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Hie newr Poland 

How the pain is 

paying off. 

Page n •' . 



Corporate dfrange 

Don't call it 
re-engineering . 

OutetopOar Loren*, page fO ' 


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Kim’s nt 



South Korea's WT&L 
candidate writes 

Paste IS. 



TOMORROW’S 

Weekend FT 


Lawson on Howe 


FINANCIAL TIMES 


Europe's Business. Newspaper FRIDAY OCTOBER 21 1994 D8523A 


Brazil moves to 
underpin currency 
and curb inflation 

Brazil has moved to coil) foreign investment flows 
and limit consumer credit as part of wide-ranging 
measures to underpin its new currency, the real, 
and head off inflation. The measures include a one- 
off tax of 1 per cent on foreign investment into the 
stock market, and an increase in the tax on Brazil' 
lan companies issuing bonds overseas from 3 to 7 
per cent of the total. The tax paid by foreigners on 
fixed interest investments in Brazil is to be raised 
from 5 to 9 percent Page IS 

New claims rock UK governments The 

British government was rocked yesterday by fresh 
allegations of financial impropriety after the forced 
resignation of a government minister over his past 
business relationship with Mr Mohammed Fayed, 
the owner of London store, Harrods. Page 18 

CM r e c o v e r y fatter*: The recovery at General 
Motors, the symbol of US manufacturing industry's 
tumround in the 1990s, stalled in recent months, 
figures released yesterday show. Page 19 

Newsprint prices to rise: European paper 
company SCA has announced a 25 per cent increase 
in continental European newsprint prices and a 15 
per cent rise in the UK market Page 19 

IBM revenues are higher than expected 

International Business 
Machines reported much 
higher than expected rev- 
enues and earnings for 
the third quarter, raising 
expectations that the 
world’s largest computer 
company will achieve its 
first year of profitable 
revenue growth since 
1990. “There is evidence 
that we are moving into 
the second phase of the 
transformation of IBM," said Lou Gerstner, (above) 
chaimum and chief executive. Page 19 

Jump In housing starts fuels Inflation fear 

A sharp rise in US housing starts and evidence of 
higher personal incomes has reawakened market 
fears of higher interest rates. Page 7 

Rockwell bids $18bn for Reliance: A bid 

battle has broken out over the US industrial motor 
company Reliance Electric with a $18bn cash offer 
from Rockwell International In August, Reliance 
agreed to be taken over in a 51 .3 bn all-share deal by 
General Signal. Page 19 

Nomura International is to establish a 
London-based international prime brokerage busi- 
ness to service the growing number of European- 
based hedge funds. Page 20 

Berlusconi given Flnhwest choices Italian 
prime minister Silvio Berlusconi must resolve the 
conflict of interest with his Flninvest media empire 
by selling his assets or appointinga trustee to run 
the group, the government decided. Page 3. 

Huai on committed on Irish plans: 

Hualon-Teijran, the Taiwanese textil e manufac - 
turer, is determined to proceed with plans for a 
plant in Northern Ireland, despite its link to a 
recent share payment default controversy. Page 4 

Rover signs deal with Malaysia: Rover, the 
UK carmaker, and Proton, the Malaysian, car pro- 
ducer, signed a memorandum of understanding 
which could lead to the manufacture of Rover 
en gi nes under licence in Malaysia. Page 6 

TaleWest resumes flotation momentum: UK 

cable operator TeleWest 1ms decided to go ahead 
with an early share offering in London and New 
York. Page 19; Lex, Page 18 

Transatlantic calls cost may be cut Large 
cuts in the price of transatlantic phone calls are 
likely after the UK government’s decision to allow a 
new form of telecommunications competition 
between the US and UK. Page 9; Lex, Page 18 



Israel to seal off Gaza and West Bank borders 


PLO condemns move as declaration of ‘economic war’ on Palestinians 


By Juftan Ozanna In Gaza 

Israel took new security 
measures yesterday aimed at 
curbing Islamic extremists, as 
fears grew among Palestinians 
that Israel intended to impose a 
permanent separation between 
the two eHT n ump i tiea. 

The Palestine Liberation 
Organisation condemned Israel's 
decision to dose indefinitely Us 
borders with the Gaza Strip and 
West Bank, preventing tens of 
tho usands of Palestinians work- 
ing in Israel. The government is 


to allow in 15,000 more foreigners 
to replace Palestinian construc- 
tion workers, suggesting that the 
ban will not be lifted quickly. 

The Israeli cabinet also agreed 
unspecified measures to give the 
security forces greater freedom to 
confront the Hamas Islamic 
group, responsible far Wednes- 
day's suicide bombing of a com- 
muter bus in Tel Aviv, which 
killed 21 people. 

“As for the actions of the secu- 


rity services, the government 
jp qiiiyi to put at their disposal 
additional means required in 
order to rnt«m«dfy actions a gainst 
Hamas and its military wing,” 
the cabinet said in a statement 
Officials said the measures 
could include arrests, deporta- 
tions, demolition of homes, 
tougher processes of detention 
and interrogation, the expansion 
of the police force and pre-emp- 
tive raids. 


The actions could represent the 
start of a radical policy of physi- 
cally separating Israelis from Pal- 
estinians. Mr Yitzhak Rabin, 
Israel’s prime minister, said on 
Wednesday that Israel would 
have to decide soon whether this 
separation would become perma- 
nent 

Mr Marwan Kanafard, official 
spokesman for Mr Yassbr Arafat 
the PLO chairman, said the mea- 
sures would punish 2m Palestin- 


ians for the actions of a handful 
of militants, and would breed 
more hatred and instability. 

“The measures are a declara- 
tion of war - of economic and 
social war - against Palestinian 
society and will affect very nega- 
tively the peace process," be said 
in Gaza. 

Mr Kanafani said the measures 
would create despair among Pal- 
estinians and play into the hands 
of the extremists. He added that 


the only hope for curbing extrem- 
ism was to speed up Israel’s with- 
drawal from the occupied West 
Bank, and introduce economic 
measures which would “give Pal- 
estinians a sense that they had a 
better life ahead after more than 
25 years of Israeli occupation”. 

PLO officials in Gaza stressed 
that the border closure would 
quickly impose acute economic 
suffering on Palestinians, and 
undermine efforts by the Pales- 
tinian authority to alleviate 


Continued on Page 18 


Cabinet backs austere budget 


Russia set 


to impose 
tough curbs 
on spending 


By Chrystia Freeland In Moscow 

The Russian cabinet yesterday 
approved an austere budget for 
1995, amid criticism from the 
International Monetary Fund of 
the government’s spendthrift pol- 
icies in recent months. 

Senior IMF officials in Moscow 
took the Russian government to 
task this w eek for failing to con- 
trol government spending and 
credit creation, and not attacking 
the macro-economic fundamen- 
tals behind the rouble’s crash 
this month. 

Mr Michael Mussa, the chief 
IMF economist, said an Wednes- 
day: “Until a cap is put on spend- 
ing, there is no hope of contain- 
ing the budgetary situation. That 
needs to be demonstrated by the 
government* 

Prime Minister Viktor Cherno- 
myrdin's government - which 
has in the past preferred a gradu- 
alist approach - appears to have 
accepted the IMF’s view that 
there is no alternative to tough 
fiscal and monetary policies. 

However, such efforts may be 
thwarted by hostility between 
President Boris Yeltsin and Mr 
Chernomyrdin, arising from the 
rouble crisis. 

The draft budget, approved at a 
closed meeting of the cabinet, 
yesterday, aims to reduce the 
budget deficit next year to 88 per 
cent of GDP and bring inflation 
down to 1 per cent a month by 
the end of the year. 

The draft sharply reduces sub- 


sidies to agriculture and the coal 
Industry hot maintains defence 
spending at 5.1 per cent of GDP. 
It must still be passed by parlia- 
ment, and may be indirectly 
opposed by spending ministries. 

According to the Rngdan news 
agency Interfax, Mr Chernomyr- 
din told the catenet that the col- 
lapse of the rouble demonstrated 
th e dangers of loosening fiscal 
and monetary controls. 

Many economists attribute the 
rouble crisis to massive govern- 
ment subsidies to industry and 
agriculture in August and Sep- 
tember. 

Traditionally, spending minis- 
tries such as defence and agricul- 
ture have restrained their objec- 
tions to austerity during the 
drafting of the budget but have 
lobbied for additional revenues 
after the budget has been passed. 

Mr Chernomyrdin sought to 
pre-empt that, telling ministers 
that henceforth they must oper- 
ate on the basis of “an accurately 
calculated real budget* rather 
than expecting that “something 
more wffl be given" later in the 
year. 

IMF officials have warned the 
Russian government that It will 
not receive further assistance 
until it cuts spending. “If the 
Russians do come up with a 
strong plan." said Mr Ernesto 
Bernandes-Cortez. a senior IMF 


Continued on Page 18 
Storms break Rnada’s long polit- 
ical calm. Page 2 



Hl-starred: A replacement cross-Channel Eurostar polls into Paris Gare du Nord almost an hour behind schedule. The original train broke 
down at the start of a promotional trip for 400 journalists bringing fresh embarrassment to the troubled Channel tunnel project htuc nemo 


Banker i 

By John Gapper, 

Banking Editor 

Prudential Insurance, the parent 
company of the scandal-hit US 
broker Prudential Securities, yes- 
terday named Mr Art Ryan, presi- 
dent and chief operating officer 
of r!hagp Manhat tan bank as its 
new chairman and chief execu- 
tive- 

prudential’s securities arm last 
year agreed to pay 5371m in fines 
and restitution to settle charges 
that it defrauded hundreds of 
thousands of investors in the 
early 1980s by selling them $8bn 
of high-risk limited partnerships. 

Mr Ryan’s first task at Pruden- 
tial win be to try to repair its 
damaged reputation. Al thou g h it 
was not directly involved in the 
partnerships scandal, many 
investors bought products from 
its subsidiary on the strength of 
its name. 

He will be adjusting to a very 



named as Prudential chief 


different culture. Prudential, 
based in Newark, New Jersey, is 
a mutual institution, owned by 
its policyholders, with an 
approach to business sometimes 
described as "Prudential polite”. 
It employs more than 100,000 
staff and had revenues of $45bn 
last year. 

Mr Ryan, 52, said that under 
his guidance. Prudential would 
be "a tough, focused competitor 
with the highest standard of busi- 
ness ethics". 

Mr Ryan worked with Chase’s. 
chairman and chief executive Mr 
Tom Labrecque in engineering its 


recovery. After he was made 
president in 1990, its cumbersome 
structure was streamlined, with 
all line units around the world 
reporting to him. 

However. Mr Ryan’s c h a nc e of 
taking over from Mr Labrecque 
was thought to be limited 
because the two men are only 
four years apart in age. Mr 
Labrecque said last night that 
the relatively small gap between 
the men’s ages meant that “at 
some point it was inevitable" 
that Mr Ryan would seek the 
helm of another company. 

He said there was “no question 


that there are significant chal- 
lenges at Prudential" for Mr 
Ryan, but that between them, 
they had “produced a hell of a 
result at Chase, and built a man- 
agement team with real depth". 

Mr Ryan will take over from 
Prudential’s current chairman 
Mr Robert Winters, 62. from 
December. 

Chase said yesterday that it did 
not intend to name a replacement 
for Mr Ryan, and was instead 
promoting the three executive 
vice-president responsible for its 
main divisions to work directly 
under Mr Labrecque. 


Cambodia's finance chief sacked: Finance 
minister Mr Sam Rainsy has been sacked less than 
a week after the Cambodian government launched a 
$lm campaign to attract foreign investors. Page 5 

Irish peace mow UK prime minister Mr John 
Major is expected today to make an important 
announcement on peace in Northern Ir el a n d. Page 8 


EU ministers called to urgent 
meeting on milk quotas row 


I heroin trafficker jailed: Briton Patncta 
sain had a death sentence for attempting to 
jcle seven kilograms of heroin out of Thailand 
E»ril commuted to a life sentence in jaiL 

yo courts Beijing anger: Japan has courted 
esc displeasure for the second time in a month, 
renouncing plans to hold its first formal minis- 
I meeting with Taiwan in 22 years. Page 5 


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By Davfcf Gardner in Brussels 

European Onion finance 
ministers will today try to settle 
a long-running row over Italian 
milk quotas, which threatens the 
planned expansion of the EU and 
the ratification of a new Commis- 
sion in January. 

Ministers were forced to attend 
an emergency meeting after a 
call from the German govern- 
ment. the current president of 
the EU, which believes it can 
reach a deal. But one senior Com- 
mission offi cial warned yesterday 
that It is not sewn up". 

Italy refuses to ratify the 
increase in the EU budget ceiling 
agreed at the December 1992 
Edinburgh summit, unless it is 
let off a large part of the manda- 
tory imposed for exceedn^j 
its milk production quota under 
the Common Agricultural Policy. 

Spain, in reprisal, says it will 
not ratify to planned EU entry 
next January of Austria, Finland, 
Sweden and Norway unless the 
budget increase, from which it 
will get nearly a doubling in EU 


regional aid funds, is secured. 

Failure to disentangle the prob- 
lem could trigger a full-blown 
Euro-crisis, which is why “the 
Germans are at last putting some 
pressure on”, a senior EU official 
said yesterday. 

This exercise in hostage-taking 
across ostensibly unrelated 
issues win make it difficult for 
the EU to agree a budget for next 
year. But it may also mean that 
to new Commission, appointed 
by member states, may not be 
able to take office on January 7. 

The European Parliament, 
which under the Maastricht 
treaty has the right to scrutinise 
and ratify the new Commission, 
wants to delay this process until 
all commissioners are nominated 
and Euro-MPs from the new 
entrants are in place. “We want a 
parliament of 16 [member states] 
voting on a Commission of 16," a 
senior Parliament official said 
yesterday. 

But any delay in enlargement 
could prolong a caretaker regime 
headed by to current Commis- 
sion president, Mr Jacques 


Delors. It could also lead to the 
unravelling of the financial and 
agricultural deals which have 
been strode with the newcomers, 
and inflam e anti-EU sentiment in 
Sweden and Norway, doe to hold 
already close refierendnms on 
entry next month. 

The German EU presidency is 
pressuring Italy to agree to pay a 
fine well below the original 
Ecu&2hn penalty, but above the 
Ecul.6bn the Commission set 
after negotiations last year. This 
lower figure is being challenged 
in the European Court of Justice 
by to UK. Britain, would have to 
drop its case as part of any deal, 
“or at least agree to change the 
rules if they win" in court, one 
EU official said. 

Mr Kenneth Clarke, the UK 
chancellor, abandoned plans to 
attend a gathering at Dorney- 
wood. his country residence in 
R urlringhamshir e. to attend the 
Ecofin meeting. The Domeywood 
gathering, a traditional pre-Bud- 
get seminar which involves Trea- 
sury ministers and top officials, 
has been postponed. 


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FINANCIAL TIMES FRIDAY OCTOBER - 1 19J4 


NEWS: EUROPE 


Storms break Russia’s long political calm 


T he fabric of Russia's 
political stability is 
unravelling. There has 
been no hot summer nor. so 
far, a hot aut umn. The crises 
in the country's political life - 
the collapse of the MMM pyra- 
mid selling operation, the civil 
war in the southern republic of 
Chechnya, the growing evi- 
dence of a flouting of civil 
rights In the regions - have all 
been contained. Now, however, 
the price for that long period of 
calm is being paid. 

The latest crisis - the more 
than 20 per cent Call in the 
rouble last week - is not prov- 
ing easy to calm. President 
Boris Yeltsin reacted like the 
regional party boss he once 
was, by firing those apparently 
responsible - Mr Sergei Dubi- 
nin. finance minister, and Mr 
Victor Gerashchenko, central 

hank chairm an. 

He did not while doing so, 
consult his prime minister. Mr 
Victor Chernomyrdin, who was 
then on holiday. And though 
both the replacements for 
these officials are of a reform- 
ist bent, the damage done to 
the authority of the govern- 
ment by this executive action 
has been immense. 

In a remarkable article in 
yesterday's Moskovsky 
Novosti, Mr Sergei Alexash- 
enko, the young deputy 
finance minister responsible 
for the budget, rips into the 
president for his action. He 
accuses him constantly trying 


Tension is building across the nation as crisis 
piles upon crisis, writes John Lloyd in Moscow 


to sabotage the tough budget 
policy by telephoning the 
finance ministry to demand 
payments “to this director or 
that general'*; of acting uncon- 
stitutionally by not giving the 
prime minis ter the chance to 
choose the new appointees; 
and of engineering an "eco- 
nomic military coup" by 
appointing an investigatory 
commission into the rouble's 
collapse composed almost 
wholly of generals (defence 
minister, interior minister, 
heads of domestic and foreign 
intelligence services, head of 
Border Guards). 

The weakness of Mr Cherno- 
myrdin's position was graphi- 
cally illustrated by the 
rumours that he had offered 
his resignation on Tuesday 
night. Both he and Mr Yeltsin 
have denied it, and the latter 
took a cabinet meeting yester- 
day to discuss the budget. 

According to Mr Igor Bunin, 
head of a think tank with 
strong links to the Yeltsin 
apparat. “the president under- 
stood that he needed Cherno- 
myrdin, that he is his last 
defence". However, according 
to Mr Vitaly Tretyakov, editor 
of the daily Nezavhniaya Gaz- 
eta, his resignation is only a 
matter of time. One of Mr 


Chernomyrdin's own minis- 
ters, Mr Sergei Shakhrai, dep- 
uty premier for nationalities, 
admitted on Tuesday that the 
government had suffered "a 
heavy blow". 

The government's main task 
now is to propose a budget to 
the Duma (lower house of par- 


no longer lend it his necessary 
support; and the Duma, frag- 
mented as it is. may also 
revolt 

Crucial to the budget’s suc- 
cess is backing from the Inter- 
national Monetary Fund, 
whose senior officials are now 
in Moscow for negotiations on 


A yawning gulf has opened 
between President Boris Yeltsin 
and his prime minister 


liament) of unprecedented 
severity aimed at bringing 
down inflation to 1 per cent a 
month by the second half of 
□ext year and refraining from 
any further borrowing from 
the central bank. Drawn up by 
radical young deputy ministers 
wi thin the finance and eco- 
nomic ministries, and sup- 
ported by Mr Alexander 
Shokhln. deputy minister far 
the economy, and by the prime 
mini ster himself, the budget 
also received initial assent 
from the president’s advisers. 

Now, however, the gulf 
which has yawned between Mr 
Chernomyrdin and the presi- 
dent may mean the latter will 


a stand-by loan. The govern- 
ment is counting on at least 
Sfibn in stand-by and other 
credits to be agreed this year, 
and a further S6bn to stabilise 
the rouble next year. It wants 
to calibrate repayments of its 
890bn foreign debt with IMF 
and World Bank assistance 
over the next 4-5 years, in an 
ambitious effort to restructure 
and stabilise its finances over 
the medium term. 

However, the IMF is in a 
sceptical mood. In rare public 
comments in Moscow earlier 
this week, Mr John Odling- 
Smee, head of the department 
concerned with Russia, said 
the government still needed to 


demonstrate that it could put a 
cap on spending; “Until then 
there is no hope of containing 
the budgetary situation.” He 
warned that “this is not the 
time to take the easy line and 
to give way to pressure from 
industries. This is the moment 
to try to get things under 
much better control". 

In remarks aimed at the gov- 
ernment’s hopes for loans, he 
said be was concerned "about 
the very large amount of finan- 
cing expected from elsewhere. I 
don't think all that money will 
be available, and I certainly 
don’t think it will be good for 
Russia". 

As the budgetary struggle 
intensifies, so the social situa- 
tion becomes bleaker. The 
unions, until now a dormant 
force, have threatened to strike 
next Thursday - when the 
prime minister is due to pres- 
ent the budget to the parlia- 
ment - over the vast backlog 
of unpaid wages. Mr Oleg Sos- 
kovets, first deputy prime min- 
ister. promised earlier this 
week to pay these wages but 
that would blow another 
Rbs2,0OObn hole in the budget 
if he did. 

Yesterday in Moscow, a 
crowd some 5.000- strong heard 
demands for the government's 


resignation from normally 
reformist journalists attending 
the funeral of Mr Dmitry Kho- 
lodov, a young reporter on 
Moskovsky Komsomolets 
killed cm Monday a briefcase 
bomb. His death has been 
blamed on “mafia circles" in 
the military command, trying 
to protect secrets of corruption 
in the forces Western Group 
which he was Investigating. 

These events, especially the 
crash in the currency, forced 
Mr Yeltsin to postpone until 
December the meeting this 
week of the political parties 
and. groups which signed a 
joint agreement for national 
accord earlier this year. The 
president has placed much 
importance on the agreement, 
seeing it as a fundamental indi- 
cator of the desire of the main 
political participants to resolve 
their differences peacefully. 

National accord is now 
clearly impossible to proclaim 
- and will be hard to do so in 
December, infla tion is rising - 
to over 10 per cent this month, 
more in November. Unemploy- 
ment is also Increasing, as are 
the number of days lost 
through strikes. Opposition, 
hitherto largely confined to the 
parties in the parliament, may 
come out on the streets once 
more. Even the booming stock 
prices, a real success story of 
the past year, have turned 
down, though not by much so 
far. The situation may be 
saved, but it is very tense. 


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EUROPEAN NEWS DIGEST 

Franco-Spanish 

summit opens 

pean unitv and stability m the Mediterranean. The taua 
between the two long-serving Socialist teaders in thi * 
western French town of Foix are their last Mattnri I mg 
before Mr Mitterrand steps down next May. The g® 
the 4jflkm-long Puymorens mountain tunnel in the tr renees as 
a symbol of cooperation between their two states. 

Both leaders, in interviews published to coincide with their 
two-day talks, repeated their disagreement with a proposal 
floated In Bonn to build the European Union, on a hard core 
group comprising Germany. France and the Benelux coun- 
tries. Mr Mitterrand’s spokesman said Paris was also keen to 
co-ordinate with Madrid their forthcoming successive BU pres- 
idencies to ensure smooth preparations for the 1996 intergov- 
ernmental conference to reform Union institutions. 

Another Issue at the summit will be security and co-opera- 
tion in the Mediterranean, as both France and Spain fear they 
would take the brunt of massive emigration if strife in Algeria 
continued to worsen. This follows Wednesday s proposal from 
the European Commission to create a Euro-Mediterranean 
Economic Area with the EU's North African and Middle East- 
ern neighbours. Reuter, Four. France. 

Swiss to trim budget deficit 

The Swiss government is making progress towards reducing a 
budget deficit that was driven up to 19 per cent of spending 
last year by soaring welfare payments. Bern is projecting an li 
per cent reduction of this year’s deficit to SFnS.Sbn (£3.45bn) 
and a further 6 per cent cut to SFr6.5bn next year. With net 
debt service costs amounting to less than 5 per cent of spend- 
ing and total federal debt of SFrTObn at the end of last year 
representing only 20 per cent of gross domestic product, the 
government is not in difficulty. But double digit growth rates 
in interest charges in the past two years have caused concern. 
Spending is set to increase only 4.9 per cent this year to 
SFT42.6bn and to rise a negligible 0.S per cent next year after a 
7.4 per cent jump in 1993, mainly because demand for welfare 
payments is easing as the economy recovers. Revenues, which 
plunged 6 per cent last year to SFr32Bbn, are expected to 
advance 8.6 per cent this year and 2.1 per cent next year when 
a value added tax comes into effect Ian Rodger. Zurich 

IMF chief in Budapest talks 

Mr Michel Camdessus (left), 
managing director of the 
International Monetary Fund, 
flew Into Budapest yesterday 
for talks with Hungary's new 
Socialist-led government The 
three-month-old government 
is drafting its 1995 budget and 
a three-year economic reform 
plan which it hopes will form 
the basis of a stand-by agree- 
ment with the IMF. The Fund 
is urging Hungary' to make 
radical reforms in welfare 
spending and in fiscal policy 
and to cut domestic consump- 
tion in order to reduce its 
large budget and current 
account deficits and prevent 
the country's S26bn foreign debt from rising further. When it 
took office the government promised swiff and tough mea 
sures to tackle the country's poor economic situation. How 
ever, it has retroactively raised pensions across the board by i 
per cent from January and deferred increases in value added 
tax and energy' prices, planned for this month, until next year. 
Virginia Marsh. Budapest 

Croatia peace plan takes shape 

Mr Yasushi Akashi, the top UN official in former Yugoslavia 
said yesterday that a "complex and ambitious" peace plan for 
Croatia would be completed soon. His comment was the latest 
hint of intense diplomatic activity aimed at resolving the 
future of Serb-occupied parts of Croatia, and thus paving the 
way for normal relations between Belgrade and Zagreb. Croa- 
tia's President Franjo Tudjman said last week that "various 
initiatives in various places" were in progress which would 
give journalists “a lot to discuss" once they were made public. 
Mr Peter Galbraith, US ambassador to Zagreb who is one of 
the four members of an international mediation group on 
Croatia, has suggested that Croatia could draw on the US, 
Canadian or Swiss models in granting autonomy to Serb-domi- 
nated areas. About a third of Croatia’s territory is under de 
facto Serb control following the Serb-Croat war of 1991-92. 
Diplomats say that Serb politicians in the occupied areas of 
Croatia - who claim to have established an independent state 
- have become more flexible recently, apparently under pres- 
sure from Belgrade. Bruce Clark, Defence Correspondent 

W German industry stronger 

The recovery of manufacturing industry in western Germany 
is picking up speed and companies are now operating at 83.7 
per cent capacity, up from 78 per cent a year ago, according to 
a report from the Ifo economics institute. 'Hie quantity of 
orders in hand was returning to pre-recession levels even 
though productivity had improved, the report said. For the 
first time Industry in eastern Germany was "largely satisfied" 
with the business environment However, companies are still 
concerned about the low levels of exports and about the 
amount of orders in hand which corresponded to 2.7 months 
work in the third quarter, down from 3.1 months in the 
quarter before. Industry in eastern Germany was producing at 
78 per cent of its capacity, slightly more than in the second 
quarter and up from 72 per cent in September 1993. Despite the 
Unproved figures, around 2 per cent of the workforce are still 
likely to lose their jobs. Michael Lmdemann. Bonn 

ECONOMIC WATCH 



Swedish current account gloom 


Sweden 

Current account balance, SKr bn 

4 - 



-2 1 - 


Sweden recorded a larger 
than expected deficit of 
SKr4.4bn <£37&m) in its cur- 
rent account in August 
because of a lower surplus in 
the balance of services and 
higher overseas interest pay- 
ments by the state and pri- 
vate sectors. The Riksbank 
said the deficit pushed down 
the current account surplus 
for the January-August 
period to SKr2.3bn. But the 
overall trend of strong export 
growth this year means this 
surplus remains a significant 
turnaround from a deficit to 
the same period last year of 

S£ Si" * 05 - 

£ ? ^ > ear to the end of August to 
sioif^^Wa«J^ tin -M, Swe<,en,s slow "cwwy from reces- 
industrial centrai statistics bureau also said 

JSsfSj Au f u ? ***& at SKrMS.70 per hour, 

than at «* same stage last year. Hugh 

ce s^feftaa £2 a 2S' ““s' 11 ® 1 by consumer price indi- 

cant m September, the lowest level since 
t ° J fiBOres lrom ETrosteLtoSnTOS 
after remains am per cent 

Spata - ^ Greece 


1893 

Source: Datasneam 


94 


a 



I b 




v 


v 



FINANCIAL TIMES FRIDAY OCTOBER 21 1994 


3 




vW|-% 



1co ' s i^ni sl 
mU °Pens 



NEWS: EUROPE 


Bank of Italy 
deputy awaits 
his blessing 


By Robert Graham bi Rome 

Divisions within the 
government or Italian prime 
minister Silvio Berlusconi are 
holding up the approval of Mr 
Vincenzo Desario as the new 
director of the Bank of Italy. 

In an unprecedented move 
by an Italian government, the 
right-wing coalition has 
refused to welcome the nomi- 
nation on Monday by the 
bank’s governing council of Mr 
Desario, currently the deputy- 
director, to take over the num- 
ber two job. 

t Instead the government has 
' deliberately chosen to take its 
time. The matter was not dis- 
cussed at yesterday’s cabinet 
meeting. Mr Gianni Letts, the 
bead of the prime minister’s 
office, said the matter would be 
discussed at the next cabinet 
meeting and insisted that the 
government was united in the 
view that an external candi- 
date would have been pre- 
ferred. 

Mr Umberto Bossi, the leader 
of the populist Northern 


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League and a key member of 
the coalition, said when asked 
about the delay: “it was a 
choice made autonomously by 
the Bank of Italy and which 
doesn't serai to please the gov- 
ernment nor the perhaps the 
treasury, with whom the bank 
has to work.” 

Mr Desario was chosen on 
the advice of Mr Antonio 
Fazio, the governor, to take up 
the position vacated by Mr 
Lamherto Dim, when he left in 
May to become treasury minis- 
ter. Mr Fazio insisted on an 
internal candidate and after 
five months’ wrangling 
appeared to have brokered a 
deal last weekend with the 
government via the good 
offices of Mir Guiseppe Tatar- 
ella, the deputy prime minister 
and leading member of the 
neo-fascist MSI/National Alli- 
ance in the coalition. 

The choice of Mr Desario has 
been openly backed by MSI/Na- 
tional Alliance and the Chris- 
tian Democratic Centre, the 
smallest group in the coaKtton. 
The League has wavered and 
Mr Berlusconi and his Furza 
Italia have been sflrat. 

Mr Berlusconi and more par- 
ticularly Mr Dini, are report- 
edly still reluctant to accept 
the bank's ability to choose the 
members of the four-man direc- 
torate. From the start, Mr Ber- 
lusconi has made it clear he 
regards this as a separate issue 
from the central bank’s auton- 
omy. The Desario appointment 
requires the endorsement of 
both President Oscar Ltdgi 
Scalfaro and the cabinet The 
president is understood to sup- 
port Mr Fazio. 

The government thus has 
three main courses of action: 
simply delay to display disap- 
proval; delay and issue a state- 
ment of censure; reject the 
appointment Political analysts 
doubted yesterday whether 
there was sufficient consensus 
in the government to refuse 
the appointment as this would 
exacerbate the conflict with 
the Bank of Italy and antagon- 
ise President Scalfaro. It would 
also unnerve the markets. 


Basque poll may allow Eta to follow IRA 


By Tom Bunra In Bflbao 

The Northern Ireland peace 
process could have a knock-on 
effect on Spain’s Basque Coun- 
try where regional elections 
on Sunday are widely viewed 
as setting the stage for similar 
negotiations to end violence 
by Eta, the separatist organi- 
sation. 

The vote among the 2.1m 
Basques, who since 1979 have 
enjoyed increasing home rule, 
Is also seen as a watershed 
poll that could undermine the 
nationalist rhetoric and 
extremist calls for secession 
from Spain that has dominated 
much of local politics. 

Opinion polls indicate that 
the Portido Nacionalista 
Vasco, PNV, the mainstream 
nationalist party, wfl] remain 
the dominant force but that 
there will be big gains by Mad- 
rid-based parties - the conser- 
vative Peoples party (FP) and 
the communist coalition, 
Izquierda Unida (ID) - which 
had formerly been on the side- 
lines of Basque politics. 

“I believe that once the elec- 
tions are over,” says Jon Idigo- 
ras, a veteran leader of Herri. 


The Basqtm Country 



Jon kSgorag, vetar^ radical JMctar.- ■ 
\~any one at us~.can rNeof. 

Gary Adams..’ 

Batasuna (HB), the radical 
Basque group that acts as 
Eta’s political front organisa- 
tion, “there will be contacts 
with Eta and any one of ns in 
HB can play the role of Gerry 
Adams [the leader of Ireland’s 
Stan Fein who was at the cen- 
tre of the IRA’s ceasefire). 11 ' 
Founded in the late 1960s, Eta 
has been responsible for more 
than 600 deaths In its cam- 
paign to create an independent 



Basque state and some 600 of 
its members are in Spanish 
and French prisons. 

“We have still got to digest 
the Irish developments," says 
Mr Idigoras, “but it is clear 
that they will force every- 
one, the Spanish government, 
the Basque political parties 
and Eta to move their 
pawns." 

The sentiment is echoed by 
the PNV’s Hr Josd Antonio 


Joed ArrJaraa; carter* to iwrerfri premier, 
favours tfecraat and B poaofeta Merer 
talks, wlh ETA • - 

Ardanza, who is certain to be 
returned as Basque prime min- 
ister on Sunday. 

Mr Ardanza has said daring 
the electoral meetings that he 
favours “discreet and. If possi- 
ble, secret" talks with Eta. 

Mr Xabier Arzalluz, the pow- 
erful chairman of the PNV and 
Us leading ideologue for the 
past 20 years, says be expects 
a “deep rethink" by HB after 
Sunday’s vote, particularly if 


the opinion polls are borne out 
and the radicals, which are at 
present the thlrd-largest politi- 
cal group in the Basque Coun- 
try after the PNV and the 
Socialists, lose votes. 

Although there are impor- 
tant differences between the 
politics of Northern Ireland 
and those of the Basque Coun- 
try, Mr Arzalluz says HB’s 
supporters have been “stunned 
by the ISA’s decision to give 
up violence, apparently in 
return for nothing". 

The momentum towards a 
Basque peace process will, 
however, depend on the will- 
ingness of the Socialist gov- 
ernment in Madrid to sanction 
the talks that the PNV has in 
mind. 

While the Madrid govern- 
ment officially opposes con- 
tacts with Eta, Mr Mario 
Onaindfa, a former Eta mem- 
ber and now a leading Social- 
ist party official in the Basque 
Country, says circumstances 
after the election will favour 
“a dialogue”. 

Sunday’s vote is, however, 
expected to see a decline in 
support for the Socialist party 
which has been the junior 


partner in the Basque Coun- 
try’s government for the past 
eight years. The shrinking 
Socialist vote is partly 
prompted by the diminished 
popularity of Hr Felipe Gonz- 
alez's government in Madrid, 
but it could also reflect dissat- 
isfaction among rank-and-file 
socialists, mostly blue-collar 
migrant workers from else- 
where in Spain, over the local 
party’s decision to co-opt a 
minority left-wing group led 
by Mr Onalndla ami to com- 
pete for the “ethnic" Basque 
vote. 

Polls suggest that the IC 
coalition could be backed on 
Sunday by former socialist 
supporters and, underlining a 
farther shift from nationalist- 
based politics, that the conser- 
vative pp will do well among 
young professionals. 

“People are at last waking 
up,” says Mr Jaime Mayor 
Oreja, the leader of the FP in 
the Basque Country. 

“The permanent vindication 
of the Basque nation over the 
past years has only created 
uncertainties and impover- 
ished Ute Basque Country,” he 


Government adopts conflict of interest proposals 


Choice for Berlusconi 


By Robert Graham 

The Italian government 
yesterday decided to adopt 
unchanged the legislation pro- 


posed by three jurists to 
resolve the conflict of interest 
between the prime minister. 
Mr Silvio Berlusconi, and his 
Fininvest media empire. 

The legislation means that 
Mr Berlusconi must choose 
between selling off his assets 
or appointing a special admin- 
istrator as a trustee to nm FTn- 
invest, Italy’s second largest 
private group. EEs media inter- 
ests will also be monitored by 
the media watchdog commis- 
sion, which is appointed by 
parliament, 

Mr Berlusconi formally cut 
his managerial ties with Fln- 
invest in January when he 
entered politics, but has so far 
failed to make any provision to 
prevent a conflict of interest 
He has consistently stated he 
is averse to selling his assets. 


but it remains to be seen how 
an administrator win St into 

the managBiwenfr structure Of 

Fminvest, which is spread over 
television, publishing, financial 
products retailing. 

The three jurists, who pro- 
posed the legislation in a 400- 
page report submitted at the 
end of September, were 
appointed by Mr Berlusconi in 
May. Their report was judged a 
positive first step by the oppo- 
sition but they criticised the 
legislation as being incomplete. 

They claim the cards are 
stacked in Mr Berlusconi’s 
favour because parliament con- 
trols appointments to the 
media watchdog commission. 

Two incidents yesterday 
underlined the continued prob- 
lems of conflict of Interest 

The first was a debate in the 
higher magistrate’s council, 
governing body of the judi- 
ciary, over whether to censure 
the behaviour of the chief pub- 
lic prosecutor of Milan who is 


investigating Fininvest Mr 
Vittorio Sgroi, head of the 
appeals court had to explain at 
length, that a meeting he had 
held on Wednesday with Mr 
Berlusconi over the affair had 
not involved an attempt by the 
owner of Fininvest to exert 
pressure on the outcome of the 
censure meeting: 

The second incident was a 
debate in parliament on the 
future of the Rai, the state 
broadcasting organisation. 

A member of the opposition 
hurled abuse and accused the 
government of monopolising 
information through Mr Ber- 
lusconi’s Fininvest channels 
and control of the RaL Several 
members from government 
benches, most from the neo- 
fascist MSI/National Alliance, 
left their seats and stormed 
towards the opposition. One 
deputy was temporarily 
knocked out and an usher 
required medical attention for 
a bloody nose. 


French growth may give 
poll boost to Balladur 


By David Buchan in Paris 

France is set to enter its 1995 
presidential election year with 
its economy already expanding 
at the pace of 3.1 per cent fore- 
cast by the government for the 
full year. 

Insee, the official statistics 
agency, yesterday raised its 
growth forecast for 1994 from 
2.0 per cent to 12 per cent and 
said that by the rad of 1994 it 
expected the economy to be 
expanding on a year-on-year 
basis at the rate of 3.1 per cent 

The government has already 
predicated its 1995 budget an. 
real growth of 3J per cent, but 
set this as the average for the 
whole year, rather than the Ini- 
tial momentum with which the 
French economy would go into 
1995. 

The growth forecast of Tnaw, 
which also said that despite 
August's slight increase in 
unemployment it expected to 
see a modest foil in joblessness 


over 1994 as a whole, comes as 
welcome news for the prime 
minister, Mr Edouard Balladur, 
in his as-yet-undeclared candi- 
dacy for the presidential elec- 
tions in May. 

His advisers have recognised 
a certain risk that the neces- 
sity for fiscal discipline to 
reduce the 1995 budget deficit, 
plus the recent rise in long 
term interest rates, might 
choke off recovery in the 
French economy. 

ft grew by 0.7 per cent in the 
first quarter and by 1 per cent 
in the second quarter. Insee 
now forecasts L4 per cent real 
growth In the second half of 
this year, and it believes that 
French companies have 
P-WQTigh cash in hand not to 
deterred by the rise in 
long-term interest rates from 
pursuing their Investment 
plans. 

Even if, as Insee expects, 
there is a “technical slow- 
down" in French industrial 


output after the first half's 
strong growth throughout 
Europe, it will be limited and 
amply offset by strong con- 
sumer demand. 

The agency comments that 
the main surprise haw been the 
continuation of strong car 
sales after various government 
incentives earlier this year 
lapsed. 

Overall, it forecasts house- 
hold consumption rising 1.7 
per cent in the second half of 
this year, following the 0.5 per 
cent increase between January 
and June. 

Insee said that the contribu- 
tion of foreign trade to French 
growth may soon turn “nega- 
tive", as internal demand 
boosts imports foster than the 
growth in exports. But the gov- 
ernment, which yesterday 
announced a FFr7 .2b n trade 
surplus for August (up freon 
FFrtBbn in July), said it was 
still aiwiing for a 1994 surplus 
of around FFrSObn. 










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- L*oifi.\V Ol'lOHf'R ’I 
FINANCIAL TIMtS H< 1 ^ A 



Hualon is a ‘victim of hearsay’ 

Laura Tyson interviews chief of Taiwanese textile company linked to share controversy 


H ualon-Teijran, the Taiwanese 
textile manufacturer, is deter- 
mined to proceed with plana to 
build a plant in Northern Ireland with 
finan cial help from the British govern- 
ment, despite the recent share payment 
default controversy to which the com- 
pany has been linked. 

Mr Liang Ching-hsiung, president of 
the Taiwan*listed company, in an inter- 
view depicted Hualon-Teijran as having 
fallen “victim to hearsay" in this and 
previous scandals that have plagued its 
founding Oung family, maverick scions 
of a Shanghai te.xtile dynasty. 

Mr Liang sought to distance the com- 
pany he runs from other companies 
associated with Mr Oung Ta-ming. the 
focus of attention in the share scandal 
earlier this month involving 28 securi- 
ties firms and TS7.6bn (£lS2m'i in 
defaults. 

He also sought to dispel concerns that 
Hualon-Teijran's £L57m investment 
project near Belfast, undertaken with 
£61m in UK government aid, would go 
the way of an earlier state-subsidised 
project in Northern Ireland, the De- 
Lorean car factory, which collapsed in 
the early 1980s. 

"Hualon has always been a solid, ded- 
icated manufacturing operation, not a 
speculative company," Mr Liang said. "I 
particularly want to emphasise that our 
company has no relations whatsoever 
with Oung Ta- ming or his securities 
businesses and we know absolutely 
nothing about his share trading activi- 
ties. In fact, all we know is what we 
read in the newspapers, like everyone 
else.” 

Mr Oung, a Taiwanese legislator and 
prominent share speculator, founded 


and built up a loosely knit group of 
companies now reckoned to be 
Taiwan's tenth biggest industrial group. 
Control is split among Mr Oung and 
three younger brothers. 

Mr Liang, who has worked at Hualon- 
Teijran since 1968. described the history 
and structure of the group In an effort 
to clarify what he regarded as miscon- 
ceptions about the management of and 
relationship among companies within 
the group. 

He also presented Hualon-Teijran's 
version of events preceding a 1991 
share-bribery scandal which led to the 
downfall of a cabinet minis ter. Mr Oung 
You-ming. the third Oung brother and 


‘Oung You-ming 
will ultimately be 
found innocent’ 


chairman of Hualon-Teijran. left 
Taiwan after the scandal broke and has 
not returned to face charges in connec- 
tion with the case. He now runs Hua- 
lon's businesses in Malaysia. 

Mr Liang said the case was politicised 
and Mr Oung You-ming will ultimately 
be found innocent. “When the timing Is 
right. Oung You-ming will of course 
return to Taiwan, but at the moment be 
has no concrete plans to do so." 

Unlike other Taiwanese family run 
conglomerates such as Formosa Plas- 
tics and Koo's Group, the Oung family 
companies do not have a central hold- 
ing company or centralised manage- 
ment and finances, Mr Liang said. Thus 


the term “Hualon group” is actually a 
misnomer as the various entitles have 
always been run independently, despite 
the fact that until the late 1980s family 
members sometimes held positions in 
more than one company. 

Mr Liang said that 1989 “marked a 
very important milestone for the family 
and for the businesses. At that point, 
Oung Ta-ming went into semi-retire- 
ment. He no longer wanted to have 
anything to do with the manufacturing 
side, so he let his brothers take over 
those businesses.” 

When Mr Oung You-ming took over 
Hualon-Teijran he began to look for 
opportunities to expand overseas and 
diversify. In 1990 the Taiwan govern- 
ment began offering financial incen- 
tives for investment in high-technology 
industries. 

Mr Liang said the younger Mr Oung 
wanted to take advantage of those 
incentives, but by law the consolidated 
investments of a listed company could 
not exceed 40 per cent of total regis- 
tered capital. (This restriction was 
lifted in 1991.) 

To comply, Hualon-Teijran decided to 
sell 5m shares in Kuo Hwa Life Insur- 
ance. As Kuo Hwa is an unlisted con- 
cern. bidders could not be solicited pub- 
licly. Mr Oung tried to sell the shares 
privately to other tycoons, but none 
was interested given that the stock 
exchange index's fall from 12,000 in Feb- 
ruary’ 1990 to around 3.000 in October. 

The shares were sold in December 
1990 to the daughter of Mr Clement 
Chang, minis ter of transportation and 
communications at the time, for T$120 a 
share, compared with Mr dung’s origi- 
nal asking price of TS150 a share. The 


shares were estimated by accountants 
to have a net asset value of TSS0. 

Regulators were notified of the trans- 
action and a public announcement was 
made, as required by law. Authorities 
made no objection to the sale, Mr Liang 
said. “We were trying our best as a 
law-abiding company to abide by the 
law of the country,” he said. 

In February 1991 Mr Hsu Rong-chi. a 
self-styled expert on the insurance 
industry, filed a suit against the sale, 
claiming that the shares were worth 
TS500-TS800 each, Mr Liang said. 
(Through his underground radio sta- 
tion, Mr Hsu this year mobilised Taipei 
cab drivers on several occasions to pro 


‘We were trying our 
best to abide by the 
law of the country’ 


test against the ruling party. He was 
convicted last month of using the air- 
waves to incite violent demonstrations 
and sentenced to eight months in jaiL) 
Mr Oung was temporarily prevented 
from leaving the country by prosecu- 
tors, but the restriction was lifted later. 
He subsequently left Taiwan legally 
and did not “skip bail” as is widely 
believed. Mr Liang said. 

Hualon-Teijran's shares are widely 
dispersed among 1SO.OOO shareholders. 
Mr Oung You-ming holds 3 per cent and 
Kuo Hwa Life Insurance 8 per cent 
The company forecasts pre-tax profits 
of TSl.l5bn on turnover of T$27bn in 
1994. against a loss of TS384m in 1993. 


Bolger defiant on threat 
from boundary changes 


By Terry Hall in Wellington 

New Zealand’s prime minister 
Jim Bolger yesterday vowed 
that his National party’ would 
continue in power till the next 
elections due in 1996. in spite 
of boundary changes that wifi 
cost many of his MPs their 
seats. 

Some National party MPs are 
expected to form new political 
parties which could threaten 
the government's two-seat 
majority. The boundary 
changes, a result of the Ger- 
man-style electoral system 
under which the next elections 


are due to be held, reduce the 
number of electorates to 60 
from the present 95. 

Under the new proportional 
system, the remaining seats 
will be on a list basis with MPs 
nominated by political parties. 

Many sitting MPs, including 
Mr Bolger and deputy prime 
minister Don McKinnon, say 
they intend to seek election 
and will not accept nomination 
for the party lists for the next 
parliament 

The detailed boundary 
changes announced yesterday 
pose severe problems for the 
government. The reduction in 


seats leaves a number of prom- 
inent cabinet ministers, such 
as justice minister Doug Gra- 
ham and consumer affairs min- 
ister Katharine O’Regan, with- 
out seats. 

The change to the electoral 
system has already led to two 
resignations. Junior minister 
Ross Meurant and Labour's 
Peter Dunne have left their 
present parties and announced 
they will stand under new 
labels in the next election. 
Both have said they will sup- 
port Mr Bolger through what is 
expected to be a turbulent time 
in New Zealand politics. 


Nigeria currency 
falls 12% in week 


By Paul Adams 

The street value of the 
Nigerian naira has plunged 12 
per cent against the dollar in 
the past week which has seen 
the sacking of Mr Kalu Kalu. 
the county’s finance minister. 

The fall in the parallel rate 
of the naira from N70 to NOT to 
the dollar since early October 
is the latest symptom of deep- 
ening economic crisis. 

Bankers blame the devalua- 
tion on the erratic supply of 
foreign exchange on the offi- 
cial market. Since January the 
government has cut the budget 


for foreign exchange alloca- 
tions at the official race of N22 
to the dollar from SS.abn 
(£1.6bn) to Sl.Sbn. 

Delays, hidden costs and 
irregular allocations have 
forced businesses to buy cur- 
rency for imports on the paral- 
lel market which was banned 
under controls imposed in the 
January 1994 budget. 

The dismissal of Mr Kalu. 
who favours a return to the 
lapsed structural adjustment 
programme, is seen by bankers 
as confirmation of government 
determination to pursue its 
fixed exchange rate policy. 


Manila 
sets out 
foreign 
bank 
rules 

By Jose Galang in Manila 

Foreign banks wishing to start 
up in the Philippines under 
next year’s liberalisation will 
need capital of only 2i0m 
pesos (£5m), but must come 
from countries offering recip- 
rocal rights of establishment 
to Philippine institutions, 
guidelines published by the 
Monetary Board say. 

Thirty-one foreign banks 
have expressed interest in set- 
ting up shop, following the 
passage of legislation opening 
up the banking sector for the 
first time in 46 years. The 
change Is expected to intensify 
competition in the financial 
sector. 

Only 10 banks will be 
allowed to open f nil-service 
branches, although others may 
acquire up to 60 per cent of 
existing banks, including 
those under receivership or 
liquidation. Mr Gabriel Sing- 
son. head of the central bank 
and its policy-setting Mone- 
tary Board, says the selection 
should be completed in early 
1998. Six of the 10 banks will 
be selected by the board, while 
the other four will be picked 
by the Philippine president 

The newly Issued rules limit 
the selection to the top five 
hanks in their home countries. 
They can open up to three 
branches in any location, and 
another three In areas to be 
designated by the Monetary 
Board. Foreign banks seeking 
the right to engage in securi- 
ties businesses will need total 
capital of at least IJSbn pesos, 
the same as domestic banks. 

Four foreign banks already 
operating in the Philippines. 
Bank of America. Citibank, 
Hongkong and Shanghai 
Banking Corporation and 
Standard Chartered, were 
established before overseas 
involvement was banned. 

Bankers say Manila has 
begun to offer more sophisti- 
cated services since removal of 
foreign exchange controls on 
current-account transactions 
and the easing of rules on 
bank branching in 1993. 


JNTERNA^ 

Japan’s money 

supply up 2.3% 


Japans money supply 

MZ+GO's. annual % change 
2.5 



-O.S 1 * 

1993 

Somes: Oatastream 


94 


Japan's money .-apply grew 
2.3 per cent yonr-on-yenr m 
September, slightly foster 
than expected. The ri'-'i'. in nL 
plus cert i:V- ties of (leiwsit. is 
a gentle acceleration 
compared with a 1-9 per cent 
increase m the money supply 
in Auuitet. It shows the 
squeer.e on credit may be 
casino though money supply 
is still weak compared to the 
late 1980s period oflugh 
economic growth. The into of 
increase in money supply 
eased from May w •hint*, hut 
has been gently gathering 
pace ever since. A broader 
measure °f liquidity, also 
including postal savings, government bonds and investment 
trusts, rose 3.5 per cent last month, a slight easing in l ,ace 
from the 3.6 per cent increase in August. This remains well 
below the 5 per cent annual growth several wuiwmic analysts 
in Tokyo believe is the m inim um needed to tuntl a durable 
economic recovery. William Dou'kins, Tukito 

Tajik deputy premier killed 

Tajik Deputy Premier Munavarsho Nasriev was killed 
yesterday when a land mine planted on a highway exploded 
under his car, Itar-Tass news agency said. Mr Nazriev. 55. was 
driving from the capital. Dushanbe, to the Gann region near 
the Pamir Mountains when his car hit the mine. He and a 
bodyguard were killed outright, and two aides badly injured. 
T ajikistan, poorest of the former Soviet republics. Iras been 
devastated by a two-year civil war. Yesterday was the first day 
of a ceasefire between the Russian-bucked government and 
Moslem fundamentalists. AP. Dushanbe 

US-N Korea nuclear pact 

North Korea’s mission in Geneva today will host the signing of 
the landmark nuclear pact with the US that the two powers 
completed earlier this week, officials said yesterday. The pact, 
hailed by President Bill Clinton as presaging the isolated 
communist North Korea's full entry’ into the world 
community, was earlier formally endorsed by the North’s new 
leader, Kim Jong-iL The ceremony will formalise ait emerging 
relationship between Washington and Pyongyang, committing 
the North to improve ties with South Korea. Under the deal. 
North Korea freezes, then dismantles its current nuclear 
programme in return for a pledge of compensation in the form 
of ofi for lost energy, and delivery over the next few years of 
new and safer nuclear plant. Rower, Geneva 

China to hold more N-tests 

China expects to conduct “a few more” nuclear tests before it 
joins an international moratorium on experimental atomic 
blasts, an official said yesterday. Beijing has said it favours a 
complete ban on all nuclear arms, but until a comprehensive 
nuclear test ban treaty is concluded, will refuse to join in a 
two-year-old moratorium adopted by the world’s other 
declared nuclear powers. The official said his government did 
not want to see the nuclear weapons gap between China and 
other nuclear powers “frozen forever”, leaving Beijing 
vulnerable to attack. More tests were needed to improve the 
quality of new devices. AP, Beijing 


9 


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v. 


NEWSs INTERNATIONAL 


Cambodian sacking 
greeted with dismay 



Tokyo courts 
Beijing anger 
over Taiwan 


By Jonathan Miner 
In Phnom Penh 

Less than a week after the 
Cambodian government 
launched a Sim (£666,000) cam- 
paign to attract foreign inves- 
tors, the architect of the coun- 
try's economic reform 
programme, Mr Sam Rainsy, 
finance minister, was sacked in 
a Cabinet reshuffle yesterday. 

His removal from office was 
greeted with dismay by Cam- 
bodians and nervousness by 
potential investors and donors, 
impressed by Mr Rainsy’s 
vision for the development of 
the war-ravaged economy. 

"This is a real shame," said 
one foreign businessman in 
Phnom Penh. “Sam Rainsy has 
undoubtedly been the brat of 
all the people I've had to deal 
with in this government.” 

King Norodom Sihanouk, 
who rules Cambodia's 7m peo- 
ple, evidently shared this view. 
In recent letters of support for 
Mr Rainsy, he said: “Our 
nation and our people greatly 
need your highly patriotic and 
competent services”. 

A large majority in Cam- 
bodia's National Assembly 
voted in favour of the shake-up 
after it was presented for 


approval by the senior prime 
minister, Prince Norodom Ran- 
ariddh. He said the changes 
were aimed at forging greater 
unity among parties in the rul- 
ing coalition which is largely 
comprised of royalists and ter- 
mer Communists. 

Before returning to Cam- 
bodia to join the government, 
Mr Rainsy had spent 27 years 
in France, where he worked as 
an accountant and stockbro- 
ker. He gave that up for a gov- 
ernment salary of $30 a month. 

Mr Rainsy appears to have 
been a victim of his own suc- 
cess . His popularity among vot- 
ers at home and the stature he 
had gained abroad worried bis 
political masters, who thought 
him a threat His determina- 
tion to root out endemic cor- 
ruption also made him many 
enemies in the government, 
the private sector and in the 
armed forces. 

A western diplomat said: 
“Let's lace it, if you're serious 
about a Cabinet reshuffle, 
there are lots more obvious 
candidates for the chop”. 

In a reflection of local busi- 
ness concerns, there was 
steady buying of gold by Inves- 
tors. mostly Chinese, on the 24- 
hour foreign exchange-precious 


metals market in Phnom Penh. 

When Mr Rainsy assumed 
the portfolio In July last year, 
he Inherited what he liked to 
describe as “a free-for-all jun- 
gle economy”, which had failed 
to recover from the economic 
ruin wrought by the Khmer 
Rouge regime in the 1970s and 
a subsequent decade of mis- 
management 

He was determined to dis- 
mantle the cumbersome state 
apparatus of a crumbling cen- 
trally-planned economy and 
reintegrate Cambodia with the 
global economy. He stressed 
fiscal prudence and account- 
ability, and pinned his hopes 
on private entrepreneurship 
and the free market 

In a recent interview with 
the Financial Times, he said: 
“My vision consists of seeing 
Cambodia become part of the 
east Aslan economic miracle. I 
hope that within 10 or 16 years 
we will catch up with our 
neighbouring countries”. 

If the international and mul- 
tilateral donors who listened to 
his message thought Mr 
Rainsy a touch optimistic, they 
enthusiastically bought his 
line. After he addressed a 
donors' meeting in Tokyo in 
March, g500m was pledged 


towards national reconstruc- 
tion. This came on top of the 
Slbn pledged by donors after 
the Cambodian Peace Agree- 
ment In Paris two years ago. 

The foreign business commu- 
nity has been equally 
impressed by Mr Ralnsy's 
efforts to create a more stable 
environment ter foreign invest- 
ment His record, after just one 
year, is impressive. 

He was behind the Foreign 
Investment Law, passed in 


July. He helped to control 
inflation, stabilised the Cambo- 
dian currency, the Riel, cen- 
tralised revenue collection and 
brought the government’s 
huge deficit under control. 

The question now is whether 
his successor can protect the 
policies Mr Rainsy set in place. 
He is Mr Keat Chhon. a 
French-trained nuclear physi- 
cist and. like many members 
of today's government an erst- 
while official with the former 


Khmer Rouge regime. 

For the past year, he has 
beaded the Cambodian Devel- 
opment Council, whose remit 
is the promotion of foreign 
investment Investors and dip- 
lomats are reserving judgment. 
One foreign businessman said 
“Keat Chhon's impressive, 
intelligent and capable. The 
next couple of months will be 
crucial from a business per- 
spective. We'U all be watching 
and waiting". 


By WIlHam Dawkins In Tokyo 

Japan yesterday courted 
Chinese displeasure for the sec- 
ond time in a month, by 
announcing plans to hold its 
first formal ministerial meet- 
ing with Taiwan in 22 years. 

Mr Ryutaro Hashimoto, 
Japan's minister of interna- 
tional trade and industry, is to 
meet Mr Chiang Ping-kun, 
Taiwan's economics minister, 
in Osaka on Saturday, in the 
margins of a conference on 
small businesses In Asia. 

The move Is the latest in a 
series or recent examples of 
Japan's search for a more 
self-assertive foreign policy 
line. On this occasion, Tokyo's 
confidence could be a reflec- 
tion of the fact that China is 
seeking the renewal and 
enlargement of a six-year 
YSOObn (£5.2bn) programme of 
Japanese government loans, 
ending in 1996. 

Tokyo showed itself prepared 
to confront Beijing on the 
same issue of relations with 
Taiwan earlier this month. 


when it allowed Mr Hsu LI 
Teh, Taiwan's deputy prime 
minister, to visit the Asian 
games in Hiroshima. Mr Hsu 
ignored his hosts' requests to 
keep a discreet profile and met 
politicians from the ruling Lib- 
eral Democratic party. 

Officially, Mr Hashimoto and 
Mr Chiang will talk about 
small business policy, in an 
attempt to present the meeting 
as politically uncontrovcrslal. 
Miti officials said they believed 
China would have no grounds 
to object, since Mr Hashimoto 
will also meet counterparts 
from China, Hong Kong, the 
Philippines and Indonesia. 
They will attend the confer- 
ence In their capacity as mem- 
bers of the Asia-Pacific Eco- 
nomic Co-operation Forum. 

Japan cut formal diplomatic 
links with Taiwan in 1972, 
when it opened relations with 
China, thereby implying accep- 
tance of China’s belief that 
Taiwan is part of China. Yet 
there is an influential pro- 
Taiwan faction In the Japanese 
government. 


v ». 

«• 


Controversial cut in use of Afrikaans likely to provoke serious backlash, Mark Suzman reports 

Sweeping changes in South African broadcasting 


The South African Broadcasting 
Corporation, the state-run body which 
has a virtual monopoly on radio and 
television broadcasting in South 
Africa, yesterday announced plans for 
sweeping changes to its structure, 
including a major reduction in the 
use of Afrikaans on the airwaves. 

Hie decision is controversial and 
likely to provoke a substantial back- 
lash from a large put of the Afrika- 
ner population, many of whom will 
take it as proof of their continued 
marginalisation in South African soci- 
ety since the April elections. 

It may also prove a potent future 
election issue for right-wing political 
parlies. 

Announcing the changes at a 
Johannesburg press conference yes- 
terday. Mr Zwelakhe Sisulu, the 
recently appointed SABC Group chief 
executive, said that on television 


English would become the most 
widely used language. 

All main news broadcasts will 
become evenly divided between 
English, Afrikaans, the Nguni group 
of African languages (which include 
Zulu and Xhosa), and the Sotho group 
of languages. 

Under the present system. SABC’s 
main television channel. TVl, splits 
its broadcasts evenly between English 
and Afrikaans, while black languages 
are relegated to the broadcaster's 
other two channels, CCV and NNTV. 

Mr Sisulu also said that' radio ser- 
vices will be restructured to create 11 , 
full-spectrum public-service stations, 
one for each of the country's official 
languages. As a result, there will only 
be one station that will continue to 
broadcast exclusively in Afrikaans, 
while several smaller, regional sta- 
tions that at present use Afrikaans 


are likely to close or be restructured. 

The proposed downgrading of Afri- 
kaans, rumoured for several months, 
has been widely condemned by Afri- 
kaans cultural and political groups, 
who charge it violates another consti- 
tutional clause forbidding any “dimin- 
ishing of the rights and status of 
existing languages”. 

The proposed changes will also 
almost certainly mean the retrench- 
ment of hundreds of Afrikaans-speak- 
ing staffers at SABC and their 
replacement with blacks capable of 
running the new African-language 
prog ramming , a move which will help 
the corporation attain its stated goal 
of 50 per cent black staffing by 1998. 

Mr Daan van der Merwe. ’arts and 
culture spokesman for the Conserva- 
tive party, claimed the move signals a 
carefiri plan to undermine Afrikaans 
language and. culture. “It is altogether 


a cold-blooded attempt to destroy the 
Afrikaner volk,” he alleged. 

Mr Sisulu said he was aware the 
decision might prove controversial, 
but argued that given the strictures of 
the new constitution, which stipulates 
“equal use and enjoyment” of all 
South Africa's official languages, the 
new proposals represent the most fea- 
sible compromise. 

Underlying the language issue is 
the deeper question of whether SABC 
will be able to transform itself into a 
genuinely independent public broad- 
caster in the mould of Britain's BBC. 
or whether it will become merely a 
mouthpiece for the current ANC-led 
government 

During the apartheid years, the 
broadcaster was an effective propa- 
ganda instrument wielded by the for- 
mer government, adroitly manipulat- 
ing television and radio news to 


reflect its vision of South Africa. 

Since the accession to power of for- 
mer President FW de Klerk in 1989, 
the organisation has been trying to 
transform Itself Into a genuinely rep- 
resentative national broadcaster, with 
a firm commitment to freedom of 
expression and freedom of the press, a 
goal officially supported by the pres- 
ent government 

But critics charge that the corpora- 
tion's new board and management are 
far too closely aligned to the ANC to 
be the architects of a reformed, inde- 
pendent institution. 

Mr Sisulu, whose father, Mr Walter 
Sisulu. is ANC deputy-president, was 
a long-time ANC activist and formerly 
edited the ANC-supporting newspaper 
New Nation, while other board mem- 
bers, including the chairman, Dr Ivy 
Matsepe-Casaburri, are known to 
have ANC sympathies. 


Plan to fight huge 
housing shortage 


By Mark Suzman 
In Johannesburg 

The South African Housing 
Ministry and the Association of 
Mortgage Lenders, a group of 
big banks and building societ- 
ies, have announced a R2bn 
(£350m) plan to open up mort- 
gage loans to the lower end of 
the housing market. 

The plan, which will provide 
for up to 50,000 loans worth 
R10.000 in its first year of oper- 
ation, represents the first big 
initiative by government and 
the private sector to combat 
South Africa's huge housing 
shortage. 

The government has agreed 
to indemnify banks for the first 
three years of the programme 


in case of a breakdown in law 
enforcement that would pre- 
vent them repossessing the 
property of defaulters. 

The new plan appears to 
indicate that broad agreement 
on how to implement the pol- 
icy has now been reached and 
further initiatives are expected 
to be unveiled next week at a 
planned National Housing 
Summit in Botshabelo, Orange 
Free State. 

• Mr Cyril Ramaphosa, ANC 
secretary-general, yesterday 
denied reports he was planning 
to step down from his post at 
the party’s planned national 
conference in December. 

Mr Ramaphosa was respond- 
ing to press speculation that he 
was tired of political life. 


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NEWS: WORLD TRADE 


T Series engine may be manufactured under licence for use in Proton cars 


Rover signs deal with Malaysia 


By Kieran Cooke In 
Kuala Lumpur and 
Kevin Done in London 


Rover, the leading UK 
carmaker, and Proton, the 
Malaysian car producer, yester- 
day signed a memorandum of 
understanding which could 
lead to the manufacture of 
Rover engines under licence in 
Malaysia. 

Rover, a subsidiary of BMW 
of Germany, said that the two 
carmakers would investigate 
the manufacture of its T Series 
2.0 litre petrol engine in Malay- 
sia for use in Proton cars. The 


agreement would cover the 
transfer of technology to Pro- 
ton, including future develop- 
ments of the T Series engine 
range as well as the training of 
Proton employees in engine 
assembly and installation. 

The memorandum of under- 
standing with Proton follows 
Rover's final agreement earlier 
this month with Ea, the sec- 
ond largest South Korean car- 
maker, for the joint develop- 
ment of a new range of V6 
engines which will he built In 
the UK and in Korea. 

Proton, which last year pro- 
duced 117,000 cars, would use 


the Rover engine in its larger 
cars for sale in the domestic 
market and for export 
Proton started producing 
cars in the mid-1980s in 
cooperation with Mitsubishi of 
Japan. Mitsubishi initially held 
a 30 per cent stake in Proton 
but through various restruct- 
urings that has been reduced 
to around 20 per cent 
While Proton boasts that its 
car now has a domestic con- 
tent level of more than 70 per 
cent, high cost components 
such as transmission systems 
are still imported from Japan. 
The Malaysians have become 


frustrated at what they con- 
sider to be Japanese unwilling- 
ness to transfer technology. 
They have also been concerned 
about cost increases following 
the rise in the value of the yen. 

Mr Mohamad Nadzmi, head 
of Proton, said that Mitsubishi 
could be affected in the short 
term, but as a Proton share- 
holder the Japanese conglom- 
erate would benefit from an 
improvement in the Malaysian 
company’s profitability. 

Proton has a 73 per cent 
share of the Malaysian market 
and exported 17.000 cars last 
year, mostly to Britain. 


Rover is believed to be in the 
final stages of negotiating the 
sale of up to 4,000 of its Land 
Rover vehicles to the Malay- 
sian armed forces. Rover is 
also discussing collaborative 
ventures in Indonesia. 

• Hawtal Whiting, a leading 
UK automotive design and 
engineering consultancy, yes- 
terday signed a memorandum 
of understanding with Bakti 
Muhibbah, a Malaysian land 
development company, to con- 
duct a feasibility study into a 
joint venture high technology 
business park in the state of 
Negeri Sembflan. 


Chinese using 
Apec to force 
pace on Gatt 


By Tony Walker In Beijing 


China appears intent on 
slowing progress towards 
agreement on an Asia-Pacific 
free trade zone pending resolu- 
tion of its dispute with the US 
over membership of the Gen- 
eral Agreement on Tariffs and 
Trade and the granting of 
unconditional Most Favoured 
Nation trading status. 

Mr Li Zhongzhou, director- 
general of the Department of 
International Trade and Eco- 
nomic Relations, yesterday 
indicated that Beijing would 
use the Apec card to exert 
pressure on the US in Gatt 
negotiations. China objects to 
continued US refusal to grant 
unconditional MFN as part of a 
Gatt agreement and says this 
violates a "fundamental princi- 
ple" of international trade. 

"China is basically in favour 
of trade liberalisation, but on 
the condition that we enjoy the 
same kind of privileges as 
other members of Apec," said 
Mr Li just weeks before leaders 
of member economies are due 
to meet in Indonesia to discuss 
the free trade zone proposal. 

China is locked in difficult 
discussions with the US on 
Gatt accession, with the 
Americans demanding further 
trade liberalisation, as the price 
of entry. Washington has also 
made it clear that US law pre- 
vents it granting China uncon- 
ditional MFN. 

Mr Li said members of Apec 
should proceed cautiously in 
trade liberalisation. “Taking 
into account the diversity of 
the economies in this region it 


may not work properly if you 
take a decision to liberalise 
immediately." 

He was commenting on an 
Australian proposal that would 
turn the Asia-Pacific region 
into a free trade zone by the 
year 2020. Australia hopes the 
Apec meeting scheduled to 
begin on November 14 will 
endorse such an aim. 

The Chinese official indi- 
cated acceptance in principle 
of Australia’s proposal for an 
Asia-Pacific free trade zone, 
but stressed that China's 
acquiescence would be linked 
with Gatt accession and a reso- 
lution of the MFN issue. 

China and the US have been 
negotiating terms for Gatt 
entry since August following 
presentation of a 900-page Chi- 
nese proposal to a working 
party in Geneva. US officials 
say progress has been made, 
but "more work” is required on 
such issues as tariff reduction 
and market liberalisation. 

Beijing is anxious to be a 
founder member of the World 
Trade Organisation when it 
succeeds Gatt either on Janu- 
ary 1 or July 1 next year. But 
Mr Li warned that China 
would find it difficult to make 
further concessions on key 
issues. 

“We have negotiated for 
eight years," he observed. “If 
the contracting parties are not 
ready to accept China, it might 
be better for us to say there is 
no use pursuing this fur- 
ther. . . We would then do 
whatever we deem necessary 
to accelerate our economic 
development” 


Tariff cuts ‘will 
stabilise world 
food markets’ 


By Frances Williams In Geneva 


The Uruguay Round trade 
accords will lead to more sta- 
ble world food markets in the 
coming decades and open up 
important new' markets for effi- 
cient agricultural producers, 
according to the General 
Agreement an Tariffs and 
Trade. 

The Gatt secretariat which 
has analysed the impact of 
reductions in tariffs and other 
farm trade barriers negotiated 
over the eight years of talks, 
says new market opportunities 
win be of particular value to 
developing countries exporting 
temperate food products where 
protection in the industrialised 
world has been greatest 

Developed countries, which 
account for about two-thirds of 
world imports of farm prod- 
ucts, will cut tariffs by an aver- 
age of 37 per cent over six 
years, according to Gatt's cal- 
culations. Above average tariff 
cuts will apply to oilseeds, 
flowers and plants and below 
average reductions to sugar 
and dairy products, with other 
tariffs declining by close to the 
average. 

For tropical products - 
which comprise half the agri- 
cultural exports of developing 


nations - the average tariff 
reduction will be 43 per cent 
Under the terms of the Uru- 
guay Round farm trade accord, 
countries agreed to convert all 
import restrictions into tariffs 
and reduce those tariffs by at 
least 36 per cent over six years 
for industrialised countries 
and 34 per cent over 10 years 
for developing countries. 

Gatt says minimum market 
access commitments by coun- 
tries which previously had 
closed markets will boost 
coarse grain imports by i.76m 
tons and rice imports by 1.08m 
tons. Total outlays on domestic 
support for fanners will fall by 
18 per cent from $197bn to 
$162bn. 

In addition, export subsidies 
will be cut by 36 per cent from 
$21.3bn to $13.7bn by the end of 
the transition period. These 
reductions will bear most 
heavily on highly subsidised 
products such as wheat, beef, 
coarse grains, dairy products 
and sugar. Gatt points out The 
quantities of exports that can 
be legally subsidised will be 
reduced by 21 per cent During 
1986-90, developed countries 
subsidised annually on average 
48.2m tons of wheat, 19.5m tons 
of coarse grains, 1.8m tons of 
sugar and i-2m tons of beef. 


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Black Sea states see 
the trade tide turning 


T he collapse of the Soviet 
Union and the emer- 
gence of the Caspian 
Sea region as one of the most 
promising oil and gas suppliers 
in the early 21st century have 
profoundly altered the strate- 
gic importance and trading 
potential of the Black Sea and 
the newly independent states 
that surround it 
This week in the Bulgarian 
Black Sea port of Vania, 
energy officials from the 11 
member countries of the Black 
Sea Economic Co-operation 
group held their first working 
meeting. On the agenda was 
setting up a regional energy 
centre, to be based in Sofia, to 
co-ordinate joint projects. 

Mr Charalambos Tsardani- 
dis, director of the Institute of 
International Relations in 
Athens, fold a recent meeting 
of Balkan and Black Sea 
experts in Sofia that “the 
energy sector is one of the pri- 
orities for Black Sea co-opera- 
tion, and joint ventures in oil 
and gas will bring closer links 
between our region and the 
European Union”. 

Turning the rhetoric into 
reality will require consider- 
able political skill, however. 
The region is fraught with 
ancient rivalries, such as that 
between Greece and Turkey or 
those that have led to conflict 
between ethnic Armenians and 
Azeris for control of the 
Nagorno-Karabakh enclave. 

This and other regional con- 
flicts in Chechnya, Abkhazia, 
Georgia and elsewhere have 
allowed Russia to reimpose 
itself as the regional power in 
the Caucasus through “peace- 
keeping operations” which 
many suspect are a way to 
reassert control over energy 
exports from the region. 

Moscow's response to the 
loss of empire is leading to a 
partial restoration of its former 
dominance of the Black Sea. 
Independence gave Ukraine 
control over Odessa and 14 
other smaller ports, while the 
collapse of the Warsaw Pact 
ended Soviet influence over 
Bulgarian and Romanian ports 
such as Constanta with its 
upstream links to central 
Europe via the Danube: 

The collapse of the Soviet 
empire left Russia with Novo- 
rossiysk as its only Black Sea 
port of any consequence. Now 
this port city, which lies at the 
end of a Soviet-era pipeline 
bringing oil for export from the 
Urals and Caspian Sea region, 
is rapidly becoming the key to 
developments in the region. 

Novorossiysk’s new-found 
strategic importance has 
spawned ambitious develop- 
ment plans for new pipelines, 
higher cargo capacity and 
improved oil storage and other 


port facilities. The aim is to 
make it the principal export 
harbour for the sharply higher 
oil and gas volumes expected 
to start flowing early in the 
next century. For this to hap- 
pen, however, the international 
oil and gas companies still 
have to reach agreement on 
both the exploitation and 
transport of the vast reserves 
known to exist under the Cas- 
pian Sea, in Kazakhstan and 
elsewhere in central Asia. 

Until now most Russian 
export oil has been shipped in 
huge tankers through the Bos- 
porus. But a series of accidents 
and growing ecological con- 
cerns led Turkey in July to 
restrict tanker traffic along the 
busy and vulnerable waterway. 
Reluctant to lose out from the 


The region is 
witnessing big 
changes, 
write Anthony 
Robinson and 
Theodor Troev 


expected growth of oil traffic, 
however, Ankara is busy pro- 
moting a new oil pipeline to 
connect the Black Sea with the 
eastern Mediterranean. 

But Russia has already made 
its own preferences clear by 
signing letters of intent earlier 
this month with Greece and 
Bulgaria for the construction 
of a 350km pipeline costing 
$700m-S800m and capable of 
transporting more than 40m 
tons of oil from the Bulgarian 
port of Burgas to Alexandrou- 
polis, a Greek port on the 
Aegean. This week Cheek and 
Bulgarian businessmen dis- 
cussed plans for a new motor- 
way from Alexandroupolis 
through Varna to Romania, 
Ukraine and Russia. 

The outgoing Bulgarian gov- 
ernment also approved a Rus- 
sian-Bulgarian joint venture 
project to build a transit gas 
pipeline which could deliver 
more than 20 bn cu metres of 
gas annually to Turkey, 
Greece, Macedonia, Serbia and 
on to western Europe. 

Under the transit gas agree- 
ment, Russia’s Gazprom would 
take a 50 per cent stake along- 
side a group of Bulgarian state- 
owned companies. Under Rus- 
sian pressure the Bulgarian 
side will put into the joint ven- 
ture an existing pipeline net- 
work built under earlier agree- 
ments with the former Soviet 
Union. This has been criticised 
for making Bulgaria dependent 
on a single gas supplier. 
Domestic critics have also 


attacked the outgoing govern- 
ment’s decision to allow full 
tax relief on the proposed joint 
venture company, which is 
subject to approval by the new 
parliament after the December 
18 elections. 

Meanwhile, Russia’s choice 
of fellow-Slav Bulgaria as its 
main partner for future energy 
and other co-operation is 
underpinning ambitious plans 
for port developments at both 
Varna and Burgas. 

Mr Dimitar Alexiev, the cap- 
tain of Burgas port, has drawn 
up a $250m development plan 
with technical assistance from 
Barcelona and Hamburg. It 
calls for a four stage expansion 
and modernisation of its con- 
tainer, roll-on-roll-off (ro-ro) 
facilities, bigger coal and ore 
terminals and expansion of 
the oil terminals which at pres- 
ent can only accommodate 
SO.ODOdwt tankers, compared 
with 250,000dwt at its 
arch-rival Constanta. 

The shift in Bulgarian trade 
away from 80 per cent depen- 
dence on the Soviet and Com- 
econ markets five years ago to 
more than 50 per cent trade 
with OECD markets this year 
has already brought newcom- 
ers such as South African ore 
carriers and American coal 
ships to the harbour. Bulgarian 
ports also now handle the bulk 
of trade with Macedonia fol- 
lowing the Greek blockade of 
the landlocked republic. 

The re-emergence of the 
Black Sea as an Important link 
in growing trade between 
Europe, Central Aria and the 
Middle East is particularly 
important for Bulgaria and is 
not confined to future energy 
trade or links with the former 
Soviet states. 

Earlier this year Iran si gnml 
a protocol to ship 3.5m tons of 
cargo a year through the 
expanded ro-ro facilities 
planned for a new Burgas ter- 
minal. For political reasons 
Tehran is determined to avoid 
dependence on Turkey and 
plans to Import 6m~7m tons 
annually through Burgas and 
other Black Sea ports by the 
end of the century. The plan is 
to ship cargo from Europe and 
elsewhere across the Black Sea 
to Poti and then truck it 
through Georgia and Azerbai- 
jan. 

Rover, the UK-based subsid- 
iary of the German BMW 
group, has been among the 
first western companies to spot 
the potential for manufactur- 
ing in the region. Last month 
tt decided to set up a car plant 
at a dockside site near Varna 
that will import knocked down 
components by ship from the 
UK and export assembled cars 
to markets around the Black 
Sea rim. 


Gatt deal 
hostage 
to US 
voters 


By Nancy Dunne 
in Washington 


Not many US voters could 
realistically be said to be 
thftiirinff much about the Gen- 
eral Agreement on Tariffs and 
Trade. But these days officials 
of that world trade body think 
a lot about American voters. 

As the mid-term elections in 
file US approach, world trade 
officials are increasingly con- 
cerned about ratification of 
the Uruguay Round trade deaL 

Mostly as a result of parti- 
san bickering, US trade offi- 
cials have struggled to get the 
implementing legislation to 
Congress in time for a vote 
this year. In the end, Congress 
'(rent Into recess for the mid- 
term elections before voting 
on ratification. They will 
reconvene after the election 
for a rare “lame duck" session 
- many after fatifog to win 
re-election - before the new 
Congress is sworn in. 

President Bill Clinton’s 
adminis tration is assuring its 
trading partners that the deal 
will win approval by Decem- 
ber 1, in time for the launch of 
Gatt’s successor, the World 
Trade Organisation, on Janu- 
ary L 

Adminis tration vote count- 
ers say that at the moment the 
pro-Gatt forces have 70 votes 
in the Senate, 10 more than is 
needed for passage of the 
treaty. They also maintain 
they have at least 260 in the 
House, where they need 218. 

But business lobbyists are 
uneasy about the uncertain 
political environment. They 
fear voters may want to 
“throw the rascals out** and 
vote in protectionists from 
both parties. If that happens, 
defeated or retiring incum- 
bents could be reluctant to 
rote in the specially recalled 
session. 

Also, incumbents in tight 
races could go along with foes 
of (he trade pact by commit- 
ting themselves to vote 
against it or promising to 
delay It until next year. 

Opponents are warning vot- 
ers that the Gatt deal would 
weaken US sovereignty over 
its health, safety and environ- 
mental regulations and hurt 
fanners around the world. 
They say trade liberalisation 
has moved US production 
abroad. 

They portray the “fast- 
track" procedure - frequently 
used to pass trade deals 
because it prohibits congres- 
sional tinkering - as an effort 
to sneak a weighty 4,000-page 
agreement through Congress 
without debate. 

Mi- Ross Perot and Mr Pat 
Buchanan, two former presi- 
dential candidates, are leading 
the opposition on the right On 
the left are Mr Ralph Nader, 
the consumer activist, unions, 
and environmental groups. 

“We will do a nati o nal tar- 
geted effort to urge the candi- 
dates to say before November 
8 {election day] whether or not 
they win vote in favour of the 
Gatt deaL” said Ms Jane Dan- 
owitz of the Citizens' Trade 
Campaign, an umbrella oppo- 
sition group. 

Mr Chris McGinn, a spokes- 
man for Mr Nader's Public Cit- 
izen, said; “After the election, 
we will make the very legiti- 
mate point that many people 
who have been fired by the 
voters have no right to vote in 
a lameduck session.” His 
group will monitor departing 
congressmen and their staffs 
“that have a direct connection 
to the Gatt” for conflicts of 
interest as they seek new jobs. 

Meanwhile, big corporations 
that have been financing the 
pro-ratification lobbying 
efforts have been slow to 
pledge additional foods. 

But in Ohio, a coalition of 
businesses is meeting with 
congressional candidates to 
describe the opportunities for 
their companies provided by 
the Gatt deni. 

Caterpillar is backing a 
coalition of 263 companies in 
Illinois. “The other side is 
effective at sensationalising 
trade issues," says Mr Bill 
Lane of Caterpillar. “What 
unifies Nader, Buchanan, and 
Perot isn’t political philoso- 
phy. It is that they all believe 
In protectionism.” 


WORLD TRADED1GEST 


Norway wary 
of gas pipeline 


Norway is increasingly 

struetion of a gas pipeline, the mtercormec ^ EuIwpwm m 

-35 ssr * 

British Petroleum, Conoco of - 

Aquitaine of France and pipeline. Rut 

has been studying the feasibility of the r f partici- 

Norways gas exporters are questioning the benefits 
pating in the project because of tariffs oh 05 " \ U imst 

thrSgb the UK ©rid to Europe. Norsk Hycfru^d £ * 

that it was not interested m joining the Projert- „.,vt viSr 
Europipe trunkline to Germany comes on stream mxt 'iar. 
foox gas ^portsystems will run from Norway; three to the 
continent and one to the UK. _ to 

Once plans for two additional export anrt 

cover substantial additional gas exports to Germany and 
France - the length of Norway’s gas transit foghuaj wuioe 
5,600km, the largest submarine system in the world, rne 
Norwegians are also frustrated by the British go\irTUUcnt b 
unwillingness to allow reverse-flow through the ' 

tor from the continent to the UK. They also claim the British 
government is linking participation in the mterconnector wirn 
UK imports of Norwegian gas under existing contracts with 
Britain's National Power and Scottish Power. Karen Fossit. 
Oslo 


Eximbank to favour Beijing 


The US Export-Import Bank expects to increase sharply its 
c on ce sripnai finance to China to help US business gain a ^® ss 
to the world's fastest-growing market. Mr Kenneth Brody. 
chairman of Eximbank, yesterday said that China had. in 
fiscal year 1994, become the bank's biggest customer in Asm. 
Financing of US exports this year to China had reached $1.3bn, 
against 5800m in fiscal 1993 - a 63 per cent increase. Mr Brody 
noted that the bank had applications pending for additional 
financing of S33bn. He expected priority areas for US business 
would continue to be the power sector, aircraft sales, airport 
construction, air traffic control facilities and equipment for 
aircraft ... 

This was the first vist to China of a US Eximbank chairman 
for flight years, and It reflects growing US determination to 
penetrate the Chinese market Mr Brody said that under the 
r.ijntDn administration there had been a significant change of 
policy. “The US government is going to help US companies to 
compete and win in the global market place.” He said there 
was “no limit" an Eximbank lending to China within the 
bank's guidelines, which include provision for project financ- 
ing and financing of exports of consumer goods, spare parts, 
raw materials, bulk agricultural commodities arid quasi-capi- 
tal goods. Mr Brody said his bank was seeking to develop 
closer relations with Chinese institutions, including the State 
Development Bazik. Tony Walker. Beijing 


Private funds for third world 


The private sector will provide about 14 per cent of the total 
infrastructure finance needed in developing countries by the 
end of the decade, with governments continuing to be the 
nmm source of funds, according to World Bank officials at the 
World Infrastructure Forum (Asia) in Jakarta Although there 
is unlikely to be a shortage of cash as governments inject new 
life into existing infrastructure funds, “projects will be chas- 
ing money, not money chasi n g projects," said Mr Gregory 
Ingram, administrator of the research advisory staff at the 
World Bank. Capital markets are expected to become a signifi- 
cant source for financing, and infrastructure funds, credit 
rating and credit guarantee facilities are being established 
throughout the region to help secure loans from commercial 
lenders. Countries such as Vietnam and China, which lack a 
well-developed legal framework, are likely to face the biggest 
obstacles in securing financing from the private sector, dele- 
gates at the forum said. Manuela Saragasa, Jakarta 


CONTRACTS AND VENTURES 


■ BASF, the German chemicals manufacturer, and Ivax, the 
Florida drugs maker, have signed a letter of intent to set up a 
joint venture to sell generic drugs in Europe. If the deal goes 
ahead. BASF would take a minority stake in Ivax. 

This would be BASF’s first step into the rapidly growing 
generics market It follows acquisitions over the past year in 
the sector by its two arch rivals in German chemicals, Bayer 
and HoechsL BASF would take part in the venture through 
Knoll, its pharmaceuticals subsidiary, which has the rights to 
80 generic products. Ivax would contribute a 150-product port- 
folio at its UK subsidiary, Norton Healthcare, which had sales 
last year of S144nx. Darnel Green, London 


■ Samsung Electronics, a unit of the South Korean Samsung 
Group, will invest $30m in a white goods factory in Thailand. 
The factory win have an annual capacity of 300,000 units, 
producing washing machines, air conditioners and refrigera- 
tors. Samsung Electronics already has a plant in Thailand 
ma k i n g 500,000 colour TVs and 100,000 VCRs a year. Reuter, 
Seoul 


• Hydra-Go Enterprises, International Energy Partners, US 
Energy Corporation and Precursor Systems have closed finan- 
cing for their 60MV slow-speed diesel generating facility to be 
located in Kingston, Jamaica The SI38m plant will supply 
more than 10 per cent of Jamaica's electricity needs and is the 
largest private foreign investment in Jamaica in more than a 
decade. Foreign Staff. London 


■ Asahi Techno Vision, wholly owned by Japan’s Asahi 
Glass, Is building a second glass panel manufacturing plant in 
Singapore at a cost of S$30Qm (US$2Q2m). The plant will have 
an a n nual capacity of 13m panels and is due for completion by 
May 1995. Reuter, Singapore 


■ Deutsche Aerospace, the Daimler-Benz unit, has been 
awarded a DM28m contract by the Defence Ministry 

to produce 24 antenna towers for the Hawk surface-to-air 
missile. The contract will be carried out between 1995 and 1997 
by tile Dasa Information and Communication Systems division 
of its Dornier unit AFX. Friedriehshafen 


■ Burma is discusring the purchase of 1,000 tractors from 
China and the possibility of setting up a joint venture to 
produce tractors, electric motors and generators. Reuter. Ran- 
goon. 


You don’t have to leave the country 

to find a tax haven. 


Ml Ernst & Young 


Making sure your company pays no more tax 
than it needs to is simple. Contact Ernst & Young from 
anywhere within these shores. 071 937 4734 . 


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Peru president’s rebel 
wife faces election ban 


BySaUy Bowen In Lima 

Peru's national electoral board 
has disqualified the new party 
of Ms Susana Higuchi, Presi- 
dent Alberto Fujimori's 
estranged wife, from fielding 
pandidates in next April’s pres- 
idential elections. If the deci- 
sion is upheld, it will end Ms 
Hlguchi’s ambitions of unseat- 
ing her husband. 

Since August the presiden- 
tial couple have been engaged 
in a bitter feud. Ms Efiguchl 
first attacked her husband’s 
policies, and then moved out of 
the presidential palace and 
renounced her role as First 
Lady to pursue her own politi- 
cal ambitions. 

Under Peruvian law, newly 
formed parties must present 


evidence of at least 100.000 sup- 
porters. According to the elec- 
toral board, fewer than 12,000 
of the 147,000 signatures pres- 
ented by Harmony 21st Cen- 
tury, Ms Higuchl's party, were 
valid. Ms Higuchi said she 
would appeal against the 
board's decision. She has 
blamed its computer system 
for the rejection of her support- 
ers. Many of them, she said, 
were women who had signed 
with their husband's sur- 
names, which technically 
invalidated them. She hqs also 
called for a march In support 
of her party today. 

Earlier this week, Ms Higu- 
chi accused Peru’s national 
intelligence service of attempt- 
ing to quash her candidacy 
through “high-tech fraud”. She 


NEWS: THE AMERICAS 




claimed 150,000 signatures had 
been erased from her party's 
computers during a Lima 
power black-out which affected 
only the block where her cam- 
paign offices are located. 

Zt is not dear whether Ms 
Higuchi «in appeal against the 
board's decision. In previous 
elections candidates were 
given leeway to rectify techni- 
cal errors and come up with 
the number of valid signatures 
required. But even if she clears 
this obstacle, Ms Hig uchi faces 
another. A law passed in July 
prohibits close relatives of the 
president from standing for 
office. Ms Higuchi has com- 
plained to the Organisation of 
American States that this law 
violates the right of any Peru- 
vian over 35 to stand for office. 












-•?V: 




mi 












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Ms Higuchi holds up a disk. She alleges "high-tech fraud* by intelligence agents affected her party’s computers 


Anti-immigration campaigners test their strength 

California’s ballot on a crackdown on illegal immigrants leaves even conservatives uncomfortable, writes Jurek Martin 


ELECTIONS 

November 8 


• The motorist 
heading south 
towards the 
Mexican bor- 
der blinks 
twice and 
slows down to 
make sure the 
eyes are not 
playing tricks. 
Bat a few hcm- 

US MID-TERM yards ? n 

there is 

another one 
an d then 
another. It is a road sign, all 
right, but very different from 
the familiar walking stick fig- 
ure that warns of frequent 
pedestrian crossings. Instead, 
there are three figures, a man, 
a woman and a child, bent low 
and running. 

It is a road sign which, in 
theory, would be made redun- 
dant if Proposition IS? is 
approved by the voters of Calif- 
ornia on November 8, as all the 
polls now suggest it will For 
this measure, known by its 
proponents as “save our state”, 
is explicitly designed not 
merely to discourage illegal 
newcomers but expose those 
already here. 

The proposition would ren- 


der “undocumented aliens” 
ineligible for state education 
and non-emergency health 
care. It would also require 
schools and hospitals to check 
in advance the immigration 
status of those seeking educa- 
tion or hospital treatment and 
to report to the state each case 
in which even “suspected” Ole- 
gal residence exists. 

The California initiative pro- 
cess - whereby citizens can 
initiate a state refe rendum on 
particular issues - frequently 
produces controversy and 
sometimes sets national 
trends. In 1978, Proposition 13, 
which passed, cut property 
taxes deeply, setting the stage 
for the Reagan administration; 
in 1990 the environmental 
movement finally overreached 
itself with its “big green*' ini- 
tiative, which lost 

Proposition 187 is of poten- 
tially comparable importance 
on several counts, including 
US relations with its southern 
neighbour. Mexico’s foreign 
ministry last month com- 
plained of “racist and xenopho- 
bic” overtones in the California 
debate and warned that the 
improvement in commercial 
and economic relations 


brought about by the North 
American free trade agreement 
could be at risk. 

But its most immediate 
impact is domestic. Politically, 
it is yet another test of the 
strength of the resurgent and 
populist “America first” move- 
ment, fed np with almost 
everything, especially govern- 
ment, and looking for scape- 
goats. of which the foreign- 
born almost everywhere have 
been a tempting target 

It has become a cause fanned 
by rightwtng talk show hosts 
and hitherto obscure organisa- 
tions like the Federation for 
American TTnwiigrBtinii Reform 
(FAIR), whose larger goal often 
appears to be to keep out 
everybody. Some conserva- 
tives, however, are rendered 
uncomfortable. This week Mr 
Jack Kemp and Mr Bill Ben- 
nett, formerly in the Bush cabi- 
net, condemned the proposi- 
tion’s “constitutionally 
questionable solutions which 
are not consonant with our his- 
tory”. 

In California, it pits the fed- 
eral government, which 
opposes it, against Governor 
Pete Wilson, the moderate 
Republican who, yet again, has 


shifted to the right in an elec- 
tion campaign. His support for 
it, initially reluctant but now 
full-throated, has clearly 
helped his surge to the front 
against Ids Kathleen Brown, 
his Democrat opponent 

Yet Mr Wilson’s strongest 
constituency, the state busi- 
ness and professional estab- 
lishment. is openly nervous 
about the proposition’s conse- 
quences. Typical was an edito- 
rial in the conservative Union- 
Tribune of San Diego, whose 
city supervisors last month 
voted “an immigrant state of 
emergency”. It concluded; 
“Before buying into its false 
promises, voters should take a 
good look at the fine print” 

These fears may derive from 
self-interest, since Californian 
business, notably agriculture, 
has long relied on immigrant 
labour and has often not been 
too particular about documen- 
tation. But the fine print was 
carefully examined this sum- 
mer in a report from the office 
of the legislative analyst in 
Sacramento, a non-partisan 
state agency. 

It calculated that more than 
$15bn a year of federal health 
and education funding to Calif- 


ornia would be put at risk 
because of Proposition IST^ 
violation of federal laws. This 
for exceeded estimated animal 
savings of a mere $200m from 
reduced public services and 
even this was partly offset by 
the extra cost of verifying resi- 
dency status, put at “at least 
$l00m" in the first year and 
"tens of millions” thereafter, 
primarily chargeable to the 
counties and school districts 
least able to bear iL 
The legal problems are not to 
be dismissed. A 1982 Supreme 
Court ruling requires states to 
admit the children of illegal 
immigrants to public (state) 
schools under the equal protec- 
tion amendment to the consti- 
tution. Also, an act of congress 
orders the severance of federal 
funds to any school disclosing 

c onfidential Info rmation with- 
out Written parental consent 
The latest salvo against the 
proposition has crane from the 
medical profession. A study 
published on Tuesday by the 
University of Southern Calif- 
ornia saw a real risk from the 
spread of communicable dis- 
eases, such as tuberculosis, 
syphilis and Aids, if fear of 
being reported deters illegal 


immigrants from seeking medi- 
cal treatment 

But expert and moral opin- 
ion cannot hide under the rug 
the real and perceived problem 
of Illegal immigration, espe- 
cially to California. The Immi- 
gration and Naturalisation Ser- 
vice estimated in April that 
there were about L6m illegal 
immigrants in the state, a 
third of whom had simply out- 
stayed their tourist and stu- 
dent visas, and that 125,000 
more were arriving each year, 
mostly from Mexico. 

These numbers would have 
been nothing when California’s 
economic horizons were limit- 
less, but the state is only now 
emerging haltingly from the 
deepest recession in 60 years. 
The popular perception, 
shared, according to polls, by 
50 per cent of legal Hispanic 
residents, is that scarce 
resources are being spent on 
those who have no right to be 
here in the first place. 

Mr Wilson claims that nearly 
a tenth (about S3bn) of the 
state budget is now eaten up 
by the costs of providing 
healthcare to illegal immi- 
grants and of educating their 
300,000 children. This is why. 


along with the governors of 
Florida and Texas, both also 
up for re-election, he is suing 
Washington to foot the bill. 
But he concedes that the con- 
stitutionality of Proposition 
187, assuming it passes, is 
bound to be tested in the 
courts. 

There are, of course, other 
approaches to the problem, 
including tighter policing of 
the border, reinforced again in 
the past month, and tougher 
penalties on companies who 
knowingly hire illegal immi- 
grants. In August a federal 
advisory commission went so 
far as to recommend a national 
computerised employment reg- 
istry to verify the status of 
immigrant job applicants, but 
was given short shrift by the 
Clinton administration. 

But Proposition 187 offers 
the public a first crack at the 
issue. Ironically, it all began 
when Mr Ron Prince, a 
southern Californian accoun- 
tant, was enraged after being 
defrauded by a builder who 
was an illegal immigrant IBs 
movement caught fire but 
somehow lost in the smoke 
was one simple fact The con- 
tractor was a Canadian. 


Housing 

figures 

alarm 

markets 


By Nancy Dunne 
to Washington 

A sharp rise in US housing 
starts and evidence of higher 
personal incomes yesterday 
reawakened market fears of 
higher interest rates. 

Housing construction 
returned to the high levels of 
last year with a 4.4 per cent 
jump in September to 1.53m 
units, and personal income 
rose by 1.9 per cent in the sec- 
ond quarter, a yearly rate of 7.7 
per cent Jobless claims for the 
week ending October 15 fell by 
3,000 to 328,000. Merrill Lynch 
said the job market remained 
healthy, but it expected 
increases in employment to 
slow during the fourth quarter. 

The figures came the day 
after US trade figures for 
August showed a narrowing of 
the trade deficit, and record 
exports of almost $60bn. 

This good news for the 
“Main Street” economy 
alarmed the bond market and 
revived expectations of further 
tightening by the Federal 
Reserve next month. 

Mr Son Brown, the com- 
merce secretary, tried to dis- 
courage inflation fears. 
Although housing activity has 
returned to the high levels of 
last year, he said, “this, in con- 
junction with moderate Sep- 
tember increases in consumer 
and producer prices, is further 
evidence that the economy will 
continue to expand in the near 
term with no significant 
increase in inflation”. 

Economists had expected a 
decline in housing starts. Even 
more surprising was a 55 per 
cent increase in recorded build- 
ing permits in September, a 
third consecutive monthly 
advance. It indicates future 
strength in the sector. 

The Federal Home Loan 
Mortgage Corporation said 
mortgage rates averaged 8.68 
per emit in September, up from 
6-74 per cent a year earlier. The 
higher rates had been curbing 
construction, but some econo- 
mists believe that these are 
being countered by growing 
employment and income, and 
ex pect ati ons of further rises. 




Cathay Pacific 







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FRIDAY OCTOBER 21 I 1 " 4 


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NEWS: UK 


Government moves closer to accepting that ceasefire is permanent 


Premier to answer IRA today 


By David Owen m London and 
John Murray Brown in Dublin 


Mr John Major is expected 
today to make an important 
announcement on the way 
ahead for the peace process in 
Ireland amid strong sugges- 
tions that the government is 
about to start a staged 
response to the IRA ceasefire. 

The prime minister is expec- 
ted to use a visit to Northern 
Ireland today to announce that 
London is to lift the exclusion 
orders banning Mr Gerry 
Adams and other prominent 
Sinn Fein members from visit- 
ing the British mainland. 

The prime minister’s visit 
comes after a meeting of senior 
ministers yesterday which 
gave him a free hand to press 
on towards talks with republi- 
can leaders by Christmas. 

Downing Street said the gov- 
ernment was moving towards 
adopting a “working assump- 
tion” that the IRA ceasefire 
was permanent. 

Downing Street also said 
that Mr Major and Mr Albert 
Reynolds, his Irish counter- 
part, are to hold talks in 
F.n glanri on Monday. 

In what will be their first 
face-to-face meeting since the 
IRA and loyalist ceasefires 
raised hopes of a permanent 
end to sectarian violence in 
Northern Ireland, the two men 



Leaders of the Sinn Fein party at government buildings In Dublin yesterday: front left, press 
secretary Rita O'Hara; back from left, executive member Martin McGumuess; general secretary 
Lucilrta Bhreathnach; president Gerry Adams; vice-president Tom Doherty 


will discuss the joint frame- 
work document with which 
they hope to inject momentum 
into political talks involving 
the province's main constitu- 
tional parties. 

But there was no change yes- 
terday In Downing Street’s for- 
mula for replying to questions 
on the document's expected 
completion date: a spokesman 
said only that the government 
hoped to complete it by the end 


of this year. In Dublin yester- 
day. Mr Reynolds met Mr 
Adams to discuss progress on 
the peace process and plans for 
a national forum for peace and 
reconciliation. 

Mr Adams described the 
meeting as “constructive and 
friendly”. He said: "The 
momentum for real peace is 
still there, and is budding,” but 
he criticised the "hesitant fal- 
tering and begrudging” British 


Blair 

reshuffles 

shadow 

cabinet 


MPs deplore ‘incredible’ 
errors over defence orders 


By Bruce Clark 




1111 


Mr Tony Blair, 
leader of the 
opposition 
Labour party, 
yesterday 
announced a 
thorough 
shake-op of the party's shadow 
cabinet designed to promote 
fresh blood and pot the key 
economic departments in the 
hands of dose political allies, 
Onr Political Correspondent 
writes. Members of the shadow 
cabinet, who are elected by 
MPs, are intended to take over 
from ministers if the govern- 
ment is defeated. 

After a day of tortuous nego- 
tiations with the 18 shadow 
ministers elected on Wednes- 
day, Mr Blair settled on a 
hue-up in which only five port- 
folios remain unchanged. 

Mr Gordon Brown remains 
shadow chancellor of the 
Exchequer, Ms Harriet Har- 
man becomes shadow employ- 
ment secretary and Mr Jack 
Cunningham, takes over as 
shadow trade and industry 
secretary. 

All three support the 
“modernising” group which 
has helped Mr Biair to move 
Labour away from its former 
tax-and-spend economic phi- 
losophy. Mr Robin Cook 
becomes shadow foreign secre- 
tary. 

Mrs Margaret Beckett, who 
unsuccessfully contested the 
leadership on a broadly tradi- 
tionalist platform, was 
appointed shadow health sec- 
retary. 


Taxpayers have forfeited 
mffllrmc of po unds and impor- 
tant weapon systems have 
been unnecessarily delayed, 
because of poor management 
and “incredible'' errors, the 
House of Commons defence 
committee said yesterday. 

In a detailed study of four 
kinds of military equipment, 
the MPs called for the rivil ser- 
vants responsible for such mis- 
takes to be “reprimanded or 
otherwise penalised". 

The committee found that 
the cost of developing an earth 
station to receive signals from 
military satellite had soared 
by 62 per cent to £99m because 
tile project had not been prop- 
erly defined in advance. 

■ The price of a new system to 
scatter mines from a vehicle 


had also risen “significantly” 
from £37 m. The Ministry of 
Defence was “in some confu- 
sion” over bow to explain this, 
according to the committee. 

It sharply criticised the min- 
istry’s rejection of an offer by 
International Business 
Machines of a flexible, infla- 
tion-linked price in a contract 
for 44 Merlin helicopters. The 
ministry’s failure to examine 
IBM's offer fully was described 
as “grossly negligent” behav- 
iour which might have cost up 
to £95m. 

However the committee 
acknowledged that new proce- 
dures, introduced at the minis- 
try over the past year, should 
avoid such mistakes in future. 

Analysing thp multinational 
project to make Trigat anti- 
tank missiles, the committee 
noted that Britain found itself 


Labour leader slams ‘sleaze’ 


By David Owen 


Mr Tony Blair, leader of the 
opposition Labour party, yes- 
teiday set out the party’s pro- 
posals for ratting standards in 
public life as he warned Mr 
John Major, the prime minis- 
ter, that the government was 
becoming tainted by allega- 
tions of “sleaze”. 

The Labour leader put for- 
ward measures designed to 
restore “the confidence of the 
British people in their govern- 
ment”. His move came as it 
emerged that a future Labour 
government would probably 
force companies to ballot 


shareholders before making 
political donations. 

Mr Blair’s proposals were: 

• No minister who has priva- 
tised a company should subse- 
quently end up on its hoard. 

• A list of all members of 
quangos (semi-state bodies), 
payments, perks and any posi- 
tion with any political party 
should be pnblished by the 
government. 

• The “cash-for-questions” 
inquiry should be broadened, 
“held in public and he made 
folly independent”. 

Questioned on whether 
Labour would require compa- 
nies to ballot shareholders 



UK ECONOMIC NEWS 


Exports boost 
car production 


response to the IRA ceasefire. 
Dublin is consulting with all 
political parties this week in a 
bid to finalise preparations for 
the forum. Mr Reynolds is anx- 
ious to use it to commit Sun 
F6in to the democratic process 
as early as possible. 

Meanwhile, Mr Tony New- 
ton, leader of the House of 
Commons, announced that 
MPs would be able to debate 
the situation next Thursday. 


A rise in exports helped to boost UK car month for 

cent last month to 125,138. the highest ! ^vel forthem 
21 years. Our Motor Industry Correspondent ™tes- ^ 
tioife export rose by 17B per cent 
while output for the domestic market rose onl> b> itpct, 
to 70.002. UK car production in the ^ ; S te of 

year has risen by 3 per cent to 1,075,001. but the . 
increase has accelerated during the past four ^ 

the marked slow-down in the growth of new car sales in tn 

domestic market. . . hv 6 1 

Export production in the first nine months bv 

per cent to 418,134, while output for the home n^rket 
LI per cent to 656.867. Export growth has J^cle 

including in particular its Land fto ver J our ™^ ee V^l V 0 „ hn C j, 
division, as well as from Honda and Toyota, „ 

develo ping new car plants in the UK with around three-q 
tere of production earmarked for export 
Rover, an offi&oot of BMW of Germany, announced earlier 
this week that it was planning to create 1.4S0 new jobs at its 
UK plants during the next six months in order to raise ouipu 
to meet rising sales in particular in export markets. _ 
Production of commercial vehicles in September rose by 15 
per cent year-on-year to 20,763. Commercial vehicle output nm. 
begun to recover from recession this year rising by ib.o per 
tvmt to 165,150 in the first nine months and halting the almost 
continuous d e cl ine since the end of the iSSOs. 

Production peaked at 466,000 in 1969. It fell by 22J2 per rent 
last year to only 193.414. the lowest level of output since lm 
In a highly cyclical market truckmakers are raising output 
thu year in response to strongly rising demand in the domes- 
tic market 


Receiverships up in quarter 

Receiverships for the three months from July to September 
nu-rp a spd by 5A per cent on the previous three months, 
according to figures from accountants KPMG Peat Marwick. 

