Skip to main content

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

See other formats


"-V 
h " V. 

'/• U/ 

,.;'h 

f ^ ^ •. 
''A 



Media ftrto res 

■ .Alice Rawsthom describes 
futuristic cinema 





Business travel 


Michael Holman: serious 
traveller's tradecraft 

Page 14 



Architecture 


Goto Amery invites 
FT award entries 

Page 15 



Test for Santer 

Power struggle in 
the Commission 


FINANCIAL TIMES 





lit; 


cr. r * v> 


£■ \V 

> 2 i 

- V. 

r. ^ i- 

3 2 




ir.>„ 



■''■■•if • 


— 

>: * 

,,v 

■■ 

w ^: 
: £r 

" - ir 


y 


* 


imi-, 



Europe's Business Newspaper 


VW eases concern 
on cuts in Skoda 
car production 

German motor group Volkswagen moved to calm 
Czech anger over plans to scale down its production 
targets for the Skoda carmaker from 400,000 
vehicles a year to 300,000 by the end of the decade. 
The extent of the scale-down may be reduced in line 
with Czech objections following a meeting in 
Prague between VW ehahmjm Ferdinand PiOch and 
Czech industry and trade minister Vladimir 
Dlouhy. VW owns SI per cent of Skoda and is doe to 
increase its stake to 70 per cent by the end of next 
year. Page 21 

Sri Lankan Mast Mils opposition leaden: 

Ganrini Dissanayake, top opposition candidate con- 
testing Sri Lanka’s presidential poll next month, 
was among up to 50 people killed in an explosion at 
a political rally in Colombo, capital of Sri Lanka, 
police said. - 

Kohl laces difficult talks: German Chancellor 
Helmut Kohl will today open negotiations to form 
another coalition government amid signs that talks 
may be difficult Page 2 

Malaysia's PM attacks Japan: Malaysian 
prime minis ter Mahathir Mohamad attacked Japan 
for faffing to offer sufficient help to other east 
Asian countries. He said Tokyo should play a piv- 
otal role in the region. Page 6 

Singapore Airlines ahead: Singapore Airlines, 
the world's most profitable airline last year, con- 
firmed the financial recovery in the airline industry 
by reporting a 20 per cent rise in first-half group 
operating profits to S$478m (US$322m). Page 23; 
Rolls-Royce in Asian breakthrough. Page 6 

British tourist shot dead: A British tourist was 
shot dead and three others injured when suspected 
mflttawte athmlcad a tour mini-bus in 
southern Egypt Page 4 

Tanker held under Iraqi sanctions: A US 

warship intercepted a ship suspected of carrying 
Iraqi fuel in a breach of United Nations sa petimm 
and diverted the tanker to Kuwait for investigation. 
Page 4 

Price rises boost US steel companies: Price 
increases this year have raised earnings at US steel 
companies faster than expected, and are likely to'be_ 
followed by further price rises next year. The US’s 
biggest steel producers, US Steel and Bethlehem 
Steel, are among those due to report results this 
week. Page 23 . 

Third-quarter downturn at Mo W fr 

Third-quarter net income at US energy group Mobil 
fell by 25 per cent to 9503m because of lower US nat- 
ural gas prices and weaker refining margins in east- 
ern Asia. Page 23 

Ktotanvort China fund to rate* $30nu 

Klein wort Benson's China Investment & Develop- 
ment Fund is seeking to raise 930m through a plac- 
ing of new shares and warrants: The London-hated 
fund was launched in 1992 to invest in joint ven- 
tures in China. Page 22 

Chicago exchanges seek exemption*; The 

US Commodity Futures Trading Commission will 
today rule on applications by Chicago’s two big 
futures exchanges, the Chicago Board of Trade and 
the Chicago Mercantile Exchange, for exemption 
from many of the regulations governing the coun- 
try’s listed derivatives markets. Page 21 

Dutch insurer can cover Orion obligations: 

Dutch insurer Nationale-Nederlanden said it had 
sufficient provisions to cover Its commitments at its 
UK insurance subsidiary Orion, which is in provi- 
sional liquidation. Page 22 

Britain to review ministers' conduct code: 

The British government is to review its code of con- 
duct for minist ers in an Initiative to counter recent 
spate of allegations of financial impropriety. 

Page 8 

European Monetary System: The gap between 
top and bottom currencies in the EMS grid widened 
during the week, but the order did not change. Cur- 
rencies could be influenced by a Bundesbank coun- 
cil meeting on Thursday which could herald a move 
in official interest rates. Currencies, Page 31; Dollar 
faces renewed pressure. Page 20 


MONDAY OCTOBER 24 1994 


EMS: Grid 


October 21, 1994 



0 © 1 % — 

The chart shows the member currencies of the 
exchange rate mechanism measured against t he 
weakest currency in the system. Most of the curren- 
cies an permitted to fluctuate within 15 per cent 
agreed central rates against the other membes^f the 
mechanism. The exceptions are the D-Mark, amt tne 
guilder which move in a Z25 per cent band. 

UK directors’ pay rises beat Inflation: 

Company directors’ pay rises in the IK are running 
at almost three times the rate of inflation, a report 
by pay and benefits consultants Sedgwick Noble 
Lowndes says. Page 8 

Kim Chuf-stn In the international effitio n of 
Friday’s F inanci al Times an illustration referring to 
anaSde by Kim Chul-su, South Korea s minister 

of international trade, industry rad energy, 

wrongly incorporated the North Korean flag. We 
apologise for this inadvertent error. 


junta 

Bohan 

ttfekfn 


cypws 

CacfcHp 

Derma* 

BMC 

Ren) 

Raw 

Gotnav 


ScKC 

DM1.260 

eras 

DrfQflO 

cm. io 
CZXSD 
OKrtS 

esa 

Btf2S 

FM14 

FA9S0 

OMMD 


asm 0*50 
HongKonfl HKS 18 
Huipy R185 
bM K215 
Mb «W0 
to* 9MS0 
tab L30CC 

J*W *5°° 
Jrton JW-S0 
mat PkfiS 
Irtanan UESt-P 
UK IMS 


nea LmOfiO 

' Morocco Witt 
Uoracco MBI16 
Noth 

Ngata fhrssn 
NOW* M01T.no 
am 0R1S0 
PtaMan 

MMm P » SO 
Pcfcrt 338X00 
nnughtrttati 
=*225 


QR13.0Q 
SJWftta SR11 
SkigapareSS4-SD 
Slovsk RpKSLSO 

a Africa RT2JM 
3x*i PtaffiS 
Sweden SKrlfi 
Swfe SKWO 
Syria SESOin 
DW-soo 

Tatar tJOOOO 
UAE DK1SJOO 


Japan in $60bn farm aid plan 


By Etniko Terazono and 
Wffltam Dawkins m Tokyo 

Ratification of new world trade 
rules moved a step closer at the 
weekend when Japan announced 
plans to spend Y6,O10bn ($60.1bn) 
to help its protected farmers 
adjust to foreign competition. 

The decision is a victory for 
politicians from rural constituen- 
cies, who bad threatened to block 
the parliamentary vote on the 
Uruguay Round accord unless 
the government included sub- 
stantial cash aid in the farm pro- 
gramme 

Now the way is open for 
Japan’s divided parliament to rat- 
ify the Uruguay Round accord, 
under which a ban on rice 
imports would be gradually 
phased OUt fium wwirt year and 
replaced with tariffs. Japan's 
main trading partners, the EU 


Trade accord moves closer as cash promised 
to help rice farmers adjust to competition 


and US. are unlikely to ratify the 
trade treaty until the end of next 
month. 

Until recently, the three ruling 
coalition parties - the Liberal 
Democratic party, the Social 
Democratic party and the New 
Harbinger party - had officially 
opposed opening the rice market 
because of sensitivity towards 
powerful rural voters, who stand 
to lose business to cheap foreign 
rice. 

The weekend agreement to 
compensate rural communities 
means the parties will change 
policy, so the government can 
present to parliament the five 
hills needed to ratify the Gatt 


accord. The coalition overruled 
finance Ministry reluctance and 
decided to allocate the cash, 
which is to be spent over the 
□ext six years. 

Of the total, Y3.550bn is for 
public works inrhiding roads and 
draining paddy fields; YTTOm is 
for cheap state loans; and Y89Qm 
is to encourage small rice terms 
to merge into larger, more effi- 
cient units. Half the total will be 
shouldered by central govern- 
ment, the rest by municipal 
authories. In addition, the gov- 
ernment has earmarked Yl r 200bn 
to help rural regions develop new 
businesses, mating a grand total 
of Y7^10bn. 


The weekend decision follows 
weeks of wrangling between the 
agricultural ministry and the 
ministry of finance, which had 
wanted to limit the package to 
Y2,700bn - less than half its final 
size - and opposed debt relief. 

While the package appears gen- 
erous to Japan’s farmers, it 
means they have surrendered 
serious political support for their 
campaign to halt the liberalisa- 
tion of rice imports, a landmar k 
in the deregulation of the Japa- 
nese economy. 

The former government of Mr 
Morihiro Hosokawa agreed to 
partial liberalisation of the rice 
market last December, but delays 


seemed likely when the 
present coalition took power in 
June 

The formers' political clout is 
set to diminish further with the 
arrival of a new electoral system 

- likely to take effect in January 

- in which urban voters will be 
given more weight. 

The rice deal may prompt fur- 
ther pressure on the finance min- 
istry from politicians backed by 
other powerful interest groups. 
After the concession on terming 
subsidies, Mr Shizuka Kamei, 
transport minister, called for gov- 
ernment spending on the buffet 
train development project, which 
has been stalled due to lack of 
state revenue. 

The sharp increase in farm sub- 
sidies. however, might increase 
the agricultural sector's reliance 
on government aid and stall 
rationalisation. 


UK bank 
Coutts 
in plan 
to move 
upmarket 

By John Gapper, 

Banking Ecfitor, in London 

Coutts & Co, the 302-year-old UK 
private bank, is to move 
upmarket to become what its 
new chief executive calls “a 
proper private bank”. 

Mr David Went, who took over 
at Coutts four months ago, 
believes that by. the turn of the 
**w» b!v*]5- ucj-xeqnire 
customers to have at least 
£500.000 (9813.000) - at today's 
prices - in assets the bank can 
manag e for them. 

Coutts, wholly owned by 
National Westminster Bank, 
believes that because of the 
expected growth in private 
wealth this decade it can double 
the number of UK clients from 
the present 25,000 by becoming 
more exclusive. 

“The traditional image of 
Coutts in the UK has been of a 
posh retail bank, but It will 
become a proper private bank,” 
Mr Went said 

That would mean focusing on 
asset management for wealthy 
individuals rather than retail 
h anking . 

Mr Went said Coutts, which at 
present seeks customers with 
£150,000 in investable assets, 
would tighten its criteria. It 
would require at least 
£300,000 by the end of the 
decade, and he “would be 
surprised” if the minimum was 
not £500,000. 

Coutts Is also trying to expand 
internationally because the 
demand for private banking is 
expected to grow rapidly in the 
next decade. More individuals 
will inherit wealth, and many 
e n trepreneurs in Latin America 
and Aria are becoming million- 
aires. 

The bank already operates in 
14 countries outside the UK, and 
will awnnimcft shortly that it is 
opening three offices on the west 
coast of the US, including one in 
Beverly Hills in. Los Angeles and 
another in San Diego in southern 
California. 

Mr West said Coutts would not 
“sling out” customers who did 
not meet its tighter criteria, but 
it might encourage some to trans- 
fer to NatWest accounts for high- 
income customers, which offer a 

more persona} service than the 
average account 

He said that in other cases, 

Coutts might ask customers to 

locate more of their assets to be 
managed by the bank. Coutts 
might also try to persuade cus- 
tomers who have a current 
account and a credit card to use 
the bank as an investment man- 
ager, he said,. 

Private banks in Switzerland 
offer asset management and trust 
and legal services to their cus- 
tomers rather than a higher- 
quality version of traditional 
retail hanking, but the line has 
been blurred at some private 
banks in the UK 


Niki 

bitansdond Nwb •m m 

- 2-LB 

7 


20 

Glide to thi Wee* _ 

S 


10 


20 

Wk* Snead . 

9 



Seoul officials arrested after bridge collapse 


Hve city officiate outside a Seoul pofice 
station yesterday after they were arrested 
for failing to repair the capital’s Songsu 
bridge, which collapsed on Friday kOUng 


32 people. The collapse is the latest In a 
series of construction efisasters In South 
Korea which engineers have blamed on 
shoddy work, poor quality control and 


inadequate maintenance - failings seen as 
common In the test industriafisation which 
has taken place during the past three 
decades. Details, Page 6 


Launch of 
EU single 
currency 
‘should be 
delayed’ 

By Peter Norman, 

Economics Editor, in London 

The European Union should 
consider fixing the exchange 
rates of its currencies irrevoca- 
bly, Mr Alexandre Lumfalinfsy. 
president of the European Mone- 
tary Institute, says. 

But the head of the precursor 
of a European central hank 
believes there should be a delay 
before introducing a single Euro- 
pean currency in the third and 
final stage of the EU's planned 
move to economic and monetary 
union. 

Until now. the presumption has 
been that the Ecu would be intro- 
duced rapidly as a single Euro- 
pean currency once exchange 
rates were locked. But Mr Lam- 
falussy said in an interview that 
a phased introduction of stage 
three would ease many potential 
technical difficulties surrounding 
Emu, such as agreement on com- 
mon European banknotes. 

“The threshold of stage three of 
Emu is the locking of the 
exchange rates,” he explained. 
“You cannot do that halfway. 
That means a European central 
hank one monetary policy, and 
harmonised interest rates on 
wholesale -money markets.” 

Other things could be “left 
open”, he said. “There need not 
be a swapping of domestic bank- 
notes for notes denominated in 
European currency units [Ecus]. 1 
could imagine that taking place 
months or years after locking the 
European exchange rates." ... 

- Mr Lamfalussy conceded there 
would be some drawbacks in 
locking exchange rates without 
then moving to a single currency 
with its own banknotes. 

But a phased introduction of 
the final stage of Emu would 
have advantages. Companies 
would have the early benefit of 
locked exchange rates without 
having to wait for the EU to over- 
come the technical difficulties of 
the banknote change. 

The idea had political attrac- 
tions because people would be 
given time to adjust to a single 
European currency. Also 
Europe's commercial banks. 


Continued on Page 20 
Europe's realistic banker. 
Page IS 


Dublin to be warned 
over Ulster claim 


By Phifip Stephens in London 
and John Murray-Brown 
In Dublin 

Mr John Major, the UK prime 
minister, will tell his Irish coun- 
terpart Mr Albert Reynolds today 
that hopes for an overall political 
settlement in Northern Ireland 
depend on a radical revision of 
Dublin's constitutional claim to 
the province. 

But ahead of their planned 
talks at Chequers, there were 
signs of Irish irritation at a move 
by Mr Major to separate plans for 
an Ulster assembly from wider 
talks on the province’s status. 

The meeting wfll follow British 
itonial of a r.latm by Mr Martin 

McGumness, a leading official of 
Sinn F6in. the IRA’s political 
wing, about private assurances 
by the British government 

Mr McGuinness said on BBC 
television that during secret con- 
tacts last year, a British civil ser- 
vant had said London was work- 
ing towards a united Ireland. Sir 
Patrick Mayhew, the Northern 
Ireland secretary, said the claim 
was "nonsense" . 

Mr Major hopes to persuade Mr 
Reynolds that the territorial 
claim to Ulster in Articles 2 and 3 
of the Triah constitution is the 
main obstacle to an agreed 
approach. 

Dublin has agreed to modify 
the claim, but the British side 
will argue that unless Mr Reyn- 


CONTENTS 


olds goes further, moderate 
unionists in Northern Ireland 
will reject a proposed framework 
document for talks on the prov- 
ince’s future. 

The Irish prime minister, 
meanwhile. Is concerned that Mr 
Major appears to have weakened 
Britain’s commitment to the com- 
prehensive “three-stranded” 
■ approach to negotiations. 

Mr Major said last week that 
proposals for strand one - the 
creation of an assembly - were 
separate from the Anglo-Irish 
framework document, which 
would cover strands two and 
three. Those concern relations 
between north and south and 
between London and Dublin. 

Mr Reynolds spelt out his 
demands yesterday that the pro- 
posed cross-border institutions in 
strand two of the process must be 
given “executive functions”. He 
said: “Such institutions also must 
address some of the key interests 
common to north and south on a 
pragmatic basis." 

Irish officials said Mr Reynolds 
wanted today’s meeting to “pick 
up the pace". He was anxious to 
harness Sinn F6in to the political 
process quickly to bolster Repub- 
lican moderates. Dublin will also 
press for flexibility on the issue 
of the surrender of IRA arms. Mr 
Reynolds repeated his view that 
the question “had to be con- 
fronted and dealt with but is not 
a precondition for talks". 


TV and Ratio. 




r^uium 11 *4 

38 



- — 












ThaMatats 

24 



fin-ii | iri HiM 

anesyuiy rai«3 _ 

Vfbrtd Bond Mariob 

25 



26 

BwtoeeTata 

M 

EquSy MntaB 

20 


FTWtxtt ACMtat 24 

Managed Paris 3£33 

Money htaricats — — — 31 

Shag W u i na kw 34-37 

Watt Stock Mated 30 


Snr 

Zambia. 


.9-13 


r ^ <m\) aNPIAL TIMES UMTTEP 1994 No 32,505 Week No 43 


LONDON . PARIS • FRANKFURT - NEW YORK - TOKYO 


Today's Most 
Important Treasury 
and Capital 
Markets Numbers.. 


0171 2939293 

Spot FX 

0171293 9900 

Bank Sales 

01712939100 

Currency Options 


01712939000 

Corporate Sales 

0171 293 9200 

Inti Money Markets 

0171293 9300 

Forwards 


0171293 9400 

Sterling Money Markets 

0171293 9777 

Bond Sales 

01712939933 

Structured Derivatives 


0171293 9555 

Interest Rate Derivatives 


01714278000 

Or for more Information 


These new telephone numbers mark the opening today of The Royal Bank of 
Scotl a nd’s new dealing room at Waterhouse Square , Holhom; the first phase ill 
the move. or our London-based coqxircuc and institutional banking businesses 
to new premises. 

The location has changed, but our commitment to new technology and the 
highest standards of service in Treasury and Capital Markets remains the same, 
as you will discover with just one telephone call. 


The Royal Bank 
M of Scotland 

Waterhouse Square, 138-142 Holborn, London EC1N STH 

TV ftfBrf flia* of Sntf&urf fi Rrfntml Ogur > Si. .IwW V/mw. Ulntmigk f fl’ ’> R Kr-iurmt ■» S oHxmi .Ndtao , W S /-’ 


V 




1 




■t 




FINANCIAL TIMES MONDAY OCTOBER 24 1994 * 


EUROPEAN NEWS DIGEST 

Italy party chief 
in merger plea 

Mr Gianfranco Fini, leader of the MSI/Natioaal Alliance, 
Italy’s extreme-right political grouping, yesterday promised 
har dline neo-fascists in the MSI that a MI merger with the 
National Alliance would open a “wonderful new phase” in the 
party's history. At a meeting of MSI leaders on Saturday, Mr 
Fini confirmed plans to absorb the old party, founded after the 
war by followers of fascist dictator Benito Mussolini, into the 
“post-fascist” Alliance, which has been part of Italy’s govern- 
ing coalition since the March elections. The proposal, 
broached last month, will be put to MSI members at a party 
congress to begin on January 25. 

Though Mr Fini's speech drew angry reactions from hard- 
line MSI members, it got broad support horn most of his 
audience. Mr Fini reinforced his message yesterday by urging 
MSI members not to ally themselves with the bard left in 
Italian politics a gains t the government “The MSI was the 
political instrument of the alternative right wing; the National 
Alliance is the instrument of the right wing in government 
he said. 

In public relations terms, a merger would be the most 
important step yet taken by Mr Fini to distance the Alliance 


from its neo-fascist roots and to mollify hostile public opinion 
outside Italy. Last week, TV pictures were broadcast round the 
world of MSI/National Alliance deputies taking part in a brawl 
with opponents in Italy’s lower house of parliament. Andrew 
Hill, Milan 

Italian airports face disruption 

Industrial action by Italian airline pilots, customs officials, air 
traffic controllers, technicians, and ground and cabin staff 
threatens to disrupt arrivals and departures at Italian airports 
this week, particularly today, tomorrow and on Wednesday. 

The protests are not coordinated and have been called for 
various reasons. Under emergency rules, certain flights are 
guaranteed, including many intercontinental flights arriving 
in Italy. Ali talia has specifically warned of flight cancellations 
and delays between 10am and Gpm on Wednesday because of a 
strike by cabin staff and air traffic controllers. 

Some workers are protesting against the Italian govern- 
ment’s budget plans, some against new contract proposals, 
and others against the planned merger between Ali talia and 
its domestic subsidiary, AtL Last Friday, 8 out of 10 Ati pilots 
reported sick, forcing cancellation of 113 mainly domestic 
flights. The pilots, most of whom were back at work by 
yesterday, object to the Alitalia-Ati merger, which they claim 
will hinder promotion. They plan an official strike on Friday. 
Andrew Hill. Milan 

Sarajevo talks drag on 

The UN and Bosnia's Moslem-led government failed yesterday 
to forge a security agreement for Sarajevo’s key supply route, 
throwing into doubt a Bosnian troop withdrawal from a vio- 
lated demilitarised zone. At a meeting in the Bosnian capital 
military negotiators agreed only to talk again today. 

The Bosnian government has demanded the UN provide 
security for a road that snakes down Mt Igman, west of 
Sarajevo, in full view of Bosnian Serb guns. The road has 
come under fire from Bosnian Serb troops for months. Some 
shooting has been from artillery even though a Security Coun- 
cil resolution, backed by a threat of Nato air strikes, bans big 
guns from the area. Resolution of this issue could determine 
how fast or even whether Bosnian government troops with- 
draw from a d emilitari sed zone behind Mt I gman. 

The Bosnian government gave a commitment at the week- 
end to begin withdrawing troops from the demilitarised zone 
at midday today and to complete the process as quickly as 
possible, UN officials said. The security meeting yesterday 
followed the apparent success of UN special envoy Yasushi 
Akashi In persuading Serbs to lift from today a fuel blockade 
that has brought UN operations in eastern Bosnian Moslem 
enclaves to a standstill. Reuter, Sarajevo 

Basque polling raises hopes 

Basques voted in elections in Spain's most fiercely nationalis- 
tic autonomous region yesterday, with moderate nationalists 
looking forward to a return to power. One question to be 
decided by the voting was who will govern alongside the 
Basque Nationalist Party (PNV) in the 75-seat regional parlia- 
ment in Vitoria. Another was how the radical nationalist Herri 
Batasuna, political wing of the separatist guerrilla movement 
ETA, will fare in votes cast by people weary of 26 years of 
sporadic violence that has claimed 800 lives. 

A further waning of support for Herri Batasuna would be 
welcomed by many mainstream politicians as a signal that an 
end to violence is possible. HB lost its only seat in the 
European parliament in elections in June, when public rejec- 
tion of violence, which saw thousands take to the streets to 
demand an end to the killing, made itself felt in the polling 
booths. ETA has suffered severe setbacks as a result of police 
action in the past three years. Top commanders of the guerril- 
las have been arrested, extortion networks have been broken 
up and, in the last two months, French police have seized an 
ETA explosives factory and some $1.5m in cash. Reuter, Bilbao 

Slovaks yawn at referendum 

A dismally low turnout has invalidated a referendum in Slo- 
vakia aimed at fighting corruption in privatisation of state 
property. Only 19.96 per cent of Slovakia’s 33m registered 
voters cast ballots in Saturday’s referendum, far below the 51 
per cent turnout required for a valid vote. The referendum 
was demanded by left-wing parties to stiffen laws on purchase 
of state property. The initiative was meant to answer suspi- 
cions that illegally obtained funds have been used in the 
purchase of state property since communism fell in 1969. 

One of the referendum's staunchest supporters, ex-premier 
Vladimir Meciar, said he wanted the referendum to trigger a 
law that would open investigations of past purchases of state- 
owned property. Critics of the referendum said it was simply a 
ploy by some left-wing parties, including Mr Medar’s party, to 
whip up popular support during the recent election campaign. 
Reuter. Bratislava 


WE'RE ALWAYS GLAD 
TO SE THE BACK OF 
OUR CLINTS 


When 
say goodbye 
to our clients, 
wc know 
wc’tc helped 
them achieve their 
aims. That's 
becau.se the 
Emerging Companies 
Team provides 



specialist corporate finance 
advice that 
enables growing 
companies to tap 
their potential, 
lb join the clients 
we’ve seen leave 
again and again, call 
Patrick Wilson 
on 071 575 5000. 



NEWS: EUROPE 

EU’s new leader faces baptism of fire 

Jacques Santer is caught in a battle between two foreign policy barons, writes Lionel Barb 


M r Jacques Santer, 
president-designate 
of the European 
Commission, will this week 
seek to resolve an acrimonious 
dispute over the share-out of 
new portfolios, the first test of 
his grip on colleagues and 
clout with member states. 

But a power struggle 
between the Commission's two 
foreign policy barons - Sir 
Lean. Brittan, chief EU trade 
negotiator, and Mr Van 
Hpn Broek, *hp Dutch commis- 
sioner in charge of political 
affairs - threatens to sink Mr 
Santeris hopes of reaching an 
early agreement 
Other last minute hitches 
include the Italian govern- 
ments delay in nominating its 
two commissioners, uncer- 
tainty over control of the agri- 
culture portfolio, and the 
absence of a political heavy- 
weight willing to take charge 
of the single market 
Mr Santer remains deter- 
mined to reach agreement at a 
m fwd rn g with his new commis- 
sioners in Luxembourg on Sat- 
turday, despite hints from Sir 
Leon's camp that the senior 
British commissioner may 
block a deal if he is asked to 
cede responsibility for rela- 
tions with central and eastern 
Europe to Mr Van den Broek. 

Mr Van den Broek has also 
failed to endear himself to Mr 
Santer by objecting to the 
Commission president’s plan to 
assume personal control over 
foreign policy in the new Com- 
mission. Mr Santer intends to 



Ip 

S' 








Mr Santer (loft) remains determined to reach agreement despite the battle between Sir Leon 
Brittan (centre) and Mr Van den Broek (right) over responsibility for central and eastern Europe 


introduce new committees of 
commissioners in order better 
to co-ordinate policy-making. 

Officials close to Mr Santer 
portray the plan as a bid to 
break up personal fiefdoms 
which have flourished at the 
end of the 10-year reign of Mr 
Jacques Delors. the outgoing 
president 

Mr Santer also wants to 
inject greater realism about 
the role of the Commission in 


foreign affairs, especially since 
sovereignty-conscious member 
states led by France, the UK 
and Spain have made clear 
they do not want Brussels 
usurping their own powers 
under the guise of the Maas- 
tricht treaty. 

As part of this effort, he 
wants to break down the bar- 
riers between political and eco- 
nomic affairs in the present 
Commission whose curtailed 


two-year tenure ends on Janu- 
ary 6. This division, introduced 
by Mr Delors in 1992 to exploit 
the sharper profile given the 
Commission by the Maas t richt 
treaty, is widely viewed as a 
mistake and has la] to con- 
stant turf battles between offi- 
cials loyal to Sir Leon and Mr 
Van den Broek. 

Instead, Mr Santer would 
like to engineer a split on geo- 
graphic lines. He has suggested 


tentatively that Mr Manuel 
Marin, senior Spanish commis- 
sioner, would retain control 
over Latin America and the 
Mediterranean; Mr Joao de 
Deus Pinhelro, former Portu- 
guese foreign minister, would 
look after the developing coun- 
tries in Africa, the Caribbean 
and the Pacific; Sir Leon would 
handle trade relations with the 
developed countries. 

Mr Van den Broek would 
continue to be responsible for 
orthodox diplomacy such as 
attending international confer- 
ences, but he would also take 
over relations with central and 
eastern Europe - a plum job 
rinee one of the chief tasks of 
the new five-year Santer Com- 
mission will be lay the ground- 
work for EU membership of 
Poland, the Czech republic, 
and Hungary. 

Mr Van den Broek may 
emerge with enhanced powers 
thanks to Mr Santer’s desire to 
bolster the Christian Democrat 
influence in a Commission 
likely to be dominated by 
socialists. 

Other posts tentatively 
agreed in the new Commission 
include transport for Mr Neil 
Kinnock, the former UK 
Labour party leader environ- 
ment for Ms Ritt Bjerregard, 
the new D anish commissioner; 
and research and competitive- 
ness for Madame Edith Cres- 
son. the former French prime 
minister. Mr Martin Bange- 
mann, the senior German 
industry commissioner, will 
retain control over information 


technology, while Mr Karel 
van Miert. will continue run- 
ning competition policy but 
drop control of personnel. Mr 
Santer also plans to pencil in 
jobs for commissioners from 
Austria. Finland. Sweden and 
Norway, which are due to join 
the EU next year, pending ref- 
erendums in the latter two 
countries in the next few 
weeks. Austria and Finland 
have already voted to join. 
Each country would be able to 
nominate one commissioner. 

An unresolved question con- 
cerns the future of Prof Mario 
Monti, the distinguished Ital- 
ian economics professor who is 
the fust choice of the Berlus- 
coni government, but who 
wants responsibility for the 
economics directorate, includ- 
ing preparation for monetary 
union. 

The trouble is that the 
French government has waged 
an apparently successful cam- 
paign for the EMU job on 
behalf of Mr Yves-Thibault de 
Silguy, former adviser to Mr 
Edouard Balladur. French 
prime minister. 

Last week, efforts were being 
mnih to persuade Prof Monti 
to come to Brussels to run the 
economics directorate without 
EMU but with new responsibil- 
ities, possibly including super- 
vision of the multi-billion Ecus 
“cohesion” funds which funnel 
money to the “poor Four" - 
Greece. Ireland, Portugal and 
Spain - in order to help them 
prepare for EMU. 

See editorial comment 


FDP poll result strains 
Kohl’s coalition talks 


Confrontation looming 
for Scharping over PDS 


By Michael Undemann In Bonn 

Chancellor Helmut Kohl will 
today open negotiations to 
form another coalition govern- 
ment amid signs that the talks 
are not likely to be as quick 
and easy as he hopes. 

The Free Democratic party 
(FDP), the small liberal party 
which has been in coalition 
with Mr Kohl’s Christian Dem- 
ocratic Union (CDU) since 1982, 
is likely to be a difficult negoti- 
ation partner following inter- 
nal wrangling after the party’s 
second worst election result 
since 1949. 

The party leadership was 
meeting last night to map out 
a strategy for the talks. Mr Jitr- 
gen Mfillemann. a former eco- 
nomics minister end chairman 
of. the party’s largest state, 
branch, has come out in open 
opposition to MrKlaus Kinkd. 
the party leader and foreign 
minister. 


While the indications were 
last night that Mr Kink el 
would see off opposition from 
Mr Mfillemann, differences 
remain over negotiating strat- 
egy. 

The CDU lias said it wants 
quick coalition negotiations 
which would clear the way for 
Mr Kohl's re-election as chan- 
cellor in mid-November, an 
election where the government 
coalition will need every vote 
it can muster to preserve its 
10-seat majority. 

Parliament will meet for its 
opening session in Berlin on 
November 10, and the so-called 
• “chancellor vote" is scheduled 
for November 17. 

The FDP has said it wants 
“binding" commitments on the 
policies of the future coalition 
government A party spokes- 
woman would not spell out the 
party's demands ahead of the 
negotiations, but the FDP is 
likely to push for tax cuts, an 


end to government subsidies, 
and for measures to integrate 
Germany’s 63m foreigners. 

The party is also likely to 
resist pressure to give up any 
of the five ministries it con- 
trols in the 18-seat cabinet The 
Christian Social Union (CSU), 
the CDU’s more conservative 
Bavarian sister party, has over- 
taken the FDP to become the 
second strongest party in the 
three-party coalition and has 
indicated that It will want the 
appropriate reward. 

There are likely to be few 
changes at the most important 
ministries. Mr Trinkpl is. expec- 
ted to stay as foreign minister. 
Mr Theo Waigel as finance 
minigter and Mr Volker RQhe 
as defence minister. 

Mr Rudolf Scharping, the 
leader of the opposition Social 
Democratic party (SPD), has 
S3 id he will not stand against 
Mr Kohl in the “chancellor 
vote”. 


By Michael Undemann 

The opposition Social 
Democratic party (SPD) may 
be heading for another con- 
frontation over the vexed 
question of co-operation with 
the former East German com- 
munists, now called the Party 
of Democratic Socialism (PDS). 

The national party leader- 
ship rejected comments by Mr 
Harald Ringstorff. the SPD 
leader in the north-eastern 
German state of Mecklenburg- 
Vorpommern, that he had 
been given permission to talk 
with the PDS. 

“We don’t Know where 
Ringstorff has got this idea 
from,” said an SPD spokes- 
woman in Bonn. 

The looming showdown will 
be a. key .test foe Mr Rudolf 
Scharping, the SPD national 
leader who has repeatedly said 
that Ms party will not work 
with the PDS, which many of 


Germany’s established parties 
have called “undemocratic”. 

Mr Ringstorff has been 
pushing for talks with the PDS 
even though many SPD party 
members in Mecklenburg 
favoured a grand coalition 
with the Christian Democratic 
Union (CDU). Chancellor Hel- 
mut Kohl's party. 

However, there are signs 
that the mood in the Mecklen- 
burg SPD may be changing 
after the 29-strong party coun- 
cil endorsed further talks with 
the PDS at a special meeting 
on Saturday. 

The SPD in Mecklenburg 
may seek to copy the sort of 
co-operation which exists 
between the party and the PDS 
in the neighbouring state of 
Saxony-Aiihalt, where in June 
the PDS for the first time had 
a hand in the shaping of a 
state government 

There is no formal coalition 
between the parties, but the 


PDS has so far “tolerated” a 
minority government run by 
the SPD and the Greens. The 
fact that the SPD might be 
working alone with the PDS in 
Mecklenburg has made its pos- 
ition all the more controver- 
sial. 

However, it r emain* difficult 
to see how Mr Ringstorff will 
be able to pull off any sort of 
co-operation with the PDS. 

In the central state of Thu- 
ringia. the CDU and the SPD 
have said they will today 
begin coalition talks even 
though the result of last Sun- 
day’s election was exactly the 
same as in Mecklenburg; the 
CDU as biggest party along- 
side the SPD and the PDS. 

SPD party headquarters in 
Bonn suggested Mr Rings- 
torffs talk, of co-operation 
with the PDS was designed to 
strengthen his hand when it 
came to eventual negotiations 
with the CDU. 


Tough test of stamina for Macedonia’s president 

Re-elected leader must maintain momentum of reform, writes Kerin Hope 


P resident Kiro Gligorov, 
77, re-elected last week 
by a wide margin in 
Macedonia’s first direct presi- 
dential vote, made a point of 
campaigning as energetically 
as politicians half his age. 

He will need both stamina 
and flexibility to persuade 
Greece to lift its eight-month 
trade blockade against Macedo- 
nia, and to push through free- 
market and social reforms at a 
faster rate. 

Mr Gligorov, an economist 
with an up-and-down career in 
the former Yugoslav commu- 
nist party, came out of retire- 
ment to advise the reform- 


minded Markovic government 
at the aid of the 1980s. He was 
therefore well-placed to rally 
Macedonia's inexperienced 
young politicians as the transi- 
tion started to independence 
and a market economy. 

His first achievement as 
president, elected by a parlia- 
ment dominated by the hard- 
line nationalist Internal Mac- 
edonian Revolutionary 
Movement (VMRO), was to 
negotiate the withdrawal of ex- 
Yugoslav forces based in Mac- 
edonia early in 1992, taking 
with them aircraft and heavy 
weapons. 

Then came the task of per- 


suading the international com- 
munity that Macedonia, the 
poorest and least-developed 
republic in the former Yugo- 
slavia. could become viable. 

While Macedonia's chances 
of survival now seem brighter, 
Mr Gligorov will still have to 
make some concessions to 
t ransfo rm its uncertain inter s 
national status under the tem- 
porary name of Fyrom (former 
Yugoslav republic of Macedo- 
nia) into permanent recogni- 
tion. 

However, his election tri- 
umph, capturing about 77 per 
cent of votes cast, should give 
some room for manoeuvre in 


re-opening UN-sponsored talks 
with Greece, which asserts 
that Macedonia's name 
amounts to a claim on its own 
province of Macedonia. 

Despite confused and incom- 
plete first-round.returas in last 
week's parliamentary vote - 
held simultaneously with the 
presidential poll - it is clear 
that support for VMRO has 
dropped sharply. 

The Alliance for Macedonia, 
a coalition- led by ex-commu- 
nists and backed by Mr Gligo- 
rov, will almost certainly 
emerge from the October 30 
run-off poll as the largest party 
in parliament. 


The mood in Athens is now 
more conciliatory, with Greek 
officials again talking of North, 
or New, Macedonia as a possi- 
ble compromise on the name 
issue. Mr Gligorov, until now 
reluctant to accept any change 
in the name, will come under 
pressure to accept 

Mr Gligorov*s other priority 
will be to speed up the transi- 
tion to a free- market economy 
by promoting privatisation and 
banking reform more effec- 
tively. 

Macedonia's state-owned 
banks are technically insol- 
vent, burdened with huge 
debts accumulated by large 



V,K Hiea Markets Corporate Finance Limited .1 Member of tbe SFA 

i' i i 


Civil servants decide fate of SES chief 

Meyrat removal is likely to boost rival satellite group, writes Ray Snoddy 


T he search begins in ear- 
nest this week for a new 
director general of 
Sodete Europgenne des Satel- 
lites, the organisation that 
operates the Astra satellite sys- 
tem. after last week's uncere- 
monious ousting of Dr Pierre 
Meyrat, the SES director gen- 
eral. 

Dr Meyrat was removed after 
a tense boardroom battle on 
Thursday lasting more than 
four hours and “released from 
his duties” , even though he 
had the support of tbe main 
users and would-be users of 
the Astra system such as Brit- 
ish Sky Broadcasting, Mr Leo 
Kirch, the German broadcast- 
ing entrepreneur and Deutsche 
Bundespost Telekom. 

The departure of one of the 
pioneers of European satellite 
television and director general 
of SES for the past nine years 
wQl upset many of the compa- 
ny’s main customers, increase 
uncertainty about the immi- 
nent move to digital satellite 
television and put large ques- 
tion marks over SES plan to 

float on the London Stock 
Exchange and the other major 
exchanges of Europe possibly 


as early as next year. 

Dr Meyrat is the first to 
admit be is no diplomat As an 
executive from an entrepre- 
neurial background in the 
Swiss cable television industry 
he placed more emphasis on 
getting decisions taken and 
plans implemented than dis- 
cussing details with the 24- 
strong board. 

Tbe board Includes a large 
number of representatives of 
German and Luxembourg 
financial institutions and eight 
Luxembourg civil servants. 
“He is dogged, determined and 
Swiss and sometimes difficult 
to work with," said one SES 
director yesterday. It is equally 
obvious that he has presided 
over one of the most successful 
satellite television operations 
in the world. 

SES already broadcasts 48 
channels of television across 
Europe from three satellites 
with a fourth 16-channel satel- 
lite due up in the next few 
weeks. A fifth and sixth satel- 
lite, which could be devoted to 
the provision of a 150-channel 
digital television service for 
Europe, are due to be launched 
in 1996 and 1996. 


There have been several pre- 
vious attempts to remove Dr 
Meyrat but the most deter- 
mined came in July from a 
group of directors and share- 
holders including the two SES 
vice-chairman Mr Romain 
Bausch. chairman of the SNCI 
bank of Luxembourg, and 
Count Roland Kergorlay, a pri- 
vate SES investor. When news 
of the coup attempt leaked 
letters arrived in support of Dr 
Meyrat from most of the main 
SES users. 

Mr Frank Barlow, chairman 
of BSkyB. and also managing 
director of Pearson, owners of 
the Financial Times, sent an 
unambiguous appeal that Dr 
Meyrat, aged 57. should stay 
for tbe next 12-24 months until 
a suitable successor could be 
found. The issue was never put 
to the vote at the July board 
meeting and it appeared the 
director general had received 
overwhelming board support. 

The chairman, Mr Pierre 
Werner, even wrote to one wor- 
ried Astra user reassuring him 
that Dr Meyrat had the confi- 
dence of the board and would 
continue to chair the manage- 
ment committee of the organi- 


sation until a successor was 
identified in “a measured time 
frame”. 

Since then support seems to 
have ebbed away from Dr 
Meyrat. not because of any- 
thing he has done since July, 
but because the splits within 
the organisation were so deep 
that the decisiop -mflkfrig pro- 
cess was being disrupted and 
progress, delayed. It appears 
that the three executive direc- 
tors who will now run the 
managamunt committee - Mr 
Celso Azevedo, the technical 
director who will be acting 
chairman of tile committee. Mr 
Yves Elsen. secretary general, 
and Mr Jurgen Schulte, the 
director of finance - reluc- 
tantly came to the view that 
change would have to be 
speeded up to end paralysis. 

But it was the votes of the 
eight Luxembourg civil ser- 
vants on the board which was 
crucial. To remove the direc- 
tor-general a two-thirds major- 
ity was needed. At the meeting 
which was attended through- 
out by Dr Meyrat be was sup- 
ported by an Anglo-German 
alliance of Deutsche Bundes- 
post Telekom, which earlier 


this year spent around £80m to 
buy a 16.6 per cent stake in 
SES, Deutsche Bank, Dresdner 
Bank and Thames Television, a 
Pearson subsidiary. There was 
a large majority against 
Meyrat but it was the votes of 
the eight Luxembourg civil ser- 
vants who all voted against 
him that created the two-thirds 
majority for removal. 

Dr Meyrat has told friends 
that he is astonished by tbe 
outcome which he ascribes to 
the plotting of individuals who 
did not like him. He has also 
stressed he has never formally 
been accused of anything. 

"It’s a spectacular free kick 
for the opposition, ft also 
shows that who runs SES is 
determined by Luxembourg 
civil servants," a very angry 
SES user said yesterday. 

The row, and what is says 
about the way SES is run, will 
provide a considerable boost to 
Eutelsat, the Paris-based rival 
European satellite organisa- 
turn. All main Astra users are 
believed to be talking to Eutel- 
sat about the future, and the 
introduction of digital televi- 
sion in a much more serious 
way than ever before. 


industrial concerns and by 
more than $lbn in foreign cur- 
rency liabilities. 

A stabilisation plan la unched 
in agreement with the Interna- 
tional Monetary Fund is 
starting to produce results, 
with annual Inflation projected 
to drop to 55 per cent this year, 
against 250 per cent in 1933. 
But if recovery is to follow. 
President Gligorov must 
encourage the new government 
to launch structural reforms 
without delay. 


THE FINANCIAL TIMES 
Published by The Financial Time 
a,B>bl<. Nibclungonplatz. 3 
< 0318 Frankfurt am Main. Germany 
™ M 156 SS0 - F “ ++* 
v* S9644BI, Thlcx 4I6I«3. Represented 
in Frankfurt by J. Waiter Brand. TO- 
CMo A. K canard « 
Gejchdftrfphrcr and in London bj 
£j wl t d B? “4 Alan C. Mflkr 

Printer DVM prucfc-Vcnricb nod Man 
Keung GmbH. Admiral-Roscndahl- 
Sua»c 3a. 63263 Ncu-bcnhunt (owned 
Sj’-V! “TO* International). ISSN: ISSN 
i LTiZ™’ Rtsponsibte Editor Richard 
K™- Tne Financial Tunes Lie* 

?“■ . Nu ?J>fT. 0 nc Southwark Bridge. 

SEI 9HL. UK. Shareholders cd 
the Fuionaal Times t Europe] GmbH 
are The Financial Times (Europe) Ltd 
KT - l Germany Advertis- 
ng) Ltd. London. Shareholder of the 
!"«M*oneil iwo companies it: The 
Financia! Times Limited. Number One 
Southwark Bridge. London SEI 9HL. 

u> incorporated under the 
d'c.m anJ Woks. Chairman: 

Publishing Director: D. 
l „. * ue dc Rivoh. F- 73044 Paris 

Telephone (Oli 4297-0621. 
Fdj? 1 i2r» 7 '? w Printer S.A. N°rd 

Eda tr. 15/21 Rue ^ Cain:. F-59IM 
K? b 1Sr£ a, SoL ^ Richard Lam- 
1 >48-2753. Comm*- 
“on Phmairc No 67S08D. 

Financial Tones (Scandin- 
v , ,,nn wl'kaficd 42A. 


i 






firi 


financial times Monday October 24 1994 


,,! m \\ 


NEWS: THE AMERICAS 


% 


Online 

:r PUS 


- •. 
•*> 

' “ 


% 


•it 


Clinton ventures abroad in search of votes 


Diplomacy can’t do Democrats any harm, says Jurek Martin 


P resident Bill Clinton’s decision 
to spend nearly a week on 
diplomacy in the Middle 
ratber than on the search for votes in 
the American midwest may not hart 
the Democratic party in mid-term 
elections now only 16 days away. 

Mr CBntan himself, yesterday wind- 
ing up a west coast campaign trip in 
which he has been more w armly 
received than in earlier excursions, 
said he detected some improvement in 
party fortunes. 

The president certainly appeared 
more confident and relaxed th^n for 
some weeks, eloquently expressing 
his opposition both to the California 
referendum on illegal immigration 
and to the conclusions of the contro- 
versial new book linking race and 
Intelligence. 

Some prominent endangered Demo- 
crats, libs Senator Edward Kennedy 
in M assachusetts and Senator Dianne 
Feinstein in California, do appear to 
have re-established leads. But the 
prospect for substantial Republican, 
gains in. Congress and in governor- 
ships remains strong. The polling evi- 
dence to bolster Mr Clinton’s belief 
remains mixed.' Two surveys at the 
end of last week showed his own 
standing had received a boost from, 
foreign policy achievements such as 
Haiti, Iraq and North Korea but that 


confidence in his management of 
domestic policy and in his character 
remained low. 

Even Congressman Newt Gingrich, 
the Republican leader, conceded in a 
television Interview yesterday that 
“they’ve been better (at foreign pol- 
icy) in Che last six weeks them at any 
time in the administration”. 

But three polls also found that for 

the first Hmfi shire the Tr uman presi- 
dency Republicans held a sizeable 
edge over .Democrats among -likely 
voters. In sharp contrast to 1992, 
when discontent with “gridlock” in 
Washington' helped unseat President 
George Bush, the surveys found 
Americans more comfortable with the 
idea that if one party held the presi- 
dency, the other should have control 
of Congress: 

Administration officials, only too 
well aware of the sour and introspec- 
tive mood of the electorate, have been 
careful not to make too explicit a" con- 
nection between foreign policy and 
the elections. President Clinton’s - 
weekly radio broadcast on Saturday, 
for example, was exclusively devoted 
to domestic issues, principally educa- 
tion, and to an attack on alternative 
Republican policies. 

Mrs Mflriefwnp Albright, the ambas- 
sador to the UN, yesterday cast the 
president’s decision to go to the Mid- 


dle East solely in foreign policy terms. 
In so way does it impede the politi- 
cal process going on here,” she added. 

A somewhat different twist was 
given by Mr David Gergen, the for- 
merly influential White House aide 
now virtually invisible as a counsellor 
at the stale department “I think this 
foreign policy will have precious little 
to do with the -election results,” be 
- said in a weekend TV interview. 

But, he added, “I think the Ameri- 
can people, want to know he (the pres- 
ident) has a -strong effective foreign 
policy — when they sense that’s not 
happening, it could cut the heart out 
of your presidency.” Still, he said 
there was no substitute for delivering 
the goods on domestic policy. 

The principal Republican campaign 
aim is also to emphasise domestic 
issues. Yesterday they were planning 
to have found a “smoking gun” in the 
shape of a leaked memorandum to the 
president from Dr Alice Rzvhn. the ‘ 
White House budget director. The 
memorandum, which Dr Rivlin and 
other White House officials sald was 
merely an hypothetical discussion 
document without specific recommen- 
dations, pointed out that Mr Clinton 
might find have to cut social spending 
and increase taxes in order to con 
tinue to reduce the deficit 
.This was enough for Mr William 



Clinton campaigning in California. He sees an upturn in Democratic fortunes 


Bristol, a leading Republican strate- 
gist to charge that it was “craven 
hypocrisy” for the administration to 
allege that the Republicans intended 
to slash medicare and social security 
as a mparcq Of achieving the hafancwi 

budget 

The vigour of the Republican 
response may reflect awareness that 
its own heavily promoted “contract 
with America,” mostly unfinished 
business from the Reagan presidency, 
seems to be making little beadway 


with the electorate. One poll found 
that 70 per cent had never heard of It, 
while some Democratic candidates 
have used it to paint their opponents 
as captives of the extreme right 
The overwhelmingly negative tone 
of so many individual campaigns con- 
tinues to dominate the election. A 
successful Clinton visit to the Middle 
East, including Syria, might not 
appear likely to sway many minds but 
any diversion horn domestic mod- 
slinging mi ght be beneficial. 


Diamond giants accused of rigging prices 


By Tony Jackson 
and Marie Suzman 

Tomorrow morning in 
Columbus, Ohio, a court case 
opens on an apparently mun- 
dane matter alleged price fix- 
ing in the arcane field of indus- 
trial diamonds. But there is 
much at stake Cor both accused 
and accuser. General Electric, 
the giant US conglomerate, 

grill he defgnrWng rht r e p u t a tion 

for integrity, already some- 
what battered by recent scan- 
dal at its broking subsidiary 
Kidder Peabody. 

The US Justice Department, 
on the other, hand, is out to 
prove a point Under assistant 
attorney general Anne Binga- . 
man, the department has 
launched a stream of anti-trust 
investigations, from computer 
software to car rentals. Last 
week ft said ft was looking at 
alleged uncompetitive pricing 
at Nasdaq, the US' stock mar- 
ket The message is clear 


tinder the Clinton administra- 
tion, the did laissez-faire days 
are over. 

The charge in this case is 
simple: that GE and De Beers 
of South Africa, which domi- 
nate the world market for 
industrial diamonds, rigged the 
world price in 1991 and 1992. 
But the plot is complex, and 
takes in such fringe characters 
as an ex-EU industry commis- 
sioner and the boss of Amer- 
ica’s biggest fibre glass manu- 
facturer. 

On e feet is not in dispute, fir 
early 1992, GE and De Beers 
raised prices on the same types 
of industrial diamonds at the 
same time. In GE’s view, this is 
perfectly natural. In a market 
with few players, a price move 
by one supplier will be 
promptly followed by the rest 
Proving there was a specific 
agreement is another matter. 

A pivotal figure here is Mr 
Philippe’ Hotter, who at the 
time , of the alleged offences 


was a director of the Belgian 
conglomerate Socfetd Gdndrale 
de Belgique (SGB). Among his 
other dirties, Mr Liotier ran 
Diamand Boart, a diamond 
tool-making company con- 
trolled by SGB, and a big cu* 
tomer of both GE and De 
Beers. He was also on the 
board of Boart’s immediate 
parent, Sibeka, GE’s chief rival 
in the manufacture of indus- 
trial diamonds. Though major- 
ity controlled by SGB, Sibeka 
is part-owned by De Beers: 
mare important De Beers mar- 
kets the whole of Sibeka's out- 
put, and thus sets its prices. 

It seems undisputed that Mr 
Liotier communicated regu- 
larly about De Beers’ prices 
with the head of (IE's Euro- 
pean diamonds business, Mr 
Peter Frenz. But that, GE 
would argue, was normal as 
well Mr liotier was a cus- 
tomer; and if supplier A raises 
prices, it is natured for the cus- 
tomer to pass the news on to 


supplier B. Much therefore 
depends on whether Mr Liotier 
was talking to Mr Frenz as a 
customer or a competitor. 

Mr Liotier, who has now 
moved on to SGB’s parent, the 
giant French conglomerate 
Suez, is a defendant in the 
trial. He will not be turning up. 
Neither will Mr Frenz: accord- 
ing to GE, the US authorities 
refused to promise not to 
arrest him as soon as he got off 
the plane. The jury will there- 
fore be treated to a video of Mr 
Franz's testimony, compiled in 
Europe over six days in July. 

Mr Frenz and Mr Liotier, 
says the Justice Department, 
were not acting on their own 
initiative. On February 12 1991, 
the two met in Brussels along 
with their respective bosses: 
Viscount Davignon, ex-EU' 
commissioner and now presi- 
dent of SGB, and Mr Glen 
Hm er, then head of GE's. plas- 
tics division: At that meeting, 
says the Justice Department, 


pricing was discussed for the 
first time. Neither Viscount 
Davignon nor Mr Hmer have 
been charged. Mr Hiner, 
right-hand m«n of GE chair- 
man Mr Jack Welch and head 
of the US fibre glass company 
Owens Coming, says the meet- 
ing was about other matters. 

Beyond straightforward 
denial, GE’s rebuttal cranes in 
three parts. First, the evidence 
is purely circumstantial Sec- 
ond, GE can prove it made an 
independent decision to raise 
prices in the antnron of 199L 
Third, disparity between the 
two companies’ .prices was 
greater after the 1992 price rise 
than it was before. 

The Justice Department has 
no great difficulty with the 
first two. Conspiracy cases are 
usually circumstantial, it says. 
People are not in the habit of 
sitting down to write a docu- 
ment agreeing to fix prices. 
Second, in any conspiracy 
someone has to set the ball 


rolling. In thin case, appar- 
ently, it was GE. 

GE’s point about price dis- 
parity looks stronger. Granted, 
an Illegal arrangement cannot 
be defended on the grounds 
that it did not work. But in a 
case based on circumstantial 
evidence, an apparent 
strengthening of competition 
points the other way. 

Meanwhile, what about De 
Beers? It is not turning up for 
the trial either, but seems 
unconcerned. It flatly denies 
wrongdoing, and says US 
courts have no jurisdiction 
over it anyway. 

Veteran De Beers observers 
feel the trial is unlikely to 
have any significant hearing 
on De Beers’ business either 
way. Suppose there was price 
collusion, they say: the world’s 
most successful diamond com- 
pany has weathered far worse 
storms, and will carry on dom- 
inating the world, diamond 
market for quite a while yet 


AMERICAN NEWS DIGEST 

Pensions award 
hits budget 

Argentina’s economy minister, Mr Domingo Cavallo, is today 
expected to ask congress to approve an amendment to the 1994 
budget providing for extra spending of between SI bn and 
Si.5im in order to meet pension payments for the rest of the 
year. The request the first retroactive budget amendment 
since Mr Cavallo launched economic reforms in 1991, has 
added to speculation that Argentina's fiscal position has dete- 
riorated sharply In the second half of the year as tax collection 

haa btlwi and spending climbed. 

Mr Daniel Altana, an economist at the Foundation for Latin 
American Economic Investigation, said that, although Argen- 
tina’s public accounts remained “fairly solid”, the country was 
“in a more fragile situation than it used to be.” The worsening 
fiscal position threatened to derail further cuts in payroll 
taxes planned for next year, part of efforts to sharpen Argen- 
tine competitiveness, Mr Artana said. 

Mr Cavallo said the additional funds, which would increase 
the 1994 federal budget to about $4l.5bri, were needed because 
of recent court decisions granting higher pensions. The Peron- 
ist administration, which has been trying to stop pension 
indexation in an effort to trim spending; says the court rulings 
set a precedent which could cost the treasury up to $300m 
e xt ra a month. 

Mr Cavallo is also expected to seek legislation that would 
curb the ability of judges to increase pensions for thousands of 
other retired people seeking legal redress. However, efforts to 
save money will be weighed against the danger of losing 
electoral support, given that presidential elections are less 
than seven months away. David Pilling. Buenos Aires. 

Intel wins injunction over clone 

Intel, the world's largest semiconductor manufacturer, has 
won an injunction forcing a halt to shipments of clones of its 
microprocessors made by Advanced Micro Devices, a rival US 
chip maker. The court order will not take effect, however, 
until mid-January by which time AMD claims that it will be 
ready to ship new versions of its microprocessors with the 
offending software “microcode” expunged. The injunction fol- 
lows a ruling this month that AMD microprocessors contain 
“microcode” software that infringes an Intel copyright The 
case is the latest is a decade of legal battles between the 
semiconductor industry rivals. 

With its Intel-compatible microprocessors, AMD has gained 
about 6 per cent of the market while Intel supplies about 90 
per cent of all microprocessors used in personal computers. 
AMD's largest customer is Compaq Computer, the PC market 
leader. Intel said it will seek damages for all shipments of 
AMD's microprocessors that contain the infringing microcode. 
The court has yet to rule an damages. The judge has, however, 
effectively given AMD a reprieve by allowing the chip maker 
to meet orders for its microprocessor chips until January 15. 

IxuissKehoe.SanFrandsco. 

Human rights monitors return 

Human rights monitors returned to Haiti at the weekend in 
their first missio n since their gy pnlmnn by the former military 
government in July. Thirteen observers and four administra- 
tive staff from the joint United Nations and Organisation of 
American States mission arrived from neighbouring Domini- 
can Republic, the first contingent of a mission expected to rise 
to around 300 monitors. 

Haiti's greatly weakened army has said it will search the 
homes of people suspected of having illegal arms beginning 
next week and warned suspects to turn in their firearms or 
face arrest Ted Bardacke, Port-au-Prince. 


• l: 
. ■>- 

£' 


- V' 





The engines are quietly humming at 37,000 ft. 
above the Indian Ocean. And you wish you 
could sleep. Then you remember who you are 
flying with. 


»*: 




r $ 


■ ■ 


• • ■ , •■■r 


..V'-.J 
' L 




. •; f 
' , 1 ■ 



Lufthansa 






FINANCIAL TIMES 


MONDAY OCTOBER 24 l‘N4 


NEWS: INTERNATIONAL 


Gazans struggle in the wake of border closure 


Julian Ozanne surveys the economic damage to 
Palestinians and the threat to the peace process 


A top-level Israeli -Pal es tin i an troubleshooting committee met in 
Cairo yesterday to try to forge agreement on ways of dealing 
with Hamas, the militant Islamic Palestinian group behind last 
week's Tel Aviv bombing, writes Mark Nicholson. 

Palestinian negotiators, led by Mr Nabil Shaath, are arguing 
that Israel should abandon its policy of collective punishment of 
Palestinians living in Gaza and the West Bank following each 
Hamas-led attack. Instead, they said, Israel should support Mr 
Yasslr Arafat, the PLO chairman, and the interim Palestinian 
Authority, by releasing Hamas prisoners and hastening moves 
towards a full Pales tinian election. Mr Shimon Peres. Israel's 
foreign minister, joined the talks after morning meetings with 
both President Hosnl Mubarak, the Egyptian leader, and Mr Amr 
Moussa. Egypt's foreign minister, who called on both sides to 
avoid acts which would "plunge the region into a cycle of 
retaliations.” 

The joint Israel 1-Palestmian liaison committee was created out 
of the original discussions leading to this year's deal on limited 
Palestinian self-rule in the Gaza Strip and Jericho as the chief 
troubleshooting forum between the two sides. The Palestinians 
said they would resist pressure from Israel to take tougher 
action against Ham as in Gaza, a move which many fear might 
spark bitter intra-Palestinian conflict. “They can suggest what 
they want, but we respond the way we want," said Mr Zohdi 
al-Kudra, the Palestinian ambassador to Egypt. 



Thousands of Israeli demonstrators vent their anger at the weekend in Tel Aviv at the scene of the recent bus bombing which killed 
22 people. The protest was called by ri ghtwiu g groups which blamed the left for the continuing Palestinian terror attacks « 


Briton dies 
in Egypt 
terrorist 
attack 

By Mark Nicholson in Cairo 

A middle-aged British man 
was killed and three other 
Britons wounded yesterday 
when gunmen opened fire on 
their tour bus in the town of 
Naqada, about 25km north of 
the tourist centre of Luxor in 
Upper Egypt 

Witnesses said three men 
fired at the bus with auto- 
matic weapons before escap- 
ing. The shooting fits a pat- 
tern of attacks by Islamic 
militants, who have mounted 
2i raids on tourist boats, 
buses and other tourism tar- 
gets daring the past two years, 
seeking to wreck the industry 
and put pressure on the gov- 
ernment. 

Yesterday's killing is the 
third of a foreign visitor in 
eight weeks. In August Islamic 
militants killed a Spanish boy 
in an attack on a tourist bos 
in southern Egypt, wounding 
his father and the Egyptian 
torn* guide. Gunmen also shot 
dead two Egyptians and a Ger- 
man tourist and wounded 
another in a gun attack In the 
Red Sea resort of Hurghada in 
September. 

The recent rise in such inci- 
dents followed a loll in attacks 
by the Gamaa al Islamjyya, 
the militant group which 
claims responsibility for the 
campaign against tourist tar- 
gets, and came after claims by 
the government that they had 
smashed the Gamaa's main 
cells. 

The group has also attacked 
senior officials, policemen and 
secular intellectuals who 
oppose Us ideology. 

The attacks have come at 
the start of the main cruise 
and tour season for European 
and North American visitors 
to Egypt - a season for which 
the country’s hoteliers, cruise 
managers and the tens of thou- 
sands of others employed in 
Egypt's now ailing tourism 
sector had held high hopes for 
a recovery. 

Tourist arrivals had 
improved substantially in July 
and August on the same 
months in 1993. Figures for 
September are not yet avail- 
able. 


H is ham el-Ahsie usually 
plasters walls in Israel 
but yesterday he was 
in a pool hall in a refugee 
camp In the Gaza Strip. Like 
25.000 other Palestinians living 
in Gaza, he has been unable to 
work since Israel closed the 
borders of Gaza and the West 
Bank last Wednesday In retali- 
ation for a bus bombing by 
Islamic militants which left 21 
Israelis dead. 

The closure, which Israel has 
threatened to make indefinite 
to separate Arabs from Jews, 
will cripple Gaza's economy 
and undermine efforts by the 
Palestinian authority and 
international donors to demon- 
strate to Palest inians that 
there is an economic benefit 
from peace. 

The move also has serious 
implications for the fragile 
political stability of Mr Yassir 
Arafat's authority. The con- 
tinuing failure of the Palestin- 
ian authority to meet expecta- 
tions for economic benefits 
plays into the hands of the 
Islamic opposition. 

“Nobody can predict what 
will happen. It is a very fragile 
time in terms of stability," said 
Mr Nabil Abu Irdaina. an 
senior adviser to Mr Arafat. 
"Without economic advance- 
ment, without jobs, without 
investments the situation is 
very dangerous because the 
peace process means nothing 
to the ordinary Palestinian - no 
results." 

Migrant labour re mains the 
backbone of the Gaza economy 
and PLO officials have con- 
demned the closure as an “eco- 
nomic war” on Palest inians . 
The Palestinians from Gaza 
who normally work in Israel 
sustain extended families who. 
even in good times, live close 


to the poverty line. Their 
income supports hundreds of 
small shops and businesses. In 
an economy where unemploy- 
ment can be as high as 50 per 
cent and annual per capita 
income is around $800. the loss 
of this vital source of earnings 
is devastating. 

According to Mr Alex Pol- 
lock, a United Nations econo- 
mist, the immediate effect on 
small businesses is a break 
down in the credit system and 
the economy moves to a cash- 
only basis. Businesses have to 
lay off local workers, exacer- 
bating unemployment 

Furthermore the closure 
makes its difficult for Gaza to 
export to Israel and reduces 
the tax, value added tax and 
customs revenue base of the 
Palestinian treasury. Mr Nabil 
Shaath. Palestinian “minister” 
for planning and international 


cooperation, said the closure 
also sends negative signals to 
investors and tourists. 

“The closure creates an 
extreme form of anxiety among 
investors and gives the feeling 
that anything can happen," Mr 
Shaath, said. “It destroys trust 
and confidence and deals a 
heavy blow to our prosperity, 
stability, credibility and viabil- 
ity." 

Palestinians have developed 
survival mec hanis ms during 

previous Israeli closures rang- 
ing from borrowing money 
from extended family members 
to selling electronic goods and 
gold saved for dowry pay- 
ments. But successive closures 
have eroded the coping mecha- 
nisms. 

The crisis could have been 
less acute if the PLO and inter- 
national donors had got the 
emergency economic pro- 


gramme off the ground. The 
World Bank has released less 
than 10 per cent of $720m emer- 
gency funding promised for 
199-4. The Bank blames the 
PLO for lack of transparency, 
accountability and division of 
responsibility among compet- 
ing economic mini sters. The 
PLO blames the Bank for 
excessive bureaucracy and 
what it calls “donor fatigue, 
myopia and arterial sclerosis”. 
The only real job creating pro- 
grammes have been S52m of 
projects in education and 
health carried oat by the 
United Nations Relief and 
Works Agency and a Gaza 
clean-up campaign funded by 
Japan and the European Union 
which created 3.000 jobs. 

Donors and PLO officials 
hope Israel will start to ease 
the closure soon. But this time 
it might be different. Mr Yit- 


zhak Rabin, Israeli prime min- 
ister, has spoken of a possible 
formal and permanent separa- 
tion of Arabs and Jews - a 
negation of the Israeli-Palestin- 
ian peace agreements which 
foresees increasing economic 
integration and the continuing 
presence of Jewish settlers in 
Palestinian areas. 

The Israeli cabinet yesterday 
formally agreed 19,000 new per- 
mits for foreign workers to 
replace Palestinian migrant 
workers. The new permits 
bring Israel's foreign work 
force, mainly from Eastern 
Europe and Asia, to 53,000 and 
consolidate Israeli moves to 
lessen its dependence on the 
Palestinian workforce. 

Every time Israel lifts a clo- 
sure it whittles down the Pal- 
estinian work force. In 1987 
80,000 Palestinians from Gaza 
were working in Israel. At the 


time of the Gulf War the figure 
was down to 56,000. Since 1993 
Israel has unofficially set the 
Gaza migrant work force at 
20,000-25,000. 

Israel's policy of labour sub- 
stitution will have severe eco- 
nomic effects. International 
and local economists agree 
that economic growth in Gaza 
will depend, at least for five 
years, on continued migrant 
labour to Israel. Permanent 
closure of borders would cause 
a massive economic slump and 
force Gazan integration into 
the much poorer Egyptian 
economy. 

Mr Shaath said if Israel 
really wants separation it 
should remove Israeli settle- 
ments, define borders and 
allow Palestinians to have 
their own state in the Gaza 
Strip and West Bank. “Separa- 
tion means independence but 


what we have at the moment is 
separation with occupation 
which doesn't make any ratio- 
nal sense,” he said. “Either we 
must choose separation or mar- 
riage which means continuing 
the peace process and eco- 
nomic integration. The closure 
is like marriage but with wife 
beating.” 

Israel has consistently said it 
wishes Palestinian self-rule to 
be an economic success. The 
Jewish state knows the dan- 
gers of growing poverty and 
extremism on Its borders. 
Israeli ministers are fond of 
saying “The only good neigh- 
bours are prosperous neigh- 
bours”. But a prolonged clo- 
sure increases economic 
desperation, defeats donor 
efforts and erodes the fragile 
credibility and legitimacy of 
Mr Arafat in the eyes of his 
own people. 


US warship diverts 


uphold Iraqi oil sanctions 


A US warship has intercepted a ship 
suspected of carrying Iraqi fuel in a 
breach of United Nations sanctions 
and diverted the vessel to Kuwait 
under escort for further investiga- 
tion, Reuter reports from Kuwait 
“We boarded it and diverted it 
It’s loaded with diesel fuel that we 
believe to be from Iraq," a US Davy 
spokesman said. "We have substan- 
tial evidence that she went to 


Iraq. . . The ship has been turned 
over to Kuwait” 

The guided missile cruiser Leyte 
Gulf, part of a ship monitoring oper- 
ation carried out in the past four 
years, stopped the Honduran- 
flagged tanker Al Hahrousa in 
international waters in the northern 
Gulf on Saturday, the spokesman 
said. Navy and coastguard person- 
nel boarded the Russian-bnilt 


tanker to 

tanker to check whether it was vio- 
lating the UN oil embargo imposed 
on Iraq over its 1990 invasion of 
Kuwait he added. 

One shipping source said the ves- 
sel, which displaces about 7,300 
tonnes when fully loaded, was car- 
rying about 3,000 tonnes of dieseL It 
had an Egyptian and Pakistani 
crew. 

The Kuwaiti government was 


expected to work with the UN sanc- 
tions committee to decide what to 
do with the vessel. A Kuwaiti 
defence ministry spokesman said be 
understood the ship wonld be 
brought into a Kuwaiti port under 
escort later yesterday but declined 
further comment 
Another Kuwaiti official said 
Kuwaiti naval officers were Inspect- 
ing the ship and would escort the 


vessel into al-Shnaiba port 

According to the US navy, the cap- 
tain said the Al Mahrousa had been 
to Iran. But the ship had maps only 
for the Khawr Abdullah waterway 
leading Into Iraq. It had no docu- 
mentation, no bill of lading and no 
manifest. 

Kuwait radio said several of the 
crew indicated it had loaded diesel 
fuel in Iraq's port of Basra. 


The US vessel that intercepted the 
Al Mahrousa wns port of the UN 
Maritime Intercept Operation that 
monitors ships coming from or 
bound to Iraq In the Gulf. 

The boarding was the second m 10 
days and occurred tuuid heightened 
tension in the Golf region as a 
result of Iraq's troop deployment 
near the Kuwaiti border earlier this 
month. 


CONTRACTS & TENDERS 


GOVERNO 

DA BAHIA 

HXTAL DE CONCORR^NCIA WJTERNACIONAL N" 07©4 
REPGBUCA FEDERAnVA DO BRASS. 

GOVB3NO DO ESTADO DA BAHIA 

SECRETARY DE ENEFK3IA. TRANSPORTS E COMAUGACOES - SETC 
DEPARTAMENTO OE ESTRADAS DE ROQAGEM DA BAHIA ■ DER8A 
! ROOCFVIArJOS DC 


PROGRAMA DE CORREDORES I 


! DO ESTADO DA BAHIA 


aviso de ucmcAo 

O DEPARTAMENTO DE ESTRADAS DE ROQAGEM DA BAHIA, tfrauta da Comtosto F a il — ra ta da LfcifcJij&B, 
dnvid a nwnta.auiortzada polo Oi ntar Gerat, corfbime Portaifa N° 595S1, fez saber aos intereraados qua (art renter 
’CONCORREnoa NTERNACJONAL’ para ccrtrata&o da empreeas rape d afa adaa an Conawva^aa Peridttai O 
Restaurac3o para 07 (saw) Lotas dsttntas de rocfcwtas componontes do PROGRAMA GORREDORES ROOOVlAFfiOS 
DO ESTADO DA BAhflA; Lola I - BA-512, (recta BA-093 - S3o Srtxistao - BR-110. com SBJS ton da mderedo, BA. S/C, 
trecho BR-420 - Befen BR-tOI. com 10.0 km da extensao, Late R - BA-120, Irocho 0AO52 Ipecsett. com. 16.0 km do 
aasnsSo. Late ni - BA-333, trecho 8M16 - Bmtinga - Nova Soure, cam 80 km de ratansBoL BA-504, trecho Alagoinhas - 
Arac&s, com 23J5 km do extensao. Late IV - BAHD46 - trecho BR-101 - Amamoaa - BR-116 (Mtagres), com 82,0 ten de 
extensao. BA-120, trecho Efisio Medrado - Santa TerazJnha, com 3«JJ km da extensao. Lota V - B/V400, trecho BR-101 - 
Condo (BA-099), com 43,0 km de eaansAo, Late VI - BA-505, trecho Enfc Nddeo JK tenapa .com 42 J5 ton da ndensao, 
e Lota VH - BA-001, trecho Bom Oes pa cho - Narart, com 61,0 ton do extensao. O rece Umen to das propastas danw-d As 
16.-00 h do da 16 do da z embro de 1994. na sala de reurfOra da Dtoterta Gem do DBTQA, no 2" andar de sua soda, 
s itu ate no Centra Admlnlstcativo da Bahia - CAB, municipio Salvador - BA. Os setvifos objeto deste EdtaL serto 
poiciaJnmo flrmdados com recuses do Banco Mraamericano de DeeonKjMmento - BD para o PROGRAMA DE 
GORREDORES ROOOVlARJOS DO ESTADO DA BAHIA. Podsrto potldpar desta BritacSo emprasas brasReiras ou 
Mtrangekaa que sejant ortgin&rias doe patera membros do Banco ta te ramertcano de DasortvoMmarno - BID. Os 
interessatfos poderto otter o Et&aL apde a eteUv aeflo do recoHmenlo da quanta da R$ 200,00 (duzentos reals) e 
sofleftar esetaredmentoe Junto a Comtetaa de Udtacdo. na soda do DER8A, nos <Sas Oris a no hortrio das 13 As IB 
horns, aprecentandoprovadg sua habatecaoleg^ para representar a arnpresaooncoriaT ta 


Paulo Porta Made) 
Presfcfemta da Comtssao 


DEMAiS MEMSROS: 

Gd Ruy Lemos Coulo 
Gutowrme Jos6 Barenguar 
Roberto Barreto Pbwb 


OERWTAMENTD OE ESTRAGAS OE ROQAGSM QA BAHIA - OERBA. 

COMSSAO PERMANENTS OE UOTApiO. 

CENTRO ADMMSTOATIVO DA fMHM - SALVADOR - BM-M - BRASH. 
CEP: 41.746400 - FAX (071) 370-2256 


(Icru 


SECRETARY DE ENSRGtA, TRANSPORTS E COMUNICAgOES 


GOVERNO 
DA BAHIA 

EDITAL 0E CONCORRENCIA NTERNACIONAL N° 06/84 
REPUSUCA FEDERATIVA OO BRASH. 

GOVERNO DO ESTADO DA BAHM 

SECRETARIA DE ENERG1A, TRANSPORTES E COMUNtCApOES - JSiTC 
DERARTAMENTO DE ESTRADAS DE ROQAGEM DA BAHA - DER8A 
PROGRAMA GORREDORES ROOOVWaOS DO ESTADO DA BAHIA 

AinSODEUCfTACAO 

O OEPAHTAMBNTO DE ESTRADAS DE ROOAGEM DA BAHIA, atravta da Cantatao Permanents de Udtatfra, 
deyjdamerra.autortza da pet o Diretar Gerat conforms Portarta N° 595/91, taz saber aos incsrassados que tart realzar 
“CONCORRENCIA INTERNAQONAL* para contratacfio de ain u e sa s espadafeadas am Ma tt wrame nt os e Pavtmenta- 
c3o da rodovias am 04 (quatro) Lotas dbtetos da nxftntas componentes do PROGRAMA CORREDOflES RODO- 
VlARtOS DO ESTADO DA BAHIA: LOTE I - BA-142, trecho Andaral - MucugS com 42.06 ton da axtensfio, Low U - 
BA-142, trecto Mjcugd ■ km 42.00 com, 42,00 km da exmsao, Late IB - BA-142 - trecho km 42,00 - Barra da Estiva, oom 
44.68 ton de extensao a Lota IV - BR-122 - trecho Catamount - Sogredo com 44.00 ten de extensao. O recebimento das 
propostas dareert As 15.U0 h do da 19 de dazerrtjra da 1994, na srta de mattes da Dimoila Gem do DERBA, no 2» 
a ndar da su a eedg atu ada no Centro Admlrt sfralr vo da Bahia - CAB, munidpio Salvador - BA. Oe serviqos ototeto desta 
Ecual. serto pardaimenta S na ndados oom recuisos do Banco k i teiamencano de DesenvaMmante - Ob para a 
PROGRAMA GORREDORES ROOOVlAWOS DO ESTADO DA BAHA. Poderto p arte fr a r desta Rdtagfio emprasas 
hrasSeiras ou ra&angeiras qua oejam orfginsrias dos paisas mat rtxus do Banoo Irtaramei te no de DraerwoMmento - 
BID. Os imanassados poderto otter o ErfltaL apds a etettvacAo do racolhimenla da quanta da R$ 200,00 (duzenlos i ' 
a sot o ter esctereqm entos Jiho a Comissto do Utita£k>. na seda do DETffiA nos dtos Cteets a no hortrio i 
mas, apresarundo praua da sua habHtacSo togal para representar a ampiesa conconarda 


i das 13 As 1 


Patio Porto Matisl 
PrasidanCe da ComissAo 


DEMAIS MautBROS: 
G9 Ruy Lomos Coulo 
GuBietme Josdr 
Roberto Barreto I 


OEntRTNMENTO DE ESTRADAS OE HOQABEM DA BAHIA - CEHBA. 

COMSSAO PEftMANENTE 06 UCrTAtpAO. 

CENTRO AOMMSTFIATIVD DA BAHM - SALVADOR - BAHA - BRASIL 
CEP - 41 740-900 - FAX: (071) 370-2256 


At 


Ch> 

SECRETARIA DE ENERGIA. TRANSPORTES E COMUNICAgOES 


Afl AdMitaament beoMngei 


rd subject to our current Tonne end OondMons, copies of which ere eveflable by wiftlitg km 


TheAdvarUsemew ProteieHen DtracterThe Rnsnelal Times. On Southwark Brids*. London SI 9HL 
TaI:+44 71 8733223 Rtxrt44 71 873 3884 


HELLENIC REPUBLIC 

MINISTRY OF TOURISM 

INVITATION TO SHOW INTEREST IN THE 
GREEK MARINAS DEVELOPMENT PROGRAMME 
WHICH PROVIDES THE FOLLOWING: 

a Closing "contracts granting public works concessions" according to 
which: part of the whole of the contractors cost for the execution of 
the contract consists in the exploitation of the marina by the 
contractor for a determinate time period in conjunction with rent 
payment. 

b. Announcements for the international call of bids, will be according to 
the EU-Directiva 71/304, 71/305, 78/669, 89/440, 89/665. 

c. Pilot programme for the above is the announcement for CORFU- 
GOUVIA MARINA, already sent to the EU-Official Publications 
Department. Competition Date: November 23, 1994. 

d. The above Greek Marinas Development Programme, will be 
extended to the East Aegean Islands: 

Samos 

Chios 

Kos 

Crete (Ag. Nikolaos). 

e. Generally, according to the existing, and recently activated Law, the 
possession of the seaside area by the contractor is necessary. 

Investors wishing to take part in the competition may obtain the 
necessary details as of the date of publication of the present notice in 
the Press, from the following address: 

NATIONAL TOURIST ORGANISATION OF GREECE 
4 Conduit Street, London W1 R ODJ 
Tel: 071 734 5997 Fax: 071 287 1369 


LEGAL NOTICES 


Ifa-MCTUrf.Sy 

CLD«KUgai£QUMLllEJllSIlCE 

OlflHCEm.PiyiMQM 

IN TUB MATTER OP 
REALLY USEFUL HOLDINGS LUfTTEO 
AND 

IK THE MATTES OF 
THE COMPANIES ACT IMS ' 

NOTICE IS HEREBY GIVEN Urn * peiHcn 
wu on 11 October 1994 premier! 10 Her 
jestyb High Cbut or Janice lor Ifaa rnbenoa 
of I be Skirt CbpIuI at I be ibev, aimed 
Comjwny from £|£0OOJXM B>£ 1,000000. 

AND NOTICE IS FURTHER GIVEN tbal Ibe 
mU Mlftoo it Omari m bo hard before Mr 
' Bcgemar BacUey el Ibe Rbytl Curua of Janice. 
Stood, London. WC3A ZLL on Wedrea d ty the 
2nd doj, of Nnreniber 19M. 

- creditor or oharofioidar or Ibe Coapany 
ring ui oppose iho Baking of an ft *r for flje 
caonrauiloa of I be »Jd rediciiaa of aplul 
ibaald appear it Ibe Itioc of beating In pasoo or 
bf rand fur Iho papare. 

A copy of tbe aid Petinoo will bo tbr -i-fc-i no 
fuefa pereoa reqoirlag Ibe uns by ike 
■odemeoliooed reticim 
ng ulo ttd charge for tbe oam 


ns, 




DATED dik 2 In day of October 1994 
Nabano Nntfaantoo 

SDSnxnoa Snect 


Td 071493 9933 
Ref lA/arnmim 

SoHckon bribe FetModag Gumpony 


BIBE HmCQPBI-QEiUSDCE 
CHANCERY MYK1QM 

IN THE MATTER OP 

STANDARD PLATFORMS HOLDINGS PIC 
AND 

IN THE MATTER OF 
THE COMPANIES ACT 1985 

NOTICE IS HEREBY GIVEN dal OmJMfei of 
die Htab Cowl of Jnauce (pamcoy Dmatos) 
ted 12 Oelobet 1994 esoikmios.lSe redretton 
of da canal of Hie abowe aaowTumpon non 
£at®.lSw E30/rflff Ejpl Ibe Minute «W»ored 

S UM Own ibawiqa wob rerped to thccabU 
ihrCbnoK* « fliered the «e»te pmetea 
required by lie above neoiioaed Act were 
■ =3Cm — ‘ *“ da RqgMrei of Cowpjci cv aa IS 


DATED tbd 18dv of October 1994 

Ndarm NadaBsoa 
JO Snadoo Sired 
London 
WIX SFL 

Ref 6/VAOOS2304/Z 


PERSONAL 


PUBLIC 

SPEAKING 

Training and speech writing by 
award winning speaker. 
First lesson free. 

Tel: (0727)861133 



Pnbbhed hi Tokyo, Now York. 
ftaoMtet, Rou&six and Laodtao, B 
will be reed by inter 
bualaMimaa and (NMWHt 
orfldolu la ISO countries 
worldwide. It will alao bo of 
particular lute rent to the 
339,000 senior hudtooMmmit ki 
ttie UK wbo road Qw weekday 
FT*. If yoo wMi to readb tMa 
Important aodlaaco with your 
services, oxpertlM or pmtfDCti 
wUat l us tete k dn e a blgh prana 
la camMctlon wWt Bristct, cate 

C8ve Radford 

Tot OU7 9332SBS er Fbx: OUT 0229874 
•Sowea: BBS 3983 

FT Surveys 


Kyrgyzstan vote 
clears way for 
December poll 


By John ThomhU 
recently ki Bishkek 

President Askar Akayev of 
Kyrgyzstan was on course for a 
convincing victory in this 
weekend's controversial refer- 
endum amending the constitu- 
tion and clearing the way for 
parliamentary, elections In 
December. 

Kyrgyzstan’s electoral com- 
mission said preliminary 
results suggested that more 
than 70 per cent of those who 
had voted had approved the 
amendments. 

The final count, which was 
expected yesterday, was 
delayed after sudden snow- 
storms hampered the horse - 
riders delivering votes in the 
more remote regions oF the 
mountainous Central Asian 
state. 

Before Saturday’s vote, Mr 
Akayev said he hoped the ref- 
erendum would lead to a more 
pro-reform parliament and 
stressed his commitment to the 
development of democracy in 
the country. 

The previous parliament, 
which was elected in 1990 
before the collapse of the for- 
mer Soviet Union, had 
frequently clashed with the 
president 

Opposition politicians 
fiercely criticised Mr Akayev's 
arbitrary dissolution of parlia- 
ment and the banning of some 
outspoken newspapers. 

The Res Publics newspaper, 
the voice or Kyrgyz intelligent 
tsia which resumed publication 
before the vote, strongly con- 
demned the referendum 
although voters in the streets 
of the capital, Bishkek, last 
week appeared largely indiffer- 
ent to its outcome. 

Following the referendum’s 
approval, 35 parliamentary 
deputies will be elected to a 
lower house, responsible for 
drafting new laws. 

The upper house of 75 depu- 
ties will meet twice a year to 
scrutinise proposed legislation 

Western diplomats in 
Bishkek fear Mr Akayev’s 
action might signal a lurch 
towards a more authoritarian 
style of politics, common in 
the region. 

They have urged the preaj. 
dent to Observe constitutional 
means for resolving disputes 
and wiU now press tor 
international observers to 


scrutinise the forthcoming 
parliamentary elections. 

Since 1991, Kyrgyzstan has 
established a reputation as one 
of the most progressive states 
to emerge from the former 
Soviet Union. 

Wedged between Kazakhstan 
and China and boasting few 
natural resources, Kyrgyzstan 
moved quickly to create a mar- 
ket democracy which would 
attract foreign investment and 
harboured ambitions of becom- 
ing the “Switzerland of Central 
Asia". 


KAZAKHSTAN ■ .. 

•T Bishkek 
' KYRGYZSTAN 

r china. : 

*7 ■ ■ . 

TAJIKISTAN • V; 



The monthly inflation rate 
has been brought down to 0.7 
per cent although Kyrgyzstan’s 
privatisation plans have been 
slow to materialise. 

So far. the international 
financial institutions have 
warmly endorsed Mr Akayev's 
reforms and have committed 
more money per head to Kyr- 
gyzstan than to any other post- 
Soviet state. 

A mission from the Overseas 
Private Investment Corpora- 
tion (Oplc), the US govern- 
ment's investment agency, 
which was in Bishkek on 
ertday continued to express 
backing for Mr Akayev's 
reforms 

Mrs Ruth Horkin, president 
of Opic. signed a deal commit- 
tn’g more tlian 5250m (£i55m) 
or us government support 

to am American-Kyrgyz 
joint venture to extract and 
process gold from the Jerooy 





you can rely on us 

• ''Go ahead . This is ihe opening line of AX As international advertising campaign. 

A pretty strong message lor a little known companv to give the world. Few companies in our field of 
insurance and investment would dare print such a statement. So how can we, AXA, do it ? 

• We are the 4th largest insurance group in the world, based on funds under management 
(over $220 billion) and 12th by premium income. We are 50 000 strong with offices in 16 countries, 
across 3 continents. 


• How did we reach such a position ; 

We followed a simple idea. In a compehtive economy, it takes better service to get and keep clients. The 
nice we provide is the service we promised. No hiding behind the small print. You get what you 
tod. I his service is innovative and thorough, constant i\ being reshaped to lit an ever changing world. 


se 




nciit is 


men and women. 


• True, it took more than just better service and better people to grow like that. 

It took a well balanced strategy combining manv elements. Consistent profitability, 
opportunities. And international expertise gained through different kinds of 


reaction to 
with long 


established, well respected local companies. 

• AXA has just such partnerships with The Equitable in the USA and with AXA Equity & Law in the 
UK. We benefit from their experience and their image, they profit from ours. Cross fertilization is making all 
of us truly global players. 

• It is the sum of all this experience that allows us to say today, not only to our clients but to 
whomever we deal with i Go ahead. \ou can lely on us . 



6 


FINANCIAL TIMES MON DA V OCTOBER M 1994 


NEWS: INTERNATIONAL 


Asian tiger cub heading for a tumble 

tx • . • « . i x «■ « • w • i « « ■ • . I 


Despite rapid growth, Malaysia's economic problems are brewing up, writes Kieran Cooke 


I t is tantamount to heresy 
to question the perfor- 
mance of Malaysia's econ- 
omy. In the lexicon of eco- 
nomic analysis, Malaysia is 
one of Asia's emerging tigers. 
GDP is likely to grow by about 
8.5 per cent this year and simi- 
lar growth is forecast for 1995. 

Dr Mahathir Mohamad, Mal- 
aysia’s prime minister, is con- 
vinced that his country is on 
course to achieve its long term 
goal of full industrialisation by 
hie year 2020, which requires 
more than 7 per cent growth in 
each of the next 25 years. "We 
are not an ambitious upstart, 
we are in fact very modest," 
says Dr Mahathir. 

But is it all too good to be 
true" Amid all the euphoria, 
sceptics say. a number of prob- 
lems are being brushed aside. 

In its seventh year of plus 8 
per cent growth the Malaysian 
economy is showing clear signs 
of overheating. Imports are 
growing faster than exports 
and consumer spending has 
risen sharply. The excess 
liquidity is causing inflation- 


ary pressures and wage rises 
are outstripping increases in 
productivity. 

When Mr Anwar Ibrahim, 
the deputy prime minister and 
finance minister, delivers the 
budget this week, his overall 
message will be upbeat 

The good news for Malaysia 
is that the Cast pace of export 
growth is being sustained. In 
the first seven months of 1994 
total export revenues were 
MS83.7bn ($32bn) - a 22 per 
cent rise on the same period 
last year. The bad news is that 
imports grew even Caster, up 30 
per cent to M$84-3bn. 

Malaysia's M$3.4bn external 
trade surplus from January to 
July last year turned into a 
M5606m deficit this year. Mal- 
aysia also faces an increase in 
its perennial deficit in services 
trade, such as shipping and 
insurance. There are forecasts 
that the deficit on the current 
account could widen to more 
than MS7bn this year, com- 
pared with a deficit of M$5.4bn 
last year. 

Much of the increase in 


imports is due to the purchase 
of equipment associated with a 
multi-billion dollar programme 
to develop infrastructure and 
relieve bottlenecks caused by 
years of strong economic 
growth. Military and commer- 
cial aircraft imports have also 
been heavy. 

Imports of consumer goods 
have risen by more than 20 per 
cent in the last quarter. 
Growth in consumption credit 
is well ahead of overall loan 
growth. 

Official statistics show that 
despite strong economic 
growth, inflation has been kept 
in check at well below the 4 
per cent mark. But many ana- 
lysts say the figures are under- 
stated: prices for foodstuffs are 
rising faster than government 
statistics suggest 

The improvement on the for- 
eign investment front cannot 
be disputed. In the first eight 
months of this year Malaysia 
approved more than M$7.6bn of 
foreign investment projects in 
the manufacturing sector - 
compared to M$6bn for the 


whole of 1993. 

Some investors have become 
wary of China’s economic pros- 
pects and are switching back 
to what they feel are the safer 
economies of south-east Asia. 
There has also been a sudden 
spurt in regional investment 
by Japanese companies keen to 
escape the burden of the high 
yen. The downside for Malay- 
sia is that it imports far more 
from Japan than from any- 
where else: already the price of 
the Proton, the Malaysian car. 
made in cooperation with Mit- 
subishi of Japan, has had to be 
increased due to the surge in 
the yen's value. 

In the medium to long term 
there are concerns about Mal- 
aysia's ability to remain com- 
petitive with other fast emerg- 
ing regional economies like 
Indonesia and Vietnam. Seri- 
ous s kills shortages constrain 
Malaysia's ascent up the tech- 
nological ladder. A large part 
of Malaysia’s manufacturing 
sector is still based on labour 
intensive enterprises. 

Labour shortages have devel- 


CONTRACTS & TENDERS 


RADIO IN THE LOCAL LOOP (RLL) PROJECT IN HUNGARY 
Prequalification Notice to Prospective Suppliers 

The Hungarian Telecommunications Co. Ltd. (HTC) is lo extend the use of RLL systems nationwide in the Hungarian 
telecommunications network. One or more suppliers will be awarded from among qualified bidders invited by HTC to 
participate in a tender planned to be issued in the near future. 

The project, planned to be implemented in 1995 through 1997, wifi have the following main characteristics: 

Magnitude: 


Overall number of subscribers served with RLL systems 
throughout the country (irrespective of the number of 
awarded suppliers) 

approximately 200,000 

Field of application: 

Typical coverage areas 

Subscriber density 

towns, suburbs, rural areas 
a maximum of 150 subscribers per square km 

Traffic and service characteristics per subscriber: 

Grade of service 

Traffic per subscriber 

Average holding time per call 

Number of calls during the busy hour 

99% ( 1% blocking rate) 

66 mErl 

120 s 

2 

Frequency band: 

Downlink 

Uplink 

935 .... 9415 MHz 

890 ... 897.5 MHz 

System requirements: 

DTMF and pulse dialling into the PSTN 

12 kHz metering pulse 

Connection to MDF or DDF 

Services: - telephone 

-data 

- fax 

Special dialling tones for supplementary services 

Test possibility of the Subscriber Remote Unit (SRT) from the O & M Centre 

Configuration of special parameters of the SRT (eg power) from a central terminal 

Traffic measurement - per subscriber 

- per base station 

Original equipment manufacturers who wish to be considered for prequalification for the above explained tender are invited 
to submit a capability statement, addressing the questions below, in case of 

- a main contractor with sub-contractors, or 

- a consortium 

all companies (including sub-contractors or consortium members) shall submit the applicable statements and evidences 
according to their planned responsibilities in the frame of the project targeted. 

Applicants shall acknowledge that in case of successful qualification they are supposed to participate in the tender with the 
same sub-contractors or consortium members qualified by HTC for the relevant project. Although at the lime of tendering 
bidders will be allowed to make minor changes concerning their actual partners and their responsibilities, HTC shall have 
the right lo refuse any sub-supplier, sub-contractor or consortium member not approved in the course of the prequalification. 

Documentary Evidences 

Minimum Criteria 

Company profile including type and size of the company, 
and consolidated financial statement (balance sheets 
and statements of income) for the last 3 years 

minimum annual turnover. 

- in case of a single supplier, main contractor or consortium leader; 
an equivalent of 50 million USD 

- in case of equipment sub-suppliers or consortium members: 
an equivalent of 15 million USD 

- in case of sub- con tractors (for installation, etc): 
an equivalent of 3 million USD 

Details of at least 3 similar RLL projects completed 
or currently being implemented 

- each project shall be described, and reference letters signed by the 
customers shall be attached (with a certified English translation, if 
necessary) 

- each project value shall be at least 5 million USD 

- the value of the bidder's own RLL equipment shall represent at 
least 2 million USD for each project (in case of other companies 
participating under the bidder's control) 

- all companies involved shall submit a statement that they are 
capable of arranging a visit by HTC to any site of the documented 
reference projects 

List of telecommunications authorities which have 
already approved the offered RLL system 

approval certificates from at least 2 (two) authorities for each 
equipment category shall be submitted, with certified English 
translation, if necessary 

List of other vendors, if any, whose devices the bidder (as 
a main contractor or the leading party of a consortium) 
intends to integrate with his own equipment 

- authorisation by the vendors, 

- attachment of the vendors’ capability statement in response to all 
the applicable requirements stipulated in this table 

- a realistic allocation of responsibilities among the partners 

Description of the project management methods and tools. 

demonstrated ability to efficiently and reasonably manage, monitor 
and administer all activities, including the control of sub-contractors 
or consortium members 

Technical brochures 

- compliance with the relevant European standards and 
recommendations 

Type approval in Hungary 

- approval by the Hungarian Telecommunications Inspectorate, 
or willingness to obtain the same in case of contract award. 

Development history and planned future developments 
of the RLL system. 

a well thought out development strategy, targeting totally own 
manufacture of all equipment In the near future. 


Only those companies and/or groups of companies will be qualified to participate in the coming tender who have met the 
above minimum criteria. 

Prequalification materials shall be received, before 4.00 pm ou 22nd November, 1994, at the following address: 

Inteltrade Co. LttL, 

Ms Marta Gabriella T6th 
Sales Executive 
Budapest 
Medve u. 25-29 

1027 Hungary Tel: +361-201-0054, -0328 Fax: +361-201-0017, -0008 

Prequalification materials shall be submitted in 5 (five) copies in Englisb. in case of reference letters or other attachments 


oped in virtually every area of 
the economy exerting upward 
pressure on wages, A recent 
survey found that nationwide 
wages rose 7.3 per cent in the 
first six months of 1994 while 
productivity increased by only 
2 per cent. 

Over the last 20 years the 
Malaysian economy has been 
transformed. Manufactured 
goods have replaced primary 
commodities as the main 
engine of economic growth. 
But Malaysia still has a narrow 
industrial base. Electronics 
and electrical appliances 
account for about 60 per cent 
of manufacturing exports. 
About two thirds of manufac- 
tured exports have import 
ratios of 60 to 80 per cent. 

At this stage in their eco- 
nomic development South 
Korea and Taiwan were devel- 
oping their own electronics 
and heavy industrial compa- 
nies. This is not happening in 
Malaysia where multinationals 
dominate almost every sector 
of the electronics industry. 

Professor Jomo Kwame Sun- 


Malaysia 

External trade balance (MS bn) 

4.0 - - — - 

Jan-Jul 



- 1.0 


1992 93 


93 


94 


Sotno: Bank Negan. Dafnmnt d< Saucca 

daram of the University of 
Malaya says that far more 
needs to be done to nurture the 
sources of industrial dyna- 
mism in Malaysia. "Unlike 
Japan, South Korea, Taiwan 
and even Hong Kong, Malay- 
sian industrialisation has been 
heavily dependent on foreign 
capital and technology.'' says 
Professor Jomo. 

Malaysia is proud of its eco- 
nomic achievements of recent 
years. But hubris could lead to 
unpleasant surprises ahead. 


Rolls-Royce 
hopes for Asian 
breakthrough 


By Paul Betts, 

Aerospace Correspondent 

Rolls-Royce, the UK 
aeroengine manufacturer, has 
emerged in pole position to 
supply its new large Trent 
engines for the latest stage in 
the multi-bit lion dollar fleet 
expansion and renewal pro- 
gramme of Singapore Airlines 
(SIA). 

The potential engine order 
worth S200m or more would 
represent a breakthrough for 
the UK company in the fast 
growing Asia-Pacific aviation 
market by penetrating one of 
the world : s most profitable and 
prestigious airlines which has 
traditionally opted for US 
engines. 

Dr Cheong Choong Kong, 
SIa’s managing director, said 
the airline was planning to 
bring forward its decision to 
acquire between 10 and 20 new 
widebody twin engine aircraft 
both for expansion and replace- 
ment of older aircraft. 

SL4 is expected to decide 
early next year whether to opt 
for the European A330 twin 
engine widebody or its rival, 
the Boeing 777. Rolls-Royce is 
offering its heavy thrust Trent 
engines for both aircraft 

Although SLA has tradition- 
ally chosen Pratt & Whitney 
engines for its large airliners. 
Dr Cheong suggested that SLA 
was interested in diversifying 
its large engine suppliers now 
that its fleet was growing. SLA 
currently operates a fleet of 65 
widebody aircraft and expects 
its fleet to grow to 111 aircraft 
by 2003. In June, it placed a 
record SlQ.3bn order for 52 Boe- 
ing and Airbus widebody air- 


liners including firm orders 
and options. The new order 
would complete SIA’s fleet 
renewal and expansion pro- 
gramme. 

SIA has already had talks 
with Cathay Pacific, the Hong 
Kong based airline which flies 
a fleet of Rolls-Royce powered 
aircraft, over possible co-opera- 
tion in engine maintenance. 
"The idea would be for SLA to 
service Cathay's CFM engines 
jointly built by General Elec- 
tric of the US and Snecma of 
France while Cathay would 
service SIA’s Trents If it were 
to go ahead with a Trent 
order," said another Asian air- 
line executive in Singapore. 

SIA has 17 Airbus A340 four 
engine aircraft on firm order, 
all powered by CFM engines 
similar to those equipping the 
A3 40s ordered by Cathay. In 
turn, Cathay has ordered Trent 
powered Boeing 777s and Air- 
bus A330S. The competition 
between the three leading 
engine manufacturers (GE. 
Pratt & Whitney and 
Rolls-Royce) to supply their 
new heavy thrust power plants 
has become intense because of 
the huge sums invested in 
developing these engines in the 
midst of the worst post-war 
recession in civil aviation. 

Senior Rolls-Royce execu- 
tives have recently stepped up 
their campaign with SIA 
including visits this month 
from Sir Ralph Robins, the 
Rolls-Royce chairman, and Mr 
John Rose, head of the UK 
company's aero-engine activi- 
ties. 

SIA half year profits, see sec- 
ond section 


ASIA NEWS DIGEST 

Mahathir hits 
out at Japan 

Dr Mahathir Mohamad, the Malaysian prime minister has 
attacked Japan for failing to offer sufficient help to its follow 
countries in east Asia. Dr Mahathir, on a visit to Japan, said 
Japan could make amends for its “post dark deeds by playing 
a pivotal role in the region. .. . . . . 

“IVe do not need apologies." said Dr Mahathir. What we 
need it vour co-operation and help to develop us. Dr Mahathir 
sold he was dissappointed that Japan still did not vrant to 
support the East Asia Economic Caucus (EAEO. the Malay- 
sian inspired idea for a regional trade fonini. Malaysia has 
been pushing for the establishment of the EAEC but has 
encountered opposition from the US which sees it as a poten- 
tial trade bloc. Japan is thought to be unwilling to support the 
EAEC for fear of upsetting its trade relationship with the US. 

Dr Mahathir has shown increasing frustration with Japan 
on a number of issues, including what he feels is a Japanese 
reluctance to transfer technology to Malaysia's fast expanding 
economy. During his visit to Japan Dr Mahathir called for 
action to tackle Japan's large trade surplus with Malaysia. He 
said the rise in the yen bad caused Malaysia considerable 
problems and Malavsia would not be seeking any more yen 
loans. Malaysia had tried to renegotiate its Japanese tains in 
the hope of reducing its debt burden. Kieran Cooke. Kuala 
Lumpur 

Seoul city officials charged 

South Korean State prosecutors yesterday questioned six 
senior Seoul city officials and charged five others with negli- 
gence In connection with the collapse of a main bridge in the 
capital which killed 32 people. Seoul Mayor Woo Myoung-Kyu 
ordered thorough inspections of all 17 bridges in the city to 
avoid a repetition of Friday's tragedy in which a central span 
of the Songsu bridge plunged into the Han River taking with it 
cars, vans and a fully loaded bus. 

More than 500 rescue specialists from the army and police 
searched the river for the third day for bodies. The former 
mayor, Mr Lee Won-jong, sacked hours after the bridge col- 
lapse, told parliamentary hearings on the safety of Seoul 
bridges last week there was no cause for concern. Friday's 
collapse was the latest in a series of construction disasters in 
South Korea which engineers blamed on shoddy work, poor 
quality control and inadequate maintenance - failings seen as 
common in the nation's fast industrialisation of the past three 
decades. Reuter, Seoul 

Cambodian minister to quit 

Prince Norodom Sirivudh. the Cambodian foreign minister, 
yesterday announced his intention to resign. His decision 
follows the sacking last week of his friend and ally, the 
finance minister. Mr Sam Rainsy. Prince Sirivudh • also a 
deputy prime minister - had previously stated that he would 
step down if Mr Rainsy was removed from office. 

Officially, Mr Rainsy departed in the Interest of unity 
between the fractious partners in Cambodia's coalition govern- 
ment. In reality, he had made too many enemies in his buttle 
against corruption, and had become too popular, too indepen- 
dent and too powerful. 

Late last night, the Prince had still not tendered his resigna- 
tion to the prime minister, Prince Norodom Ranariddh. But a 
senior Foreign ministry official said “his decision to resign 
from the government is non-negot'iable." Jonathan Miller. 
Cambodia 

Singapore quizzes US academic 

Hie US and Singapore are at loggerheads over the case of a 
Singapore-based American academic, only months after a bit- 
ter argument over Singapore caned an American teenager. Mr 
Christopher 1 ingle, a professor of European studies at the 
state-run National University of Singapore, has been ques- 
tioned by the police over an article in the International Herald 
Tribune in which Mr Lingle referred to “intolerant regimes" in 
east Asia. 

The Singapore authorities say Mr Lingle is being investi- 
gated for possible contempt of court and criminal defamation. 
The US state department has expressed its disappointment 
about “this apparent attempt by Singaporean authorities to 
intimidate Professor Lingle”. Kieran Cooke, Kuala Lumpur 

Indonesia gets $350m loans 

The Asian Development Bank has approved loans to Indonesia 
totalling more than $350m (£2i6m) to pay for a power project 
and construction of vocational schools. A 5272m loan would 
finance 1,800km (1.125 miles) of electricity transmission lines 
on Sumatra island, and S85m would be used to build 27 
vocational schools and repair 12. Mr Ennansyah Jamin, head 
of the government's negotiating team on private power plants, 
said the country was expected to sign agreements with several 
foreign and local companies by the end of this year for the 
construction of four major power plants. Reuter, Jakarta 


INTERNATIONAL PRESS REVIEW f 

--III. I JP*. w-pu 


Politician’s pet spills the beans 


JAPAN 


By Emiko Terazono 


Mainstream political 
journalism in Japan has come 
under fire over its close rela- 
tionship with politicians. The 
debate has been fanned by a 
recent article by Mr Shiro 
Tazaki. a political reporter 
with the Jiji Press news wire 
service, and based on off-the-re- 
cord conversations with Mr 
Ichiro Ozawa, the backroom 
strategist of Japanese politics. 

Japanese journalists have 
excellent access to the inside 
stories and political machina- 
tions behind the news. How- 
ever, very little of this finds its 
way into print due to reporters’ 
overriding interest in main- 
taining a favourable relation- 
ship with the news source. Mr 
Tazaki’s account, which 
appeared in last month's Bun- 
gei Shunju, a highly regarded 
cultural and business monthly, 
reveals an affiliation which 
went too far. 

Mr Taznki disclosed that on 
the eve of Mr Toshiki Kaifu’s 
appointment as prime minis- 
ter, Mr Ozawa asked him to 
“take his reporter's badge off" 
and help mastermind a ques- 
tion and answer manual for a 
press conference given by Mr 
KaiftL 

Mr TazakL nicknamed “Oza- 
wa's bodyguard" by colleagues 
until he was unexpectedly 
ousted from Mr Ozawa's clique 
two years ago, goes on to say 
that if the relationship had 
remained on favourable foot- 
ing, be would have spent the 
summer in Mr Ozawa's coun- 


try retreat playing golf during 
the day and discussing politics 
over dinner. 

For the ordinary reader, the 
expose has entertaining pas- 
sages containing Mr Ozawa's 
comments on bis fellow politi- 
cians revealed to Mr Tazaki in 
private. 

The piece illustrates Mr Oza- 
wa's Machiavellian qualities. It 
quotes Mr Ozawa denouncing 
Mr Kaifu. a former prime min- 
ister, as intellectually inferior 
to his predecessor Mr Sosuke 
Una Mr Noboru Takes hi ta, Mr 
Ozawa's former mentor of the 
Liberal Democratic Party and 
now arch rival, is referred to In 
less than flattering terms. 

Most mainstream Japanese 
journalists know Mr Tazaki is 
not alone in developing an inti- 
mate relationship with politi- 
cians. In an industry where a 
journalist's ability is judged on 
how far he or she can follow a 
politician into his living room 
or bedroom, Mr Tazaki was 
considered an ace reporter. 

Now fellow journalists have 
been angered by his revela- 
tions, and many question the 
ethics of breaking an off-the-re- 
cord agreement with a news 
source. The high-minded dai- 
lies have not even covered the 
issue. But their initial 
response, initiated by the Shu- 
kart Gendai, a weekly maga- 
zine read by. office workers, 
was to complain that politi- 
cians would not talk freely to 
the press as a result. 

Ethics were brushed aside by 
the down market Focus maga- 
zine, which offers readers a 
range of political, show busi- 
ness and sports gossip. It 


applauded the piece as “unveil- 
ing an influential politician's 
real thoughts". The pictorial 
weekly also poked fun at the 
panic among politicians caused 
by the article, quoting a MP 
who sympathised that “Mr 
Ozawa must feel like he's been 
bitten by his pet dog". 

Yet many Japanese journal- 
ists recognise such unhealthy 
proximity between reporters 
and their sources as a weak- 



Ozawa: rude remarks revealed 


ness preventing the press from 
taking on the role of critic 
They fear that the lack of ana- 
lytical skills among reporters 
could eventually lead to a com- 
plete loss of what remains of 
their credibility. 

In Diamond, a business 
weekly, Ms Yoshiko Sakurai. a 
column writer, approves of Mr 
Tazaki's attempt to reveal Mr 
Ozawa’s “real personality" to 
the public. However, she ques- 
tions why the public were not 
acquainted with politicians 


true characteristics in the firs! 
place. Was it because reporters 
tike Mr Tazaki had suppressed 
their role as journalists and 
resorted to work for politi- 
cians, she asked. 

In this month’s Bungei 
Shunju, Mr Yasuhiro Tase. a 
senior reporter at Nihon Kebun 
Shimbun, the leading business 
daily, and Mr Takashi Tachi- 
bana, a freelance journalist 
who uncovered politicians' 
links to the Lockheed bribery 
scandal in the 1970s, also ques- 
tioned the future of Japanese 
journalism. 

Mr Tachihana points out the 
involvement of journalists in 
politics is not only behind the 
scenes. Media executives are 
often on government advisory 
committees and lose their 
objectivity towards controver- 
sial issues, he says. 

The two reporters agree that 
breaking a rule is undesirable, 
but claim that reporters should 
not let the relationship with a 
news source overcome the 
need to report an important 
matter. “Whenever there is a 
conflict between a jour nali st 
and a politician, the Japanese 
media seems to side with poli- 
tiw, ’ says Mr Tase, an author 
of a controversial book on 
Japan's political journalism. 

They cite the need for more 
journalists who do not take the 
current system oF political 
reporting for granted. “If more 
reporters refuse to take their 
notes to their graves, the rela- 
tionship between politicians 
and journalists could become 
more mature," says Mr Tachi- 
hana. 


FINANCIAL TIMES MONDAY OCTOBER 24 1994 


7 


NEWS: UK 


Secret contributions were made by merchant bank linked to government of Kuwait 

Interest on loan went to Tory party 


By Robert Poston In London 

The Conservative party 
received ten of thousands of 
pounds in secret contributions 
from a merchant bank with 
dose links to the Kuwait gov- 
ernment 

According to documents 
obtained by the Financial 
Times, the bank, Robert Fraser 
and Partners, was financed to 
a substantial extent by a 
Panamanian corporation, 
Blackford Holdings Corpora- 
tion, which itself received 
about £!00m from the Kuwait 
government. 

Robert Fraser and Partners 
made the political payments by 
putting money on deposit with 
the Conservative party's bank 
and giving instructions that all 
interest should be transferred 
to the party. 

The disclosure of this com- 
plex mechanism for making 
payments to the Conservative 
party, involving finance from a 
foreign government, will add 
to pressure for reform of the 
way that in which UK political 
parties are financed. 

Ur David Blunkett, the for- 
mer Labour party chairman, 
said that to “avoid any 
inference of impropriety”, all 
parties should refuse overseas 
contributions and should 
itiwinw all donations in iww« 


The government Is to review its 
code of conduct for ministers in 
an initiative to counter the 
recent spate of allegations of 
financial impropriety, David 
Owen writes from Westminster. 
Mr David Hunt, minister for 
public service, said yesterday 
the government would Took at 
anything which is possible to prove to people” 
that the highest possible standards applied in 

British public Ufe. 

Mr Hunt acknowledged in an interview with 
the BBC that an outside body might be set up to 
inquire into the area of MPa’ outride interests, 
saying such a step was “always an option.” But 
he said it was “very difficult ... to argue in 



prectee terms about what sort of inquiry there 
should be when parliament has already decided 
to set up a Committee of Privileges investiga- 
tion.” He hoped that committee would “find a 
way of looking into tbe wider issues involved so 
that if there is a need for new guidelines, (hey 
wfll be drawn up." 

His comments came after Mr John Biffen, a 
fnr ni^r i^hiurt minister , argued 

that an inquiry conducted by people draw n 
from outride the House of Commons might he 
needed. Sr Norman Fowler, the former Conser- 
vative party chairman, said last week; that (he 
best way forward would be to set up an inde- 
pendent body to era mine tbe whole question of 
MBs’ outside interests modelled cm the Cadbury 
committee on c o rporate g o v e rnance. 


of £2,000. Robert Fraser and 
Partners, which had several 
leading Conservatives as 
directors and consultants, 
placed deposits of about 
£200,000 in a special account 
with the Conservative party's 
bankers »nri gave instructions 
that all interest should be 
transferred to the Conservative 
party. 

The arrangement was in 
place for approximately three 
years in the mid 1980s. At rates 
of interest prevailing at the 
time, the Conservative party 
would have received tens of 
thousands of pounds. 

The bank's annual reports 
show only «maTT contributions 
to the Conservatives; in 1986, a 


UK NEWS DIGEST 



Details of prince’s 
affair disclosed 

The relationship between Prince Charles and 
Mrs Camilla Parker Bowies, the wife of a brig- 
adier, was “the most intimate friendship of his 
life", says the book described by members of 
the prince's staff as his “authorised” biogra- 
phy. A second extract from Jonathan Dimbie- 
by's book The Prince of Wales, A Biography, to 
be published next month, appeared yesterday 
in The Sunday Times, part of Mr Rupert Mur- 
doch's media empire. The extract said the 
prince, now 45, bad three affairs with Mrs 
Parker Bowles, who is 47. It also said he initiated the separa- 
tion from his wife. Princess Diana (33), after he felt he was in 
effect being denied access .to his children. Prince William and 
Price Harry. 

Mr DimbJeby had access to many of the prince’s private 
papers in preparing the hook and says that the prince and Mrs 
Parker Bowles have remained close friends since they met 
more than 20 years ago. Yesterday’s extract from the book 
says the prince intends to create a new royal house called 
Mountbatten-Wtndsor when he is crowned. The present House 
of Windsor was created in 1917 by King George V. the prince's 
greatgrandfather. His great-unde and mentor, Lord Mountbat- 
ten, was killed by the IRA In 1979- 

Disruption at Heathrow 

Builders worked through last night to prevent an office build- 
ing at London’s Heathrow Airport from sliding into a hole. 
Tbe two-storey building was said to be Tn imminent danger of 
collapsing” after heavy rain. Flights were delayed as many 
passengers found themselves stranded in traffic Jams and the 
Terminal 3 car park was closed for safety checks. 

Earth began slipping into a railway tunnel on Friday daring 
construction work near the Terminal 3 car park on the £300m 
((474m) Heathrow Express Rail link from the airport to Lon- 
don Paddington. Heathrow police said today that the empty 
office building nearby was in danger of collapsing after engi- 
neers were unable to pump concrete under it fast enough to 
stop the land subsiding. The braiding Is at a very weird angle 
and will probably have to be demolished,” said an afficiaL 

Investigation of airport project 

A government inspector will open an inquiry tomorrow into 
an application by British Aerospace for permission to turn its 
testing facility at Ffltan near Bristol into a c om mer c ia l air- 
port. In tbe 1960s FUtan was the main UK testing ground for 
tbe Anglo-French Concorde supersonic airliner. 

The business co m m un ity in western Englan d regards the 
outcome of the inquiry, likely to end in mid-January, as one 
the most important issues for tbe region's economic totura 
The south-west is probably the only region m the UKieit 
without a decent regional airport; we need lane/’ srid^Chns 
Curtis, director of the south-west region of the Confederation 
of British Industry, the main employers' organisation. 

But there is widespread local apposition to the proposal. 
More than 4,000 houses have been btdlt within two mues 
Filton in the past 10 years. After heated pubHc meetings by 
residents and thousands of protest letters, the local council 
has decided to oppose Bab’s proposal. Another opponent is 
Bristol City Council. 

How to escape from receivers 

A survey published today shows that for every company 
which enters receivership nearly two others surimjethrar 
financial difficulties after the appointment of an i nvesti gate 
accountant The Society of Practitioners m tosolye^ysaid 
this meant that about 7,000 compass were to *■&***“ 
situation which seriously concern ed the ir banks during the 
vear to June 1994. Investigating accountants are paid by com- 
rtani« which call thpm in to look at the viability of the 
business. Often banks request a company in which they have 

cent ©Ceases in the survey investigating 
S^Twlutictti other than insolvency w^n to 
investigated the health of the business. **** gF 

mfltessdan is quite independent enough to take a 
Sofa troubled business’s prospects 

ting accountant appomtment is Mt toe tost step -to receiver- 
ship some have suggested it to be. he said. 

Master’s degree for directors 

a master's degree in company direction has been laimch e d by 

as 

from the |» ardro °“\ w institute two yeare ago showed 
Research sponsmedl^tte 

titet J a part-time diploma 

how to be directors. bv several universities - 


r regional franemses ay 
» a head. Leeds will allow diploma holde rs 24 
“towSaTlS needed for ftemwjndtf. 
hfriYig offered nationally at a cost of £9.000 per 


payment of £2,000 to its 
Industrial Fund, a fund- 
raising arm of the party, and 
the following year a 
contribution of £5,000 to the 
party itself. 

Robert Fraser and Partners' 
business was closely linked to 
Blackfords’. The Panamanian 
company accounted for more 
than half of all deposits placed 
with the bank , according to a 
Bank of Rn gfonri analy sis 

Blackford Itself was financed 
to a sub sfrawHai wtwrf by the 
Kuwait government. It 
received £86m in cash from 
Kuwait, via the London-based 
Kuwait Investment Office, in 
14 contributions between 
February 24 1984 and July 23 


1990. In a letter to tbe KIO on 
December 11 1991, Robert 

Fraser requested a further 
£l5m injection for Blackford. 

Robert Fraser and Partners’ 
board was chaired by Lord 
Rippon, the former 
Conservative cabinet minister. 
Another director was the Tory 
MP, Mr Nicholas Srwmeg Sir 
Dennis Walters, a Conservative 
MP at tbe time, was a 
c o n sultant to the hawk as well 
as an adviser to the Kuwait 
Investment Office. Lady 
Archer, the wife of the 
best-selling novelist and 
former Conservative party 
deputy chairman. Lord Archer, 
was also a consultant to the 
group. 


The plan of transferring 
interest to the party was the 
brainchild of Mr Cohn Emson, 
Fraser’s chief executive, who 
for years had been a leading 
member of the Conservative 
Industrial Fund, a group of 
industrialists and bankers who 
raise each from business for 
fi ghting elections. 

Mr Emson hoped it would in 
effect be a pitot for a far more 
ambitious party fund-raising 
scheme, which would have 
Involved big public companies 
making interest-free loans to 
the Conservative party. The 
party would have placed the 
cash on deposit and pocketed 
the interest 

The rationale was that 
public companies would not 
have needed to disclose the 
loans, although they must 
disclose direct contributions. 

Lord McAlpine. then the 
party’s honorary Treasurer, 
rejected the proposal, because 
he was concerned that raising 
money in that way might be 
seen as breaching the spirit of 
the law, if not the letter. 

Robert Fraser and Partners 
surrendered Its banking 
licence an September 30 1992. 
Much of its lam portfolio was 
transferred to Aston Finance 
Corporation, another 
P anamanian company Hnknri 
to Blackford. 


Optimism 
up among 
sales 

managers 

The OK’s sales and marketing 
managers have become mine 
confident over the past three 
months, says a survey by toe 
Chartered Institute of Market- 
ing, our Economics Correspon- 
dent writes. 

