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I 








Battle in Brasses 

Europe’s car dealers 
lock horns 


Paoftta 


.. ^ 



Cuban sqneeze 

Why the future 
must be belter 



Peace in Ulster 

*lO l 1 - 

: ? j Wry Major is right 
be cautious 

Joo Roariy, Page 12 _ 



FINANCIAL TIMES 


Europe’s Business Newspaper 



APV shares hit by 
competition from 
German company 

Shares in APV yesterday fell from U8‘Ap to 83p 
after the UK-based food processing equipment spe- 
cialist cut its interim dividend and warned it f aced 
growing pressure on profit ma rgins 
APV blamed increasing competition mi a recent 
push by GEA of Germany into the liquid food equip- 
ment market long dominated by APV itself and 
Tetra Laval, the Swedish food packaging and equip- 
ment group. Page 15; Lex, Page 14 

Raytheon to shut UK operation: Raytheon of 
the US is to close the UK corporate jet business it 
bought from British Aerospace and transfer the 
work to Kansas with the lass of 850 British jobs 
over the next three years. Page 14 

Russia’s big earners and losers; Heads of 
Russian private and state enterprises are receiving 
substantial salaries even where factories under 
their control are technically bankrupt and workers 
are not being paid, according to government 
research. Page 14 

Nuclear treaty opposition grows; Third 
world countries have signalled stronger than expec- 
ted opposition to an -in definite eurtep si nn of the 
nuclear non-proliferation treaty. The US considers 
prospects for an indefinite extension ‘'reasonably 
good". Page 4 

North election hopes could be hit: 

The chances of victory 
for Oliver North (Left), 
Republican candidate in 
the Senate race in Vir- 
ginia to be decided on 
November 8, could be 
weakened by the depar- 
ture of independent can- 
didate and former Demo- 
cratic governor Douglas 
Wilder. Recent polls have 
suggested that if he had 
stayed in. Democratic 
divisions might have been enough to hand the race 
to North. Page 7 

New Branch corruption prolw A judge issued 
an arrest warrant for Jean-Louis Dutaret, chairman 
of a state media holding company and dose aide to 
former communications mini-etpr Alain Carignon, in 
the latest French investigation into suspected politi- 
cal corruption. 

NosCtti world’s largest foods group, said net 
income in the first half edged up 1.7 per cent to 
SFrlJ!7bn tSdSOm) with growth depressed mainly by 
the strength of the Swiss franc. Page 15 

Observer* move to Serbia’s border*: 

International observers begin operations today to 
ensure than Serbia’s blockade of Serb-held territory 
in Bosnia is being maintained. Page 2 

UK retail sales decline: UK retail sales turned 
downwards last month, prompting some commenta- 
tors to ask if Kenneth Clarke, chancellor of the 
exchequer, had acted prematurely in raising bank 
base rates by halfa point this week. Page 7 

N Korea t to seek compensation’: North 
Korea wants several billion dollars’ compensation 
for nuclear research and costs if it agrees to US 
demands to shut its reactors, a senior Pyongyang 
negotiator said. Page 4 

SME sell-off closer: The final dism em bering of 
SME, state-controlled Italian foods company, came 
a stop closer when two rival groupings lodged bids 
for its supermarket and restaurant busi ne ss e s. 

Page 15 

Spanish budget doubter Hopes in the market 
for a restrictive Spanish budget this month have 
been clouded by unexpectedly high prices coupled 
with a government promise to peg pensions and 
civil servants' wages to inflation. Page 3 

Samsung, South Korea’s leading electronics 
company, plans to produce semiconductors and 
home appliances in a $500m project in China, 

Page 6; Chaebol food quest for growth, Page 18 

Cyprus body Identified as Danish woman: 

The body of a young woman found in a shallow 
grave in Cyprus was identified as that of a miss in g 
Danish tour guide. Three British soldiers are 
remanded in custody in connection with her death. 

US farewell to Somalia: The US flag was 
lowered over the US liaison office in Somalia and 
llte last Marine guards left the country, signa lli ng 
the end to 21 months of American intervention. 

Page 4 

Wartime bomb kills two In Boriln: At least 
two people were killed and six injured when a sec- 
ond world war bomb buried under a building site in 
,i busy shopping street in Berlin exploded. 


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FRIDAY SEPTEMBER 16 1994 


TOMORROW’S 

Weekend FT 

Albania: land of 
survivors 

• c .'- 

. 

i S' 


mmm&B&sm 


EU plans 
dumping 
duties on 
Asian TVs 

Move likely to raise prices 
for European consumers 


By Emma Tucker in Brussels and 
Guy de JonquHres h London 

Pro visional antj - rtnmping duties 

on colour television sets from 
five Asian countries and Turkey 
are likely to be announced 
shortly by the European Union, 
in a move which threatens to 
raise prices for European con- 
sumers. 

The decision follows an investi- 
gation launched almost two years 
ago into swan and portable tele- 
vision sets from Malaysia, Singa- 
pore, Thailand and Turkey, and 
big screen sets from the same 
countries plus China and South 
Korea. 

Industry officials say the level 
of duty could be around 20 per 
cent for certain sets from Malay- 
sia and South Korea and up to 30 
per cent for sets from C hina and 
Tha i land. 

The companies that will be 
affected are the Japanese-owned 
Hitachi. Funai and Sanyo and the 
Korean-owned Goldstar and Sam- 
sung. 

The UK vigorously opposed the 
move, saying it was not in the 
interests of Europe’s consumers. 
However, the European Union is 
able to take a provisional duci- 
sion on the issue without a vote 
from the member states. 

The investigation was triggered 
by complaints from Pbilips of the 
Netherlands and Thomson of 
France, Europe's two largest con- 
sumer electronics companies. 
The companies believed that the 
manufacturers from the five 
Asian countries had achieved a 
sharp rise in their EU market 
share by pricing their televisions 
below the levels charged in then- 
home markets. 

The EU has four months to 
complete its investigation from 
the moment it imposes provi- 
sional anti-dumping duties. 


though it may request a further 
two months if necessary. 

It must then either dose the 
investigation or - if it decides 
that dumping has occurred — »sir 
the Council of Ministers to 
authorise definitive anti-dumping 
duties. 

These may vary from the provi- 
sional duties and may be applied 
retrospectively. Offending export- 
ers may settle anti-dumping 
cases by agreeing to raise prices 
voluntarily. 

The council’s voting rules were 
changed earlier this year to 
require only a simple majority 
vote to impose dumping duties, 
instead of a qualified majority 
vote. The chang e was made at 
the jnsiKtonna of France, which 
believed it would make it easier 
to protect European industries 
against low-priced imports, par- 
ticularly from Asia. 

Critics of anti-dumping policies 
have alleged that the methods 
used to compare prices in the EU 
and in exporters’ home markets 
are opaque and arbitrary, allow- 
ing wide scope to determine that 
dumping has taken place, injur- 
ing local manufacturers. 

According to Electronics 
Times, the trade magazine-, the 
provisional duties on television 
sets will affect most of the coun- 
tries under investigation. How- 
ever, some companies will be 
exempt, including those which 
cooperated with the EU’s inqui- 
ries. 

European-owned manufactur- 
ers of television sets still domi- 
nate the EU market, though Phil- 
ips and Thomson produce sets in 
Asia as well as in Europe. 

The investigation took over IS 
months to complete because of 
the large number of companies 
involved, and because of the diffi- 
culty of making proper price 
comparisons. 


Wallenberg warns 
on Sweden’s debt 


By Hugh Camegy in Stockholm 

Mr Peter Wallenberg, Sweden’s 
most powerful industrialist, yes- 
terday called for deep spending 
cuts to tackle the country's 
mounting state debt, saying that 
further deterioration could “in 
the worst case" lead to pressure 
on Wallenberg companies to 
move their headquarters over- 
seas. 

Mr Wallenberg’s warning, 
given in a newspaper interview, 
cam e three days before a general 
election in which the main issue 
has been the extent of spending 
cuts to the country's extensive 
welfare system. These are 
required to curb the budget defi- 
cit and control a public debt run- 
ning at close to 100 per cent of 
gross national product 

His call followed a similar 
intervention earlier this week by 
the chiefs of Volvo. Ericsson. 
Store and the Swedish division of 
ABB, the country's four biggest 
exporters. They warned that new 
investments of up to SKrSOtm 
(56.7bn) a year were at risk if 
higher tax levels made Sweden 
less competitive. Ericsson, Store 
and ABB all foil within the Wal- 
lenberg sphere of influence. 

Mr Wallenberg said if the defi- 
cit was not controlled there was a 
risk that Sweden’s credit rating 
would be lowered. In that case. 
Swedish companies would be 
under pressure to relocate to 


secure lower interest rates on 
funding. 

“It can in the worst case make 
it difficult for us to stay in Swe- 
den,” he told Expressen newspa- 
per. He said the government 
needed to take “a motor-saw” to 
state spending.“If the politicians 
do not take the situation seri- 
ously with substantial measures 
against the budget deficit things 
will go badly," he added. 

The highly unusual interven- 
tions in the election campaign by 
Sweden’s top industrialists are 
widely seen as aimed against the 
opposition Social Democratic 
party, which is expected to lead 
the new government. Business 
leaders have been strongly criti- 
cal of the party’s emphasis on tax 
increases to match spending cuts 
as a way to cut the deficit 

Latest polls show a shift 
towards the right-centre coalition 
of Mr Carl Bfldtthe prime minis- 
ter, But it is cot clear to what 
extent the industrialists' inter- 
ventions are responsible for the 
tUt. The Social Democrats believe 
the business leaders may instead 
have irritated many voters. 

Mr Wallenberg's advisers were 
at pains to deny he had intended 
any threat to voters about how 
they should vote - or that he was 
suggesting the whole Wallenberg 
empire might move abroad. 

Small parties hold key. Page 2 
Observer, Page 13 


Threat of US-led Haiti invasion intensifies 









H aiti an paramilitary recruits train in front of the Presidential Palace in Port-au-Prince as the threat of a US-led invasion to restore exiled 
president Jean-Bertrand Aristide intensified. US defence secretary William Perry announced the call-up of about 1,700 reservists - mainly 
military police and medical and tactical airlift personnel- in preparation tor military action against the ruling junta Report, Page 14 wap 


Lufthansa 
to spin off 
services 
into profit 
centres 


By Christopher Parties 
In Frankfurt 

Lufthansa. Germany's flag- 
carrier airline, is to spin off its 
cargo, aircraft maintenance and 
information technology services 
into three independent profit cen- 
tres with effect from January 1. 

Announcing the final stages of 
a reorganisation started three 
years ago, the airline said EDS, 
the General Motors subsidiary, 
would take a 25 per cent stake in 
and share management control of 
the information subsidiary. Luft- 
hansa Systems. 

The new business would be 
launched with a contract worth 
up to DM300m <$l95m) to supply 
Lufthansa with all its informa- 
tion technology resources for at 
least three years, according to 
EDS officials. 

As with the other new compa- 
nies, Lufthansa Cargo and Luft- 
hansa Technik, it would be 
expected to develop profit 
sources outside the group, aim- 
ing to provide “packaged" ser- 
vices to the travel and transport 
industries. 

As a legally independent com- 
pany, Lufthansa Technik would 
have a “good chance" of keeping 
its place in a market character- 
ised by over-capacity, newcomers 
and mergers, according to the 
airline's internal newspaper. 

Heavy cost pressure could only 
be countered by more flexible 
actions than were possible at 
present within the group organi- 
sation, it added. The cargo 
company would absorb all the 
group’s Interests in the 
sector. 

Lufthansa AG, the holding 
company, would in future con- 
centrate on mainstream passen- 
ger airline business and provide 
the central management function 
to the group, which also includes 
the Condor charter flight and 
l£G catering businesses. 

Next Tuesday, subscriptions 
open for a rights issue - which 
marks the start of the airline's 
privatisation. The Bonn govern- 
ment, which currently owns 51.4 
per cent of Lufthansa, will not 
take up its rights and will thus 
dilute Its stake to little over 40 
per cent 

Mr Jttrgen Weber, chairman, 
since September 1991, said the 


ITT plans to raise $4bn by 
selling financial subsidiary 


By Richard Tomkins in New York 

ITT, the US conglomerate which 
has been cited as a possible 
buyer of General Electric's NBC 
television network, is planning to 
raise up to S*:bn by selling its 
financial services subsidiary. 

Although ITT refused to com- 
ment publicly on the divestment, 
it is believed that the company 
has decided to fund a big push 
into the leisure and entertain- 
ment industry by selling ITT 
Financial, a middle-ranking US 
finance company. 

riT hopes tiie sale will bring in 
between S3bn and $4bn. 

That would go a long way 
towards matching the sum of 
nearly S5bn that Walt Disney, the 
US entertainment group, is 
reported to have offered GE for 
NBC. 

Alternatively, ITT could offer 


its financial services division to 
GE in part exchange for NBC. GE 
might be interested in such a 
deal because GE Capital, its 
financial services arm, is in s ome 
of the same business areas as ITT 
Financial. 

ITT Financial offers a range of 
financial services to businesses 
and individuals, including com- 
mercial equipment and real 
estate loans, small business 
loans, home mortgages, con- 
sumer loans and related insur- 
ance products. Last year it made 
net profits of J2G5m on revenues 
of $L44bn. 

The parent company is under- 
stood to be selling ITT Financial 
because it wants to achieve a 
more even balance between its 
financial services operations - 
also comprising the Hartford 
insurance group, which is not 
being sold - and its other two 


main activities: leisure and enter- 
tainment, including the Sheraton 
hotels group, and manufacturing, 
including an auto parts business 
that makes antilock braking 
systems. . 

HT's reported interest in NBC 
is tire latest in a series of moves 
aimed at expanding the group's 
leisure and entertainment inter- 
ests. 

Last month, in partnership 
with Cablausion Systems, a US 
cable television company, it 
bought the Madison Square Gar- 
den sports and entertainment 
complex for S 1.1 bn, and the com- 
pany is currently in the process 
of taking over Ciga, the Italian 
luxury hotels group. 

Other recent moves include the 
unveiling of plans earlier this 
year for a S750m. 3,500-room 

Continued on Page 14 


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Continued on Page 14 


Managed Funca 2M0 

Money MafcBts 30 

Recent Issues 32 

Shoe tnfamaten _ — 262? 
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London SE 

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THE FINANCIAL TIMES LIMITED 1994 No 32.473 Week No 37 


LONDON - PARIS • FRANKFURT - NEW YORK - TOKYO 


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,<r •• ■ 


FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


MEWS: EUROPE 


Single market still to 



By Emma Tucker to Brussels 

Europe’s single market will remain 
Incomp lete without a new round of 
harmonisation legislation, a report 
said yesterday* The European Union’s 
Economic and Social Committee iden- 
tified 62 obstructions to the free move- 
ment of goods, sendees, people and 
capital in a report on the functioning 
of the internal market, concluding 
that a "vigorous programme be 
adopted to eliminate all remaining 
obs tacles ’*. 

Of the obstacles Identified, half 


related to the free movement of goods, 
15 to the movement off private ser- 
vices, 13 to the free movement of peo- 
ple and two to' the free movement of 
capital. The failure of member states 
mutually to recognise each other’s 
standards in those areas where no EU 
legislation exists remains the W ggesi- 
block to the free movement of goods, 
according to the 200 responses from 
industry, consumers and trades 

iminng. 

Areas such, as food additives, nutri- 
tional labeDhg . electrical goods 
the weights and dimensions of 


vehicles were particularly problem- 
atic, the report said. ,,f 

It also pointed out that product 
safety markings were i nt erpreted dif- 
ferently between member states, 
while varying testing requirements 
made additional tests necessary on 
certain imported goods. 

The committee also recommended 
greater hannonisa t ion of envfrO nm eD- 
tal standards to avoid the problem. of 
“environmental nationalisin''. The 
report Grand that environmental rego- 
lations were frequently acting asrudn- 
tariff barriers, particularly in the 


chemical and packaging industries. > 
Many of the survey’s respondents 
argued Bo* greater regulation in finan- 
tiAservipes, particularly in the grant- 
ing£of mortgages where the taxation 
rates of certain member states affec- 
tively prevented crass border transac- 
tions. For example, the report 
recou n ted the case of one person tak- 
ing out a mortgage with a company In 

another member state and not being 
allowed to offset the interest pay- 
ments against taratiem, which would 
have been p ossible if the mortg ag e 
had been taken out in the home state. 


^.Another problem area isinsura^%, 
anarea opened; hp just two amms 
ago. The survey Grand that huge dis- 
-crepanrieg remained in the taxes lev- 
ied an msnrfooce pofiaes. 

The report also found significant 
obstacles to the free movement oT peo- 
ple, m particular the failure of states 
to recognise eadi pther’s professtehal 
T HFformg - amaT secu- 

ttty regimes are also an impediment; 

The biggest complaint reganflng fee 

free movement of capital was fruit 

cross border payments take too long 
and are too expensive- 1 . 


Mitsotakis faces bribe charge 

Greek MPs set 
to indict 
former premier 


By Karin Hope hi Athens 

The Greek parliament was 
yesterday expected to vote in 
favour of Indicting Mr Con- 
stantine Mitsotakis, the former 
conservative prime minister, 
on char ges of accepting a bribe 
and breach of trust in the sate 
of Heracles General Cement to 
Calcestrurat of Italy In 1382. 

Mr Mitsotakis, now a back- 
bencher, is accused of taking a 
$22 .5m (£145m) bribe to expe- 
dite the sale of the company to 
Cal-Nat, a joint venture 
between National Bank of 
Greece and Calcestruzzi, the 
construction arm of the Fer- 
rari group. 

The joint venture paid $225m 
to acquire Heracles, the largest 
cement exporter in Europe, in 
the only tog privatisation deal 
to proceed while the conserva- 
tives were in power. 

If the indictment goes 
through in a secret ballot to be 
held at midnig ht in the 300- 
member chamber, the former 
prime minister will be tried by 
a special c riminal court con- 
sisting of 13 senior judges. 

Two other forma* conserva- 
tive cabinet ministers, Mr 
Andreas Andrianopoolos, who 
as Industry minister headed 
the government’s privatisation 
programme, and Mr Ioannls 
Paleocrass&s, the ex-finance 
minister, are accused ofbreach 


in trust in the Heracles sale. 

Mr Mitsotakis denied the 
charges in parliament yester- 
day, saying the governing 
socialists’ decision to investi- 
gate the Heracles sale "was 
motivated by purely political 
reasons”. 

The case is widely seen as an 
attempt by the socialists to 
tako rwrenge on Mr 
and ins New Democracy party 
for taking Mr Andreas Papan- 
dreou, then the opposition 
leader, to court in 1991 an cor- 
ruption charges arising from a 

$200m Bmhflnilwiifliif n-andal 

at the Bank of Crete. 

Mr Fapandreoo, who refused 
to attend the proceedings, was 
acquitted by a special court 

The case against Mr Mitso- 
takis and his former «»b> T|p t 
ministers has triggered a aids 
in the New Democracy party, 
which was divided over 
whether to support the former 
prime minister at yesterday's 
debate an the charges. 

Privatisation proved a con- 
tentious issue for New Democ- 
racy while it was in power. 

It was opposed by the party's 
present leader, Mr Miltiades 
Evert, and contributed to New 
Democracy's foil from power 
last year, when a group of con- 
servative MPs opposed to the 
planned disposal of OTE, the 
state telecoms company, 
defected from the party. 


Small parties hold the key to 
Swedish political fortunes 



With opinion 
polls showing 
S w eden ’ s 
Social Demo- 
cratic party 
slipping well 
below tim level 
^ ' hhh of support it 
^ needs to win a 

Wk majority in 

^ Sunday’s gen- 

eral election, 
the shape of 
SWEDISH the new gov- 
ELECTIONS eminent is 

Sa gsr h ? 16 -d^ont^ 

p erfo r m ance ol half a dozen 
small parties, writes Hugh 
Caraegy in Stockholm. 

The Social Democrats, rulers 
of Sweden for all but six years 
in the last six decades, look set 
to rebound from their perfor- 
mance in the 1991 general elec- 
tion, when they wen only 37.7 
per cent of the vote (latest 
polls tndifflfp their support is 
now 43-47 per cent), while the 
conservative Moderate party of 
Prime Carl wndt, even 

if they do better than in 1991, 
are unlikely to reach 25 per 
cent 

Mr Ingvar Carlsson, Social 
Democratic leader, is therefore 
favourite to form the next gov- 
ernment But the final outcome 
will be dictated by the ... 
strengths of six other parties,.,, 
particularly by whichever of 
them succeeds in overcoming " 
the barrier of 4 per cent., 
national support required to " 
enter the Rflnafag (parliament). 

Mr Bildt is hoping that signs 
of a last - minute tot to the right 
in two polls this week - and 



Carl WMfc the odds remain against premia* 


pollsters say many voters have 
yet to make up thtnr minds - 
will be sufficient to caned oat 
an earlier strong leftward 
t rend and enable him to reform 
his right-centre minority coali- 
tion with the Folk party 
(known in Wn gHah as the Lib- 
erals), the Centre party and the 
flhriatian Democrats. 

However, the polls soggiest 
the Christian Democrats, 
elected to parliament far the 
first time in 1991, may not get 
back in. Furthermore, all the 
Indications are that the popu- 
list right-wing group New 
Democracy - which has given 
the government a vital cushion 
.of support - will also be 
'excluded from the Riksdag 
after s uffering a fierce interne- 
cine war. 

Instead, the Environment 
party, which fell out of parfia- 


ment in 1991, appears set to 
return and is piwipH to try to 
block any new BQdt-led gov- 
ernment. 

The odds, therefore, remain 
against Mr Bildt, barring a 
late, powerful swing to the 
right But the erntiook is still 
worrying for kb* Carlsson. 
Although Social Democratic 
gover nm ents have, for most of 
the past 40 years, depended on 
the left for a parliamentary 
majority, he is reluctant to do 
so this tinM» chiefly because of 
hostility within the left and 
Environment parties towards 
the tough economic polities 
now needed to close the v 
budget daflrit and calm ffnbP- 

riai markets. ’ 

Both the left and Environ- 
ment parties are also strongly 
against Sweden’s attempt to 
join the European Union, 


which the Social Democrats 
support 1 and which will be 
-..voted on in a referendum hr 
•November. Mr Bildt seemed to 
•strBte^a .diiDriL with v ot ers 
.Whenhe called the prospect of 
a. Social Democrat-Laft-Envi- 
ronment alliance “a red-green 
mess that would be black for 
Sweden”. 

Hence, Mr Carlsson has 
raised the possibility of an affi- 
ance wltii the Liberals, or per- 
haps the Centre party. On the 
face of it tins would provide a 
stable government likely to 
produce an ornrumrir. package 
sufficient to reassure the mar- 
kets. 

Both the Liberal and the 
Centre parties have in the past 
cooperated on economic poli- 
cies with the Social Democrats. 
Bat a formal coalition of that 
type would be a new departure. 

Mr Bengt Westerberg, the 
liberal leader, has indicated he 
would be ready for such a 
coalition, but many in .his 
party are sceptical. Among 
them is Mrs Anne Wfttoe, the 

wnaiu* minister, whose father,. 

Mr Berta Ohfin, fought many 
long and bitter battles with the 
Social Democrats whan be was 
liberal party leader. 

It may therefore not be 
immediately dear after results 
are declared on Sunday night 
exactly what shape the new 
■government will tain* If that jg 
case, , the markets wfll be 
for another burst of tur- 
bulence an Monday to follow 
Qie interest rate rises and cur- 
rency slides that preelection 
uncertainty kas prompted over 
the past two months 



Observer team 
moves on to 
Serbia’s borders 


Call 0800 TOO 444 to apply for the American Express Card. 


By Paid Adams hi Belgra de 

The v anguard of a 13&strcaig 
group of international observ- 
ers is to begin operations today 
to ensure that Serbia’s 
embargo of Serb-held territo r y 
in Bosnia is being mafa i ta ip nii. 

If tbp team m pfhnis Hurt the 

blockade, imposed at the begin- 
ning of August, is genuine 
then the UN Security Council 
win almost certainly respond 
by easing sanctions against 
Serbia and M ontenegro. 

The team, led by retired 
Swedish general Bo Polinas, 
met Serbian officials for talks 
in Belgrade yesterday which 
focused on where the inspec- 
tors would be placed and the 
nature of their powers. 

Speaking in Geneva on 
Wednesday, the international 
mediator, Lord Owen, said the 
team - not officially termed 
“observers” or “monitors” in 
deference to Serbian sensfinU.- 
ties - would keep a low profile. 

“We don’t want them to be 
terribly visible,” Lord Owen 
said, adding it would be up to 
Serbian and Montenegrin offi- 
cials to carry out physical 
checks. There would be no 
challenges to tracks crossing 
the border into Bosnia without 
tiie cooperation of local offi- 
ciate. “Otherwise, we are pot- 


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ttng their fives at risk,” Lord 
Owen said. 

Despite the restrictions. Lord 
Owen told reporters: “We are 
sa tisfied [the mission) will be 
able to malm sure that only 
h tirttanttai-igti supplies are 
going across.” 

He warned that the team 
would be withdrawn if foere 
was any doubts that the Ser- 
bian authorities ware comply- 
ing but stressed that they had 
every interest in cooperating. 
“If everyone is satisfied, it is 
agreed there should be a relax- 
ation of sanctions,” he added. 

“We would very much appre- 
ciate to do our work without 
the world media an our bade,” 
said Gen Pdfoas after the Bel- 
grade talks. He refused to say 
where his men would be star 

tinmri 

The state-controlled media in 
Belgrade describes the mission 

38 M a group Of Iiu infil l (tflUflT l - 

civilians' ’ to assist in the 
i mp roved provision of aid to 
the people of Boszria-Hercego- 
vina. The far* that the group’s 
real purpose is to monitor 
observance of an embargo 
aga ins t the Bosnian Serbs is 
canvesueutiy ignored. 

Opposition leaders have 
attacked Serbian President 
Slobodan Milosevic for agree- ’ 
ing to allow inspection of a 
border which, they argue, 
merely divides fellow Serbs. 

There are no great hopes 
that the blockade, or its Inspec- 
tion, will cause Bosnian Serbs 
to reverse their opposition to 
the peace plan proposed by the 
five-member bih ™>tinm>i Con- 
tact Group. Lord Owen said 
the mission was not trying to 
force an immediate “change of 
heart” among the Bosnian 
Serbs. 

Efforts have meanwhile been 
made to shore 19 a shaky alli- 
ance between Bosnia’s Mos- 
lems and Croats. 

Croat and Moslem leaders, 
meeting in Zagreb cm Wednes- 
day, agreed to open a key road 
between the two republics and 
to estabfishjomt authorities in 
parts of the Mostem-Croat fed- 
eration. 

The federation was formed in 
March, but the two erstwhile 
enemies have yet to fan ptenimt 
much . of the agreement. 
Observers fear that rising ten- 
sions among Croats and Mos- 
lems could degenerate into 
another round cf hostilities. 


EUROPEAN NEWS DIGEST 


Italians rash to 

take retirement 

.... .. 

ffertfam workers are rushing to take early re t i rement because cf 
fears of sharp cads in pension benefits in the 1995 budget State 
pensions hotfes have so for this year received retirement 
requests totalling 490,000, nearly double the number in the 
whole of 1998. The conservative government of prime minister 
Hlvio Berlusconi, which has pledged to take action to.reduce 
stgjbe spehffing and debts, has focused on the generous and 
mscb-abuBed* pensions system. The government, which must 
present its .3996 budget to' parliament before the end of this 
month, plans deficit cuts cf at least L45,OO0bn (£3&5bu), includ- 
ing up to L9,000bn from pensions. Italians are able to retire on 
up to 80 per cent of their Bnai salary. Men retire at 61 and 
women at 56. Italy has some 20m pensioners, just over one In 
three of foe total population, with ova* a third of the state’s 
total animal expenditure used to cover the cost, with pay- 
ments far exceeding contributions. Reuter, .Rome 

Russia’s decline to slow 

Russia’s economic decline wffl. slow significantly next year, 
although the, country, still will be in a “depression phase”, 
accordhffitotMf Victor Gerashduaiko, Chairman cf the Central 
Bank. Ha, predicted that gross domestic product would con- 
tract 4.7 per cent next year, much, less than the 19 per cent 
riaflhfc ATparfroA Ww 1994, the Interfax news agency reported. 
Industrial production, would fell 15 per cent in 1995, alter a 
tWffww of about 25 per this year. Mr Gerashchenko noted 
that i nflation would continue its gradual decline next year, 
faffing from. W per-oent a month <wrty in 3995 to 3-4 per cent 
by-tim aid of the year. In August, inflation Ml to a record low 
of 4 pa* cent a month, but the go ver nment still is targeting 7-8 
per emit for the end of 1994. Mr Gerashchenko, who was 
speaking at a banking con f e r ence In St Petersburg, said that 
the budget deficit this year would amount to about 8 per cart 
of gross domestic product.' Last year. , the deficit was 9B per 
centafGDP..A£ Moscow - - 

French pilots suspend strike 

Pilots at Air France have suspended a strike planned for today 
and tomorrow and wffl continue to negotiate- with manage- 
ment at the loss-making state-owned about ways to 

reach produc tivi ty t ar gets. Air lfranca said that all flights 
would consequently operate normally. The SNPL, SPAC and 
SOMAC pilots’ unions at the ataiine said they had agreed to 
roHenter dtecussfcms on contested proposals to achieve a : 90 per 
cent producttvity increase by 1997. The rmions had accepted 
the prodnetivitytazgets hut rejected management proposals to 
achieve them. In particular, they opposed a reduction in flight 
bemnaes. The productivity targets are part of a rescue package 
befog impfementedby Hfc fihtqHan ranTM-. the airline's chair - 
marHe says tiiey are a cenfraL elamint in cinbfog lo^es at 
the compeny,- readied. FFr8.4dm (£L03bn) last year. Air 

France raid tint tbe negotiations would be conducted an the 
bastethat overall salaries would not be reduced and that flight 
preafonnw trould'be maintained. Pflote are expected, to make 
nrare-fli^ite as part erf the measures. John RidSng, Parti 

More aid for eastern Germany 

The^ -German: government yesterday said it would create a new 
DM58Qm QBOTkn) fond to provide subsidised, long-term loans 
to easteox German ccani^foes. h also presented new tax incen- 
tives designed to encourage investment in eastern Germany. 
Companies writing stakes in Goman companies would not 


have to pay tax an their profits if they reinvested the. money 
in eastern Germany, said Mr Gttnter Rexrodt, economics min- 
ister, after fodastriahsts and trade unions met GWirefinr 
HriHmt £ohl ..to. discuss tiie state of the eastern Goman 
economy. White Mr Kohl insisted there were ri gn« pf the 
“flomirtifog landscape" which he p rom is ed to create Jn the 
five eastern Under, the opposttion Social Democratic party 
accused the chancellor of “rescHHidmg complacency” and of 
destroying eastern Germany's industrial base - which now 
produced around a third of what it did in 1989. The Federation 
of German Industry (BDD also urged new initiatives to siqipart 
tiie Mhtebtand or mefflmneized companies in eastern Ger- 
many, saying they were going through a critical phase. Jficfc- 
ael Lindemarm, Bonn . 

Bank strike planned in Italy 

Banking a ctivity throughout Italy is expected to be paralysed 
by a day-long strike today of 830,000 employees protesting at 
lie feflnre to renew a wage and work conditions contract that 
expired in December 1992. Several otter groups of workers are 
also in the process of renewing their contracts after suffering 
effective loss of eastings over tte past two years of recession. 
Yesterday 140/XJ0 workers employed in local transport staged 
a 24-hour stoppag e over the failure to renew a contract that 
lapsed at the end of 199L In both Instances the strikes are 
caatred less on wage increases and more on improving condi- 
tions of employment and ensuring new i nves tm ents. The bank 
employees are resisting employers’ demands for more flunrlhle 
working hours and a shake-up in promotion proc e dures , which 
employers have fi n ked to higher pay. Negotiations brake down 
in July. Tte local transport waters are concerned to ensure 
the government makes an effort to tackle the transport 
authorities' high lewd of debt Robert Graham, Borne 

Media chief to face probe 

Mr Jean-Louis Dutaret, head of a state media hoirffng - com- 
pany, has. been detained for questioning by a judge investi- 
gating the possibility of a link between the finanefog hy water 
company Lycnnalse des Eanx of newspapers si^portiiig-Jfr 
A l ai n Carignon’s re-election as mayor of Grenoble the feet 
that this company subsequently woo. a contract to run Gren- 
oble’s water sendee. Mr Du taret, tte te«d of Sofirad width 
m anages various state holdings in broadcasting stations 
including Radio Monte Carlo, was a close aide to Mr Carignon, 
who resigned in July from foe post of c onunifoicatlons minis- 
ter to contest charges of receiving the proceeds of a co r porate 
fraud. Mr Philippe Courroye, the Lyons judge tm ra i rti ggffog 
the case, is said to want to question Mr Dutaret about tte 
possibility that he was- a go-between in the affair. David 
Buchan, Parts 

ECONOMIC WATCH 


Dutch unemployment rises 

iwf ■*■ j-y * " - Dutch non -seasonally 

1 !bA«Mi|ds adjusted tnjsmptoymant rose 
•- - jL , , " to an average 470,000 people 
in June-August from 465^)00 
.in May -July, the Central 
Bureau of Statistics 
announced. The bureau said 
foe increase In the number of 
registered unemployed was 
normal fin* foe time of year, 
because erf the entry of gradu- 
ates into the labour market. 
The quarterly totals have 
been increasing at a slower 
rate since hitting a nine-year 
peak of SZOjOOO people in tte 
first quarter of 1991 
■ Sweden’s consumer price 
index was unchanged in 



350 


— * - **i- 


-3 


■»' 


;C iJWBs' 

v 

August from July. Monthly figures brought tte'yearozt-yesr 

inflation rate to 2.7 per cent in August, down from 19 per cant 

m July. 

Fi nland’s underlying rate of inflation rose to IA per cart 
year-on-year in. July from 03 per cent in June. 

■ Polish consumer prices rose L7 per cent in August after a 
L5 per c ent rise in July, but year-on-year inflatio n fell to 31£ 
per cent from 3L8 per cent 




FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


3 


NEWS: EUROPE 


Concern grows over pension and wage pledge 

Spanish markets 
worried over budget 


By Tom Bums in Madrid 

Unexpectedly high prices in 
Spain coupled to a government 
promise to index pensions and 
civil servants' wages to infla- 
tion have raised doubts in 
financial markets over Mad- 
rid’s ability to deliver a restric- 
tive budget this month that 
will reduce the public deficit 

The market has pushed 
Jong-term interest rates above 
U.4 per cent this week, the 
highest level since February 
last year and one that repre- 
sents a spread of some 400 
basis points against Ger many 

“Spain is under suspicion," 
said Mr Henrick Lumboldt, 
head of fixed income research 
at Madrid securities house FG. 
“If there is a market sell-off, 
Spain is going to be sold more 
aggressively." 

Mr Pedro Solbes, the econ- 
omy minister, echoing a more 
sombre mood about the domes- 
tic economy, was reported yes- 
terday as saying a reduction in 
interest rates was “now more 
difficult” and he “hoped they 
will not have to rise”. 

Only a week ago Mr Solbes 
had forecast lower interest 
rates - the benchmark Inter- 
vention rate set by the Bank of 
Spain has stood at 7.35 per cent 
since early August - before the 
end of the year. The minister's 
changed predictions came after 
an unexpectedly high 0.6 per 
cent rise in August's consumer 
price index, which put yearon- 
year inflation at 4.8 per cent 
and accumulated 1994 inflation 


at 3.2 per cent, just short of the 
3.5 per cent target for the 
year’s end. 

Although the economy min- 
istry, which is due to deliver 
its 1395 budget this month, is 
officially sticking to a restric- 
tive policy that will reduce the 
public deficit by a full point to 
represent 5.9 per emit of gross 
domestic product the market 
appears to already be discount- 
ing a loosening of the pro- 
fessed tight monetary guide- 
lines. 

The market perceptions are 
likely to be heightened follow- 



Fedro Solbes: sombre mood 


ing guidelines announced this 
week on pensions and civil ser- 
vants' pay. Mr Gonzalez said in 
parliament that Spain’s nearly 
7m pensioners, whose retire- 
ment pay this year has been 
based on the 3.5 per cent CPI 
rise projection, will be fully 
compensated for what now 
seems likely to be an inflation 
rate of around 43 per cast at 
the end of the year. 

The government has also 
agreed to link salary increases 
for Spain's 2m civil servants to 
inflati on over the m ft. three 
years starting in 1995. The 
agreement with unions 
includes an undertaking to 
make up for a wage freeze on 
civil servants’ pay over the 
past two years with increased 
pay awards in 1996-1997. 

The open-handed policy to 
both pensioners and civil ser- 
vants has prompted specula- 
tion that p rimp minister Felipe 
Gonzalez, who was re-elected 
in 1993 for a four-year term 
just as Spain dipped steeply 
into recession, amid be laying 
the groundwork for a snap 
election next year, when the 
economy is forecast to recover 
rapidly and grow by as much 
as 23 per cent 

“The government looks as if 
it is throwing caution to the 
winds and risking a ‘stop-go’ 
economy.” said Mr Lorenzo 
Bemaldo de Quirts of Madrid 
economic consultants Global 
Research. "There are a lot of 
inflationary tensions and 
restrictive policies should be 
kept in place longer.” 


Kiev ministers poised to 
clinch deal with IMF 


By Matthew Kaminski in Kiev 

Ukraine is on the verge of 
reaching its first agreement 
with the International Mone- 
tary Fund, a step which could 
unlock the S4bn (£2.5bn) in aid 
promised by the Group of 
Seven leading industrial 
nations, senior Ukrainian and 
western officials said this 
week. 

Ukrainian cabinet ministers 
said they believed the country 
could reach a preliminary 
agreement with the IMF on an 
initial STOOni loan to stabilise 
the economy by the end of the 
month. An agreement with the 
IMF would be the strongest sig- 
nal so far that Ukraine, one of 
the weakest economies in the 
region, is about to attempt a 
radical economic transforma- 
tion. 

"We hare a plan that will 
meet IMF conditions," said Mr 
Roman Shpek, the reform- 
minded economy minister who 
is spearheading Kiev’s negotia- 
tions with the Fund. “There is 
now enough political will in 
Ukraine." 

Western diplomats said 
Ukraine could reach the pre- 
liminary agreement with the 
Fund as soon as next Tuesday. 
Final approval would come at 
the IMF’s summit in Madrid 
next month. 

To meet IMF conditions 
Ukraine, which has one of the 
least reformed economies in 
the region, must liberalise 
prices, reform the currency, 
overhaul its restrictive taxa- 
tion and trade policies and 
slash its budget deficit from its 
current high of 20 per cent of 
GDP to 10-12 per cent 

But iT Kiev takes these diffi- 
cult steps, the talks with the 
IMF and parallel negotiations 
with the World Bank to release 
a S-iOOm rehabilitation loan 
could be the beginning of the 
first serious attempt to imple- 
ment market reforms since 
Ukraine became independent 
nenrlv four years ago. 

Some western politicians and 
•‘cunninists. many of whom 


Crimea’s vice-prime minister. 
Mr Yevgeny Saburov, 
yest er da y resigned in the 
wake of a confrontation 
between President Yuri 
Meshkov and the parliament 
of the autonomous Ukrainian 
peninsnla. dealing a further 
blow to the president, writes 
Matthew Kaminski. Mr 
Saharov, a former Russian 
economics minister, said he 
did not “see the possibility of 
working further In a 
constructive way if this 
situation continues**. 

Mr Saharov's appointment, 
along with other “Moscow 
experts", to head the contested 
region's government was, 
ironically, resented by 


parliament, a pro-Rnssian 
chamber dedicated to breaking 
from Ukraine. Mr Meshkov ' 
appointed Mr Saburov to 
revive economic link* with 
Russia, although stopping 
short of complete 
independence from Ukraine. 

Mr Meshkov, his position 
uncertain, told the Interfax 
news agency he would defend 
the Saburov government 
against parliament. Last 
Sunday he suspended 
parliament but ended the 
lock-out two days later. 
Ukrainian President Leonid 
Kuchma's special envoy, Mr 
Yevgeny Marchuk, arrived in 
Simferopol yesterday to try to 
settle the dispute. 


had dismissed Ukraine as an 
economic basket case, have 
begun to argue that if Ukraine 
chooses to reform it should be 
supported with substantial 
western assistance. The $4bn. 
pledged at the G7 summit in 
Naples in July, was the first 
concrete move in this direc- 
tion. 

“I just can't believe that the 
west would miss this chance," 
said Mr Jeffrey Sachs, the Har- 
vard economist who advised 
Poland when it pioneered 
"shock therapy" reforms 
nearly five years ago. “You 
have a classic situation in 
Ukraine where you could have 
a very good programme or the 
opportunity could be lost But 
they need a push from presi- 
dent Clinton and Chancellor 
KohL" 

However, if President Leonid 
Kuchma’s administration 
chooses to push for radical eco- 
nomic reforms it could face 
tough opposition from 
Ukraine's communist-domi- 
nated parliament where MPs 
from the rust-belt in the east of 
the country have a powerful 
voice. 

Although Mr Kuchma has 
already demonstrated a greater 
willingness to over-rule parlia- 
ment by exercising the presi- 
dent's right to issue decrees, he 


is expected next Tuesday to 
ask the legislature to lift its 
moratorium on privatisation. 
Within the next few days his 
advisers say he will also pres- 
ent a comprehensive economic 
reform plain to the parliament 

Moreover, Prime Minister 
Vitaly Masol, an appointee of 
the previous president, has 
openly opposed reforms. But 
some western observers 
believe that Mr Kuchma, who 
has been quietly moving his 
own. more reformist allies into 
the cabinet may be trying to 
isolate and eventually sack Mr 
Masol. 

These political uncertainties, 
and lingering doubts about Mr 
Kuchma's own commitment to 
reforms, have prompted some 
leading Ukrainian politicians 
to urge the west not to give aid 
to Ukraine until it acts on its 
reformist promises. 

“Ukraine is like an alcoholic 
asking for a loan to buy more 
vodka," Mr Viktor Pynzenyk, 
one of the foo din g advocates of 
radical reforms in the parlia- 
ment, said. Before giving 
Ukraine financial assistance, 
be warned senior World Bank 
officials at a meeting last 
week, they must be confident 
that the government had 
“kicked the state out of the 
economy”. 


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Revenge of the Armenian diaspora 

Steve LeVine on a decisive force in the long territorial war with Azerbaijan 


U ntil a year ago. two 
Californian men cut 
among the boldest 
images to be seen in Armenia's 
long separatist war with Azer- 
baijan. careening around the 
battlefield in a jeep with “Cru- 
saders” emblazoned across the 
doors a n d f ighting harder than 
many local comrades. 

The pair was there as the 
Armenians penetrated deep 
into neighbouring Azerbaijan, 
grabbing a towering advantage 
over the enemy. One of them, 
an import-export trader named 
Mr Garo Kakhejian, was even 
suspected by the FBI of run- 
ning guns to the homeland to 
buttress the Armenians' effort 
Now, with a tense ceasefire 
holding since July, the Armen- 
ians seem poised to gnfo suzer- 
ainty over the patch of Azer- 
baijan for which they have 
fought since 1988; Azerbaijan, 
which has lost more than a 
fifth of its territory and been 
pushed to the brink of disinte- 
gration, appears ready to offer 
Arm enia a political settlement 
in peace talks that have nar- 
rowed to one or two differ- 
ences. 

But only one of the Califor- 
nians will be around to savour 
the apparent triumph ; Mr Kak- 
hejian, 31. was killed by a 
sniper in June 1998. 

Now his buddy fights on 
alone. 

*Tm not a Rambo, Fm not a 
trained specialist but I do my 
best” says Mr (Thahe Aj amian, 
32, at his friend’s grave — We 
have one slogan: Death or 
Freedom'." 

If the Armenians do ulti- 
mately carve out an indepen- 
dent region of Azerbaijan for 
themselves, as seems probable, 
it will be largely a result of the 
efforts of zealous diaspora 
Armenians such as the Calif- 
ornia pair. The world’s Bin- 
strong Armenian diaspora 
community, concentrated in 
the US cities of Boston, Fresno 
and Los Angeles, and in Paris, 
Beirut and Damascus, hag been 
the war's key private backer. 