In all 508 corporate failures were recorded during the third 
quarter compared to 480 in the second quarter. 

Despite the increase the total number of receiverships for 
the first ninp months of 1994 is down on the same period in 
1993 - 1,579 compared to 2*332. 

Mr Tim Hayward, KPMG’s head of corporate recovery, said: 
“Whilst it is disappointing to see that the numbers are up on 
the previous quarter, it is heartening to see that so fur this 
year there hag been a massive drop when compared with the 
mu Hmn lqct year. “I am hopeful that we will see a reduction 
to around 2,000 receiverships for 1994 as a whole.” 


helping to develop a weapon 
which it might well not need. 

But after negotiations on 
price with France and Ger- 
many, however, the ministry 
concluded it would be cheaper 
to stay in. 

“The Ministry of Defence hag 
found itself in the highly 
unusual position of continuing 
to participate in the develop- 
ment programme for a missile 
for which it has no specific 
programme,” the report noted. 

Long-range Trigat missiles 
might be used on helicopters 
or armoured vehicles, but this 
was “by no means a foregone 
conclusion.” 

The MPs were perturbed 
because the project for medi- 
um-range Trigat missiles, due 
to come into service in the 
year 2000, was 52 months 
behind the original schedule. 


Mortgage lending slides 


The rise in interest rates last month appears to have hit 
mortgage lending - with commitments to new loans made by 
budding societies in September slipping from the previous 
month. However, the rise of 0.5 of a percentage point in 
interest rates also helped societies - by boosting the inflow of 
customer savings. 

Statistics released yesterday by the Building Societies Asso- 
ciation show that net new commitments last month dropped to 
£L97bn compared with £342bn in August In 1993, the Septem- 
ber figure was £2.56hn - increased from £2.43hn in August. 
The monthly loans figures are an important forward- 
looking indicator as they translate into lending carried out in 
following weeks. New net lending in September totalled 
£LUbn. against £l.l3bn in August and just £747m in Septem- 
ber last year. I 


Inflation and money supply 


Annual % change 
20 


15 


before making political dona- 
tions, Mr John Prescott, deputy 
leader, said: “It is one of the 
proposals we have made as a 
suggestion.” 

Referring to an “imbalance” 
in the treatment of political 
donations from companies and 
trade unions, Mr Prescott said 
it was not a situation that 
Labour was “prepared to allow 
to continue." 

Labour also launching a 
detailed study of links between 
appointees to quangos and the 
Conservative party. It said gov- 
eminent appointees to quangos 
were “inextricably linked” to 
the ffna nrrng of th p party. 



Bank lending grew at a faster rate than expected in 
September, but the overall growth of UK credit Is still quite 
subdued. Figures released by the Bank of England yesterday 
show that M4, the government’s measure of broad money 
supply, grew by a seasonally adjusted 0.4 per cent between 
Angnst and September. 

Over the 12 months to September, it has risen by 441 per 
cen t , well towards the lower end of the government's 3 per 
cent to 9 per emit monitoring range. Mr Nigel Richardson, 
head of bond research at Yamaidd International Europe, said 
that consumer credit gr o wt h was quite strong while corpora- 
tions were merely replacing bank debt with funding from 
sources such as bonds and equities. 


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FINANCIAL TIMES FRIDAY OCTOBER. 21 1994 


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Big cuts likely in cost Lloyd’s 
of transatlantic calls 


By Andrew Adonis 

Large cuts in the price of 
transatlantic phone nails axe 
likely after the UK govern- 
ment’s decision yesterday to 
allow a new farm of telecom- 
munications competition 
between the US and UK. 

International simple resale 
(ISR) allows telecoms compa- 
nies to resell to their custom- 
ers capacity leased from the 
main transatlantic carriers at a 
discount to present tariffs. 
They can then connect the 
calls into the public networks 
in both countries. 

With teased line prices only 
a fraction of existing transat- 
lantic tariffs, new telecoms 
operators are expected to offer 
cut-price services. This is 
likely to force the main tele- 
coms operators - including 
American Telephone and Tele- 
graph, British Telecommunica- 
tions and Mercury of the UK - 
to cot their transatlantic prices 


Ruling on 
airport’s 
rail station 


Gatwick Express. the 
state-owned company which 
runs the rail station at Lon- 
don’s Gatwick Airport, is to 
tone down its advertising and 
give greater prominence to the 
activities of competing ser- 
vices, Our Transport Corre- 
spondent writes. The move fol- 
lows an investigation by Mr 
John Swift, the government’s 
rail regulator. 

Mr Swift yesterday accepted 
that Gatwick Express, which 
also runs trains from London 
Victoria to the airport, was 
taking “the appropriate man- 
agement action" to ensure its 
staff acted impartially. But he 
will continue to monitor the 
situation at Gatwick. 

His ruling is important 
because it lays down practical 
guidelines for station opera- 
tors. Three companies ran ser- 
vices from Gatwick to central , 
London: Network SonthCen- 
tral, Thameslink and Gatwick 
Express. 

The regulator investigated 
after claims that Gatwick 
Express was discriminating in 
favour of its own services. 


to tight off the competition. 
The gove rnm ent has licensed 
19 companies to offer ISR ser- 
vices. and other applications 
are likely. Business users, who 
account for most transatlantic 
telecoms traffic, are likely to 
be the main gainers - particu- 
cularly s ma ll and neffinn- 
sized businesses that have 
gained less than large compa- 
nies from competition in the 
telecoms market 

Announcing the decision, Mr 
Michael Hesettme, secretary of 
state for trade and industry, 
said; “This new competition 
will put pressure on the prices 
currently charged for interna- 
tional calls to and from the 
US." 

The decision to allow ISR fol- 
lows more than a year of con- 
sideration by telecoms regula- 
tory authorities in the US and 
UK. There was concern that 
the telecoms markets in both 
countries should be open to 
new competitors In order to 


prevent operators in either 

Country from garnhrg an unfai r 


debts 


Mr Heseltine said ISR under- 
lined the UK's status as one of 
the world’s most open telecoms 
markets and would “serve to 
make Britain an even more 
attractive place in which to 
invest and do business, and 
from which to export" 
ft Is also likely to increase 
the pressure on mainland 
European governments to open 
up their telecoms markets, 
most of which remain monopo- 
lies. At present, voice tele- 
phony will not be subject to 
competition in most of the 
European Union until 1998. 

International simple resale is 
already permitted between the 
UK ami Australia, and 

Sweden - countries which 
have similarly open telecoms 
regimes. No other ISR agree- 
ments are imminent. 

Lex, Page 18 


US group may go 
to ‘Silicon Glen’ 


By Alan Cane 

Norka Group, a privately 
owned US high-technology 
company, confirmed yesterday 
that it intends to egfah tish a 
factory creating between 200 
and 400 fobs in the UK. 

Mr Eugene Taylor, Norka 
chairman and chief executive, 
said the favoured site was Liv- 
ingston, Scotland, although the 
company has been offered fac- 
tories in Belfast, northern 
Ireland, and northern England. 

He said the final choice 
would depend on the grants 
and incentives offered. He 
hoped tbe decision would be 
made before the end of the 
year. Mr Pieter Oosthuizen, 
Norka’s vice-chairman, has 
already established an office in 
London. Norka’s initial invest- 
ment is likely to be in the 
region of £10m. 

Livingston is in the heart of 
Scotland's “Silicon Glen” 
region which is home to a 
diverse collection of computer 
and electronics manufacturers. 
The combination of skilled 
labour, access to Europe and a 
ready market far components 


has made the region a ttra c tive 
to companies Grinding NEC of 
Japan which announced a 
£530m investment earlier this 
month, Norka is a collection of 
companies whose main assets 
are a portfolio of patents and 
licences for products and pro- 
cesses. 

According to tile ma garina 
Electronics Times, which 
reports the Norka plan today, 
tire factory could initially 
make memory modules, disk 
drives and ceramic disks. 

The company, based in 
Akron. Ohio, has plants in tire 
US, and is opening factories in 
Asia and Europe. It already 
has a ceramic plant in Sweden; i 
plans for a reverse takeover of I 
a Californian company, ECI 
International - which would 
have given Norka ownerships 
of a computer monitor plant in 
Montpellier, France - fell 
through earlier this year. 

Mr Taylor was a vice-presi- 
dent of Samsung Semi- 
conductor and Telecommunica- 
tions in the 1960s. 

IBM strengthens, Page 19 


By Ralph Attdna 
Insurance Correspondent 

Lloyd’s of London yesterd ay 
provoked a fresh confrontation 
with lossmaUng Names by 
unveiling plans intended to 
e ns nre damages won in court 
by Names for negligence are 
used to settle their outstand- 
ing debts at the insurance 
market. 

Mr David Rowland, Lloyd’s 
chairman, said the role change 
was a response to pressure 
from members who had settled 
accounts and were annoyed at 
those who had not. 

But action groups represent- 
ing Names arid the move was 
likely to be challenged in tire 
courts. “Many burnt Names 
have taken the most horren- 
dous risks in pursuing legal 
action," said Mr Tom Benycm, 
director of the Society of 
Names, which represents loss- 
making members. “Now many 
will feel it's tails they lose, 
heads Lloyd’s wins’." He said a 
one-month consultation period 
on tiie plans announced by 
Uoyd's was “a figteaf". 

The change - subject to gov- 
ernment approval - would 
affect the deeds of “premium 
trusts" held by Names, whose 
assets have traditionally sup- 
ported tbe market. These 
funds are used for receiving 
premiums on behalf of mem- 
bers and for paying out eiahn« 
and profits. 

To protect those taking out 
insurance polices at Lloyd’s, 
the insurance market has 
set up a “central fund" which 
is used to pay claims when 
Names’ funds are not 
sufficient Currently the corpo- 
ration is pursuing members 
for £1.2bn paid on their 
behalf. 

A 1992 court case made clear 
compensation payments for 
negligence did not have to be 
paid into the premium trusts. 
Lloyd’s Intention la that in 
future they should - up to the 
level required to cover Names’ 
outstanding liabilities. 

The rule change may well 
have been provoked by the 
question mark over whether 
members of tire Gooda Walker 
Action Group would use dam- 
ages estimated at £504m, 
which it won in the High 
Court earlier this month, to 
settie debts with Uoyd's. 


Consortium to bid for naval site 


By James Buxton, 

Scottish Correspondent 

Three companies and a 
Scottish bank have fanned a 
consortium which may seek to 
take over the entire govern- 
ment dockyard site at Rosytb 
on the Firth of Forth in Scot- 
land. It would develop parts of 
tire site for commercial use and. 
allow the Royal Navy to go on 
usi ng the areas it needed for 
defence purposes. 

The Ministry of Defence is 
seeking bids for the privately- 
operated Rosyth royal dock- 
yard as well as its counterpart 
at Devonporh But the Rosyth 
2000 consortium which was 


launched yesterday proposes 
buying the entire 1,200 acre 
site at Rosyth, which includes 
tbe Rosyth naval base, housing 
and other facilities. 

Tbe consortium consists of 
Babcock International, which 
operates the naval dockyard; 
Forth Ports, tire quoted com- 
pany which runs all tire ports 
on the Forth estuary; Scottish 
Power, the electricity com- 
pany, and Bank of Scotland, 

Babcock International will 
be lodging a separate Indica- 
tive bid for tbe dockyard by 
the end of this month with a 
view to acquiring ft by 1998. 
But like the other consortium 
members it believes there 


should be a comprehensive 
approach to developing the 
entire site. 

Rosyth 2000 envisages leas- 
ing back to the navy the Ros- 
yth naval base, which is being 
scaled down to a support facil- 
ity in two time with tire loss of 
700 civilian jobs. Under its 
scheme the dockyard would 
continue to be commercfally 
managed by Babcock Interna- 
tional. 

Forth Ports would establish 
a commercial port along the 
unused waterfront and use zt 
for shipping bulk cargoes. It 
could establish also a roB-on 
roll-off freight and passenger 
te rminal, ‘The new port would 


be a long-term development to 
complement our existing major 
ports of Leith and Grange- 
mouth.’* says Mr Hugh Thomp- 
son, Forth Forts* chief execu- 
tive. "It would have the 
advantage of excellent access 
to the motorway system and a 
lot of tend behind it for ancil- 
lary developments.” 

The consortium refused yes- 
terday to indicate how much it 
would have to bid for the site. 
It pointed oat that along with 
the assets it would also be tak- 
ing an substantial liabilities. “I 
genuinely dont know how 
much ft is an worth," said Mr 
Gavin Masterton, chairman of 
Rosyth 2000. 


UK NEWS DIGEST 

Minister to fight 
‘crazy* CAP rules 

Mr William Waldegrave, minister of agriculture, said in the 
House of Hnmmnng he would fight any “crazy” and "mad" 
provisions of the European Union’s Common Agricultural Pol- 
icy. Mr Waktegrave said in his first Commons question time as 
agriculture minister that it was “entirely mad" that money 
should be spent discouraging people from smoking white at 
the same tim** tire European Union was subsidising fanners to 
grow tobacco. 

He said he wanted to see a CAP which was simpler to 
administer and which set prices nearer to those on world 
markets. “We need to get rid of some of the idiocies snch as 
the wine regime where we pay for tbe conversion of low-grade 
Italian wine into industrial fuel and tbsi send ft to Brazil to 
put into care.” he said. “That seems to be crazy.” 

Boost for lottery ticket sales 

The Counters offshoot of the Post Office 
Cf announced extended Saturday opening hours 
in order to increase its share of sales of tickets 
for the National Lottery, which will start an ! 
November 14. There have been complaints 1 
vQpr from some outlets including pubs that their I 
the matkm ju. opportunities for selling tickets are being 
unrmnr unfairly limited. For the first time 178 main 
post offices will stay open until 7pm every Saturday. Each post 
office selling the tickks will make on-the-spot payments for 
prizes up to £10,000. Counters says it will be the only retailer 
providing that faefifty. Mr Bkhard Dykes, Counters managing 
director, said: “Post offices are the natural home cf the lottery 
- we are Britain's biggest single retailer oflottery tickets. This 
is a real winner for our 23m customers who already visit post 
offices each week, as well as the exfra people ” 

Monsanto accused in milk row 

The gathering controversy over licensing in Europe of a 
mfik-boosting hormone for cows takes has taken a new turn 
with three UK scientists securing the manufacturer of seeking 
to suppress research pointing to advene effects on tbe health 
of cows. Writing in the weekly scientific journal Nature, the 
scientists say that Monsanto, the US biotechnology company, 
provided them with results of trials on the incidence of masti- 
tis tn cows treated with the hormone, but refused to let them 
publish their analyses of tbe data. 

European Union agriculture ministers are due to decide at 
the end of the year whether to lift a ban on tire use of bovine 
somatotrophin (BSD. The hormone, an artificially produced 
version of one that occurs naturally in cows, increases milk 
output by up to 15 per cent It went an sale in tbe US in 
February, but is opposed by the European Commissian, which 
says milk is in surplus. 

The scientists say they pooled the results of eight trials by 
Monsanto. They found that BST treatment produced an aver- 
age 19 per cent increase in the somatic cell count - associated 
with an increased risk of mastitis - which was highly unlikely 
to be due to chance. Their request for publication in a veteri- 
nary journal was refused by Monsanto's office in Brussels in 
1991 and 1992 on tire basis that the raw material, and any 
subsequent analysis of it, was confidential, the authors say. 

Legal move on missing earl 

■■■■■■ The family cf Lord Lucan has launched a 
legal attempt to have the missing earl, who is 
I j still wanted for murder, officially “sworn to 

I be dead”. The file on Lord Lucan at Scotland 

IgMPS Yard has been kept open since the eari disap- 
I '.'sji ~ peared almost 20 years ago after the murder 
of his children's nanny in London. Lord 
Lucan is still listed in Who's Who. Lord 
Lucan, horn nearly 60 years ago, was 
■WH descended from tbe Lord Uican who in the 
Crimean war gave the order for tire fateful charge of the light 
Brigade. Scotland Yard has been been told of several claimed 
sightings in several countries every year since he disappeared, 
but none has been confirmed. 

Lord Lucan is accused erf murdering the nanny and of 
attempting to murder his wife at their home in London. 
Solicitors acting for the family trustees are expected to ask a 
High Court judge to have Lord Lucan “sworn to he dead". 

Smoking by adults down 20% 

Smoking by adults in Wales has been cot by nearly 20 per 
cent in tire past eight years, says Health Promotion Wales. But 
smoking by young people, particularly women, remains “stub- 
bornly high" adds tire government organisation which has 
studied finding s from a long-term survey of habits in more 
than 1&000 households. 

More adult men are giving up cigarettes in Wales than 
women, of wham 28 per cent smoked last year compared with 
33 per cent in 1985. The proportion of males who smoke fell 
from 41 per cent to 32 per cent over the same period. Although 
more people are drinking sensibly and taking regular exencise, 
there has been an increase in those who are either overweight 
or obese. 


ROMVLVS 


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\ 


10 


MANAGEMENT 


FINANCIAL TIMES 


FRIDAY OCTOBER 


2t IW 


★ 


George Bickerstaffe wonders why 
there are so few women 
taking MBA courses 

Degree of 
reluctance 


W omen may be taking 
over top jobs - but the 
chances are that many 
do not hare an MBA. 

Business schools, perhaps surpris- 
ingly, remain a bastion of maleness. 

The UK-based Association of 
MBAs (AMBA), drawing on its own 
surveys and other data, says that 
the number of women taking MBA 
programmes in the UK has strug- 
gled to stay around 20 per cent of 
the total since 1989. Before that it 
was lower. 

In the US, in 1391-92, the latest 
period for which official Depart- 
ment of Education statistics are 
available, around 35 per cent of 
masters degrees in management 
were conferred on women. Anec- 
dotal evidence suggests, however, 
that female enrolment has since 
fallen significantly, with some 
schools said to have dropped from 
40 per cent to around 20 per cent 
In some top European schools the 
imbalance may be getting better, 
but women are still in a clear 
minority. At Insead outside Paris 
admissions of women have just 
risen to 24 par cent, against 17 per 
cent in the early 1390s. 

At London Business School 27 per 
cent of foil-time and 25 per emit of 
part-time MBA students are women, 
figures which are up on recent 
years. Only 8 per cent of students 
fairing LBS'S new MSe in 
however, are female. 

Even at the Open Business 
School part of the Open University, 
less than a quarter of all MBA stu- 
dents are female, although the flexi- 
ble nature of learning at home 
might seem better suited to some 
women. 

Business schools would love to 
have more women on their pro- 
grammes - but they are baffled as 
to why women apparently show 
such little interest in the degree. 

“You would have thought it 
would have been an ideal way to 
break the glass ceding,” says Leo 
Murray, director of Cranfield School 
of Management in the UK (25 per 
cent women on its full-time and 


part-time MBAs). 

Jason Sedine, associate director of 
international programmes at ISA. 
the MBA arm of the prestigious 
grande e'cole HEC in Paris (again 25 
per cent women), believes the cor- 
porate sector needs to give a lead. 

“In certain fields, such as phar- 
maceutical marketing. Cor example, 
women are moving to really high 
levels, bat not yet the very top,” he 
says. “Business needs to provide 
more opportunities and role models 
for women." 

The view that it is continuing dis- 
crimination in the workplace that 
prevents women studying an MBA 
is widespread. 

“They tv*" hit chauvinism in their 
jabs," says Helen Henderson, admis- 
sions director at Insead. “People ask 
them what are they are going to do 
with their husbands and children 
when they have to travel interna- 
tionally.” 

Shelia Cameron, former MBA pro- 
gramme director at the Open Busi- 
ness School is not sure that is the 
whole reason. “Distance learning 
requires a heavy financial and time 
commitment,” she says. “Women 
find it very hard to juggle a job, 
family and study.” 

She also comments that in gen- 
eral women tend to be more diffi- 
dent about their ab i liti es than me n 
and seem less willing to invest in 
their own development- More prag- 
matically, she paints out that the 
OBS MBA is targeted at experi- 
enced managers and there are fewer 
women than men in that group. 

Murray also raises the vexed 
question of age. 

“The growing insistence on work 
experience by MBA programmes 
tends to work against women,” he 
says. “It puts them in their mid to 
late 20s, which is a key time for 
mar rying and having a family." 

Although the numbers on pro- 
grammes are relatively low. signifi- 
cantly more women who apply are 
accepted than men. The business 
schools are adamant that this does 
not represent positive discrimina- 
tion. Women simply are better can- 



Spaces to fife business schools would love to have mom women on their courses 


didates, says Don Martin, director 
of admissions at the University of 
Chicago's Graduate School of Busi- 
ness. “There is no question that 
once on a programme, women per- 
form exactly the same as men. They 
do every bit as welL" 

In order to encourage more 
female recruits Insead has offered 
sponsored scholarships to women 
through the pages of Cosmopolitan 
magazine. Cranfield has had its 
marketing literature picked over by 
women MBA students to remove 
anything that might turn off 
women. Chicago has revamped its 
merit-based scholarships to make 
sure women and minorities are 
given every opportunity. 

It has also carried out some nifty 
marketing. The university's large 
anH leafy camp us is on the south 
side of Chicago, not an area with 
the best reputation. The school ha s 
run a campaign to counteract wor- 
ries about its location, including 
paying for women applicants to fly 
in and get to know the area. 

One approach that none of these 
has tried is simply to admit only 
women. But there is a unique busi- 
ness school in Boston that has been 
doing just that for the past 20 years. 
Simmons College Graduate School 
of Management is thought to be the 
only all-women MBA programme in 


the world. 

It was set up in 1974 by Anne 
Jar dim and Margaret Henig, two 
women doctoral students at nearby 
Harvard Business School outraged 
by the treatment of women students 
and by their career prospects. 

Simmons runs a traditional rigor- 
ous MBA programme with added 
behavioural courses geared to wom- 
en's experience of the workplace. It 
works on the premise that men cre- 
ate hierarchical organisations that 
look to a leader, whereas women 
are generally more equality-based 
and participative. 

Jardim, who once commented 
memorably that “the ceiling isn’t 
glass; it’s a very dense layer of 
men", explains why she thinks 
women do not take MBAs. 

“Traditional programmes do not 
take cognisance of the barriers 
women have to face," she says. 
“Where that added-value is present, 
women will buy into it” 

Not ail business academics accept 
that this approach is really favoura- 
ble to women. Many believe that an 
all-women learning environment is 
not tiie ideal preparation for the 
business world. But Jardim con- 
tends that Simmons students are 
not “cosseted" and offers to back 
her graduates against women grad- 
uates from any top school. 



CHRISTOPHER LORENZ 

Putting re-engineering 
in perspective 



A large European 
multinational com- 
pany recently 
launched a root- 
and-branch rede- 
sign of its two 
most important 
operating pro- 
cesses: tiie way its 
units in a dozen countries develop 
new products together: and its 
“order to delivery” cycle. The lat- 
ter covers the p r oces s ing of cus- 
tomer orders through the compa- 
ny’s sales organisation to its many 
factories across Europe, and tiie 
delivery of products baric to the 
market The primary goal of both 
projects is for the company to 
become more responsive to cus- 
tomer demands, cutting time and 
costs sharply. 

Both projects are examples of 
real “business process re-engineer- 
ing'': rather than merely improv- 
ing existing processes, they 
involve a fundamental redesign. 
But the company has not attached 
a “re-engineering" label to either 
of them. 

This is not because it shares the 
now widespread fear that any re- 
engineering exercise worthy of the 
name will provoke resistance 
among many of the managers 
involved. Nor is it because of an 
associated problem: that re-engi- 
neering has been so hyped and 
misunderstood over the past 18 
months that it is getting a bad 
name among many top manage- 
ments for failing to deliver any- 
thing like the promised results. 

Instead, the company is avoid- 
ing the term for a deeper reason: 
that it knows the reengineering of 
such processes is only one part of 
a jigsaw of tricky, interlocking 
changes that must be made if it is 
to achieve its newly formulated 
“vision” of delighting customers, 
rather than just satisfying them, 
and of becoming the best company 
in its industry, rather than just a 
competent leading player. 

It sees four sets of parallel 
changes as all-important to this 
transformation: first, breaking 
down barriers between its differ- 
ent disciplinary specialists and 
national units by a series of proce- 
dural and structural steps, of 
which the re-engineering of cross- 
unit processes- is only one; second. 


developing an explicit set of val- 
ues and behaviour guidelines 
which are subscribed to (or 
“shared”) by everyone in the 
organisation; third, redefining the 
role of management in order to 
foster much more empowerment, 
responsibility and decisiveness at 
every leveL AH this requires the 
creation of the fourth factor as 
unprecedented degree of openness 
and trust among managers. 

The company's approach Is in 
line with the conclusions of an 
independent study of 100 Euro- 
pean companies jnst delivered to 
the Brussels Commission*. It 
reports that - so far, at least - 
most companies that introduce 
new ways of working do not use 
re-engineering - at least by name. 
The study blames this on tiie fact 
that re-engineering has become far 
too associated in managers’ minds 
with narrow targets such as 
headcount redactions and cost-cut- 
ting. 

Ghampy recognises it 
is for executives - 
especially senior 
ones - to 
make the leap 

On the face of it, the company's 
comprehensive approach would 
seem to differ fundamentally from 
the “re-engineering" doctrine pro- 
mulgated by consultants such as 
Michael Hammer and James 
Champy, who together launched 
the fashion early last year. 

Writing on this page a fortnight 
ago (Oct 5), Hammer suggested 
that all these other facets of 
change, though vital to a com- 
pany, are subordinate to the re- 
engineering of its business pro- 
cesses. On the same day, Champy 
was on a public platform pro- 
pounding a slightly different mes- 
sage, but one that also sees re-en- 
gineering as the umbrella for all 
these other changes. 

He argued that the re-engineer- 
ing revolution would never be 
more than half-successful until 
management itself was re-engi- 
neered: that is, until the attitude 
of managers at every level of the 
organisation, and the nature of 


their work, shifted from the tradi- 
tional model of constant com 
mandand control" to one of 
tina the broad direction an* 
mobilising and enabling 
manage themselves to a very con- 
siderable extent . 

Through the defining of goals 
and the measurement of perfor- 
mance, this still involves a strong 
degree of influence, but of a very 
different nature from before. 

Champy attributes the “under* 
achievement" - or failure - of 
many re-engineering projects to 
this managerial block. (Like Ham- 
mer. he disputes the mueb-re- 
ported “failure rate" of JO per 
cent; he prefers to say that 3<W0 
pa- cent disappoint) . 

In common with the myriad 
organisational specialists in con- 
sultancy and academia who have 
spent many more years than he or 
Hammer trying to help managers 
break throngh this block, he 
recognises bow hard it is for exec- 
utives - especially senior ones - 
to make the leap, especially when 
they fear for their own jobs. 

Ideally, it should make no dif- 
ference - except to rival consul- 
tancies - whether the change jig- 
saw is given tiie umbrella term of 
“re-engineering", or something 
more generic, such as “organisa- 
tional change" or “transforma- 
tion”. 

What really matters is manage- 
rial recognition that all the differ- 
ent pieces form a challenging and 
interlocking system that cannot be 
altered - except chaotically - just 
by altering one of them. 

Bat most managers try to do 
precisely that, since they are not 
used to thinking in systems terms . 
Over the past few years they have 
grasped desperately at one piece of 
the jigsaw after another in isola- 
tion, from culture change to pro- 
cess re-engineering. By doing so 
they confound their purpose, and 
compromise the readiness of their 
organisations to confront the real 
complexities of change. 

That Is why easily misunder- 
stood metaphors such as re-engi- 
neering are so attractive yet so 
dangerous. It Is not surprising 
that wary companies avoid them 
like the plague. 

* Cobra report From Adaptation 
ltd. Fax 081-857-5947. , 



SMILES FROM AROUND THE WORLD 
TO TAKE YOU PLACES 


At Gulf Air, our international spirit is 
best expressed in our staff. People from 
around the world who understand your 
culture and needs, perfectly. From the 
moment you make your reservations, 
you'll see that international spirit at 
work, in the smiles and personal 
attention you'll receive. And with our 
unique style of inflight hospitality, 
you'll experience the highest standards 
of comfort and international service. 


We've come together from around 
the world to carry you across a network 
that spans 4 continents. We also have 
more regional connections in the Gulf 
than any other airline, to offer you the 
option of a flight that fits in perfectly 
with your personal schedule. 

Wherever you’re from, wherever 
you're going, on Gulf Air you'll 'always 
find friendly faces, and a smile that you 
recognise. 


FLYING WITH STYLE 


Madrid 23 & 24 November 1994 

The FT’s annual Doing Business with Spain forum arranged in association with Expansion 
& Actu alidad Economica will take as its theme Spain Competing In Europe. 

SUBJECTS TO BE ADRESSED: 

• Economic Recovery; Prospects for sustained growth 

• Changes in Spain’s Labour Market 

• Creating conditions for business and industry to be more competitive 

• Spain as a platform to Latin America 


SPEAKERS INCLUDE: 

* D. Jos£ Antonio Grindn Martinez 

Minister of Labour & Social Security 
Spain 

" D. Carlos Espinosa de los Monteros 
Chairman & Chief Executive 
Mercedes Benz Espaha, SA 

* D. Oscar Fanjul Martin 
Chairman 

Repsol SA 

* D. Jos4 Miguel Zaldo 

Chairman & President 
Grupo Tavex 


D. Pedro Solbes Mira 

Minister of Economy & Finance 
Spain 

D. Luis Atienza Serna 

Minister of Agriculture, Fisheries & Food 

Spain 

Mr Gonzalo Hinojosa 
Managing Director 
Cortefiel, SA 

Mr Bernard Domon 

Chairman 

Saint-Louis Group SA 


Arranged in association with 


Expansion 


Official Cmiir 


nuca 


For more information about marketing opportunities, please contact Lynette Northey on 07 1 8 14 9770 


SPAIN COMPETING IN EUROPE Please complete and return to: Financial Times Confere nces . 

POBOX 365 1. London SW12 8PH. 

„ „ , . . Tel: 081 673 9000 Fax: 081 673 1335. 

lease ck re evonl boxes. Spain CompciUlg Europ c - £695 + Spanish IVA at 15* 

□Conference information boxes. JW MMrsMssRMOthet 

□Cheque enclosed for £799.25, made payable to FT Conferences. jobTitle .. 

□Please charge my Mastercard/Visa with £799.25. Company Name 

c^no uuiLuiiimnnr TTT T] 

The inronreiikm you provide win be held by us and may be used to k*cp yon _____ p, „ 

informed of FT products and used by other selected quality companies for ~ rtKtCode 

■nailing purposes. Tel — Fa* 

* , »„ ,HA 


| a 







FINANCIAL TIMES 


FRIDAY OCTOBER 21 1994 




' "urv 

P'Pcln'u 


• • 


group financial 

CONTROLLER 

c.£,30,000 + substantial bonus potential 
SOUTH LONDON 


Our diem is a young, dynamic and rapidly 
expanding organisation which provides a 
unique service to the investor community 
both in the UK and the USA. It has 
ambitious plans to expand into other 
country markets and has now decided to 
establish a financial management function. 

® e poning to the Group Managing Director, yon 
will be responsible Tor the transfer in-house of 
currently outsourced accounting operations. 
Tor both the UK and the US businesses. You 
will direct global IT strategy and set up globally 
compatible accounting and reporting systems 
in new business units. As a member of the 
Group management team, you will con tribute 
to the decision-making process through your 
functional expertise and by a practical hands- 
on approach to business development- . 


You will be an ACA/ACCA, aged 28-35. and 
have at least 3 years' experience in a 
commercial enterprise, preferably in 
business services. Practical experience in IT 
systems Tor management and financial 
reporting and other operating applications is 
essential- The position calls for a motivated 
self-start ct who can work effectively in a 
small team with a high degree or 
accountability and empowerment, and who, 
being fauemadoually minded and mobile, 
will contribute directly to the successful 
growth or the company. . 

Please send or fax your CV with details 
of current remuneration, quoting Reference 
No.7345 to HighQeld International, 
I London Road, Newbury, Berkshire 
RG13 2JL Roc 0635 38837. 



Group Financial Control 


West London 


From £40 9 000 + Benefits 


This diverse British based organisation has forged a market-leading position, 
through both organic growth and acquisition. With turnover now in excess of 
£1 Billion and business activities throughout the world, a challenging new 
opportunity lias been created for a commercially astute, qualified accountant. 
Advising on policy decisions at the very highest levels, and working closely with 
the UK Finance Director, this is ail extremely visible role where your 
contribution will be key to the company's continued development. Performance 
reviews, systems development and competitor analysis will ucccl lo be handled 
with a high degree of business acumen, skill and diplomacy. 

Ag c 28-35, with excellent presentation and communication skills, you will 
have at least Four years’ commercial experience and be looking for the 
opportunity to make your mark. 

j F-« J 

Write enclosing a full CV and contact telephone numbers to 
Patrick Donnelly, quoting reference FT/1I6 on the envelope and all 
JTJX J tj\ documentation. 


l 2) Consultants 


ACCOUNTANT - INVESTMENT BANKING 

Macquarie Bank Limited is the largest Australian owned 
investment bank and strives to maintain creativity and 
innovation. The expanding London office specialises in 
structured finance, stockbroking, options, fixed interest, base 
metals and foreign exchange. 'Euro money' voted Macquarie 
Bank Limited (he "Best investment bank in Australia" for 
boh 1993 and 1994. 

We are now seeking to recruit on accountant to work within the 
small but developing Operations team. This varied role will 
involve management and financial accounting, regulatory 
reporting, lax and VAT. In addition, there will be opportunities 
to travel and to become involved in olher operational aspects of 
the business. The ideal candidate will have approximately 24 
months relevant post-qualification experience, preferably gained 
within a bonking environment. He/shc should also possess an 
ability to become part of an effective team, self-motivation, 
initiative, good interpersonal and social skills combined with a 
flexible approach. The successful candidate can expect an 
attractive salary and benefits package. 

If you feel you have the necessary skills and attributes 
to succeed in this new position, please send 
full career details to: 

Tracy Fiddhouse, Personnel Officer, 

Macquarie Bank Limited 
69-70 Mark Lane, London, EC3R 7HS 


.■V.T'V-'A 


MANAGEMENT • SELECTION 
23 Duriston Road, Kingston-Upon-Thames, Surrey KT2 5RR. 


All applications will be treated 
in the strictest confidence 


VENTURE 
FUND MD 

A Midlands based 
Regional Fund seeks a 
Managing Director. Key 
elements are Fund- 
raising, Deal Making, 
Staff supervision and 
achievement of a Deal 
Flow. 

You will need empathy 
with SMEs, a knowledge 
of Accounting (probably 
qualified), the ability to 
spot a winner; the 
personality to tie up the 
deal, supervise due 
diligence and monitor 
performance all at Board 
level. 

Attractive Salary and 
Carried Interest 

CV to: 

Box A2 172, 
Financial Times, 

One Southwark Bridge, 
London SE1 9HL 


MACQUARIE 


I K Sm 1 l td nl l P.U'Kia COMMUNICATIONS 

GROUP L TD 

Package c£30,000 + Bonus + Car 

Our c.ltatU. TnloWest Communications Group Limited was created in April 1902 to provide 
management and support services for lltt? UK cabiu interest* hold by liiu joint venture 
between Tclo-^ontmun trillions. Inc. (TCI) .uul U S WL'ST. two leading US multi-billion dollar 
turnover companies. 

As the UK leader in the competitive cable television and telephony market place. TeleVVesl is 
poised ior further rapid growth and needs in supplement its finance team with a 
commercially aware analyst. 

Yon will play a key part in the development of the company with particular Focus on the 
lelephony side of iJio business, including responsibility for canqioritar analysis and internal 
costings For the Marketing and Telephony operating departments. 

The telephony market is complex and we .ire therefore seeking .in exceptionally bright 
individual with outstanding PH modelling skills and a strong financial analysis background 
preferably gained within the industry. First class coni inimical ion and Interpretation skills are 
obviously a pre-requisite, as is an impressive educational background pmbahiy encomp.uksing 
a recognised accounting qualification and/or an MUA. 

The position represents an outstanding opportunity within this young, groutli industry and 
will require a committed professional with unergy and drive. 

For further information please post or fax CV to Karen Hcathfiuld, 

Heathfiold Hargreaves Ltd ., Chaucar House. S Bollro Road, Haywards Ileulh, 

Itesf Sussex, RII16 IBB. Tel: 0444 416636 Fax: 0444 416002 
PU-.KSE XOTK THATAIX *r« JCAJItlXS KILL Dfi niRIf.WlDfJJ TO HC.\TtinF.U> H. I BO ft EAVES LrO. 

HEATHFIELD HARGREAVES 


Product Analysis & Support - City 

Exceptional Qualified Accountant £ Excellent Package 


iNatWcst Markers holds a pre-eminent position in the world oFcorporaie and investment banking. Comprised of eight highly wcteuful businesses, 
our activities cover trading, corporate banking, asset management and specialist advice. Wc employ over 1,100 null across 32 locations in 14 
countries, supported by assets of £50 billion. NarWesr Markers combines expertise with exceptional strength, energy and ambition - a unique 
combination which is reflected in our continuous record of growth and success. 

Our expansion has created a role within the middle oilier trading support function of the Securities Division. You will take responsibility for 
identifying the risks, proposing accounting policies and the periodic reporting for a discrete team of equity /equity derivative traders. In particular, 
the position covers the control and assessment of ongoing and proposed business strategies. You must also possess the technical skills and the 
supervisory experience necessary to motivate and lead a small ream and the confidence to liaise effectively with trading, taxation, legal and 
operations personnel. 

Probably aged 2b- 32. you will be a qualified accountant with at least two years post-qualification experience of a banking environment. A significant 
proportion of this time must have been spent within a product control function. Alternatively, you may be working within Public Practice and 
have extensive exposure to financial markets. Strong interpersonal skills, a high degree of professionalism and the ability to work to tight deadlines 
will be essemiaL This high profile role will also require the competence to deal with senior management and to provide innovative solutions 
to business problems as they arise. 

For further information, please contact our advising consultants. Guy Townsend or Brian Hamill of Walker Hamill Ltd on 0171 819 4444. 
Alternatively, forward a brief resume to their London office at 1 0 3- 105 Jermyn Street. St James's, London. SW 1 Y 6 EE, quoting reference GT 35 3. 
All direct responses will be forwarded to Walker Hamill. 


NatWest Markets 

Corporate &Jnveswent Banking 


How do Europe's 

best business people 
get the top jobs? 




v V *■ v 


They use the FT. 


Senior business people all over Europe use the FT 
throughout their working week. 

They use it to keep up with the news, views,issues 
and most importantly the opportunities. 


So for key national and international appointments, 
using the FT gives them a wider choice of the top jobs. 

Today Europe is the job market and the FT, Europe's 
business newspaper, is where to find it. 



For more information please call Stephanie Cox-Freeman on +44 71 873 3694 

FINANCIAL TIMEsI 

EUROPE’S BUSINESS NEWSPAPER i 






fcgg THE FREE STATE OF SAXONY 


LEGAL 

NOTICES 


represented by the 

SAXON MINISTRY OF FINANCE 
offers without obligation: 


Hochhaus Augustusplatz, Leipzig 


The FREE STATE OF SAXON V offers non-binding for sale one of ihe landmarks I 

of ihc city of Leipzig, the Hochhaus Augustusplatz (Augustusplatz Tower). 

Thus, an extraordinary building of outstanding location and 
architecture in one of the most promising and economically most 
Interesting regions of the new Bundeslander of the Federal Republic of Germany is 

for sole. 

Leipzig, internationally renowned for its Leipzig trade fair, is the largest city in the Free State of 
Saxony with a population of 5UU.000. The Free State of Saxony is situated in the south-east of 
Germany bordering with Poland and Bohemia. It is one of the id Linder of the Federal Republic of 
Germany and the most densely populated of the five new German Lander in the east of the Federal 
Republic. Leipzig, together with Berlin and Dresden, is the location with the highest investment 
potential in the new Federal Under. The Leipzig region and the Free Slate of Saxony have growth 
rates that are among the highest within the European Union. 

The Hochhaus Augustusplatz. Leipzig, was built as a high rise building for the university of Leipzig 
between 1968 and 1975. With a height of 140 metres it is the highest building of Leipzig. Its unique 
triangular shape with inward sloping sides aims at conveying to the onlooker the image of an open 
book as a symbol of the building's purpose as a place of study and science. 

The Hochhaus Augustusplatz, Leipzig, is located in the city centre of Leipzig, right next to Leipzig's 
concert hall, the Neues Gewandbaus. and the Opera House as well as the city's pedestrian zone. 

The Key- Features of the Building: 

1 ground floor. 34 upper floors. 2 basements I A detailed prospectus on the Hochhaus Y 


Total height: 

Floor area (according to DIN 177): 
Gross floor area (BGF): 

- Construction area (KF): 

- Net construction area iNGF): 

- Circulation area (VF): 

- Functional area (FF): 

- Usable area (NF): 

Cubage (BRf: DIN 277): 


4L551.0 sq. m. 
f 0. 155.8 sq. m. 
31-395.2 sq. m. 
10 J 22 .I sq. m. 
5.I6S.2 sq. m. 
15.222.5 sq. m. 
147.000 c. m. 


A detailed prospectus on the Hochhaus 
Aucusmsplaiz. Leipzig, 
is available for (he amount of SS0.00. 
Please contact: 

SACHSISCHES 
STAATSMINISTERIUM 
DER FINANZEN 
Carolaplaiz l 
0(076 Dresden 
Germane 


Please enclose an international cheque 
when oiderine b\ mail. 


For this extraordinary building an investor is needed whose investment concept, while being 
financially sound takes account of the building's exceptional location as well as its internal and 
external architecture. 


The Hochhause Augustusplatz can be handed over completely empty at short notice. 
All offers must reach the Saxon Ministry of Finance by 31 January 1995. 


COMPANY 

NOTICES 


REPAP ENTERPRISES INC 
US £200.000.000 FLOATING RATE 
NOTES DUE 1997 


All Advertisement bookings are 
accepted subject to our current Terms 
and Conditions, copies of which are 
available by writing to: 


For the period 19th October 1994 
to 19th January 1995 ihe Notes 
will carry an interest rate of 
8.4375** per annum. 

(USD 3342.29 per USD 250.000). 


Agent Bank 
Bardaj s Bank PLC 
BOSS Depository Services 
8 .Angel Court 
Throgmorton Street 
London EC2R7HT 


The Advertisement Production Director 
The Financial Times, 

One Southwark Bridge, 

London SE1 9HL 


Te!:+44 71 873 3223 
Fax:+44 71 873 3064 


COM MON WEALTH OF THE BAHAMAS 
IW 

IN THE SUPREME COCRT Nu l*» 

Equiiv Side 
BETWEEN 

IN' THE MATTER OF DELTA OPTIONS 
LIMITED 
AND 

IN THE MATTER OF THE 
INTERNATIONAL BU SINESS 
COMPANIES ACT 1989 

NOTICE TO CREDITORS 


By ilime ot i Supreme Cuuit Outer nude ihe 
25ib da* a) Fctvuvy AJJ . IW Drill Option* 
Limited wt* ordered io he uaurul up b* ihc 
Supreme Court of The CenmMwHlih uf The 

An* penon ru wham ihe Company unci money 
nr proppi. is i Cnfilar under Bahamian Ls« 

A debt may be proved io Ike winding! up bv 
delivery 01 nulling to ibe Luptkbwn of Delia 
Optima Loaned u AUkU*n irriKing Ok debt 
a! Driuudi House. 2 ml Terrace WesL Ccttun 
Arc roc. P.O. Bn* N-7S2b. Nil SOU. Bahamas. 
to Affidavit proilBg a debt may be nude bi ihe 
creditor hbmcll or by some person authorised by 
the creditor U nude in a person SO atnbunsed If 
shall sene bis amfaunn and means of Esmlcdar. 
An AfiuSsvn proving i debt stall cun Bln or retet 

ro a laitncK of aeeinnl shoo, log ihc pan ten Lars 
at' Ihe dcM. and shall specify ihc irmcha* if any 
by *riitdi the same can be subsunruied. The 
Liquidator-. io .hm a proof is sea may al any 
lime call for the projection of ibe soncherv 
An AMtdavii prosing a debt shall nan '‘■briber 
ihcCieiliiurBor am a seemed erwlnor. 
NOTICE 15 HEREBY GIVEN that ihc deducts 
Ilf Delia Opaocs Limited are refused I** Order 
cl ihe Supreme Court dated Ihe 4ib day of 
October. 1494 ro send ibelr duly romplcird 
Affidavit nidi Iheii names, addresses and ibe 
particular* uf iheir debts or claims ra Ihe 
naderrisned on or before ihe 2nd day of 
December. AJ»_ I«4 

Dared the |4ih das of October. M> . 1994 
SIGNED 

Meals. Maegregpr N. Robmsm 
and Ambory XiiusarW* 

Joint Official Liquidator* tor Delta Optratb 

I ji a ftrd 

■In Compulaory Liqaidaiion) 

c'o Detulae dr Touche 
DebanJs House 
2nd Terrace Wes 
Collies Avenue 
PCI B«N-7*2h 
Nassau. Bahama* 


Tel: iSNl JlW42b 
Fac lSW9i MM IIU 


PRESS AND G VZJETTE NOTICE 
INSURANCE COMPANIES ACT J«C 
NRG VICTORY REDiSlVANCE LIMITED 
TRANSFER OF GENERAL BUSINESS 

1. NOTICE IS HEREBY GIVEN foil NRG 
Victors Reinsurance Limned I'NRG'I applied 
in ihe Sendai* of Sole tor Trade and Initavry 
r'Secmari M Surr'i un 19 October I**** fm 
ihc approval, pursuant io Pan i I of Schedule IC 
io ihe insurance Companies Act 1992. la 
innsf.i ru Employers Reassurance hum! jl tonal 
LimneJ I'ERAIL'I alt ill ils rrefars and 
ublipaiioRS under Crrum general reuiviranse 
agreements a nnen to u ie the L'rmcd Kingdom 
befu een I /aaimri (V92 and 2d /uf* 1994. 
sullen* ru ERALL having rccercc acthorisa'iim 
from ihe Seaman of Stale to cans on general 
reinsurance business in Classes 1 and 2. 

2. C.rpics uf ibe SuKfWflf uf Particulars of ihe 
proposed iraesfer art available for inspected a 
■be olficc. of NRG k CaMk House. Catllc Kill 
Avenue. Fi'lastoBc. Kco. CTDl 2TF. die ofiice* 
at NRG's solicitors. Clifford Chance. 2fUl 
Alders; iic Sueet, Locdon. ECIA 4JJ. the 
Oirwcs ot ERAIL at Pomoscn House 155-15“ 
MlOdfm, lanilnB EC3N 1NV and die o! frees 
of E RAIL'* sohciiofs. Stanghicr and Mar. JS 
Basinghalt Sireei. London. EC2V SBD on 
Monday* ii> Frida" here, een 9 iKbo in J 00pm 
• hen paniculars may he inspected unlit 20 
November 1994 

y Written represenuiions concerning ibe 
nsinsfer nuv be sem u> (he Secretary of Snue. 
Department of Trade and Indawr.. Insurance 
DivWon. HMS Viemria Sneer. London. SW| 
llNN belorc 21 December 1994, The Secretary 
of Siam -nil nor determine the applnsuo until 
alter considering an* leprescdurlon made iu 
hon before ituidair 


E xactly what is happen* 
ing to City of London 
rents? The question is 
of more than academic 
interest to banks locked in refi- 
nancing discussions with Stan- 
hope. the developer whose 
main asset is the Broadgate 
complex in the City. 

If the hanks are prepared to 
take an optimistic view of the 
outlook for City rents. Stan- 
hope could generate enough 
cash and asset growth over the 
nest few years to justify their 
continued support in its pres- 
ent form. 

Yet the calculation might 
look rather different if- they 
believe rental growth prospects 
at Broadgate are unexciting. 

Jones Lang Wootton. survey- 
ors, recently forecast that rents 
for the very best City property 
- including Broadgate - could 
reach £50 per square foot 
wi thin three years, from about 
£30 per sq ft today. 

On that basis the value of 
Broadgate coaid rise to any- 
thing up to £l.5bn in three 
years, depending on what hap- 
pens to property yields in the 
meantime. 

Rental growth of this magni- 
tude would clearly transform 
Stanhope's position. While 
up-to-date figures are not yet 
available. Broadgate Properties 
(Stanhope's 50 per cent owned 
holding company for much of 
Broadgate and the Ludgate 
office development) showed net 
assets of only £38m at June 30 
1993, with its property assets 
valued at about £lbn. 

According to some firms of 
surveyors, the green shoots of 
rental growth are already visi- 
ble. Richard Ellis recently esti- 
mated that top City rents 
increased by 8.3 per cent in the 
third quarter of the year, with 
leases now being signed at 
about £32.50 per sq ft. up from 
£30 per sq ft in the spring. 

After three years of develop- 
ment drought, the shortage of 
modem, quality' space in the 
City is part of the reason. Rich- 
ard Ellis calculates that 7m sq 
ft of central London office 
space was taken up in the year 
to the end of September, sub- 
stantially more than in the 
same period of 19S3. 

Mr Clive Anting, chairman 
of the City Business Division 
at Richard Ellis, said: "The 
City market is certainly 
starting to show movement. 
We have for some months wit- 
nessed reductions in rent-free 
deals and Incentives, but now 


Upwardly mobile 


Simon London on the outlook 
for rents in the City of London 


City of London rents: rising 


Top rental values {£ per square foot) 



Source R ic h ar d Sis 



evidence of real rental growth 
is coming through for the best 
space, largely as a result of the 
reduction in quality office 
stock." 

Richard Ellis also broadly 
agrees with Jones Lang Woot- 
ton's view of the outlook, esti- 
mating that prime space will 
rise to £45 per sq ft by the end 
of 1996 and £50 per sq ft by the 
end of 1997. 

But not everyone agrees that 
rents are rising or that prog- 
ress will accelerate towards £50 
per sq ft over the next few 
years. 

One problem is that there is 
no longer anything like a “nor- 
mal" lease structure, making 
comparisons between new let- 
tings difficult. Most agree- 
ments still involve rent-free 
periods and options for the ten- 
ant to break before the end of 
the lease. 

For example. Barings, the 
UK merchant bank, is 
rumoured to be negotiating to 
take 240,000 sq ft of space at 60 
London Wall at about £35 per 
sq ft for the best space on offer. 

If the deal is confirmed, it 
would be one of the largest 
City lettings in recent years 
and could provide a bench- 
mark against which others 
could be judged. The snag is 


that the final terms could be 
anything but straightforward. 

Even if City rents are not yet 
rising, there seems little doubt 
that the balance of supply and 
demand is grad uall y tilting in 
favour of landlords.' 

While there are plenty of 
smaller units available, espe- 
cially around the fringes of the 
City, there is no more than a 
handful of large, modern build- 
ings still available. Under 
those circumstances rents will 
surely rise before long even if 
they have not already done so. 


T he question is 
whether rents head 
back towards the peak 
levels at the end of 
the 1980s - importantly reduc- 
ing the weight of over-rented 
space - or make more sedate 
progress. 

Mr Alec Pelmore. property 
analyst at merchant bank 
Klein wort Benson, is among 
the sceptics. He points to the 
pipeline of development and 
refurbishments which will add 
to the supply of modem space. 

He commented: "Our view 
on rents for the best prime new 
space is that they will indeed 
rise over the next two years to 
E35-E40 per sq ft But at this 
level there are a number of 


developers with sites and 
finance waiting for the chance 
to rebuild or upgrade u d 
uitiettable buildings. Supply 
will re-emerge, if only in tft e 

shape of a competitive pre- 
letting market, and rents will 
then stagnate at this level. ' 

Kleinwort Benson estimates 
that there are plans for some 
4.5m sq ft of new or refur- 
bished City office splice 
already announced. More is 
being added to the pipeline 
every week. 

Last week. Argent, the devel- 
oper run by Mr Peter Freeman 
and Mr Michael Freeman, 
announced plans for a 120.000 

sq ft development at Suffolk 
House, near Cannon Street. 

The optimists point out that 
this supply will be phased, 
with construction of only 
about lm sq ft of City office 
space being started this year 
and perhaps 1.5m sq ft next. 

With the banks still cau- 
tious, raising funding for spec- 
ulative development is diffi- 
cult. Most developers are 
waiting for pre-lettings before 
raising firm finance and put- 
ting the cranes up. 

Moreover, in core City areas 
development sites of the right 
size and shape are not easy to 
come by. This could constrain 
the development opportunities 
as the economic recovery con- 
tinues. 

Besides, much of the devel- 
opment will simply replace old 
offices with modern space 
rather than adding to the over- 
all stock of offices. 

Given the profile of City ten- 
ants. much also turns on the 
outlook for the financial sector. 
Struggling stockbrokers and 
merchant banks are unlikely 
to take acres of new office 
space. 

In that respect recent disap- 
pointing trading statements 
from the likes of S.G. Warburg 
and Hambros could be disturb- 
ing. especially if they presage a 
round of City redundancies. 

What Stanhope's banks 
make of all this remains an 
open question. They should, at 
least, be in a good position to 
judge potential demand for 
space from the financial sector. 

They also have the best pos- 
sible vantage point from which 
to judge whether funding will 
be available for the develop- 
ments planned in the Square 
Mile. If the developers are 
starved of bank finance, the 
outlook for Broadgate will be 
brighter. 


■■■**:*# 




I hiI. 


St ..»«***». 


y-m '*i 

r&mr?-" 




Some companies say they’re 
joining forces to make international 
network communications simple. 









FINANCIAL TIMES 


13 




FRIDAY OCTOBER 21 1994 ★ 

PEOPLE 


> . wary 

V''' P'-'iiiij 




Clerical Medical: 
successor , to Corley 


Some successions are smoother 
than others; the one soon hap- 
Pemg at Clerical Medical, the 
UKs seventh largest mutual 
life company, with £ll.5bn 
hinds under management, is in 
a class of its own. 

For Roger Corley, who will 
retire in April 1995 as the com- 
pany's managing director, has 
been with Clerical Medical 
since he left university. And he 
Is handing over to another 
career-long Clerical Medical 
stalwart, Robert Walther, 
right, who has also been with 
the company since leaving uni- 
versity, in 1965. Walther will 
have the title group chief exec- 
utive. 

Walther. 51, is a fellow of the 
Institute of Actuaries and an 
associate of the Institute of 
Investment Management & 
Research. A former chairman 
of the Association of British 
Insurers Investment committee 
<1990-92), he joined Clerical 
Medical after graduating from 
Oxford university, where he 
studied mathematics. 

From 1967 he was responsi- 


ble for managing the compa- 
ny's fixed interest investments, 
appointed deputy investment 
manager in 1972 and full man- 
ager in 1976 and assistant gen- 



eral manager (investments) in 
JmelsK joined the bird 
in April 1985. Hfs current posi- 
tion with Clerical Medical is 
investment director. 


New board members at 
Grand Metropolitan 


Peter Job. 53, the much 
travelled chief executive of 
Reuters, and Michael Hepher, 
50. the ex-chief executive of 
Lloyds Abbey Life and current 
group managing director of 
BT. have accepted their first 
big outside directorships. 

They have been appointed 
non-executive directors of 
Crand Metropolitan. They will 
serve for a term of three years. 

When they take their seats 
on November 24 they will join 
a boardroom which contains 
British Airways' chai rman Sir 
Colin Marshall, British Gas 
chairman Richard Giordano, 
David Simon, chief executive, 
and Sir John Harvey-Jones, a 
former chairman of ICI and 
star of the BBC TV “Trouble- 
shooter" series. 

When Sir John retires at the 
end of the year GrandMet will 
have six non-executive direc- 
tors and six executive- direc- 
tors. 

OTHER NON-EXECUTIVE 
APPOINTMENTS 

■ Sir Robert Davidson, chair- 
man of Balfour Beatty,' as 
chairman at DEVONPORT 


MANAGEMENT, operator of 
Devonport Royal Dockyard, on 
the resignation of Basil Butler. 

■ Graeme Elliot, formerly 
vice-chairman of Slough 
Estates, at NSM. 

■ Douglas Tales, commercial 
director of The Rank Organisa- 
tion, at CAMAS. 

■ Gerald Leahy, director gen- 
eral of the Association of Cor- 
porate Treasurers, at LOM- 
BARD NORTH CENTRAL. 

■ Harold Im manu el has 
resigned from INTEBEUROPE 
TECHNOLOGY SERVICES. 

■ Ashley Down at H1SCOX 
Holdings. 

■ Sir Trevor Holdsworth, 
chairman of National Power, at 
OWEN&CORN1NG. 

■ Robin Gouriay, chief execu- 
tive of BP Nutrition, at BEA- 
ZER HOMES and as chairpigTi 
at ANGLIAN WATER. 

■ Paul Jackson, group fd of 
Inspirations, at SURREY 
GROUP. 

■ Frederick Ng Tak Wai, ceo 
of U5I Holdings, at CAMPARI 
INTERNATIONAL; Cheng Wai 
Keong has resigned. 

■ Lord Tenby has resigned 
froth - UGLAND INTERNA- 
TIONAL. 


River & Mercantile 
poaches HSBC asset 
management duo 


Nigel Legge, 36. and William 
Carey, 33. who have worked 
together at Henderson Admin- 
istration and HSBC Asset Man- 
agement, have been head- 
hunted to spearhead the River 
& Mercantile investment trust 
group’s entry into the fast- 
growing unit trust business. 

It is un dersto od that Legge, 
right, w ^lianw have been 
tempted away from HSBC by 
the promise of a substantial 
equity stake in River & Mer- 
cantile Asset Management, a 
new subsidiary which will 
oversee the unit trust opera- 
tion. 

River & Mercantile is the 
flagship of one of Britain’s old- 
est investment trusts, which 
has been looking around for a 
new rote for some time. 

Earlier this year Mercury 
Asset Management, one of the 
industry leaders, considered 
taking it over to expand its 
own investment trust opera- 
tion. However, this came to 
nothing and in September 
John Beckwith, a wealthy 
property developer, and Chris 
Munro, 45, a former head of 
corporate broking at Robert 
Fleming, bought a 49£ per cent 
stake in River & Mercantile 
Investment Management They 
have an option to buy another 
30 per cent in two years time. 

Up to now River & Mercan- 
tile Investment Management, 
which manages around £40Qm, 
has concentrated on msm aping 
the group's small stable of 
investment trusts. 


However, Chris Munro, who 
took over as chief executive 
last month, wants to move into 
the unit trust market and 
expand the group’s interna- 
tional business, particularly in 
areas like the Far East 
Legge has been with James 



Cape! Unit Trusts, recently 
renamed HSBC Asset Manage- 
ment, for six years and has 
helped increase its assets 
under management from ry ftm 
to £Hm. Roy Brooks, the over- 
all chief executive of HSBC's 
European investment manage- 
ment business will look after 
the group’s European unit 
trusts until a successor Is 
found for Legge, who was man- 
aging director of the European 
unit trust operation, and 
Carey, the sales director. 


CONSTIBIPITra RARRBB5I 

Peter Popper, md of the 
design and management ser- 
vices division of HIGGS & 
TTFI.T. Construction Hnlrimg g , is 
also appointed deputy md of 
Construction Holdings. 

Derrick Tyler, formerly con- 
struction director, is appointed 
md of HOLMES BUILDING; 
Steve Hedderick is appointed 
c omm ercial director. 

Bill Wyley, former md of 
Kennedy and Donkin Trans- 
portation has be en ap pointed a 
director of MOUCHEL. 

Alim Rees, md of Lovell 
Partnerships, and Edward 
Smith, group commercial direc- 
tor. are appointed to the board 
of Y J. LOVELL (HOLDINGS). 

Chris Johnson is appointed 
Yorkshire Area Director for 


PERSIMMON; Bonnie Jacobs 
is appointed md of persimmon 
Homes (Scotland). 

■ Barry Canlder is appointed 
a director of MAUNSEU. Asso- 
ciates; he moves from Trafal- 
gar House Construction. 

■ Jim Elders is appointed md 
of FITZPATRICK'S construc- 
tion operations. 

■ Stephen Fallows, formerly 
md of JP. Danelon & Co, is 
appointed to the board of 
DONELON TYSON. 

■ Haro Bedelian, chief execu- 
tive of TML, and Mike Welton, 
responsible for Balfour Beatty 
Civil Engineering, Balfour 
Beatty Construction and 
Hadeu Building Services, 
appointed joint mds of BAL- 
FOUR BEATTY. 


BUSINESSES FOR SALE 



Woodward Construction Ltd. 

{In administrative receivership) 

Droitwich Spa, Worcestershire 

The Joint Administrative Receivers offer for sale the business and assets 
of Woodward Construction Limited. 

The business is well established and has operated as a major house 
builder and general building contractor for over 25 years. 

Principal features include: 

■ Based in Droitwich operating primarily in the Midlands, South West 
and South Wales 

■ Annual turnover of around £15 million 

■ Major housing development projects in progress 

■ Substantial ongoing contracts and future commitments 

■ Strong links with Housing Associations and Local Authorities 
For further information contact the Joint Administrative Receiver, 

Mark Hopton, KPMG Corporate Recovery. Peat House. 

2 Cornwall Street. Birmingham B3 2DL Telephone: 0121 232 3000, 

Fax: 0121 232 3500. 


^« 4 ^Corporate Recovery 


Retail Electrical Shop 
for Sale 

with uatiuun hie mafl onto and 

Turnover area £400,000 
Offer* invited. 

Principle* only please contact 
Box: B 3506 
Financial Times, 

One Soufbwarfc Bridge, 
London. SEI 9 HL. 


FOR SALE 

HeatExomnobV 
ucot Enqmbbwu Mmufacturefi 

Ml OtUMl Good Ml HM&. 
Ohnnffad customer ftaOng- 
Locaton . Contra* England 

WMb to Box B9S07. BnancW TVmb. 
OnoSouffmerirBrtdoo. London SE I HU- 



TU RN ED PARTS 
COMPANY 

FOR SALE 

PRINCIPLE FEATURES 

- Skilled Workforce 

- Substantial Turnover 

- Blue Chip Order Book 

Further information contact 
Henry Botcher & Co, 
Reft DEH 
021 2355736 


& 


(In Administrative Receivership) 

The Joint Administrative Receivers, J. B. Atkinson and A. P. Peters, offer for 
sale the business and assets of the above manufacturer of gears, splines and 
general sabcootract machining. 

■ Situated in Coventry, adjacent to the A46 and dose to motorway netv»ork. 

■ Established company with turnover of approximately £750,000 
per annum. 

■ Skilled workforce of 19 employees. 

■ Freehold factory of 10,000 square feet with adjoining offices of 2,500 
square fact. 

■ Extensive marhina shop which includes, machinery for processes 
needed for the manufacture of gears and spline shafts as well as general 
subcontract ma c hinin g. 

■ BS5750 registered. 

For further information, please contact Joe Atkinson or Kate Williams, 
at Touche Ross & Co., Colmore Gate, 2 Colmore Row, Birmingham B3 2BN, 
Tel: 021 2002211. Fax: 021 236 1513. 

Mml I?** baton, rfO-unt AcuM Ml «Uto» ImM Mm 


Niche London 
Bar/Nightchxb 

Excellent location close to 
Coven* GardenJTheatfeltmd. 
Ground Floor and basement - 
over 5,000 sq.fi 
Folly fitted ami recently 
upgraded. 

All licences held 

indudingMandD. 
Highly profitable lease and ' 
goodwill for sate. 
Principe^ only to 
Box No. B3485 Financial 
Times, One Southwark Bridge, 
London, SEl 9 HLl '• 


BUSINESSES 
FOR SALE 


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

For further information or to 
advertise *n this section 
please contact 
Karl Loynton on 
+4471 8734780 
or Melanie Mies on 
+4471 8733308 


AflA<h ari a cn i fitth c to l a»i 8 » PT :» C cey«<xl»^ ;cQ to CPrcmwtotTtaim aad QtodU io iB. capita of wiridi»n»TaiI»hto by writing B 
n»Ai*B tiieiUHB Redactio n PirtatK. The Rnmrfl l Tlmga, Our rfrrftgp , I r wtinn QW. 

m -+44 71 8733000 ftc +4471 8733064 


FINANCIAL HUBS 


We’d like to set the record straight, 

There’s nothing simple about having a communications network thatb patched together by a 
collection of different companies from around the globe, each with their own technologies and 
their own way of doing things. Common sense suggests it would be better to have one global 
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* 






14 


FINANCIAL TIMES 


FRIDA V OCTOBER 21 I**- 4 


TECHNOLOGY 



Financial 

services 


Considering 
is the importance 
that Barclays 
places on its 
new software 
for guiding 
managers* 
lending deci- 
sions. the man 


Barclays Bank is using new software to help it make lending decisions, writes John Gapper 

Equipped for the battle ahead 


IT innovation “ has a 

— ■ modest descrip- 
tion of what it means to cus- 
tomers. "It's like a very sophis- 
ticated cigarette packet." says 
David Weymouth, the project 
director for Lending Advisor. 

Rather than company direc- 
tors having to make hasty 
sums on scraps of paper to 
work out their financing needs, 
they can be shown them on 
personal computer screens. 
The £!0m system is to be 
installed in 300 UK branches 
by the end of this year for use 
in lending to companies with 
turnover of at least £250.000. 

Yet this is only one of Lend- 
ing Advisor's purposes. 
Another is to ensure that Bar- 
clays never again allows a 
mass of lending to weak and 
volatile companies during 
periods of rapid economic 
growth. This was a factor 
behind the bad debts that led 
to Barclays making a £2 42m 
loss two years ago. 

The use of computers to 
guide decisions made until 
now by managers alone is con- 
troversial. Martin Taylor. Bar- 
clays' chief executive, was crit- 
icised earlier this year for 
saying that customers were not 
willing to pay enough to spend 
time with "the old-fashioned 
bank manager of myth". 


Lending Advisor does not 
automate the credit decision in 
the way credit scoring does for 
unsecured personal lending. 
Barclays is working on credit 
scoring of lending for small 
business start-ups, but Wey- 
mouth says the approach is 
inapproriate for more sophisti- 
cated companies. 

The cash flows and credit- 
worthiness of large companies 
are much harder to monitor, 
requiring human interpreta- 
tion. On the other hand, small 
businesses that are financed by 
second mortgages on homes, 
and run through a single 
account, can be monitored - 
and so credit-scored - rela- 
tively easily. 

Furthermore, company direc- 
tors do not want the bank 
manager sitting in front of 
them merely to be a mouth- 
piece for a centralised or auto- 
mated decision on whether 
they will be lent money. 

“Our customers tell us that 
they want to come and talk to 
a manager who has authority’," 
says Weymouth. 

Given these factors, Barclays 
could simply have chosen to 
carry on with the traditional 
system of allowing managers 
who are trained in lending to 
carry on making individual 


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Brian Cook, a corporate manager at Barclays Business Centre, London, working with Landing Advisor, the 
electronic loan system. ‘It reminds you to ask the right questions and takes away the number crunching 1 


decisions within centrally laid- 
down guidelines. Bat Wey- 
mouth argues that Lending 
Advisor offers a number of 
advantages: 

• It gives managers easy 
access to central guidelines. 
Rather than managers having 
to “scurry around" searching 
for files on lending policy for 
companies in particular indus- 
tries, such policies are auto- 


matically displayed on the 
computer screen when the 
industrial classification is 
entered. 

• It speeds up the decision- 
making process. If a local man- 
ager has to seek a sanction for 
a loan from a regional or 
national office, the details can 
be sent through electronically 
rather than by forwarding 
paper. Similarly, future appli- 


cations can be processed using 
information already stored. 

• For the first time. Barclays 
will have a central database of 
information on up to 75,000 
companies which can be ana- 
lysed and used to formulate 
lending policy. “It is not just 
having the information, it is 
having it in a form you can use 
that is not scattered around 
300 offices," says Weymouth. 


The system runs from Bar- 
clays’ Gloucester computing 
centre, using IBM transaction 
processing software, and two 
databases. The software is 
based on proprietory software 
developed by the software com- 
pany Syntelligence in the US. 
It was based on earlier soft- 
ware used to guide Insurance 
underwriting. 

Basic balance sheet, profit 
and loss and cashflow data for 
a company is entered centrally, 
leaving the local manager to 
fill in other details at a termi- 
nal They include assessments 
oE a company's management, 
its competitive position in the 
local industry, and projections 
of likely growth. 

The system compares the 
company's performance with 
others of similar size in the 
same industry, rating things 
such as its gearing and operat- 
ing margins on a series of sev- 
en-point scales. Managers can 
use it to show customers their 
future financing requirements 
given various rates of growth. 

At the heart of the system is 
a “sanctions screen" which 
provides an overall credit rat- 
ing on a nine-point scale. Man- 
agers have the final decision 
on whether to lend, but they 
know that there will be a 







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stronger onus on them to 
explain a decision to lend to a 
poorly-rated company. 

Weymouth argues that this 
credit rating simply helps to 
add "rigour and discipline” to 
lending decisions. “If a firm 
has a poor rating, a manager 
should look carefully at the 
loan price, and the security. 
We want that in an unauto- 
mated world, but we do not 
always achieve it," he sal’s. 

In future, Barclays might be 
able to use Lending Advisor in 
a more prescriptive way. By 
using the data it will collect to 
analyse the actual risks of 
lending to companies that have 
different ratings, it could work 
out what margins it should 
charge, telling managers 
through Lending Advisor. 

This would fit with Barclays’ 
long-term aim of being able to 
allocate capital according to 


"risk-adjusted” returns. \el »t 
would also raise questum> 
about how much trm* auton- 
omy a manager would retain. 
Wevmouth emphasises that 
managers will retain freedom 
of manoeuvre, within Ijimi^ 

He also argues that Lending 
Advisor could actually help to 
increase the amount of auton- 
omy a manager enjoys, if it 
gives the bank more reliable 
data from branches, "if >' ,nl ar£ * 
more confident in information 
flows to the centre, you may lie 
more confident in the discre- 
tions vou am give." he says. 

Yet Lending Advisor - for 
which 1.200 managers have 
been prepared with a five-day 
training course - gives Bar- 
clays the potential for tighter 
control as well ns access to bet- 
ter data. Weymouth says the 
bank could hardly have carried 
on relying on the old ways. 

“It is like some early battles 
of the Boer War. People had 
not quite realised that if you 
advanced in serried ranks with 
rifles raised, it was a highly 
dangerous manoeuvre." he 
says. Barclays hopes that in 
the lending battles to come, its 
managers now have rather bet- 
ter equipment to wield. 


Checking up on 
speedier transactions 

T ransax, the cheque guar- month, takes 6 sq in of countei 
antee company, has space. An alternative efee 
introduced an electronic tronic service, the Cheque 


T ransas, the cheque guar- 
antee company, has 
introduced an electronic 
system to speed up cheque 
authorisation. 

Use of the system at 150 
retail outlets over a year 
showed authorisation times 
comparable with credit card 
processing times, according to 
Transas, which guarantees 
cheques for amounts over bank 
guaranteed limits. 

Clearance takes less than 20 
seconds through a direct link 
between a cash register and 
the Transax computer if the 
retailer already has an inte- 
grated electronic till. The link 
can also be made through 
some credit card terminals, or 
via a Verifone unit, which con- 
nects to the till telephone line, 
and electricity source. Details 
are keyed into a keypad and 
the response is mode through 
the cash register, 

An optional "cheque reader" 
which feeds the cheque details 
into the Verifone automatically 
costs £8.45 a month to rent 
The Verifone. at £10.20 a 


month, takes 6 sq in of counter 
space. An alternative elec- 
tronic service, the Cheque- 
Tone, operates on an ordinary 
tone-dial telephone. Cheque 
details and code numbers are 
keyed into the telephone and 
an electronic voice gives the 
response, authorising or reject- 
ing the cheque. Clearance time 
is about 30 seconds. 

The computer assesses cus- 
tomers on the basis of their 
cheque-writing history. Tran- 
sax also has access to u "hot 
card" database of stolen cards, 
compiled by several of the 
main clearing banks. 

Last year. 3bn cheque pay- 
ments were made in the UK. 
compared with i.4Slm paid by 
cards, including debit, credit, 
charge and store cards. 

• Checkpoint Security Ser- 
vices has introduced Windows- 
compatible software for compa- 
nies transmitting funds 
through the UK Bankers Auto- 
mated Clearing Service. Win- 
bacs costs £585 excluding VAT. 


Sheila Jones 


Worth Watching Vanessa Houlder 


#d 


New source for 
fish oils 


Dwindling fish stocks could 
lead to a shortage of the fish 
oils that are is great demand 
for nutritional supplements. 
So an alternative source is 
being developed by an 
Anglo-French joint venture, 
Clive Cookson writes. 

Scotia Pharmaceuticals of 
the UK and ffeliosyn these of 
France are pooling their 
expertise to produce 
commercial quantities of 
polyunsaturated fatty acids, 
the active ingredients of fish 
oil, In bioreactors stocked 
with microscopic algae. 
Plants conld be built off the 
Scottish and French coasts, 

ffeliosyc these has already 
screened hundreds of strains 
of ocean algae to discover 
ones that grow well and 
make the desired fatty adds. 
Scotia plans to use the 
output first in nutritional 
supplements, for example to 
enrich infant formulae, and 
then as the basis for a new 
range of pharmaceutical 
products. 

Scotia : UK tel 0223 590020. 
fax 0223590205. 


educational software 
manufacturer. 

Klik & Play uses a simple 
programming language 
which aims to lead the nser 
through the steps of game 
creation via a Windows 
interface. The manufacturers 
claim that novices can create 
a simple game in minutes, 
while experienced users can 
write sophisticated games in 
a fraction of the time needed 
with conventional 
programming languages. 

Europress Software is 
selling Klik & Piav for £39.99 
on floppy disc and for £44.99 
on compact disc. 

Europress Software: UK. tel 
0625 S59444 . ■ fax 0625 S79962. 


Academics in 
line with industry 


Cooling unit to 
the rescue 


German scientists have 
devised a solar-powered 
cooling unit for transporting 
vaccines to remote regions of 
the third world. 

Scientists working at the 
Frauahofer-Gesellschaft in 
Freiburg, a research 
institute, have developed a 
miniature solar-powered 
fridge, which fits in a 
rucksack and can maintain a 
temperature below 1CPC for 
up to 12 hours. With a 
capacity of four litres, it can 
hold enough drugs to treat 
an entire village. 

Prmmhofer-Institut fOr 
Solan Energiesysteme: 
Germany, tel 761 4588 227: fax 
761 -1588317. 


Work between academics and 
industry in the UK has 
produced developments in 
medical science, air traffic 
control and architecture, 
according to a joint study, 
writes Sheila Jones. 

In one project. X-rays and 
other medical images are 
combined to give 
computerised 3-dimensional 
pictures. These should enable 
early detection of blood clots 
in heart surgery and greater 
precision in brain surgery to 
avoid nerve or vessel 
damage. 

Computing tools are being 
developed to reduce bugs in 
software used in conditions 
where safety is critical, such 
as air traffic control. The 
study also points to work on 
enhanced virtual reality for 
use in architecture and 
engineering. 

Impact of Information 
Technology, Engineering and 
Physical Sciences Research 
Council, tel 01793 444 212, and 
Department of Trade and 
Industry, tel 01?i 215 1377 i 


Whiteboards and 
PCs team up 


Create your own 
software games 


A software package to help 
computer game addicts to 
create their own games has 
been launched by a UK 


A laser scanning system 
which allows presentations 
on whiteboards to be 
simultaneously displayed on 
a PC has been introduced in 
the UK by Microfield 
Graphics, an Oregon-based 
company. 

The SoftBoard depends on 
au Infra-red laser system 
tracking the colour and 
movement of a marker with 
a reflective bar-coded sleeve. 
The data stream is sent to a 
digital signal processor 
which presents the graphic 
image on a computer display. 

Microfield Graphics: US. tel 
503 626 9393: fax 641 9333. 


r : - kt'3 











FINANCIAL TIMES FRIDAY OCTOBER 2 1 1994 


15 


★ 


ARTS 


All hell breaks loose at the Paris ‘Ring’ 

Covent Garden has no monopoly of booing, reports Richard Fairman from the Chatelet 


I f only Eurotunnel had 
started passenger ser- 
vices a month earlier. 
Then opera-goers could 
have amosed themselves 
last weekend travelling back 
and forth between London and 
Paris, watching new produc- 
tions of Wagner’s Ring tn the 
two cities getting booed to the 
rafters. 

There was no way that 
Covent Garden had a monop- 
oly of discontent Although 
the first three instalments of 
the ThdStre du CM te let’s new 
Ring cycle had passed off 
peacefully, that was because 
the producer had chosen not to 
appear. When he did finally 
poke his nose out from behind 
the curtain at the end of G6t- 
tmUhnmerung on Sunday, all 
hell broke loose. They booed, 
they whistled, they screamed 
abuse. 

What it Is that makes audi- 
ences at Wagner’s operas want 


to taste blood? Leaving aside 
the cost of the tickets, doubt- 
less a powerful incentive, the 
main problem is the impossi- 
bility of realising the compos- 
er's stage instructions. Having 
giving up the realistic style by 
the 1960s and then exhausted 
all manner of social and politi- 
cal updatings In the '70s and 
'80s. producers are looking for 
somewhere else to go. 

The Royal Opera's new Ring 
is cartoon-colourful and disre- 
spectful, in a style which is 
starting to be accepted as 
“post-modern”. Pierre Stros- 
ser. the producer in Paris, has 
gone to the other extreme. His 
stage picture is unrelievedly 
grey: grey costumes on a grey 


stage against a grey backdrop. 
In sweeping aside the ontdated 
ideas of the last couple of 
decades, he has sought to put 
precisely nothing in their 
place. No message, no analysis 
or re-interpretation. Worse - 
there is no intelligence, no 
emotion, nothing to make one 
Teel that sitting through the 
Ring for 16 hours should send 
one oat a different person 
from when one went in. 

To anybody following the 
Ch&telet Ring from the begin- 
ning, none of this should have 
come as a surprise. Earlier in 
the year Das Rheingold and 
Die WalkHre had already set 
the course that the cycle - a 
co-production between the 


Chatelet and Radio France, 
which perhaps explains the 
emphasis on musical, over 
visual values - was to follow. 

Although the rough and 
ready playing of the Orchestra 
National de France was not 
one of the cycle’s strong 
points, Jeffrey Tate did suc- 
ceed in overcoming underlying 
orchestral weakness to deliver 
performances of thoroughly 
Wagnerian power and gran- 
deur. Siegfried was solid and 
leaden-footed in a way typical 
of Tate when inspiration des- 
erts him, but Gdtterddmme- 
rung revived enthusiasm with 
bnrsts of passionate energy, 
flashing hot and cold, now 
slow, now racingiy fast. 


In Paris, Tate’s appearances 
at the second half of this Ring 
have taken on a new signifi- 
cance. Rumour has it that he 
may be asked to take over the 
hot seat of international 
opera, as music director at the 
Bastille in succession to 
Myung-Whun Chnng. If it 
comes about, his appointment 
would fan other flames: the 
Chatelet and the Bastille are 
firm rivals. 

Where the Chatelet produc- 
tion invested its money wisely 
was in its choice of singers. 
Presumably the logic was that 
if most of the audience was 
following the performances at 
home on the radio, there 
should be good voices to listen 


to. In Siegfried, Robert Hale 
was outstanding, a sovereign 
Wanderer, proudly proclaim- 
ing a noble Wagnerian bass- 
baritone to the world, hi Gdt- 
terd&mmerung. Sort Rydl 
made a hardly less impressive 
counterpart, black-voiced, 
bnrly, a Hagen born to 
lower-class thuggery. 

The Siegfried and Brun- 
nhilde also bad their vocal 
strengths. Heinz Kruse may be 
getting on for 50, short and 
rather podgy, bnt he sings as 
if the role holds no particular 
difficulties for him. as fresh at 
the end of Siegfried as he was 
at the beginning (though it is 
not a very heroic tenor voice). 
Towering above him was the 


six-foot Gabriele Schnant, just 
as steady vocally and astonish- 
ingly load, but not, sadly, a 
moving Brunnhilde, mostly 
because the voice is so hard 
and Inexpressive. Much 
amusement was to be had dar- 
ing the love duet In Siegfried 
watching these ill- matched 
lovers trying to avoid standing 
side by side. 

Among the other vocal plea- 
sures were a singularly well- 
sung Gunther from Eike WUm 
Schulte, Franz-Josef Kappell- 
mann as a strong Alberich and 
a winnlngly-blended trio of 
Rhinemaidens in Julie Kauf- 
mann, Hanna Schaer and Dag- 
mar Peckovd. Malmfrid Sand 
was clearly trying to create a 


character out of Gutrune. 
which was unusual in the con- 
text of this production, where 
stand and sing was not just 
tolerated bnt encouraged as 
the way to play the Ring. 

In addition, the programme 
for GdnerdQmmerung listed 45 
“figurants" or “extras", who 
turned out to be a long croco- 
dile of men in raincoats who 
filed on fTOm one side of the 
stage and filed off again on the 
other a couple of minutes 
later. Nobody could explain 
who they were meant to be, 
but they must have added a 
penny or two to the Chatelet's 
production budget. It might 
have been more cost-effective 
to pay them to applaud from 
the stalls at the end. 


Sponsored by the Association 
Culturelle du Theatre du 
Chatelet. Complete cycles of 
the Ring follow later in Octo- 
ber and November 


Theatre 

The Broken 
Heart 

M arital discord, overpower- 
ing jealousy, eating disor- 
ders, the future of the rul- 
ing dynasty . . I refer, of 
course, to - what else? - the 1633 trag- 
edy The Broken Heart. Its author, John 
Ford, is better known for 'Tis Pity She’s 
A Whore: but by some strange chance 
this year has already seen two London 
fringe productions of The Broken Heart, 
and now the Royal Shakespeare Com- 
pany is presenting it at the Swan. 

The director, Michael Boyd, tells the 
excessively complex story with 
astounding clarity. And the story, albeit 
complex, is actually the great strength 
of The Broken Henri. I have called it a 
tragedy, but It only intermittently 
starts to compel any pity or fear. What 
it is chiefly, is full-bloodied melodrama 
of proto-Romantic type: the dark, tor- 
mented, Byronic hero Orgilus, alienated 
from society and from virtue because 
his beloved Penthea has been married 
by her brother Rhodes to another man; 
the suffering Penthea, martyred by her 
brother’s action and by the crazy jeal- 
ousy of her husband, Baffanes, until 
she is driven mad. 

It is a revenge tragedy, but it ends by 
transcending revenge. Heartbreak has 
been widespread among the cast, but 
we are unprepared for the final break- 
ing of a heart that gives the play its 
title. And the princess Calantha, who 
has been a minor character hitherto, 
reveals a tragic authority that lifts us, 
at the end of the play, into awe. 

Like the plot, the language is full of 
striking effects which are more exciting 
than revealing. But that seldom both- 
ered me while I was watching this pro- 
duction; and the role 1 had thought the 
most unplayable, the jealous BafEanes, 
becomes here in Philip Voss’s perfor- 
mance. the most rounded and imagina- 
tive character of alL 
Voss, indeed, is emerging as the mas- 
ter-actor of the Stratford season. (His 
Menenius is the most multi- faceted 
character in the current Coriolanus.) He 
knows how to make Baffanes’s jeal- 
ously both ridiculous and dismaying. 
And how - only an instant later - to 
show the remorse and love that redeem 
the man. ("Light of beauty," he 
exclaims. looking up from the floor to 
his wife, “deal not ungently with a 
dreadful would,"). In movement and in 
speech, he brings abundant detail to the 
role, and makes him always convincing. 

Iain Glen, who plays Orgilus, has the 
some lack of stillness that marred his 
otherwise fine Henry V. His head, in 
particular, keeps moving during every 
line he speaks; and his voice adds 
unnecessary motion to his lines - with 
rises and foils and extra stresses that 
lend unmeaning decoration to his role. 
Too bad, since Orgilus's dark thoughts 
are the still centre of the play. In other 
respects, Glen's performance is excel- 
lently fresh, intelligent, urgent But this 
is an actor of great gifts, who has not 
yet relaxed to discover the authority 



that could make him outstanding. 

Emma fielding, as Penthea, is quite 
the opposite. This young actress has, in 
bearing and voice, stillness, authority, 
poise; and she has learnt a tellingly 
cleaner attack Into words and phrases. 
Her stillness here has the same radiant 
pathos that it had, earlier this year, in 
Moli£re's School for Wives at the 
Almeida^ but here the radiance is of 
anguished, vigilant virtue. Her voice, 
based in an ever-developing contralto of 
rare firmness, has wonderfully touching 
accents and phrases. Her Penthea is 


planned out, scene by scene, with some- 
what too much calculation; and the 
steady, slow walk (which reveals her 
repressed but incessant grief) becomes, 
for all its beauty, a shtick. Even so, this 
young actress is already a star. 

Several other roles are played with 
not quite all their power they deserve, 
but I note that both Robert Bowman 
(lth odes) and Olivia Williams (Calan- 
tha) are young RSC actors who are 
gaining in accomplishment and force. 
Tom Piper’s dreadful scenery with Us 
clanking metal curtains should be 


replaced immediately, but his Jacobean 
costumes are handsome. One master- 
stroke occurs near the end, when the 
Princess leads a wedding-dance (choreo- 
graphed by Janet Smith) that moves 
briskly while Craig Armstrong’s slow 
music gives it no rhythmic support at 
alL The effect is eerie, and prepares us 
brilliantly for what will follow. 

Alastair Macaulay 

in repertory at the Swan Theatre, 
Stratford-upon-Avon . 


Theatre /David Murray 

Queen and I 


The 

F rom Leicester via a 
national tour and the 
Royal Court. Sue 
Townsend's comedy 
has passed to the West End. As 
you must know, both the play 
and the original "novel" are 
about the present royal family, 
imagined as reduced by a 
newly republican Britain to a 
grim council estate in Leices- 
ter. And why not? 

Ms Townsend chooses, how- 
ever. not to explore many ques- 
tions. I do not mean that she 
ought to have explored any of 
them; only that her leaving 
them untouched (why has the 
republic treated the royals so 
brutally? do they learn any- 
thing gignifirawit m their exile? 
do their neighbours?) restricts 
her play to a simple, homely 
vein in a never-never land. 

The time of its notional 
future must be just weeks 
away, since the royals we meet 
here have done nothing newly 
ridiculous since the ludicrous 
things we think we know 
about already. Though there 
are mischievous little sallies 
about those, none is followed 
up, and no character develops. 
For the guiding premise is only 
this: wouldn't it be funny if the 
Queen and her clan were stuck 
in a council estate? 

Here I should declare a disa- 


bility, from birth. All Brits, one 
gathers, sometimes dream 
about meeting the Queen 
(often in unlikely circum- 
stances. but most often over 
tea) - even hard-Left Brits. 
That suggests that she occu- 
pies a special place in your 
national dream-world, some- 
where far beyond ordinary 
assessment. When Ms Town- 
send brings her on to the stage 
in the Celia Johnson-lsh per- 
sona of Paula Wilcox, she 
comes ready-made as an icon; 
you can then be titillated by 
hints of lise-majestt. and 
reminders of recent “miscon- 
duct", and by the royals' sup- 
posed incomprehension of 
council-estate demotic. 

Those account for nearly all 
the comic substance of The 
Queen and 7; those, and a 
steady dribble of knowing ref- 
erences. For example. Prince 
Philip insists on having his tea 
“in my World Wildlife Fund 
mug!” Ha ha. Later the Queen 
remarks that she has “never 
met a butcher - except Bomber 
Hams, of course.” Ha ha. But I 
liked the stuffed but lively 
corgi and the baby, both in 
Spitting Image style. 

Thanks to television, we 
expect stage-royal figures to be 
good impersonators. Miss Wil- 
cox makes a shy, engaging 


Queen, with glints of some- 
thing shyly aggressive. There 
is crepitating charm from Gil- 
lian Hanna's Queen Mum (and 
Crawfie); David Horovitch's 
Philip is a tasty but kindly soul 
out of sit-com. and Toby Sala- 
man's Charles a sympathetic, 
full-blooded impersonation. 
Lizzy Mclnnerney's D1 looks 
good, though the accent is 
more striving-toward-SIoano- 
from-below than upper-class 
drooping Sloanewards; Carole 
Haymnn’s Margaret is n crea- 
ture from Noel Coward’s stage 
milieu. Pearce Quigley is out- 
standingly gormless as Prince 
William, two other chaps and a 
Mrs Newman. 

Their caricatured speech 
betrays scarcely any common 
ground, so we get no sense of 
an aristocracy collectively at 
bay in an unfamiliar real 
world. In Ms Townsend's “nov- 
els”, there is something steady 
and unwinking behind their 
cute prose surfaces. Here, that 
is dissipated among all the act- 
ors’ turns and the continual 
one-joke vignettes. But the 
amiability-factor is pretty high; 
and if you can top it up with 
your own monarchical kink, 
you should enjoy the show. 


At the Vaudeville Theatre (071 
836 9987) 


Delusions of dance 


omix is the name 
of a cattle-food. It 
is also the name 
given by Moses 
Pendleton to the group of five 
gymnasts he directs, who are 
offered to the world as dancers. 
The word “choreography” is 
used in the programme to 
describe their little numbers. 
The words “dance", “illusion", 
“satire” are found in their pub- 
licity. I would venture that the 
satire lies in their illusion that 
they dance. 

I saw Momix on Wednesday 
night at Sadler's Wells as a ten 
day season got under way. I 
did not see all the programme, 
finding it impossible to remain 
for the latter part of Passion, 
their chief offering, since by 
then Momix’ activities had 
induced symptoms I associate 
with having eaten a spoiled 
oyster. So my comments relate 
to about two-thirds of the even- 
ing. It may be that, thereafter, 
blazing theatrical genius fired 
the event. It may also be that 
the members of Momix (2m; 3f) 
are Equerries and Ladies in 
Wailing to the Queen of Peru. 

The programme offers gym- 


nastic exploits and a few 
skimpy costumes - stretch fab- 
ric-in brief scenas of unfath- 
omable purpose. One man exer- 
cises on a table; three girls do 
a Page Three with balloons; 
someone is involved with a 
rope, which gives the audience 
a chance to giggle. Bodies 
assume shapes curious but for 
from intriguing. The accompa- 
niment is rock blare. 

Clement Crisp 
reviews Momix 


One number, Alan Boeding’s 
Circle Walker is memorably 
revived from a previous visit. 
Boeding has made a handsome 
structure which is a metal cir- 
cle whose lower half is set at 
right angles to its upper part 
and joined by curved struts. 
There results a sculptural and 
free-wheeling object inside 
which Terry Pexton moves and 
poses. It is an imaginatively 
fascinating concept. Pexton 
becomes an heroic figure, part 
Icarus as be stands high on the 


circle’s edge, part Sisyphus as 
he pushes it. both master and 
prisoner of the wheel, and we 
see fascinating possibilities for 
dance and for choreographic 
exploration of willed and invol- 
untary momentum. It is 
grown-up activity, a phrase I 
cannot use about the rest of 
the evening. 

The show is, rd hazard, ideal 
for those in their early 'teens. 
There is relentless pop music, 
played before the performance 
and in the interval - and also 
in the Wells’ cafeteria. The per- 
formers have fine physiques, 
and there is a topless moment 
to intrigue the younger lads. 
Passion, the main item of the 
evening, has music of vast 
banality by Peter Gabriel, and. 
for as long as I watched, was 
pointless - unless the sight of 
the cast bent in half and 
clutching their buttocks was a 
message about the terrors of 
haemorrhoids. Perhaps this 
was the satire we were prom- 
ised by the advertisements. It 
certainly wasn’t the dance. 


Momix is at Sadler's Wells 
until October 29. 



I nternational 

Arts 

Guide 


■ EXHIBITIONS 

AMSTERDAM 

Van Gogh Museum Odilon Redon 
(1840-1916): 180 works exploring 
the artist's development sources 
and influences. The exhibition, 
which was first seen In Chicago 
and later goes on to London’s 
Royal Academy, seeks to 
demonstrate how the dreamlike 
nature and Symbolist aspects of 
Redon's work provided a link 
between 19th century Romanticism 
and 20th century Surrealism. Ends 
Jan 15. Daily 

Rljksmuseum The Renaissance 
Print 1470-1500. Ends Oct 30. 
Closed Mon 

Stedelijk Museum Asger Jom 
(1914-1973): retrospective of the 
Danish artist, with 100 paintings 
and a large number of drawings 
from leading museums and private 
collections. Ends Nov 27. Daily 
BASLE 

Kunstmuseum Fernand L6ger 
(1881-1955): an exhibition focusing 
on the major creative period from 
1911 to 1924. Ends Nov 27. Closed 
Mon 


BERLIN 

Brucke Museum Early Kandinsky: 
a survey of a little-known period in 
the German Expressionist’s 
development Ends Nov 27. Closed 
Tues 

Altes Museum Eldorado: 
pre-Columbian gold treasures from 
South America. Ends Jan 8. Closed 
Mon 

Kurtstgewerbemuseum Gianni 
Versace: retrospective of the Italian 
fashion designer, including sketches 
and theatre costumes. Ends Nov 
25. Closed Mon 
BREMEN 

Kunsthalle Toulouse Lautrec's 
Paris Nights: 200 paintings, posters 
and drawings from the 1890s. Ends 
Jan 22. Closed Mon 

HAMBURG 

Kunsthalle Rembrandt and his 
Century: Netherlandish drawings 
from the 17th century. Ends Jan 15. 
Closed Mon 

Defctitorhaflen The Century of the 
Multiple: a history of multiple art 
editions in three-dimensional form, 
ranging from early replicas of 
objects by Duchamp and Man Ray, 
to present-day mass reproductions. 
Ends Oct 30. Keith Haring 
(1958-90): 100 large-scale paintings 
and ceramics by the 
politically-motivated American artist 
Ends Nov 13. Closed Mon 
LONDON 

National Gallery The Young 
Michelangelo: an exhibition 
focusing on The Manchester 
Madonna and The Entombment - 
among the most controversial 
paintings in the Gallery's collection, 
because their attribution is 
disputed. They are placed 
alongside paintings by 
Michelangelo’s Florentine masters. 


and preparatory drawings for two of 
the figures in The Entombment. 
Ends Jan 15. Daily 
Tate Gallery James McNeill 
Whistler: the largest collection of 
the American-born artist’s work 
since the memorial exhibitions held 
after his death in 1903. It includes 
some of his greatest portraits, the 
Thames Nocturnes of the 1870s, a 
group of late self-portraits, etchings 
ranging from bohemian Paris in the 
1850s to the Amsterdam red light 
district in 18%, and drawings, 
lithographs, watercolours and 
pastels from worldwide collections. 
Ends Jan 8. Rebecca Horn: a 
retrospective of the contemporary 
artist, focusing on her extraordinary 
machines and installations. Ends 
Jan 8. Daily 

Hayward Gallery The Romantic 
Spirit in German Art 1790-1990. 
Ends Jan 8. Daily 
Royal Academy of Arts The Glory 
of Venice. Ends Dec 14. Dally 
(advance booking 071-240 7200) 
Royal Festival Hall Kathe KoHewitz 
(1867-1945): a collection of the 
German artist's powerful and 
emotive prints. Ends Dec 4. Daily 
LUGANO 

Museo Cantonale d*Arte Corot 
more than 120 paintings and 
sketches. There are some early 
Impressionist studies from his 
Italian visits, but the show consists 
mainly of studio works from his 
later years, which look back to the 
classical landscape style rather than 
forward to Impressionism. Ends 
Nov 6. Closed Mon 
LYON 

Mus6e des Beaux- Arts Maurice 
Denis: the first retrospective in 
France since 1970, with more than 
200 canvases, sketches and objets 


cTart by the Nabis artist Ends Dec 
18. Closed Mon and Tues 
MADRID 

Fundacid la Caixa Kandinsky and 
Mondrian - Two Roads Toward 
Abstraction: the exhibition covers 
the years 1911-20, and aims to 
illustrate the parallels and 
differences in their stylistic 
evolution. Ends Nov 13 (after which 
it will transfer to Barcelona). Closed 
Mon 

Fundacion Juan March Treasures 
of Japanese Art 1 10 works from 
the 17th to 19th century, on loan 
from Tokyo's Fuji Art Museum. 

Ends Jan 22. Daily 
MUNICH 
KunsthaDe der 

Kypo-Kutturstfftung Edvard Munch 
and Germany: 100 paintings by 
Munch, plus a selection of work by 
late 19th century German artists 
who Influenced him, and by early 
Expressionists who found 
Inspiration In works like The 
Scream. Ends Nov 27. Dally 
Ha us der Kunst Roy Lichtenstein 
retrospective. Ends Jan 9. Closed 
Mon 

Lenbachhaus Tanzania: more than 
400 masterworks of African 
sculpture. Ends Nov 27. Closed 
Mon 

NEW YORK 

Metropolitan Museum of Art 
Origins of impressionism: a 
landmark exhibition of 175 paintings 
by Parisian artists of the 1880s. 
iD listrating the influences that artists 

such as Courbet, Degas, Manet, 
Monet, Renoir and Cezanne had on 
each other, the harmony of their 
talents and the artistic dialogues 
that were created as they sought to 
develop a thoroughly modem art. 
Ends Jan 8. The Annenberg 


Collection of Impressionist and 
Post-Impressionist Masterpieces. 
Ends Nov 27. William de Kooning's 
Paintings. Ends Jan 8. Stone 
Vessels from Ancient Egypt Ends 
Jan 29. Closed Mon 
Guggenheim Museum The Italian 
Metamorphosis 1943-1968: a 
survey of visual arts in the postwar 
period, focusing on a period when 
Italy became a leading exporter of 
culture, and Italian design and style 
became synonymous with 
innovative quality. Ends Jan 29. 
Japanese Art After 1945 (at SoHo). 
Ends Jan 8. The main museum is 
closed on Thurs, the So Ho site on 
Tues 

Museum of Modem Art Cy 
Twombly (b1929): retrospective of 
the American artist who moved to 
Italy in 1957. Ends Jan 10. The 
Prints of Louise Bourgeois. Ends 
Jan 3. Mapping: paintings, 
drawings, photo-composites and 
sculptures, exploring the ways in 
which modernists have made map 
imagery a principal focus of their 
work. Ends Dec 20. Closed Wed 
Brooklyn Museum Indian Miniature 
Paintings: 80 jewel-like paintings 
from the 15th to 19th centuries, all 
from the permanent collection. 

Ends Jan 6. Closed Mon and Tues 
Whitney Museum of American Art 
Jess - A Grand Collage 1951-93: 
first major retrospective of the 
reclusive Californian artist (b1923), 
whose diverse body of fantastic, 
dream-like paintings and collages 
has received little public exposure. 
Dec 4. American Landscapes by 
Neil Jenney. Ends Dec 11. Closed 
Mon 
PARIS 

Grand Palais Poussin: this 400th 
anniversary retrospective Includes 


the two sets of Seven Sacraments 
and some of Poussin's finest 
paintings on classical and biblical 
themes. The overall impression is of 
contradictory inspiration - the Bible 
and Ovid; contradictory themes - 
cruel battles and pastoral idylls; 
contradictory means - floating 
draperies and bodies of sculptured 
perfection. Ml are underlined by the 
use of strong reds, yellows and 
blues, and united by the personality 
of the philosopher-painter. Ends 
Jan 2. Gustave Caiilebotte 
(1848-1894): retrospective of the 
painter and patron of art who 
belonged to the circle of 
Impressionists more by the 
modernity of his subjects than by 
the actual Impressionist technique 
of painting. Ends Jan 9. Closed 
Tues, late opening Wed 
Musde d'Orsay Forgotten 
Treasures from Cairo: a surprisingly 
rich collection of works by Ingres, 
Courbet, Monet, Rodin and 
Gauguin, most of which were 
bought during the 1920s wave of 
commercial expansion and 
subsequently placed In Egyptian 
national collections, where they 
have remained largely unnoticed. 
Ends Jan 8. Closed Mon 
Louvre British Art in French Public 
Collections: paintings by 
Gainsborough, Reynolds. 

Constable, Lawrence and Turner, 
plus other drawings, watercolours 
and engravings. Together they add 
up to a panorama of British art 
Ends Dec 19. Closed Tues (Hall 
Napoleon) 

Mus&» Camavatet The English in 
Paris in the 19th Century. Ends Dec 
5. Closed Mon (23 rue de S6vign6) 
ROTTERDAM 

Museum Boymans-van BeunJngen 


Van Eyck to Bruegel: 96 examples 
of Dutch and Flemish painting from 
1400 to 1550. Ends Jan 22. Closed 
Mon 

STOCKHOLM 
Nationalmuseum Goya: a 
comprehensive picture of the 18th 
century Spanish master, with a total 
of 50 paintings and 60 prints. Most 
have been lent by public and 
private collections in Spain, 
including Colossus from the Prado 
and Arrest of Jesus from Toledo 
Cathedral. Ends Jan 8. Closed Mon 
VIENNA 

Kunsthrstorisches 
MuseumTintoretto portraits. Ends 
Oct 30. Albrecht Durer a selection 
from the museum's collection of 
work by the early 16th century 
German master. Ends Oct 30. 
Closed Mon 

Kunstforum Herbert Boeckl: 
centenary retrospective of the 
Austrian Expressionist, with a 
selection of landscapes, figures and 
religious subjects. Ends Dec 4. 

Daily 

KOnstferhaus Egyptomania: 300 
exhibits showing the influence of 
Egyptian art on European painters, 
sculptors, authors and architects 
from the baroque period to the 
present Ends Jan 29. Dally 
WASHINGTON 
National Gallery of Art Milton 
Avery (1893-1985): 67 works on 
paper by the American artist. Ends 
Jan 22. From Minimal to 
Conceptual Art - Works from the 
Vogel Collection: 90 drawings, 
photographs, paintings and 
sculpture by contemporary artists. 
Bids Nov 27. Daily 


» 





16 



I t is difficult to be objec- 
tive about a process in 
which one has been so 
closely involved. But I 
think it is fair to say that the 
Uruguay Bound of trade nego- 
tiations. and the World Trade 
Organisation to which it gave 
birth, will be seen by histori- 
ans as one of mankind's most 
valuable achievements. 

Eighty years after the start 
of the first world war ended a 
century of relative peace and 
rising prosperity, the princi- 
ples of free trade advocated by 
the great 19th century liberal 
thinkers are gaining near uni- 
versal acceptance. Both the 
idea of free trade and its insti- 
tutional expression can no lon- 
ger be seen as part of an ideo- 
logical arsenal - or indeed as a 
means whereby an affluent 
‘north" seeks to exploit an 
impoverished “south". 

Recent experience shows 
that a worldwide free trade 
system can provide developing 
countries with a fast track to 
economic development if they 
can stay the course and avoid 
doctrinal detours. 

But developed nations are no 
less dependent on free trade 
for their continued economic 
progress. The contribution of 
trade to economic growth in 
the member countries of the 
Organisation far Economic 
Cooperation and Development 
has been steadily rising and 
this trend will continue. 

For the world as a whole, 
international commerce acts as 
a powerful integrating mecha- 
nism. It exerts a humanising 
influence on politics, culture 
and social life. In the 21st cen- 
tury’, I believe it could form the 
basis of a new global civilisa- 
tion. characterised by the 
peaceful interplay of competi- 
tion and co-operation. 

That, in short, is why the 
WTO is so important. And yet 
the outcome of the Uruguay 
Round was a close-run thing. 
At several points, the process 
of reaching agreement almost 
ground to a halt - most nota- 
bly at the 1990 Brussels minis- 
teriai meeting. Even now. six 
months after the final Uruguay 
accord was signed in Marra- 
kesh and less than three 
months before the scheduled 
launch of the WTO on January 
I. some 90 contracting parties 
to the General Agreement on 
Tariffs and Trade have yet to 
complete their internal ratifica- 
tion procedures. 

Clearly, the first director- 
general of the WTO will be 
more than just “present at the 
creation", in the memorable 
phrase of former US secretary 
of state Dean Acheson. The 
organisation will doubtless 
bear the impress of his profes- 


Six steps to 
untether trade 


Kim Chul-su, candidate to head 
the WTO, outlines his priorities 





Kim Chnl-sn: ‘This kind of opportunity for m ankin d comes rarely' 


sional style, modus operandi 
and personal philosophy for 
many years to come. 

He will, unavoidably, be 
called upon to set precedents 
that will guide his successors 
and help chart the future direc- 
tion of the WTO. Therefore. I 
believe that any candidate for 
this post has an obligation pub- 
licly to state which tasks he 
would accord the highest prior- 
ity. In my view, there are six: 

• First, expediting completion 
of the unfinished business of 
the Uruguay Round. This in- 
cludes negotiations in the ser- 
vices sector and new issues for 
further market liberalisation. 

• Second, promoting expan- 
sion of the organisation to 
ensure that it becomes a truly 
universal institution. The 
admission of China, Russia and 
some 20 other prospective 
members will create a unified, 
worldwide multilateral trading 
system for the first time in his- 
tory. I hope that the most pop- 
ulous of these countries - 
China - will be a Gatt signa- 
tory’ soon, in time to become a 
charter member of the WTO. 

• Third, ensuring that the 
benefits of the Uruguay Round 


accrue to all WTO members, 
irrespective of size, region or 
developmental status. In the 
past, developing nations have 
often felt that their interests 
were not adequately repre- 
sented in the Gatt The Uru- 
guay Round was the first time 
the developing world took an 
active part in the Gatt round. 
The WTO. by combating pro- 
tectionism and fairly enforcing 
trade rules, can help narrow 
the gap in living standards 
between developed and devel- 
oping countries. 

