity. 

“If yon are a western bank it 
is very difficult to know what 
the current rules and regula- 


tions are regarding capital 
export fro m the former Soviet 
Union," says Mr King. 

He believes that it is diffi- 
cult to prove that any of toe 
R ussians who are investing to 
property in London or setting 
up trading companies are 
engaging In illegal activity 
“although there are dearly a 
few cowboys who are bending 
the roles". 

There is certainly some evi- 
dence suggesting that the 
problem may be even graver. 
According to other banking 
sources, some trading compa- 
nies to the UK have in recent 
months been approached by 
individuals in the former 
Soviet Union with known con- 
nections with the criminal fra- 
ternity who asked them to 
arrange for transfers running 
into several millions of 
pounds. Meanwhile, some 
estate agents are thought to 


have refused to proceed with 
contracts with Russians after 
becoming suspicious about the 
amount of money available 
and the dubious nature of ref- 
erences given. 

Few money transfers, how- 
ever, involve a direct transac- 
tion between the former Soviet 
Union and the UK. One area of 
concern to regulators is the 
financial offshore centre of 
Cyprus where numerous 
“brass-plate” Russian compa- 
nies have been set np together 
with hanks to facilitate hard 
currency deposits by business- 
men and officials. There are 
suspicions that some of the 
Cyprus-based companies - 
with on-transfers to other 
financial centres such as Swit- 
zerland - are being used to 
launder illegal profits from 
activities such as arms smug- 
gling, prostitution, and bogus 
trade deals. 


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P*NANClAt. times 


TUESDAY OCTOBER 18 1994 


29 


•' ii -. 


FRAUD: PREVENTION AND DETECTION III 


IS 


it a* 

i w-.fr.fc._-. 


I'.-,- 


Industrial espionage is a growing problem in business, says Peter Marsh 

Is there a spy in your boardroom? 


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SJfSii 6 asked by We 

£? JS? C ??? aniss arooad the world. 
I^^h ir^ to do with art collections but 

1110 problem of 

industrial espi onage . 

Industrial espionage can be as 

wrto&Uy any technique at hMng a 

company's secrets. Although electronic 
surve illance or computer hacking more 
often grab the headlines, the mos t com- 
mon form of industrial espionage is for a 
rtvaI company to employ an insider - or a 
ramar in dm trade Jargon - to give them 
inside information. 

Industrial espionage is inemagfag iy wor- 
rying executives in highly competitive 
areas of industry. High-tech businesses 
such as aerospace, engineering, computers 
and telflMinmnnii*atiiinf are frequent vic- 
tims but companies in other where 


marketing or advertising strategies may 
be as important as new product informa- 
tics!, are also suffering. 

Behind the phenomenon is the large 
financial advantage that a rival company 

may gain from a timely iriqg ht into a 
competitor's product ideas or marketing 
plans. 

"Why should a company spend £lOQm on 
research and development when it can. 
gain the relevant knowledge from a rival 
for a much smaller outlay?” asks Peter 
Heims, a British security consultant 

According to Paul Carratu, managing 
director of Carratu International, a Lon- 
don-based fraud investigator, the most 
mrmrinTi form of industrial es pionag e con- 
cerns disaffected employees offering this 
type of information to a rival for a foe. 

“More often than not yon see the oppor- 
tunist approach where the employee 


makes the info rmation available via an 
intermediary such as a security company. 
It Is less common to see the more direct 
approach where a rival goes out actively 
to seek the information through bugging 
or similar means," says Mr Carratu. 

It follows, therefore, that the most sens!-' 
ble ways to try to stop industrial espio- 
nage are through common sense tactics 
that are really nothing more than an 
extension of good management. Among 
these are restricting access to sensitive 
product or marketing Information; keeping 
a check on documents that could be of 
value to a rival; and trying to sort out 
personal problems involving employees 
before the person affected becomes so dis- 
gruntled that he or- she even thinks of 
starting to hawk secrets to competitors. 

Of course, deciding on where to draw 
the line on potentially sensitive informa- 


tion may be highly tricky. There is a story 
much recounted among industrial espio- 
nage investigators of a company that, in 
the cause of improving communications 
with its employees, revealed detailed mar- 
keting information about a new product 
launch in Its internal company newspaper 
several weeks before the product 
appeared. Not surprisingly, the details 
leaked out to a competitor and the com- 
pany launched an industrial espionage 
probe which ultimately led to the dis- 
missal of the newspaper's unfortunate edi- 
tor. 

The point underlines the fact that Indus- 
trial espionage covers a wide spectrum. 

One estimate of the extent of industrial 
espionage is that about half of all big 
companies may have bad secret informa- 
tion leaked over the past decade by some 
form of espionage. The phenomenon is rel- 



Bug expert Conrad SancKar, of Spy Catcher, 
displays equipment avalabie in Ms shop 

atively widespread in the US, France and 
Italy, according to Mr Carratu. “There is 
less industrial espionage In Britain: in the 
UK it’s thought not to be ethical to 
indulge in this land of thing,” he says. 

Understandably enough, most compa- 
nies hit byindustrial espionage do not like 
to talk about it. But in recent years the 
businesses affected have Included BP and 


Shell, which suffered as a result of outsid- 
ers gaining access to secret tender Infor- 
mation for engineering contracts through 
the information leaking out via on unscru- 
pulous marketing agent. Volkswagen and 
General Motors nave recently been locked 
in a long-running battle over allegations 
by the US company that its rival “stole” 
secrets - allegedly channelled to the Ger- 
man car maker by the detection to Volks- 
wagen of Jose Ignacio Lopez de Arriortua, 
a Spaniard who had been running CM’S 
worldwide parts purchasing operations. 
SKF, the Swedish ball-bearing company, 
also recently suffered an embarrassing 
loss of its new product plans which was 
later braced to a disgruntled employee. 

Electronic surveillance is a mp +hmi fre- 
quently used by competitors to gain access 
to secrets. A rival boardroom can be 
bugged - perhaps using the services of a 
person contracted for this purpose who 
uses the “cover” of working for a cleaning 
company - with an instrument the size of 
a matchbox and costs no more than £100. 
Such derices, with tiny microphones and 
which transmit over perhaps a quarter of 
a mile, can be vety difficult to spot if 
cleverly hidden. 


<■ •'*: ■ 


V ■ 

■ i • • i - 

1 -~~ - 
i v 

•••. l y, 

***-.,"r A 

•• ' V: n i.- .. 


D o not be surprised by 
the paucity Of published 
examples of computer 
fraud. Perpetrators and vic- 
tims feel it is to their interests 
to keep quiet Financial insti- 
tutions, fat particular, do not 
relish admitting that their 
systems' security has been 
compromised. 

Fortunately, the danger of 
“hac k ers” bre aking into corpo- 
rate computer systems is often 
exaggerated by the press and 
fay security consultants; it Is 
nevertheless real 


Ptdhp Swallow, a specialist 
is security with Andersen 
Consulting, says: “Hacking is 
for from being a znyth but nei- 
ther is It endemic. Managers 
have to be aware of the risks 
involved. Computer fraud fay 
its very nature can be diffic ult 
to detect.” 

The European Information 
Technology Observatory 
(ETFO), an organisation of 
European IT companies, noted 
earlier .this yean “With the 
increasingly pervasive usage 
of computer s in all co n te x t s 


Alan Cane checks the Incidence of computer fraud 

Networks open to hackers 


and activities, the security of 
Information and of the 
systems that manage the infor- 
mation is becoming of great 
importance.” 

KiTO points to two impor- 
tant developments in recent 
years: the definition of secu- 


rity standards within the rules 
devised to allow computers 
from different manufacturers 
to work together (Open 
Systems Interconnect or OSD 
and the establishment of crite- 
ria and rules for the security 
evaluation of information 


John Mason examines the effectiveness of the Serious Fraud Office 

Track record raises doubts 





t 1 H 

\\ ' 


. » ; < ? 
I m> i: 

\ 1 1 


The future of the Serious Fraud Office, set 
up in 2988 to spearhead the light against 
financial crime in the UK, is highly uncer- 
tain. 

Question marks over its track record 
recently prompted a gover n ment review 
which recommended a merger between the 
SFO and the lower profile fraud investiga- 
tion group (Fig) of the Grown Prosecution 
Service (CPS). 

If the review's conclusions are adopted, 
the SFO would be subsumed into the CPS. 
lb some observers this would appear an 
admission that the original conception of 
an elite department to combat the most 
complex cases of financial fraud has failed. 

The attorney-general, Sr Nicholas Lyefi, 
is now considering the merger proposal. 
At the same time, he will decide on paral- 
lel proposals for both the SFO and CPS to 
! be turned into executive agencies outside 
the civil service as part of the govern- 
ment’s plans to streamline Whitehall Sir 
Nicholas is expected to announce his con- 
clusions on the proposed merger by the 
end of the year. 

So what has gone wrong? The SFO was 
set up with unique powers and structure 
to bring an increased effectiveness to the 
investigation and prosecution of complex 
financial crime, its brief Is to tackle those 
cases which involve considerable sums of 
money (more than £5m) and are of a par- 
ticularly complex nature. 

Unlike the CPS, it handles both the 
investigation and prosecution stages - 
although detection remains the responsi- 
bility of the police and City regulatory 
bodies. Its multidistipliiiary structure, in 
which lawyers, accountants and police are 
supposed to pool their skills, is intended to 
increase the effectiveness of Its investiga- 


tions. FinaQy, it was given unique powers 
in Section 2 of the Criminal Justice Act 
1968 to remove the right to silence and 
compel witnesses to give evidence. 

With these powers and structure, the 
SFO was supposed to be able to t^kie 
complex fraud cases that had proved virtu- 
ally impossible for police fraud squads 
wo r k in g on their own to handle. However, 
as has been documented exhaustively in 
the press, the SFO’s trad; record since its 
inception has been mixwrf- 

Ks initial success in the Guinness trial, 
when four prominent (Sty figures were 
convicted over the 1986 takeover of Distill- 
ers, proved the high point 

Since then, headlines have been 
restricted to reporting failures such the 
Blue Arrow trial, after which the SFO was 
criticised by the Court of Appeal for the 
Size and tmmanagaahflity of of the prose- 
cution, and the fiasco over Mr Roger Lev 1 - 
itt, the financial services salesman who 
served 180 hours' community service after 
agreeing to a widely criticised plea-bar- 
gaining with the prosecution. 

Lawyers involved in defence and prose- 
cution work agree that not all the respon- 
sibility for such failures should bo laid at 
the door of the SFO. The legal system that 
the SFO has to operate within still has 
crndal failings in its ability to present 
fraud cases that are tried by a jury. For 
example, there is common agreement that 
within the Judiciary there are all too few 
judges with the necessary experience of 
both commercial and criminal cases to 
handle such difficult cases. 

Equally, George Staple, the SFO direc- 
tor, insists that efforts have been made to 
learn from previous mistakes, notably on 
bringing to court cases that are too large 


and unwieldy. 

However, its past fuflfngs and the conse- 
quent bad publicity has proved highly 
damaging for the SFO. It has had Its suc- 
cess stories - such as the four successful 
prosecutions which followed the large- 
scale investigation into the mliapaad RanV 
Of Credit and Commerce Tn+pmaHm^ l - 
but these are less well reported. 

The result has been that the SFO has 
found itself in a gtmii«T position to that of 
the beleaguered Child Support Agency - 
forced on to the defensive by a poor public 
image it is finding difficult to rev er se. The 
question of public perception - rightly or 
wrongly acq uir ed - is one that the attor- 
ney-general will have to consider. For the 
SFO to be effective, it is widely agreed, it 
has to be widely seen to be a credible 

nr ganiSflHnn. 

Perception aside, the initial review of 
the workings of the SFO and Fig con- 
cluded there are sound reasons for a 
merger of the two bodies. It found that 
there is considerable overlap in the work 
they carry out and that it is anomalous to 
apply different methods to what amount to 
very vtmiiar cases. This problem has haen 
enhanced over the past year because the 
number and size of cases referred to the 
SFO has dropped significantly, leaving it 
to pick up smaller cases that would previ- 
ously have been dealt with by Fig; 

The review also found room for Improve- 
ment in the management of both bodies. 
The SFO, it reported, was not folly exploit- 
ing its current systems and lacked formal 
management overview of important deci- 
sions. 

It did, however, conclude that the “Sec- 
tion 2” powers removing the right to 
silence had proved an effective weapon. 


Profile: KRQLL ASSOCIATES 

Wall Street’s private eye 


KroD Associates, the world’s 
leading corporate investiga- 
tive agency, has not generally 
been shy of publicity. They 
have managed to present an 
image of a dynamic sleuthing 
operation, whose success has 


bred an impressive client list 
which includes governments 
and leading companies. 

However, in recent months 
the agency’s founder and 
majority owner, former New 
York prosecutor Jules Kroll, 



The Capitol Grow pic, with offices throughout 8w UK and to Dublin and 
Copenhagen, is one of Hie most experienced and respected Investigatory 
Companies tn the world. 

Established la 1963, it is the first dedicated Investigator and Security 
Company hi become a Pubffc Company floating on the tendon Stock 
Bichange in May IVW. 

Witii a fiercely guarded reputation for being ftig«y circumspect and totally 
professional with the highest standards of tfiant cordidentialitx the 
Investigatory Division's areas of expertise are: 

INVESTIGATORY • SURVEILLANCE * SCREENING SERVICES 

The Division's (our man specialised departments ptondasenicas 
of the highest quafity and standards tn: 

Corporate * tending • Insurance - Leisure 
SURREY SM3 am raiOI817*2Wl HUfcQlMTTtnW 



rivil CRIMINAL MARTIMONIAL COMMERCIAL 

LITIGATION SUPPORT SERVICE 

FVPFRT WITNESS FINANCIAL ENQUIRY FRAUD INVESTIGATION 

HEAD OF FORENSIC ACCOUNTING: ROBERT WELflY FCA MSPf MBAE 

HARRIS UPMAN 


H A R R 1 s 

lTpm AN 


2 Hountvfew Court 
310 Friem Barnet Lane 
Whetstone 
London N20 OLD 
Telephone: 081 446 9000 
Facsimile: 081 446 9537 


has been on the defensive, 
filffiticDg off f utnn uN of signifi- 
cant internal problems and. 
creeping financial difficulties. 

The suggestion of something 
approaching an organisational 
haemorrhage has been fuelled 
by a spate of high-level resig- 
nations and the threat eS more 
to come. 

In an interview published in 
the New York Times early in 
September, Mr Kroll blamed 
unnamed competitors for 
spreading false rumours about 
the financial condition of his 
company which, in turn, bad 
provoked a round of crisis 
management at Kroll itself. 

Most of those who have left 
say their reason for going was 
to set up their own smaller, 
private investigation agendas. 

Mr Kroll and the remaining 
senior executives insist Chat 
the resignations do not signify 
the beginning of the end. In 
London, KroITs senior man, 
Thomas- Helsby, boasts of a 
“critical mass of experience" 
among its staff which can 
without difficulty absorb and 
overcome the temporary set- 
back of the resignations. 

Not only has Kroll managed 
to bang on to many oT its tal- 
ented investigators on a 
foU-time and freelance basis, it 
retains what it considers one 
of its biggest assets: a highly 
developed in-house data sys- 
tem. As one competitor reluc- 
tantly conced e d: “Kroll has a 
powerful armoury of research 
capability.” 

Mr Helsby, with characteris- 
tic bullishness, says: “Onr 
business is growing and grow- 
ing, adding on new things all 
the time. This office Is having 
the best year It has ever had.” 

In New York, Mr Kroll has 
published figures showing that 
his comp any has remained 
profitable with a pretax profit 


margin of about 12 per cent 
Revenues are expected to 
exceed $60m this year com- 
pared to |40m in 1990, with an 
increase in clients over the 
past four years of 78 par cent 

What Kroll executives are 
not prepared to counter with 
any conviction is the widely 
aired view held by Its competi- 
tors that the agency may in 
one sense have fallen victim to 
its own success: its turnover is 
being badly dented by dis- 
puted debts on at least two 
highly publicised cases. 

In August, it emerged in 
New York that Kroll was suing 
the family of the late Italian 
banker Roberto Calvi for non- 
payment of 83m. Kroll, which 
has filed a court action in the 
US, hopes it win recover the 
money as well as recoup the 
legal costs it will incur. 

Rather more problematical 
is the non-payment of an even 
larger sum believed to stem 
from a contract with the Rus- 
sian government. It is esti- 
mated the contract may have 
cost XroU up to 84.7m. 

The extent of the hart 
caused by the setbacks, 
depends on whether the com- 
pany can continue to diversify. 

Following its formation in 
1972, Kroll established itself 
fairly quickly as Wan Street’s 
private eye, specialising in 
in v estigati ons involving merg- 
ers ami acquisitions. With the 
recession, Kroll has cast an 
Increasingly wide net to 
attract clients. 

It still considers doe dili- 
gence reports on companies 
part of Its core work, along 
with fraud investigations, but 
its target is to become an unri- 
valled international provider 
of planning and analysis on 
every aspect of security and 
risk management 

Mr Kroll hopes to Quadruple 
his firm’s revenues by the mid 
of the decade, building on Ife 
Partnership with the US insur- 
ance company American Inter- 
national Group (AIG bought 
23 per cent of Kroll last year). 

Jimmy Bums 


technology products, 

A critical point is that com- 
puter security is relative. It is 
possible in theory to create a 
completely secure system, but 
cost and inconvenience would 
make it unattractive. The level 
of security Implemented repre- 
sents, therefore, a balance of 
business interests. 

The diversity of ways of 
attacking a sy s t e m lends itself 
to colourful descriptions. 
There are trap doors (part of 
the software written in such a 
way that the security of the 
system is compromised), Tro- 
jan horses (parts of the soft- 
ware written so the system 
performs unauthorised and 
covert operations), logic 
bombs (part of the software 
written to trigger an operation 
at a subsequent date) sod mas- 
querades or piggy backs where 
a fraudulent terminal pretends 
to have legitimate access to 
the system. 

Mori of these atfaefc* depend 
an a corrupt member or mem- 
bers of the data processing 
department Only a software 
specialist with intimate know- 
ledge of a company’s software 
would have the skill and 
opportunity to insert a trap 
door or logic bomb. Systems 
compromised by trap doors or 
logic bombs are difficult to 


detect the very complexity of 
many systems malre<s it diffi- 
cult to check every program 
and section of computer code. 

Attacks on computer 
systems from the outside are 
increasing. In one survey to 
the UK, about a quarto’ of the 
companies questioned said 
there bad been unauthorised 
attempts to gain access to 
their systems. The National 
Computing Centre in the UK 
estimates the average cost of a 
security breach to a company 
is 29,000. 

Alan Stanley of the consul- 
tants Coopers & Lybrand says 
the most recent figures for the 
UK show that some 40 per cent 
of companies believe their 
systems have been hacked 
into, although the damage 
level is low. Some 18 per cent 
of mission critical operations 
had been compromised, but 
again, little damage was dime. 

Measuring the level of secu- 
rity afforded by a computer 
system has been simplified by 
the publication of evaluation 
criteria. The lead was taken by 
the US in 1983 with the 
Orange Book; it provides 
essentially a set of standard 
security measures for imple- 
mentation by computer users 
mpJi with an indication of the 
level of confidence afforded. 


European users, however, 
have never been wholly satis- 
fied with toe Orange Book, 
arguing that it is chiefly 
geared to military systems. 
The European Union has now 
published its own set of crite- 
ria, the White Book, which 
EITO says “could be consid- 
ered as the beginning of Euro- 
pean standards for evaluating 
computer trust”. It Is, EITO 
argues, “one of the most sig- 
nificant events in the last 
decade In toe European IT 
security scenario and it might 
cover the shortcomings and 

Trap doors, Trojan horses, 
logic bombs and piggy 
backs are all ways to 
attack a system 

gaps of toe Orange Book”. 

The White Book evaluates 
systems in toms of their func- 
tionality and effectiveness, 
with special reference to data- 
base management, process 
control, exchange data integ- 
rity, high confidentiality and 
high integrity environments. 

The fact remains that com- 
puter systems, no matter how 
secure, greatly increase the 
possibilities for fraud. Funds 
can be moved virtually instan- 
taneously anywhere in the 
world through comp u ter net 
works. Is fraud on the 
increase? There is a simple, 
positive correlation between 
the level of fraud, the number 
of computers In use, the num- 
ber of people who have know- 


ledge of and access to comput- 
ers and the number of termin- 
als attached to computers. 

Tbe Internet, toe world's 
largest computer network 
with more than 2dm users, 
represents a special case. 
Designed as a channel of elec- 
tronic communication between 
scientists and technologists, it 
was intended to be as accessi- 
ble as possible. There is little 
in the way of built-in security. 
Earlier this year thousands of 
Internet passwords were sto- 
len giving the thieves access to 
secret messages and flies. 

Now that commercial com- 
panies are taking an Interest 
In the Internet for communica- 
tions, the question of security 
is more than academic. Manag- 
ers are becoming interested to 
electronic ‘Tired oors”, meth- 
ods of preventing security 
lapses on the Internet from 
compromising their systems. 
An example would be a mini- 
computer controlling access to 
the Internet, collecting and 
authenticating messages. 

Encryption is one way to 
make electronic messages 
secure but it is controversial. 
The US administration was 
forced to abandon efforts to 
introduce a special encryption 
chip, the “Clipper”, which 
would have allowed pc users 
to protect themselves from 
hackers and fraudsters. Devel- 
oped by the National Security 
Agency and the National Insti- 
tute of Standards and Technol- 
ogy, its use would have 
allowed secret service person- 
nel to decrypt tbe messages. 


* 


Your 
business 
maybe 

fighting fit 
but is it 
fighting fraud ? 


a If you suspect fraud is at work in your business, minimise your 
losses by acting now. 

a Ernst & Young's Fraud Investigation and Risk Management 
Group comprises many specialists with unparalleled experience in 
investigating and preventing fraud. 

a We have helped many businesses, investigating alleged and 
discovered frauds, limiting losses and advising on appropriate courses of 
action. 

a For an informal discussion, or for a copy of the results of our latest 
survey into the perceptions of fraud, please contact the partner in charge 
of the group, David Sherwin on 071 931 4517. 

=!1 Ernst & Young 

Authorised try foe Institute of Chartered Accountants in England and Wales to carry on Investment business. 
Bechet House, 1 Lambeth Palace Road, London SE1 7EU 


i 



FINANCIAL TIMES 


. «• 



TUESDAY OCTOBER- 


18 1994 


COMMODITIES AND AGRICULTURE 


Brazilian rain sends 
coffee futures lower 


By ARson Maitland 


Coffee futures rebounded from 
a sharp setback in volatile 
trading yesterday, affected by 
rainfall that has relieved a 
long drought in Brazil, the 
world's biggest producer. 

In London, the January 
robusta futures contract staged 
a strong comeback after losing 
$118 at one stage, to close just 
$23 lower at $3,485 a tonne. 
This compares with its nearly 
nine-year high of $4,140 on Sep- 
tember 22. 

New York arabica futures 
continued the trend, moving 
sharply lower in early trading, 
but then striding back in the 
afternoon, with the March posi- 
tion up 14.50 cents at 207.25 
cents a pound on a wave of 
buying. 


The volatility appeared to 
reflect uncertainty over 
whether the rain during the 
weekend, and forecasts of more 
to come during the early part 
of this week, would do any- 
thing to relieve the pressure oil 
nest year's Brazilian crop. This 
is expected to be well down 
following the drought and the 
two severe frosts that hit the 
country in June and July. A 
report yesterday by Weather 
Services, an independent US 
forecaster, said the recent 
draught was worse than the 
last severe dry speD of 1965. 

There was also speculation 
that an export sugar tax 
announced by Brazil on Friday 
might be followed by a similar 
tax on coffee. GNL the London 
broker, commented in its daily 
report: “Coffee prices are still 


historically very high* and the 
government could well impose 
a stiff export tax in the very 
near future.” 

However. Mr Robert MacAr- 
thur. head of the Tropical 
Trader Group at Merrill Lynch 
in London, said the price vola- 
tility had more to do with trad- 
ers' own positions Qian with 
any shwt in fundamentals. 

• Indonesia, the world’s third 
largest coffee producer, said it 
would increase coffee output to 

450.000 tonnes next year and 
predicted exports at around 

300.000 tonnes. Heater reports 
from Jakarta. 

The prolonged drought this 
year had affected production 
for next year. Production 
would be 420,000 tonnes this 
year, down from 460,000 tonnes 
last year. 


Fresh talks on international 
rubber pact set for February 


By Prances WHItams in Geneva 


A third attempt to negotiate a 
new international rubber pact 
will be made in February after 
consuming and producing 
countries failed to agree on the 
crucial issue of the reference 
price during two weeks of talks 
tn Geneva. 

The 1987 International Natu- 
ral Rubber Agreement, which 
expires on December 31, will be 
extended for a further year 
when the pact’s governing 
council next meets in Koala 
Lumpur at the end of Novem- 
ber. 

Producing countries had 
argued for a 5 per cent rise in 
the reference price which has 
remained virtually iwifhangw<i 
at 196.84 Malaysfen/Stagapore 
cents a kilo since 1979. How- 
ever, consumer nations, led by 
the European Union, refused to 
budge. 

The rubber agreement is the 
only re maining international 
commodity pact with price sta- 


bilisation provisions under 
which buffer stock operations 
are used to keep the market 
price of rubber within a fixed 
range centred on the reference 
price. 

Mr Peter Lai, chairman of 
the United Nations-sponsored 
negotiations, said after the 
talks ended on Friday that 
there was “much sympathy” 
for an increase in the level of 
the lower Indicative price - the 
price below which the buffer 
stock manager may, but is not 
obliged to. buy in stocks to pre- 
vent further fells. 

There was also “the same 
measure of sympathy” for a 
more frequent review of the 
price range than the present 15 
months. Another area of dis- 
agreement, the duration of the 
new accord, was unlikely to 
pose much difficulty, Mr Lai 
added. The options are a 3-year 
or 5-year accord with the possi- 
bility in each case of a 2-year 
ex tension. 

Thirty-one countries took 


part in the Geneva talks. 
Including the most important 
exporters and importers. The 
next round will be held in 
Geneva from February & 

The argument over the refer- 
ence price arises from different 
views of market prospects. Pro- 
ducers say price levels set by 
the 1987 accord do not guaran- 
tee farmers' livelihoods and 
are leading to production cut- 
backs at a time of rising 
demand. Prices this summer 
reached their highest levels for 
more than six years. 

Consumers believe market 
conditions do not justify a rise 
in the reference price of rub- 
ber, maintaining that recent 
price rallies have been driven 
by short-term factors and by 
speculators. 

(fee possible compromise is 
a rise in the indicative price, 
which is related to production 
costs and is therefore an 
important signal to growers, 
while leaving the reference 
price unchanged. 


Alcoa 
says avoid 
rivals 


By Kenneth Gooding, 
Mfnkig Correspondent 


Employees of Aluminium 
Company of America, the 
world's biggest aluminium 
group, have been told to stay 
away from meetings where 
competitors are likely to be 


Mr Paul O’Neill, chairman, 
made this edict following the 
recent decision by the US Jus- 
tice Department to investigate 
whether US aluminium pro- 
ducers broke antitrust laws 
when they cut production after 
government representatives 
from some of the major alu- 
minium-producing regions 
signed an unprecedented Mem- 
orandum of Understanding in 
February. 

Alcoa insisted that Mr 
O’Neill's instruction did not 
arise from any heightened con- 
cern about the antitrust 
inquiry. Mr O'Neill said tn his 
note to senior managers he 
was sure no employee bad 
engaged in any improper con- 
duct Nevertheless: “It is pru- 
dent to *afc«» ftitn account the 
possibility of changing stan- 
dards of enforcement and com- 
pliance by gwvw mmwrtal agen- 
cies as administrations 
change. As a responsible com- 
pany we want to assure the 
reduction of any risks arising 
from misunderstandings 
regarding contacts with com- 
petitors." In future, employees 
would need explicit permis- 
sion to attend any meeting 
where rival companies would 
be represented. 

However, Alcoa has told the 
US Aluminium Association 

anti the Tw tepmti™**! P rimar y 

Aluminium Institute it will 
continue to supply them with 
statistics. The Justice Depart- 
ment investigation surprised 
the industry because three 
department lawyers were pres- 
ent to advise on the memoran- 
dum. Atom of and the 

European Aluminium Associa- 
tion have also been asked to 
co-operate in the department’s 
inquiry. 


Dutch agriculture urged to act 
on competitiveness and quality 

~ rm. ;i.j ^ that the French have turned t 


By Ronald van da Nrol in 
Amsterdam 


Dutch agriculture must go on 
the offensive if it is to main- 
tain its leading position in 
European and world exports, 
according to Mr Jozias van 
Aartsen, agriculture minister 
in the new Dutch go vernm ent. 

Mr Aarsten’s call for action, 
made last week, follows the 
publication of a report showing 
that fanners, horticulturists 
and livestock breeders are los- 
ing their reputation for quality 
and failing to respond to 
changes in European demand. 

The minister urged farmers, 
agricultural produce boards 
and other organisations in the 
sector to come up with ideas 
for a response to the report’s 
findings by the end of the year. 


The report, compiled by the 
consultants A.T. Kearney at 
the ministry’s request, con- 
cludes that the agricultural 
sector - a key motor of the 
Dutch economy, accounting for 
26 per cent of exports - is lag- 
ging behind competitors in 
countries such as France and 
Denmark. 

"to the mid-1980s the Dutch 
agri-sector was a textbook 
example of efficiency mid qual- 
ity. vHqn it changed 
into a bulk producer with low 
product variety,” the report 
said. 

The Netherlands’ competi- 
tive position in cut-flowers and 
seeds remains strong, but this 
is not enough to compensate 
for weaker performances in the 
dairy, vegetable and pork 
sectors. 


The consultants argue that 
the Netherlands' relative 
decline in European market 
share has been masked by con- 
tinued increases in the value 
pnrf volume of agricultural 
sales. 

One of the main factors 
hohinri the decline is the fail- 
ure by Dutch agriculture to 
respond effectively to the 
demand for a greater range of 
products and product specifica- 
tions, particularly from 
Europe's increasingly powerful 
food retail groups. 