(hie in five of those surveyed 
expects to beat sales targets 
this year compared with one in 
10 of those surveyed in July. A 
further 47 per cent of managers 
expect to match their sales tar- 


However. the managers’ 
planned rate of sales growth 
this year is only 6.4 per cent, 
down from 7J. per cent in the 
previous year. Service-sector 
companies expect faster sales 
growth than manufacturing 
companies. 

The survey shows little sign 
of inflationar y pressure in the 
economy. Managers expect to 
increase prices by only L7 per 
cent during the current year. 

The institute says toe survey 
points to an economy that 
remains buoyant, with sub- 
dued inflati on but with slower 
growth in the second half of 
toe year than in the first. 310 
managers were interviewed 
between September 27 and 
October 5. 


Pay for directors 
rising much faster 
than inflation rate 


By Richard Donkin, 

Labour Staff 

Pay rises for company 
directors in toe UK are run- 
ning on average at almost 
three times toe rate of infla- 
tion, a report says today. Sedg- 
wick Noble Lowndes, a pay 
and benefits consultancy, says 
the average pay increase for 
directors in the last 12 months 
was 6.1 per cent Deputy chief 
executives did best of all with 
average rises of 9.2 per cent 
Chief executives did not 
appear to do so well, with their 
average salary increasing by 
5.1 per cent from £91,779 a year 
to £96,484 a year. Divisional 
managing directors did better 
with more than 8 per cent 
The survey, following an ear- 
lier report by Bacon & Wood- 
row which put annual direc- 
tors’ pay increases at 88 per 
cent is further evidence that 
executive pay rises have been 
running well ahead of average 
earnings. The underlying aver- 
age Banting s rate in August 
was 3.75 pee cent 
But the upward trend in pay 
increases appears to have been 
stemmed in the past three 
lrwnrtm. “For the first time in 


Union campaigns In the late 
19805 to cot working hours in 
the engineering sector led to 
higher employment, research 
for the government shows, our 
Labour Editor writes. The find- 
ings wiD not please ministers 
who have argued that reduced 
hours would cost jobs. The 
report contests tbe view that a 
cut in hours is a disguised 
increase in wages through a 
rise in overtime. 

nearly five years we are seeing 
a fluctuation In the market 
where, in one quarter the sala- 
ries are marginally up and, in 
the next, they axe dipping 
down again,” said Mr Andy 
Christie, the company's remu- 
neration consulting director. 

The average increase for all 
executives was 5 per cent, said 
the report, adding that the 
highest average pay rises, of 
5.2 per cent, were to executives 
based in the Midlands and the 
north Of En gland 

Almost half of the executives 
surveyed were receiving 
bonuses for achieving perfor- 
mance targets compared with 
just over 44 per cent at the 
time of the last report in June. 


Last year in Enrope over two million 
business people made their first business 
decieaon a good one. They checked into 
an ITT Sheraton. In fact, Europe’s business 
community as a whole recently voted 
ITT Sheraton as tbe best hotel chain for 
business travel.* 

For over twenty-five years, ITT Sheraton 
has attended to the needB of the business 
traveller in Enrope. Now, wherever 
yon turn in Enrope, ITT Sheraton is there: 
Austria, Belgnm, Bulgaria, Croatia, Cyprus, 
Denmark, Franee, Germany, 

Italy, Luxembourg, Portugal, 

Sweden, Switzerland, Turkey and the 
United Kingdom. 

32 HOTELS IN 

SIXTEEN EUROPEAN COONTRIES 

Of course, just being there is not enough. 

Once yon arrive in any of these cities, 
the high standard of Sheraton service' takes 
over. After twenty-five years of serving 
business people in Enrope we know 
what yon need,- and if it’s not already 
there we’ll get it for yon. 

For more information on ITT Sheraton in 
Enrope, please call : 

UK 0800 353535, Germany 0130353535, 
Italy 1670-35035 , Sweden 020-705335, 
Belgium 073-113535 or the toll-free 
reservations number In yonr country. 

* Business Traveller Magazine, 1994 


( 8 ) 


ITT 


Sheraton 


OUR WORU) REVOLVES AROUND YDU 




8 


FINANCIAL TIMES MONDAY OCTO »ER 24 1 W4 


MAN A GEM ENT 


Andrew Baxter looks at a German lift-truck group which is raising its profile through expansion 

Sights set on higher ground 



Ambitious plans: Bob Bischof and Eckart Kottkamp (hset) are defighted by the strength of the Boss product range but acknowledge that there is room for Improvement 


O ver the past six months 
there has been an 
upsurge of interest in 
learning German at 
Leighton B uzzar d, the small Bed- 
fordshire town where Boss Group, 
formerly Lancer Boss, makes its lift 
trucks. 

“I’ve been bombarded with 
requests for German lessons." says 
managing director Jim Porter. 
Hardly surprising, perhaps, given 
that Boss was taken over in May by 
Jungheinrich. the Hamburg-based 
lift-truck producer, after one of the 
most controversial UK receivership 
sagas in years. 

Yet the old Lancer Boss Group 
bad made its first significant Euro- 
pean acquisition in Germany as 
long ago as 1983 when it bought 
Moosburg-based Steinbock. “Half of 
our turnover and staff were Ger- 
man," says Porter, “but attitudes 
were very insular." Six months 
after the takeover, there is still a 
palpable feeling of relief in the air 
at Leighton B uzzar d as production 
of lift trucks continues and pros- 
pects brighten. The visitor feels a 
bit like an intruder on an extended 
honeymoon. 

“We are delighted by the acquisi- 
tion. and hope they are by us,” says 
Porter - an oblique reference to 
workers' fears that a rival bidder 
would have closed the plant down. 

Amid the sweetness and light, it 
is clear that Boss is being trans- 
formed into a different company 
from what it was under its old own- 
ers and founders. Sir Neville Bow- 
man-Shaw and his brother Trevor. 

Yet Jungheinrich. the new owner 
of both Boss Group and Steinbock 
(which it snapped up within days of 
the receivership), has also been 
chan g in g over recent years. For all 
the heat generated by the receiver- 
ships of both the UK and German 
ends of Sir Neville’s empire, scant 
attention was paid to the strategic 
ambitions of the ultimate acquirer. 

While Bob Bischof, chairman of 
Jungheinrich GB and now of Boss 
Group, featured regularly in the 
blanket coverage given to the saga 
by the UK press. Jungheinrich’s 
management board c hair man Eck- 
art Kottkamp, kept a relatively low 
profile. 

Jungheinrich. along with many in 
the German engineering sector, has 
traditionally preferred to let its 
products do the talking. Founded in 
1953, it went public In 1990, 
although all voting shares remain 
hi the hands of the Lange and Wolf 
families. 

Now Kottkamp has spoken at 
length about how Jungheinrich has 
survived the recession, why it 
bought Boss and Steinbock, and 
what it plans to do with them. 

It has been a difficult recession, 
he admits. “He unification in Ger- 
many blew up the industry’s capac- 
ity beyond Its real need, so when 
the drop in demand came, the effect 
was worse," he says. “There was 
tremendous pressure on prices, and 
the only exit was on the cost side." 

Costs had to be cut, and all fane- 
tions were examined to see If they 
were strictly necessary. There were 
lay-offs to adapt to capacity needs - 


T he minimum wage debate 
won't go away. It is now so 
well rehearsed among the 
politically aware that both 
the arguments and the best exam- 
ples are known to all- 
But now there is a new twist 
Prominent left-wing politicians 
have usurped the old Victorian dis- 
tinction between the deserving 
(.widows, orphans, the aged) and the 
undeserving (the feckless, drunk- 
ards. scroungers) poor and applied 
it to those at the other end of the 
spectrum. 

We thus have the new concept of 
the undeserving rich. But precisely 
who they are and how they are 
defined Is unclear. The Victorians 
would probably applaud self-made 
millionaires who. through ability 
and effort, created wealth for 
themselves and others. They might 
have been less charitable to pools 
winners; but their attitude to 
inherited wealth was more 
ambiguous. 

In the 1970s some people were 
taxed at 98p in the pound, which 


600 people or 9 per cent of the work- 
force last year, mainly in manufac- 
turing. Organisation structures, 
from ffie factory floor to the domes- 
tic sales and service operation, have 
been drastically reorganised to 
improve the service for customers. 

So Ear, so conventional, perhaps - 
at least in an Anglo-Saxon indus- 
trial context. But, quietly, Jungh- 
einrich has also been doing the kind 
of things that would have been 
unthinkable in many German engi- 
neering companies before the down- 
turn. 

Its changing approach to manu- 
facturing is a case in point. Last 
year Jungheinrich agreed to form a 
joint venture near Brno in the 
Czech Republic with Linde, its big- 
ger German lift-truck rival, produc- 
ing electric motors for both compa- 
nies worldwide. 

T his was a significant move for 
the Hamburg company. While 
Boss was. and is, essentially 
an assembly operation, Junghein- 
rich, in common with many Ger- 
man engineering companies, used 
to lean heavily towards the “make” 
side of the “make or buy” parts 
dilpimna. 

Now. says Kottkamp. it wants to 
concentrate on manufacturing only 
what is significant for Junghein- 
rich's competence, or what the cus- 
tomer recognises as its competence 
and is prepared to pay for. Hence 
the motors joint venture, which has 


seems a clear indication someone 
thought that people in this income 
bracket didn’t need or deserve any 
more. 

But how to decide on this barrier 
£100,000; £50.000 or even £30,000? 
Because it is so easy to adapt, some 
well-padded people find it 
inconceivable they could “exist’’ on 
amounts others think is a fortune. 
As the late Duchess of Windsor 
said: “One can never be too thin or 
too rich." 


I have recently spotted an 
important gap in the market There 
is an ever-growing collection of 
anthologies covering every sort of 
poetry: the Oxford Book of Comic 
Verse. Christian Verse and Carden 
Verse. But nowhere can I find the 
Book of Management Poems. Has 
none been written? Are managers 
passionless or simply too busy? 

Perhaps the experience of 
managing and being managed is so 
mundane and commonplace that ail 


cut Jungheinrich's motor costs by 
40 per cent. 

Overall Kottkamp aims to lower 
what he calls “manufacturing 
depth” - or the amount of value 
added that is generated in house - 
to 35-40 per cent. Some products are 
at that stage already, but others are 
still above 50 per cent he says. 

As part of this strategy the com- 
pany set up an office in the Czech 
Republic in the spring of last year 
to co-ordinate the purchase of parts 
from east European suppliers. 
These are currently simple parts, 
such as steel fabrications, counter- 
weights and some gear parts. On 
top of this, refurbishment of lift 
trucks has this year mainl y been 
switched from Germany to a long- 
established partner in Slovenia. 

The recession in western Europe, 
he says, also forced many suppliers 
to increase their competitiveness, 
offering "interesting opportunities” 
for Jungheinrich in countries such 
as the UK and Italy, as an alterna- 
tive to sourcing in Germany or own 
manufacture. 

All this enabled Jungheinrich to 
take DM74m (£31m) out of its oper- 
ating costs last year, when its sales 
dipped from DMLBbn to DML4bn, 
ending a long period of continuous 
growth. 

To give itself more protection 
from the ups and downs of the lift- 
truck market, Kottkamp has also 
been spearheading a diversification 
drive. “The lift-truck industry is an 


poetry is management poetry. But 
there is joy. elation, fury and 
disappointment at every turn in the 
world of work. Alas, try looking up 
job. employment, work or manager 
in the appendix or topic index of a 
great general book on poetry and 
you're not likely to find muck 
Whilst there are many poems 
whose reflections and ruminations 
on the human condition are 
extremely apposite for managers, 
none appears to dwell on the agony 
or ecstasy of management. Why 
have we no “Elegy on an Executive 
Washroom”: “Ode to a Senior 
Executive” or even “Lines on a 
Favourable Flipchart"? 


oligopoly, and all the other produc- 
ers are part of big groups which are 
active in other fields. In the long 
term it is better to have some balan- 
cing activity," he says. 

In January, it made the first step 
towards building up a second leg, 
when it bought Bell enherg- based 
Wap Reinigungssysteme, one of 
Europe’s biggest producers of 
high-pressure cleaning equipment 
used in industry. 

For three years the company was 
looking for a business which it 
could judge and understand, says 
Kottkamp. The target it was looking 
for was expected to have growth 
prospects at least equal to or higher 
than lift trucks. The chosen deal 
appears to fit the bill given the 
environmental and quality issues 
surrounding the cleaning equip- 
ment industry. But the decision to 
get yet deeper into lift trucks only 
Four months later seems perverse. 

Kottkamp. however, strongly 
defends the purchases of both Stein- 
bock and Boss. First, he sees the 
possibility of broader market cover- 
age, combining Jungheinrich's 
strength in the distribution sector 
and large production companies 
with that of Boss - and especially 
Steinbock - in small and medium- 
sized production companies. 

Second, Jungheinrich recognised 
the need to develop a full line of 
lift-truck products, offering custom- 
ers a one-stop approach to all their 
materials handling needs - a philos- 


One of the great charms of poetry 
is that certain memorable lines are 
frequently quoted (and misquoted). 
Would a sonnet in iambic 
pentameter be too much for the 
businessman? Or perhaps the 
limerick or the clerihew are more 
the sort of thing the corporate 
culture might ordain. 


Managers, like parents, realise that 
you need both carrot and stick to 
motivate and persuade. 

The promise of reward and the 
threat of punishment are powerful 
weapons in the armoury of the 


ophy that Linde has already used to 
good effect So the Boss products - 
counterbalanced engined-trucks. 
sideload ers and vast container han- 
dlers - matched Jungheinrich's bat- 
tery-powered warehouse equipment 
Third, says Kottkamp: “We 
thought we could realise very fast 
synergies." Jungheinrich's French 
company MIC could take on produc- 
tion formerly located at the Boss 
Barcelona plant, which was not 
included in the purchase. Some pro- 
duction of counterbalanced electric 
trucks will move from Nordstedt, 
near Hamburg, to the Steinbock 
plant at Moosburg, near Munich. 

F rom next year, production of 
a range of small IC-engined 
trucks will shift from Moos- 
burg to Leighton Buzzard. The aim 
is to achieve economies of scale, but 
Kottkamp points out that Junghein- 
rich is also reducing Europe’s lift 
truck plants by two - Barcelona 
and Boss' ill-fated Hyco plant in 
Italy - thus easing the industry's 
overcapacity problems. 

Both Kottkamp and Bischof are 
delighted by the strength of the 
Boss product range. Delighted, 
because the container-handlers in 
particular have established a world- 
leading position, and a very strong 
presence in Asia, which Junghein- 
rich can build on. 

They seem surprised, too, because 
it is hard to see how such products 
could emerge from a fragmented. 


average manager who needs to 
discipline and encourage. 

Some managers don't believe in 
punishment, preferring only to 
withdraw reward when displeased. 
Others, from “the school of hard 
knocks", believe that birching - 
whether psychological, monetary or 
physical - never did anyone any 
harm. 

But researchers in London using 
pharmacological and brain lesion 
work, as well as personality tests, 
have found impressive evidence of 
two quite different brain systems. 

One means that certain people 
are highly sensitive to cues of 
reward and are disposed towards 
them. The other means that people 
are especially responsive to 
punishment cues and experience 
great anxiety in situations where 
there is impending or possible 
punishment Thus some people will 
do anything for reward and ignore 
the risk of failure, while others are 
cautious and will do anything to 
avoid punishment 

Are marketing people 


untidy manufacturing operation at 
Leighton Buzzard, with no Cadcam 
system, high management turnover 
and chronic cash problems that 
infuriated suppliers. 

Bischof, a tidiness fanatic, says 
more than 500 tons of scrap have 
been removed from Leighton Buz- 
zard since the takeover. A strong 
proponent of the takeover from the 
outset he admits to having been 
anxious that executives from Ham- 
burg might have pulled out after he 
had shown them round. 

Kottkamp agrees there is “clearly 
room for improvement” at Leighton 
Buzzard, but believes “the failure of 
Lancer Boss was due to other areas 
and not to the manufacturing facili- 
ties”. He is also encouraged by the 
competence of Boss managers. 

If Bischofs ambitious plans for 
Leighton Buzzard are approved by 
Hamburg, the plant will be trans- 
formed over the next few years into 
a world-class volume manufacturer 
of lift trucks. The Boss chairman 
also wants to achieve a mixture 
between the “chaotic creativity and 
speed" be has found there and the 
stricter, more organised structure of 
Jungheinrich. 

This partly explains why Boss is 
being kept as a separate company, a 
decision that may pinole advocates 
of complete integration after take- 
overs. There will be central financ- 
ing of the whole group, says Kott- 
kamp - thus correcting a big 
weakness of the old Lancer Boss - 
and some common purchasing of 
parts. Steinbock, for example, 
would get its electric motors from 
the Brno joint venture. 

There will also be "a continuous 
flow of personnel” between the UK 
and Germany, he says, enabling 
Jungheinrich to Improve its under- 
standing of the new UK subsidiary. 

But Jungheinrich has recognised 
that the products made at Leighton 
Buzzard are different from its own, 
and it makes sense to retain Boss’ 
product development skills and 
identity, rather than disperse them 
throughout the organisation. 

The decision to retain Steinbock 
as a separate unit within Junghein- 
rich is perhaps more debatable. 
Steinbock makes electric trucks for 
Boss, but its own range competes 
with that of Jungheinrich in a num- 
ber of product areas. 

It is an approach that can be 
wasteful, because incomplete inte- 
gration can reduce the benefits of 
“synergy". Kottkamp points out. 
though, that different truck-types 
are being concentrated at certain 
plants, creating centres of manufac- 
turing excellence. 

The two brands, Jungheinrich 
and Steinbock, need to be main- 
tained because of their strengths in 
different market sectors . This 
means there will be some overlap- 
ping, he says, but competition 
between brands would be limited. 

With its expanded product range 
and geographical spread. Junghein- 
rich now has the opportunity to 
become a truly global competitor, 
rather than a big player in Euro- 
pean alone. So it will not mind 
spending a bit on German lessons at 
Leighton Buzzard. 


differentially sensitive to reward 
and accountants differentially 
sensitive to punishment? Marketing 
managers’ offices are often 
festooned with awards and prizes. 
This seems to contrast starkly with 
the minimalism of accountants 
whose offices lack all adornment 

Maybe it is true that extroverted, 
hail-fellow-well-met marketeers can 
best be managed by lots of reward. 
Equally, the threat of public 
humiliation alone may be enough to 
deter the introverted, cautious 
accountants from misbehaving and 
cause them to work very hard. 

But the message is clear - 
threats, even the enforcement of 
punishment, may be quite 
ineffective for some employees, 
while the promise of s mall even 
significant, rewards may be quite 
unappealing for others. The trick, of 
course, is knowing which type of 
person is which. 

The author is head of the Business 
Psychology Unit at University 
College London. 



PIONEERS AND 
PROPHETS 


Chester 

Barnard 

Barnard 0886-1961) was a rarity 
among management thinkers 
this century in actually holding 
down a proper job. 

After Harvard - which he left 
before completing his degree - 
he joined the statistical 
department of American 
Telephone and Telegraph, u 
company where be was to 
remain for the next 40 years. He 
ultimately became president of 
New Jersey BelL 
Barnard Is not everyone's 
favourite inspiration today but 
his writings are described in 
Tom Peters's and Robert 
Waterman’s book In Search Of 
Excellence as “probably the first 
balanced treatment of the 
management process". 

His essential message was 
that authority in an 
organisation only exists In so 
far as the people working there 
are willing to accept It Small 
groups can operate informally, 
but as they grow they have to 
establish formal systems- to 
make sure that organisational 
goals are folly understood and 
that individuals can be 
motivated in support of the 
organisation’s “purpose". 

Barnard Identified today's 
“organisation man" stating that 
“the most important single 
contribution required of the 
executive, certainly the most 
universal qualification. Is 
loyalty, domination by the 
organisation personality”. 

Be enunciated three principles 
of communication which he 
applied at New Jersey Bell and 
which are pertinent given 
today’s “flatter” corporate 
structures. 

• Make sure everyone knows 
what the channels of 
communications are. 

• Make sure there is a formal 
channel of communication to tie 
in every member. 

• Make the line of 
communication as direct or 
short as possible. 

Despite the importance 
attached to It by some of today's 
gurus, Barnard’s work remains 
largely neglected, partly because 
it is fairly impenetrable. 

Barnard admitted that The 
Functions of the Executive - the 
book of his lectures - took five 
to 10 readings to understand. 

The man whose intellect a 
Harvard professor once equated 
with that of Leonardo da Vinci 
was one of the first thinkers to 
talk about the chief executive as 
diaper and manager of share 
values in an organisation. He 
contrasted this concept with 
that of the authoritarian, 
manipulative manager working 
strictly on a system of rewards 
and short-term efficiency. 

Barnard saw business 
organisations as the most 
effective means of achieving 
widespread soda! advancement: 
he believed the church and state 
had failed because they were 
concerned primarily with 
authority rather than 
co-operation. He would have 
been at home with today’s 
concept of company 
stakeholders (employees, 
investors, suppliers and 
customers). “I rejected the 
concept of organisation as 
compromising a rather 
definitive group of people whose 
behaviour Is co-ordinated with 
reference to some explicit goal 
or goals. In a community all 
acts of individuals and of. 
organisations are directly or 
indirectly interconnected and 
interdependent” 


Tim Dickson 


Accounting for the undeserving rich 


ADRIAN FURNHAM 






: “Some frequent fly^ progi^mmes 
*• * only offer f ree flights. w 

^ “But KLM really push the boat out.” 




KLM’S FLYING DUTCHMAN WORLD OF DIFFERENCE 
PROGRAMME GIVES YOU MORE THAN JUST MILES. 





From Caribbean cruises to Viennese violin lessons KLM 
offers more. For details «&. reservations call 081 750 9000. 


•Am 


The Reliable Airline KLM 

CWnJi 


t 


REUTERS lOOO 

24 hours a day - only $100 a month 1 

UVB nUHUUWKMKT TO VOU* PC 



KV 


sr- 

CITY ! 
INDEXj 


E C 


BOO 


Tbc MiriM Lttfcn bn rprad bating - rmancnl and Sports Far j 

hrocJnue tnd mi new application t.™ call 07 1 283 JM 7 

Account, am nora&y up en d wrthto 72 Inim 
Sex our up-date price, Ian to Op n an Tcfctati page 605 


jr 

CITY 




E C 


BOOK 


INDEX: 

^ 


The Matin Leaders m spread bettn# - FuunosJ cod Sports, far a 

brochure sod m account application form cal Q?( 283 

Aeojund are ourmaBy opened written 72 hmn 
See «ir up-io-dme prices 8a m U>9p.ro o*? Tcf o eq pagr 605 


DO YOU WANT TO KNOW A SECRET? 

The IHS. Gfim Senwar wfl show you how the martets REALLY wok. "Rib snaring 
baang techniques oUie legendary W.p. Gam can increase yot R prate and contain your 
losses. HaiY? That's the wow, Ring Oei *74 ogeo book your FREE place. 



Bbtor; on Compact 
Disk 

fcatarica! fauns price* 

and fn n d iuia . nl 

Im mnl i rtrl r at ytan flnantqnl By 
kite? everything joo »er<i in one cay-lo- 
am tOBtce CRB MoTeeb farlp» you perform 

analysis, tadaeihig. 

■wdcBag. premalkMa and lot, mart— 

3? YEARS OF HISTORICAL PRICES FOB 
CASH. FUTURES, OPTIONS AND 
INDEX MARKETS. 

JO YEARS OF FUNDAHOTAL DWORMATTON 
CWOVWKBOOW 

load a Htc CRB 
WNc" at be 

Beortal Ab, CRB bfaftedi also provide* dally 

pita npttnc, via KR -Quote. Kobdn-RaUei'. 



INFORMATION: Bnaifrr Vakil 

Iodc, 7H Fko Street. Iwka EC4Y 

Tel: -t-W |01 71 842 -WS 3 



r In mol 

on Tbosdtys, Fridays and Saturday*. 

For h»th« Hwmation 
eroowwtbelnWssocBori 
ptewoemtad 

Ka* Loynton 6 n +44 7 ? H 73 4780 

Of MfltotolyBM*44 7lf^73 3mB 


A Prime Site for 


your 


COMMERCIAL 

PROPERTY 


ADVERTISfNC 

Advertise voitr prop « 
to approximately . 
million FT readers 
1 60 countries. 
For details: 
Call Emma Mul lab 
71 873 3574 
71 873 311 








9 




«$ 


*- 











FINANCIAL TIMES SURVEY 

ZAMBIA 



Monday October 24 1994 


Z ambia marks its thirti- 
eth anniversary of inde- 
pendence today in som- 
bre mood. Rich in minerals, 
with abundant good farm land, 
and boasting game parks 
whose tourist potential has 
barely been tapped, the coun- 
try should be flourishing. 

But mismanagement - nota- 
bly a disastrous national isation 
programme - and misfortune, 
including regional wars, have 
taken their toll. Life expec- 
tancy is falling, infant mortal- 
ity is rising, and per capita 
income is lower today than it 
was 30 years ago. 

Zambia, is making a fresh 
start, however. Just three 
years ago, President Frederick 
Chihiba's Movement for a Mul- 
tiparty Democracy (MMD) 
swept to power in the coun- 
try’s first democratic elections 
for two decades, ft ended 27 
years of Kenneth Kaunda's 
autocratic rule, with a pledge 
to reverse the country's eco- 
nomic decline and restore 
political freedom. 

Today, President Chiluba 
presides over a radical struc- 
tural adjustment programme 
which with the assistance of 
aid worth $lbn a year is trans- 
forming the economic environ- 
ment. The toughest test of Mr 
Chihiba's presidency, however, 
is yet to come: the stateowned 
Zambia Consolidated Copper 
Mines (ZCCM), responsible for 
more than 90 per cent of export 
earnings, has to be privatised 
ff it is to survive. 

Output has slumped from a 
peak of 700,000 tonnes a year in 
the mid-1970s to less than 
400,000, and it owes creditors 
$640m. Only foreign invest- 
ment can save the fourth-larg- 
est copper producer in the 
world, and this requires a 
volte-face as rich in symbolism 
as the 1969 nationalisation. 

At that time, the move was 
greeted as heralding a new era 
for a country that was once 
little more than a fiefdom of 
Cecil John Rhodes’ British 
South Africa Company. No 
wonder, then, that when Ken- 
neth Kaunda, Zambia’s foun- 
ding president, brought the 
mines under state control, he 
could not resist sounding a tri- 
umphant note. 

Rhodes’ vision of the Com- 
pany blazing a commercial 


Zambia is making a fresh start, with a radical 
structural reform programme. But will the medicine 
prove too strong? Michael Holman investigates 

T oughest test is 
yet to come 


trail from Cape to Cairo, in the 
name of an Empire run by 
Englishmen, “is now buried” 
declared Mr Kaunda, “and I 
hope and pray, never to rise 
again In this part of Africa”. 

Rhodes may have the last 
laugh. Privatisation will mean 
that boardrooms in Johannes- 
burg and London will once 
again determine the develop- 
ment of the mines, still at the 
heart of the economy. 

Resuscitating the mines by 
cutting the 50,000-strong labour 
force by as much as a third, 
and offering former owners the 
chance to resume the manage- 
ment role they were forced to 
surrender 15 years ago, is a 
complex operation which car- 
ries with it considerable politi- 
cal risks. Yet it will be the 
yardstick by which the Chiluba 
government will be judged, 
notwithstanding the progress 
already achieved. 

Trade has been liberalised; 
subsidies removed; privatisa- 
tion. of other nationalised 
industries is under way, for- 
eign exchange controls have 
been lifted; the budget deficit 
reduced; and inflation rates 
brought down from 187 per 
cent last year to a forecast 30 
per cent in 1994. 

After years of one-party rule, 
the electorate enjoys a choice 
of three main parties and a 
lively press. An outspoken pri- 
vate sector does not hesitate to 
criticise government policies. 

Reform is under way in other 
areas. A respected lawyer, Mr 
John Mwanakatwe, heads the 
c ommiss ion looking at ways in 
which the country's constitu- 
tion can be strengthened. A 
land commission is investiga- 
ting changes to the system of 
communal land ownership and 
introducing individual freehold 
tenure. 


The MMD government’s rep- 
utation, however, has suffered 
gravely since taking office. A 
dozen ministers have been dis- 
missed or resigned, some fol- 
lowing allegations of involve- 
ment in corruption and 
drug-r unning , others in protest 
over the same Issues. 

Far both Mr Kaunda -who 
may be attempting a political 
comeback under the banner of 
the United National Indepen- 
dence Party (Unip)-and Mr 
Baldwin NkmnbnJa, leader of 
of the National Party, the past 
three years have provided 
plenty of ammunition as they 
prepare for an election no more 
than two years away. The 
sleaze factor, retrenchment, 
cuts in food subsidies, and the 
introduction of user fees in the 
health services, have all 
strained the patience of a 
long-suffering electorate. 

r Nkmnbula has «i«i 
seized on the ZCCM 
issue, arguing that 
there is an alternative to sell 
ing off the mines - although 
not. so far, explaining what 
this could be. 

Notwithstanding these diffi- 
culties, Mr Hhiluhn wmmtaina 
that Z ambia is “on the r ight 
track”. Structural adjustment 
is a necessity, he argues: it is 
the core, not the cause, of the 
country’s difficulties. 

For all the encouraging mac- 
roeconomic indicators, many 
Tamhims fear that the medi- 
cine may prove too strong for 
the patient, whose growth was 
first stunted during the colo- 
nial period, then farther 
retarded after independence. 

Had Zambia been better pre- 
pared for independence, it 
might have been better 
equipped to cope, with the pres- 
sures that followed. One of the 


most serious obstacles not only 
to post-independence develop- 
ment but to the successful 
implementation of the current 
structural adjustment pro- 
gramme is the acute shortage 
of skills. There is also the weak 
agricultural base. Both handi- 
caps can be traced back to the 
c ol on ial legacy. 

Zambia came to indepen- 
dence with little more than 100 
graduates and L000 secondary 
school leavers, an indictment 
of a system which permitted 
the remittance of mrninp g of 
pounds in dividends prof- 
its from the copper mines 
while only a fraction was rein- 
vested in the country’s social 
services and infrastructure. 

Nor was it an accident that 
the agricultural sector had a 
few hundred commercial farm- 
ers, compared to 5,000 in 
Southern Rhodesia. Northern 
Rhodesia, as Zambia was 
known, was kept as an eco- 
nomic hinterland for its 
southern neighbour - hence 
African nationalist opposition 
to the Central African Federa- 
tion of Southern and Northern 
Rhodesia and Nyasaland (now 
Malawi) from its inception in 
1953 to its demise 10 years 
later. It was barely a year into 
independence when Zambia 
reeled under the first of a 
series of external blows -the 
unilateral declaration of inde- 
pendence by Rhodesia (now 
Zimbabwe). 

A landlocked country, and 
thus especially vulnerable to 
dislocation of trade routes, 
Zambia baa never known peace 
in the region. The conflict in 
neighbouring Mozambique 
ended only two years ago. 
while Angola Is still at war. 
Until 1990, Zambia was a vic- 
tim of destabilising tactics by 
South Africa. Farther external 


factors over which Zambia had 
no control proved to be body- 
blows: the mid-1970s fall in the 
price of copper, from which the 
economy has never fully recov- 
ered, and the soaring oil prices 
of the 1970s. Whether the pres- 
ent reform progr a mme, essen- 
tially determined by the 
donors, takes this history into 
adequate account is question- 
able. 

Local critics of the donors 
point out that in Qftan a an d 
Uganda, where structural 
adjustment has produced the 
best results, the governments 
enjoyed a freer hand than Mr 
Chiluba. It was 10 years after 
introducing structural adjust- 
ment that the Rawlings gov- 
ernment faced the electorate. 
In Uganda, President Yoweri 
Museveni runs a de facto coali- 
tion that has yet to be tested at 
a multi-party polL 

Western donors, say these 
critics, expect Mr Chilnha to 
take political risks that would 
be unthinkable in the west a 
French president, for example, 
confronting farmers over the 
ending of agricultural subsi- 
dies, or an American president 
taking on the US defence 
industry. Yet the Zambian 
leader has to privatise the 
mines, at the heart of what 
should be his political strong- 
hold, and face elections in 1996. 

This task Is not made 
by donors’ refusal to address 
an anomaly in Zambia’s exter- 
nal debt obligations which 
require a country following 
economic reform to the letter 
to maintain a net outflow to 
the International Monetary 
Fund of flOOrna year. 

Reform is in dangpr of failing 
for a further reason, say the 
critics: the frail state of a soci- 
ety that has been buffeted for 
so long, and whose institutions 
have been fatally weakened. 
Management whether in the 
private sector or the civil ser- 
vice, is thinly spread and get- 
ting even scarcer as Aids fen k&t 
a daily toll 

President Chiluba readily 
acknowledges the hurdles 
ahead There is, however, no 
alternative, he says: “No (me 
will come and rebuild our shat- 
tered country. We must do that 
with our own sweat and 
blood.” Brave words, but formi- 
dable odds. 



ADVERTISEMENT 


I n the three years that my administration 
has been in government, we have had to 
grapple with rather intractable problems 
of an economy which, during most of the 
post-independence period of three decades, has 
regressed beyond tolerable levels. Zambia at 
independence was one of Africa's best hopes. 
Then there were only 3 million people with a 
claim to 752,000 square kilometres. Zambia is a 
richly endowed country with a vast array of 
minerals, most of which have as yet to be 
tapped, and above all favourable climatic and 
soil conditions. Zambia's stagnation can 
therefore only be explained in terms of 
appalling governance and total misdirection of 
priority. One statistic graphically illustrates 
Zambia's slippage: at independence in 1964, 
Zambia's GDP was equivalent or just below that 
of South Korea. Now our GDP is just around 
US $6 billion as against that of South Korea of 
nearly US $300 billion. 

My government inherited a severely 
shattered economy with infrastructure having 
collapsed all round. So in the short three years 
we have had to do a lot to repair most of the 
social and economic infrastructure. We have a 
long way before we can put things on an even 
keel. 

My government's priority on the macro 
economic plane was to institute fiscal 
responsibility in order to arrest rampant 
inflation which, amongst other things, had sent 
interest rates sky high thereby impairing any 
prospects for economic growth. We have since 
put an end to the fiscal irresponsibility of the 
previous administration which ran huge 
budgetary deficits by recourse to borrowing 
from the Central Bank. Inflation which had 
peaked to 400% is now running between 25% 
to 30% on an annualized basis. Interest rates 
which were in excess of 200% have come 
down considerably with some of the 
responsible large commercial banks offering 
prime rates as low as 35%. We will continue 
the struggle against inflation so that the 
interest rates are close to those of the 
competitor countries in the Southern African 
sub-continent. 

It is also desirable that our farmers and 
industrialists are able to borrow for productive 
investment as that is the only way we can 



expand the economic base of our country and 
re-orient the economy to achieve sustainable 
economic growth rates. 

My government has also taken measures to 
free the economy from debilitating controls 
which were also accountable for injurious 
distortions in the economy. Apart from price 
deregulation my government has from January 
this year removed ail exchange controls and 
contrary to the fears which were expressed 
when we took this unprecedented bold move, 
there has been no capital flight It is our sincere 
hope that measures like this wifi induce greater 
confidence in our economy by foreign would-be 
investors. 


One other area of interest to the would-be 
investors is that extent of state participation in 
the economy which was at the advent of my 
administration estimated to be up to 80% of the 
formal sector. We have embarked on the 
process of privatisation and with the experience 
that we have so far gained, are likely to 
accelerate that pace more so that we have now 
established a mechanism in the form of the 
Lusaka Stock Exchange (LUSE) which should 
help us quicken the pace of privatisation 
through public floatations. As a democratically 
elected government, accountable to the people 
and mindful of the fact that the mandate we 
hold entails that we are mere custodians of the 
interests of our people, we cannot be indifferent 


to the public perceptions on the issue of 
privatisation which can only succeed if it has 
legitimacy in the eyes of our electors. 

Because of this consideration it will be 
necessary that in the privatisation programme 
we strike a reasonable balance between speed 
and ensuring that the privatisation programme 
was acceptable to our people. There is quite 
often a lot of donor pressure much of which is 
counter-productive to quicken the pace of 
privatisation at all costs. Privatisation is our 
programme because we believe, and I 
personally from time immemorial have been 
consistent over this matter, that government 
should confine its role to regulating the affairs 
of society and only participate in economic 
matters in exceptional circumstances such as in 
areas where because of severe logistical 
problems the private sector cannot play a role 
because of the absence of requisite 
infrastructure and marginal returns on 
investment. 

Government should also provide conditions 
which allow individuals and business houses to 
perform to the best of their potentialities. 
Wholesale nationalisations of business 
including even small things like bakeries and 
shops meant massive transfer of resources from 
individuals and firms which bad the proven 
capacity to invest and generate tax revenues and 
employment, to a public sector characterised by 
indifference and very low motivation. We 
cannot afford such follies any more and it is 
therefore imperative we quicken the pace of 
privatisation but always taking into account the 
political sensibilities as ignoring that would 
entail a serious breach of faith and covenant 
with our electors whose wishes we have to 
acknowledge not because of punitive electoral 
sanctions but as a cardinal requirement and 
moral imperative of democracy and good 
governance. 

Zambia, even under the severest strains and 
stresses, is a model human society in terms of 
human togetherness where people of different 
races, colours and creeds live happily together 
in incredible harmony. Our people always wear 
their eternal smile. There surely can not be a 
better place to live and invest in than Zambia 
and I have no doubt would-be investors may 
even find this bold assertion an understatement! 










FINANCIAL TIMES MONDAY OCTOBER 24 1 494 



ZCCM’s privatisation must create an export platform for a competitive economy, says Tony Hawkins 

Copper industry decision is crucial 


T he fate, not just of eco- 
nomic reform, but 
indeed of the entire Zam- 
bian economy rests on a single, 
crucial decision -the restruct- 
uring of the copper industry. 

“If we get this one wrong", 
says a top official "we will 
impoverish our people for 
another 25 years". He is not 
exaggerating. Impressive prog- 
ress in balancing the budget, 
slowing inflation, stabilising 
the exchange rate and bringing 
down interest rates, will count 
for little If the dynamo of the 
economy is not privatised in a 
manner that restores invest- 
ment confidence, at home and 
abroad, and creates an export 
platform for a competitive 
economy in the 2lst century. 

[n recent weeks, a heated 
public debate has opened up, 
with the focus shifting from 
whether to how the copper- 
mining parastatal, ZCCM, 
should be privatised. This in 
itself is an important advance, 
although the decision to 
appoint an in-house govern- 
ment committee, including 
senior ZCCM personnel, to 
resolve the debate that has 
split the cabinet and the coun- 
try could mean continuing pro- 
crastination, which is just 
what the economy cannot 
afford. 

Some see a gathering consen- 
sus centred on three principles 
- early privatisation; partial 
unbun dling of ZCCM. although 
not to the extent recommended 
by the German consultants; 
and treating the S600m Kon- 
kola project as a separate 
entity. Last weekend's dis- 
missal of deputy minis ter of 
mines, Mr Mathias Mpande, an 
outspoken protagonist of 


unbundling, indicates the 
depth of feeling on the subject 

Unfortunately, some Zam- 
bian politicians and officials 
seem reluctant to acknowledge 
that whatever formula they 
develop will fiy only if at least 
some of the big-league mining 
players - Anglo American. 
RTZ, BHP, Phelps- Dodge and 
Gencor - accept Its viability. 

Zambian policymakers who 
have courageously put their 
fate in the hands of the mar- 
kets in respect of interest and 
exchange rates, need to accept 
that the same discipline will 
apply to capper privatisation. 

African economies undergo- 
ing structural adjustment have 
to deal with a "soft man" 
World Bank focusing on lon- 
ger-term structural issues, and 
a "hard man” IMF zeroing in 
on the more Immediate prob- 
lems of macroeconomic stabi- 
lisation. invariably, they find it 
much harder to satisfy the 
Fund than the Bank. 

Zambia is different; It has 
made remarkable progress, 
especially in the past year, 
towards restoring macroeco- 
nomic balance, but it is lagging 
badly on the structural side. 
Arguably the single most 
important component of 
reform - even more so than 
exchange control aboli- 
tion - has been cash budgeting 
in the civil service. 

Provided it meets IMF bench- 


marks at the end of the year, 
which should be possible, it 
will become the third country 
-after Bolivia and Peru -to 
complete a so-called Rights 
Accumulation Programme 
(Rap) - allowing it effectively 
to reschedule some $L2bn in 
arrears owed to the Fund into 
a long-term loan at conces- 
sional rates. An IMF team will 
visit Lusaka next month to 
start negotiations for an 
Extended Structural Adjust- 
ment Facility (Esaf) signalling 


None of the hard-core 
political economy 
issues wiH be easy to 
resolve 


the successful completion of 
the Rap. Fund officials praise 
the Zambians for achieving 
what three years ago seemed a 
pipe-dream. 

Structural reform is a differ- 
ent ball game. The World Bank 
is presently assessing Lusaka's 
track record in satisfying six 
benchmarks, amid some anxi- 
ety that a critical report could 
mean a slowdown In donor dis- 
bursements next yean 
• land reform, currently 
mired in deep political contro- 
versy. • an "Ethics Bill” to 
stamp out corruption, • social 
dimension spending targets in 
health and education, • priva- 


tisation (excluding ZCCM), 
• civil service reform, and. 
most immediately,# resolving 
the crisis at state-owned Zam- 
bia Airways. 

The government says it will 
close the airline, losing some 
$2m monthly, by the end of the 
year, replacing it with a pri- 
vately-owned carrier. The 
logistics of this are still 
unclear, with some in govern- 
ment insisting that a national 
airline operating inter-conti- 
nental flights must be retained, 
rather than a downsized, local 
and regional carrier. 

Civil service reform is stal- 
led, partly, officials say, 
because the necessary down- 
sizing which would enable the 
government to compete for 
scarce skills by paying market- 
level salaries, would blow the 
budget Privatisation is begin- 
ning to gather momentum with 
the recent sale of two sizeable 
state companies - Zambian 
Breweries and Chilanga 
Cement -and the promise by 
Mr Ronald Penza, finance min- 
ister. to close the state holding 
company, Zimco. this year. 

None of these hard-core 
political economy issues will 
be easy to resolve. The good 
news is that, after years of 
mounting unemployment and 
declining living standards, the 
fall in inflation and interest 
rates and the stabilisation of 
the exchange rate has given 


the government some real 
ammunition to use against its 
critics. So much so, in fact, 
that Mr Dominic Mulaisho, 
governor of the Bank of Zam- 
bia. is emphatic that the 
reform programme really is 
irreversible. "We are beginning 
to develop a political constitu- 
ency for economic rationality'’ 
he says. 

Not that new-found macro- 
economic stability can be 
taken for granted; despite the 
steep fall in inflation to a fore- 
cast 30 per cent in 1994 from 
187 per cent last year, the real 
exchange rate has been apprec- 
iating this year and an adjust- 
ment is probable before too 
much longer. At K675 to the 
dollar, the Kwacha is probably 
some 10-15 per cent overvalued, 
and resumed Kwacha depreda- 
tion is likely late this year or 
early in 1995. 

Bankers expect yields on 91- 
day Treasury Bills down to 29 
per cent from 120 per cent six 
months ago. to fall further, 
before levelling out at a pre- 
mium of 5-10 per cent above 
the inflation rate. Officials con- 
fess that the precise relation- 
ship between inflation and 
interest rates and the exchange 
rate -the Zambia risk premi- 
um - is unpredictable. 

What matters, though, is 
that the markets are calling 
the shots, so that a re-run of 
the 1991 debacle when the 


Kaunda government tried to 
spend its way back into office, 
with disastrous consequences 
for inflation and the kwacha, is 
unlikely. The abolition of 
exchange controls (with very 
minor, technical exceptions) 
means that if public spending 
and monetary expansion were 
to veer off course in the run-up 
to the 1996 elections, the kwa- 
cha and Interest rates would 
respond - negatively and 
quickly, undermining what 
arguably will be the govern- 


The Bank of Zambia's 
survey of 200 companies 
shows a ‘decisive' turn 
for the better 


ment’s main electoral platform 
-the restoration of economic 
stability. In the words of one 
economist “The market vote 
will be the one that counts". 

The market vote is evident, 
too, in investment. The Bank 
of Zambia's opinion survey of 
some 200 companies shows a 
"decisive" turn for the better 
in business and investor senti- 
ment, but the recovery will be 
slow given the poor infrastruc- 
ture, high real interest rates 
and the scarcity of long-term 
capital, skills and institutional 
capacity are important con- 
straints too, and the country is 
heavily and unhealthily depen- 


dent on donor assistance and 
expatriates. 

Partly because the civil ser- 
vice is poorly rewarded, few of 
the brightest and best Zam- 
bians work for government, 
while many have found 
greener employment pastures 
as international civil servants- 

Zambia clearly has an inter- 
national competitive advan- 
tage in mining and agriculture. 
The resumed interest in min- 
eral exploration - Rio Tinto, 
JCl Gencor, Anglo American. 
BHP, and Phelps Dodge of the 
US - is a bullish development, 
underscoring the importance of 
ZCCM privatisation as a 
vehicle for drawing substantial 
new foreign participation into 
the Zambian economy. 

It has enormous agricultural 
potential, too. In terms of 
unused land, good soils and a 
better climate than neighbour- 
ing Zimbabwe. Development 
has been constrained by mis- 
guided pricing and marketing 
policies, land ownership 
restrictions, infrastructural 
deterioration and. recently, 
record interest rates that have 
created a serious farm debt 
problem. 

Vociferous manufacturers 
blame some elements of the 
reform programme - especially 
trade and interest rate liberal- 
isation - for these difficulties. 
While the terms of trade have 
shifted against import substitu- 
tion activities, some of which 
should never have been estab- 
lished anyway, a handful of 
manufacturers tn textiles, 
metal processing and agri-busi- 
ness are flourishing. Factories 
set up to service a protected 


home market and a thriving 
mining industry, at home and 
next door in Zaire, are now 
operating In a very different 
and more competitive environ- 
ment. The net result is likely 
to be a slimmed down version 
of manufacturing as import 
substitution gives way to a 
leaner more export-focused sec- 
tor. and one reliant on linkages 
with mining anti agriculture 
rather than selling final con- 
sutner goods to Zambians. 

There is obvious potential in 
tourism although this is hos- 
tage to inadequate Infrastruc- 
ture and competition from 
neighbouring Zimbabwe which 
is exploiting tourist opportuni- 
ties far more efficiently. 

With mining, agriculture and 
manufacturing output all fall- 
ing this year, there will be lit- 
tle growth, although services, 
especially finance, arc boom- 
ing. and there is anecdotal evi- 
dence aplenty of vibrant infor- 
mal sector activity. Weather 
permitting, a strong upturn Is 
likely in 1995. although struc- 
tural constraints are such that 
it is going to be a long haul 
back to the balmy days of the 
late 1960s. 

Reform is beginning to pay 
dividends. The economic out- 
look is brighter than at any 
time since the early 1970s - 
reserves covering three 
months imports; falling infla- 
tion; a stable exchange rate; an 
increase in government reve- 
nue to 15 per cent of gross 
domestic product from 12.9 per 
cent; and the prospect uf both 
an Esaf loan next year and 
substantial Paris Club debt 
reduction. 

The crucial challenges now 
are to satisfy the World Bank 
on structural reform, while 
moving rapidly and decisively 
to privatise ZCCM. The 
achievements of the past year 
will wither and die without the 
support of root-and-branch 
structural change. 


THE BANKING SECTOR 

Yields have done wonders for growth 


MKnrrAr , rescue international 


If the proliferation in the 
number of banks is a reliable 
guide, the old adage that 
banks prosper when the rest of 
the economy is in trouble, is 
borne out by Zambian experi- 
ence. There are now some 30 
licensed banks, although only 
about 20 are effectively opera- 
tional, compared with just six 
five years ago. 

On the surface, hyperinfla- 
tion and astronomical nominal 
interest rates and Treasury 
bill yields have done wonders 
for the growth of the financial 
sector. The reality is different 
The banks are saddled witb 
high ratios of non-performing 
loans, especially in agricul- 
ture, while the newer players. 


in the words of a private sec- 
tor economist, "bora and bred 
on the TB market" lack the 
professional skill and exper- 
tise to appraise loans and 
make sound credit decisions. 

A core problem for the sec- 
tor is the failure, as yet to 
increase bank capitalisation 
ratios. "A bank can open its 
door on what it would cost to 
buy a Toyota Landcruiser” 
says one banker, which means 
that the new, small players 
could be in trouble when 
- rather than if- they are hit 
by a significant external set- 
back such as sudden kwacha 
depreciation or the failure of a 
significant borrower. 

According to one bank: "Ifs 


a disaster waiting to happen" 
- a comment justified by the 
practice of one small bank 
which is offering kwacha 
interest rates on US dollar 
deposits. All very well while 
TB yields were high and the 
kwacha stable, but that game 
seems to be nearing its end. 
The Bank of Zambia is watch- 
ing the situation closely. Leg- 
islation to raise bank capital 
requirements has gone 
through parliament and will 
come into effect soon. In the 
meantime, officials point out 
that with 80 per cent or so of 
bank transactions in the hands 
of a handful of players with 
strong international connec- 
tions - such as Barclays, Stan- 


THIS ANNOUNCEMENT APPEAflS AS A MATTER OF RECORD ONLY 


CHILANGA CEMENT LTD 
ZAMBIA 

PRIVATISATION 

CDC has increased its shareholding to 50.1% 
in Chilanga Cement Ltd, the first major 
company to be privatised as part of the 
Zambian privatisation initiative. 

OCTOBER 1994 


commonweal™ development corporation 

P0 SOX 32000. (1ST FLOOR. ANGLO AMERICAN BUILDING. 
74 INDEPENDENCE AVENUE). LUSAKA. ZAMBIA 
TELEPHONE. LUSAKA 25428S/253857/3 
TELEX 90242BW FAX LUSAKA 250 122. 

ONE BESSBOROUGH GARDENS. LONDON SWIV 2JQ. 
TELEPHONE. 0171 828 4488 FAX 0171 82B 6505. 




dard Chartered and Stan- 
bic - the probable shake-out in 
the industry, in the form of 
mergers and closures, is 
unlikely to destabilise it. 

For the immediate future, 
bank lending will be con- 
strained. not just by the frag- 
ile state of many corporate 
balance sheets, but also by 
high statutory reserve and liq- 
uid asset ratios. The 29 per 
cent reserve ratio imposes a 
sizeable wedge between tbe 
rates at which banks can prof- 
itably take 


almost 100 per cent in Febru- 
ary -a stable exchange rate, 
and inflation of les than 1 per 
cent monthly. Indeed, prime 
rates of the main banks had 
fallen to the mid-30s. 

Fiscal discipline has been 
the most important single 
component since without it 
monetary policy conld not 
have been used so effectively 
to slow inflation and stabilise 
the kwacha. The government 
is on target to reach its budget 
forecast of a broad fiscal bal- 


deposits and 
make loans, 
while the 35 
per cent liquid- 
ity ratio has 
helped sustain 

profitability at a time of 
record TB yields. Both ratios 
will come down and the liquid 
assets ratio (which is non- 
binding anyway) will go alto- 
gether soon, paving the way 
for increased lending to tbe 
private sector as credit 
demand recovers. 

Commercial agriculture 
remains a highly problematic 
area with the banks being 
forced to reschedule loans to 
farmers hit by drought, ram- 
pant inflation and interest 
rates and the chaotic liberalis- 
ation of the marketing system. 

Bat private sector lending, 
lower in real terms today than 
a year ago, can recover only if 
tiie authorities maintain their 
tight grip on public sector bor- 
rowing. One statistic above all 
others highlights the success 
of Zambia's stabilisation pro- 
gramme - the decline in infla- 
tion from 187 per cent during 
1993 to a forecast 30 per cent 
this year. Fiscal policy, espe- 
cially the imposition of "hard” 
cash budgets on government 
departments, and a tight mon- 
etary stance have been the key 
instruments. 

Some, especially in the busi- 
ness and fanning communi- 
ties, ask whether the cure 
might not turn out to have 
been more deadly than the dis- 
ease. But private sector criti- 
cism qf monetary policy has 
quietened with the recent dra- 
matic fall in interest rates 
- down to an average of 43 per 
cent early this month from 


The debt burden is down from more than 
275 per cent of GDP to an estimated 200 
per cent at present (about $6bn) 


ance (a deficit of Kllbn) 
thanks to the combination of 
cash budgeting on one hand 
and improved revenue inflows, 
following the creation of the 
independent Zambia Revenue 
Authority, headed by four 
expatriates and funded by the 
UK Ministry of Overseas 
Development. 

In the first eight months of 
this year, the government 
achieved a primary budget 
surplus - that is domestic rev- 
enue less nou-interest pay- 
ments - of some K44bn, 
enabling it to keep the Ud on 
domestic credit creation. 
Money supply growth slowed 
from 114 per cent in November 
1993 to 42 per cent in August 
this year, reflecting a decline 
in net government borrowing 
and a marked slow-down in 
private sector lending, despite 
tbe availability of cheaper 
money. 

By September, the year-on- 
year Inflation rate for Septem- 
ber had declined to 29 per cent 
from 138 per cent at the end of 
1993. The compounded annual 
yield on 91-day Treasury Bills, 
which hit a high of 205 per 
cent in May had fallen below 
60 per cent by September, 
while the tender rate dropped 
13 points in a fortnight to 29 
per cent in mid- October. 

All of which points first to a 
revival in private sector credit 
demand over the next year, a 
flattening out of TB yields in 
the 15-20 per cent range and 
- very likely - an exchange 


rate shake-out as investors, 
both Zambian and foreign, 
look offshore for more attrac- 
tive returns. Most of the for- 
eign players have already quit 
the TB market Three months 
ago about 15 per cent of the 
8200m stock was held by for- 
eigners, but this is now done 
to 1 or 2 per cent as tbe mar- 
kets anticipate kwacha depre- 
ciation following the effective 
appreciation of the exchange 
rate during 1994. 

With the reserves up to 
8330m - equiv- 
alent to three 
months' import 
cover at 1992 
levels - from 
$186m a year 
ago, limited 
capacity exists to absorb any 
sur ge in imports and capital 
outflows, bat the central bank 
is not in the business of fixing 
exchange rates, acknowledg- 
ing that real exchange rate 
appreciation will constrain the 
development of non-copper 
exports that is so crucial to 
the next stage of the adjust- 
ment programme. 

With import demand rela- 
tively slack, and buoyant cop- 
per prices, the balance of pay- 
ments position ought to have 
improved in 1994 from the 
SllOm current account deficit 
last year. However ZCCM has 
been unable to exploit this; 
output will be down this year 
and delayed deliveries to meet 
sales contracts at lower prices 
is undercutting export reve- 
nues. With no early solution to 
the ZCCM crisis in sight, pol- 
icy must focus on developing 
non-traditional exports on the 
one hand, while securing fur- 
ther debt relief on the other. 
The debt harden Is down from 
more than 275 per cent of GDP 
to an estimated 200 per cent at 
present (about $6bn). The 1995 
Parts Club negotiations could 
reduce this by up to a third 
- to some 84bn - which, with 
the completion of the IMF 
Bights programme and access 
to Esaf funds by mid-1995, will 
transform the external pay- 
ments situation from one that 
was totally unmanageable 
three years ago. 

Tony Hawkins 


Since 1977 we have serviced the needs of 
foreign travellers in sub-Saharan Africa to 
now provide the same service for local & 
regional clients. 

MR! offers: 

• Prompt expert assessment and response to medical 
emergencies 

• Treatment or removal of patients to the most appropriate 
effective treatment facilities 

• Medical infrastructure made up of rapid response vehicles 
and Aircraft manned by specialist Doctors and ICU Nurses 

• Short term policies to visitors to Zambia 

• Annual corporate and individual policies for both long and 
short term. 

For more information please call 

The Grove, Kafue Road, PO Box 31500, 
LUSAKA, Zambia 

Admin ( 7) 010 260 1 273 302 
(F) 010 260 1 273301 
Emergency (T) 010 260 l 273303 - 7 
(F) 010260 l 273181 


THE 

SHONGA 

RANGE 


FURNITURE 

• Office Furniture 

• Kitchen Units 

e School Furniture 


BUILDING SERVICES 

• Scaffolding & Framing Systems 

• Aluminium Windows 

• Executive Partitioning 
e Suspended Ceilings 

• Shelving 


STEEL 


• Reinforcement Steel 
e Weld Mesh 

• Roof Trusses 



Shonga Steel Ltd 


fW tint' A lt« 


Dieora 

linn** . ItAaatfl «m! P O 
!• **•*?«■(*■ 44.V1 6, 
ft* Ct440l 

■a*%i . c qn — e 
far iiiVtcimiiTOH 


j- .’Jb.-w' 
o 


uiowi'ooais 

iWMCMRMPOhOI'’ 

10 Wfl £ 

«iwt >** PO Qua nil 

w nsB 

IdflIM 



D oing business in today's emerging economies 

requires the partnership of a bank with real on- 
the-ground experience. Experience that can help 
you successfully enter the local market and which will 
help you stay one step ahead of the game. 

Cavmont Merchant Bank, with it's dedicated 
team of banking and financial services professionals, has 
the know-how to provide you with the perfect balance 
between local knowledge and international experience. 

If you are doing business in Zambia, what ever 
your sphere of activity, make sure that you contact 
Cavmont -- we will keep you one step ahead. 



CAVMONT 
Merchant Bank Limited 

Fl ag ts tered Bank 


4ffi floor Tazara House, independence Avenue. P/Bag £64, Lusaka. Zambia's Leading Merchant Bank 

Tel: 224280524286/224316/227283. Fax: 224313/224304, Tlx: ZA40736 





InterAfrica 

Corporate 

38 Joseph Mwilwa Rd 
P O Box 34804. Lusaka 
Telephone (2601) 228232-5 
Facsimile (2601) 225003 



Africa's Emerging 
Market Specialists 

-A.frica's economic outlook is improving. In the Sub-Saharan region, 
many early stage emerging markets offer attractive investment 
opportunities. 

InterAfrica Corporate (IAC) is well placed to assist in the 
development of sound and sustainable investments in both the 
emergent and pre-emergent marketplaces of the region. With a network 
of professionals in Uganda, Malawi, Tanzania, Mozambique. Zimbabwe 
and Zambia, IAC provides invaluable advice on local conditions and 
potentials, ensuring smooth and successful transactions in unfamiliar 
markets. 








* FrNAWCtAI - TIMES MONDAY OCTOBER 24 1994 


ZAMBIA III 


* 






Lgslie Crawford looks at Zambia Consolidated Copper Mines 

Fulcrum of the economy 




ChKanga Oment is Gke)y to be the first formal Bating next Apr* 

Tony Hawkins on privatisation 

Sales provide a 
breakthrough 


T hree years after Presi- 
dent Frederick Chiluba 
came to power with a 
mandate to privatise Zambia 
Consolidated Copper Mines 

the source of go per cent of the 

country's export earnings, the 
government is no closer to 
deciding how and when dives- 
titure is to take place. 

Privatisation seems to be the 
only option open to a mining 
giant that has been systemati- 
cally starved of investment 
and is burdened with high pro- 
duction costs, a S640m foreign 
debt and mines nearing 
exhaus tion 

Since nationalisation, copper 
production has nose-dived from 
a peak of 700,000 tonnes a year 
in the mid-1970s to less than 
400,000 tonnes. Output is fore- 
cast to halve again by the turn 
of the century unlaw; ZOOM'S 
best-explored ore body - the 
KoukoLa Deep deposit with 
mineral resources of arum 
tonnes containing 3.5 pea: cent 
copper - can be brought into 
operation within the next six 
years. 

By some estimates, Zambia’s 
ailing copper industry requires 
$2bn of fresh capital to develop 
new ore bodies and modernise 
smelters and refineries. 

While the government 
acknowledges that it lacks the 
resources to keep the copper 
industry alive, it does not 
appear to have accepted the 
tough consequences of opening 
ZGCM to foreign investors. 
This will almost certainly 
entail the loss of state control 
over a company which is not 
only the fulcrum of the econ- 
omy, but a symbol of national 
independence. 

Mr Edward Shamutete, 
ZOOM'S chief executive, warns; 
“If the privatisation is handled 
badly, it could bring down the 
government" 

The reluctance to let go of 
ZOOM is illustrated by the 
company’s year-long search for 
a 5600m loan to develop Kan- 
kola Deep. NIkko Securities of 
Japan has been trying to raise 
the required funds, so for with- 
out apparent success. 

Mr Shamutete still hopes a 
syndicated credit facility will 
be forthcoming. Meanwhile, 
the government has turned 
down an offer by Anglo Ameri- 
can Corporation of South 
Africa to lead a consortium 


that would develop Konkola 
Deep as an independent joint 
venture - relegating ZCCM to a 
minority role. 

Anglo American is disap- 
pointed. As ZOOM'S main 
minority shareholder, having 
retained a 273 per cent stake 
in the company following 
nationalisation, the South Afrir 
can mining house is as anxious 
as the government to get Eon- 
kola Deep off to an early start 

The first report on ZOOM’S 
privatisation options, funded 
by the World Bank, was a dead 
letter almost before it i«nd«i 
on ministerial desks in Octo- 
ber. 

Its central recommendation 
was to split ZOOM into five 
operating companies and to 
privatise them separately. 

Ktenbaum Development Ser- 
vices of Germany, the authors 
of the study, believe the 
carve-up would mammae the 
number of new investors in 
ZOOM'S diverse operations, 
while avoiding the politically 
unpalatable option of handing 
the nation's copper wealth to a 
single overseas mining house 
or consortium. The $300,000 
report was rejected by the cabi- 
net, which has ordered another 
one. 

“We do not believe the 
break-up of ZCCM is the best 
option," President Chiluba said 
in an interview. Mr Shamutete 
was more -forthright: It was a 


rushed job, poisoned by inter- 
ested parties, with shallow con- 
clusions.” 

Anglo American is also 
opposed to the dismemberment 
of the company. Mr Anderson 
Mazoka, Anglo's managing 
director in Lusaka, believes the 
company would be better man- 
aged as a single entity. “The 
break-up of ZCCM would lead 
to the rapid closure of the less 
profitable divisions," he says. 
He believes the negotiations to 
sell off separate units would be 
long and costly and would 
open opportunities for corrup- 
tion. Few doubt that if ZCCM 
were to be privatised intact, 
Anglo American would become 
the controlling shareholder. 

Mr Shamutete says he is not 
an opponent of privatisation, 
but he wants to be given a 
chance to box ZCCM into 
shape before it is offered for 
sale. 

"ZCCM was bled to death 
under the previous administra- 
tion," he argues. Its profits 
were milked by the govern- 
ment to diver s ify the economy, 
as a result of which ZCCM 
became the owner of a host of 
subsidiaries with no direct 
bearing to its core business. 

All this is changing. The sub- 
sidiaries have been cut off and 
are slated for privatisation. A 
copper trading company in 
Britain has been closed down. 
Some 806 senior staff jobs have 


gone, and ZCCM has just 
reached agreement with the 

\frre > w n rfrc»rg ’ T Tninm of Zamb ia 

to shed 10,000 jobs - one fifth 
of the workforce - over the 
next two years. 

Mining analysts, however, 
believe Mr Shamutete 's recov- 
ery plan may have come too 
late In the day to save ZCCM. 
Output has continued to 
decline and efforts to reduce 
production costs have only met 
with partial success. 

At 82 ITS cents for each 
pound of copper. ZOOM’S pro- 
duction costs almost double 
the outlays of mines, 

the world leaders in copper 
pro duction. State-owne d 
Codelco Chile, for example, 
produces more than twice 
ZOOM’S copper output with 
half the number of ZOOM'S 
employees. The comparison 
becomes even more unfavoura- 
ble when one adds ZOOM’S 
overheads and heavy debt-ser- 
vicing burden, which add 
another 20 per cent to the cost 
ctf Zambian cower at the mine 
gate. 

Low copper prices drove 
ZOOM’S operations into the red 
last year. The company posted 
a net loss of K72.6hn ($99m) tor 
the year ended March 1994, but 
Mr Shamutete hopes the recent 
rebound in world prices and 
his cost-cutting measures wifi 
restore ZOOM'S profitability 
over the coming months. 


T he sale of two substantial 
state enterprises - Chi- 
Tangw Cement and 7am- 
bia Breweries - is a break- 
through for the slow-moving 
privatisation programme. The 
two sales provide a model for 
future privatisation of medium 
and large companies: both 
divestitures involved complex 
preemptive rights negotiations 
with the previous owners and 
both plan to offer some of their 
equity on the Lusaka Stock 
Ex change to ZaTwhian inves- 
tors. 

An independent trust fund 
has been set up whose chief 
task will be to "warehouse" 
equity in state enterprises, sell- 
ing the shares to Zambian 
investors, both Institutional 

and individual. The Privatisa- 
tion Trust Fund has been 
offered 30 per cent of the 
equity in Chilanga Cement for 
on-selling to the public, not 
necessarily in a single transac- 
tion. 

The Fund is looking closely 
at the technique used by 
Ashanti Goldfields to sell 
equity to Ghanaian Investors 
as a possible model for Chi- 
langa and the others that will 
be sold in the next three years. 

Until these two deals went 
through, the Zambia Privatisa- 
tion Agency’s track record was 
unimpressive. Some 158 compa- 
nies are to be sold in seven 
tranches, with the first three 
tr anches dominated by small 
and medium-sized enterprises. 
By the end of August, only 12 
sales had been completed, 
while a handful of others 
required approval from the 
Commissioner of Lands or 
were awaiting legal rulings. All 
but Chilanga ffzim) and Zam- 
bia Breweries ($19.5m) were 
minor sell-offs. 

Privatisation is always tricky 
politically, especially where 
political support is as problem- 
atic as was the case in Zambia 
until Mir Dipak Patel, minidw 
of commerce, and a privatisa- 
tion enthusiast took up office 
this year. His nwimihnmt to 
the prog ramm e is be ginning to 
pay dividends in the form of 
accelerating progress. 

Other obstacles included 
punishingly high Interest 
rates, making it much more 
attractive to hold Treasury 
Bills than invest in real assets; 
the absence of a capital market 
capable of mobilising resources 
for takeovers; and the complex- 
ities of the process itself. 

The bulk of the potentially- 
attractive properties involve 
preemptive right negotiations 
with the original owners. The 
agreements under which these 


enterprises were nationalised 
favoured buyers with pre-emp- 
tive rights because, for from 
envisaging the return of such 
assets to private ownership, 
the government of the day saw 
itself as the eventual pur- 
chaser. These agreements have 
come back to haunt the ZPA. 

While it is encouraging that 
virtually aH the former owners 
with pre-emptive rights are 
anxious to exercise their 
options and regain control of 
the businesses, there is often 
wide disagreement on prices. 
The ZPA says that in berth the 
Chilanga and Breweries cases, 
the buyers eventually accepted 
ZPA’s valuation. 

A deadline of November 25 
has been set for bids for sev- 
eral companies being offered 
for sale - including Northern 
Breweries at Ndola, some 
hotels including the five-star 
Pamodzi Hotel in Lusaka, two 
state-owned edible oQs compa- 
nies, and trading companies 
with chains of retail outlets 
around the country. 

The agency says it will have 
broken the back of privatisa- 
tion, disposing of 113 (the first 
three tranches) of the 158 par- 
astatals, by mid-1995. Many erf 
these are small operations 
- stores and dry clean- 


ers - which can be processed 
speedily. Large operations, 
most of which involve negotia- 
tions over pre- emptive rights, 
will take longer to resolve, 
while the requirement to offer 
30 per cent of the equity to 
Zambian investors in most, 

aWTvmgVi not all cawog, IS alsn a 

potential constraint 
The final four tranches 
include some significant 
operations in the financial sec- 
tor (Zambia National Bufiding 
Society, the State Insurance 
Corporation), transport (Con- 
tract Haulage), and manufac- 
turing (Dunlop, and Nitrogen 
Chemicals). 

S till to be tackled are 
leading utilities - Posts 
and Telecommunica- 
tions, the oil refinery and the 
railways, although even these 
pale into relative insignifi- 
cance alongside the crunch 
issue of ZCCM. 

The commitment to offer 30 
per cent to Zambian investors 
where feasible and the predom- 
inance of pre-emptive right 
investors, outside the utilities 
sector, implies only a limited 
role for new foreign investors, 
including emerging market 
funds. Since its launch early 
this year, the Lusaka Stock 


Exchange's activities have 
been largely confined to trad- 
ing existing shares in a hand- 
ful of foreign-owned companies 
and parastatals - Standard 
Chartered bank, the most 
active, Bata Shoe, Rothmans, 
ZCCM, Zambia Sugar and Chi- 
langa Cement. Turnover Is 
very low, although this has 
been boosted by trading in 
closed-end property funds. 

The exchange has two brok- 
ing firms as members while 
another four or five have 
applied to become licensed 
dealers in anticipation of more 
active market conditions once 
the Privatisation Trust fund 
starts offering shares to local 
investors. 

Dealers say that investors 
have been "warmed up" by 
attractive opportunities in 
Treasury Bills. With yields fall- 
ing dramatically in recent 
weeks, institutions and individ- 
uals are looking for new 
investment vehicles. The trick 
now is to get companies to 
seek a listing and sell shares 
through the exchange. 

The best short-term bet is 
privatisation, with Chilan- 
ga - expected to issue shares 
via the Trust fund -likely to 
be the first formal listing next 
April. To speed up the process, 
the government would be well 
advised to take a leaf from the 
Mauritian book, offering fiscal 
incentives to companies and 
investors alike to participate 
on the exchange. 

With no equity on offer, 
there will be little to interest 
emerging market funds in the 
near term. Mining aside, the 
same has been broadly true of 
direct investment, where the 
main participants are Zambian. 
and not foreign, companies. 
After a slow start in 1992, the 
Zambian Investment Centre 
licensed 376 projects worth 
$314m last year, and a further 
16S valued at $U0m in the first 
half of 1994. Ironically, given 
the volume of complaints from 
industrialists, manufacturing 
has been the lead sector 
accounting for nearly 40 per 
cent of the total, with agricul- 
ture ($115m) responsible for 
just over a quarter. 

However, Mr Kevin Moore, 
director-general, says that the 
investment climate is “a lot 
better than a year ago”. The 
main incentives are corporate 
tax rates of only 15 per cent on 
form profits and on warnings 
from nmirtraditirmfll (nan-min- 
ing) exports. Investors do not 
have to go through the centre 
but the advantage is that the 
licence guarantees property 
and employment rights. 



K: ; • ‘V --4 

, -"?v£ . • 




With over 120 branches in 22 countries, vx're Africa’s malt 
asensae commercial banking network Mon extensive, 
in. fact, than any axneas bank. And trith an bureau 

in hur deposit bate during the last right 
j 'months, rise its fastest graving. 


You^Jari oar office in the waidi mopr financial centres 
-including New York, London, Hamburg , Paris, and 
Johannesburg - to facilitate all ef yoar international 
transactions. Contact us here or abroad, and 
let us shots you mhy Africa is our business. 



L 


meridien biao 

The Pan African Bank 

A subsidiary s/Mfldien. Corporation 


I 

•Opomogmim ■ 


„ . .. „ CeBf „ Bo;l 37158 L«ik.. ZAMBIA Tel; (260) 1 220411/31 F.»; 236499 

rl „cipal Office 56tll S ir.*U He V.rk, N-V. 10022. USA Teh (001) 212 980 SHO F,^ 753 3715 


Meridien Corpora..*-. “”‘7 Loado 

M.I.C.C.L., 20 51- • Sireei. 


5W1A 1 ES. ENGLAND Tell (071) 321 0)24 Fas: 32 1 0508 



Suntan) Chartered first opened for business in Zambia in 
1906, and today our local banking subsidiary bas more than 20 
offices there. They are part of a Group network of some 28S offices 
in 13 African countries — and over 700 offices in more than SO 
countries worldwide. 

With deep roots in Zambia, and extmsive links into both the 
emerging and the developed world, Standard Chartered is ideally 
placed to finance the country's flow of trade. 

It’s not just a question of having people at both ends of a 
transaction. More than an international network. Standard 
Chartered offers you the benefits of international networking — 


pooling the skills and the knowledge of our people, to deliver an 
outflanding service. 

As trade finance specialists, (hose benefits apply as much to the 
practical matter of ensuring the efficient handling of routine 
documentary credits, as to the challenge of devising innovative and 
sophisticated structured financings. 

Buiiding on the strengths of our people and our network, we 
continue to build on our position as a leader in (he financing of 
international trade. 

Standard & Chartered 

tesuftd by Standard Charered Bank, London 


INTERNATIONAL NETWORKING 




12 


FINANCIAL TIMES MONDAY OCTOBER 24 1 «->4 


★ 

ZAMBIA IV 



Tourism: destinati on for travellers rather than tourists 

real Africa’ 


D avid Livingstone 
devoted only one para- 
graph of his journals to 
the Luangwa valley in eastern 
Zambia. He trekked through 
the plains in December 1866 
and must have had a miserable 
time: December is the height of 
the rainy season, when dry riv- 
er-beds overflow with treacher- 
ous waters, mosquitos thrive, 
and trails are washed out 
Had he chanced upon 
Luangwa in the dry season, he 
might have been more elo- 
quent about the richness of its 
wildlife, the variety of its tropi- 
cal hardwoods and the mysteri- 
ous aphrodisiac properties of 
the Sausage Tree. But as it 
turned out, it was the Victoria 
Falls which captured Living- 
stone's imagination, and the 
Luangwa Valley, confined to 
obscurity, remains one of 
Africa's best-kept secrets. 

More than a century later, 
Zambia re mains a destination 
for travellers rather than tour- 
ists. Shoddy state-run hotels, 
bad roads and an unreliable 
state airline discouraged many 
would-be visitors. Tour opera- 
tors estimate that fewer than 


‘The 

50,000 genuine tourists visit the 
country each year. 

Tapping Zambia's tourist 
potential has not been one of 
President Frederick Chiluba's 
priorities. The new govern- 
ment's cost-cutting measures 
have left little room Tor 
revamping Zambia's dilapi- 
dated tourist infrastructure, 
while the National Hotels 
Development Corporation has 
been dissolved. Its demise has 
left many hotels, particularly 
in rural areas, bereft of ade- 
quate funding. Most of them 
have now been slated for priva- 
tisation. 

The private sector has 
decided to make a virtue out of 
necessity, promoting Zambia 
as “the real Africa" - a vast 
land untar nished by package 
tours, big hotels or zebra- 
striped minibuses. A number 
of private hotel groups are 


beginning to ewnnine new ven- 
tures. with 33 new lodges 
p lanne d for the national parks. 
In Lusaka, Standard Mer chant 
Bank of South Africa and 
Anglo American Corporation 
are investing $6m to revamp 
the 40-year-old Ridgeway Hotel, 
one of the capital's landmarks . 
For the foreseeable future, 
however, Zambia is likely to 
remain a destination for the 
adventurous traveller. 

T he first walking safaris 
in Africa, pioneered by 
Mr Norman Carr, a 
game ranger in the British 
colonial service who helped set 
up Zambia’s national parks, 
began in the Luangwa valley 
more than 20 years ago. The 
tradition has been continued 
by Wilderness Trails, which 
run Chibembe Safari Lodge 
and NsefU Camp in the heart of 


the South Luangwa national 
park: 

For those with steady 
nerves, nothing can quite 
match the excitement of com- 
ing face to face with a herd of 
40 elephant, or fording a river 
teeming with hippos and croco- 
diles. The danger, say Chi- 
bembe’s guides, is more imag- 
ined than reaL In 20 years of 
organising walking safar is not 
one tourist has been mangled 
by lions. But an armed game 
park ranger accompanies the 
typical three-day expedition for 
good measure. At night, it is 
common to hear the gruff pant- 
ing of leopard stalking their 
prey and baboons barking ner- 
vously at the proximity of 
predators. Hippos emerge from 
the Luangwa river to graze. It 
is best to give them a wide 
berth -they are unpredictable 
beasts which can charge with a 


speed that defies their bulk. 

While Zimbabwe has tended 
to attract the majority of visi- 
tors to the Victoria Falls, sev- 
eral private operators have 
begun to offer interesting alter- 
natives on the Zambian side. 
Tongabezi Safaris has exclu- 
sive access to Livingstone 
Island, perched right on the 
edge of the Falls, where a max- 
imum of eight guests are fer- 
ried by inflatable dinghy or 
canoe. Livingstone camped on 
the island when he first “dis- 
covered” the Falls in 1855. 

Tongabezi also organises 
white water rafting in the 
gorges of the Zambezi, down- 
stream from the Falls, as well 
as boating and canoeing in the 
quieter stretches of the river. 

Where to stay: Lusaka 
Pamodzi Hotel tel: 252255. 
251575, 253351 Ndola Mukuba 
Hotel tel: (02) 655545/9. fax: (02) 
655729. Livingstone Tongabezi 
Lodge teL'fltt) 323235, fax:(03) 
323224. Luangwa Chibembe 
Safari Lodge c/o Wilderness 
Trails, PO Box 35058, Lusaka 
tel: 220112/5. fax: 220116. 

Leslie Crawford 


Business visitors guide 


“Zambian secretaries move as 
if they are walking under 
water.” complained an impa- 
tient business visitor. 

Part of the explanation for 
the apparent lassitude may lie 
in an exhausting journey into 
work on a poor public trans- 
port system, or poverty, or 
debilitating diseases such as 
bflharzla. 

But it is only part of the 
explanation. 

Few nations are as easy-go- 
ing. good-humoured and cour- 
teous as Zambians who live life 
at a pace that might be 
described as relaxed. 

Visitors would be well-ad- 
vised to move Into a different 
gear themselves. Impatient 
drumming of fingers, clicks of 
irritation, or harsh words in an 
attempt to chivvy a slow-mo- 
tion secretary may release the 
visitor's tensions but seldom 
bring results. 

Far better, instead, to toler- 
ate an erratic phone service, 
rickety taxi, a less -than- re li- 
able internal air service, and 
live life at a different pace. 


For a start, consider staying 
out of town, rather than at 
Lusaka's city-centre hotels. 

Direct international dialling 
from the rooms is not possible, 
and operator-connected calls to 
London, for example, are 
charged at a hefty $9 a minute. 
(But beware the Savoy Hotel in 
Ndola. which levies a mini- 
mum $45 for three minutes to 
the UK) 

An alternative to staying in 
the heart af the city is to book 
one of the 12 thatched 
rondavels (round huts) at 
Lilayi Lodge, (tel: 230326/ 
228682-3 tax: 222906) a private 
game park 20 minutes' drive 
from Lusaka. 

The rondavels have no 
phones, but considering the 
erratic nature of Lusaka's 
telephone system, and the 
huge sur char ges, that may well 
be an advantage. 

Essential reading is the 
Chamber of Commerce and 
Industry house magazine, 
Profit . 

It is an excellent source of 
information, and pulls no 


punches. Published monthly, it 
is worth ordering back copies 
- at about S2 an issue. Half an 
hour's reading will leave you 
well briefed ltd: 252369. fax- 
252483). 

The business visitor with 
time to spare should not miss 
the opportunity to visit the 
Victoria Falls. Take your 
passport and cross over to the 
Zimbabwe side. where 
amenities - and the view - art- 
better. 

Or stay on tho Zambian side 
but retreat to Tongabezi (tel: 
3- 323235 , fox: 323224), a small 
privately-owned lodge 25km 
upstream from the Falls. 

The five tented cottages and 
three houses on the curve or 
the Zambesi are only a few feet 
away from the river bank. 

Zambian handicrafts can be 
bought at Zintu. at tho 
Ridgeway Hotel. 

Visitors should take 
precautions against malaria, 
and remember that Aids is 
widespread. 

Michael Holman 


Useful numbers (IDD access code + 260-1) 


Diplomatic Missions 

European Union - - tel: 25071 1 

Britain - tel: 251133 

United States tel: 228595 

Japan tel: 228495 

France tel: 287677 

South Africa tel: 22B443 


Airlines 

British Airways tel: 228337 

Zambia Airways tel: 250777 

South Africa Airways tel: 223653 

(Airport tax: USS20) 


Banks 

Bank of Zambia tel: 228888 

Barclays tel: 228858/224705 

Commerce tel: 229948-57 fax 223769 

Finance tel: 229741 fax: 227544 

Meridien B1AO tel: 229464/71 fax: 223997 


StanbiC tel: 229071/3 229285/6 

Union Bank tel: 229392/6 lax: 225665 


Hotels 

Lusaka Intercontinental tet: 250503 lax: 251880 

Pamodzi tel: 254455 fax: 254005 

Ridgeway lei: 229222 fax: 223568 

Lusaka Hotel tel: 229049/52 fax: 225725 

Andrew's Motel tel: 272532 lax: 274798 

Ndeke tel: 229074/5 

Ndola: Mukuba tel: 655545/9; 

Savoy tel: 611097/98 


Livingstone; Musi-OTunya Inter-Continental 
tel: 32112/7 fax: 321 128 


Car hire 

Big Five tel: 288971 fax: 289362 

Travelcare tel: 226696 fax: 222098 

Zinguilla tel: 227729/227730 fax: 227729 



monoculture left small termers vulnerable pwuwJbrncaMtMtam 


F ollowing the deregulation 
of agriculture. Zambia 
was flooded with imports 
of cheap eggs from Zimbabwe. 
Zambian consumers were 
delighted, but farmers were 
aghast. Had the farmers got 
their way, egg imports would 
have been banned. But in Zam- 
bia's newly liberalised econ- 
omy, a ban was out of the 
question. So Zamhian farmers 
decided to investigate the rea- 
sons for the price difference. 

They discovered that in Zim- 
babwe, chicken feed was 30 per 
cent cheaper than in Zam- 
bi - and was of better quality, 
too. In Zimbabwe, 100 hens lay 
on average 75 eggs a day. 
whereas their sisters in Zambia 
produce only 50. 

Zambian farmers began 
importing stockfeed from Zim- 
babwe. which in turn com- 
pelled Zambian millers to 
lower their prices and improve 
quality. As a result, Zambian 
farmers are selling more eggs 
today than in the bad old days 
of state controls. 

The example may sound 
insignificant, but it goes to the 
heart of the painful adjust- 
ments which have been 


Leslie Crawford reports on the agricultural sector 

Painful adjustments required 


required of Zambia's agricul- 
tural, sector since President 
Frederick Chiluba did away 
with import controls, protected 
markets and subsidised credit 
There is no doubt that Zam- 
bia's 4Q0odd commercial farm- 
ers are hurting. Financial 
deregulation caught them 
unawares. Most borrowed 
heavily when interest rates 
were capped, and an now crip* 
pled by the escalating cost of 
servicing their debts. 

“Liberalisation has come at a 
fast and furious pace," says a 
leading commercial farmer in 
Zambia. “Borrowing is now 
punitive, but few farmers are 
willing to adjust" 

Farmers . be says, bad grown 
accustomed to cheap credit, 
holiday cottages and expensive 
cars. Under the previous 
regime, there was little incen- 
tive to invest one's own capi- 
tal, or shed unproductive 


assets. The deregulation of 
agriculture has, however, not 
proceeded as smoothly as the 
government would have 
wished. Agriculture officials 
admit they overestimated the 
ability of Zambia's small pri- 
vate sector to fill the vacuum 
when state marketing monopo- 
lies were abolished overnight. 
Most potential traders say they 
have been discouraged from 
entering the market by the pro- 
hibitive cost of credit 

A s a result vast regions 
of Zambia are now- 
bereft of marketing 
c hannels through which small 
fanners can sell their surplus 
produce. And is the rich farm- 
land of eastern Zambia, one 
private trading company oper- 
ates as a de facto monopoly, 
dictating the price it is pre- 
pared to pay for maize, wheat 
and oilseeds, in much the same 




A Vision For 
The Future 


Lonrho Zambia has its sights set firmly on the future in Zambia 
from the intricacies of regional trade to the development of 
a long term and sustainable agricultural business policy. 
Lonrho is committed to Africa and especially to Zambia where 
our involvement in Agricaudrue, Manufacturing, Motor Trading, 
Construction, Mining and Hotels and Entertainment goes bock 
many decade. It Is from this foundation of success and 
partnership that Lonrho is building for the future with 
projects that will help map the future success of the Nation. 

Lonrho is committed to Zambia with 
a new vision for I the future. 
A vision of success and a 
vision of partnership 



LONRHO 

ZAMBIA 



Commerce Bank is years ahead in modern banking systems. 
No more Deposit SHps 

When you deposit cash, you receive a computer printed 
receipt and your account is instantly updated. This 
system curbs frauds. 

Folly Computerised 

All our services, including our counters, are fully 
computerised. 

Bulk Cash Room 

A separate room for the convenience of bulk cash 
depositors. 

Friendly and Accessible 

All these modem systems have not made us fbrget the 
most i mpo rt ant banking service— the friendly smile I 



Commerce Bank Limited 

(Registered Commercial Bank) 


627 South End Cairo Road 
P.O. Box 32393 
TeL 229948 -57 
Tctoc ZA 407 1 5 / 407 1 8 
Fax: 223769 Cables Broom 
LUSAKA. ZAMBIA 


A Bank With infinite Possibilities 


way as the state marketing 
boards did in the past 

Ms Lucy Muyoycta, Oxfam's 
resident representative in 
Lusaka, believes the handover 
of agricultural credit and mar- 
keting to the private sector has 
been a disaster. Commercial 
banks are unwilling to extend 
credit to small farmers because 
the vast majority of the popu- 
lation has no legal title to land. 

Oxfam runs two projects 
which extend soft credits and 
agricultural inputs to some 
3,000 families in eastern Zam- 
bia. Farmers repay the loans 
when the harvest is in. But 
erratic weather last year led to 
a high number of loan defaults. 
And by Ms Muyoyeta's own 
admission, the help that aid 
charities such as Oxfam can 
give is but a drop in the ocean 
compared with the needs of 
Zambia's 4m rural dwellers. 


"We need far greater invest- 
ment in rural areas," Ms 
Muyoyeta says. “Roads must 
be improved, credit must be 
targeted to low-income farmers 
and storage facilities built. 
Farmers must also be encour- 
aged to diversify into cash 
crops." 

With 9m hectares of good 
arable land, only one-fifth of 
which is utilised, Zambia's 
agricultural potential has 
barely been tapped. Ms Muyoy- 
eta believes the maize mono- 
culture, promoted during the 
Kaunda years, hag left small 
farmers vulnerable to competi- 
tion from cheaper imports. 
European Union “food aid", as 
well as the vagaries oi the 
weather. During the last sea- 
son, which ended in June, 
maize buying agents appointed 
by the government bought 
farm produce with promissory 


notes. The redemption of these 
notes came too late into the 
new planting season For farm- 
ers to buy seeds and fertiliser, 
while some fanners were not 
paid at all. 

To avoid a repetition of 
1993's maize marketing fiasco, 
the government has relieved 
the principal buying agents of 
their duties and made clear 
that the country now relies 
upon private buyers to fill the 
maize supply gap. Thus year, 
however, the government is 
extending credit to maize buy- 
ers through a revolving fund 
which will be operated by com- 
mercial banks. 


for news end 

views aboof 

Zambian business 

and the Zambian 

Onto to AnockMd Printed Ud [Prafh Sata) 
FO to 32104 luufca Zmnbia 

Enter my Mbmptal far 12 aMnfo 

Poytaart aadoiad 

Na of ooptu at US* 120 

pronnmir c J i rr n \ p 


C^V 1 1 w l 1 1 1 L V. 1 J 1 1 • LJ 1 'Z 

subscribe fo 


Job iitin 

p rm f i f 


r l w l it 

the only Zambian 
business monthly 


Tatnphnnn far. 

E3ISS99SI 



Interested 
in Africa? 

If you worn io 
know the good j 
news as well % 
as the bad jfjH Mi 

about Africa. 
the prospects as well as 
the problems, you need 
, Africa Athilym the unique 
bulletin covering the 
entire continent. 

• Stock market coverage 

• News review 

• Business guides 

• Exchange con i ruts 

• Key events analysed 
Reliable and readable 
fortnightly Subscription 
only (£3aSp.a.| 

Fjr.wxir.frir umpie u-py 
amucf' Africa Analyst*. 

1 1 1 Fleet street, 
tendon ECM JAB 
Tel: (441+171) JVM 117 
I Fax: (+J1 t-(7lj J5M5I6 



WE ARE ALSO STOCKISTS OF: 

W IMPORTED TYRES 
12R - 22 JS. T/L 
11R - 22J5 T/L 
1100-20 SP539 

(b) CONSUMER AND INDUSTRIAL PRODUCTS: 

V-BEL TS RUBBER FLOOR TILES 

VINYLEX TILES ADHESIVES & GLUES 

MINING HOSE DOMESTIC HOSE 

CAR MATS p.T. AND S PLUMBER TRAPS 




ZAMBIA 

DUNLOP STANDS FOR QUALITY AND SERVICE 


NDOLA - HEAD OFFICE 
P.O. BOX 71650 
TEL: 654O780 
TELEX: ZA£41 10 
FAX: 650138 


LUSAKA DEPOT 
P.O. BOX 30781 
TEL: 229063/64 

TELEX: ZA. 42320 

FAX: 221590 


KITWE DEPOT 
P.O. BOX 21325 
TEL: 214066 

TELEX ZA.51130 



Quid 


FINANCIAL TIMES MONDAY OCTOBER 


24 1994 


ZAMBIA V 


Michael Holman and Leslie Crawford interview President Frederick Chiluba 


Michael Holman examines the political scene 


‘We are on the right track' Kaunda considers a comeback 


Question: Structural 

adjustment is proving a pain- 
nil process for Zambia: is the 
medicine too strong for the 
patient? 

Answer I agree it is a very 
painful process, and people 
complain quite a lot But they 
also understand that we have 
to lay new foundations for an 
economy that had been devas- 
tated. 

When we took office, infla- 
tion was running at 400 per 
cent Today inflation is down 
to 30-35 per cent; there is fi sc a l 
disc ipl ine . New roads are tyin g 
bufld, old roads being repaired. 

There are drugs in hospitals 

and desks in the schools. We 
are on the right track. 

Yet infant mortality has risen, 
life expectancy is falling. . . 
Those are symptoms of the sys- 
tem we inherited. The struc- 
tural adjustment programme is 
not the cause of Zambia's prob- 
lems. It is diagnosis, and it 
requires bitter mwlieing , 
Zambia’s external debt per 
capita is one of the hi giwat fan 
the world: is thin compatible 
with economic recovery? 

It is a tug problem. I regard it 
as a form of punishment, and 
lack of confidence on the part 
of the international commu- 
nity. Having got rid of an auto- 
cratic government and intro- 
duced democracy, we are 
burdened by debts incurred by 
the previous regime. 

What is your response to the 
manufacturers’ complaint that 
Zambia's industrial base is 
being undermined by high 
taxes on raw materials? 

I think these fears will subside. 
Protective tariff barriers are 
not the answer. The answer is 
a level playing field. 

We support regional 
co-operation and we have 
insisted on the removal of tar- 
iffs. Some countries have more 
to do, but we would rather 
urge them to remove those tar- 
iffs which are making competi- 
tion unfair than start a trade 
war. 

Is it not time to abolish the 23 
per cent duty on imported raw 
materials? 

We are considering this. Reve- 
nue collected is small At the 
same time industry has for too 
long been protected, and manu- 
facturers have to become more 
competitive. 

Agriculture is also in severe 
difficulties, with perhaps one 
third of commercial farmers 
bankrupt. Shouldn’t the 
adjustment programme take 
more account of the strain 
Zambia is under? 

I understand the IMF and the 
World Bank, and how they 
work. They want their money 
back even if it doesn’t come 
back quickly, because there 
are other countries in need. 
One thing i have learned from 


& $ 



Prostdant CtiBubs We have to lay now foundations’ 


IMF and the Bank Is to move 
away from consumption to pro- 
duction, to move from waiting 
to doing something on my 
own. 

That spirit I embrace. No one 
will came and rebuild our shat- 
tered country. We must do that 
with our own sweat and blood. 
We must learn to take the ini- 
tiative. 

At the same time, the IMF 
and the Bank must understand 
there are a lot of conditions 
that may be appropriate in 
lAtin America, but not Africa. 
They must able to adapt and 
understand local conditions. 
That is a matter we have to 
negotiate with them - they 
cannot say Take it or leave It' 
Are you satisfied with the pace 
of privatisation? 

About 13 companies have been 
privatised including Zambia 
Brewery and Chilanga Cement 
but it’s a long, slow process 
-not because of bureaucratic 
inertia. You cannot force peo- 
ple into buying what they are 
not interested in. 

Meanwhile we have 
launched the Lusaka stock 
exchange, which helps the pro- 
cess. We want to ensure trans- 
parency, encourage manage- 
ment-worker buy-outs, for 
example, and show that the 
benefits of privatisation are 
not confined to the wealthy. 
Has the government decided 


FACTS 


Area 752,61 4 sq km 

Population 8.94m (1993 estknate) 

Head of state President Frederick Chituba 

Currency — Kwacha (K) 

Average e x cha n ge rate 1993 $1=K434.8; (14/1Q/94=K688.5) 

ECONOMY 1B93 Ufa*- 

Total GDP (Sbn) 3.3 ".a. 

Reel GDP growth (%) 9-2 0.2 

GDP per capita 111 

Total external debt ($bn) J* 

Current account balance $m) — "258 -*suu 

Trade bMance (Sm) +2U +23 ° 

* =, 1994 figures (BU forecasts for year except reserves (Mart 
ami discount rate (July)- 

Source: IMF, World Bank, Economist Int etBgenca Unit. 


on a timetable for the 'privati- 
sation of Zambia Consolidated 
Copper Mines, and whether it 
will he unbundled? 

ZCCM for us is the centre of 
economic activity. Although 
we have the Kienhaum report, 
there may be other reports. We 
do not want to depend on just 
one group of experts, and we 
do not believe that the 
break-up of ZCCM is necessar- 
ily the best option. 

And tiie timetable? 

It all depends on how we work 
things. There are new sources 
of copper, like Konkola. We 
want to attract private invest- 
ment in this one particular 
area. It is much ririier than 
anything elsewhere. 

So what are your plans for 
Konkola? To hive it off as a 
separate company? 

We want to make it as a kind 
of subsidiary to ZCCM. and 
that will mean that private 
investment will go in without 
tying it into the existing 
arrangement It's an option. . . 
Might the timetable extend 
beyond the next election? 
Certainly. But in the mean- 
time, once ZCCM has been 
properly capitalised, there will 
be more production, and job 
creation will grow. . . 

But yon won’t get tins without 
foreign capital and privatisa- 
tion. 

Surely... 

And have you not reached the 
stage where ZCCM can hardly 
manage to meet its operational 
costs? 

There have been improve- 
ments. We have reduced unit 
production costs from 82 US 
cents a pound to 74 cents. 
Unfortunately, the price of cop- 
per fell which upset forecasts, 
but slowly the situation is 
shaping up for the better. We 
can only hope prices don’t fall 
a gain; 

Meanwhile production has 
fallen. 

The accumulated costs and 
problems to be tackled meant 
that we could not have man- 
aged a quicker pick-up. 
Allegations of corruption and 
claims that minister have been 
involved in drug running have 
undermined the reputation of 
your government What are 
yon doing about it? 


.... 



?? 

to ■ * ~ ■ 


THERE’S ONLY ONE WAY TO SPREAD YOUR ROUTES 
DEEP INTO AFRICA WITHOUT CARRYING CASH. 


GET A GREEN CARD. 


. I ’ 

i M 




Sum m be aralU* **> ««* «*•"»«* ta ^ *' * 

ahxad* wridiyiltuU far, maw wr. ■» , 

MF j** in Small Africa. 1S> watt /IrnWwv. Mjbwu 

SUnl u*** man.-*** “ “« BUS 
f**an*wma* bff»Uunw hu-dUbix-d 

hr hi fl dceil'.i'uitttf nt ’ jns » “■ oBaSh 

BP. On tiK' move 


There have been wild allega- 
tions, and when these were 
linked to some ministers they 
offered to resign. But we 
haven't had the slightest con- 
firmation of their having been 
involved. 

Nevertheless, we have intro- 
duced a bSl outlining a code of 
ethics. 

Yet senior members of the 
donor group continue to 
express concern. Can there be 
smoke without fire? 

Under the code, ministers are 
required to declare everything 
they have and how they got it, 
and when. If the donors or any- 
one else provide evidence of 
corruption or influence ped- 
dling, I will investigate. 

After three years in office 
have you become authoritar- 
ian? And it is disconcerting to 
see your official portrait in 
public institutions - it’s redo- 
lent of the Kaunda era. 

I could order them to be 
removed! I think it is a tradi- 
tion, rather than a show of 
being anything. Frankly speak- 
ing, many people have raid I 
am rather weak. I have not 
forced one single issue either 
in party in government No, I 
am not authoritarian. I am too 
liberal to be that I suffered 
long enough under an authori- 
tarian regime. 

Perhaps if you were tougher, 
your party would be in better 
shape -instead it seems to be 
disintegrating. 

No. People ought to under- ! 
stand that we are enmhig from 
an era where everybody was 
oppressed. When freedom 
comes -freedom of expression, 
conscience, association -it is 
disruptive. But there is no bet- 
ter way to develop. 

Never again will one political 
colossus stride the country and 
get rid of the rights of the peo- 
ple. 


It was from Zambia’s copperbelt that 
Frederick rhftub ? launched his successful 
challenge for the presidency, but today ft 
is In this mining and industrial heartland 
that the government is feeing one of its 
toughest tests. 

Come the next general election, due to 
he held by 1996, will copperbelt voters 
stay loyal to Mr Chiluba and his Move- 
ment for a Multiparty Democracy (MMD) 
despite the impact of an economic reform 
programme which has seen formal sector 
jobs cut by anything from a third to a 
half? 

Or will they accept that there was no 
alternative, see light at the end of the 
tunnel, and give Mr Chiluba a second five- 
year term in office? 

Much will rest on the reaction of the 
country's labour aristocracy, the 50,000 
workers on the copper mines. The gov- 
ernment is set to privatise the state- 
owned Zambia Consolidated Copper Mines 
(ZCCM), an exercise which is likely to see 
the existing work force cut by at least 
10,000 - possibly twice that 

It was during in the late 1970s that Mr 
Chflttba emerged as a potential challenger 
to founding president Kenneth Kniwiia, 
drawing on two overlapping constituen- 
cies. As leader of the Zambia Congress of 
Trade Unions, he indirectly represented 
the workers on the copper mines, the sec- 
tor responsible for more than 90 per cent 
of export earnings. 

But the copperbelt is also the strong- 
hold of the Bemba people, one of Zambia’s 
largest tribes. It was Mr Simon Kap- 
wepwe, once Mr Kaunda’s deputy, who 
was to lead opposition to the one-party 
regime until his death in January 1980. 

Mr Chiluba, himse lf a Bemba, assumed 
Mr Kapwepwe's mantle when he and a 
handful of businessmen and politicians 
founded the MMD in April 1990, a coali- 
tion which transcended ethnic divisions 
and embraced leaders from north and 
south. 

The coalition soon broke the one-party 
rule of Mr Kannda’s United National Inde- 
pendence Party (Untp). and won a sweep- 
ing victory in the October 1991 general 
election, Zambia’s first multi-party poll 
for more than two decades. The MMD 
captured 125 seats in tin national assem- 




Kaunda: seeking to revive the fortunes of Untp 

bly, with Uuip winning the remaining 25. 

Three years later, the coalition is 
severely strained. The south is increas- 
ingly associated with the opposition while 
the MMD’s standing fare bran und e rmine d 
by a spate of resignations and dismissals. 

Several of the ministers have fallen vic- 
tim to allegations of corruption, and of 
drug trafficking sedatives for the lucra- 
tive South African market. This sleaze 
factor apart, the MMD is also paying the 
price of imposing long overdue, but pain- 
ful, economic reforms. 

T he impact on the copperbelt, which 
in theory should be the party's 
stronghold, has already been severe. 
The formal sector workforce has been cut 
by at least a third as some companies 
have gone to the wall, and the biggest 
have reduced their payroll by as much as 
a half. 

The toughest cut is yet to come, as 
ZCCM prepares for privatisation. 

The mining onion and the company 
have reached agreement which will see 
the mines' workforce reduced by 10,000 
by mid-1996. 

This may not be enough, however. 
Industry experts believe the new owner or 
owners of the privatised mining group 
will make further cuts. 

Mr Chiluba has vigorously defended the 
programme, reminding ZamMang that the 
MMD hum to power on a platform of 


economic as well as political reform. 

Painful as the economic reforms have 
been, the most serious damage to the gov- 
ernment’s reputation has come from the 

infigh t in g within the administration, and 
the poor performance of many of the cabi- 
net and senior government officials. 

Two cabinet ministers resigned In the 
first wing months, and the ministers of 
agriculture, finance, mines and education 
were dismissed in April 1993. 

Next to follow were the Vernon 
Mwaanga, foreign minister. Nakatindi 
Wlna, community affairs minister, and 
Sikota Wina, parliamentary deputy 
speaker, who resigned in the wake of alle- 
gations involving drug trafficking. 

Last July, vice-president Levy Mwana- 
wasa and Ludwig Soudashi, legal affairs 
minister, also resigned, bringing the tally 
of ministers who have resigned or been 
dismissed to 13. 

Few of those that remain in office have 
the confidence of the donor community. 
On the face of it, the strongest challenge 
comes from the National Party, which ear- 
lier this year elected Mr Baldwin Nkum- 
bnla, 35, son of the late Harry Nknmbula, 
leader of the now defunct African 
National Congress, as its president 

Mr Nknmbula has been striking a popu- 
list note, urging that the mines be kept in 
state hands. 

Opposition also comes from another, 
unexpected source, however. The tribula- 
tions since 1991 have done what might 
once have been thought impossible: cre- 
ated a climate of opinion which has 
allowed Mr Kaunda to seek to revive the 
fortunes of Unip. 

The party had seemed irredeemably dis- 
credited by its autocratic style and Its 
economic mismanagement during 27 
years in power, although it may yet rise 
from the ashes. 

Today, Unip Is led by Mr Kcbby Muso- 
kotwane, a former finance minister, but 
Mr Kaunda, now 70, does not role out a 
return to the presidency. 

Few Zambians rate his chances very 
high. Yet it is a measure of the country's 
mood that its former president is suffi- 
ciently encouraged by the public response 
to his meetings around the country to 
consider attempting a comeback. 


Zambia Privatisation Agency 


COMPANIES FOR SALE 




.SKEwi 


T he privatisation process in Zambia 
has opened up a whole new world of 
opportunity for investment into one 
of Africa's most promising emerging 
economies. Strategically placed on the 
Southern African sub-continent, Zambia is a 
leading light in the economic revival of sub- 
Saharan Africa. 

For immediate sale are the following companies 
with a deadline date for receipt of bids of 
25 November 1994: 

NORTHERN BREWERIES 

(Formerly the Northern Division of -Zambia 
Breweries Limited) 

Northern Breweries is one of the only two 
breweries in Zambia producing a light 
bodied lager beer of international quality. 
The current brewery capacity of 450,000 
hectolitres per annum is undergoing an 
extensive rehabilitation programme 
estimated to cost about US$2 million. The 
investment will increase the annual 
throughput to 750,000 hectolitres. The 
company is located in Ndola on the 
Copperbelt 

PREMIUM OIL INDUSTRIES 

LIMITED 

(POD 

Premium Oil Industries limited (POD, is 
one of the two state owned enterprises 
producing edible oils, fats, soaps and stock 
feeds. The company also produces crude 
glycerine. The range of products of POI are 
well established in the various segments of 
the market The strong brand names and an 
established network of wholesalers and 
retailers give the company's products a 
competitive edge. The company is located in 
the capital city Lusaka. 



-- . * • 


ROP LIMITED 

The company is one of two state owned 
enterprises producing edible oils, fats, 
toiletries, toothpaste and soaps as well as 
being the leading producer of washing 
detergent powders. 

ROP Limited’s products are well established 
with good distribution networks through 
merchants, wholesalers and retailers. 

ROP limited is located in Ndola on the 
Copperbelt 

The following companies wfll be offered for sate 
soon: 

TRADING SECTOR 
This is a one-time opportunity to acquire a 
major leadership position in Zambia’s 
emerging consumer market places and 
private sector. 

The Trading Group includes over 250 
branches, stores and support facilities in 9 
provinces, many strategically located along 
the line of rail. Prime companies are: 

• National Home Stores (NHS) 

• Consumer Buying Corporation of 
Zambia (ZCBO 

• Mwaiseni Stores Limited 

The three leading retail merchandising 
chains in Zambia with a total of oner ISO 
stores, branches, and warehouses selling 
groceries, drygoods, and hard goods. 

• National Drug Company Limited, the 
leading chemist and drug company with 
over 15 outlets and a domestic 

manufacturing operation. 

• Zambia National Wholesale and 
Marketing Company limited. 

The country's largest wholesale 
infrastructure. 


HOTEL AND LODGES 


PAMODZI HOTEL 
The Pamodzi is a 5 star hotel, located in 
Lusaka, occupied mainly by business 
visitors. It has a good reputation among its 
client base for comfort and service, both 
internationally and in the domestic market 
It has 198 double guest rooms, and 3 luxury 
suites with occupancy rates generally in 
excess of 60 per cent Guest facilities include 
3 restaurants, 2 bars, conference centre, 
swimming pool and fitness centre. 

RAINBOW LODGE 
Rainbow Lodge is located on the banks of 
the Zambezi river, in the Musi-O-Tunya 
National Park, with a magnificent, direct 
view over the Victoria falls (one of the seven 
natural wonders of the world). 

Rainbow has 55 rondavels/chalets and nine 
apartments and has a restaurant and 
riverside bar facilities. 

MFUWE LODGE 

Mfuwe Lodge is located on a lagoon within 
the South Luangwa National Park, one of 
the most unspoilt and richly endowed 
wildlife sanctuaries in Africa. It has 24 twin 
bedded guest rooms, and has conference and 
meeting facilities suitable for company 
retreats. It is serviced by the nearby Mfuwe 
airport, which receives both local and 
international scheduled and charter flights. 

CHICHELE LODGE 
Chichele Lodge is located on a hilltop some 
30 kilometres inside the South Luangwa 
National Park. It has 18 twin bedded guest 
rooms serviced by Mfuwe airport. 

The lodges will be offend on a lease basis, rather 
than through outright sale. 




INVEST IN ZAMBIA. 
Africa’s model country, one of the first to experience 
transition to phial politics aid democracy and a leader in 
the implementation of a privatisation programme which 
will establish a market economy led, by the private sector. 
Apart /torn jriwifiwiwn.Zamtato 

polities which hone, in a short period of time, reduced 


exchange controls in Jauar% 1994 made the local currency, 
the Kuxicha, fully connatible. the Zambia P ri vatisation 
Agency has approximately 160 companies drawn from all 



For further information about these and 
other companies' bid procedures, please 
contact: 


The Zambia Prioataatm Agency (ZflU if on autowwious 
Agency of the Government of Zambia. The function of the 
Agency is to plan, implement, and control the privatisation of 
State owned enterprises w Zambia. 

The Chief Executive 
ZAMBIA PRIVATISATION AGENCY 
P 0 Box 30819, Lusaka, Zambia. 
Telephone: 260-1-222858, 260-1-222859 
Thief ax: 260-1-225270 


Yotaff 6 JtuMomt Lusaka 9666 







FINANCIAL TIMES MONDAY OCTOBER 24 1W4 



Heathrow lan dslips 

^ Heavy rain 
caused 
further 
landslips 
near 

London’s ■ 

H ea t hr ow airport at the 
weekend. Earth began 
sappin g into a railway 
tunnel on Friday during 
construction work on the 
£300m Heathrow Express 
RaB Link near Terminal 3 
car park. Tbe Express Rail 
Link, which wfH whisk 
tr av e ll ers train London's 
PadcBngton station to 
Heat hr ow in 16 minutes, 
is due to be completed In 
1997. 


Wan In the dark 

Alitalia warned last week that 
fog coukJ dfcrupftravel to and 
from Mian's Urate airport tits 
winter mom than usual writes 
Andrew H3L 

.The airport has replaced its 
out-dated instrument lancfing 
system which afows 
aircraft to larei when visibffiiy ts 
as poor as lOQn. But sudi ' 
lantfings wfll only be possible \ 
next winter (1995-96), when • 
testing of the new equipment is 
complete. Until that, H* vfsBaiBy 
drops betow 200m, aafnes will 
have to use other exports, such 
as Malpensa (Mian's second 
airport} or Bergamo, or cancel 
fights. Last whiter was 
unusually dear, but fog patches 
are already causing problems - 
for drivers in the MBan area. 


London’s train strain • 

London City 

Jbportctatatt 
tint 

pwangcra 
usinglfs 
services cm 
acW ev big tfmeaavings on 
London farta and 
Londo n P n ia se to trips 
c wii p a naq ivttn oxtsung nr 
connection ■ via Heathrow, 
Gotwfcfc and Stansted, or 
wlththe newE uroto raB 
aervtce via the Channel 
Tunnel, mrOee B/Bchael 
TIioiiih wm Mod * 

- Its cbbns are based on 
p d^b ted travel »*"*» - 
London Oty Airport cloiroa 
'a journey , tim e to Brussels 
of 2 hours 5ts minutes 
agaftrat 4 (tours by 


‘ Eurostaur; and of 2 homos 
mi n u tes to Paris against 
Eurostat's 3 hours 46 
minutes. 

Last week, two Eurostvr 
trains broke down. One 
repl a ce me nt trah raced 
hum Waterloo to Qare du 
Nord in a record 2 hoars BO 
min u tes. This was lO 
minutes quicker than the 
Eurostar Journey time for 
Waterloo-Oare du NonS 
died by London CBy Airport 
ta Its own prom otions. 

bdtiaBy, tickets for the 
■waster sendee, wHoft go 
on sale today, wBt slant at a 
. basic £95 (pre-boohed) fro m 
London to Paris or Brussels 
re tu rn. Eurostar’s offici a l 
s tartin g date Is Moiremher 
14. 



AbBdeen express 
A tow-coat air service Inking- 
Abettieenand London Stansted 
is due to start next Monday. 
Aberdeen London Express (AJa>j 
win leave Aberdeen at 7.15am 
on weekdays, getting 
passengers to Liverpool Street 
by train from Stansted by 
9.30am. in the evening it wS 
leave Stansted at 7pm {6pm bn 
Fridays). Alex is an Aberdeen 
company formed to chaSeoge 
British Airways aid Air UK.- \; - 
which Aberdonians »xi o3 
company executives claim 
charge too much. The new 
company wffl charge £60 single 
and £120 return aid offers a 
£99 return for companies that - 
make block bookings, wfth a 
£95 weekend return. - 


United puPs out 

United AMnes 
says It plans to 
suspend 
services 
between 
London red 
Seattle next April, adding that 
the route was the weakest it 
obtained when It bought the 
London operations of 
now*ddlnct Pan American 
World Airways. 

The . move wffl leave British 
Airways as the only carrier 
offering a scheduled non-stop 
service between the cities. BA 
tires daily to Seattle 
year-round. Untied has been 
frustrated in Its effort to fly 
non-stop between Chicago 
and London, and plans to 
i keep pushing for clearance. 



Likely weather In the leading business centres 

Mon Tu« Wtaf tlw FH 

«w £**«• = c£> 22 82 •£*/* 

| HmgKoog Jjjf 25 27 ^ 28 27 

I Unrfea - 


ftanWmt 


iff' 

13 




a tow forii. jj£ 19 ie 13 & 12 : _■& T 1* 

£ LAogdw 22 22 jjfc 25 29 

| Wto V <jjS) 19 19 W §&> 15 

I puts £?> 14 £ 2 > i* T3 14 13 

liteirt <£>« <£> « 

Mndmum twnpettn* h CoiAa 




Beyond the usual, Of Switzerland 


Smart Guide: Mexico City 


Hotels? 

For years, foreign businessmen 
stayed at the Camino Real 
($200 a night) in Polanco, toler- 
ating its poor service and a 10- 
minute Walk to their rooms in 
return for stunning architec- 
ture and large spaces. But that 
was before the Four Seasons. 

The FOor Seasons ($225) in 
the Zona Rosa opened earlier 
this year, and is booked weeks 
In advance. A few hours spent 
at the front desk will tell you 
who is in town, and a few more 
at the bar will tell you what 
they are doing. 

If you cannot get in, the bor- 
ing but efficient Presidente 
Intercontinental ($250) and 
Nikko ($210), both in Polanco, 
are popular. For the adventur- 
ous. tbe penthouse suite or a 
high-up double room at the 
Ritz ($75) in the historical cen- 
tre offers splendid views. 

What about restaurants? 

The most elegant and expen- 
sive are Champs Elysfies in the 
Zona Rosa and Fouquet’s at 
the Caminn Real where you 
could be in Paris, except that 
the customers are generally 
Mexican politicians. Many 
businessmen prefer the glitzy 
La Galvia in Polanco, with its 
nouuelie Mexican food. 

Pomodora, opposite the stock 
exchange, offers tbe city's best 
Italian food. The current hit 
restaurant is Polanco-based 


Financial view: Mexico City's stock exchange in the Zona Rosa 


tod MUM 


Los Alca traces (Mexican cui- 
sine) where lunch lasts for 
three hours or more. Try to 
book days in advance, but even 
then you may not get in. 

Foreigners like Cicero Cen- 
tenaries in the historical centre: 
Mexican food and mariachi 
music in a converted brothel 
that has little ventilation. 

Is there much entertainment? 
Mexicans have such long 
lunches that they generally 
rest in the evenings. A must 
for the first- time visitor is Gar- 
ibaldi Square, where you can 
be serenaded by mariachi 
bands while drinking tequila. 
The Salon Mexico is the hot 
place to dance, and the trendi- 
est bars are La Tirana and Bar 
Milagro. The even hipper 
Barba Azul in tbe Colonia 
Obrera is recommended for 
those willing to take off their 
business suits. 

The most suitable places for 
a working drink are the hotels- 
Camino Real or Four Seasons.' 

What are the local quirks? 
Mexicans take their time over 
business, and do not look 
kindly on people in a hurry 
Many like to be friendly with 


those they are working with, 
so do not try to pack too much 
into a day. 

Mexicans often keep unpre- 
dictable hours: some work 
from 8.30am to 6pm. others 
from 10am to 9pm. Some never 
take long lunches, others 
always seem to. Be flexible, 
and expect appointments to be 
rea nanged at the last moment. 

How do I get around? 

Taxis are plentiful, but drivers 
often know less about the city 
than a businessmen who has 
spent three days In 1L Use 
hotel cars or bring a ranp so 
you can direct the driver. 

What if I have a spare day? 
The seriously minded would 
spend it in the national archae- 
ology museum, having done 
some homework first. If you 
want to be outdoors, the pyra- 
mids at Teotihuacdn are the 
usual first stop. Or you can 
visit the local Indian market at 
Tepoztk&n (an hour away). 
c j . , v °Jcanic mountain 
at the 

lasiuonable Ciruelo restaurant 

Damian Fraser 


Elegance 

and 

energy 

What is the best part of town 
to stay in? 

Well-heeled business travellers 
head for Polanco, the most 
exclusive and expensive part of 
town, or the Zona Rosa (Pink 
Zone), which is more down- 
market but livelier. The two 
are only five minutes apart, 
and fast becoming one. At all 
costs avoid the south of the 
city, which is up to an hour 
from the b usiness district. 

Polanco is fashionable partly 
because it bears little resem- 
blance to the rest of Mexico. 
The main street, Masaryk, has 
been renamed Rodeo Drive, 
and boasts numerous posh 
shops. Polanco is home to the 
best hntals anti many fina res- 
taurants. and is close to every- 
thing important. The Zona 
Rosa includes the stock mar- 
ket, most of Mexico's brokers, 
and plenty of nightclubs. 


Tradecraft of the frequent flyer 

Michael Holman instructs a Mend in the art of getting on an overbooked aircraft 


W ere it not for me, 
Tubby Fanshawe 
might to this day 
be languishing in 
Lagos, the victim of an over- 
booked flight. 

Tubby, an accountant on a 
three-year pasting to Nigeria, 
had joined me at the check-in 
queue for the British Airways 
flight out of Lagos, the mod- 
ern-day equivalent of being 
evacuated from Dunkirk. As 
Tubby banged on about this 
and that, 1 snapped. ‘Tubby," I 
said, T cannot talk, I'm con- 
centrating." 

“What on earth do you 
mean?" he asked. I told him 
that the explanation would 
have to wait until we were on 
the aircraft. An hour later, gin- 
and-tonie in hand, I introduced 
Tubby to the tradecraft of the 
serious traveller. 

The wiles and ruses cover 
everything from getting 
upgraded and cheap tickets to 
keeping the adjoining seat 


vacant But the six-hour flight 
to London allowed time for 
only one subject perhaps the 
most important skill of all: sec- 
uring a seat on an overbooked 
flight 

Tubby had broken all the 
rules, and it had taken all my 
cunning to get him on the 
flight “Let me ask you a cou- 
ple of questions," I said, in 
between mouthfuls of those 
tasty, coated peanuts that 
make BA’s club-class service 
so enjoyable. “When yon were 
standing in the queue distract- 
ing me, did you notice that 
chappie lurking near the 
desk?" 

Tubby nodded: The bod who 
looked like a cross between a 
moxtre d' and a Heathrow bag- 
gage handler?" 

“Right" I said. “And what's 
his job?" 

“Haven't a clue." 

“BA station manager," I 
told Rim- “Did anything strike 
you about the chap who 


checked you In?” 

“No." said Tubby. “Frankly 
all BA staff look the same to 
me.” 

“He was the one you got 
shirty with at the city office. 
You tut tbe roof when he told 
you your name was not on the 
passenger list" 

Tubby Looked thoughtful T 
wondered why you were so oily 
with him - commiserating 
about the difficult conditions 
they had to work under, power 
cuts and all that." 

Hedrank deeply of his G&T. 
"Certainly helped at the 
check-in desk," he admitted, 
adding. "I expect my member- 
ship of BA’s frequent-flyer club 
helped get me on the flight 
That must count for something 
if the aircraft is full.” 

