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Multi-tier Europe 

Pandora's box opens 
up again 


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FINANCIAL TIMES 


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'THURSDAY SEPTEMBER 8 1994 


D8523A 


IBM’s Europe head 
quits post after 
less than a year 

Hans-Olaf Henkel. European head of International 
Business Machines, resigned after less than a year 
in the post, prompting speculation of radical 
restructuring in the European operations of the 
troubled computer manufacturer. Mr Henkel, who 
was president of IBM Germany until last year, is 
being replaced by Ludo Stanca, general manager of 
IBM's operations in southern Europe, the Middle 
East and Africa, page 13 

Albania convicts Greeks of spying: Five 
ethnic Greeks were convicted by an Albanian court 
of spying for Greece and illegal possession of arms 
after a trial that has raised tensions between the 
two countries. Page 2 

Kantor warns on Japanese trade talks: US 

trade negotiator Mickey Kantor warned that the US 
and Japan were still a long way from agreement in 
their framework trade negotiations. Page 12 

Benetton team made ■honest mistake 1 

Flavio Briatore (left), 
managing director of 
Benetton Formula, 
arrived at the Interna- 
tional Automobile Feder- 
ation in Paris to hear 
that his Formula One 
motor racing team had 
escaped punishment for 
tampering with refuell- 
ing equipment The fed- 
eration ruled that Benet- 
ton had made an *1100651 
mistake” in removing a Biter which led to a flash 
fire at July's German grand prix in Hockenheim. 

RTZ interim profits up 26%: RTZ, the world's 
biggest mining company, reported interim pre-tax 
profits 26 per cent ahead at £427m ($662m), at the 
top end of analysts’ expectations. Page 13; Lex, 

Page 12 

WeHcotne drug threat to Glaxo: UK drugs 
group Wellcome reported successful tests of an anti- 
migraine drug which could threaten the market 
dominance of Glaxo’s Imigran, which had sales of 
£116m ($180m) last year. Page 22 

Japan Telecom shares drop: Shares In Japan 
Telecom, the country’s third largest telecommuni- 
cations company, fell by 4.7 per cent, pushing the 
Nikkei 225 index down by 370.18, or 1.8 per cent, to 
20.023 A. Brokers had hoped the listing would revive 
the market Page 13; Lex, Page 12; World stocks, 
Page 36w 

Recovery in aircraft market expected: The 

slump in world aviation markets is almost over and 
the industry can expect orders for 16,730 passenger 
aircraft worth $898fan over 20 years, according to a 
market forecast. Page 3 

Russian military co n demns democracy: 

Russia's senior military officers believe that "west- 
ern types of democracy are not suitable to Russia" 
and that the “main foreign policy task must be to 
reestablish Russia as a great power", a survey 
shows. Page 2 

■Black market 1 In CFCs: A “black market” in 
chlorofluorocarbons is slowing the transition to 
environmentally friendly CFG substitutes, an exec- 
utive of UK chemicals giant IQ said. Page 6 

Temporary respite for opera director: The 

Opera of Paris temporarily reinstated musical direc- 
tor Myung Whun Chong following a meeting with 
appeal court judges, but plans to ease him from the 
port by paying indemnities stipulated in his con- 
tract. 

Total unchanged despite weak prices: 

French oil and chemicals group Total reported 
almost unchanged first-half net profits of FFrlASbn 
(3356m), in spite of weak crude prices. Page 13 

Corruption suspected in French business: 

Two out of three French company chairmen suspect 
that illegal practices are rife in many companies, a 
poll in today's Le Monde newspaper shows. More 
than half of businessmen believe France should 
crack down on white collar crime. Page 12 

Nosing ahead: Japanese electronics group Sharp 
is to install as electronic nose into microwave 
ovens manufactured at its plant in north Wales to 
recognise when food is cooked. Page 12 

Football win for Scotland: Scotland beat 
Finland 2-0 in a European Championship qualifying 
match in Helsinki. The scorers were Duncan 
Shearer and John ColUns. 

James Clavell dies: Author and screenwriter 
James Clavell, who wrote the best-selling novel 
Shogun, died in Switzerland. He was in his seven- 
ties. 


■ STOCK MARKET INDICES I ■ STERLING 


FT-SE TOO: -MOW (-1-6 

ttsW 33* 

FT-SE Eutfrack 100 -1,371.13 H0.1I 

FT-SE -A W-Sfcw 1,60638 (-0-1%) 

mto* *0.0718 (-370.18) 

■Mr Torfc i nyMi w i 

Dow Jones md An .... JM39US6 (-4.04) 

SSP Composite 47141 (-0.35) 

■ US LUNCHTME RATES 


Pectoral Finis: — - — 

3-mo Trees BOs: fid ._442B% 

Long Baid 99*8 

Yield .7546% 

■ LONPOW MONEY 

3-mo tatartnnk 4li% (Sh*) 

LHebnggflt future ..Dec lOBg (DeclOOJS 
m WORTH SEA on. (A rguaj 
Brent 15-day (OeU .....516^75 <1&3S 

■ Gold 

Nw Yorii Cornax (Dec) .._S39L4 (392.2) 

tendon S389J (337.55) 


New York luncntime: 

S 1.54445 
London 

S 15468 (1.5496) 

DU 2J953 (2.39041 

FFr &2127 (9.1945) 

SFr 24039 (2.00391 

Y 153474 (152.938) 

i index 784 (78.5) 

■ DOLLAR 


New York tunddme: 

DM 145245 

FFr 5425 

SFr 129845 

Y 9944 
London: 

DM 14486 (1.5426) 

FFr 54096 @.2882) 

SFr 12956 (12932) 

Y 96465 (98.695) 

S Index 62.7 (62-5) 

Tokyo dose Y 39.15 


Gmxa DKJ3J 
Haig Kang HKS1B 
Huigsy RIBS 
laeund hzis 
htfe Rsffl 

Israel &W&90 
IWy 1X00 

Japan Y500 
Jcnlan JD140 
Kunit HaS5 
Lebanon USStiO 
Lux UMS 


Mft LnH9] 
Mooccd IOll5 
Mcraco MCXIT5 
Nan Rra 
Ngena NantfO 
Norway wn7.H) 
Onw OBiJM 
Pscsan Rsm 
Rflppnca P*60 
Pohnd 2)38.000 
Portugal [mUnd 


Qatar QR1100 
SJVntta SR11 
Srq a pon » SS4JO 
Stowak RpKSLbO 


UflE OM2M 


Malaysia lifts ban on trade 


By Kleran Cooke fa Kuala 
Lumpur and Roland Rudd and 
Guy de Jon quires in London 

Malaysia yesterday lifted its 
seven-month-old ban on govern- 
ment contracts for UK compa- 
nies, in a move which the British 
government hailed as marking 
the restoration of normal trade 
relations. 

The Malaysian government 
gave no reason for ending the 
ban, imposed in February after 
the London Sunday Times 
alleged that a UK company had 
sought indirectly to offer bribes 
to senior Malaysian politicians in 
an effort to win a construction 
contract. 

Announcing the end or the ban, 
Mr Anwar Ibrahim, Malaysia's 
deputy prime minister and 
finance minister, said: “British 
companies are now eligible to 
participate fully in contracts and 
tenders. We will consider their 
bids on merit and competitive- 


Kuala Lumpur gives no indication of its 
reasons for calling a halt to standoff 


ness.” Mr Anwar gave no indica- 
tion of what prompted the yester- 
day's move. “The Malaysian cabi- 
net made the decision . . . there 
were no conditions attached. We 
just felt the time was opportune.” 

The decision appears to reflect 
concern in Kuala Lumpur that 
the ban was adversely affecting 
its economy. It follows recent 
informal UK government initia- 
tives which emphasised the harm 
being caused to both countries. 

Mr John Major, the UK prime 
minister, said: “I am delighted 
that the hiccup is now behind us 
and that we are back to our tra- 
ditional relationship.” 

The Confederation of British 
Industry called the decision 
“very good news”. The CBI added 
that the ban had cost some Brit- 


Page 3 

■ Boycott was no big 
deal, says UK Industry 

■ Celebrations have 

cautious overtones 
Editorial Comment F 


ish companies business but its 
immediate impact had not been 
profound, and British exports to 
Malaysia had risen strongly in 
the first half of the year. 

Mr Richard Needham, the Brit- 
ish trade minister, who has vis- 
ited Malaysia several times to 
seek to end the ban. said: “It is a 
surprise but I'm delighted at the 
news. There is at least £2bn<-of 


business going at the moment in 
Malaysia which British compa- 
nies can win in Malaysia. But 
you never get an order by 
abusing your customer.” Mr 
Needham has strongly criticised 
some British media reporting 
on Dr Mahathir's government. 

The precise cost of the ban to 
British exporters is not known. 
But one of its main results has 
been to exclude British compa- 
nies, including GEC, Balfour 
Beatty and Trafalgar Rouse, from 
bidding for potentially highly 
lucrative contracts for a new 
international airport south of 
Kuala Lumpur - presently South- 
East Asia's largest infrastructure 
project 

British bidders have also been 
excluded from tendering for some 


contracts in Malaysia's power 
sector and for some construction 
projects. 

However, the ban has not pre- 
vented British companies from 
continuing to bid for private sec- 
tors business In Malaysia. That 
along with sizeable shipments of 
UK defence equipment, appears 
to have contributed to an 
increase in UK exports to Malay- 
sia to £667m in the first half of 
this year, up from £364m in the 
same period of fast year. 

Malaysian exports to Britain 
feu to £582m from £774m in the 
same period. 

Malaysia relies heavily on for- 
eign capital to finance an ambi- 
tious economic development pro- 
gramme. Some British and 
foreign investors have expressed 
nervousness about doing busi- 
ness in a country perceived to be 
highly sensitive to outside criti- 

risni. 

Additional reporting by Andrew 
Baxter and Andrew Taylor 


‘There is not, and should never be, an exclusive hard core of countries or of policies’ 


Major states objections 
to a ‘two-tier’ Europe 


By James Blitz in Leiden, 

Michael Undemann in Bonn 
and David Buchan fa Paris 

Mr John Major, the UK prime 
minister, yesterday denounced 
calls for an inner core of EU 
states as Britain and its main 
European partners locked horns 
over the community's future. 

Speaking in the Netherlands, 
Mr Major spelt out his opposition 
to a "two-tier Europe", warning 
this would lead to “dangerous 
divisions" among member states. 

He defended his call for a 
reformed EU constitution that 
would give greater flexibility to 
individual member countries, 
allowing them to decide how 
much they should engage in spe- 
cific projects such as monetary 
union and the single market 

He also called for clear limits 
to the amount of power that 
should be given to the European 
parliament and claimed the par- 
liament had “a long way to go 
before it wins respect and popu- 
lar affection". 

Delivering the William and 
Mary lecture to the University of 
Leiden, Mr Major became the 
first EU leader comprehensively 
to reject a call by the German 
Christian Democrats fCDU) for 
the creation of a hard core of 
European states based on France. 


Germany and the Benelux coun- 
tries. 

Remarks last week by Mr 
Edouard Bahadur, French prime 
minister, were taken as endors- 
ing the same hard core. In Paris, 
however. Mr Balladur distanced 
hims elf from the CDU position, 
defending his conception of “vari- 
able geometry”, in which differ- 
ent groups of EU states would 
come together to pursue fester 
integration in varying fields, 
such as monetary, military and 
social policies. 

“Where I differ from the Ger- 

French meat from 
Europe’s stable... — Page 11 
Editorial Comment ..Page 11 

mans is that I don't think there 
can be a central core of the same 
countries pursuing faster integra- 
tion in all fields,” he said. 

But he stuck by his belief that 
the pace of EU integration should 
not to be dictated by the most 
reluctant members of the Union. 

In Leiden, Mr Major said he 
saw “a real danger in talk of a 
hard core, inner and outer cir- 
cles. a two-tier Europe. There is 
not, and should never be, an 
exclusive hard core either of 
countries or of policies.” 

Instead, he argued that nation 


state must remain “the basic 
political unit in Europe," and 
that the European public was 
“wary of over-centralisation and 
of over-ambitious blueprints for a 
new European architecture.'’ 

German Chancellor Helmut 
Kohl stood, firm, telling a packed 
Bundestag that the CDU “is and 
will be the motor of integration 
in Germany and Europe”. 

"We absolutely do not want 
that the slowest ship decides the 
pace of the convoy,” the chancel- 
lor said, repeating the words 
used fast week by Mr Wolfgang 
Schauble, the leader of the CDU 
parliamentary party and Mr 
Kohl’s de facto deputy. 

However, Mr Klaus Kinkel, his 
foreign minister and leader of the 
Free Democrats, said: “There 
must not be a Europe of first and 
second class,” adding that Ger- 
many would remain a “reliable 
team player." 

Downing Street officials 
stressed that preparations for the 
1996 inter-governmental confer- 
ence were still at an early stage 
and that Mr Major’s comments 
should be seen as a “contribution 
to a vigorous debate." 

But they admitted concern 
about a growing “nostalgia" in 
France and Germany for an EU 
centred once more on the com- 
munity's founders. 


UK relaxes security in Ulster 
in response to IRA ceasefire 


By Kevin Brown In London, 
James Blitz fa Leiden, 

Tim Co one fa Dublin 
and Jimmy Burns in Belfast 

Britain yesterday combined a 
scaling down of security patrols 
in Northern Ireland with a fresh 
appeal for an “unequivocal” per- 
manent ceasefire declaration 
(ram Sinn Fein, the political arm 
of the Provisional IRA. 

The appeal followed an appar- 
ent endorsement of Sinn Fain's 
good faith by Mr A1 Gore, the US 
vice-president, who said during a 
stopover at Shannon airport that 
Northern Ireland was at the top 
of the US foreign policy agenda. 

Mr Gore said a joint statement 
on Tuesday by Mr Albert Reyn- 
olds, the Irish prime minister. Mr 
Gerry Adams. Sinn Ffcin presi- 
dent, and Mr John Hume, Social 
Democratic and Labour party 
leader, “speaks for itself”. 

The statement, issued after a 
meeting in Dublin on Tuesday, 
said that the three leaders were 
“totally and absolutely commit- 
ted to democratic and peaceful 
methods of resolving our political 
problems". 

Sir Patrick Mayhew, the UK 
Northern Ireland secretary, said 
that tbe army and the RUC had 


already responded to the reduced 
terrorist threat in Northern 
Ireland. “Certain things are not 
in place that were," he said. 

In a further indication of Brit- 
ish willingness to reduce the 
security presence. Mr John 
Major. UK prime minister, said 
that “a whole range of options 
will be open to us" once the gov- 
ernment is convinced that there 
will be no return to IRA violence. 


Page 6 

■ Eyes on the prize of 
ceasefire from loyalists 

Observer — Page 1 1 


But he said there could be no 
progress until Sinn Fein clarified 
fast week's declaration of a “com- 
plete" end to terrorism. 

“All that has to be said is for 
Sinn Fein to say quite clearly. 
‘Yes, under no circumstances will 
we go back to violence'. That is 
all I am waiting to bear,” he said. 

“Unlike other people. I have 
responsibility for the security of 
Northern Ireland." Mr Major said 
during a visit to the Netherlands. 

Mr Major refused to be drawn 
on Mr Reynolds' decision to meet 


Mr Adams. “The Taoiseach (Irish 
PM) and I have worked together 
and I don't doubt his personal 
commitment," be said. 

However, there were indica- 
tions that the meeting might 
delay progress towards the 
announcement of a ceasefire by 
Loyalist terrorist organisations. 

Mr Jim Rodgers, a Belfast 
councillor with contacts in the 
loyalist community, said he 
believed tbe meeting was viewed 
by some terrorists as confirma- 
tion that republicans were 
influencing government policy. 

Mr Rogers claimed that the 
reduction in security announced 
by Sir Patrick had been agreed at 
a secret meeting last week at 
which police and army chiefs 
drew up a programme of demili- 
tarisation in nationalist 
areas. 

Mr Martin McGuinness. a mem- 
ber of Sinn Fein’s ruling execu- 
tive. said there had been no 
reduction in security levels in 
response to the ceasefire. 

Mr Ian Paisley, leader of the 
hardline Democratic Unionist 
party, accused Mr Major of acting 
like a dictator. However, be said 
the party had no plans to call on 
its supporters to take to the 
streets. 




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John Major, with his Dutch counterpart Wim Kok, speaks to tbe 
press to The Hague during his visit to the Netherlands yesterday ru* 


Home 
Shopping 
buys its 
way into 
Internet 


By Louise Kohoo 
fa San Francisco 

Home Shopping Network, the 
leading US cable television shop- 
ping network, has acquired 
Internet Shopping Network, a 
California start-up company, in a 
move intended to create the first 
large scale on-line electronic 
shopping Tnafl, accessible to mil- 
lions of personal computer users. 

“The Internet, with its esti- 
mated 26m users, presents ns 
with the opportunity to expand 
our retailing expertise from tele- 
vision into this important 
venue,” said Mr Gerald Hogan, 
president and chief executive of 
HSN. “We are planning a large- 
scale push into the digital envi- 
ronment" 

With sales in the first half of 
1994 of {548m, HSN is the largest 
US television shopping company. 
Viewers can order products dem- 
onstrated on HSN shows via the 
telephone using a credit card. 

ISN, founded in June 1993, has 
been selling goods over the Inter- 
net, the global information net- 
work, for just three months. 
Safas figures were not revealed 
but the company said that over 
100.000 Internet users bad already 
used Its service. 

Presently. ISN offers approxi- 
mately 20,000 computer-related 
products from nearly 1,000 com- 
panies. As an HSN subsidiary, 
ISPPs on-line services will be 
greatly: expanded, company offi- 
cials said. 

“Through alliances with 
well-known retailers, branded 
manufacturers and Internet ser- 
vice providers, HSN-ISN will 
bethe pre-eminent electronic mer- 
chant to on-line interactive retail- 
ing,” said- Mr Jeff Gentry, presi- 
dent of HSN Interactive. 

HSN sees the Internet service 
as a new electronic distribution 
outlet for its own products as 
well as those from other mer- 
chants, retailers and catalogue 
companies. "We see on-line shop- 
ping as the forerunner of inter- 
active television,” said Mr Peter 
Kerne, HSN senior vice-president 
of corporate finance and strategic 
planning. The acquisition will 
“give us a viable business in the 

Continued cm Page 12 
Lex, Page 12 



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FINANCIAL TIMES THURSDAY SEPTEMBER S 1994 


NEWS: EUROPE 


Albania 
jails five 
ethnic 
Greeks 
for spying 

By James Whittington in 
Tirana and Kerin Hope In 
Athens 


Five ethnic Greeks were 
yesterday jailed for between 
six and eight years by an Alba- 
nian court after being found 
guilty of spying for Greece and 
illegal possession of arms. 

The verdict follows a highly 
charged trial that has raised 
tensions between Albania and 
Greece and will bring a fur- 
ther deterioration in relations 
between the two countries. 

However, Greek officials 
made clear there were no 
immediate plans to close the 
border or impose a trade 
blockade against Albania simi- 
lar to that in force against 
Macedonia. 

The five men are all leading 
members of Omonia, an Alba- 
nian political movement which 
Kunpwigns for the rights of the 
country's ethnic minority and 
has close links to Greece, from 
where it receives funds. The 
five were convicted of collabo- 
ration with the Greek intelli- 
gence service and encouraging 
secessionist activities among 
the Greek minority in 
southern Albania. 

They were arrested in April 
following a border raid from 
Greece in which two Albanian 
conscripts were killed. Their 
arrest opened up long-running 
tensions between the two 
countries and revived claims 
by Tirana that Greece had ter- 
ritorial designs in south 
Albania and by Athens that i 
Albania is persecuting its 
Greek minority. 

The five were described by 
the judge as “dangerous men 
who have worked against this 
country”. Greece tried unsuc- 
cessfully to block the trial, 
claiming it was politically 
motivated and aimed at dis- 
crediting Greek links with the 
minority. 

In Athens, the government 
spokesman, Mr Evangelos 
Venizelos, called the verdict “a 
very strong provocation, out- 
side the bounds of interna- 
tional legal practice and 
human rights”, but said 
Greece would react “coolly, 
decisively and with foresight”. 

The Greek ambassador to 
Tirana has been recalled for 
consultations, and the govern- 
ment will make a formal pro- 
test to the United Nations. 

However, no farther mea- 
sures against Albania were 
announced, although the 
spokesman said those already 
in force -mass expulsions of 
illegal Albanian immigrants 
and tighter security along the 
border -would be “intensi- 
fied”. Since the case began on 
August 15, Greece has tar- 
geted Albania's fragile econ- 
omy. which is the poorest in 
Europe, in an attempt to have 
the trial stopped. More than 
40,000 illegal Albanian immi- 
grants bave been expelled over 
the past few weeks. 

Officials in Athens said 
Greece would also maintain its 
veto over Ecu35m (S42.6m) in 
European Union economic aid 
to Albania. 

Wages earned by Albanian 
workers in Greece are a main 
source of hard currency to 
many of the country’s house- 
holds. Last year, total remit- 
tances from Albanian emigres 
was more than $330m com- 
pared with $125m in visible 
export earnings. 

The Greek government is 
under pressure to take a 
strong line against Albania 
ahead of next month's local 
government elections, which 
ulll be the first serious test of 
the socialist government's pop- 
ularity since it came to power 
last October. 

However, it is reluctant to 
raise the stakes in the dispute, 
fearing that the Albanian 
authorities could retaliate 
harshly against the ethnic 
Creek minority. 


THE FINANCIAL TIMES 
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Russian military in troubled mood 


By John Lloyd in Moscow 

The first extensive survey of 
Russia's senior military offi- 
cers reveals a group of men 
deeply disenchanted with Rus- 
sia’s place in the world and 
their place in Russia - as well 
as fearful of the future and 
resentful of the past 

Most officers on or above the 
rank of major thought that 
“without authoritarian rule we 
cannot overcome chaos”; that 
“western types of democracy 
are not suitable to Russia” and. 
that the "main foreign policy 
task must be to re-establish 
Russia as a great power 
respected throughout the 
world". 

The poll, carried out for the 
Friedrich Ebert Stifftung - the 
German social-democratic 
think tank - by the Munich- 
based Sinus polling group in 
cooperation with sociologists 
at a Russian military academy, 
is a unique view of the mind- 
set of a sample of 615 senior 
officers, including 60 generals 
and a dmir als. Though it shows 
that they do not endorse the 
more extreme nationalist poli- 
ticians and parties - such as 
Mr Vladimir Zhirinovsky, 
leader of the Liberal Demo- 
cratic party - they are over- 
whelmingly in favour of a 
strong hand to guide the state 
and evidently feel that such a 
hand is presently lacking. 

When asked which political 
or military figure they trusted 
most, the only two men to 
achieve more than 50 per cent 
(and to score less than 20 per 
cent on a disapproval rating) 
were General Alexander Lebed, 
commander of the 14th army 
based in the Trans Dnestr 
enclave of Moldova, and Mr 
Boris Gromov, the deputy 
defence minister who was the 



Russian defence minister Pavel Grachev (left) greeting members of the US Army 3rd Infantry Division during joint military exercises 
in Totsk, 700 miles south-east of Moscow. The manoeuvres are to prepare the countries for joint UN peacekeeping missions ap 


last Red Army officer to leave 
Afghanistan. Both of them are 
cbarismatic, hardline and criti- 
cal of the present regime: 

Gen Lebed, who has called 
President Boris Yeltsin a “nul- 
lity”. said in an interview in 
the FT on Tuesday that it “is 
just not possible” to create a 
democratic state in Russia and 
asked: “What’s wrong with a 
military dictator?” 

By contrast, Mr Boris Yelt- 
sin. the Russian president, 
scored a little over 25 per cent. 


with a 50 per cent disapproval 
rating; and Gen Pavel Grachev, 
the defence minister, scored 
around 20 per cent, with a 
more than 50 per cent disap- 
proval rating. 

Mr Zhirinovsky scored 
around 10 per cent with a 60 
per cent disapproval rating, 
while former Soviet president 
Mr Mikhail Gorbachev scored 2 
per cent, with a disapproval 
rating or around 75 per cent 

The most popular views of 
the immediate future were 


dark, even catastrophic. More 

than half thoug ht tha t there 
would be one of the following 
alternatives: mass uprisings 
and strikes in different regions; 
the reassertion of a dictator- 
ship; an explosion in a nuclear 
power station; or a military 
putsch. Very few believed in 
successful economic reforms or 
full co-operation with Nato, 
though few foresaw a return to 
socialism, the cold war or a 
planned economy. 

Other less apocalyptic views 


reflected in the survey includ- 
ing a high rating for Mr Grig- 
ory Yavlinsky, leader of the 
Yabloko group in the state 
d uma (lower house) and a mod- 
erate reformist 

The most popular foreign 
policy goal, endorsed by 55 per 
cent, was the re-establishment 
of Russia as a great power 
enjoying respect throughout 
the world. 

This goal scored just higher 
than agreement on a world- 
wide system of security. 


French heavyweights beat the bell 

C tier than other conflicts The? two right-wing rivals for the presidential past, but is now soft-pedalling 

- and the battle now the idea so as not to anger 


C ivil wars are often nas- 
tier than other conflicts 
- and the battle now 
joined between Prime Minister 
Edouard Bahadur and Mr Jac- 
ques Chirac to be the govern- 
ing RPR Gaullist party's nomi- 
nee for president next year 
promises to be no exception. 

The contest looks like pro- 
viding the main political 
excitement of 1995. It also 
looks set to cover so much 
ground, as both men try to 
outdo each other in trying to 
be seen to do their utmost to 
create jobs, as to leave little 
terrain free for other candida- 
cies. Like, for instance, a possi- 
ble Socialist run at the Elysge 
by Mr Jacques Delors. 

Neither Mr Bahadur nor Mr 
Chirac bas yet formally thrown 
down the gauntlet in public. 
Both know the French elector- 
ate wants them to stay their 
hand. Not being gluttons for 
punishment, two-thirds of 
French people say in the opin- 
ion polls they do not want the 
election campaign to start 
before January - a little over 
four months before the first 
round of voting on April 23 and 
five before the final round on 
May 7. 

None of France's political 
parties has US-style primaries 
to select their presidential can- 
didates. despite repeated sug- 
gestions by Mr Charles Pasqua. 
interior minis ter, that the gov- 
erning parties of the RPR and 
of the centre-right UDF federa- 
tion, adopt such a system for 
1995. 

What France does have, in 
excess, is opinion polls. These 
put Mr Balladur way ahead of 
Mr Chirac. A recent Ifop sur- 


The? two right-wing rivals for the presidential 
nomination are locked in a battle yet to be 
officially declared, writes David Buchan in Paris 


vey, for example, gives the 
prime minister 60 per cent 
against 30 per cent for Mr Chi- 
rac in a two-man contest for 
the ElysOe. 

No wonder therefore that Mr 
Balladur feels he is sitting 
pretty. The periodic indisposi- 
tion of President Francois Mit- 
terrand, suffering from pros- 
tate cancer, has given him a 


fired the starting gun anyway. 
Mr Alain Juppfe, the foreign 
minister, who is the RPR’s sec- 
retary general, openly put him- 
self In the Chirac camp. 

Each camp is now going on 
to a war footing, led by tal- 
ented young politicians - Mr 
Juppg in the Chirac comer, 
and Mr Nicolas Sarkozy, the 
budget minister and govem- 


[the prime minister’s office], 
because no one else wanted it,” 
says a key Balladur strategist. 
Mr Chirac had occupied the 
Matignon twice previously, 
and even if he had wanted it a 
third time he would probably 
not have been nominated by 
President Mitterrand. He says 
there is no loyalty in the track 
record of Mr Chirac, who led 


BaDadur’s supporters flatly deny any deal in 1993 
whereby Chirac let Balladur get the premiership in return 
for giving Chirac a free run at the presidency 


“vice-presidential" aura and 
far mor^ of a headline-catching 
role in governing the country 
than normally falls to a French 
premier. At the same time, the 
rumours surrounding Mr Mit- 
terrand’s health, which shook 
the markets a bit yesterday, 
mean that no one can rule out 
an earlier presidential election. 

In these circumstances, it is 
no surprise that Mr Chirac is 
so nervy. He himself is deter- 
mined to try not to jump the 
gun. At a congress of young 
Gaullists cheering “Chi rac 
President” last weekend, he 
appealed for loyalty from his 
erstwhile protege, and declared 
himself a candidate “in the 
great national debate” on the 
presidency, but not actually for 
the presidency Itself. But his 
supporters went ahead and 


ment spokesman, in the Balla- 
dur corner - who are staking 
their careers on the outcome. 
There is no question that -Mr 
Chirac has a lock hold on the 
RPR party machine, which he 
built and has run for the past 
20 years. He inspires great 
affection among close support- 
ers, and there is a real possibil- 
ity of the party splitting if Mr 
Balladur eventually prevails. 

The bitterness. typical of 
every civil war, arises out of 
the fact that Mr Balladur now 
turns a deaf ear to Mr Chirac's 
appeals for loyalty. Mr Baha- 
dur's supporters flatly deny 
any deal in 1993 whereby Mr 
Chirac let Mr Balladur get the 
prime ministership in return 
for giving the RPR leader a 
free run at the presidency. 

“Balladur got the Matignon 


an intra-Gaullist revolt against 
former prime minister Jacques 
Chaban-Delmas in 1974 that 
allowed Mr Val&ry Giscard 
d’Estaing to win the presi- 
dency in that year. He then 
showed his gratitude for being 
made prime minister by Mr 
Giscard d'Estaing by running 
against the latter in 198L 
Mr Balladur may lack the 
party machine, but an increas- 
ing number of individual RPR 
deputies are attending presi- 
dential strategy sessions at the 
Matignon every Friday. In 
addition, he can count on most 
of the UDF. who prefer him to 
their nominal leader, Mr Gis- 
card d’Estaing. The long-term 
result of a Balladur presidency 
could be the fusion of most of 
the RPR and UDF into a united 
French conservative party. Mr 


Balladur has urged this in the 
past, but is now soft-pedalling 
the idea so as not to anger 
die-hard Gaullists further. 

Even the present vacuum in 
the Socialist party plays in Mr 
Balladur's favour. “Whether 
Jacques Delors decides in the 
end to ran or not does not mat- 
ter.” says a Balladur supporter. 
“What is important is the pros- 
pect that Delors might run,” he 
explains, because the polls 
show the retiring Commission 
president might run Mi Chirac 
very close, bat would be 
clearly outdistanced by Mr Bal- 
ladur. 

There is, however, a chance 
that Mr Balladur could find 
himself tripped up by the econ- 
omy in which he specialised as 
Mr Chirac's finance minister in 
1986-38. For the moment, the 
prime minister dismisses the 
possibility that the recovery in 
the economy - yesterday 
reported to have grown by 1 
per cent in the second quarter 
alone - could be choked off by 
recent rises in long-term inter- 
est rates or by his austere bud- 
get plans for 1995. With rises of 
4 per cent in revenue and less 
than 2 per cent in spending, be 
plans a budget deficit of 
FFr275bn (£33.5bn) next year, 
down from this year's 
FFr300bn leveL 

This will please the interna- 
tional markets- But there Is a 
danger point, an adviser 
acknowledges. This could came 
after Germany “rediscovers a 
certain tranquillity” with the 
probable re-election of Chan- 
cellor Helmut Kohl next 
month, and “just as we go into 
the turmoil of our presidential 
election”. 


Joker in central Europe’s pack 

But a change of image could spring from Slovakia’s election, writes Vincent Boland 

P rivatisation and the per- Slovakia Democratic Left Party (SDL) to pening here but everytl 

sonality of Mr Vladimir the veteran centrists of the hangs on the election resn 

Meiiar. the first prime GDP (annual % Change) CPI (annual 96 change) Unemployment fK) Christian Democratic Move- the chairman of Robert F 


P rivatisation and the per- 
sonality of Mr Vladimir 
Meiiar. the first prime 
minister of independent Slo- 
vakia. are emerging as the key 
issues in the Slovak general 
election campaign which began 
this week. 

For the next three weeks vot- 
ers face a highly personalised 
campaign in which Mr MeCiar 
will use all his populist cha- 
risma to wrest back the power 
which he lost six months ago 
after steering an increasingly 
erratic path through the 
first 15 months of Slovak inde- 
pendence. 

While the neighbouring 
Czech Republic forged ahead 
with mass privatisation in 
1993. Mr Mediar delayed priva- 
tisation for months only to 
push through hurriedly a 
series of controversial deals in 
his last days in office which 
opponents claim benefited 
close political supporters. 

Mr Eduard Kukan, foreign 
minister in the outgoing coali- 
tion government headed by Mr 
Jozef MoravClk. says that at 
least 45 such deals were 
secretly agreed “literally in the 
last hours” of Mr MeCiar's 
administration. Several were 
subsequently revoked by Mr 
Moravfik’s government. As the 



~ 60 

1 




16 --- 

■* / 

40 -1 

14 -- 

w / 

- 30 -1 


-15 

-20 1 ‘ 1 1 L 

20 ■ - 1 

— 1 10 1 — *- 

l/V N 

Kl_l— &!,..) 10 l— 


1991 S3 95 1991 

Source: Gan Craft Research, l/tarra 

election campaign officially got 
under way this week the gov- 
ernment was embarrassed by 
failure to finalise the details of 
its privatisation programme. 

But ministers and supporters 
continue to argue strongly that 
without successful mass priva- 
tisation Slovakia will never 
throw off its image as the joker 
in the central European pack. 

“People want voucher priva- 
tisation. they like it," says Ms 
Brigitta Schmognerova. a dep- 
uty prime minister in the out- 
going government As evidence 
she points across the border to 
the Czech Republic, where 
close identification with 


3 95 1991 -93 96 

1994 a 5 fonaeam 

voucher privatisation helped 
secure the re-election of Mr 
Vaclav Klaus in June 1992 and 
helped create one of the stron- 
gest emerging European 
economies. 

Mr Meciar does not agree. He 
said last week that if he was 
returned to power at the head 
of his Movement for a Demo- 
cratic Slovakia (HZDS) he 
would scrap the government’s 
voucher privatisation pro- 
gramme and “start all over 
again”. 

The outgoing government - a 
delicately balanced co aliti on of 
five parties, ranging from the 
former communists of the 


Democratic Left Party (SDL) to 
the veteran centrists of the 
Christian Democratic Move- 
ment (KDH) - wants to prevent 
him from doing so. But Mr 
MeCiar’s threat is serious, and 
his words are carefully aimed 
at his large constituency of 
mainl y rural and small-town 
voters who believe that privati- 
sation is merely a way for poli- 
ticians to enrich themselves. 

With considerable skill Mr 
MeCiar, who likes to portray 
himself as the battling under- 
dog, pours scorn on opponents 
who Haim that this is precisely 
what happened with his own 
last-minute and secretive pri- 
vatisation deals. The HZDS has 
clearly entered the campaign 
as the best-funded as well as 
the biggest of the 18 parties 
and coalition groups contesting 
and Mr Medlar’s image as the 
architect of independence is 
still a vote- winner. Hie party 
leads In the opinion polls, and 
could win up to 32 per amt of 
parliament's 150 seats. 

But the prospect of another 
Meciar government is unsettl- 
ing many investors, both local 
and foreign, who have declared 
an investment interest but are 
keeping their money in the 
hank until after the election. 

“Interesting things are hap- 


pening here but everything 
hangs on the election results.'' 
the chairman of Robert Flem- 
ing’s Czech and Slovak invest- 
ment fund said last week. 

Even if the HZDS does re- 
emerge as the largest single 
party, however, Mr MeCiar. 
who finds it hard to share or 
delegate power and has a 
record of personal and political 
clashes with former supporters 
and allies, could face consider- 
able difficulty in finding coali- 
tion partners. 

Apart from various fringe 
nationalist groups his most 
obvious allies are in the former 
communist SDL. But the SDL 
is split internally between its 
social democratic wing associ- 
ated with Mr Peter Weiss, the 
youthful SDL leader who is no 
friend of Mr Meciar, and the 
old corporatist wing. The latter 
works closely with the HZDS 
in rural areas and may steer 
the party towards the HZDS to 
retain its hold on power. 

Mr Weiss steered his party 
Into the coalition which 
deposed Mr Medlar but diplo- 
mats In Bratislava believe that 
“the SDL is willing to jump 
either way". If this prediction 
proves accurate months of 
negotiations could take place 
before a government is formed. 


EUROPEAN NEWSDIGEST 

Nuclear fears 
spur Europol 

European Union interior ministers moved a hesitant step 
further towards creating a pan-European police agency yester- 
day. spurred In part by fears of a trade emerging in weapons 
grade plutonium smuggled from Russia and the former east- 
ern bloc. But they remain sharply divided over the role and 
nature of Europol, with Germany and France on opposite 
sides. The issue is a top priority for Germany, whichwants a 
range or responsibilities, including plutonium smuggling, to 
come within the agency's remit Spain insists that counter-ter- 
rorism be part of Europol's intelligence sharing. France and 
Britain want to go more slowly, and rule out any frontline role 
for the agency. Both countries, with some support from Italy 
and Spain, are also determined to keep Europol under national 
governments’ control. Their partners want to develop the 
Maastricht treaty “third pillar" on cooperation in justice and 
home affairs, which allot a still undefined role to EU institu- 
tions. The meeting took up a suggestion by Mr Michael For- : 
syth, UK home office minister, that a rapid assessment of the ! 
plutonium risk be made. David Gardner, Berlin 

Russian call on Serb sanctions 

Mr Vitaly Churkin, Russia's representative on the Bosnia 1 
“contact group", said yesterday the group was intending to 
recommend that the United Nations Security Council discuss 
the gradual lifting of sanctions against Serbia. British officials, 
however, said they would consider “a gradual lifting of sanc- 
tions" only if Serbia's President Slobodan Milosevic accepted 
UN monitors on the border between Serbia and eastern Bos- 
nia, a view shared by the French and Germans. Belgrade has 
so for refused. Speaking in Berlin after a meeting of the group, 
which comprises German, US, British, French and Russian 
diplomats, Mr Churkin said: “The Serbs in Belgrade must not 
feel the world is against them. They must be treated as equal 
partners." He also warned that countries supporting the lifting 
of the arms embargo on Bosnia “must be prepared to take 
responsibility for their actions". Judy Dempsey, Berlin 

BMW takes on more staff 

BMW Is to take on 700 full-time production workers in the 
German car industry’s most significant hiring move in three 
years. The company, which yesterday also announced extra 
Saturday shifts for the rest of the year, said strong orders for 
new models and rising demand across the rest of its range 
demanded additional production capacity. Although most of 
the new permanent jobs are to go to employees on short-tom 
contracts, the move appeared to mark an end of the steady 
erosion of the workforce which started in 1992. However, it is 
unlikely to be maMied elsewhere in the German automotive 
Industry, where reduction at payroll costs remains a priority. 
Yesterday. Mr Ferdinand Piech, Volkswagen’s chairman, 
stepped up his lobbying efforts for government subsidies to 
bolster car sales. Christopher Parkes, Frankfurt 

Poland puts off pensions move 

The Polish government is putting off until 1996 the indexing of 
pensions to inflation rather than wages growth. The unpopu- 
lar move, planned for next year, would have cut pensions for 
affected 7m Poles before next autumn’s presidential elections. 
The decision upsets the budget projections of Mr Grzegorz 
Kolodko, finance minister, and the government's promise to 
the International Monetary Fund. The country's central bank 
yesterday reported high money supply figures in August, for 
the second month running. Taken with higher than expected 
inflation this summer, said Mr Witold Kozinski. the bank's 
deputy head, they ruled out interest rate cuts. The finance 
ministry is pressing for a 1 per coot cut in annual interest 
rates to reduce the debt service burden on the budget. Christo- 
pher Bobinski. Warsaw 

Gorbachev changes his mind 

A German government spokesmen said yesterday that former 
Soviet leader Mr Mikhail Gorbachev had backtracked on his 
denial that the Soviet Union had insisted that Bonn must 
respect Communist land seizures as a condition for the unifi- 
cation of Germany. The spokesman said Mr Gorbachev made 
clear in talks with Chancellor Helmut Kohl in Bonn that his 
comments last week meant only that he had not personalty 
discussed the issue with Mr Kohl In the unification negotia- 
tions in 1990. Soviet administrators took about 3.3m hectares 
of land, much of it held by Prussian nobility, and gave it to 
peasants and collective farms between the end of the second 
world war and the founding of East Germany in 1949. The 
original landowners have since tried to reclaim their property 
but Germany's constitutional court ruled in 1991 that the lmid 
could not be returned because Bonn argued its policy was 
crucial to unification. Reuter, Bonn 

France-China trade deal 

France and China yesterday signed contracts and letters of 
intention on promised orders for FFr2.6bn worth of business 
for French companies in China, effectively ending the com- 
mercial chill that followed the 1992 sale of French jets and 
missiles to Taiwan. The deals signed yesterday by Mr Gdrard 
Longuet, France’s trade minister, and his Chinese counterpart, 
Mrs Wu Yi, are expected to be foDowed by agreements on 
some FFrl5bn worth of French sales to China, to be signed on 
Saturday when President Jiang Zemin is received by President 
Francois Mitterrand in Paris. These win include one on the 
construction by Elf- Aquitaine, the French oil company, of a 
new refinery in Shanghai. David Buchan, Paris 

ECONOMIC WATCH 

French GDP up 1% in quarter 

France ‘ French gross domestic 

product grew by 1 per cent in 
OOP (annual % change) the second quarter compared 

2 js _. — with the first three months, 

2.0 ; according to Insee, the 

f s B ■ ■ national statistics office. This 

_ . Hi B was In tine with forecasts, 

1 ' Q * — BBB“" although several economists 

°- 6 ' ~~BBBBB BB said consumption and invest- 

o — WWW ni-ll ment growth were at the top 

-05 — r - 1 1 1 1 — end of expectations. Growth 

- 1.0 |||S “ Bret quarter was 0.7 

5 II . .... Per cent, unrevised from the 

on B figure given earlier this 

month. Industrial output 

gained 2.1 per cent in the sec- 
1091 .isos 1983 94 ond quarter, Insee said . fol- 
sourcaFTtiraphto lowing a L2 per cent rise in 

, , .. ■ . .. . the previous three-month 

b0QSte £ . a recovery in energy output and 
dynamism in manufacturing, which rose 3 per cent (2.7 per 
sp f ?thng rose 1 Per cent after two stagnant 

by a figure in a TmS 

break with the recent trend. Exports rose 2.6 per cent and 
imports by 2 j 3 per cent, Reuter. Paris ^ 

5.SS? 11 ^ growth was revised down by the 

Bundesbank from 9.9 per cent to an annualised growth rate of 
“IS “g da? releas 
showed. The bank said, final data showed a 6.4 per cent rise 
from tte last quarto of 1983, alter a uiSeSt 

■ tre^ surplus with non-EU countries totalled 

JJffjE flw national statistics 

institute. Imports totalled L9,610bn and exports LUL390bn 

Per cent corned irtttnTyei 

ago white exports had increased u per cent ^ 

■ to western Germany edged 0 1 ner cent 
10 ® ld - A «8B5t from a nJSh 

«■ « 


in 


1901 .1992 

Sourca FT Graphtu; 


Engine m 

choices, s 


f 




FINANCIAL TIMES THURSDAY SEPTEMBER 8 1994 


★ 


h\ 

°Pi 


NEWS: WORLD TRADE 


s . 


I v S lJ - 


British companies have suffered little under Malaysia’s seven-month ban but anxieties remain 


Boycott was no big deal, says UK industry 


Contractors relieved 
that ban has been lifted 


A year of trading accusations 


By Andrew Taylor and 
Andrew Baxter 

The six month boycott by the 
Malaysian government on Brit- 
ish goods and services does not 
appear to have lost the UK 
large amounts of business with 
the exception of big construc- 
tion contracts on the new £3bn 
($4.6bn) Kuala Lumpur interna- 
tional airport. 

Many companies have con- 
tinued to negotiate for work, in 
the hope that the ban would be 
lifted. These yesterday wel- 
comed the Malaysian govern- 
ment's decison. 

Tbe British Confederation of 
British Industry said: “Some 
companies will have lost busi- 
ness as a result of the ban, but 
the immediate effect has not 
been profound." 

The CBI said UK exports to 
Malaysia for the first six 
months of 1934 had amounted 


See Editorial Comment 


to £687m, an increase an the 
same period in 1933 of eafidm. 
Imports from Malaysia for the 
same period declined from 
£774m to £582m. 

A long running ban, how- 
ever. would have threatened 
large scale construction and 
development projects. Lord 
Prior, chairman of General 
Electric Company said: “Bil- 
lions of pounds of British 
orders and contracts had been 
in jeopardy until now. . . It is 
good that we have a level 
playing field again." 

Malaysia is an important 
market for the group which 
was part of the consortium 
which drew up development 
plans for the new airport Lord 
Prior said GEC had not lost 
work as contracts it had been 
bidding for had still to be 
awarded. 

Other companies have not 
been so fortunate. A joint ven- 
ture between British engineer- 
ing groups, Trafalgar House, 
and BICC had been expected to 
win the construction manage- 
ment contract for the airport 

The contract is understood 
to have been awarded to KI.IB, 
a Malaysian state body with 
which Trafalgar and BICC had 
been negotiating. 

Tender lists for the £300m 
airport terminals also have 


closed without any British 
companies being allowed to 
bid. Japanese, German and 
Korean groups are thought to 

be among the 20 contractors 
seeking the work. 

BICC and Trafalgar said yes- 
terday they were considering 
te n dering for other large con- 
tracts at the airport which had 
stm to be awarded. Both com- 
panies have continued to carry 
out a £70m earthworks con- 
tract won just before the ban. 

The length of time it takes to 
negotiate and place contracts 
for big projects such roads, 
power stations and water treat- 
ment plants has meant that 
UK companies will have 
missed few opportunities dur- 
ing the short-lived ban. 

Rolls-Royce's Parsons Power 
Generation Systems had sub- 
mitted a bid to supply turbine 
generators for the Port Klang 
power station before the ban. 
Rolls-Royce said yesterday that 
it had kept in contact with the 
customer, the Malaysia state 
electric utility and hoped nego- 
tiations would resume. 

It also hopes that a joint ven- 
ture with EPE Power of Malay- 
sia to meet the growing 
demand for power transmis- 
sion equipment in Malaysia 
could also be resumed. 

The han did not include pri- 
vate sector contracts, but it 
had been feared that non-state 
owned Malaysian companies 
would follow the government's 
lead. Mir Ian Campbell, director 
general of the Institute of 
Export said there was no evi- 
dence that this had happened. 

Major projects which had 
already started or had just 
been negotiated with British 
companies also have been 
unaffected. The largest of these 
is a management construction 
contract with Bo vis for a 
£1.2bn Kuala Lumpur city cen- 
tre development involving the 
construction of twin towers of 
almost 1,500ft which would 
become the world’s tallest 
buildings. 

At one stage Bo vis had 
feared that it might be 
replaced. A project manage- 
ment contract with John Lafog 
construction group for building 
and civil engineering for 
two gaa turbine combined 
cycle power stations at 
Pasir Gudang and Paka also 
was signed Just before 
the boycott was imposed. This 


October, 1993: UK National Aucft Office crtUwas 
1989 government decision to override official advice 
and give 2234m n oW for Malaysia's Pergau dan 
project House of Commons pubHc ocoouus 
committee tairctas Irqiiry Into whether government 
breeched own ntina by Bracing aki to ET bn arms sale 
to Malaysia. 

January, 1394: Sr George 
Younger, former UK defence 
secretary, admits possible 
Bnfc between Pergau atd 
and snra deal; 
government documents 
appear to confirm IWc. 

February: Mateycfe 
bans sward of 
further pubfic 
c o n tracts to UK 
companies in protest 
against a report in the 
Smctay Times, the 
Billiah weekly 
newspaper, that 
Wtaipey. a British 
construction group, 
offered bribes to 
Mfltayatan po B Bctana In btd 
to win ESISm aluminium 
smelter contract. 



Mr AJaatair Goodlad, UK Foreign Office minister, tetts 
parliament that Malaysia was offered aid in return for 
•rrra purchases; {jovomnwit rwtews aid procedures 
in of Pergau affair. 

March: UK Foreifpi Secratary Douglas Hurd Ms 
Cannons foreign affairs committee that government 
made “Incomact” ink between Pergau aid end arms 
deaf. 

Mate y alan Hffi Co mm issioner In London aays 
dptometfc efforts infer way lo try to end trade 
rfisputg Lord Prior, GEC chairman, heads British 

bus*nes3 mission to Kuala Lumpur In unsuccessful 
attempt to have ban lifted. 

Malaysian Prime Minister Mahathr Mohanad says 
’there wtt be no co n t ra c ts In exchange for British 
press freedom to tall Has” after Sunday Tones aflages 
senior Malaysian poHuaanu profited (ran 
privatisation at company which owns Pergau dam. 

Gammons pubHc accounts commtitee report 
unanbnousty condemns government’s handling of 
Pergau aid. 

Aprffc Lord Crenboume, UK [unlor defence mWstar. 
rtesee hopes of end to ben after talks to Kuala 
Lumpur Malaysian deputy foreign minister cate lack 
of critical British press reports "a good beginning'. 

May: Dr MshaBtir says ban may be fitted If British 
press reports on Malaysia Improve; British Trade 



Ktintster Richard Needham 
raises hopes of a sofcracn after 
talks with Dr Mehattr end ether 
Malayaiwi cabinet members. 

June: Mr Neecham, on second 

vtstt to Kuala' Lumpur, says 

ban nidi be erred m sac 
weeks but warns that 
delays could trigger 
UK retaliation. 

July: Dr Mahathir 
says ban wtt 
continue, but 
selectively. 

August: Sr 
Robin Biggam, 

BICC | 

chairman, ,* 

says offer ■' 

(rip to f 

Malaysia that > 
ben wtt be [ 

Nfted soon. 


Mabpian Prim® Minister Maftatt* Mohamad 

I’m ao maWmes nasty to goeer nmmUa , never to business peopto’-Jon 1994 


UK Trade Minister Richard Needham 
'You never get an order by abusing a customer*- yesterrsiy 


UK trade with Malaysia 

(Ebn) ■ Exports (left seatt) 
1.5 


UK trade balances 1993 


EZ3 Imports 0 eR reals) 


(Eton) 
■ 0 


15 - 


os - 


0 js - 


Oh 



- -0.1 


-02 


- -05 


- -0 A 


-05 



-1J0 


Malaysia's imports from main trading partners 1992 

(Sbnj 


- Taiwan 


UK exports 

JarKJune 1994 

Jan-Jine 1993 

to Malaysia 

2867.1m 

2364.5m 


Source: CSQf OH 

too has been unaffected. 

John Ijiing has just finished 
a £25m contract at Sfou airport 
in Sarawak and is due to com- 
plete a £i50m contract for 12 
hospitals naTt year. 

liiy lor Woodrow which has 
previously managed the con- 
struction of sections of the 
country's strategic north-south 
highway is involved in the con- 
struction of the £3 00m first 
phase of a privately financed 
light rail system linking Kuala 
Lumpur with surrounding 



Taiwan Germany 


areas. Taylor Woodrow owns 
15 per cent of the equity with 
its partner AEG Westinghouse 
Of Germany holding a similar 
stake. 

• Taylor Woodrow through its 
majority -owned Malay subsid- 
iary is understood to have 
maintained contact with the 
Malay authorities and hopes to 
win further work when the 
extension to the railway is 
built 

Trafalgar House and BICC 
also have continued to work on 


contracts awarded before the 
boycott including the contro- 
versial £400m Pergau Dam 
which is due for completion in 
1997. Trafalgar House is build- 
ing a steel fabrication plant in 
a joint venture with Edaran 
Otomobil Nasional which is 
due to open next year. 

Costain, another British con- 
tractor, said it had been pursu- 
ing work worth about £lbn, 
including the airport terminal 
contract at Kuala Lumpur, 
when the ban was imposed. It 


now be 
much of 


added: “We will 
looking to see how 
this work is still available. We 
are very hopefuL" 

The UK Export Group for the 
Constructional Industries said 
yesterday it was delighted by 
the lifting of the ban. “We hope 
that the short-lived nature of 
the ban means that little harm 
will have been done to British 
interests and normal good rela- 
tions with Malaysia, which 
have lasted many years, will be 
restored," it said. 


Celebrations 
have cautious 
overtones 


By Kleran Cooke 
In Kuala Lumpur 

A few beers were being poured 
down the throats of British 
businesspeople in Kuala Lum- 
pur last night The ban on Brit- 
ish companies being given con- 
tracts by the Malaysian 
government. - contracts that 
are potentially worth many 
hundreds of millions of pounds 
- bad been lifted. 

But the mood was not alto- 
gether joyous. Feelings of ner- 
vousness persist. One business- 
man summed things up: "Of 
course we are happy that its 
over. But all it needs is 
another incident where 
Mahathir feels his honour has 
been slighted. The balloon 
could easily go up again." 

In recent years British com- 
panies have made considerable 
inroads in Malaysia. But then 
came the ban. Companies saw 
all they had worked for m dan- 
ger of disappearing. Having 
courted the Malaysian britle 
for so long. British business 
was worried it might not be 
invited to the wedding. 

The ban was announced at 
the end of February this year. 
Malaysia had grown increas- 
ingly upset about the contro- 
versy in Britain surrounding a 
$240m aid package for building 
a dam. and its linkage to mudti 
million dollar Malaysian pur- 
chases of British aims. 

But the spark that caused 
the Kuala Lumpur government 
anger to explode was a report 
in the London Sunday Times 
alleging that a British con- 
struction company had tried to 
offer bribes to Dr Mahathir 
Mohamad, the Malaysian 
prime minister. Though the 
newspaper did not allege that 
Dr Mahathir had accepted 
bribes or had In any way been 
directly involved, the prime 
minister interpreted it in 
broader terms - a personal 
insult and an attempt to under- 
mine the integrity of Malay- 
sia’s leadership. 

“We believe the foreign 
media must learn the fact that 
many developing countries, 
including a country led by a 
brown Moslem, have the abil- 
ity to manage their own affairs 
successfully," said the govern- 
ment statement announcing 


the ban at the end of February. 

Some Malaysians felt that 
their prune minister was over 
reacting but had little choice 
but to go along with the bar. 
Dr Mahathir, prime minister 
for the last 1.4 years, is a wry 
powerful figure. Influencing 
virtually every aspect of 
Malaysian life. From the begin- 
ning it was difficult to gauge 
exactly what he wanted in 
order for Uie ban tu be lifted. 

"All I warn is the tnith." said 
Dr Mahathir. "But then the 
British media is incapable of 
telling the truth." Clearly the 
Malaysian government felt the 
British government should do 
mure to disassociate itself from 
the media reports 

But the official British reac- 
tion only added to the confu- 
sion: un the one hand Mr Major 
described the Malaysian action 
as "not being remotely justi- 
fied." On the oilier. Mr Major's 
ministers - m public at least - 
joined with the miLssed ranks 
□f British business tn laying 
the blame for the Malaysian 
action squarely on the British 
media. 

There were other perplexing 
aspects to the ban. In many 
cases British companies found 
it was business as usual. Brit- 
ish exports to Malaysia rose by 
about 80 per cent in the first 
six months of this year ironi- 
cally part of the reason for the 
jump in exports was the deliv- 
ery* to Malaysia of British 
defence equipment such as 
British Aerospace Hawker 
fighter aircraft which was part 
of the controversial aid/defence 
package. 

But there are plenty of other 
contracts to win. Malaysia's 
economy has grown by more 
than 8 per cent In each of the 
last six years. The country- 
plans to spend M$40bn 
($l5.5bn) on various infrastruc- 
ture projects over the next four 
years, M$70bn by the end of 
the century. 

In 1981 Dr Mahathir, piqued 
at what he perceived as British 
high handedness on issue rang- 
ing from trade to high fees for 
Malaysian students in Britain, 
instituted a “Buy- British Last" 
policy. 

It was seven years before 
that ended. This ban has lasted 
only seven months. 


THE FARNBOROUGH AIR SHOW 

Engine makers face hard 
choices, says GE chief 


By Paul Betts, Aerospace 
Correspondent, in 
Farnbarough 

Aero engine makers face a 
tough time deciding whether 
to produce engines for all 
types of aircraft, Mr Eugene 
Murphy, the new chief 
executive of GE Aircraft 
Engines, the aero engine 
subsidiary of the US industrial 
group, said yesterday. He said 
man ufacturers would have to 
decide whether to launch new 
engine p rogrammes or opt out 
of a given engine market if 
they felt there was not 
room for three competing 
engines. 

“Companies are going to 
have to make a difficult can- 
can they afford to offer 
engines on every aircraft," he 
said. 

GE is locked in battle with 
its two principal rivals - Pratt 
& Whitney of the US and 
Rolls-Royce of the UK - to 
supply a new generation of 
large engines to power the 
Boeing 777 twin-engine 
wide-bodled airliner. 

GE and its international 
partners are spending SL5bn 


on the development of the 
GE90 which competes against 
the Rolls-Trent 800 and the 
Pratt & Whitney BW4000 to 
power the new Boeing 777s. 

Mr Murphy conceded that 
GE was facing a very tight 
schedule to meet the 
certification timetable for the 
GE90, which has been selected 
by British Airways to equip its 
new fleet of Boeing 777s. 

But be insisted that while 
the GE90 programme had 
encountered some "mec hanic al 
problems" there were no 
major design flaws in its 
ambitions large engine 
programme. 

He said GE was cautmnmg 
to strive to Improve 
productivity and reduce costs 
to position itself strongly to 
capitalise on the eventual 
recovery of the civil aircraft 
market. 

However, he said he did not 
expect a recovery in the 
market until 1996, echoing a 
similar forecast by his UK 
rival Rolls-Royce. 

"We are hopeful the market 
will bottom out in 1995 and wo 
will be on the road of recovery 
the following year.” 


Although the order outlook 
remains disappointing this 
year, he said GE in 
combination with its French 
partner Snecma In the CFM 
International aero-engine joint 
venture continued to account 
for more than 50 per cent of 
new engine orders in the 
world market 

For the first seven mouths of 
this year, GE and CFM won 
around 70 per cent of all new 
commercial aircraft engine 
orders for aircraft of more 
than 100 seats with firm 
orders for more than 210 
engines. In contrast Pratt & 
Whitney had taken 25 per emit 
of orders and Rolls-Royce 3 
per cent 

The International Aero 
Engine Group, in which 
Rolls-Royce and Pratt & 
Whitney are the main 
partners, secured 1 per omit of 
new orders in the first seven 
months. 

Hr Murphy said GE also 
intended to step np its 
globalisation efforts and was 
targeting such markets as 
China and the former Soviet 
Union which he said held 
strong long term prospects. 


Aerospace contracts 

UK company forms joint 
venture with Chinese 

Lucas Aerospace, the UK engineering company, is to form a joint 
venture with the China National Aero-technology Import and 
Export Company, writes Bernard Gray. 

The joint venture will be equally shared between Lucas and 
CATIC and will have alternating chairmen, but Lucas will have 
management control of the manufacturing plant. . 

Initially, the joint venture will provide a digital engine control 
system for the Chinese K-8 basic jet trainer. It will also be the 
preferred supplier In future engine control, flight control and 
power generation equipment Lucas- CATIC could have a turnover 
in excess of $10Qm within 10 years. 

□ ROLLS-ROYCE, the UK aero engine manufacturer, has won an 
order worth about $90m to supply engines for six Boeing 757 
airliners for American Trans Air, the 10th largest US carrier 
based in Indianapolis, writes Paul Betts. 

The order represents a switch by the US carrier from competing 
US manufacturer Pratt & Witney. 

□ AIRBUS Industrie said TransAsia Airways of Taiwan bad 
placed an order for two more A321 short-haul passenger jets, for 
delivery in late 1998, Renter reports from F&rnborougfa. 

□ BOEING East West Airlines of India had ordered two 
737-400 passenger jets in a deal worth about S85m, Reuter reports 
from Farn bo rough. The order was part of a fleet renewal pro- 
gramme by the privately owned domestic carrier. 

□ SHORTS, the Belfast aerospace manufacturer, yesterday 
announced a contract worth more than £20m to support US Army 
military transport aircraft, PA reports. Shorts joins Nebraska- 
ba sed D uncan Aviation in the five-year contract 

□ SIEMENS PLESSEY yesterday won a £70m contract from the 
Swedish. Civil Aviation Administration for the replacement of 
Sweden’s air traffic control centres. 

More than 40 airport tow ers ar e involved. 

□ BRITISH AEROSPACE DEFENCE is said to be days away from 
announcing a new order from Saudi Arabia for its Hawk fighter/ 
trainer Jets, Reuter reports. BAe would not comment 


Aircraft market expected 
to see recovery in 1996 


By Christopher Parkes 
in Frankfurt 

The slump in world aviation 
markets is almost over and the 
industry can expect orders for 
16,730 new passenger aircraft 
worth $898bn over the next 20 
years, according to a market 
forecast issued yesterday by 
Deutsche Aerospace (Dasaj. 

The Daimler-Benz subsidiary 
said it expected the market 
would start to recover in 1996 
and pinpointed the Asia-Pacific 
region as the most promising 
market 

It predicted mergers or clo- 
sures in the commuter aircraft 
business, which would feel 
pressure from high-speed 
tr ains . 

Global annual traffic growth 
for jets seating more than 70 
was likely to average 4.7 per 
cent - 3-2 per cent in North 
America. 4.1 per cent in 
Europe and 6.3 per cent in 
Asia. Including 5,310 replace- 
ments, total orders would 
reach 11,300 in this sector. 

The European Airbus consor- 
tium. In which Dasa has a 375 
per cent stake, would maintain 
Its market share at over 30 per 


Russia's Khrunichev Space 
Centre (KSC) and Deutsche 
Aerospace are planning a joint 
venture to arrange commercial 
satellite launches using a for- 
mer military delivery mecha- 
nism, Reuter reports from 
Moscow. 

KSC said the 120-tonne 
Rokot booster, prod need by 
KSC from 1973 and originally 
designed for the former Soviet 
Strategic Armed Forces, would 
be reshaped to carry communi- 
cation satellites weighing up 
to two tonnes and was capable 
of delivering two satellites at a 
time. 

cent for the rest of the current 
decade, the company said. 

Demand for a total of 5.430 
mainly turbo-prop commuter 
aircraft, including 2,780 
replacements, would be bol- 
stered by an annual average 
traffic increase of 5.5 per cent 
- 4.5 per cent in North Amer- 
ica, 5.3 per cent in Europe and 
7.7 per cent in Asia. 

Dasa. which supplies the 
Fokker 50 and the newly 
launched Dornier 328 regional 
aircraft to this sector, expected 


worldwide annual deliveries to 
average 270 commuter craft, 
rising to around 400 nt the end 
of the forecast period. 

The company had already 
delivered 10 Dornier 32&s. had 
orders on hand for 46 and had 
50 options. It expected 350 
orders over the next 10 to 15 
years, a spokesman said. 

According to the Dasa fore- 
casters. who studied more than 
500 airlines with an overall 
fleet of 13,290. competition 
from high-speed trains would 
reduce potential demand from 
European airlines for com- 
muter aircraft by 7 per cent - 
equivalent to 220 aircraft. 

While the market for larger 
jets would be shared by Boe- 
ing. McDonnell Douglas and 
Airbus Industrie as industry 
consolidation came to an end. 
over-capacity and price compe- 
tition would force mergers or 
closures among the 10 existing 
commuter aircraft suppliers. 
Dasa predicted. 

Average carrying capacity of 
jets would rise from 182 seats 
to 236 by the end of the review 
period, while commuter air- 
craft would have 36 seats com- 
pared with 33 at present. 


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NEWS: INTERNATIONAL 


LDP in 
struggle 
to pick 
bank 
chief 


By Wiliam Dawkins 

and Emika Terazorto m Tokyo 

Japan's Liberal Democratic 
party, the dominant member of 
the ruling coalition, has 
launched a campaign to reas- 
sert its political authority over 
the powerful financial bureau- 
cracy. 

A senior banker and former 
top finance ministry official 
claims the LDP is trying to 
impose its own choice of a suc- 
cessor to Mr Yasusbi Mieno as 
governor of the Bank of Japan. 

Mr Mieno is due to retire at 
the end of the year. The post is 
traditionally arranged in an 
orderly manner between the 
finance ministry and the cen- 
tral bank, which take turns to 
place their own candidate in 
the job. But this time, an ele- 
ment of confusion has crept 
into the handover of power at 
one of the world's most impor- 
tant central banks. 

Mr Yasuo Matsushita, chair- 
man of Sakura Bank, has 
increased his lead as front-run- 
ner for the governorship, with 
the backing of Mr Noboru 
Takeshita, the former LDP pre- 
mier. who brought together the 
three-party coalition at the end 
of June. The LDP has been 
seeking to make its mark since 
returning to power, after a 
h umilia ting year in opposition, 
its first such experience in 
□early four decades. 

Under the previous coalition 
government, support had been 
growing for Mr Yoshihiko 
Yoshino. president of the gov- 
ernment-controlled Japan 
Development Bank, with the 
backing of senior finance min- 
istry officials and of Mr Ichiro 
Ozawa, the former govern- 
ment's backroom strategist. 
Both candidates are former , 
finan ce ministry officials, in I 
deference to the fact that the ' 
present central bank governor ' 
is a career central banker. 

Numerous other rival candi- 
dates for the governorship are 
mentioned in the Japanese 
press, a sign of the new open- 
ness of the power struggle 
between politicians and the 
bureaucracy. 

Senior finance ministry and 
central bank officials deny that 
the LDP is interfering in the 
choice of central bank gover- 
nor, which is expected to be 
decided by Mr Tomiirhi Muray- 
ama, the prime minister, in 
November. Officially, Mr Yosh- 
ino has withdrawn from the 
race on health grounds and 
because he feared that his spo- 
ken English was inadequate. 
Mr Matsushita also has finance 
ministry support, though from 
a different group of officials 
from those who backed Mr 
Yoshino. 

What is clear, however, is 
that this change of governor at 
the Bank of Japan is less 
smooth and more public than 
usual. 

In another sign of the LDP's 
swiftness in bolstering its 
influence, the party tans found 
a new iob for a senior Ministry 
of International Trade and 
Industry official close to the 
party, who was deposed last 
year by the former government 
of Mr Morihiro Hosokawa. 

Miti last month informally 
asked Sanwn Bank to hire the 
official concerned, Mr Masa- 
hisa Naito. former director-gen- 
eral of Miti's industrial policy 
bureau, as an adviser. A Sanwa 
Bank official said yesterday 
Miti's request was unlikely to 
be refused. 

• Japan's Foreign Minister 
Yobei Kono is to discuss 
Japan's bid for a permanent 
seat on the United Nations 
Security Council with UN Sec- 
retary General Boutros Bout- 
ros Chali in Tokyo. 

Japan has expressed an 
interest in becoming a perma- 
nent member of an expanded 
UN Security Council provided 
the move has the backing of 
neighbouring Asian nations. 


Vatican makes waves at Cairo conference 


By Mark Nicholson in Cairo 

The 17-strong Vatican 

delegation is among the big- 
gest per capita of any attend- 
ing the International Confer- 
ence on Population and 
Development, given UN figures 
putting Vatican City popula- 
tion at 1,000. By yesterday fum- 
ing delegates from many coun- 
tries felt that the Holy See was 
wielding disproportionate 
influence in the conference 
proceedings. 

While top diplomats and 
career lobbyists grudgingly 
marvelled at the Vatican's dis- 
cipline and tenacity in holding 
up consensus on the confer- 
ence's critical text on abortion, 
many also asked if it was 
appropriate to have a religion 
represented at a convocation of 
nation states. 

“If they are here, the Buddh- 
ists, the Moslems and the Hin- 
dus should be here; they have 
no right being here.” a Euro- 
pean diplomat said. 

Such views were being 
widely voiced. “The Vatican is 
the only state in the world that 
has no children and no moth- 
ers, but still it has been able to 
hold up all the rest of the coun- 
tries in agreeing this important 
document,” one UN official 

said. 

“Does the Vatican rule the 
world?" asked an exasperated 
Mr Maher Mahran. Egypt's 
population minister. “If they 
are not going to negotiate, why 
did they come?" 

In response. Vatican officials 
said they had every right to be 
at the conference as they were 
among the world's biggest pro- 
viders of health care, through 
almost 100.000 clinics and hos- 
pitals. “We may not be a tradi- 
tional nation state, but we're 
the only organisation here 
with responsibilities world- 
wide," said one delegate. 

Critics argued, however, that 
unlike all other states which 






B fA 


MAR.E STORES HUtW*"" 


a' ** 














Back to back: Stalls set up by non-governmental organisations at the Cairo conference dash in aims, with Marie Stopes International 
(right), which accepts abortion as a means of birth control next to International Bight to life federation, which opposes it. anm* 



have to govern people with 
health problems and formulate 
population policies, the Vati- 
can was in Cairo principally to 
defend the tenets of a religion. 

Abortion, mentioned no 
more than a dozen times in the 
139-page draft text intended to 
offer a broad developmental 
approach to global population 
stabilisation, is anathema to 
the Catholic faith. Terms such 
as “safe abortion" cannot be 
squared with a faith for which 


every abortion is the ending of 
a human life. 

Indeed, one Holy See dele- 
gate admitted that, above all 
the Vatican wanted to prevent 
any possibility that the final 
Cairo declaration could be 
open to interpretation as offer- 
ing an internationally sanc- 
tioned right to abortion. 

The Vatican's critics have 
vehemently argued that no 
such right is sought, but rather 
the right of women to have 


access to “safe, effective, 
humane health care," to quote 
the World Health Organisation, 
and an acceptance that since 
the occurrence of abortion is 
an unassailable fact, govern- 
ments should “deal forth- 
rightly with unsafe abortion as 
a major public health con- 
cern." to quote the contested 
draft text. 

But in haggling over the 
uneasy mesh of theological and 
UN conference terminology. 


the Holy See has proved a 
tough belligerent. 

As Ms Francis Kissling. pres- 
ident of Catholics for Free 
Choice, put it: ‘They’re good - 
they're intelligent, suave, 
sophisticated, tenacious. These 
people have been doing diplo- 
macy for 1,500 years. This is 
the former Holy Roman 
Empire we're dealing with: 
they've made and unmade 
kings." 

Some diplomats said the Vat- 


ican's strength also derived 
from having placed effective 
representatives within national 
delegations. “They are in with 
Malta, Guatemala: you don't 
know where they are," a Euro- 
pean official declared. 

The Vatican is additionally 
seen to be ably ted, by Arch- 
bishop Renato Martino, the 
Holy See's observer at the UN. 
whom one official character- 
ised reverently as “the most 
brilliant Vatican negotiator in 
the world". Bishop James 
McHugh, bishop of New Jersey- 
and chief interlocutor with the 
US, has also won grudging 
admiration. 

By last night, the Vatican 
had manag ed to keep at least 
10 allied states from falling in 
behind the abortion text. 

Many (Baroness Chalker. 
head of the UK delegation 
among them) felt that the Vati- 
can and these states should 
simply state their objections 
and allow the conference to 
move on. “If they're going to 
enter a reservation but not 
wreck the conference, surely 
they should enter one now," 
she said. 

The Holy See's representa- 
tives vehemently deny they 
intend to wreck the confer- 
ence. but some other delegates 
believe the Vatican's intransi- 
gence in Cairo may weaken its 
position in future world gath- 
erings. 

“They have seriously over- 
played their hand," says Ms 
Kissling. who cites a string of 
polls indicating that most 
faithful in a host of Catholic 
countries have long since for- 
saken Papal edicts on family 
planning. 

“They will probably make 
what they see as progress on 
abortion here, but their stand 
is not going to help them at the 
□ext conferences. It is putting 
them further out trf line with 
what most Catholics actually 
want and do.” 


World Bank chief says meeting the $17bn UN target is ‘not the main issue’ 

Money ‘no problem’ for population policies 


By Bronwen Maddox in Cairo 

The World Bank has dismissed fears 
that lack of funding will prove a seri- 
ous obstacle to the policies agreed at 
the global conference on population 
and development in Cairo. 

As delegates become optimistic 
about reaching consensus on abor- 
tion, the issue which has dominated 
proceedings, their concerns are 
switching to the question of money. 
Mr Lewis Preston, the bank's pres- 
ident, said that meeting the United 
Nations target of S17bn (£Ubn) a 
year by 2000 was “not the main 
issue". Better use of resources and 
improving women’s education were 
greater problems, he argued. 


last year the bank spent $2bu on 
women's education, and S2€0m on 
family planning. It expects to spend 
50 per cent more on family planning 
over the next three years. Mr Preston 
warned that developing countries 
would probably have to find two- 
thirds of the I17bn total themselves, 
as the UN’S draft policy document 
recommends. This implies that devel- 
oping countries’ current level of 
spending on family planning - some 
S5bn a year - must more than double 
by 2000. 

Although Mr Preston argued that 
$5bn amounted to less than 5 per cent 
of military spending in developing 
countries, the likelihood of a sharp 
increase in spending on family plan- 


ning has been greeted with scepti- 
cism by women's groups. 

“It Is unrealistic to think that these 
governments will prefer to spend 
money on women's education rather 
than tiie latest aircraft technology," 
said one woman from a Moslem coun- 
try, who asked not to be named. 
"They even find it humiliating to 
have someone suggest that they can’t 
afford the latest western military 
gadgets because they still have aU 
these ignorant women running 
around," she added. 

Against a background of such con- 
cerns, developed countries have 
announced sharp increases in spend- 
ing. Germany has indicated it may 
spend some $2bn by 2000. Mr Yokei 


Kono, Japanese foreign affairs minis- 
ter. also told the conference Japan 
would provide funds for family plan- 
ning “towards a targeted sum" of 
S3bn between 1994 and 2000. He said 
this would be co-ordinated with the 
S9bn he expected the US to spend in 
that period. 

However, Mr Brian Attwood, 
administrator of the US Agency for 
International Development, said “this 
is not a pledging conference" and 
that talks of precise sums was inap- 
propriate. 

The US will spend S585m in the 
year to September 1995 - a sharp 
increase from spending on family 
planning under the Reagan and Bush 
administrations, which were deter- 


mined that US funds should not be in 
any way connected with programmes 
involving abortion. 

In Japan’s case, the increase 
reflects its sensitivity to allegations 
it has in the past contributed rela- 
tively little to international develop- 
ment programmes. 

UN agencies such as the UN Popu- 
lation Fund and the World Health 
Organisation - now headed by a Jap- 
anese - have found themselves grate- 
ful recipients of increases in Japa- 
nese contributions while other 
industrialised countries have cut 
back. About 10 par cent of US and 
Japanese spending on family plan- 
ning will be diverted through UN 
agencies, delegates said. 


Cash-strapped Arafat seeks to hasten aid 

His credibility is linked with improving conditions for Palestinians, writes Julian Ozanne 


I nternational aid donors 
meet Palestinians in Paris 
today to speed the release 
oC hundreds of millions of dol- 
lars of assistance vital to con- 
solidate fragile Middle East 
peace. 

A new aid agreement, with 
considerably quicker mecha- 
nisms of disbursement, has 
become the overwhelming pri- 
ority of the cash-strapped Mr 
Yassir Arafat in his struggle to 
build tbe foundations of a cred- 
ible Palestinian state. 

Tortuous negotiations with 
Israel over expanding limited 
self-rule, the slow pace of inter- 
national aid. the delicate inter- 
nal political situation and the 
overwhelming problems of pov- 
erty. unemployment and 
decayed infrastructure all pres- 
ent formidable challenges to a 
sustainable peace. 

On the positive side, the 
9,000-strong Palestinian secu- 
rity forces appear to have 
taken firm control. Mr Arafat 
is still enjoying the honey- 
moon of his reunification with 


his people; the Palestinian 
National Authority is slowly 
taking shape building its tech- 
nical capacity, and the peace 
process is moving forward with 
the extension of self-rule over 
the main services in the still- 
occupied West Bank. 

But economic expectations 
are high and the tangible 
achievements few. Some econo- 
mists believe the standard of 
living in Gaza has declined 
substantially since Israel rede- 
ployed its forces out of the 
bulk of the Strip last May and 
some prices have risen 50 per 
cent. 

A large part of the responsi- 
bility for the deteriorating eco- 
nomic situation rests with 
Israel, which continues to deny 
thousands of Palestinian 
migrant workers permits to 
travel to their jobs In Israel. 

But discontented Palestin- 
ians will blame Mr Arafat for 
their distress. Ru n ning the 
decrepit Gaza Strip was never 
going to be easy but Mr Arafat 
has been overwhelmed by the 


day-today difficulties. 

First, he has had to learn 
some hard lessons about inter- 
national economics and the 
tortuous mechanisms of the 
aid community. 

Mr Arafat believed that once 
he was back in Gaza, the mil- 
lions of dollars of aid pledged 
by donors would flow quickly. 
It has not and economics has 
become both the buzzword and 
the major headache of his 
court 

Donors, reluctant to fluid 
administration and policing 
costs from taxpayers' money, 
and sceptical about tbe PLO 
chairman's financial dealings 
in the past have insisted on a 
complex system of accountabil- 
ity. Disbursements from the 
Holst Peace fund, set up to 
finance the salaries and run- 
ning costs of the embryonic 
Palestinian National Authority 
and technically worth $13m 
(£8. 6m) a month, have been 

slow. 

Donors have insisted on the 
presentation of audited 


accounts and receipts before 
releasing tranches from the 
fund. 

The Palestinian Finance Min- 
istry took time establishing 
itself to meet the requirements 
and is still constrained by a 
lack of technical expertise. 
International aid for the secu- 
rity forces worth Slim has 
been released but a regular 
system for funding has yet to 
be developed 

T he United Nations is 
preparing to administer 
a “cop fund" worth $7m 
a month to pay salaries and 
running costs, but funds may 
be difficult to gather. Donor- 
funded projects have also been 
slow in materialising. 

Japan has agreed $15m for 
police housing and a general 
clean-up of Gaza, the European 
Union sighed a package contri- 
buting 51.5m to the clean-up 
operation, and the World Bank 
yesterday signed a $30m loan 
agreement for sewage, water, 
energy and transport projects. 


Part of the problem Is with 
Pecdar, the Palestinian agency 
responsible for executing pro- 
jects with donors over which 
Mr Arafat initially exercised 
firm personal controL World 
Bank criticism forced him to 
cede some of this controL . but 
Pedcar officials say interna- 
tional criticism encouraged 
ministers to attack the agency 
and undermine Its programme. 

These issues will be dis- 
cussed in Paris where it is 
hoped that the Holst fund will 
be expanded by up to $6m-7m a 
month to help meet the addi- 
tional costs of taking over 
West Bank services and 
finance a revised budget deficit 
of S25m a month. But contin- 
ued failure to make quick 
improvements in Gaza's living 
standards could have serious 
political implications. 

“We have to be patient but 
for how long?" asked Mr Nabil 
Abu Irdeineh, an Arafat 
adviser. 

“Expectations must be met 
and our people cannot wait for 


ever. Even Arafat doesn't 
know what will happen. If 
things go on like this, it is giv- 
ing good material to tbe oppo- 
sition." 

Although the Islamic Hamas 
group opposed to peace with 
Israel undermines the Palestin- 
ian authority by providing bet- 
ter social services, the PLO, for 
the moment, is still gaining 
from the popularity of its 
return and the removal of the 
worse abuses of Israeli occupa- 
tion in Gaza. But Mr Arafat 
must tread carefully with 
Hamas, which ultimately is 
bent on destroying the PLO 
and establishing an Islamic 
state from the Jordan River to 
the Mediterranean. 

In the end. the strength of 
the opposition will depend on 
how successful Mr Arafat is in 
removing the glaring economic 
conditions which breed discon- 
tent and extremism. Pressing 
forward with democracy and 
winning more territorial gains 
from negotiations with Israel 
will also be vital 


Nigerian 
minister 
denies role 
in decrees 


Nigeria's minister of Justice 
said yesterday his ministry 
was not party to controversial 
new laws giving the military 
rulers sweeping powers of 
arrest. Paul Adams and Reuter 
report from Lagos. 

“The ministry has to dear 
the air in that it has no know- 
ledge, no copy or any informa- 
tion about the promulgation of 
these decrees which sweep 
away our liberties." Mr Olu 
Onagoruwa. the justice minis- 
ter and attorney general, told a 
news conference. He said it 
was possible he would resign 
over the issue. 

Tbe three new decrees have 
extended the powers of 
Nigeria’s military regime to 
suppress civilian opposition, 
after the collapse this week of 
a two-month strike by oil 
workers demanding that Gen 
Sani Abacha hand over power 
to the jailed presidential candi- 
date Mr Moshood Abiola. 

They strip the law courts of 
the power to challenge the gov- 
ernment's authority, extend 
the term for detention without 
charges from six weeks to 
three months and proscribe 
three independent daily news- 
papers. 

Ozone layer set 
to recover 

The earth’s protective ozone 
layer will reach its lowest level 
around the turn of the century 
and is then expected to recover 
gradually to near-normal levels 
within about 50 years, accord- 
ing to the latest scientific 
assessment of ozone depletion 
released this week by the 
World Meteorological Organi- 
sation and the UN Environ- 
ment Programme. Frances Wil- 
Hams reports from Geneva. 

The assessment confirms 
that international action to 
curb production of ozone-de- 
pleting chemicals such as 
chlorofluorocarbons (CFCs) 
has already begun to slow the 
build-up of these chemicals in 
the atmosphere. 

However, it warns that “the 
ozone layer's most vulnerable 
period still lies ahead" and 
that the expected recovery is 
contingent on strict adherence 
by all nations to the Montreal 
Protocol which bans produc- 
tion of CFCs after 1995. 

HK newspaper to 
print in Beijing 

A Hong Kong newspaper pub- 
lisher has won permission to 
print its English-language 
daily, the Hongkong Standard, 
in Beijing, the company said 
yesterday, Reuter reports from 
Hong Kong. 

“We are the first and only 
foreign-language newspaper to 
be granted permission to be 
printed in the People's Repub- 
lic of China," Mr Jim Marett, 
the group’s general manager 
said. Publishers Sing Tao Hold- 
ings, founded by philanthropist 
Mr Aw Boon Haw who made 
his fortune by inventing Tiger 
Bairn ointment, said the China 
print run would begin today 

India broadens 
investment access 

The Indian government yester- 
day approved 32 proposals for 
foreign direct investment 
worth Rs3bn (£62m), bringing 
to Rsi64bn the total since the 
introduction of its reform pro- 
gramme in 1991 to more than 
RsltMbn. Shiraz Sidhva reports 
from New Delhi. 

A committee of the Finance 
Ministry, which had cleared 
the proposals, said in a state- 
ment that some of the invest- 
ments had projected export 
earnings of nearly Rs7bn over 
a period of five years. Projects 
include the establishment of a 
holding company. BPL 
Finance, by Sanyo Electric of 
Japan and its Indian partner, 
BPL Electronics. 


FINANCIAL TIMES 


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Japanese hosts likely to face diplomatic embarrassment 

Taiwan accepts invitation to Asian 
Games in defiance of China 


Tajiks agree to 
delay elections 


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By Laura Tyson in Taipei 

Taiwan's President Lee 
Teng-hui has accepted an invi- 
tation from the organisers of 
the Asian Games to attend the 
event next month in Hiro- 
shima, in a move which will 
embarrass the Japanese gov- 
ernment and anger China. 

China Insists it will boycott 
the region's premier sporting 
event if Mr Lee is permitted to 
attend. China regards Taiwan 
as a rebellious province and Mr 
Lee as its illegitimate leader. 