In the dairy sector, for exam- 
pie, the report cited criticism 
by retailers of Dutch cheese- 
makers, which have scored 
just one success over the past 
15 yeans: the launch of Leer- 
damzner cheese. 

By contrast, the Danish and 


Ukraine expects lowest grain 
harvest in over a decade 


By Ma tthew Kaminafd in Kiev 


Ukraine, the former Soviet 
Union’s bread basket blessed 
with exceptionally fertile soil, 
yesterday announced it expects 
this year’s grain harvest to be 
the lowest in over a decade. 

The gross harvest, including 
corn, will stand at 37.7m 
tonnes tv>ig year, 6.4m les s than 
expected and a 17 par cent drop 
on last year’s 45.6m tonne har- 
vest. according to the Ministry 
of Agriculture. 

However, Mr Viktor GIuz- 
deyev, a government spokes- 
man, told Interfex-Ukraine 
news agency yesterday that 
Ukraine does not plan to make 
up the gap with imports and 
that the harvest is sufficient to 
meet domestic demand. 

The large state-run sectors 
produced a 35m tonne harvest 
yield, short of an expected 
40.7m tonnes. The tiny private 
farms showed slightly better 
average yields. 

Overall, average grain yields 


will be 2&6 centners per hect- 
are, roughly half western Euro- 
pean levels. 

The blame for the lower 
yields - the spring crop was 
also down 40 per emit - rests 
partly an a drought this year 
and on the slow pace of 
Ukraine's attempts to overhaul 
the agricultural sector, which 
is ruled by powerful 
lobbies. 

Declining production might 
jump start reform, however. 
Structural changes urged by 
the World Bank include land 
reform, privatisation of food 

pm opggjTig and far m infr astmev 

tore such as grain sflo6, and 
liberalisation of domestic trade 
in products. 

Experts say reforms are 
needed to improve incentives 
for formers who are currently 
forced to sell at low state-set 
prices, and to restructure the 
jpfl fprient. collectives Still dom - 
inant in Ukraine. 

Mr Neil Spooner, an agricul- 
tural consultant, said the fault 


lies with the government’s con- 
trols on prices and trade, not 
with formers or the land, since 
average yields at state and pri- 
vate farms are half those 
achieved cm forms participat- 
ing in joint-ventures with west- 
ern firms. 

A Ukrainian government 
spokesman this week outlined 
plans to eventually put 60 per 
cent of land in public hands - 
the state currently owns 93 per 
cent. 

Subsidies to Ukraine's agri- 
cultural sector eat up half the 
state's annual budget and feed 
inflation. Economic advisers 
argue forming can survive 
without the credits and even 
compete on western markets. 

Ukrainian President Leonid 
Kuchma in a policy speech last 
week endorsed form reform, 
inrindiwg plans to decentralise 
control within powerful minis- 
tries such as agriculture. 

“The key to the realisation of 
real r efo rm in Ukraine is agri- 
culture,” he said. 


MARKET report 

Copper 

highly 

volatile 


COMMODITIES PRICES 


CROSSWORD 


BASE METALS 


LONDON METAL EXCHANGE 

(Prices from Amaigsnated Metal Trading) 

■ aluminium, ear purity (s pw tome) 


Precious Metals continued 

GOLD COMEX (1 DO Troy eg.; S/lray 



Coaii 

3 mtha 

data 

lasas-M 

171 5-6 

Prwtous 

1891-2 

1707^-8.0 

High/km 

1888 

1720/1710 

AM Official 

1688-5-99 

1716-17 

Kerb dose 


1715-6 

Open InL 

2S5.4S9 


Toed cteiy twnover 

113.000 


■ ALUMJAHUM ALLOY (* per tonne) 


Ctoae 

1685-85 

1715-20 

Previous 

1690-700 

1715-20 

Hg/Vtow 


1726/1715 

AM Otfictoi 

1680-80 

1715-8 

Ke* dose 


1715-20 

Open Wit 

3.078 


Total daily turnover 

440 


■ LEAD (S per tonne) 



Close 

640-1 

861-2 

Pieriows 

841. 5-2 3 

6S3-&5 

HgMow 


655/651 

AMOfflcLH 

645^5 

6565-7.0 

Kerb doca 


S51-2 

Open int 

43.062 


Total daily turnover 

21.113 


■ NICKEL (Spor tonne) 


Ctoae 

6555-60 

ritfof a 
WAPD 

Previous 

6570-00 

0665-75 

MgMpw 

6600 

6775/6680 

AM OtficW 

6597-8 

6700-01 

Kartj dose 


0680-70 

Open W. 

73.324 


Total dafiy turnover 

154)85 


■ TIN (S per tonne) 



Ctoae 

3380-5 

3480-5 

Previous 

5400-05 

5480-5 

Hifitvlow 


5500/5436 

AM Omori 

5350-60 

5435-40 

Kort> dose 


5465-70 

Open Int 

16,491 


Total daly turnover 

?-884 


■ ZINC. spacM high grade (S per tonne) 

Ctoeo 

10515-4.5 

1073.6-4X1 

Previous 

1044-5 

1084-6 

MWtow 

1053 

1082/1008 

AM Official 

1052-3 

1072-2.5 

Kartj dose 


1070-1 

Open W. 

103,457 


Total daJy turnover 

31,410 


■ COPPER, grade A <S par tome) 


Ctose 

2*81-2 

2476-7 

Prevtoun 

2383-4 

2481-2 

HgrtVw* 

2308/2500 

2520/2450 

AM Offidal 

25004)1 

2445-60 

Ka*t> dose 


2471-2 

Open ira. 

221887 


TMal dafly turnover 

146.458 


■ LME AM Official C/S rate: 1.0078 

LME CfcuEng OS rotm 1J106 


SoatlMVft 3aSStt:1£B33 BkSkISWS 9rmnc1J833 

■ HIGH GRADE COPPER (COMEX) 


Day* 


Opm 

don (tango 

Mg* kw 

ire Vd 

Oct 11870 -860 117J» 116120 

1,943 273 

RM 114^5 *45 

- 

U33 S5 

Doc 11175 -445 

114J5 11250 39016 4J34 

jw mao -0.45 


887 23 

Pto 112.75 4145 

. 

504 7 

MV 112.33 4)45 

11250 11130 

IS 64 75S 

TOW 

1 

58^52 8.113 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
puna suppftcd fry N M RottwcMd) 


Geld (Tray oil 
Ctooe 
Opmtafl 
Mcktoj fix 
Afternoon tu 
Day's t-ftjfv 
Day's Low 
Previous dose 
Loco Ldn Moan 

1 month 

2 months . — — 

3 months 


£ equtv. 


24Z367 

2-U £00 


5 price 
aeaoo-aaajo 
38660-389.20 
38&S5 
369.00 

359.40- 389.90 

388.40- 388.90 

387.40- 387 JO 

QoM Lending Rates (Vs USS) 

-~AG5 6 months 4.82 

.-4. SO (2 months 5J0 


Sett 0*T* Opaa 

grin Onega Ugb km fed VeL 

OBt 389J +22 388.1 3880 6 9 

Nov 3006 +Z.1 - 

Dec 382.1 +21 3823 3907 83038 19.109 

Frit 395.4 +21 395.7 3043 19J24 204 

3083 +21 3916 397a 4128 40 

Jret 4016 +13 4022 4015 1DA41 14 

TOW 157523 1UR 

■ PLATINUM NYMEX (BO Trey az^ Vtiojf ozj 

Oct 

41BJ 

+23 

4196 

4185 172 

16 

Jn 

421.7 

+36 

4216 

4196 18,664 

ai23 

tar 

426.7 

+36 

4256 

4244 3674 

138 

Jri 

4288 

+36 

- 

- 081 

85 

ore 

4326 

+4.0 

- 

- 335 

2 

Jaa 

i.fj8 

+46 

- 

- 2 

n 

T«W 




236BB 

%3B 

■ PALLADIUM NYMEX (100 Troy oz.; SAroy ozj 

Dae 

158.4S 

+365 

15865 

15*30 4,442 

184 

Bar 

157.46 

+305 

15760 15650 1624 

- 

Jon 

15866 

+365 

• 

- 152 

- 

Taw 




8.1M 

18* 

■ SILVER COMEX (100 Tray ozj CarrfaAray oz.) 

ore 

538.7 

+46 

. 

1 

* 

Hot 

541.1 

+46 

- 

- 

- 

Dec 

5435 

+46 

5446 

5385 53,045 14719 

Jm 

546.1 

+46 

5406 

5480 S3 

. 

Mm 

5520 

+46 

5536 

5480 13650 

1623 

mm 

553.1 

+4.8 

558.0 

5546 46*1 

16 

Total 




1H783 15690 

ENERGY 





■ CRUDE OU. NYMEX (<2J)00 US grito. S/batveQ 


IHari 

Oqra 


0p« 



prtca 

etraaga 

tare 

lam mt 

«W 

Nov 

17.12 

+0.15 

17.15 

1663 50639 39639 

Dec 

17JQ 

♦621 

1760 

1869 95677 35.131 

Jin 

17JS 

+0.17 

1765 

17.17 58961 

lilM 

fat 

17J7 

+0.15 

1767 

17.17 28.442 

8630 

Bar 

1737 

+0.13 

17J7 

1761 22,301 

2631 

Are 

17.41 

+0.14 

17.42 

1768 18691 

940 

Total 




4ZtX»10M03 

■ CRUDE OfL IPE (S/barraQ 




Latm 

oaf* 


Opto 



prfca ctapge 

H0k 

tare M 

1W 

Dae 

1537 

•021 

1600 

1578 *7608 

11.752 

Jm 

W40 

+020 

1061 

1568 84620 30.728 

M 

rwn 

+0.18 

1801 

1565 25,838 

4675 

Bar 

10JQ 

+0.18 

1063 

1568 11613 

1638 

tar 

1&0O 

+0.11 

1800 

1800 8,498 

385 

War 

l«US2 

♦0.12 

1802 

1802 3618 

42 

Total 




1486D8 *8605 

■ HEATING OIL NYMGXWjno US gab; c/usgria.) 


Latere 

Heft 


Opto 



price 

ebaare 

Mgh 

low n 

vre 

Ifcnr 

4755 

+0.84 

*7.40 

4845 28X74 

9651 

dec 

4820 

♦064 

4825 

4760 43358 

MOB 

JM 

49.10 

+069 

49.10 

4860 33J5S7 

3609 

Hb 

4175 

+069 

4675 

41*0 17633 

2438 

Mar 

4980 

+064 

4965 

4960 11605 

1.137 

Are 

45L35 

4319 

4965 

4883 5X2 

362 

ToM 




187,474 27X81 

■ GASOILPEWtome) 




Salt 

Oaf* 


Opaa 



refca 

ctaHO* 

«9b 

LOU ret 

Vri 

am 

1494)0 

+160 

1*975 

1*875 1.194 

*A80 

Dec 

151 J» 

+£00 I51J0 I48L75 32564 

2694 

Jaa 

15325 

+2X0 

15360 

151.75 256*3 

1.497 

tab 

1554)0 

+225 IS® 15325 17693 

405 

Her 

15SJX) 

+260 15525 15225 5.641 

108 

tar 

153.73 

+12 153.75 15165 8J» 

53 

Total 




102.173 

9657 

■ NATURAL GAS NV1CX (10.000 remOm S/mtafi *U 


Latere 

Days 


Open 



priea ctaogs 

tare 

Low tar 

war 

Nor 

1650 +0618 

1.855 

1620 24X58 

8.750 

Dec 

1605 +0.003 

1610 

1683 29793 

0698 

Jn 

2050 +061 B 

2450 

2025 17632 

i,«se 

Fab 

2625 +0.006 

2030 

2X14 13622 

1.701 

mv 

1690 +0606 

1.690 

ISSS 11.723 

839 

Are 

16S +0601 

1650 

1648 7611 

509 

Total 




149613 Z1680 

■ UNLEADED QASOLME 



MYMEC (42jno us grita: OUS gafia) 



GRAINS AND OIL SEEDS 

■ WHEAT LCE g per torma) 


SOFTS 

■ COCOA LCE (E/torrw) 


MEAT AND LIVESTOCK 

m LIVE CATHECME (4a0<xabs; centa/fca) 


No.8,587 Set by CINEPHILE 


Sell Dafi 
pries 


Hub Lew 


Opeo 

tat 


W 


sea Bit's 

pries itasge Mph Low 


Open 

tat 


*d 


Sett Dafa 
price charge Ugh 


law 


Sri 


10660 -*02) 106X0 10850 1,950 


Jri 

SR» 


11055 +035 
11260 

9850 -025 


1.485 

200 

40 


285 

Dec 

938 

+4 

954 

937 22,832 1X48 

ore 

57.479 

-0X25 68X00 67.400 

4623 

2737 

6 

Nre 

973 

*6 

988 

988 43,126 1723 

OK 

9879) 

-0625 63.450 68675 26605 

761S 

122 

Mtl 

983 

+4 

999 

991 14,134 

488 

no 

67.725 

•0225 87600 

18,729 

2,013 

- 

Jri 

1000 

+8 

1011 

996 ^145 

123 

tar 

67600 

-0650 B86S0 67675 11X42 

1607 

- 

Sap 

1015 

+10 

1025 

1010 10760 

463 

6b 

64600 

-0625 64650 64S0 

3X78 

352 

- 

DIB 

1029 

+4 

1045 

1029 8286 

90 

tag 

6MB) 

-ai75 64.150 63600 

1X29 

90 

434 

TOW 




110600 3693 

TOM 



96690 1*619 


■ WHEAT CST&OOObu rein; centsffiOfc bushel) ■ COCOA CSCE (10 tonnes; SAonnes) 


■ UVE HOGS CME (400000* cants/lbs) 


Deo 

404® 

-4/4 

*11/2 

403/4 44627 15,112 

Dac 

1285 

+16 

1299 

1291 

32X21 

4,118 

ore 

30.725 

-1.400 31X00 30675 

931 

669 

Har 

4i art 

■4A 

420/4 

413ft} 22X63 

5X08 

Bar 

1333 

+13 

1347 

1330 21,488 2X30 

Dec 

33X00 

-0.475 33650 33X00 17613 

4637 

"ar 

368/8 

-3/4 

394/9 

388ft) 

3X12 

481 

«ta 

1359 

+8 

1375 

1391 

7718 

90 

Fab 

36.100 

-0200 to yam 

8640 

1X» 

M 

353/6 

-4AJ 

3S7/4 

352/4 

8695 

1X31 

Jri 

1388 

+8 

1404 

1395 

3X47 

137 

Are 

36X75 

-0425 36600 36X00 

3672 

1X43 

Sap 

35a® 

-a/D 

301/4 

357/D 

222 

14 

Sac 

1*17 

+9 

1425 

1428 

1X25 

6 

Jri) 

41625 

■0675 *2.150 41600 

1631 

205 

Dec 

366/0 

-VI 

399/0 

368ft} 

133 

3 

Dac 

1443 

+2 

- 

- 

4664 

20 

tag 

41600 

-0460 41600 41.400 

282 

40 

Trial 





79608 21649 

7Mri 





74 8X97 

TOW 



»6» 

saw 


■ MAIZE CBT (5.000 bu min; certa/5«b bushel) 
Dec 


■ COCOA (1CCO) fSOfTa/tonna) 


■ PORK B&JJES CME HO-OOOtos; centa/tba) 


218/4 -1/0 2MM 215/2128282 38308 

Mar 227/2 -OH 22m 227/0 S2JC9 72B7 

Hey 2MB -M 236/4 234M 22601 2^18 

M 2AM -0/6 241/4 239* 27,117 4X84 

Sip 245/D -1/0 248/2 245/0 1,946 212 

Me 243/2 -0» 250/4 2*6/3 10.720 1,894 

ItM 2M2J96I 82X50 

m BARLEY LCE g per tonne) 


Oct 14 
D%_ 


Price Pros, day 

■ 960.48 ase.ee 


Mr 


■ COffHS LCS ff/tonnai 


Nre 

102X5 

-0X0 102X0 18260 

377 

Z 

Jto 

104X0 

-0X5 104X5 104.75 

400 

20 

Har 

10075 

-aio 

130 

to 

•Wr 

100X0 

-0X0 

48 

to 

s»P 

95X0 

- 

2 

. 

Her 

97X0 

. . to 

- 

- 

Trial 963 22 

■ SOYABEANS C8T (SXOObo ota; orMSOKi tuaMJ 


Not 

543/0 

+4/4 

545/0 

S36» 71X88 26X18 

Jan 

5S3/* 

+4/0 

555* 

5500 

32604 

6696 

Har 

SB2/B 

+4ft> 

5850 

559/D 19,782 

8X17 

•«■! 

570/4 

+3rt 

572/8 

587/0 

8637 

768 

M 

577/4 

+4/0 

579/8 

574/4 15,772 

1695 

tag 

58CW 

+3/6 

582/2 

678ft] 

757 

156 

Total 




188,118 40X28 

■ SOYABEAN OIL CST(60X009n: cental 

Oct 

2665 

+069 

2864 

2S65 

3X97 

735 

Dec 

2*65 

+063 

25X2 

2453 85X16 

8631 

Jaa 

24X2 

+064 

2462 

2365 11614 

2652 

Ihr 

23.75 

+0X8 

2360 

23.40 

13181 

2461 

»ta» 

2141 

+028 

23.66 

2323 10036 

1X82 

Jri 

23X1 

*0X1 

23.40 

2300 

6612 

745 

Trial 





85648 1S423 

■ SOYABEAN MEAL CBT (100 tone; Star) 


ore 

1B4X 

+06 

1846 

1835 

2X24 

905 

Dac 

164.1 

♦06 

1646 

163.1 

44685 

8642 

Jaa 

165.7 

+06 

1B8X 

1846 16638 

2X83 

Har 

168.T 

+06 

169X 

1676 

15X63 

1,128 

•tar 

1716 

+07 

172X 

1706 

7638 

439 

Jri 

1TS3 

+1X 

1754 

174X 

6627 

397 

ToM 





94697 

H*B6 

■ POTATOES LCE (Eftorme) 




Hot 

1500 

• 

. 

. 


a 

Mar 

105X 

- 

to 

. 

. 

- 

Apr 

2176 

-u 

222A 

21 00 

1X07 

91 

Mar 

248X 

• 

- 

• 

- 

- 

Jn 

1076 

- 

- 

- 

- 

- 

Teta 





1307 

91 

81 FREIGHT (BIFFBQ LCE (SlOflndex pott} 


Oct 

1899 

+28 

1880 

1885 

518 

3 

Bor 

1888 

+37 

1690 

1855 

3C 

74 

Dae 

1859 

+32 

I860 

1835 

188 

18 

An 

1780 

+13 

1795 

17S7 

1,079 

64 

Are 

1705 

+7 

1716 

1700 

830 

46 

Jri 

1530 

+2D 

- 

* 

144 

* 

Trial 

Close 

not 



3,117 

195 

BA 

1838 

M27 






not 

3538 

>14 

3555 

3435 

7X57 

644 

J to 

3488 

-2D 

3400 

3390 13,473 1 682 

Mar 

3403 

-IS 

3405 

331 S 

7628 

907 

•tar 

3383 

-10 

3365 

3310 

2,799 

205 

JH 

3345 

-20 

3333 

3390 

1X3 

15 

Sap 

3330 

■25 

3300 

3300 

1,423 

20 

Total 





84606 3X63 

■ COFFEE CSCE (376003W cenfeftbri 


Die 

20185 

+560 

20750 

179X0 14767 4.751 

•tar 

208X5 

+5X0 

212X0 

184X0 

11.184 

1796 

•tar 

201 JS 

+8X0 201.75 

189.75 

4^58 

595 

Jri 

20275 

+6X0 203.75 

190.75 

1,513 

175 

Sap 

203X0 

+6X0 

19950 

191X0 

827 

43 

Dac 

20555 

+6X0 

197X0 

19155 

8*0 

81 

Trial 





33689 0X23 


37.650 -0.000 3&200 37.400 8779 1.540 
mm 37.725 -0750 3a 200 37.550 855 30 B 

Stay 39.150 -0.700 38425 39050 Z79 40 

Jri 38675 -0825 48400 38850 283 20 

Ang 38900 -0550 39300 38750 57 4 

mar 19333 1 jm 


LONDON TRADED OPTIONS 

Strike pries S tonne — Calls — — Put* — 
■ ALUMIMHJM 

(98.7 96) LME Dec Mar Dec Mw 

1875 — — — 71 103 34 80 

1700 57 90 44 71 

1725 45 78 57 83 



(ICO) (US cente/pound) 


Oct 14 
Comp. dMy 


Wee Prat riar 

17944 18380 

15 Cay average 19225 19428 


■ Had PHBJIBI RAW SUGAR LCE (cante'ttn) 


Her 


1192 

1286 +952 
1296 +843 
1295 +0.41 

Tetri 

■ WHITE SUGAR LCE (Stoma) 


90 


«0 

540 


■ COPPER 

(Grade A) LME Dec Mar Dec Mar 

2450 83 111 68 99 

2900 68 88 83 125 

2S60 40 89 114 166 

■ COFFEE LCE Nov Jan Nov Jen 

3550 40 218 52 280 

3800 22 200 84 312 

3650 11 184 123 346 

■ COCOA LCE Dec Mar Dec Mre 

925 35 85 20 38 

950 22 71 32 47 

975 IS 58 48 SB 


Deo 


34450 +820 348J0 34000 3JB48 523 

Mv 338.60 +4.10 34000 33&50 8,132 1252 

H« 33860 +890 33890 335.40 1698 383 

taa 33840 +350 33870 333X0 2233 273 

Oct 31730 +250 31840 31540 289 159 

OK 31860 +230 4 

Tetri ISAM 2580 

■ SUGAR IV CSCE r)12X0C/ba; cents flba) 


■ BRENT CRUDE IPE Nov- Doc Nov Dec 

1600 45 1 48 

1650 1 2S 4 77 

1700 3 15 118 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per berrel/Dec) +or. 


Mar 1262 +025 1283 1259 6278919347 
mar 12.79 +020 1230 1258 19624 3321 

Jet 1238 +818 1239 1248 12997 1,616 

Oct 1239 +0-1 B 1239 1222 10.432 1.134 

Mar 1200 +0,15 1136 11X1 1.446 68 

UST 1200 +0.15 9 

Total 12878228704 

■ COTTON NYC6 (SOJMOttw; canta/tos) 


Me 6864 -050 6860 6880 24728 6380 

mr 7035 -030 7145 7032 12744 1.745 

■qr 7135 -035 72.10 71.40 6302 370 

Jri 7133 -057 72.73 71.73 4JJ51 174 

Oct 0845 -015 - - 543 21 

OK 6890 4127 8526 03X0 2388 75 

1 W 50378 UBS 

II ORANGE JUKE NYCE (16,000835; cente/tre) 


-4.75 


Stiver Rx 

p/tray oz. 

US cts equhr. 

Nm 

Spor 

335.45 

539X5 

Dee 

3 months 

340X5 

5*570 

Jm 

6 nwnfhs 

345X0 

554.10 

f6b 

i year 

35760 

571 as 

Bar 

Gold Coin* 

S price 

£ eaifiv. 

Apr 

Krugenand 

391-38* 

244-2*7 

Trial 

Maple Leaf 

398.75-402X5 

. 


Atotv Seva mre> 

91-94 

57-60 



Latest Dev's Open 

price (Hasps Hfcb Inf tel Vri 

4825 +866 4840 4750 10,349 123B6 

5875 +029 3830 SS.1S 20710 9.119 

5525 +009 5845 5800 11.649 2648 

5430 +019 54,70 54.10 5797 1359 

54.70 -810 54.70 54.70 3397 308 

5820 - . - 4524 309 

70328 28781 


Tea 


The Tea Brutal's Association reports only fair 
demand. Better ltquoring Aweraa met sateetto 
enquiry and prices dropped 3 to 8p taKhring 
gusty. Meriums also came to an easier mar- 
ket luring 2 to Bp. Ptfner descriptions were 
much to*rer where sold. Bright Kenya* opened 
re fogutar rates but dosed geneidy 4 to 8p 
lower, wtde nwcflrens tost 2 to 4p. Bwuncfa 
met better companion ana prices were My 
firm to deem, Geyttne aiao cane to a sightly 
lower market. Brighter wa were firni tut plai- 
ner types agafri lost ground. Quotations: beat 
avtafetea isopftg. com. good 138 pag.. pood 
medura 120 p/kg., median 112p/kg., tow 
moduli 84 p4«. nam. The Mrteat price real- 
ised this week was 190p tor an Assam pd. 


Aw 10535 +035 10630 10330 6,645 4.824 

JM 109.15 +450 10925 10855 7.774 909 

Her 11220 +5.00 11130 10950 Sjtt9 241 

Kf 115JH +420 11SJD 11225 1241 G? 

Jri 11820 +855 11800 11850 710 103 

Sep 111.15 +W0 1210} Ttaoo 354 fit 

Total 22^90 6278 


VOLUME DATA 

Open Merest end Volume data shown for 
e o wre uB traded on CfflriEX, NYh£X, CBT, 
NYCE, CME. CSCE end IPE Crude Ol are one 
day m 


INDICES 

« REUTERS (Bess: 18 / 9 / 31 ^ 100 ) 


Oct 17 Oct 14 month ago year ago 
2060.7 2Q62J) 2112.2 1681.2 

■ CRB Priunee (Baar 1967^100) 


Otfari 

S1466-4.7BS 

+0X80 

Brant Send (datecO 

SI 5,73-5.77 

+0.155 

Brent Blend (Dec) 

S1561-562Z 

+0.135 

W.TJ, (1pm eat) 

S17.19-7J23Z 

+aii5 

■ Ott. PRODUCTS NWE prompt dcfiveiy Cff (tonne) 

Premtwn GasoSna 

SI 72-176 

+16 

G8S OO 

5152-163 

+20 

Heavy Fuel OB 

S8&90 


Naphtha 

SI 63-170 

+2.0 

Jri fuel 

SI 72-174 

+06 

Drew* 

5155-166 

+U 

PrirriwB Arpua, fri. Union P7V xo Bfga 


■ OTOW 



Gold (per troy az$ 

S3W^0 

+160 

Sfvnar (par tray az)4 

53960C 

+1-00 

Pteltnurn (per tray az_) 

S416J25 

♦260 

PaOadkxn (par tray oz.) 

6163-50 

40.75 

Copper (US prod.) 

121.0C 

♦1 

Load (US prod.) 

3S.15C 


Tin (Kuris L umpre) 

ias8c 

+007 

Tin (How Yorii) 

2S6c 

♦ID 

Catfle (Bve woighljt 

119-OSp 

+2.11* 

Sleep (Ivb welghOt* 

0Q.92p 

+068- 

Pigs (Bva wagW) 

tzjsso 

+iaz- 

Lai day sugar (raw) 

5811.4 

+02 

Lon day eugar (wie) 

S34&0 

♦7.7 

Tate & Lyfe axport 

2306.0 

+2-0 

Barley {Eng. feed 1 

Ltoq. 


Mate (US No3 YaSow) 

S132.0y 


Whea (US Darlt North; 

C105.Ou 


Rrittw (Nov)« 

32.00p 


Rubber (De^f 

91.50c 


Rubber (KLRSSNel Jug 

3/52.0 

-ID 

Coconut OB p«Q§ 

S6l5.0u 


patm 0» (MSay.)§ 

sssaot 

+10i) 

Copra (PtiU)5 

S394Xu 


Soyabeans fUS} 

2155.0V 

+1.0 

Cotton Out/ook'A' Index 

7360c 

+020 

WbritOps (545 Super) 

436p 



ACROSS 

1, 10 Offer opener to small com- 
pany with organiser; you get 
the second free (3A3^A3) 

U Inferior time to bade revolu- 
tion in fodder crop (&3) 

12 Trouble at great event on 
river (7) 

13 Sanction use of last piece or 
octavo paper (7) 

14 Show enthusiasm at swan's 
cough? (5) 

16 Childish missile may be pared 
in part (5,4) 

19 Keep going by stem (9) 

20 Primate among students 
attached to the collar? (5) 

22 Without me ac ademics could 
be producers of drones (7) 

25 Our two grams may become 
too big (7) 

27 Little time In basin, long time 
for reduction (9) 

28 This country, like the east, 
gets Russian order (5) 

29 Where’s my shroud? (4AM) 


DOWN 

2 Negro word for malefactor? 
<9> 

3 Prison stops are last (5) 

4 Ornamental fruit-tree cause 
water pressures, in part (4$ 

5 Three-quarters of half a 
degree in board game (5) 

6 Post-natal treatment for pure 
peari(9> 

7 I had a house in the state (5) 

8 A little bit of fire, for example 
CO 

9 Gold In pithead is to be lent 
(6) 

15 Another name for obligations 
arising in horse medicine 
shortly (9) 

17 Things that happen to man 
with Latin name in Pennsyl- 
vania (9) 

18 Plus sign, as It were, man 
parsed incorrectly <S) 

19 Printing touts like this make 
a painter (7) 

21 Bar-man goes west in stratum 

.. (6) 


24 Holy man's help is settled (5) 
28 The ruling digit? (5) 


Satuntey’s prize puzzle on Saturday October 29. 
Solution to yesterday’s prize puzzle on Monday October 31. 


C pw tom irtns oBndm sated, p pvncWfc*. ft ohmAl 


Oct 14 
22828 


Oct 13 month ago yew ago 
227.54 229.18 217.98 


rjmgrit/Vg. m Biremta n oantMg, y bri/Dao. v Nox/Hk. u 
to. < Nov. f LonU* RiystaA § OF ftoffir- 


OWtiav. j Osq. , 

6m. 4 Uon maitcat dtoa. 4 Stojp il<« prlc«L * 
OhmgB m O Mere ■« lor pmtare dqt 



fO 


iotsis 


the French have turned their 
attention to feta and mozza- 
rella cheeses to take advantage 
of the popularity of Mediterra- 
nean products. 

The Dutch, unlike the Ger- 
mans and French, also seem to 
have missed the growth of 
European demand for new des- 
serts. 

One reason for the lade of 
innovative skill seems to be a 
conflict of interest within the 
Netherlands’ agricultural co- 
operatives. 

