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Planners weigh Up 
the risks 


L TOMORROW'S 

Weekend FT 

Ulster's majority on 
the defensive 


FINANCIAL TIMES 


Europe's Business Nev^ 


FRIDAY SEPTEMBER 9 1994 


ilidence 


Six US officers 
charged over Iraq 
helicopter deaths 

US Air Force officers have been charged with 
criminal misconduct over the shooting down of two 
US helicopters over Iraq in April. One F-15 fighter 
pilot was charged with negligent VinmWHp and der- 
eliction of duty and five crew members of a radar 
plane with dereliction of duty over the accident that 
hilled all 26 US and allied personnel aboard the heli- 
copters. 

Kmart, the embattled US retail giant, win shed 
6,000 jobs with the closure of UO of its discount 
stores. It will also reduce its managemen t work- 
force by 10 per cent over the nest to years, which 
will mean another 1,650 job losses. Page 15 

Saudis to boy more Hawk Jets: Saudi Arabia 
is to buy about 20 more British Aerospace Hawk jet 
aircraft and a similar number of basic trainers in a 
deal worth almost £500m ($775m). Page 14 

British Jets wider fire: Two British combat 
aircraft were fired at near Bihac in north-western 
Bosnia, a UN official said. Neither aircraft was hit 
in the attack, which came as Serbs from Bosnia and 
Croatia simultaneously invaded the Bosnian Mos- 
lem enclave. Serbia awaits blockade reward, Page 3 

Glaxo, Europe’s biggest drugs group, increased 
annual taxable profits by 10 per cent to £L84bn, 
despite losing £115m on bombs and warning it would 
incur a further £i6m loss in the current year. 

Page 15; Lex, Page 14; Background. Page 21 

BTR shares fell nearly 12 per cent in London 
after the UK-based conglomerate confirmed that 
manufacturers are having problems passing 
increased raw materials costs on to customers. 
Interim pre-tax profits rose by 16 per emit to ££94m 
(JlJWfan). Page 15; Lex, Page 14; London stocks. 

Page 27 

Malaysian politician Rahim Tamby CMk, 42, 
has stepped aside from his government and political 
posts pending police investigations into allegations 
that he had sex with a 15-year-old girl 

Tokyo stock market falls below 20,000 

Japanese stocks fell to a 
• four-month low, going 


20 . r - — --~ 


May iff* 

Source: FT Graphite 


Japsaq. - • four-month low, going 

^ ‘ below the 20,000 mark for 

^drizsindocpoQ) the first time since May 

^ " v 10. New issues depressed 

k confidence, and the Nik- 

- - - fl kei index shed 106.02 

**' ■ points to close at , 

I WlAl • 1^17.m The index lost 

. J 1 f l • 3.6 per cent over four 
20 T^’r days, coinciding with 

;■ . : ‘f ' Tuesday's listing of 

\ . Japan Telecom. Traders 
19 1.- -nmi "' inn said soine tovestors were 
■ . . wonted that nexr 
month s planned flota- 
tion of Japan Tobacco could further depress share 
prices. World stocks. Page 38 

UK stores chain may buy milk abroad: UK 

supermarket chain Tesco is threatening to buy 
much of its dairy produce abroad unless the govern- 
ment changes plans to open up Britain's £32bn-a- 
year ($5.1 bn) milk market, a move which is bringing 
higher prices. Page 7 

Nissan wins court riding on tariffs: Nissan 
has won a court battle in the US to prove that its 
multipurpose vehicles are cars rather than tracks 
and thus should carry an import tariff of 2.5 per 
cent instead of 25 per cent. Page 6 

Bulgarian cabinet quits: Bulgaria’s parl i amen t 
accepted the resignation of the country’s non-party 
government Deputies voted 219 to 4 in favour of the 
resignation, which prime minister Lyuben Berov 
offered last week. 

UN fears fresh Rwanda violences Troops of 
Rwanda's ousted Hutu government are preparing to 
go back to war and fighters have already made 
incursions to harass and kill civilians, according to 
a UN envoy and officers from the victorious army. 

Greece protest to Albania Greece protested to 
the Albanian ambassador, chiming that the spy 
trial in which five ethnic Greeks were convicted in 
Albania showed a lack of respect for human rights. 

Move to end baseball dispute: 

Representatives of major league baseball owners 
and players met in New York to try to salvage the 
season. The owners set today as the deadline for 
cancelling the rest of this year’s games unless a 
deal is reached. Players have been on strike over 
pay since August 12. 

Charlie's sax 9 <>®s toKansas: Kansas City, 
home town of jazz idol Charlie Bird Parker, paid 
($144,500) at auction in London for the saxo- 
phone he played at a 1953 concert in Toronto. 


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Loyalist gunmen set out ceasefire terms 


By Kevin Brown in London 
and Jtanmy Bums in Belfast 

Northern Ireland's loyalist 
paramilitaries yesterday set out 
their tarns for an end to terror- 
ism in response to the IRA’s 
ceasefire declaration, raising the 
prospect of a permanent end to 25 
years of political violence in the 
province. 

The Combined Loyalist Mili- 
tary Command, which represents 
the Ulster Volunteer Force and 
the Ulster Freedom Fighters, the 
two main Protestant terror 
groups, stopped short of offering 
an immediate cessation of vio- 
lence. 

But it promised “a meaningful 
contribution towards peace” once 


it is certain that the IRA cease- 
fire is permanent, that the Irish 
National Liberation Army has 
ended violence; that no secret 
deals have been struck with the 
republicans,' and that Ulster's 
position within the UK is 
assured. 

T he statement was dismissed 
as Inadequate" by the Northern 
Ireland Office. Mr Gerry Adams, 
Sinn F6in president, said the IRA 
“has hart the courage to fafr* 1 the 
initiative. The government and 
the loyalists have not”. 

Alderman Hugh Smyth, the 
lord mayor of Belfast, said the 
statement suggested that a cease- 
fire was possible if the loyalists 
received the right answers from 
the government and republicans. 


The loyalist command gave no 
timetable for a ceasefire. It said 
the decision would depend on the 
implications of the framework 
document for Northern Ireland's 
future being drawn up by the 
British and Irish governments as 
part of the peace process, which 
is unlikely to be published for 
several weeks. 

“Change, if any, can only be 
honourable after dialogue and 
agreement It is important that 
patience Is shown to this body 
given the gravity of the debate 

required," the enmmand gaiH 

The announcement followed 
assurances to unionists from Mr 
Malcolm Rifkind, defence secre- 
tary, that the number of British 
troops in Northern Ireland would 


Pace of German 
recovery quickens 
as exports rise 


By Christopher Partes . 

In FrankfUrt 

Heavy stockbuilding and . rising 
exports helped West Germany's 
economic recovery gain momen- 
tum in the three months to the 
end of July, according to data 
from the Federal Statistics Office. 
The economy grew at a real, 
adjusted annual rate of more 
than 2 per cent 

But Mr Otmar Issing, a Bundes- 
bank director, reinforced Bundes- 
bank suggestions that there is 
still scope for a further reduction 
to short-term interest rates. 

A surge of almost 9 per cent in. 
the east pushed real, unadjusted 
pan-German growth for the first 
half to 2.8 per cent The data 
showed recovery in the west and 
continued strong growth in the 
east without any indications of 
overheating. 

Mr Issing, speaking in an inter- 
view with the financial newspa- 
per Bdrsen Zeitung, was relaxed 
about prices, saying that borrow- 


ing was under control and that 
the rise to 3 per emit in western 
inflation last month was due to 
high coffee and petrol prices, 
which pushed the index up 0.2 
per cent. 

A decline to inflation had been 
slowed but not stopped. Failing 
unit labour costs also made an 
important contribution to price 
stability, he said, and the recov- 
ery would improve companies' 
cash flow rather than' generate 
heavier demand for credit 

According to the statistics 
office, the western economy, 
which accounts for more than 90 
per cent of panfGermah GDF, 
grew a fully adjusted 1 percent 
between the firsT'and second 
quarters, after a 0.5 per cent 
quarter-on-quarter improvement 
to the first three months. 

Analysts calculated that stock- 
building accounted for about half 
a percentage point of the quar- 
ter's annualised growth rate of 
2.3 per cent, but disagreed on 
whether heavy stocks might sig- 


Western Germany; real GDP 


AnnuN % chans*- - 
{unadjusted} 

£5 — . - 


£0-- 


Quarterly .% change 




— -LO 


• ” U .. 1 S 4 . 1 * 

‘ 4883 1994 

Source: Federal Statistics Office 


nal a slowdown in the second 
half. They said it was too early 
for inflationary pressures to start 
showing .through. 

Yesterday’s data suggested the 
first-quarter's heavy demand for 
new homes and relatively strong 
consumer spending faded to the 
second quarter. 

Although Mr 'Gunter Rexrodt, 
economics minister, claimed 
western consumer demand rose 
L5 per cent in the first halt the 
seasonally adjusted figures 
showed a real fafl erf 1 per cent to 
the second quarter, following a 
rise of only 0.3 per cent to the 
first three months. 

Capital investment continued 
to fall, although at a far slower 
rate. However, as industrial 
capacity utilisation rises (it is 
already estimated to have risen 
to the long-term average of 83 per 
cent) spending on plant is likely 
to increase, probably early in the 
new year. 

According to yesterday's data, 
pan-German labour productivity 
rose 4.1 per cent in the first half 
and unemployment was 15 per 
cent hi gher than in the compara- 
ble part of 1993. Wage and salary 
earners' gross income rose 2.3 per 
cent and overall disposable 
incomes increased 3.4 per cent 

The statistics office also pub- 
lished upward revisions of west- 
ern GDF data for the past two 
years. The economy grew L8 per 
cent in 1992, not 1.6 per cent as 
previously stated. It shrank 1,7 
per cant in last year’s recession, 
which was earlier calculated at 
LS per cent 

Editorial Comment, Page 13 
International bonds. Page 19 


Banks offer new guidelines 
on derivative disclosure 


By John Gapper. 

Banking Ecfitor 

International banks yesterday 
responded to growing pressure 
for better information about the 
risks they run by using financial 
derivatives by suggesting new 
standards for disclosure. 

The institute of International 
Finance, an association of 180 
international banks and securi- 
ties firms, published a set of 
guidelines for disclosure in 
annual reports. The guidelines 
were drawn up by a working 
group including most of the lead- 
ing firms selling over-the-counter 
(OTC) derivatives - contracts 
sold by banks to companies to 
help them control the risk of 
movements in currency and 
interest rates. 

Hie institute said there was no 
adequate method of quantifying 
the risks banks r un from market 
movements leading to falls in the 
value of derivatives such as 
swaps and options, and recom- 
mended instead that banks pro- 


vide a description of risk manage- 
ment methods. 

Concern that banks do not 
make detailed enough disclosures 
about derivatives has grown 
because of losses by companies 
such as Procter & Gamble. As the 
contacts derive from the value of 
other securities and indexes, they 
do not appear on balance sheets. 

This has led to legislative pres- 
sure in the US for improved dis- 
closure, and tighter regulation of 
securities firms' derivatives trad- 
ing units. Some Congressional 
leaders have called for the impo- 
sition of new reporting stan- 
dards. 

Although banks and securities 
firms in the EU and US are 
required by accounting rules to 
disclose information on deriva- 
tives, if the guidelines were 
adopted by all banks it would 
give a clearer picture of the 
global market Ms Barbara Mat- 
thews, an associate banking 
adviser of the institute, said 
hanks had pressed for guidelines 
to order to establish the size of 


the market. There was no 
requirement for members to fol- 
low them, but several had indi- 
cated they would. 

The working group suggested 
that h anks and securities firms 
should disclose three things: 

• The total replacement value of 
contracts - the amount they 
would have to spend to buy new 
derivatives contracts if compa- 
nies defaulted on existing ones. 
This would be divided into con- 
tracts with companies of various 
credit ratings. 

• The value of contracts in each 
category of derivatives, such as 
currency swaps and interest rate 
options, and a breakdown of 
maturity profiles, or the length of 
time contracts have to ran before 
expiry. 

• Analysis of their methods of 
accounting, risk management, 
netting of contracts, and hunts 
an trading. They would also have 
to describe management controls, 
an aspect of risk management 
which, many supervisors have 
highlighted. 


CONTENTS 


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not be reduced until the govern- 
ment was sure that terrorism had 
ended. 

“The crucial requirement is to 
ensure the security of the people 
of Northern Ireland is folly pro- 
tected, and that is a judgment 
that has to be looked at very, 
very carefully.” Mr Rifkind said, 
during a visit to Berlin. 

He said a “gradual reduction” 
in the military presence would 
only happen when violence had 
ended for a “considerable” time. 
“I am not envisaging any imme- 
diate changes of that hind," he 
said. 

His comments contrasted 
sharply with Sir Patrick May- 
hew's announcement on Wednes- 
day that security was being 


scaled down. Troops have dis- 
carded steel helmets in favour of 
berets. 

Mr Martin McGuinness. a mem- 
ber of Sinn Ftin's executive, said 
Mr Rifkind's comments were 
“particularly unimaginative and 
arrogant". The presence of Brit- 
ish soldiers was “particularly 
provocative at this time". 

Republican sources said that 
the combination of the govern- 
ment’s cautious approach to 
security and the loyalist terror- 
ists' delay in declaring a ceasefire 
would put pressure on the inter- 
nal discipline of the IRA. 

However, security sources 
believe the ceasefire will hold as 
long as the peace initiative prog- 
resses at government level. 



• * ' % 




Chancellor Helmut Kohl and Presi- 
dent Francois Mitterrand review a 
guard of honour at Chariottenburg 
Palace, Berlin, yesterday. They 
later joined other western states 


men in a ceremony to mark the 
departure from the city of British, 
American and French troops who 
have been its protectors for nearly 
50 years. Report, Page 14 nauar 


Brussels 
order for 
arrest of 
Schneider 
chairman 


By Lionel Barber in Brussels and 
Alice Rawsthom in Pais 

A Brussels court issued an 
international arrest warrant yes- 
terday for Mr Didier Pineau- 
Valencienne, the chairman of 
Groupe Schneider, one of 
France’s largest electrical groups. 

The court order could provoke 
further strains between France 
and Belgium over the fate of Mr 
Pineau-Valencienne. who faces 
charges of fraud and embezzle- 
ment relating to two of Groupe 
Schneider's Belgian subsidiaries. 

Schneider's shares fell sharply 
on news of the warrant's issue. 
The shares closed FFr7.70 down 
at FFr399.50, having dropped to a 
low of FFr387 during the day. 

French law does not permit the 
extradition of French citizens, 
but a Belgian justice ministry 
official said last night “If Pineau- 
Valencienne goes anywhere out- 
side France, he will be arrested.” 

Schneider last night issued a 
statement describing the warrant 
as “totally illegal". 

Mr Jean-Michel Loyrette, the 
lawyer representing Mr Pineau- 
Valencienne, said, his client 
would not comply with the war- 
rant, which followed the Schnei- 
der group chairman’s boycott of a 
court hearing in Brussels last 
Saturday. 

Late last month, the group 
announced that Mr Pineau-Valen- 
cienne would not attend any of 
the Belgian hearings on the 
grounds that his detention for 12 
days in a Brussels jail earlier this 
summer was unlawful He was 
ready to cooperate with the Bel- 
gian authorities, but only in 
France under the supervision of 
French legal authorities. 

Mr Pineau-Valencienne's fail- 
ure to appear before the Belgian 
investigating magistrate means 
he faces the loss of BFTl5m 
($464,000) in bail, according to an 
official at the Belgian justice 
ministry. 

Mr Pineau-Valencienne faces 
charges relating to complaints 
filed by minority shareholders in 
Cofimines and Cofibel, two Bel- 
gian financial subsidiaries of 
Schneider. 

Belgian prosecutors say that 
assets worth about BFr4.8bn 

Continued on Page 14 


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a THE FINANCIAL TIMES LIMITED 1994 No 32,467 Week No 36 LONDON ■ PARIS ■ FRANKFURT ■ MEW YORK ■ TOKYO 


■ " Jdtand 

■ >1 ON E 

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;.X 









NEWS: EUROPE 



FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


Russia glimpses heaven through hell 

Economic outlook is improving, writes John Lloyd, but is fraught with risk 


A street in central 
Moscow is cordoned off. 
The uniformed militia 
compete to keep order with big 
men in suits with walkie-talk- 
ies and bulges below their arm- 
pits. A high-ranking delegation 
is in town: in this case, top 
executives from Credit Suisse 
and its sister company. CS 
First Boston. They are here to 
open their Moscow offices in 
the street, having refurbished 
a 19th century mansion to con- 
tain them (and their tenants, 
who include the International 
Monetary Fundi. 

Mr David Mulford. the for- 
mer US Treasury under- 
secretary for international 
affairs, now chairman of CS 
First Boston Ltd. talks of the 
"impressive results" of Russian 
reform. "We are investing so 
much in here because we think 
this place could be as big for us 
as New York or London.” 

The prudence of the former 
public servant constrains him 
to add: “intimate success will 
require steady continued appli- 
cation of policy reform and the 
restructuring of Russia's econ- 
omy if this country is to 
assume its appropriate place in 
the global economy." 

Between the hope and the 
practice, between the present 
stability and future fears. Rus- 
sian and foreign business peo- 
ple and investors oscillate like 
iron filings between magnets. 
Is it time to invest or to wait? 
How to evaluate the govern- 
ment's commitment to reform? 
How much does it matter? 

Much of the present reality 
is good. Inflation is down from 
21 per cent in January to under 
5 per cent last month. The agri- 
culture and energy lobbies 
have received extra credits, but 
these have been relatively 
restrained. 

Privatisation continues, hav- 
ing already brought to market 
some 70 per oent of the econ- 
omy. “This is a private econ-' 
omy now." says Mr Kakha Ben- 
dukidze. head of the Nipek 
Corporation, one of the biggest 
of Russia's new businesses. 
“The people are owners, even if 


The Russian economy: painting a rosier future 


Inflation (monthly % change) 
18 




Average wage (S per month) 
120 - 


1894 


1996 


DavttUutfoK! ;;;■ 

Cbafamsn, CS firat Boston . 

fvtte are cnveatingao much In hare.; 
toocauaowetfi^th»nt^fi««- 
be as big tor us as New York or " /: 
London (but} ultimate avpcs$s’ft» _ 
require steady continued, 
appuca&on of pbfcy retain and" 

J the restructuring of Bus?#* - / 

’ecomny^.f * 


Source- Raszuan Finance Mirtifry loroctws 

sometimes they don't know it" 
He. like many other business 
people, professes not to care 
too much what the government 
does (though be wishes they 
would tackle organised crime 
while it is still possible). He 
believes the flywheel of the pri- 
vate market is now turning so 
swiftly there is little any leader 
can do to stop it. 



100 - 


Foreign investment in Rus- 
sian stocks Is booming. The 
demand is such that Russian 
financiers like Mr Mikhail 
Alexandrov of Alpha Capital 
are spinning off offshore com- 
panies to capture more of the 
inward flow. Service industry 
growth has been very large, 
compensating, on the official 
figures, for the continued steep 


fall in industrial production. 

In the longer term, the sce- 
narios which can be painted 
are even rosier. Russia Is a fab- 
ulously rich, fabulously ill- 
managed country: with huge 
oil and gas reserves of which 
the first are dec lining rapidly 
because they have been so 
badly developed and so starved 
of investment: with deposits of 


almost every precious metal 
and stone which have been 
subject to an over-strict 
monopoly and are now preyed 
upon by criminals; and with, in 
the black-earth zone and else- 
where, tremendously rich 
farmland which produces at 
between a third and a tenth of 
the productivity of the median 
European level Russia, better 
run, could be the miracle state 
of the 21st century - even. If it 
hurries, the closing years of 
the 20th. 

But it must go through hell 
first The last few weekly meet- 
ings of the special commission 
on the day-to-day running of 
the economy, chaired by Mr 
Oleg Soskovets, first deputy 
premier, have seen bitter con- 
frontations between ministers. 
Mr Anatoly Chubais, privatisa- 
tion minister, said on Wednes- 
day that at the most recent of 
these sessions, his colleagues 
had been, “talking about aban- 
doning the coarse for economic 
reform” but had been beaten 
back. 

But for how long? As minis- 
ters acknowledge, the boom 
and evident signs of wealth are 
largely co nfin ed to Moscow 
(and, to a lesser extent. St 
Petersburg and Ekaterinburg) 


Foreign investment pours in 


A wave of foreign investment money has 
swept into Russia this year, accounting 
for sharp rises in the shares on Russia's 
nascent stock markets, according to local 
stockbrokers, write John Thornhill and 
John Lloyd in Moscow. 

Investors have been attracted by the 
availability of shares following Russia's 
mass privatisation programme, the rela- 
tive success of the economic stabilisation 
plan which has reduced inflation to 4 per 
cent a month, and the more settled politi- 
cal climate. 

Mr Martin Andersson, director of 
Brunswick, a private Moscow-based 
finance company, said: “There has been a 
tremendous shift in interest during the 
past six to eight months. What we have 
seen first is an interest from portfolio, 
investors, mainly from the US. Bat Ware - 


now seeing increased interest from strate- 
gic investors. There have not been tanks 
on the streets for several mouths and 
there has been a period of relative politi- 
cal stability." 

Mr Anatoly Chubais, privatisation min- 
ister, has estimated that foreign investors 
have recently been buying Russian shares 
at a rate of S500m a month. But estimates 
vary considerably. CS First Boston, the 
US investment bank, suggests portfolio 
investment is running at $2bn for the first 
half of this year; Brunswick estimates 
Slbn which might reach S3bn by year-end. 

Local stockbrokers say much of this 
money comes from speculative hedge 
funds seeking an exposure to Russia's 
developing economy and the commodity 
cycle- “This is the ultimate emerging mar- 
ket," says one stockbroker. Some Russian 


flight capital also appears to be returning. 

Mr Mikhail Alexandrov, executive 
director of Alpha. Capital, a Russian 
stockbroking Ann, said: ‘Ton cant easily 
divide portfolio and strategic capital com- 
ing in. In some industries, like oil, the 
only way a foreigner can make an invest- 
ment is portfolio investment In others, 
yon can make a direct stake. We have 
both coming in now very quickly indeed." 

Most western fund managers are still 
deterred by the poor transparency in the 
share markets and company accounts, the 
sheer physical difficulty of buying and 
registering shares, and the remaining 
political and economic risks. But the gov- 
ernment is committed to developing and 
r e f orm in g Russia’s capital markets to pro- 
vide companies with alternative means of 
finance as it weens them bfTState credits. 


through which some 70 per 
cent of financial transactions 
are routed. Out in the prov- 
inces, the slashing cuts the 
government has had to make 
in the budget, as ft fails to col- 
lect up to half its predicted tax 
revenue, cause real pain. 

More is to come. Unemploy- 
ment Is officially law but, 
according to internal govern- 
ment forecasts, is likely to turn 
sharply upwards. 

The International Monetary 
Fund, with a high-level delega- 
tion in Moscow this week for 
exploratory talks with the gov- 
ernment is deeply worried. It 
granted a S 1.5 bn systemic 
transformation facility loan to 
Russia last spring, in exchange 
for promises of budgetary and 
monetary orthodoxy. The gov- 
ernment has delivered these at 
least an paper, but has done so 
by not paying workers, not 
supplying the northern cities 
properly for winter and not 
funding capital investment 
programmes normally consid- 
ered essential. 

How much longer a quies- 
cent society will tolerate such 
a broach In the implicit civil 
contract which exists between 
a state and its citizens is per- 
haps the largest question of 
the second part of 1994. 

In the finance ministry, the 
clever young ministerial team 
and its advisers is trying to 
keep spending nailed down, 
while juggling with ideas to 
get income up. The tax compli- 
ance rates are terrible: the rate 
on VAT has sunk from 7Q per 
cent in the first quarter of 1993 
to under 40 per cent now; profit 
tax from a peak of 90 per cent 
in file second quarter of 1993 to 
under 50 per cent; oil excise 
runs at around 40 per cent, 
though this has tended to rise. 
Only income tax is on track. 

The Russian market roller- 
coaster rolls on, more rapidly 
than ever. Many Russians and 
some foreigners have, jumped 
on, and gone higher than they 
could have dreamed. They all 
expect a descent how deep and 
how prolonged is , the 

unkno wn. 


OECD critical of Swiss construction cartels 




By Ian Rodger in Zfirich 

Switzerland has the highest 
rate of spending on construc- 
tion of all the industrialised 
countries, at S4.500 per head in 
1990. And. according to the 
Organisation for Economic 
Co-operation and Development, 
this bloated S30bn annual con- 
struction bill is not just attrib- 
utable to the quaint Swiss ten- 
dency to build everything for 
eternity. 

A fair part of it derives from 
a formidable range of anti-com- 
petitive practices that prevail 
throughout the country - 
mainly cartels and the use of 
industry standards and arcane 
qualifications to restrict entry. 

In Geneva, for example, a 
contractor has to have already 
built a bridge in the canton to 
qualify to tender on any new 
bridge project. 

hi a special study of Switzer- 
lands construction sector, the 
OECD also says, that exces- 
sively stnci zoning regulations 
and tenant protection laws 
help boost housing prices 
bey. mil the ability of ordinary 
juvplc to p.i> Switzerland lias 
the If.vi-sl level of home own- 
ership among leading OECD 
countries, stt III .3 per cent in 
’.9^.1 High construction costs 
also constitute a significant 


Study forecasts rising level of economic growth 


The Swiss authorities have 
been given a fairly strong - if 
grudging - endorsement from 
the OECD for their recent 
management of the Swiss 
economy, writes Ian Rodger. 

Switzerland is recovering 
from three years of mild 
recession, and the OECD, in its 
latest annual assessment, 
forecasts 1.5 per cent real 
growth this year and 2.5 per 
cent next year. Inflation, 
which soared to 6.6 per cent in 
mid -1991. has dropped below l 
per cent, and seems likely to 
remain low. 

"With employment picking 
up and consumer confidence 
progressively reviving in the 
course of 1994, household 
consumption should gather 
strength. Machinery and 
equipment Investment is likely 
to continue its recent upswing. 


reflecting ongoing efforts of 
enterprises to modernise 
productive capacity, as well as 
reduced credit costs and lower 
prices of imported investment 
goods," the OECD forecasts. 

“But the favourable outlook 
should not give rise to 
complacency," the OECD 
warns. It predicts that a 
further round of public 
spending cuts and tax 
increases will be needed to 
eliminate a relatively high 
budget deficit 

It also says that business 
investment decisions could be 
affected by uncertainty over 
Switzerland's participation in 
the process of European 
integration. The Swiss voted 
against joining the European 
Economic Area in 1992, and 
the federal government has 
yet to clarify how it will now 


pursue its goal of joining the 
European Union. The OECD 
says “stepped up” efforts 
should be made to liberalise 
many economic sectors and 
align standards with those of 
theEU. 

It has also renewed its 
complaints, first made in Its 
November 1992 report, about 
how the Swiss National Bank 
monitors monetary growth. It 
says that the country will fall 
well below the bank’s target of 
an average 1 per cent annual 
growth in the seasonally 
adjusted monetary base over 
the three year period to 1994. 
The OECD observes that the 
bank’s policy stance "still 
appears relatively restrictive", 
but it then falls into Une with 
the central bank's cautious 
view that the scope for further 
easing is limited, given the 


speed of economic recovery. 

Meanwhile, the Swiss 
Federal Office for Economic 
Issues said yesterday that 
economic recovery continued 
in the second quarter with a 
2.4 per cent rise in the 
annualised seasonally adjusted 
growth rate of gross domestic 
product compared with a 
robust 3-2 per cent in the first 
quarter. It said all main 
components of GDP rose, with 
the exception of exports, 
which were 4.6 per omit lower, 
compared with the first 
quarter. Exporters have been 
complaining recently that the 
strong Swiss franc is hurting 
their competitiveness. 

The country's 

unemployment rate fell to 4.5 
per cent in August compared 
with 4.6 per cent in July, and 
4.7 per cent in August 1993. 


drag un the whole economy 
because of the industry's 
unusually large size and links 
to other sectors, it accounts for 
16 .S per cent of gross domestic 
product and two-thirds of total 
fixed investment. 

The OECD acknowledges the 


Swiss authorities' concern with 
preserving the natural beauty 
of the countryside, but argues 
“there would seem to be ample 
scope” for lowering housing 
costs without compromising 
this objective. 

Swiss construction prices are 



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about 40 per cent above the 
OECD average on a purchasing 
power parity basis, a figure 
consistent with prices in other 
sectors. 

A recent study found that 
the construction cost of a rep- 
resentative apartment building 
was 29 per cent higher in Swit- 
zerland than in Germany. 
About 60 per cent of the differ- 
ence was attributable to more 
demanding construction stan- 
dards, with much of tbe 
remainder due to higher archi- 
tects' fees and taxes. Swiss 
builders also face additional 
requirements to build air-raid 
shelters and parking spaces. 

Wage rates tend to be only 
slightly below those prevailing 


In other sectors, even though 
productivity is considerably 
worse. Foreign competition is 
virtually absent from the Swiss 
construction market, partly 
because of a law. the so-called 
Lex Friedrich, restricting for- 
eigners from owning property. 

Cantonal governments, 
which boy a third of the indus- 
try’s output, also restrict com- 
petition. Many governments 
impose restrictive qualifying 
conditions, such as member- 
ship in local organisations or 
local domicile. “Other devices 
include the automatic exclu- 
sion of the best offer or, 
indeed, of all offers below pro- 
fessional associations' refer- 
ence prices and the abusive 


use of government charges," 
the OECD says. According to a 
recent study, these policies add 
at least 3.7 per cent to tbe cost 
erf public purchases. 

“Cartel agreements among 
construction companies also 
boost the cost of public works. 
These agreements aim at divid- 
ing tbe work among a number 
of enterprises and fixing in 
advance tbe prices submitted 
to the authorities,” the OECD 
says. 

Moreover, cartels are 
endemic in building materials 
industries, especially kitchen 
fittings, cables, bricks wallpa- 
per and cement. “The bath- 
room and kitchen fittings 
industries have been able to 
influence prices because they 
have fixed technical standards 
which severely restrict imports 
- so much so that the major 
supplier of bathroom fittings 
has nearly 90 per cent erf the 
market." 

The cost of land for construc- 
tion is inflated by zoning laws 
which prohibit tbe construc- 
tion in agricultural zones of 
any structure not related to 
traditional agricultural use. In 
permitted zones, hoarding is 
common. 

The OECD observes that 
Swiss governments are taking 
steps to resolve all of these 
shortcomings - strengthening 
cartel laws, revising the Lex 
Friedrich, reviewing zoning 
and rental control laws and 
promoting home ownership 
through allowing people to use 
part of their pension fund 
equity for home purchases. But 
tt argues: "Priority should be 
given to eliminating structural 
features which needlessly lift 
housing costs and restrict sup- 
ply." 



More than 1,500 Russian lie rusting at a village near the Siberia n dty of Omsk. The tanks 
have been withdrawn from Germany, the Baltic states and other central European countries 



EU may give 
Ireland debt 
exemption 


By Lionel Barber in Brussels 

European Union finance 
ministers will this weekend 
hold preliminary talks on 
whether to exempt Ireland 
from the tough rules on gov- 
ernment debt in the Maastricht 
treaty. 

Agreement would set an 
important precedent in favour 
of a flexible interpretation of 
the criteria laid down in Maas- 
tricht for membership of 
Europe's planned economic 
and monetary union. 

It would also offer hope to 
other debt-laden member states 
such as Belgium and Italy that 
they too may receive leniency. 

In Brussels this week the 
secretive European monetary 
committee, which comprises 
the top treasury civil servants 
in the 12 member states, 
backed a European Commis- 
sion proposal to exempt 
Ireland. 

Despite reservations 
expressed by the French and 
German representatives, the 
Commission is confident of 
winning formal approval at a 
meeting of EU finance minis, 
ters on September 19 for a gen- 
erous application of the debt 
roles. 

Mr Theo Walgel, the German 
finance mi winter playing host 
to this weekend's informal 
meeting of EU finance minis- 
ters at Lake Constance, has 
insisted on strict application of 
the Maastricht treaty's rules 
on debt, deficit, inflation and 
currency stability. 

But with the general election 
in Germany barely a month 
away, Mr Waigel is likely to 
steer clear of co n trov ersy - At 
present, only Luxembourg 
meets the two deficit criteria of 
having an annual budget defi- 
cit of less than 3 per cent of 
gross domestic product and an 
accumulated debt of less than 
60 per cent of GDP. 

The Commission argues that 


Ireland is a special case 
because it has kept its annual 
budget deficits below 2.5 per 
cent in recent years, and has 
reduced its stock of debt from 
around 114 per cent of GDP to 
around 90 per cent of GDP this 
year. This appears consistent 
with the Maastricht treaty pro- 
vision which says member 
states can get round the target 
If “the ratio [of debt to GDP] is 
sufficiently diminishing and 
approaching the reference 
value at a satisfactory pace". 

Germany, however, remains 
fearful of encouraging the 
notion that the so-called “con- 
vergence criteria” in Maas- 
tricht are infinitely flexible. 
Only France supported Ger- 
many's reservations in the 
monetary committee this week, 
apparently because Paris is 
determinedly orthodox and 
wary of any move which might 
undermine Bonn’s commit-, 
meat to a stogie European cur- 
rency. Britain remained silent, 
according to a participant. 

Assuming EU finance minis- 
ters agree later this month to 
exempt Ireland and Luxem- 
bourg. they will start “exces- 
sive deficit" proceedings 
against the 10 other EU mem- 
ber states. This means setting 
policy recommendations for 
reducing debt which could take 
the form of targets for 1995. 
Italy and Greece are viewed as 
particularly thorny cases. 

Setting debt reduction tar- 
gets could provoke charges of 
Commission heavy-handedness 
from finance ministers who 
want to take credit for tough 
measures to tackle deficits. 

The Commission could 
soft-pedal by simply urging 
member states to meet debt 
reduction targets which they 
have set out in their own “con- 
vergence p ro gra m mes”. These 
are the action plans which are 
subject to scrutiny by the EU’s 
monetary committee and tbe 
Council of Ministers: 


Solidarity seen with eastern states 


Bailador details 
plans for tighter 
defence network 


By David Buchan In Paris 

French prime minister 
Edouard Baliadur yesterday 
issued detailed proposals for 
improved defence co-operation 
among members of the Euro- 
pean Union, which he also 
suggested should negotiate a 
common security doctrine with 
forthcoming EU members in 
central Europe. 

In a speech to France's Insti- 
tute of Higher Defence Studies, 
tbe prime minister said a white 
paper on European defence 
could be prepared for a fixture 
EU summit to which leaders of 
central European states could 
be invited. Such a white paper 
would be "a first manifestation 
of the new solidarity" between 
the EU and its eastern neigh- 
bours. 

But he said existing EU 
states should, in any case, 
push, on with reinforcing 
co-operation within the West- 
ern European Union organisa- 
tion, particularly in planning 
joint operations and in devel- 
oping “a true European sys- 
tem” of space-based spy satel- 
lites. 

As the European state with 
the strongest ambition in the 
defence field, France is now at 
the centre of a web of arrange- 
ments with different WEU 
partners. 

Mr Baliadur cited France's 
joint Eurocorps with Germany. 
Belgium, Spain and Luxem- 
bourg. its “rapid reaction 
force" project with Italy and 
Spain, and its “more embry- 
onic" discussions with Britain 
on joint air force planning. 
But echoing the wider debate 
over EU integration, he 
suggested the time might come 
for a WEU summit to consoli- 
date the organisation as “the 
central core" of European 
defence. 

In the short er term, he called 
on the WEU to use Its new 
planning cell in Brussels to 
prepare for joint military-hu- 
manitarian operations more 
effectively than it had done in 
the case of Rwanda. He also 
called for a European observa- 
tion satellite system, similar to 
the satellite pho to in terpreta- 
tion system the WEU had set 
up in Spain. France is already 
working on the Helios optic 
and infra-red satellites with 
Spain and Italy, but Mr Baha- 
dur <a«ri he was “counting a 
lot” on getting German finan- 
cial support. 

France by Itself could not 
maintain military technology 


and hardware across the board, 
he told Ilia military officers, 
and therefore greater collabo- 
ration with other Europeans 
was essential. 

There is anxiety in the 
French government about the 
UK government’s imminent 
choice between joining the 
project for a new European 
military transport aircraft or 
sticking with Lockheed of the 
US to fulfil Its military trans- 
port needs. 

On the problem of stemming 
the spread of nuclear weapons, 
Mr Baliadur said the United 
Nations Security Council 
should be given a more perma- 
nent and active role in check- 
ing nuclear proliferation. He 
said that giving the United 
Nations this role had worked 
well in Iraq and that North 
Korea showed the need for 
repeated vigilance. 

“We believe the Security 
Council should have at its 
direct disposal intelligence 
assets and expertise concern- 
ing such- weapons." Until 
Europe acquired such assets, 
however, they would have to 
come from the US. 

• France appears on the verge 
of clinching a long-awaited sale 
of eight fast patrol boats to 
Kuwait for S28Qm-S470m, its 
first big defence sale to the 
emirate since the Gulf war. It 
is also discussing sales of mis- 
siles and radar. 

Editorial Comment Page 13 


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FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


3 


★ 


EUROPEAN DIGEST 

Serbia awaits 
blockade reward 

There are mounting signs that the internati onal community is 
preparing to reward Serbia for its month-long blockade of the 
Bosnian Serbs and that the Serbian president, Mr Slobodan 
Milosevic, may be willing to allow international observers to 
m onitor the embargo. The German foreign minister, Mr ickm* 
Kinkel. yesterday said he welcomed a dt yr ig fo n by the five 
members of the International contact group on Rnanfa to ask 
the UN security council to discuss easing sanctions against 
Serbia and Montenegro. In a statement, Mr Kinjtg) Serb- 
ia's blockade was a "positive development” which "should be 
rewarded appropriately*’. Mr KInkel’s French counterpart. Mr 
Alain Jupp6, said on Wednesday that Serbia Had agreed in 
principle to allow non-military observers to monitor its 
embargo of the Bosnian Seths. Mr Jupp6 said the details gfin 
had to be worked out He said monitors would not carry out 
checks- on the border but merely “observe what happens”. 
Western diplomats in Belgrade said they were still waiting for 
details of the Contact Group’s proposals. Paul Adams, Bel- 
grade. 

Renault stake for Elf Aquitaine 

Elf Aquitaine, the French state-controlled oil group, plans to 
become a significant minority shareholder . in Renault by 
investing up to FFribn ($i87m) in its eventual privatisation. 
Renault has already invested FFribn in Elf, which was priva- 
tised earlier this year. Elfs reciprocal investment will create 
one of the noyaux durs, or "hard core” shareholding agree- 
ments that have been a traditional tenet of French industry 
and are now playing a prominent role in the centre-right 
government’s privatisation policy. The timing of the Renault 
share sale has not yet been fixed. The government is currently 
conducting a valuation of Renault (estimated by analysts to be 
worth around FFr40bn) as a precursor to selling part of its 80 
per cent stake. But Renault is vying for the next slot on the 
privatisation schedule with the Assurances Gfinfirales de 
France (AGF) Insurance group. The government is expected 
shortly to announce which company will be the first issue. 
Alice Rmastham, Paris. 

EU warns on drug chemicals 

Drugs traffickers are still getting chemicals needed by the 
cocaine trade from Germany and Holland in spite of a Euro- 
pean Union regulation controlling their export, according to 
senior EU officials. This emerged at a meeting in Bohn 
yesterday of interior ministers from 22 European states, 
intended to bind east and central Europe into the EU*s efforts 
to combat drugs and organised crime. The Bonn government 
is understood to have pledged firm action to staunch any 
leakage of these “precursor” chemicals, like acetone, but Mr 
Michael Howard, the UK home secretary, who has just 
returned from South America, told his colleagues that “it is 
clear that precursor and essential nhpmicals are finding their 
way to South American countries”. The 22 states have .agreed 
to operate together across frontiers not only against , narcotics 
but against s muggler s of nnriwr materials , illegal immigrants 
and the 1.8m stolen vehicles on the EU wanted list, a large 
number of which have found their way into eastern Europe. 
David Gardner. Berlin 

Italy to boost pensions sector 

Two Italian^anks^and the country's state -pensions-institute 
yesterday announced a joint venture to encourage the under- 
developed IbdiaiL pension fund sector. Banca-,Naztonale del 
Lavoro; the Treasury-controlled bank, IML the recently priva- 
tised financial services group, and INPS. the state pensions 
institute, have agreed 4o offer fund management and adminis- 
trative services to company schemes or open funds. Pensions 
reform is at the centre of the Italian government’s efforts to 
cut spending for the 1995 budget, but the country's 200 or so 
pension funds account for only a small part of retirement 
provision in Italy. The Treasury has already said it wants to 
reform existing legislation to encourage pension funds, by 
reducing taxes and other charges. Mr Clemente Mastella, the 
labour minister, yesterday reassured Italians that funds based 
on investment would complement rather than replace the 
gristing system. Andrew Rill, Milan 

Azerbaijan-Armenia talks 

President Geidar Aliev of Azerbaijan and President Levon 
Ter-Petrosian of Armenia met yesterday in Moscow to seek a 
peaceful settlement of their war over Nagorno-Karabakh. Rus- 
sia’s foreign ministry spokesman said both sides had demon- 
strated a willingness to seek compromises. “However, at least 
one more round of intensive work will be required to finalise 
the document," he said. The agreement being discussed calls 
for an end to hostilities, disengagement of warring parties, the 
deployment of mostly Russian peacekeepers and the return of 
refugees. But there still are outstanding issues, such as when 
Armenian forces will withdraw from areas seized outside 
Nagorno-Karabakh and the exact composition of the peace- 
keeping force. The agreement also does not stipulate the final 
status of the enclave, which has declared independence from 
Azerbaijan. Reuter. Moscow 

Bulgaria heads for elections 

Bulgaria appears set for general elections within the next two 
months following acceptance yesterday by the Bulgarian par- 
liament of the resignation of the government of Prime Minis- 
ter Lyuben Berov. Mr Berov took power at the end of 1392. 
leading a non-party government formed after the collapse of a 
gover nme nt led by the Union of Democratic Forces, an anti- 
communist alliance. The Bulgarian Socialist party, successor 
to the former communist party, supported the Berov govern- 
ment and is expected to emerge from elections as the largest 
single party. A caretaker government will be appointed to 
govern until the elections and the Berov cabinet has been 
authorised to continue talks with international financial insti- 
tutions for a promised $125ra loan from the World Bank and 
$100m from the IMF. Theodore Troev, Sofia. 

ECONOMIC WATCH 


Danish unemployment edges up 


Denmark 

Unomptoynwrt rale (%) 
seasonally adjusted 
12.6 


12.4 - 



11 * 1 ~ 

.1993 

Soutn; OaUatreoin 


94 


Danish unemployment rose to 
an average 125 pm 1 cent in 
July, compared with 123 per 
cent in June, the Danish 
national statistics office said 
yesterday. The seasonally 
adjusted number of people 
out of work rose from 344,600 
people in June to 349,400 peo- 
ple in July. This also shows a 

rise from July 1993, when an 
average 12.4 per cent or 
347,100 people were out of 
work. The rise follows three 
months' decline in the jobless 
rate, after which the govern- 
ment said the tide had begun 
to turn on unemployment It 
said the rise was due to many 


leonle in new jobs taking summer holidays on unemployment 
lenefit as they were not entitled to holiday pay. The opposi- 
te* Liberals claimed the government’s economic policies had 
ailed The jobless rate not corrected for seasonal adjustments 
ras 115 per cent in July, up from 11.7 per cent in June. 

\ndrew Draper, Copenhagen. ..... 

■ The trade surplus in the Netherlands in May rose 16 per 
»nt to Fl22bn (£815m) from KI 2 bn a year ago, the Dutch 

mon£ y aUSrty 

:ent in July after a 0.3 per cent gain in June, the Bank of 
?n!n& said yesterday. The M3 aggregate was down 3 per cent 
in an annual basis in July. 


NEWS: EUROPE 


German ‘personality’ contest 

Judy Dempsey reports on Sunday’s two state elections in the east 



Mr Kurt Biedenkopf (left), the CDU prime minister of Saxony, 
and Mr Manfred Stolpe. the SPD prime minister of Brandenburg 


T he outcome of Sunday's 
elections in the east 
German states of Bran- 
denburg and Saxony will 
depend largely on the personal- 
ities of their prime ministers. 
Both Mr Manfred Stolpe, the 
Social Democratic prime minis- 
ter of Brandenburg, the only 
SPD- led government in eastern 
Germany, and Mr Kurt Bieden- 
kopf, the Christian Democrat 
prime minister of Saxony, the 
only eastern state with a CDU 
absolute majority, have tried 
to use the “cult of personality” 
and local patriotism to secure 
re-election. But they have gone 
about it in different ways. 

Mr Stolpe, a 59-year-old Ossf, 
or easterner, was a senior 
member of the Evangelical 
Church during the former east 
German communist regime. 


Since unification he has been 
repeatedly accused of collabo- 
rating with the former Stasi, or 
secret police. 

The more the authorities and 
the west German media tried 
to prove the allegations, the 
more the Brandenburgers ral- 
lied around Mr Stolpe. "Stolpe 
is one of us (easterners]. We 
won’t let the Bfessft [western- 
ers] destroy him," say his sup- 
porters. 

However, after the election 
the SPD might be forced to 
choose between a coalition 
with the CDU, or the Party of 
Democratic Socialism (PDS), 
the successor to the former 
east German communist party, 
because the Free Democrats 
(FDP). the junior coalition 
partner, might not jump the 5 
per cent hurdle required to 


enter parliament. Mr Stolpe 
could have played the "com- 
munist threat” card to galvan- 
ise his support. But since he is 
an Ossi. he knows how Bran- 
denburgers share a common 
past "He is afraid of sowing 
divisions because he knows 
how old unsettled scores could 
be revived,” said an aide. 

M r Biedenkopf has 
chosen the opposite 
course. A prominent 
politician in Chancellor Hel- 
mut Kohl's government, the 64- 
year-old former law professor 
fell out with Mr Kohl and 
sought refuge in Saxony. But 
K6nig (King) Kurt, as he is 
known, has used the CDlTs 
absolute majority in Saxony’s 
state parliament to introduce a 
government based on law and 


order and to polarise society. 

The police have powers to 
detain individuals for up to 14 
days for suspicious behaviour, 
and bug private homes, while 
anyone with the slightest pre- 
vious connection with the Stasi 
or the former Communist 
party has been sacked or ban- 
ned from holding jobs in the 
public administration. 

More than 1.000 people have 
appealed - and won - costing 
the state DM30m (£i23m) in 
legal expenses. 

But Mr Biedenkopf wants 
another absolute majority. By 
accusing the SPD and PDS of 
flirting, he has weakened the 
political middle ground. "Sax- 
ony Is now politically polarised 
between the CDU and the far- 
left," said Mr Fritz Hahle, the 
CDlTs leader. "That’s good for 


us. Indeed, this polarisation 
might be enough to get us back 
with the absolute majority.” 

But the PDS could, at the 
expense of the SDP, get about 
15 per cent of the vote in Bran- 
denburg and more than 20 per 
cent in Saxony. 

Such a result would enhance 


the party’s status as “king- 
maker" in the formation of the 
new governments. 

But it would also provide a 
litmus test for the federal elec- 
tions which take place on Octo- 
ber 16 and in which the PDS is 
expecting to enter the Bundes- 
tag. 


Berlusconi and central bank seek to end 


By Robert Graham m Rome 

Mr Silvio Berlusconi, the Italian 
prime minister, and the Bank of Italy 
yesterday sought to bury the hatchet 
in a damaging two-month row over 
the role of the central bank. 

The peace initiative took the form 
of a well-publicised meeting organ- 
ised yesterday evening between Mr 
Berlusconi and Mr Antonio Fazio, the 


bank’s governor. The row has been a 
factor conditioning the negative sen- 
timent towards Italy in the financial 
markets that has seen the lira fall to 
historic lows against the D-Mark. 

The meeting was the first between 
the two since a formal round of dis- 
cussions which the prime minister 
held with leading institutional fig- 
ures in the immediate aftermath of 
taking office in May. Relations 


between the Berlusconi government 
and the Bank of Italy began on an 
uncomfortable footing with the 
search for a replacement for Hr Lam- 
berts Dini, who left the number two 
job as director-general to become 
treasury minister. Neither could 
agree on who should be the right 
candidate. 

The government was anxious to 
introduce new blood. Mr Fazio jeal- 


ously sought to preserve the central 
bank’s autonomy and promote from 
within. 

This gave way to increased sniping 
against the bank from members of 
the right-wing coalition - notably 
from the neo-fascist MSI/National 
Alliance. The bank was accused of 
being elitist and too closely linked to 
the outgoing government. 

Hatters were made worse by the 


disputes 

half-point discount rate increase on 
August ll at the height of the gov- 
ernment’s first lira crisis. 

This provoked even more hostile 
attacks on the bank, including calls 
to limit the term of the governor (at 
present unlimited), rewrite the insti- 
tution’s statutes and remove Mr 
Carlo Azeglio Clampi, the former 
governor-torned-prime minster, from 
his position as honorary governor. 



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★ 

NEWS: INTERNATIONAL 


Beijing threatens relations 
with Washington will suffer 


China irate 
at US links 
with Taiwan 


By Laura Tyson In Taipei and 
WRBam Dawkins in Tokyo 

Amid protests from Beijing. 
Taipei yesterday welcomed 
moves by the US to boost unof- 
ficial ties with the island, but 
complained the changes, 
announced late on Wednesday 
did not go far enough. 

Following a lengthy policy 
review, Washington will per- 
mit high-level bilateral meet- 
ings in government offices. 
Taipei's de facto embassy in 
the US. the Co-ordination 
Council for North American 
Affairs, will become known as 
the Taipei Economic and Cul- 
tural Representative Office. 

"We are happy to see and 
welcome the Clinton adminis- 
tration's policy adjustment 
toward us, but we ore also dis- 
satisfied with certain areas 
where we hope the US govern- 
ment can adopt a practical atti- 
tude to make further improve- 
ments.” Mr Frederick Chien, 
Taiwan's foreign minister, told 
reporters. He voiced disap- 
pointment that the US would 
not back Taiwan's bid to rejoin 
the United Nations. 

An angry Beijing sharply 
denounced the adjustments, 
warning, without specifying 
precisely bow, that thawing 
Sino-US ties would suffer as a 
consequence. China views 
Taiwan as a renegade prov- 
ince. The US switched diplo- 
matic recognition from Taipei 
to Beijing in 1979, implicitly 
acknowledging China's claim 
to sovereignty over the Island. 

The US State Department 
said the enhanced contacts did 
not represent a deviation from 
the US's “qne-China" policy. 
The changes were made “for 
the purpose of solving practical 
problems and doing business^, 
according to a department offi- 
cial. "They carry with them no 
implication that we consider 
the relationship [with 'Hupei] 
to be official." 

The change coincides with a 
standoff among Taiwan, China 
and Japan over whether 
Taiwan's president, Mr Lee 
Teng-hui, should be permitted 
to attend the Asian Games in 
Hiroshima early next month. 

The US adjustment will be 
closely watched and could pre- 
cipitate similar changes by 
other governments. 

The American Chamber of 
Commerce in Taipei, which 
has long lobbied for upgraded 
ties, said the US moves would 
improve business links but did 
not go "as far as we would 
have liked". Taiwan was the 
US's fifth-Lirgest trading part- 
ner in 1993. buying US goods 
and services to double the 
value of China's trade. 

While the island's economic 
strength played an important 
role in policy chiingo, its demo- 
cratic transformation since 
martial law was lifted in 1987 
has not escaped attention. 

Mr Shen Guo fang, .spokes- 
man for China's foreign minis- 


try, charged that the US 
upgrade "seriously violates the 
principles" on which bilateral 
relations are based and "inter- 
feres with the internal affairs 
of China". 

Mr Shea went an to menace 
Japan, saying if President Lee 
is issued travel documents 
allowing him to attend the 
Asian Games, Sino-Japanese 
ties will be affected. "If Lee 
Teng-hui goes to Japan to 
attend the Asian Games, it will 
bring serious political troubles 
to the Asian Games," he Mid, 
declining to elaborate. 

President Lee is refusing to 
knuckle under to pressure to 
politely decline an Invitation 
h-om the Olympic Council of 
Asia, putting the Japanese gov- 
ernment in an embarrassing 
position. China earlier threat- 
ened a boycott, which could 
prove disastrous for the games 
as China’s athletes are the 
region’s strongest and com- 
prise the biggest delegation. 

Analysts said Beijing fears 
an increasingly assertive and 
confident Taiwan is success- 
fully punching through the 
diplomatic isolation which has 
shrouded the island since the 
UN granted Taipei's seat in the 
body to Beijing in 1971. Eyeing 
Taiwan's economic clout coun- 
tries which recognise Beijing 
are Increasingly willing to risk 
provoking tantr ums from Bei- 
jing to informally host Taiwan- 
ese officials . 

Hong Kong's South China 
Morning Post reported yester- 
day that Beijing has drafted a 
"war plan” to suppress 
Taiwan's gains in the diplo- 
matic arena. The plan, 
approved by President Jiang 
Zemin, calls for a carrot-and- 
stick approach. 

Taiwan will relaunch its bid 
to rejoin the UN when the 
body reconvenes this ML But 
China holds veto power as a. 
permanent member of the 
security council, and is likely 
to block Taipei's efforts as it 
did last year. 

In Tokyo an embarrassed 
government was attempting to 
stay on the sidelines. Mr Tomi- 
ichi Murayama, Japan’s Social- 
ist prime minister, said It 
would be difficult to arrange 
for Mr Lee’s attendance at the , 
games, but stopped short of 
barring him. 

China's political and eco- 
nomic weight as Japan’s sec- 
ond largest trade partner, and 
the largest military power in 
the region means Japan is 
under compelling pressure to 
put China first But a snub to 
Taiwan would harm Tokyo’s 
policy of trying to keep the 
widest possible circle of Mends 
among its Asian neighbours. 

Japanese government offi- 
cials had no doubt their politi- 
cal masters would ultimately 
have to bend to China's 
wishes. Tokyo entertains diplo- 
matic relations with Beijing 
but not with Taipei, they 
pointed out 


NEWS IN BRIEF 

Sri Lanka offers 
food for rebels 

Sn Lanka's new government yesterday made fresh moves 
towards a peace deal with Tamil separatist guerrillas in the 
island’s north and east, by offering to restore supplies of food and 
power. Reuter reports from Colombo. 

“We are prepared to give power to the north," deputy defence 
minister Anuruddha Ratwatte told a news conference. He said the 
government needed only six weeks to set up power generators in 
the northern Jaffha peninsula, stronghold of the rebel Tamil 
Tigers, if the Tigers were prepared to co-operate in their installa- 
tion. The government was also prepared to extend the national 
electric ity grid to the north, which has been without power since 
rebels blew up power lines in the mid-1980s. 

Mr Ratwatte said the government wanted to send food convoys, 
under the supervision of the International Committee of the Red 
Cross, by road to Jaffna, as monsoon rains due In three weeks 
would make transportation by sea difficult. Normal land routes to 
Jaffna cannot be used because of the fighting. 

The deputy minister said the government had appointed a task 
force, headed by prime minister Chandrika Bandaranaike Kumar- 
atunga. to rehabilitate the island’s east 

S African ministers criticised 

The bead of the communist allies of President Nelson Mandela's 
governing party hit out yesterday at the big salaries earned by 
South Africa’s new rulers, Reuter reports from Soweto. 

Mr Charles Nqnkula, general secretary of the South African 
Communist party, told trade union activists that the new rulers 
were in danger of representing only the bosses. "It is scandalous 
that such huge amounts of money are squandered." he told a 
meeting of the Congress of South African Trade Unions, an 
umbrella group with close ties to the communists. “We pledge to 
continue the struggle. .. against the gravy train in the upper 
echelons of the public sector." 

UN chief in Kashmir offer 

Mr Boutros Boutros Ghali, United Nations secretary-general, yes- 
terday offered to play the role of "honest broker” in an effort to 
resolve the 48-year Kashmir dispute, which continues to under - 
mine relations between India and Pakistan, writes Farfaan Bok- 
hari in Islamabad- 


trade union king-maker resigns 


Japan’s 

By WHDam Dawkins In Tokyo 

Japanese politics yesterday lost an 
influential behind-the-scenes builder 
of coalitions when the head and foun- 
ding father of the main trade union 
movement resigned. 

Mr Akira Yamagishi, 65, cited 
health reasons for his unexpected 
decision to step down as head of 
Rengo, the Sin-member trade union 
federation. 


Rengo is the most powerful sup- 
porter of the left-wing Social Demo- 
cratic party, a member of the govern- 
ment coalition. Yet the union group 
has been in upheaval since the Social- 
ists, led by Mr Tbmiichi Murayama, a 
former union official, formed a gov- 
ernment 2 Vs months ago with the 
left’s traditional opponent the conser- 
vative Liberal Democratic party. 

Mr Kozo Igarashi, the Socialist chief 
cabinet secretary, yesterday voiced 


regret at Mr Yamagishl’s retirement 
Mr Yamagishi, a moderate trade 
union official throughout his career, 
lwamfl Hip most important figure in 
Japan’s labour movement by increas- 
ing Us influence in the traditionally 
closed circuit of business, government 
and political elite. He was instru- 
mental in bringing together private 
and public sector unions to form 
Rengo five years ago and is close 
to Mr Murayama and the moderate 


leadership of the Socialist party. 

As such, Mr Yamagishi was an 
influence in the Socialists’ decision 
last weekend to scrap their traditional 
extreme pacifist policies to foil less 
out of line with the LDP on defence 
and foreign affairs. The policy switch 
has angered the left wing of both the 
Socialist party and Rengo, possibly 
a factor in Mr Yamagishl's resig- 
nation. 


sition parties in 1992 and played ah 
important part in the creation of the 
eight - p arty coalition which succeeded 
last summer in pushing the LDP out 
of government for the first time in 
nearly four decades. 

However, Mr Yamagishi has never 
fulfilled bis ambition of uniting the 
SDP with the Democratic Socialist 
party, a moderate offshoot of the orig- 
inal Socialists also supported by 
Rengo. 


He began a campaign to unify oppo- 

Politics comes second to Japanese pinball 


I n the main street of Toy o- 
hashi the former prime 
minister was having diffi- 
culty competing with the rival 
attractions of the pinball 
arcade. 

Mr Tsutomu Hata had 
arrived in his campaign bus to 
canvass support for the opposi- 
tion candidate in Sunday’s 
by-election. But the desolate 
little gathering of supporters 
and curious onlookers never 
looked like outnumbering the 
men eagerly crowding into the 
paehinka parlour. 

ft was a typical scene. The 
election in Aichi prefecture, 
150 miles to the west of Tokyo, 
has attracted more interest 
from the national politicians 
and psephologists than it has 
from the voters. 

The principal cause of the 
excitement is the decision of 
the three parties of the govern- 
ing coalition and the 10 parties 
of the opposition bloc to field a 
Single candidate aaeh 
It thus represents the first 
test of popular opinion since 
the formation iff the strange 
new alliances around which 
Japanese politics have 
coalesced in the last few 
months - a minnr referendum 


Gerard Baker ( 

on the unlikely coalition 
between the Liberal Demo- 
cratic party (LDP) and Social 
Democratic party (SDP). 

It is also an important test of 
the government’s resolve on 
the popular issue of political 
reform 

The vacancy for the seat in 
the upper house of the Japa- 
nese parliament was caused by 
the removal of the sitting 
member following his admis- 
sion that he BaMfifld hi« educa- 
tional record during the last 
election campaign in 1992. 

The vast constituency, cen- 
tred on Japan's fourth largest 
city, Nbgoya, is home to the 
world headquarters of Toyota 
Motor Corporation. More than 
200,000 among the electorate of 
5m work for Toyota and its 
related 

In normal circumstances the 
election would be a close-run 
thing. Two years ago the multi- 
member constituency returned 
candidate from both the LDP 
and the Democratic Socialist 
Party, one of the opposition 
parties. 

But traditional voter apathy 


in mistrust and 

has been compounded by a 
growing mistrust of politicians. 
The turnout was just 47 per 
cent in 1992, and the cam- 
paigns for the two main candi- 
dates expect it to be less than 
40 per rent thia time. 

And to this mix Of a pathy 

and disenchantment ha s been 
added the volatile ingredient of 
confusion. The unprecedented 
fluidity of Japanese politics in 
the last year seems to have left 
many voters bewildered. 

The campaign teams for the 
two main candidates both 
expressed concern that the 
shifting coalitions in Japanese 
politics have become so bizarre 
that electors will not know 
which candidate represents 
which group. 

Nonetheless, opinion polls 
suggest that those who to vote 
are set to deliver a significant 
rebuff to the government The 
opposition candidate. Mr 
Yuzuru Tsuzukt is well-liked 
locally. More potently, he is 
mining a rich seam of voter 
disgust at the cynical oppor- 
tunism of the SDP »nd LDP in 
burying their divisions in the 


apathy over an 



interest of self-preservation. ' 

*T used to vote socialist,” 
said one man on the streets of 
ToyohashL "but I was never so 
shocked in my whole life as 
when I heard of the formation 
of this coalition.” ‘This Is a 
government of mw mritod by 
just ftna thing " «»id another, 
"their desire for power.” 

The coalition’s <*»ndiH»te t th«> 
former United Nations diplo- 
mat, Mr Jlro Mwnnfl, had thp 
iinTniatalcMh la air of a man 


electoral test 

expecting a drubbing. "It is a 
very hard struggle, he said, but 
I believe I can .win.” His cam- 
paign supporters had bad even 
Iks success in enticing people 
from the paehinka parlour 
when they stopped by earlier. 
"Please vote for Mr Mizuno, if 
only to save his face," appealed 
one of them. 

Indeed there is a growing 
fear in coalition circles that Mr 
Mizuno might even be beaten 
into third place by a local tele- 
vision personality running as 
an independent 

Differences within the coali- 
tion have meant that policies 
have been avoided altogether. 
Instead they have chosen to 
focus largely on the personal- 
ity of their undeniably charm- 
ing candidate. Mr Mizuno's 
election literature dwells 
heavily on bis tastes in music 
(he likes Linda Ronstadt) and 
Rims (his favourites are, of 
course, those staples of Japa- 
nese cinema-goers, ’Roman 
Holiday’ and ’Casablanca’.) 

Then, under a beaming pic- 
ture of the 46-year-old is a lit- 
any of his well-known support- 


ers - a list of mostly national 
and local government figures 
that includes, unaccountably, 
Mr Javier Perez de Cuellar, the 
former secretary -general of the 
United Nations. 

The opposition seems 
undaunted by such heavy- 
weight competition. Mr 
Atsuaki Miwa, the campaign 
manag er, thinks the electorate 
is ready to deliver a crushing 
blow to the governing parties 
and in the process register Its 
support for the reform process 
h esitantly under way In Japan. 

"Though the coalition par- 
ties say they support reforin, 
the voters know that they did 
all they could to oppose it 
when it was being legislated. A 
vote for Mr Tsuzuki will be a 
vote for an end to the old poli- 
tics represented by the SDP 
and LDP." 

Mr Miwa’s optimism is prob- 
ably justified. But there is little 
doubt that popular ‘disillusion- 
ment is stronger than ever - 
disillusionment that embraces 
much of the opposition too. 
Support for the principles of 
political reform remains wide- 
spread. Confidence that it will 
actually make any difference is 
ebbing fasti 



Delegates to a non-governmental agencies meeting, held alongside the population conference, listen on headphones to a speaker ap 

Immigration dispute emerges at population conference 

Fresh battles at Cairo talks 


By Bronwen Maddox 
and Mark Nicholson in Cairo 



Controversial 
clauses on 
immigration 
have emerged 
as a new battle- 
ground in tor- 
tuous attempts 
to reach con- 
sensus on a 
final document 
at the Interna- 


tional Conference on Popula- 
tion and Development in Cairo. 

Britain and Germany are 
objecting strongly to a section 
of the draft document which 
says that families of immi- 
grants have the right to be re- 
united in one country. They 
are concerned that this sug- 
gests that relatives of immi- 
grant workers or of naturalised 
citizens have rights to immi- 
gration. 

London and Bonn may be 


World famil y planning 


Raao w ca needs for pfenning 
and reproductive boaftfi 
2000 took $17tvr (constant $ 



Sourae PoputoHon Acflon Inter na t i o n al 


prepared to back the principle 
that families should be united, 
but are pressing for a new 
phrasing which could not be 
used In court, delegates from 
European Union countries 
said. The present text, which 
has not been agreed, urges gov- 
ernments to “recognise the 


right of family reunification.”. 

However, the deadlock over 
text on abortion policy 
remained the chief obstacle to 
consensus, with delegates 
braced to scrap a scheduled 
weekend break and negotiate 
up to the last hour of the con- 
ference on Tuesday night 

“I don’t think there is any 
one group trying to wreck the 
conference, although there 
may be groups trying to hold it 
to ransom," said a British dele- 
gate. The Vatican and a “hard 
core" of about 10 Roman Cath- 
olic countries remain bitterly 
opposed to the proposed word- 
ing on abortion, althoug h Mos- 
lem states have now given 
their backing. 

Dr Nafis Sadik, executive 
director of the UN population 
fund, who is chairing the con- 
ference. said: “I do not think 
the Vatican will agree [to the 
policy document] even if all 
the phrases [on abortion] are 


left out, because basically they 
are against contraceptive tech- 
nology.” 

Holy See officials insisted 
they were seeking a final text 
to which they could agree 

However, delegates yester- 
day readied agreement on the 
controversial financing target 
of $17bn by the year 2000, more 
than treble present levels. 

Two thirds of the money is 
expected to come from develop- 
ing countries. Mr Abdnl Sulei- 
man. from tiie Nigerian delega- 
tion, warned the figure "is very 
much a global average - in 
some countries, the ratio will 
have to be more like 5050.” 

Yesterday Baroness Chaika-, 
the UK minister for overseas 
development and head of 
British delegation, repeated 
her pledge that Britain would 
spend £100m over the next two 
years on overseas family plan- 
ning programmes - an 
Increase of 60 per cent 


Australian port workers on strike 


Australia’s shipping industry ground to a 
halt yesterday when port workers began 
an indefinite nationwide strike over the 
government's alleged failure to develop a 
restructuring package for the state-owned 
Australian National Line, writes Nikki 
Tait in Sydney. 

Last month the government shelved 
plans to privatise ANL, claiming it was in 


years. The union claims the government 
plans to liquidate the business. 

Mr Laurie Brereton, federal transport 
minister, urged a swift end to the indus- 


trial action, saying it augured badly for 
government efforts to save ANL. 

Mr Baddy Crumlin, deputy national sec- 
retary of the Maritime Union of Australia, 
said the strike would affect all ships other 
than vessels transporting Squid natural 
gas to Japan. 

The Australian Chamber of Shipping 
said the strike would cost the economy 
millio ns of dollars and reinforce the low 


(£19,000) a day per vessel to have a ship 
idle. Broken Hill Proprietary, the large 
mining and resources group which has a 


si gnifican t shipping business, expressed 
s imilar dismay. 

# Foster's Brewing Group, which owns 
Courage in the UK, is suing Price Water- 
house for unspecified damages, claiming 
the international accountancy firm was 
negligent and failed to inquire property 
into A$665m (£S2m) worth of foreign 
exchange transactions authorised by exec- 
utives in 1988 bat now alleged to be "sham 

deals”. 

The dealings are at the heart of a 
lengthy committal hearing under way in 
Melbourne and involving former execu- 
tive of Elders IXL, the brewing and agri- 
business group which owned Foster’s. 


such poor financial condition that it 
“couldn't be given away*. The company regard in which Australia's waterfront 
has made losses in six of the last seven Industry was held overseas. The ACS cal- 
culates it costs on average AS40.000 


Lean times for 


New Zealand 



By Terry rHaftJn ,]KfoMngton 

The sudden collapse of two big 
New Zealand meat processing 
companies - UK-owned Weddel 
and the innovative Fort ex 
group - has underlined the 
deep financial problems that 
have plagued for the past 
decade the country's biggest 
export industry. 

The crash of Weddel last 
month after banks refiised to 
lend it more money has drawn 
att e nti on to the indebtedness 
of remaining companies, and 
aroused national concern for 
the future of the NZ$4bn 
(USS2.4bn) industry. 

Weddel, which had been con- 
trolled by the wealthy UK Ves* 
tey family for most of the cen- 
tury. had been considered one 
of the stronger players, and 
handled an estimated 18 per 
cent of the industry through 
its six works. The company's 
failure marked the end of UK 
investment in the industry. 

Over the past decade Borth- 
wicks and the British Coopera- 
tive Society had been forced to 
quit due to changing markets 
and high costa. A string of 
locally owned companies, 
including Fletcher Challenge, 
Goodman Fielder Wattle. Wai- 
taki. Gear, Waitane Meats, and 
Venison New Zealand had also 
been forced oat of the industry. 

Collectively the losses total 
about NZ$950m over the past 
five years, according to a study 
by merchant bank Southpac, 
which also said the industry as 
a whole had shown no return 
on capital during that period. 
Nor had it earned enough to 
cover interest payments in two 
of the past three years; and 
would be unable to do so again, 
this year. The banks, which 
are owed NZgL9bn by the com- 
panies, are said to be running 
out of patience. 

The problem is largely a 
structural one. The meat pro- 
cessing companies receive an 
inadequate share of profits. 
Most have inadequate capital 
and continuing funding prob- 
lems as they try to cope with a 
deregulated environment. 
There are also too many play- 
ers, leading to big marketing 
and overcapacity problems. 

The indukry's troubles have 
Intensified over the past 10 
years. The last period of strong 
profitability was in the early to 
mid 1980s when the Meat 
Board dominated the industry. 
As the government poured in 
taxpayer’s money in farm sup- 
port payments, sheep numbers 
soared to 73m. 

But from the mid 1980s 
things started to go badly 
wrong; the industry was 
turned on its head after the 
Labour government removed 
farm incentives, forcing com- 
panies to resume competitive 
bidding for stock, marketing 
and other roles. . 

As sheep numbers plum- 
meted - the national flock now 
numbers just over 50m - the 


The New Zealand economy is 
set to show sustainable growth 
over the next two years with- 
out suffering from inflationary 
p re ssure or a widening c ur rent 
account deficit, said Mr Don 
Brash, Reserve Bank gover- 
nor, writes Terry Hafl. 

Mr Brash is charged with 
setting interest rate and 
exchange rate policies with 
the aim of ensuring inflation 
does not rise above 2 per cent 
He said that, following gross 
domestic product growth in 
excess of 5 per cent last year, 
the bank was projecting GDP 
to rise by 4.4 per cent daring 
the current year and by 3.1 per 
cent in 1996. 

The projected slowing of the 
growth rate was primarily due 
to cyclical influences on con- 
sumption and investment, Mr 
Brash told a news con fe rence. 

processing companies were 
placed under increasing pres- 
sure. The ermntng tangle of 
ownership, mergers and plant 
closures grew increasingly 
complex, as did changing 
industrial, attitudes. 

initially unions battled man- 
agement attempts to cut staff 
numbers, tighten conditions 
and close works. But more 
recently they have decided to 
cooperate to try to ensure the 
industry's future. 

The role of the co-operatives, 
which dominate the industry, 
is seen as a significant prob- 
lem. Three big groups - Affco 
on North Island and PPCS and 
the Alliance in the south - 
handle 66 per cent of the sheep 
and 45 per cent of the beef kflL 
It is cl aime d that the lower 
cost structure of the coopera- 
tives, allied with less pressure 
on than to make returns on 
capital to their farmer share- 
holders, were factors which 
effectively helped PPCS and 
the Alliance to squeeze the 
Fortex group out of business 
by forcing it to pay higher 
prices for stock. 

“Given the influence of co- 
operatives within the industry, 
the overall profitability may 
not improve," the Sonthpac 
report said. 

Analysts believe the hanks , 
which carry most of the risk, 
will be loathe to finance the 
industry, aim to charge prohib- 
itively high risk marg ins on 
loan capital or impose draco- 
nian restraints and other con- 
ditions on the way the compa- 
nies conduct business. Many 
lenders are seeking to reduce 
their exposure by withdrawing 
funds they have committed In 
the past . 

Nevertheless, the industry 
has overcome many of its old 
problems. Real lamb process 
mg costs have fallen by 20 per 
cent in the past 10 years, and 
costs are considerably lower 
than in Australia. A decade 
ago New Zealand processing 
costs were 50 per cent higher 
than In competing countries. 







FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 




NEWS: THE AMERICAS 


0 P'nh 


n link’s: 
^ /call 


il ii ui us; 


Clinton administration acts to 
entice media onto its side 

US invasion 
of Haiti may 
come wi thin 

four weeks 


By James Ha t d u t y 
in Washington 

The Clinton administration is 
lining up its media forces to 
win public support for an inva- 
sion of Haiti, now widely 
expected within a month 
unless the country's military 
rulers step down. 

President Bill Clinton is 
likely to avoid seeking a con- 
gressional vote to back the 
invasion, but Is understood to 
be planning a national address 
to win popular backing for the 
first military offensive of his 
presidency. 

Mr Clinton. In his first piece 
of business after a 12-day holi- 
day in Massachusetts, held a 
three-hour session on Wednes- 
day night to consider invasion 
plans with senior foreign pol- 
icy advisers and White House 
s taff. The meeting was inter- 
preted as a signal of renewed 
urgency in the administration 
to restore democracy to Haiti. 

The meeting considered a 
timetable for engagement in 
Haiti and a public relations 
campaign to ensure support for 
an invasion which would oust 
Haiti's military leadership and 
restore deposed President 
Jean-Bertrand Aristide. 

The US government's stiffen- 
ing resolve was made dear by 
Mr Warren Christopher, US 
Secretary of State, who warned 
Haiti’s military leadership 
prior to the meeting that ‘their 
days are definitely num- 
bered. . . One way or another, 
the de facto government is 
going to be leaving," he said. 

Pentagon officials are under- 
stood to have informed the 
White House that a US-led mul- 
tinational force is ready to go. 
but the president needs to win 
over the American people 
before launching an operation 


Rift at the top of Fed is denied 


which could involve US casual- 
ties. The centrepiece of the 
publicity ramp sign is likely to 
he a televised address by Mr 
Clinton, possibly as early as 
the end of next week. 

White House assessments of 
the popular backing for a Haiti 
invasion are likely to be the 
critical factor in deciding both 
when and If the administration 
decides to act Mr Clinton’s 
advisers seem to be split on 
possible public responses. 
While some believe a bold 
move would win tack support 
for the Clinton presidency 
before potentially damaging 
mid-term congressional elec- 
tions in November, others fear 
images of body bags being 
down back to the US from 
Haiti. 

National security advisers 
are expected to start briefing 
Congress members next week 
on the reasons for US involve- 
ment, the plans for a speedy 
withdrawal and the outlook for 
a UN peacekeeping operation. 

Seeking to avoid a vote 
would be a break with the 
Bush administration’s policy of 
winning congressional haeWng 
for US operations in the Gulf 
war. However, it would have a 
recent precedent in the Reagan 
administration, which began 
its invasion of Panama without 
a vote in Congress. “Consult, 
execute and then defend” is 
said to be the policy envisaged 
by the administration. 

Wednesday night's meeting 
also considered plans for a 
final push to persuade Haiti’s 
military leaders to step down. 

This could involve covert 
action which would attempt to 
exacerbate -.-rifts - -between 
Haiti's military commanders 
and offers to provide safe pas- 
sage for the regime's leader- 
ship. 


By George Graham in Washington 

Mr Alan Blinder, the vice-chairman of 
the Federal Reserve Board, yesterday 
denied any rift between himself and Mr 
Alan Greenspan, the Fed chairman, 
over the need to control inflation, 
but insisted that central banks 
also needed to pay attention to unem- 
ployment 

Mr Blinder repeated bis belief that 
unemployment should play a role in 
setting monetary policy, a view which 
sparked a flurry of concern that he was 
“soft on inflation” when he expressed it 
two weeks ago at a Federal Reserve 
conference held in Jackson Hole, Wyo- 
ming. 

“To my mind, the controversial posi- 
tion that T staked out in Jackson Hole 


amounted to endorsing the Federal 
Reserve Act" he told a meeting of the 
Mortgage Bankers Association in Wash- 
ington yesterday, pointing out that the 
statute establishing the Fed directed it 
to pursue both mayimnm employment 
and stable prices. 

But Mr Blinder insisted that Mr 
Greenspan and he were at one in believ- 
ing that monetary policy could only 
have an effect on unemployment in the 
short run. but that in the long run 
there was no trade-off between unem- 
ployment and inflation. 

“If there’s any difference it’s usually 
that When the chairman says that he is 
emphasising the fact that there isn’t 
any long run trade-off; despite the fact 
that the economy fluctuates in the 
short ran, and I certainly agree with 


that. . . 1 emphasised inatpnrt that there 
is in fact a short-run tradeoff, despite 
the fact that there is no long-run 
tradeoff,” Mr Blinder said. 

“So this is exactly a case of whether 
you look at this glass and find it half 
full or half empty,” he said, adding that 
he did not believe there were any “cur- 
rent operational differences of any sig- 
nificance” between him and the rest of 
the Fed board. 

Nevertheless, financial markets and 
some commentators had seen a possible 
future policy disagreement in Mr Blind- 
er's apparent refusal to give absolute 
primacy to the fight against inflation, 
as most central bankers around the 
world do. 

Mr Blinder said yesterday that “the 
inflation objective has to, by default if 


nothing else, take primacy", because 
that was all that a central bank could 
control in the long run. 

However, he softened slightly his crit- 
icism of European central hawks , which 
he had accused in Jackson Hole of 
being “quite far from on target” in their 
policies. Yesterday, he said that “almost 
everybody on the planet, I t hink , 
believes that European unemployment 
rates now are too high”, and that many 
economists believed the rate could be 
reduced by perhaps 2 to 3 percentage 
points through an expansion of aggre- 
gate demand. 

But whereas in Jackson Hole he had 
focused his comments on central banks, 
yesterday he said that he meant macro- 
economic policy in general, including 
fiscal policy. 


Chile resumes its grand sell-off 


David Pilling in Santiago details the new 
state assets coming under the hammer 


T he minister was adamant. “What 
business does the state have run- 
ning an airline? The devil ran 
buy it, for all I care.” 

The flhflean government is a little 
mare discreet in public, but the minis- 
ter's remark is an eloquent reminder 
that Chilean state assets are again 
going under the hammer. 

The privatisation process, all but stal- 
led under the four-year democratic tran- 
sition, has been revived by the new 
administration of President Eduardo 
Frei, which has promised to “open up 
opportunities for the private sector" by 
selling off state companies on a “case- 
by-case basis”. 

Mr Frei says he does not share the 
“simplistic notion. . . that the moderni- 
sation of the state entails the stripping 
of all its power and authority*. But 
private participation is to be encour- 
aged in areas needing “high levels of 
investment", or where, “given a com- 
petitive market, the private sector can 
operate more efficiently". 

Given new spending priorities - spe- 
cifically a commitment gradually to 
raise investment in education to 7 per 
rant of gross domestic product from 5 
per cent now - the government is keen 
to unload some of its spending burden 
on to the private sector. 

The process has already begun, albeit 
modestly/ with the sale of 23.8 per cent- 
of Lan ' Chile airline for SlOAm (£&9m)/ 
Over the coming months, stakes in elec- 
tricity, shipping and railway companies _ 
wlH be -auctioned off; swelling treasury ' 
coffers by some $20Om. 

"Today there is a different atmo-_ 
sphere surrounding the subject,” says 


Mr Fehpe Sandoval, head of Corpora- 
tion de Fomento (Corfo.), the state hold- 
ing group. Attitudes about the role of 
the state, which once separated oppo- 
nents of the military regime from sup- 
porters, have begun to merge and the 
topic has lost much ideological heat 

First on the privatisation list is Edel- 
□or, the northern power utility. The 
government will sell off its 4&5 per cent 
stake in stages, with 12-32 per cent due 
to be divested this year. Mr Sandoval 
says each 12 per cent tranche should be 
worth about 930m. 

The government also intends to raise 
$50m of private sector funding for Col- 
bun, the state power utility, in need of 
investment capital The foil privatisa- 
tion of Colbun, valued at 9400m, will be 
considered whan the government is sat- 
isfied that adequate anti-monopoly reg- 
ulations are in place, Mr Sandoval says. 

Empremar and its container unit 
Transcontainer, which handle about 5 
per cent of overseas transport, are also 
to be sold, pending chang e of a law 
restricting private ownership to 35 per 
cent A previous attempt to sell the 
loss-making company, estimated to be 
worth 920m. fafled-because of lack of 
interest in taking on a minority stake. 

Various Chilean groups, including 
forestry companies seeking cheaper 
access to ports, will in October bid for 
~ 51-pet cent of Ferroramles del Eacfflco, 
the railway cargo division. The winning 
company, which could pay up to 9100m, 
-will, inherit 90 locomotives and 5,000 
wagons. It will rent ase:of track from 
state railway company EFE. 

Elsewhere the gover nm ent^ is study- 
ing partial privatisation of tM water 



Eduardo Frei: backing a new privatisation push 


and sewerage systems, still inadequate 
in many districts, and expects to pub- 
lish recommendations in October. 

The government has already begun, 
with only limited success so for, to 
entice private funds into big road-build- 
ing programmes through a system of 
concessions and tolls. Mr Eduardo Ani- 
nat, the finance minister, has pledged 
to extend private sector participation to 
ports and airports. 

Separately, Corfo intends to sell 
9550m of its non-performing debt portfo- 
lio - “a reflection of bad loans made in 
the past" - for which Mr Sandoval 
expects to raise $100m-$200m. 

Same state companies^ such as Enapl 
the oil group, and Rnami the smelting 
agency, are off limits - for the moment 
at least. More controversial still is 
Codelco, the world's largest copper com- 
pany, and still considered the heart and 
soul of the Chilean economy. 

But even here, the government is 


p ushing through reforms which have 
been labelled by opponents as privatisa- 
tion by stealth. Codelco recently 
announced plans to sell a majority 
stake of its power plant, Tocopilla, val- 
ued at $500m -9600m. The group argues 
that the constitution, which enshrines 
the nationalisation of Codelco, only cov- 
ers care mining activities. 

Committed both to tight fiscal policy 
(even more than its prudent predeces- 
sor) and to improving education and 
alleviating poverty, the new administra- 
tion is refocusing its spending priori- 
ties. Part of that strategy involves a 
diminishing role in projects that smack 
of big spending - such as roads, power 
and sanitation - given that the private 
sector appears willing to bridge much 
of the investment gap. This, so the the- 
ory goes,' will allow the state to divert 
funds to schools, hospitals and deprived 
regions, where private money is less, 
forthcoming. 


US plant 
spending 
to rise 
by 8.8% 

By James Harding 
in Washington 


US businesses plan to increase 
investments in plant and 
equipment by &£ per cent this 
year, the Commerce Depart- 
ment reported yesterday. The 
upward revision of the busi- 
ness capital spending survey 
from June is in line with econ- 
omists’ expectations that capi- 
tal investment will continue to 
play a leading role In eco- 
nomic growth in 1994, despite 
higher Interest rates. 

The Commerce Department 
reported that the 5,000 busi- 
nesses surveyed in July and 
August said they were plan- 
ning to spend 9638bn 
(£411.6bn) this year, up from 
S587bn last year, on construct- 
ing and modernising build- 
ings, installing new computer 
systems and upgrading equip- 
ment and machinery. The fig- 
ures are not adjusted for infla- 
tion. 

The survey was in line with 
predictions that investments 
would rise for the third 
straight year. Business invest- 
ment gre w by 73 per cent in 
1993, after a 3.4 per cent rise 
in 1992. If yesterday's forecast 
is realised it will be the big- 
gest jump in capital invest- 
ment since the 1989 increase 
of 11.4 per cent. 

The July-August report is 
the final estimate of business 
spending plans for the year 
and follows the June survey 
which forecast an 8.3 per cent 
rise in investment spending 
this year. 

According to the survey, 
manufacturers plan to 
increase investment by 7.3 per 
cent, compared to a 3.1 per 
cent rise last year. Non-manu- 
facturing businesses said they 
would increase investment 
spending by 9.5 per cent, fol- 
lowing the jump of 9.3 per 
cent in 1993. 

Industries with the largest 
increases planned for 1994 are 
blast furnaces and steel works 
(39.7 per cent), cars (28.9 per 
cent), stone, clay and glass 
manufacturers (21.7 per cent) 
and electrical machinery (11.3 
per cent). 




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FT CONFERENCES 

THE NUCLEAR INDUSTRY- INTO THE 21ST CENTURY? 

14 & 15 September 1994, London 

TMb high-level meeting will examine the outlook for nuclear power In North 
America and western Europe and review growth potential in the Asia- Pacific 
region. The etiaflenges of Improving efficiency end safety si nuclear plants In 
eastern Europe and Issues related to managing the foal cycle win also be 
addressed. Speakers Include: James Harm CBE. Scottish Nuclear, Rdmy Carle, 
EdF; Michael KJrwan. Nuclear Electric; Dr YBvYun Hsu, Atomic Energy Count* 
Taiwan: Michael Fdlger, United Kingdom Nirax Limited; Professor Jurgte VDemas. 
Lithuanian Energy Institute; Thierry Baudon; EBRD; John Guinness CB; British 
Nuclear Rites and JsarvPeuI Lamegrace. FRAMATOME. 

RETAILING TOWARDS 2000 - COMBINING VISION AND EFFICIENCY 
London, 21 & 22 September 1994 

This yew's me e tin g w9 teas on the need for the ratal Industry to exploit folly the 
oppomrnftles that new markets and new technologies otter, write dealing with the 
fundamental business chatienges - maximising profitability; controlling costs; 
managing the property portfolio end ‘crime busttog*. Winning reteS formats wffl be 
those trite aueossafutiy combine vision with efficiency. Speakers at the conference, 
arranged Jointly with Coopers & Lybrand. include: Teh Ban Lian, Emporium 
Hoidnga (Singapore) Ltd; George Boston, Edgars Stores Untfted; ZCttan KbszegL 
Azur Unto; Mark UHy. The Disney Store Limited; Michael Ruddefl. The Boots 
Company; Robert Miller. Galleria 21 (UK] Ltd; David Carman, Quantum 
totemotional and lan Smith, ustatan. 

INTERNATIONAL BANKING 
Madrid, 29 & 30 September 1994 

This major forum. Immacfiatoty prior to the annual meetings of the IMF and the 
world Bank, wffl debate the outtook for banking fei the mid-1990s and address a 
wtda tangs of Issues of current concern to the international financial community. 
Speakers taking pan indude: EmHo Botin Rios; Banco Santander; Lord Alexander 
at Weedon OC, National Westminster Bank pic; Dr H Omo Ruding, Citicorp; 
Richard J Boyle. Chase Man ha ttan Barit NA; Dr Jossf Ackermarm, Credh Suisse; 
Egkfio Giuseppe Bnxio, Crwflto ttatano and Eugene J Ludwig, Comptrofler of the 
CUrency, USA. 

INTERNATIONAL INFRASTRUCTURE F1NANCE-BUILD-OPERATE- 
TRANSFER (BOTJ 
London^ & 5 October 1994 

This two-day Financial Times conference wffl focus on bundeoporatettransfer 
[BOTJ opportunities In key goirih markets, to indude Eastern Europe. South Africa 
and the Middle East The chatenge of financing and managing BOT contracts wffl 
be highlighted in recent case studies of major projects in the power, 
tetecommunications and environmental Infrastructure sectors. Speakers indude; 
Mr Trewr ManueL Minister of Trade and Industry, South Africa, Sfr Alstter Morton, 
EurotmwL Thteny Baudon. EBRD. Dr Jacques Rog o zin sH , Banobras. Inter Sud. 
The World Bank, John Hoffihan 10, Morgan Stanley & Co Limited, Michael Heath, 
Nynax N o lworit Systems Company, George Kappaz, KMR Power Corporator, Mr 
Christopher Natet, Northwest Water kitemational Lid, Mr Malcolm Stephans CB. 
The Bame Union. 

WORLD MOBO£ COMMUNICATIONS 
London, 17 & IB October 1994 

The Financial Times *94 conference will locus on the growth of mobile 
com muni cations, the various technologJas being adopted and new operator 
strategies. Speakers Include Or Herbert lingerer from the European Commission. 
Mr Charles WJgotef. Managing Director ot The Peoples Phone Company. Dt 
Joachim Draper, Chairman at Dabitef KomrnunemlanaBCtirik. Ur Barry A Kaplan, 
Vice President of Goldman Sachs & Co. Mr Tomas Jufin, Managing Director of 
Unisource Mobfle, and Mr Jan Node, President & Chief Executive Officer ot 
AkTouch Internati onal 
INDIA'S ECONOMC RENAISSANCE 
{MM, 2B & 27 October 1944 

Given the breadth and pace of ec o no mi c reform in india since 1991. Ihte high-level 
FT fooim wlB provide a utiqua opporfority to review the government's fibetafisatian 
p ro g mt w ne and assess business and Investment prospects. The meeting wffl also 
consider India's c ompe titi veness in world markets aid took ai the chafiengse of 
Improving the country's kdrastrutura. 

CQRPOHTATE RISK MANAGEMENT AND 
THE INTERNATIONAL INSURANCE INDUSTRY 
London, 3 November 1994 

As the risk management function within corporations expands and evolves In 
response to an evnr Increasing array of ride Jhe abtiity of commerciai rtsfc tosurw 
to meet their clients requirement could become a mauar of their vary survtvaLThh 
FT conference w* examine tin tmpOcatiorB of Ihe changng balance ot the rote of 
brofcemjnsurere and risk msnagera^nd explore how the Intern a tional nsurence 
industry hrespendng to the n o w c hn flenge 
DOING BUSINESS WITH SPAM 
Madrid, 23 & 24 November 1BB4 

The FTs *94 conference, to be arranged whh Expansion and Actualidad 
EconAmrea, will take as its theme "Spain Competing to Europe’, focusing on 
e conartc recovery, compe titi wty and EberaBsing markets. Speakers tnctode; D. 
Josfr Antonio Grinin Martinez, Spameh Mtoisttr of Labour £ Social Security; D. 
Alberti) RecanB, Managing Director, Centunhxr. D. Carlos Espinosa de tos 
Montana, Chairman, Mercedes Benz Espana, SAj D. Oscar Fanjui Martin, 
Chairman, Repeal SA; D. Lula Atienza Serna. Spanish Minister of Agriculture, 
Fisheries & Food; Mr Bernard Dumon, Chairman, SaxnOLous Group: D. Josfr 
Miguai Zaldo, Chairman, Grupo Tavax. 

AI encpiiriea should be addressed to: Ftoandal Times Conferences, P O Box 3861 , 
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IN DEPTH-IN CONTEXT-INTERNATIONAL 






6 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


NEWS: WORLD TRADE 


Nissan wins US court 
ruling on tariffs for 
multipurpose vehicles 


By Mtohiyo Nakamoto in Tokyo 

Nissan has won its court battle 
in the US to prove that its mul- 
tipurpose vehicles are cars 
rather than trucks and thus 
should carry an import tariff of 
2.5 per cent instead of 25 per 
cent. 

The ruling by the US Court 
of Appeal paves the way for a 
possible refund of tariffs 
already paid by Nissan and 
supports the case of foreign car 
makers, many of them Japa- 
nese, which have been hit by 
the higher tariff rate on multi- 
purpose vehicles imported into 
the US. 

Nissan, which imported a 
two-door multipurpose vehicle, 
the Pathfinder, into the US 
between 1989 and 1990, was 
ordered by the US Customs 
Service in 1989 to pay a 25 per 
cent tariff rate on the vehicle, 
which was classified as a 
truck. 

The Japanese car company 
had been appealing against the 


classification, saying the Path- 
finder should be rated as a pas- 
senger car and given the lower 
tariff rate. 

The Pathfinder is manufac- 
tured at Nissan's plant in 
Kyushu, southern Japan. 

However, Nissan had 
stopped exporting the twodoor 
Pathfinder in 1990 and started 
exporting a four-door version 
instead, after a ruling in the 
US classified four-door multi- 
purpose vehicles as passenger 
cars. 

US vehicle makers have been 
able to use the 25 per cent tar- 
iff on imported' trucks to 
secure a growing market far 
themselves. 

One reason for the fall in the 
Japanese share of the US mar- 
ket in the early 1990s was a 
lack of multipurpose vehicle 
models, but the truck tariff 
rate on imported multipurpose 
vehicles has not helped their 
market penetration. 

However, the arg umen t put 
forward by the Big Three 


-Ford, Chrysler and General 
Motors - that imported multi- 
purpose vehicles should be 
classified as trucks has not 
always been upheld by the 
authorities. 

In 1989, the US Treasury 
Department ruled that only 
two-door multipurpose vehicles 
should be classified as trucks, 
since their principal purpose 
could be considered the trans- 
port of goods. Four-door multi- 
purpose vehicles, on the other 
hand , should be classified as 
passenger cars since their prin- 
cipal purpose was clearly to 
transport people, the Treasury 
decided. 

Furthermore, with the mar- 
ket largely dominated by US 
manufacturers, the Interna- 
tional Trade Commission was 
unable to sustain a finding of 
injury done against domestic 
vehicle make rs when US man- 
ufacturers tried in 1992 to raise 
the tariff rate through dump- 
ing action. 


Raids expose misuse of 
Japan’s aid programme 

Tied overseas assistance helps rich companies 
rather than poor people, writes Michiyo Nakamoto 


The National Maritime 
Polytechnic in the Philippines, 
built with Japanese overseas 
development aid, is equipped 
to train 700 seamen but to date 
few have occupied its hails. 

A children's hospital in 
Pakistan had to leave sophisti- 
cated medical equipment, pur- 
chased with aid from Japan, 
lying idle because no one could 
handle the machinery. 

Japan's overseas develop- 
ment aid, which at fllJbn is 
the largest in the world, has 
recently been widely criticised 
as commercially motivated and 
ineffective. 

The raid this week by 
Japan's Fair Trade Commis- 
sion on more than 40 compa- 
nies seemed to confirm what 
many in Japan had long sus- 
pected: that ODA money was 
being shared by Japanese com- 
panies for projects that served 
their interests more than that 
of the recipient countries. 

The companies, which 
include some of Japan's largest 
trading houses such as Mitsu- 
bishi and Marubeni, are sus- 
pected of forming cartels to 
pre-determine which compa- 
nies would win orders for cer- 
tain ODA projects. 

While the raid in itself came 
as a surprise to the Japanese 
public, the possibility that 
such bid-rigging involving 
ODA projects had been going 
on. did not. 

In 1986. two employees of the 
Japan International Co-opera- 
tion Agency (JTCA). which is 
responsible for implementing 
Japan's aid programmes, were 
found guilty of accepting 
bribes from companies keen to 
win aid projects. Japanese 


companies have also been sus- 
pected of engaging in illicit 
deals with the government of 
Mr Ferdinand Marcos, former 
president of the Philippines. 

Japan's aid programme has 
frequently been criticised for 
its lack of transparency from 
the decision-making process to 
implementation. 

“The aid policy is deter- 
mined by bureaucrats but the 
implementation is in fact left 
up to companies," contends Mr 
Yoshinori Murat professor at 
the Institute of Asian Cultures 
at Sophia University in Tokyo 
and co-ordinator of the ODA 
Research and Study Group, a 
non-governmental organisa- 
tion. 

The accusation applies to 
less than 20 per cent of Japan’s 
ODA involving grants and 
technical co-operation aid 
which is tied, meaning that 
only Japanese companies can 
win contracts for building the 
hospitals, training centres and 
schools and supplying them 
with equipment lie remain- 
ing 80 per cent of Japan’s ODA 
is untied and last year only 35 
per cent of contracts were 
awarded to Japanese compa- 
nies. 

The latest suspicion of cartel 
activity is thought to involve, 
in particular, technical 
cooperation assistance which, 
in addition to being tied, is 
awarded through a designated 
bidding system. Contracts are 
not awarded through competi- 
tive bidding but are restricted 
to companies which have regis- 
tered with JICA. 

Furthermore, many of the 
projects carried out with tech- 
nical co-operation aid are 


thought to be recommended to 
recipient governments by Japa- 
nese companies themselves. 

Critics say that the need for 
companies which have 
invested resources in coining 
up with aid projects to ensure 
that they win the relevant con- 
tracts, encourages cartel activ- 
ity and the designated bidding 
system facilitates such prac- 
tices. . . 

Foreign ministry officials 
admit the system has its flaws. 
“Many weak governments of 
developing countries do not 
have the ability to draw up 
their own projects and JICA 
employees do not . have the 
expertise to judge the costs of 
projects and facilities." says 
one foreign affairs official. 

Foreign ministry officials 
also concede that many ODA 
projects foil for lack of fol- 
low-up activity, but insist 
recipient countries must even- 
tually look after facilities for 
themselves. “We provide tech- 
nical experts to help train local 
staff but we cannot go on 
doing so forever. Japan's ODA 
policy is to encourage 
self-help,” says one. 

The foreign ministry, stung 
by the latest allegations, has 
asked JICA to consider 
whether the system needs to 
be reviewed. In line with a 
growing trend for greater 
transparency in Japan’s bid- 
ding system, JICA should con- 
sider providing more informa- 
tion on bids, Mr Mural says. 
But anything beyond that, 
such as an ODA basic law, is 
likely to be resisted by the 
bureaucrats who have their 
own vested interests to con- 
sider, he says. 


Malaysia’s planners ride the fast lane 

The government is willing to take risks with ambitious projects, writes Kieran Cooke 


Dr Mahathir Mohamad, 
Malaysia's prime minister, yes- 
terday declared open one of 
south-east Asia's most ambi- 
tious Infrastructure projects - 
an 848km expressway stretch- 
ing the length of the Malaysian 
peninsula, from the border 
with Thailand in (he north to 
the causeway to Singapore in 
the south. Called the north- 
south highway, it is looked on 
with pride by Malaysia’s plan- 
ners. 

The highway is a vital artery 
that should relieve transport 
bottlenecks and promote eco- 
nomic growth not only within 
Malaysia but between neigh- 
bouring countries of Asean 
(the Association of South-East 
Asian Nations). It is Malaysia's 
first big privatised infrastruc- 
ture project, built without mas- 
sive government funds and 
likely to be finished well ahead 
of schedule. 

But there is another side to 
the highway story. The origi- 
nal cost of the project was put 
at MS3.45bn ($1.34bn). Cost 
overruns have resulted in a 
final bill of nearly twice that 
amount. Steep increases in toll 
charges have angered motor- 
ists and led to charges of 
“highway robbery” against the 
company managing the 
expressway. There have been 
criticisms that some work on 
the highway is below standard: 
only months after opening, 
some sections are under repair. 

Over the next four years the 
Malaysian government plans to 
spend more than M$40bn on 
various infrastructure projects. 
By the end of the century that 
figure is likely to rise to more 
than M|70bn. 

New infrastructure is 
urgently needed to cope with 
pressures arising from six 
years of 8 per cent-plus eco- 
nomic growth. What staggers 
planners from elsewhere - and 
sharpens appetites of the 
world's construction compa- 
nies and financiers - is that 
these projects are not being 
phased over a lengthy period. 
They are all in progress now, 
or are about to happen. 

On Wednesday, Malaysia 
lifted a ban on government 
contracts for British compa- 
nies. The ban was imposed in 
February in retaliation for 


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British media reports hinting 
at corruption in senior levels of 
the Malaysian government 
British companies have been 
among the most active in fry- 
ing to win a share of Malay- 
sia’s large infrastructure cake. 

Malaysia has been a pioneer 
in south-east Asia in pushing 
ahead the privatisation pro- 
cess. Dr Mahathir's govern- 
ment has made dear it expects 
the private sector, rather than 
the state, to be the mover 
behind infrastructure develop- 
ment 

Malaysia has enthusiasti- 
cally adopted the boOd-operate- 
transfer (BOT) concept Local 
companies, most in joint ven- 
tures with foreign partners, are 
being told to build their pro- 
jects, raise the bulk of their 
own finance and operate facili- 
ties for 20 or 2S years, recoap- 
ing money by imposing tolls or 
other charges. 

With electricity demand 
increasing at 14 per cent a 
year, Malaysia has been faced 
with power shortages. To 
relieve the burden on Tenaga 
Nasional, the partially priva- 
tised power utility, the govern- 
ment has invited local compa- 
nies, in joint ventures with 
foreign concerns, to construct 
power stations on a BOT basis. 

These companies, termed 
independent power producers 
(IPPs), are already building 


five large power plants with a 
total price tag approaching 
MSlObn. Semens, British Gas, 
Asea Brown Boverl and John 
Brown are among foreign com- 
panies involved. 

Much the same principle is 
behind other infrastructure 
projects, ranging from a 
Mfiobn International airport 
south of Kuala Lumpur to a 
M$Zbn light railway system in 
the capital and a M$6bn 
national sewerage scheme. 

Malaysia is considering 
applying the BOT concept to a 
university it plans to open in a 
joint venture with the Univer- 
sity of London. Private devel- 
opers will build a campus in 
Kuala Lumpur and recoup 
costs through student charges. 

Infrastructure has caught 
the imagination of the local 
stock market Malaysian com- 
panies rumoured to be in line 
for infrastructure projects have 
seen a sharp rise in their 
shares prices. But amid all the 
euphoria there are question 
marks over the direction of 
Malaysian policy. 

Much of the p lanning associ- 
ated with projects is built on 
the premise that the country 
will continue to have soaring 
economic growth. A downturn 
could bring serious problems 
to the companies involved, 
with revenues from completed 
projects not matching costs. 


Political connections often 
seem to have been the most 
important factor in granting 
infrastructure projects to local 
companies. In 1988 the Renong 
Group, then directly owned by 
Dr Mahathir's United Malays 
National Organisation, won 
the privatisation contract for 
the north-south highway. 
Renong has subsequently won 
a wide range of other multi- 
million dollar infrastructure 
contracts, ranging from a new 
bridge linking Malaysia and 
Singapore to a M$555m con- 
tract to build a new stadium 
complex (or the 1998 Common- 
wealth Games, which will be 
held in Kuala Lumpur. Com- 
petitors say tender procedures 
are often ignored. 

Privatisation and BOT 
arrangements on infrastruc- 
ture projects are new ideas, 
even in the west There are 
doubts whether Malaysia has 
the necessary supervisory 
apparatus to monitor both the 
construction and operation of 
such a vast array of projects. 
Consumers might raise objec- 
tions to relatively high charges 
likely to be charged on facili- 
ties like the K uala Lumpur 
tight railway. Serious problems 
on such an issue have recently 
arisen over a BOT road scheme 
in Bangkok. 

There are doubts whether 
the capital markets, domestic 


or international, will be willing 
to risk ploughing such large 
sums into one area of the econ- 
omy, without government 
guarantees. Local banks 
recently signed loan agree- 
ments worth M$5.6bn to 
finance three independent 
power projects. Some finan- 
ciers feel such focused lending 
is imprudent it could also put 
a squeeze on funding for other 
areas of economic activity. 

Critics say some projects are 
more for prestige than eco- 
nomic necessity. A company in 
Sarawak, east Malaysia, with 
no previous experience in the 
power sector, has been given 
preliminary approval to build a 
M$l5bn dam, nearly twice the 
height of the Aswan dam in 
Egypt The project not only 
involves building a dam in a 
jungle area: an underwater 
power cable will transfer the 
power to peninsular Malaysia 
via a 650km underwater cable 
- a technical job never 
attempted before. 

Dr Mahathir and his govern- 
ment have shown they are not 
afraid of risks. “The ability to 
learn from failures is as criti- 
cal as the lessons from the suc- 
cess of any experiment,” Dr 
Mahathir told an infrastruc- 
ture conference earlier this 
week. “The right approach 
seems to be to many boldness 
with realism.” ; 


Glasnost for ports in Estonia 


By Sa m a ntha Knights 
biTaRkm 

The end of Soviet rule has 
given a new lease of life to 
Estonia's smaller ports, most 
of which were closed by 
Moscow to ensure tight control 
of the Baltic state's borders. 
Kunda, a small port 120km east 
of Tallinn shut down in 1940, 
reopened last week, enabling 
cement to be shipped directly 
to export markets in Germany, 
Belgium, the UK and West 
Africa. 

The cement is produced by 
Soviet-era cement works 
within the harbour and was 
mainly used domestically and 
transported by rail. 

Kunda, originally founded as 
a port by Tsar Alexander I in 
1805, is well placed for trade 
with Scandinavia, Germany 
and the St Petersburg market, 
and could be used for other 



goods, said Mr Jan Owreu, 
managing director of Kunda 
Nordic Cement -the Estonian 


joint-venture with American 
and Nordic partners, which 
owns both the port and the 
cement works. 

Exports are vital for the sur- 
vival of the Kunda factory, as 
domestic consumption has 
plummeted since independence 
In 1991. Exports accounted for 
70 per cent of the 440,000 
tonnes of cement and clinker 
produced last year. 

In a test period since May 
this year, 70,000 tonnes of 
cement have been shipped out 
of Kunda, which has a capacity 
to ship 500,000 tonnes annu- 
ally. In 1988 more than 70 per 
cent of the factory's 1.2m tonne 
output was used within 
Estonia, much of it by the 
Soviet army. 

The port was financed by 
Atlas -Nordic Cement, which 
has a 3(13 per cent share in 
Kunda Nordic Cement, while 
the Estonian government ha s 


retained 49.9 per cent. The 
building materials industry is 
considered an important sector 
for the country's economy. 

Other shareholders include 
the International Finance Cor- 
poration, the private lending 
arm of the World Bank; the 
Nordic Environmental Finance 
Corporation; and the Ftnnfund. 

The development of the port 
marks the first stage in a three 
year. 830m project to renovate 
the factory’s Soviet-era 
machinery, increase capacity 
(currently 200,000 tonnes annu- 
ally per kiln), and drastically 
reduce the dust pollution emit- 
ted by the three cement 

“Our aim is to increase 
capacity by 30 per cent, raise 
production and make it profit- 
able” Mr Owren said. 

Reconstruction of the Kunda 
port foreshadows the $600m 
reconstruction of the three big 
deep-water ports in T allinn. 


Surge in telecom investment in Asia forecast 


By Andrew Adonis In London 

A surge in demand from 
Asia-Pacific countries for 
investment in their fast-grow- 
ing telecommunications sec- 
tors is expected next year. 

Analysis by Salomon 
Brothers, the brokers, suggests 
that governments and telecoms 
operators in the region will be 
seeking around STbn (£4.5bn) 
before the end of 1995 to 
finance telecoms expansion. 

The STbn is mostly needed to 
fund the installation of new 
telephone lines, particularly In 
those countries where eco- 


nomic growth is racing ahead 
of telecoms capacity. It com- 
pares with barely $2bn raised 
internationally by the region's 
telecoms sector last year. 

Telecoms privatisations or 
convertible bond Issues are 
planned or expected In the 
next six months in Indonesia, 
India, Malaysia, Thailand and 
the Philippines. 

The largest investment 
demands are set to come from 
Indonesia, with about $800m 
sought internationally for PT 
indosat, the international tele- 
coms operator, and from India, 
where observers believe a simi- 


lar sum is likely to be sought 
for VSNL, another interna- 
tional operator. 

A Slbn international equity 
offering for VSNL was can- 
celled in May, a serious set- 
back for India's attempts to 
raise funds from the interna- 
tional capital markets. A new 
equity offering is likely. 

Mr Andrew Harrington, Salo- 
mon Brothers telecoms analyst 
in Hong Kong, said interna- 
tional funding was necessi- 
tated by the “huge funding 
gap” for telecoms investment 
in the region. 

Developing countries in 


Asia -Pacific are seeking to 
increase their number of tele- 
coms lines from about 64m to 
185m over the next decade, at 
an estimated cost of $200bn. 
Yet the total cash, flow of their 
telecoms operators available 
for investment is running at 
about S12bn a year, leaving a 
funding gap approaching S20bn 
a year. The largest single 
growth market is China. 

“The telecoms industry in 
the region is restructuring rap- 
idly to attract the capital 
through privatisation, liberalis- 
ation and various forms of pri- 
vate sector involvement ” said 


Mr Harrington. 

The restructuring has the 
strong support of the World 
Bank, which believes that com- 
petition through the licensing 
of new operators is critical to 
stimulating telecoms - Invest- 
ment and improved services in 
the region. 

Thailand has been the devel- 
oping country most successful 
in attracting overseas capital 
In the past year, with new pub- 
lic-private profit-sharing 
arrangements established to 
attract foreign Investment 
despite the continuation of a de 
facto state telecoms monopoly. 