Responding to the Armen- 
ians’ demand for independence 
in a tiny, kidney-shaped Azer- 
baijan region called 
Nagorno-Karabakh, diaspora 
groups hare raised millions of 
dollars a year in telethons, 
political fund-raising drives 
and individual donations. In 
one California telethon alone 



1 1 

A rmenia n militants: support of Armenians all over the world has turned the war in their favour 


in February, the radical. 
Athens-based Armenian Revo- 
lutionary Federation raised 
$1.5m, according to a group 
spokesman. 

The donations have helped 
break an Azerbaijan blockade 
of Armenia, financing food and 
clothing, but also arms, ammu- 
nition, communications and 
other equipment. The result 
has been to underpin Armen- 
ia's dramatic shift from a rear- 
guard defence of 
Nagorno-Karabakh two years 
ago to its vast advantage 
today. 

The success of the Armenian 
diaspora illustrates an out- 
growth of Europe's postcold 
war rash of nationalist wars. 
This has been an increase in 
the power of diaspora groups - 
especially from eastern Europe 
and former Soviet bloc nations 
such as Ukraine and the Bal- 
tics - to influence politics in 
the western countries where 
they live, and in the nations 
from which they emigrated. 

A decade ago, Armenian 
diaspora organisations were 
near political pariahs in 
Europe and the US, as Arme- 
nian extremists went on a 10- 



• Y "”f ; ARMENIA.- ;. 
AZEnSAUftN \ 1 


• i ■ « 

IRAQ V. . IRAN 


year terrorist streak in which 
41 Turkish diplomats around 
the world were slain. 

Now, groups snch as the 
Armenian Assembly of Amer- 
ica and the Armenian Revolu- 
tionary Federation, known as 
“Dashnak". operating in the 
US Congress, the United 
Nations and the Elysee. are 
among the world’s most 
sophisticated political lobby- 
ists. according to western polit- 
ical analysts and diplomats. 
Their influence has alm ost 
entirely overshadowed Azer- 
baijan’s thus -far feeble efforts 
in Washington. 

Nagorno-Karabakh has been 


a binding glue for the diaspora, 
which grew up after the 1915 
massacre of up to lm Armen- 
ians in Ottoman Turkey. 

Arme nian groups, for exam- 
ple, have claimed credit for the 
US Congress's decision to sin- 
gle out Azerbaijan for Wash- 
ington’s only sanctions in the 
ex-Soviet Union; the 1992 Free- 
dom Support Act bars all but 
humanitarian aid to Azerbai- 
jan because of its blockade of 
Armenia. Meanwhile. Armenia 
was allocated $195m in 1993 US 
aid, second only to Russia 
among ex-Soviet states. 

Analysts say the lobby has 
been especially skilful! in tar- 
geting campaign contributions. 
One of its strongest supporters, 
the Democratic congressman 
Mr Joseph Kennedy II. for 
example, received more than to 
per cent of his 1994 individual 
campaign donations from 
Armenian contributors, accord- 
ing to public records in Wash- 
ington. 

“There is a real sense in the 
[US government] agencies that 
Armenia absolutely must not 
be slighted," says Mr Corbin 
Lyday. of the Stanford-Berk^ 
ley Department of Soviet and 


post-Soviet Studies. 

The war has its roots in 
Josef Stalin's divide-and-rule 
tactic of shifting entire ethnic 
populations on to others' lands, 
or awarding one people politi- 
cal control over land populated 
by a rival nationality. In 1923, 
Stalin laid the seeds for today’s 
war by placing the 
Nagorno-Karabakh Armenians 
under Azeri controL 

In 1988, the Arme nian popu- 
lation openly rebelled, alleging 
decades of discrimination 
against its language and cul- 
ture, and the fighting has esca- 
lated steadily since. In July, 
Moscow brokered a truce, and 
has proposed that Russian 
troops form a cordon between 
the two sides. 

Peace talks hare narrowed to 
two questions - who will con- 
trol a strategic corridor 
between Nagorno-Karabakh 
and Armenia proper called 
Lachin, and a town called 
Shusha, to which both sides 
claim a sentimental attach- 
ment. The Armenians oow con- 
trol both and, since Azerbaijan 
has few bargaining chips aside 
from hoped-for leverage from 
Moscow, the chances are that 
the Azeris will not regain con- 
trol over either. 

The diaspora's most impor- 
tant assistance has come on 
the battlefield itself. The 
Armenians’ weapons and 
ammunition caches far out- 
strip their obvious resources; 
diaspora groups are responsi- 
ble for supplying a significant 
part of the materiel, and 
Moscow the remainder, west- 
ern analysts say. 

A puzzling feature of the 
diaspora support however, has 
been a relative dearth of army 
volunteers. Just four to five 
dozen diaspora Armenians 
have fought at any one time, 
say local and western sources. 
Almost all these volunteers 
have been from Lebanon and 
Syria. 

One of them is Mr Mike Mel- 
konian, 41, who until recently 
operated a jeweller; store in 
MontibeHo, California. 

Wounded in the back earlier 
this year, Mr Melkonian was 
interviewed on his return to 
Montibello to recuperate. Tm 
going to spend two or three 
days in the jacuzzi," he said, 
lounging on an aiiiiner from 
Yerevan. “But then Tm coming 
hack. Not everyone can fight” 


ADVERTISEMENT 


PHILIPPINES SERIES: CORPORATE PROFILES 


House of 
Investments 

RCBC Capital 
Corporation 


■.S’* 




»•' n. 


iflSKip 








.... 


I 


W- 


ft 


The Yuchengco Group in the Philippines is now emerging 
from a period of resilience into one of vigorous growth. 
Companies in this group and the reasons for this emergence 
are profiled below. 


Alfonso T. Yuchengco 
Chairman of the Board 
RLud Commercial Banking Corporation 


After a decade of lagging behind most of is Asian 
neighbours, (he Philippine economy is Bully 
shotting signs of recovery. Its gross onions! 
product increased at a respectable 2.4* last y ear 
and is e x pe c t e d to improve 4.75* ibis year. Experts 
agree tbai the recovery signals tbe run or an era of 
rotes and snsnrinaMc growth. Increased political 
sabitiry is probably ibe main reason far tfae upturn. 
Sixty mSBon FQipinas are finally getting tbrir act 
together and making their version of democracy 
work. The successive coops cfetat that have kepi 
national leaders more troubled about ibeir own 
survival dun ibeir people's quality of tile are now 
bnt entries in history books. A daly-cfecied 
democratic government a in place, and it seems to 
be matinf [he right moves as (at as business and 
eccmomics are c o ncerne d . For tbe past three yean, 
tbe Ptritippmc government seems to have punned 
strategic d ire ct i ons Hut have long-term positive 
effects on tbe econom y- j new foreign mvuauun 
lav f— -w-tr— ep ventures in tbe country - m 

independent Central Bank mandated to keep 
mfUtiou under control has been es ta b l is h e d, and 
move* promoting [owe: interest rales and fiscal 
prudence on tbe pari of tbe go v e rnmen t have been 
And as i memb e r of tbe ASEAN 
Fret Trade Area, tbe Philippines b expected ro 
benefit from porting isnrxr portal trade. 

Few Philippine -based conglomerates survived tbe 
pasi crisis yean unscathed One of than, the group 
frwmrb-d by Ambassador Alfonso T. Yuchengco, h 
now ■sswrynso from a period of resilience into one 
of vigorous growth. The group includes the 
country's fifth- targes! nnrvcna] bank, the largest 
owe -life insurance organisation, the second- largest 
Hie insurance linn, and a major anestmetn bolding 
corporation. There are two main companies m the 
ptmp which are of particular interest : Horse of 
Inv r-MM W anti RCBC Capital Corporation. 


Finance and Insurance 


Agribusiness 


Hi's partnership with Bank of America Ins gives 
rise to BA Savings Bank, which was (or many 
yeas the PMrppcres' largest Gnance company. BA 
Savings recently acquired a license to operate as a 
savings bank. Under its new status, it can avail 
Itself of cheaper sources of funds while offering 
consoroets a wider array of products sad servires 
HI -Group Jctmsaa and Hlgglas (PhOs.1, Inc. is 
HTs Insurance brokerage subsidiary, established Lo 
partnership wtlh Johnson & Higgins, a New York- 
based insurance brokers firm. The majority of its 

^liwiK ik major nuttnioMl fran p ipW 


Construction 


PtrUroek, Inc, a wholly-owned Hi subsi di ar y, is 
into horizontal construction, materials testing 
services, and tbe manufacture and sales of asfrtiaUJc 
concrete, processed aggregates and related 
products. Phi l roc It has participated in major 
industrial and rnfrastrucrare projects of the private 
asd public sectors, including some funded by tbe 
World Bank, the Asian Development Bank. Ibe 
Overseas Economic Cooperation Fund of Japan, 
and tbe firnwenie Support Fund of America. 

FF-I Corporation, an HI affiliate, is one of tbe 
largest engineering and construction firms n> tbe 
Philippines. U has extensive overseas operations in 
Lbc Middle East, principally in Kuwait, and has 
construction contracts in Brunei and Malaysia. EEI 
is a major player in industrial plant coiwrnutio n. It 
has taken the lead in erecting ail refineries, power 
generation plants, cement companies, road 
processing factories and other manufacturing 
Cacti flies. 


HI owns four companies itai produce cavendish 
bananas for export under the Dole brand through 
exclusive marketing agreements with Castle and 
Cooke Worldwide. Lid. These are Diamond 
Farms, Inc., Golden Farms, Inc, Checkered 
Farms, Inc. and Timog Apkdlgnl Corporation. 
HPs banana companies account for approximately 
10% of Fh3in»K banana exports to Japu. 

TJBolt Agro-Industrial Development. Inc. 
{TTrolil. which was recently organised, seeks to 
grow, process and export tropical fruits by 1905. 
Crimfarent with HTs developer rw objectives. Tboli 
will grow its fruits through contract growers who 
will benefit socially and economically from the 
company. Skills mining, values formation, 
co mp rise devdopmea courses and other services 
will be mndr available lo Thud's contract growers 
and surrounding communities. 

Celestial Farms. Inc. is Hi's fully- Integrated 
pawn Cbito covering aa area of 500 hectares, ii has 
its own batchrry, feedrnill plant, grow-tmi ponds 
ami processing pllQL 


Alfonso S. Yuchengco III 
President 

House of Investments, Inc. 


Inc. (MMPj, is an HI affiliate. MMP has 
cm&isrcatly been successful in drvricpiug private 
cemeteries and cremation facilities, fl recently 
opened its thud padt. a 120 -beeure property smith 
of ManOa. 

Don Don Corporation . Hi’s new chain of 
restaurants, hopes ro win the taste of rice-loving 
Filiptoat Ewablitbrd in 1993 in partnership with 
KiboB. one ol Japan's largest processed food 
companies. Don Don serves J np a ncs c cuisine in ■ 
very efficient Easdbod format. 


RCBC Capital Corporation 


Services and Trading 


House oT Investments 

House of invesutmts (HI), which is haded by Mr 
Alfonso S. Yocfccogen m. is a Philippine leader in 
project development and joint ventures with 
infei nationally respected companies. Since its 
establishment in 1959. HI has organised, acquired 
or invested in more than 30 tenons. At present, it 
h_t lucres stitudbrics and affiliates m industries 
including finance and insurance, construction, 
tEanufjc^cuig sad power generation, agribusiness, 
end set* ties and t rading . For ahson four drearies . 
HI hat made a substantial conltibolwa 10 Ibe 
economic progress of the Philippines and has 
fcrcly csiiMi:.b«i itself as a major pillar a tire 
causers s unesuortT hatrthtgs sec u r e. 


Manufacturing 

and 

Power Generation 


HJ bolds a stake in Avsatex MID Corporation, a 
manufacturer and exporter of high tpriity era ion 
yarns. Avanicx is principally owned by Snng-I 
Industries. Inc. of Taiwan and financed partly by 
die Asian Development Bank and the International 
FiniUCT Corporation. 

Sable Power Carp <SPCi. a new HI affiliate, 
opt rules a power plant under ibe government's 
build-opc rate -transfer scheme. SPC is a joint 
venture with Euros Corp. a Texas-based energy 
company. The US$ 1 27-mi!lion SPC plant is 
footed m the Subic Bay Free port, a former Untied 
naval base north of Manila. 


HTs paiiucjs ti tp with fqjl Xerox Corporation or 
Japan bes given rise lo Philippine Frijf Xerox 
Corporation IPPXCI. It is the largest office 
equipment distributor in the Philippines, holding 
mocb of lbc market stare for plain paper copiers 
end facsim ile nudiim-i ITXC imports brand new 
copiers for sale in (be local market, rtmanubemres 
second-hand copters lo brand new standards for 
lease or sale in the local market or (or export 10 
Thailand, and distributes facsimile machines, 
engineering workstations, ovmbcad projectors, and 
other office equipment. 

HI-Eisai Pharmaceutical. Inc., a joint-venture 
between HI an Eisal Co.. Ltd. of Japan, 
manufactures and dbuibuies pharmaceutical items. 
Its products carer primarily to l hr medical needs ol 
people advancing in ap. HI-Eisai recently started 
marketing and distributing veterinary products. 

In joint venture with Dftlri. Ine^ Japan's Largest 
supermarket and department store chain. HI 
established HJ-Uaiei Trading Company. Inc. As 
lbc Philippine purchasing agent Tor Daiei. the 
company sources high quality products for 
distribution in Japan. 

JCaglfiogM Printing Press, established in 
partnership with Philippine -based Andres Soriano 
Corporation, is the exchtuive printer of the Manila 
Standard, a leading daily newspaper with 
natron wide circulation. 

The largest memorial park company in the 
Philippines. Manila Memorial Park Cemetery, 


RCBC Capital Corporation is a subsidiary of 
Rizal Commercial Banking Corporation, the 
Philippine. 1 fifth largest universal bank. As a major 
investment bank, RCBC Capital extends a host of 
services inclmfing underwriting, project financing, 
and joint venture packaging. 

RCBC Capital played on active role m most of the 
1993 initial public offerings in the Philippine stock 
marker, which, according to tbe loienuiioaal 
Finance Corporation global index, registered a US 
dranjt return of JJ2^r. the highest return recorded 
in Asia and Larin America. RCBC Capital was lead 
underwrite! for tbe issues of Hume of Investment* 
and oUoUbee food Caepmthm (the Philippines' 
latest fast food chain L It was a co-underwriter Tor 
tbe Kepphil Shipyard issue and co-lead selling 
agent for the secondary issue of EEI 
Corporation. 

As opportunities m (he Philistines increase. RCBC 
Capital's expertise is expected to be ip great 
demand in (he yean ahead. 


House of Investments, Inc. 
GPL Building 
221 Sen. Gil J. PuyaiAvc. 

Makati Metro ManOa 
Philippines 

TeL <632.1 844-S6J6 Fax. (632) 815-%dO 

RCBC Capital Corporation 
8th Floor Y Tower li Building 
Alfaro cor. Gallardo Street 
Salcedo Village, Makati 
Metro Manila, Philippines 
Tel. (6321 8B-70S5 Fax. (632)813-7083 




N 



X 


N 




FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


ir INTERNATIONAL 


Opposition 
to nuclear 
treaty grows 


By Frances Wffiams in Geneva 

An indefinite extension of the 
nuclear non-proliferation 
treaty, desired by most west- 
ern nations and four of the five 
nuclear powers, has run into 
stronger-than-expected Third 
World opposition. 

Mr Isaac Ayewah of Nigeria, 
c hair man of a meeting In 
Geneva to prepare for the NPT 
extension conference next 
spring said yesterday that a 
majority of states appeared to 
favour only a HwifrpH extension 
of the treaty, accompanied by 
clear moves by the five 
declared nuclear-weapons 
states towards nuclear disar- 
mament 

This was later refuted by Mr 
Thomas Graham, head of the 
US delegation, who said about 
60 countries were committed to 
making the NPT permanent 
while the remainder of the 
treaty's 104 members had yet 
to malm up their mhidg- HOW- 
ever, he admitted that the 
prospects of indefinite exten- 
sion, while “reasonably good", 
were “not assured. 

Among the nudear powers 
the US, Russia, France and 
Britain support indefinite 
extension. China has not 
declared its position. 

A decision to extend file NPT 
requires a simple majority of 
treaty members and can be 
taken only once. The options 
are an indefinite extension, or 
extension for one or more fixed 
periods alter which the treaty 
lapses. 

The West argues that the 
NPT has been crucial In curb- 
ing nuclear proliferation. 
Opponents of indefinite exten- 
sion say the treaty unfairly dis- 


criminates against non-nuclear 
weapons states and does not 
provide adequate means to 

new proliferation con- 
cerns. 

Critics single out what they 
see as the fafiure of the nudear 
powers to abide by their NPT 
obligations to enter “good 
faith” negotiations to mid the 
nuclear arms race and work 
for eventual elimination of 
nuclear weapons. 


A majority of 
states appear to 
want only a 
limited 
extension of 
the NPT 


A number of developing 
nations this week called for a 
strengthening of the nonprolif- 
eration regime, to include a 
comprehensive nuclear test 
ban treaty (CTBT), a prohibi- 
tion on production of fissile 
materials for weapons pur- 
poses and a dismantling of 
stockpiles, guarantees to non- 
nuclear weapon states that 
nuclear weapons will never be 
used against than, and a com- 
mitment by the nuclear powers 
to negotiate thfl wHminaHnn of 

nuclear arms within a fixed 
time-frame. 

A CTBT is being negotiated 
in Geneva under the auspices 
of the United Nations disarma- 
ment conference, but is 
unlikely to be ready in time for 
the NPT extension conference. 


North Korea 
seeks fresh 
pay-off 


North Korea wants several 
biOton dollars’ compensation 
for nuclear research and costs 
if it agrees to US demands to 
shot down Its reactors, a senior 
Pyongyang negotiator said yes- 
terday, Renter reports from 
Berlin. 

That compensation would be 
In addition to international fin- 
ancing for a US plan to lower 
the risk of Pyongyang building 
nuclear weapons by giving 
North Korea new nuclear 
power technology. 

North Korea’s delegation 
leader, Mr Kim Jong-u, speak- 
ing after live days’ talks in 
Berlin with US experts, said 
there had been no agreement 
an the financin g dema nd s. 

■Details of that will be dis- 
cussed at higher-level talks,” 
he said. The two sides plan to 
resume talks In Geneva on Sep- 
tember 2$. 

“There are two types of com- 
pensation.” Mr Kim said. One 
type would be for buying new 
foreign-made light-water reac- 
tors and another would be 
"compensation for electric 
losses and investment after 80 
yean” of nuclear research and 

power generation. 

Asked how much North 
Korea wanted for its invest- 
ment costs. Mr Kim said: "Sev- 
eral billion US dollars”. 

The US baa divulged nothing 
about the progress of the nqso- 
Hattons, billed as “technical" 
talks as a branch of the main 


Geneva negotiations on ending 
a nudear dispute between the 
two countries. 

Washington wants commu- 
nist North Korea to switch 
from Its graphite-moderated 
nudear technology to fight-wa- 
ter reactors that would be 
financed and supplied by a US- 
led international consortium. 

Mr Kim said his country 
wanted to increase its reactor 
capacity to a total of 1.550MW 
by the year 2002. But he 
repeated Pyongyang's refection 
of light-water models offered 
by rival South Korea, saying 
they were not advanced 
enou gh 

“The right for the selection 
of light-water reactors Ls in the 
hand of DPRK,” he said, rear- 
ing to the North’s foil name of 
Democratic People's Republic 
of Korea, 

The North Koreans say they 
are Interested in technology 
from Russia or the German 
company Siemens. 

“Whether South Korea is to 
finance the project or not we 
are not concerned," Mr Kim 
said. 

In parallel with the Berlin 
talks, the two countries were 
discussing in Pyongyang the 
establishment of liakwi nffvpq 
to their respective capitals. 

In talks with the US in 
Geneva last month. North 
Korea agreed to suspend its 
nuclear programme while the 
two sides negotiated. 










ROUGH RIDE: Hong Kong faces a less than easy hransitkHi to tariijese sovereignty to 1997 

'Vv; 


HK polls: here today, gone tomorrow 

Sunday’s local elections are under death sentence by Chipa, Simon Holberton writes 


M r Otoenng Yuk Ifins. a 42- 
year-old accountant, is 
standing at the comer of 
Nelson and Reclamation streets in 
central Mong Kok, Kowloon. It is 
early to the morning and he is recit- 
ing his election pitch into a micro- 
phone wwitieriiBd to an aiti pHffor and 
speakers in a wire shopping trolley. 

Few passers-by stop to listen to him 
as he epeaks about the poor public 
hygiene in Mong Kok, its inadequate 
water supply, and the prevalence of 
crime in the neighbourhood. Yet, Hke 
other candidates in Sunday’s local 
e l ection s throughout Hang Kang, Mr 
Cheung tens the voters that he can 
trmkp a difference to their fives. 

T he election is the first fuHy-demo- 
cratfc poll in Hong Kong since Britain 
colonised twa tiny mtubt of southern 
China ISO years ago. It is also likely to 
be among the last Sunday’s poll is 
being held against China’s expressed 
wish and under sentence of annul- 
ment come the cwnaiia takeover an 
July 1,1937. 

Beijing demonstrated graphically 
earlier this week its power to hold up 


the development of Hang Kang’s pact 
(the world's busiest) simply by calling 
tor 1 he ejection cf file JanHne group, 
the British trading house, from a con- 
sortium building the facility. Yet its 
premise to ov er t urn - the result cf Sun- 
day's poll has had surprisingly Utile 
impact an penile wanting to stand for 
election or, if opinion polls are reli- 
able, an the voters as well. 

In all, 756 candidates are contesting 
846 «m<« in the colony's Iff district 
boards, mclrattng many supporters of 
Buffing The DBa, as they are known, 
are like a secular parish council 
advising a “district officer” who holds 
all local dedaforimaking power. This 
has not, however, made the DBa irrel- 
evant. It hat simply Tngntrrt that the 
role of members is more social worker 
than political leader, although a stint 
to the local district Is seen as a prov- 
ing-ground for higher elective office. 

In spite of Beijing's threats, Mr 
Wong Che Ming; a lawyer, sees no 
conflict in his role as an appointed 
adviser to China on local affaire, and 
as a candidate for Mong Kok in Sun- 
day’s poll "We can’t stand still sim- 


ply because someone has threatened 
to demolish the whole system," he 
says. "! still have something to do, to 
achieve. Two years is a long time-in a 
pliuv* KVp flhng Kong." 

Mong Kok is not the sort ot place 
western tourists frequent. It has the 
djbrtmctkm of being the world's most 
densely populated urban area. It 
houses 9&6&0 people per square kilo- 
metre, against the average for Hong 
Kang tf 6^380 a sq km. With that pop- 
ulation density go all the problems erf 
crime and social deprivation which 
Mr Wong, Mr Cheung and Mr Ng 
Wing FUi, candidate for the avowedly 
prodemocracy United Democrats, tefi 
the voters they can ameliorate. 

The building housing Mr Nffs cam- 
paign HQ, on the corner of Shanghai 
and Arran Streets (the Scots presence 
in the colony not being confined 
solely to JanHne’s and the upper eche- 
lons of the TTnmgfamg and Shanghai 
Bank), is a microcosm of the commu- 
nity. Within Us walls are a Baptist 
church, a karaoke bar, a sauna and 
various trading companies. 

Mr Ng, an earnest town planner 


seeking election for the first time, 
explains that th& buflffing Is relatively 
safe, mainly because the triads, the 
Chinese version of the Mafia, ran. the 
Kara-OK. Bar.-’Wth the triads . nnv- 
nfng the bar, we have no robberies in 

- t-hia T miMing ," hft Hays 

A short walk from Ms. office Is a 
16-storey apartment .Mock. A 400 sq ft 
flat in the budkttng sells for about 
HK fiJSm (026,000), but that, is the 
least of fite ^occupants’ problems. 
Some 100 people live an the roof in 
what the Hang Kong government 
calls “illegal fltiUctures” which house 

wiMTtily mainland fHitwrea Immig rants 

who do not qqa fif y fo r p ublic housing: 
and which sell for about HKH50.000 

. : -± • 

Mr Ng says Ids task is totntercede 
an behalf of these people vttto the 
building ’s manage m e n t nmmpany and 
the government The water and elec- 
tricity used by the 30 or so families 
firing on file roof Is iBegaBy siphoned, 
off the supply to the bufldfog. Boor 
pirnnhfng has already caused thefeil- 
ure of one lift because of seepage into 
the elevator shaft 


Intercession, with government or 
landlardis also one oCtbe main tasks . 
Mr Wong has performed since he was 
first elected to the Mong Kok district 
board to 1986. He also spends aTot of 
..time advising people how do tilings, 
such as organising a tender for repair 
worts to an apartment building and 
supervising the work. "You can. actor 
ally achieve something," he says. 

.In his campaign literature, Mr 

- Wong maiw* a point of the fact that 
he is an elected member of toe Mong 
Kok district board. This raises the 

- question, given his status as a&hlna 
r adviser and Beffing’s prefere nc e for 

the appointment, why it is worth 
■ diawing attention to. 

would help, my campaign to 
pomtoat that 1 had been elected," he 
says- “People win take note. It would 
mean. I had not come by my position 
easily, but from hard work.” 

But as if to underline the irrele- 
vance of Sunday's vote, Befitog let It 
be known a week ago that it. will 
shortly appoint a farther 200 local 
advisers to keep it abreast of the con- 
cerns of people at the grass roots. 


Nigeria surveys the wreckage 

The end of the oil strike has lifted a cloud, but what is revealed are 
the conditions for continued economic gloom, writes Paul Adams 


N igeria’s economy is 
quick to bounce] back 
from adversity’, hut 
while business is bade to nor- 
mal after a two-month oil 
strike, few captains of industry 
are celebrating and most are 
bracing themselves for more 
shocks. 

The end of the strike has 
lifted a cloud only to reveal the 
wreckage. 

Big manufacturers estimate 
that they lost the equivalent of 
six weeks business to the 
strike, which brought together 
industrial, ethnic and political 
grievances in a trial of 
strength between a military 
government dominated by 
northern interests and the eco- 
nomically dominant south. 
TJAC, Nigeria’s leading con- 
glomerate, posted half-year 
results 17 per cart below fore- 
cast 

“Eanftanic policies here are 
going in the opposite direction 
to the rest of the world. Unless 
there are changes we are head- 
ing for- economic calamity,” 
says Mr Christopher Kolade, 
chairman of Cadbury Nigeria, 
a touting food manufacturer. 

“Even though people are 
back at work, business needs 
to regain a basic level of confi- 
dence that the situation is set- 
tied," gays Mr Kolade. 

While the ports and the 
banks were closed during July 
and August, manufacturers 
could not dear goods through 
the ports and imports had to be 
unloaded in neighbouring 
Benin or Ivory Coast 
The delays and added costs 
of imparts are hitting hard in 



the depressed consumer indus- 
tries. Breweries and soft drinks 
manufacturers estimate that 
sales are still 25 per cent below 
levels in June and are retying 
on a good px&Ghristmas sea- 
son. 

Structural problems of the 
past four years — high govern- 
ment tfoflrfte, reliance an afl. 
for nearly all foreign currency 
and Indu stry's dependence on 
imported supplies - are com- 
pounded by harmful economic 
policies and an unstable politi- 
cal ontlook. 

Ntoe after the mili- 

tary government re-introduced 
state controls on the private 
sector, industry faces a period 
of low demand, low investment 
and high tnflwtinn 

Nigeria’s economic policies 
have brought the censure of 
the World Bank and indiffer- 
ence from trilateral creditors, 
but no prospect of badly 
needed aid or debt relief. 

General Sani Abacha’s 


regime overcame the' recent 
by opponents nf mfH - , 
rule YJot % persLraSio2i bed 
a shpwlaf force, jkav-' 
deep dis||nt and ethnic 
divisions. He*has wo&tRound 
One to tiie struggle to stay to 
power but lew analysts doubt 
titot Bound Two is coming, ff 
the regime is dismissive of 
political opposition, it seems 
deaf to criticisms , of its eco- 
nomic potiries. - 

After regulation^ fixing for- 
eign exchange rates in the Jan- 
uary budget, the formal private 
sector pinned its hopes on a 
policy reversal; when & mid- 
year budget review produced 
no changes and the political 
crisis brought toe economy 
nearly to-a standstill-business 
Leaders wrote off 1994 as a bod 
year. 

Among the big companies, 
the fittest will survive but, out- 
side the oil sector, the poli ti cal 
and economic risks to Nigeria 
offer more incentives to 
short-term traders and specula- 
tors than to Long-term invest- 
ment 

"What we wanted to see 
from the budget review was 
firstly a more liberal foreign 
exchange and interest rate pol- 
icy,” says Mr Bassey Ndfekho, 
chairm an of UAC Nigeria. 
“TTxtag exchange and -interest 
rates without any control over 
the riwn’urnfl was unwise." 

Electricity supply Is unrefi*- 
hle so companies uses diesel 
generators. During the oil 
strike fuel costs, went up 
between 300 per cent and 500 
per cent. 

The outlook for the oil indus- 


try is better hut the govern- 
ment's jfeflme to pay its 60 per 
titat share of toe industry’s 
costs has led' to under-tovest- 
menl and job losses. • 

Even after cutting their 1994 
budgets, the multinational aQ 
companies which operate the 
joint v e ntures in Nigeria, have 
been owed at least. f80Qm by 
the state this year. 

Nigeria’s lack of access to 
new capttal is bolding up some 
big projects. A 8550m invest- 
ment to produce gas which is 
currently wasted at Chevron's 
Escravos fields is to doubt 
because LGgeria depends for its 
majo ri ty share of the ftmffing 
on. the World Bank, which is 
critical of Nigeria’s economic 
mana g ement 

A $4bn investment, the 
much-delayed Liquefied Natu- 
ral Gas project at Bonny, 
hangs to the balance as 
Nigeria tries to convince 
export credit agencies such as 
the US Exhnbank that it is an 
acceptable country risk. 

Nigeria wIIL need all tha help 
It can get from ofl exports. The 
go ve rnment promised to Janu- 
ary a balanced 1994 budget, but 
then announced for the first 
half of the year a budget deficit 
of gt'ton. 

Western economists believe 
this figure was on the low side 
and are forecasting a deficit 
heading towards 1 ast year’s fig- 
ure cd more than |4bn or 17J> 
per cent of gross domestic 
product FnfiaHnn is nearly 7D 
per emit and accelerating while 
economists predict negative 
GDP growth of around 1 per 
cent by the end of the year. 


Sri Lankan PM 
tries to end war 


By Morvyn do S8v* in 
Colombo and a» s f a n WOflrtyf 
toNwMM ' 

Peace to the civil war in 
northern Sri Lanka would 
bring economic as well as polit- 
ical, social and hmnawitarbm 
gains, toe government's newly- 
appointed chief economic 
adviser said yesterday. 

“We . have to end tins war, 
and toe prime minister is abso- 
lutely right to tackling that 
problem tost Apart from the 
many other obvious reasons 
for ending this harrowing divi- 
sive conflict, it makes sense 
economically," Mr Lai Jaya- 
wardena. who this week joined 
the administration of Mrs 
Ghandrika Knmaratxmga, the 
recently-elected prime minis- 
ter, said. 

Mra- Ghandrika h an offer ed to 

negotiate a peace settlement 
with Mr Velupfllai Prabhak- 
aran, leader of the Tamil 
Tigers, the separatist guerrillas 
fighting for an independent 


homeland for ethnic Tamils 
since the mid-198Qs. 

Mr Jayawardena said Sri 
Lanka was spending -about 
Bs2Qha (£262m) a year on the 
war, toe equivalent of 4 per gf 
cent of GDP, plus a further 
RsShn on waprdated problems 
such as refugees. The peace 
dividend could be quite sub- 
stantial, he said. 

Mr Jayawardena, a former 
treasury secretary, ambassador 
and academic, also dismissed 
suggestions that left-wing 
members of Sirs Kumaratun- 
ga’s centre-left coalition gov- 
ernment could force the adop- 
tion of socialist policies. The 
g overnment would not change 
the previous conservative . 
administration's labour poli- 
cies, nor would there be any 
nationalisation or expropria- 
tion. of private pr op e rty . 

The government was com- 
mitted to export-led growth, 
including export-oriented ser- 
vices such as financial. .and 
shipping services, he said. 


US exits Somalia 


The American flag was 
lowered over the US liaison 
office to lawless Somalia and 
the last marine guards left yes- 
terday in. a low-key final act to 
21 mon t h s of American inter- 
vention, Reuter reports from 

UnpAtahw. 

An estimated 55 US marines 
flew by helicopter from the US 
liaison office in the UN com- 
pound to Mogadishu where 
they Left aboard a white UN 


The subdued departure con- 
trasted with the troops high 
profile landing on toe beaches 
of Mogadishu to December 
1992-As the US prepares for a 
possible Haiti invasion Somalia 
remains in chaos under dan 
warlords. 

US intervention came 
unstuck to an undedared.war 
last year against militias loyal 
to Mohamed Farah Aldeed 
which prompted President 
Clinton to order the puBouL 


John Lloyd in Bishkek tells of MPs’ warnings of democratic developments at least threatened, at worst crushed 

Kyrgyz fear their tiny nation will fall into iron hands 


I f the development or 
democracy in Kyrgyzstan 
has been threatened by the 
president's taking almost com- 
plete control over the country, 
the fjwroo fw of Its tmring hold 
to the other former Soviet 
states of Central Asia are 
remote, and the “realists’’ who 
increasingly claim it Is not on 
offer anywhere to the postSo- 
viet world will add another 
scalp to their belts. 

Kyrgyzstan, whose popula- 
tion is small, natural resources 
minor and weight in toe world 
negligible, had the highest of 
hopes, mainly because to Presi- 
dent Askar Akayev it had a. 
head of state who encouraged 
these ambitions. 

In a series of speeches, be 
established the image of an 
administration which, to con- 
trast to the other four states in 
the region, was determined to 
embed toil rule of law, to 
ensure press freedom and 


establish a fully functioning 
civil society. 

Largely for these reasons, 
the international financial 
institutions have committed 
more funds per head to Kyrg- 
yzstan, in tha form of support 
erf the currency, assistance for 
restructuring the agrarian and 
industrial sectors and humani- 
tarian aid, than to any other of 
the post-Soviet states. 

Thus, the country largely 
owes its present living stan- 
dard and future success in 
restructuring its economy, ami 
its abiding commitment to 
democratic development to for- 
eign support But on Tuesday 
the Kyrgyz parliament heard 
speaker after speaker warn 
that democratic development 
was at least threatened, at 
worst crushed. 

The cause was a series of 
moves either by Mr Akayev or 
attributed to him, first, the 
pariiament was inquorate: only 


125 deputies out erf 323 were 
present The rest; it was said, 
had been induced to stay away 
until a new parliament was 
created. Anticipating such a 
result the president bad asked 
the government to resign, 
arguing it had to do so because 
the constitution specified it 
could not outlast the parlia- 
ment He had called elections 
for a new parliament on 
December 24. 

This would be preceded by a 
re fer endum cm October 22 to 
pass a constitutional amend- 
ment specifying a bi-cameral 
pariiament of less than 100 
fan-tom MPs. The session was 
the last futile meeting of a 
donned institution. 

Further, the deputies argued 
that the president or his 
a thwi n BdTgrimi were afraid of 
allegations which would have 
been made of corruption, and, 
rim* the legislature had 
been suppr essed, the constitu- 


tional court not been 
appointed, and toe executive 
under his control. President 
Akayev was on his way to 
being an autocrat 
Further, tone of Bishkek's 
newspapers did not appear that 
day. Srobodny Gorl (Free HSHs) 
had been suppressed some 
weeks before by carder of the 
proc u r ato r after an appeal to 
him by the president The 
other two, Politika and Res 
Publica, were more recent 


phone-in to President Akayev. 
“But give us the elementary 
conditions : for living. Pay 
wages and pensions on .time”. 

The small 'diplomatic com- 
munity lit- Bishkek fe con- 
cealed. Far toe envoys there, 


Bishkek is in toe midst of its 
latest wrenching change, hav- 
ing been carved out of tribal 
societies by Soviet power. in 
the 1920s. Its industrial output 
has fallen since toe Soviet 
Union collapsed, dragging 
gross domestic product down 
by 19 per cent to 1992 and 16 
par cent to 1993, with a similar 
toll expected this year, "We 
suppor ted democratic reform," 
said a caller to a television 


ernments. that this was an 
oasis of even development, a 
wobble by Mr Akayev Is a seri- 
ous matter. They can find no 
good reason why he has forced 
a pariiaimmtar y crisis now, 
when parfiament would have 
been dissolved next March. 
They fear a turn towards the 
authoritarian ride evident in 
neighbouring UtoelrfstatLaiid 
Turkmenistan, 
to an interview, Mr Akayev 


tton to democratic develop- 
ment. 

The economy was showing 
real signs of recovery, he sakL 
Tnfiattnn was ;tbe lowest to toe 
Commonwea l th of todepenflent 


States, at 1.7 per cent a month; 
toe som, introduced to May 
last year, is the most stable 
currency, at 10.7 to the dollar. 

Farm reform bad gone fur- 
thest, with most state and col- 
lective farms probably liqui- 
dated and private farms 
showing signs of higher out- 
put. Most small businesses 
were also private. Real 
incomes were rising and for- 
eign Investor confidence 

Until the gnH of the year. 
President Akayev will indeed 
be the only figure of authority. 
Ffig rfaiin that democracy is 
not just being preserved but 
deepened cannot be judged 
until toe referendum the 
elections have happened, and 
property. 

On that de pends bis econ- 
omy, his reputation, and toe 
hope that Central Aria is not 
doomed to be ruled by iron 

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FINANCIAL TIMES FRIDAY SEPTEMBER 1 6 1 994 


NEWS: THE AMERICAS 


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Latin American trade gap 
to widen further this year 


Decision may hit Oliver North’s hopes and let Democrat in 

Wilder quits US Senate race 


By DavW PflHng in Santiago 
and Stephen Fkfler In London 

Latin America’s trade deficit 
will widen further this year as 
growth of imports outpaces 
export expansion, the UN Eco- 
nomic Commission for Latin 
America and the Caribbean 
(Eclac) says today. 

Publishing preliminary esti- 
mates of the performance of 
Latin American economies, 
Eclac said it expected the 
region’s exports to grow by 9 
per cent this year, with growth 
mainly due to the recovery in 
prices of primary exports, 
which had fallm for five suc- 
cessive years. 

However, the recent ten- 
dency for imports to grow at a 
Easter rate continued: this year 
imports are expected to grow 
by 12 per cent, leaving a wid- 
ening trade deficit 

Higher US interest rates 
have also increased the sums 
paid out by r-atin countries in 
interest and profit remittances. 

These payments are expected 
to rise from $31bn to $34bn. 
} which will produce a regional 
current account deficit likely 
to widen from last year’s $45bn 
to around $S3to (£34bn) this 
year. 

However, amounts of foreign 


capital approaching the record 
levels of the previous two 
years - an estimated J55bn - 
will continue to flow into the 
region to finance this deficit 
Although the number of 
Latin bond issues has falle n 
this year because of political 
instability, other types of capi- 
tal inflow - in particular, 
direct investment and foreign 
share issues - should nearly 


year, with growth of about 8 
per cent, followed by Argen- 
tina at 6-7 per cent Bolivia, 
Chile, Colombia and Costa Rica 
are all expected to boost gross 
domestic product by between 4 
and 5 per cent 
Regional laggards include 
Honduras and Haiti, both 
expected to record negative 
growth, Venezuela, which is 
battling a financial crisis, is 


Peru is expected to be the most 
dynamic regional economy this 
year, with growth of 8 per cent 


compensate, the agency said. 

Foreign debt for the region is 
likely to rise in nominal terms 
by 4-5 per cent from last year’s 
$497bn. However, because of 
export expansion, the ratio of 
debt to exports should drop 
from 300 per cent in 1993 to 285 
per cent this year. 

The region will continue to 
grow “moderately’’ in 1994, 
with average growth rates erf 
just above 3 per cent, the pre- 
liminary estimates suggest To 
judge from first-half data, Peru 
is expected to be the most 
dynamic regional economy this 


Mexicans Peru may 
plan talks settle ship 
on political deal debt 
reforms with banks 


By Ted Bardacfce 
in Mexico City 

The Mexican government and 
the country's main political 
parties are close to starting 
talks aimed at further political 
reform and paving the way for 
a smooth transition to power 
tty Mr Ernesto Zedillo, victor in 
last month’s presidential elec- 
tions. 

Legislators from the ruling 
Institutional Revolutionary 
party (PRI), National Action 
party (PAN) and Party of Dem- 
ocratic Revolution (PRD) 
agreed yesterday that "the 
time has come for the reign of 
mistrust to be transformed into 
serious and open political ! 
negotiations." 

In a separate meeting. Mr 
Jorge Carpizo, the interior 
minister, and the six “citizen 
representatives" who control 
the Federal Electoral Institute 
resolved to push for a “defini- 
tive" political reform that 
would include new rules for 
elections as well as changes in 
the relationship between the 
government and the PRI. 

These moves follow state- 
ments by outgoing President 
Carlos Salinas welcoming a 
call by the leftist PRD for a 
national dialogue before the 
country's electoral college 
meets in the last two weeks in 
October to ratify Mr Zedillo's 
electoral victory. 

A government official said 
issues such as making the elec- 
toral authority independent of 
the presidency and setting new 
rules for campaign spending 
and media access were rela- 
tively easy to resolve and that 
the sticking point was “how to 
get the parties to the table". 

Setting his conditions for 
dialogue. Mr Zedillo said yes- 
terday that if his party agreed 
to a sweeping political reform, 
the opposition parties must 
reciprocate by legitimising his 
victory in the electoral college. 
Mr Zedillo hopes the PRD will 
recognise his victory so that 
after he becomes president in 
December he con avoid the 
antagonism that has persisted 
between Mr Salinas and the 
opposition. 

The PAN and the PRD want 
ruling party victories in some 
local elections to be over- 
turned, notably the mayoral 
race in Monterrey and the 
gubernatorial race in the state 
of Chiapas. This would be a 
sign that the government is 
serious About political change, 
the parties say. 

In addition, the PRD wants a 
clear sign tliat concrete mecha- 
nisms to separate the ruling 
party from the state will be 
discussed. 


By Salty Bowen in lima 

An important barrier between 
Peru ai>d its commercial bank- 
ing creditors may be lifted 
soon. A congressional commis- 
sion investigating a long-stand- 
ing government debt with 
Chemical Bank and American 
Express Bank has recom- 
mended it should be recognised 
and, by implication, settled. 

The controversial debt is 
small in money terms - some 
$36m principal, now worth per- 
haps twice that with unpaid 
interest - but large in political 
significance. It arose in 19S1 
when the state shipping line 
CPV bought two cargo ships 
which proved virtually unusu- 
able. Chemical and American 
Express financed the purchase 
under a Tearing agreement 

Alleging irregularities, Presi- 
dent .Alan Garcia’s 198860 gov- 
ernment refused to recognise 
the debt, a position initially 
assumed by current President 
Alberto Fujimori. But the Citi- 
bank-led advisory committee 
which represents some of the 
biggest of Peru's more than 200 
commercial banking creditors, 
has insisted the debt be settled 
before negotiations are opened. 

The commission found "no 
evidence that the entities 
which financed the operation 
acted irregularly”. Blame was 
laid at the doors of CPV offi- 
cials and former ministers. 

Peru’s congress still has to 
ratify the commission’s recom- 
mendation. But, assuming the 
government majority has its 
way and the administration 
then accepts the decision to 
pay, long-delayed renegotia- 
tions over Peru's $7bn debt 
with the commercial banks 
should soon be under way. 

Fears over 
Cuban influx 

The Cayman Islands is facing a 
crisis over the British colony’s 
inability to deal with almost 
1,000 Cuban refugees, and 
there are fears that the territo- 
ry's stability could be harmed 
by refugees' reaction to a plan 
to repatriate them, according 
to government officials, Canute 
James reports from Kingston. 

Britain has sent hundreds of 
camp beds to the islands, 
where the administration is 
awaiting security assistance 
from the US to deal with the 
refugees. The leader of a 
Cuban -American group is ask- 
ing the British government to 
prevent the repatriation of 
Cubans by the Caymanian 
authorities. 