At dairy co-operatives, the 
owners - the formers - want 
high prices for their milk. But 
the cooperatives would be able 
to malt** more long-term invest- 
ments in research and develop- 
ment of new products if raw 
material prices fell, the report 
said. 


otiig^ 


SP 
falls 

SAe 


COPPER fluctuated wildly on 
the London Metal Exchange 
yesterday, reaching $2,520 a 
tonne at one stage before dos- 
ing $5 down from Friday at 
$2,476.50. There was a $S a 
tonne premium for metal for 
immediate delivery compared 
with three-month aluminium 
at the close and that backwar- 
dation (premium) reached a 
notional $50 at one point Trad- 
ers said the bulk of the activity 
reflected “third Wednesday” 
pricing and trading, and cover- 
ing against nearby option com- 
mitments. Big cash purchases 
defended the $2£00 level in the 
morning before heavy Far 
Eastern s elling and fund liqui- 
dation established the lower 
trend, they said. 

ALUMINIUM prices reached 
a new four-year high of $1,720 a 
tonne before closing at 
$1,715^0, up $7.75. 

Compiled from Renters 




»-* 

■ • - .i 




r -I 

* « 

-*i 


- -> 


■* » 








.V. 


\ v - 

ll/' 1 - 


- '-4 b r 




\. 
ft. .. ‘ 

k- ■ - in-. 


• ^ ^ 
















1 ' ''I'.. 




cow 




ith £0.1 
end list 


i 


FINANCIAL TIMES TUESDAY OCTOBER 18 1994 


31 


LONDON STOCK EXCHANGE 


■***WET REPORT 


Footsie bounces from 3,100 in subdued trading 


FT-SE- A AO-Sluro Index 


1,650 


By T «iy Byland. 

UK Stock Market Editor 

Firmness in government bond 
pnees yesterday helped the UK 
equity market recover after at first 
dipping below the Footsie 3,100 
nwrk recaptured so recently. The 
London market was also helped by 
rraewed focus on the defence sector 
after suggestions that GBC, already 
atchin ^ developments in 
the VSEL situation, might be inter- 
ested in bidding for British Aero- 
space itself. 

London traders maintained that 
the outcome of the German elec- 
tions had been widely foreseen, bat 
the big dollar earning stocks were 
subdued by uncertainty over the 
medium term outlook for the US 
currency. Oil shares lacked strength 
as the Iraq-Kuwait situation 


appeared to become more stable. 

Trading volume was generally 
poor, but with activity in the 
defence stocks boosting the Seaq 
total. A trading programme ranging 
across the FT-SE 100 and Mid 250 
stocks was printed in the second 
half of the session. 

Osd by stock index futures, the 
market bounced from its early low 
and, at the day's best, the Footsie 
was 26 points ahwwi Support faded 
later and in spite of a rise of 
IS points on the Dow Jones Indus- 
trial Average in UK trading bourn, 
the final reading of 3.120.2 on 
the FT-SE lQOshare Index showed 
a gain on the day of only 13.5 
points. Private investor interest 
appeared to have faded away again, 
leaving the broader range of the 
market without much strength to 
face profit- takers. 


The FT-SE Mid 250 Indwr gained 
4.6 at 3*S48 and overall volume of 
459.5m shares through the Seaq net- 
work showed a fall of nearly one 
fifth from Friday's total. Volume in 
equities was boosted at the dose on 
Friday by the sudden weakness in 
the US dollar which prompted some 
US selling of the blue chip interna- 
tionals in London. 

Press suggestions that GEC might 
bid for British Aerospace were not 
new, having been widely canvassed 
as a part of the general reshaping of 
the western defence industry envis- 
aged following glasnost 

There was significant market sup- 
port for a GEC move yesterday, 
although few analysts expect such a 
development without offical sanc- 
tion. At least one sector analyst 
rejected any suggestion of a GEC 
strike. Trading figures from VSEL 


Had little impact since the share 
price remains linked, via the share 
bid offer, to the Aerospace share 
price. 

■ Shar ps in Eurotunnel responded 
firmly at first to the board's interim 
report, which rejected outright any 
talk of another rights issue or 
threat to banking covenants. But by 
the close the shares were slipping 
away as analysts focused on the dis- 
appointing downgrading of 1994 rev- 
enue forecasts. 

Traders took a mixed view of 
prospects for the UK equity market 
in the near term. The institutions 
were dearly keeping out of the way 
yesterday, waiting for the latest UK 
Public Sector Borrowing estimates, 
wich are due this morning. Most 
forecasts are for a sharp Increase in 
the September figure ami there is 
some doubt as to how this would be 


taken in the British government 
bond market 

The recovery in UK gilts remains 
the key to a genuine rally In UK 
equities and analysts noted yester- 
day that the FT-SE 100 Index is still 
unable to break away from the 3,100 
level which appears to have become 
a significant barrier. 

However, some traders com- 
mented that much of the potentially 
unsettling news in the market - 
ranging from the German elections 
to tbe latest raft of US economic 
statistics - is now out of the way 
and that UK equities could resume 
their upward path. Doubts over the 
delay In recovery in retail spending 
failed to bold back shares in the big 
store groups, and banking stocks 
continued to hope that domestic 
base rates can remain at present 
levels, at least until the new year. 



Equity Shares Traded 

Tumarr oy volume flnUonf. Exdwdhir 
Mra-fiwfeai fauamssa and mma tumorer 
1,000 



imfleu and ratios 

FT-SE 100 312X2 

FT-SE Mid 250 3548.0 

FT-S6-A350 15834) 

FT-SE-A Af-Share 1548.45 
FT-SE-A All-Share yield 3.87 

Best performing sectors 

1 Chemicals _ — — 

2 Bectridty — .... 

3 Tobacco 


+13.5 

+4.9 

+SS 

+5.34 

04 * 9 ) 


4 Spirits. Wrwa & Cider. 

5 Tatecofnmwrfeailcrts __ 


FT Ordinary Index 2400.4 +92 

FT-SE-A Non Fms pfe 19.05 (18.98) 

FT-SE 1 00 Fut Dec 3140.0 -18.0 

10 yr GSt ytotd &56 (9-65} 

Long giB/equHy ytd ratio: 2.22 (2.23) 

Worst performing sectors 

1 Gas Distribution .-1,5 

2 Buficfing & Construe 4X8 

3 Engineering. Vehicles -4X5 

4 Other Services & Bans _-0.4 

... +0.8 5 Textiles & Apparel -0.4 


+1.7 

+ 1.1 

+ 1.0 

♦ 0.8 


Spotlight 
falls on 


The spotlight in the VSEL 
takeover saga swung away 
from the submarine maker yes- 
terday. to beam foil square on 
British Aerospace following 
weekend press reports that 
BAe might itself end up the 
victim of GEC’s huge cash 
balances. 

BAe, which has an agreed 
offer for VSEL on the table, 
surged 28 to 498p in turnover 


of 55m, at which level its mar- 
ket capitalisation is around 
£L87hn. At the last count GEC 
was known to be sitting on 
cash fends of some £3 bn. 

GEC, which last week 
declared itself as a potential 
counter-bidder for VSEL, is 
widely understood to have held 
talks last year aimed at merg- 
ing its defence business with 
that of BAe. 

GEC opted to play its cards 
close to its chest yesterday, 
putting out a firm no comment 
statement Hie shares rose 2 to 
295p in turnover which at 3.7m 
suggested that the rumour mill 
was not having too great an 
effect on activity. 

VSEL dipped 5 to 1320p fol- 


lowing half-year results which 
included an increased interim 
div idend and a rfafllfl ration that 
September cash balances stood 
at £364m. 

Eurotunnel down 

Eurotunnel's announcement 
that revenue for 1994 would be 
in tbe region of £34m, and not 
the £137m forecast at the time 
of the May rights issue, left the 
shares down 7 at 22ip, the low- 
est since February 1983. 

This was far worse than even 
the moat pessimistic London 
analyst had expected and the 
company now has very few 
friends in the City, UBS reiter- 
ated a sell notice which has 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures were 
volatile In dull volume, 
swinging about erratically but 
eventually dosing comfortably 
up on the day, writes Jeffrey 


Brown. 

The FT-SE 100 December 
contract was 18 points higher 
at 3,140 at the official 4.10pm 
dose, having touched a 3,163 

■ FT-S£ 100 WOeX RfTUBES (LUTE) gZ5 par fcjl Index port 


(APT) 


Open Sett pried Ctaige Hgft Lc 
OK 31244) 31404) +180 31834) 31164) 

Mar 31834) +184) 

■ FT-SE MB 250 0TOC FUTURES flJFFQ CIO pteMrttat port 


Eat ml Open to. 
12611 58297 

0 3786 


DM 


357041 35700 +104) 35804) 35700 


20 


4224 


■ FT-SE Mp 250 MPEX FUTURES jQMUQ CIO per Ml Wax point 
Dec - 35700 

M open Murad flpna ■» •» previous day. f Brad vrtane reran. 


■ FT-SE 100 aa>exOPnOW(LJffE)r312q) £10 per IWInriw point 


Oct 

NO 

Dbc 

Jan 

Jtaf 


2980 3000 3080 3100 3100 

CPCPCPCRCP 
175*2 1 131 1*2 «2 4 3S*z Kfe 12*2 88 
ISO 13*2 «7i* 33 85 49*2 58*2 71*2 
216 29*z TS1*i 41*2 144*2 S*2 113 7S*z 83*2 98 


3200 9250 3300 

C P C P C P 

2 80 1 130 1 ISO 

30 102 22 139*212*2 182 
62 TZ4*z 42*2 156*2 28*2 194 


M1*2 43 286*2 » T7B 70*2 140 91 110*2111*2 99*2 140 97*2166*2 52 205*2 
2» 90*2 210 136 190 185 115 241 

Orta L982 Ns 5087 . 

■ EURO STYLE FT-SC 100 MOEX OPTION (UFFQ CIO per fdUndst point 

2975 3025 3075 3125 3175 3225 3975 3325 

Oct 152 1 103 2 57*2 8*2 23*2 22*2 B 55 1*2 1 1 148*2 1 199*2 

NW 178 17*2 1® Z7*2l03*a 42 73 61 « 88 39 117** 17 154*2 * 1«S*2 

Dec 107 34 ISO** ** 83 97b 83 71^106^40*2133*2 33 167 22 205 

Bar 215*2 81 1S*2l18*2 106 168*2 98*2227*2 

Jmt 258184*2 199140*2 146*2 185 165 238*2 

Ctea 2018 Mi 90S * IMRtrtaB lata ream. fanfare turn res treed eo fatarert print 
f low (fated erjfa rawha. 

■ EURO STYLE FT-SC MP250 IHDEXOPDOM (QMUQ £10 par M Indan point 


Oct 


3400 


3490 


3800 3080 3800 3850 3700 

1W» 82k 1« 1064i 78*a 134*2 


3760 


Crib 0 Mi 0 SaBemonl prices end i 


best for the day towards the 
end of the morning session. 

At this level the premium to 
the cash market was around 
20 points and the fair value 
premium just short of 13 
points. 

Trading volume was fiat, with 
just 11,811 contracts showing 
at the official close, down from 
an average of 15,000 for the 
final two days of last week. 

Traders said there was very 
fittSe two-way business and 
that most deals ware hard to 
trade. "Everybody’s unsure of 
direction," commented one 
trader. Futures markets were 
watching the dollar, as It made 
Its response to the outcome of 
the German elections. 

On the upside, traders aee 
3,170 as the most immediate 
selling point Wall Street 
continues to provide the 
strongest leads. 

Activity in traded options 
was also light with 22,778 lots 

compering with 3A231 
contracts on Friday. FT-SE and 
Euro FT-SE trading accounted 
for just over 14,000 lots. 

British Aerospace headed 
the Bst of active individual 
options wtth 1,868 tots dealt 
British Steel ft .84 4 kits) and 
HSBC were also busy. 


been in place for a record- 
breaking seven years. 

Few houses had any clear 
idea of where Eurotunnel's 
trading patterns go from here. 
The general consensus was 
that if another immediate cash 
call has been avoided there 
could yet be painful decisions 
early in the new year. 

ICI strong 

Chemicals leader ICI outper- 
formed the leading share index 
smartly on a rewnhhiatlfln of 
positive press comment and 
analysts’ recommendations. 

Initially, the shares spiked 
higher as one newspaper 
argued that any softening of 


TRADING VOLUME 


■ Major Stocks Yesterday 

VoL CMng Do*'* 
gXH price thanoa 


But Octet 

Book*- 
Bocttj - 
Bowanrt 
BA 


S3 


CBfcta AWnf 


<900 


c*auy ScH*rppo»t 10OO‘ 

cScnCCrarm.t 

Cootaon 
Coutaukfct 

Dtanj 

EMtomBoctt 


issssar 

EtiotMcW UnM 
FW 


FT - SE Actuaries Shar 


The UK S 


a-*=-t 


Do*'* 

Oct 17 crigoH Oct 14 Oct 19 


Year Ota. Gan. 
Oct 12 ago yiekJ% ytefcltt 


P/E Xd«4 Tote* 
mOo ytd retun 


1JOO 


FT -36 100 

81202 

+04 

31007 

31413 

3100.6 

31373 

4.04 

638 

16.97 11035 1183.73 

FT-SC MW 250 

35410 

+ 0.1 

3543.4 

36563 

35363 

34883 

332 

075 

2096 10630 132436 

FT-SC BM 260 «( hw Trusts 

3541.9 

+ai 

35373 

3650.1 

35305 

34863 

339 

623 

1062 112.79 131058 

FT-SE-A 360 

1583 J 

+ 0-4 

15574 

15723 

1554.1 

15833 

332 

838 

17.74 5338 

1212.66 

FT-SE SmaNCap 

ifloaifi 

+ 0.1 1798 . 13 1797.73 1791.14 179121 

328 

430 

2530 4639 

136078 

FT-se SmsBCap «x taw Trusts 

178726 

+ 0 - 1 178622 1 T 64 S 1759821777.18 

046 

546 

2333 4833 

1378.63 

FT-SE-A ALL-SHARE 

154 S 4 S 

+ 03 1643.11 165634 1538 . 72 1648.78 

337 

636 

18.14 5238 

1221.57 

■ FT-SE Actuaries Afl-Share 












Osyy 




Ysar 

Dtv. 

Earn 

FYE Xd ref. 

Total 


Oct 17 digs* Oct 14 Oct 13 Oct 12 ago ytaMK yidd% ratio ytd Return 


ID MINERAL EXTRACTIONfM) 275X30 

12 Extractive Mutdrtao( 4 ) 4011 97 

15 Oi, Intogratodp) 2707.47 

16 08 Batanrtton & Ptorifll) 1904.00 _ 


*02 2747*7 2789.40 2747.05 2387.90 
+06 3993.74 404802 401841 308140 
+0.1 270403 2722.80 2887 0? 2383.10 
+04 1837-32 1907.51 191209 197300 


334 

497 

2544 8146 

1108.17 

330 

5-11 

34.19 9832 

110732 

048 

535 

2042 8530 

111338 

2.18 

t 

* 38.03 

110132 


•or . 

iSsrL*vy 

SBW 

Lmtoeirf 

UrtfBKMttwt 

Laporta 

(jgMavmlt 

B8F* 


20 OB4 MANUFACTUBERSpBT) 1903.74 

21 BuStitng & Coortuctlonp3) 107157 

22 BuUnp Mo US & Morchs£2) 1859.42 

83 ChemkatoPS) 238705 

24 Ovensiflacl tncftMtrtab(16) 181900 

25 Bectrante & Boot &MP04) 1teA82 

28 Enoim>ertn«71) l^ 80 

27 Bftjlnearino. VaNctaa(1Z) 2280.72 

28 Printing, Paper 9 PckgpS) 280286 

29 radllea 9 Appanalgfl), _ 18 81.77 


+02 1399.11 1B13J33 1894J0 190A80 
-081077^7108121 1088^8115230 
404 1861 J0 185083 184R21 195140 
+1.7 2327.77 234054 234065 222&80 
-02 192441 194041 1797.74 197140 
+02 1820.75 194077 1833.71 2138.40 
+04 1823.11 193949 182080 197240 
-05227226 2277.15 2264.00 19CXX30 
+01 279957 200024 2797.71 2447S0 
-04 1638.08 163856 1634.73 1902.60 


400 

632 

2416 8636 

97321 

London Bscl 

338 

8.17 

2549 3530 

84418 

Lucas 

337 

638 

2336 6830 

88071 

»ct 

331 

436 

28.68 7938 

706041 


533 

8.10 

2335 82.75 

93637 

Stems SSpanca 

331 

066 

18.18 6035 

94334 


3.11 

438 

2425 48.78 

104022 


443 

148 

SOLDOt 9254 

1105.70 

tteWAre 8«n*t, 

3.06 

536 

2137 7533 

11046S 

Nsdonsi Po+rerf 

413 

830 

1858 48.00 

92332 



TK 


30 CONSUMER OOODS(97) 279026 

31 drewwlesUT) 

32 Sputa. Wlnaa 8 CMMrapQ 287720 

33 Food Mam* mj t i uwB<23) 2317UU 

34 HCusahoMl <3oo*te(T^ 341012 

36 HfloRh Core(21) 

37 pf mn ioeeutlc o taflg) 222 » 

TotooccotP BML 


+06 277253 278CL8B 273027 2795.10 
+08 221433 223037 220441 2047 JO 
+09 286231 2860552617^52657.40 
+07 230042 2311.07 2288.15 233820 
+08 240080 238089 235080 280010 
+06 183073 182004 161148 189550 
+04 3071X31 306645 301328 318990 
+1 JO 3817J03 383351 3754.12 4Q74JM 


40 SERWCESpaia 

41 DtsW>UWr^5W 

42 Leisure A HoWbC2Q 

43 Mw*a$B9 

44 Roridtera. FoodfIS) 

45 Rotators, GenoraK 4 ^) 

48 Support Sewtees(41) 

49 TranspOrtfIG) 

SI Oder Sfi jgs 9 aarisugL 

so rniLmesps) 
e2 EktctrfcatyfiT) 

64 QM 0tetrS*4kx^) 

68 TaKcomnumfcotfowW 
fiS WaWril3) 


191034 +03 191080 1929:45 1909.80 190000 

258080 +022560882680^3 254742289830 

208238 +0.1 207948 208839 2081.14 196040 

282074 282732 2867.85 281930 288&60 

171348 +07 170138 173079 1711.74 188430 

186548 +07 164434 186437 1640.04 1707.70 

150933 150047 151036 148338 163740 

2272.42 -OI 227534 229083 228142 2314.70 


427 

425 

720 

7.71 

18-06 107.70 
1S74 61.10 

984.89 

99821 

Morth+m Foottet 

336 

6.74 

1736 10133 

96843 


4.19 

756 

1534 8499 

97759 


3.78 

752 

1532 8252 

87226 


007 

328 

42.78 4824 

955.44 


427 

635 

1838 128.18 

98838 

RTZt 

533 

8.92 

12.04 21737 

879.31 

3.17 

636 

1835 5158 

94428 


087 

7.18 

1651 82.69 

891.79 


333 

478 

2463 8739 

102930 

aas? f 

Rsotaref 

Rate Roycsf 

246 

631 

2136 6942 

98354 

3.70 

930 

1330 62.00 

1028.14 


019 

2.79 

028 

3J3 


058 

840 

657 

8.75 


1090 4423 
II 

2080 5028 
3031 2532 


107022 


fifl NOW-FWANCIALS ff ^. 

70 RNANClAI3tl04) 

71 BantoflO) 

73 mncance(17) 

74 Ute AssursncsW 

75 Msrchsnt flmfcsfB) 

77 other Riwncifll(24> 

79 Proporty<41L 


80 


■mu«t»*NT TriUSfTBfiajL 


FT-3E-A ALL-SMAREpa^ 

■ Hourly nwiromente 

oi"" 


2428.70 

245945 

193437 

208930 

189033 

+03 2411.19 245037 2*3836 249410 
+1.1 2432.15 247336 2455392162.80 
-15 198336 201133 200433 210630 
+032068.132099.10206081 2309.10 
+03 187538 1B86L23 1875.78 196530 

434 

3.73 

8.19 

337 

5.14 

7.76 

1OL0f 

t 

7.55 

1252 

18.71 8137 
1132 83146 
*11738 
16.12 5022 
8.71 6935 

937.70 

1022.79 

907.77 

088.41 

94436 

167442 

♦0.4 166774 168132 1663.68 166439 

384 

030 

1905 8532 

118838 

2182.13 

285138 

127038 

238450 

274934 

1834.70 

148035 

+0.1 217931 220933 217838 233730 
+02 2845.56 2892A8 263759 2900.70 
+0.1 126832 129438 128036 147950 
+0.1 238337 2432.10 241835 275340 
-02 27B5J0 275738277033 320730 
-0.1 183732 1835.44 1819.17 183030 
-03 1483.17 147338 1458.19 1683.90 

444 

423 

532 

531 

3.78 

336 

430 

839 

moo 

928 

739 

1202 

852 

426 

1231 8834 
1135 11639 
1255 6933 
1548 12732 
939 67.78 
1404 6331 
29.85 4332 

888.18 

857A6 

875.79 

91508 

830.10 

98337 

84739 

2778.43 

*02 277432 278908 276428 2^3.70 

231 

134 

52.12 5330 

93433 

1548.45 

+03 1643.11 165834 1839.72 1548.78 

3 37 

656 

16.14 5228 

122137 


)A«taMLt 


i|WLK) 


lUWt 


Soutti WUM Ssgl 


fitertdfcd Qwtd.f 


9100 


1530 16.10 HlgtiWcr Lcw/day 


1030 1130 1230 1330 1430 

'V ir «6 31134 31173 31205 31213 81143 31133 31183 31203 3132.7 30993 

FT-* 100 SJI4 35403 35484 35508 35495 35400 36473 36402 35508 35404 

SSaMO 60 1^43 1MQ3 15613 15883 16809 15608 16606 1591.7 1583.1 15883 15544 

T^MFT-SE 


phojiTBCCUOda 

waw 

Banks 


Open 

930 

1030 

1130 

1230 

1330 

1430 

1930 

10.10 

doss 

Previous Cfrenes 

10113 

30443 

18753 

28663 

1009.0 
30583 

1879.1 
28703 

IOOB.1 

30049 

1683.6 

28773 

10093 

3068.4 

18873 

28883 

10093 

3082.4 

18883 

28783 

1008-7 

3QBAP 

18893 

28705 

10063 

305<X3 

1688.6 

2870.8 

100&4 

30541 

1888.4 

28753 

1008.4 

3058.1 

1E87.T 

2887.6 

10083 

3056.1 

18883 

28874 

1024 A -72 
29700 +113 

18753 +14.8 

28854 +8.4 


tMsdllttutet 


WteiKWr 



SB? » +1 

868 <08 -8 

1^00 570 +13 

1 4M +8 
7<0 778 +2 

SCO 234 +1 

1,100 <88 -a 

478 1B3*j H*2 

1,200 <23 +10 

1,100 2B1 +1 

1.700 401 +* 

49 1338 +6 

201 611 <# 

1,100 338 +6 

1.100 354 +7 

MCE iBPj ►‘r 

B80 196 « 

1.100 392 +7 

340 387 +7 

2400 730 *3 

<87 5*8 *2 

833 233 -7 

80* 453 *6 

M* 1*7*2 *> 

W <3S +*2 

919 96T -1 

w «o +a 

B W * 

12 754 +4 

o< Re 

33 7JB ts 

71 566 +3 

2 * 00 201 +1 

3,000 20B <L 

2.100 340 44 

121 221 

3.100 380 _ 

osd 21B a \ 1 

1400 1*1 *1 

74 *31 +8 

0 * 120 -1 

1500 234 ■*! 

861 6C7 *8 

« 1506 VU 

730 220 +*S 

WOO m -3 

2400 340 «e 

473 1157 +13 

MOO 311 *2*3 

4M +8 

212 +8*S 

043 -10 

«0 11 

842 

817 +7 

649 +3 

344 +7 

161 '1 

147 -5 

773 «S 

000 +10 

529 +3*2 

033 «0 


1500 

3300 

830 

680 

3)0 

as 

118 

MOO 

1400 

507 

a 

407 

173 

861 


tend an tacs^j ntems lor ■ triseaat el write 
*W3*«** Ml noutfi to 8EM qOH 
PM4 •*■• 4JtoBi UmIbs of ana itMob cr 
bm — minted dswi t Infntm 1 FT -36 
100 la ' 


commodity prices in the US 
would be irrelevant to Euro- 
pean chemicals groups because 
of the low levels of Its exports 
to the US. 

Then, securities houses UBS 
and Hoare Govett stressed 
their positive view of the stock. 
Mr Martin Evans of Hoare said: 
“Given tbe forward momentum 
of earnings recovery the cycli- 
cal rating has scope to expand 
upward.” Even NatWest Secu- 
rities, which has a more down- 
beat view of the stock, antici- 
pates “sparkling” third-quarter 
figures on October 27. given 
the ‘‘dramatic product price 
increases coming through in 
petrochemicals, plastics and 
some bulk inorganic chemi- 
cals”. A rash of cheap buying 
following last week's weakness 
saw the shares recover 25 ‘A to 

818p. 

US sellers of BP 

News that US investors have 
continued to reduce their hold- 
ings in BP in recent weeks left 
the shares slightly under the 
weather and finally a p enny 
easier at 42lVip, although deal- 
ers were at pains to point out 
that the stock had outper- 
formed the market by a sub- 
stantial amount this year. And 
the stock price was helped by 
bullish noises from Lehman 
Brothers, the US brokerage. 

BP said ADRs issued by Mor- 
gan Guaranty Trust of New 
York accounted for 19.54 per 
cent of BP'S issued capital, or 
1.07bn shares, down from a 
previous level of around 19.7 
per cent and a high point of 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS (21). 

OB.19 (f) BUtUMHa « CMnW 0Q Shorao. 
V8Mptant. auxt MAILS A MCHTB ft} John 
Uan+tett CHSMCAL8 fti Euopaan Coku. 
OtSTRI BUTtMS (1) Hnefet. HJECTRNC4 
EUECT eaup cq M*te Oa» (H. 
ENOMEERMQ (Q (kiNMM. BMP. VEHKUES 
(I) Afetow StaantoM, EXTRACTIVE M» R 
V to +wte f IrinfcB Flrano. 04^. FOOP 

MAMUP (0 CPL AltWBA. HEALTH CARE (1) 
Ey+cara Ma, INVESTMENT TRUSTS R) 
FNa Anon CM* Wta- Pfexr Euro. SmBr. Wrr»_ 
LK AHUUNCE (1) UMRV Ute Aooe. el 
Akta 08. MTEORAIBI ft) Nortk Hym 
PHARMACamCALS (f) Atta. PKINQ. PAPER 
A PACKO JO Sappt. SUPPORT SOWS (1) 
8«n». SOUTH ATMCMtt (1» SAflOL 
NEWUMSM- 

BANKS HANZ-Bs* of Scot B*pc Pit. Do 
Mpo Pit Nan. AuMta Bate, buldmq « 
CNSTRN RB8IEAM (A+Q. BUM MAILS 
A MCHTS {9 OywM M & 4- Tkon. 
MTMIIORS <*) ABI IMn, EW Fats. 
Peawa. am. nvs«na> t«xs (tj era 
N*k. ELECTRNC A BJBCT SOUP « OHS 


BtQINSlINO (2) HwttiBAtei^* CmctfA 
BtO, VBSCU9 (1) MMer WOU, BCTRACmS 
MD8 (9) PkMc Aic e«9K. ap« RM. 
HOUSWOLO 00008 CD ftn Oncer, vymn. 
MSURANCE p) Ktenh & McLansn. 
INVESTMENT 1DUST9 12) Fkng. OH Me. 6 
Mm 6Spo-133pe Pdj, Mo+i Tmrinj k+<_ 
MVESTMENT COAriMMES M Korea CHI 
Super ROL. PaitM** fO PtO- At. SponBh 
Smolar Co'«l Do VUmte. LEISURE A HOTELS 
ffl AMnra 6Np PL FankWtaM. 8Mdrir (iMig. 
MEDIA |3) NoddBr HNSa. (kotoTIMy WL 
MSKHANT BAMCB n VVtaBMC OTHER 
HNANQAL (4) E+co. London Hnwics A 
WnriN AumMS. TynM MS Qpttara. 
PHARMACamCAIS m QMnpML PHTTHL 
PAPERS PNCMBfOAPL Bwmn, BA. 
TTinnwnn I mniwn lliintm FROmTTT ni 
7)OCO. MounrM* EM, ftppwty TnwpvT). 
RETAOSIS, FOOO (1)Shoplfea, RETAILERS, 
OBStAL n OMon. ctwny COMM. Ryteg 
Horan. OS. IMn. SUPPORT 8ERV8 R) 
Meragwi TEX1RES S APPARB. n Nmcka 
HriMT. CMpri WL Sh+n+oed. 
am*, TRANSPORT (31 Ewotunal (Mb. Mnrn 
McMm IM AS AAEWCANS R) 
CiR oii ln Enwgy Co Inc. MaNy Te c nool o gy. 

above 26 per cent last. year. BP 
shares reached an all-time h* gh 
of 430p last month. 

Shell edged up 3 to 730p as 
the market responded to a bull- 


ish Press report on the outlook 
for petrochemicals. 

Exco. the money broking 
group which came to the mar- 
ket in the summer at I75p a 
share, lost 15 at I79p, after 
lS0p, as the market reacted 
badly to news of the resigna- 
tion, from December 31, of Mr 
Ron Sadler, the chief execu- 
tive. He will be succeeded by 
Mr Peter Edge, who currently 
runs Exco’s money broking 
business. 

Mr Sandler joined Exco in 
April last year and is thought 
to have crossed swords with 
the rest of the broker's board, 
according to dealers. "It looks 
bad so soon after the nota- 
tion,” said one dealer. 

Exco reiterated the view that 
its performance for the year 
“will be satisfactory” but also 
warned of subdued trading in 
the third quarter. 

The dollar's retreat affected 
HSBC, whose fortunes are 
viewed as Indeed to those of 
Hong Kong. HSBC shares, 
which began to weaken late 
last week, slipped 7 to 716p. 