• Fourth, strengthening the 
rule of law in the international 
trading order through effective 
utilisation of the WTO’s dis- 
pute settlement mechanism. 
This major reform denies the 
parties to a dispute the effec- 
tive veto over a settlement that 
they had under the Gatt. As a 
result, the WTO should be able 
to resolve trade disputes faster 
and more fairly and effectively. 
Indeed, the credibility’ of the 
WTO will depend to a great 
extent on how well it meets 
these expectations. 

• Fifth, co-ordinating the 
work of the WTO with that of 
the World Bank and the IMF. 


I^erbundnetz 


Linking up 
with success 


D uring its 50 years of 
existence, the Gatt 
achieved enormous 
success in reducing 
tariffs and opening markets. 
More than any other institu- 
tion, it has shaped today's 
global economy. 

However, it was not without 
structural defects, and its 
potential was limi ted by the 
fact that it could operate on 
only one side of an ideological 
frontier. Moreover, during its 
last decade or so, the Gatt sys- 
tem seemed increasingly hard- 
pressed to deal with the rising 
challenges of protectionism, 
regionalism and unila ter alis m. 

The WTO was designed to 
avoid the defects and weak- 
nesses of its predecessor. And 
the end of the cold war has 
eliminated the barrier to a 
globally inclusive membership. 

Thus the auspices look 
favourable for the inaugura- 
tion of the WTO on January 1. 
This is the kind of opportunity 
for mankind that comes along 
rarely in history. It is one that, 
both literally and figuratively, 
we cannot afford to squander. 


The author is minister of trade, 
industry and energy far South 
Korea. Statements by WTO can- 
didates Renato Ruggiero and 
President Carlos Salinas 
appeared on October 5 and Sep- 
tember 26 respectively 



It's no secret that the right connections help to start things moving. We make the 
right connection in every sense of the word. As an east German gas merchant 
company we are literally ‘welded" to our partners. We receive gas from the 
European pipeline system; we feed this gas through our own 3.000 km grid to link 
up with regional and local networks. These networks in turn connect with the 
customer. So we are a vital link in the chain from the producer to the user. And 
our sound energy concepts provide our partners with the service they need to 


keep their customers satisfied. 


verDundnet: Gas AG • 0Jd?6 BdhliTz-Ehrenberg/ieipzig Germany ■ Telephone (0 IQd9j 3d 144^01 


FINANCIAL TIMES FRIDAY OCTOBER l** 


The original proposal at Bret- 
ton Woods to establish an 
“Interna tioiwl Trade Organisa- 
tion’' to complement the Fund 
and the bank was never real- 
ised. Now, 50 years later, the 
WTO will fill the g3p. The 
mandates of all three overiap 
and interface at so many 
points that a high degree of 
coordination is needed if each 
is to yield benefits. 

• Sixth, preparing the ground 
for dealing with trade-related 
Issues that go beyond market 
access. At the front of the 
queue is the question of trade 
and the environment, for 
which a committee has already 
been set up within the Gatt. 
Other issues brought forward 
by some members include the 
relationships between trade 
and subjects such as competi- 
tion policy, investment and 
labour standards. 

I think it is essential to 
recognise that these issues are 
complex and do not admit of 
easy, black-and-white solu- 
tions. All involve trade-offs and 
value conflicts over which rea- 
sonable men and women may 
surely differ. That is why our 
first task in dealing with them 
should be to acquire a suffi- 
cient basis of scholarship and 
research to enable us to dis- 
cuss these issues intelligently. 


Joe Rogaly 


Just not good enough 


O The Conserva- 
tives are driv- 
ing corruption 
down-market. 
;; . The traditional 

jfe British way of 

trading favours 
B jEl is camouflaged, 
■ “■ subtle, delicate, 
unspoken, communicated via 
the old boy network, nudged 
along and winked through, 
understood but never admit- 
ted. modest, restricted to a 
small circle of villains who 
trust one another, above all 
manageable. The essence of it 
is a pretence that it never hap- 
pens here. The Italians and lat- 
terly the French may be cor- 
rupt. we tell ourselves, but 
sleaze stops at Calais. 

This myth has enabled offi- 
cials to protest that British 
standards of public life are the 
highest in the world, the envy 
of the universe, a model fol- 
lowed with difficulty even in 
the celestial kingdom. Mr 
David Hunt, the minister for 
open government, was saying 
that sort of thing yesterday, 
popping up on the airwaves 
every hour, wearing an expres- 
sion perfected by purveyors of 
double gl aring . Wide-eyed and 
innocent, he was apparently 
possessed of a touching expec- 
tation that he was convincing. 
He was not Nor was Mr John 
Major when he uttered similar 
sentiments in the Commons. 

To be fair, the prime minis- 
ter did not stand a chance. 
British corruption is getting 
out of band. Mr Major himself 
is seen to be honest, but all 
around him the angels and ser- 
aphim of his Tory administra- 
tion are falling. Down they 
flutter, wings tom or singed, 
into the abyss of resignation, 
sacking, disgrace. We need not 
list them. They have been pun- 
ished enough. The Artful 
Dodger will not rise to the 
heights to which he aspires. 
The Outlaws have been ban- 
ished. The honourable member 
for back-handere and his col- 


league. the ex-minister for nice 
little earners, have attracted 
the opprobrium they deserve. 

It is the imps who may still 
be sailing aloft singing hosan- 
nas and pretending to be per- 
fect who should trouble Mr 
Major. He cannot know how 
many more miscreants will be 
found, or who they are. What 
concerns him is that tire public 
perceives that there is some- 
thing fishy about some mem- 
bers of his 15-year-old govern- 
ment Just the other day 61 per 
cent of respondents to a Gallup 
poll in the Daily Telegraph 
agreed that the Tories “give 
the impression of being very 
sleazy and disreputable". What 
proportion does Mr Major 
ima^ np thinks Uke that this 


morning? The 

public has lost . iuhluaj « 

confidence in All 3TOUIlfl MfljOfj broadened, b 

the probity of the ansels and P a J e ,.*^ eepe i 
his party, and A be held in pul 

with reason. serapulin. are lie and be mad 

Recall the falling. Down they !£ly mdepei 
facts. Question- « cr ^ . f dent wa 

able traders flutter, WlllgS tom, turned dow 


privately last week ttrat so 
much time had passed in the 
waiting that Scott had gone 
stale. We shall see. 

While officials reassure 
themselves, Mr Tony Blair 
seizes the moment. At question 
tirp e yesterday, the new leader 
of the Labour "party made three 
suggestions. The first - that no 
minister who has privatised a 
company should subsequently 
end up on its board - was 
rejected bv the prime minister. 
The second - that “a list of all 
members of quangos, their pay- 
ments. their perks and any 
position with any political 
party" be published - was par- 
ried by Mr Major, who said his 
own studies were under way. 
The third - that “the cash 
- for questions 
, _ . inquiry now be 

1 Major, broadened, be 

klc and made deeper, 
.is ana ^ held te pub . 

m Uc and be made 

they ~ 


have donated into th.C 

large sums to 

the Tories. resigl 
Patronage is sacking, 

for sale, at 
a somewhat 
higher price than parliamen- 
tary questions. Yesterday Mr 
George Howarth, a Labour MP. 
published a table naming 157 
business executives appointed 
to the boards of 100 quangos: 
all seem to have ties with com- 
panies that have contributed to 
Conservative funds. Ministers 
who have supervised the priva- 
tisation of state industries 
have become directors of the 
new firms, or moved to the 
banks that handled the sales. 
The most startling allegations 
have arisen from arms deals. 
Earlier this year, evidence 
given in public to Lord Justice 
Scott's inquiry into some of 
these was disquieting enough; 
his report could be more so. 
Ministers are dangerously com- 
placent about this. One said 


Into the abyss of 
resignation, 
sacking, disgrace 


ibvSS of m S round 
U1 that Parlia- 
Ltion, meat’s commit- 
iis&race tee on privi* 
v leges had 

mammmmmmm traditionally 
taken evidence in private. It 
would publish its report which 
would be debated. 

None of this is good enough. 
The rules for ministerial 
behaviour, both in office and 
after leaving it. manifestly 
need tightening. Only an inde- 
pendent, open inquiry will be 
enough to meet the level of 
public suspicion aroused by 
the revelation that MPs have 
been paid to ask parliamentary 
questions. One junior minister 
resigned yesterday following 
allegations to that effect in The 
Guardian: a second, Mr Major 
informed the House, is suing 
the newspaper. That may bring 
the whole subject into court, a 
more open form of inquisition 
than Parliament's committee 
of privileges. As to quangos. 


we can wait and see what 
the government proposes to 
do. 

The prime minister snoUlfl 
not dallv. He would do well to 
recall the posture adopted t»‘ 
the sensible Mr Kenneth 
Clarke in analogous circum- 
stances. When he became 
chancellor, the government s 
economic strategy, blown away 
on Black Wednesday, was in 
ruins. The markets had little 
confidence in the Tories' eco- 
nomic competence: the voters 
less. The priority, Mr Clarke 
determined, was to restore 
faith in Conservative prudence. 
Tax cuts could wait. If neces- 
sarv. interest rates could be 
increased. What the chancellor 
called a period of good govern- 
ment was the best - the only - 
political strategj’ if the Conser- 
vatives were to avoid defeat at 
the next general election. By 
giving the Bank of England 
quasi-independent control over 
monetary policy, he locked the 
government in to his chosen 
course. Mr Major doubtless 
concurred. 

The parallel is clear. Public 
confidence in the probity of 
Conservatives will not be 
restored unless Mr Major dem- 
onstrates that he regards the 
establishment of clean govern- 
ment as an overriding medium- 
term priority. All his political 
actions should recognise this. 
He should have welcomed Mr 
Blair's proposals, and added a 
gloss of his own. The prime 
minister must take risks. He 
should place allegations of 
improper behaviour, or inqui- 
ries into new rules, before 
independent tribunals or com- 
mittees. These must conduct 
their deliberations in the open. 
As Mr Paddy Ashdown said 
yesterday “neither this House 
nor the people of this country’ 
are going to be satisfied with 
the result of inquiries held in 
secret ". Heaven knows what 
may emerge from public inves- 
tigations but. as to that, it is 
too late for regrets. 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

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Civil service needs I Number of omissions in 


improvement, but 
not by killing it off 


government’s ‘rosy’ view 
of its immigration policy 


From Mr John Sheldon. 

■ Sir. Your leader (“Re-engi- 
neering the Treasury". October 
20) touched on one of the most 
important, but least high- 
lighted, elements of the Trea- 
sury's cuts announcement - 
the threat to the notion of an 
independent UK civil service. 

Regardless of the fellings of 
the Treasury - which are in 
any event largely failings of 
government economic policy - 
the Fundamental Expenditure 
Review has a much wider pur- 
pose than simply improving 
the Treasury’s strategic vision. 

In part it represents the 
political equivalent of scuttling 
the fleet before it is captured 
by the enemy navy. The Trea- 
sury cuts will seriously dam- 
age a future government's 
attempts to use the public sec- 
tor and public expenditure in a 
more positive way. 

It is also part of the broader 
objective of restructuring the 
shape of central government in 
the UK. It signals the accelera- 
tion of the long-term rundown 
in numbers of civil servants 
which, together with the 
break- 
up of departments into saleable 
executive agencies, privatisa- 1 
tion and contracting out. 


threatens the very existence of 
a non-political, independent 
civil service. 

Importing inappropriate pri- 
vate sector methods into the 
public service, without regard 
for the uniqueness of much 
public service work or the need 
for transparent accountability, 
has already done a great deal 
of damage. Contracting out 
and privatisation have also cre- 
ated new problems of quality 
and accountability which are 
only just beginning to emerge 
with a spate of scandals over 
the last year. 

This is about to be aggra- 
vated with back-door attempts 
to politicise the service 
through personal contracts at 
senior level (what price inde- 
pendent advice then?) and 
half-baked ideas about linking 
performance pay to policy 
work. The British civil service 
needs improvement in many 
ways, but this government 
believes that effectively killing . 
it off represents such an 
improvement. Unless ministers j 
change their views, this will ! 
prove a costly mistake. I 

John Sheldon. i 

general secretary, BUCPS, I 
1241 130 Southwark Street. j 
London SE1 OTV 


Figure was accurate 


From Mr Bill Morris. 

Sir, Your report. “Merseyside 
union official steps down” 
(October 20). on the resignation 
of Mr Alan Quinn from the 
T&G‘s executive quotes Mr 
Quinn as claiming that the 
union accepts that the pub- 
lished figure for his expenses is 
inaccurate. 

This is not, in feet, the case. 
Attention was drawn to Mr 
Quinn’s expenses following the 
publication in the union jour- 
nal, as now required by law, of 
the amounts claimed over the 
past year by himself and all 
other members of our lay exec- 
utive. 

Mr Quinn asserted that the 
published figure was untrue, 


as a result of which an Inquiry 
was established to ascertain 
the position. 

This investigation has estab- 
lished that the figure published 
for payments made to Mr 
Quinn is. in fact, accurate. 
There is no question of the 
T&G’s financial officer having 
accepted that the published 
expenses figure for Mr Quinn 
of £15.181 is "inaccurate and 
not true". 

Bill Morris. 
general secretary. 

Transport and General Workers 
Union. 

Transport House. 

Smith Square. 

Westminster. 

London SWiP 3JB 


From Mr Graham Allen MP. 

Sir. The letter by Nicholas 
Baker, immigration minister, 
(October 20) contains a number 
of omissions in its rosy portrait 
of the Conservatives' immigra- 
tion and asylum policy. He 
says that detention powers 
under the 1971 Immigration 
Act “are exercised only when 
there are good grounds for 
believing that the person will 
not comply with any condi- 
tions imposed, if released”. 
What he foils to point out is 
that the decision to detain is 
made without reference or 
accountability to any indepen- 
dent review body. 

That such decisions are left 
to the discretion of immigra- 
tion officers with no or little 
grounding in human rights 
and foreign affairs is a situa- 
tion which needs to be reme- 
died. 

Not one of the 50 detainees 
who were the subject of 
Amne sty International's report 
was given full written explana- 
tions of their rights and how to 1 
exercise them. How can the 
minister claim that Britain 1 
“complies with its obligation 
under international conven- 
tions to which it is a signa- 
tory" when international stan- 
dards require that all detainees 
be fully informed of their 
rights and how to use them? 
This begs the question of 
whether immigration officials 
making these decisions are 
actually themselves aware of 
the rights of detainees? 

Mr Baker further claims 
that: “Detention is a necessary 
part of a policy of firm and fair 


immigration control." This slo- 
gan might be passable if deten- 
tion were to occur in a human- 
itarian manner. Unfortunately 
it does not. How can the Home 
Office justify the fact that 
more than one third of all 
those detained are held in pris- 
ons and can be treated far 
worse than the common crimi- 
nal charged with a serious 
offence? Surely detention 
ought to take place in recog- 
nised and properly equipped 
detention centres? 

Labour would seek to adopt 
a fairer system so that deten- 
tion was used only in the most 
pressing circumstances as an 
absolute last resort We would 
also ensure that detainees were 
treated humanely and given 
their due rights in line with 
the UK’s international and 
European commitments. This 
would include a known limit to 
the length of time for which 
detainees could be held and 
special attention to the physi- 
cal and mental health of 
detainees. 

Ahead of the UK introducing 
a bill of rights, there is much 
that could be done to ensure 
that people desperately fleeing 
from persecution in their own 
land are given safe haven if 
they escape to Britain. Fair 
treatment requires a govern- 
ment that takes its human 
rights responsibilities seri- 
ously. 

Graham Allen, 

Labour spokesperson on _ ' 
immigration. 

Bouse of Commons. 

Westminster. 

London 8W1A 0AA 


MPs should declare all 


From Mr Peter Cave. 

Sir. As a result of the Finan- 
cial Services Act. financial 
advisers and sales people must 
declare to would-be investors 
exactly whom they represent 
and (from the new year* the 
commissions they will receive 
in cash terms. 

Given the continuing con- 
cern over cash for questions, 
perhaps MPs should follow a 


similar line. Before their que* 
tions are accepted, their 
speeches allowed and their par- 
liamentary votes counted, per- 
haps they should make it clear 
at the time exactly whose 
interests they are representing 
and the financial rewards they 
have or will receive. 

Peter Cave, 
ir The Mount. 

Hampstead, London NW3 FSZ 


CSO figures on UK consultants overseas esrnings too gloomy 


\ 


ft'iii 




From Mr T A Bourn. 

Sir, I was disappointed to 
read the article in which the 
Central Statistical Office 
reports a fall in 1993 in the 
overseas earnings by consul- 
tants (“Overseas earnings by 
consultants fall". October 15). 

The CSO report paints a 
somewhat gloomy picture of 
consultancy which, from our 
viewpoint, is far from true. 
More than 80 per cent of mem- 


ber firms reported that their 
overall work load overseas in 
1993 was higher than or the 
same as in 1992. and 97 per 
cent expect their work load to 
be higher or the same in 1994. 

British consultancy interna- 
tionally is a success story and 
is highly regarded by interna- 
tional funding agencies. With a 
multiplier effect for project 
work of 10-25 this 
is good news for British 


business as a whole. 

From our annual statistical 
survey of member firms, which 
are the leading consultancy 
firms working internationally, 
we believe the gross overseas 
earnings of British consultants 
in 1993 were higher than 
reported, particularly for con- 
sulting engineers where the 

ll? ure J? J . £684m compared with 
the CSO figure of £397m. 
including process engineers. 


Our returns also show a dif- 
ferent regional emphasis, with 
Asia and Pacific the biggest 
market with 41 per cent of 
gross earnings. The European 
Union came third with 18 per 
cent. 

T A Boam. 
director, 

British Consultants Bureau. 

1 Westminster Palace Gardens, 
1-7 Artillery Rote. 

London SWlP 1RJ 


Mean i 
France 


-W 






FINANCIAL TIMES FRIDAY OCTOBER 21 1994 


17 


A 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Friday October 21 1994 


Mr Clarke's 
Budget task 


Mr Kenneth Clarke will be 
discussing the European Union’s 
fiscal position in Italy today, not 
the UK Budget. Treasury minis- 
ters and advisers will not plot the 
Budget strategy in Dorneywood 
without him, but sane would say 
there was little need for them to 
meet at alL in the spirit of his new 
precept that “sound economics is 
good politics", Mr Clarke has 
already ruled out significant tax 
cuts for this year, while the good 
performance of the economy thia 
year rules out any further tax 
increases. 

But there is more to a “sound" 
Budget, especially a unified one, 
than the foil or rise of haaflttng 
tax rates. In his second Budget 
speech, the chancellor should set 
himself the task of explaining - and 
illustrating this, not merely to the 
electorate, but to his party. 

The chancellor believes +ha» the 
government can rebuild its popu- 
larity only on the basis of a 
revived reputation for economic 
competence. In Us first Budget, 
that tnaant a willingness to imi- 
tate his predecessor's last Budget, 
by raising taxes to plug the hole 
in. the public finances. There is 
still plenty of red ink on the pub- 
lic sector accounts. But a series of 
pleasant economic surprises 
means that the gap between the 
politically popular and the eco- 
nomically prudent is a good deal 
narrower than it was last Novem- 
ber. 

Position reversed 
According to the Institute for 
Fiscal Studies, the puhlic sector 
borrowing requirement for 1994-85 
is likely to he under £32bn, some 
£6bn lower than the prediction in 
last year’s Budget The reasons 
can be found In what has hap- 
pened to the components of nomi- 
nal GDP growth, which is itself 
likely to come out only slightly 
lower than the 6.5 per cent expec- 
ted a year ago. Last November, 
the Treasury expected that only 
2J> percentage points would repre- 
sent real growth in GDP, with the 
remainder taken up by inflation.' 
In the event, the position of the 
two has been reversed: inflation 
for fiscal year 1994-95 may bo only 
2.5 per cent, while real GDP 
growth could well exceed per 
cent. 

The chancellor will find it easy 
to sound tough on public spend- 
ing, announcing a reduction in the 


overall level for the second consec- 
utive year. Last year’s nominal 
spending targets have been under- 
shot, without any reduction in the 
volume of public services. Indeed, 
the IFS has calculate! that if the 
chancellor were to adhere to last 
year’s planned real reduction in 
spending for next year, the revised 
nominal control total for 199546 
unveOed in five weeks could be 
£5bn less than previously planned. 

Shrink faster 

This year at least, Mr Clarke 
should also be able to silence 
those in his party calling for tax 
cuts. A higher rate of economic 
growth in 1994 means that the 
economy will return to Us trend 
level of output somewhat earlier 
than previously thought- Accord- 
ingly, public borrow i ng ought to 

nhrint foster than plaimari over 

the coming years, in order to keep 

HbiwsitmI in chuck- 

Even the more pessimistic ana- 
lysts, however, envisage the PSBR 
faffing to very low levels - per- 
haps 1-2 per cent of GDP - by 
1997. In that context, the pressure 
for voter-friendly tax cuts can be 
expected to be far greater next 
year. Mr Clarke is unlikely to 
extinguish those hopes in his com- 
ing speech. But the message of the 
1994 Budget should be somewhat 
deeper. 

The chancellor should seek to 
cgfahHflh a miff r wwnnmk coun- 
terpart to the framework for sta- 
ble macro-economic policy which 
has been put in place since ster- 
ling's exit from the SRM. That 
means clearly laying out, not 
merely the level of tax and spend- 
ing for the years ahead, but his 
plans for their structure as welL 

After the many new measures 
imposed in the last three Budgets, 
Mr Clarke should hold off dra- 
matic change, and certainly he 
should lose his penchant for gim- 
mickry. An end to “boom and 
bust", for monetary policy, mwiTw 
early interest rate increases and 
transparent dealings between cen- 
tral bank go v ernor and chancellor. 
Similarly, on the fiscal side, it 
means prior warning that the tax 
cuts, should they prove feasible, 
will be aimed at improving, first, 
the treatment of savings and 
investment and, second, the rela- 
tionship between the tax and ben- 
efit systems. Mr Clarke should 
become a reformer. That would be 
sound economics, in d e e d. 


Unclean hands 
in France 


Corruption in France does not 
appear to have been of the sys- 
temic variety revealed in Italy.’ 
The allegations of malpractice 
that have recently forced the res- 
ignations of two French ministers 
are more reminiscent of cases 
involving West German politicians 
during the 1970s and 1980s than 
those affecting large numbers of 
government personnel and busi- 
nessmen in Italy in the past 
decade. And the latest evidence of 
malpractice within Britain’s con- 
servative party indicates that 
sleaze is a Europe-wide phenome- 
non. 

AH the same, the steady flow of 
allegations of misdeeds by French 
politicians and company execu- 
tives has added to concern about 
low ethical standards in public life 
in France, and this in turn has 
undermined the credibility and 
effectiveness of Mr Edouard Baha- 
dur’s conservative government A 
recent opinion poll indicated that 
60 per cent of French voters 
lacked confidence in Mr Ballad Ur’s 
ability to count®: corruption. The 
dents in the prime minister’s 
image have set back his hitherto 
smooth-running camp ai g n to win 
the presidency in the election due 
next spring. 

Following last year's collapse of 
electoral support for the Socialist 
party, partly as the result of reve- 
lations over abuse in collection of 
political contributions, there is a 
risk that, as in Italy, the main- 
stream French parties of left and 
right wfll end up squarely discred- 
ited by foe taint of scandal 

Fringe parties 

These developments are most 
unlikely to create the form of 
political upheaval seen in Italy. 
But they will strengthen support 
for fringe parties ahead of foe 
presidential election. And they 
may weaken France’s voice in the 
debate over foe next stage of 
European integration, particularly 
vis-d-vis newly re-elected Chancel- 
lor Helmut Kohl. 

The electoral chances next 
spring of Mr Jacques Delos, foe 
president of the European com- 
mission and former Socialist 
finance minister, have been 
heightened by Mr Bahadur's prob- 
lems. However, the “clean hands’* 
advantage afforded by Mr Dolors* 
10 year absence from the French 
jbhtical scene may be offset by 


foe public perception of foe Social- 
ist party. 

Anxieties about a lowering of 
France’s international influence 
were almost certainly in President 
Francois Mitterrand's mind yester- 
day when be rebuffed recent sug- 
gestions in the French press about 
a threat to France’s internal sta- 
bility. The crumhling of Mr Mitter- 
rand's personal authority near the 
end of his 14-year rule has no 
doubt added to the general sense 
of misgiving. But foe president 
was right to warn against prema- 
ture condemnation of people 
caught up in corruption investiga- 
tions. 

Exaggerated judgements 

Some members of the French 
judiciary, emboldened by the high 
profile activities of Italian magis- 
trates, may have overstepped the 
mark in their eagerness to publi- 
cise investigations into public fig- 
ures. Exaggerated judgments 
about a sudden rise in French cor- 
ruption have also been encour- 
aged by a less forgiving climate in 
public opinion, itself influenced by 
what ordinary people have had to 
put up with dining the recession. 

A range of unorthodox activities 
is now coming to the surface in 
diverse French investigations. 
Even though some of the cases 
which are attracting publicity 
date back to investigations started 
in foe 1980s, important voices 
from the French corporate world 
now appear to believe that French 
tnisinftan sh ould fftean up its SCt. 
Many of foe cases focus an accusa- 
tions that public contracts have 
been used to divert funds illegally 
into party coffers. 

Mr Balladur has bowed to public 
pressure by suggesting annual 
audits of the assets of ministers, 
parliamentary deputies and senior 
functionaries, along with external 
gram (nation of public sector con- 
tracts. An outright ban on private 
donations to political parties, pro- 
posed by some French politicians, 
seems unlikely to be the right 
answer. Greatly increased trans- 
parency of the finances of parties 
and individuals involved in public 
dealing s is a necessary condition 
for persuading French voters that 
the government’s campaign on 
corruption can be successful. 

These are the kinds of reform 
which are needed elsewhere as 
welL 


P oland's President Lech 
Walesa, the former army 
corporal and shipyard 
electrician who tod the 
Solidarity movement to 
victory against communism in 1989, 
is under fire from all sMpc 
T he shots are the opening salvos 
of what promises to be a bruising 
and prolonged presidential election 
campaign, in which Mr Walesa is 
fighting not only for re-election but 
also for the incorporation of strong 
presidential powers in the new con- 
stitution currently in preparation. 

Thus far Mr Walesa is the only 
declared candidate for an election 
that will not take place until 
November 1995. His most likely 
challenger is the smooth. English- 
speaking Mr Alexander Kwas- 
niewski, a rising star in the last 
communist government who re- 
emerged as the Eminence grise 
behind last year’s electoral victory 
of the Communist party’s successor, 
the Democratic Left Alliance (SLD). 

But the most painfol attacks on 
Mr Walesa to date have come not 
from his ex-communist opponents 
but bis former Solidarity allies. 
They have regrouped in a new coali- 
tion called the Freedom Uhion, fol- 
lowing their defeat at elections 
called by Mr Walesa, against their 
advice, in September last year. 

That election brought victory for 
the former communists. For many 
former Solidarity supporters, call- 
ing the election was foe most seri- 
ous Of a wiring of feartiral mrgr-alr-n- 

lations made by Mr Walesa since he 
split the Solidarity movement by 
his determination to become 
Poland’s first post-communist presi- 
dent In 1990. 

Last week Mr Bronislaw Gere- 
mek, the Solidarity veteran and 
chairman of the Freedom Union 
parliamentary group, told the presi- 
dent to his face: “You pose a threat 
to winstihitinmii order py»d democ- 
racy in Poland." 

Mr Geremek's accusation was fol- 
lowed by harsh criticism from a 
string of former close Walesa allies, 
including the former prime minis- 
ter, Ms Hanna Suchocka. All 
accused foe president of subverting 
democracy and parliament through 
what they claimed were his person- 
alised, unaccountable meddling in 
deii cete affairs of state. 

Mr Walesa's cunning political 
style helped him outwit the commu- 
nist apparatchiks five years ago. 
But the growing army of Mr Wal- 
esa’s critics view such teienta as 
unsuitable for the president of a 
democratic society based on law. 

Critics liken him increasingly to a 
typical Communist party first secre- 
tary under the old regime, used to 
giving personal orders to cronies 
and oblivious to legal or constitu- 
tional restraint 

Under the terms of the “small 
constitution", an in te r i m document 
containing amandnnmtis to the cam- 


President at the 


eye of the storm 

Attacks on Walesa reflect political uncertainty in Poland, 
write Christopher Bobinslri and Anthony Robinson 


munist-era constitution still in 
force, Mr Walesa secured partial 
control over the defence, foreign 
ai yj internal affairs ministries. 

HiS Intention to maintain and , if 

possible, strengthen these powers 
lie behind the actions for which be 
is now being criticised. These 
include his interference in the allo- 
cation of TV broadcasting licences 
by the Radio and TV Council, an 
independent regulatory body. Ibis 
is seen as an attempt to ensure that 
licences went to groups likely to 
support his political aims. 

And he has used his defence pow- 
ers to manoeuvre inside the top 
reaches of the military establish- 
ment tn a bid to stren g t hen his grip 
on the armed forces. Mr Walesa 
sought foe support of top army 
leaders to remove Admiral Piotr 
Kolodzfajczyk, a one-time ally and 
former Warsaw Pact admiral, from 
the post of dftfrp ** ? minister. 

The president saw his generals, 
led by General Tadeusz Wlledti. the 
ehipf of staff, as allies against the 
minister because of their unhappi- 
ness over continuing military 
spending cuts. Mr Kolodziejczyk 
resisted the attempt to giHeiine him , 
but foe move has precipitated a 
political crisis over control of the 
200.000«trong army. It has attracted 
c riticism of Mr Walesa in parlia- 
ment from Solidarity supporters 
and former communists, who united 
to pass a resolution that his actio ns 
“were endangering democracy". 

At the same time as Mr Walasa is 
coming under fire from his former 
allies, there has been bitter ln-fight- 
ing between foe leaders of the 
uneasy coalition government of for- 
mer communists and peasant farm- 
ers, which is now at foe start of its 
second year in power. 

Mr Kwasnieski is the senior part- 
ner in the coalition, his SLD party 
having won most votes in foe Sep- 
tember 1993 general election. How- 
ever, he has been consistently frus- 
trated and outclassed by Mr 
Waldemar Pawlak, the prime minis- 
ter and leader of foe Feasant party. 

Mr Pawlak displays qualities of 
stubborn craftiness traditionally 
associated with the peasantry in 
this still largely rural country of 
small private fanners. While Mr 
Kwasniewcki has been supporting 
id ea s for ^ppitiihig Poland, such 


Poland’s economy: the upswing continues 



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34 


as privatisation. Mr Pawlak has 
been dragging his heels and concen- 
trating on using power for the bene- 
fit of his peasant supporters. 

This week. Mr Pawlak agreed to 
sign a bill to launch foe long-stalled 
privatisation programme - after 
months of insistyp t prodding by Mr 
KwasniewckL But he agreed to sign 
only after securing concessions that 
take several enterprises of interest 
to the rural sector out of the pro- 
gramme. 

Mr Pawlak has also positioned his 
party as a suspicious watchdog over 
the largely foreign-managed Invest- 
ment trusts that will manag e the 


460 or so enterprises included in the 
programme. In so doing, he has 
upstaged the ex-communists in pur- 
suit of latent anti-capitalist voters. 

The prospect of a bitter presiden- 
tial contest and governmental in- 
fighting does not appear to have 
had any impact on Poland's eco- 
nomic recovery and its new found 
attractiveness for foreign investors 
thus far. 

The government’s proposal to 
limit the i miqiMuianfB of the cen- 
tral bank - whose current governor 
was nominated by Mr Walesa - by 
creating an advisory board nomi- 
nated by politicians, is one worry- 


ing straw in the wind. It reflects a 
conflict between the central bank's 
willingness to keep interest rates 
high to counter inflation and the 
government’s desire for cheaper fin- 
ancing of foe budget deficit. 

But the recovery in Poland's 
export markets of Germany and foe 
rest of the European Union, grow- 
ing trade with ami financial inflows 
from Russia and other former 
Soviet states, and strong domestic 
demand are combining to keep up 
the growth which began in 1993. 
The economy is set to expand by 43 
per cent this year and next. 

Industrial output rose by an 
extraordinary 13 per cent over the 
first nine months of this year and 
growth was export-led. Exports 
increased 23 per cent in this period 
to $10.7bn while import growth 
slowed to 7 per cent at $Ubn. 

Rapid growth and higher real 
incomes cany some risk of over- 
heating, however. Inflation acceler- 
ated in foe third quarter, causing 
prices over foe first nine months to 
rise by 32 pm- cent on the same 
period of 1993. 

B ut money supply and 
the budget deficit for 
tbis year are both 
within the limits agreed 
in foe summer with the 
International Monetary Fund as 
part of negotiations over a loan to 
help reduce Poland’s commercial 
debt. Next year’s draft budget with 
a planned deficit of 33 per cent of 
GDP appears achievable. Inflation 
next year, according to foe Finance 
Ministry, should be about 23 per 
cent, down from the 31 per cent 
forecast for 1994 as a whole. 

Meanwhile the prime minister’s 
go-ahead for the mass privatisation 
programme will allow the foe IMF 
to disburse funds promised to help 
finance the first payment of Sl^bn 
in the $14bn London Club debt 
reduction deal finalised last month. 
The IMF had earlier made clear that 
progress on privatisation was a con- 
dition for releasing the funds. 

Hie combination of debt reduc- 
tion, IMF approval and mass priva- 
tisation is expected to attract for- 
eign fund managers to Warsaw to 
help the privatisation programme. 
Their skills will be needed in set- 
ting up and r unning the 20 National 
Investment Funds that will manage 
foe privatised enterprises on behalf 
of millions of Poles who have 
bought privatisation vouchers. 

Despite the risk of political 
storms in the months ahead, the 
improving economic outlook should 
also be attractive to foreign banks 
and investors, who have so far been 
reluctant to set down roots in 
Poland. Yet this country, the first to 
overthrow communism, has also 
been the first to restore macroeco- 
nomic stability and , for the past two 
years, one of the fastest growing 
economies outside south-east Asia. 


A partial cure for Italy’s deficit 


In Its triennial 
economic and finan- 
cial plan, published 
at the end of Sep- 
tember, the Berlus- 
coni govern me nt ac- 

PwSir knowledged Italy’s 
rEKSONAL con tinuing fiscal 

problems and 



VIEW 


announ ced the broad outlines of a 


cure. 

In the absence of any corrective 
action, the budget deficit it was 
estimated, would increase from 
LlfiO^OObn in 1994 (or some Slttfen) 
— resulting in a wiawninth ratio of 
debt to gross domestic product of 
123 per cent - to L20CM»0bn. and 134 
per cent of GDP, in 1997. The plan 
caiipd for new measures to bring 
the deficit down to IAOO^QObn by 
1997, the target set by foe previous 
Ciampi government The redaction 
of L10Q,0Q0bn was to be accom- 
plished by a cut of L45,000bn in 
1995, with further cuts of L55,000hn 
over the following two years. 

The details of the first year's pro- 
gramme were revealed when the 
government submitted the long- 
awaited 1995 budget to parliament 
at the mid of September. So far, it 


has been fairly favourably received 
by I t al i a n and foreign commenta- 
tors. The main reason seems to be 
that the programme is more austere 
than was expected from the elec- 
toral programme and earlier utter- 
ances of the parties in government 

It also satisfies the targets set out 
in the three-year plan to reduce the 
deficit by L50,000bn. And L28,000bn, 
or more than half, of that reduction 
is supposed to came from expendi- 
ture cuts. 

Another feature that contributed 
to t frfl favourable judgment is that 
the budget was accompanied by 
wise and courageous proposals to 
reform the pension system. Existing 
laws passed before 1991 by govern- 
ments in search of votes had given 
irresponsibly favourable treatment 
to the retired. This, together with 
the large share of the expensive 
National Medical Insurance System 
borne by the government, threat- 
ened to absorb an unsupportable 
portion of national income. 

The proposals gradually shift the 
Italian pension system towards 
those of other countries in the Euro- 
pean Union. 

The rest of the budget, however, 


suffers from several significant 
shortcomings. 

To begin with, the assertion that 
the deficit reduction will come pri- 
marily from pruning expenditure 
rests on an arbitrary and unaccept- 
able classification of individual 
items, including some questionable 
ones. 

Far more serious is that 
Ld9,000bn, or some 40 per cent of 

Some of the budget 
proposals suffer 
from several 
significant 
shortcomings 

the deficit reduction, will come 
from payments made in exchange 
for an amnesty for a variety of 
transgressions of laws and regula- 
tions. These include tax evasion 
and the violation of building codes. 

Such sources of revenue are not 
new to Italy, but they have never 
been used to such a degree. They 
are immoral in that they reward 
ffiogfli behaviour; in th« long run. 


they are self-defeating, since they 
encourage such behaviour. 

Furthermore they cannot be 
regarded as ordinary income, since 
they represent the liquidation of an 
asset - the claims against the viola- 
tors. They are therefore transitory 
and will have to be replaced by 
more permanent measures next 
year (though the government esti- 
mates that some of the proposed 
measures may reduce tax evasion In 
future). 

Other measures are similarly 
transitory, such as the postpone- 
ment of the inflation adjustment on 
pensions. 

Finally, there is some concern 
about the reliability of the estimate 
of savings of LSO.OOObn. The esti- 
mate of interest costs is likely to be 
too optimistic and the revenue from 
amnesties is uncertain and easily 
overestimated. 

The deficit reduction is thus 
unlikely to be as effective as 
plaxmsd. largely because it will be 
achieved by questionable and tran- 
sitory means. 

The actual, permanent reduction 
will probably be less than 
L30.000bn, requiring savings of 


another L7D,000bn In the next two 
years, an annual average higher 
than that of 1994. 

This is a tall order but not impos- 
sible. The economy is strong and 
growing rapidly. 

Achieving the cuts, however, 
requires prompt and intensive 
attention. The government must 
devote itself to reestablishing its 
credibility. 

It must use its continuing popu- 
larity to prepare Italians for the 
painful sacrifices and unpopular 
measures that await them. Only by 
such actions can it convince finan- 
cial markets of the seriousness of 
its commitment to carry out its obli- 
gations. Only thus can it begin to 
reduce the huge premium of Italian 
interest rates over world interest 
rates, which threatens to suffocate 
the economic recovery. 

Franco Modigliani 


The author is Institute Professor 
Emeritus, Soon School of Manage- 
ment. Massachusetts Institute of 
Technology 


Observer 


Italy’s great 
and godly 

■ Everybody knows the Pope has 
friends tn high places, but his 
terrestrial contacts aren’t bad 
either. For it was a veritable 
roU-caH of Italy’s industrial, 
judicial, religious and political 
potentates who gathered on 
Wednesday evening for the launch 
of his book. Crossing the Threshold, 
of Hope. 

Arch-conservative Cardinal 
Joseph Ratringer and Irene Pivetti, 
the devout Catholic speaker of 
Italy’s lower house of parliament, 
made the formal presentation. 

Sitting humbly in the front row 
was Cesare Romiti, chief executive 
of Flat, flflnfrpH pithar by 
archbishops; Gberardo Colombo, 
one of Milan's anti-corruption 
magistrates, was placed just behind. 

Most prominent absentee - apart 
from the pontiff himself - was 
Silvio Berlusconi, who was 
otherwise engaged in Rome. His 
actress wife Veronica was present 
however - as was the Italian prime 
minister in spirit, by dint of the 
vast reach of his commercial 
empire. 

Rushing to foe aid of Mrs 
Beriusconi. whose arrival nearly 
caused a bout of fisticuffs between 
greedy hacks and photographers, 
were Berlusconi staff from 
Mondadori, publishers of the book, 
mMaoady Hhirfdtng her from the 
attentions of employees from 


another part of foe group, 
Finin vest's three television 

rhannolg 


Undercovering 

■ More funny goings on in the 
Lloyd’s of London insurance bazaar, 
where gossip of rifts between 
chairman David Rowland and his 
chief executive. Peter Mid d leton, 
continues to flare up despite 
repeated denials. 

Hie suspicion at foe insurance 
market's Lime Street headquarters 
that a few angry Lloyd's Names are 
trying to cause mischief by 
spreading rumours credibility — 

after all, Lloyd’s is turning the 
screws on thousands of tossmaking 
members who owe it m o ney. But 
would they get involved In burgling 
foe chief executive's mansion? As 
Middleton should know, that sort of 
thing only happens in spy thrillers. 


Bye-bye Robin 

■ There are two ways of looking at 
the news that Robert MacNal - 
known as Robin - is retiring next 
year after two decades as ooenebar 
of the MacNeil-Lehrer Newshottr, 
US non-commercial television’s 
admirable weekday fix on current 
affairs. 

Both are sad. Canadian-born 
MacNeil, long ago a BBC veteran, 
and his sidekick, Jim Lehrer, an 
affable Texan and spare-time 
thriller - w r ite r, have been 



‘How much are the ISA paying us 
to talk to them? 1 


continuing voices of sanity amidst 
increasingly shrill news 
broadcasting. Their nightly 
audience - about 2m - is foil of 
policy movers, shakers 
wannabees who know that being 
Interviewed by one or the other 
means recognition. 

MacNeil, who insists he always 
intended to retire on the 
programme’s 20 th anniversary, 
which is also close to his 65th 
birthday, wfll not be repfaced- 
Lehrer, the safest pair of hands, will 
shoulder tiie whole burden, with 
help from subanchore. 

Behind the decision fies another 
sad fact about the parlous state of 
pablic TV’s finances. The New York 


end of foe programme, from which 
MacNeil operated, will be closed 
down next year, with production 
confined to Washington, Lebrer’s 
base. Tbis is a large blow to WNET, 
Channel 13, in New York. 

It also leaves Am Lehrer with the 
problem of finding a new sign-off 
line, when “Goodnight, Robin” 
becomes history. 


Dash it 

■ Very sorry I can't hand out your 
school prizes - I’ve got to hot-foot it 
back to Sofia to be Bulgaria’s new 
foreign minister. Not an excuse 
often heard by school heads, but 
one that Christopher Barnett of 
Croydon’s Whitgtft School had to 
accept on Monday night when his 
star turn, Ivan S t andoff former 
Bulgarian ambassador in London, 
pulled out at the last minute. 
However Agiika Markova, foe 
embassy’s cultural attache, filled 
the slot admirably. She informed 
pupils that B u lgarian education has 
cornea long way from the days 
when teachers were forced to tell 
their pupils that aeroplanes and 
steam engines were invented in 
Russia in the 16th century. 


First byten . . . 

■ As Russia’s President Yeltsin 
ponders more unrest among his 
ministers, he must o ccasionally cast 
envious glances at the growing 
business career of his predecessor. 


Mikhail Gorbachev. 

Gorbachev is currently starring 
in a German ad campaign for Apple 
Computer and features as a 
fearfully busy pin-striped executive 
who will not accept anything but 
the very best when buying 
computers for his Green Cross 
International environmental 
organisation. "The more freedom 
Mikhail Gorbachev has in his work, 
foe better,” purs the glossy 
advertisement 

For his part, Gorby says: “One is 
either part of the solution or part of 
the problem. I derided on the first” 

Presumably he is talking about 
his computer rather thaw his 
abbreviated political career. 


Eastern promise 

■ Michael Heseltine, in his role as 
Britain's trade supremo, is 
currently in Malaysia, doing a bit of 
bridge building after the lifting of 
Malaysia's ban on government 
contracts to British companies. 

Among the sights are two 85- 
storey towers, being built in Kuala 
Lumpur's city centre; foe 
Malaysians say they will be the 
world’s tallest Britain’s trade and 
industry secretary was impressed. 
Apparently foe development 
r emi n de d him very much of 
London’s Canary ‘Wharf project 
Given the terrific problems 

Canary Wharf has gone through, 

hardly the most tactful of remarks. 
Or maybe he was being deviously 
ironic? 



15 


★ 


mum 

Wi f.r , g System s Spec ialist s 


Ethernet ♦ IBM Cabling System * LAN 
Fibre Optica • AT&T'a PDS- Nevada Western 
Belden * Dlgitel'a DECconnect ' 

Tet. 0753 656884 


FINANCIAL TIMES 

Friday October 21 1994 



TRAFALGAR HOUSE 
iiiMilinrnim^M 


0816892266 


WORLDWIDE EXPERTISE MNP RESOURCES 


Government aims to boost currency and curb inflation 

Brazil moves to cut flow 
of foreign investment 


By Angus Foster in Sao Paulo 
and Richard Lapper in London 

Brazil has moved to curb foreign 
investment Sows and Limit con- 
sumer credit as part of wide-rang- 
ing measures to underpin its new 
currency, the real, and head off 
Inflation. 

The measures include a one-off 
tax of 1 per cent on foreign 
investment Into the stock mar- 
ket and an increase in the tax on 
Brazilian companies issuing 
bonds overseas from 3 to 7 per 
cent of the total. The tax paid by 
foreigners on fixed interest 
investments in Brazil is to be 
raised from 5 to 9 per cent. 

The central bank also raised 
limits on the amount of dollars 
that can be bought in the foreign 
exchange market in an attempt 
by the government to reduce the 
upward pressure on the real 

Financial markets reacted 
calmly yesterday to the mea- 
sures. A private sector banker 
said they were welcome, even if 
they led to a short-term dip in 
foreign investment. "It is next 
year that the real investment will 


By Philip Stephens, 

Political Editor 

Mr John Major's Conservative 
government was shaken yester- 
day by fresh allegations of finan- 
cial impropriety after the forced 
resignation of a government min- 
ister over his past business rela- 
tionship with Mr Mohammed 
Fayed, the owner of Harrods. 

A second minister issued a 
fierce rebuttal of newspaper alle- 
gations - repeated in the House 
of Commons - that he had 
received cash for asking parlia- 
mentary questions on behalf of 
Mr Fayed. His political position 
remained in doubt 
Amid chaotic scenes at West- 
minster, Mr Major stunned the 
Commons by appearing to sug- 
gest under parliamentary privi- 
lege that the Harrods chief 
sought some form of arrange- 
ment with the government A 
spokesman for Mr Fayed denied 
that he wanted a deal of any sort 
with the government 
In the latest of a series of per- 
sonal and financial scandals that 
have engulfed the government 


Continued from Page 1 


economist, "we would make max- 
imum efforts to support them, 
and this could be associated with 
a fixed exchange rate stabilisa- 
tion fund.” 

Efforts to increase the IMF's 
loan fund have been stalled by 
the reluctance of donor countries. 


come," he said. 

The real was steady in lunch- 
time trading yesterday at 0.86 
against the dollar, while SSo Pau- 
lo's stock market slipped less 
than 1 per cent in moderate vol- 
ume. 

The package follows the intro- 
duction of the new currency in 
July under an anti-inflation plan 
drafted by Mr Fernando Henrique 
Cardoso, then finance minister, 
who went on to win the presiden- 
tial election earlier this month. 

The real’s introduction has cut 
monthly inflation from 50 per 
cent to less than 2 per cent How- 
ever, the new currency has 
appreciated more than 15 per 
cent against the dollar since July, 
partly because of inflows of for- 
eign capital attracted by Brazil's 
high interest rates and promising 
stock market. 

The inflow has put pressure on 
the exchange rate, leading to 
complaints from exporters that it 
Is making their goods uncompeti- 
tive. The central bank's move 
yesterday followed concerns that 
limits on dollar tr ansact ions had 
contributed to the real's rise. 


since the 1992 election, Mr Tim 
Smith, a junior Northern Ireland 
minister, resigned after admit- 
ting he broke parliamentary 
rules over disclosure of his busi- 
ness links with Harrods. 

But Mr Neil Hamilt on, who as 
corporate affairs minister is 
responsible for business ethics, 
denied any wrongdoing when he 
supported Mr Fayed during the 
1980s battle for control of Har- 
rods with Mr Tiny Rowland of 
Lonhro. 

Mr Hamilton announced that 
he was suing The Guardian 
newspaper for libel for printing 
the allegations, repeated in the 
Commons, that he had been paid 
for his assistance. 

But several senior Conserva- 
tives continued to voice doubts 
over whether Mr Hamilton 
should remain in his ministerial 
post. They suggested that he 
should resign to save the govern- 
ment political embarrassment 

Mr Ian Greer, the chairman of 
the consultancy that acted for Mr 
Fayed during the same period, 
also issued writs against The 
Guardian newspaper. 


IMF approval of tough Russian 
fiscal and monetary reforms 
could release a $4.1 bn stand-by 
loan to Moscow. 

IMF officials said that if the 
government mustered the politi- 
cal will to implement an austere 
stabilisation programme, the rou- 
ble could be pegged to a bard 
currency, with the support of a 


Outgoing president, Mr Itamar 
Franco, denied the package had 
been held back until after the 
elections to assist Mr Cardoso's 

Mr Franco also denied the mea- 
sures would lead to recession, as 
some consumer groups claim. 
The package includes tighter 
rules on credit cards and shorter 
repayment periods on some of 
Brazil’s most popular forms of 
consumer credit Since the real's 
launch, sales of consumer goods 
such as televisions and cars have 
increased sharply, many financed 
by credit 

The measures to tax foreign 
investment were also seen as a 
way toward an interest rate rise. 
Without the new taxes, any rate 
rise would have accelerated the 
flow of foreign investment into 
fixed rate securities, adding to 
pressure on the exchange rata 

The number of Brazilian bond 
issues on the Euromarkets is 
expected to decline, following 
issuance this year of more than 
$1.7bn. But investors say the 
price of Brazil’s existing dollar 
denominated bonds could rise. 


The prime minister said the 
allegations against the two minis- 
ters, brought to his attention 
three weeks ago, had originated 
from but had not been passed 
directly by Mr Fayed. He had 
immediately asked the cabinet 
secretary, Sir Robin Butler, to 
investigate. 

In what MPs took as indicating 
that the Harrod’s chief had 
wanted some form of deal, Mr 
Major added: N I made It abso- 
lutely dear at that time that I 
was not prepared to come to any 
arrangement with Mr Fayed.” 

Downing Street officials, how- 
ever, later sought to play down 
that Implication, suggesting that 
Mr Major was attempting simply 
to demonstrate that he was deter- 
mined to act firmly and openly to 
investigate any allegations he 
received him. 

Mr Smith admitted he received 
funds for asking questions on 
behalf of Mr Fayed during the 
long-running legal battle with Mr 
Tiny Rowland's Lonhro. 


Labour leader slams ‘sleaze’. 
Page 8 


stabilisation fund from the west, 
as early as next spring. 

But parliament, which is expec- 
ted to be presented with the bud- 
get next week, might prove a for- 
midable obstacle. Mr Yegor 
Gaidar, the former prime minis- 
ter, who spearheaded earlier 
reforms, said he supported the 
government's current efforts. 


Newsprint 
producer 
lifts tariff 
in Europe 

By Deborah Hargreaves 

SCA, one of Europe’s largest 
paper companies, announced a 25 
per cent increase in continental 
European newsprint prices yes- 
terday and a 15 per cent rise in 
the UK market The rises take 
effect from the end of the year. 

The Swedish company, opening 
annual contract negotiations 
with big newspaper proprietors 
over supplies, said it was deter- 
mined to force through increases 
in spite of resistance. 

Mr Ulf FriHander, SCA’s graph- 
ic-paper managing director, said: 
"We've cut the prices by so much 
over the past couple of years, 
these companies must realise we 
have got to raise prices as 
demand goes up.” He said intense 
competition had led to price dis- 
counts of DM40 ($25.80) a tonne 
since the end of 1992 - the latest 
increase will recover about DM20 
a tonne. 

SGA's price Increase is the lat- 
est in a round of rises expected 
from the leading newsprint pro- 
ducers in coming weeks as they 
take advantage of tight supplies 
to recover some of their rising 
costs. 

The European recovery in the 
newsprint market comes oo the 
back of an upturn in North 
America, where two of the larg- 
est producers raised prices for 
the third time this year in 
August. Fletcher Challenge in 
Canada and Jefferson Smurfit in 
the US increased prices by 9 per 
cent and added a surcharge on all 
newsprint made from recycled 
paper. 

The surcharge reflects rapidly 
rising waste paper costs this 
year, with prices quadrupling in 
the North American market and 
trebling in Europe. Prices for vir- 
gin pulp have also doubled, lead- 
ing to sharply higher costs for ail 
newsprint producers. 

At the same time, after many 
years of oversupply, demand has 
finally caught up with the avail- 
ability of newsprint 

SCA says it has seen a 6 per 
cent increase in European news- 
print demand this year. Other 
Nordic companies have raised 
prices. 


Gaza closure 

Continued from Page l 


Gaza’s severe unemployment and 
poverty. 

The officials said the Palestin- 
ian authority was determined to 
maintain law and order, hut 
could not be responsible for 
attacks against Israelis by Hamas 
in Israel or Israeli-occupied terri- 
tory. 

Mr Soufian Abu Zayda. an offi- 
cial of Mr Arafat’s Fatah faction, 
warned Israel against launching 
raids into Palestinian-controlled 
territory, an option said to have 
been put forward by Israeli secu- 
rity chiefs at the cabinet session. 
"It would mean that Arafat and 
the Palestinian authority have 
lost their legitimacy," he said. 


Fresh allegations of financial 
misdeeds rock UK government 


Russian cabinet approves austere budget 


Europe today 

Heavy showers will continue In parts of the 
Mediterranean. Flooding is possible In the 
extreme south of Italy and parts of south- 
west and the extreme south of Greece. 
Numerous showers will be driven south by 
a strong northerly gate over Sardinia and 
the northern coast of Algeria Spain will be 
dry with a mixture of cloud and sun and 
temperatures will easily exceed 2 DC in the 
south. Ireland, Wales and south-west 
England will be unsettled. Central Europe, 
Poland, Hungary and Romania will have a 
sunny but chilly afternoon. An extensive 
high pressure area over Russia wiU keep 
southern Scandiinavia sunny. 

Five-day forecast 

A rainy and windy weekend is expected in 
the British Isles, France, the Low Countries 
and southern Norway as an oceanic low 
pressure system moves rapidly east Rain 
will eventually reach the Alps. A prolonged 
nsk of flooding is expected in southern 
Greece. Central Europe will be dry at first 
with some suns. Many parts of western 
and central Europe will become unsettled 
next week. 


TODAY’S TEMPERATURES 


FT WEATHER GUIDE 




Maximum 

Beijing 

fair 

16 

Caracas 

cloudy 

31 


Celsius 

Belfast 

ram 

13 

Cardiff 

shower 

15 

Abu Dhabi 

sun 

34 

Belgrade 

fair 

14 

Casablanca 

shower 

21 

Accra 

fair 

29 

Berlin 

fair 

12 

Chicago 

fair 

21 

Algiers 

ihund 

22 

Bermuda 

shower 

28 

Cologne 

SUl 

16 

Amsterdam 

talr 

Id 

Bogota 

cloudy 

19 

Dakar 

fair 

30 

Amens 

thund 

22 

Bombay 

lair 

33 

Dabs 

fair 

27 

Atlanta 

fair 

24 

Brands 

fair 

16 

OaW 

sun 

31 

B. Aires 

shower 

21 

Budapest 

SWl 

14 

Dubai 

sun 

35 

BJiam 

ram 

14 

C-hagen 

fair 

9 

Dublin 

rain 

14 

Bangkok 

fair 

35 

Cairo 

sun 

31 

Dubrovnik 

shower 

19 

Barcelona 

sun 

20 

Cape Town 

cloudy 

22 

Edinburgh 

shower 

13 


No other airline flier, to more cities in 
Eastern Europe. 

0 

Lufthansa 


Fare 

fat 

22 

Madrid 

sun 

18 

Rangoon 

Mr 

31 

Frankfurt 

lair 

14 

Majorca 

sun 

21 

Reykjavik 

rain 

B 

Geneva 

few 

13 

Malta 

thund 

23 

Rio 

tor 

25 

Gibraltar 

sun 

21 

Manchester 

cloudy 

15 

Rome 

thund 

22 

Glasgow 

rain 

13 

ManBa 

cloudy 

32 

S. Frsco 

fair 

20 

Hamburg 

fan 1 

11 

Melbourne 

doudy 

13 

Seoul 

falr 

16 

Helsinki 

sun 

7 

Mexico City 

fac- 

24 

Singapore 

Mr 

33 

Hong Kong 

fair 

24 

Mori 

tor 

29 

Stockholm 

fair 

9 

Honolulu 

cloudy 

30 

Mian 

shower 

16 

Strasbourg 

tor 

12 

Istanbul 

drzd 

18 

Montreal 

fair 

14 

Sydney 

doudy 

24 

Jakarta 

fak 

32 

Moscow 

am 

8 

Tangier 

shower 

20 

Jersey 

lain 

16 

Munich 

fair 

14 

Tel Aviv 

tor 

31 

Karachi 

fair 

35 

Nairobi 

thund 

26 

Tokyo 

shower 

22 

Kuwait 

tor 

31 

Naples 

thund 

21 

Toronto 

tor 

14 

LAngetes 

sun 

23 

Nassau 

Mr 

28 

Vancouver 

rain 

11 

Us Palmas 

cloudy 

25 

New York 

(air 

19 

Venice 

doudy 

17 

Lima 

cloudy 

21 

Woe 

fair 

19 

Vienna 

fab- 

12 

Lisbon 

fat 

20 

Nicosia 

fair 

28 

Warsaw 

sun 

9 

London 

fair 

16 

Oslo 

drawer 

S 

Washington 

Mr 

Z1 

LuxJxHag 

fair 

13 

Parts 

tor 

16 

werengton 

shower 

12 

Lyon 

dTZZl 

17 

Perth 

tor 

29 

Winnipeg 

shower 

13 

Madeira 

fair 

24 

Prague 

fat 

13 

Zurich 

shower 

13 


THE LEX COLUMN 

TeleWest calls 


There is little doubt that investors will 
prove rather more receptive to TeleW- 
est’s flotation now than five months 
ago. General market conditions are 
healthier, despite some recent new 
issue disasters in the UK. More impor- 
tantly, Wall Street's attitude to the UK 
cable industry has changed dramatic- 
ally over the past lew months. 

Shares in International Cabletel. 
issued at $27 a year ago, had slumped 
to just $19 when the TeleWest and 
General Cable flotations were pulled 
at the end of May. They have since 
risen by more than 50 per cent Bell 
Cablemedia, which went ahead with 
its Nasdaq Bating in June, done 
almost as well and Comcast UK’s 
shares are up almost 30 per cent since 
its 4200m stock issue lest month. 

The new enthusiasm is based partly 
on the cable companies’ prospects for 
gaining more telephone subscribers 
from British Telecommunications. 
These have been Improved by recent 
regulatory moves. 

If the climate is now much more 
favourable for TeleWest there is one 
new complication: BSkyB is planning 
to float at the same time. The dash 
has already forced Goldman Sachs to 
step down as Telewest’s joint global 
co-ordinator because of its similar role 
for BSkyB. Although both sides insist 
cable and satellite do not compete, it 
is hard to deny they wifi do so eventu- 
ally. When it comes to the competition 
for investors, TeleWest can point to its 
opportunities in telecommunications. 
But BSkyB has one important attrac- 
tion: it makes money. 

German stores 

Kaufhof Holding’s offer for the out- 
standing shares in Horten is a prelude 
to a full-scale merger of the two com- 
panies’ department store operations. 
Much needed rationalisation, impossi- 
ble to implement had Kaufhof stuck 
with a mere majority stake, should 
follow. The result wifi be a further 
shake-up of the German retail sector 
following the merger of Karstadt and 
Hertie last year. 

This is welcome, as German retail- 
ing is inefficient by international stan- 
dards. For example, the return on 
assets at the big stores groups is 
around 1 per cent, assuming freehold 
properties are written up to market 
value. Wages as a proportion of turn- 
over are high, reflecting cosy relations 
between management and workforce. 
Innovation and competition are stifled 
by regulation which not even the free- 
market oriented Chancellor Helmut 


FT-SE Index: 3063.2 (+2.4) 


Kaufhof . 


Share price rafattyQ to the DAX Index 
110 — — 



Kohl has the courage to eliminate. 

The deals show that the big retailers 
are at last determined to address some 
of these deep-seated problems. Profit- 
ability will improve as the merged 
groups pool purchasing and distribu- 
tion and rationalise their property 
portfolios. There will also be staff 
reductions, but these are unlikely to 
be dramatic. One problem is that the 
benefits of these measures, especially 
pronounced in the case of Karstadt/ 
Hertie. will take years to Teed through 
to the bottom line. Against a deter- 
iorating consumer spending back- 
ground, shares in the large German 
retailers are likely to continue to 
underperform. 

US telecoms 

There are two main lessons from 
this week's results from US long dis- 
tance telecoms operators, first, that 
large price cuts are no longer needed 
to stimulate growth in call volumes. 
Second, that there is little pressure on 
the three main operators - ATM 1 . MCI 
and Sprint - to resume the frenetic 
price-cutting of previous years. 

The overall market is growing at 9 
per cent a year. Some of that is down 
to robust economic growth. But the 
economy is also becoming more tele- 
coms intensive: customers are lapping 
up new services such as voice mail 
and data communications. Given that 
the operators' main cost - paying for 
access to local networks - is also fall- 
ing, it is hardly surprising that mar- 
gins have widened. 

Meanwhile, the industry has settled 
into a stable phase. MCI, which used 
to cut prices aggressively to build up 
market share, is now emphasising 


again 

margin improvement. That means 
AT&T is not force d to respond with its 
own price cuts and has even been able 
to raise prices on a selective basis. The 
entrance of the Baby Bells into 
long-distance market could have upset 
this modus vivendi , but legislation 
enabling that collapsed last month. 

The real concerns about the compa- 
nies relate to their activities outside 
the long-distance market. All three 
have ambitious strategies to enter 
wireless communications. In AT&T’s 
case, that has already diluted earn- 
ings. That explains why the rosy out- 
look for long-distance services has not 
been reflected in the groups’ share 
prices. 

Bank lending 

UK banks are in danger of experien- 
cing economic recovery with precious 
little growth in their lean books. Their 
problem was highlighted by yester- 
day’s M4 money supply figures show- 
ing bank lending strangely subdued. If 
previous patterns had been repeated, 
corporate iwnting should have been 
much greater at this stage of the cyde. 

A partial explanation lies in the cor- 
porate sector’s strong profits growth. 
In the second quarter, retained earn- 
ings jumped by 52 per cent year on 
year, allowing companies to pay down 
debt and fund capital projects through 
cash flow. On top of this, those requir- 
ing additional capital have turned 
increasingly to the equity and bond 
markets rather than banks. 

UK companies are still quite highly 
geared, supporting the view that most 
will continue to pay down debt But if 
cash flow becomes insufficient to 
cover expected increases in capital 
spending, industry will have to turn 
elsewhere for funds. As interest rates 
rise, the increased cost of capital in 
the equity markets may make bank 
loans relatively more attractive. 

Chase Manhattan 

Mr Art Ryan, leaving Chase Manhat- 
tan to run Prudential Insurance of the 
US, has timed his move well. The US 
banking cycle is probably at its peak, 
with the easy profit gains behind it 
Chase's shareholders have benefited 
from the partnership between Mr 
Ryan and his boss. Mr Tom Labrec- 
que; they may now have cause to 
worry that the single-minded focus on 
profitability, Mr Ryan’s gift to Chase 
in recent years, may be diluted just as 
the bank needs to find ways of replac- 
ing the easy ride on the yield curve. 



In 1994, after 25 years working for the company, 
CEO Peter Heins and his management team 
bought out European Packaging Holding, 
Holland’s largest manufacturer of consumer 
packaging produces, m an MBO led by CVC. 


6 We saw a lot of institutions. 

But CVC were the most responsive 
and pro-active. They very quickly 
achieved a good understanding of 
our business. From the beginning 
the personal chemistry was right 
and there was a determined 
commitment to close the deal. $) 


We are turning managers into owners all over Europe 

Contact us for a copy of our portfolio of case histories of the 
acquisition of companies by management 

CVC Capital Partners 

HUDSON HOUSE 8-1 0 TAVIST OCK STREET LONDON WC2E 7PP Tel 071-438 1489 
Croup offices located in AMSTERDAM • FRANKFURT • MILAN • PARIS 










Rental 


FINANCIAL TIMES 


Available from only 
£64 per day at your 
nearest dealer 


COMPANIES & MARKETS 




'mUtctnmk. conrponmnt 


mnct otftdfment 


mamrtkGtutae* 



THE FINANCIAL TIMES LIMITED ISM 


Friday October 21 1994 


Generate des 
Eaux rises 5% 


Recovery stalls at General Motors 


By Richard Waters In New York 


E * a3X ' ^ J * each ntaiti es and 
3EK2S9” 8 group, posted net proas of 




M ^ ODUMtamiSSTcS with 

tee stongest growth coming from foreign markets. 

Start sell-off advisers 

The Italian government is In the final stages of 

coordinators for the 
privatisation of Stet, the state-controlled telecom- 
munications holding company. Page 20 

Catartrophe losses rock Sears, Roebuck 

Sears, Roebuck’s bottom line was shaken in the 
third quarter by additional catastrophe losses at its 
Allstate insurance subsidiary which reduced the DS 
retailer’s net income by $182. 4m. Page 21 

»«««pap«r chief resigns after consura 

Mr Yu Pun Hoi yesterday resigned as chan-ma^ of 
the Ming Pao newspaper group after the Hong Kong 
stock exchange censured him for foiling on three 
occasions to own up to a criminal record. Page 22 

Kvwrgpswt growth blocked 

'Taiwan's Evergreen group is keen to expand its 
shipping, airline and hotel businesses into (Thing 
But Taipei’s ban on direct transportation across the 
Taiwan Strait is blocking its path. Page 22 


The recovery at General Motors, 
a symbol of US manufacturing 
industry’s tumround in the 
1990s, stalled in recent months, 
according to figures released yes- 
terday. Two strikes in North 
America, delays in launching 
sew vehicles and a production 
system that was straining to cope 
with demand were behind the 
company's difficulties. 

The news was contained in 
third-quarter figures released 
yesterday, and wiped more than S 
per cent, or some $2bn, off Gifs 
market value. 

Mr Jack smith, president 
chief executive, said: “We are not 
satisfied with our overall perfor- 


Strikes, launch delays, production strains and slide in 
European profits hit carmaker’s third-quarter figures 


mance in the third quarter, and 
we continue to recognise the 
need for further improvement." 

He added that there would con- 
tinue to be “ups and downs" in 
the automaker’s recovery, but 
that higher rales and the foun cfr 
of more profitable models would 
support higher profits in the 
future. 

Despite the disappointment, 
Gars figures yesterday demon- 
strated the extent of the turn- 
round in its core North American 
car and truck businesses since 
last year. It lost $32&4m in what 


is traditionally the weakest three- 
month period in the year, an 
improvement of about $500m 
compared with the same period 
in 1993. 

The company said two strikes 
over the summer cost it $140m, as 
autoworkers vented their frustra- 
tion at GlTs refusal to hire more 
staff to cope with higher produc- 
tion levels. The increase in 
vehicle sales in North America, 
which, were 90,000 higher than a 
year before, also caused overtime 
costs to jump and forced GM to 
pay premium rates to ship parts 


by air in some cases to keep pro- 
duction ifagfl running. 

Analysts said the strains in the 
GM production system demon- 
strated how for it still needed to 
go to compete with its more effi- 
cient US rivals. Ford and Chrys- 
ler. “It's like an athlete who 
hasn't run for 10 years trying to 
do a marathon”, said Mr John 
Casesa, a motors analyst at Wert- 
heim Schroder. 

GM’s international business, 
which has been the star per- 
former of its operations in recent 
years, recorded a GO per cent drop 


in profits, to $240m, despite a 5 
per cent increase in sales. 

It blamed this in part on the 
foot it was paying taxes in some 
countries in Europe for the first 
time- Analysts said the launch of 
the Corea, a small car with lower 
profit margins, had also damp- 
ened overall profitability in 
Europe. 

GM’s total net income of 
$552m, which compared with a 
loss of 8H3m in the 1993 quarter, 
was buoyed by S200m in one-off 
tax benefits, along with big gains 
at its computer services subsid- 
iary, EDS, and its financing arm. 
General Motors Acceptance Cor- 
poration. Earnings per share 
were 40 cents, in the middle of 
the range of expectations. 


TeleWest 
to press 
on with 
flotation 


By Raymond Snoddy in London 


Entertainment group startles 

The men who run MCA, the US BDtartefomant busi- 
ness, suddenly and very publicly appear to be 
demanding independence from Matsushita, their 
startled Japanese owners. Page 22 


Computer maker heralds new phase in transformation as mainframe demand rises 

IBM spurred into profit ___ 

by growth in revenues 2 ~r~r r~ 


Nat IneonM (Sbn) 


By Louise Kehoe 
in San Francisco 


Seafood snags Albort Fisher 

Disjointing results in the European seafood and 
North American produce divisions were behind a 
fall in annual operating profits from continuing 
activities at Albert Fisher from £4L7m to £38.Tm 
($61X0). Page 24 


CaR for inquiry Into Aero Hambto float 

A Labour MP vdH be writing to Mr Michael 
Hesattme, the trade and industry secretary, this 
weekend calling for a DTI inquiry into the flotation 
of Aerostructures Hamble, the Southampton air- 
craft components maker. Page 24 


Stores group launches rescue 

Upton & Southern, the UK stores group, is launch- 
ing a £5 .5m share placing and open offer to rescue 
its business, and is suing five former directors of 
the Reject Shop, the troubled borne furnishings 
retailer it acquired in February. Page 25 


International Business Machines 
reported much higher than 
expected revenues and earnings 
for the third quarter, raising 
hopes that the world’s largest 
computer company will achieve 
its first year of profit and reve- 
nue growth since 1990. 

Third-quarter net earnings 
were $689m, or SUS per share 
after payment of preferred stock 
dividends, compared with a loss 
of $87m or 15 cents per share last 
year. 

Revenues grew 8.6 per cent to 
$15.4bn. Last year’s figures are 
adjusted for the sale of IBM’s 
Federal Systems Company, 


restructuring charges and 
accounting changes. 

“There is evidence that we are 
moving into the second phase of 
the transformation of IBM”, said 
Mr LOU Gerstner, chairman and 
chief executive. Although cost 
cots will continue, IBM is sow 
focused on growing revenues, 
aairf Mr Jerome York, chief finan- 
cial officer. 

Revenues from sales of IBM's 
traditional mainframe comput- 
ers, its most profitable products, 
increased for the first time in 
more than two years as demand 
exceeded supply. “We shipped all 
of the mainframes we could 
braid," Mr York said. 

Sales of IBM’s AS/400 mid- 
range computers grew about 25 


per cent IBM continues to have 
problems in the personal com- 
puter sector. Although revenues 
Increased modestly worldwide, 
US results were “sluggish” 

Semiconductor sales grew 
st r on gl y with year to date sales 
of about $2J2bn. ZBM may forge 
an agreement with another chip 
maker to make better use of its 
chip plants, Mr York hinted. 

Gross profit margins were 399 
per cent of sales in the third 
quarter. Gross margins have now 
been stable for two years, said Mr 
York. 

IBM cut overall expenses 13 per 
cent, or $70Qm, from the 1993 
third quarter. Through the first 
nine months of 1994, total 
expenses fell $2.8bn. Mr York 




ScmCK QitMiMni 


— -10 

93 9** 

Jan-Sapody 


said the work f orce was cut by 
about 3,000 in the third quarter, 
to 232,000. Another 10,000 to 
12.000 jobs will be cut in the 
fourth quarter. IBM no longer 
expected to reach its year-end 
staffing target of 215,000, mainly 
because of demand for main- 
frames. 

For the year to date, net earn- 
ings were $L7bn, or $2.86 per 


share, compared with a net loss 
of $464m. or 81 cents per share 
last year, before restructuring 
charges and an accounting 
change. Revenue for the first 
nine months was $4L2bn, a 6 per 
cent increase. 

IBM’s share price, which has 
gained 9 per cent since the start 
of the month, yesterday eased by 
$% to $74% by midsessinn. 


Turkish delight 

hi five years Turkey might well have five gold 
mines producing 12 to 15 tonnes of gold between 
them, according to the Metal! Mining Corporation 
of Canada, Page 38 


Rockwell bids $1 .5bn in battle for Reliance 


Iricasun popular affter Nofcta*a strength 

Ericsson, tiie Swedish telecommunications group, 
saw its B shares rise SKrlO to a 1994 high of SKr437 
in Stockholm, boosted by strong interim results 
from Nokia, the mobile telephone-based Finnish 
conglomerate. Back Page 


By Tony Jadkaon In Naur York and 
Andrew Baxter In London 


Companies In this Issue 


AT&T 

Adaceno 

Aerostructures 

Airflow Straentinu 

Attwrt Fbher 

Amstrad 

Anagen 

Andrews Sykes 
Anglo American 
Aztan 
BBV 

British Totecom 
Butts Mining 
Chesterfield Props 
City of Oxford 
CkwfcaJ Medtasl 
Color Una 
Cradtoy Group 

ora 

Davenport Knitwear 
EDS 

Engflah National Inv 
Evergreen 
Fairfax. John 
Ferguson Inti 
Ferrum 
GM 

GAn&aie des Eaux 

Gleason (MJ) 

Grammy Ent e rtain ment 

Grand Meoopoflmn 

Hampaontnds 

HeefthcaU 

Highlands Gold 

Horten 

IBM 

Kauffwf 

KMnwort Endowment 
Ktetowort Sec Endow 


18, 8 Krung Thai Bank 
24 LsBHoogh 

24 Uonhmrt 

25 MCA 
2fi MCI 

24 Matsushita 

25 McDoone# Dougtaa 
25 Mediobanca 

22 Microsoft 

24 -Ming 

20 Monsanto 
8 Morgan Stanley 

25 New Throgmorton 
25 Nomura International 

24 Nordic Exploration 
13 Northrop Grumman 

20 Pfizer 

25 Price Waterhouse 

21 Proton 

2S Prudential Insurance 

22 Rstance Electric 
25 River & Mercantile 
22 Rockwell tntt 

21 Rover 
25 SCA 

25 Schering-Plough 
T9 Sentrecfwm 
30 Sprint 
24 Stet 

22 Superecape VR 
13 Suter 

24 TeteWest 

25 Tefewest 

21 Ticketing Group 
1ft 20 Upton & Southern 
10 VkJeoLogk: 


A bid battle has broken out over the US 
industrial motor company Reliance Elec- 
tric with a $L5bn cash offer from Rockwell 
International- In August, Reliance agreed 
to be taken over in a $L3bn all-share deal 
by General Signal. 

Rockwell, which nukes industrial con- 
trols as well as rockets and missiles, is 
much the bigger of the two bidders, with 
sales last year of SlORbn. General Signal, 
which also makes industrial controls, had 
sales of fl^bn, around the same size as 
Reliance. Rockwell plans to merge Reli- 
ance with its AIlenrBradley controls divi- 
sion to create an industrial automation 
business with world sales of about $3JSbn. 

Mr Donald Beall, g h ai n pa n , said the deal 


would lead to higher volume and reduced 
costs. Rockwell said it would sell Reli- 
ance’s telecommunications business, 
which contributed just under a third of its 
sales last year. Before the disposal, the 
purchase would raise Rockwell’s net debt 
from 17 per cent of capital employed to the 
low 40s. “That’s not an issue for Rock- 
well", Mr Beall said. “We have a very 
Strang balance sheet and cash flow." 

Neither General Signal nor Reliance, 
which described the offer as “a complete 
surprise”, made an initial response. Reli- 
ance shares rose $5% to $29%, just short of 
Rockwell's $30 a share offer. One analyst 
said: “Rockwell has deep pockets, and it’s 
a very logical fit” 

In Europe, AIlenrBradley is one of the 
best-known names in factory automation. 
It has four European manufacturing 


plants - at Milton Keynes in the UK, Ivrea 
and Milan in Italy, and Aaran in Switzer- 
land - and employs more than L000 peo- 
ple. The Swiss plant came with last year’s 
purchase by Rockwell of Sprecher + 
S chub's low-voltage electro-mechanical 
controls business and the Sprecher + 
Schuh name and trademark. 

Sales figures for Allen-Bradley Europe 
were not available, but the UK is by for its 
largest European market It is the UK mar- 
ket leader for programmable logic con- 
trols, widely used to control motors in 
machinery. In 1992. Allen-Bradley acquired 
all the assets of Osai A-B, a joint venture 
in computerised numerical control equip- 
ment, by buying out the interest of its 
partner, a subsidiary of Olivetti. 

Shortly after the offer was jmnpunnftd 
yesterday, Reliance issued its third-quar- 


ter results, showing net earnings for the 
quarter more than doubled at $2im on 
sales up 12 per cent at $449m. 

Reliance’s biggest shareholder is Citi- 
corp, which holds 525m non-voting shares 
convertible into 28 per cent of the equity. 
Citicorp was not available for comment 

Mr Beall said Rockwell had expressed an 
interest in acquiring the company in July. 
“We were surprised and disappointed that 
Rockwell was not afforded an opportunity 
to farther pursue these discussions," he 
said. Mr Brail said the delay in making a 
counter-offer was due to lack of informa- 
tion from Reliance. 

“We have done a very thorough strate- 
gic and financial review from publicly 
available information,” he said. The deal 
would he “accretive to our financial 
results, though probably flat in year one”. 


TeleWest, the UK’s largest cable 
operator, has decided to go 
ahead with an early share offer- 
ing in both London and New 
York. 

The decision comes only five 
months arter the cable group 
postponed flotation because of 
difficult market conditions. 

TeleWest now plans to go to 
market in the next couple of 
months making it the first cable 
company in the UK to have a 
London Stock Exchange listing. 

It appears that the flotation of 
TeleWest, a joint venture 
between US West, the US tele- 
phone company, and Telecommu- 
nications Inc, the largest US 
cable company, will resemble the 
original plan and could value the 
company at as much as £1.9bn 
(SSbn). 

The main aim would be to 
establish a value for TeleWest 
while making the company a 
more British organisation. 

This would involve a stake of 
about 20 per cent folly diluted 
which would be sold, in line with 
the original proposal, through a 
placing and intermediaries offer 
on both sides of the Atlantic. 

Such an offer would seek to 
raise between £300m and £370m 
in new money. TeleWest owns 
and operates 16 cable franchises 
and has minority stakes In a fur- 
ther seven covering a total of 
3.6m homes. 

Some 1.3m of the 3.6m homes 
are passed by cable networks 
and 1.2m of them have been 
released for marketing. The total 
number of cable television sub- 
scribers is 275,000. In addition, 
the company has sold 190,000 
residential telephone lines and 
30,000 business lines. 

TeleWesfs return to tbe mar- 
ket has been influenced by the 
current brighter outlook for new 
issues and the good performance 
of the stock of cable companies 
such as International Cahletel 
and Bell Cable Media in tbe US, 
which have risen sharply since 
flotation on the Nasdaq market 

The much larger British Sky 
Broadcasting conld be coming to 
the market at the same time as 
TeleWest, hot this is not seen as 
a barrier. Both BSkyB and 
TeleWest see cable and satellite 
television as complementary to 
BSkyB. The cable industry as a 
retailer of new television chan- 
nels is mainly a distributor 
while BSkyB (in which Pearson, 
owner of the Financial Times, 
has a significant stake) is pri- 
marily a programmer. 

Lex, Page 18 


Christopher Price reports on ‘cheap’ UK business deals 


At £1, do y 
what you p 


1 


This aduerascmant appears as a matter cf record only 




i. v § 


MANAGEMENT AND 
EMPLOYEE BUY-OUT 






Market Statistics 


24 Woolworths 21 

24 VcxWyde 25 







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Benchmark Govt Hoods 23 

Bart tens nd Ortons 23 

Bortl prices Bid jrteWs » 

Commodates prices 38 


DMdorts announced, IK 24 


Gtts prices 
LHfe oqufiy options 
London stare senk* 
London ttaaop taa^ 


HnR 


MS cwucy rate « 

Eurobond prices 23 

Rmd kdanst imfere 23 

FT4 World Mcas Beck Page 
FT Gold Urns index te 

FT/BMA Ind bond sw 23 

FT-SE Actuaries htfioes 39 


New HI bond isaies 

Now YWX share aenriefl 
Itecent tales, UK 
Shut-twin M nets 
US Wares rates 
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Metroline Travel Limited 


bus operators 


£20 million management and employee buy-out 
led, underwritten and structured by 


5lIl5TwiTT!*^m!re5iUwIfipT(rI? 




GRANVILLE PRIVATE EQUITY MANAGERS 


Chief price changes yesterday 




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Senior debt and hire purchase facilities provided by: 

SOCIETE GENERALE 


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Advisers to management and employee team: 

ERNST & YOUNG 






J t ^ «■ Til -ij-i k'Mu 

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HAMMOND SUDDARDS NICHOLSON, GRAHAM & JONES 

BLAKESLEY RICE MACDONALD WILDE SAPTE 


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COOPERS &. LYBRAND 


GRANVILLE 


Mint House, 77 ManseD Street, London E2 SAF Telephone (0171) 468 I2IZ 

GnmviSe Private iupary Lanxai c a member o{ IMRO 










20 


FINANCIAL. TIMES FRIDAY OCTOBER 21 1994 


0 



Generate des Eaux turns 
in 5.4% rise for first half 


Stet sale reopens advisers debate 


ITALY'S PRIVATISATION PROGRAMME 

Company 

Date 

Global co-ordinators 

Valuers 

VatuensfflnancJai advisors 

Credito ItaUano 
IMl 

Banca Comm. 
Italiana 

INA 

End 

ENt 

Stet 

Dec 93 
Jan 94 
Feb 94 

Jun 94 
1995 
1985 
1995 

Credito Kallano & Goldman Sachs 
IMl & S.G. Warburg 

Banca Commercials italiana 
& Lehman Brothers 

Goldman Sachs 8. IMl 
Mediobanca. Merrifl Lynch 
nta 
n/a 

J.P. Morgan 

CS First Boston 
JJ 3 . Morgan 

Schroders 5 Fax-PItL Kelton 

Kioto wort Benson 

N M Rottrachfld 


By John Ridding 
in Paris 

G€n£rale des Eaux the French 
utilities and communications 
group, yesterday posted net 
profits of FFri.26bn ($246m> for 
the first half of 1994. an 
increase of 5.4 per cent over 
the same period last year. 

The improvement was 
achieved on sales of FFrTZ^bn, 
a rise of 2.9 per cent. According 
to the group, sales for the full 
year should rise by about 4 per 
cent above the FFrl54bn 
recorded in 1993. Profits are 
expected to increase by a simi- 
lar proportion, the company 
forecast 

The strongest growth in 
sales during the first half came 
from foreign markets. Turn- 
over outside France rose by 


By Norma Cohen 
in London 

Nomura international is to 
establish a London-based inter- 
national prime brokerage busi- 
ness providing a full range of 
services, including securities 
lending and custody, in order 
to service the growing number 
of European-based hedge 
funds. 

The Japanese firm will be 
the first non-US participant in 
that business. 

So far, the international 
prime brokerage business has 
been the preserve of a handful 
of US-based securities firms 
which have been servicing the 


By Ian Rodger 
In Zurich 

Safra Republic, the Geneva- 
based international private 
banking group controlled by 
Mr Edmond Safra, said its con- 
solidated net income jumped 28 
per cent in the third quarter to 
S38.5m. or $2.17 a share, mainly 
because of a sharp fall in loan- 
loss provisions. 

For the nine months to Sep- 
tember 30, net income rose 41 
per cent to Sll9-Sm. 

Safra said its net interest 


13.1 per cent to FFr20.8bn, 
reflecting strong demand for 
the company's core utilities 
activities. 

The company said that activ- 
ity in the French property sec- 
tor remained weak, c laimin g 
that “the small number of new 
projects weighed heavily on 
turnover." Losses at Compag- 
nie Immobiligre Ph6nix, the 
group’s property division, 
prompted a fall of 23.8 per cent 
in operating profits to 
FFrl.8bn. 

Generate des Eaux said it 
continued to invest heavily in 
its telecommunications activi- 
ties. These include its Cofira- 
SFR subsidiary, one of the two 
mobile telephone networks 
currently operating in France. 
• Caisse Nationale de Prevoy- 
ance, the French Ufe insurance 


US hedge funds' expansion into 
international securities. 

Mr Simon Luhr, deputy man- 
aging director in charge of 
securities lending and prime 
brokerage at Nomura interna- 
tional, said the number of 
European-based hedge funds 
had grown from fewer than 20 
to close to 100 in the past few 
years. Hedge funds typically 
operate with minimal support 
services, contracting out back- 
office functions in order to con- 
trol costs. 

'When the US hedge funds 
began to diversify out of 
domestic assets, demand for 
international prime brokerage 
services arose," Mr Luhr said. 


income in the quarter was flat 
at $55.8m and trading revenues 
tumbled 38 per cent to $5.Im. 
Net commission income was 
down 8.1 per cent to $15.4m. 

• Radex-Heraklith Indnstrie- 
beteiligungs, the Austrian 
refractories and building mate- 
rials group, returned to profit 
in the first half following a 
large restructuring. 

The group reported consoli- 
dated first half net income of 
Sch22.7m ($2.1m) compared 
with a loss Sch.48.2m in the 
same period of last year. Group 


company scheduled for privati- 
sation by the end of this year, 
yesterday predicted it would 
generate full-year profits of 
FFrl.4bn, writes Andrew Jack 
in Paris. 

It said negotiations that had 
reopened with the French post 
office, over the continued sale 
of its products, would be com- 
pleted by the end of November. 

For tiie first six months 
CNF’s profits rose 15 per cent 
to FFr692m, CNP said. 

The developments are likely 
to have an important effect on 
details of the pricing of the 
shares in the privatisation. 

About FFrl7bn of its 
FFi33bu in sales of life assur- 
ance to individuals came 
through the post office, where 
CNP has enjoyed nearly all of 
the sales of policies. 


A prime broker is a broker/ 
dealer with the capability of 
providing execution, securities 
lending, financing, clearance 
and custody, and reporting ser- 
vices to clients. 

Nomura is already a signifi- 
cant participant in the securi- 
ties lending business and, 
since changes in Japanese reg- 
ulations, has acquired a trust 
bank so that it can begin offer- 
ing securities custody services 
as well. 

Mr Luhr said the move into 
International prime brokerage 
reflected changes within 
Nomura. "We’ve moved away 
from our regional structure 
and into global product lines.” 


sales advanced 13.9 per cent to 
Sch4.37bn. 

Mr Helmut Longin. chief 
executive, said the group antic- 
ipated a "modest profit" in the 
full year and intended to main , 
tain its 10 per cent dividend. 

• Losses at Steyr-Daimler- 
Puch. the troubled Austrian 
motor group, worsened in the 
first half. The group. 7L2 per 
cent owned by Creditanstalt- 
Bankverein, recorded a 
Sch200m loss compared with a 
Sc hi 61m loss in the same 
period last year. 


BBV falls 
7.5% after 
losses in 
bond market 

By Tom Buns 
In Madrid 

Banco Bilbao Vizcaya (BBV), 
the Spanish retail bank, 
posted a 7J5 per cent fall to 
Pta57.7bn (5461.8m) in third- 
quarter pre-tax profits after 
heavy trading losses at its 
treasury department. This 
compares with Pta62bn for the 
same period last year. 

BBV reported losses of 
Pta20bn in financial 
operations, mainly linked to 
the volatile bond market for 
the nine-month period. Over 
the same period last year the 
bank posted profits of 
Pta29.8bn from financial 
operations. The bank also 
reported losses of Pta7.7bn on 
restructuring its security port- 
folio, against income last year 
of Pta6.41m. 

The cost of BBVs trading 
business was partially offset 
by a 3.9 per cent rise to 
Pta252.8bn in the bank’s net 
interest margin and by a 17.6 
per cent rise, to Pta83.6bn, in 
fees from commissions, most 
of which were related to 
investment funds managed by 
BBV. 

Slightly lower costs allowed 
the bank to lift its operating 
profit by 21 per cent to 
Ptal37bn. BBV said this 
pointed to the "excellent per- 
formance” of Its pore banking 
business. BBV said it expected 
a moderate Improvement in its 
year-end results. 

• Banco Popular, the tightly- 
managed Spanish bank that 
has been the most profitable in 
the domestic sector, lifted 
third-quarter net-profits 0.9 
per cent to Pta41.lbn in spite 
of a 3.4 per cent fall to 
Pta83-2bo in operating profit. 

• Tabacalera, Spain’s semi- 
state-owned food and tobacco 
group, expects a 30 per cent to 
35 per cent increase in pre-tax 
profit this year. Mr Pedro 
Perez, chairman, said, Reuter 
reports from Madrid. 

"We expect to end the year 
with around Ptal4bn [pre-tax 
profit], or an improvement of 
between 30 per cent and 35 per 
cent for the parent company,” 
he said. 

Tabacalera made a 1993 par- 
ent company pre-tax profit of 
Ptal0.7bn. 


By Andrew HBI in Milan 

The Italian government is in 
the final stages of choosing 
advisers and global coordina- 
tors for the long-awaited priva- 
tisation of Stet, the state-con- 
trolled telecommunications 
holding company. 

The importance of the deci- 
sion - this will be one of the 
biggest Italian sell-offs - has 
reign: ted a simmering debate 
about the dominance of non- 
Italian investment banks, 
which have picked up most of 
the advisory work since the 
Italian privatisation pro- 
gramme got under way last 
year. 

QU, the state holding com- 
pany which owns 65 per cent of 
Stet, has sent its recommenda- 
tions on advisers to the Italian 
Treasury's special privatisa- 
tion committee, which is com- 
pleting Its analysis of the 
report A final decision will be 
made, probably before the end 
of this month, by the Treasury, 
budget and industry ministers. 

The Italian press has identi- 
fied Morgan Stanley, the US 
investment bank, as the front 
runner to lead the sale. Mor- 
gan Stanley, which has 
declined to comment on the 
rumour, was Stet’s choice 
when the previous Italian gov- 
ernment was looking for advis- 
ers last year. It is not yet clear 
whether the bank wants to be 


By Karen Fossil In Oslo 

Leif Hoegh, the Norwegian 
shipowner, reported a sharp 
fall in nine-month pre-tax 
profit, to NKrl36m ($20.8m) 
from NKr581m. and cut its 
forecast for 1994 net profits by 
NKr50m to NKr200m. 

It blamed the weaker result 
on reduced capacity and lower 
earnings by car carriers and 
liner vessels; high operating 
costs; lost time due to dry- 
docking; unrealised losses in 
the bond portfolio; and bigger 
than anticipated losses by its 
Cool Carriers unit. 

Group freight revenue rose 
to NKx2.14bn from NKrl.79bn, 
but higher voyage and charter- 
hire costs cut operating profit, 
before depreciation, to 
NKx248m from NKr463m. 

Leif Hoegh said this year's 
figures were not directly com- 
parable to last year's, as Bona 


financial adviser on the sale or 
global co-ordinator, which 
involves taking greater finan- 
cial responsibility for the suc- 
cess of the offer in Italy and 
abroad. 

On Wednesday, one of the 
ministers responsible for the 
offer - Mr Giancarlo Pagiiar- 
ini, who holds the budget dos- 
sier - said he hoped Italian 
merchant banks would be 
given part of the mandate for 
the Stet sale, which should 
take place in the first half of 
next year. “We have to give 
more visibility to small Italian 
merchant banks, and there are 
many of them." he added. “We 
need to encourage the growth 
of 10 or more Mediobancas." 

Mediobanca, which speci- 
alises in long-term corporate 
lending, has been the domi- 
nant, indeed almost the only 
force in Italian merchant bank- 
ing since the war, a position it 
has built up by cultivating 
close links with Italy’s largest 


Shipholding, spun off earlier 
this year into a separate com- 
pany, is not included. 

In addition. Cool Carriers, 
which the company recently 
acquired from Bilspedition in 
Sweden, and Arcade Shipping, 
the Norwegian group which 
acquired this summer, are con- 
solidated in this year's 
accounts. 

Net financial char ges against 
accounts reached NKr24m com- 
pared with NKrl2m last year. 
Hoegh attributed this to higher 
interest rates which reduced 
the value of its bond portfolio. 

It said unrealised gains on 
shares and bonds, of NKrllm. 
had been reversed, and that a 
further loss of NKrl9m was 
charged against accounts. 

• Color Line, one of Norway’s 
biggest ferry operators, yester- 
day reported a near doubling of 
nine-month pre-tax profits, to 
NKr205m from NKrllSm. It 


companies, such as Fiat and 
Pirelli. 

But Mediobanca has been 
awarded only one mandate: it 
will act as joint global co-ordin- 
ator with Merrill Lynch, for 
the forthcoming privatisation 
of Enel, the state-owned elec- 
tricity company. 1RI and the 
last Italian government, 
headed by Mr Carlo Azeglio 
dampi. avoided giving Medio- 
banca the mandate for any of 
the other state sates, in partic- 
ular because of fears that it 
would be unhealthy if Medio- 
banca increased its influence 
over Credito Ttaliano. 1MI, and 
Banca Commercial e Italiana, 
the state-controlled banks 

By contrast IMl, the nearest 
Italy has to a rival home-grown 
merchant bank, has acted as 
joint global co-ordinator on 
two issues - its own privatisa- 
tion in January, and that of 
Ina, the state-owned insurer. 

Certain members of the six- 
month-old centre-right govern- 


said the full-year result would 
provide a satisfactory return 
on invested capital for the first 
time since the company was 
established four years ago. 

Group revenue rose slightly 
to NKrl.61bn from NKrlB8bn. 
held back by a NKrl30m 
increase in operating costs to 
NKrl.Libn. Operating profit 
shot up by NKrlOOm to 
NKr466m, helped by a 12 per 
cent rise in passenger volume. 

Following last month’s 
Estonia Baltic Sea ferry disas- 
ter, new reservations have 
been well down on normal lev- 
els for the period. 

“Should this reticence in res- 
ervations continue for the rest 
of tire year, I would estimate a 
weakening in the result for the 
year for Color Line in the 
region of NKrlSm compared 
with our original expectations 
for 1994,” said Jon Erik 
Nygaard, managing director. 


raent have given this debate a 
dubious political tone by 
Implying that it is unpatriotic 
to select mainly big foreign 
banks for high-prestige privati- 
sation work. 

The difficulty is that few 
other Italian banks rival 
Mediobanca or the interna- 
tional investment banks for 
competence, capital backing 
and sheer political clout How- 
ever, smaller Italian invest- 
ment houses say there is room 
to give them certain mandates. 

For example, although there 
are normally two global coor- 
dinators for a big issue - one 
foreign and one Italian - for- 
eign banks have been given 
the roles of valuer and finan- 
cial adviser in all the big pub- 
lic privatisation offers so far. 
Mr Alberto Albertmi, manag- 
ing director of the Milan-based 
investment house of the same 
name, said yesterday; “For the 
valuation part it isn't size that 
counts but professionalism." 


Kaufhof and 
Horten plan 
store merger 

Kaufhof Holding and Horten 
are proposing to merge their 
retail operations within the 
Kaufhof group, according to a 
joint statement yesterday, 
agencies report 

The proposal reflects Kauf- 
hof s determination to push 
through rationalisation in 
the depressed department 
store sector of the retail mar- 
ket 

Kaufhof took a majority 
stake in Horten, the fourth big- 
gest department store group in 
Germany, this summer and Is 
offering to buy out the 41 per 
cent of Horten's shares it does 
not already own. 

Horten shareholders are 
being offered DM200 a share, 
which values the company at 
about DMlbn ($866 m;. 

Lex, Page 18 


Nomura to be UK prime broker 


Safra income up 28% in quarter 


Leif Hoegh lowers forecast 



i ** 



# T I 

\ \ A * 


X 




The Republic of Venezuela 
U.S. 5968,562400 

Collator* fired Floating Rate 
Bonds due 2020 

USD Discount Series A 

In accordance wiBi tfw pronismre of thu 
Bonds, nowi e honXi/ *«w thai tar 
to marast Pmcd (ram Ocwcer a. 

1994 to April a. 1BS5 the Bonds *0 
cany or kxeiesl FUta ol 6 635"*. p« 

■nr ion The vnaosi matte on to 
Itovwa Uteeu wvmnnr oats. Aoni a. 

1995 wibe U S K13 49 par US S1DD0 
prtnopol amount 

Br. The Chare Manhattan Banh. HA. 
*9*4801* Q 

OooowJi DW owae 




The Republic ol Venezuela 
UJ5.sm698.000 

Floating Rate Bonds due 2008 

USO Debt Conversion Series IL 

h oocwdanw ™ih me prowsions ol to 
Bonds nonce ta hmtx pwfl tot k» 
to merest PenM mm Ooooer a. 
1964 to Aoni a *995 to Bonds wU 
cany an kitorea Bah o» 6 6875% per 
annum Tho rtwey payable on mo 
roiBvanr interest payiram doc. April a. 

1 395 wfll Do U S 533.81 per US 31.000 
Drmcxul amount 

By Tin Chaw ManhananB»k.NJl. 

Aornt Bank Q 

OctnBcO.;*** CH*Ct 



TireFmanciallMa: 


.< ... msanray - 



91% of Profs b&IohoI investor* la 
Eurepa reatoortj mad the Financial 
Item, and 79% eomUbt Ow FT to be 
moat Important or anofid In Mi 
work." 

19% of an Mo R a nt w o n brahma 
people road the Financial Tire**: 
mo«a than any otkai In terna tional 
prtdcaUotL*- 

For an editorial aynnpsfi and 
Information on advertising 
apportaw Mad p te n se contact 

Roberto Rrth Alves 
In Lisbon 

Tel: 808284 Pew 80*379 
or 

Lindsay Sheppard 

hi i fwiiii 

Teft D71 873 3229 ftoe 071 879 3438 

Suunm- * PrafaBDMUl Invwman Couaiaty 
Wortdwde Stive, 10WM 

Survey 1W 


FT Surveys 


BARCLAYS INVESTMENT FUNDS (LUXEMBOURG) 

Soci£t£ d' Investissemeat A Capital Variable Cite Company”) 

Registend Office, Geterle Earn 
26, placode la Gut 

L-16I6 LUXEMBOURG, RC Luxembourg 3 HJ9 

NOTICE OF ANNUAL GENERAL MEETING 

The Annual General Meeting of Shareholder is to be held si the registered office of the 
Company on Tuesday, 15 [fa November 1994 at 11 JO ul (or as soon thereafter as it 
may be held) Tor tbc following pnposcK 

1. To receive and adopt the Directors’ Hepon and Report of the Auditor Tor the year to 
31st July 1994. 

2. To receive and adopt the Statement of Net Assets and the Statements of Operations 
for the year to 31st July 1994. 

3. To pare BtfodntB=B> the Dnrams in reamed their dura fcr the year ended 31st July 1994. 

4. 1b gtanta tfischargp to toAisfitoo hi respect of tbrirduties for the year ended 31st Juty 1994. 

5. To re-elect Messes Fox, Pauly. Pyrke and WDimartas Directors of the Company, 

6. To appoint Messrs Griffiths, Joan Y Seva and Phillips previously elected to the 
Bond by the Directors to SI] ihc vacancies kit by the resignation of Messrs Brook, 
Dermis and de MomU. as Directors of the Company. 

7. To re-appoint Messrs Price Waterhouse as Auditors. 

Voting 

Shareholders are advised that in accordance with the Articles of Incorporation the 
Annual General Meeting of Shareholder will require a Quorum of 10% of the shares 
outstanding. 

Voting Arrangements 

In order to vote at the meeting the holders of Bearer shares must deposit their shares not 
later than Friday, 11th November 1994 either at the registered office of the Company, or 
with any bank or financial institution acceptable to the Company, and the relative 
Deposit Receipts (which may be obtained from tbc registered office of the Company! 
moat be forwarded to the registered office of the Company to arrive not lareT chan 
Monday, 14th November 1994. The shores so deposited will remain blocked until the 
day following the meeting or any adjournment thereof. 

The holders of registered shares need not deposit their certificates but can be present in 
person or represented by a duly appointed proxy. 

Shareholders who cannot inend the meeting in person are invited to send a duly 
completed and signed proxy form to the registered office to arrive nor later than 
Monday, 14th November 1994. 

Proxy forms will be sent to registered Shareholders with a copy of tins Notice and can 
be obtained from the registered office of the Company. 

Tbc Board of Directors 


U.S. $100,000,000 

B.B.L. International N.V. 

Floating Rate Notes Due 1999 
Guaranteed on a Subordinated Basis 

as 10 paymt?n i of principal and interest by 

RRl 

Banque Bruxelles Lambert S.A./ 
Bank Brussel Lambert N.V. 


Interest Rate 5%% per annum 

Interest Period 21st October 1994 

21st April 1995 

interest Amount per 

U.S. S5.000 Note due 

21st April 1995 U.S. S148.51 


CS First Boston 

Agent 




£200.000.000 

MFC Finance No. 1 PLC 

NOTICE OF RB>EMPnON 

Series ’A* ta *F* Mortgage Backed Routing Rate Notes 
Due October 2023 

Notice Is hereby given, that in accordance with Conditions Sic) of the 
Prospectus dated 13th October 1988. the Issuer intends to redeem 
£2,400.000 in aggrogato value of the Notes an the respective 
November 1594 interest payment dales. 


By: C.lttwnV NA ilaauor Service at 

Oetoborll. 139*. Ltyvten 


CmBANCO I 

■ ■■■<■ 


Notice to the holders of 
CHIBON CORPORATION 

* (the 'Company') 

(formerly CETUS CORPORATION] 

5'/4per cent. 

Convertible Subordinated Debentures due 200 2 

(the "Debentures') 

NOTICE 15 HEREBY GIVEN la the holders of the outstanding Debentures that the 
Company has dedorrd a dividend distribution of Pref er red Sure Purchase Rights 
which attach to and trade together with (he Com m on Slock. 

Bidden electing ta reavert their Debentures into Common Stack will receive 
these snare rights upon conversion (rum September 6, 1994 until September 5, 
2004. 

The current conversion price is U.S. 8123. 33 per share of Common Slock. 

Term and Conditions of the Rights are provided in a document entitled "Summary 
of Rights to Purchase Preferred Shores'. This document is available from the 
Companv or any of the Paying Agents listed below. 

PAYING AGETCES 

Morgan Guaranty Trust Company 
ofNew York 
60 Victoria Embankment 
London EC4Y0JP 

Banque Internationale a Luxembourg S A. 

69 mute dTseh 
L-1470 Luxembourg 

CHIRON CORPORATION 

By: Morps Guaranty Trust Company 
os Principal Paying Agent 


Morgan Guaranty Trust Company 
of New York 
35 Avenue des Arts 
B-1040 Brussels 
Swiss Bank Corporation 
Aeschenvoretadl I 
CH-4002 Basle 


Dated: 21st October 1994 


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ConvnonweaKh Bank Australia 

Ccmmoriwaattfi Bank of Australia ACN 123 123124 
(successor in law to ite Stale Bank of Victona) 

U.S. $125,000,000 
Undated Capital Notes 

For the six months 21st October, 1994 to 21st April, 1995 the 
Notes will carry an interest rate of 5.875*5; per annum with 
an interest amount of U.S. $297.01 per U.S. $10,000 Note 
and U.S. $7,426.35 per U3. $250,000 Note. The relevant 
interest payment date will be 21st April, 1995. 

Listed on the London Stock Exchange 



□ 


Bankers Trust- 
Company, London 


Agent Bank 


Kommuninvest 
I Sverige AB 
U.S. $100,000,000 

Guaranteed 
Floating Race Notes 
due 1998 

For tho Interest Period 20th 
October, 1994 to ZOrh Januarv, 
1995 die Notes will carry a 
Rate of Inrerex of 5.75% per 
annum, the [merest Amount 
payable per U.S. £5.1X0 Note 
will be U.S. $73-47, and for 
the U.S. $100,000 Note will 
be U.S. SI, 469.44, payable on 
20th January. 1995. 

LlucJ Tn dw Lmentaiif 5<n.L EjcIuike 


Q Buikcn Trust 

Company. London AteaBwIi 


BANQUE NATIONALE 
DE PARIS 

USD 225,000.000 
Subordinated Floating Rata 
Notes thiB 2002 


U.S. $50,000,000 

Hyosung 
(America), Inc 

rfflconwraow wen sahAry 
m ilte Stare of Net* Yorx. U.SJt.1 

Guaranteed Floating Rate 
Notes due 1996 

For the three month Interest 
Period 19th October. 1994 to 
19th January. 1995 the Notes 
wfll carry an interest rale of 
633625 per cent, per annum, 
with a Coupon Amouit of U.S. 
$774.65 per U.S. $50,000 Note, 
payable on 19th January, 1995. 

tiUH *> BW (Jiwnunuy Suet fveftanp) 


KDB Asia Limited 

Hong Kong Agent Bonk 


U.S. $300,000,000 



Notice is hereby given that the rale or 
interest lor ifw period from October 21 at, 
1994 lo April 21 si. 1995 has been fixed 
at 5.6875 per cent, per annum. Hie 
coupon amounts due for this period are 
USD 28.75 per denomination of USD 
1,000. USD 287.53 per denomtnadon of 
USD 10,000 and USD 2,875.35 per 
denomination of USD 100.000 and are 
payable on the Interest payment date 
April 2181. 1995. 