Inventory growth falls 


US business inventories grew 
more slowly in July than 
expected, offering some evi- 
dence that the economy may 
be moving to a slower pace of 
growth without an abrupt 
downturn in output. George 
Graham writes from Washing- 

The Commerce Department 
said inventories rose by 0.3 per 
cent in July, the fourth month 
t rf increase in succession but a 
much slower the 

average 0.7 per cent a month 
recorded in the second quarter. 
Most financial market econo- 
mist* bad predicted they would 


continue at that rate. 

Although businesses have 
been increasing stockpiles this 
year, inventory-to-sales ratios 
have been very low. hi July, 
inventories rose to represent 
1.42 months of sales, still a 
level at which retail sales 
would be expected to feed 
through into new orders. 

At the same time, a regional 
survey by the Federal Reserve 
Bank' of Philadelphia showed 
manufacturing activity con- 
tinuing to expand this month, 
despite some signs of weaken- 
ing in shorter delivery times 
and lower unfilled orders. 


singled out as the worst per- 
former, with a likely fall in 
GDP of 45 per cent 

Although Mexican GDP is 
expected to rise by only 2 per 
cent this year, the result is 
semi as positive in view of last 
year’s near-zero growth. The 
startup of the tripartite North 
American Trade Agreement, 
the improvement of the US 
economy and the depreciation 
of the peso are noted as contri- 
buting to the improved perfor- 
mance. 

In spite of the generally 
encouraging regional perfor- 


mance, Eclac cautions that “in 
the majority of countries, 
investment ratios are not suf- 
ficient to sustain foster growth 
in the long term ". Chile, with 
an investment rate above 27 
per cent, is one of the principal 
exceptions. 

Eclac points out that, 
because of expanding popula- 
tions, per capita growth 
throughout Tj>tin America will 
average only 1 per emit 

The first half also saw “new 
progress” in the reduction of 
inflation, which Eclac 
describes as “one of the most 
important achievements in 
Latin America of the last 
decade”. Regional inflation, 
which averaged 49 per cent in 
1991, was down to 16.5 per cent 
for the 12 months to August 
Argentina, Bolivia, £1 Salva- 
dor, Mexico and Panama are 
all expected to record single- 
digit infla tion this year. 

Th e fate of Brazilian infla- 
tion, which reached 2£00 per 
cent last year, hing p« on the 
success or otherwise of the 
recently introduced Real cur- 
rency. Venezuela is again seen 
as going in the wrong direction 
- the 12-month inflatio n rate to 
August was 68 per emit, com- 
pared with 46 per cent at the 
end of 1993. 


By Jurefc Martin in Washington 

Mr Dougins Wilder yesterday 
abruptly dropped out of the US 
senate race in Virginia, thus 
probably reducing the chances 
of victory For Mr Oliver North, 
the Republican candidate 

The former Democratic gov- 
ernor, who was r unning as an 
independent, declined to 
endorse Senator Charles Robb, 
his long-time rival, in the 
November 8 election. 

But his departure from the 
race leaves Virginia’s Demo- 
crats with the alternative of 
voting for Mr Robb or not at 
alL Had Mr Wilder stayed in, 
recent polls have suggested 
that Democratic divisions 
might have been enough to 
hand the race to Mr North, in 
spite of the presence of a sec- 
ond Initepgnripnt can d i date , Mr 
Marshall Coleman, a former 
Republican state office holder. 

Mr Wilder’s decision will 
come as an enormous relief to 
the White House and the 
national Democratic party, 
which is threatened with loss 
of control of the Senate. Vir- 
ginia was among the 8 to 10 
endangered seats that have 
threatened its 56-44 majority. 

Senior Republicans, includ- 
ing Senator Robert Dole, have 
begun to rally behind Mr 
North, setting aside reserva- 



Wilden “Fold ’em" 

dons about his criminal con- 
viction, overturned on a legal 
technicality, in the Iran-Contra 
affair while serving on Presi- 
dent Ronald Reagan’s national 
security council. 

Mr Wilder’s statement, quot- 
ing a well known song, said: *T 
know when to hold ’em and I 
know when to fold ’em." It 
said, in effect, that he had con- 
cluded he could not win and 
that his low standing in the 
polls made it difficult to gener- 
ate finnnrgg for his ffampatg n 

Two local polls this week 
underlined his problem. The 


Robb: indiscretion 

first gave Mr Robb 33 per cent, 
Mr North 28 per cent. Mr Cole- 
man 15 per cent and Mr Wilder 
12 per cent, with the balance 
undecided. The second had Mr 
North in the lead with 34 per 
cent, followed by Mr Robb at 31 
per cent, Mr Wilder 13 per cent 
and Mr Coleman 10 per cent. 

There may now be some 
pressure on Mr Coleman to 
withdraw to clear the field for 
the two main candidates. But 
his principal sponsor is Mr 
John Warner, Virginia's 
Republican senator, whose con- 
tempt for Mr North and his 


North: backed by Dole 

right-wing supporters is such 
that he persuaded Mr Coleman 
to run. 

The Robb-Wiider feud, a fea- 
ture of Virginia politics for 
years, was behind Mr Wilder's 
decision to enter the Senate 
race shortly after his term as 
governor expired in January. It 
reached fever pitch two years 
ago when it was disclosed that 
the senator's aides had been 
bugging the governor's car 
telephone. Subsequent admis- 
sions by Mr Robb of sexual 
indiscretion did little to help 
his image. 













If the 

rainforests arc 
being destroyed at 
the rate of thousands of 
trees a minute, how can planting r *W & 


just a handful of seedlings make a difference? 

A WWF - World Wide Fund For Nature tree 
nursery addresses some of the problems facing people 
that can force them to chop down trees. 

Where hunger or poverty is the underlying cause 
of deforestation, we can provide fruit trees. 

The villagers of Mugunga, Zaire, for example, eat 
papaya and mangoes from WWF trees. And rather than 
having to sell timber to buy other food, they can now 
sell the surplus fruit their nursery produces. 

Where trees are chopped down for firewood, 
WWF and the local people can protect them by planting 
fast- growing varieties to form a renewable fuel source. 

This is particularly valuable in the Impenetrable 
Forest, Uganda, where indigenous hardwoods cake 
two hundred years to mature. The Markhamia lotea 
trees planted by WWF and local villages can be 
harvested within five or six years of planting. 

Where trees are chopped down to be used for 
construction, as in Panama and Pakistan, we supply 
other species that are fast-growing and easily replaced. 

These tree nurseries are just part of the work we 
do with the people of the tropical forests. 

WWF sponsors students from developing countries 
on an agro forestry course at UPAZ University in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 



Unless 


help is given 


soil is exhausted 


very quickly by “slash 
and burn” farming methods. 
New tracts of tropical forest would then have 
to be cleared every two or three years. 

This unnecessary destruction can be prevented by 
combining modern techniques with traditional 
practices so that the same plot of land can be used to 
produce crops over and over again. 

In La Planada, Colombia, our experimental farm 
demonstrates how these techniques can be used to 
grow a family's food on a small four hectare plot. 
(Instead of clearing the usual ten hectares of forest.) 

WWF fieldworkers are now involved in over 100 
tropical forest projects in 45 countries around the world. 

The idea behind all of this work is that the use of 
natural resources should be sustainable. 

WWF is calling for the rare of deforestation in the 
tropics to be halved by 1995, and for there to be no 
net deforestation by the end of the century. 

Write to the Membership Officer at the address 
below to find out how you can help us ensure that 
this generation does not continue to steal nature’s 
capital from the next. It could be with a donation, 
or, appropriately enough, a legacy. 




WWF World Wide Fund For Nature 

(formerly World Wildlife Fund) 


International Secretariat, 1196 Gland, Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


-J 






6 






FINANCIAL. TIMES FRIPAY SEPTEMBER 16 1994 



WORLD TRADE 


£50m UK 
boost for 
business 
in Hanoi 


By Our Corraapandsnt 
h Hanoi 


British foreign secretary 
Douglas Hard woand up a 24- 
hoar visit to Vietnam yester- 
day by signing a £5Qm (£77.5m) 
mixed credit package designed 
to spur British business in a 
country where he acknowl- 
edged British investment had 
lagged behind. 

“Everyone who comes here 
can see that Vietnam is mov- 
ing very fast and we are deter- 
mined to move fast alongside 
Vietnam," said Mr Hurd, the 
first British foreign secretary 
to visit Vietnam. He singled 
out oil and gas. air transport 
and banking as particularly 
p romising areas. 

The credit deal commits 
Britain to almost three times 
the total aid it gave Vietnam 
from 1390 to 1990. 

Although he admitted that 
France, the OS, Russia and 
Japan were ahead in providing 
Vietnam with much of its 
infrastructure, Mr Hurd 
suggested that “historical rea- 


sons” explained much of this. 


He added: “In that sense 
Britain came late, but is now 
coming fost". 

Britain is the ninth largest 
investor in Vietnam, with 17 
projects worth a total of $4Q2m. 
Most of the money is in the ofl 
and gas sector. 


Mr Michael Turner, chair- 
man of Commercial Aerospace 
at British Aerospace and one of 
eight business people accompa- 
nying Mr Hurd cm the fouraa- 
tion Asian tour, said Vietnam- 
ese air traffic was growing at 
38 per cent and that the agree- 
ment would Mp finance the 
growth of Vietnam’s air fleet 

He said he expected to see 
the delivery of 10 to 15 Airbus 
A320s to Vietnam in the next 
18 months. BAe, a 20 per cent 
shareholder in Airbus Indus- 
trie which produces Airbus air- 
craft, hoped to sell smaller jets 
and turbo-props for Vietnam's 
domestic routes, now serviced 
by ageing Sovet-era Tupolevs. 

The nation’s flag carrier. Vic- 
tor Airlines, has said it needs 
60 to 80 new aircraft over the 
wwt decade, and indicated 
it will buy rather than lease 
them. Under the mixed credit 
deal, signed in principle at the 
Paris Club donors’ conference 
in December 1993, 35 per cent 
of the vahie of British goods 


Japan car companies seek to make it abroad 


J apanese vehicle numnfav 
fairing faculties in North 
America are regarded fax 

some US quarters as Trojan 
horses bent on promoting 
Japan's Industrial predomi- 
nance at the expense of their 
US counterparts. 

For their part. Japanese car 
makers, restrained by their 
natural caution and concern 
for their treasured relation- 
ships at hfflnp-, have at times 
seemed hesitant about moving 
overseas. 

But the announcement this 
week that Toyota will raise 
North American vehicle output 
by SO per cent in the next two 
years and double its engine 
production there, which fol- 
lowed Honda's earlier revela- 
tion that it would spend $3LQm 
more on its North American 
operations, provides strong evi- 
dence that the Japanese car 
industry wants further to 
expand its production abroad. 

“There is no doubt that glo- 
balisation has to go on in order 
to keep these guys in business 
and there is no doubt that 
plants [in Japan] will have to 
be closed down.” although not 
immediately, says Mr Andrew 
Blair-Smith, industry analyst 
at Barclays de Zoete Wedd 
Securities in Tokyo. 

The US, for political and eco- 
nomic reasons. Is an obvious 


High yen and trade rows spur overseas production, writes MkMyo Nakamoto 





target for increased Japanese 
mannftc t mlng - 

Not only is it a huge market 
that provided demand for 
nearly lAm Japanese vehicles 
last year, the growing need to 
meet specific regional market 
demands, the yen’s strong rise 
a gainst the dollar, mounting 
trade friction, and protectionist 
tendencies in the US all pro- 
vide strong arguments for 

inmpflcjng uminjffpbiriiiy 

In North America. 

The yen’s appreciation has 
forced Japanese car makers to 
raise the prices at exports to 
the US, making th»m more 


expensive than US-made cars. 
While Japanese companies 
have tried to alleviate the 
impact of the yen’s rise 
thro ugh aggressive fawiwg pro- 
grammes, their share of the US 
nio ri r nt fay Tinder pres- 
sure while profitability has Suf- 
fered. 

In announcing its annual 
results in the year to the 
of June, Toyota revealed that 
the yen’s rise against foe dol- 
lar had the effect of wiping off 
Y160fan ($L6lbn> than operat- 
ing profits. 

Meanwhile, as bilateral nego- 
tiations aimed at opening 


Japan’s market far ther to for- 
eign cars and parts remain 
stalled, protectionist tenden- 
cies could gather momentum, 
particularly when the strength 
of demand in foe US begins to 
taper off 

Qfl ftift fannwtiirta Vrr rrrYTx fa 

a law to he introduced in Octo- 
ber requiring labelling on the 
vehicle of the origin of parts. 
US negotiators have been 
pressing foe Japanese authori- 
ties to see to it that the Japa- 
nese Industry increases a vol- 
untary plan to purchase more 
foreign car parts, and presents 
a programme for increasing 


the number of manufacturer- 

affiliated dealers willing to seD. 

US cars In Japan. 

The US has been dan g lin g 
foe threat of trade sanctions tf 
no progress is made oth er in 
vehicle or other priority trade 
issues by the end of this 
month.' 

“The Japanese acceleration 
of US prodnctkm is an attempt 
to get the foot firmly in the 
door before the market tops 
out,” says Mr Blair-Smith. 

At the same time, local pro- 
duction in the US will increase 
as Japanese car makers 
increasingly concentrate foe 
manufacturing of specific cars 
in one global manufacturing 


Honda, for example, only 
manufactures the Accord 
Wagon In foe US, foe market 
for which it was intended, and 
imports the car back into 
Japan. Overall, Japanese 
reverse imparts from the US 
have increased from about 
5,400 units in 1988 to 35,000 last 
year, according to the Japan 
Automobile Manufacturers 
Association. 

The US is by no means the 
only region slated for greater 
Japanese local production. 
Toyota, for example, is setting 


np production of passenger 
cars in Turkey while Honda is 
orpnnding production in the 
uk. ; . 

“Japanese globalisation is 
going to accelerate much more 
rapidly in Europe and Asia 
than in -the US,” Mr Blair- 
■ Smith says. “In foe US they 
are trying to replace exports 
with local production but in 
Europe they are trying 
fawmiM YnaiHcp* share." 

The greatest impact of all 
fhic expansion will he felt in 
Japan. Toyota stresses it will 
not reduce employment in 
Japan even though exports 
from Japan will foil 28 per cent 
as a result of increased North 
American production. 

However, vehicle exports 
from Japan have al ready falle n 
by more than a quarter from a 
p^a llr of 6.7m units in 1985 to 
just more than 5m writs last 
year. Domestic production, 
meanwhile, has fallen 17 per 
cent from a peak of 13Jkn in 
1990 to 11.2m last year. 

The challenge for Japanese 
car makers, says Mr Y ntak a 
Kuma, f-hah-man of Nissan, the 
country’s second largest 
vehicle maker, “is how to re- 
position Japan as a production 
centre in foe world". 


UK in investment 
accord with Cuba 


By Pascal Hatcher in Havana 


and services would be made 
available to the Vietnamese 
government as a grant of aid. 

The remaining 65 pm- cot 
would be financed by export 
credit loons guaranteed by the 
Export Credit Guarantee 
Department (ECGD). 

Although no cont r act s were 
signed by any of the eight busi- 
nessmen, Hong Kong and 
Shanghai Bank on Wednesday 
received agreement in princi- 
ple to open a branch in the Ho 
Chi Minh City in the south. 
Other companies represented 
included Costain and Balfour 
Beatty, which is looking at 
upgrading the dilapidated rail- 
way line linking the capital, 
Hanoi, with the northern port 
city of Haiphong. 


Britain signalled strong official 
enco ur age m ent for British businesses 
to invest in Cuba with an investment 
promotion and protection agreement. 
The agreement was initialled on 
Wednesday by Britain’s trade and 
technology minister, Mr Ian Taylor. 
Mr Taylor yesterday referred to Cuba 
as “a very exciting market" at the 
end of a time-day visit, the first by a 
British minist er to foe Island In 
almost 20 years. 

“Clearly, the potential here is very 
considerable," Mr Taylor said. The 
agreement will give confidence that 
Cuba is a market with which British 
businesses can deaL” He had led a 
British business delegation in talk* 
on Investment opportunities in air 
transport, construction, extending 
British involvement in Cuba's sugar 
sector and insurance. 

Mr Taylor, dearly distancing Brit- 
ish go vernm ent policy from the US 
trade financial embargo 
the Mmiii , underlined foe feet that 


Britain bad never cut its trade links 
with Cuba. British exports for the 
first half of this year were up 180 per 
cent ova- last year. The 1993 export 
total was £X4m, which was 50 per- 
cent down from 1992. But he said 

many B ritMi tynH tnamd ft 

difficult to do business in the past 
because of Cuba’s centrally-managed 
and highly regulated state e conomy. 

Cuba was moving to reform its 
economy to adapt to world trading 
conffitions after the collapse of foe 
Soviet Union, its main trading part- 
ner. “I made it dear that British com- 
panies would find dealing with Cuba 
easier the farther the reform p roce s s 
goes," said Mr Taylor, who had talks 
with President Fidel Castro. He said 
that while Cuban refor ms were at an 
early stage, be was assure d by Mr 
Castro they would continue. 

He noted tint British companies 
were already operating in Cuba in ofl 
exploration and oil services, agro- 
chemicals, lubricants, soap and deter- 
gent manufacture, citrus, financial 
services and the sugar industry. 



Cuba’s President Fidel Castro (left) with Mr Dm Taylor, British trade minister, in Havana 


Seeking (nearly) free labour with fair trade 

Nancy Dunne on Washington’s quest for middle ground on workers’ rights abroad 

I 


t is a rare o ffic ial of foe 
Clinton Administration 
who does not declare some 
measure of commitment to the 
promotion of worker rights 
abroad. 

But courting US business 
and backing its export drive, 
particularly in ^n arg in g mar- 
kets, has recently seemed the 
higher priority, particularly 
since President Bill Clinton 
“de-linked” China’s human 


rights policies from the annual 
US renewal of its Most 
Favoured Nation trade status. 

hi setting out its position on 
workers’ rights, the adminis- 
tration has searched for middle 
ground. Mr Robert Reich, the 
US labour secretary who is per- 
haps its most eloquent spokes- 
man on the issue, told a con- 
gressional subcommittee in 
June that “as economies 
become increasingly inter- 


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woven with each other, we 
must either actively accept 
some share of rapomftffltty far 
how our economic partners 
conduct their affairs, or else 
passively accept complicity". 

Same labour practices, such 
as prison or slave labour and 
some forms of child labour, 
“amply place countries outride 
foe community of civilised 
nations", he said. While he 
rejected poverty as a valid pre- 
text for restricting union activ- 
ity, he also insisted that “it is 
neither fair nor realistic to 
insist that labour standards 
within developing countries 
must be identical to those in 
richer countries”. 

The administration has 
pushed hard for the fafftigion 
of labour rights in trade negoti- 
ations. But it has earned criti- 
cism internationally, particu- 
larly from developing 
countries, and scorn from both 
rides of the political spectrum 
at home, which see the admin- 
istration as trying to occupy an 
unprincipled and ineffective 
centre. 

Mr Mickey Kantor, the US 
trade representative and a for- 
mer lawyer for migrant farm 
workers, pushed hard to get 
labour rights on the a genda of 
foe new World Trade Organisa- 
tion, successor to the General 
Agreement cm Tariffs and 
Trade, but be has only won 
agreements to debate the issue. 
Republicans and the business 
lobby forced him to drop 
labour rights from the adminis- 
tration’s proposed fast-track 
negotiating authority for 
future trade negotiations. 
When several outraged Demo- 
crats protested, the administra- 


Clinton adminis t rati on efforts 
to improve workers' condi- 
tions in In do nes i a by threaten- 
ing to withdrew trade benefits 
have failed to produce prom- 
ised reforms, according to US 
human rights activists, Nancy 
Dunne reports from Washing- 
ton. 

This week's Human Rights 
Watch/ Asia report concludes 
that labour unrest in Indon- 
esia has been exacerbated by 
government failure to allow 
freedom of association and foe 
right to organi se un ions inde- 
pendent of government con- 
trol. 

Under US law, a country 
must take steps to meet inter- 


national labour norms to be 
eligible for foe US Generalised 
System of Preferences, which 
allows many products from 
developing countries to enter 
the US duty-free. 

The C ttn t n n administration 
has other goals in Indonesia 
co m pe tin g for tbe Presktenfs 
attention. It is one of foe US 
Commerce Department’s Ten 
Emerging Markets ami one in 
which the US hopes to make 
impart trade gains. 

Jakarta Is to host the animal 
meeting of foe Asian Pacific 
Economic Cooperation forms, 
and President CBnton is meet 
President Suharto on Novem- 
ber 16. 


turn was forced to abandon the 
entire battle for fast-track. It 
was a defeat for key foreign 
policy and trade initiatives in 
Asia and Latin. America. 

While the focus has been an 
trade and labour rights, con- 
gressional Democrats suc- 
ceeded to getting legislation 
passed which requires US exec- 
utive direc tor s of the multilat- 
eral development banks to 
push labour's goals through 
their lending. Mr Jerome Lev- 
inson, former general counsel 
of the Inter-American Develop- 
ment Bank, has been a leading 
advocate of foe policy. 

In a recent report by the 
Labour-backed Economic Pol- 
icy Institute. Mr Levinson 
called for the elevation of 
worker rights to the same 
order erf priority as Investment 
incentives. 

The policies of foe develop- 
ments hanks are. “indifferent at 
best to abuses of worker rights 


in foe borrowing countries”, be 
said. The World Bank s eems 
to have a positive aversion to 
Independent trade anions that 
can bargain aggressively for 
their members.'* 

Adminis tration are 

much milder to their endorse- 
ment of worker rights as a 

IpmHngwinrfitimi ft is thought 

that they will not take “a 

heavy hand” on wo rk er rights 
but will fay to persuade bor- 
rower countries to move 
towards “normally accepted 
standards”. 

They believe development 
banks can narrow the gap 
between rich and poor by 
increasingly concentrating 
their efforts chi social invest- 
ment 

They are proud the IADB 
will now commit 50 per cent of 
its new loans to berith,^ educa- 
tion, worker retraining and 
other social programmes, and 
the Asia Development Bank 


has committed 40 per cent 

But US officials are also 

p wishtog fnr mUitor Ipnifatg rrm- 

ditions than those that forced 
poor countries to throw open 
their impart markets and slash 
their spending on, among other 

things health and w elfare pro- 
grammes. 

“We know austerity isn't a 
substitute for adjustment,” 
said one official. “We’ve 
learned that the quality of defi- 
cit reduction matters.” 

The official said it would be 
“terrible if the banks sup- 
ported the bad guys, the anti- 
union side; when a little more 
radon power ought to be good”. 
He said that radons have been 
“a positive force" lathe Indus- 
triahsed countries but “there 
are obviously dangers of 
labour rights being used as a 
pretext for protectionism'’. 

Mr Levinson sees the admin- 
istration's efforts as “window 
dressing”. These Initiatives 
will not get to the core of the 
problem, which is economic 
policies which widen foe gap 
between rich and poor and 
frown cm “direct government 
measures to redress poverty 
and income equalities". 

As far as Congress liberals 
are concerned the thrusting of 
worker rights cm to the devel- 
opment bank agenda is their 
“opening shot” on behalf of 
labour. Congressman Barney 
Frank, chairman of the House 
subcommittee which oversees 
the development banks. Is 
inviting - to Washington in 
November key members erf par- 
liaments from aro und the 
world. The agenda will be far- 
ther reform of foe big multilat- 
eral lending institutions. 


Samsung in $500m plans for China 


By John Burton in Seoul 


Samsung, South Korea’s 
leading electronics company, 
plans to produce semiconduc- 
tors and h nniA appliances in a 
8500m project in China. 

The Samsung electronics 
plants will be located at an 
industrial park In Suzhou, Chi- 
na’s fifth largest industrial 
dty. The park itself is being 
fauflt by Samsung Engineering 
and Construction in a joint 


venture with the state-owned 
Kfippel Group of Singapore. 

The announcement is the lat- 
est In a number erf investment 
projects in China by Korea’s 
big conglomerates, designed to 
take advantage of low cost Chi- 
nese labour. China has became 
the largest overseas invest- 
ment area for Korea since rela- 
tions were normalised in 1992, 
with total investments growing 
from 8280m in 1991 to $L3bn by- 
foe end of June this year. Total 


Korean corporate investments, 
however, account for only 05 
per rent of total foreign invest- 
ment in China.' 

Wfafle Korean investment in 
China has largely been domi- 
nated by small textile, foot- 
wear and leather companies, 
this year has seen an upsurge 
in investments by the ctmgkan- 
erates. Samson# will begin the 
manufacture of low-end appli- 
cation specific integrated cir- 
cuits (ASICs), air conditioners. 


refrigerators and microwave 
ovens in the Suzhou craimw 
in late 1995. . 

The Suzhou operations will 
complement production .of 
other Samsung home appli- 
ances in north-eastern Cbfaa 
Other chaebol with recently 
announced investment plans in 
China in cl ude Daewoo Motor, 
se e king to build a car compo- 
nents factory , and Hyundai 
Motor, wanting to make com- 
mercial vans. 


Trade in , 
weapons 
harder to 



ByBfvce Ctork, 
P a fanca Correspondent 


Trade to highly sophisticated 

conventional weapons is 
increasing and becoming 
harder to regulate, according 
.to a paper published -this 
month by foe International 
Institute of Strategic Studies. 

The paper, written by a 
Canadian scholar, Mr David 
Mussington, says foe old 
restraints on the transfer of 
militarily sensitive technology 
are breaking down, and new 
ones are difficult to impose. 

The decline to domestic amts 
procurement to both the West 
and the former Soviet Union 
after foe end erf foe Cold .War 
has made arms producers more 
dependent on other export 
markets, while weakening the 
political case for co-ordinated 
restraint, the study says. 

Brighton**! commercial pres- 
sures mean poliey-makers In 
the US and the main Nato 
nlbfts are becoming less likely \ 
to worry about the effects of 
arms dettverles on regional sta- 
bility, preferring to focus on 
tiie preservation of a. defence 
technology ' base, and the 
related employment issues. 

- The Stockholm Intofnatirtnal . 
Peace Research Institute 
(SZPB1X in its 196* journal, said 
a decline In the volume of con- 
ventional arms imp or t s is con- . 
Hrming among industrialised 
countries but has bottomed out 
to the developing world (see 
graphic). 

However, the picture may be 
even move alarming than the 
SffiRI figures suggest The data 
understate the e xtent of tech- 
nology transfer to the Interna- 
tional arms trade, Mr Missing- 
ton aTgoes, because they fed to 
take account of offsets and 
local production under license. 

: The arms industry 1 - as a 
.whole has becoming harder to 
police thanks to the emergence 
of a “second tier” of producers, 
capable of producing Interme- 
diate versions of the advanced 
countries' weapon systems. 
Such producers range from tra- 
ditional customers of Weston 
arms companies, such as Tur- 
key and Israel, to “rogue 
nations" like North Korea, 
whose arms exports were 
viewed by the West as highly 
destabilising. 

The second-tier producers 
improved their position by sup- 
plying to both Iran and Iraq 
during their 10-year war, 
although they had to give 
ground in "Middle Eastern mar- 
kets to the leading Western 
companies in the aftermath' of 
the 1991 Gulf conflict. 

Western efforts to persuade 
Russia to practise self-restraint 
are likely to be countered by 
accusa t ions of hypocrisy, when 
the West is engaged to a vigor 
ous export drive of its own. 

Heavy-handed dtecrtpdnatlan 
might simply force middle- 
ranking countries to develop 
weapon systems that wan out- 
side any international sy ste m 
of regulation, foe study main- 
tains, citing foe examples of 
South Africa and India, it calls 
for second-tier producers to be 
drawn into a new system of 
controls on the export of 
“weapon-specific” technologies, 
which do not block their 
chances of industrial develop- 
ment, or their access to a rea- 
sonable supply of weaponry. 
Understanding Contemporary 
International Arms 
by David Mussington published 
by nSS/Brassegs' Cost £10.50 


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021 235 2222 







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<i war 


financial times Friday September i 6 1994 


NEWS: UK 


Consortia respond on tolls 


Sales turn 
1 downwards 
in August 

By Peter Norman, 

Economies Editor 

Retail sales turned downwards 
last month, prompting some 
commentators to ash whether 
Ur Kenneth Clarke, the chan- 
cellor of the exchequer, had 
acted prematurely when he 
raised tank base rates by a 
half percentage point this 
week. 

The Central Statistical Office 
reported that retail sales vol- 
umes fell an estimated, season- 
ally adjusted 0.3 per cent 
between July and August, am- 
founding consensus expecta- 
tions in the City of a small (L2 
per cent rise. 

Volume sales were up 2.9 
per cent compared with 
August last year, registering a 
sharp slowdown compared 
with July's 3.8 per cent year- 
on-year growth and the second 
lowest annual growth rate this 
year. 

Mr Richard Brown, deputy 
director general of the British 
Chambers of Commerce, who 
was outspoken in his criticism 
of Monday's rise, said the 
- retails sales data “confirmed 
' the BCC's concerns about the 
fragility of consumer de mand " 
and underlined the difficulties 
faced by retailers. 

The Treasury, while admit- 
ting that the pace of high 
street activity slackened a lit- 
tle last month, said retail sales 
volumes were continuing a 
steady upward trend. One offi- 
cial suggested that the flatten- 
ing of sales in August could be 
a sign that growth was becom- 
ing better balanced, with 
exports and investment 
playing a bigger part in the 
recovery. 

The figures helped ease fears 
of inflationary pressures in 
financial markets. Prices of 
government gflt edged stocks 
rose, helped by the better tone 
of US and German bond mar- 
kets, and the removal of some 
stock overhanging the market. 
The FTSE-100 index also had a 
better day, closing 32.9 points 
np. at 3,112.7. after a ran of 
seven consecutive days of 
decline. Trade, however, was 
mostly technically driven, 
with the futures market lead- 
ing the cash market, ahead of 
the expiry today of the Sep- 
tember FTSE contract. 


By Charles Batchelor, 
Transport Correspondent 

Twenty nine consortia 
representing more than 70 
companies from around the 
world have responded to the 
UK government’s call for pro- 
posals for an electronic tolling 
system for Britain's motor- 
ways. 

Most of the proposals would 
involve the construction of 
overhead gantries alongside 
motorways to read a special 
unit fitted in a vehicle. 

Blit a small number would 
depend on the satellite track- 
ing of vehicle movements. Mr 
John' Watts, roads minister 
said yesterday. 

The government hopes to 
introduce tolls on the 1.900- 
mile motorway network by 
1998. IT cars were charged L5p 
a mile and tracks 4.5p this 
would raise £700m a year 


By Richard Lapper 

Lloyd’s of London yesterday 
unveiled, details of a new tough 
commercial approach 
to recover more than £LSbn in 
debt owed by its lossmaking 
Names, the individuals whose 
assets support the insurance 
market 

lire new initiative, originally 
signalled in the summer, fol- 
lows news earlier this year of a 
fourth successive year of loss, 
when losses of some £2bn were 
reported for the 1991 year - in 
line with its three year 
ymnimHng system. 

Although tire market is now 
trading profitably, losses since 
1988 amount to more than 
£7bn. 

“Lloyd’s duty to all its mem- 
bers, especially to those who 
have promptly settled their 
debts, is fairly to pursue those 
who have not.” said Mr David 
Rowland, the chairman of 
Lloyd’s. 

A new finan cial recovery 
department will handle negoti- 
ations with more than 14.000 
Names who owe money. 

Those Names unable to pay 
their debts will still be offered 
financial support by Lloyd's, 


which would he used for road 
improvements. 

The systems which have 
been proposed mil be evalu- 
ated over the next four months 
with the aim of conducting 
tests on a test track and on 
motorways during 1995. 

The government will then 
draw up a technical specifica- 
tion of tiie system it wants and 
put the contract out to tender 
in the spring of 1996. 

“Any contract we let would 
be enormous.” Mr Watts said. 
“We want to develop a specifi- 
cation which can be sold 
around the world" 

It Is likely that the contract 
would be let to more than one 
consortium because of its size. 
One option under consider- 
ation is for the winning compa- 
nies not to be paid on comple- 
tion but for them to recoup 
their outlay on the scheme 
from the tolls they collect. 


under so-called hardship 
arr flngPTngn tS- 

However the hardship com- 
mittee. chaired by Dr Mary 
Archer, is to be abolished and 
its functions assumed by the 
new department Under hard- 
ship Names are allowed to 
retain a modest home L valued 
up to about £150,000 in London) 
and an income, typically in the 
region of some £17,500 for a 
couple. 

Lloyd’s has collected about 
£lbn over the last three 
months, mostly from some 
17.000 Names who continue to 
underwrite, reducing the 
amount of outstanding debt to 
from £2.3hn to £1.3bn. Sepa- 
rately the market has addi- 
tional dorlnrod losses of mm* 
£2bru which Lloyd’s has still to 
“call" from Names. 

The new approach was con- 
demned by lossmakers as “a 
switch to pressure tactics and 
deals. 41 

“The object is to extract as 
much cash from Names as they 
can be persuaded to part with 
as quickly as possible,” said Mr 
Christopher Stockwell, chair- 
man of the Lloyd’s Names 
Associations' Working Party, 
an alliance of hard hit Names. 


Mr Watts denied that the 
government had ignored criti- 
cisms made in a report by*the 
Tory-dominated Commons 
transport committee which 
was pub lishe d last month. 

The MPs said the govern- 
ments arguments for tolls were 
“unconvincmg” and suggested 
an increase in fuel duty would 
be easier and cheapo' to col- 
lect. Mr Watts said the govern- 
ment was considering its 
response to the report but in 
the nw»anHmB it had to con- 
tinue with its preparations. 

Proposals had come in from 
companies in Europe, the for 
east and North America but 
nearly all of the consortia had 
a British member. Well over 
half of the consortia had a 
strong base in the UK, some- 
times through foreign owner- 
ship of Bri tish companies. 

Twenty four of the systems 
proposed would involve a mrm- 


By Andrew Adonis 

Energis. the UK’s third 
long-distance telecoms net- 
work, will target small and 
medium sized businesses when 
it launches later this month, 
promising to undercut BTs 
prices and provide a new 
range of services. 

The company, a subsidiary 
of National Grid, has built a 
8,500km network using the 
grid's pylons, and claims its 
network is more modern than 
those of the two existing 
long-distance operators, Brit- 
ish Telecommunications and 
Mercury. 

The launch of Energis will 
greatly intensify competition 
in UK telecommunications, 
particularly at the lower end 
of the business market where 
Mercury has made far less 
headway against BT. Users 
with as few as four lines will 
be approached by the Energis 
sales force. 

Energis intends to guarantee 
a saving of 10 per cent over BT 
prices — mclndiTig volume dis- 
counts - to aB users. Mercury 
also trades on lower prices 
than BTs, but its differential 
in parts of the business mar- 


itor mounted on an overhead 
gantry identifying and charg- 
ing vehicles passing under- 
neath. Most of these systems 
depend on microwave links but 
two use infrared and one a 
laser. These systems could 
debit a “smart card” or merely 
record a vehicle for billing 
later. 

Three more companies have 
proposed satellite-based 

systems which would debit a 

smart card and which would 
not require roadside gantries. 

Among companies which 
have put forward proposals are 
Unipass, a UK company; a 
group comprising News Data- 
eom (UK) and GSEE Ptoge of 
France; and a consortium con- 
sisting of BT of the UK and 
AT/Comm a US manufacturer. 
Racal Radio, part of Racal Elec- 
tronics has devised 'an auto- 
matic number plate recogni- 
tion system. 


ket is well below 10 per cent. 

Energis has signed a pre- 
ferred snpplier agreement 
with Colt, a US-owned tele- 
coms operator building a net- 
work in central London, which 
will give it access to large 
businesses in the City. Colt, 
which already connects 170 
City sites, will use Energis for 
most of its long-distance traf- 
fic, while Energis will use Colt 
for its City traffic. 

Energis will offer customers 
an innovative “telecoms man- 
agement” service, giving them 
a month-by-month breakdown 
of calls made to their prem- 
ises, including the proportion 
of w»Ti« unanswered the 
average time before calls are 
answered, broken down into 
periods of the day. 

It claims that no such ser- 
vice is currently available in 
the UK, and believes it will 
prove popular with organisa- 
tions keen to track their effi- 
ciency at dealing with tele- 
phone queries. 

Mr David Dey, Energis chief 
executive and former BT exec- 
utive, said: “obviously we 
have to trade on price, but we 
wifi also be offering a range of 
new services.” 


Britain in brief 



Durex in 
stock code 
agreement 

IRC Products, manufacturer 
of Durex condoms, has given 
undertakings to the 
government not to enter into 
agreements under which 
wholesalers or retailers wifi 
stock only LRC condoms. 

The company, which has 
about 75 per cent of the UK 
condoms market, was asked to 
give the undertakings by Sir 
Bryan Carsberg, director 
general of fair trading, 
following an investigation into 
the market by the Monopolies 
and Mergers Commission 
earlier this year. 

The MMC found growing 
concern about Aids since 
government publicity 
campaigns began in 1987-88 
had created an increasingly 
competitive market. Its 
findings prompted the 
government to lift price 
controls on condoms last 
March. 

At the same time, however, 
the MMC found LR£Ts 
agree m e n t s with three of its 
customers that they should 
stock only LRC condoms acted 
against the public interest, 
and were attributable to a 
monopoly situation. 

Mr Neil Hamilton, corporate 
affairs minister, said 
yesterday be had received 
undertakings from LRC that it 
would not give to retailers or 
wholesalers any material 
benefit - in the form of special 
payments or discounts - in 
return for not stocking 
condoms by any other 
supplier. 


GMTV escapes 
sanctions 

The Independent Television 
Commission decided yesterday 
not to impose sanctions on 
GMTV, the commercial 
television breakfast station on 
the grounds that there had 
been a “demonstrable 
improvement ” in its service. 

As part of its review of the 


first year on air of the new 
commercial broadcasters the 
rrc judged GMTVs 
performance to have been 

unsatisfactory. The 
Commission said there had 
been significant shortfalls in 
the required amount of news, 
current affairs and children's 
information and there was also 
concern about the quality of 
some strands of programming. 


New orders 
for engineers 

The UK engineering industry 
is showing a strong upward 
trend in output levels, new 
orders and capital investment, 
though employment levels are 
still flat, the Engineering 
Employers’ Federation said 
yesterday. 

However, the EEF warned in 
its budget submission that in 
spite of the recovery, the 
industry still needs policy 
support The federation is 
recommending changes to the 
rules on corporation and 
capital gains taxes in order to 
boost investment 

In a new business t rends 
survey of 1,700 of the EEFs 
members throughout its 13 
regional associations, the 
federation, aims to give a 
“quick and up to date” picture 
of the industry's fortunes to 
complement the government’s 
more detailed statistics. 

In the three months to 
September, the federation 
found growth rates in output 
and new orders are 
comparable to those last seen 
in 1987 and 1988. 


IT jobs prove 
difficult to fill 

Thousands of highly paid jobs 
in the information technology 
sector are proving difficult to 
fill following a surge in IT 
investment by UK companies, 
according to Visit (Vacancies 
in Systems and ID a leading 
recruitment agency. 

Visit, which is organising a 
recruitment event at the 
Olympia exhibition, centre. 
West London, at the end of the 
Tiwithj says that exhibitors are 
seeking to fin over 1.500 
vacancies for jobs paying 
£15,000 to £50,000. 

Visit says that the 
recruitment position has 
changed quite suddenly over 
the past three months and is 
radically different from last 
year. 


John Lennon 
tape sold 

A brief tape recording of John 
Lennon ringing with his first 
band, the Quarry Men. at a 
church social in Liverpool in 
1957 sold for £78,500 at 
Sotheby's yesterday. It was 
bought by EMI, the Beatles 
record company, and will go 
into its archive. 

Apart from the Interest in 
hearing Lennon singing the 
Lonnie Donnegan hit of the 
day, “Puttin’ on the Style”, the 
event was momentous for 
being the occasion when 
Lennon first met Paul 
McCartney. The price was well 
below the £100,000-£150.000 
estimate bnt assessing the 
value of such an obscure item 
is difficult. 


18 companies 
in coal bids 

British Coal's south Wales 
region emerged yesterday as 
its most popular bid target as 
government advisers 
announced that 18 companies 
had submitted tenders for the 
corporation’s mining assets to 
be privatised later this year. 

Although NM. Rothschild, 
advising the government, 
would not reveal the identity 
or targets of the bidders, seven 
companies said they barf 
submitted tenders for south 
Wales. Bids had to be in by 
Wednesday afternoon to be 
considered. 

Four companies said they 
had bid for the central north 
region and three each for the 
north-east and cental south 
regions of England and 
Scotland. However the number 
of bidders for each region may 
be higher. 


No surcharge 
over BCCI 

The two officials of Western 
Isles conncil who were held 
responsible for losing £24m in 
the collapse of Bank of Credit 
and Commerce International 
in 1991 are not to be 
surcharged, Mr Ian Lang, 
Scottish secretary, has 
decided. He ruled that 
surcharging the two men - 
making them pay a financial 
penalty for their errors - 
would not be appropriate in 
the particular circumstances 
of the case. 


Lloyd’s new plan 
to collect debts 


Energis targets 
smaller companies 



; -5 
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FINANCIAL TIMES FRIDAY SEPTEMBER 1 6 1994 


TECHNOLOGY 


D iscard the image of 
the insular char- 
tered accountant so 
mocked by Monty 
Python comic John Cleese. 
Accountants, among others, 
are achieving a judicious mix 
of the personal touch and 
advanced technology with the 

help of new ‘‘groupware" com- 
munications software. 

Levy Gee. the London-based 
accountancy firm, Is less con- 
ventional than most. It was the 
first accountancy practice to 
advertise on the radio, the first 
to automate timesheets and 
billing and, it cl aims , the only 
one with more personal com- 
puters than people. Founded in 
1969, the firm employs 260 
stall, including 36 partners, 
served by 300 computers at 
home and in the office. 

Connecting people and com- 
puters became a priority once 
Levy Gee bad assembled sev- 
eral software building blocks 
dedicated to different func- 
tions. These included a billing 
system developed in-house, a 
packaged accounts system, an 
in-house system to assess 
work- in-progress and bills out- 
standing. plus an “executive 
information system” to give 
senior partners screen-based 
snapshots of the business. 

In many respects the 


Claire Gooding looks at a package that lets accountants take quick stock of client billing 


Pick of a rich software crop 


AT WORK 


English professions have suf- 
fered From the prejudice 
against computers.” says Ross 
Mullinger. head of Levy Gee's 
information technology consul- 
tancy. “We saw that there was 
an increasing IT input, and 
that our firm had to be more IT 
aware and, at the same time, 
distributed os widely as possi- 
ble." 

There had to be easy commu- 
nication between all of its six 
UK offices, and between its UK 
base and its partners in the US. 
Many staff work from home 
and they needed to have as 
much Immediate access to 


information as anyone working 
in the office. 

The firm's main client base 
consists of small, typically fam- 
ily businesses. In the years of 
recession, its insolvency and 
consultancy arm has grown 
and now contributes 30 to 40 
per cent of the bread-and-but- 
ter income. As well as this 
“hand-bolding" service for 
companies in trouble, it has 
extended its activities to risk 
investigation on behalf of 
banks and corporate investors. 
Other activities include off- 
shore services, financial ser- 
vices. a training company and 
a computer training division. 

Levy Gee practised what it 
preached in the acquisition of 
a new accounting system, 
investigating its risks and 
assessing its functions. But it 
is the wider environment In 
which Levy Gee has embedded 
its accounting which makes it 
unusual. At the time of 
choosing its accounting soft- 
ware, the firm was also ready 
to upgrade its hardware. 

While many firms were buy- 
ing systems (usually the Unix 
multi-user standard) with a 
central processor supporting a 
number of terminals. Levy Gee 
decided on a PC-based local 
area network (Lan), linking its 
partners in the UK and abroad. 
This was to prove more flexible 
and expandable, because extra 
PCs could be tagged on to the 
system without having a sig- 
nificant upgrade. 

It does, however, need expert 
management. The IT operation 
is run with six people, support- 
ing six offices linked by high- 
quality ISDN (integrated ser- 
vices digital network) tele- 
phone lines. 