Guinness put on 6 at 466p, 
with NatWest Securities 
adding the shares to its Top 15 
performing stocks. Highland 
Distillers dipped 15 to 4l9p in 
spite of improved half-year 
profits and an extra 0.66p on 
the interim dividend. 

Northern Ireland Electricity 
was one of the star turns in a 
generally buoyant electricity 
sector, the shares climbing 10 
to 385p after the company said 
it is looking at ways of restor- 
ing the electricity transmission 
link with the Republic of 


Ireland, a move long viewed as 
bullish for NIE. 

Pharmaceuticals group 
Zeneca was helped by news 
that it hoped to extend the 
range of its prostate cancer 
drug, Zoladex, in the US. The 
shares rose 9 to 833p. 

Rival Glaxo was assisted by 
the publication of a large trade 
carried out two working days 
previously at above the current 
market price. A block of 4.4m 
shares was placed at 620p a 
share and the underlying stock 
moved forward 3 to 6L5p in 
spite of a persistently weak US 
(foliar. 

The latest national newspa- 
per circulation figures acted an 
various media stocks. Mirror 
Group Newspapers was 2 
firmer at 134p after its flagship 
paper recorded a 058 per cent 
rise in circulation against 
per cent fell in the Sun. whose 
parent company News Interna- 
tional closed unchanged at 
149p. Telegraph shares were 
down 5 at 34lp and Sunday 
Telegraph sales were down on 
the month. 

Cable and Wireless's recent 
bout of outperformance trig- 
gered some switching by action 
funds out of C&W. 7 off at 414p, 
and into BT, up 6 at 400Vip. 

In an otherwise quiet prop- 
erty sector, MEPC fell 10 to 
432p following a downgraded 
net asset valuation by BZW. 

MARKET REPORTERS: 

Steve Thompson, 

Peter John, 

Jeffrey Brown. 

■ Other statistics, Paga 24 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Sum 


Opum 


Pod- 


0d Ju Apr Od Jar Ajr 


-CBfc- 


569 14H - — 8 - - 

rS98) B3S1H--4S-- 

HSfi 280 0 18# 261* 3H 15 IBM 

(*265 ) 280 2K 9V4 17 17 26)4 30ft 

ASOA 60 CK 8KT0K 1 3 4K 

res ) 70 1 3 51* a 8 10 

MAfrOyS 380 25 33% « IK 134 17 


(*3«1 | 


380 4M ItH 30V4 13 2SH 32 


MfttaiA 

420 

18 

31 ft 

41 

3 ft 

16 

24 

r« 5 ) 

460 

1 

13 ft 

23 

28 

38 ft 

48 

Boots 

500 

S 4 

<3 

56 

1 ft 

9 

16 M 

(*531 ) 

KB 

2 ft 

18 

2 Bft 

22 

35 ft 

*1 

K> 

*20 

8 ft 

23 

SSft 

6 

16 

25 

r«i » 

460 

1 

7 ft 

Wft 

4014 

45 

49 ft 

BitU Start 

ISO 

6 ft 

13 ft 

29 

2 ft 

9 

10 ft 

n« i 

180 

1 

5 ft 

lift 

17 ft 

20 

22 

Brea 

500 

45 ft 

54 

59 

1 ft 

13 ft 

17 

fS 41 1 

SSO 

7 

22 ft 

30 

T 5 H 

38 

42 ft 

ore sum 

390 

29 ft 

a 

54 

1 » 

14 

21 

(" 4*3 ) 

420 

6 ft 

25 ft 

38 

lift 

27 ft 

3414 

Coats** 

460 

8 ft 

2 B 

37 ft 

7 ft 

23 ft 

28 ft 

("481 ) 

500 

1 

10 ft 

21 

Wft- 50 ft 

53 

Gamuts 

5*3 

9 

31 ft 

38 ft 

7 ft 

21 ft 

34 

fS 45 ) 

592 

1 

12 

TOW 

48 ft 

53 ft 

67 

c 

800 

25 ft 

52 ft 87 ft 

S 

33 ft 

43 ft 

raiaj 

850 

3 

Z 7 

43 

36 ft 

51 

71 

Sngftrtr 

500 

lift 

30 

47 

8 ft 

23 ft 

33 

ran) 

550 

1 ft 

13 : 

an* 

52 

87 

63 

lantasonr 

SOQ 

30 ft 

41 

52 

1 ft 

11 

16 

rS 27 J 

550 

2 

15 ft 26 M. 

26 ft 

37 ft 

<2 

Marta & S 

420 

9 : 

23 ft : 

Wft 

4 ft 

181 

21 ft 

fM 24 ) 

4 » 

1 

6 

15 ft. 

37 ft 

*3 

46 

KjTTKSJ 

500 

14 

Mft 

45 

8 

21 ft 

36 

raJ 7 i 

550 

1 

nm 

23 . 

( 5 ft 

51 

87 

Sstostoy 

360 

17 ft 

31 42 ft 

3 ft 

1614 

21 

f« 3 ) 

420 

3 

16 ft 27 ft 20 ft 

S 3 

36 

snemara. 

700 

34 ! 

52 ft 

51 

2 

lift 

23 

C 730 ) 

750 

3 ! 

ZZftMft 

24 ! 

33 ft 

40 

Brtnre 

200 

ISft 

IBft 

22 

1 » 

7 ft 

12 ft 

ra» 7 ) 

220 

1 ft 

7 12 ft 

15 

10 

24 

TttfUgar 

60 

10 ft 

13 Wft 

1 

3 ft 

5 

r 88 ) 

00 

2 ft 

7 

014 

4 ft 

7 ft 

8 ft 

IManr 

1150 

19 

51 

67 

11 3514 53 ft 

(11561 

1200 

3 ft ZTft 43 ft 

49 

95 

83 

Zensea 

800 

38 

88 74 ft 

3 ' 

IBft 

34 

raa) 

MO 

8 ft 

36 

48 24 ft 

42 

60 



Ho* 

Ml 

m 

Boy 

FtS 1 

**r 

craft MM 

420 19 ft 

31 

30 16 ft 

23 26 ft 

C 42 BJ 

460 

6 

14 22 ft 38 ft 

« 

50 

tacfirafci 

140 29 ft 

28 

29 

2 

4 ft 

7 W 

nsej 

160 

7 14 ft 

18 

9 

13 

17 

UBtascrti 

300 

19 28 ft 33 ft 

6 ft 

9 ft 18 ft 

ratoi 

330 

Bft 15 ft Mft 

24 26 ft 36 ft 

Ofttti 


One 1 

rite . 

tea 1 

Ok i 

MS- . 

JUS 

Rsqos 

no 

11 16 ft Uft 

Bft 

Bft 

11 

n*«) 

120 

6 H 

11 ( 41 * 

13 1 

14 ft 

16 

OptHn 


■re 

Prtl 

*m i 

*m i 

Mb 1 

«n 


Opdon 


tew 

Mi 


Nre 

Ml 

itey 

Hanson 

220 

20 

23 ft 

26 

2 K 

BM 

6 ft 

C 238 ) 

240 

Bft 

12 

15 

9 

15 ft 

18 ft 

Lasso 

134 

2 DW 

ra 

ra 

3 

_ 

_ 

D 51 ) 

154 

Bft 

- 

ra 

9 ft 

_ 

_ 

Lucas kite 

180 

15 ft 

21 ! 

2514 

3 W 

7 ft 

12 

H 88 ) 

200 

5 

TO 

15 ft 

Mft 

18 ft 

22 ft 

PSO 

BOO 

48 ft 

a 

75 

Bft 

15 ft 

29 

f 637 ) 

BO 

1514 : 

36 ft 

48 

26 

38 

54 

PMdngcnu 

180 

14 ft 

17 ft 23 ft 

3 ft 

7 ft 

11 

naB> 

200 

4 

913 ft 

14 ft 

ISft 22 ft- 

Pructeua 

300 

17 : 

26 ft 

36 

6 ft 

lift 

18 

raw) 

330 

4 

12 ft 15 ft 

25 

28 ft: 

36 ft 

RTZ 

650 

SSft 

77 ft 86 ft 

6 M 

21 ft 

35 

C 890 > 

000 

2214 

46 

58 

27 ft 

43 1 

5814 

HedoDd 

460 

351 

51 ft 

ra 

Mt 

13 

26 

P 486 1 

500 

12 ft 

29 37 ft 23 ft 

30 ft 

48 

Aft* bra 

280 ! 

am 

30 35 ft 

7 

1314 

• 8 ft 

(“291 ) 

300 

3 ft ' 

1614 26 ft 

17 : 

23 ft 

30 

TascO 

220 

am 25 ft sin 

3 

6)4 

Mft 

ra®) 

240 

7 ft ' 

14 ft 

20 

lift 

17 

21 

VWafaw 

200 

17 ft 

23 28 % 

4 

9 ' 

12 ft 

m 2 ) 

217 

7 

14 

ra ’ 

lift 

17 ft 


ttteana 

325 ; 

26 ft 

•> 

ra 

3 ft 

— 

ra 

r 344 ) 

354 

7 ft 

- 

- 

16 

- 

- 

OpSon 


Oct 

ten 

*pr 

Oct 

ten 

K* 

BM 

SOD 

14 

26 

38 

4 ft 1 

15 ft 

21 





0 

14 

82 

371 

102 

323 

11 

191 

331 

31 






78 

123 

31 

85 











102 

48 

52 



Othsrt 

15 

Totals 

585 

534 

1484 


Om» bostd on thorn compontaa Mtad on Bte London 9m Santa*. 


TRADITIONAL OPTIONS 

FVct Dealings October) 0 Bg*y 

Last Dosings Octotxr2l Statement 


January 12 
Jammy 28 


Cafc ACT. AMs. Cosi few, Glaxo. Mckson, Protore. Tridpoto T+oh. Wsvwtay ift*. 
PutK ACT, SharaJMr. Wrimriay htag. 


LONDON RECENT ISSUES: EQUITIES 


rSOS) 525 3 14 * 25)4 2229 H 33 K 

names Wk 500 30 * 40 S 1 » IK 15 H 19 H 
rs28) 5 SC Th » 3 BKK 4 Z* 47 
Option Oae M 8 r Jbs Dae Mtr Jtan 


fattr m 

r*i4) 

Austral 

raa) 


C572) 

Bus CkCta 
P294I 
Brttrii Ore 
(*201 } 

0 nre 

•rax) 


BritAere 480 82 68 W >4 10 20 K 28 
C 4 B 8 \ 300 Z 7 » 49 H 53 » 26 ft S 7 M 45 M 

BATKuti *20 43 ft 54 6 Z 3 9 18 ft 

(■*58 J 580 14 ft 28 27 16 ft 28 37 

BTR 300 ZZM 33 37 ft 48 K 14 H 
r 317 ) 330 Bft 10 H 22 18 23 ft 30 ft 

MTtecon 390 1th » S 2 6 15 ft 19 

r «0 ) *20 3 tt 18 ft 2 * 84 36 ft 

CadbafjrSsU *33 32 41 46 ft 3 ft 3 ft 17 
(■*** ) 460 3 ft 21 26 ft 23 27 ft 37 ft 


H77) 

Luertn 

H 35 ) 

(WPMsr 

r*87) 

ScoCPUssr 

rawi 

Son 

POS) 
Wtt 
f235 ) 
Ttmac 

n») 

rixm 96 

rt«*sj 

1S8 

P 217 1 

Tontts 

C?19) 

WCBCODC 

(“679) 

ops® 


390 36 « 49 6 M I 6 21 H 
420 IB 27 ft 32 ft 19 31 36 ft 
25 4 ft 6 6 ft IK 2 » 3 

20 2 S 4 4 3 ft 6 

550 42 55 Kft 12 ft 25 ft 32 ft 
80 S 16 23 38 ft 35 32 ft 80 
280 25 3 S 39 7 11 K 21 K 

300 13 ft 22 26 ft 18 21 31 
280 21 ft 29 33 ft 5 11 17 
300 M 18 23 15 ft 19 ft 27 
200 17 22 27 ft 8 15 ft 19 
220 8 13 16 ft 22 26 31 

1 » 20 ft 24 ft 27 3 ft 5 ft 9 
180 7 ft 13 16 12 14 ft 20 ft 
130 13 ft 13 ft 19 Oft 10 ft 12 
140 « 12 14 ft UK 16 17 

480 39 56 61 10 17 H 26 ft 
500 16 ft 23 ft 40 30 36 ft *8 
330 39 45 52 ft 9 I 6 K ISft 
380 21 Oft 38 22 30 ft 34 ft 
100 10 ft A 13 2 H 3 7 

110 4 ft 6 Bft 7 » 10 ft 13 
250 23 ft 28 ft 33 4 8 12 ft 

240 Aft 17 22 14 18 ft 22 ft 


tons Ant 
pries paid 

P “P 

MM. 

cap 

(Brv) 

1694 

ugh Low stock 

CKSB 

pries 

P 

+7- 

Nat 

dv. 

Ota. Grt 
cm. yid 

WE 

net 

5125 

FJ». 

173 

IX 

113 Cocnpri 

113 


VWRO 

2.1 

4j4 

fQL9 

- 

F P. 

130 

ih 

1 Com Foods Wrts 

IS 


- 

ra 

a* 

ra 

- 

F.P. 

24.4 

66 

61 Emoglno Mds C 

61 


- 

- 

ra 

ra 

03 

FJ* 

12 2 

68 

65 Ennrenlx 

67 


RN0.71 

&3 

U 

0.4 

US 

FJ». 

39.1 

1» 

115 Gamas Workshop 

126 

+2 

RN44 

22 

4.B 

ttJ0 

ra 

FJ>. 

266 

X 

32 Qroup Dv Cap Wts 

32 


- 

- 

ra 

ra 

- 

FJ>. 

31.0 

62 

BO Hamtaros Sm Asian 

62 


• 

■ 

ra 

ra 

- 

FJ>. 

3J» 

X 

26 Oo Warrants 

30 


re 

- 

ra 

ra 

100 

FJ>. 

17A 

195 

176 Mactdo hU 

181 


ML0 

22 

4.1 

7 A 

100 

FJ 5 , 

4444 

161 

170 Man ED & F 

173 

-1 

R NU 

T-6 

02 

9J5 

- 

FJ*. 

1130 

379 

360 Temptoton E Now 

368 


- 

- 


. 

- 

FJ«. 

119 

212 

IBS Do. Wts. 2004 

192 


- 

- 

- 


- 

FS>. 

260 

360 

340 Wtadrem Writer 

340 


- 

- 

ra 

- 

- 

FJ 5 . 

401 

330 

325 Do. NV 

325 



- 

- 

- 


RIGHTS OFFERS 


Issue 

pries 

P 

Amours 

pafcJ 

UP 

Latest 

Rerun. 

date 

High Low 

Stock 

116 

» 

28711 

20pm 

1%vn 

Cstflac 

ta*P 

» 

25711 

*«pm 

*+pm 

Dragon 08 

500 

ra 

18710 

60pm 

24pm 

Rodent & Cesnan 

k330p 

m 

29711 

59pm 

57pm 

SnuflfJ) 

245 

N> 

9711 

30pm 

10pm 

tMCtaam 

75 

m 

14711 

5pm 

3pm 

World of Lesttwr 


Ctorfng ♦er- 
otics 

P 


130 11 
140 6ft 
1000 43ft 
1030 IBM 

200 a 
220 lift 

200 26ft 
220 13 
650 ■ 

700 30ft 

Get 


16 98ft 
lift 15ft 
5BH 81 
36ft 39 
27 3BH 
U 19 
31 36ft 
A 25ft 
78 89 
51ft 63ft 

j* m 


8ft 12 15ft 
15 18 21H 
26ft 44H 52ft 
56ft 73 80 
3ft Oft lift 
lift TOftSIH 

3ft 6W 9» 
11 15ft 18 
18 32 45 . 
44 66ft 89 
Oct Jn Apr 


FINANCIAL TIMES EQUITY INDICES 

Oct 17 Oct 14 Oct 13 Oct 12 Oct 11 Yr 


15pm 

**f*n 

60pm 

57 pm 

29pm 

3pm 


ago "High "Low 


(742) 


700 57 75ft 91 10ft 25 34 
750 28ft 47 64ft 30ft 46ft 5Gft 
480 17 31ft 38ft 9H 18 25ft 
r«S ) 500 4 13ft 19ft 38K Oft 48)4 

GEC 260 lift Mft 30ft 3 . 8 lift 

("294 ) 300 7 Aft 19ft lift 17ft 20 


Osre 60 0 22 46ft 6Zft 5 26 42 

(-615) 650 2 3 36ft 38ft 54 69 

ffi8C»0jtS 700 25ft STft 80ft 7 31 54 

(718 ) 750 4ft 33ft 48 38ft 50 62ft 

Motm 462 12ft - - Bft - - 

C4B7J 475 Bft - - 14 - - 

GtAon Haw Feta Mr 


Ordinary Share 

2400.4 

23612 

24120 

2382.0 

23570 

23630 

27130 

22400 

OtL (ftr. yield 

<29 

402 

408 

403 

407 

303 

401 

3.43 

earn. ytd. % tufi 

8.12 

6.15 

fl.10 

6.1? 

623 

*06 

601 

302 

P/E rsOo net 

1802 

ia7i 

ia» 

1805 

1046 

2703 

3303 

16-94 

P/E ratio rt* 

18^ 

1824 

- 1608 

1&18 

1801 

25.43 

3000 

1709 


hmw 

nw) 


180 11 18 21ft 3ft 10» IS 
200 3ft 912ft 18 22ft 26ft 


- UteM|te0 warty pHere ftrenfesns share) «s 
prices, 

ocrtree* 22A06 CrtK 12,860 


ion 


oaabre 17. 
puts lOJttti 


•Tar 190*. Odnrey Stwre Max ftnea re n Urtn Ntfi Z7IU 2AWB*: low 40.4 2BflM0 
FT Ontawy 9hm hd« bos date 1/7/S3. 

OnBny Shar* houtiy efuness 

Open fluQO ItLOO 1UOO LSJtO 13J0 14J0 1SJ0 16J0 High Lore 
2386a 2396.0 2390.1 2408.1 2401 J 2397.2 239GJB 240X4 2402.4 240913 2385J5 
Oct 17 Pet 14 Oct 13 Oct 12 Petit Yr tags 

234370 34^48 

1291 A 1334.0 

28.429 38,116 

543 J 883.1 


FT GOLD MINES INDEX 


SEAO bargains 23,846 24^43 27 fis3 27,658 

Equity turwer (Cm)t - 1519.7 1682.7 15682 

bs^prent - 28272 31234 29244 

Shows traded (mOt $4&0 8342 6054 

tErehMiB ww+nrew Mohan and wresani tmm. 


Qd 

14 


% as 
■ W 


00 

13 


Oct 

12 


aps jWdft 


«< 

H* 


6oM Hnstl 


:(34) 


Nlc*M 

North Anafes pi) 

Cenrfpht. Dm IWN Than UnMsd 190*. 
Bguta h tnckres show nrewtaw *t MiiV te s . 
Piwteesrea OcU Mnw Mac Oct 1* 2793 : <ta 
LMH prtew ware martetab tar 0IB edDon. 


swans 

-07 

234200 22SZ06 19TOS3 

103 

236700 178202 

5533.13 

-01 

3636.70 384036 2728.71 

307 

332328 230405 

288401 

+Z0 

2791 21 277527 225100 

108 

301309 2161.17 

174404 

-10 

177701 180041 163000 

077 

203865 146811 


Baris 1)8 Doln. Bass Vsajk: itxnjQQ stTISQE. 

wjri otangK 4X7 peiMti Ywr ago: nU T FnrtN. 


APPQDmiE^A^ 

appears in the UK cation every Wednesday & Thursday . 
armfo (be fnte rig ti on &l edition, every Friday Fbr further ■ 
• fofomsatkfo please call: •• 

Gareii) Jooaon +4471 8733779 ‘ ; 

. ’ Andrew Skaniyn»ia or 444712734054 " 








financial times 


TUESDAY OCTOBER 


IS 1994 



BANKS 

Notes Pita 

ABN Amro FI C BUS 

ahzas in 

MtafKaum -ttc 
fflwniisniE.iriin 
taglakbtiC-.JAfCj 

AMNY S 

Banco MW ?&.._□ 

Banco Samoa. - . 

Bhtotendff *Q 

BanhSwBJWl totlD 


W* «w 
hWi tow cafim 
E»b 

TWa in 1302 

aa »Es HS2 

314 zn im 
*30 SO 1908 
Cfl 16974 


YU 

Ti ’’I «ASXf 3[ 

5.3 27.5 AkfflH 


+ BT 

Pita - 


4i5d 
295 *2 

59 *2 

716b -lev 819b 

s -« 

and *3V 247 iwja war 


*J0b mV *200 

•319 248 1.378 


9vS[K~T. , _.-.107}»Cj ^ Mlb 1071* J Ifl* 



CHEMICALS 

1994 « 

tow CBSEm 
•m] £4<i n&i 
j 3 anS eaS M* 

*? lio SgjjBgj “» *^5 *5 ’SB 

$3 its atat^ *4 & 

* ss — is a wS » *“* 

a* b**. t~ — aiS Ugj ‘72 309 

IB — * 

mm — 3® 

as — 1 “ 

« -- " 

40 *3 590 

5 s 

139 — !® 


ELECTRONIC * ELECTFSCAL 

. _ IOU N 


LONDON SHARE SERVICE 


.Cart. EXTRACTIVE INDUSTRIES 



HEALTH CARE - Cont 


WE 


Nobs 


" “s^TsaS 



as 
5.1 

01 _ 

3j n.7 SSivET-.-liO 

iss :saae^ 

96 122 DrramW*- to" 



I Euro^CtdwtoNg 


86 799 
219 9DU 
18 248 
153 912 
53 121 

18 018 
429 I,®? 
327 48 * 2 
95 144 

E14b 1445 
35b 18J 
132 124 
159 2744 


112'; d 

bfi» RMinErnbai •**» dwj 

13 
4.1 

SEiitiL'JjQ 5 -- 3» 5 'S? ,U 

eawoipf. » - 3 S « *- s 

MteTstSaY- D MJV -»b 1«“V ®?,Vj£e 07 244 Man 

WtSunaiBXY. .3 721*1 -Mb JW 5U 1BJ L^orte 

a 14 MIM — -nr— 

6.7 9 Ntondara — HD 

15 194 MtLeallta* 1 -;® 
a? SO* U«Bt«S 
0.5 - pBRtapSft vfi 

29 66 PtaUr- — iD 

108 - toa- — —Tit! 

05 24.7 SaaflHtSpB*- 


Is 19J Fanartlfcn. 

ii zio Mail 

32 112 G ^_ . -s jfi 

7.1 - GflUW to£g 

32 294 BiattW ™— —7 or>\. 

62 CSwis^iJo law ~ « 

a 17 ittsKrf S * i 

iidBKzdB I = f 

6.1 359 LPAtafc— — — w* 54 — 94 

- - Lhuftrt^Tedls^-Jj 88 --= ® 

8 ili jssiaj| M- s 

14 - t*amfec i O S7b 

24 22-1 MBsuDBectY. * 

4.9 134 lugnte 

64 1*0 wcr, -lj 

5.4 - *#JaPTR4 □ 

15 17.8 □ 



+sr 1994 MW 

_ m. - » 

J = 4 'I s 

034 
8477 
U» 
194 

8994 

” a z\ 145 

. a E13U -»s Elri OIU 1.1» 

"4=72 « 12S -S 182 110 114 

SF^ jb - a 4 £ 


w _ __ 

^ - SmnaHjwPi— 4«D 


1994 * 

" 14 114 


AndnmRnE.^u -V! ” 

' fVfiLs. euS ” E35ij 01 

iflgstsB ^Sii 
!8S®i»S = 3i 


& « 
13 17.7 

44 164 


fflri 4 - 3 "SI 

fitoSB 


BWESmOrTTBUSIS-Cont^ 

■g *1 * *5 

319 **• - -" 

ITS 
57 
207 



w Usm 
VS WY P8< » 
09 328.5 
_ 181 6 18 


■a 

186 


«! *SSSi£9 “S = S 

- - it&tetaWJO 388 *8 408 


192 2JB4 

1V K 

74 174 

2S8 4884 

190 2H 

294 M24 


14 * 


24 


„ 3* MB 

1B4 SOU 384 

O 11 114 

1 ipT 37 I2U 2.18 

* «|» ^ WJ wo* 04 


'7 «• 




taiAaa«— . J 
twvra — Tic 
OuiaiOT ffr -■ 
Rd»tedBBd.*i%j 


£B 

852 

2E0 


„„ 1540 
SSfiC W«6 
10* 3313 
442 8,137 


4 » " -I SMU *72 8418 

SB *3 ®a 421 MSB 

CHI. . 03 C1J. 1984 

mtmrteawa.tPtJ » *ifl 

atw 

T^TdSttY.. S t 5 J| -10 

»!^ C I^»Y''j £3 S 56 X * 5 * 

BREWERIES 

wn 

toKWflgs - 

Bononwocd ... .-ij 
aM*cPDoe A..'5>tN 

Foster; « 

Fuller STA- 
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unlaid BrtMJtovCi 

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■SctncrcccnUOl 1C 
WMlWflld ■ M- 

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8S 510 1240 

ae* eiffji 2^ 

•31 24 8J7 

91 66 34* 

SB 74U MS 
aru £14 6,753 


& n *r= ^ n a ^ 

Bdto y £2 m* T4Si, urn 

; CRAAS -- — — f 


□uOAte. "3 

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1»4 wa 
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- Uj 035 

465 *731 
250 mi 
188 389 

142 319 

46V 1.770 
380 774 

348 U *89 
399 8715 
452 2204 
12* 19JI 
3125 1095 
674 7481 
195 W94 
2S6 2774 
463 1130 
7*; 804 

209 380 

477 2.728 
3 102 

229 3335 
32*1; 1508 
494 2371 
403 3684 
146 644 
483 145 

423 2*7 


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WE *aHB *gc 


„. auiuPH-i— ■-•-,7: 

0.B 4> WarttoSWrew-.-HU 

45 lU) We an^J WO 

06 472 WotewhatoKM-J+li 

0.7 634 yjvaare WC 

• 5 4, lueCsm, — THU 

M 411 DISTRIBUTORS 

♦ a 

Pita - dtfl 
H» -2 

1 TO “1 

*76 *2 

67 82 

2* 31 

1,9d — . *176 

MO ZZ 578 

£& ± S 

28 ™ 

33BD1 370 

18 — 31 

md — sa 

*8 S 

a — 87 



- — ABanr - - j —-- 

4 B 14.2 Adam&HBWJ— *H 
4.1 117 »teaiL*BS T*J 

13 159 WaBWtoB — -^ w 

as 22.7 Apptowrt 

50 * teB»6no—~ JC 

29 15.7 BSS — — riff! 

14 4 B eaaoP mw-TjC 

33 169 BWdwn *1H 

11 145 BotfOd A — — . — -» 

43 A Bnumna 

1.7 3J.5 andgmd 

05 265 BrtHBto 

14 1*3 Bnwm* 

14 16.0 Bundaifl ti~ — 

H ,7 | SSSlZIZ^ W T~ 

50 154 Qmfcjpq — 2H ~l 

10 t cads *£jg ^ 2 

HM 


Cdwr- 


BUILDING & CONSTRUCTION 


Notes 

AAFhtfs *3 g 

B=a il * 

feto 1®— 

BwnaVnas'j 


„ 1934 MW 

. Mob kw C«Ed 



39 151 OaqwteA.-— 

2.3 20.5 DaBimrtltonwi 

3.8 192 »mnws 

BecCDCOTps — J«a 
BedOTHousa J&n 

gh 6 Ew qni - *>C 

K ™ 

- - EuapeaiMobr—tC 

il K^mis 

66 381 toSfiroitor#^ 1““ 

15 283 ^USTZIpO 3 

QOWlMB N 78® 

Hdkbi 


22 

130 
135 
61 
3sa 

12 * 

1921. 


1994 MB 
ton Caofm 
100 aa * 

165 905 
^ 203 
44 3.79 
22 993 

117 795 

3U 1U 
495 133.7 
17 759 

=3 » 
288 161.1 

215 
155 

«Ll 

9.78 
XS.7 
30.1 
135 
245 
175 


35 161 — n 

15 23.7 

S2 21.7 Wm MTjy 

13 165 m 

an ia* Raoawc—— . 

16 173 RaM0« Tech- 

18 210 ft* 

R " 4W0 ' s KS=l 

Scanoo* 

™ -a 

n pie * 

M IK 

ia II Shm Business — 

H . Irttatabntow 

29 22.3 ™? tls 

8.1 21-0 TWY~ — 

15 556 Tetona** ^ 

4 3 21.7 TS g 




18 
78 
46 
36 
280 
SOU 
13*2 
68 
95 

J2>* — 

3J8 3075 
6* 653 

127 335 

113 395 
.» 446 29.1 

il 82B 44SU 2596 

-4 *22* 1S2 292 

♦1 S® *43 19p3 

— ’75 133 3M 

283 Z5 2214 

— 36 3 252 

_ 234 2K 1«5 

_ 173 100 6S5 

*3 *639 1i 395 1815 

409* 994 

502 7198 


168 


*5 10.4 iMxtminnn 
« n u? 