The Fiscal Agent 

Banque Nationale de Paris 
(Luxembourg) SA 


East Rand Gold aid Uranium 
Company Limited 

RetJ. No. 71107001108 
Free State Consolidated Gold 
Mines Limited 

Reg. No. 05/2821006 
IBon companies morrmted tfw 
HeputBe ot South AMaO 

Copies of the above men- 
tioned companies' interim 
reports have been issued 
today and are available from 
the London Secretaries: 

Anglo American Corporation 
of South Africa Limited, 

19 Charterhouse Street, 
London EC1N 6GP. 

SO October ISM 


Province de Quebec 

Floating Rate Notes Due 3001 
tamaffcu, 5%%pwim»i 

TiMOctwmiXW 

7 U!Ac*llK 6 

ftnvM Amount due 
ZlHAorUmS 

pvU S S KUnONoN U&fi 287 £1 
prU 3 WIgfltoi US I 7 . 188 J 7 


© CS Firii BuiitiN 
A®em 


Orix Ireland Finance PLC 
Yen 10,000,000,000 
Fixed and Floating Rate 
Guaranteed Notes 1996 

The notes will bear interest at 
2.625% per annum from 21 
October 1994 ta 23 January 
1995. f merest payable on 23 
January 1995 wifi amount ta 
Yen 68.542 per Yen 10.000.000 
note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 



GUANGDONG 
DEVELOPMENT FUND 
LIMITED 


Net Asset VMm 

Guangdong Development Fund Limned announces that as at JOtfa September, 
1994. rhe unaudited net ass« value per share of the Company was USS 1.009. 

GUANGDONG DEVELOPMENT FUND LIMITED 
(a company incorporated with limited liobdhy in the Bailiwick of Jerseyl 

1 9ih October. 1994 


Banesto Finance Ltd. 


US$100,000,000 
Subordinated floating 
rate notes due 2003 


Notice is hereby given that 
the notes will bear interest 
at 7,3125% per annum from 
21 October 1994 to 21 April 
1995. Interest payable on 
21 April 1995 will amount to 
USSJ84.84 per USt 5.000 note 
USS369.69 per USS 10.000 
note and USS3.696.8S per 
USS1Q0.Q00 note. 

Agent: Morgan Guaranty 
Trust Company 


JPMorgan 


Landeskreditbank 
Baden- Wurttem berg 
US$200,000,000 
Subordinated floating rate 
notes due 2002 
Notice is hereby giivn that the 
notes will bear Interest at 
55625 % per annum from 21 
October 1994 to 21 April 1995 
Interest payableon 21 April 
1995 will amount to USS28. 12 
per USS 1,000 note and 
USS23122 per USS 10.000 note 
and USS2.8I2. 15 per 
USS100,000 note. 

Agent: Morgan Guaranty 
Tnist Company 

JP Morgan 



SUN LIFE GLOBAL PORTFOLIO (SICAV) 

Registered Office,- 14, Rue AJdringen. Luxembourg 

R.C. Luxembourg Section B No. 27526 

DIVIDEND ANNOUNCEMENT 

The Board of Directors announce that a dividend has been declared on each of the 
betow mentioned Portfolios at the rate per share shown which will be paid on 11th 
November 19M to foe napective Share holders of record of rhosc Portfolios os at the 
dose of business on jOth September 1994. 

0.69 p (UK1 per share for Haven Portfolio 

I -?3 p (UK) per share for Distribution Portfolio 

The Board of Directors 

30th September 1994 


FI VE ARROWS ASIAN GROWTH FUND 

„ FCP 

- Boulevard RoyaL Luxembourg 

DIVIDEND ANNOUNCEMENT 

FIVE ARROWS ASIAN GROWTH FUND will pay a dividend 
of SUS. 0. 1 0 on October 28. 1 994 . 

Shares will be traded vx-dividend on October 2I« 1094 

The dividend is payable to holders of bearer 

to BANQUE INTERNATIONALE ALUXEVmoUHr pr £?° Ul,un »• W*" «■ 5 
LUXEMBOURG. GRAND DUCHY OF KS.' r °‘ ,,e ^ L-M7U 

™, _ . Bmk> ot Director* of 

FIVE ARROWS MANAGEMENT S-Y. 


DBONS FINANCE B.V. 

In accordance with the provisiara nf u*. . P J C 

the period 00 October 1994 to00 ”mll hel Xf ,y * iv ' fn ^ for 

^i^tof 6.562W, per annum Ivitf a ' Nu,es wl11 a rate of 

US* 100,000.00 coupon amount or USSiUJ 17.71 per 

Chemical 

Agent Bunk 


¥ 













\ 


a 











FINANCIAL TIMES 


at e 


FRIDAY OCTOBER 21 1994 


IMS*. 
*■ --a* 

/ : >•’ ttir 

'• !Li 


and \ 
nlan 


rger 


i 




E arnings improv e in US after strong sales of consumer healthcare products 

Drugs groups advance over term 

before, to $U3bn. cent growth. AHP's bigger frcm a year before, to $534i 
This was partly due to a pharmaceuticals business also Sales in the OS of Lopid, U 


INTERNATIONAL COMPANIES AND FINANCE 


ft'Wchani Water* 

In New York 

SSS? 33165 of consumer 
supported 

““"■‘fltarter earnings at both 
Warner-Lambert and Ameri- 
cm* Home Products, the US 
pharmaceuticals and health- 
care companies. 

Mr Melvin Goodes, chairman 
and chief executive of Wamer- 
“™rt. which derives two- 
thirds of its sales from con- 
sumer products, said world- 
wide growth accounted for a 20 
per cent increase in sales 

Bankers Trust 
tumbles 45% 
in third term 
f to $169m 

By Patrick Harverson 
to New York . 

Bankers Trust reported a 45 
per cent drop in third-quarter 
profits to $169m yesterday, but 
management of the New York 
banking group expressed satis- 
faction at the performance in 
what it described as a difficult 
business en v i r onm ent 
^The^ bank said its client 

propriety trading businesses 
had performed especially weH 
This is indicates that the prob- 
lems Bankers Trust encoun- 
tered earlier in foeyaar in sell- , 
tog der ivatives products and to 
trading its own money have 
partially eased. 

The profits are equivalent to 
JL98 a share, compared with 
$3.60 to the same quarter of 
1993. Net revenues were $542m, 
down from $773m a year ago, 
when results were boosted by 
record revenues foam trading 
activities. 

Return on equity to the lat- 
est quarter was 15 per cent, a 
respectable figure among 
banks of its type. 

However, investors had 
hoped Bankers Trust would 
match analysts’ earnings per 
share estimates of about $2J5, 
and the shares fell $1 to $66 on 
the New York Stock Exchange 
to early trading. 

Altho ugh trading revenues 
of $278m were down from last 
year's reran! $431m, they were 
stronger than analysts had 
expected. 

Net interest revenues, how- 
ever, came in well below fore- 
casts at $26kn. 

An increase in assets under 
management helped lift fidu- 
ciary and fund management 
revenues slightly, to )l88m, 
but fees and commissions 
slipped 18 per cent to $16&m 
due to the slowdown in corpo- 
rate finance activity. 

Broking unit 
pushes Salomon 
into the red 

By Patrick Harvereon 

Salomon yesterday announced 
a third-quarter net loss of 
$104m, or $U3 a share, foDow- 
tog nwothgr poor performance 
from its Wall Street securities 
broking unit, Salomon 
Brothers. 

In the same quarter a year 
ago, the group earned a profit 
of $20m, or $0.01. Salomon 
warned two weeks ago it would 
report a big quarterty loss. 

For the second consecutive 
quarter, the damage was 
VnfHpjpd by Salomon Brothers, 
which incurred a pre-tax loss 
of $l76m. This compared with a 
modest profit of $19m in the 
game quarter a year ago, and 
took total losses for the first 
nine months of 1994 to $547ta- 

The rest of the US securities 
industry has seen earnings 
decline this year after the 
sharp d e terior a tion in trading 
and underwriting conditions 
on Wall Street But Salomon 
Brothers has suffered more 
than most, mainly because a 
large part of its business 
involves risking its capital in 
the global financial markets. 

In the last quarter, the firm 
is believed to have been hit by 
losses on its mortgage-backed 
securities positions, which it 
has now shrunk to minimise 
the potential for more trouble. 


from a year before, to $U3bn. 

This was partly due to a 
joint venture with Wellcome, 
un de r which Warner-Lambert 
markets some of the HE com- 
pany's products to the US. 

AHP, which is in the process 
of completing its acquisition of 
American Cyanaznid, reported 
a 14 per cent increase (13 per 
cent without adjust- 

ments) to non-US wmcnmor 
product sales. 

Overall, such products, 
which account for just over a 
quarter of the group’s total 
healthcare sales, recorded 6 per 


cent growth. AHP's bigger 
ptiarnMn^tffyiii business also 
rqpmted a 6 per cent advance 
to sales, to$L3bn, driven by a 
14 per rent jump to revenues 
outside the US. 

Demand for infant nutri- 
tional products and the compa- 
ny’s contraceptives accounted 
for the growth. 

This was balanced by growth 
of only 2 per cent to US drugs 
sales (4 per /wit ftia 

Agri-Bio business, which eras 
sold earlier this year). 

Warner-Lambert’s drug 
sales, meanwhile, rose just $2m 


frcm a year before, to $534m. 
Sales in the US of Lopid, the 
company’s lipid regulator, 
slipped on competition from 
generic drag makers, resulting 
to a 1 per cent overall toll in 

US sales, to $274m. 

Warner-Lambert’s net 
income for the period rose 85 
per cent to $1fi9.2m, or $L26 a 
share, on overall sales up 13 
per cent at $L67bn. 

AHP’s after-tax profits were 
4 per cent higher, at (413m, or 
$2.35 a share, on sales of 
$2J26bn, also 4 per cent higher 
than the 1993 quarter. 



osasrafe 

to April 19, 1995 
the new rate has been 
fixed at 6.87B % PA. 

"■wrsaflp' 

Coupon nr : 1 
Amount : 

"SEsas^ 

FRF 1000 000 


Earthquake losses continue to 
shake Sears, Roebuck results 


By Laurie Morse bi Chicago 

January’s California earth- 
quake again shook Sears, Roe- 
buck's bottom in the third 
quarter, with additi onal catas- 
trophe losses annoimonri by its 
Allstate insurance subsidiary 
to September reducing the US 
retailer’s net income by 
$182.4ta. 

Allstate yesterday reported 
I its quake-related losses had 
reached $845m for the first 
nine months of foe year, with 
Sears’ share of those losses at 
$677.1m. 

Income growth at Sears’ mer- 
chandising division helped eft 
set the insurance losses, with 
Sears reporting third-quarter 

ogmrng c of ytfas^ or 91 nootg 

a share, down from $388.4m, or 
98 cents, in last year’s third 
quarter. 

Sales for the quarter were up 
about S£ per cent, to $l32bn, 
from last year’s $12.7bn. 

Sears’ Merchandise Group 
recorded third-quarter net 
income of $196m, up from 
$l59m last year, while sales 


$trir?>fccr$ 

80 






Sauer FTGrapMto. 


-.*i* „ 


rose to $7.7bn from $7.3bn last 
time. 

"Our core retailing and 
tosnrance businesses contin- 
ued to post very good operat- 
ing performances to the quar- 
ter, highlighted by the Mer- 
chandise Group’s naming s in- 
crease of about 24 per cent and 
Allstate’s Kignificflnfly improv- 
ed underwriting performance 


excluding the impact of the 
earthquake,” said Mr Edward 
Brennan, Sears nh airman 

“The fundamentals of our 
Sears and Allstate businesses 
are very sound,” he added. 

For the first nine months net 
income was $769. Om, or $192 a 
share, on revenues of $38.48bn. 
In the same 1993 period Sears 
had income of $L83bn, or $4.73, 
which included a $635. lm gain 
from Allstate's share offering. 
Sears’ re venues in the period 
last year were $36.17hn. 

Alls tate, 80.1 per cent owned 
by Sears, separately reported 
its third-quarter income at 
$193. 9m, or 43 cents, down 
sharply from $325. 7m, or 72 
cents, last time. 

The company said losses 
from the raiiftimia earthquake 
reduced third-quarter earnings 
by 51 cents a share. Allstate's 
third-quarter revenues were 
$599bn, up from $592bn. 

For the nine months 
Allstate’s income was $320.7to, 
or 71 cents, against $L04bn, or 
$2.42. Sales for the period were 
$L698bn. up from $15.66bn. 


AT&T flat despite record rise in 
revenue following McCaw merger 


By Frank McGurty 
bi New York 

AT&T, the leading US 
telecommunications group, 
yesterday said revenues 
jumped by a record 89 per 
cent to the third quarter but 
its net income was virtually 
static. 

These were the first results 
to reflect AT&T’s recently 
completed merger with McCaw 
Cellular Communications. 

Although the deal to effect 
depressed short-term 
profitability, it also opened up 
an important new source of 
revenue for the group by 
giving it a solid presence in the 
growing market for wireless 
communications. 

Net income for the enlarged 
group was $1.05bn, or 67 
cents a share, compared with 
restated profits of p <wbF», or 
66 cents, for the same period of 
1998. 

About 10 per cent, or 9 cents 
a share, was sliced off foe 


combined earnings by the 
dilutive effect of 200m 
new shares issued by AT&T as 
part of the merger deaL 
Associated expenses reduced 
profits by a further 11 cents, or 
$170m- 

AT&T’s underlying perform- 
ance was robust Without the 
merger, net income would have 
shown a solid 13 per cent 
increase to $3_19bn, or 87 cents 
a share, against $L05bn, or 78 
cents, a year earlier. 

Stripping ont foe McCaw 
contribution, revenues were 
still strong, up nearly 8 per 
cent at $lSbn. Wall Street had 
expected shortly lower figures. 

"No matter how you look at 
the numbers, they add up to a 
very good quarter from 
operations,” said Mr Robert 
Allen, chairman. 

The improvement was 
evident across the board. 
Long-distance calling volumes 
climbed more than 7 per 
cent, due in part to the 
success of consumer incentive 


Northwest Airlines 
joins sector recovery 


By Rfchard Tomfdns 
In New York 

Northwest Airlines yesterday 
retofbrced the picture of recov- 
ery among the big US carriers 
by reporting its highest-ever 
quarterly profits for the three 
m ont h s to September. 

Northwest said net income 
jumped from $U0.7m to $170m 
In the third quarter, its fifth 
consecutive quarter of profit- 
ability. 

The size of the increase ech- 
oed the figures reported a day 
earlier by American Airlines, 
which increased net profits to 
&8ta from $1Q2 hl 

Northwast said revenues 
rose 69 per cent to $25hn and 
operating profits rose 34 per 
< ynt to $359Jtm. 

Earnings per share, frilly 
diluted, were up 19 pea: cent at 
$1.73. 

Like American Airlines, 
Northwest has been respond- 
ing to competition from 


smaller, low-cost carriers to 
the US by cutting unprofitable 
routes aud increasing produc- 
tivity in its remaining 
operations. 

It has also benefited from 
lower jet-fuel prices and 
growth in the US and world 
economies. 

Inst year Northwest won a 
substantial reduction in its 
costs by reaching a deal with 
its workforce to which it 
swapped a 27.4 per cent stake 
in the company for wage cuts 
and other labour concessions 
worth $886to over 39 months. 

The airline has also suffered 
less from low-cost competition 
than some other big carriers. 
Many of the arras Northwest 
serves are lass densely popu- 
lated and are therefore less 
suitable for tha high-frequency , 
short-haul shuttle servic es that 
lowcoet operators offer. 

This helped the ahitoe Hft 
the average tore paid - foe 
yield - by 59 per cent. 


programmes. Gross profit 
margin showed a gain, too, 
helping to lift telecom- 
munications revenues by 3.5 
per cent to nearly Hlhn. 

McCaw Cellular generated 
total revenues of $735m, 
against $563m in the 1993 
quarter. Its subscription base 
grew to 35m- 

Sales ctf products - including 
network equipment, computer 
systems and microelectronic 
components and others - 
surged by 20 per cent to 
$597bn. 

However, the good results 
faded to have much impact on 
AT&T’s share price, which was. 
up a scant $% at $54% in early 
trading. 

For the first nine months of 
the year, consolidated net 
income was $397bn, or $2J6 a 
share on revenues of $539bn 

Restating the year-earlier 
figures, the company would 
have reported a net loss 
of $5.5bn, on sales of 
ISOftm. 

Modest growth 
for Colgate 

Colgate-Palmolive, the US 
consumer products group, 
posted modest growth in the 
three months to September 
with, a 6 par cent increase in 
net income to $15im, writes 
Richard Tomkins. 

As to the second quarter, the 
bright spot was the growth in 
overseas sales, particularly in 
emerging markets. The biggest 
drag on profits was the contin- 
ued downturn in North Ameri- 
can sales, attributed to reduc- 
tions in retail inventories. 

Group revenues, boosted by 
growth in emerging markets, 
rose by 6 per cent to $19bn. 
Operating profits were 13 per 
cent ahead at $255. Tin, but net 
income was hit by a big 
increase to the interest charge. 

Earnings pm- share boosted 
by extensive company share 
repurchases, rose by 12 per 
cent to $100. 

Volumes rose 13 per cent in 
Asia/Africa and 12 per cent to 
Latin America. Colgate-Europe 
increased volumes by 5 per 
cent while Colgate-North 
America declined 7 per cart. 


Emerging markets boost Coca-Cola 



By Richard Tomkins 

Strong growth to emerging 
markets helped Coca-Cola, 
the US soft drinks company, 
report a 23 per cent increase 
to net profits to £708m to 
Its third quarter - its biggest 
percentage increase in 
quarterly earnings in four 
years. 

The company had indicated 
last month that its figures 
would be better than usual 
when it announced that its 
estimates of volumes sold dur- 
ing the quarter were signifi- 


cantly ahead of analysts’ 

expectations. 

Yesterday it said that vol- 
ume growth had been led by a 
17 per cent surge in interna- 
tional unit case volume, 3 per- 
centage points higher than it 
had predicted last month. US 
volume growth was 6 per coot, 
as expected, producing an aver- 
age worldwide increase of 13 
percent 

Sales revenue grew by 23 per 
nunt to $4£hn. reflecting foe 
. increased volumes, strategic 
Store increases and favourable 
exchange rata movements. 


Earnings per share, boosted by 
company share repurchases, 
rose by 25 per cent to 55 cents. 

The fastest areas of growth 
came. to new and emerging 
markets such as eastern and 
central Europe, foe Middle 
East. Tntti* and nbina. The 
company’s northeast Europe/ 
Middle East group increased 
volumes by 43 per cart. 

Volumes in Japan and 
Europe recovered from a poor 
third quarter last year, rising 
26 per cent and 16 per cent 
respectively. In the UK, vol- 
umes rose 22 percent 


ITT may 
sell off its 
Sheraton 
franchises 

By RSetend Waters 

The prospect of further asset 
sales by ITT was raised yester- 
day by Mr Rand Araskog, 
chairman of the US conglomer- 
ate, which reported virtually 
flat net income in the latest 
quarter. 

Mr Araskog said the most 
likely candidate for sale or a 
spin-off was the Sheraton 
hotels franchising business. 

Of the 270 Sheraton estab- 
lishments in North America, 
207 are franchised rather 
owned by foe company. 

In total, hotels accounted for 
$18m of die group’s op era tin g 
net income in the latest quar- 
ter, and $813m of sales. 

ITT is selling its financial 
services businesses, other than 
insurance, in part to help 
finance the purchase of 


NEWS DIGEST 

John Fairfax in 
talks over pay 
television deal 


■ • • tm 

aoawr.FTOtBpWts 



Rand Araskog: under pressure 
from shareholders to 

Viacom’s Madison Square Gar- 
den business. ITT is undertak- 
ing the $l.lbn deal in associa- 
tion with Cablevlsion, a 
cable-TV operator. 

The group has come under 
pressure from shareholders to 
dispose of various operations 
which could be worth more as 
stand-alone businesses. 

The group's ongoing busi- 
nesses as a whole recorded 
operating income of $399m, up 
22 per cent from a year before. 

Net income as a whole was 
$25 7m, $5m highw thaw in tiie 
1993 quarter on sales up 10 
per cent at $5.67bn. Earnings 
per share rose 5 per cart, to 
$2AL 


John Fairfax ffnlrfing x , 
Joint Fairfax ' the Australian newspa- 

* “ _ per group, has fore- 

sf,ar8 prt®® (M? ■ . shadowed a potential 
qjs L : . ; . — move jnto electronic 
;' : “f and digital technology 

' JL . . . with a possible invest- 

. ".'.Jin. meet of up to A$lbn 

?n f-T[L. „.■■■■■.; — ($740m) later this 

. ■ decade, writes Bruce 

' Jacques in Sydney. Mr 
iR f ' lu Stephen Mulholland, 
: - executive, yester- 
■■ ■■ • day told a Securities 
aonwFrtte'Mi. ‘ Institute of Australia 
• • lunch the company 

was negotiating a pay television deal which 
would involve equity of A$10m-A£L2m and bor- 
rowings of a gfoiflar amount 
But the company would be prepared to make 
an investment of up to A$lbn in the informa- 
tion technology area, either in Australia or 
overseas, after 1997 when its debt-to-equity 
ratio was expected to be below 20 per cent 
Mr Mulholland reiterated that Fairfax was 
negotiating a pi«i to link with a lifting , but 
mmamed. US database provider. The company 
was also planning to launch a Saturday edi- 
tion of the Australian. Financial Review early 
Twrt year. 

The Fairfax share price closed 4 cents higher 
at A$2.69 on Australian stock exchanges 
yesterday. 

Woolworths starts year 
stronger at A$3.23bn 

Woolworths, the Australian retailer, has 
begun the new financial year strongly, with 
first-quarter s a l e s up mare than per cent 
to A$3.23bn, writes Bruce Jacques. 

Mr Paul ffimons, executive director, said the 
result, for the 14 weeks to October 2, reflected 
continued gr o w th in market share. The sales 
increase for the period an a same-store basis 
was 102 per cent 

Krung Thai follows 
trend with 75% advance 

Krung Thai Bank, one of Thailand's largest 
hankft yesterday announced a 75 ner emit rise 
to net profit to Bt226bn ($94.7to) to foe third 
quarter from BfcL35bn in foe samp period last 
year. For the first nine months, net profit was 
up 56 per cent to Bt6-16bn, writes Victor Mal- 
let in Bangkok. 

Thailand’s hanfcn, which have long enjoyed 
wide spreads between their lending and 
deposit rates, are in an exceptionally strong 
position because the central bank is attempt- 
ing to curb inflation and is reluctant to allow 
lending rates to feu. 

Last week, Thai Farmers Bank said its third- 
quarter net profit rose 64 per cent to Bi2.74bn, 


up from BtL67bn a year earlier. Other banks 
are also expected to announce improved 
results. Stock market analysts believe the 
banking sector as a whole will increase net 
profit by more than 30 per cent this year. 

Krung Thai Rank also annonpiyd it would 
raise up to Bt3bn with an issue of long-term, 
unsecured debentures, and would raise its 
stakes in affiliated computer service and insur- 
ance companies. 

Improved sales help 
boost Sentrachem 

Sentrachem, the South African chemicals pro- 
ducer, turned in a solid performance for the 
year to August, raising net income 43 per cent 
to R159m ($45 2m) from Rlllm a year ago, 
writes Mark Suzman in Johannesburg. 

Turnover increased by 7 per cent to RZAbn 
from R2.62bn, reflecting improved sales from 
most divisions, although troubled Mega Plas- 
tics remained under pressure. 

Operating income rose 16 per cent to R24dm 
from R2I4m while finance charges dropped to 
R55m from R66m, largely as a result of a 
successful R289m rights issue in February. The 
dividend was increased 17 per cent to 28 emits 
from 24 cents. 

The group said that given the upturn in 
international chemical prices and the improve- 
ment in the commodity cycle, it expected earn- 
ings for tiie next financial year to improve ' 
significantly. 

It also noted that its reduced net borrowings 
of Rl47m, just 12 per cent of equity, left it to a 
strong position to take advantage of new pro- 
jects or acquisitions. i 

DDI rights issue to be 
largest since ban lifted 

DDL a Japanese long-distance telecommunica- 
tions operator, is planning a rights issue of 
around Y50bn ($514m) next month, writes 
Emiko Terazano in Tokyo. | 

The issue will be the largest rights issue at 
market price ainna foe Ministry of Finance 
lifted its ban at the end of last year. The 
ministry bad restricted financing through mar- 
ket price public offerings store foe stock mar- 
ket crashed in 1990. 

The company said it may offer around 60,000 I 
new shares. Although foe move will come 
after next week’s listing of Japan Tobacco, 
analysts said the issue was unlikely to cause 
over-supply worries among stock market 
investors due to the small awwnint. Qf ftmda 
involved. 

DDI plans to use the funds to invest to its 
personal hand-phone operations which are due 
to start next spring. 

Highlands Gold falls 

A large explosion, at the Porgera gold mine in 
August sliced term mga of Highlands Gold, the 
Papua New Guinea mining - group in the Sep- 
tember quarter, writes Brace Jacques. Net 
camingg for the period were down to £812,000 
($752,000) from K7-5m an a decBnfl in revenues 
to Kl&Sm from K27 ihn. 


This amtouncanent appears as a matter of record only. 

New Issue/20th October, 1994 

£200,000,000 

TT 

The City of Kobe 

9% per cent. Guaranteed Bonds due 2004 

unconditionally and irrevocably guaranteed as to the payment of principal and interest by 

Japan 

Issue Price: 99.45 per cent. 


UBS limited 


Bank of Tokyo Capital Markets limited 


Sakura Finance International Limited 


S.G.Waiburg Securities 


CS First Boston 


Deutsche Bank AG London 
Goldman Sachs International 
IBJ International pic 
Merrill Lynch International Limited 


Morgan Stanley Sc Co. 

ImcnmionJ 


Paribas Capital Markets 


Daiwa Europe Limited 
Dresdner Bank 

Akoengcselliduft 

HSBC Markets 


Lehman Brothers 


J.P. Morgan Securities Ltd. 
Nomura International 


: — - 


7 





22 


FINANCIAL TIMES FRIDAY OCTOBER 2 1 1 ,J 94 


INTERNATIONAL COMPANIES AND FINANCE 


HKSE censure forces 
newspaper chief to resign 


By Sfinon Hofberton 
in Hong Kong 

Mr Yu Pun Hoi yesterday 
resigned as chairman of the 
Ming Pao newspaper group 
after the Hong Kong Stock 
Exchange censured him for 
failing , on three o ccasions , to 
own up to a criminal record. 

A senior stock exchange offi- 
cial said the exchange took 
seriously Mr Yu's failure to 
observe its listing rules requir- 
ing directors to disclose past 
criminal convictions. 

“The issue is not what he did 
14 years ago." said Mr Herbert 
Hid, head of the listing divi- 
sion. “The issue is that 12 
years on, as a director, he neg- 
ligently signed our listing 
agreement three tunes.” 

The resignation of Mr Yu 
comes at a time of upset in 
Hong Kong's media industry. 
The Oriental Daily group’s 
foray into English-language 


publishing appears to have 
foundered. 

The acrimony surro undin g 
last month’s riisrnfew*! of the 
paper’s editor continues to 
sour relations between the 
publication’s largely expatriate 
staff and Chinese owners. 

This week, most of the senior 
staff of the Eastern Express 
resigned and the continued 
publication of the paper is in 
doubt 

Meanwhile, there was 
confusion at Ming Pao last 
night, and Mr Yu was unable 
to say who would replace him 
as chairman. Mr Yu, and 
interests associated with him, 
own 60.5 per cent of the 
company. 

Since the disclosure last 
week that he had served a 
short prison term in 1979 far 
cheque fraud and possession of 
a firearm, Mr Yu has come 
under intense media attention. 
His private life, about which 


little is known, has been sub- 
jected to scrutiny, much of it 
barren. 

On Wednesday, his peers 
deserted him when he was 
forced to step down from the 
chairmanship of the Newspa- 
per Society of Hong Kong, the 
colony's publishers’ associa- 
tion. 

Significantly, representatives 
of the colony’s two main pro- 
China newspapers voted for his 
diqmicqnl Mr- Yu, through tUS 

privately-held CIM, is a large 
investor in an the main- 
land and was thought to have 
powerful friends. 

Mr Yn has also resigned 
from the board of South Sea 
Development, a property devel- 
opment and investment com- 
pany, in which he has a 36 per 
cent interest 

He stepped down earlier this 
week from a non-executive 
directorship at Tristate, a gar- 
ment manufacturer. 


SA gold mines improve 14% 


By Mark Suzman 
in Johannesburg 

Gold mines in the Anglo 
American group, the world's 
largest gold producer, 
announced a 14 per cent 
increase in earnings to 
R20SJm ($5&2m) for the Sep- 
tember quarter, up from 
R 182.1m in June. 

The improvement resulted 
from a higher gold price as 
average revenue for the quar- 
ter rose 2 per cent to R44.408 a 
kg from R43.462 a kg, and 


improved overall production, 
winch increased 5 per cent to 
60,331 kg from 57.683 kg. 

This helped offset a l per 
cent increase in workin g costs, 
which rose to R34.139 a kg 
from R33.923 a kg, largely due 
to higher wages. 

Freegold mine, the group’s 
fla gship , turned in a particu- 
larly good performance, lifting 
production to 25.614 kg from 
23,982 kg and raising its profits 
to R9B.7m from R47.7HL 
Western Deep raised output 
to 10.021kg from 9,309 kg. 







Notice of Redemption 



— 








To the Holders of 






Japan Air Lines Company, Ltd. 


U-S.$54,000,000 1 1% Guaranteed Bonds Due 1997 



guaranteed by The Government of Japan 








(the “Bonds”) 





NOTICE IS HEREBY GIVEN that, pursuant Go Condition 6fbY of the Bonds, Japan Air 
lines Company. LkL (the ’Company') will redeem USiS.000.000 principal amount ol 
the Bonds on 22nd November. 1934 at the redemption price of 100% of their principal 

amount. 
















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while Vaal Reefs lifted produc- 
tion to 17,861 kg from 16,888 kg. 
However, Elandsrand was hit 
by industrial action and gold 
output fell to 3,303 kg from 
4,193 kg while profits dropped 
to R7.1m from Rl7.£m. 

Mr Clem Sun ter, chairman of 
Anglo American’s gold and 
uranium division, said he was 
satisfied with the quarter’s 
results and said the gold price 
would breach $400 an ounce 
during the current quarter on 
the strength of increased 
demand for gold jewellery- 


Thai media 
group plans 
flotation 

By Victor MaUet 
in Bangkok 

Grammy Entertainment, the 
Thai television, radio and 
music production company 
credited with establishing the 
Thai popular music industry, 
has applied for a public flota- 
tion. It will be the first enter- 
tainment company listed on 
the fast-growing Stock 
Exchange of Thailan d. 

Grammy executives expect a 
quarter of the company’s 400m 
shares to be sold to the public 
at the initial public offering. 
Net profit this year is esti- 
mated at about Bt250m (210m) 
on turnover of Btl.7bn. 

Mr Pal boon Damrongchai- 
tham, the founder and execu- 
tive chairman who owns 72 per 
cent of the shares, said 
Grammy needed capital to 
expand operations in Asia. 
“Globalisation is starting." he 
said. “If I want to join in. we 
must have some money to join 
the business." 

He said Grammy needed the 
money to invest in its retail 
network for the marketing of 
its Thai music catalogue; 
to participate in a satellite 
television channel and other 
joint ventures; to pay for 
new studios and equipment; 
and to convert Thai songs 
into Chinese for big markets 
In China. Hong Kong and 
Taiwan. 

Grammy, established in 
1983, has become Thailand’s 
leading producer of television 
soap operas, game shows and 
music programmes - it makes 
25 programmes a week for the 
main television stations - as 
well as the production com- 
pany of choice for Thai pop 
stars. 


Matsushita fights for leading role 

Alice Rawsthorn and Michiyo Nakamoto on MCA’s quest for control 


W hen Mr Yoichi Mor- 
is hi ta, president of 
Matsushita, flew 
across the Pacific on Tuesday, 
the distance between Osaka, 
where his company is based. 
and his Californian destina- 
tion, must have seemed greater 
than ever. 

The head of the Japanese 
consumer electronics group 
made a hastily arranged trip to 
San Francisco to find out why 
the men who run MCA, its US 
entertainment subsidiary, had 
suddenly - and very publicly - 
demanded independence from 
their Japanese owner. 

The latest drama in Matsush- 
ita's four years as MCA's par- 
ent provides a stark illustra- 
tion of the that a 

conservative company, which 
values consensus and 
long-term thinking, faces in 
running a business like MCA, 
steeped in Hollywood’s entre- 
preneurial and egotistical cul- 
ture. It also highlights the 
problems of MCA's executives 
in adapting to life under a very 
different corporate regime. 

It can be no consolation to 
Mr Morishita that the current 
crisis was widely predicted 
when Matsushita bought MCA, 
which includes Geffen Records 
and Universal Pictures, for 
$6.1bn in late 1990, shortly 
after Sony’s acquisitions of 
Columbia Pictures and CBS 
Records. 

One investment hanker com- 
mented that the the Japanese 
have “no idea of the difficulty 
of managing Hollywood compa- 
nies with their prima donna 
culture of limousines and pri- 
vate jets”. 

Hollywood has for months 
been buzzing with rumours of 
rifts between MCA and its par- 
ent Yet Matsushita executives 
were clearly flabbergasted by 
last week's reports that Mr 
Lew Wasserman, MCA's chair- 
man. anH Mr Sidney Sheinberg, 
its president were considering 
a bid to buy back control of 
their business. 

Matsushita, to an even 
greater degree than most Japa- 
nese companies, likes to deal 
with its problems discreetly. 
Any sign of weakness from 



Lew Wasserman: has offered to leave MCA next year 


senior managwnont rn the face 
of pressure from a US subsid- 
iary would have been per- 
ceived as loss of face. 

MCA is also a critical compo- 
nent of Matsushita’s long-term 
strategy in the communica- 
tions sphere. Without control 
of MCA’s vast libraries of mov- 
ies and music - which rndurip 
Jurassic Park and The Ftints- 
tones and chart-fopping a thorns 
from Nirvana and Aerosnrith - 
Matsushita would be relegated 
to the role of a low-margin 
hardware manufacturer. 

Unsurprisingly, Mr Morishita 
said “no” when Mr Wasserman 
and Mr Sheinberg on Tuesday 
asked him to rede managerial 
control of MCA. 

“What else could he have 
done?” askpd Mr C hristopher 
Dixon, entertainment industry 
analyst at PaineWebber in New 
York. “There's no question 
that Matsushita is taking a 
long-term view of its invest- 
ment It's got to stick with 
MCA." 

The two companies are now 
plotting their next moves in a 
high-stakes game. The critical 
question is whether Mr Was- 
serman and Mr Sheinberg will 
stay at MCA. where they have 
worked together for 22 years as 
the longest-running manage- 
ment team in Hollywood. 


Both men could easily afford 
to quit having made substan- 
tial sums hy selling MCA 
shares to Matsushita. Mr Was- 
serman, 81, has already offered 
to go next year. Mr Sheinberg, 
59, may follow when his con- 
tract ends in 1995. He, like his 
boss, has become Increasingly 
dissatisfied with Matsushita's 
refusal to back MCA's expan- 
sion plans. 

T hey had hoped their 
wealthy Japanese par- 
ent wonld finance 
MCA’s participation in the 
wave of mergers and acquisi- 
tions that has swept the US as 
broadcasters, cable TV opera- 
tors, lolp mrnmnw'ratinns com- 
panies and entertainment 
groups have raced to position 
themselves in the interactive 
media services market 
The US corporate frenzy has 
been watched with scepticism 
from across the Pacific. Com- 
panies Mkg Matsushita, accus- 
tomed to the slow, evolution- 
ary pace of development in 
consumer electronics, are dubi- 
ous about the timing of the 
multimedia revolution and its 
financial potential. 

These differences came to a 
head when Matsushita blocked 
MCA’s recent attempt to 
acquire 49 per cent of NBC, the 


US television company. This, 
coupled with a previous deci- 
sion to veto the proposed pur- 
chase of Virgin Records, 
fuelled MCA’s fears of being 
left behind by dynamic rivals 
such as Time Warner and 
Viacom. 

Whatever Mr Wasserman 
and Mr Sheinberg decide to do, 
Matsushita must address the 
issue of MCA’s long-term strat- 
egy. Its efforts to do so will be 
constrained by its ongoing 
rationalisation programme in 
Japan, given that it will be 
reluctant to risk alienating its 
domestic workforce by sanc- 
tioning aggressive expansion 
in the US. 

MCA itself is in a vulnerable 
condition. Its performance was 
erratic in its first few years 
under Matsushita. However, it 
produced record results in 1993 
(when analysts suspect it made 
operating profits of up to 
$400m on revenues of $4bn) 
thanks to the success of Gef- 
fen’s music releases, Jurassic 
Park and The Ffmtstonex. This 
year’s results are expected to 
be rather less robust 

Moreover, Mr David Geffen, 
founder of Geffen Records, will 
leave MCA when his contract 
expires in April He may well 
be followed by Mr Steven Spiel- 
berg, director of Jurassic Park 
and producer of The Flints- 
tones, who last week 
announced he was launching 
an entertainment group with 
Mr Geffen and Mr Jeffrey Katz- 
enberg, former bead of Walt 
Disney’s movie studio. 

Their departure would 
deprive MCA of two of its most 
prolific - and profitable - tal- 
ents at a time when it desper- 
ately needs successful new 
concepts. 

“No-one is ever irreplace- 
able,” said one analyst. “But 
those two will be very tough 
acts to follow." 

Mr Spielberg is an old friend 
of Mr Sheinberg. The latter 
had hoped the new group 
might he persuaded to join 
forces with MCA if he and Mr 
Wasserman could persuade the 
Japanese to cede control. 

Instead. Matsushita's refusal 
has left MCA in turmoil. 


Demand for Windows boosts Microsoft 


By Louise Kehoe 
in San Francisco 

Microsoft, the world's largest 
computer software company, 
reported a 27 per cent increase 
in revenues for its first fiscal 
quarter, with net earnings up 
32 per cent Earnings were at 
the high end of Wall Street 
estimates. 

Driven by strong demand for 
its Windows personal com- 
puter operating system soft- 
ware and office applications 
programs, Microsoft has con- 
tinued to outpace all of Its 
competitors in the PC software 
maiket. 


Revenues rose to $1.25bn 
from $983m in the first quarter 
of 1993. Net income increased 
to $316m from $239m, while 
earnings per share were 51 
cents, against 39 cents in the 
first quarto- of fiscal 1993. Per- 
share earnings were restated to 
reflect a two-for-ane stock split 
in May 1994. 

“This was another solid 
quarter for the company,” said 
Mx Mike Brown, Microsoft 
chief financial officer. "These 
results reflect the ongoing suc- 
cess of Windows as well as the 
continuing growth of our desk- 
top applications revenues led 
by Microsoft Office." 


North American sales repre- 
sented 34 per cent of revenues, 
up from 33 per cent, while 
European sales declined as a 
percentage of total revenues to 
23 per cent from 28 per cent in 
the same period last year, 
reflecting slower growth in the 
European PC market 

Sales of applications pro- 
grams represented 60 per cent 
of worldwide revalues. 

Analysts said Microsoft, 
which dominates the markets 
for PC operating systems and 
office applications, is now also 
moving ahead of competitors 
In the PC database and word 
processing sectors, where it is 


winning market share from 
Borland and WordPerfect 

Microsoft also introduced 
several new programs for 
home computer users during 
the first quarter as part of a 
drive to expand significantly 
its consumer marketing efforts. 

Last week. Microsoft said 
that it intends to acquire 
Intuit a leading publisher of 
personal finance, tax prepara- 
tion and small business 
accounting software, for about 
$1.5bn in stock. The deal will 
give Microsoft access to the 
emerging market for on-line 
financial services, such as elec- 
tronic bill paying. 


US drugs groups show strong rises in sales 


By Richard Waters 
hi New York 

Pfizer and Schering-Plough, two of the 
fastest-growing drugs groups in the US, 
shook off the pricing pressures in their 
home market with strong volume gains 
during the third quarter. 

Schering-Plough reported a 19 per cent 
jump in US prescription drug sales com- 
pared with a year before, driven by Clari- 
tm, an antihistamine, which achieved 
sales of $85m, and Proventil, an asthma 
therapy. Pfizer’s US sales were up 15 per 
cent 

However, the two companies' overseas 
experience differed markedly. Schering- 
P Lough's non-US sales rose 1 per cent, but 


would have fallen 2 per cent had it not 
been for foreign exchange differences. 

It blamed the foil on lower sales in 
Japan of Iniron (A), an anti-viral and anti- 
cancer agent, which reflects action by the 
Japanese authorities to control healthcare 
costs. 

Pfizer said its overseas sales grew 14 per 
cent. Its fastest growing product overall 
was Norvasc, a cardiovascular drug, sales 
of which jumped 94 per cent to $210m. 

Pfizer reported third-quarter net income 
of $336.5m, or $1.09 a share, on sales up 11 
per cent overall at $2.1bn. This repre- 
sented an 8 per cent increase on net earn- 
ings of a year ago, before one-off charges. 

Schering-Plough 's net income rose 12 
per cent to $224m. on sales up 6 per cent 


at SLlbn. Earnings per share in the latest 
period were $1.17. 

Bristol-Myers Squibb, meanwhile, 
reported a year-on-year sales increase of 
only 2 per cent It also warned that it may 
take an additional “material" charge 
against earnings to cover the cost of set- 
tling product liability claims relating to 
breast implants it m an ufacturered. 

Bristol-Myers Squibb's net income rose 2 
per cent to $821m, on sales up 2 per cent at 
$2.9bn, while earnings per share were 
$1-22. Pre-tax profits in the period were 6 
per cent higher, but the after-tax result 
was held back by a higher tax charge 
resulting from the phasing out of US tax 
relief for Puerto Rico manufacturing 
operations. 


US defence 
groups lift 
operating 
results 

By Tony Jackson m New York 

Third-quarter figures from 
four leading US defence 
groups showed showed gener- 
ally higher margins on static 
or falling sales. Two of the 
companies, McDonnell Doug- 
las and Northrop Grumman, 
reported increased military 
aircraft sales but downturns at 
their missile operations. 

GM Hughes Electronics, the 
separately-quoted defence and 
electronics subsidiary of Gen- 
eral Motors, said its defence 
profits at the operating level 
were up 31 per cent at $168m 
on sales down 8 per cent at 
$1.36 bn. 

It attributed the foil In sales 
to reduced production on vari- 
ous programmes, including 
ground radar and Trident mis- a 
sile components, pins termina- 
tion of the Advanced Cruise 
Missile programme and the 
Follow-On Early Warning 
System. 

Operating margins rose from 
per cent to 12.4 per cent as 
a result of cost reductions. 
Hughes said. 

For the group as a whole, 
earnings were also helped by a 
37 per cent rise in auto elec- 
tronics profits and a 110 per 
cent profits rise In the tele- 
communications and space 
division, offset by a $5 2m loss 
caused mainly by technical 
problems with the Hughes- 
Avicom in-flight entertain- 
ment system. 

Net earnings were 61 cents a 
share against 56 cents. 

McDonnell Douglas said 
underlying earnings were up 
39 per cent at a record $140m, 
on sales up only 1 per cent 
Operating profit on military 
aircraft was also a record at 
$182m, up 27 per cent, on sales 
up 8 per cent Profits on com- 
mercial aircraft, however, 
were down 27 per cent at $8m. 
Profits in the missiles, space 
and electronic systems divi- 
sion were down 51 per cent on 
a comparable basis at S56m, 
on sales down 34 per emit. 

Northrop Grumman said 
sales for the quarter were up f 
58 per cent to $1.93bn, or down 
6 per cent excluding acquisi- 
tions. Operating profits from 
aircraft were op 44 per cent at 
$I21m, while profits in elec- 
tronics and systems integra- 
tion were up 167 per cent at 
$40m. 

Losses in missiles deepened 
to $20m from Slim, largely 
due to increased development 
costs on the TSSAM missile. 

Net income for the group 
was op 50 per cent at $3 9m. 

General Dynamics, the 
unclear submarine and 
armoured vehicle maker, 
reported a 4 per cent underly- 
ing rise in net earnings, to 
$54m. Sales were down 8 per 
cent to $7 14m, and operating 
margins rose from 8.2 per cent 
to 10.8 per cent 

Solid advances 
at GM divisions 

Revenues at EDS. the 
computer services subsidiary 
of General Motors, climbed 23 
per cent in its third quarter 
from a year ago, to $2.56bn, 
writes Richard Waters. 

Mr Les Alberthal, chairman 
and chief executive, attributed 
the advance in sales to strong 
growth in Europe and Asia. 

The growth supported a 13 per 
cent increase in after-tax prof- 4 
its to $216.4m. * 

GM Acceptance Corporation, 
the financial services arm, 
reported after-tax profits of 
$245m, up from S205m. 


Knocking at the door of corporate mainland China 

Taiwan’s Evergreen group is preparing for the normalisation of trading links, writes Laura Tyson 


M r Chang Yung-fa, 
chairman of 
Taiwan’s Evergreen 
group, is keen to expand his 
shipping, airline and hotel 
businesses into China. But 
Taipei's continued ban on 
direct transportation across 
the Taiwan Strait is blocking 
his path. 

The former sailor founded 
what is now one of the world's 
biggest container shipping 
lines with a tramp steamer in 
1968. In 1991, he established 
Taiwan’s first private interna- 
tional airline. 

Frustrated at being frozen 
out of China's fast-growing 
market, he Is pressing the gov- 
ernment to resume direct sea 
and air links, cut in 1949 fol- 
lowing the Nationalist defeat 
in China's civil war. 

“The mainland market 
should be a Chinese market,” 
he says. “If we keep going on 
like this, how can Taiwan's 
shipping Industry survive? 
And how wiQ Taiwan's econ- 
omy continue to develop?” 

Mr Chang's blue-chip flag- 
ship, Evergreen Marine (EMC), 
is popular among foreign insti- 


tutional investors. However, 
foreign ownership restrictions 
hold foreign holdings at less 
than 5 per cent of outstanding 
shares. EMC posted net profits 
of T$1.22bn (US$46.7m) for first 
six months to June 30. up 
2.4 per cent from a year 
earlier. 

A political stalemate 
between Taipei and Beijing 
makes it unlikely - although 
not impossible - that the gov- 
ernment will lift the cross- 
strait shipping ban within a 
year. Full normalisation of 
trade ties, including direct 
flights, could take several 
years. 

Meanwhile, the Evergreen 
group is streamlining its 
operations and making initial 
forays into China in prepara- 
tion for direct links. Only a 
small fraction of the group's 
ocean freight currently origi- 
nates in China. 

In May, the closely-held 
group announced plans to 
invest up to US$8Qm in China 
for development of port, termi- 
nal and transport systems. 
Evergreen Marine has ear- 
marked $50m for China invest- 


Evergreen Marine 

Net profit T$ fan 

US - ' - - • t 



1992 .. -. 

Soscc Evergreen Marine 

meats, while listed shipper 
Uniglory Marine Corp, 37 per 
cent-owned by EMC. will 
Invest tip to $30m. 

The group's first project is to 
build an inland container ter- 
minal near Shanghai. EMC will 
invest US$6m for a 60 per cent 
stake in Shanghai Evergreen 
Container Transportation, a 
joint venture with a subsidiary 
of the Shanghai port authority, 
which will invest $4m for a 40 
per cent share. The project, the 
first by a Taiwanese shipping 


Chang Yung-ta 


company on the mainland, is 
scheduled for completion by 
mid-1996. 

Evergreen, which has offices 
in Shanghai and Xiamen, plans 
to co-operate with the Xiamen 
Steamship Company to open a 
Xiamen-Hong Kong route. 
Uniglory is considering termi- 
nal development projects in 
the ports of Xiamen, Tianjin 
and Qingdao. 

Ev e rgreen is also looking at 
a Joint project with US-based 
General Electric to build a con- 


tainer terminal at Zhangjia 
harbour near Shanghai 

EVA Airways Corp, an 
important component in the 
group's diversification strat- 
egy, is poised to become highly 
profitable once direct flights to 
China are permitted, analysts 
say. But for the moment, the 
airline remains a drain on 
group finances and is unlikely 
to become profitable before 
1996. 

Since China’s open-door 
and economic reform policies 
began to bear fruit in the early 
1980s, growing cross-strait 
trade has been routed through 
Hong Kong or other locations. 
Once direct shipping is 
allowed. Uniglory will serve 
"feeder” routes as China's 
harbours are too shallow 
for larger ships, while EMC 
will ply the long-haul 
lanes. 

To accommodate expected 
increased business. EMC in 
June placed orders for its first 
five U-type tpost-panamax, or 
too wide for the Panama 
Canal) container ships for 
trans-Pacific routes. Also on 
order are five more R-type 


(pa nama x) vessels. The group’s 
fleet currently has 75 container 
vessels. This will rise to 85 in 
two to three years. 

EVA is expanding its fleet 
aggressively and expects to 
have 25 aircraft by the end of 
1995 from 12 at the beginning 
of this year. Owned 26.5 per 
cent by EMC. EVA saw a rise 
in passengers following 
government-owned flagship 
earner China Air Lines' trag- 
edy at Japan's Naguya airport 
in April in which at least 260 
people died. 

E VA has so far secured 
rights to fly to nearly 20 
destinations and is espe- 
cially keen to gain access to 
the "golden” Hong Kong- 
Taiwan route, now dominated 
by CAL and Hong Kong-based 
Cathay Pacific. The airline is 
expected to go public once it 
makes a profit. 

Aviation is one of the 
Industries in China in which 
the Taiwan government bans 
rts citizens from investing, but 
Eva is believed to be quietly 
preparing for direct flights to 
the big Chinese cities. 


1 










FINANCIAL TIMES FRIDAY OCTOBER 21 


ll 'S 

"■I.s lie,' 

' T;, til | 0 

‘•Ills, 


INTERNATIONAL CAPITAL MARKETS 


Signs of economic acceleration hit Treasuries 


Bjr Frank McGurty In 
Naw Yoric and Conner 

MM*te*mann In London 

US Treasury bonds took a 
snarp downturn yesterday 
morning on fresh signs of eco- 
nomic acceleration and mount- 
ing inflationary pressures. 

By midday, the benchmark 
»year government bond was 
fi M3- The yield 

Climbed 7 basis points to 736 
per cent, within striking dis- 
tance of the important psycho- 
togical barrier of 8.00 per cent 
At the short end, the two-year 
note was down % at 993, to 
yield 6.706 per cent 

Two reports during the 
morning unde rmhipd the view 
that the economy was growing 
at a manageable pace and 
inflation was under control. 

Early on, the Commerce 
Department said housing starts 
last month had climbed 4.4 per 
cent to an adjusted annual rate 
of L5m units, the highest level 
since last December. 


Although economists 
thought the upturn was tempo- 
rary, traders took the data as a 
sign that the series of five 
interest rate increases so far 
this year had failed to slow 
growth sufficiently. 

The pessimism itawpempd at 
mid-morning, when the market 
was h a nd ed more compelling 
evidence to suggest the Federal 
Reserve would probably have 
to lift Tates again soon. 

The monthly business out- 
look issued by the Federal 
Reserve of Philadelphia 
showed a sharp jump in its 
index of economic activity. 

Even more troubling to the 
inflation-sensitive bond mar- 
ket, indices measuring prices 
paid and received by manufac- 
turers surged. 

Band prices, especially at the 
long end of the maturity range, 
plunged on the news, which 
seemed to undo much of the 
confidence which the market 
had steadily gained over the 
past month. In recent weeks, 


most of the economic news has 
been favourable for bonds. 

A bad morning turned worse 
when comments by Mr Lloyd 
Bentsen, the US Treasury sec- 
retary, precipitated a fresh 
drop in the value of the dollar. 

Mr Bentsen was reported to 
have discouraged speculation 
that the government would 

GOVERNMENT 

BONDS 

step mm the foreign B*rhang »» 
markets to support the cur- 
rency. The declines have upset 
bond traders, who fear the dol- 
lar’s weakness will make US- 
denominated securities less 
attractive. 

M European government bonds 
were relatively resilient In the 
face of US Treasury weakness, 
closing only slightly weaker. 

“The weakness in the US 
hasn’t prevented further out- 
performance by European bond 


markets - that was very 
encouraging psychologically." 
said Mr Jouni Eokko, interna- 
tional economist at S.G. War- 
burg Securities. 

■ Germany's bond market held 
up relatively well, supported 
by hopes of lower M3 money 
supply growth data, which are 
likely to be released today. 

Comments from Mr Wan^ 
Tietmeyer, the Bundesbank 
President, and council member 
Mr Otmar Issing indicating 
that M3 was set to continue 
falling cheered the market 
Most analysts are calling for a 
September rate of around 7J5 
per cent However, distortions 
caused by the recent introduc- 
tion of money market funds 
may push the number lower 
than that, some said. 

A lower than expected num- 
ber could revive hopes of fur- 
ther cuts in official rates, espe- 
cially after Mr Tietmeyer said 
the direction of German inter- 
est rates depended on money 


supply trends and other factors 
which could' affect inflation. 
Regional consumer price data 
are expected early next week. 

Dealers reported little inves- 
tor activity, and said the bund 
market was dominated by the 
futures pits. There, technical 
support of the December bund 
future at 9030 kept the market 
underpinned, though the con- 
tract breached that level in 
after-hours trading on Liffe, 
falling to 90.16, down 031 on 
the day. 

■ UK gilts reacted more nega- 
tively to the US developments, 
easing by about Vi point 

According to one dealer, “the 
US data were an excuse to sell 
a market that has had a good 
run and was due for a period of 
consolidation''. Ahead of 
Wednesday's auction, the gilt 
market is likely to react more 
negatively than others to dis- 
appointing news, he added. 

Traders reported little cash 
activity apart from switching 


into the new five-year stock, 
which is currently trading an a 
when-issued basis. 

Slightly stronger than expec- 
ted UK money supply data 
added to the soggy tone. “The 
lending figures didn’t help - 
they reinforced the view that 
the economy is a bit more 

robust t han soma people have 
thought,” said Mr Nigel Rich- 
ardson, head of bond research 
at Yamaichi International. The 
numbers come in the wake of a 
buoyant CBI survey and stron- 
ger retail sales data, released 
earlier this week. 

■ French bonds foil by nearly 
half a point after the US data, 
their yield spread over Ger- 
many widening to 75 basis 
points from 69 on Wednesday. 

Among other factors, the 
market has been suffering 
from weakness in the French 
franc, which has been 
depressed by political jitters 
nfmari of the 1995 presidential 
elections, a nd the dollar. 


BankAmerica launches $500m floating-rate note offering 


By Graham Bowtey 

The eurobond market witness- 
ed a flood of floating-rate note 
offerings yesterday amid diffi- 
cult market conditions, as 
uncertainty about US interest 
rates drove US and European 
government bond markets 
lower. 

In the dollar sector, Bank - 
America launched a $500m 
issue of five-year floating-rate 
notes, with a coupon of 18.75 
basis points over three-month 
Libor. 

Joint lead manager Goldman 
Sachs said it sold almost all its 
quota Of bonds, with demand 
spread across Europe and the 
Far East. Interest came from 
mmwifirriai banks, fund man- 
agers. private individuals and 
some corporate investors, 
Goldman Sachs said. 


Goldman Sachs also led Ford 
Motor Credits $250m offering 
of five-year FRNs. The bonds, 
offering 20 basis points over 
three-month Libor, also found 
widespread demand, It said. 

“Interest in FRNs has grown 
substantially this year,” said a 
syndicate official. “Investors 

INTERNATIONAL 

BONDS 

want to be protected in a rising 
interest rate environment and 
many, in particular commer- 
cial banks, want that extra 
pick-up in yield above their 
funding costs that FRNs offer.” 

At the short-end of the 
D-Mark sector, IMI launched a 
DMSOQm offering of three-year 
bonds with a coupon of I2V4 
basis points over Libor. 


Some syndicate managers 
said the bonds were tightly 
priced but joint lead manager 
J.P. Morgan reported good 
sales around the 99.85 offer 
price. The strongest demand 
came from UK institutional 
investors but there was also 
substantial interest from Ital- 
ian and German investors, it 
said. 

"Many D-Mark investors 
have taken their money out of 
the fixed-rate D-Mark market 
but with the D-Mark still well 
bid, they have stayed in the 
same currency sector, moving 
instead to short-dated D-Mark 
FRNs,” said one syndicate 
manager. 

Dcpfa, Germany's largest pri- 
vate mortgage hank, returned 
to the French franc sector, 
with a FFHbn offering of four- 
year fixed-rate bonds, priced to 


NEW INTERNATIONAL BOND ISSUES 



Aomont 

Coupon 

Price 

Maturity 

Fees 

flpiwd 

Book runner 

Bonovrar 

US DOLLARS 

m. 

« 



% 

hp 


BankAmarica CwplW: 

500 

(al) 

S9435R 

NOV. 1999 

0.176R 

. 

Gokkiten/Sokxnon Brothers 

Fond Motor CradR Coi(b)t 

260 

(t»1) 

99.757R 

Nov.1999 

ai7SR 

. 

Goldman Sacha International 

Fup Bonk and Trust Co.(c)t 

53 

(cl) 

10050 

Nw-2004 

040 

M 

Fup totemBBonal Finance 

Banco B8A-Credtoisbttt 

50 

<4 

9O20R 

Nov. 1897 

1.12SR 

- 

CrecRanetatt-asnkveroki 

D-MARKS 

IMI Bank fntemattonett 300 M 89-926 Nw.1997 0.125 - JP MorauV /Ml Bank Lux. 

FRENCH FRANCS 








Dopta tonnes 

2bn 

7.625 

9B487R 

NOV. 1996 

025R 

+27{5V%-S8) Banque Ntfkmtia da Paris 

ITALIAN URE 

Deutsche Bank nnanceffl 

1 0ram 

11^)0 

101475 

Nov. 1996 

1.126 

_ 

Deutsche Bank London 


Final teems and non-caUSa urdesa stated. The yfetd spread (ovw relevant goverranant boned at launch fa suppfied by the lead 
manager, tHoeUng rata note. R: fixed ra-ofto price; teas are shown at the re-ofler level a) CtitaMe on my coupon dais Own Nov-97 at 
par. al) 3-mfii Ubor +4%. b) Callable on any coupon dale torn Nw.86 at par. bl) 3-reth Ubar -tSOfap. c) on 4/11/07 at par. 

cl) 6-mth Ubor +4Sbp to Nov 07 and SKK fed there aft er . c2) Capped FHWa: Si 8m. Nov.04, B-mth Ubor +45bp max ION, 100-50%. 
d) B-mth Lftwr +275bp. 0] 3-mth Ubor +WML t) Issue launched on 8/1QAM was Increased to LSOGbn. 


yield 27 basis points over 
French government bonds. 

Depfa’s second French franc 
eurobond was prompted partly 
by the success of Its debut 
offering in November last year. 


lead manager BNP said. BNP 
reported demand from inves- 
tors In Germany, Switzerland 
and France. 

The Republic of Argentina’s 
$50Qm global offering of five- 


year bonds, launched on 
Wednesday, was priced yester- 
day at a re-offer price of 99.925 
to yield 350 basis points over 
US government bonds, at the 
top end of its indicated spread. 


Investors shrug 
off changes in 
Brazilian rules 


By Patrick McCurry 
In Sao Pauio and Richard 

Lapper In London 

Foreign investors yesterday 
played down the potential 
impact of measures announced 
by Brazil to limit foreign 
investment flows. 

A 1 per cent tax on new 
money brought into the stock 
market is unlikely to put off 
long-term investors, and 
although an increase in the tax 
on eurobond issues could 
depress issuance, the measure 
could increase the price of 
bonds currently on the market. 

“The fixed-income measures 
were expected and the stock 
market tax was half expected, 
although a lot of people 
thought it might be higher," 
said Mr Wayne Perkins, a 
vice-president at Banco Nor- 
chem in SSo Paulo. 

The stock market tax is the 
first equities tax for overseas 
Investors since Brazil’s stock 
market was opened to foreign- 
ers in 1991, and the govern- 
ment can Increase the tax to 
up to 25 per cent if it feels the 
situation is sufficiently serious. 

However the measure had 
been widely anticipated. SSo 
Paulo’s stock market index fell 
3 percent cm Wednesday, amid 
speculation about what the 
measures might involve, but 
by lunchtime yesterday it was 
virtually unchang ed. 

Foreign investors regard the 
tax as largely symbolic, espe- 
cially when compared with the 
potential capital gains tor Bra- 
zilian shares - so far this year 
the matn SSo PaillO inttax has 
appreciated by nearly 75 per 
cent after more than doubling 
in value last year. 

“The market could probably 
live with 5 per cent tax bid 
anything above that, combined 


with the currency apprecia- 
tion, would deter a lot of inves- 
tors,” says Mr Sergio Goldman, 
an associate director at Bear 
Steams in S&o Paulo. 

Nor do analysts expect inter 
national equities issues by Bra- 
zilian companies to be affected. 
Mr Anthony Parker, head of 
Latin American equity sales at 
Baring in London, said compa- 
nies considering the issue of 
ADRs were unlikely to change 
their plans. 

Investors expect the increase 
in the financial operations tax 
on Brazilian issuers of euro- 
bonds, to 7 per cent from 3 per 
cent, to lead some companies 
and banks to reconsider poten- 
tial offerings. 

“We'll probably see some 
postponements and companies 
recalculating their costs, but 
the tax increase is probably 
not enough to affect the core 
market,” says Mr Edvaldo Mor- 
ata of ING Bank in SSo Paulo. 

It will still be cheaper to 
raise funds cm the euromarket 
than on the local bond market, 
and the measures could lead to 
an increase in the value of Bra- 
zilian dollar-denominated 
paper already in the market as 
investors perceive “scarcity”. 

Issuers of a Brazilian float- 
ing-rate notes - the latest in a 
number of recent euromarket 
issues - reported a positive 
response from the markets. 
Creditanstalt launched a $50m 
FRN for its Brazilian subsid- 
iary, with the issue dosing 25 
basis points up from its re-offer 
price of 99J25, after the bonds 
were freed to trade. 

“I suspect this win lead to 
tightening spreads because of 
the reduction in supply. Inves- 
tors will be prepared to bid up 
for Brazilian paper,” said Mr 
Patrick Butler, of Credit- 
anstalt 


t . X : 






WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day's Week Month 

Coupon Pete Price change Yield ago ago 

Awtrafia aOOO 08AM 930200 +0.470 10.13 1030 1010 


1013 1030 1010 


Betgten 


7450 

04/04 

9&8300 

-ai4o 

035 

631 

8.83 

Canada* 


6.600 

06AM 

83.4000 

-0.150 

9.13 

8-92 

004 

Denmark 


7.000 

12AM 

884200 

-aoso 

8.77 

8-82 

9.18 

France 

BTAN 

8A« 

06198 

109.1250 

-Q.000 

7-28 

7A8 

746 


OAT 

5-600 

04AM 

aaoaoo 

-a420 

8.12 

T. 95 

&17 

Gflmnany Thw 


7.500 

09AM 

1004800 

-a (mo 

7.41 

7A3 

743 

Raiy 


8-500 

08AI4 

814000 

-0390 11.7W 

11.64 

11.71 


No 119 4400 00/99 102.7830 

No 184 4.100 12/03 900030 

7-260 10/04 984800 


449 4.18 347 

4,73 4.79 440 

741 748 749 


Sptei 

8400 

D5AM 

814000 

-0060 

11.15 

1886 

1146 

UKGtta 

6.000 

06/99 

0O-O9 

-702 

6.49 

838 

875 


6.780 

11AM 

87-15 

-7/32 

8.63 

853 

891 

— 

9-000 

10A» 

103-02 

-12/32 

852 

842 

868 

US Treaaunr * 

7460 

08AM 

98-14 

-22/32 

7.77 

749 

745 

7400 

11/24 

94-19 

-29/32 

748 

741 

7.7B 

ECU (French Govt) 

6400 

04/04 

84.0300 

-0.160 

851 

843 

882 


London daring. •torYo* mid-dor 

t Gross enduing wUMloktog tax at 115 par «M payable far ■ 

Aloes US. UK lo 32nd3, MMm to decimal 


HaUs lac* mwfcst ataman 
UspHI 

OoaxxUUSmmrnlM 


bond futures and options 

Franca 

■ NOTIONAL FRENCH BONO FUTURES [MATff] 


■ LQMQ TERM FRBHCH BOMO OPTIONS (MAUF) 


CALLS 

Dec 

Mer 

Nov 

— PUTS — 
Dec 

Mar 


2.14 

811 

a72 

1.82 

1^0 

143 

0.42 

1.11 

240 

0-74 

• ' 

1-00 

1.63 

245 

0-39 

048 

142 

240 

- 

0.19 

- 

- 


“ 

■ 29.330 . 

pravkui ctayta open hL, Gala 876040 Ptis 33845a 


Germany 

J m NOTIONAL OBWIt BUND FUTURES frJFFQ* OM2SO,OOQ IQOtha of 100* 

Open Sett price Change High Law £at vd Open W. 
Oao Q040 9034 -003 9058 9013 109311 182544 

8070 8945 -002 88.75 88.70 144 4382 


■ BUN PtvnmESOPiTONaojTgtaMasojwopptnMrtigg^ 

— rr .... — CALLS - — 1 PUTS 

ib. iw. Jen Mar Now Dec Jen Mar 


Nov 

CALLS — 

Dec Jen 

Mar 

Nov 

042 

1.12 047 

142 

0.18 

n 9A 

046 0.76 

1.10 

841 

0.09 

862 0.58 

0.90 

0.75 


EM. vol. (Dte (Mb 18004 Pun 16183. Pwfcua dan*! open I*, Calx 305830 *“» 2fl42 ' 3 


UK GILTS PRICES 


■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 

OJFFQ- Lira 20fen IQOtha of 100% 

Open Sett pries Change High Low Ett. vol Open W. 
Dec 9940 99.46 4002 9948 9940 22918 59995 

Mar 9846 9847 -002 9846 9845 559 4143 

■ ITALIAN GOVT. BOND EBTP) FUTURES OPTIONS (UFFg UnfiOOm lOOthe of 100% 


Strike 

Price 

Dec 

CALLS 

Mar 

Dec 

PUTS 

Mar 

9900 

1.70 

247 

145 

240 

WfiO 

1.40 

244 

1.46 

817 

10000 

1.15 

2.13 

1.70 

846 


US INTEREST RATES 



Dec 

UaKMkna 


Tieanay BNs and Bond Ytakfa 

674 

Mar 

Prime rata 

7% TVo waalh. — 

S3Z Una year 

512 toe yew 

5J0 Wiaer 

617 »*ier 

7j0# 


Bratokw rata 

’ Fed tush — ■ — 

FodJund, at HeneittSL. 

4ft Sknonta 
■ Otojsw — 

777 

707 

UK 

■ NG 



Open 

Sett price 

Change 

High 

Law 

Eat wL 

Open kit 

&&9a 

Price 

Dec 

11140 

11145 

-0.44 

11148 

11146 

123407 

127451 

Mar 

11868 

11042 

-a 44 

11878 

11888 

681 

10486 

101 

Jun 

110.08 

10944 

-044 

11808 

HOLDS 

2 

681 

102 

103 


EM. WU MM, CMa 7M Pun 7HS. Prautaua daiTi opan kn. Cab S3«M Pm 27020 


Spain 

■ NOTIONAL 8PANPH BOND FUTURES 1ST) __ 

Open S«tt price Change Mgh Low Eat voL Open int 
Dec 87.10 8848 -012 S7A6 8641 48.445 73482 

Mar 80.10 - - - 50 


Open Sett price Change High Low Eat vd Open Int 
Deo 101-20 101-4)8 -0-11 101-22 101-00 42484 84372 

Mar 100-18 100-11 -0-11 100-12 100-12 1 48 

■ LOWO CULT FUTURES OPTIONS (UFFq CSOjOOO 84tha of 100% 

Strike CALLS PUTS 

Price Dec Mar Dec Mar 

101 1-28 2-» 1-12 2-82 

102 0-81 1-54 1-46 3-32 

103 0-37 1-28 2-21 4-06 

EtL *oL total. Can 3531 Putt 47W. Pnwtoue dayta open bL. CWto 78070 Pun «09S 


Ecu 

■ ecu BOND FUTURES ft4ATff=) __ 

Open SeO price Change High Low Est voL Open int 
Dec 81.14 8098 -018 8142 8090 1.050 8489 


■ US TREASURY BOTO FUTURES (C8T) S10P000 32ndt Of100% 



Open 

Latest 

Change 

Hgh 

Low 

Eat VOL 

Open bit 

Doc 

9821 

96-08 

-o-ia 

88-24 

98-05 

274400 

397.726 

Mar 

97-31 

97-10 

- 

98-02 

97-16 

1,127 

27473 

Jim 

97-12 

96-30 

-0-06 

97-12 

96-30 

32 

11.173 


I9M — 

Red PriceC +w- tori Low 


Japan 

■ NOTIONAL LONG TERM JAPANESE OOVT. BOND FUTURES 

(LffFQ YIQOrn 1000m at 100% 

Opan Close Change High Low Eat vrt Open bit 
Dec 10747 107.40 107.30 1644 0 

Mar 10088 10648 10642 82 0 

* UFRZ uu m acn tndad on APT. Al Open fate eat SpL ne far praAu dejr- 


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935 119*1 

- 87h 

- 100*1 

- we% 

941 142 

- 127*1 

- 37 

- 32*a 

953 114>i 
932 n 
442 132 

449 127 

- 138*2 


FT-ACTU ARIES FIXED INTEREST INDICES 

Prtcelndces Thus Day's Wed Accrued xd e4 

UK OHs Pel 20 change % Oct 10 Interest ytd 


— Low cocpon ytoW Medium coupon yUM — — High coupon yield — 

Oct 20 Oct 10 Yr. ego Oct 20 Oct 19 Yr. ego Oct 20 Oct 18 Yh ago 


1 

Up to 5 yen (24) 

11809 

-aoi 

11810 

142 

943 

5 yra 

853 

841 

800 

840 

857 

644 

874 

872 

840 

2 

5-15 yoent pSJ 

13864 

-0.10 

13845 

147 

1140 

15 yra 

851 

847 

«» 

864 

880 

747 

847 

844 

747 

3 

Over 15 years (8) 

165.42 

-040 

15548 

149 

1047 

20 yra 

847 

843 

744 

864 

880 

7.14 

876 

873 

749 

4 

kredamablM ( 0 ) 

179-27 

-043 

18042 

443 

883 

kredt 

855 

840 

7.17 







5 

Al stocks (B0) 

13813 

-0.15 

13840 

147 

1042 



















— 

-MetoaM 

— 

— kflatton 10%- 

— 



6 Up to 5 yearn (2) 

7 Over 5 years (11) 

8 AS stocks f13) 

Dctoanturea id Loena 
B Debs & Loom (77) 


18544 -0.01 18S46 

173,11 -007 173-24 

17346 -0.07 17348 


12742 -028 128.17 


Ej 07 UptoSim 
430 Over 5 yra 
4-41 


Oct 20 Oct 19 Yr. ago 

3.84 343 2.15 
345 344 3.T0 


Oct 20 Oct 19 Yr. ago 
2JM 2.02 100 

366 3l84 2J91 


Magi graee ndempdan yfakJ, n eham Km Caeon Be n d* Law: OK-791%: Metn aK-1W%: Mtf* 11% aid omk T Ret yWL yid Year to dete. 


— - ~S yew yield— 15 ynr ytoid 2S year yield 

Oct 20 Oct 16 Yr. ago Oct 20 Oct 18 Vr. ago Oct 20 Oct 18 W. ago 

945 982 7.71 980 957 901 956 902 913 


FT FIXED INTEREST INDICES 

Oct 20 Oct 19 Oct 18 Oct 17 Oct 14 YraflO Wph‘ Lo»V 


CULT EDQED ACTIVITY INDICES 

Oct 19 Oct 18 Oct 17 Oct 14 Oct 13 


Govt Sees. (UK) 9140 9140 91.78 9248 9149 10346 10744 8954 GSt Edged bargain 

Ffead kriereat 10641 10955 10906 10646 10848 125XS 13967 10640 6-day a ware ge 


914 ■ 974 

693 992 


■ tor tas*. Qonemwent 3ecwtBe« litfi faeca c w p iM ion : 1Z7A0 971739 law <916 (WTtJ. Fted hteeat Mgh eface rranp lMI u n 133J7 pi/vfrt) . lew eoae pn/75> ■ Beale IBP; Qovenenent 6ecnMn ianor 
3* net Rod tntaran 19EB. 36 MM* keScae nbnad 1074. 


FT ASM A INTERNATIONAL BOND SERVICE 


IMed ae the Meet htareiionri bands lor vilch Owe le an I 
laend BkJ Mtor Cbg. ’ 


i aeccntoy matat Letaet 


(B 247 401 JOB JOSH 197)1 

269 352107W -ft 11» 

as* an iBsa -a i7n mb 

Iri p"” ms aeiismi -ft its*, isba 

4%JC'Mtt. (I35£) 348 3A2«W -ft 110 s * *07*, 

2pcw e MJ) MS 341 IBM. -jt 1W& 

■ -wa ..... n oa 340 383152‘ji -Jt 168ft IW, 

11 _ p iB) 343 344 157% ->■ 17S% 154% 

zbpcis gw.?) us am i<o*e iWe 

aitfc-is Z fi n 349 347 1375 -*a 1S7A 13ft 

073 348 132% -*» 153B 128% 

PUBlttt (977) 171 345 109tl -% 121ft 106% 

4%pC'3Q» —4135.1) 3J3 349 106U -% « 105% 

Proepeethe tea redemption rate on prototodfadadon of flj 10% 
Mid (H 5%. (b) Rgurae In pnantheaea show RPt ban ter 
Mentoo da 8 months prior to leeu*| end hen heen edjoeted to 
reflect iaWig of RP1 to 100 la Fetrnwy 1967. Cenvenion 
factor 3449 RR far FehriJiry M94: 142.1 nd to September 
1004; 1454. 


115 DOLLAR STMKIHIS 
AbtMrM7)teMre%03- 

Afaata RwkK6 7% 86 

Auttia^iOO 

Bank ot Tokyo 09 

Begun 5*2 03 

ERS 7% 97 

BM1QB021 

Quads 9 96 

Qiaiing Knx) Rn S% 98 — 

Qmf*zH 

OoundBiopeBBB .. 

OMR Fonda 9% 09 

Drank 5% 89 

EaAJq»nRaiMv6%M _ 

ECSC8%98 

ED 9% 98 

BB7%88 

BB 9% 07 — - 

Bee da Ranee 9 99. 

area™ 9% 98 

Bt-tnBo*Jlpai9Q£ 

&port Dn Cap 9% 99 — 
RsdealMllbt7A004_ 

Fkted6%97 

FMshBpart9%9S 

Fori Mate Cn« 6% BB — 

Gen Bsc Cq*d 9% 98 

GMN39%98 

fad Bk Jem On 7% 97 — 

fate Ann Dev 7% 98 

hdyftffl— 

Japan Dev 9k 8% 01 

Kami Bu Par 10 90 

taaeBecPotarfi*, D3 — . 
LIC8 Fo 897 

Moray 7% 97 ZH 

CNB(fa7%03 

Oste KcrtraBank 8% 01 — 

RA«65%IB 

OnfattHydnOiiBB 

aabecPnv996 

Sdretny 9% 66 

SAS tO 98 

SNCFFzW 

Btoi6%69 

Sate Bk NSW 8% BE 

SMxHiBtnt M - 

Tokyo Bee Power 6% CB — 
T5)faoMa1rap(*e8% 88 — 
Toyota Motor 6 % 96 

lMtadKkigdom7%02 

VMdBark9%99 

Hold Balk 8% 07 


. WOO 88% 
. 1000 69% 

_ 400 1001 
-100 101% 
. 1000 82*1 
_ 150 100% 
. 1600 9% 

. 1000 102% 

— 600 99% 

. 1030 84% 
_ 100 101% 
_ 300 109% 
. 1000 95% 

— GOO 88% 

_ IBS 101% 
_ 100 vn% 
_ 250 101% 
-WOO 104% 
.200 103% 
-100 103 

_ 600 99% 

_ 150 H£% 
. 1500 95% 

.3000 96% 

— 200 102% 

.1800 96% 

- 300 103% 

_ 200 102% 
_ 200 100% 
-200 101 
. 3500 77% 

_500 101% 
_ 350 103% 
. 1360 84% 

-200 100% 
. 1000 94% 

-WOO 100 
.3000 94% 
-200 102% 

- 200 100% 

. 1000 84% 
-ISO 105% 
-300 102% 
-150 W3 

— 300 104% 
-160 HK% 

. 1500 94% 

-200 W 
.2800 08% 

- 700 101% 

. 1000 S6% 

-200 102 
. 1E00 94% 
.3000 95% 

.1500 103% 
.1500 103% 


138% 107* 

14! 115 

-% 11J*J 

— 103% 93% 

115% 106 

= ia^ 

— 44% 37% 

40% ffl% 

136% m 

78 88% 

150% 129% 

145% 123% 

169% 134% 


0BJ1SCHE MNK STRNQHTS 

Audrfe8%24 2000 82% 

CMS Fonda 7% 03 am 96% 

Drank 5% 66 2000 97% 

Deph Rian 6% 09 1500 91% 

Deutd»Bini7%03 am ob% 

acfeop , - am »% 

SB 6% 00 - 1600 95% 

FMtodTbOO 3000 100% 

M|f 7% SB 5000 1011% 

uOBaitoritanaPzoe — 2250 » 

Nonw^tte 1500 98 

Ontario 8% 04 _ 1500 69% 

Spirit 7% 03 4000 97 

Sweden 8 87 2500 102% 


-% 641 

-% 7.73 

-% 746 

-% 749 

-% 843 

-% 741 

-% 898 

-% 845 

-% BOB 
-% ai7 
-% 7.13 

-% 7J6 

J| 743 
-% 838 

-% 74S 

668 
-% TOO 
-% 741 

-% 744 

-% 848 

-% &15 
-% 749 

-% 820 
-% 743 

-% 842 

-% 748 

-% 70 7 

-% 741 

-% 7 73 

-% 743 

-% 828 
-% 845 

-% 742 

-% 942 

-% 772 

-% 848 

-% 742 

-% SM 

-% 749 

743 
-% M4 
-% 810 
-h 749 
-% 741 

-% 048 

748 
-% 742 

•% 7.17 

&a 

•% 644 

-% 824 
-% 7.18 

-% W 
-% aw 

J| 7.72 
Al 7.18 


82% 845 

87 -% 741 

96 841 

91% -% 7J9 

90% -% 778 

97 -% 744 

95% -% 742 

160% -% 7*43 

W)% 7.M 

89% -% 745 

98% 678 

08% -% 747 

97% -% 7J4 


Urtod On*™ 7% 87 

Ndteagea M Sh 7 09 

MbddBenk015 

«WdBa*6%03 

WteU Bank B% 00 

8MSS FTMNC 8IRN0H1S 

Aetan Dev Bata B 10 

Auttte4%00 

OowdEucpe4%W 

0»nek4%99 

BBS, 04 

Bee da Rawe 7% 08 . 

ftfand 7% 99 

Hymdd Mote Hn 9% 97 

ktiand 7% 00 

Kobe B% 01 

Cfakric 8% OS 

Quebec H|dn BOB 

8NQF7 04 

Worid Bank 5 (0 

Wald Sank 7 01 

VON SntMQHTTt 

BdstonSOO 

SB 8% 00 

Rdand8%BB 

Iw Aw Dev 7% 00 

My 3% 01 

%nuwasfl 

Jepai Dev Ek 8% 01 

topon Tal TW 5% 98 

Ncn^5%97 

SNCF6% 00 

SpakiE% 02 

SMdOl4%S8 

VMjdd Bank 6% 02 


Mfaee at 7U0 pm cn October m 
teeoed BM OBer Crig. Ttod 

— 5580 101% 101% 870 

1000 4B% -% 747 

— 2000 20% 21% -% 774 

— 3000 ffl 88% -% 740 

_ 1230 109% 110 -% 842 


_ 103 93% 

.1000 96 % 

-250 89 

.1000 96% 
- 300 105% 
-too 107% 
-300 107 

-100 105% 
_«Q 107 

-3« 104 

_ 400 100% 

-100 83% 

-450 107 

. 150 95% 

-boo nr 


-75000 102% 

.noooo m®% 

_ 50000 104% 
-30000 112% 
.300000 91% 

nun i(E% 

.120000 109% 
-50000 104% 
.160000 W3% 
-30000 H»% 
.125000 106% 
.160000 101% 
.260000 103 


GTHBI 977MJQNTS 
Qatoaioe Luc 0% 99 LA- 
KH Dai Indeed* 6% 03 Iflr _ 

nudBonkOBBUr 

ABNAtno6%00R 

BafcNedGameateiTOSR _ 
/Jbnftntaee 10% 96 CS — 

Bti Ceafti n% 99 CS 

BdtahOaknfaiB 109608 

SB 10% 88 Ct 

acdaFHK»8%99CS 

QenHecOapM 109BCS 

KMVHFhlOOICS 

WW ItfriWCS 

Qrtofa603CS 

CrttooHpfc) W% 90 CJ 

Cete Ktekceank 10% SB CO - 

QutoecPiw W%®CS 

UgUn9%9BEni 

CandEucpeBDI Ecu 

Cte# Lyrate 0 BG Ecu 

EB 10 97 Ecu 

Faro dri fiat 10% 99 Beu - 

Vtt 10% 00 Em 

Span 9W Ecu 

lMtadHngdgni9%01 Ehj — 
ACC 10 SB At 

Comm BkAusHh 13% 99 ft _ 

BB7%99* 

NSWItoniyZocOSOAS — 

R&IBank7%03AS 

Sue Bk N9W B 02 At 

9BiAtitGMtAlB02AS 

IMbHrAutarie1299« — 
WtianAuat‘niei7%96AS_ 


- 1000 104% 

_ 3000 100% 

— 1000 100 

_ 1000 

_ 1900 96% 

—.900 109% 

— ISO 104% 

500 ns% 

130 us% 

— 275 102% 

300 103 

_ 400 102% 

— 200 104% 

— 1600 91% 

500 166 

— 150 104% 

— 200 W% 

— 1260 KB% 
-1100 101% 

125 101% 

-IW 104% 

— 500 m% 
_iooo me% 

_WD 102% 

— 2750 103% 

— WO W1 
i_W0 113% 

350 94% 

-WOO 7% 

125 65% 

300 92% 

150 92% 

ISO 106% 

— 100 94% 


806 
642 
4% BOB 
525 
003 
829 
5iSB 
845 
6L14 
804 
4% 620 

-1 842 

604 
4, 6JO 
545 


102% -% 453 

109% -% 459 

106 828 

113% -% 457 

91% -% 508 

T02% -% 440 

110% -% 4J9 

104% -% 3AB 

103% 806 

110% -% 442 

106% J4 453 

101% -% 420 

103 -% 442 


ns% 740 

101% 845 

101 744 


109% 4% 813 

103% 9JS 

103% 4% 742 
103% 841 

105 949 

bi% an 

106% 8.14 

105 90S 

104% &18 

«2% 743 


104% Jj 7J8 
106% 838 

106% -% 877 
102% 749 

103% -% 846 

101% 930 

114% -% 1009 
95% 4% 932 
3% 4% 1023 
36% 4% 1041 
93 4% MAI 
82% +% 1051 
108% 4% 838 


Attwy Mat Tmewy S 03 £ . 
AlnaLdra 1I%97£ — 

Bifah land 8% 232 

Drank 0% S8£ 

snare 

Mti10%B7E 

Hawn 10% 972 

HSBCHcftfeei 1149 022. 

kdy 10% 14 C 

ftpee Dav Ok 7 00 C 

Land Secs 9% Q7E 

Ontario 11% QIC 

RowagenS%03E 

Swan Tim 11% 99 C 

TacjoBocftewr 1101B - 

AbbayNHkml090NZt— 

TCNZFh9%02NZS 

C*dt Local B 01 ffr 

Bsc da Race B% 22 TPr_ 
SNCF9% WFflr 

FUMIHQ RATE NOTES 


. 1000 81% 
-W0 WB 
- 160 88% 
-800 93% 
-837 103% 
-WO 100% 
-500 103% 

- 163 108% 
-400 WB% 
-200 91% 
-200 97% 
-100 107% 

- 260 99% 

-150 108% 
-150 109 

- 100 84 

- 75 97% 
.7000 88% 
.3000 08% 
.4000 104% 


Otto Chg. Yield 

91% -% 847 

WB% -% 0160 

88% -% 10.41 

93% -% 940 

103% -% 834 

104% -% 840 

104 -% 894 

100% -% 041 

U7% -% 870 

92% -% 840 

98% -% ara 

WB% -% 942 

98% -% 948 

WB% -% 944 

108% -% 931 

BS -% 943 

08% -% 968 

69 -% 8.15 

99% -% 888 


Abbey NM "family -ft 89 WOO 

tonco Rome 0 00 — 200 

ft 97 DU 500 

BTCS -002 98 350 

Britonnta 0.10 98 C 150 

Cenadl-% 99 2000 

ccceoobeu an 

Qed8 Lyomrie ft 00 300 

Dmnak-%88 — WOO 

DraatarRnaneaftOBDU WOO 

tore del Stal OLIO 97 423 

Fkfand097 W00 

Inland 0 SB 300 

Wy % 90 2000 

LKB Baden-Wuart On -% 08 — 1000 
U^&BMctopSaW 900 

toMwJl'aB -TlOOO 

Ontario 099 2000 

RanfaO M — 500 

Stafafaa* Bain 4US SB DM - 6000 

Sweden 096 «» 

lWtoNrJfam-%Q8__40tn 


COmaiBIE BONDS 

Cant. 

toned Wee BM Olto 

anmtogto*6% 05 400 52% 92% 93% 

CfabbCHlItiEBS 290 88 WU% 101% 

Gcrid Ktanode 7% 00 6E 10554 111% 113% 

Hawn 9% 00 E 500 25878 KS% 104 

Meeen Angrt3t24B 01 WOO 73% 74% 

Hong Kong lend 4 PI 410 3146 79% 8A 

Lad Sees tie 029 64 6.72 98% 08% 

Lasmo7%05E 90 SIM 81% 82% 

Mat Bank 2% 03 200 23324 66 66 

Mount toto 6%97 100 2283 100% 101% 

Nad Power 6% 06 S 260 433 115% 116% 

OgdenOtE -86 391177 64% 86 

tonatl4%D3 5005940? 66 66 

Quffllwn Bate 3% 04 300 36069 78% 79% 

Sul Aflame 7% 06 £ — 155 M 97% 98% 

TmmCtoW905£ 200 241 113% 114% 

Tanktiunra2%02 300 82% 94 95 

■ Ha MMMtei wtiecte • pawlaa prim 
t Or^r one meriat nntar anifed e pke 


RjMOTea fa notea^fata rxa ga ra»<no u t J W»»e mra art te U3 doha . Cxen-Tba cawnt 

ommu BOMDfe tta^tomd In ddtow utem adantea tetoded, one. uterftoriti mikuii m bend pa dare teamed h eunmy «< dm* a cenwtiM nie tad et baa. Rmrwflamentege imnaititfnB 
am« eOKOM pitae cl eealrina tamee vie toe bend aver da am nmnt alee ti ihe rtwee. 

OTtaftwcWTVnaeUd, IBM RepmUctoi fa wueta ar h pat In any tom nqt pantied MriEU wtoan cnet Dae aoied by uanatoti Seorifae Mato Aeecrieton. 


0 Tatf stock. & Tw See m 


■xil mtilitei — m 1 * 1 E * ueflBn rieeta. *d Bt dMdena. Octem oamucee ae Hwmi la pomth. 


• ’S 1 — - — ; — - 





FINANCIAL TIMES FRIDAY OCTOBER 21 1994 ^ ^ 


COMPANY NEWS: UK 


Amstrad incurs larger 
than expected £20m loss 


By Paul Taylor 


Amstrad yesterday announced 
larger than expected annual 
pretax losses of El9-9m, blam- 
ing stock write-downs, ration- 
alisation costs and operating 
losses in its mature consumer 
electronics business. 

Commenting on the results, 
Mr Alan Sugar, chairman, said 
market conditions throughout 
Europe in the consumer elec- 
tronics industry “remain 
depressed”, resulting in mar- 
gin pressure and reduced sales. 

The loss for the 12 months to 
June 30 - Amstrad 's third con- 
secutive annual deficit - was 
struck after exceptional stock 
write-downs of £&9xn and fur- 
ther European rationalisation 
costs of £4m mainly to cover 
redundancies. 

Analysts had been expecting 
losses of up to £5m and the 
shares were marked sharply 
lower in the immediate wake 
of the announcement 

However, they subsequently 
recovered to dose down l%p at 
25%p after Mr Sugar and Mr 
David Rogers, the new chief 
executive, outlined a new 
strategy for the group which 
will be divided into a number 
of “autonomous" business 


units reporting to Mr Rogers. 

Under Amstrad's new strat- 
egy, the traditional consumer 
electronics business, dubbed 
Amstrad Consumer Electron- 
ics, will become one of the new 
units. Ace is expected to be 
subdivided into two busi- 
nesses. a low marg in / high vol- 
ume trading company which 
will continue to sell mature 
consumer electronics products, 
and a development company 
charged with spotting market 
opportunities and designing 
new products. 

Other business units will 
include Dan call Radio, the 
cordless and cellular telephone 
manufacturer acquired in Sep- 
tember, Vigien, the direct sales 
personal computer manufac- 
turer which was purchased for 
about £60m in June, and Beta- 
corn, the publicly quoted tele- 
phone equipment group in 
which Amstrad has a 66 per 
cent stake. 

Mr Sugar said these invest- 
ments and an Ink-jet printer 
joint venture with IBM Jarfalla 
in Sweden “leave me in a confi- 
dent frame of mini! that the 
company will turn the comer 
during the current financial 
year”. 

Sales fell almost 30 per cent 


to £2I7.1m (£308. 6m) as Amst- 
rad reduced its activities in 
those consumer electronics 
product areas, “where it was 
impossible to obtain even a 
modest margin". 

In the previous year, it 
incurred pre-tax losses of 
£20.5m after £33 .5m reorganisa- 
tion costs, including goodwill 
write-offs on its Spanish 
operations. 

At the operating level, the 
group reported a £ 15.5m loss in 
the latest period after a £UJ4m 
contribution from acquisitions, 
compared to a £l5m profit the 
previous year. Mr Sugar 
blamed the depressed state of 
the market and the high level 
of overheads carried by the 
consumer electronics business. 

The losses were partly offset 
by net interest receipts of 
£7.14m (£7-21m). The cash idle 
fell from £167. lm to £137.7m, 
reflecting part-payment for 
Vigien. 

Losses per share narrowed to 
3.2p (4p) and an unchanged 
final dividend of 0-3p is recom- 
mended, making 1 an unchanged 
total of 0J>p. 

Amstrad, in which Mr Sugar 
retains a 36 per cent stake, also 
announced a proposed l-for-5 
share consolidation. 


Call for 
inquiry 
into Aero 
Hamble float 


By David BladcweU 


Gleeson ahead 9% but warns 


of housing market slowdown 


By Christopher Price 


The revival In the new housing 
market underpinned a 9 per 
cent rise, from £&2m to £8.91m, 
in annual pre-tax profits at MJ 
Gleeson, the Surrey-based con- 
struction, housebuilding and 
property company. 

Completions in the year to 
June 30 totalled a record 499 
units with the average price 
increasing by £1.500 to £8A500. 
However, Mr Colin McLellan, 
finance director, cautioned 
that the housing market had 
slowed considerably, particu- 
larly in recent weeks. 

He also warned that margins 
w ere likely to come under 
renewed pressure as the “frag- 
ile state of the market” was 
further undermined by rising 
costs from b uflding materials 


suppliers. He said that so ter 
this year, timber prices had 
jumped by some 20 per cent, 
bricks by 5 per cent and steel 
by 8 per cent In addition, con- 
crete blocks were in short sup- 
ply. Trading conditions in the 
contracting business were 
“very tough” and showed little 
chance of improvement in the 
forseeable future. 

The company was increas- 
ingly looking overseas and had 
recently completed a contract 
on the Kenyan airport project 
There was the strong possibil- 
ity of further work in east 
Africa, as well as in Europe. 

The outlook, however, 
remained cautious. “It's very 
difficult to take a short-term 
view with the housing market 
up and down as it is, and 
the contracting business so 


difficult,” said Mr McLellan. 
On a more positive note, the 
recent acquisition of the resi- 
dential development business 
of the Portman Building Soci- 
ety had provided a boost to the 
landhank. 

Turnover was £174m (£l68m). 
Earnings per share edged up 
from 57.54p to 58-21p and a 
final dividend of I0.81p is rec- 
ommended, making a total of 
14.16p (12.75P). 


Correction 

Hanson/Booker 


Hanson will reimburse Booker 
for losses over $8 .5m an the 
sale of Marine Harvest Interna- 
tional's shrimp business, and 
not vice versa as reported in 
yesterday’s edition. 


FT 


European Oil Refining and the Market to the Year 2000 
15 & 16 November 1994 - Amsterdam 


This year’s meeting, timed to coincide with the PetroTech 94 Exhibition, will examine 
the European product market and prices and review refinery activity. Environmental 
issues and new refinery investment will also be discussed. 


ISSUES INCLUDE: 

• Current and Future European Refinery Capacity 

• The European Markets and The Middle East Refiners and Producers 

• Russia's Oil Product Market: Current Patterns and Outlook 

■ Cost Effective Approaches to Heavy Oil Conversion 

• Environmental Protection and Fuel Quality 

• The Cost of Meeting EU Environmental Regulations 

SPEAKERS INCLUDE: 

• Mr Tomihiro Tanlguchi • Mr Gilbert B 

Director, Office of Oil Markets Secretary Gem 

& Emergency Preparedness European Pc 

International Energy Agency Association 

• Mr Phil Trimmer • Mr Chris Ba 

Manager - Strategy and Forecasting Vice President 

BP Oil International The Chase IV 

• Mr Mohammed Saleh Shaikh Ali • Mr James J ! 

Chief Executive Chief Executiv 

The Bahrain National Oil Company M W Kellogg 


Mr Gilbert M A Portal 
Secretary General 
European Petroleum Industry 
Association 

Mr Chris Baxter 

Vice President 

The Chase Manhattan Bank, NA 

Mr James J Degnan 
Chief Executive Officer 
M W Kellogg Limited 


There are some excellent marketing opportunities attached to this conference, please contact 
Lynette Norrhey on 07 1 814 9770 for further details. 


THE NINTH EUROPEAN PETROLEUM AND 
GAS CONFERENCE 


Please lick relevant boxes. 

□ Conference information only. 

0 Cheque enclosed for £775 JO. made payable to FT Conferences. 

□ Please charge my Maslcrcard/Visa with £775-50. 


Please return to: Financial Times Conference Organisation, 
PO BOX 3651. London SW 12 8 PH. Tel: 08! 673 9000 
Fax: 081 673 1335. 

The Ninth European Petroleum and Gas Conference £660 + Vat 


Name Mr/Mrs/Miss/Ms/Otber . 


Job Title ... 


□□□□□□□□□□□□□□□□ 


Company. 


Address 


Name of card holder . 


Exp. dale .. Signature, 


TV: Htenwihai yoa will be hJJ n mJ iwi be med u k^zp ulonacd of FT p 

I by other a rfa c io J «wlB» «uwp»ep fw mrffi pupwa. 


Tel 


Dept , 


.PostCode.-. 


Tax , 


Lower seafood profits and lettuce prices make disappointing cocktail 


A Fisher’s £35m masks setback 


By David Blackwell 


Albert Fisher 


A Labour MP will be wri t ing 
to Mr Michael Heseltine, the 
trade and industry secretary, 
this weekend calling for a DTI 
inquiry into the flotation of 
Aerostructures Hamble, the 
Southampton aircraft compo- 
nents maker. 

Mr John Denham, MP for 
Southampton Itcben, has 
i already tabled a Commons 
motion seeking an inquiry “to 
establish if any relevant infor- 
mation which could have been 
disclosed in the prospectus 
was withheld and, if so, by 
whom and to whose benefit”. 

Aerostructures was floated 
at X20p a share in Jane. Last 
week it issued a second profits 
warning following production 
difficulties, and the shares fell 
to 24p. Yesterday the shares 
were 31p, off ftp. 

The company is now seeking 
a new chief executive to 
replace Mr Andy Barr, who 
accepted early retirement 
without compensation last 
week. Mr Barr made £1.75m 
from the flotation. 

Yesterday the management 
and representatives of NM 
Rothschild, the company's 
advisers, were in Scotland, 
continuing this week’s round 
of talks with shareholders who 
have watched the value of 
their investment fall by 80 per 
cent in just five months. 

Mr Denham said yesterday 
that he was concerned about 
the future of the company as 
many of its workers lived in 
his constituency. Aerostruc- 
tures is sited in the neighbour- 
ing Eastleigh constituency. 

Mr David Chidgey, the Lib- 
eral Democrat who won the 
Eastleigh by-election, said yes- 
terday he “believed it was 
unconventional” that Mr Den- 
ham had not approached him 
before tabling the motion on 
Aerostructures. 

Mr Chidgey, who once 
worked for Folland - a prede- 1 
cessor company of Aerostruc- 
tures, is due to meet the man- 
agement next week. He said he 
had spoken to the manage- 
ment and Rothschild in Scot- 
land yesterday, and had been 
delighted by their positive 
assurances and commitment to 
putting together a programme 
for 1995. 


Disappointing results in the 
European seafood and North 
American produce divisions 
were behind a fan in annual 
operating profits from continu- 
ing activities at Albert Fisher 
from £41.7m to £38.7m. 

The food processing and dis- 
tribution group blamed sharply 
lower produce prices for the 
setback in North America, 
where profits almost halved. 

It died as an example the 
average price for a case of 
iceberg lettuces at $5.20, 
compared with S8.05 a year ear- 
lier. 

The fall in European seafood 
profits reflected intense compe- 
tition in the mussels market, 
combined with, a sharp rise tn 
prawn prices and difficulty in 
sourcing white f ish, 

Mr Stephen Walls, chairman , 
said it had not been an easy 
year. “We may be disappointed 
- but we are certainly not 
gloomy about the prospects of 
the group." 

Pre-tax profits for the year 
to August 31 rose from 226.9m 
to £34 ^m. 

The latest figure included an 
exceptional gain of £600,000 
and a £3.6m contribution from 
discontinued operations, com- 
pared with a previous excep- 
tional charge of £15.4m and 
£7.5m input from discontinued 
operations. 

Sales improved to £l.42bn 
(£1.28bn), including £51.5m 
(£122. lm) from discontinued 
operations. 

The shares fell 3p to 44p yes- 
terday - still below the £51m 


Shas price relative to the 
FT-SE-A AB-Shart todax 
120 — 



1861 82 93 94 

Some: FTGmpWtB 


rights issue offer of 52p in May. 

North American operating 
profits tumbled to £6.4m 
(£lL6m) on sales up from 
£360m to £482m. The group 
said the intense price competi- 
tion for produce, following 
exc e ss supplies, had cost it $7m 
(£i32m). 

Fresh Western, the Califor- 
nian fresh produce supplier 
acquired at the be ginnin g of 
the year, suffered an operating 
loss of pm, although the group 
said the export side had fared 
better than expected with $50m 
worth of sales. 

In Europe, operating profits 
improved by f?-2m to £32An, 
and sales increased from 2802m 
to £891m. 

Profits in the seafood sector, 
which the group has targeted 
for growth, foil from ElOm to 
£8-i m. Sales grew by £4Qm to 
flHWm. in rl lifting a £8tlm contri- 
bution from Rahbek, the 
Danish-based seafood company 
bought for £59m after 



AjIHay Aahacod 

Stephen Walls: disappointed - but certainly not gloomy 


the rights issue. 

The fresh produce sector 
increased profits from £6.4m to 
£i0.7m, reflecting better prices, 
particularly for citrus fruit and 
onions. Food processing profits 
were flat at £ 13.5m. 

Net debt at the year-end was 
£93. 5m (£S4£m). But gearing is 
expected to fall to below 30 per 
cent following the recent 
£37. lm disposal of parts of 
Stratford-upon-Avon Foods and 
Rowats Foods to Campbell Gro- 
cery Products, a subsidiary of 
the US food group. 

Earnings per share were 
3^4p (2.43p). 

The proposed final dividend 
is maintained at 1-Sp. taking 
the total for the year to 3.71p 
(3.75p). 


• COMMENT 

This company is under pres- 


sure to maintain its dividend 
and high yield, which is about 
the only thing it has to offer 
after these disappointing 
results. Fortunately the bal- 
ance sheet remains strong, 
although the rights issue could 
be seen as robbing Peter to pay 
Paul. There is no denying that 
the group has radically 
changed shape over the past 
couple of years - the question 
is whether the prospects have 
improved as much as the man- 
agement claims, or whether it 
will remain vulnerable to com- 
modity price swings. If the sea- 
food division delivers the 
expected growth, profits this 
year could be about £40m, giv- 
ing a low looking prospective 
multiple of 11. The main sup- 
port will continue to be the 10 
per cent yield, assuming an 
unchanged dividend. 


VideoLogic predicts higher 
interim losses of over £3.5m 


Azlan shares 


fall sharply 
to 128 p 


By Alan Cane 


VideoLogic, the electronics 
company demerged four 
months ago from Avesco, the 
broadcast equipment and ser- 
vices group, said yesterday 
that it expected to report an 
operating loss of between 
£3fim and £3 An for the half 
year to September, compared 
with a deficit of £2.3m last 
time. 

The shares, 45p at the time 
of the demerger, have been 
slipping steadily and closed 
yesterday at 22%p, down 4V4p. 

The company sa id the likely 
losses reflected heavy spending 
On development and marketing 
and the continuing price war 
in the personal computer 
industry. 

Mr Derek MacLaren, chair- 


man, said the announcement 
was not a profits warning. 
When the company was 
floated, it had agreed to pro- 
vide its shareholders with 
progress reports at regular 
intervals, as well as half yearly 
figures. 

He and fellow directors were 
yesterday giving investors mid 
analysts a soles of presenta- 
tions on the state of the com- 
pany and its future. 

VideoLogic estimated sales 
for the first half at about 
£5 .5m, some 20 per cent ahead 
of last year. Price cutting by 
personal computer manufac- 
turers was affecting margins 
and reducing profitability. 

The company said its cost 
base was under continuous 
review, with an emphasis on 
cutting product costs and 


improving operational effi- 
ciency. It expected that the 
cost of research and market 
development as a percentage of 
sales would reduce during 
1995. 

VideoLogic designs silicon 
chips and circuit boards which 
confer multimedia capabilities 
on conventional personal com- 
puters. Sales growth has been 
due primarily to a mass mar- 
ket product - 928Movie - 
which improves operating sys- 
tem performance, as well as 
a fitting- multimedia. 

The company is still in the 
development phase, however, 
with a high requirement for 
cash for research and develop- 
ment and marketing. The 
demerger from Avesco was a 
consequence of this require- 
ment 


Shares in Azlan Group, a 
distributor of advanced com- 
puter networking products 
which came to the market in 
November at 230p, fell sharply 
again yesterday. 

The shares, which have 
fallen from a peak of 281p in 
Jane, shed a farther 32p yes- 
terday in thin trading to close 
at 128p. 

The company did not issue a 
statement but there were mar- 
ket rumours that a large insti- 
tutional investor had become 
disenchanted with high tech- 
nology new issues in general 
and had decided to sell. 

The collapse in the group’s 
share price began in June after 
the company issued a warning 
that profits in the first half of 
the current year would not 
match those of last year. 


Adscene expands print 
side with £7m purchases 


Hampson warns after 
demand disappoints 


By Peter Pearse 


Adscene. the Canteriwy-based 
newspaper publisher, is acquir- 
ing two printing businesses - 
Flair Press and Charles 
Elpbick - for up to £6 38m. 

Mr Nigel Chevin-Hall, 
finance director, said that the 
group's current printing busi- 
ness in Welshpool, Powys, had 
seen an upturn in demand 
from outside customers and 
the board considered it “an 
opportune time to expand the 
printing operations”. 

Mr Chevin-Hall said that 
external publishing turnover 
in the year to May 31 was 
about £17m to £l8m. The ann- 
ualised figure for Flair and 
Elphick would boost the £2m 
from the Welshpool operations 
to about £18m, balancing the 
group in turnover terms. 

He added, however, that the 
group's overall publishing mar - 
gins were about 20 per cent. 


while Flair and Elphick cur- 
rently had margins of 11 per 
cent with targets of about 14 
per cent 

The initial consideration for 
Flair is SAJSSm in shares. Bee- 
son Gregory is placing L53m at 
271p to raise £4. 15m on behalf 
of the vendors. Mr Charles 
Grant-Salmon, chairman of 
both Flair and Elphick, is to he 
issued 55^50 shares. Consider- 
ation for Elphick is £80,000 
cash. 

There are further profit-re- 
lated payments to a maximum 
of £2£5m in cash or shares. 

With Flair comes debt of 
about £4 Jim, after a now-com- 
plete £6m capital expenditure 
prog ramme, making Adscene’s 
borrowings about CLOm. 

Pro forma gearing, after the 
write-down of goodwill on the 
acquisition, would be 78 per 
cent Mr Chevin-Hall said that 
should reduce to 30 per cent, 
with debt of £5m, by May 1996. 