“Certainly does,” I said. “I 
noticed you have a blue card. 
Very embarrassing. Lowest in 
the pecking order. Deduct one 
point Far better to play the 
experienced maverick who 
scorns Air Mies - score one 
point Silver card, now that's a 
very different matter. Add two 
points. As for gold-card hold- 
ers. they've nothing to worry 
about” 

I warmed to my theme. “You 
had luggage to check in. 
Deduct two points. And while 
we are on the subject, your 
performance at the hotel 
check-out counter this morn- 
ing didn't help.” 

Tubby defended himself vig- 
orously. “That chap in front of 
me was taking ages." 


I sympathised. “Sure as eggs. 
Tubby, the chap in front of you 
who is taking an interminable 
time e xamining bis hotel bill is 
a member of the cabin crew. 
One of life's mysteries. But it 
did not go down well with Cap- 
tain Tyrell when you asked 
him to get a move on because 
you had a flight to catch." 

“How did you know who it 
was?" asked Tubby. 

“Asked the clerk," I told him. 
“It's another card you can 
play. ‘Is Ken Tyrell the captain 
on tonight's flight?* you 
inquire casually at the 
cbeck-in counter. They cannot 
be certain, but you have intro- 
duced the possibility’ that you 
know the captain. You're less 
likely to be bumped off the 
flight list” 

T ubby was getting 
cross. “At least 1 had 
a book to read in 
the queue." 

“Mark of the amateur,” I 
countered. “You miss the tell- 
tale signs of an overbooked 
flight. Body language changes, 
tense whispers into the mobile 
phones . . . seconds con count." 

“But when word got out and 
they formed a scrum round the 
desk, you told me to sit tight" 
Td read the signs. Tubby. 
While you were engrossed in 
that pulp noveL I was chatting 
to the station manager." 

“What about?" 

“1 was asking if first class 
was fiill. 1 had my credit card 
in my hand, thus making it 


clear I was expecting to pay 
and not some cheapskate seek- 
ing an upgrade." 

"But what if there were first- 
class seats available?" asked 
Tubby. 

“I knew it was chock-a-block, 
thanks to a precautionary 
phone call to BA reservations 
this morning. But it's not the 
first-class seat I'm after. 1 want 
to establish myself as a serious 
traveller. I ask the station 
manager to put me on the wait 
list, and its an excuse to give 
him my card." 

Tubby suddenly remembered 
something. "But I saw you 
reading a paperback later!" he 
said. 

“Paperback, yes. Novel, no. 
Contingency planning. 1 was 
consulting ray Official Airline 
Guide. Never travel without it 
Gives all direct scheduled 
flights within Europe. Africa 
and the Middle East. Just in 
case. 1 booked us on this even- 
ing's flight to Addis, with con- 
necting flight to London. Got 
the last two seats." 

Tubby was getting ratty. “At 
least I dressed sensibly for the 
flight." he said, his lurid track- 
suit outfit comfortably accom- 
modating his paunch. 

“Lightweight suit and tie for 
me,” I told him. “Better chance 
of being upgraded." Tubby’s 
eyes lit up. 

"Tell me how . . ." The timing 
was perfect “Mr Holman?" 
said the steward. “Would you 
care to move to the front of tbe 
plane?" 









financial times 


MONDAY OCTOBER 24 1994 


15 


MEDIA FUTURES 




1 


Now in glorious . . . 

Ahce Rawsthom on high-tech stirrings in the world of cinema 


T he duster of emema ? 
around Lincoln Center 
Plaza on the upper 
west side of Manhat- 
tan baa long been a 
New York film buffs, but next 
month it will acquire an added 
attraction when Sony opens a 
complex of futuristic eiTwnw« 
TCie Lincoln Center antm^ 
will Include 12 different thea- 
tres where audiences will be 
able to choose from a wide 
range of movie technologies, 
ranging from interactive fit™ 
to high-definition movies «nd 
the gigantic images of an 
IMAX screen. 

Sony, the Japanese con- 
sumer electronics company 
which became a force in the 
film business five years ago by 
buying Columbia Pictures, sees 
the Lincoln Center as an exper- 
iment to determine whether 
there really is a market for 
high-tech alternatives to the 
two-dimensional film ima ges 
that have for decades been 
flashed across rinsma screens. 

Almost all the “new" movie 
technologies on show at the 
Lincoln Center can already be 
semi at theme parks, virtual 
reality arcades and indepen- 
dent cinemas. 

Yet Sony’s initiative is one of 
the first significant invest- 
ments by a major entertain- 
ment group in innovative 
forms of cinema. The success 


or failure of the Lincoln Cento' 
experiment is certain to Influ- 
ence the way that Sony - and 
its competitors - show fibna to 
the public in fixture. 

One of the ironies of the 
entertainment industry is that 
despite the mega-budgets and 
visual techno-tricks of modem 
Hollywood, movies have been 
shot on almost the same type 
of 35mm plastic film (at a stan- 
dard speed of 24 frames per 
second) since the invention of 
the talkies in the 1920s. 

The last wave of experimen- 
tation came in the 1950s when 
the cinema faced the first 
onslaught of competition from 
telev ision . It was then that the 
industry invested in innova- 
tions such as stereo sound, 
giant Cinerama images that 
required the use of no fewer 
than three cameras, and Smell- 
O- Vision, where the movie-go- 
ing experience was "enhanced" 
by appropriate scents pumped 

into tht* rinwna 

Stereo sound has survived 
into the 1990s, but Smell-O-Vi- 
sion faded away along with 
other short-lived 1950s crazes. 
The major Hollywood studios 
have since reverted to tradi- 
tional methods of movie-mak- 
ing, Leaving experimentation to 
a hand ful of techno-aware 
entrepreneurs. 

George Lucas, director of 
Star Wars, and Doug Trumbull, 


a Hollywood special effects 
expert who worked on 2001: 
ASpace Odyssey and Bladenm- 
ner, developed different forms 
of "motion simulation" rfnpma 
in the 1960s. Their techniques 
enable the audience to experi- 
ence the actum of the movie 
because of the speed at which 
the film was shot and the way 
the cinema seats move in 
sequence with the plot. More 
recently, a pair of New York 
technology buffe, Bob Bejan 

and Bill Franzblau, developed 

a method for making Interac- 
tive films whereby the viewer 
determines the co u rse erf the 
plot 

The main constraint on the 
development of these new tech- 
nologies has been shortage of 
product It is extremely diffi- 
cult - in some raw*? im pnssihlff 
- to transfer movie footage 
shot by one method on to a 
different type of film. As a 
result, most film-makers have 
played safe by sticking to tradi- 
tional flsnwn film, even if they 
have been tempted by the cre- 
ative potential of the new tech- 
nologies. Similarly, cinema 
owners have been reluctant to 
equip their theatres for show- 
ing new types of film because 
the choice of movies is so Sm- 
iled. 

Same new technologies have 
found a home in theme parks, 
notably George Lucas's version 


of motion simulation which he 
devised for the Star Tours ride 
at Walt Disney’s Disneyland 
park in California. Others have 
been restricted to specialist 
theatres such as IMAX, which 
significantly enlarges the 
frame size by Twdng 70mm film 
and is shown at a handful of 
specially-equipped cinemas, 
including La GOode at the Parc 
de la Vfflette science complex 
near Paris. 

There are now signs that the 
market for more innovative 
types of Shu is expanding. The 
level of audience interest has 
increased steadily in recent 
years with the emergence of 
the new generation of young 
computer-literate consumers 
who are accustomed to encoun- 
tering technology in other lei- 
sure interests, notably in 
theme parks or video games. 


Ai 


Boost for US ethnic TV 


By Victoria Griffith 

A newscast spotlights 
international events in 
Japanese. On another channel, 
a steamy love affair is taking 
place in Spanish. US television 
is turning into a smorgasbord 
erf ethnic programming. In 
many urban centres, where 
new immigrants tend to 
congregate, the number erf 
foreign-language channels is 
already staggering. And, with 
fibre optics about to boost the 
number of channels available, 
viewers can expect to see even 
more in future. 

New nation-wide distribution 
channels for cable, through 
computers or telephone lines, 
and pay-per-view services, 
should also help boost 


US-produced ethnic 
programming. 

Some of Spanish stations 
already produce 50 per cent or 
more of their programmes for 

the American market , hnt 

most ethnic stations rely on 
purchases of shows from 
abroad. 

Many immigranis and 
minorities view ethnic stations 

as an affirmation nf their 

importance in US society, and 
the surge in the number of 
immigrants in the US 
guarantees an expanding 
audience for many ethnic 
shows. In Boston, the cable 
station Celtic Vision hopes to 
launch soon with programmes 
catering to a large community 
of Irish and Irish descendants, 
estimated at L6in to 


Massachusetts alone. 
TotentiaDy, we have a bigger 
audience in the US than in 
Ireland," says Robert 
Matthews, chairman of Celtic 
Vision. 

But the role of the Federal 
r nmrminiicatTnnK Commission 
(FCC) in encouraging more 
ethnic programming on cable 
r emains unc er tain. FOr 
instance, the commission may 
try to increase access for 
srriaTIpr companies - which 
jnclnrie many of the ethnic 
stations - by creating “must 
carry" rules for alternative 
programming. 

“We Ve already sponsored a 
number of initiatives over the 
years that have allowed for 
more ethnic programmes", 
says Kari Kenstoger, special 


assistant to the chiaf of tha 
mass media bureau at the FCC. 

The increase in ethnic 

progr amming wiii not only 

reflect American society, but 
help to shape it On the 
negative aide, however, easy 
access to foreign-language 
shows may hold back 
immigrants’ progress in 
learning Engfish, and niche 
programming may increase the 
distance between different 
cultural groups. 

TV once represented the 
lowest common ifennrnnnitflr 
for US. society, and vastly 
diverse viewers tuned in for a 
single show, such as ILooe 
Lucy, In the 1950s. Now, two 
Amencans can watch 1 
television all week andnever 
see the same programme. 


ARCHITECTURE 


How to 
commission 
a good new 
building 


G ood architecture is 
fundamental to good 
business. This sim- 
ple fact ought to be 
obvious, but it is still one of 
the more difficult tasks in. life 
convincing the directors of a 
company that spending money 
on a good building will have 
benefits that are economically 
significant. To put it at its 
most stark; how can you quan- 
tity the benefits of employing a 
well-qualified architect? 

For nearly 30 years this 
newspaper has campaigned 
through its architecture award 
for a higher standard of design 
in the workplace, and that 
namp ai g n hM been successful. 
When the Financia l Times 
Industrial Architecture Award 
began, it bad a specific task in 
the post-war world - to move 
industry out of the satanic 
■miUc and into the white light 
of the second half of the 20th 
century. As the years have 
passed and we approach the 
millennium, the possibilities 
for architecture and for the 
world of work have changed 

completely. . .. 

The Financial Times Archi- 
tecture Award, for which appli- 
cations are now invited, has 
become more broadly based, 
and is looking for the highest 
quality of architecture in a 
major new building. Recent 
years have shown that budd- 
ings as different as airports 
and libraries can win the FT 
award. The judges are looking 
for those qualities which make 
a work of architecture both dis- 
tinguished and practical. 

There is not as muc h mys - 
tery about the award’s criteria 
as some architects like to 
think. The jury is looking 
beyond style to lasting quail- 
ties of elegance and efficiency. 
Although the jury includes two 
distinguished architects, there 
is always a third and impor- 
tant member who is a layman. 

He is not exactly the man in 
the street, but he is a promt 
nent businessman with roe 


Colin Amery 
describes what 
makes an FT 
Award winner 

practical knowledge of commis- 
sioning buildings. As I have 
seen over the years, the lay- 
man plays an essential role in 
helping penetrate the arcane 
world of architectural fashion 
arvrt discovering how practical 
and efficient a new building is. 

It may not be realised quite 
how the FT award Works- 
Application s are sought not 
only from architects but from 
the commissioners of b uildin g s 
and those who use them. Own- 
ers of new buildings, the con- 
tractors who have built them, 
engineers and surveyors can 
all nominate a b nfldmg as a 
candidate for the award. 

What is tafcfto especially seri- 
ously is an entry from a daily 
user of the premises. When the 
jury visits a building - unlika 
some awards, which are often 
judged purely from glamorous 
photographs, the FT Jury visits 
every short-listed entry - the 
building’s architect is not 
allowed to be present 

The jury gets the whole story 
from the client and the users. 
It is not an uncommon sight to 
see the lay-judge lagging 
behind the chairman of the 
company’s party, having a 
heart-to-heart chat with an 
employee who had problems 
with the office lighting, or is 
complaining about a lack of 
privacy, or about the building's 

hierarchical arrang e ments. 

This year, with the easing erf 
the recession, we expect a 
strong entry of buildings that 
have been finished since 
August 1893. But with the cool- 
ing <rf the building boom of the 

last few years, MJJ 
suggested a certain flexibility 
in the time-frame for entries: 
some may have been com- 
pleted for a little more than 
the last two years. 



Bracken timHMc gnunang new life for older office buildings 


The 1993 competition showed 
dearly the widening of the 
award and dsn the interesting 
problem facing the judges to 
finding real architectural origi- 
nality and quality, while ensur- 
ing that the building worked. 
The winner was the Queen’s 
Stand at Epsom racecourse, 
designed by Richard Harden. 

I t is very much a place erf 
work, and the judges ware 
as interested to the quar- 
ters for the jockeys as 
they were In the architectural 
tour de force of the public 
grass. An important consider- 
ation was the relationship of 
the new stand to the glorious 
landscape of the Epsom 
Downs. In this regard the 
building scored very well, 
proving that a bold statement 
nan complement a naturally 
beautiful location. 

The range of last year’s com- 
mended schemes was also 
impressive, showing that there 
is a lot of good new architec- 
ture in Britain if you take the 
trouble to find it The new air- 
port at Stansted ran the win- 


ner very closely. Indeed, the 
work of Sir Norman Foster was 
included twice last year, both 
at Stansted and at his elegant 
and economical library at 
Cranfield TnanaggTngnt. college. 
This marveHoas small buHding 
showed that the employment 
of a distinguished leader of the 
architectural profession need 
not cost the client an arm and 
a leg, for the library was bmlt 
within the tightest of educa- 
tional budgets. 

The refurbishment of budd- 
ings also qualifies for the 
award, and Michael Hopkins’ 
work on the old Bracken 
House, near St Paul's Cathe- 
dral - once the home of the FT 
and now of a Japanese bank - 
demonstrated how amazing 
new life can be brought to 
older office buildings. 

Entry forms for this year’s 
award are available from the 
Corporate Communications 
Department, Financial Times, 
Number One Southwark 
Bridge, London SE1 9HL. The 
closing date is the end of 
December. Judging takes place 
next spring 


."t -..Vi-. 


***.'•*.-■• 

■ . 


.. f'.ii/ • r • «’.■ ■ 1 


s a result, the old 
breed of techno-entre- 
preneurs have been 
.able to expand their 
activities. Shows can, the Los 
Angeles company which owns 
the rights to Doug Trumbull’s 
TTintifun simulation fifanii , now 
has 10 theatres to North Amer- 
ica. It opened its first one to 
Europe this summer (after 
yean of licensing its concept 
to European cinema owners) at 
the Trocadero in London, and 
is now considering plans to 



La Geode at the Parc de la VClette science complex near Paris: one of a handful of specially-equipped IMAX cinemas 


open other theatres In Europe. 

Meanwhile, the convergence 
of the film industry with other 
sectors such as leisure and 
electronics manna that the new 
generation of entertainment 
groups has a vested interest in 
experimenting with high-tech 
methods of movie-making for 
nse to their tfrmwe parks and 
theatres. 

Disney has invested heavily 


in new technology to develop 
concepts for Its parks. Time 
Warner is following suit, as is 
Sony, which recently set up a 
new subsidiary, Sony Retail 
Enter tainm ent, to launch a 
series of theme parks, or enter- 
tainment centres, as showcases 
for all its products, including 
techno-toys, music and movies. 

The opening of Sony's sew 
Lincoln Center cinema com- 


plex forms part of that strat- 
egy. Sony’s research teams 
have been working in the cin- 
ema field, and plan early next 
year to screen at Lincoln Cen- 
ter a high-definition movie that 
they have adapted from 35mm 
film. Sony is also liaising with 
independents in the movie 
technology field, notably with 
Interfilm, the interactive film . 
mating company founded by 


Bob Bejan and Bill Franzblau. 
with which it has negotiated a 
production deaL 
“We're still at an early stage 
in this field", said Peter New- 
combe of Sony in New York. 
“We’re not sure how the audi- 
ence will react to our new 
theatres at the Linc oln Center, 
But if it’s a smash, well cer- 
tainly consider opening more 
of them." 


CD-Rom move at Anglia 


By Raymond Snoddy 

MAI Broadcasting, owner of 
two ITV companies. Meridian 
Broadcasting and Anglia 
Television, is planning a 
significant move into the new 
media and hopes to be a large 
publisher of CD-Roms by next 
year. 

Anglia Multimedia has 
already produced two CD-Roms 
- one on British castles and 
the other The Human Body, 
which has been licenced to 
Encyclopaedia BritannLca far 
sale in the US. Anglia is now 
planning to produce 13 titles 
by the rad of the year, mainly 
for the educational market, 
and will move into the 
consumer market next year. 

By then the ITV company. 


famous for nature series such 
as Survival, hopes to be 
producing between 18 and 24 
CD-Roms a year. 

“We are concentrating on 
the creative ami rights side. 

We don't want to bet cm any 
particular hardware 
architecture," says Ajay 
Chowdhury, director of new 
media at MAI Broadcasting. 
The initiative is being backed 
by Lord Hoffick, the MAI chief 
executive, who ban installed a 
CD-Rom raimpirtnr in his office. 

An g lia, which is believed to 
be the first FTV company 
directly to produce GD-Rams, 

is p lanning titles tn 

cooperation with English 
Heritage, the National 
Maritime Mnsemn and other 
organisations. It also plans to 


exploit its own programme 
library to produce CD-Roms on 
nature, using the Survival 
catalogue. 

Peter Stibbons, an Anglia 
media development executive, 
believes the TV background is 
vital to producing CD-Roms. 
for both education and the 
consumer market. Apart from 
exploiting the programme 
library, Anglia is now looking 
at CD-Rom. potential when 
producing new programmes, so 
that any additional material 
can be shot at the same time. 
Anglia is also involved to 
producing interactive “real 
time” cartoons far TV, to 
particular a cartoon character 
called Ratz, whose behaviour 

«m hw Inflmmea ! by childr en . 

calling to to the programme. 


Perhaps the most potentially 
dramatic Angha initiative, 
however, is as part of an 
experiment which has already 
begun on Cambridge Cable in 
Anglia’s transmission area. 

This project involves offering a 
wide range of on-demand 
services, including home 
shopping and banking, and 
allowing viewers to chose the 
time they want to watch the 
evenings scheduled 
programmes. 

The consortium, which 
includes Anglia, Online Media, 
a subsidiary of Acorn 
Computers and ATM, providers 
of the video servers which 
deliver programming, is 
already available to 10 cable 
subscribers. The number will 
be increased to 250 next year. 



Looking to the 
future of 
petrochemical 


investments 
doesn’t require 
a crystal ball 
it requires 
accurate 
information 
and analytical 
skills. 


ARAB 

PETROLEUM 

INVESTMENTS 

CORPORATION 

ro0OX44affl4AHRANMWOftT 3B» 
SAUX ARABIA. TELSmONE EXBBS4 MOO 
TEU-X 07OOBH ARC BJ PAX 03) 894 SO 7H 








16 


FINANCIAL TIMES 


MONDAY OCTOBER 24 IW 


Europe's 

realistic 

banker 

Alexandre Lamfalussy of the 
European Monetary Institute 
explains his hopes for 
monetary union to Peter 
Norman and Andrew Fisher 

T hese are busy days Tor BIS. be says: ‘Things are not 
Alexandre Lam fa l- as negative as they looked a 
ussy, president of tbe year ago. Europe is enjoying a 
European Monetary broad-based, Qon-inflationary 


T hese are busy days for 
Alexandre Lamfal- 
ussy, president of tbe 
European Monetary 
Institute. After 10 months 
squatting in buil dings belong- 
ing to the Basle-based Bank for 
International Settlements, the 
forerunner of the planned 
European central bank is 
about to move to its new home 
in Frankfurt and start working 
at full speed. 

From the 35th floor of an 
office block re-christened tbe 
'Eurotower', Lamfalussy will 
preside over a staff of around 
150, who will be charged with 
making possible European 
monetary union according to 
the procedures laid down by 
the Maastricht treaty. 

It is a two-pronged task. The 
EMTs job is to make the prepa- 
rations needed for setting up 
the European System of Cen- 
tral B anks and. with that, a 
single monetary policy and sin- 
gle currency, if and when the 
EU moves to the third and 
final stage of Emu. 

The institute also has to help 
prepare for Stage 3 by coordin- 
ating monetary policy among 
the EC’s 12 central banks and 
promoting the convergence of 
the EU member states' econo- 
mies on a path of sustained 
low inflationary growth in the 
present Stage 2 of Emu. 

Although the EMI is about 10 
months behind schedule - 
thanks to prolonged wrangling 
among European Union coun- 
tries over its eventual site - 
Lamfalussy is hopeful it will be 
able to achieve its goals. 

Interviewed in his sffll-tem- 
porary headquarters in the 


BIS. he says: ‘Things are not 
as negative as they looked a 
year ago. Europe is enjoying a 
broad-based, non-lnflationary 
recovery. If this goes on for 
two to three years it will create 
a climate which at least pro- 
vides a framework for the 
political decisions to move 
ahead." 

Like most Belgians, the 65- 
year-old Lamfalussy is a 
card-carrying Emu enthusiast. 
In his previous capacity as BIS 
general manager, he was a 
member of the Delors commit- 
tee of central bankers that In 
the late 1980s plotted the three- 
stage route march to monetary 
union, later adopted in the 
Maastricht treaty. 

But Lamfalussy is also a 
realist. Achieving Emu by V997. 
the earliest possible date envis- 
aged in the Maastricht treaty, 
he says “is not very plausible" 
because it is difficult to imag- 
ine seven of the 12 EU member 
states fulfilling the treaty's 
strict economic convergence 
criteria by then. 

On the other hand, his belief 
is that there will eventually be 
a European central bank “in 
five, six or 10 years’ time.” 

The degree of international- 
isation and integration of our 
economies is so fast and the 
European single market is 
moving ahead so fast and is 
going so deep, that so many 
vested interests will want sta- 
ble exchange rates," he says. 

His gut feeling, speaking as 
an economist, is that Britain 
will be unable to stand aside 
from Emu. But whether the 
UK joins Emu is a matter of 
high politics. The EMI has to 





I# -if 



focus on nitty-gritty matters 
and achieve agreement on such 
technically difficult issues as 
the preparation of banknotes 
to be used after the introduc- 
tion of a single currency, as 
well as the drawing up of com- 
mon features of payments 
systems in the EU. 

A potentially difficult issue 
is manag ement: of the single 
monetary policy. The Bundes- 
bank is actively promoting the 
notion that the proposed Euro- 
pean central bank should fol- 
low its example and set mone- 
tary policy according to a 
money supply measure, while 
the Bank of England is promo- 
ting its more eclectic approach 
of steering policy according to 
an inflation target 

Here, too, Lamfalussy is rela- 
tively sanguine. There is, he 
explains, “no cleavage in ideol- 
ogy” among the European cen- 
tral bank governors that make 
up the EMI’s council. All agree 
on the need for low inflation 
and the paramount importance 
of governments reducing their 
fiscal deficits. 

There may be different tech- 
niques of monetary manage- 
ment but there are also simi- 
larities. Tbe Bank of England, 
for example, looks at narrow 
and broad money figures as 
part of its policy for controlling 
inflation. 

Reconciling differences will 
be a big part of Lamfalussy’s 
job at the EML As president, 
he is both chief executive offi- 
cer and chairman of the board. 


His task will be “to make sure 
thing s are going to happen,” 
driving the technical commit- 
tees - comprised of EMI staff- 
ers and national central bank 
officials - so that they come 
with answers to problems. 

He has been able to hand- 
pick his senior staff and has 
managed to avoid placing peo- 
ple in posts according to 
national quotas. 


A lthough Frankfurt- 
based, the institute's 
working language will 
be English. 

But language will be the 
least of Lamfalussy's problems. 
He has perfected his English 
since a spell as a research stu- 
dent at Nuffield College, 
Oxford, in the 1950s. That was 
shortly after he fled to Belgium 
from Hungary at the age of 20 
to escape communism. 

He was a bank economist 
and academic until the mid- 
1970s, when he became an 
executive director and chair- 
man of the Banque de Brux- 
elles. He joined the BIS in 1976 
and was general manager of 
the central bankers’ bank from 
1985 until the end of last year. 

He can niaim to be the inven- 
tor of the EMI because, as a 
member of tbe Delors commit- 
tee. he proposed that Europe's 
central banks should create a 
joint subsidiary to advance the 
progress of Emu in Stage 2. 

The job of running the insti- 
tute is “different from any- 
thing else I have ever done 



before. ” he says. He admits 
that be had more power as BIS 
general manager because, as 
the man in charge of the cen- 
tral bankers' bank, he was “liv- 
ing the markets” and had to 
take banking decisions. 

It is the banking that he 
misses most “It was great fun, 
of great interest, and it gave 
me, as an economist a lot of 
feedback". 

On the other hand he 
believes he has much greater 
influence as head of the EML 
T have a much more politi- 
cally exposed profile, there is 
no doubt about that Even if 
you define the job in a narrow 
technical way, it still has very 
deep political connotations.” 

Then there is challenge of 
building a new institution. T 
have never built an institution 
in my life. You can't imagine 
what it means to build up 
something from scratch. It is a 
very, very full time job. 

“I am trying to use the pres- 
ent relatively calm waters to 
make the institution function, 
to build up its staff and work- 
ing methods, ff and when a cri- 
sis breaks, we will see how I 
shall be able to handle it". 

Lamfalussy has been 
appointed for three years. At 
the moment be has no inten- 
tion of seeking to extend his 
term beyond 1996. 

But given Europe's recent 
turbulent monetary history 
there is no guarantee that he 
will avoid adding crisis man- 
agement to his workload. 



New helmsman 
for Chicago’s 
Navistar 

Navistar, the Chicago-based 
truck and engine maker, has 
teetered on the brink of 
financial disaster more than 
once in the past decade, and 
each time James Cotting. an 
intense man with a Hair for 
finance, has brought the 
company back, writes Laurie 
Morse. 

The El-year-old Cotting 
helped pull the company, once 
known as International 
Harvester, out of $4bn in debt 
in 1981, and went on to oversee 
a restructuring plan that saw 
the sale of the core agricultural 
machinery line, and the 
Harvester name, to Tenneco in 
1985. 

More recently Cotting 
engineered a settlement to 
trim pension obligations that 
had threatened to bankrupt the 
company. 

Now, with the truck-making 
industry booming and Navistar 
on. the verge of a strong 
turnaround, Cotting is ready to 
hand over the chief executive’s 
reigns. Navis tar’s board has 
tapped John Home, currently 
Navistar's chief operating 
executive, to take over when 
Cotting retires in March next 
year. 

While Catting joined 
Navistar in 1979 as an outsider 
and quickly rose to the top 
through the finance and 
planning ranks, the 56-year-old 
Home is a career company 
man who started with Navistar 
in 1966 as an engineer. He was 
made head of Navistar's engine 
division in 1983, and became 
the company’s chief operating 
officer in 1991. 

Although not faced with an 
immediate financial crisis, 
Home's challenge will be to 
bring Navistar's truck 
manufacturing group up to 
snuff with the industry. 

The division's profitability 
has lagged, in part because 


North American demand Tor 
trucks has leaped so 
dramatically that Navistar has 
had trouble sourcing required 
components for assembly. 

“Jack Horae is an operating 
guy credited with making a 
success of Navistar's diesel 
engine business." says John 
McGinty, an analyst with CS 
First Boston. “His challenge 
will be to move that success 
over to the truck side of the 
business.” 


Japanese 
adviser for 
Camdessus 

Shigemltsn Sugisaki, a senior 
official from the Japanese 
Ministry of Finance (MOF), 
has been named as sped a) 
adviser to Michel Camdessus, 
the International Monetary 
Fund's managing director, 
making him the most senior 
Japanese national at tbe 
Washington DC-based 
organisation, writes Gerard 
Baker. 

His appointment follows the 
promotion of the previous 
special adviser, Prabhakar 
Narvekar, to the position of 
deputy managing director in 
June. 

At that time, the Fond’s 
most senior management was 
expanded from one to three 
deputy managing directors. A 
Japanese was not among the 
chosen three; the other 
addition to the customary 
American being Alassane 
Onattara, Ivory Coast's former 
prime minister. 

Sugisaki, 53, was most 
recently head of the 
secretariat at the Securities 
and Exchange Surveillance 
Co mmis sion. 

He joined MOF in 1964. 
working his passage through 
the international finance and 
tax bureaus. He spent three 
years as assistant to tbe 
president of the Asian 
Development Bank from 
1.976. 

Since then he has seen a 
range of assignments at MOF, 
becoming deputy vice minister 
of finance for international 
affairs in 1990 and deputy 
director general of the 
international finance bureau a 
year later. 

In a recent interview, 
Sugisaki said the IMF's role 
should be strengthened, to 
achieve co-ordination on 
macroeconomic policy among 
leading industrialised nations. 

He also expressed doubts 


about the possibility of 
reforming the current 
free-floating exchange-rate 
system. “Nothing is more 
desirable than realising stable 
exchange rates," he said, “but 
it is unrealistic to go back to a 
fixed exchange-rate system. - 
Policy co-ordination was likely 
to be more effective In 
stabilising currencies. 

He is expected to hold the 
position for three years, as did 
his predecessor. 

Fresh governor 
at Bank of 
Greece 

Being governor of the Bank of 
Greece is hardly the world’s 
most secure job. Loukas 
Papademos. who took over last 
week, is the third central bank 
boss in less than a year, writes 
Kerin Hope. 

His two predecessors were 
both former economy ministers 
and political appointees. 
Efthymios Christodoulou. the 
conservatives' choice, was 
sacked last November by the 
incoming socialist government 
and has since returned to the 
safety of the European 
parliament's back 
benches. 

His replacement, Yannis 
Boutos, was a close political 
ally of Andreas Papandreou. 
the socialist prime minister. 

But Boutos made the 
mistake of annoying other top 
socialists, among them Antonis 
Li van is. who docs his best to 
ensure that Greece's 
state-controlled banks put the 
government’s interests first. 

Boutos was keen to privatise 
Bank of Crete, kept under 
central bank supervision since 
a $200m embezzlement scandal 
helped bring down 
Papandreou's government in 
I9S9. But the socialists 
thought it should stay in 
the public sector. Boutos had 
to go. 

Can Papademos stay the 
course rather longer? At 47. he 
is the youngest central bank 
governor ever appointed. He 
also has the advantage of being 
a technocrat, who taught 
economics at Columbia 
University in New York before 
joining the Bank of Greece 10 
years ago. 

And as chairman of the EU 
deputy central bank governors' 
committee, he was taken 
seriously in Brussels. He must 
be hoping his own government 
will accord him tbe same 
status. 




ill 



PATHWAYS TO PARTNERSHIP. 


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


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


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


interests, and the incalculable 


human element inherent in every 


and experience, DG BANK volun- 


teers an operating principle that 


THAT REDEFINES 


THE WIR PR1NZIP 


business relationship, present 


makes every customer a partner 


PARTNERSHIP 


possible impediments to coop- 


in a singular way. ■ We call it ff 


\ •• • ;.•• 


.>■*'*■ , t. 


v- «f- V •• •• 


v»i 




• f.::. '■ . 

■Hmssh 


, . % *; • * 

• •. 

• * : 

• •• • 

V: 

V. A,'-::. • •• 

... 







oration based on mutual trust. ■ OG BANK puts a the WIR PRINZIP, to which DG BANK and its staff 


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


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


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


cept that can transform strangers into business And it has a great future ahead of it. Because it 


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


Mrs i 


security. In an increasingly complex business mutual cooperation leads to mutual 


success. 


Head office: DG BANK, Am Platz der Republik, D -60325 Frankfurt am Main. Offices In: Amsterdam Atlanta 
Hong Kong, London, Luxembourg, Madrid, Milan, Moscow, New York, Paris, Rio de Janeiro, Tokyo Zurich' 


DGB4NK6 






17 



> 


FINANCIAL TIMES 


MONDAY OCTOBER 


24 1994 


UMBO* 


memorable 


par fom ancaas 



school mistress , . 


•finxfioiarBb *••• 


beahardactto 
'foflow^ Patricia . 




VIENNA 

To heJp compensate for the three- - 
month ctosctd of the State Opera far 
technical ateratfons, a production of 
■ Mozart’s ‘Cosi tert.tutte" is being 
mounted at the Theater ai der Wien, 
plccardo Mutt wtfi conduct a young 
international cast inducBng Ctetta 
Bartofi and. Baja Skoihus. first night 
is Sunday, and there are 
performances everysecorid day tifi 
November it.'- ' 


* ^’t o mor row -when ■' 
'■'■'.Sheatafsina.- ■■ ■' 


L s Moris] Spares 
S' '-ridveifThe , • 
&■ Prime of Mas-. 
||.Je0P8rodfe.. ' 
^dpenfflgatTtie 


PAftfS . : V* ••• ' 

The baftut season begins.tpmdrrbW-in Parte wsh the 

opera &d|8t now instated at the BastiJJe Opera " 


^ ©Brand Theatre. 'V'companyj launches tteseas^ 

£gS;V # .. and hags ofswanfc. . 


MEtVYOMC 

TheW^bassJwrtboee.SrynTortel . 

makes hlsNewYork recited debut ••• 

tonight ^Unftto.CentartABceTufly 

HaU, singing a portion of Schumann's 
■Echendorff Uederfcrtaa’ and ; 

Schubert's “Schwanerigasang’ with . 
Jamas Levine atth&keyboard. Last - 

.Wednesday he made his MstrapoHfan - 

Opera debut singing the tide role In 
“The Marriage of Figaro”. 


A IOW. MES PETITS. 

POURLA FRANCES 


The great 
fame drain 

British cinema talent is being 
colonised by a predatory Hollywood. 

But, argues Nigel Andrews, we 
should simply lie back and enjoy it 

C olin Welland, waving market, rightly suspecting that seU- 
that famous statuette, ing itself to an outsiders' view of 
said “the British are Britain was better than gpTKng itself 
coming”. But the Chari- direct to Britain herself. 

OtS Of Fire Oscar tri- If Weddmas had named first at 


C olin Welland, waving 
that famous statuette, 
said “the British are 
coming”. But the Chari- 
ots Of Fire Oscar tri- 
umph was 15 years ago. More 
recently, the British have indeed 
been coming, all over the movie 
landscape, but not quite in the way 
envisaged by Welland. 

Many British directors and 
actors now And themselves in the 
position of being lucrative exports 
without any early life in a British 
factory or warehouse. Half a genera- 
tion after our cinema thought it 
would conquer the world by sitting 
tight and making home-bred history 
epics, we have replaced a dominion 
movie culture with a diaspora 
movie culture. 

Look at yesterday’s key players. 
Richard Attenborough has returned 
to his acting roots to make Jurassic 
Park and the forthcoming Christ- 
mas ffim Miracle On 34th Street, 
after falling gently down the ladder 
of directorial bankability from Cry 
Freedom to Shadowlands. And the 
Chariots writer-producer duo of 
Cohn Welland and David Puttnam 
have just released a humble chil- 
drens' comedy. The War Of The 
Buttons, with about as much Oscar 
potential as an episode of Jacka- 
nory. 

Meanwhile two of British cine- 
ma’s one-time traitors and fugitives 
have returned to become Its all- 
hailed messiahs. The gone-Holly- 
wood brothers Ridley and Tony 
Scott {Alien, Blade Runner, Top 
Cun, True Romance) have bought 
up Shepperton Studios, with the 
aim of turning it into an England- 
based blast kiln for international 

frhiama- 

With luck this move - and its 
symbolic imprimatur for anti-na- 
tionalist adventurism - will see the 
«>ri of siege mentality cinema for- 
ever in this country. By free move- 
ment in and out of other nations 
and cultures, British cine m a is 
creating a virtual new renaissance. 

In many cases individual British 
movies and actors find that by 
going to America /fra! - followed by 
the rest of the world - they can 
make an international impact 
almost before home audiences have 
heard of them. Four Weddings And 
A Funeral , which opened in the US 
several weeks before its UK release, 
has just become the most commer- 
cially successful British film of all 
time. Why the jackpot? Because the 
film jumped straight into a foreign 


International 


M BERLIN 

OPERA/DANCE 

Deutsche Oper Tomorrow: Manlyn 
Home song recital. Wed; Tcsca. 
Thurs: Aida Fri: Zar und 
Smmermartn. Sat Roland Petit 
choreographies. Sun: Dor 
Rosenkavalier, Nov 2; Hermann Prey 
song redtaL Nov 12: first night of 
new production of Poulenc's 
Dialogues des Cann&rtes (341 0249) 
Staatsoper untar den linden 
Tomorrow, Thurs: Telemanns 
Orpheus with cast headed by Jam* 
Williams. Fri: baHets by Afonsoand 
Vamos. Sat Ren6 Jawte conducts 
Bach cantatas. Sun: Dames 
Barenboim conducts Anal 
performance of Patnee Ctwreau 
production of WnwfcjJ 
headed by C****"*^ » 
Struckmam and Graham Clark. Nov 
5: first night of new 

SSSSSKSSS5S5, 

Stnopoli conducts 
Staatskapefle In works byftdnara 

StrwSaSschumann. Thure, Fri. 



market, rightly suspecting that sell- 
ing itself to an outsiders' view of 
Britain was better than w»TKrig itself 
direct to Britain herself. 

If Weddings had opened first at 
home we might have riimrisweri it - 
knowing oror country too well - as a 
frothy piece of anyone-for-tennis 
comedy romance. America and 
other countries, allowed a first 
glimpse, decided to see it as quintes- 
sential Britain: as a mini-genre - 
the silly ass comedy - gone mythic. 

What director Mike Newell had 
done, much as Ridley and Tony 
Scott and other Anglos had done to 
Hollywood’s own action thrillers or 
sci-fi films, was to raise the style 
stakes so that a little timeless 
archetypalism (even a little post- 
modern preposterousness) upstaged 
or transcended the realism. 

I t is not just British fQms and 
directors, it is British actors 
that America - and a world 
movie public following Amer- 
ica - are now picking off the 
remaindered shelves of British 
indifference. 

Far years Hugh Grant, formerly 
of Maurice (1387) ami A Handful Of 
Dust (1988), ranked nowhere as a 
movie presence. His comic potential 
was ignored by most fellow Brits 
even in Bitter Moon, a highly prom- 
ising trial run for Fair Weddings, fn 
America, after Weddings opened. 
Grant’s face launched a th o us and 
popularity polls and graced a dozen 
magazine covers. Once again for- 
eign eyes and ears had sensed a 
distilled and perfect “Britishness” 
that we were deaf and blind to. 

It is part of a swelling tide of 
Anglophilia to which British cin- 
ema would be foolish to play 
Canute, or to complain that we are 
“selling out” to other people’s cari- 
caturing vision of us. 

Grant is rare only in being a nice 
ch«t p in a British casting directory - 
nay, an entire export industry - 
largely dominated by nasty chaps. 
Hollywood comes to us for its vil- 
lains. These have included Alan 
Rickman {Die Hard, Robin Hood), 
Anthony Hopkins ( Silence Of The 
Lambs), Jeremy Irons (Reversal Of 
Fortune, The Uon King), Charles 
Dance (Lost Action Hero) and Stuart « 
Wilson (Mb Escape), to name but the 
vanguard. (Actresses, nice or nasty, 
export more slowly. But Emma 
Thompson is currently up there 
above-the-title with Amie, Danny 
De Vito and company.). 

Why are the foreigners going for 

Sat, Sun morning: Seiji Ozawa 
conducts Berlin Philharmonic 
Orchestra in Mendelssohn's First 
Symphony and Bartok's Concerto 
for Orchestra (2548 8132) 
SchauspieUtaus Wed: Moscow 
Ensemble for New Music plays 
works by RShm, Ruzicka and others. 
Frfc Yuri Ahronovfch conducts Berlin 
Radio Orchestra In symphonies by 
Shostakovich and Franck. SUtand 
Sun: Vladimir Ashkenazy conducts 
Berlin Radio Symphony Orchestra 
and Chorus in Chopin’s Second 
Plano Concerto (Cristina Ortiz) and 
Mendelssohn’s Lobgesang 
Symphony (2090 215 0) 

THEATRE ... , t 

This is British Playwrights Week at 

the Deutsches Theater. 
German-language performances of 

new plays by Martin Crimp, Kawn 
Byot, David Gre*g, Meredith Oakes 
and David Spencer are being 

presented In association with 

London's Royal Court Theatre (2844 
1225). Peter 2adek*s Vienna Festival 
production of Shakespeare’s Antony 

and Cleopatra can be seen at the 

Berliner Ensemble, with a cast 
headed by Gart Voss and Eva 
Mattes (282 3180) 


■ NEW YORK 

Uncommon Women And Others: 
a revival of Wendy WassetSteJns 
play about friends at a small New ^ 
England women's college, who meet 
for tea and then tor a reurion_el x _ 
years Wer. A Second Stage Theatre 
production directed by Carole 
Rothman. Opening night® 
scheduled for Wed (LucSe Lortei, 
ScSSopherSt.239 6200) 




WASHMCrrOM 

The National GaSery of Ait opens an exhibition of Roy Lichtenstein's prints on Sunday. 

‘ The show wtt include Gttfe-known prints from the 1950s and pop images from the 1 960s 
when prihtmakiog became a major force in contemporary art 


Opera in London 

Rare Shostakovich 


H ard upon Tom Courten- 
ay’s heels in Moscow 
Stations comes Shost- 
akovich's musical com- 
edy, which is also concerned with a 
Moscow suburb. Not in Brezhnev's 
time, however, but in Krushchev's; 
and unlike Yerofeev’s dream-village 
Petnshki, Cberyomushki is a real- 
life brute of a suburb, a monstrous 
concrete estate. The mainspring of 
the comedy is that everybody is try- 
ing desperately to get a flat there, 
because there is almost nowhere 
else left around Moscow to go. 

Hiough Shostakovich’s piece had 
a fair Moscow success in 1959. this 
Pimlico Opera production at the 
Lyric Hammersmit h is its British 
premiere. I imagine that it does it 
justice, but one should recognise 
the senchauges that Cheryomushki 
has undergone. It was designed for 
a standard Soviet theatre, which 
meant a large orchestra and an 
established company with its own 
comedians, etc^ it is delivered here 
by ten soloists (mostly young), an 
eager, hard-working chorus of seven 
and a 14-strong band, an a strictly 
limited budget 

With the colourful resources of a 
Soviet theatre, the time that Chery- 
omushki takes might pan more 
quickly, but it would probably not 
be better. In fact the story is quite 



lean: while four couples sort out 
their personal difficulties, they are 
more passionately involved in hunt- 
ing flats, or hanging on to them. 
Most of that is farce. By the end. 
the right people win and the others 
do not, especially not the corrupt 
bureaucrats. In Paul Andrews' aus- 
tere sets, Lucy Bailey stages the 
action energetically. 

Shostakovich's music Is the prob- 
lem. Obviously his heart was not in 
it, for the mostly short numbers are 
relentlessly bright, brittle and 
banal. A little of that goes a long 
way, the whole of it goes on for 
three hours, with no characteristic 
touches from the composer but the 
odd small harmonic fracture. There 
are more and better tunes in his 
symphonies than in this “musical”. 

What attracted him to the project 
was presumably the chance of regis- 
tering a mild social protest for a 
popular audience, but it sounds as 
though he bad the most pessimistic 
expectations of their ears. Still, for 
historical reasons it is interesting, 
and the keen Pimlico team do their 
collective nut to inflise it with some 

ctrmir. life. 


David Murray 


Sponsored by National Westminster 
Bank: performances to October 29. 


Notions about Orpheus 


E nglish Touring Opera has 
an established reputation 
for taking enterprising 
stagings to opera-starved 
venues, but its current tour, which 
opened at the Richmond Theatre on 
Wednesday, is saddled with a new 
production of Orpheus and Eurydux 
that tries just too hard. 

The special qualities of Gluck’s 
opera appear to have eluded the 
inventive producer Stephen Med- 
calf) who conjures up a series of 
ideas that detract from the “beauti- 
ful simplicity” the composer sought 
Some of his images are affecting: 
the opening, staged as Rurydioe’s 
funeral with Orpheus cradling the 
urn containing his wife's ashes; a n d 
portraying the entrance to the 
underworld as cardboard city, with 
dishevelled Furies sleeping rough 
and guarding the boarded-up win- 
dow that leads to Elysium, is a met- 
aphor Of same po tential 
But many of Medcalfs notions - 
is it all Orpheus’s nightmare? is he 
a ghost? - have not been developed. 
The ballet numbers cue “meaning- 
ful” mime, and the lovers' reunion 
is staged as a series of charades. 
The final rejoicing calls forth toasts, 
party hats, streamers and cringe- 
malring choreography. At least 
Charles Edwards’s black-and-white 
sets provide an element of restraint 
Circumstances beyond the compa- 
ny’s control - pit lights went out on 
the orchestra twice - added to the 
imwoH-ting feel of the evening, but 
Martin Andrf’s musical direction 
was In itself uneasy. And from a 


Hugh Grant in ‘Maurice*: then he was ignored by most fellow Brits. But when ‘Four 
Weddings and a Funeral’ opened in the US, he became the hottest name in Hollywood 


this new improved Brit pack? Partly 
because our actors, theatre-honed, 
offer a performance panache 
increasingly unavailable among 
American stars, who are either rid- 
dled with late- generation Method 
tics (Hoffman, De Niro, Pacino) or 
branded with I for Iconic Inanition 
(Schwarzenegger, Stallone). 

But It may also be because 
Britain today is a uniquely placed 
buffer culture on the western map. 
All these pedigree toffs of ours, 
moving between suave villainy and 
lovable yiTThrem , belong to a coun- 
try itself poised, in the dangerous 
days of Gatt, between the' mous- 
tache -twirl ers of Europe and the 
honest folk bark in America. 

In an age when the US is terrified 
of being left behind in the Great 


Classiness Handicap, with Europe's 
countries banding together to cock 
a high-culture snook at the new 
world, a love-hate romance is grow- 
ing in Hollywood with the one com- 
mon-language (and special-relation- 
ship) country that US movies can 
recruit to represent the old world's 
values for the new. Euro-awareness 
may also be why Scorsese in The 

Age Of Innocence ami Coppola in 
Dracula and Spielberg in Schindler's 
List are increasingly turning to 
Euro- tinged subjects as the 1990s 
march on. 

So while Hollywood seizes on 
British actors as special messengers 
Of erudition, elocution or patrician 
charm, audiences have flocked to 
Four Weddings And A Funeral, 
believing there Is a lost world out 


there, somewhere near Europe, 
where fluffy, lovable, rambling 
human stories can happen: stories 
that have no resemblance to Amer- 
ica’s own fast-food cinema of car 
chases, cop action and ravening 
dinosaurs. 

A decade and a half after we took 
“Britishness” so seriously, after 
winning that bunch of Oscars, that 
we thought the future lay in export- 
ing UK pageantry for ever and ever, 
we discover that the future for Brit- 
ish cinema - its popular rrmemfl at 
least - does not realty lie with us at 
an. It lies with those who better 
judge our charms and international 
selling-points and have better equip- 
ment for marketing it Our turn to 
be colonised and exploited? If so, we 
should He back and enjoy it 


company that regularly commis- 
sions translations, it was worrying 
to hear how little of Michael 
White’s new version came across. 

With “authenticity” not a high 
priority, the casting of a counter- 
tenor Orpheus was perhaps per- 
verse when ETO could have had 
excellent mezzos cueing up. Timo- 
thy Wilson’s intonation was good, 
though his voice did not carry the 
emotional weight Gluck's hero 
requires. Elizabeth Woollett, a 
strong soprano with a feel for the 
style, made an apt heroine, but 
Helen Wold’s Cupid was compro- 
mised by the pbde-hke characterisa- 
tion imposed on her. 

One reason for cherishing ETO is 
the opportunities it provides young 
singers, and there was considerable 
talent cm show in the revival of the 
company's BohSme on Thursday. 
Leading the principals was Sarah 
Pring’s beautifully focused Mlml 
and John Cogram's fresh sounding 
Rodolfo; Adrian Clarke's secure 
Marcello, and Naomi Harvey a 
capricious Musetta whose entry 
brought chaos to the Cafe Momus. 
Thomas de Mallet Burgess’s produc- 
tion has been tightened with profit 
and Andrew Greenwood conducts 
the reduced orchestra with feeling 
and flair 

John Allison 

English Touring Opera's autumn 
season rims until December 3 (071 
820 1141). Sponsored by Barclays 

Hank. 


• Three Tall Women: a moving, 
poetic play by Edward Afoee, 
dominated by the huge, heroic 
pe rf orma n ce of Myra Carter. She, 
Jordan Baker and the droll and 
delightful Marian Seldes represent 
three generations of women Hying to 
sort out their pasts (Promenade, 

2162 Broadway at 76th St 239 
6200) 

m A Cheever Evening: A.FL 
Gurney’s new play, based on 18 
stories by John Cheever, Is directed 
by Don Scardlno (Playwrights 
Horizons, 416 West 42nd St 279 
4200) 

• Angels in America: Tony 
Kushner’s two-part epic conjures a 
vision of America at the edge of 
disaster. Part one Is Millenium 
Approaches, part two Perestroika, 
played on separate evenings. The 
cast Includes F. Murray Abraham 
(Walter Ken-, 219 West 48th St 239 
6200) 

• Show Boat Harold Prince's new 
production of the 1927 Jerome 
Kem/Oscar Hammersteln musicaiis 
the first show on Broadway to cost 
$75 a ticket It is a huge hit which 
win run aid run - but In her FT 
review, Karen Fricker said that 
despite its musical excellence, the 
production was emotionally empty 
(Gershwin, 51st St west of 
Broadway, 307 4100) 

• Jelly Roflfc Verne! Bagneris stars . 
In a musical show about jazz legend 
Jetiy Roll Morton, with Morten 
Gurtnar Larsen on piano (47th Street 
Theatre, 304 West 47th St 265 
1086) 

• Guys and Dote: a top-notch 
revival of the 1950 musical about 
the gangsters, gamblers and 
good-time girts around Times 
Square (Martin Beck, 302 West 45th 


St 239 6200) 

• Carousel: Nicholas Hytnerfs 
bold. beautiful National Theatre 
production from London launches 
the 1945 Rodgers and Hammersteln 
musical towards the 21st century 
(Vivian Beaumont 150 West 65th St 
239 6200) 

• Blood Brothers: Witty Russell’s 
musical about twins who, separated 
at birth, eventually meet and fall in 
love with the Same girt The cast 
Includes Carole King (Musk: Box, 

239 West 45th St 239 6200) 

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

Metropolitan Opera This week’s 
repertory consists of Arabella 
tomorrow and Sat afternoon wife Kiri 
te Kanawa and Male McLaughlin, 

La nazze di Figaro on Wed aid Sat 
with Bryn Terfel and Dawn Upshaw, 
and Tosca on Thurs with Ghena 
Dimitrova and Luciano Pavarotti. The 
first new production of the season is 
Shostakovich's Lady Macbeth of 
Mtsensk, opening Nov 10 (362 6000) 
State Theater New York City 
Opera's autumn season runs till Nov 
20. This week’s performances are 
daily except tonight and Thurs. and 
feature la boheme, Madama 
Butterfly, Mefistofele, Jl barbiere di 
SivigEa and Die Zailberfiote (870 
5570) 

CONCERTS 

Alice Tufty Hall Bryn Terfel gives a 
song recital tonight, accom p anied 
by James Levine. Thomas Hampson 
takes part In a recital on Wed, and 


the Borodin Quartet opens a cycle 
of Shostakovich string quartets on 
Sun afternoon (875 5050) 

Avery Fisher Hafl Zdenek MacaJ 
conducts the New York 
Phitttarmonlc Orchestra tomorrow in 
works by Musorgsky, Stravinsky and 
Berlioz, with violin soloist Co- Liang 
Lin. Wed: Tadaaki Otaka conducts 
BBC National Or ch es tr a of Wales in 
Tchaikovsky, Rakhmaninov, Bgar 

and Daniel Jones, with piano soloist 
Shura Cherkassky. Thurs, Fri 
afternoon aid next Tuesday: 

Leonard Slatktn conducts NYPO In 
works by Kamte, Dvorak and 
Richard Strauss, with violin soloist 
Pamela Frank (875 5030) 

Carnegie Hall Shlomo Mlntz 
conducts Israel Chamber Orchestra 
on Thurs in works by Patios, 

Mozart, Stravinsky and Haydn. Next 
Mon: Vienna Symphony Orchestra 
(247 7800) 


■ PARIS 

DANCE/OPERA 

• The Paris Opfira Beliefs 1994-5 
season opens tomorrow at the 
Bastffle with the traditional Grand 
DSS6. followed by Balanchine's La 
Palais de crista! (Symphony in C) to 
Bizet. The Four Temperaments to 
Hindemith, and Jerome Robbins’ 
Glass Pieces to Philip Glass (12 
performances till Nov 17). The 
season also indudes a young 
dancers programme, Nureyev's 
production of Swan Lake, a mixed 
tall including wprfcs by Balanchine 
and Martha Graham. John 
Neumder's Magnificat and a 
Nifmska-Nllinsky programme (4742 
5371). The next opera production at 
the Bastille Is a revival of Ls nozze 


di Figaro, opening Nov 5 (4473 
1300) 

• The Kirov Ballet te in residence 
at Theatre des Champs-Sysdes 
between Nov 2 aid 7, followed by 
the Kirov Opera from Nov 23 to Dec 
11 (4952 5050) 

• The new Ring production at the 
Chfitelet continues with Siegfried on 
Thurs and GfltterdSmmerung on Sat 
The conductor te Jeffrey Tate and 
the producer Pierre Strosser. There 
will be two complete Ring cycles 
between Oct 31 and Nov 13 (4028 
2840) 

CONCERTS 

Thefttre des Champa-Elys^es 
Jean-Claude Casadesus conducts 
Orchestra National de UDe tonight in 
a Berlioz programme, with vocal 
soloists Including Laurence Dale and 
Michele Lagrange. Neeme Jfirvi 
conducts the Gothenburg Symphony 
Orchestra on Wed In Alfven, Sibelius 
and Musorgsky/Rave), wife violin 
soloist Maxim Vengerov. PhHIppe 
Herreweghe conducts Ensemble 
Vocal European on Fri In choral 
works by Monteverdi and Cardoso. 
Pierre Amoytd gives a violin recital 
on Sun morning (4952 5050) 

Salle Pleyel Kenneth Montgomery 
conducts Orchestra Phitharmonique 
de Radio Franca on Thua in works 
by Tippett, Prokofiev and Verdi. 
Itzhak Perlman plays the 
Tchaikovsky Violin Concerto with the 
Orche s tra de Paris on Nov 2 and 3 
(4563 0796) 

JAZZ/CABARET 
Buster Williams Quintet is in 
residence this week at Lionel 
Hampton Jazz Chib. Oct 31 -Nov 12: 
Mighty San McClain. Musk; daily 
from 10.30pm to 02.00am (Hotel 
Meridien Paris Etoile, 81 Boulevard 
Gouvion St Cyr, tel 4068 3042) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

Tuesday: Austria, Belgium, 
Netherlands, Switzerland, Chi- 
cago, Washington. 
Wednesday: Franca, Ger- 
many, Scandinavia. 

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

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 123a 

TUESDAY 

Euronews: FT Reports 0745, 
1315, 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230. 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 






18 


FINANCIAL TIMES 


MONDAY OCTOBER 24 IW 


★ 


Samuel Brittan 

Management can’t 
replace thought 


t The headlines 
from the UK 
Treasury’s 
Fundamental 
Review of Run- 
ning Costs 
were all about 
the loss of one 
in four in top 
personnel- But reducing the 
size of the Treasury is not 
itself an important contribu- 
tion to expenditure control- It 
is a tiny department employing 
1,400 people including clerical 
staff other supporting workers. 
The review claims that it did 
not attempt to make economies 
for their own sake, but rather 
asked whether a reformed and 
slimmed down Treasury could 
do its job more efficiently. 

There is a case to be made. 
The Treasury may be too hier- 
archical, and waste time and 
energy in passing papers from 
one level to another. There 
may still be too much candle- 
ends control of the expenditure 
of other departments in place 
of priorities and ceilings. 

Unfortunately the review 
does not say anything as 
straightforward. The principal 
author, Jeremy Heywood, is no 
shrinking violet and one would 
expect him to be direct and 
pungent. But something seems 
to happen to the writing of peo- 
ple, whether journalists or offi- 
cials, who venture into man- 
agement: they come under the 
grip of a woolly and obfusca- 
tory jargon. The authors 
r emar k that such few officials 
as the Treasury does have 
abroad are mostly in America 
and they advocate a shift of 
emphasis towards Europe. 
More knowledge of languages 
will thus be required. This is 
correct and applies most of all 
to English. I would defy any- 
one who reads the full docu- 
ment of more than 200 pages to 
come to any intelligent conclu- 
sion on whether the proposed 
changes are for the better or 
the worse. The review has doz- 
ens of acronyms in each chap- 
ter, and there is no glossary. 

We have, of course, been 
here before. Similar reforms 
were advocated by the Plow- 
den Committee in 196L As one 
Oxford commentator 
suggested the Plowden report 
must have gone through “ that 



The Treasury: a clean-up 


lengthy process of redrafting, 
during which the sharp edges, 
the pungent phrases and any 
handle to outside critics were 
all removed". 

Like the present review, 
Plowden went on about the 
importance of management 
and on the need for top offi- 
cials to spend more time run- 
ning their departments instead 
of on the more glamorous job 
of advising ministers. The 
review says that the ability to 
manage will be as impor tant as 
the need to analyse policy, fin 
a one-sentence lifeline, it 
grudgingly admits that there 
will be a place for the analyst 
who cannot manag p T hank 
you, Jeremy.) 

The most important point of 
substance in the two reports is 
identical: the need for more 
delegation to the spending 
departments. There is. of 
course, the opposite view that 
unless a senior department, 
such as the Treasury, and a 
senior minister, such as the 
chancellor, get thoroughly 
involved in departmental 
detail, they will be easy vic- 
tims to spending lobbies and 
pressure groups of all kinds. 
The outsider cannot judge. For 
the review gives no examples 
of spending control. Nor does it 
even list the limits below 
which departments can decide. 

It comes as a breath of fresh 
air to find the odd sentence on 
events and policies, for exam- 
ple that the sharp increase in 


the budget deficit in the 1990s 
took place because no one sec- 
tion of the Treasury was 
clearly responsible for ensur- 
ing that “the Public Sector 
Borrowing Requirement came 
out on track". 

The review rejects the idea 
of downgrading economic fore- 
casts and contracting out the 
Treasury model. Here it is 
unconvincing. Finding policies 
which are less dependent cm 
crystal gazing ability is just as 
demanding an intellectual task 
as making a forecast and a bet- 
ter use for Treasury brain- 
power. 

The chancellor. Kenneth 
Clarke, has overruled his offi- 
cials by suggesting a market- 
ing of the Treasury forecasting 
work in a couple of years. But I 
wonder if he realises that more 
thaw a normal commercial ten- 
der is involved. The numerical 
estimates in the various macro 
models are adjusted to fit the 
most fashionab le theories and 
not the other way round - and 
necessarily so. 

The review makes a brave 
attempt to distinguish between 
the Treasury mission state- 
ment (to maintain a stable 
macro-economic environment) 
and the "objectives” (perma- 
nently low Inflation) which 
may characterise particular 
governments. But the whole 
drift of the document is that 
economic policy consists of 
pursuing low inflation, a bal- 
anced budget and efficient con- 
trol of public sp ending . I could 
not resist writing in the mar- 
gin of my copy, "signed Sir 
John Simon, 1939” (Sir John 
was the last British, chancellor 
unaffected by Keynes). 

Simon may have been more 
right wing than his postwar 
successors. But what many 
politicians and their business- 
men friends will never learn is 
that such matters are inher- 
ently contestable - there is no 
hard science in sight which 
manager-poUtidans can tap if 
only they run a tight ship. One 
postwar chancellor com- 
plained: “Three Treasury 
knights have seen me and they 
have all told me to do different 
things." That is a more accu- 
rate presentation of the state of 
knowledge than the manageri- 
alists would have us believe. 


T he nuclear agreement 
between the US and 
North Korea signed 
last Friday could 
prove a turning point for the 
Korean peninsula. 

The deal looks set to reverse 
North Korea's flagging eco- 
nomic fortunes and increase 
the links between North and 
South - offering the best hope 
yet for the reunification of the 
two countries, divided since 
1945. 

Promises of unproved diplo- 
matic ties, and security guar- 
antees. should encourage 
North Korea to open to foreign 
investment and goods, as well 
as energy supplies. However, 
mutual distrust could still 
unravel the deal's mix of con- 
cessions and incentives. 

North Korean reform has 
already gathered momentum 
this year. The death in July of 
President Kim Il-sung, the 
country’s only leader since its 
establishment in 1948, marked 
the end of the old guard, which 
favoured the policy of juche 
(self-reliance}. 

The expected assumption of 
power by his son, Mr Kim 
Jong-il, in the next few weeks 
will strengthen the influence of 
a younger gene r ation of tech- 
nocrats. who support an open- 
ing of the country and appear 
to have the approval of the 
new leader. 

This emerging class argues 
that North Korea must change 
course to avoid economic col- 
lapse. Dwindling economic aid 
in the past four years from 
Russia, following the collapse 
of the Soviet Union, and China 
has led to energy and food 
shortages and a 5 per cent 
annual contraction, of the econ- 
omy. 

“North Korea is shifting 
from the aggressive guerrilla- 
style communism of Kim Il- 
sung and his dream of forced 
reunification of the Korean 
p eninsula to a pragmatic pol- 
icy of emphasising domestic 
economic issues and maintain- 
ing political control & la 
China,” said Mr Michael Breen, 
editor of Korea Countdown, a 
Seoul-based newsletter on 
North Korea. 

The role of North Korean 
technocrats in the complex 
nuclear negotiations of the 
past 19 months supports the 
view that Pyongyang has 
exploited international con- 
cerns over its nuclear pro- 
gramme to win diplomatic and 
economic support for its eco- 
nomic revival 

North Korea "has finally got 
everyone's attention, " said Mr 
Stephen Linton of the Center 
for Korean Studies at Colum- 
bia University in the US. 
“After almost a half century of 


€' 


The North- South 
divide narrows 


Pyongyang's nuclear accord with Washington could 
lead to a united Korean peninsula, says John Burton 



enmity” between North Korea 
and the US. they “seem to be 
sincerely committed to making 
progress toward a lasting 
peace." 

North Korea has certainly 
reaped significant economic 
benefits from the nuclear 
agreement. In return for aban- 
doning its nuclear programme, 
which is capable of producing 
wea pons-grade plutonium, the 
country will receive ail sup- 
plies from the west, followed 
by safer modem light-water 
reactors. These will help the 
country deal with the chronic 
energy problems that have 
been the prime cause of its eco- 
nomic troubles. 

The US has also promised 
improved diplomatic ties, 
which could clear the way for 
additional western aid and 
trade. The easing or lifting of 
the US trade embargo against 
North Korea could allow the 
country to join the Asian 
Development Bank and the 
World Rank, This would give it 
access to multilateral financ- 
ing, which could be used to 
support the development of 
free economic zones for foreign 
investment and to repair the 
country’s crumbling roads and 
railways. 

The normalisation of rela- 
tions with the US would also 
encourage improved links with 
Japan, which could bring bil- 
lions of dollars in reparations 
from Tokyo for its colonial 
occupation of Korea. 

The security guarantees 


given by the US as part of the 
nuclear deal may also see 
Pyongyang's attitude to the 
outside world become less 
paranoid. The US has pledged 
that its nuclear weapons will 
never be used against North 
Korea, and has agreed to sus- 
pend the annual large-scale US- 
South Korean "Team Spirit" 
military exercises. 

Such notable diplomatic 
gains, so soon after his father’s 
death, are likely to bolster Mr 
Kim Jong-il's prestige and 


The nuclear pact 
opens the way for 
South Korea to 
start investing in 
the North 


remove doubts among possible 
rivals about his capability to 
run the country. 

Nonetheless, Pyongyang is 
taking risks in accepting the 
nuclear agreement. North 
Korea will become dependent 
on its former enemies in the 
west for crucial energy sup- 
plies. including oil and 
enriched uranium to Axel its 
new reactors. This will give 
Washington unprecedented 
leverage in influencing future 
developments in the North, 
unless Pyongyang can find 
alternative sources, such as 
China. 

A more serious danger for 
Pyongyang is that growing for- 


eign influence could under- 
mine a government that has 
built public support on decades 
of intense and ceaseless propa- 
ganda. 

"Kim Jong-il knows that a 
major relaxation would permit 
people to focus on the internal 
causes of their troubles, which 
is the regime itself and the sys- 
tem it enforces.” said Mr Brad- 
ley Martin, a Fulbright scholar 
who is preparing a book on 
North Korea. 

Mr Breen adds: "The 
dilemma for North Korea is 
that it needs to open, but the 
question is how much without 
causing internal troubles.” 

Pyongyang is betting on eco- 
nomic aid halting the slide in 
living standards, and on 
increased domestic production 
of consumer goods by both for- 
eign and local companies. But 
some analysts believe North 
Korea cannot save its economy 
without widespread reforms 
that would dismantle its cen- 
trally-planned economy and 
weaken political control. 

The nuclear agreement is 
also risky for the US and its 
South Korean ally. The delay 
in international inspections of 
some of the North's nuclear 
facilities gives Pyongyang sev- 
eral more years to perfect at 
least one atomic bomb from 
the plutonium it may have 
already reprocessed. 

Moreover, some officials in 
Seoul are concerned that 
Washington's promise never to 
launch a nuclear strike against 


North Korea leaves South 
Korea vulnerable by removing 
it from the US nuclear 
umbrella. 

They predict that once 
Pyongyang achieves diplomatic 
ties with the US. it will 
increase pressure on Washing- 
ton to sign a formal treaty end- 
ing the 1950-1953 Korean war 
and to withdraw 40,000 Amcri- 
can troops from South Korea. 

Seoul has gained one impor- 
tant advantage from the 
nuclear agreement, however. If 
implemented, the treaty is 
more likely to bring a gradual 
reunification of the two 
Koreas, than a sudden collapse 
of the North, requiring a costly 
rescue by the South. 

The turmoil caused by the 
German unification process 
has prompted fear among 
South Koreans of the effects of 
a similar process on their own 
doorstep. Rapid unification 
with a broken economy might 
cripple South Korea's efforts to 
become an advanced industrial 
nation by forcing it to divert 
scarce resources to reconstruct 
the North. According to some 


I nstead, the nuclear part 
opens the way for South 
Korea to start investing in 
the North, laying the 
foundation for a smooth 
merger of the two Koreas in 
perhaps the next decade or 
two. 

The South's leading con- 
glomerates, or chaebol, are 
already preparing plans, with 
Pyongyang's approval, to 
establish light industrial facto- 
ries in the North. Seoul's cen- 
tral role in constructing the 
new light-water reactors for 
North Korea will also begin the 
process of connecting the 
two countries’ infrastructures. 

But much could go wrong 
during the nuclear agreement's 
protracted timetable. The 
North Koreans are tough bar- 
gainers and may try to exploit 
the terms of the accord to 
wring new concessions from 
the west, such as the conclu- 
sion of a US-North Korean 
peace treaty. Much will also 
depend an Mr Kim Jong-il's 
ability to deliver Pyongyang's 
side of the bargain - and he is 
thought to be in poor health. 

The agreement has begun a 
process that will gather 
momentum. It has struck a 
fine balance between North 
Korea's economic gains and 
the world’s security gains: uni- 
fication could quickly turn the 
Koreas into one of the world's 
economic powerhouses. But it 
re mains an ambitious under- 
taking. 


r 




LETTERS TO THE EDITOR 


The COOPERATIVE BANK 


Why bank with one that isn't? 


An offer of 

a lifetime. 



A gold card -with no annual fee guaranteed for life 


The Co-operative Bank would like to offer you a golden opportunity. 

Our gold card comes with a guarantee of no annual fee for life. It also 
comes with a minimum credit limit of £3,000 and a balance transfer facility. 

This allows you to transfer the balance from your existing credit card and repay it at just 
1% interest a month. That's 12.6% APR (variable). As it's a Visa card, you'll have die reassurance that 
it’s welcomed at up to 10 million outlets worldwide. If you earn £20.000 pa or more and already 
have a credit card, call us free or post the 
coupon before 31st December 1994. 


0800 100 170 


Ptm to- GobJcard dept. Co-apandw Bank pic Freepost (4335). Bristol BSI 3YJC or phone 0800 100 170 (34 hours i dir. 
7 days a week). Please quote 56701 when operator asks. (Please use biodt capitals.) 

Fut name Address 


Posit ode Phone number 58703 

WRrm>J QUOTATIONS AVAILABLE ON REQUEST CREDIT FACILITIES ARE OFFERED SUBJECT no STATUS AND NOT AVAILABLE TO MINORS THE BANK RESERVES THE RIGHT 
TO DECLINE ANY APIA! CATION CUSTOMERS MUST USE THE CASD AT LEAST ID HUES PER YEAR. 


Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letteis transmitted should be clearly typed and not hand written. Please set fax for finest resolution 


Redefining the Treasury role 


From Mr Peter McGregor. 

Sir, Sir Terry Burns' belief 
that "the Treasury should not 
remodel itself as merely the 
finance department of UK pic” 
is correct ("Civil Service Reor- 
ganisation: Mandarins try to 
please the critics”, October 20). 
It is in fact the Treasury's 
financial control functions 
which should be taken away so 
that it becomes only the Minis- 
try of Economics (It was in try- 
ing to start up a competitive 
ministry that the than prime 
minister Harold Wilson made 
one of his many mistakes.) The 


Treasury could also inherit 
some of the regulatory trade 
functions of the Department of 
Trade and Industry with conse- 
quent savings there. 

The Treasury may have a 
poor record in forecasting, but 
anyone who has had anything 
to do with it knows that its 
ability to handle budgeting and 
financial control is even worse. 
We need a new ministry with 
new people who understand 
these thing s. 

What is required is an 
inquiry into the system as it 
works at the moment, includ- 


ing the auditing function and 
parliamentary scrutiny, and 
some consideration of alterna- 
tives (including those methods 
used by our EU partners). 

This must be done by a 
group which has internal civil 
service and external industrial 
and financial experience and 
not by the Treasury’s inspec- 
tors, another group which in 
my experience fell far short of 
what was necessary to dis- 
charge the function. 

Peter McGregor. 

Dacre Cottage, 

Longwarth, Oxfordshire 


Stimulate investment for long term 


A natural 
order of 
luxury 

From Mr Jorge Eduardo 
Naaarrette. 

Sir. I was very much amused 
by Tony Walker’s dispatch on 
the use of luxury cars by Chi- 
nese Communist party cadres 
("Chinese officials lose a touch 
of luxury”. October 17). It is 
not the first time that an 
attempt to impose austerity on 
them has been made. 

I was in Peking in late 1989, 
when the dust of the infamous 
Tiananmen Square "incident” 
was starting to settle and when 
a similar directive was issued. 
It produced a very funny 
result: high officials were 
driven in old Chinese-made 
cars, followed by two or more 
shining deluxe European cars 
stuffed with security person- 
nel. After several weeks the 
natural order of things was 
quietly restored. I assume the 
same will happen again. 

Jorge Eduardo Navarrette, 
Mexican Embassy, 

Felix da Amesti 128, 

Santiago. Chile 

Death of 
healthcare 

From Mr Fredric Steinberg. 

Sir, Although dated October 
19, Mr Tim Haines's article. 
"US healthcare: the issue that 
won’t die”, has the curious 
appearance of an ancient relic 
when measured politically. 
While addressing the matter of 
"Who killed healthcare?", he 
claims that the irony is that 
the White House has won on 
healthcare. 

In fact, the Irony is that Pres- 
ident Bill Clinton’s ratings 
have risen only since he has 
engaged himself in the foreign 
policy of the US, and he and 
his peppery spouse along with 
the Congress have dropped out 
of the war on American health- 
care. 

And all this time I had been 
believing rumours that health- 
care change died as a result of 
a plot by foreign agents 
provocateurs: where will the 
Canadians get treatment if US 
healthcare goes down the soci- 
alised road to medical obliv- 
ion? 

Fredric Steinberg, 

70S North Crossing Way, 
Atlanta, Georgia 30039-4057. US 


From DrJHMuloey. 

Sir, Two headlines on page 
10 of your October 20 edition 
say: "CBI warns employers to 
cut unit labour costs”, and 
"The case for an Imaginative 
budget". 

The first features the Confed- 
eration of British Industry's 
concerns over rising wages at a 
time when UK productivity is 
less thflTT Hrat of the US, Ger- 
many and Japan. But the CBI 
also warned that investment in 
the UK is well behind that of 
other countries. 


From Mr Kenneth Armitage. 

Sir, During the past decade 
there has been a plethora of 
management theories and prac- 
tices such as “human resource 
management”, "total quality 
management”, "downsizing”. 
“Te-engmeering", “flatter man- 
agement structures". More 
recently we have had “upward 
appraisals". 

Most of these theories are US 
imports and are designed, 
apparently, to confuse the fun- 
damental management princi- 
ple of command and control 
through responsibility and 
accountability. 

Tony Kippenberger's state- 
ment that "much of today's 
management theory is being 
questioned”. (Letters. October 
13), necessarily leads to the 
assumption that many of these 
recent management Ideas are 
designed to create confusion 
and internal chaos and are, 
perhaps, not relevant to some 
organisations. Indeed each con- 
cept has often been marketed 
by those consultants who are 


South Korean industry, for 
example, spends more on 
research and development, as a 
percentage of gross domestic 
product, than industry in the 
UK. and employs more gradu- 
ate scientists and engineers. 
The Seoul government has 
announced the aim of raising 
total national investment in 
St&D to 4 per cent ol GDP, 
twice the UK level, by the end 
of the century. 

An "imaginative budget” 
would take actions to stimu- 
late and help industrial in vest- 


looking for ways to convince 
management that this particu- 
lar technique would work well 
in their company. 

For example h uman resource 
management is likely to be 
more effective in smaller com- 
panies where everyone hag an 
understanding of each other’s 
jobs, but not, perhaps, in a 
large organisation with sepa- 
rate operating divisions and 
business units. The “just in 
time" (JIT) technique is effec- 
tive where there is a rapid and 
constant turnover in stock and 
where space is at a premium, 
but not so relevant in a large 
ma n ufacturing company where 
supplies are needed on demand 
and where space is available. 
And performance-related pay 
(PRP) will work in an organisa- 
tion where there is a culture of 
individualism and competition, 
but not where teamwork is an 
essential part of the equation. 

Likewise, the current fad of 
“upward appraisals” is likely 
to work in the US where indi- 
vidualism is the p rimar y order 


ment, especially for s mall and 
medium-sized companies, and 
introduce measures to counter- * 
act the endemic short-termism 
prevailing in industry and the 
financial markets. Countries 
such as South Korea know that 
long-term productivity and 
competitiveness depend on 
investments made today. 

J H Mulvey, 
executive secretary. 

Save British Science. 

Box 241, 

Oxford 
OX1 3QQ 


and where there is a more 
casual approach to the concept 
of management, accountability 
and responsibility. It is 
unlikely to be accepted in the 
long-established and stratified 
societies and cultures of Ger- 
many, France and the UK: it 
win definitely not work in the 
structured and organised Japa- 
nese society. 

Therefore, there can never 
be established global manage- 
ment theories and practices 
simply because of the differ- 
ences in culture and society. 

Debate management theories 
by all means but the recom- 
mendation which might come 
out of any discussion group is # 
that companies should adapt 
or adopt only those practices 
which meet the demands of 
their organisation: implement 
techniques of likely benefit to 
the company; and condemn 
ineffective practices to the 
waste paper basket 
Kenneth P Armitage, 

6 Debden Valley Drive. 

Kesffrave, Suffolk IPs TFB 


Chaos (theory) in modem business 







financial times 

D ^ e ^ uthwark Bridge, London SE1 9HL 
TeL 071-873 3000 Telex; 922186 Fax: 071-407 5700 

Monday October 24 1994 


Dollar decline 
(continued) 


If the reputation of economic 
forecasters has sustained 
fo recent years, the sub-branchof 
the trade that seeks to predict cur- 
rency movements has seen its 
credibility pretty well shredded. 

The perpetrator In chief has been 
the dollar, the decline of which 
against both the yen and the 
D-Mark this year has confounded 
the great majority of pundits. 

The general assumption in Jan- 
uary was that rising interest rates 
in the US, combined with slow 
recovery in Europe and Japan, 
would ensure a cyclical rebound 
in the dollar. Huge portfolio posi- 
tions were buQt on this near-unan- 
imous market view, often on bor- 
rowed money. The rest, so to 
speak, is hysteria, as both bond 
rates and cm'r wicipq have dan c e d 
to a different tune in an u ncfTtatw 
key. Why have currencies so dra- 
matically defied predictions? 

Part of the problem has Nwt i 
that interest rates did not come 
down to the expected extent in 
Germany and Japan. The markets 
have also worried that the trade 
dispute between the US and Japan 
gave the Clinton administration 
an interest in a weak dollar in 
order to apply pressure to the Jap- 
anese. Yet the more powerful 
influence has been a shift tn the 
structure of capital flows. 

With Japan projected by the 
Organisation, for Economic 
Co-operation and Development to 
run a current account surplus of 
nearly $l30bn this year, while the 
US runs a deficit of just over 
(140bn, the natural direction for 
capital to go is from the world’s 
biggest creditor to its biggest 
debtor country. But Japanese 
investors have been reluctant to 
play their part in this process. 

One reason is that they have 
incurred large accumulated losses 
on foreign investments, not least 
because of the yen’s s truct u r a l 
tendency towards appreciation. 

Another is that the relative bond 
returns in Japan are seductive: 

Japanese Investors 

At .current rates of inflation - 
nff for 'Japan,' about' 8 per cent 'for ' 
the US - the real yield on 10-year 
bonds in Japan last week was 4.7 
pm- cent compared with 4£ per 
cent in the US. That provides little 
protection far Japanese investors 
against further , dollar weakness. 

The picture could he even more 
stark. Some analysts are predict- 

A grip on the 
Commission 


ing a deflationary foil of as much 
as 10 per cent in the Japanese 
price level over the rest of the 
decade, in which case real yields 
in Japan could be nearer 6 per 
cent. Even cash would afford a 
real yield of 2 per cent in such 
deflationary circumstances. The 
temptation for Japanese investors 
to forsake domestic bonds for 
overseas IOVs IS thus minimal 
And in equities, Wall Street 
remains very folly valued. 

US deficit 

On the US side, meantime, 
long-term portfolio capital is no 
more inclined to flow in the direc- 
tion that the current account defi- 
cit requires than to Japan. US pen- 
sion funds and mutual funds have 
been trying to reap the benefit of 
international diversification, 
which is supposed to bring higher 
retains far a given degree of risk. 

Against the background of a ris- 
ing US current account deficit and 


a growing net outflow of direct 
investment, a $37bn swing last 
year from inflow to net portfolio 
outflow contributed significantly 
to dollar weakness. The timing 
and extent of such changes in 
stocks, as opposed to flows. Is 
notoriously difficult to predict. 
But the course of long-term capital 
will in time change. What could 
bring that about? 

If US bond rates were to rise and 
Wall Street were to collapse, both 
US and Japanese investors might 
see dollar-denominated assets in a 
.Afferent li ght And soma markets 
have moved so much together this 
year, the US enthusiasm for for- 
eign investment has not offered 
much diversification benefit. 
Enthusiasm may thus wane. It Is 
noteworthy, too, that after the 
annualised $140bn inflow of for- 
eign capital mtn the Tokyo equity 
market in the first quarter of 1994. 
the flow fell to $50bn a year in the 
second quarter. 

What is reasonably certain is 
that the US current account defi- 
cit, which is still the biggest num- 
ber influencing the supply of dol- 
lars to the rest .of the world, has 
peaked. Yet the behaviour of Japa- 
nese capital remains hard to pre- 
dict In doe course cyclical eco- 
nomic factors will reassert their 
influence vis a vis long-term capi- 
tal flows and the dollar wifi have 
its rebound. But the only safe 
short-term forecast is for further 
Instability. 


is week Mr Jacques Santer 
2S the first big test of his lead- 
hip and deal-making skills 
ce he was named as next presi- 
it of the European Co mmission 
t summer. He has called a 
sting of follow commissioners 
Saturday to settle the distribu- 
i of portfolios for the five-year 
n that begins in January. Baro- 
1 battles between commission- 
with a particularly high 
xm for their own abilities are 
jredictably full swing, 
ompleting the process this 
ik matters less than getting 
se appointments right. The 
•opean Union faces a complex 
[ contentious agenda, and the 
amission has a vital role to 
y both in managing the 
nges now under way and in 
jeering the difficult trade-offs 
ween member states likely to 
necessary in the coming years, 
aeeds to focus dearly on the 
ghtiest tasks by placing than 
the most capable hands. As 
xntant, Mr Santer - nobody’s 
t choice fin 1 the job - needs to 
»hHch his own authority over 
political agenda and over the 
omission’s internal workings. 
i both spheres the need for 
iom is urgent. The C ommiss ion 
he Hying months of Mr Jacques 
ore’s 10-year presidency pres- 
s a sorry spectacle: doggedby 
r morale and petty in-fightfrig, 
dealings with the memo» 
:es hampered by mutual mis- 
st and legal disputes, ffia 
ole range of policy areas- from 
be aids to industry through 

orcement of agricultural 

wm to EU policy towards the 
Trans - there is a damaging 
iression of drift It is for M? 
iter to seize the initiative. 

bstantial consensus 
i mie sense co nd itio n s are prp- 
ous for him to do so, for tne 
rent bickering between* nem- 
states disguises the fact that 
re is a substantial consensus 
ut two broad things the new 

amission should be doing, 
irst, it should focus not on 
borating Delors-style grand 
mis or fighting turf ware 
Council but an using its sub- 
Trial treaty powers to make toe 

S Union work- Thai means 

enhanced effort to smooth oot 
gularities in the ifttrnalmar- 

to ensure free and feir compe- 


tition and to improve industrial 
competitiveness. It also means 
being realistic about what can he 
achieved at the 1996 Inter-Govern- 
mental Conference on institu- 
tional reform - an event which if 
p^iwhimHipd could easily sidetrack 
the Union into acrimonious and 
futile constitutional wrangling. 

Mr Santer should take particu- 
lar care with the internal market 
portfolio, in which, regrettably, 
none of the Commission's heavy- 
weights has thus far expressed 
interest The la* of an aggressive 
Commission push on the single 
market has been the biggest disap- 
pointment of the past two years, 
and urgently needs redressing as 
the EU admits up to four more 
members and its core member 
states gear up for the third phase 
of monetary in no other 

area is there a bigger risk of the 
EU*s losing credibility with its cit- 
izens or businesses. 

Strategic priorities 

Second, the Commission - 
already unwieldy with 17 mem- 
bers about to become still 
more SO with the addition of four 
more - should develop a dearer 
sense of strategic priorities than it 
has displayed of late, especially 
with regard to external relations. 
Mr Santer Is right to judge that Mr 
Odom’S division of external rela- 
tions between a political portfolio 
( hold by Mr flans Van dea Broek) 
and an economic one (Sir Leon 
Brittan) has not worked. He is 
also correct to want to take over- 
all charge of external relations 
himself by chairing a Commission 
sub-group on the subject - no t 
least because the most important 
issue in external policy, relations 
with central and eastern Europe, 
will have a profound influence on 
the Union itself in coming years. 

Mr San tar’s first task early nest 
year will be to draw up a white 
paper on preparing the central 
and eastern Europeans for even- 
tual EU membership. That will 
involve the entire Comm i ssi o n, 
not just the two men who are cur- 
rentiy squabbling over the eastern 
Europe portfolio. And If it is wise, 
it will focus equal scrutiny on 
what the applicant countries need 
to do to prepare and on how the 
Union needs to adapt to admit 
That would be the most 
practical route-map to take the 
Union towards the mfllennium. 


Alison Smith and Peter Marsh on a UK regulator's report 
which offers hope for victims of a pensions debacle 

The high cost 
of bad advice 



sion sales agents has led to a sharp 


A lan Edge, an unem- 
ployed machine-tool fit- 
ter in Preston, Lanca- 
shire, would not 
normally pay much 
attention to the pronouncements of 
the Securities and Investments 
Board, the City’s chief regulator. 

But this week he is on alert for a 
potentially explosive report from 
the SIB setting out how tens of 
thousands of UK investors may be 
able to claim damages for having 
been poorly advised when they 
bought personal pensions. Even 
moderate estimates for the total 
compensation start at about £50Gm. 

Mr Edge took out his personal 
pension in 1980 alter losing his job 
at Leyland Bus, the vehicle com- 
pany owned by Volvo of Sweden. He 
was persuaded to transfer a lump 
sum of £26,000 from the Leyland 
pension scheme to a new personal 

pension. 

Mr Edge la unsure whether be 
made the right move - despite long 
discussions with the financial 
adviser who recommended the 
transfer and who has since assured 
him that the advice was good. Mr 
Edge, aged 52, plans to start draw- 
ing his pension in three years but is 
warned that when he does so, the 
cash could be Significantly less than 
if he had left the lump sum in the 
Leyland schpmp 

“When I made the move, all the 
pressure was on me to switch rntn a 
new pension; no one told me about 
the potential advantages of staying 
put," he said. 

The SIB report, which will be 
published tomorrow, is expected to 
give Mr Edge the prospect that his 
case will be looked at again. The 
report, anxiously awaited by the 
retail financial services sector from 
the largest life insurers to the 
smallest independent financial 
advisers, will set out guidelines for 
compensating people who have 
been wrongly sold personal pen- 
sions. 

“Tve been in various financial cri- 
ses, and I’ve never seen anything as 
messy or as big as this,” one senior 
industry figure said. 

It was late last year that a pilot 
study by accountancy firm KPMG 
Peat Marwick first raised the possi- 
bility that large numbers of people 
had been “nris-sold” personal pen- 
sions an t ransfer ring a lump sum 
from a former employer's scheme. 

More than 500,000 pension trans- 
fers have been sold since they 
became available in 1988. The 
KPMG study suggested that in nine 
out of 10 cases, the recommendation 
to transfer to a personal pmuann 
had not been based on adequate 
information. Concern then spread 
to cases where people had opted out 
of an occupational scheme run by 
their employer to buy a personal 
pension. 

The resulting widespread public 
concern about the standards of pen- 


drop in the sales of personal pen- 
sions. The life companies now also 
face higher costs in meeting the 
tougher regulatory standards - to. 
prevent the “mis-selling’’ of pen- 
sions in the future - which the SIB 

armpiinwil tn March. 

However, it is the question of how 
to provide compensation for past 
mistakes, the subject of tomorrow's 
report, that most exercises life com- 
panies and advisers. Despite wide- 
spread consultation an its contents, 
there is likely to be opposition to 
the SIB’S proposals, with at least 
one of the large life companies con- 
sidering a legal challeng e to test 
whether they are bound to comply 
with the regulator’s proposals. 

Life companies’ concerns about 
what they expect from the SIB 
cover not only compensation pay- 
ments but the process of spotting 
cases that should qualify for com- 
pensation. With cases of transfers 
out of former employers’ pension 


schemes, the priority will be to 
review the cases of people who have 
already retired and those close to 
retirement. Others will be dealt 
with over a longer period. 

The total compensation for trans- 
fer cases may not, however, be the 
industry’s biggest problem. There 
are circumstances in which taking a 
pension transfer was the right thing 
to do. Even where financial advice 
was not valid, the compensation 
involved could be relatively small. 

“In transfers, even where the 
decision was based on bad advice, 
the difference is fairly marginal, " 
according to an industry expert. 

The most contentious Issues now 
surround what to do about pension 
opt-outs, where people taking out a 
personal pension might have done 
better in their employer’s pension 
scheme. 

One problem is identifying cases 
of “mis -selling” in such circum- 
stances. The number is thought to 
be much smarter fhan the number 


of transfers, but they are hard to 
pick out from files which may not 
show whether someone baying a 
personal pension was eligible to join 
a company pension scheme. 

The SIB is expected to say that all 
employed people who bought per- 
sonal pensions since 1988 must be 
contacted, to see whether they were 
eligible for occupational pension 

scheme memb ership. This would be 
a massive and expensive exercise, 
particularly for individuals and 
companies which have poor records. 

A second problem is definition. 
While someone who has left an 
employer’s scheme to take a per- 
sonal pension is clearly an “opt 
out”, there are some personal pen- 
sion holders who were - or would 
have become - eligible to join a 
company scheme. Whether a sales 
agent or adviser checked eligibility 
and advised staying out and taking 
a personal pension instead, could be 
decisive elements in assessing how 
much compensation should be paid. 


Ms Susazme Long, a 30-year-old 
marketing manager at the UK sub- 
sidiary of US computer company 
International Business Machines, is 
a “non-joiner”. She started a per- 
sonal pension in 1989, even though 
she had the option of joining an 
occupational scheme with her 
employer. She is now claiming com- 
pensation from the life company, 
saying it should have told her then 
that a better choice would have 
been to join the occupational 
scheme. 

The compensation for such cases 
could be enormous where the per- 
son affected is still with the same 
employer. They would need enough 
money to match the lost pension 
rights and reflect benefits for future 
years’ service. 

On this Issue, there is a crumb of 
comfort for the life companies. The 
National Association of Pension 
Funds is encouraging occupational 
schemes to allow people who have 
opted out to rejoin for future ser- 
vice. If this advice is followed, the 
life companies and advisers may 
still have to provide compensation 
to make up for the years missed. 
But they would not face the pros- 
pect of having to provide a defined 
set of benefits many years hence. 

W hile the life compa- 
nies are struggling 
with such identifi- 
cation and compen- 
sation problems, 
the task may be almost impossible 
for thousands of small independent 
financial advisers. 

Among regulators and the big life 
companies, there is an assumption 
that large numbers of small advis- 
ers, with few staff and relatively 
little capital, will be forced out of 
business by the task. 

There is also the problem of deal- 
ing with pensions sold by indepen- 
dent advisers who no longer exist 
A unit is being set up by the Per- 
sonal Investment Authority, the 
watchdog to protect the private 
investor, to review such cases. The 
bill will have to be picked up by the 
rest of the financial services sector, 
where those who have not sold pen- 
sions will resist attempts to involve 
them. 

Even with the publication of the 
SIB report, the scale of pensions 
“mis-selling" will remain unknown. 
And it will take a long time for the 
industry and its customers to put 
the issue behind them. 

“I am embarrassed by the epi- 
sode,” said a former marketing 
director who took a pension trans- 
fer which he now believes could 
need a large top-up. “I was greedy 
and took poor advice. 1 want the 
SIB report to outline a way I can 
back into my old scheme as quickly 
and as painlessly as possible.” 

Whatever the SIB says, the pro- 
cess is unlikely to be quick or pain- 
, less enough for anyone involved. 


Partnership can lead to social justice 



It is easy to dismiss 
notions of social jus- 
tice as a smoke 
screen for govern- 
ment intervention, 
an excuse for politi- 
cians to meddle in 


PB 82F L SSi flSdr«5 


VIEW concern t he m 
But as the Ccmmissuni on Social 
Justice will emphasise today when 
we present our strategy for work 
and welfare, social justice cannot be 
divorced from econo mi c prosperity. 

The government has failed to 
realise this. It has followed the sim- 
ple idea that the fewer the rules, the 
mare pr osperous we will be. Con- 
vinced that cheaper production is 
the key to wmip^tiveness, it has 
stagtemindedly set about destroy- 
ing the laws and institutions that 
govern the market As a result, the 
UK is sp e n d in g more than £ibn a 
year supplementing low pay 
through family credit 
This obsessive pursuit of a low- 
skills, low-investment strategy is 
doomed. Onr future prosperity 
depends upon our ability to com- 
pete with high-skill economies 
rather than the low-wage economies 


of the developing and newly-indus- 
trialised nations. 

Successful UK companies already 
know this. They attach great impor- 
tance to teamwork and co-opera- 
tion. They practise high standards 
of human relations, offer good 
wages, pensions and working condi- 
tions, provide clear aud effective 
communication, long-term commit- 
ment and reasonable protection 
.against redundancy. In return they 
expect and receive a high degree of 
commitment, and increased produo-, 
tivtty, from their staff and suppli- 
ers. 

But the workplace and the nature 
of work are changing Traditional, 
low-skilled industries find it virtu- 
ally Impossible to compete with 
countries such as China where 
wages are as low as $1 a day. 

Intelligent European businesses 
recognise that the only way forward 
is to invest in innovation and mod- 
ern technology to create val- 
ue-added products that are afford- 
able. A massive chap ga in the idrills 
of the workforce is needed to suc- 
ceed in making this transformation. 

Business must also respond to the 
changes that have brought mfltiona 


of women into the workplace and 
transformed family structures. We 
must welcome these changes and 
adapt to them rather than resist 
them. Working patterns must 
enable women and men to cope 
with the demands of the family. 

The Commission has set out 
r ecommen datin g 51 to help business, 
individuals and government meet 


People benefiting 
from higher 
education should 
contribute to 
learning costs 


P fonnmir and social change head 

on. 

First we need an education revo- 
lution to provide the basis for eco- 
nomic progress and social justice by 
opening up learning opportunities 
to people to and out of work. We 
cannot return to the era of jobs for 
life, but we can ensure that people 
remain employable. This requires 
commitment from employers and 
individuals. All but the very small- 


est employers should plough a mini- 
mum proportion of payroll back 
into training their wor k forces - the 
best already do. People benefiting 
from higher education must be pre- 
pared to contribute to learning 
costs. We suggest ways of harness- 
ing funds from government, 
employers and learners to help 
expand education and training. 

Second, life on the dole creates 
social division and economic waste. 
Unemployment is now a spectre 
that haunts the Treasury and City 
institutions as much as shipyard 
workers on the Tyne. The aim must 
be to get people - especially 
long-term unemployed - off welfare 
and into work. 

The Commission's strategy 
forimfes a modern, fiexihie social 
insurance system; benefit reforms 
to enable people to take - up 
part-time work; support for the 
self-employed; and wage subsidies 
to get the long-term unemployed 
back into jobs. 

Third, only through having loyal 
and committed workers can employ- 
ers keep pace with competition. But 
employers must be prepared to 

show commitme nt to return. This 


means fair rewards through a care- 
fully set minimum wage, recognis- 
ing and accommodating family 
responsibilities, and reducing the 
segregation between men's and 
women’s work. 

The aspirations of the European 
Union’s Social Chapter hold no 
fears for any responsible, progres- 
sive British company and the gov- 
ernment should sign it 

The UK cannot hope to prosper if 
it continues along the road of mind- 
less deregulation. Ours must be a 
future of investment and partner- 
ship: investment in people, commu- 
nities and enterprise, and partner- 
ship between business, individuals, 
communities and government. As 
an industrialist I cannot envisage 
sustained business success for any 
company that refuses to accept the 
responsibilities of partnership. 

Christopher 

Haskins 

The author is chairman of Northern 
Foods and a member of the Commis- 
sion on Social Justice 


Observer 


You just have 
to whistle 

■ John Major’s government 
presumably doesn't hope to win 
many hearts and minds at next 
weekend’s Middle East economic 
conference in Casablanca. 

The threeday conference - 
hosted by Morocco’s King Hassan - 
gathers senior representatives from 
nearly 1,000 companies and top 
politicians. It’s all about working 
out major projects for Middle East 
development 

Last week in London Israeli prime 
minister Yttzak Babin let it be 
known he hoped for some 
heavy-hitting UK representation. So 
Britain is sending Douglas Hhgg, 
minister of state at the Foreign 

Office. 

That hasn’t exactly delighted 
senior Moroccan officials, who 
reckon Hogg lacks the sort of dout 
they hoped to see from the UK 
They wanted foreign secretary 
Douglas Hurd or Major hrmaAlf. 

They might have a point After 
aD, US secretary of state Warren 
Christopher, Russian foreign 
minister Andrei Kozyrev, Babin and 
his foreign minister Shimon Peres 
are all planning to go along. 

So too are Yasstr Arafat, along 

with the assorted prime ministers erf 
Italy, S pain , Portu g al , France and - 
probably - German chancellor 
Helmut KohL 

Perhaps Hogg is being groomed 
for greater things. Maybe Major and 


Hurd are terribly busy. 

Of course, it’s conceivable that 
Major has had enough of 
b usinessmen influencing politicians 
to last htm a lifetime. 


Dog days 

■ Anyone want a diary? Each of 
the 5G7 members of the European 
parliament gets a free leather-bound 
diary and desk set So why are more 
than 20,000 extra diaries produced? 
Also going spare are 1*500 leather 
pocket diaries, 18,000 plastic pocket 
diaries and 1*200 matching blotter 
sets. 

Lode to Italy for an answer, 
where a £190,000 bulk purchase - 
inctadmg 1500 large desk diaries in 
blue calf leather, with the 12 gold 
stars symbolising the EU embossed 
on the cover - has just been made. 
In other words, national taxpayers 
are subsidising MEPs 1 gifts to 
friends and relatives. 

Every dog has his day. 


Endangered 

■ Another US stereotype bites the 
dust It’s incorrectly thought by 
seme that the Washington Post 
automatically endorses Democratic 
candidates, to fact it occasionally 
blesses a moderate Republican or 
two tn its suburban hinterland, like 
Connie Morelia f r o m Maryland, who 

im frmr area cions has rec ei vad tho 
newspaper’s seal of approval. 

But for the Post withlte great 



liberal Democratic traditions, to opt 
for a Republican on its home turf 
takes a bit of doing. Step forward 
Marlon Barry, Democrat candidate 
for mayor. The Post has now 
formally endorsed his Republican 
opponent, Carol Schwartz, In next 
month’s election. 

dose observers of the Post have 
long thought that Donald feaha m . 
publisher, and Len Downie, editor, 
have had enou^i of Barry, now 
claiming “personal redemption - and 
seeking a fourth term, after being 
being confined cm a cocaine 
conviction to a federal prism. 

The opening sentence of its lead 
editorial endorsing Schwartz even 
ate some humble pie. “in 1988, in an 
editorial wo wish we could take 


back, this newspaper endorsed 
Marion Barry for a third term as 
mayor,” it said - and then went on 
to blame him for fiscal and social 
policy mismanagement on a grand 
scale. 

But does the Post’s endorsement 
help or hinder? The Morelia 
eampaign thought it CTUCSal tO her 
first election in 1986, though it 
didn't bdp John Ray. defeated by 
Barry to September's Democratic 
primary. Though In a city where 
Republicans are an endangered 
Species, Schwartz is unlikely to 
complain. 


Skin graft 

■ Analysts in Germany are sensing 
the need to develop thick skinsL No 
sooner had the stock market 
absorbed the result of last week's 
narrow election victory by 
ch ap^Rm* Helmut Kohl’s coalition, 
than a Deutsche Bank analysts’ 
team in Dusseldorf recommended a 
sell for German shares. They 
suggested the government was too 
weak and the political climate was 
moving leftwards. 

This was too mudh for the bank's 
bosses in Frankfurt They took the 
highly unusual step of distancing 
themselves from the views of the 
Pflsseldorf analysts, saying they did 
not reflect the bank's opinions. 

Down in Munich, another analyst, 
framBayerische Vereinsbank, has 
received a taste of corporate spleen 
from Computer 2000, the German, 
computer dealer. It took exception 


to a study it thought too short-term 
In outlook and publicly castigated 
the conclusions of “a young 
analyst”. What’s youth got to do 
with it? 


Dear John 

■ In philanthropic mood. Observer 
offers the following advice to John 
Major in his aim of cleansing 
government Send the following 
round-robin letter to all Tory MPs. 
It's modelled on that sent to Tim 
Smith, accepting his resignation 
from the Northern Ireland office. 
Recipients with easy consciences 
could return it with the blanks 
unfilled. 

Dear X, 

I understand you may have had a 
relationship wife — in the 1980s. 
At the risk of being obvious, was it 
something you are now a little 
shamefaced about? Did you manage 
completely to cover your tracks? 

If not, it will be no good going to 
the cabinet secretary and mumbling 
something along the lines of: “Well, 
everyone else was doing it” 

Please assist by tendering your 
resignation if you think anyone 
might get whiff of something nasty. 

1 will, of course, regret your 
leaving because of the excellent 
beginning you have made in — . 

Still, if we’re to have a snowball's 
chance in hell of winning the next 
election you had better push off. 
Sharpish. 

Yours ever, 

John. 






20 



★ 

FINANCIAL TIMES 

Monday October 24 1994 



Roderick House. Fulford Road. 

Telephone 0904 632401 . Fax: 0904 610256. 


Market fears mid-term elections will delay Fed raising interest rates 


Dollar faces renewed pressure 
as concerns on inflation rise 


By Philip Coggan 
in London 

The dollar may come under 
further pressure this week after 
reaching a post-war low against 
the yen in Friday’s Asian trad- 
ing. 

The main obstacle for the US 
currency appears to be lack of 
investor confidence in the ability 
of US monetary authorities to act 
quickly enough to control infla- 
tionary pressures. 

Mr Avinash Persaud. currency 
strategist at J. P. Morgan, the 
investment bank, in London, 
said: “There are clear signals 
that the US economy is growing 
Caster than its long-term trend, 
while real [inflation-adjusted] 


interest rates are below their 
trend.” 

With US mid-term elections 
due on November S, traders 
expect the Federal Reserve to 
wait until its next open-market 
committee meeting on November 
15 before raising rates. “The mar- 
ket has taken the view that the 
Fed is leaving it too late if It 
waits,” said Mr Steve Hannah, 
head of research at IBJ Interna- 
tional, the Japanese bank. 

Even if the Fed does increase 
rates by half a percentage point 
in November, analysts fear that 
may not be enough. “There is a 
growing perception that we may 
need two further Fed increases 
before the end of the year,” Mr 
Hannah said. 


The Fed has so far pushed 
through five rate increases this 
year, taking the Fed funds rate 
from 3 per cent to 4.75 per cent. 

The possibility of central bank 
intervention to support the dollar 
last week prompted apparently 
conflicting remarks from Mr 
Lloyd Bentsen, Treasury secre- 
tary, and Mr Lawrence S umm ers, 
the Treasury’s under-secretary of 
international affairs. But such 
interventions have often failed in 
the past, and Mr Hannah said: 
“Intervention could be counter- 
productive, since half-hearted 
intervention would be worse than 
no intervention at alL" 

The major leading economic 
statistic of the week - US third- 
quarter gross domestic product 


growth - will not be published 
until Friday. Mr Nick Parsons, 
chief economist in London with 
the Hanariian Imperial Hank of 
Commerce, said: “If the dollar is 
to stabilise, it has the chance to 
do so in this data vacuum." 

The dollar closed in New York 
on Friday at Y97.Z35 and 
DM1.50025, having earlier 
touched Y9&5 and DML4S80 in 
Tokyo. The US currency's recent 
weakness has depressed other US 
financial markets, with the 30- 
year Treasury bond yield briefly 
pushing through 8 per cent on 
Friday. 


See Lex; Editorial Comment, 
Page 19; Market focus, Page 25; 

Currencies, Page 31 


EU delay 

Continued from Page 1 


Dubbing actors strike for 
a slice more of the action 


which have expressed concern at 
delays in tackling the practical 
aspects of Emu, would be reas- 
sured. 

Mr Lamfalussy said the process 
of adaptation would be fostered if 
the individual EU currencies 
were made legal tender in all the 
countries of the union in the 
early stages of a phased 
introduction of a single 
currency. 

He said the phased approach to 
stage three was not specifically 
his idea, but was being discussed 
among officials preparing for 
Emu and was compatible with 
the Maastricht treaty. 

Mr Lamfalussy said that his 
institute, which has been in tem- 
porary premises in Basle. Swit- 
zerland, would begin work in its 
new headquarters in Fr ankf urt. 
Germany, next month. The EMI 
would then concentrate on foster- 
ing co-operation among EU cen- 
tral banks and preparing the 
planned European central bank 
(ECB) so that the ECB could 
begin operating once political 
agreement has been reached to 
complete Emu. 

Mr Lamfalussy said he did not 
expect stage three to begin as 
soon as 1997, the earliest date 
envisaged in the Maastricht 
Treaty. 


By John Rkkfing In Paris 

Talk is cheap. Too cheap, rlarm 
the actors who dub foreign films 
and television programmes for 
French audiences. 

Actors belonging to the three 
unions which represent France's 
dubbing artists have been on 
strike since Tuesday. They want 
recognition of their intellectual 
property rights which, they 
believe, entitle them to payments 
for repeats and reissues of films, 
television series and videos. 

The stoppage threatens televi- 
sion and film companies and at 
least one major film, Kenneth 
Branagh's Frankenstein, feces a 
potentially serious hitch in its 
preparations for the French mar- 
ket. “The unions are holding us 
hostage." said one official of the 
Chambre de Doublage et de la 
.chronisation, the industry 
association for France’s dubbing 
companies. 

All is not lost. A meeting 
tomorrow between union mem- 
bers. film and television compa- 
nies and the industry body, is 
aimed at resolving disagreements 
and restoring the voices to for- 


eign television stars and Fran- 
kenstein. 

Bat the various parties will 
have to solve a complex and 
protracted dispute. The actors 
claim that a law passed in 1985. 
which took effect in 1988, upholds 
their intellectual property rights 
and entitles them to be consulted 
and remunerated before their 
work is re-broadcast or re-sold. 

“We own our interpretation of 
a role,” said Mr Jimmy Sh uman, 
an actor and a member of the 
Syndicat Frangais des Artistes- In- 
terprdtes. one of the actors’ 
unions. He claims that a new col- 
lective agreement between the 
actors and the dubbing compa- 
nies, signed in April allowed for 
negotiations on additional pay- 
ments for re-broadcasts. The fail- 
ure to arrange negotiations and 
the “ambiguous response" from 
management and industry com- 
panies forced the industrial 
action, Mr Shuman said. 

The dubbing companies and 
their clients have been taken by 
surprise. “We were not expecting 
a strike," said Mr Jacques Orth, 
president of the Chambre Syndi- 
cate. He denied that actors had 


an automatic right to repeat fees, 
and said that the complex legal 
issues about property rights 
needed government clarification. 

Mr Orth believes the current 
stoppage could be damaging for 
the French dubbing industry. 
“Major film companies will be 
tempted to go elsewhere, maybe 
to Belgium, Switzerland or even 
Britain.” The unions respond 
that this possibility is blocked by 
a decree that non-European films 
must be dubbed in France for the 
domestic market 

If the legal arguments are 
unclear, so are the financial 
implications. Neither the compa- 
nies nor the unions have sought 
to quantify the potential costs, 
although some artists could have 
much to gain. “If you take the 
case of the guy who did Hutch, in 
Starsky & Hutch, then his work 
has been repeated eight times," 
one union member said. 

But the stoppage may harden 
the attitudes of the dubbers. As 
one actor put it “With people 
staying at home, many will see 
their work being re-broadcast on 
TV, reminding them of the 
money they are losing out on.” 


THE LEX COLUMN 

Dollar doldrums 


Remarks on Friday by a US Treasury 
official suggesting that the administra- 
; tion would be prepared to intervene in 
currency markets brought a brief 
respite for the dollar. But the currency 
is still in a sick condition - only a 
touch above its post-war low against 
the yen and two-year low against the 
D-Mark. The market remains con- 
cerned that the Federal Reserve has 
not taken strong enough action to con- 
trol incipient inflation. Until overseas 
investors are convinced that the Fed is 
on top of the problem, they will have 
no incentive to switch into dollar 
assets. 

Further talking up of the cmrency 
by Treasury officials would achieve lit- 
tle. Even buying dollars in the market 
would have only a temporary impact 
In the circumstances, it is not surpris- 
ing that Japan, whose exporters are 
suffering from the high yen, has called 
for joint intervention by the Group of 
Seven. Such a co-ordinated defence of 
the dollar might have some effect But 
it is unlikely to materialise since the 
Bundesbank is happy with a strong 
D-Mark which helps control German 
inflation. 

Farther interest rate rises by the 
Fed are therefore the only real option. 
Given that a half-point rise has 
already been discounted, a full per- 
centage point increase would be 
needed to change market sentiment 
The US may not worry much about 
the dollar per se because trade makes 
up a relatively small portion of its 
economy. But it cannot ignore the 
impact on Treasury band yields which 
are back at 8 per cent Nor should it 
ignore the message that the currency 
markets are telling about US inflation. 

Japanese equities 

Following the flop of Japan Tobac- 
co’s privatisation, the country's 
finance ministry has finall y got the 
message: its system for floating com- 
panies is flawed. The method has a 
bias which means new issues are typi- 
cally sold at artificially high prices. So 
long as investors were w illin g to pay 
over the odds, high prices from priva- 
tisations suited the minis try. Share- 
holders might suffer large capital 
losses - as in last year’s JR East priva- 
tisation - but the ministry raked in 
extra funds. 

Japan Tobacco was different. S mall 
shareholders rebelled at the high price 
and more than 40 per cent of the issue 
was left unsold. Those who did buy 
are likely to be rewarded by a sharp 
decline in the share price when trad- 


Doilar 


Currencies rebased 



Sep 1994 Oat 


Source: FT GrapMU 

ing starts this week. But the ministry 
has also suffered because the issue 
brought in much less than hoped. 
More important the government must 
realise there is little chance of drum- 
ming up investor interest for issues 
such as West Japan Railway and the 
next tranche of NTT so long as the 
current system remains in place. 

The method's main flaw is that the 
issue price is determined by an auc- 
tion for only a third of the available 
stock. This auction draws in the big- 
gest and most enthusiastic investors 
with the result that the price picked is 
likely to exaggerate what shareholders 
are prepared to pay for the whole 
issue. Friday's announcement of a 
review by the finance min ister is 
therefore welcome. If Tokyo switches 
to some version of the “book-building” 
process common in global markets, it 
will be doing not only investors but 
itself a favour. 

UK. accounting 

There is no doubt that the Account- 
ing Standards Board has done much to 
tackle the accounting abuses which 
corroded UK financial reporting in the 
1990s. But while its attempts to crack 
down on issues as various as acquisi- 
tion accounting and off-balance sheet 
finance can only be applauded, the 
new rules have introduced fresh com- 
plexities. 

The FRS3, for example, has obliged 
companies to provide on the face of 
the profit and loss account informa- 
tion which in the past would have 
been relegated to the notes, or not 
published at alL This gives observers a 
better insight into how and where a 
company is generating its profits. But 
the price of further detail can be con- 
fusion. The rules allow companies to 
highlight the most favourable way of 


presenting earnings. This has already 
spawned a bewildering variety of 
approaches, as shown by Ernst & 
Young's compendious review of UK 
accounting published today. Unsur- 
prisingly. companies tend to highlight 
p an-iing s before exceptional costs, it is 
true that the details of what consti- 
tutes an exceptional item are dis- 
closed. But the investor is presented 
with at least two versions of the “bot- 
tom line" - the official one and the 
management’s self-flattering version. 

Analysts will carry on seeking the 
holy grail of yardsticks which give a 
good indication of a company's main- 
tainable earnings and which arc com- 
parable from one company to the next. 
But investors should remember that 
attempts to boil down a company's 
performance to a few key statistics are 
simplistic. 

Depositary Receipts 

One of the fastest growing busi- 
nesses for London-based investment 
banks has passed a small milestone. 
Tuesday marked the start of trading m 
the first Global Depositor)' Receipts 
listed on the London Slock Exchange. 
GDRs are negotiable certificates repre- 
senting shares traded on exchanges 
nol easily accessible to foreign inves- 
tors. By issuing shares in GDR form, 
tradeable in major financial centres, 
the sponsor can offer the liquidity that 
foreign institutions need. 

Although smaller than the long-es- 
tablished American Depositary- 
Receipts market the less demanding : 
listing requirements for GDRs provide : 
a cheap and easy way to tap interna- j 
tional investors and have proved 
increasingly popular with emerging 
economy companies. Since the first 
GDRs were issued in 1990, more than 
100 companies, a third or them Indian, 
have raised a total of over $10bn. Last 
week's issue sponsored by Merrill 
Lynch was fairly typical, raising $40m 
for India's second largest hotels group. 
East India Hotels. 

Much of the business is done from 
London, with Goldman Sachs and Rob- 
ert Fleming the leading sponsors, and 
90 depositary receipts are already 
traded via SEAQ International. But 
they have until now been listed on the 
Luxembourg Stock Exchange. In 
August, the London Stock Exchange 
changed its rules to allow GDRs to be 
listed. The move, part of the London 
exchange's campaign to attract more 
international companies, is to be wel- 
comed, though it is odd it has taken 
four years. 


Greek socialists suffer poll setback 


By Kerin Hope in Athens 

The conservative candidate for mayor of 
Athens, Mr Dimitris Avramopoolos, yester- 
day inflicted a humiliating defeat on Mr 
Theodores Pan gal os. a former European 
affairs minister who was standing for the 
governing Panhellenic Socialist Movement 
(Pasok). 

Mr Pan gal os conceded defeat shortly after 
the polls closed, when computer projections 
indicated Mr Avramopoolos, a former diplo- 
mat who entered politics only a year ago, 
would win with 55.1 per cent of the vote. 

Mr Pangalos claimed Athens had “lost an 
historic opportunity" in Greece’s nationwide 
local elections because left-wing Athenians 


failed to back him in the yesterday's crucial 
second round of voting. But he said be would 
lead a citizens’ movement to improve the 
quality of life in the city. 

The Athens result reflected voter dissatis- 
faction with Pasok's restrictive economic 
policies since its return to power in 1993, but 
was also a protest against Mr Pangalos' cam- 
paigning style. 

Mr Pangalos, known for bis outspoken 
comments about other politicians, appeared 
to have turned undecided voters against him 
because of repeated personal attacks on Mr 
Avramopoolos. 

His defeat may also have an impact on his 
chances of succeeding Prune Minister 
Andreas Papandreou as Pasok leader. The 


leadership struggle is intensifying, with Mr 
Papandreou expected to stand down as pre- 
mier in order to nm for the Greek presidency 
next spring. 

Mr Avramopoolos is a member of the oppo- 
sition New Democracy party and his victory 
in Athens gives the party control of Greece’s 
two Largest cities as Mr Constantine Kosmo- 
poulos, mayor of Thessaloniki, was re-elected 
in the first-round vote of the country's local 
government elections a week earlier. 

However, Mr Spyros Logothetis, the Pasok 
candidate, appeared set to win second-round 
voting yesterday in Athens’ port of Piraeus. 

First returns also showed Pasok doing well 
in secondround voting in the countryside 
and for provincial governors. 



FT WEATHER GUIDE 


Europe today 

The Alps, Italy, Greece, the Balkan states 
and western Turkey will have heavy rain with 
thunder in places. 

Spain and the western Mediterranean will 
have dear periods and only occasional 
showers. Later in the day, heavy ram will 
arrive in Portugal from the west. 

The British Isles, the Low countries, France 
and Germany will be cloudy but with sunny 
periods and a few showers. 

Showers will be more widespread over 
northern Europe. Nonway and Sweden will 
have many showers, while Finland will be 
cloudy with outbreaks ol rain. 

North-western Russia will be sunny because 
of a strong high pressure area. 

Five-day forecast 

Most of Europe will be very wet. Several 
active low pressure systems will move 
through western Europe, each causing 
outbreaks of rain. Along the coasts, it will be 
windy. 

South-eastern Europe will continue to be 
very wet, and towards the end of the week 
there will be heavy rain over a large area, 
stretching from the Alps into southern Italy. 



TODAY'S TEMPERATURES Situation at 12 GMT. Temperatures maximum lor day. Famcasts by Ueteo Consult of the Afatfierfends 



Maximum 

Belling 

sun 

19 

Caracas 

Ihtnd 

31 

Faro 

shower 

22 

Madrid 

M- 

17 

Rangoon 

doudy 

30 


Celsius 

Belfast 

shower 

11 

Cardiff 

shower 

13 

Frankfurt 

fair 

13 

Majorca 

fair 

22 

Reykjavik 

shower 

4 

Abu Dhabi 

sun 

33 

Belgrade 

shower 

IB 

Casablanca 

sun 

22 

Geneva 

fair 

14 

Malta 

shower 

24 

So 

thund 

26 

Accra 

cloudy 

3t 

Berth 

fair 

14 

Chicago 

thund 

12 

Obrdtar 

shower 

22 

Manchester 

shower 

12 

Rome 

shower 

22 

Algiers 

fair 

24 

Bermuda 

fair 

27 

Cologne 

shower 

13 

Glasgow 

shower 

12 

Manila 

thund 

31 

3. Pisco 

fair 

19 

Amsterdam 

shower 

13 

Bogota 

hazy 

21 

Dakar 

cloudy 

30 

Hamburg 

shower 

12 

Melbourne 

doudy 

25 

Seoul 

sun 

18 

Athens 

shower 

2-1 

Bombay 

sun 

34 

Dallas 

thund 

25 

Helsinki 

shower 

7 

Mexico City 

fair 

24 

Singapore 

thund 

31 

Atlanta 

fair 

22 

Brussels 

shower 

13 

Delhi 

sun 

32 

Hong Kong 

sun 

25 

Miami 

fair 

30 

Stockholm 

shower 

12 

3. Aires 

dmJ 

20 

Budapest 

cloudy 

IS 

Dubai 

sun 

33 

Honolulu 

sun 

30 

Milan 

shower 

19 

Strasboieg 

shower 

14 

3.ham 

Shower 

12 

C.hagen 

shower 

11 

Dublin 

fair 

11 

Istanbul 

thund 

21 

Montreal 

shower 

9 

Sydney 

sun 

24 

3angftok 

far 

32 

Cairo 

cloudy 

34 

Dubrovnik 

shower 

21 

Jakarta 

falr 

32 

Moscow 

ftdr 

9 

Taigler 

ft* 

21 

Barcelona 

[ah 

20 

Cape Town 

fair 

22 

Edinburgh 

shower 

12 

Jersey 

shower 

18 

Munich 

shower 

12 

Tel AvN 

tatr 

32 









Karachi 

sun 

38 

Nairobi 

MnrJdh 

thund 

shower 

28 

ot 

Tokyo 

Tl |J| Mllj ■ 

fatr 

19 

■T 










Kuwait 

sun 

31 

NHptdS 



roromo 

rain 

f 



Our 

service n 

tnrty 

loncj 

before take-off. 