Levy Gee’s structure was 
also a factor in the choice of 



Tony l 


Up to date; the new system, written as a companion to line Hflfctg, enables Jonathon Tartar's department to see how much inpafd work Is outstandfog 


accounts package. Each part- 
ner runs a separate “depart- 
ment", typically of 20 people or 
so, and is responsible for the 
billing and profits of the busi- 
ness. “Each partner has his 
own fee ledger and manages 
the costs against it," explains 
Jonathon Teller, the partner 
responsible for information 
technology and finance. 

From the moment of record- 
ing time worked to the putting 
out of an invoice, nothing goes 
on to paper. Clients get a 
breakdown of where time and 
costs are incurred. Time is 
billed in six-minute units and 
partners can inspect every 
detail of each itemised invoice. 


The work-in-progress system, 
written as a companion to time 
billing, enables Teller’s depart- 
ment to see exactly how much 
unpaid work is outstanding. 
Unlike payables, receivables 
are managed centrally: “It 
means yon get a feel for the 
rash flow”. A monthly debtors 
list goes round to the partners. 

Work in progress outstand- 
ing of more than 45 days is 
Browned upon, and rarely does 
it extend to six months. 

Levy Gee used to rely on 
handwritten timesheets, like 
most other firms. Now part of 
the assessment of performance 
is how well a partner and his 
department keeps up with bill- 


ing, says Mullinger. “1 think 
we were among the first to 
have a system in which, every 
fee-earner input his own time 
into the system to raise his 
own hilling." 

The firm chose the compo- 
nents of its system by first 
assessing a shortlist of 
accounting packages which 
included Tetra, Systems Union. 
Pegasus, Multisoft and Sky. 
Flexibility and ease of use were 
important, with such a wide 
user base. Bat the firm says 
the main criterion was ease of 
data import and export, and it 
was on these grounds that the 
SunSystems package of inte- 
grated ledgers from Systems 






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Union won the contract 

Levy Gee became the first 
user of the Lan-based version 
of SunSystems, with the SQL 
version - which allows it to 
upgrade from the smallest PCs 
up to large computers without 
changing software. With SQL, 
the daily bank balance report 
that used to take 40 minutes 
now takes 40 seconds. 

The package is portable in 
that it can ran on a variety of 
PCs. At Levy Gee, it integrates 


with Microsoft Office word pro- 
cessing pa cka ge, Excel spread- 
sheet, Forest and Trees execu- 
tive information system 

(published by ESP of Maiden- 
head), and the in-house soft- 
ware built for time-recording 
and h illing 

The system operates on 
Lotus Notes - the communica- 
tions framework integrating 
the voice mail system and all 
textual exchanges between 
users: forms, letters, E-Mail 
notes, extracts of accounts, 
even press cuttings. The com- 
pany is working towards pot- 
ting clients and other col- 
leagues an to its own Lotus 
network. Lotas Notes is “the 
ideal glue to connect the 
systems together”, says Mark 
Iwaszko, terthniftai director. 

It is cl e ar that anyone join- 
ing Levy Gee who is not 
already familiar with comput- 
ers must have a hard few 
weeks getting to grips with 
everything from Lotus Notes to 
the voicemessaging system. 
Notes has become the lingua 
franca of the company, used 
for everything from integrating 
data from the work-in-progress 
and accounting ledgers, to cus- 
tomising letters. 

Notes has provided a discus- 
sion pl a t fo r m for ideas and is 
used to co-ordinate everyday 
work, such as auditing (audit 
files are replicated on Note- 
book computers so that staff 
working from remote offices 
ran keep in touch with manag- 
ers, and use the central data- 
base for reference and case-his- 
tory). ft acts as a meeting-place 


for minds and US colleagues 
use it as “a notice board” for 
dippings from the US inform*-'* 
tion technology press. 

Leon Nahon, a senior part- 
ner, also often works at home. 
Logging on, he is faced with a 
gtmp io menu offering work-in- 
progress, time recording, work 
schedule, electronic mail and 
voice-messaging. 

The first thing I do is run 
through the messages and 
delete what’s unimportant, 
then I check my schedule and 
get on with It" 

As Nahon points out one of 
the problems of such a rich 
choice Is that he will never 
know every function, despite 
extensive training pro- 
grammes. “I only send a fax 
every three weeks or so, and 
although 1 know 1 can do it 
from my screen, it’s quicker 
for me to ask someone else to 
send it for me,” he admits. 

Training staff to use the 
equipment effectively was one 
of the hidden costs. The three 
switchboard staff, for example, 
have to be as comfortable with 
a PC as they are with the tele- 
phone and the voicemail sys- 
tem. They take incoming calls 
personally and only then offer 
the option of voicemail or com- 
puter messaging. Clients can 
choose to dial straight into the 
voicemail computer. 

Levy Gee says its investment 
of more than cim in the IT 
infrastructure over the past 
three years has been more -. 
than offset by the returns in 
administrative and staff 
savings. 

However, Mullinger insists 
that cost is the least important 
aspect of the IT initiative. “The 
systems make our staff more 
effective,” he says. “Bat we 
didn’t do it just to save on 
casts. We did it to prepare our- 
selves for the 21st century. Its 
real value has been in our com- 
petitive positioning." 


Worth Watching - Vanessa Houlder 



Two channels on 
a single recorder 


Arguments over clashing 
television schedules could be 
eased by the development of a 
multiplexer onit for home 
videos that allows two 
television channels to be 
recorded slnraltaneonsly. The 
unit, which combines 3D 
recording techniques and 
computer memory drips, 
allows the user to record over 
an existing pro g r am me 
without erasing it 

The technology, which was 
devised by 3D Video Plus, a 
Kent-based recording 
technology company, is being 
marketed by Faxmark 
International, a Tokyo 
consultancy. 

Faxmark: Japan, tel 3 3578 
8400; fax 3578 9011 


tube and has inspired the 

wlnlirfnriMti nn of 
high-quality speakers. The 
product was launched in 
Europe tins week, at a cost of 
about $500 (S32&50). 

Bose: US, tel 508 879 7330; 
fax 508 872 6541 


New research 
on proteins 


Wave goodbye to 
crackfy music 


Anyone tired of waking up to 
scratchy music an the radio 
alarm dock wfl) welcome a 
new product by Bose, the 
Boston-based sonnd system 
manufacturer, writes Victoria 
Griffiths. 

The clock radio, the first to 
make use of ‘wave’ 
technology, sounds better 
than most stereo sets. Wave 
technology filters the sound 
through a twisted plastic 


Scientists working for the 
Medical Research Council’s 
cellular immunology unit in 
Oxford have found that the 
interactions between proteins 
on call surfaces of the 
immune system are tar 
weaker than had been 

assumed. • 

The research team has been 
examining proteins, known 
as adhesion molecules, which 
are distributed on the T 
lymphocyte, a white blood 
cell which patrols the 
bloodstream looking for 
viruses, bacteria and foreign 
materials, known as antigens. 

The findings, which were 
disclosed in this week’s 
Trends in Biachermcai 
Sciences, are expected to be 
important in the design of 
drugs based on inhibiting 
adhesion molecules, in 
diseases such as rheumatoid 
arthritis where the immune 
system mistakes the body’s 
cells for antigens. 

Medical Research Council: 
OK. tel 071 636 5422; fax 071 
4366179 


Sending images 
down the phone 


A video modem which will 
allow colleagues to view 
graphs and charts during 
business calls has been 
devised by Sharp, the 


Japanese corporation. Its 
TelePort video modem allows 
colour images to be sent and 
received during a standard 
telephone can. 

The modem, which is 
connected to Sharp's 
ViewCam and a telephone 
line, can be used to transmit 
live and pre-recorded video 
stills. The device incorporates 
a built-in memory capable of 
storing up to 10 images for 
transmission at a la ter d ate. 

Sharp Electronics (UK): UK 
tel 061 205 2623; fax 061 205 
7076 


Monsanto’s $1m 
challenge 


Monsanto, the US chemicals 
group, is offering $lm to any 
scientists who devise a 
successful method of 
separating and recovering 
ammonia from waste streams 
containing organic chemicals. 

Monsanto said the problem 
was “one of the Industry's 
most vexing environmental 
questions”. Although the 
ni hliu n of ammonia and 
organic chemicals are not 
necessarily highly toxic, they 
comprise some of the largest 
volumes of Monsanto’s 
industrial waste. 

Monsanto plans to provide 
$500,000 to fund the 
development of the research 
proposals which meets the 
company's criteria to the 
most cost-effective and 
commercially practicable 
manner. 

A second $500,000 will be 
paid if the research yields a 
successful process. Proposals 
most be submitted by title mid 
of the year. 

The Monsanto Milium 
Dollar Challenge : US, tel 314 
426 650Q;fax 314 426 6565 


s'* 1 VfltVW' 




VINANC1AI. TIMES 

FT GUIDE 


EATING OUT 
IN LONDON 

published Saturday September 10 


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FINANCIAL times 


T he boom-to-bust prop- 
erty cycle of the past 

hecade was - like the 
wider UK economic 
rouer-coaster - fuelled bv debt. 
Bank lending to property cam- 
paides peaked in May 1991 at 
• Mlbn. or nearly 13 per cent of 

all commercial lending, which 
left the industry more highly 
geared than ever before. 

The reasons for this debt 
explosion are complex. The 
reluctance of pension funds 
and insurance companies to 
invest in property meant that 
etjmty funding was scarce. Hie 
development boom of the late 
1980s meant that the industry's 
thirst for finance was great 

Encouraged by the mar , 
gins which could be earned in 
property lending, banks were 
only too willing to fill the fund- 
ing gap. 

Yet the experience of the 
past four years underlines that 
excessive reliance on debt 
makes an already cyclical busi- 
ness truly vicious. As capital 
values fell there was simply 
not enough equity in the indus- 
try's funding mix to tg ke the 
strain. Receiverships were the 
inevitable outcome. 

The questions, thaw , are 
whether banks will be to 
finance the property cycle th is 
time around and whether they 
will be prepared to do so on 
terms that companies find 
acceptable. 

There is certainly no reason 
■w to expect domestic investment 
institutions to suddenly regain 
their enthusiasm for property. 
The recent flow of institutional 
funds into property looks more 
like a tactical response to ris- 
ing asset values than the start 
of a long-term trend. While 
overseas institutions have been 
high-profile investors in UK 
property throughout the down- 
turn, their interest waxes and 
wanes. 

The London Stock Market 
has already done its bit: prop- 
erty companies have raised 
almost £3bn in rights issues 
and flotations in the past 18 
months, which explains why 
demand for bank finance is 
currently weak. But this infu- 
sion of equity win not last for 
long. 

All this suggests that banks 
will, before long, find property 
companies queueing for loans. 
Initially, at least, many of 
these potential borrowers will 
not be welcomed with open 
arms. 

The overhang of debt 
remains a problem. By the 
spring of this year hanks had 
reduced their property lending 
to £33.5bn. or 10 pa- cost of all 
commercial loans. But many of 


FRIDAY SEPTEMBER 16 1994 

PROPERTY 


Better luck 
next time 

Simon London on whether banks 
will fuel the property cycle 

The debt burden " . 


0ebt otftstamfinp to property eompantos 
l^cqri^pric«.^braa»'' . . 


50- 


56 of eommerdaf loans 



-20 


WO 72 Hfr.'w 
Scuqk otz QatariwititaM 




the biggest lenders still feel 
over-exposed. 

Barclay's, the most enthusi- 
astic of the elgaring h anks in 
lending to property in the late 
1980s, had £6.3bn loans out- 
standing to UK property and 
construction companies at the 
end of Its last financial year. 
That was equivalent to 9 per 
cent of total UK assets - per- 
sonal as well as commercial 
loans. With lending elsewhere 
in the economy still weak, 
property loans will clearly 
have to be rationed if that 
percentage is going to 
fan. 

None of this Implies that 
cle a rin g banks are unwilling to 
lend to the right customers on 
the right terms. 

“We are active lenders into 
the sector but in a more selec- 
tive way, concentrating on 
relationships where we can do 
more than provide plain 
‘ vanilla * [no frills] loans," said 
Mr lan Marcus, director at Nat- 
west Markets. 

Overseas banks - led by the 
German mortgage banks - 
took advantage of the clearers’ 


caution to carve valuable 
niches for themselves. The 
number of foreign banks in 
London lending to property 
wi m pi m iwi has increased fur- 
ther over the past year. Lend- 
ing margins have already nar- 
rowed as a result 
But there is no sign of mar- 
gins gliding as hanks compete 
aggressively for business. For 
the moment, at least, the 
lessons of recession are still 
fresh. 

B ankers now recognise 
that they need to earn 
a decent return on 
capital,” said Mr 
Mark Burton of United Bank of 
Kuwait "If a hank is taking 
equity-style risks it should 
insist on an equity return.” 

That paints to mare differen- 
tial pricing, with riskier prop- 
erty companies paying much 
higher margins than their 
more established peers. 

The cautious attitude of 
banks towards development 
finance is also likely to favour 
the bigger borrowers. While 
most banks have a blanket ban 


on finding speculative devel- 
opments, they are happy to 
support such schemes through 
their general-purpose loans to 
the big quoted property 
groups. 

The rise of relationship 
banking is part of the reason. 
Big property companies will 
bey other services, such as cor- 
porate finance advice or trea- 
sury management products, 
helping the hnTik to earn its 
all-important return on 

ffflpihil 

This attitude is in mar ked 
contrast to the late 1980s, when 
banks were happy to back the 
rise of small, entrepreneurial 
developers such as Rosehaugh 
and Stanhope. 

How long this mood of cau- 
tion prevails depends on 
whether the lessons of the 
slump are endiTirng With the 
benefit of hindsight it is dear 
that man y hanks did not 

under s tand the risk they were 

talring 

“A margin of 2 per cent over 
interhank rates looked terrific 
back in 1989 because the 
returns on other types of lend- 
ing were so low,” said Mr Rich- 
ard Lovell, head of property at 
Indus trial Bank of Japan. "But 
hanks lending 80 per cent of 
value at the peak of the market 
were providing risk capital as 
well as senior debt.” 

One test will be whether 
loan-to-value ratios of 60-70 per 
cent - the norm for investment 
deals struck over tha past year 
- creep higher. Given the 
highly cyclical nature of the 
asset it would probably make 
more sense for loan-to-value 
ratios to fall as property prices 
rise. 

Greater understanding 
between valuers and bankers 
would probably help avoid the 
worst excesses of the last 
cycle. Valuation Guidance 
Note 12 - produced earlier this 
year by the Royal Institution of 
Chartered Surveyors and the 
British Bankers Association - 
replaces “open-market valua- 
tion” with a forward-looking 
“estimated realisation price” 
(the price that might be 
achieved if the property was 
put on the market immedi- 
ately). 

More important, the guid- 
ance note suggests that the 
valuer comments on trends 
which could effect the realisa- 
tion price - which should 
surely mclnifa an opinion on 
whether the market is heading 
for a fan. 

If that provides h anks with 
timely reminders of where they 
are in the cycle, the wider 
property market wifi surely 
benefit. 


PEOPLE 


MFI builds its boardroom table 


MFI, the furniture retailer 
floated on the stock exchange 
two years ago, is shaking up 
its senior management and 
appointing its first female 
finance director. 

The announcement was 
made at yesterday’s annual 
meeting, where MFI gave a 
very positive statement on cur- 
rent trading. It said that 
although sales were less buoy- 
ant in July, strong turnover in 
August and September meant 
sales for the first 19 weeks of 
the current year were 10 per 
cent ahead of last year. 

Derek Hunt is relinquishing 
the role of chief executive but 
remains executive chairman. 
He will thus have more time 
for strategy, for example, on 
investigating opportunities in 
Frirnce, where the 52nd store 



was opened this week. 

Hunt joined MET in 1972, and 
in 1973, as branch operations 
controller, earned notoriety 
during the miners' strike by 
delivering generators to all 
MFI stores. He became group 
managing director in 1981, 
before moving to Asda follow- 
ing the merger with the super- 
market group in 1985. He 
returned to MFI in 1987 to head 
the £780m management 
buy-out 

Responsibility for day-to-day 
management of the business 


passes to John Randall (right), 
promoted from finance director 
to group managing director. 

Randall is to be replaced as 
group finance director by Sue 
Murphy (for right), for the past 
six years finance director of 
the retail division. 

Randall, 48, trained as an 
accountant at Spillers before 
joining MFI in 1978. He became 
finance director of the retail 
business in 1982, and group 
finance director in 1987 at the 
time of the management 
buy-out. 

Murphy, 37. worked previ- 
ously at Rank Xerox, Overseas 
Containers, and IBM. She 
joined MFI in 1984 as a man- 
agement accountant and in 
1985 became chief accountant. 
She was appointed retail 
finance director in 1987. 


Sir Sydney Lipworth to 
be chairman of Zeneca 



Pharmaceutical company 
Zeneca has ended a long search 
for a chairman to replace Sir 
Denys Henderson when he 
retires at the company’s 

annnal murting nwt May His 

successor is Sir Sydney Lip- 
worth (above), the former 
chairman of the Monopolies 
amt Mergers Commission. 

Zeneca was demerged from 
chemicals company ICI last 
year and yesterday's appoint- 
ment increases tho difference 
between the two. Sir Denys, 
currently chairman of both 
and an ICI man all his working 
life, is replaced at ICI by 
Ronnie Hampel, also a com- 
pany man. South African-born 
Sir Sydney has been a director 
of at least six companies, rang- 
ing from BAT Industries to J. 
Rothschild Holdings. 

Furthermore, Sir Sydney will 
be a part-time and non-execu- 
tive c hair man, with Zeneca 
chief executive David Barnes 
solely in command. 

Sir Sydney, 63, is already a 


nonexecutive director of Carl- 
ton Communications, deputy 
chairman of National Westmin- 
ster Rank and chairman of the 

Financial Reporting Council 

He graduated from the Uni- 
versity of Wltwatersrand, 
Johannesburg and practised as 
a barrister before moving to 
the UK in 1964. He was a direc- 
tor of Abbey Life Assurance 
group before he co-founded 
Allied Dunbar, now one of the 
UK’s biggest insurance compa- 
nies. 

Sr Denys is 62 next month, 
the normal retirement age for 
Zeneca. He said in January 
that he would take over the 
chairmanship of the Rank 
Organisation when he left ICI 

MTlri Zmiivm 

■ Michael Beckett, 58, a for- 
mer managing director of Con- 
solidated Gold Fields, has 
added to his reputation as a 
bit of a trouble-shooter by tak- 
ing on the chairmanship of 
Greycoat, the property devel- 
oper which was rescued from 
the brink of collapse last 
November. 

The company, which com- 
pleted its financial restructur- 
ing earlier this year, has been 
looking for a new chairman 
for several months. Geoffrey 
Wilson, who founded the com- 
pany and turned it into one of 
London’s most ambitious prop- 
erty developers, retired in 
April and was replaced on an 
Interim basis by George Con- 
stantinidi who has been a 


director since 1982 and will 
remain on the board. 

Beckett has a history of join- 
ing boards of troubled compa- 
nies, often at the behest of the 
institutional investors. How- 
ever, sources close to Greycoat 
suggested that the institutions 
had not played any role in 
Beckett's latest appointment. 
He is already chairman of 
Watts Blake Beanie, Horace 
Clarkson and Monarch 
Resources and sits on the 
boards of several other compa- 
nies including Queens Moat 
Houses, Amstrad and Ashanti 
Goldfields. 

■ FI oris Maljers, 61, who 
retired in May after ten years 
as chairman of Unilever NV, 
has been appointed a non-exec- 
utive director of GUINNESS. 
He already sits on the boards 
of Philips Electronics, KLM 
Royal Dutch Airlines, ABN/ 
Amro Bank and Amoco Petro- 
leum (Chicago). 

■ Sir Chips Keswick (below), 
nhairman and rhiaf executive 
of Hamhros Bank, has been 
appointed a non-executive 
director of IML 



Leaving the 
ship of state 

P&O, the international 
shipping company, has 
acquired a senior civil servant 
as its new director of corporate 
affairs in the shape of Peter 
Smith, principal private secre- 
tary to Michael Heseltine, 
trade and industry secretary 
since April 1992. 

Lord Sterling, chairman of 
P&O, has long-s tanding con- 
nections with the DTI, having, 
acted for many years as an 
adviser to the department, and 
has known Smith for many 
years. 

Smith, 42, will join P&O on 
September 26 to fill the gap left 
earlier this year when his pre- 
decessor Peter Thomas retired 
to his native Australia. Lord 
Sterling is maintaining the 
link through his senior PR 
man because Smith, while born 
in the UK, was brought up in 
Australia. 

In his new role Smith could 
well find himself exchanging 
words with his former 
employer. British shipowners 
have been vociferous in their 
condemnation of what they see 
as the government's neglect of 
the Red Ensign and are con- 
tinuing to press for tax breaks. 

Smith studied philosophy 
and mathematics at the Aus- 
tralian National University 
before going on to complete a 
PhD in philosophy at the Uni- 
versity of St Andrews. He has 
been at the DTI since 1978, 
working in the fields of over- 
seas trade promotion, indus- 
trial policy and company law. 

In 1988 he took over respon- 
sibility for telecommunications 
policy and prepared the gov- 
ernment's white paper on tele- 
coms in the 1990s. 

■ John Featherstoue. chief 
executive of Argus Newspapers 
of South Africa, has been 
appointed to the board of 
INDEPENDENT 
NEWSPAPERS. 

■ John i-ang iands . formerly 
finanra director of Eclipse 
Blinds, has been appointed 
finance director of BRITISH 
POLYTHENE INDUSTRIES. 

■ Jeremy Dawson, md of 
Rothschild Ventures, has been 
appointed finance director of 
REDROW GROUP, of which he 
has been a nonexecutive 
director he succeeds Paul 
Pedley who becomes group md. 

■ Roger Thomas, formerly 
vice-president, Europe for 
Philip Morris, has been 
appointed group md and ceo of 
RIZLA. 


COMMERCIAL PROPERTY 


CONTRACTS & TENDERS 


1.5 BILLION TABLE TENNIS BALLS 
5,500 Ford Mondeos 

6 Euro Star Trains 
Half the population of 
Southampton 


WHAT COULD YOU FIT INTO 
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Junction 7 of the MZ7 has over the past 
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development at Hedge End has been an 
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new superstores which have attracted 
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Less than one mile from Junction 7, 
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So if its not table tennis bads or motorcars 
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SEA CONTAINERS PROPERTY 



01603 219719 


0171 499 0404 


Support o ur concer n for h o m ele s s people 
at risk on the areas. We urgently seek 5 
empty building (cellular office layout 
especi a ll y usdhiQ for tcmpotmiy 
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Write to Bax B2440, Financial Tima. 
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DORKING 

A self-contained 
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OFFICE 

BUILDING 

7,035 SO. FT. 

*39 Car Parking Spaces 
LEASE TO ASSIGN 


1 ’ HENRY 

jU!>butcher 


071-405 8411 


Gty of Westminster 

COMPETITIVE TENDERING 
OF HOME OWNERSHIP SERVICES 

Tl» cntfnjd to ptwrafc Wctorinshv Gly Oread's Home Ownership Service is 
to be re-te from I Aprti I995_ 

Ha servke, ranerify ptorided from tba Horae Ownership Centre m Yittorio, 

London SW1, ambiBOsde adnrinislrBfioR, annsefing and mortgage adrfce 
far pardnous under n ranker of sdirares ranging Fran the fight To Bey sdwne 

for tiffing tenants, In a Voluntary Homo Sate sdmne fir fad fane bvytts. 

The setrkt iko provides □ aoh uxenlive sdjeme for Carnal tentmls to 
pottkse on the open ranker. 

Sora Gfy Coued bundled its boa* ownetdrip peBcy in 1 ?73 7,000 soles 
Inn been a»pletad, mainly under the figfa To Buy. ft Is omiripated 
that 400-500 sales and grants will be cwnpieJod e*b year liuoughout 
the naw conked period. 

To racdn on nfamriion podr and tpesfioomire, interested pains shoold 
respond by 7 October 1994, enduing tomb of company oammts, to:- 
Westninshr Oty Coanril Ading Director of Housing 

83 Victoria Sfreel London SW1 OHW B/BQB/AJW 

A shod fat trill be raided and lender sdunsnis vfl be tarited a dw come. 


FLANDERS PARK =OR7S.\<OU7K 


.ONDON M25 Jet 12 


M27 Jc-5 r/2 Jclfc 


BlDWELLS 


na.uMt 

CAMBRIDGESHIRE 

mineral investment 

15.6 acres 

Working Chalk Pit 

with planning permission for filling 

I’jving tetiral and royalty 

l W «**,< ft- hlm:h 

m cscr>' nt ,4- • • 

Freehold For Sale by Formal Tender 

0223 84I84I 

.-.ukniOuC 


n.ps.M' 


» C " TH 


Prestigious 
London Offices 
TO LET 

11/12 Pan Mon 
St James's, London SW1 

Superb refurbished 
office Door 
1,150 sq ft 
• New Lease * 

*■ Immediate Possession * 
opposite Reform Club & RAC 

For further information: 
Baker Lorenz 
971-4092121 
RefiLS 


J 


V 


LYLEHILL, TEMPLEPATRICK, 
CO. ANTRIM, N. IRELAND 

115 Acres with full planning consent for 18 holes of golf with 
club facilities. 

For Sale by Private Treaty 

These lands which have considerable Archaeological interest ate highly 
scenic with a wealth of natural vegetation and co mm a n d splendid 
panoramic views over die surrounding countryside. 

Highl y convenient sanation to Belfast, Antrim and Aldergrove Airport. 

Full detailed particulars from undersigned Agents. 

ja McClelland & sons (avcts) ltd 

\ 2Doagh Road, BaUyelare 

Tel: (0960) 352727 f 3 Una), 352034 or 352860. jf* 


MADRID EXECUTIVES OFFICES 

In the real financial and commercial centre of Madrid. 
Begamfy furnished offices avafebJe far rent. 

Deys, weeks or months. Fun secretarial support by multffinguaJ staff. 
Tetephone, fax, c ompu ter and meeting room facretkss 

CENTRO EMPRESARIAL SERRANO, S.L 
CaBeSerranorf 41 -3* 

28001 Madrid 

Phone 341 5770533 FAX 34 1 576 0075 


LEGAL NOTICES 


NOTICE TO CREDITORS TO 
SEND CLAI MS 
DKKTVATAN LIMITED 
(JN LIQUIDATION) 

NOTICE IS HEREBY GIVEN till tbc 
creditor! of tbc above named NWUf are 
reqabed on or before 31 tfoember UM in rend 
in writing their nonea and addrawe a and the 
paRkatan at dm debt* or data, and the mm 
and eddreue* of their solicitors, i t any, to 
nmhy Richxxd Harm oT Cbopm * LfOnad. 
HQlgUc Booh . 26 Old BaHcy, London EC4M 
7PL the Mm Liqnidamr of ine and eonpnay. 
and. if an required by nuoz in *rkii» bore foe 
mid John Li quid a t or, or by their jnfidton. or 
peoon aB y. » cone in and pre*e their Hid debtt 
or at ouch lime aid piece ai shall be 

ipecilled tasoc± notice, or In ae&d thereof they 
win be excluded from the bcuctll or on; 
foarfoatioa node before reeb deba are parted. 

AH known adna tare been or w9 he paid in ML 

DATED; labScpIcmhp L*M 

Hm Hinti Jokl Liqnfedor 


INSURANCE COMPANIES ACT 1982 
MUTUAL OP 

OMA HA IN TERNATIONAL LIMITED 

TRANSFER OF GENERAL BUSINESS 

L NOTICE IS HEREBY GIVEN that Maud of 
Omaha Intenuuoiul Limited applied to the 
Seaton of Sine for Trade md Indestrj on 9 
September 19W lor hs approval, pareaanl In hri 
D of Schedule 2 C to dm Insurance OmqnnJea 
Act 19C, Id transfer to Mahal of Omaha UX 
Limited nil of Is rights and ebUntioM under 
policies written fay It otto Uahcd ungdexa prior 
to 4 September IBM. 


THE MINISTRY OF 
ENERGY AND MINES OF ECUADOR 
& 

PETROECUADOR 

The Ministry of Energy and Mines of the Republic of 
Ecuador and Petroecuador invite National and foreign 
companies which are capable of exploring and producing 
hydrocarbons, to register in order to be pre-qualtfied to 
participate in the international bidding round for production 
and additional exploration of producing fields in Ecuador. 

Interested companies can register in person or by Fax at 
the Marginal Reids Contracting Unit located at Santa 
Prisca 223, Y Manuel Larrea, 4th Floor. Tel: (593-2) 
584.439/584.860 Fax: (593-2) 582.511. The deadline for 
registration is September 30, 1994. 

Companies that are registered can make an appointment 
to see the technical data on the fields to be tendered up 
until September 30, 1994. 


COMPANY NOTICES 


Z-CtyKi of the aattmeoi of paruodm of ibt 
proposed nunfo ire mflaUc fat intpccthm u 
America House, 2 America Square, London 
EON 2LU from 9.00am M 3.00pm from 
i Fridr^fjpiblie holidays neepted) 


ft 






nmv be aeni hi foe Seerenre of State for Tmde 
and Infamy. Depamneiit rf Trade and 1 


. Depot UK at ■ 
bninte Dtvkiiau, I0-1B Victoria Sireot, 
Lmdem SW1H OKN before 15 Noaeaber m*. 
The Secretary of Same will not dcWTurfoe Lhe 
application uniil ofler considering any 


SOHO RESTAURANT 
LEASE FOR SALE 
5,000 Sq Ft on ground floor 
Apply: 

CARTER WASSELL 
MURDOCH 
3S Albemarle Street 
London W1X3FB 

071 493 5655 


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TEAM LOTUS LIMITED 
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Nairn of business Motor Rating Team 

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Adm u rtBrafon order made 12 September 1994 
NH COOKE ttd N RUDDOCK 
Joint jdnMWpatoa 

Office hoidb iwnbco f»S»9/01 «f 6S77 


CANADIAN PACIFIC 
LIMITED 

At a meeting oT the Board of Directors 
held today, a quantity rfmdead of eiglu 
cents l8c) Creadon pa share on the 
mnwantCwg Ordlnay Shares was 
declared, payable on October 28 1994. re 
botden of reGHd at (be dese of business 
on September 27 1W4. 

BY ORDipt OF THE BO ARD 
DJ Deccan 

Vua- Passmen aM> Skmtajtt 
Caloaiy. Alta, Stumps 12th IW4. 


SPANISH 4% EXTERNAL LOAN 
(1974 Issue) 

The coupons due la October 1B94 
may be prese**«rfor payment at 
Bsnco Exterior de Espana SA, 9 KhQ 
Street, London EG2V 8HB between 
the torn of 10 am and 2pm. 
London, IGtti September 1994. 


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\ 




FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 

MANAGEMENT 



Michael Smith looks at the 
post-privatisation shake-up 
in the coal industry 

Miner 

changes 


K evin Duncalf, underground 
locomotive driver and 
loader at Hem Heath, col- 
liery, Staffordshire, recalls 
with frustration his employment at 
British Coal. “For half the shift I 
was doing nothing. I used to die of 
boredom,” he says. 

Today his work keeps him fully 
occupied. "1 am doing three jobs 
each day, whereas previously I 
worked on just one,” he says. He is 
working at the same pit, hut with a 
different employer - Coal Invest- 
ments, a company which has taken 
over five former British Coal mines. 

Managers say Duncalf is working 
twice as hard as he used to. While 
not everyone at the pit has been 
able to double their productivity, 
every worker has made some prog- 
ress, says Coal Investments. The 
company, in common with most 
bidders for mining assets, sees fun- 
damental changes in working prac- 
tices as essential to future success. 

The leasings by Coal Investments 
and others, at a total of nine mines, 
are seen as the prelude to full priva- 
tisation later this year, when the 
government will sell off British 
Coal's remaining 16 deep mines. 
From a peak of about lm workers at 
the turn of the century, just 10,000 
underground workers will remain 
in the industry. 

It is inevitable that those remain- 
ing miners will be asked to work 
more effectively and. in some cases, 
for less pay. Demarcation lines 
between workers will be eroded and 
the role of unions will change. Coal 
Investments’ changes in working 
methods, therefore, may provide an 
indication of thing s to 
The company is by no means anti- 
union: it has submitted a joint bid 
with the Union of Democratic Mine- 
workers to buy two British Coal 
regions in the full privatisation. But 
it has not negotiated with unions 
over pay rates at its existing pits 
and has no plans to do so. 

Unions will still be allowed to rep- 
resent their members, but John, 
Warwick, company production 
director, argues that the need for 
unions is limited. "The strength of 


unions comes from management 
abnegating its responsibility. If 
management is doing its job there is 
no need for unions,” he says. 

There are new attempts within 
the company to build a partnership. 
Miner s are now on Christian-name 
terms with their bosses, and there 
is no segregation in the showers, as 
there used to be, between different 
ranks of workers. 

Improved communications are 
aimed at further reducing the per- 
ceived management-worker divide. 
Although there are no formalised 
taam briefings, managers are expec- 
ted to tell the men about share, 
price, unit costs, production figures 
and development targets, and even 
the prices of raw materials. 

Mitch Lysek, who works on coal- 
face cutting machinery at Sflverdale 
pit, also in Staffordshire, says: 
“When I worked for British Coal, 1 
bad no.idea what the price of mate- 
rials was. Now 1 know how much 
each nut and bolt costs and how 
much steel is in stock." 

With a ccess to this information, 
managers argue that workers are 
less likely to waste material* Says 
Lysek: “If Coal Investments does 
not make money then nor do we. 
British Coal was different because it 
was a government concern." 

The comments come from a man 
who is no fan of privatisation. But 
Lysek is learning to live with the 
new regime. Like locomotive driv er 
Duncalf; boredom is now less of a 
problem. "Because we have to be 
more flexible the day goes quicker,” 
says Lysek. 

Flexibility also makes it possible 
for Duncalf and a colleague to per- 
form duties previously carried out 
by seven men (althoug h the loads 
handled are smaller). In British 
Coal days, Duncalf did each of the 
three types of task, but was able to 
do just one on each shift Now, with 
demarcation lines eroded he can do 
all three in a single shift and it is 
nagiar for workers to call on each 
other and supervisors for assis- 
tance. 

But in contrast to the experiences 
of Duncalf and Lysek are some 



John Potter 

Facing the future: changes in working pracOcae may Mteata things to come 


workers who claim that their work 
has changed tittle. "We were 
already working hard for British 
CoaL We could scarcely work 
harder," says one miner. 

And some changes have yet to 
ftiiffi their po tential. In the Silver- 
dale pit a group of three workers 
operates a Hmwaiirng machine that. 
previously occupied five men. Man- 
agers want them to increase tunnel- 
ling speed from 3m a shift to 4m. 

A few operators appear disgrun- 
tled that they are being asked to be 
more productive for less pay than 
they earned with British Coal and 
this could be & potential problem 
for Coal Investments. 

Indeed, miners' money is so for 
substantially less: Warwick says 
that some British Coal employees 
can take home more than £500 a 
week after overtime and banns pay. 
At Coal Investments, which has 
rationalised 14 British Coal pay 
rates to four, the gross maximum 
for miner s working a six-day week 
is about £282. 

The company expects to bridge 
the earnings gap through an 


employee share ownership plan, 
profit-related pay and, when full 
production starts next year, produc- 
tivity bonuses. These promises of 
plenty appear to satisfy most 
employees who are, anyway, grate- 
ful for the chance to be working 
down a mm« again after a spell 
outside the industry. 

Management-friendly comments 
are predictable at a young comp a ny 
enjoying a honeymoon with its 
workforce. The real test of the cul- 
ture transformation claims will 
come if the company runs into pro- 
duction or marketing difficulties 
and has to disappo in t its workers’ 
expectations of high rewards. 


CORRECTION 

Philip Wright, whose comments were 
reported in an article on Sept 9 fA 
special City c&jb”), was not at the time 
employed at Benoo d SfcSa, and is 
not due to commence employmen t 
there untH 26 Septem b er. Banco di 
SiciKa is an equal opportunities 
employer and is fn no way associated 
with the c oni n a nla made- 


Getting to grips with 
a killer disease 

The incidence of testicular cancer has doubled over 
the last 20 years, writes Carol Cooper 


When asked to 
name the 

mmiwippffi t winiw 

in men under 45, 
most people get it 
wrong, Iconcluded 
at a recent dinner 
party. Bfy question 
killed the 
conversation dead,- 
but it highlighted the importance 
of testicular cancer. 

One man in 460 will develop this 
cancer before the age of SO and 
more titan 1,400 new cases are 
diagnosed in tiie UK every year. 
The inddaice is even higher in 
other northern European 
countries, notably Denmark. 
Germany, Switzerland, Ireland 
and Luxembourg. 

' Testicular cancer Is generally 
treated with a combination, of 


One man In 450 will 
develop the disease 
by the age of 50 and 
1,400 cases are 
diagnosed eachyear 



surgery and chemotherapy, with 
great success. (Sterility is the rule 
for a year or two after treatment, 
but the long-term outlook is 
excellent) Around 95 per cent 
recover completely and many 
father children. Unfortunat^y, 
results are leas good when the 
disease is advanced. In 1992, tills 
ameer killed 128 men in England 
and Wales. 

Few men examine themselves 
regularly - only 3 per cent; 
according to an Imperial Cancer 
Research Fund (ICRF) study. As 
for breast disease, the value of 
self-examination is disputed, but 
many authorities now recommend 
ft an the basis that it is important 
to be fomfliar with one’s own 
anatomy. 

Signs to be taken seriously . 
include swelling of one testicle, or 
a lamp cm the front or side. 
Sometimes there is real pain, but 
often there are only vague 
sym pto ms such as dull ache, 
heaviness, or change in fed. 

Unf or t u n ately, men are 


reluctant to go to the doctor aid 
may haveto be propeUedlnto the 
sragery by wife or girlfriend. 
Many men, perhaps believing that 
the sy mptom s wifi go away, leave 
things too late - over half of all 
those with testicular cancer 
present after the tumour has 
spread. This cancer does not 
spread to the easily felt lymph 
glands in the groin, bu t to t hose 
around the aorta, 4eep within the 
abdomen. This is entirely logical 
given that the testicle originates 
embrydogicany from that area. 

In the last 20 years, the 

tmriritmro of ton 

doubled. It Is rising, especially in 
younger white men and in higher 
social classes, for reasons which 
are unclear. Nobody knows the 
cause of testicular cancer, bnt risk 
factors axe coming to flght 

Until recently, an undescended 
or partly descended testis was one 
of the few known cansal factors. If 
left surgically uncorrected beyond 
the age of 10 or so, this condition 
roughly .trebles the risk of 
testicular cancer — even on the 
side which appears normaL 

Heredity appears to be even 
more important and a history of 
this cancer in. a close relative calls 
far extra vigilance. Sons of men 
with the disease are four times as 
Ukdy to develop it, while brothers 
of those affected are nearly 10 
times as likely to do so. . 

In the hope of firafing a gene for 
it, a research project is now being 
carried out into families with two 
or more menritera with testicular 
cancer. Sfrty such families have 
been Identified so far in Britain 
and the Cancer Research 
Campaign (GRC) and ICEF are on 
the lookout for more. 

Over the years, there have been 
worries about the possible effect 
of mumps, vasectomy, injury and 
heat (especially in the Asm of 
tight trousers, hot baths and 
central heating). 

A leading study from the UK 
Testicular Cancer Study Group 
looked into the medical and social 
histories of nearly 800 men with 
the disease in nine British health 
regions. The findings were 
reported in May in the British 
Medical Journal and this month in 


the British Journal of Cancer. 

There seems to be no association 

between testicular cancer and 
either heat or mumps (even after 
puberty, when orchitis, as it is 
known, is more likely). But a 
history of any sexually 
transmitted disease appears to 
doable the risk of this cancer. 
There Is also soma relation 
between infertility and testicular 
cancer, but it is not yet clear 
whether this Is canse-and-effect 
Men contemplating vasectomy, 
however, should be reassured — 
there is no evidence of a link. 

The study suggests that regular 
exercise could have a protective 
effect - men who exercise for 15 
or more hours a week had a 
substantially lower Incidence. Bnt 
injury to tire testis can double the 
rigk. This could be significant in 

The disease is 
increasing, especially 
in younger white 
men and in higher 
social classes, 

some sports, although there are 
not yet enough data on wblch to - 
base firm advice. 

Finally, there is some 
suggestion that an early puberty 
Is an important risk factor. This 
ties in with the theory that high 
levels of gonadotrophin hormones 
from the p it u i t a ry gland may . 

stimulate cells in such a way as to 
promote cancerous change. And 
since puberty is occurring earlier 
these days, often well before the 
standard age of 14 in boys, ft Is 
also consistent with the rising 
trend in testicular cancer. 
However, there Is unlikely to be a 
single cause for this cancer or, put 
another wa y, one remains to be 
discovered. 

For more information about 
testicular cancer, contact ICRF, PO 
Box 123, Lmcobi's tint Fields, 
London WC2A3FX. Tel 071 242 

am 

The author is a London general 
practitioner. 


* 






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11 



FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 



ARTS 


o\v 

""" 


in PM 
d war 


ituilia 


T he news from the Bolshoi Bal- 
let in Moscow has an oddly sec- 
ond-hand air, as con fr o nt ation 
f*” argument wmg round the 
handsome head of Yury Grim- 
rotten, director of the Ballet Allegations 
and counter-allegations have been 
eraanged during the summer between 
Grlgorovich and the theatre’s general 
director. Vladimir Kokorin, with dancers 
adding their two-kopek's worth. These are 
tiie high-lights of a very real crisis, the 
worst for many years in the Moscow bel- 
iefs history, 

They are, though, par for the course 
when considering Grignrovlch’s so year 
ttunre as absolute master of the ballet- 
troupe . There have been in the past 
equally tense confrontations, equally 
vehement allegations of . autocracy, 
favouritism, and almost any other artistic 
crime that came conveniently to hand. 
Maya Plisetskaya, for decades the 
troupe's most illustrious ballerina, has 

lone invaiarhod amine* .. 


has Vladimir VastHev, one of the greatest 
of Bolshoi stars. Seven years ago, an 
insurrection was started by Bolshoi danc- 
ers dissa ti sfied with Grigorovich’s poll- 


Insurrection at the Bolshoi 

The world's greatest ballet company is in crisis. Clement Crisp reports 


ties and the dominance of his ban*** in 
toe repertory, with much coverage of the 
struggle in the newspapers. I was in 
Moscow at the time, gn| ^ one of balle- 
rinas told me of the alignments of fiances, 
pro and anti, adding “I am one of Vary 
Grigorovich’s soldiers”. Her career 
depended on this fact 
Yury Grigorovich has been autocratic in 
his direction of the company. He said to 
me once: “I have 250 dancers, and that is 
260 temperaments!” EBs view, and in the 
context of the Soviet society in which he 
worked it is wholly understandable, was 
that his decisions must be firm and 
unchallenged. The pre-Grigorovich Bol- 


WU u uu w ou 

visit in 1996, was a marvel, b rimming 


37, had already produced a series of suc- 
cessful ballets in his native Leningrad. 
(The first Kirov Ballet season in London 
in 1961 had shown Us stripped-down, 
innovat i ve Stone Flower). As director and 
chief choreographer at the Bolshoi, such 
ballets as Spartaais, him the Terrible, The 
Golden Age and Ms re-stagings of the 19th 
century classics, gave the company a 
leaner, more modern look. 


F 


or three decades Grigorovich’s 
Bolshoi trhnzq^hed wherever it 
played, the Bag-ship of Soviet 
culture. And through the Brezh- 
nev years of “stagnation* and 


dated and looked ponderous. Grigorovich. 


blood pulsing through the veins of this 
mmrolitlric organisation. His services to 
the company, his achievements in th«* con- 


who took c omm a nd in 1964 at the age of text of Soviet policies towards the arts. 


cannot he denied - though his detractors 
fin the West as well as in Russia) have 
had a merry and mindless time trying to 
do so. 