By Richard Woffle 


Hampson Industries, the 
diversified industrial com- 
pany, yesterday issued a prof- 
its wanting after experiencing 
“disappointing” d emand in the 
furniture and aerospace sec- 
tors. 

The West Bromwich-based 
company, which released its 
statement soon after trading 
ended yesterday, warned that 
profits would be unlikely 
to reach market forecasts 
of about £6.5m for the 
year. 

“If you ask people in the 
furniture or carpets industry, 
you will find that retailers 
are having a rough time, 
and the same is true in aero- 
space,” said Mr Ray Way, 

rhflhman. 

“It is a market thing. We are 
happy about our strategy and 
we are regarding this as tem- 
porary." 


The company stated that its 
first-half results were likely to 
be similar to last year, when it 
reported pre-tax profits of 
£2L48m on turnover from con- 
tinuing operations of £43 .5m. 

Profits are forecast to 
increase in the second half, 
but will still fail to meet the 
market's expectations. 

Last year the company 
achieved a 75 per cent rise in 
pre-tax profits to £4.23m, 
which included a £937,000 
goodwill write-off following 
the closure of the construction 
division. Performances 
improved across its four main 
activities: furniture, precision 
engineering concentrated on 
aircraft refurbishment, 
cleaning and aluminium refin- 
ing. 

The company has brought 
forward the timing of its 
interim results to the end of 
November, moving its full 
year to the end of Jane. 


INVESTMENT TRUST DIGEST 


Net assets 
fall at New 


Throgmorton 


The split-capital New 
Throgmorton Trust (1983) 
reported a net asset value of 
1445p per capital share as at 
September 30 - a year-on-year 
decline of 26 per cent and a fall 
of 19 per cent since the trust’s 
March year end. 

Net revenue for the six 
months to end-September 
dipped to £828,000 (£871,00(9 for 
earnings of 2L12p (2.23p) per 
share. 

The second interim dividend 
is cut from L5p to Ip, making 
2p to date. 


in October 2003. The value at 
its launch in July 1992 was 
963p. 

The directors warned, how- 
ever, that investment markets 
had been “very mixed” in the 
first nine months of this year 
“and this may have an im part- 
on eventual returns." 

Losses per share were 0.3p 
(earnings of L95p). 

• KLe inwort Second Endow- 
ment Policy Trust reported net 
asset value of 9&5p per share, 
against 445p, partly paid, fol- 
lowing its launch last Decem- 
ber. Net losses for the period 
October 4 1993 to September 30 
1994 were £134m, for losses per 
share of 6.7lp. 


Wimpey Homes chief goes 


The chairman and chief 
executive of Wimpey Homes, 
the housebuilding subsidiary 
of George Wimpey and the 
UK's largest housebuilder, is 
leaving the company in the 
spring, writes Simon London. 

Mr Richard Andrew joined 
Wimpey In June 1992 from Pri- 
vate Capital Group and had 
previously been a director 


of Scandinavian Bank. 

The company said that Mr 
Andrew was leaving the group 
by mutual agreement following 
the restructuring of Wimpey 
Homes through the latter 
stages of the recession. 

Mr Andrew will be replaced 
at Wimpey Homes and on the 
group board of directors by Mr 
David Holland. 


DIVIDENDS ANNOUNCED 


Current 

payment 


Date at 
payment 


Corres - 
ponding 
dividend 


City of Oxford 


Kleinwort Endow 

Kleinwort Endowment Policy 
Trust had a net asset value of 
UfiAp per share at September 
30, up from Ll5.7p In March 
and 109.6p a year earlier. 

The trust concentrates on 
achieving capital growth 
through Investment in mid- 
term endowments with a proj- 
ected final net asset value of 
3 lip at its planned conclusion 


City of Oxford Investment 
Trust reported net asset value 
per ordinary income share of 
30. lp at September 30, against 
38_2p at March 31 and 38J5p a 
year earlier. 

Net revenue for the half year 
to September 30 was £865,000 
(£730,000) for earnings per ordi- 
nary income share of 2.88p 
£2.43p). The second interim div- 
idend is held at l-2p for an 
unchanged total payment to 
date of 2.4p. 


Airflow Stines int 

Albert Fisher 

Amstrad _fln 

Chestsrflekl — in t 

City of Oxford ]nt 

Orsdtay _fln 

ECU Trust _fln 

Fergman hm 

Gartmors British. int 

Gleeson (MJ) fi r 

Govett Strategic. fin 

HG Smaller Cos Int 

Uonhsart int 

Mew Throgmorton _int 

RAM Geared frit 

Yorkfyde Jrrt 


Total Total 
for last 
year year 


14.16 12.75 

6.75 6.75 


Dividends shown panes per share net exceat whom " r~ T 

Increased capital. VSecond interim mnSrCfo pttierwise stated. tOn 

making 3.64p to data. ISecond ^ ate- ^ Second Interim 

making 2.8pto datT + ° eCOra * nlar,TT1 2p »° date. BSecond rnterim 


! is fit 


cor 




|PiS 





FtNANCIAJL-nMBS FRIDAY 


OCTOBER 21 1994 


COMPANY NEWS: UK 


^ck 


l.n; v*-., 

1 sharp 

!2Sn 


IS 


hii-i li" 1 " 



Upton & Southern sues Reject directors 

Neil Buckley reports on proposals to save the stores business from collapse 

Upton & Southern •*.. 


Upton & Southern Holdings 
™*““ is launching 
a £t5m share placing and open 
0 rescue its business 
and is suing five former direct 
tors of the Reject Shop, the 
home furnishings retailer it 
acquired in February. 

Upton warned that Reject 
Shop would have to cease trad- 
ingwithout the new funds, 
leading to withdrawal of sup- 
port from Upton’s bankers and 
the collapse or the business. 

Upton acquired Reject Shop 
in a £2L5m all-paper offer in 
February. In August it said 
that Its financial and trading 
position had turned out to be 
worse than represented at the 
time of the deal, resulting in a 
£2. 75m cash shortage. 

Mr Jeffrey Gould, Upton’s 
chief executive, said he was 
co n fid en t the placing and offer, 
which is fully underwritten,’ 
would provide enoug h funds to 
turn the chain round. 

“We wanted to raise suffi- 
cient to give the company 
absolute security, but not more 
than we needed," he said. 
“There is now light at the end 
of the tunnel - hopefully quite 
a bright li ght ” 

Middlesbrough-based Upton 
raised £L5m in a ri ghts issue 
in March, largely to reduce 
debt and provide working capi- 
tal for the Reject Shop. How- 
ever, it later discovered lower 
levels of stock In Reject Shop 

Mixed showing 
at Price 
Waterhouse 

By Jim Kelly 

Price Waterhouse, the 
chartered accountants and 
business advisory firm, yester- 
day announced foe income for 
the year to June of £SS4m, 
against £38&3m last time. 

Fees from audit and busi- 
ness advisory services rose 6 
per cent to £146. lm - repre- 
senting 38 per cent of the 
entire income for 1993-94. 

Income from corporate 
finance and recovery dropped 
by 11 per coot to £47.6ra and 
management consultancy 
dropped by 2 per cent to 
£81.9m. Income from tax con- 
sultancy was unchanged. 

Mr Ian Brfndle, senior part- 
ner, said: “The welcome 
improvements in the. UK econ- 
omy have generated much 
needed growth in the audit 
practice with a particularly 
strong increase in business 
advisory services. 

“However, this improvement 
has led to a reduced number of 
business failures and a conse- 
quent reduction in our corpo- 
rate recovery business offset 
by an increase in the corporate 
finance income. 

“In overall terms our busi- 
ness lags behind our clients 
going into recession and simi- 
larly lags behind than coming 
out On the assumption that 
the UK economy continues to 
recover we look forward to 
some overall growth in the 
current you-.” 

Fee income from Europe 
rose 1.8 per cent to £894m. 
Combined worldwide revenue 
was $3.98bn <£2.51bn) an 
increase of &3 per cent 


**P*on & Southern 


«hwopdt»(pe«4 


.■.-Vfemingori 1 
**** Shop™ 
• trading porittorf' 





PehS .* ! 
20 -Reject Shoo 
mked- 

10 — — ■ V . ■ i 




/ ' " M J 1 



t h a n expected, which, hit 
in May and June and forced 
the group to acquire more 
stock. 

When talks with an 
unnamed overseas investor 
over taking a stake fell 
through, Mr Gould said Upton 
had been forced to make its 
August statement 

It has since taken legal 
advice and yesterday issued 
writs for damages against five 
former Reject Shop directors. 

Writs were issued for breach 
of fiduciary duty to Reject 
Shop, breach, of warranty and 
misrepresentation against for- 
mer co-chairmen Mr Anthony 
Hawser and Ms Anna Vj ptrnn, 
and former managing director 
Mr Geoffrey Frost, who is 
additionally being sued for 


fraudulent misrepresentation. 

Writs were also issued 
against former non-executive 
directors Mr David Barker and 
Mr Clive Strowger, for breach 
of fiduciary duty and for mis- 
representation. 

The former directors said 
they would vigorously contest 
the actions, which Mr Hawser 
said in a statement were with- 
out foundation. 

Mr Hawser added that Upton 
had been given fan access to 
Reject Shop’s systems and 
accounts for three months 
before the acquisition. He «n<i 
Upton’s cashflow problem had 
been caused not by shortage of 
stock but by "the abandon- 
ment of The Reject Shop’s well 
established policy of offering 
obvious value for money”. 


Both Mr Hawser and Ms Vin- 
ton are suing Upton’s board for 
libel over its comments in 
August 

The magnitude of Mr Gould's 
task was highlighted by results 
gQ T i ffimffprf yesterday for the 18 
months to July 31, Upton’s new 
year end, showing a pre-tax 
loss of £4m on turnover of 
£18. lm, which included 
£665,000 from discontinued 
activities and £5.95m from 
acquisitions. 

In the previous 12 months 
losses were £835/100 on turn- 
over of £10.7m. including 
£2. 79m from discontinued 
activities. 

Losses per share wore 20.7p 
(4J2p). There is again no divi- 
dend. 

Upton plans a placing and 


open offer by MeegPiersan and 
Townsley and Company of 
120 .3m shares at 5p each, repre- 
senting about 72 per cent of the 
enlarged share capital of the 
company. The shares lost lp to 
5%p. 

Some 30m shares have been 
placed firm with a new institu- 
tional investor, with the bal- 
ance subject to the open offer 
on a 49-for-20 basis. 

The company said it had 
irhnspn this route rather than a 
rights issue, as originally 
planned, in order to accommo- 
date the unnamed new inves- 
tor, which had demanded 25 
per cent of the new 
shares. 

Mr Gould sale about ffon of 
the proceeds would be used to 
obtain stock, and the rest for 
working capital and store 

j m p rflff ffliTffiiL 

He added that after improv- 
ing product range and buying 
and strengthening manage- 
ment, current trading in Reject 
Shop was encouraging, with 
sales in the first 10 weeks of 
the ffuflupfoi year substantially 

a heart 

By refurbishing stores and 
offering “reasonable quality 
products at very good prices” 
to a target audience ranging 
from “students to 30- to 40- 
year-olds” Mr Gould is banting 
on Reject Shop increasing sales 
atafester rate than the rest of 
tile retail sector. 


Lionheart plunges back into the red 


By Ian Hamlton foray, 
Northern Correspondent 

Lionheart, paintbrushes, 
housewares and retail mer- 
chandising equipment group, 
continued' its rollercoaster ride 
through recession and recov- 
ery by pinug in g back into the 
red with losses of £840.000 for 
the first half of 1994. 

The outcome, struck after 
exceptional restructuring 
charges of £680,000, compared 
with pretax profits of £518,000 
at the previous interim stage 


Airflow 
well ahead 
at £915,000 

Airflow Streamlines, the 
vehicle body maker and car 
and truck dealer, reported pre- 
tax profits for the six months 
to August 31 almost doubled at 
£915,000, against £464/100. 

Airflow said demand for cabs 
had risen significantly and 
there was a “very sa tisf act or y" 
result from contract hire. Body 
engineering sales were lower, 
but were expected to improve 
in the second half having 
secured several large orders. 

Turnover advanced 27 per 
cent from £34^m to £43.5m. 
Warnings per share came out at 
6-87p (334p) and the interim 
dividend is doubled to 2p. 

Cradley at £1.2m 

Pre-tax profits at Cradley 
Group Holdings, the litho- 


and 2i.77m for the fall 1993 
year. The group is passing its 
dividend (Hip); it last did so 
after the 1992 full-year results 
- a lorn of £870,000 - only a 
year after returning to the divi- 
dend list in 1991 
Mr Paul Lever, rf ii e f execu- 
tive, blamed the lack of eco- 
nomic uptu rn for the perfor- 
mance. Turnover fell 11 per 
cent to ffift Qni (£225m). with 
poor sales in bathroom prod- 
ucts and housewares as domes- 
tic homing markets continnad 
to lan guish - 


The slow upturn persuaded 
retailers to defer purchase of 
retail raAmhanrticing systems 
in to the second half, but Lion- 
heart now expects to meet its 
full-year budget in this sector. 
However, direct consumer 
spending on DIY products and 
housewares was unlikely to 
catch up, Mr Lever said. 

Lionheart, in which Newell, 
the US paintbrush manufac- 
turer, has a 20 per cent stake, 
made a trading profit of 
£123,000 before interest and the 
exceptional charge. “We have 


NEWS DIGEST 


SmmiftaMSBt 


graphic printing company, fell 
27 per cent from £1.64m to 
£1.2m in the year to June 30 on 
sales down 20 per cent to 
£23.7ta, against £29.6m. 

.The group said the sales 
redaction resulted from the 
completion of a large one-off 
contract. The profits fall 
included a £290,710 loss an the 
closure of De Mandus Print 
The dividend for the year is 
unchanged at Ll5p. Earnings 
per share were 2£p (&3p). 

Davenport Knitwear 

Davenport Knitwear, the knit- 
ted fabrics and garments 
group, increased pre-tax profits 
by 41 per cent from £607,000 to 
£855,000 in the first half of 1994, 
on reduced turnover of £4J&n, 
against £4.47m. . 

Earnings per share to 
33p (23J>p). 

Andrews Sykes 

■Hie increased offer by Mr Jac- 
ques Murray for Andrews 
Sykes, the industrial services 


Utawamcamant a pp — » 
a* • manor of record arty. 


COMVIQ 

GSM AB 

Sweden 

SEK 1,600,000,000 

Project Finance Facility 


Arrangers 
■ ■ WESTLB GROUP 

saverische LANDESBANK Bt 

GIROZENTRALE 

UNION BANK OF SWITZERLAND 
NORDBANKEN 


BAYERISCHE VERSNSBANK 
AKTlENGESELLSCHAFT 


Managers 


CREDTrANSTALT-BANKVEREW 

DEUTSCHE GIROZENTRALE 
- DEUTSCHE KOMMUNALBANK - 

KB FINANCIAL SERVICES (IRELAND) 

meespierson N.V. 


DE NATIONALE INVESTERINGSBANK N.V. 
ING BANK 

LANDESBANK HESSEN-THURINGEN 
GIROZENTRALE 

SUQWESTDEUTSCKE LANDESBANK 
GIROZENTRALE 


Fund Providers under the Guarantee Facility 


NORDBANKEN 


. NORDIC INVESTMENT BANK 


. Agent 

WESTLB INTERNATIONAL S-A- 



group of which hft is phan-man, 
has been declared uncondi- 
tional 

European Fire Protection, 
the private Netherlands-based 
.company owned by Mr Murray, 
now owns or has received 
acceptances in respect of 7.44m 
Sykes ordinary shares (52.12 
per cent). EFP also owns 833 
per cent of the preference 
shares. 

The offer will remain open 
for acceptances until Novem- 
ber 9. 

Nordic placing 

Nordic Exploration, which has 
rights to gold and diamond 
exploration prospects in Fin- 
land and Sweden, is raising 
£650,000 via the placing of 2JSm 
new shares - in units of five 
shares plus a warrant - and 
has bean given permission for 
the shares to be traded on the 
Stock Exchange under Rule 
4J2. 

NordEx is controlled by 
European Mining Finance, a 
Luxembourg-listed company, 
whose holding win be diluted 
1 to 57 per cent by the p lac in g. 

Butte Mining 

Butte Mining, the London- 
listed company, is to receive 
400,000 shares in Gem River 
Corporation, equivalent to 8£ 
per cent of the issued capital 
as a reward for its work explor- 
ing Gem’s sapphire property in 
Montana. 

Gem has completed a private 
placing of 850,000 shares at (2 
each to raise about $1.7m 
(21.07m) net and intends to 
seek a listing on a recognised 
stock exchange. Butte has been 

given pre-emptive rights to 
participate in the public offer- 
ing to be made when the 
shares are listed. 

Butte’s employees in Mon- 
tana will transfer to the Gem 
River project with a conse- 
i quent reduction in Butte’s 
! costs. Gem will use the money 
raised to acquire the freehold 
of a 600-acre property, which is 
said to have proven and proba- 
ble reserves of more than 3m 
carats of sapphires. 

| ENI lifts pay-out 

English National Investment, 
j which seeks dividend income 
from a portfolio of UK compa- 
nies and property, announced 
increased interim distributions 
in both classes of its shares - 
the first rise since 1990. 

The payment for preferred 
ordinary shares is raised from 
5p to 5.4p while the dividend 
on deferred ordinary shares is 
Z95p &55pX Directors of the 
trust, part of the Henderson 
Touche Remnant stable, said 
they expect to pay at least a 
maintained final for the year. 

Net asset value, however, 
showed a marginal decline. At 
September 30. the valne per 
preferred was 356.4p per share, 
down from 374,4p at the trust’s 
March year-end and 364£p at 


cut out some marketing func- 
tions we cannot afford at the 
moment and put a brake on 
product development,” Mr 
Lever said. “Onr payroll is now 
about 750, compared with more 
than 1,200 four years ago. On 
the bright side, we have 
invested more than £7m in 
plant and machinery over the 
last three years and expect to 
see continuing productivity 
gains in future.” 

The result had been largely 
discounted following a profits 
warning in August. 


end-September 1993. The 
deferred shares hart a value of 
28L4p per share at September 
30, against 299.4p and 289 -8p 
respectively. 

Net revenue for the six 
month period improved to 
£292,000 (£265,000) resulting in 
earnings of 9 Jp (8.4p) per pre- 
ferred and 6.6p (5.9p) per 
deferred. 

£4m loss at Ferrum 

Costs associated with its 
restructuring resulted in 
increased pre-tax losses of 
£4. 19m at Ferrum Holdings in 
the first half of 1994. 

The engineering group said 
the figure included £L81m for 
costs of closure and other non- 
recurring items and £636,000 
for redundancy and factory clo- 
sure in continuing businesses. 

Turnover from con tinu i n g 
operations rose 28 per cent 
from n&4m to 2172m, includ- 
ing vvm from acquisitions. The 
previous first half carried a 
£L4Sm loss. 

Losses per share ca me to 
33-Olp C2£98p). 

Snperscape VR 

Higher than budgeted sales of 
software enabled Superscape 
VR, the virtual reality software 
company, to report lower than 
forecast losses of £238^)24 for 
the year to July 31. 

At the time of the placing in 
April the group foresaw losses 
of up to £450.000. 

Turnover was £859,192, 
against £642,018 when the pre- 
tax loss was 22L450. Losses per 
share were 6.lp (05p). The fig- 
ures were produced on a pro 
forma basis. 

Yorklyde up 14% 

Torklyde, the Huddersfield- 
based clothing manufacturer, 
reported pre-tax profits up 14 
per cent at £L7m for the six 
months to July 31, against 
£L4Sm. 

The rampawy said the bene- 
fits of its investment pro- 
gramme were now being felt 
and the continuing develop- 
ment of the product range had 
helped maintain a healthy 
level of interest 

Turnover was £9-22m 
(£7A7m) a rise of 17 per cent 
Earnings per share were lL4p 
(10-2p) and the interim divi- 
dend is raised to 14p (2JJp). 

Soter disposals 

Suter has sold its 12 acre rite 
at Fareham, Hampshire to 
Legal & General Assurance 
Society for £fi.75m cash, subject 
to a 25 year leaseback to Suter 
EnvironmentaL 

Suter also announced the 
disposal of Deritand Engineer- 
ing for a nominal sum. DEL. a 
non-core business, makes 
printing and die cutting 
machinery for use in the box 
making industry and was 
acquired as part of the James 
Wilises group in May. 


Anagen 
sees first 
orders for 
AuraFlex 


By Tim Burt 

Anagen, the lossmaking 
diagnostic equipment com- 
pany, yesterday predicted that 
sales should start to outweigh 
its development costs by 1996. 

Although pre-tax losses rose 
from £L78m to £i.99m in the 
six months to June 30, the 
company said it expected next 
year to win its first orders for 
AuraFlex, its automated 
immnnoassay system that 
detects infertility and thyroid 
deficiency In Mood samples. 

Turnover, however, fell from 
£l-27m to £483,000 as there 
were no first half marketing 
payments from Organon Tek- 
mka, the Akzo Nobel subsid- 
iary which will manufacture 
and distribute the system. 

Mr Mervyn Sennett, chief 
executive, blamed the shortfall 
fin* increased operating losses 
of £2.1 lm (£LS4m). 

Organon Teknika is expec- 
ted to pay Anagen a further 
Elm in the next 12 months, 
bnt Mr Sennett said it was 
impossible to predict exactly 
when hospitals using the sys- 
tem on trial would place firm 
orders. 

“Our fortunes very ranch 
depend on AuraFlex,” he 
added. 

The company, which raised 
£14Jhn from its flotation last 
year, has invested more than 
£20m on the system since 1989 
and now has about £6m cash 
left 

“We’ve been burning cash to 
meet development costs but 
we do not expect to require 
more funds,” ffiwj Mr Sennett 
“Onr reserves will see us 
through to positive cashflow.” 

Losses per share fell from 
6.7p to 4.3p, reflecting last 
year’s placing at lOOp. The 
shares, which fell sharply in 
July but recovered slightly 
last wed, fen 4p at 59p. 

OFT clears 
Healthcall on 
competition 

Healthcall Group, the UK’s 
largest provider of out-of- 
hours doctors, haa been exon- 
erated by the Office of Fair 
Trading over claims of anti- 
competitive practices. 

In July, the OFT announced 
that it would make “some pre- 
liminary enquiries” into 
charges regarding HealtirealTs 
relationship with the British 
Medical Association and its 
treatment of potential compet- 
itors. 

Sir Bryan Carsberg, the 
director general of fair trad- 
ing^ gafrf that ti^a BMA/Health- 
can agreement with respect to 
doctors’ depu ti si n g services 
did not fall within the provi- 
sions of tiie Restrictive Trade 
Practices Act 

However, after considering 
whether it had effects on com- 
petition which might merit 
investigation under the Fair 
Trading Act, Sir Bryan said he 
was satisfied “the agreement 
is not operating in a way 
which significantly influences 
competition in tins market.” 


US input helps 
lift Ferguson 
15% to £6m 


By Peter Paarae 

Growth in all three divisions 
enabled Ferguson Interna- 
tional Holdings, the labels, 
hangers and communications 
components group, to report a 
15 per cent profits increase in 
the six months to August 31. 

The shares rose 23p to 331p. 
Pre-tax profits advanced to 
£6.01m (£6. 24m) on turnover 
ahead 23 per cent to £80. 5m 
(£55. 6m). The figures benefited 
from the first foil contribution 
from Red Wing, the US hang - 
ers business bought in Septem- 
ber 1993 for 811.5m (£7.1m). 

Since the period-end Ferg- 
uson has bought Els wick, a 
rival UK labels supplier, for 
£37 ,7m in rash a nd shares. 

Mr Denis Cassidy, rtmirn wr, 
said that before the acquisi- 
tion, Ferguson was number 
one in textiles labels; with 
Elswick that position was more 
firmly established and the 
group was now also number 
one in food labels. 

Since his arrival in 1990, Mr 
Cassidy has - via rifepnaaig - 
shifted Ferguson from a mini - 
conglomerate to a group with 
three core activities. 

He said yesterday that in the 
first half, the US businesses 
had fared well, those in the UK 
had maintained profitability. 


but trading conditions in conti- 
nental Europe remained 
“extremely diffic ult", 

The UK's contribution to 
operating profit fell to 55 (59) 
per cent; the US pushed its 
share to 40 (26) per cent, 
thanks to Red Wing and a 
strong contribution from TV 
components. However, the 
input from continental Europe 
declined from 10 to 2 per cent, 
with profits of £109,000 
(£500,000). 

By division, labels achieved 
a “modest” profits rise to 
£3.44m (£3.48m) on turnover of 
£36m (£35. 8m). Profits from the 
hangers business grew to 
£2.57m (£2 .21m) on turnover 
sharply up at £25.4m (£16. 6m), 
mostly as a result of Red Wing. 
Co mmunic ations components 
contributed £l.45m (£L Q2m) on 
turnover ahead at £19.lm 
(£13 Am). The stronger US econ- 
omy had encouraged the 
expansion and upgrading of 
cable networks. 

Interest charges rose to 
£446,000 (£357,000) because of 
the Red Wing buy. Gearing 
was 23 per cent (14 per cent), 
but will rise to about 75 per 
cent in the short term after the 
Elswick buy. 

Earning s rose to U flp (10.4p) 
and the interim dividend is 
lifted 6 per cent to 4£p (425p). 


Chesterfield Props 
37% lower at £4.9m 


By Christopher Price 

Chesterfield Properties 
reported a 37 per cent fell in 
first-half pre-tax profits to 
£4£lm, compared with £7.8im 
which was boosted by £3^8m 
in property disposals. Profits 
from continuing operations 
were ahead 11 per cent. 

Mr David Kiprann , finance 
director, «nrt that the group 
had benefited from the firm 
retail market which had under- 
pinned a recovery in rental val- 
ues. However, office rents 
remained under pressure. 
About two thirds of revenue 
comes from retail operations 
and Mr Kieman added: “We 
are looking to increase our 
retail portfolio to take advan- 
tage of the upturn.” 

Developments under way 
would show their benefit to the 
bottom line “within the next 
two years.” according to Mr 


Eiernan However, the immedi- 
ate outlook was “fairly quiet”, 
he added. Befmbishments were 
progressing on shopping cen- 
tres in Hull and Rugby. An 
office block in Victoria was 
also due to receive similar 
tre a tment 

Rental income showed a 13 
per cent rise to £5 .21m 
(£4. 62m). However, income 
from the group’s theatres - 
including seven in London’s 
West End - and cinemas 
declined sharply, increasing 
losses from £184,000 to £361,000. 
Mr Kieman blamed a combina- 
tion of factors for the deteriora- 
tion, iTirinrting the rail strike, 
new parking restrictions and a 
lack of consumer confidence. 

Group turnover also showed 
a fen, slipping 5 per cent to 
£16£m (£178m). Earnings per 
share fell from 20 to lL9p. 
The interim dividend is raised 
to 4.4p (4p). 


Ticketing downturn to 
near break-even 


Ticketing Group, which 
provides ticket sales, event 
Tnanagamant services and com- 
puterised ticketing systems, 
reported a sharp fall in 
pre-tax profits from £337,000 
to £32J)00 in the first half of 
1994. 

Turnover rose from £20. 9m 

to £27 An. 

The company said trading 
had fluctuated widely in the 
period with record highs in 


February and March to very 
low levels in May and June. 

The USM-quoted company 
had operated as a joint venture 
between Expedier and Wem- 
bley and was only constituted 
in its present form in February 
1993 when its refinancing and 
reorganisation was com p le ted . 

Wembley sold its 7.2 per cent 
stake earlier this year. 

Earnings per share were 
0.004p (0.04p). 


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AU these securities hoping beer toU, tbit armouncematt appears •» a matter of record only. 


WPP Group pic 

International offering 

of 

120,524,141 shares 
Offer Price 115 pence per share 


Global Co-ordinator and Lead Manager 
S.G. Warburg Securities 


Bankers Trust International PLC J-P. Morgan Securities Ltd. 
S.G.Warburg Securities 


iiiiiMiMiiiiiMiiiiiimiiiiiiiiiiiiiiimiiiiimviiMmiiiHimmii 


« / 


:6 


FINANCIAL TIMES FRIDA V OCTOBER 21 1004 


RECRUITMENT 


JOBS: Which universities are the most successful at preparing their students for work? 

Degrees of employment at a glance 


A nybody thinking of going to 
university with the aim of 
getting a job at the end of it 
might be interested in the league 
table published here. 

It rates UK universities (those 
established before all the polytech- 
nics were given the same status) 
according to the success of their 
first degree graduates in finding a 
job after leaving. The table covers 
those graduates who attended 
degree courses over the three years 
from 1990-91 to 1992-93. 

The table is compiled from the 
1994 edition of University Manage- 
ment Statistics and Performance 
Indicators in the UK- 
One reason for a variation in per- 
formance is the difference in sub- 
ject mix because some subjects may 
be more useful vocationally than 
others, some are a prerequisite for 
certain types of employment - in 
medicine for example - and some 
may be simply mare attractive to 
employers. 

The compilers attempt to take 
account of this, calculating the 
number of graduates unemployed or 
in short-term employment that 


UNIVERSITY TABLE 


University 

% Cliff 

University 

% dlff 

University 

% dlff 

Oxford 

62 

Sheffield 

1.1 

Glasgow 

-1.1 

Brunei 

5.3 

Aberdeen 

1.1 

Leeds 

-1.7 

St Andrews 

5.3 

Leicester 

0.6 

Birmingham 

-2.0 

Durham 

5.0 

Strathclyde 

0.5 

London 

-2.0 

Nottingham 

4.2 

Reeding 

0.4 

Manchester 

-2.1 

Lancaster 

4.2 

Newcastle 

0.3 

UM1ST 

-2.1 

Queen's Belfast 

3.B 

Essex 

0.3 

Aston 

-22 

Cambridge 

as 

Harlot-Watt 

-0.1 

Edinburgh 

-22 

York 

aa 

Stirling 

-02 

Wales 

-2.4 

Salford 

3.4 

Ulster 

-02 

Sussex 

-2.4 

Hun 

32 

Kent 

-0.3 

Warwick 

-3.4 

Surrey 

2.6 

Bristol 

-0.3 

Bradford 

-3.7 

Bath 

22 

Loughborough 

-0.4 

Liverpool 

-4.4 

Dundee 

ZO 

E-AngSa 

-0.9 

Southampton 

-6.3 

Exeter 

1.8 

Keele 

-0.9 

City 

•6.8 


would be expected if. in each sub- 
ject, it conformed to the national 
distribution. 

The actual number of graduates 
without jobs or in short-term work 
Is subtracted from the predicted fig- 
ure and then expressed as a rate of 
excess per 100 graduates. A nega- 
tive number, therefore, gives a 
higher than predicted number of 
unemployed graduates or those in 
short-term work while a positive 


figure reflects fewer unemployed 
than might be expected. 

Regular readers of the column 
will note that the percentages vary 
in degree from those published last 
year. That is because last year's 
table used a slightly different calcu- 
lation. The order would be the 
same, however, with either calcula- 
tion. 

While there are many variables 
involved in assessing a university. 


the league table does appear to be a 
good indicator of students' employa- 
bility at the end of the course. As 
the notes to the research point out, 
“the First Destination Record 
remains the principal source of 
information about graduates' desti- 
nations." 

One factor in the placings not 
taken into account by tbe calcula- 
tions is tbe provision of sandwich 
courses where students get work 
experience with an employer. This 
may account, in part at least, for 
the higb placing of Brunei Univer- 
sity, for example, which offers a 
larger proportion of sandwich 
courses than any other university. 

The importance of course choice 
for job finding is highlighted else- 
where in the statistics. Medical 
courses have the best record. The 
worst subject for leaving graduates 
jobless at the end of the course was 
forestry, followed by geography, 
aero engineering and zoology. 

The full statistics, price £20. are 
available from the Universities Sta- 
tistical Record. PO Box 130. Chelten- 
ham, Gloucestershire GL50 3SE. Tel 
( 0)242 225902. 


• The index of advertised demand 
for executives compiled by MSL 
International, the recruitment con- 
sultant, has not increased in the 
last three months although it is up 
on last year. Given the weakness of 
the jobs market during the summer, 
this may turn out to be just a blip 
in the rise out of recession. 

Individual job categories reveal a 
marked rise in the recruitment of 
personnel officers. Ian Lloyd, MSL’s 
managing director, sees this an opti- 
mistic indicator of economic 
growth. “Many companies have sur- 
vived in the past two years without 
expanding. Mow they are realising 
that the human resource function 
at a strategic level is critical to the 
future operation of the business, we 
are seeing recruitment at personnel 
director leveL" 

The way the index is represented 
has been changed to conform with 
Financial Times practice. Our stat- 
isticians say that the wiggly line 
wavering above and below the 
index line is the best way to show 
the variation from the tr e nd. 

Richard Donkin 


MSL recruitment index 

Change compared wtoj^joijs qu^w/year. c^ [°e ca tegoryffl _ 



Personnel Mlsc Total 


Gen Prod RAD/ • Sales/ 

mgt design mfctg 

Change compared with previous quarter/year. by industrycategory (%» 

30 **■■**■ — “ - - - ~ — 



Energy 


cflang* 03 on 02 'iJ 

Q S CMW8* 03 •9J on OJ '!« 

Total 






London stock exchange 


TEAM MANAGER - CAPITAL MARKETS 


The London Stock Exchange is both the national stock exchange for the UK and the world's leading market 
place for the trading of international equities. The Exchange seeks to appoint an experienced professional to 
manage the Capital Markets team and to help increase the Exchange's share of global bond, depositary 
receipt and warrant listings. Proficient in management and regulation and with marketing experience, 
the successful candidate will possess the specialist knowledge and personal attributes necessary to 
ensure this key institution achieves its objectives in this area. 

Interested applicants should possess the following attributes: 

• An ability to manage a team providing an efficient service whilst fulfilling its regulatory responsibilities. 
■An informed appreciation of the regulatory environment for listing capital markets msnunems. 

• The maturity and gnxvitas to represent tbe Exchange in discussions with iniematicnaJ bw firms and securities 
houses, together with regulators including tbe ELI, Treasury and IPMA. 

• The marketing skills to help promote the Exchange effectively in a highly specialised and competitive environment. 

Candidates demonstrating exceptional ability in closely related disciplines together with strong inter-personal 
skills will also be considered. 

To (tens farther in strictest rooGdeoa, please contact the Exchanges retained marital. PhUp Rwflnwn on 071 6004744 or write UK 


Lm^rpiiyiM-arUvitsScuccli & Select km i\ <li' isionot LlUilv.il Markets Kccruilmcul Limited 
--V Masons Mcnnc. lariil'm, I'.t 2Y ?BT 
Ti'l. i)?[ Mill 4744 h)\. 071 Mill 47]7 




COMPANY 

DIRECTOR 

Sound, practical experience of 
Physical International Trade. 
Oil. Petrochemicals. General. 
Available to work 
cost-effectively on full or 
part-time contract 
assignments with full 
accountability to deliver 
measurable profits. 

Fax: 0494 - 864307 


II 1 UIIC 1111 ETS 



BRAZILIAN EQUITY SALES 


Our client, a London-based international securities division of a leading Latin American 
bonk, is seeking an experienced equity specialist to sell Brazilian equities, ADR's 
warrants and convertibles to international institutional Investors. 

Ideally, applicants will be graduates with equity experience gained 
within a major brokerage house and with exposure to Brazilian 
companies and equity markets. Fluency in both Portuguese and 
English is essential, as is a strong analytical capacity and the ability to 
impart research to clients in a lucid and informative fashion. 

Candidates demonstrating the appropriate mix of experience, drive and ambition 
will be rewarded with an attractive compensation package geared to results. 

To dfeass Anther in strictest confidence, please contact David WDEams oa 071 600 4744 or write to: 


I'.nicn-Ti:^ MiirkiO-Nr.irrli X Sdiiiimi ‘A iJiusinn <if(rliib:il Miiriid.s Rivniriimii! I.imilul: 
Ml Mamus Au : mii'. I.imduii l.< ' 2 V rlfl 
I II. (171 MM) 4744 I ; :l\.1)71 (MM) 47 1 7 




CHARTERED ACCOUNTANT/ 
COMPLIANCE /FINANCIAL 
SPECIALIST 

Long experience London and 
international capitol markets with 
professional and investment banking 
houses and regulatory body, 
speaking French. Italian. German. 
excellent contacts. Available for 
assistance with regulatory problems 
or financial investigation work. 
Phone/fax 44 (0)1 71 435 431 8 


Equity/FX Sales/Research 

DiMih sale* 3»n experience. 

French or German. 

FX Traders wiih 4-3 jnpncitml Marta 
Malang. Portfolio iUK Exchacfc cvp. 
Opium theory ft Risk Management eswmaL 
PhD or it QiuMkalhe Analyst »nti 
compiling. C. C*-* 

r.impfon Recruitmeni Lid. Africa House. 
6*78 Capway. London. WCB OAH. 
T*L- #71 Ml MOO Fan; 071 Ml 6622 


YOU CAN ADVERTISE YOUR SKILLS IN 
THE FOMHCIAL 7ME5reCHWmBlT 
PAGES FROM AS LITTLE AS EDO + VAT 


Looking for 
a Career 
Change? 


For RBiwa unuu run courser 
MDREEl KUUBTO0 DU 
Ta: +44 71873 4054 Fax: +44 71 873 
4331 SHirvmmffiTom«r 
| Fbmhcul Times, Rkkottwkt Anromsw. 
Nimbi One Southhuk Bhok, 
LmouSEI 9HL 


Asset Securitisation 

Analyst 


London 


Our cliciu. .in internationally renowned organisation m 
die tinauci.il markets, is seeking an analyst to he an 
inti-gr.il member of the Arfer Securitisation team in 
London. Prior experience of this type of financing, 
although desirable, is not <i prerequisite. However a keen 
desire ro loam and develop a career in this field i*. 
essential. The level of responsibility and seniority is 
flexible and will be determined by the background of the 
$ucce?-hil candidate. 

The Asset Securitisation team is responsible for 
anaiyunc all asset backed transactions in Europe. The 
work involves understanding and evaluating asset 
securitisation transactions and presenting the analysis 
both in a written format and orally. This will 
require o-rublishintj and developing relationships 


£ Excellent 

with the different parties involved in the transactions. 
Individuals will be of graduate calibre and have a gi».kl 
grounding in credit or financial analysis. Due to the high 
profile of rhe role, applicants must have excellent 
written and oral communication skills, strong 
interpersonal skills and be confident self-starters. 

Fluoncv in a European language would be advantageous. 

Our clienr will offer an attractive remuneration package 
which will ennrelv reflect experience. Performance will 
be rewarded by good progression in terms of 
responsibility and position. 

Interested applicants should write to Karina Pietsch, 
enclosing a curriculum vitae, at Michael Page Citv, 

Page House, 39-41 Parker Street, London 
WC2B 5LH. Fax: 071 405 9649. 


8 


Portfolio Managers 
Private Clients 


BZ\V Portfolio Management Limited currently manage 
private client assets in excess of £1.3 billion from 
prestigious offices in Mayfair. They continue to enjoy 
rapid growth and have successfully increased private 
client business bv £200 million annually. 

Due to this expansion two Portfolio Managers are now 
sought in order to complement rhe existing team. As 
pan of a powerful international network BZW Portfolio 
Management is recognised for achieving high levels of 
performance, combined with a commitment to service 
which has resulted in an excellent degree of 
client retention. 

The kev responsibilities include: 

• Effective management of a portfolio in excess of 
£100 million. 

• Assessment of client requirements and the production 
of .w>ei allocation decisions accordingly. 

• Responsibility for analysis and the secondary 
research of specific sectors. 


• Training and developmenr of junior team member-.. 
Preference will be given to applicants with ;\ minimum 
of five years experience in private diem investment 
within a blue-chip institution; however, if exceptional, 
candidates with less than five years experience will ho 
considered. Candidates will be numerate and possess 
good team and organisational skills. It is vital that the 
candidate has an m-deprh knowledge of investment 
with a thorough understanding of both UK and 
International stocks. 

This position is an excellent opportunity for an assertive, 
well-presented professional. Essentially an opportunity 
for those rhac have independence of thought coupled 
with che ability to work as part of a dynamic, 
collegiate team. 

Interested applicants should telephone 
Elizabeth Arthur or Paul Wilson on 071 831 2000 
or alternatively write enclosing a curriculum, vitae at 

Michael Page City. Page House, 39-41 Parker 
Street, London WC2B 5LH. Fax: 071 405 9649. 


Michael Page City 

Intunvmonul Rccnmnwm CoomiIcuiii 
London Pam Frankfurt Hong Kong Sydney 


Compliance Manager 
Institutional Equities 


Our client, a premier US investment bank, seeks an 
Institutional Equity Manager to join its Equity 
Compliance team. Ac the leading edge of financial 
innovation, the firm is a powerful player in che 
equities market place worldwide. The equities business 
comprises sales, trading and new issue activiry across a 
wide range of products including cash, derivatives, 
convertibles and warrants. 

The primary focus of this role will be in providing 
advice ro the Equity Division on L1K and European 
legislation, SFA and exchange rules, applicable 
overseas legal requirements and in-house policies and 
procedures. Added to this will be the ongoing 
surveillance of che business unit and che maintenance 
of close links with regulatory bodies. 

This is a key appointment within the 
department requiring both strong commercial 


acumen and a positive, direct approach to the 
business. Candidates must be of graduate calibre 
(preferably with a professional qualification); have 
several years practical corapliance/regularory 
cxperience, with good working knowledge of SFA 
and Stock Exchange rules. 

Experience of equities is essential. In addition 
applicants will be able co demonstrate authority, 
confidence, initiative and diplomacy. Excellent 
judgement, analytical and management skills are key. 
A competitive remuneration package is available for 
rhe successful candidate. 

Interested applicants should write to Anna Williams 
or Sue Liniern quoting reference 206663, at 
Michael Page City, Page House, 39-41 Parker 
Srreet, London, WC2B 5LH. 

Telephone 071 831 2000. Fax 07 1 405 9649. 




*3 


Michael Page City 

intcrruuotnl Recruitment Crtuulcuihi 
London Paris Frankfurt Hone Kan* Sydney 






APPOINTMENTS 

WANTED 


Michael Page City 

International Recruitment Curt.uit.mib 
London Paris Frankfurt Hong Kong Sydney 


INVESTMENT MANAGER 

We are an Important asset management company In Knlghtsbrldge and 
are seeking a nighty trained Investment professional with a minimum of 5 
• 7 years experience In portfolio management or trading in global financial 
markets to manage our American and European stock and bond 
Investments. 

Prior management experience a plus. Hfs/her responsibilities include 
managing the firm's own capital, handling the day-today operations (and 
administrative matters) of his/her department, fn addition to any 
independent prefect assignments. 

Salary and compensation package provided are highly rewarding and in 
line with the jobs' responsibilities- 

Fleese forward C.V. and relevant information to BtaWIn Asset Management 
Ltd. Silver City House. 62 Bmmpton Road. Hnig/itsbridge. Condon SW31BW 


•g;::.so:-rd-rr; : ^ ns .vir i z . • .v .r- - *v- 

| Leveraged Risk Taker 

■” Fixed Income/Foreign Exchange 

Outstanding opportunity to lain the risk taking team of 
j. one of the world** premier Fixed Income advisor*. 

, v -Management of both proprietary and client funds. 2-3 
year* experience. Excellent remuneration. London EC*. 
^ Please send CV to Jonathan Jay. Jay Curtis EUiort, 

*■'■ 200 Tottenham Court Road, London WIP 9LA. 


$ JCH Consulting 


Director of Business 
Development 

Financial Institution specializing in 
currency Heurea and options seeks 
Director of Business Development 
The successful candidate wll have 3-5 
years experience m marketing foreign 
exchange products to an established 
European customer base. 

SendCVtoBoxA217V. 
Financial Timas. One Southwark 
Bridge, London SET DHL 


Quantitative Analyst. 
M.Sc. London School of 
Economics 
2 years experience in 
Fundamental and Technical 
Analysis. Top US Bank. 
Seeks position in Trading 
environment 
Tel: 444- 81 905 5604 


NETWORK MANAGEMENT 

c£ 30,000 + Benefits 

** *S="l 

measurement of agent performance. ™ taints, and the 

The ideal candidate unit be melt educated and energetic, with the abilitu to . 

deadlines whilst managing a multitude of tasks. A tvillinmcss to *7 ™ port ‘ lnt 

communication skills are essential for this important positio^as is thc^lU^JZ*,******. 
I" 7 * ort modelling .rtirito. ArpliMi^ Bo „ BmUey Dj 

Jonathan Wren & Co. Limited. Financial Recruitment Consultant 
No. 1 New Street, London EC2M 4TP TeL 071-623 1266 Fax. 071-626 5259 


JONATHAN WREN EXECUTIVE 

















FINANCIAL times 


FRIDAY OCTOBER 21 1994 


27 


TOP OPPORTUNITIES 

SENIOR POSmONS IN GENERAL MANAGEMENT 


Our record of inward 
investment speaks for itself 


|S$s £ > ■< • " . ; 

"mM •k't' »?■ urvsdadea riy-l Zfc iL t- - w ^r 

ifg** r«jtctS:*y! X) VfZH-is'TX.'- 


»•■■ Tj&S&h&i 
>*. 


DIRECTOR 

Package to £50k 



Once at the heart of the Industrial 
Revolution, Telford is now at the forefront of 
another: as one of the fastest growing 
commercial forces in the country. Thanks to 
die efforts of our highly respected Development 
Agency, we’ve continually managed to attract 
substantial inward investment. Split 50/50 
between tbe UK and ov e rsea s, includes 
such major names as NEC, Maxell and Fruits 
of the Loom, togeeher with tbe country’s 
highest concentration of co m panie s from Japan 
and Taiwan. 

This track-record speaks for itself. Now, 
with the forthcoming retirement of our 
Director, David Rogersotv, we are looking for 
someone who can mainmm and develop the 
Agency’s work with energy, vision, 
OM otnitmenc and expettise. 

Travelling extensively in the UK - and 
occasionally overseas - you’ll be expected to 
present on overwhelming case for investment in 


Telford, increasing oar profile and helping us 
target and secure new business. Very much a 
hands-on role, it calls foe a proven ability to 
influence and build partnerships with senior 
decision-makers. A background in inward 
investment and development (or a similar role) 
is essential, as are the associated qualities: 
energy, flair and diplomacy together with 
exceptional sales and presentation skills. 

For a detailed information pack and 
application form contact Jeff Stanton at Austin 
Knight on 021 - 456 4721. 

For an informal discussion about this 
exciting opportnnity, telephone David 
Rogenon on 0952 - 293262. 








x ;Vr* ' y : ' v- Xti'.i 


Rapidly growing £5M turnover company In 
Southern England, world leader In Its field l 
requires chief executive with proven track 
record In arming small technology based 
busfctesses Including design engineering, 
manufacturing and marketing to global blue 
chip customer base. 

£50K package plus generous equity 
stake/share option package which could 
translate Into seven figure reward within five 
yeers for someone with the right experience, 
drive and commitment. 

Please send detailed CV In total confidence to: 
Box No. 2171 
Financial Times. 

One Southwark Bridge. London. SE1 9HL 


DIRECTOR 

International Business Development 

Power Generation 

A htgfaIyvisild6|KMiiUMi&ara.I>iKciorflfIaierBaifoiialBiisfcTCSSl>e' 
vdapmau is available wUh a prestigious European hes dq mnow l 
power engineering firm. 

This pq&tltMreqirfrea a bachelor's degree or equhalnu. and untei- 
aiamcrf 10 years expcikare sucttstfcd^seiHngengineefiiig and de- 
s$n services in the Iwenwkmal power mark* a comprehensive 
k n owledg e of diems and mutes indie Pgr East in power genera- 
tion, trmsBtlssiOfl, end dtsribntioa is esseulaL 
Please send ttsame to: SAA. Conflilmttal Reply Service, 
Dept. 82, P.O, Box 899, East Brunswick, NJ 08816. 
An Equal Opportunity Employer, M/MVV. 


NON-EXECUTIVE CHAIRMAN 

AJ. Mackaness Lid is a private family owned property & 
leisure company operating principally in Northamptonshire 
and Yorkshire. The Company is owned by four brothers who 
each manage a separata division of the Company. They 
meet formally six times a year to review the company's 
activities. A Non-Executive Chairman Is sought to chair 
these meetings. Applicants should hold a board level 
position in a major company, and have a 
wealth of commercial experience. 

Please apply in writing to: The Company Secretary 
AJ. Mackaness Limited, 1 Horsley Road, 
Kingsthorpe Hollow. Northampton NN2 6LB 


BANKING FINANCE & GENERAL APPOINTMENTS 


► 


investment Manager (Pacific Equities) 


(il.Mjow ha-al 


Scottish Mutual Assurance pic is a company with great plans for the future. 
Oar aim is to significantly develop new business, to take full advantage of 
developing European and off shore opportunities and to place our life 
assurance business within the top ten UK lifo assurance companies. 

As we enter a period of significant growth, we recognise die need to invest in 
high calibre professionals to ensure we maintain our superior performance. 
Therefore when it comes to posttioos such as the Investment Manager we only 
want to invest in the best and in those who can benefit and flourish from the 
training and career development wbkh we can offer. 

This is an exceptional opportunity to fulfil a key role in managing our Pacific 
Basin portfolios. Taking charge of a team responsible for £500 mil Con of 
funds invested in the Far East and Japanese markets, you will be expected to 
contribute towards the overall asset strategy of the Investment Division. 

An Associate of the Institute of Investment Management & Research 
(or equivalent), you will have at least 8 years relevant experience. Ambition, 
dedsrvcncs s , actf motivation and a ge n ui n e desire to reach your goals arc ail 


Fin.inci.il Services Pack.mc 


qualities which we arc looking for. It goes without saying, excellent 
communication drill* and initiative are prerequisites. 

In return we offer an attractive benefits package which indudes an excellent 
working environment in Glasgow city centre, non-conrriburory pension scheme, 
life assurance, concessionary mortgage (subject to eli gibility ), subsidised BUPA 
and discretionary profit share. 

For an application form please contact Alison McTaggart, Manager — 
Personnel, Scottish Mutual Assurance pic, 109 St Vincent Street, Glasgow, 
G2 5HN or telephone 041 305 8280, 9am to 5pm weekdays. 

To support a healthy work environment , Scottish Mutual has a no smoking 
policy. 

bi pursuing our policy in equality of opportunity, Scottish Mutual positively 
welcomes applications from every section of the community. 

Scottish Mutual Assurance pic is a proprietary company owned by Abbey 
National pic. 


Scottish! 
Mutual 

Promoting Success Through Equality 




INVESTMENT ANALYST 

UK EQUITIES 


Oily Based 
Competitive 

Salary 
■s Bonus 
-r Benefits 
Package 


Sun Alliance Investment Management is the 
investment arm of the Sun Alliance Group - one of 
the UK’s largest composite insurance companies, 
with assets under management of £23bn. 

As an Investment Analyst within our UK Equity 
Research Team you will be responsible for acquiring 
in-depth knowledge of companies in a number of 
industry sectors and will work in close co-operation 
with the fund, managers as an integral part of the 
investment process. \bu wfll also be expected to 
develop direct communication with companies and 
undercake original fundamental research. 

Aged middle to late twenties, you should be a 


graduate and preferably ItMR qualified or 
equivalent. At least two years’ investment analysis 
experience is essential coupled with a well 
developed and disciplined analytical approach. 
Highly self motivated you should have the ability to 
think independently and to back your own 
judgement and have excellent communication and 
interpersonal skills. 

To apply please write enclosing full Career details 
stating current salary and benefit package to 
Mrs Lesley Turner, Sun Alliance Investment 
Management, I Bartholomew Lane, London 
EC2N2AB. 



over £15 
ibining 

ir presence in 
to die mid sized 
highly experienced 

profitable business from both new and existing customers. This will include developing 
contacts at a senior level within the local business community ; analysing, preparing and 
submitting proposals for approval and all aspects of client account management. 

Ideally a graduate with a background of formal credit training, you should combine 
experience of working in a related clearing bank/corporate business environment with well 
developed credit skills, knowledge of legal documentation and security issues and a proven 
track record in business development. The ability co work within a ream , confidence, 
determination and self motivation are all critical to this high profile development role. 

In addition to a competitive salary, you can expect a generous range of benefits including 
subsidised mongage, private h ea l t hcare and performance related incentives. Success in this 
role will create an excellent opportunity foe career development as we develop our corporate 
presence in CB. 

Initially please write, enclosing your foil C.V to; 

Ken McCracken, Head of Corporate Banking, Bank of Ireland, 36 Queen Street , 

London EC4R I BN 


Bank or Ireland 

Bank of Ireland - incorporated in Ireland with limited liability. 


1 


SUNALLIANCE 

INVESTMENT MANAGEMENT 


CJA 


RECRUITMENT CONSULTANTS GROUP 

2 London Wall Buildings. London Wall. London EC2M 5PP 
Tel: 0171-5SS 3583 or 0171-588 3576 
Fax No. 0171-256 8501 





A high profile position in international bank analysis 

BANK ANALYST 





CYPRUS Competitive Salary 

_ _ papITAL INTELLIGENCE, Is one of the woritfs leading bank rating and analysis companies, providing 
Pillar and comprehensive reports on banks and banking m twenty-five countries in the Asia/Pacific and 
r^K/Me^ranean regions. Their subscribers include most of the world's top banks and a growing number of 
m Due to expansion, Capital Intelligence wishes to appoint an additional Bank Analyst Based m 

rsflme Anahists travel regularly to designated countries, meeting senior bank officers, auditors, central bankers and 
^^rioTteDroducing their highly regarded, objective reports. Candidates should have relevant experience and 
eSSnuStoiB. Foreign language skills would be an advantage. They should be able to operate 
work to tight deadlines and be prepared to traveL In return, the successful candidate win enjoy a 
!«nno^> US dollar remuneration package, offshore tax advantages, opportunities for career development and 
SSnHfoina conditions. Interviews will take place in London in late November or early December, and candidates 
a Position to locate to Cyprus by April 1995. 

talvict confidence, to Capital Intelligence Ltd, PO Box 3585, Umassol, Cyprus 
Umw. marked for the attention of the General Manager. 


PARIS 


FINANCIAL MANAGERS 

FOR AN IMPORTANT FINANCIAL INSTITUTION 




nager of specialised 
Financing Department 

We are offering a rare opportunity for a financial 
specialist to lead a team of 6 financial and legal 
experts In charge of masterminding, developing and 
implementing high standing financial transactions 
and products in dose consultation with both our 
Internal network and our clients. 

Candidates should be French or Anglo-Saxon 
nationals with top postgraduate training, and will have 
some 15 years experience in the markets, including 
5 years experience in domestic and international 
financial transactions with a French or foreign bade 
RefcSFD. 




inager of industrial 
Project Financing Department 

An excellent opportunity is being offered to a 
specialist in Anglo-Saxon financial markets capable 
of leading a team of 5 to expand our activity 
in domestic and international industrial project 
financing. 

Interested applicants should be graduates with top 
scientific or financial training, and have dose to 
1 5 years of post-graduate experience with industrial 
and financial institutions. Including 5 years in 
international industrial project finandng. Ref: IPFD. 


Both positions are based in Paris and require creativity, drive, ambition, marketing flair and 
inter-personal skills. Fluency in English and French is essential. 

Successful candidates wifi be offered real prospects for promotion within our Group. 

Please apply in writing with a detailed curriculum vitae and photo, stating salary required, and 
quoting the selected reference to: AUSTIN KNIGHT, CARRE TURENNE - 129 rue de Turenne 
- 75003 Paris, France. 


FT/LES ECHOS 

The FT can help you reach additional business readers in France. Our link with the French business newspaper, Les 
Echos gives you a unique recruitment advertising opportunity to capitalise on the FTs European readership and to further 
target the French business wortd.For information on rates and further details please telephone: 

Philip Wrigtey on 44471 8733351 


VENTURE 
FUND MD 

A Midlands based Regional 
Fund seeks a Managing 
Director. Key elements are 
Fund-raising, Deal Making, 
Staff supervision and 
achievement of a Deal Flow. 
Ycm will need empathy with 
SMBs, a knowledge of 
Accounting (probably 
qualified), the ability u> spot a 
winner; the personality to tie 
up the deal, supervise due 
diligence and monitor 
performance all at Board 
ievoL 

Attractive Salary and Carried 
Interest 

CV to; 

Box A2172, Financial Times 
One Southwark Bridge, 
London SE19HL 



banking recruitment consultants 


Oparations Hanagw 

ctaxooo 

US House seeks a committed and reslUeat individual, 
apd 25-35, to manage a team dealing with the oetdaaaK 
and custody of a variety of financial instrument via 
Buroetear. Global Custodians and Domestic Clearing 
Agents. Y oa win be able to demonstrate strong man- 
mmymml ■Wh onrl to bt itmifnrtsble £aef&Qflg flflT 
Ideas and hnpfcmoiifeig them In an mrtr u nm tat subject 
to ever changing priorities. 

Regulatory Control ’ 

To E 44 MM 0 

Leading Regulatory Authority seek* to recruit an 
miBiMua l wBh extostK knowledge of that money and 
safe custody relations. Dudes for thb de mandi ng and 
fdgh profile rota wtfl include reviewing and developing 
poKey for new and existing securities and derivatives 
markets. traM ng end interpretation of existing rotes end 

ww tamwg «f pa m H mw 


Manager - Swaps Middle Offlc* 
C40,000 

Hue CWp foteraalMaal Bank currently aedn * motivated 
and professional ACA/ACCA qnslrtrd mdMdnal with 0-3 
years' experience. The successful tndMdnal win have 
exposure to one or more of the foH6*t0£ IR/ Currency 
Swaps. OTC Options. SwapUona, Capa, Floora and 
Cottars. Candidates wffl possess, strong man-manaacmenl 
skills and the abflttjr to thrive In a highly pressurised 
environment. 


Product Accountant 


A qualified ACA accountant i first date passes) with a 
working knowledge of; Eurobonds, VX and Swaps a aoufit 
by this prestigious tmenalMmi 9*nk. The role t w elv es 
ramming the European hi aloes* ac Brides, producing 
management accounts, profit and toes reporting 
and financial accounting for Foreign Exchange. 
Fixed Income Derivatives. 


Joalin Rowe Associates Led Bell Court House 1 1 Blomfield Street London EC2M 7AY 
Telephone 071 638 5286 Facsimile 071 382 9417 

AMmUroflkiBtenfUUGnmp 




28 


FINANCIAL TIMES FRIDAY OCTOBER 21 1014 


CORPORATE DEVELOPMENT EXECUTIVE 


LONDON 


MERGERS & ACQUISITIONS, EUROPE 

cJ»50,000 + BONUS + CAR 


• This major pic with sales in excess of £Aba 
owns substantial manufacturing businesses in the 
UK and North America and actively seeks to 
increase its investments in Continental Europe. 

• The Group has experienced rapid growth 
through acquisitions. Peripheral businesses have 
been sold following a review of corporate 
activities: future strategy will be to expand the 
Group's share and interests in its core consumer 
related sectors. 

• Hie challenge wiQ be to identify potential 
acquisitions and, if required, further disposals 
supporting actual transactions throu gh the 
preparation of documentation, due diligence, and 
liaison with bankers and lawyers. 


• The brief will also include participation in the 
corporate planning process in conjunction with 
the Finance Department and responsibility for 
Group-wide strategy projects and post-acquisition 
reviews. 

• Aged late 20s to early 30s, candidates will be 
graduates with direct M&A experience in a blue- 
chip multi-national, a Merchant Bank, or the 
corporate finance arm of "Big 6' accountancy firms. 
Must have fineg background and extensive 
European experience. 

• Fast track, expedient with an organised, 
analytical approach, independence of mind and 
excellent communication skills. Second European 
language a distinct advantage. 


Please apply In wrung quoting reference 796 
with fun career and salary (lrrafis to: 
Laurence Villa er* 

Whitehead Selection Limited 
43 Welbcck Street London Wl M 7HF 
Tel: 071 637 8736 


Whitehead 

SELECTION 


Opportunities in Corporate Development Consulting 



Guiding Organisations Through Mergers, 
Acquisitions, Divestments And Growth 


When companies come to devise a corporate 
development strategy, there is no shortage of 
advice. Good advice, however, is thin on 

the ground. 

As the leading international management 
and technology consultancy. PA is one of the 
lew reliable sources. Our insight into sectors 
as diverse as the information industries, 
telecommunications, technology, finance, 
consumer and capital goods, public sector and 

utilities puts us in a prime position to guide 

companies through the often highly complex 

processes of expansion and restructuring. 

We pride ourselves on focusing on our 
clients' real needs and ensuring that we deliver linn 
substantial value to shareholders, particularly mm 
in our evaluation of business combinations 

and business plans. As a member of PA's 

Corporate Development Group, you will 

provide creative, independent and 

objective support for mergers. 

acquisitions, divestments and 
privatisations as well as aspects of 
organic growth. 

A qualified professional, 
accountant, lawyer or MBA. in 

either professional services or a 



major corporation, you should have two or more 
years* experience in corporate finance, proposal 

analysis and evaluation and M&A planning and 

management, preferably including cross-border 

and/or international assignments. Considerable 

personal credibility, allied to impeccable 
interpersonal skills and strong financial ability* 
will ensure your success in this decision- 

making, commercially-driven environment. 

A good first degree is essential, while 3 second 
language would be desirable. 

These positions are based in our London 
office, but are likely to require travel to 
mainland Europe. North America or the Far 

East We offer a competitive salary and benefits 

package including a performance -related bonus, 

profit-related pay. company car scheme. 

pension and private health plan. 

If you believe you have the necessary skills 
and expertise, please send your cv. 

including details of current salary. 

to Roselyn Cason-Mareus. Ref: 

20 54/R CM/FT. PA Consulting Group. 

123 Buckingham Palace Road, London 

SW1W 9SR. Fax: 071-333 5452. 

PA is an equal opportunities 
employer. 


¥V% Consulting 
in Group 

Creating Business Advantage 


>— ■ r ' .U- :4. .:. i - . - wjn g c aKai>wji 




Fund Manager 

ASIA (EX-JAPAN) EQUITIES 
MAJOR LONDON INVESTMENT HOUSE 


Due to increasing emphasis on this region an 
exciting opportunity has arisen for an additional Fund 
Manager to join the Far Eastern Team. 

Working closely with the Director in charge of the 
region, the Fund xManager will manage a number of 
country portfolios. 

The ideal candidate will be a graduate with 5 years' 
Fund Management experience, not 
necessarily within Asian Markets. nrn 

e r t 

— « .1 i raws 


A high level of analytical and communication skills 
will be required and a competitive salary package is 
available. 

Please write wich full career details, to 
Paul Wilcock, Ref. N1138, MSL Advertising 
Services Limited, 32 Aybrook Street, London 
W1M 3JL. List separately any companies to 
which your details should not be 
sent. 




i s t » g 


-X'-MUZrst.Ht u tG&SXZZZBiS 



FUND MANAGERS 

S.E. ASIA AND EMERGING MARKETS 


Our Client is the Investment Management arm of a premier international investment 
bank with global operations spanning Europe, North America and the Far East. 

The success and continued expansion of the team has led to the creation of an 
opportunity for two new fund managers to join our Client, focusing on South East Asia 
and the Emerging Markets respectively. 

As a South East Asia Fund Manager, you will have a minimum of 2 years’ relevant fund 
management expertise concentrating on S.E. Asia/Far East and will probably be 
looking for your first move. As an Emerging Markets Fund Manager you will initially be 
concentrating an Latin America with a view to expanding into other emerging markets 
and should be able to demonstrate previous relevant experience. Successful candidates 
will each play a key role in new product development. 

Interested candidates should send their curriculum vitae, including 
present remuneration details and contact telephone number no later 
than Friday 28 October to Howard Foster, FSS Financial 
Selection Services, Charlotte House, 14 Windmill Street, 

London W1P 2DY, (fax: 071-209 0001). 



FSS 

HNVNCMV 
nULCTION sFRVICF* 


Senior Trader 


(FX, Swaps, FRA's 

Fluent English & German 

ING Bank is part of one of Europe’s major 
financial institutions. Internationale 
Nederlanden Group. 

We are seeking to recruit a Senior Trader 
for our operations based in Vienna, with the 
following profile: 

• 5 years experience with a major bank 
in Foreign Exchange and/or Swaps. 
FRA’s and Derivatives (Bond Trading 
experience will be an advantage)- 

• Ideally some experience of working or 
living abroad. 


& Derivatives) 

Based in Vienna 

• Fluent in both English and German. 

• Self-starter with entrepreneurial Hair. 

■ Team player with good in ter- personal 
skills. 

In addition to a competitive salary and 
benefits you will also participate in a 
performance related bonus plan. 

Please send your curriculum vitae 
including salary history to: 

ING Bank, P.O. Box 152. A- 1011 Vienna. 

Austria. Attn: Mr. T. Liguovi 


ingJI£)bank 


CORPORATE BANKER 

Generate Bank is Belgiums’no. 1 bank. The London branch has been long established in the 
City of London, specialising in the delivery of a wide range of services to small to mid sized 
UK corporates . 

Due to expansion, an opportunity has arisen for an experienced corporate banker to join its 
UK commercial team. The key focus of the role will be business development with small to 
mid-sized corporates within Greater London and the South. 

The ideal candidate will have a dynamic personality, strong marketing skills and an 
excellent track record in banking the middle corporate market. Preferably, he/ she will be 
a university graduate in their early 30s and will have worked at a London based European 
Bank and/or Clearing Bank. 

Generale Bank offers a competitive salary and banking benefits. 

Interested candidates should write with their CV, in confidence, to Ron Bradley, 
Director of Executive Recruitment at Jonathan Wren & Co. Ltd., No.l Neiv Street, 
London EC2M 4TP Tel: 071-623-1266 Fax: 071-626-5259 


GENERALE BANK - LONDON 







7 • ~ J ' 

i - * • i 

’• -.V 

:• • t j. 


International Economist 


S .G. Warburg is looking to recruit an international economist to join its 
London-based research team, reporting to George Magnus, our Chief Economist. 

The role involves the analysis and forecasting of European economies wich a 
particular focus on money and fixed income markets, especially those in Sourhem 
Europe. 

Candidates will have a degree in Economics plus a minimum of three years 
experience in the financial services industry. You will need ro demonstrate an 
ability to interpret economic and political developments, and to present well 
articulated financial asset strategies based on economic research. Knowledge of 
reievanr languages and econometric skills are also sought. 

The position offers an attractive salary with the full range of banking benefits. 

To apply, please write with full career and salary details to: 

Richard Zaborski 
Group Personnel 

S.G. Warburg Group Management Limited 
l Finsbury Avenue 
London EC2M 2PA 


•bv S.G Warburg 


Dealing Room Opportunities 


Unibank is one of ike leading banks in Den- 
mark. We have 422 branches in Denmark 
and 16 branches and representative offices 
round ike tc odd. London Branch kas aver SO 
staff, the majority of whom art employed in 
ike strategic business areas ef Treasury, 
Securities Trading, Private Investment Bank- 
ing and Corporate Banking. Our main fbau 
is on Scandinavian-related business but not 
exclusively so. Unibank offers a broad range 
of customised products and services. We aim 
to provide financial security and value Jar our 
customers through personal dialogue. 


Spat Dealers 

Unibank in London is an active partici- 
pant in the UK market in Scandinavian 
FX and money market products. As 
these activities are expanding, we now 
wish to recruit two Spot Dealers ro 
strengthen our Interbank Team which 
services both our interbank activities 
and our customer base. 

For the more senior of die two vacan- 
cies we are looking for a dealer whose 
experience includes a minimum of 
three years’ trading in Scandinavian 
spot currencies combined with some 
marketing. The second vacancy is open 
to ca n didates with some experience in 
spot trading. 

Starling DmIot 

We also have a strong presence in the 
London Sterling market and now wish 
to recruh an additional Sterling Dealer. 

The ideal applicant wiU have a mini- 
mum of three years’ exp e ri ence of off- 


balance sheet products with some 
experience in Sterling cash products. 

As the job will also encompass market- 
uJg. some experience in this area would 
be an advantage. 

Applicants 

Successful applicants for the above 
positions must be able to demonstrate 
a flexible approach and be highly 
motivated to contribute to developing 
these expanding areas of our activities. 

Unibank offers a competitive banldnn 
package which includes bonus sod cL 
whemes as well as a non-contributory 
pension, mortgage subsidy and medical 
insurance. 

If you would like to join our Dealing 
if?™' T?”*! ^dosing your detailed 
CV. to Liz Knott, Head of Human 

mE2i. bHnk A* London 
lc^iDA 7Ch “^ de ' L °'" i “ 


Unibank 










ities 


FINANCIAL TIMES 


FRIDAY OCTOBER 21 1994 


Group Company Secretary 


(Designate) 

Fast Growing Pic 

c. £45,000 + Substantial Package 


Central Scotland 


Commercial role with this fest moving group. 


THE COMPANY 

♦ atwionaJ structure with strong trading brands. 

^5 U J^ ourced with plans to grow, possibly by 
acquisition. J 

♦ Small, highly skilled corporate office. Full autonomy at 
awaional board level 

the position 

♦ Head group company secretarial function working 
closely with Board. 

♦ Network between company and City ensuring 
statutory and Stock Exchange compliance. 


♦ Guide on acquisitions, contract law and strategic 
operational issues. 

QUALIFICATIONS 

♦ Professionally qualified, or possibly commercial 
lawyer, with substantial corporate and regulatory 
experience. 

♦ Ideally aged 28-35, fluent on commercial, company 
and employment law. City knowledge. 

♦ Active team player. Outstanding interpersonal, 
negotiating and communicating 


Please send full cv, stating salary, ref GN4250, to NBS, 78 St Vincent Street, Glasgow G2 SUB 


■ r* isP 





GLASGOW 041 2044334 
AhrwWn OB4 VS 9 1 2334656 

Brinol 0272 291 142 • Edinburgh 031 220 2400 

Leeds 0532 45JS30 • London 071 493 6392 
ManchemrOUS S399S3 • Slough 0753 SI 9227 


International Corporate Finance 


Manager 


To £50,000 with Benefits 


City 


Exciting opportunity to join expanding corporate 
finance team in powerful continental banking group. 


THE COMPANY 

♦ Corporate finance and securities arm of leading 
European banking group. 

♦ Provides broad range of corporate advisory services. 

♦ Ambitious, growing team with cross-border focus. 

THE POSITION 

♦ Key member of London-based operation. Full 
involvement in aB aspects of transactions. 

♦ Develop marketing initiatives. cUmr mnr arx w y™* imri* 

♦ Liaise with overseas colleagues to develop transactions. 


QUALIFICATIONS 

♦ At least three years’ experience with 
invcsnnent/mcrchHnt, bank. 

♦ Bright graduate with first class origination, 
presentation and negotiation skills, lawyer, MBA or 

ACA ideally. 

♦ Must speak additional European language, preferably 
Italian. 

♦ Highly motivated, commensal and ambitious. Thrive 
in small team environment. International focus and 

prepared to travel regularly. 


Please send full cv, stating salary, ref CN4I46, to NBS, 10 Arthur Street, London EC4R 9AY 



dlY 071*23 1520 


Aberdeen 0224 638080 • Birmingham 021 233 4AM 
Bristol 0272 291 142* Edinburgh 031 220 2400 
Glasgow 041 2M 4334 • Leeds 0532 453830 
Manchester 0625 539953 * Slough 0753 819227 


VDLWCARS 


TOTAL QUALITY 


Corporate Finance 


City and Home Counties 


KPMG Corporate Finance is amongst the top ten UK 
advisors on public and private transactions We advise 
clients on acquisitions, disposals, bid defences, takeovers 
and mergers, management buy-outs and privatisations. 

The London team has some 60 people, with 25 staff in the 
satellite offices. The teams comprise accountants, 
solicitors, merchant bankers and MBA's. Due to strong 
demand for their services they are now seeking to recruit at 
the Executive and Manager levels. 

Aged In their 20’s, candidates will typically be ACA’s with a 
first class examination record. Excellent communication 
skills and flair as well as the ability to work well within a 
team framework are also seen as important attributes. No 
previous corporate finance experience is required for those 
candidates applying at the Executive level, although any 


related ‘special work' experience would be advantageous. 
We seek up to four years' relevant experience for 
applicants at the Manager level and would be particularly 
interested in those candidates who can demonstrate a 
track record in the MBO field. Beyond this, a foreign 
language capability will always be regarded as an 
advantage. 

A competitive remuneration and benefits package will be 
offered together with the opportunity to develop a career 
based on a wide range of corporate finance experience, 
coupled with a comprehensive training programme. 


is die company which manages 
the commercial system of 
VOLVO CAR CORPORATION 
in Europe. Together with its 
national sales companies/ 
importers and dealers in 
20 European countries, it 
consumes a customer driven 
organisation whose mission is to 
tnarta and distribute can and 
services which meet and exceed 
the customers' expectations, 
especially in the areas of safoy, 
quality, environmental can. 
attractive design and pleasure 
'to buy and own-. 

The company is located in 
Brussels and. in its bead office, it 
empkys 70 people of Udifkient 
nationalities. 


wftb a broad re-«ngf nearing experience and 
a strong «baids-M« approach 


Ractkn: Q you will at first focus on proviefing our European and 
local management with a high level of knowledge and feeling in 
Business Process Redesign; □ you wBl be responsible for initiating, 
developing and driving the successful Implementation and roll-out of 
the process re-engineering activities in our subsidiaries across 
Europe; □ as our internal consultant, you will coach within the 
framework of our TQM strategy the long term organisational change 
and therefore provide pro-active advice; support and guidance In this 
field. 


ftoflle: □ university degree with several years of experience In 
either a European Multinational with a strong customer focus or a 
leading consultancy, having managed and Implemented significant 
change with performing results; O professional background tn the 
strategic; technical and people related Issues of process re-engi- 
neering and change management; □ excellent influencing and 
communication skills combined with strong business acumen and 
service orientation are essential to be successful; □ fluent in English 
and at least one other major European language and willingness to 
travel 50% of the time. 


Interested applicants, should in the first Instance, write 
enclosing full career and remuneration details to 
Anna Ponton. KPMG Selection and Search, 1-2 Dorset Rise, 
Blackfriars. London EC4Y 8AE, quoting reference C923F. 


orporate Finance 


Over the past year. VOLVO 
CARS EUROPE MARKETING 
hm i ni t iat Bd * maj nr rhi i np r 
strategy across Europe, where 
Total Quality (TQMI and 
Business Process Re-engineering 
are regarded to be key means for 
achieving our ambitious 
objectives. Within tins frame, 
vw are now looking far a (m/f) 


Offan □ a urtiqus chance to work for an Innovative and (Ugh per- 
forming biue chip company with strong values such as reliability, 
safety and respect for the Indvldual; □ the opportuiity to become 
part of a young and dynamic team dedicated to customer srisfection 
via the TQM philosophy; □ responsible function In an international 
environment with peoplewho Bke initiative, creativity and sett- 
development within a company culture focused on team wortt; 

□ remuneration In proportion to the challenge accompanied ty a 
company cat group Insurance and other fringe benefits. 


If this offBr comes up to your expectations; then send as soon as 
possible yotr letter and CV. to our Human Resources Advisers, 
MERCURI URVAL, Square Fr Riga 30, 1030 Brussels, Belgium. 

Please mention the reference A94200 on the envelope and the lettec 


KPMG Corporate Finance « a practising name of KPMG feat Marwick 


RELATIONSHIP MANAGEMENT 
JAPANESE CORPORATE CLIENTS 


£ Negotiable City Based 

As one of the world's most prestigious banking institutions, our client is an established and highly respected 
force in the provision of a wide range of commercial and investment banking services to major corporate and 
institutional entities on a global basis. 

Reporting to the Head of International Relationship Banking, this senior rote carries full responsibility for 
maintaining and developing the bank’s relationships with Japanese clients active in the U.K. 

Candidates should have the following profile: 


Fluency in Japanese; 

A successful track record of relationship 
management and quality business 
development within the corporate 
banking market; 

An empathy with and an understanding 
of Japanese culture; 


Strong credit skills; 

An enthusiastic creative team player able 
to make a positive impact with contacts 
both internally and externally; 

A sound knowledge of capital market 
products, especially derivatives. 


If you have the necessary skills and experience and are willing to meet the challenges of this role please call 
or write to Sean Carr or Richard Lyons, . 


Carr I y on' Search ami Selection Ltd 
Astral House, 125-129 MiJJk-sex Street 

London El 7JF , 

Tel: 07 i -62 > 949 5 Fax: 071 -626 1 -6 > 


\\ il I in ii i" \\ iiie lieM 
/..t ci tilil r 


Carr-Lyons oearc 


smimsE BEZgBSEa 


International Business Development Manager 

Leading Investment House 
City 

Substantial basic + bonus + benefits 


Our client is a leading London based Asset 
Management subsidiary of a major financial 
services group, currently funds under 
management exceed £5 billion. The company has 
an excellent investment performance record and 
it now plans to promote its range of 
predominantly fop quartOe offehore funds and 
products on an International basis. An 
experienced offehore sales specialist is now 
sought to spearhead their expansion into Europe. 


Based from Loudon, reporting to the Operations 
Director, your brief is to develop sales of 
products and services through institutions and 
larger intermediaries transacting business outside 
the UK. In addition the role will encompass 
involvement in the preparation and presentation 
of feasibility studies for the development 
of new (non UK) cadets, product development, 
planning, budgeting and development 


of a ppro pri ate support services. 

It is essential that you have a solid investment 
background setting collective investment 
schemes overseas. You will have a network of 
current and relevant contacts (preferably in 
Europe) and can demonstrate a sound 
understanding of ofi&bore funds and other types 
of investment products. Probably aged in your 
30*s you are highly motivated, work well under 
pressure and possess the land of drive and 
vision required to help develop die company 
into a significant International player in the 
future. 


To apply, please write, quoting reference 1054 
to Fiona Law at FLA. Ltd, 21 1 Piccadilly, 
London W1V 9LD. Tel: 071-738 9732. Please 
include details of your career , remuneration and 
ovetseas investment experience in your 
application. 



SEARCH. SELECTION 
AND CONSULTANCY 
SERVICES 


.• r- 


. *, wassc:**;, ?sjsu*'* 




Emerging Markets 


Baring Brothers &. Co., United is seeking to recruit an individual with two 
to three y®mf proven trading or structuring experience in emerging debt and 
equity markets, particularly in Turkey. Additional experience in Che markets of 
Eastern Europe, the Middle East and Africa would be an advantage. 

Candidates would initially be involved in a product role for structured 
equity activity, moving towards direct trading responsibility. Candidates should 
have demonstrable analytical and quantitative skills and have the ability to 
structure complex financial products and develop financial strategies. The 
individual will be expected to produce research and provide economic analysis 
credit and investment analysis experience, therefore, is essential. Fluency in at 

least two European languages is also required. 

You will be rewarded with an excellent salary and benefits package, 

com^tsurate with both your experience and potential . . , 

To apply, Pl“se write with full career and salary details, to Shefla 

Mi, bank. Assistant Director Personnel, Baring Brothers & Co., Limited, fgHg r 

o Sishopsgate, London EC2N 4AE. 

$ Bisnopsga _ BARJNCS 



Assistant Treasurer 


A superb career challenge with worldwide scope 

Excellent remuneration package West London 


Btzsaw 


SroithK&ie Beechsm is cxib of the workfs leatfing 
healthcare companies, with operations embracing 
human ethical pharmaceuticals^ consumer haalthcsre, 
animal health products and efinkd laboratory services. 


An ACT member or ADB, with a degee or other 
relevant professional qu^ificstion and a good standard 
of systems ffteracy; ytxj shtxW have a proven track 
record in a dynamic; change orientated organisation. 


Consultant/ 

Telecommun. 

GO) Fluency in German and 
English- 3 years in a focused 
marketing consulting firm, 
gpBriaHring in planning, market 

anri TT unn yma nt jgna far 
(fjfvs^winmniwiliniw btm! 

j i jfp i n ation tnAnpr y rlir-ntft. 
Sccks new opportunities. 
Please reply to Bor A2449, 
Financial Tunes, 

Poe Southwark Bridge, 
London SE1 9HL 


fritBjnai development creates this important opportunity 
for an experienced treasuyor banksig executive tffjoh 
our sophisticated Corporate Treasuy department 


OirexcsflsntbenefrtspadagsincludBsanractivesatay. 
bonus, pension and medcai plans, share^natclimg 
scheme, car and relocation assistance where appropriate. 


in this rob, you wffl report directly to the Drector of 
Treasuy and manage SB's cenoal settlement and cash 
management operation based in London. In addition, 
you w9l be responsUeforaS SB's Continents! European 
treasury operations and for global foretgn exchange 
exposure managemerrt araJ cash rep 


If you want to tafce up the chaSenge and join a 
pro^Bssive organisaticxi vvitti a convnitmem to quafity 
and innovation, please write, enclosing a cv with delate 
of current rerrwieration, to Natafe Woodford, Human 
Resources Manager, SmitWOhe Beedm One New 
Hoozofls Court Bremfont NftJritesex TVI/8 SEP, 



SmithKIme Beacham 













30 


FINANCIAL TIMES FRIDAY OCTOBER 21 1994 4 


► Bond Sales - Southern Europe 4 


We represent a mqjor international securities house who are looking to strengthen its London- 
based sales team. Working with a very active group of professionals, you will be responsible for 
selling a wide range of debt products to a sophisticated client base in Italy and Southern 
Europe including state owned entities, corporates and financial institutions. 

You must be fluent in English and Italian and a knowledge of Spanish is highly desirable 
although not a pre-requisite. Ideally a graduate in your late 20’s to early 30’s with between 
3 and 5 years relevant experience. Having benefited from a sophisticated and recognised 
training programme, you will be looking for an opportunity to develop your career and 
management skills. 


Fbr a confidential discussion please contact Nigel Haworth, Tel: 071-2362400, Fax: 071-2360316 
or apply in writing to Sheffield-Haworth Limited, Prince Rupert House, 64 Queen Street. 
London EC4R 1AD. 


SHEFFIELD -HAWORTH 

Consultants in Search and Selection 


LIVE BUSINESS NEWS 


FINANCIAL TIMES TELEVISION is expanding. From January next year it will produce more than six 
hours of financial news, analysis and comment for global markets. We are expanding our editorial team, 
and welcome applications from those with a strong financial news-sense able to produce or present 
breaking stories and other business trends to investors, decision-makers, executives and all those interested 
in money. We also seek technical and support stall. Specifically: 


Output editors 

Directors 

Tape Librarian 

Arabic Speaking Presenter 


Producers 

PAs 

Editorial Secretary 
Junior Technician 


Reporters 
vt Editors 
Graphics artists 


Researchers 
Camera crews 
Systems support 


Send one page with evidence that you have a positive attitude to multi-skilling, that you can work in a team 
and that you can do the job. Applications for editorial posts should also give their views and ideas on 
financial programming in the current competitive environment. 

Post or fax an up to dale CV to Stanislaus Joseph, Financial Times Television, Teddington Studios, Broom 
Road, Teddington TW[ [ 9 NT, England. Fax 44-81-614-2571. 


FT 

FINANCIAL TIMES 
television 

We are an equal opportunity employer and a division of Thames Television Ltd 


Investment Opportunities 
at Standard Life 

Edinburgh ij 


Leading the way in the highly competitive financial services market, and 
with assets in excess of £37 billion, Standaid Life's investment products are still 
growing at an enviable rate. Successful investment management plays a tna|oc part 
in driving us forward, which is why we're now expanding our team In order to 
exploit new Investment opportunities. For decisive, self-motivated investment 
professionals who find the prospect of Influencing a major company an exdtlng 
one. we offer outstanding career opportunities. 

As part of either our Pacific or UK Equities teams, you will be responsible for 
gathering and analysing Information on specific countries, sectois and companies 
which will enable you to make key decisions on sector and stock investments. You 
will also use your communication and analytical skills to the full as you meet 
regularly with companies and stock brokers and cany out Independent research. 


PACIFIC EQUITIES (Excluding Japan) 

You should have 4-5 years' experience of stock analysis or portfolio 
management In the Pacific markets. Highly innovative, you should be able to 
demonstrate a crack record of producing excellent Investment performance. 

Please quote ref: 1138/FT 


UK EQUITIES 

For a highly numerate Individual with at least 18 months' UK Equity 
experience, this key role In sector and stock analysis offers the scope to progress to 
portfolio management responsibilities. Educated to degree level, you should 
Ideally be studying towards or have gained an IlMR qualification. 

Please quote ref: 1 139/FT 

We'll reward your commitment with a competitive salary and a generous 
range of benefits including house purchase loan scheme, non-contributory 
pension and private medical cover. 

Please write with full cv, including your career achievement and details of 
your current, salary, quoting the appropriate reference number, to Kenneth 
N'otmnn, Recruitment Officer, Standard Life Assurance Company. 40-42 George 
Street, Edinburgh EH2 2LE- 

Closing date for receipt of applications is 28 October 1994. 


f 

V 


X 

J 


iwYteTD* in tout a 


STANDARD LIFE 

m 


TREASURY DIRECTOR 

Financial Institution 


The Company 

A few* xnncffls Irish biscxl hnmeui irunrunco with aeoyraphtollv dispersed epeumxtt. 

The position 

A Treasury Director n sought ra head up all aspects of treasury, funding and risk management activates. The 
post non, which reports ro the Chief Executive Office, includes the following resporuibiiirics:- 

• To ensure adequate group wide funding through debt and cqutrv instruments, comnwrcxil Jcposa. 
smictured and rax based financings. 

• To rruruce rhe liquidity of the group. 

■ Tu me.isurc and manage die group’s interest rate and currency risk exposure. 

• To develop and moniror the group's hedging strategics and ro ensure that treasury lines are available ro 
implement these strategics. 

• T< manage- and develop the group's numerous banking relationships by undertaking regular hank reviews. 

• To develop structured financing techniques. 

• To undertake a wide range of project work including assessing the treasury implications of developments such 
as acquisitions and disposals. 

• To participate as a member of the senior management team responsible lor directing ail aspects of the Grevp. 


Qualifications 

The appointee mil have at least ttvo years' experience managing a wide ranging treasury function- The 
individual will have substantial experience in the debt and equity capital markets as well is in managing a large 
number of inter luriorral banking relationships. Clear! v illustrated management experience will be required. 
There will be active personal involvement in every aspect of the treasury functwn. The appointee will be 
capable of ruorivaxing a team and punci panne within (he infrastructure of this organismon. This individual 
will lend by example. 


Compensation 

Our client proposes a very competitive and comprehensive package which will mdv reflect dw seniority of this 
position. 


TO 


Send a derailed resume ro David Miller, quoting reference COBJ4 at 


Miller Leake 


ADVERTISING 


3rd Floor II Gamdc Street. Covent Carden. 

London WC2E PAR 


The Top Opportunities Section 
appears every Wednesday. For 
advertising information call: 
PWEp Wrigley +44 71 873 3351 




. .. . 6 * 




Executive 


Excellent Package 




Sao Paulo/London 


A leading Investment bank In Brazil with a preeminent position In Research/Sales of Brazilian equities is looking to recruit 
two salespeople to expand Its coverage of investors in Europe. After a preliminary period of up to two years In Sao nau o, 
the intention Is to relocate the salesforce to London. The positions represent exciting opportunities for bright, energet c 
individuals who are keen to explore new challenges in this rapidly growing Latin American market. 


THE POSITION 


THE REQUIREMENTS 


Market Brazilian equities to existing Institutional clients in 
the UK and Continental Europe. 


3-5 years experience in research, sale* or corporate 
finance in the UK or Continental European equity markets. 


Build and maintain new client relationships In these target 
markets. This will involve extensive travel. 


Excellent financial analysis skills and the ability to 
communicate written research material effectively. 


Arrange company visits in Brazil, as part of a 
comprehensive service provided for investors. 


Client driven approach, team spirit and the character to 
thrive in a multi-cultural environment. 


Interested parties should apply with a C.V. and current salary 
details to Hugo Eddis. 


P 


K/F Associates. 252 Regent Street. London WIR 5DA. 
quoting reference 90797/A 


STATE OF WISCONSIN, USA, 
DEPARTMENT OF DEVELOPMENT 
EUROPEAN & MIDDLE EASTERN 
TRADE OFFICE 


The State of Wisconsin, USA Department of Development is 
seeking a qualified individual to contract with for the operation of 
their European & Middle Eastern Trade Office in Frankfurt, 
Geimany. The individual contracted with will be responsible for 
assisting Wisconsin companies in selling their products and 
services in Europe and the Middle East; assisting with the 
identification of potential dealers, distributors, agents and retailers 
for Wisconsin businesses and products; conducting market 
research of Wisconsin companies and products; promoting the 
State of Wisconsin in Europe and the Middle East; and 
participating in and coordinating trade missions and shows in 
Europe and the Middle East. The individual will also be 
responsible for office management and required staff selection and 
supervision. To be considered, the individual must be fluent in 
English and German both written aad oral, and have directly 
related work experience and knowledge. Individuals Interested in 
providing these services on a full-time exdnsive contract basis 
should submit a resume, salary history, and a one-page description 
of experience and qualifications by November 11, 1994, 4.00 pm 
CSTio: 

Helen McCain, Administrator 
Division of Administrative Services 
Wisconsin Department of Development 
Post Office Box 7970 
Madison, Wisconsin 53707 
Telephone: 608/206-1529 Facsimile: 608/266-0182 


INTERNATIONAL MANAGEMENT 
CONSULTANCY 

1 SALES CO-ORDINATOR: EASTERN EUROPE 
’ VICE PRESIDENT SALES: CZECH REPUBLIC OR HUNGARY 


Our diem b a world leader In tbe provision of Productivity Im p rovement Oatalttacy. 
They are currently working with sums of the beat known organisations throughout 
Europe, (lie Far East, Australia and die Americas aad are enjoying tremendous 
demands Cor their services. 


A major Greior in (he company's success is the quality of their suit Orel (he strength of 
their Sales & Mark* ling. In order to further this SQCCtSS. they ore cwremiy looking to 
make a Dumber of senior level appointments to their expanding operations in Eastern 
Europe. 

Applicants considered will be t! least 35 years old, mature professionals with a 
background in Sales or Senior Management. They will have the ability to negotiate 
and nupresi at board room level and will demonstrate the highest levels of creativity 
and self-discipline. 

The SALES CO-ORDINATOR will be able to min. motivate and develop a top level 
sales team in ■ rapidly developing and highly competitive environment. 

The VICE PRESIDENT SALES will be capable of iouncdbrely taking responsibility 
for a major territory In Eastern Europe, using complete fluency In the local language 
required. 

Previous experience in Consultancy will be of interest but is not essential. Potential 
earnings are extremely high indeed. Ill 

If you cats be available immediately or in the near future and believe you ore the right 
candidate for one of the positions above, PLEASE CONTACT LITCHFIELD 
ASSOCIATES IN THE NETHERLANDS ON WEDNESDAY {19171) OR 
THURSDAY (Z0THI OCTOBER BETWEEN 9AM AND 4PM ON TEL J 1-2503- 
52060 or forward your curriculum viUc, in English to; 

AECO/FT/2294 European Recruitment Manager by, Litchfield Associates NV, 
Krobwcg S2SA, 2 132 NC floofddorp, Netherlands, Fxc (31) 2503 26737 
All applications will be dealt with in tbe strictest confidence. Quote the following 
reference on envelope and CV: COiTT/2294 for the Sales Co-Ordinator position and 
AE/FT/2294 for the Vice- President Sales position. 


EUROPEAN EQUITY ANALYST/ 
ASSISTANT PORTFOLIO MANAGER 


City 


Salary: £Neg + Benefits 


The Skandia Group ia Scandinavia's largest insurance group, 
and has had an investment management house in London 
since January 1991. For the first 3 years we have concentrated 
on UK financial markets, but since January 1994 have 
expanded to cover some areas of Western Europe. Candidates 
should have 2-3 years relevant experience in financial markets 
and be in their mid-SOs. They should possess a degree in 
economics or a numerate discipline. It would be an advantage 
if they had a working understanding of French. 


She/He will be a member of a team to form strategy for 
investing in the UK, Switzerland, France, Italy and Belgium, 
duties will include research and recommending stocks, 
portfolio analysis, and liaising with brokerage houses. 


Please reply enclosing full details to: 

Mr Peter von Sivers 
Managing Director 

Skandia Investment Management Ltd 
Skandia House 
23 College Hill, 

London EC4R 2SE 


Skandia 



APPOINTMENTS WANTED 


FUND MANAGER OR DEALER 
i ulian graduate. Maser ia Economics, 
speaks English and French. 3 yem' 
investment management experience. 
Deep tudersundiag at global equity 
miftn ii trained in international mining 
shares, will consider opportunities abroad. 

Write to; Box A217S. Financial Times, 
One Southwark Bridge. Landau SE1 9HL 


< JUUneic bmine 

-rttti .fiaingdfatnl Laodm 


□By. 


Eilomed Wieea", QJIege. firm EagUtlb 

Japanese, good Fre/vh 2nd Cdiuso. In bMK 

martedag experience, aad cnmimi record <* 

acUswnca decc nutting » pa. K *» hw 

Mirqua* of turner, Tokyo CHy met Game* - 

IW IrnnedloRaindnUIby.i^wtefedc 

nJiaks Chrhunai visa. hpn. Coe iMiU 

harness, uptaiii catanl dfflemres. mi M 


eyes aad eu* of faaneul paiwsNc* 

fbomwm >71 415 826 


aafetCEO. 


K/F ASSOCIATES 

Selection & Search 


Are your 

compliance standards ready 
for the Halifax? 


Aiming For leadership in the UK personal finance market, the Halifax Group 
is growing. To our existing brands, we will soon be adding our own life 
assurance aiul unit trust services. 


To ensure chat our customer service retains a competitive advantage, our 
compliance team, based at our Head Office in Halifax, is presently seeking 
new people of the highest calibre. 


Assistant Compliance Manager - Fund Management 

Your role will be to provide compliance expertise within our Fund 
management, unit pricing and related activities. As a graduate, you will have 
an appropriate professional qualification. You will also have at least three 
years compliance or similar experience within a Fund management or unit 
mist management operation. 


Compliance Auditor - Unit Trust /PEP Management 

Your principal role will be to ensure the highest standards of compliance arc 
met by external suppliers of administration and related services. You should 
have a minimum of 3 years’ experience gained in the audit or compliance 
monitoring of Unit Trust and PEP Management companies or through the 
management of third party administration relationships. You should also have 
a relevant degree or accountancy qualification. 


In return, you will gain a unique opportunity to consolidate and extend vour 
skills and experience. In addition to a competitive salary, we also oFfer 
performance-related pay, a contributor}' pension scheme, private medical 
insurance and a concessionary-rate mortgage. Where appropriate, relocation 
assistance is provided. 


Please write with your CV, quoting current salary details and indicating 
which position interests you to: the Manage r 
(ref. HOP/CR). Halifax Building Society, 

Trinity Road, Halifax, West Yorkshire HXl 2RG. 




w 




Halifax is fully committed to equal 
opportunities for alL 


HALIFAX 


Executive Recruitment-Financial Services 


Gemini b a young growing company here In the UK anJ putt of a well- established group in 
rhe Pacific region. Our plans far farther development into Financial Services Itr.kl us ro seek 
several new members far our ream. 


Competitive 
Salary 
plus Bonus 


You will eirher have current experience of recruiting in the sector or be considering ,i career 
move from Financial Services liuu Recruitment. We are particularly interested in people 
with Banking, Fund Management or Derivative* experience. 

You will have a blend of professional skills and commercial acumen, the drive ,md ten.iciry 
to succeed in a highly competitive market, together with the ability to lit into a ream 
onenreJ culture. Vfc can oiler a challenging role with a real opportunity to make a 
contribution at a critical stage of our development. 

The package will comprise an attractive salary and performance related bonus- Please write 
in confidence to Lynne J A Stevens including current Reward derails and a daytime 
cetepb.nve number at the address hvhw. 

Gemini Executive Limited 

St George’s House. 24-28 Bloomsbury Way 

London WCIA 2PX 

Tel: 071 405 5338 Fax: 071 405 6155 

HONG KONG LONDON KUALA LUMPUR 


Central 

London 



FT/LES ECHOES 


Marc am 


The European Headquarters of one of the leaduig US software urn ponies is expanding tts already successful finance derunnent 
w* positions. These opportunities are hosed trr either the European HQ in Paris or UK operation in Warwick. ' 


Business Controller 


• THE POSrriON: Reporting to d* European ffcwfaW One * ». this operational job w n>u Hllh „ ^ 
nte ui wktrh you wdt be expected to take an nun approach w c*™*, the Pusmess * rats Fm 4r well n.ll “ 
cashflow W impimirreius «■ Trdwrire, mvammey you »,n Jv, «uur in conn* r nexoria n**. Zl he ZlZSZZ 
mauigeoKrt reporting processes fisr the regm. mpmim ^v an 


■ THE CANDIDATE: Benefiting front tu least ut years in indusn\. we ansess excellent „ , 

operational approach to rhe financial control function. * 1,s 0,1 

i r »/ /'5 /j 


Financial Analyst 


I THE POSITION: Reporting u the Business Controller. n«n wff he . , . 

coordinating budgets, qmmrty plans atul managemen, repntmg acrou ltl „ ZTL ‘ ,Mr 

European finance lean, in operating turns 7 r ' " » *"'■ -d u, rr .„ u.,l,r 


U THE CANDIDATE: After some 3-3 years' practice uukm auoumms. ion aie U.bn* , , . 

unemotional eminmment. v " r to Jn elop i 


i 'Mir d,ill, in an 
II rf (7 ftn 


English and preferably another European language. 


tinting qUJ!tf;,ai:,„i. ,ptaUi;( 


Please contact Elisa DIMITRI on UJ 1) 42MJ09.1 7 or send a full , 

NORMAN PARSONS. Elisa DIMITRI. 0 me Paul Baudry. 750QS Pa^yZTe ' rU, ‘ jrrr 'Herence. la 


GPOup E ROBERT HALF 


l/a — ■■ ■ IN — - IAl RECBUIT MEKT W1TH OVER r60 OFFIC E S IN Tr" 




V 


mi 



; m. m \ 




S ! f 











Lancia*, times 


freday October 21 1994 


31 


CORPORATE FINANCE 

“A partnership for success” 

Charterhouse and its partners, CCF and BHP-fiAffit have oreated the framework for a unique pan- 
™*?* nent banlqig ba^esk ArfaBsn* we "tfre re^dy to expand and strengthen 

to help develep the partnership and plan our 
the substantaByiiuaeasedn^ 

Our corporate finance department advises an increasing range of companies 1 both in tte UK and 

° V ^ e ^ S J n ?i 0th M&A ®" d general advisory capacities^^hSl®H’i 9 to build specialised teams of 
m -skilfed corporate finanders able to operate in ^^^^|^tt«StUnvironnienL 

We an&jqkiiig for outstanding individuals with oijAofpjg jp^^^l^kgnHinds: , jO 



v. .tv-t?# 


expertise to a wider corporate 

• ‘^BeeenUy qualified aran 1 i > " ■ 


■ sector and market 


[experience. 


^»uhH^(»nib^dWj%.^realivity and flair. A knowledge 


A hi^i.rf^ree of numeracy and PQ 
of Yeflow^Bhie Books is 

M '7 : t? 

Most important, howev^- ^ i^^k record of succ^S 1 and die proven potential to progress in a 

highly competitive enviro^av&tCThe remuneratuai ‘package is attractive and potential rewards if 
successful, are substantial. 


A s * 

If you want tp be' part of our partnership then write enclosing a CV agd cofipnt salary to 
Howard Hyman, Deputy Chairman, Charterhouse HanH^mited, 
1'ftamioater BOT^ St Paul’s, Londcm ^C^MjfDH. 

Initial interviews’ will b4 cor&cte^thr&egh oucfetained consultant 
Janina Barpetuf EEadenoch and Clark. 



CHARTERHOUSE 


Chartotooun Bank Limited, 1 Pitemocter Bow & Faff*, Louden BC4J4 7DH. 
Chanertaxise Buk liedled b a Member ofTbe Securities end Future* Authority. 






Institutional 
Equity Advisors 

Based In London 

Bankers Trust Australia is the Nation's leading investment bank. 
The Bank is renowned for Its outstanding results and growth. 

Our Equities division Is seeking exceptional advisors for their 
London Equities Desk. As an advisor you will be dealing with 
Europe's leading Institutions, mediating with analysts and 
working in a highly motivated team environment 

The successful candidates will have suitable tertiary 
qualifications with appropriate equity and/or fund management 
experience, and be computer literate. Existing relationships with 
European institutions would be viewed highly. Excellent 
communication and mediation skills are essential, along with 
strong team orientation. 

To express your interest please fax or phone: 

Jeanncna Behrens. Executive Recruitment Manager. 

Bankers Trust Australia Limited* 

Fax No. (02) 259 9860 
Phone No. (02) 259 3144. 


Bankers Trust Australia Limited 


ANALYST/FUND MANAGER 

“A rare and e x citin g o ppor t u nity for art ex p er ie nced amdjjmt to use 
his/her skills to foots on the growth markets of Asia" 

Our City based client Is an investment house managing international 
mandates for North American Institutional clients. The company has 
enjoyed considerable growth in recent years and (n line with continued 
expansion an analyst/fund manager is now required to strengthen the 
Far Eastern team. 

The role will Involve the detailed analysis of companies In Asian 
markets which forms the basis for the key stock selection decisions for 
portfolios. In addition to regular travel to the region there will be client 
contact and potential involvement in new business presentations. 

Candidates should be graduates. Ideally with a further professional 
qualification and several years experience erf analysing equity 
Investment opportunities not necessarily within the Far Eastern 
markets. Language skills would be an advantage. Excellent 
communication skills are essen t ial. 

An excellent remuneration package including sig n i fican t profit share 
potential is available for the successful candidate. For an Initial 
discussion in confidence please contact us quoting reference 4966 at 
20 Cousin Lane, London EC4R 3TE. Telephone 071-236 7307 or 
Fax 071-489 1130. 

STEPHENS 

SELECTION 


I A STEPHENS GROUP CONSULTANCY] 

llataWtaStortak ■f W'Mfl 


PETERHOUSE 



CAMBRIDGE 


The College invites applications from 
both men and women for the post of 

BURSAR 

to take up duties 
earty Inigos 

The Bursar wfll be elected a FeUow of the College 
Salary negotiable 
Applications by 11 November 1994 

Further particulars may be obtained by writing to: 

The Master. Peterhouse, Cambridge CB2 1RD 
or by FAX 0223 337578 



mmm // m i// / m wyjzym? yy 

& 


CREDIT OFFICERS 


Play a key role in originating and managing pan European corporate 
credits for one of the world’s most prestigious banking groups. 


The bank, a truly global player, has recently 
restructured its Credit Products Group which 
works with the largest corporate accounts in 
the UK and Continental Europe. Coordinating 
with Relationship Managers, you will be 
responsible for originating new credit propo- 
sals, in addition to managing all credit aspects 
of existing accounts. 

To be a candidate, you must have a degree, 
formal credit training and at least seven years' 
relevant experience with a leading bank. You 

Contact Tony Tucker 


will have a successful record of working 
closely with major corporates and of devising 
creative solutions to financing opportunities. 
Knowledge of a second European language 
would be an advantage. 

These positions, which are City based, offer 
or future career progression within a 
of the highest international repute. The 
salary and benefits package, including bonus 
scheme, will be attractive to candidates of the 
required calibre. 

in strict confidence 


071-626 9400 


Cleary Court, 21-23 St- Swxthizi’s Lane 
London EC4N SAD 


Telephone 
071-626 1161 


SHEPHERD LITTLE 


INVESTMENT MANAGER 

Smaller Companies Emerging Markets 

London Basic ot L>0-o0L plus bonus 


For i young asset management group With rapidly growing Wc raised 
globally for niche products. You will be a key membf T of the Investment 
Director’s team which is responsible for the development, management 
and performance of ft*™** 

Your experience is likely to have been gained in a major investment bouse 
or in a merchant bank. Previous exposure to emerg in g markets or smaller 
companies is desirable. The role will suit a professional with 
ent rep reneurial spirit, aged late 20 s to mid 30 ’s with good anArmr 
rp«Hfii-arinn« Rewards will be pe rf or m ance related and may include share 
options. 

Applications, in the form of your Cv anadaed to a covering letter 
indicating bow you meet the requirements, should be to Barry 

Drinkwucr at The Ree miunen t Partnership, Atlantic House, 351 Oxford 
Street, London WLR UFA (fox 071 -499 4285). 


■ V 

i i 


THE RECRUITMENT 
PARTNERSHIP 


SENIOR ASSISTANT (INVESTMENTS) 

Salary Scale £17,988 - £22,362 per annum 

This is ona of four professional posts duafoig wijh fa invurfmart of fa 
Councils £700m Pension Fuad - which b managed in-housu. Thu 
posfaldar would be msponsibb for company rasnordt and investment 
dealing on a nbstanflai part of (ho UK ond Orarsnas equity portfolio, 
and would aba be e xpected to make a c on trib u tion to overall fund 
strategy. Candidates should have a minimum of two yean 1 previous 
experience of mvesknent management or analysis. 