1_ Angeles 

fair 

22 

Nassau 

fair 

31 

Vancouver 

rain 

IB 

1 








Las Palmas 

sun 

26 

Now York 

SU1 

19 

Verves 

shower 

17 










Lima 

ckudy 

21 

Nice 

tab- 

19 

Vienna 

shower 

11 


Lufthansa 




Lisbon 

London 

Lux-bourg 

shower 

tak 

shower 

20 

13 

11 

Nicosia 

Oslo 

Paris 

shower 

shower 

shower 

27 

9 

14 

Warsaw 

Washington 

Wefllngton 

doudy 

sun 

rain 

12 

21 

15 

_ 

” 








Lyon 

fair 

15 

Perth 

Prague 

fair 

22 

Winnipeg 

■y.Mtrh 

sun 

5 


Madeira 

fair 

24 

fair 

13 

Zurtcn 

fair 

11 





.r: Cyprus airways, 

JfIM 

** ~ Refls^Royce's -relationship with Cyprus Airways has bet " 
by. a 1% ^eafr agreement to undertake complete off-wing 

■ l ftieiir' Airbus A320s. The work will be carried out bjjjjjj 

* 5 .United hi East Kilbride, Scotland. In at 

* | £<^iihjc£ Cyprus Airways has extended an existing ^ 
fc <e(kxvpm^ to overhaul the Spey engines of their B AC 

l ij 3 £ ?< i % | : "• & 

i S 1 ,3 § aj&LS-ROYCE WINS ^ 

« tv >■' ■ ■ V.'jil" ' 

■ A ■ * ! - • --I 

5 f* r. ■ £ 

* V* •» i*»s. ...V 


icecfzjfc 

the’vp* 

'"iSS- 
■--ii 


NUCLEAR CONTRACT:* 





•w - 

• - V../. , ' s 
. • • -t v • • 


KE po 

sSL.. w — 


■ 4 J 


WHOON mi 6AT. 

3. , v ;, --jq v ’Va-k •« 






21 


* 


Invest in Quality 

HOMES- PROPERTIES -CONSTRUCTION 

OZ7 711 1212 

FINANCIAL TIMES 

COMPANIES & MARKETS 

©THE FINANCIAL TIMES LIMITED 1994 

brother. 

TYPEWRITERS 

WORD PROCESSORS 
PRINTERS 
COMPUTERS 

FAX 



MARKETS 


THIS WEEK 


* JOHN PLCNDER; 

GLOBAL INVESTOR 
Proponents of modem portfolio 
theory say international 
diversification offers the nearest 
thing In the investment world to a 
free lunch. The essence of the 
diversification argument lies fn the 
notion that price movements in 
foreign markets are not closely correlated to price 
mov ements at home. Yet in practice world bond 
markets have been relatively closely correlated for 
many years. Page 24 


STEPHANIE FLANDERS: 

ECONOMICS NOTEBOOK 
One of the man aims of the Social 
Justice Commission, whose final 
report is out today, was to explain 
why certain groups in the UK are 
not working, and suggest ways to 
help them to get Jobs. But there is 
another puzzle: why are others, 
especially in non-manual Jobs, working harder? 
Page 24 



BONDS: 

FoUowfng Germany's elections last week, political 
risk has migrated across the Rhine to France, 
where ft Is spooking bond and currency mar ke ts as 
the presidential elections loom. Page 26 

EQUITIES: 

The US reporting season thus far has produced 
more pleasant surprises than disappointments. But 
in London, and other European markets, the new 
problem is the US dollar. Page 28 

EMERGING MARKETS: 

The Thai bond market may be poised to become 
one of Asia’s fastest growing debt markets - 
perhaps even emulating the extraordinary rise of 
the Bangkok stock market over the past decade. 
Page 25 

CURRENCIES: 

Foreign exchange traders will face a familiar 
challenge at the start of the week: whither the 
dollar? Page 25 

COMMODfTIES: 

When the US aluminium industry began organising 
Its first international conference and exposition last 
year its mood was dose to suicidal. How quickly 
the mood has changed. Page 24 

INTERNATIONAL COMPANIES: 

Singapore Airlines (StA), the world’s most profitable 
airline last year, confirmed the financial recovery in 
the airifne Industry by reporting a 20 per cent rim In 
group operating profits to S$478m (US$322m) for 
the half-year to September. Page 23 

UK COMPANIES: 

Ushers, the brewer and pub chain, is planning to 
come to the market next month. The group is 
expected to have a market value of more than 
El 00m ($160m). Page 22 


STATISTICS 


Base lending rates 31 

Company meetings 29 

Dividend payments 29 

FT-A World Indices 24 

FT Guide to cwendes .... 25 
Fore&n exchanges 31 


London recent issues - — 31 
London sham service . 34-35 
Managed funds aervlce32-33 

Money markets 31 

New M bond Issues 26 

New York shares .38-37 

World stock mkt locEc es . 30 


Czech government asks German carmaker to amend plans to scale down production 

VW eases concern on Skoda cuts 


By Joe Cook In Prague and 
Andrew Fisher hi Frankfurt 

Volkswagen, the German motor 
group, has moved to calm Czech 
anger over the scaling down of 
its production targets for the 
Skoda carmaker by promising to 
meet some of the Prague govern- 
ment’s objections. 

VW and the Czech government 
said yesterday they were confi- 
dent that talks over the German 
group’s revised plans for Skoda, 
based north of Prague, could be 
concluded this year. The state- 
ment came after Mr Ferdinand 


Pifich, VWs chair m a n, met Mr 
Vladimir Dlouhy, the Czech 
industry and trade minister, in 
Prague on Saturday. 

The gnvp mmpnt is mainly con- 
cerned about VW’s decision to 
scale down annual production 
from a previous target of 400,000 
cars to 300,000 cars by the year 
2000. Although VW gave no 
details of the meeting, it is under- 
stood the extent of the scale- 
down may be reduced In line 
with Czech objections. 

The two sides said further talks 
would be held on amending VW’s 
original plans. VW owns 31 per 


cent of Skoda, scheduled to rise 
to 50J> per cent this year. 

Under a 1991 agreement, VW is 
due to increase its stake in 
to 70 per cent by the end of 1995 
at a total cost of DML4bn ($836m) 
- the biggest foreign investment 
in the Czech Republic. VW prom- 
ised to Invest a farther DM6 ^bn 
over 10 years in Skoda to intro- 
duce new models, double produc- 
tion to 400,000 cars by 2000 and 
bnUd a plant to produce 400,000 
tm ginpg a year, half for other VW 
subsidiaries. 

But because of losses at Seat, 
its Spanish subsidiary, VW said 


the proposed engine plant was no 
longer feasible and it would cat 
investment to DM3.75bn. Mr 
Dlouhy suggested that the Ger- 
man company had violated the 
spirit of the contract and said he 
would seek an amendment which 
would require VW to fulfil its 
promise. 

Mr Dlouhy said before the 
meeting with Mr PlSch that be 
expected by the end of October to 
sign "a ampniimmt to the con- 
tract that will put VW and the 
Czech government on an even 
footing”. The talks come a week 
after 10,000 workers at Skoda’s 


factory in Mlada Boleslav, north 
of Prague, staged a one-hour 
strike over plans to make 855 
employees redundant, and days 
before the company launches its 
new Felicia car, Skoda’s first new 
product since 1988. 

Also under discussion will be 
VW’s plans to import en gines for 
some versions of the Felicia and 
to put employees of Skoda parts 
suppliers on its assembly lines. 
Mr Jan Uhlir. who as chairman 
of the Kovo TYade Union which 
represents most of Skoda's 17,000 
workers, has been in talks with 
the Skoda-VW management. 


New blood to stir up pr ofi t s 


US’s Prudential seeks change of fortune with appointment from outside, writes Richard Waters 

Nagging headaches 
smite financial giant 



Pre-tax profit/loss 


Sbn 

— — - 3 £ 

3J> 


0 : 


Jncomerffehur Ryup 


Sba 

2BO 




■fa or as as so ,st os to 


200 

150 

1 t 

wo 

A ■ ■ 

so 

X 




- • 


n 


v>c 


AU •- 
y -*.v is- 


S5-.1 


W6? 68 90 « «z 93 


2.5 
2 JO 

1.5 
ID 
0.5 

0 

-05 

Sbn 

12 

b 10 

8 

6 . 

4 

2 


' bdUd» were ta MfrfiWH l nr r tad «a«rer» iS r M l 

mo of ■mm.trna dooaeStmta 


JF967 88 89 90 91 02 98 

indar mamgvmnt. 


P rudential Insurance Co of 
America has been going 
through a decidedly rocky 
patch of late. 

It is the US’s biggest life insur- 
ance company, the «wnn| largest 
mortgage lender and «ne of the 
leading managed healthcare 
groups. It owns a stockbroking 
firm (Prudential Securities), a 
reinsurance nrewpany (Prudential 
Re), and a g rowin g credit card 
and lending business. With assets 
of SSObn, it Is also probably the 
leading insurance group in the 
mutual fund industry (though it 
is still only a quarter the size of 
Fidelity Investments). 

In afi, the Prudential, which is 
unrelated to the UK insurance 
group of the same name, has 
$218bn of assets on its balance 
sheet and manages another 
J155fon for pension funds, mutual 
fund investors and others. 

Yet this market clout and a 
powerful capital base ($10.7bn at 
the wm! of last year) has gener- 
ated erratic and disappointing 
earnings. Post-tax return <m capi- 
tal was only around 5 per rent in 
each of the past two years. This 
year, the Prudential may end up 
with a loss. Also, the company's 
credit standing has been slipping. 
At the beginning of 1992, it had a 
top AAA-rating: now, after two 
downgrades, it lost some of its 
gold-plated shine. 

Had it been a public company, 
shareholders would have had 
something to say about this. As it 
is, the company is a mutual, 
owned by its policyholders. 

Now though, the company’s 
own board of directors has 
decided it is time for a change. 


Mr Robert Winters, the actuary 
who has been the group’s chair- 
man and chief executive since 
1988, will retire on December L 
Into bis place win step Mr Arthur 
Ryan, president of New York 

hanlring group Hhagp Manhattan 

- the first person from outside 
the company (let alone the insur- 
ance industry) to get the top job. 

Althou gh Mr Winters said as 
inng ago as 1 988 that he planned 
to retire early, Prudential’s 
recent traumas appear to have 
precipitated his departure. “It 
wasn’t a surprise that he was 
going. What is more of a surprise 
is the timing and the shor t tran- 
sition,” said Mr Micha el Alha- 
nese, an analyst at AM Best, the 
US insurance rating agency. 

Mr Ryan himself w31 only say: 
“I think the board knew he 
wanted to retire and decided it 
was a good opportunity to look 
around” for a replacement. 

The choice of a banker in part 
reflects the Prudential's push 
into a broader range of financial 
services during the 1980s. But 
this diversification is also at the 
root erf its problems. “The com- 
plexity of the company ha« out- 
run the ability Of management to 
run it They haven’t grown with 
the business,” says one person 
dose to the company. 

Three issues have cast a cloud. 
Foremost has been the invest- 
ment scandal at prudential Secu- 
rities, the stockbroker bought in 
198L During the 1980s. the com- 
pany’s brokers promoted JShn of 
risky property and energy invest- 
ments as though they were safe, 
and the parent company's 
impregnable image helped sell 


the investments. The total cost of 
settling claims may top $lbn 
(roughly the amount the group 
has set aside in provisions). 
Long-term, the episode could 
impair Prudential’s image, which 
has taken 119 years to build. 

Second on Prudential’s list of 
headaches have been the US 
property/casualty and reinsur- 
ance businesses. Hurricane 
Andrew, which devastated the 
Florida coastline in 1991, cost 
Prudential $llm and its AAA rat- 
ing. Tikp other US insurers, the 
Prudential has set a high priority 
on limiting its exposure to such 
c a tastrophe losses: it is now pull- 
ing back from the property/casu- 
alty business, and plans to float 
its r ei i ig n rarcg a rm. 

Third, the group continues to 
struggle with a balance sheet 
weighed down with underper- 
forming property investments. Its 
$27.5hn of commercial property 
and mortgages at the gnd of 1992 
made it one of the biggest private 
property owners in the world. In 
September 1993, underperforming 
property assets amounted to 30 
per cent of its huge capital base. 

T here is a belief in the 
investment community 
that not all potential 
losses in Prudential's property 
portfolio have been provided for. 
“If they had to mark the portfolio 
to market, there would be some 
big hits there,” says one person 
with knowledge of the assets. 

As an insurer, with liabilities 
stretching yean into the future, 
the Prudential is not obliged to 
recognise losses that a company 
with a shorter-term liability 


structure — a bank, for instance — 
would have to report. “Unless 
there’s a permanent impairment 
[to the value erf a property! a life 
insurer really doesn’t have to 
provide,” says Mr Chester Mur- 
ray, director of life insurance rat- 
ings at Moody's. 

On top of all this, the Pruden- 
tial is looking at a cyclical down- 
turn in some of the biggest parts 
of its business. Mortgage lending 
has tailed off this year as US 
interest rates have risen. Stock- 
brokers are feeling the pain that 
comes with the end of a bull run 
in securities markets 

Although the company pub- 
lishes only a brief annual sum- 
mary of its financial condition, 
rating agencies. Mg creditors and 


others receive a more detailed 
quarterly report. “This year, 
results have been very disap- 
pointing,” says Mr Albanese. 

Mr Ryan’s first actions are 
expected to be the appointment 
Of a strong rMbF flnannial officer 
(a job which has lain vacant) and 
the imposition of greater opera- 
tional and cost control an Pru- 
dential’s disparate businesses. 
“They'll have to compete more 
and more on costs,” says Mr Mur- 
ray, panting out that life insur- 
ers now have to fight for invest- 
ment business with banks, 
mutual fund groups and others. 

Mr Ryan's longer-term chal- 
lenge. though, will be to decide 
just how many businesses Pru- 
dential can manage successfully. 


Chicago 
exchanges 
may obtain 
limited 
exemptions 

By Laurie Morse in Chicago 

The US Commodity Futures 
Trading Commission (CFTC) will 
today rule on applications by 
Chicago’s two big futures 
exchanges for exemption from 
many of the regulations that 
have governed the country’s 
listed derivatives markets. 

The Chicago Board of Trade 
(CBOT) and the Chicago Mercan- 
tile Exchange (CME) are seeking 
the same regulatory treatment 
for some exchange-listed con- 
tracts as already exists In the 
over-the-counter market 

They argue that regulations, 
designed to protect individual 
rather than corporate traders, 
make them Increasingly uncom- 
petitive against foreign 
exchanges and the OTC market 

The exchanges’ proposals 
would create two-tiered markets 
that would free institutional, or 
“professional” traders from 
many of the roles governing an 
exchange’s retail customers. It is 
also a politically sensitive issue, 
with regulators and some politi- 
cians believing there should be 
further scrutiny of roles govern- 
ing de rivat ives trading. 

The CFTC is today expected to 
offer the exchanges an opportu- 
nity to try the requested exemp- 
tions on a limited basis for a few 
products, and will ask for fur- 
ther public comment on this 
pilot programme. 

The “test” plan is likely to 
favour the CME, which is seek- 
ing regulatory exemption only 
for its currency products known 
as “rolling spot” futures. 

The CBOT has asked the 
agency for a broad «™pHnn for 
any products traded on any US 
exchange which would be used 
pr imarily by institutional trad- 
ers. A narrower programme 
would force the exchange to 
define its plans more closely. 

The exchanges' proposals, sub- 
mitted 18 mon ths a go, have lan- 
guished at the CFTC after draw- 
ing fire from powerfnl 
opponents. T he Fed eral Reserve 
wrote to the CFTC in February 
saying exemptions might bring 
the exchanges* financial integ- 
rity into question. “A broad 
exemption from regulation for a 
wholesale exchange does not 
appear to be appropriate at the 
present time,” it said. The US 
Treasury and the Securities and 
Exchange Commission oppose 
the proposals, and even allies, 
such as the Futures Industry 
Association, have urged caution. 


This week: Company news 


FORD 

Last of the big 
three carmakers 
needs better ride 


After the third-quarter earnings 
surprises sprung In recent days by 
Chrysler and General Motors, what are 
■£ investors to expect from Ford Motor, 

w the last of the three US carmakers to 
report results? 

Chrysler’s surge in profits may have 
confirmed the strength of the North 
American car and truck markets, but 
General Motors proved that the path to 
recovery can still be a difficult one. 

Ford’s results, due on Wednesday, are 
likely to reflect a far smoother ride In 
North America than GM, which has 
suffered from strikes, production delays 
and soaring costs. 

Ford’s European tumroun d, how ever, 
may have lost steam after a strong 
second quarter, with a weak UK sales 
season largely to blame. 

The company’s earnings per snare are 
expected to be in the range of 65-70 
cents, down from 79 cents a year ago 

(thou^i earnings in the 1993 quarter 
benefited from tax changes, which 

added 28 cents a share). 


* 


UNITED AIRLINES 

US airlines on a roll 
after cost-cutting 


[ are on a roll, and 
st of them alL Last 

irHnesand 



35 tor — 

ff fflmand. but a 
tor was their 
costs. 

Jnited gave workers 
n fhA mrrmanv in 



IS. 

for much of this to 
in the third 


st-curans 

p produce a good 
s forecast for 
;$5.72. 



WOLSELEY 

Past successes lead 
to high expectations 

Wolseley. the world’s biggest 
distributor of heating and plumbing 
products, is expected to report yet 
another year of record profits 
tomorrow. 

Forecasts range between £l85m and 
more than £200m (?3l6m) for the year to 

the end of July. The company has a 

history of exceeding expectations after 
talking itself down. Last year it came in 
with £L2Llm when analysts had 
pptyflipd in between £ll0m and £ll5m. 
But this year analysts expect the 
results to be more in line with their 
expectations, which could tell against 

it The results might be good, but the 

shares could still slip if they do not top 
forecasts by 10 to 20 per cent 
The improvement for the year will 
ctpt p from acquisitions and good 
organic growth in the US and the UK. 

A strong contribution is expected 
Erb Lumber, the US distributor of 
itwnhpr and associated products bought 
for £5Llm last August, and the first fun 
year of Enertech, t he Swe dish afl and 
gas burner manufacturer. 

The company has continued with . 
acquisitions, paying £5&Sm for the OAG 
Qroup, the biggest distributor of 
plumbing supplies in Austria, in April 
and ffift™ tor Calumet Holdings of the 
USln Jnne. 

Investors are likely to question 
succession at Wolseley as Mr Jeremy 
Lancaster, the chairman and mana g in g 
director, is nearing 60. 


OTHER COMPANIES 

Accor under scrutiny 
after defeat by Forte 

N Accon The French hotels and travel 
services group, is due to report a loss 
when it gives first-half results on 
Wednesday. The result will reflect the 
lack of exceptional gams from asset 
disposals which boosted last year’s 
figures. Analysts say they win be 
looking at Accor's strategy for its 
Sofitelluxiiry hotels following its defeat 
by Forte erf the UK for control of Air 
France’s Meridien hotels chain. 

■ Matsushita: The electronic goods 
manufacturer, announces its mid-year 
results tomorrow. While sales of 
audio-visual equipment are still largely 
in the doldrums, the company has 
benefited from the popularity of 
wide-screen televisions and information 
equipment, such as cellular phones. 

■ Fujitsu: The semiconductor and 
computer maker's mid-term results are 
expected to be better than initially 

expected when they are reported an 
Thursday. The company saw strong 
demand far memory chips, particularly 

from US computer makers, as they shift 
to more powerful machines to run new 
Windows software. Fujitsu is also likely 
to have seen buoyant demand for its 
PCs and workstations in Japan. 

■ Imperial Chemical Industries: 
Followers of the chemicals sector will 
be scrutinising ICTs third-quarter 
results on Thursday for evidence that 
prices of commodity chemicals are 


Companies In this issue 



• 1683 . 94 

Saercm OftmitrcMiti . -V .- • /;■ ' 


recovering rapidly. The company 
should show a pre-tax profit 
comfortably over £125m (5196m), 
compared with last year’s £73m. 

■ Mediobanca: The Italian merchant 
hanlr holds its animal me e tin g cm 
Friday at which shareholders win vote 
an allowing the bank to relaunch an 
issue of new shares and warrants, 
postponed In June because of adverse 
market wwititiwig 

■ Japan AtrHnes: The Japanese airline 
will release its Interim eeming p this 
Friday. Although the company has not 
forecast official figures for the first six 
months to September, analysts expect 
an improvement in operational profits 
thanks to cost-cutting efforts and the 
return of t msfore s-rinss passengers. 
From this interim, companies are 
required to disclose unrealised losses on 
foreig n exchang e trading, and the 
company's losses could be up to Y45bn 
8464m). 


31 

22 

AAF Industries 

22 

Alcatel Atsthom " 

23 

Buckingham Inti 

22 

CEAC 

23 

Exfcto Corporation 

23 

Rat 

23 

Hochtief 

23 


Hobmana PtiBpp 

23 

Hydro International 

22 

JJB (Sports) 

22 

KB China investment 

22 

Kao 

23 

LTV 

23 

MobH 

23 

Natforale-Nederland 

22 


Nucor 

23 

Orion 

22 

Prudential Insurance 

2f 

Rofls-Ftoyce 

6 

Singapore Mines 

23 

Skoda 

21 

Ushers 

22 

VW 

21 



RECYCLE YDUR 
RUSINESS CARD 
INTO 

OFFICE SPACE. 

(Attach below.) 



r In return, wtfB send you details of iyne 
- and Weert stunning riverside, city centre and 
| award-winning business park premises. 

I We'D taS you about our Tntefflgent’ build- 
ings (they put you tn much with the world In 

| mlcro-8econde); and about our Intelligent 
people (theyte just Itching to show off their 

I sMVs). nnslhn wsfll offer you a super-generous 
financial package theft extra-herd to refuse. 

I Send us your business card, or can 
0800 838888 now m help Improve your 
business environment 


MtamoUmlK IB In the coupon and **nd a to-, fync and WMf I 
Devotoomon* Corpontlon, ScotcwM* H*-* NpwcHi ■ 
Burtiw Part. M u weCBtl c upemyre NW rvL 


eOMSWNV TITLE:. 


TYNE 


2410FT59 


| business environment 







FINANCIAL TIMES MONDAY OCTOBER M 19*1 


COMPANIES AND FINANCE 


Ushers for the market 
with £100m valuation 


By David Blackwell 


Ushers, the Wiltshire-based 
brewer and pub chain, is plan- 
ning to come to the market 
□ext month. 

The group, which is expected 
to have a market value of more 
than £100m, plans to raise 
enough money to clear Its 
senior debt of £35m and have 
some over for further expan- 
sion. 

Ushers brewery in Trow- 
bridge dates back to 1824, but 
the current company was 
formed only in 1991 following 
the Beer Orders, which obliged 
the industry to reduce the 
□umber of their tied houses. 


The brewery and an unre- 
lated estate of 433 pubs in 
south-west England and south 
Wales were acquired through a 
£7lm management buy-in from 
Courage. 

Mr Roger North, chief execu- 
tive and former managing 
director of GrandNet brewing, 
said the group had paid off 
£15m of debt in its three years 
of existence, and had invested 
£13m in taking the number of 
pubs to 470. as well as moderni- 
sing the brewery. 

The results are due at the 
end of this month. Last year 
operating profits were £l3.4m 
on turnover of £4&8m. 

Mr North said that the debt 


was structured in such a way 
that the interest could not fall 
below 11 per cent. 

The brewery is making 
300,000 barrels of beer a year, 
using 24 hour shift working to 
meet demand. Of this 200,000 
barrels are under contract 
to Courage - a figure that 
will fall by two-thirds in 
1996. 

The group is confident that it 
will be able to make up the 
shortfall with work for other 
brewers and for the multiple 
retailers. 

Sponsor will be NatWest 
Markets Corporate Finance, 
and broker NatWest Wood 
Mackenzie. 


Hydro International to float 


By Andrew Baxter 


Where there's muck... Hydro 
International, a market leader 
in using “vortex technology*' 
for low-cost storm control and 
sewage treatment, is going 
public next month through a 
£4m placing and full listing. 

After 14 years of battling to 
win acceptance for its technol- 
ogy. the Clevedon. Avon-based 
concern sees opportunities to 
accelerate its growth through 
international expansion and 
development of new markets. 

Hydro’s products use a vor- 
tex - a kind of whirlpool effect 


which can be harnessed to reg- 
ulate fluid flows - for two 
main product ranges, flow con- 
trol valves for flood protection 
and storm control, and hydro 
dynamic separators, for separ- 
ating solids from liquids, espe- 
cially in the treatment of sew- 
age and other waste water. 

The company is hoping to 
benefit from recent environ- 
mental legislation demanding 
sharp reductions in the level of 
pollutants that can be dis- 
charged into seas, lakes, rivers 
and other water courses. 

Mr Tim Lamb, managing 
director, said about 35 per cent 


of the £24bn expected to be 
spent by the UK water and 
sewage industry up to 2005 is 
in areas in which the company 
operates. 

Hydro had sales last year of 
£4.1m and pre-tax profits of 
£156,000, expected to rise this 
year to about £5m and £400,000 
respectively. Profits may dip 
next year because of research 
and development spending. Mr 
Lamb said. 

After the placing, which is 
being handled by Allied Pro- 
vincial, about 30 per cent of 
Hydro's shares wifl be in pub- 
lic hands. 


JJB resumes plans for listing 


By Christopher Price 


JJB (Sports), the UK's largest independent 
sports retailer, which postponed a summer flota- 
tion due to “adverse market conditions", is 
resuming its plans to seek a listing. 

However, going against the current trend for 
scaling down flotations, Mr David Whelan, 
chairman said the move would aim to raise 
around £20m of new money, which is at the top 
end of previous forecasts. 

He also expected the group to be valued at 
£6Qm. rather than the £50m envisaged in April. 

The listing will be achieved through a placing 
of 35 per cent of the shares with institutions. 

Mr Whelan and his family interests will 
retain 63.4 per cent, while management will 


control the remainder. 

The pathfinder prospectus is expected to be 
issued tomorrow. 

“My belief is that the market will accept good 
companies whatever the conditions, but 1 was 
persuaded otherwise", said Mr Whelan. “How- 
ever. the improving environment will enable us 
to achieve a better value for the company." 

JJB, which started as a single sports shop in 
Wigan 21 years ago, achieved operating profits 
of KLStn from turnover of £25m for the six 
mo nths ended July 31 1994. 

The company's 107 stores are concentrated in 
the north west of England, the Midlands and 
Scotland. 

Charterhouse Tflney Securities are the spon- 
sors and stockbrokers to the issue. 


NOTICE TO HOLDERS OF SHARE WARRANTS OF 
THE BARING CHRYSALIS FUND LIMITED 


Cedd 

Warrant Code: 3457419 

67 Boulevard Grande Duchesse Charlotte 

1010 Luxembourg 


Eurodear 

Warrant Code: 3457419 
MGTB Nominees Limited 
60 Victoria Embankment 
London EC4Y0JP 


NOTICE IS HEREBY GIVEN chat die holder (“Warrantholder”) of any warrant (“Warrant”) to 
subscribe for ordinary shares (“Ordinary Shares") of USS0.01 each in the capital of The Baring 
Chrysalis Fund Limited (the “Company") may exercise the subscription rights attaching to such 
Warrants to require the Company to issue Ordinary Shares to the Warrantholder on 30 November 
1994 at a price of USS7.93 per share. 


To exercise the subscription rights attaching to the Warrants a Warrantholder must complete the 
Warrant Exercise Norice on the reverse of the Warrant Certificate and deposit the relevant Warrant 
Certificate during the period commencing l November 1994 and ending on 29 November 1994 at the 
u ndermen rioned office of the Registrar together with a remittance for the aggregate subscription price 
for the Ordinary Shares in respect of which the subscription rights are exercised. 


Shares allotted as a result of this conversion will not rank for any dividend or ocher distributions 
declared, made or paid on the Ordinary Shares by reference to a record dace prior to and including 
30 November 1994. 


Once lodged such notice is irrevocable, except with the Directors' consent. The Directors may require 
as a condition of exercise of Warrants that such exercise is nor by or on behalf of or with a view to 
transfer to, a United States person, being citizen or resident of the United States of America, its 
territories, possessions and aU areas subject to its jurisdiction, any corporation, trust, partnership or 
other entity created or organised in or under the laws of the United States of America or any state 
thereof or any estate or crust the income of which is subject to United States federal income tax 
regardless of source. 


In the event of any query on the exercising of Warrants, please contact Mr TJ Davison, at the office of 
the Registrar (Telephone 0481 710651, Facsimile 0481 710285). 


Administrator. Secretary and Registrar: — 

Guernsey Internationa! Fund Managers Limited 
Barfield House, St. Julian's Avenue, St. Pfcter Pbrt, Guernsey GY l 3QL 




*s.c-»y 




The essential twice-monthly, global update on the 
biotechnology industry 


biotechnology Business News provides regular, authoritative repons of industry 
)news, and identifies and comments on emerging trends. Drawing on the worldwide 


resources of the Financial Times and with correspondents in every significant business 
centre of the world. Biotechnology Business News can be relied upon as the definitive 
business analysis for this burgeoning new industry. 

Twice a month, news and significant trends, with supporting statistics, are detailed and 
interpreted. Biotechnology Business News offers objective, authoritative information 
on major issues including: 


Agriculture ■ Biological research products ■ Bio- pharmaceuticals ■ Company news 
Energy ■ Environment ■ Health ■ Infrastructure ■ Research ■ Patents and licences 
Policy and politics ■Products and marketing 


For a free sample copy, contact: 

Financial Times Newsletters, 

P.O. Box 3651 London SW12 8PH 
Telephone: 081 673 6666 Fax: 081 673 1335 


FINANCIAL TIMES 

Newsletters 


Kleinwort 
China Fund 
placing to 
raise £I9m 


Dutch insurer can cover its commitments at London subsidiary 






Orion pushed into liquidation 


By Ronald van de Krol In 
Amsterdam and Richard 
Lapper in London 


By Bethan Hutton 


Kleinwort Benson's China 
Investment & Development 
Fond is seeking to raise $30m 
(£I9m) of new capital through 
a placing of new shares and 
warrants. 

Units of five shares and one 
warrant are priced at $55. The 
fund is also making a scrip 
issue of one warrant for every 
five shares held on October 
14. 

The Guernsey-incorparated, 
London-listed fund was 
launched in 1992 to invest in 
joint ventures in China. 

It now has investments in 10 
joint ventures, accounting for 
90 per cent of its capital. 

Results for the year to 
September 30 showed a net 
asset value of $10.10 per share, 
with losses of U cents per 
share. 

In July the fund announced 
plans to double its size with a 
$60m fund raising exercise. 
That has been scaled back, but 
the placing could be expanded 
to a maximum of S60m if there 
Is sufficient demand. 

The placing closes on 
October 28. 


Nationale-Nederlanden, the 
Dutch insurer, said yesterday 
it bad sufficient provisions to 
cover its commitments at its 
UK subsidiary, Orion, the Lon- 
don-based insurance company 
which was pushed into provi- 
sional liquidation on Friday. 

Nationale-Nederlanden. 
which is part of the Internatio- 
nale NederLanden Groep (1NG). 
the Dutch financial services 
company, baited its cash sup- 
port to Orion and its subsid- 
iary. Overseas Insurance, on 
Friday morning, prompting the 


AAF lifted 
to £6.37m 
by disposal 


By Joan Gray 


Buckingham sells 
Portuguese arm 


By Richard Wotffe 


Bu ckingham International, 
the lossmaking property and 
hotels group, has sold a 
Portuguese subsidiary to an 
associate company of two 
Buckingham directors. 

The aggregate consideration 
for Clima SoL which owns a 
partially-finished block of 
luxury apartments in Parede, 
is £400,000. less than 5 per 
cent of the £9 -2m which 
Buckingham paid Naaz 
Holdings for the company. 

The sale will reduce its 
liabilities by 21.3m, which 
includes £600,000 of hank 
borrowings, the directors 
said. 

The purchaser is Sentinel 
Holdings, a subsidiary of 
Naaz. 


Notice of Early Redemption in Respect of 





Malaysia 


U.S. $600,000,000 
Floating Race Notes due 2009 


NOTICE IS HEREBY Cl VEN to the holders of the U.S. S600.000.000 
Floating Rate Notes due 2009 (the “Notes") of Malaysia, that pursuant 
i to Condition 5\b) of the Terms and Conditions of the Notes, Malaysia 
will redeem ail of the Notes at their principal amount on the Interest 
Payment Date falling on 14th December, 1994, from which such date 
interest on the Notes will cease to accrue. 


Repayment of principal will be made upon presentation and surrender of 
the Notes, which should be presented with ail un matured Coupons 


the Notes, which should be presented with all un matured Coupons 
appertaining thereto attached, at the offices of any of the Paying Agents 
listed below. Norcs and matured Coupons will become void unless 
presented for payment within periods of ten yean and five yean, ! 
respectively, from the Relevant Date in respect thereof'. I 


Paying Agents 
Bankers Trust Company 
l Appold Street 
Broadgate 
London EC2A 2 HE 


Bankers Trust Company 
four Albany Street 
New York, New York 10006, USA 


Banquc Indosuer Belgique SA 
FlaceSainte-Gudule 14 


aceSainte-Gudule <4 
1000 Brussels 


Banque Indosuez Luxembourg Credit Suisse 

S9 Allfe Scheffer Paradeplart 8 

Luxembourg 8001 Zurich 

Accrued interest due on 14th December. 1994 will (repaid in the normal 
manner on or after that date against presentation of Coupon No. 20. 


Q Bankers Trust 
Company, Lon 


L3 Company, London 
24th October. 1994 


Agent Bank I 


berg 


SCHLUMBERGER THIRD 
QUARTER EARNINGS 


New York. October 20 - Schlnmberger Limited reported today that 
third quarter net income was $137 million end earnings per share were 
SO .66, 11% and 10% respectively, above the second quarter of 1994, 
although 16% below the same quarter last year. Operating revenue 
was SL64 billion, in line with both the second quarter of 1994 mwi the 
third quarter of last year. Despite the two-month ofL-workara strike in 
Nigeria, this result reflects a 3% growth in Oilfield Services, which was 
offiset by a 6» drop at Measurement & Systems. For the first rune 
months, operating revenue was down 1% compared to Uu same period ; 
last year, while net income before an ext raordinary item was down 
17*. 


Oilfield Services North America, revenue outperformed the 10* 
increase in average rig count, with all product tinea growing strongly 
c ompare d to the same quarter in 1993. Elsewhere, Oilfield reve n ue was 
fiat, in spite of a 7* decrease in the rig count to the lowest level in over 
20 years. Results at Geco-Pi-akla showed substantial improvement 


Measurement & Systems revenue in US dollars was down 6*. 
Continuing growth of Automatic Test Equipment and Electronic 
Transactions was offset by weaker sales of meters in Europe. 


According to Chairman and Chief Executive Officer Euan Baird, 
'global oil demand sustained its growth for tha Fourth cuusacixtive 
quarter due to the continuing recovery of the world economies. This is 
tire basis for our confidence in Schhamberger'a prospects for growth as 
a result of an Improved outlook for exploration and production 
expenditures in the future." 


London-based companies to 
apply to the UK High Court for 
provisional liquidation. 

Orion, which pulled out or 
writing new business two 
years ago. is one of a number 
of companies which have 
underwritten specialised com- 
mercial insurance in the Lon- 
don market, often participating 
in contracts alongside syndi- 
cates at Lloyd's of London. 

Like Lloyd's, these compa- 
nies have been hard hit by 
claims stemming from pollu- 
tion and asbestos-related 
awards in the US and by a 
string of poor results in other 
sectors. 

Mr Paul Evans and Mr Rich- 


ard Boys-Stones of Price Water- 
house. the provisional liquida- 
tors, said they had not yet 
examined the financial posi- 
tion of either Orion or its Over- 
seas subsidiary but noted that 
gross liabilities “might be of 
the order of $L5bn“(£940m). 

Nationale-Nederlanden 
declined to comment on the 
liquidators' gross figure but 
said that Orion and Overseas 
Insurance could expect to 
recover funds from their own 
reinsurance claims. The 
operations of the two compa- 
nies were deconsolidated from 
the accounts of INC in 1953. 

The liquidation of Orion 
should have no effect on the 


profit and loss account of Nat- 
lonnie-Nederlnndon - or IMG - 
as the company is convinced 
that existing provisions will 
prove to be sufficient. 

The company would not give 
a figure for the expected rein- 
surance recovery. 

On Friday the statement 
from the provisional liquida- 
tors helped push ING's shares 
down on a generally lower 
Amsterdam stock exchange. 

Nationale-Nederlanden 
bought Orion in 1970. Claims 
on policies written by Orion 
before August 1970 and by 
Overseas Insurance before 
March 1969 mv not the liability 
of the Dutch company. 




Bimbos finding favour, 3i says 


By Richard Gourfay 


AAF Industries, the building 
systems company which at the 
beginning of the year 
announced that its overriding 
priority was survival, has 
announced pre-tax profits of 
£6 .37m for the six months to 
June 30 against losses of £IIm. 

This was achieved by the 
£l9m sale of Alloy Wheels 
International, contributing 
£9.44m. 

Turnover was cut to £29.6m 
(£42m), with £ 12.1m from con- 
tinuing operations, producing 
an operating loss of £2.47m; 
AWI contributed an operating 
profit Of £567,000. 

The company's core 
operations are now the Forms- 
caff scaffolding business. Lab 
Furnishings, and Premier 
Tr amlin e modular buildings. 

To turn operating losses into 
profits, AAF is concentrating 
on "value engineering and 
reducing the cost of 
operations.” said Mr Peter 
Cook, finance director. 

Overheads have been 
reduced by 25 per cent and are 
being farther rationalised. 

Interest charges remained 
high at £i.i Tto (£1 3m), but will 
decrease Mowing the cut in 
net debt to £600,000 (£2L9m). 

Earnings per share were 28p 
(losses of 58p). 


The structure of management 
buy-ins. a cousin of the more 
widely used management 
buy-out, has fbang pri markedly 
in the past four years, accord- 
ing to research from Si, the 
UK’s largest supplier of private 
equity capital 

The hybrid Bimbo - which 
stands for buy-in manage- 
ment buy-out - accounts for 
half of 3i's MBI deals, com- 
pared with about a quarter in 


1990, the group says. 

3i says that venture capital- 
ists now recognise the Bimbo 
as less risky than the pure 
buy-in because the new team 
includes members of manage- 
ment already working in the 
company. 

At the same time, these MBI 
teams are increasingly being 
led by entrepreneurs who have 
already made money in other 
entrepreneurial ventures. 3i 
says. 

Nearly half the MBI teams 3i 


backs are now led by these 
"second time entrepreneurs" 
compared with less than 20 per 
cent in 1990. These entrepre $ 
neurs will usually invest along- 
side the venture capitalists. 

Mr Patrick Dunne, the 3i 
director in charge of the MBI 
programme, says the group's 
experience is likely to be repre- 
sentative of a trend throughout 
the industry. 

31 has backed 300 MBIs since 
1986, considerably more than 
any competitor. 


CROSS BORDER M&A DEALS 


BIDDSVRWESTOR 


TARGET 


COMMENT 


Booker (UK) 


Marine Harvest 
international (US) 


Agreed salmon 
farms bid 


Lucas Industries (UK) 


Lake Center Industries 
(US) 


Auto 

components 


Seats off 
France's Valeo 


Ford (US) 


Mahlndra & Mahtndra 
(India) 


Car manufacture 


7% stake 
continues trend 


EngSsh China days (UK) EZE Products (US) 


Speciality 

chemicals 


Europe buy next 
far ECC 


SKF (Sweden) 


Gotze Elastomer* 
(Germany) 


Motor 

components 


UK's T&N non- 
core sate 


HamJacftfeger Industries 
(US) 


Morris Mechanical 
Handing (UK) 


Materials 

handling 


Vary rapid MBQ 
exit 


Sam Miguel Carp 
(Philippines)/ 

Hebei Beda (China) 


Brewfng 


SM's nurd such 
In China 


Thorn EMI (UK) 


Star Song Communications Music 
(US) publishing 


‘Contemporary 
Christian* buy 


Bodyeoto Inter na ti on al 
(UK) 


Powdermet (Sweden) 


Electrical 

engineering 


Cash buy from 
ABB 


BASF (Germany)/ 
fvax (US) 


Pharmaceuticals 


BASF intent on 
generics 


p u r w at |» M w it) p a iWiQ id 


Republic of Austria 
VS. $400,000,000 
Floating Rate Nous due 2002 
In accordance with the provisions of 
the Notes, notice is hereby given 
that the Rate of Interest Iof the six 
month period ending 21st April, 
1995 has been fixed at 5.5625 per 
annum. The interest accruing for 
such six month period will be U.S. 
528.12 per U.S. SUMO Bearer 
Note, and UJS. 5281.22 per U.S. 
510,000 Bearer Note and U.S. 
52.812.15 per U.S. 5100.000 Bearer 
Note on 21st April. 1995 against 
presentation of Coupon No. ST 
Unton Bank of Switzerland 
London Branch Agent Bank 
19th October. 1994 


MMnntv 

fcttqWMWM 

MU 
p t f e 


MNlMWM) 
PM PDOl 

p — nMp 


European Investment Bank 
US. $600,000,000 
Floating Rare Note* 
doe October 2002 
In accordance with the provisions of 
the Notes, notice is hereby given 
that the Rate of Interest for the six 
month period ending 21st April, 
1995 lias been fixed at 5.5625% per 
annum. The interest accruing for 
such six month period will be U.S. 
S2S-I2 per U.S. 51.000 Bearer 
Note, and U.S. 5281.22 per U.S. 
510,000 Bearer Note and U.S. 


pwcnaM 
u£2 
8.19 
AH 
0—1 
Z&88 
SSM 
05.88 
2S4B 
0.59 
950 
8 JS 
8.16 
8.18 
000 
ara 

&£2 

802 

8J0 

B£5 

932 

18.66 

2S03 

1804 

C5l83 

25.03 

2Bl47 

28.87 

38.87 
2t93 
23.ro 
23.ro 
iota 

932 

922 

mo e 
23.70 
3566 
2420 
4420 
4420 
42JB0 
35.66 
34.47 
30.42 
24A7 
2AA7 

zzxe 

22.05 

922 

922 


P PM 
IviMM mg 

8**C» D"C» 

9.54 9J4 

B.W 054 

0.54 834 


52,812.15 per U.S. S100.000 Bearer 
Note on list Anril. 19<K anamet 


Note on 21st April, 1995 ae 
presentation of Coupon No. 5- 
Union Bank at Switzerland 
London Brandt Agent Bank 
19th October, 094 






mnm gf ew Oocnvit, Dad n Bmm wm NUe» 

T&aftni ptscnoM a pm baa* « n* maun* oi 


ijQ RncwBp pi 1 I I SSsHH'SHrSS'S 




£100.000.000 

Floating rate notes 1996 






Notice is hereby given that 
for the interest period from 
20 October 1994 to 20 January 
1995 the notes will canyon 
interest rare of 6.10938% per 
annum. Interest payable on 
20 January 1995 will amount to 
SJ53. 99 per 510, 000 n ore and 
SJ.539.90perSm.000 note. 


■”** **’’ aw* o t imWoa Mw Mng pi** 
pnapnMhiatiBnpaKMruidrn 

p9rt todbiQ nnmomuKta b io ryujwnrtm rejm nw 

at Ami Punw Prtt*. FuNr 
wanwaan am pon m, a muma an mnw at mm 
pop* l»V thtim BUflemHi rtna SmUon 1 

liiaiii ywn awm is mw ntfi id uniiau ] 

Md Monan. maz-nsro Mw wt*n m 

I 

***— T — r — mr m I TlinixM I IiiOiI 


FLEMING FLAGSHIP FUND 


«*ing of Hama* Fbgddp fund will 
SA. at UK EimpcM U m b ra Cengs. I 


Agent: Morgan Guaranty 
Trust Company 


Dach r l4«»fe~rn. on Wntaodiy 

J " N "* 0, “ r . 19W 3 •*“ ^ *• I"* 0 * •* “—**<"8 -d »wi«« ibe fdtowkw iwadc 
>■ S abrnhas an of ite Rpponofihe Boanl at Diaekiw jinl el lbc Andton 


JP Morgan 


r ns ifwrBm ami win he lakni M 


I hchslf pod sadi pnm j need mx be a SharrtoUev otihe FamL 


l a piuip hi ancml and vuto ao fcu 


Manufacturers Hanover 

Corporation 
UA SIOO.OOO.OOO 
Floating Rate Subordinated 
Notes due 1997 
In tccontince with the provtafasnt oi 
die Note*, notice Is hereby fljven rhar 
the Nota will canyon hueecit u(c of 
5.8125% pen annum hx the pertoi: In 
October. 1994 to Z3id January. 199S 
with a coupon amount ofU-S. 5151.17 
for the U.S 510.000 denoaibuikvi 
nnd U.S SJ.794.:7 for the U.S. 
5250.000 denoalnitton and will be 
(Xtyable on 13(d January, 1905 againM 
surrenderor Coupon No. 36. 


rOKety, Secretary 


oil. 



APPOINTMENTS ADVERTISING 


VS BulunTnui 
UCtKuaaT.Ui 


Compear, London Agent Bank 


Sovereign (Forex) Ud. 

Mhr forei gn Exchange 
Margin Troding Facility 
CorkmAmiMms 
Daily Fax Sorvire 
fet 071-931 9188 
Fax: 071-9317114 
43 a l«Uegta» Mow A»d 
Londsa 5W1W ORE 


•pun in ibr (JK edklM 
™y Wedoewkjr A Ttunwtay 
“d fat the Uununlonai ettitfan mere FHSey 

TurfoaerlBfoniwlM 
please dA; 
CmnjoMam 
W187JJWP 


Andrew StprsyraU. 

»lfK48M 



FINANCIAL TIMES MONDAY OCTOBER 24 1994 


23 


COMPANIES AND FINANCE 


Singapore Airlines ahead midway 


By Paid Betts, 


Singapore Airlines (S1A), the 
world’s most profitable airline 
last year, has confirmed the 
financial recovery in the air- 
line industry by reporting a 20 
per cent rise in gronp operat- 
ing profits to S$478m 

(uSJ322m) for the half year to 
September. 

The airline itself reported an 
even higher jump in Srst-half 
operating profits of 57.7 per 
Ofint to S$385m, reflecting the 
economic recovery in leading 
industrialised countries and 
lower fuel costs. 


However, the operating prof- 
its of the airline’s subsidiaries 
fell by nearly 40 per to 
S$93m, largely as a result of 
losses at its SffltAir regional 
ai r line subsidiary, airport duty- 
free activities, and its invest 
meat subsidiary being hit by 
the international do w n turn in 
both equity and bond markets. 

SIA group net profits rose 
17.7 per cent in the first half to 
S$461m, while the airline's net 
earnings improved 3L7 per 
cent to S$438m. Half-year 
group revenues rose 7 per rent 
to S$L248bn while wriy turn- 
over increased by 7.8 per cent 
to S$2J37bn. 


Although the airline carried 
10.4 per cent more traffic in the 
first half, the overall yield fell 
2J> per cent entirely due to the 
strength of the Singapore dol- 
lar. 

Dr Cheong Choong Kong, 
SIA’s managing director, said 
revenue yields would continue 
to remain under pressure 
because of increased competi- 
tion, in both the jntgrmntmpn - 
tal and Asian markets. 

Although the worst was now 
Over anri mmn Hght was finally 
appearing at the end of the 
tminel. Dr Cheong warned it 
would not be "entirely smooth 
gaffing from here (Hi”. 


Asian carriers have also 
been losing their distinct cost 
advantage over airlines from 
more developed parts of the 
world because salaries, rents 
and other lower costs in Asia 
were either catching up or bad 
already overtaken the levels in 
Europe or North America, Dr 
Cheong said. 

SIA’s expenditure rose 2J5 
per cent in the first half to 
S$2A52bn due to higher costs 
of aircraft maintenance, over- 
haul, handling, landing and 
parking, depredation and staff, 
although these costs were to 
some extent offset by lower 
fuel costs. 


Hochtief builds case for Holzmann 

Christopher Parkes looks at prospects for a ground-breaking merger 


T he more Mr Lothar 
Mayer talks, the more 
he sounds like a man 
negotiating with a guillotine 
- operator over the terms and 
conditions for a haircut, 

Mr Mayer, chairman of Phi- 
lipp Holzmann, Germany's big- 
. gest construction concern, is 
proposing a little bit off the 
rides. But Mr Hans-Peter Kei- 
tel, chief of second-ranked 
Hochtief, seems to want his 
head. 

This lop-sided discussion 
started Me last month, when 
Hochtief said it intended to 
increase its stake in Holzmann 
- to about 30 per cent with the 
purchase of a 10 per cent hold- 
ing owned by BfG Bank. 

While Mr Keitel claims he 
does not want a formal merger 
- saying the groups should 
. remain as competitors, at least 
fn the domestic market - be 
makes no bones about wanting 
to win control 
For a start, he needs cartel 
• office approval for his plan to 
take Hochtief’s stake above 25 
„ per cent. Then, he says, he 
wants to raiss his ho lding bo 
around 40 per cent At this 
level he coiild dominate Holz- 
m aim's anneal meetings, 
where it is rare for more than 
80 per cent of the shares to be 
represented. 

The Hochtief initiative 
appears to have been prompte d 
by Mr Mayer himself, who 
almost a year ago said Deut- 
sche Bank was planning to 
. reduce and eventually dispose 
; of its 253 per cent stake in 
> Holzmann. 

Although Deutsche made no 


comments at the time, a more 
recent leak that it planned to 
reduce its holding to 10 per 
cent effectively pot Holzmann 
into play and forced Hochtiefs 
hand. In Mr Keitel's words, ins 
minority stake was "taken out 
of the ref ri gerator" where it 
had been stored since 188L 
Mr Keitel also revealed last 
week that his board had been 
carrying on hitherto fruitless 
negotiations with Holzmann 
executives for about a year. 

Now, however, confronted 
with Hochtiefs ambitions, Mr 
Mayer seems eager to accept 
that the two groups can fruit- 
fully “co-operate” in their over- 
seas operations, where there 
are no significant overlaps. 

It is even possible that they 
might fuse their operations in 
individual countries or regions, 
«nd pass control of the new 
entities to whichever of the 
partners has more experience 
in the particular area, he says. 

In the US, for example, Holz- 
m arm ’s Jones Group subsid- 
iary would be the ideal leader 
for such a collaboration. How- 
ever. there was absolutely no 
sense in merging German 
operations. This was a case in 
which two plus two made con- 
siderably jpgs than four, said 
Mr Mayer. 

H e was hawking a simi- 
lar line at a meeting 
with analysts last 
week. He could well imagine 
cooperation abroad, "but not 
at file price of our indepen- 
dence at home", he said. 

Mr Mayer also protests that 
Hochtiefs approaches should 


be rejected on anti-trust 
grounds. 

Although the two companies 
account for only about 3 per 
cent of the German market - 
there are about 75,000 budding 
companies in the whole coun- 
try - Mr Mayer has taken con- 
siderable pains to point out 
that construction expertise 
within certain specialist sec- 
tors is already heavily concen- 
trated in a few hands. 

These include power sta- 
tions, underground railways 
and high-rise office buildings. 
He claims that the cartel 
office’s timetable fit has given 
itself a full four months to 
investigate the deal) truncates 
that it tntawdg to undpHafca a 

thorough probe of these niches. 

Speaking to journalists last 
week, Mr Mayer also pnintrf 
out that Holzmann had h»n 
prevented on anti-trust 
gro unds from taking a 25 per 
cent stake in the Dywidag 
gronp. 

However, that was 10 years 
ago, before the awakening to 
the realities of global competi- 
tion. 

Analysts suggest the Ger- 
man anti-trust authorities are 
nowadays more likely to be 
interested in possible dangers 
stemming from the lack of con- 
centration in the German con- 
struction business. 

As the n umb er of companies 
involved suggests, the industry 
is heavily influenced by the 
introspective Afittelstand men- 
tality. The 30 biggest compa- 
nies together account for less 
than is per cent of the entire 
market. 


Although big in German 
terms, the antagonists in the 
current affair are no giants in 
the international arena. 

Holzmann’s DMl2J5bn ($8bn) 
annual turnover is modest 
compared with the DMlfibn 
sales at French gronp Bouy- 
gues, for example. Turnover at 
Hochtief is about DMSbn. 

Their non-domestic business 
interests - accounting for a 
third of sales at Holzmann and 
a quarter at Hochtief - are also 
modest by international stan- 
dards. 

A nalysts, who gave an 
aiTwnct unanimous wel- 
come to the announce- 
ment of Hochtiefs plans, say 
that more muscle together 
with more concentration of 
drills ami financing power are 
needed if the leaders of the 
German building industry are 
to make their way in the world 

OUtride ttiair sta gnating flaM fi. 
tic market. 

They see traditionalist Holz- 
mann, Wit h its shrinking for- 
eign business, and ag gr e s sive 
Hochtief, with an impressive 
reput a tion in airport construc- 
tion and a markedly better 
profits record, as the perfect 
test case of the industry’s will 
and ability to consolidate and 
find a new way in the world. 

As one observer said, the 
idea that the Berlin cartel 
nfficp sh o uld prevent merger or 
closer collaboration between 
the two on the grounds of 
excessive concentration in 
some domestic niche sector 
"would take German provin- 
cialism to absurd Mit-nming "- 


Downturn 
in third 
quarter 
at Mobil 


By Richard Waters 
in New York 

Lower US natural gas prices 
and weaker refi ni ng margins 
in eastern Asia were behind a 
25 par cent fall in net income 
at Mobil in the third quarter, 
to$503m. 

Leaving aside one-off 
charges in both periods, how- 
ever, the slide in nsderfying 
profits after tax was only 14 
per cent from a year before, 
when Mobil bad enjoyed a 
very strong quarter. 

At $1.23 a share, compared 
with $1.63 a year earlier, the 
company's earnings were 
squarely in lirw with market 
expectations. 

Earnings in Mobil's explora- 
tion and production businesses 
fefi by $56m to $309m. This 
reflected lower natural gas 
prices, offset in part by higher 
crude oil prices, and higher 
exploration costs, both in the 
US and overseas. 

Profits from marketing and 
refining, meanwhile, slipped 
by $120m to $234na. While 
margins were lower around 
the world, the fall reflected 
Mobil’s greater exposure to 
the refining business in the 
Aria/Pacific region than most 
other US en ergy g roups. 

Partially offsetting these fac- 
tors was a continuing rebound 
in Mobil’s petrochemicals 
business. 

reaming s of $60ra, up from 
S9m a year ago and $39m in 
the second three months of 
1994, benefited fn particular 
from a better polyethylene 
resin market, Mobil said. 

Mr Lndo Noto, chairman, 
said he expected conditions in 
the petroleum industry to 
remain volatile, and added 
that Mobil would continue 
with the restructuring and 
cost-cutting policy which was 
intended to increase its 
returns from its existing 
assets. 

Mobfl’s return on equity in 
the 12 months to the aid of 
September was 93 per emit, 
down from 12.8 per for the 
whole of 1993. Mr Noto, who 
took over as chairman earlier 
this year, has set a target of 
raising Mobil's long-run 
return on equity to about 12 
percent 


Price rises boost earnings 
at US steel companies 


By Richard Waters 

A series of price increases this 
year has boosted earnings at 
U$ steel companies faster than 
expected, and is likely to be 
followed by further price 
increases throughout 1995. 

Nucor, the US’s biggest mini- 
miH, and LTV, an integrated 
steel producer which emerged 
from bankruptcy protection a 
year ago, earth surpassed mar- 
ket forecasts with third-quarter 
profits. The OS’s biggest steel 
producers, US Steel and Bethle- 
hem Steel, are among those 
due to report results this week. 

The improved results come 
in the wake of three rounds of 
price rises pushed through by 
most makers of flat-rolled steel 
products in the US so for this 
year. More increases are expec- 
ted early in 1995. 

Next year’s increases are 


reflected in the current “spot” 
price for steel, which has risen 
by 20 per cent this year, said 
Mr John Jacobson, a steel ana- 
lyst at Wefo, an economic con- 
sulting group. "That will be 
translated into the bottom line 
next year" as steel makers 
renegotiate contracts with 
their biggest customers, he 
said. 

In the three months to the 
end of September, Nucor’s 
sales rose 34 per cent from a 
year before, to $78&n, as the 
company benefited from 
increased capacity. LTVs sales 
rose 8 per emit, to gLOSbn. on a 
4 per emit increase in volume. 

Steel Imports into the US 
have jumped this year as 
domestic makers have hit 
capacity constraints. In the 
first eight months, imports 
accounted for 243 per cent of 
total US sales, up from 17 per 


cent in the same period in 1993. 

In an apparent attempt to 
ease the pressure for farther 
price rises. General Motors last 
week reached agreement to 
buy steel from Kawasaki Steel 
• the first time it has bought 
Japanese steel for more than 20 
years. However, the small size 
of the deal made it "largely 
symbolic" with little influence 
on prices, said Mr Jacobson. 

Nucor, which makes steel 
from scrap in electric furnaces, 
reported earnings per share in 
the third quarter of 74 cents, 
against market expectations of 
around 62 cents. Its after-tax 
profits were 85 per cent up on a 
year before, at $84LSm. 

LTV, meanwhile, achieved 
earnings per share of 35 cents, 
some 3 cents higher than 
expected. Its net income was 
$34.1m, compared with only 
$400,000 a year ago. 


Alcatel may keep CEAC stake 


By Andrew Hffl In Milan 

Alcatel Als thorn, the French 
industrial group, may remain a 
minority shareholder in CEAC, 
the French battery manufac- 
turer, in spite of last week's 
announcement that Fiat of 
Italy intends to sen its major- 
ity gfafrp in the company to 
Exide Corporation, the US bat- 
teries group. 

The Italian automotive and 
industrial group, which owns 
62 per cent of CEAC, has 
iWiHwi to to rather 
than step up competition 
a gaingfc the US group, which is 
increasing its presence in 
Europe. 


But Alcatel, which owns 
almost all the remaining CEAC 
shares, said on Friday that it 
had not yet decided whether to 
sell its stake to the US com- 
pany. Alcatel also controls 
extensive industrial battery 
operations worldwide through 
its Saft subsidiary. 

CEAC has a turnover of 
LlJ91bn (S778m), mainly in the 
automotive battery business, 
and has been valued at $535m, 
Fiat said. 

Fiat, which took control of 
CEAC in 1991, said the sale 

<hni»M he finaYwri within the 

next few months, after 
approval by the relevant 
authorities. 


Earlier this year, Exide 
bought Big Batteries, the UK's 
largest private battery manu- 
facturer, and launched a bid 
for control of Tudor, the Span- 
ish tottery maker. 

Flat has also decided to buy 
a 17 per cent stake in the Cana- 
dian company Meridian Tech- 
nologies, which is the world 
leader in the manufacture of 
pressed magnesium compo- 
nents. 

The Italian company's iwf.ii 
products subsidiary, Teksid, 
will acquire the stake and will 
be able to nominate two direc- 
tors to the eight-strong board 
of the Caruiitiaii company. Fiat 
said. 


Cost-cutting lifts Kao in first half 


By Wttam Dawkins in Tokyo 

Kao. Japan's Trading maker of 
household products, has 
reported a rise in profits for 
the first half of the year, 
helped by cosbcutting and the 
success of new products. 

Demand far a new cosmetics 
line, gift soaps and a new floor 
nlnoning f jniit, hripprf sales rise 
by 2.1 per cent to Y322.5bn 
($3£bn) in the six months to 
September. Recurring profits. 


before extraordinary items and 
tax. rose more steeply, by 12 
per cent to Y25.76bn. 

Sales of laundry and cleans- 
ing products, Kao’s largest sec- 
tor, worth nearly 40 per cent of 
turnover, rose to Y127.6bn 
from Y12&9bn, while sales of 
personal care products. 35.5 per 
cent of the total, rose slightly 
to Y114J»bn. Results for some 
gfcin care products, a market 
where price cutting is rife, fell 
by comparison with last year. 


Overall operating profits 
rose 8 per cent to Y27bn in the 
interim period. Operating mar- 
gins were a record 8.4 per cent 
of turnover. 

Kan has been on e of the few 
Japanese companies to keep 
profits and margins rising 
through the recession. This is 
partly a result of cost reduc- 
tions and the rapidity of new 
product releases. 

First-half Mining s per share 
rose 4J. per cant to Y2L1L 


I 


1994 interim results 

GIMP strengthens its position as leading 
personal insurer in France 


□VIP's consolidated premium income for the first six months of 
1994 advanced 19 % to FF 39.6 billion, versus FF 33.2 billion 
for the same period last year. 

individual insurance generated FF 32.7 billion in premiums, 
while premium income from group insurance amounted to 
FF 6.9 billion. 

These results consolidate CNP’s French personal insurance 
market leadership, with a market share of 17 %. 

Net earnings [Group share} registered further steady growth, 
advancing to FF 691.5 million, up 14.9 % relative to the first 
six months of 1993. 

The following table charts changes relative to first-half 1993 : 


I 


Analysis of PRBV/MUM 
NCOME Ffo] 



I 


Change im conscxoathd 

NET EAFNNGS tlM FF PvmiXXO 


In FF million 

First-half 1993 

First-half 1 994 

Change 

Premium income 

33,243 

39.597 

+ 19.1 % 

Net earnings 

601.7 

691.5 

+ 14.9 % 

Assets managed 

192,900 

252,000 

+ 31.0% 



Assets managed were up 31 % relative to June 30, 1993, 
at FF 252.8 billion. 

BMP's expansion is baaed on a clearly defined strategy sf : 

• Specialization in all types of personal insurance : life 
insurance, capitalization, casualty cover (health, accident and 
disability). 

• Strengthening links with partners providing individual and 
group insurance in France and the rest of Europe. 

• Increasing earnings by maximizing management efficiency. 


i 


SHAFB3Wre=ISHP AT 
JUNE 30, 1 094 



Imascor i n f or m a tion : 

4, place Raoul Oautry 75015 Perm 
T6L : 48 18 86 53 


Er 


CNPi VIVEZ BIEN ABSURi 



These securities having been sold, this announcement appears as amatter of record only 


September, 1994 



Excel Banco S.A. 
US $ 150,000,000 

Euro Medium Term Note Programme 


Arranger: 

Santander Investment Bank Limited 


First Tranche: 

US$70,000,000 
1X5% Notes Due 1997 


Santander Investment Bank Limited 


Bank of America International Limited 

Deutsch-Siidamerikanische Bank AG 
-Dresduer Bank Group- 

HSBC Markets 


Indosuez Capital 


Lehman Brothers 


West Merchant Bank Limited 




Santander Investment 



24 


Gelisen Pazarlar 
En iui Banka 


ingJI£)bank 

L Illldll FAKS »» IIS Jj»l074 


FINANCIAL TIMES 


MARKETS 


THIS WEEK 


FINANCIAL TIMES MONDAY OCTOTERMWM 


Best Emerging 
Markets Bank 




If you believe 
the proponents 
of modem port- 
folio theory, 
international 
diversification 
offers the near- 
est thing in the 

investment 
world to a free lunch. 

For those who do not have 
an already fully diversified 
fund, raising the proportion of 
overseas assets is supposed 
either to lower risk at no sacri- 
fice of return; or to raise expec- 
ted returns for a given degree 
of risk. 

That Is. in the American 
argot a win-win situation. Yet 
for professional fond man a ge r s 
who have bought this theoreti- 
cal package the phrase seems 
an odd description for events 
in 1994. The essence of the 
diversification argument lies in 
the notion that price move- 
ments in foreign markets are 
not closely correlated to price 
movements at home. 

Yet in practice world bond 
markets have been relatively 
closely correlated for many 
years. And the bond market 
fall-out earlier this year was 
synchronised to an extraordi- 
nary degree. 

By now a more divergent 
pattern of behaviour has 
emerged. But if part of the 
point of buying foreign bonds 
was to escape a dramatic mar- 
ket shock at home, than the 


COMMODITIES 


Global Investor / John Plender 


The bill comes in for the free lunch 


strategy was not much use in 
the first half of 1994. 

As for equity markets, they 
are already very integrated in 
the developed world, if not 
quite to the same extent as 
bonds, and show fairly high 
correlation coefficients despite 
cyclical divergence In the 
underlying economies. 

It has always seemed plausi- 
ble that emerging markets 
offer the best form of diversifi- 
cation. Their economies are 
furthest out of synchronisation 
with those in the OECD area. 
The first of the attached 
chart s, showing the movement 
of Latin American and Asian 
equity market indices against a 
world index, appears to sup- 
port that view. 

If there was any correlation 
with the OECD economies in 
the first hdf of the year it was 
with bonds rather than equi- 
ties, no doubt reflecting the 
use of borrowed money. Since 
then emerging markets have 
recovered to earlier levels. A 
more hard nosed Interpretation 
might be that it simply demon- 
strates a US fluid manag- 
ers caught the diversification 


To (Bvarslfir - or not? 

' 1 ' (PC Latin Amarfca ' 

■" * — i IFC Asia' ‘ 

— — FT-AWortd 

Mem retased i/JAB=100 

200 — . 


- FT-SE-A Property rfvMand jWd 
1 FT-SE-A Al-Sftam dhridend yield 
■ 10-yaargfc yield 
l-SSer Parker prepady yield 
- — > — 10% 



bug last year, just es investors 
generally were waking up to 
the potential for high returns 
in Asia and Latin America. So 
the diversification argument 
became self-fulfilling after a 
long period in which emerging 
markets had seen their correla- 
tions with equity markets in 
the developed world increase. 

Another striking feature of 
the chart is how closely corre- 
lated Asia and Latin America 


Brighter outlook for alu mini um 


When the US aluminium 
industry began organising its 
first international conference 
and exposition last year its 
mood was close to suicidal. 
Al uminium prices were at an 
all-time low in real terms and 
most companies were piling up 
losses. 

How quickly the mood has 
changed. 

The industry will make its 
way to Almnitech ’94 in 
Atlanta, not to co mmis erate 
but to celebrate. Aluminium 
prices on the London Metal 
Exchange were above $1,700 a 


tonne on Friday, a level which 
allows every smelter in the 
world to make a profit 

With their short-term diffi- 
culties apparently behind 
them, the 1,200 executives 
expected to attend - from Bel- 
gium, Canada, France, Ger- 
many, Japan, Mexico, Russia 
and the UK, as well as the US 
— will hear some heartening 
forecasts about aluminium’s 
global growth prospects, par- 
ticularly in key markets such 
as the beverage can and the 
automotive industries. 

One keynote speaker, Mr 


Richard Holder, chairman of 
Reynolds Metals, the world’s 
thizd-lazgest al uminium group, 
already has predicted that the 
global aluminium market 
will grow by 65 per cent by the 
year 2000. 

Another speaker, Mr Jacques 
Bougie, president of Alcan, the 
second-largest aluminium pro- 
ducer, says confidently: “By 
the year 2010 the world auto- 
motive industry could be con- 
suming as much as three trains 
the aluminium as it does 
today. The additional ship- 
ments to this market alone 


could require the equivalent of 
the output of 30 to 40 addi- 
tional world scale al uminium 
smelters.” 

Alumitech '94 lasts from 
Wednesday to Saturday. 

Natural resources will be 
considered at a conference, 
Doing Business in Uzbekistan, 
winch will be held in London 
on Tuesday and Wednesday 
tills week. Subjects for debate 
will include: ofi and gas; min- 
ing; tobacco; cotton and, inevi- 
tably, prospects for foreign 
investment in this part of the 
former Soviet Union. 



IYONNAISE 
DES EAUX 



•'viitSet? 


At its meeting of October 1 9, 1 994, the Board of Directors, chaired by J6r6me MONOD, 
reviewed the consolidated accounts at June 30, 1 994. 


FINANCIAL HIGHLIGHTS 


Group consolidated revenues were up 7.T% 
to FF 48.3 billion. Excluding changes in the 
scope of consolidation and exchange rates, 
the year on year change was +2.2%. 

Working capital provided by operations 
was up by 17% (FF 3.1 billion]. 

Further analysis of the income statement 
reveals: 


(FF millions) 

First half 
1994 

First half 
1993 

Change 

Pi) 

1993 

Revenues 

48,354 

45,114 

+7% 

93.556 

Operating Income 

1,530 

1.201 

+27% 

3.389 

Net operating Income 

1.098 

743 

+48% 

2,818 

Non-recurring items 

75 

300 

-75% 

94 

Net Income before 
amortization of goodwill 

958 

756 

+27% 

1.975 

Net Income 

434 

342 

+27% 

804 

Working capital provided 
by operations 

3.107 

2.645 

+17% 

6,002 


■ a significant rise in operating income (+27%) and a more marked increase In net operating income (+48%); 

• a sharp decrease in income from non-recurring items due to much lower capital gains; 

• net income up 27% to FF 434 million. 


BREAKDOWN BV SECTOR 


(FF millions) 

First half 1994 

First half 1993 

1993 

Revenues 

Net income 

Revenues 

Net income 

Revenues 

Net Income 

Services 

20.879 

616 

17,996 

768 

38.196 

1,511 

Construction 

22.021 

1 

21,627 

(139) 

43.050 

(14) 

Other activities 

5.434 

(ia3) 

5.491 

(287) 

12.310 

(693] 

of which property 
development 

431 

use] 

620 

(330) 

t.572 

(718) 

TOTAL 

48^34 

434 

45,114 

342 

93,556 

804 


Revenues from services increased 16%, 
representing 43% of total Group activity. 

The reduced contribution of this sector 
can be attributed to lower capital gains 
during the period, while performance at 
the operating level improved (operating 
income up +32%). 

Overall, construction activity was up (+2%) in a persistently difficult economic climate. The sector reached 
break even while working capital provided by operations grew (+20%). 

Other activities saw revenues stagnate due to lower sales in the property development sector and despite the 
upturn in the Canadian economy which benefited United Westbume. Results reflected a return to profit in 
distribution activities and narrowed losses in the property development sector. 

1 994 OUTLOOK 

The Group's improvement continues and net income for the whole 
of 1994 should again increase significantly. 


Total ret ur n in loed cur re ncy to 20/10/94 



IS — 

Japan 

(knife 


Mv 

ai 

Cash 







Week 

009 

0.04 

009 

010 

0.16 

OIO 

Month 

0.41 

021 

0.42 

045 

069 

045 

Year 

3.44 

2.38 

SJS 

6.06 

825 

538 

Bonds 3-5 ywor 




-017 



Week 

-0.40 

038 

025 

028 

-019 

Month 

-Oil 

-035 

1.43 

1X1 

1.47 

194 

Year 

-024 

PDA 

1.47 

•025 

0.17 

-0.01 

Bonds 7-10 year 






Week 

-082 

044 

0.10 

. -075 

-0X17 

-092 

Month 

-093 

-058 

2-55 

. 1.33 

1-33 

391 

Year 

-a 59 

-1.52 

-031 

-707 

-7.07 

-3.70 

Equities 







Week 

-0.1 

-1.2 

-08 

•3.9 

-02 


Month 

i.i 

07 

-0.7 

-2.8 

-7.6 

-7.6 

Year 

&2 

-2* 

02 

-7.9 

09 

69 


seem to be, despite widely 
divergent economic circum- 
stances. While diversification 
is available generally in emerg- 
ing markets, there is not much 
benefit to be had by spreading 
the investment between differ- 
ent regions. 

The overall messag e is that 
it is increasingly difficult to 
obtain worthwhile ifl iw ra rifl ra- 
tion. Nor is the pay-off very 
obvious. Over the 10 years to 


Kenneth Gooding 


ara jointly ownad 


Score* G*h S Bondi - Lehowp 
1t» FT«ActBBrtaa Wbrid (rxficaa 
Gofcftnan Sacha*. Co, and 


end-1993 UK domestic equities 
showed an average return of 
18.8 per cent compared with 
only 15.2 par cent on interna- 
tional equities in sterling 
terms. And of the 18 countries 
covered in CBS’s Global Pen- 
sion Fund Indicators, 10 
showed better domestic equity 
returns than international 
equity returns in local cur- 
rency terms. 

British fond managers with 


EqrttoaD NafWM Saavtttt. 
By Th» RnmcM Tknaa Unfed. . 
Doted. - 


a high overseas content could 
argue that the lower return 
was amply justified by the 
redaction in risk provided by 
diversification, and that inter- 
national equities may well do 
better in future years. The lat- 
ter point is convincing if you 
believe that the UK stock mar- 
ket's extraordinary capacity to 
grow faster than UK output 
an ri incomes is unstainable. 
But in the light of the growing 


integration of markets, was the 
risk reduction really so great? 

The short answer is that it 
must still be worth having, in 
order to insure against coun- 
try-specific shocks. The propor- 
tion of Hong Kong pension 
fond assets in overseas equi- 
ties and bonds is an astonish- 
ingly high 60 per cent Yet it Is 
hard to argne with that strat- 
egy given the political cloud 
that hangs over this highly 
dynamic economy. 

What, then, of the merits of 
property as a vehicle for diver- 
sification? The second chart 
confirms that property shares 
are more closely correlated to 
the equity market than to 
property itself. Direct property, 
meantime, has offered useful 
diversification against the 
bond market shakeout 

On the international front 
property is clearly no worse 
than equities or bonds In pro- 
viding cross-border insurance. 
And property markets have the 
huge advantage of being much 
less integrated. Forms of ten- 
ure, lease terms and patterns 
of ownership vary enormously 
from country to country. 


It follows that property 
should lie able to provide far 
more diversification benefit 
than securities. But even hers 
there are caveats- AMF Pen- 
sion. the Swedish Insurer and 
pensions group, with help from 
agents Jones Lang Wootton. 
recently looked at more than a 
decade of returns on prime 
offices in the main European 
property markets. According to 
Tor Perry Marthln. senior vice 
president and chief investment 
officer. Frankfurt. Amsterdam 
and Brussels moved in lock- 
step, while Paris was only mar- - - 
ginaily less closely correlated. 

So three out of the four conti- 
nental European centres could 
offer no additional worthwhile 
diversification benefits. Only 
London was out on its own. 

Note, too, that theoretical 
discussion about diversifica- 
tion tends to ignore the real te 
world problem of liquidity, 
which is important in property 
- although not as Important 
for Immature pension funds as 
for other investors. 

It is possible that this year’s 
events In the markets will 
reduce the appeal of diversifi- 
cation for the more practically 
minded fond managers. And if 
US institutions conclude that 
they have much less need for 
insurance against country-spe- 
cific shocks In their vast conti- 
nental economy, the pattern of 
global capital flows could look 
very different next year. 



One of the 

main aims of 

the Social Jus- 
tice Commis- 
sion, whose 
final report is 
out today, was 
to explain why 
certain groups 
in the UK are 
not working, and suggest 
ways to help them to get jobs. 
But another puzzle has tended 
to receive less attention: why 
are others, especially in non- 
manual jobs, working harder? 

Some would say that- non- 
work and hard work have a 
single explanation: the struc- 
ture of the tax and benefit sys- 
tem. Just as high marginal tax 
rates discourage the “poverty 
trapped” from taking work, 
lower rates for those already 
working a full 35-hour week 
might have encouraged many 
employed people to work 
harder. 

Yet international evidence 
suggests that neither different 
tax rates, nor different levels 
of earnings, can folly explain 
why some people work longer 
hours. Longer hours may well 
be a response to distorted 
incentives, something policy- 
makers cannot easily change. 

In a seminar last week at 
the London School of Econom- 
ics, Professor Richard Free- 
man, a Harvard economist, 
provided an interesting test- 
case for any explanation of 
differing work habits. He 
noted that a sizeable gap has 
emerged between hours 
worked in the US and Ger- 
many. 

In 1970, US employees 
worked, on average, some- 
what fewer hours over the 
course of a year than their 
German counterparts. By 1993, 
however, Americans were 
working some 200 hours more 
than Germans, a difference of 
13 per cent. 

At first sight, a tax-based 
explanation of the difference 
in work effort seems highly 
plausible. On average, Ger- 
man workers face about a 
third higher average and mar- 
ginal tax rates than their 
counterparts in the US. Ger- 
mans can also rely on more 
“social Income” (such as wel- 


Economics Notebook 

Mastering the 
rat race 

Americans (Hit In the hows 


US v* Germany: annual hour* par employee 
KdW e rance 



fare payments), which might 
lead them to choose more lei- 
sure. In tire US, income tares 
for medium pntj high earners 
fell in the 1980s. 

Differing real wage trends 
since 1970 provide another 
explanation for longer US 
hours. German real wages 
have continued to rise since 
the 1970s, in contrast to the 
US where they have been stag- 
nant or falling Standard eco- 
nomic theory would predict 
that Germans would choose 
more leisure as their real 
incomes rose, while 
Americans might be expected 
to work harder to hold an to 
the same standard of living. 

There are difficulties, how- 
ever, with both the tax-benefit 
and the real wage interpreta- 
tion of the US-German "work- 
gap”. For one thing, workers 
in Germany also work fewer 
hours than those in neigh- 
bouring countries, where 
taires and benefits are just as 

high. 

Second, although some of 
the rise in hours worked 
among low-paid US workers is 
probably a response to falling 


wages, work effort has risen 
most among professional, edu- 
cated workers, whose relative 
earnings have actually risen 
over the period. 

So why do Americans work 
so much more? Drawing on 
data from a wide range of 
countries. Prof Freeman has 
concluded that is it not the 
level of individual pre- or post- 
tax wages perse, but the over- 
all distribution of earnings 
that explains cross-country 
differences in work-effort 
In the US, high and rising 
earnings inequality means 
that “the rewards to greater 
effort are large and the penal- 
ties to slack are substantial”. 
The opposite is true in Ger- 
many, where the social safety 
net Is higher and the overall 
distribution of pay has 
remained fairly equaL 
Clearly, for many in the US, 
a great deal may hinge on 
whether they can persuade 
their bosses that they are hard 
workers. But the people who 
put in the longest hours are 
not necessarily the most pro- 
ductive. In many jobs, one 
mi g ht expect the reverse to 


hold. Someone who spends 12 
hours on a task which takes 
others only IQ may get points 
for effort, but few for produc- 
tivity. 

At other times, the quantity 
of work done is a better indi- 
cation of its quality, but the 
correlation is rarely 
one-to-one. Employers would 
usually do better assessing 
the individual’s output more 
directly. Unfortunately, this is 
not always possible. In many 
labour-intensive professions, a 
willingness to "put in the 
hours” may be the only way 
for employers to gauge, how- 
ever imperfectly, whether 
someone is up to the job. 

There Is danger here, first 
spotted by George Akerlof, the 
economist, in the mid-1970s. 
Employees who would prefer 
to work fewer hours are aware 
that their boss may take this 
to denote poor quality. They 
may. therefore, try to hide 
their true preferences, agree- 
ing to work longer hours in 
return for a given wage than 
they would otherwise choose. 
Knowing the incentive to 
deceive, employers may, in 
turn, demand unnecessarily 
long hours to flush out those 
who are only pretending to 
like working late. 

The upshot is a "rat race 
equilibrium” in which every- 
one ends up working more 
than either they, or the jobs 
themselves, would otherwise 
demand. 

Some occupations will suf- 
fer from this problem more 
than others. Recent research 
in large US law firms, for 
example, has found signi fican t 
evidence of over-work consist- 
ent with the Akerlof modeL* 

It is plausible that the 
recent rise in hours worked, 
much of It unpaid, among 
managerial workers in the UK 
partly reflects a similar prob- 
lem. Changing the tax system 
could allow more people to 
join the rat race: it might not 
make it any less exhausting. 

Stephanie Flanders 

*Rat Race Redux; Adverse 
Selection in the Determination 
Of Work Hours. R Landers. J 
Rebitzer & L Taylor, MIT 
mimeo, October 1994. 


FT -ACTUARIES WORLD INDICES 


Jointly cc mp te d by The Fi nanc ia l Timas Lid., Goldman, Sachs & Ca and NatWost Securities Lid. in eon|uncSon with the 
NATIONAL AND 

REGIONAL MARKETS FRIDAY OCTOBER 21 1BM ■■ - - - THURSDAY 

Figures In paenthe w s IS %chg Poind Local Local 96 Qws US Pmmd 

show number of Ones Dobr since Storing Yen DM Oxmncychg bom Ofv. Doflar Staring 

of Mode Index 31/12/83 Index todsx Index index 31/12/83 Yield index Irxfex 


Instituta of Actuaries end the Faculty of Actuates 

OCTOBER 20 1004 DOLLAR INDEX 

Local Year 

Jy , DM Currency 52 week S2 week ago 

index mdex Index High Low (approx) 


Australia (83) 


.17029 


2.0 153.10 104.41 132.40 15492 -53 


Austria (16) 

18223 

-15 

16598 

111.73 

141.67 

14192 

-159 

BdD(um(37) 

17085 

6.0 

15591 

104.75 

13293 

129.73 

-105 

Canada (103) 

13040 

05 

12493 

8393 

10005 

13392 

29 


26044 

54 

237.20 

16998 

20248 

207.11 

-83 

RnJand p!4) 

188.68 

BIO 

18096 

12192 

15447 

181.19 

27.7 

Franca (101) 

167.27 

-49 

15294 

10265 

13004 

134.48 

-173 

Germany (58) 

14061 

24 

13090 

8895 

11195 

111.65 

-119 


37063 

-228 

34494 

232.15 

29497 

37595 

-22.8 

batond (14) 

208.01 

103 

18845 

12794 

181.72 

182.71 

-13 

Haly (59) 

-.7742 

128 

7051 

4747 

6019 

8849 

09 

j*an<488) 

16023 

284 

14897 

10098 

12091 

10008 

99 


Mabyeta (97) 
(IS) 


.55034 


08). 


.•2267.00 
— 216.43 


Norway [23) . 


(14). 


.7348 


-.207.87 
aan w> 
-338.40 


Singapore (44) 

South Africa (59) 

Spain (38) 141.54 

Sweden (36) 241.13 

Switzerland (47) 185.48 

United Kingdom (204] 200.89 

USA (515) 18083 


-69 50396 33827 43020 54424 -112 

-5.1 2064.67 138924 1782+5 8486.73 44 

8.7 197.16 132.73 18820 18520 -82 

&8 6727 4529 57.42 8406 -02 

15.7 18922 127.45 16121 18325 0.1 

7.7 38027 24220 307.63 288.77 -14 

27.1 809.19 206-15 283.94 29644 182 

12 12820 aa78 11004 133.71 -114 

222 21821 14724 18747 ZS322 42 

3.3 19028 10144 12823 127.78 -132 

-2.0 182.96 123.17 156. IB 18226 -112 

0.0 17289 116.39 1472B 18923 02 


328 

1.14 

425 

253 

1.43 

0.74 

323 

125 

321 

3.48 

1.77 

0.77 

1.64 

121 

349 

3.79 

120 

1.67 

2.17 

415 

128 

120 

418 

227 


18920 

18827 

17121 

13746 

281.74 

198.17 
16829 
14524 
38028 
20925 

7821 

18321 

68922 

2277.64 

217.18 
7429 

20820 

39521 

34220 

142.78 

24023 

188.77 

20123 

190.63 


16541 
18924 
15724 
12520 
23925 
18127 
164.30 
13348 
348.88 
19128 
7128 
149.73 
61227 
208429 
19a. 77 
67.99 
190.64 
361.52 
313.00 
130.67 
22041 
15222 
184.71 
17448 


10446 
11417 
10570 
8426 
16123 
12122 
103.72 
89.73 
23426 
12828 
4411 
10025 
34422 
1401.15 
133.81 
45.70 
1241 S 
243.02 
2104Q 
8724 
14416 
10220 
124.17 
11727 


13228 

144.87 

134.12 

107.31 

20433 

154.71 
131.81 
11328 
297.43 
1631 67 
61.08 

127.72 
43480 

1777.98 

18925 

57.99 

16222 

30438 

288.99 

11148 

18401 

130.19 

16727 

14481 


15428 

14421 

13028 

13428 

20926 

191.85 

13412 

11488 

377.95 

184.68 

8946 

10028 

84928 

849411 

166.78 

8435 

18471 

28823 

29482 

13420 

25470 

12498 

184.71 

190.83 


189.15 

19829 

177.04 
146.31 
275.79 
19469 
185.37 
150.40 
506.56 
216.60 

97.78 

170.10 

62123 

2847.08 

219.76 

7728 

211.74 

39492 

342.00 

15479 

241.13 

17458 

214.96 

198.04 


EUROPE (709) . 
Nraric (118) 


-172.70 

-233.73 


Pfefflc Basin (747) 17229 

Euro-Pacific (1466) 17224 

North America (BIS) 18451 

EUopa Ex. UK (605) 153.91 

Pacific Ex. Japan (279) 280.79 

World Ex. US (1638) 17429 

WOrid Ex. UK (1047) 17431 

World Ex. Sol At {2092} 177.43 

WOrid Ex. Japan (1683) 18470 


22 

wa 

182 

112 

0.1 

*2 

-9.1 

10.9 

72 

82 

02 


15729 

21227 

16621 

1S82S 

18926 

14018 

23722 

15883 

18027 

16120 

171.86 


10488 

14320 

10523 

10528 

11428 

9427 

15920 

10492 

10410 

10479 

115.88 


13426 

181.71 

13325 

13328 

14&00 

119.88 

202.75 

13528 

13727 

13724 

14470 


147.75 

21046 

11085 

12475 

18625 

127.16 


12928 

14425 

147.07 

17433 


-105 

42 

42 

- 2.1 

01 
-lOI 
-132 

-12 

02 
-12 


414 

1.41 

129 

126 

225 

223 

222 

127 

228 

228 

2.82 


17321 

23474 

172.72 

17410 

18722 

15521 

28121 

17419 

177.09 

17822 

189.71 


158.17 

21322 

15408 

15442 

171.44 

14225 

23921 

18034 

16227 

16410 

17323 


The World Index (2151) 


. , —17448 82 18225 109.43 138-76 14417 - 1.1 228 17928 184-07 

Copyrtp*. Ths mend* Unas Unfed. Ooldaan. Sacha & Co. and Nanvsat GscwHss Unfed- 18 ST 

BBSS vaftgrr Dae 31. 198B a 100: FHnt Dac31. 1S07 ■ 115037 (US S bjwj, 80791 (Pond Swriqf and 9A84 (Locaft Nortta Dec so, 1963 , 


10628 

14480 

10&2Q 

108.48 

11524 

9449 

181.07 

107.78 

10823 

109.84 

11471 


14926 

167.46 

149.33 

120.54 
23027 
11825 
159 34 
12837 
34129 

171.68 

5728 

124.54 

430.71 
189628 

187.01 

5922 

185.52 

29428 

202.72 
12488 
17823 
14324 
181.11 
178.95 


15521 

18410 

15120 

130.50 

23721 

12029 

18B.S3 

133.42 

354.09 

17475 

71.17. 

15122 

462.49 

182445 

194.08 

8524 

18464 

329.62 

218.59 

14438 

205.82 

14429 

192.18 

189.75 


135 77 
182.47 
134.84 
13513 
14423 
121.17 
20420 
13477 
138.25 
138.13 
148.10 


14929 

211.90 

111.41 

12471 

188.77 

12829 

232.84 

13029 

145.49 

148.00 

177.48 


178.68 

233.74 

178.88 

175.14 

192.73 

158.12 

29431 

17485 

17829 

18023 

10530 


154.79 
17419 

134.79 
14488 
178 87 
135.94 
230.10 
145.58 
155.98 
15454 
17434 


181.98 

192.67 

159.41 

18028 

186.08 

142.59 

232.04 

18121 

187.40 

18927 

18023 


15485 189.58 


jnaaa 130.95 1492a isoao 


1 39.05 (US g Ma»), 114,43 (Poind 3mng and 12422 (UK** 


{ 


1 . 








FINANCIAL TIMES MONDAY OCTOBER 24 1994 


EMERGING MARKETS: This Week 


The Emerging Investor / William Barnes 

Thai bond market set for lift-off 


Strategy 


The Thai bond market may be 
Poised to become one of Asia’s 
fastest growing debt markets - 
perhaps even emulating the 
extraordinary rise of the Bang- 
kok stock market over the past 
decade. 

By default Baht- denomin ated 
bonds could, alongside the 
Hong Kong market, become 
one of the most attractive debt 
markets for foreign Investors 
in east Asia, according to a 
senior World Bank official. 

The historically moribund 
secondary market for Thai 
bonds could receive a lift 
when trading starts on the 
over-the-counter market on 
November L 

“There Is a huge potential - 
the Thai stock market is equiv- 
alent to LOS per cent of the 
GNP; the bond market mea- 
sures less than 5 per cent of 
GNP," said Mr Ishmafl Dalla, 
head of a World Bank mission 
to advise the Thai g o ve rn ment 
on the privatisation of state 
enterprises. 

“We see a small market that 
is starting to explode,” said Mr 
Vuthiphong PrLebjrivat, the 
managing director of Thailand 
Rating and Information Ser- 
vices, the newly established 
credit rating agency. 

It could be several years 
before rival emerging debt 
markets in. Asia overcome 
their regulatory teething prob- 
lems or a hostility to foreign 
investment 

Korea, for instance, has a 
large debt market but it 
remains largely fenced off 
to overseas investors, partly 
for fear that capital inflows 
will drive up the value of 
the won. 


CURRENCIES 


The Malaysian bond market 
motored from nothing to S6bn 
last year after the government 
i n sisted that every debt issuer 
had to obtain a rating. 

A requirement that all debt 
issues obtain a credit rating 
m akes it much easier for port- 
folio managers to invest in 
Malaysia's fixed income mar- 
ket. Yet the Kuala Lumpur 
autho rit ies’ penchant for inter- 
fering was displayed last year 
when Bank Negara deliber- 
ately squeezed out many for- 
eign capital deposits for fear 
that they would disrupt the 
monetary regime and the 
exchange rate. 

Thailand is generally more 
relaxed about foreign capital 
inflows and has a currency 
that has tracked the dollar 
without significant interrup- 
tion for many years. 

The finance minister, Mr 
Tarrin Nfanmarihaeminda, said: 
"We are the poorer for not hav- 
ing an active bond market - 
we want to see one get going.” 

The Baht bond market 
hardly twitched in the dozen 
years to 1992, when rapid eco- 
nomic growth was driving the 
stock market's capitalisation 
up nearly 60-foid- 

Thai administrations have 
traditionally been cautious 
about going into debt; for the 
past six years governments 
have run a budget surplus and 
reduced the volume of govern- 
ment bonds at issue. 

Corporations - public or pri- 
vate - were simply not allowed 
to idsue their own paper until 
late 1992; foreign direct invest- 
ment, the lively stock market 
and banks provided adequate 
c ap i tal sources. 


Tan best performing stocks 


Stock 

Comby 

Friday N 

2U1QM 

IWc an wed 
S 

i dtanga 
% 

President Enterprises 

Taiwan 

2L5167 

0.6281 

33.26 

Buenaventura (L) 

Peru 

5^126 

1.1667 

26.85 

Buenaventura (C) 

Peru 

5.1214 

0.7979 

1&46 

TPt Poieno 

Thailand 

9.7792 

1.5230 

' 1^40 

Waiain Lihwa Wire & Cables 

Taiwan 

1J3755 

02133 

18J35 

Mlnsur 

Peru 

105417 

1.4036 

15.70 

Eueigreon Marine 

Taiwan 

22861 

02408 

11.77 

Pitt Expkration & Production 

Thailand 

11.0040 

1.1561 

11.74 

Far Eastern Textile 

Cementos Lima 

Taiwan 

Peru 

15215 

2JJ516 

0.1567 

0.2100 

11.48 

9^81 


The general complacency 
over a debt market has been 
shattered by two develop- 
ments: the need to revamp the 
co untr ies' creaking infrastruc- 
ture and the corporate sector’s 
enthusiastic discovery of disin- 
termediation - tapping by bor- 
rowers of savers without the 
help of the banks. 

The World Bank calculates 
that the 15 public utilities that 
it has targeted for privatisation, 
will need to raise external 
funding of $522bn between 
now and the end of the cen- 
tury. 

Mr Dalla, a bank official, 
said; “The Thai government is 
loath to borrow money directly 
and the Thai banking sector is 
not geared up for long-term 
lending. Yet equity investors 
demand too high a yield - the 
bond market is the only place 
to go." 

As a rule-of-thumb Mr Dalla 
reckoned that three quarters of 
infrastructure funding should 
come from the debt markets 
and a quarter from the stock 
market 

Thailand's debt market is 
well developed but has concen- 
trated on short-term maturi- 


Sowok Baing SaaiUoo 

ties, with finance companies 
issuing promissory notes to 
fund their lending and cor- 
porations issuing short-term 
paper known as bills of 

nyi^hang p 

Corporations have discov- 
ered that, following the legal 
changes, they ca n often nhtnin 
funds more cheaply and with 
fewer collateral requirements 
by issuing bonds than going to 
their traditional hanfc lenders. 

Mr Vuthiphong reckons that 
the market for corporate bonds 
could climb from BtZObn at the 
end of 1993 to nearly BtlOObn 
this year and perhaps Bt250bn 
by 1995. Assuming that state 
enterprises add another 
BtlOObn to the BtlSObn of 
bonds already at issue then he 
said that the total bond market 
could surpass BtSOObn ($20hn) 
by the end of 1995. The capital- 
isation of the stock market is 
currently about Bt32 trillion 
or 1141 bn. 

These figures do not include 
the Bt40bn raised by corpora- 
tions on the Euroconvertible 
debenture last year. By 
tapping the Euromarkets in 
this way, the corporations 
learnt about debt markets. 


although, rising interest rates 
and weaker Bangkok share 
prices have combined to dose 
off this avenue for funds for 
the moment 

Next week's first tentative 
steps in scripless closed circuit 
over-the-counter (semi-regu- 
lated) trading should involve 
np to 15 active traders, 
although more than 60 organi- 
sations have registered an 
interest (perhaps because they 
believe this is a one-time only 
application). 

Some sceptics have still to be 
convinced that Asian inves- 
tors, hooked on the excitement 
of a stock market as volatile as 
Bangkok’s, will be attracted to 
the bond market Yet the gov- 
ernment is pushing for the 
development of the central 
provident fund, the mutual 
fund an d insurance industries, 
and other obvious customers. 

Tipsuda Thavaramara. bond 
specialist at the Securities and 
Exchange Commission, said: 
“We want to see a lively bond 
market if possible. Well have 
several teething problems but 
nothing that’s going to kill the 
market” 

Mr Thirachai Phuvanatnar- 
anubala, the director at the 
Bank of Thailand in charge of 
bond market development, said 
that in the absence of an ade- 
quate government bond yield 
curve to act as a benchmark, j 
investors would probably have 
to be content to trade in blue 
chip corporations and state 
enterprises. 

Mr Thirachai said “I won’t 
worry if things aren’t desper- 
ately exciting straight away. 
The demand is there - it's 
inevitable." 


Philip Gawith 


Dollar stays focus of market attention 


Foreign exchange traders will face a 
familiar challenge at the start of the 
week: whither the dollar? 

The dollar touched a post-war low of 
Y9625 against the yen last Friday, and 
a two-year low of DML4880 against the 
D-Mark. Many analysts predict it will 
sink lower, but traders are nervous of 
selling the currency aggressively for 
fear of being caught short by central 
bank intervention. 

Apart from the Bank of Japan, there 
has been no sign, of central bank sup- 
port, but the likelihood of this will 
increase should the dollar sink towards 
the DML45 level 

The main, concern of the market is 


that the Fed has not moved quickly 
enou gh to combat rising inflationar y 
pressures in the US. It is very difficult 
to forecast a dollar recovery until this 
perception is effectively countered and 
US asset markets look more attractive. 

The key figure for the market to 
focus on will be the release on Friday of 
the third quarter GDP growth rate. 
Economists will be looking to see to 
what extent tighter monetary policy 
this year has slowed growth. Most esti- 
mates see GDP falling towards 3 per 
cent, from 4.1 per cent. The employ- 
ment cost index, out on Tuesday, will 
also be closely watched for any signs of 
wage inflation. 


Outside of the US, the main influence 
on the dollar will be the Bundesbank 
council which meets on Thursday. 
Opinion is divided as to whether the 
next move in German rates is up or 
down. Should they cut, while US rates 
continue to rise, this might lend sup- 
port to the dollar. 

The US discount rate is currently 4 
per cent, while the equivalent rate in 
Germany is 4.5 per cent Same analysts 
believe a cross-over in US and German 
short-term Interest rates could trigger a 
tumround in the dollar. 

Investors will also be keeping an eye 
on sterling, whose fortunes have 
revived recently. The pound has rallied 


from $15525 to a high so far of $L6336, a 
gam of over 5 per cent in fewer than 
seven weeks. Although the upward 
move was sparked largely by dollar 
weakness, and political risk a ttaching 
to the D-Mark ahead of the recent elec- 
tions, it is supported by economic fun- 
damentals. Inflation is at a 27-year low, 
growth is robust, and the balance of 
payments is in much better h ealth thym 
most analysts bad predicted. 

Sterling also looks good from a chart 
perspective. Mr Chris Dunne, analyst at 
Forexia, says sterling still looks very 
strong. He predicts that it will reach 
$1.65 and DM2.46 over the next few 
weeks. 


FT GUIDE TO WORLD CURRENCIES 


aqm (Quymaae 

HoJH (Qoudoi 

Hondwn* (Lonpind 
Hong Kong flO£S9 

Huigny FortiO 

kMmd Qcdtandki Krone) 
Ml QncfianRupwS 
Mmoria 

km f»4 

fcaq Paqinm) 

MahRtp «PunB 

rtmal Oxkrt 

My Mai 

Jamaica ’ UaiefcanJ) 
J>P«i . CVort 

Jordan fJcntanion Dta) 

Konya QtaqeSNSng) 
KHbart (Aun— IB 
Korea North (Wad 

Korea South (Won) 

Kuwait (KownUIOkM) 

Laos fftewKW 

unto 

Lebanon (LabaoaaaO 
VamOm |H4 

UberM Wborten*) 

LAya (UbymOnari 
LiecManoMt CMaaFtt 
Unuonta (Un) 

LuumbOMB (LinR) 


Portugal 

Puarta Heo 


240084 

1-8280 

dOHr 



nnnta la. da la ffVFl) 

aS 4 S 2 

RomaaM 

Ota 

28 RUD 

Rwanda 

W 

21020(21 

StChrtataphar 

(ECnr« 

44010 

Sthaiona 

B 

ux> 

StLueM 

(HCWtS 

44010 

a Plan* 

FialdiFi) 

(E Crtrt) 

8 J 4 S 2 

BVtort 

44010 

SwiMBrtoo 

Parian Lferi 

240 UO 9 

Sao Tam 

03 ab 4 

1337^1 

tans Anfala 
Senogrt 


8.1088 

834620 

Stydrio 

fltata 

7-8827 

ShmUMno 

(Laanrt 

053 JB 0 

Start®™ 

ShwafeM 


2-9897 

48.0520 

OTowrta 

mm 

TB 4 A &7 

Sukiiun la 

« 

83198 

ScmriRap 

(SMQngg 

427080 


TT»tabte below gives tfia tatat avMobia mm or antiange houndacQ against four l«y currenctoo on Friday. October 21. 1994 . In aonw cntee the rata b nontinaL Market rata ms the average of buying and sefkig ratoo except 
when thay ore shown to be olhaiwlsab In soma casern marital rates Iwra boon cateutariad tram 8100a of foreign cwrandoa to which they are lied. 

C3TG UBS D-MARK YEN (OT UBS D-MARK YEN C3TO UBS D-MARK VBH 

PMSB PC DC *X» 

’ «MMK (MtfraA «M2*0 HOUR 1T«*0 seae*a Onrtbla PM 15*110 117110 8*M B 100132 Poktaan f*ok. RumoJ 40*484 3MW ZO4708 31-5000 

Marts (Law 163*09 100.123 88*541 . 10323 Gatmany (D+taO 2*346 14033 1 1.5417 Panama (Briboa) 14280 1 00687 1.031 

AfeMria Choal 80.4324 400001 27.2879 42.0724 Ohm (Cad) 188053 101075 861.281 105037 Pnpun Now Oukwa QQna} 13703 1.1480 07082 1.1044 

MOQ (Ft Ft) 83452 5.128 3.4279 02891 ObnOtrt (S3* S3 1*0 08142 04107 06333 Pnaguay (Gum* 312063 191088 128335 197044 

CSpPowfol 201020 124.705 830028 120973 Oaace (Dncbn* 374*84 23015 153308 237282 Pm fMwSoC 38207 2224 1-4872 2283 

Angola (Nan Kwanai 2215472 136008 810032 140300 (baoflhnd fSaaMiKicnrt 35190 5247 321 00284 PHfepnaa (Paao) 412287 252 182517 25202 

Acmoun ECart) 42010 2.7033 12077 2.7872 (taada RCanrS 44010 2.7033 12077 22872 Ptataita £ starfod 1-00 08142 04107 02333 

Amcrtfen IPmtf 12279 02000 02088 12309 Oattoupa local Fit B3«M 5.126 3427a 62061 IKE* 32500 12338 12925 125*5 

AM*, POM 32177 1-7881 1.1884 12470 Oaan (USB 12300 1 00687 1231 Poland (ZMy) 372372 ■ 22873 15289.7 235822 

Autfrata (AibS »*K& 1287 02141 14084 Quetartta ffkjetaai 02875 ' 5X882 3256 &04S2 Portugri GaatO* 240234 153 102214 157.748 

A«ni (BcMfcrt 17.1347 10225 72382 102518 Qukon M 1503.72 878243 60424 100822 PuartnUco <US« 12280 1 02887 1231 

Atma. portBwoM 3482B4 153 102214 137.748 5Sw ISSm WH) 52332 32444 24371 3.7S7S 

' «/ Aeirtvi to. do la ffVR) a3d2 6.lZfl 1427B &2S91 

Ba h>M (Mum ft 1.0200 1 0J8B7. lJ»l HdB (Owds» BXttnO 1*0233 I**™* femar* (UM 2a&UD 174MB 110&9S tfVTM 

SSft,. ppiM ££% v2% ISS. “*«» SSS? »SS SSS ~ 

girtBMaa h ^3 8J3D01 ^ 171 ‘* D 10VB 7,15701 10U “ B ^SS ttSS £55? 02333 

. MMta ^SJS Maid ODoiantti Kraus) 108282 682814 442100 882280 SlUueM (EC*f*J 44010 2.7033 12077 2.JW2 

BoMun (Pe'O'S Sndta OntfisaiRupM) 5 12883 312807 202700 322421 SPIM paildlW 82452 1138 34278 52881 

BaSre 3f*W> Monaota (KuptaH 3S3823 21722 14922 223822 etvtnosa (E Can S 44010 2.7083 12077 17872 

Banin PJAJ2 83 * J2 ° S12^M 628212 PM) 283020 173248 11602S 170020 San Molno (Mat 124 248128 19302 KB848 157720 

Bamuda (BanrnuMnSJ 1^0 1 Vg' j— Bmal Dkart 02885 02500 09882 03877 Goo Toma Pamg 133721 621268 548368 847281 

Bhutan (Madhuri 51.0083 31 -*®7 Rsp Chari 12146 02284 04180 02427 awtBArefala M 6.1060 3.7504 2200 32008 

BoM ***£2 Hlffl M 4 * 17 * 32200 22188 3.1143 Sams * (CfAR) 834220 912 204 342.788 528212 

Botamom £*} *3356 2 2TO2 I^M Z.7W8 ^ gjnj 240125 15302 102348 157728 3 aydhafca Rari 72827 42418 32370 4J882 

nma (Rari 12865 0251 02001 08774 ’ Sara Loans inM 0532E0 685.710 301282 003805 

ISii ffbuSj} 22897 1274 08857 12W Jumfc. ■ (Jamrismfi 54.1180 332407 282287 342723 M007 1474 08867 12187 

(CPA^ SSSS M a pmriri TS T S5S “5 ffiS £S!S SSS 

SSSi mJSn 23B280 - 150366 -203 Kag- ^ 30^ 284400 -07758 ^ ^ S ^ "S 

Korea North (W«( 32KB _2J528 J43W 22184 ButtAMM |Rm4 S.TO4C 320CT 22443 08146 

Canrtoria —ft? 

Cameroon P*™ 

Cmda (CmBanS) 

srzs, 

, ass.‘» && 

I aud (CPA Fi) 

Oto PW** 1 

China _ 

■ CctoMbia PolPw°i 

as* P 0 "** 

C uiww e (Pri 

(&an» (CFAR) 

n-itn Rica (Cuton) 

COu d’kicira (CFA Frt 

CraoBa (Muin) 

Cuba (CtiunPaari 
Cypna 

Catch Rcax POonaoJ 

DanmaA p-rih 
DIDoudRap _ JifcW 
Dommlca ® 

Dominican Sap PJ’Moj 

Ecuador (Suari 

"JM 

Equal Grinea (uA Fit 

Eri«M QQ qori 

EUOOpia PPrtpMn Bkil riaiauja . — M ■ ..... . vnmwwi tuoaa i.nm ■ wnw >■»>■ 

Napfli '^epriore Rtaeri 804405 484106 332418 502438 VMihUS (USff) 12250 1 00067 1.(01 

— _ . ■ l. cm a 120 90^ 04107 iMhariNidt (Q»1ui 2.7286 1276 * 1.120B Uri .... ... , aasuvr . nan <a m 

afim 5247 321 5J3OT4 yftri AlttBaa wS3d-) 82177 1.78*1 1.1084 18473 Wwtttro Samoa Clriri 4.1285 22387 12883 22154 

grtf 1 " (S® 22312 1^719 14MS Nswzaotand faS) 22500 12336 12025 12W YomM(FNpaO m 882000 342383 36270Z 3&3B14 

mSSj 74644 4285 3280 4.K72 ^ (MdCoifeM 11.7094 7.1868 42073 74119 Taman (fop uq Sknart 023640 04228 02827 04389 

B24a s.128 34273 52»1 SrSS (CTARj 834230 812204 343JT89 538212 YtmoriMri (Now Oka) (1) 

am H) 834220 312204 342.768 520212 Mgarta (Makri 33 2160 22 K HM 22-6877 ^ ndd 413820 2S41 J7 1688.73 tfonnn 

Fr.PKribN 3^ Bans Oman ffWOmm* (UBBO 02B6 OJSM 0396B ZMariart 0 1BSS?1 0320 &6B0B 00827 


SpanWi Poruki 
NAMca 0 

Brtlaria 
Sudan Rap 


tssr 


MartMqua (Local I 


ItoanrilQM pWoefl 

NarUl (SARBK0 

Naiaula . (AuomlanS) 
Ntpri Odepriem Rimri 
Nuharianda ftkridu) 
urndAMflaa f/tfcariiM 
NnrZooiand OC© 
Mcareoua (CWdCwtoW 
Njgar Rap (CWtRj 

Mguta (Krirri 

Narerey Otar.Kmna) 

Oman (HU Omari 


Sutaon 

(M*rt 

406447(4) 

3-707i 

SmoMnd 

fUtagam 

Swoden 

(Knmrt 

114804 


s 

2-0277 

Srn 

32.1823 

TUmh 

IWUMtf 

(Sh*S 

42JS7O0 

84B41S 

HiaMnd 

IBrtrt 

40.3372 

Togo ROO 

Tonga M 
-MnktaiTobaeo 

rCTAFW 

(RotaoJ 

834320 

22295 

0LO673 

TinMa 


iseca 


M021.3 

-TVrtB&Cakn 

(MBS 

1J5S9Q 

Tbnki S 


Itanda |F4aw9)rihd 

uCdna MimnU 

149533 

0520041 

UAE 


5JTO4 

Unted Kingdom 

n 

14» 

UnMSaat 

IU8ffi 

1.8200 

Umgnay 

00488 

VWiuaM 

(Wop 

103.190 

VMean 

MU 

3K81JS 


(Port") 

270188 

Uaroam 

(Dand 

(UBS 

180104 

UfcgH SrSrtWrt 


VigrtNUS 


14280 

Wamm Samoa 

cwrt 

41298 

Yoman (Rap oO 
tanm aQ 

m 

■UMI 

Ytagariaxii (NawDktaPI 


ZSmFNp 

(Zota 

4138-00 

Zta a 

(KlBStta 

10*74® 

ZMiabart 

n 

1BS521 


UBS 

D-MARK 

Y 8 H 

octut 

30 B 1 S 4 

20*788 

31*000 

1 

0*687 

1 JQ 31 

1.1488 

0.7882 

1 . 1 B 4 * 

1919 JW 

1283*5 

1979*4 

2224 

1*072 

2*83 

252 

10*917 

25*82 

08142 

0*107 

Qj 6339 

1-6338 

1*925 

1*849 

22873 

13285.7 

23582 * 

153 

102*14 

157.748 

1 

0*887 

1*31 

3*444 

2*371 

17 S 79 

5.128 

3*278 

8*851 

174388 

1188*6 

1707*8 

132*81 

88*067 

136*22 


1*077 

2 . 7*72 

0*142 

0.4107 

0*333 

2.7033 

1*077 

2.7872 

1128 

14278 

6 X 881 

2.7003 

1*077 

17872 

1930 * 

102 a>» 

1 * 77*0 

821*88 

548*08 

# 47*81 

37504 

2*08 


912*04 

342.780 

520*12 

4*410 


4*022 

685.710 

301*82 

erases 

1*74 

0*067 

1*197 

3114864 

20*088 

31*325 

110*07 

70*108 

123 X 16 

33676 

2.1081 

3*80 


1784 * 

2704*8 

3*067 

2*443 

5*146 

1809 

2*718 

4.1180 

134 T 06 

89*089 

126*78 


ma 

128*79 

48*06 

32*101 

80*123 

31.1382 


32.1044 

286*01 

101.188 

204.773 

3*057 

2*443 

3*143 

7.1132 

4.7387 

7*34 

1*455 

0*329 

1*641 

18.7742 

13*234 

203879 

MI 1 M» 

17*043 

20*339 

921.130 

348.497 

037*12 

24 * 

16*611 

25*727 

812 J 0 D 4 

342.789 

520*12 

1*87 

09141 

1*004 

&£B 18 

17327 

5756 

00637 

0*377 

0*833 

35040 

5 WH 9 

36748 

1 

0*007 

1*31 

1*87 

0-9141 

1*004 

018*3 

614*07 

047.137 

40040.1 

20781 * 

41201 

8*601 

2*530 

1703 

0*142 

0*107 

(UKKEI 

1 

0*067 

1*31 

5*888 

17150 

6.7292 

112 * 

71231 

115*01 

19305 

1023*8 

1977*9 

100*39 

113*38 

174*99 

110666 

740045 

11410 

1 

06887 

1*31 

1 

09087 

1.031 

2*307 

1*063 

2*154 

94*383 

38 X 702 

KLK 14 

04229 

0*627 

0*380 

2541.77 

1 B 0173 

2020*6 

643.404 

430290 

683.433 

6*243 

MB BB 

ME 7 


In the final quarter of 1994 
James Capel's emerging 
markets is Tn^int-niping' a 
preference for Latin America, 
recommending an overweight 
position against Europe, the 
Middle East and Africa. 

Capel said that it was 
recommending a broadly 
neutral stance on Asia, 
although it picked out South 
Korea and Indonesia as worthy 
of an overweight position. 

Within Latin America, 
Colombia and Chile have been 
moved up in Capel's list to 
overweight, on the basis that 
both markets provide “an 
attractive combination of 
improving economic growth 
and stable politics.” 

Kleinian International 
Consultants find that over the 
year to date, of the 65 markets 
tracked two have reached 
triple digit gains in local 
currency terms - Egypt by 115 
per cent on privatisation and 
liberalisation progress and 
currency rebound, while 
Ghana rase 120 per cent on 
strong foreign interest 

■ Turkey 

Citibank ann ou nce d the 
first warrant on a basket of 
Turkish equities. The 
“Citi-Bosphorous” basket is 
believed to be the first ever 
derivative product on a 
diversified Turkish equity 
portfolio offered to both local 
and international investors. 

Citibank says that the basket 
includes 10 important Turkish 
stocks, representing about a 
third of Istanbul's composite 
index in terms of market 
capitalisation and trading 
volume. lasted on the 





News round-up 




Luxembourg Stock Exchange, manufacturer, will begin 

the warrant has a one-year trading in London on October 
maturity. 31. 


■ Investment trust 

Foreign & Colonial Emerging 
Markets Investment Trust has 
said that it has had firm 
intentions from more than SO 
institutions for its new Issue of 
C shares. A cap for the issue 
has been set at £115m, against 
an initial target of £70m. A 
further 30m shares will be 
available to the public with the 
offer for subscriptions closing 
on November H and dealings 
to begin on November IS. 

■ Indian GDRs 

The London Stock Exchange 
has listed its first Global 
Depository Receipts in 
India-based East India Hotels, 
writes Norma Cohen. The 
company, listed on the 
Calcutta. Bombay and Delhi 
stock exchanges, is a leading 
owner and operator of four- 
and five-star hotels. Merrill 
Lynch is sponsor to the GDRs. 

GDRs for two other Indian 
companies. Shiram Industrial 
Enterprises, a manufacturer of 
food oils and JK Corporation, 
the country's largest copier 
and airmail paper 


■ Russia 

Russmmoney. a screen-based 
English language information 
service specialising in the 
analysts of Russia's emerging 
capital markets, has been 
launched on the Bloomberg 
financial markets service. 
Russiamoney, a Joint venture 
between Emerging Money and 
the Moscow-based 
Investment & Analysis Centre, 
will initially provide weekly 
comment and analysis of 
specific Investment themes. 
From January 1995 there will 
be daily reports and comment 
on the Russian currency, bond 
and equity markets. 

■ Japan 

The Tokyo stock exchange is 
to relax listing requirements 
for foreign companies, maybe 
before the year-end, in an 
effort to posuade Asian 
companies to trade. 


• Edited by John Pill Further 
coverage of emerging markets 
appears daily on the World 
Stock Markets page 


Baring Securities emerging markets indices 


World (301) 18&28 -2.55 -1. 

Latin America 

Argentina (20) 108.74 -2^3 -2, 

Brazil (21) 225.51 -17.12 -7. 

Chile (12) 228.76 -*3.03 +1. 

Mexico (25) 154.57 -1.66 -1. 

Peru(16) 954.35 +28.47 *3. 

Latin America (94) 175.53 -5.25 -2 

Europe 

Greece (18) 86.02 -007 -0 

Portugal (18) 123.82 +3.49 +2 

Turkey (21) 7&21 -3.04 -9. 

Europe (55) 101.29 -<L03 -0 

Asia 

Indonesia (26) 153.65 -2J03 -1 

Korea (23) 181.28 -5.66 -3 

Malaysia (23) 236 £4 -2.52 -1, 

Pakistan fil) 115.60 -2.11 -1 

Philippines (12) 302J31 +11.18 +3 

Thailand (25) 280.79 +8.50 +3 

Taiwan (32) 179.08 +8.74 +8 

Asia a 52) -230-10 +1.78 +0 

Al tabes h S burnt. Jammy 7Ui 1NM00. Same Baring SaeuUes 


21/10/94 

Week on week movement Month on month movement 
Actual Percent Actual Percent 

Veer to (Mb movement 
Actual Percent 

188.28 

-2.55 

-U35 

338 

-1.78 

+17.87 

+1021 

108.74 

-2^3 

-2.27 

-8.98 

-803 

-624 

-875 

225^1 

-17.12 

-7.06 

-1823 

-872 

+8526 

+6148 

228.78 

+3.03 

+1^4 

+2721 

+13.56 

+8122 

+55.05 

15457 

-1^6 

-1.06 

-423 

-2.66 

-870 

-4.15 

95435 

+28.47 

+3.08 

+94.01 

+1023 

+37826 

+85.68 

— 1 7553 

-5^5 

-2JB0 

-428 

-2.44 

+2829 

+1721 

86.02 

-007 

-0.08 

+1.16 

+126 

+2.93 

+322 

123.82 

+3.49 

+Z90 

+324 

+328 

+11.69 

+1042 

7&21 

-8fr4 

-9.32 

+855 

+871 

-8320 

-51.64 

101^9 

-003 

-a 03 

+220 

+223 

-1024 

-875 

153.65 

-2.03 

-1.31 

-420 

-329 

-1729 

-1817 

181.26 

-5^6 

-3£9 

-1.48 

-021 

451.56 

+47.00 

236 jB4 

-2JS2 

-1.05 

-1425 

-524 

-1840 

-6.48 

115B0 

-2.11 

-1.79 

-1.62 

-128 

+321 

+320 

302J31 

+11.18 

+3.84 

+2029 

+725 

-2817 

-625 

280.79 

+850 

+3.12 

+9.82 

+322 

+1742 

+861 

179.08 

+6.74 

+3^1 

-321 

-1.76 

+2527 

+1621 

_.530u10 

+1.78 

+0.78 

-329 

-1-41 

+828 

+322 



This announcement appears as a matter of record only. 

o 

Citibank, N.A. 

Launches the first ever equity warrant 
based on a basket of 10 Turkish stocks 

6,000,000 Citi-Bosphorus Warrants 


Issuer: 

Citiba nk, N.A., London 

L ead Manager : 

Citibank Internation al pic 

Basket: 

Ad ana pimento Sanayii T.A& (A) • Argelik AS 

Erej li Demir ve Qelik Fabrikalari t'AJ$ • Kog Holding AS. 

Migros TOrk T.AS • Petrol Ofisi A, $. 
Tat Konserve Sanayii AS • Tofa$ TOrk Otomobil Fabrikasi AS 
TOrkfyeSise_veCam FabrikaianAS • Usa$ Ugak Servisleri AS. 