Mr Raymond Tai, presiden- 
tial spokesman, told a press 


conference in Taipei yesterday 
that Mr Lee had accepted the 
invitation from Kuwait's 
Sheikh Ahmad al-Fahad, presi- 
dent of the Olympic Council of 
Asia, In order to "promote 
world peace and harmony". 
More than 7,000 athletes from 
42 countries and territories are 
due to compete in the games 
from October 2 to 16. 

Taiwan's foreign ministry 
meanwhile issued a statement 
saying that Mr Lee's accep- 
tance had “nothing to do with 
relations between the Republic 
of China and Japan” and that 
the president merely wished to 


attend the . event. Tensions 
have been escalating over the 
matter for the last month. On 
Tuesday Mr Tomiichi Muray- 
ama, Japan's prime minister, 
said Mr Lee's visit to Japan 
“may be difficult to realise". 

The absence of Chinese ath- 
letes, considered the best In 
the region, would be a severe 
blow to the success of the 
games. Granting Mr Lee per- 
mission to alight on Japanese 
soil even as an ordinary tour- 
ist rather than as a head of 
state, could also provoke diplo- 
matic repercussions. 

Japan switched diplomatic 


recognition from Taipei to Bei- 
jing in 1972, off ici ally affirming 
Beijing’s claim that Taiwan is 
a part of China. 

Taiwan has threatened to 
boycott the games If Japan pre- 
vents Mr Lee from travelling to 
Hiroshima. "We don’t rule out 
the possibility of boycotting 
the gaTTnm if our national dig- 
nity suffers a serious blow," 
said Mr Chang Feng-shu, chair- 
man of Taiwan's Olympic Com- 
mittee. 

Taiwanese legislators have 
urged Japan to allow Mr Lee to 
attend, arguing that politics 
should not interfere with sport 


By Steve LaVins 

Tajikistan yesterday postponed 
presidential elections sched- 
uled for later this month, bow- 
ing to pressure from Moscow 
to open the field to opponents 
fighting a guerrilla war against 
the government. 

The Tajikistan parliament 
voted overwhelmingly to delay 
the September 25 elections 
until November 6. 

It was unclear, however, 
whether Mr Rakhmanov was 
genuine, given that he failed to 
lift a ban on the main organ- 
ised opposition, the Islamic 
Renaissance party and the 
Democratic party. He merely 
told parliament "We want as 


many candidates as possible to 
contest the elections, including 
those from the opposition." 

If genuine, it would be a sig- 
nificant step toward ending a 
guerrilla war with opponents 
based across the border in 
Afghanistan by drawing them 
into the political process. 

The vote follows intense 
pressure from Moscow and 
neighbouring Uzbekistan - 
both worried about the spread 
of instability - to end the fight- 
ing. Mr Rakhmanov is almost 
entirely dependent on Russian 
economic and militar y support 
to prop up hig government, 
particularly the 25,000 
B-ussian troops stationed in 
Tajikistan. 


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FINANCIAL TIMES THURSDAY SEPTEMBER & 1994 


5 


★ 

NEWS: THE AMERICAS 


Clinton puts 
his stamp on 
legal system 


Canny Menem wins second shot 


But new constitution could 
backfire against the 
president says John Barham 



Menem (left) and AMonsin did a deal fn secret on constitution 


By George Graham 
hi Washington 

President Bill Clinton may be 
having mixed success in per* 
suading Congress to pg» «y the 
laws he wants, but he is mak- 
ing more progress at putting 
his stamp on the men and 
women who will Interpret 
those laws. 

Already, Mr Clinton won 
Senate confirmation for 86 of 
his nominees to be federal 
judges, and White House offi- 
cials hope they may be able to 
squeeze another 40 or so 
through in the next few weeks 
before the Senate breaks op 
ahead of November’s congres- 
sional elections. 

That would not only make a 
dent in the sizeable hanking of 
unfilled judgeships that Mr 
Clinton inherited from Presi- 
dent George Bush; it would 
also go some way to chang in g 
the complexion of the federal 
judiciary away from the con- 
servative nominees of Mr Bush 
and President Ronald Reagan. 

That includes Mr Clinton’s 
two nominees to the nine-mem- 
ber Supreme Court, Justice 
Ruth Bader Gtnsburg and Jus- 
tice Stephen Breyer, the first 
two justices nominated by a 
Democratic president since 
President Lyndon Johnson. 

In ideological terms, the 
change is not stark. 

Very few of Mr Clinton’s 
nominees have aroused much 
opposition. Most have been, 
like Mrs Ginsburg and Mr 
Breyer, moderates of unques- 


A regional leader of Mexico's 
opposition Democratic Revolu- 
tion Party has been shot dead 
in the troubled southern state 
of Chiapas, Renter reports 
from Mexico City. 

Mr Roberto Hernandez Pani- 
agua, who was the centre-left 
party’s head in the town of Jal- 
tenango de la Paz, was shot 
several times as be cycled to a 
school where be was a teacher. 


turned legal competence. ' 

This is in contrast to the Jus- 
tice Department, where in 
Gelds ranging from civil rights 
to anti-trust the Clinton admin- 
istration has diverged sharply 
from the policies of the Reagan 
and Bush years. 

The biggest confirmation 
row so far came over Judge 
Rosemary Burkett, a former 
Catholic nun from Florida 
whose reservations about the 
death penalty came under 
attack. But Ms Barkett eventu- 
ally won confirmation to a seat 
on the lith circuit federal 
appeals court, which covers 
Florida, Georgia and Alabama. 

Another nominaa who bag 
aroused some controversy, 
Judge Lee Sarokrn, has yet to 
be confirmed. 

Mr Sa mMn was removed in 
1992 from a liability case 
a gains t 3 cigarette company by 
the 3rd circuit appeals court to 
which he now been nomi- 
nated. 

In diversity of background, 
however, Mr Clinton’s selec- 
tions differ - radically from the 
white males chosen over- 
whelmingly by Mr Reagan and 
Mr Bush. 

Among the judges so far 
nominated or confirmed, Mr 
Clinton has already picked 
more women than Mr Bush did 
in his whole four-year term, 
and over one-third more than 
Mr Reagan in eight years. The 
28 black Americans he has 
nominated beat by almost 50 
per cent the combined Reagan- 
Bush total 


The shooting followed sev- 
eral days of growing unrest in 
Chiapas, where PKD support- 
ers have protested at the 
results of the state's guberna- 
torial election cm August 21. 
The PRD claims its candidate 
won the race but that the long- 
ruling Institutional Revolution- 
ary Party was given the vic- 
tory because of masmve elec- 
toral fraud. 


Cayman 
Islands to 
send back 
Cubans 

By Canute James in Kngston 

The Cayman Islands will 
repatriate most of the 395 
Cuban refugees in the British 
colony and wiU not accept any 
more, said Mr Michael Gore, 
the colony's governor. 

This follows the US rejection 
of a proposal from the Islands’ 
administration that the 
Cubans be transferred to refu- 
gee centres in rather Panama 
: or the US naval station at 
Gnantdnamo Bay in south- 
eastern Cuba. 

Mr Gore said the Caymanian 
a dminis trati on b ad no alterna- 
tive but to repatriate the 
Cubans “classified as eco- 
nomic migrants- . . as Hie US 
authorities are unwilling to 
accept Cuban migrants from 
Cayman”. 

The move highlights Wash- 
ington’s difficulties in per- 
suading Caribbean and Latin 
American nations to belp 
house the growing numbers of 
refugees. 

The first of 10,000 Cuban ref- 
ugees due to be airlifted from 

fl nanfehiflnm to Panama (fgre 

moved earlier this week, but 
Panama’s government is only 
allowing the refugees to be 
housed for six months as a 
humanitarian gesture. 

Meanwhile, Hr Ricardo 
Alar&nt, head of the Cuban 
delegation negotiating with 
the US over the flow of Caban 
boat people, was re turnin g to 
Havana for consultations, Mr 
Warren Christopher, US secre- 
tary of state, said yesterday. 

The Cayman Islands are 120 
miles south of Cuba and small 
numbers of refugees have been 
arriving over the past two 
years. The flow increased 
recently, with 56 arriving last 
weekend, bringing the number 
since August 10 to 286. Most of 
the Cubans are in a special 
camp and others are kept in 
the prison. The Islands’ 
administration said last week 
that this year’s refugee budget 
had been exhausted. 

Mr Gore said the British 
embassy in Havana would tell 
Cubans planning to flee to the 
Cayman islands that they 
would not be allowed to stay. 


A rgentina's new consti- 
tution is almost tai- 
lor-made to suit the 
interests of two men - Presi- 
dent Carlos and his old 

rival, Mr Radi Alfonsln, the 
opposition Radical party leader 
and fanner president 
They negotiated in secret a 
package of constitutional 
amendments in which Mr 
Alfonsln supported Mr 
Menem 's central objective - 
lifting a constitutional ban on 
successive presidential terms - 
in wwYwngP for greater powers 
for the opposition, the legisla- 
ture and the judiciary. 

Mr Menem is now free to 
stand for re-election to a sec- 
ond, four-year, term in May 
1996. 

However, the reforms which 
came into force last month, are 
not popular. Mr Rosendo 
Fraga, a pollster and political 
commentator, says few people 
believe the reforms are essen- 
tial “The only reason for 
reform is Menem’s re-election. 
The other chumps are only 
there to justify this.” Mr 
Menem’s positive image has 
now dropped below 40 per cent 
from over 50 per cent last 
December. 

This has benefited the Frente 
Grande, an «nfanati of left-wing 
parties, ecologists and disaf- 
fected Peronists and Radicals 
whose support has grown 
strongly through opposition to 
the reforms and Mr Menem’s 
re-election- Its growth threat- 
ens the balance of interests the 
Radicals and Mr Menem’s 
Pernms t party wrote so care- 
fully Into the new constitution. 
Take the new election rules. 


In future, the president wQl he 

elected directly - replacing the 

old US-style electoral college. 
Elections will be held in two 
rounds, unless the winner 
takes at least 45 per cent of the 
vote first time around. Alterna- 
tively, the leading candidate 
would win with only 40 per 
cent of the votes if the run- 
ner-up is more than 10 percent- 
age points behind. 

This was designed to help 
the Peranist party, which nor- 
mally polls over 40 per cent of 
the vote. But imiaew his image 
improves, Mr Menem could 
have to go through a bruising 
second-round vote, and his 
likeliest contender would not 
be a Radical, but Mr Carlos 
“Chacho" Alvarez, the Frente’s 
telegenic leader, who boasts a 
rating of 24 per cent 

The new constitution adopts 
a semi-parliamentary form of 
government which Mr Alfonsln 
hopes will give Congress 
greater leverage over the gov- 
ernment. Under the new rules, 
the president will appoint a 
cabinet chief, similar to a 
prime minister, to run the gov- 
ernment’s day to day b usiness 
Congress will be able to sack 
the cabinet chief with a simple 
majority in the Senate and 
Chamber of Deputies. 

The difficulty with this inno- 
vation Is that. Mr Mpnpm hag 
already said he will not cede 
fundamental presidential pow- 
ers. The cabinet chief could 
therefore become either an 
irrelevance or a source of fric- 
tion between the president and 
Congress. 

Mr Alfonsln also demanded 
that the 48-member Senate be 


Increased by half, with the new 
members coming from the 
opposition parties in each of 
Argentina's 23 provinces and 
the federal district of Buenos 
Aires. 

In addition, Congress gains 
new powers to reject presiden- 
tial decrees, control the federal 
audit office and participate in 
running the judiciary. A new 
system allowing congressional 
committees to legislate virtu- 
ally independent of the floor of 
the Senate or Chamber of Dep- 
uties is intended to increase 
the snail's pace of lawmaking. 

However, the ruling Peron- 
ists do mina te both chambers of 
Congress, so it is debatable 
how effective these added pow- 
ers will be. Furthermore, the 
fnfhipwtiai congressional com- 
mittees could fall further 
under the sway of special inter- 
est groups. 

The constitution includes 
new direct democracy clauses. 
Anyone who gathers the signa- 


tures of at least 3 per cent of 
the electorate can directly sub- 
mit a bill to Congress. Con- 
gress can also call referenda, 
which if approved, cannot be 
vetoed by the president. The 
president can also call a refer- 
endum. although its result is 
not binding. 

The courts also win greater 
independence. Mr Menem’s 
domination of fly* judiciary - 
by packing the Supreme Court, 
or picking party hacks as 
judges - is deeply unpopular. 
A new independent council of 
magistrates comprising politi- 
cians, lawyers, academics and 
eminent persons will take over 
administrative control of the 
courts from the Supreme Court 
and select judges. 

The council's detailed work- 
ings will be decided fry a con- 
gressional law, which the 
Peronists will be sure to con- 
struct as liberally as possible. 
There is always the danger this 
body will be hijacked by the 


parties, undermining its effec- 
tiveness. 

The governors of Argentina's 
23 provinces have also won 
important new rights, espe- 
cially over sharing federal 
taxes. At the moment, a com- 
plicated formula regulates 
sharing of federal tax revenues 
with the provinces. 

The governors will probably 
get more money and win 
greater independence from 
Buenos Aires, strengthening 
them in their battle with Mr 
Domingo Cavallo, the economy 
minister, who demands they 
reform their oversized and cor- 
rupt public sectors. 

Argentinians have followed 
the reform process with little 
interest. Many people think 
that instead of rewriting the 
constitution - this is the third 
reform since 1949 - the politi- 
cians should first learn to 


observe the original 1853 con- 
stitution. 


Labour party sweeps to power in Barbados 


By Canute James hi Kingston 

Mr Owen Arthur, the new prime 
minister of Barbados, says his adxninis- 
tratian will not devalue the island’s cur- 
rency, despite charges made by his 
political opponents in the campaign for 
Tuesday’s general election on the east- 
ern Caribbean island. 

Mr Arthur, a 44 year-old economist. 


was sworn in last night after his Barba- 
dos Labour party won 19 of the 38 seats 
in the lower house, ending 10 years of 
role by the Democratic labour party. 
Mr David Thompson, leader of the DLP 

and finance minister in the Outgoing 
administration, is the opposition leader. 

Responding to persistent charges 
from his political opponents that he 
planned a devaluation of the Barbados 


dollar, which has been under pressure 
intermittently over the past four years, 
Mr Arthur said the currency’s parity, 
fixed by the government, would not be 
whanged. The government’s priority 
was a reduction in the island's 22 per 
cent unemployment rate, he said. 

The election was called 15 months 
before it was constitutionally due, after 
Mr Erskme Sandiford, the former prime 


minister, lost a vote of no confidence in 
parliament when rebellious cabinet 
members, critical of his leadership, 
sided with the opposition. 

Mr Arthur’s immediate task will be 
finding measures to support the moder- 
ate growth which the economy is exper- 
iencing following three years of stagna- 
tion because of poor performance by 
tourism and sugar, its main pillars. 


Chiapas unrest worsens 


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6 


NEWS: UK 


FINANCIAL TIMES THURSDAY SEPTEMBER S t<m 


CFC black market revealed 


Flextech to 
launch TV 
for business 

By Raymond Snoddy 

Flextech, the fast-growing 
media group controlled by TCI 
and Dow Jones, publishers of 
the Wall Street Journal will 
today announce the creation of 
a European Business Channel. 

The London-based channel 
will be launched in the first 
quarter of next year and begin 
by transmitting 18 hours a day 
before moving to a 24-hours a 
day service. It will be carried 
on die Eutelsat satellite sys- 
tem and will broadcast to 
cable networks and satellite 
dishes all over Europe. 

Hie plan is to launch a dual 
service - a conventional ser- 
vice of business news and fea- 
tures with material from Dow 
Jones business television 
channels in the US and the 
Asian Business Channel in 
which TCI is an investor. 

There will also be a more 
specialist digital service to be 
broadcast direct to computer 
screens. This is likely to com- 
pete with Reuters Financial 
Television which launched 
such a service aimed at foreign 
exchange, debt and treasury 
financial markets in Loudon. 
Apart from regular briefings 
fire Reuters service only trans- 
mits when it has potentially 
market-moving Information to 
broadcast 

Several unsuccessful 
attempts have been made to 
launch a European business 
channel. Apart from segments 
of financial and business news 
- such as that provided by FT 
TV for NBC Snperchannel - or 
very specialist services there 
is no round-the-clock business 
channel In Europe. 

In February Flextech moved 
into the ITV system for the 
first time by buying a 20 per 
cent stake in HTV for £27m. 


By CBvo Cookaon 
Science Bettor 

An "amazing black market" in 
chtorofluorocarbons is slowing 
down the transition to environ- 
mentally friendly CFC substi- 
tutes, an executive from IC1, 
the UK chemicals giant, said 
yesterday. 

As a result, CFCs will con- 
tinue to destroy the protective 
ozone layer in the upper atmo- 
sphere tor longer than scien- 
tists bad predicted. 

Mr Michael Harris, external 
relations manager of Elea, the 
ICI business pairing CFC sub- 
stitutes. told a British Associa- 
tion press conference in Lough- 
borough. central England, that 
illegal CFCs were flooding into 


By Peter Norman 
and Alison Smith 

Mr Kenneth Clarke, the 
chancellor of the exchequer, 
and Mr Eddie George, the gov- 
ernor of the Bank of England, 
yesterday reviewed UK official 
interest rates with most City of 
London analysts predicting 
that they would stay 
unchanged for the time being. 

However, the possibility of 
an eventual rise in base rates 
from their current 5-25 per cent 
was underlined by the Trea- 
sury’s latest monthly monetary 
report which said recent indi- 
cators pointed to a further 
strengthening of economic 
activity. 

The report, prepared for the 
meeting, highlighted the 
dile mma facing the Treasury 

and hank On the nnp hand 

underlying inflation was at its 
lowest level for 27 years in 
July and the broadest inflation 


Europe, as the European Union 
phased out their production 
and legal importation. 

A ban on CFC manufactur- 
ing takes effect in the Euro- 
pean Union at the end of this 
year and In the rest of the 
world at the end of 1995. 

The international agreement 
to phase out CFCs followed sci- 
entific evidence that they ware 
destroying the ozone layer, 
which protects the earth from 
harmful ultraviolet radiation. 

Dr Joe Farman, who origi- 
nally discovered the seasonal 
"ozone hole”, told the meeting 
that 70 per cent of ozone was 
lost over the Antarctic between 
August and October last year. 
This year’s hole "is developing 
strongly,” he said; "It’s looking 


measure - the gross domestic 
product deflator - at its lowest 
for 31 years in the second quar- 
ter. But growth - revised up to 
3.7 per cent in the year to the 
second quarter - was the 
strongest since the final quar- 
ter of 1988. 

"Monthly indicators point to 
a further strengthening of 
activity,” the report said. It 
cited continuing growth in 
retail sales, manufacturing out- 
put, output expectations and 
failing unemployment 

Yesterday, the Halifax Build- 
ing Society, the UK's largest 
mortgage lender, voiced its 
fears about the impact of an 
interest rate increase on the 
fragile recovery in the housing 
market 

Announcing the society's 
interim results, Mr Jon Foulds, 
chairman, commented that 
consumer confidence was lag- 
ging well behind the upturn 
shown in offical statistics. "We 


similar to last year." 

Dr Harris said his informa- 
tion about the CFC black mar- 
ket was based on “market 
intelligence and talking to the 
user industries.” Air condition- 
ing and refrigeration compa- 
nies are Large-kale CFC users. 

Thousands of tonnes of CFCs 
were reaching western Europe 
illegally, he estimated. He 
could not say where they were 
manufactured, though it is 
believed that eastern Europe or 
Asia are likely sources. 

"The big high-profile users 
have switched to CFC substi- 
tutes. not only for public rela- 
tions reasons but also because 
they want to be np with the 
new technology,” Dr Harris 
said. 


are concerned that any rise in 
interest rates would damage a 
very delicately poised housing 
market recovery," he said. 

Mr David Gilchrist, corporate 
development manager, said 
that the society was expecting 
some recovery in the autumn. 
But if there were an interest 
rate rise and perhaps a further 
tax increase around the time of 
the Budget in late November, 
the housing market could 
remain depressed through the 
beginning of next year. 

As usual, the Treasury 
report gave no insight into offi- 
cial thinking on interest rates 
while officials refused to com- 
ment on yesterday’s meeting. 

But City analysts suggested 
that the chancellor of the 
exchequer would be unlikely to 
opt for a pre-emptive interest 
rate rise at this stage and 
might prefer to wait for 
November, when next month's 
Conservative parly conference 


The black market relies on 
large numbers of small CFC 
users who do not want to make 
chang es in their equipment to 
use the new substitute chemi- 
cals. And CFCs still cost only 
half as much as the substi- 
tutes. 

Dr Harris blamed govern- 
ments for "losing interest in 
the ozone issue just at the time 
when we need the most draco- 
nian monitoring and enforce- 
ment to make sure that we 
really are getting rid of CFCs.” 

He added that all the tech- 
nology and manufacturing 
capacity was in place to pro- 
vide safe substitutes for all 
applications of CFC without 
causing any disruption to 
industry. 


is safely out of the way. 

The chancellor's next mone- 
tary meeting with Mr George 
will be in less than three 
weeks on September 26. 

• A new statistical system for 
predicting future inflation 
"trends was unveiled yesterday 
by a City of London hank amid 
claims that it provides a more 
reliable guide than the current 
methods used by the Bank of 

En glan d 

The system, developed by 
broker Goldman Sachs, sets 
out to create leading indicators 
for inflation by n«ring a com- 
posite basket of economic data. 

Goldman Sachs argues that 
the system is needed because 
the separate indicators cur- 
rently used by the Bank of 
England to determine when an 
interest rate rise might be 
required for the UK economy 
are not providing a particu- 
larly reliable forecasts of 
future inflation trends. 


Britain in brief 



New code 
for links 
with schools 

The Confederation of British 
Industry, the employers’ 
organisation, published a new 
code of practice for building 
links between companies and 
schools today, and set a target 
for all Its members to have 
links with education by the 
year 2000. 

It said companies should 
agree measurable goals for 
their school links, which 
should be managed "as 
rigorously as any business 
project” and assessed by 
Ofsted, the government school 
inspectorate. 

Mr Ian Dixon, chairman of 
the CBTs education policy 
panel, said; "We can - and 
must - do better. The 
challenge now is to maintain 
the momentum and to improve 
the quality, particularly In 
planning, monitoring and 
evaluating links." 

The announcement followed 
publication of research by 
Cellnet and Motorola for the 
Institution of Electrical 
Engineers, which found that 
secondary school pupils did 
not find science teaching 
relevant, and were deprived of 
"real life" role models to make 
science and technology 
interesting. 


Luxury hotel 
for Belfast 

Hilton International, the 
world's leading hotel group, 
which is owned by Ladhroke 
Group, yesterday announced 
plans to build a £i7m luxury 
hotel in Belfast city centre. 

The hotel will be one of the 
largest developments in the 
Ia ganhank area, Belfast’s 
main inner city project 

Hilton is linking up with 
Ewart, the Belfast-based 
property and investment 
company, to build the 187-room 
hotel. The balance will be in 
grants from the Laganside 
Corporation, with support from 
the Northern Ireland Tourist 
Board. 

Development of the 15-acre 
Laganbank site is expected to 
be complete by 2000 at a cost of 
around £130m. The scheme 
includes concert hall and 


conference centre offices, 
shops and a multistorey car ■ 
park and has won assistance 
from the European Regional 
Development Fund Financing. 


Half trains to 
run in strike 

As much as 57 per cent of the 
railway network will be open 
to services today during the 
latest 24 hour stoppage by 
signal workers, according to 
Railtrack, the state-owned 
company responsible far 

administering the system. This 

amrmtits to 6,090 route miles, 

the highest figure achieved 
since the conflict began 
thirteen weeks ago, indicating 
a further increase in the rail 
service through the use of 
managers and supervisors 
despite the continuing 
firmness of the strikers. 


Oil module 
yard closes 

Trafalgar House Offshore 
Holdings announced that one 
of its two Teesside yards is to 
close, in a restructuring 
prompted by the much reduced 
market for large offshore 
modules as the North Sea oil 
industry moves to subsea and 
floating production systems. 

Mr Syd Fudge, managing 
director of Trafalgar House 
Offshore Holdings, said its 
other yards, at Port Clarence 
on the Tees and Methil, Fife, 
would remain open and 
continue operating normally. 

"We have looked at the 
market, the opportunities and 
our capacity and tried to make 
them equate,” he said. The 
UK’s total current offshore 
fabrication capacity is three to 
four times the available 
workload, he added. 

Methil has work until 
mid-1995 and Port Clarence 
into 1996; the company Is 
pursuing more orders for both. 


Green angst 
grows in UK 

Eighty five per cent of people 
are concerned about 
environmental problems, bat 
most are optimistic about 
what can be done to resolve 
them, according to a 
government survey of public 
attitudes to the environment. 

The national survey showed 
that most people thought 
environmental clean-ups 
should be paid for by the 
organisations or people 
canring them, even if thii; 
meant that the cost of goods 
and services went up. 


Cleanest power 
‘is nuclear’ 

Nuclear Electric, the 
state-owned utility, pressed its 
case for privatisation yesterday 
by producing its first 
environmental report. 

With only three weeks to go 
before the deadline for 
submissions to the 
government's review of tlx 
nuclear industry. NE said that 
nuclear produced the cleanest 
electricity in the UK. and was 
raising its environmental 
standards. The company’s 
report showed that NE met 12 
of its environmental targets 
lost year, but missed three. Dr 
Hawley said the highest dose 
levels were the equivalent of 
eating a brazil nut, adding 
"Lessons have been learned." 


Locals back 
artillery range 

Farmers and villagers In the 
Otterburn area of 
Northumberland are to 
present a special citizens’ 
petition to the Commons, via 
Hwham Conservative MP Mr 
Peter Atkinson, appealing for 
the removal of the Ministry of 
Defence's Otterburn Training 
Area from designation as part 
of the Northumberland 
National Park. 

The petitioners, who 
estimate the Army’s presence 
is worth £6m annually to the 
local economy, are worried 
that recent criticism by 
environmentalists of the 
presence of military training 
within the national park could 
jeopardise the future of the 
artillery ranges which date 
back to 1911. 


Lloyd’s seeks 
run-offs code 

Lloyd’s of London has unveiled 
proposals to increase the 
efficiency of “run offs” - the 
management of claims faced by 
syndicates no longer 
underwriting new business. 
Companies manag ing run-offs 
will need minimum capital of 
£250,000 rising by stages to 
£400,000 for 1999 onwards, the 
same minimum capital 
standards as agents which 
manage syndicates, according 
to a consultative document 
issued yesterday. Lloyd's is 
also proposing to review the 
experience and qualifications 
of run off company staff and 
will demand that run off 
companies deploy effective 
computer systems. Run off 
costs amounted to some £135m 
in 1993. 



Eyes on the prize of a 
reciprocal ceasefire from 
Ulster’s loyalist terrorists 


Chancellor and Bank of England governor meet on interest rates 

Monetary report adds to pressure 


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A s the smoke of battle 
clears following the 
IRA’s ceasefire 
announcement, the peace strat- 
egy being followed by the Brit- 
ish and Irish governments is 
emerging through the haze. 

It looked as though the pro- 
cess had gone awry on Tues- 
day when London dismissed as 
"premature" an historic meet- 
ing between Mr Albert Reyn- 
olds, the Irish prime minister, 
and Mr Gerry Adams, the Sinn 
F6in president 
While Mr Reynolds eagerly 
accepted Mr Adams' assurance 
that the IRA has ended Us ter- 
rorist campaign, Mr John 
Major continued to demand 
"copper bottomed" guarantees 
that there will be never be a 
return to violence. 

Meanwhile, in a theatrical 
confrontation in Downing 
Street Mr fan Paisley, Ulster’s 
single most popular Unionist 
leader, was ejected from the 
cabinet room for refusing to 
accept that Mr John Major did 
not tell lies. 

The dramatic series of events 
prompted reports of renewed 
tensions between London and 
Dublin, amid speculation that 
Mr Reynolds wishes to move 
much faster towards all-party 
talks on Northern Ireland than 
Mr Major thinks wise. 

There are clear differences of 
perspective between London 
and D ublin, not least because 
most of the carnage inflicted 
by the IRA over the last 25 
years has been within the UK 
The view from Dublin is also 
coloured by the historical fact 
that all the Irish political par- 
ties except Labour are 
descended from the old Sinn 
F&in party which campaigned 
for independence from Britain. 

Perhaps because of these 
links, the Irish government is 
more convinced than London 
of the permanence of the Sinn 
F6in leader’s change of heart, 
and less concerned about the 
possibility of a slide bade to 
violence. 

hi spite of their differences, 
however, the two governments 
are moving in tandem towards 
the twin objective of entrench- 
ing Sinn Ffein within the demo- 
cratic process, while demolish* 


Kevin Brown, Tim Coone and 
Jimmy Burns on the peace 
strategies in London and Dublin 


mg Unionist suspicions of a 
sell out to the IRA 

The British government was 
obliged to deprecate the speed 
with which Mr Reynolds 
moved to meet Mr Adams, 
because of the widespread dis- 
taste for the Sum Ffiin leader, 
among Unionists and Tory 
rightwingers. 

But ministers are keenly 
aware that the ceasefire decla- 
ration was opposed by a hard 
line faction in the IRA and 
that it could collapse nniaes Mr 
Adams is able to show results 
from the so-called “unarmed 
struggle.” 

For the same reason, the 
government has reduced secu- 
rity patrols in N. Ireland, and 
would not he greatly unhappy 
to see Mr Adams mai»» a sec- 
ond propaganda visit to the 
US, although it would formally 
urge President Bill Clinton not 
to grant a visa. 

Mr Major also accepts that 
Mr Adams cannot deliver the 
guarantee of a “permanent" 
end to violence that London 
originally demanded because 
that would be regarded by the 
hardliners in the IRA as tanta- 
mount to surrender. 

He has made It clear that 
Britain will accept any form of 
words that allows talks to start 
without the threat of a return 
to violence if Sinn Fein falls to 
achieve its objectives. 

Ministers re main hopeful 
that a form of words can be 
agreed, although leading 
republicans say that further 
clarification is unlikely in the 
near future, because of the 
danger of provoking divisions 
within the terrorists’ ranks. 

Meanwhile. Mr Major’s pro- 
planned confrontation with Mr 
Paisley was intended to isolate 
his hardline Democratic Union- 
ist parly by demonstrating that 
threats and bluster will 
achieve nothing, 

Mr Major also wanted to pro- 
vide a sharp contrast between 
the DUP and the more con- 
structive role being played by 


Mr James Molyneaux’s Ulster 
Unionist party, which has 
broadly supported the peace 
process. 

There were signs yesterday 
that the strategy was working. 
Mr Paisley compared Mr Major 
to Adolf Hitler, but ruled out 
taking his struggle for the 
Union to the streets, suggest- 
ing that Ids popular support 
may be de clining . 

Mr Ken Maginnis, a senior 
UUP MP, accused Mr Paisley erf 
“harming the cause of Union- 
ism,” confirming that the UUP 
will continue for the time 
being to go along with Mr 
Major. 

The big prize, however, is 
the prospect of a reciprocal 
ceasefire by the loyalist terror- 
ist organisations, the Ulster 
Freedom Fighters and the 
Ulster Volunteer Force. 

British ministers hope that 
Mr Major's brusque rejection of 
Mr Paisley’s attack on his 
integrity will reinforce the gov- 
ernment's insistence that no 
secret deals have been done 
with the IRA 

The indications are that the 
loyalist paramilitaries would 
probably call to a hal t to vio- 
lence if fears of a “sell out" can 

assuaged. 

However. Unionist leaders 
With links to the paramilitaries 

warned yesterday that the 
nationalist summit in Dublin 
was being interpreted by some 
terrorist leaders as evidence of 
IRA influence on the peace pro- 
cess. 

Officials In both capitals say 
that the peace process is at an 
extremely delicate stage, and 
warn that an upsurge in Loyal- 
ist violence or a republican 
refusal to clarify the ceasefire 
could cause a breakdown. 

. Nonetheless, work Is con- 
tinuing on an inter-govemmen- 
tel “framework" agreement, 
expected in the autumn, which 
will make detailed proposals 
for Ulster’s fixture. If the cease- 
fire holds, that will be when 
the real tough tenting starts. 




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FINANCIAL TIMES THURSDAY SEPTEMBER 8 1994 * 

MANAGEMENT: MARKETING AND ADVERTISING 


E ver since public relations 
as a discipline in 
its own right, the industry 
has been struggling to 
prove its effectiveness and pntfes- 
fito Mliftm . But attempts to evaluate 
PR are often hampered by the bdirf 
that its methods are too subtle and 
results too intangible to be mea- 
sured. 

The view that PR was too "cre- 
ative and intuitive" to be evaluated 
was Jong held by Shirley Horn, OK 
director of corporate 
Warn at Hewlett-Packard, the com- 
puter manufacturer. Until three 
years ago, the nearest she came to 
measuring the effectiveness of her 
work was “eyeballing the size of the 
cHppings Under”. 

But in 1991 she was sent, under 
duress, on a three-day course about 
total quality management It con- 
vinced her that PR was a process 
that could be evaluated Uke other 
disciplines. 

T emerged on a soapbox,” she 
says, "Since then, we have been 
successfully applying total quality 
management methodology to PR 
processes - documenting, measur- 
ing and continuously improving the 
effectiveness of each process.” She 
now measures everything from the 
correlation between c o verage and 
the speed of response to journalists’ 
telephone calls, to the number of 
thank-you tetters written by dinner 


Claims that public relations cannot be evaluated are 
increasingly questioned, writes Vanessa Houlder 

Getting the 
measure of PR 


Horn's belief that PR can be use- 
fully evaluated is increasingly 
widely shared. "This is the age of ‘if 
you can’t measure it, don't do if,” 
says Sandra Macteod, manag in g 
director, Europe, of Carina Interna- 
tional, a media evaluation service. 
It is one of more than a dozen 
media evaluation services recently 
established in the UK which quan- 
tify trends in media attitudes to 
various issues and messages affect- 
ing a company. 

Part of the value of media assess- 
ment to a PR department is that it 
helps underpin the case for a partic- 
ular budget 


Jane Drew, a public affairs man- 
ager at American Express, finds 
that using the Canna evaluation 
system helps demonstrate to senior 
management the effectiveness of PR 
campaigns. "We find it useful 
because PR is not taken as seriously 
as marketing car finance," she says. 

Evaluation reports can also sug- 
gest ways to improve a PR cam- 
paign. Bass, the brewing company, 
uses the Impact system developed 
by Infopress, a PR consultancy, to 
keep track of messages concerning 
matters such as quality, innovation, 
tradition and management. 

If the tracking studies show that 
a message such as “Bass offers 
quality brands” is being expressed 
less frequently in the press, the 
company will try to remedy the 
trend by, say, making extra efforts 
to publicise awards won by Its 
beers, says Lesley Allman, external 

Rnmmmriwrt lnTW manager. 

Evaluation reports may persuade 
companies to drop a campaign. For 
instance, a drive by Philip Morris to 
counter criticism about the impact 
of tobacco cm health was found to 
be fruitless. 

Other benefits of evaluation 
reports indude identifying journal- 
ists who have been particularly 
favourable or hostile towards a 
company. PR may also 

be able to assuage the wrath of a 
chief executive incensed by a nega- 


tive article, by demonstrating that 
overall coverage of the company is 
becoming more positive. Con- 
versely, a critical press can some- 
times alert a company to an area of 
weak per forman c e 
But not everyone believes that 
evaluation are a 

satisfactory measure of PR's effec- 
tiveness. One inevitable problem is 
that PR managers have nq direct 
control over the results of their 
efforts in the media. Moreover, it 
may be hard to disentangle the 
impact of a public relations pro- 
gramme from that of other market- 
ing exercises, such as direct mail, 
promotions or sponsorship. 

Another problem is that media 
response to a PR campaign is not 
the ftdl story. The ultimate purpose 
of most PR campaigns is to influ- 
ence consumers, or target groups 
such as shareholders or parliamen- 
tarians. The impact of the campaign 
may naad to be monitored by u s in g 
survey research, setting up focus 
groups, keeping track of share price 
movements and measuring sales- 
PR evaluation also does not weigh 
success in limiting press criticism 
after a damaging news story has 
emerged. Admittedly, companies 
that continually attract negative 
comment can measure the perfor- 
mance of their PR departments by 
ltflflp frn g track of the volume of neg- 
ative messages in the coverage. The 


department can also measure its 

success in tempering the bad news 
with some positive messages. 

But most commentators agree 
that the greatest obstacle to PR 
evaluation is cost Although it may 
be reasonable to justify spending 
£10,000 to evaluate the effectiveness 
of a PR budget of, say £250,000, the 
cost of evaluation represents a large 
proportion of a small budget, unless 
research is carried out in-house. 

Thera is a distinct lack of enthusi- 
asm on the part of PR consultancies 
and their clients to find the extra 
cash to evaluate their rampnipng 
Quentin BeO. president of the UR 
Public Wgiaticnq consultants Asso- 
ciation, recently dropped an 
attempt to Introduce a standard 
evaluation tool for the PRCA's 
members, because of the lack of 
support for the move from cHantg 
and consultancies. 

Jon White, a visiting profess or of 
public affairs at City University, 
believes that the need of PR practi- 
tioners to evaluate activities is 
“partly a matter of professional 
insecurity”. He points out that PR 
is not alone in experiencing difficul- 
ties with measurement and evalua- 
tion, which present problems in all 
areas of management 

The point is echoed by Mike 
Beard, president of the Institute of 
Public Relations, who argues that 
other disciplines such as finance. 



TMf ^ 


Convert to the cause: Shirley Horn was convinced that PR could be gauged 


human resources, law and market- 
ing rarely have standard evaluation 
systems. “Other professions are not 
obsessed by the issue, nor should 
we be,” he says. 

Yet the absence of an industry- 
wide measurement technique is 
regretted by many people who 
believe that PR needs to improve its 
professionalism. “It would make the 


Si 


electing a public relations 
consultancy may seem a 
'daunting task requiring a 
great deal of time, long lists of cri- 
teria and scores of interviews with 
potential agencies. But, in many 
ways, the process bolls down to 
personalities. 

“The most important thing is to 
look for personal chemistry,” says 
Stephen Whitehead, head of PR for 
the UK operations of Glaxo, the 
pharmaceuticals company. 

Finding the perfect PR is not as 
simple as spotting a stranger 
across a crowded roam. “It k not 
the «™<» as meeting someone at a 
party and having a nice chat with 
them,” says Whitehead. “You want 
someone who will stand up to you. 
We do not want someone who is 
going to say fyes* all the time. 


The personal chemistry test 


because we believe that out of dis- 
agreement comes creativity.” 

Most companies and PR consul- 
tancies agree, however, that a few 
standard steps must he taken. The 
first is to develop a concise, but 
comprehensive, written brief that 
expresses clearly why the company 
wants PR. 

According to Meg Hoboes, gen- 
eral manager of the PR Register, 
which steers clients through the 
selection process, the brief should 
set out requirements in a number 
of areas, including customer rela- 
tions, corporate affairs, crisis and 
issues management, internal com- 
munications, parliamentary lobby- 


Motoko Rich on how to choose 
the right PR consultant 


tog finks with charities. 

The next step is to select a range 
of agencies. Information about con- 
sultancies is available in directo- 
ries such as the Hollis UK Press 
and Public Relations Annual, 
which lists 1.200 agencies, sepa- 
rated into specialist categories. 

Organisations such as the PR 
Register, the Public Relations Con- 
sultants Association, the Incorpo- 
rated Society of British Advertisers 
and the Institute of Public Rela- 


tions will also advise companies on 
appro pria te agencies. 

“The temptation is to go for too 
long a list of agencies,” says John 
Brown, deputy chief executive at 
Burson Harsteller, a leading 
agency. “But it wastes your time as 
a client and the agency’s dm g in 
preparing presentations.” He rec- 
ommends a short list of no more 
than six consultancies. 

Brown says companies should 
whittle down their choices by set- 


ting exact criteria for what they 
want the PR to accomplish. “By 
saying we need A, B, C and D you 
can probably get down to five or 
six agencies that could possibly 
meet these needs,” he says. 

Each consultancy on the list 
should see the brief, and then pre- 
pare a “credentials” or “chemistry” 
presentation. “After these meetings 
we guarantee that one or two will 
drop off the list” says Holmes. 

The final two or three agencies 
should be invited to give a full cre- 
ative presentation, which usually 
lasts about an hour. Companies 
should insist fitat those who will 
work on their business give the 


industry more quality-oriented if It 
allowed itself to be subject to evalu- 
ation,” says Dezzaot McKeone, dep- 
uty chairman of Infopress. 

Quentin BeQ goes further. It is 
crucial that PR demonstrates its 
effectiveness, he argues: “Unless we 
can get clients to insist on evalua- 
tion, there will not be a PR consul- 
tancy business in 25 years' time.” 

pitch. “Some agencies tend to have 
luminaries to do the presentation 
and then the secretaries do the 
work on the account," warns Steve 
Gebbett, d ir ector and head of mar- 
keting at Charles Barker, a Lon- 
don-based agency. 

Ike ultimate decision should be 
based an the programme and how 
it conforms to the company’s brief, 
awareness of the company's market 
and competitors, political sensitiv- 
ity, creativity - and. of course, the 
all-important personal chemistry. 

Finally, “do not think the world 
will change just because you have 
appointed a PR company”, says 
Kenneth Miles, director general of 
the Incorporated Society of British 
Advertisers. “But do expect some- 
thing to happen and have an idea 
how to evaluate it” 


Caught 
in a 
trap 

E xtending a product line. 

rather than lannfWng g 
new brand, has the 
attraction of offering quick 
rewards while minimising risk. 
The cost of successfully 
launching a brand in the US, for 
example, is typically $30m 
(El9.3m) compared with S5m for 
a line extension. 

But being swept along in “line 
extension mania” can be 
dangerous. 

In the latest issue of the 
Harvard Business Review* John 
Quelch, a Harvard professor, 
and David Kenny, of 
consultancy Bain & Co, identify 
pitfalls which include: 

• Excessive segmentation and 
consumer confusion. If product 
lines are extended without 
removing any existing items, 
the resulting clutter may drive 
consumers to seek simple, 
aU-purpose products. 

• Weakening brand loyalty. 
When a company extends its 

line, argue the authors, “it risks 
disrupting the patterns and 
habits that underlie brand 
loyality and reopening the 
entire purchase decision”. 
Customers may be encouraged 
to switch brands. 

• Missing out on new brands. 
Some products currently 
marketed as extensions could 
well have been launched as 
discrete brands. Long-term 
profits are often sacrificed in 
favour of short-term risk 
management, say the authors. 

• No extension of demand. 
“People do not eat or drink 
more, wash their hair more, or 
brush their teeth more 
frequently simply because they 
have more products from which 
to choose,” the anthors say. 

Other traps include damag ing 
relations with retailers - the 
number of packaged goods in 
the US grew 16 per cent each 
year from 1985 to 1992, while 
retail shelf space expanded by 
only 1.5 per cent each year. 
Market share gains from tine 
extensions are also short-lived, 
as they can be copied quickly by 
the competition. 

D iane Summers 

* HER Sept-Oct 1994. Reprint 
94509. Fax: US 61? 495 8985. 



British Excellence and Quality 


AN OCCASIONAL SERIES 


John Letters 
of Scotland Ltd. 


John Letters has been manufacturing the finest quality golf 
dubs for almost 75 years. Since Fred Daly won the British Open in 
1947 using Master Model irons, the company has built on its 
wealth of knowledge and craftsmanship to create some of the 
world's most innovative golf dubs. 

The unique concept of Trilogy irons was based on the principle of 
designing a model for amateurs, using the mix of dubs used by top 
professionals. This led to the production of the first ever set of 
matching dubs using three different head designs, from, cavity 
through to blade. 

The same skills and experience which go into manufacturing fine 
hand-made dubs for golfing connoisseurs have been used to create 
the entire Johxi Letters range. Imaginative use of modern 
technology ensures that Letters remains at the forefront of design. 
Whichever Letters product you choose, you will only choose the 
best. 

^technology in the Hands of Craftsmen. 


I 

(S 

m 

I 

‘■VS-’. 


J»V»" 

m 

fir 

•**ji 

M£ 

■m 




A VS! 

f-Z 




The Committee, which was established in 1992, aims to focus attention on 
British excellence, style, craftsmanship , innovation and service. 

These are qualities which all its members share and for which British products 
and services are renowned around the world. 

For farther information, please contact: 

The Director, The Walpote Committee, 40 Charies Steeds londtm^ W13C 7PB, England. 

Tel: +44 71 495 3219 Ftac+4471495 3220 


Saudi International Bank 

AL-BANK AL-SAUDI AL-ALAMI LIMITED 


Saudi International Bank is pleased to announce 
that with effect from 30 August 1994 its new address 
and registered office will be: 

One Knightsbridge 
London SW1X7XS 

Telephone: 0171 259 3456 

Fax: 0171 259 6060 


Telex: 8812261/2 


Cables: Saudibank London SW1 


Shareholders 

Saudi Arabian Monetary Agency, National Commercial Bank, Riyad Bank, 

Morgan Guaranty Trust Company of New York. The Bank of Tokyo, Ltd., Banque National de Paris, 


London 


Deutsche Bank AG, National Westminster Bank PLC, Union Bank of Switzerland 

New York Tokyo 






8 


FINANCIAL TIMES THURSDAY SEPTEMBER X 1994 


TECHNOLOGY 


N itinol, a biocompatible 
“memory" alloy devel- 
oped in the early 196Qs 
and recently further 
investigated for space applications, 
is showing potential for use in mini- 
mally invasive surgery. 

This “intelligent material”, com- 
posed of an almost 5050 mixture of 
nickel and titanium. h a s the capac- 
ity to memorise a particular shape. 
It expands or contracts when heated 
and returns to its original shape 
when cooled. After being deformed 
through bending, stretching and 
compression, it. then needs simply 
to be subjected to a predetermined 
temperature - in medical applica- 
tions, to that of the body. 

Shape memory properties of 
certain materials were first 
discovered In the 1940s. Yet it was 
in 1962 that William Buehler, a 
materials researcher for the US 
defence department, discovered 
those of nitinoL He used it for the 
coupling of hydraulic pipes in jet 
aircraft and this same system is 
still used on the US F-16 fighter 
aircraft 

The other shape memory 
materials - copper, or 
polymer-based - have a more 
limited usage than nitinol since 
they do not exhibit such a range of 
movement and are not generally 
biocompatible. However, they are 
cheaper to produce (about £100/kg 
as opposed to about £500/kg for 
nitinol). 

A particularly elastic version of 
nitinol was the first to appear in a 
medical application in the 
mid-1970s. It was used in dentistry 
to make orthodontic bands to 
straighten teeth. The elasticity and 
shape memory capacity of the 
material applies a constant tension 
on the teeth and avoids the 


Memory of shapes past 

Miranda Eadie on the potential of an 'intelligent' biocompatible alloy 


repeated visits to the dentist which _ 
are required to re- tighten the more " 
common stainless steel bands. 

Another established application 
in medicine is for use as 
“clot-catching” filters in large blood 
vessels. Nitinol has also been used 
as urethral and tracheal stents 
(mechanical devices which open out 
and reinstate the cross section of 
fluid-carrying vessels). 

It was not until the mid-1980s, ‘ 
however, that the full medical 
capacity of nitinol began to be 
realised. Tony Anson, an engineer 
at the Brunei Institute for 
Bioengineering in the UK. has 
played an instigating role. He 
became familiar with nitinol while 
carrying out research for the 
European Space Agency into its use 
for making “linear actuators”, or 
moving devices, for Biosample, a 
space bioprocessing facility. 

His work with nitinol brought 
him into contact with David 
.Tan kins, orthopaedic consultant at ■ 
the Cardiff Royal Infirmary, who 
asked him to investigate the __ 
material's potential in orthopaedic " 
applications, in particular for the 
correction of backbone deformity. 

This research inspired a host of 
other potential uses for nitinol, 
including bone repair staples and 
plates, soft tissue pins to repair tom 
ligaments, vascular connection 
systems to join fluid-carrying 
vessels and other types of stents for , 
use in arteries and veins. 



: bras conta i ning nfttncri do not lose thatr shape with washing 


The use of nitinol for bone repair 
staples is in clinical trial at the 
Cardiff Royal Infirmary and the 
results look positive, according to 
the researchers. These staples were 
designed for non-complex long bone 
fractures. However, researchers in 
the medical profession believe that 
by changing the scale of the staples 
they could be used on any of the 
bones in the body. 

These staples are put into 
p re-drilled holes on either side of 
the fracture. The heat of the body 
warms the staple, which then 


changes to its memorised shape,, 
puffing the bone ends together. A' 
compressive setting of the bone at 
the fracture rate is achieved. 

According to Anson: “Such a 
treatment of broken bones may 
improve the strength of the union, 
reduce the time taken to effect the 
repair by -25 per cent, and is still 
one-third of the cost of presently 
available devices.” 

Experimental work into the use of 
nitinol for vascular connection 
systems is under way at the Brunei 
Institute for Bioengineering. “The 


connection device Is essentially a 
hose dip,” ^ plains Anson, “and the 
whole connection procedure takes 
no more than 30 seconds and is leak 
free.” This method of joining blood 
vessels together could be 
advantageous in coronary bypass 
operations where up to an hour Is 
spent in suturing: 

Sam 'Andrews of Charing Cross 
Hospital, London, is researching a 
minimall y invasive technique for 
repairing abdominal aortic 
aneurysms (sw elling s of the main 
artery). Nitinol lends Itself well to 
minimally invasive surgery because 
■ it can be introduced into the body 
as a narrow wire and, once inside, it 
can assume its memorised shape. 

In this research, the nitinol is 
used as -a stent to hold a fabric 
patch, or dacron graft, in place. The 
dacron graft is wrapped around a 
nitinol wire and fed into the aorta. 
When it is surrounded by blood, the 
nitinol warms up and Mt pawris to 
reform its memorised shape stent. 

Evidence shows that such stents 
hold grafts firmly in place and do 
not migrate. Compared with 
traditional invasive surgery, the 
minimal access operation involves 
only a tiny incision next to the 
patient's groin, instead of a cut 
down the front of the body. 

Nitinol also has non-medical uses 
in thermal control systems, for 
mounting components in integrated 
circuits and as underwiring in 
brassieres. Typical thermal control 


applications are found in kettle 
switches, on showers and mixer 
taps (which switch- off at a 
particular temperature to prevent 
scalding), and on fire doors - such 
asd those at York Minster (which 
close when the temperature rises in 
the case of fire). In the latter case, it 
is the strength of nitinol which is 
being exploited - a 3mm diameter 
nitinol wire forming a spring of 
2%cm diameter can move a force of 


E t ching technology is about 
to put new life into 
high-tech electronics 
design which might 
otherwise reach its limits by the 
end of the century. 

This is the view of 
Hewlett-Packard in Bdblingen, 
Germany, where a $5m (£3 2m) 
investment is under way to make 
products whose computational 
speeds are four times higher than 
those available today and whose 
weight is more than halved. 

At the high-tech end of the 
electronics spectrum, two trends 
are emerging which indicate a 
demand for higher performances, 
says Manfred Buchwald, HP 
program manager. One is the 
arrival of multimedia applications 
where the massive volumes of 
computation impose a high-speed 
requirement. The other is a growing 
miniaturisation trend in 
telecommunications where the 
emphasis is on size and weight. 


Anna Kochan looks at a new application that may transform an industry 

Designing ways with electronics 


The more sophisticated the 
electronics, the more components 
there are to be crammed into as 
small a space as possible on a 
circuit board. The limitations that 
Buchwald foresees, however, 
concern not the size of individual 
components but the circuitry 
connecting them. This also becomes 
more complex the more components 
there are. The circuitry is laid out 
on a stack of boards connected by 
electrically-conducting holes. 

Developed by Dyconex in Zurich, 
HP's electronics facility combines a 
new method of making the 
electrically-conducting holes with a 
new backing, or substrate, material. 
Instead of drilling the holes - an 
operation which is not practical for 


hole diameters of less than 200 
microns because of the brittleness 
of drilling tools - a chemical 
etching process is employed. 

Plasma etching is already used 
for delicate cleaning tasks, such as 
the removal of fingerprints from 
surfaces. It uses microwaves to 
crack oxygen molecules In a 
vacuum. These attack the 
polyimide, reducing it to carbon 
dioxide and water. The process is 
quick. Rnahlmg all 30,000 holes on 
one board to be made in 15 minutes , 
compared with conventional 
mechanical d rilling which takas 4% 
hours, according to Buchwald. 

Tim Swiss DYCOstrate 
technology brings other benefits. 
The smaller hole ^ permits the 


width of the lines and spaces to be 
minimised - to less than half their 
current width within a year, says 
Buchwald. More circuitry can then 
be crammed on to a smaller area, 
reducing the number of layers 
needed for the full circuit board, the 
fundamental component of 
electronic equipment 
“Experience so far has shown 
that DYCOstrate will reduce the 
number of layers from an average 
of eight-10 to two-four which will 
give a thinner and lighter substrate 
with significantly improved 
electrical and thermo-mechanical 
properties.” says Buchwald. With 
fewer layers, the distance between 
components is shorter and the 
connection is straighter, so that the 


transmission of a gi gnai from one 
component to another is faster. 

Today, computers send signals at 
a rate of 100m- 150m per second 
(their dockrate is 100-150 MHz). 
With DYCOstrate, Buchwald 
believes this will be speeded up to 
400 MHz by 1996. The development 
timg for an electronics product will 
also be considerably reduced as a 
result of DYCOstrate technology, 
Buchwald says, because it is easier 
to design for fewer layers. For a 
12-layer board, it takes a computer 
program about two days to 
calculate the best possible 
component layout, he says. But, if 
the number of layers can be 
reduced to four, this calculation can 
be completed in 30-45 minutes. 


The use of nitinol for mounting is 
exploited by the French company 
Souriau. Its system, which avoids 
complicated soldering, uses split 
shape memory sockets: these are 
wide open at low temperatures and 
close firmly around the component 
parts at ambient temperature. 
Repair of such circuits is easy; it is 
enou gh to cool the joints for the 
pieces to be taken apart 

Nitinol underwiring in bras is 
currently being commercialised by 
Japan’s Wacoal at its factories in 
the US, Aria, France and B e l g i um . 
In contrast to traditional bras. 
Wacoal's do not lose their shape, 
even after repeated machine 
washing. 

The hi Hunt needs simply to be 
warmed by the body temperature 
for the original preconfigured shape 
to be recovered. Over 3m Goodup 
bras, a popular Wacoal model with 
nitinol underwiring, are sold in 
southeast Asia annually. 

The bra is one of the biggest 
markets for nitinol at the moment, 
according Tony Michael, of Memory 
Metals, one of two companies in the 
UK that market or process nitinoL 

About 30 to 50 tonnes are 
produced annually for the global 

market by Furakawa of Japan, and 
Raychem and Special Metal of the 
US. 


The result, says Buchwald, is that 
the overall development time of a 
product can be cut by one to two 
weeks by cutting the number of 
layers in the electronic boards from 
12 to four. This is especially 
important for getting products to 
market on time. Items such as 
workstations have a sales life of 
only 26-30 weeks before the arrival 
of next-generation equipment 

HP is p inning great hopes on the 
new DYCOstrate technology. Its 
success will depend on its early use 
in the industry and the degree to 
which it becomes accepted as a 
standard. Buchwald is optimistic. 
“Wi thin five years, 50 per cent of 
the Bdblingen facility’s output will 
be produced using the Swiss 
know-how. If not something is 
wrong.” 

If HP's hopes are realised, 
DYCOstrate’s Swiss inventors have 
a bright future. They still own the 
technology and will sell licences to 
any manufac turer w ishing to buy it 


Taiwan's 
hole in 
one 


T aiwan is aiming to capture 
the lion’s share of a fledg- 
ling but potentially huge 
market in the newest high-tech 
wrinkle in golf paraphernalia. 

in a textbook case of Taiwan's 
state-led industrial advance- 
ment the government has trans- 
ferred technology which it devel- 
oped for the defence and 
aerospace industries to the man- 
ufacture of golf clubs. 

The Materials Research Labo- 
ratory. part of the quasi-official 
Industrial Technology Research 
Institute, took existing carbon 
filament winding technology and 
applied it to the construction of 
golf club shafts. 

Gloria Wu, a spokeswoman for 
the laboratory, says the tech- 
nique provides greater power 
and control for the player. She 
compared the conventional tape- 
rolling technique with making 
an egg roD, which leaves pockets 
of empty space. “Using the fila- 
ment winding method, there are 
no air spaces,” she explained. 

A private Taiwanese sporting 
goods company. Advanced Com- 
posite Design, recently began 
production of clubs using the 
technology. Four other local 
manufacturers are to start by 
the end of the year. 

Wu believes filament winding 
will supplant other techniques 
over the next few years. With 
five Taiwan companies making 
clubs with it. the government 
hopes to comer, a 70 to 80 per 
cent share of the world market 
Taiwan sporting goods manu- 
facturers have already estab- 
lished a strong position making 
tennis rackets, fishing rods, bicy- 
cles and golf chibs. Soaring land 
and labour costs have prompted 
many Taiwan companies to 
move factories to southeast 
Asian countries and China. But 
makers of carbon-fibre golf clubs 
and other high-tech sports prod- 
ucts have kept their manufactur- 
ing facilities in Taiwan. 

Ever on the lookout for a club 
that can propel that little white 
ball farther and with more preci- 
sion, aficionados of the garn e are 
already lining up. “We've 
already got so many orders for 
the new clubs, we can't keep 
up," says Wu. 

Laura Tyson 



Growing demand for complete 
network solutions is reshaping 
the telecoms supply industry 

Meeting market needs with turnkey network engineering 


Against a changing commercial and 
regulatory background, the business of 
supplying telecommunications equip- 
ment Is undergoing a major shift. 

Established public network operators 
are seeking to cut overheads by con- 
centrating on their core business: supplying 
telecoms services. Other activities - 
including the design and construction of 
networks - are being divested, or 
outsourced. 

One consequence o! this is that 
operators are trimming their supplier lists. 
Instead oi having hundreds of suppliers of 
intfividual network building blocks, they are 
now preferring to form new-style 
partnerships with a handful of companies 
that can offer a complete portfolio of 
competences. 

New public network operators have an 
even more urgent need (or turnkey 
solutions. They have to build networks Irom 
scratch, to start revenue flows quickly. In 
this situation, there is neither the time nor 
the desire to build up in-house engineering 
resources and expertise. 

The same trend is also visible In large 
organisations with private networks. They, 
too, are focusing on their core activities, and 
realising that building and operating a 
private network is not something they need 
to do themselves. 

Thai's why suppliers tike Ericsson now 
increasingly focus on presenting integrated, 
turnkey network solutions. 

At a functional level, such an approach 
means that the network is delivered as a 
total package, ready to enter service At an 
operational level, the supplier can take lull 
responsibility lor alt processes, including 
design, procurement, installation, training 
and even running the network for the 
customer. 

For decades. Ericsson has been 
undertaking large-scale turnkey projects, 
particularly In the Middle East South-East 
Asia and Latin America. 

And as the trend towards turnkey 
network engineering gathers pace, in both 


public and private network sectors 
worldwide, Ericsson Is well placed to take 
advantage of the new opportunities. 

Ericsson has a complete range of 
products and systems covering all the key 
areas of telecoms network technology such 
as switching, transmission, network 
management, and radio communications. 

There is a large human resource of 
telecoms project managers with experience 
of turnkey network engineering. 

And helping draw together all this 
knowhow are sophisticated computer- 
based tools developed by the company to 
streamline afl the processes In designing, 
planning and implementing complex 
networks. 

It adds up to a thoroughly-proven, 
turnkey engineering capabffity that Ericsson 
offers for public and private network 
projects on any scale, anywhere in the 
world. 



77w Engineering Support System (ESS) 
is a powerful computer foot developed 
by Ericsson for alt stages of network 
engineering, from initial planning 
through to impiementation. document- 
ation and forecasting. 


Sweden’s first ‘information 
superhighway’ to use Ericsson switches 


Telia, the Swedish telecommunications net- 
work operator, has announced plans to 
create Sweden's first ‘information super- 
highway' in Helslngborg in southern 
Sweden. 

When it enters commercial operation In 
1995 it will provide city-wide data 


networking for private companies and the 
dty administration. 

The network infrastructure will be 
based on nine Ericsson ATM multimedia 
switches, capable of handing voice, data 
and video communications. The test net- 
work w3 be operational this year. 


Orders increase . - ; 
for deYepfli;: 

successive quarter 

. , 4 . - f 

The financial report for fife first &X * 
drafts of ISQ^WxavsEricssbrfs order 
bookings up by 19% at SQ< 40,342 m, v 
net sales up by 33% at SS< 36,51 4 m, 
and pro-tax income up bjT78% at' . 
SEKSL290.m. 

“This Is fte eleventh consecutive ' ; } 
quarter in which or^booftigsbaye ‘ 
risen." : said Ericsson CEO \ Lais' J 
RankprisL . /; ~ \ • " i 

- Order bookings. In thee second 
. quarter were boosted by large orders,; 

mainly from China,. Sweden Jhe USA •; 
add Itely.lfce increase in netsaies^ to ? 
which aftJjusiness areas contributed, : 
.was very strong, particularly in- Japan, \ 
the USA, Sweden, AustraBa arid China I 
Ericsson’s largest market lathe 
USA, accounting for 11.% of total net 
sates, foflowadby Sweden . Italy,, Great' 

. Britain and China* .7 ' .; 

Rarfio communications activities^ :. 
fndurfing mobile telephony have grown 
so strongly that they acoauntforhtef of . 
Ericsson's order bookings arid nearly 
half . of consolidated .net sales. Fot . 
mofaBetetephony.sates increased by' 
80% '. • 7 .' . ; 

- 'Our successes are based on goaL .. 
oriented, tong-term investments within ' 
the mastexpansive areas of telecom- 
munications/ said. Mr Hamqvtet Thei' : 
first six months havo been very 
favourable, and! anticipate aconttoued 
I mpro vement in earnings during' the . 
namafoder of tin year.’ 

How to bring ATM 
broadband services 
to network customers 
more flexibly 

The broadband public telecom networks of 
the future will be based on ATM 
(Asynchronous Transfer Mode) switching 
technology, capable of handling voice, 
video and data services at bandwidths up 
to 155 Mbit/s. 

But many users may require band- 

widths far lower than this figure. 

So Ericsson has developed an ATM 
service access unit that allows the 
155 Mbit/s public network bandwidth to be 
fipGt down to meet the needs of individual 
users. It brings bandwidth on demand to 
rndMduai user premises. 

Existing PBX systems and data 
networks can be connected to the pub Sc 
ATM network via foe new access unit, 
without the need for any special modi- 
fication. it supports services such as ATM, 
frame relay and circuit emulation (PBX). 


Volvo chooses Freeset for in-plant 
communications mobility 


Another boost for Ericsson's Freeset 
business cordless telephone 
system has come with a decision 1 
by Volvo to install the system In I 
Sweden, Initialy at the car plant fn 3 
Gothenburg. j 

Some 25% of their 12,000 i 
extensions are scheduled to ■J? 
become cordless with 
Freeset by 1995. - - 

‘We have 
evaluated Jgggja 
various sys- xf&i - ^ \ 
terns and M| ' 
technologies, / “ ; „ 

and we found 


US operation wins big 
Taiwan order 

Ericsson GE Mobile Communications Inc, 
together with Ericsson Taiwan, has won 
what is regarded as the largest order ever 
placed for a digital trunked radio system. 

Underthe terms of the US$ 110 m order 
from the Taiwan National Police Admin- 
istration, Ericsson wiH supply a fuUy digital 
ED ACS system on a turnkey basis, ft will 
provide island-wide coverage, with encryp- 
tion and telephone Interconnect. 

When completed in three years time, 
the system wifi have over 40,000 radios, 
supported by eight multi-site subsystems 
and over 80 repeater sites. 

BTanti MGTchoose -- 
Ericsson ‘virtual 1 . 
network’ knowhow 

Concert. ttfeBT and MCI joint venture - 
company, has chosen Ericsson's- AXE 
:equTp*fieht'for, the Concert Virtual : 
Network Sendee (Concert VNS)_New 
.-AXE bHonatibhaf exchanges W9 serve. 
asSehto Swfeftingffoto 

New 'fork, Frankfurt andSydney. 

Corwert VNS Is a global service 
being marketed in the Americas by MC) 
and elsewhere by BT Usees get an 
International tefebo^ serv- 

Ice that works as a private network, but 
' is created witiw the public network 
■infrastructure - hence the term >frtua» 
private netewk'. It avoids the- fixed . 
.costs arid op orationa I requirements of - 
a priwra^rewisd network. 

fo tx^lalxMBiion . with Concert, BT 
arid MCt.Eocsson has. developed an 
interface between" AXE - and the 
Nortf«m 3etec»m DMS-250. network, 
s w itol gng eq ui pme nt that te used kt the 
MCf tefeSgimt virtual network. 


Freeset the most suitable solution 
for the present needs of Volvo Car 
and Volvo Truck Corporation.” 
explained Rolf Agran, Techno- 
> logy and Production Manager 
at Volvo Data AB. 

The Ericsson Freeset 
HH system chosen by Volvo Is 
W?f a multi-cell, multi-user 
E* business cordless tele- 
lb phone system conforming 

BBBfch to the DECT standard. 
I||S& It will be supplied 
i afiL fiy Tefla. Ericsson's 
Freeset efistributor in 
77-Hft Sweden. 


Coca-Cola 
takes to the air 
with Mobitex 

Coca-Cola drinkers In Norway are unlikely 
to find their nearest vending machine 
'sold out ot their favourite drink from now 
on, thanks to Ericsson mobile data 
technology. 

Vending machines operated by 
Ringnes Coca-Cola KaJd-Drikk A/S (jointly 
owned by the Norwegian RJngnes brewery 
(poup and The Coca-Cola Company) are 
to be linked to the company's headquarters 
via the Mobitex mobile data network in 
Norway. 

Information gathered dally from the 
venting machines will allow servicing and 
restocking schedules to be planned on the 
basks of detailed, factual Information on 
each individual machine. 

The company wiB know, for example, 
exactly when a venefing machine needs 
restocking, and also the mix ot drinks 
that best fits customer demand at that 
machine. 

Data on cash levels in every machine 
wHl be transmitted, so the company knows 
exactly when cash boxes need emptying, 
or the change replenishing, giving full 
control of money and merchandise. 

This automated approach will also 
greatly reduce the paperwork associated 
with servicing and restocking work. 

Special software and hardware for this 
innovative Mobitex application has been 
developed by Norwegian company MobHe 
Business Systems A/S. 

A trial Involving 80 vending machines 
started in September this year. Ultimately, 
it is expected that the approach will be 
applied to all 3,000-4,000 venting mach- 
ines operated by Ffingnes Coca-Cola Kafr 
Drift A/5. 


World roundup 

China: Ericsson has recently won orders 
worth over USS 600 m from China. They 
Include the first cfigltal/anaiogue AMPS 
mobile phone system in China, for the 
Nanjing region, arid expansion ol the 
existing mobile phone network in Be$ng to 
nearly 100,000 subscribers. AXE 
swfliSting equipment ^ worth USS 180 m is 
to be supplied to Uaonfng and Jiangsu 
Provinces as paittrt frame agreements 
sifpiedln 1992. 

A new USS 400 m frame agreement 
• with the Guangdong Province covers AXE . 
exchanges and transport network 
equipment to be supplied orfer a three- 
year period starting *] 1996. Also included 
is ATM technology tor future 'Worm a tron 
superhighways’. ; 

Croatia: Ericsson Cables is to supply a 
TOO km submarine optical fibre 
cable to HPT, the Croatian poet and ; 
-telecommunications, to complete a fink 
from Ftijefca through Zadar to Spat. ' 

GreeauASEK 678 m order from OTE, the 
Greek telecommunications network 
operator, wffl take total AXE fines totalled 
to 1,250,000. . 

Lebanon: A 36-month turnkey project is to 
expand the Lebanese public telephone 
network. .The USS 147 m contract wffl- 
restore existing AXE exchanges with 
55,000 fines, and install- 170.000 new 1 
fines. . .. 

Uafeysb: Ericsson radio technology w» 
help speed up ihe provision of telephone 
services: nationwide in Malaysia. By the 
beginning of 1995, an extra 40,000 
subscribers wlH be connected to the 
netwoik via Ericsson's RAS 1000 718010 01 

the Local Loop' system, under a SEK 680 
m contract between Telekom Malaysia 
and Perwira Ericsson Sdn Bhd. 

UK: Fbtowing the commercial launch of 
the Mercury One-2-One personal com- 
munications network service, Ericsson 
has won network expansion orders worth 
£140 m. 

USA: Businesses using the Pacific Bell 
centrex service will be able to use 
Ericsson Freeset cordless telephones, 
following an agreement signed between 
the two companies. Staff win be able to 
make and receive telephone cafe from 
any location in their workplace using the 

fightweight Freeset pocket phones. 


Tetefonaktiefacriagtt LJfi Ericsson, 

S*126 25, Stockholm. Sweden. 

tftan >00 countries. VmcombmKtaqwimcejn 
as&fti'sg. ratfia and networking makes Encason 

a vmktleaitorin tafaeammmications. 


ran 


^rts 








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FINANCIAL TIMES THURSDAY SEPTEMBER 8 1994 


ARTS 


WYATT EARP (12) 
Lawrence Kasdan 

MR JONES (15) 
Mike Figgis 


COLOR OF NIGHT 
Richard Rush 

WRESTLING ERNEST 
HEMINGWAY (12) 
Randa Haines 

DARKNESS IN TALLINN 

Dkka JarvUaturi 

A MATTER OF LIFE AND 
DEATH (U) 

Powell and Pressborger 


I t is easy to see why Lawrence 
Kasdan's sprawling biopic 
Wyatt Earp runs for nearly 
twice as long as most other 
features - it wants to he two 
very different films . The first is a 
standard Western, complete with 
elegiac vistas of blood-red sunsets, 
free-swinging bar-room brawls, 
good-hearted whores and laconic 
heroes with droopy moustaches. 
The second film, meanwhile, is a 
wayward effort to demythologise 
the gunslinger icon along the lines 
of Clint Eastwood's masterful 
Unfargwen. Not surprisingly, these 
two antagonistic strands tend to 
cancel each other out, making for a 
distinctly uc affecting exercise in 
film-making. 

This problem is crystallised in 
Kevin Costner's performance as 
Earp. Even after more than three 
hours in his company it is still hard 
to know what to make of the man. 
Is be a brutalising bully who hides 
behind a sheriff’s badge and stoical 
cowboy code? Or is he the wise and 
strong patriarch of the Earp dan, 
reluctantly employing violence to 
protect his kin? Or simply a very 
human mixture of both? Neither 
Kasdan nor Costner are able to pro- 
vide the answer to these questions, 
leaving a big empty at the film's 
core that all the action and scenery 
in the world cannot filL 
That said, Kasdan keeps things 
moving at a good pace, taking the 
viewer through the story's inordi- 
nate span with relative ease. Owen 
Roizman’s photography looks great, 
and the shoot-out at the OK Corral 
is wonderfully understated, with 
the two groups of combatants gun- 
ning at each other from Just a few 
feet away, most of their shots miss- 
ing the mark. The best thing about 
the film is Dennis Qoaid’s portrayal 



Dennis Qnaid, Kevin Costner, Linden Ashby and Michael Madsen (left to right) walk to the OK Corral in ‘Wyatt Earp* 

Cinema/ Stephen Amidon 

Shots that miss the mark 


of Doc Holliday, an acerbic, cynical 
turn that makes you wish Kasdan 
had stuck to his deconstructkmist 
guns instead of m ufflin g them with 
an those lovely desert vistas and 
Calvin Klein outerwear. 

* 

British director Mike Figgis's sec- 
ond American movie, Mr Jones, 
arrives on his native shores sur- 
rounded by a cloud of Hollywood 
horror stories about studio interfer- 
ence, i nclmHng the classic about an 
executive who wanted the depres- 
sive parts of the hero’s manic-de- 
pression to be edited out. leaving 
just the “up" sequences. As it is, the 
film seems to have weathered these 
crass assaults fairly well making 
tor a largely involving psychologi- 
cal drama that only comes unstuck 
in the final reel 


In it, Richard Gere plays a gifted 
thirty-something who suffers from 
the severe mood swings inherent in 
manic depression - at one moment 
he will be charming everyone out of 
their socks; the next findu him mut- 
tering, dishevelled and suicidaL It is 
easy to see why the Method-trained 
Gere would opt for such a role, 
especially given Hollywood’s recent 
proclivity for awarding Oscars to 
actors who portray disabled charac- 
ters. While his performance cer- 
tainly is not on that sort of level 
Gere does have several fine 
moments as he spars with shrinks, 
leaps on stage to conduct a sym- 
phony orchestra and steals a kiss 
from a babe on the street Lena Olin 
is his match as the psychiatrist who 
forgets her Hippocratic oath as she 
fails in love with her patient 


Where the film is less than con- 
vincing Is in the deeper thing s it 
has to say about Mr Jones's mental 
illness, which at times is presented 
as a curable condition while at oth- 
ers depicted as the central part of a 
winning personality which would 
be a shame to extinguish. One occa- 
sionally suspects that the film- 
makers’ primary interest might lie 
in the cinematic possibilities of the 
disease's symptoms rather than in 
its true nature. This is nowhere 
more apparent than in the absurdly 
rosy conclusion, which has Olin 
flharidnning her career to live with 
her uncured patient, as if love were 
a rHnirarty effective substitute for 
lithium. 

★ 

Psychological disruptions are also 
the order of the day in Clofer of 


Night, though they are just as likely 
to occur in unsuspecting audience 
members as on screen. It has been 
13 years since the American direc- 
tor Richard Rush released his last 
film the critically acclaimed and 
genuinely brilliant The Stunt Man. 
It is the sort of hiatus that usually 
mgang the artist either has a mas- 
terpiece up his sleeve or is suffering 
some sort of creative distress. 
Unfortunately, Rush’s new film 
indicates the latter. The woeful plot 
involves Bruce Willis as a psycholo- 
gist who takes over a murdered col- 
league’s therapy group in order to 
find out which of its members com- 
mitted the crime. Willis labours 
heroically to portray someone with 
a sensitive nature and a three-figure 
IQ, but carries too much tough-guy 
baggage to pull it off. By mid-film 


he seems positively relieved to be 
involved In a monumental car 
chase. His love interest Is portrayed 
by Jane Marsh, who introduces her- 
self to him as M a struggling act- 
ress". These prove to be the film's 
truest lines. 

* 

Wrestling Ernest Hemingway is a 
pleasant, understated drama about 
two elderly men striking up an 
unlikely friendship. Richard Harris 
plays a 75-year-old former sailor 
who finds himself washed up in a 
dingy Florida town, abandoned by 
his yuppie children and spumed by 
landlady Shirley MacLaine. All he 
has left are his memories (hence, 
the title) and his burgeoning friend- 
ship with retired Cuban barber Rob- 
ert Duvall 

The best thing about the film, not 
surprisingly, are the performances 
by the two leads, particularly 
Duvall whose musical Cuban 
accent never once falters. Unfortu- 
nately, director Randa Haines has 
made the mistake of having the 
film's pace match that of its heroes’ 
lives, adding a half-hour to its opti- 
mum length and creating an unnec- 
essary sense of torpor. 

* 

Viewers not sufficiently motivated 
by the prospect of seeing a Finnish- 
Estonian film should spare a second 
thought for Darkness in Tallinn, 
which turns out to be a highly 
enjoyable caper flick that is only 
incidentally set in the Baltics, In it, 
a group of marginally competent 
criminals schemes to steal the 
entire gold supply of the fledgling 
Estonian government by blackmail- 
ing a young electrician into turning 
off the entire nation's power. The 
resulting mayhem involves as many 
shocks and twists as the wiring of 
an old circuit box. ilkka Jarvilatu- 
ri's direction of Paul £0155/5 know- 
ing script eschews gore and politi- 
cal commentary to create a hinny, 
well-paced thriller. A multi-million 
dollar Hollywood remake seems all 
but inevitable. 

* 

finally, this week sees the re-re- 
lease of a cleaned-up print of Powell 
and Pressburger’s sublime A Matter 
of Life and Death. What is perhaps 
so striking about viewing this 1946 
masterwork amid the rest of the 
current releases is to realise how 
daring and unfettered the filmmak- 
ers were 50 years ago, how alive 
they were to the possibilities of 
the medium. Despite the occasion- 
ally quaint dialogue and even 
quainter wartime ethics, this story 
of downed bomber pilot David 
Niven pleading his case before a 
celestial court in order to stay on 
earth with lover, Kim Hunter, looks 
and feels more giddily modem than 
most films being churned out nowa- 
days. 


S ome of Noel Coward's come- 
dies succeed because they— 
very shrewdly tell the truth, 
but others are merely 
enchanting fie s. About such matters 
as bad manners, the dangers of 
charm, and offstage theatricality 
Coward knew plenty, witness the 
spot-on brilliance of Hay Fever and 
Present Laughter. About such 
matters as sustained sexual passion 
and responsibilities within adult 
relationships he knew far less: wit- 
ness such delicious fibs as Private 
Lives. 

Design for Living is a pretty fib 
about something Coward did not 
understand at all: bisexuality. But 
people have been lying about bisex- 
uality for decades, and Coward’s 
charming games with it are only 
seriously marred by his terror of 
calling a spade a spade and by his 
final pretence that a sexual three- 
some can be a good permanent 
arrangement Sean Mathias's new 
production is, however, happy to fill 
in, in 1994, what Coward left out in 
1933, and to tear away some of what 
Coward needed to add. His staging 
is sometimes much more than deli- 
cious, and to that extent it is on the 
verge of being the most important 
production of a Coward play Lon- 
don has seen in many years. 

Design for Living is. you will 
recall about the erotic triangle of 


Theatre / Alastair Macaulay 

Design for Living 


Gilda, Otto, and Leo. Mathias’s 
most audacious stroke is to tear it 
away from its original 1930s setting. 
This, at first, strips off that bright- 
young-thing polish that makes most 
Coward plays sound like make-be- 
lieve. Mathias is strong on the sex 
between the three central charac- 
ters, and thrifiingiy reveals the two 
elements of sexual passion about 
which Coward knew most’ owning 
up to sexual attraction and sexual 
jealousy. He makes these gripping 
to us - much of the time - because 
he has the actors speak the dialogue 
- much of the time - with all the. 
speed and attack that Coward’s 
lines call for, and because - much 
of the Hmp - they eliminate the 
airily glamorous artifice that is 
usually an adjunct of Coward’s 
style. 

The production begins with Gilda 
(Rachel Weisz) opening the fridge 
and soothing her inflamed body 
after a night of impassioned sex. 
Everything - the way her body 
radiates sexual excitement through 
its gorgeous and thin little shift, the 
sultry muzak in the air, the scatter 


cushions an the floor - plunges the 
play straightaway into the world we 
know. And the modem effect is 
thrilling throughout the first act, 
even though this is the play's least 
amusing. Thereafter, however, the 
production occasionally loses its 
nerve. Even Stephen Brimson Lew- 
is’s vivid designs stop being so 
"now" and becomes more ambiva- 
lent 

Rachel Weisz, the least experi- 
enced of the three players, gives Ear 
the most revelatory performance. 
No Cowardly world-weariness here. 
The way she plays Act One, as if 
still high on last night, is marvel- 
lous. She is all reckless self-discov- 
ery, and she embodies the dilemma 
of the modem woman: how to have 
it all? She wants sex and intimacy 
and independence; she is sexual and 
sophisticated but without a jot of 
rmfmiatinn- ghe is endlessly sponta- 
neous. There is a bubble of doll’s- 
house hysteria beneath everything 
she does that makes her much the 
most interesting character in the 
play. 

Clive Owen’s Otto is even more 


radically conceived: no kind of 
upper-class accent whatever here. 
This does not always work; the 
words “my dearest dear" do not 
come naturally from his lips. In 
general however, he goes for Otto’s 
honesty. And his blend of rough- 
ness and tenderness make his bisex- 
uality persuasive; we can even 
believe, sometimes at least, that he 
wants Gilda to realise herself as a 
woman and not just as his lover. 

Paul Rhys, as Leo, starts with ter- 
rific freshness, and, Iflce Weisz, he 
has the kind of good looks that 
make sense (sexually speaking) of 
the story. But, alas, he soon opts for 
the customarily artificial way of 
playing Coward: the more-clipped- 
than-thou vowels, the pretty-boy 
tricks of the eyes, the cultivated 
aloof facade. 

The artificial way of playing Cow- 
ard can, of course, be wonderfully 
funny. When Rhys says “You've 
been to Chuquicamata, I suppose?", 
he is uproarious. But by this point 
the play has retreated into never- 
never-land 

We may believe that Gilda can 
tumble back into bed with her old 
boyfriends, but not that this Gilda 
should want to stay there. The 
play’s final scene is, eventually, one 
big lie. 





Donmar Warehouse, London WC2 Clive Owen blends roughness and tenderness as Otto 


ENO looks 
to Lottery 
for cash 


Y esterday English National 
Opera announced 
rebuilding plans for its 
Coliseum borne. In other 
words it launched its bid for 
Lottery cash. 

The ENO is looking for between 
£40m and £45m to modernise one of 
architect Frank Mateham's 
grandest and most ornate 
Edwardian theatrical 
extravaganzas. The sum is much 
higher than anticipated, bnt Shaun 
Woodward, best known as a former 
director of conumuncations at the 
Conservative Party, who is leading 
the appeal, has based his estimates 
on 1998 building costs. 

The money will go towards a 
smarter front-of-honse, a regilded 
auditorium, and more civilised 
backstage facilities, plus such 
money-making propositions as a 
gtassed-over roof-top restaurant 
overlooking Trafalgar Square. 

An anoymnous friend of the ENO 
has already pledged £lm and there 
Is another £250,000 in the bag. 
Woodward will go for both Arts 
Council and Heritage Fund Lottery 
money. Contacts should help: he 
knows well Peter Gummer, who 
chairs the Arts Council's Lottery 
division. 

But to be certain of Lottery 
support against frantic opposition. 
Woodward knows he must make a 
strong case for the ENO. He is 
pushing its mass appeal and high 
standards. “If this place dosed, the 
wider opera audience would have 
nowhere else to go.” 

To underpin the bid, general 
director Dennis Marks has already 
announced a 1994-95 programme 
which combines new productions of 
popular favourites, such as Tosco, 
with operas likely to appeal to 
enthusiasts, such as Khooanshchina 
and The Rise and Fall of the City of 
Mahagarmy. 

In his first year, Marks has 
raised attendances by 2 per cent, to 
a still worrying] y low 62 per cent of 
capacity, but subscriptions are up 
30 per cent and plans to introduce 
new productions of Turandot, 
Fidelia and a Jonathan Miller 
Carmen should see the box office 
take improving at the same time 
that Woodward woos corporate and 
private friends, and the Lottery 
providers. 

Woodward knows that the ENO 
must raise at least a third, say 
£15m, of its target from its own 
resources. He hopes to sell the ENO 
to companies as the opera house for 
their workforces rather than for 
their boards. If all goes well the 
ENO will dose for its facelift in 
mid-1998 and re-open on New 
Years’s Eve 1999. 

Hie Royal Opera House, Covent 
Garden, also plans to be dosed at 
this time for its refurbishment, 
which equally depends on Lottery 
funding. Its appeal, for around 
£100m, will probably be launched 
next year. 