Commencing salary wS depend on e x perience. The post carries a 
casual user car allowance. Generous reloca t ion olowonce where 
applicable. This post offers cm invaluable opportunity to gain a 
rounded experience wMiin a successful fund management team. 
Appfi ca fion ferns and further deta ils can be obta in e d 
hani th e IWe on n e i Officer, CoMntyTieanure»*»P spie liee » 4 . 
PO Box % County Offices, Matlo ck, Derbyshire, DE4 3AH 
or t e l ephone Mattock (0629)510000 ext 7711. 

Closing date - 4 November 1994 


JOB SHARE - Appficafioas wil be considered from base who wish to 
share a jobwfthanofar person. The Council's poky is fatal people 
rece i ve equal keatment reg a rd l ess of fair sex, marital status, sexual 
orientafion, race, creed, colour, efaic or national origin, or disability. 


CouttyCound 
\lfcte proud af D erby s hi re. 


Traders 

Madrid Rased 

Debt, FX, Commodities, Derivatives 

£60K - SIOOK BASE 4 GENEROUS 


OS. 


PERFORMANCE BONUS 

. behalf of a major mveranenc bank we are writing 
f traders foe posi tions dealing is a n u mb er of markets. 
Our client operates cmnly as a proprietary reader, it 
trades in sizeable volume and has made exceptional profits 
in recent years. The mptmion of hs mtermeonally 
sraffcd de a lin g now requires the addition of nadera 
in Madrid with g uctearfu l track recor d , of at least t h ree 
yens’ proven experience. 


in f]0e 

MdOD Wall 
EC2M5NT. 


a wCtiBiwr wUl it fo rwa rd ed tBrudy tm omr efiotf 
> wtM temdmet the h mr v Um *. 


AB 



ADVERTISING 


INVESTORS 

( 1 IRONK it; 


INVESTMENT STRATEGIST 

We are looking for an investment strategist to 
cover the workf s big financial markets in equities, 
bonds and currencies. Working as part of a two- 
person team, the challenge is to develop coherent 
investment strategies and explain them dearly and 
entertainingly to readers who are not always 
experts themselves. Knowledge of the markets Is 
an essential, as is an enthusiastic and flexible 
approach. 

Please send CV and hand-written letter to Ceri 
Jones, Editor, investors Chronicle, Greystoke 
Place, Fetter Lane, London EC4A 1ND. 

The FT Group is committed to being an Equal Opportunity Employer 


The Royal Bank of Scotland 

Where People Matter 

Committed to Equal Opportunities w 

ACQUISITION FINANCE 

Key roles for ambitious managers in the 
UK MB0/MBI mark et 

Birmingham, Leeds, Liverpool, Nottingham 

participant in thn 



opportunity to In key 


IB Aha W raat, I 


alii bo am offac, ms 
In a haport— t al e ha — l o t . 

Homo write wfll ftdi CV to: 

i FMagraan WhtfMr Hack Ltd, 

>0airS3B-7M7 


f i \ !..\> M>\ 

II \ < : \ I K A I \l k 


EXECUTIVE RECRUITMENT 


EMERGING MARKETS. ORIGINATIONS 

We seek bankers experienced in marketing highly structured Investment banking 
products to:- Eastem/Southern Europe (including Greece) Scandinavia and 
South Africa. Neg E40-E70.000 + Bens 

(I) PROPERTY FINANCE MARKETING (E3 - £6 MILLION RANGE) 

(II) AIRCRAFT FINANCE MARKETING (Fluent French/German) 

We seek graduate bankers aged 30/35 years for new business development roles in the 
above mentioned sectors. Candidates must possess strong marketing ability and 
technical skfils. Salaries (I) to £35,000 (10 c£50,000 + Bens 

UK/EUROPEAN CORPORATE MARKETING MANAGER 

A marketing orientated graduate banker aged 35/40 years with fluency in French/German 
and currently performing a new business development role, covering both UK and 
European top corporates to £60,000 + Bens 

TAX BASED STRUCTURED FINANCE. MANAGER/ASSISTANT DIRECTOR LEVELS 

An investment bank seeks international tax experts (AGA’s/So Heitors) with 5 years plus 
experience of sourcing/advising UK and international clients on tax based products eg:- 
ZERO’S, DERIVATIVES, QUIS’S, ACT, Pref Shares etc. AAE £4D-£7D,000 

RESEARCH ANALYST (QUANT. MODELLING) 

Leading fond manager seeks graduate (MSC minimum) with three years plus experience 
of modelling analysis, structuring exotic indexed products to efients/markst design. This 
autominous London role will be supported by the US team. Neg £40-£60,000 

MARKETING ASSISTANT INDEX FUNDS MANAGEMENT 

A market leader seeks a graduate with experience of marketing probably gained from a 
stats, asset management role. Envisaged is product training with questionnaires and call 
program etc, before being sent out to clients. European Languages useful. £Neg 

Contact EDWIN LAWRIE or BRIAN GOOCH or send detailed CVs in confidence 



OLD BROAD STREET BUREAU 
Search & Selection Consultants 


S3 London Wall. London EC2M 5TU 
Tol: 071-586 3991 Fax. 071-523 9012 


An opportunity to take up a career with a small professional team 

Investment Management 


Bristol 


Expected salary range £20-25,000 


Imperial Investments Limited is the pension fund investment management subsidiary of 
Hanson PLC Located in modem offices in central Bristol, an established team manages 
assets in excess of £2 billion and an opportunity exists to Join as an assistant manager 
primarily involved with UK equities. The portfolio includes an unusually wide range of 
holdings In small and medium-sized companies and you would be expected to participate 
fully in this and other areas of investment management 

You will be a graduate and probably in the age range 23-28. You will have worked for at 
least 2 years since graduation in a commercial, industrial or professional environment. 
Experience of the financial markets is not essential, although Such experience would be an 
advantage as would a professional qualification. The main qualities we are seeking are a 
questioning mind and the ability to work in a team. 

There are good prospects for a candidate with initiative. Salary will be dependent on age 
and experience within the range above. 

Please apply to: 

W. G. Mathen Joint Managing Director; 

Imperial Investments Limited, 

Bid! Wharf, Reddiff Street; Bristol BSl 6QR. 

AB applications wiB be trailed in strict confidence. 








32 


financial 


TIMES FRIDAY OCTOBER 21 1494 


★ 


ACCOUNTANCY 

Insolvency faces challenge of privatisation 

Jim Kelly looks in detail at the Stoy Hayward report into contracting out the work of Official Receivers 


T he Stoy Hayward report 
on the future of the 
Insolvency Service has 
created considerable excite- 
ment among UK accountants, 
not least because the word 
insolvency concentrates the 
mind of the profession wonder- 
fully. 

Stay's were asked last year 
by the Department of Trade 
and Industry to study options 
for privatisation of the service, 
which is a DTI agency dealing 
with financial failure and tack- 
ling fraud in insolvency. 

The conclusion of the report, 
to contract out part of the ser- 
vice to the private sector, if 
backed by ministers and sanc- 
tioned by parliament, will 
determine the future of insol- 
vency practice and contribute 
to the debate on contracting- 
out in government services. 

The lather generated over 
the 'publication' of the report 
has been exacerbated by diffi- 
culties in obtaining the docu- 
ment and the understandable 
anxieties of those whose liveli- 
hoods may be at stake. 

The report has been lodged 
in the House of Commons 
library and is now being con- 
sidered by the Department of 
Trade and Industry. Mean- 
while. the Deregulation and 
Contracting Out Bill, which 
would enable the contracting- 
out option identified in the 
report to go ahead, is being 
debated by the Lords. 


While the government may 
well see this as an example of 
due process, others harbour 
suspicions that the die has 
already been cast. Indeed, 
Michael Heseltine. trade and 
industry secretary, has 
instructed officials to prepare 
the ground for the preferred 
option. That option is simple. 
The report recommends that 
the private sector, in the guise 
of Licenced Insolvency Practi- 
tioners OPS), should take on 
cases normally dealt with by 
Official Receivers after a court 
order has been made - in other 
words at the start of the pro- 
cess. 

The arguments for contract- 
ing out are strong. They centre 
on the need to improve effi- 
ciency by cutting costs, and 
the desirability of shifting 
so-called clerical duties away 
from the Official Receiver. This 
would leave the service free to 
pursue malpractice and fraud, 
and protect the public. 

Stay's estimates that opening 
up the business for competi- 
tion would, under the preferred 
option, mean putting out ten- 
ders for work which currently 
costs the Insolvency Service 
£31m a year. 

IPs already deal with the 
more lucrative voluntary liqui- 
dations which make up about 
60 per cent of all failures. 
There are about 2,000 licenced 
IPs and most are accountants. 
The Licenced Practitioners 


Association estimates that 600 
of these form an active core 
group. There are between 100 
and 200 firms scattered across 
the country with an IP partner, 
while an average Big Six 
accountancy firm might have 
45 IPs. 

Stay’s admits that the pre- 
ferred option is a "challenging 
option". It does in fact contain 
inherent potential problems. 
For example, its most vital ele- 
■ ment. the favel of fees charged, 
will have to be tested in a pilot 
tendering scheme. 

The report concludes: “Defin- 
itive testing can only be 
achieved by proceeding to a 
formal tendering exercise 
which involves the preparation 
of detailed specifications and 
the issue of invitations to ten- 
der.” 

It recognises that taking the 
preferred option would mean 
IPs becoming Involved in the 
preparatory work of cases 
which might end in prosecu- 
tion. How effective would 
investigations be if started in 
the public sector but finished 
in the private sector? 

Stay’s conclusions are blunt: 
“If this interface does not work 
well, the Investigations of the 
OR would be impaired." 

The report also notes IPs 
would have a “substantial 
role" in setting standards and 
monitoring them even within 
their ‘clerical' duties. As one IP 
points out in the eyes of many 


who have spent their careers 
working in insolvency, this 
would be like privatising part 
of the judiciary. 

At the heart of the report is 
the issue of fees. Unfortunately 
two volumes of information 
collated by Stay's have not 
been published with the main 
report. 

This is, understandably, due 
to the sensitive competitive 
nature of the information. But 
there are plenty of clues. 

Stoy’s approached 78 poten- 
tial clients and obtained quotes 
from IPs which were close to 
the costs currently incurred by 
the service. “In discussions 
some IPs expressed the belief 
that they could get below the 
Official Receiver's current 
costs- This gives confidence 
that, under formal tendering 
conditions in an open market, 
fees per case could be driven 
down to levels which would 
deliver value for money," says 
the report 

Under the preferred option 
Stay's estimates that In a com- 
pany failure In London the 
insolvency service's remaining 
work on the case would cost 
£1.449 - leaving the cast of the 
work left to contractors at 
£2.746- In the provinces the 
costs would be £1,357 and 
£2269 a case. 

Many smaller IPs are wor- 
ried that if they could not 
undercut bigger rivals, espe- 
cially from the Big Six firms, 


during the first tendering 
round, they might not have the 
staff or resources to enter the 
battle when contracts are 
again put out for tender. 
Because the fees would be on a 
per case basis, volume is cm- 
ciaL 

There are also worries that a 
per case culture would reduce 
the ability of the service to 
spot fraud and malpractice. At 
present the Official Receiver 
faced with a heavy case Load 
can choose to divert resources 
to cases which appear to merit 
attention. 

W hile this is said to be 
an example of a flexi- 
ble system based on 
judgment, some argue that a 
standard fee per case system in 
which all cases would be given 
equal time would be more equi- 
table: especially to the credi- 
tors who might get some 
return ftam the liquidation. 

The problem here is that the 
Official Receiver can shuffle 
the case load and keep overall 
costs down. A system based on 
standard per case fees would 
become extremely costly if the 
case load went up. When ten- 
dering begins the government 
would have to set out its crite- 
ria and the resolution of the 
quantity/quality argument 
would be crucial. 

One other issue requires 
clarification. Many IPs want to 
know whether, if involved in 


original casework, they would 
be barred from acting as liqui- 
dators in those cases where 
companies were found to have 
significant assets. The Stoy 
Hayward report says: “There 
may be charges of an unfair 
advantage for contractors in 
cases which are found to have 
significant assets.” 

There is as yet no news from 
the DTI about what direction it 
intends to take. Its initial 
response suggests a strong 
commitment to cany reforms 
forward into a pilot tendering 
process at the very least 

Those who are likely to 
lobby against the preferred 
option do have a vested inter- 
est. The Insolvency Service 
and its 1200 employees are sus- 
picious of the proposals and 
union representatives predict 
job losses and closures. Inde- 
pendent and small firm IPs so 
far see the option as providing 
an opportunity for the Big Six 
to move in on the new busi- 
ness, and gain a position which 
might threaten their existing 
business. 

The government will have to 
judge the benefits of contract- 
ing-out and in particular the 
increased effectiveness of 
investigations undertaken by 
the Official Receivers. 

it has promised to canvass 
all Official Receivers. Although 
normally reticent, they have 
an opportunity to speak and 
their response will be crucial. 


G n 


Central S Cecil Housing Trust 


FINANCE DIRECTOR 

036,500 Ke», Surrey 

Central and Cecil Housing Trust is a progressive developing 
housing association with a reputation for P r ‘ ,v,d ^' , j ua *' t > 
accommodation (1300 units-bedspnees) for the ilderlj and 
homeless women and employs 170 .staff. We f 
suitably qualified Finance Director to join the Senior 
Management Team and contribute io the strategic and 
operational development of the Trust. 

Our revenue budget of £6m and capital budget of £5 .6m 
demands close control and expert management and the 
successful cnadidate must be able to demonstrate drive and 
enthusiasm plus the ability to thrive under pressure. Candidates 
will also understand the issues associated with an organisation 
that bridges the public and private sectors, he familiar with 
raising public and private sector finance and be skilled in 
building a positive profile among lenders. 

Key priorities include the financial/accounling and control 
fuen lions and reviewing and developing MIS, accounting and 
other systems to support operations. A thorough grounding in 
reviewing, implementing and running complex IT systems is a 
vital skills requirement. Responsibilities also include audit, 
pension scheme and investment portfolios. 

Benefits include 5 weeks annual leave, private health insurance, 
life assurance and eligibility for non-contributory pension 
scheme. The post is based at our Head Office in Kew and 
relocation expenses w-ill be paid where applicable. Smoking is 
not permitted at Head Office. 

It is anticipated that first interviews will be held on Monday 
21st November and second interviews on Wednesday 14th 
December. 

Hosing date for applications: Friday 4th November 1994. 

For an information pack and application form, please telephone 
(081 ) 940 9828 (answerphone outside office hours! or write to: 
Personnel Department Central and Cecil Housing Trust 
2 Priory Road, Kew, Richmond. Surrey TW9 3DG 
No CVs without application forms please. 

We are actively implementing equal opportunities in 
employment and service delivery and seek people who share 
our commitment. 


Finance Director 


Service Sector 


c.£50,000 + Car 


Eastern Counties 


Outstanding opportunity for an experienced professional to play a key 
strategic role as an agent of change operating at the highest level. 


THE ORGANISATION 

4b- Forward thinking institution. Multisite, nationwide. 

♦ Committed to maintaining and raising industry 
standards of quality and productivity. 

♦ Clear aims and objectives. Dedicated management 
philosophy. 

THE POSITION 

♦ Lead finance function. Report to Chief Executive. 

♦ Member of corporate strategy team. Propose and 
implement initiatives throughout the organisation. 


♦ Manage and develop well resourced department 
committed to excellence in business planning. 

QUALIFICATIONS 

♦ Chartered accountant with at least 5 years’ senior 
general management experience, ideally gained 
recently in commerce/industry. 

♦ Mix of commercial, management accounting and IT 
skills is desirable. Experience of forecasting and 
business planning is essential.- 

♦ Strong people management and project skills. Able 
delegator and strategic thinker. 


Please send full cv, stating salary, ref PN4I09, to NBS, 54 Jemnyn Street, London SWIY 6 LX 


Si 




da. 

Vi 


N B SELECTION LTD 
i BNB Resources pic compjny 



s 




LONDON 071 4flJ 6392 
Aberdeen 0124 63 SOS Q • Birmingham C21 233 465 (j 
B ristol 0272 291 M2 • Edinburgh 031 220 2400 
Glasgow 041 204 4334 • Leeds 0532 453830 
Manchester 0625 53W53 • Slough 0753 SI9227 





FINANCIAL PLANNING MANAGERS 


TONER 

GRAHAM 


South West 


c £35,000 + Car + Benefits 


ACCOUNTANCY 

MeiWTMBIT 

socialists 


Our client is a dynamic, last moving, manufacturing group, renowned for the 
innovative nature of its products. The Company is extremely profitable, 
committed to growth and enjoys market leading positions in a number of key 
core business areas. 

Following a restructuring two key positions have been created within the prestigious Financial Planning 
Function. These high profile roles will offer full financial support to the major business units including: 

a Development of strategic plans, budgets and forecasts 

• Financial evaluation of new products and appraisal of promotional activities 

• Analysis of key profit drivers 

• Reporting on business unit performance. 

• Provision of consultancy advice on a diverse range of ad hoc projects 

- Commercial interaction across all functions and at alt levels within the business 

Successful candidates will be graduate, qualified accountants with a track record of managing change within 
a marketing driven environment. Outstanding communication skills, the ability to strongly empathise with 
the business and the credibility to influence senior management are essential prerequisites. 

In return the company offers an attractive package (dependent on experience) and foil relocation assistance 
if required. Equally important is the opportunity to join an extremely progressive and 
successful group where career advancement is based on merit. 

Toner Graham, 


Interested candidates should write enclosing a 
comprehensive C.V., quoting reference PT67. 
to Paul Toner at the address opposite. 


8 Imperial Square, 
Cheltenham, 
GL501QB. 


US Corporate Tax Manager 


£60-65,000 package 


London 


Cur Mull in. it Iona l T.ivinon Servuvf group provides a niJu rang? or 
uix sen io.> It* t iinrtv ui mullin.ttiun.il corporate clients 
Gcnunuinc gnnvtli has crodicd an opportunity lor a high calibre US 
t]u-t in it'd CI'A or Attorney io |oin Ihu high profile team ut US tux 
spvxT.tlist- IVf .«tv looking lor a criMtiv « individual who has irxlcnsivc 
•■*fvn<nft-i'l inli-rrviiion.il corpora le Mx planning 

C.iniiiJaiv-- 1 « ith n-loi ant experience should irn'e vni'IoMnt; a lull 
riTunti l*- Carmel Malkin at Arthur Andersen, I hirtvt Street. 
London l\C2K 2PS Alk-maln vlv vou can call tier on U1 71 -43S 3614 


Arthur 

Andersen 

Arthur Anpepsln & Gc SC 


1 F‘»_Ia-i J «< 


Coopers 

&Lvbrand 


// 


RECRUITMENTCONSULTANTS 

LONDON CITY 

for expanding London and Lausanne offices in Financial Markets 
& General industry. Thorburn-Geiger Group, established in 
1975, specialises in highest quality national and international 
placements via mandated executive search and contingency 
assignments. Ideal candidates will be very professional, well 
connected, highly capable and experienced in a specific field and 
technique. Must have excellent sales skills, integrity, 
commitment and energy. For a confidential information 
exchange, send CV, business card and details of your success to 
date and how you can contribute to our growth, Io; 

Lachlan C Thorbum, Managing Director 
Thorburn-Geiger Group 

Box 1225. 1001 Lausanne, Switzerland 


Executive 

Resourcing 


CITY 


Financial Director 

Life Assurance Sector 

PACKAGE C £90,000 


For the Lite & Pensions Company or one ol the UK's 
leading Bancassurers with tunds under management 
approaching £3 billion. An exciting opportunity has arisen for 
a 'fast-track* financial manager, already accustomed to 
operating at a very senior level to join a remodelled and 
highly motivated management team which is being created 
to meet the challenge of substantially Improving the 
company's profitability. 

Working closely with the Managing Director, there will be 
considerable scope and the requirement to make a significant 
commercial contribution. Your Initial priorities will be in 
constructing a sound planning and budgeting process; 
developing an economic model tor the lines of business the 
company wishes to develop and in installing rigorous 
monitoring and control mechanisms tor day to day 
profitability. Underpinning oil these is the need to overhaul the 
management information system. 


A graduate qualified accountant, probably aged In your 30s. 
you will be ambitious with a concise, clear thinking approach, 
accustomed to focusing on the key 'business drivers*. You 
must hovB a minimum ot five years' practical experience of the 
life Assurance Industry and Its reporting procedures. Your 
training and experience will have been with blue chip 
organisations where you con demonstrate an effective track 
record managing sizeable finance teams. Ideally In turnaround 
or In change situations. 

This Is a rare opportunity to join the management team of 
this prominent financial services group at a senior level. There are 
excellent prospects tor further career development and promotion. 

Please send full personal and career details. Including currant 
remuneration and daytime telephone number, in confidence 
to E Torrance Smith, Coopers & Lybrand Executive Resourcing 
Ltd., 1 Embankment Place, London WC2N 6NN, quoting 
reference TST055 on both envelope and letter. 


• • • • 
■••• •••• • 




9 •■■■ ••• 


Price Waterhouse <§ 

EXECUTIVE SEARCH & SELECTION 


Deputy Head of Group Tax 

£60, 000-£7 0,000 plus bonus and benefits London 

So how many Partners were made up in your firm this year? 

How do you rate the prospects for the coming years? 


Lets face the truth 

Gone are the days when you could look for automatic progression 
co Partner. Senior Manager* in the profession are really having to 
chink of other options rather chan socking ic cue and seeing what 
happens. So now whar* 

We have an alternative 

With a view co some careful succession plan n mg. we are looking 
for a rax professional who can progress into our Head of Group 
Tax role within a 3-5 war timeframe. Our initial thoughts are 
char you could come from one of two routes. You may be a senior 
manager m a major international accountancy firm, perhaps a year 
or two away from partnership, but increasingly thinking chat 
your future may lie outside of the profession. Alternatively, you 
may already be working in a substantial corporate, likely UK. 
with substantial overseas interests (especially US) and probably 
services sector. 

About us 

Reurers is £2 billion turnover; FTSE 100; multinational; highly 
profitable: acquisitive; growing last; and operating at the cutting 
edge of technology. We supply the global business community 
and news media with a wide range of products including real -tune 
financial data, transaction systems, information management 
systems, access co numeric and textual databases, news, news 
pictures, radio and television news. 

The role 

As number two within an internationally dispersed tax team of 
15 professionals, you will be required to assist the Head of Group 
Tax with the management of our worldwide tax affair s focusing 
on formulation and implementation of taxation strategy: 


management of the group's tax exposures, risks and global tax 
burden; and optimisation of Reuter's rax position, worldwide. 

About you 

You are used to presenting and communicating at board level; 
have a wide and sound understanding of che interaction of 
national rax regimes, worldwide; an in-depth knowledge of the 
UK tax regime and preferably either the US or Swiss rax regimes; 
plus a sound grasp of international tax planning techniques. 
Ideally, you also have a strong and m -depth knowledge of 
international transfer pricing issues and a proven track record of 
having successfully implemented major international tax re- 
structuring projects. 

Your style 

You are culturally aware through extensive inccmaDonal 
exposure; enthusiasne: business orientated and definitely 
commercially minded; you can communicate complex taxation 
concepts to non-tax colleagues; and you enjoy international travel 
- there may be significant amounts with this role. 

Conclusion 

Roles like dm one do not come up very ofren. and the chance to 
build a credible case to become Head of Group Tax for a group 
like Reuters is a quite exceptional opportunity. To pursue dm 
further, make a case to our advising consultant. Hamiah DawcLon 
at Price Waterhouse quoting reference M/1 485/FT and convince 
him that you can deliver. 

Executive Search Selection, 

Price Waterhouse, 

No 1 London Bridge, London SE1 9QL 
Tel: 0171 939 5312. Fax: 01 71 403 5265. 



FT/LES ECHOS 

The FT can help you reach additional business readers in France. Our link with the French b 
newspaper, Les Echos, gives you a unique recruitment advertising opportunity to capitalise on^h" ft* 
European readership and to further target the French business world.For information nn >•=,+«* ^ , e , F T S 

details please telephone: ai0S and further 

Philip Wrigley on +44 71 873 3351 









* F,NAN C'AL TIMES FRIDAY OCTOBER. 21 1994 


33 


* 


Investment Banking 

Our diem b a lead t0 *-' 30i ° 00 + Bonus + Benefits 

In recent Interaatiww l Investment Bonk with an excellent reputation [or research and quality of service. 

international npcratJm t a si 8 n *® cant P*ri°d of growth and development. They are now seeking to strengthen their 

pciMima inrangh ,he recruitment of two PC literate qualified accountants Into newly defined roles. 

project Accountant 

diverse ranee of LwMMik i!!** °* I?* ncw ^ ^ ,rme ' 1 IT Project Office. The work will be on an international scale and involve a 

and sales. Specific Juiiec ’ in”' "I 11 ® ain u ^'S* 1 fowl of exposure throughout the group, including operations, trading, research 
forecast me. The n««i will ■ inc * u , 1“ * specification and setting up of new systems for project costing and control, budgeting and 
and able w demonstrate inltiative^ 1 ^ accoUn,anl with some project or cost accounting experience. You should be a self starter 

Management Accountant 

yourdjy^ru uf l be Management Information Group. The Group is responsible for all products traded in London and 

of the revenue finiLl r WU1 ,nd . rh< rn f‘ n “ nance of the revenue accounting records, performance analysis and the compilation 
form a , or . P^ cscnia fi on * Ad hoc assignments concerning new products and ongoing systems development wifi also 

detailed fin mri-JltS? 1 ° • e ™ lc - Th ' P 051 "ri 11 suit * "^ly qualified accountant who is comfortable compiling and analysing 
Al information. You should be a good communicator who works well in a small team environment. 

exc . c ^ cnt . opportunities to make a first move Into an expanding International financial services group, financial 

experience is am essential as the emphasis will be on team players with strong interpersonal skills. 

Please send us your CV with a covering letter 
Andrew Fisher, Parkwell Management Consultants Ltd 
3 Catherine Place, Westminster 5WIE6DX Tel: 07 1 233 5207 Fax; 071 233 5205 



Group Finance Manager 

Board Potential 

West Midlands c £40, 000 + profit share + car + benefits 

Out client is a well established market leader, manufacturing and distributing its products both In the UK and 
overseas, it has a turnover of c£75 million, is profitable and well placed to continue to grow throughout its markets. 

It is against this positive background that the company now wishes to appoint a Group Finance Manager. 

Reporting to the Managing Director, this important role will contribute strategically to the company's development 
through the provision, analysis and evaluation of appropriate financial information, it will entail membership of the 
management committee, as well as working closely with the board and managing an accounts team. Additional 
responsibilities will include the ongoing development of costing systems and upgrading of management information 
in order to enhance decision-making. 

Candidates must be qualified accountants with a good honours degree and several years' experience In a senior 
finance position within a complex manufacturing environment It Is therefore unlikely that anyone under 35 years of 
age will have sufficient experience for the role. A track record of achievement as a 'hands-on' operator and 
commercial thinker is essential, along with sound management and interpersonal skills. Qualities of maturity, loyalty 
and commitment are prerequisite, as is the ability to contribute significantly to the success of a business in a highly 
competitive Industry. Strong IT skills are also required. 

The company offers a salary package designed to reflect experience and ability. This is a challenging role with good 
prospects for both personal development and promotion and the successful candidate should have main board 
potential. 

Applicants should write, enclosing full career and salary details, quoting reference B/507/94, to David Gibbs 


mm 


Selection & Search 

Peat House, 2 Cornwall Street, Birmingham B3 2DL. 


HARWELL 


OXFORDSHIRE 


WHERE RIGOUR IS L)E RIG EUR 

Internal Auditor 

fb io 5, ()()() + Car + Ben et its 


Nirex is pursuing a national strategy for the safe disposal of intermediate and low level 
radioactive wastes. Building a deep repository is a major project that utilises the expertise 
of a number of external contractors and we are committed to a process of continual 
monitoring, evaluation and enhancement across all contractual arrangements. 

This is an uncompromising pursuit of quality and cost control, and your brief demands the 
utmost objectivity and rigorous application of professional practices. Accordingly, your role 
is wide-ranging and all-embracing: working with internal departments in reviewing current 

contracts, liaising with colleagues in Quality Assurance, Accounting and Purchasing & 
Contracts, and also reporting back to the Board's Audit Committee. Where appropriate, 
you will propose corrective action and subsequently verify implementation. You will be 
expected to improve the efficiency of internal controls and monitor external contracts to 
ensure full value for money - att-in-all developing this position as the Company evolves. 

To fulfil the pivotal function, you wM be a qualified Accountant with substantial post- 
qualification experience, probably gained in a contracting environment or a major joint 
venture. At least two years must have been spent in external auditing, including exposure to 
organisations with high value contracts and complex computerised systems. An able 
communicator with an analytical and resourceful approach to problem solving, your 
credibility will be founded on a blend of tact, persistence and maturity. 

We offer an attractive remuneration package, including relocation assistance where 
appropriate, and a professional working culture committed to the highest standards. 


For i in application form, 
please contact our advising 
consultant, David Bateson, 
quoting reference GA139IO at 

Macmillan Davies, Salisbury 
House, Bluer oars, Hertford, 
Herts SGI 4 I PU. Telephone: 
0992 S52SS2. Fax: 0992 SS3SIO. 


NIRiX 


Group Financial Accountant 


Merrill Lynch 

Excellent Package + Banking Benefits 


Location: City 


Merrill Lynch is one of the world's largest and most 
successful global securities houses. With total ner revenues 
of over SI 0 billion and net earnings of SI .3 billion for 1 993, 
it is committed to continued growth and investment in the 
future. 

An opportunity has arisen within the European Finance 
Function for a high calibre individual to head up the 
financial accounting group. Reporting to the Controller of 
Financial Reporting - Europe, your responsibilities will 
include: 

- Overseeing the European consolidation for the Capital 
Markets division. 

- Extensive liaison between US Head Office and 
European Offices on all financial accounting issues. 

- Provision of expert advice on accounting policies and 
procedures. 


- Ad hoc projects. 

- Management oF a high calibre team. 

The successful candidate will be an ACA with a minimum 
of four years PQE, preferably within the financial services 
sector. You will possess a strong financial accounting 
background and have had extensive capital markets, UK 
and US GAAP exposure. Candidates will demonstrate the 
level of management and interpersonal skills, flexibility and 
performance orientation required for a position of this 
seniority, and will possess the potential for further career 
progression within Merrill Lynch. 

This represents an outstanding opportunity to join a highly 
prestigious organisation. 

If you believe you have the required skills and drive, then 
please send your CV to the advising consultant, Jonathan 
Kidd, at Harvey Nash Pic, Dragon Court, 27-29 Macklm 
Street, London WC2B 5 LX. (Tel: 071-333 0033). Please 
quote reference number HNF1 T2. 


HARVEY NASH PLC 


ELIT 

FINANCIAL CONTROLLER 

Promotion to Director will follow a successful working 
period when you will have demonstrated to the Board of this 
International Menswear manufacturing, trading, and retailing 
group that you arc a practical accountant, manager and 
leader. Your tnsks will include the normal accounting duties 
at group and subsidiary levels as well as frequent travel to 
our manufacturing operations in Hungary where you will 
coach the accounting staff to achieve and understand current 
Western financial and management accounting standards. 
Spoken Hungarian would be useful, as well as expertise in 
the provision of management information from flow line 
manufacturing. 

We offer a competitive remuneration and benefits package. It 
is unlikely that the successful candidate (qualified through 
ICAEW or CIMA) will currently be earning less than 
£35,000. 

Please send your CV in an envelope marked TC in the 
top left corner io:- 

Jonalfom Ward 

Elir International Limited 

Cavendish House 

12S - 134 Cleveland Street 

London W1P SDN. 


LEADING US INVESTMENT BANK 


CITY 


AUDIT MANAGER / SENIOR AUDITOR 


EXCELLENT PACKAGE 


An exceptional individual is sought for one of die most 
prom inent areas of this Global Bank. As part of a specialist 
team based in London, this is a highly visible role, where 
your success will depend upon your ability to build strong 
relationships with senior management. In short, you will 
be a catalyst for change and development 
Your responsibilities will include: 

• The planning, conducting and completion of 


operational and financial audits of treasury, derivative 
and capital market activities. 

• The analysis of products, trading strategies, markets 
and counceiparties especially in the areas of market risk 
and credit risk. 

To be considered for this first class opportunity, you 
will be able to demonstrate exceptional interpersonal skills, 
including a strong academic background with postgraduate 


ROBERT WALTERS ASSOCIATES 


qualifications (MBA, ACA, A CCA, ACO combined with a 
minimum of 3 years uudii/accouniancy experience gained 
in a banking environment or in a Top 6 practice. 

Interested candidates should telephone Gavin Bonnet on 
071 379 3333 (Fax: 071 915 8714) or write enclosing a 
detailed CV to Robert Walters Associates, 25 Bedford Street, 
London WC2E 9HP. 






This is a Director Designate position which will appeal to a business minded, qualified accountant who 
is looking for a real career opportunity. Our client is a profitable £10 million division of a 
manufacturing group which has ambitious plans for the future. 

Pi nancial 

■north west 

ill finance ream, the successful applicant will have a practical, hands-on approach to day to day 
Managing . i Ml \^ u | jr | y leading the business and prior to caking on a more proactive senior role. 

accounting. I xirclL .. . _ XDeC r«j to provide sophisticated and professional financial advice covering all 

Ultimately- rlw appomtee wm r, 

num.lactur.ng and operational aspects to the Board. 

Mr- probably in cheir late 20's/carly 30s, must be computer literate as the role also has 
Qualified c.indn an ^ where possible, improving the division's sophisticated computer systems. 

cespouNihilrty for background, the most important aspects of the job relate to commercial 

Ideally f 1-0,11 nw ren of personality to make an impact in an exciting and fast moving environment. The 
niindcd>u*» .uid tlwsrre includes a prestigious car, bonus, private medical cover and, where necessary, 

excellent ivimineninon 

ossistjnex " iih r . . . nc j a detailed CV or ring for an application form on 0625 533364 

Interested *pr»«« rt » snou 7 , 80/FT . 

,2-1 hours) quoting reference 2.80/FT. 


xland westcott , I u MA pf resource consultants 


HUMAN IUKJWMW-— - 

Emerson Court. AMerty 
nllmslote, Cheshire SK9JNX 
Telephone (0625) 5324*6 


rn^oPOPPORTUNITIES SECTION 

tn Fnrnnp'e huemaerc Toof 


X emen t positions to Europe's business readership. For 

Advertise your senior Ph m P Wrigiey on +44 71 873 3351 

information please w 



The senior financial position in a changing £100 million business 

Financial Controller 


£35,000 - £40,000 & benefits - Famborough 


The DRA is the prime research agency for the 
Ministry of Defence and, increasingly, leading 
commercial organisations. As a dynamic business 
that combines scientific excellence with strong 
commercial acumen, ours is a uniquely exciting 
environment in which to work. We are now looking 
to appoint a high calibre, commercially focused 
Accountant to the role of Financial Controller for a 
service sector of the DRA with a turnover Just under 
£100 million. 

Managing a small team and reporting to the 
Director, you will be responsible for financial 
management, reporting and control, and will 
strongly influence the rapid development of a 
commercial culture. In the climate of change you 
will be pivotal to the development of a complex 
business, so your financial skills, which should 
Include strong modelling experience, should be 
complemented by a tactful 
but persuasive approach to 
the issues faring this sector. 


A qualified Accountant of graduate calibre with 
at least five years’ post qualification experience in 
a commercial environment, your record of 
achievement will demonstrate your energy, your 
focus on achievement and your readiness for a 
new and demanding challenge. 

We offer a comprehensive benefits package 
including non-contributory pension scheme, 
performance related pay, relocation assistance and 
up to six weeks' annual holiday plus Bank holidays. 
The appointment is tor a fixed term of three years 
and may be extended to five years. 

Please send your CV together with a letter 
explaining how your skills and experience would suit 
you to this role, quoting reference DRA/PERS/14/94, 
Senior Staff Personnel, Room 114. Q1Q1 Bulking, 
Defence Research Agency, Famborough, Hampshire 
GU14 STD. Closing date for 
receipt of applications 3rd 
November 1994. 


Defence Research Agency 

WEARS AN EQUAL OPPOftTUNmES EMPLOYER 








34 


FINANCIAL TIMES FRIDAY OCTOBER 2\ 


As 





C : .A < a 4C. J.' v . r V*' . . . * * ***>.• *.’ ' ** f i*i : /. 


£/.S. Investment Bank 

The reputation of this organisation as one of the world's leading 
investment banks and securities houses, has been achieved through 
constant innovation and development of new products. Most 
recently, its investment into emerging markets has met with 
outstanding success, particularly in the rapidly expanding Eastern 
European region. 

The global audit function has been challenged with the brief to play 
an integral part in supporting these new business initiatives, which 
has created an opportunity for an experienced audit professional to 
join the European audit team at Vice President leveL 

Based in London, your role will be to manage small teams, 
performing critical and constructive pre and post Implementation 
reviews of all new business proposals across Europe. The scope of 
these reviews will include trading strategy, capital adequacy; 
operations; legal & compliance and financial systems. A sound 
business acumen and understanding of these inter-related elements 


-Vs -v,- 


c. £55, 000 + bonus 

is therefore required, as is the ability to focus dearly' on objectives; 
business and operational risks; making appropriate recommendations 
and effecting change. The work is immensely challenging and dynamic 
in nature, therefore enthusiasm, self motivation and imagination are 
undoubtedly more important than purely technical ability. 

Candidates should be qualified ACA's with at least four years 
relevant post-qualification experience gained in another securities 
environment or, from a financial services group within the profession. 

The significance of this position cannot be underestimated. A highly 
competitive remuneration package is therefore on offer and career 
advancement within the group is assured upon success. 

For further information in the strictest confidence, contact 
Tim Musgrave on 071 240 1040. Alternatively, send your resume 
quoting reference number 22/1834 to Morgan & Banks Pic, 
Brettenham House, Lancaster Place. Umdon WC2E 7EN. 

Fax No: 071 240 1052. 




Morgan 8 

INTERNATIONAL 




'.'U/yv- T x . jTv.-'.v '-’‘ill 


FINANCE 

MANAGER 


West London £35,000 + benefits 

Our client operates within the retail sector with many sites throughout the UK. 
Having achieved phenomenal expansion over the last few years the company is 
now at an extremely exciting stage of its growth. 

As a direct result of these developments a Finance Manager is no w s ought to ^ 
work with the very strong existing management team. The role will report to the 
Finance Director and will drive forward the management of the finance function. 

Objectives will include the production of financial and statutory accounts, 
budgets, forecasts and variance analysis. Furthermore the appointee will drive 
the management of organisational and system improvements to meet the 
changing needs of the business. 

Candidates, aged late 20s/eariy 30s, should be qualified accountants with sound 
technical skills coupled with a strong commercial attitude. Previous experience 
within fast moving, retail organisations will be essential. Candidates must be 
enthusiastic, able to work as a team player and bring commitment to build on 
the company’s achievements to date. This is a first class career opportunity. 

Please write enclosing full curriculum vitae quoting ref 630 to: 

Philip Cartwright FCMA, Riverbarik House, Putney Bridge Approach, 
London SW6 3JD Tel: 071 371 9476 Fax: 071 371 9478 

Cartwright Consulting 

FINANCIAL SELECTION & SEARCH 






iexAicsjac 



Inchcape 


MANAGER - INTERNATIONAL TAX PLANNING & PROJECTS 

LONDON SUBSTANTIAL PACKAGE 


VX'itli i.jptrjuons in < iver 8n vvwntnis and a turnover approaching Jtdbn. 
Inchcapc pic is a premier inremiukuul services and marketing group. 
The go-ups activities are divided into three global business streams 
namely Moiuiv Marketing and Services. 

In response to the increasing complexities of iheir international 
business, a challenging new positron has been created to increase 
omph.iM> • m intemaiional tax planning and corporate finance project? 

Principal .(CCountahilines for the successful individual will be- 
• to develop and implement Inicmurional lax planning in a 


complex group of companies worldwide 

• u i provide the lax i nput for corpo rate lina nee p roiects and work 
as part of the team managing those projects 

• to play an active role in group financing initiatives by 
implementation of tax efficient funding structures. 

It is envisaged that the successful candidate will be: 

• a graduate Chartered Accountant with a minimum of four years 
post qualification expencncc working in international taxation, 
either within a major firm of accountants or in a leading 


ROBERT WALTERS ASSOCIATES 


commercial multi national organisation. 

• an exceptional communicator, able to c< invey complex financial 
strategics and policies clearly to senior management 

• highly commercial in outlook with the drive and tenacity to 
succeed in a stimulating and demanding environment 
Clearly a most attractive opportunity, suitable candidates shout J 

contact David Burton on 071 379 3333, or send a detailed CV u> 

him at Robert Waiters Associates, 25 Bedford Street, London. 

WC2E 9 HP. Fax: 071 915 8714. 


FINANCIAL 

CONTROLLER 

required by a large theatrical production company 
producing extensively in Britain and throughout the 
world. 

This role is seen very much as "hands on", supervising ihe 
Finance De pan rnent and working closely with them on 
the daily and weekly management of the company's 
financial affairs. 

This position requires an exceptional communicator as a 
key aspect of this role will be reporting regularly to the 
Managing Director. 

The successful applicant will most likely he between 25- 
35 a qualified accountant and looking for exciting 
challenges. 

Salary circa £25,000. 

West End office. 

Applications, in confidence, to BoxA2177 f 
Financial Times, One Southwark Bridge, 
London SEl 9HL 


r 


-\ 


REGIONAL CONTROLLER-EASTERN EUROPE 


CZECH 

HUNGARY 

POLAND 

ROMANIA 

RUSSIA 

Excellent 

Package 


Our client with a turnover in excess of $2 5 billion, is widely recognised as the market leader in its specialist field. With operations in all the 
Continents and a customer base comprising many of the world's largest and most prestigious corporations, they are able to bnng a truly 
global perspective to their business 

As a forward thinking and progressive organisation, an exceptional opportunity has now arisen for an outstanding high profile controller to 
lead, impact and drive forward the Eastern Europe region Reporting to the Regional Director, your varied bnef will include developing a 
team of professionals capable of maintaining quality financial informaoon as well as working to tight stringent deadlines in addition, you 
will be responsible for strategy implementation, long term planning and other commercial issues. For this key high-profile role, the 
successful candidate will meet the following entena:- 

w* a qualified graduate ACA/CIMA/CACA 
w commercially astute and able to see the ‘big picture’ 

■s- strong inter personal skills and the ability to manage and motivate a high calibre team to agreed objectives 
« fluency in one or more Eastern European languages 
4S> willing to travel up to 4(Ni of your time 

This represents a unique opportuniiy to immediately impact within a dynamic multinational group and is likely to be of interest to 
commercially minded finance professionals. Energy, creativity and flexibility are all quahnes which will enable you to capitalise on the 
outstanding long-term career opportunities chat exist within this group. 


interested applicants should write in confidence to Recta Nathwani. quoting reference number 209B at 
Nicholson international [Search and Selection Consultants). Braccon House. 34-36 High Holborn. London. 
WCIV uA5 Alternatively fa* your details on 071 404 8128 or call 071 404 5501 for an initial discussion. 


m 


Nicholson 

International 


UK — 


N. 


France Italy Holland Spain Germany Belgium Turkey Poland Czech Repubfic Hungary Romania Russia Australia 


Finance Director 

Build the Framework for Performance and Growth 
with a Media &: Communications pic 


The company is a young and rapidly expanding 
communications business with subsidiaries involved in 
advertising, contract publishing, sales promotion and direct 
marketing. Having doubled its size and turnover in the last 
year alone, it is determined to maintain its growth by- 
combining outstanding business performance with further 
acquisitions in the media and communications industry. 

As Finance Director, you will have a major influence on 
both our operational and strategic development - a 
challenge that will involve overall responsibility for all 
financial matters within the group and its eight subsidiary 
companies. 

Apart from ensuring the efficiency and consistency- of 
internal reporting controls, you will be closely involved 
with managing our relationship with the City and 
ensuring compliance with Yellow Book regulations and 
the Cadbury Report. You will evaluate possible 
acquisitions using your financial and business expertise. 


present data to institutions and the financial press, and 
recommend innovative deal structures where appropriate. 
A fully qualified Chartered Accountant, you must 
combine a thorough understanding of the media and 
communications industry- with keen commercial 
awareness and - ideally - some experience with a pic. A 
sound knowledge of how the City works is essential, and 
y-our excellent communication and influencing skills must 
be supported by practical experience of the acquisitions 
process. Above all, you must have the drive and 
determination to help shape the future of a growing £35m 
turnover group. 

In return, you can expect an attractive salary and benefits 
package including a company- car allowance, health 
cover, pension, and share options. To discover more 
about this highly- influential role, please send a detailed 
CV' to Moxon Dolphin Kerby 17S-202 Great Portland 
Street, London, WIN 6JJ. Please quote ref 4580. 


MOXON • ^DOLPHIN- KERBY 

EXECUTIVE SEARCH It SELECTION 


FINANCIAL 


£ 27,013 - £ 33,049 




DIOCESE OF LONDON 



CONTROLLER 


The Diocese has a budget of over £30 million a year, extensive 
property interests, 412 parishes and 380 Stipendiary Clergy. We 
seek to utilise our resources to exercise pastoral cur and support 
to these parishes which serve approximately 3,500.000 people in 
an area roughly corresponding to the old County of Middlesex. 
Our recent relocation to new purpose built accommodation has 
created the opportunity of bringing together a number of 
essential support activities. This includes financial management 
which has previously been handled by individual departments. 

Reporting to the General Secretary, the Financial Controller 
position is a new and challenging one and requires the 
consolidation and development of all diocesan finances, ensuring 
the provision of a professional and tap-quality accounting service. 
This varied central management role will be responsible for 
preparing annual reports, accounts and budgets, running an 
efficient treasury operation, carrying out financial transactions 
and providing financial management information to the Boards 
and Councils of the Diocese. Other duties include overseeing the 
administration of the Trusts department and effecting 
appropriate dispositions of investment and property assets with 
the help of the Diocese’s Asset and Treasury Management 
Review Groups. 

lb meet the demands of the role you will need to be a qualified 
accountant with proven financial management skills and the 
ability to communicate effectively in the written and spoken word. 
Applicants should be communicant members of (he 
Anglican Church. 

An application form and job description may be obtained bom: 
Hn D Harfcness, PA to the General Secretary, Diocese of 
London, 36 Csuston Street, Westminster, London, SW1P 4AU. 
(Tel 071-932 1X00). 

Cl o n a ng date for applications 21st November 1994. 



APPOINTMENTS WANTED 


German Qualified Accountant 


8 years experience in England as financial/ 
Management Accountant. 2 years contract work for 
English companies in Germany, seeks new assignment 

with in 


T 

i international company. Short-long term. 
Please contact: 

0272 730688 (England) 


CHARTERED ACCOUNTANT 
SOUTH AFRICA 

CA. based in S.A. with 15 years experience. Looking for 
financial position with company or to carry out 
specific projects. Company start-ups/relocations 

Fax: 27 II 787 3765 


Management Accountant 

Cheltenham c. £37,000 + car + benefits 



CAMAS 


CAMAS pic was formed as a result of the demerger from English China Clays Pic earlier this year, and ranks 
amongst the top 250 Stock Exchange listed companies in the UK. The company has a current turnover of 
c. £400m and employs over 4.500 people with operations In the UK, North America and Europe. 

Following recent promotion, there is a need to recruit a qualified accountant to fill the key role of CAMAS 
Management Accountant. Reporting to the CAMAS Finance Director and having close interface with the 
Board, the postholdarwill also be required to liaise closely with senior financial staff in each operating 
business, in order to produce an accurate analysis of CAMAS performance. This proactive role requires an 
individual with proven technical and interpretive skills who is able to take a strategic overview of each business 
in order to influence the budgetary and planning procedures Other responsibilities will include maintaining an 
awareness of developments in management accounting and ensuring best practice throughout CAMAS pic 

This is an excellent career opportunity for an ambitious, qualified accountant, probably aged between 28 and 
35. who is keen to move into a high profife role. The successful candidate is likely to be operating in a 
management information role, supporting commercial managemeni m a multisile. public company You should 
possess first class communication and interpersonal skills, combined with an analytical and results driven 
personality. The rote will necessitate considerable travel to the operating companies both in the UK and 
abroad. 

In return CAMAS pic offers an excellent remuneration package, including generous relocation assistance 
where appropriate. 

If you have the skiffs, experience and ambition to succeed in this fast moving organisation, please send a 
comprehensive CV including current salary package, to Karan Paige. KPMCa Management Consulting 
Richmond Park House, 15 Pembroke Road, Clifton, Bristol BS8 3BG. Telephone t0272) 464042. 


KPMG Selection & Search 


APPOINTMENTS ADVERTISING 

appears in the UK edition every Wednesday & Thursday 
and in the International edition every Friday For further mformauon please call: 

Joanne Gerrard on +44 71 873 4153 Andrew Sfearzynski on +44 71 873 4054 


* 


* 






FINANCIAL TIMES 


FRjd AY OCTOBER 21 1994 


35 


GROUP ACCOUNTANT 

c.£35k Package + Car + Benefits 
Marlow, Bucks 

£Kra»|k ®‘ ow ^ mternatibnal musk: retails' in the world, doubling our turnover by 
custn Cg ^! n tlie3aStflireeyean5 ' ^ ^ market leaders in terms of retail innovation and 

accepUnce. Due to promotion, we now seek an accountant under 30, to work within our 
small but dynamic Group Headquarter*. 

^porting to the Group Finance Director in this high profile and varied role, responsibilities will 
management and statut ory reporting as well as the integrity of Group accounting 

procedures and policy. In addition, the appointee wDl be involved in' projects and audit reviews 
*croas the business. 

To be considered for this role you should: 

• Be a graduate, qualified accountant with an additional 2-3 years retaS/fincg commercial 
experience 

• Have strong interpersonal and communication skills 


■ Be willing to travel inte rnationall y 6 weeks per anpuTp 

Please apply in writing, enclosing a fan CV, to our advising consultant 
Sheldon Paule at Anthony Dunlop, Hanover House, 73-74 High Holbora. 
London, WC1V 6LS. 

Tel No: 071 430-2220 Fax No: 071 404 - 2199 . 


&S 


■<d 





YOU CAN ADVERTISE 
YOUR SKILLS IN THE 
FINANCIAL TIMES 
RECRUITMENT 
PAGES FROM AS 
LITTLE AS 
£90 + VAT. 


Looking 

for 

a Career 
Change? 


For further details puns 

CONTACT 

Phsjp Wh&ey ON 
Tel: +44 71 873 3351 
Fjuc+ 4471 873 3064 on m 

WRJTWa TO HIM AT FmAHUU. 

Tmss, REcmrntarr 
Advertising, Numbs* Oie 
S ounnuHK BnocE, London 
SCI 9HL 


KNOW H/V\V - KNOW MUSIC 


FINANCIAL 

CONTROLLER 


North London £35,000 package + car 

Our client is an extremely successful and well respected pic within its field, 
innovative design, strong management and effective financial control have all 
contributed to the Company's growth (a turnover of nearly £40 million) and 
to a five year pattern of increasing profitability. 

As a direct consequence of its success, a new division is to be established to 
control the group's operations within North London. An opportunity therefore 
exists for a Financial Controller, reporting directly to the Divisional Managing 
Director, to set up and manage the finance function of the new division within 
the umbrella of established group systems. 

Candidates, aged early 30’s, should be qualified accountants able to fit in with a 
vibrant management team and make an immediate contribution to the company. 
Good presentation skills and technical strengths are vital in addition to bringing 
sound commercial decision making ability to this exciting growth 
orientated group. 

Please write enclosing full curriculum vitae quoting ref fa3l to: 

Philip Cartwright FCMA, River bank House, Putnev Bridge Approach. 
London SW6 3JD Tel: 071 371 W7b Fax: Oh 371 W78 

Cartwright Consulting 

FINANCIAL SELECTION & SEARCH 



kuichs 


& 


East Anglia 

With sales of c.i.4-5 million, this successful book 
manufacturer, part of a major, blue-chip printing 
pic, is a market leader in the printing of all kinds 
of paperback and hardback books. Continued 
increases in market share have been achieved 
through investment in technology, total 
commitment to customer service, and an astute, 
commercial approach by an assertive and focused 
management team. 

Reporting to the Chairman/ Chief Executive, and 
working' closely with senior Directors and 
Managers, you will take functional responsibility 
for all aspects of financial and management 
reporting. This is a high profile role — it demands 
the provision of quality management information 
with the emphasis on a proactive input to 
operational and strategic commercial decisions. 
Probably in da dr 30s or 40s, applicants must be 


c. £4-5,000 + bonus + car 

qualified accountants, of graduate calibre - maybe 
with an MBA. A background in service led, 
manufacturing organisations is preferable together 
with a thorough understanding of costing and 
product pricing. Excellent communication skills 
are needed with the ability to bring innovative 
solutions to optimise profitability and shape 
stategic decisions. 

Career prospects within the group are excellent. 

The comprehensive remuneration package will 
include relocation assistance where necessary. 
Interested applicants should send a 
comprehensive CV including salary history and 
daytime telephone number, quoting reference 
34-18 to Phillip Price AC A, Touche Ross 
Executive Selection, Friary Court, ^ 

65 Cratched Friars, 

EC3N 2NP. 


London 


Management Consultants 


Russia 


CFO 

Package to 
US$125,000 


FD 

Package to 
US$100,000 


CFO & Finance Director 


The Comp any 

With Russian operations for this strategically focussed company now accounting for some of this 
client’s most profitable business units world-wide, this Nasdaq listed telecommunications 
organisation is licensed to operate in over ten densely-populated areas with either functioning 
businesses or developed start-up infrastructure. Future expansion is assured with a USSmufti-milBon 
investment targeted to developing markets and a active policy of new operating licence acquisition. 
The Roles 

Chief Financial Officer • 

Reporting into the Western head office you wifi have direct financial control over the following 
functions: Billing and collection, accounts and sales & marketing. Based in Moscow you will manage 
existing and planned business units throughout Western Russia, producing a monthly financial report 
overview for the board. Importance is placed on the ability to assimilate changes in local tax and 
accounting regulations and develop strategies to benefit the long-term goals of the business. You will 
be integral in developing financial systems and ensuring the efficiency of your mufti-cuituraJ team. 
Finance Director 

Your task is to ensure adherence to the company's Business plan in line with local tax/accounting 
conditions with specific responsibility over billing and collection, supervision of local staff, currency 
exchange transactions and management reporting for your profit centre. 

Of equal importance to solid technical skills is the requirement for cornmeraalty astute individuals. 
These qualities, once combined with the resilience to thrive in a rapidly developing market place, will 
contribute fully in a very exciting environment that will provide not just a project, but a career. Russian 
language will be a distinct advantage although individuals currently successful in the region or with an 
in-depth cultural understanding are encouraged to respond. 

P/ease send a full resume with covering letter to the address/fox below quoting reference FT2440 
(CFO) or FT2441 (FD) on aB correspondence. Applications will be treated in the strictest confidence. 



Antal International 

Executive Recruitment 

8 Alice Court • 116 Putney Bridge Road • London SWI5 2NQ 
Tel: +44 (0) 181 874 2744 • Fax: +44 (0) 181 871 2211 
LONDON • BUDAPEST • WARSAW 



Hanson 


Financial 

Analyst 

N. London 

As a main operating division of Hanson Pic, Hanson Industrial 
Services is a group of highly focused businesses, each a market 
leader in its field. A dynamic management team coupled with 
a highly acquisitive growth strategy has been effective in 
producing a number of attractive business opportunities. The 
result is an environment which is both competitive and 
entrepreneurial. 

There now exists the need to augment the divisional head 
office team with the appoinbnentof an exceptional Financial 
Analyst. This high profile role offers immediate exposure to 
Ixrth Managing and Finance Directors of operating subsidiaries 
and will report directly to the FD of the division. 

Responsibilities will indude: 

• Reviewing divisional data including trading, capital 
expenditure proposals, budgets, current year forecasts 
and organisational issues. 

• Review of acquisitions and divestments. 

• Aiding in the integration of acquired companies. 


Exceptional 

ACA 

Aged 25-28 

• Preparation of commentaries and analyses on projects 
of major strategic importance. 

• Acting as a No. 2 to the Finance Director. 

This opportunity will appeal to individuals who fulfil the 
following selection criteria: 

• Qualified Chartered Accountant, aged 15-28. 

• Outstanding and rorisistentle\ei of high academic achje\-ernent. 

• Committed, energetic and flexible approach with the 
ability to liaise with managers at aJJ levels. 

• PC literate. 

• Evident commercial awareness and ability to add value. 

The rewards include an attractive remuneration package, 
company car and the opportunity to develop an outstanding 
career in a highly meritocratic environment. 

Interested applicants should write in the strictest confidence to 
our retained consultants Brian HamS or Paul Marsden, 
forwarding a brief resume quoting reference BH1Q63. All direct 
applications will be forwarded to Walker HamiU. 


WALKER HAMILL 

Executive Selection 

103-105 Jermyn Street, St James's, London SWTY 6EE 
Tel: 0171-839 4444 Fax:0171-839 5857 


Financial Planning & 
Analysis Manager 


c.£40-45,000 + Bonus + Car 


Central London 


Key role in the management of the UK business within 
prestigious, global direct marketer and publisher. 


THE COMPANY 

4* Innovative and highly successful. World class 
reputation for quality. 

♦ Autonomous subsidiary of a major US multinational. 

♦ Strong brand image and product range. 

THE POSITION 

♦ Responsible for provision of accurate and timely 
forecasts, plans, budgets and analyses, supporting the 
decision, making process. 

4b- Identify, develop and implement systems 
enhancements. Improve planning models and integrate 
financial systems. 


♦ Liaise extensively with marketing product groups and 
finance. Develop and provide leadership and focus for 
a team of 10+. 

QUALIFICATIONS 

♦ Qualified chartered or management accountant. 
Minimum 5 years' planning and analysis, ideally in 
high volume, consumer focused environment. 

♦ Extensive, hands-on experience using and 
implementing new systems. Strong marketing 
orientation. 

4b- Excellent interpersonal and communication skills. 
Proven line management ability. 


Please send full cv, stating salary, ref N4I3I, to NBS, 54 Jermyn Street, London SWIY 6 LX 


NB SELECTION LTD 

i BNB Resources pic company 



BS 




LONDON 071 493 6192 
Aberdeen 022-1 638080 * Birmingham 021 2JJ 4656 
Brinul 0272 291142- Edinburgh 031 220 2400 
Glasgow 041 204 4324 - Leeds 0532 453830 
Manchester 0625 539953 • Slough 0753 819227 


Management Accountant 

c .£35,000 + car 



i sprcaasneet 

rommunicatJons skills. 

ohn Courtis FCA, BflPD at C&M. 

414 4AJ demonstrating Courtis 

a*)McManus 

ng 7338/FT. (sjY search and Selection 


CHIEF ACCOUNTANT - 
GENEVA 

The World Council of Churches, 
Geneva, seeks Chief Accountant - 
fully Qualified and experienced in 
computerised accounting and 
sympathetic to the Council's 
ecumenical calling. Monthly salaiy 
range from CHF 8210. 

Further details from the Director of Personnel 
WCC. 150 Route de Fentey, PO Box 2100. 
1211 Geneva 2. Switzerland 
(Fax: 022 793 0361). 

Closing date will be December 31, 1994 


Internal Audit 
Controller 

cJb35,000 + Car Northamptonshire 

O ur client, a major UK food manufacturer and packer, b seeking a qualified Accountant to establish 
and lead the internal audit function. The Company it presently undergoing a period of extensive 
riiangr involving significant investment in plant, equipment and people and has identified the need to 
establish a p r oa c t iv e internal audit function to support die development of the business. 

Reporting to the Finance Director you will be responsible for carrying out full operational audits of 
existing systems, structures and procedures. Communication skills are key as a considerable amount of 
rmw will be spent with m an ag er s and directors reviewing systems and following np recommendations. 
Significant experience of comput e r audit and a good operational understanding of computer systems are 
pre- requisites. Attention to detail if also articil as you will be responsible hr ensuring the sude data 
base on the newly installed computer system is accurately maintained by users. 

You should have had at least live years' post -qualifying experience. The level of knowledge and 
undemanding of operational issues which this rale demands will almost certainly have come from a 
signifieent period in the manufacturing industry. As this is a senior level appointment, veil developed 
influencing skills combined with the ability to work independently and under pressure are essential. 

In ret urn you can expen an otccilcui benefits package which includes relocation assistance. 

E 

H you feel you have the experience and skills we seek, please send a full CV to HB Advertising, 
18-19 Bennetts Hill, Birmingham B2 5QJ. 


ADVERTISING 







36 


FINANCIAL TIMES 


FRIDA V OCTOBER 21 


Controller 


+/- £45K/375KF + Prime + Voiture 


Sud de la France 


N otre client, une multinationals Britianique en pleine 
croissance ayant des operations dans le secteur 
tertiaire present dans le monde entier, recherche un 
Comptable qualifie operatic nnel ayant un sens aigu des 
affaires et. iddalement, avec de {’experience Li6e aux 
services multi-sites. 

Travaillant au sein d'un r&seau europden, vous serez 
en charge des controles et rapports financiers pour les 
operations fraiujaises et contribuerez k Ieur croissance 
planifiSe dans le Sud de l’Europe. 11 vous faudra allier 
une approche de terrain vis-S-vis des probl&mes financiers 
et de controle au quotidien avec une capacity a fournir 
aux cadres su pdrieurs des informations financteres 
significatives et opportunes. De plus, vous servirez 

de conseiller local iouraissant des conseils 

commerciaux objectifs et passant en revue des 
plans commerciaux. 

□e niveau grande ecole de commerce 
et idealement avec une experience 
professionnelle appropriate, vous devriez avoir 
au moins 3 ans d’experience commerciale et 


EXECUTIVE 


Nil 


RECRUITMENT 


connaitre les exigences en matifcre de rapports de sod.6t€s 
et statutaires. II est essentiel que vous parti ez couramment 
1’ anglais et le franpais commerciaux, que vous ayez 
les qualites de leadership n£cessaires pour gerer la 
fonction finance et que vous ayez de tortes qualites 
interpersonnelles vu l'environnement multi-culturel dans 
lequel vous travail! erez. 

Notre client investil 6normement dans son personnel 
et peut proposer de vraies opportunities de d£veloppement 
de carri&re dans tout le groupe. Les avantages 
comprennent: un plan de primes Liees a la performance, 
une retraite, une assurance-vie et une aide au 
d6m£nagemeat, si necessaire. Veuillez envoy er votre 
curriculum vitae en anglais, reprenant les details complets 

de votre remuneration au Confidential Reply 

Supervisor, Nicholson-Martin, 31 Bedford 
Square, London WClB 3SG. Toutes les 
candidatures seront transmises k noire client, 
de ce fait veuillez indiquer sur une feuille 
separee les uams des sacietes auxquelles vos 
details ne peuvent etre envoyes. 



Finance & Compliance Officer 

City £35-£40,000 

Our client is a Far East securities company which. Is part of a ma(or group with diverse interests in industrial, 
commercial and financial markets, its London office was established in 1989 and with the increasing 
Internationalisation of capital markets there now exists a need to recruit a Finance & Compliance Officer. 

The successful appointee would be responsible for ensuring the smooth running of back oftice operations, in 
accordance with current legal and professional requirements, ensuring that the operation complies with all 
relevant legislative requirements as set out by SFA. 

The post would therefore suit a qualified accountant with more than three years' experience m the compliance 
field and who has preferably worked within a multicultural environment. Key personal qualities are first class 
administration and communication skills, the experience and maiurity to help establish a new operation and 
willingness to adopt a practical hands-on approach. Age will not be a limiting lactor and the position could sun a 
mature candidate looking for a long term career move. 

Please write, In confidence, enclosing full career and salary details to Tony Saw at the address below, quoting 
reference F2010. 


K^MG 


Selection & Search 

1-2 Dorset Rise. BJackfriars, London EC4Y 8AE 




,..v a 


Financial Controller 


Central London 

Our diene is a highly profitable, £80 million 
turnover UK subsidiary of a market leading 
European public corporation, which provides a 
broad range of engineering services to a diverse 
portfolio of international blue-chip customers. 

Reporting to the UK Managing Director and the 
Group Finance Director, the Financial Controller 
will be responsible for the provision of the highest 
quality technical and commercial support on all 
UK company financial matters. This will include 
analysis and interpretation of operating results, 
strict working capital control, business planning 
and leadership of a small accounts team. Critical to 
success will be the ability to develop strong 
working relationships with the Group 


£45-60,000 + Benefits 

Directorate as well as operational management in 
the UK. 

Candidates, aged 30-45, will be qualified 
accountants with a proven record of senior 
financial management experience, preferably 
gained in an international, contract-driven 
environment. However, the overriding criteria 
will be the possession of strong technical ability, 
excellent interpersonal skills and a working 
knowledge of the Italian language. 

Interested applicants should forward a 
comprehensive CV, quoting ref 206743, to 
Mark Hurley ACMA, Executive Division, 
Michael Page Finance, 39-41 Parker 
Street, London WC2B 5LH. 


Michael Page Finance 

Special on In Fuuncuil Recruitment 
London Bristol Windsor St Albans Leatfacrhead Birmingham 
Nottingham Manchester Leeds Glasgow Edinburgh & Worldwide 


International Tax 


Manager 


Paris 


£ Excellent 


Our client is a recognised leader in the field of global 
telecommunications and information processing 
applications. The Company operates one of the 
world's largest private data communication networks. 

An outstanding opportunity has now arisen for a 
bright international tax adviser to join the 
company’s dynamic Group Tax Affairs team located 
in Paris. Reporting to the Group Tax Manager, the 
successful candidate will be expected to work 
autonomously and be a self-starter. As a manager 
responsible for the tax matters of a range of projects, 
your key responsibilities will include the ability ro 
work on a wide variety of rax issues, 
including both direct and indirect taxes 


worldwide. Candidates should be graduates with 
three to five years post qualifying international tax 
experience in an accountancy finn, international 
law finn or in commercc/industry. In addition to 
strong analytical and technical skills rhe successful 
candidate must have a confident and direct 
approach and an ability to work well within a small 
ream. Knowledge of Frcnch/orher languages would 
be an asset. 

interested applicants should forward A 
comprehensive CV and salary expectation, quoting 
ref: TM 10869, to Thierry Montcteatine, Michael 

Page, 3 boulevard Bineau, 92300 Levatlois- 
Perret, Cedcx, Paris, France. 


Michael Page International 

Jnrcrti.KInnal Rcin/iimcnt Cnmulranb 
London Park Azmlcnhm Duucldoxf Frankfurt Hong Kong Sydney 





ft? 




Group Financial Controller 


Thames Valley 


Operating gtobafly, this EmuW-biBor Britfeh ^043 has a world class 
reputation in a diverse range of business activities. With an 
impressive history of innovation, they are committed to maintaining 
and sharpening their competitive edge, and can offer an 
afistanding opportunity to a highly professional business manager. 
Providing a total review of the group's disparate commercial 
activities, from profftataffity and competitive-edga to ecororric md 
environmental issues, you w* be liaising with Directore and Line 
Managers around the world. In this key role, requiring extensive 
travel, you vrifl be commentating on the effectiveness of existing 
pofcies and waMng towards lha inptementation of added-vaJue 
improvements and monitoring their progression. 

You should be a graduate Chartered Accountant or MBA with at 
least 5 yeas' oonmerdal experience. A natud problem solver, you 
wi demonstrate the commercial aamen to think both lopcaly and 


.. • w* x* ■J*'; *'■ :„t • . •• 

From£40,OOO + car + benefits 

laterally. Excelent ocnrnunfcaBon skfts combined with tact ere vital 

toensirethesux»ssofytxjcortrtoutk3a 

Thesstay and benefits package wO not prove a limiting factor to 

anyone with the expertise and presence to make a direct impact on 

this world leasing organisation. Opportunities for progression within 

the group are excelent 

Write with fufl CV, daytime telephone number and salary 
details, to Patrick Donnelly, quoting ref: FT/115 on the 
envelope and aB documentation. 

PD Consultants 

MANAGEMENT ■ SELECTION 
23 Durlston Road, Kiogsto n-npon-Thames , 

Surrey KT2 5RR. 


Our client is a successful £70 million turnover service 
company, fully quoted on the London Stock Exchange 
trading throughout Europe, Australia and the Far East. 
Sound financial stewardship, strong management style 
and a dedication to customer service have all contributed 
to their market-leader sratus. 

The group now wishes to appoint a diligent and 
conscientious accountant to its Head Office ream in the 
role of Group Financial Controller. Reporting to the 
Group Finance Director, key responsibilities will include: 

■ Production of monthly Group results, year end 

statutory consolidations, published report and accounts, 
and id-hoc analyses. 

• Group Treasury and Taxation marten. 

• Liaison wich Auditors, Bankers and other external 
advisors. 

• Company Secretarial and Stock Exchange 
Yellow Book requirements. 


c £40,000 + Bens 

* Review ufuvcrscas management accounts. 

• Supervision of the Head Office accounts team. 

The successful candidate is likely to be an ACA cither 
currently in the Head Office of a UK pic or at manager 
level in practice with extensive auditing experience of 
public company consolidated accounts. A thorough, 
pragmatic approach combined with the ability to strike 
professional and productive relationships are essential 
qualities, together wich a sound technical background. 

A generous benefits package including fully expensed 
company car, profit eclated bonus scheme, pension and 
life assurance is available. 

Interested applicants shoulJ write to Renny Hayes 
BA ACA, quoting HEJ 206815 along with a derailed 
curriculum vitae, including a day-time telephone number 
and details of current remuneration at Michael Page 
Finance, Windsor Bridge House, l Brocas 
Street, Eton, Berkshire SL4 6BW. 


\r>- 


Michael Page Finance 

Special Un in Ftttincul Recruitment 
London Brand Whidaor St Alban* Loubcrfacad Birmingham 
Nott ingha m Manchester Leeds Glasgow Edinburgh & Worldwide 








Fi 






Wt* l dltXV '>»■>/ wcv.'.. 


Germany-UKFrance-USA-Switzerland-Spain 


Finance and 
Administration Director 

Pharmaceuticals Spain & Portugal Pacecage £70,000+Car 


Our client is a household name and publicly 
quoted British based multi-national. Due to promotion, 
their Spanish sales, marketing and manufacturing 
pharmaceutical subsidiary is now seeking a high calibre 
Finance and Administration Director. The person 
appointed will also be responsible for the financial 
control of their Portuguese affiliate. 

You will report to the Managing Director, and be a 
key member of the management team with overall 
responsibility for finance and administration, which 
also incorporates purchasing, personnel, production 
planning and information processing, as well as local 
treasury and taxation requirements. There will also be a 
strong interface with the company's UK based 
management. You will make a major contribution to the 
formulation and implementation of the company's 
future long term plans and strategy. 

You will probably be in your mid-30s, a qualified 
accountant preferably with a degree or MBA, and have 
worked in a senior financial role with a major multi- 


national company. You should have a facility for 
languages, preferably already Spanish speaking and be 
highly motivated with strong leadership qualities. First 
class technical and inter-personal skills are a 
prerequisite. Experience of working in a Spanish 
speaking environment and of working with Partners in 
strategic alliances would be added advantages. Above 
all vou must have the strength of personality, 
intelligence and flexibility to succeed in an expanding 
commercial environment poised for significant growth. 

This is a senior appointment in one of Europe's 
fastest expanding markets and is based in a major city 
in Spain. Career development potential is excellent. 

If you are interested in this appointment, please 
telephone Stuart Adamson FCA on 0532 451212 or 
send your CV in confidence quoting reference 
number 731 to Adamson & Partners, 10 Lisbon 
Square, Leeds LSI 4LY, West Yorkshire, England. 
Fax number 0532 420802. 


Adamson & Partners 

International Financial Search & Selection 


Organisation Europeenne pour la Recherche Nucleaire 
European Organization for Nuclear Research 


Laboratolre Europ6en pour la Physique des PartJcules * European Laboratory for Particle Physics 

Ctose to Geneva. CERN. the European Laboratory for Partide Physics, is an International Organization 
of zporld reknown which promotes the study of the fundamental constituents of nun ter. In a living 
example of international collaboration . some 3000 staff from 19 Member Slates (Austria. Belgium, Czech 
Republic, Denmark. Finland, France, Germany, Greece, Hungary, Italy, Netherlands, Norway. Poland. 
Portugal, Slovak Republic. Spain, Sweden. Switzerland. United Kingdom) are writing together to 
provide a service for the International Physics Community. The contributions from these Member Slates 
provide an annual budget of 920 MCHF. 



We are looking for 
young professionals for the 

Purchasing and Accounting Services 

of our Finance Division 


Buyer 

To research European markets, organise calls for tender, negotiate and 
draft contracts for the supply of goods and services - mainly in the area of 
industry and high technology. 

Candidates should be of Member 

a university degree in Economics, Business Administration or equivalent; 
good knowledge of European markets; 

good knowledge of English and French and ability to draft documents in 
these languages (knowledge of another European language is desirable); 
relevant professional experience (3-5 years). 


Accountant 

To organise and update financial accounts, budget and reserve uccounii 
follow up accounts payable, invoices due and commitments, participate in 
preparing the Organization's Annual Accounts. 

State nationality and possess 

a diploma as Chartered Accountant, or university decree inelu.tin.. 
Finance and Accounting; i- 

very good knowledge of financial dala-pmccssing techniques- 
ability 10 coordinate teamwork; 

good knowledge of English or French, working knowledge of the other 
language; vmcr 

relevant professional experience (3-5 years). 


CERN offers an attractive remuneration package Including a competitive salary and comprehensive social benefits. Applications mill be considered on 
individual basis and in the strictest confidence. Letters of application, accompanied by a detailed atrriadtan vitae, should be sent to: 


John CUTHBERT, Human Resource Services, CERN', (2(1 Geneva 23, Switzerland, quoting reference "Fl-94-’?" 


* 


b 









? FINANCIAL times 


FRIDAY OCTOBER 21 1994 


37 


Central London 


Group Finance Controller 


Excellent Package 


Storehouffis » » m V6r m e f CfiSS °* £1 ^ )n ' over outlets in tha UK and overseas and more than 18,000 employees, 

oerfarmanrp in - ratait P™® 015 ® 1 Covering the Bhs, Mothercare, One-Up and Blazer businesses, our encouraging 
commit™ nm 3 nri ^ h ’ 9 ^ com P etit * ve riiwtet is attributable to strong customer values, exciting brands and the 

commitment and dedication of our people. Nowhere is this more relevant than In our finance function. 

havirw 0311109 f ° r 3 finance Professional capable of identifying commercially feasible business initiatives, and 

nrnfit anrt k i ^termination necessary to implement them. With no routine accounting involved, your brief will focus on 
Hiropfii, »„ *k mpro ^ ment fergely within Bhs. but also impacting on our other retail chains, nils appointment reports 
u recny to the Group Finance Director and carries responsibility for a small team. 

quali, ! ed a ® co “ ntant w * th around ten years' relevant experience behind you, ideally gained in a retail environment, 
eg c, ana yocal thinker, you are a confident communicator capable of liaising successfully at Board level. 

represents an impressive opportunity for an ambitious retail finance professional to develop their career in a 
s organisation committed to Its future; its brands and its people. There is a very attractive salary package, along with 

some outstanding, individually-tailored benefits, Including share options. The right candidate will not be disappointed with the 
rewards on offer. 

To apply, please write with full career and salary details, in complete confidence, to Dick Steele, Group Finance Director, 
Storehouse pic, Maryfebone House. 129-137 Maryiabone Road, London NW1 5QD. 


STOREHOUSE 



Finance Director 


c.£55K 


LONDON 


High Table specialises io providing catering 
services on a contract basis to many blue chip 
organisations both in London and more recently 

nationally. Turnover is in excess of £20m with 
continued expansion planned High Table, now a part 
of Generaie Des Eaux, seeks to strengthen its 
management team to formulate and ensure 
achievement of business objectives. 

As part of that team, you will provide financial 
and commercial leadership in the day-to-day 
operations, with specific responsibility for 
the finance and IT functions. You will also be 
expected to make a major contribution to the strategic 
direction of the business. This position offers 
excellent opportunities to advance into general 

management. 


You will be aged 35-45 and a graduate ACA or 
ACCA. It is essential that you have at least ten years' 
post-qualification experience, five of them in a senior 
operational role. Experience in the catering industry is 
not a prerequisite, but you must be able to 
demonstrate career progression in a resultsoric mated 
environ menu Detailed knowledge of computerised 
accountancy and administrative systems is essential; M 
& A experience would be advantageous. 

If you believe you have the enthusiasm to 
contribute to this growing company, please write 
quoting ref, FT300, enclosing full personal, career and 
salary details to: Suzanne Dobinson, Management 
Consultancy Division, Robson Rhodes, 186 Gey Road. 
London EC IV 2NV. Applications should be received 
no later than 4th November 1994. 


ROBSON RHODES 


Chenemd Accountants l 


RSM 

numational 




C £40,000 PLUS PERFORMANCE RELATED PAY PLUS BENEFITS 


Working in the heart of London we have a reputation 
for innovation, quality and the provision of effective 
services to our tenants. We house over 2,000 
households in properties worth £172 million. We are 
investing £50 million to provide 804 new and 
modernised homes. 

■ We are looking for a new Finance Director to play a 
full pan in the corporate management of the 
Association using your expertise in financial 
planning, borrowing and risk appraisal to achieve the 
Association's corporate plan objectives. 

As an experienced manager you will personally 
negotiate with banks and analyse the risks of new 
business opportunities. You will supervise the 
management of our loans portfolio, treasury 
management and internal audit functions. You will 
ensure that our accounting function, responsible for a 
turnover of £7.1 million, operates to the highest 
standards of efficiency and control. 

A qualified accountant with at least 3 years’ senior 
management experience, including staff management. 


you must be able to demonstrate a track record of 
achievement in a complex and fast moving 
environment. You must have the personal qualities 
necessary to command respect from colleagues 
internally and banks, the Housing Corporation and 
statutory authorities externally. You must be highly IT 
Literate and able to apply your entrepreneurial skills to 
improve and expand the Associations activities. 

The value of your contribution will be reflected in a 
remuneration pnrlcwge comprising a sahuy of circa 
£40,000 plus performance rated pay plus benefits. 

For an information pack and application form please 
fax Lindsey Tredwin on 071 284 0098 or send her a 
postcard with your name and address to : 
Community Housing Association. 68-70 Parkway, 
London NWI7AR 

Please note that only completed application forms not 
CV's will be considered. Cosing date is Monday 7th 
November 1994. 

CHA is an equal opportunities employer. 




Community 

Housing 

Association 


West London 

£Negotiaide 

+ Benefits Package & Car 


Contact Mark Brewer on 

(071) 916 2040 

or write to him at Brewer Morris, 
Ludgate House, 107 Flea Street, 
London EC4A2AR 

Evenings & Weekends 
(081)995 9624 


TAXATION RECRUITMENT SPECIALISTS: 


Our client is one of the UJC’s largest privately owned companies, with 
interests in retail, leisure, banking and pr o perty. Operating from a 
secure and stable financial base, which has grown organically through 
carefully controlled expansion over the last 30 years, the company has 
operations in the UK, Continental Europe, the Middle East and the 
USA. Further international expansion is underway. 

This newly created role will report directly to the chairman and will 
encompass compliance management, tax accounting and reporting for 
all UK and international companies, as well as dealing with enquiries 
from, and correspondence with, the Inland Revenue. Strategic tax 
planning is viewed as a prime responsibility, and the Tax Manager will 
review proposed transactions, advise on the tax implications and 
proactively provide input on group affairs. 

Suitable candidates will be at least 30 years old, ACA qualified, 
possibly AT1I, with a minimum of 4 yean post qualifying tax 
experience, some of which will have been gained within an 
international firm of accountants. This is a highly autonomous role 
within a small Head Office team which will suit a confident, 
ar t iculate, co mm e r cially aware individual, who is flexible in approach, 
technically strong and results orientated. As part of the management 
team some international navel will be required. 


KPMG Hazem Hassan 

Evocative Selection and Sea r c h 


EXCELLENT OPPORTUNITY 
Middle East 

Group Vice President - Internal Audit 

Our client ., a large group of companies based in the Gulf, 
is seeking a high calibre Arabic speaking CPA /FCA to fill 
the post of Group Vice President-Internal Audit. 

Reporting directly to the Chairman, you will ensure the 
conservation, optimum use and security of Group resources 
through effective planned audit and/or ad hoc investigation 
into the soundness, adequacy and proper implementation of 
Group policies & procedures, standards and controls. Also, 
you will provide independent appraisal in respect of 
effectiveness and adequacy of controls and performance to 
provoke corrective action by accountable management. 

Ideally aged 4(1-50 years, the right ca n di date should have 
acquired at least IS years of experience with 5 years at a 
senior level in international audit firms or blue chip 
corporate organizations and gained solid experience in the 
areas of Internal Audit Planning, Financial Analysis, 
Investment, Operational Appraisal and EDP Audit 

This key position carries with it a very attractive tax free 
salary and benefits package that includes: bonus, life 
assurance, executive motor car, medical benefits, free fully 
air conditioned villa, first class air tickets, 45 days annual 
holiday, relocation costs and end of service gratuity. 

If you are interested in this top managerial opportunity, 
nlease fax your C.V. now to the attention of Mohamed 
EzzaL Partner, KPMG Hazem Hassan Executive Selection 
andSearck {Fax Nos. 202-3487819 13497224} or send tip 
Express mail to 72 Mohi Eldin Abu El Ezz SL, 
Mohandessin - Cairo - Egypt. 


FINANCIAL DIRECTOR 

Aggressive Airport Security equipment 
manufacturing company based in the S E seeks a self 
starter qualified accountant with current practice in 
management and financial accounting, budgeting, 
forecasting, cost and general accounting, cash 
management together with financial controls. 

The successful candidate must have excellent 
communication skills as well as a working knowledge 
of the problems facing sales, 
engineering and manufacturingPlease apply with a 
full CV to: 

Box A2174, Financial Times, 

One Southwark Bridge, 

London SE1 9HL 


pgnzugyi vezetot, fokdnyvelot keresunk 
nraltmarfonfUis szorakostatoipari 
t&rsasag r€szere 
BUDAPEST 

Egy 4 milliard US doll Sr fives forgalmat bonyolitd 
tarsasfig penzugyi megbfeottat keres magyarorszfigi 
fidkjinak vezetfisfire. As sfleeres jelentkezonek - akfir 
ffirfi, akfir no - tokfiletesen kfipzett kdnyvelonek kell 
leonie, aid mind magyarol, mind angolul folyfikonyan 
beszfil fis in A jelentkezonek megfelelo 
bizonyi tv&ny okkal kell rendelkeznie a pfinzugyi 
vezetfis terfin szeszett gyakorlalSrdL A megfillapodfis 
Idtuno alapfizetfist, prfimiumot, valamint a szokfisos 
nemzetkfizi kedvesmfinyeket foglalja magfiba. Az 
alkalmaztatfisa firdekfiben fijon rfiszletes onfiletrajzzal 
fis fizetfisi igfinnyel a kovetkezo dmre: Mr Stephen 
Gottlieb, 31 Villieis Street, London WC2N 6ND 


dear focus, ultimate vision 


Stonham FTI 

Housing Asaoctatkm Lhf L I .1 

HOUSING WITH CARE 


Finance Director 


London 


144, 000 + car + bene jits 


SlOMl \ M provides housing, care mul support enahlin t> people to develop 
their dipnit\, exercise control over their live . s and none towards independence. 

Thv !< il’Jm ii> of oiir • >r>'.;wiwiii<m ;.nv imn'vnv.' kisi uvr I Mi!) employees ;uu! 
.'Dim \olnnieers workne in 50 i' !(m;;iiii .ns pr- -viilcii hones tor over 5000 
people. We v.ork veil h 200 ennimuriiies ;nn! n\ei SO fum!:n>: bodies. 

As l-iniinee Director you veil I under!, ukr ;i pi\ui;i! role in the financial and 
convince nianacemeiil o! an or eanoai i< 'it with a ;u mover approaching W'O 
million, ensuring our ie omcc' are employed v maximum effect and oar poals 
achieved 

You uii; be a Allied cetieia] mimacer. qualified, computer [iterate and 
e\pe?ieticed in ali aspects of imance mcimiirip •undine negotiations and 
ireisurv manacemenl. Von will have been involved in the deden and 
■implementation of financial eumroi wMvitiv and \nur interpersonal skills will 
be to the foie in oar team euvin inmeni . Yhi will be skilled in Impicmenone 
eiianue v.hiK; maintainin-j moment uni. 


■ need m .nn-one who can rise to lh 
d v. [v s shares our aims and belief- 


:me pos,,.: 


in the eomninnirv 


lor an application pack phase contact ottr consultant'.. /'( A Recruitment. 
/>! Heath Street. I.nndon All.? (>{ (,. Telephone 071 IIO 7. {'lease quote 

reference it). C/nsinp date for returned applications 07.ll.0d 


/PCA/ 


e c r u 


wtry be on We sidelines when you can be at the prefront? 

V Finance Director 


y>. 




LONDON BRIDGE 

STARTING SALARY UP TO 

c r«gin«ntd charity and 
fckr° vIdin * a range of 
Working 
: the UK. 



IT PROJECT MANAGER - FINANCE 


TONER 

GRAHAM 


Thames Valley 


To £40,000 Package + Car 




incolb 


fori 




.tnfluendng Fori 


il and 


^ we arw 


071 


aritfl 


I managers 
Level 


fkon contact MB 1 

United House, 

9 DP. Telephone; 

071 700 7599. Closing 

'opfjJkatfcMisb Monday 

at 5.00pm. 


Fin St 


x»u^iouEtn*4 
nd operating oui 

Yianagement 


PHOENIX 


I House 1 
gual 


in d 


HACAS 


I oft 
»ntrol 


ions of the community, including 
people who have had previous 
of pmijJefnode drug use and 

f a drug-free Bft dyice. 


Our dlent is a major International corporation - a distinct leader in a number of key markets. The company’s 
renown for quality and excellence extends well beyond its marketing manufacturing capabilities into all areas 
of the business in fr a s t r ucture - the information Management function is no exception. 

Interfacing predominantly with senior finance derision makers and IT developers, an opportunity has arisen for a quality professional to 
join the head office team. The role involves working with finance teams to identify process improvements and systems solutions with a 
strong- bias towards project management. Underlying the scope of die role will be a disciplined approach to determining business 
..r^ukements and managing the delivery and Implementation of appropriate solutions. 

The successful candidate will be a high calibre graduate, preferably professionally qualified. Significant experience in the planning and 
. leading of major change programmes across operational units, in a client server environment, is an important prerequisite. 

, Without doubt this will be a high profile role calling for acute intellect, business and systems expertise operating at a senior level and 
exceptional abilities^s a problem solver and relationship manager. 

Irr return Is not just an attractive remuneration and benefits package, but the Joe Graham CA at Toner Graham, 

opportunity to play a significant role in the : fiiture of this exciting and highly successful 

' company, where prospects for advancement are dependent upon merit and not length of 8 Imperial Square, 

service. Interested applicants should write enclosing a comprehensive CV. and current salary Cheltenham, 

detalis, lnthe strictest confidence, quatir^teteremse JG 16/90 to: GUO 1QB. 


HelP 


infl Rebuild Llvas - 







38 


FINANCIAL TCVrES 


FRIDA V OCTOBER 21 IW 


COMMODITIES AND AGRICULTURE 


Copper climbs to fresh 
highs as metals 


Copper’s price on the London 
Metal Exchange reached lbs 
highest level for nearly four 
years yesterday as investment 
fund and speculator activity 
continued to boost all metals. 

Aluminium reached a fresh 
four-year high and nickel 
touched a two-year peak. 

Some analysts suggested 
there were solid reasons for 
the surge. Mr Wiktor Bielski, 
analyst at Bain & Co. a Deut- 
sche Bank subsidiary, said that 
first-half demand for alumin- 
ium, copper and nickel had 
risen by 7 per cent compared 
with the same months of 1993. 


By Frances WHItams in Geneva 

The short-term outlook for the 
timber industry in Europe and 
North America is bright as eco- 
nomic recovery gathers pace, 
the United Nations Economic 
Commission for Europe says in 
its annual review of market 
prospects for forest products. 

It expects consumption and 
production of all forest prod- 
ucts to rise in both 1994 and 
1995, bolstering prices. How- 
ever. this masks significant 
variations within the region. 

Output of sawn softwood in 
Europe is forecast to increase 
on average by 5.2 per cent to 
72m cu m in 1994 and by 3.3 per 
cent to 7-L5m cu m in 1995. 

in North America, however, 


By Karen Fossfi in Oslo 

Statoil. the Norwegian state oil 
company, yesterday announced 
that it had made a promising 
gas and condensate discovery 
in the Norwegian North Sea 
worth an estimated NKr40bn 
($5.5bn). 

Recoverable reserves of the 
discovery In block 34/11 are 


He added that lead and zinc 
demand was up by 4 per cent, 
which was “twice as strong as 
even ardent bulls had pre- 
dicted". 

Meanwhile, added Mr Biel- 
ski, supplies had fallen along 
with exports from the former 
eastern bloc - apart from those 
of aluminium. Also, some LME 
stock was not immediately 
available because it was tied 
up by financing deals. 

"Sensationally strong" fun- 
damentals would ensure that, 
even if prices fell because of 
profit-taking, they would 
recover quickly, he insisted. 


output and consumption are 
expected to decline next year 
after rising in 1994. 

The ECE says that while 
there are signs of recovery in 
some eastern European coun- 
tries, the forest sector remains 
severely depressed in Russia 
and other members of the 
Commonwealth of Independent 
States. 

A combination of lower 
Canadian and Russian exports 
to Europe, and higher Euro- 
pean exports to the Near East, 
North Africa and the Far East 
will make Europe a net 
exporter of sawn softwood for 
the first time this year and 
next, the ECE says. 

Sawn softwood consumption, 
production and trade in Rus- 


estimated at 60bn cu m of gas 
and 125m barrels of associated 
condensate - a form of light 
oil 

Statoil said the exploration 
wen has proved the existence 
of one third of the estimated 
total quantities in the reserves 
and compared the size of the 
discovery to that of the Gull- 
faks Sooth field. 


surge 

However, Mr Nick Moore at 
Ord Minnett, an associate of 
Jardine Fleming, warned there 
was a great deal of moth-balled 
capacity that producers could 
quickly re-acttvate. 

"The market is behaving as 
if stocks are at critically low 
levels and they clearly are 
not,” he said. 

Three-month copper, after 
moving briefly above US$2,600 
a tonne for the first time since 
January 1991, closed last night 
at $2£84J25 a tonne, up $44.75. 

Aluminium closed up $34 at 
$1,774.50 and nickel was at 


sia, which have declined dra- 
matically since 1990, are fore- 
cast to fall again in 1994 but 
may improve slightly in 1995. 
The removal of subsidies has 
sharply increased transport 
costs, forcing uneconomic pro- 
duction facilities in western 
and central Siberia to shut 
down. 

Russian production in 1994 is 
likely to slump to about 23m 
cu m. compared with more 
than 90m cu m in the former 
Soviet Union in 1990. Exports 
are forecast to fall to some 5m 
cu m in 1994 but rise to 8m cu 
m in 1995. 

Sawn hardwood consump- 
tion in Europe, which has 
fallen for the past decade, is 
rising agajr*- 


The company, which is in 
charge of the operations and 
has a 65 per cent share In the 
licence, is considering drilling 
an appraisal well next year to 
better define the discovery. 

Norsk Hydro Produksjon, a 
unit of Norsk Hydro, Norway’s 
largest listed company, holds 
20 per cent of the licence and 
BP Norge 15 per cent 


Russian 
smelter 
in $280m 
upgrade 

By Kenneth Gooding. 

Mining Correspondent 

Russia's Novokutsnetsk 
aluminium sme lter in Siberia 
is to be modernised over the 
next four to five years with the 
I help of VAW of Germany. The 
project will cost about $280m. 

This is the first time a Rus- 
sian smelter will be fully mod- 
ernised rather than partially 
upgraded, says Mr Horst 
Peters, managing director of 
VAW Alummimn-Technologie. 
The project will cut pollution 
from Novokutsnetsk substan- 
tially, improve working condi- 
tions and reduce energy use by 
20 per cent 

Novokutsnetsk has two 
plants, built between 1942 and 
1966 with a total annual capac- 
ity of about 280,000 tonnes. The 
older plant will be perma- 
nently closed and the other’s 
capacity Increased to 250,000 
tonnes of higher-quality alu- 
minium. 

Conditions for the 150,000 
people living near the smelter 
had become so bad because of 
pollution from the older plant's 
outdated technology that three 
of its six buildings have 
already been taken out of oper- 
ation. 

Mr Peters says the project 
will be paid for by al uminium 
exports - Novokuznetsk has a 
licence for 60,000 tonnes of tax- 
free exports each year between 
1994 and 2000. 

finance Is expected to come 
from supplier loans, private 
banks and, possibly, the Euro- 
pean Bank for Reconstruction 
and Development 
VAW has been working on a 
feasibility study for some time 
and this assumes that the alu- 
minium price will average 
$1,650 a tonne and calculates 
the modernised smelter's pro- 
duction costs at about $950 a 
tonne. 

The contract to provide engi- 
neering services is worth 
DM20m ($13m) to VAW. 


$7.02250, up $12750. 


Mixed forecast for timber 


Statoil in NKr40bn gas discovery 


A glittering future for Turkey 

The way is open for a gold mining industry, says Kenneth Gooding 


T he way is clear for a 
gold mining industry to 
develop in Turkey, 
according to Mr Norman Har- 
die, vice president of projects 
and corporate development for 
Metall Mining Corporation of 
Canada, 

Handle suggests that in five 
years Turkey might well have 
five gold mines producing 12 to 
15 tonnes of the precious metal 
between them. 

Development of the industry 
can go ahead now that final 
approval has been given by the 
environment ministry for a 
gold min e - Turkey's first - at 
Ovacik, 100km north of Izmir. 
Behind the project is Eurogold, 
a joint venture between Metall 
and Poseidon Gold of Austra- 
lia. 

Eurogold has been battling 



since 1991 to get various 
approvals - 11 in all - and Mr 
Hardie says other mining com- 
panies with promising gold 
projects in Turkey have been 
hanging back to see the out- 


come of Eurogold's pioneering 
work. 

Fierce opposition to the 
Eurogold project was based on 
local fears about the use of 
cyanide to leach out the pre- 
cious metal, a common prac- 
tice throughout the world. 
There was also concern about 
the impact the mine would 
have on tourism - the deposit 
is only 12km from the historic 
city of Bergama. 

Mr Hard ie said the Ovacik 
minp would meet, and in some 
cases exceed, international 
standards adopted in the most 
environmentally conscious 
countries in the world. The 
min e would add interest to 
tourism in the area by offering 
tours of the mill. 

Eurogold has so far spent 
$15m on the project which is 


expected to cost another S35m 
to S40m. Mr Hardie said two 
banks - Barclays and Dresdner 
- have agreed to provide $31m 
of project finance. 

The mine will have 200 
employees and another 1,000 
jobs will be indirectly created. 

Ovacik, a high-grade deposit 
with an average of nearly 10 
grams of gold in each tonne of 
ore, is expected to produce 
about 100,000 troy ounces of 
gold a year at a toll cost of $250 
an ounce. Present reserves 
are enough for at least eight 
years. 

Other companies with gold 
projects in Turkey include 
Cominco of Canada. Gencor of 
South Africa and the RTZ Cor- 
poration of the UK- Eurogold 
has also spent SlOxn on explor- 
ing other parts of Turkey. 


Poland calls for 
radical CAP reform 


By Deborah Hargreaves 

Poland's agriculture minister, 
Mr Andrzej Smietanko, 
stressed in talks with his Brit- 
ish counterpart Mr William 
Waldegrave, yesterday that 
Poland wants to see radical 
reform of the Common Agricul- 
tural Policy which would allow 
it to join the European Union. 

"The same policy simply 
can't be extended to Poland 
because the EU can't afford it 
and Poland doesn't have the 
resources to pay,” he said. 

The Polish minister's com- 
ments are likely to add to the 
current debate in the EU about 
whether the CAP can be 
extended to east European 
countries. 

Mr Smietanko called for 
greater access for Poland to 
lucrative EU markets. "We 
want access to markets in the 
EU: we don’t just see the till 
box from which to draw 
money,” he said. 

The minister pointed out 
that lkg of beef sells for the 
equivalent of SO cents in 


Poland, compared with $2 in 
the EU. 

But cheaper Polish producers 
were not being allowed to sup- 
ply products to the EU market, 
he said, in spite of declarations 
by politicians that the market 
would be opened to them. 

"Unfortunately, we have 
become net importers of food 
following the invasion of EU 
products.” Mr Smietanko said. 

He has highlighted three 
areas of Polish agriculture as 
priorities for reform - these 
qualify for preferential credit 
terms from the government 
and banks. 

The first step is to boost milk 
production to meet domestic 
needs following a 40 per cent 
drop in output in the past four 
years. "We want to build up 
those sectors where we have a 
chance of exporting to the 
world market," Smietanko 
said. 

Mr Smietanko and Mr Walde- 
grave agreed to set up a work- 
ing party to tackle bureau- 
cratic barriers to British 
investment in Poland. 


EU milk prices to 
stay under pressure 


By Deborah Hargreaves 

European Union milk prices 
have been below 1993 levels 
this year and are likely to 
remain under pressure in com- 
ing years because of the Ell's 
enlargement and trade liberal- 
isation, according to Mr 
Erhard Richarts, head of the 
dairy group at Germany's agri- 
cultural market and price 
reporting agency ZMP. 

Mr Richarts, speaking at a 
dairy conference this week 
organised by Agra Europe, the 
business information group, 
said the lower prices in conti- 
nental Europe are in sharp 
contrast to rising levels in the 
UK as companies compete for 
supplies ahead nf deregulation 
in November. But he stresses 
that the British situation has 
little to do with the develop- 
ment of the market in the rest 
of Europe. 

EU prices have fallen as 
export markets to third coun- 
tries have shrunk amid 
increasing competition from 
New Zealand and Australia. 


Next year prices will be fur- 
ther depressed when Finland, 
Norway, Austria and Sweden 
join the EU. These countries 
all produce milk surpluses - 
Finland and Norway are far 
more self-sufficient than the 
rest of the EU. 

In spite of applying milk quo- 
tas to the four new members, 
the ElTs structural surplus of 
dairy products will increase to 
about l.lm tonnes when they 
join. 

In addition, when the Gen- 
eral Agreement on Tariffs and 
Trade deal comes into effect in 
the middle of next year, 
greater access for dairy 
imports is likely to push this 
surplus to 2m to 3m tonnes, Mr 
Richarts says. 

He sees little political will 
for cuts in milk quotas among 
EU agriculture ministers. 

He expects prices to firm 
slightly in the first half of next 
year but to weaken later with 
pressure on the European 
dairy market increasing in the 
late 1990s as the Gatt deal 
bites. 


COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal Trading) 


■ ALUMINIUM. 99.7 PURITY ($ per tonna) 



Caah 

3 lull la 

Close 

1754-55 

1774-76 

Previous 

1720-21 

1741-42 

HSgMow 


1776/1757 

AM Official 

1753-54 

1772-72.5 

Kerb close 


1768-70 

Open Int 

262.117 


ToM dolly turnover 

80,779 


■ ALUMINIUM ALLOY (S per tonne) 


dose 

1730-35 

1780-65 

Previous 

1700-10 

1735-45 

Wghflow 


1760/1750 

AM Official 

1730-35 

1760-65 

Kerb dose 


T 750-60 

Open int 

2.893 


Total daBy turnover 

313 


■ LEAD (S per tome) 


Close 

653-54 

685-65.6 

Previous 

B46-47 

658-585 

Hfgh/Iow 

661 

672/662 

AM Official 

661-62 

670-71 

Kerb dose 


6645-665 

Open Im. 

42932 


Total dafly turnover 

7.059 


■ NICKEL (S per trams) 


Close 

6915-25 

7020-25 

Previous 

678S-9S 

6890-900 

High/tow 

6945 

7090/700 

am Oman* 

6946-60 

7050-55 

Kerb dose 


7000-20 

Open im. 

63.635 


Total dafiy tranover 

20.443 


■ TIN (S par tonne) 



Close 

6560-70 

6640-50 

Previous 

5480-90 

5660-70 

Wgh/low 

5560/5555 

5640-50 

AM Official 

5580-65 

6635-40 

Kero dose 



Open Int. 

15.986 


Tote) daily turnover 

6.387 


■ ZINC, special Mgh grade (5 per tome) 

Close 

1071-72 

10905-915 

Previous 

1063-605 

1083-B3.fi 

HfgtvW 

1073/1072.5 

1093/1090 

AM Official 

1072-72.5 

1032-925 

Kerb dose 


1093-4 

Open Ira. 

101.928 


Total dally turnover 

21,035 


■ COPPER, grade A (S per tome) 


Ctao# 

2S8S5-865 

2584-845 

Previous 

2542-43 

2539-40 

HtghAaw 

2595 

2005/2570 

AM Official 

25945-95.0 

2531-92 

Kerb dose 


2576-77 

Open InC. 

211,759 


Total daffy turnover 

101X40 


■ LME AM Official ITS rate: 1.6205 


LME Closing E/S rata: 1.6205 



Spot 1.6225 3 m 0 Kl. 621 D 6 Rfla 1 ^ 1 B 2 9 nOvei .6145 


■ HIGH GRADE COPPBt (COMEX) 



Cion 

Day* 

tWW 

Hgfc 

Opea 
tow tat 

va 

Oct 

nano 

•2.05 

120.30 

117.70 1.244 

413 

Nw 

11775 

-125 

119. BO 

11890 1/180 

155 

Dec 

117.60 

-1.00 

12050 

11790 40,935 

6.626 

Jn 

11705 

4195 

11140 

11&4fl 8sa 

4 

Feb 

11655 

-090 

- 

- 570 

6? 

Mar 

uaoo 

-090 

118.40 

11800 8,762 

1981 

TOW 




001978 

8,702 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices suppBed by N M HolhactiM) 


Odd (Troy oz.) 

Dose 

Opening 

Morning ft* 

Afternoon fix 
Days Hflh 
Day's Low 
Previous dose 


S price 

390.80- 391.00 
390.60-391.00 

39058 

391.55 

392.10-39150 

39050-39090 

390.80- 391 JO 


E eqdv. 