Listing: Luxembourg 

October 1994 


AbbwtactaW 

svss 


jqjy M MB hat lUkl, ty | PllUo tmn—iJinp nog; M QfSulnl 

Ybgatar Dtar Me n/0. 69 Raritan id* hr3l JA4 p) Yalta 
HBOdac 071 634 43W& 


Friday. OetoMT 21, 1904 


Citibank. NA is a member of SFA&lMRO 


CmBAN«S 


JAL now fly direct 
to Osaka. 

jAL's new direct service to Osaka starts 4th September 1994 with 
dailv flights from Europe. Call your local JAL office for details. 


I AJL— 

Japan Airlines 



Weekly Petroleum Argus 




Petroleum Argus 


ECU FuturM pta 
2gO**fcamPt*£* 
Batgnnla 
Lo n do n B W 1X rifl. 
TOfc 471 MS 0088 


CANON INC 
Y£N 30,000,000,000 
FLOATING RATE 
NOTES DUE 1996 

INTEREST BATE X3S7S* pa. 
INTEREST PERIOD; 

FROM 24,1054 
TOBJ1IJH 

interest Payable per 

YEN 1.COXOOO NOTE; YEN fOOT.- 

BY FUJI BANK (LUXEMBOURG) SA. 
AOeNTBANVL 










./ 



* \V OCTOBER 24 I4M 

FINANCIAL TIMES MONO. 



WORLD BOND MARKETS: This Week 


NEW YORK 


The US bond market is settling 
back into the gloomy 
conviction that the Federal 
Reserve is going to raise rates, 
possibly very shortly. Last 
week's data on the domestic 
economy were too strong for 
comfort and in the background 
is a factor which could prove 
just as decisive, the o min ous 
slide of the dollar. 

Last week, the dollar dipped 
below DMl.50 for the first time 
this year, having started at 
DM1.74 in January. Against the 
yen it is now decisively below 
the Y100 mark, sliding last 
week as low as YS7. While the 
Fed discl aims any specific 
exchange rate targets, it must 
be getting close to deciding 
that enough, is enough. 

That apart, the big figure 
this week is US third-quarter 
GDP on Friday. A fall is 
expected from 4.1 per cent 
annualis ed growth in the 
second quarter to around 2.8 
per cent. This would still 
represent growth of over 4 per 
cent year-on-year. 

A danger signal could be the 


Tony Jackson 



0 10 years 20 

“AH ybtfcbaremarkat contention 
Source: MarrlB Lynch 

strength of consumer 
spending, given the level of 
retail sales and the rise in 
employment There should be 
further guidance on this on 
Tuesday, with the figures on 
consumer confidence. 

Other figures due are the 
employers' cost index on 
Tuesday, durable goods orders 
on Wednesday and money 
supply data on Thursday. The 
general picture, the market 
fears, could be of economic 
strength asking to be curbed. 


LONDON 


The £2J3bn auction will be the 
focus of interest in the gilts 
market this week. 

The market often weakens 
ahead of auctions. The new 
stock, which could become 
next year's five-year 
benchmark, has already 
weakened in pre-issue trading- 

It is a quiet week for UK 
economic statistics, with the 
main event tomorrow's 
Confederation of British 
Industry quarterly survey of 
industrial trends. 

Two key indicators will be 
closely watched: the first is 
whether industrialists have 
succeeded in implementing 
their expectations of higher 
prices, recorded in previous 
surveys; the second is whether 
capacity utilisation has 
increased, a worry which was 
intensified by last week's 
British Chambers of Commerce 
survey. 

The CBI survey is one of the 
key indicators cited by Mr 
Eddie George, the governor of 
the Bank of England and Mr 
Kenneth Clarke, the chancellor 


Philip Coggan 


UK 

Benchmark yield curve (%T 
21/1004 — Month asa <= 


9.25 ^ 



5-26 


0 5 years 20 2S 

•All yields are market convention 
Source: Marrtl Lynch 


of the exchequer, in their 
monthly monetary meetings. 

Throughout 1994, the gilts 
market has proved unable to 
escape for long the Influence of 
international bond markets. 

Ms Eaty Peters, senior 
economist at Daiwa Europe, 
thinks that overseas statistics, 
notably US third-quarter gross 
domestic product growth and 
the German consumer price 
index, will have the most 
significant effect on the UK 
market this week. 


FRANKFURT 


With German interest rates on 
hold - Thursday's Bundesbank, 
council meeting is expected to 
make no changes - bond 
dealers are trying to extract 
glimmers of comfort from 
monetary and economic 
indicators. 

They did not find many in 
Friday's M3 figures. Although 
they showed a continued 
slowdown, traders said they 
were higher than expected. 

September's amwaifsafl 
growth rate was 7.7 per cent, 
compared with a 1994 target 
range of between 4 per cent 
and 6 per cent However, the 
rise on a six-month annualised 
basis was a far more 
encouraging 23 per cent 

If October's west German 
Inflation rate, which is likely 
to be released this week, eases 
to 2B per cent, bond prices 
could improve. 

A further slowdown in M3 
expansion would help further, 
since it would stimulate the 
hopes of those expecting the 
Bundesbank to cot rates by 
early 1995 before tightening 


Andrew Fisher 


Oemnwry 

Benchmark yteW curve 
Seintme —— Month *qo = 

R25 — — 


7.25 



4.25 1 

■ 0 10 yni 20 

-AttyMda ara morkat convention 
Sown: Monlll Lynch 


again. However, the 
Bundesbank is in no hurry to 
move either way, especially 
with economic recovery 

accelerating. 

The German economy needs 
no help from the Bundesbank 
in the short term. However, 
the bank is concerned about 
the budget deficit and 
structural rigidities in the 
economy. These are what will 
increasingly underlie its 
actions, even if inflation and 
wage trends do moderate. 


TOKYO 


While the strength in the yen 
is expected to support the bond 
market, prices are likely to 
fluctuate in a narrow range 
this week due to continued 
cautiousness over prospects for 
a sustained economic recovery. 

Investors will be focused on 
the Bank of Japan branch 
managers' meeting this week, 
which is likely to confirm a 
pick-up in northern and 
western Japan where the 
effects of the collapse of the 
asset “bubble" have been mild. 

While the bank is expected 
to keep short-term rates low to 
curb a further rise in the yen, 
confirmation that the economy 
is experiencing steady recovery 
may add upward pressure on 
interest rates. 

Industrial production figures 
for September to be released at 
the end of the week are also 
likely to be negative for the 
bond markets. Although 
output is likely to have 
de cline d by about 1 per cent 
from August, it is expected to 
have risen by more than 2 per 
cent from September 1993. 


Emiko Terazono 


japan 

Benchmark ytoM wrw (%V 




NWntn^K* — 



„ _ year* 15 » 

■Afl y»W5 am eon''** 1 ® 0 
Sauira MW* L*reh • - 

“We expect production gains 
on a year-on-year basis to 
accelerate in coming months, 
says Barclays de Zoete Wedd in 
Tokvo. Inventory adjustment 
has largely been concluded as 
shown bv the drop in the ratio 
of inventories to shipments to 
its lowest level since 
September 1991, and growing 
domestic demand together 
with export increases will 
support industrial output 
growth this year and next, it 
says. 


1- 

f. 

I- 


1/J 

I. 


Government issues 


Political risk migrates across the Rhine 


Following Germany's elections 
last week, political risk has 
migrated across the Rhine to 
France, where it is spooking 
bond and currency markets as 
the presidential elections loom. 

But while the risk premium 
of French over German govern- 
ment bonds is likely to 
increase further, that trend is 
likely to he reversed after the 
May elections, leading to a 
period of out-performance by 
the French bond market 

The yield spread of 10-year 
French government bonds - 
Obligations Assimilables du 
Tresor - over Germany’s 
bunds widened to 74 basis 
points on Friday from 59 a 
week before and eight basis 
points at the start of the year. 

“Although we still have 
political uncertainty in Ger- 
many, it is much reduced now 
that we know [Chancellor Hel- 
mut] Kohl has the majority,” 
says Mr Troy Bowler, bond 
strategist at PaineWebber. 

In relative terms, France has 
become a worse bet, he says: 
not only does it face the uncer- 
tainty of elections, but it has 
been shaken^ by scandals sur- 
rounding government minis- 


ters, and by squabbling within 
Prime Minister Edouard Balla- 
dur’s right-wing RPR over the 
presidential candidacy. 

No candidates have formally 
declared themselves, but infor- 
mal campaigning has begun - 
especially in the right-wing 
camp, where Mr Balladur and 
Mr Jacques Chirac, the RPR 
leader, are battling for the can- 
didacy. Meanwhile, it is widely 
assumed that Mr Jacques 
Delors, European C ommiss ion 
President until year-end. will 
run for the Socialist Party. 

The first round of voting wfl] 
take place on April 23 1995, 
with the final polling sched- 
uled for May 7. 

If Mr Balladur runs and 
wins, the markets would 
respond well, with the current 
policy framework confirmed, 
says Mr John Hall, economist 
at Swiss Bank Corporation. 

Similarly, a Delors victory 
would entail few risks, given 
his commitment to the “Franc 
Fort” policy, fast-track EMU 
and adherence to the Maas- 
tricht convergence criteria- 

A Chirac win could cause 
greater concern, given the 
aggressive demands he has 


Yield differential 

Franco minus Germany 
10-year bands (96) 

0.9 



1993 1994 

Source: Datagueam 

made for changes in policies. 
However, “in reality he has 
said little which would change 
the French approach to EMU," 
says Mr Hall. Moreover, recent 
opinion polls leave Mr Chirac 
looking like an unlikely candi- 
date for the right 
Another risk factor would be 
early elections if President 
Francois Mitterrand’s health 
continued to worsen, which 
would mean elections must be 
held within 35 days - possibly 
too soon for Mr Balladur to 
regain his political footing. 


Politics are not the only fac- 
tor weighing on OATs: the 
weak US dollar has exerted 
heavy pressure on the franc 
against the D-Mark, further 
depressing the bond market 

Moreover, OATs tend to 
under-perform bunds in a bear 
market and out-perform them 
on the way up - and bunds 
have weakened lately. 

“The direction of bunds is 
important for the OAT-bund 
spread - if they continue to 
sell off, that could push the 
spread out further.” says Mr 
Bowler, who says the gap may 
widen to 100 basis points. 

According to Mr Steven 
Major, head of bond research 
at Credit Lyonnais, politics, 
liquidity considerations and 
the volatility profile of the Ger- 
man market favour bunds over 
OATs. Chart-technically, too, 
OATs may be vulnerable to 
further yield spread widening 
if the spread breaks out of its 
long-term downtrend, he 
warns. On the other hand, 
France's inflation fundamen- 
tals, its supply situation and 
budgetary outlook tend to 
favour OATs, and will support 
them eventually, he says. 


NOTICE OF REDEMPTION 

To the Holders of 

CITY OF OSLO 

(Kingdom of Norway) 

ECU 100,000,000 7K per cent. Bonds Due 1996 

NOTICE IS I IF.REBY GIVEN that, pursuant to the provuionj of the 
1cnn» and Conditions of the Bonds (the 1 * Bonds") contained in the Trust 
Deed, dated November 26. 1986, Morgan Guaranty Trust Company of 
New York as Principal Paying Agent, has selected ECU 14,286,000 
principal amount of the Bonds for redemption on November 28, WQ4 
at the redemption price oT 100% of the principal amount thereof. The 
Botufc so selected are those bearing the serin! numbers as follows: 

,\U . 01/75T INDING W.OO0 DENQMKfllON BONDS WITH SEOUL 

NUMBERS ENDING WITH ANY OF THK KOI J -OWING TWO UOfS: 


■>» 

In 


20 

at 


.■w 

So 


30 




XLLOLAVI VNDINC 19.000 DENOMINATION BONDS WITH THF. 
FOU -OWING SER1U . NUMBERS. 

38)3 JW 


3310 

•IIUI 


MUi 

4UM3 


3503 

■MB 


3 M3 
+HIH 


3703 

45m 


AI J . OUTSTANDING WOO DENOMINATION BONDS WITH SERIAL 
NUMBERS F.NDINC wm I ANY OF TI IE FOI .LOWING TWO DIGITS: 


no 

ftl 

IH 

at 

l!l 

'£i 

23 

■JO 

38 

.T» 

■HJ 

•Wi 

•30 

ns 

to 

to 

bH 

3+ 

8T. 







V! i. UUTSTVNDINC 1.000 DENOMINATION BONDS WITH THE 
FOU -OWING SERIAL NUMBERS- 


14 

114 

214 

414 

514 

614 

714 

814 

•114 

1014 

1114 

W14 

1314 

1414 

1514 

16)4 

1714 

1814 

1014 

■2014 

2114 

22M 

2314 

2414 

•jr.i4 

■JM4 

2714 

■2SU4 

2914 

3014 

31 M 

:«M 

:Ol4 

:ni4 

3514 

3014 

3714 

:«I4 

3914 

4014 

4114 

4214 

4314 

4414 

4514 

4M4 

4714 

4814 

4014 

3014 

5114 

.9214 

S3 N 

5414 

5514 

56 M 

.'.714 

■9H14 

.7*14 

6014 

6114 

6214 

6314 

6414 

tSI* 

Ml4 

0 T 14 

U8I4 

6014 

7014 

7114 

7214 

7314 

7414 

7514 

7614 

7714 

7814 

7914 

BOM 

8114 

K4I4 

8314 

8414 

8514 

8614 

8714 

8814 

8914 

0014 

9114 

9214 

VIM 

0414 

•CM 

96M 

"714 

«814 

W14 

10014 

M<114 

10214 

10314 

104 14 

10514 

10614 

10714 

loan 

IWH 

11014 

him 

11214 

11314 

12114 

11414 

11514 

11014 

11714 

11814 

1I*»M 

12014 


On November 28, 1994 the Bonds designated above will become 
due and payable and interest thereon shall cease to accrue on that 
date. Payments will be made upon presentation and surrender of the 
designated Bonds at the main offices uf Murgsm Guaranty Trust 
Company of New York, l-ondott, Paris. Frankfurt and Bnetscb, 
Krcdtecbank SA Luxemboutgcuee, Luxembourg, Swiss Bank 
Corporation. Basic and Union Bank of Norway International SA, 
I Jtxcmbourg. Such payments will be made by an KCU cheque or by 
transfer to an ECU account maintained by the payee. 

Bonds should be surrendered fur payment together with all 
unmatured Coupons if any, appertaining thereto, failing which the face 
value of missing unmanned Coupons will bn dedi icted from the principal 
amount due for payment. 

CITY OF OSLO 

By: Morgan Guaranty Trust Company 

as Principal Pacing Agent 

Dated: October 24, 1994 


, 1997 


Citicorp Banking Corporation 
U.S. $250,000,000 

Gunruntood Flooring Roto S u bordinated Capital Notes Due July 1 0. 
Unconaihondly Guaranteed on a Subordinated Bain by 

cmcoRPjo 

Pursuant to Paragraph (d) of fa Twin* and Gontfifa 
hereby given that the period in respect of Cooper 
October 27. 1994 *o November £6. 1994. A further 

advising Role or Interest and Coupon amount poytJala. 

October 24, 1 994. London jut in J« u _r_i_ 

. By: Gtibaik. N A llmier Services), Agent Bank Gf / fOmtl\tj 


Id) of fa Terms and tondStions of fa Matas notice is 
in No. 42 will run from 
notion witf be published 


Thu announcement appears <U a mutter of record only. 

October 1994 



The City of Uppsala 

U.S. $150,000,000 

Euro-Commercial Paper 
Programme 


Financial Adviser 

J.O. Hersler Consulting AB 

Arranger 

Lehman Brothers 

Dealers 

Enskilda Corporate 

Stundinavulu Fimliilda Banker) 

Lehman Brothers 
Nikko Europe Pic 
Swiss Bank Corporation 

Issuing Agent and Principal Paying Agent 

Chemical Bank 


SUNKYONG INDUSTRIES LIMITED 
US $ 50,000,000 

FLOATING RATE NOTES DUE 1998 

(Redeemable at the option of Notarioiders in April 1986 and April 1997 and at the 
option erf tt» Issuer on arry Interest payment date teling in or after April 996). 

In accordance with the provisions of the Notes, notice Is hereby given as 
(oflows: 


* interest period: 

* Interest payment date: 

* Interest rata: 

* Coupon amount 


October Stst. 1994 to January 23rd, 1995 

January 23rd, 1995 

5.9375% per annum 

US £3,675.87 per note of US S 250.000 

Agent Bank 


BANQUE INTERNATIONALE Bli 
A LUXEMBOURG 


W 



Tb« cMcflUil tool lor Ihe HrrUnn invotn 

Market-Eye 


London stock exchanob 



©Lets get Serious. Get Signal O 

Maybe yea aced la <3 ahead at lie Qty "Ob tbe world* anil pEwerfal durfeed 7 
rexfupt 4ft a a lime boring* ? Tap w Signal rcoldotc dan - bocaocc 
E nirmm * and wc uNc you ibr weapon to profll from b I 
OCkfl for wm bet Sfeml Isnsnol SafKaro (Mi A pose list Q 

WC*UL«ta+l.ro)17t»13SS$ W 


According to Mr Dominique 
Barbet of Banque Paribas, 
France's budgetary outlook 
will improve, regardless of who 
wins the elections. 

“You don’t see politicians 
saying they’ll raise taxes or cut 
spending, but French market 
participants are saying they 
will have to do both." he says. 
He expects the yield gap to 
widen towards 80 basis points 
but to start shrinking once the 
presidential candidates become 
known in early January. 

In the run-up to the elec- 
tions, the market is likely to be 
very volatile but price action is 
likely to reflect electoral uncer- 
tainty rather than serious 
threats to French policy. 

Thus, with the spread set to 
narrow after the elections, 
investors should use periods of 
weakness to position them- 
selves for that contraction, 
says SBCs Mr Hall 

“Once the election uncer- 
tainty is removed we will prob- 
ably see the OAT-bund spread 
rallying well," he predicts, set- 
ting a medium-term target of 
30 basis points. 

Conner Middelmann 


10 year benchmark bond, yields 




6 u — 

May 


Jun 

Jui 1994 Aug 

Sep 

Oct 

Source: Datastraam 






- 

WTBWEST RATES AT A GLANCE 






USA 

Japan 

Germany 

France 

Italy . 

UK • 

Discount 

4.00 

1.75 

450 

6.40' 

7.50 

5.75* 

Overnight . 

4.83 

2.19 

4.69 

5.18 . 

8.10 

5.50 

Three month 

6.18 

2.31 

5.00 

5.46 

8.56 

5.88 

One year 

6.78 

2.75 

5.4B 

6.12 

10.00 

7J5 

Five year 

7.45 

4.07 

7.08 

7.79 

12.21 

8J1 

Ten year 

7.79 

4.69 

7.50 

8.23 

. 12.14 

8.64 

(1) Rane»ttapo rata, o UK-Bsas ran. Souca. Rkitata. 





US TREASURY BOND FUTURES (CBT) Si 00,000 32nda of 100% 





Open 

Sett price 

Change High 

Law 

‘ Eot wd. 

Open W. 


Dec 

97-21 

97-29 

+0-09 

97-30 

. 97-11 

470(312 

394,087 • 


t : 

Mat 

97-00 

97-08 . 

+0-09 

97-10 

■ 96-23 

3,946 ' 

28,036 - 



Jun 

B6-07 

96-20 

*049 

96-18 

96-07 

371 : 

11,192- 






International issues 


Big US players take a global view 


Last week's announcement by 
the US Federal National Mort- 
gage Association, or Fannie 
Mae, of its intention to borrow 
$20bn in international capital 
markets has introduced a sig- 
nificant new player on to the 
foreign borrowing scene. 

Fannie Mae, one of the 
world's biggest issuers of 
long-term debt, has tradition- 
ally relied on US domestic capi- 
tal markets for its extensive 
funding needs - it has an 
annual requirement of around 
S46bn. 

However, as it seeks to fund 
expansion of its $224bn portfo- 
lio of mortgages, it is now 
turning to the global market 
for more diverse and cheaper 
sources of funding. 

If other major US players fol- 
low, which Is likely - the US 
Federal Home Loan Mortgage 
Corporation, or Freddie Mac, 
and the Federal Home Loans 
Bank, are also taking a serious 
look at the international mar- 
kets - they will dwarf even the 
large European sovereign bor- 
rowers, who have dominated 
foreign borrowing over the last 
few years. 

Fannie Mae made Us debut 
in the international bond mar- 
kets in June with a Sl-5bn 
offering of 10-year global 
debentures, at a price signifi- 
cantly less than would have 
been the case in the US mar- 
ket, according to Ms Linda 
Knig ht, Fannie Mae senior 
vice-president and treasurer. 


Freddie Mac launched its 
own Sl-dbn global issue in July 
and the Federal Home Loan 
Bank was active in the market 
last week with two dollar 
deals, a 5400m fixed-rate offer 
and a 5200m floating-rate issue. 

However, Fannie Mae’s 
announcement comes at a time 
of substantial change in the 
international capital markets. 
Many of the large sovereign 
borrowers are reducing their 
foreign borrowing activity, as 
they attempt to claw back their 
budget deficits and as greater 
economic growth boosts their 
tax revenues. At the same 
time, the upturn in the eco- 
nomic cycle is fuelling the 
appetite of many corporate and 
financial borrowers for more 
foreign borrowing. 

As one eurobond syndicate 
manager in London said: 
"Apart from the obvious excep- 
tions like Sweden, sovereign 
borrowing is likely to become a 
thing of the past as the pres- 
sures to fund decline. The obvi- 
ous question then is: are the 
corporate borrowers going to 
take over?” 

In the US, that is already 
happening to a certain extent 
Ford Motor Credit the financ- 
ing arm of Ford, came to the 
market last week with 5250m 
offering of five-year floating- 
rate notes. 

GECC. the financing arm of 
General Electric, regularly taps 
the many different currency 
sectors of the international 


capital markets - it has bor- 
rowed S4.6bn already this year, 
after borrowing $4.7bn last 
year, according to figures from 
Euromoney Bondware. 

In the UK, where companies 
tend to rely more on equity 
than debt for capital the rise 
in bond issues has been less 
marked. 

However, there are excep- 
tions - the Abbey National, 
one of the UK’s largest mort- 
gage lenders, has borrowed 
around $9bn in the interna- 
tional public markets this year. 

Last week it launched a 
8500m offering of Yankee 
bonds targeted directly at the 
US market and it intends to 
follow that up with a global 
offering of bonds of around 
$1.5bn, which should be 
launched early next year. 

The bank also has about 
$9bn of medium-term notes 
outstanding in Europe and has 
the potential to issue $3bn of 
MTNs in the US. 

Italy, which borrowed 
around $12.Sbn in 1993. accord- 
ing to Euromoney Bondware, 
has reduced that to about $Sbn 
so far this year. This involved 
a yen issue in January and a 
multi-tranche offering later in 
the year made-up of D-Mark, 
US dollar and yen tranches. 
Italy needs to borrow about 
$10bn to $12bn this year on the 
international markets, accord- 
ing to the Italian Treasury. 

The supranational institu- 
tions such as the European 


7b vestment Bank and the 
World Bank look set to remain 
major borrowers. 

The European Investment 
Bank, which raised about 
Ecul-L2bn over the whole of 
last year, has raised around 
Ecull.5bn so far this year. Of 
this, around 75 per cent has 
been in EU currencies, mostly 
Italian lire and the remainder 
split evenly between D-Marks, 
French francs and sterling. 

About 80 per cent of the 
issues have been in fixed-rate 
bonds. Treasury officials 
expect that further issuance 
this year could be in Italian 
lire and Spanish pesetas. 

The World Bank, which last 
week was active in the Italian 
lira and Luxembourg franc sec- 
tors. and which launched both 
a global D-Mark and a global 
offering earlier this autumn, 
has an approximate funding 
target of SlObn for its current 
fiscal year. 0 

The Republic of Sweden, 
which borrowed $u.8bn in 
1993, has already borrowed 
$12.6bn this year and given the 
size of its budget deficit, looks 
set to maintain a sizeable pres- 
ence in the capital markets. 

The Republic of Finland has 
also been a major borrower 
this year, tapping various mar- 
kets, including the US dollar, 
Japanese yen and floating-rate 
D-Mark sectors, raising a total 
of around $6.6bn so far in 1994. 

Graham Bowley 


NEW INTERNATIONAL BOND ISSUES 


Dammar 
IS DOLLARS 


tew cit Coumn YMd Lanai Bookramer 

m. Mart} %T Pitta % qnad bp 


Amount 


Matufly 


Yield 
Price S 


lawdi Soak ruow 
SMUJMU bp 


Baton MUwcatraiWwi§ 75 
OKBfl 400 

B»eo d NEpoflfLadn Bmdtt IDO 
UtoCM Rowtoy Runcqdg 75 
Bara Bradesco 6a 

870 
87D 
900 
29) 
300 
100 
an 

250 
53 
50 

«n 
200 
100 


IBMA MCCT I, S. 1994 
Reside of Anjedtaa 
Wataad Ba* at Cmadaftt 
Bomfraaspo 
Central Puerto &C Meuxxn 
BanfcAmofca CbrpjnJt 
firt Motor OaB Cojnft 
ft| Bank and Iris Oypft 
Banco B&VCredttarBBttt 
Federal Home loan Bata 
Hottb Lnai Banks}: 
Samara Csaas ftqu)$ 


Sep20W 7JJ0 
Nw.1999 750 
Hov.1999 (0 

0*1989 (ftl) 
NOV.1997 9.825# 

Mar20O4 ( 92 ) 
MarJOOO 00 
Hn.1999 1095# 
NO*. 1999 ]1] 
HM.19B9 mm 
Nn.1997 1075# 
MBI.1999 (tot) 
Bo*. 1999 Oil) 
Nd*2004 jol) 
Nor.1997 OP) 
Hm.1996 6.B75 
0CL1995 (Hi 
JOL2004 M 



ITflifiM IKE 

ft” 18 * * . _ 300*1 NW.1997 10K5 101.135 
gurapaan hmtnent Mbn Jul.1998 1015 mps 

Dratodw Bank Ftamafr) lOObn Hw.i996 11.00 1B1S75 


1017 

■061 

I0.D9 


AUSTBAUAH DOLDWS 

Nmr SMteta Trasarf Cnp. 100 Dac20M iO50 101.45 ioaf" 

B8SH POUNDS 

Europe® hvaamant Bsrt&i) 40 Apr.1999 

SWE5 FRAUDS 

totnnd. & TsuemMl 30 tov2KH 5.75 
° , . Wa ™ . .. '50 NH1398 5.375 

Gmt Asaat-Backad Sacifcs) 100 Jau996 4 JO 

mXBdBOURG fflAHCS 


Dautsdie/M BanK l*. 
aW I . 
r Badri 


Hambm Bom 


8.S0 9070 a 88 «J50','V99> Davy StaCXbfflltn 


102.50 

102.25 

100.00 


5.253 

4.744 


«m EmsuCJOsso/WS 
GQntotan EmsBMwB 
UBS 


YEN 

Snedbh apart OaOM 
[MURKS 

IQtn 

HW.1S37 

(HJ 


- 


fbnfcMMAmpai 

State otBa*mirttoifa«J) 750 

002004 

7.50 

9350B 

7574 425CW.V1W Bauman/ HStaOar 

EuoCtai 

400 

KK.1B&7 

8875 

101570 

8223 


DnstaeoSBGtDBaecai 

G2BBsd4 

150 

NM.1999 

Ito 

100.10 

. 


Trttf uG 5 EtetttnH 

MAnal BaA at Hanpfy 

500 

Nn 2001 

ATS 

10155 

fl.418 


BJiMsdn Lamteferif 

IManrn 

1IW 

&.1997 

S./5 

10150 

9234 


Ornmactw* 

M Bk* htemaSondt 

300 

Hw.1937 

W 

MW 

• 


JR HpU Bank Lux. 

fflBUI RUMS 








Depb Finance 

an 

Nw.ieee 

7525 

99567R 

7.755 +27(54, V9t!) BNP 

CAKADUM DOLLARS 








Ftase Telecan 

125 

Dac.1997 

82S 

100055R 

8229 

+12» 

Paribas CapH IBartatS 

Banque Nadorcan dB Faria 

75 0642000 

aoo 

99.75R 

9058 


tobroa Bank 



\.l 

\X 

l.t 


I. 

i.ri 




W j- 









kki 


Bid/ Ask Contributor Lew: Source Deal 


■ J *'*WA*y.v fV.waw; ■; v- « vav m- ’. y/. vavav.v/ ■ . y. ^ i,r i v < 


LIVE 


Latest Rates 
Bid/ Ask Contributor Loc 


LIVE 


Source Deal 






m 

m 


•** 


"■■****''■ 


* 



i 

l 



2 *. 


***■ 


1 







. <S- : .T k '- 


- .vw av^vv, .v*y.' - w.w/.va^v.v 


t VcV.,-,V/ 






/j/.v, v-v,-.SiW .v. V-- 




V.'AIAVA'AVVW. 


/* 


Latest Spots 

Hi rfyAcJU tuif*ni n ‘ .1 nr- (trra 


■1iU«VWiVVU\\UVU i \UMSMUHi^M.U.UMU W.LU.'i.-AVU V.U1.U.MAS 


Latest Spots 

Ririyfiicl/ f nnfri huf nr I mr Crr-o 


-g ...gv. / . i-atestttates 

Bid/ Ask Loc Source Deal 


Bid/fisk 


‘VV»ViV.V.V.V,V.VvV.-.-.V»V.V.-.*.VVysV»V.V.V.V.*.V»V«V.-»V.V-' 


Latest Rates 
Contributor Loc 




Source Deal 




LIVE 


* * 


j&W. 


LIVE 








4 






1 




il \iei 


.VAv»:AVAVKVAiV/A^iVv/-v*'jV ,v»v.v,%v* 






W M.V4.WC' : 


. - 0 • :<»•; *v .r’; -m 

• v ■ «: . • .;*• ; ' • r- iv-3.>.- 


I*:: ■ • v.;- 

if^knf liift hi* . .1 nun- ... Cr*ro 


Latest Spots 

Riil/Oclr : rnnfrihiifnp- ... I no Qrro 


Fie Uneye r prompted speculation of \\ 

j tu ;e rate cuts w 

hen he told a Bundesbank news 

Presi 

dent Clinton told G7 news 

> conference in Napies that e 

iconof 

7i ic gre 

)wth wa 

s his 

conference there \\ as no need for v 

vo riles a be iii inf 1 

alien expectations in Germany. 


pric 

)rity. pushing collar lower. 






Did they tell you first? 

(They did if you had Reuters Financial Television.) 


Imagine being the first to know when a market-moving story breaks, vital minutes 
before your competition. 

Imagine getting the story direct from the source, live, without delay. 

That’s the advantage you get from Reuters financial Television. It puts live TV 
coverage of the financial news that matters in a special window right on your PC or 
workstation, integrated with your usual Reuter information. 

Since its launch in June this year, Reuters financial Television has carried an 
average of three live events every day, covering interviews, press conferences and 
speeches from the key players in international finance such as Tietmeyer, Greenspan 

fi 


and Mieno, many of them exclusively. The speed advantage over other services has 
been anywhere from 30 seconds to 2# minutes. 

Unlike conventional TV news it concentrates exclusively on financial events, and 
alerts you only when something relevant is happening. You'll also quickly get 
informed reaction and analysis from respected market analysts to ensure you have 
the complete picture, plus news updates throughout the trading day. 

It’s like being there as international financial figures shape the news. The 
competitive advantage is obvious. And of course it's nice to know they told you first. 

Be there with Reuters financial Television. 


wr 

m. 




•••• •••• • •••••••••■ •••• 

• • * m m 

■••• •••* « * • *••• 

• ■ • • • « • • • • 
• * ■••• ••• • •••• » • 

FINANCIAL TELEVISION 


Making the best information work harder 

For farther Information contact your local Router office or Arw Headquarters 


.1 








FI NANO 


,\L TIMES MONIXXV 



NEW YORK 


Investors 
back in a 
wary phase 

Since midsummer, interest rate jitters 
have waxed and waned on Wall Street 
with the regularity of a lunar cycle. 
Over a two-week period, concern over 
monetary policy would build up and 
dominate sentiment. Over the following 
fortnight, the fears and uncertainty 
would dissipate'. The pattern has 
repeated itself several times. 

This week investors are back in a 
wary phase. Most of the bellwether 
companies have already posted their 
third-quarter results, taking away a 
potent diversion. Meanwhile, the recent 
economic data indicate the economy is 
accelerating, rattling bonds. 

There was news that builders had 
broken ground on new residential 
housing at the fastest pace since last 
December, before the harsh winter 
commenced and the Fed began 
tightening credit conditions. The spurt 
of construction suggested that the 
Federal Reserve will have to lift rates 
again soon to cool the economy. 

A sixth boost in short-terra rates is 
not a welcome prospect for stocks. The 
reporting season thus far has produced 
many more pleasant surprises than 
disappointments, but investors are 
wondering bow long earnings can 
continue to grow, with borrowing 
becoming increasingly expensive. 

The mood swing on Wall Street since 
last Monday morning is quite evident, 
even though stacks had been expected 
to meet technical resistance in making 
much headway during the week. 

With most of the results out of the 
way the focus has shifted again to the 
bond market, and the picture there is 
not very pretty for shareholders. 


Frank McGurtv. 


Dow Jones Industrial Average 



3830 ' 

14 October 1094 

Source: FT GrapNM 

On Friday, the benchmark 30-year 
bond yield broke through aoo per cent, 
an important marker, before receding a 
little, ft was a red flag for equity 
investors who fear the higher returns 
will divert investment from stocks. 

Though such buying might allow 
bonds to hold steady, further declines 
are not out of the question ahead of 
Friday’s fresh estimate of third-quarter 
GDP. Many economists are expecting 
an upward revision. 

The interplay between bonds and 
stocks is complicated by renewed 
weakness in the dollar. Equity 
investors are looking closely at the 
dollar's movements against the D-Mark 
and yen. As the US currency goes, 
bonds and stocks will probably follow. 

With interest rates track on centre 
stage, latecomers reporting quarterly 
results will be a sideshow. 

Ford, the last of the Big Three to 
release, has piqued some curiosity. 

With Chyrsler doing better than 
expected and General Motors a big 
disappointment, investors are eager to 
see how the number two car maker 
performed in the quarter. 

Wall Street is also anxious to learn 
how Kodak fared. A cost-cutting 
programme implemented earlier this 
month suggests the company is 
struggling to meet its operating targets. 


LONDON 


Final quarter 
promises 
more gains 

The UK stock market is beginning to 
resemble last week’s ill-fated press trip 
by the Eurotunnel express; all set up 
for a triumphant run. yet the train 
refuses to leave the station. 

Bond prices have picked up, opening 
the way for the FT-SE 100 Index to race 
for those year-end 3J500 to 3,600 
forecasts; but the Footsie 3,100 hurdle is 
hurtling away in the wrong direction. 

The new problem, for the other 
European markets as well as London, is 
the US dollar. Opinions differ as to how 
significant dollar weakness is regarded 
by the Federal Reserve in its policy 
decisions. But the impact on the UK 
blue chips of concern over the US 
currency is clear enough. 

About one-fifth of corporate earnings 
in the Footsie list can be designated 
“do liar- influenced", according to 
Edmond Warner at Klein wort Benson 
Securities. The companies concerned 
range across the multinational 
pharmaceuticals, through the drink, 
consumer and engineering sectors. Next 
month brings trading results from BP, 
BAT Industries, BA, Unilever and GEC, 
to name but a few. All big-name, 
index-moving stocks impacting across 
the full range of the London market. 

The currency alarm was sounded on 
Friday morning when the sterling/ 
dollar rate moved above 81.65. Indeed, 
the move in the cable rate from $1.50 to 
$1.62, Us highest level since sterling left 
the ERM. had already sent many 
London analysts back to the computers 
for a fresh look at earnings forecasts. 

The outcome of their review is not 
entirely negative. Much depends on 
how permanent the dollar trend proves 


Terry Byland • 


FT-SE-A All-Share index 

1580 — - 

1,540 
1,520 
1.500 


1,480 


14 October 1894 
Source. FTGracMe 


21 


to be. Strauss Turnbull points out that 
a weaker dollar restrains imported 
inflationary pressure in the UK and 
that there is some statistical evidence 
that total returns on dollar-eamers 
relative to the market ore in fact 
inversely related to dollar trends. 

Strauss identifies Grand Metropolitan 
as a company which can out-perform 
against dollar weakness because it buys 
its currency forward and. more 
importantly, sees servicing costs Call on 
its £4bn plus of dollar -denominated 
debt Hanson, as might he expected, 
arbitrages between sterling deposits 
and dollar-denominated debt 

Guinness, on the other hand, shares 
with HSBC and Standard Chartered 
additional sensitivity to the Hong Kong 
dollar which is linked to the US 
currency", and Guinness does not hedge 
translation of profits. 

The same mix occurs even in the 
pharmaceutical sector, dearly a target 
for currency worry. Glaxo does not 
hedge its forex position, but SmitbKllne 
Beecham buys forward. 

For as long as the dollar remains 
weak and European investor? doubt the 
Fed’s intentions of coming to its aid, 
the FT-SE 100 Index will be under 
threat But London market strategists 
will be quick to seize any opportunities 
among shares able to buck the trend. 


International offerings 


Indosat highlights faith 
in telecom privatisations 


The enthusiasm of 
international investors for 
shares in Indosat the Indone- 
sian telecoms group, which 
rose 20 per cent in their first 
day of trading, has put under 
the spotlight one of Asia's 
most rapidly growing emerging 
markets. 

ft has also served to under- 
line another significant trend: 
the enthusiasm of securities 
houses, bonks and institutional 
investors for freshly privatised 
telecommunications busi- 
nesses, but some analysts are 
questioning whether investors 
are becoming over-enthusias- 
tic. 

There is no doubting bank- 
ers’ enthusiasm. The industry 
is set to bring SlOObn in offer- 
ings to the global markets 
wi thin the next five years and 
bankers can expect to earn in 
the region of $3bn in fees from 
these deals. Securities houses 
are gearing up for a sharp rise 
in telecoms offerings - Increas- 
ing the size of their analytical 
teams is just one method. 

The Indosat deal has been 
carried on a wave of enthusi- 
asm which has affected other 
global telecom offers: 

• Pakistan raised 8900m when 
it sold 10 per cent of Pakistan 
Telecom. The government had 
originally aimed to raise just 
SaOOm. 

• The value of ADRs in Tel- 
mex. Mexico's telecommunica- 


tion company privatised in 
1991. has increased from 827 to 
$60. 

• The Indian government 
plans to sell part of its 85 per 
cent stake in VSNL. the Inter- 
national telecommunications 

monopoly, at a price of about 
Rsl.100 a share - which one 
banker reckoned as "35 times 
earnings”. 

Other countries planning pri- 
vatisations or sell-offs include 
Belgium, Italy, Greece, Portu- 
gal, Sweden, Turkey and Hun- 
gary. Potential privatisations 
later in the decade include Bra- 
zil. South Africa and South 
Korea. 

However, some specialists 
are suggesting that investors 
may be losing sight of the 
risks. “One warning sign, is the 
almost unanim ous view that 
telecommunications invest- 
ments carry low risk.” says Mr 
Rod Dowler. head of Technol- 
ogy Consulting, a specialist 
advisory company, and for- 
merly head of KPMG's tele- 
coms consultancy. “This ech- 
oes the assertion that countries 
cannot go broke or property is 
always a safe investment, that 
accompanied previous invest- 
ment stampedes.” 

He warns that newly priva- 
tised companies could be artifi- 
cially attractive because of 
their monopoly in local mar- 
kets and could be hit by the 
emergence of competition. 


The question of valuing a 
telecoms cuittpiny has boon 
addressed by Haring hci’untlvK. 
which held a seminar on the 
subject in Cambridge last 
month. Karnw’s model looks at 
the territory covered and 
growth potential. 

This question of valuation 
may be highlighted by the sale 
of part of OTK. the Greek tefe- 
coins operator, which is due 
this year. At first sight it has 
all the attractions of -in emerg- 
ing market telecom company 
but a close examination 
reveals that there may be less 
potential for growth. 

The penetration of telephone 
lines in Greece, at about -17 per 
hundred people, is not far 
short of the European average. 
Athens is not a major commer- 
cial hub. and servicing the 
myriad Greek islands will be 
expensive. 

One analyst values OTE at 
S2.5bn to $3bn. yet the Greek 
government hopes ft will be 
valued at $5.2bn. Tm scepti- 
cal. I don't see it as a red hot 
deal." he said. 

Another analyst says that 
although telecoms are one of 
the few utilities with good 
growth prospects “it is very 
easy to got too excited and pay 
silly prices". 

Martin Brice and 
Richard Lapper 


FRANKFURT 

The Bundesbank meets on 
Thursday but James Capel 
argues that stubbornly high 
inflation and rising capacity 
utilisation argue against 
further rate cuts. 

On the corporate front, the 
utilities will be in focus, with 
RWE holding Us annual 
balance sheet press conference 
and Veba meeting analysts. 
UBS does not expect major 
financial surprises but says 
there is likely to be substantial 
information presented on the 
telecommunications activities 
and both companies should 
continue their strong 
performances on the back of 
these details. 


PARIS 

The recent fall in the French 
market has led brokers to 
reassess their year-end targets 
for the C AC-40 index, unites 
John Pin. 

Hoare Govett, for example, 
has reduced its target to 1,950 
- the index closed at 1,842.09 
on Friday - although the 
broker remains overweight in 
France in relation to the rest of 
continental Europe. 

While nearly all company 
results are now in, a few 
remain, such as Accor, the 
hotel and travel services 
group, which will publish 
disappointing first-half results 
tomorrow. The company 
prepared investors for the 
worst last week, but added that 


second-half figures were 
always better. 

The French hotel and leisure 
industry has been experiencing 
a difficult time, especially as 
the decline in consumer 
spending continues. Club Med 
and EuroDisney have been 
lowering their prices with 
mixed results: Club Med has 
seen occupancy rates climb 
after price cuts of up to 3 per 
cent, while the theme park 
operator has still (ailed to 
increase visitor numbers in 
spite of reducing admission 
charges. 

The share prices have also 
gone in both, directions - Club 
Med rising 20 per cent since 
the start of the year and 
EuroDisney down 53 per cent 
over the same period. 


ZURICH 

Sandoz rounds off the big three 
pharmaceutical stocks' 
nine-month reporting season 
tomorrow when it is expected 
to report consolidated sales 
increasing to SFrll.Tbn from 
SFrlI.5bn a year earlier. 
Turnover is expected to rise by 
about 7 per cent in local 
currency terms, with the 
strength of the Swiss franc 
cutting the advance in francs. 
Shares in Ciba and Roche have 
both been under pressure after 
their nine-month figures, with 
the strong franc depressing 
Ciba's outcome rather more 
than had been expected and 
restructuring costs at Roche 
leading to some earnings 
downgrades. 


DUBLIN 

Irish Permanent, Ireland's 
largest building society before 
it converted to pic status, is 
listed in Dublin and London on 
Thursday, in an otherwise 
quiet week. Davy Stockbrokers 
in Dublin note that the market 
is down about 3 per cent so far 
this year and is about 12 per 
cent off its January 1994 high. 
Mr Robbie KeUeher says that 
because this price weakness 
has occurred at a time of 
exceptionally strong earnings 
growth, the market is now- 
trading on multiples that are 
at the bottom end of the range 
that has been experienced over 
the past decade, and he sees 
plenty of scope for price 
appreciation. 


TOKYO 

Investors are expected to 
remain cautious ahead of 
Thursday's listing of Japan 
Tobacco, writes Emiko 
Terazono. 

Only about 10 per cent of the 
second round of subscribers 
are thought to have bought the 
stock, and brokers estimate 
that 60 per cent of the offered 
shares remain unsold. 

This means that unless the 
ministry of finance decides to 
unload the unsold shares on to 
the market on Thursday, the 
potential number of sellers of 
the stock remains lower than 
initial expectations. 

Some market participants 
expect that this will support 
investor confidence after the 


listing, prompting the stock 
market to rally. 

Meanwhile. Investors are 
also expected to remain 
cautious if the currency 
market remains volatile. 

A further strengthening of 
the yen against the dollar 
could prompt a brief sell-off of 
high-technology stocks. 

HONG KONG 

The market is set to drift into 
another week of listless 
trading, marked by thin 
turnover, writes Louise Lucas. 

Investors will once again 
Cake their cues from overseas, 
with economic data coming 
from China and the US 
continuing to spook sentiment 
in the colony. 


At home, hints of a 
resolution to the financing of 
the new airport could be 
sufficient to spur the market 
upwards. 

In the absence of corporate 
news, and with the reporting 
season now effectively 
wrapped up, many share price 
movements have been driven 
by little more than rumours, 
and these are expected to 
persist 

Futures are also likely to 
continue to be a driving force, 
following the pattern set last 
week. 

Last Friday the turnover on 
October futures was some two 
and a half times that on the 
cash market. 

Compiled by Michael Morgan 


IKB: Financial Year 1993/94 


Solid Growth and Healthy Results 



The 1993/94 financial year was again a successful one for the IKB group. 
Our clients - mainly small and medium-steed companies - made active 
use of our consulting services and financing tools to realise their long-term 
projects. The volume of new business reached DM 9.5 billion. 

Three major developments helped our extensive efforts last year: 

• many smaller and medium-sized industrial companies had to invest in 
rationalisation and cost-saving measures, 

• interest rates for long-term, fixed-rate loans were relatively low, 

• investments in the service sector were above average. 


Key Figures from the Consolidated Balance Sheet 


March 31. 1994 
in DM million 

March 31. 1993 
in DM million 

Change % 
from year earlier 

Balance sheet total 

40,351 

37,304 

+ 8 

Claims on customers 

31,968 

29,152 

+ 10 

Liabilities to banks 

17,993 

18,962 

- 5 

Liabilities to customers 

&24I 

6,258 

0 

•Securitised liabilities 

12.152 * 

8,459 

+ 44 

Liable funds 

Subscribed capital and reserves 

1407 

1/168 

+ 3 

Subordinated liabilities and 
participation certificates 

1,208 

809 

+ 49 

Gross income met interest, 
commission and leasing income) 

568 

509 

+ 12 

Administrative expenses 

206 

195 

+ 6 

Provisions for risks 

149 

119 

4- 25 

Operating income 

231 

209 

+ 10 


As a result of strong growth in the loan volume, our operating income 
rose by more than 10% to DM 231 million, although we increased risk 
provisions by DM 30 million, or 25%. compared with the previous year. 

The dividend will be raised by DM I to DM 1 1 per DM 50 share (plus a 
bonus of DM 1). 

More details about IKB s performance in the past financial year as well 
as an in-depth analysis of crisis management strategies of small and 
medium-sized industrial companies dealing with structure [adjustments 
and cost-cutting pressures are contained in our annual report, which we 
will be happy to send you upon request.* 

Increase in the period from March 31, 1994 to September 30, 1994: 

• Balance sheet total + 4% 

• Claims on customers -i- 4% 

Increase compared with the same ycur-earlier period: 

• Gross income (net interest, commission 
and leasing income) + 11 % 

• Administrative expenses + 4% 

• Operating Income +13% 

A capital increase in September raised our capital base by DM 368 
million to DM 3.1 billion. The foundation for further growth and success 
in the future has been laid. IKB's experienced staff is dedicated to 
providing services of the highest standard. 

Or. Alesumler v. Tippehkirch 

Speaker of the Board rtf Munaftinn Pi rectors 

of IKB Deutsche hulustriehutik AG 


“ For your copy of (he IKB Annual Report 1993/V4. please call, write or sl-ih! u fax lo; 
IKB Deutsche InJuMrietunk AG. VMi Post Inch 10 1 1 IS. 40002 DUiscldorf. Germany 
Telephone: (211) 8221 -500. Telefax; (2M | 8221 -766. 


IKB Deutsche Industriebank HI 


1KB Beiviligungsgesellschaft mbfl • IKB Consult GmbH • (KB Finance B. V. • IKB Internationa! S. A. 


IKB Iniinobllien-Lcasing GmbH ■ IKB Bau-Managemenl GmbH • IKB Leasing GmbH • 1KB Leasing Berlin CniihH 




' fi »ith 


Mjhe, it,. 

Kfrlun!-. 



FINANCIAL TIMES MONDAY OCTOBER 24 1994 ★ 

the week ahead 

DIVIDEND & INTEREST PAVUtojtc 


BUSINESS TRAVEL 



■ TODAY 
Alba 4p 

Inc FRN. 1996 Y6.193 
Chernlcal Banking Sub frn 
'03 $282.64 
Epwin Group 2.7p 
Gartmora i.75p 
Gaskeil l.5p 

FTOCHU FRN ‘97 ysi 031 
Nichols (J.N.) 2^5p ‘ 

S^ Hydr ° 6%% BdS 2001 

Norway 7V,% Nts. 1998 
Platinum Ind. Fin. A FRN to 
Y1 ,994.520 

Do. B FRN 2003 Y2,692,083 
Do. A FRN. (11) ‘03 
Y1 351 .302 

Sanwa Aust Rn. Gtd F/ 
FRN‘03 $2,659.36 
Sedgwick Grp. 3p 
Smith kJIne Beecham A.D R 
$0.2914 

Yokohama Rn. $3,06230 

■ TOMORROW 

Bankers TstNY 0.97p 
Britannia Bldg. Soc. Sub. FRN 
‘05 £14,834.48 
British Funds 9%% Conv 
E4.75 

CPC Inti. $0.34 
General Electric $0.36 
Leumi Inti. Inv. Gtd. FRN *98 
$123.91 

Manchester 11.5% Red. ‘07 
£5.75 

Nat Westminster Bk $0.8424 
Porvair 1.6p 
Scottish Power $1.5911 
Spintab AB FRN 1898 $13 90 
Woolwich Bldg. Soc. 

UK COMPANIES 


■ TODAY 

COMP ANY MEETINGS: 

Baring Emerging Europe Trust, 

155 Btehopagale. E.C.. 10.30 
Q.T. Japan investment Trust, Alban 
Gate, 14th Root, 125 iondon Wall, 
EC., 12.30 

Murray Income Trust, The Marriott 
Hotel, 500 Argyle Street Glasgow, 
12.30 

BOARD MEETINGS: 

Finals; 

Qartmore European Inv. Tst 
Ivory & Sane BnL Cap. 

Interims: 

British & American Rtm 
Cuflens 

GuanSan Medea 
Moss Bros 

■ TOMORROW 
COMPANY MEETINGS; 

Enterprise Computer tfldgs^ 680 
Eskdale Road, Wlrmerish Triangle. 
Wokin gham, Berks., 3.00 
Henderson EuroTrust 3 Finsbury 
Avenue, EC., 3-30 

Nm SmoBer Australian Companlss 
Trust, 3 Finsbury Avenue, EC., 

11.00 

SavOe p A Gordon Group, 
Bhmingham Chamber of Industry & 

75 Harbarm 


PRN ‘96 £142.42 

■ WEDNESDAY 
OCTOBER 26 
Australia 11%% 2015 
£284.375 
BLP Group Ip 
Brasway Q.29P 

Bristol 6 , West Bldg. Soc. FRN 
‘96 £136.42 

Co-operative Bk. Sub. FRN 
2000 £6932 

Italy Global FRN 1999 $12.46 
Wngspan Grp. IR13p 
Korea Inti. March. Bk. FRN *99 
$78933 

Lloyds Bank Var. Rate Sub. 
Nts. *98 £14636 
Mitsubishi Petro. 4% Bds. *98 
Yioi.111 

Do. 435% Bds. ‘01 Y1 15,014 
Murray Income Tst 4.3p 
Nurdin & Peacock 2.16p 
RPS Grp- 1-3p 
Seville (J.) Gordon 1.7p 
Second Alliance Tst 29p 
TT Grp. 33p 

Woolwich Bldg. Soc. FRN *95 
£ 68.21 

■ THURSDAY 
OCTOBER 27 
Bank Novta Scotia C$029 
Britov Borneo Pet Synd. 
2.667p 

BritFunds 15% Exchequer *97 
£730 

Do. 4%% LL Treasury *98 
£2.4233 

BZW Conv. Inv. Tst 33p 
Candover Invs. 4.1 5p 
Church & Co. 3p 
Conrad Ritblat Sinclair 03p 
Culver HIdgs. 0.1 3p 


Birmingham. 11.00 
BOARD MEETINGS: 

Finals; 

McKechnle 
Scottish MstropoBtan 
UDO HIdgs. 

Wotsetoy 

Interims; 

Blacks Leisure 
Boxmore Int 
Bradford Property Tst 
Edinb ur g h kn». Tst 
B Oro Mining ■ 

Exploration Co 
Govstt Oriental Inv. Tst 
.Ocsen WBsons 
Ofivas Property 
Venturi Inv. Tst 

■ WEDNESDAY 
OCTOBER 2B 
COMPANY MEETINGS: 

British Data Management 50 
Stratton Street W., 930 
GALA, The Merchant Company. 22 
Hanover Street, Edinburgh, 10.00 
Jos HMga, 10 Fenchuch Street, 
EC., 1230 

StndaM {WBBamJ, Gonvffla Hotel, 
Cambridge, 10.00 
BOARD MEETINGS; 

Finals: 


Cusans Property 1.4p 
Dowding & Mills 1.62p 
Eng. & Overseas Props. 0.3p 
Fin. Receivables Sec. Trans.1 
FRN ’09 £131738 
Do. Senior Asset-Backed FRN 
‘09 £849.51 

Rn. Receivables See. Trans 2 

FRN *05 £131738 
Do. Senolr Asset-Backed FRN 
*05 £2.06539 
Haywood Williams 5p 
Inv. Tst Guernsey 0.825p 
Jacobs (John L) 035p 
Lambert Howarth 2J25p 
Midland Independant News. 
I.lp 

Nelson Hurst 23p 
Psion I.lp 

Royal Bk. Can. Cap. Part 
Red.Praf. $0.04 

Standard Chart 2L25p 
Stewart & Wight 135p 
Telspec 13p 

■ FRIDAY 

OCTOBER 28 

Alumasc 4.45p 

American Trust 1.9p 

Aspen Com ms. 2.1 5p 

Barr & Wallace Arnold Trust 3p 

Bradford & Bing ley Bldg. Soc. 

FRN '95 £144.41 

Breed on 1 ,75p 

British Mohair 1.4p 

GALA 1.9p 

Cart. Imperial Bk. Comm. 
C$033 

Can. Pacific C$0.08 
Chett & Glouces. Bldg. Soc. 
11%% PI BS £2,937.50 
Close Bothers 5p 
Clyde Petroleum 035p 
Daiwa Overseas Fin. Cappd. 


Blackwood Hodge 
CentreGokl 
Essex Fumitra 
Murray Spfit Cap. Tst 
Trace Computers 
Interims: 

Fleming ContL Euro Inv. Tst. 
nemkig Euro FledgRng Inv. Tat 
GJevas 

London Smafler Go’s Inv. Tst 

■ THURSDAY 
OCTOBER 27 
COMPANY MEETINGS: 

Burn er Homes, The QuMhat Bath. 
Avon, 2. DO 

Ctose Brother s Group, 12 Appafd 
Street EC, 10.00 
Dowdfng & MBs, Botanical 
Gardens, Waetboune Road. 
Edgbestan, Bfemingham, 12.00 
Rubicon Group, Ironmongers' Hal, 
Alderegate Street EG, 12.00 
BOARD MEETINGS: 

Finals: 

Flaming Japanese Inv. Tst 
London & St Lawrence 
Majedfe few. 


Country Casuals 


FRN *04 $13,576.39 
Dartmore Inv. Trust 2.8p 
Davis Service 2.87p 
Devro Inti. 235p 
Dow Chemicai $0.65 
Eaglet Inv. Trust 1.4p 
Ferry Pickering 2.2p 
Flash Series FRN ‘97 Y61 1,121 
Fleming Overseas Inv. Trust 

2.75p 

Flying Flowers 0.95p 
Foragn & Col. High Inc. 1.5p 
Rodder Headline 2p 
Lister 0.1 p 

London Forfaiting 33p 
Matthews (Bernard) l.32p 
McDonnell Info. Systems 23p 
Menzies (J.) 7.7p 
Metal rax ip 
Mollns 5.3p 
Nestor-BNA 1.1 5p 

Newman Tonka 2.75p 
Nortoain 2_25p 
Pan $0.0925 
Pegasus 2p 

Ransomes 835p Cm. Cv. Pf. 
4.1 25p 
Rotork 1.9p 
Severfield-Reeve 0.5p 
Smaller Companies Inv. Tst 
1-2P 

SwaDowfiefd 2.7p 
Trinity Intt 33p 
Wyko 03p 

■ SATURDAY OCTOBER 29 
Radius 035p 

■ SUNDAY OCTOBER 30 
Aitwwods (Finance) Rd. Pf. 
435p 

Texaco Intt Fin. 8% $/$ Cv. 

Ln. 81/99 £4 


Homing Inc. & Capi Inv. Tst 
Gerrard & National 
I & S UK Smaller Co's Tst 
London & MetropoSten 
Mctnemey Properties 
Scottish Mort ga ge Tst 
Shiloh 

■ FRIDAY 
OCTOBER 28 
COMPANY MEETINGS: 

Comwafl Parker, The Waldorf Hotel. 
Aidwych. W.G, 1230 
Croat IMveroal Stores, Chartered 
Insurance Institute, 20 Alderenanbury. 
EG. 12.00 
BOARD MEETINGS: 

Interims: 

Campari bit 
Craig & Rose 
Graham House 
Romeo Bteqjy 
Union Int 

Company meetings are annual 
general meetings unle ss otherw is e 
stated. 

Please note: Reports and accounts 
ara not normally available until 
approximately six weeks after the 
board meeting to approve the 




The nod time you fy business class to 
New Yort, tatethenadransatartfc 
service from vour LOCAL Amort Ybu 
can hxpet the long drive, as a dmfeur 
driven femora ud pick you up ton 
home and take you died to fte airport. 
From there ft just a quick hop to 
DuMn, where you! dear US 
mrigafini. and thoi you sniffy jump 
waISjjMtoNew'fcA. 

Onca h the aa; you! enpy the uwy 
Ifyfesl standads d contort and 
cuisine. And on arrival in New Mxk. 
you simply dear Custom* dap fce 
queues fix immigration %id take your 
chaufletx driren bnoushe to ytxr New 
YM hotel 

FREE Chadaur driven Bnxelna 
tottedrpertandraunr. 

FREE CteoOeur <htmn Bamafaa 

from JFK Afeport to yoor Mbs ftxk hotel 

and return. 

FREE Batts of Bhcfc 

BteriHshwMsfcu £ 

SAVE £100% off ft 

nomw business Ossa fares 

TWS SUPERB SERVICE 
FUES DALY FROM 

• SRMNGHAM • BRISTOL 

• EDNBURGH • GLASGOW 

• HEATHROW • LEEDS-BRADFORD 
• MANCHESTER •NEWCASTLE 
CALL lOttfOR MORE DETAILS AND YOLR 
FREE IFDRMATI0N PACK & VOUCHERS 

0272 848090 


NSW ISSUE October 21, 1994 


FannieMae 


s 400 , 000, 000 
8 . 40 % Debentures 


Dated October 25, 1994 Due October 25, 2004 

Interest payable on April 25, 199S and semiannually thereafter. 

Series SM-2004-K Cusip No. 31359C AZ8 
Callable on or after October 25, 1999 

Price 99 . 953125 % 

The debentures of October 25, 2004 are redeemable on or after October 25. 1 999. The 
debentures ere redeemable in whole or in pan at the option oi too Corporation at any One 
(and tram tfcne to Bme) on or after the inffial redemption dato at a redemption price of 100% 
of the principal amount redeemed, pius accrued interest thereon to the data pf redemption. 

The debentures are the o M g att m s of toe Federal National Mortgage Association, a 
corporation organized and existing under too laws of the United Sates, and are Issued under 
toe auftonty contained to Section 304(b) of the Federal National Mortgage Association 
Charter Act (12 U3.G 1716 at sag.). 

The debentures, together with any interest thereon, are not guaranteed by too United States 
and do not constitute a debt or obtigation of toe United Slates or of any agency or 
Instrumentality thereof other man Fannie Mae. 

The offering Is made by the Federal National Mortgage Association through Its Senior Vice 
Presldert and Treasurer with toe assistants of a nationwide Safflng Group of recognized 
dealere ri securities. ^ 

Debentures wfl be avaflaUe in Book-Entry form only. 

Thera wfl be no deHnWve securities offered. 

Linda K. Knight 

Senior Vice President 
end Treasurer 

3900 WBtanwn Avenue, N W . WaaMrmron. Q C 20016 

' tea announcement appears as a maer ol mean) arty, frut announcwnmi it 

nemter enotferto tee nor a nacsmionoten oner to buy any el the Oebomm. 


CONFERENCES & EXHIBITIONS 


Raster 

TECHNICAL 

DEMONSTRATIONS 


94 


Oce-Engineering Systems 


bee 


You cannot afford to miss Raster *94 

A unique event spedficeBy aimed to demonstrate the latest 
software packages and hardware solutions in Engineering 
Docwnent Management and GtS. 

Raster "94 is brought to you by 0c6-Engineenng Systems, in 
conjunction with tearing UK software suppliers. This event will give 
you toe opporhnty to meet and talk to international product 
specialists, (tius the chance to participate in demonstrations A senes 
of presentations are aimed to give both newcomers and established 
users, a dear and oondse understanding of toe concepts and 
benefits of the latest raster products Raster 9J represents an 
exceBem opportunity and profitable investment of your time: 

Loughton, Essex - Wednesday 2nd & Thursday 3rd November *94 
Manchester- Wednesday 9th & Thursday 10th November ‘94 
Gtegow - Wednesday 1 6th & Thursday 17th November ‘94 

If you would like to attend one of the above events or require more 
information please contact Susarme Hayward on 0454 61 7777. 


rn. 150,000,000,000 

INTERNATIONAL 
BANK FOR 
RECONSTRUCTION 
AND 

DEVELOPMENT 

Floating Rate Notes 
due 1998 

Interest Rate 8,90% p. a. 


Interest Period 


-21.1994 

21,1995 


interest Amount due on 
Apra 21. 1995 per 
TTL 5.000.000 m_ 224372.- 
m_ 50,000,000 ITL 2.249,722.- 

ypte Banque G£n£rale 
53/ DU Luxembourg 

Agent Bank 


CONFERENCES & EXHIBITIONS 


OCTOBER 27 

EtectromapMtic Trans mtsakxis 

Sir Richard Doll. Chairman of the 
Advisory Com m i tt ee to dm NRFB on nne- 
ionizing nufiahoo A i n immi iwii 

scientists, insurers and legal 
representatives will be debating the latest 
evidence on health risk, associated with 
electromagnetic transmissions from power 
cables. 

Contact: Sarah Morris, BICS [nrematiooal 
Tel: 071 136 7703 

LONDON 

OCTOBER 27 & 28 

International Bond Congress 

A unique opportunity for all professionals 
involved in the bond markets to Increase 
their knowledge with 98 specialist 
presentations. With increasing 
globatimtion and deregulation resulting in 
a dramatic surge in investment flows 
between mumrica, this event is aa essential 
information source for the international 
bond markers. 

Contact 1BC Event Office 
Tel: +44101 1628 776306 
Fas: +44 (0) 1628 32373 

BARBICAN, LONDON 

NOVEMBER 1 

Full Circle Into The Future? 

The commercial imperatives facing 
organisation* into the 21st Century. 

The Henley Centre is celebrating Its 
Twentieth Anniversary with this 
Conference that looks forward to the next 
20 years and what it will bring not only in 
terms of the big picture bat also the 
commercial implic a tions. 

Cost: £350 + VAT 

Contact: Anno Harman at 

Hjc Henley Centre TeL 071 £*££6^^ 

NOVEMBER 2 & 10 
Banking Systems Seminars 

These leflwnn arc designed u> provide an 
insight into the underlying Issues and 
complexities associated with the 
implementation of bonking systems. 
Extensive reference will be made to 
practical examples and case studies. 
Contact: J«uiy Hilb 

IONDON 

NOVEMBER 2-4. 28 2 

Introduction to Derivatives 

Cuirency & la»«csi * a,c J 

Options. FRAs. Swaptions. Equtiy * 
Ctennmdity Derivative* Risks. **> ! ■ > ■ 


Profit i Loss Account, Balance Sheet, 
Evaluation 

cS^rtTFSrplS'BaDking & Financial 
Train tog 

WiW|gfW LONDON 

NOVEMBER 3 . rrl _T 

Tho 1 st Annual Review of rr Law 

TtopSligions one day conference wi» 

critical issues, the essential 
STlillgntwn, regulation and 1 w, *¥- 

S ha« 3 pfaC,iMl ^ 

details twin lntcrmntooal 
Pmfomooal Conferences Ltd. 
TeL. to 14JSAi3 LO NDON 


NOVEMBER 3 

FT Corporate Risk Management 
. &The hteuranoe Industry 

This FT conference will examino the 
ringing uric of brokcra, banters and tide 
managers as weU as explore how the 
international Insurance industry is 
responding to the new challenge. 

Enquiries: Financial Times 

Tel: 081-673 9000 Fax: 081-673 1335 

LONDON 

NOVEMBER 3-4, 2234 
UhiW s rlgteWortlcIBrthg 
Ft* new entrants, secretaries TT rod other 
bu i lt support staff. £375. 

D uuiw MyQshtTlsbRsnw 

The essential products, techniques and 
prac ti ces of I n tern ati onal Trade Finance. 
£495. 

Contact Faixplace Banking A Financial 
“limning 

Tel: 071 3290595 

LONDON 

November"? 

The Future of MuRimecfia hi Europe 
How is the European market for 
multimedia shaping op? The critical 
sectors and entry opportunities of the 
nwritimerifa world in a European c on tex t - 
including the development of national 
infrastructure, business applications, 
consumer platforms and finance - wifi be 
examined In depdi by Incfaatry leaders. 
Contact: Patricia Baymon, Kagan World 
Media Limited 

Tel: 071 371 8880 Roc 071 371 8715 

LONDON 

NOVEMBER 9 

Presentations for Professionals 
by Professionals 
At the Mermaid Theatre, a seminar on 
creating effective presentation*. Prom 
presentation techniques and use of 
language, to AV design, stide production, 
etc. Businessmen, stand-up c ran edhuw and 
actors demonstrate how to make lasting 
Impressions. Instructional, stterly 
enjoyable - a most for all presenters. 
Keynote speaker Alan Dibbo, Gartered 
Institute of Mattering. 

Cootjet E Wfflfems, EMcrfivc Preaenorioua 
Tel: 071 8378199 Fax: 071 837 8190 

LONDON 

NOVEMBER ID-11 ‘ 

Hotel investment &Toufcm 
Development in Csr«raf& Eastern 
Euope WhsConW Aston A*”*** 

Investment opponent tics in 15 countries 
and bow to finance them. The mnn s gM o 
one-stop event for established Investors 
pad those exploring the madtra. 

Brings together the key players from Baa 
no A West. Conference subjects presented 
by 30 speakers- 

OmaccD cv c kitanr ai t AMAMJ 
Rsc (0811440 3227 

LONDON 


NOVEMBER 15-16 
The Business Continuity 
Planning Summit 
New styk parridpatory event forflnamaal 
SuXrmn in assodarion with KPMO. 
Examine viral new developments with 
^—•fcns from British Triecom. Guardian, 
goils Rovce, Tel chouse. Denton HaU, 
gritcyneL Mntiaad Bank. 

Attend oo 15 rh or ltito. 

janet warrecio. FBI 


NOVEMBER 15 
Winning with your custome ra - 
How to {paw you* custamar ban 
Speakers wlO stress the importance and 
inter-relationship of key dements of the 
customer service "package- . Case studies 
.from DHL international, Marriott Hotels, 
National A Provincial Building Society 
and American Express. 

Contact D irect or C onferen ces 
Tet 071 7300022 

LONDON 

NOVEMBER 15^16 

Strategies for HlgMnvolvament 

Leadership 

Controlling change; no high 

pay-off activities; creating partnerships; 
strengthening trust; motivating and 
enhancing team performance; and 
stimulating innovation. These are some of 
tV i nu i M hrimM in this interactive b rie fin g 
designed to train executives to operate 
effectively in Uyiii tn i mw 

Contact Rachel Thgma^Ssrah Williams 
EBC Technical Services 
Tek 071 6374383 Fee 071 631 3214 

ASHDOWN PARK 

NOVEMBER 15/16 
Practical Dealing course - 
Money Market 

Training in DKEunfll CUi mtrUt 
sod short term derivatives (Futures sad 
FRAs) - risk identification and evaluation, 
product pricing, position management - 
with opportunities to test theories leaxal in 
dealing role-play and ether practical 
exercises. For Corporate treasury 
personnel, hank dealers, marketing and 
Support staff £480:00 + VAT. 

Lvwood David LxdL 

Teh 0959 S6S82D HnC 0959 665823 

LONDON 

NOVEMBER 16-16 
Business Performance 
Measurement 

Transforming corporate performance by 
measuring and managing the drivers of 
foiore piofiiabUityTThls two-day 
conference explores the relevance and 
practicability of developing new -corporate 
dashboards*, which include non-finascial 
indicators, such as cu s tom er s atis fa cti o n. 


^Srait ira > ■ Tfc teli M Jiu Trttefflg H ifp 

TO: 081-343 6565 Boc 081-544 9^^^ 

NOVEMBER 16 

Brazil: Prospects for trade and 
Investment 

A one day seminar designed to give an 
overview of key cultural, Institutional, 
Investment and economic issues 
surrounding trade with Brazil. Supported 
by the Banco do BrstsO, UK Embassy trf 
Brasil and D1L 

Ornate Management DevstopmeaDividtxi 

Tet 0524 594013 Ito 0524 381454 

LANCASTER 

NOVEMBER 16-17 
Monitoring and Reducing Air 
Pollution from Traffic 
This BICS International conference 
examines the problem of air qnalfcy m is 
entirety, larkling the oppo rranl ties for 
reducing vehicle omissions levels and 
examhilqg the IOk ctf traffic mi mp inw il 
la poOetira rednetips. 

Chaired by Professor Roy Harrison. 
QUAftG ou Day One and Dadd fanone. 
Deptrnnent of Transport oo Day Two. 
Coeocc Wa Wfnn Owm, BICS bfenaricul 
Ttt 071 336 7944 

LONDON 


NOVEMBER 16/17 
ftte Digital hi te i uiaflu ti RguoluBon 
Market Opportnniiia for Mnllimedia 
seated Itf the Siqjeririgbway 
A major high-level, inte ra c ti ve Industry/ 
Government Conference, providing the 
Gra opportunity for senior representatives 
from commerce and industry to address the 
key issues with Government pattiriparian 
in an open formn- 

Cootaci: Jnha Moahns. Sants Meetings 
Tel: 01730 266544 

LONDON 

NOVEMBER 18 

NswTflcMquHifor Vanlure CapU 

Key topics include: Rei n vest m ent Relief; 
Limited Partnerships in Venture Chpitafr 
Tax Efficient Management Buyouts; 

Iftfi mrtriVF and np lo die Csptttl 

Glim Ttf Planning Wruf Tito EnlopriK 
Investment Scheme and; Raising money 
for Private Eqniiy Funds. 

Contact: Kale Roberta. EBC Legal Studies 

and Services Limited 

TO 071 637 4383 Fax: 071 631 3214 

LONDON 

NOVEMBER 19-2fT 

Tire National Classte Motor Show 

The ’Fnerafly' CUsric Car Show, where the 
esr dubs take centra stage. Massive indoor 
Atnojmnble, Car Chib Displays, Rally 
Mini Cooper S rebuild and a Special Stage 
of the Millers OUa RAC International 
Historic Rally (20th only). Roger Clark, 
Britain's most famous rally driver, will 
officially open the show. 

Ticket Boffins: 0121 7674767 
RnqnMne Roger West - Centre Exhibitions 
TO 0121 767 2683 

NEC, BIRMINGHAM 

NOVEMBER 21-22 
Business Process 
Re-engineering (BPR) 

Cfr tffrw ri pc wH oT senibuta tor bum^cxs 
dflfgcd with defignn^ And bziplcinciiiisg 
BPR initiatives. Presente d by leading US 
paedtiooer and BHl amhor. Proven "hciw«- 
donf hmilenteuUtiuu guide dhatmted with 
CKBttkaBflindwcxUupi Ouse book also 
availabie. Over 50 mgaamtipna in the private 
St pnh K r P ^? 11 bra already nzeskxL 
Coctacc Ridtsrd Parris, Vertical Systems 
ImocedeLtd 

Tel: +44455-150266 (24 boms) 

24 far FaX-oc-dcmaod 071 240 1248 

uwvEBsrrv of Warwick 

NOVEMBER 23 

Negotiation md Change - 
Employes Relations In the 
Regidated Industries 

Tills CRI seBBMf es tsmme s the dumgfug 

privatb^M end coopares 
the national with International 
perspectives. Speriera from the CBL‘ TUG 
GMB, Mcrcnry Cammnnications and 
Btandy . Coot £299 + VAT. 
Contact Le^h Sykes, C3U 
TcL 071 895 8823 fine 071 895 8825 

LONDON 

NOVEMBER 23 
The Private Finance Initiative: 
The Latest Opportunities for 
the Private Sector 
A one day conference. Speakers inchidc 11 
Government Ministers (Messrs Dorail, 
Cummer, Lang, Redwood, Egg tt, Forsyth, 
Forth, Freeman. Waits, Young and 
SackviUe); senior industrialists and 
fl>e«aJijr adviser*. 

CrM*- flry A F fci m n- hT dr mt l nn 
TO 0276356966 Fax: CC76 856566 

LONDON 


NOVEMBER 24 
Management Buyouts - 
The Corporate Restructuring 
Tool of the 90s 

Essential tor the MBO team, this 
conference will cov e r MBO practicalities; 
the corporate advises role; structuring the 
deal; debt and boy ant; Employees - 
transferring and motivating 
■mdentanding the law; doing the deal and; 

Conucc Kate Roberts. IBC Legal Studies 

and Service* Limited 

TO 071 637 4383 Fax: 071 631 3214 

LONDON 

NOVEMBER 24 

braal -Trade ft Investment In an 

tm&gng uarKot 

International conference in association 
with Israeli Embassy. KEYNOTE SPEAKER 
YOSSI BEILIN. Tojrica cover the Economy, 
Investment, Privatisation Opportunities, 
Major Capital Projects and Case Studies. 
INTERFORUM 
TO +44 (0)71386 9322 
Fmc +44 OB 71 381 8914 

LONDON 

NOVEMBER 24/25 
Differentiating Customer 
Proposition 

CBVDMrrin & Partners conference, chaired 
by John Humphrys, shows how Ki transform 
Key business processes to deliver cost 
efficiencies and market differentiation. 
I Optional workshop on second day). 

Oantaa: Berinda Rogeraon. CBJ Co nf erenc es 
Tel: 071 379 7400 Fax: 071 497 3646 
Julia Robins, Dcvelin ft Partners 
Tel 071 917 9988 

LONDON 

nw5S57255 

FTManchtteterPOa^dkmteF* 

This is the fist postgraistate fair to be beld 
in Manchester. This fair will provide 
exhibitors with a unique opportunity to 
attract (he highest calibre of students far 
port graduate contses. Booking deadline for 
cxUWtoa- October 2L 
CbatBccKay Day at Manchester 
TO 061 275 3952 

MANCHESTER 

NOVEMBER 24 & 25 
Offshore That AMntaMoV 
Offshore Trusts & Trustees 

IPC have arranged two one-day 
conferences on related aspects of the 
offshore world, which compliment each 
other perfectly, bat which can be attended 
separately if de si re d. 

Farther details from International 
Professional Conferences Ltd 
TO 061 445 8623 

LONDON 

NOVEMBER 24-25 
HuItlmefSa - Conflict or 
CoOperalbn? A European Vlaar 
The current perspectives, practical 
problems, legal A market pressures in 
production, disofoiitioa A marketing. Top 
Speakers from all aspects at the Industry. 
Keynote address Nicholas Wbteram MF. 
INTERFORUM 
TO +14(0)71 3869322 
Rx: +44 flj) 71 381 8914 

LONDON 


NOVEMBER 28 & 29 
City Intensive Seminar 
Sponsored by THE CORPORATION OF 
LONDON and KPMG. this briefing covers 
the structure, markets, flow of foods, 
regulation and world position of the Chy. 
Designed for recent entrants, corporate 
finance and treasury staff and overseas 
fioancitl cxccniiwos. 

ConmecQtyforam Ltd 
TO 0225 466744 Fkc 0225 442903 

LONDON 

NOVEMBER 28-29 
Strategies for Buying & Selling 
Companies 

The past year has witnessed an Increase in 
M&A activity, unparalleled since the m id- 
80*. Thi* conference will cover the 
Strategic, legal, tax snd a cc ounting issues 
that need to be considered when baying or 
selling a public *ndfor private company. 
CwmcE Acquisition Monthly 
TO 0171 8238740 Be 0171 581 4331 

LONDON 

NOVEMBER 29 &30 
Positive Management of 
Workforce Restructuring 
Seminar and Workshop. There is no easy 
solution to the problems of workforce 
uad i i M « m jug pnt with BUI, the 

impact on the company and those who 
must leave can be uuativdy reduced. This 
workshop is 4— jgnwt to iUns&ate through 
practical case study material bow to 
manage restructuring positively. 

OjimvT. Rachd Hxnifi/Siisb Williams 
IBC Technical Setvkes 
TO 071 637 4383 ft*: 071 631 3214 
LONDON 

NOVEMBER 29-30 
Managing Corporate 
Transformation: 

The UK's premier event on planning, 
implementing snd mstabring orgmimtioml 
and cultural change. This two-day 
conference includes frank discuss ion of 
why so many Initiatives fail and explores 
proven methods frn- achieving critical boy- 
in and support for new organisation 
strwmres and working practices. 

Contact: fti q i W K tntr!nipf»(Y 

Tet 081-343 6565 Fax: 081-544 9020 

LONDON 

NOVEMBER 29-30 

Date Warehousing: Practical 

Experience &LBsson3 tor thaFiffm 

Balding (be smart corporation, driving 
effective business process re-engineering 
projects, unlocking the most valuable of 
corporate assets. Learn how many of Ibe 
w o dt f s mast competitive corporate players 
have used the dam warehouse concept to 
achieve a strategic corporate advantage. 
Contact: Unicom Seminars Lsj 
Tet 0895 256 484 Fhx: 0895 813 095 

LONDON 

NOVEMBER 29-30 
bito^aang Cttont-Servar and 
Legacy Systems 

Advice on architectural alteraativca, 
prodnets/toob, middleware, and which 
standards are Important for (be furore. 
Draws on a wealth of experience from real- 
Hfc user dim where important lessons have 
been learned for achieving more effective 
anlnlimwi in the future. 

Contact Unicom Seminas Ltd 
TO 0895 256 4S4 Rnc 0695 813 095 

LONDON 


NOVEMBER 29-30 
The New Desktop: Trends in 
Distributed Computing 
The new generation of desktop 
environment looks set lo bring tea] benefits 
and savings to large user organisations. 
Authoritative speakers review advances in 
hardware architecture, aescss approaches to 
integrated networking and examine the 
exp an di n g applications and capabilities of 
desktop systems. 
c~>*"te rr Unicom Seminars Lid 
TO 0895 256 484 fia: 0695 813095 

LONDON 



INTERNATIONAL 


DECEMBER 1 

Energy Services. The Business 
Opportunities for UK Companies 

Key speakers from industry and 
commerce, will outline current and future 
strategic* for maximising the potential of 
the world industrial power market. 

Details from: Judith Mackenzie. The 
Instimte of Energy, 18 Devonshire Street. 
London WIN 2AU 

Teh 0171 5800U08 Fax: U171 580 4420 

LONDON 

DECEMBER 1 

CffyRegiiation- A Legal Evolution 

This conference will debate the 
development and fntnre of financial 
regulation in the UK. The growing use of 
civil law procedures, regulatory 
intervention, and reduction In criminal 
sanctions - define a legal evolution at the 
interface of the criminal, civil and 
regulatory disciplines. Sponsors: 
Buncrworths Publishers. Contact: Caroline 
Sumner, Meetings Management 
TeL- 01252 795414 Fhc 01252792101 

LONDON 

DECEMBER 7 

The Coming Year in Parliament 

An assessment of the Queen's Speech, 
views from the Government and the 
Opposition. Discussion of the role played 
by backbench MPs and Peres; The Budget; 
the agenda for Select Committees; and 
implications for Europe. 

Contact: Jackie Nixon, The House 

Magazine 

TO (1712331388 

LONDON 

DECEMBER 7-8 
Succeeding with Teams: 

poetical OEOEgn fit dra yn sgltfltBbg 
nrf d iv in g the team-based atgamsaticn. An 
hsmurinml iwtxby conference specifically 
iK^wwyi 20 help jg pipf executives indastand 
dxftnS&naialBsuc& involved inik^gnfng aoj 
mqfcmeazBB a team-hsad oggasaiian. 
Contact: Bnainc» ImcHtgcnce 
Tet 081-543 656S Fax: OS1-S44 9020 

LONDON 


EXHIBITION 


MARCH 1-3 

Asian Companies EXPO 

This entirety new concept for the financial 
markets brings together In oat location u 
extensive and diverse array of leading 
Asian Companies, and provides 
institutional investors with a unique 
opportunity to evaluate potential growth 
and return fin* hand across all sectors On a 
aoc-on-ouc basis. 

Contact: Enronmncy EXPO'S Untiled 
Tet +44(0) 1S95 625194 
Fat *44(0) 1895624447 

EARLS COURT, LONDON 


NOVEMBER 8-9 
European Union AM for 
Development Conference 
Business Opportunities in EC external aU 
projects to the value of 5 billion ECU 
annually outlined, including 
PHARE/lOPP. TACIS, MED. A/LA. and 
ACT. Networking with EU and new 
member slate companies. Procurement 
opportunities for maanfactarcre/fcappllcts- 

200 page EUROAID GUIDE on EU aid 
nrocniEonics included. 

ffiSsSi^Srakdc 

D4vrloppeincm &A. 

TeL- +3225124636 Fax: +3225124653 
BRUSSELS 

NOVEMBER 14 ft 15 

FT Doing Bwfci— uuBhHtetgay- 

kraetmeraProopecteRe-Appraissc! 

Following the election of a new 
Government, this major Financial Times 
forum will provide a timely opportunity to 
appraise Hungary's attractiveness as a 
location for foreign and portfolio 
inve s tment. 

Enquiries: Fmaocud Times 
TO 081-673 9000 Fax:081-673 L335 

WARSAW 

NOVEMBER 24 & 25 1994 
Profit without Pain 

This conference wifi increase awareness of 
the scope of IP rights, explain hew 
Industries compete within the context of 
market monopolies, give practical insights 
into how to avoid infringing rights. 

Further details from International 
Professional Conferences Ltd 
Tel: 061 445 6623 

AMSTERDAM 

NOVEMBER 24 
Advanced Software Solutions 
In Transportation and 
Distribution 

Seminar for btuineis and technical 
manager* showing use of practical 
applications of logic programming 
soil ware in the transportation and 
dist ri b u t i on markets. Leading jatematiaaal 
companies present state-of-the-art syste m s. 
Include* panel discussion and vendor 
displays. 

Contact; Philip Kay. tel: +33 1 6019 3738 
A) Rath, tel: +44 253 358081 

PARIS 

DECEMBER 5-6 
COMPETITIVE INTELLIGENCE 

Seminar for manager* who want to learn 
ftoW Competitive Intelligence supports 
hath operational effectiveness and Strategic 

positioning Topics include aims and role 
oi intelligence in firms, collection 
methods, analytical techniques, 
organisation, and counter- intelligence. 
Principal lecturer- are former professional 
in tcfflgencc officers. 

Contact: Busi ness Research Group 
Tel: 022929 1900 Fax: 022 788 0824 
GENEVA 

JANUARY 29 & 27 1995 
Valuing International 
Companies 

This event is beld in response lo ever 
prcssuic id place realistic vtltcs 
on foreign companies in a variety of 
contexts. Company executives, bankets 
and other professionals will study 
valuation techniques m practice, an well es 
possible problems encountered in real tile 
scenarios, 

Cbnux Acquisitions Monthly 
TO 0171 823 8740 Fox; 0)71 5814331 
LONDON 


TO ADVERTISE IN THIS SECTION PLEASE CALL NADINE HOWARTH ON 071-873 3503 




FINANCIAL TIMES MONDAY OCTOBER -•» 19 ?4 fi 



EUROPE 

MSn»(CW2t/8cfiJ 


HMI 348.90 



BlKfflB 38.860 


sats? 

+ 16 *.W> 3.890 4.7 
-100 190SD IMHO ZB 
-100 TfiJM 2ZJW ZB 

+50429753*300 6.0 
-60 1X50 2.105 1.3 
-ISOaLMOWJSO 13 


J72 
Son SA 542 
soarng 38a 10 

- 3> 414 

R 2319 


Sana**, 1005 


-1.10 670 343 103 
SS 709 GOO 03 
-19 902 061 2.1 
—7.1048190 377 14 
-30167.7010830 „ 
-IS 1309 1j04S 10 
-80 7.100 5.480 0.6 
-890 38800 21000 _ 
-030 624 44140 17 

-830 274 207.10 13 
-1 13630 8730 U 
-16 1348 088 83 
-33010090 114 6.8 
_ 280 164 _ 
-430 625 316 5.4 
SM 535 30130 73 
-30 234 13650 33 
-530 371 26340 7.7 
+1 538 752 1.9 

+51.005 785 
-121.150 805 13 
+4 604 352.10 _ 
+130 287 201 33 
-SO 15740 1(339 23 
+9 752 542 13 

+5 545 881 23 
-70 3390 2360 13 
-1 734 578 3.4 

-28 1389 (J7D 33 
-8 49680 337.10 28 
-I BOO 472 23 
-240 Ena 365 73 
+1 M0 382 73 
+21 ZA7U 1,780 _ 
-13 732 523 49 

-32 2800 1,710 2.6 


_ Ski 


3,145 *5 4310 2376 _ 

SS 

= «SS US 

— TaraM 23.000 _MJODZ2750 13 
_ Ton** 17300 +S10M3EISjg0 3.1 
IMcnm 10000 +20012700 9355 13 



- NEIHBXANDS {Oct 21 /Rs.) 


) 13975 11.600 39 
+5 2.700 2.11 


-20 SI 

+2 215 154 03 

-70 8300 6.100 1J 
+4 1350 1.186 22 

susssss 

SSSSSSm 

— 4.470 3.550 6 0 
-6 1360 1JZT6 23 

-70 9.180 7.420 8.1 
-40 1ILGD0 8.720 13 
—30 53504,160 25 
... 3385 1760 52 

— 8200 5.910 29 

-?S38i8K 

2 «B.VS" 

-90 10275 9260 30 
-36 3.680 2320 43 
... 588 C015 

-ass&s 

-? 2 S£ffl h 

-BS 15200 12550 49 


SukO 23330 
SynOil 16630 
la«I1 2.S20 
ThraCSF 13830 
TOMB 31730 
UfiP 12130 
UFBLOC 385 


Vribc 291 50 
W0rm9 234 


_ 5292M.10 — 
-7.J0 377 IX’ 5.3 
-30 ZS7M 18350 2.4 
-30 3.120 V 61 I- 2 

-S 214 IJttlO 69 
-290 36050 28310 39 
-2302345012750 3 A 
-6 W 333 4.1 
-10 050 43750 ao 

-8 800 403 M 

-13.79 307 221 33 

-140 335 240 33 

-90 355227.10 49 


— GEJUMKV(0cJ2J /DfflJ 


151 30 

520 

AaMrtffa 1.040 
23S3JU 


-25 1975 1.480 69 
i 17 J58 1 ‘ 


-75 17,350 13.750 45 
+20 11000 1320 4.7 
+225 28.100 22300 2.4 
-10 2930 2.440 45 


0BUA8X(0ctZ1 /Kr) 


AaJPA 615 — 760 565 2.4 

BUM IDO -3 281 176 29 

C30A 280 — 333 250 1.1 

Coffin 5920 -10 7.000 fiJOO 09 

IVS12A 106900 -2.000 186500 11X0(0 0.5 


DcfOak 

EAsOt 

FLS0 

own 


Lrtzna 

Maws 

N*f*-flB 

RatBoB 

SO0M 

States 

Suprti 

TeHDo 

TopOw 

LMdDA 


203 

+5 

22817X50 1.4 



-409 



«... 

156 



150 50 

-u 

387 

-3 

BIS 

36$ XT 


660 

-10 

843 

445 2.1 


180 


27B 

180 1.1 


383 

-a 

425 

330 2.1 


910 

-10 1050 

895 OA 


330 

+29 

385 

252 30 


556 

—4 78181 

488 0.7 


*55 

+1 

737 

41B 1.1 


529 


BT5 

497 00 

__ w 


-1 

S75 

425 00 


40? 

-3 

495 

321 20 


343 

-2 3*38 

300 — 


Kin 


372 

510 l.B 


237 

-6 

267 20708 4J 



HNLAJtD (Od ?1 / Mkaj 


AnrA 

CtAF 

EflJnA 

EnsoB 

Hirtl 

KOP 


Kane B 

as 


NoMtf 

osanoA 


9B90 

140 
80 

4290 

14J 

8J1 

5890 

522 

128 

143 

141 
2D8 
208 


“M 


SttkmB 

sr 


70 

6530 

4790 

96 

242 

1790 

14.40 

9890 


+.10 194 B8 29 

— 176 121 19 

-15 105 60 — 

— 49i» 3990 1.4 

-1 233 141 29 

+96 17.40 8.11 _ 
+30 80 45 19 

— 705 502 19 

-3 150 

-3 247 

250 
258 
260 
602 
108 

104 

-90 10254.10 13 
>1.905790 41 — 

+30 120 8490 19 
-5 25a 175 29 
-90 31 16 — 

-.10 2090 12 — 

+30 <29 69 — 


100 OJB 
140 29 
138 29 
200 1 9 
190 13 
287 04 
69 — 
G9 19 


ASta 825 
AdhnPI 720 
BASF 30330 

srJi 

anwH 390 
BMWBr 76230 
BoyarV 426 
ffsttaf 1913 
BeriKr 28690 
BWBh 30230 
BOTSg 832 
CKAOP1 780 
CKAG 1940 
Cnttnt* 31490 

comm 221 

OUV 408 
□amir 75290 
Pgussa 448 
Crf Gab 22730 
DschBK 72S 
DMWrk 146 
Doufll* 495 
Drank 319 
DraJBk 392.70 
GBC 523 
Qmtni 245 
GUscti B20 
limbe 215 
HeMCm 1.2*5 
f**aS> 560 
HMB 325 
HOCfltt 942 
ffcnsi 31170 
Hbnmn 70017 
Koran 205 
IKB 27490 
UidWk 332 
KsUfi 15250 
Krskffl 615 
ICftBt 508 
KHD 12330 
KHXkW 133 

sr % 

Unde 
1M< 
inam i 
nan iBi 
MAN 
MAN Pt 30290 


FRANCE (OCl 2W FfS.) 


«w»7 

Mtak 163 
MouRRb 2905 
PWA 220.50 
PtiKomm 505 
Punch 643 
PraiaB 44190 
RWE 4S590 
BWEPf 38830 
RnemE 1J40 
Rhnmtfl 27090 
HUM 213 
Barm 236 

«yg 

382 
614 
635 


ACF 21190 
Accor 530 
AfeUq 701 
Atari 47190 
AMI 23950 
me 6ii 
BNP 24090 
Briar 405.70 
BanQm 2.790 

cSP* 1 i.m 

Cam+ km 
C mQem 18290 
CnMUa 182.70 
Crtow 2J11 
Cntno 16890 
Cbrae 1-203 
COMM 42590 
CCF 211.40 
QFanF 724 
Olya 448 
CrtJBcF 37070 
OHM 380 
Duitnrt 5980 
Danone 709 
OOCtaF BBS 
Doha 347 
EOF «25 
EouxGn 425 
Been 676 
BMmi 35010 
BtAQ 305 
Bffian 3«0 
EffiSw 717 
BBCto BOO 
Esrtr 758 
an 3.430 
BraSr 1.700 
EuRSCS 565 
EurOb &S0 
Hn« 100.70 
FoncLy 600 
Fimai 5,170 
QTMBnt 420 
G4UI 2J83 
Gauort 304 
Grmya 366 
Kavaa 41090 
iBWat SW 
taadFT 425 
mmbnq 730 
InWrax 3090 


-190 

-21 

-11 

-290 

-490 

- 4 . 40 : 
-3.10 


814 

913 

330 

718 


35620010 
786 529 49 
655 3.0 
454 49 
217 144 
570 4.1 
1990 227 ._ 
683 -M. fO 3-0 
-193.750 2750 39 
-3 759 503 32 
-351,4901933 49 
-1 1,165 794 4 J 
_ 22850 15890 57 
+1902132015050 — 
+11 29691.711 29 
-4.70 20513290 49 
+18 1.570 I J04 32 
-290 4S5 346 2.1 
-19030090 an 29 
-91,365 721 79 
+3 856 370 39 
+90 49835190 — 
-1.10 737 370 166 
-80 6,100 5900 0.7 
-12 1JM2 685 13 
-a 830 Ota _ 
~ 470 331 1.7 
877 760 2A 
74041118 3.9 
+8 740 809 2-2 
-90 435 39110 5.4 
-5 382 MM 
-190 282 191 140 
-281988 716 — 

86S 653 OS 

+22 830 633 1J 

— 32187 2.750 29 
-38 2909 1.708 4.0 

-3 734 563 2.3 

— 16.70 aisios 
-JO 182 I0fl.ro 99 
-10 930 680 3J 
+70 B.82D 4 J40 10 
+20 STB 30S 2.7 
+33 2.754 1.070 OJ 
-.50 383 23900 20 

+0 840 3ES30 U 
+1.40 49190 338 29 
-17 880 495 2J 
-10 710 422 50 

— 1.07a 852 02 
-1.70 119 3795 79 



-0019030 140 1.1 

-6 635 400 2J 
_ (.446 1,000 (.3 
-BO 2911 2.122 0.8 
-6GB05O S7S 20 
-23 1.191 TOO _ 
-20 1025 815 10 
-080343+1 278 20 

— 610 43S 19 
-3 485 348 29 

-10 40UO 33010 39 
-700 626*850 87 
-(930 929 639 1.8 
-1230 575 395 11 

-51.105 615 10 
-3034058 236 1.7 
+30 628 374 3.7 
-IT 951 750 1.5 

-21030 780 1.4 

+20 1030 1.140 00 
-6.10 300 29230 30 
-330 299 218 1.0 
-6 600JWSO 03 
-1530 004 689 1.1 
-16 566 443 1 0 
-2301*630 210 _ 
-13 B87 JO 65050 2J 
-2 188 131 2.7 

-13 S07 -!78 3L8 

-1 337 260 1 0 
-89046660 346 3-4 
-500 818 485 1J 
-5 307 2*5 20 
-6 826 590 1.7 

— 246 >90 30 

-n i jso i,i4i i.o 

-0 OBI 562 1.7 
-6 4*0 310 11 

-371099 857 1.4 
-163036800 2M9J 2 2 
-22 1.015 787 1.7 
-11 253 205 20 

-100 313 25860 30 
-6 433 326 24 
-200 166 131 — 
-13 549 515 21 
— I 558 *61 2J 
-140 16150 11S.1D _ 
+300 173 (0170 3.6 
-2 800 630 2J 
-10 850 660 1.7 
+3 066 830 1.6 
-200 410 311 13 
-2.10 21600 15700 — 
209 15( 1.4 
-700 470 378 10 
-3.70 367 285 2J 
— 60046800 368 13 

-4S 286 101 40 

-15 3017 2070 D.4 
-3 262 210 _ 
+2 530 

-13 950 622 04 
-70050100 *16 20 
—9.70 52900 399 20 
-400 424 339 3J 
-25 1 ,520 1 —30 09 

■*3 E i! 

sis 

-790 79900 60900 11 
-5 695 610 1 0 
-9 500 480 1.1 
-600 328 23850 11 

-1600 55900 468 20 
♦200 400 317 20 
-5 415 316 20 

~r£ S SSi! 

-6 443 337 0.8 
-ID 7.073 700 10 
-10 270 208 10 


ABMUnr 57.20 
AEGON 103.70 
AtnU 4700 

naan 20100 
sown 33.10 
sown 3&so 
C9U 6700 
OEM 14100 

B? S 
SS 

w as 

hShoT 230W 

SSSn ts^S 

ramoy n0o 

77 94 
KLM 48 

WBT 4800 

wwy 

PoN& 71.70 
Hobece (1240 
Rotfnvn 5100 
Hone 116-30 
Rnent 82.70 
RDutcn 10700 
StartN 4400 
LWDp 138 
VNU 17B.40MJ 
UhODpB 45J0 

nKDpn 12100 


-00 73.70 54 5.1 

^isEsasas 

up 

— IS0BO1G50J 1.1 
-1 20817170 15 
-.1010001400 „ 
+40 25 1300 < B 

-0068.40 8900 40 
-..10000 80.10 40 
-0OSB0O414O 20 
-1.10 15700 123 — 
+1.10 25020800 T.9 

-iss^s^is 

-2 0300 8600 24 
-40 48J0 34.70 20 
-1.10 94 JO 7110 02 

-.10 8*00 71 1.0 

-.m i3i 112 ii 

—J0 1 35.40 11400 20 
-.1010000 81.70 5.3 
-00 21540 1M0O 40 
-0O5O0O4OJO 10 
-100 238T704O 3.0 
+130 203 16400 10 

=S8S$Sio,£?i 


Erj I 

miM 

i.S 


-6 450 302 32 
—7 971 782 10 

+2 190 1*350 ( 3 
— 991 700 10 

-59 10751400 11 
-14 1.437 1.063 11 
-3 175 123 — 
— 1.738 1.400 40 
-89 6040 3.71m 
_. 203 182 64 


+4 720 SOI — 
... B15 615 _ 
_ 970 81* 00 
00 


-3 612 381 
-150 8060 7.430 


prll 

Zuhra 


1.163 


-300 13MI . 

—65 7270 5.190 00 
-51300 1,735 20 
-13 10&6 687 14 
-300 227 148 10 
-1 tffl » - 
_ 070 Oil — 
-30 1050 1.400 30 
-7 1.100 8*5 10 
-2 531 352 4.3 

-150 259 173 40 
-6 815 584 1.4 
+2 770 515 10 
__ 888 735 — 
-610031055 16 
—5 032 588 17 
-13 1015 1.128 1.7 


_ Kontca 


+2 

B77 004 



Sumtz 

7010 


10BO 1.1=0 



aam 

srawa 

2050 

+2 

335 250 

Nt . 


r ■ 

875 


SM 737 






1,100 



1 joa 


__ 


1080 

-50 Z.7B0 2.150 



_ 

SMkA 


-1 

907 732 

_ 

__ 



+3 

707 60S 





-15 

9a B46 

— 


StmBW 



—20 I860 2090 
_ 1.110 775 
— 1370 1010 
-31040 640 
_ 1290 1.130 
-20 UH 1.060 


+17 610 *11 _ _ 


EMM 209 
TNT 1*0 

TVQtfi 400 
M at ing 800 
WMng 823 
HHMd 920 
MMfTr 127 
ivsqtac 4J8 
WWH 5.12x0 
UrtMl 205 


- OS 3.70 IBS 84 204 
+ 174 1.91 
+05 400 128 19 
+.10 90S 0.10 4.7 
+.14 800 620 1.0 
+.10 002 700 20 
+.04 185 110 4.1 
+.07 508 4.03 14 


+03 522 170 1 6 


2.70 4 1 


PACIFIC 

JAPAN (Oct 21 /Yen} 


10 

ij 


— 1.4201000 

+4 737 *68 

-101010 901 
_ 1080 ore 

— 1000 801 


-io i^ao ij70 


— — ItBoiCC 


563 
— 1.700 9W 
-8 534 *02 
+6OB0OO1S5O 
-3018404070 
_ 1050 1020 
-20 1030 1000 
+3 811 590 

-10 1000 1040 
-12 620 410 
_ 513 380 
-1 879 550 

+3 398 B55 


— — MbCorp 


— rohiiAv {Oct 21 / Krona) 


AketM 

BnimA 

CbM 

SCSI 

B+jnFr 

HMNAI 

Krnrf 

Utl H 


75 

142 

12 

178 

72 

121 


-1 112 68 4.7 

-100 173 130 0.7 
— 1900 1100 _ 


FrfberA 

art! 


SWB 
(rittor 
Vnrd A 
VMM 


84 

2B60O 

176 

200 

140 

7500 

7400 

77 

106 

118 

Z3J0 

00 


— 188 
+00 114 

-a i4« 

-8 398 
-1 11050 
+00 27050 

-2 206 

-1 SOS I SC 50 10 

— 16401) 130 30 
S 91 7200 16 
— Or 70 2.7 

— 97 72 60 

-00 122 8500 14 
-JO 1S1 114 12 

-30 6*00 21 _ 

+1 89 55 00 


SPA* (Oct 21 /PH] 


sr 

BCnH 


5060 


— BPoptr 


cfysA 

CorbMt 

cutma 

&s*w 

BvaAfl 

am# 

Enaaflr 


SrDurP 

HUDBi 


Korpo 

Uamra 

ttm 

(wv 

FTjca 

SS& 

Sank) 

SctQ 

TeUCA 

ToWn 

Un Fen 

(MM 

UaM 

vaRhrn 

Vtedn 


3.11 

302Q 

4050 

15.070 

3.160A 

4.460 

afon 

104501 

1005 

1400 

6070 

738 

598 

1643 

817 

6060 

5.450 

4.065 

10.050 

2040 

3080 

216 

479 


— 6080 5.160 20 
—25 8000 4.770 5.1 
-45 30351780 24 
-65 3400 1415 7.0 


-20 *475 3078 4.1 
-aooiT.r 


.70014000 50 
-60 6021 4.400 50 
+20 1,435 700 230 
+60 3090 2410 12 


Datnafl 


-50 5,110 3400 2.7 
1 11000 8020 17 


3,435 

1090 

570 

1,170 

1010 

2075 

2095 


-290 1 

-30 2.7151.755 40 
-1510751010 10 

— 3080 1300 13 
-10 8,1 DO 5.100 15 

S 1.100 no 5.4 
-1 92* 410 101 
-40 5.140 3000 37 
-13 1010 TOO 70 
+10 7000 4000 20 
-20 7030 4000 20 
-05 8.400 4010 20 
-310 115000*37 10 
-10 20001.600 — 

— *400 3006 30 

-9 365 102 00 

+5 696 351 (04 

-14 815 505 80 
+36 4,4502005 30 
-35 2,185 1005 3.7 
-13 739 549 70 
+70 2.4 00 950150 
-56 1010 1,160 3.7 
-283.1201080 20 
-56 3000 2050 U 


Oemfa 

DmaUn 


EcMG 

Feme 

FunnCn 


nwoE 

Gskhm 


“ SWEflBI (0ct2l /Kroner) 


- rou.T(0ct21/LJr8) 


-7.10 

+1 

-21 


B Comm 3035 
BNazAg 2J35 
Sttroa 1J65 
Bstom 100 
Bnetm 19060 
Buoo 9.130 

an i0wi 

a 1060 
1020 
CkUTn 907 
Crib 10E5 jt 
M tt 0.750 
Ferfln 1067 
Hal 0030 
HalPr 3.605 
Fkto 3.860 
FonSpa 10020 
Gemma 1070 
GenAae 37,100 
Saw 3.950 
IHPr 23050a) 
IfTL 5.100 
M 10.050 

W 2,195 
oaten 10.070 

SSSr tSS 

Htanc 11730 
Monied 1010 
Od*et 103 
PM 3.500 
P«P0 2035 
RAS 19.090 

none 8000 
SASBs 7060 


-65 5062 3470 50 
-65 3065 2041 — 
-602450 1030 >0 
+3 211 78 — 

-2902005016300 10 
+2012450 8.110 — 
-24 3,1001064 30 
-SB 2012 1002 — 
+15 2095 1063 40 
+102010 865 — 
-19 201B 1.656 5.1 
- 73074 9J55 — 
-17 2084 10SO — 
-50 7J30 4.071 1.7 
-55 40201119 18 


-30 0,108 1101 40 
M7J 


-220 17090 10*20 50 
-10 1085 10SO 24 
-450 44.723 330S3 10 


AGAA 

6700 

_ 

93 

58140 


AGAB 

6X00 



95.76 

57 

ISO 

, 

AsaaA 

540 

-11 

B80 

250 

10 


AMU B 

540 

-9 

685 

438 

10 


Aa&M 

>B8 

-1 

197 

IS 

00 



Ame 

10400 

-1 

194 

14* 

00 


AOaxA 

95 

-0010050 

83 

90 


AOaaB 

95 

-00 10850 

79 

90 

. 

BTxfl 

371 

+1 

*39 

282 

U 



BtaS 

433 

-244250 

326 

10 


EaltaA 

100 

-4 

134 

87 

20 


EdW 

TOO 

—2 

134 

OS 

20 


Bntnl 

8300 

+00 

110 7X00 

6* 



HEMB 

3 07 

+2 

430 

231 

10 


HMhA 

4200 

+100 

69 3800 

20 

_ 

tacKA 

230 

-a 

311 

137 

30 


InCMB 

237 

-a 

312 

178 

30 

_ 

tavalA 

17800 

-00 

550 

155 

20 

.... 

tamffi 

17300 

—230 

2tB 

1 62 

29 



ModnB 

324 

-1 

372 

17 

22 



PharaiA 

132 

-2 

155 

14 

1.7 


FlwmB 

130 

-100 

IDS 

109 

1.7 



SCAA 

1)4 

-200 

185 

102 

30 

,,,, 

SCAB 

11* 

-2 

150 

99 

30 


SKFA 

132 

— 

184 

122 

_ 


SKFB 

135 

-1 

108 

124 

3.1 


SrekikA 

11500 

-00 

143 9900 

10 

,, 

SMM0 

(1000 

-f 

142 

«0O 

10 



st Bnk 

4SJ0 

*20 

73 3900 

_ 


SHUN 

12000 

— 19X50 9700 

10 

__ 

SUMS 

100 

+00 

233 

129 

22 



Stored 

*33 

-4 

475 

£3 

10 

-- 

Storefi 

43100 

-600 

400 

10 



SvHmR 

BZ 

+100 

144 

85 

22 

_ 

SBfcA 

94 

+2 

110 

B8 

12 


IBS 6 

.85 

11000 

-1 

+00 

122 8200 
126 76 

30 

50 

— 

lUhmA 

14000 


159 

108 

50 

__ 

VOMOB 

142 

-e0o 

170 

105 

50 



-11 601 
-30 30*0 2410 
+21020 8*2 
+4 741 438 

_ 1020 1030 
-50 3090 1080 
-10 Mio 1.020 

— 611 315 
+3 *62 337 

— 997 841 

_ 693 490 

-TO 1,440 1040 
-22 788 571 
-301970 2.450 
-20 1030 1050 
-10 1780 2400 
-201,660 1010 
+2 884 772 
-4 BOO 758 
+2 62S *10 
-3 501 397 
-5010701.420 
+2010801050 
-ID 1000 1.700 
-70 1010 1,«00 
-1 1.020 880 
-1 1.220 BOO 
-6 BIO 65i 
+2 570 415 
_ 1070 993 
-10 2020 1060 
+2 577 3*5 
-IB 1J00 72 0 
-18 085 697 

— 1.120 95] 

— 1.710 1080 
-201070 1030 
+70 4,650 3.000 
-15 70S 545 

+7 638 *69 

— 10101050 
-ID 1080 1050 
-201,180 993 
-70 4.940 3000 

-3 70S SJi 

-10 1450 1020 
-17 603 *45 
-TO 2.5601000 
-0 738 595 
-4 513 275 
585 300 
+1 1040 719 
—50 1,270 990 
-701500 1050 

— 1.180 641 
-7 7B6 514 

-13 933 767 
+101.050 888 
+6 700 456 
-4 1,250 938 
-8 639 *40 
-3 734 802 
S 040 577 
+3 625 438 
-9 780 filO 
*0 1,130 796 
-7 550 387 
-2 950 679 
-071040 Kffl 

-71,120 812 
-6 948 712 
+2010401090 
-5 1,120 620 
-2012601010 
-10 1030 630 
-6 759 502 


b mm 

Mteu) 


IMPud 1080 
UWbr 748 
m»nS 
Mtttak 
MBPU 
MB50K 
MtfTtW 
IMM 1.140 
MIMI1 98* 
MtKTlB 14*0 


443 

412 

905 

82* 

424 


— ~ MmeOM 
— MarlS 


Neon 

MhnCm 

WhnHD 

MhnPk 


— NOan 


NpOrBk 

NpOnAo 


10 - 


mrak 


nahu 

ougto 

tan* 

Inara 

bun* 



V 


BSS & 

HsnrW 1.150 
MHO 83* 


-4 787 551 _ 

—3 573 425 10 

-9 523 318 — 
+1D I JSO 1.010 — 
— MS *06 — 
-20 30001220 — 
-70 7030 5080 — 
-3 555 376 
—1 889 730 — 
-181080 905 _ 

-2020601*30 — 
+1 702 638 — 

—20 1030 7BS — 
-10 1040 BBS 00 
+ 17 960 512 _ 
-2012201,760 — 
-1 560 *2B 

— SCO 7*3 
-3 463 321 
-102010 1. 420 
+10 20201.700 
-30 1.920 1.500 — 
-10 1020 990 1.1 
—30 3040 1600 — 
-2 960 711 — 
+f» 6*S 337 — 
+6 082 865 — 
+4 732 SS7 — 

-0 792 562 07 

— 10401 050 00 
-8 963 *60 — 

+11 593 388 — 

+3 113 790 0.7 
-10 3010 2080 _ 
-20 10001020 — 
-5 736 530 — 
-301,300 SOS — 
-3 550 335 — 
-* 833 603 — 
-S 58* 39* — 
-31010 796 — 
-10 1030 8*2 _ 
_ 792 487 — 

+3 560 407 _ 
-6 484 316 — - 
+6 885 395 _ 

— 1060 1.1*0 — 
-1010101.450 — 

-5 $84 *25 — 
-15 6-» *55 „ 
-1 BSS 672 — 
-3 400 301 — 

— 1<42O10TO 0 8 
-7 890 740 00 
+5 469 37ft — 
-4 453 337 — 

-17 940 578 — 
—7 040 770 “ 

+1 443 310 

+20 1,400 845 
-151,110 790 
-20 2130 1030 
-4 782 60S _ 

-2o 1010 e» _ 

— 2000 1083 04 
... 82* 495 09 

— 1780 1000 — 
—2D 4, *90 3.472 — 
-1014)0 059 _ 
-201,170 965 — 
-101,4001020 — 

-5 620 395 — 
-* 239 231 — 
+7 9T5 565 — 
-7 793 52S 1.0 
,-5 707 *93 — 
J +2 494 315 — 
-11 910 SI I _ 
-11 10(0 Tfll 00 
-3 588 500 — 

— 2080 1.470 — 
-101050 1070 — 

-7 US EH - 
-S BIO SB - 
—10 556 *00 
-2 051 579 

— 520 412 
-20 1,4*0 1000 

+1 1.1*0 B55 
-120 7000 5120 

— 6.650 602 
+5 <H 316 

-102,1301.610 
+10 1300 1430 
+10 1.110 937 
-7 BOD FU 
-ID 620 *S0 
— 1190 1.6$0 
-2 350 626 — 
-10 795 418 _ 
-20 1JS00 1M0 U> 
-3 794 653 
-3 7BO 500 
-17 7BD 48* 
14901.020 
*0 817 450 — 
-20 i J00 1050 07 
-3 515 4*i _ 
-27 l.HO 750 _ 
-30 1040 1480 — 
_ 1.510 1.160 
+3 532 325 — 

— 397 3(E — 

— 53* 3*5 — 
-300277X 13500 0.4 
-CIOOO 13301(130 

+5 830 
-12 687 _ 

-3 619 305 

-30 1470 1050 00 


SawSon 

swans 

Srif 


SamBM 

SamBak 

SunCtam 

SunCa 

Surr/Ba 


50 B 
10M 
1140 
775 


SllNtt 

SumUtU 


Saeffl 

SuodDr 

GamTlB 

SanUMB 

SdBM 

TDK 


720 

1030 

554 

1000 

’■£2 

389 

417 

884 

360 

970 

518 

620 

1000 

1020 

723 

1480 

4070 


— 790 
£5 — 


TshoPTl 1,780 
TWSe 580 
TKraSn 788 
niM >090 
itobOi 1420 
Teram 8*3 
TeSn 572 
TeSiffl 785 
Tflkki+l 330 
ToeCa 7*7 
T&srm *30 
TobuRw B20 
TodnCp 910 
Tori 740 

Tcno 18.1D0 
TlrtrS* 1LA9D 
Tra5BH 1420 
TkaiCh 450 
Tridca 550 
TotdoM 1,130 
TVyema S8S 

iS 

TVDame I.7BO 
HcSPnr 1030 
TVBcn 3.150 
nsM 435 
TKRuge 008 
THSB 2000 

^ '‘SS 

TkuOp 667 
TAiLno S33 
Tonen 10*0 
TotmPr 1,410 
Tcry*. 783 
TriVW 751 
TjhtS; 990 
TSEMfci 7*0 
Tttkn 6*0 
Tmoh 418 
Tom 1J50 
IcWCJi 514 
TOAuL 1 010 
Tdiota 883 
ToyaKn 600 
TofDSk 3430 
TfOCS* 2.110 
row.™ SOI 


+2 TOO 500 
+4 623 *8< 
-30 1000 1.110 
-1016201050 

— 028 700 
-90 6,460 5.*00 

-8 652 DIB 
-10 7*7 *23 

— 2090 1490 
-10 547 40* 
-10 1.1 DO 837 

— 1380 >080 

-3 475 380 
-2 48S 268 

-18 1030 BS1 
-fi 358 252 
-5 1.0(0 684 
-5 573 432 
-9 734 611 
-101.120 B15 
-3010201090 

— 815 67* 

— 10301050 
+50 5050 3480 

-1 746 BIO 

-20 2410 1.770 
-8 172 550 
♦5 882 679 
-10 1.6S0 1,010 
-20 10*0 1000 
—4 10*0 838 
+5 605 *00 

+15 628 616 
-G 1.1 DO 705 

— 051 506 

-JO 555 JB7 

-2 720 602 
_ 993 670 
-16 907 S33 


— — HONG BONG (Oct 21/HJU) 


60S 

33 

1105 


SSSff 

CdwrP 

cnm<ng 

CMJBft 39 JO 
CNVWT 
IMM 
OKP 
atom 

□Perm 

GEttfe 
Guooo 

nsec 

WUssgSI 1300 
KSWOD 3500 
ttnMm 1009 
HaMnv 800 
Kanina *8.60 
Ks-rcns 14 

HK396 1005 

M(Alr 2975 
IKOe 2300 
KXUmd 1890 
MM 1865 
HKTri 


709 

2205 

187D 

1DJQ 

442 

3*00 

anas 


HUKMN 

Nfdan 

JNlflM 


1885 

700 

34W 

1075 

90S 

83.79 

2905 




-60 i 

+20 1.420 1.110 
-9 S36 32B 
— 597 415 
+10 1 J90 1.120 1 


+4 615 *21 
-10 1.7201,450 


+20 1020 1J10 
-201200 1070 
30*02010 
-ID 3.460 1740 
-8 570 428 

-13 70S 520 

-10 2.750 2400 


JStnK 

KM Boa 1*00 
MmlElr 

nowWW 2*05 
ndhA 35 
SHKPr 5845 
9 b*» I3J0 
SMK 300 
SbnaO 10.85M 
saaiP *80 
SMC Co 390 
SWtnrt 5*75 
Gwkcfl 800 
Trim 35.70 
Wharf 2945 
Wrick 18*0 
WtagOn (0.05 
WtoO r 10.10 


-05 1500 
+.10 SO 
-4518.70 
-.40 52 

-00 67 

-00 61 
+.10 14 

-052740 
-.10 19.10 
-051640 
-05 805 
-JO 49 
+00 131 
_ 4190 
+ 45 DO0O 
- 1340 
-.10 000 

-.50 60.50 
-15 3*25 
-30 15-80 
-143 54 

-40 3500 
+.10 31.75 
-OS 3045 
-40 17.70 
+051000 
+. 10*200 
+.06 334S 
-05 13.10 
-.75 6400 
-.10 3800 
+05 25 

-.10 7150 
-05*150 
-40 39 

-45 77 

-05 1650 
+.18 615 
— 15.40 
— S.4S 

_ 7.00 

-145 71 

-05 1100 
-40 37 BO 
-40 41 

-45 2300 
-09 (000 
_ 17.40 


80S 43 84 


2880 12 220 


10.40 _ 

3000 16 
37 81 387 

59 IB 684 
613 _. — 

1000 1.7 .- 
1830 30 1*9 
10 0 5 ... 

4.10 10 — 

29JQ 10 — 

60 1.9 — 
1140 4 6 304 
*7.75 30 314 

10 3.7 20 
505 4 A — 

32. BO 54 — 

13 13 206 
10. SO 10 80 
2970 3.4 113 
20.30 19 _ 
1700 04 _ 

I860 30 20.7 
12 34 — 
590 40 _ 
2700 20 _ 

1048 40 _ 

700 0 6 _ 
4875 OJ — 
2400 0 * — 
1200 22.7 23.1 
020 00 — 
2040 30 _ 
30 31 640 
41 JO 30 67 0 

11 20 470 
310 44 10.9 
085 MU) 333 
390 82 — 
306 60 

50 11 187 
8 20 150 
43 12 — 
25. DO 2.3 _ 

14,75 12 
10 20 — 
995 7.9 - 



SL 1 

430 -15 445 *20 
26 OH. 251. 