._ engineering 

10S MB 

:=3S 


„ 

S3 n 

fcESi:| 1 

CBPLHMR. 7t 

Ctnpb'JftAflB £, — : 

bSS] = 

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a iSSCz.^ 
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39 HU 

“ - Lflrten apcftPi-g 

39 4*1 " 



473 

12 __ « 

30* *«* W 

838 1029 

122 -1 15 

170 +2 1W 

184*1 +1U 1* 

96U 1« 

24S) » 

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54 110 52*2 

S3 191 B8 

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120 IS 1« 

58 ® » 

153d 184 145 

3« 873 346 

ITOd —— Z7B l« 

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l” — Iffl 103U 

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usd — 12 


121 4*3 

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20 914 
43 M5 
6 134 
492 9959 
104 M3 
w 204 1053 
428 2021; 1023 
w M? W 
115 113 
63 31.1 
196 865 
168 143.7 
50U 585 
41? 756 

94 1005 
216 2617 



4.0 1*9 I*— "as- „ 

$ "i !»C=^ 
« ” SS=rs® 

31 - venty— JG 

- - VktaLade g 

65 in We» 4« 

4.9 195 vtech 

15 104 - 
13 1*2 
45 243 
85 112 

3.1 

48 — 

42 85 

a in a : — 3B 

a a £!^=ua 

16 190 AOOBoMatoB -N 

35 197 Aranascai g 

- Mi&Lacy 1* 

45 165 ASM Con* Jj 

48 11.6 ahm CopBSKr — g 

4 4 125 BM tlC 

33 197 Babcock toU [C 

5.1 ^ ar* 

- 5 '| BBMW- h* 

^5 Btmec -JO 

90 17J Bjjfc jOedaB 1 !— 

- " Bodicote ItHD 

« 215 g“" 

« 147 K= 

70 in3 «ton so»- 
35 190 MSML . 

g as KSniS 

- il* Mid 
33 175 Buns*) 

ii 135 ^ 

13 - cnanrfng— — ' 1* 


4* 

W - 

187 6809 
33 954 

106 195 

15 150 
229 1298 
19 853 

_ 162 873 

£310 7244S MJ08 
49 36 210 

£4113 £32U Mfl82 
94 63 987 

104 41 483 

422 264 90= 

1* 11 153 

B2'4 82® 3g9 
170 80 823 

m 51 .IK 

JIB 181 1092 
230 133 27-1 

B5BU 387U 15589 

— . -3B3 218 623 

S — w 2SB 2397 
j J 11 ft iu 
Jj 49 23 3*2 

i "j •« 395 1085 

58 J_ 1M 56 1105 

94 >200 60 195 


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an "Tz 300 65 1M 

tti 4 A 22 HU 173 

— B ^ m 227 10 2296 

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23.* OeeSuaSH — l “g 36 Zh «U 

' tooiAS— ■ =r »2 _2 26U 16U 994 

= SSSffirfJ § -* TaS *1 

17^ Diegan Rflnjng ASL- V « iml 14m 

205 pSSdnH- 32 s«5 £• 

,12 MtaOttan 75 2^ iW 77.1 


J J HOUSEHOLD GOODS 

23 29* +<r 

- - Ncces Pita - m 

~ - Afcmnfl -H — 2S 

— W 1B “ — IS 

290 

_ 92 

rA— <(M nzd — 187 


97 « 


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270 313 07 205 CoakfHM 

47 10s 1.1 385 Cooper (F) — -tIC 

153 13J 90 + Crabtree 

217 792 28 2D3 d»H Brawn — iJC 
32 B0.7 45 154 DWdof 

166 415 52 92 oataanram— « 

141 175 14 125 Donu m Ha m er- 1 

210 Si H 1 K- 

143 »5 45 151 

js as s^-gSbm. 

M S 919 96 191 E* — * 

215 1255 

201 25 

IBS 755 

14 658 

258 395 

19 391 

*& Si 

70 123 


1994 IW 
tow Optra 
119 212 

70*1 2198 
157 ms 
14 753 

20*2 185 

27»i 199 

7B 163 

73*2 291 
168 4,5 

490 654 

£&V 4790 

138 693 

64 ,092 
105 415 

23 731 

10*2 *83 

6 228 

124 251 

3U 907 

*1SA DOB 1.191 
329 2S2 1805 

70 43 252 

l>*t -Jz 20 15 12 2 

TB JZ 171 120 005 

«H | +28 504 360 1587 

tm * »» *£* 

,94 -2U 1721. 121jj 33pB 

91 ___ 125 86*2 652 

12\ ~h 1«* 

147 188 

B9d 79 

15—22 

250 293 

,40 *!» 

160 230 

* — 

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283 
310 
121 
364 
298 
773 
97 
272 
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48 
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14 175 East Rand Prog— 4 •“g ® 48 SS.1 

5 + Etotai. immH ,S ” W 78 W65 

L0 $ om" -35 BW 300b 4094 

1.1 - SaUMnd" i “.‘a -2 175 ,,6 863 

W 21f *W ^ ‘447U »1 Wig 

L» A EnsO*®™* 5 ^^ tn£ 19 9U 982 

M 1*7 225 30* V? 2M 

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1.1 4> aWagyA-T K “ 804. 53U 2008 

M 115 g*SW , *-B| a _U 28U 16 1J» 

27 17.1 5*!S r B*® 130 130 92 »U8 

15 383 SwR^l — 35 31™ 4*1 U 2IW* 108 ,i 

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si ^ -a &£ S 

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104 94 QUn tii Can 


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21 115 ISSSSfc!^ 

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25 215 

“ 275 INSURANCE 

« =*■: »» 

- ABratUepto— 3C 

55 95 Btonano- □ 

,5 - AtalAtaS 

- - Hoc OS— — ~— 

TJ 105 MtonzDM — —it 1 

41 - AnratanGanS 

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a i Sazz^g • s s 

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ao 113 EgwfTw^iSE "ffi ~S w 

1.8 - MG 1*1*1* ** *1 «S 

’i M -sae.-=s 

08 585 UsaaS-toa— «D * — 


230 233 
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36 


TUESDAY OCTOBER IS 1994 


CURRENCIES AND MONEY 



MARKETS REPORT 


German elections push dollar to two year low 


The dollar yesterday fell to a 
two year low on the foreign 
exchanges as Chancellor 
Kohl’s victory in the German 
elections lent support to the 
D-Mark, writes Philip Catoitfi 

The dollar's weakness 
prompted talk of centra] bank 
intervention to support the 
currency. 

Analysts said the re-election 
of Mr Kohl had removed the 
last prop of support for the dol- 
lar. Market concerns that the 
US Federal Reserve is losing 
the battle against inflation are 
also contributing to dollar 
weakness. 

It finished yesterday in Lon- 
don at DM1.5036. from 
DM1.5201 on Friday. Earlier it 
had touched a low of DMl.4970 
in Asian trading, below the 
previous 1994 low of DM1.5160. 
Yesterday evening it fell below 
DM1.50 again in New York 
trading. Against the yen, it fin- 
ished in London at Y97.85, 
from Y9&285. 

The D-Mark's performance 
was mixed. It finished firmer 
against the French franc, at 


FFr3.434. from FFr3.428, but 
was weaker against the Bel- 
gian franc, at BFi20.58, from 
BFrtO.61. 

The Finnish vote in favour of 
EU membership lent support to 
the markka , which traded at 
FM3.078 to the D-Mark from 
Friday’s close of FM3.0910. 

Sterling was also weaker 
against the D-Mark, finishing 
at DM2.4168 from DM2.4207. It 
was firmer against the dollar, 
closing at $1-6074 from $1-5925. 

■ Despite the bearishness sur- 
rounding the dollar, trading 
volumes were not large. Ana- 
lysts said customers wane con- 
fused; many had seen DM1.51/ 
52 as a potential buying oppor- 
tunity. but were now put off by 
the bearish technical outlook. 

Mr Brian Marber, technical 
analyst, said that the dollar's 

■ Pound In Km Yerfc 


Oct 17 
ESOOt 
I BlDI 
3 nun 

lyr 


1X105 

1X097 

1X003 

1.5994 


- Prev. doee- 
1X950 
1X943 
1X938 
1X834 


downward break out of its 
recent trading range meant "a 
very large fall has became pos- 
sible. I am expecting an even- 
tual DM1.3810” 

Mr David Cocker, analyst at 
Chemical Bank in London said 
the absence of any profit tak- 
ing on the stronger D-Mark 
was bearish for the dollar. 
“This suggests the dollar has 
the potential to go lower stiU," 
he said. 

This view was echoed fay Mr 
Joe Prendergast. strategist at 
Paribas capital markets. He 
noted: "The response of the 
markets reflects the fact that 
the last safety net for dollar 
bulls in 1994 has been 
removed.” 

With the German election 
result having been largely dis- 
counted by the market, ana- 
lysts said there had not been 
any large-scale D-Mark buying. 

Although the German elec- 
tion result was the catalyst for 
the latest bout of dollar weak- 
ness, it is also the victim of 
market fears about US infla- 
tion. Mr Mike Rosenberg, man- 


DoSor 

Against PM jSrijS 

iJB T — 



1992 . 

SeureactMastaMRi 


a ging director of international 
fixed income research at Mer- 
rill Lynch in New York, said 
the market feared that softer 
than expected US economic 
data last week meant the Fed 
would not raise interest rates 
immediately. 

"But the feeling in the mar- 
ket is that the Fed is already 
behind, the curve,” he added. 


Declaring a “minMoUar cri- 
sis'’, Mr Rosenberg said there 
was evidence that the US trea- 
sury was setting itself up for 
intervention to support the 
currency. “We could be within 
24 or 48 hours of a significant 
co-ordinated effort” 

He said the problem was that 
the market was already expect- 
ing intervention, and this 
reduced the prospect of it suc- 
ceeding. This, in turn, was a 
reason not to intervene, 
because to intervene and to fail 
was worse than to do nothing. 

Mr Rosenberg said that the 
Fed might be trying to lure the 
market Into believing it would 
not Intervene. This would 
encourage traders to establish 
short positions, thus increas- 
ing the likelihood of successful 
intervention, as traders would 
be forced to cover short posi- 
tions, adding impetus to the 
dollar's recovery. 

Mr Avinash Persaud, cur- 
rency strategist at JP Morgan 
in London, said he doubted 
whether the Bundesbank 
would intervene to curb the 


D-Mark’s advance. At the 
moment it was more likely to 
see the stronger D-Mark as a 
useful brake on German 
growth than as something to 
he resisted. 

In addition, Mr Hans Tiet- 
meyer, president of the Bund- 
esbank, has said that there 
remains scope for lower inter- 
est rates. These would help 
curb the D-Mark's rally. 

■ The Bank of England pro- 
vided UK money markets with 
£25Qm Of late fuyirftanpp Ear- 
lier it had provided £677m of 
assistance at established rates, 
after forecasting a £l.l5bn 
shortage. 

In Germany the election 
result had no market impact 
on rates, with call money 
unchanged at 490/95 per cent. 


Oet 17 
Hunger 

E 

170.108 - 175348 

S 

105800 - 105X50 

Brtgtan ftanc 

tei 

27S500 - 278500 

174500 • 17SOlOO 

Dwteh Krona 

Ml 

54771 - 54782 

52969 • 52974 

D-LMt 

Pdatd 

36622-1 - 368749 

229180 • wruin 

Dutch Gustier 

fkada 

482220 • 483020 

XmM . MKM 

French Franc 

UAE. 

saw? . £9i2D 

38716 - 18735 

Ptatuguesa Esc. 


POUND SPOT .FORWARD ..AGAINST' THE POUND 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Oct 17 


dosing Chang? 
irtd-pota on day 


Bkl/ottar 

spread 


Day's Md 
Hgh low 


CM month 
Rata ttPA 


Thro* months Ons ysar Bank of 
Rats MPA RBW MPA Ena. Index 


Bumps 

Austria 

Belgium 

Danmark 

Finland 

France 

Germany 

Greece 

Ireland 

Italy 

Luxembouig 
NrthwtaiKta 
Norway 
Portugal 
Spain 
Sweden 
Switzerland 
UK 
Ecu 
SORT 
Americas 
Argentina 
Brad) 
Canada 
Mexico 
USA 


(Seri) 17.0096 
(Bft) 49.7250 
PM) 8,4778 
(FM) 7.4485 
(FFr) 8X975 
(DM) 2X168 
(Dil 370.446 
(IQ 1.0121 
(U 2471.95 
(LFr) 49,7250 
(F9 3.7083 

(NKM 10X306 
(Ea) 247X81 
IPw) 200.959 
(SKr) 11.6219 
CSf=0 2.0133 

w 

- 1.2700 

- 0.826123 


-a 03 010 - 186 
-0.1822 014 -485 
-0.0181 727-828 
-0.038 383 - 588 
+0-0009 927-022 
-0X036 155 - 161 
-1.005 262 - 630 
+0.0022 113 - 126 
+3.18 039 - 360 
-0.1522 014 - 485 
-0X032 071 - 065 
-0.0245 262 - 350 
-0X88 431 -730 
-0302 883-055 
-0.0262 126 - 311 
+0.0012 120 - 146 


17.0841 18X701 17X055 OX 18.9936 
60X740 405820 49.746 -OX 48.65 
9X204 9.4457 
7X090 7.4120 
8X889 8X676 
24268 240TS 
375.506 370-103 
1.0136 1.0008 
2475X3 2464.86 
50.3740 48X920 
2.7213 2.7028 
10X803 104884 


2X183 2X073 


04 

OX 


48.445 OX 


115X 

1174 


-0.0011 891 - 706 1X845 1X672 


(Peso) 
(R5 
(CS) 
(New Paso) 


1X062 

1X317 

2.1784 

54924 

1.8074 


+0X168 056 - 067 
+0.0155 305 - 329 
+0.0246 773-794 
+0.0532 868 - 879 
+0.0149 089 - 078 


1.6117 1X803 
1X337 1.3161 
2.1832 2.1640 
5X068 54410 
1X130 1X814 


PscMc/MMdla East/AMca 


Australia 
Hong Kong 
India 
Japan 
Malaysia 
New Zealand 


SaurS Arabia 
Singapore fSS) 

S Africa (Com.) p) 

S Africa (Fin.) (H) 

South Korea (Wop) 

Taiwan (TS) 

Thrttend (B t) 


(AS) 2.1848 +0X2 833 - 883 2.1916 2.1533 

(HKS) 12.4204 +0.1143 185 - 243 124636 12X883 

(Rs) 804186 +0.4578 004 - 387 50X960 49X340 

(Y) 157X80 +0.761 155 - 404 157.910 16&550 

(MS) 4,1071 +0X279 061 - 091 4.1212 4X748 

(NZS) 26309 +0.0048 291 - 327 2X404 26094 

(Peso) 40X267 +<7.1382 548 - 785 40X380 40X320 

(SR) 8X288 +0X543 285-307 6X461 5.9679 

2X677 +0X163 662 - 691 2X756 2X503 

5.6985 +0X097 957-013 5.7616 5X858 

6X291 +0X078 112 - 470 6X881 8X110 

1286X8 +14X5 552 - 704 1290.72 1271X7 

41.0740 +0X193 562 -917 42.1122 41X024 
40.0862 +0X075 729 - 034 40.1800 39.7370 


9^73 

OX 

04916 

-OX 

9X213 

-OX 

1172 

. 

. 

- 

- 

- 

- 

88X 

62981 

-0.1 

82833 

62 

82485 

OX 

110.8 

2.4 f 56 

as 

24124 

0.7 

2X833 

14 

127.0 

1X119 

02 

1.0115 

02 

1.0134 

-61 

105.1 

2477.76 

-2 X 

2480XS 

-60 

254670 

-69 

744 

48.745 

-ox 

49.65 

66 

46446 

OX 

1174 

2.7071 

0.6 

2704 

66 

68753 

12 

1214 

10X3 

61 

10X336 

-0.1 

166342 

60 

sex 

248X11 

>84 

252491 

-72 

- 

- 

- 

201X39 

<2X 

202.024 

-61 

2051020 

-60 

884 

11X429 

-22 

11.6899 

-63 

11X779 

-62 

752 

2.0102 

1.6 

2.0046 

1.7 

1.9884 

62 

1263 

. 

- 


- 

- 

- 

7 M 

12698 

0.1 

12897 

te 

61 

12668 

02 

- 

2.1776 

a.4 

61787 

OX 

61797 

-61 

86X 

1.8067 

ox 

1.6001 

OX 

1X898 

0.7 

812 

2.1848 

60 

61881 

-02 

22042 

>69 

_ 

12.4165 

04 

124154 

02 

124224 

OX 

- 

16684 

3.4 

166X05 

3X 

15688 

42 

188X 

2X348 

-IX 

66426 

-IX 

66848 

-IX 

- 


Oct 17 

Europe 
Austria 
Belgium 
Derma rit 


-0.1175 800 - 850 10.7275 10X605 10X825 Q.0 10X823 OX 10X075 0.7 104X 


Ranee 

Germany 

Greece 


Luxembourg 


Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Ecu 

SDftt 


Ctoatog Change BJd/taffer 
mid-point on day 


(Seri) 10X826 
(BR) 30X380 
(DM 5X965 
(FM) 4X340 
(FFr) 5.1822 
P 1X036 
(Or) 230X70 
(IQ 1X883 
« 1637X0 
(LFr) 30X360 
(H) 1X880 

(NKi) 6X516 
£a) 154.030 
pta) 125X85 
(SKr) 7X305 
(8F Yi 1XS26 
<Q 1X074 

- 1X657 

- 1X7374 


Day's mid 
high low 


One month Three months One yeer JP Morgan 
Pete MPA Rata MPA Rata MPA Index 


Aigentta (Peso) 0X993 

BrazS (RQ 0X28S 

Canada (CS) 1X663 

Mexico (New Peso) 3.4170 

USA $ 

PadfleAfldtfla Eaat/Africa 
AuatraBa (AQ 1X593 

Hong Kong (HKS) 


trxSa 
Japan 
Malaysia 
New Zealand 
PhUpptnes 
Baud Arabia 
Singapore 
S Africa (Com) 
S Africa flrO 


(Ra) 31X675 
CO 07X500 
(MS) 2X552 
(NZS) 1X388 
(Peso) 25MXX3 

(SR) 3.7507 

(SS) 1.4730 

(R) 3X453 

(R) 4X620 


-0X84 

300 - 420 

31X300 369040 

36941 

-62 

30X66 

-64 

36891 

61 

106X 

-60651 

950 - 980 

5X820 

5.8707 

5X009 

-69 

5X1 

-69 

6X885 

-IX 

105X 

-60877 

290-390 

4.7085 

4X102 

4X347 

-OX 

4X313 

62 

4.6415 

-OX 

865 

-60478 

607 - 837 

5X230 

5-1380 

5.1838 

-64 

5.1627 

60 

61052 

-61 

108X 

-60186 

032 - 040 

1X245 

1.4870 

1X037 

-61 

1X021 

04 

14834 

a? 

1074 

-678 

420-520 

230X80 236350 

230.766 

-IX 

231X45 

-IX 

236546 

-IX 

68.9 

+0X113 

875 - 890 

1.6086 

1X784 

1X882 

60 

1X884 

OX 

1X763 

OX 

- 

-122S 

730-660 

1S54X5 T534X5 

1542.16 

-3X 

15664 

-3X 

15834 

-66 

7SX 

-0X84 

300 - 420 

31X300 30X040 

30X41 

-62 

30X08 

-04 

30X01 

at 

106X 

-0X177 

847 - 852 

1.7072 

1X790 

1.6852 

-61 

1X833 

04 

1X752 

68 

106.0 

-60785 

500 - 530 

6.6470 

66249 

655S2 

-67 

8X73 

-IX 

66266 

-1.1 

BBX 

-1X8 

980 - 080 

154X10 153X50 

154.705 

-5X 

185X3 

-4X 

160X8 

-4.1 

95.0 

-1X55 

000 - 060 

126-030 124.700 

125X1 

-2.7 

125.77 

-24 

128425 

-67 

81.1 

-60839 

267 - 342 

7X415 

7X023 

7X453 

-24 

7X78 

-2.6 

7443 

-69 

88X 

-0X108 

621 - 630 

1X880 

1X483 

1X511 

1.4 

1X479 

IX 

1X324 

IX 

1065 

+021 48 

069-078 

1.8130 

1.5S14 

1X067 

OX 

1.8061 

63 

1X968 

a? 

87X 

+60128 

8S2 - 662 

1X699 

1X515 

1X65 

67 

1X846 

04 

1X802 

64 

“ 

+0.0011 

oao . gg3 

69993 

0X978 

. 

. 

m 

m 

. 


_ 

+6002 

280 - 290 

68290 

0X230 

- 

- 

- 

m 

- 


- 

+60028 

550 - 555 

1X585 

1X532 

1X552 

60 

1X556 

-0.1 

1X633 

-0.8 

868 

+60015 

145 - 195 

34195 

64145 

6418 

-64 

34198 

-63 

34272 

-OX 

— 

- 

- 

- 

- 

* 

- 

- 

- 

- 

- 

95.0 

-0.0001 

687 - 598 

1X626 

1X517 

1X898 

-62 

1.3803 

-OX 

1X878 

-68 

865 

-0X002 

270 - 276 

7.7273 

7.7270 

7.727 

60 

7.7279 

60 

7.7428 

-62 

— 

-0X05 

650 - 700 

31X700 31X850 

31.4625 

-63 

31X976 

-2X 

. 

- 

- 

-0436 

non - Qoo 

965200 07X000 

97X2 

2X 

97X7 

62 

94.806 

63 

1466 

-60063 

547 - 557 

2X597 

2X540 

2X48 

4.3 

2X347 

3.2 

2X082 

-61 

- 

-60122 

381 - 375 

1.8412 

1X361 

1X377 

-67 

1X398 

-67 

1.6449 

-OX 

- 

-a 15 

SO 0-500 

25X000 25X500 

- 

- 

- 

re 

- 

. 

— 

-0X008 

504 - 509 

3.7509 

67504 

6752 

-64 

67661 

-OX 

67747 

-OX 

- 

-0X035 

72S -735 

1.4786 

1.4725 

14717 

1.1 

1.4698 

OX 

1463 

67 

- 

-6027 

445 - 460 

3X605 

65445 

3X608 

-6X 

3X831 

-4X 

3.8858 

-34 

- 

-6033 

520 - 720 

4X850 

4.0520 

4.0957 

-160 

4.1545 

-9.1 

- 

• 

- 

+1X5 

000 - SOQ 

800X00 799X00 

803X5 

-4X 

806.75 

-62 


-3.1 

- 

-0X43 

100- 175 

26.1310 28.1000 

261338 

-OX 

261738 

-69 

- 

- 

- 


tSDRiataeftyOct 1 a BidMfer tpnada In the Pound Spot table mow orty ttia bat One decanal place*. Rawed rate* are net ttiecty wiored to Be 
but ore impfcjd by cun** Wwnet ram*. SMrikig kwax ctfcuMad by die Bank ol Brtfand. Bate manga 1086 * lOOBd. Offer and Md+atm In both 1 
the Odor Spot t*t*w dortvad dam THE WM mEU I hRS CLDSMQ SPOT RATES. Same vriuea we rounded try M F.T. 


South Korea (Won) 800X50 
Tehran (TS) 28.1138 

Thailand (Bt) 24X405 -0X395 380 - 430 25X650 24X200 25X15 -3X 25.1405 -3X 25X205 -2.7 

1SOR am for Oct 14. Bktfotrtr mreadi In ffw Doter floor M *om only tfte Imt throe dackraf ptacaa. Rawed nM an not tftacoy quoad to flia nreftst 
tut we tqM by obtwti rims rare. UK. i nla n d & ECU aa quoted In U3 cm ency. JP. Morgan wwl War Oct 14. Barewreaga 19W»100 


WORLD INTEREST RATES 


MONEY RATES 

October 17 Oner 

ntght 


One 

monOi 


Three 


Six 

mtfts 


One Lamb- 
year inter. 


Bdflftm 
w vek ago 


week ago 

Qennerv 

week ago 
Mend 
week ago 
Italy 

week aqo 
N afhatf a nd* 
week ago 
Swi t zerla nd 
week ago 
US 

week ego 
Japan 

week ago 


4M 

43 

5K 

4% 

41 

5M 

54 

5ft 

5 W 

S% 

54 

Sft 

4X8 

4X5 

&15 

4X0 

4.95 

5X0 

4* 

SVb 

5tt 

4* 

5* 

04 

84 

8ft 

8* 

8V« 

Bft 

8fr 

4.84 

4X3 

5.17 

4.84 

4X3 

5X3 

28 

38 

4% 

3fl 

3» 

4ft 

4S 

4* 

5Ji 

4M 


5ft 

2 * 

2* 

2% 

2tt 

2<& 

2 « 


54 

5% 

Ski 

58 

5.30 

5X0 

64 

64 

9tt 

m 

5X1 

5X7 

44 

44 

5»4 
5% 
21 i 

24 


7.40 

7.40 

5.00 

5.00 

6.00 
8.00 


64 

6& 

8% 

64 
5X2 
6.75 
74 
7M 
iov* 

10* 

3.71 

5X2 - 

42 6X25 

4* 6-625 
654 
64 
29 

2* “ 


Da 

rato 

4.60 

4.50 


4.50 
4 SO 


7.50 
7X0 
SXS 
125 

3.50 
050 
4.00 
4X0 
1.75 
1.75 


Repo 

rata 


8.75 

6.75 
4X5 
4X5 
6X5 
6XS 
8X0 
8X0 


■ SUBOR FT London 
I nte r ba nk Firing S 64 

week ago - 5 SM 

U9 Doffs- CDs - 4X6 5X3 

week ago - 4.86 5X1 

8DR Untced Da - 3M 34 

week ago - 3M 34 


SS 

Oft 

- 


5ft 

6ft 

” 


5.54 

6.10 

- 


680 

617 

- 

“ 

3ft 

4 

” 


3* 

4 

- 

“ 


BCU UnKad ua nao ranxK i moc m liern men m 

ntaa or. oAnd rota ter SlOm quettd to the 

dq. The trank* arac Bntkam that Ba rit ol Triyo. LHMDmka (Dot- 
ted ntean dram hr t* domaado Moray Mm VB S CO. ana SB* unww l™, ^ 


EURO CURAENCY INTEREST RATES 


Short 


7 day* 
notice 


One 

month 


Ttvoo 

months 


months 


One 

yew 


SMsa Frenc 
Can. Defier 
US Dcflw 
WtanUa 

Yen 

Asian SSIng 


4S-4» 
8 - 6*2 
4S-4H 

3*-S\, 

7Ji - 7^ 

8- 54. 
3%-Sl* 
4^-4ft 
41.-4% 

9- 71* 
2V-2A 


5*8-6 


5A - « 

« -63a 


Short term mas we ca* fcr tfw US Oafir 


4H 48 -4S 

&i b - A ah - 64 
4» 43-48 

48 48-4 8 

54 0li - »*» iS - 10? - 10j« 

TH - 7*2 B- r\ 

SB-5H 

4lj - 4 4& - 4A 

Bkl-rt 6&-G3 
. „ 5ft -5* 53-58 

.. Bft - 8ft A BS| 

2ft - 2^» ' * 

1 «f 27* - 2V _ „ 

mxS YDn, omm two days' nott » 

- IMATIR Pals Interbank ottered raw 


.01, 

■1H - - - - 

■5ft 5ft - 5ft 
33 - 3ft 
5 
5 


■ 3*2 
■4^, 

4ft 

■ 8*a 


.4% 


S4-f>'r 5ft -5ft 
53-53 


„ 9 1 * - 9*a 

2 h - 2ft 2lj - 2ft 
3ft ■ 3ft aH - 3>S 


Vs -Oft 
7ft -7ft 
5ft -5ft 
5»-M 
V.-6& 
10^ - 10ft 

sft - »a 
711-74 

4^.-4S 

aa-e* 

19ft -10ft 
23 -2*. 
4-3% 



Open 

Sett price 

Change 

High 

LOW 

Est vol 

Open W. 

Oea 

94.10 

94.18 

+0X2 

94.17 

94.10 

15.982 

66829 

Mar 

03.70 

9675 

+602 

03.77 

83.68 

12.198 

36161 


93X7 

93.40 

+0X1 

9642 

83X4 

7,799 


Sap 

8601 

8608 

+601 

9600 

0600 

6299 

19.748 

■ TWI 

m MOfrrH eurodollar (uffet sim pomta « ioom 




Deo 

Mar 

Jun 


Open Set! price Change Hch 
04.13 

03.72 83.73 -0.01 83.72 

83X4 -OOI 

03X1 -0X2 


33.72 


Eat voi Open bit. 
0 2666 

50 1438 

0 300 

0 52 


HmiMfi flJFPST OMIlW pdnl» of 100M 


Open Sett price Change rtgh Low Eat wl Open Int 

□OC 94X0 94X2 +003 94X4 94.78 46313 180818 

Mar 94X2 94X8 +608 94.60 94.48 6S912 151282 

Jun 94.16 94X4 +608 94X5 94X8 38513 97899 

Sep 9679 93X7 +606 9688 9671 18142 79678 

■ THRU MONTH UROLRA MTJtAT* PUTURS8 (UFFQ LI 000m paints Of 100M 


Open 

Sen price 

Change 

High 

Low 

EsL vol 

Open ta. 

Dec 

90X8 

9671 

. 

90.78 

9660 

6368 

32878 

Mar 

8SXS 

90X1 

+601 

90.08 

89X1 

3478 

19994 

Jtro 

8941 

89.48 

+603 

89.51 

8941 

1748 

14321 

Sep 

89.00 

80.12 

+605 

89.14 

89X0 

1197 

18079 

■ THRU MONTH 1 

MOM 

M PRANC FUTURM OJFFE) SFrtm polMariOOM 


Open 

Sett price 

Change 

HU* 

Low 

Eat voi 

Open M. 

Dae 

8674 

9675 

. 

95X0 

9672 

5539 

23108 

Mar 

0S.43 

95X1 

+0X4 

96X1 

95.43 

6013 

15836 

Jun 

96.04 

8610 

+0X2 

95.12 

95.04 

968 

6809 

Sep 


94.77 

+601 



0 

1239- 

■ THRU fifiONTH BCU ffUTVItU (UFFE) BcUl m prtrta ol 100M 



Open 

Sett price 

Change 

High 

bow 

Eat vol 

Open H. 

Dec 

9684 

93X7 

- 

93.92 

9682 

1314 

7294 

Mar 

9636 

9344 

+0X4 

9646 

83X8 

1037 

8234 

Jun 

92X4 

9693 

+0.05 

B2X9 

9683 

1099 

3593 

Sap 

92X7 

92.48 

+0X6 

0240 

92X8 

482 

1882 


' LTFfT Um traded on APT 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Oct 17 BFr DKr FFr 

DM 

K 

L 

B 

MCr 

Ea 

Pta 

SKr 

SFr 

£ 

CS 

S 

Y 

Ecu 

Belgium 

(BFr) 

100 

19.06 

16X0 

4XSB 

2X35 

4870 

5.447 

21.18 

487X 

404.1 

23.37 

4X48 

ZX11 

4X81 

3X32 

316X 

2X54 

Denmark 

(DKr) 

5648 

10 

8-755 

6549 

1X68 

2807 

2X57 

11.11 

261 X 

2160 

12X8 

6124 

1X65 

6298 

1.996 

165X 

1X40 

France 

(FFr) 

59.93 

1142 

10 

6912 

1X20 

2978 

3X94 

1668 

298X 

2461 

14X1 

2X26 

1X05 

6825 

1X37 

189X 

1X31 

Germany 

(DM) 

20X8 

6923 

6434 

1 

0.419 

1023 

1.121 

4X68 

1064 

83.15 

4X10 

0X33 

0414 

0901 

0X6S 

85.07 

0X26 

katand 

(S) 

4613 

0.386 

8.199 

6387 

1 

2442 

6878 

1041 

244.8 

198X 

11A8 

1X89 

0X88 

6152 

1X88 

155X 

1X56 

Italy 

94 

6012 

0X84 

0X38 

0098 

0041 

100. 