□ □ □ 

On Tuesday another celebrated 
London arts venue announced its 
application for Lottery aid. The 
Riverside Studios, alongside the 
Thames at Hammersmith, is 
looking for £3J3m for a complete 
overhaul and to pay off debts. The 
debts, £300,000, are the most 
worrying. Unless the money is 
found by the end of March, new 
director Bin Bnrdett-Coutts’ efforts 
to make the Riverside matter again 
will be doomed. 

He is already finding it a 
challenge: the local authority has 
rejected his plan to moor a ferry by 
the Studios as a new performing 
space and restaurant on the 
grounds that it will disturb the 
ducks. A strong programme opens 
this week with new plays by 
Berkoff and continues with a 
London Comedy Festival. 

Antony Thomcroft 



■ ATHENS 

Odeon of Herodos AtticusFri. Sat. 
noxt Mon and Tues: Lyon Opera 
ailfet in works by Angelin Pr^joca 
William Forsythe. Susan Marshal 
and Bill T. Jones. Next Wed and 
Thurs: Salzburg Mozarteum 
Orchestra. Sep 22. 24: MovteCato 
Opera in Verdi's Otetlo (01-322 
1459). Sep 18. 19 at Megaron: 

Grutini conducts OrchestracJLa 

Scale (01 -728 2333/01-722 5511) 

■ bologna 

Teatro Communal* The ^tumn 
concert season opens on sep ^ 
with an orchestral prc^amme 
conducted by Jiri Kout. with violin 
Tretiakov gjjjwj™ 

Ento Autonomo Te ?™°?J740126 
di Bologna Ura 0 1 Resp ^ t ' i ’ f 
Bologna. No telephone hootangs 
accepted. For Information, call 
051-529999) 


■ GENOA 

Teatro Carlo Fetice The 1994-5 


season opens on Sap 22 with the 
first of four guest performances of 
Tchaikovsky’s The Maid of Orleans 
by the Odessa Opera (010-589329) 

■ LONDON 

THEATRE 

• The Devil’s Disciple: Christopher 
Mo rah an directs the National 
Theatre's new production of Bernard 
Shaw's 1897 satire on melodrama, 
set during the American War of 
independence. The plot features the 
romantic villain Dick Dudgeon 
(played by Richard Bonneville), a 
disgrace to his family who is driven 
to an act of goodness through his 
own innate virtue. Opens tonight In 
the Olivier (National 071-928 2252) 

• Babies: Jonathan Harvey's play, 
which won the 1993 George Devine 
Award, is the story of Tammy's 14th 
birthday party, which mum has 
thrown In order to ensnare her 
daughter’s youthful teacher - without 
realising Unde Kenny has the same 
mete. Final preview tonight, opens 
tomorrow (Royal Court 071-730 
1745) 

• The Hostage: Michael Bogdanov 
directs the Royal Shakespeare 
Company's new production of 
Brendan Behan’s great Irish drama. 
Starts previewing tonight. Press 
night next Wed (Barbican 071 -638 
8891) 

m The Slab Boys Trilogy: the first 
London showing since 1982 of John 
Byrne’s comic trilogy, which foflows 
the lives of three Paisley boys from 
desperate youth to despairing 
middle-age. The three plays can be 
seen individually or as a complete 
package on certain Saturdays. 
Previews start tomorrow. Press night 
Oct 1 (Young Vic 071-928 6363) 


• The Winslow Boy: another step 
in the Terence Ratbgan revival - this 
time, his 1946 play about the private 
cost of justice. Peter Barkworth is 
ideally cast as the stiff upper-lipped 
father, battling against Whitehall to 
prove the innocence of his son who 
has been expelled from naval 
college (Globe 071-494 5065) 

• Arcadia: Tom Stoppard’s 
complex comedy for the mind and 
the heart, cfirected by Trevor Nunn 
(Haymarket 071-930 8800) 

• The Miracle Worker: Jenny 
Seagrove Is the beautiful heroine in 
William Gibson’s wefl- tailored 
tear-jerker about the Wind infant 
Helen KeHer (Wyndham’s 071-369 
1736) 

• Saint Joan: Imogen Stubbs is 
the soldier safrit in tins fine staging 
of Shaw’s wordy but gripping 
chronicle play (Strand 071-930 8800) 

• An Inspector Calls: the National 
Theatre's multi-ward-winning 
rantarpretetion of J.R Priestley's 
psychological thrfller, directed by 
Stephen Daklry (Akhvych 071-838 
6404) 

• She Loves Me: the charming 
1963 Masteroff, Bock and Hamick 
romantic musical about two longtime 
pen pais who don’t know they work 
in the same parfumerie. Ruthie 
Henshall and John Gordon Sinclair 
head the cast (Savoy 071-838 8888) 

OPERA 

Coliseum English National Opera's 
1994-5 season opens on Mon with a 
new production of Tosca, conducted 
by Alexander Gibson and staged by 
Keith Warner, with a cast headed by 
Rosalind Plowright David Randal) 
and Hank Smit (is performances tin 
Oct 27). Jonathan Miner's 
production of The Mikado is revived 


on Sep 21, and the second new 
production of the season is 
Massenet’s Don Ouichotte on Oct 8 
(071-836 3161) 

Covent Garden The Royal Opera 
opens Its new season on Mon with a 
revival of Andrei Serban's 
production of Turandot featuring 
Sharon Sweet and Giuseppe 
Gtacominl, conducted by Daniels 
Gatti. La Cenerentola is revived on 
Sep 26, and the first new 
productions of the season are Das 
Rhelngold and Die WalkOre on Oct 
13 and 14. The Royal Ballet returns 
on Nov 3 with the British premiere of 
Anthony Dowell's new production of 
Steeping Beauty (new box office 
number. 071-304 4000) 

Sadler’s Wells British Youth Opera 
presents Eugene Onegin in repertory 
with Rossini's The Thieving Magpie 
between next Tues and Sat 

(071-278 8916) 

CONCERTS 

Royal Albert Hall Tonight torin 
MaazeJ conducts Pittsburgh 

Symphony Orchestra in 
Rakfimaninov, Prokofiev and Ravel, 
with violin soloist Julian Rachlin. 
Tomorrow: Maazal conducts 
Beethoven's Eighth and Ninth 
Symphonies. Sat Andrew Davis 
conducts Last Night of toe Proms, 
soloists Bryn Terfel Evelyn Glennie 
and Michael Davis (071-823 9998) 
Wigmore Han Tonight Barbara 
Boimey song recital, accompanied 
by Geoffrey Parsons. Sep 19: 
Jennifer Lanmore. Sep 20: Nash 
Ensemble plays new chamber works 
by Henze. Sep 27: June Anderson 
(071-935 2141) 

South Bank Centre Tomorrow. King 
Sunny Ade - a rare London 
appearance by Nigeria's great 


bandleader. Next Tues: tribute to 
Django Reinhardt, gypsy jazz 
guitarist Next Wed: Charles 
Mackerras conducts Mozart's 
Requiem and Janaoek’s Glagolitic 
Mass. Oct 2: Jessye Norman 
(071-928 8800) 

Barbican Sep 21, 22: opening of 
London Symphony Orchestra's 
Mahler festival. Sep 28: LSO 90th 
birthday concert (071-638 8891) 


■ MILAN 

Teatro afia Seda The Zeffirelli 
production of La boheme is revived 
on Sep 17 for six performances 
starring MlraDa Freni, Roberto 
Alagna, Nicolai Ghiaurov and Glno 
Quillco (02-7200 3744) 


■ STRESA 

The chief selling point of Stress's 
annual music festival is its situation 
on the shore of Lake Maggiore in 
northern Italy. The festival continues 
for another 10 days, with concerts 
featuring Martha Argerich, Katia 
RicdareUi aid the Berlin Radio 
Symphony Orchestra under Vladimir 
Ashkenazy (0323-31095) 


■ TURIN 

Turin's annual music festival, 
Settembre Muslca, continues with 
late afternoon and evening 
performances daily till Sep 22. Guest 
ensembles over the coming week 
include Steve Reich and Musicians, 
the Royal Concertgebouw Orchestra 
under Riccando Ghaflly, toe London 
Symphony Orchestra under Michael 


Tflson Thomas, Boston Muslca Viva, 
and the Estonian Philharmonic 
Chamber Choir in an Arvo Part 
programme (011-881 5214) 


■ WARSAW 

This year’s Warsaw Autumn 
contemporary music festival (Sep 
15-24) offers tributes to three 
recently-deceased Polish composers 
- Witold Lutoslawski, Andrzej 
Panufnik and Roman 
H au ben stock- Rama ti. Anne Sophie 
Mutter is violin soloist (Sep 16) In a 
programme devoted to Lutoslawski, 
who was for many years a leading 
light of the festival, and composed 
several pieces specially for Mutter. 
Antoni Wit comducts the Polish 
Radio Symphony Orchestra in 
Panufnlk’s Slnfonia dl Sfere (Sep 
18), while Klangfoarm Wien devotes 
a whole programme (Sep 19) to 
Haubenstock-RamatJ, who was 
music director of Cracow Radio in 
the late 1940s, before emigrating to 
Israel and later settling In Paris and 
Vienna. The younger generation of 
Polish composers is represented in 
a lunchtime programme on Sep 17 
entitled Hits from the Sixties to the 
Nineties. Among the foreign 
composers represented this year are 
Henri Dutilteux, Magnus Lindberg, 
Bright Sheng, Salvatore Sciarrino, 
Elliott Carter and Cornelius Cardew. 
Festival office; Warsaw Autumn, 
Rynek Starego Mlasta 27, 00272 
Warsaw, Poland (Tel/fax 
022-310607). During the period Sop 
12-25. ail enquiries to Warsaw 
Autumn, Hotel Europejski, 
Krakowskie Przedmiesde 13, 
Warsaw (tel 022-265051 fax 
022-261111) 


ARTS GUIDE 

Monday: Berlin. New York and 
Paris. 

Tuesday: Austria. Belgium, 
Netherlands, Switzerland, Chi- 
cago, Washington. 
Wednesday: France. Ger- 
many. Scandinavia. 

Thursday: Italy, Spain, 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: 
Reports 1230. 


FT 


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; 


— j 





FINANCIAL TIMES THURSDAY SEPTEMBER S 1994 


When it’s time to go 
to the country 



BOOK 

REVIEW 


Democracy is 
always evolv- 
ing. Now, just 
as its triumph 
over totalitar- 
ian ideologies 
appears 
assured, repre- 
sentative gov- 
ernment - the goal of western 
democrats since the American 
and French revolutions - is 
under challenge from a differ- 
ent quarter. 

The call for change comes 
from those who can be 
described as “direct demo- 
crats". Dissatisfied with the 
limitations of representative 
democracy, they want to give 
ordinary citizens an active role 
In government. Their main 
demand is wider use of referen- 
dums - something on which 
they are making significant 
headway. Theirs is a fraught 
struggle - and is bound to be 
so since they confront one of 
the world's most entrenched 
vested Interests: the class of 
professional politicians. 

This excellent study is both a 
catalogue of, and a commen- 
tary on, re fe rend urns across 
the world since the French 
Revolution. Nearly 800 
national referendums are 
listed. While no decade before 
the 1970s records more than 80 
referendums, there were 177 in 
the 1970s and 153 in the 1980s, 
about half in bona fide democ- 
racies. The tally for the 1990s 
looks set to exceed 200. 

David Butler and Austin 
Ranney's catalogue includes 
most modern dictatorships - a 
reminder that referendums can 
also be a handy aid to dicta- 
tors. 

But referendums have played 
key roles in transitions to 
democracy. Like elections and 
bills of rights, however, the 
democratic credibility of a ref- 
erendum is only ever as strong 
as a community's political con- 
science and culture (and dicta- 
tors) permit 

For mature democracies, the 
key issue is whether referen- 
dums can deepen democracy 
by generating informed public 
debate on policy questions, and 
not just prejudice manipulated 
by demagogues or the media. 

The experience of Switzer- 
land is critical to any assess- 
ment because that country has 
held more referendums than 
all other nations combined. 
With 6.5m citizens, and a 


REFERENDUMS 
AROUND THE WORLD: 
THE GROWING USE OF 
DIRECT DEMOCRACY 
Edited by David Butler and 
Austin Ramtey 

AEI Press. $19.95. 304 pages 

regime which since 1848 has 
proved more durable, demo- 
cratic and prosperous than vir- 
tually any other, its example 
may offer important lessons for 
other democracies. 

In addition to mandatory ref- 
erendums on constitutional 
changes, 100,000 Swiss citizens 
can oblige the state, by means 
of an “initiative", to hold refer- 
endums on laws passed by par- 
liament or on proposed consti- 
tutional reforms of their own 
derising. The Swiss typically 
vote on six to 12 national ques- 
tions a year, spread over two to 
four separate ballots. Four stri- 
king conclusions emerge from 
the chapter by Kris Kobach, a 
former Oxford University doc- 
toral student: 

• Switzerland's representative 
institutions are not rendered 
irrelevant by the referendum 
process. Rather, parliament 
and the government are guar- 
anteed a significant constitu- 
tional role, with power to make 
counter-proposals and to delay 
polls. 

• Popular votes generally sup- 
port earlier parliamentary deci- 
sions. But the prospect of a 
referendum on an issue, and 
the need to carry majorities in 
more than half the 23 cantons 
for constitutional changes, 
weighs on ministers and MPs. 

• The referendum in Switzer- 
land has in effect taken the 
role played by the opposition 
in other western democracies. 
Since 1959. the Swiss govern- 
ment has been a permanent 
cross-communal coalition of 
four largest parties, obliged to 
conduct a continual dialogue 
with citizens. 

• Although most “initiatives" 
are defeated, they are still 
influential. Kobach cites the 
1989 “initiative" proposing to 
abolish the Swiss army. It was 
defeated. But the 36 per cent 
vote in favour exceeded expec- 
tations, prompting cuts in the 
size of the army, a relaxation 
of military service and a civil- 
ian option for men (a proposal 
rejected in a 1984 referendum). 

In Switzerland, then, referen- 


dums go h and in hand with 
federalism and a consensual 
approach to government That 
means the Swiss model cannot 
simply be transplanted into dif- 
ferent traditions. 

Ireland is a case in point In 
his chapter, Vernon Bogdanor. 
reader in politics at Oxford 
University, argues that the 
Republic abolished its variant 
of “the initiative" in 1937 
partly, it seems, for fear that it 
could result in the tyranny of 
the majority. 

On gamp grounds, one 
could argue, a referendum pro- 
cess is unlikely to help secure 
lasting peace in Northern 
Ireland. Much would depend 
on the definitions of elector- 
ates and guarantees for Catho- 
lic and Protestant communi- 
ties, each of which fears 
persecution by the other. If an 
Irish federation combining the 
Republic and Northern Ireland 
ever emerged, localised refer- 
endums could help provide 
legitimacy. 

Bogdanor also discusses 
what lies b ehind the increasing 
resort to direct democracy in 
western Europe. He argues the 
rise of representative govern- 
ment in the late 19th century 
was accompanied by the rise of 
mass political parties. Domi- 
nated by professional politi- 
cians reliant on office for sta- 
tus and income, the parties 
halted movement towards 
direct forms of democracy. Vot- 
ers accepted this, believing 
their interests depended on 
“their" party’s triumph. 

Now. however, ever fewer 
voters in the west identify with 
a single party, while ever more 
are suspicious of politicians. It 
is no accident that Italy, whose 
party system generated patron- 
age and corruption on a mas- 
sive scale, is the European 
country to witness the most 
dramatic increase In the use of 
the referendum in the past 
decade. 

A century ago A VDicey, the 
English constitutionalist, pre- 
dicted that, “once established, 
the referendum would never be 
got rid of by anything short of 
a revolution". He may be right 
but, in Britain and perhaps 
elsewhere, political revolutions 
may be needed to make it an 
integral part of government in 
the first place. 

Andrew Adonis 


O ne of the paradoxi- 
cal aspects of cur- 
rent economic dis- 
cussion is the way 
that good news is presented as 
bad. If output rises more 
quickly then expected or 
unemployment falls faster, 
many market commentators 
treat it as bad news. The rea- 
soning is that central banks 
will fear ‘overheating 1 , and will 
be more likely, in the case of 
the US and Britain, to raise 
short-term rates or - in the 
/•saw of Germany - less likely 
to cut them. 

A few dissenting economists 
have always suspected that the 
mainstream discussion was 
wrong and the instinctive pub- 
lic reaction correct. For 
instance, the American ‘new 
classical’ economist, Robert 
Barro, has chided the Federal 
Reserve for worrying about 
growth being too fast in its 
public presentations of interest 
rate policy. 

The issue is particularly rele- 
vant in the OK the day after 
chancellor Kenneth Clarke’s 
monthly meeting with Eddie 
George, governor of the Bank 
of England. En spite of a stand- 
still In the housing market and 
a downward blip in consumer 
credit, the overall movement of 
the suggests that out- 

put is rising Easter than fore- 
casters expected. Goldman 
Sa c hs bmIb« a pi«n«iMp case 
that real gross domestic prod- 
uct outside the oil sector is 
likely to rise by 3 per cent this 
year and 4 per cent in 1995. 

The conclusion of the invest- 
ment firm is that “without 
higher interest rates there is a 
considerable risk of the econ- 
omy growing much too fast for 
comfort”. There is a good 
chance that the Bank will 
express, and the chancellor 
accept, such a view, if not tins 
month, then next month or 
soon after. Moreover, Goldman 
Sachs persists in its call for 
higher interest rates even 
though underlying infiaHmi is 
at a 27-year low and well below 
the Treasury’s ‘optimistic* 
summer forecast The Goldman 
economists persist in spite of 
their own statement thar the 
composition of the recovery is 
changing in favour of exports 


(10 per cent up in volume on a 
year ago) and investment (6'/» 
per cent up), and despite their 
more optimistic assessment 
both of the current balance of 
payments and of the govern- 
ment’s borrowing requirement 
Obviously, there can be too 
much of anything. But the 
Inflationary danger comes not 
from too much output or too 
much employment but from 
too much expenditure. Tndeed, 
to the extent that output rises 


Economic Viewpoint 

Good news is not 
always bad news 


By Samuel Brittan 


to meet an increase in spend- 
ing the inflationar y Hang ar is 

mitigated. 

The object of policy should 
surely be to encourage a rise of 
expenditure in nash terms Cast 
enough to support growth but 
not so high to finance an infla- 
tionary take-off. In current cir- 
cumstances this would be 
about 58 per cent a year, not 
only in the' UK. but also in 
many other western countries. 
However, the precise break- 
down of demand growth in any 
particular year between 
greater output and higher 
prices depends on the actions 
of businessmen, trade union- 
ists and other agents - as well 
as outside shocks and world 
events — ar»d is not nnfler the 

control of policymakers. 

The current orthodoxy is not 
nonsense. The general idea is 
that future inflation depends 
both on the gap between actual 
and capacity output and the 
speed with which that gap is 
being reduced. The capacity 
gap is a useful aid to thought 
and I have used it in these 
columns in spite of sarcastic 
notes from former finance min- 
isters. But to use it directly for 
setting policy presupposes a 
good idea of the trend growth 
of capacity, the present margin 
of unused capacity and the size 
of the capacity gap required to 
prevent inflation accelerating. 


Nominal GDP versus Inflation objective 

Nominal GDP target of 5% growth pa 

Allows, e jg., 2Ht% inflation plus 2*4% growth 
O Inflation plus 5% growth 
5% Inflation plus zero growth 


or 


or 


Official target 

Allows 


1 to 4% Inflation ■ 

No (even conditional) 'growth objectives 
Allows, e.g-, *2fe% Inflation and minus 1% growth 
Also allows price level to double In 28 years 


It also depends on having a 
good idea of the likely growth 
of output under unchanged 
policy. It is idle pretence to' 
suppose this knowledge exists. 

The two years ahead, on 
winch the Bank claims to take 
a view, are not nearly far 
enough for its present 
approach. For the main ques- 
tion about current trends is 
not whether they may lead to a 
temporary inflation peak of 4 
per cent in 1996 - with which 
we could live - but a cumula- 
tive pressure on resources 
which will lead to ever rising 
inflati on in subsequent years. 
It may be that because of sup- 
ply-side Improvements, the UK 
economy could sustain 4 per 
cent growth for several years 


Nominal spending and inflation 


Annual change 
20% 



Sotttac Dolwwi 


ahead. On the other hand even 
3 per cent growth may be too 
high. 

Goldman Sachs makes a 
brave attempt to bypass these 
imponderables with two sets of 
leading indicators, winch have 
had an empirical relation to 
inflationary turning points. 
The shorter indicator contains 
only three Items - import 
prices, earnings and gilt-edged 
yields. This indicator gives a 
lead averaging six months, but 
it gave scant warning of the 
inflationary pressures of the 
late 1980s and its recent upturn 
is minuscule. 

The longer indicator con- 
tains 12 variables, ranging 
from monetary aggregates and 
house prices to industrial pro- 
duction and skilled labour 
shortages. The lead time here 
has averaged 20 months, but 
varied from 5 to 44. It has been 
rising, although not strongly, 
for 36 months. Such an index is 
a useful supplement to a con- 
ventional forecast as are the 
bond market's inflation expec- 
tations. But all three signals 
together still leave 75 per cent 
of the derision to hunch, judg- 
ment and fashion. 

My own often-stated prefer- 
ence is an objective for total 
national expenditure of which 
the hparillnp measure is Nomi- 
nal GDP and which can be 
popularised as a national cash 
objective. It has the great 
advantage of not pretending 
that monetary policy influ- 
ences only inflation, and its 


pursuit would provide a safe- 
guard against the kind of col- 
lapse of spending which took 
place in the 1930s Depression. 
A nominal demand objective 
would also provide some reas- 
surance against fears 
recently voiced by Jacques 

Delore - that downward pay 
flexibility would defeat itself 
by reducing demand for prod- 
ucts and labour. 

Indeed the Bank's economic 
director Mervyn King went 
part of the way. in a little- 
noticed section of his 1994 
Institute of Fiscal Studies I lec- 
ture. to argue that by making 
use of the full range of the lVr-4 
per cent official inflation tar- 
get, something approaching 
the aims of a Nominal GDP 
objective might be fulfilled. 

But quite apart from the 
question of whether that 
speech is official policy, it does 
not go far enough. For it still 
depends on what economists 
call a well-determined short- 
term Philips curve - that is, an 
idea of the level of activity 
which would go with any given 
rate of inflation. 

Many of the objections to a 
nominal demand objective mis- 
understand the proposal as one 
for short-term fine-tuning. 
That is why critics put so 
much emphasis on delays and 
revisions to the quarterly GDP 
data. In feet the intention is to 
influence the trend of spending 
rather than to hit a precise 
quarterly or even yearly path. 
If the idea were ever taken 
seriously it would probably be 
best to concentrate not on the 
exact measure known as Nomi- 
nal GDP but on some alterna- 
tive such as domestic expendi- 
ture at factor cost 

The chart shows how this 
measure explains, more con- 
vincingly than any other kind 
of analysis, the effects of the 
credit boom of the 1980s. The 
rise in underlying inflation 
was not that great, but infla- 
tionary spending was diverted 
into imports, which provided a 
safety valve while policy was 
being tightened. 

The outstanding advantage 
of a nominal demand objective 
in present circumstances is 
that it would reduce reliance 
on forecasts. If a set of leading 
indicators could be developed 
for nominal expenditure so 
much tiie better. But it would 
not be disastrous to rely on 
what is actually happening. A 
slump would soon show itself 
in the growth of nominal 
expenditure felling below a 88 
per cent objective, 08 it did in 
1991-92. Overheating would 
show itself in expenditure ris- 
ing persistently above it. The 
ride would not be smooth, but 


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LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SEI 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 

Apec can be a force for global free trade 


From Mr C. Fred Bergsten. 

Sir, My colleagues on the 
Apec Eminent Persons Group 
and 1 appreciate your thought- 
ful comments (“ Seeking a role 
for Apec", September 2) on the 
new report. Achieving the Apec 
Vision : Free and Open Trade in 
the Asia Pacific, which we 
recently submitted to the Aria- 
Pacific Economic Co-operatioq 
(Apec) forum. We would offer 
four comments in response. 

First, you ask whether the 
extensive dependence of most 
Apec members on the US mar- 
ket is a sufficient basis for 
regional trade liberalisation. 
There are certainly other 
bases: the large potential gains 
from eliminating the substan- 
tial barriers that still dot the 
region; concerns about the 
weaknesses of the global trad- 
ing system and inward-looking 
regionalism in other parts of 
the world; the security interde- I 


pendence across the Pacific 
and the American interest in 
the dynamic growth of Asia. 
But the members' desire to 
maintain their trade access 
to the US propels them to- 
wards new liberalisation initia- 
tives because trade policy 
clearly slides backward 
towards protectionism in the 
absence of steady forward 
momentum. 

Second, you note the pres- 
ence of important trade dis- 
putes among the members of 
Apec. The need to address such 
conflicts more effectively is In 
fact o ne of our main reasons 
for recommending prompt 
adoption of a comprehensive 
regional trade programme, 
including the creation of a dis- 
pute mediation service to help 
resolve the disputes directly. 
We would hope that such a 
programme would inter alia 
induce the US to redirect at 


least same of its negotiating 
efforts into regional channels, 
and it is noteworthy that the 
US government has announced 
publicly that it will not be rais- 
ing labour and environmental 
issues in Apec 

Third, we are confident that 
Apec will respond positively to 
your query over whether its 
regional efforts will support 
the global trading system. 
Leading European trade nego- 
tiators have testified that last 
year’s Apec summit in Seattle 
was a significant, perhaps the 
significant, turning point in 
bringing the Uruguay Round to 
a successful conclusion. 

Your concern that Apec 
would hurt the General Agree- 
ment on Tariffs and Trade by 
diverting negotiating resources 
is belled by the nearly simulta- 
neous achievements of the 
Uruguay Round and three 
regional agreements - Europe 


1992, Nafta and the Asean Free 
Trade Agreement The global 
trading interests of all Apec 
members assure that they will 
do whatever is necessary to 
implement the Uruguay Round 
and strengthen the Gatt Every 
proposal in our EPG Report 
either conforms fully to Gatt or 
goes beyond it to create new 
“Gatt-plus" arrangements. 

Our group indeed believes 
that Apec can become a lead- 
ing force for global trade prog- 
ress. 

We look forward to further 
dialogue during the run-up to 
the Apec summit that will 
address these issues in Indon- 
esia on November 15. 

C. Fred Bergsten, 
chairman. 

Eminent Persons Group, 
Institute for International 
Economics, 

11 Dupont Circle, 

NW Washington, DC 20036-1207 


Sauce of 
inflation 


Danger in making premature judgements 


From Sir John Bonham. 

Str, Hie logic of your recent 
editorial (“England’s local 
shambles", August 25) fell 
below the levels that your 
readers have come to expect 

First, you assume what you 
set out to prove: that the Local 
Government Commission will 
produce unnecessary struc- 
tural change, while ignoring 
the advantages of a more prag- 
matic approach and of 
improvements to the pytaHng 
two-tier system. You would be 
wise to wait before rushing to 
premature judgements. The 
commission is well aware of all 
the risks you mentioned; 
indeed, we have alerted you to 
many of them. 

Second, the changes of which 


you evidently approve - to cor- 
rect the mistakes made In 1974 
- will only be possible with the 
kind of independent but local 
consideration that the review 
is able to provide. How other- 
wise can parliament sensibly 
identify the “handful of large 
cities" to become unitary 
authorities, and those “coun- 
ties. . .enjoying little local loy- 
alty" which, presumably, you 
would like to see abolished. 

Finally, you take us to task 
for implementing one of only 
two reforms that you believe 
necessary to enhance local 

democracy, the use of advisory 
local referendums to give elec- 
tors a direct say on local mat- 
ters of concern to them. This is 
precisely what the Local Gov- 


ernment Commission is no 
doing throughout shii 
E n gla nd , as we consult loc 
people on the appropriai 
structure for their local go 
eminent and to which thei 
has been a magnificent an 
unprecedented response. 

Of course, there are risk 
involved in the Local Goven 
meat Review - just as thei 
are in the alternative approac 
that has been adopted in Sco 
land and Wales. Managin 
them is not made easier by pn 
mature editorials riddled wit 
fallacies. 

Sir John Banham, 

Dolphyn Court, 
lOfll Great Turnstile, 

Lincoln's Irm Fields, 

London WC1V 7JU 


From Mr David Levaggi. 

Sir, Recent Royal Mint 
adverts reminding punters that 
the anniversary £2 coin Issue 
will cease at the end of Septem- 
ber prompts the suggestion 
that the issue of a permanent 
£2 piece Is kmg overdue. On 
the other ride of the Channe l. 
French FFr20 and German 
DM5 coins have been in circu- 
lation for more than two years. 

Bottom-line Inflation may be 
“only" 2.5 per cent, but EL Is 
now a paltry sum compared 
with its purchasing power 
when sterling was first deci- 
malised in 1971. Then, many 
urged a basic unit based on 10 
old sh i llin g s, complaining that 
a £1 unit was too large. 

There are still those who 
complain of fife non-availabil- 
ity of a D note south of the 
bonier (Hadrian’s Wall not the 
Rio Grande). This is notwith- 
standing that it will not even 
buy two units of my regular 
measure of Inflation - a 228g 
bottle of HP Sauce which 
remains unaltered in size, 
shape and nature of contents 
since the end of the first world 
war. What cost 4d (£0.0167) in 
1334 now retails, 60 years on. 
for about £0.58, a 35 times price 
increase, approximately. 

David Levaggi, 

4, Grvsvenor Street, 

Bury, Lancs BL9 9BJ. 


Code should 

From Sir Sigmund Sternberg. 

Sir, With reference to your 
article, “DTI rejects Labour 
plea" (September 7). one won- 
ders whether the Department 
of Trade and Industry is the 
best forum to investigate cases 
such as Lord Archer's Anglia 
Television share dealings. Con- 
sideration should be given to 
whether an independent body, 
such as the Institute of Busi- 
ness Ethics, comprising 
well-known people with practi- 
cal experience, would not deal 


be adopted 

more competently and speedily 
with these matters. It is 
unlikely they would need five- 
months to decide no further 
action should be taken. 

The Institute of Business 
Ethics has recently issued a 
code of conduct, which should 
be universally adopted- 
Sigmund Sternberg, 
chairman, 

Isys. 

Hyde House, The Hyde, 

Edgware road. 

London NW9 6LH 


Extreme 

answer 

From K Campbell, 

Sir, Further to your report 
“Ill-health linked to low sta- 
tus" (September 6), of a study 
presented at the British Associ- 
ation meeting, why was it not 
possible to shoot the civil ser- 
vants as well as the baboons in 
order to take blood samples? 

K Campbell, 

223 Rookery road, 

Handsaorth, 

Birmingham 
B21 9PX 


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FINANCIAL TIMES THURSDAY SEPTEMBER 8 1994 

FINANCIAL TIMES 

Number One Southwark Bridge. London SE1 9HL 
Tel: 07I-S73 3000 Telex: 922186 Fax: 071-407 5700 

Thursday September 8 1994 

John Major’s 
Europe 


“All animals are equal, but some 
animals are more equal than others " 
- George Orwell. Animal Farm, 1945 


The British prime minister has 
lost no time in responding to the 
challenge implicitly thrown out 
last week by his French and Ger- 
man partners when they outlined 
their separate, but overlapping, 
visions of the future development 
of the European Union. In his 
speech at Leiden yesterday, Mr 
Major welcomed "their emphasis 
on a more flexible Europe". Recall- 
ing his own preference for a multi- 
speed Europe in which some 
states “should integrate more 
closely or more quickly in certain 
areas" than others, hie none the 
lass insisted that such develop- 
ment must be acceptable to all 
member states, and that “no mem- 
ber state should be excluded from 
an area of policy in which it wants 
and is qualified to participate”. 

Hie French and German propos- 
als have thus had the merit of 
obliging Britain to clarify its 
views. Mr Major named three 
areas “where conformity is light 
and necessary”, which apparently 
means that there must he no opt- 
outs. These areas are interna- 
tional trade, the single market and 
- perhaps more surprisingly, but 
logically - the environment. (He 
should probably have added immi- 
gration, but this is an area the 
British government has not yet 
dearly thought through.) 

Everything else, in Mr Major’s 
vision, is d la carte. He claims a 
leading role for Britain in foreign 
policy and defence, while recalling 
that, on stage three of economic 
and monetary union, “I have 
thought it right to reserve the 
United Kingdom’s position, and 
still do”. Clearly what causes him 


anxiety is the attempt by the Ger- 
man Christian Democrats, and 
perhaps also (though this is less 
clear) by the French prime minis- 
ter, to define a “hard core” of lead- 
ing member states, for which foil 
membership of Emu would be an 
essential qualification. 

That would indeed be matter for 
concern if the proposal were to 
exclude non-members of Emu 
from participating in such thing * 
as the common foreign policy or 
common defence. But no one has 
actually proposed that. The CDU 
proposal is almost as much analyt- i 
ical as prescriptive: it says that i 
leadership in the EU must come 
from a hard core of countries 
which “participate as a matter of 
course in all policy fields, but 
should also be recognisably more 
community-spirited in their joint 
action than others". The CDU 
thinks that core will initially con- 
sist of only five countries, but 
“must be open to every member 
state willing and able to meet its 
requirements" and must indeed 
seek actively to involve other 
member states more closely. 

The only point on which it 
clearly differs from Mr Major is in 
refusing to allow him a veto cm 
the efforts of other countries to 
move ahead in areas for which 
Britain is not ready. Britain’s pre- 
tention to such a veto must in the 
long run be politically unsustaina- 
ble. For the rest, Britain win no 
doubt retain the right to opt out of 
Emu and other aspects of the EU 
that it does not like. But the more 
it exercises that right, the more it 
will exclude itself from the ElTs 
central leadership. 


Open science 


Mr David Hunt, who makes his 
first public appearance as science 
minister at the British Association 
meeting in Loughborough today, 
could do one thing to please all 
sections of his new constituency 
without committing the Cabinet to 
an extra penny of public spending. 
He should announce an initiative 
to open up to public scrutiny the 
scientific committees that advise 
the government on a vast range of 
subjects, from genetic engineering 
to nuclear waste. At present all 
meet in private. In future, their 
meetings should normally be held 
in public, with appropriate 
arrangements to protect commer- 
cially confidential information. 

Such a move would be over- 
whelmingly popular with all sec- 
tions of scientific opinion. The 
advocates of open scientific advice 
include not only academic 
researchers and environmental 
and consumer groups but also the 
biotechnology industry. Compa- 
nies complain that the present 
system gives the false impression 
that they have something to hide. 

Instead of the slow and secretive 
British system, the industry would 
prefer a quick public assessment 
of applications to carry out 
genetic engineering experiments, 
along US lines. A model is the US 
Recombinant DNA Advisory Com- 
mittee. The first meeting of the 
Rac, as it is known, attracted 150 
jou rnalis ts in 1990; now a handful 
of reporters and other outside 
observers monitor its delibera- 
tions. 

Mr Hunt could make a modest 
start with a co-ordinated effort to 


open up the expert committees 
advising on biotechnology, such 
as the Genetic Manipulation Advi- 
sory Committee, Advisory Com- 
mittee on Releases into the Envi- 
ronment, and Gene Therapy 
Advisory Committee. But there is 
no reason to stop there. All com- 
mittees giving independent scien- 
tific advice to the government, 
outside the specific field of 
defence and national security, 
should meet in public, as their US 
counterparts do under the Govern- 
ment in the Sunshine Act Mean- 
while, the policy-making commit- 
tees of ministers and civil 
servants would, of course, remain 
closed as at present 

The opening-up process should 
.also extend to advisory commit- 
tees on the civil nuclear industry, 
where the history of secrecy has 
left a legacy of public distrust 
which the young biotechnology 
industry rightly sees as an awfol 
warning. As in the US, arrange- 
ments can be made to protect gen- 
uinely sensitive information with- 
out shrouding the whole 
procedure in secrecy. 

The scientific community was 
sad to lose Mr William W aide- 
grave, the most popular science 
minister for many years, to agri- 
culture in the July cabinet reshuf- 
fle. An open advice initiative 
would be an ideal way for Mr 
Hunt to establish his credentials 
as Mr Waldegrave’s successor 
with the scientific world. At the 
same time, ft would send a strong 
message that momentum has not 
been lost on another of his respon- 
sibilities: open government 


Trade embargoes 


The ending of Malaysia's 
nine-month ban on public con- 
tracts for British companies is 
probably as much a cause of relief 
in w ii.iia Lumpur as in London. 
The dispute had become an 
embarrassing headache in both 
capitals. But while the two sides 
now seek to restore normal rela- 
tions, they and other countries 
should reflect on the wider lessons 
of this dispute, which underlines 
the dangers that arise when trade 
is held hostage to political objec- 
tives. 

Neither side can take much 
pride in its conduct The ban, in 
response to UK newspaper reports 
that a British company had tried 
to bribe Malaysian politicians, was 
misjudged and out of proportion. 
If Malaysia's real target was the 
British press, as it claimed, it 
should have sought redress 
through Britain's courts. It should 
also have been encouraged to do 
so by the UK government and 
affected companies. To their dis- 
credit, some British politicians 
smd businessmen seemed keener 
to appease Kuala Lumpur, by call- 
ing into question the principle of 
press freedom- . „ , 

Dr Mahathir Mohamad. Malay- 
sia's prime minister, wifi doubt- 
less argue that he has lifted the 
ban because he has made his 
point As likely, however, is that it 
had become counter-productive. 

Dr Mahatir has ambitious pfens 
for Malaysia to become an Indus- 

SuS country by 202ft If it is to 

do so, it will need to continue 
attracting the inflows of foreign 
private capital and technology 


that have fuelled much of its rapid 
development to date. The trade 
ban hardly sent a reassuring mes- 
sage to prospective international 
investors, who have plenty of 
alternative destinations. 

Malaysia is far from alone in 
trying to use trade - or unilateral 
threats to disrupt it - as a politi- 
cal lever. The US has also sought 
to do so, when pressing China and 
Indonesia to improve their human 
rights records. The Clinton admin- 
istration also faces domestic pres- 
sure to discriminate against 
imports from countries that do not 
respect US environmental rules. 

Such tactics, even when well-in- 
tentioned, amount to an attempt 
by one country to impose its val- 
ues and standards on others, by 
force. There is also little evidence 
that they achieve their objectives. 
Indeed, in an ever more inter-de- 
pendent world economy, they risk 
rebounding swiftly on their propo- 
nents. Witness Washington's 
retreat from threats to deprive 
Bering of most favoured nation 
trade status, under pressure from 
warnings by TO companies that 
such action would jeopardise their 
efforts to expand business in 
China. 

Hie advance of global economic 
integration is bound to make the 
disparities between countries' cul- 
tural, political and social values 
more salient. To cope with the 
friction, what will be needed is 
increased efforts to accept those 1 
differences and, where necessary, ; 
negotiate constructively upon j 
them. Aggressive' unilateral trade i 
actions are the wrong response, j 


S ince its inception, the 
European Unjon has 
rejected the notion of 
first- and second-class citi- 
zens. Talk of inner circles 
or exclusive clubs has always been 
taboo, despite stark differences in 
wealth, sire and population among 
the member states. 

Now Germany, the biggest and 
most powerful member of the club, 
has broken ranks. Last week, the 
ruling Christian Democrat party 
and its CSU coalition partners came 
out in favour of a Franco- 
German-led “hard core" of five 
nations committed to faster integra- 
tion. The paper, echoing similar 
thinking within the French govern- 
ment, ended an uneasy truce over 
the pace and scope of Integration 
which has prevailed since last 
November’s ratification of the 
Maastricht treaty. 

Whether by accident or design, 
the Germans have triggered a 
debate on the issue at the heart of 
the EfTs Inter-governmental confer- 
ence in 1996 to review Maastricht: 
how can the Union preserve its inte- 
grated structure while embracing 
an ever-increasing number of mem- 
ber states, notably the former com- 
munist countries of central and 
eastern Europe? 

Most member states would prefer 
not to peep into this Pandora’s box. 
Organising a European Union of 20 
to 25 member states wifi, require an 
overhaul of EU institutions and pro- 
cedures. which could jeopardise the 
delicate balance of national Inter- 
ests that has ensured political sta- 
bility in western Europe for more 
than a generation. 

In an expanded Union, tiny Lux- 
embourg (population 450.000) could 
not reckon on preserving its dispro- 
portionate voting power in EU deci- 
sion-making. The "Club Med" coun- 
tries of Greece, Spain and Portugal 
risk reductions in regional aid to 
accommodate the east Europeans. 
"All these changes awaken fears 
among smaller and poorer states of 
being marginalised," says a Com- 
mission nffitrial 

For the UK government., the con- 
tents of the CDU/CSU paper 
threaten bo reopen dvil war in the 
ruling Conservative party. Mr John 
Major, prime minis ter, papered over 
divisions during his speech in The 
Hague yesterday, which called for 
new, flexible methods of coopera- 
tion while rejecting the idea of a 
two-tiered Europe. But he remains 
trapped between Euro-philes, wor- 
ried about Britain being left in 
Europe's slow lane, and Euroscep- 
tics, resolutely opposed to further 
dilutions of national sovereignty. 

This week’s diplomatic storm sur- 
rounding the CDU/CSU “discussion 
paper” would have passed quickly 
had its authors avoided naming 
countries which they deemed wor- 
thy of membership of a hard core: 
the assumption that not all coun- 
tries would enter tighter economic 
and monetary union on schedule by 
1997-99 is hardly new. Indeed, the 
Maastricht treaty explicitly pro- 
vides for a “multi-speed" formation. 
But by excluding Italy (a founder 
member of the European Commu- 
nity in 1957) as well as Spain and 
the UK, the German paper pre- 
empted a future decision on which 
countries will qualify for Emu and 
caused a needless slight 
Chancellor Helmut Kohl’s expla- 
nation that the CDU/CSU paper was 
not official government policy 
served only to fuel questions about 
the timing pnd motives behind it 
Some observers viewed the paper as 
floating a trial balloon staking out 
the German position ahead of 1996; 
others saw it as a preemptive warn- 
ing to the British and the Danes, 
the “semi-detached” members of the 
Union, who have long sought to 
temper enthusiasm on the conti- 
nent for fester, deeper integration. 

Both views may overlook nar- 
rower German calculations linked 
to next month's general election. Mr 
Wolfgang SchSuble, second only to 
Mr Kohl in the CDU hierarchy, and 
Mr Karl Lament, the CDITs chief 
foreign affairs spokesman, launched 
the paper in the apparent hope that 
it would prevent the party’s more 


Hard-hitting 

mouth-piece 

■ Alastair Campbell, the journalist 
recruited by Labour leader Tony 
Blair as his personal press 
spokesman, is dearly not a man to 
pull his punches. 

The 37-year-old Cambridge 
graduate, most recently assistant 
editor on Rupert Murdoch’s 
left-leaning Today newspaper, is 
fondly remembered by fellow hacks 
chiefly for his showdown with 
Michael White, the Guardian's 
political editor, just after the 
maritime disappearance of Robert 
Maxwell. The amiable White was 
musing upon the fete of “Captain 
Bob, bob, bob, bob ...” Campbell, 
then political editor of the Dally 
Mirror, leapt to the defence of his 
deceased proprietor, and there 
followed a spirted physical 
exchange. Enter the intrepid David 
HilL Labour's chief spin doctor, who 
broke up the warring factions. 

But Campbell obviously made an 
impression. No doubt he and EGA 
are now in search of subtler ways to 
put across their views. 


Fingered 

■ Russians seem to have a sweet 
tooth - and are willing to pay for it 
In return for the 200 tonnes of 
Cadbury’s chocolate fingers 
HiUsdown Holdings sold to Russia 
this year it has received hard cash. 


Lionel Barber explains the motives 
behind controversial French and German 
suggestions for developing the EU 

Fresh meat from 
Europe’s stable 


& -SOME ^ J 

☆ MEMBERS V7 
RRE MUSE W 
EQUAL THAN fV 








No bartering, and absolutely no 
attempt to pay for the nibbles in 
plutonium. But, says chief 
executive David Newton, finance 
director Raymond Mackie has been 
known to light up in the dark. . . 


Clean fight 

■ Guess who is thumping the 
morality tub in the fight for a US 
senate seat in Virginia? Why, none 
other than Oliver North, the retired 
Marine lieutenant colonel who lied 
to the US Congress over the 
Iran-Contra affair. 

North - who says “character 
always counts in a campaign” - 
accuses his main rival in 
November’s election, Senator 
Charles Robb, of having a 
"seriously flawed” character and 
larking the "moral force” to hold 
public office. The attack is based on 
Robb’s admission of “socialising in 
situations not appropriate for a 
married man”, while serving the 
state as governor in the mid-1980s. 


Fishy chips 

■ T J, Rodgers, chief executive of 
Cypress Semiconductor, a Silicon 
Valley chip-maker, was once a 
rather odd fish in the arcane world 
of the US semiconductor industry. 
While most US chip producers rush 
for the trough as soon as they sniff 
government money, Rodgers has 
often bitterly attacked such 
subsidies. 
















conservative supporters defecting to 
fringe German nationalist parties. 
Significantly, the CSU came on 
board, despite the misgivings of Mr 
Edmund Stoiber, the CSlTs Bavar- 
ian prime minister and avowed 
Euro-sceptic. 

Yet it is also clear that Mr Kohl 
and his closest advisers are con- 
vinced that the time is ripe for an 
open debate about the future of 
European integration and Ger- 
many's place in IL Mr Kohl remains 
determined to avoid a repeat of the 
Maastricht experience, when the 
Europe's policymaking elite lost 
touch with the public. 

The paper's implicit message is 
that a frank exchange must take 
place with France, Germany’s most 
important ally. In blunt terms, it 
points to differences on economic 
policy, Including competition law, 
the objectives of the common agri- 
cultural policy, industrial policy 
and trade. The paper says that, if 
Germany puts forward plans for 
deeper political integration, France 
must reciprocate with ‘‘equally 
dear and unequivocal decisions". 

“France must agree to a common 
European foreign policy, not just 
continue with a French foreign pol- 
icy,” says a German official in Brus- 
sels. 

In a striking passage, the authors 
argue that France's "basic” commit- 
ment to deeper integration remains 
indisputable; but they proceed to 
fret about French attachment to the 
nation state. "The notion of the 
unsurrendable sovereignty of the 
‘Etat nation' still carries weight, 
although this sovereignty has long 
gfapft become an empty shell” 

■Hie dilemma Germany and 
France face is how to preserve the 
Franco-German alliance while 
simultaneously widening EU mem- 
bership to eastern Europe. As the 
CDU/CSU paper implicitly acknowl- 


edges, enlargement clearly serves 
Germany’s economic and geographi- 
cal interests; but it also risks dilut- 
ing France's political leadership 
rale in the Union. 

France was a reluctant convert to 
the present enlargement of the 
Union to encompass Austria, fin- 
land, Sweden and Norway - partly 
because it appeared to expand Ger- 
many’s sphere of influence and tilt 
the Union northwards. 

A senior Commission official pre- 
dicts that the French will come 
round to enlargement Yet he warns 
that the Union will tilt even further 

The contents of the 
CDU/CSU paper 
threaten to reopen 
civil war inside the 
UK’s ruling 
Conservative party 

east: “The Erst round of enlarge- 
ment will be Poland, the Czech 
Republic, Hungary and Slovakia, 
but the second round will come 
soon after. That means Slovenia, 
the Baltic states and, if the war in 
Yugoslavia comes to an end, maybe 
Croatia.” 

This week, Mr Edouard BaHadur. 
French prime minister, perhaps 
with an eye on next spring's presi- 
dential election in France, staked 
out his country’s position on future 
patterns of European integration. 

In his view, Europe could organ- 
ise along the tines of three concen- 
tric circles. France and Germany 
would head an inner core; other EU 
members wishing to travel more 
slowly could join a second circle; 
while the east Europeans would be 
consigned to an outer ring 
reflecting their backward econo- 


Observer 



T hud a nightmare that Ian Paisley 
was in my office and I couldn't tell 
him to leave* 

He once laid into Sematech, a 
government-industry 
semiconductor research and 
development consortium formed In 
1987. Sematech gets half its loot 
from the Defense Department, the 
rest from member companies. 
Rodgers saw Sematech as nothing 
more than a hand-out for those chip 
industry fat cats not up to fighting 
international competition. 

Times change. Now Cypress 
Semiconductor says it’s taking a 
$500,000 grant from the Minnesota's 
Department of Trade and Economic 
Development toward the cost of 
building what the company 
describes as "one of the most 


mies. Crucially, Mr Balladur 
avoided naming which countries 
would form the hard core, or how 
his version of "variable geometry” 
would operate in practice. 

In feet, "variable geometry” is a 
highly complex subject upon which 
the best technocratic and legal 
minds in Europe have only just 
started to reflect. The German plan 
for an inner core, Mr Balladur's 
remarks and Mr Major’s speech yes- 
terday all offered different patterns 
of integration. The difficulty is that 
variable geometry can mean differ- 
ent things. In rough terms, there 
are three options; 

• Variable speed Europe. Most 
experts argue that there Is nothing 
wrong with countries moving at a 
different pace towards common 
objectives. Britain was involved in 
the creation of the European Mone- 
tary System, but only joined the 
European exchange rate mechanism 
several years later. Similarly, less 
developed economies such as 
Greece and Portugal are allowed 
“derogations" or transition periods 
for single market legislation in 
hanking and insurance. 

• Europe d la carte. The consensus 
is that complete freedom of choice 
to accept or reject core obligations, 
such as the common agricultural 
policy or a common competition 
policy, would undermine the Union 
beyond repair. It would conflict 
with the treaty of Rome, unravel 
the single European market, and 
destroy the single institutional 
framework embracing the European 
Commission, the European Court 
and the Council of Ministers. 

• Variable geometry. This option 
lies somewhere between the two 
above options. It would acknowl- 
edge that some member states have 
different interests, but flexibility 
would have limits. Variable geome- 
try would be subject to agreement 


advanced semiconductor 
manufac turin g facilities in the 
world”. Then again, perhaps it's a 
virtual reality plant that doesn't 
actually exist 


Stamp it out 

■ No wonder the Royal Bank of 
Scotland had such a ready 
translation for that disturbing 
business about retrocessing. 
reporting and restoring that 
Observer ran across in a Bank of 
Scotland letter. Why, the RBS itself 
is no slouch when it comes to 
obfuscation. Take its securities 
division, which instructs a 
customer to forward his dividend 
mandate form to his own bank, 
whereupon “they will verify the 
details by adhibiting their branch 
stamp ..." Naturally. 


Gated 

■ When Michael Heseltine unfolded 
his notion of the new "linear city” 
to the east of London in 1991. he 
picked the decidedly unpromising 
tag of East Thames Corridor for the 
project. So what can we expect from 
the rechristened Thames Gateway? 

Environment minister David 
Curry was claiming credit for the 
new moniker when he launched an 
action plan for the area yesterday. 
East Thames Corridor bad sounded 
a bit "Kafkaesque” he said, and, 
rather than spend years agonising 
over a new name or running 


by all other member states. 

In practice, variable geometry 
already exists. Britain does not take 
part in the social chapter of the 
Maastricht treaty. Denmark has 
special protection against foreigners 
buying second homes. Ireland is not 
a member of the West European 
Union, the EU*s emerging defence 
aim. France is a member of Nato, 
but is not a member of the alli- 
ance's integrated command. 

The challenge Is how to apply 
variable geometry in an expanded 
Union, and how to adapt it to deal 
with the economic and budgetary 
problems posed by the entry of the 
east Europeans. "The paradox is 
between what you want politically 
on the one hand, and wbat is math- 
ematically sustainable on the 
other ” says Mr Hans Van den 
Broek, EU commissioner for exter- 
nal political affairs. 

The attractions of variable geome- 
try are immense: able and willing 
states could press ahead according 
to their own pace, while others 
would retain the freedom to stay 
behind or catch up later. It could 
also allow the east Europeans gen- 
erous transition periods in which to 
prepare for full EU membership. 
Yet the risks are also considerable 
if the variable geometry grants too 
much latitude. 


A senior EU official points 
out Britain may not sub- 
scribe to the social chap- 
ter. but it is bound by 
social policy provisions 
in successive European treaties: 
“The social protocol [in Maastricht] 
is only a small part of tbe whole." 

Similarly, there are big risks in 
allowing member states to opt out 
of EU decisions. Under a 1971 Euro- 
pean Court ruling, where the Union 
has been given “competence", or 
responsibility. In areas covering the 
internal market, it extends automat- 
ically to international negotiations. 
Hence a derision to allow 10 mem- 
bers of a 25-member Union to opt 
out of legislation covering air qual- 
ity would create a legal and politi- 
cal minefield. “The Japanese and 
Americans would rightly ask who 
the EU was representing ” says one 
legal official 

The issue of whether the EU - 
through the fkimmiBrinn - haq a 
distinct legal personality in matters 
such as trade has led to friction 
with France. Arguments over indi- 
vidual rights and collective respon- 
sibilities are equally important in 
the area of foreign and security pol- 
icy, where fiill freedom to oppose 
decisions would paralyse the Union. 

Many observers believe that the 
answer to ttiesg conundrums tips in 
constructing a minimum set of 
rules and obligations to which all 
member states could subscribe, per- 
haps in a new Euro-constitution. 
Franco-German thinking appears to 
be proceeding on these lines , cou- 
pled with a stricter definition of 
Union-wide competences and mat- 
ters reserved for the nation states. 

Yet all these attempts to resolve 
disputes over the shape of Europe 
ignore the present political con- 
straints on member states and the 
fragile state of public opinion. More- 
over. the bargains necessary for a 
comprehensive agreement have 
barely been identified, let alone 
negotiated among the existing and 
future member states. 

Thus France has yet to signal the 
degree to which it will commit itself 
to political union in return for the 
prize of a single European currency. 
Despite Mr Major’s speech yester- 
day, Britain has yet to reveal how it 
reconciles claims to be at the heart 
of Europe with its opt-out of Euro- 
pean monetary union and non-par- 
ticipation in other areas. 

Perhaps the most promising area 
is defence, where tight budget con- 
straints and the US administra- 
tion's active support for a new 
European force operating under the 
Nato umbrella may succeed In 
accelerating agreement in 1996. 

But many diplomats in Brussels 
suspect that the temptation will be 
to defer tough choices, even if the 
price is a delay in EU membership 
for the eastern Europeans. What is 
clear is that the past few days have 
witnessed the start of a constitu- 
tional debate on tbe future of 
Europe. Nobody can stop it. 


competitions to choose one, he 
simply “sat down and made the 
decision”. 

Good to see a minister willing to 
make a tough calL But what a pity 
that the same spirit of 
determination does not extend to 
the corridor itself. 

Yesterday’s plan had no new 
proposals and no new money to 
offer. At this rate, Thames Gateway 
will be more of a linear village than 
a city. 


Yours, unsigned 

■ Another politician taking a tough 
line? John Redwood, the rightwing 
Welsh secretary, makes a practice 
of not signing letters written on his 
behalf in the Welsh language. It is 
apparently his policy not to sign 
letters unless he can "understand 
fully” what he is signing. Just as 
well his colleagues aren't all so 
scrupulous. 


Sinned against 

■ One can begin to understand 
why Democratic Unionist Ian 
Paisley has become a trifle jumpy 
recently when the International 
Herald Tribune styles Sinn F&n 
boss Gerry Adams as “the radical 
republican leader of Northern 
Ireland”. In the European elections 
In June, Paisley polled 29 per cent 
and Sinn Fein 10 per cent of the 
vote in tbe province. But then 
who’s counting anyway? 


12 





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SELL AND LEASE BACK 

CONTRACT PURCHASE 


NORTH 0191 510 0494 
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FINANCIAL TIMES 

Thursday September 8 1994 


French business chiefs 
‘suspect corruption rife’ 


By Alice Rawstttom in Paris 

Two oat of- three French 
company chairmen suspect that 
illegal practices are rife in many 
companies, according to a poll 
published in today’s Le Monde 
newspaper. 

More than half of businessmen 
believe France should launch an 
Italian-style crackdown on white 
collar crime, the poll finds. 

Its publication follows Tues- 
day's news that Mr Jean-Louis 
Beffa, chairman of the Saint- 
Gobain glass group, has become 
the latest prominent French 
industrialist to be placed under 
Judicial investigation. 

Mr Beffa was questioned by a 
magistrate looking into claims 
that in 1988. Poni-a-Mousson. a 
pipe-making subsidiary of Saint- 
Gobain. paid FFr4. 4m (£520,000) 
to a Nantes businessman to 
secure a water supply contract. 

It is claimed the money was 
then given to an official of the 
Republican party, which is led by 
Mr Gerard Longuet, industry 
minister, and Mr Francois Leo- 
tard, defence minister. Mr Lon- 
guet. on French radio, praised Mr 
Beffa as "an extraordinary man " 
and that the party had "nothing 
to do" with the investigation. 

The Beffa probe comes at a 


Saint-Gobain chief is latest 
to come under investigation 


time when France's investigating 
magistrates are taking a tougher 
line on corporate fraud. Mr Pierre 
Blayau. who worked at Pont-d- 
Mousson in 1968 but now heads 
Pinault-Prin temps, France’s larg- 
est retail group, has been under 
investigation in the same case 
since May. 

Mr Pierre Suard, chairman of 
the Alcatel-Alsthom electronics 
concern, faces accusations of 
using corporate money for work 
on bis home. Mr Pierre Berg6, 
head of the Yves Saint-Laurent 
fashion house, was investigated 
for insider trading. 

Earlier this summer, Mr Didier 
Pipeau-Valenci enn e. chairman of 
the Schneider electric engineer- 
ing group, was held in custody in 
Brussels while being questioned 
in a fraud probe. Mr Bernard 
Tapie. the controversial entrepre- 
neur and Euro-MP, faces a bat- 
tery or charges, and at least 100 
less newsworthy businessmen 
are also believed to be under 
investigation. 

Publicly, most French busi- 
nessmen and politicians claim to 


favour a clean-up. The Le Monde 
poll backs a similar poll in the 
latest Enjeux Les Echos maga- 
zine, which found that 56 per 
cent of chairmen advocated a 
crackdown. Mr Patrick Deved 
jian, a Gaullist MP, yesterday 
called on French radio for the 
company heads under investiga- 
tion to resign. 

Yet there is growing concern 
about the ferocity of the recent 
probes and the adverse publicity 
they generate. 

The news of the Beffa probe on 
Tuesday took a heavy toll on 
Saint-Gobain's shares and the 
entire Paris stock market. How- 
ever, Saint-Gobain’s. shares yes- 
terday rallied by 1.1 per cent to 
FFr645. 

Mr t/iiris Girai. a rflnriiriato for 
the chair of the Patronat, the rep- 
resentative body of France's 
industrialists, yesterday called 
for a halt to "this massacre 
game". Justice must be done, he 
said. "But I wish that the judges 
were aware of the implications of 
hauling in the head of a com- 
pany.” 


US says Japan trade talks 
stay far from breakthrough 


By George Graham 
in Washmgton 

The top US trade negotiator 
yesterday warned that the US 
and Japan are still a long way 
from any agreement in their 
framework trade negotiations, 
and that no breakthrough was 
likely in talks this week. 

Mr Mickey Kantor. the US 
trade representative, said he did 
not expect that “any dramatic 
announcements or break- 
throughs in the near term" 
would follow his meeting in 
Washington yesterday afternoon 
with Mr Ryutaro Hashimoto, 
Japan’s trade minister, nor his 
talks today with Mr Yohei Kono, 
the Japanese foreign minister 
and deputy prime minister. 

"I think this is a time for lis- 
tening and exchanging ideas." Mr 
Kantor said. 

This sober assessment of the 
chances or a quick agreement 
came as the clock ticked away 
towards a September 30 deadline, 
when the US must decide 
whether to impose sanctions on 


Japan in retaliation for what ft 
sees as unfair trade practices. 

Mr Kantor said no decisions 
had yet been made on sanctions. 

“We are going to listen and lie- 
ten carefully,” he said. 

But Japanese officials in Wash- 
ington warned that they would 
not take US sanctions lying 
down, and might instead take the 
issue to a panel of the General 
Agreement on Tariff*; and Trade. 

None of the three sectors tar- 
geted by the USJapanese frame- 
work agreement - government 
procurement, cars and car parts, 
and insurance - appears close to 
resolution, although Japanese 
officials are more hopeful than 
their US counterparts about an 
insurance dual 

In talks on government pro- 
curement. the two sides are still 
far apart over bow to measure 
progress in expanding foreign 
bidders’ access to the Japanese 
market 

This division is a reflection of 
the broader disagreement 
between the US and Japan over 
whether the use of numerical 


indicators to measure progress 
amounts to the setting of unac- 
ceptably inflexible targets. 

Japanese officials complain 
that the US insists on an indica- 
tor tilted towards a substantial 
increase in market share in each 
monitoring period, while they 
waht a neutral indicator of prog- 
ress. 

The car and car parts talks are 
even further from agreement. 

Japanese officials point 
proudly to statistics showing a 47 
per cent increase in imports of 
US automobiles in the first seven 
months of this year, even while 
the overall Japanese car market 
has shrunk. 

But they balk at giving any 
kind of government assurance to 
back up the Japanese carmakers’ 
voluntary commitment to 
Increase their purchases of US- 
made auto parts. 

The US is also seeking to add 
flat glass to the sectors under 
discussion in the framework 
talks. 

See Lex 


Home Shopping buys into Internet 


Continued from Page 1 

near term and a leg up on inter- 
active TV for the longer term. 

“There are many advantages 
for online users and operators - 
users can shop whenever they 
desire from home or office, while 
providers avoid the expense of 


producing and mailing cata- 
logues and escape the overhead 
costs of store facilities.” 

The Internet Shopping Net- 
work is available 24 hours a day, 
seven days a week, from any- 
where on the Internet. Users with 
Macintosh. Windows or Unix- 
based computers, fitted with a 


modem and communications soft- 
ware, can connect to ISN. To 
order goods from ISN users most 
first provide the service with 
delivery and billing information 
by telephone. This avoids send- 
ing sensitive data over the Inter- 
net which has been plagued with 
security problems. 


Sharp 
smells 
success 
with new 
ovens 


By Andrew Derrington 
in Loughborough 

Sharp, the Japanese electronics 
group, is to install an electronic 
nose into microwave ovens man- 
I nfactured at its plant in Wrex- 
I ham in north Wales. 

| Smell sensors in the ovens will 
feed information into a neural 
network programmed to recog- 
nise the characteristics of differ- 
ent foods when they are cooked. 

Neural networks are sophisti- 
cated computers, inspired by 
models of the human brain, that 
can be taught to recognise com- 
plex patterns. 

Sharp is refusing to discuss Its 
new product before Us official 
announcement on Monday, but 
journalists who have got a smeD 
of the story expect to be told that 
it will mean the end of the over- 
cooked and dried up food that 
inexperienced cooks find all to 
easy to produce with current 
microw a ves. 

The advantage of using a neu- 
ral network is that cooking is a 
complex process and it is diffi- 
cult to decide when it is com- 
plete. For example thick steaks 
need to be cooked for longer 

tfwn thin staite. 

Several different types of infor- 
mation - on temperature, colour 
and smell - are needed to know 
that cooking is done and - of 
co ur s e - different cooks have dif- 
ferent views on what constitutes 
rare, medium or well-done. 

The neural network will be 
programmed in the factory, so 
the microwave will arrive in the 
home already knowing how 
Sharp thinks food, should be 
cooked. 

It is not known whether it will 
be adjustable for vegetables al 
dente. 

Sharp’s Wrexham plant, which 
was opened in 1975, manufac- 
tures microwaves, VCRs, type- 
writers, and word processors. It 
employs 1,300 people, and pro- 
duction in the last financial 
period was valued at £120m 
($186m) according to Mr Mike 
Williams, director of personnel 
and general affairs. 

Sharp had been planning to 
release news of the new micro- 
wave at a press conference in 
Wrexham on Monday, with the 
company's president, Mr Harno 
Tsutfi, flying in from Japan to 
make the announcement, and a 
government minister scheduled 
to attend. 

But information about the new 
product leaked out at the British 
Association festival of science in 
Loughborough yesterday, at a 
meeting to discuss applications j 
of neural networks. 

Asked about the release, Ms i 
Caroline Barra tt, head of public 
relations for Sharp UK said: "As 
far os Sharp is concerned we 
have a press conference on Mon- 
day." 

CFC black market revealed. 
Page 6 


WEATHER 


Europe today 

Autumnal weather dominates western 
Europe, caused by a large depression 
over northern Ireland. A frontal zone 
associated with a low over the north- 
west UK will cause abundant rain over 
large areas of France. The front will 
cause showers lo linger over northern 
Spain. The Alps can expect frequent 
thunder storms, while thunder showers 
wHI develop in Germany and the 
Benelux. The Mediterranean will be 
parity cloudy in the west but mainly 
sunny in the east Poland, south 
Scandinavia, Finland and north-west 
Russia wiH have showers. A mixture of 
cloud and sun will cover most of 
Iceland, north Scandinavia and central 
Russia. 

Five-day forecast 

It will be unsettled from north-west 
Europe into Scandinavia. The UK, the 
Benelux and the Alps will have more 
showers. Sun will return lo parts of the 
Mediterranean. South-east Europe will 
be warm. 


TODAY’S TEMPERATURES 


AbuDhaoi 

Accra 

Algiers 

Amsterdam 

Athens 

Atlanta 

8. Abes 

Sham 

Bangkok 

BnrcHom 


— < l.-.vWei 

\w , /V X ;• _ • 




“.V" \K.. 1080 1U433 








25~&y 




. at 




Warm trom Cotd front A. A wind speed ht KPH ’ 


- *1010 


Situation at 12 GMT. Temperatures maximum fordo/. Forecasta by Meteo Cbnsufl of tho Netherlands 


urn 

Beijing 

tfHXld 

27 

Caacas 

fab- 

33 

Faro 

Jus 

Belfast 

stumer 

IS 

Cardiff 

shower 

IS 

FranMtat 

39 

Belgrade 

fair 

32 

Casablanca 

fair 

25 

Geneva 

29 

Berlin 

cloudy 

20 

Chicago 

sun 

26 

Gibraltar 

32 

Bermuoa 

far 

30 

Cologne 

rabi 

17 

Glasgow 

19 

Bogota 

fair 

19 

Dakar 

fair 

30 

Hamburg 

32 

Bombay 

cloudy 

28 

rtiflrw 

far 

32 

Helsinki' 

29 

Busses 

Shower 

16 

MN 

fair 

27 

Hong Kong 

10 

Budapest 

tar 

29 

Dubai 

sun 

41 

HonoMu 

18 

C. hagai 

rain 

17 

Dublin 

shower 

15 

Istanbul 

33 

Cairo 

mi 

33 

DrirowiBc 

3*1 

29 

Jakarta 

28 

Cape Town 

sun 

17 

Edinburgh 

rain 

16 

Jersey 


We wish you a pleasant flight. 


Lufthansa 


Karachi 
Kuwait 
L Angeles 

Las Paknaj 

Lima 

Lisbon 

London 

Lucbaug 

Lyon 

Madeira 


28 Macrid 

17 Majorca 

19 Malta 

30 Manchester 
14 Mania 

20 Mettxxrne 

14 Mexico City 

31 Miami 

32 MSan 
28 Montreal 
31 Moscow 

15 Mwifch 
34 Nairobi 
43 Napi as 
28 Nassau 
28 Now York 
19 Nice 

23 Nicosia 

18 Oslo 

16 Paris 
18 Perth 
27 Prague 


24 Rangoon 
30 Reykjavik 

30 Rio 
15 Rome 

31 S. Frsco 
15 Seoul 

19 Stagapore 

32 Suxbchotm 
23 Strasboura 
22 Sydney 
18 Tangier 
22 Tei Avtv 
22 Tokyo 

29 Toronto 
32 Vancouver 
28 Venice 
26 Vienna 
35 Warsaw 
18 Washington 
18 WMBngttn 
28 Winnipeg 
22 Zuridi 


rain 29 
shower 12 
thund 25 
fair 29 
fair 20 
fair 29 
shower 32 
ft* 18 
rain 18 
sun 22 
aui 28 
sun 32 
far 31 
far 22 
rain 19 
Mr 26 
fair 24 
cloudy 22 
sun 28 

shower 10 
cloudy 25 
rain IT 


THE LEX COLUMN 


RTZ 


RTZ is not just a reflection of the 
commodity price cycle. What it con- 
trols it controls well In most sectors, 
the group remains the lowest-cost pro- 
ducer. Operating margins at the bot- 
tom or the cycle were a creditable 
13 per cent These have now reached 
23 per cent, an increase admittedly 
helped by the disposal of Pillar’s rag- 
bag of low-margin businesses. More 
cost-cutting is promised. As for vol- 
ume growth, RTZ continues to invest 
in new projects. Capital investment 
nearly doubled in the first half , and 
exploration spending on long-term 
projects is np two-thirds. 

But RTZ cannot control prices. 
Recent rises augur welL Since June 
non-ferrous metal prices have ad- 
vanced 16 per cent, those of copper by 
23 per iwit and aluminium by ifi.fi per 
cent Such increases have contributed 
heavily to the shares' advance. 

Less clear is whether these higher 
prices are sustainable. Habitually cau- 
tious RTZ managers are unusually 
upbeat about economic prospects. The 
loading economies appear to be fining 
up in the same direction, offering the 
prospect of synchronous economic 
growth. The danger is that the com- 
modity market pushed partly by spec- 
ulators’ hot money, has over-antici- 
pated the recovery. As in the plastics 
and paper industries, where prices 
have also moved forward sharply, 
much of the increased demand has 
come Grom restocking. If stocks Gail to 
fail this autumn, metals prices could 
suffer a correction. That would knock 
inflationary pressures on the head. 
But it would also shake stocks such as 
RTZ which have risen an expected fur- 
ther price rises. 

Japanese equities 

It may be wrong to pin the blame for 
yesterday's fall in the Tokyo market 
on the 5 per cent fall in Japan Tele- 
com's share price. But the issue's 
high-profile flop has rprtainly put the 
Japanese system for pricing equity 
offerings under the spotli ght. Japan 
Telecom was designed to appeal to for- 
eigners. There is a danger that it will 
instead reinforce investor suspicions 
that buying new Japanese equity is a 
quick way to lose money. 

Japan’s system for pricing issues 
was introduced following the Recruit 
share scandal of the late 1980s. Then 
the problem was that new issues typi- 
cally shot to handsome premiums and 
so companies could reward their 
friends by allocating them shares. But 
in combating corruption, the current 


rid 

.es i 

0 

tie 

FT-SE Index: 3203,9 (-1.5) j 



cycle 


Share price relative to the 
FT-SE-A A8-Share Index 

115 ■ — ’ — - 


105 



1993 94 

Source; FT Graphite 

system has brought its own problems. 

The main difference between the 
Japanese system and the "book-build- 
ing” process used in most interna- 
tional equity issues is that the price is 
set through an auction near the start 
of the offering period rather than near 
the end. 'file delay between pricing an 
issue and trading means the share 
price is a hostage to wider market 
movements. Investors also have less 
time to analyse a stock before placing 
their bids. 

Japan Telecom is due to be followed 
by several other large issues. Japan 
Tobacco is next in line and two rail- 
way companies, JR West and JR Cen- 
tral, are expected next year. It is too 
late to alter the system for the 
Tobacco sale. But if future flotations 
are to attract foreign investors, Tokyo 
will need to bring its issuing practices 
closer into line with international 

standard*; 

Electronic shopping 

It will be long before many 
Americans turn on their personal com- 
puters instead of motoring down to 
the mall for their shopping. But Home 
Shopping Network's acquisition of the 
Internet Shopping Network brings 
that day somewhat closer. Until now, 
most companies retailing goods over 
the Internet - including ISN itself - 
have been small start-up ventures. 
HSN, which owns the largest US cable 
TV shopping channel, has the finan- 
cial Ore-power to develop computer 
shopping. It also brings established 
relationships with a multitude of man- 
ufacturers and retailers. 

In the longer term, TV and com- 
puter shopping should merge. With 


the advent of cable modems, ordinary 
TV seLs will become interactive. Peo- 
ple will no longer sit passively as 
goods are paraded in front of them 
and then place orders over the tele- 
phone. Instead, they will be able to 
search for items and buy them with 
the press of a button. Similarly, com- 
puter shopping - mainly scrolling 
through text listings - will increas- 
ingly be enlivened by moving pictures. 
HSN may have gained something of a 
head start b; acquiring ISN. but tbe 
field promises to be crowded. Com- 
puter groups such as Microsoft, tele- 
communications operators and rival 
cable shopping channels such as QVC 
are ail eyeing the opportunities. 

HiUsdown Holdings 

On the surface the market’s attitude 
to Hillsdown Holdings seems a bit 
churlish. Despite the improvements 
wrought by the new management - ; 
assets generating some £lbn of turn- j 
over have been sold in the last couple 
of years with virtually no loss in proQt i 
- Hfllsdown’s shares still carry a yield , 
of more than 6 per cent. That looks ! 
hi gh for a company which claims to 
have turned the corner, is now gener- 
ating gush and is talking about acqui- 
sitions and higher dividends. But 
Hillsdown must pay the price for its 
failure to cut its dividend in the reces- 
sion. Even now its payment is less 
than twice covered. 

Memories of the bad times will be 
slow to Cade. After all profits fell by 
more than half between 1989 and 1992. 
The market, too. needs more evidence 
of Hfllsdown’s ability to grow. Since 
there is not much sign of food price 
inflation in the shops, margin 
improvement will require tough con- 
trol on costs and a judicious juggling 
of product mix. Recognising the need 
for acquisitions is one thing. Finding 
suitable ones is another. Hillsdown 
implicitly admits as much by clinging 
to its housebuilding assets on the 
grounds that it could not easily 
replace them with a more lucrative 
investment in food. 

Nor has the market failed to recog- 
nise the improved outlook. Hillsdown 
trades on a higher multiple than both 
Unigate and Northern Foods and has 
outperformed the sector by 30 per cent 
since the start of last year. That looks 
like enough for the moment. The 
muted reaction to yesterday’s promise 
of resumed dividend growth suggests 
the proof of the pudding will be the 
rate of earnings expansion rather than 
higher pay-outs. 


This announcement appears as a matter of record only. 


mo 


Sale of interest in the 

Andrew Field 

to the 

Clyde Petroleum pic group 


Robert Fleming & Co. Limited 

assisted Agip (U.K.) Limited 
in this transaction 


FLEMINGS 

INTERNATIONAL INVESTMENT BANKING 


LONDON. NEW YORK. HONG KONG. TOKYO- PARIS. FRANKFURT. MADRID. ZURICH. GENEVA. MILAN 

SYDNEY . BANGKOK . TAIPEI . MANILA . JAKARTA . SEOUL . BEIJING . SHANGHAI . SHENZHEN 
BOMBAY. KUALA LUMPUR. SINGAPORE. LAHORE. COLOMBO. JOHANNESBURG. BAHRAIN 


July 1994 


Issued ly Rohm Fbmtng&Co. Limited, a member of the Securities tmd Futures A uihoruy Umoedand the London Stock Exchange. 


it**:!. 
,i^ ct ‘ 


•y* m - ■' 


...W r, : ^r - : 


1 : ’ : - 




Wfji**.- • - 


) ' Srcr: ; ,.- 











13 


i 





CONSTRUCTION 


FINANCIAL TIMES 

COMPANIES & MARKETS 

Thursday September 8 1994 


©THE FINANCIAL TIMES LIMITED 1994 


OAG GRUPPE 

Osterreichs Mark! fuhrer im Saritar- und 
HeizungsgroBhandel. 



IN BRIEF 


Promodes 
advances 15 % 


The recovery In French retailing was hi ghlight 
by the IS per cent rise In first-half net profits at Pro- 
HHxtes, one of the country's leading distribution 
groups. Page 14 


Qrel*ch predicts strong advance 

Grolach, the Dutch beer brewer, reported a near 20 
per cent rise in first-half net profit and predicted 
that full-year results would increase at roughly the 
same rate. Page 14 

Japan’s ate chnakors revise f oreca st s 

Japan’s five main steelmakers have revised their 
first-half forecasts to indicate that the steel sector 
will report greater losses than last year. Page 15 

New titles drag down ConsPress 

Mr Kerry Packer’s Australian Consolidated Press, 
the magazine publishing group, reported an 83 per 
cent fall in. profits after tax and abnormal itanur to 
A$58m (US$4lm) in file year to end-June, because of 
losses incurred on the development of new titles”. 
Page 17 

Mitsui calls off merger 

The Mitsui Group, the oldest of Japan’s keiretsu - 
corporate families - has called off a proposed 
merger with Toyama Chemical, designed to expand 
to pharmaceuticals interests. 

Page 17 

IIS financier awaits Acts of God bonds 

US hurricane futures, European flood options and 
even “Acts of God bonds” will be traded within the 
next few years, predicts Mr Richard Sander, a US 

finamrier anti a fo unding fathw nf the tin an rial 

derivatives industry. Page 17 

Food group meats shareholder demands 

Goodman Fielder, the Australian food group, has 
bowed to the demandc of riitariitonf shareholders, 
and agreed to appoint three of their nominees to its 
board - thus avoiding a proxy battle next month. 
Page 18 


NFC spells out Its str a tegy 

NFC. the UK’s largest transport and logistics group, 
insisted that it was committed to its strategy of 
focusing an higher value added business, such as 
logistics and moving services, despite the sudden 
resignation last month of its chief executive, Mr 
Peter Sherlock, after only 18 months in the job. 

Page 19 

Amec rises despite loss on sale 

Pre-tax profits of Amec, the international engineer- 
ing and construction group, increased slightly from 
£9.1m to £9.3m (814.4m) in the first six months of 
1994 in spite of a £3.2m loss on a property sale. 

Page 19 

Wellcome gives Glaxo a headache 

Weflcome, the UK drugs g roup , has thrown down a 
challenge to its rival, Glaxo, by repeating successful 
teste of a new antHnigraine drug. Page 22 

British Gas rethinks Kazakhstan project 

British Gas Is reconsidering its planned multi- 
billion dollar investment in Kazakhstan, according 
to industry officials. Page 24 


Companies hi fids Issue 


Adscene 

20 Kawasaki Steel 

18 

Air New Zealand 

18 Kobe Steal 

16 

American Barrick 

IB Lehman Brother* 

18 

American Express 

16 Lucas Aerospace 

3 

Ampotom 

17 MRaul 

17 

Astra 

18 Morgan Stanley 

18 

AusL Consol press 

17 NKK 

16 

Autoiatfna 

IB Nippon Steel 

16 

BMW 

2 Norbafai 

20 

BNC 

14 Northern Industrial 

20 

Bancario San Paolo 

14 Ocean Group 

22 

Berry Starquest 

20 PT Freeport Indon 

16 

Catafaraad Robey 

SO Pacific Assets 

20 

Coats VJyaBa 

22 Promodes 

14 

Deutscfie Aerospace 

3 RTZ 

13 

GE 

3 Russell (Alexander) 

20 

Goodman Raider 

14 Sharp Electronics 

12 

Grafton 

20 Sumft 

20 

Grotoch 

14 Sumitomo Steel 

16 

HSN 

1 Syncrude 

16 

Hsitax Bkta soc 

14 Total 

13 

IBM 

13 Toyama 

17 

IGI Australia 

16 Wellington 

20 

ISN 

1 WBte Group 

20 

Japan Telecom 

13 Wootworihs 

17 


Market Statistics 


frinnsl reports sendee 
Benchmark Sort bonds 
Bond futures and options 

Bond prices andjU* 


26-27 

18 


18 
18 
24 
19 
32 
IB 
18 

FT-AWorid Wfcns Beck Page 
FT GoM Mines Index Back Page 
FWSMA Inti bond sw « 

fT-SE Actuarios fcdfces 2S 


DMdsnda announced, IK 
BIS unrsncy rates 
Eurobond prices 


Foreign exchange 32 

Gflcs prices 18 

Uffls equfly options Beck Page 

London stare service 26-27 
London tmB option* Back Pegs 

Managed finds sendee 
Moray markets 
New tad bond haras 
Recent tam, UK 
Short-tom M rales 
US Interest rates 
worid Stock Markets 


Chief price changes yesterday 


mumanjRTfnae 


Aachen Men 1230 * 20 

HodflM 1029 ♦ 21 

Ml . 

DLW *51 - | 

PwateMn. 2" " 5 

MuMa WMM 380 - 1* 

ante «* - 13 

MWYomcm 


anmntCSecIt 32S 
Hartednliya 637 


Font Ljonmta 680 -19 
at 710-55 

(Men BnmBb R *68 - 15 
TOKYO preol 


CKtftOtySt l SH. + = 

Hums a* ♦ J* 

IfiBaOM 441* + Hi 

Ham Tab 

Htarort sr* ~ 14 


Sony COM 


22*1 - 3* 

nmaCFftt 

Qad’ljoA tea <69 + 13 

(tow York prices ■! 1230pm. 


1280 


SMO« KS 

SmN flee 550 

TMNegaas 

Paper 512 

Tsufcfl IMcttN 521 

tgr 739 


70 


UMMK OHoori 


68A Snu> 

MBs Had 
Drew EdenoTc 
French CenMcn 374 
KwaMttV 
hkm Causes 
tedtmfa 
ML Hogs 
UdbnsBwt 
HtnSn Peacock 

Form 


206 

1G2 

m 

47 

ns 

183 

GTS 


+ 13 

4 B 

* 6 

« 7 

4- 24 

+ 11 

* 9 

4- 9 

4- 3 

4 2D 

• 8 

+ 20 


mz 

865 

+ 

13 

MBs 

46 

+ 

4 

ftds** W 

103 

+ 

11 

S&U 

309 

• 

IS 

Spader 

273 

* 

1« 

Mh 

Msnmftna 

ns 

m 

5 

Hogg Robkam 

245 

- 

13 

hriMIwi 

<48 

- 

10 

MMiffoondW 

213 

- 

IS 


Successor named amid rumours of radical restructuring by troubled computer group 

IBM’s European head resigns 


By Andrew Adonis in London 

The European head of Inter- 
national Business Machines haa 
resigned after less than a year in 
the post, prompting speculation 
of radical re structuri ng in the 
European operations of the trou- 
bled computer manufacturer. 

IBM said Mr Hans-Olaf TfenVri 
was resigning as chairman and 
chief e xe c utiv e of IBM Europe to 
return to Germany, where “a sig- 
nificant career opportunity" bad 
opened for him. Mr Henkel was 
president of IBM Germany imtn 
last year. 

He is being replaced by Mr 
Lucio Stance, currently general 
manager of IBM’s operations in 


souther n Europe, tha MiHitiA East 
and Africa, based in Rome. Mr 
Stanca will be IBM Europe’s 
third head in just over three 
years. 

IBM stressed that Mr Henkel’s 
decision was “entirely personal 
with no strategic implications’', 
but it TTmriP nn attempt to dis- 
guise the suddenness of the 
move. 

Mr Henkel will hand over his 
responsibilities as chief executive 
-with immediate effect, and wlQ 
remain dupii m?™ of the IBM 
Europe board - a post he 
assumed only in January - until 
the hottf board meeting in early 
December. Mr Henkel expressed 
confidence two months ago in the 


future of IBM Europe and gave 
no bint that he was contemplat- 
ing a move. 

His resignation comes amid 
indicatio n s that IBM Is re-eval- 
uating its European operations, 
aiming to give a greater interna- 
tional focus to its marketing. 

IBM’s Italian operations have 
received strong ratings from ana- 
lysts, with Mr Stanca - a 
respected Italian public figure - 
seen as anxious to safeguard its 
autonomy. However, the parent 
company said yesterday that his 
appointment would not herald 
immediate changes, and denied 
that any wider re-evaluation was 
in progress. 