0 SB 9 

193 ->aSXS 194 

110 110 MO 

i4v -iv Him i4V 

1 +C s9 av 


GUI C 
HarSiA 


*00 

=15 

ov 

1»V 

ION 

3 Sj 

4% 

13V 

Si* 

lU 

20 

13V 

15 

17>i 


>S «Od 400 

+vi%5 45 

-V *10+ in': 
-VC13V 613 

Jl 5S *3^ 

*8V B-i 
-V SM36V 
57 6V 
S22 21 



J| 5(0 w 


UAP A 
□Carp 
(MW 
Wcmo 

wee 

«W» 

WMtnG 


»1?S I7«| 
-‘■m <4V 
+ v *15 (4V 
»V *HV 10 
11. V 1*V 
-IV *31 30V 
-v tnv 2s\ 

-V MV 9>| 
IMV 1! 
+ U *2V 21V 
+VMV42V 


MONTREAL RW21 tCanS) 
4pniclos8 


3l, 

-‘ivwS’jK 

«V S8V 8<: 




■ - 

a ,< 


Sisv i5>< 


+1j KCh 12*i 


*4 290 


Humra 
IM 
HOI 06 


nit! 13V 

+, B a » 

— >A 511 10*2 
-USUV 12 V 
-V nil; 13V 
-vnsv i4V 
-VB3V 13V 


*2285 Bmanffi « 
51800 Broad* 
72130 Omen 
93*8 Cacao® 
*00 CnMK 
400 CTCO 
40000 JConbi 
28388 men 

49102 nusm: 

64553 PIMflO 
301)0 OtwarA 
11900 warn 


a a 

Z1 

0 

,5, S 

■a 

&v 

5 ,1 

12V 


Cl MV 
*8 1 
I1SV IBS 
SB 6 
Hi as 
-V111.V " 


S5 

51? if 

-tj SlK 12\ 


AFRICA 

SOUTH AflWM [Od 21 1 Rnnd) 

+/- H«B Lew «4 m 


1 Nud8ay 
ipttn 


TayoIB 1.1 DO 

420 


570 

SSO 

<24 

386 

1J00 

l.llt) 


1 07 

00 


1.1 

07 


IWBr 

Vidor 
■ttJCB* 

vmarsec 1,1; 
vmanaH S3o 
YamSec 755 
w widd 1090 
YmWon 1,490 
YeffiXog 1040 
YmTiwn 17*0 
VmzBak 1330 
Yjohxn l.OTO 
7aarfS 535 
TuRr 730 
VxsTrB 879 
1070 
B48 

TMnllla 683 
YomLnd 912 
YOsnPn 963 
Yism 647 
20x0 BS7 


+8 780 450 

■; ss tsi 
-o rsa 533 

— 1.650 1.480 
-TO (060 (.190 

-6 788 575 

-1 B7S 620 
-20 1060 990 
-12 773 433 
+W W5 7GS 
-6 *35 265 

— 1090 1030 

— 586 *21 

-30 loan 1.430 
_ 734 515 

-10 733 S2* 
-3,4601080 

— 2050 1,760 
—7 527 330 

-20 1 JSO 965 
-2 5CS 330 
-12 BBO 432 
-6 635 3*5 
-1 *36 285 
-1 418 272 
-10 1.600 635 
-10 1.130 1090 
_ r.*30 920 
+20 969 820 
1010 5B2 
-10 1230 10*0 
-10 1010 1 JSO 

— 1050 800 
-10 1 JSO 1.110 

— 2790 1040 
-40 1 JSO 1060 

-5 $04 3S0 
-I 389 725 

-3 1030 734 
+ 101.120 — 
-6 989 
-1 74$ 

+3 1,160 
-10 1.100 . . 
+2 763 442 
-2 7*5 486 


aj — 8MLAT5M JOct 21 / MY?9 


UnOOl 

moo 

fnobr 


-V 538 37 
—V Mi 45 


~ ~ Ronald 505 +09 800 


2300 - 30 23.75 
+70 1810 


menu >620 

IHBdC 17.10 -.40 1900 
MMUkl *08 — 8.30 

MuEUD 4.60 -.02 80S 
PBS 4 30 _ 6.05 

SShKflO 7 -.05 a.40 

Tewkm 20 JO -10 24.10 
Tarawa 1310 -002000 


162 20 
.76 1.1 


117. . 
1160 OB 
1X30 1.1 
X10 1.7 
106 03 

16.00 07 
1200 


(mats 


H4 0+ 
HS 5*» 

■v tin i3v 


— 50CAfOBE(Dct2l / SS} 


DBS 

frBth 

GaRAa 

KawPar 

UxriCEJ 

KIM 

OCBC 

0U8 

5tUrf= 

SPnss 

surer 

Strut 

TotUM 

U06 


1080 

1700 

20S 

318 

505 

1X10 

15 
715 
13 JO 
1BJ0 
300 

*Q 

408 

11.40 


-.10 1170 
-10 (am 
-.01 3.46 
+ 04 300 
-.10 B05 
+10 13.40 
-.10 1X70 
+05 700 
-00 1X10 
.... 17 10 
.. XM 
-.02 415 
— SJO 
+.101100 


1000 1.9 60 
(5 01 — 
2J4 33 ... 
1*5 30 «. 

402 54 

gu- 
ll ij ... 

$75 OB — 
1X40 1.7 — 
1X10 10 — 

XI4 BJS — 
3.16 31 ... 
388 10 — 
X45 20 — 


800 KenAd 
12800 Lbm 
30000 U>Bk 
29805 unaD 
10730 LdnraA 
B*3370 Utawfl 
33290 LoUaw 
2ST00 Mackltt 
747*10 Mandb 
25300 MSB 
17300 MKOdi 
D1082 MaaMB 
154**$ MagnM 
59*5 MpfffQ 
10254 MatTpl 
217071 MaCH 
11282 liltIWU 
40940 
72562 
84*85 
10500 
10*335 


+*■ *ia • - - 
-**£& * 


— +MV 
•VSSV 1SV 

-vmv 21 

+V 31 OV I0>] 

«9>i av 


JSu - — 
-V «< 8V 
MV 


A6SA 1010 
AEG 27 p 
NM 12! 
AmooU 200 

SSS 237 ^ 

Damn =079 
MW 92 
CNAGN X75 
DeBCan 101.50 
noadrr 610 
Driotn 07 
Ergo 12 

SNUG 34 
Engan 3619 
FNatBk SD.S0 
Freord 71.75 
Oencor *5.10 
CFSA (36 
Harmn* 4175 
nrani 2X7B 


+ ! »l 


ISCOH 


MotanA 

Moore 


? - NORTH AMERICA 


1.0 _ 
(0*9.3 


CANADA 

TORONTO (0a 21 /Cut $) 

4pm dose 


Z Z AUsnuiiApa2i/Aoas] 


S:: 



-■0 6.190 5.^ 




JnSawM 

JAL 


OTET 4,380 
SoKaA 4.410 


A ,675 
-3»3£M00 1S5» 1.1 
-14O80BOX16O 10 
-200 1<M0 9.170 _ 
-53 2,430 1000 — 
-481504S80S2 10 
-00 6040 4050 1* 
+20193501^00 11 
-100 is, no lime 10 
-81048 670 _ 
-41140 1.788 — 
— 6.100 3.400 10 

-1103^^0 10 
-300 11150 7060 2.4 
+10 (AIM 7150 10 
-15 1068 400 _ 
-W6JEO4086 23 
+5 7100 4,1*5 ._ 


SURTZBIUUN) <oa 21 / F(X) 


_ AdtaBr 
_ Amur 

— Ammo 

— BURp 
_ BrBuA 
_ BrBtflg 

— CS8r 


046 

=.800 

1088 


_ Obafto 
_ h*bt 

— Otar 

— Fume 

— 

— IfldMS 


720 

718 

332 

30*0 

1080 

140) 

050 


-4 292 191 _ 
+2 721 sea ZO 
— 713 667 10 
+30 3068 1173 10 
-2D 1 J49 1016 1.7 
-4 250 ISO 1.7 
-9 747 500 X4 
+6 970 702 2.1 
+1 0*2 006 2.1 
-1 422 328 

+20 3.BBO 1360 10 


+101^001060 2.7 


1X932 1400 20 
-20 BBS 859 1 0 


_ . 

+1010701; 

-a 86* tea 
-10 1.770 1090 ' 
-1 448 284 
-14 778 B05 
-6 501 398 

-10 DOB 479 
-2011201,610 
-6 400 20D 
+4 9*0 590 
-2 715 431 
+10 10*0 622 1 
-4015001050 
-801X408 9000 
-W 1,470 1010 
-21.000 825 
-30 1.080 1.280 
-2D 1*82 1,790 
-4 470 333 

— B20 G16 
+1 570 *30 

-20 1970 1450 
-T 006 *25 
-TO 1J10 1.140 
-4 000 398 
-8 422 271 
+2 454 303 


_ 773 
-101,100 

+16 seo _ 

-21,110 821 13 _ 
*3012*0 999 — — 
-20 1.880 1.460 _ _ 
-SO 50104010 03 _ 
-20 10001.050 1.4 _ 
-17 744 615 — — 

-3O4J2O20OO a* 800 

—4 53B 4(]B 

-6 770 602 13 

♦10 3140 2010 _ _. 
-2 582 3901.7 _ 

-1 BIO 440 10 _ 

-e 1.020 705 _ _ 


Abten 178 
Ameer &80 
Ampnu *07 
Arab A 23a! 
MUCH 30? 
ARZBk 333 
AusGU 4J9M 
A96 1.49 

BW* 2X28 
BTHVy ISO 
Bond 339 
BoucCp 009 
Boosts 1X5901 
BOM 103XT 
BKESPn 3,43 
CSX 4.48 
CRA 1X04 
Cano* X05 
CartHH X10 
CCAraat X12 
COMM 4.12 
cmafco 504 
Comrrah 707 
Crusdr T-2* 
DornMna 038 
Emu* 407 
Bnyfit 135 
FAT 078 
Fartfir 180 
FttthC 3J8aJ 
Fda&B 133 


+ 10 60S 306 
-.02 1 1 12 X4Z 
•01 6.10 XG5 
— 1100 785 

_ JSC 200 
- 5.72 X73 
+ 03 4.79 300 
.01 155 1.41 
*00 2056 16 

_ X58 240 
+0* 4.62 115 
+07 136 <1 £4 
+30 ISM 1230 
+.01 1.18 004 
+03 503 335 
.05 508 4 
•08 2000 If 


00 — 
10 32B 
U ... 

19 310 

20 — 
S3 ... 
50 ... 
XO 40 
l.l 31.7 

n ™ 


770578 AUdb 
9*275 AonEM 
10(570 BmGll 
572G9 AAtafl 
48281 MOMG 
378877 AknAI 
271876 AfflBbT 
37900 AksQ 
79870 Amnor 




17V 

IBV 


SV »V 6V 
19V 


IBV S19>i 

15V S1SV 15V 

37lj -V S38 37V 


37>j - . 

3*V Jj S3S 34V 
13V + r — 


56850 BCSuqA 

Ewr 


13804 . 

24*829 BCt 
9300 BCE HD 
7150 0GB A, 

49820 Bmaarh 
265855 BkMM 
378202 BkMavS 
39395 BaauQr 
121210 BmMflx 
■ TOKYO -MOST 


2*^ -t+sav 




_ +V ss a* 2 


(0200 

12419 

305513 

7DSS) 

251155 

217892 

12125 

3461 

74850 

38500 

13000 

43300 

910017 

10150 

3017 

3800 

45910 

own 

660192 

41065 

*350 

308600 

20100 

100 


liodiu. 


445 

•Vsnvnv 


KrecnE 

MflTri 




-VSl. - 
♦VMV 47V 


NoMace 

HURara 

Ona» 


S1» 13V 
3S0 l«V 


PWnMl 

PoeoP 

PWA 

Pagnw 

PandtP 

Pgnu* 

PMCm 

mflEtt 

PWnrae 


Nedoor 32 
PatabM n n 
ftamCn SJO 
HarelRl 4500 
BmuOp 2606 

Rmncn I0J5 

ROUP) 110J5 

smrm 11 
SmmCG 10.7S 
SA8mw 9X25 
SAMVIfll 57 
sure 32.50 
SUM 136 

® s 

VHeab 435 
WAma 77J5 
WDarm 230 
(WRIT 59 


+.19 10.99 6.70 4.3 
+J5 291700 2.1 

.. 123 93 50 2 6 

-15 255 US 20 
20*50 10230 1 7 
+3 506 34* 29 
(40 JK? 10 
-00 57 26.M 

*00 31 20 re 2 8 

-00 80 *2 XB 

+JS 4 30 3*3 10 
+1.23 121 75 J7 a* 
-m HUS 600 2.4 
+.75 7360 46 36 

» JS 14 JS 725 *2 
. „ 35 22.50 2J 

+1 25 42 30 *2 

.. 2X30 19.50 3 0 
+1 BO 53.75 5 4 
+.80 15.10 70* 1.0 
+00 130 07 50 I 7 

+.75 47 2X25 .... 

•05 2X7$ IB.79 0 7 
34 10 1.8 

+.02 *95 219 1? 
+00 104 55 1.3 

+4 122 76 1 6 

„ 84.50 6X50 3 0 
•90 75 *1 20 

+J9 100 75 1.3 

-50 22 15 SU 

-25 3S 30 10 
_. 01 5X30 7 2 

... 7 73 *73 8.5 
-1.75 SO 50 37.60 «- 
—95 38.73 29.00 IJ 
-.29 3X90 16.SO 1 » 
+125 126 72 1.4 

.. 1X30 xro ... 
-.73 30 IS 2.0 

♦17310*30 76 1.7 

-50 68 20.30 1.1 

37 27 2.4 

+2 HW 10? ?-> 

.. 56 40 1.4 

. 45.25 2X23 10 
*3 498 350 3.1 
+1 10 7750 33 *0 

*2 230 131 14 

+7 BO 4400 ZB 



47 V -VI 


40 +1.-13 
14V +V S14V 14V 

iiv +v «oi\ nv 

2* V -VI2U. 34V 
26V -VSW. 

3J3 209 203 

21 -V Cl >3 21 

ACnVN STOCKS] 


114SOO 

100 

1615*0 

412760 

17060 

ro agg 

1 DM90 

16*872 

Frtdgy. 


Bommn 


BorOek 
October SI, 


-VfC. — . 

-V S8 TV 
S3>i?0V 

_> SSiaa’i 


FTFD8I ANNUAL REPORTS SOMCN 
WiMMaManKMlMmrerida) 
eo nw ne mni +(»■ X KuwaadiBamdi 
mux mo on 7n me mu 1 * mw hewiM 
■BMmaO m m 801 716 3«a * MM w mum m 
UCW *440t Wo/JDaf m +rrar 770 3S2X 
MV -a o» MM « we wnm ON. UMk 


+05 140 __ 

• 07>|JO Xg 

+i« 500 420 



-03 906 6^ 


+04 1J2 
-03 008 OJS 


j 

Stocks 

Closing 

Chango 


Stocks 

Closing 

Change 

f 

Traded 

Prices 

on day 


Traded 

Prices 

on day 

i 

£ 

i 

8.9m 

443 

+« 

Konlca 

4.ftn 

765 

+3 

■ Stimtofiio Md 

&2m 

350 

-5 

Kawasaki Slmtf 

3.8m 

448 

+2 


8,1(0 

390 


Kobe Steel 

3.3m 

319 

+2 

. NKK . 

4.6m 

290 

-4 

Kawasaki Risen 

3.1m 

402 

-8 

Ishihara Sangya — 

4.2m 

444 

+12 

Wssan Motor 

2.9m 

852 

+9 


-03 ttffi 397 
-.08 102 


..._ 120 

-Ol 1*0 008 


-.11 145 2.44 
+.10 306 


130 


-80 4050 3030 
-70 1.770 


SamEn «03O 
Sdbtffl 4.130 
SekmT 1080 
1020 
1080 


SUttba 1.130 


. 1 1000 — 
-16 638 447 — 

— 10401030 — 
-T 704 510 — 

-202060X110 0.4 
—10 2.160 1JD10 — 
-10 2070 1050 _ 
-11 1,000 863 _ 

— 609 415 — 
-81.000 070 _ 

-30 7080 6 JSO 0.6 
-220 0540 4.500 — 
-10 4.630 X370 — 
-10 1.820 1000 0.8 
-10 1080 1.060 — 

— 10101 JBO _ 
-1 1.160 936 _ 

—10 1,460 1,120 1 0 



SS- 


Nweret 
NawaCp 
9 Ntwk 301 el 
KmdPDa 245 
NfiHPek X85 
PacOun *07 
Pineon 103 
Psosko Z1B 
PkWn 3J2 
PlaPac 409 
PBdnc 600 
FoeGUt 403 
OBEbl 4.5* 
OCT Re 101 
RranGd SJO 
(Whom 60S 
Samoa *D3«d 
SmttiHw 607 
SonGwa 1100 
SCie-p 295 


+09 200 
-.02 300 21? 
+05 1.70 1.T0 
+01 1.78 103 
+.03 205 2 

+06 ZOZ 1.12 
+02 2.62 10S 
*.10 1100 SL73 : 
+05 400 203 
+06 1X54 1X70 ■ 
+03 X 40 2.45 ! 
+00 3J9 ZSS 

— 1X04 X04 ■ 
-.10 4-21 203 
+00 1X06 997 ■ 
-05 700 505 
-.03 1000 7.72 I 
+.13 X28 X77 
+.04 2.79 100 : 
+.10 4.15 305 : 

- 592 300 I 
+05 2.15 1J0 
+.08 Z43 103 
*04 X48 200 , 
+.02 405 Z49 ! 
+.10 X2S 3.80 1 
+.07 4J0 203 : 
+.16 606 4JO ! 
+04 1.74 1.1S I 
+.10 625 *28 I 
-.02 500 402 
+07 402 X60 I 
+.10 7.10 503 ■ 
-08 IZiO X10 ■ 

_ 300 209 I 


INDICES 


US INDICES 


at 

21 


at 

20 


at 

19 


non 


-J8B4 


at 

21 


at 

20 


at 

19 


-1 99» 




GenoU 09712/771 


» onfextastinAQ 
m uwio(r/i0oi 

Aumb 


nodad tMbxpT/Ot) 

BtdQkm 

Barop/ifli) 


Bompa (9/12(831 
Canada 

Mctda Mrte><l97g 

Qnpntt^ 0975) 
POBC0D§§ (Virtoi 


PGA Een Pl/12/80) 


C»)6ntU|)anSEfflT/S3 

Mari 

HEXGenwacan2(90) 

Hou 

SBF 250 (31/12/90 
CAG 4001/1 2/87) 

Ganoant 

FK /WeeaiMfiB) 


DAxpammr 

Crew* 

ABKfX SS31/12/80) 
Hoag Kng 
tang S*n«31/7«4) 


8SE SOU(T979) 


SEQ OwaAHn/88) 

My 


168 General (4/1/94) 


1996908 IB902.ro 201 1300 2547040 t&Z 

1775X90 7074 

r CJtar 1978) 

M 

274X38 

275X13 

2891.17 

B72 

196703 

aw 






IMbekHd 













CBS ISRtaGenfsd 83) 

427J 

430.1 

43X9 

46X90 

31/1 

40X30 

21/0 

10773 

10800 

1056.1 

it*!# yz 

90400 56 

CBS AI Shr (End 829 

Hex ZOatand 

2EX4 

27X1 

27X6 

29400 

31/1 

25700 

21/0 

37832 

39003 

393J8 

40X86 2 12 

37X32 21/10 

Cap. 40(1/7/88) 

209107 

206729 

200108 

243904 

312 

194X61 

11/7 

(02100 

105400 

100207 

122X25 1/2 

W1U38 66 

Htanvay 

0* SBNK2n«3) 

106309 

106X58 

106803 

121110 

2B/2 

98X91 

21/0 

136301 

137202 

137X39 

154205 V2 

133X39 7/10 

FHWm 

Mante COoxj (2/MS5) 

309400 

307 7.12 

308X34 

330X37 

471 

25B7J3 

m 

456190 

472*50 

475870 9511X00 13fl 

380030 371 

Pwt-ori 













BIX (1877) 

28942 

3077.1 

289X2 

322800 

1912 

281200 

200 

425407 

427X02 

42*207 

427802 2010 

32990B 20/4 

Stagaponi 








4285.10 

431900 

432X80 

460X80 230 

395X90 246 

SESA#-STwb(2MW5( 

581 J8 

580/8 

577.83 

8*101 

4/1 

iffira 

4/4 

207148 

206303 

207804 

218200 1(2 

19BXA8 2B/B 

Santa AMca 

JSE &A1 (2X^78) 

239O0f 

23290 

ztxn 

25K00 

7/9 

174X09 

14 12 

55170 

5500 .3 

5679J 

967930 19(10 

3B0L2D 4/4 

JSE ML BBI9/7BI 

Santa Korea 

68240V 

88110 

690X0 

876700 

15/B 

644800 

tan 

34708 

34903 

34704 

415. JB 2? 

33X11 7/10 

RreaODii&(4rosor 

Sp-ta 

10S5J4 

108X77 

109*78 

IT1329 

iaro 

8BBJ7 

2/4 

19440 

1951. 4 

19570 

197200 4/2 

1901.10 3/1 

UaOU SE (30/12/85) 

Seedan 

29114 

29X08 

29X53 

35X31 

31/1 

29007 

am 

123708 

1251.21 

125604 

15B530 H2 

123708 21/10 

(^rawrthGan (1037) 

145720 

14630 

14575 

180300 

31/1 

133470 

07 

184209 

1867 J7 

187X31 

239)03 2/2 

183X72 6/10 

TnTu niTf-j) 













Setts Bk tad Q1026Q 116X82 

117X54 

117471 

142134 

31/1 

11 8700 

18 It 

76575 

7D0JE 

77X44 

1(6127 186 

74 20* 5/10 

SBC Gened (1/4/87) 

89*99 

90266 

SOI 03 

109309 

310 

8180/ 

sno 

218X7 

22211 

221X5 

240X50 26 

211X30 500 









2022.2= 

206X95 

2051.16 

B7L11 1X6 

196039 7/10 

RUBMVINllGIWr 

683978 

B7B1J7 

6BSSL10 

THUS 

3M 

519403 

19/3 

83205 

832.12 

63704 

119*58 18/1 

80807 2S6 

Xa^kOkSET f30(*/75( 

162248 

152101 

1501/2 

178373 

40 

119X09 

4/4 

933809 

938X78 

grennfl 122DUK) 4/1 

836X44 46 

TM»T 

BsrtU CnpiJai 1388) =48034 

243270 

248942 2888X00 

13/1 

1286070 

24/3 

431002 

428109 

4329.47 

462X57 12/9 

31X100 571 

MS CapU fttf (1 A/7QS 

634,8* 

6370 

6370 

84X00 

2/9 

59109 

4/4 





44X72 12/7 

CBOES-BQRDBI 








51407 

51X76 

51X97 

81208 5/1 

EunaA 100(26/10(901 

130475 

132*22 

132201 

154X19 

31/1 

128X45 

sno 






Bn Top-ICD (266(9(1 

115700 

1172.19 

116X35 

131 un 

2i2 

H3648 

sno 

182102 

183546 

183X7S 

2DB2.1B 3K1 

18X1.14 1/7 

JCtodkgre P1026fl 

M 

33X24 

33430 

39X19 

SO 

29928 

21/3 






Bstags Emeo/7/1/92) 

18X28 

18755 

107.19 

19179 

260 

14105 

21/4 

817.49 

61807 

62100 

817.17 105 

68805 (XT 









10000 

10020 

10370 

13000 106 

91400 ion 

■ CAC-40 STOCK MOSX FUTURBS (MA TTF) 





Dow Jam 

Od 

21 

Od 

20 

Od 

19 

1991 

npo in* 

anas 

Bo* 

MMM 

389100 

3811.15 

393X04 

397X38 

pmi 

389535 

m 

397X36 

(31/1(94) 

Hoag Bondi 

9508 

9501 T 

9X33 

10501 

tnm 

9501 

(21/10) 

10177 
(18/1 W93) 

TrKBparl 

150X67 

151139 

132X50 

198X29 

PO 

143X50 

(BrtO 

1BS229 

(2CW» 

UNDn 

17X67 

18000 

18108 

22708 

17505 

cm 

7S0.48 

@1/5/93} 


Law 


41J2 

(Zff/325 

5409 

{ 1 / 1001 ) 

1232 

nmxa 

1X50 

wm 


DJ hid. DoVs N01 382106 PSS406 ) law 3861 JS (387X13 } (TlistmOcaS*) 
Day's Ngh 3911.15 (3941.76 ) Low 388*23 (3894.66 ) (Actual*) 


Conpadtt t 

46409 

46505 

47038 

4HJIM 

(212) 

43502 

m 

48200 

wm 

4-40 

(1/8/32) 

III 1 1 T,M 
NRRJMJftlAT 

55203 

55502 

55X39 

88X83 

(1548 

51X05 

iz m 

qaiio 

(taw90 

302 

(21*921 

RrencW 

43LB2 

4114 

4309 

4804 

A4/B) 

4109 

m 

4X40 

pvm 

804 

(MW*) 

mSE Cato- 

25X59 

25X54 

25X32 

20771 

cm 

24114 

m 

28771 

(2®94) 

4* 

(25/4W3) 

AnrelMW 

45035 

467.7B 

45X28 

<8709 

0 2) 

42207 

(2&B? 

48709 

029*1 

2501 

<912/721 

NASDAQ Oto 

78508 

78X0* 

77002 

88301 

tia/3) 

89179 

(2*^ 

8(003 

(18/3/94) 

5407 

gi/Hura 

■ RATIOS 










Oct 14 

Oct 7 

Sep 30 

Year ago 

Dow Jones (nd 0 he. Yield 

271 

279 

2.78 

201 


Oct 19 

Oct 12 

OCt 5 

Year ego 

S X P bm Dtv. yield 

2J6 

2J7 

2.43 

2.42 

S x P Ind. P/E (ado 

21.11 

2091 

2033 

2051 


■ STANDARD AND POORS 800 INDEX FUTURES $500 bnm Index 



Open Sen price 

Change 

High 

Low 

Est vol Open bit 

Dae 

467 JO 

465.75 

-1.65 

467.60 

46400 

87,535 

217019 

Mar 

46900 

46X05 

-105 

47000 

467 JO 

2008 

11040 

Jun 

- 

472.70 

-1.40 

- 

470-70 

375 

2011 


Open knereat flgme are tv prerioua day- 


■ NBW YORK ACTIVE STOCKS 


■ TftADRfo Acnvmr 


Japan 


NWU 225 (16(5/49) 1989908 1099100 1988607 Z106201 130 

NHod 300 (1/1 D/83 28803 290.72 28804 31IJ1 13(6 

15780* 1568.71 150047 17I2J3 13/B 

222X39 725Z64 2254J3 2S4Z05 8/7 


Toofc (471(88) 

2nd Secttan (4/1/SQ 


1738X74 4 71 
28X22 4/1 
144397 4/1 
107333 4/1 



Open 

Serf Price Change 

»0h 

Low 

Est vql Open lid 

Oct 

1854-0 

19510 

-23.0 

16640 

16380 

25,025 

26044 

Nov 

1864.0 

186X5 

-23.5 

1869.5 

18460 

1J8B 

2J17 

Dec 

16730 

106X0 

-230 

18750 

1860. 0 

1.208 

26.415 


Sen Bac 
Cedutai 
Pud Mod 


Stacks 
feadal Orica m ray 

18.450.400 4TM 
5080,100 47V 

4J49.100 BJk 
3021.400 28 ft 


• Voheoa ftsNtan) 

Od 21 Oct 20 Oct IB 


-IV 

-144 

+rt 

+*4 


Now yarn SE 309J3S 326.093 316088 
Areee 1*068 190*7 10023 

wsoflo fli-saaB-Baju 


Cpan Mmi Souma Air nmrieue iky. 


USE Camp{4/4/86l 


111*42 112*39 111X95 131*46 5/1 


92X33 4(* 


Cam nyc 

1441000 

m 

-2ft 

issues Traded 

2087 

2079 

BN 

1381 JOO 

74H 


Uses 

1J88 

D90 

Over. Mm 

3J1XBOO 

35ft 

.ft 

rm 

1J8B 

1.493 

McOanaAN 

30)7000 

27ft 

+J4 

Unchanged 

773 

698 

AT X T 

2.78X400 

5*ft 

♦ft 

New Wnta 

22 

48 

Promos 

2.737000 

29S 

-I 

Near Lam 

124 

99 


1.112 

1.018 

783 

56 

80 


- Sat Oa is, Taresei WrioMwJ P«e» 0895*7: Menu Comp & 1DSTWR Sana H*M ot aB tottam w» ICO necepc Anmrefli AI ftUnary 
nd Mieng - 500; Auaola TradoO. Bn JO. HEX Gen. MS .Owl.. S8F250. CAC40. Euro Top-100. BBO Own* Taranto Cornp/Motria X 
tAwrda end DW - afl 1000: J3E Grad - 255 7; JEE 26 ImkwtrtaM - 26*0; NYSE AI Cemmon - 50 aid Bn a eV i d ami Pnom - 10- 95 
Mormd. * Taranto. (0 ObewL M UrwreUHa. t HSrfMX aftw-haijre Msc Oa 21 • 301X60 -3105 


7 Gareckon. * CMaaeMd a) 1X0 0 GMT. • 
* The DJ tad. Indix D ewre utri We Ngno 
stock; wheraw di# aenui dB/a MgNi and la 
during Die day. (The tgurei ta brnrigete are 


k»M fauppCad by TeMuel reprwonr ma lughaet 
prevtoue day’s). ¥ Sutttea » odWel reeafcUa 


RmW sna Trareportanon. 

pleee ranched dwtag Dm day by aacti 
and kemta vWueo dwr molmtep, hea reached 


The Future's History. 


Ttio largest provider of dedicated financial ultimate financial pager on the market Try 
paging worldwide, Hutchison. Teiecorn, brings Pulso for FREE now and you'd soon see why. 
you Pulse. With more features and in-depth 

information than anyone else, it really- is the Call 0800 28 28 26 Ext. 134 today. 


Easy 
swop oat 
ixora your 
, existing pager, 
^ provider. 


► pu LSE 


Hutchison 

Telecom 


Any time any place 
any share... 


Instant access to up-to-the-minute share prices from 
anywhere in the world 


Whether you're doing business in Berlin or hatching deals in Hong 
Kong, FT Cityline Internationa] can link you with all the UK stock 
market information you need: 


•realtime share prices 
•updated financial reports 


•daily unit trust prices 
•persona! portfolio facility 


FT Cityline has proved invaluable to business people and investors 
in the UK for years. And now ft is available from anywhere in the 
world. 


If you would like further details fill in the coupon below or call 
the FT Cityline Help Desk on (071) S73 4378. 


FT Business Enterprises Limited, Number One Southwark Bridge, 
London SE1 9HL Registered in England Number 980896. 


FINANCIAL TIMES 



'INTERNATIONAL 


Complete details below and send to: FT Cityline International 
Number One Southwark Bridge, London SE1 9HL 



<* 


i\ - - 












If 



I'Jll 


‘■'•t 

b;-< 




viev 






FINANCIAL Tnvnr.<5 


MONDAY OCTOBER 24 1994 


31 


CURRENCIES AND MONEY 


POUND SPOT FORWARD ASA.F.R! T HE P oiJND 


Octet 

Closing 

nua-gelw 

Change 
on day 

Eurapa 

AiflMa 

each) 

17.1347 

+0.0151 

Sdgluin 

Bft) 

50.1202 

+OOB87 

Denmark 

(DKr) 

9.51 DO 

+00066 

Rriand . 

(FM) 

74644 

-0X085 

Rranoe 

£FFr> 

83452 

*0.0071 

Germany 

(DM) 

2.4345 

+0002 

Greeoe 

(Dr) 

374^85 

*1X43 

Ireland 

W 

1.0148 

+00022 

wy . 

(L) 

2491.68 

+10.71 

Ummtniffj 

(M=4 

50.1262 

+00667 

Nattier la ato 

(FD 

2.7286 

+0.0031 

Norway 

(NKi) 

10-5967 

+047135 

Portipal 

(&) 

248084 

+0.114 

Spain 

(Ptaj 

20X020 

+0634 

Sweden 

(BKr) 

11.5604 

-0038 

OwHwtand 

PA) 

2.0277 

+0.0071 

UK 


_ 

feu 


1.2790 

+00013 

BOftf 

— 

0S17B57 


Amartcaa 

Argentina 

(P ««R) 

1-6270 

+0009 

Brad 

(W) 

1-3855 

+0.0102 

Canada 

(CS) 


+00104- 

Mexico (Now Paso) 

5.5605 

+0-034 

USA 

<s? 

1^280 

+0.008 

PacMcMkfcSa 

EwstMAtoa 

Australia 

(AN 

tutss 

+0.027 

Hung Kong 

(HKS) 

1&S807 

+0.0632 

■ndto 

(Ha) 

51.0683 

+0.2504 

Japan 

(Y) 

157S08 

+0446 

Malayala 

(M« 

4.1575 

+0.0288 

NnvZaotand 

<NZU 

Z6S93 

♦0.017 

Wpphw 

(P"«4 

AlJtOBT 

+02353 

Saud Arabia 

(SR) 

6.1058 

+00294 

Singapore 

(SS) 

2J807 

+00127 

S AMoa (CornJ 

£R) 

5.7074 

-00187 

S Africa (Ro) 

F) 

85038 

+0.1213 

South Korea 

(Wort 

129858 

+5J7 

Taiwan 

(T» 

483706 

+00941 

Thatand 

m 

405372 

+01587 


DOLLAR SPOT FORWARD 


5AIWST THE DOLLAR 


WORLD INTEREST RATES 


Daft Mid 
high low 


Ow month Tima months OmyMr Bank of 
Rata 96PA Rata MPA Rata 96PA Eng. index 


Oat 21 


Closing Chongs 
mid-paint on day 


BM/affcr 


Oay*s mid 
high low 


Ons month ThtM months Ons yaar JP Morgan 
Rtfs KPA Rats UPA Rats KFA Index 


7.51 09 7.4140 


♦1 -WS 48S ■ 881 378.702 37331S 


17.1304 

OS 

17.1186 

04 

. 

_ 

50.0912 

08 

500212 

OS 

49.6313 

IS 

05142 

OS 

9_ffB3 

-OS 

9S025 

-05 

03455 

OO 

03375 

04 

02777 

OS 

24333 

06 

24298 

OS 

03982 

IS 

15147 

02 

1.0144 

02 

1.0161 

-Ol 

249758 

-2J) 

250046 

-2J3 

2S61S1 

-08 

500912 

OS 

500212 

08 

49S312 

IS 

2.7272 

OS 

2.7233 

OS 

2S903 

W 

105961 

Ol 

105898 

-Ol 

106003 

OO 

250814 

-A3 

250894 

-7.9 

. 

. 

203365 

-20 

204.476 

-2.0 

200785 

-IS 

iimi4 

-Z2 

11S484 

-03 

11S3S4 

-Z2 


IS 

2-0181 

IS 

1.9788 

2.4 

1.2788 

Ol 

1S789 

OS 

13732 

0.4 


1jB326 1-0262 


£2751 88844 
1.633 


22045 

06 

22033 

04 

2.1999 

03 

1.0273 

06 

1.6287 

03 

15107 

07 

22264 

OS 

2.2268 

-02 

2245 

-09 

12.5763 

04 

12S757 

02 

12-5827 

OO 


+IU4B 602 - 013 158580 167.620 157.478 83 158473 3.6 1B1P18 42 

600 . 4.1626 4.1484 - - - - . 

618 2.6882 2.8580 28838 -1.8 2J871B -12 22838 -1-3 

630 415720 406885 - - - 

086 31251 31010 - . . 

012 2-4056 25073 - . . . 

103 8.7736 37033 - - - 

221 35235 34058 - - . 

+337 733-922 .130378 1297.62 - - . 


1136 
1175 
117.4 

838 

1137 
1238 

1tS4 

74.7 

1175 

1214 

837 

831 

735 

1232 

804 


BOA 


1B8.B 


Europe 

Austria 

Brdghxn 

Denmark 

Finland 

France 

Qermany 

Grease 

Ireland 

It aly 

Luxembourg 

Netherlands 

Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Ecu 

SORf 


(Scty 105260 -3043 225 - 275 136316 134735 

OaFr) 337900 -0.0895 700 - 100 336100 336540 

(DKr) &6470 -00255 455-465 56540 

^44) 4.5850 -3028 800 - 900 46008 46427 

(FFrl 31260 -30211 255-265 5.1320 31035 

IP) 14854 -00062 960 - 858 14880 14883 

(Dr) 230-150 -35 100-200 230210 223350 

K} 1.6041 40.0044 033 - 048 1.8120 1,8022 

(U 153350 -1 000- 100 153350 152360 

(U=r) 337800 -0.0885 700 - 100 306100 306540 

<R) 

(NKl) 


(8Kj) 

BR) 


Canada (CQ 

Mexico (New Peso) 
USA BJ 


16761 -30084 757 - 784 
35080 -0.024 075 - 106 35360 84660 

-080 960 - 050 163600 152.440 
-026 870 - 740 124. BOO 124170 
7.1324 7.0611 


Argenttna 


Austmsa 
Hong Kong 
Imfa 
Japan 
Malaysia 
New Zealand (NZ5) 


153600 
124705 
7.1133 -30588 003 - 172 
16455 -30018 450-460 
16280 +3008 275-285 

1.2730 436051 727 - 732 

148888 

1.0000 430006 888 • 000 
06510 +0602 500-520 

16548 -00003 545 - 560 
64155 +0.004 130 - 180 


16870 430088 687 - 872 
7.7277 430008 272 - 282 



16766 16727 


16000 38892 
08520 06500 


7.7282 7.7272 
116725 316BS0 
7.1600 066700 
2.5545 2.5405 
1.6348 1.6318 


•0.0056 530-545 
+30024 332 - 345 

(P«at4 256000 4302 000 - 000 256000 25.1000 

Saud Arabia <5M) 3.7505 -30005 500-510 37510 37500 

14740 430005 735-745 
-3029 050 - 085 
40.055 850 - 050 


SbtQgpOtfB 

S Africa (CornJ (Rj 
S Africa (Fin.) (R) 36850 

South Korea (Won) 797680 

Taiwan (T$ 266283 

Otl 249000 


14745 14710 
35255 3-5015 
40050 36250 


10525 

OS 

105248 

ao 

10,45 

07 

1D4S 

MS 

-0.4 

M.75 

05 

307 

03 

10SS 

5.6514 

-OS 

5.8605 

-09 

5.917 

-IS 

105.7 

45857 

-02 

4S823 

(L2 

4J5026 

-02 

B3S 

5.128 

-05 

5.1265 

OO 

5.12 

Ol 

106S 

1.4955 

-Ol 

1/1830 

04 

1.4827 

08 

107S 

230445 

-IS 

231 S2S 

-IS 

23022S 

-IS 

687 

1.604 

OO 

1.60C2 

OO 

1.5011 

06 

- 

1534SS 

-04 

15447 

-3J2 

1584 

-45 

73S 

308 

-04 

3075 

05 

307 

03 

1003 

1S7S3 

-01 

1S742 

OS 

1.6641 

07 

106S 

05127 

-07 

flCW 

-IS 

0684 

-IS 

97.0 

153.675 

-S3 

154S 

-so 

15025 

-4.7 

951 

124S7 

-ZB 

123.71 

az 

127.905 

-ZB 

812 

7.1281 

-45 

7.1608 

-47 

7S258 

-3S 

812 

1.2444 

1.1 

1.2407 

IS 

1224 

1.7 

1092 

1.0273 

OS 

1S2B7 

03 

1.6107 

07 

88.1 

1S723 

07 

1S718 

04 

12999 

02 

- 

1.3547 

OS 

1.3S51 

-0.1 

1S628 

-06 

832 

3.416S 

-04 

3-4183 

-03 

14257 

-09 

_ 

- 

- 

- 

- 

- 

- 

B3S 

1S873 

-02 

isea 

-03 

1S753 

-06 

84.7 

7.7275 

00 

7.7282 

ao 

7.7432 

-02 

- 

31-4538 

-03 

31S988 

-2-9 

- 

- 

— 

96.775 

47 

90195 

as 

8454 

32 

1603 

2-5448 

4v3 

2-5333 

3-2 

2-0068 

-2.1 

— 

1.8349 

-0.7 

1S387 

-07 

1.642 

-05 

- 

3.751 B 

-04 

3.7559 

-0.6 

3.7745 

-0.6 

_ 

1.4727 

1.1 

14708 

OS 

1464 

07 

— 

3S213 

-03 

3-5488 

-5S 

3S263 

-3.4 

- 

4.0287 . 

-lOl 

4.0675 

-OS 

- 

- 

- 

MXLBfi 

-4-5 

804.15 

-as 

82225 

-3.1 

_ 

2BS463 

-09 

200883 

-os 

- 

- 

- 

24.972S 

-35 

25.1 

-as 

25.58 

-2.7 

- 


MONEY RATES 

October 21 Over 

night 

One 

TTvoo 

mtta 

Six 

mtta 

Ora 

year 

Lamb. 

Intar. 

Ob. 

rata 

Rape 

rate 

Balkan 

41% 

5 

6W 

54 

GU 

7.40 

4.50 

- 

weak ago 

4't 

6 

SVl 

m 

m 

7,40 

4.60 

— 

Franca 

5H 

64 

5% 

5% 

614 

5.00 

- 

8.75 

watt ago 

Si 


5H 

59 

64 

£00 

- 

6.75 

OanftfcW 

4.82 

4,95 

015 

£25 

5S8 

0.00 

4S0 

425 

weak ago 

4.95 

4S5 

5.15 

sso 

5.65 

620 

4.50 

425 

Ireland 

49 

54 

54 

614 

74 

- 

- 

£25 

onek ago 

41* 

Bi 

51k 

84 

74 

- 

- 

625 

Haly 

Bi 

m 

Bit 

9K 

10% 

- 

720 

£20 

watt ago 

Bi 

816 

m 

9Vi 

104 

- 

720 

820 

Netherlands 

424 

4.93 

5.17 

£30 

526 

- 

5S5 

- 

weak aoo 

424 

423 

018 

5.32 

5.78 

- 

5.25 

- 

SwAzartand 

3a 

33 

44 

4% 

4% 

6.625 

3.50 

- 

watt ago 

28 

38 

4’A 

44 

49 

8.626 

320 

- 

US 

418 

49 

54 

sa 

84 

- 

4.00 

- 

wotk ago 

*8 

4fl 

54 

5fl 

84 

- 

420 

- 

Japan 

2» 

2» 

2% 

2Vt 

29 

- 

1.75 

- 

waak ago 

2YV 

214 

2% 

214 

23 

- 

1.75 

- 


■ 3 U8CR FT London 


hrtwbank Fbdng 

& 

SH 

5fl 

9H 

_ 

_ 

- 

weak ago 

5 

Mk 

5% 

Bit 

- 

- 

- 

US Dottor COa 

- 428 

£38 

£71 

820 

- 

- 

- 

watt ago 

- 4.88 

5-27 

527 

6.13 

- 

- 

- 

SOR Unload Da 

3H 

84 

31* 

4 

_ 

- 

- 

watt ago 

3H 

34 

31* 

4 

- 

- 

- 


BCU Linked Da add rataac 1 ms* 5J; 3 nans; a irtOw Si. I year 64. 3 U&OR tiurtwnk flxtog 
ratoa era cH e red lama tor Sittn quoted is me mertter by tar re fe re n ce nanfca et Hem eecn worwna 
day. The bwria rw Barken Tim. BenK of Tokyo. Birctayi and NaDcnal w mm n U w. 

Md Me an aneem lor me dwinc Money Rem. US I CO* and SOR Ltaud Oepoane (Oaf. 


EURO CURRENCY INTERE S T RATES 

Oct 21 Short 7 days Ona Three 


nodes 


month 


Sis 

months 


One 


nor drsctfr quoaad » dW merfasr 
Otter and laa-HBM In bodi ads end 


tSDR rata ftxdwai fiufalhr spread* to Me Qatar 6por Mb thorn <x* ff» lost rftrai dSchwf ptocas. fiorwotf sat* an not i&acty quoead m aw metw 
but ora topsad by curant Mm ratoa. UK. MN 4. ECU are m«ad in US euranoy. 4P. Morgan him taka Oct 20. BaM Mage 1B80-100 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

OCt 21 BFr DKr FFr 

DM 

K 

L 

H 

fUCr 

Ea 

Pta 

SKr 

SFr 

E 

CS 

S 

Y 

ECU 

Belgium 

PR) 

100 

1829 

1825 

4256 

2223 

4870 

£443 

21.13 

4862 

4Q5.0 

23.10 

4244 

1295 

4289 

3248 

3152 

2262 

Danmark 

(DKr) 

5225 

10 

£787 

2S57 

126S 

2817 

»aw 

11.13 

2812 

2132 

12.17 

2.129 

1251 

2218 

1.710 

1852 

1244 

France 

(FFt) 

BOSS 

11.41 

10 

2217 

1215 

2985 

3289 

1228 

298.4 

2432 

1328 

2.428 

1.198 

2242 

1251 

1882 

1233 

Germany 

(DM) 

oncy 

3211 

£429 

1 

£417 

1023 

1.121 

4251 

1022 

83.40 

4758 

£833 

£411 

0.B06 

£668 

8427 

news 

Iratond 

m 

49.43 

9288 

8230 

2400 

1 

2467 

2280 

1044 

2452 

2002 

11.42 

1288 

n ram 

2.175 

1.608 

156.7 

1261 

Italy 

w 

2212 

0282 

0235 

0288 

0241 

100. 

£110 

Q42S 

8286 

£148 

0485 

£081 

£040 

£088 

£065 

«*»n 

£061 

hlalli ■ ria nria 

iwunrmoi 

IH) 

1827 

3.489 

3.039 

0282 

0272 

913.1 

1 

0882 

8128 

7441 

4245 

£743 

£387 

£808 

£567 

5728 

£489 

Norway 

(NKi) 

4723 

8288 

7280 

2288 

0268 

2352 

2-578 

10 

235.1 

181.7 

1023 

1214 

£844 

2282 

1237 

148.1 

1208 

totagri 

m 

20.13 

3223 

£35T 

0978 

01407 

1000 

1298 

4253 

100. 

81 S3 

425T 

£814 

0402 

£888 

0654 

83.41 

£514 

Spam 

(pta) 

2429 

4.689 

4.111 

1.188 

£500 

1227 

1244 

5217 

122.7 

100. 

5.704 

£889 

£483 

1288 

0202 

77.78 

0230 

Bwadon 

(SKr) 

4328 


7206 

2.102 

£878 

2151 

2258 

9-145 

21 £0 

1752 

10 

1.750 

£884 

1204 

1+408 

1382 

1.104 

SwbzariMd 

(SR) 

24.73 

4296 

4.117 

1201 

£500 

1228 

1246 

5224 

1222 

100.1 

6.713 

■1 

£483 

1288 

£803 

7720 

0231 

UK 

S3 

50.12 

9219 

8245 

2j4S4 

1.014 

2481 

2.728 

10SB 

248.0 

2032 

1128 

2.027 

1 

2205 

1228 

1572 

1278 

Canada 

PS) 

22.73 

4217 

£785 

1.104 

£460 

1130 

1237 

4803 

1122 

8226 

6262 

0218 

£454 

1 

£738 

7121 

0280 

US 

m 

30L7B 

5247 

5.128 

1485 

MB 

1530 

1.678 

£505 

1522 

124.7 

7.113 

1245 

£614 

1254 

1 

9629 

£788 

Japan 

(V) 

31.74 

8228 

5285 

1.541 

£842 

1578 

1.728 

0707 

157.7 

1282 

7234 

1284 

£633 

1288 

1231 

100. 

£810 

Ecu 39.19 7.443 6S26 1203 a 793 1948 2.133 B2B0 194.7 15£7 

OwiMi Mwr, nwadf Rmc. Nanmtfan Kim Mr, mi 9kM Manor per 10; BWgta n ftone, Von. Eaauda. lira and Aram par TOOL 

8264 

1285 

£782 

1.724 

1273 

1232 

1 


FT GOLD MINES INDEX 


Belgian Franc 

4» 

-4H 

4ft 

-43 

5 - 

4% 

5% - 

5% 

5ft- 

■5,1 

6% 

-6% 

Danbn Krona 

6- 

5% 

6- 

5% 

6- 

5% 

8% - 

6% 

8% 

■0% 

7% 

-7% 

D-Mark 

4% 

-4% 

4% 

■ 4% 

43 

-43 

6% 

- 6 

5ft 

-5ft 

5% 

-5% 

Dutch Gutter 

«:i 

-4ii 

43 

-43 

4|I 

-43 

5ft- 

6ft 

5ft 

•5ft 

5% 

•5 A 

Flench Franc 

5,1 

-5A 

5,1 

• 5ft 

5.1 

-5ft 

5% - 

6>2 

5% 

-5% 

B% 

-8% 

ftortuguese Esc. 

9% 

- 9 

9% 

-9 

9% 

-8% 

10% 

- 10 

10% ■ 

■ 10% 

10% 

-10% 

Spentoh Paaota 

7% 

.7% 

7% 

-7% 

7% 

-7% 

7*1 - 

73 

B%. 

8% 

8% 

-9 

Starihg 

5% 

-5% 

5% 

-5% 

5% 

-5,1 

sn- 

63 

8% ■ 

6% 

7ft 

-7ft 

Swim Franc 

3% 

-3% 

3% 

-3% 

33 

-3ft 

4.*,- 

3ft 

4% ■ 

-4l| 

4% 

■ 4% 

Can. Debar 

4» 

■4% 

4* 

-4ft 

4ft 

-43 

5%- 

5% 

5ft ■ 

53 

S3 

•BU 

US DcOar 

4ft 

-4ft 

43 

-*ft 

s- 

4% 

5%- 

5% 

651 

Ml 

&2 

-8% 

laden Un 

9 - 

7% 

6% 

-8% 

5% 

-8% 

B%- 

8% 

9% ■ 

■9% 

10ft 

-10ft 

Yen 

2% 

-2ft 

2ft 

-2ft 

2ft 

■2% 

2% - 

2ft 

2% ■ 

■2.1 

23 

-2% 

Aeton SSfag 

1% 

-1% 

1% 

-1% 

2% 

-2% 

3ft - 

3ft 

3% ■ 

■ 3% 

d - 

3% 

Short tan" (an* m cm! 

tar tha 

(IS Mar and 

ran. 

arran: 

Ml a**' MU 





% cbg % at 

Oct Cnee Oct MM bp firid feoea dhr 

21 31/1 2fB3 20 «■ Biaa yMd % 


52 i 


■ HHHIMONTN UWOOOtUUI 6MM) Sim points of 100% 


GefdMeaakdKpQ 

228530 

+2 A 

23D4J3 

5535 

10020 

120 

238720 178228 

■ ttogkml kafleat 

Aria (18) 

370023 +122 

371127 

1003 

3*26 

3.76 

371127 230**5 

AuMntaP) 

290728 

+ftO 

290134 

7.12 

1222 

125 

30)329 2181.17 

Nortb America (11) 

177324 

-4.7 

1798 21 

29.40 

6222 

£76 

2039.65 1468.11 


Copyrtrfx. lha Rnanora Tbnaa Unftad 1884. 
Figures in braefcata tame runtoer ef i 
Pradacaaaor OoW Wm take Oct 21 


I US 


i Vetoes: 100020 31/12*2. 


week’e taimgK +106 p etal s; Year me 2213 



Open 

Sen price 

Change 

HJgn 

Low 

Eat vol 

Open Int 

Dec 

94.00 

94.00 

. 

94.03 

9327 

1B7.0C7 

447213 

Mar , 

93-56 

8327 

+021 

93.60 

93.53 

185.407 

402234 

Jun 

83.11 

93.12 

+£01 

83.15 

83.07 

111237 

303.119 

■ IttlMMURT BR1.PUTUM8 P4M)51m par 100% 



Dec 

84S9 

8429 


9421 

8427 

1289 

17,734 

Mv 

84.08 

94.11 

+£01 

84.12 

94.08 

371 

8211 

Jim 

- 

9327 

+£01 

8328 

8323 

332 

3,884 


RIGHTS OFFERS 


I Open to to rac (pa. ere tor prevtana day 


LONDON RECENT ISSUES; EQUITIES 

Issue Amt MrL Ctoee 

price paid cap 1894 pries 


Nat Dhi. Ora WE 


(UMM) DM 125600 par DM 



Open 

Sett price 

Change 

Hgh 

Low 

ESLWd 

Open mt 

Dec 

£6701 

£8671 

-0.0031 

02719 

02656 

33,753 

91.069 

Mar 

£6730 

£6883 

-02031 

0.6730 

£6665 

431 

4266 

Jun 

“ 

02698 

-02032 

£6886 

£6686 

3 

577 

■ SWISS reUHC FUTURES (IMM) SFr 125,000 per SFr 



Dec 

02068 

£8029 

-£0082 

02105 

£8010 

18,634 

42,889 

Mm- 

£8106 

02062 

-02082 

£8119 

02048 

154 

1,168 

Jun 

- 

0.8102 

-02081 

£8184 

£8090 

11 

125 

■ MMMUYWnvnMS (1MM> Yon1&5parYan 100 




Open 

Sett price 

Change 

High 

Low 

Get vol 

Open bit 

Dec 

12340 

12342 

-0.0001 

12388 

1.0300 

27224 

57,677 

Mar 

1.0425 

12428 

- 

12475 

12385 

820 

6214 

Jun 

“ 

12528 

+02002 

12538 

12510 

26 

442 

■ snBaMovvnMS(|MM)eB2200pare 




Dec 

1.0208 

12254 

-£0052 

12324 

12318 

15203 

44275 

Mar 

12260 

12238 

-0.0064 

1.8300 

1.6210 

34 

474 

Jim 

- 

12202 

-02066 

12280 

1.8180 

1 

8 


York 


Oct 21 

— OOH 

-Her. dose 

Eepot 

12285 

12323 

1 Ml 

12278 

12315 

3mto 

12273 

12309 

1 *r 

12173 

12212 


FT GUIDE to WORLD CURROfCIES 

Ths FT QuWe to World Curancfcs 
ttorie can be found on tho Emerging 
Markets page in today's addon. 


UK INTEREST RATES 


LONDON MONEY RATES 

Oct 21 Over- 7 days 

night nodes 


Ona 

month 


Throe 

months 


Six 

months 


One 

yaar 


issue 

Amount 

Latsst 




a caing 

+or- 







— 




- 

price 

pakl 


1884 


price 


-p 

FP. 

£88 

6% 

4 APTA Writs. 

5 +% 

- 

- 

- 

- 



date 

tttgh 

Low 

Stock 



- 

FP. 

9.15 

73 

S3 Artesian Ests. 

EB 

-2 

- 

- 

“ 

- 








■ 11 

— 

FP. 

120 

1% 

1 Conti Foods Wrts 

1% 


— 

- 

*> 

— 

17 

M 

2712 

2 pm 

%pm 

APIA Hertth 

%pm 


S3 

FP. 

122 

68 

65 Eanembc 

87 


RN£71 

53 

12 

&4 

TIB 

M 

28711 

20pm 

9%pm 

Gratae 

11 pm 


115 

FP. 

30.1 

126 

115 Gamm Worictaop 

12E 


RN42 

22 

42 

112 

wp 

Ni 

25711 

%pm 

%pm 

Dragon OB 

%pm 



FP. 

223 

35 

28 Soup DvCap Wts 

28 

-I 

■ 

— 

- 

- 

600 

Nl 

18710 

60pm 

24pm 

RBCkftt 5 Cofanen 

60pm 



FP. 

2&2 

62 

59 Hambres Sm Arrian 

58 

>1 

_ 

- 

_ 

- 

180 

ra 

&T12 

15%pm 

9pm 

SUaw 

Bpm 

-2 


FP. 

220 

30 

28 Do Warrants 

28 


- 

- 

ra 

- 

IrBSOp 

Ml 

28711 

50pm 

45pm 

Smurik (J) 

46pm 

-2 

180 

FP. 

172 

185 

178 Mackto Inti 

183 

+2 

RNELO 

22 

4.1 

72 

re 

Ml 

14711 

5pm 

l%pm 

World of Leather 

1 %pm 


180 

FP. 

4212 

181 

184 Man B) 5 F 

184 

-6 

RN8.6 

12 

62 

92 









_ 

FP. 

336.0 

488 

475 Prcdflc he. 

460 


ra 

- 

- 

- 









136 

FP. 

58.7 

148 

136 Serrisak 

146 

~3 

RN32 

12 

32 

23.7 









- 

FP. 

1122 

379 

360 Templeton E New 

364 

~4 

- 

- 

- 

- 









_ 

FP. 

112 

212 

187 Do. Wrts. 200* 

167 

-4 

- 

- 

- 

- 









_ 

FP. 

8.01 

BO 

57 WMdaadi 

80 

+2 

RN125 

32 

22 

122 









• 

FP. 

283 

360 

340 Wrexham Wafer 

340 


— 

- 

- 

- 



* 






- 

FP. 

4.74 

330 

320 Da NV 

320 


- 

- 

- 

- 


6 - 3lt 5% -4% 6% -5% 8-5% 8ft -8ft 7ft -7ft 

6,4-5% 5% -5% Bft-eft 7ft- 


7ft 


■ PHtoJIPBLPttaA SB C/8 Qf»T10*t8 £31 650 (oerttepST pound) 


Mnthank Starting 
Stating CDs 

Treasury Btas - - 5% - 5ft 5% - 5% 

Bank BSs - - - 511 5% - B% 8% - 6 . - 

Local authority dope. 5% - 5% 5% - 5% 55 -5d 5% - 5% 65 * A’* 7*n * 6 b 

Dtacount MoM daps 5-3% 5% - 5% - 


UK ctaarfog bank baas lending rats 5% per cent kom September 12. 1994 
Up to 1 1-3 88 88 

month months 


8-12 

months 


Carts oflte depi £100200) 


1^2 


3% 


3% 


Strike CALLS 

Price N» D« 

Jan Nov 

PUTS 

Dec Jan 

1260 7.49 7.83 

1278 6.11 627 

1200 228 3.74 

1225 1.40 223 

1.650 £60 123 

1275 0-11 029 

Pimtaus «V* vtL, CM* 82*4 Piss #20B . 

721 £01 £25 £54 

529 £07 £62 1.03 

4.18 £43 127 1 1.79 

2.79 1.30 229 222 

121 224 3.72 42B 

128 423 525 £01 

Plw. day's open kit, Orta 431,738 ftns S7BJG3 

BANK RETURN 

BANKING DEPARTMENT 


ill- to lanlrar 

WOCRMSOaj 
October ID, 1994 

herneae or 
dacreosa for week 

UabMeo 

Capital 

Pubfc deposits 

Bankers dapoolts 

Reserve and atfter accounts 


e 

14253200 

1242.184.178 

1211242v403 

3298210.158 

E 

-160269,948 

-308237.754 

-2270256216 



5287.729,740 

-2230263.716 

Aetata 

Government sacurittaa 

Advance and other accouits 
Premtoa. equlpirwnt end other aeca 
Notes 

Coh 

1265.1 24.780 
4255,113,728 
558310,404 
4213242 
167,777 

+151280200 

-3293232.127 

+115297,729 

-8,115.462 

+6,134 



5267.729,740 

-2238263.716 

ISSUE DEPARTMENT 




UafaBttos 

Notes In clreUattcn 

Notae h Banking Department 


18.145288258 

4213242 

-11284248 

-£115252 



1£16£OOQ200 

-20200200 

Aaaota 

Other Govenment aecurnee 
Other Securities 


12,112,086267 

6237203233 

-104.172.112 

+64,172,112 

— — 18,150200200 -20200.000 


4 3% 

Can* of Tm dap. wider etOOPOO la 1%pe. Depot** wMWwn tar eeah %pc. 

AML Mndw <a» of tbcoire 642ZSPC. ECC0> tod nus sap. Bport nwn. AUn ip dqr bp an 
1984, koeed MB tor period Oct 26, 1994 to No» 2S. 1BB4 Schamas D A M 765pc. Ftatetonce ram tor 
period 8ep 1. 1094 to Bep 30. 10M, Schanrae IV S V 6.730pc. Finance Houee Beee Ma 0pc tom Oct 
1. IBM 

BANK OF ENGLAND TREASURY BILL TENDER 



Oct 21 

Oct 14 


Oct 21 

Oct 14 

Htom oflor 

ESOOD 

£50901 

Top accaptad aao 

54348% 

54349% 

Total ct mritoNkn 

82842m 

S2550B 

An. ids to rtocewt 

54229% 

54214% 

Tow Mocttri 

£SD0m 

£300m 

Anmoestou 

5.4872% 

54057% 

Un. accaptad tto 

298646 

£98245 

Offer to aaxt kndtr 

CSOOm 

£S00m 

Mmert to isln. M 

97% 

60% 

Ha. acmpL Ud 182 (feqa 

- 

* 


BASE LENDING RATES 

% % *” 

I* DuncailmMs 5.75 ^Rmfaatfie BanfcUa iB 

Aaed Trust uenK sjb aareBwkLWted._6.75 notongartBehortsadsa 

■*** FMsncU&QenBank J&6 a bankkig hsttuBon. 8 

•Robert Homing 8 Co _ 5JS BoyMekofScoOend. 6.7S 

<**»* A76 •ariti&VMmenSSCB AW 

•GUrmoas Mahon-.... 875 TSB 675 

^ Hs&toBankAGZufch 5.75 •UnfadBkofKUast— 5.75 

Barkotlnrtend •Hwitoms Bark 6.75 Unty Trust Bet* Ft -37S 

T* HafaUa&OwiliwB«.375 MtosbanThoC 5.75 

Barko tSccSand 6.75 aHiswnuisf 575 W ko awpy Lektew ... 675 

vw«tafcd._«B 

5.75 • Uembens of British 

SSkNA .--675 *[S£a2k Ph4a ”l75 SSS?* 4 

3!?j2^ ( ^ fcwBarik KS MkaamfBenk ,.A73 ^ oaBKin 

Its *M« rt8art *B — — ■* 

CraA LycmDB - - 5.75 ifcduiffii^iaim c 7 c 

p^.p^=«. i 7 5 js!SSSr::.s.SI 



UK GILTS PRICES 


IBS 6 fW==^ 

loupe 1995 iosn 

if&pelM* — 1«3W 

14K 1906 - — 10> 

Emb islrpc IBB Stt -■ lO&^k 


Rasing 3%pe1L_ - 
1.900 W7NV17 11.101345 omotoBiafleMOf—lOiaid 

2650 62SJJ2S 20612M T«n Mipc 2DMtt 87%al 

214 Mrt Mrl 2&91Z71 RtzacZOOS 99 

1500 JeZI Jy21 14fl 151 0SR9%K2aB 105* 

8® WWik« WIOIM — 121AM 

770 J*a#22 15413* 7%*2BBtt— — ^ 

1,150 I«aih3 2761308 


-v2 1,!W rwamu e-muff 

-i w° WBIM5 ia«iw 


sssaa—SB JSssk iSsas- 2 MK- 

-4 l3S 306 - TtoaatfipeSfiWtt — 

ThstiCnyTlpeJBgtt — iS JB22A22 1561302 13%jk 2UH-8— — 

1571153 TYna»9pcM0fl1i 

28713(1 
2061289 
1361273 


ttafcmism-- USJ* 

MW%M 1907- 1*% 

TrawSltPO 198714—— JJJJJj 

&ch 15pc 1987 117B* 

ittft 
96% 


gw j|__ 

Wiape 19881*. 

Treat 8%pe 1995-«w- 

14pc IB9B-1 — 

limaaisijpewtt; 

Exch 12pc 1998. -1HA* 

TmBBfl'zPC 1099ft «3A 


-2 1590 Ja&Jfli 

-J 3,700 FS21/U21 
-2 SSO «1» 
830 HfOOOJ 
-A 3430 JalBJjrlB 



-.7 5321 misaets 


SSilSSTw. Ji^ 

SSSSi"— SS 

KSn T«^1999- IBHF 

S£S?—* iSS 

Caw9pe20n0ft — — 

T(Wfi3pe20ao lig 

IQpcZOOl 

Tpesanft 91*5 

MpeZOK — 


epe 2003ft — 
tope 2003 


^3 

-4 

-2 

-i( 


8,150 8030 5030 246 - 

1200 Myltwl 2861831 _ 

OT«*22»« S£S3«l!L_- 

935 18305030 2461308 I™ - 

3609 DJ20M20 17.10 12» ' 

Tr*w 5%pe 2008-1244- 

ItoaiBpe 2013ft 

74tfcaPI 2-lBft 

TnaSVfK 2017ft 

1OS0 HktB9dB 2281294 EaUUS* SDO-17— 
1JBS My19Hv19 17.101288 
5600 FeiDMO AT “ 

1,730 MyS2 Nu28 17.101242 

7 gy> nUc|d5B0a 36 - 

&SS IMS* a71 ££ itodatad 
A4«M«8 «ffUaoS%i44 

K?iSi& xrn* — 

7-860 Ifis* 0 761281 Conmj2>«« 

16195819 1561290 Treat, 2^* 


84fi 

-J 

3,100 1*25 ares 

1821336 

BDftto 

-3 

4,750 - 

1810 - 

1tB% 

-3 

5273 JU2JT13 

1921345 

JMH 


£151 FefiATO 

802 1701 

7311 

-2 

1200 1810 3*10 

421330 

35ft 

-12 

5250 WZ7Sa27 

221 - 

92ft 

-12 

BOO JOBJt2B 

3621332 

MBS 

H.l 

7.150 FO25A0S 

1871982 

130ft 

-9 

1200 JilS Oeli 

821260 


2pc*98 1»4 200 0.1 

— (f3S6» 107V3M — 

ZtjpcW — (78$ 168 — 

ZltfCTB (786) IBM — 

4J|pc IXft- (135ig 108% -.1 

2pcD8_ (305) nu ai 

2«2PC -00 =Jjm 152%»i 

2%pcT1 (7>{« 157% — 

2%pe13 P0A TZOB — 

ztopeie., ffltfl oai — 

2%pc-20 P1Q 132% — 

2%pe’2tft (97 J) 110& — 

4%pc'30ft — nsig 108* •— - 

(M Flgns In pawdimaa ehtw RH bma far mdaidng Os 8 
months prior is Iseua) and ham baan sd^aded t ndtoct rebsstrig 
of RH to 100 In Januwy 1987. Comanion factor 3645. RPI far 
January IBM: 1416 and bxAuguat 109*: 144.7. 


Other Fixed Interest 


1600 UT1B Sa16 1061313 
800 Ap270c27 206 - 
1600 MWSeM 1861310 
1600 Ufa ttfffl 17.101317 
1600 Ap21 021 146 - 
1650 JalSJylS 1361314 
1JB0 MyZDM20 17.101318 
2.100 Fe23A£3 1877379 

2600 FelSUIB 
2700 ASSJgi&B 
2750 WBOtlB 
2.100 Js17«17 
1600 jaiSJyZZ 


11.71320 
2061321 
96 1328 
1U 1323 

1U - 


BDaoiiiaspcaoiz 

IBM OP Mur TO — 

Spec* USB 

13pcD7-2. 


2J03 

1620 


BB» 

- 107A 

Dsn lUtfC 2001-4— H2* 

• -rvawkftTa»1rreB«w*^^* 

STOCK INDICES — IBM— Shncanp 

M Z1 nrf 20 Oct 19 Dd IB Oct 17 WF Uw W u» 


453 >7 358 FelAd 

41 £ -8 1608 Jil Del 
119 Ad on 

SB Apaoes 

275 5A*M0e 
475 W *1 


58* 06 
34% -,7 
28% 06 

- 1.1 


:l5pc201U 

lie* isttpe 2008 

UwjwlMdCBaL — 

276129 LCC3oc 70 Wl 

2561352 ^ 

2581243 
161334 
161 

2561315 


ltot.Wr.3pcV 

IMdiAtfa3%pc2021. 

4%JKLZIZ4 

UH Her sm Ware M 


110% -J 

100.1*24804 

783 - 

116% — 

45 HyU MriS 

4931837 

S7 -3 

383 Apian 

-1485 

ioo% ai 

72S JB30430 

- 

108% -2 

915 Jpiaci 

8331420 

142 -2 

40 ItjSI IMO 

17.10 - 

127% — 

40 6ptStt 

3*833146 

37 — 

5lJa%Mc 

633 - 

32% — 

S UeJnSaOs 

m - 

114% — 

6 *£50(23 

3*63305 

68 — 

S 1*1 Sel 

8*933381 

132 — 

60 JtiOJftt 

1*933465 

127 

90 

793 - 

1381] — 

SO HI Set 

893 - 


g Air+vw hekta. ni ex ttoMend. Cloafag mkHadeaa sis ahsen In poiaata. Waatoy peresetape tPangaa are cetototad ai a Rrtdmr k» Rktoy breto- 


Oct 21 OH 20 Oct 18 Oct IB OCt 17 


~ law- 
ful Low 


High la* 


” -e.ee.. m«6 353Q3 387M 35283 9883 FT-SE B WWft 1M 

SSSSSSo««M a8Wfla,,,7a4 FT-SOHMtan 

3SB2.4 41857 3362A 41807 13786 FT OnSaarY 

350Ofl S 17JU 145U 17753 6846 FT 6«1 SmalBM 

1S24B 17S734 180015 208468 177164 2D0U8 138378 FT fbad Mated 

IK K 3S 17W68 208862 174366 288062 138179 FT Md lA m 
17S869ire«” JKs3SS ls «4517BW1 144565 17WL11 6162 FmdacsBftrftMIII 


FT-5E 100 
FT-SS m 250 
FT« MB 250 W Ift 

sfis- ss»s 3 s:ssm»s« « 

FTJS&A Ae-SoB 


1304.75 132462 132261 
1301 J4 13816# 12K7W20 
23317 23562 2357J) 
9169 9160 0160 
10866 10831 10855 
228870230479287824 
2906 2832 2846 


1333JB 134360 154819128848 154819 90845 
138814 140087 1007.10 T335SB 1007.10 03862 
23736 24084 271X8 22555 27136 494 

9178 9268 107-04 8854 12740 4818 
10808 10869 13387 10850 13367 5053 
224363 23874 17BZJS23B740 022.18 
2783 2989 1856 734J 436 


A 

GBKOR 


Gencor Limited 

(Rsglstretkm number 01 AM 232/06) 
fGsncw*) 


Results of general meeting 


Shareholders are advised that the orefinary resolution approving the acquisition of the Billiton Assets 
from the Shell group has been passed at a general meeting of shareholders on 21 October 1994. 

The acquisition of the Bflfiton Assets, situated in 1 5 countries and engaged in the mining, processing 
and marketing of bauxite, alumina, aluminium, nickel, zinc, gold and lead, complements Gencor's 
existing mining portfolio and positions ths company to benefit from the anticipated improvement in 
world commodity prices. 

Johannesburg 
24 October 1994 


Sponsoring brokers 
United Kingdom 


Sponsoring brokers 
South Africa 




SMITH NEW COURT 
CORPORATION FINANCE LTD 

(Member d Tho London Stock Exchwigi end TJw 
Saouridaa and FWurae Authority) 

Financial advisers 

S.G. Warburg 

18 Wabsuho A CO. LTD. 

Warrior International Ltd 

iMuafcg oTTbe Saearltie* aad Rang AWborify Lkatodl 


Frenkel Poliak Vlnderirie Inc. 

(Member of Tha Johrmneaburg Stock Eacnanga) 
(R e g Mu flon numbar 7308352/21) 


Min t in cV( V). 


Martin ft Co. Inc. (Bqpmdon No. 72rtWIl WSl ) 
Member tfT&r fohwanaherg Stick Eaftwyr 


NOTICE TO TUB HOLDERS OF TIIKWMULVNTS (THE “WARRANTST) 
TO SUBSCRIBE FOR SHARES OP COMMON STOCK OF 

RYOSAN COMPANY. LIMITED 
(tfaeXompany”) 

Issued in coqjonction with 

us^ioo.ooaooo 

4 per cent Bonds 1995 

Punaamt to C3amtc 3.(JUV) of ibe hnerament dated 18th July. B9L notice 

is hereby given with regard Co an adjustment to the sutmcriptBm price of 

the Warrenra is JdUowk 

On 20th October. 1994 (Japta time), the Company has made Ok tone 
of feet JDfiOQMQfiOO IS pet emL Coavertibie Bomb 2002 at the Inifid 
comantio a price of tfen 2JS24 per Share which is less than the «wnaat 
-—w price of Yen 2A68 per Share on the data nidi Initial coorcrion 
price ms find. As a rank of such bane by the Company: the subscription 
price of the Warrants had been adjusted from Yen 3.793 to Yen 3,787.70 
dfeedre « from 2tot October. 1994 (Japon time). 

RYOSAN COMP,\NY. LOURED 
^ The AfitttoWabi Bank. Lhnitcd 
24 th October. J 994 a* the Fritic%Ml Paring Agere 



Technical Analysis Software 


INDEXIA 



The Mitsui Trust 
and Banking Company, Limited 

The Board of Management of The Mitsui Trust 
and Banking Company, Limited announces that 
the results for the fiscal year ending March, 1994 
were published. 

Copies of this report may be obtained from their 
London office: 

The Mitsui Trust and Banking Company, Limited 
London Branch 

5th Floor, 6 Broadgate, London EC2M 2TB 

London October 24th, 1994 


Currency or Bond Fax - FREE 2 week trial 
also daily gold and silver faxes . , jr Anne Whitby 

l:om Cniit Ancl/iii Ltd - %1 - , 7 , 7 . 

7 swafbv, S.r«i. London W 1 R 7HD UK • F ' u , 05 71 ^39 49^6 

cjUuncL’ i.no »pt'Cia!:jV< (sr ever ycjrs 












FT MANAGED FUNDS SERVICE 



• FT Cttyhne Unit Trust Prices: dial 0891 430010 and key in a 5 digit code Hated betaw. Calls are charged at 39pftranuta cheap rata and 49pftn1nute at alt other Ames, International access available by subscription only. For more delate call ttw FT Crtyfino Help Desk on 1*44 71) 873 4378- 


gm im“i 


OFFSHORE AND 
OVERSEAS 

BERMUDA (SIB RECOGNISED) 


FMeflty Money Fundi 

Total** Kak Panunmo. Barnaul 


B» Ml » 


TMOf- 

se* ikt 


Mr TM Q»- 


eimvMihnil skltq^M 

Lazanl Raid Mngn (Channel 


tanagenuAfcnLtd Lazanl Firww Asset Management (GQ Ltd SwbaLHe laveatroent Fund- Proteus (u) 

owiwn.a ofSswpMi injr-uqaanr - SI ora in MM - | i wi iniimi i* Pm* M*1 1 ' 

mmSum Si=gta=Skt8i -Si ieaBgE=n= 

nmrary.^^afripm [M-3raS5^T. Km mK ^ I ajfw §2!S!!lwBoa“l P ijeff? : jS 




Foreign A Colonial Mnant (iei-wjy) Ltd 
infMilbMIllmMMui 


m ^ b “SdS a 5wu! w _ 

SZAraOoattoWZ obmwicw — 

u.mtoraeorai_s».TtissTna?io i— «r -lew 

BH^fSiuiKnS 

Sun lift Management (hrtl) Ltd XMira Game u — I 

PODaZ3.Cai3BM.KM PW»rB aaiwwmfe- 

s^Hwwoq-DitL aa . mTT rjrfc^ gSaasamayl 

Uotbanft Scanamawan runtf Ua Pnnasa Cjpsn pu» b 

J”IiSS P4D< Sf* ,, ‘ c<, w *. •Ww Gonett Managi 

Son ^Fd_^sl--^3,r i TT»IS 

~ " roumniiMii 

GSra" 

“ «» — 

\fmhmOa21 


^ EgigElBbW V* 0 Bfl. 

ISLE OF MAN (REGUUiBi)n SmSSS 


fSSSfis 


SaSS a. S 8 TS , 

Midland KM 

IUC0 IMM B** ft ** d u ***®* rl II** I*' 1 fM4iy-m> 



(BLuBneua 07 

■497 

] S- 1010 

- 

I IUM 

I 


1 f- BI51 

“ 


[cm r-.ifa.-’R’"* 0 '’ 

imId.—** 


ussesszf. 

HBawowu”" 


ISp? S BnritiM Konrad Mnuer. Ub OI03B2 42101 i rnawiji™ 

If ■fe=TTi«BsTna ^ 


i.." ■ " !- ,r ‘ , !rr‘ 

! ; s 

.. n i i ■; ■- i 

» J-i : i.u I 

; ,;.s 


, ji m 

L ; *fagi 


B nss§^J?~ 


t SOI 40 ATCRmd Management LUI 


me. . 

o SSS^^SfBj 

- Scow Wq IUM 

■ ladmrajM toocr- 

:«KS££Sb££^ 

- Sun Bond 

=8£ffiSfc5*i= 

iffiglg. 


! m 

II SM 
s I ir.'.v 

S lfCU 

iwm 

VMSH 

ta sao 

ituisza 

SI (MIS 

n.neo 

J r o.tw 
1 0831 

n non? 

si can 


.min Kto 

swo a?sn 
r sen im« 
i9#s4 szua 


AXA Equity & Law inti Fond Mgs 

fg&ZEtezz 

IKUItFKM 

[>Uar Dr por-1 . 

44JW SaScSmxv 

Eg CBy Financial Admin (laU) Ud 

wS gmaiiyxn naaei. I m.0j 

Ban 

Duncan Lawrio bn. Mgt Ltd 

ffig BrSSfe 

S2t Join Go 


wgSgi' 
«» issssiSsr 

49141 

5S5 sSSESSasK 


_ Iff PJll 

ISVESCO Mtwnathnal Unfed 


Disa income Fond 
4057? BPdl3.L-MI4.UBM 
•U52/ WWIU C M BU I 

™ Mpbfai bid bnr^* 

HIM 


DM- l*O.V 
tan— imcdii 

JSj tSSS 

Sr- MKM 

xn DIO JS 

»- MLBM I 
eota (a) StCAV 
CioAmi 010 3 

t l.ww I 
MSJH I 
MIW I 



IS.' MOMMUPI WJ ^.4 
i r- -■ 


SI Ml feunCi ruu 

ss 

jSETSwT* 



_ Trrr pxhk ar"" i 
- |S-:j Hadna'und. 

SoBKdt Maal 1 . 

. . . s-F-touKen luwxpbotire »A 

neasnrarii srr'^ 

r T '- ----- - — - - - - SMMWa [ T^t ™; | 

c*>. mvonmm mn i ro oBw ua _ . r wry im ak 

UlfeHGwm.BPfU.LiinOavg B105U«HM«I fBtv i2Mx . 

EsWWpM T« 0et 17 I S- ?39 I -lac i,m»<| 




mim t upsPoraso Ui»va unol ijnl«b*u 

sew us BMnr a — bm Cmaua 

GMH W IW -, — l»»BJ -I -1 47870 

t™ JS«SS| A K IfflTOJO IflSdll - I 45473 

4^ . “IfcaCt &a|M WO. DaiR 


EmIs Star - Skbd Asnta Fond [id 
8P*m Ca*« nwMT, L mso, UBmeovi 




. r Tyndafl (Jamy) Ltd 

CM M I I0M. IISM 007 IS 


44011 

44312 

44914 


[4MJ0 4774ldl 023145888 

Ucyds Prfvzto BaoMng (Cl) Ltd 

aill 03XJ| 47TB UcTftaxtlMBIIotal.lOaed 3J2S3I 039 1 49W5 
,<ya| awjirg o^n^waunM, 


ideas. 


IMa 


isa 

52,95 IBI Managers puM) Ltd 



(Jenoy) Lid 


r 1^ — 

Larrcnc y 

fttioic Camt . — 

ISSCCKKV 

tmSSl CWT05? — 

R&H Rind Hamgen Ltd 


004,5 ^ ssms.“ 

- IBS oraCjEjuna 

. I o-in i^»=» u uoii 

““’3 lira F (DM 

□amFlnan 

1SS3 gsg fe 1 

5 S»(vbssol_: 



L 5w» Nsna*. ilr» I 
ion - 

Famv ux , | 

gS Mwtranoimwa -» 
&7V 9qa8M Fat EM i 
l/TM -II 

SWMMIM 

iSS SEjiSo** - : 

8Z &SSS5«! 

t-m a 


h 

9- 

i: 


it n 
.ini 


• ?»i 


l'l 4 4- |'-'i 

•|. nl | II «j* 4 
, l.«: 


M MM i^'iM',1^ 

EMstan oobai sicav ( a) KSuw,:.r: . j- -r 

13 moGDnCa. L-IC37 ImmoDnas 010332 4040WI E^arcT- -- - "*7 [ ' Ut;.' 

8 SMHBfc=;l £ i!S TTlS ElI; 


xrtsr inti ImnarfUsrh^Tl S- J 



Y JoSafica ” 

:IS| 836 f|^ iilSS 

Inm-cca Itaai 83ll - l 43147 


JERSEY (S)B RECOGNISED) 


CtaUmmiWi WC 

dan rrrt liusE 

oSififflCwnuot 


“ K S“FE 

- — lrt_-l 


C2SJSI 

DM17£4 

aas 

m 

£&$> 

rtRS& 

DHI4 4B 

SFnaja 

Sftoar 

otiiaoa 

Eonon 

Mil 

-SFrlOJB 



4din/ SduaGSMUL. 


MB Rmd Maragm (CQ Lid 

POBm 4«a S5 HeCbt Jcnr 


SE3 Mnsd CmncF . 
SsoEagUncocT Fd 


Cm Mti Ma FdD* O'! Ua «S n&Smimn 

LxnwDrid Rnandai Sonic#* United iSSliSLr ~ 

naUMM tntasMM _ I SB 77 losl - ( S3MI CSS 1 .™' 1 - 

“* 6n Management Manudtanal (Joreay) Ltd 

- I Lap HamrGMGo&M 11949 1.S4M1 837 1 <VB0 

- Minerals, tffla Res. Sim. Fd. Int 

-Ira B8m0c1M-_. 1*1831 IROMl 228 1 *5478 

; Tst Mogr. Ltd 


i- it caw 

t- n *Ea 

Em- ician 
S- 24 7747 

K- 10 1>4 
«- ia>4at 


MO Pan 

Barclays bdenudonal Fonda 

- l5am C^PntOMDFd. 

- 13334* «^ai5:tea^as|?s[i3 ^sgsp- 

LM UtlBdR«=a.-ca_3 , 4 IrJEa: 0X23C 672:1 OuU-C SSSTLSSSSli ■ 
“■ ' anma UK rravm F4 


Erg Pracasn aiccna _ ■ 
sum 1 

n ^fyrrf f 


pea to ora 
7- 75 re 

s- nra 

C34- 6R97 

V. 432300 


lew PxileFwO OctM.— ISS447 

casisiznM Perpetm IJT Mngrif Jemy) Ltd 

‘Mono 84214 

f &ra MMC 
nsao 32UO 

5440 3 B917 
5043 13808 
IBM 
1*24 


44UB 
49103 
49107 
50139 





P ^ 

1- 30^7? 

m bM_ 

:ijo siiozswr 
&51B 23.18 2M4 

1*18 ID. IB 1074 

u ipp 

27.11 27.1l ZB61 

p SSliS 

9523 9R23 I0LB 

m 

m2 2*823*30 
S3J1 3*08 
33.80 5728 
2*08 25.17 


1» 174 3D IE3 
•— 72JS7 74IW 
3X90 3RD? 

1X67 3187 
— 0136 9*51 
890 21.lt 227K 

Handmn Fd Mgrs (t3) Lid 
POBa253, fioatmnj . 048171 


iUf» Arab Baa* Fund Mana gers (foemsey) Ltd 
' g£ MUnaiMAaillH, 

S rasrs?— fills m\ - Im g 

,m{ Bachraam BoM bnesbmd tad Ud 


Omidbi IWt Tinsl Maragws ( 


EamicmJn 
CJ.74.P I ii Empcxi sh 

- '*»<» SUerJiS 

TIM SpnraWaraan}^ 

ssatas=iM !i$( Milss g£»m _*. 2 m«. 

UnwVufd Korea FtmdPIc 


2740 7*37 


512 1913 1K4 
•80 1.798 liKS 
111 2.1 r3 3241 
771 4 709 4 996 




war.-—- 

«P:=r: 

UmaOMnonai... _ 

Essr* 1 i ta- 
gs y 

ig* S?!!?rri"~“l V- 

470911 


- I 49387 



Scottish Equitable IhU tagSCAV (u) 

SI SEK 3 SSSS:ft c S: S'i-'S 1 : 

SJSSSSMm'I ES: life i : BS3 

Sun Ufa Global ManoBomont Ud (u) 

PO Da 2. CaUbiliiiMi. hM «t?4 0.41 3 1 

‘»ls: 


004 

004 |«g 5rHa"3. cSSwix 
BaMPartMBg 

iijat RflOM BoM . .. — 

4SO Won* “MW*. 

LamHrcncni 

.. J4J7<M BSSwI .f- -II 

atora ABMtkao talatt . . 

‘K ^^noa.WOiaa 

....SI YPSSk-z:::: 

o.M lew xnonjni-. 

0 49 CW o^Miaiagn.inr "'ll l-o'0wii il*f> 
808 log Temjdeun ShAal Strategy Funds 
JXI22 30 OauO-l8M L-301 1 umaouuni ">■*'■ 

4T4Um awaikmOi 
TaltTC HNura 


E ttRJI i.-ae. 

: i*u : v? 

Dtt-J'SMl n»M 

s- illUfl 1 ,-l.V 
:.ujir : itjO 

liL rt ir4(4 r;:u 
v • .i«..ii< :.«mi 


aL a0 i 

€T.-^ 

•ri?> 

*.1 
«v ^ 


1 - 1 474G3 


,ra mn«4u5an*aUiii 
' M7K imtur Cuacaa n EraJiFO 
•S2 CiaMmamBMaL.. 

*(£ omnOcenBooMc . 

■•3 Tba Portugal Fund Limited 

; 14.73 EJEtraS4i«MMRaagniiJafmi 

_ r— _ , HAD Qtt 14 I 1*.. 

_ swing Bend sijl r-04t2a« 2«»3! 9 oUi.” i Biroi Bonk of Canada loti Fd Mot Ltd - 

“ tP) Ud pMp)H Iwomui Baal t - — Isi 089 1 lasi 107(45740 tSSSfmmiotMiii 

cEiTSSiD.- mteiainMUwiMftigjns fSfSSSu^SS: 

“♦ Royal St at Scattaad Fd Magn (Jersey} Ltd (S)*Sai , £ti4f 

InwGrcntn Funo IISUO 19391 1*7 4908 FTF^anMD 

LPaaAmaMMtaWlfl 1*3 32 9.78 - I 53374 I f* bnwai 5M UU . 

Su IwetdtimtwPW Irirjo 1291) - ( 4in83 ftf cjoom Con» 

mil Land GSaOM mo uo 10*3 9ji I - I 0 FFFmiMona 

«w Scbroder Mngt Servlcas (iersoy) Ud 

FdLHtkliO- Isiaot auil - I 43430 IFF &cnmsanacrDa- 


I — I DM- 1000 t - I 
Men am Octal 2D 


0 0 5X314 


.1 f 1.87 1 -l 19110 EtfTpnmBoni: 


Bdbnsst Management (Guernsey) Lb] 

SJfcE ® 

HSr. 

CfflC Raid Uanagera (Qnrnsey) Ud 

eIHU ' 


- Ia * KJefnwort Beeson Bond Arbrtrag# Food Pie 
,168.3444 SSfffiSSzzirl I : l““o 

Pfc 

53542 

53543 

XMmrart Benson Capital Mngt (lrefandJ.LM 


_ ro 1*18 1*21 

sm)? w ?4 Si! | Ila-S sawra r Mtai i BB Oim 
02* te* 

14,14 r£m frr,'[Ja?pSt gS** 

1*4 11*4 t222i8>lleTD 


■ 1 ta12.133~ I 

... .» I 510075 I 

9 K ! dilutes Kidnwort BfiBSOfl Derivattve Products Fd 

1*0 - IsSi PatHtaAsdlta [ 0X9*958 1 - T 

1000 I - Uen SKbufwobco I 347.772 I - I 


_D rots 1135 3X2? 

*1*2128 2138 21*3 
1 14IJ7 4127 4117 

OC«i5 75*5 75*5 
•cOUl 38.81 3881 
004413 44 IS 44.13 
SWC 38*0 3*30 


ScrimgeourKanp-Gea Mn^nt, Jamy 


FTF Law JIDi 

4J0 45783 jUf ftejtt - n-i - 

1 % £& 

2J1 437M 
ROT 43787 


Sl9T SftSrSl 1 ?2SP iHlJl Soanaigntiarg it 

OHjjK34unonwo«0ai 
HataoFlaveipMI 
FiTAaMaan- 

ffiSKSSSSTLsri tWiSto 
piJS 

: 

- 11421 1 7 nr 

; a.eaii 
-■ pss 
t Mil* 

;- im id? 


SS sz*?—.: 

W-:~- 

iJSJ 

s asfflswr:- 

3 a g*-.^ 

a sas::: 

Sm HMla -_ 

S?Z its#******— 
iM 


iu«i 

nn 

I l^u 

Ilia"* 

JO-i 

in.» 

32 

144V 

a 5J 
1.01 
HI it 
ilia.: 
inj» 

uS 

III 27 
I0.4J 
001180 

liial 

id.r. 

IUiTi 

I'.UU 


11 

B73 

I v> 

LW 


£S Tbonrton hwostment Management Ud 

S) S30MIBSD88L LSDObb tCW tAA ll.’l 2* 

3 ssaastflJ & w ,4 i 


l£ES) TSBTrust Funds O 


•«< rsaj 
_ eia rsne 
4*714504 rsoi 


'AhMI-EDiMi UWnaBBI — 

GAM Fend Mananmnel Ud M Korea C8 Rmd Ptc 

ra-W lom Hot 3. Utand 010 1531117600311 *« i 610*3 


)sae s 


I BUSH *2931 8073 
I 5B8S8Z 90002 B3M 
I (IDE 42832 «M5 



34M» CM Fur BctM.4 

— — aaga— IL 11111 Him MME 

— —— 

■ ■ 2B.128 38128 
■ 6X958 68518 

■ 2X742 XJBI 
■ 31918 38134 
■ 40141 42965 

■ 8*5L3M 

fiEwnfols] 
null J ™'MM 


, „,5l5(E4 150834 

RaarASEMI lagan GM3 510*2 10*2 1R83 
■ SHbl..5lHnU5HUn 
KUnrart Benson tntJ Fd Mngn Ltd 
0401 70 

|ri*M 1*56 1*0 1 
WW 2087 2*27 

r.m /.ns ton 

1105 1345 |4 22 

2843 


A 

iE=: 


|«ib DsntTurtUanagmant (Geantsey) 

oamwiiMaa lEcsiaio mil - 1 44*n 

Gtobid PcrUofio Management (Guernsey) Ltd 5j“ 

OCMCon»0OS«92O-.IS1O*9 lt.11 1 - 1 53501 K£ 

5454 QisnmyC&f^ManaiyinMnttiDitled w 

“ mwgaSsrJm 'roal ste 

Harabros tad Managers (CQ Ltd, (Mm 

XapmoOTC 1*R33B 1*1001 -I 43785 

__ Hautavffle Fund Managers (GnontsejQ LM 

tan HauWaGBBFd ISFiRBS *98 1 *75148045 

™ Havdot Ttvogmorton Mngnt Lid 

gi? a's^rm^taival d57lsas 

gg 1P8 (Gnermey) Ud 

SS GkOM Uuflpcd PDKoflO 1 127 1 27 1 - I 40996 

,«? KWnwort Bensoo lntl Rl Mngia Ltd 

BaSSWSS-rlilSM oSli»S SBSl= 

] HS na»i»te. noun. o row at aim, 8iM9i 

1 SS Lazanl Rmd Hanagen (O) Ud 

*3209 1 

03MK2D1 




PO Bw 44. Oaamsaf . O 

Mwr — — _ — J 

a yyyj 

pa- z*i 


-QsnpiKa momhaiy q 


3.491 84 
-33*4 *92*0 I 
1168 1.183 
. 1.41* 1418 1*10 1 

1(1.486 1 *66 1*71 I 



Mr 


FT MANAGED FUNDS SERVICE 



k 


St 
St 

i 

I: S8a3 

nt (Inttand) Ltd 

(Bsalte 7200 Hoag Kong 




few Korea Capital Growth Rmd 

(Si mv 1 (10*2 I 

|4T|a Korea Sprint Fond Ho ^ 

|« Korea SomtM Fond, 

n HAV — .1 (10*0 


SSss*s||.i igpyis 

Cootts & Co {Jersey) Fund Hanagore Ud 

23725 BmaD 5necL5ltwifr.JcsacvO 0534; 

talF^n 


Waring Asset Managansnt Jersey Ud 

BL_ 


C3.70G 08791 - I 45791 USf OM 

LU828 0478 1 1*16 1 43792 FWCta 

Fdraign & Cdardal Enttnrim Mariials Ud (u) t 

92d 54 Tail t Ml 43030 Ejctnmjfl U, FtnaMa SL Ida. ECS Mr 071-8281234 * 

913 53*B i;#4 1 43831 7U 

son* anal - 1 43113: 


I 

to Hog® taM ExglMiMFkaa MO SB 

Morgan Grenhfl Ftred tncome Rods Pfc 

” IjMI 


CmtaHMarMotalFanaUd 

IMr Op. 1 S- 4*0813 

EtBEigCSra! «- 294108 

tMMrk cna DM- 924763 

SaaFfcaacccB — I 5ft- 702.72*0 

6artnofe Fbod Mngn bdl Ud 
IHI Ecu 278. 45 U Mosa SL. Janay 
CariM imp hod Ud (0 

nto 

i« 

IFBDd 


ajndoeffirr 

ssiaff&r 

0564202345 UmmvUmMoMto 

‘Ol 01 9*27 
03.91 50 85 
5429 6809 
S3 1 29 97 81 

45058 8X10 

Worldlmnnt (Managers) Jersey Ud 


ssssriswj f 


010333 43607350 

up 



aE^=ra“3h 11M ^ss^ 1 ” 55 —" 

tatai 

®r“" ■ 


- t ‘ rt 9 

- 4US1 XapanFd 

- <32 PaoDcFd — 

- 2H Hama HI 


im BE5>“-r: 


0534806688 WMMd 10c Fd t I 




.BAtartail 



p mm 


hi 


ts. 

20*3 

Martats Rnd Pk | 


Morgaa Grenfefl Prebods Pie 

Allan jiEMBhMBt, ,|. — I ^^L399 
AnanH wt n^iUa — I p3iS 


DM Mutual tatan ra llo M t Ud 



IE1J8B 12300 

Orient Bataocad Fttod Pie 


Patao Watdiar OtHiom Ftads Pic M 


Parflas Asset Management (tratsad) Ud 



J. RotbscMd Inton 





sws= 


f:ll 

7.13 

lOJOO 

(UJO 


Korgan GrenfcQ Bi M 

1 93 FMor drcoa, umdonlcSi ivi on-ffiB 

s arai~ r (: a 1 --! 

Morgan Giwfafl bnMbmnt Rnds Ud (W 

20 hSwy Ocul UntMCCar i«T on -43 



°?£E 

1.009 

J-S19 


ffl 

m 


m 

in 


S iesg? — l 

Sanaa tet e m aBo nal (tretand} Pie 

- - 'T-iswaMl 



(SooUtCB , 

ifc=| 

° Ai££ fa5mFd_ 

Kat, SMMBmSFd 

*3,2 FunfKHl BOOCFmU.- 
^“n WBmlFand 


4tnt J&fSES* , 

48,19 S’c^SHwS^i 


*- X1870 

£*- 1.10*3 

I- *0740 
t- 09714 
OM- WWW) 
S- 870143 
Y- 87X4000 
M- 04ma 
t- 1*590 
5- 28810 

|- *9440 

EC£ ' 

T iss 
£ ‘s 

0»t 

'- 50X5006 

t: JS2? 
t 

r- lira 


■ 65d~r| 044- 

^MnnmLjina.l tat I 

t . . I com 243.10 1 nnfll 4471s riE UH cQw> — *■ I 

8oa6 -Iatbto GartmoRi Lnxembaing SA (u) 

B U m.5D0»»taK- l ilac 1080 l«fll I «1« 30 Ata 5 omorn. L-2S70 U» 010352 4707470 

nuniMKW •»*JWJmtwoom»i jwwWjowt — .TT s- am awl Ttwn 

KS8C bwistnient F ondi L uxembourg SA fuj 

LUXEMBOURG (sib regognisb)] TnM^^^^^HaitaL ITlsUaiitaa^^ ManjMnajRgj.^. 


20 1*77 

12s cm 
OiO CC9 
"s ora 

IJS M3 

I 30 4561 

I 4*4 IBtfl 


M 


Mar nridttr tarn»fcaalta«.Oimrtoi0i 
Pika 01 r— 1 


“ mim 

2106 UpanaBOanr 3S2 424849320 




v sr m 

3030 32113 

, M s® 

ta« 

sh- tain: nm* 


sa 

i auo 
non 

OC4i 

nco 


_ sat? 51.12 

OM- 9*42 90113 
" 1 5*57 
! 0959 


am _ 

- ™ IIWOCB. 

- cm Eurapran — 

- C71S Jam 

- «M< WMUAiDdncan 

-SO 


40in saaniag Chraaf Oar — 

S]g John Gowett |ai»» 

HlS OMMcnPOGR 

uanm I sans zzas 2357 1 ono 


1?,KS Abtnnt Rind Mm Laxembourg SA to) 
466 Pro l anarCerai al-jSJi Umataap D10K24 


328 
3*2l«*4 



. .490 I5B0 

l- 13M I Ito 
1- I MO I /ID 
t- 1 3« 1246 

i-. I 0711 1.773 

C- 2.48541 203/ 

r- i-ifiai I**) 

r-orffii O'jsj 


SS ES'nigoom Jj 

Hcsom — — — — 1 

as 

b LUXEMBOURG (regulateok**) 


- 1 





(Maicag PDnUg_. 
lAMadSItiaPgniaag. 
Cos EunN PgrtMDd— 


UKGHMiarknaia- 1 


3277 

XBIO 

4 -0O1 


ra/3P >1 ii^qa f.i Du Pfaitaitfi liaapaJitfaif# Dji* Iftilfrta 

l|-0i HfllSncail n M BM NIVNUIIOm ruHIUM V 

CT Ii™ BdrtRL-1037 LuaanpgwB 010 * 

*75^53 wSrauSSSuraCl ta^ 1i3 

BAIUntarmartcntFini Smoiimacn. 

jg'rra sssssssS: 


0048U NMOOt 


^ BMAURErmtaCtoAG 


l gjgfe sMtoi&3» 

8- srss^ssi " 

“^^-212343 g 


Ol 3351 3*14 

_ sssi 


7429 7l2ll 


U 42 <* 23 i«» essasN^i 

SSZXXti- 

04 ICTI SUAng FhadMOli 

SsgSi 


£; \m 

f- T*2S 
|- 12.12 
S- 1*61 


Eg ^iSS?z= fc iiS? 

m *»*s£ £ ’p 

igaS Uoydar&GH 3«iTta638 950« MBIOlTnslasSI OocaMUk>«acaSa> LM- 959 

45927 DulUlM) WWBrtkla». SFF- *43 

IJSraoo 


1 mss*- 
: a 

■ISBre Am S«* ta Eo_Z_ I 5- 2199 - 


MMbnd Bank Rmd Managers ( 

PfJBca28,6IHOer,,- — 



Aetna taJeroatta 


1 _ 

» Ipipi 


oBaFund (u) 


8 lA MW 
*00 4U237 
Ii34 40230 


United (d) 



Pitta oa>M an -0 Bum 
1 Capital 


S 2 .240 
£ ,IW ! 

» »« 
48 >&«l 




M Prodonttal Fund Uanagera (Jersey) LW 
S® POEttlOXSlIMai. Jana* 053 

*8007 PnrianMtomSGrFdffda^rWbnnQRmnn KS£T"”°" I e£- 

^ SSSSlSJarrjTaS ggSSUraacI ^ 

S wa<esP" ,,l, w 

IffiS Bout Staring Rl - —4 1 S029 6029 52J71 754 1 

P aggsagfci &s - 

JH2 !S£5!*rmrl I- Sa*Slwl«S Bodays In* PtaK jlinorabttm,) 

Sri 3? T38 Tiust Funds IQ) 20 R*m da It 8am. L-ISI8 010 


IgSSS^r 


B 5S 


SESS¥^ 


nrniaadiir 



BBSEiaE EjfliR|HB 

ssaa Bona 3*4 1 (- jo 91.0 1 ojsIwzi Mmi2SSo l ' ,i3? 
4215842*250 0886 oooiSa CM Asset Manage — 

, . 203 w*i iTATMU. I -1 1 

9958 SIMM IR259I 7.77 U»» rm iringil InMal 1 ill T 11 1 [1 
9851 9851 >1 162.12) 753 Uni ^ 


10151 101515 
loaoissaa 
04 88292965 
21*75220375 

m(^2475M 


-IS 




BL, 


| BSsPj 

2 IS&ssi" 




waa 

«?CI0I 

«3sn 


«M4 

vex 

maS 


4W3 

*■3294 

402*5 


Isas 


SiVjSb 


Aslan DeveklpDWrit Equity Food 
-(gJJ AUantao Skrav 


l JERSEY (REGUATED)n 



.1 812 


t - 


I M5«7 Bardaya hM RnMa 
Amam h* 


[loin 

Sis 


: Intemaflonal Fi 

071 780 7700 . 




Fund Pic 


Isis arsssb 

Va*w Express Fund Pic 


§j! 

491 «A 



I 89180 

44544 

«»« 

1 c 5 ! 3 Sr^= 



Oaring 0690 »M 


IOH Oct 7 

S1057 ) 

TeUawSea bweat» 


Told Korea Raid 



.40O54 SSL 


= iHfllBI 


otortawiw. Ittia /4j»f msm 

0 KSuSyEi* lea 12 SLOT I IJUl M83S 


l UreMAtt— 

saa g roiigi — — | 

J390D Gumvi ------ 1 


ScotWit 


.*» ISLE OF MAN (SB recognised) 

Mm SENSES RL & 2?S 


Please call 

Jeremy Nelson on 
071 873 3447 

for information and a brochure 

or fax him on 071 873 3078 


.Data 2 010.. 

wand l- IS? IiS 

Stager & Friedtander tnv Fends Ltd fa) 

71 SHWK. B hh o ona j Ll . EC2M 4XJ! 071-828 


m 


m&Sfl 


AMed Danner I 


sras, 907 .TOES 

RradMgraflotKBF 





TJiton 

japan 





m 


Bar* or treiand 
ctoiaritaramgOMiud 

ifS5 Saaa taSiw!«M IJBO UJiafSoO^S SmSmSmoma 

rnmmtmmi mrnrn 


(CqUd-CWftmita- 

ifel N 

BS&fffipvt •&&?£& I 

QtBnnldLA. 

tSSSSSWtel SS:SS I 

Concerto LM 

IW0CII4. 1 SB298 ■< 

CouttB& Ca (Jersey) Raid Managers Ud 

MMMmwnneiiaiT|nioB isezl -Iottw 
M lauaparMUil. 1(1258 1198 1 -1477?! 

OC Rmd Menagen (iney) Ltd 

OC «a«M Ciamy tond LM* 

BP --.- ’?! as 

•Otatrei kduta Kma* (taw 

®S^B!Ts8a # .« ?si jss 

■ aVi%ksM(»» 


wew &Ui 

Tool S Congest SA 






f: 



ra/ JHS 


woo 



r _|Hm 5 a a e wjwta- 

I 


Fend 

HnaMhnmqfM 

SS!S 8 St^r%i?a* 

BM pnOrportfotkl) 

BBS* 

StCAV 


i 

aa Currency Fond 


BFrWIBon 

K BanoOT Fenter LnBii (Lu) SA 

aB53582^-~l W I 

. Banque brdosuez UpcenAourg 

S asasa«?&Kp'& , 5» i 

Paribn Luxembourg 


-■ te 


: l«8? 


*enn 

407411 

*«7^1 

4K74T 

4*745 

4*747 


B m «».- 


KMmvort Beam Jap —w Warmrt hod „ . - ~-— f — ~ ^ 

. Qi03U4r99293y SSSSfc I » w 
1 - lm2 Banqua Scwitaiw En Suisse 


i» Ktabmert Baoson Selost Fnl ^ 


- «!3 jsasmn «*: 

- i »»iaa uh coil 

i - 1 93573 gS3’S£S!!r 




E- miie im) 

EBiil 

ECU- 12313 2X737 
Y- 140 IS- 1 

t- i iSS \» 


■KS 




■»=» 


a Uberiy AU.-GT AH Wcrt d PWta-B»ty Fdtal ' 

| 2m«aamH9ptf.LaBMMaB oiai5245«ai 

| MWui ~-i S- 1X88 I -Ian 


fin CB Fuad hUen u Ho aa t (a) 

CBF4H .1 Sir 48 


ISSSl z\s& 

l - I *5441 


- I«i ugpu Bank Lm e wbo er g 

f.toM ' — 


kBoaomiM 


7— mas 

Y- 983 ..... 
dm- nsa cjwi 

OM- 9 083* EmoJ 
2- 1.4328 l.«7lj 

C- 1.0010 Mill I 

PlM- 1*7 189 J 

157^957 awl 


\isl 




ks_| (-IS75W 



0103 

£ sai 


.sesl!! 

issr 1 


Capet-Cnra Myera bum Fd Scan (ui 

m 


c:_-::|SI!a ISS :}3§!3 

;?s :\hi 

Igffl Cldeorp bYrestmeat Ugnt (Unnnboitro) SA 

- om AM kdrutuChiO 1 Sill* - | j/?u 

jg cun Ewvpean Asset Value Fund 

SE »* 1 sow I - l 

ow demente Korea Rnergtag Greerth Fond 


HWOdiS I *1111 

GraWs tarestnamf Rants 

miiiv 

iw! 


a® 

■par* as8 7i 

854* WX45 
Mpa I 


I 






M ! WM I j r II. I IMMVB III ■ III 1 1 i * i ! 1 1 ! Ill 
























































34 


FINANCIAL. TIMES 


MONDAY OCTOBUK. 


BANKS 


ABHAnan 

MtZXS 


WVta 

ftte dro 


ARafknS i 

AndoMteE 

AsM y c 

BncoHVbRa S3 

Banco SBrtPB 


Bo* Scotland — 4' 

BVpePl 

SVpePI 

Bodays fttC 


£200 

ITS 

(06 


MtJBKanV. 

Pcwaft oDH 

EausRuSamo 

RianaRn 

BJpcCvn. 


-lOBbd 
_iiiVd 
572 
Nl IV 


.33 I 

JZ 


Jttj 



TVS G.PI 

MBanhY □ 13814 

HSfiCHK ftO 709n 

HSeCf7SoShal — 

Uoyda .• 

HBd* SWY □ 

MBs Ts&BAY 13 

MtsdTstitaY G 

Nat Auk as J 

Karnw tiCJ 

OtwranoFFr 

Hrl Bk Scottflrtl 

SakuraY .3 

Santa r u 

Standard Onrtd _ _tt£D 

73/8ocPrt 

SaroaonwY S3 

SumaomelsiY Q 

TS8 ,t*0 

Total Y 3 

ToyaTst&Bk Y G 

:AS. 


TsittY *□ 

BREWERIES 


-20 OBIS 
-1.1 020c 
-JS 155 
244 -OfiOSSVt 
SB 3B017M 
TUB -19 014% 
IS} 070272% 
»V 0 .7 (B8K 
275 -150123% 
-2A 521 
-50 0V% 
-15 9V% 

1.1 ias 

-ID 010% 
ID 033% 
19 OBOe 
-15 ID 
-2.7 61% 
-18 7D 
-ID 017% 
-42 2*0 
-62 265 
-47 210 
-63 017% 
-22 015% 
-13 017% 
05 039c 
-10 114 
110126% 
12 12D 

1.1 017% 
-.1 010 % 
-.4 527 
-2 727 

-15 017% 
-42 017% 
2.6 107 
1 6 010% 
-44015*:% 

mac 

-21051/% 


nr OWudi Lari 
cor. pa U si 


"ft" 


CHEMICALS 

CRY 

toe Mb* 

- AfiASKr. 

- AkmH- 


LONDON SHARE SERVICE 


ELECTRONIC A ELECTRICAL EOPT - Cont. EXTRACTIVE INDUSTRIES 





TOO 


162 5411 AtodCoBddS — JB3 

22 Oct May 162 1394 MRrhd H 

fjjajSr 65 1355 DM SttJV 

* Junto ir®3 30*9 BQC ftg W1 

67Jr0cJ*Ap 7-33 - HIP. 4«3 299 

ZDlfctafefa 12 T BqwDM ,-Q EMOJJ 


32 


Dec 162 1350 M. 


63 Jdto 17.10 1742 BmaCYUa^ 

-Key No* 17.10 1452 Cambridge taS— X-i 

-Martov 17.10 USE CartwWI #«u 

22 Oct Mar 152 1764 Ceremsw. 

12 Jim Dec 793 - Wsmnh .™ 

- BUY 5-93 - CtMladdB JO 

52 Jon ttl SIS! Crada 

-Mar Aag 1H.7 2571 DMAS*. 


- JdJan 62 2575 EnoeflwdS- 


WK% Oh 
Price drape net 
HA UKM 
aill -.smm 

HI 202 

-52 0222% 
-22 232 

mo 

-42 022K 
-2 42 

3D 72 



02 728 
27 


M2 


,wg 237*1 

II 

5 .. _ 

438 -42 
.tID 381*1 -2 

-4M 137 -12 42 

_ H4A -52 Mte 

05 MSS EuSew Cd<a* — flQ 50 12 1.15 

733 - Stool Lyons « 1» W 

_ No* Jon 52 2986 Hetaon 
64torJm 53 2770 
2.T Oct May B5 3171 

S Jib Dee 1792 
JmDac 1733 

55 JmDec 1793 
1.7 JBlJan 2ID - Uportr 
B2 MSS 


- Jd Jan 

ztr* 



Fon*rtTecti."Iit® 

& » T r £ 

id FebAag &6 IBM c— » 

12 Feb Aug 4.7 1886 Baseoy Z&C 

- Apr BTB 

-Bn Ha* 10.10 

12 May No* 183 1827 

- - n-91 ana 

02 Dec DM 10.10 2063 
02 OCt Apr 123 3370 

- — — 3793 

00 JenAun 62 2250 

Z5 to Jd 123 2278 

12 Mm No* 11 2 2339 

-NrfaSeO. IBS 
22 JtAJaa 62 5173 

12 Feb Oct 82 2BB0 

12 Jan Net 122 


IMeo-PaddS 

M CnM Sane _4ICJ 
Jatuean S HKS ¥ 


SfecJ 

S^fisszitS 

Memta-awAv.^g 


272 


24 Oct Bay 

si ££*£ iHi l!uu5£aE5!~va 

20 farito llffi - IWnsT -S 

42 JnaSM 222 4094 PorW -jF+H 

- Apr Oct 322 1718 Scya . ... ■ — A{C 
57 Jon Dec 1792 - SuMIteSOB*— 

* Jen Dec 1793 

25 AprOcf 15 8 4320 — 

22 Jon Dm 12D2 - Watetcdttne — _*tk 

22 Jan Dec 6^3 - YdteWre fnO 

* JdJd 72 - Yda Cam TtO 

23 Jan Dec 1703 

DISTRIBUTORS 


B14 2,7 

214*1 -5 

148*3 -17 
704S -12 Z11 
81 -32 OB 
311*1 12 10D 

Ilf -12 8.1 

HE 32B 

210 -12 925 
34 -122 05 

411 15 1725 

617 

785*1 1BD 

393 -12 923 
253*1 -1.7 826 


- Apr 4-93 
2.7 Oct May 152 2019 
02 OctApr 82 2867 


2D Bo* May 192 3Z78 
ID Jan Jet 21 
2D FebAag i 
2D Ml I' 

Z9 Apr to IBB 4981 
12 Feb Am ZOD 3936 
23 Ad Oct 222 4142 
1.1 JMJm 254 4431 
20 oa 192 4188 
25M^NW 269 «29 
2D AprOct 52 *61 
22 JalHee 3.10 4557 



MKaTel 

K18 NddaPtFU„ 

.. n 


n 



3t» 



NUa Pi ice i 

2*< 

, S34 

Butmugm tic 257d 

Bunannood H 187 

BaVKn.PopeA__-}t« 1W 

FanasAS 55 

Flier STA -V*H 380 

CUB UM 454 

Gnxrum — ffM-J 416 

Greene lttig_ Hu 531 

GnBvawkn — 

•Mia 


WK% DM ON DMdends L39 

mt cor. paid *1 — 

- - - - 2315 Abacus. 

12 Feb Jd 66 1772 Adam &Hap«y fN 

Z1 AprOct 122 1852 African Late. 

22 Feb Aug 18.7 2HZ2 Ataaattn. 

12 FcbJd 4.7 103 Aptfewd »t«D 12M 

4 May Oct 893 1 072 Aaa BrEnp K3 *h 

11 A^Jm 187 2843 BSS. 


143 


KMn V G 7254 

ManstsM— SI Z3* 

Uaraain IbMlp .. JC3 3U8 

Mortail W MS 

Pnnmn AtfG 7kd 

Rsgantkns _»*J 284*1 

ScuOANw dC 515 


286 
-4 2025 
22 032 

62 

323 

06 c 

7J7 

03 675 
05 1221 
1.7 122 

4J3 

460 

-3 020% 
64 42 

626 

1002 

-II 62 
1.1 34 

15 1724 


_ lApr B2 2893 QnhgFower 
12 Jd Feb 185 2765 Bacwuy. 
17AHM 167 Z759 BogOdA. 

4> Mar Oct 155 - Bramner 

3.7 Jun OCt 610 2912 


42 

IB Jag Am 
62 JaaAin 
60 JdFM 



Mr DMdants Last C*y 
... odd «d Im 
12 Jd Jm 65 4405 
25 Jd Jd 55 M84 
42 Jan Sep 15 HK3 
- Jun 254 1=8 
22 AtrJd 62 1662 
IDS^Mar 169 1629 
15 Oct 225 1873 
12 Jm Jd 
£0 Urn 
IT OetJM 



tie .WO 

awansOSTIZI-S 

SEnermMH K HO 

SaiyY. — *a 

Somdbaca. 

Busmessi JO 


wn% n* 

Meacb-ape cat 
57 12 

196 60 

45 -10D 0.75 
574*3 -4DQ10% 
980 -44 102Z 
115 -64 24 

ISOS 1.4 62 

mPg -20SU0 

m2 -23 52 

142'* -22 OZSo 
390 3 0 

585 -1.1 
55 -IQ4 

54 12 

87 -1.1 ID 
329*1 15 43 

57 63 

265 42 

30 -AD 

430*2 -63020% 

04*2 ID case 

77SV -62 020% 
EOA 115 014% 

24 05 

71*1 61 Ofl^c 

E19>. ^62 06% 
£100 _JBAt% 

355 -8 45 

355 -12 4* 

129*1 -82 329 

IM -65 657 

25 

73 

41i 

254*1 — 

2*5 0.4 

52 61 

126 -63 
13 -168 
29d -12 
18 -272 

12 

£2S1*i -42 028% 
36 -64 040% 
ESBk -250109% 

65 64 

SO 612 

356 -65 - 



W*% D* [fa DNkkads last 
Ndbc Moorage ns aw. put nt 

fZ 2 — Q0*ac - Apr 

MS-t£: T3 - - - 


zt-zr - 

63 Feb tag 167 
05 Sep Apr 1.8 

- May sm it.4 
02 NbApg 4.7 

p Apr No* 142 
68 May Nn 1610 

25 AprOct 155 

- - 391 

09 Jan Dec 1612 

44 AprOd 

S AogHe* 1093 
JM1 DM 17.10 
11 JM Jd 2S4 
1 2D May 4-SO 
-Jun fee 105 
2D AprOd 225 
25 AprOd 225 
- DM KOI 169 
ID May Dec 114 
-Hay Doc 493 


534(1 

0680 c 

60 DbcJm 365 

E37 

61 0307c 

10 JM Aog 20.12 


830080c 

0129C 

165 

1.4 Junto 165 

5 Are to* 243 

mi 

-20 

w Wte mm 

129 

-1 eQT7bc 

- to T93 

282 

10 


428V 

-4QK0C 

19 MarSep 80 

M 

008 

17 Aog 167 

105V 

64 

- - ns 

21 

30 


21b 

505V 

3&9mX3c 

-Mrebao 31.1 

0703056 

® Mir Sep 89 


HEALTH CARE - Cont 

Cb Wk% Dtr ON OMdenoi LA 

Dm Hdaa McecrrapB red cw. ..Odd rt 

mitS Lm — I E ^ -Jf 65 iISS Sri 
» Mm sSrnwm 610 

— jjn 2» -28 207 67 Oct Apr 225 

” 4 a gs 'ja 

351 61 45 * OctApr 225 


investment trusts ■ Co °*' 


cay 


yfk*, Oh ftwsnnds 
Nam piYecn ngc n« F** 
HqnP^EwgWfa.yC: 1« 


- UbMDiUB 




Rartao&rFWc ,, J0 - 

ssssst-S 


-it li JU. 
S .6 10 S«|AP 

UK -1 60 Feb Sep 

B^jg— - «8 -i* ’HKsIS: 




_ CRAAS. 