0 110 

0428 

1002 

8.730 

0470 

0X81 

0040 

0098 

0065 

8X82 

0X51 


(Ffl 

iaxs 

6500 

3.084 

0X92 

0X74 

9165 

1 

3X88 

91.40 

74.19 

4X91 

0743 

0X69 

0X04 

0X93 

6006 

0488 

Norway 

(wn 

47X2 

9.000 

7X79 

6294 

0X81 

2347 

6572 

10 

235X 

190X 

11.04 

1X12 

0X50 

6068 

1X28 

149X 

1X08 

Portugal 

(6s) 

2609 

6629 

6352 

0976 

0.409 

998.4 

1X94 

4X55 

IdO 

81.17 

AMS 

0X13 

6404 

0X8G 

0849 

63X2 

0X13 

Spain 

(Pta) 

24.76 

4.717 

4.130 

1X03 

6604 

1230 

1X48 

5X41 

123X 

100. 

5.784 

1X02 

0488 

1X84 

0X00 

78X6 

0632 

Sweden 

(SKO 

4678 

6156 

7.140 

6079 

0671 

2127 

6330 

9X62 

213X 

1769 

10 

1.732 

0X81 

1X74 

1X83 

135X 

1.093 

Switzerland 

(SFf) 

ZA70 

4.708 

4.122 

1X00 

0X03 

1228 

1X45 

5X31 

123.0 

99X0 

5.772 

1 

6497 

1.082 

0798 

7BX8 

0831 

UK 

n 

49-72 

9.477 

8X07 

6416 

1.012 

2471 

6708 

1053 

247X 

2009 

11.82 

2X13 

1 

6178 

1X07 

157X 

1X70 

Canada 

(CS) 

22.83 

4X51 

3X09 

1.109 

0405 

1136 

1X43 

4X35 

113L6 

92X4 

5X35 

0924 

0459 

1 

0738 

72-18 

0583 

US 

B) 

3694 

5X97 

5.183 

1X03 

6830 

1538 

1X85 

8X53 

154.0 

125.0 

7X31 

1XS3 

0X22 

1X55 

1 

97.82 

0790 

Japan 

CO 

31.63 

6029 

5X78 

1.537 

6844 

1572 

1.723 

6X98 

157-4 

127X 

7X92 

1X81 

0X36 

1X85 

1X22 

100 

0808 

Ecu 


30.15 

7.462 

6X33 

1X02 

6797 

1046 

6132 

8X01 

184.0 

15BX 

9.150 

1.585 

Q.7H7 

1.715 

1X85 

123X 

1 


Danish KTOnar. Ranch Franc. Norwegian Kroner, and S w nrM i Krmor per Ilk Balkan Franc. Yen. Eacudo. Lka red Paaeta par 100- 
■ D-MARK FUTUf«3 QMM) DM 125.000 per DM 


(SMM) Yen 125 par Yen 100 



Open 

Latest 

Change 

Wflri 

Law 

EsL vol 

Open ta. 


OP*m 

Latest 

Change 

H9h 

Low 

Eat vol 

Open InL 

Doc 

0X588 

0.8663 

+0.0071 

0.8700 

0.8662 

55.074 

68,021 

Dec 

1X218 

1.0263 

♦0X027 

1.032S 

1X205 

35X61 

57206 

Mar 

0.6577 

0-6665 

+0.0074 

0.6677 

0.8577 

403 

4X44 

Mar 

1.0317 

1.0350 

+0X032 

1.0386 

1.0317 

837 

5X54 

Jun 

_ 

06680 

_ 

0X680 

_ 

1 

611 

Jut 

- 

1X410 

- 

■ 

- 

23 

494 

n SWISS FRANC nmjRAS OMMi SFr 125X00 per SFr 



■ STSRUNO FUTURBS (IMM) £62X00 par £ 




Doc 

07903 

0.7997 

+00060 

0.8039 

0.7902 

27.178 

38X97 

Dec 

1X922 

1.6056 

+0.0126 

1X126 

1X902 

10,152 

27 

43X30 

Mar 

0.7940 

0.BQC5 

+0.0058 

0X045 

0.7940 

68 

957 

Mar 

1X080 

1X036 

+0X124 

1X000 

1.6036 

371 

Jun 

0.8070 

0X070 

+0.0071 

0.8070 

0X070 

7 

56 

Jun 

- 

1X010 

- 

1X040 

- 

1 

8 


UK INTEREST RATES 


LONDON MONEY RATES 


Oct 17 

Over- 

7 days 

One 

Three 

su 

One 


2.10672 

2.14275 

-000196 

-X48 

5X9 



right 

notice 

month 

months 

months 

year 

Belgium 

40X123 

39X491 

-O.OS 

-2.16 

6X6 

16 

trneroorti Swritag 
Stinting CDs 
rnMSury 

Bank Bos 

local authority depa. 
Otxoum Mortct oops 

6ft -5 

5ft - 5ft 
6ft - 5ft 

5ii ■ 5.i 

Sft - 5ft 
SA - Sft 

5ft - SA 
513 - 513 
sft -5A 
5,; - 

5, ft - 5i 

53-Sll 
5JI - 5ft 
5{i - Sft 
5J3-SH 
Sft -5ft 

U - BA 
BA - eft 

6A-6 
BA - eft 

7A - 7 ft j 
6H-6J3 

7ft - an 

Germany 

Mand 

France 

Denmark 

Portugal 

Spten 

1X4984 

0X06628 

6X3883 

7.43879 

192X54 

J64X50 

1X1229 

0.000636 

6X8486 

7X9907 

198.757 

159X25 

-0X0243 

+0004244 

+0.00486 

-0X1127 

-0184 

-0107 

-1X2 

-0X9 

040 

084 

1X1 

3.10 

Oil 

4.12 

2X9 

2X4 

1X7 

OOO 

7 

-3 

-6 

-10 

SS 

UK clearing bank base lenefing rate 5ft per cent tarn September 12, 1994 

9-12 

NON ERM MEMBERS 
Oreeoa 284X73 

2S3X09 

+0021 

70X5 

-008 




up 10 1 

1-3 

3-6 

e-a 

Italy 

1793.19 

1950.77 

+4.85 

9.12 

-6X2 




month 

month 

months 

months 

months | 

UK 

0.786749 

0791469 

+0002069 

060 

246 

_ 


Cere, ol Ta deo. (2100X00) 1^ 4 3ft 3ft 3*2 

Cera d Ta» dto. imdor C1M.OQO a tftpfc Papoaaa w a iiit aiai hr call tipc. 
run. Mnear raw of d h c o rei SJjtapc CCCO rtnrd mta Sdo. F«Dort Fksanca. Maha up day Sap 3a 
iere «wimd ran W parted Oet sa.m«n Mo* 2S. leK Schernn B & Rt 70Spc. RWwance rws lor 
preed Sre 1. <QU u Sep 30. 19W, Schemas IV S V 5.735pc. Fhrw Houae Saw ftda 5pc +om Oct 
1. 199* 

■ THRU MONTH nSRUNQ NITURSB (UFFEJ £500,000 pofnts of 100M 



Cfen 

Sen price 

Change 

High 

Lpw 

Est vol 

Often ta 

Dec 

93.57 

93X1 

+002 

83.62 

93.55 

17345 

1SC377 

Mar 

9277 

9283 

+0.03 

92X4 

92.75 

15745 

72700 

Jm 

9218 

92.26 

+0.04 

92X7 

B2.17 

4940 

50728 

Sep 

91.73 

91.82 

+0X6 

91.83 

91.72 

3871 

50522 


Traded an APT. A1 Open renal Sga. na for gwUm day. 


■ MOHS' SIMM OFnOM* (L1FFE) ESOQ.OOO pclnta ol 100M 














Mlri 





■hvH 





ffiU'.r'luil 

BlVi 






P 1 ^-[rn[7nrAL32zSrr-Li!v!3r^^ 



EMS EUROPEAN CURRENCY UNTT RATES 

Oet 17 Ecu can. Rate Change M +7- from M spread Dtv. 

rates egelnstEcu on day ceev rate v wa nkoat bid. 


Ecu cretrri rarer aat By aw Baopean Cwmaeaion. Cumndre era In daacwidkig ntattva aerega^ 
Pw ca ntag a g ang— are tar Ecu: a p orta— change ihata taa a weak cunrecy. Dfr—genc a arrows tha 
ratio patwere ere epw^K the pwea nt aga d Weren u a Prtwaan Iha acnirt wrelre red Ecu centre ware 
hx getrTmo cY, and OmntoanrnpeiwIBeCptmni a gf i lo e aona trio cun^amMHdiaiatiBrnMa 

pr/S/gq Srefing red tretan Lira auapredad bcm BtM. Ad|uesian ertcueoad try the Rnandrt Treea. 


■ W14DI1J 1 — ftfit £/> options £31 ,250 (cants per pound) 


Strike 

Price 

Nov 

— CALLS - 
Dec 

Jan 

Nov 

— PITTS — 
Dec 

Jan 

1 x 00 

• 

1043 

- 

- 

004 

- 

1X26 

7.99 

8.10 

axe 

0X1 

ais 

046 

1X50 

5.61 

6.09 

629 

005 

050 

090 

1X73 

041 

4.00 

4X3 

()« 

1X7 

1.60 

1X00 

1.71 

054 

3X6 

1X8 

2X1 

2X5 

1X25 

065 

1.49 

2X1 

2X9 

3X4 

3X2 


PngMou* deyV VOL CUs 2243 Put* 11X39 . Pro*. (kVa open K, Caffe 430270 Pun 3SOD17 


■ THHMi MOUTH WIHOPOLLAH (ftft»S1m polntt Of 100M 



Open 

Latest 

Change 

Hgh 

Low 

Eat vrt 

Open ta 

Doc 

94X9 

94.11 

-002 

94.12 

94.12 

193X49 

448X18 

Mar 

33.74 

83.73 

-0.01 

9175 

93.75 

212X54 

398.259 

Jun 

93X4 

83X4 

-0.01 

93X4 

93X4 

88.726 

300.063 


BASE LENDING RATES 


AdBrnACornpany. — 5.75 

Aled Trust Eat* -X.73 

AJBBffl* 5.75 

I'b w yAnsbachar.. — 575 

Bankof Baroda 575 

Banco BBxroVtnayo- 5.75 

Sank of Cyprus 575 

Bonk ol Wand 575 

BankoTbila 575 

Bark or Scotland -.575 

Barclays Bark 57$ 

StftBKtfMdEasl 5.75 

•BrownSMptoyftCOLBxre 
CL Barit NetWare!.,. 675 

Cuter* NA X.75 

Oydeadaia Bank >575 

The Co-OporalNo Bank. 575 

Ccutto&CO — 675 

Crodt Lyonnaia — 575 

Cyprus Pofjdar Bar* -575 


% 

Duncan Urmia .... 575 

Enter Ebrk Umfad _ 675 
FbtandBi Sen Bank... ex 
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HsttbBank AOZlricti .575 

•HatrtaosBonk 575 

HetttM & Gtn Inv Bk. 579 

•HB Samuel — 575 

C. Haara & Co - 675 

Hongkong A Shanghai 575 
Jufian Hodge Bank ..._ 575 
•LeopeU Joaaph & Sena 575 

UoydaBank --575 

Meffert Bank Ltd.. __ 575 

MktandBartc...... 575 

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TUESDAY OCTOBER 


18 1994 


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2.5m 

445 

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INDICES 


Oct Oct 

17 14 


^s;s3 z sx ’-g -3’g’.a = = 


-3 BBS 969 18 KeaaBfl 


oa on oct 

V 14 13 


+6 419 271 _ 
-3 454 303 


= as *« -ss’c = = « *a : 4^is£f i£5 

= g J JjiJa EiS 4 ^ Sslig = 

= 1 l^lla=Bf 118” = 


INDICES 


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FT Cityline has proved invaluable to business people and investors 
in the UK for years. And now It is available from anywhere in the 
world. 

If you would like further details fill in the coupon below or call 
the FT Cityline Help Desk on (071) 873 4378. 


FT Business Enterprises Limited, Number One Southwark Bridge 
London SE1 9HL Registered in England Number 980896. 


FINANCIAL TIMES 


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Complete details below and send to: FT Cityline International 
Number One Southwark Bridge, London SE1 9HL 


Name: 


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The Group's posi- 
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ensures sharehold- 
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return on their 


investment 


VIAG 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


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DtreiB On 31 2B3 21* 20% 21* 
DWM 15 <54 16* 16 16% 
DdMCZd 9442D 18% 15* 15* +* 
DBSnnd 71 1273 b2H 2* 2* V, 

OgGpt 24 130 7% 6* 7 

DtanaxCp 17 70 37 36% 36* *% 

DfadrYm 020 44 79 8 (S 8 

DNAPbnr 1 7« ft ft ft ft 

DDBvOl 020 2B 1128 26* 2B 28% -% 
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taacoEnv 9 4 B* 8* 8* -* 

ftweam 11 1937 10% 10% «k* -A 

DltyGD 024 23 1229 27% 25% 27 +1 
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! tack Dk [ m Nh W MM 

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Kaimos 3 ns ft ft ft 

KalySx 072 23 285 27* 27% 27* +* 

KOTUCft Oil ID 2 8* 5 6*+% 

Kintal 084 13 5 24% 2a% 24% -% 

tatar 22 2100 10% 10% 1D% +% 

1 KLAPWr 633766 47* 46 47% •% 

Knoteedge 2 537 3* 3* 3* -£ 

UA 1 144 11 ft U 

Ktaaaate: 254 928 28% 27% 20 +% 

KuBeteS 9 280 15% 15% 15% 


18 18 IB -»% 


1 » 18 58 28% 26 28 -% I CaOdFan 0,12 32 2628 5% 5% 5% +* 


042 12 105 18% 16 18% 

101798 U2B 2B% 29% -% 


Lam Rich 453130 40% 38* <0% +1* 

Laicafler 048 14 B73 34% 33% 33% -* 

Luce Inc 086 IB £00 18% 18 16 

UntaKipn 22 7212 17* 17% 17% -% 


tate Oh. ( m m in m cap 

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Ota Food 02016 879 23 21* 22% +j 

baflhn 71 6006 IS* 15% 15% +* 

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OVCMc 29 S09 44% 43* 43* -% 


- R - 

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FtattjfS 3 IBS 4* 4* 4* -% 

IhaMpE 1 1052 4% 4 4% +% 

Remand 28 87 21% 20% 21% 

Racoon 17 1354 18* 18 18* +% 

ReUte A 22 724 24 23% 21% 

HQAro 2 BD1 3% 3 3%+% 

FhpWKdo 6 40 3A 3% 3A +* 

Raateted 2i I206ui2* 12 12% +% 

Antes or 16 804 45% 44* 45 +% 

tenotK 9 437 5% 4* 5% +* 
River Fat 080 10 14 33* 33% 33% -* 

(knows x 1.40 18 734 38% »% 55* 
RM0BI 012 13 23 6% 8% 6% 
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^ Gnxapfm 17 1176 11010% ID* 


- F- 

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FOTCp 024 32 297 8% C ft ft 

FStaU OM 681437 <2% 4142% -% 
FHPkS 18 523 28* 2B% 28* 
FlIbTbrd 1J* 15 555 52% SI* 51* 


- s - 

Safeco X 156 72597 51* 51% 51% +% 
Sandemn 030 14 21 ib/4 19% 18% -% 

StMmblpA 030 21 TIB 26% 26% 26% •% 

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SQSfftm 16 9W 21% 20% 20% ->2 

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12 BVmxtoara 020 1-S 1 7 


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37 31*StaHWa US 12 20 37 
44* 36* SkXMi 140 3.4 20 412 
44* 37%SWBn 140 £5 140 

25% 20% Staratt 086 £2 IB 2 
28* 24% SUFMLtt 084 24 7 400 
7* 6%8tottBop 0.20 £8 S 22 


18* 3* SUgCtan 
14* 9* 3MB 
35% 2 SSMi1b8wb 
10% 5%SIMBn 
33* 27% StattMD 


SfMgOwn (US 08187 300 13^ 
3MB 2242 111 

ShrigSwa 29 307 ZP, 

SBMFta 012 £0 3 12 53 


(WO 1.0 a 235 


10* 10* -1% 

SS4 


21% 8% tana COT 071 £5 4 7480 20% 20 20%+% 

27* 19»4 Step Stop 21 764 25* 25% 25% -% 

IB* 13% taEqu 084 58 15 187 14% M% 14% 

41% 25Sm 92in 27^ 27% 27% 

3tf*22*SOTi* 48 524 34% 33* 33* -% 

18* IZStrUaRtta 038 £8 11 070 13% 13% 13% -% 

33% 23* Stem Apr 1 JO 48 14 825 20% 20 26% -* 

4% 2 Sum Sana 030104 0 15 3 2* 2* 

11 10% S® Ota A 1.10 105 7 Tt 10% 10% Vih 

6% 4SunOltB 02* 4J 4 104 5 4* 4* 

7% «* Sun Enarpr 028R225 71 4% ft ft ft 

46% 33%Snar 040 10 13 406 40% 38 38 -1 

51* *1 SndMr 120 £3 20 323 51% so* 51% +% 

11% aSuaUMPr 1.19122 41 9* 8* 9* -% 

3% l%SumtM ISM 2% 2* 2% 

51% 43% SUM 138 n 13 1382 40% <8* 49 ft* 

14% 10%asarRxxl 098 U 12 24 11% 11% 11* -% 

46% 25% SquUl 018 0£ « JS3 28% 28% 2B% -% 

40% 24* State 094 33 9 3470 25% 25 25 

20* 11*SvgCl*a 01B 08 22 410 10% 18* 10% -% 

237g 16 Stem A* 001 OSS 31 20% 20% 20% +% 

3l%16%5»teteTi* » 273 30% 28* 28* -% 

10% 7%SjroCon» 028 £7 9 0 7* 7% 7% -% 

18%16%9wnn«EiT MB £4 17 72S ID 18* ID 

29% £1% Sysco 036 15 21 692 24* 24* 24* 


46* <7% 
IS* 19 


: 30*UnBac 
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UJBfh 1JJ4 £B 18 878 2B% 28% 20% +% 

W& 32 16 5% 5* 5% 

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USG 5 974 19 IS* 19 

31% 23% 1ST 1.12 3D1B437B 23* 28% 28% +% 
51* 48* ISXQufl £80 7J9 14 49% 49% 4S% 

TSfiaiVUIIL ITS 120 88% 85% »% +* 

10% 1% UOC Hue 1S8G7£ 1 48S 2% 2% 2% 4% 

24% 17% UB Cup 1J8 7J 21 680 19* 19% 18* 

11* 5%URCtoe 2 104 8% E 8 -% 

2421%lMna UO 73 81 2484 22% 21* 22 

27 20% (UP he 040 U 10 468 25% 25 25%+% 

17%11VIMfat 010 08 13 230 12 11* 11* -* 

74%88%IMta no £8 10 48874% 73* 74 +1% 

120% 100% (MW 1S4 n 17 1140 119% 118% 110% +1% 
50* 42%UbCUto in 11 80 1355 48* 48% 40* 

3S*21%(fcOnb 075 £2 33 8842 34 32* 33* +% 

13* SVlHonCUp 21 13 1* 13% 13% +% 

54% 43% UtaBlfiOX £50 8.1 750 43%M3% 43% 

67 5BUe84J0x 4JD 8L0 ZlOO 58 856 58 -2% 


56% 4^ Muflxa 
13* 7%Wkntagc 
27V 23%WacEn 


UB £0 18 348 STii 
IB 390 72 
1-41 8.4 14 752 282 


12 148 10 9* 10 +% W" 15 235 5% 4* 5% 

&32 101T77 23% 22% 22* -% fW** 0« 0 835 8% 07* 7* 

048 284819 87* EC% 87% +% Rhate 35 2436 25% 23% 25% +1* 

9 ‘ 60 2* 2% 2* -V AX 4111 084 ^ «9 31% 31% 31% -% 

082 18 184 7* ?% 7% ft FWcfltte UD 11 375 28% 25* 26% 

FatCUBk 080 19 337 22% 22% 22% +% 

Fat Sadr us 10 743 28% 27* 27* -% 

_ Fat Taw U8 10 215 44* 44% 44% +% 

~ 1 " AtMMn 035 7 144 9% 9% 9% +A 


MO Cm 006 2221122 25% 24% 25% +% 

WCart 222553 25 24% 25 +% 

Mac Mi tUO 43 176 13JJ 13* 13ft 

UadhooGE UB 14 14 33% 33% 33% +% 

MaymaWr 15 1705 35 34% 34% ft, gisvsH 

Manna Sfp 076 13 258 20% 20% 20% -V m, 

MaBBn 15 483 10 D* 8* -% statettF 

MarcsraCP 22 468 10% 0* Ott -li stem On 

MarnaDr 10 BOO 4% 04 4 ft sknaTuc 

Malta Cp 8x100 41* 41* 41* +% ggnfl 

ItotaM 2 30 1% 1% 1% SKanaOea 


Scare Bd 6 2E2 4% 4% 4% 

SaaSeH UO 44 13 38% 35* 3&% +* 

5’DSb 11 8674 24% 24% 24% -% 

SBCP 016 24 SS 20 19% 19% ft 

Steed 0 OJB E 248 3 2* 3 

Steam* U2 15 33 28% 25* 2B% +* 

Sequeu 81 1410 17% 17 17% -% 

Sequoia 23 592 3{J 3% 3% 

San Tec#) 15 5 10% 10% 10% +% 

SmxftBd 17 12 4U 4|3 4JJ 

S wa na o H 022 17 18 18% 18% 18% 


Staled 

054 21 8900 28* 27* 20* 

+* 

SH-Sym 

2 210 

5% 

5% 5% 


Shonwood 

33 891 20% 

20 20% 


ShmtftP 

7 81 

6% 

8 8 

ft 

Sore On 

17 196 

24 22% 23* 

+% 

SenaTtac 

4 60S 

3% 

3% 3% 

ft 

amt 

033 152856 34% 33% 33% 

ft 

StomOre 

202175 

8% 

7% 7/1 

-A 


3^ Z7WtacPl4S» 1JC 08 11 111 2 

18* ISWaaO 040 £4182 27 H 

35 28% WDcoCUp 1.12 40 81 238 2 

30% 22% SWT On £0 31 8618 2 

27% iBVPUMtae 016 08 16 58 2 


16* -% 
ZB* 

29% *% 


27% 18% HWvertne 0.18 OB IS 56 28V 28% 26% -% 

26% 12*MbeW1H an £5 3 3457 17% 18* 17% +% 

19% 14%MMdSMi 010 07 44 15 14* 14* +% 

_8% 3%Sad*wp 10 3064 0&4 8%. 9 +* 

S* 38%HMgtajrk 048 1.1 28 E5D 43% 42% 43 -% 

20* 16% Wjta Liter tm U 19 139 17* 17% 17* 

23V 18% Wpmxrt 044 u 13 13 22% 22% 22% -% 


-X-Y-Z 


- B - 

BEIB (USZ7T30 5 65 5 -% 

■MtaDU 10 71 i2* 12% 12% +% 

Baton wt 10 A c(A & 

Baker Jx 0XB11 297 19% 18* 18* -% 

BM«te.B 024 3 5 14* 14* 14* 

BmfcC 142010 2D 19 19* 

EMcSontb OS 11 1058 18% 17* 17* -% 


UB 0 *S 44* 44% 44% +V ^ 10«« +1& 

U7W *55 1? lfcCanrte M 18 877 ** 20 “ 

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FteadUc 05B 71183 24 22^ 23% -* 

HrMte UN 8 11 32% 32 32% 

Rntmln SB 121 V10 9* 10 +% 

Ftauv 27 TIB 22 21* 22 -% 

Row tat 18 289 8* 6% 6% -% 

FoodAx 009151387 5* 5* 5* 

FoodLBx 008600 1493 B 5* 8 +% 


18 12 B% 8% 8% +* SMMc 006 57 582 11% 11% 11% +* 

MaStaM«44t1 3 11% 11% 11* +4 SUoflGp *61039 15* 15% 15* +% 

000 11 1499 20% 20% 20% +% SMtatai 040 15 251 12% 12% 12% 

Maniac 9 15 7* 7% 7* +% SmUtfta 34 829 25% 24* 25 •* 

MUftaM 491318 UB5S3%84% -* SMpptaBv 321917 12* 12% 12% -% 

MaxtarCp OIOSS 4% 4% 4% -V StftenP 1 254 4% 4% 4% +% 
12 15 18% 15% 10* +1& Sueco 05617 UB 23 22% 23 +V 

16 977 20% 20 20 -% SoUMM 068 10 1211 20% 20 20 -% 

174807 14 13* 13% ft Spiegel A 02037 1228 18 17% 17% -% 

14 137 24% 23* 23* -% StJudaMd 040 14 873 35 34% 34% -% 

22 554 11 10 10% -1 St PauSc 030 9 248 20% ID* 19* -% 

821878818% 17% 18* +* Sfcjffl 1 187 1* 1% ifi 


Uofcxlnc 01617 4807 14 13* 13% 
MadtataaS 048 14 137 24% 23* 23* 
Mahntaa 024 22 554 11 10 10% 

Malta Cp 016 821878818% 17% 18* 
MateG 024 25 3371 11% 11 11% 


51 2738 34% 33% 33ft +,», 


MaronU 080 12 81 22* 21* 21* -* I State SO 060 15 2103 36% 38% 38% 




£44 0.9 12 857 35% 35% 35% -* 
1.72 £3 15 2329 51* 51% St* +% 


23V UnhoPtant 092 £8 B 84 24% 24% 24* 


- T - 

6* BUST Baer 030 £5 33 388 S* 5% 54 
43% 28% ICFFtaanc US £6 12 1825 38* 37* 384 
8% 8% TOW Cm* S 084 08 Z74 8* 08% Be 

48% 34% TDK CUp A 043 09 48 8 *6* 40* 4« 

2% IVTISlMga OM 4£ 2 27 2 1* lj 

29% 18* TB 058 £2 10 2018 17* 17% 17* 

18* laVWEnhrp 080 5.4 13 80 14* 14% 14? 

77% 81 TW £00 £7 21 385 73* 72* 73* 


■a-s 


22 16% Utaflemt 020 US 431 19* 1«V 
z% %unm 0 17 a v 

HJT 2 S% Uateii £77204 7 9731 10* 10% 
3% 2%IWCUp 25 UB U3% 3* 

41* 28VUMMM 11M £8 20 741 38% 37% 

15* 12% UdDmRiyx 078 01 63 828 12* T2% 

22* iTVUtttaated 020 U 17 2 10% 19% 

05% aa&UDHtare 003 0.1 212440 54% 53 

40 a u dta m e 176 82 9 1GB 30% 30V 

H, 4 V lUadW 028 £3 5 85 5% 5% 

13* lOVUMtgihtfHOJS 04 414 11* 11* 

V uUUtartCM 11 38 % d& 

16% 4USAK 012 27 0 2481 4% 4% 
1D%11*USR£x 020 U 14 3368 13* 13% 

ZJ% 10% USFtar 38 <7 21% 21 

29% 14USHwa 2 503 15* 15% 

«% niBUCp 124 £B 7 306 32* 32% 

24 liVU&ane 032 1-6 68 1038 20* 20% 

32% 15% tIBAn 008 03 BIBOS 20% 25* 

48% 37% USWMx £14 £D 33 5042 38% 37* 

72 SBUUTac £00 £1 18 3481 84% 03% 
M* 12* UUWtar 082 £9 12 37 13% 13% 

is* ia%iMtaxta 32 as mg* is% 

34% 2B%IUrFBak 0» £2 IS 575 30* 39 

18 15*UnhHHi UB 83 tl 195 16* 19% 

% OUUnMML 1 55 & % 

13* 9* UnhWdp 030 23 17 48 13% 13% 

26% 17%UMQpx 088 43 12 073 22% 22% 

30* 24% Unocal X DM 23 22 1977 28* 28% 

58 43UKMCUp 038 £1 11 1238 45% 45% 
37%25*lHnx 148 45 14 3506 33* 33% 


112 87* Xm 3JS £7 561408111*110*111* +* 
53% 40 Xta CUP 058 1.1 22 02 £9% 5(j3 a 50% 4* 

25% MTUnEgr 122 53 12 40 21* 21% 21* +* 

42% 33* York W 018 04 20 2GB 41* 41% 41% ft 

5% IZwxtt 014 £3 2118 4% 4% 4% 

13% 7 TatO 6 963 12% 12 12% 


Btetannh 030 14 2 24% 24% 24% +% 

Bantu Geo OS 10 665 33% 32% 32% -* 
BneaLF OJO 14 132 27 2B% 26% -% 
BayWawx an 12 27 23 22% 22% -ft 
Bkjtonta 1-80 131128 57* 58* 57% +% 
BOSTFh 1.16 9 337 28% 28* 28* ft 


11 03 1211% 12 +% 

33 385 3* 3 3ft 

UN 12 121 30% 29* 29* -% 


IhrcuyG 070 7 319 M 27* 27* ft 

Mertdhn 138 10 480 28% 27* 27* ft 

UBriad 91066 1D% 9% 9* ft 

■MKxteAxO.12 20 117 20 19% 19* +% 

MPSCm 30 791 301+ 37% 37% ft 

UdtatlF 020 20 197 12* 12% 12* ft 


040 8 225 18 15% 18 +% I MANaffi £003551041 78% 77% 78% +% 


AtHUte 1.18 11 81 28% 27% 20 


BE Aero 21 451 9 8* 8/2+% ftfcr,fl 059 22 240 34% 33* 34% +% 
BeouaCos 042 33 555 15 14% 14* +% WWite 008 10 200 ID* Ifl* IB* +* 


3 

1 B% U 


20*2wttiNBt UB M 1 84 22* 22% 22% ft 

6%2aohta6 00120 312 B* 0* 0* ft 

11*2OT 040 £0 18 92 18% 12* 13% ft 


lift 1ft Zara 040 £0 

28* IfttemM 008 4 j 
13* TO*&mtoftndxUB 09 
10* aVZataDTtax OM 102 


040 £0 16 92 18% 12* 
008 43 16 144 18 w 

US 09 815 IT mo? 