The recession and radical 


reshaping of the computer mar- 
ket continue to have a traumatic 
impact on IBM, notably in 
Europe. The «i™p»"y has shed 
nearly 30,000 jobs across Europe 
since its peak in the late 1980s, 
reducing its workforce from 

112.000 to 85,000. with another 

10.000 posts are to be lost this 
year. The worldwide workforce 
will be cut by a further 20,000 
this year to 215,000 and mote job 
cuts appear likely in 1995. 

The cost cutting appears to 
have stabilised IBM’s position. Its 
second-quarter earnings, 
announced in late July, showed 
hi gher than expected earnings on 
the back of sharp reductions in 

*r X f^^l WrS. 


IBM said demand for main- 
frame computers was strong but 
it still faced “serious problems" 
In its personal computer 
operations. 

IBM’s second-quarter earnings 
of $689m, equal to 51.14 per share, 
were well above analysts’ esti- 
mates of 45-80 cents per share. 
For the same period in 1993 IBM 
had reported a loss of 540m, or 8 
cents per share, before heavy 
restructuring charges bringing 
net losses to 58bn. 

In terms of sales, however. 
Europe was static for the second 
quarter at S5J>bn, with increases 
for the group reliant on growth 
in the Asia-Pacific region which 
picked up 14 per cent to 52£bn. 


Total shrugs off weak prices and margins 


By David Buchan In Paris 

Total, the French oil and 
chemicals group, yesterday 
reported virtually unchanged 
first-half net profits of FFrL98hn 
(5356m), in spite of weak crude 

and refining ttiargirw^ com- 
pared with FFrlJBbn a year ago. 

Mr Serge Tchuruk, chairman, 
said given the volatility of petro- 
leum and curr ency markets he 
could could not forecast how 1994 
results might compare with last 
year's FFrt-lbn profit 

He claimed increasing financial 
strength, however, for the group 
which improved its cash flow in 
the first half by 4 per omit to 
FFr&lbn. 

Net investment was cut by 
FFrlbn to FFr4. 6tm and net debt- 
toequity gearing ratio reduced to 
20 per cent from 23 per cent at 
end-December. 

Turnover rose slightly to 
FFr68.7bn in the half year 
because increased sales volume 
was offset by lower prices. The 
main sectoral improvement was 
chemicals, where operating prof- 



its rose 16 per cent on the back of 
more demand from the European 
car and packaging industries. 

Mr Tchuruk said Total bad 
showed a better return on capital 
over the past four years than 
rival oil groups, and was replac- 
ing oO reserves at a higher rate 
and at a lower cost than others. 


Total’s goal is to produce lm 
barrels a day by the end of the 
century, or more than it will be 
refining, as a correction to its 
previous over-dependence on 
downstream activities. 

Its main prospecting areas for 
oil are the Middle East, where Mr 
Tchuruk confirmed that Total 


"Eke every other company” was 
talking to Iraq but would do 
nothing until United Nations 
sanctums were lifted. 

Mr Tchuruk said although Elf- 
Aquitaine had been privatised, 
there had been “relatively little 
restructuring” in the European 
oil industry, partly because much 


of it was in state hands. 

There are too many actors 
and a great many needs for 
restructuring in the European 
market", which he forecast 
would remain difficult. 

The Total chairman said that 
“we are open to opportunities” 
for acquisitions and accords. 


RTZ lifts interim profits by 26% 


By Kenneth Gooding, Mnkig 
Correspondent, bi London 

RTZ, the world’s biggest mining company, 
yesterday pleased the London stock mar- 
ket by reporting interim profits at the top 
and of analysts' expectations and announc- 
ing that It was to be the latest big UK 
company to pay a foreign income dividend 
(Fid). Fids allow significant advance corpo- 


Mr Boh Wilson, chief executive, said a 
combination of lower tax, higher volumes, 
improved metals prices and reduced costs 
helped to lift pre-tax profits by 26 per cent 
from £339m to £427m (3662m) in the six 
months to June 30. 

Volume increases boosted net earnings 
by £25m compared with the first half of 
1993, mainly from new or recent invest- 


Cost savings totalled E17m. 

Mr Wilson said the underlying world 
economic outlook was brighter than it had 
been since the 1980s. The US economy was 
firm, Europe was recovering and Japan at 
least had hit bottom. Other Aslan markets 
remained promising, although there were 
some doubts about China. 

First-half turnover rose by 10 per cent 
from £1.69bn to £l-8Sbn. Earnings per 
share were up 6 per cent from 24. 9p to 
26J3p. Excluding exceptional items, they 
rose by 30 per cent from 17J5p to 22.7p. 

Operating cash flow remained strong at 
£336m. Net debt foil to £196m from £384m 


to £427m 

at the end of December, and repre se nted 
only 5 per cent of total capital. 

The tax charge fell from 39.5 per cent to 
3L9 per cent, mainly because there was no 
provision for write-off of surplus ACT. Mr 
Chris Bull, finance director, said it would 
be prudent in future to assume the charge 
would be about 33% per cent 
The Fid per share is 9p. The 1993 interim 
dividend was 13JSp, but RTZ said this was 
not comparable because of the way it 
structured last year’s dividends. 

RTZ shares closed 13p higher at 885p. 
Lex, Page 12 
How Fids work. Page 19 


ration tax (ACT) savings for companies 
that generate nearly all their income out- 
side the UK. In the first half, only 1 per 
cent of RTZ’s net earnings arose in 
Europe, including the UK. 


ments such as the Flambeau copper and 
gold mine and the Powder River Basin 
coal operations, both in the US, and the 
first two expansions of the Escondida cop- 
per mine in Chile. 

Tflgftgr prices contributed an extra £16m. 


Tokyo calling and falling 



‘Telecom 
shock’ hits 
Japanese 
market 

By Emlko Terazono In Tokyo 

“Telecom shock” has hit the 
Tokyo stock market. 

Shares in Japan Telecom, the 
country’s third largest telecom- 
munications company, have 
fallen by 5.7 per cent from their 
issue price of Y4.7m (£30,730) 
since trading began on Tuesday, 

Yesterday alone, Japan Tele- 
com shares lost Y220.000, or 4.7 
p ear cent, to close at Y4.43m. The 
decline washed into the wider 
market, pushing the Nikkei 225 
index down by 370.18, or 1.8 per 
cent, to 20,023m 

Japanese stockbrokers have 
been caught out. “We thought 
Telecom would bring investors 
back to the market,” said Mr 
Yasuo Ueid, general manager at 
Nikko Securities. 

Brokers had hoped that the 
Japan Telecom listing would 
revive the market 

“Telecom shock” has raised 
worries over next month's 
Y900bn (£5.9bn) flotation of 
Japan Tobacco, the semi-priva- 
tised tobacco and salt company. 

Although public pension and 
insurance funds moved to stem 
the Nikkei’s fall yesterday, 
recent declines have confirmed 
weak underlying sentiment 

The Nikkei rose 24 per cent 
during the first six months of 
1994 on baying from the US and 
Europe, but a widening belief 
that corporate earnings would 
improve only gradually weighed 
on share prices in recent months. 

Investors fear a repeat of last 
year’s decline triggered by the 
flotation of East Japan Railway 
which dropped Yl.OOObn worth 
of shares on the market. The 
Tokyo -stock exchange’s com- 
puter system almost collapsed 
due to a surge of sell orders, 
prompting the Nikkei to lose 
more than 20 per cent in a 
month. 

Lex, Page 12 

World stock markets, Back Page 


Alison Smith doubts the benefit of diversification 


Bancassurance’s 
golden egg loses 
its shine in UK 


W hen one of the UK’s 
larger and steadier 
re tail financial organi- 
sations - Ffatifar Building Soci- 
ety, the biggest mortgage lender 
- plans to set up its own life 
insurance subsidiary, it may 
seem heretical to question the 
benefits of bancassurance. 

Yet half-year results for organi- 
sations which have set up subsid- 
iaries suggest HmUb ri -kirm on the 
strategy - which. Involves selling 
financial services products 
through hank and building soci- 
ety branch networks. 

The most spectacular drop was 
at Black Horse Financial Ser- 
vices, the Lloyds Abbey Life arm 
which sells only to customers of 

Lloyds Bank, which reported a 40 
per cent drop in sales for the first 
half of thft year, other bancas- 
surers also reported flat or worse 
results. 

The rise of branch networks as 
a means of distribution is not 
unique to the UK. Sales of life 
Insurance products through 
banks have been growing rapidly 
from the late 1980s in France, 
Germany and other European 
countries. 

The underlying logic behind 
bancassurance remains it offers 
a low-cost, high-productivity 
method of distribution. A wholly- 
owned subsidiary gives the ban- 
cassnrer control over the product 
and gives it afl the profit from 
sa le s. 

But UK bancassurers are espe- 
cially affected by p r ess u res such 
as the increasing costs of meet- 
ing regulators’ training and com- 
pliance procedures. 

“The typical Barclays customer 
will have a relationship with a 
number of other providers who 
are in bancassurance as well," 

SayS M r Km WtgnaTI rh airman nf 

Barclays Life The specific limits 
within which bancassurance 
works helps to keep costs down, 
but also mean rhprkg nn than- 
growth. 

At Woolwich Life, the jointly- 
owned subsidiary of Woolwich 
Building Society and Sun Alli- 
ance insurance, the range of 


products is deliberately mort- 
gage-related. 

Mr Michael Tomer, chief exec- 
utive, says this enables them to 
focus training and systems on 
these products. However, it pro- 
vides less prospect of developing 
income streams which are partic- 
ularly beneficial when Che hous- 
ing market is depressed. “The 
mortgage market has been pretty 
flat, and business has been mir- 
roring that,” lm says. 

B ancassurers restrict them- 
selves to the bank’s cus- 
tomer bases. This may not 
seem much restriction when, as 
in the case of Barclays and TSB 
Grou p this can total 7m, but only 
TSB believes it can aim to pro- 
vide financial services to more 
than half its customers. Most 
other bancassurers expect about 
a 30 per cent penetration of the 
retail customer base. 

Mr Stephen Maran, chief execu- 
tive of Lloyds Abbey life, says 
that while there is a finite cus- 
tomer base, customers who have 
bought life insurance once are 
likely to do SO a gain. He adds, 
however, that the customer base 
will mature over time. “Then you 
have to find other affinity 
groups, and do the same." 

A further restriction lies in 
customers’ tendency to think of 
financial institutions in separate 
categories, even when they offer 
similar ranges of services. 

A poll for the National Con- 
sumer Council in July showed 
that for cheque accounts Britons 
were most likely to go to a bank, 
but for life insurance most likely 
to go to a fife company. 

Mr Lawrence Churchill, chief 
executive of NatWest Life, says 


that only about 30 per cent of 
National Westminster customers 
realise they nan go to the hank 
for a pension plan. “We have to 
build awareness that NatWest is 
not just where you go for cash." 

Would-be bancassurers also 
have to cope with the fell in cus- 
tomers visiting hank branches. A 
recent survey by Mori for ICL, 
the computer company, 
suggested that only about two- 
thirds of British hank customers 
enter their branch regularly. 
Some bankers say even that fig- 
ure seems too high. 

Banks will have to develop 
other strategies for contacting 
customers, such as direct mail, 
where the impact of the brand 
and the eviatrng rela tionship may 

be diluted. 

“We have to use a different 
comm unicati on channel to speak 
to these customers,” says Mr 
Peter EH wood, TSB group chief 
executive. "We now get quite a 
lot of our contacts from writing 
to customers. We can also speak 
to customers over the phone.” 

The passing of Information 
about customers from the bank 
to a life insurance subsidiary, is 
also being restricted under pres- 
sure from consumer groups. 

Whether conventional life com- 
panies or bancassurers, the finan- 
cial services industry is under 
pressure. As the number of bare 
cassurers Increases, so their total 
market share is likely to increase 
as well but perhaps not at the 
overall volumes of business or at 
the profitability that might once 
have been envisaged. 

As Mr Bi gnall says; “I think the 
advantage of bancassurers has 
been ri gm'firanfly exaggerated". 
Halifax up 18%* Page 14 


This advertisement appears as a matter of record only. 

MANAGEMENT BUY-OUT 


Heron Distribution limited 
now re-named 



MERLIN DISTRIBUTION 

a contract distribution specialist 

has been acquired from Heron International Group PLC 
for £12 million 


The management buy-out was led, underwritten and structured by 

GRANVILLE PRIVATE EQUITY MANAGERS 

and supported by 

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Debt was provided by 

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Coopers & Lybrand (Cardiff) initiated the transaction 
and advised the management team 

Legal Advisers 

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GRANVILLE 


Mint House, 77 Mansell Street, London El 8AF Telephone 071-488 1212 

GnmvSe Prime Equity Managers Lhtaed is a member aflMRO 



i 






14 


FINANCIAL TIMES THURSDAY SEPTEMBER 8 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Promodes 15% advance 
confirms retail recovery 


By Alice Rawsthom 

in Pails 

The recovery in French 
retailing was highlighted yes- 
terday when Promocfes, one of 
the country’s leading distribu- 
tion groups, said net profits 
rose 15 per cent in the first half 
of 1994. 

Promod&s. which has large 
interests in Spain as well as in 
France, saw net profits rise 
to FFr264m in the first 

half of the year from FFr229m 
during the same period of 
1993. 

The group achieved a 3 per 
cent increase in sales to 
FFr44.2bn from FFr42.8bn 


between the two first halves. 

The French retail sector is 
emerging from a difficult 
period in which consumer 
spending was depressed by the 
recession. 

However, the economic cli- 
mate is improving, consumer 
confidence is slowly starting to 
rise and the pressure on the 
retailers is easing. 

Fromodds said its first-half 
performance would have been 
better without the devaluation 
of the Spanish peseta. 

It estimated that, on a con- 
stant exchange rate basis, its 
sales would have risen by 5.9 
per cent during the first six 
months of the year. 


Promodds operating profits 
rose 11 per cent in the interim 
period to FFr814m from 
FFr733m. 

The company said tha t it had 
benefited from Improved finan- 
cial controls and a reduction in 
exceptional items. 

• MG, the French television 
station, yesterday confirmed 
that it plans to go public with 
a stock market flotation on 
September 28. 

The company, now the third 
force in French television with 
annualised sales of FFrlijbn, 
also intends to lauxich a 
new themed TV channel, 
according to Mr Jean Durkcer, 
chairman. 


Halifax climbs 18% halfway 


By Alison Smith in London 

Halifax Building Society, the 
UK's largest mortgage lender, 
yesterday reported an increase 
of 18 per cent in pre-tax profits 
for the six months to the end 
of July, taking the total to 
£486m ($314m). 

The percentage increase was 
Less marked than that reported 
by some other mortgage lend- 
ers, but as has been true across 
the sector, it was due primarily 
to a foil in provisions for bad 
and doubtful debts, to £56m 
from £156m. 

Mr Jon Foulds, chairman, 
said that Halifax had produced 
strong results against a diffi- 
cult background of a very 
weak housing market 

There was a small inrrgmo 
in net Interest receivable, to 
£783m from £738m. This 
reflected a narrower margin - 


2.29 per cent compared with 
231 per cent - on a higher 
volume of business. 

Administrative expenses 
rose to £3S5m from £357m, an 
increase of 8 per cent while 
other income and charges fell 
back slightly to £176m from 
£183m. 

Mr David Gilchrist corporate 
development manager, said 
that there had perhaps been a 
slight foil in the sale of endow- 
ment mortgages which had 
afftwtori commission runnings 

Much of the increase In 
expenses came from the rising 
cost of meeting financial ser- 
vices regulators' requirements, 
he said. 

In January, Halifox will take 
on ail the compliance costs 
when it sets up a wholly-owned 
life insurance subsidiary, end- 
ing its current arrangement by 
which it sells flnanriai services 


policies -produced by Standard 
Life, i 

Mr Gilchrist said that if the 
mortgage market remained 
fiat , then the savings side of 
the society’s business could 
become increasingly important 
and an area of growth. 

In the six months to end- 
July, Hjllifex’s retail balances 
fell slightly by £151m, even 
when interest automatically 
credited to customers’ 
accounts is indudad Howev e r, 
Mr Gilchrist nmte it clear the 
society was determined to 
maintain its retail savings 
base. 

As a result of the slight out- 
flow while the society was 
competing aggressively for 
mortgage business, the propor- 
tion of funds raised on the 
wholesale money markets rose 
to 21.1 per cent - well within 
regulatory limits. 


Canadian provinces face downgrade 

checked rising health costs, 
British Columbia and Quebec 
are said by DBRS to be under- 
stating their fiscal 1995 deficit 
by C(lbn each. However, 
Ontario's budget deficits are 
the highest 

The federal government’s 
interest bill has doubled since 
1985 and the average maturity 
of its debt has dropped to 43 
years. This makes it more vul- 
nerable to higher interest 
rates. DBRS warns. 


By Robert Gibbons in Montreal 

Canadian provinces face 
further downgrades to their 
credit ratings, according to 
Dominion Bond Rating Service 
(DBRS), one of Canada's two 
bond rating agencies. 

Accumulated government 
deficits are so huge that nor- 
mal improvements stemming 
from economic recovery are 
likely to prove ineffective, the 
rating service says in a report 


sent to provincial officials. 

Last month the Toronto 
Dominion Bank predicted that 
Canadian federal and provin- 
cial deficits would reach a 
worst ever C$780bn (US$570bn) 
by next March 
DBRS said corporate and per- 
sonal taxes are so high that it 
would be difficult to get more 
revenue from traditional 
sources, both at the federal and 
provincial levels. 

While some provinces have 


Grolsch 
gains 20% 
to FI 17m 
at midway 

By Ronald van de KroJ 
In Amsterdam 


Grolsch, the Dutch brewer, 
posted a rise of nearly 20 per 
cent in first-half net profit and 
said full-year results would 
Increase at roughly the same 
rate. 

Net profit rose to FI 17.0m 
($9.7m) from FI 143m in the 
first half of 1993, with profit 
per share up 183 per cent at 
FI 1.10. Turnover was 33 per 
cent lower at Fl 391.8m. 
Grolsch said the figures were 
not directly comparable 
because the company sold 
Wickfiler, its German beer 
group, to Bran and Brtmnen of 
Germany in January. 

Operating profit rose by 173 
per cent to FI 28.8m, while 
interest charges fell to Fl 0i4m 
from Fl 33m. 

Sales in the Netherlands, 
Grolsch’s largest market, fell 
slightly because of poor spring 
weather. But it said this was 
more than offset by lower raw 
material prices and lower 
operating mid packaging costs. 

In the UK, where Grolsch 
owns the Ruddles brewery, a 
new marketing campaign led 
to higher sales of Ruddles 
beer, particularly in the sec- 
ond quarter. 

Grolsch said its personnel 
costs fell in the first half, 
reflecting a reorganisation at 
Ruddles, rationalisation in the 
Netherlands and rtw elimina- 
tion of the group's UK sales 
office. 

This year, Grolsch entered 
Into & UK distribution Joint 
venture with Bass, the largest 
brewer in the UK. 


Air Canada ‘to 
double income 9 

Air Canada will double 
operating income to between 
C$14Qm (US$102m) and C$150m 
this year and report a 
small final net profit, said Mr 
Hollis Harris, chairman, 
writes Robert Gibbens in 
Montreal. 

Continental Airlines of the 
US, which is 20 per cent-owned 
by Air Canada, will lose about 
USJlOQm but return to profit- 
ability in 1995. he said. 


Italian banks face tight timetable 

San Paolo and BNC seem to be moving towards deal, says Andrew Hill 


I t should have been a sim- 
ple marriage of conve- 
nience: undercapitalised 
bank meets wealthy suitor, 
they merge and live happily 
ever after. 

That was the draft script for 
a deal signed in March by 
Italy's Banca Nazkmale delle 
C ammuni rsma m, a small bank 
with just over 60 branches, 
controlled by the Femme 
dello State (FS), the state rail- 
way, and Istituto Bancario San 
Paolo di Torino, the country's 
biggest bank with nearly LOOT 
outlets nationwide. 

The preliminary accord gave 
little away, but at the time it 
was said that the two banks 
would swap shares, leaving 
BNC with a 6 per cent or 7 par 
cent stake in San Paolo. It 
looked like the end of a long 
search by BNC for a strategic 
partner which could end 
losses, and restructure man- 
agement. 

The companies wanted to 
formalise their union quickly 
to toko adv antag e of fiscal 
incentives for banking take- 
overs which were introduced 
in 1990 but are only available 
up to the end of this year. 

Six months later, San Paolo 
is still the only blink to have 
declared a formal interest in 
BNC. But in the meantime, a 
modest merger has been 
turned into a highly charged 
political issue, the catalyst for 
rumours about phantom count- 
er-bids, tension within the new 
Italian government, and a 


series of attacks on the Italian 
central hank 

Mr Public Fieri, Italy’s trans- 
port minis ter since May. has 
deliberately put himself at the 
centre of the controversy. 

It was Mr Fieri who, at the 
end of June, sought clarifica- 
tion from the FS about the 
terms of the merger with San 
Paolo and then began single- 
handedly to campaign for a 
better deaL 

Apart from the bank's foun- 
dation, which holds aboat 44 
per cen t of the shares, and the 
FS which controls just over 50 
per cent, about 7 per cent of 
BNC belongs to 80,000 small 
shareholders, mainly railway 

workers. 

Mr Fieri has argued that the 
strategic importance of the 
bank is such that it should not 
be abandoned for a handful of 
San Paolo paper in a deal hast- 
ily struck by an outgoing gov- 
ernment 

With about L50,000bn 
($3L2bn) of railway investment 
to be carried out over the next 
few years, the transport minis- 
ter says the FS needs to be able 
to count on dedicated financ- 
ing. 

Since August with most of 
the rest of the government on 
holiday, Mr Fiori has increased 
the intensity of his campaign, 

term halting the Rank <j£ Italy - 

which must approve banking 
mergers - fen 1 allegedly trying 
to force BNC into the arms of 
San Paolo without considering 
passible counter-bids. 


Banca Itsdonarf* DaU» 

Cornimmlcacdonl . - 



ta»l ’ 1982 . 1993 , . ■ 
SowcatConyiaiy raporta- 

FelLow members of the right- 
wing National Alliance 
attacked the Bank of Italy, acc- 
using Mr Antonio Fazio, the 
governor, of abusing his posi- 
tion, and asking the Rome 
prosecutor to open a file on the 
case. However, the promised 
counter-bids have failed to 
materialise. 

C assa di Risparaio In 
Bologna, a small retail 
hank L did maka a tenta- 
tive and informal cash offer, 
which was dismissed by the 
Bank of Italy as inferior to the 
San Paolo bid. 

Indeed, until this week. It 
seemed as though Mr Fiori’s 
intervention had achieved lit- 
tle except many column inches 
of publicity for the minister 
and deep irritation at the cen- 


tral bank and the Treasury. 

hi the meantime, the time- 
table for doing a deal has 
grown tighter and tighter. 

Analysts suggest that if a 
merger cannot be agreed by 
the end of this month there 
will not be enough time to 
complete the formalities by the 
end of the year, and take 
advantage of the promised tax- 
breaks. 

However, in the last few 
days the fog surrounding the 
BNC case has begun to lift. 

On Tuesday evening, Mr 
Fieri indicated his confidence 
that Mr Lamberto Dini, the 
Treasury minister, would 
decide the outcome of the 
affair . 

San Paolo has now amended 
its own bid. sources say. The 
rash which Mr Fiori wants for 
BNC is unlikely to be forth- 
coming, but the Turin-based 
bank has proposed a more 
complex share-swap which 
would strengthen links 
between BNC and Crediop. a 
San Paolo subsidiary spedalis- 
bog in tiie financin g of public 
investment projects. 

Although the new deal is 
said to be worth more than the 
original all-paper offer, it may 
not satisfy Mr Fiori. 

Last night, Italian news 
agencies reported that the 
transport ministry had 
received a new alternative 
offer for BNC. 

The BNC affair may not yet 
have reached the end of the 
line. 


Goodman Fielder bows to rebel 
investors to head off proxy battle 


By Nikki Talt 
an Sydney 

Goo dman Fielder, the troubled 
Australian food group, yester- 
day bowed to the demands of 
dissident shareholders and 
agreed to ap poi nt three of their 
nominees to its board, so 
avoiding a proxy battle tmxt 
month. 

Goodman said Mr Jon Peter- 
son, a former chairman of Uni- 
lever Australasia, Mr Neil 
Lister, a director of Melbourne- 
based Agrifoods, and Mr Ken 
Neflsen, formerly an executive 
with Mars Australia, had been 
invited to join the board at its 


October 6 meeting. Mr Terry 
Arcus, a former McKlnsey 
director, and Mr John Lan- 
derer, a solicitor, two non-exec- 
utive directors of Goodman, 
will stand down at the same 
time. 

Mr Peterson will become dep- 
uty chairman. In addition, the 
group’s current chairman. Mr 
John Studdy, said the board 
would search for a new inde- 
pendent chairman. He will 
retire when a successor has 
been found. 

As a. result of the deal , the 
ay i.ra n r ri in ar y meeting, requisi- 
tioned by the unhappy inves- 
tors, will now be canoelled. 


Shareholders will get their 
chance to approve the new 
board appointments at the 
AGM In November. 

Yesterday’s agreement fol- 
lows a push for board changes 
by Mr Doug Shears, a Mel- 
bourne-based businessman 
whose Agrifoods group has a 
small shareholding in Good- 
man, anH three large institu- 
tional shareholders - the Aus- 
tralian Mutual Provident, 
Bankers Trust Australia, and 
State Superannuation Divest- 
ment and Managamant Corpo- 
ration. They have been dis- 
tressed by Goodman’s static 
profits and sagging share price. 


Wing On to sell 
life unit to Axa 

Wing On International 
Holding s, the department store 
operator, is to sell its life insur- 
ance operation to Axa of 
France, AP-DJ reports from 
Hong Kong. 

It said it would sell the 
entire share Capital in Wing 
On Life Assurance to the Paris- 
listed insurer for HK$858m 
($lllm). Wing On Life's princi- 
pal business is the writing of 
life and other insurance poli- 
cies in Hong Kong, Malaysia 
and Singapore. Wing On said it 
would cease its hfe b usiness on 
completion of the deal 

Earlier this week, Axa 
acquired VIctoire Belgium, the 
Belgium insurance group, for 
FFrlhn ($17Sm). 




TOTAL reports stable first half 1994 results 


The Board of Directors of TOTAL met on September 6 
to review the consolidated financial statements for the first 
six months of 1994. Conditions in TOTAL’S main markets 
deteriorated during the period. Nevertheless, compared 
with the first half of 1993, TOTAL maintained interim 
operating income and net income after minority interests, 
while increasing cash flow by 4%. 


(In mXHons of 

Jsthaff 

is* half. 


French franca] 

1994 

. '1993 

.. 1493 

Safes 

68J13 

67,843" 

J35J7B 

Operating income by 




business segnusnt 

■ 3523 

3,494 

7,695* 

• Exploration end Ptadvdico K163 

1 . 196 

Z162 

• Tmfag and Middk East 

300 

434 

745 

• Refining ond Matksting 


t.ltl 

3,352* 

• Chanucah 

876 

753 

1.436 

Cash few 

6,091 

5.856 

\ 22 \ 9 * 

CansoUdabd net income 

1,986 

1.929 

3.195 

Mb# Income 




after ntoaiity interests 

1,833 

ijao6 

2.965 

Earnings dcv sham 
(in French banal 

8.0 

8.6* 

* 13.5 


* Before an FF 864 million inventory loss 

* * Restated according to the new method of calculating 
average weighted shares outstanding 

Sustained cost reduction and increased oil and gas output 
enabled TOTAL to keep global operating income stable 
despite the evolution in the Group’s business environment. 
While the average French franc/doltar exchange rate was 
slightly higher during the period (at FF 3.77 instead of FF 
5.51 in first-half 1993). average European refining margins 
declined by 11% (to $2.0 a barrel from 52.3 in first-half 
1993) and the average price of Brent crude oil lost $3.2 a 
barrel or 13%. falling to $15.0 from $13.20 in first-half 
1993. This first half 1994 averaged two contrasting 
quarters: a sharp second-quarter rise in Brent prices from 
their first-quarter lows, as well as a second -quarter drop of 
refining margins. 

Consolidated sales rose slightly over the period, to 
FF 63.7 billion from FF 67.8 billion, as grow th in petroleum 
product sales volume offset the negative impact of lower 
prices for etude oil, gas and refined products. 

Chemicals salts increased to an aggregate FF 10.1 billion 
from FF 9,4 billion, thanks to the economic recovery in 
the United Stales and. to a lesser degree, in Western 
Europe. 

Operating income of the business segments amounted to 
FF 3,323 million in interim 1994 compared with IT 3.494 
million in the first half of 1993. 

The Exploration and Production segment, which does 
nut include oil and gas production in the Middle East, 
was affected by lower crude oil prices. Their impact on 


operating income was offset by a 21% increase in oil and gas 
output, which rose to 355.000 boe/d from 294,000 boe/d. 
Oil production increased 9% to 139,000 boe/d from 
1 27,000‘boe/d, while gas output rose 30% to 1,185 rnef/d 
from 917 mef/d. 

The Trading and Middle East segment suffered from 
depressed freight rates, which impacted on the shipping 
result. The segment's income was also reduced by the effect 
of the disposal of its uranium business, which contributed 
to interim 1993 results. Middle East oil production 
amounted to 293,000 b/d, compared with 303,000 b/d in the 
fiist half of 1993 (-3%). 

The Refining and Marketing segment’s income 
increased somewhat despite the decline in European 
refining margins. The impact of lower margins was limited 
by improvements in refinery equipment. Growth was led by 
higher income from specialty petroleum products, the 
overseas subsidiaries, and U.S. based TOPNA. 

The competitive positions strengthened during the 
recession enabled the chemicals segment to capitalize on the 
improvement of the European economic environment, 
especially in car industry and packaging. However, margins 
per uni* suffered from raw material price increases, 
particularly those of basic chemical feedstock. The 
operating results rose by 16% to FF 876 million. 


Consolidated net income rose to FF 1986 million from 
FF 1.929 million in first -half 1993. Minority interests 
increased to FF 153 million from FF 123 million in first-half 
1993. on the continued improvement in Refining and 
Marketing operations in the United States and in South 
Africa. Consolidated interim 1994 income did not include 
any non-recurring items, which amounted to FF 50 million 
in the first half of 1993. 

Net income after minority interests came to FF 1,833 
compared with FF 1,806 million in the first half of 1993. 
Earnings per share amounted to FF 8.0 versus FF 8.6 in 
first-half 1993, based on 230.3 million fully-diluted, 
weighted average number of shares at June 30. 1994, as 
opposed to 2 1 1 .0 million a year earlier. 

Cash flow increased by 4% to FF 6,091 million from 
FF 5.856 million. 

Gross investment declined to FF 7,079 million from 
FF 7.835 million in first-half 1993. Disposals amounted to 
FF 2 .537 million, versus FF2.169 million in the year-eariier 
period. Consolidated shareholders' equity amounted to 
FF 54.1 billion at June 30. 1994. 

Net debt-to-equiry de- 
creased to 20% at June 30. 1994, 
compared with 23% at the end 
of 1993. 


TOTAL 


TOTAL. Tour. 24 Coura Michelet. Cede* 47. 92069 Paris la Defense, Fiance. 



) 


4 






f-r: 




1 



'' li! " Un to, 

j . unit to .v. 






FINANCIAJL TIMES THXJRSD AY SEPTEMBER S 1994 ★ 

INTERNATIONAL COMPANIES AND FINANCE 


Riding out a hazardous recovery 

Growth in Brazil is shaking up Autolatma, writes Patrick McCurry 


A utolatina. holding com- 
pany for the joint 
operations of Volkswa- 
gen and Ford in Brazil, should, 
on the face qf it, be humming 
along. Last year Brazil became 
the world's fastest growing big 
market for cars,' due to a com- 
bination of factors including 
tax ca ts and a return to eco- 
nomic growth. 

However, Autolatma and Us 
rivals can see hazards looming. 
The market’s growth, com- 
bined with falling tariffe, is for- 
cing domestic manufacturer s 
to compete against a rising tide 
of imparts. 

Furthermore, if the market 
continues to expand, other 
world, producers may start up 
operations in BraziL 
In this changing environ- 
ment. Autolatma’s structure Is 
looking increasingly out of 
date. 

The original aim of the ven- 
ture in 1987 was to establish 
economies of scale in a stag- 
nating, low-investment indus- 
try. VW and Ford pooled 
resources in areas such as 
administration and finance s, 
and made similar -looking 
vehicles from the same plat- 
forms. 

Last week the companies 
announced an important 
change in strategy: they will 
abandon the joint use of pro- 
duction platforms «nd switch 
to the platforms of their parent 
companies. They have, how- 
ever, denied a complete 
divorce. 

Mr Pierre Alain de Smedt, 
Au tolattna chairman , says: “In 
1987 Brazil was a dosed econ- 
omy, but the market has 
dunged, and moving to world 
platforms is a normal evolu- 
tion." 

Brazil started to open its 
economy from 1990. Until then, 
the marn . manufacturers - 
which, apart from Autolatma, 
included General Motors and 
Rat - had seen sales stagnate 
at between 800.000 and 900,000 
vehicles a year. 

The government cut car 
Import duties from 60 per cent 
in 1991 to about 35 per cent last 
year, a move which helped 
push imports - particularly of 
Japanese and German luxury 
cars - from 15,000 to around 
120^000 this year. Imports are 
expected to account fix 1 10 per 
cent of the market thfo year. 

Although the tariff reduc- 
tions were important,- what 



An Autolatma production line in Sfio Panto: VW and Ford will now use their own platforms 


really made the difference 
were agreements between the 
government, companies and 
unions to try to kick-start the 
market The measures involved 
cutting vehicle taxes and profit 
Tnarfftwa awH controlling wage 
claims. 

Taxes have fa non by 22 per 
cent on average, helping prices 
to tumble. This has been par- 
ticularly true for i.OOOcc cars, 
known as "cams populates", 
where the tax reductions have 
been most marked. These now 

aww mil. for >iaK of gU an loa, 

against 10 pen- cent in 1990. A 
l,000cc VW Gol, for example, 
costs just over $7,000 today, 
compared with $13,000 three 
years ago, says Mr de Smedt 

The result was a 40 per cent 
production inwany last year, 
to nearly L4m vehicles. This 
increase matte Brazil the 10th- 
biggest producer worldwide, 
alwnd of Italy Mexico, and 
the figure is expected to 
approach 1.6m vehicles this 
year. 

The growth has helped spur 
productivity gains, which have 
averaged 17 per cent a year 
since 1990. According to a 
report by consultants Booz- 
Allen earlier this year, 
increases in volume have 
accounted, for more than half 
the productivity gains, with 
the rest due to restructuring. 

Quality has also improved, 
according to Autolatina, which 
reported car defects down by 
50 per cent since 1990. 

However, problems remain. 
In spite of productivity gains, 
the gap with foreign competi- 


tors actually widened gfara 
1990, according to Booz-AUen. 
They note that even with 
labour costs as low as $8 an 
hour, compared with about $20 
in Europe, Brazil’s car industry 
is still 10 per cent less produc- 
tive. 

Mr Padflco Paoli. nhittf exec- 
utive of Fiat in Brazil, says the 
advantages of cheap labour 
and raw materials in Brazil are 
offset by an unsatisfactory 
transport infrastructure, a 
poor educational system and 
economic Ahnrift s mrh 

as high Interest rates. 

F urthermore, although 
taxes have been cut, 
they are still' much 

hi ghor thaw ahnoai^ says Mr 

Paoli, i0io points out thht tax 
accounts for one-third of the 
price of a standard saloon car 
and 17 per cent of a small 
vehicle. 

The tax structure, however, 
could change under a new sec- 
tor agreement, possible by the 
and of this year, and each com- 
pany is p ushing for a regime 
which f&vours its own produc- 
tion WITT. 

Fiat’s LOOOcc Uno has made 
it the fastest-growing company. 
It has increased capacity and 
doubled sales of the model in 
the first half of the year, to 
91,000, helping it widen its lead 
over General Motors. 

However, a new agreement 
could change the tax ntf* to 
benefit larger models, so weak- 
ening Fiat’s position and 
improving that of companies 
such as GM. While Ford and 


GM were left behind by the 
"cam popular" growth, GM 
was the first to respond. 
Demand for its LOOOcc Corsa 
has hpgn hi g h , and the com- 
pany is trebling production 
from 3 son at Its Ma rch launch 
to 10,500 by the end of the year, 
according to vice-president Mr 
Jos6 Carlos Pinhelxo. It also 
plans to build a plant with 
capacity of 100,000 vehicles a 
year. 

Ford, whose market share 
has fatten by half to about 12 
per cent in recent years, 
Intends to produce Fiesta mod- 
els in Brazil by the second half 
of next year, while VW is bet- 

Hnp on thn wwK n uwi SUCCBSS 

of its Gol, which accounts for 
more than half its sa les. 

However, industry experts 
believe that if tha market 
remains attractive, interna- 
tional competitors will set up 
factories in BraziL Companies 
such as Toyota and Nissan, for 
pYamp te, are rumoured to be 
planning investments. 

The reaction of local manu- 
facturers to the threat of 
imports has been to call for 
quotas. The government has 
refused, and Mr Fernando Hen- 
rique Cardoso, the fa vou ri te to 
win presidential elections this 
year, has not supported the 

ctehna. 

The priority, according to Mr 
de Smedt, is to continue 
modernising and improving 
productivity. “We cant relax. 
We must make the same level 
of in the mat five years 
to be able to compete bitema- 
tionally." 



The FT reaches move business people with property responsibility In the UK than any other newspaper and 
more senior European decision-makers on business premlses/sites reading English-language newspapers.* 

For a full editorial synopsis and details of avaBabte advertisement positions, please contact: 

PAT LOOKER Tel: 061 834 9381 Fax: 061 832 9248 
Financial Ttanu, Alexandra BuMfcigft, Queen Street, Manchester M2 5LF 


FT Surveys 


U.S. $125,000,000 

HH G3E4T IKE> FEDERAL MM INC* 

Collateralized Floating Rate Notes 
Series A due December 1997 

In accodanre with the prodriore ol tte Nol^^ 
alven that for the three months Interest Period ftomSdptsmbsr 8. 
1994 toDecember 8, 1994 tha Notes wM carry an Interest Rale of 
s_375% oar annum. Tha Interest payable on the relevant payment 
Sa,^Snb«Ti994 WH be U.S. 91.358.68 per U.S. 9100.000 
principal amount of Notes. 

By: TheChaas Manhattan Bank, N A. CHASE 

London. AkBank 

September 6, 1994 


BanKcf Ireland. 

U.S. $300,000,000 
Undated Variable Bate Notes 




again* Coupon . 
SusSIAiAtf’. 


CfTIBAhKO 


KtATNAKIN FINANCE AND SECURITIES 
PUBLIC COMPANY LIMITED 
fthe "Company^ 

USSBOfitnjm ConyrtMa Bonds doe 2008 {Bur “Bond«7 

Please be Informed that the Company has scheduled its 
Extraor di nary Genera! Meeting of the shareholders (the “EGM") 
tor September 30th, 1994 at 12.00 noon and as a result ot which, 
it b required to dose its Share Register between.lSBh September, 
1994 and tha dose of the EGM to allow for tbs Company to 
determine toe right of toe Shareholders to attend the EGM. It is 
therefore oMgated pursuant to Condition 6(A)(1) of the Bonds to 
Inform Bondholders of the suspension of their Conversion Rights 
during toe same period of time. 


Septembers, 1094 
By: CMbank, NA London 


cmBANi o 


US$125,000,000 

First Chicago Corporation 

Ftoatfng Rate Subortfliwted Capital Notes Due DscamberlMfi 

Notice is hereby green that tha Rota of Interest has been fixed at 
5.1875%.. and that the interest payable oa the relevant Interest 
nt Dale, December 8, 1984 against Coupon No. 32 m respect 
100,000 nominal of the Noltowffl be US$1,31 1.28. 


S etmeober B, 1994, landbn 

By. Qfeaik, NA, (bteerSairvlicaiL Agent Bank 


CmBAIMO 


15 


AlatamsacMMUastmtegbeenson Mo atvertsement appears as a traitor of mart orty. 

□ □ 

□Ddesc 

Desc, S.A. de C.V. 

Global Equity Offering 

2,300,000 American Depositary Shares 

Representing 9,200,000 Series C Shares 


Joint Gfotetf Coordinators 

Goldman, Sachs & Co. InverMexico, S.A. de C.V. 

Casa de Balsa 


600,000 American Depositary Shares 

ms portion of On oOering was sots oiteldOIbBlMtetlStelse end Mmkxt by tie undoisfgnBtL 

Goldman Sachs International 

Baring Brothers & Co., Limited 

Latinvest Securities Limited 


BNP Capital Markets Limited 
Santander Investment 


UBS Limited 


Deutsche Bank 

A'l teimeeenii lufi 

S.G.Warburg Securities 


1,700,000 American Depositary Shares 

Thb porikm at theotoringwu eoW In toe LUted States bytheunOarslgnod. 

Goldman, Sachs & Co. 

Merrill Lynch & Co. 

J.P. Morgan Securities Inc. 

Morgan Stanley & Co. , PaineWebber Incorporated 

IneoipondBd 

Acciones y Vakxes de Mexico, S JV. de C.V., Casa de Bolsa 
DJL Campbell Company, Inc. InverMexico USA, Inc. Wectormex Incorporated 


7,600,000 Series C Shares 

Thbpartbn aflhe ottering wassokl in Muooobytoo undersigned. 

InverMexico, S.A. de C.V. Casa de Bolsa 

Grupo Flnandero tevermtodco 

Acciones y Valores de Mexico, SJV. de C.V., Casa de Bolsa 

Grqpo Ftoandero Bananmx-Acefval 

GBM Grupo Bursatil Mexicano, SJV. de C.V., Casa de Bolsa 

(bupo Ftaandaro GBM AttanUco 

Inversora Bursatil, S JL de C.V., Casa de Bolsa 

Gftpo Phtanetoro Inbursa 

Interacckmes Casa de Bolsa, S A. de C.V. Casa de Bolsa Bancomer, S JV. de C.V. 

Grt^io HnandeiD InteracdoiiBS Gn^po Hnmckxo Bancomer 

Casa de Bolsa Prime, S A. de C.V. Operadora de Bolsa Serfin, SJV. de C.V, Casa de Bolsa 

Gnipo Hnandero Prime Ma madonttf teupoHnandaraSortin 

Probursa SJV. de C.V, Casa de Bolsa Valores Ffnamex SJV. de C.V., Casa de Bolsa 

Qnjpo HnandeiD Prabuna Grupo Hmnoiwo PlMtoflnnu 

Vector Casa de Bolsa, SJV. de C.V. Valores Mexicanos Casa de Bolsa, S JL de C.V. 

August 1994 


The Kingdom of 
Denmark 

US$1, 000, 000^)00 
Floating rate notes 1997 

The notes iaUl bear Interest 
at 4.875% per annum from 
8 September I994to 
8 December 1994. Interest 

payable on 8 December 1394 
wilt amount to USS1232 per 
USSJ.OOO, USS 123.23 per 
USS 10.000 and USS1J23Z29 
per USSIOO.OOO note. 

Agent: Morgan Guaranty 
Trust Company 


BANQUE RATIONALE 

DE PARIS 

Prafranm for the hsnee nf 

Debt Instrun Hits 
YmIAOOJM.080 
Hosflqfffes* Rate Notre du199S 
Serin 4 Tranche 1 

Nonce is haraby Divan «a at 

interest for tha period from Septan** 
Wi.t9B4toDaGen*erStb > 1S94h8Sl9aan 
Ibced at EL5S063 per caid. par annum. The 
coupon amoum due tor Ns period Is Yen 
6420 par danambialfc» at Yon 1004000 
and Is pwbUo on the interest payment 
data Daeamber 981. 19M. 

TtoFbcsIVnt 

BanqueNaHonrie departs 
(Luxembourg) SA. 


Weekly net sura 
value 

an OZ 0 AS 4 

US $6029 

Liscd on the 
Amsterdam 
Stock Exch an ge 


MttSnan Ovtad Manaaanai 
Rakm 55. 10UKK Anmadam. 
Td. • 31-20-ftlMlO. 



FIDELITY WORLD FUND 

Soci&£ dlnvesdssement k Capital Variable 
Kansallis House - Place de 1'Etoile 
L-1021 Luxembourg 

NOTICE OF ANNUAL GENERAL MEETING 

Notice is hereby given that the Annual General Meeting of the Shareholders of Fidelity World 
Fund, a socidtd dlnvestissement k capital variable organised under the laws of the Grand 
Duchy of Luxembourg (the "Fund"), will be held ai the registered office of die Fund, Kansallis 
House, Place de 1'Etoile, Luxembourg, at 1 1:00 aju. on September 27, 1994, specifically, but 
without limitation, for the following purposes: 

1. Presentation of toe Report of the Board of Directors. 

2. Presentation of the Repon of the Auditor. 

3. Approval of the balance sheet and income statement for the fiscal year ended May 31st, 
1994. 

4. Discharge of the Board of Directors and the Auditor. 

5. Election of six (6) Directors, specifically the re-election of Messrs. Edward C. Johnson 3rd, 
Barry R. J. Bateman, Charles T. M. CoUis, Charles TAL CoUis, Sir Charles A. Fraser, Jean 
HamiUus and H.F. van den Hoven, being all of the present Directors. 

6. Election of the Auditor, specifically the election of Coopers & Lybrand, Luxembourg. 

7. Declaration of a cash dividend in respect of the fiscal year ended May 31. 1994, and 
authorisation of the Bond of Directors to declare further dividends in respect of fiscal year 
1994 if necessary to enable the Fund to qualify for ’distributor’ status under United 
Kingdom tax law. 

8. Consideration of such otter business as may properly cotne before the meeting. 

Approval of items 1 through 8 of the agenda will require the affirmative vote of a majority of 
the shares present or represented at tlx: meeting with a minimum number of shares present or 
represented ih order for a quorum to be presenL 

Subject to the limitations imposed by the Articles of Incorporation of the Fund with regard to 
ownership of shares which constitute in die aggregate more than three percent (3%) of the 
outstanding shares, each share is entitled to one vote. A shareholder may act at any meeting by 
proxy. 

Dated: August 29, 1994 

BY ORDER OF THE BOARD OF DIRECTORS 


n 


Investments " 



-.j 





16 



FINANCIAL TIMES THURSDAY SEPTEMBER S 1994 


NOTICE QF REDEMPTION 

SRF MORTGAGE NOTES 1 PLC 

Glass A Mortgage Backed Floating Rate Notes 
Due March 2021 

NOTICE IS HEREBY GIVEN to tiic balden of the Clue A Mortgage 
Backed Floating Rate Notes Doe March 2021 (the ‘CUsi A Notes”) of SRF 
Mortgage Notes I (lie "fasoer") that, purauaai to the Trust Deed dated 
20tii March, 1989 (the "Trust Deed"), between the Issuer and Tbc Law 
Debenture Trust Corporation p.Le., as Trastee, and the Agency Agreement 
dated 20th March, 1989 (the 'Agency Agreement”), between the leaner 
and Morgan Guaranty Trust Company of I New York (the ’Principal Paying 
Agent") and others, the Issuer has determined that, in accordance with 
the Redemption provfakms set out in the Terms and Conditions of the 
C l ass A Notes, Available Fonda as defined in the Terms and Condi lions in 
the amount of £3,600,000 will be utilised on 22nd September, 1994 (the 
"Redemption Date”) to redeem a like amount of Class A Notes. The Class 
A Notes selected by drawing in lots of £100,000 for redemption on the 
Redemption Date at a redemption price (the "Redemption Price”) equal to 
their principal onto out, together with accrued interest thereon are as 
follows: 

OUTSTANDING CLASS A NOTES OF £100,000 EACH BEARING 

THE DISTINCTIVE SERIAL NUMBERS SET OUT BELOV 
Bearer Notes 


19 

24 

70 

128 

m 

138 

22S 

235 

285 

290 

360 

380 

381 

4IS 

418 

435 

440 

452 

490 

491 

579 

639 

683 

689 

732 

881 

885 

894 

940 

946 

961 

978 

998 

1239 

1250 

1487 


The Cbm A Notes may be surrendered for tedempnoa at tbs spe cifi ed office of 
any of the Paying Agents, which are as follows 

Morgan Cuarsnty Trust Company Morgan GuaraotyTraat Company 
of New York of New York 

60 Victoria Embankment Avenue des Arts 35 

Loudon EC4Y0JP B- 1040 Brussels 

Basque Paribas (Luxembourg) S.A. 

10a Boulevard Royal 
L-2093 Luxembourg 

In respect of Bearer Goss A Notes, the Redemption Price wiH be paid upon 
presentation and aarrtmfcr of sneh Notes together with all unmatnred Coupons 
appertaining thereto, on or within a period of ten years and five years 
respectively, alter the Redemption Date. Such payment will be made (i) 
in sterling at the specified office of the Paying Agent in Londoa or (ii) at 
any specified office of any Paying Agent listed above by sterling cheque 
drawn on, or at the option of the holder by transfer to a sterling account 
maintained by the payee with, a Town CZem-ing branch of a bank in London. 
On or afier toe Redemption Dale interest shall erase to aecrae on the Class A 
Notes wUch ore the subject of this Notice of Redemption. 

SRF MORTGAGE NOTES I PLC 

By: Morgan Guaranty Trust Company 
as Principal Paying Agau 

Dated: 8th September, 1994 



Yukong Limited 

(incorporated in the Republic of Korea with limited liability) 

Notice 

to the holders of the outstanding 

U.S. $20,000,000 3 per cent. 

Convertible Bonds due 2001 
of 

Yukong Limited 

(the ‘Bonds” and the 'Company” respectively) 
NOTICE IS HEREBY GIVEN to the holders of the Bonds that as a 
result of issuance by the Company of convertible bonds which are 
conuertftie into 3,067,484 shares of common stock of Ihe Company, 
the current conversion price per share of common stock of the 
Company shall be, pursuant to the provision of the Trust Deed, 
adjusted from W 34,609 to W 34,470 with effect from 30th August, 
1994 (the day on which convertible bands ere issued). 

8th September 1994 Yukong Limited 


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INTERNATIONAL COMPANIES AND FINANCE 


Fall in prices undermines 
Japanese steel producers 


By Mchlyo NakanMrto 
in Tokyo 

Japan's five main steelmakers 
have revised their forecasts for 
die first half of fiscal 1994. 

The new forecasts indicate 
the steel sector as a whole will 
report greater losses than in 
the same period a year ago, 
and all five will pass their 
interim dividends for the sec- 
ond consecutive year. 

The companies said a moder- 
ate upturn in demand and 
strenuous cost-cutting efforts 
had enabled them to put in a 
better performance than expec- 
ted earlier in the year. 

However, the sharp apprecia- 
tion of the yen and a fan in 
steel prices continue to under- 
mine their performance, the 
companies noted. 


They warned ftuther that the 
yen's rise and low capital 
investment by Japanese com- 
panies continued to cloud their 
horizons. 

Nippon Steel said tt expected 
sales of Y980bn ($9.9bn), 10 per 
cent below the result last year. 
The company forecasts a pre- 
tax loss of YSObn, nearly dou- 
ble the Yl6.7bn loss it recorded 
in the first half of last year, on 
sales of Yl,060bn, but an 
improvement on the Y40bn it 
forecast earlier in the year. No 
sales forecast was made then. 

Kobe Steel expects sales of 
Y530bn and a pre-tax loss of 
YlObo, compared with first- 
half sales of Y545bn and a pre- 
tax loss of Y8.1bn last year. It 
had earlier forecast sales in the 
first half of Y520bn to Y530bn 
and a pre-tax loss of Y20bn. 


NEK expects sales to total 
Y520bn and its pre-tax loss to 
be Y40bn, against last year's 
sales of Y537b n and a loss of 
Yl.9bn. NKK has not previ- 
ously forecast its first-half 
results. 

Meanwhile, Kawasaki Steel 
anticipates sales in the first 
half of Y45Qbn and a pretax 
loss of Y19bn- This compares 
with sales of Y522bn and a pre- 
tax loss of YKSbn in the first 
half of 1993 and an earlier fore- 
cast of Y450bn in sales and a 
Y20bn pre-tax loss. 

Sumitomo Metal is forecast- 
ing sales of Y490bn and a pre- 
tax loss of Y24bn compared 
with sales of Y50Sbn and a 
Y9bn loss in the same period 
last year. This is the first fore- 
cast for the period from the 
company. 


New credit cards from Amexco 


By Richard Waters 
in New York 

American Express has 
unveiled the first in a series of 
new credit cards it plans to 
launch in ranting 1 months, sig- 
nalling a renewed effort to 
compete with bank card issu- 
ers in the US. 

The company has seen its 
share of the plastic card mar- 
ket shrink in recent years as 
growth in spending on Its 
chargB cards has failed to keep 
up with bank credit cards. 

Its first revolving credit card. 
Optima, proved a disaster, forc- 


ing the company to take a 
large bad debt charge in 1991. 

American Express’s latest 
a prantt on the credit card mar- 
ket marls the first time It has 
tried to sell credit cards to peo- 
ple who do not already hold 
one of its charge cards. 

It is also a reversal of the 
earlier “one-size-flts-all" 
approach under which the 
company relied heavily cm its 
standard green charge card. 

The company plans to 
launch a range of credit cards, 
each based on a different com- 
bination of annual foe, interest 
rate, grace period before charg- 


ing intere st and benefits. 

The card unveiled yesterday, 
called the Optima True Grace 
Card, offers a 25-day interest- 
free period, no fees (provided 
the card Is used at least three 
times a year) and a low intro- 
ductory interest rate of 7.9 per 
cent 

The new credit cards, like 
the recently launched corpo- 
rate purchasing card, indicate 
the intentions of Mr Harvey 
Golub, the company's chair- 
man, to turn American 
Express back into a high- 
growth company after a lack- 
lustre period. 


US custodian 
in Czech move 

Morgan Stanley Trust, the 
US-based global custodian, has 
launched custody service for 
Czech securities transactions 
through the Prague branch of 
Dutch-based ENG Bank, a 
Morgan Stanley official said, 
Reuter reports. 

Morgan Stanley, which 
started similar services in 
Poland and Hungary last year, 
said it decided to launch its 
Czech operation because of 
increased client interest and 
confidence in the Prague Stock 


Exchange trading system. 


F reeport-McMoRan arm 
sells non-mining assets 


P.T. Freeport Indonesia, the 
Indonesian mining uni t of 
Freeport -McMoRan Copper & 
Gold of the US, has sold a 
group of its non- mining assets 
for about $77m, AP-DJ reports 
from New Orleans. The deal is 
one of a series of completed 
and planned asset sales. 

Freeport-McMoRan said the 
unit sold the assets to its 
Indonesian joint venture 
with ALatieF Nusakarya of 
Jakarta, Indonesia. ALatieF 
Nusakarya owns two-thirds of 
the joint venture, while P.T. 


Freeport owns the rest 

Freeport-McMoRan said the 
assets were primarily multi- 
family residential properties 
and a hotel ramplpr. 

P.T. Freeport will use the 
proceeds for general corporate 
purposes, including capital 
requirements for its mine-mill 
expansion, which it expects to 
complete during the second 
half of 1995. 

The 84-room hotel complex 
will be manag ed under an 
agreement with ITT Sheraton, 
a unit of ITT of the US. 


Lehman 
Brothers 
cuts another 
300 jobs 

Lehman Brothers, which 
started paring jobs even before 
it was spun off from American 
Express earlier this year, is 
trimming another 300 posi- 
tions, a Wall Street source 
said, Reuter reports from New 
York. 

Analysts think it is likely 
the cuts at T-***™" will be fol- 
lowed by redundancies at 
other large Wall Street firms if 
business does not pick up 
soon. 

A Lehman official said 
employment totalled 9,300 at 
the beginning of 1994, and fell 
to 8,950 by the mid of June. It 
was at a peak of 9,400 in 1993. 

The source said the new cuts 
were "across the board", 
affecting everyone from 
rnanag tn g directors down, and 
were due to worsening condi- 
tions in Hie securities indus- 
try. 

They affect only US 
operations and not 
employment abroad, where 
market conditions are In 
“growth stages", the source 
said. 

Mr Perrin Long, analyst at 
First of Michigan Corp, noted 
that New York Stock 
Exchange member firms 
reported losses totalling $404m 
after tax in the second quarter 
of 1994, compared with a 
Sl.Sbn profit a year 
ago. 

It was the largest quarterly 
deficit for the industry since a 
$1.7bn loss after tax in the 
fourth quarter of 1987. 


Ethane deal 
for ICI unit 

ICI Australia, part of the UK 
chemicals group, has signed 
an agreement with Santos, file 
South Australian oil and gas 
group, for the supply of Coo- 
per Basin ethane concentrate 
for its Sydney petrochemical 
plant writes Nikki Tait in 
Sydney. 

The deal, ann ounced three 
months ago, is critical to ICFs 
plans to construct a 1,300km 
pipeline between Moomba, in 
Victoria, and Botany Bay, in 
NSW, and snpply the Austra- 
lian plant locally. 


American Barrick 
weighs options for 
Lac after takeover 


By Robert Gtobens 
In Montreal 

American Barrick Resources is 
posted to own 100 pm 1 cent of 
Lac Minerals in a few weeks 
and will then focus on the 
future of Lac's Canadian gold 
mining assets and its Latin 
Am eri can properties. 

Barrick yesterday had taken 
up 84 per cent of Lac shares 
under its cash and share offer 
that expired on Tuesday at 
midnight 

The expiry date has been 
extended to September 19 to 
give remaining Lac sharehold- 
ers time to tender. By then, 
Barrick expects to have 
acquired well over 90 per cent 
and can then proceed to 
acquire the balance. 

The offer is either C$5 cash 
and 0.325 shares of Barrick for 
each Lac share or 0.487 Barrick 
shares. At Wednesday’s price 
for Barrick shares, the offer 
was worth about CS1&56 a Lac 
share, for a total of C$2. 3bn 
(USJLTbn). 

More Lac shareholders have 
opted for Barrick shares than 
expected because of a firm gold 
price and the strength of Bar- 
rick shares. Barrick is meeting 
the cost of the takeover from 
cash resources. 


Mr Peter Munk, Barrick ‘s 
chairman, will take over as 
chairman of Lac until the two 
companies are merged. 

Barrick. already north Amer- 
ica's fourth largest gold pro- 
ducer on the strength of the 
Golds trike mine in Nevada, 
becomes the world's third- 
largest producer, after the 
Anglo-American group and 
Goldfields South Africa. 

Mr Robert Smith, Barrick’* 
president, and Ms mining team 
will examine Lac's Canadian 
properties immediately. Ana- 
lysts believe Barrick will prob- 
ably sell most of them, except 
a new British Columbia pro- 
ducer. 

Mr Vince Borg, a spokesman 
for Barrick, said; "Nothing has 
yet been decided. Some smaller 
and mature Lac properties in 
Canada may be more valuable 
to other companies. 

“Barrick is looking at the 
long-term potential of all the 
Lac properties, and our focus is 
also on the Latin American 
assets." 

Barrick sees China as an 
area with "tremendous geologi- 
cal significance", Mr Borg said 
Mr Munk is due to visit C hina 
later this year with Mr Jean 
Chretien, the Canadian prime 
minister. 


Taiwan group may 
take Syncrude stake 


By Robert Gfobens 

Chinese Petroleum. Taiwan's 
state-owned energy company, 
may take a 5 per cent interest 
in Syncrude Canada, the 
Alberta oil sands producer, for 
about ,C$140m (US*103m). 

The seller would be the 
Alberta government, which 
would retain a 6.7 per cent 
interest 

A Syncrude spokesman said 
others have shown interest in 
Syncrude, including the 
Koreans. 

In Edmonton, Syncrude con- 
firmed that talks were 
advanced between Chinese 
Petroleum and the Alberta gov- 
ernment, while in Taipei, the 


Canadian Trade Office 
was reported as saying 
the deal looked "prom- 
ising". 

Syncrude is producing about 
175,000 barrels daffy and wants 
to raise this to 217,000 barrels a 
day. It has potential reserves 
estimated at 300bn barrels of 
oiL 

Companies with a stake in 
Syncrude include Imperial Oil 
(Exxon) with 25 per cent, 
Petro-Canada 12 per cent, Pan- 
Canadian Petroleum and 
Alberta Energy 10 per cent 
each. Gulf Canada 9 per cent, 
Canadian Occidental 7.23 per 
cent Murphy Oil, Mitsubishi, 
and Amoco Canada with 5 per 
cent each- 


We are proud to 
have been the first 
U.S. Investment Bank 
to trade on the 
Shanghai Stock Exchange 


Goldman 


Blijinu* Frankfurt Hung Kong London Madrid* Milan 
Mont nr u. Moscow* New York Osaka Paris Seoul* 
Singapore Stisnuy Taipli* Tokyo Toronto Vancouvhh Zurich 

‘Representative office* 

Approval by Gohlnun Sachs International, a member of SFA 



tf • a 

TO SAVE ALL * 
" THESE TREES WE \ 
•• HELP CHOP 
• DOWN THIS ONE. t 



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Vtorb Wide Fund For Nature 

{btarWJWfcM 

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On Monday, September 12 the Financial Times will publish a special survey 
on the Philippines. 

Increased political stability under the Ramos government has been rewarded 
with improved business confidence, greater levels of foreign Investment and 
continued strengthening of the economy. So much so that last year saw the 
country's fledgling stock market record one of the best performances in Asia. 

The FT survey will provide an Informed assessment of how this newest tiger 
earned Its stripes. 

FT. Survey of the Philippines. 

FT. Because business is newer black and white 



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FINANCIAL TIMES 


THURSDAY SEPTEMBER 8 1994 


INTL COMPANIES AND CAPITAL MARKETS 


Wool worths 
rises 17% in 
year to beat 
forecast 

By NBdd Taft m Sydney 

Woolworths, Australia’s 
largest food retailer, yesterday 
announced an increase in prof- 
its which was well above fore- 
cast 

After tax and abnormal 
items, profits increased to 
A$200.3m (US$148. 3m) in the 
year to June 27, a rise of 17 
per cent on the previous year’s 
A$171.2m, and comfortably 
above the A$l88.Sm forecast 
made when the company’s 
shares were floated on the 
stock market last year. 

The group Is not connected 
with the US company or UK 
stores of the same name. 

Its sales - up to AflLSbn 
from AflO^ba - also beat the 
forecast of A$U.3bn, as did 
profits before interest and tax 
of AlSI&flm. 

. Trading profits in the previ- 
ous year were A$282L2m, and 
bad been forecast to rise to 
A$310.2m. The 1993-94 figures 
relate to a 52-week trading 
period, while the previous 
year took in 53 weeks. 

Woolworths said that same- 
store sales, adjusting for the 
extra week, rose by 10.7 per 
cent, compared with a national 
retail sales increase of 5.7 per 
cent and an inflation rate of 
L.7 per cent 

All divisions saw higher 
prof i ts , with the amtrflmtion 
from the core supermarkets 
chain rising by 9.4 per cent, 
the general merchandise group 
by l££ per cent, and the spe- 
cialty retail group by 424 par 
cent as the Dldt Smith elec- 
tronics retail business recov- 
ered. During the year, eight 
new supermarkets and several 
new variety ontlets were 
added. 

Woolworths said sales since 
the year-end had been “partic- 
ularly strong", although the 
health of Australia’s retail 
market generally remained 
patchy. Capital expenditure in 
the c u rrent year is likely to 
edge up to about AS260m, with 
an increased share going on 
the new store programme. 


Ampolex profits 
dented by fall 
in oil prices 

Ampolex, the Sydney-based oil 
and gas group, yesterday 
revealed after-tax profits of 
A$554m ((404m) in the year 
to end-Jiine, down from 
AS80.6m the previous year, 
writes Nikki Taft 

Profits before tax and abnor- 
mals were I per cent lower at 
AS1 14.7m. 

The group said that it had 
registered record levels of oil 
and gas production, but that 
benefits of this ware offcet by 
a 22 per cent decline in crude 
oil prices and a significantly 
higher tax bifl. 

At Woodside Petroleum, the 
Australian oil and gas com- 
pany primarily involved in 
development of the North 
West Shelf gas project operat- 
ing profits after tax more than 
halved to A$3&4m in the six 
months to eod-Jnne. 

The comparable 1992-93 fig- 
ure of A$72.5m was boosted by 
an ahnormal gain of AS20.6m. 


Mitsui abandons merger proposal 


By WEfam Dauddns 
fo Tokyo 

The Mitsui Group, the oldest of 
Japan’s ketretsu, or corporate 
families, has called off a pro- 
posed merger designed to 
expand its pharmaceuticals 
interests, an area where it feels 
underweight 

Mitsui Pharmaceuticals, a 
unit of the group's mam chemi- 
cals company. Mitsui Toatsu 
Chemicals, yesterday aban- 
doned its merger with Toyama 
Chemical, a medium-sized 
pharmaceutical group, because 
of liabilities inherited by Toy- 
ama from a now defunct affili- 
ate’s failed property invest- 
ments In the late 1980s. 


The three companies died a 
court case against Toyama, in 
which Sanyo General Capital, 
a financial institution, is seek- 
ing Y5bn ($51m) compensation 
for loans to Yoho Chemical, 
the former Toyama affiliate. 

The collapse of the merger 
highlights how far corporate 
Japan still remains from clear- 
ing the damage left by the 
investment excesses of the 
so-called “bubble era" preced- 
ing the recession- Toyama has 
also been a victim of a growing 
trend among Japanese compa- 
nies to take court action to set- 
tle disputes, rather than resolv- 
ing rows in private. 

The merger plan, announced 
in April 1993. was heralded by 


the Mitsui Group as an oppor- 
tunity to build a pharmaceuti- 
cal arm to rival those of the 
Mitsubishi or Sumitomo tefr- 
etsu. Until yesterday, Mitsui 
appeared ready to take on Toy- 
ama’s legal problems, so that it 
could pursue its pharmaceuti- 
cals strategy. 

Japan' 8 pharmaceuticals 
industry is ripe for mergers 
and takeovers because the gov- 
ernment is cutting prices on 
medicines covered by national 
insurance in a deliberate 
attempt to put pressure on 
companies to restructure. 

The pharmaceutical compa- 
nies announced a delay last 
October when it emerged that 
Toyama was facing legal action 


over Yuho Chemical, which 
went bankrupt four years ago 
with debts of Y40bn. Like 
many Japanese industrial com- 
panies, Yuho was tempted to 
diversify from its main busi- 
ness into property develop- 
ment during the boom in asset 
prices in the late 1990s. 

The merger partners were 
hoping by the end of this 
month to agree fresh condi- 
tions for the accord, originally 
planned as a share gtehflwg ft to 
be followed by the creation of 
an equally-owned company 
controlled by Mitsui Pharma- 
ceuticals. However, by yester- 
day they were forced to con- 
clude that a deal was 
unworkable. 


ConsPress hit by new title launch costs 


By Nikki Taft 

Mr Kerry Packer’s Australian 
Consolidated Press, the maga- 
zine publishing group, yester- 
day reported an 8.9 per cent 
fall in profits after tax and 
ahnormal (trnnc tn the year to 


end-June, at A$65m (US$41m). 

The result, which compared 
with A$60.4m in the previous 
12 months, was achieved on 
sales 2.5 per cent higher, at 
A$415rn. Fully Hilntfirt womfngw 
per share fell to 31.7 cents, 
from 34.7 carts. 


The 1993-94 earnings figure 
was depressed by a A$9.3m 
abnormal tfwn, wwipar^ j with 
no abnormal); in file previous 

year. This, according to Cons- 
Press, related to “losses 
incurred on the development of 
new titles". There has been a 
large number of new launches 
in the highly c om pe tit ive Aus- 
tralian “mass women's" mar- 
ket recently. 

Even at the operating level, 
before tax and ahnnrmalc prof- 
its were lower at AS9Uhn com- 
pared with A99&9m last time - 


although ConsPress said the 
previous year induded & one- 
off gain of A$4-7m due to 
accounting-related changes 
find A£L5m from a arm tnpT l ed 
entity, Offset Alpine, which 
bad since been shed. 

It aiMttfl that «ri sting titles 
saw revenue grow by about 4 
per cent last year, with circula- 
tion revenue rising by 3 per 
cent and advertising revenue 
by 6 par cant. However, profit 
from these titles fen by L5 per- 
cent, as a result of bt gbpr edi- 
torial and promotional costs 


plus the expenses of establish- 
ing its Singapore operation. 

The company sounded a 
more encouraging note about 
the current year, however, say- 
ing that it had budgeted for an 
increase in earnings before 
interest, fray anrf abnonnals of 
approximately 10 per cent 

ConsPress added that the 
merger, already announced, 
with Nine Network - another 
Packer company - was due to 
take effect cm November & The 

rnergar <tepmnfc on sharnhnlrinr 
approval. 


The final frontier for securitisation 


US hurricane futures, 
European Options 
even “Acts of God bonds” will 
be traded by international 
investors within the next few 
years, predicts Mr Richard San- 
dor, a US and a foun- 

ding father of the flnawriai 
derivatives industry. 

Mr Sandor, who pioneered 
interest rate and currency 
futures and options in the 
1970s and 1980s, says that an 
embryonic reinsurance deriva- 
tives market is established. 

Catastrophe reinsurance 
futures and options contracts 
were launched in December 
1992 by the Chicago Board of 
Trade, which also lists a num- 
ber of financial and other 
derivatives contracts. Trade so 
far has been limited, but the 
volume of transactions has 
increased by more than 10 
times in the past year or so. 

More important, the develop- 
ment of an exchange-traded 
product appears to he directly 
influencing developments in 
reinsurance, where an over- 
thfrcounter market in catastro- 
phe reinsurance options has 
emerged. 

“It is past its infancy and is 
really starting to crawl." says 
Mr Sandor, now chief exeat: 
five and chairman of Centre 
Financial Products, a New 


York-based derivatives bou- 
tiques firm, which is one of 
more than a dozen firms trad- 
ing the contracts in Chicago. 

Most reinsurers are still 
highly sceptical about deriva- 
tives products. One chief exec- 
utive argues that the options 
currently traded on the 
exchange are at least one and 


half times more expensive than 
equivalent reinsurance con- 
tracts. Critics say the liquidity 
in the derivatives market is 
likely to remain gman and that 
the on which the con- 

tracts are based are inadequate 


ami inferior to the traditional 
reinsurance products. 

However, some reinsurers 
are more positive. Zurich 
Insurance, the large Swiss 
company, owns a stake in Mr 
Sander’s company, and others, 
including two UK brokers - 
Sedgwick and Willis Corrocn - 
are also exploring the poten- 
tial. There is interest, too, at 
Lloyd’s. Mr Richar d Keeling, a 
loading underwriter, said: "It is 
inte res ting; we ought to be tak- 
ing it seriously." 

Underpinning the interest is 
the conviction that the capital 
base of the orthodox insurance 
and reinsurance industry is 
increasingly inadequate to 

DERIVATIVES 

cope with the scale of cata- 
strqphio risks, a fret graphi- 
cally demonstrated by disas- 
ters in the US. 

Hurricane Andrew, which 
tore through Florida in August 
1992, was the costliest US 
catastrophe with losses of 
more than $16bn. 

This year’s Northridge earth- 
quake, which killed GO people 
and damaged 44,000 California 
homes in January. waB the 
Industry’s second costliest, 
with losses amounting to more 
than $7bn. 

The severity of the loss was 
more a reflection of economic 
growth and demographic 
change over the past two 
decades than the power of the 
seismic shock itself. The 
Northridge earthquake "would 
have been a non-event 25 years 
ago.” according to Mr Sandor. 

Mr Andrew Martin, manag- 
ing director of Sedgwick Payne 
Insurance Strategy, says that 
the capital and surplus of the 
US property and casualty 
industry is estimated at 
$U8bn, “but many trillions of 
assets are insured and the 


risks exposed are increasing 
faster than insurers’ capital 
and capacity”. 

The Chicago Board of Trade 
c o ntr a ct is based on an indiw 
calculated by the insurance 
Services Office (ISO), a US 
industry body, and on the pre- 
miums received and claims 
paid, by more than 24 US Insur- 
ance companies. 

Futures contracts are priced 
accord i ng to moves in the ISO 
loss ratio. The settlement price 
of each increases by 3250 for 
each 1 per cent upwards move- 
ment in the ratio. For exam ple, 
while a loss ratio of 20 per cent 
would give each contract a 
value of $5,000, a loss ratio of 
120 per cent would make the 
contract worth $30,000. 

Although trade in the 
futures contract itself has 
foiled to take off, investors and 
buyers have begun to trade 
options - deals giving buyers 
the right but not the obligation 
to buy or sell at a predeter- 
mined price. 

Most of the contracts are 
“call spreads”, used to limit 
and is o lat e a particular layer of 
risk, explains Mr Morton Lane, 
managing partner of Lane 
Financial, a company which 
advises brokers trading on the 
exchange. 

Typically, buyers pay for an 
option to buy a futures con- 
tract when the loss ratio 
pvreeds 50 per cent and sell 
when the ratio exceeds 70 per 
cent. The arrangements in 
effect give protection in the 
mme way as an e roess of l oss 
reinsurance contract 

Over the past 18 months the 
CBoT has registered more than 
5,000 trades on one particular 
contract - covering catastro- 
phe losses on the eastern sea- 
board of the US, where there 
are large storm exposures. 
Observers also note a growing 
trend for reinsurers to use the 


flhicngn f-nntrH rt loss farter as 
an ftipmgnt of a specialist rein- 
surance policy, the loss war- 
ranty. 

Claims on a l oss w a rr an ty 

policy are triggered by two sets 
of losses: those on the insur- 
ance policy of the buyer, and 
industry-wide claims. 

Mr Lane says that the 
exchange has stimulated 
changes in the way franchise 
covers are underwritten, with 
the trigger relating to industry- 
wide losses becoming more 
important 

As much as 20 timM more 
business could be traded in 
“over the counter contracts”, 
Mr Lane estimates, with under- 
writers of these deals fre- 
quently hedging their expo- 
sures by buying exchange 
traded contracts. 

Mr Sandor compares the 
development to the way in 
which the underwriters of OTC 
interest rate swaps hedged 
their positions by buying euro- 
dollar or US government bond 
futures in Chicago in the 1980s, 
helping to ftiel the growth of 
that market 

In spite of industry scepti- 
cism, enthusiasts stress the 
attractions of the new prod- 
ucts. Far example, while the 
price of a traditional contract 
is generally known only by 
broker and underwriter, deriv- 
ative contracts are transpar- 
ent. And while reinsurance 
contracts are negotiated once a 
year, derivative contracts are 
more flexible and can be pur- 
chased or traded at any time. 

Mr Martin says the develop- 
ment Ki g nq ic ftp b eginning of 
the securitisation of the rein- 
surance industry, brin g in g it 
into line with other financial 
services. “Insurance and rein- 
surance may be the last fron- 
tier," he says. 

Richard Lapper 





JST7TUTO PER LA R1COSTRUZJONE INDUSTRIALS (KQS.pA. 
Sod> in Roma OOW - Vte vworto Vanato, 89 
Cnptnto noaAm L 636B.mi6e.000 - Tito t* Herr* tv 6865192 


NOTICE TO THE HOLDERS OF 
IRI-STET 1991-1994 WARRANTS 
IRI-STET 1992-1994 WARRANTS 

(IS1N: IT0000078060) 

EXERCISABLE INTO STET 
SAVINGS SHARES HELD BY IRI 
Holders of foe above warrants are hereby informed that, hi 
accordance with the warrants regulations, the right to exer- 
cise the above warrants to subscribe STET Savings Shares 
wHl expire at 10,00 a.m. (Milan time) on 30th September 
1994. 

Holders of the above warrants, in accordance with the war- 
rants regulations, can request to subscribe - from IR! - 
STE T Savings Shares in the ratio of 10 shares for each 
warrant heW at the price of UL 2.000 per share. 

STET Savings Shares subscribed through the exercise of 
foe above warrants will ac crue d ividends from 1st January 
1994. the same date as STET Savings Shares traded on 
the Italian Automated Quotation System at the date of exer- 
cise of foe warrants. 

The warrants, which have not been exercised, will expire at 
10:00 a.m. (Milan time) on 30th September 1994. 


Citicorp Banking Corporation 
U.S. $250,000,000 

cmcoRPG 

Animi to ftsoorw* Id] of die r«iw and Corrftiem of 0 m Natal nrfe* n 
SSTfc rf Coupon No. 41 will mltaH 

“ ’SS. lWto®ofc«r A no*. V* bn pubfahtd 

,B^ofhtanW^Cc^o«»«wntparobfa. 

8, 199S. London 


B^^SSU^wi^ CITIBANtO 


THE BATAVIA FUND LIMITED (the "Company") 
To die Holders of Warrant EDRS 

Your anertiofl » draws to yoo r right to rofarorihr. far or di nar y shares of US SCL01 
each of the Owiywny (-Ordinary Shota*) on the bam of 200 Ordinary Shanes tor 
every Warrant IDR held. This rigfa may be e xercised fa the manner sei out below 
between 8 S eptem b er to 7 October 1994. 

"In order to drama hie whether or not to eaercae yonr subscription right this year; 
it may be of sashtMar. to bo* that tte net asset value per abate far tbe Ordinary 
Shares on 30 Angntf 1994 mi US SI WXr." 

Applic at ion win be W»<» to tbe Iridh Unit of tbe l n*e» m t ln inil B,i- ta n p of 
ftp (fated and tbe JtopBh&c oi I r c lml f j mk wf fof the Ordinary Shafts 

■Sotted p uanent to the exerci se of tbe iwh e mption rights to be ad mined to tbe 
Official List. 

Id w riter to • ■” r| " yonr p** ,l, *f* , t a re q ue s t sbonfal be to Morgan 
Guaranty Tntat Company of New York. Brussels office as operator of tbe 
EenxJear System fBrxcdear*) or to Cten&alo de Unarm de Valeras MabilSies 
SA. fGEDEL"), as ap propri a te, by completion of a Depositary Warrant Exercise 
Norice which may be obtained on reqoerr from Enroclear or CEDEL, as 
approprise, and defivery thereof to Esrociear or CEDH. as appropriate, on any 
Bttsiaess Day within the 1994 Subscription Period, accompanied by effective 
payment t* OS SUSOftD per Warrant U>SL nbe aerosol 
Yonr attention is drawn to Condition 2(1) of tbe Warrants which in certain 
t, ncuinua i K'rs. will pomU the Onrop n n y after a entweription period to appoint a 
trustee to eaetdne mch satscription right at have pot been nr r rfcrd . a sell in the 
maricetBtc new primary abates ac q uir ed and to ffisttBrnte pro raa the proceeds lea 
certain coats to the per sona cntiiied thereto. Subjec t to the foregoing however 
failure to cuceidse yonr au ba ciip tioa rigbB (fairing die 1994 Subscription Period 
wi0 ool prejudice yonr snbsaiptioti rights during (he subscription periods m thn 
yean 1995 to l996inciurivn. 

BY ORDER OF THE BOARD 

MORGAN GUARANTY TRUST COMPANY OF NEW YORK 
Arcane riea Arts. 35 
1949 Brmsefa, Brights 


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Sovereign (Forex) lid. 
24hr Foreign Exchange 
Moran lading fat&y 
Gonpatfra Prion 
Dofly Fox Service . 

W: 071-931 9188 
fine 071-931 7114 


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This iinuouiieement oppron <is n ntuttrr t tf mronl only. 

Tele West Scotland Holdings Limited 

affiliate of 


COMMUNICATIONS GROUP 
a joint venture between 

Tele-Gommlinications, Inc. US Wks i; Inc. 

£195,000,000 
Credit Facility 

Lead Arranger 

Canadian Imperial Bank of Commerce 
Underwriters 

The Bonk of New York The Bunk of Novu Srntiu 
The British Linen Bank Limited Canadian Imperial Rank of Commerce 
Bank of Boston Tin- Toronto- Dominion Bunk 


Managers 

Banque Nationals de Paris Banque Paribas 
Chemical Bank 
CoreStates Bunk. N.A. 

Mellon Bank, N.A. 

Societe Generate 


Credit Lyonnais 

The Fuji Bank, Limited 

NationsBank 

The Sumitomo Bunk. Lin tiled 


Co-Managers 

ABN AMRO Bank N.Y'. N M Rothschild & Sons Limited 

Agent and Security Agent 
Canadian Imperial Bank of Commerce 


cm 

MEMBER OF THE SFA 


Julv 1994 


t 


NATIONAL 


Abbey National 
TVeasury Services pic 

US$1000,000,000 
Guaranteed Floating Rate 
Notes 1999 

Notice b hereby ghten that 
the notes mill bear Interest tn 
4J)375% per annum from 
8 September 1994 lo8December 
1994. Interest payable on 
8 December 1994 unit amount to 
USSB.48 per USS1000 note, 
USU24.83 per USSK,000 note 
and USSl 248. 09 per 
USSKiO.OOOnote 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 


The Hedge Fund ($) II 

SICAV 

Luxembourg, 1 1 , rue Aldringen 
R.C. Luxembourg N° B 40 693 

Notice of Meeting 

Notice is hereby given that an Extraonfinary General Meeting 
of Shareholders win be held ai the registered office of the Company 
on 26 September 1994 at 1 1.00 ajn. with foe following agenda: 

Agenda 

To discuss and decide oo foe continuation of the SICAV or 
to decide its dissolution according to article 29 (1 J of the Luxem- 
bourg Law on Undertakings for Collective Investment dated 
30 March 1988. 

The shareholders are advised that no quotum is required for 
foe item of tbe agenda and that tire decision wfl] be taken' at tire 
sample majority of tire shares present or represented at foe Meeting. 
Each share is entitled to one vote. A shareholder may act at any 
Meeting by proxy. 

By older of tire Board of Directors 


FINANCIAL T1MKS 

FINANCE EAST EUROPE 


Finance East Europe reports twice-monthly on investment, finance and banking 
in tbe emerging matter economies of Central and Eastern Europe and the European 
republics of foe former Soviet Union. 

To receive a FREE sample copy contact: 

Slnri Boul PbuncUl Time* Ncwrlenert. Marketing D ip« aural . ThM Floor. Number One Scvitiwarfc Bridge, 
London SEI 9HL. England. Tel: (+44 71 j 87? 3795 Rue W44 711 873 3935 


FINANCIAL TIMES 

The lofaroi a u yon jwr in will be held by u> ad may be wed by odav xto apwlky 


fi* euUsu liu petpore*. 





ALL GREEK TO 


KnescWlbe. 


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2.1. 






18 


★ 


FINANCIAL TIMES THURSDAY SEPTEMBER 8 1994 


Ireland to launch 


INTERNATIONAL COMPANIES AND CAPITAL MARKETS 

I Bunds remain bearish ahead of GDP data release 


gilt contract to lift 
market liquidity 


By Graham Bowtey 

Hie Irish Futures and Options 
Exchange plans to launch a 
futures contract based on the 
10-year Irish government bond 
by the end of the year as part 
of a series of changes to 
improve the liquidity of the 
Irish bond market 

The contract, which will 
complement an existing 
20-year gilt contract, will be 
underpinned by a new securi- 
ties repurchase system which 
Is likely to be in place by the 
end of the year. 

The reforms are designed to 
attract more foreign invest- 
ment, which should in turn 
reduce the cost of borrowing to 
the Irish exchequer. 