UMWMMnCt— _J 317b M 


^ in-i -is - - - - 

V M -64 0*Bc 1 1 Marita* 31.10 



mt% on 
NOBM Price drape net 
H 244 4D 

*JTS -67 ^ 

¥4D2««i*i 



21 -104 - - 

44 -1.7 - - 

100-67 - - 

47-61 - 

244 0.4 035c * 

nb SO Cll-c 34 


lt[FJ_ 

CdWfaAF 

Comma ?Ver A «N »Sd -68 

~ DdghniW N IM I D 


S3 - 

6Q02K7C 15 No* May 1093 
Q200c - FebAag 61 


- - Oct Jan 


Onagri Mining AS — 9 Sit -92 - - - 

Brt&McfciR KJSSb 69Q240C 15 tab Aug 205 



- - - 1786 

.T Trait 610116c 15 An Dec 169 

_ Bib -5 - - - 

63 



* Mb Mp =-7 

- - - 490 

61 2. S Sep Mm - 


35 JMtap 
as JdDM 
2J Job 
12 Jdtar 


iJWOd 


- 1119 Bril 

4 7 32B2 Brown A 

218 3301 Bunrtm 

63 3418 Cm™ 


Ui*«l Breweries 

VU AtM-J 

l/WhaspoonliD.I-fC 

nimiESd ic 

WdvSOudfcY .HO 

Yam Bros ID 

young A JH 

M N 


Wt* — - - _ - 


405 

547 

S» 

IBS 

498 

433 


-4 

-19 

(L2 

-3.0 

-.8 

-.4 


68 

66 

165 

160 

3D 

mo 

159 


Bov 610 2050 
Apr Nor 10.10 21 BO Catena te 
Feb Sap 167 3944 CsmidMdar. 
- - 3877 Dcrfes Sidney 

15 Feb Jd 1E5 4392 CooMDQ. 
Hay Dec 14 J 1018 Cords — 
Ajj 6G 4488 Oduer 


1_ _. 

25 Jan 
17 - 

1.7 DecJd 
17 DecJd 


BUILDING & CONSTRUCTION 


Price afnpa rat 


Notts 

AAFInCS □ 42 

Abbeys 150 

Artwl AN m 

AWC Id 101*1 

3*19 Ct PI 84ba 

Arne? I' 

AndemSyMS HQ 

Adrtead JND 

Aracite 

28 -7.1 

Banner Horen — DC 129 — 

Barowi — fitO 37 £8 

Barts Iffi 28 -3.4 

171*1 — BJ> 



65 4S3D Oagpiban 1 

- Davertocn Yhtdi_ 

65 4883 Denmans- 
6 6 4584 Wm — — 

DbonHdare AW 

Eteamcomps AAO 

Bodron House — AFC 
M. ruu. ntv EtaS&mnd — .po 

Dte OMdnds LM «y EmenmeComo □ 

m 4<S 103 Eurowtar WO 

,4 * Eunpean Motor 1C 

EransHsstiar 



206 1995 
4.1 3391 
129 1427 
155 1868 
.. JdNm 199 1935 
15 JM Acs 265 1948 
-ffayNorlO-ia 1910 
- - 692 1879 

1.7 Sep Fab 167 2013 
12 Jm Jd 3LJ S 2031 
14 OctHb 158 2077 
S5 J^Od 68 3844 
ID OctApr 225 4530 
23 JdFeb 66 3357 
A Ufa 225 2231 
BJSmAja' 68 2280 
25 AprOd 610 2321 
1.4 |p* M*y 610 4854 AM. 
22 Apr Aog 205 3812 APV. 
64 FSbAng 4.7 2337 ASW 
11 Jd Jan 66 2334 
-Bay Hut 269 2232 
14 Jan Sep 4.7 209 



Tsbpcc 



TuosMB T™ 

IMscri fid 

Witty *Q 

Wdeu-ktgX 
Vdac 


ENGINEERING 


^ Dec Dm 1292 


- - 1783 

6 Jan Dec 1292 
72 Jd 143 
13 AogJM 4J 
29 Oct May 125 
42 May Nov 1D.10 
1.1 Jen Die 1792 
4D JM Jd 66 
15 AprOd 155 


.Sic 3E0d -9.4 1629 ID Dec Hey 269 

W*a -25 - - - 

EpudBrtal Ifla AS ¥ 73 -23 - - - 

F5CKSR ; 1109*2 4 J 0329c 1.4 Jw Dec 169 

Fdccnlm. 363 — Q23c 67AogF*b 

FroefibCBOewfl 82 — Q7£ 



S ftecWACdnai-AtdC 
- -Aitf QFCap 

Inio 

smiVgR WO 

~ SmddwdSira $«□ 

SwOMOeH pi 

Tmayowj *N 


waunns _4a 

»8SB: 


.wa 


D» DMdmdi 
cw. pdd 
63 fan A* 
11 May Oct 

M Z 4D 3.1 AprOct 

74 ID ID OctApr 

Apr Nor 

7.7 

8 -67 
IM -13 
17 163 
214 -19 64 

143*1 -1.4 425 
333 042.7% 

171*1 -15 61 

218 m% 

5b -125 62 

18SU 68 

3S2 03 as 

483 -55 1655 
444 -63 1686 
STS -5 533 
m m 29 mas 

UMt — 08*3% 

289 0.8 64 

27M 67 

235 11 89 

34 3D ID 

1®M 67 

74 1.4 401 

214 119 

in 45 

117 -48 44* 

IDS 34 

H -63 

in 60 


SO) -JO 8 • 

"g.7 i2-i*3 r. 

,55 -li ISSSS 

Z»S"pT. ~ ' 


S IS ***"-* 

_ ^ 
MZ? nStamSwc ' ""*NC 27W -1 5 SJWrAulbiFo 
5S kH bn -20 4a Marprt 

zm SSSiiM* mKc ml* -25 1.70 *i4jy 

SW^MIO^ 1214b 


1871 

1829 


2* -=9 193 

111 -45 05 Jd 


i ssssfc 


idSSS-.'^S 

SiSB?-*s “i: 


IT AprOd 


38 -SJ 

« :rs - 

S2M 2J8NWM3Y 
n33 64 69 W Dec 


iSK *18 «- 

6MSUTSIK.JC « h « 

118*3 0.9 2J Oct 


4748 


WtfTBrtB -Q 

FrenctiPreo AKG 

W Tsi’t l 

FiimiFRwamAnq 

Zero Dtr P! ... 

RdciunlK W 

Cep £3 

Zara Dtr Pf 


„ -IB 
38 -SO - - 

75-13 <4 Apr 

as -i.f 68 No* 

175 . .. - - 

93 -S - 

45 ... OMMrJeSaOo 


a 

138 


-.4 


MU last 

cartTot w 

1841 702 
11.4 - 

81 U l-'B 
44A H'XI 
2J7 

Ml 16 S 
447 86 
195 :3 
103 - 

2691? 10 
341 226 
058 
744 

1043 31? 
»4 

845 - 

641 

28J :s7 
741 

4444 1 II 
441 

3663 li? 
1861 »0 
1.413 Till 
|SD»II 
160 - 
idi n!« 

547 :'J2 

13417911 
44P no 
253 - 

im rt.9 

415 - 

609 

3715 310 
34817 *0 
11.4 - 

171 3 
313 JlO 

340 310 
495 - 

680 - 
195 1*3 
120 - 
as is 3 

364 ISO 
279 - 

ua »b 

417 - 

11.7 - 


!•=» 

a>r 

2700 


1IM 

1777 

MM 

*y trt 

4301 

2000 

3J1B 

2997 

IBM 


2317 

7087 

3437 

2050 

3J4 

S3 

4/38 

1170 

2931 

4212 

4331 

2520 

ISM 

4168 

4791 


1514 

1790 

2135 

2108 

3941 

J845 

38*2 

2642 

2941 

1304 


GenxrA 


me 39 Her Oct 783 
65 018c 60 BkrOd 1.11 


WK 

rides Price dr me 
IN ISO 07 


Dry 

ret 

405 


utdCl 67bKl -115 4 A 

PC 101d 1.1 60 


17 Feb Oct 
15 Jan Jd 


isa 13S3 
47 4846 


Faber PnKt. 


£ 


2D AprOd 
1.7 ItaOd 

_ . 09 Feb Aug 

425 13 JhiOh 


-tMu 


05 JaoJd 17.10 1589 r^,, 

- Key Nor 129 B0B7 

<■; in; isi: 

s a , « | h » 

11701 1980 


129 2441 
167 MSI 
302 4150 
- 4496 

167 202 

ZD Oct Hay 225 2306 
14 Jan Jut 65 3667 
13 JdDM 165 


AeraepaceEng 4*C1 15 -67 

AeroHamto W3 31 299 

AMs PO 35b 4.4 


Aiumtscan- 


15 FnbOd 168 
- Sap 138 


DM DMdema Last 
co*. pud >o 

09 OctApr 267 
- Ore Jim 269 
-May Ho* 129 
0.6 AprOct 295 
16 No* Mar - 
1.4 AprOd 4.7 
09 Feb Jd 208 


- 4480 


_ 130 

J_ 227ii 

GJerrar EjcS E IG 36 -2J 

Goto FiddiSAA — £1S*i -30210c 18 Mar Sep 

Gold Mkws Asst AS 24V -27 - - Oct 

Oeenwiai to fu 20-« — - - — 

&MCTWH_Z_I 133-: 610SS3C £9S«Mar 

OMSaCurtaAS f 57b -2 02c - Oec 

HwmonyH 5466 1.7 - - - 403 

HzrteseestR 


INSURANCE 


AMrsNUcids afC 

“ _□ 


HeouGddCS- 
teca!a?atR — 
(ntermn Rn AS„ 


380V 650150c 12 AnJd 206 

080 c -DacJM 611 


IDI 


at 

kae 

1537 

1833 

6054 

1523 


. _ 1D01 

27 -U 
-65 
-19 
83-61 


40c IJ Mar Step 68 


_ I15b — 0200c 
V 14V -162 - 


$ AprOd 803 


74*j _ - - 



LlnO 


BarrattDen Jtl 

SSKTr: BE 

BaWrincb ?4C 


TBcPL 


103 

140 

5V 

45 


.TC 


135*1 -69 
182 -20 
40 -12 
381 -12 
174 -.6 

21 


i^raaigr 1 ^® as 

ID JaoJd 16S 1709 n»W SWJ »»« 


HddenTadi. 


■■ -.--jJ M 


toiSm Hlre |n nd 1.4 

(klanda *N «S*I — 


IAEA 

8fci=3fi 


180 -C.7 
123d -89 
TIBd 


CFPLefcwe Jt 8b 267 

lAn*_ 42 24 


Campbeg&An* 

Oatafl) N 

Costain pd 


32 
22 V 


Coirtryade C3 127 -61 611 

CredlicM ItgND 84 -IJ ID 

SbpcCvPI 88b — 5b% 


Cussrnj.^ 

Doneton Tyson JC 

EBC JJ 

Edmond NO 

to «N 


DIN ioed -5 


OmswiMJ) 1W 

todKfcfranllltN 

Hewoen-SMrt — ttC 

Higgs & HU aKu 

Konam Jt 

Jackson _N 

fatw -M 

K jY n 

*wie 

U 0K=£ 

6 4pecrpt 

Lon&Oydes -J 

IweSfY^ NC 

ItamderaUl— 
McAUdielAi — 
McCarthy i a 


14 

73*1 

210 

328 

T2 

\ti 


7.3 Jim fan 

3 * * jg 4 MapaMM tansluq 

- Hoy Z6fl 1982 

I JauMay Z89 1800 

No* Apr 269 1082 1 fn 

29 May Oct 260 3B4 

I I ^ •§£ Lottes 8«C Dr PI-— - 

1JB 09 Oct 299 2153 

- - - 2240 

1.1 Sep Apr 47 2248 

61 AprOct 168 2278 

- AprOct 165 2275 

64 OctJm 199 2285 prr 

- Aug 883 4844 Sir 

-HayOd 189 2411 S™, 

- DecJd 110 2427 


12 

-5 68 

-61 688 

“ 7% 

-70 395 
-.7 79 


60 

IJ 

64 

168 

4D 


100 

15 Jun Mm 189 4847 
- 3410 


to sec I 

uSaup 

- JM~Jd 
65 JdNw 
25 AprOd 


-68 

61 

-45 

-1.7 


268 3310 
4J 2837 
000 2843 
5-B3 - 

610 2800 
129 3875 
100 5134 
15 Sep May 18 480S 
4.7 Nov Hay 17.10 3083 
15 - - 4541 

19 JanJd 1610 2974 
11 - - 4842 

- - 400 3014 

2.1 HavlAay 269 3113 
18 Sap Hey 85 3180 
2D May Dot 199 3585 
63 SapAn 4.7 3218 

- ter Sep 1S9 1842 


Aeti&Ucy *N iSBni — 

ADbs Can JJ 533nl 09 260 

ASasCepBSKr “ E8, r , 17 030% 

BM ttC 45b — - 

Babcock lot 1C 28V -4.1 

Berry WebcTcr 1C 145 67 67 

Bayne* (Q 8^10 78*1 68 1.77 

SBofMOPI 128—68 

— 32 

-ujc tt — - 

Bentley 13 Bb* — 

- Jl 124*1 — 59 


040c 

M 


2$i 


JC Ob# — 
tlA -35 


aack&OKtel 

BodycdB Wd 311 10 

Boom inch G5 32 

Brasnv «C 15ijd -61 

Bndan AFC 158 -1 9 

MAcmspao flC 470*1 — 

7VP&PI □ 108b <5 

Srit Steel 1C 158V -61 

__4NC 88 -62 


BractaTod □ 12V -35 

Bdtough. 

Bumridd. 

O. 


15 Hay Nov 1610 
1.4 Jn Nov 1610 
OJ May 403 

- - 403 

B03 

i Jm Jun 254 
1 May Nor 199 

- JanJd 165 

- - 1001 

- - 701 

- - 1001 
30 Od Mu 610 

- - 1101 
-ApJySaOa 119 
29 Jut Sep 165 
- - 14.12 


koilLemCS. 

hand* West tE «_ 

Joel (HJ1 R — 

JotnjraCcraR. 

JUUAS _ __ 

Keruimt£ 10V - 

HdsanGcidAS ¥ 170 -ID 

KfagerantoAS 19V -1*4 - 

KbEhR -3 £11K 62Q300C 15 Mar Sap 68 

nrwr fl 109*V 4 4 0150c 6C FebAag 206 

LesaeR a H*V 19 OBOe - 

Imbed 334V 25 - 

¥ 128 68 QBc 


AtatAtaS- 

UpeOrS— 

Atom DM gD 

AoarkwiEMr 
AanncanbaS 
Angenain 
-waantL 
Ao* 


BSC DDJlSdMfr 303 


MBS 



19 tor Sep 68 
- - 14.11 

-May Dm 203 

-5 05c 49 Dec Aug 147 


__ 011% 
_ -*1 032% 

818 -45BS1.fi 

EBJ1 02 040c 

Jd »b -.8 12 

□ 32b — . - 

E2D 1 r .a -2.10025 

I H U U 

04 -1.1 6SS 

_ 80 _ 1D2 

Comm Wore JND 327M -69 2635 

DdbnltojM. ZD 09 — 63 

Don&Gn N 1870*1 — 27.75 

Fmctoidi -VC 148 -1.4 72 

HralMTirwttig..*Hn W — 195 

Gfl£ - ZMC 180 -4.1 TD 

GenAcddsn 4tC 567*1 -63 279 

HCS Uojdoto* TrL+JIC KM 12 US 

HM0U® #IC 242b -53 MO 

Utemtmt N 107 -50754% 

resent Steed ZND H — ID 


— era™. 244*3 -43 1 23 No* Mir 

WV% Or Oh OMdereto Lost «T » ... 4JU3APJ10C 

Puce draga b*i cw. pted ro taa obv — - - 

81 -.8 682 - - - ®3Z GmocroBrttlnc J 87>)M .-2 684 Aug Nw 

34 -69 - - - - 3742 ■nr] lUffr*! 

150$U8 -MrtHfall 299 - iSZ i 

- AarJDd lorn - Gartii*roEniP*c-8lC 


— Oct May 1003 1371 

■*»W* 3 |> : GartninBn— fAC 


¥ Sap 


2? Stettnm Scot kit (DP 

- - 3831 n-n 

WM g a LW - SS'Si'M 

- Fab Aeg *7 4825 It.n» MM 

ia SSS “ 103 

- Ftb Aug 19 3TO* Zaro Sft PI 


33 

106*) 

IK 

ao 

133 

250 

ran 

87 

183 


Mbpo Marts AS 

MtanietE 4V -159 - 

MtoocaS — ElBba 15 057c 



¥ toy Nor 269 


49 

89 

11D 


-14 ID 
OJ 1*18 
-64 01.1c 
167 60 

-.1 297 
-61 65 

_ m 
__ ID 



120 
IK 
152*1 
84*1 
24 
68*1 

9V — - 

601b -49 019% 
111*1 -19 0*7 
238*1 35 60 

238*1 35 99 

98*1 32 64% 

125 *8 

74 -5-1 

222 55 

mm -63 65 

67 — 65 


2J Mar Sap 19 306 SS^ ".7HlD ufi 

4J A 165 2848 
68 Jd OK 17.10 2875 
OJ Dec Jun 17.10 28K 
U OCt 168 2930 

1.5 JdHw 289 8107 Sanderson Bnenal — tN 
- Jd 502 3030 tan*, _j. 




IJ Jon Dec 1202 - 

63 Oct May 268 3768 rSlcHS, x - 

1 J Maw Jun 199 3122 {SL™” *■ 

1 J Mar Jon 199 3121 
-May Hav 169 2481 SEp® 

uu 47 m 


15 JdFeb 4J 3196 



60 OctApr 199 1B14 
63 Ad Dec 610 3640 
29 No* Ray 17.10 4228 
65 AagFab *7 5023 



271 -.4 

93 33 


ObvU Brown +tC 217 1.9 

Dk*to(J) *«TN 157 109 

Dobson Part .4*0 

Domett Hunter .%□ 

as t*c 


Eada. 


.AC 


HtoOB- 


AO 


289 -4 


23 -4J 
« 1.1 


““ — n5 


Rsto*. 


WC 58*1 -15 

*WC 113*1 — 

Regan) Coro 31» — 

SererOeto-Rro— —■ft 83d — 

SwM WIN 386 — 

Snorco MtoN IWHe H 

SHNDWm) AN «r — 

Smart (J) N 233 — 

lay Home* .AlO 180*1 IJ 

Taywitaod — »ttC 171 d — 
Huy Douglas — JM 563d 1.4 

Tore* Mm *AjN 58 

nr g U3 24d 

uanv casie. — . — □ 

VUE 4JCJ 

TOrodad JC 

wamnomes *JG 

WarriHHJga ^ZMJ 

Wesltuy 8fC 

wcaScafldg *3 

Weapon 4*0 

Vflgglns Group AO 

WOOTlCnnl tHO 

W8sonBooden_f 


4> Apr Nor 263 3307 UZZZJ 
IJ Apr Mur 110 3315 

- - 6 93 3118 yq—— m 

- - 1001 5309 

h A ^ 3Mi DIVERSIHED INDUSTRIALS 

P Apr Dec 303 
1.0 JdDec 155 5087 

{ Apr HOC 10.10 3 MS 
NovApr 610 4305 Attest 


*7 3888 
4J 48*7 
268 3815 
68 4089 
199 4754 
209 4239 
267 3929 
267 5340 
602 4459 
4 Apr Dot 169 4487 
61 Apr Nov 289 4514 
69 Oct fan 268 4515 
¥ Od 129 4847 
64 fan Jd 69 45B6 


Eoafbar nfC 35b d — . 

Ennanm krt TIC 1B2TO -ID 

h3_ 183>] -5J 

FH *fcO SOB 67 

Fenoer DC 135 — 

Ferrara □ 34 — 

FHitSMt 1C 22b 


605 

IDS 

63 
61 
29 
65 

624 

*17 

34 

590 

79 

29 

29 

655 

ID 

67S 

495 

164 

19 

19 

886 

29 

17 

79 

64 


IJ Mar Od 

- Jm JU 
1.4 Nov JM 

- JdJtt 
13 Aug fan 
IJ AprOd 

1 0 Sep Apr 
U OctApr 

- Jd fan 


159 
165 
610 
66 
47 
187 
601 
18 
195 

165 

15 Mar Sep 187 


It JanAtig 

62 JdDM 
60 Feb Jd 
09 fan Any 

-Feb Ana 
60 Jm Jd 
68 JM OCt 
15 JdFeb 

- Hit Jd 

60 Job Nor 

63 DacJat 
13 An Feb 
62 Od 
19 DecJd 

64 JdOac 
55 Am 
* 1 NnMay 199 
OfiMeHay 610 

61 Jan Oct 209 
66 JdDM 165 

- Aog 265 



... Mac *NO 70*1 69 

Haflteghtads 119 — 

KIN Eng flttl M7d — 

AlO to no 


HdAtL. 


* Mar NW 17.10 4178 
67 Jd Hw 199 4177 


- 3305 AflnrFrwAFM. 
199 5128 
205 1711 Bpc 
59 *812 AnrewTrust 
165 4027 BH Prop A®. 

66 4MZ 8TR 



269 4ZB5 BTR NpfaAS 


- - 602 3808 Bate 

S Fab Oct 59 32B2 Bfebrp) 

Jan Oct 299 4387 Bdertoy ton HZS — J 
15 Jan Aug - 4007 (famn SI km —IQ 

- Od 229 4428 Charter __JdMC 

1.7 - 66 4468 Coataon -SIND 



Wlrtt Dhr IB* DMitareh last Qty 

Price cut™ nd cw. paid N Im 

-75 79 IJ May Hw 1610 1523 
19 Use Mar 1687 - 

67 Dm Jan 254 1628 

- DecJd 2711 


148d 


EHH -66 010% 
399 -19UM8 
78 — 049 

51b 19 

912 -9043bC 
387*1 -4.1016*2 

86 -115 - 

87 -107 

78 -89 - 


at 229 

. . -49 68 

- - 700 4873 &Mn M)UftK .H 275*1 072% 

#00 4093 DCC 410 — 


WrepeylQ- 


*26 
65 

4NC 145*1 -63 5JS 


BUILDING MATS. & MERCHANTS 


Hoes 

Atoogmon - IO 

Aknicae 


Wk% Dir 
Price drags net 


- <3582 Hanson ... 

29 JdOd 199 C18 Warrant* □ 

23 May Nor 610 4518 9>]PCCm 

1 3 Od toy 169 4S19 HaiTlEora & Ctoe Id W7d -19 

Hawtti AflD — 

HuKh Wn*) IBS — ¥Q 

fananaWtaS ta 

faurilwfT)— 


IS 

341*1 

54 

211 

9 

147 

310 

128 


6Bd 

264d 

154 

00*1 

137 

30*1 

ram 


Anptm 

ADNS NQ 

BUSS «tN 

BPB. i«b 

Baggerklge .H ... 

Banian M3 37>]*l 

BettotaMM.. . AFO 102 

BlocMeys-- jW 

BtupOreJe 

7SpcCrPf 

Ofaedon N 

M D<eddng N 

BnjmdiflH Agpra _HO 

CAMAS SdO 

CUiK *□ B3 

CSAAS 213 

UMbreaaRooA (3 

Cape ...AN 237 

Coital tTiC Z73d 

iVpCrPf _134bd 

CUdoin AN 50 

Darby *ttfD 00 

DrrniUAJ) AN 04 

A N 76 

EdlpseBMs . .faO 8V 

Error ■»! 14 

Eprtl- *t N 31 w 

Eritn *4 n 6M 

Ejpaom/* — -Jo lb 

Gaunt ftmdy A JtN 76 

GrtClon E AN 3IBV 

Bmteo Group LNG 168*1 

HtesteadU. — -H 376d 

HBMhlSI N 119 

HOttnE 


65 

65 

TD 

103 

OJS 

15 

61 

612 

29 


Hr DMdends Last 
cm. o*i Ml 


-19 
-1.4 

~7 
-13 
-9 
-39 
-1 5 
... 09 

-14 11-25 
-62 7b* 
-12 4D 
_ . ED 
71 05 

-66 UE 
-1.10383% 
-2.7 QZSc 


JJ KraernerBMtr □ 


IK -19 034% 
fafaQ 222b -5.7 129 
“ 21V -115 - 

El 05 -1509b % 
«7d -19 69 

3W] 

207b 
3P1V 
30 
mi 

132 


19 Fat Oct *7 3223 jgjfaoDy „ 

HJt, 152 35 PVcDuriap AS 184 

^ torttOiAiro MJ 546 

tf'fiSS ,S uiN Hapna m 134,0 

lr Stae DartiyMS 164 

1-7 JaoAUfl 4.7 1 188 STa*ettTlnOa~~— -.#□ 207 

1 JS s35~I -— zoom 

04 DecJd 169 2509 Wfanda 86 «bT___ 43 

- - 1209 «09 Warrants 9S^M 

07 JdDec 1110 1553 ttSSSt 

IJ RovJd 199 1886 Taeridm 

- Jun Jd 165 4670 fiVocCmn 

08 May Od 110 1041 r<daterHM_i«MJ 

1 5 JwDec 254 1906 BpftHZZ-ZZl 
1.4Ha^0d 269 2205 UddaroK 


3H 


-A 

0.7 

-22 

-T.i 

-67 

-59 

-19 

-6 

-4J 


119 

6K 

7J5 

39 

ID 

65 

39 

618 

79 

14 



07 Doc 269 4372 
29 KbvOd 119 1382 tenecn* 

4 fan Ana 7.12 - WUay- 

- Jm S01 1090 SSm 
1.4 Jm AOfl 20.8 2081 BpCVR. 

IS Kov Jus Iflfl 3355 

14 toOd 17 68 ^ ELECTRICITY 

28 JM Jd 165 1380 


H JdOd 59 


-60 QBSc 
-6.1 023c 
-12 19 

-2.7 Q5B% 
-.8 49 

03 016% 
-65 010% 
-5 022 be 
-1.1 268 
-19 79 

-4.1 02tC 

65 

63 

14 
29-65 

347*1 _ 68 

207b -S9 798 
ISSb -5.8 BV% 
K -45 19 

114V -66 60 

MS — 009% 
188*1 -19 158 
149b -19 29 

10 1 * - 

334 -9 1398 

131b -.4 89 


J JMMay 263 1651 
No* Jm 27.10 - 

lJ January 109 1597 
- - - 1340 

- - - woe 

- - - 2ES0 

- - - 3818 

1.4 Nw May 27.10 - 

*7 Jd Dee 85 5270 
H Jd 165 1623 
♦ Apr Nor 263 - 

- - 901 2054 

1.4 JmAm 206 Z100 
15 D*cJ* 109 2233 
11 JdDec 610 13M 
18 - - - 
O J Jaflp J yOc 299 2828 
- - - 5113 

- JanJd 4.7 2819 
19 JteDwc IIS 2340 
2J AprOd 218 2086 
25 Dm Hay 503 
3J) DecJtei 1093 
19 JanJd 165 3061 
4.1 May 503 
09 OctApr 25.7 3217 
* Dee fan 1202 - 

- Apr 303 
IJ JdNW 1003 
14 Jan Aug 209 3703 
1.1 JdDM 129 3858 
ID May Noe n.4 
04 Aog Jan 206 *182 
1.1 Nov Jin 119 4144 


HaouxonMa 4MU 52 -21 2 

BbplWPf 94-169 

ttayPQ H 28 — 

in & son tnN 1*8 67 

HopWnsora 4M3 E2d — 

HOW AH 38d 59 

Jtowrien 85 -IJ 

Hcnring ?AO IM -15 

BVpcCvPl 94*1 -11 

M #1fC 298 -49 

— — .11 81 

AFWl_#tsQ 39b 

JtfmmlUDtey-iTC 559 05 

JonestSUpavn N M — 

KtoeyMs N 315 — 

KdteStedY □ 281 -9 

□real AN MM 

Uttar (1) — yri 21b — 

A N T8b — 

NLHdga JO 38 -18 

MSmg an « — 

HanganenBze W I45M -19 

Mcttdnto lO 43z li 

Megan WD 72bd 17 

Motels liK 539*1 ~2 

MoraaaCradUe Tto 313*1 -19 

7bccC»WPf 133 — 

Monte AMb y -g j «0 — 

84 -129 
IJ. 

OHM 810 60 

Optometries— — 40 17 -55 

Oahnltast AMU 309 -IJ 

Powenwaan — —JO 207 — 

Prospect hdi AHO 15V -74 

Protean K 210 19 

Outetnonaac AtUO W6 



1885 

UTS 

1938 

1949 

1800 

5174 

3311 

1974 

1978 

2004 

3GB3 

2138 

2070 

2078 

2100 

2118 

2189 

2181 

2210 

2232 

2225 

2510 

2080 

2352 

2367 

4150 

24X 

2401 

2448 

2514 

2517 

2SK 

2827 

2952 

2868 

2570 

2370 

2871 


SpcUiNetn. 

Not Wits A 

NktfttHnAS.. 

HonranSy Pcs AS ¥ 

tattenPStfl 

N8 HD Pda AS ¥ 

Orion to AS 

OrftGdd 

i;0wca toE 

PadBcArcEoKi— — 

Prowl AS ¥ 

PaMTtmt'tei — 

PeCyaAS 

PeraneraxrAS 

^fe==¥ 

RascaAS 

FtsSctSAS ¥ 

Proocns Meals AS Jf 

iva WC 

RTZ 


5V -117 - 

181-42 - - - 

11V -65 - - - 

W U3 - - - - 

104 -19 - - - 201 

140 — - - - 

_ 138 -5 - - - *1 

_ 270 05b 1.4 Feb Sep 31.1 

¥ 237V -49 - - - 

110 08c 10 OctApr - 


2431 

3401 


64 Mayflo* 260 SOU G 

s S3 ’li! ^ 

iDJdto* 310 - wnmiM 

- Jm Aog »a 2683 rJSiSii “fia 
67 to Hey D03 - bS^TI ^T- 

10 % 30toX H S SSSSsbS 

do._ m an - z-f liS-Sg ^0 S?5 * SKJi* 

T * ££ J-? 4327 G wedOad SttCaig 

» ^jSk 1,1 S *BBE3tS 

; ,?yaiJaiSar rh 


WTWm-r^dg 


174*1 -63 75 

U ai ib arffe ca . .flJCI 178 — 7J 

London ttecltti JO M — 19 

Utwntos Lam _AWD 170 — 75 

MmhUdMS.— MJVd OJ 0*290 

«wpw— ' □ 81 . ... 

Neteirem Aja i7*al — 68 


Hew London Cia — ZC 

as=zSB 

Prwskini Tiust MJ 


77 

118 

34 

Bid 


. OJS 

59 

-4J 60 

-J 10 


ta ^ oowosoatede .—ia 
- Jd 68 3916 q— KK 


84 

28 

9BV 

111 

m 

ns 

in 

91 

27 

192 

Nil 

40*1 

141 

120 

43 

87 

37 

aid 

12 

401 

234 

418 

90 

10 

US 


-6 394 Aug Nor 
-10 617 Apr 

-3.7 

-.7 09 JJiApr 

-10 - - 

-7 NLOFeMrAuNv 
-13 - - 

-17 ntOFcMyAdbi 
-1.0 99MrJi£c0e 


632FeJrAu» 

.... 671 MvOd 
-18 - - 


3DT JuMSec 
896 Jd 

14 jd 
ITSFeMyAuJfv 
6» Od 


.... 19 JdOd 

■1*3 - - 

-IJ 19 JdDK 
-*S 679 9*1 Jun 
-5 67 Mar Sep 

-2J - - 


Aadwood- 


RandlfhesR— 
RanttwrnEflH. 
RMammCS — 
Renton R. 


173 14 Dllc i J Jm Dac 403 

78b -43 - _ - 

94 — - - - 

S — - - - 

IV -17 - - - 

82 - - - 

47-69 - - - 

51 -IS - - - 

19V 118 - - - 

33Q -5.7 08c - Jm *1 

183 -0 - - - 

33V -65 —mm 
181 OS 01 Oc 15 to Apr 
17b 115 - - - 

_ 34A> 12J 15 May to 1B9 

£ BB2d -£60397 1.7 Dec Jd 20.9 

-= 40 

40 


- PrereUo Trust NO Bid -J 18 +HayNw 1710 D*3 c^naog, u US 

- PfHdumUaJrewrtitoaD 103-10 - - - «.T S3 QdwDb*.. Kb 

34 Royal ban -tfa OTd -5.2 68 37 Oct tor Kfl W3 HTRj*p*n*wSmk NDtOlbi 

- SwlBHtt AICI ISM -16 60 1.4 AjvOd ED 3BH □ K‘; 


Apr 

Ml 


30 

159 

US 


lapttomariiDKr 

Ttatolmtom. — AtNO 
WBaCorroon Jd 

WlrtiSOr pC 


71 -18 
32Sd -15 
03 

*a :ri0l u 

154 -49 68 
25 87 


Si -l 0 ^ n ’faX S3 ™ 

SyreEcate Cadt* Nd 

Wbimo □ 


19 4130 
269 4134 
29.6 3518 

- 3012 HeidanodStm.. 


ZoraPil. 

HeedoreWgriand- — N 


64 AwSap 
22 Jdltac 
« Sap 


75 fafifay 1610 S2 _ 

IMBApJyOc 59 «m ^SwsSciJd 
- ~ 100 4521 Hong Kong 1C 




2284 
‘men 

3700 

- - - 1ZK 


u INVESTMENT TRUSTS 


faro IfaPI 


85*1 

117*1 

34V 

11Sd 

28 

2*0 

92 

41 

*a? 

38 

3#V 


1.1 

-65 653 
-ID OK Nw 
-4.0 - - 

..... 3JS Apr Noe 
.. 39 Aprllw 

A -9 SAMIvJaMy 

-18 14 Jfa 

II - - 

-40 19 Apr Dec 

-21 IDS Mar Nw 
-IJ - - 


RasoUrRsAS. 


4 48Zb — OSTbc 1* fan fan 193 
744V -2JU20OC 18 Feb Aug (67 
78V -U - - - 

- Od 893 


Ru m ou r s R- 


-¥ Z3B 

3 3 


4 tor Sep KB 3808 
i MwSep 68 - 



zm — - 

tn? 41Q155C 

SfaBPoEnlAS ¥ 2V -Z7 - 

St Banna AS ¥ 7B -59 - 

SiWfaMfl a 721V IKMft 

■Sra Raa AS ¥ 14-58 

SwaGwAB ^ 518 -28 OBOe 08 May to VOT 

. 1 : 503 

550120c 1.4 tear Sep 68 

BV -SB — - - 

_ 218 T69B3UC 12 Mar Sep 68 

t K7V 62HT4« 14 ItarSep 88 

148 038c 1.8 Feb Sap 290 

15b -83 DISC 64 Here Job 165 


4016 


WK% Dtr DMdends Ma Last 
totes Price dEnge od pad iap£ro »ri 

Approved bythdtaiandRavaoM 

3Z wn 3 ib -3 

~ in -is 

01 

83 _. 

172 -1.7 

271 -7 6KDai8fa5e 
94 -1.8 
51 -1.0 
78b -19 

17b -64 
■a -11 
228 -12 
172 — 

141 

as -id 
144 — . 

m 


a 


AbertoroiSmBr.. —HQ 

Wanats ... 

Aoertortfl Spit toe — X 

Ahtnrst Ermg EcodjAO 


Ahwat Eao bon. AWU 

AbtadHnrOarii.ADia 

Wanana 

BWattanU 

c wanana 


654 Dac id 
*8 Sector 


645DeM0aSe 


68 Jfa 


BD 

60 


1988 - 4482 utcrenwwn 1MZ 

0*8 257 14« a£[faPT~ 

162 - 1487 l&flKa*«lto0ANC 

268 257 3002 

U -MifioJiMcJ 

SCO 25.7 3008 n»Ma .□ 

470 - WVCSCOKona.^ANiJ 


19 Jon 


5b -188 

«N 53BTO -. 


Western Areas R. 
«S5 wasamOeapR- 
"1* WssteroMdds- 
2“ VtestemMntog^ 
ag wNndars — 

«BM p w ,,,, 

2922 VkitathaakR- 
4821 WoriaFtoiS. 
2SJ1 


■0 124 11 JdKor 1610 

17 - - - 1108 

_ - - - 103 

660310c ID FebAag 167 

_t E3SV 54 0580c 28 Mar Sap 68 

30b -13 - - - - 

387 -1.1 QBc A AprOct 903 

-TN 123 — 29 60 Apr A^ 4.7 

-IN '■ ' “ 


4407 

*424 


44*7 

*7*3 


_ & 


Attn* New Thal-_AO 

AanStMtaeZIlici m# -3D T2JUaApAuH» 

A^ottoSwilAiO *Mb II OJ tap 

IdmAH . . 8 . , ■ — 

Atony til l2Bd 3J 415 NnrJd 

AtoancaTst — At?f 

American W — AflO! 


610 - 3471 _ 

*S! ,ltS 555 WL Btotecti TH. 

Jf® - ™ WMMB. 

3U ID 4231 
«7D 10 4001 
615 -4000 

423 - 1281 Cv la 2000. 

21D 160 2710 
- 2H73 


...O 


s^sa^ , {g 


-4 7 79NrfaMyAu 
05 - - 

-19 29 JdJan 

<1 - - 

-13 - - 

-D - - 

-3J - - 


-4J 61SMJaSdM 

1.1 - - 


-4 « — 


-D 04% tor Sec 


1J8 - 2*73 Cre,„ 

21.1(7.10 31W joteonFryfera^—D) 09b 

1H .rJK aroW ,0B 

tL2 80 3827 JumeFreSacsaLMD 08 
197 - 1<284 zJSWnTliri 92b 

35 !™ Johns* Fry Ufa 10 S 

8870 268 1570 zoa Pit — 


AnrinUsSate (□ 

wanana 



T23 — 20 60 Aug Apr 4.7 

ESti NLBOaUc ID Mar Sep 08 


a 

82 -103 


- - - 000 


- 3741 



17E0 -1.5 47J OctApr ___ 

2S7bd -4J 65 to toy 2142 168 1098 Jw Mdgs Catftat 

“ — W® - W® (hotub— .-N 

34 Apr to 509 268 1228 ZOO OvPI 

- - 190 - 1738 jnretae.___ AN 

4729 118 NTt2 


414 -14 7.18 5spAf* 
269 Aagftb 


81 -OJIBOIg 1.0 JdJn 703 



POOD MANUFACTURERS 


BafaeSTsSL— AM? 

BaduW *t«n Uld -10 

Baring Ellig Em _AQ 


622 200 1838 JuritvBao. 
484 - 1837 WVTMtilL 

S53?f 252 z«“»w 

sltr 

- - 449 308 1720 iHk 

MBMyAd Wa 2*0417.10 17K aw,H_ 


70faApJyOc 

197faApJy0c 


1.7 OdJ 
191 


S MiyDd 610 4333 
AprOct 217 4244 
- JanJd 165 5173 
- Apr 4.1 4287 
- JM - 3722 
10 JdMar 47 WSB 
29 Noe Hay 269 4438 
17 Jtug 260 4494 
- - - 4499 

UNteyOd 119 48M 
-MarSep 268 4500 



m% ON Dir DMttomis Last 


Safer AtdCJ 8M 

Senomex .At* 206d 

Stebe OO MB 

SZSSl 


-73 23 

080*19% 
-39 49 

OJ 7D 
09 


39 AprOd 
11 Rn Apr 


703 2518 
118 2891 
093 


HeswdL. 


.Jd 295*1 


GG -19 010% 


B AN 78 

Hewn An 130 

KeywatiM AtNQ 287*1 

&M 130 

bntt NG 

wananB n 

JobnliansSdd 

Joreson 

NngspanE--. 

LEfaro»-Ce«o FFr_ 

lAdumiJ).- N 

laesma .*1% 

BpCrPt 

Marie? *NC M 

Manbabs- fad 

SbcCvPf 

Ifera AJd 

Needier _ { 

MOmatn-Tttfi* - AINU 

NtUXTOS- — ANO 



1.1 JdNw 


Ptemgion A77G 

Wararts □ 

PdrolpB NO 

Ouagota _G 

mk Area BT&d 

ftemn *>n 19 

Hettand 1*0 484d 

ftttd J SB*) 

hraxime ZS~ 12bd 

Rubenfe LVJC ISBd 

Rugby AfhfO 118*1 

AusSdl lAl.. AtN 00*1 

SIC tNQ 2*7*1 

StGataAiFFr O £70,', 

3WP N 17*1 

SnarooS fisher ...1}N 175*1 

Shaw (A) 73 

For aiertleM hsBns Cra see SJG 

Suing Ram *KNE 

Sycarwra Q 

Tarmac — NQ 

non *1* 

TrMs Patea — THU 

Timor. 4N 

UmgrouD — i. i 

imversd Cmme. JJC 

Vftteriiouse ...j 

Wttas 1*3 

ntkdey— — .*tfd 


o*iaUfflnre<s_!^ 
Eanitefed*.— jfc 

Pike drape 
308V -50 

net cw. add 
01250 -JaAnMr 

ad 

3^3 

tea 

711 

I.I 

267 

00 

Mar Oct 

167 

itu 

737 

07 

260 

23 

KSarOct 

167 

NOT 


■89 

2.7 

265 

68 

E££! 

47 

4927 

StaES— '"' _ *2r 

79 

1.5 

262 

20 

ES 

167 

44M 

Keflonsl Power 

482 

-.4 

165 

20 

JanJd 

68 

NK1 

Norittem ftc 

772 

U 

2405 

61 

MarOd 

167 


Kontan Ireland V - 

388 

-10 

1100 

60 


10 

jorq 

Itanaabl ... ...JVC 

782 

I.I 

230 

62 

RSerOct 

167 

MAR 


552 

-10 

1205 

64 

KnwJd 

200 

4081 

1 . 

39 

-10 

168* 

2b 

SSsrOct 

150 

3118 


3*9 

ae 

164 

65 

SE^to 

80 

3119 

Seebobd 1IC 

480 

60 

1135 

61 

Fab Any 

167 


Soudi Wslas JC 

706 

10 

2&fl 

25 

FttbAng 

167 

KM 

Saudi Western HC 

728 

10 

zxs 

?J 

BfarOd 

167 


Srerihan —VC 

Yarksm faC 

79 

888 

10 

-4 

267 

2303 

67 

22 

MarOd 

Mredct 

167 

167 

083 


SKFSXr. 

SnltaMs. flNQ 433 

a*m^S«reo *HU 43B*I 

Swing tab *N 238 

Svnundt Eng 32 

■nerow ATtO 3S0 

T*l_ _A 48 

ThyroanOM E22|i 

— - — • ' 119 

33 


167 42G8 
203 1441 
3.10 2872 
63 MarOd 229 2877 
-MayNae 264 2878 
13 A<w Od 190 2081 

- AprOd 158 2883 

- JdDM 1610 2954 

- - - 2241 

ll JMJK «| w ELECTRONIC & ELECTRICAL EQPT 

ID Aog 203 MVS 

36 Aug Feb * 7 3130 totea Price 

168 3185 ASEABStt — P3 MOV 

166 2410 Acd AN 284 

6.9 3284 Acorn Comp __*tO 95 


?aseaci± 

TransTee 


Trtptexlfayri. 


—AN 84 
_AZN iPya 



67 3300 Atei M3 183d 

159 5089 Amsttd Id 28b 

11 MSN 208 3364 AredecHcAW ft 73d 

- Apr Noe 403 5105 Altai □ 34 

UdfayOd 199 3493 Asoc(BSR) HC B3bd 

68 Feb Aug 20.6 3508 KC Id 34Bd 

- - - 3085 Cap Fin lOVpc 118b 

67 FebAag 206 3802 Bettes Knar Jl m 

- - - 2204 BeKatayBastaHi.-lO 8 

¥ Aprllor 269 3880 Beacon NQ 

- - - 3G10 

2D May Dec 610 3838 Bowttnpe 

- - 1202 3783 

69 JdDec 10.10 3793 OCiacra 

- JdNw 17.10 4902 Onrewl 

-Junta* 1710 3370 Ottoride 

ID tar May 1610 33B9 Control Tecs 

11 Mq Nw 119 3882 Copymore 

12 Her Hey 17.10 3887 Day. 

13 Moy Nw 160 4840 DWtMyGrp 

13 Jd 703 DRSDdanei- 
18 ta* 1010 5320 Ode. 

2.8 Nov Jm 610 3889 DankaBusSys 

63 Fob Sep 189 5078 DM* 

-Jun Dee 11.4 4082 DMtUStA Aft 87 

- - - 4163 DonttM Print Afrib BD 

- Jd Dm 610 4170 Dowling 8 M. HQ 84*1 

17 JdFab I6S 4801 Dntt N 14G0 

10 NOV May 269 3013 bum.- ± 310 

- Jd 264 4325 factnuiaSIfr. JJ £31 V 

- - 803 4348 EflKH ANb 32 b 

1.9 May to - - Ericsson OIQSKr. Q £37i 

-Aog 702 1897 Euncopy Aid 

30 DecJd 17.10 4488 Emtood ftttO 

-11 1647 16 JdJM 68 4628 FpTOy At«CJ 



Oy 




Oh DMdends Lad 
w. paid ad 
03 Apr 403 
ID FebAag 3>fi 

- - 1104 1517 

12 AprOct 199 1544 

-AjwDee 262 1004 

4.1 May Noe 1610 IBM 

- - - 1847 

40 Juntos 69 1994 
69 JdJna 1610 IBZ7 

- Jd Jd 6 5 3238 
A Fab Oct 22D 1781 

400 1 
267 1: 
280 l: 

4.7 

206 2171 
6G 2U3 

- - 1209 2131 

2D FebAag 20.8 
1 8 Oct Mar 120 4780 
4> Apr Sep 267 

14 Feb Aug 4.7 

1.1 No* May 190 4301 

- - 262 2301 

8.G JanJd 165 1593 
10 Jan Dac 190 zsffl 
0.9 fan Dae 1610 
64 Apr Sep 268 
19 Apr Jd 68 
1.1 OdMw 190 

mod 68 


uidlmhMriM. 

rsa. AtMD 1310 

versnlna MU 13b 

Vttare | |lO 173 


Vatwlbam HQ TIB 

Wkgaihd JIo 488 

705pCrFI MS 

w " — -^SB TS 

«AN 25*1 


112 



250 
67 
67 
4.7 
10 

i 17.10 

IJM 165 

10 JdDec 269 
1.7 Jan Oct 3.10 
65 Aog Dm 17.10 

3.0 Hay Oct 169 

10 JanJd 17.10 

- faSJd 165 
A Herto 167 

150 
4J 
909 

63 FsbOct 10 

65 Oct Mar 150 

23 JanJd 268 

11 Apr Aug ms 

24 m Jd 266 
18 F*6 Jd 68 

- - 808 

- - 3191 

-OctApr 220 

IJ Nov Jd 17.10 
A Apr Hw 1610 
15 Jo* Aog 4.7 
67 Jon Nov 165 
1.4 May Oct 290 

1.0 JdJM 180 
21 May to 190 

1.7 Apr tor 280 
1.7 Jm tor 17.10 
10 Maytov 610 
15 Apr Oct 4.7 

- - 11703 

10 No* May - 

- Jm Jd 200 

- - 4-92 

IOJuJm 180 
20 JteiDea 610 
1.7 Fab Aug 4.7 

- Sap 4.7 

10 Kay to 168 


1.1 Fab to 10 

- Apr 3-92 
20 JanJd 114 

A Feb Oct 267 

1.7 Feb Ana *-7 

- Hw 1610 

10 Aog tor 6G 
.- - 7-91 

24 May to 129 
23 »» to 50 

40 JaoJd iei 
20 Al*] An 4.7 
1.1 MOd 150 
-JmDac 264 
15 Jmtoe 69 
68 Am Feb 167 
* Ifac 17.10 

iftJSd 


Note 

Acaips4Hddu_ 3 tlD 

Atoert Fisher WC 

- - Assoc Br»Fdj*_jfa 



Sottwtti fig 

Ca Aromas UQ 

Ftea—C 

Carr* USB 10ft 

Codremtal Foods ^fP 
Cmsott. 

Ddepik. 


W1A Or 
Rdcadraos net 
283 -.7 65 

44 -64 671 
530 U 160 
135*1 115Q9<J% 
220 -10 675 
-S 675 

215 

-102106 

EI2b -10Q&M 
51 -10 U 
93 30 

62 164 
BM -1.1 80 

188 65 



Bv DMdends Last 
cw. pdd id 

29 Apr Jd 266 
00 Jm Jd 165 
02 MarSep 10 

A Junto 190 

23 Mar Oct 228 

24 Aagfar 167 
- May Oct 143 

U JMJd 610 
24 Apr Sap 8*93 

UAagfao £68 

24 JMJd 
10 May tor 168 
12 torMn 19.9 

30 Jdfan 66 

1.4 FabAao 4.7 
« AprOcf 168 
IJ fanJU 17.10 

14 Hay 110 

33 Jm (703 
12 Oct May 269 

J Jon Dec 17.10 
JdJM 165 
2J May tor 254 
64 Joatov 993 
- - 793 

68 Mar And 67 
21 JMto 4.7 
10 JMJd 264 

80 Feb Jon 100 
1.4 Sap m 4.7 
10 Bay Sep 228 

61 far May 264 
21 Jdtoe 10.10 
10 Oct May 259 
- Apr 202 
A & 693 

27 Oct May 129 
22 Sep Mar 200 

I I 10W 

13 Oct fan 190 
A Oct Jd 1210 
20 Feb Sep 

Jan 11.4 
JMto 168 
Fab Jd 165 

-toy ter 'COB 

3.1 OctApr 220 
10 JmAog 200 

23 Dec May 263 
23 Bay Doc 593 
00 JMJd 1610 
13 JanJd 1.11 
40 Junto* 1610 
OB Not Apr 119 
40 Hz Oct 17.1 
££ tor May 169 


BartagSbuftn A 

Bpriagman— .<MJ 


Beacon ter Tit 

Worranta — 

!HSr!=s5 

Wd udi 

BriOshAHab— 6t1C 

EoMaXB g 

MEagttm fid 

Wan an a 

MM lor AN 


Jd 


□JEmriroutetol. 

Watreds 

Candwer 


-t* 


Zero DM PI 

Cond Assets *N 

Waruts— 


mm - 7.1 oo 2 c 

19V -120 - 

280 10 228 

323 80 

81 

25 

94 

30 -25 - 

22» — 22 
183 -10 - 

93 -1.1 

93b -21 432 
180 -61 

81 -27 6X1 

37-18 - - 

287 10 435 JdJd 

127 1.28 Dec 

230 -TJ 533 Set) Apr 
08 80 May 

328d TS 111 May Oa 
108b -23 - - 

-IJ 

IK -14 84JaApjy0c 
-5.0 MFcJaftM 

12 

97b ..... 

IK -10 30 Sep far 
101 — - - 

73 asAdbFefa 

23b -21 - - 

Kb -4 - - 

82 706 Fab Aug 


521 110 3880 KMnnnOianv — Id 

SJS netarrortoev Jj 

.Si H US Rtatawort Eireg MdB-O 

,J S5 WBiMta □ 

VS " Sf KTvroitEndwireenUCl 
5J 4 - ® WtaaonEurafiir-n 

Pi “ 2S Iftnanb □ 

2J2 KMwwt Mdi tac-JC 

114 3UKK zmnyprt 

52 “ nstaawKTsaai — IO 

22* - Jg 4 !Qe*iwwt 2ndEDdW-b 

5J> W Metaewi Satir W 

bauDcttMUB m 

Laron) Mgb he — IO 


220N«FeUyAu 
-0 43 AprOct 

17 84 Oct 

10 - - 

-3 7JJaApJy0c 
10 - - 

-10 - - 

lUSJaApJjOc 

04 - - 

68 HqrNw 

II IJ falOci 


-10 34 Sea Mar 

-IJ 618 Aug Afa 
110 Dec May 


1523 HO 2588 
(30 68 7033 
367 - »ll» 

2001710 4114 
m3 - *183 
4108 

BOJ 143 3021 
110 - 30*3 

23.729 11 36SG 

110 - IS® 

6751 DU 33K 
7JT - 3344 
163 - 3334 

-ia»J 33*7 
350 138 3411 
HU - 3412 
130 158 4588 
HU - 4809 
267 13 2709 
361 168 4765 
262 - 4708 

468 1&5 *nr 
365 165 4877 

111 - 1331 

340 16 5 2683 
308 - 288* 

llIKHO 8151 
562 - 229* 

420 150 2779 
607 - 29*2 

160 - - 
101 - 

367 50 3848 
1.18 - 3788 

7268 165 2731 
2100 18 5 2731 
*61 1# 1771 
1.73 - 3877 

DJIII JO 2715 
169 307 2414 
110 4 1 7780 
1014 369 3*03 
DID - 3*07 
14010 10 2724 
2&J1Q.1U 2712 
609 - 1210 

300 3 10 *881 
105 - 1088 

J043LI1 4127 
500 - 4871 

633 - 4072 

794 14 3 1129 
160 142 BOTH 
615 - 8019 

101 - 


540 310 5388 
362 - 5384 

260 165 2387 
108 - 2538 

361 - 4K2 

612 - 4008 

37.1 603 1701 
405 - 1782 

- - 43W 

- - 4311 

311.7 6 8 2995 

XU - 3255 
645 - 329 

151 218 - 

22.7 - 2448 

629 - 4879 

653 158 2480 
180 - 4*35 

635 - 4138 

Z70 59 3384 
120 - 38N 

321 129 2759 
164 - 3275 

808 - 1933 

691 53 1932 
714 - 1834 

180 165 3063 
623 - 3082 

501 230 2539 
008 - 3874 

613 - 1358 

120 220 2634 
108 - 3587 

Z7J 218 1518 
160 - 1524 

1800 18.7 3KB 
264 263 3884 
367 - 2KB 


310 - 



3008 


__4ftD TT7d -40 
~ 20 18 


UBOcJaApJy 


8^RPI-LdL_-— Enyri 62QBV% to Apr 


Onyttnnee- 
PtJOs 


Derby he KK 151 -19 1675 Mg 

Cap — — 290 -17 - - 

Drayton BtaeChta—fN 77 -10 84 JMJd 

Son 1Kb - - - 

- — 89 -1.1 09 DecJd 

IK -68 008 OctApr 
181 -49 80 JanJd 
.142 — - - 

152 -10 62 JnAui 

828 -3.4 26X5 Apr to 
80a ^8 - - 

42 -67 - - 

m -10 89 JanJd 
771 -0 as JanJd 

81 65 Dac 

BMDrerenIIZ_ie 110b 53 - - 

WttriMB □ 71 -1.4 - - 

Wanana 2005 □ 81 -11 - - 

EadMtar toad -20 14 to 

TSranty « -3JS - - 

Ednbwditaca □ 50b -10 - - 

Warrants □ 35 -1.4 - - 

Edtaburab uem*j|M3 K -10 40OcFeApAn 

Zero Mr PI SSV -A - — 

Edtatugbhr NQ 301 -11 675 DacJd 


31641010 
1210 264 1907 
492 - 2792 

8460 68 1913 
8*1611 1380 
1G64 267 1987 

ijn m iso? Dhharel- ZBbd 

mo M2 IfaiASlUimnce-M 153*1 

wl ,a ! LMSSWO ft HO 

0J2 - TTffH tori Amor Snwrih — D 

280 220 3MB . 

114 10 3572 ™ 

672 - 33* 

268 - 3571 

42J 262 22ZS 
413 

684 68 2874 
(01 — 2077 

107 - W® 

zj? ,a - raS 

261 190 2175 
800 - W73 

269 368 2798 

164 68 2340 
440 - 

073 OB W »V « 1 ualgJ by 

117 n VSn Sm*E=m 



lowted, 

MSG Dud he. 

MSGtacreitehcIIn 

Cap. — □ 

PadogaUto— b 

GtenalMta □ 

Zero Dhr M. 


GcanadUtth □ 

ZaraOlvPrf 

Package IWs □ 

MAQaidDialfac — N 
Cap. 


— N 


DutetotaeGBi— fiQ 

Datedta Jnsoi O 

Wwirie O 

DutedhSmOrOra — N 

OmdhWteds N 

H3J Trait *ND 


468 66 2(70 

1 5 0. 5 7? H 2374 ■ . . » 

635 200 1213 ~ IU * nf * •« 

11 7 ■ 199A Wliattl 3/ 

2M 67 3K4 ^“S*? ^ ° 151 

2Sfad 

S -^“sesS^-R Uh 

Gil 26G 2380 a 

Prion 68 WP "MAVfiW*!*--; i 




IWi 


EUntugb Japan— 


1001093 3G33 ktaoryWaiMMr^. 

t m _ tcu warrarts u » 

2M01<rS2 ^ itontoCbllrK-W « 

JU . Jtw US— 20/ 

S| _ T5S HdWjpnd.^ 4N 4233d 

267 268 2736 ® “ 

110 - 2029 ” 

1010 - 399* 

140 - 4232 “”2“^-— — 1 H ’2 

S* S3 »53KhSise 1« 

1840 165 2422 


EitetiurdiJM— 4WD 


WMk Oh Or Ohtienda Laa 
Mona Price drtoe net cor. o* >d 

1 4 143 - JW Baa 17.10 

_6NQ 288 25 120 1.7 Deo Jd 165 

JN 300 0174% 20-165 


B 


£2 EdhNwTfere *□ 

•* W j i a nt i □ 




ENGINEERING, VEHICLES 


irm ifa 
Price draga net 



Vti -30 62 

C 10V el 20 003 
09 60 

00 


2272 Datatter-Sene DM _8p E31DV -S. 00347% - 

20G3 BF ON 323 -12 20 - 

fadTedl fain 333 -0 65 40 

rai GKN Id BOM 00 209 69 




60 M» 

10 Are tap 
SI AprOct 
30 Noe Jm 



209 

___ .. ..._. 60 

,tM3 342*1 -0 109 

B 19M 11 70 

38 165 
5734—14 
78 10.1 

U 


iidlffl 

n an -30 

I faMD2t7bti M9 

S “ ■* 


4JB 
HUB 
311 -10 646 
156 307 

DU 0 0774 -79 072% 

4Q ei ii a* an% 



WN% Oh 
tom Price dfage ad 
_«□ 396 -10 170 

(ISO m -89 M 
wa on -19 150 
3a 57 -64 

eiiv ii 

Mating nn M -ll an 

ta * _ E Hba -60KUB 

&B -.4 162 
30 -31 

*a va -0 

& -3 = 

.9fta 3394 -49 678 
Lad a 1*0 

Erednaaed 8ZNQ IK -Jf M 

Eyecri Pimtedi — .□ V -20 - 

f a n a rt a— tri B — 2-1 

1 - 14fl _, 4 3 J 

iaVd — 004 
K -70 

Sbb ^ E -s 

H*N 2B(d -.* 4J7 

mm Ts 6 t 

NQ Bib -4.1 

.— —44Q 185 . -2.1 


BedGOen — I? -Jm 
EmergHMiCws aiy-Q 

to Ohtonbi Lad Cfa £ 

4M vranaA O 


mSTooz^ 


-FabAao 

JMJd 


104 —1.8 
IK -J 

41 

a 50 

42b -20 
24b -2.0 
90 -62 
45b -7.1 
31B -0 

in - 1.0 
» -T9 
33 -5.7 
17M -9 
ill -11 

42 -t.S 

355 1.4 
270 

—0 


««S , WEeS JB1! 


ns 292 an 


G Latte Am -XI 105 1 ] 


XI 


021 Sep 


7.1 Ftii/ag 
31 Feb Sap 


40 OctApr 
10 Oct Bar 

169 Jun Dec 
111 Junto 
240 FebAug 


60 
114a 
35 

^ 

.SRC 319*1 

317 

"Z 4514 MunyHI 4FNO 325TO 


1160 - 3838 **™)[fr* ♦** NC] 

W7 _ h u e — 

£b 80 3185 Kpay Europaoi-.JNQ 


-22 70OcJaApJy 
10 

-8.7 34 OctApr 

H 61 Nor May 
-1.4 190 AprOct 
-30 84faApJy0c 
-.7 625 Mar 

M0 355 MayNw 
-64 - - 

655 May Nov 

67 624 to* May 
-10 675 JmDac 
-20 - - 

— 617 JdDec 

-.7 61 Jot Dec 

— 7004 Aid Mar 

61 - - 

-0 401 JaApJyOc 

-4.7 - - 

-2.4 401 JaApJyOc 
-2.1 401 JaApJyOc 
00 - - 

-10 682UrJySe0s 

XKUrJ^eDa 

II 3JC 

— 2307 

-.4 - - 

-25 60 JdJoi 

-20 40 Apr Sep 

— - Jan 

20 629 Aug 

-2.8 - - 

-30 003 Jun 

-27 - - 

-55 IHMyAiMife 
-29 - - 

-62 - - 

-10 165 JMJtel 
-.5 - - 

-4.9 - - 

- 1.1 ISJSfaApJyta 
00 - - 

.... 50 AprOd 

-19 10 - 

•68 - - 

-31 70 FebAug 

-.7 405 Feb Sep 

^26 428 JMJd 
-61 - - 

-30 49 JuiDec 


00 - - 
08 - - 
Z0 FebJd 

-20 

68 0L2S Hay 


9522 47 2437 Moray he_, 
1783 80 2438 “• 


Z73 

270 

300 

1861 

171 

170 

1820 

220 

162 

990 

265 

16B 

70S 

268 

311 
365 
218 
381 
567 
MJ 

1071 

961 

762 

1740 

700 

1270 

449 

460 

8B11 

920 

1187 

134 

G43 

1010 

B24 

105 

X44 

1.78 

810 

501 

2568 

9*0 

361 

84fl 

4765 

312 
Z74 
430 
211 
269 
616 

3080 

465 

203 

773 

399 

511 

249 

B73 

730 

363 

770 

1JH 


- 3883 

- 3884 
150 4(05 

- 4038 
220 31 DO 

- 3714 
269 3101 
15.8 3137 
59 3064 

141 Z7K 

- 5139 
190 1110 

- 1107 

199 1W3 
129 - 

264 3192 

- 319* 

- 3193 
GG 3195 

169 3229 
10 3244 

- 32*3 
59 1412 

- 1410 
50 1414 
50 1419 

- 1404 
59 15SG 

- 1503 
59 1650 

- 1B44 
59 1853 
4 7 3241 

- 32*2 
160 3270 
is am 
4.1 1512 
4 7 4578 

- 1143 
214 3303 

- 3302 
110 3345 


-27 1108 Oct 2868 


-61 


- to 


-27 120Fd4yAdh 

-13 - May 


7.1 Aug Fab 167 
-JaApJyOc 612 
10 Feb Od 167 


61 Bay toy 610 
i Feb Sap 267 


- Am 4.7 

- JtV tict 130 
27 JMJd 185 
20 - 

61 toeJtel 1610 

10 Me May 199 
4.1 Jd toe 3.10 
20 Apr Am 4i 
♦«fa» — 


23 MW*- 69 
- - FS3 


BjOt yCMSHi - fl ^ _ 14 <02 Fab fag 
EiaqMteifareCira-JQ 104d -2B OK to* 

EsSrPtotoll^a 130 "^i (US far 

z»otbSi^ = « ij5 ^ 

ts -1.1 BUBSMrJySdla 

an — - - 

88 -20 - - 

153V -10 60 to 

B3-21 - - 

88 -1.7 - - 

44 -40 - - 

114 20 Junto 

ITS —— 20 Sen AO 

178 -0 - 

IK 62 DecJd 

185 30 to Jd 

M3b -0 10> JW 

28b -30 - - 

— 1.7 02 Are 



803 200 2487 KtewySmarM__4tCl 470 

1790 200 2472 — 2 =; 

138 - M3* «toayS|*lre:_.8MN B7 

621 165 2*70 gS,T5i-ai 

■L4D 105 3C7E Leni UN nr . — - . . TW” 

Si? IS Si -10 

1040 610 2783 

110 - 127S 

364 140 «B1 
340 - 1071 

2301093 S234 KB Swear Co’*. — NQ 121 at 
687 200 5238 NMSariBrAB9L_dC 0id 

111 - 6238 Wenarti Q 47 

461 - 3710 totwert SreOr (Ws pH IBB 

til 2287 wanaxts 32 


-10 407 Jan Sop 
-10 - Sep 

MLBApJiOeDe 

6E 


307 Jun Her 

635 Nov 


208 

3968 

500 

2867 

111 

80S 

813 

161 

108 

761 


50 3375 

- 4057 

- 4068 
Z6G 3404 
267 3408 

- 3400 
20.6 3127 

- 3128 
165 1702 

- 1789 

- 3803 

- 4223 
4.1 34K 

- 3071 
28 3 2257 

- 22*1 
5 0 3441 

093 34(0 
610 3442 

- 3443 
10 34€S 

- 3444 
68 2847 

- 2840 

- 2827 
BO 2855 

610 3447 


"ft J* 


BIG Od 


- 1285 KMCRy&Comm #n mad 

1260 -4021 Warrants — 48 

1X2 - 4188 RP1 Deb 2006 BIOS 

534 160 30«e NmrThrogkiC— 4HQ 02*1 

270 150 3129 Can □ 78 

60 - 2830 HmZedaKL M lot 

131 80 3954 NawOBMIV £} 1U 

371 60 390 HteAmerto UQ *7 

3X1 165 S2BB Wanana gi, 

108 - 8262 NSiNfaflca*Ctfs^H 244 

440 141 2403 lAte La 2013 244 

4.13 - 2400 Hartkera Imri N 280 


FarMUwti Asms set APTAHsdtxare 

«M 40 

80V -64 

IV -1£S 

Ouatey Can Haroea N 2K 33 


40 618 10 Oct May 169 

- - rso 

OGSapM 47 




280 80 2570 Od Mutual SA S3 

- 2577 Warrants □ 

- 2423 OBnConr^. 


-ZJ 
oh -60 

aS -*f XHAp%g 

Q44 -47 07% Jun to 
70 -64 - - 

20M ~ XSAJeSeOe 1163 169 2583 Pac Hortai Z 
312 -0 82 Aog 2067 268 2m 


Zl.l IM 
101 J 267 
461 80 
470 - 


38 
90 
208 

jm 3(7 


517 

410 


.ta 44i S ti 

□ 4b 


-IS 

-10 

- 1.0 

67 

-2.7 

- 1.1 

-60 

-10 

04 

02 

- 1.1 


60 Mar Sap 

Vi Junto. 


- Jen 
*KM4rfeyJytt» 


61 jyOcFeAp 


- Joi 
00 Jan 
50 JU Jan 


80 FebAug 

119 JwiVx 

11 far 

01 i Od 


36717 
264 2 
642 
010 
108 
16410 
10 
169 7 
24310 
149 
164 
61010 
36711 
630 
220 5 
36120 


504 - - 

130 257 4585 
268 - 4587 

1362 165 4815 

608 - son 

1050 1*9 3085 
1X0 - 3558 

182 263 5287 
637 - 0288 


/-i 






















































































FINANCIAL TIMES MONDAY OC1 OBKR.4 I+»4 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


uh (bm caa 

17%IZ%AAR 0<B 30 20 155 12%d1?% 12% -Is 
17*4 12%ALLfllMAx 0.18 1.1 37 IBB 16% '5*3 IB 


72 


10*8 

10*8 

12 

8% 

«% 


MB 22 27 1234 77% 77% 77*2 

82 26)7 KA S3 53 

12 81 3% 3% 3% 

230 4.0 33 *87 50% 49% 50 

0.75 25 18 5798 31% 30% 31 

050 38 10 781 13% 12% 13% 

052 28 “ ‘ ' 



*A 


16% Aortic 
SAmcetQp 
20 I5AMine 
82% «%tam«W 
65% 44% MM. 
36% 25% MU 
22% 1B%Ahmnsn 
4 1% Aflrxntnc 
50% 3S%MPrC 
39% 23% Aktau Fit 
29% 19% Akgeebc 
17 14% 


57% AMP 
48% AW 
5 3% AflX 
56% 38% ASA 
32 26% AIM* 

15% ll%«MUPr 
23% 17% ABM M x 
18 11% Acptecab 
31 22% ACE LU a 44 15 

12% 9% ACU Mil 15911.7 
7ACWBiOpp 05011.4 

7 ACU BrtSp 056135 
8% ACHfttSu 159 125 
7% ACM Hat 156 13.1 

8 ACM Mafagd 0.72 85 
_ 8% AcmaOv 0.44 35 17 290 

11% 6% AoneBea 10 417 . ... 

28% 23AeorOa 060 20 13 24 27% 77% 27% 

13% 5% Adsn 056 35 2 766 9% 9% 9% 

17 11% town 124 299 16% 16% 16% 

18% 16% Adams Ejcpr 048 25 0 51 17% 17 17 

64 46%MUcra 300 5.7 122 52% 51% 62% 

300125 1012070 23% 22% 23% 

016 35 6 86 5% 5% 5% 

0.10 05120 110 18 17% IS 

1.47 24 13 13 61% 61% 6l% 

276 60 7 1684 46% 46 48% 

046 1.4 13 752 32% 32% 32% 

058 45 14 1918 19% 19% 1 ‘ 

1 61 1 
096 22 25 1044 
050 12 15 1220 
50 666 
154H5 12 29 
3696 

020 1.2 25 90S 16% 16% 

055 15 31 657 16 17% 

020 15 953 15% IS 15 

02H 15 16 56 23% 23% 23% 

023 10 17 154 22% 22% 2Z% -% 

044 15 23 1659 29% 29% 29% -% 

050 1.10J7 24C3 i£B% 27% 27% -% 

150 17 41 1747 59% 58% 59 -% 

070 27 4 1091 26% 28 28% -% 

O10 05121 100 20% 20% 20% 

048 23 19 2323 21 19% 20% *1% 

154 75 11 757 20% 20% 20% -% 

016 07 18 1110 21% 21 2i» 

044 l.r 16 450 

1 

154 75 21 176 
018 15 11 9% 3% 

090 18 14 Z100 24 24 

067 15 716064 35 34% 34% 

084 fl 2 90 9% <ffl% 9% 

086 13 19 1965 26% 

26 556 7 

16 2882 31% 

150 1.8S22 5032 90 

33 7221 )B% 

096 112 171 7% 

025 35 25 25 7% 

008 1.1 13 430 7% 

OSS 25 13 75 20% 

050 15 49 2166 48% 47% 

024 17 23 8% 6% 

OLIO 04 34 7223 25% 

2.00 57 10 2443 35 


30% 21% AkTctl 
18% 13% Atoka Air 
21% 16% ACtoyM 
17% 13% Atonal 
25% 19% AtoCuB 
23 17% AIQdW A 
30% 25% Atom 
28% 19% AtoAi 
65% 49% Alcoa 
30% 23% AtoSnnm 
22% 14AMI 
24% 17A0qftliM 
26% 19% ABegP 
22% 13*2 Alto Con 
28 ZOteenpn 
4% jiATIon 
27% 17% Atom Cap 
10% 9 AMca Q 

27% 21% AW Mi 
40% 33%AK8g 
11% 9%Ataw 
29% 24 ABM Op 

7% 4% AftraSB 
35 21% Akimax 
90% 84% Alcoa 
30% 18% Alta CPA 
11% 7 AmGorfne 

0% 6% Am Freda 
8% 8%AimGd 
25% 18% Amaalnd 
52% 44 AmdsHs 

9% 8% Am Afl|R 
31 20*2 to Bark* 
37% 29% Asdknd 



21 20% 



37% 29% Amfrnd 100 57 10 2443 35% 

25% 18% An BUM 650 18 14 24 22% 22% 22% 


Am Cap hex 065 95 
20% 16% Am Cap Bd 154 95 30 
23% 19%AmCaCVX 1.08 5.7 0 
99% 42% AmOym 
37% 27% toSPw 
33% 25% AmExpr 
30% 24% AmGart 
9% 5% to Goal in 
27% 21% Am MB Pr 
20% 16% Amtattoe 




. 55% AtnHome 
2% 2% AmHotata 
98% 81% Amtitl 
11% 7to0pphe 
30 23% AmFWn 
34 18MPIBKB 
8% 7% Am Heal Ea 
27% 21 Antikr 


7 7 

17 17% 
19 

155 IS 57 8334 98% 98% 98% 
140 7.6 16 1972 31% 31% 31% 
090 10 1311480 30% 30 30% 

1.16 4.4 22 1833 26*4 25% 28% 
077125 137 6% 6% 6% 

130107 7 452 21% 21% 21% 
066 17 IT 39 18 17% 18 

252 4J 13 2344 52% 61% 81% 
07528.0 9 Z100 2% 2% 

046 05 15 3408 91% 


+% 


18 Am mo* 5% 155 07 



22 % 

32% 26 Am war LOB 45 11 113 27% 27% 27% 

43% 36% Anted 132 49 14 7117 39% 39 30 

43% 32Anutrhex 128 17 8 29 34% 34% 

16% 1l%MMak 024 151 85 50* 18% 18% 

61% 50% Amoco 120 32 16 5691 80% 59% 59% 

8% 6%AmpcoPte* 010 10 5 23 7% 7% 7% 

4% 3% AMO IK 0.12 17112 23 4% 

14% 29%Amm0i 1.40 4.7 9 685 29% 

10 969 2% 

050 0.7 S3 1582 45% 

31 1789 32% 

094 15 24 126 27% 

1-60 11 23 1654 
21 429 



34% 29% AmsoaUi 
4% 2%Anacamp 
58% 42% Aoadvkn 
33% 23% Analog 
29% 24%AogtBca 
55% 47% AnBstel 
34 19% AnBan 
16% 14% Amnanyh 
35% 30 AaoCp 

29% 22% Apache dp 
10% B% Apex ton Fx 071 
24% 14% AFH 
,7% 4 Appid Mag 


044 15 17 61 17% 17% 173 
1-28 19 7 799 33% 32% _ 

028 1.1 38 1646 25% 25% 2S% 
258 B% 8% 8% 
40 703 23% 23% 23% 
1 222 4% d4 4% 



2S% 18% AppIPwA 012 05 39 298 24% 24 24% 

28% 21% Aldriki 015 05 19 4185 27% 27% 27% 

S 43%AlcaOmi 250 5.1 22 249 48% *9 49% 

45%Anncn45P 450 95 2100 46 48 48 

4% Aimed 3 1040 6% 6% 6% 

3 23 Annco IIP 210 01 8 23% <23 23 


57% 41% AmtsW 
45% 33% Arrow &C 
7% 4% Am Grp 
33% 23 Anti hd 
34% 21% Asaco 
31% 22%A*(dGoU 
44% 33% A300I 

"i AstePacF 
I Asset her 
I Asa Nt 6 k 
57*. 

?22S% A9Hdi2 
„ 29% Attnta Gas 
9% 5%AMaSoa 
21% 16 AIM Ear 
112% 02% A*di 

10 4AB39 


128 10 32 2176 43 42% 42% 

14 630 35% 34% 35% 

2 105 5 4% 5 

076 12 13 1207 24% 23% 23% 

040 12104 1471 33% 33 33% . 

040 1.4 II 77 2B% 29% 29% +% 

1.00 16 14 2105 33% 37% 38% +% 

027 1.5 145 18% 18 16% 


I 

% 

1 



028107 6 80 2% 

012 03 25 5301137% 

122 14 25187 54% 53 

180 1.1 2 245244 

108 05 13 235 33% 31 

028 42 7 
154 03 9 256 
520 14175 3222 

2 241 4% 04 4% 

20% 1B% Annas Engy 088 13 7 83 16%d16% 16% 
' lAWUAlffl 034 17 10 958 9% 6 9% 

016 02 23 768 19% " 

010 1.1 564 8% 

060 12 26 1110 57% 

044 2* 11 7B 15% 

004 04 4 Z7B 10% 


4 6% 6% 6% -% 
56 16% 16% 16% <% 
22 102% 101% 101% -% 


Augat 




Fd 


Amoko 


20 % 

19 7% Antal 
45 30% Aanet 
62% 48% AwrPr 
14% io% Agto Cap 
7% 5% AH* 


060 1.7 19 $17 38 3 

100 33 17 1826 60 
9 774 10 
22 758 6 



38% 31 % BCE 
9% 6% BET AM 
5% SBatren 
17% 15% Baker Fart 
22% 17 Baton 

27% 21% BottrEJc 
30% 24% BaflCp 
15% 8%B8dMd 
8% 6% BaB» 

25% 20% BaSGE 
20% 13% BA Mccp 
38 27% BncOne 

28% 20% BBncaBiV 

12% 9%8ancoCBtt< 072 19 
34% Z/Bcnttael 1.04 17 
1% % BantTecu 

B3% 49% Bandag 
W% 3S%BonkAm 
96 Bl%8ankBast 
28% 22% Bkftsi 
48% 44 BkBaHnP 

33% 25 BaakNYx 

50*2 43% BankAm A 
95 74 BankAm 8 

84% 82% GnkTxt 
38% 


166 7.6235 1654 35% 35 35% 

021 10 28 22 6% $% G% 

020 40 6 587 4% 3% 4% 

040 15 75 16% 16% 16% 

0.46 14 44 2761 19% 18% 19% 

040 1 6 24 131 25% 25% 2S% 

060 20 26 982 28% 77% Z7% 

005 05 14 140 10% 10 10 

12 466 7 6% 7 

'•52 6.7 12 1282 23 22% 22% 

020 1.0 30 8 20% 28% 20% 

124 4.4 9 9409 28% 27% 26% 

094 17 9 JZ2 25% 25% 25% 

5 45 12% 12% 12% 

6 646 28% 28% 28% 

37 44 1% 1 11 

070 1 2 20 530 59 58* 

160 17 815820 44 42* 

056 13 7 82% ’ 

1.08 3.9 12 4738 27% 

KM Bfl 27 44% 

1-28 40 5 4706 30% 

126 7.4 B 44 

O00 83 4 75 74% 75 

l«t IS 3 1283 66% 63 66% 

1-08 19110 12 37% 37% 37* 



S’ n^S? 3 ” ,4 » 2*110 12 37% 37% 37% 

30% 22%BwdlC«x 060 15 20 1225 24% 24% 24% 

‘ *" -B*itoGp 1.40 18 53 31 37% 36% 37% 

1.64 19 10 1796 42% 42% *2% 

005 0.4I2S 1977 12% 12% 12% 
on 10 12 2372 32% 632% 32% 

1M 19 40 5075 26% 26% 25% 

1.46 09 14 41 24% 2d% 24% 

1.72 8.7 4 19% 19% 19% 

0.60 IB 4 1963 15% 15% 15% 
3M M 2 45%«5% 45% 

072 13 22 9 31% 31% 31% 


39 

48% 38% Bair* 

13 8% BaOMl 
53% 32% bad) 

2a% 21% Bata 
28% 23*4 Bay St (to 
22% 19% Bd Tr 1838 
23% 15 Baa-Sms 
S0% 4s%BearSfM 
37% Z7% Baarhgs 


172 13 22 9 TT% 31% 31% 

32% 23Backna>bi 040 1 3 25 139 30% 29% 29% -% 


BE 

OUR 

GUEST. 


CONRAD 


When you stay with us 

in ISTANBUL 

stay in touch - 

with your complimentary copy of the 


FINANCIALTIMES 

iu*o»r% iuiincm NiwnMiti 


IMIS 1 

P 


48% 34% BaanD 
7% 5 BedFrx 

39% 49MM 
22% 14% tab 
63% 52% BelSOl 
55 43% Beta A 
25% 20% Bends 
69 5<% Band 4JP 


fid. Pf 

<* % e 

074 19 16 846 47% 
006 80 2 35 - 
178 3.4 IS 4738 
040 10 18 181 
176 32 2512505 



44 34% BM 

36% 24% BwwnnnA 
1% % Bengal B 

19% 13%Berg& 
1995015100 BartH 
10% OBamrPW 
41% 19 6to tow 

28% 28%Ba0i91 
55% 51% BaWimPI 
24% 16%6etWt 
53% 42% Beta L< 
16% 11% Beatoa 
21% ii%Bamtt< 



060 1.2 22 74 40% 

OS4 12 27 232 24% 

430 7-3 12 54% CB4% 34% 

1.72 4J 12 Z1 40% 39% 38% 

047 13 15 8 28 25% 28 

004 4a 17 so % 

048 11 20 203 15% 

64 3 U19S9J 16400 1995Q 

040 43 32 63 9% 8% 9% 

24 4095 39% 38% 38% 
130 9.1 2« 27% Z7% Z7% 

SCO 04 25 53% 53% 53% 

040 11 8 3484 19% 18% 19% 
1.44 10 23 87 48 47% 47% 

33 2148 15% 14% 15 

0.10 08 27 520 18 17 18 

32% 33%BtiMnBmS 040 1 5 SB 137 27 26% 

23% l5%BDeck 0.40 18 22 63® 22% 22* 

22% 18 Stack HU. 132 06 11 78 30% 1! 

10% 7% BcknttO* x 0 73 09 93 8% . . 

8% 5% BUstfdncx 075120 <22 5% B% 

10% 8%Bfckn*Tj*x 070 83 303 8% 8% 

48% 37%BWL 135 Z? Z7 1907 45% 48% <5% 

8% 6% Bta CMpA 012 13 37 8% 6% 6% 

16% 3% SMC tad 008 OS 9 101 16% 16% 16*4 
100 23 II 7132 44% 43% 43% 
060 II 61844 28% 27% 28% 
006 04 34 706 17% 16% 16% 
2.08 80600 3275 24% 23% 24 

030 22 16 1625 13% 13% 13% 
125 5.4 7 6 23 23 23 

0.60 11 14 1673 28% 28% 28% 
027 08 728 33% 32% 33 

140 78 7 79 30% 30% 30% 

134 26 12 298 71 70 70% 

19 1523 23% 23 23 

192 S3 1511857 58% 57% 58% 
1.77 19 14 210 61% 81% 61% 
107 05182 159 47% 47 47% 

1.76 12 28 2148 SO 78% 

1.74 83 6 205 20% 19' 


19% 

6% 

6 % 

8% 


60% 42% Bomg 
30*2 IBBotoC 
71% 10BMB&N 
26% 9% BflnkiOxn 
18% 11 Bontan 
‘ 18% Bosh Call 


. __ 18% BiaSI Fnd 
3*% 29% BBC Prop 
90% 66% BOgSt 
33% 19% totatoM 
59% 50% BlMySo 
74% 54% ft Air 
54% 39tatteaa 
81% 55% BP 
27 iB%8PPiutai 


27% IB I _ 
71% 53% BT 
28% 22%BWWU 
38% 33% BnmGp 
S 5% SnmSi 
30% 26% BrtftnB 
32% 24%ftf«r 
4% 3%BRT 
25% 17%8mmk 
18% 13% Brian wen 
41 35% BuckayaPI 
28% t2%nmCoal 
56% 47% ButV 
49% 38% Burin Rate 


022 1.3 26 887 

177 G.0 16 565 62% 62 .. . 

1J5 06 14 306 24% 23% 24% 

1.60 4.7428 49 34% 34% 34% 

022 40 4 10 7 7 7 

095 13 4 Z77 29 28% 28% 

008 12 261372 31% 31% 31% 

37 188 4% 4 4% 

044 12 35 3702 20% 19% 20 

032 1 0 43 20 17% 17% 17% 

280 7.6 10 5 36% 38% 36% 

9 872 13 
1.20 24 16 4960 
055 1.4 19 1379 


19% 15% tomtom ft 1.44 14 19 267 15% 


35% 22% Ca 

72% ui%cas 
25 19% CMS En 
82% 59% CKAFn 
54% 44% CPC 
20% 14 CPI Cap 

92% 65% CSX 
31 19% CTSCorp 
24% 17% CaWaUMra 
53 33CaMaton 
28% 2<U CaCKC 
23% 16%CaMOSG 
20% 10% CadKaOaim 
59 35% Caesars HI 
2% 1% Cal (ME 
15% 10%CalgDnQn 
19% 15% CaEngjr 
15% 9*« CU Fad 
25% 17% CaffrnB Co 
42% 34% CamMS 
i| % C*i«Dl Rs 
18% 14% CMftc 

85%60%CapCtt 

14% 12% CpSta 126 X 1^8 102 
37% 20 COT 10 100 80 3 

42% 22% Croud Mgr 122140 B 204 


52 52*4 
19% 19% 
67% 68% 
29% 29% 




- c - 

048 11 27 472 23 22% 23 

040 0.7 2 1973 81% 60% 61 

004 30 11 1033 22% 22% 22% 

15 124 61% 61 61% 

106 16 17 3273 52% 

056 20 21 327 19% 

1.76 16 19 3104 68% 

040 10 23 25 29% 

064 13 18 1791 19% 

11 3477 47% 

006 10 13 298 Z7% 

016 00178 906 I9d17% 1 

9431029 19% 1B% 1 

12 857 46% 

000107 2 48 2 1 

016 1.5 23 515 11% 10 

16 371 17 1 

0 899 11% 11 

040 10 56 68 20% 20 

1.12 18 17 671 40% 40% 40% 
68 3233 H % {I 

032 10 B2 190 16% 16% 16% 
020 03 2 2828 77% 7B% 77% 
“ ■ 12 % 


I 



145 12 


__ . 15%Csonark 
35% 30% CBdCO 
24% l6%CtanBHa 
f I jj Canto Pc 
13 8%CMnaFr 
30 22% CarPJL 


19 3958 
000 25 17 101 
15 33 

0 965 
020 10 10 37 

1.70 6.6 12 950 



2% a% 

21 % 21 
32% 32% 32% 

10 % 10 % 10 % 


26 25% 25% 

140 40 14 1240 58% 57 57% -1% 

033 20 23 658 14% 14% 14% -% 

6x006 70 12 64 13% 13% 13% 

020 1.1 78 19 18% 16% -% 

005 06 16 494 8 7% 6 *% 

000 1.1 8 8428 56% 54% 56% +% 

40 3701118% 15% 16% *% 
125 70 11 84 31 30% 30% -% 

080 90 142841 8% 8% 8% ♦% 

000 09 9 BOB 23% 22% 23% ♦% 

108 60 8 330 23% 23% 23% *% 

1.46 07 12 164 22 21% ?i% -% 

090 01 6 230 11% 11% 11% -% 

28 27% 27% ♦% 

14 13% 13% •% 

1.70 70 14 1517 22% 22% 22% -% 

032 1.1 21 407 28% 28% 28% *% 

145 2538 26% 26 28% -% 

020 05 38 35E0 38% 37% 37% -% 

020 14 77 75 8% 08 8% *% 

15 525 8 7%?%-% 

100 40 1832488 35% 35% 35% -% 

2 232 5% 5% 5% -% 

114 370u1B% 18% 18% 

204 09 19 168 34% 33% 34% +% 

1.76 40 B 8187 3S% 35% 36% -% 

7% Dam waste 020 11 52838 9% 9% 9" 

22%QMtaiefttx 0.72 11 76 325 34% 33% 33% -1 


66% 56% CpatrT 
26% 9% CartsrWai 
18% 13% Catcoa 
21% 18%teaQ> 

10% 7%CtoiAmcr 
80% 5DCaq*( 

15% 10% CDICop 
36% 28% Cato Fair 
13% 8% CtadBia 
45% 22%CodBx 
30% 22%C«itrH83i 
25% 2i%CanriAi 

i5i0%CearMto . 

30 24%CanrMMp 058 20 23 10 

22 12% CenrVnat 1.42104 8 105 
30% 20% Ctia$W 
30% 21% Camay T1 
27% I8%0artdn 
40 28 Onnotn 
12% BCItapanM 
15% S% ChviHsa 
40 30% CtesaM 
E i%ChaDsaB 
18% 10% Chdisy 
36% »%Omd 
42% 33%OMffl9( 

IT ' ~ 


47% 39% Cham 
56% 40%Dtotoid 
19% ll%Odqto 
8% 5QxickRdl 
41% 320100 

34% 24%Oataana 
63% 43% Q>Wr 
83% 88% Onto 
74 5709m 

9% 70BmHl 
37% 28% Cfcap ki 
20% 15%QnoBal 
27% 20% One G*s i 
27% 18% CW* 

4% Z% CkMfaexO 
30% 25%Ctaeo 
27% 16% drama 
40% 20% arcus Or 
45% 38% Ctecp 
ZE% 250*09.12 
96 74%acpPt2Ad 
100% 64 OcpPOM 
17% 13% Om UnA 
17% 13% CcnlBS 
12% 7%C8fSaM 
12% 7%GKE 
23% 9%CtenaSt 
71% 50%Ctert«q 
26% i6%CtaromHM 
11% 9% OamaraB 
69 70O8W7J6 

45*2 34%OaK3l 
86 65 Onto El 
55% 47 Onrax 

28% 21%CU)Mad 


OMticanta 108185 


105 40 11 7402 43% «2% 43% 

1.45 10 391 49 47% 48% 

000 10 529 13% 13 13% 

65 246 5% 5% 5% 

7 139 36% 37% 38 

43 ZIOO 30% 30% 30% 

100 12 623027 46% 45% 45% 

104 16 17 2319 70% 69% 70% 

304 4.8 19 2135 63% 61% 63% 

000112 807 7% 7% 7% 

146 81 11 119 30% 30 30% 

000 40 19 163 II 
1.72 70 78 5551 23 
036 1.4 20 1141 28 _ 

192 1301 3% ... 

200 70 10 122 27% 27% 27% 

0.10 0.4 18 1572 24% 24% 24% 
181285 23% 22% 23 

000 T0 11 8840 45% 45% 45% - 1 

128 60 12 25% 25*2 25% •> 

600 80 14 75% 74% 75% 4 

700 80 10 85% S3 55 

18 624 13% d13 13% J 

102110 8 360 13% 013% 13% 

004 82 29 300 10% 10% 10% -* 

80S 1.0 90 8% 7% 8% -»J 

0.12 10 10 235 11% 11% 11% -* 

28 287 88 67% 88 +* 

16 2629 17% 17% 17% -* 

057 86 27 10% 10 10% -4 

706 188 Z100 70 H70 70 

100 11 8 129 38% 38% 38% J 

7.40 110 9 67 dB5 67 +1* 

102 S0 17 763 54% 53% 54% 

030 1.4 10 65 21%cC1% * ' 


18% 18% 
22% 23 

28 26% 
3% 3% 


5 10% 70% 


St 


19 13 Coast Sw 
33% 26% 00888 
51% 38% CDcaC 
19% 14CocaBi 
23% I6%0)aur0ati 
“ , 25% Ctonon 
|49%C0lBPBX 
! 9% COloo to x 
. , 6% CotarMH 
7% 5%0*rtsH 
8% 6%C0HntalM 
30% 21%OofGaa 
46% 36%0cHCA 
24% 17% Oaodtaco 
31% 2S%OsB«tca 

20*2 12C0oMrts 



73 9% I 

18% 11% Ooediaan 004 10 7 is 13 12% 13 

032 10 17 221 16% 16% 16% 

040 1.5 26 1147 27% 27 Z7% 

0. 78 10 2919805 50% 49% 50% 

005 03141 1317 18% 18% 18% 

015 00 21 489 20% 19% 19% 

27 32 

1.64 17 17 2216 
068 86 

060 88 29* 7 

070 11.1 70 8% 

058 84 229 6% 

132 84 S 285 23 27- 

012 02 50 5550 41% 

038 10 9 463 20% « . 

108 4.7 9 1715 27% 27% Z7% -% 

050 17 14 107 19 1B% 18% -% 

21 CoosDlMtax 048 1.7 18 SI 28% 3% 28% -% 

25% 20% Comm£d10 1.90 80 14 21% 21% 21% ■% 

26 21%OosaxEd20O 200 80 2 4 2a% 22% 22% *% 

19 11% COtadxaiPsy 036 30 1630289 10% <S% 9% -3 

39%24%Omaq 1715811 38% 37% 38 -% 

i% %CQnpntona 2 901 % % % 

50% 27%CnpAaa 000 04 2410664 60% 49% <9% -1% 
45% 31% Ot4£d 25 1377 44% 43% *4 +% 

10% 6%CdBRtrTBp 010 10 3 5 8% 8% 

30 2C% Csnat 078 1* 12 2002 23% 22% 

33% 2S% CRABS 083 17 191428 31% 3ir 
31% 22% Contact NB 1^8 82 13 88 33% 

25 20 Cornea &J 100 60 15 38 21% 21% 

1 3384 H% 11% 

405 87 2 53% 53% 53% 

200 8.1 9 2704 25% 24% 24% -% 

800 80 7 63 62 82% +% 

251IO< 23% 21% 22% 

104 83 18 1686 37% 36% 36% -% 

128 17 115 47% 47 47 -% 

1.50 18 19 47GB 63% 52% 82% -% 

19 346 17% 17% 17% -% 

050 10 3 2007 38% 37% 38 +% 

4.16 88 rlOO 46% 47% 48% 

TAG 86 *50 86% 88% 86% , 

708 80 2 88 86 B6 +1% 

B 465 B% 8 8 -% 

100 89 BO 2020 14% 14% 14% -% 

004 0.4 13 9% 9% 9% ■% 

1. W110 203 JO% 70% 10% 

31386 6% 8 

4 938 2% 2% 

1.32 14 14 1262 38% 

29% 21% COcpgrlW 00* 10 19 1009 
15% B Core Sid 
29% 24%Cnbt 
35 27% Cmhg 
18% 11%CoumkTm 
19 IZ%C0ulty O’ 

18 15% CouSrtfr 
12% 10%CnlB 


20% 10% Ccnmrfta 
71% 53 Cco*E405 



32% 

75 

19% 

47 

52% 


23 CDns6d 

61 Corn Ed PT 
0%OaFn 

6% OM08 x 
_ 46CDnftp 
69% 4B%OdW 
20% 11% Cons StoS 
66% 36% Conseco 
GO 47% CPWT4.16 
109 84CPW7.45 
100% 83% 0*1 P7.E8 

12% 7% com Mato 
25% 12 ContCp 

10% 6% COnxHdi 
17% lOCamHPI* 
B% 4% Convex Coo 
3% >< Cooper Co* 

52% 34% Cooph 


29% 24% Own 
ir 14% CraMom 
33% I9%Cto<te 
49% 38% (Mil 
12 8%GrM 
8% 4%CHUiRa 



13% 9%CRS3tr 
8% 6%CSft8 
9% 7% CSRSjST 
35% 25 CUC Ml 

17% 12% CUOro 
57% 35% CUaucEn 


004 20 9 
100 46 93783 
088 20480 6474 
812 00 20 
002 12 5 3551 
O0B 50 34 Z7 

22 SO Ml. 

875 18 18 313 27 . 

000 30 14 73 15% 15% 

9 748 21% 21 01% *% 

1.60 10 11 982 41% 41% 41% -% 

1.16 119 ID 878 8% d8% 8% . -% 

008110 5 97 5 4% .5 

18 9317 38% 37 37% -1% 

812 1.1 31 214 11 10% 11 +% 

0.72 10.1 276 7% 7% 7% 

001 110 112 8% 8% 8% -% 

42 803 31% 30% 30% 

000 40 62 14 15% IB 18% +% 

100 14 8 380 «1% 41% 41% t% 


24% 13% awpRztfK 148 30 14 1413 14% 14% 14% 
41% 33% CmnCS ' 


13% IO%CuiMta 
37 32% CraWrx 
11% 8% Or Red 
13% 7lt CycxeSn 
20% 13%CntSei 
33% 2% CypAm 
41% 12% Cjtac 


002 aa 12 5 10% mo% io*« 

100 20124 4 38 39% 38 

100 11.7 7 20 9% 9% 9% 

ID IB 12% 12% 12% 

as 828 18% 17% 10 

0.60 28 15 3396 29% 28% 29 

M 493 40% 39% 40% 


21% 18% OfttttSfl 
20% 13% DaUS 
30% 24% Baa 
48% 


% 

-% 


- D - 

1.18 59 13 1502 19% 19% 19% 

14 Eli 13% 013% 13% 

004 13 9 3890 as 25% 25% 

18% 3S Oanefw Co 012 00 S 383 <7% 4S% 46% 

13% lODaeMM H8 1.4 34 69 13% 13 13% 

11 8% DatzGn 3 309 10% 10% 10% 

7% 1%DstapoM 1 227 2% 2% 2% 

9% 8%0MWBW 120 14 5 15 8*z 8% 8% _ 

86%64%Dayg*< 108 11 17 3787 79% 78% 78% -1% 

2% % BOLE 3 190 2 1% 1% -% 

8% 40BSMO 0.14 Z7 2 107 5% 5% 5% 

■ 25% Ocas Foods 168 13 17 478 29% 29 29 -% 

31%Dtt0W0 050 14 94574 35% 34% 35% -% 

7% DcaiWGv UO 7.9 977 7% 7% 7% -% 

120 10 17 2863 73% 71% 72% *\ 

0 28 A OA A 

154 ar 10 301 18% 18% 18% +% 

DID 14 4 I5B 47 48% 47 *% 

0 40 40 14 96 10% 10 10% 

D*j» 1.48 50 17 633 29% 29% 29% -% 

101 840007.45 7.45 15 *100 88 88 88 -1 

102 88% 0etr£d758 768 11 230 95% 94% 94% 

30% 24%0ellEd 206 80 7 909 25% 25% 25% 

26 21% DeaerOp 008 40 15 161 22% 22 22 

24% 17%0hflPT0ds 140 1.7 22 54 23% 23% 23% 

24 19%DtaEM 000 18 B 2567 21% 21% 2tl 

30 23% DtaoxM SH 002 10 S 569 


6*% Deere 
't Delta *7 
. . jOetoH-r 
j 39% OBxAIr 
12% B% DeBaVMed 


14% HOOtanCcrp 
48% 340eMd 
36% 16% DkA£ 

37% 25% Wro 
48% 37% Deney* 

35% 2B% DoleFtJ 
45% 34% DomR« 

6% 4% Oomtainc 
26% rODoaaJdscn 
32% 26% Dortj 
6B% 507 b Doner 
79% 5E%0lto Ol 
41% 28% Don-kB 
21% 17%Domer5&l 148 15 11 
34% 27% DOE 
28% 20% Drftp 71® 

13% 9% Onto 
24% 19 Dress- 

10% 8%BrteFd3 
11 8% Ortas a G 
11% 8%Drtc9M 
75% B0% Du P®t*.5 
43 32% IJiMPw 
27% 20% DtiaRffr 
64 55% Dunflro 
62% 48% Duftrd 
29% 240uqL4.l 

27% 22% Dtcsneirs f 88 70 
29% 23Oaosie40O 100 84 
29 2SOu]i.40 210 a3 

29 24% DU05U4.1S 
100 B7DU4L70 
47% 36 Ounces 

11% BDWHPlS« 

21 130jranto 



T3 46 

058 11 25 523 41% 40 
111299 31% 30 
0.12 05 12 2708 27 25% 26% 

130 18 2716733 33% 38% 3S% 
0.40 1.4 21 447 28% 28 23% 

254 a7 12 1953 37% 37% 37% 
005 40 34 E2 6% 5% 6% 

008 13 9 557 21 20% ?0% 

004 00 271098 31% 31% 31% 
10* 15 20 272 55% 55 55% 

ZED 35 32M7EE 75% 74% 75% 
064 20 20 1270 30% 30% 30% 


22 % 

3 $ 

8 % 

9 

61 


33 19% 13% 19% 
103 57 II 828 29% 29% 29% 
15 1983 22% 22% ' 

162 56 S 56 11% 10% 

063 30 10 4043 20% 20% 

006 80 289 8% (B% 

081 95 115 8% 8% 

173 81 543 9 8% 

450 7.4 4 61% 61 

1.96 50 13 1852 38% 38% 38% 
108 7.6 26 137 25 24% 24% 

160 4 5 24 1726 58*2 66% 58% 
108 IS 711(033 59% 59 59% 

105 55 *0 24 K24 24 

6 23% 23% 23% 
*100 24% 23% 23% 
2 25% 2S% 2S% 
4 24 024 24 

. _ *20 91% 91% 91% 

038 II 33 5337 43% 42% <2% 
30 31 10% 10% 10*4 

000 10 27 17 2D% 20 20 


208 86 
700 75 


I 


+% 

I 


4 


-% 


17% 4% ECCU) 

19 14% Efi&Gx 
46% 38% ESWm 
27% 21% Ear urns 
27% 22% EEmp 
58 39% East® 
56% 4O%0to£3X 
82% 45% Eaun 
35% 24% Eccto 
23% 19% Ecobolnc 
32% 21% EOOTiBro 
24% 16% Edwards 
8% B% B«o Group 
25% 15% Scot Con 
BeaAs 
W 

ElCTB 

23 12%«CCcn 


12 11% 117. 

16*4 -% 


17 16% 

41% 40% 41 

22 % 2 % 22 % 


s-’e ion i 

5 1% E 


- E - 

120 1.7107 259 
056 33418 460 
100 19 11 698 

154 6 7 9 106 . 

140 55 27 <57 25% 25% 25% 

160 30 839 53% 53% 53% 

160 32 34 9503 <9% 49% 48% 

100 24 19 2152 50% 49% SO% 

176 17 17 624 28% 28% 28% 

044 21 17 394 20% 20% 20% *% 

104 50 10 1B7 23% 0% 23% -% 

056 11 7 500 18% 18 IB -% 

64 <0 7% 6% 7% 

002 13 9 75 17% 17 T7% 

6 590 l«% 7% 8% *1*2 

116 63 7% 6% 7 •% 

7 90 2% 2% 0% 


A 

♦% 


^ is * 
A 


r asr IS 42 6738 20% 

9% 7% Eaerg Gmny 112 1.6 97 7% 

65% 56% Emsr8 156 IS 16 1714 61% 61% 6l% 

7% 5% EmprfM.75 147 7 3 2 5 % 6% B*2 

20% 16% Basra Dta 108 70 14 80 16% dl6% 16% 

IB 8% EmftcyBen 75 168 11% 11% 11% 

55% 40%EnaesaAOR 109 24 1 5 550 45 44% <4% 

23% 19%Er*n*"Co 1 12 51 12 23 22 21% 22 

31% %Engmd 0.48 20139 838 24% 23% 23% *% 

16% ISEcmsBusoi 158 40 11 99 13% 13% 13% 

455375% Emm 105 IOC 24 rlOO 450 <50 450 

34% 77% Error 080 2 6 23 3425 30% 30% 30% -% 

24% 18% Enron 09Gx 012 0 6 12 156 21 20% 20% -% 

90EnsdUUFE 700 7fi 3 92 12 09 

* 


. 18% Enron OBG x 012 08 12 156 
101% 90EnschAJPE 700 76 3 

19% 12% Ersrcn 
11 5% Ersrcn Ex* 

37% 22% Enow 
23% 18% Ercena Co 
2% 2 BK Realty 

30% 2l%E*«b* 

2% ftEaSSK 
38% 29Effanae 
12% 6%Esterte« 

19% 10% E8ry1 
14 IO%EmpeFd 
16% 8% ExgHUi 
17% i4%Emefctarx 
67% 56% Emon 


2 ! 20 % 

92 82 92 

000 1.4 20 739 137, U% 13% 

030 18271 2 10% 10% T0% 

100 75 911386 24% ” 

28 196 

1.10463 8 *100 

0 62 21 35 788 30 29% SS?i 

00837 3 0 31 % dji % 

1.14 38 13 175 29% 29% 29?! 

3 tO 11% 11 11% 

ISO 43 15 15*0 11% 11% 

075 53 Z71 12% 111 

72 64 10% 9* 

100 57 23 

288 40 1415585 




2% 


-F- 

0.07 16 39 20 2% 02% 

1.12 57 51 13012% 12% -% 

112 0.7 31 89 17% 18% 17% *% 
300 93 M0Du38% 38% 38% 

140 55 28 <4 7% 7 7%*% 

425 1304 8% 8% 8% 

000 19 14 69 8% 6% 6% *% 

10* 10 13 5415 54 52% 54+1% 

44%Fe0>62075 206 50 189 57% 56% 57% +% 

108 7.7 35 556 20% 20% 20*? -% 

148 87 91 650 5% 5% 6% +% 

22 2470 64% 83% 63% -1% 

148 20 19 2941 22021% 21% -% 

140 11 10 6705 77% 76% 75% J* 

100 32 90 B28 30% 30% 30% +% 

142 20 15 309 19% i|% is% -1 

16 5928 21% 20% 20% -% 

004 11 14 59 25% 25 % 25% -% 

21 26 27 26% 27 

006 25 139 10% 10% 10% 

H6 19 1218768 18% 017% 18 

108 51 91091 33% 33% 33% 

1.18 13 14 1374 3S% 35% 35% 

132 10 12 158 32% 32 32 


4% Z% FMkaur 
16% 13% FT Dearth 
18% 11% Fatten! 
38% 35%Frtllld2 
8 6% Fanstad 
21% 7%F«htac 
8 6% Fas Drag 
62% *8% Fed Ha Ln 
38% 44% 

29% 19% Fed my 
A 4% Fata 
80% 57%FedExp 
37% 21% FaMfd 
90% 75% FecMtM 
32 20% FetFBd 
21% l7FederalSg 
25% IB^FnOepO 
35% 21 % Ferro COrp 
34% 22%FMCai 
1A 8%F«i* 

33% IBRogalMt 
40% 32% Rest Am B 
H%l 


39 23*. 

37% 31% ftlt BnH 
98 79%FstOtACPB 
51% 48% FStCMCPC 
111% SIFsSCHtapC 
S*j 41% Fstag 
48% 40%FMFW 
37% 32 FR «11 

18% 11% ft* RS 
62 51%FMFnM 
85«2%fS*tf 
22% 12% FRMb 
23% 16% FstftIF 
48 39% FsiUdon 
53% 51%Rr«UP1 
10% 6% Fsfljrtt 
40% 32% FtstVtp 
35% 2S% Firstar Co 
41% 31 % FtesrF 
27% 18% FtmSa 
30 22% RewOh 
44% 33%«B«««y 
33% 2*%FtaPip 

20% iSflmn 

56% 40% ftxjr 
ffi% 45%FMCQ> 
7% 4% FMCGd 
48 41 % Fame G4B 
17% 11%Fao(MI8 
35 28% Fad 
io% s% Fonex 
45% 32% FOeSMs 
18% 13*4 FVM01 
39% Z7% FPL 
14% 9% Ftance So 
9 7% Prated Pr 
Gi 33% Prated ft 
42% 3l%Fraa*enr 
‘ 4% FlfMA 

4FrttoS 
21% 16% FnMdl 
27% 20% FtMcSMx 
28 21% FranSn 
33 23 Frtixxn 

60 RlAnfn 


079 


4 79 

10 48% d*8 

1 91 (31 

5 3120 <8 47% 

9 3089 44% 43% 
31 35% 34% 


79 

48 

91 

Si 

35% 

15 


600 70 
150 70 
600 7.1 
200 40 
100 40 
215 11 

105 00 9i is>t i«m 
110 12 27 894 58% 57% 

300 18 11 3394 79% 78% 78% 
000 1.4 83 258 21% 21% 21% 
178 30 575 23% 22% 

104 40 9 2091 44% 43% 

403 80 2 

140 50 9 124 
108 15 10 152 
100 4.1 9110 
100 47 1213546 
008 16 16 1830 
100 5.1470 481 
048 10 19 88 
108 80 12 1045 
080 40 18 372 17% 

002 1.1 23 2567 

55 717 

105 1.1 B 118 

100 27 19 20 44% « 

024 1.6 13 776 14% 14 

104 16 1231152 29 28 28% 

090 17 5 9% 9% 9% 

174 II 22 356 35% 35% 35% 

226 16 15% 16 

1.88 5.1 14 1341 32% 32% 32% 

004 14 275 10% 9% 10% 

180 83 77 7% 7% 7% 

132 18 15 1391 38% 

14 673 34% 

005 T.1 24 4% 

105 10 8 15 4% 

105 84 43 Z70B 19% 

ISO Z4ZZ3 717 24% 

178 12 7 290 24% . 

10 1443 27% 28% 28% 
188 09 6 18 78% 78 78 


52% 52% 
7% 7% 
38% 38% 
29% 29% 29% 
34% 32% 34% 
22 21% ?T% 
d2Z% 23% 
38% 38% 
23% 28% 
17 17% 




13% ram Cat 008 (L5 M7 15% 15% 10% 


- G - 

58% 30081X1875 * 348 73 S 53% 53*, 

44% 38% GATX 100 30 14 236 43% 42% 42% 

57% <7% GBCO 10D 20 12 182 50 49% 49% 

14% 7% Stew 22 87 14% 13% 14% 

3S%Z9%6T£ 188 &0 29 5550 30% 30 30% 

19% 16%SIEF105X 105 70 *100 18 1.6 16 

12% 10%GatwteEg 100 12 347 

088 20 15 38 
1.70120 

104 2J 6 345 
138 28 17 2058 
148 1.4 22 8433 
41 46 

1.40120 
130 1.6 
OSD 12 
0.12 00 
1.40 30 3 3324 
1.44 3.0 948384 

038 82 S 178 
032 24 13 22 

1.88 14 17 2456 
190 10 19I4U1 
0.4 13 23 4708 
000 20 22 207 
100 70 9 7496 . 

102 10 13 874 10S> 

000 18 23 7459 35* 

101 1231 SI* 

1 717 2* 

IS 118 17% 16% 

2 48 5 4% 


36% 28% 

18 11% GteDObla 
4% 1% StevHstn 
59 4e%Gmrfl 
49% 30%C*tenc 
38% 25% SC Cos 
11% 11 GanMlI 
2D% 18% OanM ■ x 
16% H%Gnccn 

a% 19% GnAKw 

57% 38Gn0]ax 
a 43 Go6K 
6% 3% emitter 
15% 9% Om House 
82% 49% «a 
85% 42%OsnkB- 
38% 27%(W4»€ 
40% 31%(WftH 
31% 23% Gad’ll 
18% l01%9ofle 
38 X% Sen3g 

S 41% Genertodi 
2%Qenesco 
13% Bonn a 
7% 4% GaaadM 


10% 10% 10% 

31% 31% 31% 

13% t3% 13% 

*8% 48% *8% 

35% 3*% 34% 

. 29% 29% 29% 
115 11% <1% M% 
8 71 19% 19 19% 

8 164 11% 11% 11% 

40 a% ^ 20% 

49 47J 
<?* 




HO* Lew teem ta k t Mr ap law (taeta Oeee 

39%33%G4n*t 115 30 17 537 38 35% 35% -% 

43% ZlStogtaGB 41 ztea 42% 42 <2 

79 56% QgtaP 109 ISIS 300 n 75% 77% 

104 91 % 3pta7 72 7T2 80 3 ” 

10% 13%C<nerSte 032 23 25US8 
10% 10% Genoaor Fd 116 1.4 ill 
12% S% GertM 7 524 

16% 10% Gedy Ptfr 008 00 15 80 
14% 9%QznGrp II *KQ 

10% 7%aemtrxta 030 15 8 HH 

74% 57% GKta 100 1.4 38 3375 74% 73 74 

21% lS%Gttxo 007 48 13 6382 19% 18% 13% 

16% 10% Season CO 043 28 47 35 15% 15% 15% 

7% 5% Octet Car 0.44 78 305 5% d5% 5% 

9% 7% SfcCX he x 001 93 154 7% 7% 7% 

4% 3%9XMIto MB 6844 4% 4% 4% 

8% 6% QobteYW 030 80 312 6% 06% 6% 

46 37% Cfttfn 130 08 9 1273 39% 38% 38% 

48% 3900X71 200 4.S15B 8B 44% 44% 44% 

51% 47%Gooa=30 350 70 4 SO 50 SO 

<3% 31%serear 080 23 1011837 35% 34% 34% 

12% 7% Bcosoafc 28 129 8 7% 7% 

48% 38% SractNR 1.40 30 74 UQ2 39% 39% 39% 

59% SSHOnfn 000 10 19 IW1 35% 54% 54% 

30 23% GMa 120 4 6 451 28% »% 26% 

27% 19% QMPT x 000 12158 180 a 25% 25% 

17% 12% Great 6 Ea 02t 10 450 a% n 13 

S2 43*tBl*aC 040 07 75 004 58% 57% 58 

SO 35 G! Nairn *60 93 ID 31 48% 45% 48% 

21% 15% GMfti 002 SI 64 2154 is 17% IS 

31% 23% Green MP 212 14 11 29 25(4 25 

34% 21% Great Das 005 19 7 not 07 26% _ 

17% !2GnmrEaa* 008 20 14 24 13 12% 12' 

19% MGrtmx 008 10 171757 15% 14% 15 

9%tornnSpo 115 14 166 10% 10% 10% 

7222 37% 35% 38% -1% 


+% 

ti 

1 

-% 


12 % 

40*4 19 CrTntx*2R 

16% 9GutoSHP 
24* a 16% Bcttad M 


032 20 21 

000 20 M 


n 12% (2% 

*4 21% 21% 21% 


19% 13% KSOHcara 
22% lEHKTteAOR 
18% 13% ME Pram 
3% 2ttMan 
35*4 27% Ka&rr 
5% 2Hrfm» 
ra 5%tfcaefcFab 
17% 14% wax* Mr 


58 2% 2% 

100 30 172543 31% 31% 
* S3 2% 02 

132 43 26 SB 7% 7% 

. . 108 85 IS 53 IS 14% 

24% 19% KcockJonn 108 80 25 32 20 19% 

14 Oltandeaan 0 u 17 it 947 11% 

17% ranmeyitarra 000 10 26 349 ir% 

26% 23% Kara 950 29 17 T1IB 25% 24*] 
26*4 19%fencsJtt 038 10 
4% A Hanson Wt 


a 


- H - 

008 6.7 62 14% 14% U% 

161 10 71476 29% 19% 20 
T.U 7.7 24 13 14% 14% 14% 

‘ ' I 

17% 

wniB 24*2 25% 
18 «* 24% 24% 24% 

••2 piwaaim 8E52 1 A 1 

22% 17% KstsonAOR OS4 50 17 S63 TS% IB 18% 

33% 30% ttotOoi 004 10 17 1297 38% 35% 38% 

24% 20% KartarxJ 098 <6 13 2SB 2i% 21% 31% 

29% 21% Hartey Dn 118 16 53 1382 28% 25% 28% 

38 24% KaECaoW lt6 14 24 198 37% 37% 37% 

28% 13'£KRdtj 140 10 37 322 24% 24% 24% 

52% «:% tarns 104 20 u 1167 44% 44% 44% 

46% 38%H)Be04 1.40 12 13 69 43% 43% 43% 

220 SI SO 232 43% 42% 42% 

180 117 28 176 5% 5% 5% 

138 10 10 15% 15% 15% 

238 73 11 T03 S% 32% 32% 

102 S3 12 4U 14% 14% 14% 

200 87 18 241 30% 30 30 

008 11 22 145 7% 7 7% 

36% 35% 36% 


53%C%HanM9ra 
7% i Kartnx 
18% 15% KBtamsx 
38*2 29%H»«6 
56% I3*i Wkii 
32% 27% HesteiCa 
7 % 4 %HDftapa 
39% 23%ne*ttatt 
<0*2 25% H&auce 
IS 9%HecteM 
38% 23%>tategMar 
36% 33% Ren* 

36% 22% HteaneQr 
31% 24% HteazP 
171% 95% Itnjes 
53*2 *1]jfW»T 
93% 71%Hod>ac 
6% 2%HeateCrp 


35% 36*i 

20 810 40% 38% 39% -% 

106 14 28 833 12% 12% 12% -% 

004 00 182228 23% 29% 29*2 -% 

1-44 19 16 4421 37% 36% 36% •% 

024 17 20 48 33 32% 33 +*» 

050 10 30 191 30% 30% 30% •% 

00% -1% 


224 22 20 621 1Q2% 100% 100 
IX 28 14 1401 <7% 48 47% 

100 10 18 9874 093% 91% 93% 
044 70 0 32 5% 5% 5% 


ID SB 
120 24 14 997 


160112 
163110 
187120 
087107 
148 4.0 19 


S% 5% 

8 % 8 % 8 % 

aa 

7% 7% 7% 

“f* - a *9 

12% 11% 11% 


HS«r 

9% 7% MoaniiA 
6% S%»»toC 
7 5% MgtHod 
9% 7M Wincx 
9% 7%MVteFte 
13% M%W*ugSH __ _ 

43%2E%«ertaaz 057 10 16 M3 30% 30% 30% 

24 l7%Wns> 10 105 23 21% 21% 

74 43%«SnH 100 20 77 ESS 60% 59 59 

110% 72 Kates 195 00 S3 21 101% 101% 101% 

46% 29% fkrcOep 116 14 43 4814 43% 42% 43% 

15% 9% Hone Stop 58 1994 11 10% 10% 

24% 17% RnsMI 120 1 0 53 4711 20% 20% 20% 

1% 1 RcoipislBg 008 10 0 44 1 01 1 

37% Z7% HoofizM ADR 104 07 73 SB 35% 35% 35% 

36% 30% t*TpnS 096 28 14 3029 34% 33% 34 

28% 22% KtcS*zr£ C29 1 1 6 7 22% 22% 22% 

33 13% Herts ton 31 7ES 27% 27 27% 

24% 18*4 Hcrad x 050 21 17 379 23% 3% 3% 

16% 12% FKKSW 006 0 4 37 BOB 15% 15% 15% 

13% 8% REtts 03 27 25 3688 10% 10% 10*4 
3% 1%HKB)te» 7 167 3 2% 2% 

53 36%Hwpmalf 056 10 23 23 46% <5% 45% 

148215 0 705 t% 1% 1$ 


8% I % Hose Fan 

39% 23%HU10I 


?7\l 25% HSX} I Dp 


106 IS n 2231 35% 34% 34% . 

‘ 36% *% 


238 90 

_«>%*■« 118 10 27 _ _ . 