But with the crumbling of the old order, 
with the arrival of market forces and the 
intoxications of free speech and free 
travel, Grigorovich’s absolutism has 
seemed more like a relic of bad old days. 
His company haemorrhaged stars: such 
wonderful artists as Maximova and Vasi- 
liev, Semenyaka and Mukhamedov, Anan- 
iashvili, Posdkhov, Fedotov, Uepa, have 
left, and return to -their mother stage 
rarely if at aQ. 

The desperate need to earn foreign cor- 


icut y iuu» aciu uk uuupe on mure turn 

more tours, expensive to undertake and 
prohibitive to watch - and brought the 
alarming failure of a proposed British 
visit this summer. 


The Bolshoi Ballet, which has just gone 
into rehearsal for the new season in 
Moscow, is still Russia's pride, and an 

wampfe of the highest aspirations of clas- 
sic dancing, but it is undeniably shaken 
by events that it seems barely able to 
comprehend let alone master. 

In an intriguing parallel with the dra- 
mas now playing at tote Opera Bastille in 
Paris, Vladimir Kokorin, the Bolshoi's 
general director, is seeking to establish 
control of the theatre’s activities through 
a contractual system which wfll engag e 
bath administrative and performing per- 
sonnel on a yearly basis. And so serums 
and urgent is the situation that President 
Yeltsin is issuing decrees concerning the 
future running of the theatre, its opera 
and ballet troupes. The old autocracy is 
under threat, mid with it Grigorovich’s 
power. 


What has not gone, and it forms a 
tragic parallel with so much else in the 
new Russia, is the other huge problem for 
the Bolshoi: the lamentable state of the 
theatre's fabric. 

Reports have spoken for years of the 
subsidence of the building. (There was 
talk in the mid-8Qs that the theatre was to 
he closed for a long period of reconstruc- 
tion.) The electric wiring is known to be 
antique and fallible. A Moscow friend 
tells me that it Is now thought unwise to 
go under the stage. Last summer Yevgeny 
Rodionov, Russian vice-minister for cul- 
ture, and Vladimir Kokorin went to Paris 
to discuss with Unesco the best means of 
saving the theatre. Thus far we have 
heard of no immediate remedies for the 
situation. 

The picture for those who love the Bol- 
shoi Theatre and everything it means in 
ballet and opera, and in Russia's artistic 
life, is distressing. It seems symbolic of 
the state of Russia as it sets about 
rebuilding itself. And, ironically, what the 
ballet company needs now is the Grigo- 
rovich of 1964: gifted, passionately com- 
mitted to his art, and able to shape the 
company for the future. 


Opera/David Murray 


‘Tosca’ without tears 


P ucdni’s opera is newly 
produced at the 
English National 
Opera by Keith 
Warner and the American 
designer John ConkUn, not to 

m e nti o n the li ghting - man Alan 

Burrett “For whom?” might be 
the question; and the answer 
might be, “For post-modernists 
who prefer to have their with- 
ers left unwrung." 

This is a very cool, knowing 
production, to the point where 
the end of each act is graced, 
guyed or sabotaged (take your 
pick) by a campy graffito. At 
the climax of the Act 1 *Te 
Detun”, the Madonna statue 
comes to life as the Tosca of 
Scarpla’s lustful fantasies; 
after she murders him in Act 2, 
the candles she places eerily 
about his corpse are taken 
from the footlights of the little 
theatre glimpsed earlier at 
stage rear (nudge, nudge); and 
for from leaping from the Cas- 
tello’s parapets to her death in 
Act 3, she freezes before a 
soldier’s rifle - but behind her 
a balletic double is seen 
falling , foiling; foiling in slow 
motion. 

Each of these Producers’ 
Ideas dampens any sympa- 
thetic, suspended -disbelief 
response pretty smartly. I 
imagine they were meant to - 
and by aQ three of the men 
responsible, since their respec- 
tive contributions merge uri- 
dentiflably at the crucial 
moments. Elsewhere they go 
their own ways: Warner directs 
the action in robust, cartoon- 
reaMstic style, Conklin festoons 
it with a calculated jumble of 
icons from the Renaissance to 
De Chirico, and Barrett laces it 
with hallucinatory lighting, 
lurid and abrupt 
The principal singers found 


their ways through this mine- 
field with all due caution. 
As the luckless hero Gavara- 
dossi, David Kendall did that 
with special disarmingness: 
though our indulgence had 
been begged for his allergy-rid- 
den throat, the missing degree 
of volume could not have 
added much to his seasoned, 
lyrically heartfelt warmth and 


Rosalind Plowright's heroine 
was more problematic. Her 
forceful soprano, with its char- 
acteristic rasping edge, is right 
for much of the monstre saerte 
role, and her navy volatility 
too - and she delivered a cred- 
itable “Vissi d’arte”; but Tosca 
also needs frank passion and a 
touch of self-mockery which do 
not lie within Miss Plowrights 
English-cool, even English- 
prissy range. 


M udh the most stri- 
king of toe leads 
was the Scarpia 
of Henk Smit, a 
Dutch import U is essentially 
a comic creation, properly 
monstrous from time to time 
but undercut by the eager, dap- 
per, schoolmasterly quick- 
march that regularly takes 
him from point A to point B. 
The whole performance is so 
sardonically knowing as to 
place it between permanent 
inverted commas; we relish his 
act, but are never seriously 
frightened. 

Surit's English is excellent to 
a fault, reminding us that our 
language - into which Warner 
and his wife Emma (or sister? 
the programme-book is coy 
about that point) have trans- 
lated mica's text crisply and 
colloquially - just does have 
bumpier, more intrusive conso- 
nants than Italian In all the 


longer words. Smit barks 
through the bumps, not mind- 
ing them ; Miss Plowright does 
her best to sail past them; Ken- 
dall manages somehow to 
assimilate tiiwn smoothly into 
his fervent lmra 

Too long unheard In London, 
Sir Alexander Gibson conducts 
the score to expert effect, with 
' scrupulous, self-effacing defer- 
ence to his singers. (Noel 
Davies takes over from Octo- 
ber IB.) Among the secondary 
roles we have a decently 
haunted Angelotti - the fugi- 
tive who sparks the action - 
from Andrew Greenan, a con- 
ventionally twittery Sacristan 
solidly characterised by 
Andrew Shore (as is his wont), 
a tuneless but intrig ui n g Spo- 
Ietta from Edward Byles, and 
Richard Angas’s crusty, 
humane Gaoler. 

Does it walk? I might guess 
better if I had any confident 
grasp of current audience-sen- 
abffities. Z think Tosca a nasty, 
cleverly calculated piece which 
offers melodious riches to good 
Italian singers; 1 do not know 
what to say about the general 
appeal of this version. 
Certainly the production is 
aimed to curdle any weepy 
indulgence - but may that not 
deprive Puccini of a central 
motive? Certainly too, it 
throws the time-honoured 
love-and-death motifs into 
historico-critical, self-conscious 
relief: excellent fodder for 
writing reviews like this one. If 
you want to see a self-review- 
ing opera production, this 
provides an excellent opportu- 
nity. 

A co-production with Houston 
Grand Opera, supported by 
Friends of END; in repertory 
until October 27 





Theatre / Alastair Macaulay 

The Hostage 






Hemic Smit and Rosalind Plowright as Scarpia and Tosca 


AUdair Macautay 


W hen Charles 

Mackerras is con- 
ducting it is 
advisable to 
expect the unexpected- To open 
the Royal Philharmonic 
Orchestra's London season he 
paired two choral master- 
pieces, Mozart’s Requiem and 
Janfifiek’s Glagolitic Mass, hut 
typically neither was per- 
formed in the version we usu- 
ally hear. Even the National 
Anthem came in an arrange- 
ment by Mackerras himse lf. 

It says a lot about how 
things have changed at the 
RPO that Mackerras's brand of 
adventurousness has found 
favour there. Not so long ago 
years would pass by without it 
seeming necessary to visit a 


INTERNATIONAL 


Concert/Richard Fairman 


The RPO plays a different tune 


single concert for anybody 
interested in what was musi- 
cally important in London. But 
now there is a new vital spark: 
Mackerras as principal guest 
conductor, the Maryinsky-Ki- 
rov link with Valery Gergiev, a 
dash of new music, and more 
than a dgjjrt> of imagination in 
the programming. 

The RPO has traditionally 
been the most popular-minded 
of the capitol's four commer- 
cial orchestras and there is 
every sign that it is keen to 
widen its appeal further 


through its involvement with 
Classic FM radio and a big, 
mass-market recording project 
The question is whether the 
orchestra can raise its game in 
the programming of its own 
concerts and still bold cm to 
this popular audience. 

For its opening concert of 
the season on Wednesday it 
had a well-filled Royal Festival 
Han, which was a promising 
start. How many in the audi- 
ence noticed that they were 
h eating a different version of 
Mozart’s Requiem from usual? 


Probably not many: the Beys 
edition makes few major 
changes from the score as fin- 
ished by Sflssmayr after Moz- 
art’s death and this was in any 
case a lacklustre performance 
of it - difficult to believe that 
Mackerras was in charge. 

The Jan&fiek, however, was 
jmrrfhgr matter. With apparent 
precision the programme 
described what was to be per- 
formed as “a reconstruction of 
the original version”, though 
that begs a few questions when 
applied to a work put together 


in various stages. Suffice to 
say that the reconstruction is 
even more wildly original than 
what we usually hear. At the 
Crucifixion climax of the 
“VSrctfu", where the solo organ 
bursts out. there was now also 
extra music for three thunder- 
ous timpani, as though the 
heavens were rai nin g down in 
fury. 

All the performers, so som- 
nolent in the Mozart, came 
urgently to life. This perfor- 
mance did not quite equal the 
electrifying account of the 


Mass that Mackerras gave a 
couple of years ago at the Edin- 
burgh Festival, but the RPO 
played well for him and the 
Brighton Festival Chorus has 
never sounded more decisive. 
The four soloists were Helen 
Field, Jean Rigby, Philip Lan- 
gridge and David Thomas, who 
almost sounded relieved to be 
freed from their constraints as 
a Mozartfan quartet 
The RPO claims this perfor- 
mance to have been a UK pro- 
fessional premiere, which Is a 
small feather in its cap. Nor 
will it be the last in the orches- 
tra's "Choral classics* series: 
anybody who thinks he knows 
Verdi’s Requiem is in for a big 
surprise when the RPO plays 
that next spring. 


J ust as we all were hoping 
that poor Ireland might 
find a way out of its trou- 
bles, along comes the 
Royal Shakespeare Com- 
pany and disturbs the peace 
with Michael Bogdanov's mal- 
adroit new production of Bren- 
dan Behan’s awkward fordco- 
serio-weirdo 1958 IRA play The 
Hostage. Bogdanov and Behan 
is a marriage maria in Hell any , 
way; for heaven’s sake every- 
one make sure Ian Paisley goes 
nowhere near the Barbican for 
the next few months. 

And, by the way, don't you 
loathe the notion of "topical” 
revivals? You can just see how 
some grim spark around the 
RSC at the time of the Down- 
ing Street Declaration must 
have thought “Oh goody! - 
now we can revive Behan’s 
flawed old Hostage - OK, it’s 
Rawed, but it’ll be relevant." 

We sit for the worse part of 
three hours in fhe Barbican, 
looking at a Dublin brothel 
that IRA activists take over 
with their 18-year-old British 
soldier hostage. The non-IRA 
characters sit around, they 
entertain a motley crew of cus- 
tomers. they drink, they smg 
songs, they waffle on about 
religion and the British, and 
the troubles, they even dance. 
The IRA guys are as feckless 
as everyone else, and they 
leave their hostage alive just 
long enough for him to farm an 
attachment to an 18-year-old 
girl called Teresa. AQ of which 
is meant to set us reflecting 
about the terrible fotiQty of the 
troubles, and the topicality of a 
1958 play. 

Not, however, in my case; I 
just sit and fume about the 
guys who waste my time with 
a clumsy revival of a clumsy 
text of a minor and imperfect 
play. Behan wrote more than 
one version at The Hostage; it 
looks as if Bogdanov and the 
RSC Chose the least pithy. Bog- 
danov has made the Dublin 
boardfog-h 0 use<nmtbrothel as 
deranged a place as he can, 
and has encouraged some (but 
not aQ) the cast to perform it 
all as if urging us not to 
believe that this house might 
be real or that these Irish char- 
acters are worthy of being 
taken seriously for a moment 
Some of tftfa force potential 
is there in Behan’s play, to be 
sure. But Behan did not imag- 
ine that his Dublin tenement 
might, be tipped forwards and 
sideways by 30 degrees, as by 
Kendra Ultyart’s decor here. 
You take one look as this 
skew-whiff set and you feel 
seasick before the action 
starts. 


You feel a whole lot more 
seasick as you try to piece 
together the life of this 
boarding-house, in which char- 
acters keep popping in and out 
of nine different doorways like 
rabbits. There is the transves- 
tite navvy Rio Rita and his 
black boxer boyfriend Princess 
Grace, the whore Colette and 
her drunken rfwmt (a Russian 
sailor who travels bisexually 
round half the cast, seldom 
exiting with the same person 
twice, and who then turns out 
to be an undercover agent...). 
Not to mention the musicians 
who appear sporadically. 

Slightly more important are 
the kilted old Anglo-Irish (but 
anti-British) Monsewer, with 
his Gaelic (terrible) and his 
bagpipes (worse); and the crazy 
religious spinster Miss Gil- 
christ. Central are Pat, the 
caretaker and an ageing IRA 
fighter, and his consort Meg; 
and the skivvy Teresa. 


T here are some excel- 
lent performances: 
notably from Dermot 
Crowley and Dearbhla 
Molloy as weary Pat and 
brassy Meg. "Go on, abuse 
me,” he tells her, “your own 
husband, that took you off the 
streets on a Sunday morning 
when there wasn’t a pub open 
in the city.” You want to see 
actors like tills In a production 
that makes a stage world real; 
it is too bad of Bogdanov to 
waste their time as well as 
ouzs. Alison McKenna is touch- 
ing as Teresa, and John Wood- 
vine makes the eccentric Mon- 
sewer amusing if not 
convincing. 

Of the actors who encourage 
one not to trust the play, the 
worst is Jenny Quayle as Miss 
Gilchrist As in Bogdanov's 
(generally otherwise hilarious) 
BSC version of Goldoni’s The 
Venetian Twins, she overdoes 
every actoriy touch, with spe- 
cial vocal effects in mid-sen- 
tence. (The way her voice dips 
to add a louche connotation to 
“so much more satisfactory 
than medical students” is an 
object lesson in bad theatrical 
camp.) But she is the actress 
most perfectly in tune with 
Bogdanov’s messy and half- 
surreal account of this sprawl- 
ing version of a nutty play. 

In my review of the Birming- 
ham Rep Tempest, Z inadver- 
tently cited Andy Hockley as 
playing both Stephano and Cal- 
iban. The latter role was in 
fact played by Richard 
McCabe. My apologies to both 

In RSC repertory at the Barbi- 

tpm 


Munch and Germany 

The KunsthaHe der 
Hypo-Kutturatmung, a 
privately-financed gatety hi the 
centra of Munich, has organised 
an exhibition around the 
Norwegian painter Edvard Munch 
(1663-1944). Opening next week, 
ft alms to trace the formative 

Influence wfdch Germany had on 

Munch, and to show howhe in 
turn Influenced German art in tno 
•arty 20 th century. 

In the 1890s Munch was a t t 
member of the avant-garde circle 
associated with ***0“** - ... 

Str in db er g In Berlin. An exhibition 
of Munch's work 
Berlin as 

Print S M» po— * 11 Frte *J’ 1 

Ufe aeries there- Theaoworte, 

Including The Scream, toim me 

cwtreplece of^Kwi^wfie^ 

exhibition. Numerous other wore® 
dating from Wa «*ay tnG*-m*ny 

wffl be on show JndutoJJ 

tondscapea, portraits ana 

J^rttotileiOO work* by Munch 
(most of them on to*n from 


Norwegian museums), the 
Kumsthafle has placed paintings 
by late 19th-century German 
artists admired by Munch, such 
as B5ddtn and Winger, to 
ffiustratolha aesthetic climate at 
the time of his arrival In Germany. 
Representatives of the Berlin 
Secession, founded In 1899 tinder 
Munch's influence, are also 
included. Munch's rate as fattier 
of modem German art is 
illustrated by a selection of early 
Expressionists, such as Wrchner, 
Heckel and Schmidfr-RotttufL 
The exhibition can be seen fn 
Munich daHy from September 23 

to November 27. Itwffl then move 
to the Hamburg Kunsthaile (Dee 
9-Feb 12) and the Nationaigalerie 
in Berlin (Feb 24-April 23, 1995). 

■ EXHIBITIONS 

AMSTERDAM 

Htyksmuseum The Renaissance 
Print 1470-1500. Ends Oct 30. 
dosed Mon 

Van Gogh Museum Van Gogh’s - 
Self-Portraits. Ends Oct 9. Dally 
BASLE 

KunatmuMum Fernand LSger 
(1881-1955): an exhbttlon devoted 
to one of the key painters of the 

modem world. It focuses on the 
principal creative period from 1911 
to 1924, with mote than 100 
exhibits from International museums 
and private collections, as well as 
from Basle’s own rich cofieebon. 
Ends Nov 27. Closed Mon 
BERLIN 

Brick# Museum Early Kandinsky: 
a survey of a Httte-known period In 
the German Bqjressionist’s 
development, before he made Ms 
first abstract painting in 1910 at toe 


age of 44. Kandinsky’s eariy work is 
revealed as full of diverse 
Influences, from Btedenmeyer to the 
Fauves. Ends Nov 27. Closed Tubs 
K unstgewerbemuseum Gianni 
Versace: retrospective of the Italian 
fashion designer, inducting sketches 
and theatre costumes. Ends Nov 
25. Closed Mon 
BRUGES 

Groaning emuseum Hans Meriting: 
a 500th anniversary show grouping 
some 40 works by the 15th-century 
Flemish master, including a number 
of fragile loans from as far afield as 
Pasadena and Gdansk. Bids Nov 
15 

St John's Hospital ModigRani 
Drawings 1906-1914: this is toe 
touring exhibition of eariy drawings 
given or sold by toe artist to his 
friend Pad Alexandre when fiving in 
Paris. Ends Oct 2 
CHICAGO 

Alt Institute OdDon Redon: 180 
works by toe late 19th-century 
French painter-poet Ends Sep 18. 
Goya: 100 smati-scaie paintings. 
Bids Oct 16. Da3y 
DRESDEN 

Kupferstich Kabbiett James 
McNeill Whistler; a rare German 
showing of etchings and 
lithographs. AH 62 exhfotewere 
collected in Dresden between 1892 
and 1919, and are being exhibited 
for the first time. Bids Nov 25. 
Closed Sat and Sun 
ESSEN 

VBDa HQgel Paris - Belle Epoque: 
an evocation of the period from 
1880 to 1910 with paintings, 
drawings, posters, photographs, 
glass and furniture. Ends Nov 13- 


FLORENCE 

Museo Peed The Last Dreams of 


Joan MIro: some lesser-known late 
works lent by the Pfiar Foundation, 
which was set up by MW> in 1681, 
two years before his death. Ends 
Oct 30. DaHy 
HAMBURG 

Deichtorhaflen The Century of the 
Multiple: the history of multiple at 
editions in toree-diimensionaJ form, 
ranging from early replicas of 
objects by Duchamp and Man Ray, 
to today’s mass reproductions. 

Ends Oct 30. Keith Haring 
(1958-90): 100 large-scale paintings 
and ceramics by the 
poWicafly-motivatad American artist 
Ends Nov 13. Closed Mon 
KunsthaHe Masterworks from the 
Guggenheim Collection: 60 
paintings by Picasso, Braque, 
Dubuffet, Bacon, ChagaB, 

Kandinsky and Mir6. Ends Sep 25. 
David Hockney: drawings from 
1954 till the present Ends Oct 10. 
Closed Mon 
LONDON 

Royal Academy of Arts The Glory 
of Venice: an axrtbftfan 
encompassing the whole range of 
artistic production In the 18th 
century, with work by Tiepolo, 
Piazzetta, Canaletto, Bello Bo, 
Guardi, Canova and Piranesi. Ends 
Dec 14. The Belgian Avant-Garde 
1880-1900. Ends Oct 2. Daily 
(advance booking 071-240 7200) 
British Museum Greek Gold - 
Jewellery of toe Classical World. 
Ends Oct 23. DaHy 
Courtauld Institute The Samuel 
Courtauld Collection of 
Impressionist Paintings. Ends Sep 
25. Conrad FeHxmQfler (1897-1977): 
tits fast exhibition in toe UK to 
explore the graphic work of toe 
leading second-generation German 
Expressionist, tracing hts 


engagement with political and 
domestic themes during the Weimar 
Republic. Ends Oct 30. DaHy 
Tate Gallery Turner's Holland. Ends 
Oct 9. William Blake - Art and 
Revolution: an exhibition focusing 
on the English artist’s output in the 
1790s. Ends Oct 16. Daily 
Heinz GaBary Charles Rennie 
Mackintosh - The Chelsea Years 
1915-23. Ends Oct 29 (Royal 
Institute of British Architects) 
Saatchi Gaflery A Positive View: an 
exhibition of international creative 
photography. Including a selection 
of 20th-century masters from toe 
Vogue archive. Ends Sep 30. 

Closed Mon 
MADRID 

Fundad6 la Cabca Kandinsky and 
Mondrian - Two Roads Toward 
Abstraction: this exhibition marks 
toe 50th anniversary of the deaths 
of two great pioneers of modem 
art It covers the years 1911-20 and 
alms to illustrate the parallels and 
differences in their stylistic 
evolution. Both began as figurative 
painters aid ended up with very 
different abstract styles. There are 
35 canvases by Kandinsky and 56 
oils, drawings, watercolours and 
gouaches by Mondrian. Ends Nov 
13 (after which it wffl transfer to 
Barcelona). Closed Mon 
MAFfflGNY 

Fondation Pierre Gianadda From 
Matisse to Picasso, Masterworks 
from the Gelman Collection. Ends 
Nov 1. Dally 
METZ 

Arsenal Gold of toe Gods: more 
than 600 exhibits, comprising 
pre-Colombian jewels, ritual knives 
and masques. Ends Oct 2 (tel 4410 
7303) 

NEW YORK 


MetropoBtan Museum of Art The 
Annenberg Collection of 
Impressionist and 
Post-1 mpresaiorHSt Masterpieces. 
Ends Nov 27. 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 465BC. 
Ends Jan 29. Closed Mon 
Guggenheim Museum Japanese 
Art After 1945: a comprehensive 
history of Japanese avant-garde art 
during the past 50 years. It features 
more than 200 objects by 70 artists 
working In painting, sculpture, 
photography, video, performance 
and eistafiation at, This show is at 
the Guggenheim’s SoHo sHb, which 
was designed by Japanese 
architect Arata Isozakl and opened 

In 1992. Ends Jan 8. The main 
museum Is closed on Thurs, toe 
SoHo site on Tubs 
Museum of Modem Art The Prints 
of Louise Bourgeois: 140 works by 
one of toe most distinguished 
American contemporary artists, who 
has donated her entire printed 
oeuvre to thus museum. Ends Jan 3. 
Closed Wed 

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

Grand Palais Gustave Caillebatte 
(1848-1894): a centenary tribute to 
the only member of toe 
Impressionists who has not hada 
proper retrospective in France. The 
89 paintings and 28 drawings on 
view include his masterpiece, Paris 
Street (1877), on loan from 
Chicago. Ends Jan 9. Closed Tubs 
C entre Georges Pompidou Joseph 


Beuys: retrospective of one of 
Germany's leading avant-garde 
artists of the postwar period. Ends 
Oct 3. Closed Tues 
STUTTGART 

StaatsgaJerte Max Beckmann 
(1884-1950): 70 paintings covering 
the career of one of the leading 
German Expressionists, with loans 
from public and private collections 
on both sides of the Atlantic. Ends 
Jan 8. Closed Mon 
TORONTO 

Art Gallery of Ontario French 
Masterpieces from the Barnes 
Collection: another stop in the 
crowd-pufiing tour of 
Post-Impressionist paintings. Ends 

Dec 31 

VIENNA 

Kunsthistorfsches Museum 
Tintoretto portraits. Ends Oct 30. 
Albrecht Dflrer. a selection from toe 
museum's collection of work by the 
early 16 th-century German master. 
Ends Oct 30. Closed Mon 
WASHINGTON 
National GaOery of Art Milton 
Avery (1893-1965): 67 works on 
paper portraying the American 
artist's favourite subjects - family 
and friends, landscapes, relaxed 
nudes and delightful animals. Ends 
Jan 22. From Minimal to 
Conceptual Art - Works from the 
Vogel Collection: 90 drawings, 
photographs, paintings and 
sculpture by contemporary artists, 
including LaWttt, Christo, Ryman, 
Beuys and Ravin. Bids Nov 27. 
Dally 

National Museum of American Art 
Luis Jimenez (bl940): 41 dramatic 
fibreglass sculptures by the 
Maxican-American artist, together 
with the drawings which prefigured 
them. Ends Jan 2. Daily 



12 


T hree hundred pesos, 
or three dollars, will 
buy a cooking stove 
made from a vegetable 
oil can, once donated as aid, in 
Havana's Parque El Curita 
street market With a week’s 
guarantee included, they are 
selling fast 

Piped cooking gas has been 
in short supply in the Cuban 
capital for weeks, thanks to 
breakdowns at the gas factory. 

This additional misery for 
Cubans, already coping with 
short ages of everything from 
washing powder to meat, is 
encouraging a return to Cuba’s 
streets of the vendors who 
were cleared away in a “revo- 
lutionary offensive” in the late 
1960s. 

Most operate legally - 
licensed under economic 
reforms designed to loosen the 
state’s grip on Cuba's reces- 
sion-hit economy, which has 
shrunk by half in five years. 

The economy was devastated 
by the collapse of the Soviet 
Union and the loss of the com- 
munist bloc countries with 
which it carried on 85 per cent 
of its trade, on highly favoura- 
ble terms. It is being further 
squeezed by a recent tighten- 
ing of the US economic 
embargo. 

In **Um with the Clinton 
administration last week about 
stemming the flow of illegal 
immigrants to the US from 
Cuba's shores, the Cubans 
sought a commitment from 
Washington to discuss the 32- 
year-old embargo. 

But most independent 
observers believe that domestic 
economic reform is what is 
needed to solve Cuba’s eco- 
nomic problems. 

The Cuban government has 
moved slowly on reform, 
despite calls for more haste 
from outsiders such as Mr 
Carlos Solchaga, the former 
Spanish finance minister. Cuba 
has begun to welcome foreign 
investors in some sectors, and 
last year it made the US dollar 
legal tender. But there have 
bear few indications of what 
the nett step might be. 

Same are satisfied with the 
modest changes made so far. 
The good thing is that you 
can use your Imagination to 
make things” says 30-year-old 
Pedro Raurell. who sells mugs, 
pots, ladles and plates made 
from old softdrink cans and 

ulnmlnlum aWfng - 

On a good day, Mr Raurell 
says, he can make 300 pesos. 
Not bad Cor a country where 
the average wage for a state 
worker is between 100 and 200 
pesos a month. 

But, while legalising some 
self-employment has helped a 
number of Cubans, It has by no 


It can only 
get better 


Change in Cuba is irreversible, 

reports Pascal Fletcher in Havana 





Outward bound: A Cuban family heading tor a new life in the US 


means solved the severe eco- 
nomic squeeze faced by the 
majority. Resohter - a popular 
word in the Cuban vocabulary, 
which means obtaining things 
or just “getting by” in general 
- remains the order cf the day. 

Most Cubans say tbe subsi- 
dised food and consumer goods 
provided by the state rationing 
system each month do not 
even come dose to feeding an 

a w r a ga finmfly The Mar* mar- 
ket, a mainstay of daily exis- 
tence since Soviet trade and 
aid dried up, is booming 
despite a recent government 
crackdown, while tbe tiffing cf 
the ban an dollars to 

have encouraged it. 

Only the dnUar ha< real buy- 
ing power. The black market 
rate for the dollar hovers 
between 80 and 100 pesos. 
Holders of dollars, obtained 
legally or illegally, can buy 
almost anything — either on 
the black marke t or in the doz- 
ens of new dollar stores for 
Cubans opened by the govern- 
ment over the past year. These 
sell food, clothes and prized 
consumer items, such as televi- 
sions and domestic appliances. 

Those with, dollar s can also 
eat and drink at state-owned 
restaurants and snack-bars. 


now open to Cubans as well as 
fo r eig ners - and at flfagai eat- 
ing houses that have sprung 
tip all over Havana. 

Getting by without dollars 
and on a «nall monthly salar y 
of Cnban pesos is much harder, 

and for am* tmpiVMihla ' 

And a striking novelty in 
today's Cuba is that people are 
no longer afraid - as they were 
even a few months ago - to 
gppgir their mtnd« about the 
country's state of decay. 


A fter a restless, swelter- 
ing August which saw 
serious street distur- 
bances in Havana and 
an exodus by sea of several 
thousand refugees, public dis- 
content bas hprf’rrcno a tangfhlp 
force in homes and on the 
streets. 

Old-style revolutionary fer- 
vour, stni trumpeted by bright 
propaganda billboards, .has 
been eroded by the economic 
crisis, the influence of a tourist 
industry serving mostly west- 
ern visitors and by the govern- 
ment's own si gnals that it is 
moving slowly towards a lim- 
ited market economy. 

Instead of <**fanfag die vir- 
tues of the revolution' and 
Cuba’s one-party political sys- 


!*$• .^3. 



December 1 & 2 ^ 1994 


Venture Forum Europe *94,1116 fifth in a well received European series arranged by the 
Financial Times and Venture Economics, brings together authoritative speakers from 
Europe and North America to review current developments in the venture capital industry 
and to examine future trends. 


SPEAKERS INCLUDE: 
Dr Lodano Balbo 
Chairman 

BAS Matures Sri 


Mr Mktfd A de Hm 

Partner 
Adas Venture 


Mr Coda Hrariey 

Partner in charge of Corporate Finance 
(Spain) 

Coopers A Lybrand 
Mr Christopher M Bown 
Partner 

Baker & McKenzie (London) 

Mr Peter A Brooke 

Chairman & Chief Executive Officer 

Advent Intemadonal Corporation 

Mr Roger Brooke 
Chairman 

Csndover Investments pic 

Mr Dooflss R Brown 

Chairman A Chief Executive Officer 

Advent International pic 

Mr Thomas F Cadigao 

Auistent TVeasurcr A Managing Director 

IBM Retirement Ftmds 


Dr Walter RHenk 
Partner 

Baker A McKenzie (Frankfort) 

Mr Brin Larcoabe 

Executive D ir ector. Finance A Planning 

3 i Group pie 

Qtamnan. British \faonxre Capital Association 
Mr Joany Maxwell 
Senior Investment Analyst 
Standard life Assurance Company 
Mr Denis MorOer 
Chief Executive Officer 

Fbtanc&re Saint Dominique 

Mr Jon Moulton 

Director. 

Apax Partners & Co Ltd 

Dr Daniel F Mnayha 

IAF Professor of Em rep m a cngbip 

INSEAD 


DrjosPMm 

Managing Director 

Capricorn Ve nt nr e P ar t n e rs nv 

MrBserinoPlol 

Vice Chairman 

Olivetti SpA 

Dr FaMo Sattin 

Manag ing Director, Chase Gemma 
Italia 

l^hsifnmi 

European Vfentme Capital Association 

Mr John B Stager 

Director 

Advent Interoaxkmal pic 
Mr MkhadSkok 
Chairman A Chief Executive 
European Software Publishing Limited 
Mr Landed J van Oriel 
M anaging Director 
Gilde Investment Punds 


! EBNANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


too. Cubans are more Hkriy to 
complain about food shortages, 
electricity blackouts, the col- 
lapse of public transport: and 
other daily ' economic hard- 
ships. B ehind the- Cubans?, nab- . 
ural cheerfulness and sardonic 
sense of humour, there fe a 
sense of brooding frustration*. 

The more than 30,000 dulse- 
ros, or rafters, who have left- 1 
Cuba since early - August in 
flimsy, home-made boats 
bound for the US symbolise 
this disenchantment Until' the 
Cuban authorities rahopoeed a 
b ffVi meg a! de p arture s Tciidgr 

a new fimmgratlan accord 
agreed with the US cm Septem- 
ber 9, t-h* young, mostly wia)p 
rafters were outspoken critics 
of Cuba's c u rr ent pHght. . 

In response to any toquBy, 
they d l r w! te d a stream of rage 
and frustration a gai nst the 
economy, the political system 
and the figure of Cuba’s 68- 
yearold president, Mr Fidel 
Castro. “People are leaving 
because of a lack of freedom. 

T .arlr of freedom tD do thiTfg g , 

grow things, create things, 
invent things," said 32-y ear-old 
Hector from the Havana sub- 
urb cf San Miguel de Padnm, 
as he helped friends prepare a 
raft at Brisas dd Mar. some 18 .> 
miles east of Havana.- 

Mr Castro publicly admit* a 

ifi gmpwt cf foe population is 

disenchanted with socialism; ; 
but insists the vast majority of. 
Cubans stni remain loyal. 

ft is even possible that he 
allowed the rafters to leave in 
an effort to defuse foe discon- 
tent whose reality he acknowl- 
edges. ft Is also powrifrlf* that 
foe was «mwfl at put- 

ting pressure on the US to lift 
its embargo, rather than at 
filling domestic traakms 

KSitbar way, thing * have qui- 
etened down following the 
departure of so many. 

And for the more than iOm 
Cubans who did not leave after 
August 5, there is an air of 
expectancy: the future wfll 
somehow - most somehow - 
be better than the present 
Even Cuba's tightiycorixofied . 
state media, whose o utpu t nor- 
mally ranges from euphoric 
praise for the Revolution to 
staid ideological conformity,! 
acknowledges the mnmmit is 
fine Of riwng ft- “ Thing * which 
didn't work in the past, even, 
when we had reso u rces, can’t 
be ex pec te d to work now. The 
country is changing rapfaHy,” 
the trade union weekly, 
Trabajadores, said this 

mopfo. 

The question for the Outre., 
government is whether it will 
be able to influence this 
chang e, or merely be carried 
along - or perhaps swept away 
- by the tide of events. 





Dancing .- on . 
eggs, foBoue to 
a quick -step 
foe other to a 
slow; the prime 
ministers- o£ 
Ireland- and 
Britain may 
win an endnr-. 
ing peace in Ulster. Keep your 
fingers crossed, ft Is never pru- 
dent to assume that th&rnnr- 
dgrfwgr wiTl And Anything tm » 
happen between saying: : _as, 
much and t he next day's sews: ' 
Yet in tins fortnig ht: since foe 
IRA announced a complete 
ceasefire some of the sceptir 
dsm initially expressed ta both 
London and unionist Belfast 
has begun, to be replaced -by 
hope that foe 25 years of truu-' 
bles really are ending. 

- Thin was de ubtiere . intnnated - 
by Sir Patrick Mayhew when 
. be repartediothe British? cabt 
net yesterday. The dossiers 
prepared by officials lot foe 
Northern Ireland secretary wfR 
have reinforced the /ptiet optt 

Tplam that he ha« .quietly 


He baa; always believed that 
the ’jOist i jybwtinn of princi- 
ple issued before Christmas by 
tbe trio heads of government 
would draw foe IRA into nor- 
mal politics, and away from 
tiie "armed struggle”. Assess- 
ments by tbe security service 
sup ported view. The spooks 

have been vindicated by 
events, so for. Yet in the pri- 
vate. politica l dturraarirms that 
followed yesterday’s formal 
me eting of foe cabinet the 
aagftihhtad tnfaiflfoT S BOdcped 
the governments cod response 
to foe ceasefire 
They could do no less. Any 
echo of the embrace of Mr 
Gerry Adams’ by. Irish and 
American poHtirians would be 
a disaster bt Loodim or parts of 
Ulster. The foorebgraphy that 
detenahMs the movements ’.cf 
Mr Albert rReynplds' could 
never be the same as that 
winch directs Mr John Major. 
Both know this; -each under- 


. stands foe other. It would not- above list of nationalist 
be surprising if foe leader of demands will, however, even- 
.r. ghwi Fein was aware of tins ~ tually be. met - even prisons' 
compficaied script. Perhaps he paroles. Yet as Hr Reynolds 
toads. drafts ou his visits, to dearly appreciates, to re gard 
DifoUu.lt would be amazing, ; any ..one. of them with 
'MrJames Mdyneaux, le^er^Gf-r greater haste than mainstream 
: foe Ubter Unionist party /-was 'uhtodst opintou. could endure 
> not, in on the secret, briefedimj bright .blow- the entire -process. 
, Downing Street : ■apart Evan- the broadcasting 

. : , yet-vthe pressure fttm^Iifeh^ibra^ which Sir Patrick knows 
. iwiHrmaligta, awH US p nHMdm^ a .fa: a ndnSCDSe, Should be 
who fraqload n p«i their came;: -^rem o ved only when it is.expe- 
hiMbemafl oneway. Mr Maieriv_-dlHrt' to [ do.so. Tins does not 
- Is urged to wfoe a -"gesttHB7- r =i.meatt appeasing all unionists 
to wards Ulster’s RepubHcah ialL the time. Mr Major's curt 
community. Recognise that then dismissal of Mr Ian Paisley last 
ceasefire w3L endure, in sj2te: week [was delightful to. behold. . 
of foe IRA's reftisal to call , it ; The leader cf the Democratic 
permanent Lift the prohibition^ Unionlste may be^ a hero to his 
^ aa teoadcasteog^ foB voices ■ot i- doctorate, but he is part of 
'. members of Sinn Ffito. Throw?'! foe laroblran. 
that catd away, at once.' CSafo • H there is- a solutkm, ft will 

. fine -foe troops .i-,-'- • - y be dicta ted by 

to barracks, as ' . ! . . ■ political tac - 

a prelude to AO respond. TO any tics, . some of 
bringing them natfnhaHri s them grubby. 

home. Publish , **«“«*«**i^ The Cous^va- 

constltutlonal demand Wltll more ^ives -.who 
proposals that ’ j^ian main- attend next 

inject an frifo * \. . .v ^ months party 

dtrmmidnfl intn slTCiHll lmi OillS t conference in 
tiie affairs of n nbihm cm»M Bournemouth 
the island’s are overwhdm- 

north-eastern enflure IfH g lll tU0W sympa- 

provlncea. Free foe process apart thetlc to 
the IRA prison- * 1 the unionists. 


hs... 

Stop right there. Public 
km. wfiL need much precamh- 
tummgtor sfl of but most 
particuforiy if the g uv en un eBt 
is to rdnw of tiie- men 
responsible far IRA terrorist 
outrages. The government 
view is that these are not polit- 
ical prisoners, but criminals. 
Merely moving a few of them 
from tnaftiiaiWi prisons. back to 
Northern Ireland hw already 
caused a political furore. It is 
true w m i nMni hb releases 
of ANC and FLO cadres were 
eventually agreed, but tiie IRA 
is not equivalent to those 
organisations, neither of which 
had open recourse to tiie ballot 
box. Anyhow, the British elec- 
torate Is as yet wwpw»parBil - 
- Most of the items on the 


- “■ the unionists. 

mmmmmmimmm Many resolu- 
tions to that effect, some of 
them, casting doubt on the gov- 
ernments integrity, have been, 
sifted at Tory headquartCTS. 
Any democratic politician 
would be advised to bold out 
lorn tew weeks while tbe IRA 
is repe at edly asked to append 
foa -word "pennanoit’' to its 
notification ofan unfl to liostil- - 
ities. Bfr Major is not stamgty 
placed to resist such a tempter 
tHs i, The argument about tins 
troublesome word “perma- 
nent” mi ght disappear in 
December. By then tiie OLA 
jnmiih«> if.ft holds, win have 
dona so for the full three 
months envisaged .in -last 
year’s frish-British declaration. 

Before: that, but perhaps 
after fob Tory confidences it 


may pay to lift the broadcast 
fag- ban. Perhaps British army 
p ylmh in QafooHc areas might 
be curtailed. The expressions 
of British anguish at the pros- 
pect of another US visa being 
granted to Mr Adams might be 
muted, at least if the president 
of Sam Ran is not to meet 
President BUI Clinton. Tbe lat- 
ter piece of theatre might win 
a few Irish-American votes in 
the midterm elections, but it 
would be the grubbiest politi- 
cal act of alL Mr Major is wise 
to dampen expectations of Brit- 
ish government acquiescence 
in any such thing. Meanwhile 
a question pops up. & there a 
tradeoff between British sup- 
port for Mr CUuton in Haiti 
and US agreement to go easy 
on rolling out foe red carpet 
for Mr Adams? 

Nothing can easily be done 
about “loyalist” terrorism, 
which still continues. This is 
the lethal work of several 
groups, none of them as disci- 
plined as the IRA The peace 
process depends cm a cessation 
of activity by "loyalist” 
murderers, although that Is 
gmriAT ftpid Bum brought about. 
The greater the level of suspi- 
cion in unionis t areas, the 
wider the seas in which these 
gangs can stthn. This is not an 
argument for pandermg.to the 
Ulster Volunteer Force and the 
Ulster Freedom Fighters, but it 
does add to the case for. mov- 
ing at a pace unionist demo- 
crats can accept. 

Whatever his shortcomings 
in other areas, Mr Major has 
shown since he signed the joint 
declaration with Mr Reynolds 

Hiat h» mnhrritmAi flia nni on- 

ists, at Mast, as much as Mr 
John Hume, who signed a pre- 
paratory article cf faith with 
Mr Adams, under s tands the 
TMttinTHiihrtB - The ungenerous 
will say foal Mr Major is dis- 
playing . cool leadership in 
Ulster because he has no 
choice, ft he and Mr Reynolds 
achieve peace, history will be 

kfariwr than that 


LETTERS to the editor 


. Number One Southwark Br 

Fax 071 873 5938. Letters transmitted should be deady-typed i 


^e; London SE1 9HL 

knot famH -written. Please set for for finest resolution 


Sectors need regulation - not industries 


From Mr David Souter. 

S£r, YonrJedftoriaL *ybo raf- 
ubges?” i&ptmber iD^ute 
sdmtiaBy misrepresent^ the 
jtbposals in foe Institute for 
^Public Policy Rfiseapch , s t new 
*1t ^i iht i i i g <V'TWH. 

tW*,‘ nf wlrfph I arr/ imp of tiie 
authors. Tou say that we want 
to' replace individual regulators 
with "regulatory nfomniwrions 
representing 'stakeholders’ 
such as suppliers mod employ- 
ees", and that this would - 
weaken regulation by opening 
it up to lobbying^ special 
interest groups. • 


ff we were proposing that, no 
doubt it would; -but we me noL 
,We arjgue for regulatmy bodies 
for .vector^ such as energy and 
imri mwimnnlMtimw rather 
Hum industries suedi as gas 
gnd electricity, or telecoms and 
posts - because of the need for 
a coherent approach to these 
areas. The rote which separate 
regulation played in last year’s 
coal crisis fltnstrates fids ne ed . 

We argue far regulatory com- 
missions rather titan individu- 
als because sectoral regulation 
demands a range of expertise 
and because the personalisa- 


! tion . of regulation has under- 
mined the quality of (jeciaian- 
rakfag 

Nowhere do we. suggest that 
such . commissions should 
Include representatives of 
vested interests. On the con- 
trary, we think that would be 
wrong. We suggest ft “might be 

possible to farlniip individuals 

with other relevant public pol- 
icy expertise, for example of 
having represented consumers 
in foe industries concerned, 
though they should not be cur- 
rently involved in doing so”. 
We want expertise added, to the 


process, not lobbyists. 

Utility regulation Is vitally 
important to the UK’s infra- 
structure and to citizens’ lives. 
Our proposals aim to improve 
ftp quality of regulation — dis- 
tinguishing ministers’ respon- 
sibility for medium-term policy 
in sectors such as energy, com- 
munications and transport, 
while strengthening regula- 
tors' executive independence in 
a chieving these democratically 
determined objectives.' 

David Souter, 

34 Arran Bead, 

London SS26 2NL 


Transparent standards I Stereotyping Arab women 


From Sir NeoiBe Purvis. 

Sir, Contrary to the rfafaw 
made by Nigel Griffiths, the 
Labour spokesman on con- 
sumer affairs (“Wrong num- 
ber. . September 7), no 
changes have been agreed 
between the Department of 
Trade and Industry mid the 
British Standards Institution 
to reduce tiie volume level of 
telephones. 