The Treasury believes the 
progress towards peace In 
Ireland will have a positive 
impact 

“The IRA ceasefire will have 
a beneficial impact on the 

pcwfttmvy and on the bond mar - 


By Tarty HaO 
ki Wellington 

Air New Zealand lifted tax-paid 
profits by 36.6 per cent to 
NZ*190.7m (US$1 15.1m) in the 
year to end-June due to a 
stronger tourism market par- 
ticularly with visitors from 
Asia. 

The company said yesterday 
it was confident of further 
growth during the coming year 
with the continuing develop- 
ment of its Asia and Pacific 
networks, together with oppor- 
tunities provided by marketing 


deuce and attracting foreign 
investors,” said Mr John Cor- 
rigan, a director of the Irish 
National Treasury Manage- 
ment Agency. 

Other reforms have included 
the replacement of the Irish 
bond market's order-driven 
system with a market ma k in g 
operation which is to start 
next year. This will involve 
five to six marketmakers. 
including two offshore market- 
makers, likely to be two of the 
pan-European investment 
houses based in London. 

In early 1996, an independent 
Irish stock exchange will be 
created when the Dublin stock 
exchange is separated from the 
International Stock Exchange 
of the United Kingdom. 

Ireland is hoping to revive 
its planned eurobond issue 
denominated in Irish punts 
which was cancelled at the end 
of 1993 because of turbulent 
bond market conditions. At the 
time, the issue was believed to 


agreements with Australia. Air 
New Zealand is using Brisbane 
as a hub for many of its ser- 
vices to Asia. 

Group operating revenue 
rose by 11 per cent to NZ$2.6bn 
of which NZ$215m was 
increased passenger revenue. 
Group cash flow from operat- 
ing revenues rose 64.6 per cent 
to NZ$425m. Total assets were 
op by NZt95.4m to NZfL86bn. 

Directors are recommending 
a final dividend of 8 cents a 
share, making a total of 14 
cents for the year, up 4 cents 
on last year. 


By Antonia Sharpe and Martin 
Brice in London and Frank 
McGurty in New York 

German bonds made a 
half-hearted attempt to stabi- 
lise yesterday after six days of 
falls but analysts said senti- 
ment remained bearish. Yields 
on 10-year bunds hovered 


GOVERNMENT 

BONDS 


around TA per cent ahead of 
today’s release of second-quar- 
ter GDP data. 

The data are expected to 
show quarter-on-quarter 
expansion of around 1 per cent 
which would bring the yearly 
growth rate close to 2 per cent 
However, analysts said the 
qoarter-on-quarter data could 


By Graham Bowtey 

Ireland is likely to tap the 
10-year area of the dollar and 
French franc sectors of the 
eurobond market to meet its 
1995 foreign borrowing needs, 
which are expected to be about 
I£4bn, the National Treasury 
Management Agency said yes- 
terday. 

Mr Adrian Kearns, head of 
foreign borrowing at the 


INTERNATIONAL 

BONDS 


NTMA, said Ireland has 
already met its I£ 800 m of for- 
eign borrowing needs for this 
year. 

“It is unlikely that there will 
be any more issuance' this 
year,” he said, although 
Ireland could come to the euro- 
bond market in October or 
November to start next year’s 
funding programme. 

Cemex, the Mexican cement 
company, yesterday increased 


be misleading initially because 
they are rounded up or down 
to the nearest half-point. 

Dealers said a weaker-tban- 
expected result could lift the 
market but that any gains 
would be limited because 
investors would use the 
strength to sell out 

"The bund market still needs 
to price in a greater risk pre- 
mium,” said one bond sales- 
man. 

Remarks by Bundesbank 
central council member Mr 
Hans-Juergen Krupp that there 
was room for a further cut in 
German interest rates were 
also viewed with some scepti- 
cism because of his dovelsh 
reputation with respect to 
inflation. 

Latest opinion poll findings 
which did not give a clear 
majority to the government 


Tuesday’s $250m offering of 
seven-year eurobonds by a fur- 
ther $S0m. Hie price range on 
the original tranche was a 
yield spread of 230 to 240 basis 
points over underlying US 
Treasuries. 

“Emerging markets have 
proved to be difficult all year, 
Mexico in particular. But this 
is a fairly strong sign that they 
are in business," one 

This deal could lead to a 
number of Mexican entities 
ramfng (so the [eurobond] mar- 
ket now that the elections are 
over and thing s have calmed 
down over there,” said another 
syndicate manager In London. 

Syndicate managers said the 
deal was aggressively priced 
but that it had been a success. 
“Befog a seven-year deal, it is 
most likely to appeal to US 
institutional investors,” a syn- 
dicate manager at lead man- 
ager Bankers Trust Interna- 
tional said. 

Abbey National launched a 
FFr2bn four-year bond priced 


and supply concerns also kept 
the lid an bund prices. About 
DM70bn worth of tending still 
needs to be done before the end 
of the year. 

The Bundesbank had a bet- 
ter-than-expected reception to 
its Treuhand auction, afioflng 
DM4.1 9b n at an average 
weighted price at 99.91 and an 
average yield of 7J5X per cent 
The Bundesbank retained 
DM&Slbn of the issue for mar- 
ket-tending operations, bring- 
ing the total volume cm the 
Issue to DMlQtm, above .market 
estimates of DMSbn. 

■ GOts were little changed in 
thin trading yesterday as the 
market awaited the outcome of 
the monthly meeting between 
Mr Kenneth Clarke, chancellor, 
and Mr Eddie George, governor 
of the Bank of England. 


the 9% per cent French govern- 
ment bond due 1998. 

Hie offering received signifi- 
cant support from French 
retail and institutional inves- 
tors, joint lead manager Merrill 
Lynch said, and the spread of 
24 basis points was maintained 
after the bonds broke syndi- 


“ Eddie George will have a 
tough case persuading the 
chancellor that cates should go 
up now," said Mr Robert 
Thomas at Natwest Markets. 
Mr John Shepperd at Yamaichl 
said the consensus was that 
there would be no change in 
interest rates. 

The speech in Leiden by Mr 
John Major, prime minister, 
addressing the -future of 
Europe, came too late to affect 
trading. However, the yield 
spread between gilts and bunds 
widened to 137 basis points, 
against 132 basis points on Fri- 
day. 

A two-speed Europe would 
be negative for the gilt market 
because of the widely-held 
view that the UK would be rel- 
egated to the slow lane along 
with Italy and Spain. 

On Iiffe, the December long 


cate. The proceeds were 
swapped back into starling, 
Abbey National said. 

Depfa Finance launched a 
$15Qm offering of two-year 
bonds, priced to yield 15 basis 
points over the 6i4 per cent US 
Treasury due 1996. 

Hie bonds were sold to retail 
and institutional Investors in 


gilt future rose 54 point to 100% 
folate trading. 

■ I talian bonds were largely 
unchanged in spite of govern- 
ment moves to cut sp ending on 
pensions. The yield on the 10- 
year benchmark bond was 
down 3 tends points to l£26 per 
cent The Spanish benchmark 
10-year bond yield was 
unchanged at 1U38 per cent 

■ US Treasury bonds posted 
moderate losses yesterday 
morning as traders adjusted 
their positions ahead of Fri- 
day's producer price data. 

By midday, the benchmark 
30-year government bond was 
g lower at 99&, with the yield 
rising to 7.565 per cent On the 
short end, the two-year note 
was down £ at 100&, to yield 
6.198 per emit 


Switzerland, Germany and the 
Benelux countries, Depfa said. 
The proceeds were swapped 
into floating rate dollar and 
D- Mark tends, Depfa said. 

“Thera is still good demand 
from continental European 
investors for short-dated dollar 
paper” said Frank Ruehiand, 
treasurer at Depfa. 


The morning's economic 
news was marginally unfa- 
vourable, although traders did 
not view the data as especially 
significant The Commerce 
Department announced a 0.4 
per cent M in July wholesale 
sales and a OA pa: cent rise in 
wholesale inventories. 

In a more troublesome 
report, the Labor Department 
lowered Its estimate of the 
decline in second-quarter non- 
farm productivity to 2.5 per 

cent, the largest drop 3foce the 

first three months of 1989. In 
addition, it said unit labour 
costs had risen 3.4 per cent last 
quarter, a red flag for inflntfoa- 
sensitivQ bonds. 

The weak tone was more of a 
reflection of the market’s 
shaky technical conditions in 
the rutHip to the release of Fri- 
day’s inflation date. 


Astra raises US 
profile with 
OTC listing 

By Hugh Camegy 
In Stockholm 

Astra, the fast-growing 
Swedish pharmaceutical group, 
yesterday moved to enhance 
its profile In the US by obtain- 
ing a listing on the over-the- 
counter market in New York. 

The company said American 
depository receipts matching 
its A and B shares already 
quoted in Stockholm and Lon- 
don began trading yesterday. 

Astra, which lost week 
reported a 23 per cent rise in 
pre-tax profits in the first half 
to SKrUbn (9590ml. claims a 
17 per cent US market share 
for its most successful product, 
the anti-ulcer drug Losec. 

Losec is marketed in the US 
through a licence agreement 
with the US group Merck. 
Under the terms of a 1982 
agreement, the two companies 
must decide whether to create 
a new Joint venture by early 
next year. 


ket, supporting domestic confi- carry a 30-year maturity. 

Increased tourism lifts 
Air New Zealand profit 


Dublin likely to tap 10-year eurobond sector 


NEW INTERNATIONAL BOND ISSUES 

Borrower 

US COLLARS 

Depta Bnanoe(a) 

CenwxM 

Amount 

HL 

150 

SO 

°°T" 

8*75 

(MJ9 

Price 

89-88R 

(bIP 

Matnity 

OCL1BS6 

Sapmoi 

Fees 

% 

ai5R 

0.75R 

Spread Bookrumar 
bp 

+15PMW4Q Dates Europe 
+230-240(0) Bankers TTuet Wamattocwt 

VB4 

Salyme* 

UtMen CaipteSS 

SelyuW* 

20 bn 

lObn 

10 bn 

4.45 

nrwxa 

4.85 

100UJ73R 
\ 00.00 
1CXL22SR 

Oec.1889 

Sep.1996 

Deo200l 

026R 

2*0 

0L30R 

Nomura tnwmaaonal 
QetmBaope 

DKS bdemallonal 

FRENCH FRANCS 

Abbey NatLTnaney ServloeaM 2hn 

7*0 

9648R 

Dao.1998 

028R 

+24(DSM4-Oq COG/Menfl Lynch France 

AUSTRALIAN DOLLARS 
National Austndte Bar* 

100 

050 

101 .56 

OcLISSS 

2 JM 

• Hambrae Bate 

LI7XBMBOURQ FRANCS 
Euroflma 

4bn 

8*0 

101 JITS 

002004 

1*75 

BCK7BGL 

Fbiai terms and run-cefiable unfm staled. The ylaid spread (over relevant government band) at launch te ampBed by Wa lead 
mneger. acUnBstod. fCamtertble. «Scml annual oapon, ft (brad ro-offw price; fees an shown at the re-otter lamL a] Lung 1st 
coupon, b) issue launched an Tbesday was browned to SSOQm. bi) Priced latar. <4 Over braorpoieted yield d) Short 1st coupon, te 
Pricing: 147B/94. Cadabla tram 3070/98, subject to 130+4 hurdle, at par. 


to yield 24 basis points above 


9 


I WORLD BOND PRICES 1 

BENCHMARK GOVERNMENT BONDS 

Rad Day's 

Coupon Data Price change YMd 

Week 

ego 

Month 

"90 

Italy 

■ NOTIONAL ITALIAN QOVT. BOND (BTP) FUTURES 
(LJFFQ* Lira 200m lOOtha of 10096 

PT-ACnXAMES FIXED OfTEREST INDICES 

Price bidces Wed Day a Tub Accrued 

intone Sep 7 change 96 Sep 6 tnUnei 

*d ad}, 
yid 

— Low coupon yWd — — Madtom ooupoti yMd — — High coupon yMd — 
Sep 7 Sap 8 Yr. ego Sap 7 Sep 6 Yr. ago Sap 7 Sap 6 Yr. apo 


Austntta 

9*00 

OBA34 

98.7500 

-0.120 

9X1 

9X7 

940 

Beigkm 

7250 

04704 

909900 

+0X80 

a.66 

8.42 

8X3 

Corada' 

asm 

08AM 

64.1000 

-aaoo 

8X9 

6 X1 

9X4 

Dervnffk 

7.000 

12AM 

8Sl9500 

+0.180 

9.16 

0.79 

8X5 

France STAN 

80)00 

05/38 

101.8760 

+0.150 

7X9 

7^1 

8X1 

OAT 

5*00 

04AM 

83.4800 

♦0.180 

8X2 

7X4 

7.48 

Germany Bund 

8.750 

OSAM 

04.7700 

-0.110 

7X2 

7X3 

7,02 

My 

8500 

04AM 

79.8000 

- 

ISLITf 

11X1 

10.77 

Japan No 119 

4*800 

08/99 

103.4420 

+0370 

3X5 

4.18 

4.02 

4.100 

12A» 

98*680 

+0470 

4X7 

4.78 

4.70 

Natheriands 

5.750 

01AM 

88*400 

- 

748 

7X7 

7X5 

^nbi 

8*00 

OSAM 

aa7300 

+0.220 

11X8 

11X2 

10X9 

UKGKe 

8000 

08/99 

90-07 

+302 

846 

0X3 

8.18 


8.750 

11AM 

87-01 

+11/82 

8 X8 

0X0 

842 


9*00 

10708 

102-15 

+12/32 

8.89 

0X2 

849 

US Treasury* 

7250 

08AM 

99-23 

-11/32 

7X9 

7X0 

7X3 

7*00 

11/24 

99-08 

-9/32 

7X7 

TM 

7.60 

ECU tfrench GoviJ 

6.000 

04AM 

863500 

-jQjQSQ 

8.81 

840 

7X8 


Open Settprioe Change High Low EaL val Open bit. 
Dec 98X2 98X7 +0.48 80.70 BBSS 42010 68802 

Mir 9SX0 95X0 4051 9550 9550 46 100 

■ TTAUAN QOVT. BOND (DTP) FUTURE8 OPTIONS PJffE) Lb*200m lOOPw Of 100» 


Strike 

Price 

Dec 

■ CALLS ■ - 

Mar 

Dec 

- PUIS — — 
Mar 

9800 

2.75 

1X1 

2X8 

1X1 

9860 

249 

1.10 

2 X1 

2.10 

9700 

2X2 

0X2 

2X5 

242 


EaL mL tend. Cab 009 Putt T7G7. Previous dqr'a open UL, Cafe 7B46 Rib BB7D 


London chnbig, -NawVWi mU-dw 
t Qnxa pKbdng wdrtioMng tax m VIS pari 
Wow us, UK fa 32ndB. MUM ki dsetore 

US INTEREST RATES 


Ytakfetocri mvM atanrivd. 
By i mu — U e ittt 

Sana; MUB MBmaBanW 


luncMm 


FadJandb a taWnaotau 


One nerth-. 
7% Ttoemti- 

S um morai_ 
SJxocsft __ 
- one yaw — 


Treasury BOs and Bond Ytakta 
485 JVra year. 


Spain 

■ NQTIOOAI. BPflWSH BO»C FPTUREa 

Open Sett price Change High Uw 
Sep 80JO0 8030 4033 8035 S&Od 

Ok 0480 8408 4010 8400 83.46 


Eat wot Open bit 
91046 87.736 

1<W» 32,072 


489 Three jeer- 
488 Fteyav_ 
!M 10-jeer 
ue 30-mar 


821 

052 

tun 

7X0 

757 


UK 

■ NOTIONAL UK GOT FUTURES ESQ000 32rxte of 100% 


BOMB FUTURES AND OPTIONS 
RwK8 

■ NOTIONAL fftSWCH BOND FUTURES (MATTF) 



Open 

Sett price 

Change 

Hgh 

LOW 

Brt. vot 

Open W, 

Sep 

100-24 

100X0 

+0-13 

101-05 

100-20 

2006 

27700 

Dec 

89-31 

100-07 

+0-11 

100-18 

98-26 

8464X 

84580 

Mar 


99-19 

+0-11 



0 

0 


■ LONG CULT FUTURES OPTIONS (LffFE) E50.000 84the of 10094 


Open Sect price Change High 
Sep 112.14 11202 -004 112.42 

Dec 111-22 111.08 -004 111.44 

Me 11050 110.44 -0.04 11000 

■ LOWQ TBTM FBBICH BCMP OPTIONS (MATT) 


Low EaL vat Opsi kit 
11100 107,471 08 487 

11088 20,828 06,325 

110.40 543 4,002 


Strife 

Price 

Dec 

CAULS 

Mar 

Deo 

PUTS — — 
Mtr 

100 

2-16 

2-48 

2-01 

3-11 

Wl 

1-48 

2-21 

282 

3-47 

182 

1-19 

1-61 

3-04 

4-23 


SbrSM 

Price 

Oct 

- CALLS - 
Dec 

Mar 

Oct 

— pure 

Dec 

ill 

1,14 

1.98 

2X8 

1.02 

1X8 

112 

0X1 

1X3 

1X0 

1X4 

240 

113 

0X0 

1X6 

1X0 

2X0 

289 

114 

0.12 

0.88 

_ 

_ 

3X0 

110 

0.06 

045 

- 

. 



Mot 


035 


E*L veL MM. C«Si 1B.010 Pub 33.733 . Pravku* da/i (pen W, c*e* 183728 Pula 280411. 

Germany 

■ NOTIOHAL GERMAN BUNO FUTURES flJfTq- DM250.000 IQOttaoMOOM 


EaL voL tot* C* 1SS9 Pi* 3031. Rmttou* ifete span I A. Ceto 17018 Pi* 20718 


Ecu 

■ ECU BOND FUTURES (MAT1F) 

Eat vet Open Int 
921 6,103 

1,043 4.096 



Open 

Sett price 

Change 

Hgh 

LOW 

ESL VOT 

Open bit 

Sep 

9020 

9016 

• 

80X0 

90X7 

13898 

17704 

Dec 

88X0 

89.16 

+OII 

8845 

86X4 

170806 

124307 

Mar 

8845 

0841 

-008 

88X0 

88X3 

642 

1093 



Open 

Settprioe 

Change 

Hgh 

Low 

Sep 

8068 

8042 

+002 

8088 

0O1O 

Deo 

US 

80X4 

79X0 


8010 

79X4 


■ U8 TlgiftSUHY BOHO tC8T)t10a000 32nct»clMD0K. 


■ Bum FUTURES OPTIONS (UFE) PM2SO.OOO poKa Of 1001* 


Strife 

Price 

Oct 

— - CALLS — 

Nov Dec 

Mar 

Oct 

Nov 

PUTS 

Dec 

Mar 

8900 

070 

1.13 

1X9 

1X0 

0X4 

0X7 

1X3 

2X0 

8980 

046 

088 

1.11 

1X7 

079 

1X2 

145 

2X8 

9000 

028 

0X8 

0X8 

1X8 

1.10 

1X0 

1.72 

2X6 



Open 

Latest 

Change 

Hgh 

Low 

EaL vet 

Open bit 

Sep 

102-20 

102-18 

-0-01 

102-25 

102-18 

38X70 

153X22 

Dec 

101-28 

101-23 

■0-01 

101-30 

101-18 

282X69 

292X63 

Mar 

101-01 

100X1 

- 

101-06 

100X9 

230 

7,742 


EM. art. ML cab 8284 Pi* 22282. Rwfcu day"* op* ML Cola 15B7B8 Pi* 151510 

■ NOTIONAL MEDIUM TERM GBttlAN GOVT. BOND 
(BOemUFFW OM2SOXOO lOOais of 100% 


Open Settprioe Change High 


Lew 


Doe 


EaL vol Open ML 
0 62 

0 0 


■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

QJFFE) VI 00m 1000 m of 100% ' 

Open Ctoee Change High Low EaL vot Open Int 
Dee 108.05 108.11 107.94 2015 0 

* UK cortram ended on APT. At Open Manat tig*. an tar p nri e* da». 


UK GILTS PRICES 


Bj laoi 

m Mcae+ar- H& u» 


_TW4_ 

b* Rad Price £+- or- 


stmr f*aa apt n* vang 


TtassBpti TB948 

694 

521 

TOW 


103« 

12ral9B5 

1172 

sxa 

102 % 



TO7#r 

boi3i*cm saao-fls>_ 

IDS 

&86 




9BA 

Wtfciaw 

932 

631 

1034 


1U7R 

Ties* T2*jps issatt 

11JSS 

STS 

i«W 



11 ^ 

MpcltW 

12*5 

ISB 

U»il 

- 

H7A 

15%0e19»f* 

13*0 

726 

112 % 


12 i:i 

BKhlSVPClWOtt 

12 .1+ 

731 

10U 

- 

11m 

CDonrafe Ifec iBM-~. 

9*6 

7*4 

»4% 

- - , 

"ft 

Tram Cur Jpc !S07# — 
Traati:H,pc1987#__, 

7.14 

11*8 

777 

7*1 

ssa 

111% 

+% 

100% 

121 R 

IQ%pe 1997, 

1 W 

7*9 

iiKH 


114A 

Jru,Z\peyxm 

&«l 

611 

10m 


110,4 

feais>e 1997 

12X9 

&2S 

MSA 

m 

isiji 

a%pciflS8 

sxa 

kto 

UN 

+/. 

114ft 

Tfes7%pc199Bft 

7.49 

Ui 

WUW 

*A 

1 W, 

T1Wtt6%3CSE35-«tt_ 

7.11 

828 

96 

*% 

net 

14pr 1944-1. . 

11*6 

65S 

118% 

+A 

131A 

Tress ISijpCBBM 

12*1 

6421238* 

+% 

140A 

EnhlteKlOM- — - 

ian 

654 

1118 


125J1 

Ttess9%pG 1698ft 

619 

IB 

I03U 

*& 

11 BA 


Rvs to Rtoas Vasts 

tab l2%« 1989— . 

Tkc*1V0&19BB 

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CWwstpi I0%pc 1889- 

Tim Ftp Rttt 1999 

Hic2Pte ft — ■ 

itoH tape 2000 

wpewn 

rpczomtt 

7pc2OT1 A , ™ 


toe 2003ft.. 


10*2003. 


1680 

6*31 

13UU 

+% 

12*4 

9*0 

9*0 

107% 


1214 

60S 

648 

90rU 


lOlfi 

9*3 

6*7 

m 

♦i 

121B 

- 

- 

wa 


TO BA 

8*8 

663 

1014 

+4 

1164 

10*5 

0*1 

118U 

+A 

ssi 

947 

7X3 

3*2 

6*8 

165% 

91A 


Si 

7J6B 

681 

91* 

+% 

1014 

9*9 

9*6 

10 *U 

♦A 

1234 

639 

8 JT 

954 

ti 

113B 

928 

BXE1Q6JM 

+% 

1274 


Otoe 11 %pc 2001-4 

I2S 1888-4— 

'£% Caiw a rrii Mgtaie20M 

TVs* 831* 2004# 

inm O **9%pe2005 

IdS 

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iMU nw*«4tj>caow_ 
87V Iton 8*0x9)07 
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19 



FINANCIAL TIMES THURSDAY SEPTEMBER 8 1 994 


COMPANY NEWS: UK 


NFC committed to 
value added business 


ByAncfow Bofeor 

NFC i n s i sted yesterday that 
there was no management 
interregnum at the UK's larg- 
est transport and logistics 
group, in spite of the sudden 
resignation last month of its 
chief executive, Mr Peter Sher- 
lock, after only 18 mnntha in 
the Job. 

Mr James Watson, chairman, 
said the group remained com- 
mitted to its strategy of focus- 
ing mi highs’ value added busi- 
ness, such as logistics and 
movi ng services, rather than 
routine transportation. 

He said: “We stDl have the 
same opportunities. In fact, I 
have been a little disappointed 
about the limited speed of 
change so far.” 

A new chief executive would 
be appointed as soon as possi- 
ble. Both internal and external 
candidates would be consid- 
ered for the post 


The leading internal candi- 
date is Mr Bobbie Bums. Jn 
May, Mr Bums resigned after 
23 years with NFC, but 
rescinded his de c is i on when 
Mr Sherlock left 

Mr Watson has increased his 
executive rale and NFC yester- 
day spelled out the responsibil- 
ities of its management com- 
mittee, which is being chaired 
by Mr Trevor taxman, finance 
director. Mr Sherlock had 15 
operational executives report 
fag directly to hi™ , and the 
group was anxious to clarify 
its Kthm? of control. 

Mr Bums will have direct 
responsibility for all logistics 
operation in the UK and will 
chair the two logistics compa- 
nies in North America, while 
Mr Graham Roberts has 
assumed m»in board responsi- 
bilities far logistics in main- 
land Europe. 

Mr Larman will also chair 
the two main moving busi- 


nesses, Allied Van lanes in 
North America and Allied 
PJckfhrds Europe. 

Mr Dpnnis OIHver will con- 
tinue l£s responsibilities for 
Lynx, th e parcels business. 

NFC n unflnn pd that it marie 
pre-tax profits of £7&8m in the 
40 weeks to July 9. This com- 
pared with £U6.3m tn the cor- 
responding period, which 
included an exceptional £5Gm 
profit on the disposal of its 
waste managemen t business. 
Stripping out exoeptfonals, pre- 
tax profits rose by 23 per 
cant. 

Revenue from transport and 
logistics in the UK was margin- 
ally down at E83Un, with oper- 
ating profit slightly at 

£45-2m. 

Earnings before exceptional 
items were 8hp (&2p). A third 
interim dividend of L6p brings 
payments far the year so far to 
4-5p, an increase of 6.6 per 
cent 


Baird to refocus activities 


By Tim Burt 

William Baird, one of Marks and Spencer’s 
leanHng suppliers, yesterday annnimcw! plans to 
withdraw from the pn grnwmg sector aw* con- 
centrate on Its core clo thing and textiles busi- 


the assets of the Dalfratex and Scotswood tausi- 


Announdng flat first-half profits of 
(£8.77m), the group said its king-term aim was 
to seD its three remaining engineering busi- 
nesses. 

“We want to focus on textiles and we will 
make disposals, although we're not in any 
burry,’* said Mr Donald Barr, chairman. 

The engineering division made a reduced con- 
tribution of aim (£2.7m) following the disposal 
earlier this year of the UK businesses of Dar- 
chem’s building services division, a provider of 
relocatable acccanmodation units, and same of 


By comparison, the textiles division reported 
& 24 per cent increase in operating profits to 
£8.7m (£7m) in the six months to June 30. 

Salas by the division - comprising contract 
clothing, home furnishing, fabrics and' brand 
clothing r rose 15 per cent to £233&n (£203.6m), 
and underpinned a rise from £230.7m to £240.5m 
in the group totaL 

Of the textile businesses, the sharpest 
improvement was reported by contract clothing, 
which increased profits from £2.63m to £4J38m 
following a maiiton first half contribution from 
Richard I Racks, the MAS supplier acquired last 
year. 

Warnings per share were unchanged at 5-2p, 
and the interim dividend is mafntaireri at 
3J5p. 


Companies warm to Fids 

David Wighton looks at the latest dividend fad 


S ome shareholders may 
look back with nostalgia 
to the days when a divi- 
dend was a Just dividend. After 
being treated to enhanced scrip 
dividends last year many are 
now being offered a new vari- 
ety - foreign income dividends 
(Fids). This time toe innova- 
tion has been rather better 
received. 

Fids were introduced by the 
government to help companies 
that derive a large proportion 
of profits from overseas. They 
can suffer an abnormally high 
overall tax rate if their main- 
stream corporation tax liability 
is insufficient to offset the 
advance corporation tax paid 
on dividends. Under the new 
scheme they can reclaim ACT 
paid on a Eld if they can stow 
the dividend was funded out of 
foreign profits. 

Companies were initially 
cautious about the idea, partly 
because it is administratively 
complex, but also because the 
change benefits some share- 
holders more than others. A 
conventional dividend is paid 
with a 20 per cent tax credit 
which non-taxpayers, includ- 
ing pension fluids, can reclaim. 
Those paying tax at 20 per cent 


or 25 per cent face no further 
liability while those on the top 
rate pay a further 20 per cent 

A Fid carries the normal 20 
per cent tax credit but tax- 
exempt shareholders can no 
longer obtain a repayment For 
them, a Fid is worth 20 per 
cent less than the same sum 
paid as a conventional divi- 
dend. 

To compensate, companies 
introducing Fids are paying 25 
per cent more than they would 
have as a conventional divi- 
dend leaving the non-taxpayer 
unaffected. For companies the 
higher payment is offset by a 
lower tax bHL The beneficia- 
ries are tax-paying sharehoid- 
ers, whose income rises by 25 
per cent 

Although institutions that do 
not benefit are still lukewarm. 
Fids are now appearing in a 
flood. The first came from BAT 
Industries which announced in 
March that it would pay its 
final dividend for last year as a 
Eld. However Ladbroke, which 
announced in March it was 
looking at Fids, did not take 
advantage of the new rules for 
its interim dividend last week 
and said it had made no deci- 
sion on the flnai- 


The first Fid interim came 
this week from. Coats ViyeHa 
while Burmah Castrol, which 
is paying a conventional 
interim, announced that it 
would pay part of the final as a 
Fid. Yesterday, RTZ declared a 
Fid Interim and said it would 
pay as much of its final as a 
Fid as would allow- it to get 
back all its ACT. 

Mr Chris Bull, fir ing* direc- 
tor, argues that even non-tax- 
pa ying shareholders should 
benefit from the Fid. "We have 
been writing off about £35m a 
year of ACT which will now be 
available for distribution to 
shareholders. In theory this 
should enhance the value of 
the shares, a ithnwg h the ftipd* 
will not be distributed to non- 
tax paying investors." 

Fids, however, pose a tick- 
lish problem for toe City: how 
are dividend yields and cover 
to be calculated? For tax-pay- 
ing shareholders, receiving a 
Fid gilres them a higher 
income than from toe equiva- 
lent conventional dividend. 
But for tax-exempt sharehold- 
ers the yield is unchanged. Hie 
City needs to decide which 
type of investor should be 
regarded as the norm. 


Midlands 
Electricity 
to shed 
1,200 jobs 

By Michael Smith 
Midlands El e ctric i ty is to shed 

1,200 jobs in the next three 
years as part of a restruct- 
uring aimed at cutting costs 
by more than £30m a year. 

The cutbacks of more than a 
fifth of the core busmess’s 
B300 workforce are the latest 
in a series among electricity 
companies following a recent 
regulatory review. 

Mr Nigel Griffiths, Labour 
consumer spokesman, 
Hwnanrifj a par fianun fary 
inquiry into the regional 
elec tr ic i ty companies. “The 
companies are out of control,” 
to said. "Workers and 
customers are being made to 


pay for soaring profits.’ 

MMbmds' announcements 
follows similar moves at 
Narweb, also shedding 1,200 
jobs and Manweb, where 500 
are going. 

Mr Bryan Townsend, 
Midlands chairman , said he 
expected the company to to 
able to increase dividend 
payments by a Twhi tin in n of 5 
to 6 per cent in real terms for 
the five-year duration of the 
regulatory regime. 

Some 700 of toe jab losses 
will result from the 
replacement of six geographic 
operating division by four 
next April and changes in the 
company’s headquarters 

functions. MHlawIl f tntowlt fgj 

achieve the through 
voluntary means. Over the 
past three years manpower 
has fallen by 900. 

Unlike Manweb, Midlands is 
not making any additional 
financial provision for the 


restructuring. The regulatory 
review resulted in a 14 per 
cent cut in Midlands' allow- 
able charges from next April 
However Midlands is one of 
toe few companies which does 
not charge the full allowable 
amount in the current year. As 
a result, it says, toe initial 
reduction in regulated income 
in 1995/06 will to some £2ffin, 
a nominal reduction of 6.1 per 
cent 


UAPT says yes 
to Equifax offer 

ByAncfrewBolgor 

UAPT-Infolink, toe British 
credit reference company, has 
recommended shareholders to 
accept the £51m offer from 
Equifax after the US credit 
data group learned that its hid 
of 650p per share would not be 
referred to the Monopolies and 
Merger Commission. 

UAPTs board had 
previously recommended a 
550p per share offer from 
Trans Union, Equifax’s main 
c ompeti tor in the US, because 
Trans Urdon had no UK 
operations and so did not risk 
a referral to the MMC. Equifex 
already owns a credit 
information business in toe 
UK. However, UAPTs board 
later rescinded its 
recommendation, effectively 
leaving toe outcome of the 
bidding war to the Office of 
Fair Trading. 


Amec moves ahead to £9.3m 


By Andrew Taylor, 
Construction Correspondent 

Pre-tax profits of Amec, the 
inte rnational ppgiwf*»r bi g and 
construction group, increased 
slightly from £9.lm to £9Am in 
toe first six months of 1394 in 
spite of a £3-2m loss on a prop- 
erty sale. 

The shares rose 4p to 121p 
following an optimistic assess- 
ment fry Sir Alan Cockshaw, 

the rTia 1 mian [ of ftw t rading 

outlook for the second half of 
this year and in 1995. 

The housing and property 
side would have made a small 
profit but for the loss, due to 
an unforseen tax charge, on 
the sale of the company’s 
Trafalgar Place development 
Amec is maintaining the 

interim dividend at 1.5p. Sir 
Alan said that he would con- 
sider whether to raise the L5p 
fmai “in the light of trading 
prospects for 1995”. 

Earnings per share fell from 
1.4p to l.lp requiring an 


£800,000 transfer from reserves 
to meet the cost of the interim 
dividend. 

Sir Alan said that tr ading 
iwuHHnni in general building 
and civil engineering remained 
tough, but the group had made 
good progress in winning 
higher margin overseas and 
specialist engineering work. 

The group's determination to 
Improve the quality of its onto: 
book by rejecting underper- 
forming contracts was 
reflected in a 17 per cent 
decline in turnover from 
£Ll2bn to £926m. 

General building and civil 
engineering only broke even 
and rnaija a loss tn the UK, 
offset by a return to the black 
by Morse Diesel in the US. 
Divisional turnover rose from 
£34&3m to £34£L9m. 

Mechanical, electrical and 
process engineering profits 
rose from £10.9m to £15m in 
spite of a foil in turnover from 
£74L9m to £525m. Profits con- 
tinued to flow through from 



Alan Cockshaw: shares rose 4p 
on optimistic assessment 

previous North Sea hook-up 
contracts although work in 
this sector has declined. 

Sir Alan said the company 
was winning better quality 
construction work in the UK, 
while service contracts for toe 


North Sea were compensating 
for a lower level of fabrication 
and hook-up work. A higher 
proportion of work was being 
won overseas. 

• COMMENT 

Only Trafalgar House and 
BICC, among UK contractors 
can boast the range of siring 
offered by Amec. Its problem is 
that margins for overseas work 
and process engineering are 
still not great, albeit better 
than those for general con- 
tracting. The group, moreover 
has managed to trip itself up in 
recent years. Housing should 
show some sharp as mar- 
gins rise. Amec remains a qual- 
ity business but needs to 
deliver better times rather 
than just promising them. The 
long awaited settlement of toe 
Tiffany contract may help. 
Profits of £27m (excluding Tif- 
fany) this year and £40m next 
put Amec on prospective multi- 
ples of 23 and 16, which looks a 
little dear. 


Wilson (Connolly) warns on costs 


By Carofine Southey 

Mr Ian Black, manag ing director of the 
housebuilder Wilson (Connolly) Holdings, 
warned yesterday that “inflationary evi- 
dence has appeared In the costs of labour 
and materials, which Eos not yet been 
reflected in increased house prices.” 

Mr Black Hfliiwi that in +h«» eight 
months labour and material costs had 
risen on average by 8 per cent, fndudfnga 
15 per cent increase in the price of bricks 
and concrete blocks. Bricklayers, he said, 
were being paid between 10 and 20 per 
emit more. 

Nevertheless, a 9 per cent increase in 
the number of homes sold by its Wficon 
Homes subsidiary helped push up group 
pre-tax profits by 62 per cent 

In the six months to June 30, pre-tax 
profits stood at £l&3m (£8.2). The housing 
division contributed £13Jm (£7 Am) and 


£L2m (£39,000) came from property. Con- 
struction incurred a loss of £1.1 5m, against 
profits of £221,000. 

Turnover advanced 24 pm* cent to £t27m 
(£102m) with the strongest growth in hous- 
ing, which had sales of ElOSm (£88 5m). 
“Our planned volume growth in a low 
inflationary economy is showing signs of 
success,” Mr Black mm. 

However, a strong first quarter had been, 
followed by “an easing off in the rate of 
recovery." Mr Black expected that house 
prices would rise only marginally, keeping 
pace with inflation. 

His warnings affected the share price, 
which fell 15p to 2i3p- 

Mr Black said margins had improved 
from 10 per cent to 12 per cent, mainly due 
to a higher proportion of sales of larger 
units. The average selling price was 
£58,000 compared with £54£00. He said he 
expected the trend in sales, up 9 pm- cent 


to 1,750, to remain the same. 

An interim dividend of I.36p (L27p) was 
announced, on earnings of 4.7p CL9p). 

The landbank stood at 14,400 plots at the 
end of June. Net cash was £25m. 

Following the losses in the construction 
division, the company is withdrawing 
from external contracting. 

• COMMENT 

Wilson Connolly's concerns about higher 
labour and material costs made the mar- 
ket nervous. It had assumed cost increases 
bad been held at about 3 or 4 per cent 
rather than the 8 per cent indicated by Mr 
Black. With an operating margin target of 
14 per cent, the company is beginning to 
reach its peak. However, it remains a 
benchmark for quality in the sector and is 
soundly managed. With profit forecasts of 
£36m for 1994 and a prospective p/e of 
more than 16, it’s aH in the price. 


Strong paper sales help 
Portals advance 20% 


By Paul Taylor 

Continued strong pape rmaking 
sales helped Portals Group, the 
security and specialist paper- 
maker, lift first half pre-tax 
profits by 20 per cent to £16_2m 
compared with £&5m. 

The advance, which was 
ahead of market expectations, 
reflected a 13 per cent increase 
in paper sales together with a 
£568.000 swing from interest 
payments to receipts. 

Earnings per share in the six 
months to June 30 increased to 
17S9P (l5A4p) and the Interim 
dividend is raised to 5.75p 
(525p). The shares closed 20p 
higher at 675p. 

Underlining the group’s con- 
fidence In the future of special- 
ist papa* Mr John Lloyd, man- 
aging director, said a new £35m 
long fibre paper machine 
would be built at the JE 
Crompton facility. 

The decision comes only six 
months after the group 
announced plans for a £19m 
paper machine at its Portals 
Limited banknote paper plant. 

‘With the two new paper 
machines costing over £50m 
and coming on stream during 
1996, we win have the substan- 


tial new capacity we need to 
meet demand in. our two main 
businesses,” said Mr Lloyd. 

Operating profits increased 
by 15 per cent to £15 -5 m 
(£13540) on turnover ahead 10 
per cent at £10O3m (£9L2m). 

Security and specialist paper- 
making led the advance with 
ope ra ting profits up 20 per emit 
at £lUm (£9J6m) ml sales of 
£58 .2m (£51. 6m). Demand 
remained strong and all the 
mills operated at close to 
capacity. Banknote paper sales 
were 18 per cent ahead of last 
year, which had a quiet start 

The protection and control 
division, as expected, reported 
a more modest L4 per cent 
increase in operating profits to 
£&67m (£3.62m) an sales up BU 
per cent to £42.1m. Margins 
slipped to 8.7 per cent QU per 
cent) partly reflecting the cost 
of investments in new products 
including an integrated health- 
care software package. 

Pre-tax profits were also 
boosted by a £329,000 (£221,000) 
exceptional profit on the sale 
of surplus property. 

The group had net cash of 
£2 4, 5m at the end of June, up 
£8. 5m from year-end, despite 
capital expenditure of £4.Im. 


UK performance helps 
Brammer climb to £6.5m 


By Peter Pearoe 

Pre-tax profits at Brammer, the 
industrial services group, 
climbed 55 per cent from 
£4-23m to £6. 54m in the six 
months to June SO. 

“We’ve had three years of 
tough grind,” said Mr Robert 
Ffoulkes -Jones, chief execu- 
tive, “and our market shrank 
by 25 per cent Now we are 
seeing the investment we’ve 
made paying off" 

The UK performance of both 
divisions - distribution and 
rentals - was singled out, 
though progress had also been 
made in France. 

Group turnover grew to 
£74. 1m, against £71 Um which 
included £5. 05m from discon- 
tinued activities. Earnings per 
share topped 9p for the first 
time since the first half of L99Q, 
advancing 41 per cent to 9.7p 


(6.9p), However the Interim 
dividend is held at 4£p. The 
shar es dosed up 5p at 3S5p. 

The group was ungeared at 
the period-end and had enjoyed 
good cashflow. Mr Ffonlkes- 
Jones said there was “not a lot 
available in our specific area" 
on the acquisitions front, hut 
Brammer was looking in Ger- 
many, Spain and the Benelux 
countries. 

In the distribution division, 
operating profits grew 27 per 
cent to £5.25m on turnover up 
U per cent at £6D.2m. Within 
that profits at BSL, the power 
transmission distribution busi- 
ness, rose 28 per cent Sales at 
reorganised Roulement Service 
increased 18 per cent In the 
French market, which grew by 
only 5 per cent 

On the rental side profits 
more than doubled to £L75m 
(£837,000). 


I DIVIDENDS ANNOUNCED 1 



Ccrras - 

Total 

Total 

Curant 

Data of 

ponding 

far 

last 

payment 

payment 

dMdend 

year 

year 



AMEC 


1994 Interim Results 


\Ml-:c P.I.C..TM1- )M ! K\ \TK)NA1, HNC ilNHi-.KINU. 
CO.VSIK! CIIO.N AM) I)K\ KL< >PM UN T < I KOI l > 

K1 PORTS ON 'n il- MUST HALF Ol- I'm 



• Increase in overall profits after 
£3.2 million loss on property sale. 

• Improved results from housing and 
international. 

• Reduced turnover due to greater 
selectivity. 

• Encouraging growth in order book. 

• Prospects for 1995 very favourable. 

AMEC’S AREAS OF 

OPERATION INCLUDE: 

BUILDING AND CIVIL 
ENGINEERING, 

MECHANICAL AND 
ELECTRICAL ENGINEERING, 

HOUSING AND DEVELOPMENT. 


SIX MONTHS 
ENDED 30 JUNE 1994 
£ MILLION 


SIX MONTHS 
ENDED 30 JUNE 1993 
£ MILLION 


YEAR ENDED 
31 DECEMBER 1993 
£ MILLION 


-.r-'&Tvrf:- 



“EA^MGSTEIt 

.J^ED&<a>$PER 
QJ^INARY SHARE 




The interim dividend of l-5p per share will be paid on 3 January 1995 to ordinary 
shareholders on the register on 3 November 1994. 


AMEC pXc^ Sandiway House, Hartford, North wich, Cheshire CW8 2YA. Telephone; (01606) 803885. 


AdsCeno , . 

. .ftl 

4 

- 

3J? 

05 

5 

Albany Inv Trust. 

Int 

1.35 

Nov 4 

1.25 

- 

4h5 

Amec . — 

int 

1.5 

.tan 3 

1.5 

- 

3 

Avonslde 

int 

2.1 

Nov 29 

1.9 


A3. 

Babtf (WBtam) hit 

335 

Jan 8 

3.55 

- 

09 

B8A 

int 

1,5 

Nov 15 

g vn 

- 

7h 

Btvifltrird Toys Int 

2 

New 18 

nfl 

- 

4* 

Brammer — 

JTt 

4d*r 

Nov 15 

4J5 

- 

13 

Brant - 

Int 

1.8 

- 

1.8 

- 

4 

Frxwt 

-.—.int 

2.7t 

Jan 4 

SL2 

- 

4h 


int 

33* 

Nov 1 

3 

- 

735 

HBtadown 

int 

Z2 

Jan 3 

JL2 

- 

8h 

HNC 

—Int 

2.5 

Oct 21 

2 

- 

4.5 

Inttum Juattta — 

Int 

I- 1 * 

- 

1.1 

- 

3 3 

NFC 

Int 

IJf 

Jan 9 

1.8 

- 

0706 

Northern Indust* — ....fin 

16 

Jan 18 

16 

25 

25 

Nunffn A Peacock Int 

2.18 

- 

Z08 

- 

05 

Ocean Qroup - — 

Int 

4.71 

Nov 1 

4.71 

- 

14.33 

n.niA 

int 

5.75 

Dec 30 

5JK 

- 

16 

RmflunS 

int 

0.35 

Oct 29 

0.45 

- 

0.45 

RTZ 

int 

91 

Dec 12 

13J> 

- 

205 

Russell CAfew) _ 

bit 

1 

Nov 30 

Oh 

- 

1.75 

SeverfU-ftetw*§ 

Int 

0.5 

Oct 28 

025 

- 

Oh 


Int 

0.7 

Oct 28 

0.7 

- 

3 

Woilngton 

tat 

1.2 

OCt 31 

- 

- 

- 

WKa 

—fin 

0J85t 

Nov 1 

03 

Oh 

0.4 

WBaon Connoty .Int 

1.36 

Oct 21 

1.27 

- 

4.13 


Dividends shown panes per share net except where otherwise stated. -(On 
Increased capital. §USM stock. 4 Adjusted tar sulxfiviskm. ? foreign Incoma 
dMdend. AQross. TThW interim ma/dnp 4hp to date. ♦Irish currency. 


SUN LIFE TRUST MANAGEMENT LOOTED 

Sun Life Managed Worldwide Growth amalgamated with Sun Life 
Diacretkmary Portfolio Trust on 30th August 1994. 

Former unit bolder* of Sun Life Managed Worldwide Growth will 
receive for each unit held on the 30th August 1994 0-745065 of one 
unit of Sun Ufe Discretionary Portfolio Trust. 

It is also confirmed that there wifi be no income distribution made by 
Managed Worldwide Growth for Its final accounting period ending 
30th August 1994. 

Sam Life Trust Management Umted, Granite Home, 

101 Caiman Street, London EC4JJ BAD 
A Member oTIMBO A LAUTKO 


Currency or Bonci Fax - FREE 2 week trial 
also daily gold and silver faxes : i. A.-.no wnitb- 


NEWVuruaesomtcB professional 

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24 HSM IlnUlw Owbubi o spot FX o P»tnra» A Omfam o Oner 100 ftjif . 

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CJL im feC 1 d4 r« mft to tfa M iaTdiWLJM7WaiFMeyi-411J(Mt 



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TbeMutiK Uwinr* Imprtad beotae - FkwU md Spm. fera 

bnckn and an aecoua vpIcMiM Sam oB 071 21] 

Accooau are nonmfljr opaoed wMn 72 h«Mi 
fcaaiywdBprieahiiLlflipnwWaaB^ffl; 









20 


FINANCIAL TIMES THURSDAY SEPTEMBER S 1994 


COMPANY NEWS: UK 


Recovery trend as debt position shows significant improvement 

Simon reduces loss to £12.4m 


By Amfrew Baxter 

Simon Engineering yesterday 
reported a sharply reduced 
first-half loss of £12, 4m and a 
much-improved debt position, 
but as expected is paying no 
interim dividend. 

The pre-tax loss compares 
with a deficit of £52. 6m in the 
first half of 1993 and £lG0.3m 
for the full year. The. interim 
loss per share was reduced 
from 51.8p to 12p. 

Ur Michael Davies, chair- 
man, said the result reflected 
the progress made towards 
restoring Simon as a "sound 
and profitable” engineering 
group. 

The group Is being restruc- 
tured to concentrate on three 
core businesses: the access 
division, the storage division 
and Simon-Carves. the process 
engineering contractor. 

Mr Davies said the new man- 
agement team, headed by chief 
executive Mr Maurice Dixson, 
had vigorously maintain**! its 


focus on debt and trading. "We 
have reiterated the message 
today that we are sorting out 
the company in 1994 and will 
deliver the results in 1995,” 
said Mr Dixson. 

Proceeds from May's £52An 
rights issue, along with 
receipts from business and 
property divestments, had cut 
borrowings from £U7An at the 
end of 1993 to £72. lm on June 
30, reducing gearing from 264 
per cent to 85 per cent 

Asset disposals since last 
September had raised £36m 
and more property disposals 
were expected to be completed 
in the second half, further 
reducing borrowings. 

Stringent financial controls 
were imposed last year but it 
was taking long er than expec- 
ted to reduce working capital, 
especially at Simon Access, 
where some US business taken 
on at low margins was being 
unwound. 

The group's first-half turn- 
over dropped from £190 An to 


Staton Engineering 

Stare price (pence) 

130 - 



1893 
Source: PTGrapMo 

£154m and the trading loss of 
£8.4m was down sharply from 
the previous £23.4m loss. Con- 
tinuing businesses accounted 
for only £655,000 of the loss, 
apart from £3 .75m of excep- 


tional restructuring costs. 

The largest division, Simon 
Access, had a trading loss of 
£3.68m (£L5Sm profit), as turn- 
over slipped to £71. 6m (£79 An). 
There were trading losses in 
the UK but the recent reorgani- 
sation was expected to result 
in a much reduced cost base. 

Simon-Carves lifted turnover 
from £21.6m to £23 An and cut 
its trading loss from £546,000 to 
£193,000. Simon Storage, in 
contrast, raised trading profits 
from £4J5m to £4J>8m on turn- 
over of £22 An (£20.6m). 

Mr Davies said the operating 
profits achieved in the past 
three months provided a clear 
indication that the trading per- 
formance had turned the cor- 
ner. All the businesses were 
reporting increased inquiries 
and order books were Looking 
better. 

Mr Dixson said there was no 
reason to change the view 
expressed at the time of the 
rights issue that dividends 
would resume next year. 


Shop sales help 
Frost rise 34% 


By Caroline Southey 

Sales from branded corner 
shops were behind a 46 per 
cent rise in interim pre-tax 
profits at Frost Group, the 
UK’s largest independent pet- 
rol retailer. 

In the six months to June 
30, pre-tax profits reached 
£4.8Sm (£3. 34m) on turnover 
up 32 per cent to £l08.2m 
(£8 1.8m). Earnings per share 
amounted to 5.2p (4.2p) and a 
dividend of 2.7p (2_2p) will be 
paid. 

Mr James Frost, chairman, 
said the profits rise reflected 
"not only the acquisition pro- 
gramme of the last two to 
three years, but also the 
advances made in our fore- 
court shops." 

Since the beginning of 1994 
Frost, which trades as Save 
Service Stations, has pur- 
chased or exchanged contracts 
on 37 new sites, bringing the 
total to 213 petrol filling sta- 
tions or sites. Further acquisi- 
tions were likely, he said. 

The chairman said sales m 


the forecourt shops had been 
buoyant through the recession 
and overall margins had been 
helped by the S mili es branded 
corner shops introduced 18 
months ago. "We are replacing 
the traditional comer shop 
with a service to the local com- 
munity,” Mr John Mnrga- 
troyd, finance director, said. 

Mr Frost said motor fuel 
sales looked "more positive 
than at any time over the past 
three years”. The company's 
intention was to enter the 
motor fuel wholesaling market 
next year and it would target 
a small number of the 12,000 
privately owned petrol filling 
stations in file UK to supply 
under the Save brand. 

Mr Frost said sales on a site 
by site basis had been main- 
tained despite a 2.3 per omit 
reduction in national motor 
ftiel sales following the intro- 
duction of additives to 
Improve engine efficiency. 

Last October Frost made a 
5-for-l rights issue to raise 
£21 An. At the interim stage It 
had net cash of £3m. 


Ethical adviser 
backs Body Shop 


By Neti Buckley 

Eiris, the ethical investment 
research service which advises 
ethical investors, has given its 
backing to Body Shop, the nat- 
ural cosmetics retailer that has 
come under attack over its 
“green” credentials. 

In a report to clients, Eiris 
investigated Harma rrrcrip in an 
article by a US investigative 
journalist in the magazine 
Business Ethics last week, and 
concluded that Body Shop had 
been “unfairly criticised”. 

“A number of claims made in 
headlines have turned out to 
be untrue, or at least mislead- 
ing.” the report said. Body 
Shop's animal testing policy, 
while differing from that of 
some “green" groups, was 
defensible, and that its charita- 
ble giving compared more 
favourably with other compa- 
nies than the article suggested. 

It added that the company’s 
environmental reporting 
record was "among the best in 
the UK” although it could be 
improved. Body Shop had had 


problems with franchisees but 
was “much the same as other 
people”. Eiris admitted the 
scale of Body Shop's Trade Not 
Aid policy was small hut it was 
at least a practical step. 

“Some criticisms remain, 
and there are ways in which 
Body Shop can improve (as can 
every company)," the report 
said. “The practical question 
for both ethical investors and 
consumers remains: ‘If not 
Body Shop, then who?’” 

Home Coon ties 
leaps to £976,000 

Pre-tax profits at Home 
Counties Newspaper Holdings 
leapt from £155,000 to £976.000 
in the six months to June 30. 
Turnover was up slightly from 
£12. lm to £13 .2m. 

The result was helped by an 
exceptional gain from the sale 
of the share in Mid Anglia 
Radio to GWR for £316,000. 

The interim dividend is 2j>p 
(2p). Earnings per share were 
6.54p (124p). 





NEW LOOK AT TUTE 


After the Earth Summit the world took a new 


look at natural fibre jute, the age old packaging 
material for all kinds of agricultural and 
industrial products, rediscovering its 
environment friendliness and biodegradability. 
Continuous research and development has 
made possible natural jute to spring many 
surprises in its infinite appearances from carpet 
to cloth hangings, wall covering to tapestries, 
shopping bags to brief cases and even dresses 
from head to foot. 

Bangladesh Jute Mills Corporation 
World’s biggest manufacturer and exporter 

of Jute Goods. 

Adamjee Court, Motijheel C/A., 

Dhaka, Bangladesh. 

Phone: 880-2-238182-6, 238192-6 
Fax: 880-2-863329, 880-2-863985 
Telex: 675662 & 842224 BJMC BJ. 

nr.r~v. # jptwfcl 


Overseas 
sales help 
Bluebird 
to £7.2m 

By David Blackwell 

Bluebird Toys, maker of Polly 
Pocket and Mighty Max, more 
than trebled interim pre-tax 
profits from £l-99m to £7. 19m 
and declared its first interim 
dividend. 

Turnover for the six months 
to June 30 Increased from 
£23. 7m to £40.7m. Overseas 
sales soared 84 per cent to 
£28.7m and UK sales improved 
by 49 per cent to £12m. 

Mr Torquil Norman, 
chairman, said he was 
particularly pleased with the 
UK performance, as the 
overall market had been 
flat 

“We have also improved our 
seasonality, which Is magic in 
the toy industry,” he said. The 
volume of business In the first 
half rose by five percentage 
points to 40 per cent, helped 
by the increasing popularity of 
the group’s ranges overseas. It 
now sells to 70 countries. 

The Polly Pocket range of 
miniature dolls, now in its 
fifth year, accounted tor 57 per 
cent of turnover. The 
company, which graduated to 
the main market in July, 
expects to establish the range 
as a permanent brand. It is 
already listed as a core brand 
by Mattel the US toy group, 
which is Bluebird's biggest 
overseas distributor. 

Sales of Mighty Max, a 
pocket toy based on a mild 
horror theme, were 40 per cent 
ahead in the UK in its second 
year. 

This week the BBC started 
to show a TV series, already 
broadcast in the US, based on 
the character. 

Mr Norman said the 
company was bringing out a 
new range next year, and bad 
several other ranges in the 
long-term pipeline. "We have a 
strong balance sheet, a lot of 
cash in the hank and an 
enhanced development 
programme." 

Net interest payable fell 
from £591,000 to £19SJXX), and 
fire company expects to be 
interest positive in the second 
halL 

Fully diluted earnings per 
share were 10J3p (3.7p), and 
aninterim dividend of 2p will 
be paid. 


Lazard 
launches 
brewery trust 

By David Blackwell 

Beer drinkers will have the 
chance to recoup some of their 
costs when Lazard Investors 
launch a new investment trust 
later this month. 

Lazard Brewers Investment 
Trust will deal principally in 
quoted UK regional brewers, 
such as Greene King and 
Young, and pub companies 
and other companies in the 
drinks trade. 

Mr Martin Hawks, analyst 
with Greig Middleton, broker 
to the issue, said yesterday 
that the outlook tor regional 
brewers was better than it had 
been for some time. 

The sector was characterised 
by sound balance sheets, 
strong cashflows and good 
dividend cover. 

The trust will be managed 
by Mr Billy Whitbread, for the 
past five years investment 
manager of Whitbread 
Investment 

The trust, to be launched mi 
September 29 with 
subscriptions closing in the 
third week of October, will 
have an initial yield of 3 per 
cent and an initial 10-year 
life 


Nurdin puts expansion 
plans on back burner 


By Peggy HdBnger 

Nurdin & Peacock, the cash 
and carry group, has put plans 
to expand its warehouse clubs 
an hold until the government's 
approach to out of town devel- 
opments becomes clearer. 

The group made the 
armouncement as it revealed a 
sharp drop in interim pre-tax 
pro fi ts from £7 .07m to £L08m, 
after exceptional charges of 
es giTL Sales were 1 per cent 
ahead at £685m for the 26 
weeks to July l. 

The company, which has 
three Cargo Chibs either trad- 
ing or under construction, said 
it was unlikely to open any 
clubs next year because the 
government had decided to 
review planning permission 
granted to its Stockport site, 
near Manchester. N&P did not 
expect a resolution of the 
review before the spring. 

The warehouse club concept 
is a key part of NAP's plan to 
reduce its dependence on the 
hard-pressed independent 
retailing sector. However, the 
strategy could be hit by the 
government's campaign to 
curb the explosion of out of 
town developments. 

Mr Nigel Hall. Nurdln’s 
finance director, said it was 
“very difficult to say whether 
we will win the review.” It was 
not clear why the DoE had cho- 
sen Stockport over N&P's 
planned club in Bristol he 
said. 


Norbain 
buys and 
raising £10m 

Norbain, the USM-quoted 
security group, yesterday 
announced the £7 An purchase 
of three closed circuit televi- 
sion companies and also a plac- 
ing and open offer to raise 
£10Axl 

The cost of the three compa- 
nies - CCTV Warehouse, 
CCTV Centre and CCTV Rental 
Services - will be met by £6.5m 
in rash, while a further f-im 
will be raised by the issue of 
243^02 convertible redeemable 
ordinary shares. 

The balance of cash raised 
will be used to reduce group 
bank borrowings. 

The open offer is of 2£9m 
new ordinary 5p shares at 410p 
per share on an 8 for 23 basis. 
Following the offer and plac- 
ing, Norbain’s share premium 
account will be reduced by 
aim, which will be transferred 
to a special capital reserve 
against which goodwill arising 
on the acquisition may be writ- 
ten off 

Pacific Assets 

Pacific Assets Trust reported 
net asset value per share of 
534. Ip at July 3L The figure 
compared with 370AP a Tear 
earlier, but 599. 4p at January 
31 1994. The company said that 
daring August much of the 
decline had been recouped. 

Available revenue In the six 
months under review rose to 
£435,000 (£338,000). Earnings 
per share came to 2.13p (1.72p). 

Wills Group 

Wills Group, the engineering 
products group, reported pre- 
tax profits almost doubled 
from £L56m to £2.96m for the 
year to July 2. 

The advance was achieved 
on turnover up from £19 An to 
£31 An - including £6 .33m from 
acquisitions - and after an 
increase in the interest charge 
from £45,000 to £166.000. 

The directors said that as a 
result of acquisitions made in 
the last few months of the 
financial year, the accounts did 



Nigel Hall: despite setbacks, warehouse clubs proving successful 


Nurdln’s warehouse concept 
has run into further contro- 
versy with the group last week 
referring Sony to the European 
Union over restricted supplies 
of electrical goods to Its clubs. 

Apart from such issues. Mr 
Hall said the warehouse clubs 
were proving successful The 
first club at Croydon had 40,000 
members and both visits and 
spending per customer had 
increased. Development of the 
Cargo Clubs cost N&P £2An in 
exceptional charges in the first 
half, and was expected to incur 
further charges of £4m. 

The conversion of N&P’s tra- 
ditional cash and carry busi- 
nesses into Trade and Business 
Warehouses serving caterers, 
businesses and independent 
retailers was now complete, 
and had resulted in almost £3m 


NEWS DIGEST 


not reflect the current size of 
the group, and turnover for the 
current year was expected to 
be considerably higher. 

Earnings came out at iA5p 
(1.6p), or 1.79p (lJ28p) fully 
diluted. A proposed final divi- 
dend of 0.385p (o.3p) raises the 
total for the year to 0-5p (0.4p). 

Alexander Rnssell 

Alexander Russell, the Glas- 
gow-based quarrying, concrete 
and coal company, reported 
pre-tax profits more -than dou- 
bled from £632,000 to £L45m for 
the six months to June 30. 

The advance was achieved 
on turnover up from £17.6m to 
£l8.9m and after a reduced 
interest charge of £458.000 
(£761,000). Earnings came out 
at 3A4p (0.75p) and the interim 
dividend is doubled to lp. 

Cakebread Robey 

Cakebread Robey & Co, the 
Enfield-based building materi- 
als concern, lifted pre-tax prof- 
its from £106^00 to £425,000 in 
the first half of 1994, helped by 
a £213,000 surplus this time on 
the sale of properties. 

Following the closure of 
some branches, turnover edged 
up to £&96m (£8 57m). Interest 
was unchanged at £49,000 and 
earnings per share came to 
7.1p (L8p>. 

Sumit 

Sunlit achieved a 38 per cent 
increase in undiluted net asset 
value from 169p to 229p in the 
six months to June 30. Over 
the same period, the diluted 
figure grew by 29 per cent from 
I54p to 199p. 

The company said the 
increase was attributable 
largely to the successful flota- 
tions of Partco and Notting- 
ham Group. 

Net Ramings for the first 
half were similar at £241,000 
(£243,000) and earnings per 
share were unchanged at a.4p. 
The interim dividend has been 
maintained at Q.7p. 

Northern Industrial 

Northern Industrial Improve- 
ment Trust total income fell 
from £493.896 to £469,345 in the 
year to March 3L 


in exceptional charges. Market- 
ing the concept would cost a 
further £1.5m in the second 
half. 

The M6 cash and carry chain 
acquired in May contributed 
£26m in sales, but incurred 
losses. N&P expected it to 
make further losses this year, 
including costs of £lm, but 
contribute substantially to 
profits next year. 

The dividend Is increased to 
2-16p (2.06p). Earnings fell by 
54 per cent to L77p. 

Analysts said the underlying 
results, which showed a mar- 
ginal increase in profits, were 
good considering the continu- 
ing pressures on N&P's main 
customers. Full-year forecasts 
were for a sharp drop in profits 
from £32m to between £22m 
and £25m, after exceptional. 


Profit after all charges, 
including tax. came to £311387 
(£336,338). A final dividend of 
l6p is proposed, making an 
unchanged total of 25p on earn- 
ings of 25.6P (27.55p). 

Berry Starquest 

Berry Starquest, the smaller 
companies investment trust, 
reported net asset value per 
share of 226.4p at 31 July, a fall 
of 5A per cent from 239.6p six 
months earlier. Net revenue 
for the half year to end-July 
was up from £48,000 to £59,000. 
Earnings per share were l.lp 
(0.9p). 

Adscene 

A strong performance from its 
publishing side helped Adscene 
Group to lift pre-tax profits by 
45 per cent from £2.1m to 
£3.05m for the year ended May 
31. Turnover of the group, 
which also has printing inter- 
ests. rose 13 per cent to £15.8m. 

Earnings per share rose 37 
per cent from lO.lp to 13Ap and 
the recommended final divi- 
dend of 4p (3J2p) makes a total 
pay-out of 65p (5p). 

Grafton 

Pre-tax profits more than dou- 
bled from E E! 22m to I£2 8dm 
(£2 .81m) at Grafton Group, the 
Dublin-based building materi- 
als company, for the six 
months to June 30. Turnover 
was up 26 per cent from 
I£48.6m to I£6L3m. 

Hie interim dividend rises to 
3Jjp (3p). Earnings per share 
were lifted to I3.7p (5.6p). 

Wellington 

Wellington Ho lding s, the poly- 
mer products manufacturer 
floated last March, saw pretax 
profits for the six months to 30 
June rise 47 per cent, from 
£1.26m to £1.84m. Turnover 
rose 9.5 per cent to £23Azl 

The maiden interim dividend 
ie 1.2p. Earnings per share 
were 6.18p <3.87p), although Mr 
Brian Kent, chairman, said the 
figure was not directly compa- 
rable with last year's owing to 
the increase in the number of 
shares since flotation. On a pro 
forma basis earnings per share 
rose 27 per cent to 6.34p. 


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SAMANTHA 
INVESTMENTS PLC 

£15 million Subordinated 
Floating Rata Notes 
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in accordance with the 
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notice is hereby given that 
for the interest period from 
6 th September, 1994 to 6th 
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FINANCIAL TIMES 


THURSDAY SEPTEMBER 8 1994 



It 


Hillsdown beats tough 
markets with £65.6m 


By David Blackwell 

Hillsdown Holdings lifted 
pre-tax profits by 5 per cent 
»om £62-3m to £6S.6m in the 

first half of 1994, on the back of 

aa increase in sales from con- 
»nuing operations from 
to £2.03bn. 

Sir John Nott, chairman, 
the group’s restructuring 
had lopped £lbn off turnover in 
me part two years, with very 
httle effect on profits. 

“We have had a reasonable 
ant months given the very diffi- 
cult food markets in the UK 
and in Canada.” 

Mr David Newton, chief exec- 
utive, said the results Tnar ftp^ 
the third half-year in a 
row when the results were 
broadly in fine with expecta- 
tions. 

“We are not there yet - but 
we are moving in the right 
direction.” 

Total turnover, including 
£9.7m from discontinued 
opera tions, was 2.04bn. down 
from £5L27bn previously, when 
discontinued operations 
accounted for £33L8m. 


Operating margins improved 

from 3.6 per cent to 4 per cent 

Sir John said the group was 
assuming no food price infla- 
tion. and was looking for far- 
ther efficiency to Improve mar- 
gins farther. 

It was also seeking holt-on 
acquisitions similar to this 
week’s purchase of Materne- 
Fruibourg. the French jam 
maker , from Groupe Danone. 
The operation would give HDls- 
down a manufacturing and a 
distribution base in France. 

Operating profits in four of 
the six divisions improved. The 
exceptions were the ambient 
and chilled foods division, 
where profits fell by si™ to 
£15JJm cm sales of £307 M, and 
the meat and produce division, 
where profits declined from 
£8.3m to £7.8m on sales of 
£363.4m. 

The former was hit by a 
baked bean price war, which 
more than offset good results 
from the continental chilled 
salad operation. 

Mr Newton said profits from 
canning had fallen by 60 per 
cent, mainly because of a SO 


per cent rise in the price of 
navy beans. The group, which 
supplies supermarkets with 
own-label baked beans, is phas- 
ing but OHS Of its canireri ” 1 - 

The beverages and biscuits 
division raised profits by £2m 
to £5Am on sales of £137 .5m, 
helped by increased spending 
on. brands. Sales of Typhoo tea 
were 26 per cent ahead. 

Profits In the poultry divi- 
sion improved from giv qm to 
ziA2m on sales of £245m, as its 
switch from frozen to fresh 
chicken production start e d to 
reap benefits. 

In the non-food division, 
where profits rose to £l4.7m 
(£18.7m) an sales of £209-3m. 
Fairview New Homes Improved 

Tnargfng . 

Net interest payable fell from 
£l&5m to £15-6m.Karnlngs per 
share rose to 5J>p (5.1p). 

The Interim dividend is 
unchanged at IL2p. Sir' John 
said he -hoped far “a more posi- 
tive dividend policy at the end 
of the year," given the group’s 
performance a-nd rash genera- 
tion. 

See Lex 


Tough conditions in US 
behind decline at Ocean 


By Pad Taylor 

Ocean Group, the freight, 
environmental and marina ser- 
vices group, blamed among 
other problems the difficult 
trading conditions in North 
America for its interna tional 
airfreight and logistics busi- 
ness for a decline in first half 
profits. 

The group, which also 
announced yesterday that Mr 
John Allan, a marketing execu- 
tive and main board director of 
BET, will become nhirf execu- 
tive at the end of this month, 
said pre-tax profits slipped by 
5 JS per cent to £l9.7m in the six 
months to June 30 from PfliRm 
in the 1993 first half Turnover 
grew by 12 per cent to £497m 
(£44 4m). 

Bantings dipped from 9.4p 
to 9p per share, but the 
interim dividend is held at 
4.7lp. 

The shares closed 2p lower at 
26% after Mr Peter Marshall. 
chairman ' wanted that the out- 
look for the year “remains 
uncertain with our businesses 
operating in highly competi- 
tive markets." 


Operating profits fell to 
£22. 3m (£24.4m) with MS AS, 
the airfreight business, report- 
ing a decline in p ro fi t s to £L9m 
(£2.6m) despite higher aircraft 
revenues. 

Mr Marshall said that air- 
lines had tetran the opportu- 
nity of a firmer market to 
i n c re ase rates, which tonrieri to 
depress the profitability of 
USAS in the short te rm 

The main shor tfall was in 

North America, where customs 
brokerage performed poorly, 
but the group said the benefits 
of a restructuring in April, 
aimed at saving £2m in a full 
year, were already becoming 
apparent 

McGregor Cory, the group’s 
contract distribution business, 
also saw profits fall aithon gh 
the UK operations performed 
well. 

Cory Environmental lifted its 
profits contribution by 11 per 
cent to £?. 1m. aithongh the 
market for industrial waste 
treatment r emained unfavoura- 
ble. NET, the US environmen- 
tal testing business, incurred a 
£lhn loss against a £200,000 
profit in the 1983 first half. 


Once again the results 
were underpinned by an 
improved performance in fixe 
Marine operations, which 
reported profits of £iBJ2m 
(£L4.Sm). 

OIL, the group’s offshore 
supply business, had a good 
first half and pursued 
opportunities in the important 
south-east Asia region, how- 
ever, Mr Marshall noted that 
political and economic uncer- 
tainties remained in West 
Africa. 

• COMMENT 

Mr Allan faces a tough chal- 
lenge re-shaping Ocean’s rag- 
bag of businesses aid boosting 
the group's financial perfor- 
mance, which continues to dis- 
appoint.- in file meantime the 
c ompany is laming- heavily on 
its marine businesses, which 
include the uncertain West 
African offshore supply 
operations. With uninspiring 
pre-tax profits of about £43 ,5m 
and earnings of about 20p a 
share expected this year, the 
shares continue to be sup- 
ported by their 5% per cent 
yield. 


Brent International at £4m 
following restructure 


By Peter Pearce 

Mr Keith Hutchings, promoted 
in March to chief executive of 
Brent International, said that 
over the past year the special- 
ity chemicals group's busi- 
nesses had been simplified and 
refocused into two divisions: 
printing services and indus- 
trial. Management of most 
operating units had now been 
replaced or restructured. 

At the same time the group 
announced a 32 per cent rise in 
profits before tax and excep- 
tional to £4.01m for the first 
half of 1994. After exceptionals 
of £2.1m. last time's headline 
pre-tax figure was £931,000. The 
interim dividend remains L6p. 

Mr Hutchings said the execu- 
tives on the board were now 
settled following the resigna- 
tion of Mr Steve Cuthbert as 
phipf executive in August 1993. 

Mr Cuthbert's resignation 
was followed by a decline in 


profits to £7. 14m (£tL5m) for 
1993, accompanied by a cut in 
the total dividend to 4p (7.%). 
Since then Mr Hutchings 
moved up from finance direc- 
tor, Mr Bill Jessup returned to 
fill that post, and Mr Sandy 
Dobbie was hired as chief oper- 
ating officer this June. 

In the half, performance of 
the printing services - to be 
overseen by Mr Hutchings for 
the next 18 months - had been 
“encouraging” with sales up 16 
per cent to Qi.an. UK sales of 
inks mid coatings advanced 25 
pet cent Divisional operating 
profits grew to £3- 18m (£L94m). 

Profits on the industrial side 
fall to £L98m, against £2-44m 
(which included a £l.lSm con- 
tribution from discontinued 
operations) on turnover down 
at £3G.8m (£35-5m). Mr Dobbie 
hag specific responsibility far 
the division far the next 18 
months. Europe, with the 
exception of the UK. where 


sales rose 18 per cent, and 
North America saw “less than 
adequate" demand, Mr Hutch- 
ings said the group was pursu- 
ing “niche areas where we 
have an edge". 

Earnings per share were 3p 
(losses 0.5p). 


Severfield-Reeve 
Efts market share 

Severfleld-Reeve, a specialist in 
structural steelwork and ancil- 
lary products, continued to 
increase market share in the 
six months to June 30 and this 
was reflected in a 45 per cent 
rise in pre-tax profits from 
£210,000 to 2305400. 

Sales from continuing oper- 
ations rose 40 per cent to 03m, 
but operating margins fell to 
3.9 per dent (4-5 per cent). 

The interim dividend has 
been doubled to 0 J5p on earn- 
ings per share of l-27p (L14p). 


1 


FINANCIALTIMES 


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Restructuring plans boost BBA shares 


By Tim Burt 

Shares in BBA Group rose Bp to I98p 
yesterday as the engineering and 
motor components group signalled the 
first signs of a change in fortunes fol- 
lowing the start of Its wide-ranging 
restructuring programme earlier this 
year. 

Aithongh pre-tax profits fell 54 per 
cent to £23. Lm (£50. 3m) in the six 
months to fane SO, the group said oper- 
ating margins had improved and cost- 
cutting should restore earnings 
growth. 

Turnover declined to £71 1.1m, 
against £742m including £24£m from 
discontinued activities, but operating 
profits before exceptional item rose 


from £45Jfta to £47.4m. 

Mr Roberto Quarto, chief executive, 
highlighted an improvement in operat- 
ing margins from 6.1 per cent to 6.7 per 
cent following £18m of re stru c turin g 
costs in the first half. 

“This is a healthy turnaround, jinJ I 
believe we can get to double digit mar- 
gins by 1996," be said. 

Margins were .boosted by an £llm 
saving on payroll costs as the group 
cut the workforce by 7 per cent to 
18.000. 

Of the group’s core businesses, which 
have been merged for r ep o r tin g pur- 
poses into two divisions, the industrial 
sector, comprising textiles, US materi- 
als and specialist electrical equipment, 
reported increase profits of £39m 


(£25. lm) as demand rose in continental 
Europe and North America. 

Transportation saw profits fall from 
227.5m to £17.4m as a weak perfor- 
mance by Page Ayjet, its aircraft main- 
tenance arm, undermined improve- 
ments by tiie automotive businesses. 

The figures were also dented by 
£13. lm of exceptional litigation costs 
re lati n g to the settlement of a US law- 
suit and £2m of losses on disposals. 

Earnings per share fell from &8p 
to 1.5p, aithongh they showed an 
increase to 5.2p (3. Bp) before excep- 
tional items. 

The interim dividend, as forecast in 
March, is cot from 2~25p to 1.5p. The 
group said the full year figure would 
be not less than 4L5p. 


• COMMENT 

BBA has bitten the bullet and these 
figures were ahead of the gloomy fore- 
casts. But with disposals, acquisitions, 
exceptionals and £72. lm of provisions 
all affecting this year’s profits, inves- 
tors will have to make a leap of faith in 
Mr Quarto If they expect short-term 
gains from the company. Aithongh fall 
year profits should exceed £75m, the 
hefty forward multiple of 19.4 makes 
the shares too pricey given the on-go- 
ing restructuring and redundancy 
costs. They look a more attractive pros- 
pect if profits reach £i00m next year, 
on a multiple of 15A Even then, how- 
ever, they would be no better value 
than blue chip rivals such as GKN and 
T&N. 


Medicine man seeks cure for indigestion 

BBA is undergoing a thorough restructuring. Tim Burt reports on progress to date 


M r Roberto Quarts, 

the Ttetinn-Arnprit-ar) 
charged with resusci- 
tating BBA Group, regards the 
nickname “Bob-th e- Knife” as 
too harsh for the surgery he Is 
performing on the gn gjnpwTng 
and motor compooeols group. 

He flrirnite, however, that the 
group has been forced to swal- 
low some horrid wwtirinp fa 
the eight months since his 
arrival from BTR, where he 
was chief executive of the auto- 
motive, electronics and build- 
ing divisions. 

More than 2,000 jobs have 
gone, 1,400 of them through 
redundancy, and some £18m 
has been spent on restructur- 
ing. 

• “It's tough - this is not aspi- 
rin I'm dishing out It’s pretty 
strong stuff and in the right 
dosage it should bring the 
pati ent hark to life.” 

Although BBA discounts talk 
of a near-death experience, Mr 
Vanni Treves, the chairman 
acknowledges that its condi- 
tion deteriorated rapidly last 
year. 


He blames the problems, 
which forced the group to 
make restructuring provisions 
of £72. lm fa March, an the ill- 
ness last year of Mr John 
White, Quarto's predecessor, 
and the management time 
taken up in fighting a 6300m 
(£194m) lawsuit over the 1988 
purchase of IGH, its US indus- 
trial subsidiary. 

Tt was a severe distraction 
and we lost our way when 
John White had to stand 
down," he says. 

City analysts, and to an 
extent Mr Quarto as well, 
believe the problems went 
deeper. 

“They’ve spent more than 
£350m on acquisitions in the 
past five years, they're just too 
diverse.” says one analyst. 
Another describes Sir White as 
an acquisition junkie who 
always expected the next deal 
to deliver the volume to 
revive the group. 

While more rircumspect, Mr 
Quarto admits he was stir- 
prised to see BBA making 
acquisitions “before its new 



Roberto Quarts: margins more 
important than sales volume 

subsidiaries were bedded in”. 

He has put a brake on that 
activity and instead identified 
some 12 subsidiaries far dis- 
posal with combined safes of 
more than £200m. Of those. 
Holden Hydroman, Perplas and 
Railko have already been sold. 

“But we don’t have to sell 
cheap. The balance sheet is in 
fairly good shape and we will 
wait for the right opportuni- 
ties.” he adds. 


The dilemma for BBA, how- 
ever, is whether continued 
redundancies, disposals and 
cost-cutting will leave the 
group with enough muscle to 
establish a profitable foothold 
fa its remaining core areas. 

Analysts are sceptical. They 
warn that some businesses, 
such as Signature Flight Sup- 
port, the aviation refuelling 
and servicing group, may not 
achieve Mr Quarto’s target of 
10 per cent margins by 1996. 

“They are not large enough 
in aviation to cut costs and 
then drive up prices to get 
those margins, and it's going 
to be very difficult in the auto- 
motive businesses too.” accord- 
ing to one analyst 
Mr Quarto, however, is unde- 
terred. He believes an ongoing 
management review, which 
has seen the departure of three 
divisional executives, has 
helped spread a new ideology. 

Discounting the reduced 
sales of £7llm, down from 
£742m, announced in yester- 
day's interim figures, he says: 
T am changing the culture. 


Unlike the previous manage- 
ment I don’t believe volume 
sales are the answer to our 
prayers. Margins are more 
important” 

In pursuit of those margins, 
the group expects to use 
another £18m of its provisions 
to make further job cuts in the 
second half and refocus the 
group's three core sectors: 
automotive, industrial and 
transportation. That strategy 
appears to have paid off in the 
six months to June 30 with a 15 
per cent increase in pre-tax 
profits before exceptional items 
to gtfl-gm- 

The challenge for Mr Quarto 
is to ensure that BBA emerges 
fit enough to compete in world 
markets. 

Acknowledging the size of 
the problem, he admits: “Cut- 
ting is a difficult skill, if you're 
not careful you can end up 
with a business which can't 
survive. I don’t think that will 
happen here. 

“We can do great things, but 
first we must get our house in 
order.” 




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V 


Wellcome anti-migraine 
drug threat for Glaxo 


By Tim But 

Wellcome, the UK drugs group, 
has thrown down a challenge 
to Its rival, Glaxo, by reporting 
successful tests of a new anti- 
migraine drug. 

The development of the drug 

- codenamed 31XC-90 - could 
threaten the market domi- 
nance of Imigran, one of 
Glaxo's fastest-growing prod- 
ucts which had sales of £U6m 
last year. 

Although Wellcome is not 
expected to seek regulatory 
approval for the new drug for 
at least two years. It said it had 
the potential for “previously 
unachieved levels of safety and 
efficacy". 

City analysts said the mar- 
ket for such a drug was worth 
at least $lbn (£600m) and 
could, in time, exceed the mar- 
ket for anti-asthma treatments 

- currently worth some $4bn* 


“Glaxo should be concerned 
about this development It is 
the first real threat to Imi- 
gran," said one analyst 
The challenge coincided with 
news that Glaxo bad alerted 
US physicians about possible 
drug-associated deaths linked 
to bnitrex, the name used for 
Imigran in North America. 

The manufacturer, however, 
gam the vast majority of Iml- 
trex users had not suffered any 
side effects, and the few fatali- 
ties were linked to exceptional 
circumstances where the 
patients been given the drug 
despite a history of cardiovas- 
cular diseases and other risk 
factors such as antinwa 
Wellcome, meanwhile, said 
its drug had shown no effects 
on blood pressure or cardiovas- 
cular problems during cBnlcal 
trials. 

Those trials showed that 62 
per cent of patients suffering 


British Biotech breakthrough 


British Biotechnology, one the UK’s largest 
biotechnology companies, yesterday claimed It 
had made a breakthrough tn developing a drug 
to treat acute pancreatitis, a condition with no 
effective cure at present, writes Tim Burt 
Shares in the group rose 6p to 461p after the 
group said preliminary tests showed the drag - 
lexipafant - was an effective remedy and, if 
folly developed, could exploit a market worth 
an estimated £300m a year. 

“Given the high margins in this business, it 
conld turn the company round,” said Mr Janies 
Noble, finance director. 

The group Is about to embark on Phase Three 


clinical trials of the drug and expects to seek 
regulatory approval to mar ket it before the end 
of 1906. It is also am course in developing a new 
anti-cancer drug - Batimastat - which could be 
the world's first oral treatment for cancer suf- 
ferers 

• Shares in Anagen climbed I7p to 65p yester- 
day after the biotechnology company received 
clearance from the US Food and Drag adminis- 
tration to market Auraflex, Its automated 
immunoassay sys tem . 

The system can be used to measure the .pres- 
ence of infections diseases, monitor cancers and 
make fertility assessments. 


Hilton and Ewart combine to 
build 5-star Belfast hotel 


By Nigel Clark 

The Northern Ireland economy 
was given a boost yesterday 
with the announcement of a 
£i7m development to buOd a 
Hilton Hotel in Belfast 

HUton International, the 
hotel subsidiary of Ladbroke 
Group, has set up a joint ven- 
ture with Ewart, the Belfast- 
based property developer, to 
develop the hotel. 

Mr Paul McWilliams, chair- 


man of Ewart said they bad 
been in talks on the develop- 
ment for many months. 
“Everybody is now taking 
credit for having great fore- 
sight” 

He added that following the 
IRA ceasefire the move was a 
tremendous boost for the prov- 
ince. "We are all hopeful that 
it will be the start of a better 
future.” 

The building of the hotel, the 
first five star In Northern 


Ireland, is being fmanrad by 
£6m of share capital, 60 per 
cent from Hilton, with the bal- 
ance provided by grants and 
short term loans. 

The hotel is being built in 
the Ewart’s T-a ganhank devel- 
opment, valued at about 
£!00m. The company is about 
to announce a 450,000 sq ft 
office block which will almost 
complete the development 

Ewart’s shares rose lp to 
70p. 


FINANCIAL TIMES THURSDAY SEPTEMBER S 19^4 


COMPANY NEWS: UK 


Aiming to succeed where others have failed 

MSU’s CD systems look set to find their way into homes world-wide, reports Alan Cane 


migraine found a “striking 
reduction" in pain within two 
hours. 