OECD Export Credit Rates 


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September 18 to 14 October 
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440 


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8.10 
855 
11.11 (1029J 
450 (450) 

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437 (8.18) 


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nor tv ted fer own* ten 130 


NEWS IN BRIEF 

Mexico and Bolivia to 
sign free trade accord 

Mexico and Bolivia are to sign a free trade agreement at this 
weekend’s meeting of the Rio group of Latin American nations, 
writes Damian Fraser in Mexico City. The agreement will be 
Mexico's fifth with a Latin American country, following similar 
accords with Colombia and Venezuela, Chile and Costa Rica. It 
will come into effect on January Z. Mexico's free trade agreement 
with the US and Canada took effect on January 1 this year. The 
agreement is largely symbolic, with bilateral trade some $33m 
last year, a fraction of Mexico’s total trade of ¥lZ7bn. 

Bosch in Korean car parts venture 

Kia Motors, the South Korean car manufacturer, will establish a 
joint venture in Korea with Bosch, the German vehicle parts 
company, to produce electronic vehicle parts, writes John Burton 
in SeonLThe Bosch-supplied component technology win enable 
Kia cars to meet new US regulations on vehicle exhaust emis- 
sions. Kia win control 60 per cent of the joint venture, which 
begin operations in Taejon in 1996. Production will also include 
air hags, anti-locking brakes, automatic transmissions and elec- 
tronic control units for diesel engines. 

China trade centre for Poland 

Guangdong Light Industrial Products and Nanfang International 
Investment of Hong Kong are due to open a $25m Chinese trade 
centre Z0 gules south of Warsaw next week, writes Christopher 
Bob inski in Warsaw. The 36,000 sq m centre designed to provide 
exporters from Guangdong province with a showcase for Poland 
and other central European countries is the first of its kind in the 
area and will provide fatalities for 130 companies. It is to be 
followed by a J25m hotel, conference and shopping complex, 

Sweden agrees rail link contracts 

The Swedish government yesterday agreed to place contracts for 
a SKrA5bn ($588m) private sector rail Bnk to Stockholm airport, 
Reuter reports from Stockholm. The decision confirms contracts 
for five companies, three Swedish and two British-based, in the 
construction and engineering consortium Arianda Link Consor- 
tium. 

John Mowlem Construction and GEC ALsthom will supply rails, 
signals and tralnsets. Swedish builders NCC, Slab and Kraft byg- 
garna will do construction worth over SKr2bn. 


EUcar 
dealer 
rules to be 
renewed 


By Kevin Done, - 

Motor Industry Correspondent 

Reform of regulations 
governing the distribution and 
sale of new cars within the 
European Union is expected to 
be finalised at a meeting of the 
European Commission on Sep- 
tember 2L The motor industry 
now opeutes under a so-called 
“block exemption”, which 
allows car makers to operate 
selective and exclusive dealer 
networks in breach of Euro- 
pean competition rules. - 

The exemption was granted 
for 10 years and is due to 
expire at the end of June next 
year. The Commission is expec- 
ted to approve renewal of the 
block exemption, which car- 
makers consider crucial to 
their ability to maintain their 
networks of authorised dealers. 

The final details of the new 
regulation are unlikely to be 
settled until late this year fol- 
lowing consultations with EU 
member states and otto 1 inter- 
ested parties. 

An intense debate has been 
waged between the competi- 
tion and 'industry directo ra tes 
over how radically the system 
should be reformed in order to 
improve competition in the 
European car market. The 
competition directorate has 
argued that experience over 
the last 10 years has shown 
that the block exemption “has 
not contributed In any signifi- 
cant way to either the opening 
up of national markets or to 
the development of flexible and 
efficient structures In the dis- 
tribution of care and spares". 

It has been supported by 
European consumer groups, 
which have called for the 
deregulation of the car market 
Mr Martin Bange mann , 
industry commissioner, has 
supported the case for block 
exemption renewal, however, 
partly as an instrument for 
controlling the flow of Japa- 
nese vehicle imports fafrn tho 
European Union. 

The competition authorities 
have been concerned that the 
present distribution system 
has also contributed to the 
wide divergence of car prices 
across west Europe and has 
served to hinder cross-border 
purchases of new cars. 

The car makers maintain 
that car price differentials are 
chiefly caused, however, by 
currency fluctuations and the 
wide disparities between the 
levels of car taxation in differ- 
ent EU member states. 




7 





FINANCIAL. TIMES FRIDAY SEPTEMBER 9 1994 


s 


- \ 


Pink 


n unies: 
\ /ea ki- 
ll in dust 


NEWS: UK 


Hopes grow 
of relief 
from early 
rate rise 


By Peter Norman, 

Economics EcBtor 

Hopes grew yesterday that Hr 
Kenneth Clarke, the chancel- 
lor of the exchequer, win hold 
back from an early rise in 
Interest rates after a maritofl 
narrowing in Britain’s visible 
trade deficit in Jane and an 
apparent slowdown in retail 
sales last month pointed to 
continued non-inflation ary 
growth. 

The Central Statistical Office 
reported a lower Own expected 
deficit of £890m on Britain’s 
trade with the rest or the 
world in June, while the Con- 
federation of British Indus- 
try's latest survey of the dis- 
tributive trades suggested that 
retail sales in August were 
only slightly up on those of a 
year ago. 

Together with recent indica- 
tions of slower monetary 
growth and credit demand, 
yesterday’s economic news 
reinforced the impression that 
last year’s two tax raising 
Budgets have rebalanced the 
economy so that growth Is 
now based more on exports 
and investment than consump- 
tion. If so, the UK recovery, 
which is now more than two 
yean old, could be entering a 
more mature phase without 
threatening to push inflation 
sharply higher or trigger a cri- 
sis in Britain’s current 
account balance of payments. 

While the trade figures had 
little Impact on financial mar- 
kets, the CBI survey prompted 
prices of government gilt 
edged stock to move higher as 
the City reasoned that a rise in 
bank base rates from 5.25 per 
cent was less likely. 

“This survey should effec- 
tively put the kibosh on specu- 
lation of an imminent rate 
hike,” said Mr Don Smith, an 
economist with Midland 
Global Markets. His hopes 
were echoed by Mr Howard 
Davies, CBI director-general, 
at meeting of business people 
in Glasgow last night. 

“We needed a recovery 
based more on ( production, 
investment and exports than 
on consumption. So a modest 
slowdown on the high street is 
no cause for alarm,” Mr 
Davies said. 


Trade unions 
Channel link 


asked to join 
consortium 


By Robert Tayfor, 

Labour Correspondent 

A number of British trade 
unions have been invited to 
join one of the lour consortium 
bids to build the £2.7bn Chan- 
nel tunnel rail link from Fol- 
kestone to Loudon, it was 
announced yesterday. 

The German multinational 
conglomerates Hochtief and 
Siemens in alliance with Cos- 
tains. the UK construction 
company want the GMB gen- 
eral union, the Transport and 
General Workers union along 
with the three rail unions to 
form a “social partnership” 
with them in order to con- 
struct the 68-mile rail link 


which is expected to create 
around 10,000 jobs. 

Others involved In the con- 
sortia are Nislmatsu. toe Japa- 
nese company; Hambros Bank 
and John Prideaux Associates. 
Mr John Edmonds, the GMB’s 
general secretary, said he was 
"very excited" by toe project 
His union is expected to join 
the consortium whatever the 
other lmlons may decide to da 
“This is the first time we have 
ever been approached by a pri- 
vate company to become 
involved in such a business 
project", be ctmflrmed- 

He would not disclose the 
amount of money the GMB 
was prepared to invest nor 
would he reveal details of the 


consortium proposals. How- 
ever, he stressed it was the 
symbolic significance of nninn 

involvement in the project that 
really matters. 

“We have been invited to 
participate and to contribute 
money because the companies 
recognise that working 
together is better for business 
ami employees. This type of 
r elati onship is common on the 
continent and the social part- 
nership between unions and 
companies will be the indus- 
trial relations model of toe 
future”, he added. 

All the unions concerned 
atfandai a presentation of the 
project made by the consor- 
tium in Blackpool earlier this 


week. They have yet to 
respond to the proposal. 

The final decision from the 
British government on who 
will be chosen to build the link 
is expected by the autumn of 
next year and the plan is that 
the line will be completed in 
2003. British (mirma believe the 
companies want their involve- 
ment, partly because tough 
European Union building site 
safety regulations are Mining 
into force on 1 January. 

Some union officials also 
believe that the companies are 
keen on a joint consortium 
because of the relative success 

in rnflnagMnwit -nniiyi cO-Opera- 

tion in the building of the 
Channel tunnel itself. 


Rome faces aid 
charge over oil 


By Robert Taylor, 

Labour Correspondent 

Two of Britain’s trade unions 
in the North Sea oil industry 
are complaining to the Euro- 
pean Commission over what 
they believe to he the unlawful 
use of £147m worth of subsidies 
by the Italian government to 
help in floating ship produc- 
tion. 

They are also seeking an 
urgent meeting with the 
Department of Trade and 
Industry over the construction 
of the Spirit of Columbus float- 
ing production facilities at toe 
Fmcantieri yard in Genoa for 

Sana, Hie TfaiHan subsidiar y of 

the British-owned and Aber- 
deen-based Midland and Scot- 
tish Resources Pic. 

Officials from the AEEU 
engineering . and. electrical 
union and the GMB general 
union released a letter dated 29 
July from EU commissioner Mr 
Karel Van Miert in which he 
suggested that the Italian 
authorities had provided only 
gggm of the £T73m production 
costs for the building of the 
Spirit of Colombia since it was 
ordered in 1986. 

But the union officials 
pointed out yesterday - on the 
evidence of the company’s 1993 


annual return - that at the 
“delivery of the facilities" as 
much as £14 7m bad been 
"fbnded by subsidies received 
or receivable from toe Italian 
government", around 60 per 
cent of its production costs and 
not the 12.7 per cent claimed 
by Mr Van Miert 

In a joint statement the 
unions concerned said that 
Britain might have expected to 
secure 80 per cent of the work 
for building faculties for the 
North Sea oil industry. 

But they warned that the 
rapid growth in the production 
of floating facilities and reduc- 
tion in requirements for the 
more traditional fixed plat- 
forms could lead to a loss of 
business abroad to yards not 
only in Italy but Spain. Singa- 
pore and South Korea. 

"Every. overseas yard pres- 
ently moving into the building 
of the floaters has had far 
greater state aid than is the 
case, in the UK”, said the 
-unions. - • 

“if the £l47m is not legal 
then immediate action , should 
be taken, t Ifi this kind of sub- 
sidy is legal then the UK gov- 
ernment wiS have to ensure 
our industry is not disadvan- 
taged and Similar state aid is 
made available here”. 


Tesco threat to 
buy overseas milk 


By Deborah Ha r gre av es 

Mr John Gildersleeve, trading 
director at Tesco, the UK 
supermarket chain, yesterday 
threatened to source a signifi- 
cant proportion of the compa- 
ny’s dairy products from the 
continent If the government 
does not change plana for 
n ppnfag up the £&3bn British 
Titiik market which are lg»Hrng 
to large increases in price. 

Mr Gildersleeve’s threat 
rams as Mr W illiam W aide- 
grave, agriculture minister, 
rejected calls from the Dairy 
Trade Federation for a referral 
of the TTiilk market setup to the 
Monopolies and Mergers Com- 
mission. 

The Dairy Trade Federation 
which represents British dairy 
companies, will apply for a 
judicial. .review of the milk 
market liberalisation on Mon- 
day. Mr Gildersleeve called the 
plans “a retrograde step of the 
worst order which is inflation- 
ary.^ and .leading to price 
increases of 20 per cent” 

The Milk Marketing Board, 
the government's statutory 
purchaser of milk in En gland 
and Wales, is due to be abol- 
ished. at the beginning _ of , 
November when the market is 
liberalised. But the board will 


be replaced by Milk Marque, a 
voluntary farmers' co-opera- 
tive, which ha« already signed 
up 65 per cent of supplies. 

Milk Marque’s price auction 
for allocating supplies to 
dairies has already led to a 
jump in price of between 10 per 
cent and 18 per cent for differ- 
ent types of buyers. 

Mr Gildersleeve said he 
would have no dunce but to 
buy products from outside the 
UK which would reverse much 
of the government’s e ff orts of 
recent years in encouraging 
supermarkets to buy British in 
a bid to reduce the £5.6bn food 
and drink trade gap. 

Tesco used to buy all of its 
homage frais from France, but 
in the past couple of years had 
turned to British suppliers, Mr 
Gildersleeve said. 

Mr Jim McMichael-Phillips, 
BTF -president, said imports 
would flood into the new mar- 
ket “For Milk Marque to sug- 
gest that its pricing strategy 
wifi provide the industry with, 
security and stability in the 
open market is totally irre- 
-sponsible,” he said. 

The milk board will delay 
the flotation of its processing 
, arpj, Dairy Crest until after 
the 'market liberalisation in 
November. 


Britain i n brief 

Wf- y 

!? 

■tS K * w . 

Employers 
seek EU 
social role 

The Confederation of British 

Industry is reappraising its 
attitude to the EITs growing 
social affairs agenda. 

A number of its larger 
company members with 
widespread interests in 
mainland Europe believe 
Britain’s employer 
organisation cannot afford to 
go on sitting on the sidelines 
as others decide the content of 
ED social polity that affects 
them. 

A high level meeting is 
being planned for later this 
month between Mr Howard 
Davies, the CRTs 
director-general and Mr John 
Monks, TUC general secretary, 
which could lead to a 
significant shift in the CBl’s 
attitude to the EU*s social 
affairs agenda. 

The two men intend to try 
and search for common 
ground that would enable toe 
CBI to participate fully in the 
new “social dialogue" 
approach in Brussels on 
employment issues. The 
“social dialogue" is being 
developed with the 
encouragement of the 
European Commission by 
Unice, the European 
employers’ federation and toe 
Etnc union federation. 


US aerospace 
market move 

Small UK aerospace equipment 
suppliers are to join forces 
with the support of the 
Department of Trade and 
Industxyin an effort to---- - -• 

improve their export - 

performance in the lucrative 
US aerospace market 
Under a scheme called _ 
Partnership Marketing y . ' 
Initiative launched yesterday 
by Mr Richard Needham, the 
trade minister, a group of UK- 
companies will jointly fund 
and operate a sales and 
marketing company to help 
increase their penetration of 
the US market 


The UK suppliers grouped in 
the new marketing company 
will not compete against each 
other and plan to employ a US 
national to market their 
products in toe world's biggest 
aerospace market 

About 60 per cent of the 
world's aerospace products are 
bought in North America, the 
DTI said. The UK aerospace 
industry’s share of this market 
was only 6 per cent last year. 

Local sourcing 
survey flawed 

A survey which showed an 
alarming drop in the value of 
components which electronics 
companies in Scotland obtain 
from plants based locally was 
flawed, it emerged yesterday. 

According to the original 
survey the Scottish electronics 
industry obtained only five per 
cent of its material inputs 
from Scotland in 1994, 
compared with 12 per cent in 
1992, despite a 16 per cent rise 
in the industry's turnover to 
£9bn. 

Yesterday Speed (Scottish 
Partnership in Electronics for 
Effective Distribution), said its 
survey had failed to take 
account of components 
imported into Scotland which 
contained items originally 
manufactured in Scotland and 
then exported for assembly 
elsewhere. 

Hie original survey caused 
some disbelief when it first 
appeared in July. The final 
survey showed that 32 per cent 
of components come from the 
Far East compared with 24 per 
emit in 1992, with 25 per cent 
coming from the US (1992: 24 
per cent). Hie value of 
Scottish-sourced inputs rose 
from £590m in 1992 to £660m 
in 1994. 


Speech device 
under test 

A consortium of European 
Universities and companies is 
developing a device that will 
enable people who cannot talk 
to hold a natural-sounding 
conversation using speech 
synthesised by a computer. 

Two prototype devices are 
'already under test. Hie 
consortium is confident that a 
working device will be 
-available within 2V4 years, said 
one ofits members. Dr Iain 
Murray, of Dundee University, 
who spoke at the British 
Association science festival in 
Loughborough. 


Vehicle output 
jumps 28% 

Registrations or new 
commercial vehicles rose by 

19.9 per cent last month to 
37,259 in contrast to sales of 
new cars, which rose by only 
2.8 per cent year-on-year. 

The recovery in sales of 
vans, trucks and buses has 
spread to all sectors of the 
market including purchases by 
smafl businesses. 

Sales of trucks in August, 
the most important month for 
new vehicle sales, jumped by 

27.9 per cent to 6J!82. with a 
particularly strong increase in 
the sale of trucks for the 
construction sector and also 
for long distance haulage. 
Commercial vehicle 
registrations arc an important 
economic indicator, and sales 
in August were sharply higher 
than a year ago. 

Forte close to 
Savoy success 

The Forte group's 13-year 
battle to take control of Savoy- 
hotels appeared closer to 
success last night with the 
expected departure over the 
next few days or Mr Giles 
Shepard. Savoy's managing 
director and Forte's arch few. 

Savoy's board is unlikely, 
however, to announce a final 
peace agreement between the 
two sides when it meets next 
Tuesday. Instead, it is expected 
to try to find replacements for 
Mr Shepard and for Sir 
Anthony Tuke. the chairman, 
who wants to retire. 

The board, under new 
leadership, would then resume 
discussions on plans to merge 
Savoy's hotels - which include 
the Savoy. Claridge's and the 
Connaught - with Forte's 
luxury establishments. Mr 
Shepard's position has been 
weak because of Savoy's poor 
financial performance. The 
group’s pre-tax profits last year 
were only £725.000 on turnover 
of £83-3m. 


Charges after 
decoding probe 

Two men have been remanded 
in custody charged with 
conspiracy to defraud British 
Sky Broadcasting, toe satellite 
television venture, following a 
police investigation into toe 
alleged illegal sale of pirate 
satellite decoding cards. 



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FINANCIAL, TIMES FRIDAY SEPTEMBER 9 1994 


MANAGEMENT 


P hillip Wright, loans man- 
ager at Banco di Sicilia, an 
Italian banking group, 
reflects on his 23 years of 
working in the City of London. "I've 
seen racism in the City, no doubt 
about iL I think I could have done 
better had l been white given my 
experience and the work I’ve done” 
He adds: “The only reason I’ve 
survived is because I’ve played the 
game, but guys I've worked with at 
the same level over the years now 
earn double what I earn so things 
haven’t changed that much.” 

It was an attempt to change the 
way that black people working in 
the world or business and finance 
are perceived that Wright and sev- 
eral other black professionals came 
together to form the Afric an & 
Caribbean Finance Forum (ACFF) 
four years ago. 

The group now has 70 individual 
members, drawn mainly from the 
world of banking and finance, 
although there are plans to extend 
the catchment to other areas of 
business and outside London. 

Paul Campayne. a bond strategist 
at Paribas Capital Markets and cur- 
rent chairman of the ACFF, says: 
“Several black people had been 
meeting informally since the early 
1970s so we decided to put a struc- 
ture to an informal network.” 

The aim of the [brum, he says, is 
to advance, develop and promote 
black people in the world of finance 
and business. That has so far 
mainly been carried out through 
networking of members and non- 
members by which “we offer each 
other expertise about our work 
experiences and a shoulder to cry 
on if necessary. The idea is to pull 
each other along”, says Cam payne. 

Seminars are also held, addressed 
in the main by black British lumi- 
naries such as Diane Abbott, MP Tor 
Hackney South, and broadcaster 
Trevor Phillips, head of current 
affairs programmes at London 
Weekend Television. 

The speaker at a seminar in June 
was Courtney Blackman, a former 
governor of the Central Bank of 
Barbados, and in July the group 
held a weekend workshop on career 
planning. 

Campayne is sensitive to charges 
that the ACFF could be seen as a 
separatist organisation. He says: 
“There are a lot of city clubs and 
societies. We are no different from 
those. What we are about is enhanc- 
ing black people's ability to get on 
in the business and financial world. 
We want to try to open as many 
doors as posrihle. We welcome any- 
body who wishes to help us further 
our objectives." 

The ACFF believes it bas a strate- 
gic role to play, particularly among 
potential employers, and is espe- 
cially keen on personal and career 
development - for both black and 
white staff. 

Campayne says*, “As a group we 


A group of black City workers 
tell Joel Kibazo why their 
forum can benefit everyone 

A special 
City club 





i§§I|8 




m 

LtfiO-T- <• A* *•?£";. ♦ - 

FINhssSjW* ■ 



MfayMwood 

Forun members Pw4 Campayne, Alan Smith, Marlene Cassefl and Raymond Whyte 


have a lot of expertise in various 
fields and there is no reason why an, 
employer wishing to send a signal! 
to the rest of the staff can not use 
one of us. For the black members of 
staff, often in very junior positions, 
they would have a role modeL For 1 
white staff and management, 'it 
would show there are black people 
with professional skills that can 
actually do things.” 

ACFF is also keen to highlight its 
potential to act as ambassador for 
the business and finance world- to 
the black community as a whole 
and the younger generation in par- 


ticular. Committee members have 
visited Middlesex and Coventry uni- 
versifies to^peak to black and other 
ethnic minority students- '"There 
are still very few black people work- 
ing in this area so we say to young 
black students 1 *you too- can have a 
career in finance and business. This 
is how you go about IF.” 

Business and financial institu- 
tions have been- eager to embrace 
the group and this year Midland. 
National Westminster, Barclays and 
Standard Chartered banks signed 
up as corporate members. Other 
institutions have also lent a helping 


hand. The Banking Information Ser- 
vice helped with printing material 
while the Bank of England and 
Bankers Trust have provided ven- 
ues for meetings. 

Andl Constantmides. equal oppor- 
tunities manager at Midland Bank 
the group's first corporate member, 
believes membership provides a 
useful link with its staff. “We can 
use it as a sounding board for ideas 
on equal opportunities, while the 
staff can use the forum to share 
their experiences at Midland and 
learn about experiences elsewhere. 
We also hope to use it in devising 
in-house seminars and confer- 
ences,” she says. 

Midland plans to hold an evening 
reception soon when it will intro- 
duce its black staff to the ACFF. 

For David May, head of equal 
opportunities at National Westmin- 
ster, which became a corporate 
r ^ornhor Jq July, there is a double 
reason for joining. Not only does it 
“give us an opportunity to develop 
an understanding of this important 
group of professionals” but it also 
“gives a clear corporate message to 
OUT wring and potential staff that 

we value people's individuality”. 

The forum says several employers 
have expressed interest in ACFF, 
helping them to find black profes- 
sionals and managers. A committee 
member says: "There are companies 
that want to broaden the back- 
ground of their employees but have 
simply not known how to go about 
it" 

Black professional groups have 
long been a feature of the US corpo- 
rate sector, as have affirmative 
action programmes to assist black 
people to advance up the corporate 
ladder. The ACFF has already been 
in touch with counterparts in the 
US but digmissflfi caD» for affir ms, 
five action in the UK. 

Alan Smith, a manager in the reg- 
ulatory advisory unit of the finan- 
cial sector group at KPMG Peat 
Marwick, and a committee member, 
says: “1 don't believe in affirmative 
action. It is only useful in extreme 
circumstances. It can do more harm 
e qiadany when simply increasing 
the number of black people 
employed is the objective, rather 
than to get good people. We are 
focusing an the talent there is and 
inviting the British corporate sector 
to take advantage of it." 

Campayne .says: “There are 
things we can. learn from the 
Americans but you can't just trans- 
port an Amer ican model here. The 
circumstances are different” 

Raymond'- Whyte,- a manager in 
the international' trade and finance 
division of Standard Chartered 
Bank, has-been working in the City, 
for more, than. ,1& years. He says: 
“Things are changing in the City 
but we aaa group are here to help 
that process along. I’d like to see us 
become an established part of the 
City and the business world." 


CHRISTOPHER LORENZ 


How to turn signals 
into knowledge 




From Peter 
Dmcker to Alvin 
Tuffler. most west- 
ern business sages 
have been arguing 
for the past few 
years that informa- 
tion and know- 
ledge have 
replaced capital, labour and other 
physical resources as the key dif- 
ferentiators in global competition. 

In simple English, that means 
companies need to grow much 
more adept at creating innovative 
products and services ahead of 
their rivals. To do so, they must 
become better at detecting exter- 
nal information which is relevant 
to them, and adding value to it 
internally. That, in turn, requires 
them to become “learning organi- 
sations". This is a tough task for 
any sizeable company, but espe- 
cially for a multinational with 
far-flung operations around the 
globe. 

The trouble is that most western 
managers suffer from rampant 
confusion about the nature of 
information. So they fiul to use 
knowledge effectively, and are 
wrong-footed in the market by 
their more aware Asian rivals. 

In a brave bid to rectify this 


International, a UK management 
consultancy, has just published a 
useful repent called Understanding 
Information*. It examines the 
nature of information, the mental 
processes by which It develops 
growing levels of meaning, and 
how individuals and organisations 
can become better at adding com- 
mercial value to It. 

The report suggests that the cre- 
ation of information is sparked by 
a series of raw “signals” of vari- 
ous kinds, inrlnrimg - visual, verbal 
and tactile ones. This raw data is 
than transformed into information 
by being sieved through each indi- 
vidual’s “mental model" - the 
implicit aititndes, experience and 
view of the world that most peo- 
ple's minds take for granted. "ifui, 
A more conscious form of pro- 
cessing tfian establishes the signif- 
icance of that information to. the 
individual, who acts on it accord- 
ingly. Feedback from the results 
of that action then sets the learn- 
ing cycle in t rain in- 
Good users of information 


understand their mental models, 
make their assumptions explicit, 
and have effective feedback and 
learning mechanisms, says the 
report. 

The problem with this picture Is 
twofold. First, few western indi- 
viduals or organisations are as 
effective learners as that. Second, 
it assumes that most Information 
is either already explicit, or can 
quickly be so. In a phrase, it 
deals better with the way informa- 
tion is processed and used than 
with how it is created. 

For a deeper understanding of 
that we must turn to Qogiro Non- 
aka and Hirotaka Takeuchi, two 
Japanese professors who are writ- 
ing a book, to be published next 
year, called The Knowledge-Creat- 
ing Compart#**. 

In a fascinating preliminary 
paper presented tins summer at an 
international symposium of aca- 

Westera managers 
suffer from rampant 
confusion about 
the nature of 
information 


holm School of Economics, the dno 
argued that the global success of 
Japanese companies bas been due, 
above all, to their ability to create 
new knowledge, to disseminate it 
throughout the organisation, 
to embody it into products, ser- 
vices and systems. 

There is a simple reason, say 
Nonaka and Takeuchi, why west- 
ern writers and managers tend not 
to address the question of bow to 
create organisational knowledge: 
that they have a deep-set view of 
organisations as machines for pro- 
cessing e xistin g Information. 

This view, argue the professor s . 
Is ingrained in a century of west- 
ern management thought. It sees 
knowledge as necessarily explicit 
~ something formal and system- 
atic, which can be expressed in 
words and numbers, and easily 
ra m mnnicatad and shared. 

Japanese companies, says the 
duo, have a very different percep- 
tion. They recognise that the 
knowledge expressed in woods and 
numbers represents only the tip of 


an iceberg. They view knowledge 
as primarily "tacit” - rooted 
deeply in the action and experi- 
ence of individuals, and not easily 
visible. It is hard to express, , to 
formalise, and to communicate. 

Nonaka and Takeuchi 's analysis 
becomes particularly helpful 
when, using practical examples 
from Japanese industry, they dis- 
tinguish between various ways in 
which tacit knowledge can be 
mobilised. 

First - and most surprising at 
first sight - they show tha t it c an 
sometimes be transferred between 
individuals without becoming 
explicit. Honda and parts of Mat- 
sushita are particularly adept at 
doing this, they claim. 

But the key to knowledge cre- 
ation is the conversion of tacit 
knowledge into the explicit vari- 
ety. This is far from easy, given 
that possessors of tacit knowledge 
may not always “know what they 
know”, so to speak. The academ i cs 
show how Canon, Honda and Mat 
sushi ta accomplish this transfer 
process by encouraging teams to 
use metaphor and analogy to 
loosen op their thinking. 

In their discussion of how 
organisations can stimulate what 
they call a “knowledge spiral”, 


on research within NEC, Foji-Xe- 
rox, Nissan and other companies. 
Among other points, they stress 
the Importance of cre ati ve chaos, 
or “reflection in action”; the need 
for employees to have constant 
access to information that may in 
the short term seam redundant or 
irrelevant; and the importance of 
flat and flexible organisation 
structures which foster collabora- 
tion between people of diverse dis- 
ciplines and ways of thinking . 

To the western mind trained to 
seek marininm simplicity, this 
may aB seem like theoretical over- 
load. It is not By combining psy- 
chological analysis with practical 
managerial research, the two aca- 
demics paint a vivid picture of the 
complexities of life inside vibrant, 
creative organisational systems of 
foe kind that more western com- 
pany must become if they are to 
survive in the knowledge, society. 

*From The IT M anagement Pro- 
gramme. fax (UK] 0784-476530. 
**Qzfbnf University Press (US). 


BUSINESSES FOR SALE 



English Ironstone Tableware 
limited (In Receivership) 

Ttie joint administrative receivers offer tor sale as a 
going concern the business and assets of this Shelton. 
Slokfron Trent based pottery. 

• Turnover of approximately £10 mifton per annum 

• Operators from l.L acre freehold site 

• Soiled and experienced work force of 440 people 

• Strong design reputation 

■ Extensive fully operational production facilities 

■ Current order book approximately £2 mdlrort 

• Blue chip customer base 

Enquiries to: 

1C Powell FCA, Price Waterhouse. York House. 
York Street, Manchester, M2 4WS. 

Telephone; 061 228 6541. 

Facsimile: 061 236 1268. 

Price Hhterhouse # 

I'w Wiilorbxi'.c n juttamed by Otc tattfuM at 

fc.t ourtanh n Entfjnl jnd ViJcz. to tiny on nwwnwn busawn 


COMMERCIAL PROPERTY 


ON' THE INSTRUCTION'S 
OF J KATZ AND 
K R MAWER I,aW OF" 
PROPERTY ACT RECEIVERS 


.Arthur 

Andersen 

•VimiAcrmkCos: 


SANDSTONE OUARRV 
FOR SALE 

WEST YORKSHIRE 


INVITATION TO TENDER 


The Privatisation Fund of 
the Republic of Croatia 

hereby announces an open tender to sell 56.9% of the equity of 

Dalekovod d.d. Zagreb 

Croatia's largest electro-engineering company 

Oealekovotfs main activities are the development and construction of transmission 
lines and substantiations of aH voltages. Furthermore, the company is considered to 
be among the world's largest producers of suspension and connecting equipment 
Dalekovorfs strong management, relatively modem equipment and low indebtness 
make it a very attractive acquisition candidate. 

A strategic partner is sought to further strengthen the company's domestic and 
international position. Bids for Dalekovod's shares are to be submitted on 
September 22 . 1994 to the Croatian Privatisation Fund. 

EPIC and its local partner, INVESTCO, have been mandated as the exclusive 
advisors to the Privatisation Fund of the Republic of Croatia regarding this 
transaction. Financial and strategic investors who are interested In this opportunity 
may receive an Information Memorandum and tender documents against a fee of 
DM1000 and the signing of a confidentiality undertaking. For further information, 
please contact us at ttie telephone numbers listed below. 





Touche 
Boss 
_ & 


The joint Administrative Receivers, N. J. Dargan and P. H. Bend all 
offer for sale the business and assets of the above companies, based in 
leasehold premises near Sandbach, Cheshire and near Bedford. 

■ £11.7 million Group turnover and £280,000 Group p.b.t. in 1993 
(unaudited); 

■ Major contractor in all types of pipeline installations; 

■ Pipeline plant and erjuipment hire business; 

■ Construction and fabrication of pipework business; 

■ Skilled and specialised workforce. 

For further details, please contact Nick Dargan or Bill Dawson 
at Touche Ross & Co., Abbey House, 74 Mosley Street, 
Manchester M60 2AT. Tel: 061 228 3456. Fax: 061 236 07 20. 




► 12.66 Acres 

►- Proven Reserves of 


400,000 tonnes 

H • ■ HENRY 
J—' BUTCHER 

►- Ail enquiries to ref. 

RAIW l RHC 

0532 • 457356 


GERMANY 

Close Dnsseldorf 

Pastier I'flK’vAvorcix'iise 
tending. T-Okiv on .WDnv plot. 

I Fot sale orient. 

Box No. B2437 

FNASaU. TIMES. l>* SWIUWMK 
BlPkX- SCI HIL 

BELGRAVIA 

Freehold Office Investment 
Lei lo triple A Covenant 
Income £200.000 p j. exclusive 

Fit lufthc: JceuS toniatt 
Do* Ko. U343X, Fimncul Time*. 
One Souilnrait Bridge. 

L<«MkKl Slit 9HL 


LANDMARK OFFICE 
BUILDING 


svzs Thousand Real NO! 
ST'r Oo.upjiu.-y. Orange Country. 
California. Partnership Dissolution 
By Owner: lack Couliur 
l7M|4S r *-S3X6 


EPIC, European Privatisation 
and Investment Corporation 
Piossigasse 8 
A- 1040 Vienna 
AUSTRIA 

Mr. Gustav Wurmbock 
Tel: (+43 1) 501 1910 
Fax: (+43 1) 501 199 


INVESTCO 
Investments & Finances Co 
Gajeva 55 
HR-41 000 Zagreb 
CROATIA 

Mr Andrei Deur 
Tel: (+38541)422518 
Fax: (+385 41) 431 478 



3£ : :& 


LEGAL NOTICES 


rermuN of clvdc nun* ers pic. 

H»B CONFIkMATlON OK REDUCTION 
or SUARE PREMIUM WTOBUr 

la a PnifMi prenbvi n> ihe Oun ut ‘k-.-wo n 

Or i i*l mat >4 Oy Je Rin»rr, pfc, j Cnapa B y 
iBiiirpnriiri! antler ID Acu uil 

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pieaowccd •« Aw.-r* >4h. 

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atnulnl ua die »Jh if Corn in aramoa Inna 
Mid Id he adiciirird hikc in each al Ihc 
EJlnhaifh Guile, The S.vumin. The llciiM 
Tribune and Ihe Fuuaciil Time, newspaper,, 
JTpaalU all pailke f turning mi brines In h-J*re 
Aiwm I hr rein, il w ahiwl •rftiio 21 il». 
after inch mnaatra and adv enbnJK*" 

SOD K I SimiEKI .XND 

uf »hKft nt an mun r- hath* pve« 

MACBOBGRTC 

SuliNoi, 

EDINBURGH 
AsynH h, Ac P.lllaacn 


Role NotfcturappaiMMcml al 

MoUMtoRnhcr 

Conqosy marc; Steotpaim I jnnr d- tryaoed 
nu ad -er 1413351. Trafae naiase Steciepaim 
Engineer tag Lrmiicd. Nmdic of buslaeu: 
SinKtenl Neel tlcugp sod Ugh: 1*3*7 n pn il 
Tilde dauafiemoK 07. Die cS ipfusUBsx 
?n AupoN IflW. Nn of pence avpatanog fire 
Adman Iran* c receiver,- Lluvil, Bank Pie. 
Joint Adnusislrarh e Reocivcii: f M Shim 
lo/TWe I nfcta araltl TCSI N J Vuogn (oBice 
Holder mmbci AiUrru? Coopt * 

L'hramL TO Bat IcC. Odued Hour. 10 AQuua 
PUT. Medme. Kent MEN JCC 


EDUCATIONAL 

PRESTON UNIVERSITY, 
USA 

BBA.BS, MSA. MS. PhD. etc. Homo 
Study or On-Campus Lie. by th« 
Dept, of Educ. 2727 O'NSil Av«„ 
ClwyennOL WY82001 

Fax 1-307-632-2750 


r FOR SALE 

A rare opportunity lo acquire a 
uniquely beautiful tntidsy park, 
cm mm* wwgju after Llryu 
Peninsular, Nonb Wales. Has 
exclusive corporate; clientele, and 
is operating profitably. Highly 
desirable business opportunity lor 
prafesuoaal/ executive and family 
wbo appreciate a good Hving. 

Prtecfptfeoe**, Write to Box B3Z8*, 
raaacMTteag,OaeS eufl w mfc 
. B ridg e . Loudop 5EI 9HL 


Russia/Ukraine 

Insurance company with 
government license £50k 
(Motor insurance to become 
mandatory in 3 months for 
5 million vehicles) 

Tel: UR 061 476 2767 


BS5750 Accredited 
N-W. cleaning co. 
T/O 500k G.P. 36% 
Exc Contracts 
061-S33-9494 
061-834-4540 (Fax) 
Mr P Conn 


ITALY 

Tourist complex, hot springs, 
hotel, beauty form, 
conventions; 12,000 sq. in- 
built area. For Sale. 

Teh +39 (35) 995595 
Fax: +39 (35) 995985 


louche 

Rees 

__ & 


Ufthtat* 


CONTRACT PACKAGING BUSINESS FOR SALE 

The Receivers, L. K. Denney and J. Wilson, offer for sale the business and 
undertaking of the above Contract Packaging Business, producing multi- 
packaging of cans. jars, cartons, printed and sleeve wrap around system, 
lull range hi -cone and PVC sleeves. 

■ Excellent location dose to both Al trunk road and major food 
manufacturers in Leicestershire and Lincolnshire. 

■ 47,000 sq. ft. factory with 90 operatives. 

■ Excellent blue chip customer base. 

■ Skilled engineering capability for new packaging ideas. 

■ Turnover circa Jj million, 

for further details, please contact Lindsay Denney or Sue Lewis 
at Touche Ross & Co., I Woodborough Road, Nottingham NGI JFG 
Tel: 0602 500511. Fax. 0602 S90979. * 






— 1 ■- ■ 


Ail Advertisement bookings are accepted subject to our currant Terms and Conditions, copies of which are 
available by writing to The Advertisement Production Director; 

The Financial Times, One Southwark Bridge, London SHI 9HLTel: +44 71 873 3000 Fax: +44 71 873 3064 













9 
















9 






FINANCIAL TIMES FRIDAY SEPTEMBER 9 1 994 *r 

TECHNOLOGY 


Debbie Harrison on a new database designed to ease 
product comparison in the financial services industry 

Finding the best 



Chart shows how users might compare companies seffing the same sort of product 
-In this case init-finked whole of Bfa poficiea. Scores are given by the database 
analysts from 1 - 5 fbr a range of features selected as fotportant Id the customer 


T his week saw the launch of 
the UK's first comprehensive 
product database for the 
financial services industry. 

The development comes at a time 
when insurance comp anies , invest- 
ment house s and financi al advisers 
are under intense pressure to 
improve product design and value 
for money for customers. 

The Aequos database is the brain- 
child of The Research Department, 
a team of seven consultants with 
experience in life assurance, pen- 
sions and Investment 
While other databases tend to spe- 
cialise in a narrow range of prod- 
ucts sold through independent 
advisers, Aequos fnrfntfag an prod- 
ucts Irrespective of distribution 
channel or whether or not commis- 
sion is payable to advisers and 
salesmen. 

The technology applied to the 
database makes this a practical 
business tool, which is simple to 
use. It costs £5,000 a year per mod- 
ule - or individual product group - 
of information. The full package 
costs £20,000 a year. The pro- 
gramme, Which iS Updated wirmfhTy 
by disc, runs on any IBM compati- 
ble PC using the Windows operating 
system. 

Even technophobes will fi nd the 
operating instructions easy. After 
signing on to their computer and 
clicking on to the Aequos icon, 
users are in the database and can 
go on to select an area of interest, 
pointing the cursor, and clicking 
the mouse. 

Aequos covers the entire range of 
regulated and many general insur- 
ance products. The system includes 
more than 100 insurance companies. 
200 personal equity plan (Pep) pro- 
viders, 300 investment trusts and 
1,400 unit trusts. The latter three 
groups account for mare than 200 

immu tmnnt manng mrs 

Mark Hayes-Newington, director 
of The Research Department, said: 
“The system is designed to give 
skilled staff more time to spend 
Hiring infor mat ion instead of losing 
time collecting it Moreover, Aequos 
tells you not only who does what 
but how well they do it" 

The products fall into four catego- 
ries, each with its own subsections. 
• Pensions, including personal 
pensions, self-invested personal pen- 
sions < SIPPs ), phased retirement 
plans, expatriate pensions, execu- 
tive plans, small self-administered 
schemes, ftmded unapproved retire- 
ment benefits (Furbs) and transfer 

plans 

• Investment, including annuities, 
back-to-backs (hybrids that combine 
two or more products to meet a 
specific need), savings plans, maxi- 
mum investment -plans (Mips), 
endowments, peps, bonds, invest- 
ment trusts and unit trusts. 

• Protection, including term assur- 
ance, whole of life, permanent 
health insurance (PHI), private 


medical insurance (FMI), long-term 
care and critical Illness. 

• Group (company schemes), 
including pensions, life, PM1 and 
PHI 

A fifth module, of company pro- 
files supplied by consulting actu- 
aries AEG, offers analysis of a com- 
pany's structure, management, 
sales data, financial strength, 
investment policy, administration 
and senfic^ efficfency, and distribu- 
tion channels. 

Changes in the regulation of 
investment products, which -come 
into force in January next year, 
have encouraged many providers to 
redesign investment and savings 
products to compete in what is 
expected to be a much more 


ripmamtiHg consumer-led market 

At the core of Aequos is a series 
of product tables with details on 
more than 60 product features rang- 
ing from charging s tr uc tur es, flexi- 
bility and performance to the small 
print on loyalty bonuses and- seg-1 
mentation of insurance company 
pension policies. 

Users keen to analyse products in 
depth can “interrogate" the key 
tables for detailed technical-specifi- 
cations. 

- Providers who want to assess; 
their brand's competitive position t 
in the market will find all the pri- 
mary research at their fingertips. A 
brand can be checked against 
competitors or against a select num- 
ber on- the basis of particular fea- 


tures. 

The Research Department, which 
is Independent of the ftnyurejai ser- 
vices industry, ranks and bench- 
marks product features in a process 
known as Data Numerical Analysis, 
which gives a standard measure for 
comparison purposes. 

Users highlight the relevant prod- 
ucts and instruct the system to 
make the comparison on the basis 
of a self -selected list of criteria. For 
example, a life office wanting to 
launch a new personal pension 
aimed at younger people would be 
keen to check that Its plan com- 
pared well on flexibility of premi- 
ums so that the client could stop 
and restart contributions to suit his 
or her changing work patterns. 

Aequos users can compare and 
rank products by any combination 
of providers and by any number of 
features. Product comparisons are 
presented in a graph. 

The system allows users to switch 
quickly from tables to technical 
pages to examine detailed policy 
information and to clarify any 
confusion. Direct comparison of 
technical information of several 
providers simultaneously is possible 
through the Windows system. Sales 
data from the company profiles 
module can also be ranked and 
sorted. 

Swift and accurate comparative 
analysis allows providers to pin- 
point where their own products 
excel and fall short, and to target 
improvements and new launches. 

This will prove a welcome change 
to the more costly, complex and 
inefficient scatter-gun approach 
now used, whereby providers design 
“me-too" products that include 
every feature imaginable. 

-General Accident is one of several 
large insurance companies in the 
UK that have signed up for the fun 
service. 

'■David Heslop;' marketing man- 
ager, sai± “Quality and timely 
information, is what marketing is all 
about and there is no doubt that tiie 
Aequos system will provide this. 
Using the database will make us 
more efficient and cost-effective. 
This wOl translate into better prod- 
uct design and distribution, which, 
ultimately will mean better value 


for money for our customers-" 

John Green, information services 
manager at Norwich Union, said; 
“At present our product analysis 
relies on a paper-based system and 
direct contacts. My next project was 
to try to design exactly the system 
Aequos offers so its arrival on the 
scene was very timely.” 

A third heavyweight insurer, 
Commercial Union, has also signed 
up. fan Fra ter, information man- 
ager, says the system wHJ “improve 
the efficiency and accuracy of our 
Tnaffroting department”. 

Aequos also offers a range of ser- 
vices for financial advisers accord- 
ing to need and pocket Large firms 
covering all markets are likely to 
prefer the foil service to identify the 
most competitive products for cli- 
ents. 

The comparative analysis facility 
will help advisers to demonstrate 
the respective merits of shortlisted 
products, while the link to Micropal 
statistics on investment perfor- 
mance allows the adviser to 
cross-check relative performance - 
a vital ingredient in the product 
selection process. 

Specialist firms of advisers can 
buy individual modules while 
firms will be interested in the “best 
advice panel” service. By law, inde- 
pendent advisers are expected to 
broke the entire market to select 
the right products for clients, a 
time-consuming and expensive exor- 
cise. 

Using Aequos, advisers identify 
the key criteria for product selec- 
tion for their client base. This is fed 
into the system which produces cm 
disc a shortlist tarfnriTTig the most 
attractive products and providers 
based on the adviser's own criteria. 

Early next year, a real charge 
analysis system will he added. 
Under the new regulatory regime 
providers must tell customers 
exactly what their charges are and 
bow they impact on the investment 
returns throughout the term of the 
contract 

U ntil July tins year, provid- 
ers were allowed to disguise 
real charges by using an 
industry standard formula in their 
investment projections. 

Best advice under the new regime 
will require advisers to demonstrate 
a detailed knowledge of product 
charges. Once this information is cm 
the Aequos system* real charges 
can be taken into consideration 
along with other product features. 

Product detoBs Aequo* is mailable 
from The Research Department Ltd, 
Brands Bouse, KingskUl Road, High 
Wycombe, Bucks HP13 SBD. Tel: 
0494 73404a Fax; 0494 -738080. The 
programme runs on IBM compatible 
PCs using the current Windows oper- 
ating system. The Research Depart- 
ment installs the database, provides 
training and a helpline service. 


Worth Watching • Vanessa Houlder 



Magnetic sensors 
to direct blind 

A town in Sweden has installed a 
system based on magnetic sensors 
to help blind and partially-sighted 
people find their way around. 

The Hanmyo system, which was 
developed by NEC, the Japanese 
group, consists of ferrite particles 
embedded in paving slabs on a 
designated route through town. 
These interact with a magnetic 
sensor incorporated within the 
user’s white cane, causing the 
cane to vibrate when it comes in 
contact with the ferrite 
pavements. At certain points In 
the town, the cane activates 
loudspeakers which provide 
information on street names and 
potential hazards. 

This is tiie first Hanmyo system 
to be Installed in Europe, 
although 100 similar systems 
have already been installed in 
buildings and streets in Japan. 

NEC: OX. tel 071 353 4383; fax 
071 353 4384 


Method unearthed 
for drying wood 

Scientists at the University of St 
Andrews have developed a 
process, called supercritical 
drying, to treat wooden objects 
after they are unearthed from an 

archaeological excavation. 

It involves soaking the wood in 
methanol to replace the water, 
after which the wood is placed in 
a chamber containing carbon 
dioxide in the form of dry ic& The 
methanol is then dissolved ont of 
the wood by wanning the carbon 
dioxide to the point when it 
becomes a “supercritical fluid". 

In this stale, tire carbon dioxide is 
a high pressure gas, which has 
the advantage that the wood is 
not subjected to drying stresses 
when it is removed. 

The university believes tins 
system Is an advance on 
conventional drying methods, 
which involve impregnating the 
wood with polyethylene glycol. 


ITtis accelerates the corrosion of 
metals, making it unsuitable for 
objects made from both wood and 
metal, such as knives. 

University of St Andrews: UK, 
tel 0334 62530; fax 0334 62570 


Softer stance to 
trench digging 

Ground containing buried 
electrical cables or gas pipes Is 
usually dug up by hand to avoid 
damage by the hard-cutting teeth 
of conventional excavators. 

Concept Engineering Group, a 
Pittsburgh-based engineering 
company, has designed a 
trench-digging machine that 
avoids damaging cables and pipes 
by using supersonic jets of air to 
crumble the soil, after which the 
soil is scooped up using a vacuum 
system. 

The system, which was 
designed for the Electric Power 
Research Institute of California, 
is now befog modified in the hope 
that it can be used for 
environmental waste clean-ups 
and bulk material Handling 

Concept Engineering Group: 

US, tel 412 828 3191. 


Keeping tabs on 
chip-making 

The reliability of the 
manufacturing methods used to 

build high- temperature 

superco n ducting drips has been 
improved by a technique 
originally developed for the 
semiconductor industry. 

Thomas Swan, a 
Cambridge-based equipment 

supplier, working in conjunction 
with Superconductor 
Technologies of California, has 
built a chemical vapour 
deposition system for coating 
thin-fUm wafers with a 
bigh-temperatnre 
superconducting material 

The system incorporates 
monitors to control the exact 
composition of the growing films, 
which w£D reduce toe frequency 
of defects. 

Superconductor Technologies, 
which is developing 
high-temperature 
superconductors for 
microelectronic applications; says 
the new method will replace 'its 
existing laser-based deposition 
system. It expects it will increase 
its manufacturing capacity 20 -fold 
and cut costs by a third. 

Superconductor Technologies: 
US, tel 805 683 7646; fax 805 683 
8527 


RSKMjni* \_Mii 

• R v* 





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V 


V 


10 


PROPERTY 


U K pension funds 
have fallen out of 
love with property 
over the past 15 
years. The weighting of prop- 
erty within the average pen- 
sion fund investment portfolio 
has fallen steadily from a peak 
in the late 1970s. Since occupa- 
tional pension funds control 
assets of about £450bn, this 
dwindling interest can hardly 
be good news for commercial 
property values. By the same 
token, the market would bene- 
fit if pension funds could be 
tempted back into the fold. 

The extent of the shift away 
from property is difficult to 
judge. In 1979 the largest pen- 
sion funds - represented by 
W M Company's top SO 
schemes - held 27 per cent of 
their assets in property. This 
share had fallen to 7 per cent 
by the end of 1993. But smaller 
funds were never as enthusias- 
tic as their bigger peers. The 
administrative burden of awn- 
ing property is more difficult 
for small funds to cope with. 
Alternatives to direct owner- 
ship. such as investing in prop- 
erty unit trusts, have draw- 
backs. such as lack of liquidity 
when the market is falling. 
According to performance mea- 
surement company CAPs. the 
average pension fund now has 
only 1.6 per cent of Its assets in 
commercial property. 

The decline in property 
weightings is partly due to the 
poor performance of property 
relative to other financial 
assets - especially equities - 
during the 1980s. Even if pen- 
sion funds did not sell prop- 
erty. the property share tended 
to shrink as a proportion of 
total assets. But neither did 
pension funds purchase addi- 
tional property to keep their 
investment mix steady. Fund 
managers and their actuarial 
advisers were happy to drift 
towards equities. 

The reasons for this change 
of heart are complex. The indif- 
ferent investment returns from 
property during the 1980s led 
to some disillusionment The 
introduction of index-linked 
gilts may also have played a 
part by offering fund manag- 
ers a hedge against inflation of 
the type traditionally provided 
by property. 

The gradual ageing of pen- 
sion schemes is another factor. 
Funds which cover a high pro. 
portion of people approaching 
retirement are more likely to 
invest in bonds - which are a 
better match for their liabili- 
ties - than equities or prop- 
erty. Very mature funds also 
tend to favour liquid invest- 
ments which can be realised 


The end of 
an affair 

Pension funds are shunning 
property, says Simon London 

Falling share 

Pension funds' property hokfinga as % of total assets (Bgixes are Jan 1) 





1964 85 86 

Source CAW Otnanl Rsptut 


68 90 91 92 93 31.1ZS3 


easily if required to meet pen- 
sions obligations. 

The government’s white 
paper on pension reform, pub- 
lished in June, could lead pen- 
sion fund managers further 
away from property. By link- 
ing pension liabilities to gilts 
for the purposes of a statutory 
solvency test, the proposals are 
likely to swing the investment 
pendulum in favour of bonds 
and away from property. 

The politics 

of investment 
management 

may also have have become less 


bond markets. Fund manage- 
ment, valuation, rent collection 
and transaction fees tend to 
discourage fund trustees and 
eat into investment returns 
which are already lower than 
equities. 

“The profession has in the 
past shot itself in the foot" 
said Mr Nigel O'Sullivan of 
consulting actuaries & 

Woodrow. “Although some are 
nOW making amends the ques- 

tion is whether 

it is too late." 

Fund managers For ^ but the 

largest funds. 


and 

Fund managers lulcldul w *11x411111 a dminis trative 
competing for assets SUCh <LS hassle are pow- 
pension fund nmnprfv erful reasons to 

business are piupciiy steer clear, 

unwilling to Securities 

risk having their investment 
performance tarnished by a 
heavy weighting in favour of 
property which can not be 
reduced quickly if the market 


linked to^ property values 
suqh as. Barclay's £L50ni. Issue' 
of Property Index Certificates 
launched earlier this year - 
could, in theory, get round 
turns sour. Big pension funds —both- problems. But there are 
which manage money them- ““few potential issuers. Barclay's 
selves can afford to take a long is unusual in having more 


term view. It is no coincidence 
that they are powerful advo- 
cates of property. 

The property profession may 
also be to blame for not keep- 
ing pace with the professional 
standards set in the equity and 


property assets than it wants. 
It was therefore happy to issue 
a matching liability which 
reduced its overall exposure. 

Still, such instruments could 
allow pension funds to move in 
and out of property at lower 


cost. If more issuers can be 
found there are plenty of fund 
managers prepared to argue 
that pension funds should fake 
advantage. They point out that 
the link between property val- 
ues and the performance of 
equity and bonds is low. 
Investing in property can 
therefore protect the value of a 
fund when other markets are 

fatting 

“There is a strong diversifi- 
cation argument in favour of 
property,” said Mr Roy Peters, 
head of pension fund invest- 
ment at British Gas Pension 
Fund Managers, which man- 
ages £8.4bn assets. ‘This year 
could bring home to many pen- 
sion funds that property can do 
well even when other financial 
assets are suffering." 

Just because equities have 
outperformed property in the 
past there is no guarantee that 
they will do so in future. On a 
long-term view, the perfor- 
mance of equities through the 
1980s was exceptional and - in 
the view of many actuaries - 
unsustainable. If the gradual 
shift of pension funds into 
equities provided fuel for a 10- 
year bull maHwt, shar es could 
suffer if funds now shift back 
into bonds as a result of the 
proposed solvency test 

It is equally possible that the 
underperformance of property 
daring the 1980s was partly 
caused by lack of support from, 
pension funds. The average 
yield on investment properties 
rose steadily from a trough of 
4.4 per cent in 1974 to 8 per 
cent in 1992. It is no coinci- 
dence that pension funds were 
reducing their exposure during 
this period. 

Looked at another way, as 
pension funds have matured 
and other finan cial markets 
developed, fund managers have 
become less tolerant of illiquid 
assets such as property. If the 
illiquidity premium they 
demand for holding property 
rather than equities or index- 
linked bonds has risen, prop- 
erty yields may never fall back 
to the levels of the 1970s. 
Unless, that is, the industry 
can find ways of making the 
business of investing in. prop- 
erty more user-friendly. '' ~ ., 

For fund managers prepared'' 
to take a long-term view, prop- 
erty yields in 1992 were never- 
1 the less cheap. There has been 
a modest increase in property 
weightings as a result. If the 
trickle of pension fund ijnqpqy. 
,hack into property overfthe., 
past two years is to be more 
than a temporary move,, 
though, the industry wilt have 
to try harder to accommodate 
these powerful investors. 


FINANCIAL. TIMES FRIDAY SEPTEMBER 9 1994 


PEOPLE 


BTR talks about its 
next generation 


Alan Jackson, chief executive 
of BTR, regrets that yester- 
day’s concern ova- pressure on 
the industrial conglomerate's 
profit margins may have over- 
shadowed what he describes as 
a “very significant" trio of 
appointments to the group's 
main board. 

Jackson, an Australian, is 58 
- as in a few days will be his 
American chief operating offi- 
cer, Bob Faircloth. Group pol- 
icy is that executives retire at 
62, so although the succession 
is not an immediate issue. 
Jackson says it is important 
for BTR to bring an the "next 
generation". 


The three new executive 
directors are Chris Bums, a 51- 
year-old Englishman: Paul 
Buysse, 49, who is Belgian; and 
John Thompson, a 47-year-old 
American. 

Bums joined BTR in 1991 
through the group’s £1.55bn 
acquisition of Hawker Sidde- 
ley, where he was director of 
the aerospace division. His 
responsibilities have expanded 
and he is now one of the 
group’s regional chief execu- 
tives, overseeing businesses 
which include batteries, aero- 
space, valves and construction. 

Buysse, who speaks several 
European languages, joined 


BTR in 1988 as group manag- 
ing director of Hansen Trans- 
mission International. He 
hpramp a regional chief execu- 
tive in February and has 
responsibility for businesses 
such as Brook Wanaan Motors 
and Dunlop Slazenger. 

Thompson joined BTR in 
1978 through the acquisition of 
Stowe Woodward Industries. 
As a regional chief executive, 
his groups are predominantly 
US-based and include paper 
te chno logy, US motors, meters 
and control systems and the 
manufacturer Rexnord. 

Faircloth says he worked 
closely with Thompson in the 
US over the past 10 years and 
describes Bums as a great stra- 
tegic and lateral thinker. Jack- 
son says he is delighted that in 
Buysse. BTR has finally got a 
non-Anglo Saxon on its board. 



Afiyn Risley (above) has been 
appointed chairman »nd man- 
aging director of Phillips 
Petroleum Company UK He 
succeeds BID Parker, who is 
returning to the company’s 
head office in Bartlesville, 
Oklahoma. 

Risley, who has had a previ- 
ous posting in the UK hopes 
to expand the company’s Brit- 
ish activities, especially in the 
growing market for natural 
gas. The company is develop- 
ing new North Sea gasfields, 
and has a Joint venture with 
Southern Electricity to market 
gas directly in the UK market 

A petroleum engineer by 
training, Risley has spent 17 
years away from his native 
America, including stints in 
Indonesia and, Singapore ,as 
well as the Middle East 

Risley and his family will be 
moving to Phillips UK head- 
quarters in Woking. 

■ Andrew Cox, formerly 
finance director of BICC 
Cables' energy cables divisinh. 
has been appointed finance “* 
director of BICC CABLES.. . 

■ David Ulley is appointed 
md of INNOVEX UK after two 
years as md in Germany. 


Electronic 

switches 

■ Graham Matthews, formerly 
a director and general manager 
at GEC Plessey Telecom, has 
been appointed to the board of 
TUNSTALL GROUP and chief 
executive of its newly created 
telecommunications division. 

■ Peter Turner, formerly head 
of sales and marketing at 
Epson (UK), has been 
appointe d mar keting director 
of OKI SYSTEMS (UK). 

■ Robert Price, formerly a 
director of Kalamazoo, has 
been appointed chairman of 
WESTBASE TECHNOLOGY. 

■ John Paul, formerly head of 
Compaq Computer's systems 
software organisation, has 
been named senior 
vice-president, product and 
business development, at 
BANYAN SYSTEMS. 

■ Philip Cousins (below), 
formerly md of AB Automotive 
Electronics which was recently 
acquired by Siemens, has been 
appointed md of SIEMENS 
Automotive Systems, the 

maj ority-owned joint venture 
with Ford. 




■ Graham Harrison (above), 
formerly commercial director 
of Galileo International, has 
been appointed md of EDS’ 
financial services division. 

■ Alistair Crawford, formerly 
vice-president, strategic bids, 
CSC Europe, has been 
appoin ted pre sident of 
COMPUTER SCIENCES 
CORPORATION UK division; 
he succeeds Richard Dicketts 
who becomes senior vice 
president, strategy and 
operations Europe. 

■ Ray Fortune, formerly coo 
of Kendall Square Research, 
has been appointed senior 
vicepresident inte rnational at 
EMC. 

■ Tom Weanie, forme rly UK 
sales director at GPT, has been 
appointed vice-president of 
European operations for WALL 
DATA 

■ Geoff Chapman, formerly 
director of news products 
development at Reuters, has 
been appointed md of Synergo 
Technology, which has 
appointed Michael Le Houx, 
formerly' finance director of 
P-E International’s computer 
services business, -as director 
of finance and internal 
operations. 


Bodies politic 

Christine Laird, Derby’s 
director of bousing and envi- 
ronmental services, has been 
appointed chief executive of 
the Chartered Institute of 
Housing. The institute, which 
has 12.000 members, represents 
housing professionals, with the 
bulk of its members working in 
local authority housing or for 
associations. 

Aged 38. Laird has experi- 
ence of most aspects of public 
housing. She started as a 
trainee housing manager in 
Birmingham's housing depart- 
ment in 1974 and worked her 
way up to housing centre man- 
ager. 

After a period as housing 
director of Copec housing 
trust, she returned to munici- 
pal housing as assistant city 
housing officer for Worcester. 
She was deputy housing direc- 
tor of Leicester City Council 
before moving to Derby. 

A vice-president of the insti- 
tute, she is currently a member 
of the Northern Ireland Hous- 
ing Policy Review Group and 
principal adviser on housing to 
the Association of District 
Councils. 

Derby is one of eight local 
authorities piloting compul- 
sory competitive tendering in 
housing management for the 
Environment department 

Laird will take up her new 
post in December, succeeding 
Peter McGurk, chief executive 
for the past 12 years. McGurk 
becomes managing director of 
Inside Communications, the 
institute's commercial arm 
which organises conferences 
and produces publications on 
housing. 

■ Hamish Leslie Melville, 
chairman of Dunedin Fund 
Managers, has been elected 
chairman-designate of the 
Council of the NATIONAL 
TRUST FOR SCOTLAND. 

■ Peter Cowling, director of 
naval operations at the 
ministry of defence, has been 
appointed director of the 
ROYAL SOCIETY for the 
encouragement of Arts, 
Manufac tures and Commerce, 
to succeed Christopher Lucas. 

■ John Woodihorpe, group 
mmpany marketi ng etmitiw 

at BICC Cables, has been 
appointed to, the advisory 
board of LANCASTER — 
UNIVERSITY’S Management 
SchooL ... 

■ Diana Katin, currently, 
working in ^ efficiency unit 
in the Cabinet Office, has been 
appointed deputy director 
general of the OFFICE OF THE 
NATIONAL LOTTERY. 



1 * 


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FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 ★ 


ARTS 


Carving out a 
drama in the 
courtroom 

Sore about its treatment by the UK government, 
the Getty is determined to win possession of 
the Three Graces. Antony Thomcroft reports 

T oday the never-end- 
ing saga of the 
Three Graces moves 
into the courtroom. 

A judge will decide 
whether the complaint by the 
Getty Museum of Malibu. Calif- 
ornia, that the British. Govern- 
ment has broken its own rules 
on the export of works of art, 
has substance. 

It is awiflging it has come to 
this. The Getty, the most gen- 
erously endowed museum in 
the world, with a $4bn bequest 
from oil billionaire J. Paul 
Getty to administer, has 
always prided itself on playing 
fair, on not using its ftnanrtfll 
muscle to rampage through the 
treasure troves of nations. 

It expects governments to 
play fair too. But having 
waited since 1389 to take pos- 
session of. Canova's statue, 
which it bought for 27.6m, and 
confident that the August 
deadline postponing its export 
from the UK would be the last, 
the Getty is up in arms at the 
unexpected delay. This enabled 
Timothy Clifford of the 
National Galleries of Scotland 
to ride belatedly to the rescue 
and unearth two rich, friends of 
the UK, John Paul Getty II and 
Baron Thyssen, who have 
promised Elm and £800,000 
respectively to save the Three 
Graces for the UK 
No wonder the Getty's mild 
mannered director John Walsh 
is roused. “We have been 
treated shabbily,' 1 he said. 

“1116 government has changed 
its own rules and ignored its 


own deadlines whenever it was 
convenient What's at issue is 
not just the Three Graces: it is 
the fair administration of the 
export review system in 
Britain." 

Few objects of art more suit 
the Getty than the Three 
Graces. Getty loved antiquity. 
His museum is ffrchimraf after 
a Roman villa which disap- 
peared on the eruption of Vesu- 
vius. Canova’s fantasy of the 
daughters of Jove embracing 
in marble harks directly back 
to classical times. 

A visit to the Getty on its 
hillside perch confirms that 
the Three Graces would fit 
beautifully into an airy alcove 
there, alongside statues, 
framed by the fountains, 
shrubs and frescos of the 
museum and with the Pacific 
Ocean in the distance. The 
likely loss of toe statue has put 
iron into Walsh’s souL It is not 
the first tone toe Getty has 
been pipped at the post A Duo- 
do painting and a Bernini bust 
were also retained in the UK 
thanks to the Clifford-Getty H 
partnership. 

Despite an annual expendi- 
ture budget in excess of $200m, 
the Getty Trust, which admin- 
isters- toe museum, has tradi- 
tionally behaved prudently. 
“We have not used our cheque 
book to pay over the odds, nor 
have we hidden behind false 
identities," says Walsh. The 
trust has played the game, 
respecting the national heri- 
tages of the European coun- 
tries which mainly hold the 



John Walsh: roused 


objects of art it seeks. "We 
only succeed in acquiring 
about one object in every flour 
or five that we would like." 
says Walsh, hi the future this 
restraint in spending the $60m 
or so a year the museum sets 
aside for acquisitions may be 
loosened. 

Apart from the increasingly 
restrictive export policies for- 
antiques operated by European 
Union nations, the Getty 
imposes its own checks on 
acquisitions. It respects the 
passions of its founder, who 
mainly bought antiquities. 
Renaissance and Baroque 
p ainting s and European deco- 
rative arts. Its collection does 
not contain anything made 
after 1900, its painting display 



Getty Museum: until now it has avoided using its $60m annual purchasing budget to sack the treasure troves of the world 


culminating in a selection of 
dramatic works by Ensor, 
Munch and, most notably, Van 
Gogh - a version of “Irises” 
which at more than $40m was 
toe Getty’s most expensive sin- 
gle acquisition. 

The 1900 time limit is 
unlikely to change, though 
Walsh cast off some of the 
self-imposed limitations: there 
is little point having so much 
potential buying power if you 
do not try to form the finest 
collections in the world in cer- 
tain fields. 

So the Getty has focused on 
photography. Its collection of 
more than 60,000 images, from 
Fax Talbot to American 20th- 
century greats such as Weston 
- Walsh says a photography 


archive stopping at 1900 is a 
nonsense - is considered toe 
ultimate. Selective collections 
of drawings and manuscripts 
have a lso been as&emhtod 

But to the visitor the eye 
catchers are In the t raditional 
areas: the antiquities, purged 
of the rogue fake; the paint- 
ings, from Rembrandt to David 
and including the most expen- 
sive Old Master ever acquired 
at auction - Pontormo’s por- 
trait of Cosimo de Medici, 
which cost 635m in 1989; and 
the panelled rooms displaying 
an ornate procession of French 
design, from Itegence through 
Rococo to Neoclassical. 

By 1997 a new museum, built 
atop a nearby hill with views 
across Los Angales, will open. 


Called the Getty Center# will 
cost 8700m and be four times 
larger than the villa, which 
will remain the ho me of toe 
antiquities. 

The rest of the collection. 
Including many objects cur- 
rently warehoused, will move 
into a museum campus 
designed by Richard Meier. It 
is the construction of the new 
museum which is absorbing 
most of the Getty's Invested 
revenues, though there are still 
minions to spare each year for 
conservation projects and 
scholarship . 

Although r unning two muse- 
ums plus satellite activities 
will Increase the operating 
costs of toe Getty Trust, the 
completion of the Center will 


leave more money to spend. 
The Getty will want some fine 
objects to fill its new galleries 
but it is finding it ever harder 
to acquire them. Walsh admits 
this is a growing problem. 
Most of the p re-1900 master- 
pieces are safely ensconced in 
museums worldwide. 

The Getty can, however, 
make private deals: it recently 
acquired a very fine Tiepolo 
through Switzerland. In spite 
of Walsh's protestations it cer- 
tainly pays top prices. Perhaps 
Turner’s dramatic seascape 
"Von Tromp doing the will of 
his Master" is just about worth 
the $17m the Getty paid, but 
other recent payouts, such as 
£495m for a Goya bull fighting 
scene and 611m for a Sebas- 


tiano portrait of Pope Clement 
VIT, look on the high side. 

These paintings were bought 
openly. The worry is that, 
affronted by the delays and the 
dubious justifications of the 
UK government over the Three 
Graces, the Getty will be 
inclined to go behind backs 
and negotiate privately with 
British aristocrats, German 
princes, and French counts. 

At the moment the art mar- 
ket is still suffering from post- 
recession blues and little of 
unquestionable brilliance is 
coining forward. In a year or 
two the Getty, with its bulging 
pockets, will be ready to power 
toe market's revival while at 
the same time showing less 
sensitivity to national pride. 



Venice Film Festival 

Mixed blessings on 
offer in the first set 

Nigel Andrews views some multi-nation hybrids 


Proms / Richard Fairman 

Unifying sounds 


P lanning a film festival 
programme is like 
seeding a tennis tour- 
nament How do you 
place your best players for 
maximum effect? How do you 
make sure Antonioni does not 
knock out Bergman in the 
early rounds - by colliding too 
closely in the viewer's first- 
week memory - or that the 
final head-to-head is not 
between Mr Unheard-Of from 
Thuringia and Miss Token 
Feminist from Thirdworldia? 

Venice's Gillo Fontecorvo 
decided on a bold solution this 
year; schedule all the resistible 
stuff in the first four days, and 
clear the courts for a final 
week of Ennanno Olml Wim 
Wenders, Woody Allen, Oliver 
Stone and other class players. 

This is good news for almost 
everyone. The only loser is the 
critic writing on the morning 
of the fifth day. Peering into 
his memory bank, he sees a 
jumble of nightmare celluloid 
more suggestive of a mad sci- 
entist let loose in a genetic 
engineering lab than of open- 
ing days at the movie equiva- 
lent of WimbJedbiL 
There was the Anglo-Mac- 
edonlan film about civil war. 
Be/ore The Rain ; an Anglo- 
Hungarian offering about 
magic bullets and mystical rab- 
bits, called Magic Hunter; an 
Italian-Hungarian-Croatian 
film about bull-stealing, 17 
Taro; the Italian film called 
Lamerica that never got to 


L’America; and the New York- 
set drama Little Odessa in 
which an Austrian (Maximilian 
Schell) and two Brits (Tim 
Roth and Vanessa Redgrave) 
play a Russian- American inuni- 
grant family. 

We know co-productions 
mean multi-national invest- 
ment, hut this is ridiculous. 
The best two films at Venice so 
far - may the lesson be learned 
- were the mono-cultural Long 
Live Lone, a Taiwanese produc- 
tion, and toe almost likewise 
Loaded. “Almost” because New 
Zealand director Anna Cam- 
pion, sister of Jane of The 
Piano fame, strayed into 
Britain to make this psycho- 
drama-cum-black -comedy. But 
then no two cultures are more 
compatible than those of NZ 
and the UK Same language, 
same repressive wholesome- 
ness, same ability to find 
nightmares under the tea 
table. 

The film is about seven 
youngsters dossing in a coun- 


try mansion making a horror 
video. In the process they 
uncover secrets about them- 
selves which prove more X-cer- 
tificate than the shoestring 
shocker they are shooting - 
this being a kind of splatter 
version of an Esther Williams 
musical. 

Campion's first feature is 
hauntingly assured. It takes 
what could have been a ragbag 
of moth-eaten conventions - 
old dark house, sexual-jealousy 
chamber drama, idiot-youth 
comedy a la Withrudl And I - 
and after briefly deconstruct- 
ing each, quilts them seam- 
lessly into collective character 
study. 

The film is deeply imagina- 
tive in its use of different 
visual modes (video, celluloid) 
to underscore different states 
of mind. And it is frightening 
precisely because it goes 
beyond Gothic into a grand 
gtdgnol of the mind. 

Long Live Love . from 
Taiwan's Tsai Ming-liang, goes 


one better than transmuting 
yesterday’s genres: it invents 
one of Its own. How do we 
describe this maze-like essay in 
minimalism about two young 
m<m grid a young woman who 
wander in and out of each oth- 
er’s lives and in and out of a 
single empty apartment? 

The film Is like Jacques Tati 
and Roman Polanski meeting 
in a Mondrian painting. The 
glacial apartment has the eroti- 
cism of vacancy. Together and 
singly the trespassing charac- 
ters act out their fantasies, 
comic and melancholic, while 
the camera roams over the 
sign language of the lonely. 
Hints of auto-erotidsm, tnore- 
than-hints of transvestism, dis- 
plays of paranoia or wayward 
passion. And when together- 
ness accidentally happens, 
touches of Feydeau force creep 
into the bleached geometric 
erlstentiaHarn- 

Is this apartment a symbolic 
womb - a pre-guilt playroom 
for the human soul? Is it a 


ni am for experimental human 
mice? Or is it ... ? 

It could be all and any of 
these; the movie has a perfect, 
daring openness. It comes 
without “message" and virtu- 
ally without dialogue. Yet it is. 
so wittily styled, so playful in 
its cross-pollination of lives 
and fe tfaMsms. that the Inter 
pretatrve choices are rich. 

So even the best-laid plans of 
“worst first" tournament devis- 
ers can go wrong. Besides, if 
you get fed up with the official 
event at Venice there are 
always the friendly fixtures on 
the outer courts. Veterans like 
King Vidor don their full “ret- 
rospective" kit and prance 
about on the prescribed rectan- 
gle: you can see the master’s 
greatest silent hits from The 
Big Parade to The Crowd. And 
you can enjoy one-off exhibi- 
tion matches from the likes of 
Eon Ichikawa, Oscar-winning 
British animator Nick Park (of 
Creature Comforts fame) and 
the late Rainer Werner Fass- 
binder. 

There is Hollywood too, that 
eternal tennis circus tramping 
the globe and celebrated in this 
year’s Venezia Notte section: 
floodlit knockouts between 
Tom Hanks (Forrest Gump) 
and Arnold Schwarzenegger 
(True Lies), Harrison Ford 
(Clear And Present Danger) 
and Jack Nicholson (Wolf). 
Even in a bad Venice year - or 
a bad Venice week - there is 
something for everyone. 


B erlin, Cleveland, Los 
Angeles, Dresden and 
Pittsburgh: the visit- 
ing orchestras mark- 
ing the climax of the Proms’ 
100th season have assembled 
from the world’s musical capi- 
tals. It is not entirely a coinci- 
dence that they all come from 
either Germany or the US. 
Between them those two coun- 
tries can boast an enviable pro- 
portion of the top international 
orchestras. 

This year the Dresden Staat- 
skapelle followed hard on the 
heels of the Berlin Philhar- 
monic, and making compari- 
sons between them is inevita- 
ble. Id a unified Germany the 
orchestras of east and west 
have found themselves rivals 
for the country's accolade as 
number one. Usually one 
would expect the Berlin Phil- 
harmonic's uniquely rich 
sound to make it a clear first 
choice, but that was not bow it 
seemed after the Dresden 
Staatskapelle’s concerts on 
Tuesday and Wednesday. 

The two cities are fortunate 
their orchestras are so differ- 
ent. Berlin represents the 
future capital’s proud self-con- 
fidence; Dresden is old-world 


grace and quiet authority. 
There was a natural sense of 
scale in the Dresden players' 
music-making, which allowed 
every point to register easily, 
not just the big, barnstorming 
moments which made an 
impression with Berlin. 

The first of the Dresden con- 
certs opened with understated 
performances of Weber's Over- 
ture to Euryonthe and Dvo- 
rak's tone-poem The Wood 
Dove. Colin Davis has become 
an ever subtler conductor in 
recent years, and the unforced 
musicality of the Dresden 
orchestra makes them well 
suited to each other. In works 
which the players know back- 
wards, like Beethoven’s M Pasto- 
ral " Symphony in the second 
Prom, he is content to lean 
back and leave them to play. 
The peasants' dance was more 
a bucolic minuet The thunder- 
storm movement was music 
first, storm second - all of 
impeccable quality. 

As a young man, Davis was 
renowned for his fiery champi- 
oning of Berlioz, but one would 
not immediately have recog- 
nised that here. Maybe the 
orchestra has the upper hand 
in the relationship, for the 


Dresden Staatskapelle does 
excel at bringing a classical 
sense of order and proportion 
to everything it plays. Unfortu- 
nately. Berlioz's Spmphonie 
fantastique is music at the 
other extreme, the outpouring 
of a fevered and irrational 
mind, flirting with chaos. This 
Dresden performance never 
surrendered to its passions. It 
was immaculately controlled 
and unexciting. 

The second Prom was the 
better of the two. As well as 
the Beethoven, there was 
Brahms' First Symphony, an 
honorary classical symphony if 
ever there was one. Davis 
worked the orchestra harder in 
this and there was more drive 
and tension to the playing. 
Even so, the symphony has 
never sounded less like an old 
warhorse, thanks to the ele- 
gance of the wind playing, the 
subtlety of the balance, the 
refusal to countenance noise or 
bombast. Among the ranks of 
international orchestras the 
Dresden Staatskapelle ranks as 
a thoroughbred. 


Appearance of the Dresden 
Staatskapelle sponsored by 
Dresdner Bank 


1 1 International] j 

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Kandinsky and Mondrian 

To marie the 50th anniversary of 
the deaths of two great pioneers 
of modem art, the Fundadd la 
Caixs in Spain has organised a 

comparative study of the 
Russian-born painter Vasfly 
Kandinsky and the Dutch master 
Piet (Mondrian. The exhibition 
opens at the Fundacfd's Sala de 
Expoactones in Madrid next 
Friday, and wffl move to Barcelona 
in mid-November, 

The purpose of tha show rs to 
draw attention to the paraMets as 
well as to fundamental differences 
m the evolution of the t wo 
painters, before they readied their 
mature Idiom. Bom 
years of each other (Kandinsky m 
1886, Mondrian In 18 721 , b oth 
began as figurative printers. Both 
developed different 
styles. Kandinsky passed through 
a personal adaptation of Fauvism 
to arrive at a free-torm^ 

abstraction, whereas Mondrian 

embraced Cubism on his way to a 
geometric Mtom. Both printers ■ 
exerted a strong influence on 


modem art on both sides of the 
Atlantic. 

The exhibition, entitled Two 
Roads Toward Abstraction, covers 
the years 1900-20, but includes a 
few later works, ft Is based on 35 
canvases by Kandinsky and 56 
oils, drawings, watercolours and 
gouaches by Mondrian. There are 
important loans from the Met and 
Guggenheim in New York, the 
Pompidou In Paris, the Munich 
Lenbachhaus and the Stedeiijfc In 
Ams t er dam . This Is not a 
traveBing exhibition, so It win not 
be seen outside Madrid and 
Barcelona. 

■ EXHIBITIONS 
AMSTERDAM 

RQksmusoum The Renaissance 
Print 1470-1500. Bids Oct 30. 
Closed Mon 

Van Gogh Museum Van Gogh’s 
Self-Portraits. Bids Oct 9. Daily 
ANTWERP 

Hessenhtas-Musemn Musk; and 
Painting In the Golden Age: 50 
paintings by 17th century 
Netherlandish masters. Ends Oct 30. 
Closed Mon 
ASCONA 

Casa Senxfine Alberto Giacometti: 
drawings and lithographs by the 
sculptor and painter, plus 
photographs of the artist by his 
friend Ernst Scheldegger. Ends Oct 
22 

BALTIMORE 

Museum of Art Benin - Royal Art of 
Africa: more than 100 works. 
Including brass figures of animals 
and humans, carved ivory and 
wooden sculptures, from the ancient 
kingdom which now forms part of 
southern Nigeria. Ends Oct 30. 
Closed Mon and Tues 


BASLE 

Kimstmuseum Fernand L6ger 
(1881-1955): an exhibition devoted 
to one of the key painters of the 
modem world. It focuses on the 
m^or creative period from 1911 to 
1924, with more than 100 exhbtts 
from International museums and 
private collections. These include 
The City from Philadelphia, The 
Smokers from foe Guggenheim, the 
Stair paintings from Stockholm, 
Zurich and the Thyssen collection, 
and numerous works from Basle’s 
own museums. Because Basle has 
such an extensive collection of 
modem art. this exhibition is able to 
show Ldgeris work In the context of 
his forerunners and contemporaries. 
Opens on Sun, tin Nov 27. Closed 
Mon 
BERLIN 

Brficke Museum Early Kandinsky: a 
show devoted to a little-known 
period in the German expression 1st 
painter's development before he 
made his first abstract printing in 
1910 at the age of 44. Ends Nov 27. 
Closed Tues 
CHICAGO 

Art Institute Odilon Redon: 180 
works by the late-19th century 
French printer-poet Ends Sep 18. 
Goya: 100 small-scale printings. 
Ends Oct 18. OaHy 
ESSEN 

ViRa HQgd Paris - Belle Epoque: an 
evocation of the period from 1880 to 
1910 with printings, drawings, 
posters, photographs, glass and 
furniture. Ends Nov 13. Drily 
FLORENCE 

Museo Peccf The Last Dreams of 
Joan Mlf& some lesser-known late 
works tent by the Pita- Foundation, 
which was set up by Mirb In 1981, 
two years before Hs death. Ends 


Oct 30. Daily 
GLASGOW 

Hunterian Art Gaflery James 
McNeill Whistler portraits, nude 
studies, streetscapes, nocturnes, 
seascapes and river views by the 
American artist, drawn from 
Glasgow University's collection of 
his pastels, watercolours and prints. 
Ends Oct 17. Closed Sun 
H1LDESHBM 

Roemer und Pefaaeus Museun 
China - Cradle of Culture: a survey 
of Chinese art and ctdture from the 
third millennium before Christ until 
the 19th century, including ceramics, 
porcelain, metal sculptures, 
paintings, calligraphy and textiles. 
Ends Nov 27. Drily 
LEIPZIG 

Museun der bBdenden KOnste 

Lucas Cranach (1472-1553): an 
important retrospective of the 
German Renaissance master, whose 
work ranged from biblical scenes to 
the female nude. Ends Nov 6. 

Closed Mon 
LONDON 

British Museum Greek Gold - 
Jewellery of the Classical World. 
Ends Oct 23. Dally 
Royal Academy of Arts The Belgian 
Avant-Garde 1880-1900. Ends Oct 
2. Daily (advance booking 071-240 
7200) 

Courtaukl Institute The Samuel 
Courtauld Collection of impressionist 
Printings. Ends Sep 25. Daily 
Tate Gaflery Turner’s Hofland. Ends 
Oct 9. WilRam Blake - Art and 
Revolution: a) exhibition focusing on 
the English artist's output in the 
1790s. Ends Oct 18. Daily 
Heinz Gaflery Charles Rennie 
Mackintosh - The Chelsea Years 
1915-23: a re-examination of the 
Glasgow artist's achievements in 


London, focusing on avant-garde 
textile and graphic designs and his 
largely unrealised architectural 
projects. Ends Oct 29 (Royal 
Institute of British Architects) 
MANTUA 

Palazzo Te Leon Battista Alberti: 
the first exhibition ever to be 
devoted to the Renaissance genius. 
He not only left a legacy of 
marvellous buildings (two in 
Mantua), but his brilliant theoretical 
works on printing, sculpture and 
architecture made those arts 
respectable in the 15th century, on a 
par with Bterature and philosophy. 
Opens tomorrow, till Dec 11. Closed 
Mon 

NEW YORK 

Metropofltan Museum of Art The 
Annenberg Collection of 
Impressionist and Post-Impressionist 
Masterpieces- Ends Nov 27. Dali - 
The Early Years. Ends Sep 18. 
Pharaoh's Gifts - Stone Vessels 
from Ancient Egypt 140 highly 
artistic stone vessels. Including 
cosmetic containers, figure vases 
and ritual vessels, dating from about 
3200 to 465 BC. Ends Jan 29. 
Closed Mon 

Whitney Museum of American Art 
Joseph Stella (1877-1946): more 
than 200 works by the American 
modernist Ends Oct 9. Closed Mon 

PARIS 

Centre Georges Pompidou Joseph 
Beuys: retrospective of one of 
Germany’s leading avant-garde 
artists of the postwar period. Ends 
Oct 3. Closed Tues 
PRAGUE 

Convent of St Agnes of Bohemia 
Chinese Ceramics: 150 items from 
the National Gallery's collection, 
offering a historical and evolutionary 
survey from the Neolithic period to 


the era of the art’s ultimate 
flourishing in the 19th century. Ends 
Oct 30. Closed Mon (U Mllosrdnych 
17, Stare Mesto) 

ROME 

Palazzo defle Esposizioni Louisa 
Nevelson: 77 "large originals" by the 
American sculptress who died in 
1988. This is her first major 
European retrospective. The show's 
centrepiece, Night Wall-Frozen 
Laces (1976-80). is so large and 
complex - six metres by three of 
black-printed steel - that a special 
dismantling and reconstruction team 
has had to accompany the 
sculptures from their permanent 
sites at the Whitney Museum and 
Museum of Modem Art in New York. 
Ends Oct 31. Philipp Hacked 
(1737-1807): Italian landscapes. 

Ends Sep 30. Closed Mon 
Vffla Medici Paintings, sculpture and 
photographs by four of last year's 
artists In residence at the French 
Academy In Rome. Ends Oct 2. 

Drily 

WASHINGTON 
National Gaflery of Art From 
Minimal to Conceptual Art - Works 
from the Vogel Collection: 90 
drawings, photographs, paintings 
and sculpture by contemporary 
artists, including LeWitL Christo, 
Ryman, Beuys and Flavin. Ends Nov 
27. DaHy 
WOLFSBURG 
Kimstmuseum Jean-Marc 
Bustamante (bom 1952): tha first 
show of work by a contemporary 
artist In the big haH of Wolfsburg’s 
new museum, and an arid test for 
the Toulouse- bom artist's large steel 
sculptures - do they defend their 
autonomy, or is the hall like a whale, 
devouring sculptures as If they ware 
plankton? Ends Nov 27. Closed Mon 


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, 8230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745. 
1315. 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230. 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 






12 


FINANCIAL TIMES 


FRIDAY SEPTEMBER 9 1994 


E very Quebec national- 
ist remembers the 
evening of May 20 
1980. The Parti QuSte- 
cois government had lost a ref' 
erendum in which it had hoped 
to gain a mandate to separate 
from Canada. At the end of an 
emotional speech to thousands 
of downcast supporters at a 
Montreal arena, the PQ’s 
leader. Mr Rene Levesque, 
sounded a consoling note: "A 
la prochaine" Till next time. 

The drive towards that next 
time is set to begin on Monday, 
if opinion polls are correct, 
Quebeckers wil 1 sweep the sop- 
amtists back into power in a 
provincial election, ending 
nine years of rule by the Lib- 
eral party, which wants Que- 
bec to remain part of Canada. 
The PQ has promised it wilt 
immediately prepare for 
another referendum in 1995 to 
decide whether Quebec, the 
uniquely French-speaking cor- 
ner of North America, should 
go it alone. 

The possibility that the 
world's second biggest country 
will split up is likely to 
heighten nervousness among 
investors holding Canadian 
bonds and doing business in 
Quebec. Already there is evi- 
dence that the uncertainty is 
having an economic cost: Que- 
bec's bonds offer a higher 
return than any of Canada's 
other nine provinces, except 
impoverished Newfoundland. 

Changes in Quebec and in its 
relations with the rest of Can- 
ada over the past 14 years have 
undoubtedly narrowed the 
odds on an eventual break-up. 
Quebeckers already regard 
themselves in many ways as a 
separate nation. Their blue- 
a nd- white fleur-de-lys flag is 
more in evidence on the streets 
or Montreal and Quebec City 
than the Canadian maple leaf. 

"The only reason countries 
stay together is because they 
sbare a common vision and a 
culture," says Ms Rita Dionne- 
Marsolais, who is expected to 
be a minister in the new PQ 
government. 

The tide of nationalism is 
sufficiently strong that Mr 
Daniel Johnson, the current 
Quebec premier expected to 
lead the Liberals to defeat, felt 
obliged to apologise in the 
campaign for having said he 
was first and foremost a Cana- 
dian* 

Quebec separatism was 
fuelled in the 1980s by the fed- 
eral Conservative government 
under Mr Brian’ Hulroney who. . . 
unlike Mr Pierre Trudeau In 
the 1970s, sympathised with 
Quebec's demands for greater 
autonomy. Mr Mulroney’s Con-' 
servatives also depended on 
Quebec nationalists for elec- 


A little more 
to gnaw away 

Bernard Simon on separatist 
pressures resurfacing in Quebec 



tion victories in 1984 and 1988. 

Mr Johnson and other pres- 
ent-day federalists have had 
difficulty countering the sepa- 
ratists' argument that the rest 
of Canada bas become a bur- 
den on Quebec. Ottawa's debt 
bas swollen to the point where 
one-third of revenues are chan- 
nelled into debt-service pay- 
ments. The separatists also 
point to costly duplication of 
services between the federal 
and provincial governments, 
among them skills training. 
And a panoply of internal non- 
tariff trade barriers, such as 
provincial government pro- 
curement preferences, often 
makes it more difficult for 
Canadian companies to trade 
across provincial borders than 
to export to the US. 

"There is one government 
too many," says a senior PQ 
official... 

Many Quebeckers also bris- 
tle at real and perceived slights 
from English-speaking Cana- 
dians. Bilingual signs in far- 
away Calgary and Vancouver 
are dismissed as tokenism. 
“There’S more interest in 
learning French in New ; 
York or in San Francisco 
than in Toronto,” says 


Ms Dionne- Marsolais. 

Federalists hope Monday's 
election result will reflect little 
more than Quebeckers’ wish 
for a change of government. 
Despite the ebullience of 
nationalists, opinion polls con- 
firm a clear (and growing) 
majority of Quebeckers is 
opposed to a total break from 

Cjinaria 

T he business commu- 
nity has kept a low 
profile during the elec- 
tion campaign. "I’m 
not nervous at all," says the 
head of one of the province’s 
biggest financial institutions. 
"There's a consensus among 
French-speaking businessmen 
that this is an election, not a 
referendum. The real fight will 
be the referendum." 

.. . .But. the risk is that the sepa- 
ratists. .once in office, will be 
well placed to influence public 
opinion. The PQ has pledged 
immediately to pass a "solemn 
declaration" in Quebec’s - 
national 'assembly affirming its 
desire for negotiations leading 
"to Independence and to draft a i 
’new-comtitution. j 

A separatist government is 
also expected to provoke con- 


frontation with the rest of the 
country to prove its point that 
Canada Is unworkable in its 
present form. The PQ's current 
leader. Mr Jacques Parizeau, 
has, for example, given notice 
that be has little interest in 
talks on reforming Canada's 
social-security and healthcare 
systems, which are ad- 
ministered by the prov- 
inces but largely funded by 
Ottawa. 

Unlike in 1980, the PQ will be 
backed by a sizeable contin- 
gent of separatists in the fed- 
eral parliament in Ottawa. Its 
recently created federal coun- 
terpart. the Bloc Queb6cois, 
won 64 seats in last year’s gen- 
eral election, making it the 
official opposition. The BQ’s 
leader, Mr Lucien Bouchard, is 
widely considered the shrew- 
dest political leader in 
Quebec. 

One big stumbling block for 
the PQ, however, is that Us 
strategy for independence 
depends heavily on co-opera- 
tion from the rest of Canada. 
The PQ hopes Ottawa would 
support a sovereign Quebec's 
admission to the North Ameri- 
can Free Trade Agreement 
(Nafta). It would expect an 
amicable division of the federal 
debt. And the PQ envisages 
that an independent Quebec 
would still use the Canadian 
dollar, and that Quebeckers 
would not lose their Canadian 
passports. 

"I don’t expect goodwill, I 
just expect reasonable- 
ness," says one senior PQ offi- 
cial. 

But such reasonableness can- 
not be assumed. A raft of 
potentially explosive Issues is 
bound to surface. Aboriginal 
people, who Haim title to vast 
tracts of Quebec, are opposed 
to independence and the PQ 
cannot take the loyalty of 
French-speakers in Canada's 
armed forces for granted. 

Perhaps most worrying for 
ordinary Quebeckers is 
whether their government pen- 
sions, as well as their retire- 
ment savings held by Toronto- 
based financial Institutions, 
are secure. Many remember 
the capital flight from Quebec 
before the 1980 referendum 
which helped accelerate 
Montreal's replacement by 
Toronto as Canada's financial 
centre. 

With both sides wielding 
such powerful arguments, a 
referendum - if it takes place 
at all - will undoubtedly be a 
'more bitter affair than 'Mon- 
day’s election. One sure bet is 
that the uncertainty which will 
prevail as Mr Levesque's {"next < 
time" approaches will di^nefe i 
ther Quebec nor the rest of 
Canada much good. 


Joe Rogaly 


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Euro-dust in their eyes 



Nothing cre- 
ates more dust 
in British poli- 
tics than a row 
about Europe. 
The foggy 
English min d, 
ever less self- 
confident, falls 
to pieces when it contemplates 
political life across the Chan- 
nel. This has bedevilled dis- 
course for 40 years, and may 
do so for as long again. The 
“William and Mary lecture” 
delivered by the prime minis- 
ter at Leiden on Wednesday 
would serve as a model text for 
students of self-frustrating 
rhetoric, were it not primarily 
intended to maintain the frag- 
ile balance of opinion within 
the Conservative party. Mr 
John Major did his best, but it 
was the Tories' best, and that 
exp lains everything. 

For example, the prime min- 
ister sought to dispel what he 
called a “ludicrous caricature" 
of Britain - that it is interested 
in no more than a "glorified 
free trade area”. He did not 
mention the well-known views 
of his predecessor, now a cari- 
cature of her former self, or 
her remaining acolytes, whose 
devotion to 1 the single market 
is exceeded only by their detes- 
tation of its institutional impli- 
cations. Nor did Mr Major 
dwell on the fact that it was 
the then Mrs Margaret Thatch- 
er's attitude to Europe that led 
to her defenestration, while he 
depends for his continuance in 
office on the acquiescence of 
his party’s Euro-sceptics. 

Only intellectual squirmers 
could call for a multi-speed 
Europe with one breath and 
then whinge about not being in 
the fast track with the next 
Hold on, it may be protested, 
that Is not quite fair. A fast 
track confined to a small aiita 
should be rejected. "I recoil 
from Ideas of union in which 
some would be more equal 
than others.” said Mr Major. 
"No member state should be 


excluded from an area of policy 
in which it wants and is quali- 
fied to participate.” If he was 
Hi i nking of the policy docu- 
ment put forward by Ger- 
many’s CDU last week, it is 
true that it alluded to a core 
comprised of “five or six coun- 
tries”. (Translation: Benelux 
plus France and Germany.) 

The CDU paper did, however, 
go on to say: "This core must 
not be clasoi to other member 
states; rather It must be open 
to every member state willing 
and able to meet its require- 
ments.” If that is a first divi- 
sion, it is one with an open 
door. Perhaps the prime minis- 
ter was thinking of the rather 

more provoca- 

tive formula- 
tion of the 
same idea by 
Mr Edouard 
Balladur. If the 


managed by a supranational 
central bank. Such a unit 
would be something more than 
a vast debating chamber in 
which sovereign governments 
traded concessions. It would 
indfwH be an embryo United 
States of Europe. Benelux- 
France-Gennany would doubt- 
less constitute the initial 
agglomeration. The reasons 
why this may never happen 
. are often rehearsed, but a Brit- 
ish government should act on 
the assumption that it will 
What follows then could be 
the principal question of Brit- 
ish politics in the mid-1990s. 
Mr Major’s opt-out, famously 
won at Maastricht, leaves It 

. open to a 

future adminis- 
tration to 
decide whether 
to race to catch 
up or, instead. 


Only Intellectual 
squirmers could 
call for a multi- 
account i have speed Europe with 5® sta ? out . oE a 
is right, the ^ , first-division, 

French prime One DreatH> ana upper-tier, fast- 
minister ob- whin ge about not lane - Franco- 
served that m German, single- 

“for long years t>eing U1 the fast currency core, 
to come, Eu- track with the next Heaven and Mr 
rope will con- William Cash 

sist of a central alone know 

homogenous core, made up what the prime minister's 


essentially of France and 
Germany".' 

All of this is posturing. In 
spite of Maastricht, the Euro- 
pean Union is still a collection 
of Independent states, bound 
by treaties. It is what Mr 
Major, and General de Gaulle 
before him, proclaimed that it 
should be. Opt-outs, deroga- 
tions, empty chairs, vetoes and 
all the other familiar devices 
ensure that this congeries of 
nations is In permanent negoti- 
ating session. The French and 
Germans may often lead, but 
they do not inevitably get their 
way, as the prime minister’s 
recent veto demonstrated. 

The much-feared “super 
state” will only be bom when 
- if - a group of countries 
forms a single eco nomic unit , 
in which a single currency is 


response would be. 

Mr Major may never be put 
to this particular torture. 
When (10 make-up-your- 
mind -up tiwi» comes, the prime 
minister could well be Mr Tony 
Blair. His position is quite 
clear. It is firmly and unwaver- 
ingly on the fence. "Exclusion 
would carry an economic 
downside,” he said during the 
contest for leadership of the 
Labour party, “both in terms of 
the perception of the long-term 
strength of the UK economy 
and of our attractiveness for 
world investment.” Plain 
enough. Except that "on the 
other hand, the price of joining 
without genuine convergence 
may. precisely because of 
underlying economic weak- 
ness, be too high to pay”. 

The Labour leader does have 


one advantage over the prime 
minister. Mr Mqjor is obliged 
by his precarious political situ- 
ation to sound uneltib usuis tic 
about strengthening the insti- 
tutions of the EU; he inust 

focus on enlargement. Mr Blair 
leads a party of recent converts 
to the European mirage. He is 
happy to embrace the social 
legislation shunned by the 
Conservatives. He can say, as 
he has, that the purpose of 

accepting further Integration 
"is not to deny our sover- 
eignty. but . . . to extend our 
sovereignty by deciding that 
our future prosperity depends 
on co-operating with other 
nations . . He can talk Euro- 
pese; Mr Major can only speak 
KHngon. 

Britain's European policy 
ought to have a single objec- 
tive: to get into the lead and 
represent British interests. 

That might have meant estab- 
lishing a threesome with 
France and Germany, but suc- 
cessive British governments 
have been too inconstant for 
that. It could have meant 
becoming an unofficial leader 
of the smaller countries, but 
we have seemed too anti-fed- 
eral for that. Mr Major is win- 
ning some support from the 
Dutch and the Italians, but he 0 
would he unwise to bank on 
either. 

In spite of his cautiousness, 

Mr Blair is better-placed. He 
can appeal to the pro-European 
streak in the British psyche. 

When Labour turned against 
the then Common Market, it 
split. Its new leader cannot 
compete with Mr Major for the 
allegiance of Euro-sceptics. He 
could, instead, make his clever- 
est colleague, Mr Robin Cook, 
shadow foreign secretary. He 
might then set bfm the task 
of convincing the electorate 
that a Labour government 
would end the long record of 
Britain’s failure to establish a 
lasting, satisfactory relation- 
ship with the EU. We might 
even believe him. 


LETTERS TO THE EDITOR 


Fax 071 873 5938. Letters 


Number One Sdothvyark Bridge, ,London SEI 9HL 

s transmitted should be deariy typed and not hand -written. Please se 


set fax for finest resolution 


Strong arguments- for mutual ownership 


Frdrh Mr Gavin HUL ^ 

Sir, I read with interest 
Alison Smith’s article “Mutual 
destruction" (September 5). 
While I can only write on the 
subject of mutual life assur- 
ance companies, I would, with 
authority, venture to suggest 
that there is a very strong 
argument for the continuation 
of this class of financial insti- 
tution. 

Although a large number of 
mutuals will have far fewer 
owners than would result in 
them enjoying “a one-in-a- 
million say" in strategy. 1 
would suggest that this is irrel- 
evant, since the same is 
undoubtedly true of the major- 
ity of proprietary institutions 
where, however wide may be 
the ownership, control invari- 
ably vests with a small number 
of highly influential investors, 
many of whom will themselves 
be financial institutions. 

Smith dismisses the value- 
for-money arguments which 


I 

justify mutual ownership. TsK6 ’ 
for example, however, the case 
of a 25-year endowment assur- 
ance. Typically, the sharehold- 
ers, in a proprietary office, 
take out more money over the 
term than does the life office, 
to cover expenses, and the 
sales outlet, for commission, 
put together. 

Should the Treasury encour- 
age de-mutualisation, this 
would hold no terror for us. 
But there would be a clear loss 
to future policyholders and, 
indeed, the UK economy. 

Gavin H0L 
managing director, 

National Mutual Life 
Assurance Society, 

The Priory, 

Bitchin, 

Herts SG5 2DW 

From Mr Donald H Kirkham. 

Sir, Your article "Mutual 
destruction” presented a 
one-sided analysis of the disad- 
vantages of the mutual form of 


corporate* org&llsatidn .and the 
advantages of the pic form. 

There are three key advan- 
tages in retaining mutual 
building societies: 

• Building societies . offer a 
better service to their custom- 
ers than other organisations. 
Market research undertaken 
by BMRB International shows 
that, compared with other 
institutions, building societies 
are much more likely to be per- 
ceived as dealing with their 
customers fairly, more likely to 
be understanding of their 
fi n a n c i al problems, more able 
to communicate with their cus- 
tomers, taking complaints 
more seriously, and not pester- 
ing their customers about their 
service. 

# Building societies offer 
lower mortgage rates and 
higher savings rates th an their 
competitors. A recent survey 
by the specialist magazine. 
What Mortgage, shows that, of 
the 20 institutions which have 


charged least interest on their 
mortgages over the previous 
ten years. 19 were building 
societies. In contrast, of the 
most expensive 20 institutions 
seven were banks. Similarly, 
banks rarely feature in the 
“best buys" analyses of savings 
products. 

• Diversity of business organ- 
isation. It is unlikely that one 
particular form of corporate 
body embodies within it all the 
attributes necessary to create 
the perfect organisation. Mutu- 
als and plCS earh have their 
own characteristics, and it is 
likely that the economy as 
a whole is stronger if the 
two forms of organisation 
are able to compete with 
each other. 

Donald H Kirkham, 
chairman, 

The Building Societies 
Association, 

3 Saaille Row, 

London, 

WIXIAF 


Speed differential in 
Europe is a fact 


From Mr Peter W Barker. 

Sir, As we move from dis- 
cussing a two-speed Europe to 
a multi-speed and now a two- 
tier Europe, politicians man- 
oeuvre and the prime minister, 
John Major, seems to have for- 
gotten his triumph at Maas- 
tricht in “winning the argu- 
ment about Britain's right to 
opt out of parts of the treaty". 

Of course, as everybody 
knows except the British (and 
the Italians?), a multi-speed 
Europe was a reality well 
before Major accepted pater- 
nity at Maastricht. Sadly, what 
seems to be missed by both the 
British and Italians in the 
debate about Europe is their 
relative isolation, a geographic 
fact linked to an associated 
cultural effect 

In Tuesday's front-page 
article, your headline reads: 
“Kohl plays down plan for mul- 
1 1-speed EU". In most countries 
except the UK and Italy, what 
matters is not that such, a 

thing is, or might be, planned: 

after aU. it is actually happen- 


ing before our very eyes. 

Apparently, the British are 
unable yet to bring themselves 
to realise, as the Dutch have 
done, that their prosperity and 
influence depend upon making 
the European Union work. 
Meanwhile, the speed differen- 
tial between the UK and those 
countries in the East lane wifi 
increase. Not because politi- 
cians in Germany or elsewhere 
may have decreed it, but sim- 
ply because that is the way it 
is and has been for the past 40 
years, even if most of the Brit 
ish press, in concert with the 
politicians - and circulation 
directors - has been unable or 
unwilling to see it 

True independence is apprec- 
iating the reality of one's own 
capacity. The tragedy of 
Britain’s position Is its failure 
to see this, whatever John 
Major and his supporters may 
say. 

Peter W Barker, 

45 Rue Lagorsse, 

77300 Fontainebleau, 

France 


Target may be company profits 


From Mr Peter Thompson. 

Sir, Your reporting of Jona- 
than Aitken's interview omit- 
ted a significant point (“Aitken 
targets housing benefit", Sep- 
tember 6). 

Commenting on economic 
recovery, the Treasury chief 
secretary referred to company 
profits increasing and said 
. . these should be being used 
for new investment and new 
jobs". The italics, as far as they 
can be determined in a radio 
interview, are Mr Aitken’s. 


Those investors, whether 
tax-exempt or otherwise, who 
depend on a flow of company 
dividends to meet their com- 
mitments, would do well to 
reflect on this remark and its 
implications for government 
policy on taxation and divi- 
dends. 

Peter Thompson. 

William M Mercer, 
actuaries and consultants. 
Clarence House. 

Clarence Street. 

Manchester M2 4DW 


Flawed and selective view 
of Northern Ireland 


From Mr Andrew Dyke. 

Sir, As so frequently, Enoch 
Powell’s analysis is both per- 
ceptive and flawed (Personal 
View, September 7). He is abso- 
lutely right to point out that 
the dispute in Northern Ireland 
is about nationality but wrong 
to see this as a choice between 
being British and being Irish. 
The people of Northern 
Ireland, in both communities, 
have never shown any desire 
to be British, as can be demon- 
strated by their consistent fail- 
ure to elect British mainstream 
party MPs to Westminster, all 
of the electorate have repeat- 
edly voted for local fringe can- 
didates and every silting Ulster 
MP is a fringe politician. 

Mr Powell should reflect that 
the choice feeing the people of 
Northern Ireland Is between 
being Irish and being Northern 
Irish. The majority may well 
choose to be Northern Irish, 
but they should understand 
the lull implications of that. 
He, like every unionist politi- 
cian this century, does the peo- 
ple of Ulster a grave disservice 
by continuing to speak of 
Northern Ireland as part of the 
UK when that relationship has 
never existed outside legal fic- 
tion. He should also reflect 
that, were the people of Britain 
to be asked, by referendum, 
whether they wished Northern 
Ireland to be part of Britain, 
they would overwhelmingly 
vote against this. 

The “loyalist” and "unionist" 
community must eventually 
face this reality. They must 
decide whether they can go it 
alone as an independent state 
within the European Union or 
join the rest of the population 


of the island of Ireland in forg- 
ing one secular state. But they 
have so consistently opposed 
the British option that this can 
no longer be a real possibility 
for them. 

Andrew Dyke. 

40 Compton Road, 

Winchmore Hm, London N 2 

From Mr A J McEvoy. 

Sir, Enoch Powell is cer- 
tainly not naive. Therefore in 
writing that "the be ginning of 
wisdom in approaching North- 
ern I relan d is to clear the min d 
of everything conjured up by 
the term sectarian", he is being 
more than selective with the 
truth. The m i n d would have to 
be cleared of memories of 15 
years of his presence in South 
Down Orange Halls, and of the 
feet that the Orange Order, 
vehicle of a sectarian ideology, 
was specifically represented on 
the Ulster Unionist Council, 
the governing body of Mr Pow- 
ell's party. That Order publicly 
defines its loyalty to the Crown 
in terms of a "Protestant Suc- 
cession”. 

Much of the pain of the last 
century is a direct consequence 
of another English politician 
playing the Orange card”. 
Now if the mind-clearing exer- 
cise is to promote a non-sectar- 
ian solution in Ireland, It 
would be more than welcome; 
but to suggest it in order to 
consolidate the status quo is 
less than candid. 

AJ McEvoy, 

Jcofe Polytechnique Federate de 
Lausanne, 

22 “* f^Physkpie 77 . 
vegnmerit de Chimie. 
EPFL-Bcublens. 

CH-1015 Lausanne. Switzerland 


I 



13 




f¥ 


, i 



FINANCIAL TIMES FRIDAY SEPTEMBER 9 1 994 



FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
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Friday September 9 1994 


European 

defence 


The French prime minister called 
yesterday for unproved coopera- 
tion on defence, including weap- 
ons development, between mem- 
bers of the European Union. Sis 
words are given added point by 
last week’s $10bn merger between 
TOffrheeri and Martin Marietta - 


the most spectacular illustration 
to date of the way that plunging 
military budgets are altering the 
structure of the US defence indus- 
try, and a reminder that Europe’s 
arms producers are ter behind. 

Hie European defence sector is 
not dormant. British Aerospace 
and Matra are still negotiating a 
merger of their missile activities; 
Aerospatiale of France and Deut- 
sche Aerospace have pledged to 
merge theirs, and possibly also 
their satellite businesses, by nwrt 
year. 

Bnt the continent's defence 
industry remains overcrowded, 
and every new American merger 
brings closer the day when Euro- 
pean weapons are priced out of all 
markets (including European 
ones) by rivals from across the 
Atlantic. 

Mo single European country can 
hope to be self-sufficient in 
defence technology. Yet European 
governments are setting tough 
conditions for tr ansna tional merg- 
ers, ostensibly to avoid compro- 
mising national secrets or creating 
dependence on foreign govern- 
ments. This attitude is hardly con- 
sistent with the commitment to a 
common foreign and security pol- 
icy, and eventual common deforce 
policy, enshrined in the Maas- 
tricht treaty. It appears that the 
collapse of the Soviet threat, even 
as it renders the economics of 
cross-border defence cooperation 
more compelling, has, by depriv- 
ing European states of a common 
enemy, made them more national- 
istic in their defence philosophy. 