054102 883 b% art 


3ft 3ft 
11 ^ 11* 


13% 13% 

21 21 


4ST» or* — ■ 

S tt% ft 

64% ft 
13V 13* 

19% 10* +% 
30 30% ft 


AM ate anMta M TMxwa 

VteD MpmOT tee tr HOE rater tmpvwltaJHI 10B4. 


BenSJanjr 13 75 14* 1ft 1ft ft Punnx 

BaMslMR 0A4 13 271 X 35% 35% RflnWdWR 

BHAOp 012 18 323 12% 12% 12% +% 

a be 100 68 5A 5 5A +* 

EHflB 018 16 98 11% 11% 11% +% 

BtadayW (US 15 SO 13% 13% 13A +A 

Bogan 4816308 48% 44* 46 ft QKApp 

Btamat 201000 12% 11* 11* -% GW San 

aocfcOtg UN 11 88 31* 3(42 21% ft EMU 

BMC Soft* 144475 44% 42* 43* +ft SmvtRs 

BcatawnS 1J8 93385 30* 30% 30% -% QeUCo 

MCtem 028 13 232 20% 2D 20 GOT8M 

BootaAB 15 88 30 28* 30 ft 

Borland 14 2355 12% 11% 11* ft rJL**. 


024 28 196H2D* 20 20% ft 
11 241 3 2% 2% ft 


- c - 

GIApp 6 12 3* 3% 3% ft 

GSKSan 007 22 209 15% 15 IS 

BMto 0 20 3 3 3 

Garnet Ra 10 3 3% d3% 3% +% 

Geuco 018148 27 0% 5* 5* ft 

GOT Bind 040 22 S id 21 21+1* 

Gartyta 18 347 4* 4* 4* ft 


13 187 5 4% 4* ft S&ytar 

91208 12% 12% 12* ft SbBwfl 
732S4 8% 7% 7* ft SuRtarad 
9 950 5% 5 5% SumnXtA 

2 520 7% 7% 7% -A SBmaftTi 
1618313 56% 55 55% SuoSpal 


SUUkzD 151198 2T* 21% 21* +% 
SUHaok 068 12 25 19* 13* 18* ft 
SMTec DOB 17 31B 15* IS 15* 
SUdyUSA 020 38 858 8* 9% 8* +% 
SttW 149 17 21% »* 20* 
SOtataQ 1.10 14 78 22% 21% 22% +% 
SmcBy 83017 5% 4% 4% -* 
SBjtar 028 20 3550 35% 34% 35* 
SbBvanO 21 21 14% 14* 14% 
ButetaragE 03018 30 25% 24 24ft 
SuanUtBc 064 13 412 21 20* 20* 


ted Ad II 24 8 2 27* 2 

tadta 052111548 2 27* 27* ft 

MdwQata 0502 91 Z7 29% 27 +% 

MDarH 052 17 128 24% 23* 24% +%, 

tetan 1887 2B% 25* 26 ft 

WxiBSll 20 103 15% 14* 15% ft 

MrtMTel 54 2452 Z1% 21% 21% +£ 

MUMP CO 029 19 11 7,V 7% 7& +A 

HUM M( 082 20 290 28* 20 20% 

Motet 004 1354 40* 39% 39* ft 

Motet he (UN 32 037 43% 42* 43 


«ta» mm ■r ted. tatart ramteg > a |— U w rate tea tera Boland 14 2ZS5 12% 11% 11* ft l? ^ tete he (UN 32 887 43% 42* 43 

^ta|aertte>^ ^ MOTta awtete_X)rtanimtadim» floatanOk 076 5 S40 34 V 33V 33V li 1MSC ^ ^ ■*& Muaccxn OM 151080 5% 7* 8% 

Utai mhmta aoM rate U tadmd wa aonaW itawmte taaad h f ™” 1/0 "7 r Genterfti <00X1205 22 * 22 22% MataceP 030 21 91 X M m 

tae Hrat dtaanhai, Atalmnan hxAM. BtaanaTc 71 9620U15* 14% 15% +1% ™ ® a 


taa Hrat dtaanhw, Steupna n UUL 
■ — te d tea taio wm tea u MdaH tea not MM 
MgtatadMMMMpteMMklHaKMirita 
li pmatag 12 Mm. |Mn d la tomteo tmte aMpa to in 
— m taac u i te. Mtaad daetead Mr OTHto w M MdamL FdM- 
drad ptad Ma fear. tRU, datand. vaawtea hi U UM dMdted 
«M MHW MM or ptel ttta per, ■ iccanaHM ten aadtn 
MdaM k draare omaar laan ta taa u« S miata. Ite M0 Mm non 
tatfN ate m am el ka*8 ta«M tag dmp K arfcmalw rate 
ratal dackrad or nU to wa n a mama, tea akek dMMM 
»Mte wte Mteadi aagta «• dta al wte Mmta. ftetaad M( la 
mack k raa w U m 12 mn aadaakd ta tea ■ nMdmai « 
wMwmta toowtetarita- dMtetkMa m Mmkror 
ra MM ita ar tatag raw im tad aator dm Bricmq fa. a m emVm 
aamnad w mm rnwiwrn . aMaraai HMniteOT. na+M w- 
mua. 1 ai itakil ar aHtaNL te m tek te ma idmi arm iakt 
t m tettae d and aatoa la M. teH Mt x+taa ta to 


AMEX COMPOSITE PRICES 


4 pm case October 17 


Rr. E 1001 HW iMfChnCte* 

529 73 18 15V 16* ft 


Stock Dte E UM UR 
Mvltogn 529 73 IS 
Atari lie 2 175 * 

Mpkelnd 4 298 8* 
Am tar Pa UN 13 7 48 

AmMatraA 0041110 89 23% 
AmdaM 005 35177 B% 
Amato atii5 1% 
AmpaMoA 46 242 BS 
ASR tan 072 21 00 2% 
feHtoSb 25 11 2* 
AM 8 936 7 

AtbsCMB 0 182 A 
AxAmkA 5 147 7% 


03H Ocean 055 0 S5 3% 3V 3V +A 

BHVHter 0.73 21 47 Ifita 20% 27% +1% 

BMdataTA 004 381424 6% 6% B% 

BaryRG 23 429u24* 23% 23% , 

BATOT 071 235 U14* 14* 14* ft 

Baud 0 3 2* 2 2i« +A 

BMBManx040142 3 20% 20 a ft 

BNXMA 74 1» 2BV IS* ft 

Blount A 057 47 43 43% 43% 43% +% 

Beenur 30 162 3% .3 J ft 


EMmCte* Slack n* E 1098 Htfi LewOneCteg 

15* ft Oancd FPA 5 12 B 9 9 . 

3 CtmsATA 001954 38 10* 16% 16* +% 

B% ft CrawnCA 040 40 113 17* 17* 17* ft 

48+1* CrawnCB 040 14 16 16% 16% 16% 

22% ft COTc 053 84 8 19* 18 19% ft 

9% ft CuaDnudh I82100 3 & BA 3 £ +Jk 


W Ste 

DtaEUk 
1 24 

018 44 10 
8 39 


11 12S 
25 386 
8 50 
OA8 8 11 


i'l'l 

9% 9% 9% 


W BP IrnCfcx* Qaug 

10 iS ,S iS S 

38 8* 6% 0% ft 


tatataQ) 012 29 10 11* 11% II* ft 
W. Ctan 3 752 3% 3% 34 ft 

Htetneo 73 97 15 14* 14* 

bn 008 181822 18* 18% 18% ft 


Faam&k 046 13 11 13% 13 3 
Echo Rag 0074375557 13V 12^ 
End Ea A 030 B 109 10% dM 

Efhtsfh 4 47 9 95^ 

Bin 18 022 38* 37* 

EngySv 386 14* W 

Eptote 12 2B7 13* W>. 


3 t 

MV+ft 


4 280 6* 5* 0* 

21 14 13* 13* 1A 

T7 11 a ft ft 

19 35 10* 1BV 18* 

09 40 8% 8% 8% 


Bownar 30 182 3% 
Borne 036 8 248 17 

euacmA 1.04231 25 13* 




Fad tad* 064 11 7 

FtaaA <03 18 8 7 

RdCteBnckUO IS 10 t 
FUraU 09075 21 3 
Forest la 29 487 4 


81 31 , 

7BV76V ft 
12 % 12 % . 
30 39 ft 


10 75 1% i & ift 

14 85 fb 5* 5* 

4 179 * M n 

210 7 12* 12% 12% 

B 35u3Z% 31% 32% 


CdMrop 1 20 ft ft A n 

Qmbnx 020 16 23 28% 28% 20% 

Can Mara 028 20 6 11* 11* 11* ft 

CnmOTA 001 4 518 2% 2A 2% 

CPamtaa * 51 2J4 2i 2ft -A 

Gtramptoi 57 184 89% 38% 39* +% 

CKPtix 004 40 405 15% 15* 15% ft 

CnMFdA 001 1142 B* d5 5* 

Coouneo 0301«9 23 18V 18% 18% +V 

Conrataat: 1 02 « * % 


Ffaumar 3 a s% d3% 3% -ft 

Bun MO 5 111 17% 18% 17V ft 

SOTHA 072 15 284 23* 23 23% ft 

GhdBrx 070 37 182 17% U 17% 

EtefckJ im S A H % 

Groenm* 14 32 0* B% 6* ft 

eurcut 034 12 n <% < 4 ft 

HOTKr 20 60S 3« SJ, 7 . 3ft ft 

Hated 028 13 1828 30% 30 30%+% 

IWDiCh 4 13 2* <e* 2* 


Made A 044 28 48 
ItarnOo 020 38 £ 

tMwLd 56 

MDMA 14x 100 
HSRBto 87 m 


3 170 33% 32* 32% 

SB 48 28% 28% 28* 

" =i & a a 

4x100 8* 8* 8* 

17 IM * * * 


NatPH 5 155 2% 2ft 2% 

KYTnvA 056318 2£B 22% 22% 22% ft 
HUteOI 020 14 11u1 (ft 10% Tft 
MancE 110 5 5* 5* 5* ft 

MR 283 20 5* 5% 5* +% 

Otatac 02*437 321 38% 34* 35 ft 

PagaaoaG 040 10 BB7 16% 15* 15* 


Stock Ote E low am LoaaChwa Ebng 
PWto an 17 25 10% 10 10% +% 

PBWPwO 1-64 g 2 17% 17% 17* 

PMU) 02MB 672 SO 59% SB* +* 

ntaayA 05010 M 9B% »% 3B* ft 

PIT Sara 012 30 351 23 22* 23 +% 

PMC 084 16 222 14% 814 14* 

pnwxfcA aw o m ift 1% 1% -A 

nunfiad 35 5 33% 38% 33% ft 

WSNCp 3 215 S* 6 8*+* 

SJWCup 2.10 9 11 35* 35* 35* 

SUnUBfcn IS 16 17% 17 17% ft 

SHUH 841 5% S 5% ft 

T* Pnxfc OSD 48 3 8* 8* 8* 

TeBOte 038 69 78 46* 48% 48* ft 

Tharmedci 66 86 ift 15% 15% ft 

ItemUM 32 2B 30* 30% 30* ft 

TotPMx 020 18 SB 13% 13% 13% ft 

TaemCUnr 81379 ift lV ift ft 

Itext 1 190 1* 1* 1* 

TttmUtx 7 21 5% 5V 5% 

TixnrftA 007 72 13 19* 19* 10% 

TunrSrB OOTIB 199 19* 19% 19* ft 

UtffiMteA 5 4 2% £% 2% 

UdFteckB 020109 20 ZA 2$ 2i ft 

Itahfmb 25 23 7% (X 7 

US CtlU 346 121 32 31* 32 

VtateRA 27 4228 41* 40* 41* ft 

VSacaafi 14071 40* 38* 40*+* 

Wtahertd 284009 n* n% 11% ft 

WtaET 1.12 18 94 12* 12% 12* . 

Wcnhafl 060 13 5B 29* 29* 29* ft 

IXjPdter 4 58 4* 4A 4fi ft 


Bosonic 718620U15* 14% 15* +1% 
BratfyWAx 080 19 8 47* 47% 47* ft 

BtoKO 024 29 91 13% 12* 12% ft 

Brans 020 2154051116* S* B* ft 
BSSBncp 0.70 8 22 28% 28 28 

BTSHtata 040 5 273 2/3 2* 2* +% 
BnRefa 232790 15% 14% 15% +% 

BtotteaT 19 159 11% dll 11 ft 

But Bran <i 4® id 12* 12* ft 

ButensoR 07 81 X* 35% 35* +% 

Marlflg 0-40 0 209 U34 33% 33% ft 


- c - 

CTK M2 157 24% 24 24% ft 

Burnt Med 7 31 5* 5% 5% ft 

CktSdMpaan 10 194 29 28*28*+% 
CaknwComOJD 21 482 18% 18 18 
CaaiBCp 7121415SU15% 13% 14% ft 
Catena 225 52303 8* 9% 9* ft 
QdHcra 28 1372 28% 27* 28% +% 
CtateW. 1 23 3 2* 2* 

Cutea 4 151 2% 2% 2A ft 

Canon tac 053123 5 90 88% 88% -* 

Orate 44 115 8* ft 8* 

CertenCm OB3 22 80 27% 27% 27% ft 

Cascade 060 22 31 25 23* 23* -% 

CsserS QiB 201975n14% 13% 13* ft 
CUgena 6 370 7% 8* 7 

CBHCp • 20 192 1ft 12% 13 +% 

Cantacra 84924 10* 16% !*£ -f, 
CnklRd 112 11 674 29% 29 29% 

CWrISpr 30 11 1ft 10 10% ft 

Cheater 9x100 4* 4* 4* 

Ctopterl 060 7 706 20* 20% soA ft 1 

ChrtnSh 009 10 982 7* 7* 7* ft 

Cheoteb 18 18 13 12 13 

Ownpomr 14 IBB 4% 3* 4 +% 

Otoasn 10 840 5% S% ft 

CMunCp 593058 83% 81% 91% -1% 
OnoRn 120 12 180 53% 52* S3 ft 


Dot* tac 2B4 557 ft 8% 5% 
earnjme B0 1379 33% 32% 32* ft 
BbmGt 040 191825 14* 14* 14* 
CMUanal. 012 12 484 17% 17 17 ft 
■Ml 080 15 10 14* 13* 13* ft 

BtaBtom 12 8 5* 5% 6% 

Good am 18 418 12% 12 12* ft 

EMdaPmp OJBO 19 434 22% 21* 22% +% 

GradCoS* 312 120 U3% 3% S% ft 

aatoa 020 72 114 21* 21% 21* ft 

Graantf 024 11 5 18* 1B% 18* ft 

GmwcftPn 0 347 V iJ % ft 

Sreaamana 113S1 3% 2* 3 +% 

CtadWr 823 23 12% 12% 12% ft 

on CUp 13 208 18 17% 17% ft 

SMYSig 5 788 B* 9% ft ft 


- H - 

HantegA 87 14 7* 7% 7* +% 
tartaayw 088 9 47 25 23* M* +* 

HkparGp 026 12 B87 13* 13% 13* +* 
WnfeCrap 829 IS 14% 15 ft 

WOOOD OlID 28 1005 33* 32* 33% ft 


KtSftt 050 9 15 24% 24 2* 
waned 131488 36* 28* 28* +% 
Mpnoen 4 134 10% 10 10 ft 


- N - 

018 ID 448 » 24% 25 +% 


tttal Rite QJ2 10 11 16*1115* 16 ft TecumaWi OJO 12 


S&nsakTa 41 8023 o40 37% 39* +1* 
Sun Sport 12 31 5* S% 5% ft 

SUteta 1622538 31* 30* 30* ft 

Start Im 44 383 DM 43* 43% ft 

spanks 578103 50% 48* 48% ft 

Swanks 41 2404 15* 15% 15* ft 

Snaky 04019 9 19 19 19 ft 

Sjnen&n 92 90 4* 4% 4* ft 

Spogan 1 3248 5% 5% 5* ft 

Spade 67 41 17 16% 18% ft 

Syutotas 1414115 18% 16% 16V ft 

SyakBSafl 012 13 723 12 11% 11* +* 

Sp&raSco 31 105 19% 19 19% +% 

SjMBtaed 382331 8% 7% 7* ft 


- T - 

T-CUSc 5 Z78 3% 2% 3% +% 

T jaw FT 052 20 838 32* 32 32 -* 

TOC CP 13 034 10% S% ID ft 

TEA Cat*) 044 28 87 23* 23* 23% 

TacMMB 11 373 18% 17* 18% +% 


118 25 14% 14 14% Tatatoc 8 248 17% 18 17 -* 

20 1» 14 13% 13ft -ft Telco Sja 101537 15% 14% 15% +% 

5 4 15ft 15 15 +% TUQbA 1SZ2ZT20 23K 23% 23* +% 

109 35 63% 82% 83% Tatato 81300 5% 4% 5% ft 

19 582 SO 29% 29* ft Tntota 352554 49% 48% 49% +* 

27 687 19% 19* 19% +% Teton Cp 001 81 295 IS 14% 14* ft 


MtCUapI 038118 25 14% 14 14% 

•tel Site 020 20 198 14 13% 13ft -ft 

Nnfgaiar 000 5 4 15ft 15 15 +% 

ICO 043109 35 63% 82% 63% 

Nadar IB 582 30 29% 29* ft 

NbMGoi 27 687 19% 19* 19% +% 

ttaMS 98 237 7 6* 6* 

Ifeunoefl 10 103 7 5* 6* ft 

NStaEBK 080 19 02 18 17% 17% 

Nawhnaoe 761729 8* B B* -ft 

NtetlgUM 221414 30% 29% 30 

NeaptCO (UN 18 lM 7% 7% 7% ft 

IWtaDit 2223482 7% 6* 7 ft +ft 
Hradkon OSB 25 49 H 55% 55* ft 
Nteani 040 279967 47 45 48% +1% 

Hootoil 15 16 020% 10* 20% +* 

N StoUt 4 4 5% 5* 5* ft 


48 47% 48 


238928 27* 25% 25% -1* liortfariTit 088 12 BU 38% 


TdtraTdC GB 601 B* 7% B* +* 
TnaPMDH 0.10 28 4432 28ft 27% 27% ft 
TOrea COT 73 7348 394 38* 38% -1 
TO 80 S* 5* 5* ft 

TJW 022 28 370 18% 17% 18% +% 
Tin Mad 5150a 7% 8% 6* ft 
Tokyoite 034 34 17D 58% 57* 57* 

Tom Brawl 831388 12* 11% 12 ft 

Tapps CD x 0282981452 8* 5% 5/J -ft 
TFI Enter 3 217 5% 5% B 
TmwWKd 2 12* 12* 12% ft 


HMttxn 000 29 24 12* 12 12 ft 
HwflMyn 12 315 5* 8% B% 
Hdcfttaoer 018 22 1104 13% 13 13* 

HeklnJ 10 10% 9* 8* 

HetanTOy 101928 18% 17% 17* ft 
Hkrtdf (US 122321 19% IBft ID ft 
HagwiSjs 015181542 5% 05% 5% ft 
Hafogfc 75 G88 16* 1B% 16* ft 
Home Ben# 080 8 123 20% 20% 20% ft 
Hat tots 044 19 113 27% 28* 26* ft 
Hantadc 153304 13% 13* 13* +% 
HoWtiflea 044531 92 5ft 5% Sft 
HtxXJB 020 171305 17* 16* 17 


10 5687 1SI 2 18% 18ft +A Titeare 

79338235 16* 15* 15% ft TUlItte 

4011135 46% 44V 44% Timm 

22 0% 6% B% ft Tseng L 

7 20 2% 2% Z% T)#FBA 


30 ft ! Trento* UO 10X100 36 38 3S 


Titeare 18 241 2* 2* 2% ft 

DrknHe 74 266 14* 14 14% ft 

Trmm»c 1.10 10 ib 20 19% 20 +% 

Tseng Lad 020 12 430 7 6% 6% ft 

TyaftJA 0081055275 24* 23% 24% +* 


- o- 

18 35* 12 11% 11% ft 

16 810 21% 20* 21 ft 

20 121 7% 0* 7% ft 

13 054 13* 12% 12% ft 


CUaaQ, 017 33 1209 34* 33* 34* +% I HwtaCD On 1 38 3% 3* 3* ft 


Hntingtn 080 72188 10* 18 18% ft I SfiS? 11 1,BB 1B ® -S 1 -f + ? 


UB 6 409 30% 29* 30% ft 


tentage 304757 31* 28 2BA +A 
COTU* 131 899 2* 2* 2* +% 
CJscnSyx 1434029 27* 27 Z7 ft 

CtzSxncp UB 16 13 29* 29 29* +* 

Oeuittr 22 29 B* 5% 6V +% 
teteOr 38 4 11% U% 11% +* 

Ctadwtm 7 602 4* 4% 4% ft 
OacaOataB UO 17 654 2B& 27V 27% 

! CuteBigy 140 465 7 6% 7 +% 

.CodeAtorn 28 18 11% 11% 11% 

CagimCp £1 1388 20 19% 19% +% 

Oym 1442201018% 15A 15% +% 
CDterm 18 133 14* 14 u% ft 
CalBOen 040 89 290 23 22% 22% ft 


151 SGG 28% 37% 27% -1% ?! “J ^ f 


USKktxr O84 10S2SD 47% 48% 46* ft 

U<teb 21216 5 04% 5ft 

UCkfewte UD 13 04 10% 16 18 ft 

USTctx £00 12 109nS3% 52* 53% 
UntedB 040 8 61 10% 9* 9% ft 

ttaKOB on 13 11 17* 17* 17* 

Unrtrta UD 25 11a 47% 48* 47 +% 




_ . _ . • J 











Categai 040 89 290 23 22% 22% ft Mn _ 

CetoteBS UB 13 27 21% 20* 20* -* 

CQM&p 080 13 948 38% 35 35% ft ™ 

tenter 024 15 876 22% Zl* 22 ft “r”! 

CnxteA 000 201551 17% 1B% 17 ft 

CnteASp 009 436988 17* 18% 16% ft 

OonidBktffifln 101094 29* 29 29* +% 

Conrad 070 98 158 10% 17 10% +1% ™ 

teremC 17 588 2ft 24% 25% +% w>n 

tentolata 2704218 8* d7% 8% -£ 
tenteiere 53 97 12 11% 11* ft WsrTt 

Ountodifl 33 188 3 2/1 >3 -A “ota 

terttap <20 33 8 40% 40% 48% Mgpti 

CbncOnm 4 222 E* 5% 5% ft kutai 

COTaKto 59 387 24 23* 23* Hut* 

teBDSda ID 581 Pt dB% B* +% mtarvoi 

&te« OS) 191051 18 17% 17* ft hfitey 

OW* 34 410 4% 4% 4H ft MHW 

Conte Cp 26 3185 00 39 59% ft U TnM 

COT WA 48 30 17% 1717% +* ^ 

OacfcarB RE 20 088 22% 22% 22% ft 

CnyOdOT 11657 1* 1 A 1% ft ZS 
Qwita 33 « 5* 5* 5* ft 

OteOHI 2 90S 3% 3% 3* -A 


18 554 5% 4* 4* 


- I - 

FR 3w 50 40 8% 8 8 ft 

OBOomm 262584 8% 8* 8% 

KinH 3 182 3* 3ic 3% 

tomucor 35 102 6% 8 6 

tanxncgen 1 4K 3* 3% 3% ft 

Import Be 040 21 841 18% 16 18% 

WIRE 02417B 58 12%d12% 12% ft 
Hflei 15 2964 12% 12 12% 

tatanak 33M107 27* 27 27%+% 

ktoadUkt 068 18 328 11* 10% 11% ft 

tatagrttaf 25 8783 21* BPa ZD* +,'« 

togk&s 32 22 14% 13% 13% -* 

tocaw* 8 038 3 2* 2% ft 

tatal 024 1170781 58% 57% SBA -A 
Wan 7 280 2 1* 2 

HfrdS 040 203867 15% 15 15% ft 

HsrTU 18 435 8% B% 8% ft 

UeafcaA 024 17 2239 13* 13 13 ft 

Mgpk 2 708 7% 07* 7* 

HaW 4 717 4* 4% 4* ft 

HUM 8 783 16% 16* IB* -* 

Handle 25 274 14* 14 14A -A 

HDkhyQA 14 9 17 10% 17 ft 

MHw am 18 7 2% 2* 2* ft 

to Tote 275 18 5* 5% S% 

tarasm (US 18 482 £9% 27% 27% ft 

tondgaco 21205 n4% 3}J 3% ft 
Somette 18 195 IS* 18% 18% +1% 
(BTOtote U9 40 5 210 218 216+2* 


Okf HMD 092 18 101 37 38% 37+% USBaacp U0 10 2508 25* 24% 24% 


Ondancup UO 6 350 27* 27% 27% 

One Price 8 703 11% 10% 11% 

OraddS 8710072 iNB 44% 45/3 +1* 
OrbScaet 422452 16V 15 10* +1% 

orattedi 099 27 352 9* 9% 9% -A 

OoM&fp d 9 9% 8% 9% 

OregonMat 031 11 60 u6% 8* 8% ft 

QABp 15 331 2* 2% 2* -A 

OahkSA 041 SO S09 14% 14 14% ft 

DddHtlT 050 11 210 11% 10% 11% ft 

ODaiTU 1J2 15 239 34% 33* 34 ft 


- p - o - 

Piecar U0 11 68G 44H42* 42* -1 

PacOuntop 032 11 208 12% 11* 12 +,* 

PTotcm 1J2 18 150 24* 23* 24* +% 

FactaCre 31 431 74* 73 74% ft 

Pannete 41 3404 35* 34* 35* ft 

PtoCftax 038 401011 38% 38% 38% 


US Energy 11 34 4* 4% 4% 

USTCmp 1.12 0 204 11% 11 11 ft 

UOT Mad 15 058 8% 9 9 

IM Tatar 12 71 52% 52 52 

UK 13 108 4% 4% 4% ft 


- V- 

030 30 E3 15% 15* 16% +% 

105 323 27% 27 27% ft 

24 B38 22% 21* 22% ft 

39 353 26 25% 25% ft 

10 101 17% 18* 16* ft 

25 879 20% 19* 19* 

2822851 12% 11 12 ft 

&.17 18 410 20% 19* 20% +% 


22 35 9% B 9 ft WsnrEDxai0 19 109 25% 24% 25% +% 

Paartata (UO 57 217 14 is% 13% -1 Wonted! 97 462 5 5fi 5% ft 

PunTrty 9 8 15% 15% 15% Wm*WS8072 82S7i 18* 1S% 19 ft 

Parang UO 25 28 34% 33% 34% +1 WaddVd8L 084 B 4M 18* 19* 19* ft 


POTtex 032 18 1451 u44% 42* 44 +ft VUttKA 022 10 824 26% 20* 28% ft 
12 8642 5 04* 4* ft Roan PM 024 141013 23* 23* 23% ft 

26 38 23 22* 22* ft IMMOx £40 10 120 42% 41% 47* +% 

14 809 14* 14* 14% ft «WM 7 103 4% 4 4% ft 

18 3 32 30% 30% WOT Oita 072 11 2135 28* 27% 27ft -U 

39 173 013 12% 12* ft MUa* Bne (UB 2fi 36 32 31% 31% 

a 714 ft 5 * 5* ft want n 235 13* 13* 13* ft 

3 5 8% 8% B% ft HWpStt 1 179 14% 13* 14 ft 

3BTO56 17% 18* 17 ft WstteeH 10 90 3% 3A 3% ft 

43 37 17% 18* 17+% Mntta 0S8 34 2938 48* 47% 40% ft 

31 307 45* 44% «* ft UftMSmna 752285 33% 32% 33% +% 

Zt 394 32 31% 31* ft tttdCMnL 028 IB 29 18% 17* 1B% 

101172 18* 17% IB* +ij OTmgt 0.40 29 1129 u23% 23 23 ft 

5 K 8% 8* S* ft 1MV Group (UQZi 183 3% 3& 3% ft 


5 04* 4* 


9 17 16% 17 ft POTOTII- 020 26 38 3 22* 22* ft 

7 2* 2* 2* ft 032 14 909 14* 14* 14% ft 

9 5* 5% 8% PB *™* ,X «*« 3 32 30%30% 

2 28% 27% 27% ft PL “ m,tly 30 173 lrt3 ^ ft 

15 te% til 3% ft 28 714 ft 5* 5* ft 

6 W* Ife lS +1* "“** tt4fl 3 5 ft 8% B% ft 
! r. ’S «OTM 3B 1256 17% IB* 17 ft 


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- D - 

DSC On 208187 31% 30* 30* ft 
OaitBnft 0.13 32 8 63 82* 82*+!* 

OahGwkti 12 181 2% 2* 2% 

OMidK 37 74 9 8* 9ft 

Mneopa 15 1541 ul7 15% 17 +1 

MUPMAl OKU 262 25 24% 24% ft 
tebStatm 02019 11 5* ft ft +% 
Oatote&i 032 24 3 16 IB IB 

DatateBa 000 44 87 30* 23% 30 ft 

MetatRPt 044 9 30 19%ff1B% 18% 


- J - 

MCk 14 20 12* 12* 12* 

I Me 028 14 81 9% 8* 5% ft 


PtanmOp 094 31 807 45* 44% «* ft 
nawartl 098 zt 394 32 31% 31* ft 
PK»«St 012101172 IS* 1ft IB* +jj 
I PotmHU 5 as ft S* 8* ft 


7Z Z ™ ^ V MB z 683 ft dS% ft 

Xfilnd OlO 33 38 40% 38% 38* ft fmkkiF 163 091 42% 40* 41* 

m»»ui m ib •xIm hi. i . 