Glaxo said its tablet form of 
imigran showed a 50 per cant 
success rate over the same 
period, although tt showed an 
80 per cent improvement tn Its 
injected form. 

Analysts predict sales of Imi- 
gran could exceed $460m in the 
12 months to July this year, 
even though the drug has not 
yet become widely available in 
tablet form. 

Wellcome shares, which fell 
14p to 685p earlier this .amid 
concern at possible sedative 
side-effects of the drug, closed 
up lp att 686p. 

Glaxo, which is expected to 
report full year profits of 
between £1.88bn and £1.9bn 
today, recovered to 622p, after 
closing down 13%p at 620p on 
Tuesday on news of Well- 
come's drug development 




The name on 
the box in the 
living room 
may be that of 
a well known 
Asian or Amer- 
ican manate e- 
_____ turer, but the 
Growth from electronics 

technology inside win be 
British. That, 
at least, is the hope of MSU, a 
young UK company with big 
ambitions in the electronic 
home entertainment business. 

Ostensibly, the odds are 
a gainst it. Japanese companies 
dominate the world-wide con- 
sumer electronics industry 
while US companies are mak- 
ing the running in multimedia 
- Mggntiflily interactive te lev i- 
sio n — which many believe is 
the future of home entertain- 
ment 

Yet MSU, working from a set 
of overcrowded offices in Mil- 
ton Keynes, has secured con- 
tracts for its technology from 
big companies in Hong 
Singapore, Taiwan and the US. 
Confidentiality clauses prevent 
identification of the companies 
concerned, but if MSU has read 
the market right, it can 
to see its systems gracing 
homes from Taipei to Tallahas- 
see. 

It claims that its current con- 
tracts will ensure that more 
than 1m products with MSU 
technology will be sold next 
year. “Current negotiations 
with other companies means it 
could be more than 3m units ," 
it says. 


MSU’s expertise ties in com- 
pact disc technology. Not just 
audio CD, now found in almost 
half all US households, but a 
range of variations which 
together define a new genera- 
tion of CD players. These 
farh ide video CD, Photo CD, 
CD plus G (video CD with text 
and graphics superimposed) 
and karaoke CD. (Do not be 
sniffy about karaoke CD; the 
iw grkvt in east Asia for 
systems is huge and lucrative.) 

MSU designs the semicon- 
ductor chips, the electronic cir- 
cuitry, and the software which 
make it possible to integrate 
all these functions into a single 
unit which plugs into the 
rinmpsHft television and hi-fi. 

So the customer will be able 
hear music, watch a movie, 
sing along with his or her 
favourite band and look at hol- 
iday snaps using the same 
machine. The system has also, 
of course, great potential for 
business presentations. 

Critically important from a 
marketing point of view, 
MSU’s new generation CD 
machine will not cost appre- 
ciably more than existing 
atidin d) machines. 

Mr Keith Hall, MSU manag- 
ing director, believes other 
sophisticated CD systems have 
failed because they have been 
seen as an expensive addition 
to existing equipment rather 
than a replacement or upgrade 
for tt “Mfllkms of people will 
be planning to buy audio CD 
mflehtnpg over the next few 
years, and many will be happy 



BmedatCorr 

Wyn Holloway (left) and Keith Hall: MSU is already developing 
tiie next generation of chips to stay ahead of the competition 


to pay an extra £100 for video 
CD." 

' The secret of MSU’s technol- 
ogy . is a -set .of specially 
d e sign ed «A»ritermrinrtor chips 
and software which take the 
heavily compressed Informa- 
tion on the digf! and arpand it 
so it can be displayed on a tele- 
vision screen. MSU’s chips are 
both powerful and cheaper 
than competitive. products. It 
accepts it is not immune to 
competition, but it is already 
developing the next generation 
of chips to Stay ahmiri. 

MSU will hot manufacture 
CD players, however. It lacks 
tiie capital. Its strategy is to 
provide a turnkey service for 
other equipment manufactur- 


ers, providing them with a cus- 
tom-built electronics package 
ready to be incorporated in a 
casing of their own design. 
MSU rails this “generic CD". 

MSU’s chairman, Mr Wyn 
Holloway, is an old hand at 
undercutting the competition 
in electronics. Formerly a car- 
penter, he was named Welsh 
Businessman of the Year after 
setting up a company making 
low-cost computer game joys- 
ticks. 

Computer games culture per- 
meates MSU. Mr Hall played a 
big part in laimrhing toe Com- 
modore Pet and Apple Macin- 
tosh pcs in the UK. Head of 
research and development is 
Mr Martin Brennan, formerly 


phief engineer with Sir Clive 
Sinclair’s Sinclair Research. 
The software engineers are for 
the most part ex-games 
authors: "They are good at tot- 
ting a lot of performance out of 
little computing power. We 
give them a lot of computing 
power," Mr Hall says. 

Mr Holloway and Mr Hall 
formed the company in 1992. 
Its first contract, with the Chi- 
nese government, was for a 
low-cost games machine for 
the Chinese market The fol- 
lowing year the company con- 
tracted with TXC of Taiwan for 
the design of a games machine. 

These deals provided the 
seed capital, some £2m, for cur- 
rent developments. Last year 
turnover was £2m and losses 
amounted to £500,000. This - 
year, turnover will amount to 
pi 2m and the company should 
make fifrn in pre-tax profits. 

With development contracts 
in place, including a project for 
a large US computer maker, 
MSU does not see an Immedi- 
ate need for new investment, 
but Mr Hail admits that an 
extra £250,000 to £500.000 would 
enable toe company to pursue 
extra lines of development 

Going public is an option, 
and MSU is in discussions with' 
stockbrokers. Mr Holloway 
says no decision has been 
taken; but if the company 
decided to go for a quote, the 
formalities could be under- 
taken q uickly . 

Previous articles in Ms series 
appeared on August 10, 10 /ft 
25 and September 7. 


Nordic decline hits Intrum 


By Peter Pearse 

Continuing problems in 
Sweden and Finland led to a 
6.6 per cent fen in profits at 
Intrum Justitia, Europe’s larg- 
est debt collection group, in 
the six months to June 30. 

Pre-tax profits slipped to 
£7.01m (£7.47m) while operat- 
ing profits fell more sharply to 
£6.78m, including £3004)00 from 
acquisitions, against £7B3m. 
Turnover edged ahead from 
241.7m to £42. 3m, including 
£l,39m from acquisitions. 

Mr Bo Goranson, the chair- 
man and holder of 30.9 per cent 
of the shares, admitted that the 
depth and length Of the dflriinfl 


in the Nordic markets had 
been unforeseen. 

He cautioned that the cost 
saving programme would not 
benefit the group immediately, 
hut in years to come. “We have 
not reached the bottom yet” 
Operating profits from the 
region fell from £6 .2m to £3£m. 

By co n trast German-speak- 
ing countries (particularly 
Switzerland) saw growth to 
£L4m (£100,000), while the UK, 
France and the Netherlands 
chipped in £3m (£2.6m). 

In the UK, the group 
launched the £500,000 business- 
to- business collection opera- 
tion and already has some 
1,600 clients, 4JS times more 


than the group had expected at 
this stage. 

Over the past three years the 
group has spent £3m spansor- 
.ing a boat in the Whitbread 
Bound The World Race, from 
which it accrued mention s In 
10,000 articles, in 80 hours of 
radio and SO of TV. It reckons 
equivalent advertising would 
have cost £28m. 

It hopes to capitalise, espe- 
cially in the UK and southern 
Europe, on expected EU legis- 
lation on late payment, which 
it expects win be compulsory 
in about two years' time. 

Earnings declined to 4J>p 
(5£p) per share, but toe gross.; 
dividend is held at Lip. .V: 


Birmingham Midshires 
rises by 38% to £24.7m 


By AHson Smith 

Interim pre-tax profits at 
Birmingham Midshires Build- 
ing Society advanced by 38 per 
emit to £24.7m following a rise 
in income and a fell in provi- 
sions for bad and doubtful 
debts. 

While hi g hli ghting Birming- 
ham Midshires’ aim of acquir- 
ing other societies, Mr Mike 
Jackson, chief executive, 
admitted there was little 
iminpiiiBtp pressure on smaller 
• societies to agree to be taken 
over. 

. • NetHnterest income rose to 


£46m (£43. 7m), despite a nar- 
rowing of interest margins, as 
the society competed aggres- 
sively for retail savings. 

Sales of life insurance poli- 
cies largely accounted for tiie 
rise in noninterest income to 
£L2Jm (£10.3m). 

Mr Jackson said expenses 
had risen to £30m (227.2m). 
and that tiie cost/income ratio 
had also increased, to 51.5 per 
cent compared with 5(14 per 
cent in toe first half of last 
year. The society was invest- 
ing in a new headquarters and 
in upgrading its computer 
systems. 





rt'fc 


FT 


FINANCIAL TIM I S 

C rtnfci'l'ilt. t"> 


RETAILING 
TOWARDS 2000 


COMBINING VISION AND EFFICIENCY 

21 & 22 September 1994 — London 

Many challenges face the retail industry worldwide on the eve of the twenty-first century. Retailers 
must take advantage of new markets and embrace new technologies to maintain competitive 
advantage, while tackling the fundamental issue of business performance improvement. Winning 
retail formats will be those that successfully combine vision with efficiency. 

ISSUES INCLUDE: 

• New Retail Formats and New Routes to the Consumer 

• Private Labels and Brands 

• Customer of the Future 

• Impact of Multimedia on Retailing 

SPEAKERS INCLUDE: 

■ Mr Teh Ban Lian • Mr Michael F Ruddell 

Group Managing Director Director 

Emporium Holdings Singapore The Boots Company PLC 

• Mr Richard Merrier • Mr James NW May 

Vice President - Senior Analyst Director-General 

Moody’s Investors Service British Retail Consortium 

Mr George H Beeton 

Chief Executive Officer 
Edgars Stores Limited 


Mr Mark R Lilly 

SVP & GM - Europe 

The Disney Store Limited 


For information about marketing opportunities please contact Lynette Northey on 071-8 14 9770. 

FINANCIAL TIMES CONFERENCE (Coopers 
in association with i&Lybrand 


RETAILING TOWARDS 2000 

Picas c lick relevant boxes. 

□ Conference information only. 

□ Cheque enclosed for £775 JO. made payable to FT Conferences. 
Cl Please charge my Mastcrcaid/Visa with £775 JO. 


Please ret ur n to: Financial Times Conference, 
PO Box 3651, London SW12 8 PH. 

Tel: 081 673 9000 Fax: 081 673 1335. 
Retailing Towards 2000 - £660 + Vat 


Name Mr/Mre/Miss/Ms/Other . 


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— PostCbde 


,._Fax - 


,._HA 


PEOPLE : 


Allan leaves BET for Ocean 


John Allan, BET’s group 
marketing director who has 
been on toe board for the past 
seven years, has been 
appointed chief executive qf 
Ocean Group, the freight, envi- 
ronmental and marine services 
company. 

Allan, 46, whose appoint- 
ment is seen as a significant 
coup for Ocean, win take up 
bis new post at tiie end of this 
month. His move ends the 
uncertainty over the succes- 
sion to N icholas Baiter, chief 
executive for eight years, who 
left Ocean last month. 

Allan has wide experience of 
the International industrial 
service sector through more 
than 20 years at four bhiedhip 
companies. He also has specific 
knowledge of some of Ocean’s 
business- areas; for example, at 
BET he has been chairman of 
Biffa, the wast management 
company and fraa built a solid 
track record for achieving prof- 


BUI Andrews (above), 59, who 
has worked for Powell Duffryn 
for 30 years, is to step down as 
chief executive next July. As 
already announced, he wUl be 
succeeded by Barry Hartiss, 
44, who joined In 1985. 

■ Graham Kettle. 46, manag- 
ing director of Initial Cleaning 
Services, has been appointed 
sector director for BBT’s busi- 
ness services (cleaning and 
guarding) Europe. Peter Wake- 
ham. 47, currently managin g 
director of BET management 
services and Initial healthca r e 
services, has been appointed 
sector director for business ser- 
vices (healthcare, facilities 
management, personnel and 
catering) Europe. Both join toe 
group management co mm itt ee . 
M Ken Walder, former group 
general counsel at BP, has 
been appointed secretary and 
legal director to BRITISH AIR- 
WAYS. 




itable growth across a range of 

h nsinRK« flg and mar ke ts , 

Ian Laurie, Ocean’s finance 
director, acknowledged yester- 
day that although Ocean has 
successfully cat costs, its 
financial performance 
remained inadequate: “We 
need to focus on growth,” he 
said. 

After graduating in matbe- 


Finance moves 

■ Klein wort Benson Securities 
is clearly expecting the UK 
market to bufid up a head of 
steam and has moved quickly 
to holster its highly-rated team 
of marketmakers, recruiting 
three of the UK market’s 
senior traders. 

Peter Angeli, 28, joins KB 
from Lehman Brothers and 
previously spent four years 
marketmaking at Smith New 
Court Hugh McAlister, 33, and 
Wayne Grossman, 37, move 
over from UBS where both 
woe directors. 

McAlister spent five years at 
UBS, and was previously at the 
then County NatWest 
Grossman has been one of 
(IBS's front-line marketmakers 
since 1986. 

KB had a couple of bad 
experiences In the market In 
the late 1960s but has 
gradually rebuilt its confidence 
in the securities trading arena. 

It scored a big hit recently in 
recruiting top economist fen 
Harwood from SG Warburg 
and says it is stffl keen to 
expand on all fronts in the 
securities business. . 

■ The turnover of top staff at 
Lazard investors continued 
yesterday with toe 
announcement of the 
departu re of Jim my West as 
chief executive. 

West was said to have felt 
that he had completed his 
task; it is understood that tire 
separation was mutually 


mattes from Edinburgh Univer- 
sity in 1970, Allan began his 
.career as a marketing trainee 
with Lever Brothers, becoming 
brand manager for Lux soap 
and subsequently Comfort fab- 
ric co n diti o ner. 

He left Lever Brothers to join 
Bristol-Myers* consumer prod- 
ucts division and in 1977 joined 
Fine Fare where he was pro- 
moted to marketing and buy- 
ing director in 1983. 

hi 1985 Allan joined BET and 
became one of three directors 
on the main board with spe- 
cific responsibilities as sector 
director of 'business services 
(Europe) and as group market- 
ing director. 

Allan Is also a non-executive 
director of ConneH a member 
of the the CBI market strategy 
group and a council member of 
the Institute of Directors. He is 
also a former chairman of the 
Marketing Society of Great 
Britain. 


agreed and his next move has 
not been made public. 

This move follows a 

succession of changes at 

Lazard Investors - which the 
parent company now hopes 
win cease, “tils a world in 
which there are a lot of 
changes,” says David Verey, 
chairman of Lazard Brothers. 
“We’ve had more changes than 
frankly I would wish. But 
that’s life” 

Tom Cross Brown, a director 
In c orpor ate finance, takes 
over from West Says Verey: 
“We are an international 
house and Tom Is very much 
an internationalist"; he was 
head of Lazard Brothers’ Hong 
Kong office from 1982 to 1986. 

■ David Godfrey, whose job as 
head of merchant hanking at 
Swiss Bank Corporation 
disappeared during a sweeping 
reorganisation of SBCs 
corporate finance business, has 
jwt taken long to find another - 
plum job. 

Having left SBC at the end of 
June, he resurfaced at JP 
Morgan this week as a 
manning director with 
responsibility for global credit 
business in toe Middle East, 
India, Africa, eastern 
Europe and the former Soviet 
Union. 

Godfrey, 43. wifi focus on 
risk management and 
marketing of JP Morgan's 
emerging market credit 
business. He will report to 
Adam Wetoered, JP Morgan’s 
European head of global credit. 


Non-executive 

directors 



Lord Owen, co-chairman of toe 
Steering Committee of the 
International Conference on 
the former Yugoslavia, has 
accepted his first non-execu- 
tive directorship by Joining 
the board of Coats Viyella. 
Britain’s largest clothing and 
textiles company. 

The forma- foreign secretary 
has told the Geneva-based 
committee he would take a 
pay out, which would be off-set 
by the £15,000-£20,000 package 
he is expected to receive from 
Coats. 

A Coats spokesman explains 
that Lord Owen haA been an 
acqua in tance of a number of 
directors for some time and 
that his “experience and 
understanding of international 
affairs will bring new and 
valuable insights to the com- 
pany”. 

Although his rote at the tex- 
tiles group will be secondary 
to that in the former Yugo- 
slavia, toe company says he 
will attend the board meeting 
in London next month. 

Lord Owen says that for 
some time he has wanted “to 
gain more experience of inter- 
national business and now 
t hat t he hectic pace of the 
negotiations has «w«l off, I 
have the time to pursue other 
activities”. 

■ Clinton Silver, recently 
retired deputy chairman of 
Marks & Spencer, at 
HILLSDOWN HOLDINGS. 

■ Ronnie Gorlin has resigned 
from EUR^HERM. 

and Robert McNeil, found®- of 
Apollo Window Blinds, at 
HEWDEN STUART. 

■ Doug Rogers, chairman of 
NeWUan Tonks, as chair man 
at RARCOM in succession to 
John Pinckard. 



%p v . 

■* Hu 


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FINANCIAL TIMES THURSDAV SEPTEMBER S !W4 


COMMODITIES AND AGRICULTURE 


British Gas rethinks $6bn 
investment in Kazakhstan 


By John Lloyd In Moscow and 
Steve Levine In Tashkent 


British Gas is reconsidering its 
planned multi-billion dollar 
investment in Kazakhstan, 
according to industry officials. 
They say the Alma Ata govern- 
ment is now openly negotia- 
ting with Russia Tor joint 
development of its biggest nat- 
ural gas and oQ fields. 

British Gas says that negoti- 
ations are continuing. But 
executives have not hidden 
their frustration at the slow 
pace of talks over the past two 
years, since Kazakhstan 
awarded British Gas and Agip 
of Italy exclusive rights to 
negotiate a development agree- 
ment for the giant Karacha- 
ganak natural gas field. 

The main stumbling block is 
Russia's refusal to grant clear 
pipeline rights to transport 
Knrachaganak gas through its 
territory. The western partners 
had planned to ship an even- 
tual 20 b n cubic metres a year 
to western markets in a 36bn 
project. 

Earlier this year, however, 
BG withdrew much of its 
heavy equipment from the site. 


and industry sources now say 
the company may withdraw 
altogether .from the deal 

The latest development fol- 
lows increasingly heavy eco- 
nomic intervention across Cen- 
tral Asia and the Caucases by 
different official Russian minis- 
tries and agencies. On one 
hand, Moscow officials have 
demanded percentage interests 
in large western energy deals 
in the southern ex-Soviet 
republics of Azerbaijan and 
Kazakhstan, arguing that Rus- 
sian engineers discovered and 
developed the fields before die 
1991 Soviet collapse. 

At the same time, govern- 
ment agencies in Moscow have 
presented obstacles to the 
deals by nearly clamping strut 
Russia’s pipeline system. 

A week ago, Mr Viktor Cher- 
nomyrdin, the Russian prime 
minister, held talks with Kaz- 
akhstan prime minister Sergei 
Tereshchenko on joint develop- 
ment of both Karachaganak 
and Kazakhstan's hu gs Tengiz 
oilfield, according to Itar-Tass. 
Tengiz, to which the US oil 
company Chevron holds exclu- 
sive development rights, is the 
former Soviet Union's largest 


single oil proved But it too has 
become bogged down by talks 
about transit rights across Rus- 
sia. 

Some analysts believe that 
Russia is employing economic 
pressure to boost the advan- 
tages of its own energy indus- 
tries and to maintain political 
sovereignty over former Soviet 
republics. "This is Russia 
acgarttng its dominance,” said 
a senior western diplomat in 
Tashkent, the Uzbekistan capi- 
tal. “Russia knows that if the 
oil Starts flowing, KaTnlthstnn 
wfR get its political indepen- 
dence.” 

The Uralsk talks marked the 
first time that a senior Russian 
official openly discussed the 
desire for a piece of the two 
fields. 

Kazakhstan, which bolds SO 
per cent joint venture partner- 
ships in Tengiz and Karacha- 
ganak, has very little cash, and 
has been seeking capital. 

The Kazakh government 
says it is now ready to auction 
off part of its interest in Ten- 
giz, which has been indindod 
on a list of industrial enter- 
prises to be sold in the near 
future. 


US banana 
exporters 
file 301 
petition 


EU harvest in tin e with reform - 


inV^ 1 


By Alison Maitland 


By James Harding in 

Washington 


Coffee gains fail to take hold 


By Deborah Hargreaves 


Coffee prices surged ahead in 
early trading taking the mar- 
ket close to the high point 
reached two months ago after 
frost damaged the Brazilian 
crop. But the market lost all 
of its earlier gains in late 
trading. 

The November fiitures con- 
tract at the London Commod- 
ity Exchange hit $4,060 a tonne 
in the first 10 minutes of trad- 
ing, to slip back again until the 
opening of the New York mar- 
ket when it increased its price 
again. 

But a wave of selling sent 
the contract back to 13,925 a 
tonne at the market’s close - 
$28 a tonne lower than on 
Tuesday. 


Traders pushed prices higher 
in the expectation that Brazil 
will halt its weekly auctions of 
government coffee stocks. Tim 
Brazilian government was 
expected to confirm last night 
that the auctions would be 
stopped as they have foiled to 
dampen domestic coffee prices 
and curb Inflation. 

Hie government had planned 
to sell 7.7m hags of coffee this 
year - it has already sold 2.7m 
bags. 

While sales have stabilised 
local prices, they have foiled to 
push thorn down and Brasilia 
is now expected to review 
other ways of reducing domes- 
tic prices. 

The stopping of the auctions 
will be bullish for international 
coffee prices, according to Law- 


rence Eagles, softs analyst at 
GNI, the London brokers. 
“Consumers will not have the 
opportunity of rebuilding stock 
levels ahead of the expected 
shortfall in the 1995-1996 crop," 
he said. 

The tightness in supplies 
will continue to support mar- 
ket prices. 

But a bout of profit-taking by 
the investment funds pushed 
the prices down at the close 
of the London market yester- 
day. 

“The supply-demand equa- 
tion continues to be bullish, 
but the market read too murh 
into it too quickly and moved 
ahead too East," said Mr Robert 
MacArthur, vice president of 
tropical trading at Merrill 
Lynch In New York. 


US banana exporters have 
I filed for actios under trade 
mechanism 30 L, the first peti- 
tion of file Clinton admftiistra- 
I don. The application calls on 
! file US trade representative, 
Mickey Kan tor, to target EU 
trade agreements which limit 
j Latin America's banana 
exports and discriminate 
against US multinationals. 

Chlquita Brands Interna- 
tional and Hawaii Banana 
Industry Association, US 
banana marketing companies, 
allege that EU banana import 
quotas are damaging their 
interests. The petition, tiled 
last week, requests a formal 
investigation by the USTR into 
the Common EU banana pol- 
icy, signed July 1993, and the 
Framework Agreement on 
Bananas, signed between the 
EU and Coeta Rica, Colombia, 
Nicaragua and Venezuela, to 
be implemented on October L 

Mr Mickey Kantor said yes- 
terday that he expected the 
issue to come up in bilateral 
talks with the UK in the Quad- 
rilateral meeting in Los 
Angeles this weekend. 

Ctnqidta claims the Common 
EU import banana policy dis- 
criminates against US compa- 
nies in favour of European 
multinationals in its alloca- 
tion of licensing eligibility for 
banana imports. It also argues 
that the Framework Agree- 
ment gives the American 
signatories preferential access 
to the European market 

Chiquita’s petition comes 
under 301 procedure which 
allows PS co mpanies to 
request a USTR investigation 
If they believe trade practices 
are harmi ng US interests. If 
the USTR proceeds and fails to 
find a solution, the US would 
consider sanctions. A USTR 
official said: “We have consis- 
tently opposed the way the EU 
is handling Its banana 
regime.” 


This year's grain harvest in 
the European Union is expec- 
ted to be around 160 m tonnes, 
well below the trend prior to 
the 1992 reforms of the Com- 
mon Agricultural Policy, 
according to Mr Ren£ Steichen, 
the EU agriculture commis- 
sioner. 

The anticipated fall in the 
harvest, from about 164m 
tonnes last year and 185m 
tonnes in 1991, was a sign the 
MacSharry reforms were work- 
ing well, Mr Steichen said. 

“In the cereals sector, there’s 
really no need to go further,” 
he said. 

Mr Steichen was responding 
to sceptics who argue that EU 
grain production will remain 
too high to satisfy the require- 
ments of the Uruguay Round 
world trade agreement. This 


called for a 21 per cent cut in 
the volume of subsidised EU 
exports by the end of the 
decade. 

The sceptics argue that the 
European Commission has 
linriprpsHwigtorf the likely rise 
in cereal yields and overesti- 
mated EU cereal consumption. 
They say formers are likely to 
face further cuts in price sup- 
port over and above the 30 per 
cent reduction of the Mac* 
Sharry reforms. 

Mr Steichen said changes 
still needed to he made to unre- 
formed sectors such as wine, 
fruit and vegetables and sugar. 
“If all that we conclude in the 
np jt months and years works 
well. I don’t think there's a 
need to change the CAP,” he 
said. But he added that further 
“minor adjustments” were pos- 
sible. 

Pointing to the success of the 


reforms to date, he said the EU 
cereal mountain had been 
reduced from 33m tonnes a 
year ago to 16 m tonnes and 
intervention stocks of beef had 
fapPTi from 1 . 1 m tonnes to less 
than 250.000 tonnes. 

EU consumption of home- 
grown cereals for animal feed, 
which the Commission hoped 
would have risen by 11m 
tonnes a year by 1996 as a 
result of falling prices, already 
increased by 5m tonnes last 
year. 

He added that further 
reforms had been agreed this 
year to contain beef produc- 
tion. The Commission fears 
production could increase 
ag ain for cyclical reasons by 
the end of the decade. The 
number of special support pay- 
ments available to formers for 
male beef animals had been 
cut from U.5m to 10.25m. 


Mr Stoichen said that, con- 
trary to expectations, EU farm- 
ers had generally benefited 
from the reforms. Indeed he 
said one flaw in the reforms 
was that large cereal farmers 
received too much in compen- 
sation for “setting aside", or 
(caving fallow. 15 per cent of 
their land. 

In the UK, public opinion has 
been offended by direct pay- 
ments of hundreds of thou- 
sands of pounds to prosperous 
landowners In East Anglia and 
other intensively farmed ara- 
ble regions. 

Mr Steichen pointed out that 
the original MacSharry propos- 
als limited the amount of set- 
aside land for which farmers 
received compensation to 
7.5ha. This ceiling had been 
removed under pressure from 
Mr John Gummer, the then UK 
agriculture minister. 


Russia’s US grain imports 
likely to reach 7m tonnes 


MARKET REPORT 

Gold nears 
$390 mark 


By John Lloyd fh Moscow. 


Russia will import some 7m 
tonnes of grain from the US 
this year in spite of earlier dec- 
larations of self sufficiency - a 
sign that the R ussian harvest 
will be down on last year’s 
modest levels. 

Mr Michael Espy, the US 
agriculture secretary, said in 
Moscow yesterday that the US 
had cleared the obstacles to 
export of 400,000 tonnes of 
wheat to Russia, and in doing 
so had opened up the way to 
further purchases which Rus- 
sia wished to make. The two 
sid es had initially disag reed on 
who should bear the carriage 
costs of the wheat consignment 
- the has US agreed to do so. 

Mr Victor Khlystun, R ussia’ s 
agriculture minister, speaking 
after talks with Mr Espy, said 
that it would buy between 5m 
and 7m tonnes of assorted 
grains from the US - Including 
corn, soya cakes and feed 
grains. Russia imported L8m 
tonnes of grain in the first six 
months of the year - in part 


because the US $7O0m conces- 
sional sales programme 
announced last year had been 
exhausted. 

Mr Khlystun said that grain 
hmig ht and supplied from the 
US to the Russian Far East 
would be cheaper to deliver to 
these regions than grain 
bought and delivered from the 
European areas of Russia - a 
sign of fiie spiralling transport 
costs which have depressed 
tyiai and other domestic sales. 

The official news agency 
Tass, quoting figures from the 
Russian agriculture ministry, 
said that 47.2m tonnes of grain 
had been harvested so far - 
20 m tonnes down on the har- 
vest at the game time last year. 
In a separate report, the Inter- 
fax agency said that the minis- 
try forecast a total harvest of 
between 90m and 94m tonnes 
this year compared to last 
year's total of 99m tonnes. 

Mr Espy said he had told Mr 
Khlystun that, "the US stands 
ready to fulfil whatever 
requests they have”. He said 
he had discussed long- and 


(j’fcOMMOpmES PRICES 


BASE METALS 


Precious Metals continued 

■ OQIP COMBt (100 1>Oy flgj Sflray ofc) 


GRAINS AND OIL SEEDS 

■ WHEAT me (E par tame} 


SOFTS 

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MEAT AND LIVESTOCK 

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4,478 


Cash 

3 mths 

Oct 

391.4 

+22 

391.7 

368$ 9,159 

281 

tor 

10620 

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2630 

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997 

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999 

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1.719 

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1568-645 

tor 

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1958 

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1029 

+19 

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1015 

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394.4 

+22 

3944 

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8,773 

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1,155 

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1041 

+16 

1041 

1030 

12186 

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351 

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1533 

1577/1567 

F<* 

3978 

+22 

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3946 13/42 

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11300 

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1055 

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151 

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Total 




167/64 149ft 

TOW 



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Total 




182/67 4946 

Total 


W 

9290 

Open Ira. 

Total daily turnover 

277.895 

493T 


■ PLATINUM NYHEX (50 Tray OLlSrtrayozJ 

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ALUMINIUM ALLOY (S per tonne] 


Ctaso 1550-65 

Previous 1650-55 

tfgh/tow 

AM Officul 1545-50 

Kata doss 

Open int 2,308 

Total iLvly turnover 741 

■ LEAD ($ por tome) 


1572.75 

1570-75 

158871587 

1565-68 

1570-80 


Oct 

4212 

+03 

424.6 

4202 18/72 

2,773 

ftp 

3704) 

+84) 

377/8 

371/4 

1,471 

343 


1284 

♦19 

1296 

1281 

108 

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Oct 

39225 -0050 38/75 38250 11/13 

3/07 

Jen 

4352 

+02 

4240 

424.0 0019 

893 

On 

390/4 

+0/4 

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384/4 48/29 

8278 

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1344 

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DK 

30975 -0025 40175 39200 10/25 

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tor 

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389/4 18/54 

i/a 

tor 

1385 

+15 

1393 

1375 13/51 

1/18 

Fob 

40025 - 40375 39.750 3.114 

487 

JM 

4332 

+08 

- 

■ 481 

9 

to* 

3864) 

+64) 

3874) 

380/4 

1272 

121 

tog 

1415 

+15 

1420 

1415 

3 284 

516 


30300 +0300 30500 30050 1213 

IB 

w 

4362 

+06 

■ 

- 102 

- 

Jri 

asm 

+44) 

3614) 

33572 

2.758 

368 

Jri 

1437 

+15 

1449 

1434 

2.49B 

79 

Jn 

44/00 +0150 44.400 44.050 617 

61 

Trial 




24111 

3298 

ftp 

38374 

+3/6 

363/4 

358U 

4 

- 

ftp 

1457 

+15 

- 

- 

1/06 

2 

Aft 

43.100 +0050 40200 42225 a 

5 

ft PALLAOWM NYMEX (100 Troy at; S/troy azj 

Tetri 





70318 10077 

Trill 





7060010/15 

Tetri 

27/76 

aim 


601.5-2.5 
604 5-5.5 
599 


816.5-17.0 

618-20 

6201212 


AM Official 

5982-99.0 

612.5-13.0 

ftp 

6604 

Kerb riCKd 


616-7 

Oct 

S67-f| 

Open ml. 

41/77 


Km 

654/ 

Trt.ii daily turnover 

10/14 


On 

6507 

■ NICKEL ($ per tOnnM 


Jan 

559.1 

Ooso 

6125-35 

6310-20 

•tar 

TUri 

964.7 

Pravmuj 

6230-35 

6325-30 




Sep 154-50 +073 155.75 19440 147 

flee 15550 +025 15035 1 5550 3,488 952 

•tar 156.00 +028 157.00 I5SJ8 727 S3 

Total 0423 405 

■ SB.VB* CQMEX {100 Troy Cama/lroy cc_) 

Sep 6604 +04 5525 5464 806 219 

Act 5524 +3/ - - 5 


■ MAIZE CBT {5400 hu min; centefiOb buaheQ 
ftp Vm - 227/0 22510 0909 4, IK 


■ COCOA QCCO) (SORta/tonra) 


« PORK BELLIES CME (40.00(Bae; oanta/tw) 


» 57 

i 8/21 145 

100333 10429 


ftp 226/4 - 227/0 2255] 0909 4,188 

Deo 227/8 +1/0 228/0 228/0129457 21/13 

Star 237/0 +U2 237/2 234/8 29*25 2*11 

rift 242/4 +1/2 2438) 240/6 12JB6 455 

Jof van +1/2 247/2 2454) 12,195 398 

Sep 248/6 +1/2 248/8 247A 937 68 

Total 200628 29/24 

■ BARLEY LCE (E per mw| 

Sep 10350 -020 10350 10350 88 ' 6 


■ CO+TEE ICE (9/tonrwfr 


High/tow 
AM Offiaal 
K'pftJ doso 
Open ml 

TotJi duly turnover 
■ UN |S per tarvie) 


6340/8240 

6245-50 

8330-40 


10320 

-029 10320 

10320 

68 ~ 

6 

10445 

-005 104.78 

10425 

516 

a 

10626 

-025 10626 

10620 

352 

9 

10075 

- 

- 

92 

- 

11040 

- 

. 

21 

- 




1JB1 

a 


-6 

4165 

4039 

2278 

393 

-a 

4080 

3985 

13/84 3.19C 

-as 

3980 

3830 

12/34 1,732 

-S3 

3925 

3780 

5/88 

386 

-50 

3895 

3729 

1275 

293 

-48 

3839 

3715 

273 

65 




30,130 62H 


M 

42209 -0175 <2275 42200 

7,432 

2/78 

tor 

42275 +0025 42.750 41260 

442 

82 

Mft 

43.100 +0200 40700 42.800 

79 

16 

Jri 

44200 +0190 44200 43200 

144 

18 

•ft 

Tetri 

40250 

a 

0127 

1 

2/66 


; V CSCE {37500KM: cantsAbe) 


ENERGY 

■ CRUDE OB. NYMEX (42.000 US gab. S/barrel) 


■ SOYABEANS CBT ftOOCnu nrit canta/BOta buttaQ 


Close 1 

Previous 

Hrjtvton 

AM OtficiH 
Kerb close 
Opwi M 

Tot 4) Q, sly Kvnavcr 


5360-70 

5365-70 

5390/5340 

5336-15 

5390-06 


■ ZINC, epoctat high grado (S par tonne) 

Ctoro 967-68 99 

Previous 965.5-66.5 98S 

t+gMow 90. 

AM Ctfcud 964-64.5 987. 

Kerb cioso 99 

Opon mt. 97.983 

Tom CUflV lumover 16.702 

■ COPPER, grade A (5 par tonne] 

Close 2467 5-88.6 24{ 

Previous 2482-33 24! 

MlglVtaw 2463 2491 

AM Officfc/ 2463-64 24t 

KinO close 241 

Open mt. 217.740 

Totn oaly turnover 60,019 

■ IMS AM Official VS mat 15488 
LME dosing C/S rate: 1-5460 


Uriel Oaf’s Open 

price change Up He IP N 

17.70 +406 1751 1751 88587 38,428 

1751 +0.11 1758 1770 82519 14.137 

17.90 +0.11 1756 17.79 618S2 9503 

1758 +6.14 17.96 1752 33,495 2557 

17.96 +0.12 1650 1750 19/93 Z303 

1755 +009 1758 1753 14544 380 


Sep 538/4 -1ft 592/0 587/0 5/48 1,402 

Met 580/4 -2/2 584/4 579/0 78/nO a/88 

Jn 5886) -1/9 58272 587/0 14,182 3/a 

Mr- 5sm -40 sow seem woo i/m 

■by 8030 -20 607/0 802/4 4,606 843 

Jri 6060 -1/4 6120 8070 7593 1,002 

Total 19Qd*1 Opm 

■ SOYABEAN OO. CBT (BO/OPtae: centatofr 


99061 

*19-89.6 

994/987 

987.S-88.6 

994-96 


2487 5-88.6 
2482-83 
2463 
2463-64 


2488-67 

2497-88 

2497/2481 

3481-82 

2487-88 


Tetri 

■ enure Ofl. IPE (Wbarrri) 

Intact Oft*! 

price fl i is pi Kb lh u m 
Oct 18.45 +4112 1451 1833 60589 20,480 

Us* 18.60 +0,12 1859 1851 42.S7B 10587 

one 16.70 +612 46/3 t&fft 20,987 1582 

Jan 16.70 +0.08 18.73 1481 4104 1513 

Ft* 1470 +411 1470 1653 4522 62 

■to 1656 +406 1470 I486 5577 

168/08 27/90 

■ HEATING OtLHYMSX (42J00 US gate; c/« mi 


Sap 

26.13 

+024 

2518 

2583 

7/48 

2/15 

act 

2528 

+023 

2594 

2585 16/51 

0915 

On 

2564 

+022 

2574 

25/4 35/82 11,147 

Jn 

2543 

+021 

2552 

2527 

6/14 

908 

m 

2523 

+023 

25/2 

2506 

7/94 

1/23 

«ft 

2602 

♦0.17 

2512 

24/0 

4/06 

871 

TOW 





79/23 21/14 


ftp 21 (LSD -150 22250 20400 2S1 23 

fin 21445 -125 22175 212/0 2250 5533 

Bar 214a +480 22416 217.10 8514 10 

May 22480 +470 22550 21950 3529 25 

M 221-50 +470 22850 22400 708 11 

Sap 22250 +470 - - 412 9 

Tattf 34580 4334 

■ OOggE PCO) (US cents/pound) 

ftp 6 Pries bee. day 

Corep. My 201.05 

18 ftp amps 185.89 

■ No7 PREMIUM RAW SUGAR LCE (centa/Tba) 

Del 1256 +444 - - 1501 


1258 +444 
1152 

1159 +442 


ST0C15467 3 mewl 5448 6m0iK1.5420 4 natal £372 •*» 


■ HIGH GRADE COPPER iCOMEX) 
nay* 

ton 



Cosh donga 

Mft 

tow 

M 

Vlll 

Sep 

11065 

♦015 

11070 

115/0 

6,950 

705 

Oct 

11555 

+0.10 

113.00 114.25 

1/88 

a 

Nov 

115.3) 

*010 

114.70 

11090 

615 

1 

Dec 

114.75 

- 

114/0 

11050 34,416 

3/80 

Jan 

114.25 

- 


- 

535 

56 

ft a 
Tetri 

11075 

■ 

* 


315 

51/84 

4/BS 


PRECIOUS METALS 

* LONDON BULLION MARKET 
iPnccs supplied by N M Rothschild) 


Gold (Troy oij S price E ociutY. 

Close 399.SO-389.90 

Opening 39750-368.00 

Morning ftn 388.40 250523 

Afternoon fix 389.70 251/82 

Oa/s High 390.10-390.60 

Day's Law 387.40-387.80 

Previous doco 387.40-387.90 

Loco Ldn Mean Odd Lending Ratos flti USSf 

1 month 455 9 months .4.53 

2 months 4.38 12 months 4.92 


3 monttu ..... 

..4/9 



SSver Ft* 

p/troy Oz. 

US era oqufv. 

Od 

SP« 

355.70 

551.00 

MW 

3 months 

36050 

557/S 

Dee 

8 moruhj 

365.45 

684.45 

Jen 

1 year 

376/6 

56135 

Feb 

OpW Colne 

S price 

E equlv. 

tor 

Kiuperrand 

399-396 

253-256 

Tetri 

Maple Leal 

400/0-403.00 



Now Sovereign 

90-93 

58-81 



fttaet Soya Open 

Priw ri itaft * HP Im M W 
Oft 5405 4410 5440 44B5 41.484 13534 

fee 81.10 +417 51.20 5050 20,153 2548 

Dee 52.10 +ai9 5420 5156 mm 453S 

4an 5256 +424 5250 6255 22538 1/12 

Fit 53.13 +428 63.15 93.10 9/00 130 

Mar 5248 +430 84(8 5248 4188 373 

7ot * F84/Z3 24,878 

■ QA8 PPL IPE ff/tanne) 

Son Oe/i OpoQ 

price change Iri (m h M 

ftp 151/5 +470 18250 15150 5,160 

Od 155.50 +0.75 15650 184,76 24887 8JB4Q 

ft* 157-75 +450 158.50 157/5 13.542 1.409 

IMS 100X0 +1/5 10428 15425 16/08 1.775 

Ja> 161/5 +125 161.25 16026 12,573 321 

FM 181.76 +150 1BUD 1BUM 4.477 17 

TbM 107,864 15,489 

■ Natural GAS m*x 110.000 aismaol 

latest Dor'i dm | 

Price change Up ft kt W 

04 1835 +4039 1.640 1535 29/85 14712 

tor 1068 +4031 1070 1046 17.777 2078 

Dec 2065 +4020 2070 204Q 25,72) 9MQ 

■km 2.100 +4013 2KB 2050 14,432 $71 

Fat 20(0 +40)5 2046 2040 12010 667 

Har 2000 +0017 2000 109s 0.056 4ft 

Te01 131,338 1X044 

■ UNLEADED GASOLINE 
MTMEX (42/00 US gMfciOUSnafaJ 

LMftpS Mfa opM 

price change Mgk Ln tat Vri 

Od 48.16 419 4805 47* 2*214 12901 

Mr 4805 +401 4445 4700 14.B35 4.718 

Dec 54® +401 5405 54.40 9.144 1039 

*n 5400 +446 3400 51® 4,835 52S 

Feb 5300 +0.70 - . s , M3 376 

MMr 5500 +490 • • 480 10B 

Tel* 64099 21/97 


ft SOYABEAN MEAL C8T (100 im Srtorty 


ftp 

174/ 

-1/ 

1744 

173/ 8/26 

3/89 

Od 

172/ 

-1/ 

173/ 

171/ 13/60 

4231 

Dee 

173.1 

-1/ 

174/ 

172/ 37/88 12/83 

Jn 

173/ 

-1/ 

178/ 

1718 7/37 

787 

Her 

176/ 

-1/ 

17X2 

178/ 7/30 

783 

Mft 

17X0 

-1/ 

17 « 

177/ 4/18 

210 

Tetri 




82.184 2l/» 

ft POTATOES LCE (Sjtome) 




tor 1109 +442 90 

Tew tan 

ft WHITE SUflAR LCE t&ftonne) 

Od 32900 +440 33460 32000 70® 2079 

Deo 3Z7O0 +450 32800 31400 2020 805 

Mr 32&3D +A50 33SJ0 31420 4214 1,509 


LONDON TRADED OPTIONS 

Striks prion S tome — Cabs Puts — 

■ ALUMINIUM 

(9474^ LME Od Jan Od Jm 

1600 78 117 12 38 

TS2S 69 101 19 45 

1560 44 87 29 68 

■ COPPER 

(Grade A) LME Od Jm Od Jm 

8400 100 140 19 68 

2460 87 112 38 79 

2500 42 88 61 104 

■ COFFEE LCE Nov Jm Nov Jm 

3600 428 401 98 ZS6 

3850 382 484 114 287 

3700 380 438 132 305 

■ COCOA LCE Dec Mar Dee Mar 

1000 22 66 126 128 

1050 13 42 166 183 

ftOO 8 31 011 202 


Mr 32139 +450 324 80 31020 OfiH 1, 509 

May 3Z7/0 +470 32730 31440 653 91 

lag 32400 +7/0 32400 32Z00 356 ® 

Od 88730 +220 30450 30730 206 15 

Tetri 17/14 5304 

■ SUGAR *11' CSCE (IlgJMOftafoantatoa} 


1000 

1850 

1700 


Od Jm Od Jm 

100 140 19 58 

87 112 38 79 

— 42 88 61 104 

Nov Jm Nov Jan 

428 481 98 2S6 

382 484 114 287 

380 438 132 305 

Dae Mar Dae Mar 

22 66 126 128 

13 42 186 183 

8 31 211 202 

lEIPE OH Nw OS No* 

63 - 7 29 

22 68 21 48 

0 38 


LONDON SPOT MARKETS 

■ CRUDE Oft. FOB (per barrnt/Oct) +or 


tor 1600 .... 

Mm 1063 

Apr Z2S3 +13 2393 2283 l/M 

May 2440 • - 

Jm 1073 .... 

Tetri 1308 

■ FREIGHT (BfFBQ LCE (510/todeBC pofnf) 


ftp 

isa 

+38 

tsa 

1490 

683 

a 

(tat 

Od 

1549 

+38 

1548 

1505 

873 

IN 

Die 

NW 

1640 

+42 

1540 

15<0 

60 

5 

Mar 

Jn 

1330 

+40 

1830 

1800 

563 

$1 

Mft 

AW 

1532 

+42 

1532 

1310 

287 

17 

Jri 

Jri 

Tetri 

1398 

+13 

* 

■ 

80 

2/23 

311 

Od 

Total 


Base An 
1471 1469 


Od 1238 +448 1239 1130 4632014142 

Mar 1141 +440 1248 1231 8233810308 

My 1231 +436 1232 1135 11.142 2388 

Jri 12.15 +429 12.16 lift 5320 7S$ 

Od 11® +428 lift 11.75 1357 .117 

Iftr 1138 +428 1145 1135 ■ 801 14 

TOM U7/B6S1341 

■ COTTON NVC£ (S0JXWfea: C8ntS/tbe) 

Oat 7036 +470 7075 8930 3/83 264 

fte 8471 +490 DBZB 6470 27371 M57 

Mar 71.00 +032 71.15 7036 9,158 456 

MW 7228 +496 7235 7130 4371 312 

Jri 72® +125 72ft 7280 1445 3 

Od 70,18 +4® - - 414 1 

Tetri 51334 43ft 

■ ORAHQE JIHCE NYCS (IS^MOtbri; tentattft 


Dubri S1&35-&8N +4280 

Brad Bland (dated) 51830-633 +0.188 

Brent Stand (OcQ $1838449 +4.123 

W.TJ. (1pm net) S17.7M.77 +4165 

■ Ofl. PRODUCTS NWEprompt dsSrery Cff (tome) 


Premium QasoMie 
GsaCM 
Heavy Fod Ol 
Naphtha 
Jd Ajs/ 

MriMi /ipa asaai 
■ OTHBT 


$184-187 
$168-167 +2 

$72-74 

$160-102 +1 

$172-173 +2 


ftp 

07/0 

+0/0 

88/0 

87/0 

739 

14 

to* 

B1/0 

+040 

91.76 

90/5 

10/77 

1.182 

Jn 

84/0 

+0 55 

95 M 

84.75 

4/71 

383 

tor 

96.70 

+4.40 

9425 

9U0 

3/33 

535 

Mft 

10250 

+0/5 

10 UO 10460 

838 

2 

Jri 

Tetri 

mx 

+1/0 

105/0 

105/0 

484 a 
24091 410 


Cotton 

Uwipool- Spot and sW pmant arias amounted 
to 240 tonnaa far Bia week ended 2 September 
against 280 tonnes in tha previous weak. 
Restricted o perations Involved few fresh dsat- 
hg*, Qnljr occestarsl Wares dbptayed In Cen- 
tral Asian and American stylos. 


VOLUME DATA 

Open Hareal and Votame data shown fw 
a on t meta haded on COMEX. NYMBL CST, 
NYCE, CME, CSCE and IPE Ctuda 01 are one 
day in arrears. 


INDICES 

■ REUTERS (Bsw 18W31«l0t8 

Sep 7 Sap 8 morthaso ya ma g* 


Gd/d (par troy 
Slvsr fear my oHf 
Platinum (per tray oxj 
Pftdkn (par hoy ozj 
Copper (US prod.) 

Lead (US prod) 

Tin (Kuala Lunvw) 

Tin (New Yortfl ■ 

CaUe |Pv« wrignmc 
Step too 
Pips Ww »ri|«6 
Lon. day sugar (raw} 
Lon. day sugar (Mt a} 
Tata & Lyle ex p or t 
Barley pig. fe«Q 
Maiaa (US No3 Yellow) 
Wheat {US Dark North) 
RubterpcqV 
Rubber (No v)f 
Briber KLRSStoiAus 
Coconut 01 (PhB}§ 

Pahn OH (totay J5 
Copra (Ptft§ 

Soysbaana (US} 

Cotton Outlook 'A* Index 
wodtops (Bds Super) 


7Sftp 

129 SA 
SS3&S 
£3053 
21073m 
$ 1803 
£1383 
flflJMp 
6530P 
37230m 
S60Q3Z 

am 

$3893 

E1642SU 

7439o 

467p 


20823 20832 20642 18340 

ft CTB futures (Baaet 1967^100} 

Sep 8 SapS moiittiago “0° 
23332 - 231.21 21337 


C oar nm uftai ritMnrire atatad. p pmeatap. a redta 
r r lngritte . m MOnHti nsrcaVg. u Nov. t OeL a SmdOct 
m Sap 7 London RijrieaL 5 CM IMtetteA f Bdai 
mart* dkaa. * Shrep (l»*+ wrijht pared- • Qmgo on 
mak. O Men an ter pnvteiB d ay. 


short-term credit programmes 
for grain Imports to Russia, 
and that an agreement on 
amounts should be reached. 

Mr Khlystun told his US 
opposite number that Russia 
was interested in importing 
corn, wheat, soybean meal 
“and perhaps other commodi- 
ties like pork and beef’. The 
US agriculture department is 
forecasting Russian demand of 
than 8m tonnes of grain. 

Deliveries to Russia last year 
ran at ll.lm tonnes, and 25.5m 
tonnes in 1992. Reports from 
file Russian countryside point 
to a worsening position in the 
state and collective farms, as 
credits to agriculture are cut 
and sowing and harvesting are 
reduced. 

At the same time, however. 
demand is Hailing. The newspa- 
per Moskovskii Komsomolets 
headlined its main report at 
the weekend “There is a har- 
vest - but who will eat it?”, ft 
also said that “the statistics 
show that we are eating less - 
and not because we are worry- 
ing about our figures”. 


The GOLD prico found it 
impossible to break through 
the 5390 a troy ounce barrier 
on the London bullion market 
yesterday and the price ended 
at $389.70. up $2.05. Dealers 
said Swiss buying started the 
present rally and investment 
funds joined in yesterday on 
the New York Commodity 
Exchange. But producer selling 
capped the market at about 
$390. 

“At this level the prico looks 
very attractive to the produc- 
ers, especially the Austral- 
ians,” said one denier. “The 
New York guys seem to be 
interested in buying gold on 
dips to around $387 JO, so its 
pretty well supported.” he 
added. 

ALUMINIUM was lively in 
after-hours trading in London. 
Speculative buying helped run 
prices above stubborn techni- 
cal resistance at $1,570 a tonne. 
Last business was at $1,576.50, 
up $15.50, and traders 
suggested a move towards 
$1,600 was Ukely. 

Complied from Reuters 


CROSSWORD 

No.8,553 Set by ALAUN 



' across 

1 Quotes, reading aloud from 
“Tourist Attractions” (?) 

4 Forces me to go back into the 

building (8) 

9 On a piece of wood (6) 

10 Knock down and It spills out 
(4,4) 

12 Badinage is, in a bar (8) 

13 From the attendant comes 
“Villain, meet your doom!” 
(Q 

16 Stand back, the one in blue 
(4) 

16 A bit dull, unlike Switzerland 
(0.4) 

19 No rush to produce the pris- 
oners’ trousers? (4£/Q 

20 Bax with belts that have been 
returned (4) 

23 Can joke about the punish- 
ment (6) 

25 Infernally warped, is intent 
on (8) 

27 Being for once smart, I go 
inside (S) 

28 Lumber from the stable (6) 

29 The charm that wall-cut tails 
give to a chap ft) 

30 Seek for a way to keep the 
rabbit population down (0) 


6 A killing made, we gather, on 
land (8) 

7 Prevented the necessity of 
having delivered (5) 

8 Outburst of anger In a street 
artist (7) 

ll Leaves half the side sections 
(7) 

14 Didn't lift a finger to by to 
get transport! (7) 

17 Regarding what you say, he 
understands (3,6) 

18 Means it’s to do with music 
ft) 

19 The section about cooking 


eggs taking up most room (7) 

21 Go back and haggle with 
again (7) 

22 Requests should come with a 
note, if you don't mind (6) 

24 Quick answer to “Will this 
material wear well?" ( 5 ) 

26 Obsolete coin making g come- 
back (4) 


Solution 8,552 


_ down 

1 Crazy turn taken by tba plot 
- attempted murder (7) 

2 Piloting the ship badly 
though having a basic know- 
ledge (9) 

3 Rubblshi Line It with hard 
leather (8) 

8 Flight most of the way (4) 


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□□□□□tanHQQ DODD 

son b □ 

□QL3QQ □B00BQQQ 

a □ n a □ 
oaaaaciaQ idhhob 
a a □ q □ 
□aaa □aaaGmanmol 
h a n b h a □ 
aaaHQBQ hbdhdde 

□ □ □ Qua 
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seen 




fre- ' 




r 









FINANCIAL TIMES THURSDAY SEPTEMBER 8 1994 ★ 

LONDON STOCK EXCHANGE 


MARKET REPORT 

Interest rate worries again sap early confidence 


By Terry Byiand, 

UK Stock Market Editor 


Interest rate worries continued to 
cast their spell over the UK stock 
market yesterday as investors spec- 
ulated over the progress of the 
monthly pohey meeting between 
the UK chancellor of the exchequer 
and the Governor of the 0 f 
England, a Arm opening by share 
Prices melted away and. although 
UK government bonds resisted 
easier trends In other global bond 
markets, the FT-SE 100-share Index 
slipped into negative territory at 
the close, and was not helped by an 
early fell of 8.75 on the Dow Indus- 
trial Average. 

Nervousness over uk base rates 
Increased after the Halifax Building 
Society, Britain's biggest home 
mortgage lender, admitted to signif- 


icantly reduced confidence in hous- 
ing industry prospects, and warned 
of the likely effects of any rise in 
rates. Reported comments from a 
Bundesbank council member that 
rates could still fall In Germany 
appeared to land on deaf ears. 

The final reading showed the 
FT-SE 100 at 3,203.9. a net 1.5 down, 
after a slow but steady reversal of 
an early improvement of nearly 14 
Points which reflected an initial 
recovery in German bonds from the 
fells of the previous day. 

The FT-SE Mid 260 Index lost 33 
at 3.779.L Trading volume increased 
to 635 -2m shares through the Seaq 
electronic network, more than yj 
per cent up from Tuesday's figure, 
when retail, or customer, business 
stayed high at a worth of £L39ba. 

While many strategists doubted 
suggestions that the UK authorities 


might decide on a pre-emptive rise 
in base rates, it was generally 
agreed that the possibility would at 
least find an airing: at yesterday's 
meeting between Mr Kenneth 
Clarke, the UK chancellor, and Mr 
Eddie George, the Bank of England 
Governor. 

There was little buying strength 
behind the initial advance by equi- 
ties and trading volume appeared to 
increase as the market turned back. 
The relatively high level of retail 
activity this week indicates that the 
big investment institutions are trad- 
ing in equities, albeit cautiously, 
and appear to be unloading some 
stock. However, fund managers 
seem to have been reshaping portfo- 
lios rather than selling equities, and 
many analysts expect a further 
market gain. 

While corporate profits state- 


ments remained favourable, and 
were, in the case erf RTZ, accompan- 
ied by a higher dividend payout, the 
market overall was no longer 
responsive. A sharp rise in RTZ, 
which is regarded as a good guide 
to global economic activity, had lit- 
tle effect elsewhere. Strategists 
commented that the UK stock mar- 
ket, which has been driven for some 
months by rising company divi- 
dends and earnings, appears now to 
be turning its attention back to the 
interest rate front. 

Market indices benefited from 
strength in oil shares, where recent 
recommendations from London bro- 
kerage houses outweighed any 
effects of the settlement of the 
Nigerian strike, and in bank shares. 

But an attempted recovery by 
some retail stocks failed as Inves- 
tors again reacted to the implica- 


tions of the threat to domestic con- 
sumer spending of an upward move 
in UK interest rates. Several store 
shares lost early gains and the sec- 
tor turned easier in the wake of the 
comments from the chairman of the 
Halifax. 

There was no immediate response 
from the stock market to the lifting 
of the Malaysian ban on UK trade, 
although several leading UK firms 
will hope to be allowed to tender for 
work on Malaysia’s new interna- 
tional airport, a project from which 
they were originally excluded. 

• The FT-SE 100-share Index 
Steering Committee announced yes- 
terday that Schraders and 31 Group 
will Join the Footsie index on Sep- 
tember 19, and that NFC and Coats 
Viyella will leave. 

Full details of FT-SE changes: UK 
Company News pages. 


25 


FT-SE -A All-Share Index 

1,675 — 

1.650 



Source: FTGMphee 1064 


■ Key Indicators 
Indices and ratios 

FT-SE 100 3203.9 -1.5 

FT-SE Mid 250 3779.1 -3.3 

FT-SE-A 350 1618.6 -0.9 

FT-SE-A All-Share 1B06JJ8 -0.88 

FT-SE-A All-Share yield 3.71 O.70) 

Best performing sectors 

1 Extractive Inds. +1.4 

2 Gas Distribution ............ ....+1.1 

3 Oil. Integrated +1.0 

4 Printing, Paper *0.9 

5 Mineral Extraction +0.9 


Equity Shares Traded 

Turnover by vtfuro {mean}. Exdutfng; 
tatra-matoi business and avereoastunouw 
1,000 — ■ 



1984 


FT Ordinary index 

2475.7 

- 3.2 

FT-SE-A Non Fins pfe 

19.81 

( 19 . 84 ) 

FT-SE 100 Fut Sep 

3206.0 

+ 5 JJ 

10 yr G 8 t yield 

8.77 

( 6 . 81 ) 

tong gilt/oqutty yld ratio: 

2.36 

( 2 - 39 ) 

Worst performing sectors 














5 Spirits, Wines ..- 


- 0.8 



* 



CROSSWORD 




Ilh 

I! 


K 




i m 
■ ii 
i"ii 
* l! 
II 



Rerating 
seen at 
Ladbroke 

Hotels and leisure group 
Ladbroke put on the best indi- 
vidual performance in the 
FT-SE 100 list as the market 
responded to an overnight 
surge on Wall Street In the 
share price of Hilton Hotels, 
which jumped almost 10 per 
cent Ladbroke owns the Hilton 
brand name outside the US. 

Dealers were quick to lift the 
Ladbroke share price, citing 


rumours of a possible break-up 
of the US Hilton group as pos- 
sibly signalling a significant 
reratiog of ladbroke. 

Mr Alasdair McNee, an nna - 
lyst at Yamaichi Europe, said 
the market was talcing the 
view that Ladbroke's recent 
move back into casino gam- 
bling, after a 16-year ahgpnr* 
via its acquisition of three casi- 
nos last week, could also pro- 
mote an upgrading. Casinos 
contribute more than 50 per 
cent of Hilton Hotels’ profits in 
the US, the analyst said. 

Ladbroke acquired the three 
casinos, Maxim's, the Golden 
Horseshoe and Charlie Ches- 
ter’s, from Mr Trevor Hem- 
mings. who became one of Lad- 


broke's biggest shareholders 
following the deal 
Ladbroke shares closed 5 
higher at I69p after good turn- 
over of 5.4m. 


Index surprise 

A surprise result in the lat- 
est changes to the FT-SE 100 
Index came too late in the day 
to affect the relevant stocks, 
but dealers said several big 
investors were put off their 
stride by the inclusion in the 
index of investment group 3i 
rather than EurotunneL 

It had been widely antici- 
pated that the Channel tunnel 
group would join merchant 
bank Schraders in the leading 


index, replacing textiles group 
Coats Viyella and freight com- 
pany NFC. A number of track- 
ing funds which link invest- 
ments closely to the Footsie 
had apparently already bought 
Eurotunnel stock to adjust 
their holdings. 

However, a spokesman for 
the FT-SE steering committee 
said that as the Eurotunnel 
Units represented a combina- 
tion of French and British 
stock the capitalisation was 
halved to give an appropriate 
weighting. 

Coats Viyella, which 
announced the appointment of 
Lord Owen to the hoard, eased 
a half-penny' to 222'Ap. while 
NFC shied 2 to 170p following a 


EQUITY FUTURES AHD OPTIONS TRADING 


TRADING VOLUME 


Technical trading ahead of 
next Friday's expiry of the 
September FT-SE 100 Index 
futures contract dominated an 
otherwise steady day of 


consolidation that gave some 
relief from the nervousness 
seen on Tuesday, writes Clam 
Gascoigne. 

Volume in the September 


contract was significant at 
19,160 lots, but it was the 
December contract that saw 
the greatest change In 
turnover. Volume was mors 
than doubled to 9,826, 
compared with only 4,072 the 
previous day, as traders began 
to roll over positions from the 
September to December 
contracts. 

September opened steadily 
at 3,213, but then moved up 
rapidly to 3,227 by 
mld-moming, the high for the 
day. 

However, a sbw drift down 
began soon after, and the 
contract closed at 3,206 - 
spot on its fair value premium 
to the underlying cash market 
of 3 points. 

Once again, 3,200 proved 
the testing ground; the 
September contract touched 
its lowest point at this level 
and traded under 3,210 tor 
most of the day. 

Volume was also high in 
traded options, with total 
turnover reaching 39,939 lots, 
of which 10,898 were in the 
FT-SE 100 option. 

the most actively traded 
stock options were British 
Steel at 2,750 contracts and 
HSBC at 2,068. 


■ FT-SE 100 INPBC FUTURES tUFFQ E2S per ftiB hdax pobil {APT) 



Open 

Sett price 

Change 

Mflh 

Low 

Eat uoi 

Open lm. 

Sep 

32120 

32020 

+6.0 

3227.0 

3200.0 

20360 

44260 

Dec 

3227.5 

3221 JJ 

+J.5 

3240.0 

3216.0 

10345 

19124 

Mar 

3266,0 

3248.0 

+6* 

32500 

3259J0 

50 

110 


■ FT-SE MP 250 INDEX FUTURES (UFFE) CIO par Ml Indflx point 


Sep 37800 37*2.0 -2.0 37804) 37800 843 4167 

Dec 3802.0 38000 -4 JO 3802.0 38020. 843 841 

N FT-SE MR! 260 INDEX FUTURES (OMLX) £10 par fufl Index point 


Sep 37820 - - - - 638 

A# op*» teterart Oguma an lor pmtaa day. f Exact volume ■town. 


It FT-SE 100 PtPEX OPTtON (UfE) f*3205) CIO per Ml Index point 


3060 3100 3190 3200 3250 3300 3380 3400 

CPCPCPCPCPCPCPCP 
SEP !GS>2 21; 112 51? 88 12^ 35 13 53 31* 1W 1 154 1 204 

Ocl 172lj 20»a m»2 W 1 ? 44 n> 2 B8 46 92 W* 125 16 164 9 2081} 

Non 193 31i 2 157 45 s * 123 62 94*2 83 70 109 48 138^33^ 175 

Dm 216 48 m 61 147 78»j 11T>a 981] 91 124 68 152 501] 185 37 2h 

Junf 275 1141} 218*2115!] 10*220 Bh 723 255 

Cite 5342 Pun 4364 

a euro smEFT-se loo wpetopnoHfljFpg eio per m point 


3026 3075 3125 3175 3225 3275 332S 3375 

Sap 182 Ih 134 3<z » 8 » 19 20>2 38>} 5>} 74‘j l> a 120 1 69*2 

Oct «B 17 154 26 117 38>j 84*2 Wfe Slh 78»i 36^ 107 21h 142 12 182 

tor 215 29 140*2 53*2 61*1 S3 41 152 

Dm 232*2 39 160b 68 1U2>]10B*2 81 163*2 

Hart 281*2 68 214*] B5 158*2 136 113 118 

C*f 7,J»Afl»a23J * IWwIriw Mfe> nun Promimi* shown w (wad w taatowrt ptaw. 
t Uro <UM en*Y wxte. 

■ EURO STYLE FT-SE MP 250 INDEX OPTION fOMLX) CIO par M Mat point 

3600 3369 3800 3650 3700 3750 3800 3860 

Sap 83 26*] * 50 18*a 82 

Cota 0 Pm* 0 SeUmcnt pfces enJ vttmra w Hta at 430pn. 


FT - SE Actuaries Share Indices 



The UK Series ] 



Oevft 

Year 

Ov. 

Earn. 

P/E Xdad(. 

TOW 


Sop 7 chgb% Sep 6 Sep 6 Sep 2 

ago 

ykM% 

yHdK 

ratio ytd 

Return 

FT-SE 100 

32035 

3205.4 3241 ^ 3222.7 

3035.4 

3.92 

6*2 

17J1 90X3 

1207.49 

FT-SE Mid 260 

3779.1 

-0.1 3782 A 3758.7 3781 J 

3482.4 

3-28 

350 

215S 89.03 

140322 

FT-SE MW 260 ex Wv Trust* 

3784.7 

-0.1 3788.6 3794J3 37BSA 

3478.0 

342 

394 

2036 91.77 

1401.76 

FT-SE-A 350 

1616^ 

-0.1 1619.5 1634.1 1626.1 

iais 

377 

651 

1820 43^6 

1247 SS 

FT-SE SnnflCap 

1810.85 

1S11JJ8 191 a 12 1911.89 1783-53 

2.97 

4.11 

31.18 35121 

) *77.88 

FT-SE GmellCap ex lm Trusts 

1876.04 

1876*1 1876J4 1875.87 1784.71 

314 

455 

28.68 39.14 

1454.50 

FT-SE-A ALL-SHARE 

160&3B 

-0.1 1607.28 1620.76 1613.37 1609.38 

171 

6J4 

18.76 42.74 

1258.71 

■ FT-SE Actuaries All-Share 

Day's 

Year 

tty. 

Earn 

P/E Xd adj. 

Total 


Sep 7 

chge* Sep 6 ' Sep S Sep 2 

MO . 

yield*. 

yield* 

ratio ytd 

Return 


10 MINERAL EXTRACTJO«{18) 2/9057 

12 Extractive Industrie^) 4QZ8£8 

16 Ofl. tntograt«k3) 2758.70 

1 6 OB Exploration 5 Proctill) 1 944.50 


+09 277850 2802.01 2781.79 2287.80 3.24 

+1.* 3073J31 402751 4020.78 3338.90 3.16 

+1.0 273357 2762/46 2740.30 2186.10 3.33 

-0.2 1848.61 1946.35 1S2SJ9 1637.70 2.49 


6JI7 24.74 54.71 1115.48 
5.00 25.05 5A2A 1099.29 

845 22-85 69.99 112&6S 

1 3S 60.001 20-34 1114S4 


26 


0 QEN MANUMCTURenStafla) 

1 Budding S Corstroctlon(32) 

2 Bidding Matte 6 Mwclwpi) 

3 CTwnicatsCS} 

4 OtvorwOM 1ndu8triatot16) 

5 Electronic & Elect Eqdp(35) 

8 EnS*»ertngj7C9 

7 Engineering. Vehlctoap2) 

» Printing, Paper A PefcglCQ 
TmrtftM 8 ApparatgTB 


2030.02 -0.4 2037.04 2060.46 2041 .04 190530 

119432 -1.1 1207.70 1211.93 1203.B8 114830 

1995.02 -0.7 2010.00 2026.82 2Q1 6J7 176800 

2471.61 -0.4 2482.51 2503.45 280&D4 232X30 

2017.50 -0.7 2030.64 2050.79 2032.78 1979.40 

1893.83 1993.82 2000.75 2021.96 2147.60 

1688.60 -0.4 1805.87 181267 18CEL24 1687.30 

2359.08 -A3 2367.25 2384.96 237842 1973.00 

296828 +041 2930.68 2914.09 2879.70 2449.70 

17JH38 +0.1 172621 1733.64 1706.46 1914.10 


375 

4.64 

2337 52. (B 

102958 

324 

4.44 

29.06 21.47 

928-42 

369 

4.D6 

31.00 4351 

934.47 

378 

All 

30.70 7357 

109368 

4J>1 

A63 

26.49 64.88 

10275S 

376 

331 

1389 55.09 

97380 

301 

4.63 

25-63 3959 

1081.77 

4J9 

346 

5756 54X3 

113A73 

2.89 

5.00 

2342 5A22 

1157J7 

389 

340 

19.33 40.49 

97340 


30 CONSUMER 00008(67) 

31 Brwertas{17) 

32 SpMU, Wines & CtdnreflO) 

33 Pood Monufocturerapaj 

34 Household Oood»(t3> 

X Hearth Coret2i] 

37 PhoimocntrUcaleP!) 

38 TotaccoP) 

40 SERV1CeS(2ia) 

41 DtetributorsjSl) 

42 Leisure 4 HotrtaCM) 

43 MedtapB) 

44 RetaBora, Food(l6) 

45 ffetatera. GoneraUASI 

48 Support Servtoest40) 

49 TransportdB) 

6 BuaineastSl . 


Si Other Servteesj 
GO UTILITtES(36) 

62 Sectriettytih 

64 Gas OlsWbutionH) 

66 ToteccmmurtcaUonaW 

66 WateKlA. 


2625.67 -0.4 283834 2885.30 2874.45 Z799J50 

231823 -0.8 2329.40 23844)4 2388.84 2091 JO 

2928.91 -06 2951.07 30034)7 2996-29 2911.60 

239SL27 +0.1 2392^1 241ZB9 236100 2361.30 

2602.12 +0.1 2S0029 2541 SO 2561.14 2456.70 

170352 -0.5 1712.38 172888 1727457 1792.40 

3098.71 -04 31 12£3 3167.95 3160.73 305080 

-0.2 3866.03 3804.45 378048 394030 

199751 -02 2000. B2 201028 2014.57 132550 

2683.49 -08 2704.28 2730.78 27424)0 2788.90 

2121.11 +06 2104.68 21 16.37 2108X0 167050 

2031 .39 -02 293081 2964.93 205014 252000 

184420 -04 165120 1677.64 1654.48 1004.40 

170B.1B -0.4 1712.61 1731.48 1732*8 1661*0 

1564.66 -0* 1603.90 1604*3 169425 1651.60 

236003 +02 2350212375.77 238322 2266*0 

mpoan +0-1 132027 1329*1 1327*4 1316*0, 


A12 

7.14 

1320 6337 

98319 

4.03 

7.38 

1346 60-23 

1037.22 

378 

6^7 

17.65 8382 

981^4 

A00 

7.36 

1374 71JB3 

1004.49 

380 

7*7 

1318 5380 

882.15 

2.83 

320 

4366 3306 

98434 

AOS 

7.02 

1350 7305 

97323 

5.93 

BAO 

11.43 217JT7 

MAS4 



066*6 

62010 

113008 


2500.00 +02 249018 2818.10 2602.83 228620 

S»*6 -012644.07 266085 285057182090 3*7 0*2 

1955*0 +1.1193333 1994.69 1978.72 217620 6.13 t 


9000.03 +04 2061*62067*1207062 207330 3*5 7.63 
1 054*6 -0-7 1667.96 1880*3 1947,49 1838.70 4.B7_ 19.11 


A21 

753 

1310 

7342 

963-00 

347 

0^2 

12.82 

6346 

1QB62S 

313 

t 

% 

6379 

893.46 

3.95 

7.S3 

1317 

5022 

89127 

A97 

1311 

9J» 

MAC 

97727 


IOM-Pl*IANCtAI*r833L 


1735.07. 


-0,1 173059 178428 1747.07 1826*3 
+OI 22^.602270*1 2261*62176.40 
+0.9 283829 2819.75 2888,77 2823*0 
-0.4 127223 1291*2 1279*6 1462.70 
-1* 2527*3 2552.77 2624*8 2628*0 

318080 3194.76 316427 3053*0 

-02 2017.47 2018*6 2003.77 1790*0 
- 12 1541*5 155324 1560*6 158720,. 

.290016 2915*72820.16 866060 2-09 


3.B9 8.07 19*1 43*7 1221*7 


NANCtALStlO- 1 ) 
71 BenkatiOl 

,U lrmrance(17] 

74 Lite A esumnceiS 

75 Merchant BanksWI 
77 Other Flrtencfe4C4) 

70 PropertvHI) 


2271*7 

2064.83 

1287*4 

2480*9 

316726 

2013*6 

1522.18 


4.19 

B.7S 

1310 80.07 

POQ IS 

4.06 

9.04 

1369 11A04 

88086 

303 

1371 

371 4365 

685^3 

BJ02 

7*3 

1375 S534 

94260 

323 

lose 

1124 7342 

9$363 

362 

7.83 

16.23 4380 

107070 

305 

A08 

3063 39.08 

BFOTS 


vwiuflff TRUgr^lga 2900^ 


r-SE-A AU-SHARETBaq 

ourty movements 

Open 9*0_ 


160033 -0.1 160726 1820.78 1813.37 1609*6 3.71 


l.iS 5063 4064 078*3 
034 1076 42.74 125071 


10*0 11*0 12*0 13*9_ 


14*0 

32100 

3783.7 

1623.7 


16*0 


1010 jgMe Lwrfday 

3205.1 
377*4 

1619.1 


3211* 3215* 

37*1.5 371B* 

1831* 1623.5 


3210 * 

3782.8 

1631.6 


3215.8 

3786* 

1623* 


3214* 

3764* 

1623.2 


3315.4 

3783.0 

16204 


3210.1 

37BT.1 

16212 


32101 3203* 

3786.1 3778* 

1625.0 16106 


Actuaries 380 Industry baskets 

oflO 10*0 11*0 12*0 13*0 W*0 «U» 16.10 Oeae PrMou* Change 


-^T 11602 1165* 1162* 1151* 11632 11512 1148* 11406 1167* -105 

,,83 - B Mffi.5 JS.1 3090* 3089.1 30902 3081* 30772 3071.8 3085* .142 

30659 laras ms 19 63 - 4 19027 1962 - 7 18S3J5 'WM 1968* -132 

2999* SS* 30142 a* 1 ®- 7 3W M *«« 3006 '° 5001 * aT *' 

i to Saturn Wue*. otu el eanMtmm me Mlfbb fern Ow Awdtf Tmim 
cm. Hdcea Serace. wNdi ee*an ■ wwa ol Neonrtc m papMaraa 
-- — 17 Epwcrlh S!«>r<. Lmvton BS2A «3L 

L tta FT-SE Md SO rWBS MtuarMB 3» mti lha FT-SE Mam** UMay 
radwn end Repuoie or aetant M Vie HVSE Mhmm Mw * 

tuSrf 4 cb* 1» and lha ACUty el fmehta imPr ■ atanoiRl M et gnam ruaa. 
4 iraartl Untad 1094 « IM nnaiKMl Ttnw LMad 1804. M nan raaatmd 
n Stech Exuwe* *"4 The Rrancw itan UenbeiLTne (T*E Muarias Shm 
80 am m aheen. : Vtbaa an nagHhfc 



■ Mafor Stocks Yesterday 

VoL Closing Da/« 


SOAOmipt 

tobeylMfcnrft 

*wtFWw 

gs 

no. 5lL Foodsf 
Brit Ports 


w* 

■ft of Scounrit 

ST 1 

kio Cbcist 
■Par 

«wt , 

MOtarr 
s. floroapaost 
MiMnrMt 

ibah Qnt 
riihLaid 
Hsn SterTf 
rat 

vmah Cosaoft 
mn 

M»A IMrist 
ocuv Schwappn 
lorOot<i 
r*3 ont 

Aon Coruna.* 

«s Wlyrfiat 
mm. Unont 
ohaon 
mtaddxt 

EW 

r IUUI 

sum Beet 
n Mldand Bad 
|CMQqa 
tarpnm Oft 
lonnwUnia 
1 

ont 

Man & CaL LT. 


3300 

64 

+»2 

1JSM 

416 

-4 

1300 

90 


1^00 

600 

. < 

via 

689 

-1 

SO! 

358 

+1 

3100 

290 


3700 

270 


644 

554 

+2 

137 

288 

+4 

1.800 

495 

+2 

3100 

436 

-1 

330) 

1111} 

-4h 

737 

304 

+2 

470 

729 

-3 

7.400 

«22 

rah 

2. BOO 

314 

-3 

ruwo 

368 

*2h 

3700 

276*1 

+2*2 

apoo 

362 

-6 

1600 

213*2 

+3 

4^00 

030 

+4 

1600 

587 

-at 

1^00 

314 

378 

452 


7G3 

544 


3700 

JES 

re 

3-BOCI 

517«2 

♦Ih 

ajoo 

410 

+2*2 

3*00 

206 

+3*2 

730 

305 

-6 

3000 

193*2 

"4*4 

300 

172 

+2«2 

aia 

002 

+8 

1JOO 

64 


JTJOOO 

439 

-0 

1.100 

472 

* 

99 

274 

-a 


■3 i 


ndat 

idMdt 


670 


moost 

C (TSp statt 

■nansen 

■ont 

nonsCra<**3 


rnflt 

son Macfwy 

jw 

:Som 

ISoastWSt 

Mi 

iKOanentt 
laAHbay 
*> Bonier 


-ID 


vmi 

i A Spancart 


W Banlet 

ns) Pswarf 


■0A(WnC 389 

1*00 
WOO 
1*00 
617 

iWastWMart 007 

•raBad 330 

am FooasT 2*00 

ab 370 

ont i*oo 

>t 1.100 

Dion 678 

rQant 12DQ 

!«Wf 3*30 


??i)Bnent 




llhMt 


(WJU . 

taoensmt , 
taachatnua-t 


nCCCTW 

kWawf 

■rHOuM 

I 

rt 

BtooiesT 

ftopapari 


aoson 


a Bod 
sWaw 


1*00 373 +» 

4*00 1S3 +2 

878 162 -1 

254 783 -4 

7® T7B *4*2 

03S 376 -6 

1.100 622 

i tn&nfl uctata Mr a ^ Ta cito n of nWor 
idast awuth SE4C ayttm 

r imM 4 jopm. Trades of *» mBonor 
RMMH dCMClt t IndieM* >8 FT*SE 
eantlveni 


fail in nine-month restated 
profits to £76Rm from £11 6 -3m 
previously. Eurotunnel was a 
penny off at 284p and 31 slipped 
2*/i to 319p, while Schraders 
edged up 2 to 1535p. 

The world's biggest mining 
company, RTZ, advanced 13 to 
885p after producing first-half 
figures above market forecasts. 
The group announced a 30 per 
cent rise in adjusted earnings 
to £242m, against forecasts of 
between £l95m and £2 15m. 

Analysts raised toll-year pre- 
dictions by some £70m. For 
example. SGST moved its fig- 
ure to £530iu from £460m, 

RTZ’s paying of a foreign 
income dividend had distorted 
the figures by lowering the tax 
charge, but underlying profits 
were still up by 20 per cent 
against market expectations of 
about a 15 per cent increase. 

More details of share buy- 
backs and the appearance of 
the rumoured cost-reduction 
programme at Midlands Elec- 
tricity kept the regional elec- 
tricity stocks bubbling away. 

London Electricity just 
edged out Midlands as the sec- 
tor's best performer, with Lon- 
don closing 21 higher at 721p 
and Midlands 20 ahead at 81dp. 
Midlands said its cost reduc- 
tion plans would be worth 
around £30m over the next two 
years. Manweb, which 
announced a similar move on 
Tuesday, jumped 11 more to 

862p. 

There were more share buy- 
backs announced yesterday by 
South Wales Electricity, which 
said it had picked up a further 
100,000 shares late on Monday 
at 8i5p. South Wales shares 


NEW HIGHS AND 
LOWS FOR 1994 


ffiWHKlHSISQ. 

BR8WEMES (1) Maroon Thorrown. BUM 
MA7VS ft UCHT8 (1) RoM (Ai 
DtSIHIolilORS US) Brammsr, finatac. Nnun 
Paneo, Gpandex. ELECTRMC S ELECT EQUP 
(2) ABa. TCL BUMEERMQ (3) Dcrrnck 
Huvar. RanaomM. Tln*w (EL ENGL VEHICLES 
PI First Tech, EXTRACTIVE (MBS P8J HEALTH 
CARE PI Mktand Amts. MVESTMEMT 
TRUSTS t» ITM own T«L Wmts 2005. JF 
Afta Select TR European Growth Trust 
LEKURE A HOTELS (4) OueCM Toys. FoMne 
Boats. Nonhem tnn Cc. Or Ob «rt». 
MEDIA P) Oromrten TV A. MERCHANT BANKS 
fl) Schroder*. Oil. EXPLORATION & PHOC (1) 
QuBttnaoi Res Caneda, OTHER FMAHGIAL p) 
SOU. PHARMACSmOALa m Bra Bwech. 
RETAILERS, OENERAL PI Austin Read. Fiend) 
Connection, ttror Group. SPIRITS. WINES A 
CIDERS p| Macdonald Matin A. SUPPORT 
3ERV8 n Htoku wwwg, Rartua. "iitanm 
Secunljf, TEXTILES 4 APPAREL p) Wermm. 
TRAHSPOBT pj OHT Bus, WATER fU Ecu® 
Suta Water. 

NEW LOWS (SSL 

CHLTE p| TVeneury 13 Upc La 1097. 
CHEBSCALS « SuOHh Spvtonan. WtJHgton, 
onmsureRS PI Pereono. ENO. VEMCLEB 
PI Motor World. HOUSEHOLD GOODS p| 
vpnn. INVESTMENT TRUSTS M ECU TB 
mn. Art SpMrti inv. WHI. Gararrn Stood 
EolKy Zero Dtu Pt. Johnson Fry Second LWa 
Zero PL Joe Zero Ob FT. Oftn Zoo Cpn Prf. 
LB8URE A HOTELS (2) Gnnntrt Cu. M- 
Suray. OTHBtSERVS A BUSNS p) Enrtn. 
PRTNO, PAPER A PACKQ ft) Br*. Thonnon. 
HiMWioM. PROPERTY (a But LAM 6pe C« 

M Peel Spaeuv Shop*, TEXTILES A 
APPAREL p) Beckman |AL TRANSPORT (1) 
NFCVwVlo. AMERICANS (2) GenwaJ Hoot 
MaNy Tech. CANADIANS p) Dertah Ml 

advanced 13 to 830p. 

There were also strong per- 
formances from Eastern, up 9 
more at 797p, Norweb. 12 
higher at 817p, and Southern, 
which rose 13 to 780p. 

The Scottish generators suf- 
fered yet more weakness ahead 
of the pricing review, which 
was said to be immi nent. 
Hydro-Electric lost 10 at 388p 
and Power 9 at 390p. 

National Westminster was 
the outstanding stock in a 
bank sector still attracting 


plenty of attention from the 
big institutions. The shares 
rose 7 to 518p. helped by a posi- 
tive recommendation from 
Credit Lyonnais Laing, whose 
banks team pinpointed the 
stock as a particular benefi- 
ciary of higher base rates. 

The market gave a grudging 
response to the interim profits 
improvement at Hillsdown 
Holdings, with dealers mark- 
ing the shares up to 185p 
immediately the results were 
announced before chopping 
them back to their overnight 
level of 181p. 