Experiences like that of Euro- 
fighter 2000 have made govern- 


ments rightly sceptical about the 
value of cross-border collaborative 
programmes in producing defence 
equipment efficiently. If a coher- 
ent and competitive European 
defence industry is to come about, 
it must be In response to an inte- 
grated defence market 

By co-operating over the pur- 
chase of Mg weapons, and throw- 
ing open their purchase of smaller 
ones to the most competitive 
European bidder, governments 
could create the circumstances 
under which it would be easier for 
arms makers to merge. Article 223 
of the Treaty of Rome, which 
effectively puts military products 
outside the scope of tte common 
market is now clearly an anachro- 
nism and should logically have 
been repealed when the Maas- 
tricht treaty was adopted. 

In an Ideal world, indeed, this 
logic would apply to the Atlantic 
alliance as a whole. But experi- 
ence suggests that US defence 
industries will continue to use 
arguments of national security, 
however spurious, to prevent the 
introduction of a genuine 
“two-way street” in weapons pro- 
curement across the Atlantic. 

The best Europe can hope, 
therefore, is to w i a n m that on ftg 
slda such arguments are applied 
to Europe as a whole, rather than 
at the level of individual states, 
which are ter too small to 
achieve the necessary economies 
of scale. 

There should be no question of 
excluding American products, but 
the burden of proof must tell on 
those defence ministries that wish 
to buy American where there is a 
competitive European alternative. 
This is a point the British govern- 
ment should weigh carefully 
before choosing I^nkhaed in. pref- 
erence to the proposed new Euro- 
pean military transport aircraft, in 
which British industry could play 
an important part 


German fa.ce-]ift 

0 1'; Ml 


Do not forget to be surprised. 

Yesterday's figurps, showing 2.3 
per cent annual growth in west 
German real gross domestic prod- 
uct in the second quarter of 1994, 
confirm that the German eco- 
nomic recovery is now well undo: 
way. Coupled with other recent 
data, the news has implications 
for tire likely course of German 
monetary policy in the months 
ahead. But the contrast between 
this spritely performance and the 
many gloomy predictions at the 
start of the year holds a further 
lesson: tired old Germany can stQl 
show its European partners a 
thing or two. 

Real pan-German GDP growth 
for 1994 could exceed the govern- 
ment’s own revised prediction of 
2.5 per cent Though Bundesbank 
officials have this week been at 
pains to leave the door open for 
further interest rate cuts, the 
chances of another monetary loos- 
ening appear to be shrinking. 

True, monetary aggregates have 
been better behaved in recent 
months, but the prospect of 2 or 
more per cent real growth in west 
German GDP this year provides 
little obvious reason for the bank 
to sidestep its money supply tar- 
gets once again. 

That figure can justify, however, 
a certain amount of self-cangratu- 

Unions today 


9 * r * t *H'i vp 

latton. In December, the govern- 
ment ,was almost alone in hopiqg. 
for even 1.5 per cent real paitGer- 
man growth for 1994: the OECD, 
for example, expected only % per 
cent, with very little of that to 
crane from the west 
What went right? Monetarists 
would see little mystery in recent 
data: excess money growth is now 
feeding into demand, just as they 
would expect But the economy’s 
ability to rebound so encourag- 
ingly owes as much to the stabili- 
ty-oriented policy of the Bundes- 
bank as it does to monetary 
expansion. The bank’s credibflity 
as a guard against inflation has 
weathered recent knocks better 
than many supposed: long-term 
government bond yields are cur 
rentiy the lowest in Europe, at 
around 7% per cent 
Given consumer price infla tion 
of about 3 per cent real rates of 
4 .5 per cent (compared to more 
than 6 per cent in France) may 
allow a return to economic form 
for Germany. There is plenty still 
to worry about above all, a h i g h 
rate of unemployment, so ter little 
affected by this year’s growth. But 
two things are already in Mace: 
growth through exports and, as 
has been true throughout most of 
the past few years, tester growth 
than seems likely in France. 


This week’s Trades Union 
Congress Has been a subdued 
affair. But through the haze of 
rhetoric it has been possible to 
detect the shape of a reformed 
trade union movement. Further 
reform may not be sufficient to 
ensure unions a dynamic future. 
But they can still enjoy significant 
if lesser roles as lobbyists for 
employee rights and providers of 
assistance to individual members. 

Re-legitimised by ballots, the 
unions are more representative 
than they have been for decades. 
Thanks to the campaign to sign 
up members for the automatic 
" check-off of union subscriptions 
it is also possible to state that 
membership is real and voluntary. 
Moreover, unions carry a far 
smaller part of the blame for the 
UK’s labour market problems than 
they used to. 

Much of the credit for this trans- 
formation belongs to successive 

Conservative governments, bnt Mr 

Tony Blair, the Labour leader, 
could prove the main beneficiary. 
Earlier this week, be shrewdly 
used the signal workers strike to 
loosen further the union hold over 
his party. However it is premature 
to Imply, as Mr Blair does, that 
the unions are merely a pressure 
group with the some access to 
Labour as business. Mr Blair can- 
not wriggle out of union-inspired 
policy commitments - such as a 
pa tpinnai minimum wage. And at a 
private dinner on Tuesday he 
assured union leaders that he still 
needs them to win an election. 

Nevertheless, both Mr Blair and 
Mr John Monks, general secretary 


of the TUC, do share a sensible 
vision of modest, non-partisan 
trade unionism, supporting indi- 
vidual employees in a rapidly 
changing labour market and pro- 
viding a voice for employee-stake- 
holders In larger organisations 
and an expert view cm employ- 
ment and training at national 
Level That view may prove more 
popular than the dismissive atti- 
tudes of Conservative ministars. 

This is not enough, however, to 
ensure unions a healthy future. 
There are signs - from Mr 
Monks’s rela un c h of the TUC to 
nnirm n«» of eh*whft1H* fonXUS 

to lobby for employee interests - 
that unions are becoming more 
effective. But coHectrre bargaining 
and union membership are likely 
to continue to decline, albeit at a 
slower pace than in the recent 
past. Such a decline would not 
necessarily be stemmed by work- 
er-friendly European legislation, 
based on employee not onion 
rights, or by the election of a 
Labour government But unions 
are not ends in themselves. What 
is needed is a balanced framework 
of employment law. 

Contrary to much union rheto- 
ric, employees are not without 
rights at the workplace, but that 
framework does need clarification. 
A clearer right to union represen- 
tation in individual grievance 
ffjfMKi, which Mr fflnfr would intro- 
duce, is a case in point It would 
also offer unions a new role in 
providing professional and legal 
support to individaals. If they are 
to thrive, these are the opportuni- 
ties they must seize. 


E ven as King Hussein of 
Jordan was shaking 
hands with Israeli prime 
minister Yitzhak Rabin 
on the White House lawn 
last month, US military officials 
were busy preparing a package of 
arms deliveries to assist in the mod- 
ernisation of Jordan’s aimed forces. 

The US pledge to upgrade Jor- 
dan's military, coupled with Wash- 
ington's promises to forgive up to 
f700m of the $950m debt owed to it 
by Jordan, were important incen- 
tives for the King to maVg peace 
with Israel. 

However incongruous it may 
seem, the unfolding Middle East 
peace Is likely to increase, not 
decrease, arms-related spending In 
the region. Continuing hostility 
between governments, fuelled by 
political ambitions, border conflicts 
the challenge of faiamir funda- 
mentalism, wiaans that regional mil- 
itary expenditure as a proportion of 
gross national product is likely to 
remain above 20 per cent for the 
foreseeable future. Most Gulf states 
are already running budget deficits. 

Since Israel’s peace breakthrough 
with the Palestinians last summer, 
scone Israeli officials have argued 
that one of the most important eco- 
nomic dividends would be the re- 
allocation of billions of dollars 
spent on the military forces of the 
Middle East. In 1991 alone, the 
region is estimated to have allo- 
cated $88bn to military expenditure, 
a figure heavily influenced by the 
Iraqi invasion of Kuwait in 1990 and 
the subsequent Gulf war. 

Mr Shimon Peres, Israel’s foreign 
minister, proudly predicted in bibli- 
cal terms that the region would 
soon beat swords into plowshares. 
He foresaw a region of government 
by ballots not bullets, where the 
only generals would be General 
Motors and General Electric. 

However, the trend has so ter 
been in the opposite direction. The 
Israeli army says the redeployment 
of troops from occupied Palestinian 
territory will place additional bur- 
dens on its defence budget for sev- 
eral years. The US has already 
granted Israel an extra $28m, on top 
of its flwnnai military aid of $L8bn, 
to meet those costs. General Ehod 
Rnrair army of staff, is seek- 
ing an extra ShkSOOm (3170m) for 
the 1995 defence budget That would 
be in addition to the Shfeanm in 
“special” budgetary support that 
has already supplemented this 
year’s Shk20.5bn total. 

Domestic military expenditure is 
being augmented by US military ^ 
assistance, pledged as a result of " 
peace developments. Washington is 
committed to providing military air- 
craft the first deliveries of 50 F-16 
.fighter jets arrived in Israel in early 
August in January, Israel signed a 
$2 bn contract with McDonnell 
Douglas to buy 20 F-15-E “Eagle” 
wkfplanes, adapted for lona^raizge * 


Ploughed back 
into swords 

Peace deals will not stop military spending rising in the 
Middle East, say Julian Ozanne and Roger Matthews 


pre-emptive missions, night-flying 
capabilities and air superiority. 

A possible peace agreement in the 
next few months with Syria, Israel’s 
most militarily powerful neighbour, 
would not ease the burden on the 
Israeli defence budget There would 
be further withdrawal costs as 
Israel pulled out of the Syrian land 
it occupies, and Israel is determined 
to purchase military hardware to 
maintain a “strong deterrent pro- 
file” in return for giving up strate- 
gic land such as the Golan plateau. 

-The aim is long-term investment 
in unique battle weapons that Arab 
states cannot buy,” said Lt Col 
Moshe Foegel, Israeli military 
spokesman. 

Military experts said US arms 
transfers to Israel. Egypt, Jordan 
and perhaps later to other Arab 
states that make peace with Israel 
would require large increases in 
spending an runways, maintenance, 
training, spare parts salaries. 
“In the short term, peace agree- 
ments will InnrpflRg not 
Israel’s military expenditures,” said 
Professor HUahu Konovsky of Bar- 
Han University, near Tel Aviv. 

Apart from the cost of Israel’s 
peace treaties with Arab neigh- 
bours, there are deeper geo-political 
reasons for believing the military 
dividend from peace is likely to 
prove illusory throughout the Mid- 
dle East Military experts in Israel 
say the most potent threat in the 
past decade has hpgn from Iran and 
Iraq, not Syria or Jordan. 

Iran, th ou gh (timiniQind as a mili- 
tary force since the overthrow of 
the Shah in 1979 and its eight-year 
war with Iraq until 1988, re mains 
Ideologically apposed to the Jewish 
state. Tehran has sought to rebuild 
its armed forces with purchases pri- 
marily from Russia and rHiim and 
has devoted some 18 per cent of its 
annual budget to the military. 

However, Iran’s failure to manage 
its economy_efficiently and the 
steep decline m oil prices have 
severely limited the regime's scope 
for military development. 

Iraq, while considerably weak- 
ened by the Gulf war and UN sanc- 
tions, also remains a potential men- 
ace to its neighbours, especially to 
Kuwait to which Jtt'Hras not 
lencunced territorial tibahus. 


Hie Middle East's big guns 



. Top military spenders, 1991 




MILITARY 

BCPENOTTURE (SM) 


Arabia 




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FORCES 






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86.7 r --r r’ 2040.000 
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77.8 • 2 , 541,000 

72.34V 2^03.000 

64.9^2^ 




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^EXPENDITURE 
POT CAPITA' 







Suggestions that Iraq might be 
waking to improve relations with 
Iran send shivers down Israel’s 
spine, as do editorials in US news- 
papers arguing for an easing of UN 
sanctions against Iraq. “As soon as 
UN sanctions are lifted, the Hrv -k 
will start ticking for us and for the 
whole region, " said Lt Col FoegeL 
“While it’s true that the short-term 


Arabia have all suffered Iraqi troops 
on their soil in the past decade. The 
more general threat of Islamic 
extremism, sponsored by Iran, gives 
some countries another reason for 
making strategic arms purchases 
and building deterrent capabilities. 

Saudi Arabia, for example, which 
might have been vulnerable if Iraq 
hdd continued its advance after the 


threat of war against Israel has " captute of Kuwait in 1990, had a 


decreased, there are serious 
long-term concerns, especially from 
Iran and from Iraq r . when it is., 
allowed to start rearming." 

Israel is not alone in fearing a 


defence budget last year of $l&5bn 
- the region's highest. Since the 
invasion of Kuwait, Riyadh has 
embarked an a big armaments pro- 
gramme, ordering $30hn worth of 


renewal ofu Iraq's i expansionist: from the US and UK. The lat- 
dreams. Iran, Kuwait and Sa udl ‘ i test-' Saudi purchases, including the 


1992 US package of 72 F-15XP 
fighter aircraft and 900 Maverick 
missiles worth $9bn, follow imports 
of $29.7bn between 1987 and 1991, 
according to the US Anns Control 
and Disarmament Agency. 

Kuwait is spending at least Sl2bn 
replacing and upgrading its armed 
forces, which were decimated by 
Iraq's occupation. Syria is believed 
to have bought at least S2bn worth 
of aircraft, tanks and missiles from 
Russia, North Korea and China 
since 1992. The money was mostly a 
grant from Saudi Arabia ($1.5bn) 
and other Gulf states after Syria’s 
participation in the Gulf war. 

Egypt, which signed a peace 
treaty with Israel in 1979 and 
received grants and debt cancella- 
tions worth $8bn from the US after 
the Gulf war, has urged the US not 
to cut annual military aid of SL3bn. 

T he unwillingness of 
many Arab countries, 
even those at peace with 
Israel, to consider cuts 
in their armed forces 
also reflects the historical suspicion 
of Israeli intentions which, despite 
current peace moves, remains just 
below the surface. They view with 
concern Israel’s secret nuclear capa- 
bility, its latest military purchases 
and its widening technological 
superiority. 

Prof Konovsky argues Arab states 
will also continue to invest heavily 
in their armed forces because of 
regional disputes over borders and 
water. Saudi Arabia has border dis- 
putes with several neighbours: Iraq 
still lays claim to Kuwait; Syria and 
Turkey are in conflict over land and 
the waters of the Euphrates river, 
while the UAE and the other Arab 
Gulf states are seeking to reverse 
Iran's occupation of three small 
islands near the Strait of Hormuz. 

The Arab-fsrael peace process 
remains just one element in +hi< 
complex mosaic of tensions and 
rivalries, and despite Mr Peres's 
optimism, will not of itself promote 
a wider settlement of outstanding 
issues. For western and Middle 
Eastern governments to begin to 
address issues such as regional 
arms control, countries like Iran 
and Iraq will have to be drawn back 
into the framework of more normal 
international relations. 

There is, as yet, little idea of how 
thin ran be achieved, while the dan- 
ger grows that other countries, such 
as Algeria, could he added to the 
list of governments with which the 
west is struggling to come to terms. 
And while the arms spending con- 
tinues, the diversion of limited 
resources to non-productive ends 
can but deepen the poverty In 
which too mudh of the Middle East 
. is. steeped, and which, provides such 
a fertile recruiting ground for 
extremists. In this vicious circle, 
only the arms manufacturers seem 
likely to come out ahead. 


Poland’s privatisation in a mess 



Poland's prime 
minister, Waldemar 
Pawlak, has had on 
his desk for the last 
two months the 
implementation 
order of the mass 


nnnnnkr . - VI Ubl VI MUi 

privatisation pro- 


— YSESL — gramme first intro- 
duced in July 1990. The reason he 
has not signed it so far is the con- 
tinuing controversy and opposition 
to this programme among wide sec- 
tions of the Polish population. 
While in all other economies in 
transition mass privatisation pro- 
grammes have an important func- 
tion of securing the political sup- 
port for economic reforms, here it 
has deepened conflicts and instabil- 
ity. 

The reasons for the controversy 
lie in the mistakes made at the 
b eginning of the economic transi- 
tion in 1990. Polish privatisation 
law deffiwpri two principal strategies: 
sales to foreign investors and initial 
public offerings (IPOs) on the newly 
organised Warsaw stock exchange. 
However, by July 1994, there were 
only 24 IPOs and about 60 sale s to 
foreign investors. This strategy is 


more suitable for a western country 
where only a few state enterprises 
are to he privatised than for the 
Polish economy, dominated by more 
than 8,000 state enterprises. As an 
afterthought, a provision was added 
for “liquidation” of medium-sized 
enterprises through employee own- 
ership and leases. This resulted in 
about 1,000 privatisations, a great 
success. 

A question arose, however, about 
what to do with large enterprises 
which did not qualify to be floated 
on the tightly-regulated Warsaw 
stock exchange and where there 
was no foreign investor interest. 
The answer was to place them in 
groups and find foreign turnaround 
managers who would restructure 
and improve them to a point where 
they could be floated or where for- 
eign investors could be found for 
them. But successive governments 
and consultants developed the idea 
in such a way as to make the pro- 
gramme politically unacceptable. 

The objections centre on two fun- 
damental issues. The first relates to 
the centralised and bureaucratic 
nature of this programme. The way 
it works is that ministry officials 


organise 20 government investment 
funds, choose foreign managers, 
and divide up 60 per cent of the 
shares of 400 companies between 
than (the remaining shares belong 
25 per cent to the state, and 15 per 
cent to the employees). Each man- 
ager is a strategic investor in about 
30 of them. Thus, the government is 
closely identified with the whole 

The programme does 
not satisfy 

popular demands for 
equity and 
participation 

scheme, which raises fears of collu- 
sion, fraud and conflicts of interest 
The second and more important 
objection is the inadequacy of this 
programme as mass privatisation. It 
involves only 400 companies, but 
attempts to satisfy the plaimg of cit- 
izens whose savings were forcibly 
appropriated under Communist 
rule. The plan is to give potentially 
27m adult Poles a voucher which 
nan be exchanged for one share in 


each one of 20 investment funds, 
minus 15 per cent of shares 
reserved for their managers. 

However, critics claim such a pro- 
gramme is among the least encom- 
passing in east European countries 
and does not satisfy popular desires 
for participation and equity. In 
Estonian privatisation, the asset 
transfer per adult averages $1,000 
and participants can use their 
vouchers to buy housing, land, agri- 
cultural implements, shares of state 
enterprises and a pension annuity. 
In Czechoslovakia's first wave of 
privatisation, the asset transfer was 
about $1,000 per voucher holder, 
and in the second wave^bout $800. 
Czechs can bid for any of more than 
2,000 enterprises or deposit vouch- 
ers with investment funds. 

In contrast. Polish citizens have 
no choice about the use of their 
vouchers or which investment fund 
- government or private - to 
deposit them with. And the amount 
of asset transfer is minuscule, 
involving the 27m potential voucher 
holders, and compensation claims 
of state employees and retirees. 
This is ironic considering that 
Poland was the cradle of ideas 


about papular participation in the 
transformation and privatisation of 
communist economies. In 1981, Soli- 
darity established the principle of 
autonomous, self-financing enter- 
prises under some social control. 
The 1988 voucher coupon scheme, 
eventually successfully applied in 
Czechoslovakia, was proposed by 
Polish economists. The 1990 trans- 
formation programme went against 
popular expectations by defining 
the privatisation strategy in a cen- 
tralised and excluding manner. 

Unless the successive Polish gov- 
ernments abandon the attitude of 
imposing arbitrary programmes 
from above and meet reasonable 
demands of citizens for equity and 
participation in reforms, the privati- 
sation policy in Poland will remain 
a political battleground where little 
gets accomplished. 

Lucja Swiatikowski 
Camion 


The author is an adjunct fellow at 
the Centre for Strategic and Interna- 
tional Studies. Washington DC 


Observer 


The winner 
by a nose 

■ Forget Future Large Aircraft and 
Apache helicopters. The real action 
at this week's Famborough Air 
Show revolved around the exchange 
of sharper than usual words 
between Boeing, the world’s biggest 
civil aircraft maker, and its 
European rival Airbus. 

Ron Woodard, boss of Boeing’s 
commercial aircraft operations, was 

patently rfled by Airbus claims that 

it had knocked the Seattle giant off 
its mighty perch by securing more 
than 55 per cent of new aircraft 
orders in the year to June. 

So Woodard laid into Adam 
Brown. Airbus’s strategic planning 
director, himself a virtuoso speaker 
who has tong had a good line in 
digs at Boeing’s expense. Whenever 
Brown spoke, Woodard attested, 
you could see his nose growing 
longer and longer. 

Brown himself was in two minds 
as to the merits of being esteemed 
the Pinocchio of the industry. Was 
Ttowng finally cnnrpding that the 

European consortium had a better 
nose for business? Or did it just 
mean that Woodard still didn't 
believe a word that Airbus’s nasal 
attache ever said? 


Double dealing 

■ Barclays Stockbrokers is dearly 
mindful of Samuel Johnson's adage 


about patriotism being the last 
refuge of the scoundrel Unveiling 
its new Barclayshare Overseas 
Service, it proudly announces that 
dualities for dealing on the London 
Stock Exchange will be available to 
overseas nationals as well as to 
“expatriots”. 

So what form of proof does 
Barclays require from potential 
customers that they have 
abandoned their wfeked ways? 


Smokestack tips 

■ How terribly piquant Edith 
Cresson, France’s 

commissioner-in-waiting, presented 
herself in Brussels yesterday for a 
discreet tetedt&te with Jacques 
Defers, the outgoing EU president, 
but also the man she pipped for the 
French premiership in 1991, thanks 
to the patronage of President 

Mitterrand. 

She certainly needs all the hot 
tips she can get A big-ticket 
portfolio such as external trade or 
competition policy is what she 
really covets, but the present 
incumbents - Sir Leon Brittan, the 
senior UK commissioner, and Karel 
Van Mlert, the Belgian 
fnpirm wanner - look pretty tough 
to dislodge. 

That might mean she is best off 
aiming for the industry portfolio - 
where she could after all amuse 
herself crafting a whole new 
European industrial policy for the 

1990S. 

The snag there Is Martin 



Tm getting some great shots of the 
emperor in his new clothes’ 

Rangwnann, the senior German 
industry commissioner, who could 
get m the way. 

He seems fairly certain to stay on 
in the next regime, and apparently 
Ha« his eyes an a new information 
technology portfolio which would 
encompass both telecommun- 
ications and computers. 

If Bangemaim succeeded with 
that particular master plan, Cresson 
would risk being stuck with the 
smokestack industries. 

Much depends, then, on the 
attitude of Jacques Santer, the 
primeminister of Luxembourg who 
takes over from Defers next 
January. 

The genial Santer is known in tire 


Grand Duchy as the man who never 
says No. So perhaps he is a 
relatively soft target for the 
legendary Cresson charm. 


Expert witness 

■ “This House believes that the 
lessons of the recession have not 
been learnt” is the title of next 
week's so-called “great debate” at 
the Oxford Union hosted by the 
Society of Practitioners of 
Insolvency. 

It is being sponsored by the Bank 
of Ireland and two of the five 
members of the team proposing the 
motion come from Midland Bank 
and the National Home I/wns 
Corporation. 

They should not have to look far 
to find material to support their 
case. 


Spires ascent 

■ What’s with the British trades 
union movement? Aside from the 
discourse on the signal workers' 
strike and a brief self-parody from 
miners’ leader Arthur Scargffl, this 
year’s congress must have been the 
mildest on record. 

It seems to have coincided with 
an almost complete absence of 
T . TgRrp n rTliang in Blackpool — and 
hence a paucity of those militant 
pronouncements that so often seem 
to he delivered with a Scouse 
inflection. 

And now the next TUC president 


the general secretary of the 
Ranking insurance and Finance 
Union, is an alumnus of Balliol 
College, Oxford, for heaven’s sake. 
Leif Mils was to be heard yesterday 
roundly congratulating himself on 
having attained what he termed 
“the last unclimbed peak of British 
life for the college”. 

At least his accent is decidedly on 
the prole side of cut glass. 


Game boy 


■ Delegates to the world 
population conference in Cairo have 
been quietly amusing themselves by 
playing with a small pocket 
computer. 

The wizard machine can call up 
present and future population 
growth for all UN countries at the 
stab of a button. And, boasts a 
delegate from the Vatican, the Holy 
See alone presents an immaculately 
perfect picture. 

“Each time yon push the button, 
the total remains at L000,” he 
explains. 


Rare delight 

■ Feeling peckish at the almost 
deserted Hotel du Chari in 
N’Djamena, Chad, this week, a 
colleague leafed through the hotel's 
brochure was dismayed to find that 
“Continental Breakfast/ American 
Buffet can be served indifferently in 
your room or at the barbecue 
point." 





V. 





14 


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of jets to Saudi Arabia 


By Bernard Gray In London 

Saudi Arabia is to buy a further 
batch of about 20 British Aero- 
space Hawk jet aircraft and a 
similar number of basic trainers, 
worth almost ESQOm t?775m). 

The aircraft should be deliv- 
ered from 1997. to train pilots 
who will fly the 48 Tornado GR1 
ground attack aircraft wbicb 
were ordered from BAe in Janu- 
ary 1993. 

The UK Ministry of Defence 
said that dates had been agreed 
for the supply of training air- 
craft, but did not give any fur- 
ther details. British Aerospace 
declined to comment 

The aircraft thought to be 
involved are the Hawk 60 
advanced jet trainer and the 
Swiss-made Pilatus PC-9 turbo- 
prop hasic trainer, which will be 
supplied through BAe as the 
prime contractor. Both aircraft 
are already used by the Royal 


Saudi Air Force to train pilots for 
their present fleet of Tornados. 
Training crew and other support 
services are included in the pack- 
age. 

The purchase will take place 
under the Al Yamamah II gcvenx- 
ment-to-govemment arms deal, 
payment for which is made in ofl. 
Saudi Arabia is thought to have 
increased the amount set aside 
for the programme from 500,000 
barrels a day to 600.000 barrels 
when the second Tornado order 
was placed in 1993. The t raining 
aircraft package will be funded 
through this Increased ofl barter. 

British Aerospace has now sold 
more than 700 Hawks worldwide 
to 40 countries. It is used as an 
advanced trainer to prepare 
pilots for fast fighter jets. In addi- 
tion. the larger Hawk 100 and 
Hawk 200 versions are used as 
light fighter or ground attack air 
craft. 

Saudi Arabia presently has 30 


of the Hawk 60 aircraft, as well 
as 72 Tornados, which are a mix 
of ground attack and air defence 


variants. BAe has some 4,800 
staff working in Saudi Arabia 
supporting the Al Yamamah 
deaL 

The Saudi order will secure 
work at BAe factories at Warton 
in Lancashire and Brough on 
Humberside. Work on the Hawk 
and Saudi Tornado orders is 
expected to fill a gap in flnmaytiq 
work until production of the 
Eurofighter 2000 starts in earnest 
in 1997-98. The Pilatus PC-9s are 

built in Switzerland but BAe will 
act as prime contractor for that 
part of the deal. 

Al Yamamah contracts are 
worth some £2bn a year to BAe 
and have been worth a total of 

£13bn since the arrangement was 
initiated in 1985. 


Editorial Comment, Page 13 
Ploughed back. Page 13 


S Korea plans abolition of 
foreign exchange controls 


By John Burton tn Seoul 

A government-appointed panel 
yesterday recommended tbat 
South Korea abolish most foreign 
exchange controls by 1999. 

The ministry of finance will 
consider the committee’s findings 
when it proposes reforms to ease 
restrictions on capital flows, 
which are expected to be 
announced in November. 

South Korea currently imposes 
strict regulations on capital 
transfers as part of the govern- 
ment’s strong control over the 
financial system. 

Among the committee’s main 
conclusions is that the govern- 
ment should permit an increase 
in the foreign ownership of Kor- 
ean securities, which is limited to 
10 per cent of a company's stock. 

It proposed that the foreign 
ownership limit should be raised 
in three stages in 1995. 1997 and 
1999. with the possibility that the 
ceiling would be abolished by the 
end of the decade. 

Foreign investors have 
expressed frustration about the 
limits, which have prevented 
them from investing in one of the 
potentially buoyant stock mar- 
kets in Asia. 

But the reforms also liberalise 
the outflow of capital, reflecting 
government concern that an 
extensive inflow of foreign capi- 
tal would cause inflationary pres- 
sure. 

Companies would be freed to 
raise capital abroad, where inter- 
est rates are lower than in Korea, 
by 1997. The reforms are meant 
to ease financial conditions for 
Korean companies, as they 
increase spending on production 
capacity and research and devel- 
opment. 


Government reforms propose 
liberalisation of capital flows 


But restrictions would remain 
on the opening of the bond and 
short-term money markets to for- 
eign investors. The Korean cur- 
rency is also unlikpjy to be frilly 
liberalised, reflecting concerns 
about a rapid appreciation of the 
Korean won, which would harm 
the export-dependent economy. 

It is still uncertain whether the 
Organisation for Economic 
Co-operation and Development 
will accept the proposed sched- 
ule. since most of the reforms 
will be implemented only after 
Korea joins the organisation in 
1996. 

A recent OECD report on the 
Korean economy criticised the 
government for maintaining one 


of the most regulated financial 
systems among the advanced 
industrial countries, even if Its 
proposed financial liberalisation 
programme is fully implemented. 

Another report, by the Lau- 
sanne-based International Insti- 
tute for Management Develop- 
ment and the Geneva-based 
World Economic Forum, ranked 
South Korea a poor 24th in world 
competitiveness among a list of 
23 OECD members and 18 devel- 
oping nations. 

The IMD/WEF report said 
South Korea was the most cultur- 
ally closed and protectionist 
nation of the 41, and placed it 
third from bottom In its interna- 
tionalisation league. 


Schneider order 


Continued from Page 1 

were concealed from sharehold- 
ers and regulators, and that divi- 
dends from offshore companies 
belonging to the subsidiaries 
were not distributed to all share- 
holders. 

The arrest warrant comes at a 
time of fierce controversy about 
white-collar crime in France. The 
Schneider chairman is one of sev- 
eral prominent industrialists 
recently placed under investiga- 
tion including Mr Jean-Louis 
Bella, chairman of Saint-Gobain. 
one of France’s largest industrial 
groups, who was questioned by 
magistrates this week. 



Pineau-Valencierme: facing fraud 
and embezzlement charges 


Allies end 
nearly 50 
years of 
protection 
in Berlin 

By Judy Dempsey In Berlin 


Leaders of Allied countries 
joined nostalgic Berliners yester- 
day as the last American, British 
and French troops bade farewell 
to the city after protecting it for 
nearly 50 years. 

“It will be so difficult to forget 
the Allies, especially the 
Americans. They bombed us dur- 
ing the second world war but in 
1948 they dropped parcels foil of 
food. They kept us alive,” said 
Mr Helmut Bischof, a 76-year-old 
former an ghmer in the German 
air force. 

The day’s events were presided 
over by Chancellor Helmut Kohl 
and attended by President Fran- 
cois Mitterrand of France, Mr 
John Major, the British prime 
minister, and Mr Warren Chris- 
topher, US secretary of state. At 
a ceremony at the Lnftbrfteke 
memorial at Tempelhof a irpo rt 
in the south of the city, they 
took the salute from units of 
each of the four countries. 

At Tempelhof on June 25. 1948, 
General Indus Clay, commander 
of the US forces in Berlin, 
ordered “Operation Vittles”, a 
massive airlift derigned to feed 
the West Berliners after S talin 
had attempted to takw over Hu» 
entire city by starring into sub- 
mission people living in the sec- 
tors continlled by the US, British 
and French. 

“Stalin had tried to intimidate 
the Berliners. But the resolve of 


Editorial Comment Page 13 


the Allies and the Berliners,” 
prevented this,” said Mr Christo- 
pher. 

“I remember the airlift so 
well,” said Mrs Barbara Wagner, 
82. “On the night of Jane 23, the 
lights over our dty went oaJL We 
thought we would fall into the 
hands of the communists. But a 
few days later, we heard the hum 
of Allied aircr a ft swooping down 
on Berlin. That was the best 
sound 1 had ever heard in my 
entire life. 1 never wanted that 
sound to leave the skies over my 
city." 

Mr Christopher said that at the 
peak of the operation aircraft 
were lan di ng every 90 seconds. 
“Two million tonnes of supplies 
were delivered to Berlin.” 

Mr Kohl, speaking earlier at 
the Schauspielhans concert hall 
in east Berlin, said when he first 
visited in 1947, “I was 17 years 
old... the city lay in rains, the 
future was uncertain. For almost 
half a century the three western 
Allies protected and defended 
freedom here in Berlin, in the 
heart of our continent”. 

The Allies' military presence 
has already been sharply 
reduced under the terms of the 
unification treaty. The bousing, 
barracks and sport grounds wffi 
revert to the state, which last 
year paid nearly DMlbn ($600m) 
for the upkeep of the troops. 


FT WEATHER GUIDE 


Europe today 

A frontal rone associated with a low 
pressure system over the northern UK will 
draw cooler air into eastern Europe. Along 
this front periods of rain will linger in the 
Baltics and showers with thunder will form in 
the eastern Alps and north-west Balkans. 
Southern and central Scandinavia will have a 
lot oi nun and wind. Periods of rain win 
effort the UK and the Benelux. Meanwhile, 
south-west Franco wHI have periods of rain 
owing lo a small depression north-west of 
Spam. Showers wHt occur in other parts of 
France. Germany and in eastern Europe. 
Most of too Mediterranean wiR have a lot of 
sun. 

Five-day forecast 

The depression over Scotland will move 
towards central Scandinavia and its 
associated frontal zone will bring rain to 
western Russia during the next few days. It 
unit continue unsettled in north-west Europe 
and sunny m the Mediterranean. Meanwhile, 
a ridge of high pressure will build over the 
Atlantic to bring mainly dry conditions to 
north-west Europe, after the weekend. 


TODAY'S TEMPERATURES 



Situation k 72 GSfT. rfvrpenLTjtes maamum tor day. Forecasts by Mateo Consufl of the Netherlands 



Maximum 

Bering 

shower 

29 

Caracas 

shower 

31 

Faro 


Co&us 

Belfast 

shower 

IS 

Cardiff 

show 

16 

Frankfur 

ASu Dtuth 

cun 

40 

Belgrade 

fax 

30 

Casablanca 

sun 

2C 

Geneva 

Accra 

cun 

30 

Bonn 

shower 

16 

Chicago 

tar 

26 

G&altar 

Aipora 

sun 

30 

Bermuda 

lata 

30 

Cologne 

doudy 

16 

Glasgcw 

Amsterdam 

shower 

IS 

Bogota 

far 

20 

Dakar 

cloudy 

30 

Hambixg 

Athena 

Sui 

31 

Bombay 

rdn 

29 

Dates 

far 

33 

Befcsnk! 

Atlanta 

fair 

31 

Boesak 

shower 

IS 

Demi 

doudy 

27 

Hang Kong 

6 AJras 

sun 

12 

Budapest 

ttrund 

26 

Dubai 

far 

36 

Honolulu 

Sham 

shower 

16 

C lagan 

ran 

15 

Dublin 

shower 

16 

tsurtoul 

Bangkok 

cloudy 

33 

Cara 

sun 

35 

Dubrovnik 

sun 

28 

Jakarta 

Barcelona 

sun 

25 

Capetown 

sin 

22 

Edinburgh 

nan 

15 

Jersey 


We wish you a pleasant flight. 


Lufthansa 


Karachi 

Kuwait 

L Angeles 

Las Palmas 

Lima 

Lisbon 

London 

Luxixxirg 

Lyon 

Madeira 


sui 

Shower 

doudy 

ram 

shower 

cloudy 

shower 

lav 

sun 

lir 

shower 

fair 

fair 

sun 

fair 

doufy 

far 

shower 

shower 

cloudy 

fair 


27 tufednd 

17 Majorca 

18 Malta 

29 Manchester 

14 Manto 

15 Mdboune 
15 Mexico Cay 

31 Miami 

32 Miai 
29 Montreal 
32 Moscow 
15 Munich 
34 Nairobi 
45 Naples 
29 Nassau 
27 NewYMc 

19 Kee 
25 Mcoaa 
18 Oslo 
14 Pans 
T9 Parth 
25 Prague 


fair 

sun 

swi 

shower 

doudy 

fair 

fair 

thund 

fair 

shower 

lair 

Hr 

fair 

fair 

shower 

fair 

fair 

Ml 

rahi 

doudy 

loir 

ttutd 


27 Rangoon 

27 Reyfcfavft 

31 Ao 

15 Rome 
30 9. Fraco 

16 Seoul 

19 Singapore 
33 Stockholm 
26 Strasbourg 

22 Sydney 
19 Tangier 

17 TelAvtv 

23 Tokyo 
29 Toronto 

32 Vancouver 

28 Venice 
25 Vienna 
38 Waraaw 

11 Washington 
19 WMkigron 
25 Wtavtapeg 

18 ZiXtCh 


ten 30 
cloudy 11 
doudy 23 
thuid 29 
fair 20 
tar 29 
doudy 32 
rdn 14 
shower 18 
W 19 
sun 26 
sui 33 
doudy 30 
far 22 
rain 17 
ituid 26 
thund 20 
ratal 21 
sun 28 
car 11 
doudy 27 
shower 17 


THE LEX COLUMN 


BTR’s marginal error 


BTR hit a raw nerve with yesterday’s 
revelation that the difficulty of pass- 
ing on cost increases had causal a 
drop in its first-half margins. It would 
be natural to expect such, a squeeze to 
afftvrt other manufacturers given the 
anaemic nature of the economic recov- 
ery. But rase should beware of drawing 
too strong a general conclusion. BTR’s 
mix of businesses tends to peak in mid 
to late cycle, so there is time for its 
m ar gins to improve as an operational 
gearing effect clicks in. Besides, the 
12 per cent foil tn. Its shares yesterday 
reflects the way BTR has compounded 
its problems through strikingly poor 
presentation. 

BTR’s studied aloofness from City 
institutions may be justified in the 
tighter climate for disclosure and 
Insider dealing, but companies which 
make a point of rilnr.lnging no thing 
informally should make every effort to 
ose formal occasions for straight 
tailring BTR’S annual marring state- 
ment this summer was a model of 
obfuscation. It contrived to give the 
impression that margins, while 
affected by price pressures, were actu- 
ally rising. Investors have a right to 
feel indignant to find they have fafion, 
especially when confronted with the 
lame excuse that the group margin 
would have risen without the cessa- 
tion of the Denver airport contract 
a nd ot her selected events. 

BTR will now fitvri it difficult to dis- 
pel lingering doubts about whether 
margin recovery, now presumably 
awaited next year, will ever occur. Kit 
does not and the rfimata realty has 
changed, the enmpan y wffl have to 
revise its traditional policy of being 
wilting to sacrifice volume growth for 

marg in anhancamant. Even, another 

large acquisition, for which room is 
pmei gi n g as gearing declines, might 
not then be enough to distract from 
worries about organic growth. 

Glaxo 

Glaxo obviously disap pointed with 
its losses in the bond market, but the 
deceleration in sales growth is a lon- 
ger-terin Worry. Growth in sales vol- 
umes, pxcinriing currencies, declined 
from 13 per cent in the first half to 9 
per cent during the second six months. 
Four out of five of the group's top 
products recorded lower growth rates. 

The deceleration is likely to con- 
tinue. The most serious problem is 
Zantac, which continues to account 


FT-SE Index: 3180.0 f-23.9) 


am -. . . ; 

&nr« price relative to the 
FT-S&A AbSbm bxtex 



clearly unsustainable. Competitors 
such as Astra's Losec are gobbling 
market share. In the US, generic ver- 
sions of Tagamet - which did not have 
Kmp to hit sales last financial year - 
are set to mate their mark dining the 
current 12 months. Most ominous is 
the continuing danger of direct US 
generic competition to Zantac by 1996. 

Once promising new products wfl] 
not adequately compensate when Zan- 
tac sales Start to rippling, Zofran has 
peaked only four years after launch. 
Second half sales were below those in 
the first six months, Imig ran and Sere- 
vent continue to grow strongly but 
from a low base. There is a significant 
possibility of group turnover pla- 
teanirtg from 1996. 

None of this is the fault of Glaxo’s 
management ft continues to excel in 
the discovery, development and mar- 
keting of innovative treatments. On 
the earnings side, it is helping itself by 
slowing increases in E&D. But Glaxo 
will remain weak as long as it remains 
so dependent on Zantac. It could 
afford to get round the problem by 
buying annthpr pharmafluntiralu com- 
pany. There are still opportunities in 
the US. 


British Gas 


for 43 per cent of sales. Zantac’s 
growth rate actually improved in the 
second half, but such Increases are 


Most of the big questions surround- 
ing British Gas were left unanswered 
at yesterday’s interim resnlts. The 
company has deferred until the end of 
file month a foil public presentation of 
dividend policy, international str at egy 
and plans for its domestic business. 
Even so. those dues that did emerge 
were positive. Most obviously, by 
maintaining its dividend at the half- 
year the company seemingly signalled 


that it would not cany out earlier 
threats to cut the payout. A modest 
increase or. at worst a frozen dividend 
for the whole year now looks likely. 

British Gas is also, after a late start, 
moving smartly to cut costs in its UK 
gas supply business. Hie first 3X00 out 
of the planned 25.000 job cuts went in 
the half year. Moreover, the company 
emphasised yesterday its more con 
structure approach towards its regula- 
tor's plans to abolish its domestic 
monopoly. That should reassure inves- 
tors that management wfl] focus cm 
putting the business into shape ratter 
than wasting energy on unproductive 
squabbles with its regulator. 

No clues, though, were given about 
Gas's future international strategy. 
Following the sale of Consumers Gas 
and Bow Valley Energy, the group's 
debt-toeqiiity ratio has fallen to 24 per 
cent The low gearing level gives Gas 
scope to make further investments 
overseas. But the company needs first 
to articulate a credible strategy. Oth- 
erwise, it would do better to follow the 
electricity companies and buy back its 
shares. 

Germany 

Judging by yesterday’s second-quar- 
ter growth figures, the German bond 
market had no reason to push bond 
yields above 7.5 per cent this week. 
West German growth, which reached 
2L3 per cent in the second quarter, is 
heavily propelled by construction, 
exports mid stock-building. There is 
little sig n of an inflationary boom in 
private consumption. Next year’s tax 
increases could prevent that occurring 
for some time, and if there is not 
enough demand to absorb the higher 
level of stocks, the recovery could 
even falter in the second half. There is 
little Incentive for the Bundesbank to 
start raising interest rates again in the 
near term, and recent comments from 
top nffiriaiR s eem designed to discour- 
age such speculation. 

But there are other reasons why the 
bond market may not recover its com- 
posure that easily. The first is the 
perennial problem of supply, with 
another auction of government bonds 
due this month. The second is election 
uncertainty. An SPD victory would 
raise fresh doubts about Bonn’s ability 
to curt the budget and might also 
raise expectations for next year’s wage 
round. In those circumstances the 
Bundesbank mi ght find ft harder to 
ignore the fact that, although. MS 
money supply growth is decelerating, 
it is still way above its target range. 


When it comes to cross-border 
M&A, our record speaks volumes 



In the first half of this year, UBS has played a key role in no fewer than 20 significant 
mergers and acquisitions, including 9 European cross-border transactions. UBS has 
the expertise, imagination and presence in Europe to ensure a successful outcome. 






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UBS Limited ii j member of ihcSFA. UBS Limited, ICO Liverpool Street. London ££2M 2RH. 







15 


★ 


Mercedes 

FINANCIAL TIMES 


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COMPANIES & MARKETS 

©THE FINANCIAL TIMES UMTTED 1994 Fridciy SCptCTD-foCT 9 1994 

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IN BRIEF 


CarnaudMetalbox 
flat at half-time 

Ca nwwdM ctalbox, the Franco-British 
group, yesterday reported Oat post-tax profits of 
FFr51 Qm ($96m) for the first h a l f of this year, op 
FFrlm on the same period last year. Page 16 

Digital claims fastest ctafp In the world 

Digital Equipment claims to have built the 
microprocessor in the world. It is the firet commer- 
cially available chip that can process more thaw a 
billion instructions per second is more than 

two times faster than any competing: chip. 

Page 17 


Three are to leave Merck 

Three more senior executives of Merck are to 
depart in the coming months as part of a move by 
Mr Raymond Gilmartin, the US drugs company's 
new head, to shape his own senior management 
team. Page 17 


Pakistan Telecom issue 

Jardine Fleming International was appointed Joint 
global coordinator, together with Muslim Commer- 
v dal Bank, for a placing of 5m vouchers exchange- 
p able into shares of Pakistan TWpnn inTnnTiiraHrwifi 
The issue is expected to raise about $750m. 

Hotels help Brierley 

Improvements in London occupancy rates for the 
Mount Charlotte Thistle Hotels group helped Brier- 
ley Investments show a 58 per cent profits rise to a 
record NZJ430m (US$259m)for the year. Page 18 

Solid sales lift Heinz 

Solid growth in sales volumes, especially overseas, 
helped HJ Heinz post profits after tax of 5154.7m in 
its first quarter. Page 17 

Bora! boosted by core operations 

Boral, the Australian energy and building products 
group, reported a 34.7 per cent rise in profits, 
thanks to the acquisition of Sagasco and good 
results from core operations. Page 18 

British Gas defends radical revamp 

Mr Cedric Brown, British Gas’ chief executive, 
defended the radical reorganisation of the company 
whilst announcing that the interim dividend would 
be held at6.4p. Page 22 

Emap makes £77m cash cad 

Emap is about to return to the takeover trail, 
funded by a substantial rights issue. The UK media 
and exhibitions company's plans to raise £77-2m 
<$ll8m) net of expenses from a 1 for 8 rights issue at 
360p a share. Page 22 


Sun Alliance near trebled at £180m 

Sun Alliance, the UK composite insurer, yesterday 
reported a near-tripling of pre-tax profits to E180.2m 
($277m) for the first six months of 1994. Page 21 

Aijo Wiggins Jumps 67% 

Arjo Wiggins Appleton, the Anglo-French paper 
company, reported a 67 per cent increase in pre-tax 
profits to £105.1m ($l6im) in the first half of this 
year, as the paper industry began to pull itself out 
of a worldwide recession. Page 24 


Companies In this Issue 


Albany Inv Trust 

24 

Affiance Resources 

24 

Arjo Wiggins 

24 

Ascom 

16 

Avomrare Foods 

21 

Avonsrde 

23 

BBL 

15 

BCP 

15 

BPA 

15 

BTR 

10115 

BTR Nylex 

IB 

Barilo Pacific 

18 

BeBwhch 

21 

Blue Circle 

21 

Baral 

18 

Bostrom 

24 

Brteriey Investments 

18 

British Gas 

22 

C&GBWgSoc. 

16 

CMB 

IS 

Cacflxjy Schweppes 

20 

Canadian Ptaa 

22 

Chrysalis 

24 

Church & Co 

24 

Conoco 

IT 

Conoco Australia 

18 

Cookson 

20 

Coopers & Lybrand 

23 

Dartmoor Inv Trust 

24 

Digital Equipment 

17 

Bswick 

23 

Emap 

22 

Enterprise CM 

20.16 

Exoter Prof Capital 

24 

Ferguson Inti Hldngs 

23 

Fortis 

16 

Fujitsu 

18 

GTE 

16 


Gartmore Value fcnvs 

24 

Glaxo 21 

15 

Goldman Sachs 

17 

Gowrings 

24 

HJ. Heinz 

17 

HTR Japanese Smaller 

24 

Han Engineering 

24 

Intel 

18 

KHD 

16 

Kmart 

15 

laing (John) 

23 

Litho Suppliers 

22 

Manders 

23 

Man web 

21 

Merck 

17 

Morgan &antey 

17 

NEC 

18 

NTT 

18 

Newman Tonka 

24 

Nine Network 

18 

Nissan 

6 

OGC International 

24 

PCT Group 

24 

Phffips Petroleum 

10 

Ptentsbrook 

20 

Porvalr 

24 

Prfncedale 

22 

Radius 

23 

Royal DouHon 

23 

Savoy 

7 

Serna 

20 

Sun Affiance 

21 

TGI 

23 

TILS Range 

24 

Tatra 

17 

Texaco 

17 

Tottenham Hotspur 

22 

Yorkshire Food Group 

22 


Market Statistics 


AAimuel repons sows 28-29 

Banctanark Govt bonds 18 

Bond futures and options 19 

Bond prices and yfafcb ffl 

CotwnodWes prices 28 

DMdcnds announced. UK 20 

EMS agreney rates 34 

Eurobond prices is 

find Interest taflces 19 

FT-A WMtd Indices Back Page 
FT Gold Mines Index Buck Page 
FTflSMA Inti bond sue 19 

FT-SE Actuaries Intices 27 


Foreign exchange 34 

Gfts prices 19 

Ufte equity options Back Page 
London share sendee 2B-28 

London trad options Back Pago 
Manged tunds sanies 30-34 
Money rnartet* 34 

Now HI bond Issues 19 

Recent issues, Iff 27 

Short-term hit rates 34 

US Merest raws 19 

World Stock Maitats 35 


Chief price changes yesterday 


mo 128.8 * 

LWiwyw 685 * 

Wag 518 * 

Mb 

Agio 862.5 - 

U9M HI - 

Sobering 8255 - 

NEW YORK 81 


a»x * 

44h ♦ 
4TH * 
48(1 + 
771* * 
56 ♦ 


mob 

encorp 

Cyrix 
Sean 
Texas hi 
3M 

PAMS (FFrl 


6J 

10 

45 

14J5 

14 

14.5 


’■ 

II* 

i 

154 

lH 


CCF 

BSant 

UMM 

sue 


2152 + 


Union umob 455 
TOKYDfYaa) 


550 


Mr Ufeds ‘*53 * 15 

New York prices at ia 30 pm- 


Wart 0(t 

Him Motor 

MagasMya 

Mia 

Hp Sntoan 

Tobfertna 

Ybsubto 


486 

444 

807 


&4 

22 

22 

3d 


LONDON pence) 


AqoWgtFnc 
Canadian Ren 105 
CsiEBXtttotalM* 2125 


Quell 
Cnricson 
EflMplseOl 
Rpueo 
Bautaw 
risgffis (J) 
HaMaruwmo 
ttgedon MniW A 675 
Sown (OwM 9 560 

ZMK9 


500 

29 

•no 

49 

78 

84 

214 


338 


♦ 8 

♦ 5 

♦ ?5 

♦ 15 

♦ 7 

+ 13 

♦ 15 

♦ 3 

♦ 8 

* 8 

* 30 

♦ 12 

♦ 16 


rate 


AmanoteA 

115 

- 

IB 

BTH 

338 

- 

44 

BtaeCfecfe 

300 

- 

14 

Carafe! 

292 

- 

1M 

coda 

95 

— 

10 

MB 

503 

- 

13 

UEag 

185 

- 

14 

Lrtng (J) A 

289 

- 

21 

UP# Si « *s 

197 

- 

29 

TuBerten Htspr 

1*3 

- 

10 

wuay 

189 

- 

14 


Margin pressures hit BTR shares 


UK industrial conglomerate lifts interim profits 16% 
but sees problems in passing on higher material costs 


By Andrew Bolger in London 

BTR shares plunged nearly 12 per 
cent, from 382p to 338p, after the 
UK-based industrial conglomer- 
ate confirmed market fears that 
manufacturers are finding it diffi- 
cult to pass on higher raw mate- 
rial prices to their customers. 

BTR. said that as economic 
recovery had gathered pace in 
certain key markets, notably 
North America and Australasia, 
it was beginning to see the twin 
benefits of economic growth and 

increased ranfirianra 

But it warned: “Notwithstand- 
ing the improved orders and 
sales position, overcapacities in 
many of the group's markets. 


together with raw material cost 
increases, are giving rise to pric- 
ing pressures which will continue 
to make the improvement of mar- 
gins difficult to obtain in 1994.” 

Pre-tax profits increased by 16 
per cent to £694m (SLQ8bn) in the 
six months to June 30, while 
sales increased by U per cent to 
£&5bn. Exc l uding g pin^ on dis- 
posals, pre-tax profits rose by 12 
per cent, from £549m to £61 Sm - 
well below market expectations, 
which had been about £665m. 
Operating profits rose by 7.5 per 


cent to £684m, but margins 
slipped from 15.7 to 1&2 per cent 

Analysts said BTR was a 
barometer stock. If a group with 
such strong market positions was 
suffering margin pressure, then 
it boded badly for many manufac- 
turers. One said: “We must see 
an increase in output costs for 
companies to make money." 

However. Mr Bob Faircloth, 
BTR's . chief operating officer, 
said margins had actually 
increased in businesses account- 
ing for about 70 per cent of group 


sales. The margin erosion came 
because of specific situations in 
the US and some business in con- 
tinental Europe, which had still 
to benefit from recovery. 

Mr Alan Jackson, chief execu- 
tive, said that although be saw 
little scope for margin improve- 
ment in the second half, he 
remained confident that the 
group would make further prog- 
ress next year. 

Gearing fell from 63 per cent to 
43 per cent. Mr Jackson said 
“we’ve got our eye out for a large 


acquisition”, but BTR was not 
yet close to a specific deal. 

The interim pay-out is a for- 
eign income dividend (Fid) of 
6Jjp. compared with last time's 
conventional dividend of 4.95p. 
For non-taxpayers, this repre- 
sents a 5 per cent increase, and a 
rise of 30 per cent for taxpayers. 
Earnings per share rose by 9.5 
per cent to 11.5p (lOjjp). 

Productivity and efficiency 
savings added £37m to operating 
profit, offset by Elgin of redun- 
dancy and rationalisation costs. 

The group also announced a 
“very significant” clutch of 
appointments to its main board. 
Next gen erati on. Page 14; Lex, 
Page 18; BTR Nylex, Page 28 


John Gapper and Peter Wise consider the issues facing government and investors 


Portugal’s big test for 
small bank in a hurry 


Portugal’s government will 
ifaririp within a few days on the 
most testing question it has 

encountered since it started to 
reprivatise the country's hanks 
in 1989: whether to block an 
attempt by the fifth largest bank 
to tom itself at a stroke into a 
dominant force. 

Banco Comercial Portugu&s 
(BCP), which has grown rapidly 
since it was formed nina years 
ago by concentrating on seg- 
ments of the Hanking market, is 
making a hostile Esl32bn ($825m) 
bid for 40 per cent of the biggest 
publicly-quoted Portuguese bank. 
Banco Portugu&s do Atl&ntico 
(BPA). 

The reaction of the govern- 
ment, which has been privatising 
BPA shares in tranches since 
1990 reducing its holding to 24.5 
per cent, is unpredictable. It is 
wary of appearing to halt the lib- 
eralisation of financial markets, 
yet it wants to protect orderly 
progress towards privatisation. 

A successful bid could deter- 
mine the shape of the banking 
market, as a combined BCP/BPA 
group would hold 24 per cent of 
banking assets. Provided BOP's 
capital was not weakened by pay- 
ing 2.4 times net asset value for 
BPA, it would also form the most 
ambitious and tightly-managed 
Portuguese bank. 

Yet the outcome of the bid is 
not clear even if sanctioned by 
the government It depends on 
the reaction of 13 core sharehnld- 
ers who are industrialists in 
northern Portugal. Members of 
the self-styled “Patriotic Front" 
are Insisting that the Ec3,00Q a 
share offer is too low. 

BOP's rationale for wanting to 
control BPA is simple. “We want 
to grab a quasi-virgin customer 


base," says one BCP senior man- 
ager. While BCP has sold a range 
of products such as life insur- 
ance, BPA has been slower to 
realise its potenttaL 
BCP, which is being advised an 
the bid by the US investment 
bank Merrill Lynch, was formed 
by a group of BPA managers led 
by Mr Jorge Jardim Goncalves, 
Its chairman. They believe they 
ran pull off a similar trick with 
BPA's L9m customers, thus rzris- 


BCP has a history 
of acquiring a 
minority stake at a 
high price, and 
then paying a lower 
one to mop up the 
remaining equity 
later 


ing BPA’s return on assets, and 
profitability. 

BCP managers believe that 
increased asset size will allow 
them to compete as an Interna- 
tional bank. Ventures outside 
Portugal so far have been limited 
to catering for expatriate work- 
ers, and a private banking ven- 
ture with Banco Central Hispano, 
which holds 20 per cent of BCP 
equity. 

BCP also intends to release 
capital by gradually selling 
BPA’s stakes in industrial compa- 
nies. Some of these stakes are in 
ventures by members of the 
shareholders’ group. This is led 
by Sonae, the largest private sec- 
tor industrial and distribution 
conglomerate, which holds about 


6.5 per cent of BPA. 

The bid is not risk-free for BCP. 
It has built up strong capital and 
has been looking for an outlet 
since it failed in a bid last year to 
acquire 80 per cent of Banco 
Pinto & Sotto Mayor, Portugal's 
sixth biggest bank. A BPA pur- 
chase would leverage its capital 
and help to maintain returns. 

There are dangers. BCP’s tier l 
ratio of core capital to risk- 
weighted assets would fall from 
11.4 per cent to 6 A per cent, leav- 
ing less of a margin to absorb 
any increase in nonperforming 
loans, a possibility that concerns 
some analysts. 

The bid turns on the reaction 
of core shareholders because the 
government intends to hold its 
245 per cent stake, and a further 

7.5 per cent is held by another 
shareholders* group organised by 
Credit Commercial de France. 
This nwana only another 4(15 per 
cent of equity is in play. 

BCP tried to turn the odds in 
its favour yesterday when it 
announced that its minimum 
acceptable stake would be 34.6 
per cent In public, the sharehold- 
ers are sticking together. But this 
unity is already under a lot of 
pressure, with BCP trying to 
exploit uncertainties. 

BCP has a history of acquiring 
a minority stake in a bank at a 
high price, and then paying a 
lower one to mop up the remain- 
ing equity later. It did this when 
it acquired the merchant bank 
Companhia de Investimentos e 
Services Financeiros (CISF) in 
two tranches. 

Supporters of BPA - which is 
being advised by Goldman Sachs 
and CCF - argue that this is 
unfair. Yet it is also clear that 
the core shareholders have a sep- 


Size isn’t everything 


.Banco Portusufis 
doAttentioo 

Net profit (Es bn) 

25 ' 


Banco Comercial 
Forbjguls 
Net profit (Esbn) 





■ 25 


H 



if - ■ . 1 . - 

-. 1960 00 PC 42 .03 

.IMS 90 Si 

• 92 93 

Main f&Modal IraBcatora 



• 1983 

BPA 

BCP 

Not Mam* margin 

- ZB% 

4 . 7 %.. 

Return on asset*- 

\ . OJ% . 

1 - 3 *, 


Maeat Cpopwji Rapem. M*« l*W* 


arate agenda. They have hired 
Union Bank of Switzerland to 
value BPA and its holdings, and 
plan to be more involved in man- 
agement 

BCP supporters argue that core 
shareholders have tolerated a 
passive BPA management in 
return for favourable treatment 
BPA has lent money for projects 
such as a shopping and office 
complex in Lisbon being devel- 
oped by Sonae. BPA argues that 
such ventures have provided 
good overall returns. 

BPA’s managers say it has 
been held back by public owner- 


ship. but has embarked on 
reforms and technological 
changes which will bear fruit. 
“BPA is the bank that BCP would 
like to be. Shareholders will get 
better returns than BCP is offer- 
ing them," says Mr Rene Souto, a 
BPA general manager. 

It is unclear how patient they 
will be, even if they resist BCP's 
offer. “The shareholders feel BPA 
has not been managed as aggres- 
sively as it could have been,” 
says an adviser to the core group. 

Whatever the outcome of the 
bid, BPA will be a different bank 
by the time the dust settles. 


Kmart to 
close 110 
discount 
stores 

By Tony Jackson in New York 

Kmart, the embattled US 
retailing giant, is to close 110 of 
Its discount stores with the loss 
of 6,000 jobs. It is also to reduce 
its management workforce by 10 
per cent daring the next two 
years, resulting in a farther 1650 
jab losses. 

The closures are part of a 
retrenchment programme 
announced in January this year, 
when Kmart took a $i.3bn 
restructuring charge against 
1993 earnings. Kmart said yes- 
terday that the programme, 
which covers relocation of stores 
as well as outright closures, is 
now 65 per cent complete. 

The group's profits have fallen 
for seven quarters in a row, 
chiefly because of weak trading 
in the discount store business. 

Yesterday’s announcement was 
seen by Wall Street as evidence 
that Kmar t is concentrating on 
problems in its basic business. 
The company has been wran- 
gling with shareholders over its 
specialty retail operations, rang- 
ing from sports goods to book- 
selling. In June, Kmart agreed to 
float off four of Its five specialty 
chains. 

Kmart, which has been over- 
taken as the world’s biggest 
retailer by its younger US rival 
Wal-Mart, said the stores to be 
closed had not met requirements 
on sales, profits or investment 
returns. The 110 closures repre- 
sent slightly less than 5 per cent 
of a total 2,350 stores in the 
Kmart rhalM. 

Kmart also announced the 
recruitment iff Mr Ronald Flofco 
as head of its Super Kmart oper- 
ation, its move into superstores. 
Mr Floto is was head of Hash 
N*Karry Food Stores Inc. 

Mr Joseph Antonlni, Kmart 
president, said yesterday's 
announcements, and the impend- 
ing flotations of the specialty 
store chains, represented “strong 
steps towards Focusing on the 
core US Kmart business." How- 
ever, he added, “much remains 
to be done." Kmart shares rose 
9% to $18 Vi on the news. 

Concentration on the tradi- 
tional discount chain is a recent 
departure for the group. Previ- 
ously, Mr Antonlni insMed that 
Smart should retain control of 
its specialty chains as well, pro- 
posing that the company should 
Issue special categories of stock 
linked to the chains' perfor- 
mance. It was this proposal 
which was thrown out in June 
by the investing institutions, 
who preferred outright sale of 
the non- traditional business. 


Glaxo rises 10% despite 
£115m loss on bond trading 


GERMANY 


By Tim Burt in London 

Glaxo, Europe’s largest 
pharmaceuticals group, yester- 
day reported a 10 per cent rise in 
profits despite making sizeable 
losses on investments in the year 
to June 30. Although pre-tax 
profits rose from £1.66bn to 
£l.84bn ($2 .85ta), the shares fell 
7p to 609p after the group said it 
lost £115m on its band portfolio 
and would incur a further £16m 
loss this year. 

It has since liquidated the 
£1.7bn portfolio managed by its 
Bermuda-based investment 
group and reinvested the funds 
in bank deposits and gilts. 

Increased trading profits and 
advantageous exchange rates, 
however, persuaded the board to 
announce an 18p dividend, rais- 
ing the final by 23 per cent to 
27p(22p). 


Sharply Increased US sales - 
dominated by Zantac, its world- 
leading anti-ulcer drug - helped 
lift trading profits by 19 per emit 
to £1.8Lbn (£1.53bn), and under- 
pinned a 15 per cent increase in 
sales from £4.93bn to £5.65bn. 

The figures were on the low 
side of analysts' expectations, 
which had ranged from £1.88bn 
to £1.94hn at the pre-tax level. 

Sir Richard Sykes, chief execu- 
tive, admitted that the group bad 
encountered difficulties in a 
number of European countries, 
where sales bad been hit by gov- 
ernment health reforms, but said 
that overall it was a “tremen- 
dous" performance. 

The group enjoyed sharpest 
growth In the US where sales 
grew 15 per emit to £2.46bn at 
constant exchange rates. Sir 
Richard said those sales could be 
enhanced farther if the group 


wins approval for over-the- 
counter sales on Zantac, which it 
plans to seek next month. 

He also said the group had 
improved cost efficiency by shed- 
ding jobs in Germany, Italy and 
Canada and had slowed the rate 
of growth on research and devel- 
opment and capital expenditure. 
Those measures helped increase 
net liquid funds from £iA2bn to 
£2£2bn. 

“It’s important for Glaxo to 
have a cash pile,” said Sir Rich- 
ard. “I did say we would make a 
move in the US by year-end, but 
having evaluated the situation, 
we did not think it was in the 
interests of the company or the 
shareholders.” Earnings per 
share rose 8 per cent from 39 -9p 
to 42.9p, while earnings per 
American Depository Receipt 
were unchanged at SL29. 

Lex, Page 14; Background, Page 21 


If your corporation is 
looking fora foothold in Ger- 
many or intends to broaden 
its existing base by an acquisi- 
tion, we can assist in search, 
approach and negotiation. 

As our domestic clients 
are usually entrepreneurs, 
proprietors or shareholders 
of privately-owned German 
companies, we are well ac- 
quainted with their mentali- 
ty. We are sensitive to this 
when making approaches 
and during negotiation and 
valuation. 


BBL backs RudlofPs new bank 


By Nicholas Denton in London 

Mr Hans-Jdrg .Rudloff, who 
pioneered the Euromarkets as 
bead of Credit Suisse First Bos- 
ton in London, is to return to 
investment banking with the 
backing of Belgium's Banque 
Bruxelles Lambert 

BBL announced yesterday that 
it was taking a 29 per cent stake 
in the new venture, which has 
paid-in capital of $75m. 

Mr Rudloff and his partner Mr 
Peter Ogden are the main share- 
holders and win manage the busi- 
ness. Mr Ogden was a managing 
director at Morgan Stanley. 

Other investors were not 
named, nor was the investment 
bank itself, which Mr Rudloff 
said yesterday went internally 
under (he name of "The Institu- 
tion." 


The shareholders plan to regis- 
ter the company by November 
with the intention of beginning 
operations by January. 

Mr Rudloff said his latest 
nnriprtaMng would offer advice 
on innovative financing, mergers 
and acquisitions, and provide 
other traditional investment 
banking services. 

The Institution would focus on 
western Europe where Mr Rud- 
loff believes he has many rela- 
tionships as governments and 
banks withdraw from companies 
across the region. 

Other favourites of the former 
CSFB head are the emerging 
markets of the Czech Republic, 
Poland and Hungary. 

“I know the area very well," 
said Mr Rud loff, who master- 
minded CSFB’s controversial but 
ultimately successful drive into 


eastern Europe. Mr Rudloff’ s 
background has focused much 
attention on his next move and 
he was anxious to deflate expec- 
tations of the scope of his project 

“I am a little bit worried that 
people expect us to act right 
away like a big firm, and that is 
not the case," he said. “There is 
no comparison with the bulge 
bracket firms (one of the domi- 
nant US investment houses)." 

Mr Rudloff headed CSFB in 
London for over a decade before 
being moved in 1993 amid inter- 
nal disputes to the executive 
board of CS Holding, the Swiss- 
based holding company of the 
Credit Suisse group. 

Observers never thou ght him 
suited to the role of strategic 
planner to which he was moved, 
and he left CS Holding in Febru- 
ary this year. 


If local competence is 
needed to realize your acqui- 
sition goals in Germany suc- 
cessfully, please contact us 
for further information. 


Fuchs Consult 


Kreuzbergpr Ring 64 ■ 65205 Wiesbaden 
Telephone <x 49 61 1 ) 70 00 40 • Fax (x 49 61 1) 71 04 D4 







16 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Camaud Metalbox flat 
at FFr510m in first half 


By David Buchan in Paris 

Camaud Metalbox, the 
Fraaco-British packaging 
group, yesterday reported flat 
post-tax profits of FFr5 lOm 
($96m) for the first half of this 
year, up FFrlm on the same 
period last year. 

However, Mr Jurgen Hintz. 
president, said: “We should be 
able to produce some bottom- 
line progress for 1994 as a 
whole.” 

Turnover rose 4 per cent to 
FFrl2.3tra and operating prof- 
its by 7 per cent to FFrUMbn 
as a result of cost containment, 
job cuts and improved manu- 
facturing performances. 

Net profits barely shifted 
from the FFr509m in the first 
haif of 1933, largely because a 
large part of a capital gain 
made from the sale of a Singa- 
pore factory site went to 


minority shareholders, leaving 
the group with smaller excep- 
tional financial gains of 
FFr96m against FFr12 Ihl 

CMB's metal packaging busi- 
ness. in its Eurosteel division 
which accounted for 54 per 
cent of total turnover, 
increased 1 per cent in the first 
half because of weak demand 
from the food sector. 

Turnover in health and 
beauty containers fell 3 per 
cent and in plastics by 5 per 
cent, but rose 22 per cent in 
drink containers because of the 
good summer in Europe, where 
the group did 79 per cent of its 
total business. 

"Whatever you may have 
heard about recovery in 
Europe from other sectors, it 
clearly did not feed through 
into consumer products in the 
first half of this year," Mr 
Hintz said. 


For CMB, there already was 
a two-speed Europe, with 
demand in the UK, Italy and 
Spain - accounting for nearly 
40 per cent of turnover - rising 
by up to 10 per cent But Ger- 
many and the Benelux region 
only increased 1 per cent with 
France Calling 7 per cent, he 
said. 

Mr Hintz predicted internal 
productivity increases and 
innovations would more than 
offset raw material price rises 
and price pressure from cus- 
tomers. and would produce a 
profit increase by end-1994. 

He said the group would con- 
tinue to expand in Europe and 
Asia, and in the US perfumes 
and pharmaceuticals sectors 
through the new joint venture 
with Wheaton. We will be the 
first to offer customers such as 
L'Oteal a global presence". Mr 
Hintz claimed. 


Fortis lifted by banking arm 


By Ronald van de Krol 
in Amsterdam 

Fortis, the Dutch-Belgian 
financial services group, 
posted a 9 per cent increase in 
second-quarter net profit, with 
banking profits showing a 
sharp rise. 

Net profit rose to Ecul5i5m 
($188.5ml from Ecul4l.6m a 
year earlier. The increase, 
which followed a 29 per cent 
rise in the first quarter, takes 
first-half results to Ecu2645m, 
a 17 per cent improvement on 
the same period of 1993. 


Fortis, jointly owned by 
Amev of the Netherlands and 
AG of Belgium, said frill-year 
net profit would be 10 per cent 
to 15 per cent higher than in 
1993. This is in spite of plans 
for unspecified provisions in 
the second half for charges to 
cover Internal integration, 
streamlining and positioning of 
the group. 

In the first half, pre-tax 
banking results nearly trebled 
to Ecul27.1m from Ecu42.8m a 
year earlier. 

This reflected the first-time 
consolidation of ASLK-CGER. 


the Belgian savings bank 
group. 

Insurance profits rose 13 per 
cent to Ecu303.4m. Much of the 
gain was due to a 32 per cent 
increase in life insurance 
results, helped by buoyant 
results in the US, the Nether- 
lands and Belgium. The insur- 
ance activities of ASLK-CGER 
contributed to first-half profits. 

Profit from accident and 
health insurance was virtually 
unchanged, while losses in 
non-life insurance were nar- 
rowed to Ecu0.4m from 
Ecu-fSm. 


Ascom recovers in first six months 


By Ian Rodger in Zurich 

Ascom, the Swiss tele- 
communications equipment 
group, returned to profit in the 
first half of 1994 after two 
years of losses and business 
and management upheavals. 

The group reported a pre-tax 
profit of SFr2im (US$16m) in 
the six months to June 30 com- 
pared with a loss of SFr79m in 
the same period last year. 

At the operating level, the 
group showed a profit of 
SFr3m compared with a 
SFrfiSm loss. 


Ascom attributed the turn- 
round to cost cutting, concen- 
tration on core businesses and 
extraordinary gains on dispos- 
als, and was hopeful of making 
a profit in the full year. “We 
won't make a loss and I hope 
we can make a positive net 
profit," said Mr Fred Sutter, 
chief executive. 

The telecommunications 
equipment division doubled its 
operating income to SFr33m on 
sales up 12 per cent to 
SFi75im. Ascom is a leader in 
the fast-growing cordless tele- 
phone business. 


The service automation divi- 
sion also doubled its operating 
profit to SFr2Sm on flat sales of 
SFr436m. The division supplies 
coin and card phones and 
ticket vending machines 
However, the US-based enter- 
prise networks division contin- 
ued to disappoint, with a loss 
of SFrSm on sales down 2 per 
cent to SFr209m. Mr Felix Wit- 
tlin, the new chairman, said he 
was convinced that the busi- 
ness of Ascom Timeplex. 
acquired three years ago, was 
sustainable, but research pro- 
jects were costly and risky. 


KHD cuts 
deficit as 
new orders 
rise 60 % 


By Christopher Parkes 
in Frankfurt 

Kldckner-Humholdt-Deutz, the 
German engineering group, 
yesterday reported a 60 per 
cent Increase In new orders in 
the first half, daring which It 
cnt its Interim net loss to 
DM93m (360m) from DM98m. 

The company, which had 
warned earlier of a “typical” 
first-half deficit, said operat- 
ing earnings had improved 
markedly, but the bottom-line 
figure had been reduced by 
heavy launch costs and 
restructuring measures. 

It forecast an on changed 
break-even result for the fall 
year and said all the turnover 
Increase in the review period - 
DML.SSbn compared with 
DM1. 28b n - had come from 
foreign sales. 

Overseas turnover rose 16 
per cent while domestic reve- 
nues shrank 8 per cent 

Sales of engines and other 
drive components rose 4.5 per 
cent and agricultural equip- 
ment improved 18 per cent, 
while industrial plant turn- 
over fell 26 per cent 

The group’s order book was 
lifted by a 163 per cent rise in 
demand for industrial plant 
while the drives and farm 
machinery divisions booked 
increases of 20 per cent and 29 
per cent respectively. 


Underlying growth at Carrefour 


v-i 


By Alice Rawsthom In Pais 

Carrefour, one of France's 
leading hypermarket groups, 
yesterday continued the posi- 
tive trend in the French retail 
sector, reporting strong under- 
lying growth in earnings for 
the first half of 1994. 

Although total net profits 
fell sharply due to a reduction 
in exceptional credits, the com- 
pany estimates there was 
growth of more than one-third 
in net earnings, before excep- 
tional items. 

Total net profits for the six 
months were FFr871m (8156m). 


against FFrL66tm in the same 
period of 1993. However, the 
underlying rate of growth was 
stronger than expected, as 
Carrefour made only FFrlOlm 
In exceptional profits in the 
1994 interim period against 
FFrl.09bn last year, when it 
sold the Castorama chain of 
furniture stores. 

The French retail sector has 
been under pressure for the 
past two years doe to the Static 
state of consumer spending. 
However, Francs is pulling out 
of recession and confidence has 
recovered. This brighter pic- 
ture is reflected in the current 


round of retailers' interim 
results. 

Carrefour was no exception. 
Sales rose 6.4 per cent during 
the first half to FFr61.34bn, 
against FFr57.64bn. 

The company said net profits 
before exceptional Items rose 
36.3 per cent to FFr770m from 
FFrS65m. One of its most buoy- 
ant activities was the Pryca 
subsidiary with earnings 
growth of 26 per cent 

Ms Mlch&le Wolff, retailing 
analyst at Soctett Generate 
securities house In Paris, said 
the results were better than 
expected. She said she would 


slightly upgrade her profits 
forecast for the foil financial 
year. 

Carrefour forecast continued 
sales growth during the 
autumn to a total of FFrlSSbn 
for the whole of 1994, which 
would represent a 7.5 per cent 
increase on the 1993 total of 
FFriL23bn. 

U anticipated further under- 
lying profits growth with net 
profits before exceptional Items 
rising “at the same rate as last 
year". This means a 243 per 
cent increase to about 
FFr2.06bn from FFrl.66bn in 
1993. 


C&G reports 44.5% increase 


By Alison Smith in London 

Cheltenham & Gloucester, 
Britain’s sixth-largest building 
society, yesterday reported a 
445 per cent increase in first- 
half pre-tax profits, up to 
£108.8m (US$167. 5m) from 
£755m. 

The increase is among the 
higher proportionate rises 
reported by UK mortgage lend- 
ers and has underlined con- 
cerns expressed by some C&G 
members that Lloyds Bank's 
CLBbn cash takeover bid may 
not be a frill price. 

The profit rise came in spite 
of a decline in operating mar - 
gins over the past year. C&G 
warned pressure on margins 
could be expected to continue 
through the rest of the year. 


The increase reflected both a 
drop in provisions for bad and 
doubtful debts and an aggres- 
sive approach to the mortgage 
market which saw lending rise 
by almost 30 per cent to 
£1.48bn. 

Provisions for losses fell by 
63 per cent from £ 63.6m to 
£23.5m, while net interest 
receivable rose by less than 15 
per cent to £169.3m, even 
thfwig h the volume of business 
was markedly higher. 

Mr Andrew Longhurst, chief 
executive, said C&G had con- 
centrated on trying to win a 
larger share of mortgage busi- 
ness. But the impact of compe- 
tition, which had led it to stop 
charging valuation or applica- 
tion fees, had translated into a 
drop in other income and 


charges from £29 5m to £25 ,2m 
and contributed to a rise in 
management expenses from 
£49.1m to £58. 0m. 

The increase in administra- 
tive costs - which took the 
society's cost/income ratio to 
295 per cent from 26.4 per cent 
at the end of 1994 - also 
reflected the cost of running 
the extra 20 branches and £lbn 
mortgage book that C&G 
acquired when it took over the 
Heart of England Building 
Society last year. 

C&G also paid £4.2m 
expenses relating to its pro- 
posed acquisition by Lloyds. 
Further costs will come 
through in the second half, 
reflecting work on computer 
systems for the vote on the 
deal by its l.4m members. 


GTE offers to 
buy remaining 
Contel shares 

GTE, the US cellular telephone 
operator, has offered $2250 a 
share cash for the 10 per cent 
of Contel Cellular held by the 
public In a deal worth $224m, 
agencies report 

GTE already owns the other 
90 per cent 

Under the terms of the pro- 
posal, holders of about 10m 
Contel Class A common shares 
would receive cash while the 
Class B shares owned by GTE 
would be converted into 
shares of the merged entity. 

After the merger, GTE's 
combined cellular businesses 
would be operated nnder the 
GTE Mobflnet identity. 


Enterprise writes down Lasmo stake 


By Peggy Hoflinger tn London 

Enterprise Oil, the UK-based 
independent oil explorer, con- 
tinues to pay the cost of its 
failed bid for rival Lasmo with 
yesterday's disclosure that it 
was writing down by £18m 
($28m) the shares it controver- 
sially acquired in the final 
days of the battle. 

Total costs of the £l5bu all- 
share bid came to £24m, includ- 
ing £5.7m tn fees paid to the 
company’s numerous advisers. 
Lasmo Is expected to report 
charges of about £25m when it 
announces interim results next 
week. 

The costs helped to depress 
Enterprise's net interim profits 
to £8.5m from £80.1m. The 
return was also hit by low oil 


prices, changes to the North 
Sea tax regime and a £20m 
swing in interest to payments 
of Eiswi. RwinHing provisions 
related to Lasmo, profits after 
tax were £325m. 

Enterprise has written its 95 
per cent stake down to £142m, 
valuing the shares at 150p. 
This compares with an average 
169p paid by Enterprise just 
two days before the bid closed, 
and yesterday’s close of 159p. 
up 2Y,p. 

The purchase, largely from 
one Lasmo investor, angered 
some shareholders who 
claimed thay bad not been 
given the chance to sell. 

Mr Andrew Shilston, finance 
director, said Enterprise 
intended to keep the shares as 
an investment for the immedi- 


ate future. The 150p share 
price was a “conservative view 
of what the long-term value of 
the shares would be," he 
said. 

Enterprise’s failed bid and 
the resultant costs have put 
pressure on the group to come 
up with a strategy to replace 
reserves. 

With production from its 
Nelson and Scott fields expec- 
ted to peak over the next two 
to three years. Enterprise will 
either have to acquire reserves 
or announce substantial explo- 
ration successes to keep up the 
momentum. 

Enterprise expects to 
announce its first move into 
South America within the next 
six months. 

Results, Page 20 


Move for 

Polish 

watchdog 

By Christopher Botrinsfd 
in Warsaw 

Mr Leslaw Paga, head of 
Poland's securities commis- 
sion. is leaving to join Deloitte 
Touche Komatsu, the interna- 
tional accounting firm. 

Mr Paga was one of the 
authors of Poland's stock mar- 
ket legislation and has headed C 
the commission since it was 
established three years ago. 
Under his supervision the War- 
saw stock market has been free 
of the scandals which have 
bedevilled Poland's private 
banking sector. 

The commission has policed 
the market in conjunctum with 
the Stock exchang e oouncfl. anil 
taken the number of compa- 
nies quoted on the bourse from 
five in 1991 to the current 32. 

Mr Paga’s successor, yet to 
be appointed, will have to face 
the problems of developing a 
marker with a mass of individ- 
ual investors but few domestic 
institutional participants and 
no investment hanla. 

Yesterday Mr Paga said that 
he was leaving because he felt 
“my mission has been ful- 
filled". 

• Bflfinger und Berger, one of 
Germany largest construction 
companies, has agreed to pay 
$7m for 70 pet cent of Hydrobu- 
dowa 6, a Polish construction 
company with experience in 
gas pipeline work in the former 
Soviet Union. 

PBR. the Polish development 
bank, is to take a further 10 
per cent share and both inves- 
tors will put DM14m ($8.9m) 
into the company. 


<EMCC 

‘Ihz ‘Emerging ’Jviarktts Cftaritg Ear CfviCErm 

is pleased to announce that to date it has raised in excess of 

£ 550,000 


Lead Managers 

ING BANK 

Swiss Bank Corporation 

Bankers Trust, Dartley Holdings Inc, 

Euro Brokers Financial Services Limited, Goldman Sachs International, 
J.P. Morgan, Merrill Lynch, Morgan Grenfell & Co. Limited, 

West Merchant Bank. 

Co-Lead Managers 

Chemical Bank, Citibank, Continental Bank N.A., 

Standard Chartered Capital Markets Limited. 

Managers 

ANZ Grindlays Bank pic. Banco Medefin S.A., 

Consoiidado Banking Group - Caracas, Exprinter, 

First National Bank of Chicago, Samuel Montagu & Co. Ltd., 

Standard Bank London Limited, Tradition. 

Participants 

Banco do Brasil S.A., Banpais S.A., Bear Stearns, Ceres Capital International, 

Chase Investment Bank Limited, Euromoney Publications PLC, FINELY-CCF Group, 

F.P. Consult, GML International Ltd, indosuez Capital, LDC Finance Limited, 
Latinvest Securities, The Lazard Houses, London Forfaiting Company, 

Paribas Capital Markets, Reuters, Salomon Brothers, Singer & Friedlander Limited, 
Tuliet & Tokyo International Securities Limited, 

UBAF Asset Trading - Union de Banques Arabes et Franpaises. 


The trustees Ol the EMCC thank all the above and those individuals who contributed anonymously tar their generous donations. 
They would also like to thank the following for their munificent support given to the first grand ball of the EMCC: 

The First National Bank ol Southern Africa Limited. Durini Gallery. Metro Traffic Control (UK) Ltd, American Airlines, 
London & City Carriages, Reebok. The Government of Mauritius Tourist Office. Beachcomber Hotels and Air Mauritius. 


THE BATAVIA FUND LIMITED 

Notice of Annul General Meeting 

NOTICE a hereby given ttai the Animal General Meeting of the Members of the Company 
will be held at Ibe attkxs of Morgan GraaGtll (Cxyttnnl Limbed. ELyxabelhan Sqwue. 
Gcvvgfl Town. Good Cayman. B.WJL aa Friday. 28 September 1994 at 1000 aJD- 

AGCNDA 

1. To receive and adopt Lhc Accounts, together with the Reports of the Direct ora and 
Auditors, for (be period coded 31 March 199*. 

2. To rc-cJcct lhc following Director 
Ml. CP Ramsay-Horier 

Mr. Tens Ngicfc Uaa 

3. To re-appoint Arthur Andean as auditors to the Company. 

4 To authorise lhc Directors to determine the remuneration of Ibe aodiKxs. 

3. Any oibcr business. 

By order of tbe Board 

Morgan CrenfeS (Cayman) United 

Secretary 

N*ne A amber eautlal to aaead and vote rt Ate Meeting any ippoifa one or more prinks » anted 
md, oa s peril, vow is Ms sfcad. A prosy need art be a member of to Gonpmy. Any osoumna 
appoistag a jam, am be deposited with the Sconny at FO Box 1984, George Tow, Good 
Cl yotan not ka don 48 hoars bdfafc Ac Hoe Ibcd hr Ac Meeting or Bay nQauuxO ffcaeoT. 



European Investment Bank 

Italian Lha 200 B8Bon Boating Rate Notes 

and 

ItaSan Lira 300 Bfifion F lo ating Rate Notes 
due March 1996 
Notice to the Holders 

Notice is hereby given that the Notes wSl carry an interest rate of 
8.5625% per annum far the period 07.09.1994 to 07. 12.1994. 

• ITL 108,220 per fTL 5.000.000 nominal 

• ITL 1.082.205 per ITL 50.000,000 nominal 

Luxembourg, September 09, 1994 


Carrefour 


FIRST SIX' MONTHS OF 1994 


(tat FF millions) 

Hut half 

1994 


% 

19W1993 


mm® 





iilpll 



101 (a) 

1,098 

_ 

Net Income * 

Group stun? 

371 (bl 

1463 

- 




(i) This income primarily kerns fidm the dfapwal of Cairelacr tUtsdet^n on better 

than expected lens*. 

(b> Cpmpwwoo "Uh ibe prevtan toss fcvd k Ml neaniogfol : the fan half of IWJ tndaded 
FRF 1,098 minim b ncm reenreipg ilentj rewhseg ““Ir ■ “pital gain on oolo of lie 
Gfoop 1 * (merest in G^arams-DoW*-tii«earioieflKflt». 

BNOMbob 

Group sites, dm nf uses, should exceed F f 03 (dtUon. Income before Dcc-rccnrring items, 
Group store. should qppnniamdy show the nag yontb rase os In I M3. 


t 


REUTERS lOOO 

24 hour* a day - only *100 a month! 

uvu fwaiicim. owm nnaeT to voim pc 


nsutenmi 



Rust 
Pacific J 

FIRST PACIFIC COMPANY LIMITED 

o, flomk m* (mW 

1994 Interim Results - Highlights 


li» rbr rix amoks oakd JOdiJmr 1994 


peaodm W1 


• Turnover 

• Profit attributable u ordinary 

shareholder* 

• 1'rolic attributable to ordinary 

UurchuMen excluding net 
exceptional items 


US$l,h37.4 million + I8.A% 


US$64.4 million +81.4% 


USS53.7 minion +66.3% 


* Fully diluted earning per dure 

excluding nee exceptional items US 2.S4 ccnm *-58.8% 

• Interim dividend per ordinary share US 0.77 cent +20% 

I anti apace continued strong performances from all our operating 
subsidiaries for the remainder ol' IW4. Tltc planned divestment of a 
nujonty interest in United Savings Dank will allow us to continue to 
re- allocate significant resources to Asia and, in particular, co tile 
Croup’s telecommunications activities. Subscriber growth in all of the 
Group’s telecommunications businesses has been encouraging. Three 
of the operators. Pacific TelcUnk in Hong Kong, Smart in the 
Philippines and ImloUnk in Indonesia arc in a scan-up phase and will 
begin to make meaningful contributions to profits in 1905 and 19%. 
Property trading profits will continue to be reinvested to strengthen 
the Croup's integrated property services busirtes and other businesses. 
In Europe and North America we have strong core businesses which 
can benefit from improvements anticipated in these economies. 
Barring unforeseen circumstances, I expect to reporr significant 
earnings growth for the full year. 

Manuel V. PkogiUnSD 

FIRST Mjnogmg director 

PACIFIC 


5th September 1994 


Notice to the Warranth older* of 

FTJJTTEC CO,, LTD. 

(the "Company") 

Bearer Warrant* toaubawibefcr ob-rta of common Mock of the 
Company (ibe -Sham”) inaued with 

U.$. $100,000,000 

4% percent. Guaranteed Bonds due 1994 ("A Warrants") 
and 

U.S. $60,000,000 

% per cent. Guaranteed Bonds due 1997 (“B Warrants”) 
“Adjustments of Subscription Price" 

Notice Is hereby given (hat the Company has resolved at the meetim. of the 
Board I af Directori held on 29th August. ©94 , os pfir tiieShareTSf hJ 

,her ^"«-“ f » h »reh<«ldera of the Componyasai 
30th SepiCTuber. 1994 yapan time; at Ihe rate of one paint one tLli Shares 
w one fl) Share held by them. As a result „f such slack unlit, the rcsnccilve 
» fSS? n Pn “ f ° r ftC ab ' w ^ ll ° 0 ^ I™ Warrants shall be E^d 

L A Warrants 

Subscription Price before adjustment 
Subscription Price alter adjustment: 

2. B Warrants 

Subscription Price before adjustment; 

Subscription price after adjustment.- VU30.00 per Share 

3. Effective date of ihe above adjustments: in October. 1M4 (japan tinwJ 

RlJITEC CO.. LTD. 

Ibarakl City, Osaka, Japan 

Dated: 9th Sw«jnb,r. 199. 

— —4 


VL333 per Share 
VL2ILB0 per Share 



W- 1 

CITY I 


.<* 


INDEX 


1 


Tt<eM«ko Laden in tpmi hcamg - Fmaadri and Sports. Fre a 
brudhne and as ocoraw radiation form aft 07 1 SSl U67 


e normally epmad <mfe» 72 bom. 

xt on- np-BwliB: prtcet Sam IQ Op m i Tainan t-g-*"* 












FINANCIAL TIMES FRIDAY SEPTEMBER 9 1 994 


17 


INTERNATIONAL COMPANIES AND FINANCE 


Digital claims new chip 
is fastest in the world 


By Louisa Kshoe 
in San Francisco 

Digital Equipment claims to 
have built the fastest micropro- 
cessor in the world. It is the 
first commercially available 
chip that can process more 
than a billion instructions a 
second and is more than twice 
as fast as competing chi p s . 

The Alpha 21164 “is the fast- 
est chip on the planet”, boasts 
Mr Robert Palmer, president 
and chief executive of the US 
group. 

The 9 -3m transistor Alpha 
microprocessor delivers perfor- 
mance at speeds previously 
possible only in large multi- 
processing systems, such as 
expensive supercomputers. 

The achievement comes as 
Digital is undertaking a drastic 
restructuring of its operations 
in an attempt to stem losses 
that have totalled $4tm over 


the past four years. The com- 
pany announced in July it 
would cot 20 per cent of its 
workforce, eliminating about 
20,000 lobs over the next 12 
months. 

While Mr Palmer hopes the 
new Alpha chip will boost cus- 
tomer confidence, Industry 
anal ysts say some of the com- 
pany's most prestigious cus- 
tomers are turning to compet- 
ing computer suppliers. - 

The Alpha chip is recognised 
as a significant technology 
breakthrough, but it is not 
clear that making tha world’s 
fastest microprocessor is a 
solution to Digital's problems. 

Less than two months ago, 
Mr Enrico Pesatori, senior 
vice-president in charge of Dig- 
ital’s core computer systems 
business, said that setting 
record computing speeds was 
no longer Digital’s primary 
goal 


“We will concentrate on seg- 
ments of the market where 
there are high volume opportu- 
nities," said Mr Pesatori. "We 
will not try to set record 
speeds with our products. We 
want to tie our engineering 
resources to market needs”. 

This, he acknowledged, 
would be be gl gntfleant fhang a 
for Digital “Somehow our 
engineering resources have 
become disconnected from the 
[real needs of] the market.” 

While Digital is winning the 
microprocessor speed race. It Is 
for outpaced in terms of mar- 
ket penetration and availabil- 
ity of software by competing 
chips, such as Intel's Pentium. 

Moreover, the high costs of 
semiconductor development 
and production are a heavy 
drain on Digital’s resources 
when the company is strug- 
gling to cut costs and selling 
“noibstrateglc” assets. 


Texaco faces 
close vote in 
buy-out bid 

By Richard Waters 

Texaco, the US energy group, 
faces a dose vote today in its 
attempt to buy out the minor- 
ity shareholders in its 78 per 
cent -owned Canadian offshoot. 

The largest minority share- 
holder, Canadian 88 Energy, on 
Wednesday raised the value of 
its own counter-bid for Texaco 
Canada Petroleum. 

Mr Greg Novel, president of 
Canadian 88, said Texaco needs 
the support of holders of at 
least half the remaining 22 per 
cent before it can mount a 
compulsory buy-out of all the 
shares. On that basis, Cana- 
dian 8% which in the last two 
weeks has built its stake in 
Texaco Canada to 9.8 per cent, 
requires the support of only a 
few other shareholders to 
thwart the US group’s plans. 

Texaco's offer of C$1.40 a 
share for the 22 per cent was 
countered by a C$L60 a share 
Offer from Hanjiitian 88, Which 
then lifted its offer to C$1.65 a 
share, valuing Texaco Cannda 
at C$208m (US$152m). 


Solid sales growth lifts 
Heinz in first quarter 


By Patrick Harveroon 
in New York 

SoUd growth in sales volumes, 
especially overseas, helped 
W-.T - Fffltng post profits after tax 
of $1 54.7m in its fiscal first 
quarter. 

Although net Income was 
only slightly higher than the 
$1522m earned a year earlier, 
sales were up 10 per cent at 
$1.74bn, reversing the decline 
recorded in the previous 
quarter. 

Investors reacted positively 
to tile first-quarter results, and 
to a prediction from Mr Tony 
O'Reilly, the Irish businessman 
who is chairman of Heinz, that 
the company would report 
higher earnings from on-going 
operations for the foil year to 
April 1985. 

At midday, Heinz’s shares 
were up $% at $36% on the 
New York Stock Exchange. 

Mr O'Reilly said of the quar- 
ter’s results and the outlook 
for earnix^s: “The restructur- 
ing of our business portfolio, 

placing particular omphagis (Hi 
food-service, infant feeding and 


Asia, has put us into growth 
areas which should enable ns 
to deliver substantial foil-year 
earnings growth". 

Heinz’s sales volume 
increased by 7 per cent world- 
wide. Its food-service business 
showed strong growth in par- 
ticular products, notably 
ketchup. Ore-Ida frozen pota- 
toes and single-service condi- 
ments. 

Business was especially 
impressive in the Asia-Pacific 
region, with sales volume in 
Japan alone rising by 16 per 
cent. 

The first quarter was also an 
active period for Heinz in 
terms of further expansion into 
European and US markets. 

The company bought the 
Farley's infant food and adult 
nutrition business in the UK, 
and acquired a food-service 
unit from Borden of the US. 

Both transactions were part 
of Heinz's policy of focusing on 
its intent food and food-service 
businesses. 

The acquisitions - net of 
divestitures - added 2 per cent 
to sales in the quarter. 


Three more 
departures 
in Merck 
shake-up 

By Richard Water? 
h New York 

Three more senior executiv es 
of Merck are to depart in the 
coming months as part of a 
move by Mr Raymond GQmar- 
tin, the US drags company’s 
new head, to shape his own 
Senior nmnywont tppm 
The New Jersey-based com- 
pany also hinted at a broader 
reorganisation under Mr Gil- 
martin. Its new 10-person 
management committee, 
announced yesterday, is 
Intended to serve as “an exam- 
ple for the company of a 
leaner, flatter organisation,” 
Merck said. 

A shake-up has been expec- 
ted Since Mr G il mar tin was 
brought in to run what is 
widely regarded as an in-bred 
and bureaucratic company. 

The latest departures 
include two of the four execu- 
tive vice-presidents who had 
formed the core of the manage- 
ment group under Mr Ray. 
Vagelos, who retires as chair- 
man In November. 

They are Mr Jerry Jackson, 
responsible for non-US 
operations and at one stage a 
candidate for the top job, and 
Mr Frank Spiegel, head of stra- 
tegic planning 1 

Mr Jackson will retire at the 
end of the year and Mr Spiegel 
at tiie mid of October, though 
both will give up day-today 
responsibilities and serve as 
consultants until then. 

Merck also said Mr Richard 
Lane, head of its US human 
health marketing operations, 
is to leave the company to pur- 
sue other opportunities. 

The reorganised manage- 
ment committee replaces the 
small group of ex e cu tives who 
formed Mr Vagelos* chair- 
man’s staff. Its 10 members 
include the heads of Merck’s 
business areas, who will 
report to Mr GilmartirL 
The only members of the for- 
mer senior management group 
to remain are Mr Edward Scol- 
nick, head of research and 
manufacturing, Ms Judy Lew- 
ent, chief financial officer, and 
Ms Mary McDonald, general 
counsel. 


Conoco to spend £1.7bn in UK 


By Robert Corzbie 

Conoco, the US oil company, 
yesterday said that about half 
of its international investment 
was destined for the UK. 

Mr Constantine Nicandros, 
chairman of the Houston-based 
subsidiary of the DuPont Cop 

po ration, confirmed that about 
£400m ($61 9m) a year would be 
spent in the UK throughout 
the rest of the decade, much of 
it on developing new natural 
gas reserves. 

Conoco last week boosted its 
share of the Britannia gas pref- 
ect to 43 per cent. Britannia, 
the biggest remaining undevel- 
oped gas field in the UK sector 
of the North Sea, would con- 
sume about £700m of the 
£1.7bn which Conoco plans to 
spend on UK exploration and 
development over the remain- 
der of the decade, Mr Nlcan- 
dros said. 

Initial production from Bri- 
tannia, expected around 1998, 
would go to UK customers. But 
Conoco was keen to find inter- 
national markets for the gas 
even though a direct route to 


continental Europe had been 
ruled out. 

Conoco is a member of an 
industry group studying the 
feasibility of building a gas 
pipeline between the east coast 
of England and Zeehrngge in 
Belgium. 

Mr Nlcandros said Conoco's 
heavy commitment to the UK 
stemmed from the fact that it 
felt “very comfortable" with 
the legal and political environ- 
ment 

In addition, liberalisation of 
the domestic gas market would 
give the company a chance to 
use its strong position in gas to 
make inroads into the down- 
stream part of the industry. 

Conoco, along with Power- 
Gen, owns Hnetica, one of the 
UK's larger Independent gas 
marketing companies. 

Although three-quarters of 
Conoco’s investment pro- 
gramme is aim ed overseas, 
including its recently launched 
Polar Lights project in Russia, 
Mr Nicandros predicted that 
the foreign share would soon 
tell to between 55 and 65 per 
cent as the company assumes a 



Constantine Nicandros: keen 
to find international markets 

more “aggressive" role in the 
expanding US gas market. 

Conoco remained keen, how- 
ever, to take advantage of the 
“enormous opportunities” aris- 
ing worldwide from political 
change. 

This included the possibility 
of securing deals with political- 
ly-sensitive members of the 
Organisation of Petroleum 
Exporting Countries, who 


wanted western technology 
and capital to develop their 
reserves. 

“I don't care what you call 
such deals as long as both we 
and the country have the 
chance to make some money," 
he said. 

Mr Nicandros said there was 
a danger that the ambitious 
restructuring among the US 
majors and other international 
oil companies would result in a 
misplaced focus on short-term 
cost-cutting. That could be to 
the detriment of creating 
long-term value, he said. 

Although Conoco last year 
cut S400m. or 15 per cent, from 
its cost base and expected to 
reduce it by another $l50m this 
year, “nobody ever got rich by 
cutting costs". 

Mr Nicandros also rejected 
the notion prevalent among 
some oil companies that 
employees are easily replace- 
able and transitory figures. 

"We’ve shaken employee loy- 
alty . . . but the social structure 
of a business is important You 
must give both job and social 
satisfaction,” he said. 


US banks take lead in European M&A 


By Nicholas Denton 

US investment banks have 
moved to the forefront in the 
competition for advisory work 
in Europe’s cross-border merg- 
ers and acquisitions market, 
according to a league table 
released yesterday. 

Morgan Stanley topped the 
rankings for crosiborder Euro- 
pean activity between January 
and June 1994 on a list com- 
piled by the specialist publica- 
tion Acquisitions Monthly. 

The New York-based firm 


acted as financial adviser on 13 
deals completed in the first 
half, worth a total of £4.95bn 
($7. 66 bn). Goldman Sachs, 
another US investment bank, 
was second with 16 deals worth 
£4.41hn. 

They displaced Lazard and 
Morgan Grenfell, which led the 
league table in 1993 but fell to 
ninth and fifth place respec- 
tively. 

The figures for Morgan Stan- 
ley and Go ldman Sachs were 
boosted by their involvement 
on either side of the largest 


M&A transaction completed in 
1994. the acquisition by Akzo 
of the Netherlands of Nobel 
Industries, the Swedish chemi- 
cals and explosives maker. 

One such deal can sharply 
alter a league table based on a 
relatively short six-month 
period. Mr Stephen Waters, 
head of European investment 
banking for Morgan Stanley in 
Europe, welcomed the firm's 
showing but noted: “One swal- 
low does not make a s ummer ." 

Investment bankers also 
pointed oat that the figures 


referred to closed deals, which 
lag announcements, and there- 
fore give an outdated picture of 
the state of competition among 
Investment banks. 

Nor does the Acquisitions 
Monthly table include the pri- 
vatisation and joint-venture 
work which is increasingly 
Important in Europe. 

Nevertheless the league 
tables are followed closely and 
reinforce the perception of 
growing US inroads into the 
European investment banking 
market. 


Rival Czech truck makers to discuss alliance 


By Vincent Boland in Prague 

Tatra, the ailing Czech truck 
maker, expects to discuss a 
strategic alliance with Liaz, its 
main Czech rival, to make cab- 
ins and other components. 
However, an immediate merger 
has been ruled out, a senior 
Tatra director said. 

The company Is also consid- 
ering approaching the Euro- 


pean Bank for Reconstruction 
and Development for up to 
US$50m and the Czech govern- 
ment for emergency aid to help 
it repay huge debts incurred 
through a slump in sales. 

Mr Karel Beneda, a former 
Tatra vice-president, has been 
appointed acting chairman to 
replace Mr Gerald Greenwald, 
recently appointed head of 
UAL, the US airline. He 


resigned as chair man and gen- 
eral manager of Tatra on 
Wednesday along with two 
senior colleagues. Mr Jack 
Rutherford and Mr David 
Shelby. 

The three men were forced 
out by the Tatra board under 
pressure from shareholders 
after Czech directors accused 
them of not devoting enough 
time to the company. 


They joined in March last 
year to help return Tatra to 
profit after it lost its tradi- 
tional markets with the col- 
lapse of communism. They 
were offered a 15 per cent stake 
if they achieved a tumround, 
but falling sales meant the 
company was unable to capital- 
ise on streamlined production 
methods and cuts in produc- 
tion and employee numbers. 


Optional Redemption by the Noteholders 

NZFP Resources Financial 
Services Pty. Limited 

(formetty Bdera Resources Financial Services Pty. Limited) 

OS. $250,1 


1 1 in ii 


Subordinated Floating Rate Notes due 1996 

(the "Notes’) 
guaranteed by 

NZ Forest Products Umited 

(formerly Bctera Resources NZFP Limbed) 

in Booonftinca with ConuMon 7(cJ of to Nona. NotahoUms on hereto y «M wad 
that they may redeem Ihetr Notes In full on to next Interest payment data of 
Decanter 30. 1994 (to ■Rodamjxkxi DOMI- Noteo tor redemption, together wBh 
an unflHlured Coupons relating thereto, out bo deported w«h any Paying Agent 
(h to esse oi Bearer Notes) or to Registrar or any 'Rarefer Agent (ki to case of 
Registered Notes) together wfth ■ duty comptoted redemption notice in to term 
otatabubta from any of to Paying Agents, to Transfer Agent or to Registrar Bated 
below, between to dares of October 31* 1994 end November 15. 199* inclusive. 

PRHCIML RATING AGENT, TRANSFER AGENT 
AND AGENT BANK 
The Ctwae Manhattan Bank, NA. 

Wboigate House. Coleman street. London EC2P 2HD 

REGISTRAR AND PRMC8W. TRANSFER AGENT 
Chaee Manhattan Bank Luxembourg &A. 

5 Rue Piaetis. L-2338 Luxembourg-Grand 

PAYING AGENTS 

BanqueBnreeHfls Lambert SJL CtaM Manhattan Bar* 

24 Avenue MamSx. B-1050 Luxembourg SA. 

Brussels 5 Rue Plaeds 

L-2338 Luxemboury-Grund 

Chase Manhattan Bank {BnUzattandj 
63 Rue du Rhflne. CH-1204 Geneva 


By: The Chaao Manhattan Bank, HA. 
London, Principal Raying Agent, 
Transfer Agent and Agent Bank 

September 9. 19B4 




CHASE 



European Investment Bank 

ftaKan Lira 200 E5Mon 
Boating Rate Notes due March 1998 

Notice to the Holders 

lotica is hereby given that the Notes wB cany an interest rate of 
575% per annum for the period 07.09. 1994 to 07.03. 1995. 

ITL 235,677 per ITL 5,000.000 nominal 
m_ 2.356.771 per UL 50,000,000 nominal 

uxembourg. September 09, 1994 


Putnam High Income GNMA 
Fund S.A. 

SICAV 

Luxembourg, 1 1, me Aldringcn 

RjC. Luxembourg N° B 22041 

Dividend Notice 

The Board of Directors has decided on 6 September 1994 
declare the payment of an interim dividend of USS 0.32 per 
are, payable on or after 22 September 1994 to shareholders on 
coid on 9 September 1994 against surrender of coupon N° 19. 
k shates will be quoted ex-dividend as from 9 September 1994. 

By order of the Board of Directors 



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OPTIONS 3 POKERS 


$32 


ROUND 

TRIP 


DONG AH CONSTRUCTION INDUSTRIAL CO., LTD 
• US $ 100,000,000 
FLOATING RATE NOTES 1997 
Notice Is hereby given that. In accordance wftfi tha prwtstona of the above 
mentioned Floating Rates Notes, the rate of Interest for the six months period 
from September B, 1994 to March 8, 1995 (181 days) has been fixed at 
5.6825% per annum. 

The Interest payable on March 8, 1995 irifl be US $284.70 In respect of eech 
US $ 1 0,000 Nate and US S 7,117.45 in respect of each US S 250,000 Note. 

Agent Bank 

BANQUE INTERNATIONALE fifi 
A LUXEMBOURG 



Oesterreichische 
Inveslitionskredit 
Aktien gesellsc haft 

Issue of up to USS40.000.000 
Subordinated Collared 
Floating Rate Notes Due 
2004 of which USS20.000.000 
is being issued as the initial 
Tranche 

Notice is here by gioen that Ok 
notes intil bear interns! at 5 25% 
per annum bam 9 September 
B94 to 9 March 1995 Interest 
payable on 9 March 895 will 
amount to USS26.40per 
USShOOOnate, USS263.96per 
USS10.Q0O note end USSS.639.58 
per US$700.000 note. 

Agent: Morgan Guaranty 
Trust Company 


WOOLWICH 
- Building Society - 

5100,000,000 
Floating rate notes 
due 1996 

Notice is hereby given that the 
notes anil bear interest ai 
£ 7125 X per annum from 
7 September 1991 to 7 
December 1994. Interest 
payable on 7 December 1994 
artil amount to 5142.42 per 

510.000 note and 51.42421 per 

5100.000 note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


B) 


BankAmarfca 
Corporation 

USS500.000.000 
Floating Rate Notes 
Due September B95 

For the period bom September 9, 
1994 to December 9. 199* the Notes 
wifl cany on hteca rue of 5J75% 
per (noun with an merest amount 
of US SJ35.87 per US SIMM) 
p rin c ipal amount of Note payable 
on December 9, 1994, 

Bmhol America NT to SA, ED 

London- Agmt Bank UJ 


r ITOCHU CORPORATION ^ 
(C- tub hM Counted) 
AHNOUW CE THE FOL LOW tWC 

It bos been determined U e Board 
Meeting tot rite interim Dividend 
for the year ended 3ta Match IMS 
■hall be paid to Shareholder! of final 
record at of Writ September KM and 
that the omoaai and time of payment 
thereof (ball be decided at a Bond 
Meeting to be held the middle of 
November R94. 

v Hmutxw Bank Limited V 


Sfteens 

ineW in o 

SBAB 


U.S. $200,000,000 
Fkmrtnx Rale Notes due 1995 
In accordance with the provisions of 
the Notes, nouoeis hereby given 
that the Rate of Interest for the 
three month period ending 8th 
December, 1994 has been fixed at 
5.062S% per annum. The interest 
accruing for such three month 
period will be US. $ 127.97 per LLS. 
310.000 Note and U^. SI, 279.69 
per (i.S. 5100,000 Note against 
jxesenfatfon of Coupon Number 10. 
Union Bank of Swttzixtaud 
London Btraacb Agent Bank VS? 
6tb September, 1994 


BANK OP GREECE 

US$300,000,000 
Floating rate notes 2003 

The notes atm bear Interest 
at €.0625% per annum for 
the period 9 September 1994 to 
9 March 1995. Interest payable 
on 9 March 1995 per USS1.000 
note wtil amount to USS3Q.48. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


First inter na tio na l Funding Co. 