BS was asked by the DTI to 
look at ways of utilising, to tbe 
benefit of users, tiie improve- 
ments in the treronniBitinti effi- 
ciency of the public artwork 
due to digitalisation. 

This investigat i o n was car- 
ried out by a BSI technical 
committee on which 20 UK 
trade, r^ulrtory, network pro- 
vider »nri mmannw protection 

bodies are represented and 
which had knowledge of the 
woik and sight of all papers 
throughout the investigation. 


A range of options has now 
been forwarded to the DTL 
These do not tnrinde reducing 
the volume level by 25 per 
cent, as Mr. Griffiths claims. 
These suggestions have not 
been incorporated into any 
British Standard or any 
amendment to a British. Stan- 
dard. 

Any proposals to so would be 
subjected to s c r u tiny by the 
relevant BSI committee and 
published as draft for public 
comment, aa is tiie case with 
an British Standards. 

BSI does not produce or 
amend British Standards in 
secret but fo c O ft ate s the cre- 
ation of standards in a process 
that is transparent and depenr 
dent on consensus. 

NevfBe Purvis, 
chief e x ea i twe. 

British Standards Institution, 

2 Parle Street, 

London W1A SBS 


From Ms Nadia BSjab. 

Six, 1 was taken aback fay 
Bronwen Maddox’s piece, 
“Cairo women worlds apart 
from UN Ideologues” (Septem- 
ber 10). Her decision to visit 
two Cairo hair salons to cull 
opinion about women's reac- 
tions to tiie population confer- 
ence gave her the same narrow 
view that she would have bad 
in London or New York had 
she sought out women with 
“coratcoloured nails" to match 
their coral dresses. This is not 
to say that personal appear- 
ance is unimportant, but 
surely we have moved beyond 
thi s stere otype by now? 

Egyptian women's participa- 
tion in public life since the 
torn of foe century mid in the 
modem workforce for same Z50 
years is well-documented. Had 
she wished, she could have, as 
I have ou my visits to Egypt, 
visited a university to meet 


women professors and depart- 
ment farads, a newspaper office 
to mart women Journalists and 
editors, a form to meet women 
agricultural labourers /and 
owners, a factory to meet 
women workers, many compa- 
nies to meet businesswomen 
and chief executives, and any 
government or UN office to 
meet national and interna- 
tional civil servants. 

Bronwen Maddox would not 
necessarily have found consen- 
sus about the peculation con- 
ference. But with all of these 
women she could have engaged 
In tntelligeiit debate on the 
Issues faflfag itmth and women 
in Egypt today, rather than 
Imposing a one-dimensional 
view of women on herself and 
her readers. 

Nadia ffijab, 

40 River Road ni4C, 

New York, NY 10044, 

US 


K.i 




Mr Roderick Crawford 

Director & Head of Investment^ That Researefa 

BZW Securities rjni»w< 


Mr Alec D’Jaooefr 

Director of European Corporate Finance 

Coopen A Lybrand 


Co-sponsored by: 


Than Leader, G ore p wii cs Group 
Loockm Stock Exchange 
Mr Michael Watton 
Managing Director 
Gar t mo re Venture Capital Limited 
Mr Brian MTnterflood 
Managing Director 
Wnagflo o d Securities limited 


Poland's privatisation plans are feasible 


Advcntl* 




Coopers 

&Lybran< 


\fENTURE * 


am 


Please complex and return to: Financial Tiroes Conferences, 
PO BOX 3651, London SW12 8 PH. 

TcL 081 673 9000 Fax: 081 673 1335. 


Please tick relevant boxes: 


Name Mr^Mra/Miss/Ms/Oiher 

Job Tide 


Dept .» 


I OPlcase send me details about foe conference 


Company Name . 
Address 


D Please send me details about business o ppor t un ities 


Hwalcs^M you provide win be bdd by naad say 

informed of FT ptwtaca «ad y»gd by «her adcctcd qealky c uiynicv foe 
ndfiac pupoKi. 


PostCode 


From Mr Jerzy Thieme. 

Sir, Ms Swfotkowski Can- 
non's Personal 1 View (Septem- 
ber 9X contai n ed many misun- 
derstandings and 

misrepresentations about 
Poland's ma ss p rivatisation 
programme <J4PP). 

As an adviser to successive 
Polish g ov ernm e n ts in helping 
to establish «nd implement the 
programme, I would Hke to put 
the record straight. The author 
argues that the programme is 
centralised and bureaucratic. 
Inevitably, governments are 
always In v ol ved in tiie early 
stages of privatisation as it is 
state assets which are being 
disposed. The approach we 
have evolved is to give sub- 
stantial responsibility for the 
a final restructuring of compa- 
nies In the programme to 
national investment fluids 
(NIFs). They will have substan- 
tial autonomy, operating at 
arm’s length trim the govern- 
ment, deciding how best to 
restructure the companies 
■ mvUw Him- manag eme nts prim- 
to public notation. These funds 


wffl- be managed by qualified 
profiesslonal firms, selected 
after competitive trader. A 
string of quality Investment 
banks, fund managers and con- 
sulting firms have already 
been shortlisted for this pur- 
pose. 

Several international institu- 
tions - European Bank for 
Reconstruction and Develop- 
ment, World Bank, British 
Know-How Fund and the Euro- 
pean Union - support the pro- 
gramme through tbe provision 
of ftmdfag and technical assis- 
tance. Maybe tills Ss a minor 
point but ft shows the confi- 
dence which tiie i nte r nati onal 
community has in the privati- 
sation programme. 

The author says tint the pro- 
gramme .IS tOO Htirifcfl fa thaf 
Only some 400 companies are 
intended to be covered by the 
programme. Again this misun- 
derstands the position. The 
MPP is only one element of a 
multi-track approach to Pofish 
privatisation. The principal 
objective within the MPF is 
that the companies included 


should have the potential after 
restructuring to be stru ng and 
viable, with good growth pros- 
pects. We have to date identi- 
fied about 400 such comp- 
anies. 

The suggestion that the pro- 
gramme cannot satisfy popular 
demand for equity and partief- 
patian in re forms Is also not 
true. Potentially, all 27m adult 
Polish citizens wffl be able to 
participate in the programme, 
acquiring, for a small registra- 
tion fee/ a security which, is 
likely to have a substantial 
market value, and will be 
traded on the Warsaw Stock 
Exchange - one of the best reg- 
ulated stock exchanges in 
Europe.. 

We are sure that the MPP 
specifically meets the need for 
mass participation in the 
restructuring of Polish enter- 
prises and, regardless of the 
political environment, is feasi- 
ble. 

Jerzy Thieme, 
chief adviser MPP, 

Ministry of Prioatisation, 
Warsaw, Poland 


RTZ support in 
Rio Algom deal 


FTOm Mr C A Macaulay. 

Sir, I refer to your report, 
"Rio Algom to boost copper at 
Cerro Colorado by 50 per cent” 
(September 7). Part of that 
report might be seen as imply- 
ing that RTZ had attempted to 
take over Rio Algom 's. Cerro 
Colorado minft in Chile at the 
time of the RTZ sale of its 41 
per cent interest In Rio Algom. 

In fact, RTZ mnrtg no such 
attempt. Rather it provided 
valuable assistance to Rio 

Algom in ftp de velo p ment of 
the Chilean project, both, 
before and after the «ale of its 
interest in the CanadbiTi com- 
pany- The successful commis- 
sioning of Cerro Colorado, a 
year and a half after the sale of 
that interest, was due in no 
snail part to RTS’s continued- 
support of the project 
C A Macaulay. 

president and chief executive 
officer. 

Bio /doom, 

120 Adelaide Street West, ; 
Toronto, 

Canada 


i 1 




safiim 


.... 


S?*7 

V-i V. - 




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financial times Friday September ie 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SEI 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071407 5700 

Friday September 16 1994 


Pitching for 
the market 


It is an odd kind of labour dispute. 
On one side is a strong onion, 
i nsis t ing that its members' sala- 
ries be set by market forces. Their 
bosses say wages most be capped, 
so that profitable employers «»n 
subsidise loss-making ones. Mean- 
while, pundits muse that resolving 
the strike would save tire presi- 
dency. 

For millions of US baseball fa^c 
the six-week-old major league 
baseball strike is certainly differ- 
ent It ruined this year's regular 
playing season. Now it has put 
paid to one of the high points of 
the American sporting year, the 
World Series, cancelled on 
Wednesday for the first Htwa since 
1901. But non-enthusiasts should 
also take note. The wrangle over 
top players' pay is a good example 
of how market forces work in the 
modem labour market The team 
owners are essentially an old- 
fashioned cartel trying to tilt 
the Bystem back in their fav- 
our. 

At first glance, it is the players’ 
side that looks out-dated. In a 
country in which only around 12 
per cent of private sector workers 
are unionised, the Major League 
Baseball Players Association’s 
ability to bring the industry to its 
knees sounds more like the “big 
labor” of the 1950s and 1960s than 
the "flexible” US labour market of 
the 1990s. 

But the players' strong bargain- 
ing position does not come from 
membership of the union. In the 
US, tmlifai many other countries, 
employers may hire permanent 
replacements for striking employ- 
ees. A bill w hich would have ban- 
ned this failed to pass Congress 
earlier this year. Quite apart bum 
the probable public reaction, how- 
ever, the owners cannot do this 


because many of the players 
are all but irreplaceable; 

hr eflect, the team owners are 
facing a dilemma common to 
many US and UK shareholders. 
Greater labour market deregu- 
lation helps to push down the cost 
of unskille d workers. At the same 
time, however, a core group of 
highly-skilled employees in each 

firm is able to demand a lot more. 

Baseball players, once little 
more than a team's indentured 
servants after signing their first 
contract, won more individual 
rights in the courts in the 1970s. 
Salaries have risen ever since: 
from an average of $400,000 to over 
$l-2m in the past five years. 
Wages now account for 58 per cent 
of total industry revenues. 

The teams argue that the cost or 
bidding for the best players is 
driving the smaller, less popular, 
teams in the league out of busi- 
ness. They would like to see the 
overall wage bin capped at only 50 
per cent of revenues. They say 
that the resulting extra profits 
would be used to bail out the 
teams that are in trouble. 

It is not up to the players to 
allow the companies to be so col- 
lectively minded. &ven if it were, 
one cannot judge whether such 
cross-subsidisation is even neces- 
sary, since all of the teams’ 
finances are shrouded in secrecy. 

In fact, since the owners are 
possibly the only US businessmen 
to be entirely exempt from anti- 
trust provisions, they may ™tp 
any agr eement the y like, without 
outside interference. On Wednes- 
day evening. President Clinton 
rightly suggested that this cosy 
cartel should be reconsidered. The 
baseball strike is a market failure, 
which stems from the cartel and 
not from the players. 


Bom again 


A licence to exist, if not to print 
money. Yesterday the Independent 
Television Commission announced 
that it would readvertise the fre- 
quency allotted to Britain's fifth 
terrestrial television channel. The 
long-awaited statement gives 
investors a second chance to bid 
for the licence, although it makes 
it no easier to judge its value. 

The ITC's statement follows the 
disarray of its last auction for 
Channel 5 two years ago. Thai, It 
turned down the only bidder on 
doubts about shareholders’ finan- 
cial commitment to the consor- 
tium. Nonetheless, several groups 
sfill express interest; Pearson, the 
international media group which 
owns the Financial Times, has 
indicated it may join one. 

The government is right to give 
investors - and viewers - the 
opportunity. The form of the chan- 
nel’s programming is left open, 
but judging by the plans of poten- 
tial bidders, Channel 5 could pro- 
vide city-based television, in addi- 
tion to the regional services of ITV 
and the British Broadcasting Cor- 
poration. Regional stations are a 
powerful flavour in the US pro- 
gramming mix. and one that 
would enrich British television. 

The channel will also give 
regional and Mtinnai advertisers 
another route besides ITV to reach 
audiences, helping curb inflation 
in the cost of airtime. 

Ministers have rightly not suc- 
cumbed to fears that, if Channel 5 


were successful, it could jeopard- 
ise ITV franchises, some of which 
remain financially stretched. ITV 
companies were directed, in bid- 
ding for their own licences, to 
assume that a new fifth channel 
would bite into their advertising 
and audiences. So for, they have 
been spared this competition, 
although recession hit more 
deeply into revenues than they 
predicted. But unexpected conse- 
quences of the ITV auction should 
not block the birth of a rival chan- 
nel. 

However, the government is 
misguided in withholding from 
Channel 5 one of the two frequen- 
cies advertised last time. In decid- 
ing to reserve one frequency for 
digital television, it risks adding 
to its long record of promoting 
high-technology projects of ques- 
tionable commercial potential. 

The consequence is to handicap 
Channel 5, which may now reach 
as little as 52 per cent of the coun- 
try, compared to the 74 per cent 
achievable with both frequencies. 
Uncertainty about its coverage is 
one reason why its viability is cur- 
rently hard to assess. The poten- 
tial liability for retuning video 
recorders, which share the same 
frequency, is also unknown. 

Even when these points are clar- 
ified, bidders will have a tough job 
bedding if Channel 5 is a prize 
worth having, and the price worth 
paying to secure it But at least 
they now have another chance. 


Our man in 


'hat do the following have in 
urnnon: North Atlantic Treaty 
rga&isation. Organisation for 
conomic Co-operation and Dev el- 
ement, World Trade Organisa- 
on? Answer, all three are inter- 
wemmental bodies (though the 
ilrti technically does not exist 
a) currently in search of a chief 
cecutive. In all three cases the 
ukc will be made by the govera- 
ients of the member states. That 
i turn means it will be decided 
trough political negotiation, as 
j posed to the kind of selection 
ttcedures whereby senior posts 
t other organisations are nor- 
ially filled. . .. 

Purists deplore this, but it could 
jt really be otherwise. Such jobs 
v not purely managerial or tech- 
ical. They have a political con- 
mt greater in some cases than 
hers, and governments must be 
tperted to have an eye to their 
itional interests in arguing for 
ie sort of candidate rather than 

lother. . 

But where many governments 
> wrong is in assuming that 
itional interest is best served by 
■curing such posts for their own 
itionals. This is insulting to the 
indidates in question, since the 
■mis of reference invariably 
■quire the holder of the post to 

rt as the servant of the organisa- 

un as a whole, and to forswear 
iruality towards their own cotm- 
V. On the whole this requirc- 
ent is taken seriously, and it is 
Bl unknown for such people, 
mi- in office, to cause their own 
jwmnients considerable 2ZTJ ta- 


It would not matter if govern- 
ments amply vied with each other 
to put up the best candidate. But 
in many cases they seem deter- 
mined to get the job for “their” 
man (or woman) irrespective of 
merit. That leads to unseemly 
horse-trading, and to the notion 
that countries disappointed in one 
race are entitled to “compensa- 
tion" in another - a pret en s ion 
which becomes offensive and 
ridiculous when the bodies in 
question have quite different 
memberships and purposes. Thus 
Canada, Iceland. Norway. Turkey 
and the US, none of them mem- 
bers of the &U, are expected to 
accept a Belgian secretary-general 
OT Mato, with little or no experi- 
ence of defence policy, because the 
Belgian prime minister was denied 
the presidency of the European 
Commission. 

At least in Nato’s case there is 
some sense in the tradition of hav- 
ing a European as secretary- 
general since the supreme allied 
wtmntandgr in Europe is always 
an American. It is far less obvious 
why the tradition of having a 
European secretary-general of 
Gatt should be carried forward 
into the WTO; let alone why non- 
Europeans should be expected 
toaccept whatever candidate the 
EU chooses, especially when that 
choice itself is dictated by a 
trade-off in the contest for a quite 
different post 

In each case the effectiveness of 
the organisation is being sacri- 
ficed, and the internationalist 
spirit it is supposed to embody is 
being ignored. 


E uropean carmakers go to 
the barricades next week 
in a last-ditch effort to 
protect their privileged 
exclusive dealer net- 
works across Europe. 

For several months they have 
been locked in a lobbying battle in 
Brussels against the plans of the 
European Commission’s competi- 
tion directorate for liberalising the 
continental car market. 

At stake is reform of the s&called 
block exemption, which was 
granted to the European motor 
industry for 10 years in 1985, and 
which allows carmakers to operate 
selective and exclusive distribution 
systems in contravention of Euro- 
pean competition rules. The exemp- 
tion expires at the end of June 1995, 
and next week the 17 European 
commissioners are due to decide 
how radical a dose of reform should 
be imposed on the carmakers. 

Behind the issue are sharply con- 
trasting visions of how cars should 
be sold and serviced in Europe. Is 
the consumer best served by the 
dedicated exclusive dealerships 
allowed under the present system? 
Or should the dealer networks be 
exposed to another order of compe- 
tition. with multi-franchising - the 
sale of competing brands on the 
same site? This could offer custom- 
ers a wider choice in one location, 
while independent service garages 
would gain access to the carmakers' 
closely guarded technical informa- 
tion and exclusive parts business. 

A firm proposal for the new 
motor industry regime will be pub- 
lished shortly after next week’s 
meeting of the Commission. Follow- 
ing consultation with governments 
arid the opposing ranks of the car 
producers and European consumer 
organisations, the terms of a new 
block exemption should be set 
before the end of the year. 

Battle has already raged on this 
issue in Brussels for several 
months: the competition director- 
ate’s first draft for a new block 
exemption was leaked to the motor- 
ing press in May. 

The competition mandarins did 
not pull their punches. In an 
"explanatory note” they claimed 
that "the experience acquired over 
the last 10 years shows that this 
regulation not contributed in 
any gi gnifirant way to p*thpr the 
opening up of national markets or 
the development of flexible arid effi- 
cient structures in the distribution 
of cars and spares". The block 
exemption had to be revised in 
order to “remedy these defects and 
stimulate competition". 

The competition directorate led 
by Mr Karel van Miert suggested 
reforms to ensure that dealers - in 
the main small and medium-sized 
businesses - have greater commer- 
cial indepe ndence from the manu- 
facturers. Big publicly quoted 
dealer groups such as those familiar 


The battle for 
the forecourt 

European carmakers fear the consequences if their 
exclusive dealer networks are reformed, writes Kevin Done 


European cars: 
the single market 
remains elusive 


Competition... 

Number of brands sold on the market 


. . . and choice increase 

Models and ventona offered 




1993 

1986 

Variation (96) 

1993 

1988 

Variation (%) 

fraaco .. 

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1107 - 

Ireland 

10SL8 

1175 

1103 

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121.1 


in the UK are virtually unknown in 
continental Europe. 

Access for independent producers 
and distributors of spare parts to 
the carmakers’ dealer outlets 
shnnld be facilitated, anH the con- 
sumer’s position improved, said the 
draft. 

The carmakers were incensed by 
the proposed reforms. They argue 
that the present regulation, far Grom 
stiffing competition, guarantees it; 
and that what the industry needs 
above all is stability as it fights to 
restructure and regain world com- 
petitiveness against Japanese and 
newly resurgent US rivals. 

“There are those who wish, in 
particular within the Commission, 
to subject this industry to an 
unprecedented and arbitrary experi- 
ment . . . [and] Tmriermine the whole 
foundation of automobile distribu- 
tion in Europe,” says Mr Giorgio 
Garuzzo, chief operating officer of 
the Fiat group and president of the 
European Automobile Manufactur- 
ers Association (Acea). 

The campaign for reform has 
been led by consumer groups. Mr 
Jim Murray, director of the Bureau 
Europeen des Unions de Consom- 


mateurs (Beuc), says the block 
exemption has been “an unmiti- 
gated disaster for consumers.” 

Beuc accepts the need for compe- 
tent; trained personnel to cany out 
garage servicing - the notion of 
"selectivity” allowed in the current 
regulation. But it claims there is 
"no basis whatsoever" for allowing 
manufacturers to operate “exclu- 
sive” as well as selective distribu- 
tion systems - that Is, to limit the 
number of outlets on a geographic 
basis, and to restrict those outlets 
from stocking" more than one brand. 

“Why shouldn’t new car buyers 
have tha rhanm to compare differ- 
ent brands at a single outlet?” asks 
Mr Murray. “This is the sort of con- 
sumer-friendly distribution we 
would like to see in place after 
1995.” The consumer lobby argues 
that the exclusive system shields 
dealerships from competition and is 
not needed to maintain standards. 

"We accept that standards should 
be set for safety, for technical exper- 
tise, tr aining and solvency, but we 
don’t need exclusivity to set these 
standards." says Mr Murray. “Stan- 
dards should be set for all motor 
dealers and there should then be 


free competition between all dealers 
who meet these standards.” 

Beuc also complains that the 
block exemption as currently oper- 
ated interferes with the single mar- 
ket It points out that the original 
regulation of 1985 was granted on 
condition that new car prices across 
Europe should not diverge beyond a 
range of 12 per cent in the long 
term and 18 per cent for periods of 
less than one year, and that individ- 
ual consumers in one member state 
should be free to buy cars from 
another. On both counts the block 
exemption has fa iled , it rlaimfl 

The most recent car price study 
by the Commission, published this 
summer, showed that 2ZJ> per cent 
of the models produced by Euro- 
pean manufacturers had price dif- 
ferentials of more than 20 per cent 
As far as cross-border car-buying is 
concerned, Beuc claims that con- 
sumers who try to buy cars abroad 
meet with enormous difficulties, 
both from dealers and carmakers 
and from institutional barriers. 

It is a long catalogue of woes, but 
the carmakers have mounted a 
heavy lobbying effort to counter the 
consumers' arguments, with the 


industry directorate beaded by Mr 
Martin Bangemann acting as a will- 
ing ally inside the Commission. 

The defence offered by Acea cen- 
tres on the theme that cars cannot 
be distributed like washing 
machines or food. The carmakers 
claim that the competition director- 
ate has provided “no factual evi- 
dence whatsoever” to support the 
case for radical reforms. 

Competition has increased greatly 
during the last 10 years, says Mr 
Rudolf Beger, Acea executive secre- 
tary. Between 1986 and 1993 the 
number of car brands sold on the 
German market jumped by 50 per 
cent from 44 to 66. The number of 
models and versions sold in France 
has risen by 47 per cent from 515 in 
1986 to 758 in 1993. 

In the after-sales and service mar- 
ket. competition bas also grown sig- 
nificantly with independent chains 
for easy repairs such as Speedy, 
Midas and Kwik-Fit. According to 
BMW. the German executive and 
luxury carmaker, independent 
repairers already control 48 per cent 
of the BMW service market in Ger- 
many and 52 per cent in Italy. 

A cea claims that its inde- 
pendent research shows 
that customer satisfac- 
tion in the automobile 
industry has reached a 
very high level German car owners, 
for example, are said to be among 
the most satisfied consumers - well 
ahead of users of airlines, travel 
agents, hi-fi shops, hospitals or tele- 
vision stations. What is more, sur- 
veys in the US show that customer 
satisfaction with conventional one- 
make dealers is consistently higher 
than with dealerships selling vari- 
ous brands, says Mr Beger. 

Hie carmakers argue that prices 
for consumer goods for which there 
is no selective distribution differ 
often by more than 100 per cent 
from one European country to 
another - much more than car 
prices. In any case, exchange rate 
fluctuations are the biggest cause of 
diverging car prices, not selective 
distribution, they say. 

As for cross-border car-buying, 
Acea says that it is already happen- 
ing. Following the devaluation of 
the Italian lira, Acea estimates that 
150,000 to 200,000 cars were reex- 
ported from Italy last year. 

The argument over block exemp- 
tion is strident, but there is much at 
stake. Over the next 10 years a typi- 
cal volume carmaker will invest 
around Ecu6bn (£4.7bn) in its distri- 
bution system. With most new cars 
reaching the high standards 
of quality and reliability, service at 
the dealership is increasingly being 
seen by carmakers as the new fron- 
tier for competition. 

The question the Commission 
must answer in the coming weeks is 
what rules will apply on the fore- 
court for the next 10 years. 


A German message Europe must heed 


Last week at 
Leyden university, 
Britain’s prime min- 
ister, John Major, 
did Europe a service 
by rejecting the pro- 
posals for a two-tier 
European Union in 
the recent discus- 
sion paper from Germany’s Chris- 
tian Democrats. The idea of formal- 
ising a supposed “hard core" of EU 
member states, placing the UK and 
others in the second division of the 
European league, was ill-judged. 

However. Mr Major should not 
lose sight of one essential feet The 
CDU paper outlined the German 
need to build on and deepen 40 
years of success at integrating 
Europe with Germany at its heart. 
In view of this, Mr Major was per- 
haps ill-advised in saying Europe is 
“outgrowing the concept of fee orig- 
inal founders of the European 
Union". 

Germany itself is stressing the 
necessity of reforming, and above 
all reinforcing, the institutional 
framework of European co-opera- 
tion as a precondition for enlarging 
Europe to the east. As the CDU 


paper points out, tragic past experi- 
ence has demonstrated the dangers 
that can ensue from Germany's 
position in the centre of Europe. 
The rest of the continent needs to 
respond positively to Germany’s 
request to be bound irreversibly to 
a politically and economically inte- 
grated continent 

This was the main message in the 
CDU paper - even though the “two- 
tier" proposals gained the most pub- 
licity. Fortunately, an immediate 
rebuff came from the German for- 
eign minister and his EU col- 
leagues, as well as from French 
President Francois Mitterrand. 

It was objectionable enough for a 
large number of member states to 
be relegated, albeit temporarily, to 
the status of second-class Euro- 
peans. But it was no less absurd for 
the Benelux countries, founder 
members of the European Commu- 
nity, to be told that “they must be 
more involved to Franco-German 
cooperation”. Was this a bad joke - 
or just clumsiness? 

As for the French, Le Monde pub- 
lished its commentary on the CDU 
paper under the heading “Rudesse 
ollemxmder. Although the document 


upholds the theory of the privileged 
Franco-German partnership, it 
shows Germany’s irritation with 
some French attitudes can match 
its well-known disappointment 
about Britain's European policies. 

It is historically inaccurate to say 
that European integration depends 
on the success of the Franco-Ger- 
man axis. In fact, the European 

It is inaccurate to say 
that European 
Integration depends 
on the success of the 
Franco-German axis 


Community was formed in 1957 
partly to stabilise the Franco-Ger- 
man relationship. 

This is not to say that bilateral 
relationships do not have any 
importance for economic and mone- 
tary union. If Emu is to succeed, it 
will have to take place at different 
speeds, according to the Maastricht 
criteria. This is not, however, the 
same as postulating a “two-tier" 
approach for integration in general. 


Another condition for Emu, as 
rightly stated in the CDU paper, is 
that it must be embedded in a politi- 
cal union. This requires not only 
joint policies in foreign affairs and 
defence, but also more democratic 
structures for European decision- 
making. 

The CDU paper underlines the 
necessity of strengthening the EITs 
capacity to act. Among other 
things, it proposes an effective fed- 
eral division of powers between dif- 
ferent levels of decision-making. It 
also suggests defining the ED’S fun- 
damental values in a quasi-constitu- 
tional document. These ideas are 
hard to stomach for British Euro- 
sceptics. or even for the average 
"Euro-convert”. And yet the desire 
of the Germans and other Euro- 
peans to drive on with this agenda 
must not be underestimated. 

When a year ago a “German 
National Foundation” was founded 
by eminent personalities such as 
President Richard von Weizsdcker 
a nd ex-chancellor Helmut Schmidt, 
they stated that a new German 
identity had to be based on the will 
to advance European unification. 
Chancellor Helmut Kohl said 


exactly the same when unification 
took place in October 1990. Such 
remarks might seem odd for citi- 
zens of long-established nation 
states such as the UK and the 
Netherlands. However, Germany, as 
a "belated nation" in the middle of 
Europe, feels it has specific internal 
and external sources of vulnerabil- 
ity that need to be taken into 
account 

The week in which we commemo- 
rate the 50th anniversary of the Bat- 
tle of Arnhem is a fitting time to 
remind ourselves not to repeat the 
mistflifpg Europe made in d Baling 
with the German question earlier 
this century. Even if we are confi- 
dent that the federal republic will 
never again follow a “special path” 
outside the European mainstream, 
we would ignore at our peril Ger- 
many’s call for European solidarity 
and integration. 

Jan G. van der Tas 


The author axis the Netherlands' 
ambassador to Bonn between 1986 
and 1993 



Personal 

View 


Observer 


Credit where 
it’s due 

■ Peter Wallenberg, overlord of the 
mi g ht y Wallenberg industrial 
empire, is probably rueing his 
decision to abandon his family 
motto Esse Non Vidare - To be. not 
to be seen. 

Wallenberg is worried at the 
rocky state of Sweden’s economy. 

So be wrote a newspaper article and 
gave a hi g hl y unusual hour-long 
television interview, ahead of 
Sunday’s general election. 

Grasping the media tiger by the 
tail is a dangerous exercise. For 
Wallenberg’s message - that the 
new government most slash the 
budget deficit - has been drowned 
In a welter of negative headlines, 
some perhaps justifiable, others 
obviously not 

The really hot water came via 
Wallenberg's reference to South 
Africa. He referred to svortingar - 
roughly translatable as “Mackies" - 
as not being able to manage 
without the whites. Phew! This, 
within a country which was for 
years erne of the leading backers of 
the African National Congress. “1 
expressed myself inconsiderately 
and wish to apologise," said the 

68-yearold Wallenberg. But ill 
fortune hunts in packs. Yesterday, 
the tabloid newspaper Espressen 

carried an ala rming headline - 
“Wallenberg threatens to leave 
Sweden If we vote the wrong way". 

Sensational stuffi given that 


Wallenberg companies dominate 
Swedish industry and the family 
has always been Intensely patriotic. 

The Wallenberg camp has now 
hastily d jgftiahneri any such notion; 
what he ready said was that some 
companies would be under pressure 
to shift their HQ’s overseas if 
Sweden’s credit rating was lowered. 

Lowered credit ratings all round, 
perhaps. 


Write on 

■ The revanchist Independent 
newspaper, now under the helm of 
the fTs former deputy editor, can 
anticipate some big UK political 
scoops, if its new deputy editor, 
Martin Jacques, can work on his 
t e nnis game with his regular 
partner - Labour’s Tony Blair. 

Jacques has never shied away 
from experimenting with his 
political game. Former editor of 
Marxism Today - RIP 1991 - he 
teamed up with Rupert Murdoch's 
Sunday Times because he liked the 
paper’s anti-establishment attitude; 
the enemy of my enemy is my 
friend being a familiar motto to 
communists since I^nin onwards. 

Aficionado of Formula One motor 
raring, Jacques left the British 
Communist party in 1991. when the 
party was anyway all but dead. 
These days, Jacques is chairman of 
his own seeker after the Holy Grail, 
a think-tank called Demos, 
launched in 1993. He says Demos is 
“neither left nor right In any 
traditional sense. . . radical, not 



‘I don't think of myself as being 
bribeable but I wish someone 
wonldtry’ 


centrist". Its forte is the generation 
of ideas obviously beaded for the 
filing cabinet labelled “ignore", 
such as establishing "juries" of 20 
randomly chosen people to debate 
national child-care provisions. 


Stooping Lowe 

■ Neil Kin nock, former UK Labour 
party leader, has lost little time in 
stamping some thing of his 
personality on to his new job of 
European Commissioner, which he 
takes up next January. 

For starters, he’s beguiled Philip 
Lowe into becoming his chief of 


staff. A 47-year-old Yorkshiretnan, 
Lowe combines a wicked sense of 
humour with more than 20 years' 
experience of the Brussels 
bureaucracy. Lowe's current job is 
director of the Merger Task Force, 
vetting Europe-wide mergers and 
takeovers on competition grounds. 
That might easily have led on to 
Lowe's becoming director general; 
clearly, Kinnock has lost none of 
Ms persuasive powers. 

Moreover, Kinnock has also 
insisted on having his own press 
spokesman. Polite suggestions that 
the new, expanded 21 -member 
Commission might have to restrict 
the number of porle paroles was met 
•with a characteristically Welsh 
riposte: if Sir Leon Brittan, the 
senior UK commissioner, is going to 
have his own spokesman, then so 
too. dammit, is the Right 
Honourable Nefl Gordon Kinnock. 


Chairman talk 

■ There seems to be a bit of a 
shortage of chairmen of Britain’s 
pharmaceutical companies. 
SmithKlme Beecham did not have 
too much trouble persuading Sir 
Peter Walters to take its chair In 
April but Zeneca seems to have 
taken Us Hni» to find a replacement 
for Sir Denys Henderson, and 
Fisons and Glaxo are both looking 
for figureheads. 

Fison's Patrick Egan wants to be 
gone within the year and Glaxo’s 
Sr Paul Girolami quits in 
November. Of the two jobs, that at 


Glaxo is far and away the most 
appetising. So why the delay In 
filling the slot? Sir Sydney 
Lipworth, the former chairman of 
the Monopolies and Mergers 
Commission, has ruled himself out 
by taking Zeneca; Lord Klngsdown. 
the former governor of the Bank of 
En gland and Glaxo director, is a bit 
too old and Sir Peter Holmes, 61. the 
former boss of Shell doesn't sound 
like he is interested- 
pity the general election is a good 
two years away, because there 
would be no shortage of ex-Tory 
politicians looking for a safe berth. 
Of course, there is always that 
hardy old perennial Sir John 
Cuckney, a vice chairman of Glaxo. 
But then he is even older than the 
outgoing Sir Paul 


Reassuring 

■ So Lloyd’s thinks that someone 
somewhere could come up with a 
better stamp for the reinsurance 
company which will ringfence 
Names' old year liabilities. So far 
provisionally known by the 
Orwellian title NewCo, the 
company will be one of the biggest 
reinsurers in the world, alongside 
Munich Re and Swiss Re. As part of 
its plan to have the operation ready 
for DTI authorisation next year, 
Lloyd's has held a competition 
among staff to come up with a more 
fitting moniker. One unkind 
suggestion doing the rounds at the 
reinsurers’ Monte Carlo rendezvous 
last week was Pen-u-Re. 


■;rv 





□flL€ 

DflL£ 

DflLt 

DALE 


Manufacturer af 
flftnpf^ Hn g «?W . 

aerospace ground 
power equipment & 
battery based systems 


Dale Power Systems pic 

1 ^K^^SS 3 i toSS« 5 § 2 F j 


FINANCIAL T 

Friday Sfepfember 16 1994 



BRITISH VITA Rite 



Russian bosses get rich 
as workers go unpaid 


By John Uoyd bi Moscow 

Heads of Russian private and 
state enterprises are raking in 
huge salaries even where facto- 
ries are technically bankrupt and 
workers are not being paid, gov- 
ernment research shows. 

A report by the coun try's 
labour ministry, the Institute of 
labour research body and a 
department of the presidential 
staff, shows that directors in a 
range of corporations are receiv- 
ing multi-million rouble monthly 
a fliariftg while their workers take 
home much less than the average 
wage or are sent on involuntary 
“holidays" because of the enter- 
prises' debts or lack of orders. 

The factories cited include; 

• The Izchesmash engineering 
plant In Ivanovo, north-east of 
Moscow, which paid its workers 
fibs77,ooo (£22) a month - but 
accorded its director Rbs88i,000. 
In summer it sent the workers 
home without pay for two 
months, but the director was 
given Rbs4.7to to see him 
through the same period. 

ITT sale to 
raise $4bn 

Continued from Page 1 I 

rflginn and hotel complex , 

the Desert Kingdom in Las | 
Vegas. 

Tins Is to be built an a 34-acre 
site next to the Sheraton Desert 
fan cagiwft that ITT bought last 
year. 

ITT is (me of a number of suit- 
ors reported to be interested in 
buying NBC fbHowing the recent 
disclosure that GE had had talks 
with Time Warner, the US infor- 
mation and nn ^lai iimait group, 
about a possible sale of all or part 
of the televslon network. 

Apart from Walt Disney, others 
tnpjnda Turner Broadcasting, the 
US media group, and Haroourt 
General, the US publishing and 
cinema group. 

Lufthansa 

Continued from Page 1 

spin-offs were intended to 
encourage entrepreneurial, behav- 
iour by keeping inter -company 
relations at arm’s length and 
increasing awareness of custom- 
ers’ needs. 

He expected group turnover to 
grow by up to 5 per cent a year 
OU t P 1997, and had set his righto 
cm taking Lufthansa’s share of 
the European market from 16.7 
per emit now to more than 20 per 
cent 

The work fo rce would continue 
to be reduced and the manage- 
ment was working an building up 
its network of alliances. 

He claimed productivity had 
increased 31 per cent in the two 
years to June this year. The 
wor kf orce bad been cut by 17 per 
cent and unit costs had been 
reduced by 15 per cent 


Multi-million rouble salaries 
in private and state enterprises 


• The Novoribirskenergo enter- 
prise in Novosibirsk, central Rus- 
sia, has defats of RbsSJtm, and 
stopped paying “many” of its 
workers. Its director’s monthly 
salary, however, remained at 
Rbs2.65m. 

• A pipe factory in Volgograd in 
the south paid its workers 
Rbs200,000 a month but its direc- 
tor Rbs?. 22m. Its debts stand at 
about Rb&L5tm. 

Separate findings show that 
the old nomenklatura - those 
appointed to top jobs in the com- 
munist period - have cantizmed 
to occupy leading positions in 
society since the toll of c o mm u - 
nism, though their privileges are 
now measured in money rather 
than access to scarce goods. 

The ffadfag g are certain to fuel 
tension caused by cuts in support 
to industry and fears of bank- 
ruptcies and unemployment 

Mr Victor Chernomyrdin, 


prime wim i ahir , mwj Mr Alexan- 
der Shokbin, acoiwnfag wHnfater 
have both warned of growing 
problems as budget cuts and nacc- 
payment erf wages increase while 
tax revenues tojfagto fci out- 
put decline. 

Mr Victor Gerashchenko, chair- 
man of the central bank, said yes- 
terday that industrial output 
would toll by 15 per cent next 
year ami gross domestic product 
by nearly 5 per cent He told 
h awker s in. St Petersburg that 
1995 would see a “stabilisation, at 
a crisis leveT. 

The laboar report analysed pay 
in plants of different forms of 
ownership. "But, characteristi- 
cally, in both state and non-state 
enterprises there were huge dis- 
proportions between the pay 
received by the directors, which 
was 10 or more tinwa that of the 
average pay of the workers”, it 
said. 


Raytheon plant 
closures in UK 
spark protests 


By Paul Betts, Aeroopace 
Correspondent, fa London 

Raytheon of the US is to dose the 
UK corporate jet business it 
bought from British Aerospace 
and transfer the work to Ratwaa 
with the loss of 850 British jobs 
over the next three years. 

The derision provoked a storm 
of protest in Britain immediately 
after to amin ii newiiffin t yesterday 
by the industrial group, which 
acquired the BAe business for 
£250m (g387m) last year. 

Representatives of the opposi- 
tion Labour party and trade 
iminna called on Mr Michael 
Haselflne, the British trade 
industry secretary, to intervene 
to stop Raytheon dosing its two 
UK facilities near Chester in 
northwest Rngtond anil Hertford- 
shire in the south of the country. 
Raytheon currently leases both 
plants from BAe. 

The US company, which also 
announced it was suspending 
production of the Hawker 1000 
business jet and stowing produc- 
tion of the smaller Hawker 800 
jet, said the move reflected diffi- 
culties in the recessian-hit corpo- 
rate jet market. 

"The ti™tog of this is 

principally driven by the cuuuit 
weak market conditions and sub- 
stantiated by the results of a 
recently completed study by Ray- 
theon after it acquired C o rp or ate 
Jets from British Aerosp ac e." the 
US company said. 

As part erf the overall rational- 
isation of its corporate aircraft 
activities, Raytheon is also cut- 
ting 680 jobs in the US. 


The company is merging its 
Beech Aircraft subsidiary with 
the former BAe corporate jet 
activities into the Raytheon Air- 
craft Company based in Wichita, 

Kamam. 

Apart from poor market condi- 
tions, Raytheon its recently 
completed study of its aircraft 
businesses concluded that merg- 
ing Hawker and Beech aircraft 
production would achieve st gnffl- 
cant cost savings. 

Raytheon said final assembly 
oTHawker jets would start being 
moved to Wichita next year. 1997. 
Engineering activities wfll also 
be moved to Wichita. 

It added it was immediately 
cutting 170 out of 550 jobs In 
Cheshire, where Hawker busi- 
ness jets are aasanbied, and 143 
out of 300 jobs at its Hertford- 
shire design, fln gfaAgrfag and 
marketing facility. 

The remaining jobs at both 
plants will go by 1997, although 
several UK employees will be 
offered jobs in the US. 

Since the sale to Raytheon, for- 
mer BAe employees had been 
worried about tin ultimate inten- 
tions of the US company a nd the 
strong possibility it would even- 
tually transfer production to the 
US- . 

But yesterday's announcement 
stffl came as a big shock to staff 
Mr Tony Lloyd, the Labour par- 
ty*s employment spokesman, said 
it was "outrageous that an Amer- 
ican company can. move in, buy 
an* order book and- then close 
down forever the plants with the 
consequences for skilled employ- 
ment”. 


Haiti’s 
opposition 
hides a$ US 
threatens 
invasion 


By Canute James in Kingston 

•-» L -- »- jf ■ M S« Um * am **- — * 

RKrdufOK moron in WwNngton 

Almost all open supporters of 
Haiti’s exiled president have 
gone into hiding, fearing they 
will become military targets as 
the threat of a US-led invasion 
intensifies. 

Mr William Perry, .the TO 
defence secretary, yesterday 
announced the call-mi of 1,700 
reserv i sts in preparation for mfl- 
itary action to restore Jean-Ber- 
trand Aristide as president. 

President Bill Clinton met 
senior fo rei g n policy and mili- 
tary advisers ahead of a televised 
addre ss to the nation on the cri- 
sis last 

Officials declined to comment 
on a New York Times report that 
tto president might off a 
frilly fledged invasion if the lead- 
ers of the military junta accept 
an offer of third-c o u n t r y ede 
and immniiii y friwu prosecution. 

Mr Wwriia jonaJssant, de facto 
president in Haiti’s army-backed 
government, said neither his 
administration nor the mftttary 
would give way. He accused Mr 
ntirtun of t h reatening Haiti for 
domestic political reasons. 

The decision by Mr Aristide’s 
s u pporters to go underground, 
reported by diplomats in the cap- 
ital Port-au-Prince, follows the 
murder of several of their num- 
ber over the past two years. 
Statements from army officers 
last WBek said " trai to rou s” Hai- 
tians would “pay” in the event of 
an invasion. 

There is also growing fear that 
the country’s military may turn 
its guns on the slums of Port-au- 
Prince, in which the ousted pres- 
ident has significant popular 
support. 

Haiti’s ID-equipped and poorly 
trained army of 7,006 has been 
expamlwd by a rapid recruiting 
programme, bat -is not wp***! 
to offer wrorii resistance tor an 
invading : farce three 'times 
larger. However, maverf£kj ele- 
ments in the military may -bide 
and begin guerrilla resistiuice. 

The invading; fortes may hare 
the support, orat feost Acquies- 
cence, of many junior in 

the Haitian military who lure 
been meeting in. recent weeks 
with foreign intelligence ser- 
vices. They hare been promised 
eariyamnesty and other unspeci- 
fied “rewards* far not resisting 
the invasi on . 

The three mffitary leaders - 
General Raoul Cedras, the com- 
mander of the armed forces, Gen- 
eral PiriUppe Btarnby, the chief 
of staff, and Colonel Michel 
Francois, the police chief - 
would be t ak e n into custody by 
tiie i nva ding forces, parffyjfar 
their own protection, according 
to d ipl o m ats. 

Mr Robert Malva i, the prime 
minister appointed fay Mr Aris- 
tide last year under an abortive 
agreement to resolve the crisis, 
who was gliMtned. fay the mili- 
tary, would be reinstated. 