15 M 6 ft 6* ft j WyTTHa-GOnOAO 1 131 ft fi | j, 


Johnson W B1 16 25% 24% 24% ft 

Java to 10 301 14% 14% 14% ft 

Jmsltel 0.10 12 72 B% 7* 8% +% 

Jtejnqi 12012 7B2B*2fi%28% 

JSBHn 080 15 577 25* 24* 24* -% 

JOTrUp oa 19 539 19% 1ft IS ft 

Jwtti 01G TO 451 13* 12* 13 


Iftcm a 3208 16* 16% 18* ft 

I PndkPM 37 115 5% 4* 4/1 ft 

Prtmte 39 824 22% 21% 22% +* 

I PidOOpaa 024 22 M 25* 2% 25% ft 

Platon B 012 13 1207 24% 23% 23% ft 
Prated 62336 9* 8* 9% ft 


-X-Y-2- 

XBnt 33 4108 55% 64% 84* -1% 

XumDOT 2 934 9% 3 3 ft 

TOBtmr 094 91 912 16% 19* 19% ft 

***** « 62* 3* 3* 3* ft 


10 37 032 6* 6* -27 JZknaUM 129 9 55 38% 37% 36% +1% 



WORLD STOCK MARKETS 


AMERICA 


Weak dollar 
and bonds 
inhibit Dow 


Wail Street 

Blue chip stocks posted modest 
gains yesterday morning, but 
the wider market languished 
as fresh weakness in the dollar 
and bond prices ensured that 
overall investor sentiment 
remained subdued, writes Pat- 
rick Hanvrson in New York. 

By 1 pm, the Dow Jones 
Industrial Average was up 
10.77 at 3.921.24. The more 
broadly based Standard 
& Poor's 500 was 0.46 lower at 
468.64. while the American 
Stock Exchange composite was 
up 0.06 at 458.56 and the Nas- 
daq composite softened 0.86 to 
766.22. Trading volume on the 
New York SE was 131m shares 
by 1 pm. 

After posting gains of more 
than 100 points last week, the 
Dow continued on its upward 
path yesterday, but the mar- 
ket's advance was not entirely 
convincing, with secondary 
indices all lagging well behind 
the blue chip average. 

Analysts said that there was 
nothing specific to explain the 
gains in the Dow. The mood of 
the market, however, has been 
generally positive in the past 
week because recent economic 
and inflation statistics have 
helped ease fears that the Fed- 
eral Reserve would put up 
interest rates again before the 
end of the month. Prices have 
also been buoyed by mostly 
strong third quarter corporate 
earnings. 

The absence of a more broad- 
ly-based advance yesterday 
was blamed on weakness in 
the dollar - which fell sharply 
on foreign markets overnight - 
and on a modest decline in 
bond prices. By early after- 
noon. the benchmark 30-year 
bond was down slightly by 
more than a quarter of a point, 
and its yield had risen to 7.850 
per cent. 

Among individual issues. 
General Electric eased to 
$5014 and PaineWebber firmed 

to $15 on the news that GE 
was selling its troubled Kidder, 
Peabody investment banking 


MARKETS IN PERSPECTIVE 


V % dwg* 

It hlBSt 


Austria 

Belgium 

Denmark 

Finland 

France . — 

Germany ........... 

Ireland ............. 

Italy 

Netherlands 

Norway 

Spain — 

Sweden 

Switzerland 

UK 

EUROPE 

Australia ............ 

Hong Kong ....... 

Japan 

Malaysia 

New Zealand ..... 
Singapore 


1«M 

4W«*a 

1YW 

Stan el 

Slaief 




im 

ISM 

♦0.93 

-4.71 

-3-21 

-12.49 

-7.37 

+3.32 

-2.46 

-1.60 

-9.76 

-3.24 

+2.90 

-3.08 

-1.76 

-10.04 

-4.75 

+8.18 

+2.67 

+31.81 

+27.18 

+45.52 

+3.79 

-0.56 

-6.52 

-13.91 

-9-36 

+€.75 

-1.10 

+2.62 

-8.70 

-3.12 

+4.88 

-1.86 

+13.78 

+2.15 

+620 

+0.22 

-5.54 

+9.93 

+4.05 

+6.75 

+3.46 

+0.20 

+6.44 

-4.11 

+1.B1 

+6.93 

+3.84 

+6.53 

+2.44 

+788 

+3.75 

+0.55 

-2-91 

-8-80 

-4.18 

+6.53 

+0-68 

+6.80 

+4.82 

+10.97 

+3.36 

-0.06 

+2.53 

-10.57 

-266 

+3.61 

+1.02 

+0.83 

-8.85 

-8.85 

+3.97 

-020 

+1.27 

-836 

-460 

+2.02 

-2.88 

-1.66 

-7.01 

-667 

+1.72 

-5.37 

+16.35 

-20.75 

-26.38 

+0.80 

+1.33 

-2.54 

+9.97 

+16.00 

+1.51 

-4.25 

+25.51 

-962 

-11.59 

+4.03 

-1.45 

+3.76 

-081 

-0.09 

+2.34 

+6.50 

+15.57 

-1.43 

-0.22 

+1.08 

-1.13 

+9.41 

+3.42 

-5.95 

+3.00 

-0.38 

+0.43 

+0.79 

-666 

+4.43 

-1.58 

+42.59 

+5.35 

-11.00 

+0.54 

-3.63 

+45.57 

+14.99 

+11.92 

+2^48 

•4L05 

+1.01 

+0.13 

-<L47 


South Afncj 

WORLD INDEX 


Last week’s enthusiam for European equities, led by 
Finland and Germany, stands in stark contrast to an 
overview from Merrill Lynch which heralds “the coming 
collapse in market multiples". The US broker's European 
strategy team believes that price/earnings ratios in 
major European equity markets could halve as they 
approach peak earnings. The rise in earnings would make 
most of the difference in a fall from p/e estimates "in 
the high teens to high 20s on average", to 10 or less; 
but Merrill also thinks that markets could trend sideways 
to down for the next three to five years. 


FT-ACXUARIES' WORLD INDICES 


FINANCIAL 


Tuesday Octo ber 18 1994 ? 


EUROPE 


Dollar weakness hits bourses after Kohl victory 


unit to PaineWebber In a deal 
that will leave GE with a 25 
per cent stake in the securities 
firm. 

Eastman Kodak fell $7a to 
S48% in volume of 2m shares 
amid reports that the company 
was preparing to embark on 
another round of cost cuts in 
expectation of weak second- 
half earnings. 

Chemical Waste jumped $1% 
to $9K on the news that the 
company had signed a defini- 
tive merger agreement with 
WMX Technologies in a deal 
that put a higher value on 
Chemical Waste than had been 
originally outlined in a July 
pact. The news left WMX 
shares up $'A at $29£. 

On t he Nasdaq market, Calif- 
ornia Micro Devices slumped 
$5% to $8ft after the company 
said It was investigating possi- 
ble accounting irregularities 
that could affect its finan cial 
results. 

Canada 

Toronto was slightly softer at 
midday as the market cast 
around for direction amid a 
dearth of fresh news. The TSE- 
300 composite index eased 2.40 
to 4JS30.02 in volume of 29.7m 
shares. 

Remarks by the federal 
finance minister Mr Paul Mar- 
tin reiterating the govern- 
ment’s commitment to tackling 
the country’s deficit problem 
lent some strength to the Cana- 
dian dollar. 

Mexico 

Mexican stocks opened little 
changed as investors shadowed 
the mixed movements of Mexi- 
can blue chips traded on Wall 
Street 

The IPC index was off 431 at 
2,782.00 by mid-morning. 

Turnover was moderate at 
23.4m pesos in volume of 1.97m 
shares. 

Brokers said that they expec- 
ted equities to make gains dur- 
ing the week in anticipation of 
a flow of third-quarter results 
before the end of the month 


Sunday's narrow victory for 
Germany's Conservative/Ub- 
eral coalition was seen as a 
reassurance for the country's 
financial markets, and it cer- 
tainly seemed to be good for 
both the D-Mark and bunds, 
writes Our Markets Sta ff. 

It had less apparent effect on 
the Frankfurt equity market, 
but Mr James Cornish, the 
NatWest strategist who con- 
centrates on the European 
political scene, put this in per- 
spective. “It is good for equi- 
ties, too," he said, "but they 
were already up by more than 
7 per cent last week." 

Outside Germany, he added, 
the Kohl win should be good 
for countries with a commit- 
ment to hard currency; it was 
probably no coincidence *that 
the usnally sedate Danish 
equity market posted a rise of 
125 per cent yesterday. 

FRANKFURT’S professionals 
went fishing for more buyers 
in the early morning, with 
prices marked up and a little 
buying lifting Dax futures. 
However, the buyers did not 
bite and, from an Ibis-indicated 

high Of 2.1472J in the morning 

the market slipped rapidly to 
close the session 14.85 lower at 
2,090.88. 

Turnover rose from DM6.4bn 
to DM825bn and. in the after- 
noon, the Dax recovered a little 
to 2,095.58. Unfortunately, what 

ASIA PACIFIC 


Oct 17 THE EUROPEAN SERIES 

Hourly danges Open 11 JO 11,30 12J0 13.00 1430 1SJ0 Butt 

FT-SE Euttracfc 100 135637 135833 13SX08 1351J7 134532 1342.47 134175 134100 

FT-SE 6n*aefc 200 141000 140933 140738 HOSJH 1401 Jg 138935 1400.73 140087 

Oct 14 Oa 13 Oct 12 Ofl 11 OettQ 

FT-SE Euntndt 100 1 350.17 1351.18 1333X3 1 330.45 1317.39 

FT-SE Bmtradc an 140455 141235 139270 138450 1370.44 

Bata io® aananac HtfnMr- ion - isazt 200 • mini iMtar. 1 ® ■ isti6 2 ® - laaaai t Pau 


was good for the D-Mark was 
bad for the dollar, and the mal- 
aise of the US currency had its 
impact on exporters: there was 
weakness in chemicals, car- 
makers and engineering and 
metals, with Hoechst down 
DM5.10 at DM329.50. Daimler 
by DM15.30 at DM779.70 and 
Tbyssen by DM7.50 at DM290. 

However, the losses were not 
restricted to cyclicals. Deut- 
sche Bank fell DM12.50 to 
DM714.50, although it denied a 
Spiegel report alleging that it 
had profited from the oil 
futures fiasco which drove 
Metallgesellschaft into finan- 
cial disaster. In utilities, Veba 
fell DM9 .SO to DM526 and Viag 
by DM9.60 to DM475. 

PARIS was pulled down by a 
number of factors, including a 
weak currency and some insti- 
tutional switching of funds 
from France into Germany fol- 
lowing the general election 
there at the weekend. The res- 
ignation of a senior member of 


the Balladur government was 
not seen as affecting senti- 
ment, brokers said, since the 
decision by the industry minis - 
ter to quit on allegations of 
corruption bad been expected. 

The CAC-40 index settled 
down 26.60 or L4 per cent at 
1.906.42 in turnover estimated 
at FFrfibn. 

Vehicle and component 
stocks reflected the market's 
overall weakness, with Peugeot 
off FFr6 at FFr782, Michelin 
down FFr3.90 at FFr229.10 and 
Valeo FFrl.40 lower at 
FFr280.10. The government 
said yesterday that institutions 
subscribing to the partial pri- 
vatisation of Renault - pre- 
marketing begins today - 
could be expected to pay 
between FFr163 to FFr178 per 
share. 

Eurotunnel confirmed fore- 
casts of weak 1994 revenues 
and the shares lost FFrl.15 or 6 
p er cen t at FFr17.85. 

ZURICH was lower in thin 


turnover, the SMI index losing 
9.7 to 2^75.6 in response to the 
weak dollar and profit-taking 
after last week’s advance. 

UBS bearers, however, 
picked up SFr5 to SFTL290 as 
the bank continued to buy its 
own . shares ahead of the 
extraordinary shareholders 
meeting on November 22 at 
which shareholders will be 
asked to approve the bank's 
planned capital restructuring. 

Roche certificates gave up 
SFr65 to SFr5,835 after the 
group announced that third- 
quarter sales fell 4.7 per cent to 
SFr3.4bn. Ciba registered 
dipped SFr3 to SFr714, while 
Sandra, which is expected to 
announce nine-month figures 
next week, fell SFr5 to SFr632. 

Export-oriented shares fell 
prey to the weak US currency. 
Nestle giving up SFr7 at 
SFrl.197. 

AMSTERDAM was supported 
by Hnwflg as the weak dollar 
threatened to drag equities 
lower. The AEX index finished 
with a modest rise of 0.28 at 
408.44, having seen a day’s 
high of 411.60. 

Unilever, up 30 cents to 
FI 200.30, attracted interest 
from Merrill Lynch in a review 
of food industry stocks, the 
broker noting that the stock 
had the best performance 
among European groups in the 
third quarter. Merrill added 


“ EUROPEAN EQUITIES TURNOVi*” 
Monthly *«ta l In local currencies 

' Qan 


Belgium 

France 

Gemtany 

Italy 

Netherlands 

Spain 

Switzerland 

UK 


71.22 

215.75 

165.42 

59.404 

26.40 

1.308.75 

21.63 

46.32 


43.50 

145.26 

127.41 

49,940 

18.40 

1.282.19 

18.58 

45.16 


62.29 

169.87 

134.81 

52.060 

19.50 

1,011.44 

19.60 

48.98 


MdkmM mptmanl outctattS Mi SOUS. nwiaxi 

jM»n drti mtust* to olt+r*** Son* < 9 * 0 * ** 

Source; ttartVnst Saartm _ 


that an estimated p/e of 12 
times 1995 earnings did not 
seem too while the 

company also stood to benefit 
from its positioning in the 
world's emerging economies. 

MILAN turned back from 
early highs amid fresh signs of 
backtracking by some minis- 
ters over the budget proposals. 
The Mibtel index finished 24 
ahead at 10.143. off a high of 
10,288, as teething troubles 
with the new Mib30 index also 
acted as a disincentive. 

Credito Italiano was a bright 
spot, climbing L45 or 2.6 per 
cent as it launched its rights 
issue to raise Ll,500bn and the 
bank's president said he had 


many new projects in mind at 
a time when the Italian bank- 
ing system was about to 
regroup. 

Olivetti was L60 or 3.1 per 
cent lower at Ll.890. although 
dealers said there was no news 
to account for the tall. 

TEL AVIV bracketed the<£ 
Israeli/Jordan peace treaty 
with two gains of 2.4 per cent 
On Sunday, it liked Friday's 
Israeli September price index 
and the Misbtanim index put 
on 4.46 at 188.07; yesterday it 
added a further 4.52 at 192.59. 

Written and edited by WilUam 
Cochrane, John Pitt and Michael 
Morgan 


Nikkei softens as yen climbs against US currency 


Tokyo 

Investors remained sidelined 
as the yen rose to the Y97 level 
against the dollar and the Nik- 
kei 225 average lost ground on 
small-lot arbitrage selling. 
writes Emiko Terazono in 
Tokyo. 

The index closed 11.00 off at 
19358-29 after a day’s high of 
20.055.41 and low of 19.907.68. 
Arbitrage buying supported 
shares in the mo rning , pushing 
the index above 20.000. but 
unwinding of long positions 
later depressed the index. 

Volume came to 200m 
shares, against Friday's 397m- 
The Topix index of all first sec- 
tion stocks slipped 6.62 to 
1.586.46 and the Nikkei 300 
shed L38 to 289.89. Losers led 
gainers by 508 to 451. with 195 
issues unchanged. In London 
the ISE/Nikkei 50 index eased 
0.06 to 1,300.35. 

The dollar fell below Y98 for 
the first time since September 
26. depressing investor confi- 
dence. While traders said the 
currency movements failed to 
prompt heavy selling, senti- 
ment remained subdued. The 
US currency was later sup- 
ported by intervention from 
the Bank of Japan. 

Electricals were lower, with 
NEC down Y30 to Y1.2S0 and 
Sony losing Y20 at Y5.950. For- 
eign selling depressed Sega 
Enterprises, the video game 
maker, with the shares falling 
Y300 to Y5.030. 

Some investors took profits 
on steels and chemicals which 
were higher last week on buy- 


ing by overseas investors. Mit- 
subishi Chemical and Kawa- 
saki Steel dipped Y3 apiece to 
Y580 and Y445 respectively. 
However. Nippon Steel moved 
up Yl to Y3S9 and Ube Indus- 
tries Y6 to Y430. 

Sumitomo Metal Mining, the 
most active issue of the day. 
advanced Y16 to Y995 as specu- 
lation that a leading US hedge 
fund was purchasing gold 
prompted individual and dealer 
buying. 

Japan Telecom declined 
Y10.000 to Y3.89m and East 
Japan Railway receded Y1.000 
to Y483.000, but Nippon Tele- 
graph and Telephone rose for 
the fifth consecutive day, by 
Y7.000 to Y893.000. 

Textiles gained ground, with 
Toho Rayon adding Y13 at 
Y460 and Mitsubishi Rayon Y5 
at Y456. 

In Osaka, the OSE average 
eased 38.78 to 22,309.84 in vol- 
ume of 17.6m shares. Nippon 
Shoji fell by its daily limit of 
Y100 to Y896. Investors sold 
the issue after the Securities 
and Exchange Surveillance 
Commission, the securities 
industry watchdog, filed a 
charge with the Osaka district 
prosecutors office last week for 
alleged insider trading by 32 of 
the company's employees. 

Roundup 

Mixed performances were seen 
in the Pacific Basin region. 

SEOUL continued its forward 
momentum in brisk trade, the 
composite index ending at a 
record closing high erf 1,109.87, 
up 13.39 or 12 per cent 


S Africa extends gains 


Johannesburg extended gains 
in slow trade as the market 
derived support from stronger 
world markets and improved 
gold price prospects. However, 
dealers said that low trading 
volumes indicated a lack of 
real interest and that the 
medium term direction 
remained cloudy. 

Currencies continued to play 
their part with a firmer fi nan- 


price rises early in the day. 

The overall index collected 
28 at 5,655, industrials rose 49 


to 6,404 and golds picked up 
12 to 2.300. 

De Beers added 10 cents at 
R101.6O, Anglos rose Rl to 
R238.25 and Miitorco hardened 
25 cents to R107. Iscor put on 
5 cents at R4.78 and Hiveld 
climbed a strong R1.50 to R32. 

SAB firmed Rl to R85.75 and 
Remgro picked up 75 cents to 
R27. Sappi registered a fresh 
high for the year as it appreci- 


positive reaction to its acquisi- 
tion of a 70 per cent stake in 
SD Warren. 


Jomtty compiled bv The Financial Timm Ltd., 

NATIONAL ANO 

REGIONAL MARKETS 

Figures In porisnlhnaos US Day's 

snow number '>1 linos Dollar Change 
of sock Index % 


Goldman. Sacha & Co. and NaiWest Securities Lra In conjunction with the Institute ol Actuaries and the FaoJty of Actuaries 


FRIDAY OCTOBER 14 1994 ■ 


Austrttta |6S) 

Austro (16) .. 

Belgian iST) _ _ 

Canada ilftJi 

Dwvnarb 133! . 

Finland 

France non 

Germany (58) ... 

Hong Kong iS6) . ... 

ireonq (14). .. 

Italy (59). 

Jawn <J681 

Malaysia t?n 

Mexico |18> - 

Nemetiand lift 

New Zealand (U1 

Norway 

SFigaoore «4> 

South Africa (59j 

Scan (38) 

Sweden (361 

Swieamond |J7) 

Un>led Kngdom C04) .. 
USA iStSI — 

EUROPE (709) 

NctOc (1 i61..._ 

Pacific Basin i7*J7). 

Eiro- Pacific (W5S1 

North Amenca ifilflt . _. 

Europe Ex. UK (5051 

Pacific Ex. Japan (270) . 
World Ex. US (i$&) — 

World &». UK 119471 

World Ex. So AS. (70321 
World Ex. Japan (1683) . 


CwyngM. 11** FnancuJ Time* Lmted. Oottiun. Sachs and Co. and NmWtai Seoatna Untied. 1987 
late * poets were unauaUFe lor 3wa ccauen. 


... 166.19 
18145 

.. 169 42 
....13746 
.. 25346 

192 98 

171.69 

.... 146.26 
.....387.76 

.211.74 

. 78.01 
..>.16248 
, -SM.92 

.. rear so 
... -217.78 

73.04 

— 208.61 
- 39476 
• 32183 
.. 14373 
.. 234 5? 
-...168.32 
... 201.19 
....191 41 


Pound 



Local 

Local 

Gross 

Slating 

Index 

Van 

Index 

DM 

Index 

Currency 

Index 

% dig 
on day 

Dtv. 

Yield 

156-57 

104.49 

132.92 

152.05 

a j 

3.65 

171.71 

114.59 

145.77 

145.74 

0.1 

1.10 

157.71 

105.26 

133.89 

130.86 

0.3 

421 

127.98 

85.41 

108.64 

134.84 

-0.1 

2.49 

235.96 

157.48 

200.32 

205.52 

O.l 

1.44 

179.65 

1 19-89 

152.51 

190.42 

2.7 

0.74 

159.33 

106.67 

135.68 

14031 

-1.0 

3.09 

136.16 

90.87 

115.59 

115.59 

0.9 

1.79 

360-98 

240.91 

308.45 

384.70 

-0.1 

3.19 

197.11 

131.65 

167.34 

189.18 

OS 

336 

73.37 

48.96 

62.28 

9124 

-1.3 

1.69 

15128 

100-95 

120.41 

100.95 

-0# 

are 

524.04 

349.73 

444.88 

SfiS-T? 

-0.4 

1.51 

2129.46 

1421.15 

1807.76 

854228 

0.7 

120 

202.74 

13530 

172.11 

16925 

-0.1 

3.41 

67.99 

4538 

57.72 

63.94 

0L8 

380 

194.38 

129.72 

165.01 

187.85 

12 

1.78 

367.49 

245.26 

311.99 

268.60 

0.9 

1.57 

299.60 

199.95 

254.34 

288.06 

0.2 

223 

13360 

BS29 

11X58 

137.61 

-0.7 

4.03 

210.37 

145.73 

185.38 

253.99 

0A 

1.58 

156.69 

10457 

133.02 

131.85 

-02 

1 84 

187.29 

124.39 

159.00 

187.29 

-1.0 

406 

178.19 

118 92 

151.27 

191.41 

0.3 

223 

182.11 

108.19 

137.32 

151.76 

-0.5 

305 

212.06 

141.63 

180 03 

210J0 

0.8 

1^1 

159.98 

106.76 

135.81 

111.80 

-OB 

1.08 

160-76 

107.29 

13648 

127.82 

-0.6 

1.92 

175.07 

116l84 

148.62 

167.49 

0-3 

2-82 

145.07 

9682 

123.15 

130.83 

-ai 

2.46 

244.83 

163.40 

207.85 

23JJ22 

0.1 

2.78 

163.54 

109.47 

137.98 

131.82 

-06 

1.93 

164.77 

103.96 

139.88 

146.32 

-02 

205 

165.91 

11072 

140.84 

149.02 

-0.3 

225 

176.93 

118.08 

15020 

178.89 

00 

2.67 

16676 

111.29 

141.57 

150.05 

-OJ 

£25 


THURSDAY OCTOBER 13 1994 DOLLAR MDEX 

US Poind Local Yea 

DoOar Stertmg Yen DM Cmeney 52 wee* 52 week ago 
Inflax Index Index Index Index High Low (approx) 


209.13 

196.08 

132-08 

78.99 

74.06 

4939 

161.31 

151.24 

101 €8 

563.02 

527.89 

355.60 

227020 

2128.50 

1433.80 

21481 

201.40 

135.67 

72.34 

67.83 

45.69 

203.57 

19066 

128.57 

389.57 

365J6 

24005 

320.66 

300.65 

20Z52 

142.66 

133.76 

9010 

231.09 

216.66 

14535 

185.74 

155 39 

104,68 

201.82 

190.89 

789-22 

17098 

127.47 

12056 

1729* 

162.15 

109.23 

223.25 

209.32 

141.00 

17076 

160.10 

107.85 

171.56 

160 85 

108.35 

187.61 

175.90 

118.49 

153.83 

144.23 

97.16 

262.57 

24618 

165.63 

173.51 

162.68 

109.58 

175.86 

16497 

111.13 

177.33 

166.28 

111.89 

18928 

177.47 

119.54 

17024 

167.11 

112.57 


151.64 

189.15 

149-36 

154.46 

145.63 

198.89 

167.46 

19005 

13048 

177.04 

14933 

152.12 

134.78 

145.31 

120.54 

12837 

205.40 

275.79 

33027 

23438 

185.49 

192.98 

11635 

120.05 

141.67 

186.37 

159.34 

167.95 

114.58 

15040 

12837 

13424 

384.89 

506.66 

33334 

33334 

188-33 

216.80 

171.40 

171.40 

92.45 

07.78 

57.68 

6939 

■ 101.88 

17010 

12434 

16231 

557.60 

021. 63 

430.71 

45136 

8480.16 

2647.08 

169638 

1781 32 

169.35 

218.19 

187.01 

19135 

63.43 

7739 

59.22 

64.12 

185.62 

211.74 

16532 

179.80 

26010 

394.76 

294.66 

321.45 

28736 

321.83 

202.72 

21738 

138.56 

155.79 

12838 

143.15 

25238 

23437 

17533 

20231 

132.09 

178.58 

143.04 

145.75 

18022 

214.96 

181.11 

189.56 

190.89 

196.04 

178.95 

10059 

152.45 

178.58 

154.70 

16030 

208.67 

227.80 

173.18 

18932 

11235 

178.88 

134.79 

15922 

128.63 

175.14 

143.88 

156.68 

18731 

192.73 

176.67 

106.73 

131.02 

158.12 

1 3534 

14135 

233.99 

296-21 

224.43 

224.43 

132.36 

17085 

14838 

16023 

146.61 

17B39 

15536 

16738 

14045 

100.03 

15634 

169.12 

17831 

18530 

17634 

18018 

160-47 

190.80 

15836 

18935 


Brokers commented that a 
number of positive factors 
were influencing investors at 
present, including prospects 
for high economic giwth and 
good com pany earnings. 

TAIPEI was also firmer, led 
by rises in the food sector, but 
the weighted index finish ed off 
the day’s high, up 35.77 or 0 5 
per cent at 6.731.23. The ses- 
sion's peak was 6 ,778^4. Turn- 
over totalled T$79.06hn. 

In file food sector. President 
Enterprises went the day’s 
limit up to TS56 on hopes that 
the company would make a 
T$5.5bn to T$6.2bn profit by 
selling its stake in affilia te 
President Chain Store. 

MANILA was supported by 
property issues and the com- 
posite index added 1.7 per cent 


at 3,050.14. Some brokers 
observed that investors seemed 
to be targeting large manufac- 
turing companies such as 
Patr on and Ran Mi guel Turn- 
over amounted to 2bn pesos. 

SYDNEY was firmer, 
although bond weakness damp- 
ened sentiment The AH Ordi- 
naries index was finally up 8-2 
at 2,0142 after touching 2.024.4. 

Among the day's leading per- 
formers, BHP advanced 24 
cents to A$20 and News Corpo- 
ration moved ahead 13 cents to 
AS8-38 

HONG KONG finished just 
off the day's lows in reaction to 
a weak dollar and continuing 
concern over the health of Chi- 
na’s leader Deng Xiaoping. 

The Hang Seng index 
retreated 94.99 to 9.45544. 


The H-share index of Chinese 
stocks listed in Hong Kong fell 
by 3.2 per cent on the back of 
a drop in Shanghai A shares. 

SHANGHAI'S A share index 
fell 50.54 or 7.5 per cent to 
627.55 after a local Communist 
party newspaper voiced sharp 
criticism of the media for irre- 
sponsible reporting on the mar- 
ket brokers said. 

Brokers added that the index 
also fell on fears of a flood of 
so-called “legal person" shares, 
prompted by an exchange 
announcement that Zibo 
Inves tment Fund would list a 
portion of its institutionally 
owned units on November 4. 
They will be the first institu- 
tional securities on the market 
Most shares in Chinese listed 
companies are owned by insti- 


tutions and are not traded. 

KUALA LUMPUR gave up 
early gains to close lower as 
the market's consolidation and 
lack of foreign demand kept a 
lid on prices. 

The composite index eased 
133 to 1,126.12 in volume of 
307.07m shares. 

Hong Leong Bank made a 
striking debut, closing at 
M$8.75 to give the stock a 
MS5.45 premium. 

Amalgamated Industrial, the 
steel products maker, hit the 
30 per cent limit-up in the 
morning at M$5.70 before the 
company asked for a suspen- 
sion in the afternoon trade. _ 

BOMBAY was lower on sus- ™ 
tained selling pressure which 
left the BSE 30-share index 
21.00 down at 4,365.43. 




Hong Kong 

Placing of Existing Shares/ 
Acquisition of Assets/ 

S u bsc ri ption of Now Shares 
May 1994 

US$495,000,000 
Ci'llC Pacific Limited 


Financial Adrian*/ 
Underwriter 






South Korea 

Global Depositary Shares Issue 
August 1994 

US$50,000,000 
Kia Motor Corporation 


Joint Lead Manager 



Hong Kong 

Placing of Existing Shares/ 
S ub scr i ption of New Shares/] one 1994 


US$38,000,000 

China Aerospace 
International 
Holdings Limited 


Manager 


Chin a 

Placing of B Shares/September 1994 

US$21,600,000 

Shanghai China 
International Travel 
Service Company 
Limited - 


International Coordinator/ 
International Underwrit er 



Opening Asian Finance 
to the World 

In two years Peregrine completed over 171 regional equity transactions 
totalling more than US$13.9 billion. 

With a proven track record and a wide range of capabilities and services. 
Peregrine stands for outstanding performance in Asia’s financial markets. 



V 


Financial Services: 

Corporate Finance. Stock Braking. Fixed Income. 

Direct Investments, Asset Trading, Bond Trading. Derivatives Tr ading 
FOREX, Commodity Dealing, hi vestment Management 




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