Floating Rate Notes 

Pissuanf id Indenture dated as 
of June 3. 1993 among the Issuer, 
Slate Street Bank and Trust 
Company as Trustee, and Financial 
Security Assurance Inc. as the 
Insurer, notice is hereby given that 
lor the Interest Accrual Period from 
Septembers, 1994 to December 4, 
1994, the applicable Note Interest 
Rates are: for the Notes due 1B9G, 
5.45%; tor me Notes due 1998, 
5-55%; and far the Notes due 
2000,5.70%. 


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VALEO CONTINUES TO ADVANCE 
DURING THE 1 st HALF 1994 


Consolidated flnapclai data 


In FF millions 

1 st Half 1994 

1 st Half 1993 

% change 

Net sales and revenues 

11,700 

10,590 

+ 10.5% 

&oss margin 

Operating income after 

2,621 

2,284 

+ 14.8% 

financial charges 

869 

676 

+ 28.6% 

Net income 

487 

(4.2% sales) 

383 

(3.6% sales) 

+ 27.2% 

Capital expenditure 

851 

636 

+ 33.8% 

Shareholders' equity 

8,904 

7,763 

+ 14.7% 

Net bonowing 

421 

1,768 

- 76.2% 

Debt-to-equity ratio 

5% 

23% 

- 79.2% 


Valeo's Board of Directors meeting on September 6, 1994, reviewed the Group's consolidated results for 
the first half of 1994. They reflect a positive trend tor all the items of the Group's Income and balance 
sheet accounts: 

■ Sales were up by 10.5% over the first half of 1993. This rise in Valeo's sales differed on a geographical 
basis (+ 7% in Europe, + 24% in North America, + 10% in South America, + 30% in Asia), boosting 
the international store of Valeo's sales to 59.1% in the first half of 1994 against 56.5% in the first hall of 
1993. 

■ Gross margin amounted to 22.4% of sales, against 21.6% during the first half of 1993. 

■ Operating income rase to 7.4% of scries against 6.4% in 1993. 

■ Despite a sharp Increase in the Group's tax rate (29.6% against 19.9% for the first half of 1993), net 
orwanHclrttad income for the first six months totalled FF 487 million, that is 4.2% of sales, up by 27% 
aver the first half of 1993. 

■ 

This positive trend in results has been coupled with significant commitments towards preparing 
the future: 

■ R & D expenditure has been increased, with the level of current spending totalling 5.6% of sales 
against 5.0% in 1993. 

■ Restructuring charges were maintained at a level equivalent to that of 1993, that is 2% of sales. 

■ Capital expenditure amounted to FF 851 million over six months, that is 7.3% of sales, up by 34% as 
compared with FF 636 minion and 6.0% of sales during the first half of 1993. 

■ Group financial investments totalled FF 330 million against FF 35 million for the first half of 1993. They 
include in particular the acquisition of Borg Instruments in Germany and of majority stakes In new 
subsidiaries and joint ventures in Argentina and in China. 

■ 

The Group's balance sheet was stronger at the end of the first half erf 1994 due to increased cash flow 
and an increase in capital from the exercise of B warrants: 

■ Cash flow amounted to FF 1,233 million in the first hall, that is 10.5% erf sales, against FF 1,048 million 
ctnd 9.9% for the first hcdl of 1993. 

■ The exercise of B warrants represented a financial contribution of FF 361 million. 

■ Net borrowing, which fell by FF 1.3 billion year-on-year. stood at FF 421 million at June 30, 1994, 
while net financial expenses were halved, accounting for 0.5% of sales, against 1.2% in 1993. 

■ The debt-to-equily ratio stood at 5% at June 30, 1994. against 14% at December 31 , 1993, and 23% at 

June 30, 1993. ^ 

In the second half of 1994. Valeo intends pursuing an active growth policy, combining it with both 
a locus on productivity and on short and long term results, while responding to the technology and 
commercial demands of its customers. 


Valeo 


LEQUIPEMENT 

AUTOMOBILE 










FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Row looms 
over timber 
concessions 
in Indonesia 


By Manuela Saragosa 

in Jakarta 

Officials at Indonesia's forestry 
ministry are contradicting: 
each other in what threatens 
to escalate into a row between 
the minister of forestry and the 
country’s largest timber pro- 
ducer. Bari to Pacific Timber. 

Earlier this week the for- 
estry minister. Mr Djamalud- 
din Soeryohadikusomo. said 
that if Barito Pacific wanted to 
renew the licences for its forest 
concessions, it would have to 
hand over as much as 49 per 
cent of its shares to a state- 
owned company. 

The minister accused Barito 
of causing ‘‘considerable" dam- 
age to forests under its control, 
and said the government 
wanted its own man in the 
company's management to 
ensure “sustainable manage- 
ment of its forest concessions". 

Barito Pacific responded by 
saying that the minister's com- 
ments referred to two forest 
concessions in south Kaliman- 
tan which did not belong to 
Barito Pacific but which did 
supply the company with logs. 

This statement was subse- 
quently supported by the for- 
estry ministry, which said in a 
press release that the issue 
concerned not Barito Pacific 
Timber but the forest conces- 
sions set up to supply logs to 
the company. 

However, an official at Bar- 
ito Pacific said the company 
had been “helping" in the man- 
agement of these two forest 
concessions over the past five 
years. 

Barito Pacific officials denied 
the government wanted to take 
over 49 per cent of the equity 
in their company, saying 
instead that the minister 
wanted the state to take a 49 
per cent stake in the two com- 
panies which own the two for- 
est concessions in south Kali- 
mantan. Yayang Indonesia and 
Aya Umber. 

The forestry minister is 
expected to make a further 
statement today. 

Barito Pacific is the world's 
largest tropical hardwood ply- 
wood producer and a listed 
company. 

It controls some 5m hectares 
of Indonesian forest. 


Japanese groups join video conferencing standard 


Bir Louise Kahoe in San Francisco 

Japan's largest telecommunications 
and computer companies plan to 
launch products and services for desk- 
top video conferencing based on stan- 
dards established by Intel and other 
US companies. 

NTT. NEC. Fujitsu and Just 
Systems have joined a group of US 
companies that endorses the Personal 
Conferencing Specification. In Joining 
the group the companies have sig- 
naled their intention to introduce PCS 
compatible products. 

PCS is a standard that defines pro- 
tocols permitting inter-operable, PC- 


based conferencing and communica- 
tions. PCS compatible products such 
as Intel's Proshare allow PC users to 
see each other as they talk and share 
data and computer applications. 

"This announcement is very good 
news to PC users all over the world,” 
said Mr Andrew Grove. Intel presi- 
dent and chief executive. “Having 
leading companies in the Japanese PC 
and telecommunications industries 
join this activity is a key step in mak- 
ing PC-based conferencing a world- 
wide application. NTT's role as a lead- 
ing network service provider in 
integrating PCs and communications 
in Japan is critical" 


In Europe, the PCS standard has 
been criticised by some industry exec- 
utives because it is not an interna- 
tional standard. Intel said, however, 
that in addition to the Japanese sup- 
port announced yesterday several 
European telecommunications and 
computer companies plan to endorse 
the standard before the year-end. 

Establishing standards for inter- 
operability is critical if the desktop 
video conferencing market is to flour- 
ish. It will enable users in different 
countries using different types of 
equipment to participate in video con- 
ference calls. 

Mr Yoshi Takayama, director of 


NEC, said; “PC-based personal confer- 
encing capability is expected to be a 
critical tool to enable the great leap of 
personal productivity. NEC is commit- 
ted to broadening the desktop confer- 
encing market and is p lanning to he 
the first in the Japanese market to 
offer the system.” 

“We believe it is very important to 
develop and promote a worldwide 
standard such as PCS is the personal 
conferencing segment,” said Mr Yasu- 
nori Kan da, general manager of 
Fujitsu Personal Business Division. 
“We are going to introduce PCs with 
personal conferencing capabilities. 11 

Just Systems, a leading supplier of 


Japanese word processing software, 
it would also support the PCS 
standard and announced plans to link 
more than 1,000 PCs in its own 
research laboratories via Intel's Pro- 
share personal conferencing products. 

Intel gafd it planned to incorporate 
an pasting standard called H-320 for 
Stand-alone room-sized video confer- 
encing systems into its Proshare prod- 
ucts by the end of this year. This will 
allow Proshare users to take part in 
conferences with users of tradi ti o n a l 
video mnferpwning equipment- How- 
ever, HJ320 systems do not allow the 
simultaneous sharing of data and 
applications. 


BTR Nylex shares drop 10% 
as result disappoints market 


By Nikki Talt in Sydney 

Shares in BTR Nylex, the 
Australian-based industrial 
group which is controlled by 
BTR of the UK, fell more than 
10 per cent yesterday after the 
company announced profits 
which disappointed the 
market 

The company made a profit 
after tax and minorities of 
A$207m (US$153m) in the half- 
year to June 30. a 6 per cent 
improvement on the compara- 
ble 1993 figure of A$195.3m. 
Many analysts, however, had 
been expecting profits of 
around A$240m. 

The share price closed on the 


Australian Exchange at A£L88, 
down 30 cents on the day and 
close to the 52-week low of 
A$2.76. The stock's 52- week 
high was ASS .58. 

Sales were up by 9.5 per cent 
at A$3.15bn, while earnings per 
share advanced by 2.7 per cent, 
to 7.7 cents. The interim divi- 
dend goes up to 5J25 cents from 
5 cents. 

Progress looked more signifi- 
cant at the pre-tax level with 
profits rising by 14.4 per cent 
to A$354.1m, although this was 
partly due to slightly lower 
finance charges of A$74.5m. 
The company said that there 
had been a “significant upturn 
in results for the Australasian 


business'*, helped by productiv- 
ity gains and the improving 
economy. 

North America “produced 
outstanding results" and in 
Europe, Rockware Glass began 
to benefit from recent reorgani- 
sation and capital investment 
programmes. There was an 
improved performance from 
the Taiwan Polymer business, 
while investments in China 
contributed “positively”. 

BTR Nylex added that order 
inflow in recent months had 
appeared to be “strengthening 
and sustainable”. and 
suggested that the “momen- 
tum for improvement" should 
continue. 


Abnormals affect Boral figures 


By Nikki Tad 

The acquisition or Sagas co and 
good results from its core Aus- 
tralian operations helped 
Boral, the Australian energy 
and building products group, 
to a 34.7 per cent increase in 
profits to A$280.9m 
(US$207.7m), after tax but 
before abnormals. in the year 
to end-June. 

Earnings per share, again 
before abnormals, were up by 
28.6 per cent to 28.3 cents. 
Sales rose by 10.2 per cent to 
A$4.65bn. 

Large abnormal Items 
severely depressed the bottom- 
line performance, causing 
Boral to post profits after tax 
and abnormals of A$l21.8m, 


down from A$228.9xn a year 
ago. 

The net abnormal charge 
was A$159.1m, including a 
A£l213ra profit on the sale of 
the Axon businesses, a 
A$108.8m write-off of goodwill 
and a A$l40.1m provision for 
rationalisation and restructur- 
ing costs. 

The abnormal charge ™«inc 
that Boral is dipping into its 
reserves to pay a dividend of 20 
cents a share for the year, with 
the An al being an unchanged 
10 cents as promised at the 
time of the rights issue. Direc- 
tors added that they were con- 
fident the dividend could be 
maintained, given the signifi- 
cant effect of abnormal items 
last year. 


Boral said that its core Aus- 
tralian building prod ucts busi- 
ness performed well on the 
back of the continued strength 
in the housing Industry, as did 
the much-enlarged energy 
business. 

The US and European 
operations - while showing 
significantly higher profits 
than in the previous year - 
also made unsatisfactory 
returns, the company said. 
However, it noted that “results 
in the second half do indicate 
significant improvement is 
under way". 

Boral said trading in the first 
two months of the current year 
was ahead of that recorded in 
the same period of 1993-94 and 
ahead of budget 


Australian 
gas venture 
for MIM 
and Conoco 

Conoco Australia, part of the 
Houston-based Conoco energy 
group, is to partner Austra- 
lia's MIM Holdings in the 
potential development of a 
coalbed methane gas project in 
central Queensland, writes 
Nikki Talt. 

The Conoco subsidiary will 
fund a A$22m (US$1 6.1m) 
exploration, research and trial 
production programme over 
the next two to three years, 
receiving a 50 per cent stake 
in the project in return. 

Coalbed methane gas 
accounts for a growing propor- 
tion of natural gas production 
In the US, and Conoco has 
experience as a large-scale 
producer in New Mexico and 
Virginia. 

In this case, any natural gas 
production would be used 
either lor power generation or 
as a feedstock. 

• Nraglm Mining , the Papua 
New Guinea-based group 
which is controlled by Cana- 
da’s Battle Mountain and 
which is a partner with RTZ of 
the UK in the controversial 
LIhir project, rep or ted a 57 per 
cent fell in profits in the six 
months to end-June at 724,000 
Una (US$787,042). 

The decline was largely due 
to decreased gold production 
from the Red Dome mine in 
Queensland, as the company 
concentrated on treating low- 
grade stockpiled ore while the 
pit was deepened to allow 
access to higher-grade 
reserves. 


Hotels help Brierley 
to post record profit 


By Terry Hall in Weflington 

A substantial improvement in 
London occupancy rates for 
the Mount Charlotte Thistle 
Hotels group was a factor in 
helping Brierley Investments 
achieve a 58 per cent rise In 
profits to a record NZ$430m 
(US$259m) for the year to June 
30, Mr Bob Matthew, chairman, 
said yesterday. 

He said there were also 
steady improvements in pro- 
vincial hotel performances, 
leading Brierley Investments - 
which owns 70 per cent of 
Mount Charlotte - to “confi- 
dently expect substantial 
improvements in Mount Char- 
lotte's profitability”. 

He said that with few excep- 
tions, New Zealand and Aus- 
tralian subsidiaries associ- 


ate companies performed well 
during the year, with strong 
profit contributions from Air 
New Z ealand. Australian Con- 
solidated Investments, textile 
group LWR Industries, Sealord 
Products, Union Shipping and 
the Skeflerup Group. 

Subsidiary and associate 
company profit contributions 
were up 17 per cent to 
NZ$3i8m from NZ$273m, and 
investment company contribu- 
tions rose 43 per cent to 
NZ$283m from NZ$I97m. 

Earning s before parent fund- 
ing costs and overheads were 
up 23 per cent to NZS565m 
from NZj460m. Directors said 
net debt (excluding capital 
funding) at NZ$498m was the 
lowest for many years. 

The dividend is being main- 
tamed at 9 cents a share. 


Nine Network up 25% 


Nine Network, operator of 
Australia's largest commercial 
TV network and 44.5 per cant- 
owned by Mr Kerry Packer's 
Consolidated Press Holdings, 
reported a 25.5 per cent lift in 
profits after tax and abnormals 
in the year to end-June, at 
A$88.3m (US 964.9m), writes 
Nikki Taft. 

Revenue was up by 5.1 per 
cent, and operating profit 
before abnormals and tax, by 
1L5 per cent, at A$136.lm. 

Nine said that its share of 
TV advertising revenue in the 
period amounted to 41.2 per 
cent, and that underlying costs 
- once allowance was made for 


the Winter Olympics - had 
been static. 

It said it expected pre-inter- 
est operating profit to increase 
by about 10 per cent In the 
current year. However, it 
warned that profits after inter- 
est and tax would probably not 
show any growth because of 
increased interest costs 
incurred to fund increased 
investments outside its main 
TV business. Nine holds much 
of tiie Packer stake in John 
Fairfax, the newspaper pub- 
lisher, 18.08 per cent of Village 
Roadshow, and a 29.5 per cent 
interest in New Regency, the 
US film production company. 


German 
bank puts 
in offer for 
BNC stake 

By Andrew Hfll 
in Milan 

A little-known German bank is 
thought to be behind the mys- 
terious counter-bid for Banca 
Nazionale delle Comm uni ca- 
zioni (BNC), the Italian bank 
being courted by Istituto 
Bancario San Paolo di 
Torino. 

Italian news agencies said 
the Bank fttr Vermbgens- 
aniagen und Handel (BVH), 
based in Dflsseldorf. bad yes- 
terday confirmed that it had 
tabled an offer for a stake 
In BNC, which is controlled 
by the Italian state rail- 
way. 

Mr Publio Fiori, the Italian 
transport minister, has repeat- 
edly claimed over the past few 
weeks that a counter-bid for 
BNC was imminent He is try- 
ing to put pressure on San 
Paolo di Torino. Italy’s biggest 
hank, to amend its preliminary 
all-share bid for BNC, to safe- 
guard the interests of the state 
railways. 

BVH in Dftsseldorf and Mr 
Fiord's office - which is 
reported to have received the 
BVH offer on Wednesday night 
- were silent yesterday about 
the details of any alternative 
bid, and San Paolo, the 
only group to have declared a 
formal interest, still seems 
the favourite to acquire 
BNC. 

Mr Fiori’s intervention has 
irritated the Italian Treasury 
and the Bank of Italy. 

Last month Mr Fiori accused 
the central bank, which is 
responsible for vetting bank 
takeovers, of trying to force 
BNC into the San Paolo 
fold. 

He also revealed that Cassa 
di Risparmio In Bologna, 
another Italian bank, had pro- 
posed an alternative cash offer 
for a majority stake in BNC. 
That hid was rejected by the 
Bank of Italy. 

The San Paolo offer was first 
announced in March, before Mr 
Fiori became transport minis- 
ter. and the two banks had 
hoped to wrap up the deal 
quickly. The merger must be 
completed by the end of this 
year to take advantage of tax- 
breaks offered under 1990 
banking legislation. 


COMMERZBANK .. 

SUBSCRIPTION OFFER FOR PROFIT SHARING 
CERTIFICATES WITH WARRANTS ATTACHED 

By virtue of ihe authority conferred upon ft by the Annual General Meeting of Commerzbank AG 
hekf on 27th May. 1994 the Board of Managing Directors has decided to Issue DM. 500.000,000 
nominal Profit Sharing Certificates with warrants attached ('Profit Sharing Certificates") carrying 
option rights to exercise from 1 995 to 1 999 into shares of Commerzbank AG at a subscription price 
ol DM 340.00 per DM. 50 share. 

The Profit Sharing Certificates are being offered at an issue price of 1 12% per DM. 1,000 par value 
by way of rights at the ratio of 5 for 17 par value to the Company's shareholders on the basis of> 

One DM. 1 .000 nominal Profit Sharing Certificate for every 68 shares of DM. 50 nominal held. 

For the financial years 1 994 to 1996 the holders of Profit Sharing Certificates wilt receive an annual 
distnbution of 8° a of the par value of the Profit Sharing Certificates made prior to the dividend payment 
to ihe shareholders of Commerzbank AG. The Profit Sharing Certificates will be entitled to 
distnbution as from 29th September. 1994 (i.e. 92/360 lor the financial year 1994). 

For the financial years 1 997 to 2006 each holder of Profit Sharing Certificates win receive an annual 
distnbution on the basis of the Reference Inters 31 Rate plus 0.60% p.a. ("rate of the distraction') of 
the par value of Ihe Profit Sharing Certificates, made prior to the dividend payment to the 
shareholders of Commerzbank AG. During this penod distribution on the Profit Sharing Certificates 
for iho respective financial year will be calculated by multiplication of the nominal value of the Profit 
Sharing Certificates by the applicable distribution rate multiplied by the actual number ol days 
elapsed in the respective financial year divided by 360. 

Ttie Reference Interest Rate lor the respective financial year shall be determined during the course 
ol such financial year and not prior to the commencement thereof. The interest determination day for 
the current financial year shall be the second London Banking Day prior to the day of distribution for 
me preceding financial year. Irrespective of the provisions regarding participation in losses, the exact 
amount of distnbution for the respective financial year cannot therefore be determined until the 
interest determination day. Commerzbank AG shall be the Interest Determination Agent. 

The Reference Interest Rate will be the rate erf interest as calculated and published by the 
information vendor (presently Telerate page 3760). tor the time being regulated by the British 
Bankers' Association, at which deposits in Deutsche Mark for 12 months are being offered to prime 
banks in the London interbank Marker at 1 1.00 a.m. (London time) on the Interest Determination 
Date. 

The Interest Determination Agent shall publish the rate of distribution determined with respect to 
the relevant financial year and the relevant amount of distribution in the Federal Gazette and in a 
mandatory newspaper designated by each German stock exchange where the Profit Sharing 
Certificates are admitted to trading with official quotation. 

The Profit Shanng Certificates are being offered on the terms of the Company's announcement 
dated 9th September, 1 994. Copies of the announcement with an English translation, are available 
on request at the office of the London Subscription Agents. 

« is not intended to seek quotation for the Profit Sharing Certificates on The Stock Exchange, 
London, however, the subscription rights will be traded under Rule 535.4 during the period 15th 
September. 1994 to 27th September, 1994 Inclusive. 

PROCEDURE IN THE UNITED KINGDOM 

Holders in the United Kingdom wishing to take up rights must lodge the totowing:- 

Bearer Share Certificates - Coupon No. 61 

and apply during the subscription period 15th September. 1 994 to 29th September, 1994 inclusive, 
at the offices of me London Subscription Agents between 10.00 a.m. and 3,00 p.m. where lodgement 
forms are obtainable. 

Payment must be made in full on application. 

Holders wishing to make payment in Sterling should agree the applicable rate of exchange with 
the London Subscnpnon Agents. 

Holders of rights entitlements may instruct the London Subscription Agents lo buy or sell rights, 
on iheir behalf lo round their entitlements but in order to do so their forms must be lodged with the 
London Subscription Agents by 3.00 p.m. 26th September. 1994. 

The Profit Sharing Certificates will be represented by a global certificate which will be deposited 
witfiDeutscherKassenverem AG, Frankfurt/Main. Shares in this global certificate can be transferred 
in amounts divisible by DM. 1 .000. No claims for delivery of definitive certificates can be made. 

Coupons should be lodged with:- 

COMMERZBANK AG 
London Branch. 

Commerzbank House. 

23 Austin Friars, 

London EC2N2EN 
or 

S.G.WARBURG & CO. LTD. 

Paying Agency, 

2 Finsbury Avenue. 

London EC2M 2PA 


FrankfurfMain 
9th September, 1994 


COMMERZBAf<KAKTIB4GESBJJSCHAFT 


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0-38 

890 

8J90 

ora 

930 

1878 

1800 

0200 

930 

10.70 

I860 

0230 

9-38 

1878 

1800 

0300 

938 

1870 

1390 

0330 

858 

1870 

I860 

0100 

9-50 

1870 

I860 

0430 

86 ® 

1870 

1800 

fynp 

850 

1870 

1800 

0530 

902 

890 

890 

0000 

8.94 

890 

890 

0630 

1 1.22 

11.03 

1888 

0700 

1W4 

1222 

1800 

0730 

17.47 

17.10 

20.02 

oaoo 

17.77 

1818 

21.01 

0830 

17.83 

2732 

30.79 

0900 

1856 

25.74 

8808 

0830 

17.B1 

2834 

31-33 

1000 

19J3 


3898 

1030 

1833 

32.80 

3805 

1100 

1832 

32.77 

3880 

1130 

1832 

33j*8 

3889 

1200 

1833 

.94 m 

36.08 

1230 

1833 

33 JO 

3838 

1300 

1856 

3846 

3847 

1330 

1 7-03 

31.50 

34.42 

1400 

17.77 

3125 

3423 

1430 

17.47 

22.13 

2*89 

1500 

17.47 

27 JO 

30J1 

1530 

rasa 

19.70 


1000 

17.47 

22.10 

24JJ4 

1030 

I860 

IB JO 

22.5* 

1700 

10.90 

3729 

40.14 

1730 

17.47 

37J2B 

40.13 

1000 

1496 

3840 

3824 

1830 

1408 

1818 

2182 

1900 

1890 

17.18 

2002 

1830 

I860 

1800 

1873 

2000 

1890 

17.11 

1988 

2030 

1090 

1848 

19-33 

2100 

1890 

2423 

27.08 

SIX 

ie.ee 

31.00 

3384 

2300 

1880 

ST 00 

33J4 

2230 

1836 

27.41 

3026 

2300 

1824 

1849 

1833 

Z3X 

15-frt 

1821 

1808 

2400 

1847 

1823 

1810 



up, 15% 

off electricity 


'ir.iCOdCil *v .‘JCU 
or rr-rre -->r r 


021 423 3018 

Powerline 





Sovereign (Forex) Ltd. 
24hr Foreign Exchange 


Defy fax Swvioo 
Jet 071-931 9188 
Fax: 071-931 7114 

49g Palau bad 

landau SW1W OH 



- -'"jf v- ■- 'S* • ‘ v ' j-Vny:' ^ 

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■■■■ ‘ ; . v ^ . .. y . *. m \\* . 

**. ‘.1*: - .' .. v ... .„ ^ / : V ; ' i 

THs Autumn IMF and WorW Bank decision makers win gather in Madrid for their annual 
meeting. On Friday, September 30 to coincide with this Important event, the Financial Times 
will publish its IMF/Woild Economy and Finance survey. 

it win provide authoritative, comprehensive and up to the minute background to the 
proceedings in Madrid. As a consequence it wlU be essentia! reading for all those who bring 
influence to bear on the world economy. 

The Financial Times will be widely distributed at the conference and the survey will 
appear every day In those issues circulated at the meeting. What this provides Is the perfect 
medium for you to speak directly to this select body of people. 

If you would like to advertise in the FT IMF/ World Economy and Finance Survey contact 
Hannah Puraal! In London on +44 71 873 4167 or your usual Financial Times representative. 

Financial Times 


k 


LONDON • RANIS ■ FKANKFUftT • ItfW YORK -TOKYO 


J 




-- _ f 


H n 





H * 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


19 


INTERNATIONAL CAPITAL MARKETS 




Tlcy 

rofit 


Bunds encouraged by hopes of interest rate easing 


By Antonia Sharpe and Martin 
Brice in London and Frank 
McGurty In New York 

German government bonds 
were lifted by official remarks 
which accompanied the release 
of GDP data for the second 
quarter. The ddta showed a 
strong recovery in the German 
economy, in lin o with market 
expectations, bat toy officials 

GOVERNMENT 

BONDS 

said there were no signs of 
over-heating. 

These comments led to cau- 
tions op timism in stwiia quar- 
ters that the Bundesbank 
would ease official interest 
rates, or at least the repo rate, 
at its regular council meeting 
next Thursday. These hopes 
encouraged yields on 10-year 
bunds to come in to around 
7.43 per cent from Just over 7-5 
per cent the day before. 


However, most analysts 
remained sceptical about a far- 
ther cut in German interest 
rates. Mr Jouni Kokko, interna- 
tional economist at S.G. ‘War- 
burg, noted that yesterday's 
improved sentiment followed a 
week in which bund futures 
had dropped by two points. 

In addition, the safe distribu- 
tion of the new Trenhand bond 
issue had eliminated market 
worries of an overhang of sup- 
ply. 

‘There Is no fundamental 
nhangA to the market ... there 
is not really room for Anther 
easing,” said Mr Kokka 
Ms Wendy Niffikeer, senior 
economist at IBJ International, 
said signs that the economy’s 
recovery favoured investment 
spending over spend- 

ing, which was still fragile, 
could lend support to the view 
that rates could fall further. 
However, there were still 
doubts on the inflation front 
"The market’s rise is a 
short-term reaction; the trend 


is still for a further sell-off-," 

ciiii, 

Mr Andrew Bevan, the 
newly-appointed international 
bond economist at Goldman 
■Sanhic, said the GDP data made 
it even mare likely the Bundes- 
bank would have to rein in 
monetary growth early next 
year. 

“It is going to have to take a 
fairly tight stance on rates 
which has not been fully dis- 
counted by the market,” he 
said. 

On Liffe, the December bund 
fixture stood 0.51 points higher 
at 89.67 in the late afternoon, 
off the day’s high of 89.74. 

■ Gilts hit a more cheerful 
note, buoyed by the rise in 
bonds ^ the release of the 
CBI distributive trade survey, 
which pointed to a slowdown 
in consumer spending. This 
was as farther evidence 
that pressure for a rise in UK 
interest rates was easing. 

Mr Nick Stameokovic, econo- 


mist at DKB, sa id: “The survey 
suggests that the tax rises are 
hittin g the r vrpgmnpr who is 
becoming more cautions. With 
the hiyistng market so fragile, 
a rate rise would undermine 
confidence even more.” 

Mr Simon Briscoe, of 
S.G. Warburg, said if the CBI 
data were indicati ve of other 
economic figures due in com- 
ing months, there would be lit- 
tle pressure for a rate rise. 
However, Mr Michael Saunders 
of Salomon Brothers ggiri other 
parts of the economy were 
picking up more strongly thaw 
the C RT data suggested. 

The yield spread between 
gilts and bunds narrowed to 
130 bacig points from 137 on 
Wednesday. On Liffe, the 
December long gilt fixture rose 
to 100fi in late trading, up % 
points on the day. 

■ Italian and Spanish bonds 
were pulled up by the Europe- 
wide rise in bond prices. The 
yield on the 10-year Italian 


benchmark bond fell to ULii 
per cent from 1236. However. 
Mr Huw Roberts at NatWest 
Markets warned that the mar- 
ket would foil back if the gov- 
ernment continued to prevari- 
cate over the budget deficit 

The Spanish benchmark 10- 
year band yield fell to 11.22 per 
cent from 11.38 per cent 

■ US bond prices floated to 
higher levels yesterday as trad- 
ers adjusted their positions 
nhftftd of thi* morning’s infla- 
tion data. 

By midday, the benchmark 
30-year gov e rnment bond was 
m better at 998, with the yield 
slipping to 7.544 per cent At 
the short end, the two-year 
note was up £ at 1008, to yield 
6.181 per cent 

Traders plodded through 
another sluggish morning, 
with many of them waiting for 
the release of August producer 
price data before stepping back 
into the market 

Today’s report was expected 


to show an accelerating trend 
in prices. Analysts had forecast 
an increase of about 0.5 per 
cent last month, and a 0.3 per 
cent rise when the volatile food 
and energy sectors were 
excluded. 

Still, there was a growing 
min o rit y in the market which 
felt such estimates were exces- 
sive, leading some traders to 
begin covering their bets that 
bond prices would decline on 
the data’s release. 

Even those who were com- 
fortable with the consensus 
forecasts did not expect bonds 
to tumble on a big jump in 
producer prices. Most econo- 
mists thought the Federal 
Reserve would not raise inter- 
est rates again before Novem- 
ber, even if today’s inflation 
reading was strong. 

Such confidence allowed 
bond prices to appreciate in 
light trading. The market 
gained an extra push from a 
mnifpr aring trend in commod- 
ity prices and a firmer dollar. 


Spanish bank deals keep 
■i French franc sector alive 


By Graham Bovriey 

The French franc sector of the 
eurobond market saw further 
activity yesterday as two Span- 
ish banks followed Abbey 

INTERNATIONAL 

BONDS 

National’s FFr2bn issue on 
Wednesday. 

Santander International 
launched a FFr2bn offering of 
10-year bonds, priced to yield 
43 basis points above fixe 

mute- lyin g Vr wiph gnm rnmwit. 

bond. Joint lead manager 
J J*. Morgan reported strong 
demand from French institu- 
tional investors and institu- 


tions in the UK and Germany. 

Argentaria Global Finance 
brought a smaller offering to 
the short Br end with a 
FFrl.5bn issue of three-year 
bonds priced to yield 38 basis 
points over the underlying 

French, gu roi n wnmt hnnri 

The deal met good demand 
in France from institutional 
investors, lead manager Credit 
Lyonnais said. The proceeds 
were believed to have been 
swapped back into pesetas. 

“International demand is 
returning for French francs, 
with particularly attractive 
spreads against Germany,” 
s aid one syndicate manager. 
The market has dropped quite 
a bit recently so that it is now 
at very interesting levels for 


investors across the whole of 
the yield curve.” 

Ford Credit Canada brought 
a C$150m offering of five-year 
eurobonds destined for retail 
investors in Switzerland and 
the Benelux countries, lead 
wurnag w Wood Gandy 

“With C$i.6bn due for 
redemption in October, inves- 
tors are beginning to look for 
new products in the Canadian 
dollar market, ” said oiw syndi- 
cate manager. 

The bonds were priced to 
yield 40 haste points over the 
underlying government bond. 
Syndicate managers reported 
some unexpected retail 
demand from Hong Kong. 

Swedish Export Credit 
launched a $15Qm issue of 



NEW INTERNATIONAL BOND ISSUES 

pm newer 

US DOLLARS 

Swedtoi Export Cradt 

Amount 

m. 

ISO 

Coupon 

% 

175 

Price 

101.1375 

Hrtamniy 

OcL1907 

Fees 

% 

uncSsd 

Spread Book runner 
*>P 

Swiss Barta Carpi 

YEN 

LancMOonx nnanano-naz 

10bn 

4.21 

10100 

Sep. I960 

undtacL 

Salomon Brothers Ml. 

FR04CH FRANCS 

Smtandar fettBruatfomd 
Argantarin Global Finance 

2bn 

1An 

1375 

7175 

99436R 

9173R 

0O2004 

00-1997 

13754 

022R 

+43(514% -04) JP Morgan & da 
+38(8%%-97) Crfcft Lyranata 

D-MARKS 

Rabobank Nedariand ■ 
Bangkok Bto 1 Commerca|a-M 

300 

• 100 

175 

4275 

101-415 

10100 

OCL1999 

OCL199B 

2_50 

275 

DQ Bank 

Bayertscha Veraesbsik 

CANADIAN DOLLARS 

Fort CredR CansdtfD 

ABB Hnance 

150 

100 

ooo 

1375 

99.82SR 

99.79R 

Oct 1989 
OCL1897 

CL325R 

120R 

+40(71496-99) Wood Gwidy 
+15fi Swiss Bank Carp. 

LUXEUBOURO FRANCS 
Cridl Camnwndai de France 

2 bn 

1125 

102JO 

Nov. 1999 

1.75 

BCS 

Final terms and non-ceBable unless ateted. The yield spnrad (over traeweii gowammenS boncQ et tauidi la euppBed by the lead 
manager. $Mth equity warrants. Tftoettrig rate note. Ft fixed ra-ollar price? teas are ehown at ilia re-offer lewreL a) Fixing; 1979194. Q 
Over Werpcttfad yield. 0 Long 1st coupon. 



three-year eurobonds, bought 
entirely by laad manag pr Swiss 
Bank Corporation. SBC said 
the bonds were mainly t?in»n 
up by Swiss retail investors. 
The spread on the bonds was 
believed to be around 17 basis 
points over Treasuries. 


• Zeneca, the bioscience group 
demerged from ICI last year, 
has Sled a shelf with the US 
Securities and Rvchangp Com- 
mission for an amount of 
$750m_ It incorporates a medi- 
um-term note programme lead- 
managed by Merrill Lynch. 


Correction 

Ireland 

Ireland’s 1995 foreign borrow- 
ing needs are likely to be 
I£1.4bn, and not I£4bn as 
wrongly reported yesterday. 


HK seeks market 
in NYSE-listed 
Chinese stocks 


By Louisa Lucas in Hong Kong 

Securities regulatory 
authorities in Hong Kong and 
Beijing are seeking to facilitate 
simultaneous listings in the 
colony and New York. 

The decision comes than 
a month after the flotation of 
Shandong Huaneng, the first 
company to acquire a primary 
listing in New York. A further 
four China companies from the 
13-strong 1994 batch of Chinese 
overseas listings are slated for 
the US. 

Hong Kong regulators are 
eager to enhance the colony’s 
international reputation and 
obtain the extra business gen- 
erated by offering a secondary 
market in New York-listed 
China companies. Investment 
bankers and investors are also 
behind the move. 

Mr Andrew Liu, president 
and managing director at Mor- 
gan Stanley Asia, said; “In the 
long run [dual listings] are 
clearly going to be the trend. 
There are just mechanical 
problems vis-5- vis facilitating 


such listings, for example 
because of the different sub- 
scription systems used {in the 
US and Hong Kong], 

“But the stock exchange has 
indicated its willingness to us 
and other firms, and we are 
having discussions about the 
rule changes they might need 
to mak e." 

Issues include who has juris- 
diction in a simultaneous US- 
Hong Kong listing, prospectus 
differences and underwriters’ 
role in price stabilisation fol- 
lowing a new listing. 

Hong Kong regulators are 
still undecided on whether a 
New York-listed China com- 
pany would have to build in 
additional shareholder rights 
and protections to bring them 
in line with H share listings. 
However, as the bulk of trad- 
ing is expected to be concen- 
trated in the colony, the Secu- 
rities and Futures Commission 
(SFC) is likely to insist on this. 

Another key area is pricing 
The stock exchange is in the 
process of finalising its report 
on pricing mec hanisms . 


Landesbank in note plan 


Bremer Landesbank, the 
regional German bank 75 per 
cent-owned by Norddeutsche 
Landesbank, said yesterday it 
would establish a $l.5bn 
medium-term note programme. 
The decision follows the grant- 
ing of an Aal rating by 
Moody's, the credit rating 
agency, writes John Gapper, 
Ranking Editor. 

It is tiie latest Landesbank 
to gain an investment-grade 
rating. Bremer operates 
both as a regional commercial 
bank in north-west German; 
and a central bank for 


17 local savings bonks. 

Mr Peter Hasskamp, chair- 
man. said it was important to 
have a recognised rating, both 
to diversify its funding base 
and because of increased inter- 
est from international inves- 
tors in the German bond mar- 
ket, where it gains most 
binding. 

The programme, to be 
launched next month with 
Morgan Stanley as lead 
arranger, will include sales of 
French debt instruments, and 
placements with Japanese 
investors. 




fm 






WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 


Red 

Coupon Dais 


o«y» 


Week Month 


Price change YMd ago 


AustmSa 

Bafgfcjm 

Canada* 

Danmark 

France 


gjno wh)4 

7JBD 04/04 


BTAN 

OAT 


asoo 

7.000 

8.000 
5500 
6.750 


(MMX 

12AJ4 

OS/SS 

two* 

oao* 


95.7000 
91.4000 
84^500 
86.3700 
1 02.0000 
8&6TOO 
9&24O0 


-1.050 

40.410 

+0260 

♦0.420 

+ 0.120 

+0390 

♦0470 


7.45 730 7 JO 


Italy 

1S00 

04/04 

813000 

+0.700 12J»f 

11.77 

1126 

Japan N0119 

■iJBOO 

06/99 

1032780 

-0060. 

198 

4.10 

4.00 


4.100 

12/03 

97.0640 

+1100 

455 

4.73 

456 

Ntfnamnde 

5.7S0 

01/04 

816600 

+1440 

7AS 

752 

721 

Spaki 

IOOO 

05/04 

81.4500 

+1720 

1152 

11.06 

1058 

UK Q*a 

IOOO 

oom 

90-26 

+1B/32 

131 

126 

142 


1750 

1VD4 

07-29 

+25/32 

XM 

144 

187 


turn 

lOrtjfl 

103-13 

+30/32 

168 

149 

172 

USTroasuy * 

7250 

0B®4 

99-25 

+3/32 

7.28 

720 

726 


7.500 

11/24 

99-13 

+7/32 

755 

758 

7.64 

ECU French Oort) 

1000 

04AM 

816400 

+0.490 

852 

141 

110 


Union ctaalng. ‘MW York mfcHtay 
t Qnm GnckJdng wthhcMkiQ tax at 120 per i 
PMcaa: U& UK in 3SndB, oOmm to dedmi 

US INTEREST RATES 


YUkunliMtomM. 


LmcMfaM 


Treasiy BBs and Bond Yields 
454 ltocjaw. 



BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOND RJTUHE& (MATtF) 


Open Sen price Charge High 
Sep 1 12-+0 11&68 +068 112.78 

Deo 111.48 111.72 +064 ■ 111.82 

Mar 11084 111.06 +062 11084 

■ LONG TERM FRBICM BOND OPTIONS (MATTFV 


Vo* &L «L Open W. 
1*230 170^449 83£34 

11140 30015 88386 

11078 758 4377 


Oct 

CALLS 

Dee 

Mar 

Oct 

— PUTS 
Doc 

123 


ZAO 

163 

152 

173 

150 

- 

1.14 

1.93 

138 

1.14 

- 

1.71 

2-40 

0.12 

170 

- 

- 

110 

104 

0/48 

- 

- 

173 

18AW 

Pm 362*4 . 

ftwnoue deyto open n. Cato 191775 1 


Strike 
Price 

lit 1.33 922 940 083 132 235 

112 

113 

114 

115 

E*. WSL I 

Germany 

■ NOTIONAL QgRMAN BUHP FUTURES &JFTQ- DM2SQOO0 IQOthe of TOO* 

Open Sett pries Change Ugh Low EsL vtd Open M. 
Dec 8039 8934 +048 89.74 8026 115599 14001S 

Mar 6073 8836 


+045 88.68 


88.70 


32 


1059 


■ BUND FUTURES OPTIONS <LB=Fq PMESPOOO prints af 100% 


Strike 

Price 


9000 

9000 


Oct 

CALLS — 

Nov Duo 

Mar 

Oct 

Mw 

PUTS 

Deo 

Mar 

055 

L07 129 

129 

161 

199 

1.15 

2.03 

029 

191 103 

1.17 

175 

1.17 

120 

221 

021 

059 050 

088 

157 

1.45 

156 

259 

crai 8785 Pub **795. Ptrerioua «•*/*• open «. Cato 1»30B Pin 180B1+ 



■ NOTIONAL MEDIUM TERM GERMAN OOVT. BOND 
(gpaLMJFFEr OM25POOO 100015 of 10096 


Dec 


Open Settpriea Change 
96.41 


Mgh 


EaLvol Open W. 
0 0 


UK GILTS PRICES 


Italy 

■ NOTIONAL ITALIAN OOVT. BOND 03TPJ FUTURES 


FT-ACTUAMES FIXED INT ER E S T INDICES 


Mae Imfloes 


Thu 


Day-e 


Wed 


Accrued ad &d). 


ago 

ftJFF ET Ura 200m lOCHha of 10096 





UK Qlte 

Sep B 

change ft 

S«p7 

baarest 

yvi 


Sap 9 

Sep7 

Vr. ago 

Sep B 

Sep 7 

Yr. ago 

Sep 8 

Sep 7 

Yr. ago 

948 

Open 

Sett price Change 

High 

Low 

Est vot 

Open toL 

1 Up to 5 ynen»{24) 

12029 

+027 

11925 

157 

101 

5 yra 

142 

154 

824 

B54 

165 

6.46 

163 

177 

626 

824 

Dec 9162 

S&71 +024 

96.79 

8106 

28144 

59238 

2 5-15 years (fl) 

13130 

+Q.B0 

13146 

124 

922 

15 yra 

650 

659 

7.01 

162 

172 

7.14 

191 

B27 

729 

9.03 

Mr 85.85 

9657 +137 

95.65 

9146 

60 

130 

3 Over 15 years (8) 

155.13 

+186 

15321 

1.12 

921 

20 yra 

144 

154 

7.14 

162 

8.72 

722 

176 

8.B2 

741 








4 Irredeemables (Bj 

17720 

♦027 

17627 

254 

183 

InwiT 

853 

851 

723 







721 







5 Al stocks m 

13177 

+157 

13529 

126 

197 











7.75 

■ ITALIAN OOVT. BOND PTP) FUTURES OPTIONS (LIFFE] Ura200m TOOlha cM DO% 








— 

— Inflation 6% — 

— 

— 

— Jnftadon 10% - 

— 



Strike 









■ ■■■J 




Price 

Dec 

Mar 


Dec 


Mar . 

9660 

259 

128 


227 


229 

9700 

221 

155 


2.60 


2.68 

8750 

255 

126 


224 


259 

toL wL ML Cato 229 Pure 1166. Prwton t*f% apm tot. C*6l 6000 *«■ 9720 


Spain 







■ NOTIONAL SPANISH BOND FUTURES (MEFF) 





Open Sett price 

Change 

Ugh 

Low 

ElL MB. 

Open W. 

Sep 

8647 B7.05 

+178 

87.06 

8640 

45589 

84547 

Dec 

6555 85.67 

+181 

8190 

8555 

7.731 

33.302 

UK 







■ NOTIONAL UK (MLT FUTURES (UFFE)' £50.000 32nds d 100% 



Open Sett price 

Change 

HW 

Low 

Eat voi 

Open Irt. 


101-03 101-24 

+0-26 

101-23 

10028 

2206 

26532 

Dec 

100-15 101-02 

+0-27 

101-05 

100-02 

55243 

86823 

Mar 

100-14 

+027 

- 

- 

0 

0 

■ LONG OILT FUTURES OPTIONS 0JFFQ £50,000 64tfw oMOON 


Strike 







Dec 

Mar 


Dec 


Mar 

Price 

101 

2-04 

2-48 


210 


3-18 

102 

1-34 

2-18 


2-30 


3-54 

103 

1-08 

1-68 


3-04 


4-30 


Ear. voL torn. Crib 10510 Puta 1215. AriW dW* open h. Case 18048 Paw 22511 


Ecu 

■ ECU BOND FUTURES (MATTF) 


Open Sett price Change Hgh Low 
Sep 0080 8030 +048 8034 8036 

Dec 80.10 8030 ' 4046 8040 8010 

US 

■ UB TREASURY BOND FUTURES fCBIJ S1003C0 32nda c4 10OT8 


SC ML Open ht 
550 4.709 

838 4330 



Open 

Lanai 

Change 

Htfi 

Low 

Est. voL 

Open M. 

Sep 

102-11 

102-12 

+0-04 

102-18 

102-10 

23539 

137,197 

Dec 

101-18 

101-16 

+0-03 

101-22 

101-14 

332593 

296201 

Mar 

100-23 

IDO-27 

+0435 

101-30 

100-23 

378 

7526 


Japan 

■ NOTIONAL LONQ TERM JAPANESE OOVT. 
(UFFg VI 00m IQOthe d 10096 


BOND FUTURES 


Open Close Change Fflgh Low Est wot Open inL 
Dec 10736 - - - 108.10 10735 1883 0 

- UFFE cotttacte wtod on APT. Al Opn tow a *0*. »» tar prevtou* day. 


tot l« PricaC +<r- 


„18M_ 

Bgn lo» 


_«*_ ~1884_ 

Wt Rtf ftto**w- ln» 


-«e«_ -IB94- 

m a meat +■- Kvb tea 




SMrtfOJm mfcFtaYnad , „„ 

TrwaBpciM*** 884 113 jOOfl 

line 1355 11.72 146 102*, 

fartS*Gia«S0-85_ W6 “S 

iiu.» r gas 181 123 103ft 

KoSTultfelMS**--.. M8S 188 1«g 
IMS tlM LM 109 

SWWBt- 1158 7.14 112ft 

i!*ee , ii2 T JS 

984 7.48 104* 
7.11 737 9B)M 

1185 737 nifi 

990 7.71 108ft 

888 73S 102 

ties in 110ft 

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328 

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327 

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301 

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414 

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627 

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401 

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413 

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FINANCIAL TIMES 


FRIDAY SEPTEMBER 9 1994 


COMPANY NEWS: UK 


Good summer weather across Europe boosted soft drink sales 

Cadbury up 23% to £166.2m 


By Roderick Oram 
Consumer tndtistrfes Editor 

Higher volumes of soft drink 
and sweet sales helped Cad- 
bury Schweppes lift its interim 
pre-tax profits by 23.2 per cent 
from £166 ,2m to £204^m. 

The UK was a strong market 
for both sides of its business 
and the US showed a sharp 
increase in soft drinks. But 
some continental Europe mar- 
kets and and Australia suf- 
fered from local problems. 

Mr Dominic Cadbury, chair- 
man, said the second half was 
off to a strong start with good 
summer weather across 
Europe boosting soft drink 
sales. 

The interim dividend rises 
27.8 per cent to 4.6p (3.6p) to 


reflect earnings growth and a 
re-balancing of interim and 
final payouts. Earnings per 
share were 13.42p (lIL21p). 

Cadbury’s trading margin 
widened to 12.1 per cent from 
10 per cent thanks to cost 
savings as well as higher sales 
volume. Trading profits rose 25 
per cent to £2l3-9m (&7l.lniJ 
on sales ahead 3.5 per cent at 
£1.77bn (£i.71bn) in the six 
months to June 18. 

Soft drinks in the UK were 
one of Cadbury's best perform- 
ers despite a 6 per cent &11 in 
prices due to stiff competition 
from own-label brands such as 
J. Salisbury's Classic Cola. 

Coca-Cola & Schweppes Bev- 
erages, its joint venture with 
Coca-Cola, raised volumes by 2 
per cent and trading profits by 


20 per cent, thanks in part to 
further cost savings. 

The division, which indudes 
other business such as Sodas- 
tream. had trading profits of 
£51. 6m, up 12.7 per cent, on 
sales down 3.7 per cent at 
£35L7m 

In confectionery, UK trading 
profits rose by a quarter to 
£41 .5m on sales ahead 8.4 per 
cent at £387. 9m. Chocolate 
sales volume gained 4 per cent 
in line with the market. Trebor 
Bassett’s sugar sweets 
increased their market share 
while the Maynard brand 
became market leader in fruit 
sweets. 

• COMMENT 

Once again Cadbury Schwep- 
pes has showned its talent for 


pushing its brands in trying 
conditions and developing new 
markets. On present form 
before another Spanish 
restructuring charge of about 
£25m it can produce pre-tax 
profits of about £50Qm for the 
full year, or 34p a share, for a 
prospective multiple of 13.5. 
But there are adverse factors 
to keep an eye on. In the UK 
soft drinks market, a combina- 
tion of falling prices, stagnant 
revenues and ultimately finite 
cost-cutting measures will 
TTiflirw ft difficult for the com- 
pany to push profits higher in 
coming years. Much more 
work is needed in order to pull 
continental European soft 
drinks together. Until these 
problems are solved, the shares 
are fairly rated. 


Coke survives the Sainsbury challenge 


Sales of Coca-Cola In J Sainsbury stores 
fell 15 per cent In the first half after the 
UK’s largest supermarket chain launched 
its own brand of cola, according to Coca- 
Cola & Schweppes Beverages, the Coke 
bottler, writes Roderick Oram. 

But overall sales to Sainsbury by CCSB, 
a joint venture between Cadbury Schwep- 
pes and Coca-Cola, were up 4 per cent in 
the first half thanUs to higher sales of 
non-cola soft drinks, Mr Derek Williams, 


head of CCSB, said yesterday. 

Sainsbury, which had a weak position 
in the own-label cola market, unveiled its 
Classic Cola in late April to try to capture 
sales from branded colas. 

“We’ve responded successfully to 
that challenge,* said Mr David Wellings, 
Cadbury’s chief executive. “Own 
label Is not a new or terrifying 
phenomenon for us.” With Saiztsbniy’s 
cola, “we are talking only one 


product and one customer*. 

Only some 4 per coot of Coke’s sales are 
to Sainsbury. Overall, Coke’s UK sales 
volume wiD rise by about &5 per cent this 
year, Mr Williams said. 

Sainsbnzy said bottles of Classic Cola 
now accounted for about 65 per emit of 
the chain's bottled cola sales against 25 
per cent before the launch. Cans 
accounted for about 55 per cent of can 
sales gainst 3 per cent. 


Lack of exceptional cuts 
Sema to £13m at midway 


By Paul Taylor 

Sema Group, the Anglo-French 
computing services company, 
yesterday reported a strong 
underlying increase in first- 
half profits, although the 
absence of exceptional gains on 
disposals meant pre-tax profits 
fell from £15 .2m to £ 12.6m. 

Excluding disposals, pre-tax 
profits on ordinary activities 
increased by 34 per cent to 
£14-2m in the six months to 
June 30, up from £l0.6m. 

There were losses this time 
of £ l.64m from the disposal of 
I-Linle. the German software 
products business, to IBM. 
compared with profits of 
£4.63m. 

Earnings per share slipped 
from 10.46p to 9.13p, but adjust- 
ing for disposals they rose 


from ?.05p to 8.79p. An interim 
dividend of L6p (L2p) has been 
declared. 

About 40 per cent of the 
equity is held by Paribas and 
France T6lgcom. while Cap 
Gemini Sogeti, a rival com- 
puter services group, has 27.7 
per cent 

Group turnover grew by 28 
per cent to £298m (£233m), 
underpinned by strong organic 
growth in the IK for the sec- 
ond successive year and by 
more modest growth in France. 

The latest results also 
include a full six months con- 
tribution from the Swedish 
facilities management, infor- 
mation services, consulting 
and systems integration busi- 
nesses of the state-owned 
SKDforetagen group which 
were acquired in October. 


Market shows relief over 
Enterprise Oil results 


By Peggy HoMnger 

Shares in Enterprise Oil rose 
13p yesterday to 400p, reveal- 
ing the market's relief over 
slightly better-than -expected 
Interim results in spite of 
record lows in the oil price. 

A 17 per cent reduction in 
operating costs, lower explora- 
tion expenses and higher pro- 
duction all helped to offset the 
effects of an 18 per cent fall in 
average oil prices to £10.10. 
Operating profits were 4 per 
cent higher at £68.4m on turn- 
over 3 per cent ahead to £299m. 

Net profits fell from £80.6m 
to £8l5hl This sharp fall was 
due to the £24m costs of the 
failed bid for Lasmo, interest 
costs of £15m (gains of £5 .2m), 
and the absence of a £27m tax 
credit Last year, the govern- 


ment abolished relief on explo- 
ration and appraisal costs 
which has resulted in higher 
tax charges this year. The 
£24m deficit form the bid cov- 
ered printing costs, lawyers' 
fees and due diligence costs. 

Elf Enterprise, the joint ven- 
ture with Elf Aquitaine, 
incurred losses of £2 .2m, 
against gains of £9 .2m last 
time. 

Enterprise increased its pro- 
duction by 25 per cent to 
196,450 barrels of oil equivalent 
per day. 

The dividend was main- 
tained at 6.5p. Earnings fell 
from 15.8p to 0.lp per share. 
However, cash flow per share - 
which is often considered a 
more appropriate measure for 
valuing oil companies - was 
33p. 


Plantsbrook 
advances 8% 
despite fall 
in death rate 

By CaroBne Southey 

Plantsbrook, the funerals 
group which Is subject to a 
£193m takeover bid by Service 
Corporation International of 
the US. yesterday reported an 
8 per cent rise in interim 
profits. 

Pre-tax profits rose from 
£5^6m to £6^4m in the six 
months to June 30 while a 
£845,000 contribution from 
acquisitions lifted turnover 
from 3m to £27. lm. 

Mr Peter Hindley, chief 
executive, said the sales 
increase was achieved despite 
a 2 per cent reduction in the 
death rate over the 
c om p ar able period last year. 
He said the fall was expected 
following the unusually 
high rise in the death rate last 
year. 

Fully diluted earnings per 
share rose from !L83p to 4.llp. 
An interim dividend will not 
be paid following the 
directors' decision to 
recommend SCTs offer. 

The company ended the 
period with net cash of 
£488.000, against £995,000. The 
Interest charge Ml from 
£460,000 to £292,000. 

Mr Hlmfley said Plantsbrook 
had taken advantage of 
opportunities in the property 
market and extended its 
branch network. 

Its geographical base was 
extended with the acquisition 
of a business in York in 
January and a further 18 
branches were added to its 
Scottish network with the 
purchase of DB Henry in 
February and Potts in 
Glasgow in June. Four more 
branches were opened. 

SCI, the largest funeral 
operator In the US, has also 
established itself as the 
biggest UK operator, securing 
15 per cent of the market 
through its purchase of both 
Plantsbrook and its only listed 
competitor. Great Southern 
Group. 

SCI is paying 175p a Share 
for tiie 46J3 per cent stake held 
by Plantsbrook’s largest 
shareholder, Pompes Funebres 
Generates, the French funerals 
group. 

The board of Plantsbrook 
has recommended the offer to 
shareholders. 


Charges mask improved 
performance at Cookson 


By Paul Taylor 

Exceptional charges totalling 
£49. 4m, including goodwill 
write-offs of £36.5m, masked 
strong underlying sales growth 
and a sharply improved first- 
half profit performance at 
Cookson, the specialist indus- 
trial materials group. 

Pre-tax profits after the 
exceptional items, which 
mainly related to the sale of 25 
engineering subsidiaries to a 
management buy-out team in 
March, fell to £3.6m. The 
restated figure of £42.4m for 
the year-ago period included a 
£5 .5m net profit on disposals. 

Excluding the exceptional 
items, pre-tax profits in the six 
wnnthg to J une 30 jumped by 
46 per cent to £53.8m (£36.9m), 
on turnover up 8 per emit to 
769.1m (£710-lm). 

On a llke-for-like basis, after 
adjusting for exchange rate 
movements and acquisitions 
and disposals, turnover grew 
by 12 per cent Net Interest 
costs foil from EftEihn to £9. 7m. 

On an non-adj listed basis the 
group posted a 2.4p loss per 
share (5.6p earnings). However, 
the interim dividend is raised 
to 32p (3p). 

The figures, particularly the 
sales growth, were ahead of 
market expectations and the 
shares closed up 7p at 259p. 

Operating profits in cre as e d 
by 28 per cent to £63.5m 
(£49 An), or by 31 per cent on a 
like-for-like basis. 

Mr Richard Oster, ehirf exec- 
utive, said despite pressure on 
group margins the return on 
sales rose from 7 per cent to 8£ 
per cent - edging closer to the 
target of more than 10 per cent 

Mr Oster said trading in the 
electronic material and plas- 
tics businesses was particu- 
larly strong. Most of the busi- 
nesses in the ce rami cs and 
engineered products divisions 
also contributed to the “sub- 
stantially Improved half-year 
results.” 

Net borrowings at June 30 
stood at £l63m, representing 
gearing of 27 per emit 

• COMMENT 

Cookson is continuing to make 
progress towards its strategic 
goals. The sale of the engineer- 
ing businesses concluded the 
short-term divestiture pro- 
gramme of non-core busi- 
nesses, margins- are increasing 



IhwarHbnufirt w 

Richa rd Oster: pressure on margins throughout the group 


and all of the 23 loss-makers of 
two years ago hare been 
turned around. The underlying 
sales growth now being 
achieved is impressive, 
prompting some analysts to 
raise their forecast yesterday. 


Pre-tax profits, excluding 
exceptional*, of at least £U5m 
now look possible this year. 
Cookson is more than just a 
recovery play and deserves its 
premium prospective p/e rating 
of 18.8. 


| DIVIDENDS ANNOUNCED ) 


Cones - 

Total 

Total 

Curont Data of 

ponding 

for 

last 

payment payment 

dividend 

year 

year 


Ai}o Wiggins Int 

Avonmora Foods Int 

Que Girds 
Boatrom 

Brttbh Gas int 

0TB int 

frbury Schweppes Int 

CanadtanPbza -Int 

Church int 


Cookson 

Dartmoor Jmr _ 

fietm ~ * I'M! 

nuwprkSo UB M 

■-»-« t||N ft 

ranTtavOT wiu «. 

Q'mora Val kw 
Qfano ... - 


Jnt 


Jnt 


Gowrtngs Int 

Has Engineering int 

HTR Jap Sma bw int 

latogDohri) bit 

bit 


Newman Tanks 
OGC - 


Jnt 



PCTtkoup 
Plantsbrook 
Porvab bit 
Prfncedale 

Royal Doulton bit 

Sema bit 

Sun Affiance Jnt 

TLS Range § . . .Jnt 

Tottenham H fin 

Yorkshire Food ..Jnt 


2.65 

1 . 66 * 

3.75 

2-St 

6.4 
52 

4.6 

2.4 
3 

3 2 
2.8 
6 J5 
05* 
09525 
18 
1 
5 

045p 

3 

2J » t 

2.75 
1.8375 

2.7 
rtf 

1.8 
02 

1.75 
1.6 
SS 
0.5 

1 

0.8 


NOV 15 
Oct 22 


Nov 25 

Oct 27 
Dec 1 
Oct 28 

Nov 3 


Nov 3 
Nov 3 

Oct 28 
Nov 10 
Oct 25 


Oct 14 
Nov 12 


2.85 

155 

3.75 
2h 

8.4 
4.95 
3.6 

3 

3 

2.5 

9.5 
05 

09525 

15 

1 

6.48 

3 

2 JO 
2J33 

1.75 
2J> 
1.1 
1.4 
nil 

12 

5X5 

5 

0.72 


27 


6.5 
33 

11.25 

6 

14.5 
1225 
14.4 

3.6 
13 

8.3 

11.6 
16 
1.8 

1.8140 

22 

2 

9.5 

9 

10 
62 
525 
725 

3.4 
42 
025 

3 

3.1 

14.75 

0.5 

5 

32 


Dividends shown pence per. shsa net except where otherwise stated. tOn 
Increased capital. §USM stock. *US cwreney Atrish currency 


UTK-h-tr-trXi 



/• * ■*. Yv; ..V O'-’ r --. 



:-.l 

«. “ r * V J ? % 


^ 77 • V 

X £ ~ 


v ~e 

y n yfSWjZ: 


Financial Times (Japan) Ltd. 

Kosahara Building, 

1-6-10 (Jchikanda, 
Chivoda-kiL, Tokyo 101, 
Japan 

TEL: (03)3295 4050 
FAX; 10313295 1264 


FINANCIAL TIMES 

lomoon wa'ruwnin imiw ien 


THE BENEFITS 
Building Investor Relations 


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carnaudMetalbcx 

TURNOVER AND OPERATING PROFIT UP 
IN FIRST HALF 1994 

Commenting on the first half, President and Chief Executive Officer, Jurgen Hints said: 
«We are on track. These results demonstrate that the company is performing well despite weak 
packaging markets. We have further improved our competitive position, controlled costs tightly 
and improved our manufacturing performance. 

«Five factory projects are now underway in Asia-Pacific. Wheaton International, a planned joint 
venture announced recently, will become the leading worldwide Health & Beauty packaging 
company with a turnover of FRF 5 billion. It has been an eventful six months.* 


i In millions of FRF! 

1st half 
1994 

5 si half 
199.*{ 

change 

Turnover 

12 317 

11886 

+4% 

Operating profit 

2 047 

974 

+796 

Net attributable profit 

510 

509 

= 


Turnover 

The 4% increase in turnover was principally driven by a strong recovery in market share in 
the European beverage cans and a recovery in the African and Asia-Pacific regions. This com- 
pensated for generally weak European packaging markets, particularly in France. 

Operating profit 

Operating profit rose by 7%. The cost containment programme, the benefit of restructuring 
and significantly improved manufacturing performances more than offset continued pressu- 
re on prices from our customers and significant increases in some key raw material costs. As 
a result the operating margin improved by 03% points to 8.5%. 

Net profit 

Net profits were flat, largely due to differences in exceptional gains. Excluding exceptional 
gains in both periods, net attributable profit would have been up 7%. 


CamaudMeialbox is one of the leading packaging manufacturers in the world with turnover of more than FRF 24 
billion, of which 80% is in Europe. The Croup's operations are focused on metal and plastic packaging 
employing more than 30,000 people at 198 factories in 38 countries. ^ 45 

To receive the Interim Report please contact : Virginia Rutherford. Financial Communication 
153 rue de Courcelles 75017 Paris - Tel : (33) 1 44-15-68-00 - Fax : (33) 1 43-80-21-02 




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FINANCIAL TIMES FRIDAY SEPTEMBER 9 1 994 




^ ... 



COMPANY NEWS: UK 


Further restructuring at Swinton will involve 64 branch closures and £8m provision 

Sun Alliance near trebled at £ 180 m 


By Christopher Price 

Sun Alliance, the composite 
insurer, yesterday reported a 
near-triplin g of pre-tax profits 
from £6l.7m to £180 .2m for the 
first six months of 1994. 

The results were in hue with 
analysts 1 forecasts and contin- 
ued the recovery, particularly 
in the UK market, seen among 
the other general insurers. 

However, there was evidence 
of increasing competition in 
the UK home and motor insur- 
ance markets, where premium 
income retreated U per emit to 
£443m (£50lm). 

The company also annntircv . 
ced a further restructuring of 
Its Swinton high street insur- 
ance intermediary, which will 
involve the closure til about 84 
oat of a total of 690 branches 
and a provision of £8m. 

The tumround in the UK 
overall resulted in an under- 


writing profit of £33m, against 
a £ 1 00 . 6 m loss. 

Mr Roger Taylor, chief exec- 
utive, said: This was achieved 
as a result of the consistent 
application of firm underwrit- 
ing practice.'' Tighter risk 
selection and rating measures 
had also contributed. 

The underwriting loss 
including Sun Alliance's over- 
seas business fell to £36.8m 

(ElSSJLm). 

Premium income from the 
UK cQfpTnprc rai insurance busi- 
ness increased pus™ to £469m, 
although the life insurance 
side was hit by slack demand 
in the housing market and 
slipped £9m to £364m. Invest- 
ment income, on the other 
hand, grew 5 per cent to 
£186.1m (£177 -3m). 

Overall, premium income 
from general insurance 
increased from £1.73bn to 
£1.79bn* Life insurance pre- 


mium income grew 13 per cent 

to £57&9m (£509m). 

The solvency margin, which 
measures non-life premium 
income as a percentage of net 
assets, was 56 per cent, com- 
pared with 64 per at the year- 
end. Net assets stood at 
ELTZbn, against £2.01 bn. 

Earnings per share increased 
from 5-2p to l&2p, while the 
interim dividend has been 
raised 4.8 per cent to 5£p- 

• COMMENT 

There was much to be cheerful 
about in yesterday's results 
from Sun Alliance. Bui, as the 
restructuring at Swinton 
shows, the company is more 
heavily exposed than any of its 
competitors to the UK Insur- 
ance market, with rates begin- 
ning to soften competition 
from direct sellers beginning to 
bite. Forecast profits of £375m- 
£42 0m mean the company 



‘■***a#*i * «*■■-****_ 





Roger Taylor, tighter risk selection and rating measures 


could produce earnings of 4lp. 
A dividend increase to I5.75p 
for the full year would give a 
prospective yield of 5.9 per 
cent That is about average for 
the sector and is likely to limit 
any upside in the shares. How- 


Glaxo feels growing pressure IBellwinch tops £0.5m as 


on top-selling drugs 


housing market firms 


By Ttm Burt 

A steady improvement in 
profits at Glaxo, Europe's larg- 
est pharmaceuticals company, 
yesterday threatened to be 
overshadowed by growing mar- 
ket pressure on some of its top 
selling drags. 

While showing a 10 per cent 
increase in foil-year profits, the 
UK group admitted that at con- 
stant exchange rates its perfor- 
mance had been held hack by 
slowing sales growth from 
products such as Zofran - used 
to treat nausea in patients 
undergoing chemotherapy - 
and Ventolin, its long-estab- 
lished anti-asthma drug. 

Even Zantac, the world’s 
best-selling drug, failed to keep 
pace with growth in the anti- 
ulcer market of U per cent in 
the year to June 30. 

Sir Richard Sykes, chief 
executive, said a number of 
drugs were facing challenges 
from cheaper generic rivals, 
while pricing pressures had 
also seen the group lose sales 
in some important markets, 
including Germany, France 
and Japan. 

"We have seen slower 
growth rates and some mar- 
kets will continue to he diffi- 
cult,” he warned. "Bat things 
are still moving in the right 
direction and we will continue 
to support oar best-sellers." 

Of those top products. Zan- 


tac continued to dominate — 
accounting for 43 per cent of 
total turnover — »nd Sir Rich- 
ard predicted further progress 
if approval was secured for 
over-the-counter sales. 

The group's overall market 
position would also be 
strengthened by the success of 
its five fastest growing prod- 
ucts. While only accounting for 
10 per cent of total turnover 
last year, these products 
enjoyed average sales growth 
of 161 per cent 


That improvement was led 
by Tmig ran. its mi graine treat- 
ment which doubled sales to 
£243m. And, although revenues 
were adversely affected by gov- 
ernment healthcare reforms in 
some European countries, 
Glaxo's overall rise in turnover 
exceeded market growth. 

Meanwhile, costs were cat 
over the year as spending on 

marketing and administr ation 

fen from 36.4 per cent to 34^ 
per cent as a proportion of 
turnover. 


By Christopher Price 

Beflwinch, the home counties 
housebuilder, yesterday con- 
firmed the tentative recovery 
in the housing market, report- 
ing pre-tax profits at £544,000 
for the year ended June 30, 
against £161*000 last time. 

Turnover rose 11 per cent to 
£17.47m (£15. 69m). Earnings 
per share increased to l.lp 
(Q-9p), while the dividend was 



The company said retained 
profits were being used to 
reduce the deficit in the profit 
and loss reserves, "bringing 
forward the date on which the 
directors can consider a 
resumption of dividend 
payments." The company last 


paid a dividend in I960. 

Mr Ray Davies, deputy chair- 
man and chief executive, said 
he expected house price infla- 
tion of about 3 per cent this 
year. 

Manweb buy-back 

Manweb has become the fifth 
of the regional electricity com- 
panies to buy bade its shares. 
It bought 1m yesterday at 870p 
each and 500,000 the day 
before. 

The share closed yesterday 
at 866p, up 4p. 

The other companies which 
have bought back the shares 
are Eastern Electricity. See- 
board. Sweb and SeeboanL 


Blue Circle’s advance 
fails to please investors 


ever, bulls will point out Sun's 
traditionally high investment 
exposure to UK equity and 
property, which means the 
company is well placed to ben- 
efit from- the continuing recov- 
ery in those market conditions. 


By Andrew Taylor, 

Construction Correspondent 

Blue Circle, Britain's biggest 
cement group, yesterday 
announced a 46 per cent rise in 
underlying profits, but this 
was not enough to prevent its 
share price falling by 14p to 
300p. 

Profit taking and concern 
that the recovery in UK 
cement demand will slow next 
year took the gloss off the half- 
year figures. 

Profits from continuing busi- 
nesses rose from £60. 5m to 
£88.4m. This represented a fur- 
ther substantial improvement 
on profit increases of 77 per 
cent and 31 per cent in the two 
preceding six-month periods, 
said Mr Keith Orrell-Jones. 
group managing director. 

However, a £40 -3m provision 
- of which £35. lm was due to a 
goodwill writeoff an the sale of 
foe New World cookers busi- 
ness - depressed pre-tax prof- 
its which fell from £60.5m to 
£48. Un. 

Earnings per share, before 
exceptional, rose from 5p to 
7.5p. The interim dividend is 
bein g maintaine d at a 7Sp 


The UK Cement division led 
the first-half improvement 
with operating profits more 
than doubled to £28.2m 
(£12. lm) on the back of an li 
per cent volume increase and a 
l per cent rise in prices com- 
pared with the first six months 
Of 1993. 

Operating margins of IS per 
cent on expected UK sales of 
fL5m tonnes this year are now 
not far short of foe peak of 22 
per cent on 9m tonnes in 1988. 

Mr Orrell-Jones said foe big- 
gest reason for the improve- 
ment was cost-savings worth 
£2m a month, introduced in the 
previous two years. 

US cement, concrete and 
aggregates profits also rose 
sharply from £6.6m to £iim. 
helped by improved efficiencies 
and higher prices. Profits 
would have increased further 
but for bad winter weather. 

Cement and concrete profits 
in Chile had risen slightly to 
£l7.6m (£l6.5m> but reduced 
demand for high-rise buildings 
in Santiago meant that sales 
were likely to come under pres- 
sure. 

Elsewhere, African profits 
rose from £5.5m to £8.9m, while 


Malaysian profits slipped from 
£9.9m to £8.9m. 

Home products profits rose 
only slightly to £24J5m i£24J2m) 
but this masked improved prof- 
its from Italy, Sweden and 
France, as well as from UK 
bathrooms. Profits from Ger- 
many fell, as did those from 
UK heating. 

• COMMENT 

Blue Circle has done a tremen- 
dous job in cutting costs. The 
pace of improvement, however, 
is likely to diminish with UK 
cement volumes expected to 
increase by about 2 per cent 
next year compared with s per 
cent in 1904. Construction 
recovery in the US is also 
likely to slow, while there is a 
limit on how much more mar- 
gin Blue Circle's good house- 
keeping can generate in build- 
ing materials. This may not be 
a problem if the home products 
business finally delivers, but 
this market remains tough in 
the UK. Pre-tax profits this 
year of £200m (after New World 
provisions) and £270m next 
places the shares on prospec- 
tive multiples of 19 and 13. 
which looks dear enough. 


Avonmore down 9% to I£10m 


Weak milk margins hit 
Avonmore Foods, foe expand- 
ing Irish dairy and meat pro- 
cessor, which yesterday 
reported a 9 per cent drop in 
interim pre-tax profits to 
I£10.1m (£9 -99m) on sales 15 per 
cent ahead at iesofrn 

Mr John Duggan, Hiairrpar^ 
said international markets for 
dairy products had yielded 
noticeably lower returns in the 
first hall 

"This impacted adversely on 
margins in foe Irish mflk busi- 


ness,” he said. 

As a result foe dairy divi- 
sion's operating profit rose just 
8.7 per cent to I£8.46m, on a 36 
per cent jump in sales to 
I£320,4m. 

Sales were boosted by the 
acquisition in July last year of 
foe Dairy Crest liquid milk 
business. Mr Duggan said foe 
division had also suffered an 
adverse impact from foe lon- 
ger- than-expec ted integration 
of foe liquid milk operations in 
the south of En gland 


The meat operation was hit 
by weaker markets throughout 
Europe, particularly in Ger- 
many. 

Profits fell from I£3.9m to 
I£2£m on sales down by 5 per 
cent at l£204.4m. 

Profits in the agricultural 
business fell from I£5Rlm to 
l£5.4m on sales up by l£3-3m to 
I£67.3m. 

The dividend was increased 
by 6.5 per cent to 1.65p. Earn- 
ings per share fell almost 11 
per cent to 4-8p. 






Ml Jena 

Sir Richard Sykes drugs facing challenge from generic rivals 


iFIT UP 



SUNALLIANCE 

GROUP PLC 

fk $ & jfffi 

:W I nJf e r IM m E s i|lt S ys 




Sf R O N CM M P R GW E M BIN T 

..T 





4 ^ 



“Our results continue to show a strong improvement with all 
our major operating subsidiaries contributing to profits. 
We achieved a satisfactory underwriting profit in the UK and 
made good progress in our general business elsewhere. 
There were increased life profits both in the UK and overseas. 
Our results confirm the strength of our financial position. 
In these circumstances the Board have decided to 
increase the interim dividend.” roclk tavlo*. 

Ckul'f ciiiLt Evccunvr- 


Profit before taxation £ 180.2m (1993; £ 6 1.7m). 

Shareholders’ net assets at 30th June 1 994- £\, 728m 
(31st December 1993; £2,0 12m). 

Solvency margin including minority interests 56% 
(31st December 1993; 64%). 

The interim dividend is to be increased to 5.5p (1993; 

5.25p). ' 


THE HALF-YEARLY REPORT CONSISTING OK THE INTERIM RESULTS TOGETHER 
WITH THE DECLARATION OF DIVIDEND AND THE GROUP CHIEF EXECUTIVE’S 
COMMENTARY IS BEING POSTED It) SHAREHOLDERS. 


As universal as BTR 


1994 INTERIM RESULTS 


30 June 1904 


Sales 

Profit before tax 
Earnings per share 
Dividend per share 

- conventional equivalent 


30 June 1993 


£4, 678m &4,872m 


&694m 

&598m 

12. 5p 

11. 3 p 

5.20p 

4.95p 

6.50p 

— 


<5> 

SUNALLIANCE 

GROUP PUC 

TOGETHER WE MAKE SOME ALLIANCE 



FOB YOUR COPY OP BTR'S i»94 INTERIM RESULTS WRITE TO BTR pie, S1LVERT0WN HOUSE, VINCENT SQUARE, LONDON SW1P 2PL. TELEPHONE: 05 1 834 3848 





COMPANY NEWS: UK 


Sharp drop in oil prices and lower UK gas sales contribute to fall to £630m 

British Gas maintains dividend at 6.4p 


By Robert Corrine 


British Gas yesterday announced that 
it was holding Its interim dividend at 
&4p, ending, at least temporarily, spec- 
ulation that it was about to cat the 
dividend in response to growing 
domestic competition and regulatory 
uncertainty. 

Mr Cedric Brown, chief executive, 
said the company would clarify its lon- 
ger-term dividend policy ou September 
29, when it would disclose details of 
the strategic direction of the company. 

Analysts had suggested that British 


Gas might use the excuse of regulatory 
pressure to correct what some see as 
the company’s over distribution. The 
company pays about £700m a year in 
dividends. 

Mr Brown made his comments after 
the company reported a reduced second 
quarter net loss on an historical cost 
basis of £4m, against £16m last time. 
Losses per share were o.lp (0.4p). Sec- 
ond quarter figures are usually dis- 
torted by a seasonal downturn in 
demand. 

Half-year profits fell to £630m 
(£634m) because of lower UK gas sales 


and the sharp fall in oil prices in the 
first quarter. Earnings per share were 
14. 5p (14.7P) 

Although cold weather boosted gas 
sales in the company's remaining 
monopoly markets by 1 per cent, vol- 
umes in the competitive markets fell 
by 20 per cent 

This was offset by a £80m increase in 
transportation income as TransCo, the 
monopoly pipeline division, benefited 
from increased volumes from indepen- 
dent gas marketing companies. 

Profits from exploration and produc- 
tion were down sharply from £l96m to 


Job loss programme proceeds on schedule 
despite being slowed by culture shift 

Robert Corzine considers the reorganisation being undertaken by British Gas 


M r Cedric Brown, Brit- 
ish Gas' chief execu- 
tive, yesterday said 
the radical reorganisation was 
proceeding on schedule. 

An additional 3,000 people 
being made redundant In the 
first half brings the year-on- 
year total to 10,000. 

His comments, at the second- 
quarter results presentation, 
come after some analysts ques- 
tioned the relatively slow pace 
of the programme, announced 
earlier this year, ft involves 
the separation of the company 
into five business units and the 
loss of 25,000 jobs, a third of 
the workforce, over the next 
three to four years. 

However the heads of two of 
the main units, TransCo, the 
transportation and storage 
arm, and Public Gas Supply, 
the domestic trading division, 
say substantial progress is 
being made. 

Mr Harry Moulson. manag- 
ing director of the Solihull- 
based TransCo, notes that 
under the old system there 


were “13 management levels 
between the chief executive 
and the guy who dug holes in 
the road. We are now going for 
five or six." 

The top tiers of management 
had now been appointed, with 
mid-level and more junior 
supervisory slots soon to be 
filled. Mr Moulson says the 
way British Gas is conducting 
the restructuring, by filling 
management posts from the 
top down to allow each new 
layer of managers to determine 
the roles of those under their 
control, is one reason that the 
exercise was not moving more 
quickly. 

The broad range of struc- 
tural and cultural changes 
which TransCo is trying to 
introduce has also slowed the 
process. In addition to the com- 
plex task of splitting up an 
integrated company, execu- 
tives are trying to change a 
business culture steeped in 
strict command and control to 
one in which "people will have 
a go and try things”. 


British Gas 


Share price relative to the FT-SE-A AKShare Index 

105 


95 



4 F 
Source FT Graph** 


An even greater cultural 
shift will be required at the 
trading arm, according to Mr 
Mike Alexander, managing 
director of Public Gas Supply, 
the unit that will have to com- 
pete with independent gas mar- 


keting companies when the 
domestic market is opened up 
from the be ginnin g of 1996. 

Of the 7,000 people in his 
division, only "80-100 actually 
work for PGS,” he says. The 
remainder will have to com- 


pete for their jobs, a process 
that promises to be intense. 

He says closure of district 
and regional offices will build 
up over the next year or so. 
The first office closes in Octo- 
ber and nine are due to be shut 
by the end of the first quarter 
next year. Those with the larg- 
est staffs mil be closed by the 
end of 1995, by which time the 
n umb er of district offices in his 
division will have fallen from 
23 to eight or nine. 

Mr Alexander says British 
Gas workers last year ques- 
tioned why they were be forced 
to undergo such radical 
changes. They now simply ask: 
"When will I know I have a 
job?” 

But he accepts there is still 
some resistance within the 
ranks. There are reports, for 
example, that some British Gas 
officials are engaged in efforts 
to preserve threatened jobs. 
There are also reports that jobs 
continue to be created, even in 
departments earmarked for 
sharp staff reductions. 


Spurs blame ‘draconian’ FA fine for sharp fall 


By Tim Burt 


Tottenham Hotspur, the quoted North 
London football club, yesterday blamed 
a sharp fall in profits on a “draconian” 
fine over irregular payments to play- 
ers. 

Shares in the company closed down 
lOp at 143p after the group said pre-tax 
profits fell from £3.3 6m to £885,000 In 
the year to May 31. 

Mr Alan Sugar, the club's combative 
chairman, said the decline was due 


mainly to “the outrageous fine handed 
down by the Football Association'’. 

The company is understood to be 
considering legal action over the £1.5m 
penalty which, together with tax pay- 
ments to the Inland Revenue, contrib- 
uted to exceptional Items of £l.79m. 

Following “these unsavoury events”, 
Mr Sugar said the board had decided to 
pay only a token dividend of Ip, com- 
pared with a 5p pay-out last time. 

The club chairman, who also heads 
the electronics group Amstrad, said he 


was waiving his entitlement to divi- 
dends worth £81,000 on his 50.88 per 
cent shareholding. 

Operating profits, meanwhile, fell 
from £3.16m to £ 1.14m on reduced 
turnover of £2&3m (£25J3m). 

The figures were undermined by 
losses on player trading of £656,000, 
against a profit of £1.82m in 1993 fol- 
lowing the sale of Paul Gascoigne to 
Lazio, the Italian dub. 

Bantings per share fell from 19. Ip to 
3.7p. 


Nevertheless, the group's merchan- 
dising division defied the difficulties 
affecting the dub by reporting profits 
of £339,000 (£208,000 losses). 

The club, which has spent more than 
£5m on new players since the year end, 
was now well placed “to go forward 
profitably”, according to Mr Sugar. 

Spending on the players - Jurgen 
Klinsmann and Hie Dumftrescu - is 
said to have been financed from cash 
resources and bank borrowings, which 
stood at £2.6m at the year end. 


Shares fall 29p as Litho advance is less than expected 


By Caroline Southey 


Shares in Litho Suppliers, the 
printing products distributor 
which came to the market last 
November, fell 29p to close at 
197p yesterday after it reported 
a lower- 1 ha n-expected interim 
pre-tax profits increase of 10 
per cent to £2. 5m. 

Turnover at the Midlands- 


based group was marginally 
ahead at £30. 2m (£29. 7m) 
helped by a 29 per cent rise to 
£l.7m in sales of traditional 
equipment such as plate and 
film processors and graphic 
arts cameras. Sales of consum- 
ables such as printing plates, 
films and chemicals, which 
account for 83 per cent of total 
turnover, advanced by 2 per 


cent to £25. lm. The division 
has increased the number of 
own-label products. 

Mr John Byford, joint man- 
aging director, said small and 
medium-sized companies. 
Litho's main customers, were 
still experiencing a patchy 
recovery. “However, the recent 
recovery experienced by some 
larger printers may now feed 


through," he added. 

Cost of sales rose from 
£23 Jm to £24J>m and operating 
profits fell from £2-8m to £2.5 m. 
Operating margins remained 
19 per cent 

Net interest charges fell from 
£593,000 to £49,000 following 
the derision to use most of the 
proceeds of last year's £14. lm 
placing and intermediaries 


offer to cut borrowing. Net 
cash stood at £2 .2m. 

Litho has acquired Lonctoem, 
a chemical products manufac- 
turer, for Elm and is set to buy 
a printing inks manufacturer. 

The interim dividend is 
2.73p, a 5 per cent rise over the 
level indicated in last year's 
prospectus. Earnings per share 
were 6. Ip (&3p). 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


£138m- This was because of low oil 
prices and the temporary closure of the 
Morecambe Bay gas field, one of the 
company's lowest-cost reserves. The 
figures also include a £10m loss from 
Bow Valley, the Canadian subsidiary 
whose sale was finalised in August 

Capital expenditure was £l50m lower 
than in the first half of 1993, and 
would be probably be lower for the foil 
year, according to Mr Philip Rogerson, 
finance director. 

Cash flow was boosted by disposal 
proceeds from the £609m sale of Con- 
sumers Gas tn Canada. 


Emap seeks £77m for 
further acquisitions 


By Raymond Snoddy 


Emap Is about to return to the 
takeover trail, funded by, in 
what is becoming its regular 
method, a substantial rights 
issue. 

The media and exhibitions 
group's interests include a 
wide range of consumer maga- 
zines. 

It plans to raise £77.2m net of 
expenses from a 1 for 8 rights 
issue at 360p a share, under- 
written by Schraders, the mer- 
chant h ank. 

Sir John Hbskyns, chairman 
of Emap, said yesterday it con- 
tinued “to see attractive oppor- 
tunities to make small to medi- 
um-size acquisitions, which 
complement our core busi- 
nesses." 

The rights issue would allow 
it to maintain “an appropriate 
level of borrowings consistent 
with the cash generative 
nature of its businesses and 
their prospects in the light of 
the company's expectations for 
further growth in the econ- 
omy." 

It is believed that an acquisi- 
tion could come in a couple of 


Canadian 
Pizza down 
14% after 


warning 


By David Blackwell 


Canadian Pizza, which Issued 
a profits warning in April just 
five months after flotation, 
yesterday reported a 14 per 
cent foil in interim profits and 
a 6 per cent drop in sales. 

Pre-tax profits for the six 
months to July 2 fell from 
£1.66m to £1.42m_ Sales feD 
from £&82m to £8^8m. 

The shares, floated last 
November at 200p, closed 
yesterday 5p ahead at 105p. 

The profits warning 
followed a slowdown in sales 
to UK retail customers and a 
derision by J Sainsbury, its 
biggest client, to stop buying 
pizza crusts for its 
delicatessen operations. 

Yesterday the company said 
the difficult climate was 
persisting. Sales to UK 
retailers, accounting for 50 per 
cent of turnover, were down 11 
per cent But the company had 
succeeded tn obtaining nine 
new UK retail customers. 

Sales from the catering 
division were also down, by 21 
per cent However, exports 
were 5 per cent ahead, and 
sales of crusts to other pizza 
makers were ahead by 22 per 
cent 

Pizza crust sales were 19 per 
cent up by volume, but only 4 
per cent by value, reflecting 
the pressure on margins and 
the changing customer base. 

Earnings per share were 
5.7p (6.5p). The interim 
dividend is 2.4p. 


© 


1994 half-year net profit 
up by 8.6% to Bfr 6.3 bn 


s Gross income up by 2% 

including the capital gain on the sate of ABN AMRO shares in 1993) 

3 Depreciation, write-downs and provisions down by 30.8% 

3 Current profit before taxes up by 20% 
o Total assets up by 8.8% to BEF 3,939 bn 

Consolidated figures - BFr bn 

06/94 

06/93 

% change 

Gross income 

53.99 

54.92 

- 1.7 

General expenses 

32.74 

31.90 

2.6 

Depreciation, write-downs and provisions 

8.66 

12.52 

- 30,8 

Current profit before taxes 

12.59 

10.50 

195 

Net profit 

6.30 

5.80 

8.6 

Total assets 

3,939 

3.621 

8.8. 

Customer deposits 

2,323 

2,227 


Private sector lending 

1,544 

1,50*4?; 

1 "2.8 

PuHic sector lending 

839 


103 

Own funds (narrowly defined) 

:: .«fc 

• ' 93 

10.1 

Own funds (broadly defined) . ^ . ■ 

■’195 

179 

8.9 

Ratios (in %) ' 




ROE 

13.16 

13.14 


ROA '• 

0.33 

0.33 


Risk Asset Ratio 

9.76 

9.17 


Generate Sank l.<i:f-year results ovei 

r the last five years 




Generate Bank 

Belgium’s Leading bank 


jum a raiKinii 01 stealings make 4 uiutitncc: 

^ WWF - Work! Witk- Fiimi for Nature tree 
nursery addresses wrou of ihi- pruMonts lacing people 
tlur cm ibrrr diem to chop down irres 

Where hunger or poverty u rhr underlying cause 
of Jctbrnuhon. we van provide ihiir trees. 

(Ik* villager! of Muevuga, Zaire, lor example, cat 
papaya and imngnc* from WWF trees And rather than 
having to scfl timber to huv uthvr food, they can now 
sell die surplus friiit their nursery produces. 

When: m ate chopped dawn lor firewood. 
WWF and the local people on protect them by planrinu 
LK-gt owing varieties to funti a renewable fuel source. 

This is particularly valuable in the Impenetrable 
forest Uganda, where indigenous hardwoods take 
two hundred years to mature. Tile Mjithmu IvttJ 
trees planted by WWF and local villages can be 
harvested wirhin live or six yean of planting. 

Where trees are t-hupped down to be ijkJ lor 
consmicrioo. as in Panama and Pakistan, we supply 
other species thar are fet-qrowing jdJ easily replaced. 

flitsc ure nurseries are just jun of’ the work urc 
Jif until the people of the tropical to rests. 

WWF sponsors students from developing rouiKnn 
on an agruloresrry course at UPAZ Univeniry in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


new tiacis 01 tropical io*cn wuiuu men invi- 
to be dared every two ar three yens. 

The unnecessary Jcstmcooti an be prevented by 
combining modern techniques with traditional 
procures so thot the same plot of land can be used to 
produce crops over and over again. 

In La Pbrtula. Colombia, our experimental farm 
drnKms ernes how these techniques on be used to 
grow » family's food on a small lour hectare ploL 
(Instead of clearing dir usual cm hectares of (oral.) 

WWF tieldurorkers are now involved in over IW 
tropical forest projects in 45 countries around the world. 

The idea behind all of this work is (hat tk use of 
natural resource should be sustainable. 

WWF b caBuig tor the rare of JclorwUtion in the 
tropics ro be halved bv W5, and for there tu be no 
net detotreunon by die end of dw century. 

Write to die Membership Officer at the address 
below Co find out how you can help in ensure that 
1 lie, generation docs not continue ro steal nature's 
capital horn die next, it could be with a Juruiien. 
or. appropriately enough, a legacy. 


WWF VM VtfM Fund Fjr Nam 

|^,l,Mn4i.UI 


International Secretariat. IlVfi Gland. Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


weeks, fallowed by another 
within the next two months. 

Both are believed to be 
in the UK and in the business 
and consumer magazines divi- 
sions. 

Within the next six months, 
if potential deals go well, more 
than half of the latest rights 
issue could be spent on targets 
which bave already been iden- 
tified. 

In June 1992 Emap raised 
£78m through its first rights 
issue for eight years. The first 
acquisition to follow, the 
£l2_6m purchase of the North- 
ampton Mercury Company, 
came alm ost immediately. It 
was joined in August 1992 
by the £4.9m purchase 
of the Local Government 
Chronicle. 

By April this year Emap had 
spent £74m on acquisitions, the 
largest of which was the pur- 
chase for £27 of Thomson 
Business Magazines in Febru- 
ary 1993. 

The pattern of the past two 
years is likely to continue - 
the purchase of small to 
medium-sized companies, with- 
out taking on unacceptable lev- 


Yorkshire Food 
falls £0.8m into red 


By David Blackwell 


Reorganisation and 
restructuring costs totalling 
£684,000 pushed Yorkshire 
Food Group, the Bradford- 
based food processor floated in 
March last year, £780,000 into 
the red in the first half. 

However, turnover for the 
six months to June -24 
advanced by 72 per cent from 
£29 ,5m to £50.6m following the 
first full-term contribution 
from last August's acquisition 
of Del Monte's dried fruit busi- 
ness in California. 

Integrating the acquisition 
and repackaging the Del Monte 
brand for the US market 
accounted for £587,000 of the 
restructuring charge. 

The seasonal nature or the 
business means that profits are 
weighted towards the second 
half, when 60 per cent of 
annual trading is done. Last 
year's first half ended in. a pre- 
tax loss of £376,000. 

Mr Mike Firth, chairman and 
chief executive, said yesterday 


that the overall performance 
was much better than the pre- 
vious first-half, and he was 
confident of a satisfactory out- 
come for the year. 

The increase in turnover, 
mainly from the US, included 
organic growth of 16 per cent 
Higher direct sales to manufac- 
turers, both in the UK and the 
US, accounted for 13 per cent 
and 9 per cent of turnover 
respectively. 

This has reduced the group's 
dependence on UK retailers, 
which accounted for 19 per 
cent of sales, down from 24 per 
cent 

Net interest payable rose 
from £462,000 to £707,000, 
reflecting increased working 
capital, higher stocks ahead of 
the imminent Del Monte 
relaunch in the US, and £3m of 
investment in plant and 
machinery in the UK and the 
US. 

The loss per share was down 
from 2L19p to 246p. The interim 
dividend was increased to Q.80p 
(0.72p). 


Princedale tops £909,000 


In line with the chairman's 
forecast at the AGM in April, 
profits of Princedale Group 
showed a marked improvement 
in the six months to June 30. 

The USM-quoted marketing 
services and industrial concern 
reported pre-tax profits ol 
£909,000 on turnover of £2L6m 
for the 1994 first half; against a 
loss of £71,000 on turnover of 
£4.47m for the first six months 
of the previous 15-month 


reporting period. 

The outcome also compared 
favourably with the profit of 
£740,000 achieved for the whole 
of that 15 months. 

Earnings for the six months 
emerged at 1.4p per share, 
against losses of OJp for the 
comparable period and earn- 
ings of 1.9p for the whole of the 
previous 15 months. 

The interim dividend is 
restored with a 0.2p pay-out. 



RWANDA CRISIS 





We're in the right 
place to help. 


Up to 15,000 m&i, women and children are fleeing from 
Rwanda into Zaire every hour. Children who have seen their 
parents savagely killed reach us too terrified to speak. Many have 
been walking for over two weeks. 

More than a million people depend on the Red Cross to airlift 
in vital food, medicines and shelter. A donation from you could 
mean the difference between life and 

death. Please send as much as you 

annow - EHEniECHil 


+ UTJKH li-.ma.fK 

n*iw»mhlh 

British Red Cross 


Or you ,«n K-nJ . ethane or pnttal 
' wJw “Mh Ibr iwpn, hrVwi 


“Tiwncj Ctira, f*, J 20 WJ 


So are you. 


lend«e a chttpw/posfc.1 order (payable to Briibh tod Cross) for 

□ £250* □ £50 □£30Qa 0 Other E 

** p teaw itottr my V M Atotwrart/ Amw/PB^, Chib/Switd, Card 

-.cmniinmnniEi se 

Tixby'f. dak. Sgnarore __ 



Address 


— 


J ondatmludiitola.. 1* 

j □ tkX Os, *«ajd i*, „ g| 


$ 


I'top 


els af debt 

Emap does not, however, 
rule out a very large acquisi- 
tion if the right opportunity 
presents itself, although there 
is no sign of that at the 
moment. 

Since April, Emap has spent 
a further £U)5m in acquiring 33 
magazines in France. 

It has also made an uncondi- 
tional offer to acquire the 
balance of Trans World Com- 
munications, the commercial 
radio group, which it does 
not already own. This will 
result in payments of about 
£50m. 

Emap's last annual report 
said it was experiencing what 
it expected to be a gradual, but 
long term, improvement in 
advertising, which accounted 
for about 50 per cent of total 
revenue. 

Yesterday Emap said this 
continued to be the case 
and that it was “making 
progress in line with expecta- 
tions." 

The rights issue was 
received well in the City and 
the share price fell by only 3‘Ap 
to 4i4'/ip. 




.T.s! \, 


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nrn..- 1ft’* 


nses 20" 
to £2.Mim 


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•IT 1 rood 

*Nm into red 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 ★ 

~ ' COMPANY NEWS: UK 


1 Property sale behind rise at Laing 


Strong margins rise helps 
Royal Doulton to £2.62m 



flavor HumpniM 

Stuart Lyons: good start to year with demand np 3 to -l per cent 


By Andtew Taylor, 

Construction Correspondent 

Shares in John Laing. the 
construction, houseb uildin g 
and property development 
group, fen 21p to 269p alter the 
company revealed that its con- 
struction business operated 
only at break even in the first 
six mnnthq of this year. 

Group pre-tax profits, how- 
ever, more than doubled to 
£11.9m (£5.Lm) boosted by 
£9.9m of profits from the sale 
of a Bel fast retail development 
to MEPC pr oper ty group. 

The company is paying a 
maintained dividend of 3p out 
of earnings per share of 9.4p 
(4-lp) after property profits. 
The construction business 


earned operating profits of 
£R.ftm in the first six months of 
1993. Mr Martin Laing, chair- 
man. said 

the business had been under- 
winH by too many companies 
Abasing too little business in 
the OK, forcing them to bid for 
work at minimal or Iossmaking 
mar gins 

There was also strong inter- 
national competition for over- 
seas construction work where 
margins, although better than 
in the UK, also were tight 

The group's strategy has 
been tO invest in rtnmegtir and 
international private sector 
infrastructure projects includ- 
ing the Second Severn Cross- 
ing in the UK and power sta- 
tion projects in Malaysia. 


These were expected to pro- 
duce a more consistent and 
higher rate of return than gen- 
eral contracting, but were 
unlikely to make a significant 
contribution until the mid to 
late 1990s. 

Europlstas, the Spanish toll 
road company in which Laing 
has an 18 per cent stake, how- 
ever. was expected to generate 
dividends this year of £3.4m 
against a book cost of £3 m. 

The first dividends from the 
Malaysian power station opera- 
tion are expected next year, 
while the Severn Bridge is due 
to be completed in 1996. 

Elsewhere the company’s UK 
housebuilding side recovered 
from a £P..5m loss to a £2.1m 
profit. Property development 


profit, excluding the Belfast 
surplus, fell from £5-2m to £3m. 

• COMMENT 

Laiag*s strategy of selective 
investment in privately 
financed infrastructure pro- 
jects cannot be faulted. It has 
made more progress in this 
area than any other UK com- 
pany, barring perhaps Trafal- 
gar House. It has a strong bal- 
ance sheet, with net cash of 
gift.3m in June. Pre-tax profits 
of ?73m this year and only 
sli ghtly higher year, when 
the tax charge may be about 20 
per cent, put the group on a 
prospective p/e of about 17 for 
both years. This looks expen- 
sive, but patient shareholders 
may find it worth the wait 


Coopers & 
Lybrand 
settles TGI 
claim 

Coopers & Lybrand Deloitte 
has settled a longstanding 
legal claim by TGI, an 
electronics company which 
had accused the accountancy 
firm of negligence. Coopers 
continues to deny the charge 
but has said It will pay TGI 
£725,000 in final settlement. 

The agreement ends a 
dispute whose origins lie in 
TGTs acquisition of Andlx, 
Coopers' audit client TGI took 
over Andlx, a maker of public 
address systems, in 1088 and 
agreed a price finked to Its 
new subsidiary's subsequent 
ear ning s. 

Coopers signed off on 
Andix’s 1989-1990 results but 
the profits reported for the 
financial year were later 
restated as a loss. TGI asked 
Coopers to resign and began 
legal proceedings. 

Coopers’ move to conclude 
the Audix affair follows a 
similar derision recently by a 
fellow Big Six firm. Touche 
Boss undertook to pay £L35m 
to Caparo, a conglomerate 
which took over a Touche 
client Fidelity, the electronics 
company. Both Coopers and 
Touche settled rather than 
risk the public scrutiny of 
their auditing procedures in 
court 


By Peggy Hofflnger 

A strong improvement in 
manufacturing margins helped 
Royal Doulton, the china table 
ware group, report pre-tax 
profits of £2.62m for the first 
half of 1994, against losses of 
£3. 79m. 

Sales were 4.4 per cent ahead 
at £101m, against £96. 7m. 
Excluding currency effects the 
advance was 5.3 per cent 

Mr Stuart Lyons, chief exec- 
utive, said the group had 
enjoyed a good start to the 
year in spite of difficulties in 
North America and Japan. 
Order books were running at 
their highest levels since 1989 
and demand was estimated to 
be some 3 to 4 per cent ahead 
of last year. 

This had allowed the facto- 
ries to return to five-day work- 
ing compared with four-day 
last year, and helped to 
improve factory margins from 
42 to 44 per cent. 

Profits were also enhanced 
by the absence of £3.1m in non- 
recurring items which arose as 
a result of the December 
demerger from Pearson, the 
media conglomerate which 
owns the Financial Times. 

The group's first half was 
marred by diffi culties in the 
North American distribution 
businesses, which fell victim to 
aggressive price cutting from 


competitors. The group had 
been forced to introduce cuts 
of between 8 and 15 per cent. 

Mr Lyons said improved effi- 
ciency in the factories, higher 
output margins and rising 
sales allowed the group to cut 
prices there without any 
impact on profitability. Never- 
theless, market share bad 
fallen and North America now 
accounted for 30 per cent or 
overall sales, against 33 per 
cent last year. 

Japan, where Royal Doulton 
has a 50 per cent owned joint 
venture, remained very com- 


petitive, and gross margins 
fell. Losses attributable to 
Royal Doulton came to 
£300.000. The group was in the 
process of buying the outstand- 
ing 50 per cent for £5m. 

The dividend was set at 
l.75p, an increase of ti per cent 
on the notional dividend 
announced at the demerger. 
Earnings per share were 3.3p, 
against losses of 8.4p. 

The shares closed 3p up at 
310p. This represents a 60 per 
cent gain in the nine months 
since the group was demerged 
at 193p. 


Disposal helps Manders advance to £18m 


By Peter Pearse 

Mr Roy Amos, chairman of Manders, said 
yesterday that in a “ transitional" first half 
the gro u p had moved from the third to the 
first division in the international coatings 
and printing foks league. 

Pre-tax profits of £18.3m for the six 
months to June 30 marked a sharp 
increase on last time’s SAS2m. However, 
.?) the latest figure included a £i3-2m profit 
from the £55m disposal of the decorative 
paints division. Shipping out that item 
and including interest payable of £446,000 
(£965,000) gives underlying profits only 
marginally up at £5.06m. 

The shares closed down 4p at 349p. 

In January Manders bou gh t the inks 


business of Croda Tu terr^tinnai for £26.7m 
and jn May spent w g m on Premier fak* of 
the Netherlands. It also completed the sale 
of the Mander Centre, its Wolverhampton 
shopping centre, for £82m. 

Mr Roger Akers, chief executive, said 
that the group, "now the fastest thing 
coming up an the rails," had always been 
strong technologically. 

Excluding the recent £I4m acquisition of 
Morrison-PIM, the group employed 165 
chemists from a total of 800 people. 

Its biggest competitors were now Sun- 
Dainf ppon, the US-Japan venture, BASF of 
Gamany and Total of France. 

Mr Amos confirmed that further expan- 
sion in Europe was being sought through 
acquisition, probably of small or medium- 


sized companies, although he did not rule 
out larger targets. 

At June 30 Manders had cash balances 
in the UK of £32m, though the Morrison 
buy has reduced that figure. Mr Amos said 
he would be comfortable with gearing of 
up to about 30 per cent 

Margins had suffered in the UK from the 
change of business mix and would be 1 
percentage point lower at 8J> per cent in 
1994. It was hoped they would be lilted via 
innovative products, such as cold set 
printing hi kg pf the same quality as heat 
set The aim was for a 10 per cent margin 
within “a year or so.” 

Earnings swelled to 3162p (9.G2p) an an 
FRS 3 basis, bat were flat once adjusted. 
The interim dividend is held at 2 ft p. 




tv 



V 





Quarterly changes to 
FT-SE Actuaries indices 


The FT-SE Actuaries UK 
Indices Committee has issued 
the following statement: 

The Committee has 
a pp roved the following quar- 
terly changes to the UK Series 
of the FTnSE Actuaries Share 
Indices, to take effect 
from Monday September 19 
1994. 

FT-SE 100. For inclusion: 
Schroders, 31 Group, For 
exclusion: NFC, Coats Vlyella. 

FT-SE Mid 250 and FT-SE 
Actuaries 350. For inclusion: 
London Internationa] Group, 
Redrew Group, Stagecoach 
Holdings, Howden Group, 
Chelsfield, Aegis. 

For exclusion: Heath (CE), 
Peel Holdings, Nbrcros, Brake 
Brothers, Polyprpe, Blenheim 
Group, ACT Group. 


NEWS 


Avonside 
rises 20% 
to £2.64m 

Avonside Group reported a 20 
per cent rise in interim pre-tax 
profits from £2 An to £2. 64m 
and also announced plans for a 
phased withdrawal from house- 
building, writes Katrina Lowe. 

Mr Christopher Glynn, chair- 
man, said the group intended 
to focus on building services 
and distribution. It had entered 
into an agreement with the 
management of Parry Homes, 
its larger housebuilding subsid- 
iary, under which its land 
bank would be progressively 
developed and sold. 

In the first half, sales grew to 
£38. 3m (£28.5m), including 
£28. lm (£20zn) from building 
services. Operating profits 
from services increased to 
£2.03m (£ 1.39m) but house- 
building's input fell to £947JK)0 
(£l.08m) due to pressure on 
margins. 

Avonside is raising Its 
interim dividend to 2-lp (l-9p) 
on «i rning s per share of 3.9p 
(3-41P). 

The Parry agreement allows, 
subject to certain targets, for 
Parry to be sold to its manage- 
ment, led by Mr Robert Palin, 
the managing director. 


FT-SE SmaHCap and FT-SE 
Actuaries All-Share. The fol- 
lowing new issues will be 
included from Monday Septem- 
ber 19 1994: Midland Indepen- 
dent Newspapers, McDonnell 
information Systems, Graham 
Group. Inspec Group, London 
Clubs. 

Companies promoted from 
the FT-SE Mid 250 to the 
FT-SE 100 will be replaced in 
the FT-SE Mid 250 by those 
companies excluded from the 
FT-SE 100. 

Companies excluded from 
the FT-SE Mid 250/FT-SE Actu- 
aries 250 will be included in 
the FT-SE SmallCap. 

The FT-SE Actuaries 350 
Industry Baskets will be 
adjusted to reflect these 

rhanp n; 


DIGEST 


Radius returns to 
black with £808,000 

Radius, the USM-traded com- 
puter systems and mainte- 
nance company, announced it 
had returned to the black with 
a pre-tax profit of £808,000 for 
the six months to endJune. 

The outcome compared with 
a deficit of £l.l7m at the 
December year end and with a 
loss of £466,000 in the first half 
of 1993. Turnover grew to 
£12£m (£10.7m). 

Earning * per share came out 
at I.8p Cl-3p losses) and the 
company is resuming dividend 
payments with an interim dis- 
tribution of 0-35p. Last year’s 
final was passed, although 
there was an interim of 0.45p. 

FIH bid for EJswick 
gets 60% acceptance 

Ferguson International Hold- 
ings, the mini-conglomerate, 
had received acceptances to its 
£38m offer for Elswick, a rival 
label supplier, in respect of 
124.1m shares, or 60 per cent of 
the equity, at the first closing 
date. 

Ferguson said the offer had 
been extended and would 
remain open until 3pm an Sep- 
tember 20. The mix and match 
election and the dealing facil- 
ity remained available. 


— — - 

<1* Unfed Knedcw.iiditeKqwljtetflreterflinutrir^Laa^ 

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alter or mteifco to cay peon 
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moed and cnnrady traded on the UflHaed Securitks 


IcMWto iteOffitfel Lotts ttStpcemter 19M. 

DUNTON GROUP pic 

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Introduction to the Official List 
by 

SOCDETE GENERALE STRAUSS 
TURNBULL SECURITIES LIMITED 
of 

the entire issued ordinary share capital of 
Dunton Group pic 

SBMECWrrAL i^f*,** 

Namier Amount 

Mdinuy ihmf ofSpeadi 0,752442 fl.J8M12.lO 
12% co w T cni b lt coMobdrc NS Nil 

redrcmaMr ptriercnct 
•ham of £1 each 

The Campon*"* pnadpal acti*it? k AetlevdnpBM nf> 

Cooieeolite exempt Lstagdoctmcm ra«y be obtaiad 
any mfafcy iSawmto**uid puhlt^ 

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* hkUi nr! itar eoBeetioo ante) boat the da* rf tU* oodoe np m and i mln d in g 12 

Generate Sirai»TiiiiibBH Duatoa Group pk 

Limited Be rth a m ated Houic 

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Broadgatt Hertfordshire HP4 2DJ 

loodoa BC2A 2DD 

o/rtr Sirwm* .■nfttMBWitaftrtr 9 September *994 


AnAeratJ 

9j,7To.l» R6S5,506 

220,000 £ 320,000 



GLOB 

BEVERAGES 



N IN 

CTIONERY 


1994 HALF YEAR RESULTS 

(Unaudited) 


“I am pleased to report excellent progress in the first 
half of 1994 with pre-tax profit up 23.2% to £204.8m. An 
indication of the strength of the Group is the pleasing 
increase in trading margin from 10.0% to 12.1%. 


Sales 

£1,768.1 m 

+ 

3.5% 

Trading Profit 

£21 3.9m 

+ 

25.0% 

Pre-Tax Profit 

£204.8m 

+ 

23.2% 

Earnings per Share 

1 3.42p 

+ 

9.9% 

Dividend per Share 

4.60p 

+ 

27.8% 


Earnings per share increased 9.9% and businesses 
acquired in 1993 were positive to earnings. Headline 
earnings per share rose 18.7%. 