THE LEX COLUMN 


FT WEATHER GUIDE 


BP yesterday rignalted *hat At 'was 
ready to more from retrenchment to 
growth.- Thev switch in: thinking was. 
not spelt" out ta^so many words. The 
phrasing, to^bSefing to analysts, was 
rather that the group 1 &- exploration 
and production division -now. had 
options. Under-' a > conservative sce- 
nario, production •-* which* fell from 1 
L7to barrels a day ta 1988 lo.T&n last 
year - would grow a£ 2 *per cent -a- 
year. But BP also produced a chart 
showing production, under a more 
ambitious scenario, growing at up to 7 
I per cent The subtext was -clear. The 
, exploration and production .<HVtsum, 
at any rate, wants to erpand ' 

It is understandable why BP is 
i talking to a coded way. The last time 
it e mbarked on an to vas fa nenk splurge 
, in the . late 1980S, it feS Sal on Its face. 
Gearing rose to 100' per cenfrfte tfiair- 
maTR had to resign and the tfiridsud 
was halved. If shareholders are not to 
take fright, timy will need feassraanre 
that a new expansion pbn- wffi~ not 4 
mflg the — b fete. 

Matters may be differen t 1 teift ' 
Rret, BP has vjgorou^y . cut costs. Seo- 
o&d, its- investment plans are judged 
, an the tH wrimpiL km Hint crude prises 
wffl fell to $14 rather than rise to $25. 
Third, the group has become strongly 
cash-gmerative so it should be able to 
fapi+al a paauflng , while stiff 
raising its dividend by 2Q per cent a 
yefcr and trying down debt Yester- 
day's : presentation marks a first 
attempt to win investors round to 
mfo a pfap- But shareholders will be 
right to withhold their judgment until' 
an expansion strategy is spelt out in 
greater tfetaii. 

I . 

Legal & General 

LAG’S results yesterday were not as 
bad as they looked. The 22 per cent 
fell in pretax profife was caused by 
the group’s dfewmffwrtfaig practice of 
indnditig unrealised investment- 
tosses. Excluding these, earnings , 
growth, was 61 per coat,- although -fitrf' 
figures were flattered by dement 
weather, which reduced claims on 
p roperty insurance^ and an absence of 
IRA bombs in tee OSy. * ■ * ■ '* 

Nevertheless, the are gather- 
ing. The insurance business; 

which posted good results, will suf fe r 
as the p remium cycle turns. More wor- 
rying are the prospects to .UK life and 
pwmfpns The, imposition rf e ryirmis - 
stem disclosure nefct year looks sefto 
dej&ess overall demand. * A further 
obligating to give, detafia about 
ex&uses will fav our foosewtte file 



lowest overheads. LAG is battening 
down the hatches- for the post-disdo- 
. 'stsce squall, -cutting costs and increas- 
ing productivity. ■ 

The longterm growth projects for 
the UK market are nevertheless prom- 
ising. Ageing baby-boomers will 
Increasingly be attracted by savings . 
products; the state’s ability to fund 
adequate pension provision must be 
questioned, in which case the private' 
sector wffl step in; and a tow-inflation 
environment encourages savings. 
With L&G’s shares at an 18. per cent * 
discount to net assets fncfadttg the 
embedded value of the life foa&~ the- 
maxket has already recognised file - 
scale of tee shdrt-fefm ;dffBculties to 
come. 

United 

, , United Biscuits’ acquisition' «. 

gety’s Dutch snacks business '.this-- 
.week highlighted fee grotiff«*s«$a^ • 
progress jh. bufWtog_upjfej*e^^ia; 
continenta l, Rurcfta. 

whelming majority? aftteffraviap- stiff- 
. derives from the tJK-andrteefTO^mais : 
bets facing bi^medimn^erin 'prob- K 
ferns, as teecand^pesshnMic prQg: t 
no sis from UB’s management - 
xmdascored yesterday. 

In the UK, US's JfcVitie's brand. • 
commands 45 per cent of the? biscuit ~ 
maiket, but the' generous -margiTut 
enjoyed to the past are felting, as the 
company is squeezed between price 
fteflntion and the need to step up mar- 
keting ftT pendft nre. jfe the US, the 
befeted measures- befog- taken to 
strafehten out Keebler— fomta two 
hi biacuffs behind- Nabisco - are 
m ^ riy ' to^to ^^te d^red^d bur' 


cash flow before 1996- Against this 
backg round, the shares have under- 
standably underperformed the market 
by a third store their latest p&k in 
May last year. ■ 'J: 

Sentiment has been soured further 
becansd gearing- and cashf low? h ave 
s uffer ed from the combined impact of 
rationalisation, increased marketing 
expenditure and., acquisitions.- The 
group’s ifaawrfai situation casts- doubt 
over its longterm ability to nourish 
its core businesses with -investment: 
But -fire shares are supported by a 
yield of 6 per cent And.4f.tba- stock 
market is unwilling.to took beyond the 
imi r mptr m g earnings oufiook for this 
year rod next, perhaps a predator will 
place a higher value on. the group's 
portfolio of brands. 

■ • -jj«- - 

a?v 'V;, • ■ 

APV's trodbtes bave- tdt fiat cam^ 
pany just when eedaoude recovery 
should 'have been restoring u&giiis. 
to’ that sense, the disappointment is 


week. Clearly the climate in cai^neer- 
ing is soch ai to toave^ companies vul- 
nerable to margin erosion, bizt the 
APV case has -gmte specific origtos. Its 
German -competitor GKA ls ^leter- . 
mined to wm market share to Squid 
food preresstogmachineayani^b one 
tasows how tong Sr wiff keep ap the 

4ng<m to> sooner, yestertoy’sj | 

measuresseeiriareasbnable're^bnse. 
The. rilarp -ettt in t^ ^divid^fl*- will I 
conserve cash. 'APV has no-choice bid i 
to resfrpctdrefite.tiquid foddlMtiness J 
if it feto compeWwite (SIA’s prfces; |t 
is' a datdkfegftosk. Jhst theJsame. 
WbflB-AFV'^ttisBeeEt paying anunccw- 
ered dlvldendlOT^fie last four. y?6ra, it ; 
has .beenTahle <to^ roafattatn tts -Mated , 
net - wofth^ ■reaffsiug goodwill 

terou^cfiposals. There is riot touch i 
of-teaf todifeh valHe left to eaq&ut, so 
thsr restructuring provision will, eat 
tnto^-ie^erves. With, interest cdyer a I 
tjniot iq. the first halL APV 
-wi' affi^le to stay wkhto its hank*. | 


-Perhaps the serafWe«solnfitm<would 
bate solicit a bid. Arguably a market 
value including debt of less -than 
£300m is low for a company with turn- 
over of £900m. Although a fodder from 
within the industry might fell foul of 
competition regulations, an outsider 
might ftod APV’s industrial busi- 
nesses attractive But it would be a 
dari^ buy wiffle the' pressure ^. Iiq- 
md food margms continnes. 






■/'V. iii 


r l * , / - 


' • : .!k- . - 




> * . Q €\ J : 








Bcfrigsadon is a growth industry in Btaril, widi manufacturers compering go find the fa s t est, most production 

methods. Thar's why Bundy opened its new £4 million plant earlier this year at Curitiba— sperificafy located for jusc-UHhne 
supply of condensers and evaporators to leadin g manufacturers! 

However; .the dimate poses a particular problem: conosioa caused by the region’s intense humidity. 

A highly advanced paint procsss - unique in tins part of the wodd - provides Bundy’s products with maximum corrosion 
resistance and moreover reejuires 50% less energy than conventional ptoceses. Thanks go Bandy, it’s easier to chiH in Brazil. 
Bundy is one of TI Group’s three specialised engineering businesses, the otheis being Dowty and John Crane. 

Bach one is a tedindogcal and marker leader in its field. Together: their sperinlisr sfa tk enabl e 
TI Group to ^t the critical answos right &>r its customers. Wbridwde., 


TI GROUP 


WORLD L I A D MRS HIP IN SPECIALISED I KQ IN E B R I If Q 






15 


ANKIEi 

Wiring S ystems Specialists 

. ■ V.--0 ■ Cj:; . o- wtf 

Elftcrnct * ISM Cabling System * LAN 
f^csr Op'rcs * Beider. * Nevada Western 
Tel. 01.56S.16S1 


FINANCIAL TIMES 

COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1994 


Friday September 16 1994 



j Hall City Council 
'iCMsait Mtuoi 


™TEL:0482 593828 



(N BRIEF 


Saint-Gobain 
trebles profits 

Saint-Gobain, the French glass and building 
materials group, almost trebled first-half results to 
FPrL26bn (823 0 m), thanks to improved economic 
conditions in most of the group’s markets, lower 
financial charges and the positive impact of 

restructuring measures taken over the past two 

years. Page 17 

Fat sells seats 

flat, the It alian vehicles group, is selling its car 
seat-making activities to Lear Seating of the US. 
page 16 

Lufthansa to spin off services 

Lufthansa, Germany’s flag-carrier airline, is to spin 
oft its cargo, aircraft maintenance and information, 
t e c hn o l ogy services into three independent profit 
centres. Page 16 

HWi hopes for Chicago Sun-Times 

Mr David RacDer, chief operating officer of Canadi- 
an-based Hollinger Group, hopes to double the 
profit margins of the Chicago Sun-Times, the city’s 
second largest newspaper, to 14 per cent, or about 
830m within the next two years. Page 17 

Heavy Investment hi Korea 

Hyundai Motor breaks 
ground today for a new car 
plant at its Asan complex in 
what is part of a rapid 
expansion of production 
capacity by Korean Industry 
this year. Plant and research 
investments by the country's 30 biggest conglomer- 
ates are expected to increase by 55 percent in 1994. 
according to the ministry of trade and industry. 
Page is 

Kellogg tackles India 

Kellogg, the US cereals company, has launched a 
campaign to change breakfast habits in India as its 
products appeared in Bombay shops. Page IS 

Khashoggl in Thai talks 

Mr Adnan Khashoggi, the Saudi businessman, is in 
negotiations to buy stakes worth a total of more 
than BtSbn ($i20m) in three listed Thai companies. 
Page 18 

Investment loss Holds back L&G 

An investment loss of £53m (582m) from the bond 
and equity markets, held first-half pre-tax profits at 
Legal & General, the UK life and general insurer, to 
£58.0m, against £75.0m in 1993. Paige 20 

Snagged by stockings 

Entering the French hosiery market helped to 
depress pre-tax profits at Comtaulds, the UK cloth- 
ing and fabrics group, by 26 per cent to £I 0 m 
(.315.5m). Page 21 

North America lifts Logics 

Logics, the UK computing services company, lifted 
pre-tax profits 50 per cent in the year to June 30, 
after a turnround in North America, which saw the 
US operation in profit for the first time since 1989. 
Page 23 

Bourses see increased trading volume 

Trading m the main European equity markets rose 
substantially in August, after four months of 
decline, in a delayed response to rising share prices 
as most market indices rose for the second succes- 
sive month. Back Page 

Companies In this Issue 


APV 

Applied Distribution 
Assoo Newspapers 
Austenn 
BBV 

BZW Convurtibte 
BahyicWk Gold 
Banque Indosuez 
Barlows 
BentoHs 

Boos. Allen S Ham. 
British Fittings 
British Mohair 
CS Hotting 
Catos* dos D6pflts 
Cato 
Chevron 
Com-Oov 

Comp Fin Solutions 
Computer Management 
Crodltonstaft 

dairy Fam WJ 
EH Aquitaine 
Flat 

Ftughafon W«n 

Fotkos 

CUencar 

Greycoat 

Guamess 

Hawtaj Witting 

Hoflenc Bottling 


16 

23 

22 

16 

IB 

23 

17 
16 
23 
22 
16 

18 


Hoffinger 

17 

ITT 

1 

JP Morgan 

IS, 16 

Jackson Group 

23 

Jataprathan Cement 

18 

John Lewis Partner 

23 

Kellogg 

16 

KJeinwoft SmaBer 

23 

Kwtk-Ftl 

22 

Lear Seating 

1« 

Logics 

23 

Lufthansa 

1 

MFI 

9 

MON 

15 

Minorca 

17 

Morakoi Industries 

18 

National Express 

22 

Nes»16 

IS 

P&O 

9 

Rutland 

22 

SME 

15 

Safnt-Gobaln 

17 

Serrfcondtr Ventures 

16 

SwaSowfield 

23 

Tadpole Technology 

23 

Tiphook 

16 

United Biscuits 

16 

Warrants and Value 

23 

Whatman 

22 

Wood (Arthur) 

23 

Zeneca 

9 

Zurich Insurance 

16 


Market Statistics 


Jftnuol roports service 26-27 
Bendma* Gwi bonds 19 

Ban) (etuns and options 
Band piicas art jw«s 
Commodities prices 
DMdeiws announced. UK 

RS5 currency rales 

fcurrtand pnees 
Fried Interns! todicos 

FI -A Worid MKW Back Page 
FT Goto tones inde* 6 w* Page 
FT/lSMA m# bend sve 1i 

FT-SE AfluarM5 kidhas 2S 


Foreign exeftanse 
Gte prices 
Utto equity options 
London snare sendee 
London trafl options 
Managed funds service 
Money markets 
Mew bid bond Issues 
Recent esues, uk 
S hort-term mt rates 
US Interest rates 
Wdrid Stock Markets 


32 

19 

25 

26-27 

25 

28-32 

32 

19 

25 

32 
19 

33 


Chief price changes yesterday 


nuwxnffiTCDHi 


an 

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till 

rtf 

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or. 

7.1 


Cjyrxh tarn 

PoOe 

WO 

'jSKL 

LiVrvryiv 

Ili/fcH 

SrtHtne 

NEWVORKI 


Csrtttr.fi' 

Ci»;* 

Swr 

Tokyo etc 


LONDON (Pe"«) 
ROM 

Artm 

ftnroff Pr» 

(iow 

Efl Cass Mp»"* 
IttltMiH *P‘t 
KAO 
faXULl 

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TrtWrt* 

10 

Fell* 

ITT 

10 

pjunsim 

13 

fUM* 

15 

Bouwura 

16.5 

IVMH 


lepa 

nn» 

BF 0 «*r 


Dmn 

!’» 

Garment 

prices 

at 12M. 

■t 

kfatigra 

tattfea 

W) 

RDsfatf 

.7 


3 

WMrtnUno 

13 

Mb 


AW 

G5 

ComjWI fin SOi 


ftntare 

H 

IMP* Tea 


fiW + 
38H * 


T9'« - 


623 * 
eao » 
370 ♦ 

M4 - 
750 - 

375 - 


1 S 1 

81 

10 * 

363 

90 

83 

IIS 

237 


a 

iv 


13 

20 

125 

10 

11 

12 


9 

10 

6 

13 

4 

SSh 

7 

9 

12 


Weatherstone hands over J.P. Morgan reins 


By Richard Waters in New York 

Sir Dennis Weatherstone, chairman and 
chief executive of J.P. Morgan, will 
retire at the end of *hig year after five 
years in which the US institution has 
transformed itself into a landing interna , 
tional investment bank. 

Sir Dennis* retirement after he turns 
64 in November, and the appointment in 
his place of Mr Douglas Warner, who is 
48, comes a year before most observers 
had expected. 

However, analysts and rivals said the 
timing did not appear to be the result of 


internal dissent Mr Warner, who has 
been the bank’s president since the start 
of 1990, had been expected to take ova-. 

Sir Dennis, who described the transi- 
tion as “boringly uneventful" and 
planned for some time, said - “I am very 
healthy, very happy. The bank is in very 
good shape." 

Sir Dennis yesterday won plaudits 
from Wall Street for J.P. Morgan's 
advances In investment banking. Mr 
George Salem, an analyst at Prudential 
Securities, said: “He executed the plan 
to t ransfo rm the organisation, from one 
that Was becoming an anarbrnnigm to 


one that was a leader in global finance. I 
would give him very high grades.” 

The past year, though, has seen Mor- 
gan’s reputation sullied by its entangle- 
ment with Banes to, the Spanish hank 
taken over by the Bank of Spain at the 
end of last year. The controversy raised 
questions about the bank's ability to 
expand inte rnationally without dilut in g 
its blue-chip customer base and reputa- 
tion for quality. 

“With the benefit of hindsight it [the 
Banesto investment] doesn't look too 
good," Sir Dennis said. “I don’t think it 
was our most glorious moment . . . But it 


was a long-term investment, and we 
realised it was high-risk. We're not 
going to go through our business and 
not make any mistakes, anywhere." He 
added, though, that investors in 
J.P. Morgan's Corsair Bind, which 
invested in Banesto, may yet do “very 
nicely" out of the deal. 

Sir Dennis also played down the sug- 
gestion that profits have become more 
volatile under bis tenure, as the bank 
relies more on income from trading in 

financial mar kets. “It may be tha t in 

times of [market] volatility the earnings 
will go down.” he conceded, though he 


added: “Some of whai is seen as vola- 
tility isn't there,” as much of the bank's 
trading was for customers. 

Mr Warner fits the Ivy League mould 
of J J. Morgan executives better than Sir 
Dennis, a Briton who left school at the 
age of 15. Mr Warner, educated at Yale, 
has been with the bank throughout his 
career. He ran the bank's London 
operations in the late 1980s and headed 
its corporate finance business from New 
York. In the past five years he has been 
involved more on internal matters as 
chief operating officer. 

Austria’s bank adviser. Page 16 


Iri nears SME sell-off as 
two consortia lodge bids 


By Ancfrew Hill m Mian 

The final dismembering of SME . 
the statecontrolled Italian foods 
group, came a step closer yester- 
day when two rival consortia 
lodged bids for its supermarket 
and restaurant businesses. The 
offers should mark the beginning 
of the end of one of the messiest 
sell-offs by Iri, the Italian state 
holding company, which prom- 
ised a model privatisation when 
the break-up and Rate of SME was 
launched in January 1993. 

It is understood that La Rinas- 
cente, the quoted Italian retail 
group, Ferrero, the Italian confec- 
tionery company, and FmComit, 
the merchant banking arm of 
Banca Commerciale Italians, 
have joined forces for one bid. 
Hie rival bid comes from Pam, 
annthpr Italian retailer, Briianm 
Holding, the Benetton family’s 
holding company, and M Oven- 


pick, the Swiss hotel and restau- 
rant group, advised by Credit 
Suisse First Boston. 

The consortia must first offer 
to buy 32 p er cent of SME from 
Iri, which owns a 62 per cent, 
stake. They will then launch a 
public offer for a further 32 per 
cent at the same price, and buy 
the rest of Iri's shares. 

At yesterday's closing share 
price of L3.779, SME is valued at 
slightly more than L1.700bn 
(Jlhn) but analysts believe the 
business could be worth as much 
as I^OQObn. Members of the win- 
ning consortium are expected to 
split the GS supermarkets and 
Autogrill motorway restaurant 
operations between them, possi- 
bly bringing in other investors. 

Iri broke SME into three parts 
for the sell-off - Iialgel (frozen 
foods and sweets). Cirio Bertolli 
De Rica (oil, rwnnad vegetables 
and milk), and GS-AutogrilL Mr 


Michele TedescM, then Iri nhief 
executive and now chairman, 
predicted in late 1992 that the 
operation would be completed in 
six mnnfhc 

The sell-off has been dogged by 
problems. Italgel was bought by 
Nestle of Switzerland in July 
1993, but first attempts to sell 
CBD and GS-Autogrill last year 
had to be abandoned because hi 
said the offers were inadequate. 

CBD was eventually acquired 
by an agricultural cooperative, 
which sold the olive oil business 
to Unilever last November. Con- 
trol of the rest of CBD, renamed 
Cirio, has now passed to Mr Ser- 
gio Cragnotti, the financier 
turned ngm- fnriiis t ri»HBL 

Tbe Italian government is hop- 
ing for a swift conclusion to the 
GS-Autogrffl saga, to concentrate 
on the sale of Stet, the telecoms 
holding company, and Enel, the 
electricity generator. 


Mirror holds its own in price war 



' .J •r'i'iu “■•v* ' 



isa 
Coin Been. 

Window of opportunity: Mirror Group’s chief executive David Montgomery announced the company’s 
first post-Maxwell dividend and a modest increase in profits in spite of the newspaper price war. Page 20 


UK food equipment maker blames price competition 
from German rival GEA and halves interim dividend 


APV shares 
plunge on 
margins 
warning 

By Andrew Botger in London 

Shares in APV fell by 30 per 
cent, from 118’Ap to 83p, yester- 
day after the UK-based food pro- 
cessing equipment specialist cut 
its interim dividend and warned 
that it was facing increasing 
pressure on profit margins. 

APV blamed increasing compe- 
tition on a recent push by GEA, 
a German manufacturer, into the 
liquid food equipment market 
long dominated by APV and 
Tetra Laval, the Swedish food 
packaging and equipment group. 

Sir Peter Cazalet, chairman, 
said: "It is dear to us that GEA 
has been extremely aggressive 
and is trying to elbow its way 
into the industry. This is not 
a happy scene in terms of 
margins” 

APV reported an increase in 
pre-tax profits from £4.4m to 
£& 8 m ($ 9 -lm) in the six months 
to June 30 but said it would take 
an unspecified charge in the sec- 
ond half to cover farther 
res truc t u ring of its liquid foods 
division. 

Sir Peter said: “We remain 
committed to improving the 
group's profitability and conse- 
quently we will further attack 
our cost base and improve effi- 
ciencies." Analysts coul d on ly 
guess at the sire of the restruct- 
uring charge, but they certainly 
expect it to exceed forecast pre- 
tax profits of £I5m and push 
APV into a substantial loss. 

The group has raised about 
£ 100 m from disposals in recent 
years, but there is little scope for 
farther sales. Although gearing 
has been cut to 33 per cent, the 
decision to cut the interim divi- 
dend from 2 p to lp is a tacit 
admission that the year-end 
charge will strain APV’s bask- 
ing covenants. 

Sir Peter said that over the 
past few years APV had ma d e 
real progress in rationalising 
ca parity, improving efficiency, 
divesting non-core businesses 
and focusing on target markets. 

Bnt he added: “Competition in 
most of our major markets has 
recently become much more 
intense, and this is undermining 
prices at which orders are cur- 
rently being won. We believe 
that competitive pressures are 
unlikely to ease in the near 
future.” Orders on band at the 
end of June were 18 per cent 
higher than a year earlier and 
the value of orders received in 
July and August was signifi- 
cantly higher than in the same 
two months of 1993, although at 
lower margins. 

Sales from continuing 
operations rose 1.7 per cent to 
£3S1.3m. Earnings per share dou- 
bled from 0.5p to lp. 

Lex. Page It 


Hot in the kitchen 



Souct: M w ww 


Paddling upstream 
with more urgency 
to avoid the falls 


I nvestors’ alarmed reaction to 
BTR’s recent warning of pres- 
sures on profit margins 
boiled down to a simple fear: if 
giants such as the UK-based 
industrial conglomerate are suf- 
fering, how much worse might 
thing s be for -smaller companies, 
with weaker market positions? 

Such forebodings were speedily 
fulfilled by APV, which has been 
trying to restructure in a period 
of depressed order books and 
increased competition. 

APV yesterday blamed its lat- 
est margins setback on the 
aggressive entry into the food 
equipment business of GEA, the 
German company which has pre- 
viously concentrated on indus- 
trial products. 

Unlike BTR, APV said higher 
raw material prices were not a 
big factor in the equation: APV 
spends only about £l0m per year 
on stainless steeL a key compo- 
nent in its products. 

APV did say, however, that the 
threat to its own margins has 
been increased by the pressure 
which retailers in Europe and the 
US are currently putting on the 
group’s main customers, the lead- 
ing food processors. 

APV has been restructuring 
since an an acquisitive binge in 
the 1980s. After escaping a hostile 
ran m hid from Siebe in 1986, the 
group doubled its turnover in 
three years through a series of 
purchases, but did little to inte- 
grate the various businesses. 
When recession started, profits 
melted away - last year the 
group made pre-tax profits Of 
only £13Am on sales of SS34m. 
That compared with a pre-tax 
profits peak of £ 60 m achieved in 
1989 on a s imilar level of sales. 


Mr Clive Strowger, chief execu- 
tive since 1992, said yesterday 
that the proposed restructuring 
of APV’s liquid-food equipment 
side would just represent an 
acceleration of his existing strat- 
egy. This is to move “upstream” 
from low-margin manufa cturing 
and contracting work, and focus 
more on developing specific prod- 
ucts and processes for key cus- 
tomers. 

Mr Strowger said this policy 
had begun to pay off in the 
group's continuing dry goods 
business. The group c laims a 
two-year lead in applying micro- 
wave technology to commercial 
baking ovens, and has invested 
heavily in ohmic heating 
systems, which produce food 
capable being stored for long 
periods without refrigeration. 

T he aggressive entry of 
GEA into the food busi- 
ness could hardly come at 
a worse time for APV. It has been 
restructuring while assuming no 
market growth - particularly in 
continental Europe, which 
accounts for 40 per cent of sales. 

APV has faced recurring bid 
speculation. In 1992 it emerged 
that GEA had quietly built up a 
19 per cent stake, hut this hold- 
mg has fallen to I per cent APV 
has held discussions with GEA 
about swapping businesses, but 
said the possibility of a full bid 
by the German group had never 
been broached. APV’s other big 
competitor is Tetra Laval, the 
Swedish food packaging and 
equipment group, but any bid 
from that quarter would face for- 
midable regulatory obstacles. 

Andrew Bolger 


Swiss franc restrains Nestle 


By Ian Rodger in Zurich 

Nestle, the world’s largest foods 
group, said its net income in the 
first half edged up 1.7 per cent to 
SFri.27bn (S980m) with the 
growth depressed mainly by the 
high value of the Swiss franc. 

The currency effect masked 
what it called “a number of very 
positive trends" In the first half. 
Underlying sales volume, exclu- 
ding the impact of acquisitions 
and disposals, grew 3 per cent, 
against only 1 per cent in the 
first half of 1993, and trading 
profit advanced 5.1 per cent to 
SFriLSbn. 

The total value of sales was 
unchanged at SFr27.4bn. but up 
6.4 per cent in constant currency 
terms. 

The group is forecasting faster 
growth in net profit in the second 
half, and said that sales could 
rise slightly as well, provided 


that the exchange rates of the 
principal currencies “regain a 
degree of stability by the end of 
the year”. 

Nestfe makes more than 98 per 
cent of its sales outside Switzer- 
land. 

In a period during which the 
Swiss franc has risen strongly 
against the US dollar and against 
all the chief European currencies, 
the negative effect of translating 
foreign currency earnings into 
francs is substantial. 

It also has an impact on the 
valuation of overseas assets. 

In the first half, the group 
charged SFr338m against net 
income for the decline in Swiss 
franc terms of overseas assets, 
especially those in hyperinfla- 
tionary Brazil. 

Sales volumes rose steadily in 
both North and South America 
and “vigorously” in Asia. The 
decline of sales in Europe was 


halted. 

The recent rise in coffee prices 
has not had a material effect on 
the group. 

Raw coffee is not an important 
component in retail pricing of 
instant coffee, and the group 
hedges its purchases. 

Net financing charges were 
down 17 per cent to SFr262m, 
reflecting lower levels of debt 
and lower interest rates. 

At the end of June, the group's 
net indebtedness stood at 
SFr8.6bn, compared with 
SFrI0.4bn a year earlier, mainly 
as a result of strong cash flow. 

A further substantial reduction 
in borrowings can be expected in 
the second half provided that 
shareholders of L’Oreal, the 
French cosmetics group, approve 
at an EGM next week the pur- 
chase of Nestld's interests in 
some of its distribution compa- 
nies. 


These securities having been previously sold, this announcement appears as a mailer of record only 

US$ 454,000,000 Global Offering 

Represented by 

22,700,000 Shares and 
Global Depositary Securities 



THE INTERNATIONAL OFFER 

James Capel & Co. Limited Morgan Grenfell & Co. Limited 

Merrill Lynch International Limited 

Daiwa Europe Limited Paribas Capital Markets UBS Limited 


Bums Fry Limited 
Gold Coast Securities 
Nikko Europe PLC 
Societe Generale Strauss 
Turnbull Securities Limited 


Credit Lyonnais Securities 
INC Bank 

PaincWebber International 
Swiss Bank Corporation 


Fleming Manin 
Lehman Brothers 
J. Henry Schroder Wagg 
&Co. Limited 
S. G. Warburg Securiiies 


Rule 144A Global Depositary Securities 


Merrill Lynch & Co. 


James Cape! Incorporated 


C. J. Lawrence/Deutsche Bank 
Securities Corporation 


THE GHANAIAN OFFER 


Ecobank Ghana Limited 


James Capel & Co. Limited 
Global Bookrunner 

July, 1994 


Merchant Bank (Ghana) Ltd 


Morgan Grenfell & Co. Limited 
Financial Adviser 


N 


\ 







FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Booz to advise Austria on bank sale 


By (an Rodger in Zurich 

The Austrian finance ministry 
said yesterday it had hired 
international consultants Booz, 
Alien & Hamilton to advise It 
on the sale of part of its 70 per 
cent voting stake in Creditan- 
stalt, the country's second larg- 
est hank. 

Last week, it was reported 
that the ministry had engaged 
J.P. Morgan, the New York 
investment bank, for the deli- 
cate assignment 

This latest twist in the long- 
running saga over Creditan- 


stalt's privatisation comes only 
three days after CS Holding, 
the Swiss financial services 
group built around Credit Sui- 
sse, withdrew its offer for a 
stake in the bank, citing the 
increasing politicisation of dis- 
cussion of the issue. 

CS was also thought to be 
annoyed that J.P. Morgan, a 
strong rival of OS’s investment 
banking subsidiary First Bos- 
ton, was selected to assess the 
bids. 

Sources close to the govern- 
ment say J.P. Morgan was 
never actually engaged, a posi- 


tion confirmed by J J*. Morgan, 

The appointment of Booz, 
which is not in the investment 
banking business, may be an 
attempt by the Austrian 
finanpn ministry, which, has 
been supportive of the CS 
Holding bid, to bring the Swiss 

back, into the running. 

However, CS said yesterday 
its decision to withdraw was 
firm. 

That leaves only a so-called 
Austrian consorti um , beaded 
by ItahancontroDed Viennese 
insurance group EA Generali, 
with a concrete bid lodged. 


Thirfle nwan ins ur ance gfruip 

Allian z has also expressed an 
interest, and the Austrian fed- 
eration of BalBalgm hank CO-' 

operatives is thought to be 
interested. Its integer proposal 
with Creditanstalt last' year 
was rebuffed by the finance 
minister. Mr Ferdinand Larina. 

Mr Franz Vraaitzky, the 
chancellor, expressed Ms ccarit 
(fence in Mr I«arina yesterday. 
Saying the minister Tifl d - pr op, 
erly handled” the matter. It 
was now a matter of finding 
more Interested parties, which 
would require more tima. 


Vienna 
airport 
authority 
down 19% 

Flughafen Wien, the 
partially-privatised Vienna air- 
port authority, has reported a 
19 per cent slide in consoli- 
dated net income in the first 

ball, to Sch2Q2,8m ($18,601}. It 
blamed higher financing costs 
and rsnp s, Ian Rodger reports 
from Zurich. 

However, operating profits 
were ahead 9,8 per cent to 
Sch2KL9m, on revenues up 6.7 
per cent to Schl.56bn, 
reflecting what the group 
called healthy growth. Passen- 
ger traffic was up 8 per cent; 
take-offs and landings rose 8.4 
per cent and maximum take-off 
weight, 5.4 per cent 
• Mayr-Melnhof Kart on, the 
Austrian carton board pro- 
ducer. said a sharp increase in 
raw materials costs In May 
would only be offset by price 
increases in June and take full 
effect in the fourth quarter, 
Renters reports from Zurich. 

As a result, full-year results 
are expected to show only a 
modest improvement over the 
first half. Group net profits are 
seen at Schl4Qm and cash flow 
at Sch920m. 

First-half net profits were 
SchlOSm. while ftilLyear profits 
for 1993 were SchllTm. Cash 
flow in the first six months 
was SchSUm, and Sch831m for 
the frill year. 

“The unprecedented increase 
in international used paper 
prices that began in May baa 
had immurihite and rniplwmant 
consequences for the business 
year 1994," the company said. 


Caisse des Depots seeks to 
sell cable-TV operations 


By John Ridding In Parte 

Six . French Industrial and 
media groups are set to com- 
pete to buy Com-Oev, the cable 
television operations of the 
Caisse des D6p6ts et Consigna- 
tions, a state financial institu- 
tion. 

Com-Dev is one of France's 
largest cable television opera- 
tors with about 200,000 sub- 
scribers and network connec- 
tions to a total of 400,000 
bufldizigs. 

However, like most other 
French cable op era tor s it con- 
tinues td suffer losses. Last 
year it recorded a deficit of 
FFr480m ($90.?m), of which 
about FFr400m related to the 
cost of investment in building 
the network. 

The companies interested in 
buying all or part of the cable 
business are thought to 
include France Telecom, Char- 


genrs, Lymmalse Communica- 
tions, TDF, Gfinfirale des Eaux, 
and a subsidiary of Electricity 
de France. Most already have 
activities in the media or tele- 
communications sectors. Gen- 
erate des Eaux, the construc- 
tion, utflffipg and communica- 
tions group, Is already France’s 
largest cable television opera- 
tor with about 450,000 resi- 
dences connected to its net- 
works. 

Mr Willy Strieker, president 
of Com-Dev,. declined to com- 
ment on the pnariMe value of 
the company. He said the cable 
operator could be sold in sepa- 
rate tranches, but that a global 
offer would be preferred. A 
decision on the successful can- 
didate, or is expec- 

ted by the end of the year. 

The Caisse des Depots wants 
to sell its cable television 
operations because they lie 
outside its principal financial 


and investment interests. An 
attempt last year to sell Com- 
Dev drew interest from France 
Telecom and Gtafirale des 
Eaux. 

The sale was postponed, 
however, reportedly because of 
disagreements over price and 
the political sensitivity of the 
issue, following the upheavals 
at C anal Plus, the pay-TV sta- 
tion. Mr Andr6 Rousselet 
resigned as rihairnHito of Canal 
Plus earlier this year following 
an accord between various 
communications groups, 

induing Hav as anil G MW l 

des Eaux, to form a controlling 
shareholder group in the 
pay-TV company. 

Since the launch in then 
1980s of the "Plan Cable" by 
the French government, the 
public and private sectors have 
invested about FFr30bn in 
cable TV. Caisse des D€p6ts 
has invested about FFr2hn. 


NEWS IN BRIEF 


Unisys creates 
business units 

Unisys, the US information 
systems group, has created two 
business units to focus on the 
worldwide transportation mar- 
ket and the US health informa- 
tion management market, 
agencies report. 

Mr Dennis Christ has been 
named president of the trans- 
portation unit and Mr Bill 
Sturm is president of the 
health information manage- 


ment area. Unisys s aid that in 
transportation, areas of market 
expansion would include air- 
port modernisation, the travel 
and hospitality industry, rail- 
roads, and freight forwarders. 

In health information man- 
agement, Unisys said that it 
planned to form alliances with 
health Bmintpnamfl organisa- 
tions and insurance compa- 
nies. 

Ski-maker’s rescue 
deal collapses 

Atomic, one of the world’s larg- 
est ski producers, faced bank- 


ruptcy yesterday after a pro- 
posed rescue debt with its main 
creditor bank fell through, 
bank officials said, AF-DJ 
reports from Zurich. 

The tug of war over Atomic, 
one of Austria’s best-known 
enterprises, has been headlined 
in the local media as an "eco- 
nomic thriller”. 

Mr Alois Rohnnoser, Atomic 
owner and founder, offered the 
Bank fur Arbeit and 
Wirtschaft full ownership of 
the company for a nominal 
price of Schl (about 10 US 
cents) on condition that the 
bank halted bankruptcy pro- 
ceedings. 


Bankruptcy 
threat to 
Tiphook’s 
Montague 

By Simon Davies in London 

A bankruptcy petition has 
beCT. Issued, against Mr Robert 
Montague, founder and chief 
executive of Tipbook, lea than 
a month after it was revealed 
be wouM get total payments of 
£l-34m for a year 

when Tip hook lost £33Llm. It 
is understood the petition con- 
cerns a loan facility 

from a leading DE bank. 

The news emerged during a 
raucous annual general meet- 
ing, at which shareholders 
complained bitterly about the 
£6. 4m of payments to directors 
of the troubled transport teas- 
ing group. 

The Lord CbanceBcris office 
confirmed flm* a bankruptcy 
petition was issued yesterday 
by Oxford County Court to 
AJsop Wilkinson, the legal rep- 
resentatives of the petitioner, 
after consideration by a dis- 
trict judge. 

The petition has not yet 
been served on Hr Montague, 
but it is listed for a court hear- 
ing on October 28. A Tiphodk 
spokesman said: "It is a mat- 
ter entirely for Mr Montague." 
Alsop Wilkinson would hot 
wwnnMit Mr Montague denied 
that he faced any financial dif- 
ficulties. 

During the anoal meeting, 
shareholders in Tiphook 
focused on their own financial 
problems, as their company 
retains more than £Hm of debt 
after rnlUng He iwrtafriw busi- 
ness, and it retains two loss- 
making businesses. 

Mr Rupert nawihm , the com- 
pany's outgoing chairman, 
admitted that Hie £6.4m of 
directors’ payments for last 
year was wrong. "There is no 
justification fin* this," he oM- 
But he claimed that Tiphook 
was making strenuous e ffo rt s 
to redress its notorious cost 
base, which included a 139ft 
yacht. 

Shareholders supported him 
by appro v in g all the AGM res- 
olutions on a poll, although a 
potentially embarrassing show 
of hands was avoided. 

Mr Montague was ques- 
tioned about his financial 
health by Mr Paul Snook, of 
accountants Buckler Phillips, 
representing a Lehman 
Broth ers’ ffca rehoktthg 


Fiat sells seat-making arm. 
to Lear Seating for $160m 


By John Griffiths in London . 

Slat, the Italian vehicles group, 
is tefcfag another step to out- 
source more motor components 
with the $lG0m sate of its car 
seat-making activities to Lear 
Seating of the US. 1 
Under a preliminary deal 
announced yesterday, Lear will 
acquire Fiat’s Italian-based 
Sepi seatmaking subsidiary. 

Sepi wifi continue, under 
Lear’s ownership, to supply 
Fiat’s Italian car plants. 

However, Lear will also use 
file operations to supply mar- 
kets in eastern Europe and 
Latin America. 

The is in fine with, a 
g r owin g trend by leading car 
producers to concentrate on 
vehicle assembly, leaving 


many component supplies to. 
independent producers, which 
can achieve greater economies 
of scale by studying several 
ofeer vehicle, makers simutta- 


. Two months age. Fiat in 
effect disengaged itself from 
another important components 
sector, the constant velocity 
joints and driveshafts essential 
to all front-wheel-drive cars, in 
a deal with GEN, the UK 
industrial group. 

GEN agreed to invest E50m 
($77£m) in a joint venture with 
• Fiat which will supply the Ital- 
ian vehicle maker wife drive- 
line components from a new 
factory near Florence. 

- GKN holds 85 par cent and 
management control of the 
venture, which has taken over 


, Fiat’s own business which had 
been making the connwmmtn. 

The Lear-Sepi and GKN 
ventures provide for non-Fiat 
customers to be supplied, 

Sepi had 1993 Sates ct about 
8850m and produced seats for 
more than lm vehicles. It has 
about L80Q employees. 

The Sepi agreement is .sub- 
ject to completion of a due- 
diligence review and other 
conditions. 

However, when completed 
fee deal "will Increase our 
global market share, and 
further strengthen our 
European position as well as 
allow us the opportunity to 
expand with Fiat in eastern 
Europe and South America," 
said Mr Ken Way, Lear’s 
oTtairmaw and executive. 


United Biscuits up 
12% as UK slips 


By Roderick Oram In London 

United Biscuits (Holdings) 
yesterday reported a 12 per 
fyp t rise in underlying interim 
profits with better perfor- 
mances in fee US, Europe and 
Asia Pacific more than cover- 
ing a downturn in fee fiercely 
competitive UK market fin* bis- 
cuits and snacks. 

Pretax profits before excep- 
tional gains for the 28 weeks to 
July 16 rose from £7L4m to 
£80.lm ($124m). On an FRS3 
h»*fa the year wriiw pre-tax 
profits were £134. lm after fee 
£ga.Tm gam on the sale of Ter-, 
rys, fee chocolate maker. The 
profits beat most forecasts bye 
onnU margin but fee shares 
eased lp to 319p after UB disap- 
pointed some analysts by fail- 
ing to raise its dividend, from. 
5-5p a share. 

"No dividend increase was 
prudent," Mr John Warren, 
flmmfn director, said. The com- 
pany was conserving cafe to 
invest in promising countries 
such as China and to im prove 
productivity. It - was also 
rebuilding dividend cover from 
about L7 times to about 2 
altho ugh tMs would not pre- 
clude dividend increases. 

UK operations were hit by 
price deflation. McVffLe's, fee 


landing biscuit brand, saw -vol- 
ume grow 2 per cent without 
any value increase. The divi- 
sion’s UK sales rose 1 per cent 
to £312 Am but operating prof- 
its fell 10 per cent to £3SL5m. 

However. McVStie’s overseas 
profits rose 20 per cent to 
£LQ.4m on sales up 13 per cent 
: to £l6&8m. 

KP snacks few the UK mar- 
ket volume rise 1 per cent but 
foil 0.5 per cent in value. KP*s 
sales rose 4 per cent to £207 An 
with a strong contribution 
from fee Phfleas Fogg brand. 
Profits were slightly ahead at 
asm. 

. A strong Asia Pacific perfor- 
mance and a flat result in con- 
tinental Europe left KP dtyl- 
shm. -profits, up 2 per cent at 
£2&6m on sales up 3 per cent at 
£454m. 

Heavy restructuring and 
brisk growth of specialist 
brands- at Ross Young's, the. 
UK frozen foods business, 
helped lift profit by £09m to 
cirm on flat sales. 

Keebler, the troubled US 
cookie and snack maker, 
showed fee first signs of a 

lii r n r f Mmd Earning s per share 
were 10. 7p against 17Jp includ- 
ing fee Terrys gain and 9.6p 
without. 

Lex, Page_14 

• » 8 "” — 


Zurich 
Insurance 
buys bank 

By Ian Rodger 

Zurich insurance,' ana of the 
world's largest insurance 
groups, is acquiring a Zurich 
private bank, Rfid, Blass & Cie, 
which operates mainly in secu- 
rities broking, from Mr JQrg 


Mr Rolf Hfinggi, deputy chief 
executive of Zurich, said the 

aw prfaritifm Is being made In 
thg rmnilwu l gf thp HhninHaatirtn 

of Swiss regulations on life 
insurance products. 

Companies can now offer 
investment trust- linked life 
insurance policies. Mr Hfinggi 
said that meant Zurich would 
have a need for investment 
trust management- It already 
has investment trust manage- 
ment subsidiaries in Germany 
and Italy and hopes to manage 
seme of its new Swiss business 
through its acquisition. 

RQd, Blass, wife total assets 
of SFr35L4m (*275m) at fee end 
of last year, specialises in trad- 
ing Swiss franc securities and 
is particularly strong in bond 
trading. 

Mr Hfinggi said Zurich, 
which maintains about a third 
of its SFr7&5bn investments in 
Swiss francs, generates about 
SFriftm a year in transactions 
in that currency. 


Dairy 


Farm 


Interim Report Highlights 1994 


Profit after taxation 
learnings per ordinary share 
Earnings per ordinary share before 
exceptional item 
Dividend per ordinary share 


US$109.1 m+ 60% 
US$5.99 + 50% 

US$4.00 Unchanged 
US$1.65 + 6% 


1 Dairy Farm has experienced more severe competition in some of its major markets 
but continued to make progress with its international development. ' While the 
overall result for the year wifi be enhanced by the exceptional gain recorded in the 
first half, the operating profit is likely to remain at a similar level to 1993. " 

Simon Keswick, Chairman 
15th September 1994 







(unaudited) Year toyfed 

Sbr months ended! 30th June 31st December 


1994 

1993 

1993 


USSm 

USSm 

USSm 

Turnover 

2JB3TA 

24383.7 

4,979.6 

Operating coate 

(WWi) 

(P.3?? 7? 