240.825 

241.767 


Loco Ldn Moon Odd Lending Rous [Vs USS) 

1 month 4.53 6 morafts 4.94 

2 m o n t h s ... 4.60 12 months 5.31 

3 months ._. A.T8 


SOnr Fbc 
Soot 

3 months 
8 months 
1 year 


prtroy or. US cts equhr. 
333.95 541.00 

338.80 548.45 

34490 555.90 

356.40 573.10 


Gold Cotea 
Krugerrand 
Maple Leaf 
New Soverei gn 


5 price £ equhr. 
393-396 243-247 

393.60-397.25 

91-94 56-59 


Precious Metals continued 

GOLD CQMEX (1O0 Troy oz.; Sflroy cej 


GRAINS AND OIL SEEDS 

i MEAT LCE p. per tonraft 


SOFTS 

COCOA ICS (Eft arms) 


MEAT AND LIVESTOCK 

UVE CATTLE CME (4Q,000to: certs/tos) 



Sett 

Day* 


np— 



SsH 

Day's 



Open 



SMt 

Day* 


Opea 



Satt Day* 

Open 



pries 

dungs 

Mgb 

toe lot 

WL 


pries 

damps 

Ugh 

Low 

M 

Ml 


price 

change 

BUI 

Law tat 

IM 


pica change Low 

tat 

Vtff 

Oct 

3919 

+12 

3929 

3919 43 

- 

■w 

10590 

+0.10 105.10 10800 

1.455 

62 

me 

952 

+11 

953 

938 21929 

BOB 

Oct 

68275 +0825 88500 67900 

1970 

930 

Mo* 

3919 

+1.1 

- 

- 

- 

-tea 

10795 

+0-15 107.10 10690 

1976 

62 

Mar 

884 

+11 

984 

968 41902 

1,407 

Dac 

69975 +0973 60900 69.475 30285 

8932 

Dec 

3933 

+19 

3949 

3929 83,061 

22.402 

Mar 

109.10 

+820 109.10 10990 

1939 

5 

May 

994 

+12 

995 

978 14907 

259 

Mi 

68725 +0575 08.750 68375 17994 

2928 

Feb 

3987 

+19 

3B80 

3980 19,074 

545 

Mar 

111.10 

+0.15 

111.10 11190 

1906 

44 

M 

1006 

+11 

1007 

994 8,191 

100 

Apr 

88700 +0500 68725 68950 

12292 

2,489 

Apr 

4003 

+1.1 

4019 

4009 7,481 

2 

Jri 

11295 

- 

- 

- 

200 

- 

Sap 

1021 

+12 

1021 

1010 12982 

88 

Jon 

65525 +0425 65950 66900 

3923 

407 

Jan 

4039 

+1.1 

4049 

4039 10244 

122 

S*P 

9690 

-040 

- 

- 

40 

- 

Dac 

1038 

+11 

1038 

1028 8990 

54 

Aug 

64975 +0950 64925 64.100 

1992 

m 

Total 




158290 23,134 

ToM 





8927 

IM 

TsM 




108924 2923 

Total 


88,184 15978 

N PLATNJM NYMEX (50 Troy ol; SAroy ozj 

■ WHEAT CST (S900bu rrtn; cents/BOb bushel) 

■ COCOA CSCE (10 tomes: Stonnes) 


■ UVE HOGS CME f40900tba; cantaftbs) 


Oct 

4279 

+59 

- 

- 110 

3 

Dec 

309/4 

+2/0 

4000 

38581 40.440 13,053 

Dec 

1340 

+36 

1345 

1293 30965 4.110 

Oct 

30700 +0275 31900 30500 

487 

141 

Jon 

4299 

+89 

4329 

4259 18915 

2985 

Bar 

4108 

+2/2 

413/0 

408/4 21979 

4990 

Mar 

1385 

+34 

1390 

1341 21.761 

1950 

Dac 

33950 -0050 34.123 3152S 18,180 

2.480 

Apr 

4339 

+5.1 

4385 

4299 3/467 

221 

■qr 

386W 

+1* 

388/D 

383/4 

4,011 

1952 

May 

1413 

+34 

1*17 

137D 8955 

183 

Feb 

38650 +0.100 36.950 38900 

7988 

771 

Jri 

4381 

+5.1 

4380 

4399 B44 

104 

Jt* 

352/6 

+1/2 

3S3/D 

350/2 

0.116 

1.699 

Jri 

1440 

+34 

1448 

1400 1024 

- 

Apr 

38725 +0075 37950 36950 

3957 

357 

Ott 

442.1 

+59 

• 

- 360 

im 

Sep 

35612 

+0/2 

356/2 

3550 

228 

3 

sea 

1467 

+34 

1459 

1453 1933 

- 

Jn 

48400 +0925 48475 42.100 

1.753 

188 

Joa 

445.1 

+85 

- 

2 

- 

Dec 

365/4 

+1/4 

366/4 

36440 

134 

1 

Dec 

1502 

+39 

1502 

1455 4966 


Aufl 

41925 +0225 41925 41.700 

322 

29 

Total 




23988 

39W 

ToM 





709M 20988 

TMM 




73900 6,143 

Total 


32975 

49« 

■ PALLADIUM NYMEX flOO Tray ozl; S/troy ok) 

■ MADE C8T (5,000 bu rrtn; oents/56»! bushel) 

■ COCOA 0CCCQ (SDR'srtonno) 


■ PORK BELLIES CME (40900bx oanta/fes) 

Dae 

15796 

+0.75 

15845 

15875 4952 

350 

Dae 

217/4 

+3/0 

218/2 

214/2121971 

18555 

Qrf 19 



Mn 

Pnffi day 

M 

40750 +0975 40800 38950 

8.885 

2,162 

Mar 

15880 

+060 

15825 

157J5 1947 

131 

Mar 

228/2 

+Z/B 

229/2 

225/0 55907 

6942 

Daffy — 



374.45 

971.18 

Mar 

40925 +1.100 *1900 38900 

1928 

152 


Jna 16990 +0.75 - - 187 50 

Total 4M 631 

■ SILVER CQMEX (100 Troy oz^ Cents/hoy <cj 


(toy 


Od 

5403 

+32 

- 

- 150 

150 

Nav 

5419 

+3.1 

- 

- 

- 

Doc 

5439 

+39 

5480 

5409 78.484 23.162 

Jm 

5481 

+09 

- 

72 

3 

Urn 

552.0 

+39 

6589 

5485 14962 

191B 

Uaf 

5580 

+Z3 

5609 

5559 4,677 

778 

Taw 




112903 28912 

ENERGY 





M CRUDE OK. NYMEX (42,000 US gaffs. S/barrel) 


LaM 

Days 


Opm 



pries 

ebaaga 

Mgb 

Low tat 

Vd 

Kav 

17.45 

+093 

1790 

1798 26954 32900 

Dec 

17.49 

■092 

1798 

17.44107934 

58942 

Jan 

1791 

-fUD 

1798 

17.46 60938 

18969 

Ml 

17.47 

-094 

1793 

17.45 29.628 

7942 

Mar 

17.48 

-091 

1792 

17.48 23962 

192B 


1798 

-093 

1791 

17jW 17J47 

2,103 

TeW 




<17938124966 

■ CRUDE OIL IPE (S/barrel) 




Uteri 

Days 


Open 



price 


Mgb 

Lew tat 

W 

Dec 

1895 

-091 

1842 

1833 81983 23918 

Jan 

1697 

■092 

1833 

1825 30.004 

7924 

Fab 

16.18 

-094 

1825 

1817 11900 

1977 

Mar 

1812 

•0.12 

1832 

1810 8962 

632 

Apr 

18.17 

+092 

1823 

1810 3,616 

. 

May 

16.18 

- 

- 

- 2973 

- 

Tonal 




148915 32.105 

■ HEATING OH. NYMEX (42900 US gaffs^ c/US safe) 


Latest 

Days 


Opao 



price 

fhniyt 

nob 

Low H 

Vd 

Nov 

4846 

+824 

4890 

4810 21.438 

11,138 

Dac 

48.12 

+815 

■4920 

4880 45999 

11.841 

JM 

49.70 

■092 

4893 

4396 32,070 

8880 

Fab 

3L20 

+803 

5035 

50.15 18941 

3.413 

Mar 

50.10 

+813 

faiqn 

4880 11952 

2912 

Afr 

4825 

+893 

- 

- 8731 

3973 

Total 




165972 41961 

■ QAS OH. (PE (S/toma) 




SaB 

Days 


Opm 



price 

ctemgs 

Mgb 

Low tat 

Vd 

NOV 

15290 

+2.00 

15290 

15190 31,401 

8865 

Dm 

15425 

+2.D0 

154JS 

152.75 24.776 

8339 

Jan 

15590 

+190 

15800 

15490 17.788 

3.143 

Fab 

15825 

+190 

15825 

15875 7.168 

1979 

Mar 

15800 

+875 

15690 

15825 6931 

657 

AW 

15490 

+875 

15490 

15490 2963 

39 

Total 




96986 24,172 

■ NATURAL GAS NYMEX (10,000 nsnSfa.: SAomBuJ 


Latest 

price 


Dsyi 

dnage Ugh Low 


0p« 

in 


Nav 

1972 

-8013 

1967 

1955 28144 

1873! 

Dac 

1925 

■0921 

1942 

1915 

30.748 

7967 

Jm 

1900 

■8016 

toss 

1976 

18407 

3954 

Fab 

1950 

-0914 

1975 

1955 

13978 

1923 

Mar 

1.930 

■8008 

1935 

1926 

11940 

1977 

Apr 

1980 

•0915 

1.900 

1.680 

7955 

695 

Tdd 




148904 33*400 

■ UNLEADED QASOLME 




KYIO (41000 US gaPa^ e/US (pfts.1 




Latest 

Dteto 



Opn 



pries 

cbMge 

Mgb 

lorn 

M 

Vd 

Nm 

47.60 

-40 

4890 

47-20 

15728 

12943 

Dec 

5590 

-25 

5806 

5840 28772 

10933 

Jbb 

5490 

■25 

5495 

5820 

12977 

4.096 

Feb 

5395 

•10 

94.10 

53.75 

85*5 

331 

Mte- 

5490 

-10 


- 

8067 

698 

Apr 

5790 

-45 


- 

«9B8 

520 

Trial 





6B9B0 

31,654 


Z38M 

242/2 

247/0 

251/4 


Sip 
Dec 
ToM 

■ BARLEY LCE (E per tonne) 


+3/0 237/4 233/0 21/140 3/138 

+3/2 243Q 233/4 27.184 3J954 

+3/2 247/4 244/0 2.129 233 

+2/4 253/6 248/5 11.427 742 


■ COfEEELCE (STtonho) 


242,127 2*212 


NOV 

101.65 

■805 

10190 

10195 

370 

11 

Jan 

10495 

-810 

- 

- 

423 


Hut 

10845 

+005 

. 

- 

130 


May 

10840 

- 

- 

- 

48 


Sap 

8375 

- 

- 

- 

2 


Total 





978 

11 

M SOYABEANS GOT (5.000*1 aata; canta/BOb babaQ 

NOV 

549/4 

+6/2 

550/4 

539/4 68048 

19538 

Jan 

561/D 

+8/0 

562/4 

552* 

35956 

8792 

Kxr 

571/0 

+8/2 

572/U 

561* 28484 

3982 

m 

578/4 

+8/2 

579/0 

569* 

9946 

1561 

Jri 

565/2 

+6/2 

585* 

676* 16,558 

2983 

Am 

588/2 

+6/2 

588/4 

580* 

992 

228 


Nov 

3755 

-10 

3805 

3725 

7.223 

917 

Jan 

3748 

+5 

3780 

3700 

11.761 

1.963 

IW 

3688 

+25 

3702 

3625 

8960 

470 

May 

3663 

+23 

3670 

3600 

2912 

167 

JU 

3623 

+43 

• 

- 

1930 

- 

Sap 

3820 

+60 

- 

- 

1,403 

- 

Total 





33973 3517 

■ COFFEE -c CSCE (37500ff»; conw/tba) 


Dec 

2QZ65 

+195 

20590 

19990 13.728 B.868 

IWr 

20795 

+1.15 209.75 204.50 

12923 

1937 

May 

20895 

+195 21895 203. 00 

4944 

288 

Jut 

21090 

+890 

21290 

20990 

1551 

120 

Sap 

208.75 

re 

21875 20690 

883 

18 

Dsc 

21290 

+150 

- 

- 

848 

3 

Total 





33.709 8181 


QCO) (US ceota/pouffd] 


Total 


161,021 34/533 


■ SOYABEAN OIL CHT {BO.OOOtog oenta/lb) 


Coop- dam 
15 day average . 


. 191.28 
. 18&75 


ftw. day 
iauG 
189.43 


Oct 

2791 

+098 

2792 

2872 M14 

2910 

■ No7 PREMUM RAW SUGAR LCE fcarts/tad 

Dm 

2873 

+090 

2575 

25.13 31573 

8959 

— 




Jan 

2499 

+057 

2594 

24.45 12972 

1907 

Jan 

1390 +1.16 



Mar 

2450 

+051 

2456 

2*02 12987 

2916 

Mar 

1295 

• 

90 

Wat 

24.17 

+847 

2C25 

2390 181*1 

1,103 

way 

1390 

- 

- 

M 

2394 

+846 

2490 

2357 7911 

1996 

Jd 

1295 

- 

- 450 

Total 




81972 17967 

TeM 



646 


■ SOYABEAN MEAL CST (100 tone; Mon) 


■ WHITE SUGAR LCE ff/toniw) 


Oct 

1681 

+5.0 

1720 

1622 

543 

1965 

Dac 

34890 

-810 34890 34690 

3.133 

121 

Dac 

1849 

+1.6 

1684 

1625 4*422 

7938 

Hr 

34840 

-810 34150 33850 

8960 

759 

Jan 

165.7 

+19 

1689 

1649 16,733 

1976 

■ay 

33810 

-810 33690 33890 

1938 

601 

Mar 

163.7 

+19 

1684 

1679 13912 

1,431 

Aao 

33800 

-1.10 337 AO 33590 

2.408 

102 

■ay 

171.7 

+19 

172.7 

1688 

7,659 

730 

Od 

31450 

-190 31650 31490 

626 

142 

Jd 

175.7 

+15 

1769 

1735 

7913 

1930 

DM 

31860 

-190 31840 31390 

4 

- 

Total 





8MZ7 

14978 

Tdd 



18330 1929 

■ POTATOES LCE (E/tarme) 




■ SUGAR *11' CSCE (1129008*; cams/bs) 


NOV 

1509 






Mar 

12.78 

-801 1182 1170 35,46015/® 

Mar 

1059 

_ 

- 

_ 



MW 

1177 

-803 1160 1170 21948 2973 

re 

2159 

+82 

2189 

215.8 

1955 

68 

Jri 

1165 

-804 1298 1290 13546 

1584 

May 

2480 






□d 

1124 

-816 1297 1124 

11999 

1977 

Jm 

1075 

- 

. 

- 

- 

. 

Mar 

1198 

-818 1100 1190 

15B7 

66 


Total 1/55 68 

■ FRBQHT (BIFFSq LCE (510/hdax point! 

Oct I960 -25 1850 1B40 401 48 

Hot 1770 -W 1845 1790 273 B5 

Dec 1705 -78 1785 1700 231 35 

Jm 1680 -85 1735 1670 1.102 B2 

Apr 1625 -49 1670 1625 878 39 

Jld 1435 -25 I486 1470 14S 8 

TOM 3,147 775 

ctoce Prat 
SR 1647 1847 


1198 -0.16 


TOM 


144m 31.114 


■ COTTON NYCE pO/MOBa; certaflbrt 


Wool 

Most wool prtcea have moved up aaadty Ms 
week. At the superfine Marino and tea martot 
was a HtUe erratic but below that Increases 
predomin a ted. They only amounted to a tow 
cents but this gradual strengthening is pre- 
ferred by the trade to the more dramatic 
In cr e ases which apffitad pertksiAarty with finer 
Merinos earler In the seting season. The East- 
ern states market hefleator In Auatrafia dosed 
at 762 cents a >«. 24 certs higher than a week 
before, but wol short of It's seasonal peak of 
835 cents. The market recovery has occured 
without special emp h a s is on China, seen not 
orrty bb the main tatenwflonal buyer but also as 
the best p rospect far growth. Confidence In 
wool stems Horn confidence In world economic 
recovery, raid major distortions either way 
would t» unwetavna to the trade. 


DM 

6806 

+076 

63.10 

6890 24.105 65® 

Htf 

7848 

+835 

7D55 

7800 11724 

841 

Mat 

7155 

+840 

7155 

71-20 

6.705 

377 

Jri 

7138 

+853 

7136 

7190 

4.128 

67 

Oct 

6870 

+886 

- 

- 

523 

7 

Dec 

6895 

+050 

0LB5 

8890 

1285 

in 

Tdd 





50554 7,735 

■ ORANGE JUCE NYCE (15.000**; oante/toal 

■ov 

11820 

+390 

11190 

10795 

5555 

1503 

Jm 

11396 

+390 

11490 

11195 

181® 

1.764 

Md 

11850 

+3.15 

11790 

114.75 

5960 

455 

Bay 

11825 

+295 

12800 

11750 

1992 

102 

Jri 

12195 

+156 

12290 

12190 

an 

141 

Ssp 

12490 

+1.75 

12590 

12395 

479 

121 

Told 





23,151 

4,1* 

VOLUME BATA 





Open 

Interest 

and 

VOhsne 

data 

shown 

tor 

contracts traded an 

COMEX. NYMEX. CBT, 

NYCE. CME CSCE and IPE Crude Ofl era ana 

day hi arrears. 







INDICES 

■ REUTB3S (Base: 1B*/31=100) 

Dot 20 Oct 19 month ago year ago' 
2083.3 2073.1 2521/1 1684/1 

■ CRB Putwes (Base: 1987=100) 

Oct 18 Oct 18 month ago year ago 

231.17 229.72 230.40 218J4 


Hay 


ToM 


4L45Q +0830 419QQ 409SQ 
42250 +0550 42500 41.750 
41 AX1 +1.100 41.600 40800 


Z7B 

81 

10537 


37 

40 

3 

2*91 


LONDON TRADED OPTIONS 

Strike price $ tuna — Crite — — Puts — 


■ ALUMINIUM 

(99.7%) LME Dec 

1725 74 

1750 GO 

1775 47 

■ COPPER 

(Grade A) LME Dec 

2550 78 

3600 66 

2650 37 

■ COFFEE LCE Nov 

3850 384 

3800 366 

3680 329 

■ COCOA LCE Dec 

925 41 

BS0 27 

975 16 

■ BRENT CRUDE B»E Nov 

1600 - 

1650 1 

1700 3 


Mar Dec Mar 
107 33 60 


94 

81 

Mar 

103 

91 

64 


66 


58 
84 
116 
Jan Nov 
446 186 

421 208 

398 231 

Mo- Dec 
91 14 

76 25 

63 39 

Dec Nov 
70 1 

37 4 

23 


72 

84 

Mar 

108 

135 

166 

Jan 

308 

333 

360 

Mar 

33 

43 

55 

Dec 

22 

46 

76 


LONDON SPOT MARKETS 

■ CRUDE 09. FOB (per barral/Ded +or 


Dirijal 

*16.19-827* 

+0905 

Brant Blend (dated) 

S165tP8e0 

+0900 

Brent Blond (Pec) 

S16.4S-6.5(te 

♦0240 

W.TJL ppm «d) 

Sl7.63-7.64z 

+0900 

■ OB. PRODUCTS NWE prompt daffvery OF (tame) 

Premium GesoSne 

5178-181 

+2 

Gas OS 

SI 63-154 

+2 

Heavy Fuel 01 

$81-94 

-09 

Naprtta 

$173-174 

+1 

Jot fuel 

SI 76-178 

+3 

□toad 

SI 59-161 

+3 

Anten Argus. W. London /on) 399 8792 


U OTHER 



Gold (per boy 02)4 

538190 


SVver Oaor troy oz)* 

54050c 

-1.00 

Platinum (per troy as) 

5424.10 

+5.40 

PaBndtum (per troy ozl) 

Si 6825 

+150 

Capper (US prod) 

1249C 

+3.0 

Lead (US prod) 

39.15C 


Tin (Kuale Lumpur) 

18B8C 

+0.16 

Tin fftow York) 

2616c 

+80 

Cattle (ffw we^ujt 

11 641 p 

■041* 

Sheep (Bva wdghttt* 

91.01b 

+i9r 

Pigs (tare wdWfl 

74940 

- 0 . 47 - 

Lon. day augar (raw) 

53175 

+15 

Lon. day sugar (wte) 

53555 

+16 

Tate & Lyle oaport 

£3080 


Bariay (Eng. lead) 

Unr+ 


Maize (US N 03 Yefiow) 

Sl329y 


When (US Dark North] 

C186.0U 


Rubber (Nov}9 

S9.76p 

-OSD 

Rubber (Dec)? 

B995p 

-050 

Rubber (KLRSS Nol JuQ 

3495 

-10 

Coconut OS (PtdfiS 

S8259U 

+75 

Patel Ofl (Matey J§ 

S6375t 

+125 

Copra (PhffJS 

S3969U 

-4.0 

Soyabeans (US) 

21569V 

-1.0 

Conan OiittaofifA' tnd« 

7395c 

-090 

Woofiaps (64a Suser) 

438p 



E per mire iri ra We i m anted. p pnaeftg. c emteflb. 
r rtiuofi/taj. m iSSsyslen <xnts/kg. y Oca/Dec. v Nov/Dna u 

OctMov. x Dec. ■ Nov. V London Fhyefcd. 5 OF Rottw- 
dem 4 marine cioae. 4 Sheep (Live welgla phcM#. ' 
Chengs on we* 6 Prices are lor prarina day. 


CROSSWORD 

No.8,590 Set by VIXEN 



ACROSS 

1 Oriental characters making 
up a story (8) 

5 Pass cut slice of meat (6) 

9 Repeatedly choke off one 
caught befog crude (8) 

10 Watch out for a worker 
encompassing conflict (6) 

12 Setting off without cash 
would be very surprising (9) 

13 Personal space comes second 
in America (5) 

14 A little jacket only suitable 
for school (4) 

16 Old queen having just one 
real failing (7) 

19 Relaxed leftist holding a cer- 
tain position (7) 

21 Composed but extremely 
angry egghead (4) 

24 Tbe woman with a large fig- 
ure and a reflective look (5) 

25 Gets less, so comes to some 
agreement (9) 

27 One of a pair a newsman 
twisted (6) 

28 Readiest to adapt as more 
self-possessed (8) 

29 "The fly that sips treacle is 
lost in the — " (The Beggar’s 
Opera) (6) 

30 Quicker to give a reminder? 
( 8 ) 

DOWN 

1 Sound back or chest (6) 

2 1116 rope involved in a trial 
(6) 

3 Drink the health of a 
high-minded individual? < 5) 

4 Allowing nothing to restrict 
the view (7) 


6 To squander money freely 
proves the aim (9) 

7 Pupil winning scholarship (8) 

8 Pasture in unpolluted envi- 
ronment giving delight (8) 

11 The monstrous creature is 
therefore made to appear 
uppity (4) 

15 Will try to include 

run-of-the-mill point (9) 

17 Most rope-makers get 
advances (8) 

IS Showing a couple of pence 
Increase in value (8) 

20 Stuff a bird (4) 

21 Tbe director can turn in 
secure (7) 

22 Writing in support of con- 
scription (6) 

23 He’D accommodate people - 
at a price (6) 

26 About fifty in a thousand will 
be found in the country (5) 


Solution 8,589 









financial, TIMES 


j i : 

: . • 




FRIDAY OCTOBER 



LONDON STOCK EXCHANGE 


MARKET REPORT 


Early gains wiped out by US inflation concerns 


By Terry Bytand, 

UK Stock Market Editor 

potter attempt at a rally to the 
UK stock market fell apart yester- 

«S e ?T n When Ds markets 
and the dollar reacted badly when 
ttws of a substantial rise in the 
October business index of the 
Federal Bank of Philadelphia 
revived fears of serious inflationary 
pressures. 

An eariy gain of 22 points on the 
ET*SE 100 Index was wiped out as 
™ Street opened, although the 
UK stock market just manag ed to 
hold m positive territory at the 
close. At least two large trading 
programmes were caught in the 
market’s sudden downswing, pro- 
voking arbitrage trading between 
stock index futures and equities. 

At the close, the FT-SE 100 was 


2.4 up on the day at 3,063.2 after 
Paring at 3JB3 i The blame for 
the reversal of confidence was put 
.oa the Philadelphia fled; 
its tunusion mdex more than dou- 
bled this month, with the prices 
component also unexpectedly 
strong. US federal bonds 
sharply and Europe soon felt the 
effect. 

Of the day's two large trading 
programmes, one was a protected 
programme which appeared to he 
unwound through the market 
before the details reached t he trad- 
ing screens. The earlier pro gramme 
was largely completed before the 
market turned off 

Trading programmes are some- 
what risky operations in the cur- 
rent market vola til ity and there 
were hints yesterday that a UK 
investment bank planned wide- 


ranging staff cuts. Rumours of 
another round of swingeing cut- 
backs to the City of London have 
been gradating for the past month. 

The session was ahve with devel- 
opments which could have affected 
market trading, hut dealers said 
other factors were brushed aside by 
the Philadelphia hank’s annotmce- 
Tnprrfr flnmmnpnty by the president 
and the chief economist of the 
Bundesbank on currency prospects 
were swamped by later develop- 
ments. On the Awwiwi i(» front, mar- 
kets made little immediate reaction 
to the resignati on of a junior minis- 
ter as the UK gnga mTnpnt far-ort a 
political s t orm over allegations of 
improper payments. Domestic 
money supply figures were also 

fainm calmly. 

Trading volume to equities, tak- 
ing to the trading programmes, rose 


by 10 per cent from the previous 
session's level to a total of 660.3m 
shares through the Seaq electronic 
network- Non-Footsie business 
made up around 58 per cent of over- 
all business. The FT-SE Mid 250 
Index gained 3.7 at S^2*L9. 

The uncertainty over toe US dol- 
lar ti 1 ** has became ohiirf fea- 
ture of stock markets over the past 
Ibnugbt s howed itself yesterday in 
ftzrthar switching towards the UK 
financial sectors, which are seen as 

iw« vulnerable to TntematinTwi cor. 
rency factors. Bank shares regis- 
tered useful gains an a day when 
the final picture was somewhat 
gloomy. 

The blue chip dollar stocks looked 
better at first and continued to hold 

up 'Tntfi tha London dose, escaping 
the effects of comments from the US 
Treasury that currency interven- 


FT-SS-A AHham Indue 


Equity Shares Trotted 

Ttanovor by vehm Bdudimp 

to ne -mar ke t buelnpea and oya rmru Hanover 
IjOOQ 


turn was not planned. However. UK 
traders expressed some nervousness 
when the dollar renewed its setback 
after the dose of the London mar- 
ket The Dow Industrial Average. 23 
potato off in UK trading hours, 
extended Its loss later. 

In ndiTHinp i to its worries over the 
dollar, the UK market this morning 
faces a further test of confidence 
when the gross domestic product 
numbers for the third quarter are 
published. 

City forecasts are for a further 
rise of less than 1 per cent, com- 
pared with the LI per cent growth 
for the previous three-month period. 
A stronger figure, and some esti- 
mates range up to l per cent 
growth, could c?nse some nervous- 
ness as the stock market braces 
Itself for the budget, planned for the 
end of November. 



Aug 

Ococc FT tefMe. 


■ Key bidlcatDrs 
tadte M and ratios 

FT-SE 100 306X2 

FT-SE Md 250 3S24A 

FT-SE-A 350 153X7 

FT-SE-A Al-Shane 152X58 
FT-SE-A AI -Share yield 3X4 

Boat portniwilnn a o cto i w 

1 Household Goods 

2 B re we ri es 


+2A 
+3.7 
+1.3 
+1.1 S 
P-94) 


3 Bactridty 

4 Banks 

5 Gas Distribution 


-+ 1.2 
_ * 1.1 
..’+0.9 
_ + 0-8 
..*0.7 


FT OnSnaiy Index 23502 

FT-SE-A Non Rns p/e 18.74 

FT-SE 1 00 Fut Dec 3073 JO 

10 yr Cat yield 8.73 

Long gtt/equfty yld ratio: 2X2 

Worst performing M ctoiv 


-as 

(18.74) 

*3-0 

( 8 - 68 ) 

(2-229 



-no 


jin 


JIB 



Dtetrftxittxs 

— . -0.7 


ru*«. 

Hr 


to 


‘S3 


111 

r* 

in 


•X 

«!' 

|l' 



Tunnel 
shares at 
new low 

Eurotunnel plunged to a new 
low for the year, losing 14 at 
198p in heavy volume. Turn- 
over in Paris was 9m shares, 
but for once it was the London 
volume that caught the eye 
With 2.8m Shares chang in g 
hands in what traders 
described as a serious weight 
of selling. 

Not helped by yesterday's 
press trip train failure, the 


awesome downtrend in the 
shares - they were £6 earlier 
this year - is a direct reflection 
of the bearish sentiment that 
has built up this week to the 
wake of the group’s sharply 
reduced 1994 revenue forecast 

There were clear signs yes- 
terday (hat UK shareholders - 
25 per cent of the shares are 
held on thw side of the Chan- 
nel with the majority owned by 
Continental holders - were 
being ahalcan out as the «riwV 
came within sight of its 184p 
all-tune low. 

Eurotunnel has forecast that 
its revenue for this year will be 
around £S4nr analysts suspect 
it needs above £70Qm to cover 
the cost of its borrowings. 


EQUITY FUTURES AND OPTIONS TRADING 


Stock Index futures had a 
ragged day, barely ticking over 
for the most of the session in 
low tracing volume, writes 
Jeffrey Brown. 


The FT-SE 100 December 
contract was 3,073 at the 
official 4.10pm dose, up three 
points. At this level the 
premium to the cash market 


■ FT-8E 100 MDBC RJIUBE5 flJFFQ £25 per ftri Index point 


(API) 


Open Sett price Change Ugh Low EsL voi Open InL 
Dee 30810 30730 +XX 31070 30500 11378 54322 

M* 3005.6 *2JS 0 37S7 

■T FT-SE HD 250 MDEX FUTURES flJFFE) £10 per Ad Index point 


Dec 


3526.0 


- 8.0 


4234 


■ FT-SE MD 200 MPEX RWWES (OMUQ glO per MbdanpoW 
Dec - 3525.0 

Al opm Imest tguw ara tor piitouB day. t Exact nfcna rime. 


■ FT-SE 100 MDEX OPTION (UFFQ PXMCQ CIO par AX Index point 


Oct 

No* 

Dae 

Jan 


2900 2860 

c p c p 


3000 
C P 


3050 3100 3160 3300 3260 

CPCPCPCPC 


180 1 ’ 1 tw>2 1 8lh 1 17h 7 1b 40 1 BO 1 140 1 in 

73 54 wj 79 2B 111 15 150 $ 195*j 


Sf*Z 177*7 44h 


215 


T84*j 14 MZ*j 22 WS^ 35 

2030 in 44 131 59b 108 80*2 75 105 54 133 39*2 167 23 205 

227 tfeflnhSBfe in 75 m ss mush n W7 
Junf TB&i 82 228119*2 171 163 

CM 9,382 PUS war 

■ EUR03TYLX FT-SE WO MDBC OPTION 0JFF6) CIO par Ml Index port 

2878 EB9S 2975 3025 3076 3128 3178 

Oct US 1 138 1 B 1 37 2 3*2 20*2 1 85*2 1 115»J 1 165*2 
No* 20S 11 W*2 16*2 U« 28*2 »« 68*2 65*2 30*2 M &*2 126*2 12 in 
Due 220*2 24*2 « 35 147 50 115*2 68 67*2 W*2 0*2 1*5 43*2 1« 27*2178*2 

Mar 236 n*2 172*2 104 1Wi14fe 78 2D*h 

Junf 218 92*2 216 127 TM*2l68fe TW 219*z 

CM 2,197 PM 2.01 * ttritaite «“ " ■ » *■ *"■ m band oa a MM prfcax 

t Luo em cmky imm. 

■ EURO STYLE FT-SE 940260 MDEX OPTION (OlflJQ £10 per MX Index potot 

3400 9460 3500 8650 8800 

(M 136% B9HW* 91*4 1171* 

Cali D Fob 0 SriBamtt ptfcta Nri rtam m trim ri 43Bpn. 


3700 


Fisons active 

Troubled pharmaceuticals 
group Fisons moved forward 3 
to llSp as the presence of 
some very large trades sharp- 
ened the perennial bid spec- 
ulation. 

A block of 9kn shares rh«w 
last week but, because of rules 
governing unusually large 
deals, only anTuninned yester- 
day, contributed to total turn- 
over Of IKm, the hi ghes t siinre 
December last year. 

Subsequently it was 
announced that C a pita) Group, 
the US investment fand which 
held 6,1 per of th*» com- 
pany, had reduced its stake to 
5.84 per cent. But that sale 


was around 10 points, and the 
lair value premium 15 points. 

Contract numbers were 
sharply lower at 10,119, down 
from 12,822 on Wednesday. 
This reduces the average 
volume for the week so far to 
little more than 12,000 lots. 

The average size of deals 
is said to have shrunk 
dramatically as dealers keep a 
tight rein on their books In 
what traders describe as the 
complete absence of feel over 
direction. 

There was a smattering of 
institutional business but for 
the most part the game was 
left to the local, independent 
traders. There was lithe serious 
pressure one way or the other 
on the cash market. 

The premium to cash 
equities at the dose was about 
as narrow as it had been all 
day. 

Stock option turnover was 
39,643 tots, broadly in line with 
the 39,813 registered | n the 
previous session. FT-SE and 
Euro FT-SE vtfixne accounted 
for 27,000 contracts. 

Guinness was the busiest 
individual stock option wife 
1,550 lots dealt BP (1,243 
lots) and HSBC (1,160) were 
also actively traded. 


FT - SE Actuaries Share Indices 


UK Series 


Ow* 

Oct 20 chgeM Oct 19 Oct 18 Oct 17 




Dhr. Earn. 
yjtldS ytcfcWt 


WE 


Xdari 

yw 


Total 

Return 


FT-SE 100 
FT-SE MM 280 
FT-SE MM 260 R In* ItUM 
FT-SE-A 360 
FT-SE SmcOCM 
FT-SE S m— C ep « few ThM 
FT-SE-A ALL-SHARE 


30632 +0.1 30608 30B6X 31202 31803 

3524.0 +0.1 35212 88322 36482 36262 

36312 +0.1 3616.7 3638.1 35412 3523.7 

1538.7 +0.1 15372 15472 10632 1587.4 

1792.77 178227 179724 1800.15 1790.77 

178221 . 1782401756481787X81783X5 

1625.68 +0.1 152429 153440 1648.45 157127 


FT-SE Actuaries All-Share ^ 

Oct 20 chpa% Oct 19 Oct IB Oct 17 


Year 


10 MINERAL EXTRACTlOKflfl) 

12 Extract** MduBtri«»W 
IS 01. WagtatodB) 

IB Oi Exploration 8 ProdtU) 


g a ff. q p -02 268328 271628 275S26 344520 
3004.76 -02393827397423 401327314270 

280629 -02 263273 306828 2707/47 242020 
1900.16 +02 189628 188823 190420 201020 


4.12 

7X9 

16X6 110X5 1102.11 

3X5 

5.79 

2QX4 IDflXO 1315X3 

171 


19l40 112.79 1311X3 

3X9 

0.79 

17.48 58X8 

1183.75 

3X9 

4X3 

2Sj43 48X9 

1394X4 

3X0 

148 

23.18 43X3 

1374X6 

3.94 

5X8 

17X7 5228 

1203X2 

Jhr. 

ten 

P/E Xdacf. 

Tbtri 

ddW 

yM»* 

ado ytd 

Return 

146 

5.1* 

24X9 BIAS 

1071X1 

3X9 

6X6 

23X3 96X2 

1077^48 

3X2 

5X7 

21X8 85X0 

1072X1 

2.18 

i. 

t 38X3 

1099.41 


20 QB4 *4ANUFACnjRStS{267J 
31 Buicfno & CofWtrucaon<33) 

22 BukUng Matts & MerchatXQ 

23 Owrrrfcaaea) 

24 DtvanWed IwMrtrtatotlG) 

26 Bactnnia & Sect EquiP(94 
28 EiiglneertnotTI) 

27 Engtwaring. 

28 Prhttng. Papw * P£oP®l 
’ SAooanripq 


29 T«tM 

30 CONSUMER 00008(97) 

31 B«wei1e*(17> 

32 Spfrfts, Wines 3 CaisrsflO) 

33 pood M»u*actirtrtP« 

34 Household Goodsfia) 

36 Heatth CareOn) 

37 P l wrw OS U ttc Mt ia 

38 Tobaccohl 


186272 137027 188425 1903.74 192720 4.08 211 2272 

105522 +02 105224 1067.48 107127 116270 274 526 2211 

1832.70 +02 162920 183828 185242 1887.10 423 216 2322 

234224 2342.11 23STA7 2367.05 2218X10 326 421 2629 

176920 -02 177420 1790.74 161920 301040 218 22S 2220 

186824 -02 187222 180423 192422 218920 423 278 1724 

180828 +<L4 180024 181248 133020 168220 216 424 2325 

227283 +24 228211 2379282282721897^0 420 126 BOBOf 

275629 -02 279224 278124 2B0228 244820 213 242 2126 

160828 _na 100324 182828 1C31J7 194220 420 274 1219 


6286 

3280 

6620 

7828 

82.75 

6026 

4278 


7203 


83121 

36206 

103244 

90920 

91827 

103428 

111214 

108253 


273729 

223221 

383926 

228267 

243421 

1617.74 

296027 

380120 


40 SBRVKSSCS20I 

41 OtStrtBUtDrapO?^ 

42 Letowo & HdsttCS 

43 MtdUpa) 

44 R MM* Foodtl® 

45 ReWera. 

48 Support Servtces<41) 

49 TYanaportflfl) _ . _ 

Si Other S< n*a» * Busln^ia- 

60 inBJTESM 
62 BactrieSyOT) 

64 Qas DMW W9 
66 TfllacommirtcattonaW 
68 Wide " 


Bfl MOMfiHAWC tALStmei 

70 FB4ANCtAL2f104l 

71 Bank*(iq 

73 tnsurwwflT) _ 

74 UMAwuWW® 

75 Mare!** 

77 0#w FWndeK24| 

7B PWB4«iri41L 


190279 

250228 

307928 

2804.72 

im23 

165223 

149228 

2231.66 

134526 

239626 

244274 

190722 

203725 

190244 

1647.70 


+02 2733.73 275272 279225 268020 
+1.1 2207^8 220226222228207090 
-OI 2844.12 286220 2B7720 271220 

223294230249 2317X1 237090 

+1 3 . 240281 2422A4 241212 2 86250 
-0.2 1621X2 1834X4 163293 172220 
+04 298211 3036X6 3061X9 338X40 
-0X372066 3775X9 3854.79 4081X0, 

1007X9 191015 191234 1911X0 

-27 2521X93584X0 2562X0 2690X0 
-0X 2062X92084X72062X81917X0 
+06 2791X8 2802X2 283274 2891.70 

1712X7 171013 1713^9 1714X0 

105242 1653X4 1666X8 170200 

-04 1497X0 180217 1509X3 1654,70 
-0X2232062240352272422323X0 
+0-1 1244X5 124279 12S2.7B 1240X0 

40X238283 
+0X242278 
+0.7189448 
+032031X02061X9 


4X8 

7X4 

15.78 107.70 

948X9 

4X4 

7X9 

15.77 91.10 

100007 

393 

6.84 

16X2 101X3 

nffign 

4X4 

7X9 

1314 84X9 

.96479 

378 

7X6 

16X4 82X2 

879X1 

3.12 

3X2 

42X0 48X4 

942X1 

4X0 

7.14 

18X1 125.18 

958X6 

5X8 

9X1 

11X8 217X7 

841X9 


3.19 

375 

540 

7X3 

18X2 51X6 
16.13 92XB 

938X7 

870X3 

8X3 

4.79 

24XO 57X9 

1027X2 

248 

5X6 

21.79 9842 

975X9 

3.78 

8X1 

13X8 52X0 

1Q28X0 

3.19 

0X8 

16X5 44X3 

806.15 

2X2 

548 

19X2 35X2 

goBkSa 

3X2 

5X8 

2043 89X8 

879X7 

379 

3.77 

3310 25X2 

107029 



15X3 81X7 927X2 
11X6 8246 101 275 
1 117X6 893X8 
15.77 50X2 88276 
277 69X8 902X2 


only represented some 2m 
shares. 


Vickers hint 

Vickers advanced 7% to 
TTOKp in turnover of 4 An fot 

fram S.G. Warburg and Credit 
Lyonnais T-afrig and - towards 
the close of the session - per- 
sistent talk of a possible take- 
over move from Daimler-Benz, 
Germany’s biggest industrial 
company. 

The engineering sector’s 
other takeover situation, the 
potential bidding auction for 
submarines group VSEL 
between British Aerospace and 
GEC, continued to keep the 


TRADING VOLUME 


Vot CkMfca OWa 


SoA Mupt 

AkMFWar 
ABad Danacqt 


goct 

sb 

Bank a( SooCandf 

Hit 


□near fireji | 

BdBtflQMt 
BrtMi Und 

MHl 8Mtf 
Burt 

Huron cumt 

Bulan 

CM+kWbut 


a iro ri 

HSBC(75pM*t 


ffi* 


1.800 


1400 


1400 


4700 


i(Mnq 


North Wut VMert 
NortwnBKt . 
Nortft+ra Foodut 


PMOt 



L300 


1B47J8 1B5BX A ad 1BB 148 3X1 241 1274 55X2, 1167X4, 


2161X1 

2829X1 

1244.12 

235244 

2745X0 

1801X7 

148247 


+04 2152X3 2185X62182.13 236170 
+28 2807X8 2827X8 2861X8 283260 
-03 1247X9 1231X7 1270X8 1501X0 
+032351X72386,782384X0283280 
+0.1 2741X0 2723X3 2748X4 3169X0 
-22 1305.46 1821X9 183470 1841X0 
146213 146241 143036 1717X0 


448 

9X8 

12.7B 68X4 

BSBX9 

SSSZst 

4X8 

1007 

11X8 118X9 

85071 

SmNBMGUrat 

544 

846 

12X9 59X3 

857X5 


542 

7X0 

1843 127X2 

913.13 

IrtamBut 

376 

12X1 

070 87.78 

82012 

Souta MWm Bnt 

4X3 

4.13 

8X0 

4X2 

13.79 83X1 
28.14 48X2 

906X4 

041.16 

South WMtVMr 
SeMiMriLGha. 
Stween VMar . 


aa BMg rMBlT TR UarSfKtq — 

69 FT-SE-A ALL-5HAIW»MI 

■ Hourly iwwo™* 1 ** 

Open 


ZM7M ^L1*rMJ*£n8Ja0S77*43ZmJQ 2X3 IXS 51 J9 53X0 92415 £££* 


CtMLf 


1K&50 ^0.1 -153439 153440 164245 1571X7 3X4 268 17X7 3228 1203X2 


FT-SE 100 
FT-SE MW 260 
FT-SE-A 350 


3070 S 
3522.1 
1641X 


200 

3065.0 

3620.1 
16320 


10X0 

11X0 

12X0 

18X0 

14X0 

tM9 

18.10 

WtfVttay LowAtay 

3075.1 
3527 X 
1543X 

30700 

35Z7.7 

1542.7 

3072X 

3525X 

1542.1 

3074.1 

1542X 

3078.0 

35207 

1544.6 

3077.1 

38MX 

1544X 

30607 

3822X 

15S7X 

Man 

15433 

3000.7 

SBaop 

15374 


SuiAEMoaf 
1»N ^ 

ur” 

lertrue 
TMAUa 
rVfeaMa 




Hdg aCnaacn 

PhamucauOcM 

Water 

Banks 


XOIonea — 


11X0 

1X00 

18X0 

14XO 

10X0 

1310 

Ctoee 

Piailore Change 

111! f 

997.0 

2S72X 

10835 

29505 

B86X 

2983X 

10O6X 

200X9 

997X 

2B03X 

1906X 

2887X 

9838 

29831 

1902.0 

26839 

MU 

2968.1 

19014 

29638 

968X 

2991.7 

19003 

28730 

999X 

29933 

10993 

28731 

9037 

2989.9 

1900.0 

2901.7 

9993 
2971 X 
1902X 
266flX 

9930 

29639 

100X9 

28423 

+31 

+124 

-0,1 

+224 


ii . ■ in unt ' . h+— — ■ m 

— <MAd*aa»5|S5? J KSSrahmbM*«8wM,«*Miooiro»uroicaBrMSicrlB nd pnrtwl 

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Sick BaMn— rtUia ftwMTlnisUrtwAim FT-9S MM I 

tSSw -»«*• * ■ >l "***■ 



1X0Q 


271 

U 

SOS 

152 

312 

4X00 

2400 

1.100 

1400 

BIB 

2900 

2600 

1,100 

1X00 

2X00 

&0M 


ITT 

2TB 

33* 

219 

*3 

*27 

116 


2700 212 


» 

1X00 


iiuod 

646 

UM 


345 

11*0 


511 

*07 


667 


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1400 

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677 
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684 691 


-8 

-3 

46 

-2 

+1 

-3 

44 

41 

+1 

-4 

+1 

-6 

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■Ah 


46*3 

+6 

46 

-2 

-9 

46 

-3 

46 

46 

45 
#1 
-h 
-1 
-6 

46 
-4 

46 

-6 


46 

-7 

46 

48 

44 

-6 

-6 

-12 

~*h 

43 
-1 

*1*3 

-« 

-6 

4*2 

46 

-6 

-1 

-1 

-1 

44 
♦1 
46 

42 


4$ 

-9 

46 

-6 

4*3 

-e 

-i 


+i 

♦ii 


♦10 

+1 

+w 


-6 

+16 

♦6 

48 

♦ 1*1 

-T 

46 


-2 

-1 

-6 

46 

-1 


46 

411 


42 

-6 

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44 

49 

+7 

44 

46 

49 

+1 

46 

-« 

46 

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48*2 


■74 M 
1X00 340 


II 

147 


camplad— 
oawhMirtcnd 


6X00 137 46 

Baaad on *M«im lor ■ rMh M m#gr 
MUM OMR mwtfl ** 8E*q q*M 
ywrtMr »M 4J0Dm. IMhoI dm ii9toi or 
ma w noM sown, t WkMa as FT-9B 
lOOh 


market guessing. VSEL put On 
20 at 1320P while BAe firmed 2 
to 480p. GEC, again affected by 
he avy v olume, shed 2 to 282p 
in turnover of 14m. 

Brewers wanted 

Brewing shares became one 
of the stranger fl w w n of the 
week following a note from 
James Capel suggesting the 
industry was heading for a 
spate of takeovers. Scottish 
and Newcastle (up 4 on 
Wednesday) rose 11 to 519p, 
W M t hr ead «M«l 8 at 5®p atiri 
Bass gained 5 at 541p. 

Acoontmg to Capel, the sec- 
tor is running out of price war 
options and is ripe for consoli- 
Hatinn The securities house 
sees the regulatory regime now 
more hwiig w than it was at the 
end of the 1380s, and expects at 
least one major merger within 
a framework of 12 to 18 
months. 

From this distance, best bets 
among analysts point at a 
merger of S&N and Whitbread 
or a deal between S&N and 
Courage, currently owned by 
Foster's Brewing. The sector is 
in sore need of a boost It has 
underperformed the market by 
4 per cent over toe past two 

months and by mor e than a 

fifth an a two-year view. 

However, rationalists 
pointed to the low level of vol- 
ume to the sector yesterday, to 
fact. Grand Metropolitan, 
down a further 1 to 415p on the 
back cf weak dollar worries, 
was the most active drinks 
stock, turning over 2.1m 

gharpg 

RTZ failed to benefit from 


NEW HIGHS AND 
LOWS FOR 1994 


BULOMO 6 CUSTOM FQ AattaA Sam 
DtSTfODUTOm (4) AMfll 6 H«v+*. RaW. 
Idrt Kuttava, NoMfci, DMMBD INDLS 
m VKNMODB. BXCTIMC A BXCT BQUP 0 
Bkroai P-MJ. NaUt M. DM. VBflCtS (Q 
AHow 8Bror*ro. EXTRACTIVE MM (71 
RMDHNM7nCKrtM.OL 
EXPLORATION 6 PROO 09 Dm 

GUbMntaCMa.OlUMTSMATZDri) 

NoMl UM on n HM4WOAI. w BMC. 
JW*ar Tjrn*. PMARMMCSUTICAtS P7 BM*i 
BKMdl, DO. PRINO. PMKR 6 PACNO 
ril aappi. maoouMUMCAno« (t) Mppon 
T A T, TRANSPORT tq P A O SNfic PM. 

AMBMCANB (0 DM On 
NEW LOWS (7^. 

BANKS (1) FWC aapo Rlt, BUUXNO A 
CMETTW C* Bm. Taytor Wo en P a a. BLDO 
MAILS A MCHI9 6* (Mm. Hwrood 
Mm Cm. Prt, QUOU (!) KNbo. 

iabiiuiuim w rmiBM cbm . 

mpuar. I liiWm. Uk Swim. 

* MHX 06 tarn BMe Oi* Ofl. 
Po+rt OiAyn, aECTRNC A BJECT SOUP (7) 
AnM Ma. MM ConM Senm, Johnm 
ENcrie ms. Bm. BcmcM. WMQh 
P MgM BSH Q 09 Ht u ti u nlB i Tactx Wmtnmn. 

bmo. vnin 19 (i) nmui wum. exihaciwi 
MSS (3) Orngaa KMng, Uanmdi Rwl. Orion 
fta. FOOD MANUF « AM HMr. ICAL1M 
CARE 09 MroeNMd NuaM 8m. Taprt UN 
SUanoM. BaURANCE CO Nw> London C^M. 


COSVAMES n LBSun A HOTBB 09 
Atun Or Pt Bnr. OTHER POMMCUL 

09 Bny. BMi A Not**, Towy Lav. OTm 
SSWS A BUM CO VMi INI ML 
PHAMMAfSmCAU n OrtnpNa PHIN2 
RAPBI A PMOCO « BmoM. emppw u. 
Vmmm I rtdan. PRO PER T Y W CB—rtML 
Omni Mr. nopwiyThrt <PVU 
RETAABM, 9BOAL n Coumy CbmN. 

Hna Art DrtpK. MM2 PMMb Hm AM 
Upton A arttam. BUPPOHT 8BWB 06 
AWtodSn, NOW. 1EXTBJSB A APPAREL 09 
CnV«1 **. Untat HswK THANSPOO- » 
EUttunl IMta. DoJ Wl» 1BB3, VM, 
AMBBCANB HCMAEMW. MMy Taeh. 
US WML 

the recent surge to copper 
prices as the shares were 
restrained by a sizeable seller. 

The weakness to the US dol- 
lar pushed copper to $2,600 per 
tonne to London, its higher 
since January 199L The metal 
represents same 30 per cent of 


RTZ*s profits but yesterday one 
securities house was said to be 
keen to offload half a million 
shares. Disinterest in that 
stock saw the registered shares 
decline 7 to 867p. 

Oil shar es remained und er 
fire, weakened by another poor 
showing by the dollar and gen- 
eral nervousness ahead of the 
US oil sector's third-quarter 
reporting season which starts 
on Monday with results from 
Exxon, the industry leader. 
Shell reports on Hurraday. 

“The institutions are reluc- 
tant to deal until we see a defi- 
nite pattern emwpinp in fog 
US majors.” said one UK spe- 
cialist, who added that the 
recent darling to fHp US cur- 
rency had upset sentiment to 
oils. BP dipped 4% to 408p on 
7km traded and Shell 5 to 706p 
on turnover of Ub. 

AtIaw, Hib mn um lin g prod- 
ucts group, was one of the mar- 
ket’s worst performers, plung- 
ing 32 or 20 per cent to 128p as 
deaims reacted to talk that one 
institution was seeking to 
offload a large block of stock. 
However, it was dear that no 
abnormally large deals had 
taken place; turnover in Aslan 
was a mere 20,000. 

Telecoms put up a good per- 
formance in the face of the 

gener al marke t unease , and a 

poor opening on Wall Sheet, as 
dealers reacted to the stream 
of good results from ceDnfar 
telecoms such as Sprint, Iin 
and Nokia. Vodafone ran up 6 
to 207p on turnover of 9.7m. 

A number of institutions 
took advantage of toe recent 
share price slippage in the recs 
to pick up what was seen as 


“cheap” stock. 

The sector is now in its 
“dosed period” but specialists 
point out that file sector offers 
strong long-term upside in the 
form of outstanding dividend 
potential, the prospect of big 
gams from the sale of stakes in 
the National Grid and expected 
share buy backs. Among the 
best per fo rm e rs yesterday were 
Midlands, up 13 aat 732p, Lon- 
don, which rose 11 to 687p, 
Man web up 10 at 774p and 
Eastern, up 8 at 739p. 

BTR. the subject of a buy 
note from Smith New Court, 
dipped 1 to 308p in a turnover 
of 12m shares, although the 
bulk of the volume came via a 
tax-related, bed and breakfast, 
deal which saw 8.7m shares 
traded at 301p. 

High street chain WH Smith 
improved 4 to 454p as Panmu re 
Gordon reiterated its positive 
stance on the stock. There 
were also a couple of recom- 
mendations for Storehouse 
which finned a penny to 219p. 

Iceland added 8 to I70p with 
dealers saying UBS had issued 
a buy recommendation and 
Hoare Govett was supporting 
the stock. 

Strong earnings from Ameri- 
can Airlines - an ei gh th ahead 
cf the top end of US analysts 
forecast range, and the compa- 
ny’s healthies t result for five 
years - helped lift British Air- 
ways 8 to 382p in 2JSn dealt 

MARKET REPORTERS! 

Stove Thompson, 

Peter John, 

Jeffrey Brown. 

■ Other statistics. Page 23 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RUES AND PALLS YESTERDAY 


OMoi 


CM PM- — 

Oct Jm kft Del Jb Apr 


WtM 5*061% - - 1 - - 

rs» ] 5» a - - 7 - - 

Dm) 2 bo n 22 a i«i»im 
(■ 270 ) 260 S 12 If 12H 23 ZM 

ASDA 80 4 9 6H 1 4 SM 

rent) 70 i 2H 4* 8M wire 



— Crib Pita 

OpOoc 

He* Fta Mr Hew Feb May 


BttNnMB 350 
(•362) aeo 

MB IMA 

pet ) 

SOM 

rs*i) 


5 3511 46 1 12 17 

41MIM 11 26 SIX 
*20 7H2M3m 5M21M27K 
480 t I ft 4QM 48 SOI 
500 S* 41 86 1 IH16H 

550 2 II am 35 « 


f225) 

lATOO 

nsa) 

Lies ta 

rm) 

p&o 

r®2) 


cm i 


bp aao to asm mi2H la 
r«Z) 420 2 a a it a » 

MttSSMf 140 a 2» a 1 3X 5 

(*156 ) 160 I 91M4X ID 13 

BM 600 46 S3 KM 1 1M 17 

fS41 ) 560 4tt 2fh 29K 14 38 42 

CMIMl 3S0 24M »46W IK 15 22 

r«») *20 3% a a is warn 

coutMtt 4ao amass* 47 m iza 1 7 

r-442) 460 Hi n 27 IBM S 371* 

CtoMtHa 483 CM 0 91 1 7 IBS* 

(■sc) mj nan aiwzm « 

D too a 67 7M 2HZ1K (1 

(*822 ) a a a cson caw 
ntfttor 4B0 24M C on* 1M 13M 22M 

(**») 500 2MfM*3BM 22 33 <2 

Lari Saar 600 22 01*451* 2 1514 IBM 

rOlO) 650 1 tl 22 34 40M 47 

INN 6S 4207M22U »3M 16 21* 
C424 ) 480 1 MlBMiWK *8 40 

MriKMt 480 41 5* CM 1 9 211* 

(*487 ) ooo 7an*2nt m a am 


» 12 am * in* 23 

r») 420 1M 1SK MM 20 34 3BM 

SM Ttaos. 700 t2M MM 4*M 5» 16M 32 

(*706 ) 750 1 12M 21 46 50 03 

BtahOBM 200 22 Wt WH 1 4 6 

(*218 ) 220 4 13M TSM 4M 11M 16H 


80 I H 13M 1H 4 6 

90 1M 6 6 5M 9 11M 

1100 46M 09M 8BH ZH 21M 36 

1150 8M M 67 10 44 BO* 

000 COOK 77 IK ISM 32 

650 8M36M 46 2M41M 57 

IM B* MW MW ftp Mly 

380 MM C CM 4 14H 17 

420 13 MM32K 15 26 31 
140 ISM M 27 2 5 6 

180 0M12M1SM1M 14 16M 
300 U M 2» 7M 12M 22 
330 3M12M N M 31 41 
BM M JM MC UN JUO 

fmm in nmiM a oh 11 
rtlfj IS I tt II 12 (4M (0 

opflon MW rn m HW ra> toy 

Mtam 400 37 56 MM 15 25 38 

C*7I) 600 17 M 46 36M 47H85M 

BAT Ml <20 BM 42 51 5 13 2* 

(■♦«) 400 TM TSM M26M33M 48 

Bill 3m tt MM BOM 611M15M 

raon 330 m 1X I? 25M2BMaeM 

nTMm 390 S 19 20 BM19M23H 

raao ) m n n k s «i 0 

CktOT Sdl 420 9BM41M46M 4 9 17M 

f 442 ) 460 7 WM 25H 24M 25M 3SH 


220 12 16 If 4H K* 14 
240 3 BM WM 16M 2IM 25 
134 «M - - 2 - - 

154 8H - - 8 - - 

160 1BH2BH W 2H 6 9M 
200 BM 12 18 10 16 IS 
600 23411* B 17 W 44 
550 5K1IM M 52 99M 74 
150 15M IBM MM 3 7 0* 

200 4M 614M IS 15 7X 
300 171* Tt 30M SM 11 IBM 
330 4 U U 24 27M 36 

850 SIMM U 14 27 45M 
600 12 34 43M43M 64 72 
400 211* M 46 10M If 33M 
000 fK 2fH Z7S* 37H 42H5BM 
280 1SMH3BM BM1BM2M 
300 6 IS W 23 W 35 

220 18 25M30M 3 BM 12 
240 7 14 IBM 12 17 21M 

200 UK IBM S 5 11 14M 
217 SUM -14M a - 
32S 22 — — 4 - - 
354 SM - - IB - — 




54 




13 

87 


K7 

62 

128 

37 

85 

8 

97 

70 

40 





106 

341 

13 

192 

343 

30 









Others 

42 

Totata 

482 

583 

1542 


I on (how compart* Wad on th» London 9m 8av4o+- 


raofl) 

RTZ 

f885) 


r457) 

ft** ta 

(WB) 

Ttan 

f233> 

(■207) 


TRADRIONAL OPTIONS 

FtotDaafnga October 10 

Octobar 21 


Bcpify 

SriUtonant 


January 12 

January 2fl 


caftt: Btaby (JL BTR Wlm *67, Cable A tabefaea. Corned, Eumtmwl. Lon Ma raftant . 
IW. Prt PlM: BTR Wte *97, CaMa a Wl r a l a aa . Conrad, Fbat Mat Fta, L 
Puto & CAc Cano Mteotdaon, Bbogrte. 

LONDON RECENT ISSUES: EQUITIES 


rsa) 

open 


Ml Jm Apr Oct Jm Apr 


BAA 500 12 23M 37 4 IBM 21 

rSOT ) SS 2 M24M2M30M34M 

1MMW 600 361* a 40 1M1SHZ1K 

r522 ) 560 1HUM2BM44M4S 

OpBcn Doc Itar J» P» Mr Jtn 

MOW M » M4» « TM 17 & 
r*10 ) 420 16 2BM 3fM 20M 82M 38 

AoeBad 25 3 4 4M 2M SM 4 

(*25) 30 1 2 3 6 7 7H 

Bardwt 550 M S 8BH 13 26 33H 

{*588 ) 600 H27M X73BNS3M 01 

flhe Mi 2S0UMZ7M M 8 14 24 
(*2B7) 300 IM 17MMM2DM24H 35 

rotate 280 183BM30M 7J4 12M15M 
(-296 ) 300 7K 16 20M17H 2 9K 

Mora 100 211* M MM 5H 11 13M 

(*193 ) 200 MM 15 IBM 14M 21 24 


baua Am 
price paid 

P up 

Mto. 

cap 

(Em) 

IBM 

Hgh Low Stock 

dose 

price 

P 

W- 

Net 

dhr. 

Dhr. On 
cow. yld 

WE 

net 

_ 

FA 

0X1 

eh 

4 APTAWmta. 

4h 


- 

- 

- 

- 

_ 

FP. 

942 

73 

B3 Artesian Ert. 

70 


- 

- 

- 

- 

5125 

FP. 

17.1 

130 

112 Compel 

112 


WN4X 

21 

4X 

10X 


FP. 

1X0 

1*7 

1 Conti Foods Wrte 

Itl 


- 

- 

— 

- 

63 

FP. 

122 

68 

66 Enramb 

57 


RN0.71 

5X 

IX 

a.* 

115 

FP. 

30.1 

128 

115 Games Mbrfcriwp 

128 


RN4X 

22 

4X 

iix 


FP. 

241 

35 

29 Group Dv Cop Wta 

29 

-1 

- 

“ 

- 

- 

- 

FP. 

302 

62 

60 Kanbraa Sm Aebn 

00 


- 

- 

- 

- 

— 

FP. 

280 

30 

29 Do VMnants 

28 


- 

- 

- 

- 

160 

FP. 

174 

195 

170 Itackb HI 

191 


RN8X 

22 

4.1 

74 

100 

FP. 

<343 

181 

160 Men HI & F 

IBB 


max 

IX 

64 

ax 

135 

FP. 

593 

149 

136 Servfaeir 

149 

49 

RN3X 

IX 

3X 

242 


FP. 

1133 

379 

360 Tempbton E Now 

388 

-1 

ro 

- 

- 

- 

ro 

FP. 

113 

212 

188 Da Wta. 2004 

191 

-2 

- 

- 

- 

- 

- 

FP. 

7.74 

58 

57 WMtchmh 

50 


RN1X5 

ax 

27 

121 

— 

FP. 

zax 

360 

340 Wrexham Water 

3*0 


- 

- 

- 

- 

- 

FP. 

4J4 

330 

320 Da AW 

320 


- 

- 

- 

- 


r«) 

UMw 

Hite 


(TUB) 

Open 



(173) 

Lmtn 

(IW) 

NtaFai 

r*M) 

Scot Pm 

rwi 

nw) 

Fata 

rzx) 


in 17 am 

100 « ItM 14 

130 111* IBM IBM 
140 6M 11 14 


4 OS 11 
14 16M2ZH 
8 11 12H 
1210* 18 


RIGHTS OFFERS 

baua Amowrt Lateat 
prtoa paM Ramm. 1994 
p up drie High Low Mock 


CSoatog +or- 
prlco 

P 


450 36H47H 

M 

11 

1BZ7K 

17 

IW 

W 

M 

2712 

2&ni 

500 IBM 

27 

36 

31 37H47H 

330 3714 

40 

84 

7 

16 ISM 

soS 

M 

25711 

360 TOMSK 

M1BM2SH33M 

« 

10710 

100 U 

10 

n 

2 

4 B 

190 

M 

9712 

110 B 

BH 

11 

6 

BM 11H 

bsaop 

M 

29711 

220 MM 

S32M 

4H 

8 13 

75 

M 

14711 


n») 

Thom HI 

run 

TS8 

r»J 

Torridm 

(•212) 


240 WH 17 21% 13 IBM 23 
1» 1416M22M 5M 8M 12 
130 8 13M17M10M13M 17 

8S> 70 82 106 11M 2BM 34 
1000 37 St 77 29M47MBJ* 
220 IBM 2BHMK 7M 15 17 
240 BM 11 IBM 20M 27 30 


PBBB) 

Opflon 


200 IBM 25M M 5 
220 l» 18 21 14 
<80 42 BM 75 27M 
700 IBM 3BK 88* SB* 
Oct Jaa Apr Oct 


BM 12 
18 Zt 
411* M 
68 SIM 
Jta Apr 


: 700 B1K TM 87 10 28 38 
(*737 ) 750 22 4IHB1H 31 48 58 

term 460 14K MM Mtt 8 IBM 2SM 

(*483 ] 600 3 12M 17 39 40* 50 

SC 2H BM U 32 713H10M 

mi) 300 25* 7M WM20M25M27M 


ten 560 44B3M 7M 1 14 Z7H 
f5») 500 BM33M4M8DM * 5J» 

HE19M 700 27H61M 74 4 28 51 

n20 ) 780 IH 32 4M 9 88 79 

Rwtaa 483 BM - - 5 - - 

(*485) 475 4 - - M - - 

noon NN ftbto A* M Mr 


2pm **pm APTAHarith *+pm 

20pm 9*2Pm CtoSaa 11pm +1*S 

*+pfn Mfxn Oragon 04 *4 pm 

90pm 24pm hsetti A Catalan OOjpm 

15*zpm 10*zpm SMaw Upm 

58pm 47pm Smutt (J) 47pm -1 

Upm 1*2pm WsM of Laattnr 1*zpm 


FINANCIAL TUBS EQUITY INDICES 

Oot 20 Oot 18 Oct 18 Qet 17 Qg 14 Yr ago -Hgti law 

OntayShera 23502 2357.0 S373X 2400X 2391 X 2B97X SK713X 22400 

Ord.dh.yMJ 4X7 4X6 4X3 4X0 4X2 3X7 4X1 3X3 

ten. vtt 9* M 5X2 0X2 8.10 512 0.18 4X9 0X1 3X2 

FVE retto net 1BX0 1BX1 18X4 18X2 18.71 28.06 33X3 18X4 

IVE redo nfl 10X3 16X4 18.17 10X8 10X4 25X0 90X0 17X8 

Ter IBM. artery flnar* hriai ta*a u onptariot v Hgh 2711B SAOMt km 40 A SflflMO 
FT Orttey Bhaa Met brae dn 1/M 5. 

Ortery Shan hearty ohangae 


AMM 1<0 21 23 M 
(177 1 IW 7 1417M 


2 4M 8 
9 13 17 


* UndeDrho »*o*y pita* P" 
toad on arete offer phem. 

Oatcbto 20, TWe ootB a cm *0*66 Crikn 1BJ53 
nn: 21 jOBi 


2364.9 2381 X 2369 X 2357.1 2388 X 2387 X 2309.1 2308 X 2357-9 2372 X 23 S 4 X 


Oot 20 

Oot IS 

Oct 18 

Oct 17 

Oct 14 

Trego 

6 EAQ tegata 

23 X 05 

20,148 

21,759 

23 X 48 

24 X 43 

32 X 56 

Equtty tumovar (EmJT 

- 

1154.7 

10121 

107 BX 

1519.7 

1757 X 

EqJty berpilnat 

- 

22 X 38 

24 X 70 

26 X 71 

28 X 72 

38,717 

Eharea traded On 0 t 

- 

5024 

47 EX 

43&3 

546 X 


tBnbtaig taieraartm puriraee and ovetMM BaniMr. 




1 


FT GOLD MINES INDEX 



□d MUb 
T9 m tag 

Oct M ftri 

11 17 M 

9nee* 
jMfl % 

52 wak 

Mgti lam 

miibmimmm 

BUM *7 

BWM 22HB3 1B66J7 

TJ0 

2367401762X2 

ABfeanu 

AetarieM U) 

Nob Aaaric* (IT) 

3556X4 +QX 
2891.14 409 
177089 +9,7 

566251 3571X5 2731X1 
2857X6 256241 2310.16 
1755X5 1758.75 TBB5X3 

375 

1X7 

0.70 

968251 230446 
2013X8 2101.17 
2039A140B.il 




ReaM hi fanobta taoe lurim al aaamnlM. 
PtadHtaacr Bald Mhra intaR Ori n BMX : ai 
LriM prtOM eera tmtatato tar trt rtttan 


1 1 .uliii'J Si i'Vitv 



kWeiM4) D iManrrfli 

ha ri ei ta el l hl— llrMM ‘ 

huiecKIH. ttany n»6M emtarallta tarta tek btlmv Mite VA 



7 






FINANCIAL TIMES FRIDAY OCTOBER 2\ 1994 ^ 



LONDON SHARE SERVICE 





49 14.1 
4.0 13B 

13 15.6 

17 210 
49 4 

22 1S> 

14 * 

IB 1GB 
10 14.7 

17 202 
OB 27.4 
14 14J 
a 14 16.0 
2 24 173 


m 





4JJ 
844 24 

208 10.0 
182 19 

7BB - 
MB SB 
107 IB 
321 42 

AST - 
2BB 42 
848 21 
M.T 02 
400 20 
3402 24 

02 13 




Pattaoon jl 

PWTBp^—. 


McAptalAI-MQ 

IfcCBTtJtySSt-ttja 




+ or 1994 MU YM 
Wee - hlqh tow Cre&a Ert 

150 186 119 212 14 

71‘uri 138 70V 211B 77 

i92a an 157 rau is 

18*2 21*2 14 703 11 

31 -V 128 20*2 17J 111 

33 *2 73 271} IBB 18 

98 HO 7B 113 4.7 

74*2 100 73*2 201 

15S* 178 1S8 41B 11 

533X1 *553 490 554 12 

£»A -A «8V 4702 1.9 

46*2 51 24*2 504 - 

31*2 — *«V ZBV 2864 - 

14G 178 US 883 00 

78m 4-1 81 84 1112 28 

128 138 105 418 58 

32 *96 23 7.71 

18 35 10*2 4B3 

B*a4 9 8 228 

1MX — 228 124 101 52 

8*a* 10 U 107 - 

CI4& B5/, £10tJ 1,175 IB 

311 329 262 1811 22 21 

■1 75 43 144 

15*2X1 20 15 U2 43 11 

198 — 171 120 HO 12 

«8M +2 584 330 1,819 13 41 

110V ~*x 08 101 3022 BB 

158*2 — *2 172V 121*7 1198 IB 

80*j -Jj 125 86*7 8SB 82 

12V HP* 9*2 478 - 

MB — 188 135 1711 52 244 

STM *2 19 55 210 15 21 

18 22 14 110 25 

250 233 248 1532 45 181 

140 159 110 55L1 23 17, 

1H 230 155 11B 11 11 

294 380 272 823 19 11 

in *29B*a 1B7 14.7 28 SI 

840 683 403 4.19 OB • 

187 2S3 187 1812 40 11 

271 310 240 5BB 15 111 

81 — 121 n 310 11 Z7J 

294 384 Z71 487 1.1 - 

217 — 298 198 1348 18 IS 

148 173 95 144 26 12 

n 17 71 1012 SB 111 

288 Z72 200 877 20 211 

398 *442 364 1717 40 111 

23 — 48 20 724 55 H 

96 — *81 B 11 U IV 


3i d 

m — 

67a +2 

19 — 

ao — 




23 48 

9t — *81 


35*7X1 "49V 29V 217 23 11 J 

HBU -1 111 GO 84S 12 71! 

m -4*2 212 162*g 7511 IB 10‘ 

309 *2 318 233 2318 12 15; 


135 *MB 109 913 14 

34 45 34 147 - - 

22*a *25 9*4 MB - - 

41 82 37 222 SB 1M 

« H 77 30L3 23 231 

127S1 — 134 91 4J4 48 34* 

338 *9 404 321 70ZJ) 44 19.4 

41X1 41 33 IBS 10 4 

13X1 — *14*a 10 36L7 13 4 


ss = 


» » u 4 

61 7U 18 111 





MU 

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tm Cas£n 

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78 

20 

SB 

34 

294 

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1719 

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119 

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05 

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808 

7.4 

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481 

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SB 

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403 

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1118 

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142 

511 

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181 

18*7 

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504 

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101.7 

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284 

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239 

1112 

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157 

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SB 

150 

627 

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3BJ3 

308 

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49 

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402 

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108 

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34 

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11.0 

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IBB 

SI 

01V 

133 


32 V 

1,833 

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139 

8403 

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CSV 

t,ia 

19 

UK 

611 

109 

54 

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SB 

62 

209 

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1828 

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ID 

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043 



TW 

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280 

IB 3Z2J 

167 

07 

34 1699 

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89 272.5 


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102 

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11.1 

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199 

17 

111 

42 

293 

22 

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300 

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SS 

149 

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152 

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147X1 320 143 417 18 11J 

223 _ SB 2D* 4444 13 2L2 

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111 -e 138 98 177 7B - 

28 48 28 420 - - 

148 +8 -1«*a 137 4U 49 111 

EZtri 83 39 404 11 - 

37X1 — 41 27 114 15 - 

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42 


FINANCIAL TIMES FRIDAY OCTOBER 211 994 


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FINANCIAL TIMES FRIDAY OCTOBER 21 1994 


CURRENCIES AND MONEY 


MARKETS REPORT 


WORLD INTEREST RATES. 


Mixed showing for dollar after strong data 


The dollar traded in a fairly 
narrow range In Europe yester- 
day, providing encouragement 
for those who believe the cur- 
rency is due to rally, writes 
Philip Gawith. 

Strong economic data, which 
upset the US bond market, 
were shrugged off. while the 
dollar also took little notice of 
comments from a Bundesbank 
council member about the 
desirability of a stronger 
D-Mark. 

The dollar finished in Lon- 
don at DM1.5016, from 
DM1.5009. and at Y97.325 from 
Y97.15. It fell later in New York 
to DM1.4915 on comments from 
Mr Lloyd Bentsen, US treasury 
secretary, that the US govern- 
ment had no plans to intervene 
in currency markets (to sup- 
port the dollar). 

Elsewhere, sterling recov- 
ered from a downward blip 
after the resignation of a 
junior minister, to finish at 
DM2.4325. from DM2.4298, and 
at $1.62 from $1.6198. 

In Europe, the D-Mark was 
generally weaker as investors 


reassessed the bullishness they 
had shown to the German cur- 
rency in the run-up to last 
weekend's elections. 

Both the Swedish and Dan- 
ish crowns firmed after a poll 
showed an increasing number 
of Swedes flavour joining the 
European Union. The Danish 
kroner finished at DKr3.912 to 
the D-Mark, from DKr3.9l7, 
while the Swedish krona closed 
at SKT4.774 from SKr4A 

■ The dollar held above 
DM1.50 for most of the day. 
despite the buoyant housing 
starts data, and the large jump 
in the prices component of the 
Philadelphia Fed survey. Trade 
was very quiet, only livening 
up in the New York afternoon 
when Mr Bentsen spoke. 

Mr Bentsen was less 
emphatic than in recent 


■ Pound In How York 


•- Prev. dose - 
1.6230 
1.6222 
1.6215 
16108 


months in supporting the vir- 
tues of a strong dollar. His 
desire to see it “a little higher'" 
was clearly seen as damning 
with faint praise. 

Also unsettling for currency 
markets were earlier com- 
ments from Mr Tietmeyer in 
Leipzig. He said: “I hope the 
dollar remains a strong cur- 
rency; the D-Mark will remain 
so." 

A further concern for the 
dollar, at least against the yen, 
comes from a Japan Develop- 
ment Bank's survey of manu- 
facturers. Mr Michael Feeney, 
economist at Sumitomo b ank 
in London, points out that 71 
per cent felt they could com- 
pete In world markets with dol- 
lar/ yen in the Y90-100 range. 

More ominously, 86 per cent 
expect the rate to stay in this 
range for the next three years. 

Today the market is likely to 
take its lead from the expected 
release of the German M3 
money supply figure for Sep- 
tember. This figure, together 
with the Bundesbank council 
meeting next Thursday, are 


Germany: money supply 

MS, % change from 
previous 04 average 

25 



5 •/ 


1993 

Source: Datastreatn 


likely to be the main 
short-term determinants of the 
dollar’s progress. 

There is considerable market 
speculation about whether the 
next move in German rates 
will be up or down. Lower 
rates could provide some sup- 
port for the dollar, especially if 
combined with further rises In 
US rates. 


Earlier in the day, the mar- 
ket had focused on newspaper 
comments from Mr Tietmeyer, 
that any movement In Bundes- 
bank rates again this year 
depended on trends in the 
money supply, and other fac- 
tors affecting inflation. 

Analysts said the tenor of his 
comments suggested that the 
central bank was clearly 
looking for further scope to cut 
rates, not to raise them. 

Mr Paul Lambert, currency 
analyst at UBS in London, said 
a good M3 figure would “put 
Interest rate reductions back 
on the agenda.” He predicted 
that the Bundesbank might 
decide to revert to a variable 
rate repo at its weekly auc- 
tions, and then follow this with 
a final cut in official rates. 

Before Mr Bentsen spoke, 
there was some comfort for 
dollar bolls from the market's 
seeming unwillingness to take 
the dollar decisively below 
DM1.50. Mr Malcolm Barr, 
economist at Chemical Bank in 
London, commented: “The 
market is already rather over 


extended in terms of short dol- 
lar positions, so it held up 
rather welL" 

■ The recent pattern of much 
of the liquidity being provided 
by the Bank of England to UK 
money markets, coming in the 
form of late assistance, per- 
sisted. 

After declaring a shortage of 
£700m, the Bank provided £62m 
liquidity at established rates, 
and a further £665m Late assis- 
tance. The overnight money 
rate peaked at 8 per cent 

Cash rates were unaffected, 
with three month LIBOR at 5£ 
per cent In the futures market 
the December short sterling 
contract closed at 93.49, from 
93J52, on low volumes. German 
call money eased to 4.8Q/4S5 
per cent from 4.85/4.90 per cent 


MONEY RATES ... rn 

October 20 Over One Three SU Ono tan*. R«S*> 

rtgm month mtha nufta yoor Infer g?g _ 

^ 2 S : 

. m 4n 51 5X 8 * • ■* u - 

6i si s:i S4 s.oo - ars 

T7 s“ Hi SS ei 9 00 - 0.75 

tJ^ 00 4.1s 4.?S aS 5-4 5.sS BOO 4.50 4.85 

& 4.95 5-20 MO S.70 8.00 450 4g 

Ireland 45 sa Si «• ;* : : in 

weak 090 4* 5i S» 64 * 

a- ea si* 9* ioA - 7& ° “+° 

Ka * f? nf n. 10* 7 SO &2Q 

weak ago 84 a " 8 " ■?* * ~ 

Notheriarx* 4.84 4.92 s.lfl 5.30 5.67 - S25 

woe* ago AM 432 S.J8 532 S.7B - 5.2S 

SwtOerUnd 33 33 416 *3 350 

week ego 23 33 -»4 Jfl 8.8ZS 3.50 

US 4U 4K 5V4 S4. 8* 4 -|~ 

week ago 43 •» St% 5* S* - 400 

Japan 2’A 2* 2* “ *£5 

^reok ego 2'* 2* =* =3 ~ 

■ SUBQR FT London 

Interbank FMnfl *3 51 53 6* 

week ago - 4 3 5W 5!fc ** 

US Dollar CO* - 463 527 5.64 625 - 

week ago - 463 532 5.6= 610 

SOH Linked Da - 3W3fi3*4--- 

week ago am 3$ 3« 4 

ECU Linked Di add rate*: 1 rath S5: a mu* S 8 mrt» ft l: t V*«i LDOPta-t yk 
ram ai* olbgd ram tar SKfrn quoted m tfn marts* by tow retaraiw* bon ke eM *»«* "««t 
day. Uta bvta m Bankers Trust Bet* o« Tokyo. Bmtay* and WMjg ^g"**** 

Md rotas ora shown tar the rto rn e eu c Money Rotas, US T COs and w» LWwd Owxrata 


EURO CURRENCY INTEREST RATES 


Lomb. 

Ore. 

Ropo 

Hirer 

rale 

ram 

7.40 

4.50 

_ 

7.40 

a SO 

. 

5.00 

- 

675 

900 

- 

575 

6.00 

4.50 

4.85 

6.00 

4.S0 

405 

_ 

- 

625 

- 

- 

6-25 

_ 

7.50 

820 

_ 

750 

8420 

_ 

525 

. 

_ 

5.25 

_ 

5625 

350 

- 

5625 

3.50 

, 


4. DO 

_ 


4.00 


- 

1.75 

1.75 

- 


■ OTHER CUnmHCES 


Hangay 171276 - 171538 

Ml 2819X10 - 2822.00 

Kmnft 64807 • 0.4617 

PtUri 37l75.fi - 372445 

ftasa 4903.75 • 491023 

UAE 5.9417 - 59535 


105760 - HBS60 
1748.00 - 175000 
02968 - 02973 
229550 - 229850 
3027X6 • 3Q31XN 
3 6715 - 3 6735 


PQ.UND^SpOTi ! QRVV^R&>>.3xM?vSr ‘i HE POUND 


Closing Change Bid/offer Day's Wd One month Three months One year Bank of 
mid-poi rtt on day spread high low Rale %PA Rate HPA Rate %PA Eng. Index 

(Sch) 17.1196 -06154 108 - 284 17.1513 17.1010 17.1153 0.3 17.1034 0.4 - - 115,4 

(BFrJ 50.0395 40.0477 183 - 806 50.1620 50X1110 50.Q095 0-7 49.0545 07 49.5046 0.9 1176 


DOLLAR SPOT FORWARD AQ.AINST THE DOLLAR 


Closing Change BM/oHer Day's mid Onrt month Throe month* One JW J P Morgen 
mid-point on day 3pread hign low Rale %PA Rale 56PA Rale %PA tilde* 

(Scty 106680 -0017 ESS - 705 106875 10.5575 10668 0.0 10-5678 0.0 10.493 0.7 104.6 

[BFr} 306835 *06075 850 - 940 309*00 306640 306895 0.0 306845 03 308395 06 1002 


Belgian Franc 4|| ■ 

Danish Krona 6 - 

D-Mark 4ft 

Dutch GuMor 4% 

Ranch Franc 5,1 ■ 

Portuguese Esc. 9ft ■ 

Spanish Peseta 7 A ■ 
Sterling 54* ■ 

Swiss Franc 3% ■ 

Can. Doner 5ft ■ 

US Deter 42* ■ 

Italian Lira 9 - 

Yen 2 1 * ■ 

Aslan SStng l 7 s ■ 

Shan term rate) am «S I 


7 days 

Ono 

Threa 

Six 

One 

notice 

month 

montns 

months 

year 

412 

- 4iJ 

4}J ■ 

-4(2 

5,; - 

Si 1 . 

S>2 

54. 

« 

■«A 

6 - 

Sh 

6 - 

Sh 

*h- 

6*4 

54* 

6*» 

7H 

-7ft 

47 a 

-41* 

413 

■AM 

5** 

-S 

s'* 

SH 

SH 

■5ft 

4% 

■ 4t* 

412 

-4(2 

5ft - 

5ft 

s,’. 

Sft 

SH 

•5ft 

5ft 

-5,’* 

5ft 

-5ft 

sh - 

5ia 

5% 

sh 

6H 

■6*4 

Va 

- 9 

9(1 

- 9 

10t* 

- 10 

t0>2 

912 

10ft 

- 10ft 

7*2 1 

■7h 

7& 

■ 7ft 

?a- 

712 

8ft 

8.1 

9 - 

Sft 


5.** - 5,'* 5ft - 5« 5!1 - 5U 8A - ftJ, 71* - 74 

ail -all all -all V. - ail ^ ^ 

4* - 4}i 4{J - All sh - 5>* sa - 5ii flj* - 63| 

411-4,*} 4U -4*i 5,1-5,'. 5li-5. l i 6^-8^. 

&7| • B*e 8,*. - B& Bk - BH 9i* - 94 ID, 1 . - lO, 1 , 

2ft ■ 2U Sft - 21* S } 3 - 5ft 2b - 2ft 2|i - 24 

It4.li, 3ft -3ft 3H- 34 4-3H 

1 US Dakar and Yen, Utare. two days' node*. 


Denmark 

(DKi) 

9X9132 

-0.0021 

061 - 182 

9.5380 

9.5028 

05084 

as 

9.5272 

-0.8 

9-5567 

-0^ 

117.4 

Denmark 

ffiKr) 

52726 

-0.0055 

710 - 740 

5.8377 

53700 

5.8769 

-03 

Finland 

IFM) 

7.4729 

-0.0164 

627 ■ 830 

7.5070 

7.4617 

• 

- 

- 

- 

- 

- 

88.6 

Finland 

(FM) 

4,6130 

-0.0135 

080- 180 

4.5353 

4.6080 

4.6137 

-02 

France 

(FFr) 

8-3301 

- 

343 - 410 

8X3526 

84281 

8.3385 

-0.1 

8X333 

02 

82837 

a7 

110.6 

France 

(FFf) 

5.1471 

-00037 

462 - 480 

5.1550 

5.1397 

6.1494 

-05 

Germany 

(DM) 

2.4325 

+0.0029 

314 - 335 

2-4378 

2.4287 

2.4313 

ae 

2.4201 

0.7 

23986 

1.4 

128.7 

Germany 

(0) 

1^016 

*0.0007 

013 - 018 

1.5044 

1.4989 

13016 

0.0 

Greece 

fl» 

373.642 

+0-832 

295 - 983 

374.268 373-205 

- 

- 

- 

- 

- 

- 


Graece 

IDO 

230.660 

+035 

500 - 800 

231.000 230350 

230945 

-15 

Ireland 

(13 

1.0127 

+0.0C05 

119 - 134 

1.0147 

1.0111 

1.0125 

0.2 

1.0121 

02 

1.014 

-ai 

106.4 

Ireland 

m 

1-5997 

+00003 

989 - 004 

1.6038 

1.5965 

13996 

0.0 

Italy 

(U 

248095 

+ai4 

945 - 245 

2486.45 2475.45 

2487.05 

-ao 

249885 

-2A 

255325 

2.9 

74.9 

Italy 

W 

1531.50 

-1 

100 - 200 

153230 152830 

1538-05 

-3.8 


Luxembourg 

Netherlands 

Norway 

Portugal 


(LFr) 50.0395 +00477 183 - 606 50.1620 500110 500095 07 43.9545 07 49.5945 06 

PI 2.7255 *06032 243 - 266 07292 2.7228 2.7241 06 2.7207 0.7 2.89 16 

(NKrj 106832 *0.0036 778 - 885 106126 105736 10.5828 Ol 106881 -OI 105888 0.0 

(Ee) 248.970 +0.079 820 - 120 240.617 240739 2607 -86 26368 -7.9 


Luxemboug (LFr) 308896 *0.0075 850 - 940 30.9400 308640 306895 0 0 306646 0.3 30.8395 0.2 

Netherlands (FQ 1.6825 *0.0008 822-827 1.6851 1.6809 1.6826 0.0 1.681 03 1.6727 06 

Norway (NKr) 63330 -00025 316 - 345 05530 63265 S.5367 -0.7 SJ5S45 -13 6.606 -1.1 

Portugal (E3) 153.890 -006 840 - 740 153340 153360 154365 -5.3 155.59 -4.9 159.34 -4.1 


Spam 

(Pta) 

202.486 

+0006 

369 - 582 

202.875 202.300 

202326 

-2.0 

207.721 

-103 

208.376 

-13 

88.1 

Spam 

(Pta) 

124.985 

Sweden 

(SKi) 

11.6184 

-0.039 

091 - 277 

11.7185 11.6068 

11.6394 

-33 

11.8884 

-23 

113744 

-23 

783 

Sweden 

(SKrJ 

7.1721 

Switzerland 

(SFr) 

2.0206 

*00063 

192 - 219 

23243 

2.0159 

2.0176 

1.8 

2.0114 

13 

1.9742 

23 

1233 

Switzerland 

{SFr) 

13473 

UK 

ra 

- 

* 

- 

- 

- 

- 

- 

- 

- 

- 

- 

803 

UK 

(0 

13200 

Ecu 

- 

1.2777 

+0002 

771 - 783 

13789 

13762 

13777 

ao 

13774 

ai 

13737 

03 

- 

Ecu 


13679 

SDRt 

- 

0918947 

- 

- 

- 

- 

• 

- 

- 

- 

- 

- 

- 

SDRt 

- 

148760 

Americas 

Argentlru 

(Peso) 

1.6188 

+0.0003 

184 - 194 

1.6228 

1.6175 

. 


_ 

. 

. 

. 

_ 

Americas 

Argentina 

(Pesp) 

08994 

Brazil 

(HI) 

13753 

-0.0056 

733 - 773 

13999 

13725 

- 

- 

- 

- 

- 

- 

- 

Brazil 

(FO) 

03490 

Canada 

(OS) 

2.1951 

+0.0048 

941 - S61 

2.1981 

2.1909 

2.1943 

0.5 

2.1933 

03 

2.192 

0.1 

86.7 

Canada 

(Cffl 

13551 

Mexico (New Peso) 

5.5265 

-0.0122 

209 - 320 

5.5320 

5.6208 

- 

- 

- 

- 

- 


- 

Mexico (New Peso) 

3.4115 

USA 

(S) 

1.6200 

*0.0012 

195 - 204 

1.6230 

1.8175 

13192 

0.6 

1.6185 

0.4 

1.6078 

0.8 

613 

USA 

IS) 

. 

Padfk/MMdls East/Africa 
Auotrata (AS) 2.1985 

-0.0026 

971 - 998 

23055 

2.1956 

2.1984 

0.0 

2.1998 

-03 

2318 

-09 


Paciflc/Mddfe East/ Africa 
Australia (AS) 13672 

Hong Kong 

(HKS) 

12.5175 

+0.0089 

132 - 218 

123401 

12.4992 

123136 

0.4 

12.6125 

03 

123195 

03 

- 

Hong Kong 

(HKS) 

7.7271 


■ THUS 

OR MONTH 1 

Open 

mOHFUTl 

Sen price 

LH«S(MA 

Change 

T1F) Paris 1 

High 

nterbank off 

Low 

bred rate 

Eat vol 

Open kti. 

Dec 

9432 

9432 

+aoa 

9434 

9431 

15.726 

58.624 

Mar 

90.79 

9330 

*0.03 

93.82 

93.77 

13.499 

37.463 

Jut 

93.42 

92.40 

+QA1 

93.44 

93.38 

9394 

27 .430 

Sep 

93.07 

93.04 

-a 02 

83.09 

9303 

3391 

19.411 

■ THREE MONTH EURODOLLAR (UFFE)* Sim points of fOOW 




Open 

Sett price 

Change 

high 

LOW 

Eat vol 

Open tin. 

Dec 

94.06 

94.03 

-0.05 

94.08 

94.08 

45 

2564 

Mar 

93.67 

93.58 

-0.09 

93,67 

936S 

25 

1368 

Jun 


93.16 

-an 



0 

300 

Sep 

92.89 

92.80 

-0.13 

9239 

62.89 

10 

sa 

■ THREE MONTH EUROMARK FUTURES (UFFET DMIm points of 1009k 



Open 

Sett price 

Change 

High 

Low 

Eat vd 

Opon kv. 

Doc 

9430 

9434 

+0.04 

943S 

94.79 

27506 

157344 

Mar 

94.49 

9435 

+005 

9436 

94.49 

32336 

136247 

Jun 

94.14 

94.16 

+ao3 

94.19 

94.12 

20762 

101389 

Sep 

93 .77 

03.78 

+0.02 

9331 

93.74 

9793 

7S218 


■ THREE MONTH EUROURA HTTJIATE FUTURES (LIFFQ LI 000m poWs Cl 100% 


India (Rs) 50.8179 +00381 997-380 509050 507450 - - - - - 

Japan (V) 157.662 *0.395 577 - 746 158.490 157.490 157332 33 156377 3.5 151342 4.0 189.1 

Malaysia (MS) 41277 *0.0033 257-296 4.1330 4.1230 - - - 

New Zealand (N2$} 2.6429 -0.0029 415 - 443 2.6504 2.6394 2.6468 -13 2.6540 -13 2.6768 -13 

PNlppInee (Peso) 407904 -03272 980 - 827 403045 406834 - - - - 

Saudi Arabs (SR) 6.0764 *0.0044 744 - 783 6 0874 6.0674 - - - 

Singapore (SSI 23870 *0.0067 BS5 - 886 23889 23806 - - - 

S Africa (Com.) (R) 5.7261 *0X1291 233 - 289 5.7297 5.0995 - - - - 

S Africa (Rn.) (R) 63828 -0.0279 846 -006 6.4034 03596 - - - - 

South Korea (Won) 129331 -1/13 238 - 405 129731 1291.74 - - - 

Taiwan (TS) 423767 +0.009 609 - 924 423725 423168 - - - - - - 

ThaHand (Bl) 403805 +0,04 612 - 998 40-4450 40.3280 - - - 

tSOR ram tar Oct V9. BWoflor spreads in (he Pound Spot table show only the Ml three dactool pkacm. Forward rats* an not tftaedy quoted to (he market 

but are impfcw br axrent tnwaat rates. Srtrtng tndai caieulcted by the Bank of Enatand. Bam wtaaga IMS 3 looBd, OSar and Md-rem in bad, Ms am 

the Oaks Spot ct*n dartved from THE WMmEUTERS CLOStNO SPOT RATES. Sam* wduea ora rounded by the F.T. 


Hong Kong (HK5J 7.7271 - 266 - 278 7.7276 7.7266 7.7269 OO 7.7276 03 7.7420 -03 

India (Rs) 313700 +0.0012 675 - 725 313735 31.3675 31.455 -33 31.6 -23 

Japan (Y) 973250 +0.175 000 - 500 97.7000 973500 97.105 2.7 96-535 3 3 94.06 3.4 

Malaysia (MSI 23480 +0.0002 475 • 485 23490 23457 2.5388 4.3 2.5375 33 2.601 -2.1 

New Zealand (NZ59 1.6315 -03029 311 -319 1.6343 1.6308 13324 -0.7 1.6343 -0.7 13396 -03 



Open 

Sett price 

Change 

Hgh 

Low 

Eat vof 

Opon tin. 

Dec 

90.68 

0071 

+0.08 

90.72 

9035 

5100 

31024 

Mar 

9000 

8939 

+0.03 

90.02 

89.94 

3156 

22033 

Jim 

89.46 

89.46 

*0.01 

89.40 

89.44 

283 

15465 

Sop 

89.10 

8939 

*0.01 

89.12 

6936 

575 

17115 


M THREE MOMTH EURO SWISS FRANC PVTOOTS (UFFE) SFrlm points o! 100% 


PhBppines 

Saudi Arabia (SH) 3.7510 - 508 - 511 3.7511 3.7508 3.7523 -0.4 3.7564 -0.6 3.775 -0.6 

Singapore (S» 1.4735 +0.0043 730 - 740 1.4762 1.4695 1.4722 1.1 1.4703 09 1.4635 0.7 

S Africa (Com.) <R) 33348 +0.0165 340 - 355 33355 33195 3.5503 -S3 3.6788 -5.0 33553 -34 

S Africa (RnJ (R) 3.9400 -0.02 300 - 500 33550 33150 33737 -10.3 4.0325 -9.4 - 

South Korea (WoqJ 798300 -1.45 000-600 800.100 798.000 8013 -4.5 804.8 -33 823.3 -3.1 

Taiwan f TS? 263975 -0313 950 - 000 28.1046 26.0950 26.1175 -0.9 26.1575 -0.9 - 

ThaSand (Bt) 24.9270 +0.007 220 - 320 24.9320 24.9200 24.9995 -3.5 25.127 -33 25307 -2.7 

tSOR fete lor Oct 19. aidtaflor spraads ki me Dolor Spot labia show only m last three deaiul p tacos. Forward ram ore not dtoafy quoted la tfto market 
but ere ImpBed by curart hnrast ram. UK. Mend & ECU are quoted in US currency. J.P, Morgan nanWd Iredcas Oct II Baa svwage 1090*100 


(Peso) 25.1800 -032 300 - 300 25.8000 25.1300 

(SH) 3.7510 - 508-511 3.7511 3.7508 



Open 

Sett price 

Change 

High 

Lour 

Eat vol 

Open me 

Dec 

95.74 

95.76 

+0.04 

95.80 

95.74 

2877 

19248 

Mar 

95.43 

95.46 

+003 

95-50 

95.42 

1790 

16753 

Jut 

95.08 

95.06 

*0.01 

95.10 

95.08 

85 

5274 

Sep 

94.75 

94.73 

+0.02 

94.75 

94.72 

42 

1479 


■ THREE MOMTH ECU FUTURES (UFF^ Ecu 1m paints of 100% 



Open 

San price 

Change 

IPiJ, 

nfgn 

LOW 

Eat vol 

Open tin. 

Dec 

9a 83 

9335 

+aoi 

9186 

93.83 

1151 

7587 

War 

93.41 

93.42 

+0.02 

9145 

93.40 

1302 

6737 

Jun 

9230 

92.93 

+033 

92-95 

92.90 

684 

3823 

Sep 

82.45 

92.46 

+O.D2 

9230 

92.45 

466 

2126 


CROSS, RATES^ANpr. DERIVATIVES 


EXCHANGE CROSS RATES 


Oct 20 


BFr 

DKr 

FFr 

DM 

K 

L 

R 

NKr 

E» 

Pta 

SKr 

SFr 

£ 

C$ 

S 

Y 

Ecu 

Belgium 

(BFr) 

100 

19.01 

16.67 

4,881 

2023 

4857 

5447 

21.15 

4975 

404.6 

2351 

4.038 

1089 

4587 

2238 

3150 

2552 

Denmark 

(DKi) 

5259 

10 

8.765 

2657 

1584 

2007 

2866 

11.12 

261.6 

2128 

1220 

2123 

1051 

2307 

1.703 

166.7 

1542 

France 

(FFr) 

60.00 

11.41 

10 

2917 

1214 

2974 

3568 

1209 

2985 

2427 

1292 

2423 

1.190 

2633 

1.943 

189.0 

1532 

Germany 

(DM) 

2057 

3312 

3.428 

1 

0.416 

1020 

1.120 

4550 

1025 

8222 

4.774 

0031 

0411 

0003 

0666 

6400 

0525 

Ireland 

(IE) 

49.44 

9.400 

8.239 

2403 

1 

2451 

2893 

1045 

2455 

2000 

11.47 

1096 

0088 

2169 

1501 

155.7 

1562 

Italy 

« 

2017 

0.384 

0.336 

0.098 

0041 

100. 

0110 

0427 

1004 

8.181 

0468 

0081 

0040 

0.089 

0065 

6555 

0051 

Netherlands 

CFD 

18.36 

3.491 

3.060 

0592 

0.371 

9101 

1 

3583 

9154 

7458 

4561 

0741 

0587 

0808 

0594 

5703 

0469 

Norway 

(NKrl 

4739 

8.991 

7581 

2299 

0.957 

2344 

2578 

10 

2355 

1915 

1007 

1.909 

0946 

2075 

1531 

1420 

1507 

Portugal 

(J=3) 

20.10 

3-822 

3550 

0977 

0407 

9964 

1595 

4551 

100. 

8152 

4.665 

0512 

0402 

0.882 

0061 

6232 

0513 

Spain 

(Pta) 

24.72 

4.700 

4.120 

1.202 

0500 

1225 

1548 

5527 

1230 

m 

5.738 

0098 

0494 

1084 

0800 

77.87 

0631 

Sweden 

(SKi) 

43.09 

8.194 

7.182 

2.095 

0872 

2138 

2347 

9.113 

2144 

1745 

10 

1.740 

0.881 

1091 

1596 

1327 

1.100 

Switzerland 

(SFr) 

24.77 

4.709 

4.128 

1204 

0501 

1228 

1549 

5538 

1235 

1005 

5.748 

1 

0.496 

1.087 

0802 

7802 

0632 

UK 

(El 

50.03 

9.513 

6338 

2432 

1.012 

2480 

2735 

1068 

3480 

2024 

11.81 

2020 

1 

2195 

1020 

157.6 

1577 

Canada 

(CS) 

2273 

4J34 

5.799 

T.10B 

0461 

1130 

1541 

4.820 

1124 

9251 

5589 

0.B20 

0456 

1 

0.738 

7100 

0582 

US 

TO 

3a 88 

5.872 

5.147 

1.501 

0625 

1531 

1.682 

8531 

1528 

1240 

7.187 

1547 

0817 

1555 

1 

8758 

0.788 

Japan 

(V) 

31.74 

6036 

0291 

1.543 

0642 

1574 

1.739 

8.713 

1570 

1224 

7587 

1582 

0835 

1593 

1028 

100- 

0510 

Ecu 


39.18 

7.449 

6529 

1.904 

0.792 

1942 

2134 

6285 

1940 

1585 

2092 

1.582 

0783 

1.719 

1569 

1234 

1 


Futures Ltd 


EQUITY AND INDEX OPTIONS 

COMPETITIVELY PRICED EXECUTION SERVICE 

B Far lurcher ioformaiion please contact ■■ 
Philip O'Neill H 

Tel. 07 1 329 3333. Fw: 1)71 329 39 L9 3 


INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON +71 329 3377 

LONDON +71 3393377 NEW TOBK +M 6M FRANKFORT +4M8 440971 


Damn Kroner. French Franc. Nanra^on Kroner, and SwodWi Kronor per 10; Belgian Franc. Yon, Eaoudo. Lka end Pse*U | 
■ D-MARK FUTURES llMM)OM 125,000 per DM ■ JAPANESE 1 


I (I MM) Yen 12.5 par Yen 100 


Dec 

Mar 

Jun 

Open 

06665 

06672 

Latest 

0.6862 

06673 

0.6687 

Change 

Wgh 

06674 

06674 

Low 

06651 

06872 

Eat ud 
30560 
285 

S 

Opon lot 
91510 
4525 

57B 

Dec 

M» 

Jun 

Open 

15337 

15410 

Latest 

1X3018 

1.0398 

1.0517 

Change 

-00019 

-0.0021 

Wgh 

1.0338 

15410 

LOW 

15288 

15388 

Est vol 
28.734 
750 

40 

Open tin. 
56,669 
8521 

442 

ft 

l 

i 

■ 



■ STEH 

UNO FUTUI 

BBS (TMM) I 

B025OO per 

E 




Dec 

0.8046 

0.8042 

■00002 

08053 

0.8019 

14.895 

41.888 

Dec 

1.6200 

1.6170 

-0.0042 

1.8218 

1.0168 

15551 

42785 

Mar 

00068 

00071 

■0.0003 

08075 

0.0087 

138 

1.138 

Mar 

15100 

1.6158 

-0.0040 

15160 

15158 

20 

472 

Jui 


00109 

- 

- 

- 

a 

120 

Jun 

- 

15130 

- 

- 

15130 

1 

8 


CLIENT 

TRADING 

ROOM 

PRIVATE CLIENTS 
WELCOME 


38 DOVER STREET, LONDON WIX SBB 
TEL- 071 689 U33 FAX: 071 496 0022 


CALLING ALL CURRENCIES - 0839 35-35-15 

Call now for Uw latest currency rates, with 2 mbi updates 24 hours a day. 

For details of our luD range of Bnandal lofprraaUon services, call 071^% 9400. 
Calls are charged at 39p/ndn cheap rate. 49p/mtn all other ttnres. 

Futures Pager Ltd, 19/21 Great Tower St. London EC3R5AQ. 




EMS EUROPEAN CURRENCY UMT RATES 


Futures Call 


LONDON MONEY RATES 

Oct 20 Over- 7 days Orta Three Sbc One 

Itighl noOca month months months year 


interbank Sletkng B - 5 5‘j - 5^ 51* - 5Ja SJJ - 511 Sft - 6ft 7 ^- 7l* 

Start ng CDs - - 513 - SB 5K - 5H 6ft - 8>* 7*g • 7 

Treasuy EUH3 - - 5*3 ■ 5ft S*| - B'z 

Bank aifc - - 5}j - SB Sh ■ Sfl 8^ - 6 

Local mmonly deps. 5<4 - 5li S>* - 5 1 * 5ft ■ 5ft Si* - 6 Sb 6ft - 6ft 7ft - 6iS 

Decouri Marhei dewo 6>2 - 5 1 ; S^j - S 1 ^ 

UK clewing bank hue lending rale Si* per cent from September 12, 1994 

Up to 1 1-3 3-6 6-9 9-12 

month month months months months 


Certs of Tax dep. (9100X100) I'r 4 3% 3\ 3^ 

Cora «t Tn dep ivda Ct0ft.000 a I'pac- Doxta vnMtarm tor cash kpc. 

Am render rain of Otcount 5 U Mpc ECOO Md n bo SDg. Export FtaariOL Maks ta> (by Sep 30. 
1*94. Acraed rare lor pared Cicr J5. iww la Mo 2%. 199*. Scbenns B a in T.OSpc. rV rt ura n co rata tor 
pared £ep 1. IPS* ra SnpOGL to**. Schamas WAV s.73Spc_ Rnanca House Base Rate tpc from Oct 
t. JOW 

■ THREE MONTH STERLING FUTURES (UFFE) E500.000 points of 100K 


Oct 20 

Ecu con. 
rates 

Rate 

against Ecu 

Change 
on day 

H W- from 
cen. rata 

% spread 
v weakest 

mumHiua 

219672 

2.14534 

+050075 

-234 

5.83 

Belgium 

402123 

39.4037 

+00156 

-2X11 

5j43 

Germany 

154064 

151473 

+0.00082 

-1.79 

024 

Lialaml 

HKCTJBMJ 

0508828 

0797040 

-0500456 

-153 

458 

France 

653883 

656388 

-050324 

038 

298 

Denmark 

7.43879 

7.48837 

-000644 

0.71 

283 

Portugal 

192554 

195584 

-0205 

157 

1.7B 

Spain 

154X250 

159/125 

+0024 

3.36 

ooo 

NON ERM MEMBERS 





Greece 

264513 

294588 

+0291 

11.17 

-7.03 

Italy 

1793.19 

1953X37 

-1.77 

853 

-6.12 

UK 

0.786749 

0.707635 

+000014 

0.11 

3X24 




Open 

Sett price 

Change 

High 

Low 

Est vd 

Open Int 

Dec 

93.52 

0349 

■003 

93.52 

93.48 

16200 

143325 

Mar 

92 71 

9267 

-0.04 

9271 

9264 

17498 

75214 

Jun 

92.12 

9209 

-0.04 

9212 

92.06 

6730 

652S5 

Sep 

91.70 

91.68 

-0.04 

91.71 

si.ee 

2849 

50625 


Ecu centra rates ser by Dw European Commrfaren. Currenctas m ta descenrtng reWhs ftrengm. 
ft i f t ag i changas m tar Ecu; a poabw dumps danam a mak cumncy. DMrgaica snow* ore 
raaabitwsan iwo spreads: tepstetaR dto wc r talwan Bw oetesl morttai aid Ecu cenbal rates 
tar a currency, aid Ore rradmum pamttted pac o nngs dev k aton ot die cunsney 1 * martuattm from as 
Ecu cmtrol rate. 

(I7/3A2) Surttap and Kafisn Lfre suspended from ERM. Artustment ctaartBMd by dre Rnandel Ttnres. 


■ FMLAOBHU SE £76 OPT I O NS £31 ,250 (cents per pouid) 


TAX-FREE SPECUL+ATIOiX 
IN FUTURES 


Toobah yo u r tree Guide to how your BmaMBoafr aoh c r cMbctp 
too. ran MldBd Mercy or bnjoddas cm 071-828 7233 arwitor 
re « 1C bides Re. W I GrowcnarXiudcn*. [oadati SW| WOBX 


FullerMoney - the Global Strategy Newsletter 

Coveting bends, stocks, currencies -1 commcdilics. ir.c'uding where !0 
invest. FuiicrMcrtey is v/ritfoir by Dcvid Fuller for inlorncl.oncl i.nvcilors ■ 14 
pogos. monthly. Single issue £15 cr US522. crirruol 51 56 in u:< ,3. Europe, 
elsevr.here SI€0 or lf$$280. send choauo cr credit ccid details. 

Cell Jcne Fcrquharson o! Chert Anciyqs lid. 7 Swcliow Sired, londcn V/IR 
7HD. UK Tel tendon 171-439 4961(0171 in UK) cr Fck: 171-439 4946 

Vc r.'_:cfcrf by V‘.c Kor : :.nn) 'rvc Vif'-c-.r 


1 LUTE fururw traded on APT 


B Sr tTnxncial 
sarnystt 

Buuiea price* 
Etanadoa 
gcnipil By 
ia«K casy-to- 

you pcrfcn* 
ntulyso, taddrntag. 

nreddag. preseetalioas red lota em. 