An interim dividend of 4.60 pence has been declared, 
giving an increase of 27.8%, reflecting both the growth 
in earnings and a rebalancing of the interim and final 
dividends referred to at the AGM in May. 

We have continued to develop the Group in the first 
half with acquisitions of confectionery businesses in 
Continental Europe. The A&W Brands acquisition has 
been successfully and quickly integrated into our US 
beverages business. 

The excellent summer weather in the UK and across 
the whole of Europe has added further stimulus to soft 
drinks sales in the region at the start of the second half 
and the Board has every confidence we will achieve 
good results for the year as a whole.” 



Dominic Cadbury, Chairman 



MANAGEMENT PROVEN IN THE MARKET PLACE 




2 







FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


COMPANY NEWS: UK 


No sign of slowdown as paper industry pulls out of recession 

Arjo Wiggins jumps 67% 


By Deborah Hargreaves 

Aijo Wiggins Appleton, the 
Anglo-French paper company, 
reported a 67 per cent increase 
in pre-tax profits from £63m to 
£106-lm in the first half of this 
year, as the paper industry 
began to pull itself out of a 
worldwide recession. 

“There is no sign of a slow- 
down: prospects for the second 
half of the year look extremely 
good as long as we can strug- 
gle to pass on pulp price 
increases.'' said Mr Alain Sou- 
las, chief executive. 

The company has been hit by 
wood pulp price increases of 45 
per cent this year as the 
improvement in the market 
has led to a worldwide short- 
age of raw material. 

Mr Soulas indicated that, for 
coated and carbonless grades 
of paper, the company had 
managed to pass on the price 
rises, but had little success In 
the fine paper market 

in addition, since June there 
have been two further pulp 
increases - amounting to Feu 


Arjo Wiggins 

Share price (pence! 
360 



1982 93 94 

Source: FT Graphite 

100 a tonne - which the com- 
pany must try and pass on in 
the next couple of months. 

Mr Soulas said that Euro- 
pean paper prices in June had 
only recovered to the same 
level as in June Last year after 
dropping in some cases by 25 


per cent in the second half of 
last year. 

Turnover was virtually 
unchanged at £i.44bn (£1.43bn) 
In the period, while sales vol- 
ume increased by four per 
cent Earnings per share were 
up 50 per cent to 6-lp, from 
5.4p last time before excep- 
tional costs. 

The company held the 
interim dividend steady at 
2.65p. 

Mr Tim Roth well, pulp and 
paper analyst at Barclays de 
Zoete Wedd, the London stock- 
brokers, said: “The market has 
under-estimated the upturn in 
the company and the result 
turned out above the top range 
of analysts’ forecasts. 

• COMMENT 

Arjo Wiggins is well placed to 
take advantage of the cyclical 
upturn which has improved 
the fortunes of European paper 
companies. But without its 
own integrated pulp produc- 
tion, it is at the mercy of 
relentlessly rising raw materi- 
als costs and must struggle to 


pass these on to an unreceptive 
paper market. The company 
recognises this could lead to a 
squeeze on margins in the sec- 
ond half, but Is nevertheless, 
optimistic. Paper prices are 
still 30 per cent lower than the 
last peak in the market In 1988, 
suggesting that there is poten- 
tial for substantial price hikes. 
British investors may fear that 
the imminent departure of Mr 
Tony Isaac, the finance direc- 
tor, may leave their interests 
unrepresented on a board with 
no other British executive 
directors except Mr Cob Sten- 
ham, the chairman. Analysts 
have upgraded their forecasts 
for the full year on the basis of 
yesterday's results and expect 
pre-tax profits of between 
£175m and £S05m earnings 
per share of 16p. Next year, the 
company is estimated to earn 
£290m or 21 jp a share with the 
figure going up to £340m in 
1996. At 287p the share price 
is not expensive for investors 
who want to take a bet on 
the next peak in the paper 
cycle. 


Newman Tonks emerges with £9.7m 


By Peter Pearse 

Newman Tonks. the biggest 
manufacturer in Europe of 
architectural hardware, has 
emerged from its extensive 
reorganisation with a 20 per 
cent rise in pre-tax profits in 
the six months to June 30. 

Profits grew to £9.7m 
(£8.1 lm) on total turnover of 
£ 135.6m (£128. 7m). The shares 
eased ip to 176p. 

Mr Geoff Gahan, chief execu- 
tive, said that as much reor- 
ganisation as was necessary at 
the moment had been carried 
out. 

In the half year only a fur- 


ther 50 net jobs from a total of 
4.500 had been lost Between 
1990 and June 1993 some 10 per 
cent of the workforce had been 
shed. 

Mr Gahan said that although 
he believed the recession in the 
construction industry - in 
which 90 per cent of Tonks' 
business is involved - had 
ended, the recovery had not 
yet begun. However, he con- 
ceded that there had been “a 
strengthening in the forward 
order position." 

The US turned in the bright- 
est performance, with operat- 
ing profits up 60 per cent to 
£2_96m on turnover 10 per cent 


ahead at £29.6m. 

With the US recession, and 
the subsequent rationalisation 
there, pre-dating the European 
downturn by two to three 
years, the transatlantic busi- 
ness now had high operational 
gearing, where higher volumes 
quickly fed through to the prof- 
its line. Mr Gahan hoped the 
same process would be 
repeated in the UK and 
Europe, the group's other main 
markets. 

UK profits rose by 5 per cent 
to £424m on turnover fraction- 
ally np at £81 .9m (£8L4m). 

Mr Gahan said he wanted 
profits to grow on the back of 


new products - the group 
spends about £8m a year on 
research and development. 
These costs are charged to the 
UK operation. 

At June 30, borrowings stood 
at £33.6m (£27^m at December 
31) for gearing of 48 per cent 
-The increase followed April’s 
dim redemption of convert- 
ible preference shares and a 
£3 An US acquisition. 

Earnings rose 35 per emit to 
5.04p (3.73p) and the interim 
dividend 9 per cent to 2.75p 
.OS3p). 

Mr Gahan said he wanted to 
lift cover as well as the pay- 
ment 


[ Improved 
OGC helps 
Fairhaven 
to $7.1m 

By Katrina Lowe 

The continuing success of its 
Aberdeen oil services 
activities helped OGC 
International, the main asset 
of Fairhaven International, to 
increase pre-tax profits by 9.5 
per cent from £5 -33m to 
£5. 83m in the first half of 
1994. 

Its Bermuda-registered 
parent, In which Fred Olsen 
has a 37.28 per cent holding, 
reported pre-tax profits of 
$7.1m (£4-58in). The previous 
interim profit of $37.4m was 
inflated by the $30m proceeds 
from the flotation of 40 per 
cent of OGC. 

Mr Richard Wilson, OGC 
ftfurirnigii ? said yesterday that 
the joint venture of AOC 
International, Its mam 
operating subsidiary. Brown & 
Root had added a Anther two 
contracts. 

Sales rose 18 per cent to 
£114. lm (£97,lm) at OGC. The 
Australian subsidiary, full 
ownership of which, was 
acquired in December, 
contributed £10-8m of the 
growth. An Interim dividend 
of I.8375p has been declared, 
from earnings per share of 
6.10p (5.69p). 

Fairhaven said the impact of 
the improved performance by 
OGC was offset by a less 
favourable result at Belmont 
Con str uctors Inc. Group 
turnover of $237.2m 
($20Tm)included ¥66m ($60£m) 
from Belmont, reflecting 
increased activity in the 
Industrial sectors which the 
subsidiary serves, as weD as a 
new marketing team. 

The interim dividend is 
maintained at 0.5 cents on 
. earnings of 0.88 cents (13-85 
cents). 



CHAIRMAN’S STATEMENT: 

The financial performance continued to reflect trading and regulatory pressures, 
partially oftsec by lower interest charges. Profits after taxation for the half year 
fell by £13 million to £485 million. Operating profits were £22 million lower 
at £930 million, despite colder weather which benefited the current year by 
£114 million compared with 1993. 

The reduction in operating profit was attributable to the continuing foil in 
market share in the contract sector and lower margins in the tariff sector of 
the UK gas supply business. Sharply lower oil prices and a reduction in die 
volume of gas sold to the UK gas supply business caused reduced profits in 
our Exploration and Production business. 

The major restructuring of the UK Gas Business is progressing to schedule 
and manpower in that business has fallen by nearly 3000 in the first half of 
(994. The restructuring is a major element in our plans for continuing to cut 
controllable costs and the benefits will be felt in future years. 

We lure made two significant disposals in Canada. The sale of the 85 per cent 
shareholding in The Consumers’ Gas Company Ltd. was completed on 30 June 
1994, with net proceeds amounting to £609 million. Since related Canadian 
interests hare also been sold, the overseas gas supply business segment is now 
reported as a discontinued activity in the Group Profit and Loss Account. 

On [| August 1994 die Company’s 53 per cent shareholding in Bow Valley 
Energy Inc. of Calgary, Canada was sold to Talisman Energy Inc. for a mixture 
of cash and shares. The Talisman shares were subsequently sold and the 
aggregate proceeds amounted to £353 million. This transaction will be 
accounted for in the third quarter. 

The sums realised from these disposals and the elimination of related debt 
from the Group Balance Sheet will reduce net borrowings by £1.8 billion, of 
which £1.3 billion has been accounted for in the second quarter. 

On the regulatory front, the Company has had a busy period, with three 
consultative documents being issued by the regulatory authorities covering the 
introduction of competition, the price formula for Transportation and Storage, 
and the removal of schedules in the non-domestic market. 

The consultation period for the pricing proposals for Transportation and 
Storage has now been completed, and Oigas has confirmed the original 
proposals. The price formula is tough, but we intend to get on with the cask 
of delivering an acceptable return to shareholders while maintaining A safe and 
viable pipeline system. A further consultative document is awaited, dealing 
with the basis for the required separation of the Transportation and Storage 
business from the remainder of the UK gas supply business. 

The consultative document covering the non-domestic market has led to 
Ofgas suspending the requirement for the Company to publish price schedules 
in the firm contract gas market above 25000 therms for an interim period 
from 1 October 1994. Our competitors currently hold 84% of this marker. We 
welcome this step and look forward to the early removal of other regulatory 
constraints in this market. 

The consultation period on the joint proposals by Ofgas and the Government 
cm competition in the domestic market is now over, bur the Company has not 
ret had any indication of die Government's intentions. It is hoped that a derision 
will be taken soon to implement the competition proposals on a basis which is 
equitable between all suppliers, and in a manner which protects the interests 
of our shareholders from the adverse effects of unfoir competition, and which 
continues to maintain high standards of service and safety for our customers. 

DIVIDEND 

The Board has declared a maintained interim dividend of 6.4 pence per 
ordinary share. 


•MM3SJUM 
1M4 ion 

CM W 


Him over 

-continuing operations 
-discontinued operations 

Operating profittyoss) 
-continuing operations 
-discontinued operations 


Profit an sale of dlscontinuvd 


1752 5073 
164 1 869 
1938 6742 


operations 

3 

- 

3 

- 

Profit on sale ot tangible 
fixed assets 
-continuing operations 

3 


3 

1 

Pro fitf (toss) on ordinary 
activities 

(18) 

PS) 

936 

953 

Net Interest and gearing 
adjustment 

(52J 

(73) 

(«8) 

(180) 

Sharo of profits less fosses 
ot associated undertakings 

4 

11 

7 

14 

Pioiltfpoaa) on onfnaty 
activities before taxation 

(86) 

(91) 

828 

B07 

Taxation on pn>flti(k»s} 

on ordinary activities 

(13) 

9 

(340) 

(300) 

PTOflvposs) on ordinary 
activities after taxation 

tre> 

(82) 

488 

507 

Minority shareholders' Interest 

2 

2 

P) 

W 

ProW (toss) tor Hie financial 
period 

(77) 

(80) 

488 

503 

Ewnlngs/poss) per ordinary 
share-basic 

(1-8)p 

(1.9)P 

11_2p 

11 -6p 

Interim dividend 



277 

277 

Interim dMdend per ordinary 
share 



fl.4p 

6.4p 

Histories! cost profttrflosaj 
on ordtnary actfvfflte* before 
taxation 

7 

(273 . 

873 

938 


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•nMSS June 


ISM 

ISM 

WM 

ION 


m 

EM 

m 

or 

UK BBS supply 

(32) 

(72) 

880 

S95 

Overseas gas supply 

10 

20 

' 119 

123 

Exploration and prrxfaiction 

0 

21 

136 

194 

Others 

P) 

2 

28 

40 

TOTAL 

(24) 

(Ml 

930 

962 


@ 


Hall Engineering down 
sharply to £2.01m 


By Andrew Baxter 

Hall Engineering (Holdings), 
the automotive engineering, 
steel products and stockhold- 
ing group, suffered a sharp Ml 
in first-half pre-tax profits from 
£3. 75m to £2.01m but expects a 
better performance in the sec- 
ond half of the year. 

Turnover was up 10 per cent 
from £65m to £72. Lm. 

The interim dividend is 
reduced from 6.48p a share to 
5p, but for the second year run- 
ning the Shrewsbury-based 
company is offering an 
"enhanced" scrip alternative. 

Raming s per share fell from 
8-2p to 3.78p. 

Shareholders are to be given 
the option of taking up new 
shares based on a 50 per cent 
gnhanrpment to the cash divi- 
dend. For Hall, which derives 
its profits principally from 
abroad, the offer will reduce 
the amount of Advance Corpo- 
ration Tax which it has to 


Bostrom 
doubles 
to £2.25m 

Bostrom, the engineering, 
pressings and car seating com- 
pany. more than doubled pre- 
tax profits on its continuing 
activities in the six months to 
June 30. 

After £203,000 profits this 
time on property disposals, the 
pre-tax result came out at 
£2 .25m compared with Elm. 
Turnover rose 33 per cent from 
£2<L2m to £32-4m. 

Earnings per share doubled 
from 4.3p to 8.7p and the 
interim dividend remains 2-5p. 

Gowrings 

The recovery seen by Gowrings 
in the second half of the previ- 
ous year continued in the six 
months to June 30 with pre-tax 
profits of £179,000, against 
losses of £137,000. 

Turnover improved 11 per 
cent to £28.4m (£25.7m) includ- 
ing £492,000 (£1.12m) from dis- 
continued activities. Earnings 
per share came out at 1.68p 
(UB4p losses) and the interim 
dividend is maintained at lp. 

HTR Japanese 

HTR Japanese Smaller Compa- 
nies Investment Trust reported 
I a net asset value per share of 
113-lp at July 31, a rise of 20 
per cent since its launch in 
October last year. 

Over the period the Tokyo 
Stock Exchange Second Sec- 
tion Index rose 17.7 per cent in 
sterling terms. 

Net revenue was £538,000. A 
special ordinary dividend of 
0.45P is proposed. Earnings per 
share were OMp. 

Dartmoor Inv Trust 

Dartmoor Investment Trust 
raised adjusted net assets per 
share by 22 per cent to 10&3p 
at July 31 1994, against 88-6p a 
year earlier. 

Net profits for the three 
months dropped to £193,000, 
against £585,000 last time, 
restated for a change in 
accounting policy. Adjusted 
earnings per share came to 
0-8p (2-44p). 

The first interim dividend 


write off, and save about £2m 
of cash In a fUli year. 

If the scrip dividend is 
approved a final dividend at 
least equal to the 3.02p final 
payout last year is expected, 
ma ltin g a total of at least S.Q3p 
for 1994 (9.5p). Otherwise, the 
interim dividend would be 3.3p, 

Once again, the half-year 
results underline the impor- 
tance for Hall of its associated 
companies, especially in the 
Pacific Basin.' Even so, its 
share of profits from associated 
companies was £2. 64m, down 
from £3.2m a year earlier, 
partly owing to increasing 
competitive pressure for BRC 
in Singapore. 

Elsewhere, operating profit 
for the three core businesses, 
stockholding, steel reinforce- 
ment and engineering, dropped 
from £L54m in the first half of 
1993 to £493,000. 

The stockholding business 
had a small loss of £46.000, 
compared with a profit of 


NEWS DIGEST 


has been raised to 2£p (2.5p) 
and the directors expect to pay 
a similar amount in respect of 
the second and third quarters. 

Alliance Resources 

Alliance Resources, the US- 
based oil and gas exploration 
and production company, 
reported it had cut losses from 
$L63m to (£760,000) in 

the year to April 30. 

Turnover grew from $631,000 
to $837,000. Interest payable 
and s imilar charges were cut 
to $125,000 ($198,000) and losses 
per share came out at 0.01 
cents (0.09 cents). 

PCT Group 

Continued growth in overseas 
sales helped boost profits of 
PCT Gimq), the Glasgow-based 
engineering equipment maker, 
by nearly 10 per cent from 
£751,195 to £822,914 in the first 
half of 1994. Turnover grew 9 
per cent to £ll-39m, against 
£l0.45m. 

Earnings per share grew 
from. &08p to 6-88p, while the 
interim dividend has been 
raised to 2.7p CL5p>. - 

Gaitmore V,alue Inv . . 

asmounced a net' asset vaTvie : 
per share of 309p at the end of 
the quarter to July 31, down 
from 35 .9p last year. 

Net revenue for the period 
was £436,000 (£240,000). Earn- 
ings per share were 0.88p 
(0.48p) and the first interim 
dividend is unchanged at 
09525p 

Church & Co 

A stranger performance from 
its A Jones & Sons retailing 
side enabled Church & Co, the 
footwear group, to lift pre-tax 
profits by 53 per cent from 
£565,000 to £864.000. on turn- 
over 5 per cent higher at 
234.7m. 

Earnings per share were 5p 
(2JSp) and the interim dividend 
is maintained at 3p. 

TJLS Range 

Strong performances from both 
its short term and contract 
hire divisions enabled TLS . 
Range, the USM-quoted vehicle 
rental group, to increase' pre- 
tax profits from £34,000 to 


£366,000 a year ago, while rein- 
forcement slipped from a 
£117,000 profit to a £339,000 
loss. The engineering business 
saw profits foil from £1.05m to 
£878,000. However, Ur Richard 
Hall, chairman, said stockhold- 
ing was likely to make a “very 
significant" profit in the sec- 
ond half, due to improved mar- 
gins, and the reinforcement 
business was now looking 
much healthier. 

The greatest uncertainty 
remained at Stadcn in the engi- 
neering division, which has 
already been hit by postpone- 
ment of part of a big produc- 
tion equipment contract for 
Audi. Stadco may have to 
declare 60 redundancies in the 
second half, costing as much 
as £500,000, if it fails to win two 
further big contracts from 
Volkswagen, worth £L0m each. 

Even so, Mr Hall said he 
would be disappointed if the 
group's profits foil below £4 5m 
this year. 


£720,000 for the first half of 
1994. 

Turnover was more than 
doubled at £10.7m (£5.03m). 

Earning s per share came out 
at l.5p (nil) and there is an 
interim dividend of Q.5p. 


The interim dividend is 
increased .to l-6p (1.4pX payable 
from earnings of 45p (same). 

Exeter Pref Cap 

: Exeter Preferred Capital 
investment Trust reported a 
loss after tax of £349,000 for the 
period from February 1 to July 
31 1994, against a profit of 
£91,000 previously. 

Gross- Income was £1.95m 
(£1.94m). The loss per share 
eaine.to L49p (0<39p earnings). 

Net' assets- per share 
increased.tol78.14p (13691p). 




Trust 


Albany Investment Trust had a 
net asset value per share of 
I4&53p at August 31, against 
139.77p 12 months earlier. Net 
revenue rose, from £208,400 to 
£235,250. Earnings were 2L35p 
(2.08p) and the interim divi- 
dend is 1.35p (1.2Sp). 

Chrysalis 

Chrysalis, the music and media 
group, has paid £500,000 cash 
for a 50 per cent interest in 
Watchmaker .Productions, an 
Independent television produc- 
tion company. 

Watchmaker was formed in 
May this year by Mr Clive 
James, the television pre- 
senter, together with Mr Rich- 
ard Drewett, his former execu- 
tive producer 'at the BBC, and 
Ms Elaine Bedell, also a televi- 
sion producer. 

Put and call options have 
also been created, exercisable 
from. 1998, whereby Chrysalis 
can acquire the remaining 
equity fora proflts-related cash 
consideration not exceeding 
£4m. 






Porvair 


Porvair, ihe maker of micropo- 

&•: 

rous synthetic materials, 

r>-V. 

reported pre-tax profits up by 


12 per cent from £849,000 to 

I • - 1 ■ ■ 

£954,000 for the six months to 

l. .■ 

May 31. 

>■ 

i'~r 

Turnover for the period 

'.V 

amounted to £10.2m, down 

C: 

t v •. 

slightly from £10 .3m in the 1993 

yt 

first half. 



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NEW ISSUE September 8. 1994 


FannieMae 


$ 700,000,000 
7.85% Debentures 

Dated September 12. 1994 Due September 10, 2004 

interest payable on March 10. 1995 and semiannually thereafter. 

Series SM-2004-I Cusip No. 31359C AX3 
Callable on or after September 10, 1999 

Price 99.859375% 


The debentures erf September 10. 2004 are redeemable on or after September 10 1999 Tha 

gssr sseamxasss^v::&a^ 

ot the principal amount redeemed, plus accrued irtoe rt ihewon to the 

The deberturas are the ob&gatfcra of tte Federal National MoriaaneAssociafan » 

caporation organized andexfeting under lha tgwa ct foe UrftadStatea, and ara into 

the authority contained In Section 304(b) oi tha Federal National Mortgaoa Assodatton^** 
Charter Aca (12 U.S.C. I7i6etseq.). '^ssooanon 



The offering is made by tha Federal National Md 
President and Treasurer wflh ihe assistance of a 
dealers In securities. 


oawn through Bs Senior Vksg 
Grow ot reaag ni?nri 


Debentures watte erasable In Book-Entry toon onjy. 
There vrH be to deSnftrva securities offered. 


Linda K. Knight 

Swtlor We# PtwtUmnt 
Mttd Tr&umnr 


British Gas 

THE LEAOtNQ INTERNATIONAL OAS COMPANY. 


0900 Wisconsin Awna. N.W, WasMngtOrt, D.C. zooib 
iihaan*>ooc*m*VA(ip**rt*vamvtt*&r*axoooty "him amtawteamant tT 
nswwr on on* u not • dn o/ftr a ouy «ny or aZUmum. 


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!«•» Dcjwmn. Rnmnfl Hmh. 112 Gnww RauL Lwfan SW1V 1JL TiiipLjn. O/l-fil-1444. 



0 


5 




rut’ 


M«'* e 


How we did last year. 

And what were doing to ensure 
Glaxo’s long-term health . 






22% OF SALES ARE IN THE 
INCREASINGLY IMPORTANT 
HELD OF RESPIRATORY 
MEDICINE. WE PRODUCE 
THE WORLD’S TOP TWO 
ASTHMA TREATMENTS. 

Last, year, sales of two 
RECENTLY LAUNCHED 
MEDICINES WERE £129m, 
74% MORE THAN IN 1993 
in Sterling terms. 


SPK'.'v 

-WA.i’Sr, 



Glaxo has had another year of strong growth. 
Over the past 20 years we have achieved 
compound annual growth in sales of 16.4% and 
in earnings per share of 23.3%. 

But in a changing environment ■ -y y f- ■ 

for the pharmaceutical industry, i 
how does Glaxo plan to stay 

We remain committed to our 
mission - to bring to the market *'■: -!Jr - % 
innovative medicines which 
offer real economic value 
to governments and healthcare 
providers, and therapeutic 
benefits to patients. ‘ T.., . 




We will continue to maximise the contribution 
from our strong portfolio of products and 
introduce new products into global markets. 

We are pursuing growth in new 
and emerging markets, where 
S reac potential exists, and we are 
striving for effective costmanage- 
• - IP ment and efficiency throughout 

J. jj?l our worldwide organisation. 

;]« we look to the future, alert to 

Last year, we spent over £850 million on pharmaceutical 
R&D. Some three quarters was devoted to the development 

OF NEW MEDICINES AND NEW PRESENTATIONS OF EXISTING ONES. 

We currently have more compounds in development than 
AT ANY OTHER TIME IN THE HISTORY OF THE COMPANY. 





As POLITICAL AND IDEOLOGICAL BARRIERS CRUMBLE, PENT-UP 
DEMAND FOR BETTER HEALTHCARE OFFERS NEW AREAS OF 

opportunity. Glaxo is rapidly establishing a significant 

PRESENCE IN MARKETS SUCH AS EASTERN EUROPE AND CHINA. 


the challenges and opportunities of change 
from a position of financial strength, world 
class R&D capability and a full pipeline of 
products under development. 

What better prescription 
for long-term health? 


Advances in genetics and increased under- 
standing OF THE CAUSES OF DISEASE OFFER THE 
PROSPECT OF REVOLUTIONARY BREAKTHROUGHS IN 

medicine. Glaxo’s scientists are working both 

IN-HOUSE AND WITH SPECIALIST BIOTECHNOLOGY 
COMPANIES AND ACADEMIC GROUPS TO HARNESS 
THIS NEW SCIENCE FOR THE BENEFIT OF PATIENTS. 




Financial Highlights 

Year ended 30th June 1994 



1994 

(Unaudited) 

1993 

% 

Change 

Turnover 

£5, 656m 

£4,930m 

15 

Trading Profit 

£l,819m 

£l,525m 

19 

Profit Before Tax 

£l,840m 

£l,675m 

10 

Earning? Per Share 

42.9p 

39.9p 

8 

Dividends Per Share 

27.0p 

22. Op 

23 

Research and Development 

£858m 

£739m 

16 

Capital Expenditure 

£543m 

£650m 

(16) 

Net Liquid Funds 

£2, 224m 

£1,8 15m 

23 


Siam 

WORKING FOR A HEALTHIER WORLD 


FOR A COPY OF THE ANNUAL REPORT WRTTE TO THE SECRETARY (AS). GLAXO HOLDINGS p.Lc., LANSDOWNE HOUSE, BERKELEY SQUARE, LONDON W1X 6BQ. 

The figures for the year ended 30th June 1993 are on abridged statement of the full Group accounts for that year which have been delivered to the Registrar of Companies and on which the auditors made an unqualified report 


w 





26 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


★ 


COMMODITIES AND AGRICULTURE 


Mining world startled by 
diamond find in Finland 


F air deal for Peruvian growers 

Deborah Hargreaves on Cafedirect’s buying in the Chiclayo region 



Catedirect pays growers a 10 per cent premium over world prices 
motional side of it,” said Mr 


By Kenneth Gooding, 

Mining Correspondent 

The mining industry has been 
startled by an out-of-the-biue 
revelation that Ashton Mining 
of Australia, has discovered a 
diamond province in Finland. 
It also said that “the prospect 
for a commercial discovery is 
considered to be high." 

While other companies have 
been scouring Canada's North- 
west Territories. African. Aus- 
tralia and even deep down in 
the depths of the sea for the 
gem stones. Ashton secretly 
has been prospecting in Fin- 
land. a country best-known for 
base metals production, for 
eight years. 

Mr Jobn Robinson, chief 
executive of Ashton, which is 
one-third owned by the state- 
controlled Malaysian Mining 
Corporation, said his company 
had found two fields of kimber- 
lite pipes and a number of iso- 
lated kimberlite occurences - 
21 kimberlites in all - and 
most of them were diamond- 
bearing. 


By Alison Maitland 

The German government is 
pushing for changes to the 
Common Agricultural Policy 
reforms to make them more 
acceptable to farmers and 
reduce ad mini strative costs. 

A German memorandum, cir- 
culated to other EU member 
states, insists the proposed 
changes do not question “the 
principles and aims” of the 
1992 reforms. 

But it says experience of the 
first full year of the reforms 
shows many rules need to be 
simplified. It argues that the 
reforms do not take enough 
account of the principle of sub- 
sidiarity - that decisions 
should be made at the lowest 
appropriate tier of government. 


One pipe of about two hect- 
ares in surface area had 
yielded 26 carats of diamonds 
of more than 8mm in size per 
100 tonnes from a 23-tonne 
sample, with a weighted aver- 
age of 17 carats per 100 tonnes. 

‘•The results to date confirm 
that the basic geology in Fin- 
land is prospective for the dis- 
covery of an economic dia- 
mond deposit and that 
Ashton's exploration tech- 
niques are effective in glacial 
terrain.” said Mr Andrew But- 
ton. Ashton's group general 
manager of exploration and 
development. 

“New targets in Finland are 
being generated and testing is 
continuing in this exciting 
location. The exploration areas 
are close to established infra- 
structure and the prospect for 
a commercial discovery is con- 
sidered to be high," he added. 

Independent experts agreed. 
"This compares favourably 
with most of the discoveries in 
the Northwest Territories, said 
Mr Roger Ellis, editor of the 
Mining Journal. 


Among the proposed mea- 
sures, it says cereal farmers 
with plots in different regions 
should be able to set aside 15 
per cent of their arable land in 
one area rather than having to 
do so on each plot. 

Many fanners in the state of 
Rhineiand-Palatinate have had 
compensation payments cut 
because they did not obey the 
set-aside rule on small areas of 
land, which “makes them 
impossibley difficult to farm.'’ 

The memorandum calls on 
the Commission to allow cereal 
farmers to submit applications 
for aid up to the middle of May 
rather than by March 31 each 
year to allow them more time 
to decide what crops to grow. 

In the livestock sector, the 
Germans want removal of the 


Ashton is a 40 per cent joint 
venturer in the Argyle mine in 
Western Australia which is the 
biggest diamond producer in 
the world in carat (but not 
value) terms. 

It is not alone in looking for 
diamonds in Finland. The 
annual meeting of RTZ, the 
world's biggest mining com- 
pany. was enlivened this year 
by the presence of two mem- 
bers of the Finnish Sami popu- 
lation (the Laplanders) who 
complained that the UK-based 
group was seeking permission 
to excavate in parts of Finland 
where they had reindeer graz- 
ing rights, 

Mr Bob Wilson. RTZTs chief 
executive, said this week the 
group had. indeed, staked large 
tracts of land in Finland, 
mainly because of its potential 
to yield diamonds. 

Meanwhile. Ashton has 
accelerated the pace of its 
activities in Finland and is 
building a broader presence in 
the Nordic/Baltic region, 
including Norway, Sweden and 
Karelia. 


rule limiting support payments 
to 90 male beef cattle per hold- 
ing because it “makes it diffi- 
cult for efficient holdings with 
growth prospects to accept 
CAP reform.” 

Germany, which holds the 
EU presidency, hopes the Com- 
mission will adopt some of its 
demands as proposals for 
agriculture ministers to vote 
on. 

Pressure on the Commission 
may increase if other member 
states put forward similar pro- 
posals. The British government 
has responded with its own 
memorandum, which renews 
its call for arable land to be 
eligible for set-aside payments 
if it is taken out of production 
for woodland or other environ- 
mental schemes. 


Brazilian 
proposal 
for cocoa 
discussed 

A group of Brazilian producers 
have aired proposals for a 
cocoa withholding scheme at 
an International Cocoa Organ- 
isation meeting in London but 
other producers and consum- 
ers said they would not work, 
Reuter reports. 

Mr Joan Carlos Monteiro de 
Carvalho, director of Brazil’s 
Cocoa Planning Executive 
Committee, said that “indus- 
trialists, exporters and produc- 
ers want to do this and we are 
studying it" He said the plan 
was being studied by Brazil’s 
government. 

It was being aired infor- 
mally and in private with 
other producers and was not 
being presented officially by 
Brazil at the ICCO talks that 
began today and last until Sep- 
tember 16. 

But a producer delegate 
from another country com- 
mented: “It is a very good idea 
on paper but it just won’t fly.” 


MARKET REPORT 

Coffee prices closed the day off 
their lows but still $8 a tonne 
below the previous close with 
the November futures contract 
at the London Commodity 
Exchange dosing at $3,920 a 
tonne. It was a dull session as 
the market awaited fresh news 
of the Brazilian auctions. 

Copper failed to hold onto 
the the $2£00 a tonne mark 
with three-month metal at the 
London Metal Exchange slip- 
ping to $2,483 a tonne. 

The gloom in the copper 
market spread over into other 
metals pushing prices for 
nickel and lead lower and 
dampening the rise in the alu- 
minium market. Aluminium 
prices closed slightly higher at 
$1,575 a tonne from Wednes- 
day's close of $1,568 a tonne. 
Lead was down to $812 a tonne 
from $620 a tonne and nickel 
dosed at $6^70 a tonne. 
Compiled from Reuters 


Ms Luzmila Loayza visits 4^00 
small coffee fanners in north- 
ern Peru several times a year - 
some of them she can reach 
only by donkey. 

As a coffee buyer for Cafedi- 
rect, the fair trade organisa- 
tion, she is iTniita* many other 
agents who do not venture fur- 
ther than the coffee processing 
plant 

“At the moment some of 
these farmers are being offered 
fantastic prices by some coffee 
buyers who appear one day 
and disappear the next and 
don't return,” said Ms Loayza. 

She stresses the benefits of a 
stable marketing organisation 
such as Caf&hrect which pays 
a 10 per cent premium over 
world prices in order to 
guarantee a fair return to 
growers. 

Since coffee prices have 
soared on the London and New 
York commodity exchanges 
this year, prices for the 
Peruvian farmers in the area 
around the town of Chiclayo 
have jumped from the equiva- 
lent of US$110 per quintal 
last year (a bag containing 
2001bs) to between $340 and 
$380. 

When coffee prices reached 
their low point in 1992. the 
farmers were receiving $10 a 
bag - not even enough to buy 
a bag of rice. 

Most of the Peruvian farmers 
are extremely small producers 
with only 3-4 hectares of land, 
producing 7-8 bags of coffee a 
year. They are organised into 
nine co-operatives to direct 


By Canute James, 

In Kingston 

Grenada, the world's second 
largest producer of nutmeg, 
has started producing nutmeg 
oil in the hope of supplying 
about one-tenth of world 
demand for the product 
The oil plant has a rated 
capacity of 30 tonnes per year, 
and production will be 
marketed mainly iu North 


their products towards the 
export market 

The Peruvian farmers are 
using windfall profits from 
recent price increases to buy 
land or cattle or invest in 
Improvements to their produc- 
tion methods. But few are 
planting new coffee trees - 
they take at least three years 
to bear fruit and market condi- 
tions are too uncertain to risk 
the investment 

The coffee fanners are also 
eager to diversify Into other 
products for export to try to 
avoid the vagaries of the inter- 
national coffee price. They are 
looking to produce honey, 
black-eye beans, lemon grass 
and even cocoa. 

The coffee price rise has 
meant farmers are more eager 
to stay on their forms rather 
than migrate to nearby coca 
fields where the drug is grown 
mainly for turning into 
cocaine. 

Caffedirect buys five per cent 
of the 200,000 bags of coffee 
produced by the formers in the 
region around Chiclayo who 
are divided Into nine coopera- 
tives. For the past two years 
the company has been selling 
ground coffee as a “fair trade” 
product and this week it 
launched a range of instant 
coffee. 

The company hopes to gain a 
one per cent market share of 
the SSQOm British instant cof- 
fee market and is using the 
Peruvian formers in its adver- 
tisements. 

“They’re amazed at the pro- 


America, Europe, Russia and 
Japan. 

The oil extraction plant will 
use about 300 tonnes of defec- 
tive nutmeg per year. Previ- 
ously the industry has been 
destroying defective nuts, and 
disposed of 400 tonnes last 
year. 

It will ease the financial con- 
cerns of the industry on the 
eastern Caribbean Island, 
second to Indonesia 


Loayza. - 

“They can’t understand why 


as the world’s largest pro- 
ducer. 

Earlier this year both pro- 
ducers agreed on a plan to sta- 
bilise and then to increase 
world market prices, but 
steered clear of recreating 
their cartel which collapsed 
six years ago. 

Grenadian farmers have 
been suffering from a foO m 
price in the international nut- 
meg market. c 


people in the west should be 
interested in hearing about 
their forms.” 


Dioxin risks 
‘overstated’ 

The US Environmental 
Protection Agency overstated 
the risks of dioxin from. food, 
particularly beet according to 
a university study requested 
by National Cattlemen's Asso- 
ciation. Reuter reports. 

With the EPA set to release 
its report on dioxin next week, 
a study by Texas A&M Univer- 
sity said an earlier draft of the 
EPA study had a “glaring 
we akness ” on dioxin data. 


Germany seeks modification of 
EU agricultural policy reforms 


Grenada nutmeg oil output starts 





fi 


sh CK 





BASE METALS 

LONDON METAL EXCHANGE 

iPncW from Amalgamate) Meui Tracing) 

■ AIUIWNJUM, 907 PURITY (S per tonne) 



Cash 

3 mths 

Clod 

15S3-S4 

1576-78 

Previous 

1543.5-44.5 

1568-80.5 

HigMow 


1584/1574 

AM OHkIjI 

>551-52 

157525-76.5 

Kerb dose 


1578-7 

Open rt- 

276.428 


TaUri daily hanover 

47.577 


■ ALUMINIUM ALLOY (S oar Wire) 


Close 

1560-70 

1575-85 

Previous 

1550-55 

1572-75 

Hirjtvlciv 


1583/1575 

AM Official 

1560-55 

1577-80 

Kerb do>» 


1581-6 

Open inL 

2.911 


Total daily turnover 

438 


■ LEAD ($ per lonnn) 



Ctew 

pOOl 

61 4.5- 1 5.0 

PrruciB 

601 5-2.5 

610.5-170 

H-tfOew 

001 5 

620/012 

AM Official 

UOt-1 5 

615-15.5 

KoB de-Ji 


OI2-3 

Cwtn mi. 

41.440 


Tv'al >ijdy tu’isoirf 

l'.4iE 


■ NICKEL iS pit Wiivt 


Cmw 

6265-75 

6360-70 

Pi-.in.ri 

612b 35 

•iJ 10-20 

K.iJl.'W 


6405 0335 

AM OM-ii.il 

6270 73 

CJ64.0i. 

Kith 


CJM-05 

Oprin Ini 

5J.5M 


7. la! d-Tt. iiinwi* 

■1.2 IU 


■ TTN iS per Imhici 



Clc'i* 

;.VO- jo 

5400 -S 


5295 Mb 

5360- 70 

N".l* 


5410 5365 

■w 

W.U-25 

5385 86 

rL«'i* 


5370 BO 

.nj 

I7.SJ4 


Tclftl ••-«?) IiuTk-yif 

2-W-4 


■ ZINC, special high 

pndo t5 p>« lomvrt 

v-irv 

■r.’l-.V 

W.S-9S0 


■.tf/LsI 

1*00-91 

HiMea 

■A54;. 

997.TK 

■V.1 i.'Tin.il 

M4 WO il 

■JOJ-O-J 5 

* rrti 


•JM2-J 

Oi* ■» 

•V 5 10 


7oL.il tph tiite.Twi 

1Z.J78 


■ COPPER, grade a 

iS pc* loiuul 


Ow 

2473-74 

2491-91 5 


2Jtf7 5-W 5 

2480-37 

Sir*i V *■ 

24 74. 2471 

25102405 

W Cfficuil 

24 74-70 

2491 -M2 

Hrrp CJera* 


2486-7 

VPCT ml 

ris.iwa 


7c".a) oalv ijitOKr 

57.5SS 



■ LME AM Official C/S rata 13460 
LME Owing C/S rata 1.3425 


Cftl 1 5*J5 3 nrtl'S) 54 1» 6 mile. I 5391 9 tntfB 1 5345 


■ HIGH GRADE COPPER iCOMEX) 



Osso 

nsjrs 

caanpa 


low 

opw 

tat 

ref 

S*P 

51720 

♦ PM 

117.50 

11615 

8^20 

072 

Oct 

116 IM 

•OJS 

IliilU 

M500 

1.091 

66 

■tar 

u:-.io 

•010 

11513 

*15 10 

015 

13 

Doe 

5 14 W.1 

-u 15 

11550 

113 70 

34.474 

4.679 

Jbn 

ns a? 

ore 

1IJ3U 

nieu 

535 


Frt 

Ti7 rj 

•0I» 



115 

- 

TOUi 





51.320 

5J48 


PRECIOUS METALS 

■ LONDON BULLION MARKET 

i 0 -iCfy bv N M Bch-OtrulJI 


CAM Tr:. oi' 

S pr«n 

E cqvv 

C'i»f 

391 30-391 70 


Cwrmn; 

3-iQ 70-MI 10 


M-jrrtrrJ in 

JOT i» 

252 91 1 

Vlcinocn |i« 

391 W 

253201 

?2>'* 

301.30 39220 


D.i.'i U'f- 

38S.M-391 JO 


“rvc-in cSv* 

389 50*2i».90 


Loco Un Mean Gold Landing Ratos (Vs USS) 

monffi .... 

.4 3.1 6 mortis 

4 52 


. J.35 12 mpiWHj 

4.33 

3 merits 

4 J7 


saw pi* 

p-ftcry oc. US ela -iqmv. 

Spot 

3KL6S 

551.00 

3 (nortlu 

361.00 

55 7 20 

6 monihi 

068.15 

5o4 15 

: -icjf 

J79 *5 

59J.90 

GOM CO** 

S b«kc 

C oaui 

Kreg«arJm3 

395-398 

256-258 

Maple' Leaf 

402 30-404 0U 



91-3-1 

59-62 


Precious Metals continued 

■ GOLD OOMEX (1QQ Troy oa.; Sftroy ozj 



Sett 

Oajr* 



Opan 



price 

tiiaaga 

«Bb 

ION 

tat 

VOL 

Sap 

ms 

403 

3892 

3892 

- 


Od 

391:6 

*<L2 

3353 

3812 

6,324 

1258 

Mai 

mi 

riL2 

. 

- 

. 

. 

Oec 

394.6 

*02 

3962 

393 9 91,845 27J80 

FOB 

33/3 

♦ 02 

3902 

3979 

13.385 

66 

Apr 

401.1 

+02 

4002 

4009 

8.732 

7 

Tate 




158213 28281 

■ PLATINUM NYMEX (50 Tray az.; SOroy ozj 

Oct 

420J 

-12 

4239 

4199 

16.474 

2.417 

4aa 

42L5 

-12 

4262 

4242 

6.104 

381 

Apt 

42S5 

-12 

432.0 

4292 

1.937 

114 

M 

432.0 

-1.0 

- 


*81 


Oct 

4345 

-12 

- 

- 

ioa 


Tote 





25279 

2212 

■ PALLADIUM NYMEX (TOO Troy oz.; Shroy az.) 

Sap 

15175 

0.75 

154.00 

15250 

143 

58 

0«c 

15475 

0.75 

15525 

153.10 

5.631 

355 

Mar 

15525 

■0.75 

15625 

154.85 

734 

7 

Jan 

15625 

0.75 



51 


Tate 





6*19 

420 

■ SILVER COMEX <100 Tray az.: Contefray ozj 

Sap 

5450 

-50 

5*40 

54*0 

833 

181 

Ocl 

vra 

•52 


- 

S 


Haw 

M90 

-52 





Oec 

SSI 5 

-5.2 

557 5 

5*8-0 85.360 

19.673 

Jan 

5S39 

-52 

551 0 

551.0 

59 

2 

Star 

5545 

-52 

5650 

557 0 

B903 

600 

Tote 




110217 

20^797 


ENERGY 

■ CRUDE OIL NYMEX (-12.000 US -;afa Slundl 


Lrterl 

Bay's 


0p«o 



prira 

Change 

High 

Low W 

VO! 

Oct 

17 35 

♦004 

1795 

17 79 31.909 

32.633 

Ms* 

1794 

*ao* 

18 04 

17 92 64,428 

15.441 

Die 

18 0* 

♦a os 

1813 

17.99 S2^4I 

13.410 

Jan 

1809 

•UOb 

18.13 

1806 34.067 

3.097 

F*b 

18 08 

*0.06 

18.12 

18.08 19.203 

1.411 

Har 

18 10 

♦o or 

1114 

18 05 14.773 

1219 

Taut 




400207 

7U938 

■ CRUDE OIL IPE iS/baneO 




Latest 

Day's 


Open 



pries 

eft angs 

Mgfl 

Low tat 

Vat 

Oct 

16 53 


16 M 

76 51 63.491 

18539 

Mo* 

16 68 

-004 

16 82 

16.66 45.485 

9.941 

Ooe 

16.79 

♦004 

1683 

1673 ^.363 

3.053 

Jan 

1670 

-0 04 

1637 

16.75 9.350 

2.339 

Fob 

1692 

•0.10 

1684 

16 32 5.716 

1.358 

Mar 

T682 

♦0 14 

16.83 

1681 5281 

745 

Tote 




1592*7 

36,104 

■ HEATING OIL NY5EX IB qoM.. CIS gA.) 


istwH 



OpCT 



pries 

ritaope 

Mgh 

LOW tat 

1M 

Oct 

4995 

-a 12 

5020 

4920 40.026 

10.8(9 

NO* 

50.90 

■0 15 

51 ID 

50 85 20.419 

2.319 

Dec 

5195 

■no; 

52.15 

5120 39J79 

17W 

Jm 


Ml 01 

5225 

52.50 22J152 

645 

Frt 

53.05 

♦OM 

5120 

5305 10252 

657 

Mar 

52.40 

-ora 

S2.40 

523? 9.356 

233 

late 




165232 

iaia 

■ QAS OIL. 0*6 iS/wmi 




5ett 

Day's 


0P» 



price 

danflfl 

Mg* 

UN tat 

Yd 

Sep 

150 25 

• 150 

153 50 

150.25 21.471 

5^23 

0 a 

15175 

■1.75 

156.75 

153.75 3.673 

7.621 

Mn 

156.50 

•125 

159 00 

1S&J0 I13G6 

Z32I 

Dec 

150.75 

■195 

161.00 

15a25 17.379 

2.073 

JM 

159 75 

-150 

162.00 

159 W 12J64 

3*1 

Frt 

160 DO 

•1.75 

16115 

159.75 4 467 

384 

Total 




110,181 

IOS23 

■ NATURAL GAS HVlCt (10.000 ntnBlu.: SmtnRuj 


Lrtat 

Bay's 


Own 



priw 

efianga 

HW> 

Low tat 

Vd 

Del 

1625 

-OiBK 

»■£» 

1.535 30237 

10.152 

Mm 

1.870 

■0208 

1870 

1845 13.140 

tera 

Dec 

1C65 

-0.0 10 

IOCS 

1043 25.150 

ZS62 

Jon 

ZM 

-0012 

2.100 

2.090 14,751 

1.043 

Frt 

2.040 

0202 

2040 

Z.030 11298 

382 

Har 

2000 

- 

1000 

1.990 9213 

616 

Tote 




153266 

19^73 

■ UNLEADED GASOUNE 



NYMOi (42.000 US gtfs. GIB gaOsj 




Latest 

Days 



Open 



Price 

ettanga 


Low 

bd 

Vd 

Oct 

48 60 

-060 

4915 

47 70 

28.G80 

11515 

He* 

4110 

♦023 

*8.75 

47.G0 

15.851 

5.896 

DOC 

54,90 

-020 

5525 

54.90 

1121 

2.137 

Jan 

54 20 

♦0 17 

5420 

54.10 

4.773 

541 

Frt 

5190 

♦0 12 

5390 

51S0 

1.317 

137 

Hit 

Tate 

5520 

♦0 47 

5520 

5520 

481 

KJKZ 

2 

22250 


GRAINS AND OIL SEEDS 


■ WHEAT LCE (C per lonng) 


Sett Days Opes 

prica cteoge M* law tat Vd 

Sop 10605 +02S 10600 10605 188 1 

Nn 10700 *020 10700 107.00 1632 332 

Jan 106.95 +0.10 109.60 10805 1.784 SB 

K» 11105 *025 11IOS 11IOO 1.144 115 

Kay 11300 - 11300 11100 1.175 39 

M 114.80 - 191 

ToM 7,122 552 

■ WHEAT CUT {S.OOObu min: oonts/BOfc bushoQ 

Sep 

370/0 


3788 

369/4 

1020 

1J08 

Oec 

385/2 

-5/2 

381/0 

384/2 48,970 

19391 

Mar 

390* 

-4/6 

3xm 

3898 

16,955 

3J49 

Bay 

JTftS 

-N2 

386/4 

3794 

1.780 

513 

JnJ 

353/6 

■M 

380/0 

3S3Q 

2,938 

957 

Sffi 

356/4 

-7/0 

363/4 

356/4 

11 

7 

Tote 





72022 22,748 

■ MAIZE CBT (5.000 bu nttn; oanta^68> bustiai) 

Sep 

224/E 

-116 

228 a. 

224/2 

9.028 

2219 

Dec 

225/6 

-2/0 

727/A 

225/4 131 JC0 25.6® 

M » 

235/2 

-1/6 

238/6 

234/6 30.435 

2^45 

Uay 

241/1) 

-1/4 

242/B 

240/6 11,058 

844 

Jd 

2*5/2 

-1/8 

246/4 

244/B 

12217 

641 

Ste 

247/4 

-1/2 

2*8/6 

247/2 

838 

48 

Tate 




202.778 3X887 

■ BARLEY LCE (£ per tonne) 



Sep 

1W 70 

♦025 

10400 

103.70 

68 

3 

■a* 

104215 

*020 

10525 

10450 

515 

83 

Jn 

106 85 

♦020 

10725 

106.60 

335 

39 


108 95 

+020 

- 

. 

78 


Hay 

110.70 

♦030 

- 


21 

- 

Tote 





IJtlS 

128 

■ SOYABEANS CBT (50008u mitt ccrts/EM fturtrt 

Sep 

SSS/4 

-3/0 

590/4 

564/2 

4.937 

851 

Mov 

575/6 

-4/8 

582/2 

575® 78^05 30322 


582/2 

-4/8 

5391* 

582/4 

14771 

3,660 

Mar 

592 1 ; 

-4/4 

588/4 

59118 

7.009 

1.384 

iu, 

5+9.0 

-4/0 

604/6 

698/4 

4.777 

501 

Jd 

604.0 

-48 

6030 

603/4 

8061 

*64 

Tote 




122,198 77jm 

■ SOYABEAN OH. CST (BO.COOba: centaAb) 

Sep 

76 30 

•097 

2628 

mio 

81963 

1.561 

Oct 

2591 

-005 

26.05 

2585 

16.374 

4.238 

Dec 

2565 

♦001 

2585 

25.56 37J74I 

9570 

Jan 

3*3 


35.65 

25.34 

5.545 

1.092 

Mar 

25.17 

-086 

25 40 

25.10 

7.484 

1^34 

May 

24 97 

-005 

25.15 

2490 

4724 

742 

Tote 




80,490 13JW 

■ SOYABEAN MEAL CBT (100 ion* SHOP) 


Sop 

171.8 

-2.4 

1742 

1715 

7538 

2222 

Cd 

169 7 

■7Ji 

172.3 

1692 

12871 

3.850 

DCC 

iroj 

Z9 

1732 

1&3 36.794 

SJHO 

Jan 

171 3 

•2.6 

173.9 

1707 

7,195 

1201 

liar 

174.1 

-25 

1708 

1735 

7^32 

1.029 

Hay 

1753 

■17 

178.2 

I7£2 

4601 

170 

Tote 




*6,081 16,447 

■ POTATOES LCE (E/lonra) 




Me* 

isa.o 





. 

Mar 

105.0 

. 


. 



ftp- 

2215 

-60 

225 JJ 

217.0 

1511 

265 

May 

TWO 






Jan 

1075 


. 

. 



Tote 





1i311 

285 

■ FREIGHT IB1FFEU LCE fSUMndex point) 


Sep 

1534 

+12 

1545 

ISM 

547 

3 


15*4 

+1 

lb» 

1&4Q 

914 

66 

MOV 

1547 

*5 

1545 

1545 

55 

3 

Jan 

1521 

-10 

1540 

1520 

578 

23 

Apr 

1S2Z 

•10 

1532 

1520 

281 

32 

Jd 

1i» 

-12 

. 


60 


Tote 





2» 

127 


Oosa 1 

*TWt 





BR 

14S0 

1471 






Wool 

Hne Mar*o wool add jt pices rWng 30 (a 40 
corns a Kg. each day auctions ware 
held this week. This sector Is Favoured by 
toshon ana very IWe stock remains in Austrafea 
to s uppl e m ent now production. Recovery in 
most wool consuming cowtdes Is piackig 
pressure on avalaWe supply Jar OSs and other 
(ugh fentScn and Mtfty priood nature! Sires 
and prices con already bn two to three Bmes 
ther lowest pom W me recession witch cw> 
now be seen to havo ended twarve to eighteen 
months ago. Other uroota are wftng at rtstng 
proes with One week's rise a particularly strong 
one. Other wools ore seOng « nsmg prices, 
wnn this week’s nse a partaiwiy strong one. 
The Australian market Micaior {Eastern stated) 
fln&fed os r&Qcerta a kg., from 726 a Yrtdk 
ago. British wool also sold at prices 5% N£wr 
dun at tne previous sale. 


SOFTS 


■ COCO* LCE g/tamo) 


Sott DoFs Opts 

prica rtuga Agli Lost tat Vd 
Sap 938 -14 957 938 83 19 

Sac 986 -12 995 9T> 31393 5357 

Mar 1017 -12 1023 1010 324OT 4.118 

■ay 1033 -8 ion 1023 12.176 662 

JW 1046 -10 1048 1042 5335 10 

Sap 1097 -11 1082 1052 9.184 123 

Total 102,282 10344 

■ COCOA CSCE (10 tonnes; SAonnaa) 

Sep 

1271 

-13 

1280 

1271 

95 

13 

Oec 

1331 

-13 

1334 

1312 41,476 5.407 

febr 

1375 

•10 

1377 

1356 

13^48 

750 

Hay 

1408 

-7 

1408 

1390 

3,665 

18 

Jd 

1433 

-4 

1429 

1429 

2556 

182 

Sap 

1453 

-4 

• 

- 

1.305 



Tate 





71,108 IL38B 

■ COCOA (ICCO) (SDR*s/tonne) 




7 



Mca 

Praa. day 








■ COFFEE LCE (S/tonne) 





Srt 

4025 

-13 

4085 

4025 

£806 

147 

Nov 

3818 

-10 

3950 

3880 

14099 

1389 

Jaa 

38SZ 

+19 

3885 

362D 

l£924 

1,456 

Har 

3795 

♦ID 

382S 

3780 

5559 

905 

«*y 

3738 

♦13 

3770 

3738 

I5W 

12 

Jd 

3710 

-5 

3740 

3710 

273 

10 

Tote 





37,360 4,390 

■ COFFS ‘C CSCE 07,5008k: ctatwtw) 



S«P 

21 tun 

-1X50 

211.50 

21080 

227 

92 


Doc 

215.55 

-0-90 

21820 

21335 23,145 

'350 

Mar 

218.60 

•MS 221.00 

21950 

6.9S 

729 

tel 

219JS0 

-1.10 220-75 

21800 

3J»0 

5S 


Jol 

220.40 

-1.10 221-00 

22050 

724 

31 


Sop 

22130 

-1.10 221-50 

22130 

409 

57 

Tate 





34357 UM 

■ COFFEE 0CO) (US canta/pound) 




Sap? 



Price 


Pro*, day 


CovqLd^r 


200-24 


20135 


15 day tas^s — 


18736 


1856B 


■ No7 PnadflJM RAW SUGAR LCE (cents/tes) 


Itat 

1246 

-020 

12-46 

1243 

1301 



Jas 

1183 

- 

- 


- 



Mar 

1259 

- 

- 

♦ 

so 

- 


Tate 





1501 

- 


■ WHITE SUDAN LCE (S/tome) 




oet 

32990 

*0.10 33030 32800 

7.7B9 

3« 


Osc 

326j60 

•0.70 32730 

32450 

£877 

861 


Mar 

327.10 

-120 

2830 

125.50 

6397 

314 


May 

77550 

-730 327.50 

2650 

613 

14 


too 

SS88S 

-£.00 

2530 

^r>Hn 

388 

12 


Oct 

31CL30 

*£80 31150 

1050 

216 

15 


Tote 




18,780 3582 


■ SUGAR If CSCE (112.0008 k: centa/BM) 



Oct 

1Z2B 

-aio 

1135 

U2i 4196320521 


MV 

12.38 

-033 

t£42 

1232 7053024,188 


Mar 

1229 

-032 

1231 

1234 11.854 2363 


id 

1213 

-002 

12.T7 

12.10 

6,101 1338 


Od 

1154 

-004 

1139 

11-92 

1,«>5 

250 


Mar 

1 1-50 

-033 

1130 

11.48 

516 

55 


Tote 




134^91491883 


M COTTON NYCE (SO.OOHk: eentarib^ 



Oct 

7285 

♦230 

7235 

7035 

3330 

401 


Sac 

718* 

♦ISO 

71.71 

6957 28.961 451* 


tor 

T2SS 

♦185 

7X00 

1135 

0351 

512 


m 

74.10 

♦1.82 

7*20 

7ZBD 

4354 

148 


M 

7485 

♦ISO 

1*26 

71.75 

£475 

9 


Od 

71.15 

♦t30 

71.16 

70.90 

415 

1 


Tote 




5Z530 5.684 


■ ORANGE JUICE NYCE nS^OOtmcamsAH) 


Sep 

83.70 

-380 

87.75 

83.10 

261 

65 


Nov 

0E55 

<75 

11 30 

1550 10330 £205 


Jn 

9025 

-465 

3530 

90 DO 

4373 

645 


Ita 

9400 

<40 

9830 

33.70 

£161 

294 


May 

98.15 

<35 10220 

38.75 

858 

r 


Jd 

101.15 

<40 ItROO 10230 

495 

8 


Tote 




20^59 £224 


VOLUME DATA 






! Open 

Warast 

and Volume 

data shown 

or 


contracts traded on 

NYMEX CBT, 


NYCE. CUE, C3CE tad PE Crude 08 are one 


day En aireara. 







INDICES 







■ REUTERS (Base: 18/0/31=100) 




Sep 8 Sep 7 

month ago 

yaw ago 


2089.1 2082.2 

2065.4 

T 830.0 


M CRB Futures (8a« 1087-100) 





Sop 7 Sep 6 month ago yw ago 

234.23 23323 £31.38 21330 


MEAT AND LIVESTOCK 


■ LJVE CATTLE CME ftqOOOKrar canta/fca) 



Sad Day*a 

Opoa 



pdee dong* IBgfa Law 

tat 

Yd 

Oct 

70550 +0175 70750 70100 33,423 

8345 

Bee 

80580 +0225 8932S 801 TS 

17.704 

£534 

Frt 

88375 *0179 88.800 68.123 

11325 

684 

Apr 

69350 >0325 70375 60775 

7328 

455 

Jh 

88375 +0100 87.150 86300 


130 

Art 

68J00 >0075 66325 88325 

887 

33 

Tate 


73.789 13,785 

■ LIVE 

HODS CME (40,000bs; centetta) 


oet 

30600 0425 30300 38.476 

11395 

£550 

Doc 

M325 O4S0 40)50 30460 

10219 

£449 

Fab 

38325 0500 40275 30490 

3289 

848 

Apr 

39.150 0150 30426 30100 

1245 

158 

Jus 

44300 0100 44.475 443S0 

638 

80 

Art 

43350 0050 43.150 <1000 

76 

10 

Tote 


28272 

7,118 


■ POHK BBJJB8 CME (4QXM0Sk; cetltaAba) 


Frt 

422J5 +0.175 40000 41250 

7281 

1.761 

Utr 

*2233 +0275 <2300 41375 

457 

84 

May 

41300 +LL200 41700 42900 

69 

24 

Jd 

44.ZS 0275 44A00 43300 

137 

38 

Art 

Tote 

43.400 +0.150 43300 43300 

30 

7*W 

1 

1287 


LONDON TRADED OPTIONS 

StrSoe price S tame — Cats Puts — 


■ ALUMNUM 


P9.7961 LME 

Oct 

Jan 

Od 

Jan 

1660 , 

42 

06 

28 

84 

1575 

30 

73 

40 

66 

1800 

20 

82 

56 

79 

■ COPPER 





(Grade A) LME 

Oct 

Jon 

Od 

Jan 

2400 

97 

139 

18 

58 

2460 _ 

39 

06 

69 

104 

2500 

11 

<9 

130 

165 

M COFFEE LCE 

Now 

Jon 

Nov 

Jan 

3600 _ .... 

416 

502 

90 

250 

3650 

362 

474 

114 

272 

3700 

350 

<46 

132 

298 

■ COCOA LCE 

Doc 

Mar 

Dec 

Mar 

1000 — 

43 

89 

58 

72 

1050 

26 

87 

91 

100 

1100 _ 

16 

SI 

130 

134 

M BR84T CRUDE 1PE 

Od 

Nov 

Od 

Nov 

1600 

. 

. 

4 

26 

1660 

IB 

71 

26 

43 

1700 — 

2 

44 

- 

- 


LONDON SPOT MARKETS 


M CRUDE Ott. FOB (per berrd/OciJ 

♦or- 

Dubai 

Sl5.55-5.7Ut 

+0.030 

Brent Blend (cJatod) 

SI 5-96-6. 00 

-0035 

Brent Btand (OcQ 

Si 6.42-646 

-0035 

W.TJ. (1pm es4 

$17.86-7.70 

■0.066 

M OX. PRODUCTS NWE prompt drfwoy CtF (tonnoj 

Premium Gaadtae 

$187-190 

+3 

Gas Od 

$155-160 

-1 

Heavy Rial OS 

$71-72 

-1.5 

Naphtha 

*101-102 

*05 

Jet Aid 

$172-173 





■ OTHER 


Gold (per buy 

5301^0 


SUver (par troy «z)i 

B47S- 

-ioa 

Ptafln«n (par troy ozj 

S41925 

-225 

PaSacHum (per troy oz.) 

316325 

-1.00 

Copper (US pnxL) 

121 OJC 


Lead (US pred) 

3825C 


Tin (Kuala Lumpur) 

114Bm 

+035 

Tin (New Yorifl 

247 JC 

-1 S3 

Cattle (Svfr wd^7l)t« 

11(L08p 

+4L42- 

Sheep [Eva walghOtA® 

6827 p 

+1.05- 

Pigs (tare welgPOO 

75.18P 

-061- 

Lon. dey smar (raw] 

$308,9 

+102 

Lon day auger (wta* 

$344X1 

+62 

Tote A Lyte (apart 

£312.0 

+70 

Barley (Eng. feed) 

C1U7.0W 


Maize (US Nc3 Yeflow) 

S18O0 


Wheat (US Oflri* North) 

EM 3EXI 


Attar (OcUV 

87.00p 

+i.ro 

Rubber (Ncv)f 

86.00p 

+1X» 

(farther KLBSSNol Aug 

311J»m 

-1XM 

CoeemA O* (Ph^S 

S622£* 

+2£S 

PSbti CH (Mrtey.}3 

$620XX 

+10X1 

Copra (PhD§ 

$3se.o 


Soyabeans (U^ 

ClOS-OOu 

-025 

Cotton Outlook 'A' Index 

75.15c 

+020 

Wooftops (648 Super) 

457p 



S per rnn wJm oCwrvit** «at*d p pwreeAfl. c canon*, 
r impeflu. a Maliirian ewtaka. u Nov. I Oat i SepOet. 
»S»1 Un»i WWe*. t CtF RoUnttn- * Brtan 
mortar don. 4 Steep OAe mUi prices). * Stage an 
weak. O Prices A* ft* pevtoua tey 


CROSSWORD 

No.8,554 Set by GRIFFIN 



ACROSS 

1 Tops one with pepper (8) 

5 One’s paid to keep locks in 
good order (0 

9 It is one’s broadcast that is 
loudest (8) 

10 Ghost rushes back to it (6) 

11 Work-crazy uncle starts 
eqjoying wealth (8) 

12 Extremely dull interior to 
plant (6) 

14 Stuff hamper that’s rickety 
(10) 

18 To spoil when ill sees about 
getting some port (10) 

22 Use crossword compiler to 
back ruse (6) 

23 Stop developing, for men 
only, neat buckles (8) 

24 Extract from Verdi, still popu- 
lar (6) 

25 Get up stiff? (8) 

26 City girl and boy must come 
back (6) 

27 Seemed upset about Lawrence 
being considered (0 

DOWN 

1 is unable to get girl into bed! 
(61 

2 Portable cooker found in 
Capri museum (0 

3 Tm to wait In, in the same 
placet© 

4 Travelling on bus Alice 
reserved (10) 


6 Pop back for Val’s confirma- 
tion (8) 

7 Military building with 
counter and shelves (8) 

8 Helping journalist given 
quota (8) 

13 Finds out if donkey has swal- 
lowed some (10) 

25 Deemed bad, having a miss- 
ing wheel and stuck fast (8) 

16 Offer support and ring little 
Sarah (8) 

17 Miss being In Spain? (8) 

19 I get in free, being light (6) 

20 Lifting rug. catch bird (6; 

21 Are given Food without being 

frightened {6) 


Solution 8,553 



a □ h 

□□ODD 

□ B 0 _ _ 

gnagBaara qqqqqo 



Of broking and jobbing the Pelikm’s fond. 

See how su’tvtli/ he puts i/onr uvrd onto bond. 

Sfaikan® 


JOTTER PAD 













v 




«Vb, 


\ 

' K, 








1 



FINANCIAL TIMES FRIDAY SEPTEMBER 9 1 994 



MARKET REPORT 



fails ! »i"\inn.. 


"''N4 


CROSSWORD 



A 

% 


Worries over profit margins hit share prices 


FT-SE-A All-Share Index 

t.675 

1,650 


Equity Shares Traded 

Turnover by uolwnd fmflBon). Excluding: 
Iritte-marhst tvakwa and owreees mmovar 
1.000 


By Terry Bytand. 

UK Stock Market Editor 

He UK stock market suffered a 
teavy setback yesterday morning 
after a batch of company results 
drew attention to pressures on 
profit margins among British com- 
panies. Share prices manage a par. 
tial rally later when sterling and 
British government bonds improved 
behind an unexpected improvement 
to the Jane trade figures as well as 
a stronger US dollar. 

The FT-SE 100-share Index lost 
the 3,200 mark at the opening as 
share prices were marked down in 
the face of a heavy list of company 
trading statements. The sharpest 
blow came from BTR, the UK con- 
glomerate which not only turned in 
disappointing first-half profits bat 
alarmed the broad range of the man 


ket by disclosing that margins were 
being pressured by rising raw mate- 
rial prices and difficulties in pass- 
ing on these costs to customers. 

Within one hour of the official 
opening, the Footsie was down by 
nearly 40 points, and BTR stock was 
severely hit on turnover already 
exceeding previous daily volumes 
for the year. By the end of the day, 
BTR had lost nearly 12 per cent 
The market was also hurt by 
unsettling trading reports from sev- 
eral Other blue Chips, including Cad- 
bury -Schweppes, Glaxo, Sun Alli- 
ance and British Gas, although the 
last named pleased investors by 
maintaining the dividend payout 

The FT-SE loo Index bottomed, 
out for the day at 3.166.2 and rallied 
to dose at 3,180 for a foil on the day 
of 23.9 points. Market strategists 
calculated that the drop in BTR 


shares was responsible for around 
9.7 points of the day's loss on the 
Footsie. 

BTR's references to pricing diffi- 
culties. which hit hard across the 
manufacturing stock centres, were 
echoed in the latest distributive 
trades survey from the Confedera- 
tion of British Industry. Other dull 
spots included Glaxo, which spelled 
out its losses to bond markets. Cad- 
bury Schweppes drew attention to 
competitive pressures in its con- 
sumer wiarkwtH. 

Traders reported a wave of 
switching out of the manufacturing 
stocks, which are now seen as vul- 
nerable to a squeeze between cost 
inflatio n pressures and customer 
resistance to high prices. Investors 
appeared to be moving back 
towards the market’s "safe havens", 
notably the utility sectors which 


have shown high dividend promise 
as well as good growth prospects. 

Significant US selling originated 
in the stock index futures market 
and gathered pace following opti- 
mistic comments on US inflation 
policies from the vice-chairman of 
the Federal Reserve. Wall Street 
was 16 Dow points ahead at the 
London close. 

Although the weight fell on the 
blue chip sectors, which reacted to 
a Footsie stock index future trading 
at a discount throughout the ses- 
sion, sellers also appeared among 
the second line Issues. The FT-SE 
Mid 250 Index closed 17.3 down at 
3,761.8. 

Trading volume, boosted by 
heavy turnover in BTR and Glaxo, 
increased yesterday to 668.5m 
shares, with the contribution from 
non-Footsie stocks reduced to 


around 53 per cent On Wednesday, 
retail business was worth £l.38bn. 
continuing the pattern on this 
week’s stock market activity which 
has seen share trading volumes 
remaining high as the Footsie H gg 
lost ground. 

At last night's closing reading, 
the stock market had fallen by 
nearly 2 per cent over the past three 
trading sessions. Nervousness over 
upward pressures on domestic 
interest rates, which focused on th is 
week’s policy meeting between the 
UK chancellor of the exchequer and 
the Governor of the Bank of 
England, remained in place yester- 
day in spite of the unexpected dip 
to the UK June trade deficit. This 
had little direct effect on equities, 
which made no response until stor- 
ing improved towards the close of 
the trading session. 



Sewttc FTQi^Ma 


1004 



■ Key Indicators 

Indices and ratios 

FT-SE 100 3180.0 

FT-SE Md 250 3761.8 

FT-SE-A 350 1607.6 

FT-SE-A All-Share 1 508.07 
FT-SE-A All-Share yield 3.75 

Best performing sectors 

1 Oil Exploration & Prod 

2 Gas Distribution 

3 Printing. Paper & Fckg 

4 Extractive Ixxls 

5 Food Manufacture!? 


- 23.9 

FT Ordinary Indax 

2454.5 

- 21.2 

- 17.3 

FT-SE-A Non Fins p/e 

19.66 

( 19 - 81 ) 

- 11.0 

FT-SE lOOFut Sep 

3179 X 1 

- 27 X 1 

- 10.31 

10 yrGft yield 

aw 

(a 77 ) 

P. 71 ) 

Long gtft/equity ytt ratio: 

2.34 

( 2 - 38 ) 


Worst performing sectors 


+ 1.7 



- 4.4 

+ 0.9 







6 

...... + 0.5 




— + 0.1 

5 Propeny 


- 1.0 


BTR falls 
on shock 
figures 

Acutely disappointing interim 
results and worrying signals of 
growing pressure on profit 
margins and increases in raw 
materials prices combined to 
demolish the BTR share price 
yesterday, taking the rest of 
the market with it 
BTR shares registered their 
worst ever one-day perfor- 
mance. plunging 38, or nearly 
12 per cent to 338p. their low- 


est level since December 1993. 
The dismal figures had a 
greater impact on the compa- 
ny’s warrants where, for exam- 
ple, the 1998/94 issue almost 
halved, closing 42 off at 45p. 

More worrying for the mar- 
ket was the strength of file 
selling pressure that drove the 
shares down; turnover in BTR 
reached 46m shares, the second 
highest single day’s business 
on record. 

Analysts expressed deep dis- 
may. “The investment commu- 
nity Is so disillusioned with 
their expectations and file 
actual figures that it will take 
many mnnthc nmj a set of fig- 
ures up to expectations to 
restore confidence in the 


EQUITY FUTURES AND OPTIONS TRADING 


Stock Index futures suffered 
the brunt of a wave of US 
selling In London yesterday as 
worries over profit margins at 
UK companies was matched 


by optimistic comments on 
Federal Reserve Inflation 
policies- The Footsie 
September future traded at a 
discount to foe cash market 


■ FT-SE 100 MPBt FUTURES (LUTE) £25 per fuB Index point 


(APT) 



Open 

Sett price 

Change 

Ugh 

Low Eat voi 

Open M. 

Sep 

3206.0 

3179X1 

-27.0 

3207.0 

3157.0 

21557 

38075 

Oee 

32200 

3192J 

-285 

3221X1 

3172X1 

0048 

2S54S 

Mar 

3233.0 

3220.0 

-28.0 

3233.0 

3221X1 

350 

ISO 

■ FT-SE MD 250 MDEX FUTURES (UFFE) £10 per ful Index potot 



Sep 

37800 

3768.0 

-16X1 

3760X1 

3780X1 

2 

3524 

One 

- 

3788.0 

-15.0 

- 

. ' 

0 

1284 

■ FT-SE MID 250 INDEX FUTURES (OMLX) £10 per ful Indax poM 



Sap 

- 

3787.0 

- 

- 

- 

- 

638 


AB opao mm flgms aw tor previous day. f Exact vdkme Ami 


■ FT-SE 100 APEX OPTION 0 JFFE) (* 3118 ) CIO par ftX Indax paint 


3000 
C P 


3060 
C P 


3100 
C P 


3150 
C P 


C P 


3250 
C P 


3300 
C P 


3350 
C P 


S« 

in 

2 

132*2 

3*2 

87*2 * 

48*2 

Wj 

m 

42 

6 

76*2 

1 

126 

1 

178 

Oet 

192 

16 

150 

24 

1 T 4 37*2 

S 

56 

55 

W* 

34*2 

79 % 

21 

148*2 

12 

169 

No* 

212 

28 

173*2 

39 

137*2 53 

196 

74 


96*7 

60 

126 


158*2 27*2 

196 % 

Dec 

232 *, 

44 

166*2 

67 

hi *2 n 

132 

92 

102*2 

113 


141 

»2 

170 

43 

296 

tort 

319 

88 



257 * 2124*2 



199 

166*2 


154 

221 




Cato 0.408 PUb 16,738 

W EURO STYLE FT-SE 100 MD6X OPTION (UFFE) £10 par (UB Index point 

3025 3075 3125 3175 3225 3275 3325 3375 

Sip W; 2*2 MB 5 KPj 1 1 *j 31 b 27 *j 5 G 1 *a 97 1 j 1 146*2 1 196 

Oct 172 21 1 X 3 31*2 ■ 46*2 60 67 46 93 28 * 2 125*2 16 163 ■ 205 

Nw Wh 35 124 63*2 ®*2 108 33 ^ 171 h 

DU 2 W*z 45*2 1 C >2 76 K 120 »* SI 181*2 

Itarf 261*2 72 tW 104*2 143*2 148 161 203 

CHS 3,173 Puts 1509 1 
t Lobs i 5 M nq*y aorta. 

■ EURO STYLE FT-SE HUD 250 HOEX OPTION (OWUQ £10 per ful Mo* point 


3800 


3650 


Sip 

Cali 0 Pto D MOM pries* art i 


3850 3700 3750 3800 

101 33*a 71 53*2 47 BO 
I as Men at 4.SGpsL 


3860 


stock,” said one Observer- 

Profits forecasts were chop- 
ped after the figures and an 
acrimonious post-results meet- 
ing with analysts. “The shares 
are down 12 per cent and most 
forecasts are being reduced by 
around 9 per cent, which is 
just about right,” said another 
conglomerates specialist- The 
range is now said to be from 
£L25bn to £L335hn for the cur- 
rent year. 

Glaxo active 

The leading pharmarotitipfllg 

group in the UK, Glaxo Hold- 
ings, put on a volatile perfor- 
mance as it disappointed many 
in the market with its full-year 


for most of foe day and trading 
volumes were high, at more 
than 21,000 lots in foe 
December contract by the end 
of foe day. 

Early deals saw September 
edge higher to 3.207, but this 
pictu re quickly changed as 
BTR's trading statement upset 
foe market The contract was 
sold down to 3,157 at the 
day's worst 

The contract then steadied 
to trade around the 3,175 area, 
closing the official trading day 
at 3,177, which was a discount 
of 3 points to cash compared 
with a fair value premium 
worth around 3 points. 
Switching into the December 
contract continued, with the 
September/December premium 
at around 13 points. 

Traded options saw . . 
increased turnover of 53,668 
contracts, with foe FT-SE 100 
option recording 26,721. The 
Euro FT-SE option was also 
busy, while individual stock 
options were headed by BTR, 
which traded 4,733 lots. British 
Gas, which also announced 
trading results yesterday, had 
4,967 contracts dealt in mi 
active session, and Hanson 
(1,903) and Glaxo (1.080) were 
also busy. 


figures but manng prt to h ol d on 
to its fans. 

The shares were down 
almost 20p after the company 
revealed profits of £1.84bn, 
against expectations of around 
£1.9bn, and a loss of £H5m 
through, bond holdings — ana- 
lysts had expected a hit of 
about £95m. 

The subsequent statement 
was described by one dealer as 
“dull, listless and bland” and 
did not provide a floor to the 
share price. 

Detractors, such as Goldman 
Sachs, fan pH to discover much 
joy in the figures and retained 
their negative stances. How- 
ever, supporters Hoare Govett 
and Smith New Court 


TRADING VOLUME 


■ Major Stocks Yesterday 
Vbt Ctorts Dw-a 
POOi price chanaa 


ASQA&ocpt 
UrtiHAM 
Atari Hah* 
AJbd-Lynmt 
AnAlWrt 


Fooriaf 

— _i.M.Pam 
HAM 
BATtortf 
BET 
BCC 
SOCf 

Batata. 

Bit 

BTCWPAJJ 

trtrrt 

Bank ct Scrttondt 


Bta Octet 
Bootar 
Goctrf 


LAaraapatat 

MiMninat 

BrttWi Got 
BrtaOLand 
BrtohStoatf 
Burt 

Burma* Quart 
Bum 

Crtb&Wfcaf 
Codbuv Sdwupf 
Crtx Ooip 
Cwdorrt 
Carton Coram. t 
Coca VI 
Comm. I 


n un» 


1 FT - SE Actuaries 

Share Indices 



The UK Senes 1 



Day's 

Year 

Dh. 

Ean. 

P/E 

Xd acj- 

Total 


Sap a 

cttgaM Sep 7 Sep 6 Sep 5 

080 

yiekM 

yield* 

ratio 

ytd 

Return 

FT-SE tQQ 

3180X1 

-0.7 3203.9 3205.4 3241.5 

30312 

3-97 

6.78 

17.51 

90X23 

119050 

FT-SE Md 250 

37B1A 

-dfi 3779.1 3782.4 3788.7 

3488.9 

129 

Sj54 

21 £4 

09.03 

139081 

FT-SE MU 250 sx In* Dusts 

3766.4 

-06 3784.7 3788X3 3794.3 

346510 

3^43 

0.00 

20.15 

91.77 

139497 

FT-SE-A 350 

1607.6 

-o.7 leiaa i8i as 1334.1 

1520.8 

3^1 

0.47 

1033 

43^0 

123040 

FT-SE SmaeCap 

1907.25 

-4L2 191085 1811.08 1912.12 1784.47 

2 37 

4.13 

31X15 

3021 

1475.10 

FT-SE SmaBCop ex ftw Dusts 

1872.98 

-02 1676X14 1878.21 187584 178&92 

3.15 

4J57 

2856 

39.14 

1452^0 

FT-SE-A ALL-SHARE 

1596.07 

-06 160538 180726 162076 150051 

075 

030 

1069 

42.74 

1251.02 

■ FT-SE Actuaries All-Share 










Day^i 

Year 

Ov. 

Earn 

P/E 

Xd ut. 

Total 


Sep 8 

chgeK Sep 7 Sep 8 Sap 5 

aoo 

yield 94 

yitid* 

ratio 

ytd 

Return 

10 MINERAL EXTRACTlONflB) 

2799X71 

— 2799-57 Z77O50 28C2XT1 2284^0 

.129 

5.07 

24.78 

54.71 

maae 

12 ExtracUwe tedusMes(4) 

404&.A4 

+05 402028 3873.61 402751 338060 

3.15 

4^7 

2020 

54J4 

110400 

15 OB. tmegnrtedO) 

2751 36 

-03 275070 2733L57 2782.46 2189.60 

2M 

S. 46 

22.78 

59.89 

112054 


1977.14 

+1.7 194456 1948.01 194035 1926.00 

2.00 

HSU 

aooot 

2034 

1133X32 


CourtAtot 

SEW 

□fcum* 
EnumBKL 
Eart Mdcnd See*. 

Sr 

BmlurtUrt 

FKJ 


Onot 


20 SEN MANUFACTUR&tS(264) 

21 Bufkfng & CansfrucilonfKJ 

22 BukUng Mads & MorchaCrt) 

23 Ctamlcab( 22 ) 

24 Otwfsffied indusbfeBsOQ 

25 Sectronlc & Bad Eqrtp< 35 ) 

26 Engineer1ngf7a> 

27 Engineering. Vehk*w(l2) 

28 Printing. Paper & R* 0(29 
28 TwUm 0 aeBBSL 


1997.46 

-18 2030 X 12 203784 2050.45 1897.10 

182 

472 

25.00 

5208 

101136 

1177.32 

- 1.4 119482 1207.70121183 1154.00 

asa 

485 

2880 

21.47 

91580 

1 BSOS 3 

-18 190002 201000 2025.82 162840 

3.70 

415 

30.19 

4151 

91788 

2459.78 

-08 247181 248281 2600.46 221080 

178 

415 

3038 

7257 

108685 

192015 

- 4.4 201780 203084 205 a 79 194380 

475 

485 

2581 

6486 

96208 

198055 

-08 1983.83 109382 2009.76 214380 

178 

083 

1884 

55.09 

971.32 

188 M 7 

-04 1890.60 190587 191287 187480 

102 

485 

2582 3989 

1077.71 

234009 

-04 2350 X 16 238785 238485 1957.90 

4.41 

247 

6783 

5483 

112982 

2977.45 

+08 295028 2930.66 291400 246280 

267 

4.96 

2150 

5422 

1185.07 

1715.76 

- 0 . 7 172 B 88 172681 173384 181440 

381 

141 

19.12 

4049 

96685 


30 CONSUNBt GOOOet97) 2821.10 

31 MNMU) 2313J4 

32 Spirits, Wines S Ctdora(10) 2913.60 

33 Food Manufacturers(23) 898648 

34 Household Qoods(13) 2487.74 

36 Hooltt* CareCll 168U65 

37 Phwmeceutlcala(12) 3100.88 

38 Tobaccofl) J8UL 


-02 2825*7 2830342886 X 8 2798.10 422 7.17 1015 8327 
-01 231023 Z 32 S 40 2384.04 211290 4.09 7 X 8 1044 8023 

-05 2828.91 295107 3003.97 2896.70 3-80 6.60 17.68 8922 

+ 0.1 238627 239251 241268 2344.00 4.04 7.45 1066 71.03 

-02 2502.12 250029 254120 248000 301 728 IMS 6220 

- 0 L 3 1703.52 171229 172526 179120 2-94 321 4373 3308 
* 0.1 3098.71 31 1223 316725 3079/40 428 7.02 1349 70-05 

- 0.7 385724 396303 3804 . 4 S 387920 527 9.48 1125 2174*7 


06363 

1035-83 

87371 

100319 

89058 

96147 

97322 


HertMejOorfWd 


Land SocuriDrtt 

asso— t 
ISSSSSSf 


NFCt 

+ I -T^ f . -| n 1 A 

iMnreii mini 

ncUeertPumt 


Nontam Foodft 


rat- 


40 S8WICESt218) 

41 Obtritxftorspi) 

42 L stave 8 Hotete£M) 

43 Modtapa 

44 RetaSara. RxxJ(161 

45 Rotators, Oeneral(45) 

48 Support Senrfces(4<* 

49 TWnaportflQ 

St Other S anrfeas & BusfraweL 


198B.T4 

-04 100781 200082 2Q1026 193020 

109 

003 

1088 

42.01 

97199 

207492 

-08268149270428 273078 280680 

139 

068 

17.74 

6283 

92130 

2117.48 

-02 2121.11 210466 2110.37 106980 

127 

457 

2055 

4093 

104142 

2926.37 

-08 293189 293881 290483 252170 

284 

015 

2288 

8006 

101488 

183588 

-0.5 1B4420 185420 187784 191780 

150 

058 

1443 

4010 

109403 

189175 

-06 170016 171281 1731.48 167060 

108 

033 

1880 

3085 

90385 

158487 

-07 158488 160190 180483 185140 

281 

586 

1981 

2012 

95045 

2351 88 

-08 236083 235021 237077 22S280 

157 

018 

22.58 

4282 

01092 

132123 . 

-08 132030 132027 1329X11 129020 

383 

2.11 

8LC0T 21.48 

1132.08 


dtt?Jotortrt 


60 irnuTEsps) 

62 Etoctridty(17) 

64 Gas Otarttxition0 

66 Tele<xxiHnunlcatkxw(4) 

68 Wtfler(13) 


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100 Mm EonoSuant 


remained bullish. Hoare’s Mr 
Nigel Barnes said: “It was a 
solid set of figures anri Zantac 
[Glaxo’s headline anti-ulcer 
treatment] appears to be hold- 
ing up very well against 
generic Tagamet in the US.” 
The shares ended 1 off at 606p. 

Enterprise bought 

Relief that there were no 
unpleasant surprises in Enter- 
prise Oil’s interim results, and 
a growing feeling that the 
stock had been oversold since 
the unsuccessful bid for 
Lasmo, triggered a burst of 
strength in Enterprise shares. 

The stock price jumped 13 to 
4Q0p, the best performance in 
the FT-SE 100, after keen turn- 
over of 3.6m shares. Smith New 
Court was said to have been an 
aggressive buyer, with Mr 
Chris Grudniewicz. oil special- 
ist at Smith , saying “the shares 
are cheap under 400p”. 

Mr Grudniewicz said the 
shares had underperformed the 
market by 10 per cent over file 
past month and “all the bad 
news is already to the price". 
He cautioned that the market 
remained concerned on two 
issues - corporate governance 
and the failed bid for Lasmo. 
Enterprise retains a near 10 
per cent stake to Lasmo; the 
totter rose 2% to 159p. 

British Gas was one of the 
few FT-SE 100 stocks to remain 
in positive territory through- 
out a difficult trading session, 
the shares being lifted by news 
that the group was maintain- 
ing its interim dividend. They 
closed 3 higher at 298p on turn- 
over of 11m shares. 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOMS fnv 

Bn ENSUES ft) Mnai ltonpton, BLDQ 
MAILS ft MCHTS {!) Qrtoon, DtSTTOBUTDftS 
ft) ACMn 4 HBnof, ELCCTTVCTTY J1J Manaaeb. 
ELECTBWC 8 ELECT B3UP C9 CopyraXA TO, 
EMQMECTNQ P) Ransoms, Sptnx-Sorco, 
Thrtty «. BKK UBBCUES M Boenxn. 

oenwenve mos <** Am. ergo. 

Harmony. Kkvffiaam. Moot Unix No* VMM. 
RnUMth. SHtontam. Maatain Anna. HEALTH 
CARE ft) Satan, HOUSEHOLD 00006 (I) 

Hoys! Ooufton, MVESTMENr TRUSTS M 
■WE8TMEMT COMPAMES (1) WOrid TaL Fd. 
VWSn LBBURE A HOTELS (9 BMbrf Toys. 
FaMne Boon. NoMiori Laoura. Da Hx 984)1. 
Ryan Harts, MERCHANT RAMIS p) Sdaadera. 
OIL EXPUMUTtoN A PMO (I) Gutbtnvn. 
OTHBt SlStVS A BUMS m Bhrtc AatM. 
PHARMACEUTICALS (1) Britrti Btotsch. 
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Hm» Control, TEXTTUB S APPARH. (f) 
Vltonaun. TRANSPORT CD StwoexMl. 


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MM. 1995/96. atO to tl HW O W Ccneanrtc. 
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IKWEBTHBIT TRUSTS (9 U3SURE S HOTBB 
ia Qmrt oo 7tep Prt. mu (3 a«tow 
InriB*. SotocTV, OTHER SStVS S BUSHS ft) 
EsrttoAB. PRTNQ, PAPER & PACKC (1) 
Somlc. PROPCRTY m Brirtli Land Qpc Bd. 
Fraaport Larta*. PMhar. Part Soutfi SMp PiL. 
Southend, RETASLBlS,FOOO(1) BnCne ftoa_ 
SUPPORT saws n BSM. OB M. tnapacDm. 
TSCTIJES S APRARB. (!) Camprt hoL, 

LamonL TRANSPORT fl) NR3. 

“There was relief about the 
dividend and the underlying 
earnings figures were better 
than expected.” noted one ana- 
lyst. He said fixe company is to 
hold a presentation to analysts 
on September 29 to outline its 
broad strategy. 

Comments to analysts from 
Glaxo that it had no immediate 
expansion plans to the US refo- 


cused attention on the UK 
takeover targets Wellcome and 
Zeneca. Wellcome, also feeling 
the effects of a good reception 
to its new anti-migraine treat- 
ment, gained 13 at 696p. 

Zeneca, which announced 
that it had set up the potential 
to borrow up to $750m in the 
US, moved ahead 17 to 838p. 
However, turnover was not 
excessive and the rise was 
exacerbated by a shortage of 
stock to the market. Fisons, 
another perennial target, put 
on VA at 154p. 

Cable and Wireless dropped 
9 to 430p after very heavy turn- 
over of 9m shares following 
talk in the market that Caze- 
nove. C&Ws own stockbroker, 
had downgraded its earnings 
estimates for the group. Caze- 
nove has a policy of not com- 
menting on client business. 
C&W announced it was cutting 
prices on its business tariff for 
its One-to-One mobile phone 
service. 

The latest price war in cellu- 
lar phones also impacted on 
BT. which eased 1% to 394 l />p, 
and Vodafone, 3 cheaper at 

202%p. 

Hanson was a beneficiary of 
BTR's bad news, with one lead- 
ing broker recommending a 
switch Into Hanson, whose 
shares closed only 2 easier at 
248p after heavy turnover of 
9m following massive dividend 
washing in the US on Wednes- 
day night. 

Cadbury Schweppes, the con- 
fectionery and soft drinks 
group, dipped on concern over 
future sales growth and compe- 
tition from own brand drinks. 
The shares lost 4 at 468p to 


spite of 10 per cent underlying 
profits growth and 12 per cent 
margins - above the average 
for the sector. 

Supporter Mr Carl Short of 
SGST said the market had 
taken a “churlish view of a 
strong performance" and 
upgraded his full-year forecast 
by £10m to £483m. 

Property group MEPC 
dropped 12 to 432p following 
negative comment. Agency 
broker James Capel shaved 
sector forecasts yesterday, 
including ME PC’s, and Smith 
New Court cut profits esti- 
mates on Wednesday. 

Paper company Arjo Wig- 
gins Appleton put on 8 at 287p 
after better than expected half- 
year results and a confident 
statement. Arjo announced 
profits of £105. lm, against 
£63m previously and market 
forecasts of £78m to £87m. 

David S. Smith moved for- 
ward 12 to 560p after a very 
confident presentation at its 
annual meeting. 

Publishing group Emap 
eased 2 to 4l6p after announc- 
ing a one-for-eight rights issue 
at 360p a share to raise £77m to 
halve its debt and ready itself 
for acquisition opportunities. 

Manweb outpaced the other 
regional electricity stocks, the 
shares closing 4 higher at 866p 
after the group said it had 
bought to a further 1.5m shares 
at 870p. 

MARKET REPORTERS: 

Peter John, 

Steve Thompson. 

■ Other statistics. Page 19 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Nam 


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Some 


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Qd Joa Apr Oct J® Apr 


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(*192 ) 160 04 9 13 13 15 173* 

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57 

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480 

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800 

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63 

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240 

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28 

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(1159) 

1200 

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850 

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Aortrad 30 3 4H IK ID 3 4 

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380 13 30 30 9M 21 25)4 

420 314 17 » 31 14 37 42 

120 4 7)4 IT 4 7 DM 

130 1H 4 6V4 1114 14 16 

2a 21 25H30H 2 614 11 

240 9 14 1914 6 1514 Z0M 


British Fund* 

Other Rxod Merest — 

kAneral Extraction 

General Manufacturers . 

Corauner Goods 

Sendees — 


Uttttos. 

Rnendsto ..... 

investment Trusts . 
Others 


Totals 


52 

11 

7 

10 

3 

2 

77 

35 

86 

82 

198 

366 

29 

52 

106 

75 

96 

331 

B 

28 

9 

74 

101 

183 

31 

162 

274 

44 

44 

21 

482 

728 

1385 


Dan based on 9 iom companies latad on IM London Sara Sanrfoo. 


TRADITIONAL OPTIONS 

First OeaCngs August 22 

Septembers 


Expiry 

Settlement 


November 24 
December 8 


Cate: BTH Wts 177, BTR Wts "94-5, Brit Biotech Wts, CRP Leteurs, Lucas Wts, 
Panther Sec, Smith (WHJ. Wiggins. Puts: Lucas Wts, Smith (WH>. Puts 6 Cate: SmRh 
(WH),1 


LONDON RECENT ISSUES: EQUITIES 


H78) 
Ltorfie 
(*137 ) 

NaO Pm 
T4B3) 
Seal Foaer 
r382 1 
6en 

nm) 

Forte 

(■237 > 


issue Amt 
price paid 

P up 

MM. 

C*> 

(Cm.) 

1994 

High Umt Stock 

Ckae 

price 

P 

+/- 

Net 

<fv. 

Dhr. Gra 
cov. vk* 

WE 

net 

- 

FJ>. 

258 

100 

92 "fcAiiofnasean 

96 


_ 

- 

_ 

_ 

- 

+J>. 

109 

89 

73 aorta G Shn Wra 

79 

-1 

- 

- 

- 

- 

too 

F.P. 

102 

102 

100 Beacon nw Tst 

101 


- 

- 

re 

- 

- 

F.P. 

1.71 

48 

43 Do. Warrants 

45 

-1 

- 


- 

- 

165 

FJ». 

74.1 

173 

165 Chembertrti Ph. 

166 


W7X 

IX 

5X 

21X 

- 

FP. 

1X0 

1*7 

1 Conti Foods Wits 

lie 

+*4 

- 

- 

- 

- 

120 

FJ». 

12X 

133 

118 Copyright Prom. 

125 


1*41.0 

2-8 

1.0 

44.6 

- 

FP. 

SIX 

94 

90 JNVESCO Jpn Disc 

» 


- 

- 

- 

re 

- 

F.P. 

3X8 

SO 

42 Da Warrants 

48 

+*2 

- 

* 

- 

- 

- 

FP. 

- 

77 

63 JF R Japan Wits 

64 


- 

- 

- 

- 

- 

FP. 

23.4 

56*3 

35 44riaonum Power 

56+1*2 

- 

- 

. 

- 

23 

FP. 

10B 

31 

29 Otvs 

29 


- 

- 

- 

- 

re 

F.P. 

a 60 

17 

5*z Panther WMs. 

17 


. 

- 

- 

- 

- 

FJ>. 

ass 

40 

28 PatroceBic 

28 

-7 

- 

- 

- 

- 

150 

FJ». 

179.9 

162 

157 PBar Property hw 

159 

-2 

LN3.7 

- 

2-9 

- 

- 

FP. 

4X5 

44 

M Sutar wris 9QA04 

39 


- 

- 

- 

- 

100 

F.P. 

3B1 

105 

97 TR Euro Qth Ptg 

105 


- 

- 

- 

- 

- 

FJ>. 

2X2 

35 

29 Tops Eats Wrts 

29 

-1 

- 

- 

- 

- 

RIGHTS OFFERS 








Issue 

Amount Latest 





Closing tor- 

price 

paid Rerun 

1994 




prim 


P 

up 


High Low Stock 




P 




32 


3(10 1*2pm l 2 pm Raglan Props 


1 >apm 


FINANCIAL TIMES EQUITY INDICES 

Sep 8 Sep 7 Sep 6 Sap 5 Sep2 VreQO Ugh -Low 

Ordnary Share 2454^ 2475.7 2478.9 25122 2506-2 23S6.7 27134 2240.6 


Tarmac 

160 

7% 14% 16% 6% 13% 18% 

OrdL dfc. yield 

4.18 

4.12 

4.12 

4X7 

4.00 

3.91 

4.48 

3.43 

nen 

180 

1% 7 11% 21 27 29% 

Earn. yid. % fuB 

5£8 

093 

5.82 

5.85 

587 

4.61 

095 

062 

Thom aa 

1000 

39 66% 81 12% 31% 48 

P/E ratio not 

17.69 

1004 

1006 

18-28 

1024 

27.70 

33^3 

17.60 

(*1019 

1050 

11 40% 58 39% 57% 73% 

P/E ratio nil 

1049 

1063 

1066 

1068 

1084 

25.56 

30X0 

1040 


T58 220 1114 21 2514 3K 9 1514 

(*227 ) 240 3 1114 1514 15» 2014 28b 

TenHna 240 3 12 16 12 17h 22 

(*231 > 280 1 SD 8 3014 32 35M 

Wrfqme 660 M » H 4H 2114 3214 

r®5 ) 700 2014 49 67H 23 43W BD 

Option Oct Ji Apr Oct Jai Apr 

Sam BOO 24 43H 63H 3SH 47H 61 

f607 ) 660 7)4 24 34(4 71 80 93D 

K9C7»*S 750 48 78)496)4 29)4 60 72 
r783) 600 S 52 73 % 59 77 100 

teuton 487 a - - 13 - - 

f*488 J BOO 19 S «M 18)4 ZB 36 

Ogam llw Witoi to ftttoii 

M nw ce in 15)4 2014 » 7h 12 16 

(188 ) 200 714 11)4 IS ZCh 24 2714 


Tor 1994. (May Share nto atneo camplaUarK high 371X6 HEW, la* 49.4 SUM o 
FT Ordtay Stare Indax ban data 1/7/35. 

Ortte ia r y Stars hourly changes 

Open OlOO 1O0Q 1L0Q 12J» 1XOO 14 JOO 15JW IrtOO High Low 
2471.2 2481.4 2450S 2447.3 24508 2452.4 2446.6 24502 2453.5 2473^ 2443.2 
Sap a Sep 7 Sep 6 Sap S Sep 2 Yr_3QQ 

SEAO bargrtris 27.449 27.563 27A77 29.703 28S59 27.757 

Equity tumomr (Emit - 1383-5 13992 1292.6 1493.9 1561S 

Equity bargrtraT - 30 JOT 31, IE 33JSB 32.836 29,767 

Stares traded (mljt - 5905 5635 6075 540.7 617.7 

TEarttong toWHtrtlW Puatrwa* and awnna iwmi. 


* Uo*rtytag security price, ttan tu ni a tortai are 
baaad on cfcrtno Oder prices. 

September a. Total conir ac ia: 53.902 Cate: 
2BM2 fate 28520 


FT GOLD MINES INDEX 



Sep 

7 

% efag 
an tag 

Sep Sap Year 

6 5 ago 

Brass <8* 
Ifcteft 

52 vert 

Ugb Let* 

SQM Kara Mn 99 

220073 

+08 

awjGi 2isu3 wan 

M3 

asMoiazK 

■ Restart tortera 

Africa (18) 

3487X8 

*1.7 

342013 3370X1 206101 

193 

3440X0 190023 

Automaton 

28BL21 

408 

2764.18 271427 204630 

1X3 

3013X9 169018 

Nora America (IQ 

1/3078 

-03 

173621 (711.78 1441X2 

074 

203065 1383X0 


Copyright. The rtn a nrtd Time Unrted 19M. 

Hgina In ixadrt i top* reiarter o< oonyanle o. Bate U6 Pttert. Baas Vrtiw 100050 tvn/BZ 
PisdoOKmr Onto IMnaa terte Srt B : 2785 ; d^a toanpa; 4ft5 paint; Vaar aga: 1 U.1 f Rartrt. 
Latest pdoes <*se MnHh tor no oataon. 


THE TOP 

OITOKTONniES SECTION 

for senior management positions. 
For advertising information call: 
Philip Wrigley 
+44 71 407 873 3351 















































































29 



FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


LONDON SHARE SERVICE 


ircwu **j 

2bac C« Lfl 200D _ 


% kw 

1=b 

03 44 

S » 

39 33 

m » 

*278 2U 

14B n 

Alga 

M 70 

S.’S 

17 13 

T S 113 

« a 
i»*a iob>z 
118 90 

36 23 

17B 118 

77 32 

127 J13 

180 118 
40 30 

103 148*2 


1W *213 S 

279 290 23 

St — 4 2* 

«g 4 « H 

in J H ao a 

£ = 

188 — *207 IE 

98 — 78 4 

*w *4 m 4* 

“1 zi 2 ^ 1 ^ 

smur f 

81 MS 

1M — 218 171 

IBS* 4*1, 1Mb I42J; 
18 +V 18V I1< 

04d UB a 

188 -1 217*2 IS 

282 -I 283 201 

78 1M 71 

672 TOZ 535 

» +3<« 109*4 78H 
3V — -O* 2«s 

13*2 » 13V 

60 *2 n » 

COB*? *3 £130 21021 

108 00 r 

«d -*a 2» ir 

154 171 13! 

W +1 H W 

1Z7 -e 14t is 

1333d 03 IS 

31 43 25 

47*3 47*s 


H&OIL, 

4.1 

25 iftd 
u 

- us 


Boom End bn 

Badfcrt-ZZjC 




OTHER 


£8 

985 

17 

2251 

04 

1452 

22 

2887 


875 

42 

1157 


305 

MU 

_ 


375 

10 

2019 

- 

959 

l»: 

2935 

95 

22.1 

117 


-• 

4005 


Z7H Jt 278 2a 

4IM -I *447V 355b 

140 -b 184 122 

14 2 1% 

«ia l ft 

121 133 121 

MS 106 79C 

388 _ 244 IM 

108 1130 CD 

SO 72 60V 

342x5 __ *350 2964 

7V 18 fl 

182030 -4 TIBS 979 

IV XV I 

13 17 ID 

M3 -10 157 75 

123 -1 157 120 

147 UB 129 

127 148 112 


+ ff 1994 
Pit* - nkfi kM 

18M -1 241 185 

474 -1 547 407 

Ob* *«I34 MB 

224V -5 C30 223V 

37X4) 471 33} 

340 -1 443 313 

319 -3 305 271 

290 -1 404 281 

MM 484 343 

tt = S 


♦ Of 1804 

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355 in 

33 17*2 

HIV 5*2 

*14 9 

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-I ns in? 

13b 7 

348 320 6JB 4J) 

+6 482 22B 2262 S3 

*1 10 69 475 178 

118 106 10.1 3.1 

209 133 198 29 

81 36 MJ 4.1 

*188 117V 5X7 IS 

438 325 *4.7 20 

1847 797 1462 24 

-1 IM 102 143L4 74 

38 21 US 

178 143 124 

298 108 ' 1«J 


-2 M 


MB 3M 
HM _ 1033 875 

181 +1 *270 171 

28 38 3 

® — “ » 

i! i f 

1*7 *5 tao 120 

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S -3 « 12 
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443 443 2B1 

19 177*2 152 

Si s a 

427 -X SUV 382*2 

1?I « « 

38 *M 32 

BU -fl 735 570 

ZH 4-1 448 236 

an 788 870 

a — a 21V 

381 *3M 2SC 

154 188 153 

MU -9 964 734 

MM 44 TOM. 424 
19 *178 127 

s - a s 

3 5 ^ s* 

48 __ *12# 48 

228 — 249 <87 

MM -1 280 1*3 

is a iib 

i=,ii 

rod 886 095 

178 U2 85 

414 -1 «Z 38* 


8J8 -8 *731 

-19 135 n*l 

WO 27 — *% 

18b — 23 

TIB -2 *129 

3 *8 

208 213 


11 5b 

210 

190 

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124 

70 

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42 

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225 

168 

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187 

109 

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13 

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227 

186 

119 

79 

773 

452 

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113 

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1B3 

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249 

190 

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149 

80 

43 

274 

214 

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39 

U6 

82 

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20 

eb 


81b 

5b 

104 

77 

120 

78 

ZB 

195 

700 

524 

79 

93 


BANKS 


_Z "Si SB 

"S 

473 256 

-1 181 108*2 

443 400 

H 883 424 

71 S3 

*6 U40 1050 

14SB 1043 

»1« 82 

-1 1812 870 


14 

197 

15 

30.1 

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125 

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357 

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205 

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187 

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PAPER A PACKAGING 

4- or 1994 IH U 
Plica - Nth to cacfim Erl 
M7 184 145 28J 40 


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227 Z* 

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175- 

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2505 

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293 

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950 

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215 

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275 

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1054 

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715 

1.7 

857 

15 

141 

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108 

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382 

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451 

19 

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305 

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2.7 

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24 

298 

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42 


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15b -b M 

28 26*2 

MV U, KV 

Bbir — 2*4 

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£ 3 3 i 

8b 17 

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BBb ->b a 

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157 -3 188 

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812 

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£5.1 1J 

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475 


mi aa 

1£3B 08 

429 IB. 7 
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147 49 

988 45 
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15 148 
14 559 
33 159 
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1.8 141 
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41 22$ 
10 198 
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2-0 154 
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46 159 

24 100 
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s ^ j: 

129 187 

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444 577 B0J 

U SW 237 2,341 

206 145 117 

*472 412 1388 

171 87 918 

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♦v •as in i&j 

-1 297 S2 78.1 

^ US « 1*4.7 

*4 292 206 326 

178 91 149 

*U0V 136V 2096 

-2 M 138 7216 

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Si 

-1 M 27 878 

149 IX 408 

439 3H 253 

-a 1B21 S25 1699 

m ao 666 

137 to* m« 

17V 12 358 

— *V 631 V 432 587 A 

181 75 M4 

430 341 1126 

MB 128 178 

*11 228 1597 

_ 30 7 466 

-2 *233 163 4S6 

230 158 *7.2 

*2*1b 248 1W6 

_. 147 63 178 

I'S'SES 

70 45 526 

271 223 2066 

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+1 ISO 11 B 326 

128 103 316 

260 199 904 

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FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 













































































































































































V 



CURRENCIES AND MONEY 


FINANCIAL TI MES FRIDAY SEPTEMBER 9 1994 

MONEY market funds* 


MARKETS REPORT 


Sterling futures recover 


Sbort sterling futures rose 
sharply yesterday when the 
Bach of England left short 
term Interest rates unchanged, 
writes Philip Cawith, 

As soon as the Bank con- 
firmed in its morning 
operations that rates were on 
hold, prices rose sharply. 
There had been fears, following 
the monthly monetary meeting 
on Wednesday, that UK mone- 
tary policy’ might be tightened. 

The Bank’s stance was 
backed up by the release of the 
CBI's August distributive 
trades survey, which suggested 
a possible Call in the rate of 
GDP growth, and a further 
drop in inflation. 

The December short sterling 
contract finished 18 basis 
points up at 98.73 on fairly 
heavy volumes - nearly 66,000 
lots were traded. Sterling had a 
steady day, helped by the 
firmer dollar, with the trade 
weighted index closing at 78.8 
from 73-6. Sterling three month 
LIBOR eased to 55 per cent 
from 5£ per cent. 

The dollar rose nearly a pfen- 
nig, helped by favourable com- 
ments from a variety of US and 
German officials, to close in 
London at DM1.5562 from 
DMi.5486. It was also Firmer 
against the yen, finishing at 
Y99.4 from Y98.965. 

The firmer dollar caused the 
D-Mark to weaken against 
most European currencies. It 
finished at L1.016 against the 
I talian lira, from Ll.019. The 
Swedish krona firmed to 
SKr4.906 from SKr4.923. 

B Analysts said short sterling 
had been the beneficiary of a 
massive short covering rally, 
with numerous stop-loss orders 
triggered, once the Bank had 
shown its hand. 

The longer end of the yield 
curve benefited from the dis- 
tributive trades survey. Mr 
Don Smith, UK economist at 
Greenwell Montagu, com- 
mented: “This survey should 
effectively put the kibosh on 
speculation of an imminent 
rate hike-" 

Mr Simon Briscoe, UK econo- 
mist at SG Warburg, said the 
general weakness across all 
aspects of the survey pointed 
to a (tall in the rate of GDP 
growth, with underlying retail 
price inflation also likely to fall 
over the next quarter. “A rate 


Sterling 

Dec *94 future contract, bid price 
94.0 



Jon «RH 
Sauce: FT Graphite 

■ Pomd hi Haw Yttfft 

a* a — ubi — 

Capot 13435 

Ion 1.5433 

3 rah tJWE 

1 v 1.5311 


- Pm. doss — 
1.545B 
1.5455 
1-3439 
1X310 


rise against this background 
would be extraordinary.” be 
added. 

At the shorter end, Mr Rich- 
ard Phillips, analyst at brokers 
GNI, said there had been a 
“very positive reaction to the 

B ank 's non-action". He said 
the market had seen very good 
buying, and was awash with 
rumours of large stop-loss 
orders being triggered if prices 
continued to rise. 

The pound was helped by a 
good trade figure which, ana- 
lysts said, showed there was 
less chance of a sterling crisis, 
and less need for the govern- 
ment to raise interest rates in 
fear of one. 

The Bank of England cleared 
a £ 1 . 2 bn shortage in UK money 
markets, at established rates, 
in its morning rounds. 

fl UK and European interest 
rate markets benefited from a 
string of bullish comments 
from senior Bundesbank offi- 
cials. 

Mr Otmar Issing, the Bund- 
esbank board member, said In 
an interview that German 
inflation and M3 growth could 
be expected to continue falling, 
while Mr HansJuergen Krupp 
said he could not understand 
why the dollar was so weak. 