25% 11% IkxhcaFCs 012 15 20 61 3% 22% 

19% ycapx 001 21 72 96 1 5% 15% 1' 

32% l7ltt*ta»Scp 00* U 15 237 15% 17% 18% 

24% 15% ftem KESB40 40 4632 23 22% 22% 

18% 15% tad Mg C 136 20 17 27 16% 16 1 

11% 4%ta«ooaaa 002 40 ■ «1 5 

005110 168 8% OS - 


% % 
A 


8 28% 028% 

3 12% 12% 12% +** 

+% 


AWett 


35% 22% BP he 
13% 801 ftm 

31% 21%PT«r 
11% 8% ST Apply 
ZCFKj 


16 T6% 

5 a 


4 


-i- 

000 06 21 2295 04% 34% 34% -% 

12 245 12% 11% 12% +% 
288M.3 4 57 25% 25% 3% +% 
184 31 11 282 9% 9% 9% 

13 442 3% 


30% 21%MHttftrc 106 80 >0 153 23% 


43 33% Hex Cop 
29 24% BPW4.42 
<9% 41% ■*■706 

28 Z1% ■ P14.Q8 

29 23% ■ Pt*0 
52% 46IPI804 

_ 28%taJieCn 
47% 37taMflPA 
52 45B>MM>B 
22% 18%Bm> 

54*z 4483 

49% 30% MC Fate 




12% 8% (no Del 
18% 15%HAkwest 
31% 21% taco 
97% 78*2 taoMP70B 

30% lOtadta&rai 

23% 18% hdfinwg 

21*2 11%ManRnd 
15*2 10% taditscn 
41% 32% tatffcd 
42 29% tod 

S «% 7% testrSp* 
23% l8%ttSti«in 
49% 4i% ban ft 
3% RAH 
% kttattgl: 

3Pg 20 Inter Reo 

76% 51% BM 
22% 13% KFnt8 
44% 35%HFF 
19% 15% MMUt 
80% EO’skHPai 
34% 27% tatem 
11% 7% Msm**n 
30% 21 testPw 

8% 4% hfTW 
34 l7%toBGaraST 
24% 13HRtod 
4% 2toiT«tsi 
54% 42% kaic* 

24% 19% bwalGSE 
35% 28% htto a* 
11% 8% Men tea 
12% 6% tar Rate 

35%22%nslC 


184 28 14 241 30*2 

300 70 Z 38% 38*0 38% 

300 76 *100 46 46 48 

100 50 21 1077 19% 19 10% 

1.77 23 14 1888 59% 32% 53% 

106 25305 613 43 42% 42% 

150 SI 3 t21 9% 9% 9% 

102 17 6 15% 15% 15% 

060 1 3233 6892 30% 29% 30% 

7.08 10 4 79 79 79 

106 17 2T7 23% 23% 23% 


+% 


1 


108 50 14 71 19% 19% 19% •% 
105 13 105 1«% 14% 14% +% 

13 225 13 12% 12% -% 


78% JIT 


l Cap 


34% 

21 21 % 
438 43% 43% <3% 

71 16 415% 18 

443 2% 2% 2% 
" 74% 7* 
13% *3 
*0% 41* 
17 17 

7B% 785 
32% 32% 
7% 7% 
21% 21% 
8% 8% 
19 19% 


50 50% 
19% 20 

30 30% 
10 10 % 
9% 9% 


174 21 22 1819 
080 10 45 6S0 
005 30 57% 

020 00 15 11 31% 

100 4.1 9 
6 
0 

00* 27 4 
106 80 

2 

100 10 29821 75% 

19 181 14% 

I0B 28 25 1713 41% 

OBO 47 23 1 29 17% 

108 21 33 9008 79% 

009 1.7 19 594 32% 

112 10 4 35 7% 

208 17 IS 85 21% 

0 597 u8% 

112 16 21 4812 19% _ 

77 2048 33% Z% 23% 
11 288 4% 4% 4% 

25 245 51% 

1.73 80 10 328 30% 

212 7.0 15 839 30% 

007 0.7 77 t0% 

007 18 152 9% 

85 408 32" 

106 23 IT 


+% 


18% KoseFd 
... 18%Kmgw 
29% 24% KU Energy 


001 


24% 

14%Kte*aiCb 080 4 jo 5l 
tSJl. 10* Kyocera CP 088 00 66 
20% 15 Kysa tndu 


KN ta Oeee 

« l«i ft lw feea 

00837 884 25% 25% 25% 

15 3*54 25% 25% 25% 

1.64 60 12 102 27% 27 27% 

114 15 *4% |5 

II 149% 148% 149% 

002 25 12 22 20% 20% 20% 


~% 

-% 


- L - 


10% 5% LA Gear 
41 33% LG&EEn 
40% 15% URLs 
38% 19% La Otena 
40 25% LaZBoy 
25% 20% LateedaGs 
37% 17% Ltetage 

S 4%Umsos8S 
16% lane End 

13% 10% laerurH 
19% 14%LMOtalX 
38% 31 % Lee Eotarp 
25% 18%LegoAteson 044 21 
49% 33% LeggPI 


5 1046 7% 8% 8% 

215 57 IS 230 38% 37% 38 

36 4215 *0% 39% 39*4 
110 03 38 57 33% 85% 35% 

088 23 15 40 29% 29% 29% 

102 56 8 29 21 20% 21 

030 10190 261 19 

80 143 7% 

811 1B% 

97 12% 

14 19% 

117 34 

351 20% 


18% 13% 

25% 1*% Lamar Op 
4*4 2%iotoyFitf 

3% 1% UMrte b 
11% 9% Liberty AS 
29% 23% UbertyCD 
81% 47**U)y 
22% ie%LhteU 
. 35%LBxnN 
20% l5%LbcnMFd 
70 57lraMLPIB 
74% 28% Utter 
28% 19*4 10CM 
5% 4%U0ERay 
79% 58% LOCIM 
45% 35 loom Co 

ttB% S*% Loews 
33% 2S%Lo0ccn 
9% 4 LOBBSflnQj 

24% 15% UpsU 
3S% 31% LnpsOr 
23% is%LsngvtewF 
<2% 33% late 
32 23UMs12fix 
46% 35% LnutS. 

48 29% LAMP 
40% 28% Lcwreex 
21% 14 LTV 

8% 3% UVWb 
38% 28%IUM 
24% 2l%uioysCto 
33% 28% Lukaabc 
36% 27%Unoflca 
36% 20*«Lydtehc 
32% 20%Lyand8RP 



020 1.1 8 
0.40 32QE2 
058 29 18 
004 25 18 

6 351 201* 

054 10 16 SB 35% 

020 1.4 4042 14*4 

010 OB 8 1047 1 

0 SfZ ‘ 

2 06 

100118 429 

002 23 12 797 28% 26% 

250 40 35 8155 50% 59% 59% 

008 20 17 8954 18% 18*4 18% 

164 <8 8 974 35% 35% 35% 

008 SS 20 18% 16% 16% +% 

S00 87 7 69 57% 57% -1 

9 507 37% 36*2 37% +1% 

045 10 15 1580 23% 23% 23% •% 

004127 S3 219 5% 5 5 

208 33 10 1096 89% 69 B9% 

184 10 22 111 43m 43% 43% 

1.00 1.1 9 559 89 88 81 

032 10 11 34 30% 30% 30% 

01448 4% «3% 4 

108103 81548 17% 

1 12 33 14 94 34 

002 30 24 435 17% 

000 10 13 794 39% 

216119 5 29 

100 23102 S57 45 

000 1.6 732295 31% 

016 IS 21 1191 38% 38% 

38 8048 19^ 19% 

120 S% 6% 5% 

088 27 26 3582 33 31% 33% *1 

168 28 17 733 23% 23 S% 

1 00 30 41 527 32 31 31% -% 

M6I42S 6 33% 33% 33% +% 

32 99 037% 38% 17 +% 

090 30472 1982 28% 28 28% 


17 17% 
33% 34 

17% 17% 
39% 39% 
29 29 

44 44 

V 37% 
‘ 38% 
19*2 


% 

- 1 % 

Li 

3 

I 


a* 


IWI kwwteett 


W K » 
» k l «• 


17% 14% Ku Ca AMI « »07 72 « k 

MS 


72 48% KuccrCorp 
78% 16 red Corp 

17% 14 Hu* CM* 

13% 11% MweeflCI 


1 fit' 9a *’ 

1.03 •*? 

0 77 66 


13% 1 1 % Huveen M 1 x OB- . * 
17 l3ptaneeoM0* 1 « 90 
12 9% ikweo **■ 10 5^ 
18% 15ib*ceaNPi 1 10 . 3 


18% 15MMeaNPi 
18% 13% nmo P P ■ 
16% 13% Mween P I * 
25% I5 7 * Hymaflic 
41% 33%R«<tax 


109 7!> 
1 13 0! 
040 24 
6 1 


low Omit 
15 dil l >4% 

ms r< 

01 61% 

1.4 17% 13 

14% 014 14% 

ll'n 11% II a 

nil 11% M*? 
(4 013% lj’s 

w>: 10% 

* is*? tfis 

457 1.1% di3% 

fti 1* 1.1 a 

n 3 ip% **'% 

27 3970 J**% * 


*3 

75b 


15% 

13% 

T3> 


- o - 


19% 


Jfl ID % *<*% 

7!% 71*, 


10% 

21% 


9% OHM Op 
IGUOcarP IJjl} 4 8 X? •*»* 


4% MA Coat 
52% MSHkc 


008 1 6 10 
1.60 5 8 13 


9 S , 

65% 52 
40% 33%MCN 
7% 4%MOCHObi 
32% 25%M0Ufles 
9% fl%KFSOaUi 174 80 
7% 5% SKEotlOx 050 84 9 
16% 13%MOPi00 188 61 19 

39% 22%MWGrano 
21% 13%MJCFr8 
18% 12% ttasmaC 
16% 12%MagnetUi 
29% 17% MauysbF 
38% 28%MMar 
32% 2* VOttrwc 
29% 23% MznorC 
29% 18% Manpower 

S% 2% Mjmj loi 
10% 7 UrnSo 

25% 22% Mrwft PI 
64% 53% Mapco 
27% 15% MmMer 
5% 4 Ainmt 

23% 15%tt3iKIV 
32% 24% stem 
88% 73% MslMcL 
29% 20% ManAte 
51 40% MUter 


% 8% I 
34% 29% Ussrod 
17% 14% MteSte 
188134% MabuMl 
28% 20% UteM 
45% 33% Mans PI 4 
5% 4%MBxifiE 
45% 37Mzy0Sl 


31% 2S%MdtaU 
i:/% ne% uconog 
77% 62% tacCrwH 
IDI% 52% MOiesn 
53% 39% HeaoCp 

22% 17% llwinn 

35% 30%Metetnst 
S% 34%Mdmx 
36% 20% Medusa Op 000 21 21 
28% 26% Melon BW 260 90 


8 % 

SB 

36% 


*•* 

J A 


8 % 

B 


A 


| 

i 

•% 

-% 


8 161 6% 6% 

1.24 22 9 3301 56% 54% 

172 4 7 14 221 36% 38% 

120 5 04% 

78 27% 27% 

683 8% 16% 

349 6 <&% 

14% . _ 

17 5684 31% 30% 31% +1% 
IT 322 20% T9% 20% 

38 2177 18% 17% 18% 

21 230 14% 14% 14% 

0 02 11 144 23 23% 23 

156 1.6 28 1438 31% 31% 31% 

1 00 38 22 10 38 JSii 38 

0.09 0.3 22 532 27% 26% 27 -% 

HO 13 81 1918 29*a 28% 28% -% 

030 7.0 19 37 3 iy 1, ■% 

180 (9 7 29 139 9% 9 9% 

270117 f? a% 23 23% 

1.00 10 12 184 55% 55 55 
1.00 37 20 9851 h37% 28% 27 

1.15 <16 6 469 uS% 5% 5% 

0*1 IS 17 530 22% 21% 2|% 

008 09 23 868 23% 39% 29% 

200 38 18 1197 78% 78% K% 

7 IBS 25% 25% 25% 

196 22 ID 919 44% 43% 44 

39*i 2Z*z MOOOCX 172 3D 16 2700 24% 23% 24 

27% 11% MascnTectix 112 10 13 618 12% 12% 12% 

B*z 6%M*tsmutR 054 88 1(4 7% 7% 7% 

280 88 9 G 33 33 32 

14 44 15% 15% 15% 

107 0 6101 9 164*? 164 164% 

024 0 9 35 2892 27% 36*4 37 

400)00 5 37% 37*2 37% 

040 89 9 2303 4*2 4% 4% 

. .. 1.04 2J 13 6904 38% 036 >2 38 

20% 14% Mzyas aSO 31 33 4993 16% 1S> 2 18% 

27% 19% MBMCtep 0.72 29 18 3290 25% 3*% 35 

27% 21% McCtattfty 034 1.4 21 130 24 23*3 ' 

33% nucDawZS 237 7.1 4 30% 30% 

31% 28% MeOnrm3.6 260 9 0 2 28% «38% ... . 

16% 12% McDonhv 032 25 5 14? 13 12% 12% +% 

004 09 17JSM1 38% 27% 27% ♦% 

Itt 1 1 13 1621 12S% 124% 134% -2% 
232 32318 743 74% 73% 73% -% 

108 1 7 Z8 7462 100% 98*2 99% +1% 

1.00 20 23 2659 50% 49*z <9% +% 

144 20 47 152 21% 21% 21% ‘ 

205 18 14 3060 30% (DO 30% 

141 18 13 3MB 54% 53% 54 

88 23% 23% 33% 

31 27% 27% 27% 

270 4 8 12 1894 " 

102 40 IT 1611 
aflBIIS 91 

1 02 24 18 1370 
100 24 1922811 35% 23% 

002 23 28 395 14% 13% 

172 1.5 27 69 47% 47% 

092 26 5 7448 35% 

005 40 0 508 1% 

1 967 
032100 18 154 
15 2 

990 IS Z10 
180 35 11 783 
082 1.9 9 538 
7 54 

106 24250 95 
102 14 17 843 
008 89 12 

180 10 46 875 
1.78 11 19 9612 

37 1222 ZlL 
148 28 21 353 171. 

003 11 799 17% 

14 167 3% . 

007 13157 3 25% 25% 25% 

300 40 15 8202 81*4 80% 80% 

7 408 13 12% 13 

000 21 14 106 0% 9% 9% 

118 10 11 184 15% 14% 15% +1% 

252 30 19 732B 78% 77% 78% +1% 

8 7% 7% -% 


60% 52% 
41% 33% 


Metenfik 


10% 8% Mrttis 
57 30% UercSl 
38 28% MaA 
19% 13%Mauiyft 
49% 38%ttdBi 
*5% 32% Merlin 
4% 1% MtnyfiaRd 
8% 4%ma 
3% 2% Monte Tat 
10% 9Mastaktac 
05 4SMetr£190 
24% 14% MekfWx 
40% 24% Mexico Fd 
10% 7%MH 
3% 2%Mekateen- 
10% 4% kaoAnnWe® 
10% 8J WOAbR 
57 38%SMprx 
37% 46% MW 
27 16% MTOgB Rn 
" 16% McMEnA 


3% 18% 

7% 2% IQUCDrp 
28 23 Iflta* BR 

a 72 Matte 
9% Weadar 
12% 9%Ma**cn 

19% 11% McrkAeter 
88% 72%Mranta 
1^ 5% McntEdec 


Q.79 100 2 60 



22% 15%0codP 
27 18% Oflctetapte 
24% 19% Ogdtn 
18 14% Ogden ncj 
22% 16% OMcCd 
£3 50% (VD0E54* 

62% 5D0NGE456 

97 B00NC724 

97% 81 OMDE70C 

37% 29% MahGBE 
80% *6 08nCp 

41% 2t>7 t omnmra 
51% 43% Omnto> 

17 13% Oneua Ltd 
20% 15% Oneok 
29% 22*s CPPMXi Cap 200 35 li 
11% 8%0nmhM5x094 99 
1% 6%0pOenRlMi 087 9t 
6% 5% Orange CD 14 

4|% 29% Oange Rck x 2 58 85 9 
27% 15% tarpon SO " ‘ ' " 
34% 28% Orton C3P 
20 13% 0rp£n 
25% ISOuftdM 
28% 17% OtFsSn 
17% 13% DwakAI 
<6 29% OwaruC 
3<% 24% (Mad bd 


16 1403 .'<% 
AO 14 .«* S>'4 


N 2<% ■% 

;il% 31% »% 

16% *■'■% , 

150 aoiKl*** IS'j 14% »«% a 

4.40 85 ; 51 % M % 51 + % 

4 58 8 7 7 52% 57% S7% 

7 ^4 10 i 40% 30% 80% ■% 

7 36 89 non 87% *7% '* 

266 BO 10 J2? Wi JJ% 1JJI % 

220 39 15 *60 V ’j » I 1 

p. 18 0 5 40 170 38% *■' » J* 

124 24 IB 500 51% 500 i* % 

0 48 3 5 13 13 Ho l-*% *^S ’*» 

1 12 63 II 93 '7% *'% *'% , 

1^ 73% 73 71% . % 

769 9% 9% 9% •% 

77 6% •>■'< * 4 

as 5% :"■% 5'a •% 

. _ _ . IBS 30% 3U 

0l&6 32 73 560 17% !■'% I7’J •% 
OBO 27 7 45 79% 

040 28 5 312* 14% 14 14% ■% 

0.40 1 7 73 CZ 71 32 i -t 

0 60 2 7 *4 1*9 72% 71 a 73 -J* 

018 1 2 381 15% 18*5 *'^% V 

13 .17% 31% 3**7 % 

172 28 13 37 25*3 75% 25% 


43% 33FW 
31% 24 PMCFii x 

42% 34%FPGb 
14% 9% PS (Reap 
26% 19% PS 
18% KPactaitac 
31% 21% PacSden 
19% I5%ftncpa 
24*2 19% PacEntx 
35 21% Pad£ 

SB 2fi7| PTeto 
19% 13% Patow 
20% 13% PM* 

25% 18% Panrtf 
35% 72 


- P - Q - 

1 28 14 10 36 37*4 37% 3**4 

140 S9 7 7834 ?4%d23'4 73*4 
1 16 29 M 1614 M7, ?*% »•* 

MO S9 5 23 10% 10% 10% 

1.24 S3 13 2783 3% 73% 7J% 

120 8 6 53 14% d!3 a 14 

4 72 239 31% 75 J 30% 


112 0 

108 8 4 11 2169 16% 16% 15 % 
108 63 9 1500 70% 21% 7U% 
196 IB 9**» 22% 27% r% 
218 71 68 4819 30% 30% 30 U 
0 48 3 1 3 72< 15% 15% 15% 
837 21 S 1624 19 17*4 >■'% 

084 17 17 635 22% 27% 22% 

22% Pvk Btedx 048 1.5 S3 148 3lj 3'% •‘ ll i 

8% 4%PartiDr 11 391 5^ 5% 5 

45% 34 PaMto 1 00 22 33 1313 44% 

2% 1%PaMcfcPt 5 278 |% d!% 1% 

10% 7%P30MPl* 080100 224 7*4 7% 7% 

3% 2% PXenCro 14 20* 3% 3% 3% 

29% 23% PeoxEn 1 52 8 1 10 7436 25 24% 24% 


*2 


. PeoxEn 
68 S8ftnnPU5 
59 47 Pnonev 

27% 19%ftntfl 
31% »%Poa«4 
58% 45% Fteffl 
32% 23% ftcgEn 
35% 25% ftPBovsM 
41% 29% Peraicu 
39% 78% PknSm 
21% ti%PertnsFm 
6% 4PertntanBj 
7% 4% PenyOmg 
20% 16% Pei me 
30% 27%Pedto 
29% 23% Ptene 
73 53% Pfl.fr 
85 47%PntfpO 
19% 17% PhteStoten 
62% 47% totter 
35% 2S%PlMft 
39 14PMVX 


400 7.7 ZID 58% 58% S4>>4 
108 33 14 5030 51% 50% 50% 
167 84 9 471 19% 19% 19% 
200 7.4 13 29% 29% 20% 

200 82 12 453 43% 48% <8% 
ISO 84 12 568 29% 27% 3% 
017 85 33 1334 33% 33% 13% 
0.72 Zt *711680 14% 34 34% 

008 22 58 1642 32% 31% 3<% 
130 10 9 9 61 11 j 11% 11 j 

051 110 10 68 4% 4% 4% 

4 1212 7% 7 7 

002 10 10 4781 18 17% 17% 

080 28 41 9 29% 23% 73% 

020 0 8 50 5(C 26% 26 78 


♦% 


A 

-% 

+i 


.% 

A 

3 

i 


23% l9%Puanan«G 10* 52 (3 128 
10% 7%Pto1h« ai2 1 5 14 483 


12% 9%P8||rtalFB 
10*2 8% Ptainw P 
22% 18FMWQ) 
277# 22% PK» 2125 
14% 6% Hauer FT 
14% il%PianM 
366 3CaMitay212 
48% 34% toneyS 
31% 21% Pltaln 
28% 19% PtaarDan 
27% l9%Ftabafti 
13 GPiayteyB 
32% 21% Plum Creek 
24% 15%-ftgnftad 
38% 29% ftH 


168 26 35 9561 U73% 71% 73% »1% 
1 85 28 23 3031 £3% 62% 82% ■% 
112 83 U RO 17% 17% 17% 

330 5 4 1517917 61% 61% 61% 

1.12 30 33 2311 34% 3* 34 -% 
015 1 0 9 4672 14% 14% 14% % 
20% 19% 20% •% 
8% 7% 8% +% 


008 27 272 10% 10% 10% 

DOB 06 11 04 10% 10*4 10% 

030 4.8 9 1505 18% 18% 18% 

212 90 8 23% 23 23 

015 1.7 4 215 9% 8% 9 

108 93 51 11%d11% U% 

212 07 Z100 296 319 296 

104 3 0 15 3110 35% 34% 3*% 

020 07 22 22S 38% 27% 28 
“■ 23% 23 



000 1.3 63 7623 24% 

004 0SS9O 203 27% ... 

10 81 8% 3% 8% 

1.72 89 12 258 24% 24 34% 

ai2 08 28 417 21% 21% 21% 

000 1.6 22 824 33% 32% 33 -% 

18 369 43% 43% 43% -% 

0.40 09 45 32 42% «2% 42% r% 

ai* 40 10 529 18% 18% 18% ♦% 

10%Patechc 14 l»uifi% 15% 16% +*z 

17 11% Poraigte F 001 01 558 16% 18% 16% -% 

42 22%toEaaSasx 1.44 4.1 29 3797 35% 34% 35% +*s 


44% 25%P1c»Vn 
46% 37% PteiOnm 
32% 17% ftps Slid 


21% Madmaft 1.00 70 11 212 22^ 22% 


9% 9% 


- J - 

45% 37%JRrarFF* S38 80 9 <o% 

48 37% J RharL 150 80 23 41% 

14% 7% JadttolEBX 002 30 16 113 9% 

28% 73% Jacotxe EiX) IB HO 21% 21% 21 

14% 8 Jakarta IT 006 08 164 ' 

3 % J amwi 0 T41 

t*% 9%Jte0b 019 1J 194 

55% 43%JeflP 1.72 10 12 430 53% 52% 53% 

103 aSJteP708* 708 83 ZlO 95 — “ 


81% 44%JnenOi 
55% 38 JnmfcJ 

13% 1%. 

20 15% J 


104 10 14 228 48% 48% 48% 
1.16 21 1921411 54% 54% 34% 
008 30 13 158 10*4 5% 10% 
088 SI 29 192 17% 17% 17% 


- K- • 

21% MM R DWl 052 10 32 53 27% 

71% KN Energy 008 18 15 402 25% 

— 400 70 ZIOO 57 

220 89 IT 56 2S 

094 11.1 5 8% 

5 96 2% 02% 


.. 5BKta045 
28% 23% Karate* Pt 
9% 7*z Kmeti 9r 
4% 2% KaatexSenr 
23% 16%Ken(V» 

2D l4KmCyS4% 
52% 33% Kansufi h 
10% 4Kastar 
H08 9£Mvbd 

- «5 

24^ ■ 


a 


27% 
25 
057 57 

24*2 24% 

8% 8% 


102 88 13 450 22% 22% 22% 

100 S3 2 19 19 19 

000 09 13 260 35 34% 34% 

010 10 13 140 S% 5% 5% 

025 26 7 80 9% 09% 9% 

Kmfenm&Br 000 23 13 415 13% 12% 13 

040 1.7 178 24% 23% 23% 


3 


10 8% H Ben Acs 072 00 31 9 0 

58% *7% Keteagg 1.44 20 T9 2S25 b58% 57% 

27 19% Ketvraod 080 20 8 72 22 21% 

11% 9 Keto HXbi x 007 04 129 9% 9% 

64% 35% Witter 002 1.7458 5158 55% 53% 

S 7% Kemper Mx 090100 82 8% 8* 

8% Kemper fir <004 00 191 7 

13H 10% xmpwtas 087 7.9 S3 11 dll. _ 

13% 11 Kemper StrxOBZ 70 1X6 1l% 11 % 


3*2 21 Kemrm 

22 19% XeirG 1.7 
51 40Ken«b 
18 10 Keyite Don 

29% 10%KayaBiU 

80 51%K3mW 



058 22204 1300 28% 26% 26% 
1.70 84 2 20% 20% 20% 

102 34 28 2528 45% 44% 45% 
98 8 13% 13% 13% 

074 27 17 553 20% 19% 10% 

. 1.7B 30 16212H 52% «J% 51 

2% 1 % Khxtxne Bi 0.03 10 7 177 1% 1% i% 

44% 33% RrttWW 13 1004 38 35% 35% 

21% 14% Krrsrt 095 60 17 8827 18 15% 16 

61 48% ICfldd 1.48 29 IB 1040 51 S)*4 50% 

19% 8% KnogoCorp 010 05108 120 18% 18% 18% 

9% ft Kolbxigm a08 12 42 280 05% Oh 


4 

i 

4 


20% 16 MangomSl 108 03 8 28 

20% 16% Moore Carp 004 40 27 430 f 
n 39% 272 40 

111* 9% tagenGran 1.16110 
89 87% tfgmjp PI 500 70 
13% 12Mt*9RKgn 032 25 
9 4%Margmft 
80% SSttgaSi 
29% IS Month 
97% 25% Mrtnta 
50% 42%Unta 
% ^MleSRete 
' MtenOp 


100 20 


ltt» 18% 
18% 19% 
7 3407 60% 80 B0% 

21 0% 9% 9% 
25 88% 087% 88% 
24 12% 12% 12% 
- 5% 5% 


Li 


000 40 a 326 18 
0*4 10 9 3855 28 
008 0.5 15I27B3 5E 
0 88 


iMutolpte: 


^j^teteiyO 


Myers LE 


003 8.7 
072 80 
0J» 70 
x 078 70 
1.30 10 22 348 
002 10 19 5 


225 7% 

206 9% 

183 8% 

370 10% 

sa 


61% 81% 
18% 1B% 
28% 28% 

9 

8 % 

10 


38Pttn 
. 18 %PmBP 
24% 16% Prater 
27% 18% Praetai 
48% 33»Piamteh 
28% 17% Prenb 
15 II Prank 
1% % PrtarttaLP 

64% 51% toKS* 

40% 27% PnpavOh 
14% 6% ftteerbt 
Pnanua 
ftopTrAn 
Prop Six 
Prow 
. _RvUB 
38% 28 

% %Prud WyC 0161024 
60 47% PtfienKLM 4.08 83 
(02 S7ft8enr7.40 7.40 88 
BStoSnCnl 
91PDSW70 
24 toftCQ 
IIPDSNmMb 
i%Pbtekmr 
l6%Pug«Sx 
33 PUMP 
20%Pi*e 

11 

io% rtftnmtfffx a75 83 
8% 7PU»*nC»*0J0 83 

14% 11% MablO X 086 01 
11% 9ftDesiMRx078 80 
8% 7 Rxmttadx . 0.69 90 

8% 7% Fubaatetex 075 88 
8% 7ftamftanx 072101 
85 6i%Outeao 

1 18% 12% Outers 

27% l/Owran U0O 20140 6S 25% 24% 25% 

25% 2t*»Qua«rVaiD 10O 50 113 23% 23% 23% 

13% 12QueeOOIPx 100 90 S7 12% 12% I2'< 


^PiteroOMox 078 84 


1.60 4.1 29 254 39% 38% 39 

168 66 9 510 19% 19% 19% 

008 10 22 4887 23% 23% 23% 

024 10 13 2208 25 23 23 

000 20 7 618 41 40% 40^ 

0.40 1.6 34 234 25% 75% 35% 

25 505 13 10*4 U 

2082773 0 27 % % % 

1.40 22 82 8913 62% 80% 60% 

022 00 10 886 36% 38% 38% 

026 30 57 ZIOO 8 8 8 

3311067 30% 29% 29% 

100 80 34 177 16% 16% 16% 

042124 182 3% 03% 3% 

1.10 15 12 38 44 43% 44 

104 41 10 117 28% 25% 25% 

000 26 742 30^ 30% 30% -% 

225 £ 015 £ 

2 49 49 49 

ZIOO 88% 99% 89% -1% 
ZIOO 83 083 83 

Z10 98% 98% 98% 

210 80 10 1322 26 25% 25% 

13 129 12% 12% 12% 

1 ZIOO 2 2 2 

104 00 10 334 20% 20 00% 

058 10 IS 33 35% 35 35% 

004 1.1 7 429 21% 20% 21% 

184 9% d9% 9% 

61 9% 9 9 

513 7% 7% 7% 

86 (1% 71% 11% 

270 9% 9% 9% 

177 7*| 07 7 

338 7% 7% 7% 

962 7% 7% 7% 

209 SO 17 36C8 75% 73% 75% 

0.40 20 27 205 13% 13% 13% 


7.15 86 
700 7.9 


+% 


4 


3 


3 


7 

OB'. 

dB% 

mo 


12 % 


20% 15% MjtanUOe 000 07 23 3233 29% 28% 29% 


1 


- N - 

100 20 14 307 47% 47% 47% 
100 10 18 22 98 65% 85% 

008 1.1 48 103 82 60% 60% 

008 29 16 1505 33% 32% 33 

072 32 5 21 22% 22% 22% 
002 20 2332 14% 14% 14% 

104 27 10 8028 50 49% 49% 

205 7.4 IS 113 36% 35% 36 

255 85 13 27 39 36% 39 

100 <4 11 3303 27% 27% 27% 

044 22 24 175 2J% 20 20% 

38 318 5 D4% 5 

4 200 004 001 024 

108 S3 13 118 30 23% 29% 

0.48 3.5128 8521 14% 13% 13% 
100 40 10 68 42% 41% 41% 

11 9310 15% 15*4 15% 

108 4.1 17 580 27% 26*2 26% 

7 16 13 13 13 

1 1121 13 12% 13 

60011.7 22 51% 

100 40 12 2578 30 

Man Marx 020 ia 41 70 14% 

Network EC 81 3881 Ul9 


49 3SNB8BUCP 
66% 56% MCHCdp 
64 <5% Kacco 
37% 29%ttdcoCb 
30% 22% KaskuB 
1M» io% NSIIR 
57% 44% HabBh 
42% 35% rwktatai 
46% 37%NMAuta 
29 24«OtT 
23 1S*zM0an 
7% 4% taEdien 
l* A Net Enter 
36% 73% MB Feel 
19% 13% HUMed 
48 38% Net Prato 
24% H%MSnd 
26% 24%KSan 
14 7%NHSM 
26% 12% MM 1 
54% 49%ltavttteG 
33 27 160 Mix 
16% 13 
19% 7 


35% 280uestar 
36% 23% OtertRly 


1.14 40 13 170 28% 28% 28% 
048 20 6 535 24% 623% 23% 


- R - 


B 5% RJRMi 
k 20% RU Cttp 



nocitewai 


mnnp 


110 8405 6% 
060 29 40 10 20^ 

015 10 124 


Si 


6' 

20 ’. 

.. , 11% 11 

RPS Realty* 032 BD 57 617 4% 4 

Woxp 1124 ig% , 8 1 ia % 

100 28 12 2989 4ih 40% 47% 
032 00 31 1467 39% 38% 38% 


13%ftyteneeF 032 21 6 


- 69 15% 75% 15% 

60% RayOQ 150 24 11 4541 81% 86% 61% 
»%ft*tel0Ax 100 30 19 772 «5 4J% 44% 


47- 

7% 

18% 15% RateEaOTr 
15% C%ftcogr«EQ 


40% ^% fttexck 
jj 0.1! ftgatbd 


108 80 


SO 230 6% 8% 6% 
14 36 16% 18% 18% 

S 137 7% 7% 7% 


33 as*8 r 

aai 

S 9 l 

23% 18* 
17% 13* 


20 20 % 

04 4 

X 30% 


24% 17% Heads Aar 100 7.9 1 1 141 20% 

5% 4 New Am Mx 054130 86 «% 

39 28% NEflOEl 200 70 10 283 30% 

- ' HewOmany 012 10 280 12% 12% 12% 

tlewjeyft 152 72 12 » 21% 20% 2) 

“ - 104 80 ZJ 278 21% 21 21% 

1.40 7.4 9 877 18% 18% 18% 

21 % 21 % 21 % 


20% New PtoR 
30*2 18%RTSEBx 
18% Hewed 

%KfiUtte 

50 37% HwaedG 
48 37% NmeW 
61 46% Hews Carp 
49% 38KbW35 

20 % 12 Waste 
86% 46% m8 
33 28% Mpscc bo 
11% 4%M.bd 
32% 22% HaHeAT 
9 5% Htxente 
40 32% toTTC’l 
7% 4% Nmd Ree 
74% 58% rratkS 

28 Harefc Hwk 
13% 7% Nora* be 
12% KCl Fork x 
10% 4% HE Fed 
25% 20% HEW 
44%38%KSPW 


51 61% 

« 4 a 

IB 18% 

*% 

% 


040 10 10 5250 
040 27 41 192 




. 2fl%ttwrPiX» 
28% 22% Harwd 
11% 5% NtHB 
10% Noracera 
22 we 


''5 

* 


14% 14% 14 _ 

048 10 38 1» <2% 41% 41% .7. 

048 1.1 37 2382 <3% 42% 42% -1* 
017 0.4 IS 1404 49% *8% 49 

3J0 88 2 40% 39% 40% 

1.12 05 710684 13% 13 13' 

000 10 14 670 81% 

1.44 50 12 805 27% 27 . 

020 1.9 B 159 11 10% 

016 00103 722 27% 28% 

028 4.8 *43 8% 6% 

200 00 7 33% 33% 

52 BIS 8% 5% . 

102 11 15 2250 62% 81% 81 
0.48 1.1 29 7871*0% 40% 40% 

010 09 22 278 11% 11% 11% 

040 26 18 79* 15% 16% 15% 

121 370 9% 9% 9% 

108 7.7 14 1330 22% 22% 22% 

“i “i 

issn'ssi'asL' 

074 21 IT 10525 24% 24% 24% 

QJ4 23 SU 10% 10*8 10% 

11 1888 11 10% 10% 

01S 00 4 32 » 23% 24 



A 


030 08 15 2271 39% 38= 

*7 68 018 0.15 

002 SO 6 283 6% G'e 
083 20 17 714 31% 31 

1 32 XO 8 422 44 43% 43% 

20 181 18% 18 18 
^ 12 XI 16% 15% IS 

004 1.4 9 834 25% a 25 
14B 1.7 16 1381 55% 57% 57% 

-ml-" ” ' * ’** 5 *-02 6.1 *100 16$ 16% 16% 

l-K I* 18 1688 X% 36 
18% RftAfclx 000 26 IS 2010 
0 154 


. 4% Mmce 
35 28Hepa(lA0n 
52% 43% arpub* y 
23% 14% Retfr 
17% SRamneCp 
28% 19% RaynfiA 
59% 40%ReynM( 
21% 13% ~ 


3 


3 

I 

| 

A 


tato* 
is mill 
23% i2%Aopanttai 
28% 19% RochGE 
25% 20% Bex* Tel « 
«% 4%ta*eflOP 
*4% 33% Rtecwk 
7% 4% RodraBtae 
88% S3% RotenH 
12% 8% Rter 
6% 4flaOnaEn» 
30% Z3 Rotes 
14% 11 MtaT0 

9% B%Hnan 
27% 25%noyase« 

11*% 98% RDntei 


23 22» 

J 3 * 

1.76 85 10 642 a>*« 31 4 
OBI IS 9 (087 23% 23 

0801(2 5 849 5% 

1.08 30 13 3723 K% 

1 58 5 

1.48 24 94 77S $1 

11 107 9V 

010 1.7 34 741 *7 

030 11 18 84 23% _ , _ . 

0.13 10 10 298 11% n% ii% 

103 811 7% 7 7% 

238 01 182 28% a 28% 



u% To% S^vte Vil ? 7 19 “S' ’! 3 "ft "ft 
pita 



- s - 


20% 14%£*t*jR 
, 7 m°5 , ^"USCp 038 32 23 G 
lit iSi ?? T * 40 S 10 

wsSesssT 1 ' 92 8 « 

*7% 11% Sateg'd Sc 
*8% 12% SttjfQ 
30% 19% Sateerey 


IS 15% 
11% H% 
20 28 % 
13 13 


7% 4%SteMtaV9S 
®% 47 %suoaPBper 
»% 2 SSUQ 8 UP 
*S 37 %S(Pa i 


a to 5 2 S6 194 15% 

- nj, 

28% 

- — 13% 

028 1 3 13 506 15% 14% 15% 
6 35 14% 14% 14% 

038 26 8 850 la 13% 13% 
28 1243 29% a% a% 
13 7% 7% 7% 

020 00307 21 58% sg% «% 

180 04 1< 17 28% 28% 28% 

1J0 18 4 G72 43% 4,4 


ConUmnd on next pago 






FINANCIAL TIMES MONDAY OCTOBER 24 1994 ★ 


37 





4 pm doss October 21 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4 pm ebtta October 21 


: 

"MX,; • 

->S : 

’"•I '■* *lU 
1 F.0f 

?'’»» ’ 
: 

, i *** 

. •« 1 V J Mf S • 

■■Vu'fc . 

i.., /"a kv 

' • I u 


savs 


. t,v 
•. [''M 15- 

**** 

. 

. * ** 
, ..... Cn »c'! 

• a-'n 


-aess.1 


• -t X 



'3 








Mga lav 






^isaa 




e ®o s% sv su 

B11S4 31%i01% Si la 
311 1ft 1ft ift 
62338 3ft (07 3M 

1JB 7.B ID 8w i -3 n 

MB U I 3H 8 

3597 1ft 

380 84 15 $0 3ft 3ft 

MO 0.7 7S8S0 r* ^ 

064 28 IS SMS 
282 ELS 11 218 
180 78 9 ©61 
31 SB 41 
304 39 16 3752 

1 20 32 22 SM8 55 54% „ 

M8 OS IS 1203 31% 3ft 3ft 

27 11 ft ft ft 

DOS HJ ® J7Z7U22-V Z1% 2ft 
M0 08 14 34 1ft 1ft 1ft 

080 10 10 2012 92% 613. £ 

&21 os eg 2ft aft ;£ a : 

MB 18 207 ft ft ft 

M0 « 7*1Q0 1ft 1ft ift 

1A B8 25 15 15 15 

300 30 38 1582 30% ao% aft 

30 «» 23% 22% 23 

25 434 3ft 3ft 34 

180 aa 712)29 4ft 4A 4ft 

Sal* 084 78 68 10%di0% lift 

022 fLB 35 1487 55 34V 3ft 

080 24 8 12S 2ft daft 25 

OS) 1.7 15 8 2ft Ift 2ft 

042 18 20 2721 2ft 2ft 2ft 

092 30 12 297 24% 24 aft 

ad 023 18 18 2018 15 1ft 14% 

aXHt 080 38 18 5133 2ft aft aft 

VI 028 28 21 12 10 9% 10 

- 344 38 21 288 6ft 8ft 68% 
,2ftStarW 066 1.7 17 1000 3ft 31% 33% 

I 1ft Shonaja 10 083 ift 15 1ft 

IZStaMoiL OW 08 14 405 12% 121, «% 

1 1ft Stan Paex 1.12 S8 11 1890 2ft ift 20 

“ 16 7 7 

180 30 10 841 3ft 3ft 
3820804 Il2ft 28 
1-12 iai 30 178 1ft dll 

ait U 1 47 ft ft 

0® 33 18 181 20% 2ft 

008 1j 4 18 50 ft ft ft 

02) 4.7 70 221 «% *4 4% 

128 318 1ft Ift 1ft 

095 20 17 43 3ft 3ft 3ft 

317 38 6040 3ft 3ft 3ft 

052 22 15 3B0 2ft 2ft 2ft 

050 28 18 64 23 22% 22% 

188 34 IS 48B 31 la 3ft 313, 

020 18 21 IK 17 17 17 

271772 2ft 2ft 26 

1.08 05 10 5188 31% 30%. 30% 

043 071 38 137 fiO 5ft 6ft 

024 18 62 598 ift 124 ift 

. 360 OD 13 4ft 40 40 

4ft 30SouDCa(S« 250 78 7 33 32 33 

1.44 34 10 73 17V 1ft 17V 




ft 16% Snyder 09 
34 2ft SdBctnn 
3ft 26 Stitt 
6ft 4ft Bov 

1ft llVSOttrtiy, ... ... 

4ft 3ft Sauce Cap 360 OD 


24 1ft 
X 1ft 
22 16 SCaffR 

22 IftSVMtfOl 
22 17%S9nCa 
©V 2ft SmriMQE 
3ft 2ft SWIM 
39 20% SUNT 
1ft 15SotffiHGBL 
ift lftSodaHEru 


oa 28 n 268 1ft 1, 

120 73 a 40 1ft 11 
080 3L8 0 338 
1.18 Ol 6 8324 ift ift 
188 03 10 42 2ft 2ft 
1.78 13 M 375 33% 32 
004 02 2D12D48 22V 
082 48 20 “ 

024 1815 



. 23V SouUrtWSb 220 04 10 142 2ft _ 
i2V ftspannm o<s 4 a in ift ift ift 

7$ 4$ Spartan Cp 8 54 ft ft ft 

ss 

1ft. 1ft 
18 1ft 
dft 6 


... jSpanonCp 
ift 13% Spheral) 

3ft 2ft String 
i 32V Sprint 
1ft SPX 
lift Sid Oam 
i IftStdltafer 
1ft ftSIndPadJt 
,23V surd 
. 24VSBMM 
37 31 V Sbiduna 
44V SftSMHk 
44V 37% SttrBiC 
25 V 20% Stoned 

2ft aft SOMA 
7% ftSM^bp 
1ft ftSMgOM 
14 V ft SIB 
35V 2SSMgSnra 
1ft ftSIMAi 
33 V 27VSte— Hftdi 
21 V ft SUM Coot 

Z7V ift Sfcpfinop 
1ft IftSKqu 
4i V 2ssndi 
36V 22V smut 
ift 12 Storiette 
33 V 23% Stem Rm 
4V 2 Sana Staa 030100 1 
11 10% SW Ob A 1.10106 7 
8% 48tt0toB 084 47 4 
7% ftSonBMV 028 02 25 


012 08 *100 11 
180 38 IS 71 
180 28 25 8878 
040 22 22 74 It 
040 28 6 175 1< 

032 18 13 104 11 
012 281001023 
086 10 10 315 23 dZft 2ft 

086 18 18 M 3ft 30 30V 

108 12 19 a 33V 3ft 33V 

140 18 M 470 4ft 3ft 30V 

140 38 33 40 3ft 40 

088 13 18 14 20V 2ft 20V 

084 25 7 a 2ft 

020 28 8 33 7 

OOB 06159 502 1ft 12V IS 

202 1lV 1ft 11 

291368 3ft 30 
012 20 3 23 

080 18 27 124 3ft 32< 

071 18 44881 10V 1ft II 
21 124 25 24V 

088 00 16 133 14V 14V V 
9 2815 2ft _ 

40 3849 35V 33% 34V 
038 20 11 1448 13% 1ft ift 
180 48 14 13 8 ft 28 

10 3 3 3 

42 10V 1ft 1ft 

82 5V 5 5V 



1lV 8 

51 

1ft !?% 


Sndrir 

aSutttaaPf 


&s§ 


ftmt 

lOVStpartad 


1 11% Slag Cm 
2ft 189rtraHekr 
32V 15% Symbol Tec 


iSymGap 


040 1.1 12 8W 3ft 
180 26 176734 48 

1.19122 46 ft 

tin ft 

188 28 131713 4ft 
038 15 12 ISO 1 
016 06 IB 582 
084 19 94074 
at* as 21 BBS li 
081 OO 46 20 
63 25® 32 
020 26 8 


IftlftSjHMfe 046 24 18 2® 
2ft 21 V Sysco 038 18 K 3843 



ft 


is 

a 

a 


-T- 

5TC8VE0W 020 15 23 387 ft ft 

28VTCF ffcPBC 180 26 12 137 38V 3ft 

TON CornS 004 06 300 ft ft 

TDK Cop A OO 08 48 12 47V 47J 

^ ' 066 48 2 227 2 1% 

056 13 10 3844 17 16% 

080 58 13 186 1ft 14V 
280 26 21 1158 7ft TlV 71V 

081 Ol 842 2ft 28 2ft 


iVTISIRgi 
18 V UK 
UVWBdm 
El TRW 
2ft TUmi Fd 


I 

a 


■IV 


SVTBBqnd 
10 Taler Pf 
i 34% TbMb 
i lOVTaoden 
30VT»dr 
BVTuisIImi 
4 2VTCCU 

ft leV Taco Enarg 
Tldro 
2ft 2ftTakDa 
SftMVTttW 
4ft SftTakEpdA 
TBBftTdwK 

S6V 


hh a 

DP % E 10*1 
OO 4J 13 721 

180 07 12 

183 43 20 331 

44934 
060 14 17 9U 
MO 78 37 

24 

181 52 14 382 
060 18 25 848 

455 

080 48 851453 

180 41 8 873 

181 25 1222HQ 
>80 20 42 911 


a** 


3ft ift TeKpttnlft ai7 07 92 

ft ftTHfflOou on 09 a 

B ft TangUKd* 060 01 707 


58V 4ft Dnaco 
30 zftTameoPto 
32 2ft PamftBB 
0% ft Tone 
13V SVTmlnda 
12V ft Tnao) 


6V 


_ jTnaaM 

aft 6inm 

21 V 18VTMIPK 
4ft 2ft Trill 
ft 2Vlodtadi 
eft 4ft Tam 
ft 4Thwtra> 
24V IftTMCap 
S7V 24V Thai Fend 


180 17 16 3958 
240 64 11 77 

» 1454 
On 06 I 213 
on 07 36 2676 
17 52 
120 01 14 7270 
020 06 40 240 
180 14 13 7220 
0.40 2D 24 8 

388 05 19 2536 
1.10 303 1 S2 
140 28 12 1618 
218 3 

035 18 27 

028 09 231 


5ft 


_ 36 TtiemcBoc 0.12 03 251485 

29 22VTtlUad 098 28 7 354 
70V SftHAa 234 12 23 613 
1ft 1ft Thaw M 040 27 39 65 

22V 157hanaaiAd 180 64 7 388 
aSIftlMM 0® 1.7 37 11)0 
3ft2ftnfea)l 028 08 57 B2 
4ft 3ft Italian OSB 18125 762B 
186 S3 23 1822 
180 29800 322 
6 IBS 
180 02 4100 

... 14 01 

1SV BVrotteknCo aa 88637 162 



jTC*60E28l 
ift loViUBm 
75 58% IboHaRI 
.mask 
i Tore Coni 
35 27V Team 
16V BATOriSiM 
TjMh 
28 21 . 

57V mtikni 
5BV45Vmna©n 
ift 14 Thom 

ift uVnanadq 
17% lOVTmm 
43 31 Twrir 
1ft 13% Tradagar 
37V 32TMCnrt25 
12V Ulan 
jTiDuoa 
2lV TdCoo 
iTMr* 

40 sftnam 
37 2ft Trim 

TuoaoiB 
ilkdDaxQp 
DiMriiki 
2ft ftTMOCaU 
2ft ISVIUtalAB 

»V ©ViymL 
W SVTJcar 
BV SVlpr 


261108 8 
11 16S 
044 07 18 30 

1.12 27 11 666 
0® 17 19 1075 
084 22 12 11BB 
agg iu 27 n 
25 5306 
182 04 10 22 
200 02 B 358 
038 07 12 40 
090 43 14 4M 
6 19 
026 21 10 38 
060 18 8 3419 
024 13012 93 

250 77 2 

6 2B2 
184 20 20 1106 
an 38 3® 

on 20 19 683 : 
088 20 83 867 
010 03 23 682 
118 1387 
020 292»2S5D 
012 18 2» 
084 03 2 767 
070 10 21 91 

040 08 2B5T61 
O10 14 S 613 

®a » 


- U - 




S 


-V 


29V 23VUJBAI 184 38 19 1116 

6 ft UBS 31 37 

51 V 4ft U8FM4.1 , 4.10 66 9 

3BT7VUS8 
31 V 23% UST 
SlV 48% USX CuaPI 
180 


10V 1% UDCAb 
24V 17 V US Cap 
11% SVlMChC 
24 2iVUMoam 
27 2ft IMS toe 
17V 11VIMIM 
74V ESVUdhr 
iMOVtMHV 
i 42V UnCamp 
i 21 V UnCrti 
13% BVUdanCap 
54V43VUB160* 150 0.1 
67 ntfeB4nx 480 BA 


3DV30VUBK 

a 48% UnPK 
2ftUdannt 
22 t#v IMalTOOB 
2V VUMdFfl 
i6V aVMw 
IMtCBqi 
41% 29VUdMaat 
1 

- 

sftaoAUMnxra 

40 29UM WH 278 02 8 113 
ft ftlMolal 0» 52 5 142 
13% lOVUWoaMW 086 04 124 


|| 

8 26® 19% 16% 10 

1.12 41 18 2462 2ft Z7V 27V 
190 72 25 4ft 4BV 4ft 

1757 229 n 67% 87% 
188672 1 380 2V 2% ft 
128 69 21 323 2ft 19% 2ft ft 
Z 358 ft 6 ft ft 
180 7.4 U 2107 21V®V «V ft 
0® 12 16 10® 2ft 25V 2ft ft 
aw 06 13 284 12 11% 12 ft 

28038 10 2073V 73 73V ft 

484 32 17 70B lift 117V 117% -% 
m 32 67 864 4ft 48 48V ft 
0752234725234% 9434V ft 

21 21 Ift 1ft 1ft ft 
*100 OV 43V 
ztt 67 5ft 58V 


144 62 12 672 35V 3ft 35V 
172 15 1410151 40% « ® 

022 19 9 670 23% (02% 23% 
020 12 57 342 
0 265 

27728.1 73347 _ 

25 94 iflV 

_ .. 124 28 19 4® 37 

QVUhDoaflfyi 071 0184 S14 12% 

17VUM0OMW 020 1217 12 ift 

38AUU99xra 003 01 20 3390 51% 


tiUMMM 
1ft 4U5Nr 
1ft 11%U5PSfi* 
2ft ift US War 
2ft 14U5HQBM 
41% 31 UBUCp 
24 llVUSShoa 

SSSS&i 

72 aUtdTac 
14% 12% Utftiifer 
m tftiunda 
34% 2ft (Mr Rub 
18 \5%lW»«m 

V 011 IbMMl 

13% ftUdnrOp 
2ft 17VUdnlCip 
30% 2ft Unocal 
a ©taudCop 
37% 25%IW» 


12 116 
012 17 01807 
020 18143225 
U 182 
2 487 
121 48 7 71 31 
032 1.7 532883 1ft 
OU 03 9 8064 26V 
2.14 57 33 2019 37% 
220 12 17 3877 62% 
082 72 12 n 1ft 
33 an i9% 
on 32 13 328 “ 
186 99 11 31 

1 119 
030 22 17 44 1 

096 48 12 IS 2 
On 28 21 3094 
096 21 11 900 
188 48 14 8007 3ft 



IV 1ft M 
2T S% 21 
15% 18% 15% 
31V 31% 

1ft 1ft 

2ft 25% 
37 37% 
61% 62V 
19 13V 
1ft W% 

30 3ft 

i% 1ft 

A 

13V 13V 

si 

4ft 4ft 
S3 3ft 



24 15%U6LEO 
10% SVuSUKkB 
j 15% USX It 
|30VUSCUS 
i USK DaM 
31% 26%UBfeop 


M. N Sk Om 

Br % r mu aob 1m Bna 

024 18 7 13 20% 30% 20% 
on 06 0 M ft ft ft 
an 19431 2323 17% 17V 17V 
in as b 1384 ' 

020 18 5 4® nVdnV t2», 
1.72 68 13 209 


naV T2V 
27V 27V 


A 


-V- 


59% 44*2 VF Cp 
»V iftlbBOE 
7 ftVBMbc 
iVMdbnpHx 



_ ftVban 
38V 26Vtatax 

fiOV 331M7 
ift iftvhnr 
7ft eftvkcvsn 
47VaivvwevH 
2ft IBVVWaBaa 
27% aovwtimi* 
34V24VVtadttm 
14 ftVoMw 
ift 15V Wo Cm 
37% siVvnub 
5ft 44VUOM 



g lftHUSM 
2S%WLHk9dta 
T3Wriunhc 
30V9Hm 120 
iBA, 12V WMamu on 





182 


079 

084 

29 V 22%UHlR 017 
5V 2 V BOnarkax 004 
8ft BOWnctam Z*4 
18% 13%Wdew9r in 
42V aftHBoKL 282 
2ft 20%1taUW 188 
284221% WmPB 4JD 
3ft IftIMUn 048 

ft i%«manU on 
18V IftVMtpeO 020 
4ft 34% Mriogmn 22B 

11 ftVMOOna 064 
28 aftmbw an 

11V 7%«Hbn 023 

024 
4n 

ift iftwnbs 024 
2lVwaata>x a® 
ift 14% vapcatB 088 
SOSftMUft* 

1ft ftHUWn 
■“ ftUMDIg 

lanunte 020 
iftWsmHig 023 
~ * I8B 

020 

I WbtDvCori 092 

08B 
1.10 
120 
016 

122 

.1ft 

1614% 

»i;L 

Wear Ik in 
. .mcwsG oio 

. 22V mat 084 
7% SJSMMdn on 

12 6% Wnfenare 020 

5ft 42% Hxdttx 185 
13% 7% Wsnafeaga 
27V 23VWKB1 1.41 
27Wienb6* 182 
18% 15 Wharf) 0® 

35 26%n»0ap 1.12 

3ft22%«MXT 060 
27% 1ft Wglwtaa 016 

2ft 12% HboMh on 

18V14VWMWUB 010 
10 ftWMtoip 
53% SftllMMx 048 
20% ift W)ts Labor 02B 
23V 1ft W)txmU OM 




73V 49% Wfllbl 


014 


- wr- 
it 1382 16% 
B8 13 13B 28% 
82 271 18% 
38 12 1820 % 
2.4495 9 14% 

CO 236 S 

29 19 2484 38% 

21 15 4001 30 

07 2319270 23% 
18 9 103 4 

32 366704 77% 

7.1 8 1® 14% 

00 13 TI4 37 
58 B in 21% 
18 18 44 240V 

14 24 565 3ft 
48 5 33 1% 

12 16 118 IB 

68 25 119 35% 
OB 13 437 9% 
29 15 54 28V 

22 U 167 10% 
07 271697 33V 
27 16 2601 147% ' 
18 IB 665 14% 
17 19 57 u2S 
54 11 155 16 V 

570 43% 
18 418 17% 
63 1130 16 

18 15 792 19% 
181® 23 24% 
88 10 735 28% 
18 1810196 19% 

01 0 163 ft 

26 « 1ft 

37 4 n 15% 

10 ® 1367 38% 

38 15 5021 41 

07 17 IBM 14% 

13 IB 1795 53V 

22 1® Z1V 
21 IS 576 1ft 

23 14 1ft 
16 IS ® 28% 
1.4 15 120 7% 
26 13 2139 29% 
09 14 31 B% 
18 16 200 11 

11 16 161 51% 
18 984 8% 

64 14 5® 28 

68 11 111 Z7% 

24152 18 1B% 

4.1 SO 403 27% 

2.1 31 57® 29% 

06 15 193 25% 
97 3 3377 ift 

07 33 14% 

11 1677 mo 

18 27 612 41% 
1819 1® 18 

18 14 37 23 




*% 


« 16V 
43V 


112% 67% Xat* 

63V nimcttp 
25% 20 Tartan Epy 
«2% sa%vmn 
5V iapm 
13% 7XUB 

S 27% 2ft SMS) HU 
n ftZartxhcx 
11 % 2 » 
16%amU 
1ft 10%2MoRnd 
1ft BVZMdoTod 


-X-Y-Z 

in 27 553156 
on 1.1 22 36 
12 68 12 32 
016 04 18 2906 
014 16 BIB 
63804 
188 *4 8 70 

088110 n 
0® 11 16 118 
an 46 16 381 
186100 2® 
064100 211 


112110% 110% 
50% GOV 5ft 
22% 22% 22% 

IS 3 3 

1ft 12% 13 

2ft 22% 22% 
6% ft B% 
13 12% 13 

10% 1ft ift 
Iftdlft 10% 
ft dft ft 


-1 

s 

I 

ft 


Ma am m* 4r Utm 


YMtr Itfa m Idh br mSE (Met At WM tan Jbl 1 1® 

Mn • a ritt iMbad aonartig to a pnort or om an Dm 
mb. *■ mrt m<**t moa nri dhttart n dm br Aa dm nxk a®. 
rnm m n m wbd. m» ai dMdand aw M r ■ 



dm pdd 9b m. mm*. dUmd. ar m torn ttaa u brt Mdaod 
Mrife» MMoaod damn n prid ta* im m mmartm bn m 
Mdnda b anaan. hw bm to On pm 5> wb lit bbMun np 
baon mi M ahri M aadk«. nM A) d*m M r‘ 

Mariam daeM or prid ki pmariag n mart 
mi m a art) ahn 



NriMM m ariaa b M. iHHbb fabaa b kb 


AMEX COMPOSITE PRICES 


4 pm dost October 21 



OS'S ft 

7% 7% 7V 



lew 085 1 181 

it® 073 20 11 

dTA OU 38 02 

RE 23 314 _ 

7 071 57 141 

0 3 

llan *0®1® B 

Id A 73 30 — — 

tA 057 47 54 43V « «ft ft 

W 29 47 3 2% 23 -i 

a on 8 561 16% 1ft 1B% 

nA 1-04243 22 14% 14% 14% +V 

n 2* 11 % % % , 

nx 020 IS 18 25 24% 25 -V 

m 028 21 « n% iiy li% *% 

r»A 0D1 4 661 2V 2A 2A 

nan « at !5 J ft 

trim 50 82BU40V »5 40% -V 

l 084 41 581 16 15% 15% -V 

fMA 081 320 6V d5 ft 

ro 030 BD 74alft 1ft 1ft ft 

■Age 1 2100 111 


W Sb 
Ot*. E 1961 


BV> laodaiaCtag 


ft ft 43, 


16 1ft 

7% 17% 


Coned FDA 6 20 

CTOfxATA 084337 618 1 
CrtwnCA 0® « 137 17% 17% 
CnaanCB 0® 14 2 ift 1ft ift 
QtfC 053 82 12 18 1ft 19 
16 48 3 2% 3 


12 73 1 H 1 
25 877 1ft 14 15V 


Dueonman 


0® 


8 11 ft 4V 4% ft 
S 45 ft ft 9% ft 


EaatnCo 046 12 3 13 13 13 

BdbDB® 007437 7170 13V 13 1ft 

EcrtGaA 030 8 98 ift 10 1C 

ECHdRs 4 48 5% tB\ 

8m IB 1605 38V 37% . 

B®S# 2339 14V 13% 13^ 

12 970 1ft 18% IE 

Fah tads OM 11 20 3ftdBft 30% 

Mi 400 IB 5 

MOW0CXO20 14 Z 

FUrtU) 056 75 34 _ 


6am on 5 126 

EMMA 072 14 557 

QH3TX 070 38 207 

2 96 
14 5 

GoHCd, 034 12 63 



DM. E 100* Bgb ImChmCbag 

1 291 14 li, 14 
io in ifi 


015® 3 

7 260 


ft 

8d5% ft -V 


tattvCp 012 » 12 11% 11% 11% 
tat com 3 ion ft 34 ft , 

7Z 357 14% 14% 14% -% 
036 202478 20% 18% 20 


JuM 


KbnfcCp 


3 385 5% 

21 17 J 4 ’L- , 

17 65 ft ft ft ft 

18 257 1ft 15% 15% ft 
36 73 ft 0 8ft 


inarm 10 14 1% 1* 1% , 

Imrtad 14 in 3% 5% ft ft 

LsaPtiam 4 IBS % __% % +4 


laaPtu* 

I imm lw- 

LyMACp 


204 19 12% 12V 12% . 

9 3 32 32 32 +V 


3 77 3ft 32% 32% ft 
MadaA 044 29 822 29 ^,28% +V 

Han Oa 020 38 2 ft ft ft , 

MMd 12 7 B% 7 ft 

^ S n? S “S "S ^ 

mm 5 2146 ft (EV 2A -A 

WTmA 05B316 924 22% 22 22V +V 

MhCanOI 020 14 14 1ft 1ft 1ft , 

H nmatE 120 23 6 5V 9 +V 

WH 281 32 ft ft 5% ft 

nun 0344501778 38 35% 38 . 

ftbpBAG (MO 9 444 15% 15 15 ft 


W 8k 

Ok. E IWfc Hrti LmCkmObog 

060 18 37 10% 10 
134 9 2 

0» 162402 
050 19 « 36% » 

012 29 1H 3:^ 

DM 15 28 Mdtft ft 

OIO 0 405 it ft +4 



xytmnb 



Gain the edge owr your competitors by Having the Financial Times delivered to home or office ^ 

HarS^lvervs«vk^»BavaffaWBlbraflsul!>scfiberewto work or Ine in the ixiainess centre trf Moscow. 

Please call +7 096 243 1957 or +49 09 IS 68 50 for more information. 


Financial Times. Europe's Business Newspaper. 


n sk 

aim BkEHkObhbwimaaa 

ABStaOa 020 19 2 13% 13% 13% ft 

ACC Ct® M2T50 801 17 16% 1ft 

AcdabiE 2317811 17% T7V 17% ft 
AOM Mb 17 688 20% 19% 20% +1 

AcdonCp ® 438 ififl 28% 26% ft 

Adapts* 2012IS4 21% 20% 21H+14 

ADC TUB 38 443 44% 44% 44 V ft 

Arthotan 15 964 10% 10 10 ft 

Ada Sara aw 22 SO 36V 33% 36% ft 

ASSaSp Q2D 292281 3ft 36% 35% ft 
Attunes G 7 901 1ft 10% ift 

AdVUgfc B 380 4% 4% 4% ft 

MvPolpa 0 012 4% 4% ft 

AdriTcM® 13 110 1ft 15% 15% ft 

Adrtrta 020 141065 2ft 2ft 2ft ft 

Afltmu 101228 14% 14% 14I2 

Agntofii 0101521632 14 13% 13% -A 

Attapr 024 18 278 27% 27% 27% ft 

Ahza ADR 224 21 2M B0% 60 60% 

AbflU on 10 7® ZSUZft 24 -1% 

ABaghO* 20 21 IDS 10% 1D& +& 

AknOig 052 14 zIDO 36 36 30 

AOanRl 41103 ft d7% s -ft 

Aides® U0 13 85 IS 14% 14% 

ASdCap 06012 71 13% 1ft 13% ft 

Ataauc 032 fl 51 2% 2% 2% 

abibou an 16 7® ifi ia 1% 

AttBcaCo S7BB51 37% 30 37% +1% 

An Sartor 072 7 589 21(00% 20V ft 

taCNet OW 1036 17% 17 17% -ft 
AaOyBa 15 21 1ft 15% ift ft 

Am Unas 24 239 2ft 25% 2ft 

AmikdB am 7 ft ft ft 

Am&dhu 032 9 277 ft 4% 4% ft 

AaFrtwy, 36 790 22 21% 21% ft 

AmGrtA 058 164677 28% 27% 27% ft 
Antafl* 2 713 1% 1% 1% +A 

AfflUl 220 7 120 4ft 046% 4ft ft 

AmPboOm 33T790T 17% 1717.71 +n 

An Du 13 437 17% 17% 17% ft 
Amganke 2211SS4 5ft SB 5ft -J* 

Antacn Cp on 14 2631 11 10% ift ft 

Anafta 4 35 9A ft 9& 4ft 

AnataBb 17 28 18% 18 18 ft 

Anatysb 052 17 557lCO% 19% 20% ft 
AnangeHia UD 13 51 15% 15% 15% ft 

AnrtmCp 26 6K 47% 45% «% .1 

AndmtAn 9 75 18 17% 17% ft 

ApogmEn 032 342521 u17 16% 16% ft 

AFP Bio 81673 6 ft 6% ft 

AppU Hat 3213683 47% 45% 47% +1 % 

ApptaC 0® 3826826 42% 40% 42% +1% 

AptXa&au OD* 432075 17% 1ft 17 ft 

Mu Dr OU 47 110 21% 21 21 

AKK0 019 15 470 20 1ft 20 ft 

Argonaut 1.16 8 ® 2ft 26% 28% 

Armor AI OH 23 182 23% 2ft 23% ft 

Arnold In 0® 19 181 21% 21% 21% ft 

AotKfft* 29 1887 33% 31% 32 V -1% 

AaaocOmm 318 28 26 23% 25% ft 

1ST Ranch 751® 11% 11% 1lH ft 

Addmoa 13 300 011 10% 1ft ft 
MffiUr 032 171368 24 23 23% ft 

ADttk 0® 27 1481 87% Bft 87% +% 

Auttdo 0 245 2% 2% 2% ft 

Amodrto 05218 28 7% 7 7 


- B - 

BEI B on 30 ZT 5% 5% 5% 
Batman 11 50 13% 13 13,‘« ft 

BabraHWl 1® A ft A 

BahuJ* OU 11 978 ift ift 18% -% 
Bhkrt.B 021 3 282 15% 14{J 14% 
Banekc 14Z7B7 20 1ft 20 ft 

BrtSDdBt 05 11 1297 17% ' 17 17% ft 
Bariisnp 0® 7 493 15 14% 14% 

Bnknafl 060 14 40 24% 24% 24% 

Borin Bao 052 151328 32%d3lV 31% -1% 
BaaartF on 14 91 Z7% 2B% 2ft 
BqrVtarx 060 12 15 23% 22% 22% ft 
B®tortm 160 IS 793 58% 58 69% ft 
BUST fln 1.16 9 1® 30 2ft 2ft ft 

BEAgas 21 273 9 6% 8% ft 

BaduBCU 042 34 23 1514% 15 ft 

BanUany 13 B5 14 13% 13% 

BedlqfUfl 0® 13 125 38 35% 36 ft 

BHAGrp 012 16 50 12% 12% 12% ft 

IS IOC IDS 78 ft 5% ft 

BtgB 018 18 in 11% 11% 11% 

BtadeyW 000 14 141 13% 12% 13 ft 

BtaBCO 479*97 45 44 44% 

Btaaort 202018 11% 11% 11% ft 
BtodcD® 104 12 103 32% 31% 32% 4-1 
BHCSoWr 148720 4ft 44 44,V -A 
BnrimmS 106 91255 30 29% 29% ft 

Bab ban 029 17 682 20 1ft ift ft 
BOOla SB 16 335 H92 30% 81% 

Boland 11147® 10 9% Oft 
BoatmBk 076 5 848 31% 30% 31% 
BoatanTc 7D4420 15% 1ft 15% -A 
BradjWA an IB 2100 47 47 47 

Bunco 024 29 ® 12% 12% 12% ft 
BnimS 026 203706 ft ft 9% ft 
BS&Bncp 076 9 10 2ft 27% 28% 

ET Strip® 0® 5 20 2% 2% 2% 
Britak 24 3067 1ft 15% 18% ft 

MdartT 20 481 11% ®1 11% 

BUS- BUD 45 884 13% 12% 1ft ft 

ButinesaR 85 Z100 34% 34% 34% 

BoaarMg 0® 8 380 3ft 32% 3ft ft 


- c- 

CTac 245 45 24% 24 24% - V 

Cabot Had 7 208 5% 5% 052 

CaSdupa 009 16 20 28% 2ft 2B% ft 

CartimComMO 21 323 1B% 18 18 

GomCp 7256808 15% 14% 14% ft 
Crtgana 228 55102 9 dft ft ft 

QdHfcra 2B 834 28% 28 28 ft 

CandetaL 1 32 ft 2% 2% ft 

Cndkn 4 3® Z& 2 2& 

Canon too OSS120 4u9i% oi% 91% 
Cmxde « 388 u7% 7 7% ft 

emonen OS3 22 105 27% 27% Z7% ft 

Canada 080 22 20 25 23% 24 ft 

cmqrs an 20 175 13% ift 13% 

Catgam 5 220 ft 6% ft ft 

cacp 20 19 13V 12% 12% ft 

Gmtacor B 7258 1ft 1ft 1ft 

COMFM 1.1211 BB2 30 2ft 29% -V 

CrtrtSpr 22 10 11% 11% 11% +% 

Gamer B « 5% 5% 5% ft 

ampler 1 on 7 251 20% 20% 20% 

CbnaSh 000 105974 7% 7% 7% ft 

Cbamtab 17 50 12 12 12 -1 

OpopObU 13X100 3% 3% 3% ft 

CTbBiTg 118873 6% 5% ft ft 

ChkmCp 605237 63% ® 82% ft 

Cbn Ai 108 12 214 53% 52% 53% ft 

CtaUBCp 017 33 887 35% 34% 34% ft 

OradLOC 33 97M 81% 30% 31% ft 

OSTedi 137 382 2H 2ft 2% 
OacaSp 1434435 27% 27% 27% ft 
CbBaaep 148 16 15 26% 28% 28% 

CbanHbr 23 30 6% ft 6% ft 

OnDr 39 80 11% 11% 11% ft 

Oanaatm 81182 4% dft 3% ft 
Coe®*® 100 17 8 a 27% 27% 

CodaEngy 1327830 7 8% ft -% 

COdaMaiat a a 11% 11% 11% 

CngaatCp 33 894 21% ?i 21V 

Cogom 1® 978 16% 15% 15% 

Cohanrt 18 32 14% 14% 14% 

CU man 0® 86 211 22 21%21% 

COUGH in 12 42 3ft 1ft 1ft -1 

OH Op On 13 137 35% 35 XV -A 

Com* OM 16 SOS 24% 26% 23% ft 

COxrtM on a 789 17% 10% 18% ft 

CBrtflSp 009 42214® 17% 1ft 1ft -A 
caaoBoboa 11 nn 30% 3ft 3ft ft 
CBhdQ Q70 92 S 17% 17% 17% ft 
CoiamC 183097 U27 2ft 28% ft 
CDaplaba 283 363 ft ft 6% ft 

CUUbw 9 21$ 1ft 11% 11% ft 

Cembali 33 562 3A 23 3 

Cantata 4 1® 5% 5 9% 

CaMCel 60 80 24% 23% M 

CDHMB 93142 8% 6 6% -ft 

Coni aso 19 396 W 17% 18 ft 

Comtek) 34 t» 5A 4% 4% ft 

Cork Cp S 2813 59% 8ft 99& ft 

Cop 0( A 4$ 319 17 ie% 16% ft 

CmtarB WE 25 4838 23% 21% 21% ft 

QqrCmv 11899 1& ft ft 

CttamR® a lor 5% ft 5% ft 

Cytagan 2 334 4 3% 3% 


- D - 

DSC Chi I6T4SB5 2%'. 28% 28» ft 

Dai km 013 33 9 85 ® B&*1% 

DHfitatt II 8 2% 2% 2% 

EMsOk 42 359 10% 10 10% ft 

DrtbEops nun 18% 17% 17% ft 

DHfMflp 002 11 317 a% 23% 34 ft 

Ddi&bopa 1120 15 23 5 «% 5 

DrtabEfl 082 a 4 18 16 16 

ndobGa oao® 6 30% 29% ao% ft 

Dsunva 044 B 63 16817% 17% ft 


aam 

H Sta 

k E Kb I® Ik im 

a® 

DeBCemp 

® 6892 ®% 40% 41% 

+% 

am 

030 271113 32% 31% 31% 

-% 

Dn9V 

1.12 8 20 31 3ft 31 

+% 

Pabcen 

020 4 SB 8% ft 8% 


DHTetti 

17 17 22% 22 ZZ 


DUMB 

090 30 205 21% 9% 20% 

-% 

Dial fed 

IS 862 18% 16 16 

-% 

Dig wen 

BUZ 15% 14% 15% 

*% 

Og Sauid 

73 3400 3A 2)1 3 +ft 

ifoSyst 

29 7539 U6% 6% B%+1% 

DtaaaCp 

17 59n37% 37 37 

4t 

Data Yin 

oa® ss 6 gr% a 


DNAPtort 

1 816 3% 3 3 

-% 

DatarQi 

020Z253S Z7% 2S% 2B% 

ft 

DadiHta 

DA 14 57 Tft 12% 12% 


DraeeEngy 

9 5 ft 8% ft 


DraHStan 

11 1060 10% 10 W 

-% 

Dray CD 

004 22 673 27% 25% 25% 

-1% 

Drag Engo CUB 42 309 ft 4% ft 

-% 

DS Bancor 

109 15 4 27% 26% 2ft 

-V 

Dutm 

0® 12 175 1ft 1ft 1ft 

ft 

DynoiicB 

101B21 n30 28% 29% 

ft 

EtapaM 

- E - 

2 21 3 d2% 3 

+V 

Easel q> 

22850 3% 3% 3% 


EaMEnvmt 

5 12 1 91 1 


ED TO 

032 2811130 20% 19% 20 


Egghead 

270 512 ft 8 ft 

-% 

BPttOB 

1 3£1 1 % <n& IA 

-A 

BUM 

15 579 15% 14% 15 

ft 

Baca® 

On 52 4 52V 52% 52% 

♦% 

BMArto 

2611S& 22% 21% 22% 

ft 

BneonAm 

15 D4 ft 5% 5V 

ft 

Emetax 

1879 1111% 10% 11% 

+% 

cngyvmui 

47 S 13% 13% 13V 


EmtaSn 

BE 5 2 2 2 

*A 

Bnmnlnc 

3 1387 2% 2& 2% 

-A 

Eguta 

OIOZ 206 5% 5% 5% 

ft 

BrtaaH 

0481707888001% 60% gi% 

+A 

EBdet 

20 7% 7% 7% 

ft 

Earn SB 

31 929 12% 12% 12% 

ft 

Bftfc 

Z 2195 Z2 t i 21% 21% 

ft 

EnBw 

10 80 ft 8 a 

ft 

FAWlnr 

12 15 18 17% 17% 


PrjteNI 

OU 24 27 21 20% 21 

ft 

EmrpAnr 

17 511 11 10% 1ft 


MBp 

- F - 

io n 4% ft 4% 

ft 

FUrCp 

024 33 113 5% ft ft 

ft 


Aatanal QM bsizbi 41% 40% 41 % ♦% 
BFU 183235 » 28% aft 

RShTtld 1U16 5a 52 51% 51% ft 

RByOff 12 834 4% 4% 4% ft 

Rggta A 024 0 480 8% 8 8% ft 

Huai Xian 25% 24% 38 ft 

Art Am 084 6 444 31% 31 31% ft 

RdScObta 100 12 267 2S% 25% 26% -ft 

FatCoDk 060 IB 335 22% 22 32 ft 

At See(f 1-04 0 2813 25% da 25% ft 

Fat Ton 108 10 405 « 45% 45% 

At warn aa 7 2 o% 8% e% ft 

FWkdMc OSB 0 174 21% 21% 21ft ft 

Rntkr 104 8 82 32% 32 S ft 

Artmba a 579 10 0% 9% ft 

Raan a 311 a 22% 22% -27 

Row tat 16 2SD 6% 6% 6% 

FoodLA an 1499® 5% d5% 5% -A 

FoaLB 0095621165 5% 5% 5% ft 

Foramrt 106 10 78 32% 32% 32% ft 

Rndaw 11 Z 11% 11% 11% 
FMterA a 647 3% 3% 3% ft 
Re Ai 10412 92 31% 30% 31% 
AtFH 0® 7 4® 16% 14% 14% ft 
MHaart 1.18 11 107 a27%Z7% ft 

FUterHB 058 21 612 34% ®% 33% ft 

Rdkrtk On 10 65 19% 19 19 -% 

Rraix 024 a 7 26% 20% a% ft 

WnadAOR 13 Z 2% 2% 2% ft 


-G - 

GBApp 7 3 3% 3% 3% 

C&K San 007 24 456 10 15 15% ft' 

Cantos 0 9 2% 2% 2% ft 

BbdMRs 8 14 3% id 3ft 

GrtriOo 018193 462 UBV 7% 7% ft 

EertBtod 040 22*100 U21 2T 21 
Gadfk 17 184 4% ft 4% 

GentaPh 133® 4% 4% 4% ft 
GBriuCp 400 Z 933 23 22% 22% 

ante 225 5® 6% 6% 8% ft 
Cenzymo 571444 31% Si 31 ft 
GtaoflGt 0® 19 168 15 14% 14% ft 
GHdhgrt. 012 11 8059 16% 14% 15% 


GHutA 080 15 50 14% 18% 14% 


fiabBtora 

12 14 5% 

5% 

5% 

ft 

GUrtGUya 

15 7S2 12% 11% 

12 ft 

teddAnp On 19 632 22% 

22 22% 


GndcoSye 

362 3® 03% 

3% 

3% 


Oartto 

020 70 X 21% 21% 21% 


Green AP 

OM 11 S3 19 

18 

19+1% 

EknwctaPh 

0 3809 B 

% 

S 

-A 

awemara 

1 276 3 

2% 

3 


Grod Wb 

637 155 13V 12% 12% 


gii Cop 

121378 ift 18% 

17 

-1% 

G&NYShg 

5 1087 8% 

8% 

9 

-A 


- H - 




HodogA 

68 8 ft 

7% 

7% 

ft 


tempi 088 9 18 24% 29% 24 

HaparGf) 02012 ® 13% 13% 13% 
teibCmp 838 16 14% 15 ft 

ICO&Ca 016 Z 5283 K% 29% X ■ 2 
Hemes 23179! 25% »% 25% ft 
HertBcm 006 21 057 13 12% 12% ft 

I ta tandyn 132074 IS 6% 8% +% 
tettogv OW 1018918 11% 11 11% -1 A 

teckrt 8 9% 9% 9% 

HtaenTrcy 10 SM 17% 17% 17% ft 

tettax 000 12 M2 18% 17% 17% ft 

Hogan Sys 015 18 412 6% 5% 6ft 

Hotagta 7914 ®ii18V 16% 17% ft 

MomBnel 080 6 8 20% 20% 20% ft 

HO) kids 044 19 1B4 28% 27% 27% -1 

Honbacfc 18 455 14% 1ft 14% 
HoaeMbB 044560 27 5% 5% 5% ft 
Hueta an W 856 17 16% 16% ft 

Hurttadn 000 72930 1B% 17% 17% ft 
Hum CD 006 1 Z75 U3% 3% 3% ft 
HrtdlTactl 158 329 28% 28 28% ft 

HjewHo 16 347 5% 4% 4% 


- I - 

FRSys « 4 7% 7% 7% 

DB Conus Z 5759 6% 8% 8% ft 

ISfcM 3 414 3% 3% 8% 

taam im r X 88 6% 6 Bft 

Hm a mpw 1 870 3% 2% 3 -V 

kaperiBe 0® 30 79 TBV 15% 15% ft 

todtas 02(185 4 13412% 13 ft 

Whs 151150 13% 13 13 -% 

trim* 310182 27% 26% 26,', -1,« 

tagbuHd an 15 1® 10% 10% 10% ft 

uproar 32ZBW 27% 25% 2B% ft 

HtfdSye 34 97 14% 13% 14 -% 

taVdW 8 389 3% 2% 23 ft 

tabd 024 1141225 80S 58% 60% -A 
mn 7 SOS 2% 1% 1% ft 

UtpriS O® 273321 16% 15% 16 ft 
taWrTd 18 333 8& 7% aA *& 

UericeA 024 17 l» 13% 13 13 

Hgpti 27301 B% 57% B% ft 

htotart 41033 4% 3% 4% *& 

takotw 6 115 10 15% 15% ft 
takneta » 1433 13% 13% 13% ft 

UDHyQA 13 3® 17% 10% 16% ft 

MR® 00218 SO 2% 2% 2% ft 

UToU -275 « 5% 6% 5% 

town 005181007 28% 27% 28% ft 

tamenCp 2 7B4 3% 3% 3% ft 

band* 18 121 19% 19 19% ft 

KeYSte* 1.12® 5 219216% 2184-1% 


- J - 

AJSHdk 14 181 12% 12% 12% «A 

Jmeatac aZM 2 9% B% 9% ft 

0£M OIO 34 291 ®% X 3#A ft 

JUmooW 82 44 25 Z 25 ft 

Jones Kt 10 02 14% 13% 14% 

Jeon Hal 010 13 569 9% 8% 9ft 
JrtdDqp in 12 12 27 28% 26% 

J5SRB 000 15 31 24% 23% M ft 

JuapUp 029 19 72 19% 19% 19 ft 

Justta OW 9 974 12% 15ft 12% ft 


N Ih 

met k e m w im irnom 

-K- 

KSabl an 12 IB 24% 23% 23% 

Kmancp 0® 5 278 9% 9% 9% -21 

KdeyH 3 475 5% 5% 5% ft 

KefySr 072 Z 481 J* 27% 27% ft 

KaMy 011 10 « B E 6 

nratxB 004 13 319 24% 24% 94% ft 


nsrtmer 

22 494 10% 10% 10% 


KLAhtfr 

632034 *7% <6£ 47% 

ft 

temkdgt 

2 291 3% 3% 3% 

-A 

NBA 

o in % A A 


Hon® he 

2*418332 27% 25% 26% 

-1% 

nidus 

11 2522 17V 15% 17V +1% 


-L- 

Lnm 072 22 24 19% 17% 19% 
liddRn 012X2179 6% 5% Bft 
Muted) 48 3214 «% 41% 42% 

Lumbar 0® 15 764 34% 33 34% +1% 

lucatac on 18 4H 18% 18 18 ft 

UndoMtm 22S41G 17% 17% 17% ft 

UOpfcS 10 ® 7% 7% 7% 

lunacpa 27 597 4% 4% 4% ft 

UUceS 142123 17 16% 10% ft 

Lnscn PI O® 19 91 Z7 26% 25% 

IDOS 3134223 22% 21% 2i3 -ft 

incp 011 2 3! Bft 5 ft 

Laddao 22 98 18 17% 18 ft 

Lepra Cp 172972 29% 27% 78 -1 

LAi Tech on 17 61 19% 18% 18% 

UHtas Z 175 5 4% 4% ft 

LtaybxH OZ 12 181 14 13% 13% ft 

UnBr nzr 8Mia%ia%i3fi% ft 

LtacotaT 06216 304 17% 16% 16% ft 
Ltadsayw is 17 30), a% 2B% 
LtaearToc 028 a 1662 47% ®% 47A +A 
UguBor 0® 16 12 39 34% 35% 
LnmmGp OD6 Z 916 24V 23% 24% -ft 
Lou Sts 9 Iffi 6% 6% 6% ft 
LOUD 37918379 3BA 35% 37j| ft 

UUCP 323® 4% 4 4A -A 

uMf a® 4 a 32V 32 aft 


- M - 

HOCm 005 20514® 23% S% 22& -H 
MS Car's 21 689 M% 24% 24% ft 

Mac Mb 060 ® 9 13% 13% 13% *11 

UstarfE 108 14 51 33% X 33 ft 

IktpmPu 1712837 u38 34% 37 +2% 

IfagnaOp On 13 522 21% 21 21 ft 

Hal Bar 16 1» 10 9% ID ft 

HaanQp 21 298 9% 9 9% ft 

UstaeOr 10 809 4 3% 4ft 

HsMOp 9 12 41% 40j| 41% 

Uarquest 2 30 1% ft ft 

KtanbOi IB 72 BA 9% OA 

HutfinKAsOAt 12 2 11% 11% 11% ft 

WtM 080 11 1545 20% 20% 20A -A 
HOC 0 82 7% 7% 7% 

Ikrim tot 48 3U 04% 83% 64% ft 
Maxtor Cp 011029 3% 3 ft ft 

Hc6nen*aA4i2 21 15% 15% 15% -% 

HcCOnde 0® 1823® 20% 19% 19% ft 
Uadutac OW 16 231 13 12% 12% ■% 

UedkrimS O® 14 199 23% 23% 23% 
IMsataa 024 87 298 10 9 9%-% 

MiHirCp own SB 18% 17% w ft 

Mans aa z i wo n% n% ift 

IteeuU 000 11 1207 21 20 20 -% 

HscmyG on 7 401 20% 27% 27% ft 
bkddtan 108 11 1965 a 28% 28% ft 
Hobrt 9 870 9% 9% ft 

HrihndsAxOlZ a 82 20% 19% 19% -% 
IKOa a 790 37% 36% 37 ft 
UrtmrtF Oa Z 1473 12% 11% 11% -% 
WctlMsfi 200954 702 78% 77% 78 ft 
UtaroHD 16 1® 5% 5% 5% ft 
UonaoB 9 4279 11% 11% 11% ft 
Heracam 7 2® 7% 7% 7% ft 
Mknmdx 9 505 5% 5% 5% ft 
Hopak 310® 8% 8% 5% ft 
Weed 1741915 59% 58% 59% ft 

MdMU a 8 a 27% a 

Mttstae an 11 2303 2B% 27% 28% ft 

MMweataxan 22 370 27 26% 2fg| -ft 

MtaCfH 052 17 702 24% 34 24% ft 

Ha 712 28% 27% a ft 

Mnrtach a 22 1ft 15 1ft 
bkritaeTei 504828 a% 19% 3B ft 
UodsnCD on a 88 8 7% 8 ft 

Ikdkiia OSZ115B5 80% 29% 29% ft 
■Uu 004 504 41% 40% 41% ft 

msec an 32 en ®H ® 4ft 

Hacaa OM IS 875 ft 7% ft ft 

HHtamP a an ss 29% da a ft 

UlSSys 056 9 ia 2ft Z 23 -1 

Monad 13 2173 30 29% 29% ft 

Uycogu 4 27 10% 9% 9% ft 


• - N - 

HAD (to 018 12 1576 a 28% 27% *1% 
Nash Ran 072 11 IBS iftdlft W% *A 
MCOagit 036718 353 14% 14 14% ft 

naSHi 020 20 356 13% 13 13% ft 

ItariqUr 060 6 a 18 16 16 ft 

IB 043100 10 83% 63% 53% 

Men 18 329 X 29% 29% ft 

NiU fin 27 020 >9% 19% 79% 

texts 69 818 7 8% 7 

Nmogu 6 110 6% 6% ft -23 

nmebub on a a wia% id ft 

H a s b m ps 78 979 8% •% B% 

Mrtgrtbt 22 1414 30% 29% 30 

NaxpitCp 00*19 1Z 7% 7% 7% 

Nobis Dt 21®88 7% 9% 8% ft 

Ha tto n 050 35 160 56% 5ft 55% ft 

MbU 0® a 3884 4ft 44% 45% ft 

Huaunl U U 20% 19% i«% ft 

NGtorlta 3 13 5 4% 5 

NottmTM: 088 121167 37 38% 38% ft 

KHr Air 21 8191 821% 20% 20% ■% 

Umrtl 7B32BH9 18% 1ft 15% 

Itoadha «6944a5ft 48% 50% +1% 

■PCA 55 ft 8% ft ft 

NSC Cap 7 10 Z% 2% 2% 


- O - 

OChatoys 17 its ii 10% n 

Octal Can 16 993 21% 20% 21% +% 

OdedcsA 17 110 ft 8 6A -A 

OOHnlg 13 117 13% 13 13 

opMmrb in io 3 3ft 30% 3ft ft 

Qhtaca 1® 5 333 30% 2ft 28% -1% 

OH Km 1 a 10 257 33% 33% 33% 

Old HMD 092 16 283 37 38% 38% 

Ort u csp in 8 498 27% 27% 27% ft 

OaaMca B 234 11% 10% 11 ft 

OtactaS 6511590 45% 44% 44% -ft 
taScua ® 1150 18% 19 19% +% 

ttbOttrti onZ 71 9 8% 9 

OfCtaSupp 6 12 9% ft 9% ft 

OragoBHat 031 10 584 8% ft ft -% 

Ortiap 14 56 2% 2A-2% 

OririBA 0413® ia 14% 13% 13% 

OrtSBdlT 05012® 11% 11% 11% -ft 
OUT® 1J2 15 M 34% 33% 33% 


- P-Q- 

Pacor 100 11 5a 42% ®% 42% *% 

hcOaetap 092 11 270 12% 11% 12% 

PTelcm 102 IS 306 25% 24% 25% ft 

FacflOni 31 327 74V 72 74% *1% 

PSfamflOC 40130® 94% 33 34% +1% 

Ayrtut 036 W 1012 3ft 37 37 >1 

Am Ah 18 112 S S7V 7% ft 

Fasten 050 55 Z 12% 12% 12% 

PbraTity 9 2 15% 1ft ift 

pem Mg in a 8 35 a ss ta 

Panto* i 072 19 3X 44% 43% U ft 

Pwftdl I 13 137 ft 5 ft ft 

ftnaertL 02D2S 9 22% 21% 22% ft 

PMptaaH 032 14 on 14% 14% 14% 

FWtate 11215 lift a a '1 

Ptanaacy 43 218 14% 13% 14% ft 

ffxunftn 331466 06% ft B% ft 
Pfctm ft® 3 5 ft 9% 9% ft 

Ptatento 362085 17% 1ft 17 ft 

muoa so x a ift ii% 

PfcnsSGjj 004 30 197 45% 44% 44% -ft 

Ptanutfl onaSOST 31% 30% 30% ft 
PMMHSt 012 S 88 18% 17% 17% ft 
Ponce Fed 5 1# 8% 8% 8% 
Pome IS 37 5% ft 5% ft 

PluLDa 009 3 81 8% ft 6% 
Pnmtdak 1803333 fl% »% 43% 18% 

pneert aszzo isll ia% ift 

PMlPH 38 180 ft 5 G 

Pfttsnl X 137 21% 20% 21 

Prod Opt* D24Z 90 a 25% 25% ft 
RattanB 012 12 788 23% 23V 22% 
pyramid 73905 10% 9% 10ft +A 

OuednUg 10 BO S% S% 6% ft 


i » fM 

M k t n lb Is IHChg 

artaaOwnOJE 70 17 17% 17% 17*2 
QUrtFood an 19 119 TZH 22V zzft 
kartun 9737983 1611 14% 14% ft 
DUtioh a 533 17% 17% 17% 
OVChe Z 5525 43% 42% 43ft -ft 


-R- 

RBtabaw 14 717 15% 1ft 15ft *ft 
RHys 3 M2 4% 4% 4% 

ftmterqa 11030 4% 4% 4% ft 

R qffldd a 51 a 19% 1ft 

Rscoton 17 183 19 ift 19 

FkUfaA 22 a 24 23% 24 -ft 

Hqtagm 1 4a 3% ft ft ft 

RgpWbtaa 0 50 3% 3« 3% 

Itambtad 1910® 11% 11% 11% ft 

Renton 037 15 2577 44% 44% 44% ft 

Ranotae « 19# ft 5 ft -% 

RMrFst an 10 X 34 33% 34+% 

RMdrtSx 1.® 18 570 56% 55% 58 

R&Npnt 012 14 74 7% 8% 6% +% 

itocnadHxo® 4 no ift 17% ift ft 

Dooaeni 0® 31279 16% 1ft 1ft 
ROB SO 020 11 722 14% 14% 1ft ft 

RatsHkd 33 903 28% 2S% 25% +% 

Rowe UO SB 132 19 18% 18% ft 

ftPMtae.* OJBZI 6H 18% 18% 18% ft 

RSH) 06014 12 23% 23% 23% +% 

nyuFndy 11 444 6% 6% 8% +V 


- s - 

Srtsa 108 7 5Z 50% 50% 5ft -% 
Samtsun 03014 ® 10% id 19 
SchMigEA xO30 21 2M1 id9% a V 29% ft 

SdMedL 120451847% 44 45% +2% 

SOSynrn 16X41 20% 30 20% ft 

£dm 7 954 6% 8% ft ft 

SdtaxCp 052 10U® 22% 21% K% ft 
San Bid 7 7® 4% 4% 4% 

Saalbla 106 « 4 36% 35% 35% 

Fgato 11 5952 Z 24% 24(1 +A 
SaCp 018 38 32 20*2 19% 20% ft 
fietaabB 0J6 6 290 2tf 2% Z|* *A 
Setacon 1.12 15 *100 25% 25% 25% -% 
Sequent 85 7527 18% 17% 17% +A 
Sate X 1418 4% 4 4 -A 

Sen Tact) 14 170 10 9% 9% 

Senfrtet 18 4 t% 4% 4% 

Swaraon 022 17 150 18% 18% 18% 
SbrtM OJM 20 1915 2ft 27% 38 +A 

SHLSysm 2 490 5% 5% ft 

Stamaed 32 237 20% 20 20 -% 

SnoabteP 7 277 BV 8% ft +A 

Stars On 17 901 24% 23% 23% ft 

SbmThe 4 104 3% 3% 3% ft 

Etgnuu 033 18 849 35% 34*2 34% 

SgmsDm 30 423 8 7% 7% -% 

SBaffSe 008 57 53 12 11% 11% ft 

SUcttfe ®3Sau18% 15% 1ft ft 

Sbnpm 0® 16 Z 13% 12% 13 ft 

aalMd X 1350 29% 27% 25% ft 

ebpgWto 3887922 15% 12% 14ft +2A 

SeRanaP 1 260 4% 4% 4% ft 

Sana 058 IB 961 23% 22% 22% ft 

Scums on 91007 ig% ift ift ft 
Spiegel A On 335181 16% 15% 15% ft 
StJudelM OM 151880 X 35% 35% ft 
StPuBc 030 9 167 2ft Z% 20% 

SfcyH l 6*4 ift ai* ia -A 

Santa* 51 2955 34 33% 33% ft 

SMBS* 08013172X 32% H31 31ft +ft 
SUHcte IB 1888 23% 22% 23% ft 
SURagb 008 12 203 19% 18% 18% ft 
Start Tu OU 15 307 14% 13% 14 ft 
StrtdyUSA 020 35 100 B% ft 9% -A 
SK8H 1® 22 20% 20 20% +% 
Orated 1.T0 13 31 22% Z% 21% 

SbucflOy 93265 4% 4% 4% ft 

Stryker 028 28 673 35% 34% X ft 

SoHasri) 21 893 14% 14 14 ft 

SunfexaeB on 14*100 23% 23% 23% 
SmarttBc 004 13 4X 21% aft 2ft ft 
SURXrttTa 36181M 36% 34% 34% +2% 
Su text 11 M 6 4% 4% ft 

Suite 17MBD4 32% 31% 32£ +A 
SrtttTra ® 250 D® 44% 45 ft 

Syoma tac 57 6078 49% ®% 48% +1 

Synatme 4414582 18% 15 16% +1% 
Symtapr 0® 19 194 19% 19 19 , 4 ft 

Syaenoa IDO 34 5 4% 5+% 

Synsgen 1 700 5% 5 5% 

Synadc n 51 16% 19 19 ft 

Synoptics 1614355 17% 1ft 17% 

SyrtmSoR 012 13102 12% 11% 12 

Sysaxato 30 82 18% 1«% tft ft 
Syrtomd 362303 8 7% 7% ft 


- T- 

T-Ctt&c 4 882 2% «% 2% 
TjowePr 052 18 1382 31% 30 30% -1% 
TBCCp 13 431 9% 9% 9% ft 

7CA Carte O® a 154 a 23% 23% +A 

TsNTBta 11 1268 18% 17% 17% ft 

ibcuaaeb on 12 M «% 46% 47 -2% 

Takrtec 8 1996 u23 17 22% +5% 
TefcnSys 12 2007ulB% 15% 1B% *% 
TrtCmA 17123739 23% 22% 22% -1% 

TUB 71324 5 4% 4% ft 

TOMB 334041 47% 46% 4(>A -IA 

Tatar) Cp 001 7P BBS 14 13% 13% ft 
Taka The 69 570 ft 8% ft ft 

TenPhAOR OIO a 1059 27% Z7% Z7% 

Tine Ce» 8218ns a® ®% « +% 

11 06 5% ft ft 

tjkri 022 a are is ir% 17% 

Takes Med 51880 7% 7 7% 

T0I90HV 034 34 13 57% 57% 57% ft 

Tara Bran 02 72 12 11% 11% 

Tap® COX 026293 984 6% 5% 5% ft 
IP) Enter 3 19® 5% dft 5% ft 

TteaMrtd 2 12 12 12 ft 

Tramricfc 100 10 529 37% 37 37% ft 

Titan 18 31 2% 2% 2% 

Titan uatmaift 14% 1ft +1 

UudeoBKC 1.10 10 Z 19% 19% 19% ft 

TOngUb On 11 573 8% 6% 8% 

Ty*FdA ooBinma a% 2ft zs,', ft 


- U - 

USHtocr 004 1BBD15 45% ®% 45% ft 
UMrt) 2 372 5% «% 5% 

UUsaGi 100 13 35 ift 10 16% +% 

US Tat 200 13 74 52% 52% 52% +% 

ItoriadSt 0® 5 288 10V 8% 10 +% 

lung on is a 17% 17% 17% ft 

Uatato in S 12 ®% 46% 46% ft 

USBaiep 100 10 5917 35 24% MH A 


OS Enemy 

8 a 4% 4 4% 

ft 

UST Cap 

1.12 7 1® 11% 1Q% 10% 

ft 

Utah ted 

15 3® 9% B% 9% 

-A 

Ute Tata* 

12 10 52% 52% 52% 


UU* 

T3 60 4% 4 4% 

+V 


- V - 


* fate, ir# 
wnm 

030 X 12 16% 10% 1B% 

ft 

WgtdCM 

106 1969 28 27% 27% 

4% 

Varfone 

25 2077 23V 21% 22ft 

-A 

Vkw 

X 405 25% 24% 24% 

ft 

WcnpRat 

10 ISO 17% 18% 19% 


Wabeogta 

28041® 21% 20 21 

+% 

via Ten 

Z3BH 12% 11% 12% 


VUmB 

017 18 62 20 19% 19% 

ft 


- w- 



WrtmrEn OI0 19 168 25% a 25% 
ymnbeb 98 957 5A SA &A ft 
WMMutGS 076 61680 18% 18% 18% +% 
tertfadSLOn 714® 19% 19 18% +% 

nUUHM 022 9 690 25% 23% 23% -1% 
HUMPH 03*15 621 Z 24% 24% ft 
WHO l® » 192 «% 41% ®V ft 
Wrttak S 184 4 3% 4ft 

WHtOna OU 11 1010 27% 27% a% ft 
WrtnBne 089 27 20 32% 31% si% ft 

Wrfob 11 » 13% 13 13 

HWpSM 1 170 14% 13% 14% +% 

WMSdA 9 391 3A 3 3A *h 

Motto OSB Z 1770 48% 47% 47% ft 
WmSOoma TC19a33%«%33% ft 
MttnL ft»15 TO 17% 17% 17% ft 
WBngt tLB a *736 22% 21% 22% ft 

WPPGnuplUQZI 107 3% 3£ 3jJ +A 
Iffymaft-flraO® 1 292 9% £% G 


-X-Y-Z- 

m 363633 5B% 54% 58% +1% 

Kona Clap 1 771 3 2% 2% ft 

Mae 09* B0 1033 ift 18% 19 ft 

VUkMi 81159 3% 3 3% ft 

aeartee in 9 32 aft »% 3 ft 


FINANCIAL TIMES 


MONHAV OClOIH ; R 24 t 


38 


FT GUIDE TO THE WEEK 




MONDAY 

Knesset to ratify deal 

Israel's parliament meets to ratify the 
Israeli-Jordanian peace treaty. Israel 
has invited 2.000 Jordanians, 2.000 
Israelis and 1,000 Americans to witness 
what is expected to be a near unani- 
mous approval of Israel's second peace 
treaty with an Arab neighbour since its 
accord with Egypt in 1979. 

European Union Agriculture: 

Agriculture ministers 
meet in Luxembourg to 
discuss, among other 
things, measures to 
introduce maximum 
journey limits to pro- 
tect animals from being 
transported to slaughter (to Oct 25). 

European Parliament begins a 
week-long session in Strasbourg. 

South Africa's foreign minister, 
Alfred Nzo, kept busy by all the official 
invitations his once isolated country 
now receives, arrives in Saudi Arabia 
at the start of a week-long tour of the 
Middle East He also visits Oman, 
Kuwait Bahrain and Iran, with which 
South Africa has had no official contact 
since the Iranian revolution. He then 
visits the Czech Republic and Prance. 

Somalia: A seven-member United 
Nations security council mission leaves 
for Mogadishu to prepare for the 
phased withdrawal of the 15,000-strong 
UN operation by the end of March. The 
US-led intervention in December 1992 
delivered food, but failed to bring about 
national reconciliation. 

Kurdish rights: John Shattuck, US 
assistant secretary of state for human 
rights, visits south-eastern Turkey, 
where security forces a month ago 
launched one of their largest offensives 
against the separatist Kurdistan Work- 
ers Party (PKK). International organi- 
sations accuse the army of systematic 
human rights notations in a 10-year 
war against the PKK that has claimed 
over 13.000 lives. 

Ulster peace: British prime minister 
John Major is due to hold talks with 
Ireland’s premier Albert Reynolds at 
Chequers. Mr Major’s country retreat 
near London. They will review progress 
on peace in Northern Ireland, and pre- 
pare for a summit when the; are expec- 
ted to release the long awaited frame- 
work document for a settlement 
The meeting will confirm the leaders' 
joint approach, although Mr Major will 
want to restate British concerns not to 
alienate the unionists, while Mr Reyn- 
olds will repeat his view that Sinn F6in, 
the IRA’s political wing, should be 
brought into talks as soon as possible 
to maintain momentum. 

Eurostar tickets for Channel Tunnel 
passenger trains, due to start on 
November 14. go on sale. 

FT Swvey: Zambia. 

Holidays: Haiti (United Nations Day), 
New Zealand (Labour Day), Thailand, 
Zambia (Independence Day). 


TUESDAY 

World Trade Organisation 

The preparatory committee meets in 
Geneva to decide whether to go ahead 
with an Implementing conference in 
December to set a January 1 starting 
date for the successor to Gatt Only 30 
out of the 125 participants in the world 
trade talks have ratified the accords so 
far, but another 50. including the US, 
EU and Japan, have pledged to ratify 
by the end of the year. 

German government: Chancellor 
Helmut Kohl’s Christian Democratic 
Union, its Bavarian sister-party, the 
Christian Social Union, and the Free 
Democratic party (FDP), begin what 
could be complicated coalition negotia- 
tions after their victory in last week’s 
federal elections. The FDP is under 
pressure to give up some of the five 
ministries it controls in the 18-seat cab- 
inet, following its second worst election 
result since the second world war. How- 
ever, the three-party coalition has a 
majority in the Bundestag, the lower 
house of parliament, of only 10 seats, a 
delicate situation which may 
strengthen the FDP’s negotiating hand. 

Jacques Santer, European Union 
president-designate, meets Austrian 
Chancellor Franz Vranitzky in Vienna 
to discuss the role of an Austrian com- 
missioner in the Commission to start 
work next year when Austria becomes 
a member. The agriculture portfolio is 
said to be on offer. Mr Vranitzky says 
he would appoint Franz Fischler. the 
(Conservative) agriculture minister, for 
the post 

Germany’s six economic institutes 
present their autumn survey, the most 
comprehensive independent check-up 
on the state of the German economy. 

UK economy: The Confederation of 
British Industry's industrial trends sur- 
vey should provide insight into devel- 
opments in the UK manufacturing sec- 
tor ahead of next week’s monetary 
moating of the chancellor and the Bank 
of England governor. 

Tomorrow the globe: 

rmagim\mx> 

international 
Shakespeare 
festival, put on 
by the Royal 
Shakespeare 
Company, starts 
at the Barbican 
Centre. London 
(to Nov 20). 
Among direc- 
tors taking part 
will be the American Peter Sellars, 
with an updated version of The Mer- 
chant of Venice: Karin Beler from Ger- 
many with Romeo and Juliet: and the 
Japanese director Tadashi Suzuki, with 
King Lear. There will also be compa- 
nies from Georgia and Israel. 

FT Survey: Italian Industry and 
Technology. 

Holidays: Taiwan. 



WEDNESDAY 

Clinton attends signing 

US president Bill Clinton arrives in 
Israel at the beginning of a three-day 
Middle East trip to attend the signing 
of the Israeii-Jonlaman peace treaty at 
a newly established desert border cross- 
ing between the two former warring 
ne&ibours. 

Yitzhak Rabin, Israeli prime minis- 
ter. and King Hussein of Jordan will 
sign the treaty ending 46 years of 
enmity between the two countries and 
paving the way to peace, development 
and economic cooperation. 

Mr Clinton, the first serving US presi- 
dent to visit the heartland of the Mid- 
dle East since Jimmy Carter in 1979, is 
expected to spend the night in Jordan. 
On Thursday he is due to address the 
Israeli parliament and visit the Old 
City of Jerusalem. On Friday Mr Clin- 
ton will visit US troops in Kuwait 

UK pollution: The Royal Commission 
on Environmental Pollution publishes a 
study of transport and the environ- 
ment The report is expected to recom- 
mend stiff tax increases on petrol 
among more than 100 measures to slow 
down the growth in private car use. 

UK gas market: The House of 
Commons Select Committee on Trade 
and Industry holds hearings on the 
future of the UK gas market as the gov- 
ernment dithers over whether to 
include gas deregulation in the Queen’s 
Speech outlining the government’s leg- 
islative programme. Witnesses include 
Tim Eggar, UK energy minister, Clare 
Spottiswoode, gas industry regulator, 
and senior executives from British Gas. 

Saleroom: In New York from 
Wednesday through to Friday, Chris- 
tie's is disposing of the French furni- 
ture and works of art which occupied 
the New York mansion of the late Miss 
Alice Tully, a Coming Glass heiress, 
until her death in 1993. Among the 
highlights are a Louis XVI ormolu 
mounted mahogany secretaire, attri- 
buted to Reisener. the great master of 
the period, and estimated at up to 
8150,000. 

The private col- 
lection of arms 
and armour 
assembled by 
the late A. R. 
Dufty. former 
Master of the 
Royal Armour- 
ies, is offered by 
Christie's in 
London. Among 
the highlights is 
a silver gilt pre- 
sentation small-sword in original scab- 
bard and case. It was given to Captain 
Thomas Le Marchant in 1798 after he 
successfully took a convoy to the Lee- 
ward Islands during the French Wars. 
Mr Dufty paid £230 for it in 1961; it now 
carries an estimate of up to £12,000. 

FT Surveys: Aluminium and 
Technology in the Office. 

Holidays: Austria (National Day). 




Newsmakers today, Nobel peaoe csirfidatea of the future? 


THURSDAY 

Aid for Ukraine 

Ukrainian President Leonid Ku chma 
meets senior officials of the G7 nations, 
IMF, World Bank and other finance offi- 
cials in Winnipeg, Canada, to diymss 
aid to Ukraine. He will press for up to 
SS.5bn to support the country's nascent 
economic reforms. The US and Canada 
are due to raise bilateral support to 
help cover a SSOOm balance of pay- 
ments gap in the fourth quarter. In 
return, they will urge Ukraine to 
accede to the nuclear non-proliferation 
treaty and dose the Chernobyl nuclear 
power plant Mr Kuchina should arrive 
in Winnipeg with a S360m credit from 

the IMF, if initial Tnarmncnnra nic 

reform steps satisfy the fund's board, 
scheduled to vote on Wednesday. 

Japan Tobacco, a privatisation 
issue rejected by nearly two-thirds of 
the small investors who were offered 
shares, is to be listed on Tokyo, Nagoya 
and Osaka stock exchanges. The first 
day's trading will prove whether small 
investors were right to think the shares 
over-priced, at Yl.438m each. 

Plaid Cymru, the Welsh nationalist 
party which has four MPs at Westmin- 
ster, starts its annual conference in 
Llandudno, north Wales (to Oct 30). In 
the wake of the Labour Party's commit- 
ment to a Welsh assembly, delegates 
wfll be pressing the case for a parlia- 
ment with tax-raising powers. 

FT Survey: Morocco. 

Holidays: Turkmenistan, Zaire. 


FRIDAY 

Mozambique holds election 

Two days of voting end in the country’s 
first multi-party elections, amid fears 
that it could go the way of Angola, 
which returned to civil war when Jonas 
Savimbi refused to accept defeat in the 
1992 election. President Joaquim Chis- 
sano’s ruling Frelimo party and Ren- 
ame, the former rebel movement led by 
Afonso Dhlakama, are the main con- 
tenders for the presidency and a 250- 
seat parliament Some 2,000 UN and 
other observers will determine whether 
the exercise is free and fair. 

US economy: Analysts expect today’s 
"advance" US gross domestic product 
figures to confirm a slow-down in the 
annualised rate of US growth to 2.8 per 
cent in the third quarter from the sec- 
ond quarter’s robust 4.1 per cent. The 
GDP deflator, the broadest measure of 
inflation, could be of greater Interest 
for financial markets if figures substan- 
tiate consensus forecasts of a rise to 
3 per cent from 2.9 per cent in the sec- 
ond quarter. 

Malaysia's 1995 budget is 

presented today. A 2 per cent cut in 
corporation tax to 30 per cent is expec- 
ted as part of package to offer more 
incentives to foreign and local inves- 
tors. Restrictions on domestic credit are 
also probable, to prevent the economy 
from overheating after seven years of 
above 8 per cent growth. 

FT Survey: Portugal 

Holidays: Cyprus. Greece. Turkey. 


29-30 


WEEKEND 

Scramble for Etf portfoli 

European Commission president- 
designate Jacques Snnter holds an 
informal meeting of commissioner, 
designate at Chateau Sonningen in 
Luxembourg on Saturday to disett 
allocation of portfolios. Failure to 
secure a deal would be viewed os a 
blow to Santer's authority. 

Macedonia holds n second round 
elections for Its 120- seat parliamun 
Sunday. The Alliance for Macedon. 
coalition, led by ex-communists an 
backed by President Kiro Gligorov 
expected to finish first after winnii 
some 30 per cent of the first-round 
according to unofficial figures. The 
ance is likely to resume governing 
the Party for Democratic Prosperit 
representing Macedonia’s sizeable 
nic Albanian minority. 

Casablanca hosts the Middle Em 
North Africa Economic Summit an 
Sunday (to Nov 1). Organised by ti 
Council on Foreign Relations and t 
World Economic Forum, it brings 
together 200 political leaders from - 
countries and 1,000 business people 
The conference aims to provide t 
economic foundations for a peaceft 
Middle East after Israel's recent pe 
agreements with the Palestine Llbe 
tion Organisation and with Jordan. 

Clocks go back one hour in Canai 
the US and Mexico on Sunday. 


Compiled by Patrick Stiles and Arts 
Bleasdale. Pax: (+44) (0)171 873319-. 


. *• ■■ «■ 


ECONOMIC DIARY 


Other economic news 

Tuesday: The Conference 
Board's US consumer confi- 
dence index for October is 
expected to rise slightly to 88 
after falling for the past four 
months. 

Wednesday: US durable 
goods orders have been a vola- 
tile indicator of late because of 
sharp movements in the trans- 
port category. The consensus 
of analysts’ views, polled by 
MMS International is for a 0.5 
per cent rise in September. 

Friday: There are few signs 
of a pick-up in Japanese con- 
sumer price inflation. Consen- 
sus forecasts suggest the 
Tokyo consumer price index 
for October will show a year- 
on-year rise of Just 0.4 per cent, 
while the all-nation index for 
September will be just 0.2 per 
cent up on September last 
year. 

During the week: The expec- 
ted fall in western German 
consumer price inflation to 2.8 
per cent on a year-on-year 
basis in October, from 2.9 per 
cent in September, should 
reflect lower service price 
inflation. Morgan Grenfell the 
UK investment bank owned by 
Deutsche Bank, expects a 
“more convincing downward 
trend" in German CPI inflation 
to 12 per cent by the end of 
March next year. 


ACROSS 

1 Suspect h 1-jinks for the 
departing prodigal ( 6 - 2 ) 

5 Choose port of style (3.3) 

10 Superstitious symbol of many 
following a gambling system 
15) 

11 Hurd being misinterpreted in 
northern capital (9) 

12 Misery of a golf side that's 
been knocked oat G.4.4) 

13 Some find a bikini bizarre in 
Spanish Island (5) 

14 Suffocatingly sexy? (6) 

15 Ties the rest in knots (7) 

18 Asian land volcano put out 
energy (7) 

20 Noah's final resting place (6) 

22 Ha acts as a substitute in 
practice (51 

24 Need no luxury (9) 

25 Annoyed girl, having tried 
awkwardly to embrace her (9) 

26 Love to have a rote In pic- 
tures 113) 

27 They're drawn out In G sharp, 
perhaps (S) 

28 Displayed by weatherman in 
bis other map (8) 


Statistics to be released this week 


Otv 

Reteasstf 

Country 

Economic 

lie iffai 

Forecast 

ftwtoit ’ 
Actual 

Day 

(Monad - Country 

Economic 

Statistic 

Madfen 

Forecast 

Previous 

Actual 

Mon 

US 

Sep beasivy budget 

$7.5b 

-S24.2b 

US 

Sep export price Index 

- 

02% • 

Oct 24 

Japan 

Oct trade balance - first to days 


53.7b 

US 

Sep import price Index . 

- 

06% 


Japan 

Sep supermarket sales*’. 

_ . 

■ 0.5% 

Japan 

Oct consum price Indx, Tokyo” • 

0-4% 

oi% 

Toes 

US 

Third quarter SCI. cfvfflan 

0.8% 

0.9% 

Japan 

Oct CPI Tokyo ex-periatr* 

0.3% 

0.5% 

Oct 25 

US 

Third quarter EC3, dvflan** 

- 

3.2% 

Japan 

. Sep consum price Incfx, national” 

02% 

00% 


US 

Sep eaaating home sales 

- 

OflOm 

.. Japan 

Sep CPI nal ex-perfsh** 

0.7% . 

•0.6% 


US 

Oct consumer confidence 

89.0 

804- 

Japan 

Sep unemployment rale 

ao% 

OQ% 


US 

Johnson Redboofe. We Oct 22 

- 

Ci7% 

Japan . 

Sep fob offers seekers ratio 

0.63 

063 


Japan 

Aug coincident Index 

90% 

40% 

. Japan 

Sep Industrial productiont 

-04% • 

3.9% 


Japan 

Aug leading dHTusiar Index 

100% 

60% 

Japan 

Sep 8h$pmentef 

r • ■ 

. 2.8% 


Canada 

Aug Intnt C$ securities bans 

C$1. 3b 

-C$1 .2b 

Canada 

Aug fix-weighted empfoymnt earn**. 1.4% 

1-3% ‘ 

Wed 

US 

Sep durable order 

0.5% 

6.1%' ‘ 

- During the week... 




Oct 26 

US 

Sep cfijrabfe shipments 

- 

62% 

Japan 

' Sep department store safes'* 

- 

-3.0% 

Thurs 

US 

Inttfd cfeirr®. We Oct 22 

-325,000 

328,000 

Germany' . 

Aug trade balance 

DM5. 0b 

□M3. 5b 

, Oct 27 

US 

State benefits, wte Oct 15 

- 

2.583m 

Germany 

Aug current balance 

•DM&Ob 

-DM13£b 


US 

Ml. w/e Oct 17 

$i.0b 

-32. 7b 

-Germany 

Oct preliminary cost of Svtng* 

0.1% 

0.0% 


US 

M2. We Oct 17 

82.8b 

• -$3.8b • 

Germany 

Oct preliminary cost of Bvtng** 

2.8% 

2.9% 


US 

M3, We Oct 17 

$2Xlb 

S3.40 

Germany 

Aug capfcti account 

- 

DMIOlb 


Japan 

Sep retail sates" 

-f.0%. 

-1.7% ■ ' ' 

Germany- 

Aug long-term capital account 

- • 

-OtJ&JBb 


France 

Sep housing construct^- 

0.5% 

• 0.4% 

Germany . 

- Sep Import prices' • ' 

-0.1%.. 

. -03% 


Canada 

Sep rndust prod price Indx* 

0.4% 

■ 0.6% 

Germany . 

Sep Import prices** 

.1-5% • 

0.5% 


Canada 

Sep raw materials Indx* 

0.0% 

-1.0% 

Germany . 

Sep Icon construct climate 

- 

89 

Frt 

US 

Third quart (X>P, advance 

2.8% 

4.1% 

Italy 

Sep M2 three-monthly average** 

5.7% 

6.1% • 

. Oct 28 

US 

Third quart OOP, deflator advance 

3.0% 

2.9% 

Italy . 

Aug trade balanoe. payments- 

r 

L2 ,900b . 


US 

Oct Michigan sentiment final 


92jOP 

■ ‘month on month, “year on year tseasonaBy adjusted Satisfies, courtesy tdMS fatemaOonaL 


DOWN 

1 Nice cake, is It? (6) 

2 Bring In new reduction (9) 

3 Eager, ready and equal to 
winning at tennis (4&3.5) 

4 Overweight boy’s tie pulled 
out (7) 

6 General joy Is most moving 
(6.9) 

7 Is far from being a modem 
Iranian language (5) 

8 Take part in a dramatic trial 
(8) 

9 Shed providing disreputable 
shelter on the street (6) 

16 Trace idea that is wrong and 
root it out (9) 

17 Developing, going round top- 
less! (8) 

19 Time taken by a secretary (6) 

20 Bill gives way and agrees (7) 

21 A better method? (6) 

23 It's about time (5) 



MONDAY PRIZE CROSSWORD 

No.8,592 Set by DANTE 

A prize of a Pellkan New Classic 390 fountain pen for the first correct 
solution opened and five runner-up prizes of £35 Pellkan vouchers will be 
awarded. Solutions by Thursday November 3, marked Monday Crossword 
8582 cm the envelope, to the Financial Times, i Southwark Bridge, London 
SE1 9HL. Solution on Monday November 7. 

Name 

Address — — 


Winners 8,580 

N. Oram, Essendon, Herts 
Paul Adams, London SEi 
Miss L. Daamhouwer, London 
NWll 

CJl. Fenton, Lorien, Gerrards 
Cross. Bucks 

J. Hervey, Gosport, Hants 
P.M. Slater. Bolton near 
Alnwick, Northumberland 


Solution 8,580 




The day 
I didn’t 
show up 
for work... 

...was the day our business really 
cook off. The FD and I went to 
MorseOata to look at SAP R/3. They 
demonstrated why R/3 is the world’s 
leading integrated business software, 
and how it could help run our 
company, ft turned out to be an 
important date in our history." 

For a one-to-one introduction to R/3. 
phone Roy Duckies. 081-232 8000. 



MoiseBata 

Profile West 950 Great West Road. 
Brentford. Middlesex. 08 1 -232 8000. 



PACK ARC 

i'*rporalr S ttrttr. 


Of broking and fobbing the IMikan's fond. 
Sa Inno saw tly he puts i/aur uvrJ unto i» 

ifhiUean 


JOTTER P.