Ms Arabella Cecil, food man- 
ufacturing analyst at Credit 
Lyonnais Laing, described the 
figures as “satisfactory rather 
than exciting”, but remained 
bullish of the stock. “We con- 
tinue to expect a 10 per cent- 
plus rerating over the next 12 
months as consistent results 
are delivered and the dividend 
resumes growth.” Ms Cecil 
cautioned, however, that the 
stock would be low on short 
term thrills. 

Dalgety receded 4 to 489p 
amid talk of a James Capel sell 
recommendation. Cadbury 
Schweppes rose 5 to 4?2p. 
helped by a Strauss Turnbull 
buy recommendation in front 
of Interim figures expected this 
morning. 

Nurdin & Peacock put on 6 
at 183p in the wake of the well 
received Interims, which 
included a 5 per cent increase 
in the dividend. 

Engineering group BBA 
managed to overcome an ini- 
tially unfavourable reaction to 
its interim profits, which more 
than halved because of a £l5m 


exceptional litigation charge. 

The market was pleased with 
the progress the group has 
made and encouraged by man- 
agement's reiteration of target 
margins of 10 per cent. The 
stock put on 9 at 198p on high 
volume of 3.8ql 

Nervousness surrounded 
GEN, which declined 9 to 6l4p. 
There was rumoured to be a 
block of lm shares in the mar- 
ket and Tew takers. 

Simon Engineering suffered, 
in spite of reducing first-half 
losses, the shares dipping 4 to 
llOp. “It is difficult to see any 
value short of breaking the 
group up.” said one analyst 

Profit-taking took 4'/« off 
British Steel at 153'- ’ip. The 
stock has lost 7 since Monday, 
sparked by downbeat price 
comments made by ASW when 
announcing its results on 
Monday. 

Ailo Wiggins, the paper 
group, unproved 7'A to 279p 
ahead of interim figures due 
today. Bowater remained 
strong, closing 6 up at 4S8p. 

Encouraging figures from 
Portals, the banknote paper 
maker, saw the shares jump 20 
to 675p. Interim profits rose 20 
per cent to £16-2m. 

Anagen, the medical diag- 
nostic group, forged ahead 13 
to 65p after announcing that 
the US Food and Drug Admin- 
istration had approved its auto- 
mated immunoassay system. 

MARKET REPORTERS: 

Peter John, 

Clara Gascoigne, 

Steve Thompson. 

■ Other statistics, Page 18 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


Option 





Cate 



PUS 


Option 


Oct 

Jan 

Apr 

Oct 

Jen 

Apr 

ABoHitm 

589 

82% 

- 

- 

11 

- 

- 

reoei 

638 

B 

- 

— 

38ft 

- 

- 

Aim* 

200 

19ft 

26% 

33 

8ft 

16 

ao» 

(*289 ) 

300 

9 

16%: 

23% 

10 : 

27% 

31 

ASQA 

60 

7 

B% 

10 

2% 

4 

5% 

CM) 

70 

2% 

4% 

5% 

B 

10 

11% 

Brit AJrmap 

390 

31 

40% 

51 

7 

IB 

21 

r*ioi 

420 

13 

24% 

» 

21 

30% 

38 

as? sort 4 

420 

Zffft 38ft 

48 

10ft 

17% 

23 

r«e i 

460 

0ft 

19%: 

29% 

31 

41 

47% 

Boots 

500 

54 

60 

71 

3 

9ft 

16% 

CVS) 

550 

18 

29 . 

12% 

16 

30% 

37 

BP 

420 

19 

29 : 

37ft 

13% 

21 : 

27% 

r«22) 

460 

5 

13: 

20% 

41% 

46% 

51 

Britiah Steel 

140 

17ft 

21 ; 

24% 

2% 

5 

7% 

(*1S3 1 

160 

5% 

o% 

14 

12 

14 

16% 

Ban 

550 

32% 

42% 

51 

12 

27 

39 

rsea) 

600 

9 

18 

28 

41 

59 

87 

CtfetMi 

420 

34 

« i 

Sift 

9% 

20 

26 

r*«) 

460 

13ft 

28% 

37 

30% 

41 

46% 

Cnvt3zddR 

500 

20 

87% i 

40% 

14 

25 

31 

1*506 1 

550 

6 

Ifift 26ft 

4S; 

54% i 

m 

Damn ttetea 

550 

2Bft 

44% 

S3 

11% 

19 : 

n% 

rS63 ) 

600 

7ft 

20ft 

29 

42ft 

48 i 

80% 

n 

800 

44ft i 

88% 77ft 

14 ; 

27%' 

44ft 

(*822 ) 

850 

15 

38% 

52 

40 

54 

71 

HnglMKr 

500 

26% 

41 

55 

16%: 

28ft : 

33ft 

r5T2 > 

550 

7 

19 

33 

50% 

54% 

02 

Land Sects 

BOO 

41% 

50% 82% 

4% 

12% 

16% 

(*631 ) 

850 

11 

2Z% : 

35% 

28 

36 ' 

40% 

MmlaSS 

3BD. 

SJJi 


50 

3ft 

Oft 

J3 

rwi 

420 

12ft 

24% 32% 

H 

22 ; 

25% 

Neovnx 

500 

32% 

47 

5B 

12 

21 

32 

rsis) 

550 

9 

24%: 

11% 

40% 

48 

80 

araunuy 

420 

37 

47 56% 

7 

18%: 

21% 

r«7 1 

460 

13 

28% : 

98% 

24% 

35 

40 

Shed Tiers. 

750 

18ft 

38 

48 

22% 

31 

44 

C75B) 

800 

4% 

18 84% 

60% 

65 75% 

surtfitua 

220 

13 

18 23ft 

Oft 

11 ' 

15% 

1*224 ) 

240 

4% 

9% 14ft 

19 : 

22% 

27 

TrsMaer 

» 

Bft 

10% 13% 

4% 

B 

10 

{*91 ) 

too 

2ft 

8 

9 

11% 

1b 

18% 

lUteter 

11M 

38 i 

81% 

78 

25 ■ 

«%! 

b/% 

nistj 

iaw 

Iflft 

37ft 

04 

as 

70» 

OS 

Zeneca 

800 

38% 

84 

88 

« 

20 

47 

(*822 ) 

850 

13% 

30 41% 

bifti 

57%: 

/b% 

Option 


Nov 

Feb 1 

Hey 

NW 

Ftt 1 

fey 

QranO Met 

420 

25% 

39 41% 

15 1 

£%: 

31% 

r«s ) 

460 

0% 

17 

25 

40% 

50 

56 

Lsdhn** 

160 

16%: 

22% 

26 

5 

10% 

14% 

n«i 

1» 

7 

13ft 10ft 

nw : 

22ft 28% 

UM BtecudS 

330 

15 

23 

28 

is 

23 31% 

[*330 ) 

300 

5 

12 

18 

38 

42 

51 

Option 


Sep 

Dec i 

Star 

Sep 

Dec 

tear 

Ream 

140 

15% 

18% 21% 

i% 

a 

a 

DS2) 

160 

S 

7 

11 

10%' 

16ft 

19 

Option 


HO* 

Ml 

MW 

Nw 

Ftt 1 

fey 


Brit taro 500 40 57 8714 S3 34 44 

(■817) 560 1714 33 45* 52 6214 71 

BAT Ms 420334381 12 17 37 

r«6 I 460 13 24 30H 3314 3814 SO 

360 ZBtt 38 40 9 13 19 

380 12 IBM 28 24 28 34* 

2 2Bh 33ft 11 10ft 23ft 

B 13ft 20 29ft 38 41 

IS 37 42ft 14ft IBM 23 

0 T*M 24ft 38» 43H 51 

750 74ft B2ft 187 19M 31ft 43 

{*790 ) 806 44ft 68 88% 4614 54 BBft 

Grams* 460 33ft 48 82 10ft 18 23ft 

1*481 ) 500 12 2Sft 36ft 32ft 37ft 45 

QEC 280 24 27ft 33 B 9 12ft 

C20S ) 300 1214 17 22)4 14 ISM 21 



Henson 240 18 21ft 25 5ft 914 13ft 
C250 ) 280 7ft 11 18ft 1SH 20H 24 

Luma 154 13 - - 8ft - - 

(158) 1B0 4% 7ft lift 28 30 31 

Lucas lads 180 20 24 Z7H 6ft 10 13ft 

(194 J 200 8ft 13ft 17ft 17M 21 24ft 
P 5 0 850 36ft 54ft B3ft 23 36 49ft 

1*670 ) 700 18 SI 41 ft 56M 86 78 

PMngkm 180 a 28% 2SM 4M 7ft io» 
{*195 ) 200 10ft 15 18ft 13 17 19ft 

FluMH 300 «m 34 38ft 7 lift 17ft 

(*322 ) 330 11 17ft 23 22 26 34 

RTZ 830 58 7SH 8714 22 34 46 

(**83 | 900 Z7M 40 82 48 59 73ft 

fiatSand 500 46ft 58ft 67ft lift 17 30 

(*537 ) 550 17ft 32 42 35ft 42 57 

toy* mac* 280 IBM 28 33» 14ft 19ft 25 

{*282 ) 300 11 18ft 29 27ft 30ft 38ft 

Tbscq 240 18 22 28 11 15 19 

(*Z4fi ) 260 6ft 13ft 17 23 26ft 30ft 

ttxUtone 200 18ft 21 28 8 13 16 

f2Q5 ) 217 8 13 - 18 22ft - 

•Warns 354 28ft - - 8ft - - 

cm ) 384 Bft - - 25 - - 

Option Oct Jan Apr Oct Jar Apr 


420 Bft 

so a 

36 1 

550 83 
600 15ft 
300 18 
330 3ft 
280 18ft 
300 8 

200 11 
220 3 


BAA 
r«85) 
nranssW 
r62S) 

Option 

Attar fed 
(-415) 

Amstiad 

m | 

Bardars 

rs») 

Skis Qtda 
C-313 1 
British tea 
PS5> 

Drama 
(*206 1 

mow 
nBi j 
Lo«tw 
1*138 ) 

Hati Pram 

r«B) 

Seat Pnnr 
1*391 1 
Saara 
(120) 

Arts 
P23B 1 
Tarmac 
085 J 
Thom EH 
(*1026) 

ISA 
1*232 ) 

Toptidm 
(*234 ) 

•Manna 
r®2 ) 

Option 

San 600 32 

CBIfl I 650 13 

HSKrSpda 750 50 

C7G6 ) BOO Z7ft 

RMara 487 23ft 

f«3 ) 500 17 

OpUra HM 


475 31 38 48ft Bft 13ft 17 

500 15 24 33ft 17 24 28W 

500 35ft 45 52H 7 IBM 23 

550 lift 21ft 29 32 48 40 

Sop Das Wr Sap (tec Her 


42ft 50 
23 32 
4H 8ft 
2ft 3ft 
88 79ft 
38 48 
27 38 
14 22 
23ft 27ft 
13ft ISM 
20ft 24 
lift 15 


2ft B 17 
13 22 32 
1M 3 4 

5 6ft 7ft 
1H Oft 18ft 
14ft 29 40ft 
4ft 12ft 18ft 

20 25ft 35ft 
2ft Bft 13ft 
10 21 22K 
5 lift IB 
18 23 28 


180 6 12% 18 4ft Tift 13K 

200 1% 5 9% 21 25 28ft 

130 9ft 16ft 19 3 7 Bft 

140 4 10ft 14 7ft 12 16% 

500 15 32 43 12% 25ft 32 

550 2 13 25 49% 57ft 82 


390 12% 
420 3% 
120 4% 
130 1ft 
220 22 % 
240 7 

190 10ft 
180 2% 
1000 36ft 
1060 13% 
220 15% 
240 4 


28 34ft 
18 22 
B lift 
4 7 

28ft 32 
14% 21 
18% 21 
8 % 13 
71 B8 
44% 58% 
24% 28 
13% 17 


11 31% 26 
33 38 43 
4 7 8 

11% 13ft 18 
2 6 10ft 

7H T4ft 19 
4ft 12 15 
15 24ft 27 

11 29ft 48% 
38ft 56 71 
2ft 7ft 13ft 

12 17ft 24 


220 18 25 28ft 2 7 11 

240 4 13 17 10% 18 20% 

650 44 89 88% 7% 25% 38% 

700 14% 41 60 31 4g» 61 

Oct Jan Air Oct Jan Apr 


51 81ft 
28% 48% 
78 98 
53% 74ft 

33 44ft 
Fid May 


27ft 41ft 55% 
61% 72 88ft 
28ft 49ft 71 
57ft 78 99ft 

14% - - 

21 29ft 38 
Nov Feb May 


180 16ft 


HB7 ) 


21 24% 
12 15% 


7% 12 15ft 
19% 23% 27 


* Undvtymq Eseurtiy n 
Dosod on dortna oSer 
S +pt a mtart 7, Total 


32,703 Puts: 1S*82 


unco. Piwnwns ahmn » 
SSwuMJ 38.885 Csfli: 


FT GOLD MINES INDEX 



Sep 

6 

K*g 
on ticy 

Sep 5ep Yera 

6 2 ago 

fines db 
1M * 

BMC 

K* law 

g 

I 

1 

1 

210858 

+15 

21 33J3 213955 175228 


238740 152268 

■ RMteal w>ea« 

Att&flQ 

342910 

+1.7 

337851 330173 2197.9! 

ISO 

344080 190223 

ft*** (8) 

2754.18 

+15 

271427 2717.92 203896 

1JB 

3013.89 189118 

Narti America fl 2) 

173821 

+15 

1711.78 1710.06 159845 

174 

203165 136100 


I Tines United 1994 _ 

.* nwntw o I ertoponm. Baste ua Ddbm. Ban vmes: 1000*0 31/12AP. 

r Odd Mnsa Hse Sod 7 : 275* ; day’s change: +6.4 pttiu; Yssr ago: MO* T PantaL 
t untvtftebte tortnte artDon. 


RISES AND FALLS YESTERDAY 


fifeoa 


Ms 


— Cate Puts 

ftt Rd> Hay Nw fi* M» 







24 

Other Fixed Interest . — 



3 

2 

10 

Mineral Extraction 

nlll 


87 

30 

81 

General Manufacturers 



09 

149 

396 










60 

77 


UtiBties 



19 

18 

8 

Financials .... 



92 

81 

195 

Investment Truste 



72 

88 

307 

Others 

- — 


39 

39 

31 

Totals 



558 

534 

1513 


Oats bond on ffaw# companies naiad on me London Start Seraica. 


TRADITIONAL OPTIONS 

first DasUrgs August 22 


Last Dealings 


September 9 


Expiry 

Settlement 


November 24 
December8 


C et* BAT, Erwex, Joel (HJ). John ManofMd. Lonrho, Modem, Merchant Ratal, 
NHL, Peak, Radius, Romeo Energy, Scottish Power, Trinity Hldga. Puts: Josi fHJ). 
Medeva. NHL Prof. Rhino. Puts & Cols: Bluebird Toys, Greenwich Rea, Medeya. 
NFC, Romeo Energy, WPP. 

LONDON RECENT ISSUES: EQUITIES 


Issue Amt 
price paid 
p ra> 

UkL 

cap 

(Eng 

1094 

rtgh Low Stock 

Close 
price 
p +/■ 

Nat 

db. 

Db. Ora 
cov. yld 

WE 

no! 

- 

F.p. 

289 

100 

92 ■fcAromascsn 

96 

- 

- - 

- 

* 

F.P. 

20.1 

89 

50 Bails G Stm Wrts 

80 

- 

- - 

- 

100 

FP. 

19.3 

102 

100 Beacon Inv Tst 

101 -1 

- 

- - 

- 

- 

F.P. 

1.75 

45 

43 Da Warranto 

46 

- 

- - 

- 

105 

F.P. 

74.1 

173 

166 Choirtjertaki Pft. 

166 

W7JJ 

i-Q as 

21.8 

- 

FP. 

1.04 

1*2 

7 Conn Foods Wrts 

1 

- 

- 

- 

120 

FP. 

12.5 

133 

118 CopyrioW Pram. 

125 

uNl.O 

2£ 1.0 

44J 

- 

FP. 

31.5 

94 

90 INVESCO Jpn Disc 

BO -1 

- 

- - 

- 

- 

FP. 

3J3 

50 

■C Da MVananla 

4712 -h 

- 

- - 

• 

- 

FP. 

• 

77 

63 JF R Japan Wrtt 

64 -1 

- 

- - 

•> 

- 

F.P. 

22.7 

58 

36 jMagnum Power 

54*2 -lb 

- 

- 

-• 

23 

FP. 

106 

31 

29 Orttis 

29 

- 

- - 


- 

F.P. 

080 

17 

& 1 : Panther Wrts. 

17 

- 

- 

-te 

- 

FP. 

1.11 

40 

35 Pstrocdttc 

35 -5 

- 

- - 

■to 

ISO 

FP. 

18Z2 

18? 

157 paar Properly Inv 

161 

LN3.7 

- Z9 


- 

F.P. 

4-56 

44 

38 Suter Wits 99AM 

39 

- 

- — 


100 

F.P. 

OBI 

105 

97 TR Euro Oth Ptg 

105 

- 

- - 

■i 

” 

F.P. 

240 

36 

29 Tops Eats Wrts 

30 

“ 

” " 

■* 

RIGHTS OFFERS 






b&uo 

Amoun Latest 




Oaring +or- 

price 

peld Renun. 

1994 



price 


P 

up 

dale 

t-figh Low Stock 



P 



32 


MB 


3/10 


l^pffl z zpm Raglan Props 

FINANCIAL TIMES EQUITY INDICES 


i!2pm 


*«P 7 

Sap 6 

Sep 5 

Sep 2 

Sep 1 

Yr ago 

■High 

•Lora 

2475.7 

2478.9 

2512-2 

25082 

2506.4 

2372-6 

2713.0 

2240.6 

4.12 

4.12 

4.07 

4.06 

4417 

3P9 

4,46 

3.43 

5.93 

892 

5^5 

5.87 

6.88 

4.59 

886 

IBS 

184)4 

1806 

1828 

1824 

1827 

27.79 

3846 

1769 

1863 

16.66 

18-89 

1884 

1867 

25.86 

30.80 

1861 


Ordinary Share 
Ord. dh. yldd 
Earn. ytt. 96 ful 
P/E ratio net 
P/E ratio na 

-For 1004. OfOnary Stan index since compilation: woh 2Tiia aoEWa; low +e.+ 2aew 
FT OrtSnory Gram Men total dote 1/705. 

Ordnery Shore hourly chan ge s 

Open ftJO 1000 11J0 TfcOO 13*0 14JW IBlOO 16J0 High Low 
2481.1 2462.7 247B2 2462.0 2491.7 24B2.9 2494.1 2479.7 2476.1 246^0 2474.7 
Sep 7 Sep 6 Sap 5 Sep 2 japl YrjQO 


SEAO bargains 27583 27*77 

Equity turnover (Emit - 1399-2 

Equrty bergdneT - 31,182 

Snaree traded (mOT - 663J 

lEtdudng ten-mtetes ouaineaa am ererans ntmc 


29.703 

1282* 

33.099 

007.3 


28.859 

1483* 

32638 

540.7 


29*23 25,662 

1666.0 1271* 

34.122 20.787 

6072 Stto 


THE TOP 

ommumm section 

for senior management positions. For 
advertising information call: 

Philip Wrigley 
+44 71 407 873 3351 









FINANCIAL TIMES THURSDAY SEPTEMBER K 19V4 


LONDON SHARE SERVICE 


YU 

P.l 
5.1 * 

5J 277 
47 141] 
<4 10.1 

7 6 11.1 

U a? 

55 B.1 

M 85 
3JJ 175 
103 

103 - 

15 115 
05 - 

13 - 

IB 5.1 
25 - 

102 - 
es 

04 A 

19 1U 
4.0 l|.l 
45 11.4 

03 A 

08 119 

05 225 

5.7 IfLS 

4.7 96 
65 d> 

14 195 
as 314 

15 

an 93 
116 - 
0.5 24.9 

06 A 

4 A 11.7 

07 488 
07 81.7 


35 413 
25 1B5 
45 117 
16 - 

25 303 
45 136 
SJ 156 
ELI 

26 185 
45 EB.4 
OS 

36 119 

M « PgrW*—-^ 

15 185 
65 18.4 
4 2 * 

1.7 292 
>5 245 

13 182 
1.7 215 
S3 21 J 

16 196 
25 19.4 

14 118 
24 245 


& 


m 


»♦ n>* «4» 29% 


IQ] 285 53 143 
185 25 * 

3486 43 115 





=M 


13 1IU) 
414.1 46 22.7 

5U 14 - 

088 - - 
31 563 

44 7M 25 403 

24 |424 _ . 

143 1114 15 32.4 




448 -10 ms 

63 — 61 

HI +*j 194 

— . 573 

43 231 

— 292 


nMack Einpa N 

Hortm-Etaart-lO 
HBKSHI 0*0 




— sz 

121 

*5 437 

-1 m 

ZZ 4™ 

4-1 248 

_ *310 

*238 

-2 193 


MOD 

tow 

488 

172*4 

787 

537 


TOl 

753 

534 

984 

635 

840 

547 

fiZB 

404 >a 

458 

589 

421 

no 

BSQ 

507 

002 

449 

477 

322 

486 

3374 

"433 

299 

HO 

SOI 

SM 

SSI 

837 

540 

TBS 

532 


Prica - 

”8* if 

191 «4 

31 '4 -*« 

80 — 
30 

WhU — 

394 42 

12734 

2M6 — 
10 ___ 

4«M 

3a 

Wj 

8*S# 

2BB 

SI 

294. — . 

401 

119 

IBM h 


m __ 

m\ 4 * 

«j ^ 

40141 ' +S 


27 

21J 

3i 

mil 

44 

ion 

11 

14.1 

26 

22.1 

36 

17.7 

66 

418 

13 

_ 

as 

18.4 


101 

15 

202 

1.1 

255 

15 

414 

44 

185 

36 

1/5 

12 

1/6 

56 

* 

27 


M 

225 

16 

+ 

56 


YU 


Ort 

WE 

66 

106 

an 

0/ 

16 

227 

6.4 

- 

17 

116 

20 

41 J 

46 

109 

35 

205 

16 

155 

46 

m 

86 

10.1 

— 

11.9 

35 

729 

11 

712 

an 

UJ5 

86 

224 

87 

_ 

06 

20.4 

55 

105 

1.7 

236 

23 

145 

4.1 

306 

26 

116 

17 

374 

0/ 

* 

05 


S6 

* 

11 

176 

85 

145 

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32 


CURRENCIES AND MONEY 


FINANCIA L TIMES THURSDA Y SEPTE MBER s 1 994 

MONEY MARKET FUNDS 


MARKETS REPORT 


POUND SPOT FORWARD AGAINST THE POUND 


Markets watch UK rates 


UK markets will open 
nervously today as traders 
watch for signs of a possible 
rise in UK Interest rates, writes 
Philip Gaurith. 

Although most observers 
were not expecting higher 
rates, a minority thought yes- 
terday's monthly monetary 
meeting, between the chancel- 
lor and the governor of the 
Bank of England, might result 
in a decision to raise rates over 
the next week. 

There was no sign in the 
cash or futures markets that 
higher rates were expected, 
and sterling held steady with 
the trade weighted index clos- 
ing at 78.6 from 7&5. 

Elsewhere the D-Mark main- 
tained its firm tone in Europe, 
with the I talian lira slipping 
back to finis h in London at 
Ll.019. from Ll.016. on worries 
about Italy's fiscal position. 

The dollar traded in a nar- 
row range, but was helped by 
comments from a Bundesbank 
official, suggesting German 
rates might still fall, and 
closed at DM1.5486 from 
DM1.5426. 

The start of trade talks 
between Mr Mickey Kantor. 
the US trade negotiator, and 
Mr Ryutara Hashimoto. the 
Japanese trade minister, had 
little impact on the dollar, 
which closed at Y9&965 from 
Y98.695. 

■ Contrary to the views of 
almost all economists, sterling 
futures markets continued to 
discount a sharp ti ghtening in 
UK interest rates. 

At the beginning of the year 
December short sterling 
reflected three month rates at 
4.90 per cent By the close of 
business yesterday, that had 
climbed to 6.45 per cent 

Mr Nick Parsons, treasury 
economist at CIBC in London, 
said revised expectations about 
the level of rates has been 
accompanied by a change in 
the slope of the sterling yield 
curve. In January t he Sep tem- 
ber and December LIFFE con- 
tracts were both priced at 
95-10. This slope (the spread 
between the two contract 
prices) steadily widened to a 
peak of 91 basis points on 
August 23rd. as worries about 
rising base rates deepened. 
Last night the spread was 84 
basis points. 


Sep-Dee ItfTE short starting spread 

1J) 



Jan 1094 

Source FT Graph*® 


■ Poond ht Near York 


Sop 7 

LltBSl 

-Pwr. dsa- 

Earn 

1X485 

1X535 

Iran 

1X462 

1X632 

3d® 

1X448 

1X516 

1 V 

1X3Z3 

1X393 


Mr Parsons said he "could 
not see rates rising at anything 
like the pace that is being dis- 
counted." Even if rates were to 
rise by as much as 100 basis 
points, this would not match 
the current pessimism. Indeed, 
futures prices could rise if 
rates are tightened; that was 
the recent experience in both 
the US and Australia. 

Analysts said file reasons for 
the gloom probably had some- 
thing to do with markets being 
unable to shake off the past 
Mr Julian Callow, economist at 
Kleinwort Benson, commented: 
"The key factor that the short 
sterling contract does not yet 
appear to have accepted is that 
the 1990's win not simply be a 
re-run of the 1980’s. By very 
virtue of the huge explosion erf 
in household indebtedness that 
took place then. It is effectively 
impossible for a consumer 
credit-driven boom to recur.” 

Markets, however, appear to 
be taking a "well believe it 
when we see it attitude.” 
Another relevant factor is that 
the market does not appear to 
have distinguished between 
the US recovery and the UK 
recovery. The US economy Is 
growing above Its trend rate - 
not so in the UK - and real 
rates were dose to zero when 
the tightening started, com- 
pared to UK rates which are 
about 3 per cent 

It is not only UK futures 
markets that are pessimistic. 
In Germany, yesterday, three 
month money was trading 


around 5 per cent, compared to 
5J9 per cent being discounted 
by the December euromark 
future. In France, three month 
money at 5.6 per cent com- 
pared to 6J.7 per cent being 
discounted by the December 
PIBOR contract 

Trade in UK futures yester- 
day was fairly buoyant with 
December short sterling trad- 
ing over 46.000 lots to settle ten 
basis points up at 93^5 from 
93.45. The September contract 
closed at 9139 from 9131 

In the cash markets three 
month sterling LIBOR eased to 
5g from 5K. The Bank of 
England provided £130m late 
assistance to UK money mar- 
kets. Earlier it had provided 
£42m, at established rates, 
after forecasting a £45Qm short- 
age. Overnight money traded 
between 4% and 6K per cent 

■ The dollar received a brief 
fillip from the mnmiantg of Mr 
Hans-Juergen Kropp, a Bund- 
esbank council member, wh o 
told The European newspaper 
that he saw room for rate 
reductions. These gains were 
later unwound as Mr Krupp’s 
reasoning left traders hafflpd 

Later Mr Edward Kelley, a 
US Federal Reserve governor, 
gave dollar bulls something 1 
more substantial to chew on 
when he told Renters that the 
Fed could not afford to be lax 
in achieving its inflationary 
goals. This helped the dollar 
touch TO9.68 and DM15540 in 
New York trading. 

■ The issue of a two-tier 
Europe continued to occupy 
markets, in the absence of 
important data releases. 
Numerous politicians stepped 
into the fray, with German 
ministers appearing to step 
back from the idea of a multi- 
tiered Europe, and Mr John 
Major, the British prune minis- 
ter, rin g in g a similar t una. 

Analysts said renewed talk 
about criteria had reminded 
the market that there were 
some countries which had pub- 
lic finance problems. 


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TO) 

245.063 

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2.1167 

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(A© 

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Bftgksn 


(S etq 108875 +0037 B50 - 000 10X220 108670 10X875 00 10X873 00 10X225 07 1046 

(Bft) 31.9025 +00986 880- 170 31X800 31.8040 31X276 -09 31-0428 -OS 320826 -08 106.1 

(DKr) 6.1296 +00282 270 - 325 61445 61082 61863 -IS 61573 -IS 62343 -1.7 1060 

CFM) 54836 +00142 288-986 5.0560 60154 60380 00 50411 -08 61036 -1.4 767 

(PFO 5X096 +00214 077 - 115 5X285 62307 63125 -07 63168 -07 62791 06 1067 

TO 10486 +0006 482-480 10523 1X427 1X488 -02 10488 -$.1 1X448 02 107 A 

([>) 286630 +078 580-680 236050 234450 23693 -IS 236606 -1.7 230406 -IS 803 

TO 1X282 -0008 293-270 1X331 1X224 1JB81 OS 1X212 IS 1.4997 1.7 

(U 1577.78 4088 756-797 158625 1571.26 1682X1 -3X 1692.76 -3X 164676 -4.5 85X 

6 ft) 31X025 400085 880- 170 31X900 31X040 31XZ7S -09 31X426 -OX 32X825 -05 1061 

TO 1.7386 +0X055 380 - 370 1.7400 1.7299 1.7987 -02 1.7368 -OI 1.7327 OX 1060 

(MO) OB133 +00295 123 - 143 6X280 67811 66158 -04 68283 -OX 67463 IX 965 

TO) 156450 +056 900-600 166700 157X00 159.4 -7S 181X75 -68 168X6 -63 95X 


Franca 

German* 


ft* 

Limmboug 

NeteeriarWa 

Norway 

Portugal 


lan 


Spafc 

TO) 

120.150 

+0575 

000 - 240 

120.490 128X20 

129455 

-ax 

130085 

-20 

13308 

-30 

807 

Sweden 

TOO) 

7X248 

+00008 

208 - 253 

7X809 

7.8050 

7X441 

-3.1 

7.8848 

-3.1 

7X946 

-OS 

790 

SMritzariand 

(Sft) 

12956 

+00024 

951 - 900 

1X988 

12896 

12948 

08 

12934 

07 

12838 

09 

107X 

UK 

CE) 

1X46B 

-00028 

485 - 470 

1X538 

1X443 

1X485 

02 

1X448 

05 

1X323 

OX 

88 X 

Ecu 

— 

12287 

-00062 

282 - 292 

12328 

12255 

12277 

10 

122 SS 

10 

1217 

10 

- 

amt- 

- 

148345 

. 

- 

, 

. 

- 

. 

_ 

. 

. 

. 

- 

Americas 

Argentina 

(Peso) 

0X995 

+OOOOI 

994 - 995 

0X990 

0X994 








Brad 

TO) 

0X840 

+0001 

830- BSD 

0X850 

08830 

re 

_ 

re 

re 

- 

. 

re 

Canada 

(C© 

1X888 

+00008 

682 - 687 

10895 

1.3675 

10691 

-OX 

10708 

-07 

1084 

- 1.1 

83.1 

Mexico (Now Peso) 

30885 

+0002 

960 - 010 

34010 

30980 

30995 

-04 

34013 

-00 

84087 

-00 

- 

USA 

m 

. 

. 

- 

re 

_ 

re 

. 

. 

_ 

re 

re 

982 

rtiai Ifl i ** ■«-« ■ 

raCDK/Moao nMVWlUl 












AuatraCa 

(A© 

10459 

-00049 

454 • 463 

10503 

10454 

10482 

-02 

10469 

-03 

10542 

-06 

870 

Hong Kong 

TOC© 

7.7278 

. 

271 - 281 

7.7261 

7.7270 

7.7274 

00 

7.7281 

00 

7.7431 

-02 

- 

India 

TO 

310725 

+00025 

700 - 750 

310780 310700 

31.4575 

-30 

31.8025 

-22 

- 

- 

- 

Japan 

CO 

98X650 

+027 

400 - 900 

892500 96.7700 

98.786 

24 

88025 

26 

96.02 

30 

1502 

Melaysla 

(M© 

25543 

+00011 

538 - 546 

2.BHKI 

2X6Z7 

2X451 

40 

2X338 

32 

2.0073 

-21 

- 

NewZateid 

<KZ© 

1X463 

-00083 

469 - 496 

1.6573 

1X481 

1.6493 

-07 

1.6611 

-07 

1X564 

-OX 

- 

PhOppiries 

TO») 

280000 

-0025 

500-500 

280000 26.1600 

- 

- 

- 

- 

17742 

re 

- 

Saud Arabia 

(SR) 

3-7502 

-00003 

499 - 504 

3.7504 

3.7498 

3.7515 

-04 

3.75B6 

-OX 

-06 

w 

Singapore 

P© 

14999 

+00001 

994 - 004 

1.4999 

1.4994 

14968 

1.1 

14967 

09 

14899 

07 

- 

S Africa (Com) 

TO 

arawg 

-0003 

645 - 880 

3X785 

3X645 

3X606 

-52 

30091 

-4X 

3X858 

-34 

- 

S Africa (RnJ 

TO 

4X175 

-00025 

050 -300 

4X250 

4X050 

4X512 

-9.0 

4.61 

-82 

- 

- 

- 

South Korea 

(Won) 

801250 

-015 

200 - 300 

801.700 801.100 

80425 

-4X 

807.75 

-32 

82925 

-3.1 

- 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Sap 7 BR DKr Ffir 

DM 

K 

L 

R 

NKr 

Es 

Pta 

SKr 

SR 

e 

C* 

S 

r 

Ecu 

Batghan 

(BR) 

100 

1922 

18X4 

4054 

2063 

4945 

5442 

2104 

496X 

404.7 

23X0 

4060 

2027 

4289 

3.1 36 

3101 

2X60 

Danmark 

PKD 

5204 

10 

8X82 

2X26 

1.088 

2574 

2832 

11.11 

2564 

2108 

1244 

2113 

1055 

2232 

1.632 

1614 

1027 

Bancs 

TO) 

6008 

11X5 

10 

2916 

1234 

2971 

3270 

1262 

2980 

2432 

1408 

2439 

1218 

2X77 

1X84 

1880 

1X32 

Germany 

(DM1 

2050 

3X59 

3.429 

1 

0423 

1019 

1.121 

4087 

1020 

6308 

4X23 

0636 

0418 

0X84 

0X46 

83X8 

0525 

Wand 

0 © 

48.71 

9059 

6.107 

2064 

1 

2409 

2651 

1009 

2410 

197.1 

11.64 

1X77 

0987 

2X89 

1X27 

1512 

1242 

HWy 

W 

2022 

0089 

0337 

0098 

0042 

100 

O 110 

0432 

1004 

8.184 

0463 

0082 

0041 

0087 

0063 

8270 

0052 

Netherlands 

(R) 

1808 

3X31 

3058 

0892 

0077 

908.3 

1 

3X22 

9125 

7406 

4091 

0748 

0372 

0788 

0X78 

56X8 

0489 

Norway 

(MKi) 

4088 

9.004 

7.799 

2274 

0982 

2317 

2550 

10 

2327 

189X 

1120 

1X02 

0900 

2009 

1469 

1450 

1.195 

Portugal 

TO 

2014 

3,870 

3052 

0978 

0413 

99SX 

1.096 

4298 

100 

81X1 

4012 

0X18 

0408 

0X84 

0X31 

6245 

0613 

Spoft 

TO) 

24.71 

4.748 

4.112 

1.199 

0X07 

1222 

1046 

5273 

1227 

100 

5X04 

1003 

0501 

1080 

0776 

78X1 

0630 

Sweden 

(SKr) 

41X5 

8042 

6.985 

2031 

0859 

2070 

2277 

8X31 

2070 

1804 

10 

1.699 

0848 

1.795 

1012 

129X 

1X87 

Swttasriand 

(SFr) 

24X3 

4.733 

4.100 

1.198 

0X06 

1218 

1040 

5257 

1220 

9070 

5X86 

1 

0499 

1058 

0772 

7809 

0628 

UK 

(0 

4904 

9481 

8212 

2095 

1013 

2440 

2X8S 

10X3 

2450 

199.7 

11.79 

0 mu 

1 

2116 

1X47 

1532 

1258 

Canada 

(C© 

2302 

4481 

3X81 

1.132 

0479 

1153 

12 SB 

4X76 

1150 

9408 

5X72 

0X47 

0473 

1 

0731 

7231 

0566 

US 

w 

31.69 

5.129 

S 0 QB 

1.648 

0.866 

1577 

1.738 

8X07 

1584 

129.1 

7X21 

1296 

0848 

1088 

1 

98X0 

0813 

Japan 


3225 

8.197 

5087 

1.6G5 

0662 

1585 

1.755 

6X82 

160.1 

1305 

7.708 

1009 

0654 

1083 

1 X 11 

100 

0822 

Ecu 3922 7.537 8X28 1.904 0X05 1940 2134 8070 194X 

Itenti Krone. Frsneh Franc, Narangtan Kronor, and ftsM Mate par 10; Bdgan Firec, Yea Escudo. Us and PM 

158.7 
■ par IDO- 

9072 

1X92 

0795 

1X82 

1230 

121.8 

1 


Taiwan TO 262053 400053 016 - 090 26X150 20X015 2622m -OX 262653 -OX 

ThMwni (TO 24X700 • - 860 - 730 24X760 24X650 260425 -3X 25.17 -32 26S6 -2-7 

1 ®R raw hr 8 w> 6 MMs naraads h On Dote Spot tofts Sm arty «n last Sns dscsnri ptoess. Rnred Mat aw not dbsety quoted 10 tn mwlar 

but as knpSM by cum MnS ratoo. UK, hated A ECU are quoM ki US curancy. JLP. Morgan rated incScas Sap 6 Bsao swags 1WM00 


EM8 EUROPEAN CURRENCY UNIT RATES 

Sop 7 Ecu can. Rata Chengs K 4 /- Irani H spread Dtv. 

al«i against Ecu on day can, rate v isssla at tod. 

Nsthertsnds 2.19672 

P stg h sn 402123 

Qamsny 1.94964 

0808828 
8X3883 
192X54 
7X3879 

Spain 154X50 


214150 

- 0-0011 

-2X1 

Oil 

- 

390585 

-00083 

-212 

5X8 

16 

1X0941 

-000087 

-206 

6X2 

- 

0609500 

*0X01923 

-001 

345 

0 

8X6090 

+000165 

018 

325 

-a 

196232 

-0235 

123 

218 

-B 

7X6030 

+000203 

1X8 

1.75 

-11 

158X55 

-0093 

344 

000 

-84 

290X73 

-0074 

9X6 

-5X4 

_ 

194924 

+7.16 

070 

-4X4 

— 

0797888 

-0X01558 

109 

202 

“ 


Money Market 
Trust Funds 



MB CM ft* 


C Af— ytta 
arnmnii 


fa. w « mo 

CBUd 


on-rc>u» ^ 

+2S IN 433 

ire ZJBC l XBDl 

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Mill tend FM-I ^ -I 

***,BE3Sl2 :l JS 


rautf°+ 1 *2 

cuwwcajop — 

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,"S^£JSS 5 Sr“»- 


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Tbs aw CtafitoBeorntt tooani 
*W»3B«lUn«neSsM 

h 1 +.70 - I 4^10400 


auSftii «• 1 :« sag! 

4.1879 1 7J4 


CnL Bd. of Bs. qfCtote at Bafaedt, 
2MSBMUnarcB?rSW ^ 


TasMft' 11 ®® , 
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as 


i«i8 — IJ38 

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£100400+ 1 4.74 


Money Market 
Bank Accounts 



Mad IhM Book Ltd 

28 Wrote re. moon. BC*a*7 

H8S»JMH«I * 

i m aWjPJPt+l — 

TDMM&OOi-) 

(MBwni +1 

WWOBjOI+i 

>®C* £2001*4 

Prater TES* 



on-* 

AM 


44J 

8X7 


ooinananam — lift *4J I gul nr 

ASSESS— i5 m IS S 

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5 JS 4Jf 188 

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0444232*44 S90JH04 



ITS 

Ift 

ISO 

SLB3 

1 M 

US 

in 

182 

100 

an 

4£ 

125 

118 

45S 

A» 

LM 

US 


SB»T-..ars 

ftesyas?i 255 | 

Tn— T M M — » ft t t ft * 

S 2 ww-«vanjwi — «o 
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KSstavortBiniOP Lltf 

iSuiiwnMftnMV .871 -ay CM 
HlCA. 1*2X04+1 — -I *4 447) Mr 

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ti— wn—rtlM— — U4 
HaltltanftwMlUaMMBSaBT OHSB4 

HLCA |C2ftO+4 110 10 1 *87> D*ft 

UoySt Sanfc - tinsitiu M flccoopt 
71 QnOMS,LanlinHaPftS , 0272*7X172 
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lib 186 BIB I Waft 

3-71 I 4ft|wwr 



ThftHTMftlfa i.BOni 


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on-* 

■4000 

US 

U1 

iso 

■fa 

<no 

iso 

4M 

Ml 

425 

lit 

4ft 

HBi 

4 SO 

4ft 

4J57 

Ml 

us 

208 

2.70 

MSI 

1 ft 

14* 

130 

Ufa 

LSD 

IBS 

188 

INI 

3ft 

211 

312 

MB 


MfamfSlMDRMSrt SUL 0800 K2101 

TwszlISS **- SSMS 

fa 1.441 -I ISO I M 

TmdBlftokplc 

zKwcnl&iS 



TfaMTESU 

OUMDonferiOBUntue 

rasfa84.Mm.BH0Dr 

C w tewn On fa U cewfa 

o+ — r*js 


rt 0272 

1800 IB 1S*B 
1623 2719 1679 

1790 26M 18M 

1B7S 2908 1892 
4179 - 4447 


081-4*72*38 
188 I 4Jlil 09 


5 61 ML 0 * 1 -a* 8 TBTO 

enuBO-eaues fuo anl ire car 

250000-0*1889 180 288 IS » 


< 1 , 000 + 

UsMTlftMlwAlM ( __ 

- ' in,uMnaViH 7 A. oli-arccoo* 
t1U0O-604fanfai.| 178 108 1 M7 3461 

Mftdnifaft- 7ft un rM *4* 


TtasCo-opsraflM Bank 

P0Bn3aJ. a^i i i as B .LWB» . 

■ lift I - 

< f73o * DB °a 88 I lot I 


■ D-MARK RITURBS (MM] DM 125,000 per CM 


■ lAPaW B VMI WnUWRe Van 12X per Yon 100 



(*»n 

Latest 

Change 

Htfi 

LOW 

Eat. vdi 

Open tart. 


Open 

Latest 

Chmge 

»s* 

Low 

EaL sft 

Open taL 

Sop 

08475 

0.5450 

-00039 

0X461 

0.6442 

45019 

98007 

Sap 

1X145 

1.0113 

-00040 

1.0153 

1X069 

13X18 

50427 

Doc 

0.6472 

0X447 

-00039 

06480 

06442 

11.793 

26092 

Dec 

1.0172 

10179 

•00041 

10220 

1X160 

3X68 

14038 

M3T 

- 

08496 

+00062 

- 

- 

18 

2X36 

Mir 

- 

1.0285 

- 

- 

- 

89 

1.753 


NON ERM MEWS5 
Ufaca 204X13 

K fay 179619 

UK 6788749 

Ecu cnM nSsa>8tby4nEnwnwi C»»nn fa* n n.CMisnds» — la il M r n »ln B i «l a* «BaBn8ti. 
^ 10 — BoetenowwsftirBPcapofth^dnnBaifa nri ma—faiagnncy.OhiwBsn eB Bhtwilha 
rate b faw i two sprs sfa: tin p nesnaga Jftranos bn— nn On soft mnfas and&u c«nbfaMw 
Is a miner, 8nd On ifafaun psirtad paw*Q* dnBfai rf On arancyVi snrtni isfa feum Bs 
EQJOtnMiw* 

(17MMQ Ofartng m uSm Lbs swpmM kam BM Aifaftminl afautafad by On FbnncU IHns. 

le/eOPTIOIMOIXSO (cents pa- pound) 




mono wo fans. 

Wnfera 1M tohratf Cha^M Aoc 

TtnHOMlMfan.ninnbn .1 ISE 0792 224 

aBa a-J s a tsf 

Bjno-etjir 1 *» lie I oil 


^ 10S 4.10 

300 228 j HO 

276 208 | 277 

221 123 l 2321 

Mnansn 


■a* sM«faNI 

MMiilkftlMHlWMlIi 

fafaumfcc ona faL Aw CMM M* M 
|MMii|wn*g ¥ mm pm i 


■ eWMKPRAItCPOTWSOMM] SFr 126,000 porSFr 


NnM fUM GB2XOO par 6 


Sep 

0.7720 

0.7715 

-00025 

0.7750 

0.7700 

20.163 

36005 

Sep 

' 1X520 

1X452 

*-00102 

1X620 

1X436 

12065 

96024 

Dec 

0.7750 

0 7727 

-00030 

07755 

0.7720 

6X21 

9074 

Doc 

1X502 

1X422 

•OOIIO 

1X502 

1X420 

1008 

3015 

Mar 

- 

07774 

*0.0088 


- 

14 

62 

Mar 

- 

1X420 

- 

- 

1X420 

3 

163 


Strito 

Price 

Sep 

- CALLS - 
Oct 

Nos 

Sep 

— PUTS — 
Oct 

Now 

1X00 

8X7 

9X7 

9X5 

- 

• 

nns 

1-475 

7.18 

7.1 B 

708 

- 

002 

019 

1X00 

4X8 

4X7 

5.16 

- 

0X7 

0X5 

1X25 

ZM 

2X7 

304 

008 

1X8 

102 

1X00 

0X8 

1-42 

1 X 8 

078 

305 

200 

1X75 

0X4 

0X7 

106 

2X7 

504 

309 


WORLD INTEREST RATES 


MONEY RATES 


I ( 2 FFET DMIm poMs of 100 % 


September 7 

Over 

Ono 

Threo 

Six 

Ona 

Lamb. 

□fa. 

Rspo 


Cfcen 

Salt price 

Change 

Hgh 

Low 

EsL vol 

Open tot 


Ngtn 

month 

rotes 

nfiha 

V«er 

tour. 

rare 

rata 

Sep 

9406 

94X8 

+002 

9500 

94X6 

10524 

130613 

Belgium 

47a 

S% 

SH 

sa 

6VS 

740 

4X0 

_ 

Dec 

94.77 

94X1 

+005 

9403 

94.76 

32875 

173823 

week ago 

4”» 

Wr 

5V4 

5» 

e% 

7.40 

4X0 

_ 

Mar 

9409 

94.42 

+003 

94.45 

94X8 

30757 

166406 

Franc* 

sa 

5*» 

SK 

53 

8ft 

5.00 


8.75 

Jun 

9405 

9406 

+004 

9409 

9401 

18980 

107231 

red ago 

5ft 

S«i 

6“k 

50 

BK 

500 

- 

8.75 

n nm aaosmt rskkjra mtjutoi nnun (m=a Lioooro poMs o t took 

Germany 

4.90 

495 

4.95 

5.02 

5.33 

600 

4X0 

4.65 









neck ago 

483 

405 

4.95 

5.02 

503 

8.00 

4X0 

4X5 


Open 

Sen price 

Change 

High 

Low 

Eat vol 

Open tot 

Ireland 

4S 

5W 

6ft 

6ft 

7H 

- 

_ 

605 

Sep 

91.00 

9108 

+008 

91.10 

9098 

3552 

21387 

week ago 

43 

5Mi 

8ft 

6ft 

7*. 


_ 

80S 

Dec 

89.72 

80.73 

*0.07 

89.78 

89X0 

7438 

33577 

***** 

OMi 

8% 

BQ 

9ft 

10% 

- 

7.50 

8.45 

Mar 

8807 

33.10 

•0.03 

89.14 

8902 

1793 

17932 

week ago 

8^ 

6% 

8* 

Si 

10H 

- 

7.50 

645 

Jun 

8S75 

6070 

-OOI 

80.77 

88X4 

1028 

13838 

NeOMrtands 

4X4 

497 

503 

6.17 

5X1 

- 

50S 

- 

■ THR 

BK MONTH MO 8MRSS RUNG RffUBS QJFFQ SBIffl POtarts at 100% 

neck ogo 

4 84 

4.97 

409 

511 

5.41 

_ 

605 

_ 

1 








Swttnsrland 

3’v 

4%a 

*■* 

4ft 

*a 

8.825 

3X0 

- 


Open 

Sed price 

Chongs 

H0h 

Low 

EsL vol 

Open Ira. 

•oak ago 

4 

■T.S 

4ft 

4to 

4fl 

8825 

3.50 

re 

Stop 

95.69 

95.78 

+007 

96.78 

95X9 

2107 

18327 

US 

■Ml 

4** 

*3 

5', 

5** 

- 

4.00 

- 

Deo 

9508 

9508 

♦008 

95X8 

8508 

4819 

18241 

week ogo 

43 

« 

43 

5V. 

Sfa 

_ 

400 

re 

Mar 

9503 

95.07 

*009 

9607 

94X9 

401 

11214 

Japan 

2'« 

2\i 

2H 

aft 

=u 

- 

1 75 

- 

Jun 

94.70 

94.76 

*0.08 

94.77 

9400 

89 

5070 

week ago 

2'a 

Z'l 

24s 

2ft 

28 

- 

1.75 

" 

N 1MH MONTH ECU TOTUIMS (UFFB Eailm potato OM00K 



■ S UBOfl FT London 

Interbank FWng - 4'* 5 53 53 

«sc4* ago 5 6& S 3 

US OoBar CDs - 4.65 4.80 607 5X8 

WO* ogo - 4.65 4 SO 5X7 5.56 

SDR LMwd Os 3% 3& 7U 4 

weak ago 3* 3fi 3fa 4 

ECU IMnd B# nU nfan 1 mOv B*k 3 n«s 33. 6 met* »•*: 1 ywr. 6*1 1 U80R 
rmm m eMtnd tom far tiOm Quoted to On mfao Or lour li te.+ll bnun st linn 
Oav Tin tanks ns tafan That, 9oA ol Tokyo, Bardoys md Nnan* Wow i som. 
i*d raws am ywn tar ma dsmoaoe Uomy Rn*. US S CDs and SOR IMwd Dnoft (Dn 

EURO CURRENCY INTEREST RATES 

Sap 7 Short 7 days One Three Sb Ons 

tom notice month manthg months year 



Open 

Sett price 

Chfaige 

Ugh 

Low 

EsL vft 

Sep 

9402 

9403 

+002 

9405 

9401 

807 

OK 

93.41 

33X1 

+002 

33.43 

9333 

1123 

Mar 

93X2 

92X9 

+O 01 

93.02 

92X5 

57B 

Jun 

92X0 

92X7 

- 

92.81 

82X6 

220 


- LWE faa^a tmend on APT 


9056 

6517 

3843 

156* 


HMmias 


MOUTH mmOPCUAW QMM) Sim poina at 100% 



Open 

l3tn^ 

Change 

»gh 

Low 

EaL vol 

Open tart. 

Sep 

94X7 

94X7 

- 

94X8 

94X6 

28X28 

308029 

Dec 

9*09 

94X1 

+OOI 

94.31 

B409 

93018 

500027 

Mar 

93X9 

3400 

- 

9401 

93.88 

50082 

384X19 


Bofgan Franc 

4 12 

-412 

4 :i 

■4 U 

5A 

■SA 

55j 

-SH 

8- 

s% 

8*1 

■6 h 

Oarusti Krona 

5(* 

-4^ 

SA 

-SA 

0 ■ 

s 5 

6*b 

-6 H 

7k 

- 7 

7A 

-7A 

Min 

5 ■ 

47* 

5 - 

4 7 « 

5- 

47 , 

5i« 

-4M 

sd 

-SA 

5,’a 

■si 

Cuch GuUer 

5 - 

J7 S 

5 - 

*"S 

S - 


5 • 

4H 

BA 

-SA 

SA 

S,i 

FrareSi Franc 

s* 

- 5*4 

5is 

si 

5»7- 

■5A 

SH 

-s h 

5- 

SH 

8A 

■ sA 

Portugutao Eac. 

12 Si 

- lit 

10 ■ 

A 

10 V . 

■ 10>4 

11 H 

■ 103* 

II 1 * 

- 10 A 

11 H 

■ 11 H 

Sttnoh PbmM 

71 * 

■ * 

■ 

7» 

1 14 

■7k 

7H 

■ ’l« 

«U 

-7\ 

8A 

-8H 

Si2 

■8H 

Steing 

5M 

-5«s 

5j« 

-412 

54 

- s 

513 

-5J1 

sa 

-SB 

6(1 

■6k 

Swss Franc 

3S 

■3h 

4 - 

3S 

4«s 

■ 4 

4** 

-4H 

4>J 

■4H 

4!1 

-4|} 

Cm. tabs 

s>» 

■4S 

ST*. 

■ sA 

5A 

■5A 

5U 

-5{S 

SH 

- 81, 

7ka 

■7H 

US Dalai 

43* 

■4b 

Ji l 

- 4{1 

4^ 

*3* 

5 - 

JH 

SA 

-s,». 

Mi 

Sii 

Unban urn 

9 - 

71* 

sS 

-8 

8*1 

■ ®*8 

$3 

-w 

8A 

-V* 

10 H 

• I0»2 

Ton 

V, 

-O'a 

SA 

-S»i 

SA 

2*2 

SH 

-Sli 

2H 

-?A 

7\ 

2(1 

Vrisn SSng 

3-t 

- 3\ 

3i 

• 2k 

*A 

■4A 

4L 

-*H 

5A 

-5.'* 

Sli 

’ 5(1 


W UtTRASUKri 


■ wmwp piftt] Sim per 100 % 


Sep 

85X8 

95-41 

* 0.02 

85.41 

85X9 

3X94 

9,411 

Dae 

94.66 

94X8 

+002 

94X8 

84X6 

52488 

10X70 

Mar 

94X1 

94X1 

■ 

84X1 

94X1 

35 

4X05 


ft Opan 


Ip tefarnfasbr 

OPTIONS (UH=Q OMIm points OM OOK 


Snan Mm nem ora can Car mt US Dote mj Ytn. odnr r wo day*’ nodoa 
■ THBCE MONTH POOR KITUHM (MATlfi Parts Intebank offered rats 


Strike 

Pries 

Sep 

Oct 

CALLS ~ 
Nm 

Dec 

Sep 

Oct 

puts — 

Nm 

947B 

003 

013 

ais 

018 

0 

007 

009 

9600 

a 03 

ao3 

005 

007 

006 

002 

004 


0 

001 

002 

nrp 

027 

045 

04fl 



Opart 

SffiprtM 

Change 

Mgh 

Low 

EsL aft 

Open ta. 

sate 

Sep 

9132 

94X3 

+0.02 

84.34 

94X1 

6,680 

42X14 

Price 

Ctoc 

83.84 

«« in 

- 

9X88 

9X78 

1X354 

45X36 

9575 

Mar 

83-44 

0X43 

-OOI 

9X48 

83X8 

7X64 

28.980 

8600 

Jun 

8X13 

93.12 

-ore 

3X18 

93.08 

2.839 

27,505 

9625 

N THRU HONTO CURODOtLAIl ftJFFEJ- 5lm pataa ol 100% 



ESL Ki 


Open 

Sett price 

Change 

High 

Law 

Era vft 

Open inL 


S-P 

0407 

04X7 

• 

94.97 

94.97 

100 

2801 


Dec 


04X0 

0.01 



0 

2003 


Mar 


9398 

-0.02 



0 

1436 


J>n 


8X6* 

004 



0 

334 



cab 2443 Rn 3881 pn+rtxa d^Tk open ft. CSfa 256031 Rft 191508 

ffRANC OPTIONS (LiPF^SPr 1ft poftNN 100% 


Dee 

0.12 

OXB 

0 r« 


Sep 

006 

0 

0 


CAU3 

Dao 

0.02 

0X1 

0 


Mre 

S«to 

— PUTS - 
DOC 

Mar 

008 

005 

002 

0X4 

004 

048 

041 
n as 

0X9 

078 

098 

100 


total Cdfa 0 puis a Pimm dW* op*n «, Ufa 2308 >Vfa 1759 


FMaad^kwlOSi 1530 PM <ftS . Prs». dfarfa spas Int. Cftt 409124* Pisa 487,743 


UK INTEREST RATES 


LONDON MONEY RATES 

8 «p 7 Over- 7 dsyn 

nftft notice 


Ons 


Dn* 


On* 


02-4* G - *H 5i-*B 6-S^ 8% -6\ 

StaftvCDS - 0,-m 6 H-B& 

Traasury BRs - 4% B>« - Sh 

BerttHfa - 5-43 &-Bti 

Loa* authority depo. Si - Si - 4» 43-43 V, - 0* 5» -,5H BH - BU 
Discount Marini dsps 5^-4% <3-43 

UK cfaanng tank tats ftidtag rate 6i* per cere ftom Fetsuay 6 19B4 

Up to 1 1-3 34 8X 


0-12 


C«t 3 o( Ttoc dep. (ElOOXOQ 1<2 4 3L 3% 3>2 

Carts at Tkx dap. mdar Cl 00 X00 Is iJjpc. Osposta nfltiMsn lor cash t»po- 
ftn terfar rsfa or rftcdfaB S3588pe. ECODSm ms Sd* Bswt Ftenoa. Mdn uodsr 4uo »l. 
186*. Apsso nss tor ptrtad 3ft » 1094 to Oct 25, 199*. aassnss 1 1 ■ exarc. Ffafamnco ras far 
pntod Ur X. 1894 a> Aug 31. 1894. SOmom N 1 V 657ft». Rnonw Heine 8 «ns Hsfa S>apo trfan 


: month smajiio umim (UF+g esooxoo pokita of 100 % 


Open Sec price Change 

94X7 94X9 40X5 

9648 93X8 +0.10 

Mr 82X8 92.72 40X6 

Jui 92.11 92.14 +0.03 

Traded on APT. M Open btesst flgs. sra far previous ds r- 


Sep 

Doc 


Hftl 

Low 

Est vol 

OpanW. 

94-40 

84X6 

19698 

8744 8 

S8X7 

93.47 

48323 

181989 

82.76 

82X7 

12204 

76282 

82.16 

RPfM 

■an* 

54081 


I omoi a (UFFq £600000 points of 1QQ% 


Strikff 

Price 

Sep 

- CALLS - 
Doc 

Mar 

Sap 

~ PUTS 
Dae 

9423 

Old 

004 

002 

005 

074 

MSP 

004 

OOI 

OOI 

0.15 

088 

8476 

0 

0 

0 

0X6 

1X0 


Mar 

1X5 

1.7B 

2X3 


Get voL toft. ON* 9183 PUS 7995. PJsricus da's open MU Cds 355823 Puts 28288 a 


BASE LENDING RATES 


AdBm&Coniany — 5X5 

Msd That Bari - X2 S 

MB Bate 5X5 

•HanyAnSbactw 625 

Sank at Banda 625 

Bopeo BMso Unya- 625 

or Cyprus 625 

BtaAoilftand.. 525 

BoActtncfa -525 

BM«* Sooted 5X5 

BxmsBarft 5X5 

atBkcfMdBH — 5X5 
«amsi S^fty aepLto X29 

CLBOrtrNsdated-. 529 
CSbertc I4A — ..-5X5 

ChtetteBank „5X5 

The C U O p a n te Da n k 626 

CoibSCB .... 625 

CradtUfttes 625 

Qypia Rftiar Bte -X2S 


% 

OwcoitXMto 625 

BateBa^Umted— 62 
FhancaiGsn Bsrfa- 6 
•Robert Hem«i9& Q»-. 625 
Okctar* 525 


iMahoi. 5X0 

HshfaSankAGAsidi .S2S 

•HsmbosBerfi 5X5 

HertatN 6 Qen huBc. 62G 

•MSanft 525 

C. Hoars i Co 6X5 

Horapong 6 ShentfaL SZ 

Jinn Hodge Bark 92 

•Leopold Jaesph ft Sara 5X5 

UoytbBark 1 525 

Ma ttel O ar h Ud 62 

MktedBte 52 

*uousevteg 0 

Ito tw te m tos tor S 2 

•ReaBrcffiara 52 


* RadsaghsOuaiiBfain 
Ctapoiftton IMtod Is no 
bgrsitaMa 
aftAsMMn 0 

RtqftBktfScated-aXP 
•SrnHi 5 VNtofti Ssra . 5X5 

T3B 62 

•UnteBkftKuaat- 525 
USy Trust Bar* Pic .1. 5XS 
WsenmTturt 625 


5X5 

• kleiBbore ol London 
Investment Banking 
Aseodete 

* haMtecn 



Commodities on the move - 
Time to speculate? 

Call Philip O'Neill 

ThL- 071-329 3333 or Fax 071-329 3919 


{INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

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LONDON +71329 3377 MgW YORK 4331 36% 596 FRANKFURT +4M» 445871 


, * % a. » * 

R5555T^« an vi ^ p iA T vi<iy 11 

38 DOVER STREET, LONDON WK3BB HQ 
TQc 071 629 1133 FAX: 071496 0022 ® J 

- — — — 


DW now for Gold ad SBser pdees, wWi 60 seoood updates 24 boras a day. 

For oetaBs oi ocr ids range ol Boaiciai tatonnaUoa senlces, <a 0 071-696 9d» 
Calls are ttosiged si J - 


rate, 


Futures Pager Utl. 19/21 CnatTgararSt. 

1 Futures Call 


49p/mln sD other ttmes. 
5t London EC3R5AQ. 



TAX-FREE' SPECI T.XnOX 
IN FUTURES 


1tefa|aBteflSfcwlQd)s > l toft< l al Mfa « ^ 
rtn.allftladBkanr nr tBjcaUQ > 00 0714017233 omnSe 
toMBbdgHc.m Cto ft CBsi GftdteblenteSNIWCBDL 


n 


FullerMoney - the Global Strategy Newsletter 

Cover in 9 t-T. w, viC'cki. c.i:', •> cc^rimo^J-tos, eludin'” w fc i--p 

1 nvr-r.! (ailf'Xw/tt- ■»< >ilr-r. by Dcvid Fr.'.’i." for .frinrftor-cnft!' - V 

rn:n‘hi v t :r:^?r:'/j* S*5c; J2S22. cnn.jci £1 £? .jit 3 luxe?.' 
c'i-.'-.vft.?:.;. i 1 cO or l'S;yvj. chcq or crod't c^tc 
CcVi y-ie r>r4iain:isn ci Short .‘.nciyyt. Ud. 7 Swcilov/ r.-n.' 1 -.' v s \-- 

^ K L> 7.; ; Lr-tidon 71 ■ -;07 1 ir !JK) cr rCi: 7] 


NEW ! from FOREXIA FAX $ fi Dm ¥ 

A 9 YE« FUBUC ffiCOO OF ACOBUTC SHOUT TDW IWEKW EJDCHMOE FORH^TWQ 

NOW. FROM ANVWI-ERE W THE WORLD, GET TODAY'S VFRY 
LATEST ISSUE OP W FOREXIA F AX FTO M Oj^TEMi 
WEEKDAY, MSTANTL.Y DEL!VB?ED TO YOURFAX^ 

USUUI THE HANDSET OH VOW FAX MACHINE DIAL iM 81 3327421 

IN CASE OF DIFFICULTIES CALL U8 ON: +♦« 01 #489316 


One Chart Equals One Hundred Stories 

9icX Iron 5 chs'l : b:a.>»r. UK -■'■‘OP?zn or. <3 : -n;o;n 2 ! t . 
{P3F ch3rf: ’ 5 - <tij:;cr.cy cr.cF? o; Ccrrrrod'lv: Crd - tier chcV 

- icr pio'owro.ncl ii-.V9!o.-5.-!fCdC-fS Cftd experience- chert roo-.-c ‘ 
:l rf-ersveu ■ cc;= 3r.v.d :<e:ly e- s. j;=n c ; S5 , c . de ; ci| . 

Tel L ar.de n 7) ■ 7174 5071 in uvj cr !ck 71 . 41 -? 


■AAA* 

■vTV. 


:+ hoi f< 

FOR!. K/\ fc \C H W( ;e 
I i'ik!oti 

[Ir.'.liJi- Di>k • 


CSKS 8 NCV MMMCSMter 
CORPOHATJOXPLC 
II Old Jr*ry 
LoqdoaBC2*80tr 
Tkb 07146$ 0800 
Fa: 071^720970 


t r i-; \ i) 


•FOREX -METALS 'BONDS -SOFTS 

Ohjctlive analysis for professional investors 

0962 879764 

Fiennes fcowe. 32Sci.thrpte Street. Wr^h-’t'cr J 
'• Harts S023S£H Fix 042- 774CS7 " 1 



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Vi 


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V. 

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" liarrL 

1)1 m "s f, , 

r ,; *S t 


FINANCIAL TIMES 


THURSDAY SEPTEMBER 


8 1994 ★ 



WORLD STOCK MARKETS 


+17 


BOO U 

+i|j<Bij» »7M 
la«0 -1JD1K5WUB _ 

1,1*5 -1 1 J®B lngn no 

z£$*so giSSI 

-10013MB 8700 40 
837 +71X4S 682 0.4 

1W -USlffi no BJ 
IBB -2 HO in _ 

IbSmS 5.3 
376 -fl.16 BK 380 BJ 

1 J » WM 

►5JM 371 mim BJ3 
+6 B36 732 1J1 
-•7005 70S _ 
♦12 1.180 808 10 
-s oms&io _ 

. 805 -30 2B7 201 _ 

'WO +.10 10401 IU0 2.7 
BOO -IB 76Z 542 1 A 
m -fie MG BB 1 2 Jt 
«0 +10 30.0 2080 10 

. 5J5 +7 734 STB 90 

JpOO +M1JB9 1JM 3.4 
«»■“ _46*JOs3TlO 23 
+1 no 472 23 

4M -1 8103KL10 7 .0 

458 -1 7B0 4SD B3 

2.125 +20 2470 1.700 _ 

,580 +1 792 560 43 

2. TOO __ 2000 1,710 24 
336 +2 529 327 _ 

2S7-B0 -1.10 977 244 43 
25020 +1.70 23738 TBXED 22 
A*53 -18 3,120 231 1 J 

1S-S “-Z2 214 153 5.7 

30730 +27D3BUI 223.16 3.7 
14S30 -3.102243013530 21 
378 -7 484 333 43 

480 — E «3« 53 

-15 800 405 7.1 

283 -3 307 221 32 

+3 333 240 23 

-30 *56 34X10 43 


♦/- mm lam in M 


+ 7 - t mm M 




♦ I- HO IHB HI 


+ 1- MB 1»WM MM 


+ /- I 


— FHfflaR 

— MBMOR 



mm 


J * 


(Sflp7/Kr) 


AdPA 


CartA 


in»up ma\ 

mide sti 


258 -1 

5,700 -100 
WS1M 118300 -4300 
BIB -7.15 
317 +6 

MB +1 
430 -6 


IBS 


PLSB 


« 8 B 


lilnfi 

menus 

NutMB 


ItmDan 

uSm 


-B 
+2 

13B0 _ 

280 -630 

an +i 
ran -a 

523 _ 

S2B +3 
420 -1 

344 -7 

040 +550 

238 -1 


760 566 22 
281 206 24 

333 251 13 
7000 5000 03 
nuinn 04 
10-W 870 0 l3 
427 306 10 
sesjs i5i 5.4 
615 387 20 
843 44G 20 
278 172 1.1 
425 330 22 
1080 050 0.4 
383 282 S3 

nun sbs 0.7 

737 50003 
BJ3 ms 03 
675 425 03 
485 321 24 
mn 300 
1372 BID 13 
28720738 43 


(Sap 7/ 1*3) 


AmarA 

CtHor 

HQnK 

Baa R 

HHI 

KDP 

Kata 

KOnoB 

ass? 


OfcnpA 


sr 


IIS 

134 

*m 

4730 

168 

1030 

5630 

540 

146 

183 

1B2 

261 

2 S 0 

653 

104 

BC 

8330 

111 

220 

1630 

1330 

102 


+1 164 
+2 17B 
— 106 
+.104830 

— 233 
+.10 1740 
+30 E7 

—6 705 

•a iso 

— 247 

♦2 250 
-1 258 
+1 200 
-1 685 
-1 107 

KS 1W 
+30 102 

i5 244 

+io2ara 

_ 120 


10238 1.7 
121 13 
80 ~ 
3S0O 13 
153 23 
BlOI „ 
46 13 
612 13 
100 0.7 
152 1.7 
182 1 J 
200 03 
100 03 
287 03 
BO — 
SB 13 
34.10 13 
8430 03 
175 £3 
10 — 
12 _ 
69 — 


HUKE(Sap7/R&) 


SK3 


gs«r 

Criugr 



(Tans 

CUM 

CCF 

CffonF 

Citya 

CsUxF 

ON* 

Dual 

Danone 

DOCUF 

OBha 

a if 

EauxSn 

Eoco 

BUqo 

BWI 

BtSan 

Mbr 


22430 *230 -wpa — 
840 -8 768 SB9 33 

738 +3 814 8 SB 23 

SBO -2 B13 841 43 
242 -130 330 217143 
1373 -4 1336 1.140 £4 

238 +22BM0 2Z7 12 

47820 -620 083 402 6.1 
6270 +80 3 .750 2.7*7 23 

093 *9 7*7 561 23 

1,132 -21,4091267 43 

BIO -121.155 OOt 4.1 

17330 -230 27039 mea 80 

1B4.10 -149 211J0 1EMB — 
2296 -423001311 32 

172 +3 2O51S230 44 

(488 -2107D1.Z7B *0 

490 +6 455 3*8 21 

20620 +.4030029 201 2.1 
BBS -4 1308 801 66 
• 489 +1S BG 8 416 33 

308 +330 48835130 _ 

432 -6 797 43130 140 

6280 -200.100 5200 07 

700 -2 1002 782 22 

770 —2 830 010 _ 

424 +20 478 8B1 14 
B48 -2 977 760 24 

514 +3 748 607 33 

083 +8 740 500 22 

309 +4.10 435 384 42 
94320 +20 992 BOB 5J 

*61,127 7B4 92 
-151288 BID — 
-11 BBS 733 52 
+8 


— BOOMIIY (Sep 7 1 DnjJ 


17120 -1.701 0030 158 1.0 

40ndV 646 +5 836 530 22 

flaMnKa 1230 +20 1448 1.110 1.1 

2437 ♦2 22712260 06 

80830 -axoneua 573 12 
877 -3 1.191 8B7 __ 

„867 -19 1225 797 02 

■ 32420 +220940JO 276 22 

BdfMIk 495 -30 BID 436 12 

Mcoaa 30030 +UO 488 340 22 
“tow 372.10 +404018033139 32 
BMH 409 —4 63130 8B7 32 

BMIIBr 018 +430 020 '689 12 
I&WV 44230 -4 STS- 414 22 

1270 +31.105 615 14 

29220 -22034930 230 1.7 
397 _ 628 377 9.7 

BS4J20 +420 961 760 1 2 

7270 -70 1280 7,140 03 

MW. 965 +81230 820 12 

Cnarct* 320 +20 30079930 3.7 
Cseffifl 241 -20 290 228 1.7 

DLW 461 -fl BOO 423 04 
Date* 828.40 +ao B04 H5S 72 
Duo 400 -8 686 443 1 4 

Of Brt 249 -22893921050 _ 

DKItt 715 -42068739 05930 23 
DWWrk 179 __ IBS 732 22 

D 014 BB 530 -0 007 478 29 

rarer* 330 +6 337 280 1 3 

DndBk 40120 -1 *9030 349 34 

GENE 570 -2 018 483 1.2 

erntm 280 +220 307 253 13 

725 -2 730 500 12 

225 +4 246 190 29 

1274 -6 120)1,141 12 

Hntap 81430 -4 BB 1 504 13 

Ml 382 -4 440 343 28 

Hod*] 1,023 +21 1299 B67 12 

34B -23& 5B2S42J 22 

877 -1 1200 030 13 

213 -3 ZS3 208 22 

KB 287 +2 324 208 32 

Mitt 360 -14 433 363 2.1 

Kara 150 _ 168 131 _ 

Kratdt 522 +2 640 515 2.1 

ICBnr 621 —630 S65 491 22 

KH) 12230 +20 16130 11210 _ 
KtodtW 15130 +.10 179 102.76 32 
Latov 877 +2 BOO 830 12 

LaOM 7S5 _ 850 080 12 

Ltndn 030 +5 968 830 1 2 

LtaN 399 _ 410 329 22 

uanm zoa +i 2 nzztm ias _ 

UiflPI 197 +120 218 186 13 
HUM 42730 -320 470 378 13 

IMMff 330 *2 387 295 2.1 

Monaa 436-29 -2048839 387 1.1 
MMiaV US _ 822 720 — 
HHUO 184. — 28017830 42 

lESbo 2,590 +30 3317 2380 04 

PWH 2&3 0 +30 262 210 — 

nmaimi 60250 +30 530 604 3.9 

Posen 812 -IS 960 298 03 

478 +12030139 416 21 
48930 -vSOSZBJD 300 23 
38030 +30 424 329 S3 

1^18 +131^1^0 03 

30B -1 372 »: a 22 

Z3G >4 267 294 34 

274 +2 313 348 22 

940 +4LS0 tHUB B 88 13 

410 ♦« 438 330 13 

73® —371930 033 12 

mi +1 BBS 810 12 

6 SD _ BOO 480 1.1 

300 +20 32823050 12 
300 -S 380 388 33 

64120 +20SSB30 458 2.4 

373 +3 400 SI 7 23 

VsrTM 3S3 -2 416 347 26 

VIM 613-ED +30 519 488 13 

vSr 484 -rn B64 418 04 

VWP1 384 -1 443 33 8 03 

WMB> 1.050 *514173 780 12 

_ 27021888 IS 


— anan ooso -21011 joe bjxd u 

— BW 11^00 -22D13JH0 M01 4JS 

— SOUP 21 a -fi2J3013B2 24 

— Tato 4 js» -n 5,195 3383 lJ 

— TOreAs 26,100 -6 Bd 33S8KS0 l.T 

— ToefV 18300 -502*4)62 17408 2L0 

— IMean lljam +340 18,780101301 12 

(S8p7/Hfc) 


+29 73.70 SB 43 
-.101 HUB 9020 33 
+12053.404230 — 
-13Q 22018739 93 
—30 472B 3530 33 
__ 52 27.50 U 

+40 7730 0200 _ 
-20 14830 10639 12 
+30 208173.70 23 
-JOttUD 145 12 
+20 251320 42 

+20 8240 82.10 U 
-419130 03.10 42 
-20 5020 4440 22 
+3015730 129 _ 
—1,1 03*43910250 12 

— 99930 284 52 
+20 83 4830 53 

„ 9330 6830 2.1 
-.10 48 8420 23 

+.70 04.70 73.10 02 
+90 9230 7420 £3 
+50 6720 4020 22 
+30 62 42.10 02 

— 88.10 4720 — 
+20 87204820 82 

-.iDBSJoaaeo 62 

+3010020 72 22 

-1 00 65.78 — 

-30 9930 8530 32 
+.10 3030 40 02 

+20 0430 71 12 

+10 131 112 za 
+.10 88 6230 62 

-201354811439 22 
+1D10UD B420 62 
+30 71 5401863) 43 
-20 6020 4020 12 
+30 29817940 22 
-3 20316430 12 
+.10 5020 4020 22 
+2019960 T0UO 13 


MB 

RkfiSr 


ABHfnrG83U 
/EGON SaBOri 
A BOB 48.70 
AKZBH 218 
BoUWl 3820a) 
MDR 4ICT 
CEM 00 

BSM 143.10 
MOM 198.40 
16730 
1640 

74.79 

Banana 9030 
OHllR 4940 
130 


BHIBr 

awn 


SaBkflQ 




= ffls? 


807 

IBS 

740 

1JB8 

1239 

144 

1320 
11275 
0210 
1380 
768 
171 JO 
718 

1J10 

066 

370 

18550 

mr 

■ 543 
856 
1301 
DM 
1332 


+2 973 782 

-S 1 B0 1*250 
*5 981 700 

+61220 1,400 
+812571288 
+2 T76 123 
*501,73817*30 

5240 8780 

+2 283 IBS 
+3012401201 

13240 11. IB 

+16 7.270 &1B0 
-102300 12B0 
*51206 710 
+2J0 227 148 
*8 888 885 

+9 B7T) 042 

+20 12501280 
*61,100 846 
— 331 302 
+. SB 2SB 177 
-1 BIS 584 
-C 770 513 
-15 BBS 735 
+41203 1235 
-2 032 810 
-6 1216 1318 


— “ Kafcuyp 
u _ nmau 

- “ K tefea 


7920 


SSf- 2 S 3 

KM>BT sun 
KPH 8440 
KPM)pR 4&00 

7330 


PACIFIC 

jmUI(SBp7/YBflQ 


= aar 


VNU IPO 

UnODpa 48.10 
wmpn 118J0 


-1014201300 — 
-11 737 468 — 

-101310 an 04 
-an 280 978 — 
-301370 881 +. 
-1012M1270 +. 
-10 744 503 12 
-40 009 940 — 
-21 334 402 12 

-40 n Pin * jm 

-79 6240 42^ OB 
-001360 1230 — 
-2013801270 ~ 
-18 811 SBO 1.1 
-90120012*0 — 
—16 B2B 410 02 
-10 313 300 ia 
+28 879 550 


“ !§**y 


- Noemy(Sep7/Kn)rwn 



r SPAM (Sep 7 / Pts.) 




+130 B3B0 3,130 23 
+100 4700 4JB0 42 
+40 3233 2^00 32 
+75 3400 2416 82 
+16 4.435 3075 4.1 
_ 17.700 l ino 32 
+55 622T 4400 52 

143B 7D02B4 

*56 3^02410 33 
-30 6,110 3.400 24 
-3011J6094C6 23 
—30 2315 1270 42 
-291,7731309 22 
*80 9390 2220 33 
*60 8,100 6300 23 
-141,100 780 5.1 
*7 024 418120 
-45 5.140 9210 32 
+14 1310 823 73 
-SO 7480 4JJ88 23 
+120 7230 4200 20 
-80 8.480 4300 23 
_ TtiSEB 3.710 12 
*85 ME 1.680 _ 
*86 4200 8206 28 
_ 366 198 _ 
-10 60S 361 02 
*7 815 910 6-7 
+45 4460 2306 3.4 
*35 2.185 1385 32 

— 1435 950 12 
-10 739 £63 8.1 
-102400 1300193 
*451,7101,160 52 
-40 3.120 2380 23 

— 3280 £350 12 


1,110 

1270 


Daoito 

DOMFH 


nmc 

FtKtoCn 


(Sop 7 /Kronen 


AOAA 
ASA 9 


vw 


~ iuur(S«p7/lJn) 


ser 


BASCQ 

EnOia 

M 

SS 3 

OTMEK 


. 3487 2360 22 
+18 2208 1 .756 22 
i 734 684 23 


evva 


830 
864 
785 
771 
8450 
1280 

HMJ +10 .. 

B30 1830 835 72 

12030 -220 102 116 73 
880 -18 838 095 S3 

3380 *60 8.02043*0 13 

47800 +100 578 385 24 
2340 *43 2,754 1270 0.7 

326 +15 38929030 14 

SBS -12 B45 610 2.1 
448 +1040180 998 Z7 
688 +8 880 406 2J 

400 -620 710 442 40 
70S _ 1378 am 70 

78 +30 119 72 30 

42S -3 570 415 82 


8 Comm 3300 
BNazAa 2350 

9 noma 1000 

Bdogt 162 

Baafii 22350 
Bona 8200 
cn ^sm 

CoOSo 1025 
Conor. 1261 
CMHo 1,172 
ern 2275 
DnM 10.100 
Mfti 1280 
IU 8380 

Raw wao 

Rfla 8330 
FOrtpa 10000 
cmK 1303 
BanAaa 40300 
4300 



-1060023439 52 
-40 5280 2341 _ 
-40 £450 1 .760 14 
—3 21T TV — 
-850 22BS0 29400 1.7 
-27012450 8,110 — 
-40 9.100 1304 24 
-70 3300 1050 „ 
-14Z3BS13B5 32 
-IB 2010 1080 — 
-20 20201050 4.1 
-80 tIsoo 9390 _ 
-112364 1308 — 
+5 7390 4071 12 
—40 4020 2,118 Z7 
-29 7390 3079 34 
-ai7JH0VW0 62 
—IB 1295 1338 23 
+200 aCin 375 m 00 
+®3<to5Z075 

^8 t&H&'ri 

-29MJ00B.17D _ 
-60 2.430 2000 __ 
__iiiooAa»B 20 
-4BO160U80E2 02 
-20 8,440 4271 23 
-IS0 19300 120D 20 
-139 IBJTSUJTO 14 
-51048 870 — 
+55,1401016 _ 
-30 0.100 3010 1.1 
-3092861270 — 
ZfiO9MeOZ20» 14 
—180 12.1® &298 2.1 
-15 10454 -FZSO 23 
-15 1088 490 _ 
-9D 6350 40S5 2.1 
-80 7300 4.145 _ 
-45 4310 2075 _ 


BOS 

EDctf 

EDM 

EaUnS 

BntsoS 

HUB 

Hhaa* 

mem 

tecs® 

MwaM 

kwctB 

BaoooB 

PBanM 

RanaB 

BOA 

SCAB 

SKFA 
8KFB 
StfUftA 
SmMiB 
96 Hale 


8300 


S3 

SB1B.7 


S3 


HITS 

57150 


578 

-2 

BOO 

540 1-7 


38 

-3 

8X3 

438 17 



187 

15 OlB 


17B 

+2 

104 

144 OB 


S3 

+-00108X0 79X0 9.7 



+00 108X0 

79 Bl7 



575 

+1 

439 

282 1.7 


411 


437 

2 pn 1,1 

- 


-1 

134 

D5 20 


98 


134 

03 20 

•— 


GnSak 1330 
QB9u SSO 
oent 1040 
anBC 537 
6una 700 

SS 3 

Hnaain 864 
H8eh 980 
Hazama 470 
HaME 834 
HlnoHt 812 

S JB 

HKaM BB5 
HUM 1290 
HUM) 1.1*0 


-1010001390 02 
-fi 801 416 — _ 

♦10 3040 2410 — _ 

-8 1320 842 44 _ 
-15 718 430 __ _ 
-2010201030 _ _ 
-10 9000 2390 — 412 
-101410 1020 10 _ 

-10 811 315 _ 

-4 402 337 12 _ 
-4 mr 64i 

—40 1440 1040 Q4 _ 

—9 768 671 10 

. — 1O207D 2050 __ _ 
-2013301.100 _ _ 
-60 2380 2430 _ 

-10 1060 1310 __ _ 
-S 984 804 10 __ 
-12 mi 788 — _ 
-18 828 410 __ _ 

-11 W » 

-40 1070 1020 __ _ 
—30 1400 1060 08 _ 
-30 2080 1.720 __ _ 

— 10101400 — — 
-16 1020 660 __ — 
+101020 BOO— — 

-21 m® 661 — — 

-20 570 416 — _ 
-101070 BBS — — 
—38 2080 1080 — _ 
-10 627 345 — — 

-10 090 B79 — — 
-11 BOS 687 OS — 
-201.12D 051 — _ 

-201,710 1.440 06.1 

-8012701030 OiB — 
-10 4050 3050 02 — 
-0 705 545 10 
-10 638 409 — 
-3010101060 — 
-1010801090 — 

— 1,180 883 — — 
-80 4040 9.009 — — 
-78 708 521 02 — 
-50 2450 1020 — — 

-2 003 445 — — 

— 20BO ZDOO — — 

-O 730 305 10 — 

-18 S19 278 — — 
-12 585 380 — — 
-51040 71B — — 
+101070 990 — — 

— 20001080 — _ 
-101,180 841 — — 

-4 788 914 — “ 
-17 833 787 — — 
-2010001.110 — — 
-10 TOO 42H 00 — 
-201050 B38-.— 

— 734 802 73 “ 

-7 840 

-2 925 
-78 7B0 
-m 1,130 
-8 OHO 
-7 969 
-40 10*0 
-1908030 
-10 879 
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r -ssr 


sssr 

l*Tr8 


■MToa 

ions 


— MmCm 700 


StaaMl 

SwaA 

SMI 

SWHaaB 

SVTfcrA 

MaC 

Tram 

VMmA 

VBMB 


8900 

376 

4Z50 

238 

238 

iS 

s 
128 
118 
120 
132 
198 
121 
122 
4330 
11 * 
161 
431 
437 
01 JD 
86 
92 
102 
142 
149 


+00 110 SO 83 — 


-8 

-00 

-a 


430 261 14 
093800 24 — 
311 235-30.- — 

— 312 234 20 — 

*1 660, 155 ail — 

+1 215 152 3-0 _ 
-6 372 17M _ 

+1 155 14 1.7 — 

— 155 109 1.7 — 

*3 785 102 20 — 
+3 158 80 20 — 

+* 154 12S — — 
+9 180 12B 3.1 — 
+2 143 9060 14 — 
*5 142 008 14 — 

f40 733040 — — 

+2 mat B7J» 14 — 
+3 239 132 20 — 
-1 <75 361 10 — 

— 480 350 10 — 

+3 144 85 20 — 

+S6 11 a 88 30 — 

+7 122 8200 13 — 

— 12B mi* _ 

+1 159 108 50 — 

+2 175 106 5.4 — 


ESS. 