A Bundesbank spokesman 
also confirmed that Mr Hans 
Tletmeyer, the Bundesbank 
president, had not said in a 
speech that German sbort term 
rates could not fall further. He 
had simply suggested that a 


decline could not be expected 
in the next few weeks. 

This prospect of lower rates 
was endorsed by Mr Julian Jes- 
sop, international economist at 
Midland Global Markets. In a 
research paper published 
today, he suggests that the dis- 
count rate is likely to be cut at 
least one more time. 

Cautioning against reading 
too much into these pro- 
nouncements was Mr Michael 
Gallagher, director of IDEA, 

the financial market* consul- 
tancy. “These statements 
should be seen as an attempt 
by the Bundesbank to keep the 
market guessing on interest 
rate policy rather than a for- 
mal statement of intent,” he 
said. 

He said the real issue was 
not whether economic condi- 
tions would allow another cut 
- inflation and money supply 
figures favour one - but 
whether it was needed. 

With current data suggesting 
the recovery was not stalling, 
he said a further cut was 
“probably unnecessary”, con- 
cluding that “we see fading 
prospects for such a cut” 

■ The dollar was helped by the 
Bundesbank comments, and a 
senior Clinton official saying 
the administration favoured a 
stronger dollar. The market 
largely ignored a string of com- 
ments about US-Japan trade 
talks. 

Mr Ian Gunner, international 
economist at Chase Manhat- 
tan, said the market had 
decided to test the upside of 
the current trading range after 
falling to break lower earlier 
this week. 

The release today of the 
August PPI figures should give 
the market new direction, as it 
will provide some sense of how 
the Fed is doing in the battle 
against inflation. 

Mr Dave Munro, chief US 
economist at High Frequency 
Economics in New York, down- 
played the PPI, saying: “Any 
big market impact wfll have 
only a thirty minute half-life." 


| POUND SPOT FOFiv 

> ARO P 

iGAiNSf 

THE P( 

3lK\D 








Sep 8 

Goring 

rafcS-poM 

Chango 
on do-/ 

BhVritw 

spread 

Da** MM 

Mrii low 

One uk»i9i Thraa menttte 
Rate MPA Rato MPA 

Or* yaw Bartcd 
Rate MPA Eng. Mb 

Etopa 














Austria 

(3dl) 

109273 

+00718 207 - 339 

108382 169188 

16-923 

03 

1691TT 

04 

- 

- 

1159 

Beighto 

S0H> 

48^603 

+02052 206 - 799 

4S9799 482810 

489163 

09 

405653 

-Ol 


04 

1109 

DflnmarK 

IP*) 

&51B7 

+0.0345 

099 - 216 

99180 

Q ASOQ 

99229 

-09 

09428 

-1.1 

09788 

-06 

1104 

FWontJ 

FM) 

79083 

+0.0206 

977 - 148 

79180 

7.7680 

- 

- 

. 

. 

- 

- 

649 

Franca 

(FR) 

82422 

+00395 

385 - 468 

82458 .81833 

89458 

-09 

89485 

-09 

89095 

04 

1103 

Gartoony 

m\ 

2^051 

+00006 042 - 059 

2.4095 

29810 

2A051 

09 

24024 

QA 

23746 

19 

1269 

Greoco 

(W 

366343 

+1988 

058 - 840 

387978 383.175 

- 

- 

. 

. 

- 

- 

- 

Ireland 

(S3 

19140 

+0.0005 

133- 146 

19156 

1J0111 

19144 

-09 

19159 

-07 

19218 

-07 

1039 

Itaty 

« 

244429 

+089 390 - 507 

2445.07 232797 

243198 

-3^4 

2483.79 

-aa 

252599 

-39 

759 

LuxtomiB 

(LFr) 

499603 

+02051 

208 - 788 

489739 492810 

499153 

09 

499853 

-01 


04 

1169 

Nrihertsnds 

tH) 

29873 

+00114 

961 - 885 

2.0986 

2.6737 

29974 

-0.1 

26943 

04 

26627 

19 

1219 

Norasy 


109754 

+00389 

721 • 788 

109786 109126 

109724 

09 

109829 

-09 

109680 

Ol 

889 

Portugal 

P*t 

246.186 

+0103 

066-303 

248.125 243.186 

240918 

-89 

280996 

-89 

- 

- 

- 

Spain 

(Ptal 

20CL0S1 

+0288 

980- 122 

300.122 199.150 

200.491 

-29 

201916 

-29 

204971 

-20 

869 

Smadan 

CSKrl 

119048 

+00115 

871 - 12S 

119125 11.7052 

TUBBS 

-22 

11.6768 

-24 

129673 

-25 

m 

-Switzerland 

(Sft) 

2.0137 

+OOOW 

128 - 148 

2-0157 

19984 

29123 

09 

29079 

19 

1-0757 

19 

1229 

UK 

(S3 

- 

- 

. 

- 

. 

w 

_ 

_ 

_ 

_ 

- 

789 

Ecu 


12624 

+09035 

819 - 628 

1.2630 

19557 

19832 

-07 

19838 

-04 

19034 

-Ol 

- 

SORT 

— 

0846107 

- 

_ 

- 

ra 

to 

• 




. 

- 

Amarteto 














Argentina 

(Pmo) 

19448 

-09013 

443 - 449 

19486 

19429 

- 

- 

- 

_ 

- 

- 

- 

Brad 

ipq 

19962 

-99082 

582 - 802 

19884 

19582 

- 

- 

- 

. 

- 

- 

- 

Canada 

tea 

2.1155 

-99012 

148- 182 

Z1178 

81116 

2.1149 

04 

21161 

0.1 

21149 

OO 

899 

Mexico (New Paso) 

52522 

-99044 

475- S89 

02669 

52475 

- 

- 

- 

. 

- 

- 

— 

USA 


19465 

-99013 

452 - 467 

19476 

19437 

19453 

09 

19438 

04 

19328 

08 

028 

PadflcAWdcfla EasUMrlca 












Auctnria 


2.0783 

-09064 

752 - 773 

2.0611 

2-0752 

29782 

09 

20776 

-09 

29968 

-09 

- 

Hong Kong 

ft«S3 

119420 

-09107 

393 - 447 

119578 119284 

119381 

04 

11937 

09 

11944 

OO 

- 

India 

(Pri 

48.4*27 

-09427 

729 - 825 

489490 48.4340 

- 

ra 

ra 

. 

_ 

- 

- 

Japan 

M 

163918 

+0943 

547 - 680 

153900 153.130 

153-278 

27 

152433 

21 

147.868 

39 

1899 

Mteayria 

(MS) 

99S2S 

+00018 

511-339 

39573 

39485 

ra 

- 

- 

- 

- 

- 

- 

New Zealand 

9<ad 

29547 

+00062 

532 - 581 

29878 

29490 

29588 

-19 

25884 

-19 

25887 

-19 

- 


M on MO i 


Money Market 
Trust Funds 


com* &co 

MSUMWOWOBu 


am M CM 

nentCoLU 

J»1N92J0 , 0W577BIM 

[ am -| +J1 HO 

AM -I 4 82 3-MB1 

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SSfrff=Tjj[ » « 


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mm - — 1 


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fi n Mia . « mm I 750 igl rail II m 

SSita mo UK *»]*■* 

ftlWS I 7Mt - 


0/1-518 IBIS 
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PhBppteaa (PASO] 406454 -OQ342 070 - 638 406162 404070 - - - 

Saud Arabia (SH) 5.7957 -00049 943 - 970 08030 5.7865 - - - 

Singapore (SS) 23176 -00025 163 - 188 23202 2X158 - - - 

S Africa (Com.) <R) 5.5030 -00116 009-050 53220 53007 - - - - - 

S Africa CRrvJ (R) 86800 -00007 643 -674 00974 6-0802 - - - 

South Kama (WanJ 1237.96 -138 755 - 841 1239.70 123837 - - - - 

Taiwan 09 40.4754 -00576 611 - 888 405584 404503 - - - - 

Thailand (EH) 383208 -00016 991 -425 38-6S7D 305640 - - - - 

fSDH nifaa lor Sop 7. BkIMfcr spreads In the Pond Spot tobta «ho» only On tax Ann deeferad pttem. Forward nun am net dwcUy rastad to tin mwfcat 

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On Otter Spot MM derived ton THE WM/flSiTBtS CLOSING SPOT BATES- Sant ferae aw counted by to F.T. 


| DOLLAR SPOT FORWARD 

AGAINST 

THE DOLLAR 



Sap 8 Closing Change 

mid-point on day 

BkVoRsr 

spread 

Dsqr'a mU One month 

Ngh low Pate MPA 

Three months 
Rata MPA 

One year JLP Morgan 
Rata MPA index 




Money Market 
Bank Accounts 

Ml M on Her 

SKJJKS 5-bw«»t on-ay a»79 

ntBraHjEum+i — “45 UO 

TWfejiSlOI+l. iW 

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Mnirar 165645 - 105776 

Ira 270500 - 271130 

»*(» 0A587 - 04611 

KM 35481.4 • 354758 

Russia 348583 ■ 350058 

UAL ■ E0742 


107200 - W-250 
174800 - 175000 
02975-02983 
raeWMI - 229500 
22BOOO — Tuwt iwt 
18715 - 38735 


Belgium 

(Bft) 

320620 

Danmark 

(DKr) 

6.1573 

Finland 

(FM) 

59511 

Franco 

(FFr) 

59332 

Germany 

(D» 

1.5662 

Greece 

m 

237950 

Ireland 


1.5242 

Italy 

<u 

168190 

Luxemboug 

(LFr) 

32.0820 

Nethartoids 

P) 

1.7453 

Norway 

(NKO 

69429 

Portugal 

(Es) 

158.850 

Spate 

(Pta) 

129.445 

Sweden 

(SKA 

79385 

Stozstend 

(SFO 

19030 

UK 


19455 

Ecu 


19243 

SORf 

- 

196416 

Americas 

Argenttea 

(Paso) 

09995 

Bind 

(PO 

09795 

Canada 

ica 

1.3889 

Mexico (New Peso) 

39986 

USA 


- 

PBeUc/MdrBa East/AMca 

Austria 

(AS) 

19435 

Hang Kong 

(HKS) 

7.7272 

IncBa 

m 

319713 

Japan 

(Y) 

924000 

Malaysia 

(MO 

25576 

Now Zealand 

PCS? 

19530 

PhBppinoo 

(peso) 

26.3000 

SourS Arshin 

(SB) 

3.7502 

Singapore 

(SS) 

14995 

S Africa (Com) (FO 

39608 

S Africa (FinJ 

F> 

491 70 

South Korea 

(Won) 

801.050 

Tafwen 

(IS) 

26.1900 

TtaBand 

(BU 

249900 


40.0555 605 
taiflBB 480 
+0.0275 546 
+00175 484 
+00236 317 
+00076 589 
+1.42 900 
-0002 234 
+084 135 
+01595 480 
+00088 448 
+00296 419 
+02 800 
.+0295 420 
+00139 347 
+00074 Q25 
-00013 452 
-00044 240 


■ 555 109555 

■ 760 32O7B0 ! 

- 600 6.1000 

• 5S6 50558 

■ 347 5^347 

■ 505 1-5570 

■ 200 237.400 i 

■ 249 1-5285 

■ 185 1581.85 

- 760 32.0760 i 
458 1.7458 

■ 439 6. 8439 

TOO 159.150 
470 129.470 
422 7.6422 

085 1.3046 

457 1^475 

245 1^305 


> 994-996 00086 0.9884 

-00045 790-800 0.8820 08800 

+00004 686 - 891 18691 ■ 18668 

- 960 - 010 04010 38970 


3.7504 3.7499 
18000 1.4992 


109975 

09 

109973 

OO 

108225 

07 

1049 

319275 

-09 

319425 

-05 

320625 

-09 

10&1 

6.1363 

-13 

01573 

-19 

63348 

-1.7 

104.8 

59338 

09 

69411 

-06 

5.1038 

-19 

78.7 

59125 

-0.7 

83188 

-07 

53791 

09 

1089 

19488 

-03 

19488 

-Ol 

19448 

03 

107.4 

23593 

-19 

236 80S 

-1.7 

239405 

-13 

693 

19251 

03 

19212 

13 

1.4897 

1.7 

- 

158231 

-39 

159278 

-39 

1848.78 

-49 

75L2 

319275 

-09 

31942S 

-05 

329625 

-09 

1001 

1.7387 

-02 

1.7388 

-Ol 

1.7327 

03 

1059 

691 58 

-04 

69283 

-09 

8.7453 

19 

903 

158.4 

-73 

161975 

-89 

18045 

-83 

953 

129.455 

-28 

130985 

-29 

13398 

-39 

809 

7.6441 

-3.1 

79848 

-3.1 

79948 

-39 

79.7 

19949 

03 

13934 

07 

1.2838 

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mi 

19488 

03 

19452 

0.4 

19341 

09 

889 

12277 

19 

13258 

19 

1317 

19 

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13895 

-09 

13712 

-07 

13844 

-1.1 

833 

33985 

-04 

34013 

-03 

3.4087 

-03 

_ 

- 

- 

- 

- 

- 

• 

96.4 

13438 

-03 

13445 

-03 

13518 

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87.6 

7.727 

09 

7.7277 

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7.7427 

-03 

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31-4563 

-33 

31.0013 

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993 

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96.76 

28 

90455 

39 

149.7 

29483 

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2537 

33 

26105 

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19639 

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19558 

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3.7515 

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3.7560 

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3.7742 

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1/4982 

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1.4963 

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1.4895 

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to 

39783 

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39813 

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2631 

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2835 

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26.19 

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-00012 700 - 725 31.3725 31-3700 31-4563 -33 31.8013 -09 - 

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+00047 523-637 1.6592 1.6513 18639 -07 18558 -0.7 18611 -08 

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CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


E1SS EUROPEAN CURRENCY IfMBT RATES 


7taiG»-«aaNra8)iUi 
ro Bn sen. stomWA lmd 

TESA 1 SJ6 


Sap 8 


BFr 

DKr 

FFr 

DM 

K 

L 

H 

NKr 

Ee 

Pta 

SXr 

8R- 

E 

CS 

t 

r 

Ecu 

Brig Ion 

(Bft) 

100 

1930 

1693 

4.8S4 

2048 

4932 

5943 

2133 

494.7 

4039 

2391 

4365 

2018 

4368 

1118 

3103 

2947 

Danmark 

PM 

5207 

10 

8961 

2527 

1968 

2568 

2834 

11.11 

2579 

2103 

1240 

2116 

1351 

2323 

1.824 

1819 

1328 

France 

(FFr) 

6012 

1195 

10 

2918 

1330 

2985 

3372 

1282 

2979 

2427 

1432 

2444 

1213 

2368 

1975 

1814 

1931 

Germany 

(DM) 

2060 

3957 

2427 

1 

0/422 

1018 

1.121 

4396 

101.9 

8116 

4908 

0837 

0418 

0979 

0842 

8397 

0926 

Ireland 

8Q 

4087 

9.385 

9128 

2372 

1 

2410 

2660 

10.42 

241.7 

1973 

11.64 

1988 

0988 

2088 

1924 

1519 

1345 

Italy 

04 

2027 

0389 

0337 

0.098 

0041 

100 

0110 

0432 

1003 

2183 

0483 

0.002 

0041 

0.087 

0383 

6385 

0052 

Ntehertanda 

(R) 

1837 

3928 

2056 

0992 

0378 

9083 

1 

3919 

9098 

74.10 

4375 

0747 

0-371 

0784 

0573 

6195 

0468 

Norway 

(NM 

46.88 

9.003 

7.798 

2376 

0958 

2312 

2552 

10 

231-9 

1893 

11.16 

1905 

0946 

2001 

1.482 

1453 

1.194 

Portugal 

Esl 

2032 

3982 

3.363 

0081 

0414 

997.1 

1.100 

4313 

100. 

81.60 

4914 

n too 

0406 

0883 

0830 

8297 

0915 

Spate 

(Ptal 

24.78 

4.758 

4.121 

1303 

0907 

1222 

1349 

5385 

1228 

100 

1900 

1.007 

0900 

1358 

0773 

7890 

0931 

Swodan 

(SM 

41.99 

8984 

8985 

2038 

0958 

2071 

2368 

8958 

2073 

1899 

10 

1.707 

0947 

1.782 

1909 

1303 

1389 

Switzerland 

(SFr) 

24.60 

4.72S 

4.092 

1.194 

0903 

1214 

1339 

1348 

121.7 

99-30 

1859 

1 

0497 

1.060 

0787 

7837 

0827 

UK 

« 

4995 

9.516 

8342 

2406 

1.014 

2444 

2997 

1097 

2411 

2000 

11.80 

2314 

1 

2115 

1948 

1516 

1382 

Canada 

(C$) 

2143 

4.499 

2897 

1.137 

0479 

1156 

1375 

4998 

1119 

9498 

5979 

0952 

0473 

1 

0730 

7262 

0987 

US 

IS) 

3207 

6.159 

1335 

1957 

0958 

1582 

1.748 

6941 

1616 

1214 

7938 

1304 

0847 

1389 

1 

99.42 

0817 

J4*»n 

<Y) 

3236 

8.195 

5368 

1.588 

0680 

1591 

1.758 

6982 

159.8 

1303 

7.882 

1.311 

0951 

1377 

1306 

100 

0922 

Ecu 


3936 

7.540 

6.531 

1.906 

0803 

1937 

2137 

1378 

1943 

1519 

9350 

1996 

0792 

1.678 

13Z4 

121.7 

1 


Sap 8 

Ecu can. 

rate# 

Rata 

agates! Ecu 

Change 
on day 

M+Altam 
can. rate 

fMharianda 

219872 

214318 

+030168 

-244 

Balglm 

403123 

383665 

+0307 

-211 

Germany 

194064 

191158 

+030217 

-135 

•aland 

1808828 

0807232 

-0001338 

-017 

France 

153883 

695128 

+030038 

0.19 

Portugal 

182854 

194.757 

-0475 

038 

Dernnmfc 

7.43873 

796126 

+000098 

137 

Spain 

154350 

158.128 

-0429 

3.16 

NON HIM MB4BEBS 




Orosco 

264913 

281308 

+0485 

1003 

«riy 

178119 

184435 

-439 

142 

UK 

1786748 

0786602 

-0300897 

136 


and ito M i Kronor pm 1ft EWgUn Franc, Van. Escudo. Lira i 


■ D-MARK NTUU (BUM) DM 125.000 per DM 


■ JAP ft M CT BVWFUTWa gMUflYen 128 par Van 100 



Open 

Latest 

Change 

High 

LOW 

EsL vol 

Open to 


Open 

Latest 

Change 


Uiw 

Eat. voi 

Open to 

Sep 

16443 

09452 

-0.0002 

09482 

0.8442 

43.124 

97995 


1.0081 

13083 

+03012 

1X091 

13080 

22480 

57330 

Dec 

16455 

0.6451 

■10003 

08457 

08432 

11923 

31.420 

Dec 

13138 

13148 

+0.0000 

1.0157 

1.0132 

1188 

15364 

Mar 

16451 

08460 

- 

18464 

18450 

19 

2.852 

Mar 

- 

1.Q2TB 

- 

1.0218 

1.0207 

6 

1.757 


974 

938 16 

522 

234 1 

297 -2 

2.15 -7 

146 -11 

090 -22 


Oraam 264813 291908 +0485 1093 -624 

HUy 1703.19 194425 -489 942 -485 

UK 9786749 0796882 -0900997 126 197 

Ecu canto rant sat by to Ekrapnr) OemnWon. Curandas on tn dascandhg mkBfM «Wnotv 
Pw to d +u a<tonBBaanlorEgcapotoraehanrad*” h iuamnentoc|r. D to HanPaetoaato 
ralto bataa m two to pai ^ toga toi nnw batwaan IheacaH imlral and Ecu eanwt ratea 

toracunancqr, wni to iumdmum pran+Bad pa a raiaBB d to n lon ni to currancy’a mratoi ran Bom la 
Ecu canto ran. 

(17/1/89} !W»8i kl and R4m Uni aiapandad Bom BM Mfuaknant cafeadatad by to Rw k I # Tiom. 
■ PtMJLDCLPiaA 3B C7» omOW £31^0 (cents pgr pound) 



, 0340532000 

-I -I Warir 
nato . 

an I lor I to 

UM I U2]»mi 
aa 453 6-to 
an IAMB 
an I aozle-to 

ajn I anle-to 
3M I aalo-Mh 
I aalo-Mi 

I aid I anb 
UBMBl 
17TM* 

znlo-to 

WKMZI8B3 


4t»AadmiSB.EdlMbee2«. 031-638305 

KO.OM+ — 1 an asi I in or 

£56.ooa -erana — an n ass or 

nun#-CMn> — an n tra or 

cano-an# an m I zdz or 

Qjw-tuto— im 1.13 1 ijsi or 

Sm A nmiAabBit Ftoaho 

IB-SS HMmiInl RmftU Mil MB. 0800 32)01 

ana! Manat an 181 an dm* 

TEBSARod 1 tor 111# - 8TO Ml 

TesAvmnra. Iaai -I tnl to 

ItoMBiokde 

36-33 Fiwcara 1fctartl6LBdMl 0572744720 

HBucsauMtoHUa ano lies &m m 

DmaMMMAE1BIX)D+ 1853 1719 S873 Ok 

mm™"- ana ibis aaua or 

hha pioodoo* aim tm asoz or 

lyuHlESH — A an - A447 Ok 

ItaMDomMaasTraMLIif 

P0BMKL HadABMOOr 001-447 C43A 

totoltatotoAMHH 

n«n+ —I ATS a»i amI fib 

UottulUiistBaak LU (tanartraua 

1BtoCHtobadKtMraW1H/A Dil-SSSIWM 

eraniMHtonMca. an in anl>-to 

Ewa»-iMdraaMra- /n uni rnln-to 

Ksno-iTnar I /Js 144 1 -Itodr 

J. KnaySdHDdB'Hbag&CbUd 

150 ctnapatta.LmiM ff3» Urn ,071-3828000 

BbatoScc. — ... ; - 1125 134 118 1 Ml 

naoooaiBton— I ian in I Mil m 

VWOnTnutlUi tahmtefeaqw Ago m \ 
naurasicaMarbtoMin.nsE , onzaNi+i 9 

cnoon* Ian an w » 

njHMiAWi aso aal ass » 

nno-eMe#- — »ltx lit I ml or 


. 0352 SM1< 

I 49*1 l 
1 401 C 

I I ml (i 






1 0MM) SFr 125,000 par SFr 


! FUTOWPI (IMM) BB2800 par E 


0.7716 

•O.QOQS 

0.7735 

17701 

19.408 

34.103 

Sep 

19442 

1.5478 

+03018 

19480 

19440 

9.822 

34,788 

a773t 

-0.0006 

17748 

17715 

4.689 

11381 

Dec 

19450 

19458 

+03018 

19484 

1.5442 

3935 

4.787 

0.7745 

- 

0.7752 

17737 

43 

104 

Prior 

- 

19420 

- 

19420 

19410 

2 

183 


Sbta 

Price 

Sflp 

— CALLS - 

Oa 

Nov 

Sep 

— PUTS — 
Oct 

Nov 

1-460 

283 

992 

260 

. 

- 

034 

1-475 

7.13 

7.12 

730 

- 

- 

US 

1900 

491 

4,79 

537 

- 

ai5 

091 

1925 

228 

275 

335 

105 

160 

1.17 

1980 

148 

• 130 

130 

a74 

198 

234 

1975 

031 

a48 

088 

288 

331 

175 



MONEY RATES 

Soptombof B Oner Ono Three 


Belgium 

4-* 

5<e 

S3 

week ago 

4TV 

5’. 

6vi 

France 

54 

S'* 

5»» 

wweii 350 

53 

S’ 3 

SH 

Qermany 

4.88 

4.B5 

4.95 

wwsA ago 

4.90 

485 

435 

•viand 

4G 

5!> 

0+ 

worrti ago 

43 

S', 

6d 

Hety 

8^ 

eh 

BB 

»ne\ ago 

e+s 

B+b 

8h 

Netherlands 

4.34 

497 

5.02 

week ago 

4B4 

4.97 

4.99 

Switzerland 

3‘. 

4 

4A 

week ago 

33 

4 

•U 

US 

4(1 

41, 

4fl 


One Lornb. Dta. 

year War. rate 

6«! 7.40 480 

W* 7.40 4.50 

6i s.oa 

6% 5.00 

5.45 900 4.50 

233 600 4.50 


I (UFFET DM1 m points of 100% 



Open 

Sett price 

Change 

"on 

LOW 

EsL voi 

Open to 

Sep 

9438 

9530 

+033 

9530 

9438 

11290 

130394 

Dec 

9493 

9495 

+034 

9498 

8493 

43585 

173827 

Mar 

94.45 

94.49 

+037 

9490 

94.44 

33128 

163080 

Jun 

84.03 

94.14 

+038 

94.15 

84.06 

19084 

106140 


i njotouM arr^ura nnwa p-urq Liooom points of 100 % 


5.16 5.50 

5,11 5 42 


7.50 

780 

S2S 

525 

fi 62S 380 



Open 

Sett price 

Change 

Htft 

Low 

&L voi 

Open to 

Sep 

91.10 

8l.li 

+105 

91.12 

81.04 

2890 

20188 

Dec 

89.78 

8992 

+109 

8995 

6273 

8S3S 

33351 

Mw 

89.17 

89.18 

+036 

8931 

nann 

1835 

18234 

Jun 

88.77 

88.75 

+105 

8830 

8285 

1209 

140+8 


1 bubo sms nunc wmiRm»(UFFq SFrim pokiarf 100 % 


— ^ u 1AM MM 

40 6825 250 

46 _ a nn 


— - - — - -u > - 

Japan 2'k 2W 2»« 2i 2U - 1.75 

ago 2’r 2V* 2H 2& JQ - i.r* 

■ SUBOfl FT London ” ‘ 

IntartMnh FUmc - 4"k 5 5a SB 

week ago - 4*k S S3 Sg 

US DoOir CD# - 4.65 4.60 5 9 7 5.58 

*«* opo - 4 65 A. BO 5 07 588 

son Unfed Da 3*1 3J 3* A 

ww* ago - 3W 3j 34* 4 - - 

EC| J iAtod Oa iiMito i m*. S3. 3 mto 93: a mm* 84. I yo#r. 8V S U80H ki 
raw an> cflored rtos ler Sion wu la ffvi martial by lour n/gran co dohm of non 
do*, riui tMntm n Boniun Tiun. Bank of Tekua Barettri and Naund Waa k i lto . 
vio TWA n nwi ta to oorantc Mona* Rxaa. US S COl and SOT Utfiad pqn 

EURO CURRENCY INTEREST RATES 

S#pB Short 7 days Orw Ttnw Six 

lenn noflee mantti maniha mon iha 

Mroo Franc 4|J - 4[« aJJ - 4j| 5,>« - 5,’* 5^ - 5b 8 - 5^ 

5J 4 -Mb Va - - 54 6% - 7& - 7* 

4-42 5-4% 5-4?| 5-4% 5^ - 5 

DuWi Guider 5,'* ■ 4" S,«, - 4{J S - J?, s& - 4»1 5,1 - S, 1 . 

Frwc.1 Franc a*e - 5»« 5,i - 5,’, s'r - 8 >b 5* • 5*J 8 - 5) 

Pt*-.J.?MS 0 Esc. 121a - ill 9i 2 - 8 L( 10 ^ - 10 ^ n . 10 J 4 ill, . io^, 

SwrashFawa 7'; - 7h - 7,\ r*i - 71 2 7{J - 7* *A - 8^ 

fv* '"P - ^ 4 ii ■ 4 li 5-413 5H-Wi 5^-5J| 

Sms Franc ■ 3«j 3’j - 3\ 4,', - 313 4,i - 4,‘« Va - 4,1 

On Dcto SJ, - 4B 5*4 - 5/c 5,'. - 5,1 5}I - 5fi 8^ - B*+ 

US Doto 4J t . 45, 4[2 - 411 4% - 4i» S - 4^ Si - 0j 

ibton Lra 9 - 7« 2 6*8-8 8J| - 8 {1 - aft 9A - B,'. 

T" « M-21* 2A-2I, 2jl-2ft 2>i - 2,1 

Awn S&no 3-fl -3* 37 ,. 34, 4^ - 4,1 4 \ - 4*i 6,1 - 5* 

Shun nwm ran ant can to. to US Dear and Yen. atons Mn ttntf iMto 



Open 

Sett price 

Change 

«9h 

Low 

EsL voi 

Open to 

Sep 

95 80 

95.78 

+103 

9590 

.96.77 

1685 

15665 

Dec 

8598 

95.40 

+104 

95.41 

95-37 

5741 

17324 

Mar 

85.12 

96.10 

+033 

95.12 

9838 

1208 

11289 

Jun 

94.80 

9490 

+034 

9492 

84.79 

480 

S983 


PnMoua to- Oto S9M Pun 5908 . Pro. dtay^ open kit. OA BM/Xn to# 441927 


irrrEREsr 


LONDON MONEY RATES 

Sep 8 Over- 7 days One Three Stx One 

right notice month moniha moniha year 

Intertwk SMrtng 5*» - 3»a - 4S| -5 5& - « S4* - 6H 6!i - BU 

SMhgCOs - - 4B-4C «!-« 5H-5ft 6ft ■ BA 

Treaswy BBe - 4^ - qj 5*2 - W 

Baric BM -4jj 6h-S& 5ft - 5ft 

Local authority dupe. S& - 4ft 5& - 4ft 4ft - 4ft 63, - 5* 6ft - 5ft 6ft - 8ft 

Dtocowtf Market depa 4* - Sh 4^ - 4», 

UK deartng bark beae knflng rate 54* par cant Bom Fabrtoy B. 1884 

Up to t 1-3 3-6 6-9 9-12 

Msuotttl IIWllJl IMiJlb MOJIIQm iIIm bUiI 

Carta of Tax dap. (2100900) 1*9 4 3* 94* 3»a 

Cote of Tax dotv undar ClOftOOO ta Itjpc. [hpadte nteidUMa torraab lipc. 

Am. tandv (da of dbccuff 138B8pe. ECOD ftcad MM SOg. Expert Fhwnce. MM* up do* Aug SI, 
1804. Aamad rara to paridd Sap 38, iflM la Oct 01 1004. Sdiemaa IIS SJSipa. Rafaranca m lor 
pralod Jri* 30. 1004 ID AUB at. 1894. Stom N IV SSTBpo. Fferra Hcum Bom Rate tope tnn 
awi. law 


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PRIVATE CUENTU 
WELCOME 


38 DOVER STRUCT, LONDON W1X SBB 
TEL: 071 629 1133 PAX: 071 486 0022 


PRESS FOR GOLD - 0839 800 411 

For di^lb rf (W hdl range ol A nancU l btforraaOnn services, call 071-835 S400. 
Ca& art ctrarged at 39pA°in cheap nto. 49R/mIn all other Upiea. 

19/21 Great Tower St London EC3R5AQ. 

Futures CaliBIIH 


■ THREE HOfmi CCU FUTUflSS (UFFE) Eculm poWa tf 100* 






Open 

sea puce 

Change 

Hgh 

Lem 

ESL vd 

Open to 


“ 

“ 

Sap 

94.05 

9439 

+108 

94.10 

0434 

821 

8704 

“ 


“ 

Dee 

9244 

9331 

+110 

8391 

0242 

1782 

6587 

“ 

“ 

- 

Mar 

8204 

8205 

+108 

93.05 

9200 

881 

3827 

“ 

- 

- 

Jlt 

9284 

9266 

+038 

9265 

9281 

20+ 

1814 


■ THKEMHMi 


WTMBP (LSFQ £500900 pcArts ol 1tX»t 

Change Hkjh Low EeL vol Open InL 


' L9TE (uBoea traded cn APT 


■ TWttgwoni«BimoPOiL9K6Ml^timpainraqrioo% 



Open 

Sett price 

Change 

ugh 

Low 

Sap 

9439 

94-48 

+109 

94,48 

9438 

Dec 

8397 

9273 

+118 

S274 

8267 

Mor 

32.78 

8288 

+118 

a»Aft 

8274 

9*1 

8217 

82.27 

+113 

00 3Q 

9214 


TAX-FREE* SPF.CLXA2TON 

L\ FUTURES 


ty «teb|Wrt u ft H Pto»MBimrt+ ll«+«i.l» f M v|p 

km T«.GriWidBciUai»ra'teiJaatoaaOn-8Z87ZB orrarae 

* a *** t jtoPbfaFfcwi O to w iirt b A lOBdoaSfiTIMi 


Ek+jtn Franc 4ft 

Cardin hjpru 5 I 4 

tVUaft 4jJ 

Dutch Guilder 5,'* 

Frr*o Franc 5>* 

Pt»-.j.juaso Esc. i2>a 
SftUfcfiti Fwsrta 71; 
Ster.-na At 

Sarna Franc 
Can Dcflar $1, 

'JS Dobr 4I« 

ittiari Ln 9 - 

Yen 

Asian SSbxj 3% 

Stan K*m ran a/» can 1 


558 - 5b a - 5^ 

•ft-O* 7&-7A 

5-4% 5*4-5 

6,'+ - 4|1 SA - Si, 

5*B ■ 8 - 5) 

11 ■ toll Ilij-IOli 
'1* - 7l| 0A ' 6 1 * 
51? - 5^ - 5Ji 

4,1 - 4, Vi - 

sll - 5 ft ah - 6i+ 
s - 4 * S& -S& 
aU -aft 94 -Va 
all - aft 2 >a - 2 A 

4\ ■ 4*1 6A ■ v. 




Open 

Latest 

Chongs 

moh 

LOW 

ESL VOI 

Open to 


Sep 

94.88 

94.98 

+101 

9438 

9437 

35312 

362879 

One 

Dec 

9430 

9432 

+032 

0434 

9430 

70309 

501375 

year 

**i- 6 h 

Mar 

9339 

9430 

+101 

9432 

9339 

48398 

382323 


Hradad on APT. Al Gpw btraeat Iga. ara far prerieua dojc 


■ 3M»rnnAMenicw8(iJiTE)e6te9tepoinafl(ioo% 


7ft - 7,i 

SiS - 5,’* 

6A - 8A 

11\-11^l 

aa-w 

dh-itl 
*h *h 
7h-7h 
5iJ - 5ft 
10*1 - 
7h - 3,'i 
5ft - 5ft 


■ US 'TOSASURV B&L PUTUlia QMM) Sim per 100% 


Store 

Price 

Sep 

- CALLS “ 
Dec 

Mer 

Sap 

- POTS - 
Dec 

Mar 

8425 

0-26 

036 

104 

032 

0.67 

1.41 

0480 

036' 

032 

032 

108 

178 

1.84 

8475 

0 

101 

101 

127 

1.03 

138 


Sep 

85.42 

95.43 

+101 

95.44 

96.42 

2183 

9,722 

Dec 

8438 

8430 

+103 

0430 

9437 

1334 

1M85 

Mer 

9430 

9431 

+031 

94.51 

9430 

as 

4370 


Eat ML »I*L Oto 3S0EB Pub 24710. n »a«lam dayfa epaa fc*. Oto 3S7B75 P«tl 2WM 


AA Open hteito tgs an far pmiirao day 

■ RUWOMABKOPTlOWapjffgPMImpointatyiQtWt 


BASE LENDING RATES 


ten days' node* 


Store 

PfaM 

Sep 

Oct 

CALLS - 
Nov 

Dec 

sap 

Oca 

PUTS 

Now 

Dec 

0500 

0.04 

104 

100 

108 

104 

0.19 

121 

023 

9825 

0 

101 

102 

103 

125 

141 

032 

143 

8680 

0 

0 

101 

102 

030 

035 

038 

037 


1 aBOMTH H/wW FlfTliWES (I4A71F) Parte WarOtr * aNona rote 


Ee. ML tuoL ctea 1311 Pua 8716. Predeua opw int, CM* 25W56 Pul# 1*071 
■ BUBO 8W1838 HU8C OPT10II3 (UFR3 SFl liTI pOWa & 100M 


Open 

Sen pnoe 

Qvmgo 

Mgh 

Low 

EsL voi 

Open to 

Striho 


- CALLS - 



— PUTS - 


9434 

94.37 

+0.04 

9437 

84.34 

8392 

42.908 

Wee 

Sep 

Dec 

Mre 

Sep 

Doe 

M#r 

9336 

93.92 

+0.09 

S3 S3 

9Q.8G 

21868 

44,148 

8S7B 

106 

103 

107 

102 

0X8 

172 


93.51 

+108 

8332 

3147 

7320 

28.972 

8800 

0 

am 

0X4 

121 

162 

184 


93.18 

+106 

8120 

93.15 

4.548 

27,738 

0825 

0 

0X1 

0ff» 

148 

108 

1.17 


I raO+*TW BWlOOOiXAB OJFFEr 81m pointa af 100* 
Open Son price Change H&i Low 


. Oto BOO PUi 106 PrauwhM da/* epan ML Cflia MOS Pula IKS 


Sep 

- 

94.98 

+0X1 

* 


Dec 

■ 

94.34 

+0 04 

_ 

_ 

Mar 

- 

94X1 

+0.03 

_ 

_ 

Jun 


9167 

+0.03 


. 


Low Esl ini 

0 


Open to. 
2800 
2003 
1438 
334 


AdsmACorpenir — 325 

AAed Trust BeA 925 

MB Bark— M8 

•Hany Axtebachor 625 

BarkdtBaoda _S25 

Banco BRmn Wzr*ya_ S2S 

BordtofCKna — . 525 

Bonkoflralwid— 925 

Boric at tacta 925 

BaAot Scotland _525 

EtentefsBark 626 

Brit BkriBBd East — 626 
•Brawn Styptay * co lu 925 
CLBarit Nodwfand ... 626 

Cttas* NA ....... 929 

CtydogdatoBflnk _S25 

TheCoopetofaeBeriLa2E 

Cori te 6 Co .525 

OetoLyorrtos 625 
Cyprus RjpMer Btelk -525 


Dunoanlawrta 625 

Exeter Bat* LMted— 825 
HnteKialS Gen Bonk _ 8 
•Robert Remhg 6 Co - 626 

Garolffl* 625 

•G^wwaeMshcn — 525 
Hteto Bw* M3 21iWi .525 
•Harabras Baric ....— 525 
HerMto£GenlmBkS26 

MSaoud 525 

C.H00I86C0 625 

Hongbang 3 wwghai. 925 
jurat Hodge Baric — 626 
«9W6UJeMtfc&80«525 
UoyW Serii — ...~a.~ 525 
*faghra|BBriiUd-M-»6aB 
MriandBank — - J .I MB 

* MourdBanUng - 1.6 

NriWeaftrinsiQr —523 

•nea&rihora 


'rbdHgeQumra 

Cnpototen IMtad ta no 


FullerMoney - the Global Strategy Newsletter 

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frc:.-n 3 chc;J licrc.'i^;.- VK, surODit^inan^ c-.. 

>ircriarti). Currency sr.d Fro-. Ccrr.r.oeftos cm ??(?& - tcTcIo:' 
lei P'OiCSircPCi 'nvcvloi: 't'Ciorj C-d experienced rocdtfr; • 
it Ihs* 5 V='J cai! Dev id Kctiv c< 1 .-- ddeft 

Tc! tonrivd 71 • 734 7174 (07! \jK)^ -~ x? 


■ baridng tnattuaai 8 
Hcya » at SCriland„ 529 
•SrriBi 6 Vtonsn Secs . 625 

738 526 

•UriWJBk 0» Numbs _ 525 
LHtyTnfit Bank Pic _ 525 
Wbstem That 625 
VW*®v#yLa«8W..-.52S 

Ybrkahira Bart< „.„523 


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0962 879764 

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Hants S023 9EH Fai 0424 774567 ' i 





FINANCIAL TIMES 


FRIDAY SEPTEMBER 9 1994 




******* 

- • 





PA yno -as 
T2J00 +as 




12» TBS — 
1640 BBS oa 


2.7 

4.7 
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i 130 04 


f 1160 _ 


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[ 77 _ 


1 100 35 


1 280 1 6 


1 88 64 


1 288 1 6 


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74 26 


72 64 


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350 03 _ 
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11 800 518 (Lv 
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INDICES 


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id *i« 
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61 

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46 167 

61 

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06 

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26 

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68 

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67 

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06 

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63 

54 

60 

61 

4.7 

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44 

— 

“ 

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M 2101938 2037133254*40 1672 

2089.1 21044 21033 294880 3 12 
11085 1099.7 10623 ION 3B 


n*w MM3Qn2A<) 420.70 42033 41898 *8 » 20 
MU^ni 1142.17 114038 113429 1222» tfl 


145935 146230 M8478 154238 90 

H IE) 4088798488930 V9 

(U) 406495 405875 409330 31* 
m 433907 434720 460950 230 
(u) 2073.15 317599 218288 1/2 

U 48177 47887 486730 40 

3S792 357.48 357.44 41679 20 

19429 19*4.4 18429 187208 40 

133872 132837 1327.71 «»» » 
ts83.40 108420 1961 45 236593 20 


M«diM*M1W5| 
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4425 4422 4419 «*80 31/1 

2799 2799 2709 29490 31/1 

21348 216375 217922 M3B94 30 


4*30 219 
25790 21* 


Cap. 40 (1/7*$ 2I5&48 216375 217922 20894 30 

mam 

o&a&ti&nxa) hosts umis mus 12 x 1*250 

25ompp/UB5) 298793 301032 308848 330837 4/1 

EHMV377) 28423 28419 29444 3228* 1S2 

*W» 

8ES«47)m(2W75) 57472 57796 577* B4I9I 4/1 


28423 28419 29444 3228* 180 


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So* Km 

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174200 140 
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5*0 

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US INDICES 


38862 386370 38/858 387138 358395 *78* 4192 

{31/D m (81/1*0 PW335 

Urn Bond* 97* 9818 9818 19891 9843 18BJ7 5499 

can) (135) (18710930 ft/IOSI) 

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m m &m a*® 

554* 55491 85827 588* 51005 5** 392 

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4611 4627 4618 4894 41* 48* 894 

(Mg (4/4) ggw 0/10/70 

25678 *811 25633 2B7J1 243.14 2S7.71 448 

(2/23 m £® BV (S/4/43 

45592 45600 45654 WM 42257 457* 2531 

(2/3 (20* (2®94) (9TO73 

7842B 75845 75623 *3* *339 50U3 5497 

(18Q) (24Q (10/3(94) (31/10/73 


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ftM wnw ww wasa 23364 23265 23361 MS* 25 

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Optrt InurM 5»m far prtxim dqr. 


Dow Jones tnd. OKI. YWd 2JB3 
Sop 7 

S & P Wt Dlv. yWd 247 

S 8 P md. Pl/E nUo 2048 

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Open Latest Change 
Sep 47086 471.10 4045 

Dec 47340 47345 4045 

Mar - 47020 

Open lew fgura* m tar p rait m a my. 


Sep 2 Aug 26 Aug 19 Year ago 

2* 244 2.73 240 

Sep 7 Aiq 31 Aug 24 Year ago 

247 243 247 046 

2048 21.11 2073 27. BE 

100 ■MXWnWSSSOOftnu Index 
hangs Mp Low EblvoL Open tm. 

4045 47*1.16 47040 74442 144490 

4045 47340 47340 20491 107445 

87 4489 


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FINANCIAL, TIMES FRIDAY SEPTEMBER 9 1994 


4pmdo3BSepten&er8 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


I7%12%A« 


IkL n 5b OHM 

Ota ft E 10ta Hgh Ls* Orata 

04a 17 21 418 13% 612% 13% 


IB’S 12*8 *L Law* a. IB 1.1 38 185 15$ 15% 16% 


7E%57%AMP 
72% K*iflW 
5 3%AfB 
BB%3S%AM 
31%2S%AtttL 
14% 11%AI«dPr 
23% 17% /«l hid 
15% 11% Acptoa* 
31 22%ACELH 
12% 9% ACHGrtl 


1X6 23 25 3345 73% 72% 73 

102 2221 58% 58% 50% 
12 181 « 3% 3% 

2X0 10 33 1120 51% 50% 50% 
078 15 1812243 31 30% 30% 


12% 9% MUM hi i 1091D0 
We 7%ACM6fiD0* DJOIOA 
10% ?%ACUGrt£px 086 125 
13 8% AGMGffSei 1X9 125 
11% 8% ACMUnx 1X8 120 
8% SAOHIfamgdi 072 Is 


050 13 10 13 14% 

052 2L3 17 22% 

Z7 15D 15 

0.44 1X30 2240 24% 


15% B% AoneQir' 0.44 3.7 14 127 12% 11% 

9% 8% Acme Bad 7 38 »% 9% 9% •% 

2a% 23Acon*a. 080 22 13 6 27% 27% 27% -% 

13% 5% Wan 030 32 3 723 11% n 11% ■% 

15% 11%AaBan M2 742 14% 14 14% ♦% 

18% 16% Adana Bo* 04S 2.7 0 7B 17% 17% 17% 4% 

64 46% Ad Menu 100 U 33 57% 57% 57% +% 

31 % 16% AduMfc 1001117 12 4183 29% 27% 28 +% 

6% 5 AM* Dp 0-10 10 8 15 5% 6% 5% 

20 ISAOmlnc 0.10 0G1Z0 108 10 17% 18 4% 

59% 49% Aeoon MW 1.47 2.8 12 9 57% 56% 67 -% 

65% 40 AoDoL 27fp 56 7 3752 49% 048% 48% -% 

30% 2S% ABC 046 18 IS 773 35% 35 3S% -% 

22% 16% Alanmi 088 48 15 937 22% 21% 21% 

4 1% AMntrE 1 179 2 1% 2 

50% 38% AbflC Q8B 28 26 1888 48% 48% 48% 

35% Z5%«mR1 0.30 IX 17 251 28% 28% 20% 

28% 19% Upas be <3 108 25 34% 25 

10% 14%****) 18411X 12 24 18% 10% 16% -% 

29% Z1% AAlCh 13061 29% 28% 29% +$ 

18% 13%AtSklAfr 0X0 IX 2S 566 17% 17% 17% +% 

21% 16% AMuyhtX 035 1.9 31 72 18% 18% 18% +% 

17%13%MW*1 020 1.4 480 14% 14% 14% 

3% 19%AtaQX 020 IX IS 10 23% 23% 23% •% 

22% 17% MQ*rA 0X0 1 0 18 53 22% 31% 22% 4.% 

90% 25% Afimn Q44 18 23 2793 29% 29*4 29% 4% 

20% 19% NcnAl 030 IX 70 4081 28 25% 28 +% 

85% 49% AlcoD 1.00 1.8 45 740 64% 63% 64% +% 

30% 23% Mafinam 070 26 5 87 26% 28% 28% 

22% 14 AMxN i HID 08120 64 20% 30% 20% 

24% 17AtogtiLlJdx 040 22 20 S32 21% 21% 21% +% 

26%ZO%«tagP 104 7.7 11 3454 21% 21% Z1% 4% 

20% 13%ABeflCun OIB 07 1BT700u21% 20% Z1% 4-1% 
28 ZOASergan 044 IX 17 3S8 Z7% 27% 27% 4-% 

4% 1 ATM 1 19 1% 01 1% 

37% 17% AtecP Cop 1.84 7.7 22 159 21% 21% 21% 

to 1 ! BMnQ 018 18 30a 10% 10 10 •% 

Z7% 21%AUKWiX 090 17 15 8 24% 24% 24% -% 

40% 33% AldBp 067 1.8 8 2540 37% 37 17% 


36 fit 9% 9% 
8 27% 27% 27% 


11 11% A 

14 14% -A 
% 17% A 


64 45*2 A) HCrOX 1B0 52 SI 
31 % 18% AduMfc 3X0 107 12 4193 29> 
6% 5 AM* Dp 018 10 8 15 S’ 

20 ISMOhc OIO 06120 106 1 

59% 49% Aeoon AOR 1.47 2.8 12 9 57* 

65% 49 AdBoL 176 58 7 3752 •o'- 

30% 25% AW 046 IX IS 773 359 

22% 16% Aimran 086 48 15 937 22* 

4 1$ AiBMtnc 1 179 

50% 38% AtflC 098 2X 26 1088 48 s 

39% 26% Atm Fit 030 1X 17 251 294 

a% 19% Ahgaslnc *3 108 2 

18% 14% MMDS 184 11X 12 24 104 

29% Zl% AAlCh 13061 2tt 

IB’S 13%AWaAA 0X0 IX 25 566 174 

21% 16% AMuyhtX 035 1.9 31 72 18j 

17% 13% AtWl 0X0 1.4 480 143 

3% 19%A*CUB 0X0 IX IS 10 Zfii 

22% 17% MO** A 028 IX 16 93 22>, 

30’Sz5%ABXtn 044 1X 23 2793 29>; 
3B% 19% NnM 0X0 IX 70 4081 3 

85% 49% AIcdSI 1.00 1.8 45 740 64V 

30% 23% Mmfiawn 070 £5 5 87 W; 

22% 14 AAxN i 018 0X120 G4 20»i 


20% 13% ASin COn 
28 20ABeroan 
4% 1 Atari 


27% 21% AHkW X 
40% 33% Ate* 


24 MW Dp X 088 11 20 824 a% 27^ 


7 4% Akusto 25 1670 8% 8% 6% +% 

31% 21% Akmn 11 1622 29% 29% 29% +% 

84% 04% Akxa 1.60 1X138 2187 83% K% 83% +% 
30% 20% Aba Cp A 41 1870 22% 22% 22% -% 

11% 7% AmQWtoex 0X6 12X 153 8% 7% 7% 

8% 6% Am PMd) 025 IS 24 GG 7% 7% 7% -% 

8% B%Ao»Gd 0X8 1X 121030 7 6% 6% -% 

25% 20 Anas) Ind x 0X2 2X IS S30 23 21% 22% *1% 

52% 44AIMW4I 080 IX 51 1191 S0% 48% 50 

9% 8% AmAflRx 0X4 27 5BZ 8% dS% 8% -% 

31 20% An BNifck OlO 04 3218SEB 24 21% 24 +% 

37% 29$An*IH 100 5.7 101748 35% 35% 36% -% 

25% 18%An6wMi 080 37 13 23 22% 21% 21% -% 

8 8% Am Op he OQS 88 167 T% 7% 7% v% 

20% 17% Am Cap 6d* 154 8X 31 60 18 17% 17% 

23% 19% Am Cap 01 1X9 5 l4 0 37 20% 20 28% -% 

87 42% AmCyai 1X5 IX 55 3358 B6% 98% 95% 

37% 27% AnQPff 240 7.9 15 2617 30% 30% 30% -% 

33% 25% AmBqpr 090 10 1319776 30% 29% 30% +% 

30% 24$ Am«rf 1.16 19 25 2344 29% 29% 29% 

9% 6 Am DM lax 07712X 457 8% 0% 8% 

27% 22 Am dll Br 2X0 9X 8 193 23% 22% 23% +% 

mh 16% Am Hfltinx 0S6 15 11 47 18% 18% 18% 

65% 55% AnttSiW 292 SX 12 1896 59% 59% 58% -% 

2% 2% Am WAS 075208 9 13 2% 2% 2% 

96% 81% AnHi 046 0L5 15 3050 92% 91 91% -1% 


28% +% 

6 % ♦% 


23 21% 22% *1% 


37% 27%An0P«r 
33% 25% AmE** 
30% 24$ AmGsnl 


11% 7 Am Opp he *1.00 125 468 8 7% 8 A* 

30 23% AmPtboi OBB 13 151 26% 2B% 2S% +% 

34 19 Am Prasl 0.40 1.8 9 540 25% 25% 25% -% 

8% 7% Am Rod Ea £44 6.9 5 108 7% 7% 7% 

27% 21 AmSkr £46 10 7 7B 34% 24% 24% 

22% IBAmWrirSft 1X5 08 5 19% 18% 18% 

32% 25% AnWT 1.08 19 12 132 27% 27% 27% 

43% 36% Amm 1X2 4.7 14 3507 41% 40% 40% -% 

43% 34% Aimran K 1X1 14 5 88 37% 37% 37% +% 

18% 11% AMU 0X4 1X156 S7 18 15% 15% -% 

61% 50% Amoco UO 17 16 5347 59% 58% SB% +% 

8% 6%Ammm 0.10 IX 6 33 5 7% 6 +% 

4% 3%hmkc 012 2X108 18 4% 4% 4% +% 

34% 29% Amm® X 1.40 4X 10 1328 32% 31% 32% +% 

4% 2% Aracomp 10 181 3 2% 2% -% 

58% 42%Anai»i 030 OX 70 1587 49% 48% 49% +1X5 


58% +% 

B +.% 


34$ 29% Amm® x 1X0 4X 101328 32% 31% 32% +% 
4% 2% Aracomp 10 181 3 2% Z% -% 

58% 42%Anui»i 030 OX 70 1587 48% 48% 49%+1X5 
33% 23% Arodofl 31 2201 33 31% 31% -1 

29% 24% AngtSss 0X4 14 24 18 27% 27 27%+% 

55% 47%4nBB* 1X0 10 24 4032 53% 52% 52% +% 

26% 2S%A«Ppa(1 157100 3 2S%d2S% 25% 

34 19% MOnm 16 633 24% 23% 24% +% 

18% 14% Aotanir hi * 044 15 17 79 18% 16% 15% +% 

35% SOAanCp 1X8 17 8 SS 34% 34% 34% -% 

29% 22% ApndaOp 0X8 IX 38 5854 27% 28 27 +1% 

10% B%ApnM*lF 074 01 388 0% d9% 9% -% 

21% 14% AW 37 949101% 21% 21% 

3 4 AppUMag 1 705 4% 4% 4% -% 

22% 16%Ap|Aft*A 012 0X 36 31 022% 22% 22% +% 

2S% 21% AithDn 0(0 04 18 2785 S2B 25% 28% +% 

S0% 43% Alto Q**nl 2X0 00 22 308 50% 48% 50+% 

51% 45%Amwi4XP 450 9.7 10 46%d45% 40% +% 

6% 4% Amm 3 1219 6% 8% 8% +% 

29 23 Aim IIP 110 BX 4 23% 23% 23% -% 

57% 43% AmtslW 1X8 2X 36 2551 49% 48% 40% -% 

45% 33% AmmBac 18 888 33% 38% 38% +% 

7% 4% Alim Dp 2 78 6 5% 5% 

33% 23%Ankhd 075 11 131410 25% 24% 24% 

31% 21% Asm 048 IX 95 630 30% 30% 30% +% 

31% 22%AstadCUx 040 IX 12 M 30 23% 30 

44% 33% AsbOl 1X0 17 13 833 37% 38% 36% 

25% 18% taQPxF 0X7 1.4 79 19% 19% 19% 

3 1 ! 1% Asset tiff 025102 7 88 2% 2% 2% 

37 28% Ass HI Gb 012 04 20 37 30% 31 30 *% 

57% 48% AT8T 1X2 14 6159 54% 54% 54% 

m%226% AH Hfcfl 2 2X0 1.1 3 258% 255% 255% +2% 

38%31%ADraQai 2.08 6.4 13 77 32% 32 32% +% 

9% 5% ABO SOS 0X8 4.0 6 * 5% 5% 5% +% 

21% 16% ADntfffr 1X4 00 9 444 17% 17 17% 

1C% 92% MM 550 11 195 3425 UM 106% 107% +1% 
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FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 * 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


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n.n a ten? 

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164 23 1510207 22% 21% 22% 


50% 42% Sana Core *1® 04 11 6M 44% 44% 44% 


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33% 23% SOMOn 
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28% 18% Ba iM H W 051 08 
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18% 13% SnCoB 0L7D 4JJ 
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55% 42%SeenRx 
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38% aJmn 
39% 27% an-* 

40% 2BS*qoBB 
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25 153WM 

25 10% Stand K 080 05 20 1481 


1-00 78 8 4402 13% 13% T3% 
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1J0 2.1 23 7077 
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180 12 712230 48' 

081 7.1 147 11 

022 OB S 1400 

080 22 6 72) 

050 18 17 5 33 

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082 35 13 308 28% 25% 

022 1.4 19 8B35 17 18% 18% 



39%22%‘MuiH 
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44% 34V Tadxitax 
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060 14 17 3573 43% 43 43% 

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080 1.7 22 384034% 34% 34% 
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180 4.1 S 932 41% 40% 4V% 
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180 18 46 1172 66% 

017 08 185 27' 


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44% 34% SnOnT 
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83% 49% SO* 

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33% 26% StxXMEE 

36% 28% acre 

38 24% SWMr 
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02B 28 21 2 ID 

387 AA 22 299 69% 

036 1.7 17 1077 33% 

10 3668 15% 

010 07 15 602 14% 

1.12 07 11 324 18% 
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1.00 27 12 1919 37% 

32 2230 25% 24 
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016 2.4 2 119 S% 

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006 14 15 2 4% 4% 

020 48 79 1« 4% 4% 

115 B89 15% 14% 

095 29 16 a 33% 33% 33% 

1.17 38 3644 30% 30 30% 

062 22 15 081 23% 22% 23% 

050 22 IB a 23% 23 23 

186 10 17 478 36% a 38% 
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380 07 22 41% 40% 41% 

4 a *2 a 

31 19% 18% 18% 

OSD 23104 811 22 2t% 21% 



18 


18 


20% 20% 20% 
18% 18% 18% 
27% 27% 27% 
33 32% 33 

28% 24% 24% 
17% 17% 17% 
17 16% 16% 


m 07 B 17 
080 38 9 925 
1.18 64 6 5875 
185 00 11 47 

1.78 12 68 110 
004 02 23170(3 
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30% 23%SoWM l G* 220 03 10 552 26% 20% 2B% 

12% 8% Spall find 046 48 148 ID 8% 10 

7% 4% Spartan Cp 8 a 5% 5% 5% 

18% 14% SpnaraD 012 OB 134 15% 15% 15% 

39% 29% Sptg 170 3J 13 106 37 35 36% +1% 

40% 32% Sprttfx 180 26 27 3855 39% 38% 38% -% 

1Bl3%Sn 040 23 21 340 ‘ ' 

19% 13% SUOmi x 040 25 7 14 15% 15% 15% ft 

«% 7% 

38% 26%SWM 
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44% 38% sam X 
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1.40 14 20 182 41% 40% 41% ft 

240 43% 43 43% ft 

14 22% 22% 22% 

81 10 810 10 
293 


12% 

14% 

35% 25S*%SM« 

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20% 9% 

27% 19% SUp Sep 
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1.40 12 

on io a 

084 04 
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1.10108 7 
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1.1912.1 46 10 8% 9% 

11774 2% 2% 2% 

128 28 13 384 50% 50% 50% 
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004 12 IT 1405 29% 28% 29 

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045 24 17 IS 19% 18% 19 

184 4 A 12 353 
088 1.4H 707 


B% 5TC8YBnr 
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9% B% TCWCmS 
49% 34% TDK Carp A 
2% 1% TIS MQa 
29% 1B% TJX 
18% 13% TWEnap 
77% 81 TRW 


- T - 

020 13 M in 6 5% 6 

180 24 13 759 42% 42% 42% 

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080 58 12 71 13% 13% 13% 

200 27 21 289 73% 73% 73% 


8 6 %' 

58% 42%Ttaaco 
30 25%Tnp»P» 
31% 20% TMByna 
9% 4% Tarn 
11% 5% Tenakxta 
12% 5% man 

BV Texaco 

9%TaxaooC 
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61 TIM 
18% Toes Pk 
23% Tan x 

2m Taxi txM 

50%ieenx 
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37% 34% 1W PM 


64 B4% +% 
58 *1% 
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060 07 873 

1.80 04 18 4287 48% 47% 47 
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30 2006 30% 29% 30 

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aa 01 14 3205 82% 62% 82% 

148 78 ZIOO 49% d49% 49% ft 
020 05 47 151 38 37 37% ft 
180 18 15 6483 77% 78% 77 +1% 


040 20 24 10 

lOBIOI 18 4090 
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140 28 12 565 
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035 1J 94.20% 

088 08 217 

45 38 TharnaBac 012 03 25 962 

a2Z%HtaMx U6 2.7 8 214 

n5B%Th8B8 224 15 a 345 

18% 13%1PaenHx 040 2J 39 20 15 

43 29% RroaonM 240 38 17 47 41% 

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38% 28%1Btaqr 028 07 63 113 37 

44% 84TMWmx 038 18 » 8308 

189 13 3 2087 
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14 160 4% 

15% 8%TU«afenCD 066 04875 311 8% 
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1.U 27 11 284 (1% 

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064 21 U BBS 30% 

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a 8426 37% 
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200 38 9 233 52% 

036 07 13 98 53% 

080 48 11 438 15% 

5 12 14% 

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060 18 9 3867 38% 

024 13 18 101 

250 78 2 

9 


37%28%ltadUr 
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13% IITBaaR 
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19% 11% TolfiDi 
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30% 20% Too Carp 
a 27% itaeco 
30% 19%Tttd9)8t 
40% 32%TpMli 




iB% 14 Tmaeo 
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(3 time 
16% 13% Tndasar 
37% 337HCDnt25 
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64% 50% Tlpwa 
24%21%'MDn 
47% 30%Trta4 
40 31%Trran 
37 24% Mon 
4% 2% Tucson B 
7% 4% TUksCp 
14% 6%TiaHdita 
28% 12 TWO Cat* 
24% 18%lttiMC 
56% 42% MoL 
10 ATwoT 
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53 53% 
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jft S 

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33% 33% 33% 
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184 10 21 2ST 55% 54% 


076 13 
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010 031331874 
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084 07 121575 
070 11 21 37 



22% a 

040 09 a 1648 44% 43% 44% 4% 
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462 60 4% 84% 4% +% 


- u - 


29% 23%UBRn 
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51% 45% USF664.1 
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51% 4B% USX CenPf x 190 78 


184 17 19 691 28% 28% 28% 

31 21 5% 5% 5% 4% 

4.10 OB 4 48% 47% 47% 

6 944 23% 23% 23% 4-1% 
1.12 17 17 1273 30% 30% 30% 4% 


150 95% UAL 
10% SbUDCHM 
24% 1B%UBGoniX 
11% 5% IRC fee 
24 22% Unto* 

27 20% UnR he 
17% T1%IMflMX 
74% 5B%U*r 
l2tAlOO%UMNV 
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34% 21% UaCeP 
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54% 43% 1MB 130 
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16% B%lhhw 


48% 48% 4^a 
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!» 210 
18848.4 3 148 

1 88 78 3 3S7 

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189 7.1 83 183B 

040 18 15 720 24% 24% 

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7 7% 

iu m +a 

14% 14% -% 
49% 49% +% 
17% 17% -% 

6 6 -% 
8% 9% +% 
15% 15% +1% 
2% 2% 

2 % 2 % 

4% 4% 

53% 53% 

Sil 9 

12% 12% 

16% left +% 
7% 8 -% 

2D% 20% *■% 
20% 21 +% 
12% 12% -% 


■*% 

-% 

-% 


FHP WS 
FHTtad 
FfflyOfl 
FWBA 


EM Am 

FaStOMo 

Fstcoar 

FdSedy 

MTan 

FatVtata 


FMhr 

FkttofcS 

Ftto* 

How kx 

FootftA 

RxxftR 

Foremost 


FoatarA 

Hta Hi 

Fa Hd 

FWKmbIx 

FiderKB 

FlXtoftl 

Furon 

FUtredAOR 


- F- 

11 Z7 5 4% 
024 36 31 7% 6% 
004 663358*41% 39% 
17 2023 28 26% 

124 15 94 52 51% 

14 376 5% 4% 
024 03EB3 9% 9 

33 1643 24% 23% 
064 8 692 34% 34 

UD 11 88 25% 25 

009 21 Z74 24% 23% 
124 12 473 32% 32 
in 11 393 47% 47 

068 7 113 Bft 9% 
058 7 906 24% 24% 
124 S 384 34% 34 

46 340 ' 8 7% 
28 580 22 21% 

19 353 7 6% 

009 163819 6% 5% 
009606 2499 6% 5% 
in 10 156 32% 31% 

11 831 12 11% 

34 169 3ft 3 
164 12 152 30% 2B% 
040 8 382 16% 18 

1.18 11 56! 30 29% 

058 21 1250 33 32A 
06B 11 88 21% 21 
024 23 27 18% 18 

20 112 3% d2% 


5 +% 
6% -% 
41% +2% 
27% ♦% 
52 
5 

9% +A 
» +-% 
34% +ft 


+% 

♦% 

-% 


+% 

-% 


25% 

23% 

32% 

47% 

9% 

24% 

34% 

7% 

21 % 

6% 

6 

6A -ft 

32% 

12 +% 
3% -A 

30% 

16% +% 
29% 

32% +% 
21 

19 -% 
3% +% 


GBApp 

ESXSanr 

tares 

tandRa 

tax CO 

taXBtad 

taXyte 

taWRi 

fiesta Cp 

tasatae 


Bz 
EkUngaLx 
Green a 
G htiBton 

Good Guts 

GDddtfmp 

(PadcoSys 

Grew 

taanAPx 

BiudiPli 


BmdWtr 
fill tap 
GkMTSirg 


HanDngA 


- G - 

6 91 3% 
067 23 22 16% 
0 122 2% 
101793 3% 
016150 78 8% 
040 20 40 19% 
20 5B1 u5% 
35623 10% 
460 41 1480 25% 
162 381 4% 
85 3714*38% 
040 IB 241 15% 
012 141182 19% 
060 16 98 14% 
11 190 u5% 
18 454 12% 
080 19 1744 22% 
337 294 *3% 
020 70 235 21% 
021 10 Z100 17% 
02212 U 
0 238 2% 
SO 28 13 

10 91 13% 
6 854 10% 


3% 3% 

15% 15% +% 

2% 2% 

03% 3% 

6 B 

19 19% -% 
5 5% +% 
10% 10% -ft 
24% 24% -% 
«% 4% 

34% 36% 

15% 15% 

18% 19*4 
13% 14% +% 
5% 5% 

12 % 12 % 

21 % 22 % +% 
2% 3% ♦% 
20 % 21 % 

17% 17% 

ft hi 
2% 2% -% 
12% 13 +% 

12% 13% +% 
9% 10 +% 


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WO 5 Go 


HeSenTroy 
ttoftfl 
Horen Sy* 


Horn 


MbXJB 
MiWgtn 
Hurts Co 
Hntdffadi 
HnxrBb 


- H - 

92 7 5% 

069 • 171 24V 
020 13 797 15% 
018 2929601134% 
2B 5923*6% 
006 21 144 12% 
112051 7% 
016 2B 768 16% 
204 11% 
9 101 15V 
072 14 496 21% 
015 22 346 8 

79Z785 U18 
060 B 68 21% 
044 18 83 28 

1321M 12% 
04(450 24 4% 
020 T7 1227 18 

On 62748 20% 
008 1 13 3% 

1901730 35 

17 ZIOO 4% 


5% 5% -% 
22V 23% +1 
14% 15 

33% 34% +1 

26 28% +% 
12 % 12 % +% 
7% 7% +% 
15% 15% 

10 % 11 % 

14% 15% 

20 % 21 
7% 7% 

15% 16% 

20 % 20 % 

25% 25% 

12V 12V 
4% 4% 

17% 17% 

20 20% 

3% 3% +% 
32% 34% 41 

4% 4% -ft 


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-% 

+% 

+% 

-% 

+% 

-% 

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FRSW 

42 

23 

7V d6% 6% 


DB Comae 

28 9969 

9% 9% 9% 


Etw 

3 

728 

ft 3% an 

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knreiar 

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27 

5 5 5 


tnretapga 

1 2 

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040 33 

235 

17% 17 17% 

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Whs 

02(190 

24 

14 13ft « 

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WRes 

17 

474 

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taformk 

28(6782 

24% 22% 23V 

-IV 

tnyuUiM 

068 IB 

129 

12% 11% lllS 

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UBgrftav 

2 B 6168 

23% 22% 23 

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230*3% 12% 12% 

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423 

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024 12Z75B6 67% Bft 66% 

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tateM 

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10 

2 2 2 


bflgrxa 

040 27 3255 

16 15% 15% 

-ft 

htar Tta 

18 

327 

8% ft 8% 

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HbM 

034 17 687 13% 13% 13% 

-% 

tags 

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9% ft ft 

-ft 

htartaat 

4 2351 

4% 4V 4V 


htectw 

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29 13% 13 13 


krenale 

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-% 

CnKMyOA 

141133 17% 17 17 

-% 

HRes 

092 18 

140 

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275 

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ft ft 5% 


llIM taC 

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107 31% 30% 31 

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hmegaCyi 

1 

44 

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taamaAi 

163552 16% 17 19% 

+v 

am xi rah 

m 38 

15 

209 207 209 

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JAJSnKk 

14 

226 

12% 12% 12% 

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Jason tec 

026 14 

159 

9% 9ft 

ft 

JL6M 

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943 

039 36% 38 

ft 

JonnsanW 

60 

27 

24% 24% 24% 

-% 

AreM 

11 

615 

14% 14% 14% +% 

jmiiaa MO 11 

510 

7% ft 7% 

ft 

JostynCp 

12D 14 

24 

30 30 30 

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jam 

on 17 

178 

27% 2ft 27 

-% 

AnUg 

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447 

19 1ft 18% 

ft 

Josdn 

018 9 

444 

12% 12 12% 

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K Swiss 

kmanGp 

KtleyOl 

Italy Sv 

Karducky 
Ontal 
XkUnr 
KLAkstr 
Knoatedpe 
KoB A 
Kouag Inc 
KUUekaS 


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044 5 675 9% 
3 587 8% 
0:72 26 397 u32 
011 11 22 6% 
064 14 351 26% 
22 9 10% 

6654441150% 
2 1741 3% 
0 130 ft 
2172134 2(V 
10 507 15% 


& 22 
9V 9% 

6 % «i 

31% 31% 
8% 6% 
25% 25% 
10 10 % 
46% 49% 
3% 3% 

ft ft 

23 23% 
15V 15% 


- L - 


072 £3 5 

(Jdd Fun x 012 38 518 
Loafedi 402362 
Lsncatarx 048 16 703 
Lane* he 086 19 203 
Luata iV flph 31 799 
Lanepdta 12 85 
Useotpe 21 379 
LretaS 161492 
LtarxnPr 048 18 358 
LOOS 332 6921 

LUCp 016 2 ZIOO 
Udxas 191429 
Laoancp uvsoo 
Life Tech on 16 84 
Utetaa C3 328 

URytadAo 028 12 379 
LtaBr IIS 997 

LtacdnT on 15 344 
UndsayMT 13 32 
UnoatToc 024 363213 
UquBn 040 17 136 
LoeuenCp 006 28 763 
Lima Star 9 100 
LnkeD 3513170 

LTXCp 33488 

UMI 076 4 10 


3ft 

3% 

19% 

25% 


36 

37 
19 
24 

9ft 

3% 


19% 18% 18% 

6V 6% 8% 

38% 3SV 
37 38% 

19 18% 

24% 24 

9V 
3% 

19 19% +V 
24 25 +% 

24 23% 23% -% 
5*2 5% 5% 

15% 15 15% +% 

24% 23% 24% +% 
15 17% 18 +% 

4% •% 4ft tft 
13V 13 13ft -ft 
*137 134136% +2% 
15% 15V 15% -V 
29V 28% 29% 

44% 43% 44 

36 34% 34% -1% 
24% 24% 24% 

6 % 6 % 6 % 

44% 43% 44% 

4% 3% 3li 
32% 31% 31% 


-1+ 


M3 Cm 


2122876 

24% 

23% 

24% 


USCare 


22 73 

2S 

24% 

24% 

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kx in 

am 

46 141 

15 

14% 

14.74 


MataoxfiE 

xin 

15 46 

34V 

34% 

34% 

-% 

MaomaPwr 

13 315 

28% 

2ft 

2ft 

+% 

■tapia&p 

076 

13 769 

21 

20% 

20% 

-% 

MW Box 


13 87 

8% 

7% 

ft 

+% 

Uarom Cp 


24 187 

11% 

10% 

10% 


■hone Dr 


12 390 

4% 

4% 

4U 

-A 

miaicp 


9 100 

42% 

41% 

41% 

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tttquut 


2 161 

1ft 

1% 

1% 


UarioUa 


ID 145 

6 

B% 

ft 

ft 

MarshSokA 044 

11 2 

11% 

11% 

11% 


IfeadnBx 

060 

112033 

21 

20% 

2ft 

■ft 

Maatec 


9 127 

ft 

7% 

8% 


Haulm Int 


47 1729 

62% 

80% 

62% 

+1% 

■tartar Cp 


0 2490 

5 

4*1 

4% 

ft 

UcUbBR 

044 

12 7 

1ft 

1ft 

1ft 

+1 

UBCaniXe 

048 

151249 

19% 

19% 

1ft 

-% 

UcCanC 

1733779 

5ft 

53% 

53% 

ft 

Ikdrahc 

016 

19 615 

14% 

13% 

13% 

ft 

HeMeinaS 

048 

15 B5 

25% 

2ft 

25% 

+% 

Hetairee 

024 

22 343*10% 

9% 

10% 

+1% 

UanarCp 

016 

55 628 

17% 

16% 

1ft 

ft 

MertrO 

024 

224042 

10% 

9% 

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+A 

UstarU 

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12 652*2% 

22 

22% 

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UeraxyG 

070 

71394 

28% 

27% 

2ft 

ft 

Ueridan 

126 

122640 

31% 

31% 

31 A 

+A 

Itateta 


8 1084 

8% 

ft 

6% 

ft 

UaaxxhA 

012 

191191*6% 

17% 

16% 

ft 

IK Cm 


361029 

35% 

3ft 

34% 

-1 

MclmtaF 

020 

19 41 

12% 

12% 

12% 

ft 

MchtetaB 

260052 790 

77% 

77 

77% 

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MaiHd) 


8 54 

3% 

ft 

3% 


Mareoe 


10 243 

13% 

12% 

13 

ft 

UCVOCOD 


B 907 

ft 

7% 

7% 

ft 

Uagmtx 


10 956 

ft 

5% 

6 

+% 

McrpotS 


2 935 

6% 

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ta 

-A 

MCtit 


1617718 

58 

57 

57 s 

+%# 

Wd ABM 


24 5452 

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2ft 

27% 

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l*M+ 

052 

113133 

23% 

20 

23 

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lldwerata 

050 

25 X 

30 

29V 

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■OtaHt 

052 

173293 

24% 

24 

24% 

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Wcm 


237 

2ft 

24% 

24% 

ft 

Mmreeh 


21 780*6% 

15% 

1ft 

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htotXhTta 


553279 

22% 

21% 

22 

ft 

Modem CD 

020 

19 10 

7% 

7% 

7% 


ModkcM 

052 

20 425 

28% 

27% 

2ft 

ft 

Mtaex 

064 

419 

3ft 

3ft 

36% 

ft 

Mola he 

004 

321009 

42% 

42% 

42% 

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tfasam 

004 

14 2S6 

ft 

7% 

7% 

ft 

HoetnaeP 

036 

23 ZIOO 

31% 

31% 

31% 

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teCDOae 


16 197 

15ft 

1S% 

1ft 


MTSSyix 

056 

9 X 

23% 

2ft 

23% 


Mtmad 


M 363 

32% 

31% 

32% 

+% 


tadgaax 

tec 


k Gen 
MatukS 
Naungen 


MAC Re 018 11 258 28% 28% 
Nadi Fret) 072 11 41 17% 16% 
ter Comet *038110 1867 13% 12% 
Ntmsm 020 20 68 13% 13% 
ftDO II 45 17% 17% 
041104 168 80% 60J2 
18 480 29% 28V 
28 1788 20% 19% 
134 6135 8% 8% 
8 36 5% 5 

027 36 126 35% 35 

080 21 145 19 19% 

185 663 15% 14% 
2315112 32 30% 
tempi Cp 004 17 18 6V 8V 

Noble Drl 21 2606 6V 6% 

Mnhanx 056 27 42 59% 56% 

Ndstnnx 040 275074 *48 48% 
NbsBiI 14 308 18% 18% 

NSarUn 4 22 5% 5% 

NudmTdx 088 13 1112 38% 37% 


26% -% 
17% +V 
13% *V 
13% 


ifeaCBre 
tew Image 
KxdBtNet 


NWAIr 
NuM 
Mwdfas 
WCA 
NSC tap 


21 1388020% 19% 
81 845007 16% 15% 
402700 45% 43% 
37 6% 6% 
7 ZIOO 2% 2% 


17% 

6DH 
28% 

19% 

8% 

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35,', 

1B% 

14% 

3122 +ift 
BV 

6V ♦% 
58% +1% 
47% +% 
18% -% 
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38% +1 

20 +% 
18% *1 
44% ♦% 
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PatOurdop 

PTataa 

PioncrB 


- O - 

OCtatays 22 185 14% 
Odd tan 18 374 24 

OBd»*g 15 619 14% 
OgtarayNximO 10 30% 

(necsx m 6 543 31 % 

OtdKud 1.18 11 657 34% 
OUteXSx MB 16 32 37% 
Onoanaxp in 7 334 30% 
OnePitae 121732 15% 

OpfttaR 21 207 22% 

Dmdes 631 6D00 44 

OAScncB 46 845 18 

OlMedl 099 27 4; 10% 
OrchdSugp 7 302 II 
OregonMet 031 9 143 5% 
Oahap 18 11 3% 
Od*EA 041384 205 15% 
OdkadiT 050 10 is 11 
OttafT* 1.72 14 30 32% 


-P- Q - 
in 13 122 49% 
058 12 127 12% 
132 16 89 24 

31308 70% 

33 8780 3% 
024 42 749 34% 

22 23 9% 
050 49 B4 11% 
10 18 ulB 
in 24 11 35 

0J2 18 782*42% 

14 lire 5% 

020 27 56 25% 
OS 14 381 14% 
1.12 17 63 31% 
35 114 11% 
SB 550 5% 
048 3 2 9% 

34 4154 16% 

« 67 >6% 
064 33 540u«S% 
068212465 31 

012 0 831 17% 
5 5 8% 

15 41 5% 
QIB 33173 6% 

2DS 20431155% 
2310987 15% 
39 674 5% 
31 313 19% 
0X3 588 X 
0.12 9 433 16% 


14 14 

23% 23% 
14% 14% 
3 30% 
30% 31 
34% 34% 
36% 37% 
30% 30% 
15% 15% 
22% 22% 
43 43% 
17% 18 


9% 

010 

5% 

3% 


-% 

+% 

-% 

+% 

-% 


-V 

+% 

-% 

+% 

-% 

♦1 

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8% 

11 
5% 

3% +% 
15% 15% +% 
10 % 10 % 

32% 32% -% 


Partita 

PaycoAn 


FrenTity 

PmVkp 


Pentad)! 


HnptaH 


RsenTdi 

Pecan x 

PUurata 

ftdretn 

Pkxwsfoz 

FfoimH 

nwkSi 

Puna Fad 

hail 

PrasUa 

Freest* 

Pr/Osel 

Pride Pel 


Prod Ope 
Piatan B 


49V 49% ♦% 

12% 12% 

23% 24 +% 

67% 70% +1% 
27% 28% +% 
33% 34% ♦% 
8% 9 +% 

11 11 % +% 
15 16 +% 

33 33% -1% 
41% 41% -% 
5% 0% +% 
24% 24% +% 
13% 14 -% 
31 31% +1% 
11% 11% +% 
5% 5% 

8 % 8 % 

15% 16ft +JJ 
16% 16% +% 
47% 48 
30% 30% 

16% 16% 

8% 8% 

5% 5% 

8% 6% 

S3 55% +2% 
15% 16% +A 
5 5%+% 
18 18 -1% 
25 25% +% 
16% 18% -% 


-% 

-% 


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Stack Dk. E Itt Up * ><• 
Pyramid 5 688 r% 7% 7% 

OuBtaLog 13 717 6 7% 8 

OrekoOu 082 70 54 17% 17% (7% 
Oud Feed 020 16 230 23 22% 22% 

Quanaa 72 GUO 16% 15% 15iS 
Qufctefr 21 3929 15% (4% 15% 
me me 304000 45% 45ft 45% 


Rates 
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Raymond 
Reason 
FteUTe A 

RMdre* 

Rap Utah 

R rareren 

Raures 

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RkniFst 

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RbNgd 

HoctWflk 

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Ross Sb x 

RotBctiMsd 

Rouse 

RPMkxL 

RSHn 

RyanFmty 


Sateen 

Sondcrsen 

StiXratxpA 

Sd Med L 

SaSytim 

Sore 

EcttexCp 

Scon Bid 

SefleM 

S-gau 

sn cp 
SeJtMXsB 
SetKOns 
Seqaam 

<S f^ np pi| | 

SawTacti 

Saifraa 

Ge e m on 

Sfrtted 

SH.Sydm 

SbonMood 

SnimbsP 

Stan On 

StairaTuc 

SJgniAJ x 

SignmDes 

SRcnVBc 

SBaffip 

Sbnpaonx 

SmftAt 

Snapplaftr 

SnflvnraP 

Sonoco 

soudiht 

EptegelA 

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- R - 

12 611 13% 
3 286 4% 
1 587 «% 

28 440 21% 
151418 16% 
14 41 15% 
1 385 3% 
5 26 3% 

19 28**11% 
049 16 973 48% 
9 93 5% 
am 10 27 35 

1.40 20 1586 63% 
012 12 2G1 6% 

055 5 906 19% 
OM 34614 16% 
On 12 1021 15% 
28 270 23% 
068 80 231 19% 
052 20 1241 18% 
060 U 66U24V 
121761 6% 


13% 13% 
4% 4% 
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20% 21 
15V 18 

15 15V 

*h 7<‘2 
3 3% 
11 11V 

45% 46% 
4% 5% 

34% 347* 
61% 61% 
5V 6 
19V 19% 
16% 16% 
15% 15% 
22% 23% 
19 19% 
17% IB 

23V :«V 
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+v 

+% 

+% 


+14 

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-ft 

-% 

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■1% 

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- s - 


Sfeyfit 

States 

State Sr 

Sal Men 

SUEtaire' 

Steal Tec 

StoUyUSA 

SUN 

sauwa 

SsuctDr 

Snyker 

StOranO 

SunWmo8 

SufflmXBc 

SnmniiTa 

Sun Spot 

Static 

SwtHTo 

Sybreatac 

Symamre 

tendtoy 

Synenare 

Synwgan 

^natlc 

Synopdcs 

SyomSoB 

SystamSca 

Systawd 


166 8 2348 
030 14 66 

OJO 201121 
103677 
164423 
91707 
OK 91636 
B 4512 
130 44 2? 

11 9816 
016 28 227 
BX 6 929 
1.12 17 60 
814213 
331172 

13 234 
17 10 

022 16 ZIOO 
084 183652 

2 630 
34 689 

7 503 
171342 

3 194 
033 163853 

19 589 
006 63 156 
37 746 
040 14 262 

40 213 
3612412 

1 810 
05B 16 685 
068 10 1030 
020 35 5536 
040 156805 
Q30 10 91 
1 104 
46 7599 
060 172042 
132004 
068 14 91 
008 22 189 
020 43 203 
144 8 

1.10 14 112 
151790 
028 281696 
21 10 
080 18 2 
084 14 827 
34 2122 
11 124 

14 5713 

41 97 
581 9648 
X 713 

040 19 135 
82 485 
1 900 
65 42 
14 6301 
012 17 1605 
28 334 
X 1085 


56% 55% 
19*4 18% 
27% XV 
40 38% 
20% 19% 
8% 7% 
20% 197* 
4V 4% 
37% 36% 
25 24% 
22 21 % 
3ft 2% 
28% 27% 
17% 17 

5 4% 
10V 9% 
4% Ah 
17V 17% 
25% 247* 
5% 5% 
21% 20% 
8% 8 
24 23% 
3% d3 
34% 34% 
7% 7% 
12% 12% 
12 % 12 % 
11% 11% 
29% 29% 
13Vd12% 
5 4% 
23 22% 
21% 20% 
17 16% 
35% 34% 
21% 20% 
2% 2 
31% 29% 
40% 40 

20% 19% 
21 % 20 % 
20 19% 
12 11 % 
20% 20% 
23 22% 
7% 7% 
X 35 
IS 14% 
23% 23% 
22 % 21 % 
34 33 

4V 4% 
27% 26% 
40%3BS 
50% 47% 
13% 13% 
19% 18% 
4% 4ft 
5 4% 
15% 15% 
16% 18% 
15% 14% 
18% 17% 
uB% 8 




+% 

+% 

-% 

+% 

-% 

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55|£ +.* 
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27V +% 
39% ♦% 
20 +% 
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21% 
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34% 

7% 

12% 

12% 

11% 

29% 

13% +1 

4% -% 
22 % 

20% -% 
16% +% 
35% +% 
21% ♦% 
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3D 
40% 

19% -% 

20 % 

19% 

11% 

20% 

22% 

7% 

35% 

14% 

23% 

22 
33 
4% 

26% 

40 

50% +1% 
13% 

19% -% 
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TCACabte 044 29 7 24ft 24% 24% -% 

TeenOda 12 516 18% 18% 18% -% 

Teams* 080 12 4 48% 47% 47% -2 

Tdatac 3 70 B% 8 8 

TeknSys 91300 12% 11% 12% +% 

TetCmA 17320069 22% 21% 22% +% 

TefcdU 7 1539 5% 5 5 -% 

Terms 303656 42% 41% 42% -% 

TebamCp OOI 63 272 15% 15 IS -% 

Tatra Tec 79 69 9% 9% 9% +% 

TnaPMDR 02B X 1632 30% 29% 29% +% 
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TJ W 022 29 459 19% 19% 19% +% 
Totoslfctf 42172 5% 5% 5% -% 
TokynHw 034 X 25 61% 60% 60% -1% 
Tom Brain 622606 11% 11% 11% +% 

TWO CO 028350 942 7% 6% 7 +% 

TPI Enter 31716 6|| 6% 6 % -% 
Trans**) 11 ID 12 11% 12 

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Tncara 21 356 2% 2% 2% +% 

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USTd 

UntalSt 

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22096 
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in 26 231 
in ID 903 
28 6 
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52% S2V 
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27% 26% 
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12% 12% 
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52% 

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VkzrpRn 
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Warner En 010 19H5S 
Wamdati) BO 791 
MladMASB072 73784 
WathFedSL 084 9 216 
WattdnOAx 022 9 458 
WasauPMOZ* 16 353 
MMO 2.40 16 107 
WeUk 6 409 

West One 072 12 157 
WAX) 10 421 
WstpStt 1 SB 

WetSeeM 10 236 
Wlmre 096 25 375 
WmsSanans 101 3Z7B 
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23% -h 
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XBh 3212263 50% 46% 50% +3% 

tana Cora 2 352 3% 3% 3% 

Ytttrar 094 94 778 20 19% 19% 

VtarkRati) 166 265 5 4% 5 

ZhndJbh 1.12 9 113 40% 40 40 



38 


WORLD STOCK MARKETS 


FINANCIAL 


Friday September 9 1994 


AMERICA 


Strong rise in 
3M sets tone 


for upturn 


Wall Street 


US equity investors went bar- 
gain hunting yesterday morn- 
ing. lifting share prices across 
the board after a string of soft 
sessions, rentes Frank McGurty 
in New York. 

By 1 pm. the Dow Jones 
Industrial Average was 18.50 
higher at 3.904.75, while the 
more broadly based Standard 
& Poor's 500 was 1.83 stronger 
at 472 .82. 

On the Big Board, advancing 
issues led declines by 1,217 to 
701 in moderate volume of 
171m shares. 

In the secondary markets, 
the American SE composite 
was oU 0.09 at 455.23, while the 
Nasdaq composite again out- 
performed the rest of the indi- 
ces, gaining 4.73 at 769.01. 


NYSE volume 


Dally (million) 
350 



36 29 30 3t 1 2 5 S 78 
Aug 1894 September 


The day's second-tier eco- 
nomic news was virtually 
ignored. The focus was still set 
squarely on today's report on 
August producer prices. 

’Hie market awaited the 
report with a mixture of resig- 
nation and quiet confidence, 
most investors expecting to be 
handed clear evidence of accel- 
erating inflation. Analysts 
were forecasting an increase of 
about 0.5 per cent in producer 
prices, or about 0.3 per cent 
excluding the volatile food and 
energy sectors. 

But there was also a consen- 
sus that the data would not 
prompt the Federal Reserve to 
bring forward its next mone- 


Canada 


Toronto rallied at midday as 
bank stocks recovered from 
their recent sall-oEL Investors 
were also heartened by the 
results of an opinion poll 
which showed the ruling Liber- 
als ahead of the Parti Quebe- 
cois for the first time in the 
Quebec election campaign. 

The TSE 300 composite index 
rase 13.10 to 4«352J7 at noon in 
volume of 35.3m shares. 
Advances led declines by 303 to 
247, with 328 issues steady. 

Consumer products and 
financial services led rising 
sectors. Molson “A” shares put 
on C$% at C$22% and Seagram 
gained C$% at C43%. 


Rumours spur Sao Paulo 


Brazil 


Sao Paulo had risen by a fur- 
ther 3.8 per cent by midsession, 
spurred by rumours that a new 
opinion poll to be released in 
the afternoon would show the 
ruling party candidate, Mr 
Fernando Henrique Cardoso, 
maintaining his lead in the 
presidential race. 

The Bovespa index was up 
1.890 at 51.777 at 1300 local 
time. Brokers reported only 
slow foreign activity, saying 
that most of the impetus for 
the day's gains was coming 
from domestic buyers. 

Foreigners, they added, were 


staying on the sidelines, 
waiting for new presidential 
election developments. 


Mexico 


Shares continued the rally that 
began late on Tuesday, after 
the two weeks of declines 
which had followed the elec- 
tions on August 21. The EPC 
index was 19.46 higher at 
2,758.38 in early trade. 

The mood was set by a S% 
rise to $64% in Telmex ADRs in 
early Wall Street trading. In 
the local market, the Telmex 
“A” shares put on 0.9 per cent 
and the "L" shares traded 0.6 
per cent higher. 


Profits taken in gold shares 


Heavy profit-taking wiped part 
of the gloss oft gold shares as 
cautious investors cashed in 
some recent sharp gains, in 
spite of the stronger price of 
bullion. Golds lost 58, or !L3 
per cent, at 2,476 in wbat deal- 
ers said was hoarier than 
expected trade as investors 
sold into bullion's morning 
strength above $391 an ounce. 

Industrials ended well down 
as weaker overseas bourses 


put pressure on sentiment 
amid a lack of fresh impetus 
in a highly-priced market. The 
industrials index shed 39 to 
6,639 and the overall index 
receded 46 to 6,007. 

Running contrary to the rest 
of the market, the steel sector 
continued to gain ground on 
improved market prospects. 
Iscor finished 4 cents stronger 
at R4.89 after hitting a record 
R5 earlier in the session. 


fT-ACTtlAjRIES WORLD INDICES 


EUROPE 


Transnational combines star as Paris gains 1% 


ft- 


tary tightening, even if it came 
in stronger than expected. 

After losing ground in four 
of the last five sessions, the 
market appeared to have 
already factored some bad 
inflation news into stock valu- 
ations. 

As a consequence, the stage 
was set yesterday for investors 
to bid up prices in response to 
a firming trend in bonds and 
improvement by the dollar in 
the foreign exchange markets. 

Among the blue chips, 8M 
set the pace with a gain of $1% 
to $56. The stock, which had 
receded over the past fortnight, 
forged ahead after the com- 
pany predicted that its earn- 
ings per share would improve 
by 10 per cent annually over 
the next three years. 

In re tailing . Sears gained $1 
to $48%, while E-mart added 
$% to $18%. Investors reacted 
favourably to the company's 
move to close 110 stores and 
cut its management ranks by 
10 per cent. 

In banking. Citicorp climb ed 
$1% to $44% on an upgrading 
by Prudential Securities. 

The rally in technology 
stocks - the biggest surprise of 
a rather predictable week - 
stretched into a second session. 
Texas Instruments, up $1% to 
$77%. led the semiconductor 
sector. 

On the Nasdaq, Cyrix moved 
ahead $1% to $41%. while 
Atmel was up $1% at £28%. 


A strong recovery in bond 
markets, flirting with the idea 
that the Bundesbank may have 
another interest rate cut up its 
sleeve, took equities up with it, 
writes Our Markets Staff. 

PARIS mixed its bond mar- 
ket impetus with a mostly posi- 
tive bag of company news, and 
the CAC-40 index responded 
with a rise of 19.20 to L983.40 
in turnover of FFr3. Ibn. 

One French/UK combine, the 
Carnandmetalbox packaging 
group, provided the star turn 
of the day, rising FFr1230, or 
7.5 per cent, to FFT176.40 fol- 
lowing news of better than 
expected first-half profits. 
Another. Arjo Wiggins, did 
well in the London market for 
similar reasons; in Paris th« 
lifted Saint-Louis, which owns 
39 per cent of Arjo, by FFr44 
to FFr1,580. 

Carrefour rose FFr35 to 
FFr2,131 on strong first-half 
results and the retailer’s fore- 
cast that it could match last 
year’s profits growth. 

Company chairmen ramp to 

the fore. Among the water 
companies. Lyonnaise des 
Eaux's Mr Jerome Monod told 
a business conference that his 
company’s 1994 net attribut- 
able profit would be “clearly 
higher” than that of 1993, and 
saw its shares up FFr13 to 
FFr528 after a period of rela- 
tive weakness. 

Weak spots included Peug- 
eot, down FFr9 at FFr835 as Mr 


Sham price's bxtmfrabaaqd) 
110 — * 



1 FT-SE Ac 

Luaries 3hs 

•ce indices 



sops 

Hootr Cftsnue* 

Open 

1030 

TH£ EUROPEAN SERIES 
moo 1ZOO 1100 1400 1100 On 

FT-6E EiWtecfc 100 
FT-SE Etroba* 200 

137571 

142524 

1374JS 

1424J2 

137527 137727 1378.18 
142500 1427.41 142843 

137725 

142777 

137829 1380.01 
142681 1431.14 



Sep 7 

Sap £ 58p5 

Sap 2 

Sum 

FT-SE Eoaback 100 
FT-SE &nted< 200 


1371.13 

142033 

130JJ3 1380.11 

14Z747 1436.12 

1401 OB 
145147 

139642 

145040 


Baa non pmiwjfc ivMHr ioo - immk an - wi.is bMOtr. ioo - raw* an - uaw r nnw 


CBtnafrdMete&aK 


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Jin'- 
Source: FT 


Sap 


J agues Calvet said, that he was 
merely less pessimistic about 
1994. Meanwhile, Schneider, 
the electricals group whose Mr 
Didier Pineau-Valendenne was 
jailed for 11 days In Belgium 
some three months ago, 
dropped 5 per cent at one point 
cm news that a Belgian judge 
has issued an international 
arrest warrant for its chair- 
man, before recovering to dose 
FFr7.70 down at FFr39950. 

FRANKFORT reflected gains 
in the December bund future, 
with the Dax index a modest 
8.55 higher at 24.T237, improv- 
ing to an Ibis-indicated 2J78-10 
at the end of the post bourse. 

Turnover eased from 
DM5.4bn to DM5. 3bn. Finan- 
cials and, to a lesser extent, 
carmakers responded most 


consistently to the improved 
bond market atmosphere. 

Deutsche Bank, rose DM7 AQ 
to DW22J8Q on the session, and 
another DM7 to DM729.80 after 
hours. At Merrill Lynch, Mr 
Ian McEwen said Deutsche had 
been relatively strong against 
the sector for the past two 
weeks, but that this had fol- 
lowed relative weakness 
against the sector and the mar- 
ket for upwards of a year. 

Underperformers included 
MetallgeseUschaft. down DMl 
at DM183 an the downgrading 
of some of its debt ratings. 
However, the hope of a break 
even 1994 for engineering con- 
cern EHD took the latter up 
DM6.30 to DM12880. 

MILAN saw a technical 
rebound as some buyers 
returned after five consecutive 
days of losses which had taken 
the market 4.7 per cent lower. 
The Comit index finished 6.77 
higher at 665.16, although the 
mood remained constrained by 
an absence of news about gov- 
ernment action on the budget 


BCI rose L125, or 3.5 per 
cent, to L3.085 as its L2,400bn 
rights issue continued to 
heighten volatility. 

The insurers also put in a 
strong performance in the 
wake of Wednesday's remarks 
by Mr Lamberto Died, the trea- 
sury minister, who said that 
funds set aside for severance 
pay should be channelled into 
private pension funds. 

Generali rose L550 to L4LSS0, 
Ras picked up L450 to L24450. 
and Ina added L65 at Ta?s n_ 

Foreign interest helped the 
telecomm uni cations stocks to 
rally, with Telecom Italia up 
L70 to L4.440 and Stet finishing 
L85 ahead at L4835. 

Volatility in Benetton contin- 
ued with the stock losing 
a nothe r L450 to L22.100. 

ZURICH finished little 
changed in thin trading after a 
firm opening encouraged some 
investors to take profits during 
the session. The SMI index 
edged up L6 to 2,664.1. 

Ascom, the telecommunica- 
tions group, rose SFrSO, or 58 


per cent, to SFr 1^590 after news 
tbat the company had swung 
bade to a first-half pre-tax net 
profit after last year’s loss. 

Saurer, the textile machinery 
maker, was SFr20, or 48 per 
cent, lower at SFr450 after 
announcing that first-half net 
profits plunged by 75 per cent 

Georg Fischer, the foundries 
and engineering group, 
climbed SFr50 to SFrl.700 as 
investors continued to react to 
the company’s positive earn- 
ings forecast for this year. 

MADRID, closed today for a 
public holiday, galloped ahead 
in late trading on strong gains 
in the bond market and its 
hnnlring and utility SSCtOT ben- 
efidari.es. 

The general index rose 681, 
or 23 per cent, to 305.18, with a 
raft of major gains among the 
hanks from BBV, up Pta95 or 
just over 3 per cent to PtaS.095, 
to Santander, Pte265 or 58 per 
emit better at PtaSJZSO. Endesa 
led utilities with a gain of 
Ptal80 to Pta5830, but dealers 
said the market would have 
looked more healthy if it had 
shown less volatility on the 
downside, prior to yesterday's 
recov ery. 

AMSTERDAM saw some late 
foreign demand which helped 
the AEX index to end 0.67 
higher at 41584. 

Fortis Amev, the Dutch-Bel- 
glan insurer, fell FI 1.70 to 
FI 73.00 after first-half results 
tailed to match expectations. 


Some late US demand took 
Unilever FI 280 forward to - 
FI 203.00 and VNU up FI 280 to 
R 182.00. 

DSM, the chemicals group, 
put on FI 2.90 at FI 146 in for- 
ther response to Wednesday's 
news that it planned a new 
polypropylene plant. 

HELSINKI was virtually Oat, 
the Hex index losing only 18 at 
1842.6, but the forestry sector 
fell 28 per cent on profit-, 
baking on Kymmene's news 
that it may decide an a rights 
issue in November. Kymmene 
fell FM7. 48 per cent, to FM138. 

ISTANBUL was rescued from, 
a deep downtrend as the main 
Turkish parties agreed on. a 
new privatisation bill. Tbs - 
composite index closed just 
147.69 down at 2480089 after a 
tall of 7.4 per cent to a low of 
147.69 at one stage of tbs day. 

TEL AVIV came back 
refreshed after two day’s holi- 
day for the Jewish new year, 
and the Mlshtanlm index rose 
629. or 38 per cent, to 198.48. 

WARSAW rebounded 
strongly after five sessions of 
heavy losses as investors, 
enco ura ge d by bargain hunting 
on Wednesday, stepped up buy- 
ing to cash in on an expected & 
rally next week. The Wig index T 
rose 7538, or &1 per cent, to 
10,027.7 but turnover fell 39 per 
cent to 624bn zlotys. 


Written and ecBted by WHHam 
Cochrane and Kehael Morgan 


ASIA PACIFIC 


Nikkei retreats as Seoul rises 1.9% to five-year high 


Tokyo 


Share prices declined on sell- 
ing by arbitrageurs and over- 
seas investors, and the Nikkei 
225 average fell below the 
20,000 level for the first time in 
four months, writes Emiko 
Temzono m Tokyo. 

The index closed 106-02 off at 
the day’s low at 19817.78, end- 
ing below 20,000 for the first 
time since May 10. It peaked in 
the afternoon at 20,108.42 on 
buying by public pension and 
insurance funds, but weak 
investor confidence, triggered 
by over-supply ahead of next 
month's Japan Tobacco listing, 
depressed shares later. 

Arbitrageurs adjusted posi- 
tions ahead of today's settle- 
ment of futures and options 
contracts for September, while 
overseas investors were also 
selling around the 20,000 mark. 

However, in spite of previous 
speculation, the telecommuni- 
cations sector held firm. Japan 
Telecom, which dragged the 
wider market lower on 
Wednesday, raided along with 
other telecom stocks. 

Volume totalled 304m shares, 
against 312m. The Topix index 
of all first section stocks 
slipped 3.75 to 188281 and the 
Nikkei 300 eased L06 to 28889. 
Losers led gainers by 526 to 
441. with 228 issues unchangedL 
But in London the ISE/NTkkei 
50 Index rose 480 to 188885. 

Japan Telecom, on the sec- 
ond section, finished Y30.000 
better at Y4.46m. The stock’s 
rebound boosted other telecom 
shares, with DDI firming 
Y9.000 to Y912800 and Nippon 
Telegraph and Telephone 
Y3800 to YSS6.000. East Japan 
Railway, a leading shar eholder 
of JT, rose Y2.Q00 to Y507.000. 

Nitsuko, a telephone equip- 
ment manufacturer, attracted 
speculative buying in the 
morning session but later 
retreated on profit-taking, clos- 
ing Y10 down at Y1.470. 

High-technology shares were 
sold by foreigners. Sony 
declined Y5Q to Y5.800 and Mat- 
sushita Electric Industrial 
dipped Y50 to YI.65G. 

Brokers were lower on active 
selling, with Nomura Securi- 


ties off Y30 at Y2.120 and 
Nlkko Securities slipping Y20 
to Yl.120. Some banks firmed 
after tailing heavily on arbi- 
trage selling on Wednesday. 
Industrial Bank of Japan 
picked up Y20 to Y2830 and 
Sakura Bank Y10 to Y1860. 

In Osaka, the OSE average 
declined 84.10 to 2281582 in 
volume of 978m shares. 


Roundup 


The region was mixed, with 
strong performances in some 
markets. 

SEOUL climbed L9 per cent 
to a five-year high in active 
trading as gains by blue chips 
and large-captiafisation issues 
tar outweighed steady sales of 
shares with sluggish earnings 
prospects. 

The composite index closed 
18.76 ahead at 991.44 in heavy 
turnover of 398m shares. 

Samsung Electronics and 
Posco were the day's limit up, 
rising Wonsjno and WonSyjOQ 
respectively to Wonl39.000 and 
WOD89.600. 

BOMBAY saw heavy buying 
by fin an cial institutions an the 
final day of the account which 


month ban on government con- 
tracts for British business. 

The composite index added 
18.02, or 18 per cent, at 148L17 
as the market shrugged off 
rumours about another rise in 
the statutory reserve require- 
ment of banks, which dragged 
share prices into negative terri- 
tory from earlier gains on 
Wednesday. 

Telekom Malaysia, which 
shed 80 cents the previous day, 
recouped 70 cents at MS2280. 

MANILA lost 1.7 per cent as 
blue chips were led down by 
PLOT, which fell sharply on 
Wall Street overnight. 

The composite index finished 
52.69 lower at 2,987.63 and 
PLOT dropped 38 per cent to 
1,590 pesos. PNB lost 10 pesos 


at 437.50 pesos and Meralco 
“B", which is open to foreign 
investors, also receded 10 pesos 
to 36780 pesos. 

Petron, which made a strong 
debut on Wednesday, defied 
the slide and closed slightly 
higher at 22 pesos. 

HONG KONG finished 
^lightly lower after selective 
buying trimmed most early 
losses, and the Hang Seng 
index was off a net 1489 at 
10,15088. The weakness was 
attributed to a lack erf partici- 
pation from major overseas 
institutions which had led 
recent rallies. 

Conversely, H shares of 
locally listed mainland f?hinp«a> 
companies surged on buying 
by overseas funds, particularly 


in Japan, and the Hang Seng 
H-share index soared 66.12, or 
4.6 per cent, to 1.51&6L 

Among the blue chip losers, 
Hong Kang Telecom gave up 35 
cents to HK$1&25, while Wharf 
Holdings dipped 30 cents to 
HK$3480. But Sun Hung Kai 
Properties, expected to post 
strong results next month, 
surged HK$L75 to HK$6080. 

SINGAPORE experienced 
further weakness in Index- 
linked stocks as investors con- 
tinued to focus an Malaysian 
shares traded over the counter, 
and the Straits Times Indus- 
trial index fell 22.78 to 280483. 

Golden Plus put an 75 cents 
at S$8.10 on talk of a Malaysian 
construction deal. Dunlop 
Estate gained 60 cents on 


expectations that it would par- 
ticipate in Sarawak’s large 
dam project in Bakun through 
its acquisition of Sarawak Elec- 
tricity Supp ly. 

SYDNEY'S mood was soured 
by a late sell-off in BTR Nylex, 
the industrial group, after 
results. The All Ordinaries 
index retreated 158 to 2J08B.1 
as BTR fell 30 cents to A$2.08. 

WELLINGTON edged lower 
in the face of a weak bond mar- 
ket and domestic political wor- 
ries. The NZSE 40 Capital 
index gave up 487 at 2,159.48. 

Continuing strong demand 
took Fletcher Challenge 9 cents 
higher to NZ$487, but Brierley 
Investments eased 2 carts to 
NZ$1.38 in spite of record 
annual profits. 


Associated Cement 


Shew price tRupaea^ 
5JWO 



Sep 


Sotfcoc FT QrapfdS* 


took the BSE 30-share index 
ahead 2589 to 485682. 

Associated Cement advanced 
Rs70 to a year’s high of Rs5,Q20 
ahead of its rights issue, 
details of which are to be given 
tomorrow. 

KTJALA LUMPUR rose to its 
best level for eight months in 
response to the government's 
decision to lift the seven- 


JomSv compaed bv The Financial Tbnes LUL Goldman. Sachs A Co. and NoWast Sacunfees Lid. In co n jwictfoii with the institute or Actuaries and the Faculty Of Acasriea 
NATIONAL AND 


REGIONAL MARKETS 

Figures in parenotesc3 
cficw number cl inra 
cl OtOCk 

US 

Denar 

Indus 

Oaf* 

Chongs 

% 

WEDNE2 

Pound 

Staring 

Irate* 

KMYSEI 

Yen 

Indst 

^TEMUET 

DM 

Index 

17 1994- 
Local 

Currency 

Index 

Local 
■H. dig 

on day 

Grccc. 

ON. 

Yield 

71 

US 

□ooar 

Index 

JESDAYI 

Pound 

stneng 

Index 

ItPitMB 

Yon 

tedex 

ED 0 1994 DOLLAR INDEX 

Local Yaor 

DM (tenancy S2 week 52 week ago 
index Index HUi Low to mod 

Australia (f4) 

17BJ0 

0.4 

170.80 

11144 

143.56 

159.59 

0.0 

3.46 

177.62 

16944 

11041 

142.45 

16946 

189.15 

13944 

14449 

Auswa (171. - 

. .. 190.G2 

04 

18048 

123.00 

158.30 

15842 

0.4 

141 

19644 

18503 

122.61 

15742 

157.62 

18562 

184.64 

17949 

BokjJum 07).......- ... 

175.96 

-0.3 

166 65 

11007 

141.66 

138.43 

ao 

349 

17046 

16504 

110.10 

14144 

13542 

177.04 

14582 


Canada MOM. _ 

. — 135 53 


129.91 

84.78 

10912 

134.31 

-0.1 

240 

13577 

129.89 

84.70 

108.68 

13448 

14541 

12044 

12440 

Danmark (33) — ... 

... . 255.60 

-as 

244.39 

159.90 

205.78 

213.10 

-0.5 

1.39 

25503 

24586 

10047 

20593 

21520 

27578 

22344 

232.42 

Finland (T4) 

— ..17827 

-0.1 

170.98 

111.58 

143.60 

188.43 

04 

0.74 

17548 

170.78 

111.35 

143.14 

18501 

17940 

104.28 

10841 

Franc* (37) . 

17Z51 

-0.3 

18545 

107.92 

13849 

143.6b 

0.1 

3.08 

17349 

16560 

10748 

13581 

143.68 

186.37 

15944 


Gemany (661. 

— 148.13 

-0.4 

14148 

92.67 

11946 

11 946 

0.0 

1.73 

14577 

14243 

9241 

11941 

11941 

14554 

12«48 

12749 

Haro Kotifi (50) 

•11543 

1.4 

3B8J9 

25B.9S 

334.55 

41246 

1.4 

247 

409.79 

392.06 

255.66 

320.65 

40556 

HQBJM 

23240 


tn>Und(14). ..... 