X YEARS OF HISTORICAL PRICES TOR 
CASK. FUTURES, OPTIONS AND 
INDEX MARKETS. 

S) YEAilS OF FUNDAMENTAL POUBMATK» 
ON OVER WOOhMaorTBS 
Sndtar re *e tafanatalon bead ie die OtB 
Cnmodiiy Year Book. Ac Wbfcr of die 
fomna Industry. tareMbkaH 
iiiftnf jf j i iNf CRB InfoTodi abo p w riifa i cb^jr 
prise updares vis KR-Oeota, K^gfal-Riddert, 
software ^cdGcaUj dcslpied W 
download rad impon end-of-dsy prices 
dbeody Into jo*r database. 
INFORMATION; BlraHer V«kU 
KRItaere, 98 FteSBorA London BC4Y IHY 
Tet +44 (8)71 8424063 


u„,„15% 

off electricity I 


021 423 3018 

Powerline 


i torwetaaor am* ewa n» «■ 
era or n dMkhflr podnp red 



Mreltafr 

MM*KM>I 





Pod 


Pod 

VS tour 

0 1*1*2* 



ptaod 


pne* 

D>*c» 



CMMh 


0030 

1003 

0.K 

852 

moo 

021 

SS3 

9 82 

or 3o 

HUM 

9-9S 

955 

020 a 

2029 

12.40 

1458 

0230 

2M4 

1240 

1450 

0300 

2084 

1240 

14.30 

0330 

2064 

11.10 

13.14 

(WOO 

2064 

ass 

0.03 

0430 

23X8 

852 

852 

0500 

106! 

952 

052 

0330 

1SJG 

950 

958 

OSOO 

10X6 

8.04 

954 

0«3O 

10-15 

1250 

1450 

0700 

21.76 

1759 

18.86 

0730 

2159 

10.03 

1050 

0800 

34JJZ 

17.14 

19.10 

0830 

34.73 

1850 

2058 

0000 

3472 

1441 

2039 

OB 30 

3180 

2251 

24.19 

ion 

3162 


24.19 

1030 

31.77 

2251 

24.10 

1100 

31X10 

2251 

2A10 

1130 

3155 

1042 

2058 

1200 

3153 

1041 

2058 

T230 

31X57 

1059 

2038 





1330 

2072 

17.74 

18.70 

1400 

2046 

17.12 

1050 

1430 

2146 

17.12 

19-00 

1500 

2B44 

17.12 


1630 

23.44 

17.12 

1008 

lflao 

2150 

1053 

1058 

1830 

24J7 

17.12 

19X30 

1700 

25.47 

17.12 

<0.08 

1730 

2051 

1756 

1054 

1000 

27XW 



1830 

3352 

1758 

1054 

1900 

41X» 

1653 


1030 

4050 

27.73 

29.09 

2000 

33.10 

27.79 

2850 

2030 

32.72 

27.73 

20L09 

2100 

26.76 

2059 


2130 

21.73 



2200 

2150 



2230 

21.73 

iax» 

1755 

2300 

1650 

13.87 

17.63 

2330 

1056 


IS. 70 

2400 

1850 

1154 

13-30 


Traded on AFT AB Open liter art Bgs. ora lor pravtout day. 


■ SHORT STERUHO OPTIONS (UFFE) E500.D00 pofrite Of 10CH6 


Strflai 

Price 

NOV 

— CALLS ~ 
Dec 

Jai 

Nov 

— PUTS — 
Dec 

Jen 

1560 

7.00 

702 

7.41 

0.02 

029 

058 

1575 

4.65 

5.15 

5.48 

aia 

068 

1.12 

1.600 

2-60 

038 

3.82 

053 

1.41 

153 

1525 

1.16 

2XB 

2-55 

152 

2.52 

3.03 

1.650 

039 

1.14 

1.60 

3.20 

4.02 

454 

1575 

0.07 

067 

093 

557 

553 

654 



Ptrerious day's voL, Cab 1Z013 Puw 11X110 . Pm. da/s apart kit. Cob «5 JSB* Puts 370X134 


■ THREE MONTH EURODOLLAR 0MM) Sim pofrite Of 10016 



Open 

Latest 

Charge 

High 

Low 

Est vd 

Dec 

94.08 

94.06 

-003 

94.10 

94,05 

78.887 

Mar 

9357 

93.63 

-054 

9357 

9351 

90403 

Jun 

9354 

S3. IS 

-005 

9355 

93.18 

52.784 


BASE LENDING RATES 


■ US TREASURY BEX FUTURES (I MM) Sim par 100% 


Adam & Company ...5.7S 

Alliod Trus Bonk 5 75 

AIB Bonk 5.75 

•HaryAnsbacher 5.75 

BankofSaroda 5.75 

Banco Bftbo Vbmya_ 5 #5 

Sank of Cyprus 5.75 

Bark of bound 5.75 

Barked inca ,5.75 

Bank of Sodtend - S 75 

Barclays Bank 5.75 

BM Eh of Mel East... 5.75 
•Grown Sriptay S Co Ud £ 75 
CL Bank NedorUnd ... 575 

CditaikNA 5.75 

CJyticssale Bank 575 

The Cooporaew Ba*. 5.75 

CddltsSCo 9,75 

CrortiLyainas ... . s.75 
Cyprus Popular Bank _5 75 


Duncan Laurie ... . — 5.75 

Ertetar Bank Umdod 6.75 

FnoncBI & Gen Bank 645 
•Robert Fleming i Ce> _ E7S 

Qttcbenk — 5.75 

•Gunness Mahai 5.75 

Hat* Bank AG Zurich . 5.75 

•HambresBark 5.75 

Heritable & Gen bwBk5.7S 

•Hi&KnueL — 5.75 

C. Hoaro S Ca 5.75 

Hongkong 8 ShanghaL 5 75 
JiAan Hodge Bank .... 575 
•Leopdd J»oph S Sons 5.75 

Lloyds Bank 5. 76 

MeghraJ Bartk LU 5.75 

LVJUrtd Bank . 5.75 

* Mount Barking 8 

NaAVesbrtnsler 5.75 

•BeaBnMhera 5.75 


* ROKtiuighe Guaranteo 
Corporatan Umtad is na 
longer auhprlsad as 

a benktog insOtudon. 8 
Royal Buaaoofand- 575 
•Smlin 6 Vlfflmsn Sees . 575 

TSS 5.75 

•UniedBkolKuwaft— 575 
Unity Trast Bonk Pic.,. 575 

Weston Tiufl 575 

Whseawey Laktaw ..„ 578 
Yorfcsmru Bank 575 

* Members or London 
Investment Banking 
Association 

* In a ft nin ta i n flion 


Dec 

94 87 

94.64 

■003 

94.67 

94.64 

1552 

17.692 

Mar 

94.16 

94.18 

■0.03 

94.18 

94.16 

226 

9288 

Jun 

- 

93.73 

- 

• 

93.73 

115 

3567 


AM Open interaM igi ree tor prareoui day 
■ EUHOMAHK OP TIONS (UFFE) DMIffl pofrita at 100% 


Strike CALLS PUTS 

Price Nov Dec Jan Mar Nov Dec Jan 

M7S 0.12 0.18 0.10 0.13 A03 0.07 0J30 ( 

8800 a 02 0.06 0.04 0.06 0.18 022 049 ( 

9525 0 002 002 003 041 0.43 0.72 ( 

Eat vet total. CaB* 1339S Puts lOSOl. FtoHtaus da/* ouen InL Can IB484S Puu 1745W 
■ MO SWISS FRANC OPTIONS (UFFE) SFr 1m pofrita of 100% 













% FINANCIAL TIMES 


I 



45 


WORLD STOCK MARKETS 


EUROPE 

(oa 20 /sen) 


iwuno 

Maw M 


MAT 13*0 
805 

oott sss 

EAQsn 2.680 
EW 1J70 
1,135 
ns 

s® 5 

m ,jsa 

S& g 

MMr «3 

3430 


1.760 aa 
*351070 BKijO 
7% 587 1£ 

'®> 4,200 2.6Q0 0JJ 

3 , » i «oe4 
845 10 
-f 1456 ass 12 
t* S 5 39 ? la 
-15 258 171 n 
-f 1.180 674 — 

5 Jg 328 14 
•4 ?W W»M 
■♦2 600 430 14 
-840403,411 fjo 



mm w uuammfsiaaff^ 

-JO <480 3,705 14 
+10 BJ90 7450 34 
+20 5400 4400 _ 
jo^woiaoo 4.7 

- 6 D T 8 «ft lft iwi 2.7 

M 

■t^ssyraswao bjj 

-ssgssasss B 


MM 


»s 

6440 

«*c £5 
£S£ij£ 

BMW 1400 
Mm 23,100 
QfftCta 11,075 
CUB 2400 
c«m 1400 
gimp iog 
Com 7.190m 
WOT 1432 
Etacn 6420 
BfllAG 3.000 
2^40 
442 e 



11400 10 
^2^00 2.180 15 
-20 6400 1200 4J 
-® 515 16*17 

+s 

-SO 2470 2480 __ 
■^4^0 3425 4 3 

^J£8?gs!2 

^SftSSMS 

-10 1560 4,160 14 

— 3^8 2.700 12 
-60 8.200 6^1 Q 23 
+30 7060*000 10 

— 1*00 5400 AA 
-81430 1473 64 

— 19JS5QKUH0 
-lOIttTre 


Eg 1 

1 *? d 
HBdCtfl fill 

a sg 

~ J 

& 1 
g? «8 
ain « 
sar ’«s 

gna 240$ 
S»rm 10110 
rate isso 

ESS* 31900 

Sraiac 13 ^S 

as, as 

UMo 283_7o 

29440 
Wcrma 23440 


"3 SS^iaiM 
-2 709 Son *n 
r14 »2 m 11 
“74049140 377 14 
-*B0 167.70 IOUO ” 

*-385 1,045 14 
-110 7,100 5,460 in 

taaao 30850 «a» “ 
+40 62444620 34 
*“? 2WW.M 14 
-1 13850 87 40 5.1 
+161448 «**4 
-6.40 18050 115 15 

+ 5 S §*{291.30 74 
*-50 234lfiU0 12 

*?„Jg 2 7S2 1 4 
-1 1405 765 __ 
-61,160 005 14 

««ss _■ 

-240 287 2 Qi 3 j 

-1401S74B111BO 24 
-13 25 SC l£ 
— 9*5 ESI 20 

+703^01*0 14 
4 734 STB 34 
+014881470 17 
+*»*&£ 3S7.1Q U 
^ KO *72 24 
+.40 810 303 7J 
■5,7W 382 74 
-421*70 1,790 _ 
+7 792 523 34 
+7 2400 1.710 24 
+440 529 232.10 _ 
-+« 577234.70 11 
-240374) 18150 ZA 
-**,120 2461 14 
-2-60 ^71 4 1».1B BA 
-a|0»4«S911D 35 
+JD 2245012750 14 
+S 494 333 4.1 
+f-J° £042*10 54 
—440 BOO 403 74 
+170 307 221 11 
+110 335 240 34 
-ISO 35E2S7.10 44 


+/- — U»« M 


♦<■ M IHM HE 


♦/- 


«■/- 


I— TM HI 


./- I 


In 


♦ /- Hah In 



-?0 4410 247S — 
41011JUO&7DO 4.1 
-6013AM 1201 12 
-4 2,730 1482 2.7 
-28*188 5483 £1 
— 3*38022750 14 
-18O24J6215J0B 12 
+60 1*780 9055 10 


— HEtffiaAW5(Dd2Q/Hs4 


(Oa 20 /Dm) 


-3 . 688 


*260 24 
2420 47 
420 34 


MB 16100 
ABMV ^ 537 


— 6400 4450 44 

♦KutoqtSS 44 

— 1475 1,450 *7 
-37S 17^50 vi7M *0 

*1011400 0420 4.7 


-Italia 


1440 44 _ 


(Oct 20/10) 


CariA 


HSB 


616 -IB 780 586 *4 
183 +2 281 178 2 J 

260 +12 833 250 1.1 

. 5.630 7400 6400 04 

Miamim -1400 t£3 HUB 04 
196 +\ sS 17340 1^ 

H 86 +249 427 307 3.7 
158 -48025 150 16 

390 -7 815 360 11 

690 643 443 24 

160 +6 276 100 1.1 

386 ... 423 330 2.1 

SCO + 10 1430 ass 0.4 

Si +S 385 

360 — V6181 

454 -1 737 

529 -ISO BIS 
328 -4 675 

*06 -2 466 

349 -135133 

610 — 1472 


SSSp, s 

SEU 31 ^ 

351^ 

«■! & 

S52Y 

B'*dor i.Ois 

Me S 
gZ& £ 

CKAB 1420 
Cmmafc 32040 
Com* 22440 
OLW 414 
788 
484 


oft* 


ss& a 
ass ja 


EBB 


unnfi 

MOWS 


« 

TooDao 

IMdrUV 


243 


2S2 34 
4BS OJ 
418 1.1 
497 04 
429 18 

a 21 zb 

300 __ 

no 14 


267 707 JB 4.1 _ 


I (Oct 20 /Mm) 


9840 

+40 

1S4 

08 20 

140 

+1 

178 

121 10 

75 

_ 

105 

74 — 

4200 

+50 4800 3500 14 

144 

—3 

233 

141 18 

DBS 

-1051740 

*11 — 

50 

-110 

60 

45 20 

622 

-3 

703 

502 10 

151 

-1 

130 

100 00 

148 

-a 

247 

140 10 

141 

-4 

250 

138 20 

208 

-18 

zee 

200 1.0 

206 

-11 

260 

ISO 10 

688 

+30 

682 

207 04 

102 

+2 

108 

DO — 

75 

— 

104 

SO 10 

86 

-1.10 

102 84.10 10 

4600 

+140 57.80 

41 — 

9700 

-300 

120 8400 10 

247 

+7 

2SB 

176 24 

1700 

-40 

51 

18 — 

1400 

— 2*60 

12 — 

98 

-a 

120 

89 — 



LtaH 34450 



♦1.40 19*30 140 1,1 
+18 633 490 24 

— 1.440 1400 14 
+15 2411 2.122 10 
-10B9U0 575 2JB 

+31,191 700 _ 

_ 1.02E 615 14 
+1M34U0 278 24 

— 610 435 14 
♦2 485 348 16 

+240 404303S0.10 11 
+640 BUMS 18 
+8 929 B39 14 
+640 573 306 34 
-2 VD6 815 1.4 
_8feS0 236 17 
+3 628 374 17 
-24 951 750 14 

-16 1430 782 1 A 
+30 1430 1,140 18 
+240 3802S2JD 17 
+240 298 218 14 
+24 600 36150 04 
+13 904 689 1 4 
+640 366 448 14 
+326660 210 — 
+158374)55*50 24 

— 188 131 17 
+14 607 478 17 

— 337 280 14 
...M 

BIB 489 14 

-8 807 245 24 
+5 B2B 500 17 

— 246 190 34 
+10 1,380 1,141 14 
+40 681 982 14 

+3 440 310 34 
+7 1498 667 1.4 
+33883038430 11 
+61.018 787 1J 
263 208 24 
+5 318 38850 34 
-1 <33 SSD14 

+40 IBB 141 — 
+11 848 SIS 11 
_ 5EB 481 18 
+1401614)116.10 — 
+150 17910270 *4 
+7 BOO 630 24 
_ 630 660 14 
-1 608 830 14 
+240 410 311 24 
+221650 15740 _ 
+170 200 161 \A 
+40 470 376 14 
-4 387 266 13 
+12404*4] 389 14 


+.20 7170 54 54 

+40 HOB) 0040 34 
+.10 53404240 14 
+40 23916740 3-2 
-40 47.20 3240 34 
+40 92 3440 34 

-1.1077406240 — 
+4015*5010560 1.1 
-.10 20817170 ZS 
—.10 1*98 1440 — 
-.40 25 USD 54 

-18*40 9150 44 
_ 70*50 68.10 4J 
+40 5840 41.4 24 
+14016750 129 — 
+40 25030*50 14 
-•£033*5(1 2fl4 14 
+40 BSAZSO S£ 
+40 0150 6640 24 
_ 4170 34.70 24 
+40 9470 7110 12 
+40 9640 7470 14 
+40 5740 4040 11 
-40 5240 4110 18 
+40 99.10 4740 — 

— 5720 4130 12 
-170 8*30 50 70 *4 

+4010020 72 14 

-40 90 65-75 _ 

-1 6*50 6640 11 
-40 5040 40 04 

— 8440 71 15 

+40 131 112 11 

+40 GB 60 0.1 
+.1013*4011460 16 

— 10050 81 JD 5-3 
-1^21140184® 4.6 
-JO 5030 4130 14 
*20 236 17*40 18 
-140 20314450 11 
-305*50 46 14 

+.10 1815010140 13 



PACIFIC 

JAM* (Oct 20 /ton) 


_ 720 601 — _ 

-2 615 515 

+1* 970 814 03 — 

— 1,036 1,663 06 _ 
*5 877 8W - — 

+30 1480 1.1 2D — — 
+1 33S 2S0 _ _ 
-15 060 737 — _ 
+1D 1480 1,700 _ _ 

— 17801160 — _ 
_ 087 732 — _ 

+18 783 B05 — _ 
+20 063 640 — _ 
787 S51 — — 
-10 573 425 13 — 
-6S23 3ia—_. 
+1014501310 — _ 

— 648 400 — _ 
-40 3300 2320 — _ 
+40 752D S3SQ — _ 

-4 ssa m u — 

-1 86S 730 _ _ 
+9 1350 905 — — 
-602300 2^60 — _ 
-2 782 B3S — — 
_ 1330 788 _ — 

— 1340 BSE 10 

—15 980 912 — — 
-2012201730 — _ 

+1 680 420 _ 

+9 900 743 23- 

-14 483 321 - _ 

-10 10101^20 1J _ 
+10 23201^00 — _ 
-101^201300 — _ 
_ 1420 990 1.1 _ 


- sasr 


- *X9AYtOct2D/Ksor**1 


ta* 

oStf 

ac£ 

LBVTTrT 

mm 

Kwrl 

IsKK 


tnwA 


DMA 

WMA 


78 

14150 

12 

178 

7150 

123 

Z74 


190 

201 

140 

7750 

74J0 

77 

10130 

11050 

84 


— 112 88 43 

-550 173 130 17 

— 16501150 — 
-2 ISA 125 1.1 
+30 m GB — 

— 146 100 33 

+3 390 270 23 
-211350 84 35 

+326*50 200 13 
+1 206 140 05 

-6 30318860 10 
+315470 130 S3 
+1 91 7150 16 

+50 01 70 17 

67 72 *5 

122 8350 1-4 
151 114 12 

+38450 21 — 

-3 08 66 17 



•a 


- SPAfll (0d 20 / Ptl) 


— BCntH 


*210 
■»nnG 

4570 

BPlxW 15370 
BSom 4390 

5S OS 

CBTWV 4500 
COvM 8510 
Digdu l^ftal 

SnM 1320 

BUta 1400 
&X» 5580 

F«aa 743 
BOuf 560 
HOCm 1685 


»*>? 


naar 

ftm 


& 


— MUM 180 +SL9D 206 131 42 — 

= 


0Bnt«A 


FRANCE ffct 20 /Fm) 


353 


ags 1 

obu 


Oxoa 

cuSud 

CCF 


CftyO 

qujcF 

emu 


21110 -130 39820*10 _. 
551 -8 760 591 4.4 

712 -12 614 865 23 

47330 +430 013 454 4.7 
244.40 +>,10 330 217141 
614 -13 710 370 49 

25190 +1J02BUD 227 13 
49*00 -120 88344*10 33 
1809 +96 3,700 1760 18 

524 -8 730 510 11 

1.194 -17 1,400 1J33 41 

605 -2 1,168 7*4 4J 

18230 +1.10 22*50 15650 *7 
181.10 +14021*2915*90 — 
1200 -16 12001.711 23 

171 +1 2O51SZ50 4 A 

1,273 +31570 1104 35 

42*70 -50 46S 348 11 
213 +.1030090 201 10 
733 -18 1 JE 


-2 530 403 19 

686 -0 950 622 04 — 

440 -48B1D 410 22 — 

JSSS = 

- 

-2 207 200 17 

+1 318 235 IS 

I 15 
15 
11 
15 

1 1.1 

28*S0 11 

317 10 
310 17 
oa 1 3 
410 05 
337 05 

206 1 5 



TaUtn I 

UnFm 

UnFort 

urani 


SSS 

iSSS 

7 0S0 
1880 
220 
474 
MO 
1400 
1,725 
583 
1,100 
1J65 
1300 
1320 


-160 *280*160 20 
+133 *700 4,770 11 
—6 3535 1780 14 
+35141)01415 65 
-5 4^76 3,673 4.1 
—130 17 JOB iXoOO 60 
+70 *321 4,400 *9 
+3 1.436 700 243 

— 3J801410 11 

— 1110*400 27 

+20 Raw *3cc ia 
—IS 1715 1.7S6 45 
+161^781^10 15 

— 1200 1300 13 
+50*1001100 18 

-6 1,100 720 5.4 

— 024 418111 
-9S *140 3500 17 

~e 1.210 750 7 A 

— 7^90 *000 10 
-130 7530 4500 25 

+10 1480 4510 14 
+70 11500 9,420 15 
-40 25001500 — 
-15 4500 3505 10 
-3 356 102 05 
-B 088 3611*3 
~Z 5T3 BBS B3 
+1004560 2505 13 

— 11851593 10 
-2 738 948 73 

+15 1400 050160 
-10 1J101.1SD 55 
+75 1120 1500 2J 
-80 3500 25*0 15 


OttMk 634 

3n 1570 


~ MBn(Dd20/KnmO 


HSak 


Z imuripctaQ/LU) 


OoeW 

IT 

EsunGn 

Bxo 

ErBSur 

BflCtt 


37*2D 

38*10 

*070 

721 

705 


+1 498 3S1- 

-50 737 370115 
+60*160 5500 05 
+101002 IMS 12 
-5 S30 810 — 


EuDU 

Hma 

FOntty 

BmeJ 

snem 


sssr 

a 


334.10 +14.10 478 331 IT 

924 +4 077 760 2.4 

446 -6 748 443 17 

687 +10 740 BOB 12 

380 -7 435 300 14 

310+150 39229*10 *3 
24*20 -50 M 181144 

+3 1508 » — 

+s? ss 

+ai^^g 

-501*70 *25108 
-T 182 101 01 
-33 930 600 10 

-10*020 4540 15 
S70 366 25 

-10 1754 1570 07 
—40 3832*30 10 
—7 B4B3GS30 13 

TO ^VJTB B32 8J 

41 -8 11B 41 75 


748 

680 

734 

3460 

tg 

670 

*60 

101 

810 

*JS? 

£5 


BC«M 1700 
BNKAQ 2500 

BRjnu 1525 

a vu& 
*110 
CM V714 
1.778 

U03 

cam 077 
CrBa 1584B- 
OHM *M0 

1 JS4 
HM *000 
FUPT 3580 
FkW 3500 
FonSp* 11,140 
8m5u 1 500 
eoVUt 37,550 

HP? 24,0^ 
ft *300 
m iojao 

Sera ions 

SS « 

MwMnc 12020 
MUM 1518 
O0wt 1520 
PWfi 3500 
Ptspa 1240 
BAS 1*200 
RMK *500 
EHB) 7560 
ssa .835 
STET *440 
SaftaA 4405 


+70*082 3470 64 
-20 3509 2541 _ 
+411450 1530 TJ 
-5 211 ' 78 — 
+893294501*368 15 
+110 H4E0 0.110 — 
+411001504 25 
+481812 1502 — 
-1S13B615B3 90 

-anno 986 — 

-18 2518 1570 60 
— IIS* 01865 — 
*14104 1585 — 
+407530 4071 15 


_ Start 



+9161 

+17 15631+50 13 
+300 44J3 33433 10 
-945001076 — 

+5«£SS£S 

+1191<500 *170 _ 
— 1430 1000 — 
_+!16JM»*W2 10 

-45n@ll3o 11 

+3201«0012g0 15 

+511401003 Z 
— *100 3500 14 
+30 35851070 _ 

^460 11100 ^5 24 


— QBBBg 


290 15 
_ . 498 10 

+50 107 15 DJI 

*1 104 144 OS 
+1 10650 06 04 

*1 10*50 
+50 438 

+844150 
+8 134 

^2 734 
■f-BO 110 7*30 05 
-3 430 231 15 

-50 603850 27 

+4 311 137 10 
+5 312 178 IS 
-50 860 133 10 
+1 216 152 25 

-1 372 17 12 

-50 156 14 15 

-50 155 100 1.7 
♦00 185 102 18 

— 158 99 20 

-50 184 122 _ 

+1 100 124 11 
-50 143 3950 10 
-50 142 *30 10 
—40 733*80 — 

-1 18650 9750 10 
-! 233 129 27 
+2 475 381 15 

— 430 380 10 

-50 144 65 12 

— 110 00 13 

— 122 8250 35 

-1 120 78 *8 

' +150 130 106 *4 
' +150 178 105 84 


1 (Oct 20 /Fm) 


218 -2 282 in — 

636 -10 721 388 10 

848 -8 713 567 10 

1480 -50 10881175 14 

1,108 -1110491015 10 

*11 -I 250 700 1.7 

636 -6 747 GOO 14 

713 +10 970 702 ll 

715 +12 042 800 11 

333 +1 422 330 — 

3,620 +20 3060 1560 1J 

1470 +80 1,700 1060 2J 

2480 — 20322400 IS 

070 — 083 860 10 


+10 1420 1000 — 
-2 737 466 — 
+10 10*0 BB1 (Li 
+201560 078 — 
-10 1500 881 — 
+101590 1070 — 
+1 744 583 10 

— 1,700 940 — 
+2 634 402 1.7 
+20 6500 1930 — 
+110 6040 4070 OJ 
-1050 1020 _ 
♦10 1160 1 ,ooo — 
+9 011 690 10 
-1000 1040 — 
-10 629 410 CL6 

+5 513 980 10 
+1 are sso — 


—6 B01 415 _ _ 

+60 3040 1410 — — 

-101020 042 45 — 

S 751 430 — — 

+20 1020 1030 — — 

3.590 2590 —403 

— 1.410 1,020 10 — 

W -3 B11 315 — _ MM+M 

382 +9 482 337 13 — ICW 

006 — «7 8«1 _ — HolnS 

020 +1 6B3 480 — — mS3k 

1030 -20 1440 1040 03 — lira 

688 *10 768 571 10 — IKSok 

2020 +201970 2480 — — 14*104 

-1010301050 — — urns 

— 1790 2410 — — UfflOti 

— 10001010 — — - 

— 984 772 10 — 

+1 SB 6 788 — 

+* 023 410— — 

+9 691 387 — — , 

+20 1070 1,420 — — Marti 

-301500 1060 00 — Matun 

+9020601700 — — NEC 
+io 1010 1,400 — _ Ha: in 

+19 1020 660 — — HGXSp 

+131020 BOO — — HHKSp 

+10 910 531 — — W0( 

+4 OT <13 MX 

1 770 993 HEK 

*101020 1060 — — NTH 

-1 627 345 — — XtSffu 

-31300 720 — — Kg-My 

+0 665 687 10 — lip 

+281,120 951 — — i5ftW 

— 1.7101060 —630 WU 

1/00 +301070 1030 00 — 

3,100 +140 4060 3000 08 — 

660 +16 70S 945 10 — 

581 -9 836 408 — _ 

1730 —10101030 — — 

1080 +10 1060 1030 _ — 

1060 +10 1.180 993 — 

4750 -90 4040 3000 — 

586 -1 708 521 00 

1170 +2014501020 — 

EDO +8 603 445 _ 

2000 +40 2060 2000 — 

879 +13 738 385 10 

408 +5 513 27S — — PfcEvr 

814 +19 535 360 

777 +01040 719 _ _ __ 

1,110 -20 1070 990 — — MpHOdO 

1140 +140 20001050 — — PtaOoj 
1070 +101,180 841 — — NpLM 

077 -6 780 514 _ — Mrtem 

790 -7 833 780 — — Up 01 

1020 —1050 088 — — NpPnt 

539 +3 700 426 00 — * ~ 

965 +41050 938 — — 

538 -12 639 440 _ — 

696 +3 734 602 1.1 — 

505 +4 B40 577 — — 

485 +2 325 438 — — 

820 +7 780 810 — — 

960 +14 1.130 795 — — 

437 +7 350 307 10 — 

810 

1010 +98 1, 

57 m -80 

S :T« Sk: 

7300 -7023*0 7300 — — 

1000 -10 1,120 




+6 798 382 *7 

— 1040 1,330 00 

-10 1.230 rao 00 
+20 3010 1380 — 
+50 1000 1020 — 
+5 736 520 — 
+10 1000 90S — 
+0 550 330 _ 

-6 833 003 — 
+2 GB4 394 — 
-81010 790 — 

— 1030 642 — 
+6 702 4B7 — 
+2 360 407 — 
-1 484 310 — 


+10 1000 1.140 — — 
+101010 1/460 — — 

-2 384 42S — — 


+3 400 301 — — 
-20 1/4201080 IB — 
—7 B9Q 743 *9 — 
+10 460 378 — — 
+1 433 337 — — 

-13 040 378 — — 
— B40 770 *7 — 
+2 440 310 — 717 
—30 1000 046 — — 
+24 1,110 700 — — 
+30 1230 1030 *3 — 
+5 782 303 — — 

♦301010 B30 — — 

— 15001068 14 — 

+2 824 403 09 — 

+30 1790 2000 — — 
+80 4,490 *472 — — 
— 1010 BSD — — 
♦101.170 085 — — 
+101/480 1020 _ — 
+6 630 305 — — 

+* 200 zn — _ 

+12 B2S 563 — — 
+10 783 528 10 — 
+21 787 483 — — 

-2 484 315 — — 
+7 910 911 — — 
-6 1040 781 09 — 
-1 568 600 _ _ 
+10 2080 1/470 — — 

— 10501070 — — 

—4 B13 690 

BIO B28 — — 

—4 KB 400 *0 _ 

031 579 — — 

+3 52D 412 — — 

— 1/440 1060 00 — 
+91,140 855 — — 

+10 7000 *220 — — 
+7 80SO 002 — — 

S 4*2 810 — — 
+101130 1010 — — 
+60 2000 1030 _ — 
— 1.110 937 — — 
+11 802 663 1.1 — 

«C B20 460 — — 
-20 2.130 1050 *7 — 
+90 860 628 _ — 
+5 7BB 478 — — 
+90 1000 1/400 10 — 


Z Tool 


+3 512 381 12 
+20 *568 7050 — 
+2010181020 — 
— 2000 1400 — 
*181.118 775 _ 
-133)1010 - 
+210(0 540 — 
+30 1J80 1.130 — 
-10001080 _ 
-0 836 433 1.1 

*1 no 411 — 

-4 3S5 256 — 
+8 700 500 — 

+5 823 4B1 — 
+3010001.118 — 
+10 20202050 — 
+3 B28 700 09 
+30 *488 *460 — 
+2 852 61? — 
+6 747 425 — 
*1012981,610 — 
-2 637 404 — 
+101.100 837 _ 
+2010801080 — 
+5 47S 360 •— 
-1 *85 288 — 

+2 1030 551 00 


4*1010 964 — — 
+4 573 432 — — 
+4 734 ff?J M _ 
+11 1.120 016 — — 
+10 10201090 — — 
-IB 815 674 — — 
+20 1020 1050 — — 
+1DB0SO3J9O — — 
+12 748 810 — — 

-301210 1.7B0 1.1 — 

+?1 722 550 — — 

*6 8SS £790 8 — 

— 105Q107D — — 
♦1010401000 — — 

— 1040 MO— — 

+2 005 400 — — 
+2 615 00 — 

+8 1.100 705 00 — 
-3 831 566 *7 — 

— 553 307 1.7 — 
—0 720 80S — — 
-5 993 870 — — 

+91 907 533 — — 
+100 71 JQO 17090 — — 
-10 *230 2040 — — 
+10 1,420 1 . 11 O — — 

+3 S38 328 - — 
_ 5B7 416 — 

— 1090 1.120 *7 — 
-17 013 <21 — — 
+10 1020 1,450 — — 
-SO 2020 1010 — — 
+40 2000 1070 — — 
+10*6402010 — — 


SadM 

TNT 

I*?pn 


— 

— IMAM 


warn 

Wrtgae 


200 

138 

405 

*704) 

*09 

*10 

123 

401 

540M 

208 


+.10 3.70 168 *8 2*0 

— 17* 101 — — 

*00 UB 30 — 

+03 008 *10 4J — 

+J7 &SD 520 10 — 

— 002 700 IB — 

♦02 IBB 110 40 — 

-03 403 1.4 _ 

-05 *22 3.70 10 — 

_ *52 170*1 _ 


43185 Bnrtea 
314300 BnenA 


- HONG rats pet a /KK« 


302003 CAE 
213457 cnpMs 
4300 Canon 
4300 UFd A 
29900 cnota 
791S0 (MfflbSh 
729045 Canuco 
556442 Cart mo 
253317 QnOec 


AmoyPr MS 
BEAsta 3280 
Hnf 1100 
CH0fog3*4ra 
QUA 3000 
OHM 6*30 
SnEH 7.73 
cao> 2200 
Crttaro 1*00 
Dfu? 1D0S 

Soro 3*10 

HSBC 8*75 
HLrngD 1300 
KSenaB 90S 
tartar 1005 
HtMN *7D 
hteoLnd 4*10 
HKOC 1*15 
P4CSH0 1*75 
HC«r 31.10 
HCBe 2300 
Htund 1600 
HOflA 1*70 
HCTOf 1*85 

Hyssn 1*70 
jm Bjo 
JMUh 84004) 
JSM 29J54) 
KMBU* 14.75 
MMQr 903 
MnW 2S30 
KMA SUO 
gffft SRM 

SknaO 1005x1 
SIMM 400 
SHKCD 30041 
SB 


SS0O 

2*45 

1*65 

1*10 

1*10 



+.1D1S0O *35*3 *2 
+00 502*80 20 215 

+.10 1570 1040 *6 — 
+00 ESSOSO 17 — 
-00 57 37 30 370 

... 81 58 2J3 SSJ 

+70 14 *15 - _ 

+*527001000 1.7 — 
+X0 1*10 1600 30 1*0 
+.161*20 10 00 — 
-08 &05 *10 20 — 

— 43 2900 10 — 

+05 131 80 10 — 

+.1021001100 40307 

+2 6*60 4773 35 200 
-.15 7300 10 37 ZS 

+.10 900 biS 40 
+vEO 6*50 3100 30 — 
+.102405 13 15 208 

-.101*60 1*65 10 *9 
-00 M SI 12 119 
-.16 3550 2000 *8 — 
+06 31.75 1750 05 — 
+.1030761*60 30 208 

— 17.70 IZ 37 — 

— 1000 350 *0 — 

+50 4250 2750 10 _. 

-.10 3*25 1915 *6 ._ 
-.10 1*10 700 0.6 — 

— 6450 46,75 00 — 

-05 3850 2400 *4 .... 
-.10 25 USD 228 234 

— 1200 BIO 0.5 — 

+.1041502*20 *5 — 

30 30 30 GS0 

+50 77 4100 04 870 

+05 1650 11 IB 477 

+10 8.15 *10 44 10.4 
+.101*40 955100 3*3 
+32 *46 *90 *2 — 

— 700 35B *S __ 

+12S 71 50 10 19.1 

+03 1100 B 20 1*1 

_ 3700 33 12 — 

-.15 «1 2500 21 — 

+45 2*50 14.75 20 — 

— 1650 10.10 20 — 
+.101740 905 73 — 


1000 CaiTfr 
58653 CWT» 
3SS0 CaftTIA 
1400 CanUtS 
1375 cantor 
15250 CanTno 
1800 CanGen 
27335 Cetai 

10 a cntCap 

20285 CtaaOd 
iwpm cpmn eo 
13OT0 Oiodn 
270730 cores 

15200 Cowm 
204540 COB 
19504 cmnX 
18900 Dttttn 
mno i iw»y 

41412 Dui*lT 


410 +; 415 400 
IVi S1A tB>j 

2*V 

7 I 1 +H57V 7 

BB +3 88 87 
350 300 353 

7 £7 7 

211 a +Ja&i>t 21 

■a 4® a 

22 >, -IgBUtZI^ 
13U Wfc 13V 
11 S11V 11 
M>o +H3**V M 
W* AM 34 
10 -JWClri 10 
175 l|fi 175 

IB 15 16 
445 +5 448 436 

26 +J.*ft as* 

20 la* 

110 110 no 

IBb-l^tWI. ISA 

52 -v sa »v 

385 -20 415 MS 
23 — )* J23V 22V 


1700 
7300 
200 
107100 
113171 
60174 
13700 
1471 85 
38TO1 
17128 
140570 
89430 


Snomi 


1MB 


13V . MV 13V 

10 10 

14 14 14 

11* +*MV11* 
12*i +VM 1 f 12 
11V s»V 11V 
8V -vsrt 8* 

4 S 

IZX&Sl 
i3;ii:£?* 
+Vf" ; 


9900 OM4 

Si OB DundGA 
lino Emote* 
35043 EdnB 
132Q Emeo 
26CTQ EUBw 
1382 FPl 
8300 Rlten 
1BBOQ FetMA 
4957 Fora* 
6750 FrMv 


-■ 37BE9Q 4SB4SI1 




41V *V S41 ; 


MONTREAL (Oct 20 /CanG 
4pmdDSB 

MN 

78735 SmtnBJr 
04037 OoCH> 

5BEO CBM4Q 


1WBPB 810 
TKS0 2010 

■naw 1060 


MM 542 
Tom 1040 
Tppnfr 1020 


— IT 

+30 1140 1010 00 — 
+7 780 450 — — 

+1 629 067 — 

+2 730 538 — — 
+30 1060 1/480 — — 
+10 10001.190 — — 
-3 786 575 — — 
+7 H7B CTO — — 

— 1160 900 — — 
-4 779 433 — — 

-77 805 TIB — — 
-C 436 263 — — 
+10 1060 1040 — — 
-0 598 421 10 
+30 1060 1,430 _ 5*3 

-1 tu au — — 

— 731 524 — 

♦30 
+40 

+8 
_ 1 
-3 

+10 _ 

-10 BBS 346 — — 
+1 *38 2*5 — — 

+4 416 272 — — 
-2D 1000 836 — — 

♦US 1 ®" z 

-a BBB 820 — — 
-61010 aez 1 * _ 

-1012301040 — — 
-10 1010 1,350 — — 
-2O10SO 000 — _ 
+101060 1,110 — 


MALAYSIA (0C1 20 /MYR) 


Qantog 

KUted 


400 +JB 800 302 20 

3400 -.10 25.75 1*75 1.1 
18 +.10 1S.1011E0 00 
1700 +001900 1300 1.1 
408 _ 630 *10 1.7 

410 +02 60S 190 00 

400 +04 *05 *02 1.1 

705 +05 *40 *90 *1 

2050 —24.10 1*80 0,7 

1300 +00 20001200 — 


(EM20/SS) 


vSz z 



— — ffSMf 


1000 
17 JO 
160 
*24 
505 
1190 

ocac 1*10 

DUB 730 
SAfeF 1*80 
SPmc 1*30 
STpreT *20 
SHU 402n 


1100 


+.10 1170 

— 1900 
+02 *46 
+02 *50 
+20 60S 
+.10 1*40 
+001*70 

— 700 
+.10 1*10 
+.10 17.10 

— *08 
+04 426 
+02 500 
-.10 1100 


1050 10 *6 
15 07 _ 
234 30 — 
145 *4 — 
402 53 — 
tU- 
ll 10 — 
5.75 00 — 
1040 10 — 
1*10 10 — 
*14 00 — 

* 1 * *2 — 
308 10 — 
*45 15 — 


= NORTH AMERICA 


.504 SSO 10 _ 
+3 600 727 10 484 
+31030 784 — — 

= ’« Szz 

+10 746 520 — — 
-81.160 800 — — 
+131,160 821 — — 
+8 7B3 442 — — 
-3 746 400 — — 


MVOI 


aSSiSS 1 

2150 UBBMA 


382336 ItmnaA 
15483BD MsM 


00601 Mmtfato 
75100 NonuA 
248650 MrmtaF 
172113 HnxtnM 
10353 NorenE 
215250 NOlTal 
633401 MOM 
111405 NONBCO 
16500 NWiacE 

tiSir 


12V +V 
2M +4 

20 -V 

134. - 1 , *14 

^ j * n a 
11 

13V a 
is »L, — 
13V +VMf 13V 

10 SWl 10 

21 . C1V.31 


200 CnMare 

400 STCB 
11800 JCnubl 
5257 MSOEb 
40310 HntBXC 
571574 PMBO 

+nrw> Qtvaw* 

iiiiao want 


iSw’isi 

i jav 9 

t 5 , i l5 i 

v 8V 

1 -VB1V111 


AFRICA 

SOUTH AFRKA (Oct 2D7 RaneD 



+1 750 506 

-13 788 484 
— 1090 1020 
-2 617 450 


- Z MBTRAUA (Oct 20 / Aiut^ 




— HTniS* 


zSS 




1.150 

RrtMqr 474 
K&4tai 410 


4*1 

♦17 1. 

-80 1,140 

—103070 1700 — — 

=>54S = = 

+11 BBS 348 — — 

+4 760 522 _ — Otyrao 
+19 010 770 10 — Oraron 
+40*1505040 — — OnoPti 
-14 744 420 — — OmtfM 

— 1070 1030 — — 

+30 B84 528 

-20 1.770 1/480 00 — 

-3 440 284 — — 

+15 77* 803 QJ — 

—4 501 SOB — — 

-1 008 479 _ — . 

+1011^1^0 — — Ftah 

R J« M I - nsyf 

-0 715 431 — — Rr3« 
+101040 B22 00 — Satan 
+10 2000 1050 00 — SUto 
—11013/WO 8090 — — s*«y 

— 1^701010 00 _ SxnrtO 
-1 1060 825 — — SracB 

-8810601090 - — SnaM 

+1 42D 330 — — Sppor 
-4 828 51 B 00 — S«an 
+1 570 430 — — Sec»f 
+10 1970 1450 — — Sdfau! 
♦10 *06 425 — — B 
+10 1010 1,140 — — Sd fol 

+2 500 saa — — sum 

+5 422 Z71 — — Bdd2 
+3 454 303 — — S4M* 


+61,110 B21 

+ l°?Sgi.S 

—60 501 0 401 D 

1080 +10 1000 1050 
-2 744 829 

♦2 779 B03 

B1Q 440 

040 -14 1020 705 
4J5C -50 4050*230 
1020 -30 1J 70 1080 

B7 +1 658 447 
1010 +2010401,230 

B30 — 704 516 

1400 +30 1580 2.110 

1,490 +10 1150 1010 

l™ +401370 1.K0 
930 +2 1 000 886 

578 -1 600 41B 

srs + 3 1000 an 

*650 -10 72BD6J50 

4060 -50 0 040 4020 

4.140 +100 4060X370 

1000 —10201080 
1230 —10001060 

1280 -301010 1000 

9B4 -1 1,100 958 

1.140 —1/4001,130 


BnHM 607 
1106 
Step 205 


+03 506 156 
+.1011.12 *42 

+ *10 *65 
— >17 1100 705 
+01 XJSZ 200 
-03 *72 *73 
+07 OB 800 
+08 1 55 1/41 
+04 2*56 IS 

+ *50 14D 

- 402 3.15 

— 106 004 

— 1*061200 
-04 1.1* 034 
+02 5.03 *25 
-05 *46 425 

ziiS’lS 

-03 *40 tun 
+06 1200 700 

- BJO *09 
+08 600 420 
-03 B0B *30 
+02 1-32 OJB 

— *60 005 
-01 BJC XJ7 

— 102 120 
+01 140 (LBS 
*04 *45 144 
+05 UB 200 
+02 147 0-96 
+.03 200 207 
•03 300 112 

— 17* 1.10 
+02 1.7* 123 
+02 20* 2 

— 202 1.12 
+03 182 105 
-04 11.50 *75 
+05 400 183 
+02 1*04 1670 
—05 340 145 
+08 *30 155 

+06 1*04 604 

- 401 103 
+001*00 907 
+00 700 623 
-001000 772 
-UB *29 
+0Z 2JB 100 
+07 4.15 305 
+02 50Z *90 
-02 115 109 

+ 143 103 
-02 *46 160 
-02 426 149 
-05 9125 500 

+ 400 ZJS3 

Hon un 

-04 174 1.15 
+04 623 429 
+05 620 402 
+29 452 1 G* 
+03 110 503 
♦081110 610 
+01 300 186 


OB — 
80 82.7 

30 310 
10 — 
52 — 
60 — 
*1 40 
12 31.1 
40 *6 
*0 — 

40 3*2 
80 — 

3.7 — 
*3 — 
20 — 
12 — 
40 — 

1.1 — 
70 — 
*4 — 
40 — 
50 20/5 
20 — 
15 00 
10 — 
42 _ 
40 — 
70109 
70 — 

14 13 
87 — 
70 60 
30 — 

25 411 
*4 — 
40 300 
50 — 
10 080 
40 210 
40 _ 
40112 
10 _ 
04 70 
37 — 

15 — 
*5 232 
*5 — 


40137 
*0 — 
00 _ 
15 — 
37 — 
*0 — 
00 — 

*fl *2 
50 — 
40 — 
50 — 


TORONTO (Oct 20/ Car S) 
4pm ckn 

243958 AMU 
42823 Aorteg 
10T772D Afoto 
23704 AU>£ 

10300 ABBAS 
431600 AIcnM 
615799 AmBon- 

1000 Aina 



17650 BCSugA 
35452 £tnT 
334315 BCE 
14(776 BCE Mr 
5060 B8R A 
6100 Bmtai 
801329 BtWorD 
515271 BMBMB 
47107 
018BB 


■ TOKYO - HOST ACTIVE STOCKS: Wednesday, Odober 20. 1804 



► /- MM 1 m TM M 


— 1005 *70 

... 20 17J50 

— 1230*30 

— 255 115 
-002840)18255 

♦7 SOB 644 

+2 140 in? 

+00 57 2*50 

♦75 31 20-73 

— 00 42 

400 345 

+7812121 07 

+J0 1025 *00 
♦1 7*50 48 

... 1425 723 

— 33 2150 

— 42 30 

+23 2160 1000 

-.15 00 3*73 

*.101493 704 

— 130 8720 

— 47 2326 

+73 2*75 1*75 

.. 34 18 

— 495 115 

— 104 M 

+2 122 78 

— 0400 6*50 

+1.10 73 41 

+23 100 73 

+23 22 1*50 

+23 35 28 

— PI 3650 
+05 7.7S 476 
-100 6600 3700 
+06 3*75 2300 
-23 26 SO 1600 

+.751300 670 
♦1 20 15 

+410450 70 

+50 66 2*50 

— 37 27 

+2 104 102 

+3 56 *0 

— 4*26 2*25 

-a 40 a aso 

+007700 33 

+1 22S 151 

— 604460 


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FT FRHE AHHUAL REPOHTO BEBVIGE 

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■(. M *44 01 77S 077D n tal +44 II 770 M22. 

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Mppon Steel 



KbwbbbU Stsd . 
tapn Motors . 


Stocks 

CkwinB 

Ctangs 


Stocks 

Closing 

Change 

Traded 

Prices 

on day 


Traded 

Price* 

an doy 

6.3m 

390 

+3 

Toshiba — ... 

3.7m 

752 

+7 

6Am 

512 

+24 

Sumitomo Metal — . 

30m 

355 


5.2m 

762 

+18 

NKK 

3j4m 

294 

+2 

4.1m 

446 

+3 

Hitachi 2o8an — 

30m 

551 

+7 

4.1m 

538 

+11 

Mitsubishi OB 

20m 

1100 



INDICES 


Oct 

aa 


Oct 

18 


oct 

18 


-1994 


w 


Iw 


Oct 

20 


Oct 

19 


Oct 

IB 


-1994 


H* 


Lot 


US INDICES 


oct 

19 


Oct 

18 


Od 

17 


IBM 


Lxw 


Lot 


GBWd £9n2ff7) 

SarMtan/im 

MMnkalTOBQ 


M 2011*00 20210*8 2547*40 16/2 1770*99 2« fCMWlBTR 


M 275Q13 272505 2*1.17 VZ 196733 2044 


383*04 391704 892*93 *9830 359335 3*7839 


4122 


BOZO (1/1/91) 

ore* 

BimnCVQSt 


20183 20130 200*4 234080 3ft 
10009 105*1 10873 113*10 SB 


CM **0«W13Mt 38003 30*38 3B23B 40*66 VI 
Traded HM2TOB1) 1054^0 108ZJ7 l06tw7 XBUa M 

137202 137838 138207 tt«B* 90 

M 47S870 4809*0 8BHO0O 13S 

M <** J 

, ntra M ASSD30 431 MO OTM80 Zara 

P0rtUo§§ (4/1/83) M 207804 2B71.19 TttOJm 1« 

?Sem(tuism « sans 56410 aasn «no 

SZSrSBWB* 34*03 34704 34*45 4TS3B 22 

5 SS w*unvn 1951 A 19570 1947.1 WMB « 

Sao piA 2 «» 

c« 40(31/1207) 18B707 187*31 1 BB*aj zwu» tu. 


BcTSrtsinacai 78022 ttojm iw 

MT 5 JBSSfS- 

'spi/IZAIQ G&12 ** M *** W 
038*78 933)06 941*57 122010* VI 


Haag tag 

too SonflP^'W 


^ *»<!»«»«»»» 


196700 Z7JB 
99(00 SC 

39003 zmo 

ntua 6/6 


7/10 

an 

i 20*4 
I 34/B 

168MB 2M 

30*100 AM 
38*11 7/10 
1001.18 30 

sua sflo 

1*3*72 8/10 
74204 5/tO 

2n&3e sno 

198009 7/10 

80*07 25 IB 
B3BB44 45 
346400 5/1 
44*72 12 IT 


C8S T**nG*<3Tl 83) 
CBS* St &0BS, 


4301 4309 4320 4G499 3VT 
2701 270B 271* 204*0 31/1 


l 2HG 
25700 21* 


Tranoxjri 


0^40(1^/09 

U08S)nd)(2nA9 


205709 206108 208*41 24NUM VZ 

106*08 108*33 107289 121110 ®Z 

rCmppn/S9 3077.12 309904 309295 330*37 An 

BTA (1977) 3077.1 £B9U 28927 380*0 18/S 

Shppn 

SSnStnnCM/7^ 58048 57703 58048 84101 4/1 



JSE6»)CBW79 

JSEM.C28W79 


23270V 23250 23220V 2B3U0 7A 
8OOB0V 85050 648*0 B7B7JO 156 


174*00 UB 

I 19/1 


tauCai«VU80r 10B.77 10B4J8 111329 111129 15/10 

m£)SEPV)2«9 29*08 29*53 29*69 36*31 3V1 

1(1/287) 14B39 H57J 145*7 180*90 *1/1 

site BA W 01/1368) 117*54 117471 118021 142X34 51/1 
SBC GenuN (1MB7) 90208 90103 90*74 109129 31/1 


’ 2/4 

' 5/10 

13N7D E/7 

TTS707 18/7 
' 5/ID 


ms Con*, 
tea MUM 
NASDAQ Qnp 




PVT) 


Pl/W) 

(2/7/33) 

9*24 

9624 

mat 

8501 

10*77 

5400 



Pi/0 

(7/ia 

(18/1993) 

(1/10/81) 

150*21 

148*78 

items 

143*50 

UB21 

1222 



vm 

(ana 


anon 

15122 

18106 

2Z70B 

17505 

25BA8 

1050 



Pro 

(200) 

P1AW3) 

pwa 

84346 t law 899703 (09204 ) (ThaaOTcOTl 


| LOT 890105 (3903.76 ) (AoM*) 



48708 

48*98 

48268 

48*82 

44*44 

420 



W 

m 

vnm 

(1ASW0 

55504 

557 JO 

5B0US 

51005 

SSOJS 

8JB 



nvB> 

Pl/8 

nssso 

PWBP 

4328 

4326 

4*04 

4129 

4*40 

*84 



nvBi 

(4/4) 

PMS3 

(1/1074) 

25725 

2570* 

25721 

24*14 

267.71 

4 j 48 



m 

H* 

anm 

(25/4/42) 

45*72 

45*76 

48709 

42257 

48709 

2*51 



am 

m 

asm 

0/1272) 

76401 

78*78 

80*08 

88*79 

80301 

5407 



(1*0) 

p4/q 

(1*»9fl 

(31/1073 


M^dBI ft(5B06^- 8781 07 8889.10 *78503 TOU3 309 
B9noSfsET{lW/75) 1521 £1 150102 150108 17SU5 4/1 
Z*«70 2*0 12 S8180 2BBMO Wl 

nto 

*602*4 Rt p/WIW 837T 8370 037/ 64400 29 


8TM03 108 
H9BB 4/4 
1298D3D 24fl 
i AM 


Dow Janes tel Dta. Yield 

S & P tel Dtv. yWd 
S & P tel P/E ratio 


Oat 14 
171 
Oct 12 

1ST 

2091 


Oct 7 
279 
Oct 5 
243 
2033 


Sop 30 Yterago 

178 181 

Sep 2* Year ago 

238 247 

2078 2*00 


■ STAMPOTBUtHP POOW3 BOO MINX WnURP £503 tfrn« Index 


Dec 

Mar 

Jun 

Op* 


Open latect Ounge «0H Low EclvdL OponlnL 

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,-,f H/'dicwtL'd fincincrri. 


iil;im,')to finontijl pjgijr on T he m.irki.l Try 
PuKc for FRtt now <rnd you’ll won oec- why. 

Call 0300 28 28 26 Ext. 134 today. 



► pu LSE 


Hutchison 

Tulucoin 


Any time any place 
any share... 


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anywhere in the world 


Whether you’re doing business in Berlin or hatching deals in Hong 
Kong, FT Cityline International can link you with all the UK stock 
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the FT Cityline Help Desk on (071) 873 4378. 


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FINANCIAL TIMES 



'INTERNATIONAL 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 

Name: 

Address: 

Postcode: Tel: 




4 pm dose October 2D 


IW Vtt. n Ea Dan 

■M M Stack III S i Mk Im S 

17*1 12*4 AM 0.46 IS 20 450 12*4 12*8 12*2 

17V 12% A L Lata A r 0.18 1.1 38 17 16V *6% 18% 

79V 57*i AW 1.88 22 27 1711 78V 78% 77% 

72% 48V AW «4344 S4% 62% 53% 

5 3*8 AKt 13 IQS 4 37* 3% 

56*8 38% ASA 100 4X 33 1252 50% 50% 50*, 

32 25$ AbbOLa 0.78 14 18 7868 31*2 30 V 31% 

16% 11*8 AMUR' 050 3X ID 117 13% 13% 13% 

23*g 17% ABU tad* 052 ZB 7 20% 2D 20 

17*2 n'a Acptnctan 33 1280 018 17% 17% 

31 22% ACE La 044 13 28 611 Z3d22V 22% 


17*2 Ti% Aephoeta 
31 22$ACELffl 


12*2 6*4 ACMSrtta 1.03 115 


280 ma 17V 17% 

611 23622V 22% 

366 9*2 9V 9% 

10% 7 ACM GvOpp 06011.4 32 7% 67 7 -% 

10V 7ACHBHSP 036 135 256 7% 67 7>a 

12 BVAOKMSB 1-0912X 218 8% d8$ 8% 

11% 7$ ACMMsi 1.06123 220 8% 6% 8V -v*ft 

9% 0 ACM Manga 072 OB 69 8% 8% 8*8 •** 

15*2 8% AcmeCh 0.44 13 16 148 13V 13*2 13V +$ 

I0*a 6*2 Acme Bad 0 614irn% to% 10$ ♦% 

28% 23 Acudb 060 12 14 7100 27% Z7% 77% 

13% 5% Adana 0X6 3X 21053 9% 9% 0% 

17 11% Aaron 125 117 13V 18% 10% -V 

10% 16*2 AOsns Bqr 048 18 0 706 17% 16% 17 •% 

64 46% AO Mem 300 53 23S 52 51% B2 +% 

31% 16% A*** 300110 10 6032 23*2 22% 23% +% 

6% 5 Wrest Grp 0.16 10 B 22 S% 5% 5% *% 

20 15 A6n Inc 010 06119 502 17% 17% 17% +% 

02% 49% Aegon AOff *-«7 14 13 132 62 61% 61% *% 


64 46% Afl Micro 
31% 16%AdrtOC 


6% SAOWstfip 0.16 10 B 22 5*i 
20 15A6nlnc 010 DB1I9 502 173 


02% 49V Aegon ADR 1-47 14 13 132 


B% 44% Amo 
36% 2S%ABx 
22% IB$ Aharon 
4 i % Mot he 
98$ 3E$ttPlC 
39% 3% ArtmFn 
29% 15% Akgutac 
17 14% Aktos* 
30% 21$ AkTdl 
16% 13% AIUU Ur 
21*4 16% Atony W 
17V 13% Alain 
25% 19%AtaCue 
23 17% AttAwA 
30% 25% AiKBI 
27% 1B%AtalN 
65% 49V Hast 


028 13 16 60 £3% 23% 
028 12 17 200 u23 22% 


23 17% ACUbr A 020 IX 17 200 u23 22% 22% 

30% 25% AIRn 0.44 13 23 2325 29% 29 29*8 -% 

27%1B%AtolN 030 1.1WD 4£SQu2B% ZT% IB +** 
65% 49% M»SI 1.00 1.7 41 1173 59% 56% 59% +% 

30% 23% AkaSTOMi 070 27 4 1219 26% 25% 25% -% 

22% 14 AhkAI O10 05121 307 21 20% 20% -% 

24% MUtffilua 048 15 18 676 18% 19% 19% -% 

26*2 19%AfegP 1.B4 7X 11 1941 21% 20% 20% ■% 

22% 13% Aten Dir 018 08 17 260 21% 20% 21 -$ 

29 20AB8>gan 044 1.7 16 274 2S% 25% 25% -% 

4*8 HAMUl T 74 % % $ +% 

27% 17% AUceCop 1.64 79 22 94 21 20% 21 

10% BA&KaGT 018 IX 37 9% 9*2 9% 

27% 21%«dtt» 090 1? 15 EIW 24% 24%. 24% 

40% 33% AldSg 067 12 74321 35% 34% 35% 

11% 9% AUner 084 92 19 9% dB% 9% 

29*2 24 AIM dp 068 13 181105 26% 26% 28% •% 

7% 4$ ABaasta 26 997 7% 6% 7 -% 

35 21% Alarsx 16 8758 31% 31% 31% +1% 

89 64% Alena 7 JO 1X5301TZ73 u90% S8% 90*4 +1% 

30% 16% Aba Cp A 34 2775 187,818% 18% 

11% 7 AmGortnc 096 110 403 7$ 7% 7$ +% 


4% HAM* T 74 

7% 17% A&K* Cop 1.64 7X 22 94 


27% 17% AtamCep 
10% 9 ABnea Gl 

77% 21%«H» 
40% 33% AldSg 
11% 9% AUner 
29*2 24 AMI dp 

7% 4% AUostB 
35 21% Akinax 
89 64% Alcoa 
30% 18% Ala CpA 
11% 7AmGcMc 
8% 6% AmPreda 
8% 5% AnrarGd 


89 64% Alcoa 1X0 1J530I1Z73 u90% 88% 90*4 
30% 18% Ala Cp A 34 2775 187,818% 18% 

11% 7AmGufnc 096 110 403 7% 7% 7% 

8% 6% Am Prado 025 13 25 18 7% 7*2 7% 

8% 0% AmatSd 0X8 1.1 13 2873 7% 7% 7% 

25% 20Amc39tM 092 16 13 SA7 20019% 20 

52% 44ArwSHa 060 1.3 48 23S 48% 46% 47% 

9% 8% Art AtJ R 024 2.7 107 9 8% fl 7 , 

31 20% Art Bank* 010 04 3410957 2E 25*z a$ 

37% 23$ Aflfimd 100 57 10 39S0 


31% +1% 
90*4 +1$ 


31 20% Am Barak 010 04 3410957 26 25*2 H 7 , 

37 *a 29$Afltend 100 57 10 3990 35% 34% 34$ 

25% 18% Art But Pld 080 16 14 33 22% 22% 22% 

8 8% Am cap hex 068 ai 271 7% 7 7% 

20*2 16% Am Cap Bd 1J4 8.9 30 69 17% 17% 17% 

23% IBVmCapCVx 1.08 5.7 0 22 19% 18% 19 


B9% 42%AmCyan 185 1J 57 7578 99% 98$ 99 +% 

37% 27% AmEPw 140 7.7 181827 31% 31% 31% -*p 

33% 2S% AroErjn 090 10 13 6180 30% 30% 30% -$ 

30% Z4$ArtG art 1.18 4.4 22 2519 26% 26 26% -% 

9% 5% Am Gow h 077 103 328 6' 

Z7% 21% Am W»Pr 130109 7 220 21 


20% 10% Am Nampa 096 IB 
65% 56$ ArtaDTO 192 4.7 
2% 2% Am Wali 075 ZEE 
96$ 81% Amha 046 05 
11% 7Art0pplnc 1.00111 
30 23% Arrfram 090 17 


096 18 11 49 17% 

192 4.7 13 4181 62% 
075 206 9 2100 2% 
046 OS 15 3291 91% 
1.00 111 241 7% 


IBAmPtastt 040 1.6 9 147 


>% 6 6%*% 
1 % 21 % 21 % -% 
r% 17% 17% -% 
>% 82 82% +% 

r% 7% 7% *% 
1% 24 24 -% 

25 24% 24% *% 


3%Ammhn 
34% 29% AmflUh 


4% 2%AMaxap 
56% 42% Ansdafkn 

S 23$ Analog 
24% AnpeHca 
95% 47% Mach 
34 1 9$ Annum 


0% 7% Am Red Es 044 5.7 5 72 7% 7% 7% 

27% 21AmSur 048 IX 7 586 2B% 35 28% 

22% 18 Am Hast 5% 125 07 6 18% 18% 18% *% 

32% 28Am Wata 1JK 4.0 11 136 27% 27% 27% -% 

43% 36%AnaHl 1.92 45 14 4421 40 39 38 -1% 

43% 32Amaranhc 178 17 S 35 35 34% 34% +% 

18% 11% Anutak 024 1J182 446ol8% 18% 19% +$ 
81% 50% Amoco 220 17 16 7267 60% 58% 60 *% 

0% 6% AmpeofTOx 010 IX 5 63 7% 7% 7% 

4$ 3% Am he 012 17112 27 4% 4% 4% 

34% 39% AnUOUti 1J0 47 9 1242 2 9% <09% 29% -% 

4% 2% Aucanp 10 722 2% 2% 2% +% 

58% 42% AnsdBilai 030 0.7 64 1008 45% 45 45 % 

S 23% Analog 31 1435 33 32% 32% -% 

24$ AnpBca 094 15 24 30 27% 2B% 28% -% 

56V<7%<HMl 1X0 11 23 2341 61% 51% 51% -% 

34 19% AnOnm 21 284 31 30% 31 

19% 14$Artronyh 1X44 25 17 4 17% 17% 17% +% 

35% 30taiCp 128 19 7 519 34 33% 33% -% 

29% 22% Apache Op 028 1.1 36 605 25% 25% 25% -% 

10% 6$*»ltaF« 071 03 172 B% B% S% -% 

24 14% AM 40 15851124% 23% 23% +% 

7% AAppHMag 1 238 4% 4% 4% 

25% 16% AppIPWA 0.12 05 36 380 24% 24% 24% 

28% 21% AidlOn 010 04 19 6290 27% Z7% 27% 

51 43*a And Chant 150 SO 22 1328 49% 48% 48% *1% 

51% 45%AmC0 4JP 450 07 zlOO 46% 48% 48% 

6% 4% Anaco 3 1438 6% 6% 6% 

29 23Anm»2IP 110 01 2 23% 23% 23% -% 

57% 41% AmuW 12B 3J) 32 3528 43% 42% 43 -$ 

45% 33$ Amur Bw 14 335 35% 35 35% -% 

7% 4% Amp dp 2Z100 4% 4% 4% 

33% 23Anhhd 076 11 13 540 24% 24 24% *% 


7% 4% Amp dp 
33% 23Anhhd 
34% 21% tan 


040 12104 2015 33% S% 33*2 4% 


31% 22% AsMAta 0 40 1.4 11 2| 30 2S% 29% 

44% 33% AMU 1.00 17 13 2045 37% 37% 37% 

SSVlfiVtaPacF 027 IS » 18% 18% 18% 

3% 1% Aaaatmr 02810.7 E 94 2% 2% 2% 


itaMBat 012 03 25 715 


57% 49%AT*T 
263% 226% AI RlCil 2 
38% 2B%McU.Qaa 
9% 5% AthtaSos 
21 % ISMHete 
112% 82% AOHdl 
ID 4% Alas 


7J2 14 25290 54% 

180 1.1 15244% 

100 85 13 2Z7 31% 
028 42 7 10 6% 

1S4 83 9 229 16% 
S.S0 54176 2498 102% 
2 289 4% 


20% 16% Atmos Engy 088 5J 7 28 
12% B%AttWhAOn 034 18 10 1483 


24% 17% Aufpl 
12% 6% AosOtaFd 
57*8 47%AuDHa 
20% 13%taPCO 


016 OB 23 674 


> 37% 37|a -% 
1% 54 54% *% 

1% 244% 244% 

!% 31% 31% 

•% 8*j 6% 

$ 

1% 04 4% -% 

17 16% 16% •% 
9 9 9 

20 19% 19% -% 


010 1.1 805 8% 68% 8% 

OBO 10 28 1776058% 57% 57% 
0.44 15 11 54 15% 15% 15% 

004 04 4 131 10% 9% 9% 

060 1.7 19 379 38% 36% 3S*a 


19 7% total 
45 30% AvmeJ 


62%48%toenPr 100 13 17 1281 60% 59$ 60% 
14% iO%Ayptad>p 9 37 10% id% 10% 

7% 5% AH* 221407 8% 6 6% 


38% 31% BCE 
9% 6% BET ADR 
5% 3 Batmen 


i Bator Fern 040 15 


166 7S234 438 35 % 35% 

021 10 28 B 6% 6% 6l 
020 « 6 742 4 3% 3*? 


22% ITBafcartt 
27% 21% BMfcrBc 
30% 24% BaB^i 
15% 8% BUM 
»% 

2S% 20% SanfiE 


.... . . _ . . 18% 18% 

046 14 43 3507 19% 16$ !«$ 

0.40 1 6 24 12 25% 25 25% 

080 12 26 1239 28% 27% 27% 

005 05 14 320 10*2 10% 10% 

11 632 7 6$ 6% 

1.62 06 12 821 23% 22% 23 


25% 20% SanfiE 1.62 06 12 821 23% 

20% 13$ BafIBntop 020 1.0 30 SO 20% 


g Z7% BncOo* U4 4.4 913469 28% 27% 20% 

20% BaKoBIV 094 17 9 788 25% SS% 25% 

12% 9%Bax»Ce«m 072 5S 5 87 12% 11$ 12% 

34% 27BcrpNgml 1 04 16 6 963 29% 28% 28% 

1% $ BsneTons 37 264 1% 11% 

63% 49%&mtafl 070 12 20 187 69% 58% 50$ 

50% 38% BanhAm 1.60 3 6 9 9677 45 44 44 

56 Bi% Bank Boat 5SE 68 zlOO 02% 82% 82% 

28% 22%848stn 088 3S 12 3757 27% 26% 27% 

49% 44 BBBOSWP 104 6.8 20 *4% 044 44 

33% 2SBanW7x 1J6 42 5 3212 30% 29% 30% 

50% 43% BanAAm A 125 7 A 14 44% 43% 43% 

95 7«Bart*mB OOO OO 12 75% 074 75 


$ BsncTantaJ 


63% 49%Bantao 
50% 38% BanhAm 
96 61% Bank Boat 
28V 22% SMhtn 


FINANCIAL TIMES FRIDAY OCTOBER 21 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


TSBanWx 1J6 42 5 3212 30% 29$ 30% •% 

*3% BanhAm A 125 7A 14 44% 43% 43% 

95 74 BaikAmB fl.CC 10 12 75% H74 75 *1 

84% 62$ BrkTa 160 55 S 2613 67 65% 6$V -1% 

38% 30 Mars 1SB 19109 5 37% 37% 37% *% 

' 22% Son] lC R) T 090 14 20 1744 24$ 24% 24% •% 

29*2 Samoa Grp 1.*0 18 5J 19 37% 37% 37% -% 

39% Bamdt 1.64 3 8 10 3736 43 42% 42% -% 

8$ Basis 0.05 04132 2803 12% 12$ 12% *% 

33%8ao*n 086 30 I2 329S 33% 032% 3Z$ -% 

21% Bane 1.05 39 40 4493 27% 26% 26$ -$ 

23% Bit St to 146 39 14 62 24$ 24% 24% ■% 

19% Ba 171838 1.72 0 7 26 19$ 19% 19$ -% 


48% 39% Bamdt 1.64 38 16 

13 8$BaOM 0.05 0413? 

53$ 33*8 SacOT OSB 30 12 

28% 21% Baxter 1.05 39 40 

26% 23% Bar St Gas 1.48 39 14 

22% 19% 86171038 1.72 07 


15 Soar Stra 080 18 4 2845 15% 


50% 45%BcaaPW 
37*2 Z7% BesavP 


a i 


0.72 23 22 28 32% 31% 31% 


23 Beckman h 0.40 1 J 25 27 30% 


1M ym. n sta Gtota 

mu tmeSUc* to « ( 1DB HR *» Oaota 

48% 34% Bams 074 1.8 16 771 48 47% 47% 

7% EBedFr* 036 &3 3 14 Sli 5% S% 

59% 4BB0MB 278 &4 13 SlflB 52 50% 51% 

22% 14% Both 0.40 20 18 224 20% 19$ 19$ 

83% B?% Betsm 376 5J? 2515161 59 dS2% 52$ 

55 43% Beta A 000 1.2 22 48 49$ 49% 49% 

25% 20% Bento 054 22 27 411 24% »% 24% 

69 64% BtroT 4.3P <30 73 12 54% 054% 54% 

44 34% Banef 1.72 4.3 13 320 40% 39% 40% 

36$ 24% Benetton A 047 IS 15 33 25% 25% 25% 

1% % BenpetB 004 «B 17 126 $ H $ 

10$ 13% BergSr 048 11 21 363 15$ 15% 15% 

1995015100 BerXH 54 3*19950 19400 1S9S0 

10% 8 Bony Pea 0« 43 31 38 9% 9% 9% 

41% 19 BestBuy 24 3202 39% 36% 39 

20% 28% Betti fill 150 81 *4 27% 27% 27% 


13% lOVOmarth 
37 32$ CrtWfra 
11*2 bSwror 
13% 7%CyeamSye 
£% 13% CyjxSm 
33% 25% CypAM 
4i$ izVcyne 


w. n ita 

U* X E lOOi Ugk Lon 


092 05 12 33 10$ 010% 1 

1AM 218123 60 33$ 35% 35$ •% 

1X8 11.7 7 64 8% 9% 9% 

TO 6 12% 12% 12% -% 
65 2516 18% 17% 18 

0X0 18 15 5352 29 26% 28% 

14 384u<1$ 40% 40% -$ 


39% 33% Emft 
42% 21% GrpaOr 
79 56%6pU- 
104 9l%Grsta7-72 


hlh M Boa me. 

par X E 100* Mpb lam tote Oom 

1.15 22 17 2350 3S% 35$ 36 -% 

41 4887 043% 41 <2% *1% 

1X0 2.1 !W 3001 78% 78*2 77% -% 

7.72 8X 3 9< 83 84 


16% 13*3 Gamer Sd 032 Z3 25 17 14 t3' 
12% lOVGeranmrFO 016 IX 239 11% 11’ 


18$ 13%BorgBr 
1695015100 BanH 
10% 8 Bany Petr 

41% 19 BestBuy 

20% 28% BeBI SI 2. 
65% 51% BeSttm PI 
24% 16% Beadt 
53% 42% Beo L 
16% 11% Bev&a 
21% ii%BiaciMix 


25% *% 

5 . 


2.70 00 7 1287 47% 46% 46% -1% 

046 1.4 14 1615 32% 32% 32% -% 

0.88 45 14 1795 19% 16% 19% -$ 

1 3 1$ 1% 1$ 

OXB 2.1 25 2383 46% 46% 45% -% 

030 12 15 3580 26 25% 26>2 -% 

50 554 029% 28% 28$ -% 

1X4 11.6 12 19 16 15$ 15$ *% 

6223 29% 28% 20$ A 
020 IX 25 838 16$ 16% 16% -% 

025 IX 31 3706 18 16$ 78 +1% 

020 12 506 15% 15 15 -% 

23% A 
22 % 


TECMaunr T1UT WORKS FOR UR 


Samsung 

4 Head Hi-Fi Stereo VCR 



jog & Shuttle 
Auto TYacking 


24% 16% SeSiSt 040 Z1 8 2910 19$ 16% 18% 

53% 42% BeQL 1.44 3X 23 127 48% 47% 48% 

16% 1I%Bnfia 32 2951 15% M% 14% 

21% 11% BUmAx OLIO 06 Z7 389 16 17% 17% 

32% 23% Bjnshgm S 0.40 IX 59 9B3 26$ 2B% 26$ 

23% 16% BOatk 040 IX £2 1099 22% 22% 22% 

22% IBBtotHPL 1JC 6X 12 SI 20% 20 20% 

10% 7$ BfckrckAdrx 073 9.1 90 9% 6 8 

8% 0% Bdotttic < 07511X 507 6% 6% 8% 

10% 6%9kkreKrglx OTO 82 393 8% 8$ 8% 

48% 37% BkCk 1X5 27 27 5960 46% 45$ 48$ 

6$ 0% BknQOpx 012 IX 37 87, 6% 6% 

18% 0% BMC tad 006 05 9 244 016% 16% 16% 

50% 42% Boeing 1.00 2.3 12 ros 44% 43$ 44% 

30*2 IflBttteC 0X0 2.1 8 2878 28 28$ 26 


1.77 2.8 14 535 62% B2 62% +% 
3X7 6X102 694 47% 47% <7% -% 
1.76 12 2B2B90 76^ 




27 19% BPPrutnax 1.74 87 6 442 


27% 18 BSttd 0X2 IX 26 940 

71% 53$ BT 177 50 16 Sae 

28% 22% EMyoU 1.35 16 14 

38$ 32$ BnenGp 1X0 4.7429 

B 5% BnmSi 0X2 45 4 

30% 26% BmFoB 095 13 4 

32$ 24% Brfen 068 2X 26 

4$ 3% BIT 37 

25% 17% Bren*. 0.44 2X 36 

18$ 13VBrusH«M 032 1.9 43 

41 35% Buckeye Pt 2X0 7.7 10 


ss 

4 a 

62$ 83% 


1.35 16 14 130 24% 24% 24% 
1X0 4.7429 97 34$ 33$ 34$ 


28% 12$ BUI CM 
66$ 47% Sum 


0X2 4X 4 13 7% 7 

095 13 4 246 1B% 2B% 
066 12 26 3902 31$ 30$ 
37 57 4% 4% 

0.44 2X 35*3630 21% 20 

032 1.9 43 55 17$ 17% 

280 7.7 10 32 38% 36$ 

9 1578 13% 13% 
1X0 24 16 6136 49 47$ 


49$ 36$BMnftac 03 1.4 19 995 38% 


7 7% +% 

2 B% 28% -% 

30$ 31% -$ 

*% 4 % 

20 20 *1% 
17% 17% -% 
36% 36% -% 
13% 13$ +$ 
47$ 49 +% 

38 3B% -% 


19% 15% BtfPtnm Pc 1.44 9X 20 550 15$ 15$ 15% +% 


35$ Z2VC8I 
72% 50% CBS 
25 19% GKSEn 
82% 59$ CSAFn 
54% 44% CPC 
20% 14 CPI CDp 
92$ 65$ CSX 


- c - 

048 11 27 471 23% 


0.40 07 2 2294 61* 
084 17 II 4222 227 


15 128 61% 60% 61% 
17 5166 52$ 51$ 52% 
21 20 19$ 19% 18$ 

19 2388 69$ 68$ 68$ 


23 23% 
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Continued on next page 


V. AMESt 


% 


e Vour 






47 


FINANCIAL TIMES 


FRIDAY OCTOBER 



21 1994 ★ 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4 pm ctox October £0 


u.S 

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J 




AMERICA 


Dow tumbles 
as data hit 
bond market 


Wall Street 


US stocks tumbled yesterday 
morning as unfavourable eco- 
nomic news sent bond yields 
surging, icrites Frank McGurty 
in New York. 

By 1pm. the Dow Jones 
Industrial Average was 28.59 
lower at 3,907,45, while the 
more broadly based Standard & 
Poor’s 500 was down 3.96 at 
466-32. 

On the NYSE, declining 
issues outnumbered advances 
by a seven-to- three margin by 
early afternoon in heavy vol- 
ume of 256m shares. 

The Nasdaq composite was 
also down sharply at 765.72, a 
loss of 4.90 on the morning. 
The American SE composite 
held up a little better, dipping 
0.78 to 457.48 


NYSE volume 



October 4904. . 

The catalyst for the down- 
turn was a revival of pessi- 
mism in the bond market The 
recent confidence established 
there was severely shaken by 
two sets of data suggesting 
that the economy was growing 
at an unmanageable pace and 
inflationary pressures were 
mounting. 

The commerce department 
announced a 4.4 per cent jump 
in housing starts last month, 
to an adjusted annualised rate 
of i.5m units, the highest since 
last December. Even more dis- 
turbing was news from the 
Philadelphia Federal Reserve 
that its index of business activ- 
ity had surged, while prices 
paid and received were up 
sharply. 

The data pushed up yields on 
the inflation-sensitive long 
bond to just below 8.00 per 
cent, a level at which stocks 
could lose much of their rela- 
tive attraction. 

The resurgence of rate fears, 
suppressed over the past forth- 
night, overshadowed the 
steady stream of mostly posi- 
tive earnings news flowing into 
Wall Street 

IBM, still the bellwether of 
the technology group, slipped 
$% to $74%, even though its 
third-quarter net income of 
$1.13 a share easily beat the 
consensus forecast of analysts. 

But Genera] Motors foiled to 
measure up to expectations 
and its stock was punished as 


Industrials extend rally 


The South African industrials 
sector moved ahead for the 
seventh consecutive session as 
positive underlying sentiment 
remained in place, and local 
and offshore Investors tied for 
quality scrip. 

Gold shares, however, came 
under pressure from the 
firmer financial rand after a 
steady start ending mixed as 
bnllion's gain towards the 
close provided only limited 
support The industrials index 
rose 106 to 6,611, taking its 
seven-day advance to 5.9 per 


cent The overall index added 
52 at 5,743 and golds pot on 4 
at 2^29. 

Sappi e xt end e d recent hefty 
gains, firming R3 to a new 
high of R71. SAB rose R2.65 to 
R90.15 amid foreign interest 
and Tiger Oats jumped R3 to 
R49. De Beers was 75 cents 
better at fi 100.25 after a slug- 
gish start Anglos was 50 cents 
softer at B237.50 and JCI col- 
lected R2 at R106. 

Stanbic appreciated R2 to 
R102 in an extension of 
Wednesday's R3£0 advance. 


EUROPE 


a consequence. Its share price 
fell 5.6 per cent or $2% to $44% 
after the company revealed 
details of a disappointing oper- 
ating performance. Chrysler, 
which had turned in a solid 
performance last week, was 
marked down $1 to $46%. 

Sears, the big retailing chain, 
reaped no such reward. It 
posted net income that was 
nearly 20 per cent better than 
analysts were predicting, but 
the stock dropped $1% to $46% 
on the announcement. 

The negative sentiment was 
evident in stocks across the 
board, whether or not they bad 
earning news to report 

Among the Dow industrial 
components. General Electric 
lost $1% to $48%. JP Morgan 
shed $1 to $60 and Proc- 
ter & Gamble dropped $1% to 
$62%. 

Only Alcoa, the aluminium 
producer, bucked the trend, 
adding $1% to $89%. 

On the Nasdaq, many tech- 
nology stocks were lower, 
including Cyrix, down $2% at 
$35%, and Oracle, off $1% at 
$59%. 

However, Microsoft 
improved $1% to $59% in a pos- 
itive reaction to its earnings 
statement 

Canada 

Toronto was lower in sluggish 
midday trading, with the TSE 
300 index down 3.12 to 4^17.67 
in volume of 32.16m shares. 
Declining issues led advances 
by 337 to 258, with 317 stocks 
unchanged. 

Rallying gold and metal 
stocks restrained losses in 
most other sectors, including 
communications and banking 
stocks. 

The golds sector index 
moved ahead 140.85 to 10.739.55 
as Comex December gold 
climbed by US$1 to US$3SU30 
an ounce. Placer Dome added 
C$% at C$32%. 

Brazil 

Shares in Sao Paulo reacted 
cautiously to the announce- 
ment on Wednesday of a pack- 
age of financial measures 
aimed at reducing inflation 
and restricting the inflow of 
foreign investment into the 
country. 

At midsession the Bovespa 
index was off 328 at 47,259. 

Brokers remarked that for- 
eign investors were largely 
absent - the government also 
announced that it was putting 
a 1 per cent tax on foreign 
investments in Brazilian 
stocks. 

The market was expected to 
move in a narrow range over 
the nrad few days as investors 
digested the package of mea- 
sures. Telebras preferred was 
up 1.2 per cent at RS42.30. 
those of the mining group Vale 
do Rio Doce rose UJ per cent to 
R$167 and the oil monopoly 
Petrobras was flat at R$134. 


Milan 


Bourses mostly followed US 
markets, riimhlng in the morn- 
ing on the Dow’s overnight 
gain, and descending in the 
afternoon after T-bonds 
slumped on inflationary news 
from the Philadelphia Federal 
Reserve, writes Out Markets 
Staff. 

MILAN was distracted by 
fast moving domestic economic 
and political developments, 
which Included the unions’ 
tepid response to the govern- 
ment's olive branch on pension 
reform, and the suspension of a 
parliamentary sitting after gov- 
ernment and opposition depu- 
ties came to blows. 

The Cornit index fell 2£3 to 
61857, after early pressure on 
Fiat, but the real time Mibtel 
index reflected a late technical 
rally, picking up from a low of 
9,935 to finish 64 up at 9,954. 

Mr Michele Pacltti at James 
Capel suggested that one rea- 
son for the market's recent 
weakness was that domestic 
funds, which had invested 
heavily in equities during Sep- 
tember, were now switching to 
take advantage of more attrac- 
tive yields from bonds. 

Rat, meanwhile, found Itself 
at the centre of a battle 
between speculators, trying to 

ASIA PACIFIC 


FT-SE Actuaries Share Indices 


Oct 20 
Hiwly 


Opel 11J0 1130 12J0 1X00 


THE EUROPEAN SERIES 

1480 15J» am 


FT-SE Swea* TOO 
FT-SE Bmfcadt 200 


1323.1& 132X75 
138634 138X75 


1327.18 

138X60 


132839 

138X72 


1328.47 

138704 


1323 £3 
138739 


132X54 

1387,15 


132*32 

138138 


Oct 20 


Oct 18 


Oct 17 


Oct 14 


Oct 13 


FT-SE Emfcack 100 13Z221 133X62 13000 1350.17 1351.18 

FT-SE Emsack 200 137X00 138X1* 140087 1404.65 141X25 

BM* woo pencaok WtfMw 100 - 13S12I-, 8A - U8039 Kn • 132*07 20Q - 1SN.11 T Ml 


talk the market bellwether 
down to LS^OO, and investors 
anxious for the price to hold 
above the psychologically 
important L6,000. In early 
trade, the stock fell to L5.975, 
Its first intraday dip below 
lAfiOQ since late June, before 
picking up to finish jifrp»d 
at L6J »0. 

FRANKFURT offered a varia- 
tion on the day's theme, open- 
ing low on fears that an S.G. 
Warburg presentation would 
be bearish for equities, and 
worried by pressures on Man- 
w psmann and Volkswagen. 

It surmounted these, with 
the Dax recovering 18.79 to 
2,069.75 on the session, and its 
bond market was resistant to 
US influences in the afternoon; 
but the Ibis-indicated Dax suc- 
cumbed, closing 9.98 lower on 
the day at 2,048.15. 


Turnover rose from DM6.6bn 
to DM7.4bn. The switch from 
cyclicals to finanrials was Still 
on. Deutsche Bank and Bayer- 
nhypo rose DM9.60 and DM5.50, 
to DM732.80 and DM397.50 
respectively; VW and Siemens 
paid the price with falls of 
DM6.70 to DM436.30 and 
DM14.10 to DM614J0. 

Ms Barbara Altmann at B 
Metzler in Frankfurt said that 
M ftnnpgynan'p , in particular, 
could have been suffering from 
US selling as American holders 
took profits on the shares, and 
on the D-Mark- After a two-day 
fell of DM30, the stock showed 
a session gain of DM12J5Q to 
DM385.50. 

Meanwhile, another high 
flyer flew even higher, the 
computer software group SAP 
hitting a new high of DM940, 
up DM65 or 7.4 per cent on a 


194 per cent jump in nine- 
month operating profits. 

PARIS fell after the release 
of the US data but then recov- 
ered its equilibrium. The 
CA.G40 index ended off &94 at 
L867.37 after a low of 1,860. 

A further setback sent 
shares of Eurotunnel into a 
dive as a train due to take jour- 
nalists on a demonstration run 
from London to Paris broke 
down just before it was due to 
leave the station. 

A back-up train was later 
used and Eurotunnel said toe 
journey had bees successfully 
completed in under the sched- 
uled three hours. The shares, 
which had dropped to FFrl5-85 
early in the session, managed 
to recoup some of the loss, 
rinajn g FFrL65 off at FFr16.00. 

Generate des Eaux slipped 
FFr8 to FFr446 before it 
announced after the close that 
it expected a 4 per cent gain in 
full-year profits, after a 5 per 
cent rise in first-half data. 

Accor shares dipped FFr6 to 
FFr551 on news that the hotel 
group expected next week to 
report a first-half net loss. 

ZURICH saw an early techni- 
cal rebound run out of steam 
on worries about higher inter- 
est rates, and the SMI index 


finished 1.1 ahead at 2,530-9. off 
a high of 2,547.6. 

UBS bearers fell SFrll to 
SFrl.245, with some investors 
said to be disillusioned at the 
prospect of a long battle with 
BK Vision over the bank's plan 
for a single share category. 

Pharmaceuticals recouped 
some of their recent losses. 
Roche certificates added SFr25 
at SFr5.675. Ciba rose SFrlO to 
SFrTlS and Sandoz put on SFr5 
at SFr647. Among insurers. 
Swiss Re, finding renewed 
favour with investors, picked 
up SFrlO to SFr7-!0. 

MADRID lost early gains to 
close with the general index 
down 0.45 at 296.08. under- 
mined by Wall Street and 
domestic bond market losses. 

TEL AVIV shook off the pes- 
simism that followed Wenes- 
day's bombing of a bus in toe 
city, and the Mishtanim blue 
chip index rose 5.56 or 25 per 
cent to 195.25. 

Brokers said the underlying 
sentiment, too, was positive, 
given that the market had only 
fallen by just over l per cent 
on the previous day’s events. 

Written and edited by Wlblam 
Cochrane, John Pitt and MJchaei 
Morgan 


Ericsson, 
Nokia hit 
new highs 

Ericsson, the Swedish 
telecommunications group, 
saw Its B shares rise SKrS to 
SKr435 after an intraday, 1994 
high of Stvr-112.50, with boy. 
Log interest boosted by strong 
interim results from Nolda, 
the mobile telephone based 
Finnish conglomerate. 

Earlier this month, Ericsson 
B registered a four-day gain of 
8-2 per cent, to SKr42Z, in 
response to a strong interim 
report from Motorola, of the 
US. Late on Wednesday, 
Nokia, Europe's biggest manu- 
facturer of mobile telephones, 
reported eight-month pre-tax 
profits up from FM466m to 
FM2.29bn, well above a con- 
sensus analysts’ forecast of 
FM1.72bn. "Expectations are 

Sweden 

Share price and Index rabtaed 


Nikkei advances as Hong Kong halts slide 



Tokyo 


Buying by arbitrageurs and 
public fimris supported share 
prices, and the Nikkei 225 aver- 
age gained ground after mov- 
ing wi thin a tight trading 
range, writes Endko Terazono 
m Tokyo. 

The indpy rose d uring 
at the day’s best of 19,99 L90 
after a low of 19,875.28. Corpo- 
rate and overseas investors 
were also seen buying a broad 
range of stocks. 

Volume came to 270m 
shares, against 230m. Traders 
said investors will remain inac- 
tive until the Japan Tobacco 
listing next week. Payments 
for the second round of sub- 
scriptions were due yesterday, 
but a Japanese broker said 
investor interest was low, with 
around only one in 10 investors 
paying for the stock. 

Meanwhile, some Japanese 
brokers were relieved that 
overseas investors seemed to 
have started to return to the 
Tokyo market. Mr Jason 
James, strategist at James 
Capel, commented: “Foreigners 
are bearish about other mar- 
kets, including those in the US 
and continental Europe, and 
they are shifting some of their 
funds to Japan." 

The Topix index of all first 
section stocks put on &24 at 
1,588.71 and the Nikkei 300 
gained L78 at 290.72. Rises led 
declines by 568 to 417. with 186 
issues unchanged. In London 
the ISE /Nikkei 50 Index eased 
0.55 to 1,304^2. 

Steels rose on corporate and 
public fund buying. Nippon 
Steel, the day’s most active 
issue, finned Y3 to Y390. Spec- 
ulative buying supported photo 
film maker Konica, which 
added Y16 at Y762, and Pacific 
Metals climbed Y24 to Y512. 

High-technology stocks, 
which had lost ground on 
Wednesday on the higher yen, 
were bought However, Matsus- 
hita Electric Industrial shed 
Y10 to Y1.610 on reports of its 
dispute with the management 
of MCA, its US movie studio 
affiliate. 

Sega Enterprises, the video 
game maker, dipped Y50 to 
Y4JJ50 on continued profit-tak- 
ing, while construction issues 
were also lower. 

DDL toe long-distance tele- 
communications operator, rose 
Y 1,000 to Y8S8JOO0 in spite of 
reports of a planned rights 


issue to raise Y50bn. Other 
telecom shares were also 
higher, with Japan Telecom up 
Y50.000 to Y3J38m and Nippon 
Telegraph and Telephone 
adding Y 12,000 at Y908.000 on 
foreign, buying. 

In Osaka, the OSE average 
improved 35.93 to 22£7L32 in 
volume of 30.4m shares. 

Roundup 

A combination of factors pro- 
vided renewed strength in 
some Pacific Rim markets. 

HONG KONG halted a three- 
day slide as bargain hunters 
returned, largely ignoring 
another tepid government land 
auction. The Hang Seng index 
gained 68.72 at 9,388.78, having 
lost about 230 points earlier in 
the week. 

Hang Seng Bank was ahead 
HK$2 at HK$55.25 on news that 
it planned to redevelop three 
properties. Swire Pacific, 
which said an offering of 30 
flats was eight times sub- 
scribed, rose HK$L25 to HK$56. 

SHANGHAI'S A shares 
soared 10.6 per cent amid 
renewed hopes that Beijing 
would go ahead with plans to 
boost the market. Including 
providing loans to brokerages 
and allowing foreign funds to 
invest in A shares. 

The index advanced 70.90 to 
737.53 in greatly enlarged turn- 
over of Yn413bn in what was 
also seen as a powerful techni- 
cal rebound after the index lost 
around 40 per cent in the previ- 
ous three weeks. Shenzhen's A 
index rose 9.81 or 6.4 per cent 
to 164JX). 

TAIPEI was encouraged by 
comments from the central 
bank that there was unlikely 
to be a further rise in Interest 
rates. The weighted index 
added 92JJ7 or 1.4 per cent at 
6,761.37. Turnover amounted to 
T$S836bn. 

Following the government's 
statement, the overnight inter- 
bank rate fell to 6.149 per cent 
from 7.028 per cent 

Conglomerates led the gains, 
with President Enterprises up 
by the 7 per cant daily limit 
to T$63.50. 

SINGAPORE finished firmer 
after a late surge in property- 
related stocks, but brokers 
expected the market to resume 
its consolidation phase. The 
Straits Times Industrial Index 
rose 18.14 to end at the day’s 
high of 2^82J2S. 

Among property issues, DBS 


Land climbed 16 cents to a new 
peak of SSS5 in active trade on 
speculation that the company 
planned a new condominium 
project which would contribute 
to pre-tax profits of about 
S$700m. 

SEOUL saw institutional 
profit-taking in Iargecapitalis- 
ation issues which pulled the 
composite stock index 5.99 
lower to 1,088.77. 

Daewoo Heavy gained 
Won200 at Wonl6^00, recoup- 
ing a decline of W0116OQ in 
early trading. New Daewoo 
Heavy shares were issued as a 
result of its merger with Dae- 
woo Shipbuilding and Heavy 
Machinery. 

BOMBAY was held back by 
sustained selling pressure 
which left the BSE 30-share 
index 47.48 lower at 4JJ8L99 as 
speculators off-loaded holdings 
in A group or specified shares. 

Brokers said that the selling 
pressure was expected to con- 


tinue in coming days because 
many domestic and foreign 
Financial institutions were 
making private placements in 
about 40 Indian companies that 
were raising funds from the 
primary market. 

SYDNEY made a late recov- 
ery, having been depressed for 
most of the session. The All 
Ordinaries index finished 2.9 
ahead at 2.01&3 in turnover of 
A$466m. The index had moved 
between 2,0188 and 2,0038. 

Brokers remarked that some 
offshore selling of resource 
stocks was being seen follow- 
ing their outperformance 
against industrials since the 
middle of the year. 

BHP was 4 cents firmer at 
A$1988, and in the resource 
sector mim moved up 8 cents 
to A32.78. News Corp retreated 
8 cents to A$8.42. 

BANGKOK firmed on buying 
of bank stocks, and the SET 
index improved 20-19 or 1.34 


per cent to end at the day’s 
high of 1821.61. Turnover was 
heavy at Bt9.17bn. 

Investors bought banks in 
the morning after Krung Thai 
Bank reported a 758 per cent 
rise in net profits in the third 
quarter to Bt2.4bn. The stock 
finish ed Bt380 higher at Bt88. 
while Bangkok Bank advanced 
BtlO to Bt22S. The banking sec- 
tor was the biggest gainer, ris- 
ing 3-42 per cent on Bt3.8bn 
turnover. 

Traders noted that foreigners 
had been accumulating stocks 
in anticipation of good third- 
quarter corporate results. 

MANILA succumbed to prof- 
it-taking, ending a six-day rally 
that had brought the index 
back above the 3.000 level. The 
composite index lost 2282 at 
3,077.12. 

Blue chips led declines, with 
Meralco A foiling 280 pesos to 
28280 and San Miguel B dip- 
ping 1 peso to 139. 


Source: FT Groptoe 

high for Ericsson now," said a 
dealer. 

Ericsson is due to present its 
nine-month results on Novem- 
ber 17. Yesterday's gain 
helped Sweden's Affarsvarldea 
General index to move for- 
ward 6.30 to 1,463.90. 

Both Ericsson and Nokia, 
quoted In New York, had 
climbed overnight on US 
investors' enthusiasm for the 
stocks. In Finland yesterday, 
Nokia hit its 1994 peak, ending 
FM39 up at FM678 after an 
Intraday high of FM692. 

But corporate news in Fin- 
land was mixed, and the Hel- 
sinki market reflected this. 
Shares in the banking group 
Kansalhs-Osake-Pazikkl (KOP) 
fell FM1.95 to a new 1994 low 
of FM8.65 after it announced 
plans to raise FM2bn in a com- 
plicated equity capital exer- 
cise: the market’s Hex index 
fell 6.6 to 1,950.9. 


FTi 


FINANCIAL TIM FS 

C onfi'iviwo 


DOING BUSINESS 
WITH HUNGARY 


I FT -ACTUARIES WORLD INDICES I 

Jointly compiled by Tho Rnandd Times LUL. Goldman. Sacha & Co. end NatWaet Seeuttfes Ltd. in confwetian with the Iraattute at Actuaries end the Faculty of Actuaries 

NATIONAL AND 

















Ftgtxes In parentheses 

US 

Day's 

Pound 



Local 

Local 

Gross 

US T 

Pouid 



Local 



Year 

show number of fines 

Dollar 

Change 

Starting 

Yen 

DM 

CUrency 

% chg 

ON. 

Ctoflar 

Starting 

Yen 

DM Currency 52 weefc 62 week 

ago 

Of Stoch 

Index 

% 

Index 

Index 

Index 

index 

on day 

Yield 

lode* 

Index 

Index 

Index 

Wax 

Hgh 

Low 

OWWH) 

Australia (68) 

. — 166.93 

03 

154.70 

103.74 

13182 

152.76 

05 

383 

16043 

15488 

10481 

13188 

15184 

18015 

14028 

155.78 

Austria (IQ 

187.09 

-02 

171.33 

11486 

14688 

14023 

at 

1.10 

187.41 

171.99 

115.72 

140.17 

148.13 

19889 

16746 

18229 

Belgium (37) 

172.27 

-O A 

157.77 

105.78 

134.42 

13120 

-04 

420 

17380 

158.77 

106.82 

13484 

131.77 

17704 

14923 

16226 

Canada (103) 

137.28 

OS 

125.72 

8480 

107.12 

13420 

03 

280 

13688 

12584 

8483 

106.53 

134.02 

14521 

12054 

13086 

Denmark (33) 

260.67 

-03 

238.71 

16007 

203.40 

20829 

-04 

1.42 

26181 

23989 

161.46 

20388 

209.16 

275.79 

23027 

235.12 

FrtUid (24) 

197.40 

0.8 

180.76 

121-22 

15483 

191.67 

08 

073 

18588 

179.74 

12084 

152.77 

19019 

19740 

116.86 

12220 

France (101)- 

169.12 

-1.1 

15488 

10386 

131.97 

13065 

-18 

3.18 

17096 

15680 

10587 

13388 

13002 

18527 

15924 

16780 

Germany (581 — 

144.84 

-18 

13286 

8885 

113.02 

113.02 

-12 

183 

148.73 

134.68 

9080 

114.44 

11444 

15040 

12887 

13482 

Hong Kong (56) 

377.84 

-15 

34585 

23181 

294.68 

37484 

-12 

sag 

382-31 

35080 

23887 

28881 

37928 

50888 

34189 

351.06 

Ireland (141 _ 

209.18 

-1.1 

19187 

12046 

16383 

18428 

-12 

3.43 

21182 

104.12 

13061 

1B489 

106.07 

21680 

17188 

17294 

Italy (59) 

77.63 

-1.8 

71.10 

47.87 

5058 

8885 

-1.6 

1.77 

7889 

72.40 

48.71 

8183 

0019 

07.78 

5788 

7180 

Japan H68) 

162.95 

0.1 

I49.73 

100-06 

127.15 

10006 

-04 

0.77 

182.70 

14981 

10046 

12880 

10046 

170.10 

12484 

15388 

Malaysia (97) 

-556-51 

ai 

50986 

341.75 

43485 

54007 

-02 

183 

55588 

51024 

34381 

433.66 

54724 

62183 

43071 

46440 

Mexico (16) — 

._ 2253.82 

-1.2 

2064.02 

1384.00 

175885 

843128 

-12 

121 

223289 

209489 

140982 

178083 

853442 

284788 

189888 

181986 

Motherland (19). — 

.217.66 

-04 

193.34 

133.87 

169.85 

187.07 

-0.4 

3.46 

21882 

20063 

13489 

17052 

1ST.74 

21075 

18721 

19428 

New Zealand (14) .. 

73.95 

0.7 

87.72 

45.41 

57.70 

84.17 

06 

3.79 

7044 

67.40 

4585 

5788 

63.77 

77.69 

5982 

6489 

Norway 03) 

207.38 

-0.6 

18982 

12785 

16182 

18380 

-06 

1.80 

20882 

101.45 

12882 

162.72 

185.02 

211.74 

16582 

184.82 

Singapore (44) 

-332-20 

-09 

359.17 

24085 

306.04 

265.54 

-1.1 

189 

39583 

38387 

244.42 

30075 

26042 

39682 

294.66 

32003 

South Africa (59) 

337.12 

1.1 

308.73 

207.02 

263.06 

291.79 

02 

220 

333.45 

30681 

20590 

20008 

291.16 

337.12 

202.72 

21074 

Spam (38) 

142.79 

-02 

13077 

87.69 

111.42 

13521 

ai 

4.10 

143.12 

13184 

8887 

111.83 

13581 

155.70 

12888 

14282 

Sweden 06) 

-233.7B 

0.1 

218.88 

14884 

18883 

26486 

Q.1 

187 

msa 

218.96 

14782 

18009 

254.42 

23078 

17683 

20781 

Switzerland (4D ... 

T 67.05 

-03 

15a 98 

102.56 

13035 

12883 

-05 

188 

18785 

153.77 

103.46 

130.69 

12948 

17886 

14384 

14091 

United Kingdom (204) — 

.... 201.57 

-06 

184.60 

123.78 

15780 

184.00 

-08 

4.12 

20287 

18589 

128.14 

15006 

18689 

21486 

181.11 

18982 

USA (515) . 

192G* 

06 

175.87 

11783 

148.85 

13284 

as 

283 

191.01 

17580 

11785 

14889 

101.01 

19004 

17095 

19081 

EUROPE (709) 

173.67 

-0.7 

159.05 

106.65 

136.51 

14921 

-08 

3.11 

174.87 

16046 

10788 

13840 

15034 

17888 

154.79 

161.09 

NonSc (116) 

. 232-23 

ai 

212.68 

142.81 

18181 

211.15 

ai 

1.40 

232.05 

21285 

14388 

16089 

211-03 

23223 

173.19 

19341 

Padfic Basin (747) 

..... 171.85 

ai 

157.48 

105.60 

134.18 

11075 

-0.4 

1.09 

171.85 

157.71 

106.11 

134.04 

11180 

178.06 

134.79 

16021 

Euro-Pacific (14W}._ __ 

..172.56 

-03 

158.02 

10587 

134.64 

12021 

-0.6 

125 

17380 

158.77 

10682 

13484 

12091 

175.14 

14388 

160.52 

North America (B 101. .... 

188.64 

05 

172.76 

115.84 

14780 

18007 

05 

282 

18783 

172.10 

115.88 

146L35 

187 OB 

192.73 

17587 

18680 

Europe Be. UK (505) 

15468 

-08 

14183 

95-17 

120.33 

12050 

-08 

281 

166.19 

143.34 

9045 

121.83 

12947 

15012 

13004 

14288 

Pacific Be Japan (279) __ 

260.06 

-04 

238.16 

159-70 

202.93 

231.13 

-05 

283 

281.16 

23988 

16187 

203.71 

232.17 

29681 

23010 

23046 

World Ex- US 11836) 

174.59 

-02 

159.89 

10782 

138-23 

13007 

-as 

1.96 

174.98 

16050 

10006 

13848 

13075 

17886 

14586 

161.15 

World Ex. UK (1947) 

177.18 

ai 

182-26 

10881 

13826 

14049 

-ai 

227 

17780 

162-43 

10989 

13005 

14062 

17059 

15586 

16786 

World Ex. Sol At (3093) - 

17632 

0.0 

16380 

10980 

139.14 

14001 

-02 

227 

17025 

10380 

11007 

13984 

14885 

18003 

15084 

16985 

World Ex. Japan (16S3) _ 

190,13 

0.0 

174.12 

118.70 

14826 

17789 

-0.1 

2.89 

19014 

174.49 

11741 

14881 

17787 

19580 

17034 

18082 

The World Index 12151)... 

— 179.34 

ao 

16484 

11013 

13984 

14988 

-ai 

227 

17926 

16481 

11089 

13982 

14920 

18080 

15086 

169.76 


ConttoM. The Aired Tlmae 1MM, Gddnan, Sad* and Co. M K6W Saartta UmtoA 1687 
Unst wian wore uuntUte tor ns edboi. 


Investment Prospects Re- Appraised 
14 & 15 November 1994 - Budapest 

With a new government recently elected to office, this conference will provide a timely 
opportunity for a re-appraisal of Hungary’s attractiveness as a location for direct and 
increasingly, portfolio investment. 

ISSUES INCLUDE: 

• New directions for privatisation in Hungary 

• Power sector privatisation and de-regulation 

• Investing in Hungary as a European base 


SPEAKERS INCLUDE: 

• Dr Gyula Horn 
Prime Minister, 

Hungary 

• Mr Laszlo Bekesi 
Minister of Finance, 

Hungary 

• Mr Ferenc Bartha 

Government Commissioner for Privatisation, 
Hungary 

• Dr Gyorgy Sur&nyi 

Managing Director, 

Central-European International Bank Ltd 


Mr Ernst Hofmann 
Managing Director, 

Opel Hungary 

Dr Lajos Bokros 
Chairman & Chief Executive, 
Budapest Bank Ltd 
Chairman of the Council, 
Budapest Stock Exchange 

Mr Andrds Simor 
Managing Director, 
Creditanstalt Securities Ltd 


There are some excellent marketing opportunities attached to this 
conference, please contact Lynette Northey on 071 814 9770 for 
further details. 


@ Lufthansa 

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