MM* 


1,170 

SSI 



1060 -60 1038 1003 00 

831 — 877 004 _ 

1.180 -101080 1.130 — 

320 -7 333 250 — 

BOO — BSD 740 — 

2.130 -4OZ4801J00 — 
2010 -fi0 2.7fflg.1EQ - 
B04 -4 997 732 _ 

702 -IS 7*9 

825 -10 963 

712 — G 707 551 — 

541 -12 573 425 1.7 

448 — 323 318 — 

1.180 — 10SO101D _ 

585 -0 845 406 _ 

_oo niain »wi 

7210 -198 7020 6080 — 

4*0 _ 668 S7H 1.1 

TS7 -10 an 787 — 

046 -241050 ESS — 

878 -8 782 638 

1.120 -201J230 798 — 

1. 110 -30 1040 988 04 

897 —20 ess 612 _ 

1080 —10 2020 1480 _ 

831 -12 690 428 _ 

780 -7 900 790 14 

308 -» 463 321 — 

1010 _ @0101,429 1.2 

1010 -SO 1080 1,700 — 
1.700 -6010201000 _ 

1,100 -201020 890 1.1 

2000 _ 30*0 Z7J3 _ 

680 -34 geo 711 _ 

972 -4 848 387 _ 

737 -7 882 685 _ 

605 -8 792 667 — 

794 -22 782 662 EL7 

1090 —3014*01000 04 

840 _ 963 480 _ 

482 -14 6 BB 988 _ 

955 -861JZ30 780 07 

Z440 -60 3010 2.440 „ 

1000 -2010701020 _ 

SW2 -8 724 620 — _ 

1.150 -601000 906 __ — 

610 —12 390 335 — — 

7BD —8 833 603 — — 

538 -11 588 426 _ _ 

544 -Bl 684 884 _ _ 

834 -11 1010 706 _ _ 

1060 -201030 842 _ _ 

725 —20 792 467 _ _ 

700 -22 77* MO _ _ 

601 -8 360 407 

441 -14 484 316 — „ 

872 -J* DM 395 _ _ 

1080 -2010801,140 — _ 

1070 -201,810 1080 _ _ 

663 -27 880 466 _ _ 

835 —7 886 872 _ _, 

348 -3 400 801 __ __ 

1.100 -3010201^100 04 __ 

776 -10 880 766 00 _ 

420 -® ass 378 _ _ 

980 -5 453 337 _ _ 

SBO -34 830 578 _ _ 

842 -9 940 770 0.7 _ 

408 —17 448 310 _ 780 

1060 -201000 845 _ 

1010 -10 1.110 7WT _ _ 

1050 -®t 2030 1.450 00 __ 

617 -H 782 BID _ _ 

1060 -201010 050 _ _ 

1110 -601668 1083 CL4 „ 

5GB -7 024 486 04 _ 

2060 +10Z7DOZOOD _ _ 

4.100 -IDO 4040 3020 _ — 

i 0 oo -10 1010 ssa _ _ 

-20 1.170 866 „ _ 

—40 1060 1020 _ _ 
-Z* SBO SBS _ _ 

-6 297 231 _ _ 

-18 BIS BBS _ 

-20 791 528 l.T __ 

-10 774 409 _ _ 

-10 484 315 _ — 

-7 810 896 — « 

-201040 781 00 — 
-12 688 600 — — 

-2020801009 _ — 
— 1050 1.410 _ — 
-0 816 B80 — 

-2 BIO 828 — 

-17 558 400 00 

-7 851 678 — 

-14 520 412 — 

-3010401060 07 
-181.140 866 
-00 7000 8,150 _ 

-04 6050 840 — 

-0 482 316 — 

-30 1130 1010 — 

—40 1300 1030 — 
-301,110 997 _ 

-3 802 702 1 0 

-18 820 460 _ 

-10 2.1901000 07 
-19 860 628 — 

-16 795 478 — 

-10 1080 1,470 09 
-B 7B4 653 — 

-22 760 soa _ 

-18 772 404 _ 

-101090 10«O 14 
-14 817 450 _ 

-101000 1070 07 

-11 BIS 441 

-13 1,110 


aSe> 

SUmtr 


— — Shout 


smew 

SHaSan 


— SunCem 


— SumlAr 


SunriMl 

SunMr 

SunTifi 

SunflNta 


381 

»mi 

BIS 

1.1 BO 

’IS 

508 

345 

591 

613 

1080 

»« 

704 

1040 

K2 

548 

931 

1060 

412 

420 

927 

319 

317 




TaMtw 

TbdaCp 

Tote 


rtujca 

TDkkD 

ToUaM 


1060 

1000 


1060 
TDK 4030 

TBM 8S7 

iwam 1020 
IMSa 816 
TNnSh 784 
Tidm 1070 
nitefi 1090 
870 


751 

812 

778 

488 

643 

840 

780 

1B0OO 

2000 

’« 

BSE 

1020 

868 

1080 

1000 

1040 

2060 

9040 

478 

820 

zeso 

1080 

B40 

726 

500 

1030 

’« 

743 

'SS? 

807 

373 

’■g? 

843 

9000 

1130 

431 

1.110 

427 

681 

604 

303 

370 

1020 

1,190 

1.12D 


TkBcn 

TkSaa 

VST 

» 

TlmCrp 

1MJV 

Haw 


-14 S12 961 10 
+20 8080 7030 _ 
—20 1010 1020 _ 
-20 2060 ZOO _ 
-30 1.110 77S — 
-20 20201010 — 
-61040 840 _ 
+1010901,130 _ 
-1010801,120 _ 
-1 636 481 10 

—32 615 411 _ 
-22 365 268 __ 
+12 7D0 GOO 
-17 EMJ1 - 
-SO 10901,110 
-80 2020 1100 _ 
-S 828 TOO 00 
-IDO MOO 5,490 _ 
-34 852 818 _ 
-6 747 42S _ 
-90 2090 1040 — 

-12 672 432 

-IT- 667 404 

-19 1.100 837 _ 
-2010801080 _ 
-4 47B 300 _ 
—14 485 288 — 
-31030 861 00 
-11 349 252 _ 

—12 7010 084 — 
+1 734 811 1.4 

-21,120 BIB .. 
-B0 1020 1000 — 
-fi BIS 874 _ 
-10 10201050 _ 
+40 5050X780 _. 
-19 740 810 _ 
♦ID 1210 1000 10 
-6 722 670 _ 
*4 802 879 00 
„ 1050 1070 _ 
_ 1040 1090 — 
—5 1040 870 _ 
-21 805 400 _ 

-19 828 818 08 
-01.100 705 00 
-17 851 566 OjB 

-a 666 987 10 
-5 720 ISQ2 _ 


+10021000 17000 _ 

„ g y»n ? to __ 

-30 1,4201.110 _ 
-18 536 328 _ 
-12 607 416 _ 
-20 1090 1.190 0.7 
S. 602 4Z1 _ 

-30 1,720 1,450 _. 
2020 1010 
—20 2000 1070 _ 
-10 3040 ZS7D 
-30 3400 2.740 _ 
—* BTO 470 _ 
-22 TVS 620 _ 
+10Z76OZ2OO — 


ECcMd 202 +03 9.70 204 80 200 

TNT 257 -01 274 101 _ _ 

TOM 405 — 400 128 4.1 __ 

_ VMnnr B US +01 908 MO 40 _ 

_ WMg 8.10 +00 805 000 10 __ 

709 - 802 700 20 _ 

202 _ 205 201 4.1 _ 

407 535 4.13 10 _ 

IMMPt 406 - 408 3.70 17 _ 

WTwtt 305 _ 182 Z74 20 ._ 


- HOMS KOMfi (Sep 7 1 HXS) 


= ssr 


HXHM 

M47W 

» 


sanaO 

sour 

9«Co 

Sum 

SwireB 

TaUr 


— — WtoDOn 


10.10 +42 1500 808 30 80 
3400 ♦ JO ED 2B0O 2.1 290 
1300 -05 15.70 10L40 30 __ 

40 +JO a 3000 20 _ 
4100 +00 57 37 28 33.1 

71 +05 Bl » 27080 
80S -05 14 8.16 — — 

M80af +00 2700 1S0D 10 _ 
17.15 +05 19. ID 1800 3J 160 
1205 +0516JD 10 0.4 „. 

400 +02 80S 4.12 20 _ 
9900 +00 49 2800 1.4 _ 

mm +2 73i e?i u _ 

1406 +1021001X20 30 420 
SH +102 8000 47,75 30 210 
1000 -00 1300 10 3J 20 

705 +.19 900 6.05 90 __ 

47+100 0000 3200 40 _ 
1625 +06 2425 13 Z3 2Z4 

12.70 +.70 1500 1000 10 8J 

3500 +1.10 54 33.70 20 14J 

2700 +00 9300 2090 30 _ 
2100 +.10 31.76 1700 0^ _ 
2105 +.16 S026 1040 90 23.0 
1800 -20 17.70 12 3il _ 

7.i2 +ia mm 500 12 _ 
3020 +004200 2700 1.7 

24.10 +.45 3325 1925 3.7 _ 

10.10 _ 13.10 700 00 _ 
7300 -00 8400 4826 03 _ 
3200 +.40 8060 2400 0.4 

18.10 +00 251Z0O2O9 2U 

11-40 +201200 920 0.4 _ 

27.70 +.40 4200 2000 11 „ 

36.50 -.10 99 90 0 0 700 

68.78 +1 77 4100 20 600 

1170 _. 1800 11 Z8 480 

407 - 6.15 3.75 XI 140 

1175 +.19 13.40 905 80 380 
404 +.14 MS 900 82 _ 
4.18 + 7.80 306 70 _ 

8425 +1 71 60 10 221 

10.10 +221120 8 22172 

3720 +00 3700 23 21 „ 

3400 +1.10 41 2300 10 _ 

1826 +.16 2900 14.75 20 ~ 
1100 _ 1800 1000 20 „ 
1100 +10170010.70 B.7 _ 


600 Bnrtaa 
11800 BncnA 
7173 Bmcor 
48182 CPt 
300322 OHM 
2000 GarnOp 
1200 Cnm 
3487® Cmotor 
6060 CWnt&i 

WHO camaco 
282820 Caranw 
12173 CaiOai 
354985 CatPac 
400 Can Hr 
30574 CorfTiA 
188775 OanUH 
ioi40o cataaai 
220 Cantor 
22100 CatiTng 
281 b CBtieani 
ZOOO Cotel 
33 cmcap 

10300 QnaOd 

SZli Coanco 

0 ow 

27382 Cora® 
5200 nana 
155453 CDO 
9S010 CnrwnX 
15800 OatwA 
1128 a Orman 
188338 DotaCC 
14711 DenMT 
42405 Domte 
178348 (U>MA 




8*a 

12 mi 

300 380 
S2li 22 1 * 

-A* lift 174, 


RM 13*3 

tih 

+21] 20 10 
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-U SHU 74. 
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'h 

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^ SS 17*1 

+*aS11S n ^ 

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3 UK'S 


MONTREAL (Sep?/ 

4 pm dose 


CanS) 


TaKCC 

niMia 

n*a 

loach 

Tom 

TffiS 

Tojoa. 

TojoKn 

Tomsk 

TOM 

TiwoTR 

iq 5 n 

TotODO 

laoito 

uP - 

UnHRc 


_ YmanaC 


450 _ 

-5 828 857 _ 

-18 790 650 __ 
-4010601080 _ 

-20 1JSBO 1.180 _ 

-13 788 S76 
-15 878 870 „ 
-saijeoi0Go _ 

-1 730 *33 _ _ 

-17 909 BS9 _ _ 
-18 414 286 — — 

-10 2.000 1080 _ _ 
-7 506 421 00 _ 

_ 2080 1030 570 

-29 7S4 615 _ _ 
-12 733 524 _ _ 
-1® 9080 2880 _ _ 
-20 2 090 1.780 _ _ 
-3 527 330 _ _ 
-801050 90S _ _ 
-14 606 330 _ — 
-4flE0 4S2__ 
-11 830 3*0 _ _ 

—11 432 285 _ _ 

— B «IB 272 _ _ 
-501000 835 — ~ 

-10 1030 1,170 1.1 „ 
-101030 930 — 


z MALAYSIA (Sop 7 / MYRJ 


= S23 


5.10 _ 800 302 1.7 

243hd _ 25.75 1175 1.1 

16J0 +40 1700 1200 05 
1700 _ 19001900 10 

4.42 +.12 600 3.10 10 

IMtep 404 +02 BJB B 00 

PBS 408 _ 60S 302 1.1 

SkneO 7.7S -.15 &40 E0O 20 

Tetoton 2100 -80 24.10 1800 C7 
+30 20001200 _ 


P8P7/SS> 


2200 _ 

2i Do BeaeC 
04000 GndM 
50848 Banja 

anop gust 

54853 GaffC 
20o HnSU 
3400 HMSd 
ii mo Haaafei 
253^ Hgrato G 

34288 Hm& 
6 165 Hoi at a n 
434385 HiaBaa 
41805 FLEn 
48380 knaaeax 
«mi knpoix 
188885 Inca 
IWO MW* 
1000 Mara 
23900 MW 
18906 InvdT. 

. *S ImcoA 
110530 Jrsnckx 
25284 KanAd 
1000 Liana 
100 LaaSr 
3184® 




17332 VkBma 


>*, 95% SA. 

14 +>a 614 131, 


AFRICA 

south AHBCA (Sep 7 / Rand) 


1000 

i.ao 

VamKog 1,180 

VatTrai uzsn 
VfloSak 1070 
” ' 1,140 

506 
770 


885 

671 

1010 



Z vw«a 


Tuaaa 


-251010 9D2 00 
—20 2290 1040 — 

-20 10101060 — 

-10 1040 BOO __ _ 

-29 1090 1,110 _ _ 

= NORTH AMERICA 

-5 BBS 7Z7 00920 
-281030 784 _ _ 

-81,128 760 — — 

-fl 888 850 

-14 7*3 32B _ 

-SB 1.160 860 _ _ 

-G0 1,180 921 _ _ 

—20 788 
-IB 745 


+.11 12.10 1000 10 _ 
_ 1903 13 00 _ 

_ 908 206 90 _ 
+10 3JD Z45 30 _ 

-05 80S 402 50 _ 
+10 1Z80 8 1.7 _ 

-AO 18-70 11 10 _ 

-05 700 5.7S 09 _ 

_ 1400 1000 10 — 
-.10 17.10 1X10 10 — 
+02 306 3.14 00 __ 
-02 420 310 3.7 _ 
_ 500 308 10 _ 
— 1105 B06 20 — 



+J.J1M. .. 

iS§ 

-A.sa^; 

+«i S11 10% 
*£■ ■** 


ABSA 1000 
AEQ 2Ehd 
AAMd 122 
Amend 2® 
AnoAm 282 
AmDoM MX) 

ArnEN in 
BMtow 3306 
Baton 30 
BUM 58 
CNABri *20 

DaBCan 11000 
8 


834008 MacnM 
176988 MmnaA 
90910 MpUFiix 
B1K Marl® 
1SJ0158 MMal 
3425 Mam 
255329 ISM 
349665 MOtanAX 

117*70 MafikC 

^§asw 

11W9 ZSiM 
78809 ttacnE 
177G06 MKTalk 
440910 Mna 
119 Monaco 
1606 IfeiwE 
1700 Onm 


TORONTO (SapT/Cant) 
4prack»e 


a = r 


AUSTRALIA (S6p7/Aurf$ 


303 


— SNITZBBAV (Sap 7 / R8.) 


AfelLBr 

M 

BrBaBr 

Braaia 

CSBr 


EMa 

HaehB 

ntoer 


878 

B7B 

2490 

1,179 

219 

55B 

BO* 

804 

384 

1,739 

1090 

vm 


-2 2S2 191 _ 
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NBCCorp 


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dosing 

Change 

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oh day 


Traded 

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on day 

8.6m 

387 

-5 

Kawasaki Steal 

4.0m 

423 

-1 

60m 

780 

-8 

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30m 

1780 

-20 

5.1m 

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3.7m 

319 

-11 

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700 

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279 

-8 

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30m 

2150 

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80121 
80 — 
22 20 
80 
80 70 
28 — 

24 427 
27 — 
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60 — 


40120 
60 — 
10 — 
20 — 
30 .» 
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80 50 
80 90 
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INDICES 


srn 

7 


Sep 

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S«P 

5 


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-7894 


US INDICES 


5m 

8 


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1994 


1 


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CBSimnBvtitf831 
C85 Al S» (Bd 83) 


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181109 U 


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95708 2V4 





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PV1/94) 






Han Bonds 

9018 

9019 

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18501 

9043 

18077 

4422 

4410 

4447 

45400 SI/I 

40800 21/B 





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rtsfii 

(1871099 

2790 

2790 

2510 

9400 31/1 

25700 21A 

Itenpat 

162491 

162706 

163348 

188328 

154802 

186329 










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(2/2/94) 

2163.75 

217022 

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19*5X1 11/7 

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18405 

18507 

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17071 

25048 










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Acer 12711 13097 14028 

HASDM 157.657 294.757 294,757 

NYSE 

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2042 


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l */;i 

Pulse. Keeping an eye out for you 


► PULSE 


Hutchison 
1 f'iccom 


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34 


FINANCIAL. TIMES THURSDAY SEPTEMBER & 1994 


4pmdosoSi&t8mbar? 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


w Low text 

17% 13% AM 
15$ 12%ALUtaA 
76% 67% AMP 
72% 52% AW 
5 ihm 
56% 38% ASA 
31% 2S%AML 
1*% 11% AMU FT 
23% 17% ABM M 
15% n% Aqaat) 
312% ACE Ud 
12 % ' 


cm 

m H ta Bow PM. 

Ob % E AM 160 
046 35 21 143 13012% 12% -% 

018 1.1 35 355 15$ 15% 15% +% 

IS 23 2 1567 73 71% 72% -t% 

103 1337 59% 58% 58% *% 

14 131 4% 4 4%+% 

100 IS 33 209 52% 51% 51% -% 

0.76 15 171 1534 30% 2% 30% 

0.50 321 10 2100 14% 14% 14% 

0.52 13 25 22% 2% 22% 

27 451 15 14% 16 

044 Id 2 2066 23% 2% 2% 

238 10 8% 10 

183 7% J 
142 7% 

110 0 

94 0 

13 6 

57 12' 

87 

11 27 



9%ACM(Mtoi 10810.9 
7%AOIGMnu 060 119 
7%AWDrt3p« 1130114 
0% AOI GmSbi IS 123 
11% 8% ACM Mm* 10812.3 

S% BACMUngO* 0 72 10 

15% 6% KnOl O.M 3.7 14 
8% 6%AcasBed B 

28% 23 Acada x OSD 12 13 . 

>3% 5% Maw 0JG 3.1 3 333 11% 11 

15% 11% Aooon IS 238 14% . . . 

18% 18% AOm Bor 0.48 2.7 0 92 17% 17% 17% 

6* 46% Ad Hm i 300 53 178 B7% 57 57 

300 11.0 11 7E99 
0.18 30 8 36 
0.10 0811T 87 . _ 

1.47 38 12 14 57% 57 57% 

278 58 71001 48% 49% 39% 
0.48 1J 15 784 35% 35% 35% 
aaa 40 is i4oa 22% 21% 21% 
1 58 2 1% 2 

0.08 10 28 1449 48% 48% 48% 

000 IX) 17 735 30% 29% 28% 

43 318 25% 24% 25 

184111 12 8 16% 18% 18% 

10DQ 28% 28% 28% 

... 020 U 25 738 17% 17% 17% 

21% 10% Attsny ax x 035 19 31 838 18% 18% 18% 

17% 13% Mural 020 1.4 047 13% 14% 14% 

25% 10% AbQd 028 12 16 77 23% 23 23% 

22% 17% AfiSAw A 028 13 18 79 21% 21% 21% 

30$ 25% After 044 19 23 3320 29% 28% 29% 

‘ 0J0 18 88 3530 26% 26% 25% 

IS 18 44 411 64% 63% 53% 
070 15 5 87 28% 28% 28% 

O10 03120 301 20% 20% 20% 


31% 16% AMflC 
0% SAdnSQrp 
20 iBAdnhe 
SS% 49% Aooon ADR 
05% 49MM 
38% 25%A0ac 
22% 18% Mnm 
4 iHAtonkc 
50% 38$ A*PlC 
30 % 26% Mfina Fit 
23%l9$Nrgnta 
16% 14% Atrkua 
29% 2i%AkTdi 
16% 13% Atari* Air 



lABQd 

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3B% ll% Atavti 
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22% 14 Atari! « . 

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1D% 9 Athena 

27% 21% AUMriix 
40% 33% AU9g 
20% 24 AIM Op X 

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Stem* 184258 11% 10% 11 +% 
BtockDigxIJM 11 X 31% 30% SI +% 
BMC Son* 142081 44% 44 44% A 
BoUnwSXIX 102657 33% 33% 33% A 
Bob Enra 0919 20S 21 207 a 2D{J 

Booto&B 15 23 29% 9% 9% A 
BDriftd 14 8105 12% 12 12% A 
BmnBkxOJB 6 336u40% 38 40% +1% 

BottnTC 53 10X 12% 11% 11% A 
BradyWA OX 19 X 47% 47 47% A 
Bran 024 9 40 12% 12% 12% A 
Brian S 09 17 2538 6% 6 6 A 

BSBBocp 076 9 17BU2B% 28% 28% 
BTSdpft 048 4 23 2% 2% 2% +& 
BUMS 9 1510 19% 18% 16% A 

BuktatfT 23 66 13% 13% 13% A 
Box Bran 34 2D4 0% 9% 9% +% 
Bukussfl 85 6 34% 33% 34% +1 

BUkrttig 7 17u30% 9% 29% A 


- C - 

CTec 237 182 23% 22% 23% -+% 

Carat Mad 6 82 5% 5% 5% A 
CadSdnap* 127 17 979 9% 29% 29% A 
CUtoMlCPmOa 20 304 18% 16 18% A 
Caere Bp 4001748 8% 7% 8 A 

CaJgsne 29 521M 10% 8% 9% A 
CUMkn 23 851 25% 9 25% A 

carabBta i io» 1% 1% iA 
ftnfeUL 2 62 3% 3% 3% A 

CMn 4 BO 2% 2% 2% 

Canon bn 052121 5 87% 87% 87% A 

Canada 3 63 u5% 5% 5% 

CantoH 010 X 3T0 38% X% 38% 

(teamen ora zz w 27% v zr 
cascade OX 22 2 W 24 24 -1 

CaasyS OX 161302 11% 10% 11 A 

CUgana 5 313 7% 7 7% 

CEMCp 19 76 12 11% 12 

ftntacor 61590 13% 13h 13% A 
(MriFU 112 12 1463 32%, 32 32% A 

emsor 211581 10% 9AlO%+t% 

Cteadtor 8 16 A 4% 4% A 

Oaptorl QX 81388 23% 23% 23% 
OnUb QX 12 5755 A 8% A 
Chanfab 17 10 nil 11% lit! 
CmapoMr 14 3 A A 3% A 

QdpaSTB 7 384 4% 4 A A 

CMnn ft SB 4486 70 68 68% >1 

CteiFta 19 13 IX 54% 54% 54% A 
Ctatoft 017 X 686 33% 32% 33% A 
drudge 3016362 29% Z7%.29% +-1% 

CSTach IK 11X 2% 2 2% +i 

□srafti 1448WB 28% 24% 2A +li 
CU Bleep x MB IT Z79n3T% 31 31 A 

CtoenMr 21 362 A «% 6 A 

CKbOr 42 6 12% 12% 12% A 

OntaUm 71123 4% *£ 4% A 

CDCaOdaB IX 17 X 29 28% 26% 
GoaaEngy 1273937 A 6 A A 
CodMwrn X IX 11% 11% 11% A 
Cognac Cp 33 3784 21% 18% 21% *2% 
Gogaos 111 14B9 72% 11% 12% +% 
Cbimt 17 136 13% 13 13% A 

Gotepn 040 67 418 22 21% 21% A 
Dotal Bare 19 13 10T 22 21 21% A 

ftH&p 0X11 24 30 29% 9% A 

Ooradr 024 18 291 UZ7% 2A Z7 A 
CncaMx 0X18 3062 1A 1A 1B& A 
CnotfSpx 009 40719 1A 15% 15J2 A 
CaiBflattWX 12 303 o33 32% 33 *H 

corana an B4 4 19 16 is 

CaramnC 15 720 24 23% 23% A 

CDnptlXB 354 699 1A W% 1A A 

Comtan 54 805 12 A 12+2% 

Comtaetti 38 514 S& 3& A 

COPftp 19 3S 8 48% 48% 48% 

eastern 81841 A A A A 

Gantt* 44 94 16% 17% 17% A 
CrwCsB 10 152 7% 7% 7% A 
CoMAx OX 21 452 19% HA 1&% A 
Canute 341761 A A 4% A 

Cam Cp 235384 53 30% 51 H -i* 

Cup 0( A 46 3SB17%1A1A 

QredarBx 002 33382 25% 24 25 +i 

cnyftnp 1 1223 1& iA ift A 

Doan Res 3D 380 A A A A 

Cytogci) 2132 A A A A 


- D - 

DSC Co 1825390 30% 28% 29% *1 

DPrtQnatx 013 34 17B K9 80 88%+ia% 
OaaSwadi 12 79 2% 2% A 

Danfln 30 M7 7% 7% 7% 

Duauga is 157 is% 15% 1A A 

DtefNtDp 0S2 11 453 25>2 25 25% +% 

DraSrapB 0920 7 A 6% A A 

OteatoEn 032 24 118 15% 15% lA A 

DakUDGS OX 48 41 31% 30% 31% 


FT 0* 

Bote Dk. E Ite Ip Ik Ukg 

DUdnatt 044 11 65 23 22% 22% A 
Del Coop 341606 33% 32% 33% A 
DflUQSn 016 IB 53 15% 15 15 

amply 321416 27% 36% 36% A 

DwQto 1.12 8 284 32% 31% 31% A 

Oman 09 6 3 A A A A 
DN Ted 17 5B22% 21% 21% A 

DM B ax S 258 17% 1 A T7% A 
DlgltoD 141091 14% 14% 14% A 
UgNPera 91111 15% 14% i A A 
Ho Sound 431292 1% 1% 1% 
DtgSyrt 221973 8% 5% 8% A 

Kraft 16 10 35% 34% 9% A 
EKdaYm 020 48 144 9 8% A 

OHM 1 1807 A 3 3.11 +65 
Outer Gax OX 261991 25% 24% 25*2 A 
DandlHB 0X14 3 13 12% 13 A 

DracaEegy 9 200 A A A 
DraoBam n 306 iA >A 10% A 

nay CD 024 221133 25% 25 25% A 

On? Empo ox 52 373 A 4% A A 
OS Bancor IX 16 40 2A 29 29% A 
Dnrtma 043 13 506 lA 17% 17% A 
DarFl 030 24 8 d33% 32% 32% 

DyrataCb 7 350 21% zA zi% A 


BqtaFd 2 2 A 3 A A 

EasaiCp 2 352 A A 3% 

EaaEnvml 2 2 lA <A id ->V 

EUTU 032 23 4044 18% 17% 18% 

Egghead 245 1 423 7% 7 7% A 

BPasoS 1 359 2d IS 13 

BacoSd 14 3841 14% 13% 1 A +1% 

BadbS OHS 49 28 49% 49 49 

BadMs ZTT7307 lA 17% 18 A 

EnconAas 18 207 A dA 8% A 
Enadax 90 A 8% A *Jk 

BiggVtaU 49 513 14d 13% 13% 

EmfrSrP 75 67 2% 2% 2% A 

Bara kc 2 228 2% A 2% 

Equflya 01016 192 A A A 

BrtcsnB 0431X2067 54 % 53% 54 A 

Bdd 2X0 0 A 9 A 

EmtSte SS IX 13 12% 12% A 
Exabyte a 1528 1 A ’A 18* A 

Eradtax B 10 A 7% 8% 

BddeeK 14 553 21 20% 20% -% 

Expadll aw 23 499 20% 20 20% 

EzcapAnv 22 37 13% 12% lA A 


- F - 

FM&p 11 70 A A A 

FerrCp 02(38 44 A A A A 

FtotaM 004 61 387 30% 38% 39 

RtPbU 17 7308 27% 25% 26% +1% 

FBtbDnJ IX 15 496 52 51% 51% 

myOfl 14 285 A 5 5 A 

ngoto* 021 0 188 A 9 9i« +d 

Floret 331237 23% 22% 2A A 

Hal MB 084 8 230 34% 34 34& A 

FkScOhto IX 11 57 2S% 24% 26% A 

FUfiMft OX 21 368 23% 2A 23% A 

FU Seely IX 12 943032% 32 32% A 

MTam IX 11 1334 47% 47 47% 

Fat Water 038 7 136 B* A A -A 

FUfedUcx 056 7 IX 2A 24*2 24% A 

Ftafer UH B 384 34% 34 34% A 

Rmtadre 44 124 A 7% 7% A 

Fban 271D60 22% 21% 22 

Rowtot 19 364 7 A A 

FbodA 0X 164743 A 6 B -A 

FDodLB 0X825 197B A B A -it 

Fbnraost IX 10 156 32% 31% 32% A 

Ftndtnar 11 78 11% 11% 11% 

R»Ur A 35 IX A 3 3d +A 

HbFh UJ4 12 144 30% 29% 30% 

FttFH 040 6 305 W% 16 15% A 

Fat Hnaaix 1.18 11 IX 30 29% 29% A 

FUkrte 056 2D 417 32%d3l% 32% 
FUteA OX 11 134 21% 21 21 

Furan 024 23 436 1 A 17% 1 A A 

FutmadADR 19 25 A dA A A 


-O - 

GHApp 6 12 A A A A 
GSXSov 007 23 482 lA 15% lA A 
Santos 0 267 2% Z% 2% -% 

Garnet Its 101793 A «Q% A A 

Udft 0131 X 29 A 6 6 

GertBnd 040 20 13 20 IB 1 A 

Gerdyta 19 483 5% 4% A A 
GurabFlr 42839 11% iA m3 -& 
Barrtax ft 4X414240 25% 23 24% *1% 

Geras toe 162 993 4% A 4% 
ftnzyma 842720 35% 33% 34% A 
BBnoreu 040 20 S3 lA lA lA 

GUMgaLx 012 147744 19 18% 16% A 

ObertA 0X 15 72 I4%tft3% 14 A 
QtatiBten 11 1905 A A A A 

Goto Goya 15 768 13 12^12% A 

Gpukbtonp OX 10 6ft 22% 21% 22 A 

SadraSys 300 45 uA 2% 3 

B«tt OX 70 240 21% 20% 21 A 

BamAPx 024 ID 25 17% 17% 17% A 

Breach Ph 01513 % '• 11 -ik 

Boraans 0 50 A 2% 2% 

Bad WIT BZB IX 12% lA lA 
G11 Cop 9 463 1A 12% 12% A 

Bitty Sig 5 437 10% 9% 9% A 


- H - 

KanlogA X 400 A A A A 

HaravyU OX 9 156 22% 21% 2A +1% 
HerpaGp OX 13 K lA 15 15 
HBOSCo '016 384456 U34 32% 33^2 A 
Hatencar 25 4274 28i 27% 28 A 

HaUtocn QX 2D 439 1 A 11% 12% A 

HaaMxfya ID 1640 7% 7 7% A 

Hacntaore 016 2S 2187 lA 1A lA 

HttdprJ 22 11% 11 11 A 

HetaiTroy B 181 lA 1A 15 A 

Hktdf 072 14 M3 21% 20% X% 

HoganGys 015 24 88 A 7% 6 

Hotefe B0 1048 17% 1 A 17% A 
Home Bod OX S 56 21 20% 20% A 

Hontoda 044 18 56 2S% 25% 23% A 

Honttck 132473 lA U% 12% A 
HnteflM 044437 181 A A A A 
tbirtJB 0X 172322 1 A 17% 1 A -% 
HlflOngbt OX 8 3014 2A 2A 2A A 

Waco CD OX 1 42 A 3 3 A 

tochTadi 184 315 33% 31% 33% +2 

KycorBto 17 171 A 4% 4& -A 


- I - 

VRSys 42 46 6% «% B% +% 

SB coma 2818X8 A 9% A A 

Eton 3 10 3% 3% A A 

taBauear 28 303 5% 5 5 

to rew nopte 2 213 A A 4ft it 

brarelBc ax 33 25 17% 17 17% A 

tadhs 034199 MOO 14 14 14 A 

tot Res 18 270 14 13*2 1A A 

Utfnrfa 301 1932 d25% 23% 25 +-1% 

toghalBa OX 17 24 12% 11% 12% +% 

Uegrfhv 2817161 23% 21% 2A +-1% 

totgUSys 31 9Eu13% 12% 13 A 


nyRfftok 

5 B31 

2ft 1» 2ft 

total 

024 1240758 

B7% B4% 66% +1% 

hW 

7 19 

2% 2 2 -% 

UBpdB 

0X371831 

18% 15% 16J| +,'« 

inter Tel 

19 291 

8% A A 

htaM 

OX 18 379 

13% 13 13% A 

WB* 

32295 

A 9% aft +ft 

taMctf 

4 11® 

4% A «% A 

Mantes 

51023 

IA 13 13 

totanato 

2211433 

12% 12% T2% +% 

MDabyQA 

14 953 

17% 17% 17% A 

U Res 

0X17 IX 

2% (E% 2% 

MTcU 

Z75 95 

A A A -% 

blVk Aid 

QD5 2D 453 

31% 30% 91% A 

tonagaCp 

1 300 

A 2% 2% A 

brenedx 

ID 168 

IA 17 17% A 


taffeteda IX 38 2S20»l2 207 207 -5% 


“ J “ 

J5J Snack 14 121 12% 12% lA A 
JKontae 026 14 37 9% 9 A -A 

XGtari 010 32 115 dSB 38 37% A 
JttnaonW 61 l» 2A 24% 24% +% 
Janes M 11 315 14% 14% 14% A 
Jam Mad 0.10 ID 254 7 A 7 A 

jotfynft 120 13 16 29% 29% 29% A 
JSBFta 0X17 « 27% 26% 27% 
JuraUg 026 16 66 19 16% 16% A 

Juttn 016 9 1147 12% 11% 12% A 


W ft 


Stack 

Ota. E Hto ifeb 

Low Lrat 

Ctere 


- K - 



K Swiss 

ax 11 28 22% 

22 22 


KrenanCp 

044 5 77B A 

9% A 

A 

KeaeyX 

3 275 6% 

A A 

A 

KeQySv 

072 26 IX 31% 

31 31% 

-% 

Keaudcj 

Oil W 84 8ft 

6% 6 


nrera 

OX 14 SI 26% 25% S% 

■% 

Doctor 

21 6 ID 

10 10 


■LA hot 

634966 48% 

X 4 A +2% 

Knowtodge 

21764 4 

A 3% 

-% 

Kol A 

0 758 & 

A A 


Koraagtec 

2D9 990 23% 22% 23 

+% 

KitoCksS 

9 1140 15% 

15 15% 



- L - 



Ubene 

072 X 7 19% 19% 19% 

+•1 

Ladd Fun *012 38 53 A 

A A 


Urn Recti 

40 3284 38% 34% 36 

+1% 

Lancaster x Q.4B 1G 238 37 38% 37 

*& 

Loaxtac 

056 IB 601 19 IA 1 A 


Lentodfipb 

31 157 X% 23% X 

-ft 

Laoopllca 

12 21 A 

A 9% 


Lraencpe 

21 52 A 

3% A 

-% 

Lattice S 

16 2956 19% lA 19% 

+% 

LawaanFr 

0X18 56 24% 

24 24% 

A 

LCDS 

33O1260S 24ft 

23 23% 

+11 

UNCp 

OIB 2 ZlX A 

A A 

•i 

LecMera 

19 433 15% 

15 15% 

+% 

ugneo 

14 3515 24% 

23 24 

A 


Utoiech OX 15 a 17% 17% 17% 

Ufcdtae 23 65 A A A A 

UftreM* 028 1Z 253 13% 13% 13% ■% 

UnBr Tito 443 134%1 33% 134 A 

(JncotaT OS 15 227 15% 15% 15% A 
LhAayMf 13 76 29% 28% 29% +% 
LtaereTec 024 36 1277 44l 2 43% 44 +% 
UguBte 0X 18 31 36 34% 38+-1% 
Laewen Gp OX 29 184 24% 24% 24% A 

Lraesnr 9 32 6% A A A 

LotraC 3626096 45% 42% 44% +2% 

ITXft 3 3281 4% 3H « +A 

LVtW 076 4 61 31% 31 31 -1 


- M - 

men OX 2131161 24% 2A 24% -% 
MS Cart a 289 25% 24% 25 A 

Mac MU OX X 141 15 14% 14.74 +24 

IMnnGExlX 15 282 u35 33% 34% +1% 
Magna Paw 131949 29 28% 28% 

KftaBp 079 13 B66i£T% 20% 21 A 

Ma* to 12 113 A 7% 7% A 
MrecaraCp 24 1B4 n% io% 10% A 
Marine Dr 13 200 4% A 4% A 

Mafcrift 9 15 42% 41% 42 A 

MarqueU 2 X 1% 1% 1% 

Hantom 19 19 9 A BA 

ltamSrakA044 n zlX 11% 11% 11% A 
Mantel 4 OX 11 39X 2D% 20>4 2A +% 

Matte 0 14 A 7% A A 

Uednlnt X1212G1%58% 61+2% 
Maxtor Cp 0 848 4% A A 

UcGrelbfl 044 12 2 lA lA 15% 

MDftnldC 048 152058 19% 19% lA -A 
McCoreC 1749611 5A 53% 54 

lledex he OIB 17 7 1 A 1 A 1 A -% 

MedtereS OX 14 181 25% 25 25 A 

Metentae 024 19 IX A 9 9 

Mentor ft 016 56 650 17% 18% 16% A 

Matdifi 024 22 429 1 a 9% 10 

MnreUB OX 12 5»u22% 21% 22 A 
Msary G 070 71313 28% Z7% 28% +% 
Meridtan IX T22S2 31% 31% 31% A 
Merisel B 202 9 A 9 A 

MBIIOdeA 012 18 883 U18 17% 17% A 

MFSCm 371021 36 X 35% A 

UGteUF 020 16 459 12% lA 12% 

MHiNMB 2X351 356 77% 78% 77% 

MkndHi 8 91 A d3 3% A 

Manga B 4» iA 12% 12% 

MKraan 71078 A A 7% A 
I ftjy ati 10 IS A 5% A A 

Maputo 21194 7 A 7 A 

Mcsft 1027X5 57% SA 56% A 
MUMM 2372B1 26% 24% 2B/« +lA 
Mdartlc OS 11 3007 29% 29% 29% A 
MdwOata 0X25 6 30 28% X 

■MarKX OS 17 926 zA 24 24% A 
(Han 1708 24% 24 24 

Mtariacb 21 12B6niA 15% 16% A 
MobUTU X 2510 23 22% 22% A 

Modern Co 0X19 13 A 7% 7% A 
ModheMt 052 20 S7B 2B 27% 27% 

Hdn 004 301 30% 36% 3A A 

Mataxtoc 004 S1 193 42% 41% 42% A 
Mncan 004 15 389 8 7% 7% 

Master* P OX 23 148 32% 32 32% A 

Hr ftRaa 18 197 ISA IA lA 

MTS Sys* OX 9 25 23% 22% 23% 
Mtorad 14 220 32 31% S A 
Mcogen 4 501 iA 10 10 


-N- 

NACRa 016 11 380 28% 2A X% 

NSStl Foch 072 11 « 17% 17 17 -% 
Md COrept lOS&fX 177 13% 13 13 A 

Mbatol QX 20 347 13% 13% 13% 

Nulgatar BX 11 45 17% 17% 17% 

PEC 041105 X 61 A 80% 81 A 

Nefcor 19 985 29% X 29% A 

Mata* Gan 23 3788 20% 1B% 19% A 

ttafeteS 123 1906 A A A +% 

Keurogan 7 S3 A 5 5 -% 

Nhltt 027 X2894 3A 35 15& A 

NenEBue OX 21 IS 19 18 19 +1 

Newtouge 1891325 15% 14% 15% A 

MadgeM 22 6S76 30% 20% 30% A 

Nnprtft 004 17 18 A A A -% 

NM* Dll 2D 1814 8% A A A 

Hantaan it 095 X 98 6A 58% 58% -% 

Ndeinn* 040 27 4157 48% 46% 46% 
Hasten I 14 is iA lA ’A A 

N Salto 4 65 A A A 

NariMTsIx 068 12 16K X 37% 37% A 

NWMr X 218 18% 18% lA -A 

tool 76622769 15% lA lA 

MNten 40 3834 u% 43 44>+ *1 

WCA 104 A A A +% 

NSC Carp 7 flOO AAA 


- O - 

OCftarieye 22 I70ul4% 14% 14% 

Oted Com 18 561 24 23% 23% A 

OflatnsLg 15 372 14% 14% lA A 

OgtabteMrlx 10 16 o3i XX 
ObloCBX IX 6 440 31% 31 31% A 

CM Had 1.16 11 253 34,*. 34 % 34% -A 

OUMSx 092 18 87 37% X% 37% +% 

Ottncop IX 7 458 31 30% 31 +% 

One Price 12 178 ifi iA lA ■% 

Optical R 21 220 23 22% 22% A 

(tedBS 6315127 43% 42% 43% A 

Orb Saco 44 862 18 17% 17% A 

oraeiaui ax 28 10 10% 10 10 

OrcMSftP 7 IX IA dio 10 A 

OreganMM 031 9 181 A A A A 

Oetep H 8 3A 3 A +1% 

QtekBA 041381 S 15% 15% 15% A 

OUtoteT QX 10 318 11 10% lA 

OderTte 1.73 14 IS 33% 32 33% +1% 


P-Q- 


Paccar 

IX 13 

568 50% X 49% 

A 

PacDuntep 

058 12 

32 13 12% 12% 

-% 

PTUctn 

IX 15 IX 23% 3% 23% 

♦1 

PBctoCre 

a 1910 a 90*2 68% +2% 

PaaneM 

327518 27% 25% Z7% 

+1% 

PeBchra 

ax 42 2K 34% 33% 33% 

-% 

Payee An 

21 

7 A 8% A 


PseriesB 

OB 47 

72 11 10% 11 


PeanTriy 

9 

30 lA 15 15% 

+% 

Perei Ukg 

IX 25 

B 34% 33 34% +1% 


Port* 072 183854 u42 40% 42+1% 
fttfedll 13 147 5% A A -% 

PetaHStL 020 27 24 24% 23% 24% +1% 

FeoptaH 032 14 880 14% 13% 14% +A 

RMnOB 1.1216 51 31% X X -% 

Phoney 34 25 11% 11% 11% 

PtweoiTdi M 1068 A A A 

PfecadOx OX 3 2 A A A 

Pfchnto 32 1697 1 A 15% 15% 

Ptotertxi 41 219 IA lA lA 
PknceiGp x 064 33 219 *A 47% 46 -% 
noneeiH OX 21 6057 31% 3A 3A A 
IV nww S t 012 0 119 17% lA 17% +% 

Pence Fed 5 6 6% 7% A A 

Powsi is 41 A A A A 

free Lite ox 34864 A A A A 
Presstek 106 2935 u54 SA 53+3% 
PrtOost 23 4871 IA lA 15ft +ft 

Pride Pai 371202 5 4% 4% -% 

Pitobred 34 224 ft 19 19% -A 

PftdOpi 024 22 51 25 25 25 -% 

PtrfenB 012 9 451 17 lA lA A 


n Eta 

State Ida. E ntt tea uw IM evg 

pyttanld 51411 7% 7% 7% ■% 

QuadraLog 11 465 7% 7.11 7% -% 

ftatoaChn 082 70 1 5 16 17% 17% -% 

Dual Food 02016 215 23 22% 22% A 

Quotum 711013 18 15% 15, ’i +ft 

DuKMIV 20 455 14% 14 14% +% 

□VC toe 30 424 45% 45% 45ft +ft 


- R - 


natobaw 


12 

1X3 

13% 

13 

13% 

+% 



3 

529 

A 

4% 

V. 

+ft 

RasBeupe 


1 

334 

4% 

3% 

4 

-% 

Raymond 


a 

5871X21% 

20% 

21 


Racotoa 


14 

890 

15 

14% 

15 

♦% 

ReUaA 


14 

723 

15% 

14% 

15% 


fetflgen 


2 

51B 

3% 

2% 

3% 

-% 

Rap WBtt 


5 

® 

3ft 

3 

3 


Reodfed 


19 

870 

11% 

11 

11% 

+% 

Reukn 

OX 

16 

885 

46% 

«% 

45% 

-% 

tarn toe 


B 

4 

4* 

4% 

4% 

-ft 

HMrFe 

080 

10 

XI 

*% 

34% 

34% 


RoadwS 

IX 

2D 

I1X 

63% 

63 

®% 

•% 

(toNgnt 

012 

12 

33 

6% 

A 

A 


RochSaBk 

058 

5 

555 

19% 

19% 

19% 

A 

Hocnk 

OX 

31 

5292 

16% 

>A 

16% 

+% 

ftaraSb* 

nai 

12 

1500 

16 

’A 

15% 

-% 

-ttotKhMed 


29 

606 

a% : 

22% : 

23% 

+% 

Aren 

OX 

59 

2» 

19% 

19 

19 

-% 

RFMtac. 

052 

2D 2031 

18% 

17% 

IB% 

♦ft 


RSFh OX 14 113u24% 23% 23% 
RyanFitey 121168 E% 6% A -% 


- s - 

Sateen IX B2038 56% 54% 55% A 
Sandmen 030 14 22 18% 18% 19 

ScHnbgiA 030 20 323 27 28% 27 

SdltedL 10 6403 36% 37 36% +2 

SQSystm 163504 20% 18% 19% +1 

Sow 8 601 7% A 7!i -ft 

SOM, ft OS 8 3209 20% 19% 20% +% 

Scented 6 2629 A A 4% -% 

SetriUd IX 44 6 37 36% 36% 

S'gare 11 5373 24% 23% 24% +ft 

58 ft 016 SB 81 32 21% 22 

SattlaB 038 82065 A 2% 2iZ -ft 
Setecanc 1.12 16 15 X 27% X +% 

Sequert S4258 17% 17% 17% -% 

Sequofa 31 1337 4% 4ft 4,‘i -% 

Sen Tech 13 12 10 9% A -% 

SenFrad 17 IX 4ft A (ft 

Several 022 16 7100 17% 17% 17% 

SMtod CUM 18 908 25 24% 24? a -ft 

SHLSysta 2 2074 A 6 5ft -ft 

Sterawood 33 176 20>2 2D 20% +% 

ShowbbP 71702 6% 8 A +% 

Stem On 1722S 24% 22% 23% *% 
StaaraTte 3 60 3 X3 

SgraM X 033 IB 2540 34% 34% 34% +% 

SgnoDea 19 965 A 7% 7% -% 

SBcdUBc OX S IS 12% 12% 12% -% 

saravft 37 2444 13 12% 12% 

SMtpeanx OX 14 264 12 11% 11% -% 

SsdMd X 138 30 2^4 29% •% 

SnppMhr 3318207 13%d12% 12% -% 
SoftwanP 1 1352 5 4% 5 +% 

SOUS 056 161201 23% 22% 22% A 
SOUttH 06B 101141 21% 20% 21 -% 

GpiegriA 020 351877 17% 16% 16% -1 

St JudBMd 0X154247 35% 33% X +1 
SIPBUBC 030 10 220 21% 20% 20% 

Stey» 1 428 3ft lii 3 -ft 

Gteptae 48 7599 31% 2S% X 

State Str OX 17 2027 40% 38% 40% A 

StdMcra 1 3 3698 20% 1 A 20+ft 

stdRagta ora 14 143 21 20% 20% 

Steel Toe OX 22 539 X 19% 19% A 

StUdyUSA 020 43 1076 12 11% 11% A 

SUM 149 28 21 20% 21 •% 

GhraExQ 1.10 14 8 23 22% 23 +% 

SbucDDy 1B11U 8 A 7% A 

Stryker 026 26 2378 35% 34% 35 

SuBtraD 23 525 IS 14% 14% A 

ShiAxdoB OX 18 2 23% 23% 23% A 

Sraindl Be 064 14 387 22% 21% 22 

Swank Tt 353785 33% 31% 33% +3 
Eui Sport 11 23 A 4% 4% A 

SuiMc 149796 27% 26% 26% +ft 

SwUtTVa 41 3S X% 39% 40% A 

Sybase he 5613635 46% 47% 48% A 

Symantec 382482 13% 12% 13% A 

Synaltoy 040 19 11 19% 18% 19% A 

Synenan 87 373 A A A 
Synergen 11372 5 A 4% 

Syiwdc 84 44 15% 15% 15% A 

Synoptics 14 4833 16% 15% 16ft +ft 

SysonSatl 012 17 5X 15 14% 14% A 

Sfstxatea 23 244 18% 16% 18% 

Sytosmed 38 28® u8% 7% Oft A 


- T - 

T-CoISc 0 164 AAA 

TjnwePr 052 3D 4® 33 32 32% +ft 

TBCCp 131388 10% 9% 10% 

TEA Cat* 044 29 219 2A 24% 2A A 
TachDoa 122831 iA lA 19 -% 
Tecunseh ox is 34 «% 47% «% +i 

Tetedec 3 5 B 8 B -ft 

Telco Sys 8 446 11% 11% 11% 

TettnA 1BB11497 22% 21% 21% -% 
Tefcb# 81425 5% A A A 

Tetttt X 3178 42% 40% 42% +1% 

Teton Cp OOT 88 Z74 18 15% 15% -ft 

Take Tec 77 107 A 9% 9% A 

TevaFMDR E12B 3022B9 X 29% 29% A 
Three Con 7118358 33 31% 32% +% 

TJH 022 291078 19% 18ft 19% +% 
Totes Mad 41437 A A A A 

Tokyo Mar 034 37 14 62% 61% 62% A 

Tore Brown 5B 873 11% 11% 11% -% 

Topps Co 0283431052 7% 6% 6% 

TP! Enter 3 118 6% A 6% A 

Trensnld 11 10 12 11% 12 

Treat** x IX 11 283 39% 39% SB 1 * -% 

Tdcan X S3 2% 2% 2% 

Triad* 71 2X7u13% 12% 13% A 

ThEtDoBbC *1.10 11 216 22 21% 21% 

Tseng U* 020 13 412 7% 7% 7% A 
Tysfdflx OOB187 1277 24% 24% 24% A 


- u - 

U6Hnha QB4 15IB15B 43% 41% 43% +3% 
Unite 2 574 5% A A 

UCUs&ix IX 13 101 17 16% 16% -% 

US TH 2X 12 60 52% 52% 52% A 

Unfed St OX B 269 A A A A 

udfcia 012 21 IX Z7% 26% 27% -% 

Urttoa IX 26 247 48% X 48% A 

US Banco* 1X102123 27% 26% 26% A 
US Energy 27 B5 4% 4 A 

USTCap 1.12 9 270 13 12% 12K +ft 

Utah Med 15 515 A A A 

UtdTMev 11 28 53% 51 51 

US* 11 IX 3% A A 


- V - 

Vtenanl 030 35 81 15% 16% 15% 
UfedOH 1X1404 2B 27% 27% A 
VBrihms 23 1214 21% 3J»4 21% A 

Vker 37 444 25 23% 24 J 2 

Mcerato 10 216 17 1B% iA ■% 

Ueteett 24 3445 19% 18 19 4-1% 

VLSI Tech 2B30B73 lA 12% 12% ’% 
VcteeB 017 3 IX 18% 18% 10% A 


- w - 

wamerEn 010 191242 25% 24% 24% -% 

mnnch 721118 A %** A +ft 

WDhMES8072 72652 21% 21% 21% 
reaStfedSL 084 9 1126 21% 21% 21% +% 
WattetadAn 022 9 434 34 23>+ 2312 J 2 

WauaaaPM024 IB 356 28% S% 26 A 
UID-40 2.X 16 44 42% 41% 41% A 
Web* 5 *1 ft ft ft A 

Went One 072 12 946 31% 30% 31% A 
UMPld) 101722 13% 13% lA 

WripSA 1 1122 IA 13% 14% A 
WatSeaM 10 158 AAA 

Mkaoa OX 25 347 51 50% 50% A 
MnsScnne 9722X 43% 42% 43 +-ft 

WokttBLxOZO 14 141 IA 1&% IA +% 

mag 0X 27 21® 21% 2121% A 
Vffp&ora 003 23 B94 A 3Ji 3% A 
wymtxttiox i 7B a A A 


-X-Y-Z- 

Htax 3U149C6 48% 44% 47% +2% 

XomOxp 2 3® 3% 3% 3% A 

Ytdtaw 094 04 475 2D 19% 19% A 

VtokRaen iffi 34 5 A 5 +% 

ZknaUtah 1.12 9 4 40% X 40 -% 


36 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Thursday September 8 1994 


AMERICA 


Second-tier data fail 
to influence sentiment 


Wall Street 


US stocks drifted lower yester- 
day morning as investors 
looked to a sa gg in g bond mar- 
ket for guidance, writes Frank 
McCurty in New York. 

By 1 pm, the Dow Jones 
industrial Average was 4.71 
easier at 3 .893-99, while the 
more broadly based Standard 
& Poor's 500 was down 0.30 at 
471.56. 

Volume remained light, with 
164m shares traded on the Big 
Board by early afternoon. 
Many investors were t aking 
the day off in observance of 
Rosh Hashanan. the Jewish 
new year. Declining issues led 
advances by 1,036 to 943. 

In the secondary markets, 
the Nasdaq composite outper- 
formed other leading indices, 
climbing 3.70 to 763.18 on the 
back of a firming trend by 
technology stocks. But the 
American SE composite 
receded 0.64 to 455.36. 

The mornin g brought a smat- 
tering of second-tier economic 
data, none of which had much 
influence on market sentiment 

In a mildly unfavourable 
development, the Labor 
Department revised downward 
its estimate of the decline in 
second-quarter non-farm pro- 
ductivity to 2.5 per cent the 
largest drop since the first 
three months of 1989. Mean- 
while. unit labour costs were 
revised up to a 3.4 per cent 
increase, suggesting stronger 
inflationary pressures. 

That news offered bond trad- 
ers no encouragement to buy 
ahead of Friday's keenly 
awaited producer price data. 
As a consequence, the long end 


of the Treasury yield curve 
was showing moderate losses 
by midsession, with many 
accounts preferring to stay on 
the sidelines until after the 
release of the inflation report 

The same trend was evident 
in stocks. Trading in the Dow 
industrials was unusually 
quiet By early afternoon, none 
of the index components was 
showing much movement in 
either direction. The exception 
was DuPont which shed $1 to 
$59 in moderate volume of 1m 
shares. 

Elsewhere, Caterpillar 
dipped $'/j to $55%, Disney 
appreciated $% to $42% and 
International Business 
Machines added S% to (68. 

The retailing sector showed 
at least one spark of life. Cir- 
cuit City Stores, a home elec- 
tronics chain, jumped S3 to 
$26% after announcing that 
sales In outlets opened at least 
a year had risen 16 per cent 
last year. The company also 
forecast a 27 per cent surge in 
net income in its current fiscal 
quarter. 

On the negative side, shares 
in Jones Apparel dropped $2% 
to $22% on a downgrading by 
Merrill Lynch. The company’s 
outlook was clouded by the 
resignation of its president, 
announced a day earlier. 

Warner-Lambert, the drugs 
and consumer products mar- 
keter, continued to be buffeted 
by takeover speculation. Yes- 
terday proflt- takers prevailed, 
pushing the share price down 
Si to $82. Humana, the hospital 
operator, was marked up $1% 
to $21%. 

The technology sector was 
the liveliest of a lacklustre lot 
Stocks across the board were 


Canada 


Mexico 


Shares were higher in early 
trade in a continuation of the 
technical rebound that began 
on Tuesday after eight straight 
losing sessions. The IPC index 
put on 18.8 at 2,72237 as the 
market ignored a third consec- 
utive weekly rise in the bell- 
wether 28 day cetes - or trea- 
sury bill - rates. 

Te lmex A shares gaine d 22 
per cent and the L shares were 
1.1 per cent higher. In New 
York, the Telmex ADRs were 
quoted 8% ahead at $63%. 

Among the biggest gainers, 
Autlan A shares rose 3.7 per 
cent. Sidek put on &2 per cent 
and Gfhorte was 33 per cent 
higher. 


S Africa golds overcome early profit-taking 


Gold shares shrugged off initial profit-taking in 
Johannesburg to climb again as bullion poshed 
towards $390 an ounce. Turnover had slowed 
from Tuesday’s higher levels but sentiment 
remained positive amid expectations of further 
gold price strength in the medium term. 

Bat analysts warned that profits were likely 
to be taken on any short term dips in the 


bullion price after the recent hefty gains, which 
have seen the golds index rise by more *fawi 200 
points since the start of trade last Friday. 

Golds yesterday climbed 33 to 2J>35 and the 
overall index added 46 at 6,054. Industrials put 
on 18 at 6,680, led again by Iscor, which fin- 
ished 25 cents higher at a new peak of R4.85. 

De Beers was 75 cents firmer at R110.50. 


EMERGING MARKETS: IFC WEEKLY INVESTABUE PRICE INDICES 

Market 

Dollar terms 

No. of September 2 % Change % Change 
stocks 1994 over week on Dec *93 

Local currency terms 
September 2 % Change % Change 
1994 over week on Dec ’83 

Latin America 

(209) 

748.83 

+08 

+15.1 




Argentina 

(25) 

947.87 


-2.0 

538.081.13 

+28 

-28 

Brazil 

157) 

41881 


+788 

1380,182859 

+3.0 

+18588 

Chile 

(25) 

71687 

-0.4 

+29.9 

1,19933 

-08 

+258 

Colombia' 

(11) 

942.88 

+138 

+468 

1362.79 

+13.7 

+47.0 

Mexico 

(63) 

956.86 

-3.2 

-48 

1.394.03 

-33 

+38 

Peru 3 

(ID 

152.46 

+3.8 

+28.1 

208.86 

+4.7 

+31.3 

Venezuela 1 

(12) 

557.05 

+3.7 

-68 

2,17687 

+3.7 

+538 

A»ta 

1557) 

201.21 

+38 

-3.4 




CWna’ 

(18) 

106.36 

+4.1 

-28.7 

115.00 

+3.9 

-298 

South Korea” 

(156) 

131.75 

-08 

+11.5 

138.61 

-0.4 

•+1Q.4 

Philippines 

(18) 

315.70 

-0.8 

-73 • 

399.12 

-08 

-10.1 

Taiwan. Chino* 

(90) 

159.05 

+2.1 

+17.6 

156.74 

+13 

+173 

India’ 

(76) 

14284 

+2.7 

+228 

158.01 

+2.7 

+22.7 

Indonesia* 

(37) 

111.65 

+28 

-10.4 

13184 

+2.7 

-73 

Malaysia 

(105) 

314.87 

+3.7 

-78 

296.06 

+3.7 

-12.1 

Pakistan 8 

(15) 

389.94 

-1.8 

+0.5 

540.64 

-1.8 

*2.4 

Sri Lanka" 

(5) 

187.48 

+1.5 

+58 

20138 

♦2.1 

+5.0 

Thailand 

(55) 

444.35 

+6.8 

-7.0 

441.79 

+7.0 

- 8.0 

Euro/MW East 

1125) 

122.08 

-18 

-278 




Greece 

(25) 

222.46 

+1.5 

-23 

35638 

+04 

-73 

Hungary" 

(5) 

190.51 

-3.4 

+143 

250.52 

-28 

+24.1 

Jordan 

(13) 

156.35 

-38 

-5.6 

225.13 

-23 

-68 

Poland* 

(13) 

663.01 

-8.8 

-18.9 

96834 

-7.7 

-12.3 

Portugal 

(25) 

128-40 

+3.1 

+128 

140.16 

*1.9 

+13 

Turkey 0 

(40) 

120.95 

-4.6 

-43.1 

1819.30 

-1.5 

+31.9 

Zimbabwe" 

(5) 

265.03 

+1.8 

+31.1 

317.93 

+2.4 

+483 

Composite 

(891) 

366.45 

+1.4 

+3.0 





*«*-'*’ mv iMuotd at ontf-MW*. and mwM> cfiappu an oacanc agm nwwnw tf ton n* iwiMui FrXZrr Ban M Dae JBM.ICO < 

» W. iTOk 31 >M£ i3Um 5 IW HJDac 31 <9«,- flflJan 3 >892- * *98»; 6 TSSft a >880; CMUW f TS9>; {H* 

^•C 3' -Hi.-. (ITICWc 31 1993 il.TCWr 31 >935 flJIAus 4 I98S; fT4\Jb* : T993. 


Warsaw’s Wig index, already down by 55 per cent from its peak in March, has been 
under pressure again this week as foreign and local investors found their own reasons 
to shun the market. 

Foreign investors have been kee{ 
dent role of the central bank, 

calendar of new issues and privatisation offers, which win colmi 
the large state-owned Bank Frzemyslowo-Handlowy, probably in December. 

fer at Smith New Court believes that 2 


However. Mr Stephen Pettyfer 


ite could be 


3 ring to 

restructuring with Its London Club creditors, while restrictions on foreign 

shares in a number of strategically important com; 

Ill be re© ' 


_ purchases of 
ies should also be lifted. In 


addition, the local market will be receiving refunds after the oversubscribed privatisa- 
tion of Stalcxport, the foreign trade enterprise. Smith expects the Wig index to trade 
between its current level, of 9,274 points, and 13,500 points until the end of the year. 


FT -ACTUARIES WORLD INDICES 


EUROPE 


Bonds exert varied influence on bourses 


showing solid gains, though 
analysts were unable to link 
the improvement to any spe- 
cific development 
On the Nasdaq, Lotus Devel- 
opment jumped $2% to $44%, 
Microsoft climbed $1% to $57% 
and Cyrix added $1% at $39%. 


Toronto slipped at midday on a 
softening of bond prices and a 
mild reviv al o f interest rate 
fears. The TSE 300 composite 
index fell 19-23 to stand at 
4,327.94 at noon in volume of 
34.4m shares. 

Precious metals gave up 
early gains which had helped 
to prop up other sagging sec- 
tors. the gold and silver group 
rising just 1.81 to 1029685 after 
an earlier 10,42383. Pipelines 
led other sectors down, failing 
3989, or 1 per cent to 380182. 
with Westcoast Energy down 
C$% to CS22 in busy trade. 


Bond markets had a more 
varied influence on equities 
than on Tuesday, writes Our 
Market s Staff. 

FRANKFURT'S bond and 
equity markets responded only 
fleetingly to a newspaper int- 
erview of Mr Hans JOrgen 
Krupp. a Bundesbank council 
member, who appeared to be 
saying that rates could be cut 
now, allowing Baba room for 
manoeuvre when the time 

COmeS to raise thaw; A gain 

The reaction itself was fairly 
tepid. The Dax index, which 
had closed the aearion down 
2.08 at 2.16382, saw a peek of 
2,17287 in the afternoon but 
closed the day at an Ibis- 
indicated 2.16788, with bonds 
on their way down again. A 
little after the equity market 
ended, the September bund 
future was back in dangerous 
territory, below the 90 mark at 
8981 and 15 basis points lower 
on the day. 

Turnover rose from DM48bn 
to DM5.4bn. In the automotive 
sector, BMW pleased analysts 
with the news that it will intro- 
duce extra working shifts and 
create additional jobs to meet a 
high level Of riatnawri in the 
second half of the year. On thp 
session, the shares rose just 
DM4.50 to DM815 but they 
improved further to DM81780 
after hours. 

PARIS moved its bonds up 
and down, rather more gently 


[ FT -SE Actuaries Stic 

irs incices 


1 

Sap 7 

Hart* doaps 

Optn 

1030 

THE EUROPEAN SERES 
11J» 1200 1000 1480 1000 Dm 

(T-6EBmta*100 
FT-SE Bntrack 200 

137X50 

1*3006 

137485 

143270 

1371.42 130060 137006 
143074 142053 143082 

137017 

1431.12 

137180 1371.13 
143131 142233 



tap 8 

tap 5 tap 2 

tap 1 

Aug 31 

FT-5E Bntradl 100 
FT-SE Brotradr 200 


1371 JQ 
142737 

138011 140188 

143212 1*5187 

130282 

1*5006 

1*0252 

146058 


Turkey 


Istanbul Compos#* Index relatfoe 


Bn IMfl OVtflflft Ugtattv ISO - 10*4* SOd ■ 143L4S Unto* TOO - USUI 200 - 1C83B T 


than their Frankfort counter- 
parts, and equities ended flat 
after early gain^ of around a 
percentage point The CAC-40 
index finished 2.75 higher 
at 1,964.20 in turnover of 
FFr3. 46bn. 

Here, some company results 
had more effect Promodes, the 
retailer, rose FFr12 to FFr936 
as it saw an increase exceeding 
15 per cent in 1994 net Total, 
the oil company, ended FFr3.70 
stronger at FFr307.90 on a 
higher first-half net 

Elf Aquitaine went with 
Total, up FFr4.10 at FFr999, 
partly an a newspaper report 
that it stood to make FFrLSbn 
on the divesting of part of its 
stakes in the petrochemical 
engineering companies Tech- 
nip and Coflaxip Elf had no 
comment to make. 

ZURICH largely overlooked 
the weak tfaTfar and bond mar- 
ket, foreign demand outweigh- 
ing profit-taking by local inves- 
tors as the SMI index climbed 
10.1 to 2.6628. 


Ciba bearers rose SFrl2 to 
SFr90& Bear Steams initiated 
coverage of the m^jor Swiss 
pharmaceutical stocks this 
week with a buy rating on 
Ciba. 

Ascozo, the troubled telecom- 
munications group due to 
release half-year figures today, 
fell SErTO to SFrt.510. 

MILAN saw a good perfor- 
mance in domestic bond 
fixtures, but its equity market 
was depressed by comments 
fr o m the treasury minigtor Mr 
Lamberto Dini that the coun- 
try's creaking pensions system 
a highar daflffit this year 
than earlier expected. The 
Comit index slipped 4.60 to 
65889 in very quiet trading. 

The mood was also soured by 

dnrnagKn ftmdg U gh tan trig their 

portfolios, after news of a 
L78bn net outflow from invest- 
ment funds during An 
raised worries about i 

Generali, a potential benefi- 
ciary of pension reform, 
backed the downward trend. 



picking up L818 to L40.764, 
after testing support at L40.000. 

Among telecommunications 
Issues, Telecom Italia fell 185 
to L4870 and Stet gave up L80 
to L4.750- 

MAtmm seemed to like a 

lYimTnmmt f mw the S panish 

economy minister Mr Pedro 
Solbes that interest rates were 
too hi g h compared with Ger- 
many’s - at a premium of 
around 385 basis points - and 
that ft should be possible to 
reduce them in the coming 

mnnfhc 

The domestic bond market 
improved and the general 
index r ecovered 889 to 29887. 
Turnover was much healthier 
at Pta328bn, but a big block 
trade in Asturiana de Zinc 


accounted for about a third ctf 
that as 7.07m shares, or 23 per 
cent of its share capital, want 
through the market at Ptal^OO 
a share. 

AMSTERDAM took its cue 
from the latest round of com- 
pany results as the AEX Index 
firmed 089 to 415.17. 

Ahold, the retailer, rose 
FI 180 to FI 49.70 in heavy 
turnover after its better than 
expected second-quarter fig- 
ures on Tuesday, and Grotsch, 
the brewer, gained 80 cants at 
FI 5080 after a better than 
expected first half 

Cap Volmac, the computer 
services group, added £1180, 
or 6 per cent, at F12L70 after 
its upb eat pr ofits forecast 

ISTANBUL fell 68 per cent 
on domestic political wearies, 
the composite index dosing 
1,769.48 lower at 2484788 after 
cme Turkish deputy resigned, 
and another put in a request to 
do so, bringing the level of 
vacant seats to 22 - just cme 
below the level at which man- 
datory by-elections would be 
triggered- 

Economists and traders wor- 
ried that any election cam- 
paign could force the ruling 
coalition to water down its 
tough stabilisation programme, 
r aising subsidies and easing 
economic policies to win votes. 


Written and etSted by William 
Cochrane and Mictiaet Morgan 


ASIA PACIFIC 


Japan Telecom drop depresses confidence 


Tokyo 


A plunge in Japan Telecom 
shares depressed confidence, 
and the Nikkei 225 average lost 
18 per cent, writes Bmtkn Ten x- 
2 ono in Tokyo. 

The index ended 370.18 down 
at the day’s low of 20,02380. It 
opened at the session's best of 
20864.47 and slid as the fall in 
JT prompted selling of other 
telecommunications stocks. 
Buying by public pension and 
insurance funds supported the 
index above the 20,000 level, 
but traders expected a further 
decline in JT to weigh on 
prices this week. 

Volume rose from 222m to 
315m shares. The Topix Index 
of all first section issues foil 
27.09. or 1.7 per cent, to 
1886.06, closing below 1,600 for 
the first time since May. The 
Nikkei 300 retreated 4.72 to 
289.15. Losers outnumbered 
gainers by 1807 to 59. with 116 
issues unchanged. la London 
the ISE/Nlkkei 50 index was off 
087 at 189189. 

Investors were also refrain- 
ing from trading ahead of the 
futures and options settle- 
ments on Friday, while worries 
over US-Japan framework talks 
on trade and its effects on the 
currency market also weighed 
on confidence. 

On the second section, JT 
dropped Y220.000. or 4.7 per 
cent, to Y4.43m. Traders said 
the stock, now 5.7 per cent 
lower than Its public offer 
price, was considered too 
expensive. 

Telecommunications linked 
shares, bought by dealers and 
individuals ahead of the JT 
listing, were dragged down. 
DDI dipped Y45800 to Y903.000 
and Nippon Telegraph and 
Telephone YlOJXJO to Y883.000. 
East Japan Railway, a priva- 
tised stock and a shareholder 
of JT, receded Y8.000 to 
Y505.000 on foreign selling. 

Arbitrage unwinding linked 
to the Topix index depressed 
banks, which are heavily 
weighted in the average. Sumi- 
tomo Bank declined Y50 to 
Y1.840 and Mitsubishi Bank 
Y60 to Y2.44Q. 

Steels lost ground in busy 
trading. Nippon Steel, the most 


active issue of the day, slipped 
Y5 to Y367. 

High-technology issues were 
lower on profit-taking. Sony 
lost Y100 at Y5850 and NEC 
Y10 at Y1800. Automakers also 
declined, with Nissan Motor 
closing Y23 down at Y739. 

In Osaka, the OSE average 
weakened 335.67 to 22899.62 In 
volume of 85.7m shares. 


Roundup 


Company news moved shares, 
and markets, around the 
Pacific Rim. 

HONG KONG noted active 
switching from expensive blue 
chips to second liners, particu- 
larly China-owned stocks, for 
the second day in a row, but 
continued fond buying still 


took the Swig Tnrimr up 
129.90, or 1.3 per cent, to 
10,16587, in turnover more 
than doubled at HK$7.7bn. 

The H share index soared 51 
points, or 3.6 per cent, to 
1A90A9. Meanwhile, the China- 
hacked vitamin C maton- China 
Pharmaceutical rose 11 cents, 
or 10.7 per cent, to a year's 
high of HKSL135 in late trade 
as analysts said rotational 
buying of China-linked lag- 
gards bad boosted demand for 
tiie s tock. 

TAIPEI was lifted by last 
minute, heavy buying in finan- 
cials which took the weighted 
index up 65.46 to 689583, as 
turnover increased from 
T$57bn to T$778bn. , 

Speculative baying focused 
an the Big Three banks before 


their shareholders’ meetings 
scheduled for October, Hua 
Nan soaring by the daily 7 par 
rent limi t- ft} T$ 205 . 

KARA CHI saw buying of 
cement stocks by overseas 
investors on the new account 
day, and the KSE 100 index 
advanced 1085 to 2086.18. 

COLOMBO closed higher for 
the fourth day in a row and, in 
spite of profit-taking, the all- 
share ind ex moved ahnad 1881 
to U3036. 

MANHLA tumbled at the 
close as Petron, the oil refiner 
mfllring its debut an the Phfli- 
pine Stock Exchange, drew 
investors away from declining 
blue chips. The composite 
index shed 4616 to 3,04082. 

Petron hit a high of 22.75 
pesos before finishing at 2185 


pesos, 136 pm 1 cent above Its 
offer price of 9 pesos a share. 
Because of the Petron euphoria 
the teAwr heavyweight PLDT 
slid by 4 per cent to 1,655 
pesos. 

KUALA LUMPUR absorbed a 
sharp fall in its big utility Tele- 
kom Malaysia as the ELSE 
index reversed an early gain to 
finish 9.09 down at 1,163.15, 
after a high of 1,18180. 

Telekom fell 80 cents to 
M$2L60 while Tenaga dropped 
30 cents to MJ14.40. 

SHANGHAI and Shenzhen's 
A shares foil baric after their 
recent rocket-powered climb, 
with respective falls of 7884, or 
7.6 per cent, to 96288 and 1684, 
or 78 per cent, to 21483; but 
the B shares indices rose by 08 
and 28 per cent respectively. 


Jaattf comps*! by The Financial Timos Ltd.. Goldman. Sachs A Co. and MnWat Securitas Ud. In con junction wrtfi dm trawuw of Actuortso and the Faculty or Actuaries 
NATIONAL AND 

REfiKMAL MARKETS TUESDAY SEPTEMBER S 1984 — — — MONDAY SEPTEMBER 5 1994 — — DOLLAR INDEX-*— 

a caronthswo US Da/a Pound Local Local >m US Pound Ltur a 1 Yaw 

Show number of Dries DoOar Change Staten Yen DM Currency 94 ehg on. Qatar Steteg Yen CM Ctrawy 62 weak 52 wee* ego 

96 Index Index Was Index on day Yield Index Inder Index Index Index Wtfi Low (approx) 


of sort 


Index 


AussrataibS) 
Austria {in .. 
Setsam 1371 
Canada (104) 

Denmark 321 

FVuand 134) 


Italy (501 


Meucoil© 


Sweden 061 




177.62 

04 

109.94 

110.81 

14245 

159.56 

03 

3.46 

17886 

16X38 

11896 

142.88 

15X07 

18818 

13X2* 

14X25 


- 196.54 

0.8 

18803 

122.81 

157.52 

157.62 

0.Q 

1.01 

19833 

167.07 

12254 

157.77 

157.07 

19854 

164.84 

180.43 


17848 

-0.1 

16884 

110.10 

141.54 

138.42 

-0.7 

X99 

17883 

16817 

11 W1 

14267 

13845 

1774)4 

143.62 

151JJ3 

.... 

135.77 

08 

130 60 

84.70 

10888 

134.48 

02 

250 

13880 

13807 

8520 

109.70 

13421 

14831 

12£L5* 

127.03 


. - .. 2S803 

-0.1 

240.86 

160.97 

206.93 

214.20 

-0.5 

1.39 

25833 

2*7.42 

16207 

20807 

21833 

27879 

22344 

231.42 



OJ 


111.38 

1*3.14 

168.01 

-a* 

0.74 

17800 

17048 

111417 

14878 

18883 

17830 

10LZ8 

107.26 

— - 

. .. 17X09 

-0.9 

165.60 

107.98 

138.81 

143.58 

-1.6 

107 

174.73 

167-35 

10262 

141.14 

14520 

18887 

150X4 

17050 



14877 

08 

14233 

9281 

11931 

119.31 

-86 

1-73 

1*850 

142.22 

93.16 

119JJ5 

11925 

14854 

124X9 

12807 

56) 

409.79 

0.7 

332.06 

25566 

32865 

406« 

0.7 

3.01 

40882 

389.64 

25523 

32862 

40323 

50856 

29X06 

29897 

- 


02 

207.22 

13813 

17X71 

190 JO 

02 

3.18 

21813 

207.00 

135l59 

174J8 

198.77 

216.60 

161.54 

17X05 



-1.3 

77.41 

50.48 

64.89 

94.75 

-1.4 

1.64 

81.95 

7840 

51.41 

RflMl 

96.12 

87.78 

57^8 

77.42 

- ..... 


03 

156.12 

101.80 

130.87 

101.80 

-03 

0.75 

16874 

155.88 

10210 

13145 

102.10 

17810 

12X54 

181.78 

- — — 

-571.15 

1.4 

54643 

35632 

458W 

561.62 

1.4 

1^8 

56251 

539.71 

35X53 

46818 

55325 

821^3 

39X03 

*0888 



-09 


138«.40 

1778.84 

B240.66 

-05 

1.62 

2239.91 

2145^7 

140526 

160926 

838253 

2647.08 

161811 

176X32 

’7)- 

-31788 

-0,1 

208.45 

135.93 

174.74 

17214 

-a.8 

X33 

21819 

20809 

13880 

17825 

17X61 

21X19 

180l2S 

187.18 


— 5.60 

0.1 

7233 

47.16 

60.63 

66 60 

ai 

3^9 

7S.50 

7231 

4727 

ease 

0844 

77.58 

3122 

8X70 




0.9 

188.74 

129.50 

16880 

191.27 

04 

1.73 n 

205.91 

197^1 

129.18 

18833 

1B068 

211.74 

16862 

177.16 

*)... ....... 




330 58 

296.41 

255.44 

84 

1.66 

36817 

35261 

23098 

297 J0 

254.46 

37882 

28831 

29046 

©91 


1.1 

397.98 

194.31 

249.79 

307.71 

1.0 

206 * 

30811 

295.09 

18X30 

24827 

304.73 

31147 

17533 

16844 




13128 

8861 

110.05 

13X86 

-1.6 

431 

13880 

132S4 

8726 

11212 

135.87 

15879 

12868 

139.43 

— 


03 

312.0? 

13828 

177.73 

ZS0.11 

-04 

1.59 

22 a 90 

211.57 

13856 

17844 

25102 

23135 

17883 

191^5 

£71. 

. .... .18i .65 

03 

100.40 

10459 

13*45 

134.41 

-0.7 

1.81 

167.1B 

isan 

10428 

1380* 

13637 

17856 

13870 

13841 

BmCOJ). 

.... 30279 

-0.9 

194.01 

126.51 

162.63 

194.01 

-io 

290 

204.66 

19801 

12840 

16832 

19801 

21446 

161.11 

19028 

- 

19249 

0.1 

184.18 

120.09 

154.37 

19249 

81 

2.B1 

19221 

194.00 

12056 

15825 

13X21 

19804 

17885 

18856 


EUROPE (7181 

Ncnacnip 

Pacific Basui 1748' 

Euro- Par; Sc pae® 

North America (62i|.._,„. 
EuW E* UK 151-11 .... 
Pae/c E«- Japan 1779) . 
World E*. US OWn _ .. 

World Ex UK 0060). 

World Ex. So. Al. £105) . 
Wbrfd Ex. Jason {16951 .. 


Tho watd index Eiwi 


17*38 

- 0.5 

167.40 

109.16 

14833 

155.66 

- 1.0 

X 30 

17529 

16846 

11835 

14 X 06 

15739 

17 X 58 

15 X 98 

15921 


OJ 

209^5 

136*5 

175.41 

21826 

- 0.4 

1.41 

21878 

20896 

13888 

17823 

21102 

82 X 03 

17 X 19 

18048 


03 

165.87 

106.16 

13804 

11 X 16 

-ai 

1.06 

17 X 77 

16 X 47 

10 X 39 

13 X 56 

11 X 32 

17 X 88 

134.79 

16862 

— 173.02 

0.0 

16839 

10850 

139.48 

130.17 

-05 

1.86 

17 X 96 

166.61 

109.14 

14051 

13880 

17814 

14 X 88 

16 X 87 

16897 

0.1 

100.79 

117 B 9 

15185 

16849 

0.1 

XSO 

18870 

16873 

11839 

15 X 43 

18821 

19 X 73 

17807 

184.75 

15&13 

-as 

14932 

97.50 

12584 

133.74 

- 0.9 

X 4 £ 

166.73 

15811 

88.33 

12 X 80 

13801 

16812 

134.97 

13047 

... . 2 i 1.67 

0.7 

259.91 

169.49 

21788 

241.80 

0.7 

868 

269.70 

25831 

10920 

21728 

240.12 

29821 

20013 

20871 


0.0 

167.93 

10851 

140.77 

1344 X 1 

- 0.4 

1.89 

175.55 

16 X 13 

1 iai 4 

14120 

134 J 9 

1786 S 

14858 

16 X 90 


81 

170 J 1 

110.99 

14 X 68 

147.99 

-ai 

XC 3 

177.65 

170.14 

111.45 

14849 

14821 

17859 

15506 

18800 


0.0 

171.52 

111.84 

14 X 78 

15 a 97 

-02 

9 ?? 

17922 

171 ^ 

11 X 44 

144.77 

15136 

18803 

15804 

17044 


-81 

182 JO 

11 BJ 7 

153 32 

181.75 

-02 

223 

19128 

18320 

12000 

154-51 

18 X 1 * 

19 X 20 

174.04 

177.13 

... 180 11 

aa 

172.31 

11236 

144 . 4 * 

15 X 11 

-02 

222 

180.03 

17 X 42 

11 X 95 

14 X 42 

15 X 47 

16060 

15835 

17843 


Tl w^nn moa l Timte Untad. GeUman. Sacra me Co. m KeKVeM S W W lr«d 1B87 

Woc»_pn« wa»c«aa. A lewao K b> thw puMtewd in me RnwrM Dnm Biwq m new : 
tarns C«Ubki only Pretence "S' one aa tw nouSM. Lawn tea* mr mdah u the wHon 


TUs OMnoaiutmau appear* as a maatr of rtcord only. 


“Winterthur” Schweizerische 
Versicherungsgesellschaft 


wmterthur 


has entered into an agreement to 
acquire a controlling interest in 


DBV Holding AG 



VERSICHERUNGEN 

Partner der Commerzbank 


The undersigned initiated this transaction and acted 
as financial adviser to Winterthur 



CS First Boston 


July 1994 


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