.. . 214.89 

-04 

205.96 

134.42 

17340 

19848 

-0.4 

340 

21660 

20742 

13513 

173.71 

18520 

21560 

18144 


Italy i59i 

79.81 

-1.4 

7&60 

48.93 

6446 

9444 

-0.7 

1.65 

80.91 

77^1 

50.48 

6449 

94.75 

97.78 

5748 

75.44 

Japan (469)..^ 1S9.95 

-3.0 

15131 

100.06 

128.78 

Toacs 

-1.7 

0J7 

163.18 

15512 

10140 

13047 

10140 

17510 

12444 

181^48 

MaLnrui (07) .... . — 

560.95 

-02 

546JJQ 

356.55 

458.88 

550.09 

-04 

1J8 

571.15 

54543 

35532 

45506 

561.02 

82143 

39243 


Mc»ct> |18) 

. 2247.53 

1.3 

2154J3 

140549 

1809.48 

835124 

1.3 

140 

221948 

212341 

1384^40 

1779.64 

824046 

2047.08 

161411 


NoOMriand (37) ... 

217.75 

-0.1 

200.72 

138^2 

ITS. 32 

172LSB 

aa 

3.32 

21748 

20545 

13543 

174.74 

172.14 

21519 

18045 


Now [141 

7&3« 

-as 

7Z2Z 

47.13 

6068 

6645 

-0.8 

342 

75.80 

7243 

47.16 

60.63 

6550 

7749 

5522 


Nomay (33) 

..... 207.74 

0.0 

196.11 

12945 

167 45 

192.11 

0.4 

1.72 

207.73 

19574 

129.60 

1E&60 

19147 

211.74 

16942 


Singapore 

.. _36&42 

-0.3 

353.13 

230,4/ 

29062 

254,85 

-03 

1.6C 

30959 

35560 

23048 

29541 

255.44 

37592 

28531 


Studh Afnea .. . . . , 

_ ..41454 

as 

301.19 

19048 

S5&99 

31047 

OJB 

2.04 

311.47 

297.98 

19441 

24579 

307.71 

91444 

17543 


Spa* i-iO) 

.. .. 138-33 

04 

132.53 

88.54 

111JJ7 

135.34 

14 

446 

13742 

131.2S 

8581 

110.05 

13568 




Smjden (361 

.....5S3JW 

0.7 

213.79 

139.53 

179,58 

251.78 

07 

148 

22141 

212.02 

13526 

177.73 

200.11 

23145 

17543 


Smtscrtand (47).. 

107.94 

04 

16096 

105.06 

13540 

134.89 

04 

140 

16745 

16040 

10449 

134.45 

134^1 

17556 

136.70 


Uncoo Nnqdom (2W) .. 

.. .. 20256 

-0.3 

193.88 

128.53 

16264 

19348 

-at 

341 

202.79 

19441 

12551 

162.03 

19441 

21446 



USA 1517) - 

. — 152.15 

-04 

184.17 

12040 

154.70 

192.15 

•04 

232 

192.49 

184.16 

12000 

16447 

192.49 

19504 

17593 

1B7.43 


EUROPE 1718)...— 

... 174,56 

-52 

18741 

10320 

140.54 

16594 

51 

243 

174.30 

167.40 

10S.1B 

14533 

15546 

17558 

153.98 


Ncrdi C |1l6l - 

..41598 

at 

209.89 

13599 

176.30 

215B8 

0.3 

1.40 

21572 

2094S 

13545 

17541 

21048 

MftJM 

173.19 


PdcjIic Basin (74© 

. 170.64 

-14 

16556 

106.75 

13748 

111.63 

-1.4 

108 

17537 

16547 

10516 

13504 

11518 

17588 



Euro-Paedlc (1466) 

...172.17 

-14 

165.02 

107.70 

13501 

129.17 

-04 

1.89 

17592 

10649 

10550 

13548 

13517 

176.1* 

14348 


Norei America (62 1}..-...... 

-18563 

-04 

ieaw 

11800 

151.87 

18518 

-52 

281 

18597 

18579 

117.88 

15145 

18548 

19573 

17&87 


Europe Ex l)K [SHI 

.. 155.93 

-04 

149.46 

97.55 

12564 

13341 

51 

242 

15529 

14552 

9740 

12544 

13574 

15512 

13447 


Pacific Ex. Japan (T79) 

J73.13 

0.5 

28140 

170.87 

210.90 

24245 

0.4 

24? 

271.67 

25941 

109.49 

21748 

241.80 

29641 

20513 

9t* «n 

\N!TVS E>. US 

...173.91 

-0.9 

16649 

108.79 

140.01 

13307 

-57 

141 

17553 

18743 

10941 

14577 

134.00 

17565 

1*568 


World Ex. UK (I960) 

- 17568 

-0.7 

16532 

11051 

14223 

147.10 

-50 

245 

17741 

17521 

11049 

14248 

14749 

17559 

15596 


IVortd E)l So. Af (2*051. 

-179.06 

-0.7 

17567 

111.39 

143.35 

150.17 

-56 

243 

17528 

17142 

11144 

143.78 

15047 

18003 

1S564 


worid Ex. Japan (1 WS) .... 

—190.97 

-0.1 

18505 

119.47 

15575 

181.73 

50 

243 

191.18 

18240 

11527 

15532 

181.75 

19520 

17444 

17536 

Tho IVortd tadm (2!&n . .. 

.. 178.92 

-0.7 

171.49 

111.93 

144.05 

15143 

-55 

223 

18511 

17241 

11248 

14444 

1S2.11 

18040 

1S84S 

18942 


Ce pvnpte- The Financial Tams Unhid, (Mdfron Sachs mi Co ml 


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FINANCIAL TIMES FRIDAY SEPTEMBER 9 1 994 


RECRUITMENT 


N«- 


The sometimes uneasy 
relationship between trade 
bunions and personnel manag- 
r ers took a more hostile turn at 
this week's Trades Union Con* 
gress in Blackpool as Britain's 
most famous seaside resort 
became the backdrop for a 
showdown between the TUC 
and Human Resource Manage- 
ment 

The trade union movement, 
like a gunslinger who has long 
chine put away his sidearaxs, 
has been watching the antim? 
of Britain's HUM hot shots 
through half-closed eyes, won- 
dering how it should handle 
them. A new TUC report on 
HRM has demonstrated that 
the TUC is far from being as 
out of touch as some employ- 
ers may have believed. 

Delegate after delegate 
mounted the podium at the 
opening day of conference and 
declared they had just about 
had enough of HRM. They wer- 
en't scared of it anymore ana 
they weren't fooled by it 
either. 

The main problem seems to 
be trade union suspicion of the 
motives behind HRM practices. 
According to the TUC report, 
HRM is a “slippery concept 
which means different thing s 
to different people". Although 
the report conceded there was 
good and bad HRM, there were 


JOBS: Trade unions seek clarification of the motives behind HRM practices 

Drawing a line in the Blackpool sands 


few such concessions on the 
conference Door. 

HRM initiatives appeared 
more frequently in unionised 
rather than non-uni onised 
workplaces, the report says. 
“There is no correlation 
between anti-unionism and the 
incidence of HRM. Indeed the 
more anti-union the employer, 
the less likely it is that HRM 
techniques are being 
employed." 

Where trust appears to have 

The TUC says HRM is a 
‘slippery concept which 
means different things to 
different people* 

broken down is over the use of 
HRM ideas to replace collective 
bargaining. Mr John Monks, 
the TUC general secretary, has 
accused hostile employees of 
using the language of HRM as 
a smokescreen for anti-union 


What is still not dear is just 
how many companies see 


advantages in collective bar- 
gaining; and how many see it 
as an impediment. The TOC's 
report notes that 44 of the FT 
top 50 UK companies recog- 
nised trade unions for collec- 
tive bargaining purposes. Such 
companies, it says, saw the 
need for a comprehensive strat- 
egy that may include many of 
the “badges of HRM". “In part 
this may be because they have 
to respond to international 
competitive pressure, but it 
can be no coincidence that 
these companies also recognise 
unions," says the TUC report 

The trade unions should 
beware of rooting out conspira- 
cies in every HRM initiative. 
Neither should they assume 
that managements always 
know what they are doing. 
There appears to be increasing 
evidence that some HRM tech- 
niques have been introduced 
as ill-thought out panaceas 
that are beginning to rebound 

On Tn^naggragnt-q 

Delayering is a case in point 
We had just become familiar 
with this term for cutting out 


layers of mangement when out 
popped a piece of research 
from Roffey Park Management 
Institute this week reporting a 
high degree of cynicism among 
middle junior management 
about its use. 

The majority of some 200 
managers surveyed for the 
report dismissed delayering as 
nothing more than a cost-cut- 
ting exercise dressed up as an 
efficiency took 

Many employees in compa- 
nies with delayered manage- 
ments, the research found, 
reported low morale and were 
cynical about the reason for its 
introduction. They would have 
welcome allies at the TUC. The 
mgrrog ors tended to be dismis- 
sive about the idea that it 
speeds up decision-making and 
helps companies become more 
responsive to customers. 

Whole rafts of managers 
agreed with such arguments 
against delayering, says Roffey 
Park. Junior managers, it 
found, were particularly hos- 
tile. 

r.inrfa Holbe ehe , tHo Roffey 


Park assistant director who 
has been carrying out the 
study, found some organisa- 
tions so disenchanted with the 
practice that they were quietly 
reversing the trend. One organ- 
isation, she found, was relayer- 
ing by stealth, promoting cer- 
tain individuals on the quiet so 
as not to be seen that they 
were introducing a new tier. 

Such an approach, she 
observes, appeared to conflict 
with company values about 
treating people with honesty 
and integrity. Flattening the 
structure, she notes, is only 
part of the method of changing 
the way an organisation oper- 
ates. In reality, she argues, 
“few companies have found 
ways of working more flexi- 
bly". 

How many times recently 
have we heard this observation 
about itfoag such as empower- 
ment and profit-related pay? It 
seems that first there is the 
guru - usually in the US - 
then there is the guru's lecture 
or book, or both. After this we 
have the disciples who charge 


large consultancy fees for 
explaining what their mentor 
Is saying. 

Next In the cycle come the 
companies whose executives 
are shepherded into the new 
management fold, often by 
some bright management 
spark in a hurry. As the Inland 
Revenue Staff Federation 
observed tn guidelines to mem- 
bers on delayering, “managers 
responsible for delayering 
experiments are generally 
ready to delayer any grade but 
their own". Finally there is the 
pay-offi in the case of delayer- 
ing it is a swift impact on the 
bottom line. 

The problem here is that 
where these principles are 
applied in isolation or without 
adaption to suit the needs of 
the company and its business 
environment, they can risk 
being rejected as readily as a 
body can react to a transfusion 
of the wrong type of blood. It is 
not surprising therefore that 
there seems to have been a 
flurry of recent reports ques- 
tioning some of the most popu- 


lar HRM ideas. 

British Telecom is one of the 
companies which has gradu- 
ally introduced a host of new 
initiatives on the back of busi- 
ness re-engineering over the 
past 10 years or so. Some ideas 
such as “Living our values, 
saying thank you", or LOV- 
STY, seem innocuous enough. 
In this case it allows the pay- 
ment of gift tokens for a good 
deed or job well done. 

Some, however, appear to be 

Blackpool may have 
injected some welcome 
points into the HRM 
debate 

hindering work rather than 
easing it. According to one 
employee, “you can spend all 
your time carrying out quality 
checks or attending staff meet- 
ings about one thing or 
another. It has become a 
self-perpetuating industry." 
The company is now address- 
ing the problem by taking a 


fresh look at the way it runs 
its business. 

Trade union criticism of 
HRM needs to be tempered 
because there are companies 
which are effectively using 
combinations or components of 
many of these principles. 
These are the companies which 
can tell the difference between 
usefulness and fashion. 

The Rover Group manage- 
ment. for example, was ini- 
tially sceptical of Japanese 
working practices when it first 
formed ties with Honda in the 
1980s. What helped change 
managers' minds was seeing 
how practices were adapted in 

a US Honda factory. The result 
was a “new deal” with unions 
and the introduction of a series 
of HRM ideas that have so far 
proved successful. Not every 
idea, however, has been wholly 
welcomed. 

Far from being a scene of 
bloodshed, Blackpool may have 
injected some welcome points 
into the HRM debate. If the 
trade unions can encourage 
some greater caution about its 
use. tbeir contribution should 
be welcomed; and if it hastens 
the consignment of the most 
ineffective of management fads 
to Boot Hill cemetery, the 
sooner the better. 

Richard Donkin 


■'-year lii; 




M 

mi 

yst'.yxhJr* 


CORPORATE FINANCE TODAY 

A seminar for newly/recently qualified accountants/lawyers 

k A A Badcnoch & dark are pleased to in v i te you to attend a seminar followed by 

mfoimal tli m ks and d H Cinn Ofl with representatives from four picjxigioiis and 
KyrW i nn ovative hwtiiuttoas- 

jSsgj fg If you are a recently or newly qualified ACA/Lawyer mmiiimnj a career in 

- 1 corporate Bn a™-*, please fin in the farm below. 

BARINGS Date 20th September 1994. 

Time: 6 p« • a m pm, 

Pbees Chartered Accountants Hall, Moorgate Place, London EC2. 


James Capel 

MORGAN 

GRENFELL 

* u| 

'-Oj) 

Rea Brothers Limited 


1 Wort Tel: 1 

1 Home TeL * 

1 Date/Stage of Qualification: 

I First Time Passes: Yes/No (delete where ap p r op ria te) 

1 Please tick appropriate box: I 

I I wish ro attend the «<wmar j | I 

I I am unable to attend but I would 13k to arrange hi informal j I 

j d i s cuarioa with a con s u ltant ‘ — ‘ | 

Hon: return to Jsnina Harper or Alison Eyet ax Badcnoch & dart, 

1 FREEPOST (Ref JLH) London. EC4B.4HN. 

| Telephone (071) 583 0073 (day) or (081) 875 5669 (evenings and weekends). j 


BADENOCH 8XLARK 

recruitment specialists 


Foreign Colonial 

EMERGING MARKETS LIMITED 


teddve Package with 
ent bonus scheme 


Economist 


Foreign and Colonial Emerging Markets is a worldwide market leader with over US$3bn in assets 
under management and a team of 20 investment professionals covering global, regional and country- 
specific funds. As a result of a promotion, there is an opening for a top class economist to play an 
integral part In a variety of the firm's activities, reporting to the Chief Investment Officer and Head of 
Strategy. Excellent career prospects including possible equity participation. 


THE ROLE 

■ Make a significant contribution to the firm’s 
research, formulating views on the relevant 
countries and regions. 

■ Participate in the asset allocation process, 
providing economic input to investment 
strategies. 

■ Support the firm's marketing and promotional 
activities through regular research publications/ 
client presentations and occasional speeches at 
conferences. 


Leeds 0532 307774 
London 071 493 1238 
Dchester 061 499 1700 



THE QUALIFICATIONS 

■ Economics graduate, aged 26 to 30, with a 
minimum of two years' experience in the 
economics team of a blue-chip investment bank. 
Exposure to emerging markets preferable. 

■ Excellent written and verbal communication 
skills with proven ability to deliver high quality 
research in English. 

■ Disciplined work ethic, capable of setting own 
agenda and working to deadlines. High level of 
initiative, drive and entrepreneurial flair. 


Hcaac npfcr Mth (tan dean* Bn 
■ctaar Europe, KcL F7I0709U. 
K ciwi .wii ll . t pwa. 




i! 

& 

k>V 

J 

£ 2 ' 

1 

& 1 

1 

1! 


I 

1 


Product Management/Sales Specialist 

Multi-Currency Correspondent Banking Products 


City 


To £40,000 + Banking Benefits 


The London Headquarters of an international merchant bank seeks a multi -currency product 
specialist to bolster the UK operation. The role comprises all aspects of day-to-day product 
management, ranging from marketing strategy to sales support for payment products such as money 
transfer and cheque related services. 

The curr encies are primarily Deutschmark and Sterling, bat include a range of up to 30 other 
denominations, the s tr a tegic issues are therefore complex and a significant amount of travel is 
involved. 

The successful applicant will have experience of money transfer and/or cheque products and letters 
of credit. It is likely that he/she will have a product management, safes or operations background and 
will need a good understanding of correspondent banking products in general- The following 
attributes can be considered essential: 


Dynamism — an energetic and enthusiastic 
approach is a pre-requisite. 

Flexibility - the role is multi-faceted. 

Strong client relations skills. 


• Self-motivation. 

• A team player — able to develop dose working 
relationships w i thin the jm>fl*T— structure 
of the bank. 


The offers excellent c a r ee r prospects within the most challenging of environ m e n t s and w31 

opp ^.1 to talented and ambitious individuals who seek competitive packages. 

Interested candidates should write to Qeorge Corbett at BBM Selection sending a detailed CV, to die 
below. All appEoations mil be treated in the strictest confidence. 


76, Wading Street; 
London EC4M 9BJ 



Tel: 071-248 3653 
Fax: 071-248 2814 




ASSET/STRUCTURED FINANCIERS 

Some prime UK merchant/European banks seeks high calibre graduates ACA’s or MBA's aged 26-35 years, who have 
received sound technical training, coupled with proven success to date in winning mandates covering: 


TAX BASED STRUCTURED FINANCE 

Graduate/ACA with sound technical/tax skills with three 
years plus experience of high value complex financial 
advice/underwriting. UK/Europe £40-£60,000 

INTERNATIONAL ASSET FINANCE 

Able to source and dose highly structured asset 
financings covering tra ns part/infrastructure, etc, 
encompassing tax/capitai-markets/breasury products, with 
proven business development skills. £40-E60,000 


UK BIG TICKET LEASING 

We seek a Senior Marketing Manager aged 30/35 years 
with proven negotiating business development skills 
covering high value assets (aircraft, ships, rail, industrial 
plant, etc). Abie to write £30 Million plus PA <£50,000 

PROJECT FINANCE MARKETING 

Fluency in French or German able to provide both on and 
off-balance sheet advice on major European industrial/ 
telecom. Projects. <£45,000 


INVESTMENTS 


ASSISTANT TO CHIEF ECONOMIST 

UK Asset Managers seeks an additional Economist 
(M SC/M BA) with excellent presentational skills for a 
strategist forecasting role. £50,000 


OLD BROAD STREET BUREAU 

Search & Selection Consultants 


EUROPEAN EQUITIES 


Two roles exist for anafyst/FM's to join existing teams. 
Specialisation on countries is preferred to aid stock 
picking roles. Will involve travel. £35-£50,000 


65 London Wall, London EC2M 5TU 
Tel: 071-588 3991 Fax: 071-538 9012 


Assistant Director - Marketing 

Private Client Fund Management 


London 

Our client is a successful and fast growing 
international private client fund management 
company, with assets of some $500m under 
management in a range of off-shore funds. The 
company offers a fully integrated service which is 
unmatched for quality amongst its competitors, 
providing tailor-made solutions for each client's 
requirements. 

Sustained growth and the desire to put in place a 
more rigorous approach to marketing have created 
the need for a high calibre individual to join the 
company as Assistant Director - Marketing. 

Reporting to the Sales and Marketing Director and 
managing a small team, the appointed candidate 
wilL- 

• develop and implement an effective . 

marketing strategy; II (f^T 


(BKIg 


c -£45,000 + benefits 

• ensure that the prospective client conversion rate 
is maximised; 

• develop good working relationships with clients 
and intermediaries. 

Candidates must have at least five years' experience 
of marketing/ business development in the private 
client field, with a good knowledge of off-snore 
funds and, ideally, hedge funds. An international 
perspective is important and familiarity with 
another European language would be useful. Key 
personal attributes include initiative, drive and 
good personal presence. IT literacy and strong 
administrative skills are also important 

Please send a full CV in confidence to OCRS at the 
address below, quoting reference 
rL number 319J on both letter and 
it-jj | envelope, and including details of 
Ll\V. KrS) I current remuneration. 


SEARCH & SELECTION 

CLAREBELL HOUSE, 6 CORK STREET. LONDON WIX I PB. TEL- 07 1 287 2820 
A GKR Group Company 


APPLY YOUR PERSONAL 
DRIVE TO OUR CORPORATE DEVELOPMENT. 

Corporate Development Executive 

In line with corporate strategy, the Wrmpey Group is seeking to encourage greater diversification and exploitation of its existing 
activities, lb this end, we now wish to appoint a Corporate Development Executive, whose brief will be to provide support for the 
operating businesses in achieving their strategic objectives, and also to contribute to developing Croup wide policies on 
diversification and business development. 

Working within the Corporate Development Croup will specifically involve you m hands-on mergers and acquisitions, incorporating 
deal -closure. Direct experience of M&A negotiations and management Is therefore essential, although you should also be capable of 
identifying the need for. and actioning research activities (both socio-economic and target-sped fic). 

Aged at least 30, your background experience (probably legal or accounting, gained within a multi-national conglomerate) should 
indicate a dynamic and self-motivated approach, the ability to think laterally and excellent negotiation skills. You should also be 
a good team-player, wife the flexibility to deal with a variety of different activities. Experience of one of the Groups core 
businesses. Contracting, Housebuilding or Minerals would be 

preferable but not essential. \\m * 


We offer an excellent remuneration package plus the benefits you'd expect 
from a large international organisation. 

Initially please write, enclosing your full CV, to: Mike Conway. Wimpey 
Worldwide. 26 -28 Hammersmith Grove, London W6 7EN. 

Tek 081 846 2332. 




WIMPEY WORLDWIDE 


Working towards equality in employment s 





II 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


DUNEDIN 

FUND MANAGERS UD 


Analyst/Investment Manager 

UK Equities 


Excellent Package 


Edinburgh 


Superb opportunity for talented investment professional to join this highly regarded 
Scottish investment house and participate in an exciting stage of its growth. 


THE COMPANY 

♦ Dunedin Fund Managers is a successful, profitable 
and growing global investment management group, 

♦ c.£5 billion under management on behalf of wide 
range of institutional and private clients. 

THE POSITION 

♦ Manage UK equities invested for pension funds, 
investment trusts and unit trusts. 

♦ Involvement with sector analysis and stock selection 
across client portfolios. 


qualifications 

♦ Graduate with’ 3-5 years investment experience either 
as an analyst and/or fund manager. Knowledge of UK 
equities preferred. 

♦ Excellent team player with strong communication, 
i n terpersonal and influencing skills. 

♦ Must demonstrate ability to work in a systematic and 
disciplined manner with flair and initiative. 


Please send full cv, stating salary, ref CN3555, to NBS, 42 Frederick Street, Edinburgh EH2 IEX 


EDINBURGH 031 220 2400 
Aberdeen 0224 638080 ■ B'mnn^am 02! 23} 4656 
Bonol 02^ 2911 42 •GJugow 041 204 4334 
Leedi 0532 453830 ■ London 071 493 6392 
Manchester 0625 539953 • Slough 0753 819227 



HEAD OF 
DERIVATIVES 


Substantial 

package 


14 


KDB Bank (UK) Ltd. is the London subsidiary of The Korea Development 
Bank which is government owned and mandated to assist with all financial 
aspects of Korean industrial development. It is Korea's leading wholesale bank 
and enjoys long established relationships with all the country's leading 
industrial groups. Following liberalisation of the economy and Korea's expected' 
membership of OECD leading to internationalisation of the Korean Won, 
Korean corporate demand for derivatives is expected to increase substantially. 

As a result, KDB is now expanding its derivatives business headquartered in 
Seoul and as an integral part of this, KDB Bank (UK) is now establishing a 
London derivatives team. 

We wish to recruit a Head of Derivatives to farm and manage this London 
unit. This person will have the responsibility for the installation of risk 
management and reporting systems, recruitment of a ihHti rwml staff, Mtahliahing 
pricing and hedging models, advising the Seoul derivatives unit and general 
business development. 

The likely candidate will be 30 to 35, have a strong mathematical and 
systems background and 4-5 years’ derivatives experience in an international 
bank, other financial institution or the treasury department of a major 
corporation. This is a challenging position offering the successful candidate an 
opportunity to be associated with a rapidly developing economy in Asia. 

A competitive remuneration package will include an excellent basic salary, 
performance related bonus and benefits. 

Please apply: The General Maxuiger KDB Bank (UK) Ltd* 

Plantation House, 31-35 Fenchnrcb Street, 

London EC3M 3DX 
Tel: 071-623-2960 Fax: 071-283-4593 


Commercial Lending 

A Strategic Role in Market Development 


highly attractive package 
+ car and banking benefits 
Leeds 

Yorkshire Bank’s values arc founded on traditions of high- 
quality customer service, straightforwardness, honesty and 
value for money. A member of National Australia Bankl; 
European group, we are a fast-growing and highly 
competitive regional bank where change is a reality. 
Already the region's market leader in small-business 
tending, we arc poised to build ot\ this foundation by 
moving rapidly into the mid-corporate market, using our 
own skill base and the international resources of our parent 
This new position represents an opportunity to develop 
your own expertise whilst making a real contribution to 
a high-profile business. Your major challenge will be lo 
formulaic and obtain agreement for marketing policies, 
strategics and plans, as well as developing a strong image 

Yorkshire Bank SL 


and product range for this sector, in order to increase its 
profitability. Reporting to die Head of Marketing, you will 
be expected to identify new market opportunities for the 
sector and capitalise on them. 

A graduate, probably in your nud-30s, you will possess 
a sound understanding of the lending needs of small to 
medium-sized businesses, together with business 
development and ideally marketing experience in foe 
commercial banking sector. Innovative and creative, 
you will have proven strategic and planning skills and 
foe persuasiveness to see your ideas through- A skilled 
communicator, you will be ACIB and possibly MBA or 
DIPFS qualified. 

The remuneration package includes a very attractive 
bonus potential, plus relocation assistance if appropriate. 

To apply, please send full career details, indicating current 
salary and quoting reference number 7009/ZJ/FT, to our 
recruitment advisor, ZLUah Jamieson, PA Consuhhig Group, 
Fountain Court. 68 Fountain Street, Manchester M2 2FE. 

TJ[\ Consulting 
X2"V Group 

Creating Business Advemu^e 


Develop your Japanese Strategy^ * .. 

•**• ' ; '■ .’V«; 

The business opportunities within the l25miliion strong Japa rvese consumer market and. vyfth^apdnqse'ribtn pan i es 
are immense. Yet to exploit them folly Europeans need to understand the Japanese^ wayi erf ness 

praclices. To this end. the European Commission arid the Japanese Government aodfonct ^eci a I 

training programs for large, medium and amaU slzed companjesfrcBTi indusJry.itrac&xjF 
the European Union. For participation in these senior management trai ni rrg coursesthriy 

Senior Managers for^ 


Top-Level Manageroem Ga^ 

The next two training programs^ Tokyo JHRTP Itand 17) wilt commence in Jan uaryai^Ai&^Ta^i^te^Jf 
resp. 16 weeks. They will include training in Japanese language, business strat^.ftri^nce, tnhjjtfflidrl feftayiea fe 
and distribution channels as well as specialist options such as robotics! ouali tv control. R & 


sophisticated market place - Japan. 

Candidates must be nationals of an EU member state and have a good coi 




* " ‘ ' •£ - • '« J'i.-’ C J V/ ■ . cjT-.- 



For further information, interested companies or senior mai 


PMM Management Consultants GmbH. Okrf-Palme-Sfr.31, DH5&39frar*fuiVGeiT^^ 

- " : V;,‘ a 

PMM Management Consultan^iGifi bH 



Financial Analyst 


London 


Corporate Finance 

Competitive salary + benefits 


A career opportunity has arisen for an 
exceptional individual to join a 
business development team within our 
Corporate Finance Division. Key 
responsibilities include sector research, 
analysis and valuations with a view to 
developing creative corporate finance 
ideas for a growing base of clients. 

The successful applicant will be 
mid/late 20s, numerate, educated to 
graduate/MBA level and have had 
some two yeajs’ experience of 
company and sector analysis. 

Excellent communication skills, both 


written and oral, and a strong 
background in pc based modelling 
tff fh nui l,as are essential. Opportunities 
for career progression are excellent 
and are likely to be within a specialist 
♦lam focusing on business 
development. A competitive salary 
and benefits package is available. 

To apply, please write, enclosing a 
detailed CV and indicating your 
current remuneration package, to 
Mrs CM- Lambert, Assistant 
Director; Hambros Bank Limited, 

41 Tower Hill, London EC3N 4HA. 


HAMBROS BANK LIMITED 


HEAD OF 
TRADING 

Our client is part of one of Europe's largest businesses with an 
annual turnover of $30bn- Internal promotion has created the need 
for an experienced executive to join the autonomous London 
treasury operation that handles substantial foreign exchange and 
money market transactions. This will be a unique opportunity to . 
utilise market knowledge and experience with profit responsibility in 
a multinational corporate treasury environment ” ’ 

MAJOR 

CORPORATION 

Reporting to the Managing Director, the executive will manage . 
the treasury's dealing operations. Responsibilities will indude . j 
developing and implementing trading, hedging and liquidity 
strategies across a wide array of instruments and acting upon ■ 
economic and financial market data. In addition, as part of the 
management team, the incumbent will manage bank facilities and 
exposures, develop treasury systems and help in the overall 
evolution of the treasury operation. 

£ 60 k+ 

- SUBSTANTIAL BOX IS 

X BENEFITS PACKAGE 

■MU* The successful candidate is anticipated bo be aged between 30 . • .. 
and 40, possess a professional banking or treasury qualification and 
be able to demonstrate a track record of success in the active risk 
management operation of a financial institution or corporate 
treasury. He/she should be a confident, self-motivated, imaginative - - 
team player with the ability to lead by example and authority in this 
l commercial role. - 

Please writer enclosing full Curriculum Vitae to: 

Ian Magness 

(Executive Selection Division) 

LONDON 

RICHARD JAMES 

ASSOCIATES 

PREMIER HOUSE, 10 6REY0QKT PLACE LONDON SW1P 1S8. 

TELEPHONE: 071 222 8886, 071 222 8037/8- BIX; 071 233 1750. 


UK Fund Manager 

Attractive Salary plus Benefits 


urray Johnstone is a leading Scottish 
fund management company investing globally on 
behalf of Investment Trosts, Pension Funds, Unit 
Trusts, International and Private Clients. Our 
clients’ needs, together with an environment 
characterised by change and opportunity, create 
exciting challenges. 

With our continuing expansion into more spe- 
cialised products and portfolios, we now require 
an additional Fund Manager to join our UK team. 


Aged between 28-32 with at 
least two years meaningful UK 
fund management experience, 
you will be skilled in analysts and 
fundamental research, and be 
able to demonstrate knowledge 



MURRAY 
JOHNSTONE 


and experience of quantitative techniques. 
Educated to degree standard, you win also pos- 
sess good presentation skills. 

In return, we offer excellent career prospects, 
wide ranging responsibility, and the scope to 
exercise your abilities. In addition to a highly 
competitive salary, we provide the full range of 
benefits you would expect from a successful 
financial services company. 

Please reply in writing, giving brief but 
comprehensive details to 
Mr C J Jackson, Director- 
Corporate Services, Murray 
Johnstone Limited, 7 West Nile 
Street, Glasgow G1 2PX. 

A member of IMRO. 


INSTITUTIONAL SALES 

Formed only three years ago, Hong Kong based Regent Pacific Group has established a 
reputation as one of the fastest growing investment managers in its sector, with currently over 
US $2 billion under management. An Asian equities specialist, die company benefits from 
the continuous growth of the Asia Pacific markets. 

Regent is seeking a high calibre individual to join the London based sales and marling team to service and 
expand the European client base. Regent’s outstanding performance record has gained recognition among major 
institutional investors and there is substantial potential for growth in both the UK and contin ental European 
markets. 


The individual we are looking for must be: 

❖ A graduate with a minimum of 2 years’ 
institutional sales experience in the financial 
services sector; 

❖ Mature, self motivated, resourceful, organised 
and achievement oriented; 

<* A team player keen to grow with the Company; 

❖ Possess excellent inter-personal and presentation 
skills; 

❖ Computer literature -knowledge of ’Excel’; 

❖ Knowledge of French and/or German an 
advantage; 


Attractive remuneration package. 

Please send a CV with photograph and details of 
current remuneration by post to: 

Sophia Shaw, 

Sales & Marketing Director, 

Regent Pacific Group Ltd, 

Aldermary House, 

10-15 Queen Street, 

London EC4N 1TX 


regent pacific group 





r ^jr 


'l! 


,|, Jn 


Analy 

h »a tu / 

* T| 

-i.ir v + 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1 994 


in 


st 


N:n 


'UJ: . 

■>. 

-•■-V 

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; M!TED 




The Royal Bank of Scotland 

Where People Matter 

BANKING SYNDICATIONS SPECIALISTS 





||lliSS8®«S 



LONDON 


OPPORTUNITY TO BUILD A NEW BUSINESS 

COMPETITIVE PACKAGES 


Well established as one of the lading UK banks and providing a range of quality banking services to its 
corporate and institutional customers. The Royal Bank of Scotland has created a new division to develop the 
Bank's capability in Syndications, Project Finance and other forms of structured finance. Having appointed 
a new Head of S yn d icatio ns, the Bank is seeking to fill two positions externally, which rep r e se n t s a uniqac 
opportunity to be part of a team building a new business. 


SENIOR MANAGER 

• Responsible for managing all aspects of 
arrangement and lead management roles for 
syndicated loan transactions, including structuring, 
pricing and negotiation. 

• Strong emphasis on marketing and developing 
good relationships both internally and externally. 

• Aged earty/mid 30's with 4-5 years experience 
of syndications, including originatioa/business 
development. (Re£790) 


MANAGER 

• Key focus will be on distribution erf syndicated 
loans and placement of loan parttedpatiocs and 
asset sales. 

• Develop r elationship s with marker 
counterparties and cate responsibility for inward 
invitations to syndicated transactions. 

• Aged late 20Veady 30’s, computer Kterate and 
2-3 years experience in syndications and asset sales. 
<Re£791> 


Both positions requ ir e experience across a broad range at transactions, sound credit training and a good 
understanding of documentation. Personal qualities required include a high level of energy, excellent 
interpersonal skills, a team approach and potential for progression. 


This is an opportunity to make your mark with 
Europe's largest mutual life assurance company in a fast- 
developing area of business. 

Standard Life's commitment to quality, to investing 
In people and to ensuring customer satisfaction have all 
contributed to healthy growth throughout the recession. 
We're relaunching our retail unit trust business with 
enhanced levels of service and performance and are 
now looking for experienced business development 
professionals to promote sales of collective investment 
products through both Independent Financial Advisers 
and our direct sales force. 

Business Development Manager 

This is a strategic role concerned with building 
a strong position for Standard Life In this highly 
competitive marketplace. Responsible for recruiting, 
managing and developing a team of up to six Regional 
Development Managers, you will also deal with some key 
accounts In person. Primary responsibilities include 
strategic planning, forecasting and target setting. 

This role requires both vision and the practical sales 
management skills to ensure it is achieved. A top-notch 
unit trust sales professional with at least five years' 
experience, you'll have already demonstrated your 
potential for strategic thinking. An in-depth knowledge 
of the unit trust market and an excellent understanding 
of fund management strategies will be matched by 
considerable personal presence, determination, drive and 
a strong customer focus. 


This role will ideally be based in Edinburgh but, as 
extensive travel will be involved, could be operated 
successfully from any part of the UK. Ref: 1074/FT. 

Regional Development Managers 

South of England & North of England 

Working out in the field, you will provide expert 
advice to the soles force on the unit trust marketplace, 
new product developments and work with IFA Account 
Managers/Con&ultants to develop potential business 
sources. This will involve participation In sales meetings, 
branch meetings and training sessions where specific 
investment expertise is required as well as calls 
on IFAs. 

You should have at least two years' experience of 
unit trust sales. Bright, personable and with excellent 
liaison skills^ you'll be quick to assimilate new 
information and able to communicate it to customers 
and the sales force In a persuasive way. Ref: 1075/FT. 

We offer competitive salaries along with benefits 
which indude a house purchase loan scheme, private 
medical cover, company car and non-contributory pension. 

To apply, please write with full career and salary 
details, quoting the appropriate reference number, to: 
Cialre Campbell, Recruitment Officer, Standard Life 
Assurance Company, 40-42 George Street. Edinburgh 
EH22LE. 

Closing date for receipt of applications is 
21 September iO*M. 



STANDARD LIFE 


Plcraopi^in writing quoting (be cckvan: reference number 
wUh fill career and grimy demits tcc 
Junes Roberts 
Whitehead Selection Limbed 
43 TOdbccfc Street. London W1M7HF 
-B& 0716578736 




Whitehead 

SELECTION 






r.i i. •- 


A M ApPh 

* Vv 


Head of Sales and Marketing 
Fund Management 


Our client, r major City based asset management 
firm, is seeking an individual of outstanding and 
proven calibre to take charge of tbe sales, 
marketing sod client services function for its 
segregated and pooled managed pension funds 
business. Tbe company bas a large and secure 
asset base plus a network of overseas associate 
companies and coosktas its segregated fired area 
to have considerable growth potential. Over the 
last few years It has bniit up an impressive 
investment management team and bas established 
an excellent record of performance in several 
specialist areas. It now aims to promote its pre- 
eminence in these specialist areas, both m tbe UK 
and internationally. 



Tbe person selected to lead tins important activity 
is likely to be aged 35-50 and will have already 
gained substantial ex p e ri ence in the marketing of 
itmititfinMi fund rearmgwwenf services. He orsbe 
•must have a good understanding of the potential 
client market and the appropriate methods of 
approach In the UK and overseas. 

tf yon believe you have the managerial 
presence, communication skill and requisite 
expertise to qualify for consideration for 
this senior level appointment, please write in 
complete confidence toe 

1 M R Recruitment Consultants, No-1. 
Northumberland Avenue, Trafalgar Square, 
London WC2N 5BW (taL OH 872 5447). 


INVESTMENT MANAGEMENT RESOURCES 



We are looking for an individual co join a 
small team, managing a fixed interest 
portfolio. 

With 2-3 years’ experience of fund 
management behind you, you should have 
a good degree in a numerate discipline as 


CITY BASED 


well as finely tuned communication skills. 

In addition to prospects for career 
development, you can look forward 
to an attractive salary and excellent 
benefits. 

Apply in writing with a CV to: Susan 
Castagoini. Staff Recruitment & 
Development, The Equitable Life 
Assurance Society, Walton Street, 
Aylesbury, Bucks HP21 7QW. 



The Equitable Life 


. -■> . a « - 

r- * j 


ibukcul such a selection stgcmusts . 

PROJECT FINANCE EXECUTIVE 

Challenging Role in Growth Environment 


Our client, a successful and profitable FTSE 
top 100 UK pic is continuing its International 
expansion via joint ventures, capital 
investment and acquisitions overseas. 

As a result of this continued growth, there is a 
need to strengthen further tiw Project Finance 
Team under the Project finance Manager. 

Working as a key member of this small flexible . 
team, you will be involved in all aspects of 
financing overseas projects from the early 
stages through to completion. Specific 
responsibilities will indude provision of advice c . 
an and co-ordination of the development 
arrangement and negotiation of debt facilities 
on behalf of the Company. 

Individuals who feel they have the skills and experience to rise to the challenge of this role 
should send a copy of their CV, together with a note of current salary, to Shidey Knight at 
FMS, 5 Bream's Buildings, Chancery Lane, London, EC4A 1DY or call her on 071-405 4161. 


Suitable candidates are likely to be graduates 
aged between 25 and 35, who ideally have 
direct experience in project finance. Strong 
analytical and spreadsheet stalls are required 
and a background in banking would be an 
advantage. 

Excellent communication arid presentation 
skills combined with a confident and credible 
manner, will be necessary to handle the many 
interrelationships at senior level both internal 
and wMH-nal to the organisation. 

Although London based a proportion of time 
will be spent' travelling to overseas locations, 
often at short: notice. 


CENTRA 1. 
LONDON 


COMPETITIVE 

SALARY 


*' ^ '■ ' , • • 
t \ * ' ■' ' ** *' . ■ 

...''AV-ajiig'aj the' 


- v O ‘ 

” infofcmation 





DEPUTY GENERAL MANAGER 
TREASURY 

Geneva Based Fully Competitive Package 

Our client is a progressive Swiss Investment Group. As part of their ongoing 
development strategy they have an immediate requirement for a highly skilled 
professional to assume overall responsibility for their active treasury division. 

The prime responsibility of the role is the “hands on' management of a small but 
profitable team which trades a wide range of traditional and derivative products 
in forex, money market and capital markets. Familiarity with the latest treasury 
techniques and instruments is essential to the role as is a proven ability to operate 
within a team environment The successful candidate must be able personally to 
evidence a profitable track record achieved within an active and established 
trading operation. 

The comprehensive remuneration package will reflect the importance placed on 
this key position. If you are interested in this challenging opportunity, please send 
your curriculum vitae in complete confidence to Walter Brown or Philip Wright 
or call for an initial discussion. 



7 BIBCH1N LANE 
LONDON EC3V 96Y 


Tel: 071-S95 E050 
Fax: 071-626 2092 


:+44'7l8733779 


A MEMBER OF THE PSD GROUP 



10 



RELATIONSHIP MANAGER NORTHERN EUROPE 
to £40/45,000 

As ppl of its continued conunttmant to the European corporate market 
place in general ou dterfl. a major international bank, series to identify 
anaitpenenrod corporate banker to develop relationships with Nordic 
corporate ctfenfe. The successful candidate wU have sound 
marketing/cBent development experience and wfl be tamMar wBh 
handfrtg msjor oorporase dents ton this region. Age fete 2ffs to mid STa 

CORPORATE FINANCE EXECUTIVES 

Mid £2 0’s 

ms fa an excritent opportunity tor tvro young, brioM graduriebankere 
to join me rvgwy regarded corporate finance efivstan of this preetigioua 

k Mi, will hnun rutlnftri a rmnd hamuTK rianran 



anaryocai ana ■ , . , . . “ ~ — — - 

candidates with an exposure to the bod, drink or transportation sectors. 

PROJECT FINANCE ADVISOR 
£40/50,000 AAE 

As a result of »a continual success to wtertng Project Finance mandates, 
this leading financial institution now seeks to fattier strengthen Os highly 
ragreded protect advteory team. This rote woute ideally sufc a graduate 
fW*er who wishes to continue his/her career development and gain 
toller reaponsMBy lor originating and undertaking tee based business- 
Annficants should be aged 27-37 and have gained at least 3-S years 
protecTWtta experience, either in a tending or advisory note, with a 
bank active In tho protect finance market. 


CREDIT ANALYST 
£30/40,000 

Due to internal restructuring a position has been created tor an addMonri 
aetffl. analyst within the datficaled credit team of this dty based bar*. 
The unit provides indepth cradR reports across a wide area lor new and 
orbgoing business in the UK corporate sector. AppBcants should ideafly 
be aged 25-37, have received formal craft training and be tamBar with 
aedtt Issues across a wide range of products. 

CORPORATE BANKER 
£35/45,000 + Neg 

Our diem, an estabflahed and highly regarded provider of services and 
solutions to efiente needs in Hie UK corporate banking marital, now 

seeks an experienced relationship offleer. The tey areas of responsibility 
will be to develop, m ain t a in and enhance rriationsHpawMi UK corporate 
dterat Candidates stated be aged 2537, have strong credit skiis and a 
successful track record in marira&ng a broad range of banking products 
to UK corporates. 

ASSET BASED FINANCE 
£60,000 

in response to a general upturn m its diants business activities thta 
prestigious UK bonking group seels to recruH a creative asset based 
financier to Join to highly regarded asset finance cCvfcjoa This newly 
created role wS suit an appropriately experienced graduate aged late 
2trs early 30's, who wffl take ta sp o n sW B y tor taionng and marketing 
struaured tax based asset finance products to IK based dferts. 


Plea-i' comnci Si-ms larnT Ri./li.ud 
Curr L\ ( ii ii Si-.iiVh and ^ok-ctimi Ltd 
, Vtr.il Uuu-L, MhUlf-LA >nvoi 

l.oiiui.'ii Li « 1 1 

l\'l: 07 !••<)- > E‘;:.v: 07 I I -ft 5 


Willi;im> WinulirM 
J .rcf 


Carr-Lyons Search & Selection Limited trading as Williams Wingfield Executive 


•on 

-444 718734054 


an 

- , ■ ,1 


:*m n *734153 


'IlrimO’Nefll on 


feMIfidcsfl® 
W 71 $73 4798 


Executive Search 
Head of Research 

Odgen: Has long been a major player in executive search, working in a 
wide variety of business sectors, across ail management functions at board 
and partner level. We have a highly professional Consultancy team and a 
well established research department, supported by an exceptionally 
developed data and assignment management system. 

The firm is a member of Leaders-Trust Odgers Group, with offices in 
London, Paris, Munich, Geneva and Zurich. 

It now wishes to appoint a Head of Research due to the infernal promotion 
of the present incumbent. Reporting to the Chairman, you will manage the 
research department and its resources. As an active member of the 
research team you will develop the function, providing the practice and 
our clients with a professional service at the forefront of research 
techniques. 

You will be an experienced researcher, possibly heading up a research 
department within executive search or a related field, ideally with proven 
management skills. With a good first degree, you will have an analytical 
and creative approach. Familiarity with current IT developments and a 
European language is preferred. 

This is an opportunity to join an expanding consultancy with a strong FTSE 
100 client base and an international network, well placed to achieve a 
commanding market position in the 1990's. 

Please write to Ian Odgers, Chairman. All approaches will be treated in the 


strictest confidence. 


Odg ers 


Executive Search Consultants 
Odgers and Company Limited 
7 Curzon Street, London W1 Y 7FL. 







IV 



FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 




VAUXHALL 


m 

la 

m 

jgj? 

I 

p 


MBAs / Post-Graduates 

Financial Analysis 

Vauxhall Motors Pension Fund 

Luton, Beds 


V:iuxh;ill Muc.irs Ltd is the m.ijur UK subsidiary of Gene ml 
Motors, the world's lurgor company. General Motors has 
increased its nvirkec xiuirc urul is now the most profitable car 
company in Europe with a competitive product line, 
enhanced by rhe recent arrival of the Oniej>u. 

They are now seeking a high calibre analyst who desires a 
challenging opportunity which may ultimately lend to a senior 
financial management position. Reporting to the Treasurer, 
the individual will review the performance of the fund as well 
ns the performance oi a number of external investment 
managers who manage the £850 million portfolio of diverge 
assets in the company's pension fund. There will he a wide 
range of responsibilities including providing input into the 
asset allocation process as well as reviewing investment 
products and external advisers. 

The successful candidate can expect to progress 
rapidly within the organisation either within rhe 


c £40,000 + Two Cars 

pension fund management (unction worldwide or within the 
wider financial management division. 

Candidates should be dynamic and ambitious individuals with 
an MBA or post -graduate degree and several yean of post' 
graduate experience. A sound undemanding of economics 
anil at least a theoretical understanding of markets is required. 
Individuals should have" dcimmstra ted initiative and 
excellence in their current position and be eager to advance 
in rhe organisation which may lead to a geographical move 
within Europe or globally. A rigorous analytical approach 
combined with excellent interpersonal skills is essential. 
Prior experience of investment a ru lysis/hind management 
i» desir.ihle bur nor essential. 

Fur an initial discussion, please contact Paul Wilson on 
071 831 2000 or uitcmarivcly write to diem at Michael Page 
City. Page House. 39-41 Parker Street, London 
WC2B 5LH- Fax 071 405 9649. 


YOU CAN ADVERTISE 
YOUR SKILLS IN THE 
FINANCIAL TIMES 
RECRUITMENT PAGES 
FROM AS LITTLE AS 
£90 + VAT. 


Looking for 
a Career 
Change? 


For further details contact 
PHRJP WfOGLEY ON 

Taj +4471 5733351 
F/OC +4471 8734331 OH bt 
WUTHS TO HM AT AMMXU 

Toes, RmnHBir 
Advertising, Number One 
Southwark Bridge, 
Loudon SE 1 9 HL 



Capital Markets 

Marketing: 

Germany and Austria 

Excellent Salary & Benefits Package EC 4 

Nikko Europe is the wholly owned subsidiary and European headquarters 
of Nikko Securities, one of the world’s leading investment banking groups. 
The firm provides a global service in die underwriting, sales ami trading 
of multicurrency bonds, international equities and derivatives. In the 
Euromarkets. Nikko Europe has lead managed issues totalling more tnan 
USSSbn equivalent, so far in 1994. 

A marketing professional is sought to lead Nikko’s capital markets origination 
in Germany and Austria. Full responsibility will be given for ™ an “S»*§ 
Nikko’s existing relationships and for the origination of international debt and 
equity transactions on behalf of German and Austrian issuers. 

The successful candidate should have at least three years’ relevant experience 
in a capital markets environment. Fluency in German is essential. 

Please send full CV to Alastair Wood, Nikko Europe Pfc, 55 Victoria Street. 
London SW1H OEU or telephone 071-222 3583 (0635-37619 evenings/ 
weekends). Fax: 071-222 1492. 

Nikko Europe Pic 






-^1 


Compliance Manager 

Global Securities House 


E-t 




Michael Page City 

lnivtn.UMHi.il Rcouii incur (Inreoilr.int* 

London l*»rifl Amnnd u a ft m t H orfFnaklfart Kong Kong Sydney 


Compliance Analyst 

An excellent opportunity for a young person with City 
experience to significantly progress their career 


' ■* .Tii 

IS 


ax?: rrl 



Our client is a leading Global Securities House with 
an impressive client base which includes institutional 
investors, major corporations, governments and their 
agencies. They are involved in a broad range of 
activities including the origination, sales and trading 
of Fixed Income, Equity, Derivative and Treasury 
products; M&A, Corporate Finance and Asset 
Management. They seek to appoint a Compliance 
Manager to the existing team. 

The Compliance department is an integral part of the 
business. The new appointee will be expected to 
manage and provide an advisory, monitoring and 
liaison service to business areas. The role also 
includes maintenance of close links with the 
regulatory bodies, research and investigatory work on 
technical issues, ongoing surveillance of the business 
and providing support to the head of 
the department. 


Applicants should be of graduate calibre preferably 
with a professional qualification such as the Securities 
Institute Diploma. They should have significant 
hands-on compliance experience particularly with a 
good working knowledge of SFA and London Stock 
Exchange rules and regulations. Experience of IMRO 
rules would be an advantage. 

As important, however, are personal qualities 
including confidence, diplomacy, presence and 
initiative. First rate written and oral communication, 
presentation and PC skills are essential as is the 
ability to work under pressure. 

Interested applicants should contact Anna Williams 
on 071 831 2000 or write to her at Michael Page 
City, Page House, 39-41 Parker Street, London 
WC2B 5LH or fax a copy of your 
curriculum vitae on 07 i 405 9649. 


Out client, a leading U.S. investment bank with a 
global presence, is now seeking to recruit a Compliance 
Analyst to join its Equity Compliance team. The firm 
is at the forefront of financial innovation and has a 
worldwide reputation in the equities market and their 
related derivatives. 

The successful candidate will report to the Equity 
Compliance Manager and will primarily assist the 
Equity Division in compliance with UK and European 
legislation, SFA and exchange roles and applicable EC 
and overseas legal requirements. The Equities business 
comprises sales, trading and new issue activity across a 
wide range of products including cash, derivatives, 
convertibles and warrants, for a range of clients 
including private client business. The Analyst 
will have the benefit of the hill support of a 
well established Compliance Department. 


The position will be particularly attractive to 
individuals of graduate calibre, possibly with a 
professional qualification. Candidates should have 
experience in a banking or securities trading 
environment. A general knowledge of the City and in 
particular, SFA regulation would be useful as well as a 
grasp of compliance issues. 

Personal qualities include the strength of character and 
flexibility required tn deal with a demanding 
environment, combined with a" proactive and 
enthusiastic attitude. Excellent communication skills 
arc essential. 

interested applicants should contact Anna Williams 
on 071 831 2000 or write to her including a full 
curriculum vitae at Michael Page City, 

Page House, 39-41 Parker Street, 

London WC2B 5LH. 


Michael Page City 

Inicnurianal Recruitment Goniulrnnts 
London Paris Amitenkm Dimddarf Fnmk 6 trt Hoax Koag Sydney 


Sj-wg r: 


vL-rtaflqj 


Eurobond Sales 


Michael Page City 


lnrcm.ini -ml Rccmirnn.ni Consultant* 

London Porta Amsterdam Brawcb Dimrldorf Franlrfurt Hons Kooc Sydney 




Schroders 

European Equity Analyst 


The Continental European team of Schroder Investment Management is looking for a European Equity Analyst to jofri Its team of 15 European 
investment .analysts and portfolio managers. The jobholder's abiBly la interpret accounts and analyse company porformance wfl ptay a key part 
m mantaining the team's successful investment strategy for cSents investing in European stockmarkels. Travel in Euope visiting companies 
within an assigned industry sector is an essential feature of this process. 

You sixxid have 31 MBA or post-graduate qualification In economics or business-related subjects. In addition ro being computer iterate you will 
be sulfiaently fluent in one or two European languages besides English to conduct business meetings. You wfl enjoy the intellectual chatenge of 
analysis and farocasting but. above all. will derive satisfaction from achieving results within a commercial environment. Success here requires 
sou tn bo highly articulate with good presentation and negotiation skids to influence coleagues, dents and marketplace counterparts. 

You are ikefy to be m your late twenties or early thrtes with soma previous business or pro f essional experience and wfl have the acumen and 
dme to learn quicWv and take early responsibility. 

The compensation package includes a cornoetilive salary plus lull banking benefits package. Career prospects within the Schroder Group are 
excoflent. 

Applications in writing, with full curriculum vitae, should be sort to; Mr WG Lewis, Assistant Director, Sdrafers pic, 

120 Cheapside, London ECZV 6DS. 


London 

Our client is a leading international banking 
group with an enviable reputation for 
excellence. A committment to the 
development of its presence in die European 
fixed income markets has created an 
opportunity for a Eurobond specialist to join a 
successful and entrepreneurial sales desk. 

The successful candidate will have a solid 
grounding in the European fixed income 
markets with ar Least 2 years Eurobond Sales 
experience. A proven track record in sales 
with an existing client base or the ability to 
develop one are essential. Fluency in 
another European language would be a 
distinct advantage. 


£ Excellent 

This is an ideal opportunity for an individual 
who wishes to join an expanding team which 
is committed to sustainable growth. 

The successful candidate is likely to 
demonstrate entrepreneurial flair and a high 
level of professionalism combined with a good 
level of market knowledge. 

Interested candidates should phone Gavin 
Starling or Paul Wilson on 07 1 83 1 2000 or 
write to them enclosing a detailed curriculum 
vitae at Michael Page City, Page House, 
39-41 Parker Street, London, WC2B 5LH, 
quoting reference 195993. All applications 
will be treated in strictest confidence. 
Fax 071 405 9649. 


Michael Page City 

Imet rog ta n ai Recr uitmen t Consultants 
London Pwh Aa M Wa dnji Dn m e M orf Sydney 


Investment Analyst 


N E 


TON 


Competitive Salary -I- Benefits 


Leeds 


Newton is an independent investment house with £52 billion of assets under management The Leeds office 
manages institutional funds, pension funds, private clients and unit trusts. 

Due to continued expansion Newton are seeking to appoint an analyst who will work closely with the fund 
managers on a wide number of sectors. He/she would need to liaise with the specialist analysts in London 
and also be involved in fund administration. 

The ideal candidate should be a graduate with either a minimum of two years analytical experience 
in an investment environment or a professional accountancy qualification with an interest in the 
financial markets. The successful candidate should be mid to late 20’s seeking to further their career 
within a growing organisation. 

For a confidential discussion please contact Patrick Morrissey. Telephone: 071-2362400. Fax ; 072-236 0316 or 
apply in writing to Sheflield-Haworth IJmited. Prince Rupert House. 64 Queen Street. London EC4R 1AD. 


Consultants in Search and Selection 


/A Russell Institutional Sales Executive 

Prestigious International Investment Firm 

The Frank Russell Company is one of the world’s most highly respected and Influential investment 
consultancy films i providing leading-edge Investment expertise to a world-wide institutional client 
base. For over 25 years It has provided Independent advice and a global nereoertiw and tnda.r 
advises cflenfcs on assets exceeding US$500bflJion. v 

eight years with a merchant bank or major 
investment house. 

Great emphasis will be placed on presentational 
skills, both written and oral, and a dear track 
record of success In developing client business 
will need to be demonstrated. 

pie role offers significant scope for self- 
devdopment and the chance to participate In 
the future on an international level. Ybu will 
receive competitive remuneration incorooratina 
a commission and benefits packa^^ ^ 1 

In complete confidence, please write tviih CV to: 


Frank Russell Company Lid, a UK subsidiary, 
providing strategic pension fund consultancy 
and fimd management services, now requires 
an additional high-calibre Sales Executive to 
join a growing sales team in London. 

You will promote a range of new multi-manager 
asset management products to UK pension 
funds, at a senior level, to develop and 
introduce new business. 



Simpson Crowden 

CONSULTANTS 







V 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


tnager 

louse 


1 


.vlli-nl 



High-profile Treasury Team 

Currency and Money Markets 


City 


Our client, enjoys an unrivalled position in the world of 
global investment hanfcfpg Theirs is a noma synony- 
mous with quality, integrity, innovation and success. 
Nowhere is this sense of continuous improvement and 
development more appropriate than throughout its 
analytics team. Working within the systems develop- 
ment and closely with quantitative research groups, 
the analytics group provides creative solutions which 
incorporate advanced mathematical modelling 1 tech- 
niques, delivering key business benefits to our SWAPS 
and SWAPS derivatives business. 

They now seek to appoint an individual capable of 
beading up this group. In a role as demanding as it is 
rewarding, you will bring to the firm vision, leader- 
ship, new ideas and unsurpassed project management 
skills. Your role within the group will see you deliver- 
ing solutions to risk management, financial, 
sales and marketing users. Your user base A 
will be varied, involving liaison with Europe. 
the Par East and the US. 


Excellent Compensation Package 

With a background in either investment banking, a rele- 
vant academic field or possibly industrial consulting, 
you may have a PhD in a quantitative subject and 
demonstrable experience of applying cutting-edge com- 
puter tools (for example object-oriented techniques) to 
mathematical applications. You are an intelli- 

gent, independent thinker, able to gat the most from 
both organisations and people, with the ability to imagi- 
natively apply state-of-the-art technologies to solving 
business problems. 

You will be rewarded by an exceptional remuneration 
package. This is a rare opportunity to play a highly visi- 
ble rote at the of an outstanding group of individuals, 

wnrlring rm Uu» i nd u str y's Vwdrng edg* romp plff 1 tools. 

To apply, please write with frill career and salary 
details to our advising consultant, Max Kantelia. 
Jte at Millar Associates, 6 Sloane Street, I on don 
5W2X9LE. Ihk 071 823 2222. Fax; 071 823 220& 
Ref. FT760. 


Senior Market Analyst 


Central London 
to £40,000 + car 

Our client, a £xnultibillion- turnover pic, has a 30-strong 
treasury which has established an impressive reputation 
among the financial community. It is now looking to fill 
this key position. 

Initially, you will be a member of the team responsible 
for managing the group's exposures and dealing activities 
across both money and currency markets with an emphasis 
ext foreign exchange. This role requires an in-depth 
knowledge of foreign exchange and related treasury 


instruments. In addition, an awareness of, and interest 
in, the oii/gas commodity and related derivative markets 
would be an advantage. 

A graduate, ideally in a numerate discipline, with strong 
analytical skills, you should have at least two years’ 
experience in either corporate treasury or the financial 
or commodity markets. 

Please send your full cv which will be forwarded to our 
clicnt unopened. Address to the Security Manager if 
listing companies to which it should not be sent. Write 
to Ref: T5115/FT. PA Consulting Group, Advertising 
and Communications, 123 Buckingham Palace Road, 
London SWIW9SR. 


Millar Associates 

INTERNATIONAL SEARCH & SELECTION 



Investment Management/Securities Lending 


City 


Excellent Benefits 


The UK operation of a major US Banking Corporation, a recognised leader in the Cash Management and Securities 

marketplace, is seeking K> rpcmlt twn gwrialwte tnjnin tfwh-T/milnn KmwI Intw natinnal S ecurities livvfey loam. 


CollateralyTreasury Manager 

This is a tmujue op p or tuni ty to the securities 

portfolio for IJS$ and irnihimr rwify rimrtawm radi rn nHrtw«»n hi 

Ideally be/she will have 1-3 years experience in short term 
money market trading or as an assistant trader from a treasury 
fanedop, along with first class analytical and PC modelling 
afcflb. 

Dynamic individuals with an operational or credit 
background within a banking or securities firm will also be 
considered, and can expect a professional and rigorous 
t raining progr am me. 


Controller 

Senior-level responsibility for all controllership functions 
related to Securities Lending/Cash Management current 
future product fines. ResponwhOhiea include daily balancing of 
cash movement acti v ity, accrual calculations and reconciliation 
of afl financial accounting com p o n e n ts. The role also SwelnAw 
financia l nfi mlmg ml i nve stm ent fri w ivy- 

Aged 26-32, the successful candidate could be an ACA or 
MBA, and will possess good technical skills, commercial 
acumen, and a strong personality. Demonstrated leadership, 
motivational «id pmjnot m «M^n ip nf skffls >ww i li «l. 


These positions offer a brood range of respaosihiliiies and influence with a widely recognised market 1 in — leading 
and a bank consigtentiy noted for the exceflencr of fas products. Both roles offer competitive salaries with tire foil range erf banking 
benefits and excellent career prosp ects. 

Interested candi d ates should contact George Corbett iti BBM Selection sending a detailed Curriculum. Vitae, to the address' below. 

Afl applications trill be treated in the strictest confidence. 


76, Watting Street, London EC4M 9BJ 



r^vv- m m , 


Teh 071-248 3653 Fax:071-2482814 





DIRECTOR OF INVESTMENT SERVICES 

A key Fund Management role with a major Scottish solicitors' practice 


Comprehensive 
salary + benefits 
package 

Tayside 


Austin 

HMKnight 


High-quality private client investment management is 
the keynote of this new role with one of Scotland’s 
major solid tors’ practices. With a pedigree stretching 
back over 100 years, they have a substantial business 
portfolio covering private client, commercial, residential 
property and litigation work. Financial services, trust, 
tax and cxecutry services together make a major 
contribution to their private client business, with the 
firm already controlling around £100m. worth of 
investment monies on an advisory basis; currently this is 
invested through stockbrokers. 

Your key role will be to bring these funds in-house by 
establishing the firm’s Investment Management 
Department. Initially, this will involve the setting up of 
structures and systems, followed by the transfer of 
existing funds and recruitment of staff. The further 
development of the business thereafter will be a major 
responsibility, with the accent firmly on a disciplined 
approach to investment management and a high level of 
client contact. 


The role demands an experienced fund manager with a 
track record ax senior levd which also involves the 
management of people. The strategic ability to set up new 
systems will match your investment and business 
development skills. A true sdf-starter, you will need to be 
capable of assimilating the firm’s culture, a key feature of 
the position, and be prepared to travel throughout the 
Tayside region. 

In return, they offer a substantial rewards package which 
indudes an incentive scheme and generous relocation 
expenses to this pleasant part of Scotland, where the 
quality of life is excel! enr. Partnership-type status in this 
leading firm will enhance die career potential of the role. 

To find cur more, please contact Jim Bennett, Consultant, 
on 041 2264242 (office) or 03552 23889 (evenings 7 - 9pm) 
or write to him with full curriculum vitae and quoting 
ref. no.QS71 0 at Austin Knight UK Ltd, 

Royal Exchange House, 100 Queen Street, Glasgow G1 3DL. 

Austin Knight supports equality of opportunity m employment. 


T>A Consulting 
XjTa. Group 


Creating Business .Advantage 

Em tiw Rcamtmcnz ■ Hbdu ReuOKrC<malliac> * Arivcrtiiiiag 3nd Cosmuxmcatiratt 


Devonshire Executive 


Our client is one of the largest banks in the world with a strong presence in all its principal 
financial and overseas centres. The banks' medium term management plan is to build on its 
strong commercial banking position whilst seeking to remain at the forefront of innovation 
and capitalise on its capabilities as a leading universal bank. To facilitate this growth in its 
operations we have been retained to identify three specialists. 

PROJECT FINANCE 

You will probably be aged 28-34 and a graduate, with at least 4 years experience of Project 
Finance banking in a marketing and credit role. You must have experience of drafting of 
term sheets and submission of proposals to Arrange/Underwrile transactions, be numerate 
and computer literate and display strong communication skills. Responsibilities will be to 
maintain existing and develop new business and extend project financings, particularly in 
the power and infrastructure sectors. 

UK CORPORATE LENDING 

Probably aged between 35-40 and a graduate you will be able to demonstrate 8 years 
relationship marketing to multi-nationals, and medium sized UK corporates, specialising in 
food, manufacturing, brewing, distribution, retail pharmaceuticals and power generation, 
noducts indude acquisition finance, MBO*s, structured finance, bade finance and non-resource 
financings. Strong credit skills are a pre-requisite. 

NORDIC CORPORATE MARKETING 

Probably aged 25-35 you should possess at least 4 years experience of marketing to 
sovereigns, Supra-nationals and rated financial institutions in Scandinavia, Ireland and the 
Nordic countries. You should be prepared to undertake extensive travel to the region. 
Sound credit skills are required together with a knowledge of financial engineering and tax 
based lending and structured transactions. 

Please send curriculum vitae to Roy Webb, Managing Director or telephone for a 
confidential discussion. 


Tel: 071-395 80SD 
Fax: 071-626 2002 



Bloomberg 

FINANCIAL MARKETS W 


Client Support 

Use your front or back office experience in a front line role 

This is an oppommiry for young, professional people with experience gained in the 
financial markets to develop rheir career in a world leading company. 

Bloomberg is a rapidly growing supplier of sophisticated screen based news, 
information and decision support services within the international financial markets. 

Expansion of the business and internal promotion has created opportunities for 
diem support staff to join the Analytics Desk. You will provide support to customers 
in the UK and Europe handling questions on the use of the Bloomberg to support 
trading activity. 

To be considered you must have an understanding of finandal instruments such as 
fixed income or equities. You should have 1-5 years experience probably gained in a 
trading or support role in the front or back office. Applicants who have used the 
Bloomberg will be of particular interest, as will those with a second language. 

High professional standards, a positive and enthusiastic approach and the ability 
to work well under pressure are essential. 

To apply contact The Freshman Consultancy during office hours on 
071-721 7361 or send your CV by post or fax quoting reference FT/ 6/94. 


L 


The Freshman Consultancy, Coppergate House, 16 Brunc Street, London El 7NJ 
Telephone: 071 -721 7361 Facsimile: 071 -721 7362 


J 


. I 


RISK MANAGERS £25k-£55k + banking benefits 

Onr client is one of the most exciting and forward thinking UK financial institutions; providing high quality competitively 
priced bank ing, insurance and related finandal services products. As a result of expansion there is now a .requirement to 
recruit three seasoned risk management professionals to join the group’s market risk teams. The ideal candidates for 
these positions wifi meet the following criteria: 


RISK MANAGER 

The Position 

« Within an established risk management team 
working across the group, evaluating quantitative 
methods for the measurement of credit and 
market risk. 

• Monitoring risk Emits and procedures to ensure 

adherence to Bank poBcy. , _ „ 

■ Regular preparation of reports to the Board, the 
Risk Management Committee and the Asset and 
Liability Committee. 

The Requirements 

• A graduate in a numerate disdpfinc, preferably 
with an additional professional q ua li fic ation. 

■ Strong and demonstrable analytical ski ll s . allied 
with proven report writing abilities and strong 
interpersonal skills. 

- A detailed knowledge of treasury products and a 
sound understanding of market and credit risk 

evaluation techniques. 


RISK MANAGER 

The Position 

• Working w ithin a dynamic risk management 
development unit in conjunction with Group 
Treasury. 

• Development and implementation of risk manage- 
ment techniques across Group Companies. 

• Development of so p h i sticated techniques to 
measure and allocate internal economic capital 
and the implementation of regulatory capital 

requirements. 

The Requirements 

• Sound Understanding of the mathematics under- 
pinning risk management techniques gained in an 
innovative Treasury /mal env ir o nm ent. 

• Aged mid twenties to mid thirties with a numerate 
degree and strong PC skills. 

• Strong analytical skills, self motivated, good 
commnnicamr,' team player. 


please apply, withajuD. C.v. and salary details to: Carrie Disney/] one MuUaBy, Grafton Associates, 
Merton House, 70 Grafton Way, London W1P5LE. 


RISK ANALYST 

The Position 

• An ideal opportunity to develop a broad range of 
product and risk management atolls within this 
recently established team. 

• Tb undertake analysis of Treasury trading fimitB 
and to implement new techniques to monitor 


• To support the development and implementation 
of front office systems from a risk management 
perspective- 

The Re quire ments 

• Aged mid- to latcbrentfes with a numerate degree 
and exceDeot spreadsheet skills 

• A bn^bankiag/accountiag bac kg round preferably 
with at least one year's experience working in risk 
management 

• Good analytical skills, sdfrnotivated, practical, 
good communicator, team player. 

Grafton Associates 


Executive Selection Consultants 
Tel: 071-388 2051 Fax: 071-387 5324 




Senior Portfolio Manager 

Australian Equities 

Sydney based 

SBC Australia Funds Management, a subsidiary of Swiss Bank Corporation. Is a 
leading Investment management group in Australia. We are seeking an 
experienced portfolio manager to join our team in Sydney. 

The successful candidate will be a senior member of our Australian Equities 
team with prime responsibility for portfolio m anagement and the analysis of 
Australian companies. This person wfl] also provide input to the Group's asset 
allocation process. 

Applicants should have relevant tertiary qualifications ioefuding a successful 
record in the management of equity portfolios with a strong focus mi the 
Australian market They must also possess good communication and presentation 
skills and be capable of contributing effectively at a senior level in a team 
environment 

The asset management industry k entering a phase of strong growth in 
Australia and offers exdting career opportunities to achievement oriented 
individuals. We are keen to attract a high calibre candidate prepared to make a 
co mmitm ent to the growth of our business and to the Australian market 
Please forward applications to Anne O'Keefe, Associate Director, 

Human Resources. SBC Australia Limited, PO Box N100 Grasvenor Place, 

Sydney 2000. NSW. Australia. Phone 61 12) 2S8 2200. Fax 61 121 258 2049. 

SBC Australia 

A subsidiary of ■■■■HHHnKm 

Swiss Bank Corporation 




VI 


FINANCIAL TIMES 


Property Finance 


ifflitaiK 


Hypo Bank’s on-going commitment to expansion has resulted 
in a vacancy for on additional professional banker to join die 
New Business team, handling both existing and potential 
property finance clients. 

The department provides investment and development finance 
to UK property companies active in the commercial sector. 
Transactions are often complex and of substantial size. 
Suitable applicants who would take personal responsibility 
for originating, negotiating, structuring and progressing 
deals, will be: 

■ Capable of front line business development 

■ Able to show a sound understanding of the UK properry 
market having probably 3 years minimum experience of 
structuring property transactions. 

■ Skilled in credit analysis and risk assessment of 
UK corporates. 

■ Aged probably in their early to mid thirties. 

The significance of the appointment will be reflected in an 
attractive remuneration package. 

Please apply in writing enclosing a lull curriculum vitae to: 


Frank Hoy, CSC Executive Search pic. 

5 Great Queen Street, London WC2B 5 DC. 


Investment Analyst 


Bournemouth based 


Derivatives 


Abbey Life Investment Services. 


has been at the forefront of the use of derivatives in fund management. 

We have used derivatives to design innovative new products and to contribute 
to our excellent performance record. 

Recent regulatory changes enable us to expand this activity further so we are 
looking for an analyst to report directly to our derivatives director. 

The ideal candidate will have a strong mathematical background and a good 
appreciation of markets. 

He or she may possess a specialist qualification in the derivatives arena, or have 
a minim um of two years equity market experience. 

In return we can offer a competitive salary and a first class range of financial 
sector benefits. 


If you can make a major contribution to our continued growth and success, 
please forward your full CV to: Heather Hosking, Personnel Department, 

Abbey Life Assurance, 100 Holdenhursr Road, Bournemouth, BH8 8AL. 


M Abbeylife 



TRAINEE FUND MANAGER 

ASIA 


In order to maintain our very high standards and to continue our 
expansion, we are currently seeking to appoint a Trainee Fund 
Manager for our Asian desk. 


The successful candidate will have a good degree, preferably from 
an economics related background. 


Any knowledge or experience of the Asian region will be 
considered an advantage. A good command of any relevant 
languages would also be of benefit. 


This position requires intelligence, an interest in investment, the 
determination to work long hours and excellent presentation 
skills. 


Remuneration will be commensurate with that of a leading 
financial institution. 


interested applicants should forward a comprehensive 
curriculum vitae to: 


Humphrey Carey 
Director 

Foreign it Colonial Emerging Markets Limited 
Exchange Mouse. Primrose Street 
London EC2A 2NY 


Foreign 'GL Colonial 


EMERGING MARKETS LIMITED 


( Member »f IMHO) 


DEVELOPMENT “SUPREMO” 

Treasixry Systems Accounting; . 


Strategic Orientation Base salary g£45,000 + major benefits 


NEW. high profile "key user" accounting role, within a high profile UK 
Investment Bank. Managing a small team, the initial focus of attention is to drive 
the strategy forward, set the agenda for accounting systems development, agree it 
with “in-house" and external suppliers — all to facilitate the enhancement of 
the Treasury's accounting capability. 


CURRENT By STEMS cope with the present level of business, but the projected 
growth of the client’s operations both at home and overseas, have given rise to a 
series of major innovative projects in the front, middle nwd back offices. 
The operating environment is, therefore, very fast moving and one where good 
people are encouraged and they achieve outstanding results. 


YOUR ROLE reports directly to the bank treasury Finance Director. You will 
build on a heavy treasury background, with extensive systems development 
experience. Using your outstanding management and pl annin g skills, you will 
work closely with all senior colleagues in finance and IT - as well as sitting on the 
appropriate steering groups to ensure that the accounting infrastructure for 
furore business is provided. 


FUTURE PROSPECTS for personal growth are excellent. Candidates will 
be qualified accountants with 3-5 years post qualification experience and will be 
well versed in a fixed mcome/wholesale/in vestment banking environment on an 
MTM and accruals basis. A good understanding of systems development on both 
mainframe and PC’s is essential - together with obvious potential for career 
development in a flourishing milieu. 


Kidsous Impey 
Search & Selection limited 
29 Pall Mali, Loudon SWlY 5 UP 
Telephone: 071-321 0336 
Fujc 071-976 1116 


Please telephone 
Peter Willingham for 
further information or 
write to him at the address 


UK Germany, Italy, Amtri*. Hoa^r* FoUzad. 

B-tClom. Switzerland. Ci**A HapoUir and Slovakia 


opposite, quoting reference 

hwMltoaGmi num fe r 


FRIDAY SEPTEMBER 9 1994 


EUROPEAN RELATIONSHIP MANAGEMENT 


Our client, one of the largest and moat prestigious financial groups in Latin America with a leading position in banking and securities in its home country, 
is looking to moke the following two key appointments for its European operations, in line with its ongoing expansion plans for Europe: 


HEAD SPANISH REP. OFFICE 


SR MARKETING MANAGER - FRANCE 


LOCATION: MADRID 

The Role - 1b establish and maintain relationships with banks, other financial 
estabiishnusiis and MNCs, initially in Spain and later in Indy; with regard ro a 
broad rang; of banking products. 


capital marina in both London are) Head Office 

TbeGaotfafate -Setf-aanEE ideally with an MBA fa hh or her 30^ with a fluency 

in English and Spanish, and ideally a working knowiedge of Italian. 

— An easting netwatic of contacts amongst the Spanish financial community and 
possessing the maturity, cubical i nylwy jiprling and fo w r p-r v xral «kilk d establish 


- A strong analytical background with a broad experience in both commercial 
banking (in particular, r ryfe finance and RO and capital markets (in pwrirtibr, 
money market instruments and bands). 

Candidates applying for this position should be aware that we are acting in 
conjunction with exit dime's consultants in Madrid. Rgfi NAS 2162 


LOCATION: LONDON 

The Role -To establish and maintain relationships with banks, other fmancial 
institutions and MNCs mainly in France, hit also in die French speaking parts 
of Belgium and Switzerland, with regard to a brood rang® of banking products. 

- In die absence of a rep. office In France, to act as a link pawn be 

bank and is developing institutional and corporate account base there. I ius 
will involve liaising with the bank's commercial banking and capital markets 
specialists in both London and Head Office. 

ThrOmriMarr - Sdf-aamr. of graduate calibre, in b» or herbrej&romki 
30s, with a fluency in English and French, and a working knowledge of Spanish. 

- An existing network of contacts amongst the French financial community 
and possessing the self-confidence and interpersonal skills to establish new 
institutional clients, in particular for capital markets products. 

- A credit-sensitive banker with broad exposure to both commercial banking 

(particularly financial institutions and trade finance) and capital markets 
(partic ular ly money market instruments and hands). Ssfr NAS 2 162 


Both of the above positions report in to the bank's Head of Business Development in London. They provide competitive salary and benefits packages, 
together with a performance- related bonus. Career prospects within the bank are considerable. 


Salt 

Chapman 


To apply, please telephone or write to Neil Salt, quoting the appropriate reference. 


Associates 


I ft ti B i witiiTmil god Selection 

Princes House, 36 Jermyn Street, London SW1 Y 6DT. 

Tel: 44-71 -434 1319. Fax: 44-71-434 0835. 




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££ =7' .&■ AVi* 

3555 it *, “ 






Qualified Bank 
Accountant 
To £45,000 + Bonus 
Responsible for all 
systems, accounts 
procedures etc. 
Call Sheila Jones 
071 588 3991 

Fax CV 071 588 9012 
(Rec Cons) 


j£pIP Europe, a GE Capital business in the Internationa] 
trailer renal and leasing industry has a vacancy fora 
Corporate Risk Manager- E uro pe with the home base in 
Rotterdam. 


' handle default situations and resulting legal action inclu- 
ding repossession of equi pm e n t, placement of accounts with 
third parry agencies or attorneys, filings involving 

bankruptcy and 
VAT recovery. 


A\ I | i v| | 


APPOINTMENTS 

ADVERTISING 


appears in the ' 
UK edition every 
Wednesday & Thursday 


Jffig his position tu 
the responsibility u 
administer the 
Corporate Credit 
Policy for Europe, 
including approvals 
of credit limits 
and the monitoring of all outstanding accounts receivable 
balances and any problems associated with their collection. 


and in the International 


edition every Friday 


mfdditional responsibilities include: 

- assist in evaluation, hiring, and training of all European 
Credit Managers; 

- provide statistical reports for management; 


^Qualifications should 
include: 

i Diversity degree in 
ranee or related 
itipline; 

- multi lingual skills; 

. minimum 5 years industrial credit and collection 
experience; 

- strong financial analysis skills; 

■ proven track record of effectively managing the collection 
activities of a large dispersed portfolio of accounts; 

■ excellent interpersonal skills and the ability to communicate 
across all layers of the organization. 


For further 


If you are interested in this function, please send us your application letter with CV. 


info rmation 


please caff: 


Gareth Joneses 
+4471 8733779 




Andrew Sksnynskioa 


A 6£ Capital Company 


TIP EUROPE 

Manager Human Resources Europe 
Mr. H.Wl. Kloprogge 
RMerstaete,Amsteldgkl66, 

1079lHAmstettiam.TheNette rlands. 

Telephone 00 31 (0)20 - 646 14 11. fax 0031 (0)20 -646 09 69. 


!; ' W I s ; - . ' * 

v, 

1 { \ rw k - s i k 




T. I > XV 

1 f - i. i.N 


< x - v:,$ 


+44718734954 


Piufip Wcigtey on +44 
71 873 3351 


Joanne Gerrard 


Tired of Commuting to London , 
Train Strikes and City Life? 


+4471873 4153 


Brian CNeffl on 
+44 718734027 


Rachel Hicks on +44 
718734798.. 


BROWN SHIPLEY STOCKBROKING LIMITED is part of one of the largest London 
and regional private client stockbroking groups in the United Kingdom. We are looking for 
experienced stockbrokers with established business to join our existing teams in 
Cirencester, Gloucester, Bristol or any of our other group branches located between 
Exeter and Inverness. 

If you are interested please write, in strictest confidence, to: 

Alan Smith, Brown Shipley Stockbroking Ltd., 30/31 Friar Street, Reading, RGl 1AH. 

A member of the Securities and Fiumcs Authority Lmtticd. A Member of the London Stock Exchange- 


lit, ' - 

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* ii 


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H . - 


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v 7^» *44 

' -• Vi * r + M4 














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^ T A(;pi 

*— t 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


U ' % 


KPMG Peat Marwick have been retained by a leading trading house to recruit 

GENERAL MANAGER - DUBAI, U.A.E. 

The Company: The company is a large diversified trading house having 
interests in automobiles, marine products and construction 
with ambitious plans for expansion of its operations in the 
UAE. 

The Job: The General Manager will be responsible for formulating a 

strategy to develop a much larger and more profitable and 
dynamic business in the U.A.E. He will be responsible for 
initiating and managing change directed at the enhancement 
of performance in ail aspects. He will be required to 
streamline and provide focus to the company's diverse 
trading activities and direct efforts towards a complementary 
group of business. 

Person Profile: The successful candidate will be aged between 40 and 50 
with around 15 years of experience in the trading sector and 
at least 5 years experience in managing a trading business 
as head of a company or of a large profit centre. He should 
have a successful record of managing change including 
implementing systems and providing leadership to a diverse 
culture workforce. We are looking for a high achiever with 
strong marketing orientation combined with a good 
understanding of finance and commercial affairs. Candidates 
who have automobiles and related products and services 
sector experience would be preferred. Knowledge of Arabic 
and the Middle East would be an added advantage. 

Remuneration: Remuneration would be commensurate with qualification and 
experience. 

If you are interested in this opportunity, send your resume within ten days (from the 

publication of this advertisement) quoting ref : ES/58/94 to KPMG Peat Marwick, 

P.O. Box 3800, Dubai, UJLE. Ail communication will be treated in strict confidence. 


JtfB 


Selection & Search 


CORPORATE FINANCE 

Aged 25-30 Salary: Above market with bonuses 

Cavendish Corporate Finance is a leading independent M&A house, which specialises in 
advising vendors of businesses, including private companies, financial institutions and 
quoted groups. Its advisory services coyer all aspects of the disposal process, 
particularly company valuations, five preparation of sale documentation, identifying and 
approaching potential purchasers and leading negotiations. 

Cavendish is seeking a highly committed individual to join its well experienced team. 
Candidates should expect and desire front line exposure, be graduates with a good 
degree and either be ACAs, MBAs or numerate individuals with relevant experience It 
is essential that applicants possess good interpersonal skills and are keen to work on 
transactions in the £2m to £20m range. 

Applicants should write, enclosing full career details, to Hugo cC 
Had don-C rant. Director, Cavendish Corporate Finance Limited, C/VETOSH 

12 Cavendish Place, London W1M9DJ. hpoherimkeuiibi 


QUANTITATIVE ANALYST 

City 

Barr Rosenberg European Management, a leading Quantitative Investment Management 
Company, is looking to expand its Investment Research Team. 

An opportunity has arisen for a flexible, self motivated person to join the team analysing data 
on European Companies. The ideal candidate will be articulate team player who excels at 
functions that require dedication and attention to detaiL The minimum background required 
is a good Economics/Econometrics degree combined with excellent computer skills. 
Knowledge of the European Equity markets and a second European language is desirable. 

An excellent remuneration package and working environment is offered. 

Please apply in writing, enclosing a CV. to: 

Frederic Sipicrc ^ 

Chief Investment Officer ^ BARR 

n ^ = == ROSENBERG 

Barr Rosenberg = ■ = 

European Management Ltd I ==^L RmniIin 

7th floor, 4 Broadgate — Bianagcnam uu 

London EC2M 2SR 


SALES EXECUTIVE FOR FRANCE 


SUBSTANTIAL PACKAGE + BENEFITS London Based 

Technimctrics is a global provider of customised information to the corporate and financial 
markets. Our clients include household names worldwide who rely on our research to reach 
their target audiences. 

We now wish to recruit an additional sales professional to cover the French markcL The 
successful candidate will be degree educated, entrepreneurial in spirit, goal orientated and 
computer literate. Fluent French will be a pre-requisite for this position and some business to 
business marketing experience would be a distinct advantage. 

Candidates will be expected to travel frequently to France, and the work wilt focus on: 

• New business development at senior executive level _ 

• Account management to maximise customer satisfaction and profitability 

You will need the ability to anticipate client needs within corporate investor relations 

departments and broking houses, and to deliver effective solutions. 

if your experience matches our requirements, please send your Curriculum Vitae to: 

Ms. Ciara Scallon, Technimctrics Inc, 84 Newman Street, London, W1P 3LD. 

Tech mme tries Inc, 

A Knight- Ridder Company. 


The Top Opportunities Section 

For senior management positions. 

For information call: 

Philip Wrigley on +44 71 873 3351 
Gareth Jones on +44 71 873 3779 
Brian O’Neill on +44 71 873 4027 


Economist 


c. £25,000 + benefits Halifax 

Halifax is the world's No. I building society, a 
position we’ve earned by being amongst the first 10 
anticipate mid respond to market changes. Our 
continuing success in exploiting new opportunities 
depends oil our employing high calibre 
professionals. 

Based in Halifax, you will be working as pan of a 
small team of economists who arc responsible for 
providing a full economic advice and forecasting 
service to the Halifax Group. You will report direct 
to the Chief Economist and will also have individual 
responsibility for die regional forecasting service. 

In addition to a relevant Master's degree, the ideal 
candidate will have a mini mum of 3-4 years* 
experience as an economist, preferably in the 
financial services sector. 

Your experience should include some of the 
following: econometric forecasting, extensive 
knowledge of data sources, macro-economic model 
building, use of large scale models and related 
software. 

The attractive benefits package for this position 
includes a competitive salary together with a 
concessionary mortgage, private health insurance 
and contributory pension scheme. A relocation 
package will be available, where appropriate. 

To apply, please send your full CV with details of 
current salary to: Assistant General Manager, Group 
Personnel (Ref HOP/EC), Halifax Building Society, 
Trinity Road, Halifax, West Yorkshire HX1 2RG. 


Halifax is fully 
committed to equal 
opportunities for all. 





Is this you? 


You've spent three to ten years as a qualified professional 
in a practice environment yet you don't seem to be getting 
ahead. You’d like to work for an organisation that rewards 
you for your efforts, provides you with individual personal 
development and a clear career path that's not blocked by 
partnership or corporate politics. 

IT this is a scenario that you can relate to. and you live 
within a 25-mile radius of London, consider this career 
option with Allied Dunbar. We offer 

■ the opportunity to build a financial services practice 
and to be directly rewarded for your own efforts 

■ the chance to develop your professional skills 

■ the freedom to choose your own hours. 

Please telephone (or write enclosing CV) to: Peter Stoner, 
Allied Dunbar Assurance pic, 29 Queen Anne's Gate, 
London SW1H 9BU. Tel: 071-799 2252. 

Allied Dunbar are committed to equal opportunity and 
welcome applications from ail sections of the community. 


For the fife you don't yet know 


ALLIED 

DUNBAR 


Equity Derivatives & Related Products 

We an m mtenstknnl securities bone with offices fa London. New York. Zurich 
and FonUon. Freest rapid dcvdopracuhas been bned os fixed- in cook products. 
We are seeking » number ot Saks Profcsskxals m London (o contribute lo our newly- 
formed equity division. Emphasis will be oo derivatives and required experience is 
therefore likely to include Futures, Options (iu. LTOM], OTC derivatives. 
Convertibles, Warrants or Stracnard Products. Fund-income derivative experience 
would be m advantage. 

The ideal candidate will have: 

■ An established imanmonal client base 

# An obilfry lobe seJf-motivaiEd while ivorting in a team environment 

• An enrhnstosm for new business development 

The incentive package wifi appeal most strongly to producers wishing lo earn s 
mlisJc perfoanancc-rclatcd return and lo profit from their own efforts in n dynamic 
environment of similar [w fasiwi* 

All CV* will be treated with tbe Utmost discretion nod confidentially. 

Ba»A1141 t TheFtandaf Tiroes, One Sonfl i w m fc Bridge, London SCI 9HL 


EQUITY TRADER 

Caron’s firanrinl Markers Divisioa is poking an Equity Trader for its Tokyo 
off ic e . Primary responsibility is K> bn3d the dnccuonnl equities hading business in 
foe Japanese market through cash eqnkks. trading optioas, irafex futures and 


Qualified csrefidwo wfl] have a naramom of 4 year* equity trading experience and 
have managed an active trading book Ranres experience a must. Good computer 
skills and hfgWy developed aralyiical ibiSara are also rapmed. Musi be fiuerd in 


Interested applicants should scud a letter with confidential nsumfi and 
salary teqiriirmcnni to our headqnartets: 

Cargill, Inc., P O Bax 5653, Minneapolis, MN 55440, USA 
Attn : A M Dresser. 

Cargill, Inc. 

Equal Opportunity Employer 



Kidaons Impey Search & Selection are currently recruiting for their city clients which 
include UK Merchant Banks, International Corporate Banks and the Head Offices of 
FTSE10O UK Corpora tea. 

7b strengthen and supplement the finance function and to ensure that both 
business risks and operational risks have been identified with proper controls in place. 
S uita ble candidates will need to fully understand the commercial objectives and problem:; 
fared by line managers and be able to both highlight and control these. Some positions offer 
active involvement in new systems development. 

,.i fJfeAkSOf -. Graduate chartered aceountan ts with up to five years post qualifying experience 
with quality names, preferably within the banking and finance industry. A strong analytical 
background combined with a positive and enthusiastic approach is essential. 

■.mtm- Ail our clients offer a competitive package, including benefits, and a challenging 
position in a progressive and results driven environment. 


Kldsoiu Impey 

Search & Selection Limited 
29 Pail Mall 
London SW1Y 5LP 

UK, Prases, Garaaas Italy. Austria, Hungary, Pa land, 
Belgian, Owfttxerland, Czech Republic and SlnaUi 


Tb be considered for any of 
the above positions, please 
forward your career details 
to Gemma Jen kin in cumpieU- 
confidence quoting Kef: 837 bT 
at the adjacent address. 


Wit slnd ein seit 20 Jahren etabliertes Dienstleistungsuntemehmen in 
dem Bereich intemationaler Finanzmarktanalysen. 

Wir suchen ein 

MITGLIED DER GESCHAFTSLEITUNG 


Leitung unserer Trading-Aktivitaten in unserem Buro in Feusisberg 
(Zurich). Diese umfassen neben unserem bedeutenden Devisenhandel 
weitere Aktivitaten in den Bereichen Fixed Income, Commodities and 
Aktien. Ferner solite der Bewerber die sich aus den Handelsaktivitaten 
ergebenden Kontakte mit unseren Kunden regelmaBig pflegen. 


Der Kandidat solite uber einschlagige Erfahrungen auf diesen Gebieten 
verfugen und aufgrund seiner Personlichkeit in der Lage sein, die 
Mitarbeiter im Handelsbereich souveran und kollegial zu fuhren und 
gleichzeitig Kontakte zu unserer anspruchsvolien internationalen 
GroBkundschaft zu unterhalten. Wir stellen uns vor, daB der Kandidat 
mindestens 45 Jahre alt sein solite. Die schweizerische 
Staatsangehdrigkert ware von Vorteil, ist jedoch keine Bedingung. 

Wir bitten Interessenten, ihren Lebenslauf (Kurzfassung) an unsere 
Geschaftsleitung zu senden: 

_ GFTA Trendanalysen 

iJN ^ B.GA Herrdum GmbH & Co. KG 

■ Jl\ | M Herrn Peter Albisser 

V Ruostelstrafie 30 

CH-8835 Feusisberg 


GLOBAL MARKETING 
REPO PRODUCTS 

Leading London based Securities House seeks highly 
motivated individual to co-ordinate its Global Marketing 
efforts for the Repo Product. The position will require 
experience of both direct sales to major institutional 
customers in Europe, Asia and the United States and 
internally co-ordinating the trading desk's strategy using the firm's Fixed 
Income sales force. The successful candidates must have a minimum of 3 
to 5 years' experience covering major institutions in the United States and 
Europe, a University degree, and a sound knowledge of the Repo market. 
Fluency in a European language would be considered an advantage. The 
position offers a competitive compensation and benefits package. 

Call Andrew Jenkins in total confidence on 071 916 4141 or Fax 071 916 4148 

SEARCH CONSULTANTS INTERNATIONAL 
24 Hours Global Financial Recruitment 
Cavendish House, 128- 134 Cleveland Street, London W1P 5DN 


SPOT EMS £100,000 

Hmulinn » availalilr a| u UK invmUHL-iU lank Tor a xralinr foreign urhup 
ijtaler in bend up (hi* Europran rurrenry ilrak. The HiinrMvful raroliiintr 
nhoulil Hjivi* gainml n minimum nf ^ yearn r<|Krimcr in l^uwa. Ai well a* 
ma mgr rial rmitoariliLGue* ibe role will involve market tanking null >lnl«pr 
pn.«ilinn taking. 

CURRENCY OPTIONS £70,000 

Tup US bank i* Broking a *rlf- motivated indiviilual to Urvelop ila 
irailing/inarkriing Ntralrfcy in Currmry Option*. Applicant* h ho id if be 
(pvilualni in the age range of 26 In 35 with sniuml 4 yi-ain dealing riperirnrt: 
in flerivnlivu*. 

FORWARD F.X. £60,000 

A Hrninr foreign rirhangr rinah-r with rijirrienrr an} aired on a Forward 
bum ruirrney book i* mugdit by u firm rlan* inlrmaiinnal bank. OnuLiialr* 
a R nl 25-35 will have a ulablr career butory ami nun 1m proficirnl with 
Arbitrage fcuiinru. lurking knnwlnlp- uf OfT-Halauec Shrrl inulnimcnt* 
would hr ailvunlat^ou*. 

SPOT CABLE £70,000 

Our rlirnt, an ue live trailin' hunk in global K.X. mark rtf., in necking a nrnior 
■fra [nr whu in rurrenlly running a Spot tZalilr liook. The ineawful candidate 
will lie u-nl Sti to 31 with a connintrntly puritivr profit rrrunl. Thr inrumhcnl 
will lir eomfortablr wilfa nuhttla alia) raponure on an interbank/ 
pruprietary bonin. Sfanilicant hrnrfilnnpply. 


K-LiNinmni 

T re usury Recruitment 


P?«aso coll Anthony la«rn or 
writo in confidence quoting 
rof : Ai2023. 

Tel: 071*269 0369 . 

36 Cornh III, 

London, EC3V 3PQ. 


Fixed Income Sales 


London 

Our clienk one of the world's most 
prestigious financial institutions, is seeking a 
highly motivated individual lo join a small 
team of professionals selling fixed income 
products to Swiss institutional clients. 

The successful candidate will have a 
minimum of 2 years' experience in fixed 
income sales and must be able to demonstrate 
a successful track record selling to Swiss 
institutions. In addition, they must speak 
fluent English. German and French and be 


able to demonstrate well developed 
interpersonal skills. 

Please send your cv with full details of your 
education and experience which will be 
forwarded lo our diem unopened, if there 
are any companies to whom you do not wish 
your application to be sent, these should be 
listed in a covering letter and the envelope 
marked for the attention of the Security 
Manager. Ref: H7061/FT, 

PA Consulting Group, Advertising and 
Communications. 123 Buckingham Palace 
Road, London SW I W9SR. 


“PA Consulting 

1/i Group 


1A Group 

Creating Business Advantage 

Eiwtivc R tcnHtmrn i ■ Horam Rcwwrcc Consultancy ■ Adim rang ud Centura nuabora 


MANAGEMENT TRAINEE 

Long-term development and growth in private limited company. 
Individuals aged 23-35 seeking opportunities in financial markets. 
Potential to progress to senior management, with full profit participation. 
Please call: Mark Martin on 071 240 0820 











V 



INDEPENDENT STOCK 
EXCHANGE FIRM 


seeks 

Commission Earning 
Consultants 


In-house settlement, including full 
international facilities. 
Attractive terms. 
Bristol/South West region. 


Please send your CV to: Box A2 139, Financial Times, 
One Southwark Bridge. London SE1 9HL 


EUROPEAN ECONOMIST 


Major U.S. Securities dealer seeks a Senior Economist for 
their London based European operation. The candidate 
would direct the European macro economic effort for the 
firm. Previous experience in the City would be preferred. 
Extensive institutional customer contact and travel will be 
a requirement of the position. Remuneration will be 
generous for the successful candidate. 


Samples of published work and C.V. should be submitted 
to: 

Write to Box A2138, Financial Times, 

One Southwark Bridge, London SE1 9HL 



Wc arc a leading and successful investor relations and financial data company, with global operations 
serving an extensive international client base. 

Wc are now looking for a Director of Accounts & Business Development to head our team of UK and 
Continental European Account Managers. Hie position entails responsibility for p lanning , monitoring 
and strategic direction as weQ as maximising existing markets and identifying new ones. 

The successful applicant for this role will have: 

Developed sales management and team building skills 
O A good working knowledge of the financial markets 
■> The ability to present new ideas and concepts at board level 
O The flexibility to lead a multi-national team 
O The energy and enthusiasm to expand our business 


Please send your CV to: 

Box A2145, Financial Times, One Southwark Bridge, Loudon SEl 9HL 


International Bond 
Economist 


Midland Global Markets’ highly successful bond research team is currently 
seeking a tint class economist to assist in expanding its international fixed 


income presence. 


A graduate economist, preferably with at least two years’ experience gained in a 
capital markets environment, you will possess good analytical skills and an ability 
to express yourself clearly, both orally and in writing. As pan of a team, the 
work will predominantly involve die analysis and forecasting of trends across a 
range of European economies, but widi a focus on bond markets. 

This high profile role offers cle.tr opportunities for career development and an 
attractive remuneration package, including the full range of invesmient banking 
benefits. 


Please write, in confidence, with lull personal and career details, including 
current remuneration, to Roger Bootle, Chief Economist. Midland Global 
Markets. Thames Exchange, 1 0 Queen Street Place, London EC4R 1 BQ 


••jnp 

MIDLAND 


»rmb,-r HSBC <X> Cwup 


lulled bv Midland Bank pic 


TARGET YOUR AIM. 
RECRUIT THE BEST. 


By placing your recruitment advertisement in the Financial 
Times you are reaching the world's business community. 
For information on advertising in this section please call: 



GARETH JONES 
+44 71 S73 3779 


Jt? 


ANDREW SKARZYNSKI 
on +44 71 873 4034 


MerristWood 


COLLEGE 


COMMERCIAL 

DIRECTOR 


c £30,000 + benefits 


Merits* Wood College te a thriving epedaflat Further 
Education College for the land-based industries, located 
in rural Surrey, With an annual budget In excess of 
£4 million, the College has an interesting mix of 

academic and commercial enteiprises. 

Reporting directly to the Chief Executive, the 
Commercial Dfredor win play a key role in the 
development of the Cdtege’s business and conutsute a 
financial planning perspective designed to maintain and 
enhance financial viability. In addition to leasing a team 
of commartiaJ enterprise managers, you win be 
responsible lor aB matters relating to toe finance and 
accounting systems of toe Coffege. 

TWs new position will require an energetic commericafty- 
mlnded self-starter who can change attitudes, plan 
strategical and establish strong control. As a qualified 
accountant, you wW have a minimum of three years' 
commerced line management experience, operating at 
a senior level within a commercial organisation. You wiH 
have experience in the preparation of business plans 
and budgets, sound communication skfits and a ‘hands- 
on* approach to practical accounting tasks. 

For an application information pack, please contact: 
Rosemary Todd (Personnel). Mantel Wood College, 
Wtxpiesdon, Guildford, Surrey GU3 3PE, telephone 
01483 232424. Completed applications to be returned 
by 30th September 1994. 


Chartered Accountant/ 

COMPUANCa/FmANCIAL SPECIALIST 


Long experience London and international 
capital markets with leading professional and 
investment banking houses and regulatory 
body, speaking French, Italian,German, 
excellent contacts. Available for assistance 
with regulatory problems or financial 
investigation work. 


Phone/Fax: 0171 435 4318 


TIME FOR 
C HA.N 6 £ ? 


Opportunities to move from fund 
management into sales - Edinburgh and the 
North. You are currently a fund manager 
looking to make a move into a sales 
environment. These roles involve selling to 
professional investors such as stockbrokers j 
and investment orientated IFA's. The ' 
excellent package includes a competitive 
basic salary. 

Please call Fiona Law, FLA Ltd on 


071-738 9732 


PORTABLE 
SOLUTION SET 


Investment Strategist, years of experience 
in pre-emerging and emerging markets, 
economics, and planning. Fluent in French, 
experience gained in Africa, Asia and 
Middle East seeks London 
based opportunities. 


Please write to Box A2140, 
Financial Times, 

One Southwark Bridge, London SEl 9HL 


STOCKMARKET 

Young, dynamic City based company 
requires 4 FIMBRA or SFA qualified 
individuals to service our existing client 
base of private investors. Dealing solely in 
UK equities. If you are between 25-35 
years old with 3-5 years experience, 
enthusiastic and enjoy a hard 
working environment, call 
071-403 3212 Ref TR 
for an informal discussion. 

Trainee positions also available 


Seasoned City Economist + 


Versatile in: Financial Markets, Global Political 
Economy, Country and Industry Analysis 
(Risk etc.) Will consider anything challenging, 
anywhere (T.W.LM.O.) Trainable personable, pro- 
active, bi-lingual (German). Likes cats. 


Write to BoxA2137 f Financial Times , 
One Southwark Bridge , London SEl 9HL 


FINANCIAL times FRIDAY SEPTEMBER 9 19M 


cac 


CERES FINANCIAL CONCEPTS S A. 


BOND SALES 


Ceres Financial Concept S-A- ia a dynamic and successful financial fmn established in Swtowhnd tn 
1992. Onr main activity is broking fibred income products. Owing to (he high institutional demand for our 
services, wc axe currently looking to expand this activity. 

We are therefore seeking to employ highly experienced, protest 

record of success and an established institutional clientele. The successful app highly 

motivated and a self-starter. He/sbe should have excellent communication and presentation skills. 


We offer a highl y competitive remuneration package. 

Please reply in strictest confidence with foil personal ami career information to: 


Mr. Bemd Hagen or Mr. Boris Merisenich. 
Ceres F inan cial Concepts SA 
Avenue C.-F. Ramaz 80, 

1009 Pally -Lausanne. Switzerland 
TeL 41 21 729 8736 Fax 4L 21 729 8917 


EXPERIENCED EUROPEAN STOCK 
ANALYST WANTED TO HELP 
EXPAND A LONDON BASED US 
BROKER’S INTERNATIONAL 
EQUITY RESEARCH TEAM. 


SALARY £NEG PLUS BENEFITS 


Write to BoxA2143, Tinancial Times ; 
One Southwark Bridge , London SEl 9HL 


BOND SPECIALIST 

Top Opportunities in Sales/Broking 


Pro Capital is a specialist organisation in the debt/security markets. 

We are looking for one or two Hi gh calibre individuals to expand or set up one of 
the following areas: 

❖ corporates bonds: investment grade and Illiquid bonds 

❖ emerging markets. 

Openings also exist in other areas of the debt/security markets. 

Applicants must have successful bond sales and/or broking experience. 

We can offer: outstanding performance based remuneration. Possibility to assume 
responsibility and autonomy for the right candidates. 

Please send your resume or call confidentially: Oliver R Froment, 
Managing Director, Pro Capital, CBC, 2 London Wall Buildings, 
Loudon EC2M 5PP, Tel: 071 628 4200, Fax: 071 628 0870. 


Senior Associate 


Corporate FiNANCT/lNSTnxrnoNAL Placement 


Oakes FitzwUliams, an investment bank with offices in London and New 
York, is seeking an experienced individual familiar with all aspects of 
institutional capital raising to work as a member of a small team. The firm is 
primarily involved in raising capital for rapidly growing U-S. companies and 
has an excellent record, a strong client base and a reputation for placing 
interesting financings with British and European institutional investors and 
for negotiating complex cross border corporate transactions. 


Duties and responsibilities will primarily involve making presentations to 
institutional investors, but will also include conducting due diligence, 
preparing financial analyses, working with underwriting counsel, organising 
roadshows and closing financings. The successful applicant will also be 
expected to help service the firm's institutional clients and to develop new 
investor relationships. 


You must have at least five years experience of international corporate 
finance or institutional stockbrokerage which should include having some 
work experience in a U.S. investment bank. You should be comfortable with 
all stages of organising or placing registered offerings and private 
placements. 


You will have excellent communication and analytical skills. The ability to 
conduct business in French and/or German will be of benefit You will be 
flexible enough to fit into a small team and you will have demonstrated a 
trustworthy working relationship with both corporate executives and fond 
managers. Academically and professionally you will hold at least a BA 
degree, a US registered representative (Series 7) registration and registration 
with the SFA. Preference will be given to candidates who have experience in 
the fields of utility deregulation, energy, the environment, healthcare and 
software. 


You will be rewarded with a competitive compensation package based on the 
firm's revenues. Applicants should, in the first instance, forward a detailed 
curriculum vitae to: 


Herbert Oakes 

Oakes, Fitzwilliams & Co Limited 
7-9 St James’s Street 
London SWLA 1EE 
Fax: 071 925 1026 


The FT can help yoa reach additional business readers ia France. Our link with the French business 
newspaper. Las Echos, gives yoa a unique recruitment advertising opportunity to capitalise on the FTs 
European readership and to tnrther target the French business world Jfor information on rates and 
further details please telephone: 

Philip Wrigfey on +44 71 873 33SI 



Until 


r.- .“ -- 









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FINANCIAL TIMES FRIDAY SEPTEMBER .9. 3994 


ACCOUNTANCY COLUMN 


1 ^ 

* ’ J ' t . 


'I.Ks 


Time for auditors to look back to the future 

Andrew Jack examines the delays in publishing a white paper two years after the McFarlane report 


•• -.i. ■ iv. 

■ , * 





J ud gi ng by the tardy handHng of 
its most contentious proposals 
yet, a mischief-maker might e ng . 
Best that the accountancy praEBSsion 
has recently created a new type of 
‘"expectations gap". It comes in the 
form of the silent, ever-expanding 
void into which responses have tum- 
ibled since the pub licatio n of the 
Auditing Practices Board’s “Future 
development of auditing” tinramipflt 
... Al most two years after publication 
in November 1992 of the green paper, 
widely dubbed the “McFarlane 
report” after its Chairman, the dozens 
tf- submissions reacting to its ideas 
Have now been made public. The offi- 
cial response in the form of a long- 
promised “white paper” has yet to 
materialise - and Is appa rently not 
likely to appear before early next 


U,1, ' A\ STOd 

1 1,1 TO HE? 


141 U TEAM. 


1 ,*»-»• i ■— 

- • \) i js. 


r ” 1 ‘>X'T.U lines, 

• t s/ ] qii 


Mr Ian Fbdstowe, a senior partner 
with Arthur Andersen, has since 
taken on and . relinquished the presi- 
dency of the Institute of Chartered 
Accountants in England and Wales. 
Eg. has also taken over chairing the 
ABB, while Ms predecessor has 
retired and other members of the 
board moved on. Mr John McFarlane. 
who coordinated the green paper, has 
switched foam his top role at fflftwtifc 
to take a board seat with Standard 
Chartered and recently relocated to 

firing Tfnng r 

Some have no doubt benefited from 
the delays. A number of organisations 
seemed incapable of responding in 
timi» for the date tor submissions - 
which was March 1993. More seri- 
ously, others may have hoped that its 
radical ideas would simply fade away, 
such as Baker Tilly, the accountancy 


firm which, dismissed the entire 
McFarlane report In a few para- 
graphs. 

In tte nMBmHwft i awnp of those sub- 
mitting their views have had time to 
change their minds. The Chartered 
Association of Certified Arcoontants, 

for example, has switched its views 
on aiutftm- ThahfHty arguing ttUU that 
the position must he reformed, hut 
earlier this year deciding that there 
was no wmH for aiwmdmwite 

Overall, the delay might have bad 
same advantages. It does allow a little 
more time for reflection and a better 
historical perspective an the debate. 
As Mr Prem Sikka of the University, of 
London and his cdHeagues point out, 
the UK accountancy bodies have per- 
sistently taken a sectional view and 
resisted reform throughout the twen- 
tieth. century. 

He says the Institute of Chartered 
Accountants in Tgw gtawd amt Wales 
unsuccessfully tried to oppose the 
publication of a profit and loss 
account for companies to 1928, of ®n 
audit report to 1948. and of turnover 
to 1967, for instance. 

Browsing throagh the responses to 
the McFarlane repor t makes interest- 
ing reading. Coopers & Lyhrand's 
English firm takes a constructive 
though critical perspective. Its Irish 
partner firm Is more outspoken, argu- 
ing to an trmi anally wmiMfl Ip Hot that 

intensive price competition has led to 
“a dramatic reduction” to the level of 
audit fees far most companies. 

The firm warns that fids situation 
may Half a t i ii if t a t i cm fin th» scope of 
a u di t s as savings are sought to meet 
reduced fee levels; and restrictions on 
the independence of auditors as.-man- 


agemsai threatens to put audits out 
to proposal oar to withhold support for 

the auditors’ reap p oi n t m ent . 

One depressing rfanmnt m. tlw sub- 
missions isthe lack of responses from 
companies. Most are from accoun- 
tancy items, their professional organi- 
sations and trade bodies, with just a 
smattering of - generally far shorter - 
letters from businesses and mdrvidn- 
als adding to the pile. 

More sad is the correspondingly 
narrow focus of the responses that 
results. Most take an extremely bunk- 
ered view, concentrating on ’critici- 
sing many of the reco^mieridatians 
for being too radical car “unpractical” 
or simply too costly. • V: 

Sett-interest Is nfton transparent in 

the replies, with the Institute of Inter- 
nal Auditors arguing for a greater 
role for internal audit, for instance. 
Nonetheless, the importance of the 
function carried Out by its members is 
also flagged up by the Royal Bank of 
Scotland’s response, which points to 
the findings of a recent study showing 
that a tiny fraction of significant com- 
puter fraud issues were discovered by 

the grtemal awrUfrra 


O ne apparently sate proposed 
reform is the idea that the 
dependency of a firm on a sin- 
gle client should be reduced, with the 
permlssable foe income which could 
be generated being reduced perhaps 
from 10 per cent to 5 per cent. 
Endorsement of the ^ crops up in 
the responses with a regularity that 
might lpart a cynic to fhtek it was the 
result of coQuslon. It is almost the 
sole recommendation for change 
endorsed by the Big 6 accountancy 


firms and the En glish fo sHfote The 
only firing on which these large enti- 
ties appear to agree is that there 
should be no other more radical 
reforms, such as a ban on the provi- 
sion of lucrative non-audit services to 

anrtit rTfenty by the same firm. 

Bat bidden among the blandish- 
ments and defensive gestures are 
aww important points f r o m others. 
Qnfl cf the most is the 

idea that auditors should not be able 
to provide other services to their 
audit Himhi such as or consult- 
ing advice. The large firms always 
rHcmigB suggestions that <+« p ractice 
jeopardises their independence. 

However, Sir Brian Unwin, chair- 
man of Customs & Excise, (also now 
replaced gfocp the date of his letter), 
is among those who says be has “res- 
ervations” about the practice, which 
is all but forbidden for auditors to 
pnhUc secto r bodies. 

Similar views come from others 
including the Chartered Institute of 
Manflgpmprtt Accountants (Cima), a 
number of the smsUoy accountancy 
firms arid even from the Association 
of Authorised Public Accountants 
(AAPA), representing the rump of 
accountants recognised by the gov- 
ernment to practice but outside file 
remit of the other professional 
acc ountan cy b odies 

Cima also argues for the creation of 
an Audit Commission to over the 

regulation of auditing in the profes- 
sion, both standards-eetting trru1 polic- 
ing, wresting the Auditing Practices 
Board from the clutches of the 
accountancy bodies alone. 

The AAPA calls for a Royal Com- 
mission to examine - giv en similar 


large-scale public inquiries into the 
subject in the USA and elsewhere. 
While the process might be cumber- 
some, the idea does at least highlight 
the difficulty because of file lack of 
independent research currently avail- 
able. Most derives fagfrwri from the 
profassfon. 

However, there is almost universal 
rejection of ideas still being consid- 
ered by the Auditing Practices Board 
to the longer-term to introduce some 
form of “shareholder panel” to bring 
auditors ba ck closer to their true cli- 
ents and away from the pressures of 
the directors in a way that jeopardises 
their independence when publicly 
repealing. 

Even bo, Prudential. Standard life 
and others endorse in principle the 
idea of same form of “audit panel” 
which might oversee or mediate dis- 
putes over work or auditor appoint- 
ments across quoted companies. 

Even some of the larger accoun- 
tancy firms such as (kani Thornton 
and Moore Stephens are in favour of 
further discussions an the topic. 

A number cf organisations do argue 
for a longer, "freeform* report from 
the auditors in companies' annual 
reports, which would provide some 
useful information rather than the 
BrigHng bland pro forma read by so 
few. These include the 100 Group of 
laarfHig comnanv ffnanro directors. 

But if the Auditing Practices Board 
does not get on and produce its 
revised white paper soon, to the light 
of these submissions, any chance of 
meaningful reforms before tha new 
rnffiPTminm may start to seem impos- 
sible. ft shnnld not give its critics that 
satisfaction. 


FINANCIAL DIRECTOR 

Burster Industries United is a leading manufacturer of 
products for use in the water industry worldwide. Part of the 
International Blwater group of companies, its various cBvjsions 
located throughout the UK together produce an annual 
turnover In the region of £iOOm. 

The Financial Director wi be based at the company's 
headquarters near Chesterfield, and wi report direct to the 
Chief Executive. This varied and foJfERng position c omprises 
both strategic and operational elements: strategically, the 
Financial Director wi have a major Input Into decisions on 
capital expenditure, budgeting, management information 
syirtams, cost control, and evaluation of acquisitions; 
operationally, the role Involves ensuing the timely production 
of accounts and financial Information, cash aBocatlor, foreign 
exchange and company secretarial matters. 

The successful candidate will possess an appropriate financial 
quafiftcatton (FCA or FCCA), wffl be computer Iterate, with a 
dynamic personality, and several years' senior level financial 
experience In a manufacturing environment We are looking for 
somebody who wffl make a long-temi commitment to the 
continued succ es s of the company, commensurate with thb 
exceptional career opportunity. 

The reward package includes a negotiable salary, company 
car, contributory pension scheme, private medical care, and 
executive Incentive scheme. A comprehensive relocation 
package Is avaOabte for the right indMdual. 

Please write wfth fuflc.v. to the Personnel Director at the 
address below. 

Biwater 

BJwBtar Pipes 

Ctay Cron, CtMStwSsfcJ. DSfbyaNra S45 9NG 
Telephone (0246) 250740 Telex 54301 FoaSmls (0246) 250741 


APPOINTMENTS ADVERTISING 

appears in the UK edition every Wednesday & Thursday 
and in the Xnlemaliona] edition cveuy Friday For farther 
information please call: 

Gareth Joqcs do 444719733779 
Andrew Skanyndd ok +44 718734054 



Executive 

Resourcing 


LTAUST 

« 'wirv Kmlvhij; 


... t - V 


: H.ri: 

i“ ‘ ' ■*».'- *' t* **. 

t i ' -v . , r ;■ 


Fora tong established mtriHfe, (Svtoibhdfi^^ TOfi^uc^on 
and cotttocttng group wHh Hanover of The order of 560m. 

The oppottunUy has now afoot-tor a praaeflve, pros 
orientated dieclbr to lead foe flnance function. 

Working closely with other membws of foe immogemeof foam, 
you wffl play a key rote In tie business dtadfon of tee group, 
la addition to qveBMdrw’flnancfqt and nxmagemeaf reporting 
and axdrafc-yod^b^K^o^to^Dto a lead roWfrf 
budaatlhg^otahnfiitiMOTY aa^iaxoitoa'nwi^tixiln 


Wn rn^i** n f jij ml&Mitaa ruWtiieeiiB liahiJIidlna 

aspects ot contracts am comraa negonanon 


T . . . ysr ' Tvyr-7,.v..^5-^ V 

A qaaffltod accountant, you am Rtoly to haw at least Ween 
years' post qudfficctitoh experience and an In-depth . 


' knowledge at the constniction / conlrocffi^ Tnduffi; Sfrongty 
oonimwfiaBy orientated and toti a prawn-tack record at 
managing Vie finmjee fimeffoa you wS Ideally have gained 
expeifence both ot the cento of substanM groupgagd at 
ofto aU n ffU tet level. A wortdng knowtedge of JoWvdrifures 
wouM to leeM. A first dam commufticator, you must have 
the peraonaifly, drive, energy and enthudasm to pjay a toad 
. rote In the group. . •. i 

- . .■ -y i- .■ 

'• Fteare sand tuM personal and career detalte Including current 
. nmuneiallon and doyfone telephone number, in confidence to 
■' torroncs Smtei Coopers & Lybrand Execaflve Re sour cing Ltd. 

1 Embankment Place, London WC2N 6NN, quoting reteience 
TS1040 on both envelope and tatter. 


Ft KINS STUN 

At communications 


Group Finance Director 

Vulf To £€Ok pius benefits 


y 


— » Hull 

fggggg "Our dient, Kingston Communications (Hull) 

pic, holds a unique and highly respected 
mm position in the telecommunications industry. 
With a history dating back over 90 years, the 
1 group has deep roots in its local community but 
in recent years has established a ffrrp present* in 
regional', national and international markets 
through a carefully controlled expansion strategy. 

" The group is right at the forefront of technical 
innovation across a diverse range of 
telecommunications-related activities and enjoys 
an annual turnover in excess of £70m. 

" The environment is exciting, challenging and 
fast-moving and the group is currently seeking to ■ 
appoint a commercially minded Croup Finance a 
Director who will bring technical excellence and dej 
business flair to the Board, play an important m ^ 
role in group strategy and provide strong ^ 
leadership and direction to the Finance and . 
Administration teams. .VZ 


M H 1 \ll 




Eunetcom is a joint vramre between Deutsche Telecom and France Telecom. 
The company provides global telecommunications services for clients around 
the world. Eunetcom are fast expanding. As part of their dynamic, innovative 
and highly motivated international team located in Paris France, eonetcom 
wishes to appoint 

PACKAGE US $ 120,000 (Raf: EFBII 963) 

The ideal candidate is an international telecommunications expert with global telecom knowledge. He/she 
hac a minimum of 4 years programme and/or bugmess management experience, delivering large size outsourced 
network contracts on behalf of oqc of the major players in tbc Telecommunications Industry. 

Extensive knowledge of the frn* ngifll implications of large mze network projects is a prerequisite. E du cati o n to 
degree level in engineering is essential. French and English are required as first ot secondary languages. 

PACKAGE US $70,000 (Ref: EFFC 104) 

Reporting directly to the Group Controller, theidea] candidate has a minimum of 3 years experience in a si m ilar 
position with an international telecommunications ot hi-tech organisation, anywhere in the world. 

A degree is essential and so are internationally recognised accountancy qualifications. The ability to undertake 
projects or lode after a specific part of an entire business in a fast moving international financial environment 
is an absolute must French and English, are tttjoared as first or secondary languages. 

Generous relocation package available from any toternathmal location. 

Send a current resumd quoting reference number, for the attention of John Wesdorp to: 

Russell & Partners -Executive Search & Selection, • . r/ ij qy 

Russell House, 23 A High Street,^ Weaverhan^ Oiediire^ 

United Kingdom, CW8 3HA . 


■ The successful candidate, who will have 
worked in similar sized or larger organisations 
within service environments, will be a Chartered 
Accountant, ideally aged under 50 with a career 
which reflects stability, maturity, flair and 


ns (Hull) ambition all supported- by technical accounting 
sspected strengths and Highly developed interpersonal 
industry. and managerial skills. 

ars, the ■ Specifically the appointee must be able to 
vtybut display proven abjlity and achievement, in. the 

■nc&./n following areas: 

aricets 

ategy ' * Corporate financing 

• Acquisitions and loint Ventures 
picel • Financial, tax and strategic planning 

of • Managing, leading and motivating staff 

ioys and outstanding ability and achievement in: 

• IT review, selection, implementation and 
lc y development 

to " Technical and personal skills must be underpinned by 
e a professional approach which is based upon a high 
I degree of integrity, discretion and shrewdness. 

■ If you believe that you have the experience , > aptitude 
and ambition to succeed in this most challenging role 
please apply in writing, giving details of current 
remuneration and quoting reference F/645/B to Paul BaBey, 
Ernst A Young Corporate Resources , Lowry House, 17 
Marble Street, Manchester M2 3AW. 

31 Ernst aYoung 



Outstanding opportunities for 
outstanding tax professionals 



Career Stepping 
Stones 

BRIGHT YOUNG 
ACCOUNTANTS 

Central London 
c£30,000 + benefits . 


One of the world's largest and strongest financial services 
groups, our client is the market leader to the UK and has 
significant and growing overseas interests- 
Reporting to the Chief Executive, the highly regarded 
group audit team undertakes a wide range of business and 
IS relaxed reviews to the UK and overseas. Often tackling 
complex issues, they include identifying and reporting 
incisively on control and ride problems, working closely 
with all levels, of financial and operational management. 

A well proven stepping stone from the profession and 
introduction to the group, the deportment provides 
extremely varied experience and ample scope to enhance 
and demonstrate analytical ami reporfingjSkilis. - 
Applicants should be bright young accountants with autfit 
experience who have qualified within the last 2 years and 
have a high level of commnmcation skill, initiative and 
creativity. 

Please write, enclosing a fnll careecfoalaiy history and 
daytime telephone number, to David Tod BSc FCA 
. quoting reference D/12/F. 


GE is one of the World* top five companies with maqy 
diverse, well established and growing businesses in the UK 
which are being continually enhanced by acquisitions. We 
are looking for three outstanding individuals to complement 
our recently established in-house tax department in servicing 
the tax needs of the UK subsidiaries of General Electric and 
its Enancmg arm, GE C a pit a l . 

These positions represent unique opportunities for hard 
working, highly motivated and career minded professionals 
who seek a challenging tax position in industry. Reporting to 
die Director of UK Tax, you will be involved direedy in tax 
pUi'niag and reporting for die various businesses, as well as 
with deal structuring and the optimisation- of GEs 
global tax position. 

Specifically, we require s: 

UK INSURANCE 
TAX DIRECTOR 

To assume foil responsibility for the tax affairs of our UK 
in su r an ce companies, which include Employers Reinsurance 
International and Financial I n s unt n ee Group. Candidates 
will be chartered accountants with at least five years’ 
experience of die taxation of general insurance and life 
assurance businesses. Our UK I n surance Thx Director will 
be based in London, will be fiiljy involved in the preparation 
and agreement of tax returns and be capable of providing 
l»~l. on. commercial, corporation and Insurance pre m iu m 
tax advice to the businesses. 


VAT MANAGER 

With extensive experience of VAT, particularly in the 
financial services sector, to mastermind and implement VAT 
structuring on UK and other EC tr an s ac tions. Cand i dates 
will probably have experience with both Customs and Excise 
mi) a 'Big Six* accountancy firm. Knowledge of corporation 
tar would be an advantage. This position is based in L^eds 
but may involve significant travel, initially at least. 

UK TAX SPECIALIST 

Based in Leeds, to assist with the prepa r a ti on and submission 
of die group’s corporation tax returns, and related matters. 
Candidates will be chartered accountants with strong 
accountancy ■HHs- 1-3 years’ corporation tax experience and 
will, ideally, have a working knowledge of other types of 


All positions require strong communicators, creative thinkers 
and good team players. Competitive salary and benefit 
pi.lr.gM. commensurate with experience, are offered for 
each position. 

Please apply direct, enclosing your CV, details of relevant 
experience and current remuneration, to: 

A H. Kennel, Managing Director - Hitman Resources, GE 
Capital Europe Limited, 20 St. James's Street, London 
SW1A1ES- 



GE Capital - Europe Limited 


agiiiiMi iw* cWiif rwfrtit 


An Equal OpperhmRjrEapteym- 


iimisthw |gMrttfgm—tsBr«ff B a B 4u aa ita»uBdi«BwnT*fifc** 




The FT can help yon reach additional business readers in France. Our link with the French business newspaper, 
Les Echos, gives yon a unique recruitment advertising opportunity to capitalise on the FI’s European readership 
■ and to further target the French business world.For information on rates and further d et ails please telephone: 

HriUp Wrigley on +44718733351 



f 










X 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


Financial 

Controller 


West London 


£32000+car 


Our client is a small expanding trading subsidiary of a major blue chip UK pic 
that has built its reputation on the management of qualify businesses. This 
subsidiary company is now at an interesting stage of its development with 
several existing sites throughout the south-east and anticipated expansion 
in both the UK and continental Europe. 

A Financial Controller is now sought who will report to the Managing 
Director, run the accounting function and be an active member of 
the management team. The position is a very hands-on role that requires 
implementation of improved systems and financial controls, financial 
reporting, the development and provision of sound management information 
and dealing with day to day administrative matters. 

Candidates, aged late 20s/ early 30s, will be qualified accountants with an 
energetic commercial aptitude coupled with an understanding of corporate 
requirements. The position requires enthusiasm, self motivation, a 'team' 
approach and a strong degree of personal presence to liaise and work with 
operational management. 

Please write enclosing full curriculum vitae, quoting ref 626 to: 

Philip Cartwright FCMA, River bank House. Putney Bridge Approach, 
London SW6 3JD. Tel: 071 371 9476. Fax: 071 371 9478. 

Cartwright Consulting 

FINANCIAL SELECTION & SEARCH 


Careers in the 
Czech Republic 


F5S Europe Is a leading search and 
selection consultancy In Central 
Europe. We are currently managing 
several assignments in the Ceech 
Republic for Prestigious fortune 500 

Oppo minifies exist for high calibre 
finance professionals in Controlling, 
financial Analysis, Business Planning 
and Investment Banking. Either a 
Czech National or fluent in Czech, 
candidates will be seeking a 
danandmg and rewarding career trade 
in the most dynamic business madeettn 
Central Europe. 

To develop your career tat this rapidly 
expanding market; or to seek advice, 
oontact Jacqueline Long at ESS Europe, 
Charlotte House. 14 Windmill Street, 
London WtP 2DY or telephone her on 
(44) 71 209 1000 (daytime) or (44)81 87b 
5000 (evenEngs/weckends). 


APPOINTMENTS 

WANTED 


"Hands On" - ACMA 

20 ycari in Manufacturing, experience hi 
■toxaiatiag. Sprcadritcrei 
MaBofacmring Systems, P wmna d. etc. 
Enjoy* Wmidog with Liac Mnapo 
ifpim ff fl i or position or 
project troubtahooring aiilgnmeidf n) 
Write M Bov A2144, Financial Thncn, 
O—S— HiwiIi. Bridge,! mull SEi9Ill. ] 


Recounting Services Manager 

- Opportunity ml o lending retailer 

Croydon - Surrey To £40.000 + Car + Benefits 


Superdrug 





Supi-ftiniLZ. a subsidiary of Kingfisher PLC, 
is one of the UK's leading health and 
beauty retail chains. The Company has 
seven hundred stores throughout the country 
and turnover approaching £700 Million. 
They are actively expanding their operations 
and produei ranges and are continuing to 
increase market share within their highly 
competitive sector. 

An opportunity has arisen for an 
experienced accountant to join the 
company as Accounting Services Manager 
playing a central role within the high 
profile finance function. 

Reporting to the Finance Director the role 
involves the management of a large accounts 
team responsible for store accounting and 
the merchandise and expenses ledgers 


You will also ensure the maintenance of 
strong financial controls, develop 
computerised systems and provide financial 
reports within the required deadlines. 

The successful applicant will be a 
qualified accountant, probably aged 30-40. 
able to demonstrate people management 
experience and excellent financial control 
and reporting skills. In addition, you should 
have the ability to deal with change, the 
inter-personal skills needed to form strong 


GMS 


GOODMAN MASSON SHAW 
Financial Search and Selection 


cross-functional relationships and the 
energy to succeed in a demanding and 
stimulating business environment 
Experience of re tailing and EPoS systems 
would be an advantage. 

The company offers excellent opportunities 
for career development and benefits include 
a profit related bonus, fully expensed car, 
free family medical cover, etc. 

For a detailed and confidential 
discussion call Paul Goodman on 
071 336 7711 (evenings/weekends 
081 445 5919) or write en dosing your CV 
to: GMS, Goodman Masson Shaw, 

2 Bath Street, London EC1V 9DX. 

Any C. IS sent dinxtly to Superdrug will be 
forwarded to GMS 


MCE DIRECTOR - DIVISION OF (IRC LIMUED -£20M UlOlfER 

FHOME. SOMERSET £40.000 + BENEFITS + COO + RELOCHTION POCK 



Hanson 


ARC. a subsidiary of Hanson PLC. is one 
of the UK's largest suppliers of aggregate 
and construction material to the building 
industry. 

In keeping with Hanson's proven approach 
ARC has a dearly focused management 
philosophy, involving targeted capital 
investment, strong financial control and 
incentives for management. 

As Finance Director of a £20in turnover 
division of ARC you will work closely with 
the Managing Director and will play a key 
role in the formation of company strategy 
and policy, providing a significant input 
into the commercial management and 
direction of the business. 

Managing a small professional team, the 
role encompasses responsibility for 


providing comprehensive financial 
management and control. You will ensure 
the supply of incisive financial information 
for decision making, develop information 
systems and guarantee Hanson reporting 
standards. 

The individual we are seeking, probably 
aged 30 to 45. will be able to demonstrate 
clearly how he/she has made an impact on 
company strategy, operations and 
profitability. In addition you should be 
a proven financial manager with the 
commercial and interpersonal skills 
appropriate for a dynamic industrial 
environment. 


GMS 


GOODMAN MASSON SHAW 
Financial Si'wh unj Selection 


ARC offers outstanding opportunities for 
career development and a benefits package 
commensurate with a major public 
company, hi addition there is a noo- 
guarantecd performance related bonus 
scheme. 


For » detailed and confidential 
discussion contact Paul Goodman on 
071 336 7711 (evenings/ weekends 081 
445 5919) or write enclosing your CV 
to GMS, Goodman Masson Shaw at 2 
Bath Street, London EC IV 9DX. 


Any Oi sent directly to ARC wUt be 
forw arded to GMS. 


INTERNATIONAL OPERATIONAL REVIEW 

CAREER MOVE INTO RR UflERRRDORAL PLC FOR HR OUTSIAHOIRB WHIRR RCfl 


Surrey 


jjp Miygfl +Car 


Rt'iOjnd it niic ul iIk* unrlJV (trading 
pcuCiiicr. ol coiy-i ruction nuilcri JdK with 
tijvrjiuifl*. in over .t.S iiiuntnt'v The Group 
lu- jtliurvi-d Mj-niiic.ini growth ,tnd profits 
.iral now has mure dun 27.1X10 employees 
.Hid J lumber exceeding brllion. 

An iTpufTunity lus arisen tu join the high 
profile iipeml nmol jwlil and buxines-, rex 

lejjtt .it the group's head nJTicc hawd in 
Keie.ilc. Surrey 

A% .t key member of iltc Operational & 
Imrmjl -\iidii leant xmi will he responsible 
hrr pn'vuimg an added value audit sen kv 
which oilers cure. tractive analysis and a 
positive eunmhuiiun H> overall hesinevs 
|\ rfiimuiKV. The role includes carrying nut 
finanei j! and itpcraiiraial reviews of the 
group's huxinevo* and providing detailed 
nvixtimendaiiinu wlueh carry the .support of 

operational iiuiugemem . Additionally you 


w ill l<c responsible for guaranteeing that 
recommended measures arc >ucccv>fully 
implemented 

li is .ml w i paled ihar sixj will I ravel around 
eighty per cent of the lime, visiting sites and 
divisional head offices based all over ite 
world, enneen [ratine panieularly on the ETC 
French and American operaiiiNUi, 

You should be j bright, commercially minded 
graduate qualities! ACA lor equivalent) with 
experience of conducting large audit 
auipimciiLs and projects across a diverse 
range of industries. 


GMS 


GOODMAN MASSON SHAW 
Ft nuncio! Search and Selection 


Redland 


You should have strong interpersonal 
qualities, enabling good rapport and instant 
credibility with all levels or management, 
additionally possessing good written and 
report writing skills. Strong English and 
French language skills would be a major 
advantage. The company offers on islanding 
opportunities, for career development either 
in the UK nr overseas. Furthermore they are 
offering a salary and benefits package in line 
with those of a major PLC. 

For a detailed and confidential discission 
contort Guy Matthews on 871 336 7711 
(evcnings/weekcndB 081 363 5284) or write 
enclosing your CV to GMS. Goodman 
Masson Shaw at 2 Bath Street. London 
EC1V9DX. 

Any CV's sent directly la Redland will be 
forwarded m GMS. 


IT 


Finance Director 

to £50.000 


% 


J obi ink is* a young successful company with a Head Oflke In 
London And approximately 50 training centres throughout 
London .inti the South Cast region. 

As a result uf our growth and in line with our future pluito to 
consolidate our position as a market leader In our field, uw are 
now seeking a Finance Director to became a key member of the 
nLunpcBH'ni team 

Reporting to the Munagiiig Director, the role requires strategic 
and commercial a ware new m addition to excellent technical 
skill*, particularly In management accounting, coat control and 
business acquisitions. 

Ideally you will be a qualified graduate accountant with a hands 
on management style and proven experience at a senior lewd. 

Please write with a fan C.V. to oar Bead of Personnel, 

Mre Gloria Simmons, JobHnk Eatexprfoea Ltd.. 


ACCOUNTANT - GERMANY 

Canmnr . Tolest Bau GmbH 

Location: Scrim. 

OmlinaaiHBi; Qualified, Part Qualified Ourtcred/GULA. ur similarly experienced. 


RfSlHHBthtejau Finance Manger based ia Scrim and reporting to Grasp Hod Office 
inU.K. 

Mitn PntiBc Prepanttaa and control of ouasgemmit aoDouais for nro subsidiaries. 

Cmdktatrr: A hands on approach, complete familiarity with 
Kcoaatx prepar a tion, and most importantly ■ positive approach and 
w ir in ign r si to become involved is a relaxed bat hard working 
eaviMomciL 

Salary by negotiation, dependent on experpBnoc^Xppliaukmi would be couridcttd oa 
haft a short term and penmnsot basfe- 

Pteasr apply m writing or by tekptane.-- 
Mi. R. Skefly. Tofcat Uoktiaga Limbed, Rovcnewonh I kxne, 

3 lb Avenue Ban pen Park, Team Valley GATESHEAD NEI 1 OHF 
TeL No- (091)087 0505 Fax. No: 1 09 1)49 1 5539 


Aspiring Ybung Finance Professionals 

Major UK pic 


c.£3 5,000 + Car & Benefits 


North of England 


High profile manufacturing operation is looking to strengthen its 
finance team to provide future business leaders and directors. 


THE COMPANY 

♦ jTmnlrfhininn turnover. Profitable with strong order 
book. Leading edge products. International markets. 

♦ Significant business reorientation towards autonomous 
profit-accountable business units supported by 
multifunctional teams. 

♦ Committed to developing its people. Scope Jot oomnwcaBy 
aware talented individuals to make rapid progress. 

THE POSITIONS 

4b High viability roles working dosdy with senior management 
teams to improve efficiency and profitability through 
improved financial analysis and management. 

4b Earl y line management experience for able individuals 
with commercial acumen and influencing skills - 

Please send full cv, seating salary, ref MN3 107, to MBS, 


♦ Increase financial dimension U> business decision 
making particularly by the development of relevant 
and accurate information. 

QUALIFICATIONS 

•> Graduate calibre, CIMA qualified with minimum of 5 
yean industrial experience, preferably in a pic. Must 
be able to see the big picture. _ _ 

♦ Proactive, hands-on style. Ambitious and 
accomplished managers. Comfortable with change, 

+ Mature and influential but probably under 30. 


Courthm House, W a to 1 Lane, Wibnslow, Cheshire SK9 SAP 


ft 


N B SELECTION LTD 
a BNB Resource, pic company 


MANCHESTER 025 5J99SJ 
Aberdeen 0234 U80S0 - Birmingham 021 233 4656 
Bristol 0272 291 142 • Edinburgh 031 2» 2400 
Glasgow 041 204 4334 • Leeds 0532 433830 
London 071 493 4392 • Slough 0753 819227 




Finance Director 

Security Systems Services 

£75,000 Salary Package + Benefits Hertfordshire 

Commercially astute individual to drive business repositioning. 


THE COMPANY 

♦ International group. UK market leader. Premium 
brand. Pic turnover c.£160m; profitable; growing. 

♦ Installs, commissions, monitors and services electronic 
security systems. Diverse commercial and residential 
customer base. 

♦ Quality driven. Forward looking. Strong and 
innovative management team. 

THE POSITION 

♦ Financial management, control and administration of 
core division; c.£120m turnover, 6 subsidiary 
businesses. Report to Chief Operating Officer. 

♦ Key member of executive management team. Major 
involvement in business improvement initiatives to 
position for further growth. 


♦ Strengthen processes and systems. Improve reporting, 
controls and cash management. Maximise division’s 
performance. 

QUALIFICATIONS 

♦ Graduate qualified accountant, probably 35-45. 
Record of achievement in multibusiness group. Top 
level financial control experience in £SOm+ company. 

♦ Group and divisional line management success. High 
volume salcs/rental/scrvice contract business 
background useful. 

4k Creative; team player; dynamic; hands-on. Strong 
presentation skills. 


Please send fuH or, staring salary, ref SN3557, to NBS, 7 Shaftesbury Court, Chalvey Park, Slough Si- 1 2ER 



wv 

feLnsoS 

V 

& 


N B SELECTION LTD 
i BNB Resources pic company 



SLOUGH 0753 819227 
Aberdeen 0224 &38080 • Birmingham 021 233 4656 
Bristol 0272 291 142 • Edinburgh 031 2202400 
Glasgow Oil 204 4334 • Leeds 0532 453830 
London (VI 493 6392 * Manchester 0625 539953 



PriceWfaterhouse 

EXECUTIVE SEARCH & SELECTION 


Comptroller 

The Worshipful Company of Skinners 
cJE50,000 + benefits City Based 


The Skinners' Company ia one of the twelve great livery 
companies of the City. With its origins going back more tlnn 
600 years, ia interests and activities range from schools to 
charities, property, almshouses and charitable trusts. 

With the forthcoming retirement of the Comptroller, the 
Company now wishes to appoint a successor. Reporting in the 
first instance to the Clerk, the Comptroller has a wide ranging 
role including the responsibility for the accounting of all the 
activates within the Company. In particular the Comptroller 
provides financial advice and support to die various charities 
and educational institutions with which the Company has 
interests. The individual also acts as Assistant Clerk and 
deputises for the Clerk as required. 

To fulfil this role xve seek a qualified accountant, probably 
aged between 42-50. h is likely that the successful candidate 
will have at least 5 years' senior financial management experience 


gained at Fi n a n cial Controller /Director level in a commercial, 
professional or service related environment. In addition, 
knowledge of charities' legislation and accounting is highly 
desirable! Of additional importance will be the personality and 
characteristics to adapt to this unique role. Social skills, 
i nc lu ding the ability do combine firmness with tar* , are essential 
requirements together with a strong empathy with the City and 
its threry companies. 

Please apply, with comprehensive CV and salary details 
to Judith Richardson, quoting reference J/1463 g^ plainmg 
why you are interested in the position and what you «ro p|d 
contribute to it, 

Executive Search Es* Selection, 

Price Waterhouse, 

No. 1 London Bridge, 

London SEl 9QL. 


Finance Manager and Credit Manager 


Herbert Smith is one of the leading and most prestigious law 
firms in the UK with approximately 950 staff altogether in its 
London, Brussels, Hong Kong and Pans offices. It is a 
leading City partnership with an International practice and is 
involved in all major aspects of litigation and commeirial and 
corporate activity including mergers, take-overs, flotations 
and privatisations. Clients include “blue-chip" companies, 
banks and other major financial institutions, sovereign states 
and governm e nt agencies. 

Two positions are now available within the Finance and 
Credit Control Sections of our Accounting St Management 
Information Group. 

A Finance Manager to manage a small tram responsible 
for the production of management information, monthly and 
annual accounts, budgeting, business planning, salaries and 
partnership taxation. The successful can d i d ate will be a 
qualified accountant With experience gained in a Partnership 
or Professional Services environment. 

A Craft Manager to manage 'the firm's Work in 


Progress and Credit Control Section. This high profile role 
involves liaising with the firm’s 100+ partners and requires 
diplomacy and professionalism. The level of responsibility 
WI1 attract applicants with ar least five yean 1 proven 
experience in credit control management. 

Both positions report directly to the Financial Controller. 
To succeed in either position you will have an excellent track 
record. You will probably be in your 30’s, be rtafliem, 
enthusiastic and demonstrate a high degree of computer 
Ctcrao’. Excellent interpersonal skills are essential. In return, 
we offia- a salary of £30.000+. Benefits indude PRP. pension, 
private health insurance, a gym and subsidised restaurant 

Pteau mite rtsting tie faiAm in tMAw are mtemudandpnoiding 
afaB&'mdwBngaavMudavta Jm Major, Human Retourut. 

Herbert Smith, Exdmg Home, Primnte Stmt. London EC2A2HS. 


Herbert Smith 


LONDON ■ BRUSSELS - HONG KONG - PARIS 












rx>fe s 


s *°na], 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


l,f n, tJ < 




FINANCE DIRECTOR 

HIGH-G&OWTH RETAILER PREPARING TO FLOAT 


SOUTH WEST 

• Fast<xpandlng, profitable retail business with 
some 200 stores in UK and abroad, which an 
impressive and substantial growth record and a 
strong management team. Flotation planned for the 
near future. 

• Opportunity for a high-calibre finance director 
to take luD accountability for the finanrial 
stewardship of the group through and beyond this 
demanding stage in its development. 

• Key tasks will include leading relationships with 
financial institutions, ensuring tight financial 
management of operations and managing a thir ty, 
strong finance team 


£300,000 PACKAGE 


• Qualified accountant with a strong commercial 
orientation, currently working either in a senior 
finance role in a East-moving business or as a 
partner in audit, strategic consulting or corporate 
finance. 

• Track record of managing growth while also 
developing and operating sophisticated controls 
and management information systems. Must have 
significant pic experience. 

• Clear leadership skills, strong intellect and a 
practical approach. High levels of energy, 
enthusiasm and commitment . 


HEAD OF TREASURY 


GLOBAL TELECOMMUNICATIONS GROUP 


TORONTO 


• With revenues in excess of C$9bn. this highly 
successful Group is embarking on a period of substantial 
growth in an Industry undergoing global change. 

• Based at the Group headquarters, this is a high profile 
role, with responsibility for bringing an Increased level 
of professionalism and expertise to all areas of treasury 
management. 

• Reporting to a Vice President and managing a team of 
c.25 responsible for all aspects of treasury, including 
liquidity management, funding, banking relationships 
and treasury operations. 

• This is an outward looking role in a high intensity, 
high reward environment and will involve working 
closely with management in operating companies. 


c.C$ 180,000 + BONUS + BENEFITS 

• Aged 35-15. graduate preferably with a further 
qualification, either ACA/MCT. Must have substantial 
treasury experience gained in a sophisticated 
multinational group with a good understanding of risk 
management strategies. 

• Strung personal presence, well developed 
communication and man-management skills and 
demonstrable ability in situations requiring commercial 
as well as treasury skills. 

• incisive mind, practical hands-on style and the ability 
to operate in a fast moving industry. 

• Excellent potential for future progression, which 
could include a return to Europe where the Group has 
well established and large businesses. 


Please telephone or £zx In the Bret tnaunee. 
quoting Reference 789 to: 

Sum Thompson 
WIjircJicad Selection Limited 
43 Wclbcck Street, London WIM 7KF 
Tc* 071 935 8978 
Fax: 071 224 004* 


Mcrauy Onr-2-One, a joint venture between Cable & Wireless and US West, launc hed the first UK digital mobile phone service 
in September 1 993 and revolutionised personal commuruotioas. A programme of investment in people, izmowthc marketing and 
state of the art technology will soon extend the company’s prese n t operating boundaries in the South East to odva* major UK 
uritan centres. 


Head of Planning & Analysis 

c.£5 5,000+ bonus+cor 
Hertfordshire 

This high profile role carries responsibility lor leading and 
developing two departmen ts which logriher provide a full 
management accounting, planning and analysts service: a 
high calibre team of 12 accountants which has a broad 
remit tn challenge all areas of corporate activity whilst 
contributing to the short and long term strategy 
formulation through analysis and recommendation to the 
Board; and a department of 25 IT professionals who specify 
and tk-wdop the necessary financial information systems to 
create efficient and effective decision support systems. 
Candidates, aged 32+, will be qualified accountants with 
a proven record of senior financial management and 
computer systems development experience. Excellent 
leadership qualities, strong personal presence and 
outstanding communication skills will be essential. 
Reference 200759. 


Chief Accountant 

to £4 5, 000 + bonus ■+■ car 
Hertfordshire 

Leading a young team of over 30 staff, this key position 
has responsibility for a broad range of highly complex 
statutory', regulatory and operational reporting. In 
addition to the basic requirements of general ledger 
management, accounts preparation and taxation, other 
areas of involvement will include monitoring service 
centre operations, telecommunications network 
interconnections and working capital control. As a 
result, this is far from being a “backroom” role and will 
have direct influence on operational business 
management 

Candidates, aged 30 + , will be technically excellent 
qualified accountants with strong managerial skills, 
experienced in a highly complex, commercial 
environment. 

Reference 200760. 


Ptcuc apply in writing quinine Ref- HH 
with fun career and xtbry (Jc-uOt in: 
Robert* 

Whitehead Selection Limited 
13 wtfbcck Street. London wim -HF 
IfcL 07 1 637 07*6 


Whitehead 

SELECTION 


A vhtR-bnd Unit iraf iv.t 


Mercury 

one2one 


Applicants should 
forward a 

comprehensive CV, 
quoting the appropriate 
reference, to our 
advising consultant, 
Mark Hurley ACMA, at 
Michael Page Finance, 
Executive Selection 
Division, 

39-41 Parker Street, 


London WC2B SLH. 


A Cable S Wireless/ U S WEST pht veafare. Hie rrndenork 'Mercery ComsiHnicalrons' and rite logo ore used onder licence from Mercury Coflimoainrtioos Limited, a Coble & Wireless company. 





new balance 


EUROPEAN FINANCE MANAGER 


fcompetitive + benefits 

New Bcdance is a successful, international 
company, and as ihe European subsidiary 
we are justifiably proud of our commitment 


r lily, technically sophisticated shoes tor 
serious sports enthusiast. 

Reporting lo the European Managing 
Director, you will provide on integrated 
financial and management accounting 
service for ail European activities. 
Controlling the overall security of Company 
assets, you will be responsible for ensuring 
that dl associated administrative systems 
and procedures, induding office services, 
run efficiently and adhere to Company 
guidelines as well as upholding our 
commitment lo TQM. 

A qualified accountant with experience of 
the Treasury function, induding cadi flow 
and multi -currency trading activities, you 
will hove the ability to work wilhin strict 
timescales and reporting systems. As a 
member of the senior management team. 


Warrington 

you witt be expected lo moke a significant 
contribution lo the management of the 
business reporting on dl European financial 


communication and interpersond skills, you 
will have previous experience of cost 
accounting and information systems and, 
ideally, a Knowledge of at least one other 
European language as some overseas travel 
will be required. 

in return we're offering an attractive 
remuneration package which includes a 
competitive salary, contributory pension 
scheme, private hedth cover, life assurance 
and relocation assistance where 
appropriate. 

If you have the expertise to tackle 
this challenging role write with Full 
career details to: . Chris Mintoft, 
Personnel Manager, New Balance Athletic 
Shoes (UK) Ltd, 16 Chesford Grange, 
Woolston, Warrington WA1 4RQ. Tel: 
0925 821182. 




Group Finance Director 


West London 

Our diene is an expanding, £250 million turnover, 
international group engaged in the design, 
manufacture and marketing of quality consumer 
products. Commercial innovation and an efficient 
operational infrastructure have placed the business 
in a strong marker position with substantial 
potential for further organic and acquisitive growth. 

The Group Finance Director will be responsible for 
all aspects of financial management and control, 
international treasury and taxation. Key issues will 
include strict control of cash and trade finance 
facilities, enhancement of computerised 
information systems, ongoing development of a 
group-wide finance team and maintaining a strong 
interface with banks and professional 
advisers. As a member of the Board, the 


c £60,000 + Bonus + Car 

appointee will also be expected to provide a 
commercial and strategic contribution to the long 
term, profitable growth of the business. 

Candidates, aged 32-45, will be graduate qualified 
accountants with a proven record of senior 
financial management experience gained in a 
multi-site, international, trading environment. 
Technical excellence, strong communication skills, 
commercial maturity and high levels of drive and 
commitment are prerequisite. 

Applicants should forward a comprehensive 
curriculum vitae, quoting ref 199044, to . 

Marie Hurley ACMA, Executive Division, 
Michael Page Finance, Page House, 

39-41 Parker Street, London WC2B 5LH. 


Michael Page Finance 

Speoafists in financial Reairiaacoc 
London Brittol Windsor S( Albans lembobcad Bnnmgha 
Nottingham Manchester Leeds Glasgow & Worldwide 




Finance Director 


South London 


c.£60,000 + Car 


A well established private company involved in general building, refurbishment and contracting, our 
client enjoys a strong reputation in the industry. The company which has a turnover in excess of £100 
million has emerged from a difficult period dunng the last two years and has recently appointed a 
new Chief Executive. 

The initial focus of the role will be to ensure the long term financial and commercial success of 
the business as well as providing strategic advice and management information to the Board and 
operations executives. In addition, the incumbent will guide the business towards possible flotation, 
develop City relationships as well as present the financial strategy and company performance to 
institutions and external parties. 

The ideal candidate must be a qualified accountant who has gained a wide range of financial 
experience within a substantial organisation. In addition, the ability to communicate easily at all 
levels combined with strong interpersonal and business skills is essential. 

Please send full career and remuneration details including telephone contact numbers and quoting 
reference CF2001 to Stephen Fletcher at the address below. 


Selection & Search 

1-2 Dorset Rise, Blackfriars, London EC4Y 8AE 



LON DON TAXIS 
INTERNATIONAL 


Finance Director 


Coventry based 


c £35,000 + Bonus + Exec Car 


Manganese Bronze Holding* PLC is a UK based 
engineering group operating in two main business areas. 
The Vehicles Division Incorporates the world famous 
London Taxi, encompassing manufacture, retail 
operations and a range of financial services. The 
Components Division produces high quality sintered and 
precision cast parts far many different industries. 

Strong financial performance of recent years underpins 
the commitment to continue to grow and move forward 
these businesses. As Finance Director for the Vehicles 
Division, you will be part of a senior management team 
tasked with developing business strategies, 
delivering excellence and innovation to the 
market- 


A qualified accountant, probably in your early to mid 

thirties, specific industry experience will be less important 
chan overall drive, flair and commercial acumen. 
Possessing high energy levels, you will be able to 
demonstrate the ability to provide innovative and 
creative solutions to maximise business potential. An 
ideas man, you must be able to challenge established 
practice effectively, managing change as part of a 
committed and ambitious management team. 

If you believe you have the qualities andean meet the 
challenge, please forward a comprehensive curriculum 
vitae, quoting ref PK9A7 to Paul Kinsey ACMA, 
at Michael Page Finance, The Citadel, 

190 Corporation Street. Bir mingham B4 6QD. 


Michael Page Finance 

Speclalba In financial Recruitment 
LooAjrt Bristol Windsor St Albion LenlheriienU Bwimpgtoaa 
Nottingham Ma n ch es ter Leeds Glasgow 6c Wo r ld wi de 


Group Taxation Manager 


London 

Our client is a global industrial group with diversified 
businesses and revenue approaching £Z0bn. The 
growth and demands of the group's UK business has 
created the need for a Group Taxation Manager. The 
post offers a superb opportunity for a senior tax adviser 
to become involved in the group’s UK and 
international tax issues. Reporting to the Chief 
Financial Officer, the Group Taxation Manager will be 
required to run the group’s tax structure. Key areas of 
responsibilities will be: 

• Overall supervision of UK tax planning and 
compliance for all group companies. 

• International projects such as transfer pricing, rhin 
capitalisation and cross border leasing. 

• Developing strategic UK and cross border planning 
CO optimise the financing and structuring ol 
the group. 


£50*60,000 + Bens 

The successful individual will probably be 35-45 with a 
good all round knowledge of UK Corporation Tax 
and between three and five years experience of 
International tax aspects gained in either the 
profession or industry. 

Knowledge of UK leasing and leasing deals would be of 
advantage but not a prerequisite. Candidates should 
demonstrate strong interpersonal drills with the ability 
to communicate at Board and operational level, both 
within the UK and overseas. A proactive, mature 
initiative taker, with the capacity to be a self-starter 
at all times are essential characteristics. 

For further details on this exceptional opportunity 
please contact, Donald McFarlane CA, on 071 831 
2000 or write to him enclosing a comprehensive CV 
to Michael Page Finance, Page House, 

39-41 Parker Street, London, WC2B SLH. 


Michael Page Finance 

Sped aliui tn financial RccniunKRi 
London Bristol Windsor St Alban* L el h eA ead Birmingham 
Nottingham Manchester Leeds Glasgow & Worldwide 










V 



FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 



c. £45,000 + b anking benefits 


Bank of America is one of the world's largest and most successful international banks and has a significant presence in European Capital Markets. As part of a continued process of strengthening the support areas to the Capital Markets Group, they now require two high calibre individuals to make 
a strong impact on the European, Middle East and Africa Finance Group (EMEA) based in the UK- 


UK Derivatives Management Accountant 


Southern Europe — Senior Financial Analyst 


Reporting to the UK Capital Markets Finance Manager and working in 

dose liaison with the head of the Derivatives Business your 
responsibilities will include: 

Overseeing the production of the monthly business package for the 
Derivatives Group to include all financial and management accounts 
and performance analytics. 

Provision of financial, strategic planning and forecasting including 
the development of the annual plan. 

Interfacing extensively with the derivatives accounting group, 
providing specialist knowledge on the development of accounting 


policies, procedures and products. 

Provision of detailed analysis of counterpart credit risk, credit 
reserves, customer revenuefmarhet data and funding proposals. 

Significant ad hoc projects. 

Ideal candidates will be qualified accountants with 4-6 years PQE 
gained within a financial services group. Excellent derivatives product 
knowledge and highly developed analytical skills are essential. 
Communication and interpersonal skills will necessarily be of the 
highest order for this high profile liaison role. 


Bank of America holds a significant position in Southern European 
Capital Markets particularly In the Securities area. Reporting to the 
Southern Europe Finance Manager your responsibilities will include: 

Responsibility for US GAAP accounting close for the bank's Italian 
branch. You will be responsible for reporting to the EMEA Controller 
on ail major accounting issues that impact the branch including 
special accounting projects. Additional responsibilities will include 
filing some US regulatory reporting requirements for the branch. 

Provision of financial planning and management reporting support 
for Southern Europe including developing the annual plan and 


generating monthly line of business reporting for the region. 

Assisting in Supporting the finance and MIS requirements for all 
securities products for the region including the development of 
riataha$Ac to support the salc/distribution of securities and ta support 
Corporate reporting. 

Suitable candidates would be qualified ACA. with 4-6 years PQE 
gained within a financial sendees institution. You will have significant 
securities exposure and experience of US GAAP. You will also display 
strong technical and analytical abilities, including advanced computer 
skills. Command of Italian or Spanish would be advantageous. 


For the right candidates the rewards are substantial, in terms of package, career prospects and experience. If you believe you possess the dynamism and business acumen to succeed in these exceptional roles then 
Dragpn Court, 27-29 Mackltn Street, London WC22B 5 LX. (Td 071 333 0033). Please quote reference no. HNP113. Bank of America is an equal opportunities employer. 


please write to our advising consultant, Jonathan Kidd, Harvey Nash Pic, 


B) 


Bank of America 


HARVEY NASH PLC 



Accountancy Personnel 



GROUP 

TREASURER 


ELECTROCOMPONENTS PLC 


Peterborough Based 
Attractive Package 


Exciting Challenge for a Commercially Orientated 
Corporate Treasurer 


Electrocomponents Pic, the major electronic, electrical and mechanical distribution Group, has a global turnover of 
£400 million with a market capitalisation over £1 billion, achieved through long term profit growth. The profile of 
the Group has continued to broaden with International sales now representing 20% of turnover and growing at 
over 30% per annum. 

The Role 

An exceptional opportunity has arisen for a treasury professional who will contribute to the continuation of this 
growth as part of a small, professional team based in Peterborough. You will drive the development of the treasury 
function both at the centre and in dose co-operation with operating businesses. This is an exciting opportunity for 
someone wishing to develop further their treasury skills with a fast growth international pic 


The Candidate 

You will have a minimum of 5 years broad treasury experience with a blue chip pic (or equivalent) and hold a 
professional treasury or accounting qualification. As a key member of a small team, you will be expected to develop 
proactively treasury to support the business operations worldwide. 

An excellent salary package including a bonus and car will be offered to the successful applicant and assistance with 
relocation will be given where appropriate. 


M lf you wish to be considered for this appointment, please write, in confidence, enclosing your CV 
and details of current remuneration to Lynn Hardy, Accountancy Personnel, 13 Caveli Court 
— „ _ North Street Peterborough PEI 2RA. Tel No: 0733 558517. 




r-\' v* 


Project Accountant 


London 


Competitive Package 


Our client is a world leader in the satellite communications industry, providing state of the art products 
and services. Exciting new product development has led to the establishment of an affiliate company the 
framework of which will be in place by the end of the year. 

It has now become essential to appoint an individual who can take this new company through the start up 
process and the initial stages of its development. This will involve various financial activities which will 
evolve oxer time but will include providing analysis and advice on such issues as project planning, 
financial plans and analyses, accounting policies, tax and funding. 

Candidates for this position will be qualified accountants although consideration will be given to those 
who have an MBA and the requisite financial skills. Previous experience in a start up situation would be 
ideal hut is not essential. A solid understanding ofLTC tax will be important as will analytical and problem 
solving skills. Candidates will possess maturity, the ability to work independently and will have 
considerable commercial acumen. 


This is an initial one year contract with the potential to become a full time position. 

To explore this key role in an expanding organisation, please write with a full cv, 
quoting reference 2256 to Frances A Bell, AAD Executive Selection, 7 Curran Street, 
London W1Y 7FL. 


AAD 


77w £&-atficv SfL-crum Mrisnm ofOdgm and Co. Ltd 


Q 

Quantum 


Financial Accountant 


Switzerland 


At fjiumium . “high performance" goes 
way beyond our state-of-the-art disk 
drives. It encompasses our processes, 
our practices and, above all, our 
people. Hie result? A dynamic 
organisation with a turnover in 
excess of two billion dollars and a 
ranking among A merica's Fortune 
WH, and HH) fastest growing 
companies. 


Our Financial Accounting Team is part 
of a dynamic group of just 20 
accounting professionals, who 
between them account for over a 
billion dollars of operational turnover. 
Encompassing eleven different 

nationalities, the work environment is 
cosmopolitan, dedicated and intensely 
challenging. 


to high quality repotting standards, 
with a distinct emphasis on continual 
improvement. You must be fluent in 
English, with knowledge of French or 
German being an advantage. 


Indeed. the momentum of our success 
bus now created tbe need to 
strengthen tbe financial management 
of the European Headquarters and 
tbe international trading company in 
Seuchdtel, Switzerland. 


1b be considered for this key post, you 
should possess between 2 and 5 years' 
experience since qualifying as an 
accountant, with exposure to monthly 
financial reporting and analysis within 
a sophisticated international finance 
function. 


The quality of life in Switzerland is 
superb, with Quantum offering a salary 
equivalent to £->5 to £50,000 pa 
supplemented by a comprehensive US 
corporate benefits package. Equally 
important, though, is the chance to 
pursue a genuinely original career 
challenge, in a location ideally suited 
to enjoying professional success. 


if yoti can bit tlje ground running 
and match the exceptional pace of 
our business operations, we can 
promise you one of tbe most 
stimulating and financially 
rewarding career environments 
ttnytcberv in Europe. 


You should be highly computer 
literate, a genuine team player used to 
responding to considerable 
responsibility and tight deadlines. As 
number 2 in this team, you will need to 
demonstrate a sustained commitment 


To discover more about your future at 
Quantum, please send your 
curriculum vitae and covering letter to 
Matthew Hutchin. Moxon Dolphin 
Kcrby, 178-202 Great Portland Street, 
London WIN 6JJ. Tel; 071 631 4411. 
Please quote reference number 6304. 


MOXDN-OOLPHINKERBY 


EXECUTIVE S&ASCH * SSLBCnOM 



'•’A- • ** . ^ ..-***- > " ✓ - v " 


louche 




Thames Valley 

With a current turnover of c. £5 5m and a 
history of continuous and profitable growth, 
our client markets an extensive rangje of leisure 
and educational products to multiple retailers. 
It is one of the leading suppliers in its sector and 
forms the UK subsidiary of a major US 
multinational. This new position has been 
created to play a central part in the company’s 
next phase of development. 

Reporting to the UK Managing Director, and 
heading a team of 20, the role combines 
practical financial management with systems 
development and commercial involvement. 
In addition, you will have responsibility for 
coordinating in-house purchasing, and shipping 
departments and managing relationships with 
third party warehouse and distribution 
companies. Of key initial importance will be die 


£50,000 - £60,000 + Bonus + Car 

review and upgrade of financial controls and 
management information systems in line with 
company growth. 

Candidates will be qualified accountants, 
preferably aged mid 30s to late 40s, with 
significant experience of managing finance in fast 
moving commercial environments. Excellent 
staff management skills ore essential, together 
with a good working knowledge of computer 
systems and the strength of personality to thrive 
in a successful sales and marketing led company. 

To apply, please send a comprehensive CV 
including remuneration details and daytime 
telephone number, quoting reference CRRI40, 
tp: Christopher Rose, loudie Ross Executive 

Selection, Mountbattcn House, , 

1 Grosvcnor Square, Southampton 
SO 1 0XU. Tel: 0703 3341 24. 


Management Consultants 



Commercial Manager 


(ACA, C1MA, MBA) 


Our client, a primary operating division of a leading UK services 
group (tio £1.1 bn), has maintained its position as a dominant 
market leader despite increased competition in it’s specialist 
sector. A high calibre management team coupled with a corporate 
strategy orientated towards the provision of superior customer 
service, will create substantial domestic business opportunities. 
The company culture is both competitive and entrepreneurial. 

There now exists the need to augment the management team 
with the appointment of an exceptional Commercial Manager. 
Covering two specific units and reporting to General Manager 


level, the appointee wpl be responsible for a variety of commercial 
and analytical issues faring the business. Specifically, the role 
will encompass the development of financial strategies, the 


will encompass the de 


Herts 


candidate will work closely with other functions including 
purchasing, logistics and information technology. 


c. £ 37,000 
+ Car + Bonus 


This opportunity will appeal to a self-motivated accountant and/or 
MBA (aged 27-32), with two years experience as part of a 
management team in an operational service business. 
Applications are also invited from appropriate candidates 
currently working in a management consultancy environment. 
Key requirements include a proactive work style, sound 
commercial judgement, and an ability to initiate and manage 
change. 


The rewards indude an attractive remuneration package together 
with company car, generous performance related bonus and 
excellent career prospects in a successful and growing group. 

Interested candidates should write in the strictest confidence 
to Brian Ha mil l or Robert Walker, forwarding a curriculum vitae 
to our London office quoting ref: BH104S. ' 


WALKER HAMILL 


Executive Selection 

29-30 Kingly Street Tel: 071 287 6285 

London W1R 5LB Fax: 071 287 6270 


FINANCIAL OFFICER 


AMSTERDAM 


30-40 


£ 70,000 + Bonus + Bens 


Our diem is die Holding Company of a divers Private Group of 
International business with several subsidiaries in Europe and 
North and South America. Due to recent growth and 
developments they are now looking to recruit a Financial 
Officer to oversee the Groups Financial activities. 


and financial reporting experience preferably in a privately 
owned business. 


Reporting to the C-E-Q/owner you will be responsible for: 

• supervision and coordination of reporting on all investments 
and ventures inclusive real estate 

• evaluation personal investment portfolio management; 

• coordinaton Legal, Tax, Audit Services; 

• liaising with C.E.O. VGF.O.’s of the Group Ventures; 

■ coordination of 2 Business Controllers (Latin America, USA). 


Strong presentation, analytical and communication skills are 
essential in combination with leadership and entrepreneurial 
qualities for this high profile role The applicant will have 
previous experience of working in continental Europe. Hc/she 
must be prepared to travel on short notice. Knowledge of 
English is required and a second European language (Swedish or 
Spanish) would be an advantage. 


The successful applicant will be a graduate qualified accountant 
with a minimum of 7-10 years international cash management 


If you are interested in this opportunity, please contact Elisabeth 
M.M. Huigen or Ludo C.M.M. Houben on the number (0031) 
20-6444655, or alternatively send your curriculum vitae to the 
following address: Robert Walters Associates, ’Rivieretaete’, 
AmstekUjk 166, 1079 LH Amsterdam, The Netherlands. 


. ROBERT WALTERS ASSOCIATES 




Fina 


1 *2 1 


C.Aftt tK l 






Bankers' I rijNl 
I'onipanv 












FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


XIII 






Colonial 


Progressive new senior 
appointments 

Kent 

£45-50,000 package 


Our client is one of Australia’s longest established and most respected financial services groups, with operations in Australasia, Asia-Pacific and the UK. A comprehensive 
review and restructure of global business has resulted in exciting new developments within the UK. A new MD and CFO have been appointed and they wish to strengthen the 
management team with the following appointments; 


Influential Management Accountant 

Reporting directly to the CFO, this is a new post with the primary objective of 
developing management reporting. 

Integral to this role will be a vital contribution to key corporate objectives through 
improved and pro-active decision making. This will requite effective presentation 
and delivery to Managers at all levels to ensure that best use is made of this new 
information. A small but hand picked team will report in to produce primary 
- management reports, planning, forecasting, modelling, with additional projects such 
as product profitability and competitor analysis. 

The ideal candidate, aged mid to late 30s, will be a graduate Big 6 ACA with at 
least 10 years post qualification experience, initially in financial accounting or 
internal audit, with mote recent responsibilities in provision of management 
information within a service environment. This role carries genuine prospects for 
promotion. Ref GDM J 2003 14 


Chief Internal Auditor 

Reporting to the UK Audit Committee and functionally to the MD and CFO, this 
role requires a progressive individual and curries two main ureas of responsibility: 

• Backed by a small team of profess ionn Is, a new function will be installed to audit 
fundamental financial controls and systems probity. The remit also includes stiles 
representative investigations in conjunction with the compliance function 

• A global contract has been assigned to an International Big 6 firm to carry out 
audit of management processes, operational efficiencies and business risk analysis. 
The new incumbenc will manage this relationship within the UK and will have 
sufficient seniority and gra vitas to deal wirh Senior Partners and Executives. 

Candidates will be Big 6 trained ACA* with at least 4 years post qualification 
experience and will currently be working as a manager in the big 6 or in a senior 
Internal Audit position in a major concern. Genuine prospects exist to move to a 
senior line role within 2-3 years. Ref JFK J 2003 50 


Michael Rige Finance 

Specialists in Financial Recruitment 
London Bristol Windsor Sc Albans Lcatbdbcad Birmingham 
Nottingham Manchester Leeds Glasgow & Worldwide 


Salary indicator for both roles will be mid £40, 000s plus a package including a car, full financial services benefits and relocation. 

Only high achievers need apply. Candidates will be open-minded individuals who will not be of a disposition to readily accept the status quo. 

Both roles will be based in the attractive surroundings of a new purpose built head office based in Gillingham, Kent. This location is easily commurable from South London. 

Interested applicants should write, enclosing a comprehensive Curriculum Vitae, quoting the above reference number to Rcnny Hayes or Jonathan Ross at Michael Page 
Finance, Cygnet House, 45-47 High Street, Leatherhead, Surrey, KT22 SAG. 




Finance Director 

Professional Services 


London 

Our client, one of the foremost names in the property 
consulting and advisory sector, has a leading position 
in. the UK market, together with an expanding 
international network of offices and associations. The 
firm has a very strong institutional client base and 
enjoys an enviable reputation. Having been 
continuously profitable and cash positive throughout 
the recession, through both stringent control and 
unproved service quality, the firm is now intent on 
pursuing a strategy for national and international 
growth, both organically and by merger/acquisirion. 

The current Finance Director will be moving into a 
general management role within the firm and a 
successor is therefore sought 

Responsible to the Managing Partner, as a key member 
of the Board, the successful applicant will be expected 
to manage the entire financial infrastructure of the 
business during a challenging stage of the firm's 
development The immediate requirements will 
include improving the scope and depth of 
commercial financial analysis and enhancing 
the quality of the financial systems. Essential 


c £100,000 Package 

to success in the role, however, will be the ability to 
facilitate focussed strategic thought and to assist in 
translating this into action, whilst maintaining very 
strong control over the cost base. 

Candidates, aged up to 45, should be qualified 
accountants who can demonstrate a track record of 
commercial success within a service-sector 
' environment, preferably with remote site management 
responsibilities and some international involvement. 
An understanding of cost management in a growth 
environment and familiarity with acquisition appraisal 
would be advantageous. 

Essential personal qualities will include outstanding 
communication skills, a strong personal presence, a 
tough-minded approach to business control, a mature 
style in problem solving, clarity of strategic vision and 
the energy to translate vision into reality. * 

Interested applicants should forward a comprehensive 
curriculum vitae, quoting refi 196812, to 

Alan Dickinson FCMA, Executive Division, 
Michael Page Finance, Page House, 

39-41 Parker Street, London WC2B 5LH. 


Michael Page Finance 

Spcdaitaa in Financial Rcoulmcni 
LondonBoMnl Wauhtor St AJboos Leatherhead Krnunfbam 
NoofashmUaiiciMsttr let* Gb«w* fc. WwMwkfc 


C A K !•: I R O V \> O R I l N I I I F S J N I H I C 1 1 V 


Seminar for Newly Qualified ACAs 

6.30pm, 19th September 1994, London WC2 


Bankers Trust 
Company 


MORGAN STANLEY 


Credit Suisse Financial Products 


Michael Page Finance are hosting a seminar for newly/ recently 
qualified ACAs Interested in making a career move into the 
City. Wc have arranged for speaker! from four Investment 
banks including Credit Suisse Financial Products, UBS and 
Morgan Stanley, to give a presentation on the merits of a 
variety of roles. 

There will be opportunities to talk informally with 


representatives from these and other City Investment Banks at 
the reception which will be held afterwards. 

Should you wish to attend, please telephone John Zafar, 
Andrew Norton, Stephanie Warren or Sarah Hunt for an 
invitation. Demand for this seminar is likely to be very high so 
telephone The Financial Services Division now on 
071 831 2000 to avoid disappointment. 


Michael Page Finance 

Spcctolbw In Roaoccd Rccruttmem 
Loodoo Bristol Windsor St Aflwu Lwohcrbead Birminghim 
Notdaghmn Manchester Leeds Gfatfow & Worldwide 


Financial Controller 


Middlesex 

Our client is one of the hugest value added resellers of 
corporate PC software in the UK. with the majority of 
the Times Top 100 amongst its customers- With a 
worldwide turnover fast approaching $ 1 billion, the 
company is currently instigating a strategic broadening 
of its role to include moves into new business areas such 
as licensing management and Integra non services. 

As a result of an internal promotion and continued 
business expansion across Europe the company is 
seeking co recruit a Financial Controller within the 
senior management team, who will a-naimp the Leading 
role in the financial management of the company's UK 
business strategy. Reporting co the European Financial 
Director and managing 18 staff, the role will command 
a high profile across the whole business. Responsibilities 
will encompass all aspects of finance, comprising 
statutory and management reporting, monthly 
performance forecasting, developing external banking 
relations, cash forecasting and systems 
development. 


£45,000 + Car 


The main challenge of the role will be to provide 
consultative support to the business units to help them 
achieve their objectives within a fast changing 
environment. 

Candidates should be qualified accountants probably in 
their mid thirties with substantial post qualification 
experience. 

The successful candidate will have experience of 
distribution or the computer industry gained at senior 
management or board level. Previous experience of 
working for a US parent company is highly desirable. 

Prospects for career development, both within the UK 
and Europe, arc excellent. 

Interested candidates should write to Phil Davis 
quoting reference 201745 along with a foil curriculum 
vitae which includes a daytime telephone number and 
details of current remuneration, at Michael Page 

Finance, Page House,. 39-41 Parker Street, 
London WC2B 5LH 


Michael Page Finance 

Special nn In Financial Rcautrmcm 
London Bristol Windsor St Alban* LeMberfteatl Bvmingbs 


Non iu g lum Manchester Lwd» Ckipw &. W wli widt 




European Controller 


Middlesex 

Our client is a leading international jeanswear 
company. Carrying premium brands, the company is 
known for strong sales support and quality 
advertising. 

The company now wishes co appoint a positive and 
ambitious accountant who is also determined, 
innovative, possesses excellent motivational skills 
and has the ability to influence others on a 
pan-European basis. 

Reporting to the Chief Financial Officer, 
responsibilities will Include: 

■ Proactive management and development of the 
European financial reporting process. 

• Provision of first class day-to-day commercial and 
financial control. 

• Developing the sophistication of the pan- 
European information systems. 


c £40,000 + Car 


* Day-to-day communication with the Country 
Financial Controllers and Directors. 

The succ e ssful candidate will be in their lace 
twenties/early thirties with an impressive record of 
succes in a fast moving, international, consumer 
goods environment. High levels of drive and a 
practical, hands-on approach to business problem 
solving will be essential. 

Individuals with a second language, exposure to 
US management, previous work experience overseas 
and/or European mobility will be of particular interest- 

interested candidates should write to Phil Davis, 
quoting reference 201738 along with a foil 
curriculum vitae including a daytime telephone 
number and details of current remuneration, at 
Michael Page Finance, Page House, 

39-41 Parker Street, London WC2B 5LH. 


Michael Page Finance 

Sptci a Lan in Rnnncial Rrcmmnen 
London Bfhlol WimborSl AXbazn Lt-atherhrad BfatninfbMn 
Not tiw g h etu MmmAm Im Lrab CSupw & Woridwllo 




E3 











Director European 
Group Accounting 


Midlands 

Our client, is a $200 million European subsidiary of a 
$2.5 billion US multi-national corporation. Enjoying 
strong brand recognition, the company is recognised as 
being strongly marketing orientated footing on customer 
service. Its European operations arc die Groups most 
significant ventures outside America. Europe has 
substantial plans for growth based on extensive chiral 
investment within it’s manufacturing and distribution 
operations, strategic acquisitions and innovative 
marketing ventures. 

As port of the Groups commitment to value ro 

financial and commercial control throughout this 
exciting period of the 

to appoint a high quality individual who wdl be able to 
ndvSTand support the European businesses. Reporting to 
the Director of Finance, the individual s scope of mmm 
responsibility will cover European budgeting and 


c £40,000 4- Car 

forecasting, consolidations. US reporting, systems 
development, tax and treasury. 

The individual will be a qualified accountant, aged 30 to 
40, who has strong technical skills, commercial awareness 
and a hands-on approach. The pereon must have worked 
within a US/European group, consequently having gained 
multi-national consolidations experience. In addition, 
exposure ro US GAAP and European mx/tzeasury 
planning would be advantageous. The role anil 
necessitate extensive European travcL 
If you believe you have the neocssary qualities co fulfil 
this role and die potential to achieve further promotion 
at a later stage, then please forward a comprehensive CV, 
stating current salary to Paul Kinsey ACMA at Michael 
Page Finance, The Citadel, 190 Corporation 
Street, Birmingham B4 6QD, quoting reference 
number 201312. 


Michael Page Finance 

Spcchltotn Rnanad Roa ul anei g 

l Bftonl Windsor St ABmm LeMhertwd Bi m U nffh am 

NotifashmMmdhcawb^Q 



Financial Controller 


East Midlands 

Our diene Is a UK quoted company specialising in 
the manufacture, installation and service of capital 
equipment for a diverse portfolio of domestic and 
international customers. Recent expansion has 
created a requirement for a Financial Controller to 
join a highly profitable, rapidly growing subsidiary, 

based in the East Midlands. 

Reporting to the Local Managing Director, the 
successful candidate will assume foil responsibility 
for the financial management of this autonomous 
operation. Key areas of involvement will be to 
provide financial and commercial support to the 
business through the next phase of expansion and 
to maintain a close interface with the parent 
company. A ‘hands-on’, generalist approach is 
essential, as the successful candidate must 
play an active developmental role, working 


c £40,000 Package + Car 

closely with the Managing Director to ensure 
continued profits growth on an international basis. 

Candidates should be qualified accountants, aged 
up to 45, with a background in the manufacturing 
sector and with experience of sophisticated 
management reporting, preferably gained in a 
quality driven engineering environment. Personal 
maturity, strong managerial/leadership ability, well 
developed communication skills and a practical 
approach to problem solving will be essential. 

Comprehensive relocation facilities arc available 
where appropriate. Interested applicants should 
forward a comprehensive CV, quoting ref 199950, 
to Ian Leech ACMA, Michael Page Finance, 
Imperial Building, Victoria Street, 
Nottingham, NGl 2EX. 


Michael Page Finance 

Specialise in Financial Recruitment 
London Priit^ Windsor St Albans tc sduri hwJ Binniq^um 
Nottingham Mnochectcr Lccd* CRnguw & Worldwide 




m 


m 




i 












xrv 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


c. £70,000 + bonus 
+ excellent benefits 


Leisure Pic 


North West 


Finance Director 


A Main Board position in an established, profitable and expanding £60m+ Group which enjoys clear 
leadership in several European markets in Its specialist fields, and which plans to develop new and high 
potential business streams. An ideal career move for an ambitious, commercially-oriented professional 
seeking infuence and involvement at board level in a challenging and fast-moving envirotuncnC. 


THE ROLE 

■ Reporting to the Managing Director, responsible 
Tor the financial management of a number of 
businesses and external relationships with 
shareholders and professional advisors. 

■ Ensuring the integrity of accounting, the provision 
of treasury, tax and secretarial support and the 
timely flow or budget and control information for 
management. 

■ A key contributor to strategic and business 
planning, including possible acquisitions, special 
projects and the modelling of new ventures. 


THE QUALIFICATIONS 

■ Probably mid to late-30s, graduate level education 
and professionally qualified, international 
experience and languages would be an advantage 
but not essential. 

■ Already proven in all aspects of financial 
management of a stand-alone business entity in a 
consumer-driven and competitive environment, 
preferably with a high degree of seasonality. 

■ A practical and pro -active approach, team- 
oriented and fully involved in business processes, 
seeking to join a thrusting and ambitious croup 
and develop with it. 


Leeds 0532 307774 
London 071 493 1238 
Manchester 081 499 1700 


Selector Mu rope 

Spencer smart 


MxurbnKNtnia 


Group Treasury 
Manager 



North London 


Attractive 

Package 


INTERNATIONAL - x e c u r i v e recruitment consultants 



Our client is a UK consumer products group with 
a remarkable record of successful growth in recent 
years and it will be developing and expanding its 
high-profile branded products internationally. 

The group's professional treasury team is now 
being strengthened by the appointment of a 
person who will assist the Croup Treasurer in 
developing and implementing policies and 
procedures lo meet the demands of the growth 
plan. Principal tasks will be the effective control 
of currency and interest risk, the improvement of 
banking and cash management systems, the 
review of financing and investment techniques, 
and the establishment of appropriate treasury 
procedures in overseas operations. 

To meet the demands of this role you will 
probably be a graduate with ACT membership. 

9w.. * 


and an accountancy qualification, supported by at 
least three years' practical experience in the key 
areas of international treasury management. You 
will be computer literate and a good 
communicator, with the ability and confidence to 
promote treasury services throughout the group. 

This key appointment offers the opportunity for a 
capable treasury professional to develop expertise 
in an exciting growth business. A competitive 
salary will be supplemented by a full benefits 
package, including a car. Our client operates a no 
smoking policy. 

if you wish to be considered far this appointment; 
please write, in confidence, with full career 
and salary details to: Douglas Austin, 
MSL International Limited, 32 Aybrook Street, 
London W1MJJL Please quote reference A22E74. 


LONDON BIRMINGHAM GLASGOW LEEDS MANCHESTER 
071487 5000 021454 84*4 04 1 244 7700 05)2 454757 06( 434 2425 


Finance Director - Construction 

Midlands c£8 0,000 + options and bonus 

Our client, a market leader in international construction with a turnover approaching £1 billion has taken the 
opportunity to refocus Its business with strong strategic, marketing and financial direction. 

Reporting to the Managing Director, you will be tasked with the financial control and direction of the business, 
a business which has pursued policies to maximise earning^, attain significant operating efficiencies and 
improve customer service. 

Controlling a central team, you will be called upon to maximise the influence of strong financial control in a 
fast moving, change-driven environment 

Ideally experienced within the constaictfon/contracting sector, you must be able to demonstrate a high 
degree of commercial flair, backed up with a strong technical ability and the ‘stature’ to make a positive 
contribution beyond ‘keeping score 1 . 

Aged 40 plus, you must have the drive and personal resilience to operate at the highest level within a robust 
and open style of manage menu 

Please send a detailed CV quoting ref B/497/94 to Steven French. 


Selection & Search 


Peal House, 2 Cornwall Street, Birmingham B3 2DL. 


k? * 9 


6 


K ° v 

- (0> 

If 

^ 9 

s V * 

’t =r1 


Grant Thornton 
Financial Controller 


South East England 


Circa £45k 


Our client, Crowson Fabrics Limited, is a leading supplier to 
the home furnishing industry both in the UK and to.export 
markets. With an annual turnover of S50m+- and four subsidiaries 
in Europe this appointment represents a significant challenge for 
the right individual. The post has been created through internal 
promotion and the right candidate will have good prospects of 
promotion to the position of Financial Director in duo course. 

The successful applicant, a qualified accountant, will have 
good computer and finance skills, be capable of managing staff 
and of producing regular management accounts and overseeing 
the preparation of the annual financial statements. 

Commercial experience within a large organisation, language 
skills and relevant industry knowledge would be an advantage, 
although not necessarily a requirement 

Initial replies should be sent. In strictest confidence, to: 

Mr. David Fisher, Grant Thornton, Chartered Accountants, 
Ashdown House, 125 High Street, Crawley, West Sussex RH10 IDQ. 

PARTNERS IN ENTERPRISE 

The U.K. member firm Grant Thornton litfanatuxuk 
Ambonjed bjf the Institute of Chartered Accountants in 
I and wales to cany on investment busmen. 


■> J> 
Y' -o 

LrlN 

c/! 


A \ 

vr 

° O 

km 


u 

LA 


The Top 
Opportunities 
Section 

For senior 
management 
positions. 

For 

information call: 

Philip Wrigiey 
444 71873 3351 

Gareth Jones 
44471873 3379 

Andrew Skarzynski 
44471873 4054 


UK Finance 
Director 

£ 40,000 

+ Car + Bonus 
Marlow, Bucks. 


INNOVEX 



Innovex leads the way as one of *e most exciting and 
innovative healthcare service companies, with diverse services, 
focusing on sales, marketing and clinical research. It l»s "" 
unrivalled combination of marketing communication, medical 
and human resource capability in one specialist service company, 
with an unparalleled record of success. Global acquisitions, coupled 
with impressive organic growth provides the opportunity to 
appoint an ambitious finance Director to join a highly qualified 
and motivated team. 

Reporting to the UK Managing Director with functional 
responsibility to the Group Financial Controller, this demanding 
position will be responsible for the effective management of the 

Finance Department, full reporting of all financial issues at board 
level, treasury management, IT, fleet management and statutory 
issues including tax. 

The ideal candidate, aged in their mid 30’s, will be a 
Qualified Accountant who has demonstrated a successful track 
record of hands-on financial management within a multi-national 
organisation. The ability to manage change and growth and above 
all, strong inter-penonal skills at all levels of management are 
essential. 

The company offers an excellent remuneration package and 
tremendous potential for long-term career advancement. Please 
write in the strictest confidence, enclosing a full CV and salary 
details to Nigel Lynn ACM A quoting reference NLA 1 336. 

Nigel Lynn Associates 

Accountancy Recruitment 

25/27 Winchester Street Basingstoke Hants RG21 1EE. 


Finance 

Director 


Safety and Respiratory 
products 

Northwest 

England 


03640,000, 

Car + Benefits 



The company, a successful j£izM operating subsidiary of a FT-8E 
100 pic, has experienced prominent growth for its products across 
European and Wodd markets. 

It seeks to recruit a Finance Director to take charge of its Finance and 
IT functions as well as making a si gnificant contribution to a small 
senior manage ment team. 

Whilst there is undoubtedly a clear role to play in the longer term 
business plan, there are a number of key first year objectives on 
which to focus. These include a detailed review of the costi ng and 
stock control procedures and systems and foe project management 
and implementation of a new IT programme 

Likely to be aged 35-50 with at least eight years post qualified 
experience, you should have a proven exposure to foe disciplines of 
strong financial and people management Experience erf 1 implementing 
an IT project to enhance all aspects of a business competitiveness 
shnmiri be backed with dear evidence of malting visible profitability 
and gffirtenry jmpwrwgrnprite in a manufirohiring b redness. 

Most likely to come from a large company environment, and 
comfortable with the structured and demanding reporting 
procedures from, foe parent company this role represents a genuine 
opportunity to play an integral part in driving this business forward 

Interested candidates should forward a detailed c.v. in 
confidence to: James Conchie, Hoggett Bowers, 5 Bream’s 
Buildings, Chancery Lane, London, EC4A iDY, 071-430 9000, 
Fax: 07 r -405 5995, quoting Refi HJC/5172/FT. 

Hog gett Bowers 

EXECUTIVE SEARCH AND SELECTION 



Price ffhterkouse 

EXECUTIVE SEARCH a SELECTION 


vMinnvHAiMUNT 


Finance Director Designate 

£40-45,000 + benefits Nottingham 


In the last year Paramount Clubs has only opened two bingo 
dubs - they're the biggest and most successful in the UK! 
A highly experienced team, major institutional investment and 
a commitment to higher standards enable the company no 
capitalise upon demographic and social trends which promise 
further growth in a market already worth £1.5 billion per 
annum. Where major competitors are constrained - tied in to 
ageing ex -cinema buddings - Paramount is developing state of 
the art, luxury dubs employing the latest technology and based 
on greenfield sites. 

Joining the small head office team as designate head of 
finance, you would be expected to rise to full Director within 
a year. In addition to traditional accounting and management 
information responsibilities, you would locus on cash and 
margin control in a fast moving, high volume environment. 
Supporting the Managing Director in relationships with 
investors, you will play a major role in the company's capital 
expenditure programme, appraising and subsequently 
monitoring several development projects per year. 


A high grade, fast crack manager, you should be: 

• A graduate Chartered Accountant aged 30-50 

• Familiar with rapid growth in a retail/leisure 
environment 

• Experienced in the use of accounting systems and the 
generation of quality management information 

• Skilled in the appraisal, justification, monitoring and 
reporting of capital expenditure. 

In return you will be rewarded with a benefits pafkag* 
which indudes car and bonus arrangements. Share options may 
be available at a later stage. 

To apply wnte with full GV and salary derails, quoting 
reference D/0051 /FT to: 

Mark Hartshorn e. 

Executive Search ftf Selection, 

Price Waterhouse, 

1 9 Cornwall Street, 

Birmingham 
B3 2DT. 



HEAD OF CORPORATE FINANCE 

Large International Shipping Group is looking for an experienced person able to help manage the 
finance and corporate planning functions reporting to the Managing Director. Background in 
investment banking, equivalent activity in other commercial sectors, combined with accounting 
knowledge would provide an excellent base. Candidates should have university or professional degree 
and experience in negotiating credit facilities. Good career prospects. 

Preferred age bracket; 28-38. Service locations: Southeast Asia. Working language English. 

Attractive remuneration and fringe benefits negotiable to suit qualifications. Accommodation provided. 
Applicants with full career details and references in strict confidence, in first instance to:- 

D WJ Advertising Limited (Ref: ML285) 

104/110 Goswell Road, London EC1V 7DH 

The reference should be clearly marked on the outside of the envelope. Applicants from outside of the 
U.K, may fax their application to +44 (0) 171 250 1595. 






FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


Finance Director 


Financial Controller 




f London 

€£70,000 
+ bonus + car 


INTERNATIONAL 


Our client fs a substantial international civil 
engineering and construction group, currently run 
Out of Italy, with subsidiaries in USA and the UK, 
Following a period of successful acquisitive 
growth, it is now redefining its corporate 
strategies and restructuring to take advantage 
ol newly created business opportunities. As a 
result, its financial and administrative 
headquarters are being transferred from Rome to 
London and a new Finance Director is to be 

appointed. 

This is a key position in the new group structure. 
Although the successful candidate will have 
overall responsibility for the reporting and control 
function, this will be managed on a day-to-day 
has/s by an experienced Controller, and the real 
emphasis of the role will be on banking 


relationships, international project financing 
and preparation of the group for a potential 
flotation. 

We are seeking a high-calibre individual who is 
familiar with the engineering sector, has 
experience of project financing particularly in the 
Third World, and is well connected within the 
'Gty*. Candidates should be Chartered 
Accountants, probably aged 35-45, with strong 
personal credibility and previous exposure to 
corporate finance. An understanding of the Kalian 
language and business culture would be a 
definite advantage. 

Please write with full career and salary 
details quoting ref: A54F25 to Paul Carvosso, 
MSL International Limited, 32 Aybrook Street, 
London W1M 3JL. 


‘ EXECUTIVE RECRUITMENT CONSULTANTS 

LONDON BIRMINGHAM GLASGOW LEEDS MANCHESTER 

071 487 5000 021 454 8664 041248 7700 0532 454757 061 824 2425 


The NHS reforms have given the Family Health 
Services Authorities a pivotal position in the fast 
changing healthcare sea or. The increased focus 
on primary care has led to greater emphasis on 
■ the- scope and importance of healthcare provided 
ifl^aT outside hospitals. 

llllpF Our client which serves a large and diverse local 

WMF community in Outer London is flourishing in this 

SpF environment. It has a budget of over £70m and 

Wg~. . | , will be undertaking a major capital expenditure 

' ureater London programme and devoting significant resources to 

the development of GP fundholding over the next 
few years. It will also be introducing a series of 

£27,500-£34,500 initiatives to improve healthcare in 'ns area, 

_i_ DDD . stressing choice, quality, accountability and value 

+ rlYr + Car for money. 

The Financial Controller will play a central role in 
this climate of change. Reporting to the General 
Manager, the jobholder will be a key member of 
the management team, with fuff responsibility for 
a department of 1 3 staff. The brief will encompass 
all aspects of financial planning, reporting and 
control and the successful candidate will be 


particularly concerned with systems, budgets, 
strategic planning and capital expenditure 
programmes. 

Candidates should be qualified accountants of 

graduare calibre, with a minimum of tW years' 
financial management experience gained in a 
progressive, fast-moving environment. They 
should combine sound technical skills with an 
energetic, proactive approach. We are looking for 
an assured self-starter, skilled in managing change 
and motivating others. A background in 
healthcare is less important than the ability to 
leant quickly and to liaise effectively at the 
highest levels. 

This demanding and stimulating role will carry 
with it a flexible remuneration and benefits 
package and the scope for real career 
progression. 

To apply please write with full CV and current 
salary to Paul Carvosso, quoting ref: A5-IF27. to 
MSL International Limited, 32 Aybrook Street, 
London W1M 3JL. 


INTERNATIONAL ■ 


"..■■■EXECUTIVE RECRUITMENT CONSULTANTS 

LONDON BIRMINGHAM GLASGOW LEEDS MANCHESTER 

07t 487 SOW 021 454 8864 041 248 7700 0532 454757 061 814 2425 




t t Bows* 




Evaluate the risks and 

TAKE CONTROL OF YOUR 

CAREER 


Central A career decision - to join our dient, a major 

UK retail bank, and one of the most 
LondOfl enterprising financial institutions in Britain. Its 

wholesale banking operation is growing rapidly 
and its treasury enjoys a high reputation world- 
wide. 

In this fast-moving environment. Treasury Audit 
- part of an innovative Internal ■ Audit 


Department employing around 100 
professionals - is of key commercial 
importance. As it continues to expand, the 
need for high calibre individuals capable of 
achieving an effective balance between control 
and risk increases. Hence the immediate need 
for outstanding accountants capable of filling 
the following roles. 


Head of Treasury Audit 

c£50k plus banking benefits 


Reporting directly to the Chief Internal Auditor, 
you'll contribute to the direction of the 
department and oversee the provision of 
investment management and treasury audit 
expertise. Leading a talented Treasury AucBt 
Team, you will devise and deliver a pro-active, 
risk based treasury audit strategy. This will 
involve evaluating the risks associated 
with current and proposed initiatives and 
products, and putting forward and gaining 
corporate acceptance of appropriate control 
solutions. 


You must be a qualified Accountant with at 
least three years' experience of Treasury 
Operations in Audit, Finance or Risk, plus a 
working knowledge of derivatives and 
international financial markets, their dealings, 
instruments and products. A versatile and 
persuasive communicator, you'll also have the 
credibility to establish authority whilst creating 
a culture of commercial enterprise and 
corporate co-operation. You'll support your 
excellent interpersonal skills with a good 
knowledge of modem IT systems. Ref: N1032. 


Bringing 
financial 
management 
to the telecoms 
revolution 


EurobeH is involved in the cable telephony revolution and is 
building state-of-the-art telephony and multichannel cable 
television networks in several UK locations . Since 1992 a 
multi-million pound prefect was launched In the Crawley, 
Hortey, and Gatwick areas, providing the opportunity for 
thousand of homes and businesses to connect to the network. 


Financial Controller 

Crawley Attractive Salary & Benefits 

As Financial Controller, you will be responsible for the effective 
financial management of the franchise consistent with our business 
objectives. Aa wen as canying out financial accounting functions, the 
role mB involve advising management of relevant financial factors, 
performance, and other commercial matters. 

You wfll be professionally qualified and have at least 3 years' post 
qu a lif icati on experience preferably gained in a customer focused 
env ir onment A high degree of commercial awareness, flextoHlty, 
analytical skils and people management qualities are necessary 
requirements, together with a good understanding of controls and 
procedures n oo d o d in a fast developing entrepreneurial company. 

In return, we offer an attractive salary, an excellent range of benefits 
and the prospect s for career progression associated with a forward 
thinking organfeteton. 

Please send fuH personal and career details, including current 
remunerafi o n level and daytime telephone number, in confidence to 
Ms. Carole- Ann Ober Hauser, Personnel Department, Eurobell 
(Sussex) Limited, MuftiMedu House, Lloyds Court, Manor Royal, 
Crawley, West Sussex, RH1 0 2PT. 



EUROBELL 




Finance Director 





Treasury Audit Manager 

c£35k plus banking benefits 


You will manage a variety of cross-functional 
project teams assessing internal risk controls 
over existing and proposed treasury activities. 
We'll look to you for expert opinion on the 
overall adequacy of these controls; and we'll 
expea you to assume responsibility for the 
systematic identification of absences. 

To effectively prioritise work and allocate 


resources, you'll need to be a highly 
professional manager with at least two years' 
experience in a treasury environment, either as 
an Auditor, Accountant or Risk Manager. A 
working knowledge of international financial 
markets and products, including derivatives, is 
essential; as is a foil accounting qualification. 
Ref: NT 031. 


These are excellent opportunities to move into Please write with foil career and salary 
a high profile operation where personal details, quoting the appropriate reference, to 
achievement counts and opportunities for Mandy Hodnett, MSL International Limited, 
career progression into other areas of the 32 Aybrook Street, London WTM 3JL Cosing 


company abound. 


dale 29 September 1 994. 


INTERNATIONAL executive RECRUITMENT CONSULTANTS 

LONDON BIRMINGHAM GLASGOW LEEDS MANCHESTER 
071 487 5000 021 4S4 8864 041 248 7700 0532 454757 061 834 2425 


Bedfordshire 

This c£25m privately owned group has recently 
undergone a major reorganisation. The new 
management team brings a highly focused and 
professional approach to a business that is likely to 
obtain a stockmaxket flotation in the medium term. 
Principal activities indude gravel quarrying, 
construction and development and project 
management The group has a strong balance sheet 
and positive cashflow. 

The Finance Director wfll take up a key position in 
the new team, working dosely with the Chief 
Executive to help develop the business, as well as 
taking on full responsibility for the finance function. 
He/she will be expected to lead negotiations with 
banks and external advisers, particularly in respect 
of raiszqg capital, as wefl as carzying out a thorough 
review and rationalisation of the people and 
systems involved in the finance ______ 

function. The emphasis of the role is 

firmly on the commercial development (TyLT 

of the business. Lk Vi “ U 


Excellent package plus share participation 

Candidates must be qualified accountants, aged 35- 
45 years, with a strong track record of providing 
leadership and financial control to a professionally- 
run organisation. Sector experience covering 
construction, quarrying or engineering would be 
highly desirable; this may have been gained in an 
advisory capacity, as a banker or auditor. 

Commercially strong and technically able, the 
Finance Director should have experience of dealing 
with the City, together with strong systems skills. In 
addition to a competitive base salary, the 
remuneration package will include a full range of 
benefits, and the potential prospect of equity 
participation. 

Please send a full CV in confidence to GKR5 at the 
address below, quoting reference 

■ . i number 316J on both letter and 

r-y- -rm Si envelope, and including details of 


(GriJbSLlIS.^ 


current remuneration. 


SEARCH & SELECTION 

QLARKBEU. HOUSE, 6 CORK STREET, LONDON WIX IPB. TEL- 071 287 2820 
A GKR Group Company 


, i \i 
^ » 


Divisional Financial Controller 

North West to £35,000, cai^ benefits 

£80 million turnover division of well respected £500 million plus turnover UK pk seeks toknted yoang finance professional to support Divisional finance 
Director. High profile rote with reread erabte exposure to Chief Executive and subsidiary management in international business engaged in import, 

nunuf^iireairidistnlwtioncifamsunierpnriiic^ 

THE ROLE 


• Report to Divisional Finance Director. Lead, manage and motivate team with day to day tins raal responsaary tor three businesses wlm turnover « 
c£25 million. with mreolidation and examination of remote subsidiary data. • Enhance maagemertf information systems to provide sound 
platform for executive decision making. • Interpret subsidiary information to 'add-value* to buaness managers to provide meaningful commercial 
representation for unit and centre. 

THE QUALIFICATIONS 


• Graduate qualified accountant Late 20's/early 30's. Highdegnxtframnwraaiacuiwn^ 

• Alxlily to ronmiand resped at tfw highest levefa allied to pragm^ic and practical desire to resdve day to day issn«. • Strong interpersonal skOk to 

develop quality working relationships with directors and adteagues. Demonstrate track r^ 

Please reply in writing to 4ft Flow, EMC© House, S/7 New York Road, Leeds, LS27PI enclosing a foil cmriadom vibe and quoting Reference 
BHM1IW& Telephone 0532 467033, Facsimile 0532 43369 L 


i h : y i 

SEARCH & SELECTION 


Executive 

Resourcing 


psg 


This is on odstandtog oppoArity to head to financial 
accounting toneflon to a major UK fflm company. The company 
Is wholly owmad by a significant International, cfivasfiled group 
and Is a major player m to motet lor Wgh vdu*Wgh profile 
feature films. It has sftng Ihfcs wlh major Hemalona! produces. 

You wD paridpde feDy as a toy member al the management 
team, asajmtng responsfcffly tor financial mmagemant 
inducting reshaping Bs rote wfltrin the company ondteadfegitie 
finance team ttuough rapid change. 

A quaflfed occourtarf wife tt least 10 yens’ poskjuafification 
experience, you should have widely txrsed Dnonckd occounflng 
experience, preterobty gained In tast-movtog ssrvice^xfented 
organisaftons. A TtokIs orf and entiusiasSc tndMduoL you 


*** • - "• 






must haw wefi dmetoped communtaflon skits, be dlplomattc 
yet 1km, and have a taste lor suggesting and htplenwrtflng new 
vraystf management. 

We woiJd Re to hear tom men or women ol whatever age who 


skifc and pasonal style to mote a toy confttoufion to driving Ms 
company to a suocessM future wfiNn the highly eompeWwUK 
end international Hm marteL 


remunenflon level end daytime telephone niEnber, In confidence 
to Tan Latham, Ooopeis & Lybrand Brecufive Resourcing 
United 1 Embankment Place, London WC2N 6NN, quoKng 
reference TL104S on boft envelope md tetter. 




V 


FINANCE & ADMINISTRATION 
CONTROLLER 


£ 30 , 000450,000 
+ Benefits 


Initially Based 
North West 


Our diem ts a large IT service provider with activities in Systems tatcgratJon, outsourcing of information services and management 
consulting. The Group has operations in the US, Europe, Australia and the Far East with turnover in excess of $2 tallica. With 
record growth forecasts for the markets it serves. It has the ability to offer tremendous prospects to individuals who are mobile. 

The Company fa seeking a commerctadly minded accountam to undertake the role of Finance 4 Admfaxtaiiadon Controller. The key 
requirement of the position will be to maximise business opportunity, efficiency and add value to the operation, which will require 
a delicate balance of support, enquiry and control- Although the post calls for a high degree of independence, the ability to bufld 
excellent relationships with fellow employees will be critical to the success of the rote. 

The candidate profile focuses heavily on ability and approach rather than specific experience. However, the successful individual 
wiU be; 


m 


MARTIN-WARD 
•ANDERSON - 


na>*rui ai(Mii«i"T 


A able ro prioritise effectively 

A commercially orientated 
A a strong leader and team builder 
A technically competent 
A a confident, influential communicator 
A mobile (throughout the world) 

A a graduate calibre qualified accountant 

Language skills and IT sector knowledge would be useful but are not essential. 

If you are interested in this position and meet the candidate profile then please send your curriculum vitae with a note of daytime 
telephone number and current salary .to Jon Anderson ACMA at Martin Ward Anderson, Goswefl House, 134 Pesncod Sheet, 
Windsor, Berkshire, 5L4 IDS. Please quote reference 94112. 


K8 


/walker s 

7 SMITHS \ 


SNACK FOODS LIMITED 


Finance Manager 


l.N _ £^NA"'ONAl. 
vi -EO 


Age 28-35 


Theale, Reading 


Substantial Package 


■ Bl epsiCo Inc. is a successful, results orientated, US based 
HI multi-national organisation with operations in the fast foods, soft 
drinks and snack food markets, employing 300,000 people worldwide. 


Walkers Smiths Snack Foods Ltd, a wholly owned subsidiary of 
Pepsico Inc^ is the leading branded snack food manufacturer In the UK. 
With three of the top 10 branded products, the company has aggressive 
growih plans to'capitalise on its success- 


The successful candidate will be a graduate qualified accountant in 
their Ute 20s or early 30s. He or she must have demonstrated 
exceptional achievement in their career to dace in a blue-chip 
environment either within industry or the profession. Interpersonal skills 
and a committed results orientated approach axe paramount. 


As a result of this, an exciting and challenging opportunity exists for 
an outstanding individual to play a major role in the Finance function as 
a key contributor in meeting die organisation’s future goals. The role will 
principally encompass the management of change incorporating the 
development and implementation of best practice across a range of 
operational areas- 


In return, Walkers Smiths Snack Foods Ltd offers outstanding 
opportunities both within the UK and PepsiCo worldwide. They are 
equally committed to substantial investment in personal and 
professional development 


The remuneration package includes a high basic salary, bonus, share 
option scheme and a company car. 


Interested applicants should write to Mark Gilbert with a detailed 
CV, including details of current remuneration, at the address below. 


Alderwick Peachell 


AUt-rwidt PcacEeU limited, Recruimwnt Covvmlam*, 125 High Hntbwu, London WClV «QA-Td:07l 404 1155. Fax: 07 1 404 QUO. 


West of London 


European Financial Director 


Package c£ 100,000+ 


his publicly quoted US multinational is one of the fastest 
KM growing companies in the world. It operates at the leading 
edge of an expanding area within the computer industry. Its 
European operations, which comprise subsidiaries in France, Italy, 
Holland, Germany, the UK and Ireland, are rapidly evolving 
through a programme of organic and acquisitive growth. It also has 
an extensive network of distributors in other European locations. 


This position reports to the Vice President of European 
Operations and provides the focal point of communication between 
Europe and the US. The role carries responsibility for all financial 
and commercial issues including the financial management of 
European offices, i n itiati n g and communicating company policies, 
leading the integration of acquisitions, the management of the 
European Headquarters' finance function, formulating tax and 
structure plans and systems development In addition the jobholder 
will be expected to participate actively in the decision making 
process relating to the company’s future development in Europe. 
Some travel to the US and Europe will be required. 


The successful candidate will be a qualified accountant with a 
record of high achievement in financial management, ideally gained 
with a US corporation. He or she is likely to be aged in his or her late 
30s or early 40s. Experience of controlling subsidiaries within a 
multi-currency trading environment is essential, as is an 
understanding of the importance of tight inventory control and cash 
management in an expanding organisation. Candidates must be 
capable of presenting and influencing, both in writing and in person, 
at a senior leveL Experience in a similar sector is a distinct 
advantage as is the knowledge of another European language. 


■This is a first class opportunity to contribute to the continued 
success of this young; ambitious and dynamic organisation. The 
remuneration package will include a performance related bonus, 
company car, stock options and other executive benefits. 


Interested applicants should telephone Marks Bowe or David 
Ryves on 07 1 404 3155 dr write; enclosing a detailed CV, to (he 
address below before 16 September 1994- 


Alderwick Peachell 


Alderwick Peachell Limited. Recruitment Consultant*. IZJ High Holborn, London WClV 6QA, Tel: 071 404 3155. Fax: 071 404 0140. 


OUTSTANDING FINANCE 
OPPORTUNITIES 


West London 


Excellent Packages 


Glaxo Holdings p.Lc is a leading FTSE-100 company with reported turnover of £5 bn and pre-tax profits in excess of £l'fa bn. It is an integrated 
research-based group of companies, whose corporate purpose is to create, discover, develop, manufacture and market throughout the world safe, effective 
medtones ol the highest quality which will bring benefit to pan^ity; through longevity and quality <rf life, and to society in general through economic value. 
Group Finance has a key role to assist in the realisation of this As a result of promotions, two positions now exist 


SENIOR 

FINANCIAL ANALYST 


FINANCIAL 

ANALYST 


Reporting directly to the Group Financial Planning Manager, thh highly, visible 
role forms part of a small team which focuses on: 

♦ worldwide corporate development issues 

♦ competitor analysis 

♦ acquisitions and disposals 

Additionally the team undertakes specific investigations at the request of 
the Group Board and Senior Management The successful individual will also 
be expected lo assist in the preparation of the Group Strategic Plan and 
be involved with the appraisal of capital expenditure. 

Candidates will be graduate chartered accountants with 2-5 years post 
qualification experience gamed ideally in either a corporate finance, planning 
or management consultancy environment. The ability to communicate 
effectively at all levels and to apply sound business acumen will be critical 
to success in this position. Ref JJ 5986. 


Reporting to the Group Management Accounting Manager and working 
in a small team, you will be principally responsible for short-term 
forecasts including: 

♦ coordination of the annual budget and quarterly estimate processes 

♦ review and analysis at Group load of the budget and estimates 

♦ assisting in the development of management reporting 
Additionally, as part of a wider team, you win be involved in the appraisal of 
capital projects and other ad hoc projects on behalf of senior management- 
Candidates will be graduate qualified accountants (ACA/ACCA/ACMA) 
with at least one year post qualification experience in a commercial 
environment 

An organised approach to work is essential, as is the ability to develop new 
ideas and to communicate effectively at all levels. 

Ref JJ 5987. 


The salaries will reflect the importance placed on these positions and wiU indole company car/aBowance and nonerntributay pension.. Both positions 
afford the opportunity to develop a career in Glaxo, Candidates should mnrarr Jonathan Jones on 071-434 4456 (evarin^/weekends 081-464 0937). 
Alternatively, forward a curriculum vitae quoting the relevant rritfence to: Marks Settin, Financial Recruitment Consultants, Sackvffle House, 40 Pkxadffly. 
London Wl V 9PA Fax: 071-355 450L 


Glaxo 


FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


Salary Package 
£25-£36,000 + Benefits 


London £25£36,<HJU + jsenents 

The Company 

Our client is one of the leading international firms of Chartered Accountants 
and Management Consultants. 

They are recruiting 2 accountants to join their specialist team covering the... 
regulation of all forms of investment business. 

The Role 

* Ad hoc consultancy assignments and projects for investment businesses 
and regulators. 

* Specialist support to practice groups. 

* Development of courses and training for practice groups. 

* Presentation to clients and seminars on key issues. 


This is a frontline role with (he opportunity to show initiative and take 
responsibility in an area where there is considerable scope for career 
advancement. 


Candidate Specification 

* Qualified Accountant 

* Age 26-35. 

* 1-5 years post qualification experience. 

* Previous experience of Regulation and Compliance or the Financial Service 
Sector is an advantage but not essential. 

* Team-player, with strong attention to detail. 

* Good presentation and written skills. . 


To apply, please forward your CV to Geraint Evans or 
Brace Page CA, at Douglas L lamb Las Associates 
Limited, 410 Strand, London WC2R 0NS or 
Fax on 071 379 4820. A 


k 


RECRUITMENT CONSUUANTSi 


Ar< 

tackle! 


ou rea< 


•opes 

nenti 


to 

reteins 


Ax American Airline*®',', V 
sophisticated in the " : 

Due to the congnj ~ 
looking foe a qualified mg ' : ' ' J 
In thiff rrrrpo rtaiirlMfc . - ^ i 
implementing systems 
for our existing and our fin. '. ^ : 

As well as having 3B| ; ' 
have strong accounting 
requirements preferably g3i|®, - 
telecommunications sectors .ragp ’ 
distinct advantage. 13, _! 

As well as an attracrijgtM®| 
from one of the world’s te|»| 

To apply. ptoa>4 gg» 

The Personnel ■ Jj 

Trinity Square, 

reference CJ/CFA. " ' ■ *** t 

The dosing date for applicat 


most powerful and 


KE service, we are now 
r new accounting systems, 
■burning, devetoping and 
s, creating sotutionsboth 


experience, ypu must also 
s to European reporting : 
ation In either the service or 
)ean languages would be a 


of benefits you would expect 


dog present salary level to; 
Travel Information Network, 
rex TW3 3HE. Please quote 


HRl 


Travel Information 
Network* 


THE SABRE CROUP 


CHRIST'S \\ 


Welcome 


to a new era in 


housing 


s Head t 

Chniy. . A!Vv ., 

PH^Kfed NrjV,.. ' 

C ' 1RtC ' FC-I.-J ... . ” 

cfa W s ;;/ 




Up to £47,000 + car 

Following 3 positive tenants' ballot in April 1994, the transfer of 
approximately 9,000 properties from the Borough of Basingstoke and 
Deane to two new and separate Housing Associations Is ptarmed for early 
1995. As well as achieving improved management arrangements and 
major repairs and modernisation, the transfer is expected to allow the 
Council to support a substantial development programme. 

Both the Basingstoke & North Hampshire Housing Association and the 
Basingstoke & Upper Test Housing Association now require qualified 
accountants to serve as Finance Directors and Deputy Chief Executives. 
With substantial experience in a housing association environment - and a 
proven track record of managing financial systems and staff -you should 
be able to claim significant funding and treasury management skis. A 
senior corporate management background is vital, along with the abftrty to 
present and communicate effectively at afl levels. 

These are outstanding opportunities, allowing you to work in northern 
Hampshire whdst being wrtfwi easy reach of London. Both Associations 
offer an attractive package including a company car, 31 days’ annual 
leave, excellent pension scheme and relocation assistance. 

For an informal discussion, please contact 

Andrew Cobb, Chief Executive {Designate), Basingstoke and 
North Hampshire Housing Association: 

Brian Hutchison, Chief Executive (Designate), Basingstoke and 
Upper Test Housing Association: 
by telephoning 0256 844844 

For m app&cation form please telephone our 24 hour answering service 
On Basingstoke 0256 479443 quoting job reference HA at the start of 
your cafl ar write to the Personnel Division, Basingstoke and Deane * 
Borough Council. Civic Offices, London Road, 

Basingstoke, Hampshire RG21 2AJ. Closing date for 
appficatians: 28th September 1994. 


lUc F 

... 

r 1 »»U i% ‘ 

,fir 


Both Housing Associations are equal opportunities empfayars 
and welcome appficabons from afl sections of the community. 


"T^asingstoke 
vjjS^North Hampshire 


HOUSING ASSOCIATION 









XVII 





FINANCIAL TIMES FRIDAY SEPTEMBER 9 1994 


fXrectv* 



MerristWood 

COLLECE 

COMMERCIAL 

DIRECTOR 

c £30,000 + benefits 

Merrtst Wood College is a thriving specialist Further 
Education Colley for the land-based industries, located 
in rural Surrey. With an annual budget in excess of 
£4 million, the College has an interesting mix of 
academic and commercial enterprises. 

Reporting directly to the Chief Executive, the 
Commercial Director wH play a key role In the 
dwelopment of the College's business and contribute a 
financial planning perspective designed to maintain ami 
enhance financial viability. In addition to leading a team 
of commercial enterprise managers, you will be 
responsible for afl matters relating to the finance and 
accounting systems of the Cottage. 

This new position wfd require an energetic commericaHy- 
minded self-starter who can change attitudes, plan 
strategically and establish strong control As a qualified 
accountant, you wifi have a minimum erf three years* 
commercial line management experience, operating at 
a senior level within a commercial organisation. You will 
have experience in the preparation of business plans 
and budgets, sound communication skills and a 'hands- 
on' approach to practical accounting tasks. 

For an appficatton information pack, please contact 
Rosemary Todd (Personnel), Merest Wood College. 
Worplesdon. Guildford, Surrey GU3 3PE, telephone 
01483 232424. Completed appficatforts to be returned 
by 30th September 1 394. 


TROLLER 


TO £27,000 r PRP 


r i r ati\ in 
rail sa <tvm% 

- - - -X 

nation? 


t m NTVST 




wage awa.'d pending icicester 


An enersetto acoountits protestortBi, 

you wS have the financial expertise and 
management drive to mate a significant 
contribution to the success of a major purchasing 
aid supply consortium vritfi an annual egxncflture 

of£200m. 

Assuming control of or financial adrTnstratanandir 
sections, you wi be nespondbte far the provision of 
support and information to al sections of the 
argantsatioa inducing prodUchg mortNy report; 

accomis and forecasts. 
Hwids-cn in your approach you wffl ensue proper controls 
are both it place and correctly Mowed and you wialso be 
ad^ in the commerc e rurtrig of our operalian as a member 
erf toe senior management team. 
In addition to your accounting qualifications, you wl have a proven 
track record in managing and developing dep a r tmald teams and 
idealy prokxjsre sp onsibatyforir operations. Uycorwosn 
with developments in hardware and software; you wB be an 
exodent commuricstar with the abBy to ftaact wth 
ooleague^ custorneisand suppliers at al levels. 

If you think you here the ejy rtise id ambition to 
farther your career vrithtii ow pro^esstve 
operation, then please contact us for Bather 
detafis and an oppricotion form by writing » 
The Personnel Officer, ESPO, Leicester Road, 
GlenAefcl Leicester. LE3 8KT. 
Mease quote reference noraber RWC 

Closing date 
Friday S»d September, 1994 
People with dhabHUes wU be 
' guaranteed an tatwvlew If suitable 
for the Job. 

Co n su me d to eqaafityin employment 
k and services. 


CHRIST'S HOSPITAL SCHOOL 


HEAD OF FINANCE 

Situated on its own rural estate in Sussex, this unique Educational 
Charily, which retains strong links with the City of London, has 
provided boarding education for children in need for 440 years. In the 
current period of rapid educational development and financial 
challenges the Foundation seeks to appoint a Financial Executive to its 
restructured senior management team. 

The mle of the Head of Finance will be the control and management of 
(he Foundation's finances and property portfolio. In liaison with 
professional advisers. He or she will report to the Clerk (chief 
executive) and will be responsible for the administration of the 
Foundation Office, the work of the Accountant and his team and for 
the provision of management information. He or she will take an 
active part in assessing the viability of new projects and will work 
closely with the Clerk and the Foundation's governing body in the 
development of strategies for maxim king available resources. 

A professional accountancy qualification and relevant practical 
experience in any sector are required. 

Enthusiasm, excellent communication skills, a sense of humour and the 
ability to work as a specialist member of an active team having a wide 
range of social and practical responsibilities are essential qualities. 
Salary circa £30-35,000 negotiable in accordance with 
qualifications and experience. Educational opportunities may be 
available for eligible children. 

For junker details, and an application form, apply to: 

The Clerk, The Counting House, Christ's Hospital, Horsham, 

West Sussex, RH13 7YP 

NO LATER THAN FRIDAY 23RD SEPTEMBER 

Registered Charity No: 306973 



A medium size engineering company, part of a large group 
which designs 3nd manufacturers capital goods for domestic 
and export markets, seeks a Financial Controller to head their 
Finance Department a