(43073) 

Operating profit 

63J 

813 

1723 

Sham of profits of associates 

444) 

40.4 

983 


1(7745 

1013 

2703 

ExcspttooalVtsro 

413 

- 

— 

Profit bsfors interest and taxation 

14M 

101.9 

2703 

Nat Interest expanse 

(10J5) 

(103) 

(183) 

Profit haters taxation 

139.1 

913 

2523 

Taxation 

(304)) 

(23.6) 

(643) 

Profit after taxation 

109.1 

68.0 

1973 

Wnotfty Interests 

(0.7) 

ai 

(03) 

Profit after taxation and 
minority Interests 

108.4 

68.1 

1973 

Preference dNktends 

(P-B) 

(13) 

(8.7) 

Profit anrfbutebte to onfinary 

Onftnary (SvUfends 

101-6 

C8M) 

663 

(26.1) 

1883 

(953) 

Ratatnsd profit for ttw period 

73^ 

40.1 

933 


use 

US« 

US* 

Eamlnga par ordhtary share 

548 

339 

1138 

OMdands par onfinary share 

IAS 

136 

5.65 


Dairy Farm I nUmaW oMl Holdings Limited 

Incorporated In Bermuda with Omtiod BsCiSty 


of tbo, 


Note 

The interim OvWend ot usci-65 per ooftwy stare wS be payable on 1st December t994 *> oranuy Shareholders on the register a the ckae of 
bosmeas on noth September 1894 and wS be evadaUe hi cash mo a scrip aaemative. The onSnary shara regtems Da cased ftwn 3rd a 7m 
October 199* IflCMlve. The onSnaiydirfdend declared to United States Ooflire, w* afao be available In Australian Dtfeis, Hong Kona Dobra end 
Sitting eateubUad by reference a rates prevaftng ton oustnen days prior to Vie payment date. OrtJrmy Sft&rehofcfera on me Wsmettorol branch 
legMw wfit receive United stales Ddsw ■**«# wdtnery Sharehoktera on ite Hong tang branch register wq receive Hong Kong Deters, unless they 
Met tar oob of the attamatfw cwrencte* by notifying me Company's regfstran; or transfer agents by 400 pm (local tow) on 4th November 1994. 
OnUnaty St w h otoere whose ontoaiy shares are haw through ffw Car&W Depository System in Singapore rCDP’7 wB receive Hono Kong DoifliB 
unless they Mas ttuough COP a receive UnBect Stan OoRare. 


NOTICE TO THE HOLDERS OF 

KKBC INTERNATIONAL LTD. 

USSSO, 000,000 FLOATING RATE NOTES DUE IflBS 
US$90£00£00 FLOATING RATE NOTES DIE 1096 
NOTICE IS HEREBY GIVEN to the holders of the above mentioned 
notes that effective June 1, 1994, KKBC INTERNATIONAL LTD., 
changed As name to; 

HYUNDAI INTERNATIONAL MERCHANT BANK CHIMB") 

The notes wfH not be stamped or exchanged as a resiit of the change 
of name and win remain feted on the Luxembourg Stock Exchange 


under the former name fbftawad by an indication of the new one. 

Listing Agent 


Currency or Bond Fax - FREE 2 week trial 
also daily gold end silver foxes Ann.-- v/h^nv 


Pstrotara Argentina 
San Jorge SA. 
Motto of Secoftyhokters’ 


iaM rata -*■ 

MgarimSan 


NOTICE IS HEneav GJVW to toMHn 
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20.13 

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34.12 

1900 


3132 

34.18 

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CONTRACTS & TENDERS 


PROCEDURE OF EXTRAORDINARY ADMINISTRATION 
OF CAVnUVESTSJjk 
with its she in Bagpott tfi Sopra (PD) Italy. 

’ Viale dcJl'IntJustiia No. 1 

According to the Italian law 3.4.1979 No.95 
Decree of 12-8.1994 Prot. 1020D of the 
Minidi) of Industry and Gomnmco 
PROCEEDINGS TO THE SALE OF CAVIRIVEST PLANT 

(The Governmental A dminis trator informs all the parties concerned -lbaz| 
Csvirivest S.pA. owns an rndmnrial plant farmed by three production anils. 
jTwo prodnetioe units are located near Padova (Italy), in Bagnoli di Sopra, 1 
and the third one near Perugia (Italy), hi Umbertide. The products 
manufa ctured by the above units are die following? 

1) billets and rods from copper cathodes and scraps by a senes of furnaces, 
[contnmons-CMthigs and aa annual capacity of 50JOOO tons (first unit located 
in BagnoJi); 

2) a lmnhri mn and copper stranded conductors for power lines and bare.; 
insulated and c namd le rt ahwirinfatm and oopper wfres for an atmoal capacity 
wf 3SJX10 tons (second factory located in Bagnoli): 

3) bare and enamelled copper thin wires for an annual capacity of 4J>00 
tons (unit located in Umbertide- Perugia). 

{The Qovqmncntal Admini s tra tor of Cavirivcg S.p.A^ io c on sid er ation of flic 

facttbaC 

the tTans&r of the Company baa met with great interest; 
it is reasonable to adopt the form of the piddle tender so as to ensure the 
maximum transparency m the procedure of the Company sale; 
the price of the Company has been fixed at 31 (thirty one) thousand . - 
mfflhm Italian liia the open Mz. Cdnzri, according to the pravMooi 
of Atfide no. fi/bis of Italian Law no. 95/75; 

not mdnded in die above mentioned price there are properties bekagfag 
to third parties. These properties are also an sale and the sales conditions 
have to be agreed upon; 

OffirivtS S.JXA. in Ertnmrttmnry Artmhi uu r gffan Intavfc In transfer tho 
prtdoction units equipped with their machinery as a whole. These 
machineries are listed in tie expert report deposited at Csvirivest offices; 
the inte re s te d parties may submit their offers, not lower than 31 thousand 
miTUrm MImi t in. far Ih. i nw n fa nf thft nwrir* p h»nt^ 
die choice of the buyer win mainly depend on die offer consistency, on 
die financial and economic means, on the technical and in dns trial 
competence as to the management of the factories on sale, on tho 
industrial programme and on the buyers comndunenr to keep the present 
employment levels; 

the offers, addressed in a sealed envelope, have to be analytical and 
deady sate die offered price, the payment conditions and the relevant 
guarantees. The offiasahonld also encloae the industrial prog ) am mo as 
well as any other dettila needed to allow a complete evaluation; 
the tenderers, by previous agreement with the mortgagees, may pay a] 
part of the offered price by taking all exhamg loans upon themselves; 
the offers fommlatedaa fat the above, together with the camion 
guarantee , ^xxdd be deported also in the fonn of a banking or insurance] 
warranty corresponding to 10% of the offered price.- The offers 
Should be addressed to the offices of Kotary Mr. Fausti Pier Luigi, Via 
Venfi, 

14 -Beigamo -phone no. (35) 233632 wixfahi October 20, 1994, fipjm; 
the receipt of offers docs not engage Cavirivcffl S.p-A. In Extrawlirorf 
Administration In the transfer of the Company to the tenderers. The 
tenderers, on the other hand, do not hzve any right to do any service at 
any tide for Cavtrivest S.p.A_ in Extraordinary Administration; 
the envelopes will be opened in the offices of Notary Mr. FanstJ Pier 
Luigi - Bergamo - On October 21, 1994 at 930 ajn.; 

wfflsfettea&tlwris^kmoftheMiQiaiy,imesseiiMl<*niiitit»fbitlre 

transfer of the plant for sale, after the accomplishment of the above 
meuioned procedures and ooce the opinion of the SnrvsilLuce Committee 
has bees heaxd.The- transfer of the Company will be defined within 30 days] 
from receipt of anthorisation of the Ministry. 

Farther information is available dheedy from: 

l O rr o enw i entri fejiBW lIt 


Via Matris Domini, 8 


pborano. (35)238316 Fax no. (35) 234773 

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FINANCIAL, TIMES FRIDAY SEPTEMBER 1 6 1 994 


INTERNATIONAL COMPANIES AND FINANCE 


Minorco jumps 43% after 
operational shake-up 


Landmark ruling on Canadian telecoms 


By Bernard Simon in Toronto 

Canadian regulators will release a 
landmark ruling today which is expected 
to encourage greater competition in tele- 
communications, and to re-define the 
boundaries between telnphnno companies, 
broadcasters and cable-TV operators. 

The report by the Canadian Radio-televi- 
sion and Telecommunications Commission 
(CRTC) follows several months of hearings 
at which groups from all sectors of the 
telecommunications industry urged a radi- 
cal overhaul of the regulatory framework. 

The CRTC began its review to accommo- 
date the rapid evolution of telephone com- 
panies into providers of other services, 
and the increasingly blurred technologies 
of the telephone, cable-TV and computer 
industries. 


The phone companies, such as Bell Can- 
ada, presently dominate Canada's telecom 
markets. The long-distance telephone mar- 
ket was opened to competition in 1992, but 
the phone companies continue to have a 
monopoly on local services. 

Long-distance calls have in the past 
heavily subsidised local services. But 
growing competition in the long-distance 
market has spurred calls for an overhaul 
of local pricing and market entry. 

Cable-TV operators are gradually mov- 
ing towards the local phone market with 
the Installation of fibre-optic networks 
equipped with two-way switches. Cana- 
dian homes have one of the world's high- 
est penetrations of cable-TV. 

On the other hand, the phone companies 
have pressed for greater freedom to enter 
the cable-TV and multimedia sectors. 


When it gave notice of the review in late 
1992, the CRTC indicated it wanted to 
bring down barriers to competition. ‘‘Regu- 
latory streamlining will depend in part on 
the degree of effective competition in the 
market served by the telephone compa- 
nies,” it said. 

Separately, Rogers Communications, 
Canada's biggest cable-TV operator, said 
yesterday it planned to dispose of the non- 
Canadian publishing operations of 
Maclean Hunter, the communications 
group being acquired by Rogers. MH pub- 
lishes directories and periodicals in the US 
as well as eight European countries. These 
interests include a stable of advertising 
rate and data directories, and Bauverlag, a 
fi rman construction publishing company. 
Rogers said it would retain MB’s Canadian 
publishing interests. 


Radler faces a Chicago challenge 

Laurie Morse on the Hollinger chiefs task at a top US newspaper 


By Kenneth Gooding, 

Mining Correspondent 

Minorco, the Luxembourg- 
quoted natural resources com- 
pany controlled by the Anglo 
American-De Beers group of 
South Africa, had been firmly 
established as an operating, 
rather than a holding com- 
pany, Mr Julian Ogilvie 
Thompson, chairman, said yes- 
terday. 

In spite of relatively weak 
metals prices for nearly all of 
the past 12 months, he 
reported that Minorco's operat- 
ing earnings jumped by 43 per 
cent from US$l395m to a re- 
stated $200 -5m. 

Ear nin gs before tax for the 
12 months to June 30 were 
lower at $308. 8m. against 
$340 m, because of reduced 
financial income and earnings 
from equity accounted invest- 
ments as well as hi g he r explo- 
ration expenditure. 


By Tom Bums hi Madrid 

Banco Bilbao Vizcaya, 
yesterday appointed Mr Pedro 
Luis Uriarte chief executive 
and announced that Mr Javier 
Gdrpide, the institution's dep- 
uty chairman, was rehnquisb- 
ing his management responsi- 
bilities. This is the second 
management shake-up this 
week by a big Spanish bank, 
The development at BBV fol- 
lowed Monday’s announcement 
by Banco Santander that its 
chief executive Mr Rodrigo 
Echenique was stepping down. 


By John Ridding in Paris 

Elf Congo, a subsidiary of Elf 
Aquitaine, the French oil 
group, is to sell a 22.5 per emit 
stake in one of its biggest oil 
fields in the Gulf of Guinea to 
Chevron of the US. 

Elf said yesterday the sale of 
the stake in the N’Kossa oil 
field and the Haute Mer permit 
would become effective follow- 
ing approval by the Congolese 
authorities. The French com- 
pany declined to comment on 


Minorco was finally trans- 
formed into an operating com- 
pany during the past year by 
the transaction which merged 
into it the international, non- 
diamond interests of Anglo 
American and De Beers. 

The new assets included a 
wide range of natural resource 
and industrial interests in 
South America, Europe an 
paper and packaging interests 
man a g ed by M oadi European 
Holdings. Cleveland Potash, 
the UK’s only potash Trnna, nnrf 
a portfolio of investments 
based in South East Asia and 
Australia - most notably 
a 19.9 per cent interest in Nor- 
mandy Poseidon, one of Aus- 
tralia’s biggest gold producers. 

The company also bought a 
50 per cent interest with Mandi 
in Aylesford Newsprint, which 
has started a £250m expansion 
project in the US, while its 
Terra offshoot is to acquire for 
$40Qm the Agricultural Mmer- 


Hzs role in the bank is to be be 
partially filled by Mr Mafias 
Rodriguez Indarte, promoted 
to second vice-president of the 
banking group, and by Ms Ana 
Patricia Botin, the daughter of 

Santander rhafrmfln Mr RrnfU n 

Botin, who was was appointed 
a general director of hank 
and the chief executive of its 
brokerage arm. 

Although neither of the two 
rival hanks has given reasons 
for the changes, both are 
understood to be broadly 
linked to the shake-out in 
Spanish hanking last April 


the price to be paid by Chev- 
ron. 

The sale of the stake is in 
line with Elfs strategy of 
reducing investment costs and 
curbing its debt burden. The 
company is planning to reduce 
investment spending by 20 per 
cent this year to FFr32bn 
C$6bn). 

The N’Kossa field is due to 
start production in mid-1996. 
Elf Congo. 75 per cent owned 
by Elf and 25 pm- cent by the 
Republic of Congo, will be the 


als and Chemicals group, more 
than doubling Terra's produc- 
tion of nitrogen fertilisers and 
establishing it as a major 
methanol producer. 

Minorco, looking to expand 
its shareholder base apd 
improve its international pro- 
file, has converted its 
Unspansored American deposi- 
tary receipt programme into a 
sponsored programme by 
appointing Morgan Guaranty 
Trust as sole depositary. 

Earnings before extraordi- 
nary items were down from 
$25l.9m to $221 .9m or from 
$1.12 a share to 99 cents. Profit 
after extraordinary items was 
$226. 3m, against $339. 7m. 
Minorco is paying a second 
unchanged interim dividend of 
38 cents. In order to change to 
calendar year accounting, the 
company is reporting for an 18- 
month period to end-December. 
It intends to pay a final divi- 


when Santander outbid BBV to 
acquire the Banesto banking 
group and established a clear 
lead over BBV as Spain's pre- 
mier frmmnial institution. 

Mr Gflrpide is viewed as car- 
rying the blame for BBYs fail- 
ure to acquire Banesto while 
Mr Echenique is seen as not 
having been sufficiently enthu- 
siastic about Santander's suc- 
cessful bid. 

Mr Uriarte. 51, a general 
director of BBV since 1990, has 
been entrusted with the job of 
lifting morale and renewing 
the bank's aggressive edge. 


operator on the two permits 
and will hold a 625 per cent 
stake in them Chevron Over- 
seas (Congo) will hold a 225 
per cent stake and Hydro 
Congo, the state oil company, 
will hold 15 per cent 
• Char gears, the French 
diversified industrial group, 
has swung back into profit in 
the first half of this year, agen- 
cies report It posted a net 
profit of FFr213m, compared 
with a loss of FFr209m in the 
first half 011993. 


St Gobain 
up sharply 
to FFrl.2bn 
at halfway 

By John Ridding hi Paris 

Saint-Gobatn, the French glass 
and hniiifing materials group, 
almost trebled first half 
results, lifting net profits from 
F7r452m in the first six 
months of last year to 
FFrlJflm (3239m). 

The sharp increase, above 
most analysts’ forecasts, 
reflected Improved economic 
conditions in most of the 
group’s markets, lower finan- 
cial charges and the po si tive 
impact of re structurin g mea- 
sures taken over the past two 
years. 

The performance was wel- 
come news for the company, 
whose shares have been hit 
over the past few weeks fol- 
lowing the investigation of its 
chairman, Mr Jean-Louis 
Beffa, as part of a corruption 
probe. 

Tbe investigation, involving 
one of the company’s subsldr 
iaries, is one of several to 
affect leading French industri- 
alists over recent months. 

The improved result was 
achieved on sales of 
FFT38.04bu in the first half of 
1994, compared with a figure 
of FFr35.74bn in the same 
period in 1993. Operating prof- 
its rose from FFr2.34bn to 
FFr3.5bn, while financial 
charges fell from FFr930m to 
FFr735m. 

Turnover rose strongly on 
the American continent, and 
started to show a similar 
revival in Europe, according to 
the company. Last year, Saint- 
Gobazn was badly affected by 
depressed demand in the 
construction and automobile 
sectors. 

The company said all of its 
principal operating divisions 
had seen a significant increase 
in results, with the exception 
of piping. This activity saw 
stable results, reflecting weak 
demand in the European water 
sector. 

Industry analysts predicted 
that the strong performance 
would continue in the second 
half of tbe year. They said that 
results would be boosted by 
exceptional gains of abont 
FFr9 00m resulting from the 
sale of its paper and packaging 
I activities to Jefferson Smurfit 
i of Ireland. 


Mr David Radler, who is 
Conrad Black’s right hand man 
in his international newspaper 
empire, sits in the publisher’s 
suite at the Chicago Sun-Times 
ticking off his cost-cutting 
plans for the city's second-larg- 
est newspaper. 

“Aside from already 
announced lay- offs anil buy- 
outs there’s another $7m to 
$lOm of nan-salaried pfvpwnwt 
which well be able to carve 
out,” he says. 

Mr Radler, chief operating 
officer of Canadian-based 
Hollinger Group, hopes to dou- 
ble the Chicago paper’s profit 
margins to 14 per cent, or 
about $30m, within the next 
two years. Last year the Sun- 
Times Ramari $19m, a Tngrg tn 
of 75 per cent 

He will be helped by a gen- 
eral recovery in the US econ- 
omy and a cyclical rise in 
newspaper advertising lineage. 

Sq iiHPring - profits out of the 
Son-Times, the US’s ninth-larg- 
est newspaper, is a key compo- 
nent in Hollinger's expansion 
strategy. The Chicago newspa- 
per became Hollinger’s long 
sought-after US flagship in 
March, when American Pub- 
lishing. Hollinger's US subsid- 
iary, bought it and 61 affiliated 
suburban Chicago publications 
from a syndicate of private 
investors for $l80m_ 

The Sun-Times acquisition 
more than doubled American 
Publishing’s revenues, and 
places the group in a major 
I urban US market for the first 
1 time. 



David Radler hopes to double 
paper's profit margins to 14% 


APC owns more than 340 
newspapers, but most of them 
are small-town riaitigs or week- 
lies scattered across the US. It 
also controls the Jerusalem 
Post 

The Chicago paper is per- 
ceived as a cash-generating 
machine that will finance 
other US acquisitions. 

APC used the purchase to 
raise $100m in a public share 
offering two months after buy- 
ing the Sun-Times, being care- 
ful to reserve all voting rights 
for Hollinger. 

But there was nothing spe- 
cific about the Chicago market 
that attracted Hollinger to the 
Sun-Times. “We’ve tried to buy 
other papers." Mr Radler said, 
referring to Hollinger’s widely 
publicised bid for the New 


York Daily News in 1992, “but 
we were unsuccessful”. 

The dogged search for dis- 
pensable expenses has shaken 
the Sun-Times from the press- 
room to the boardroom. 

The paper's general man- 
ager, chief financial officer and 
controller departed shortly 
after American Publishing 
took hold, and the long-time 
Sun-Times publisher Mr Ram 
McKeel retired on July 3L 

A new publisher (the equiva- 
lent of a chief executive) has 
not been named, but Mr Rad- 
ler, who is based in Vancouver 
and is looking for an apart- 
ment in Chicago, says he will 
move into Mr McKeel’s old 
office when he finds the time. 

Among tbe rank-and-file, 
more than 50 employees have 
left or been laid off since 
March. Insiders say at least 100 
Sun-Times employees will have 
left by December. 

American P ublishing aims to 
trim the Sun-Times’ 1500-per- 
son staff by 200 during its first 
two years of ownership. 

However, catting costs at the 
Sun-Times has not been easy. 

The syndicate that sold the 
Sun-Times to the Hollinger 
group bought it from Rupert 
Murdoch in a leveraged 
buy-out in 1983. That deal left 
the paper laden with debt and 
with little cash for technology 
improvements, promotion, or 
wage increases. 

Unlike the London Daily 
Telegraph, which Hollinger 
turned around smartly after 
buying it in 1987, the Sun- 


Times is produced by a slim 
staff (labour accounts for only 
35 per cent of costs) and its 
35-cent daily cover price is 
already 15 cents below its rival, 
the Chicago Tribune, limiting 
opportunities for a price-based 
circulation war. 

“This is not Fleet Street, not 
in terms of management or 
technology," says Mr Radler. 
“The Telegraph was a 1940s 
newspaper. The Sun-Times is a 
1970s paper,” he says. 

One of Mr Radler's concerns 
is replacing the Sun-Time's 
elderly presses with technol- 
ogy that will print colour 
advertising supplements and 
employ fewer pressmen. The 
upgrade is expected to cost 
$75m to $80m. 

H e is also faced with dif- 
ficult labour talks 
with the guild repre- 
senting the paper’s 265 news- 
room employees over pay. The 
current three-year contract 
expires on September 31 and 
negotiations are at a standstill. 

Mr Radler shrugs off the pos- 
sibility of a strike, saying nei- 
ther side wants (me, while not- 
ing that Hollinger readily 
weathered a 62-day strike at its 
Quebec City newspaper last 
year. 

Hollinger’s purchase, how- 
ever, should engender confi- 
dence that Chicago will remain 
a two-newspaper town. “Chi- 
cago is a good city," says Mr 
Radler. “Its competitive, but 
we're confident about doing 
business here." 


(tend of no less than 38 cents. 

BBV appoints chief executive 


Elf Congo to sell oil field stake 



N.V. Koninklijke Nederlandsche 
Petroleum Maatschappij 

(Royal Dutch Petroleum Company) 

Established at The Hague. The Netherlands 


Interim dividend 1994 


The Supervisory Board and the Board of Management 
of Royal Dutch Petroleum Company have decided to 
pay an interim dividend in respect of the financial year 
1 994 of N.fl. 3.80 on each of the ordinary shares with a 
par value of N.fl. 5. 

For holders of bearer certificates with coupons this 
interim dividend wiH be payable against surrender of 
coupon No. 209 on or after 27th September. 1994. 
at the offices of: 

Barclays Bank PLC, 

Barclays Global Securities Services 
8 Angel Court. Throgmorton Street, 

London. EC2R 7HT 

on business days between the hours of 9.30 a.m. end 2 p.m. 

Payment will be made in sterling at the buying rate of 
exchange current in London at 2 p.m. on 22nd 
September. 1994. in the case of coupons presented on 
or before that date, or on the day of presentation in the 
case of coupons presented subsequently. Coupons 
must be accompanied by a presentation form, copies of 
which can be obtained from Barclays Bank PLC 

For holders of shares of which the efividend sheets are. 
at the close of business on 16th September. 1994. in 
custody of a Depositary admitted by the Centrum voor 
Fondsenadministratie B.V.. Amsterdam, this interim 
dividend will be paid to such Depositary on Z7th 
September. 1994. Such payment will be effected 
through Barclays Bank PLC, after receipt by them of a 
duly completed CF Dividend Claim Form. 

Where under the double tax agreement between the 
United Kingdom and the Netherlands 15 per cent 
Netherlands dividend tax has been withheld, the 15 per 
cent Netherlands tax is allowable for a resident of foe 
United Kingdom as a credit against the Unrtea Kfnpqom 
income tax payable in respect of the dividend, me 
deduction of United Kingdom income tax at the 
reduced rate of 5 per cent instead of at the basic rate of 
20 per cent represents a provisional allowance of credit 
at The rate of 1 5 per cent. 

Where appropriate, the usual affidavit certifying non- 
residence m the United Kingdom will also to naqurad if 
payment is to be made without deduction of United 
Kingdom income tax at foe basic rate. 


-lague. 15th September. 1994 
BOARD OF MANAGEMENT 


HE BATAVIA FUND LIMITED 

Notice of Annual General Meeting 

n.wrttunbc Annual ficncnl Meeting I* HcM on Wednes day 28 

KKs fcpcemtw 1W taow MMocanan of VSepttmta I**. I 

■ toapu B for TOR Malden 
AU. .M H. vote muM Mh>» Otf 

Afca must drtiw ihr **P«jj*n . 3;a sotstM * Teton 21752 

i F.UROCLSA* « CKOEU w Mock tbe muntar of Hare* for wbn* Ocy in 

!*!d ITaiuhI C ompany me wwUMe w! ** U* Depctur, « 

yrguTU nmmu*a3 


This iMicr « iwicd in compliance wuh ihc retfironenii otThc IfiEmrkmai Smck 
Exchange of Ihe United Kingdom and die Republic of Inland bowed (The London 
Suck Exchange “k b does net commute an offisr or mviubon u> acy peraxi » 
Mbtcnbc for or purchase any vxiki I m-i 

Application has been made to the Lnudon Stock Exchange fee the New Shares anl 
New Wanants of ihe Czech & Smtric 1 nvcstnrai Corporal mo Inc. (Ihe RbuT) u be 
attained to the Official Lift. li is expected that dealmg& m ihc New Sbses and New 
Warrants will commence s e p a ra t el y on 22nd Septembe r. B9S. No appfcatioo has 
been made for ihc New Units to be admitted to (be Official Lai. 


Czech & Slovak Investment Corporation Inc. 

>■» e u larnrpemtrd with bmord Mlrrltrtpa] o' :hr Ctmw IsIoUi 
■H* rrfmrrrd «w4rlW;t(i 

Placing of 
349.742 New Units 

at a price ofUSS7350 per New Unit payable in full on 
subscription subject to a minimum subscription of US5100.000 

Sponsored by Robert Fleming & Co. Limited 

Each New Unit will consist of 7 new cmfaxrv states issued at a price of USSXL50 
fm-h mil rmv new antrant anuchrd cnfiflmg the holder m subscribe for one further 
new Mriinuy stow at a price of USSIDJO 1 subject to adjustment | ■ any rime ftwn 
22nd Sepwnber. 1994 op lo and including 2la September, 20W. On 2Ja September, 
1994, die Fond will aba make a banns issue to 0* existing statcholden o( one New 
Warrant farevwy 22 onfinaty states hrid. 


Listing particulars atr available for collection during normal office htwrs up to aod 
hvhirftng (9th September, 1994 from the Company A imromcwn eng Office, the 
London Swck Exchange. London Stock Exchange Tower. Capd Criun entrance off 
Bartholomew I-w , London EC2. oo assy weekday (Saturdays and public holidays 
excepted) for a period erf 14 days bom the itaeof this notice tone 
Sober! Fle min g & Co. Limited 
25 Copthall Aveune 
London EC2E 7DS 

!6di Se p te m b er . 199* 



The “Shell” Transport and 
Trading Company, Public 
Limited Company 


Interim dividend 1994 


Notice is hereby given that a balance of the Register 
will be struck on Thursday, 13th October. 1994 for 
the preparation of warrants for an Interim dividend 
for the year 1994 of 112p per 25p Ordinary share 
payable on 3rd November, 1994. 

For transferees to receive this dividend, their 
transfers must be lodged with the Company's 

Registrar -LJoyds Bank Registrars, The Causeway, 

Worthing, West Sussex BN99 6DA. not later than 
3pm on 13th October, 1994. 

SHARE WARRANTS TO BEARER 

The Coupon to be presented for the above dividend 
will be No- 192 which must be deposited at Uoyds 
Bank Pic, Registrar's Department, Issues Section, 
Ground Floor, P.O. Box 1000, AnthoBn House, 71 
Queen Street, London EC4N 1SL (not later than 
13th October. 1994, to receive payment on 3rd 
November. 1994) or may be surrendered through 
Messieurs Lazard Fr&res et Cie. 121 boulevard 
Haussmann, 75382, Paris Cedex 08. 

BY ORDER OF THE BOARD 
Miss J. E. Munsiff 
Secretary 

Shefi Centre. 

London SE1 7NA 
15th September, 1994 



MINORCO 

These results firmly establish Minorco as an operating company. 

Despite relatively weak metals prices for almost all of the twelve 

months, our operating earnings have increased significantly as a 
result of the diversity of our natural resource interests. 

J. OgOvie Thompson, Chairman 

I Operating earnings increased by 43% to US$201 million - strong contributions 
from the Industrial Minerals and Agribusiness sectors. 

I Earnings before extraordinary items decreased by 12% to US$222 million. 

I Investment disposals realised US$508 million and Minorco invested US$480 million in 
existing and new businesses. 

I Major projects commenced - expansion and redevelopment at Mantos Blancos in Chile 
and construction of a major newsprint facility at Aylesford Newsprint in the UK, 

| Encouraging results from the continuing evaluation of five major base metals and gold 
projects in South America. 

| In August 1994, Terra announced the proposed acquisition of Agricultural Minerals 
and Chemicals - more than doubling its production of nitrogen fertilisers and 
establishing it as a US major producer of methanol. 

I Second interim dividend of 38US cents per share. 


FOR THE TWELVE MONTHS TO JUNE 30 


US$ millions: 

1994 

1993 

I unaudited) 


llcracd 

Sales 

3,136.1 

2,776.4 

Operating earnings 

200.5 

139.8 

Earnings before taxation 

308.8 

340.0 

Earnings before extraordinary items 

221.9 

251.9 

Earnings alter extraordinary items 

226.3 

339.7 

USS per share: 



Earnings before extraordinary items' 

0.99 

1.12 

Dividends declared 

0.57 

0.57 

’Based fur the current and prior periods on 225 J million sham in 

L3SUC- 



SECOND INTERIM DIVIDEND 

A vctvnd Intcnin dioJnid or' 3HUS cent* tax been declared in respect of the IX month period to 
[member 31. l«n»4 and B payable on November 9. 1994 to tltaieholden ol' record on October 13. 1994. 
A second interim report lor die twelve months to June JO. l^H will be nulled to the shuchaldcrs on 
or jhaur SrjwrmbcT. 27 1994. Copies nuv be obuinrd from the UK transfer agmi: U»*clay» Kcgwnis. 
Ihunc House. 34 IJec Let dual Road. Uccicnhani. Kent. HR3 4TU. England. 


MINORCO 

MINORCO SOCIETE AN U NY ME. LUXEMBOURG. SEPTEMBER. IS. 1 V 94 



IT:'--' • 








18 


FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


This Announcement Appears as a Mailer of Record Only. 



ME 


A$500,000,000 

Co mm ercial Paper Programme 
A$500,000,000 

Medium Term Note Programme 


Issuer 

MEPC Australia Limited 

ACN 000 344 196 

Guarantor 
MEPC pic 

Dealers 

Commonwealth Bank of Australia 
ACN 123 123 124 

National Australia Bank Limited 

ACN 004 044 937 

Westpac Banking Corporation 
ARBN 007 457 141 


Programme Arranger/Manager 
Issuing and Paying Agent 


Bank Australia 


August 1994 


♦ 


Philips Electronics N.V. 

(formally N.V. Phffips 1 GloeSaiupenfabrieken) 


Important notice to holders of bearer share cer ti fica te s in K-form, 
with dividend coupons and talon attached. 

On 15th May 1991, N.V. GemeenschappelQk Bezit van Aandeelen Philips' 
Gloeilampenfabrieken changed Its name to Philips Electronics N.V. 
This company merged with Rs wholly owned subsidiary N.V. Philips’ Glod- 
lampentabrteken on 6th May 1994. According to article 6 of the Articles of 
Association of Philips Electronics N.V. In their form after the merger, the 
company has no bearer share certificates in K-form. Every share certifi- 
cate in K-form, issued before the merger, gives the right to obtain from the 
company. 

- an International "CP certificate, 

- a registered share (not directly tradable on the Stock Market) in the form 
of an entry in the company’s own share register in the Netherlands and 
without the issue of a certificate or document of title, or 

- a registered share in the form of an entry in the share register in New 
York with the issue of a certificate and tradable on the New York Stock 
Exchange 

In order to receive dividends and other distributions and to execute any 
other gf their shareholders- rights, the holders of share certificates in 
K-form will have to exchange such certificates into one or more of the 
other forms mentioned above. 

In this context, holders of issued share certi fica te s in K-fonn are 
requested to surrender such certificates, together with coupons 
numbered 151 to 179 and the talon, for exchange at 

Hfil Samuel Bank Limited 
Securities Department 
Sthe Floor 
10 Fleet Place 
London EC4M 7RH 

Tel: 071-2033307 
Fax: 071-2033043 

The conversion will be effected for the same number of shares sur- 
rendered. 

During the period from 3 October 1994 up to and including 
25 November 1994, Philips Electronics N.V. wffl bear the conversion 
expenses. 

Shareholders wishing to receive International “CF* certificates be inform- 
ed that such certificates can only be held by an authorised depositary and 
therefore shareholders should make their own bank custody arrange- 
ments before the exchange can take place. The depositaries are mainly 
the UK Clearing Banks. Shareholders wishing to receive registered 
shares should contact Hill Samuel Bank. 

Eindhoven, 16 September 1994 
Phffips Electr onics N.V. 


PHILIPS 


U.S. $400,000,000 


& 


Santander Financial Issuances Limited 

(tnconjoretedhitheCeymanisleixlswmigrimtfBebt&y} 

Subordinated Undated Variable Rate Notes 

with payment of interest subject to the profits of 
and secured by a subordinated deposit with 
Banco Santander; SJL 

(tncoipormedkt Spain wfflr Shifted JtoMMyJi 
Notes b hereby given, that ter the Interest Period from September 
16, 1994 to December 16, 1994 the Notes win cany an Interest 
Rate of 6.8126% per annum. The amount of Internet payable 
on December 16. 1994 wU be U.S. S3.673.18 per U.S. $250,000 
principal amount ot Notes. 

By: The Chase Manhattan Bank, NA. 

London, Agent Bank 

September 16, 1994 


CHASE 


CUT 

Caiwe Naiionale dee 
THfcooumimcatioos 
FF 2,000,000,000 
Hotting Rate Bonds 
due 1997 

Notice n hereby given ihar 
for the Interest Period 15th 
September, 1994 to 15th De- 
cember, 1994 the Bonds will 
carry a Rate of Interest of 
5.625 pet cetu. per annum 
mth a Coupon aamnt of 
FF 142.19 perFF 10,000 Bond 
ml FF 1.421.88 per FF 100.000 
Bond. The relevant Interest 
Panncnc Date will be f5th 
December, 1994. 




Comps ny.Lon4oo AanrBank 


INTERNATIONAL COMPANIES ANP FINANCE 


Chaebol lead quest for growth 

Korea’s industry leaders are investing heavily, writes John Burton 


H yundai Motor today 
will break ground for 
a new car plant at its 
Asan complex in what is part 
of a rapid expansion of produc- 
tion capacity by Korean indus- 
try this year. 

Plant and research invest- 
ments by the country's 80 big- 
gest amgtomiwates, or chaebol, 
are expected to Increase by 55 
per cent to an estimated 
Won24,200bn ($30bn) in 1994, 
according to the ministry of 
trade and industry. 

The Hyundai group is lead- 
ing the field with WonASOGbn 
in investments, followed by 
Samsung with Won3,700bn and 
Lucky -Goldstar with 
WonJLSOObn. 

The large spending an indus- 
trial facilities is in response to 
a sudden rise In exports. The 
weakening of the Korean won 
against the Japanese yen has 
lifted overseas shipments of 
electronics, cars, steel and 
ships. Investment spending is 
contributing to a recovery of 
the Korean economy, with 
GNP expected to grow A3 per 
cent tins year. 

Korea’s industrial base is 
impressive. It has the world's 
second-biggest shipbuilding 
industry, aT1 ^ ranks fifth in 
textile and petrochemical pro- 
duction and sixth in electron- 
ics, cars and steaL 
However, analysts warn that 
Korean industry's quest for 
greater size is being conducted 
at the expense of improve- 
ments in prodnet quality, and 
may leave companies with 
excess production capacity if 
global demand weakens and 
the Korean c urrency appreci- 
ates. 

“It's either feast or famine 
for Korea," said Mr James 
0 borne, head of research at 
W.L Carr Securities in Seoul. 
"When global demand is good, 
Korea has the capacity . to 
cover it quickly. But the down- 


side is that it is left with sur- 
plus capacity when demand 

falls.” 

Moreover, there are doubts 
whether a production increase 
is wise when Korea is begin- 
ning to dismantle trade barri- 
ers, which have protected its 
luc rati ve domestic market, in 
preparation for joining the 
Organisation for Economic 
Co-operation and Development 
in 1996. 

The production expansion is 
being encouraged by the gov- 
ernment, which traditionally 
paid little regard to market 
conditions in its ambition to 
transform Korea .into an indus- 
trial powerhouse. 

Industrial investments are 
largely being financed by state- 
subsidised hank loans, winch 
enable the chaebol to under- 
take the large spending, in 
spite of their high debt-equity 
ratios of 200 per cart to 300 per 
cent 

The new Hyundai car plant, 
for example. Is part of a gov- 
ernment programme, known as 
X-5, to rnflka Korea the world’s 
fifth largest motor producer by 
doubling capacity to 4.65m 
vehicles by 2000- Korea’s other 
main car companies, Kia and 
Daewoo, are increasing capac- 
ity, while Ssangyong is expec- 
ted to start car production in 
1996. 

The shipbuilding and petro- 
chemical industries, which suf- 
fered losses a few years ago 
due to surplus capacity, are 


expanding production fac u lt i es 
in anticipation of. increased 
world demand. 

However, the OECD recently 
wanted that a plan by Korea's 
three main shipbuilders, Hyun- 
dai. Daewoo and Samsung, to 
expand their shipbuilding 
yards by 50 . per cent could 
cause a glut In the global 
industry and lead to a price- 
cutting war with Japan and 
other nations. . 

Although the production 
increase has received the 
approval of the .state, the chae- 
bol are rffl«hing with the gov- 
ernment over plans to expand 
their sprawling industrial 
empires into new sectors. 

T he administration of 
President Kim Young- 
sam has adopted a pol- 
icy of forcing the chaebol to 
concentrate on a few of then- 
existing activities, in an 
attempt to reduce their eco- 
nomic dominance and prevent 
them from spreading then- 
resources too thinly. The gov- 
ernment, for gtampte, recently 
proposed that the chaebol 
ghnnVi cut their states in nan- . 
group companies to 26 per cent 
or less by 1988. 

The chaebol argue that they 
must diversify into new indus- 
tries that offer high-growth 
potential. - “Korean companies 
should concentrate on speci- 
alised or "trim industries, but 
without g o vernment guidance 
on what areas they should 


Korean Industries: 1903 production pwfotmanen 

Industry 

Global 

Share global 


ranking 

production (%) 


e 

5.2 

Motors 

6 

4.3 

Stool 

6 

4.6 

Petrochemicals 

5 

4 JO 

SMpbuftflng- 

1 

39.0 

Textiles 

S 

4.7 

-totem of on**, witch hmm Mm ta mound Hi jw an Mttmnd ffl% ahow 

Som» Ham intebpowm Be* 


pick," Mr Lee Hahn-koo, 
(Resident of the Daewoo. Eco- 
nomic Research Institute, 
which Is affiliated with Korea's 
fourth-biggest chaeboL 
: S amsung and' Hyundai, are 

nhnUwng frn g foe. government on 

this issue. Samsung wants to 
OTifrpr the car. passenger indus- 
try byl997 through a technical 
joint venture with Nissan of 
Japan. “We need car produc- 
tion to maintain our position 
as a leading producer in the 
-lwflfthhHa -y Imfe gtry," said (Hie 
executive with Samsung. Heavy 
Tndns try. Tha government is 
threatening . to reject Sam- 
sung’s licence with Nissan in 
an attempt to block the prefect. 

Hyundai recently . said it 
planned to build a large plant 
to produce cold- and hot-rolled 
steel “The project makes sense 
from Hyundai’s perspective, 
since it would contribute to its 
integrated industrial strategy. 
Hyundai is the largest con- 
sumer of steel in Korea and 
having its own source of steel 
would lower production costs 
for its car and ships,” said Mr 
Keith Nam, head of research at 
HG Asia Securities - in Seoul. 

Although Korean industry Is 
« q w ’ fl« i i u g few qualms about 
the sudden burst -in capacity 
leading to excess production, 
companies m the car arid steel 
industries are using this argu- 
ment to support the govern- 
ment efforts to stop the Sam- 
sung and Hyundai projects. 
.They fear the entry of new 
competitors wtil undercut their 
market share. .. 

For exteqd^.statercomrolled 
Pahang firm and Steel, Korea's 
hugest steelmaker, would lose 
its biggest customer if Hyundai 
proceeds with its plansl It 
recentiy. announced an expan- 
sion of its steel. production in 
an attempt to squeeze out 
Hyundai and maintain its 
monopoly on cold and hot- 
rolled steCL 


Dairy Farm to cancel HK listing 


By Louise Lucas in Hong Kong . 

Dairy Farm inte rnational, the 
food retailing am of Hong 
Kong's Jardine Matheson 
group, yesterday said it would 
follow Jardine Matheson and 
withdraw its secondary listing 
from the Hong Kong stock 
exchange from March 31 of 


next year. 

The decision, widely antici- 
pated, accompanied a disap- 
pointing set of interim results. 
Ftrst-half net profit grew 59 per 
cent, to US$108.4m from 
US$68. lm In the same period 
last year. But this was almost 
wholly reliant, on a US$4L8m 
exceptional item from the sale 


of a factory site in Hong Kong 
by Us joint venture with Nes- 
tl&, the Swiss foods group. 

Turnover rase U per cent to 
US$2J3bn from US$2.4bn, par- 
tially lifted by a 2 per cent 
TnfW RT Ttfnt in exchange rates. 

Mr Simon Keswick, chair- 
man, pointed to severe compe- 
tition and noted: -“While the 
overall result for the year wQl 
be enhanced by the exceptional 
gain recorded in the first half, 
the operating profit is likely to 
remain at a similar level to 
1993”. 

The interim operating profit 
was US$633m, an increase of 
3.7 per cent on last year’s 
US$6L5m. 


Pre-tax and interest aarnfrig a 
from Asia swelled 17 per cent 
to US$38m, with Taiwan mak- 
ing its first significant contri- 
bution. according to analysts. 
The group is shortly expected 
to disclose further ventures in 
Asian markets, including 
Indonesia. 

Earnings from Australasia 
fell 10 per cent, mainly due to 
increased operating costs for 
extended trading hours and 
startup costs of the fresh food 
chain which vdE complement 

F ranklins . 

In New Zealand, Woolworths 
maintained market share but 
suffered from the industry- 
wide erosion in margins 


caused, by strong competition. 

Simago, the Spanish opera- 
tion, continued as Dairy 
Farm's biggest bugbear. Con- 
tinued losses from Simago held 
back European operations 
which chalked up a loss of 
US$7.8m, marginally Jess than 
last year’s USS&Sm. t , - 

Earnings j&d. share before- 
the exceptioh^^ttem Were, 
unchanged at. 4 US .cents; 
Includin g the exceptional -gain 
earnings per share rose 50 per 
cent to 5.99 US cents. 

Directors are proposing a 
L65 US cent dividend, a 6 per 
cent improvement over the 
1.55 US cents paid out last 
year. .... 



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WaimilwkaBawia hnw 

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problem* and analM atat 

lessons ftagp may hava ta oHac. 

IbraMadRaU 


Tat: +44. 81834 9381 
fmc *44 SI 832 9248 


■MRClM 8 .BM 3100 j.Ca ism 

FT Surveys 



BANK OF GREECE 

US$500,000,000 
Floating rate notes 1998 

Notice is hereby given that 
the nates will bear interest 
at 5 l 812S36 pa- annum for the 
period 16 September 1394 to 
16 December 1994. Interest 
payable an 16 December 1994 
perUSSl.000 note aiHamannt 
to USS14.&. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


Strong first half for Indosuez 


By Afice Hawt ho rn 
In Paris 

Banque Indosuez, the French 
investment bank and subsid- 
iary of the Suez holding com- 
pany, yesterday announced net 
profits of EFr412m (376.86m) 
for the first six months of this 
year, a 24 per cent increase 
over half of its.totel net profits 
for last year, when Interim 
results were not anno unced. 

Mr Gdrard Worms, chairman 
of Indosuez and Suez, 
described the interim results 
as good given that Indosuez, 
like other French banks, had 
“not had an easy year In the 
markets, particularly in the 
bond markets”. 

Ind osuez had net banking 
income of FFr6-42bn in the first 
six months of 1994 against 


FFr6.59bn, which represents 
half Its 1993 net banking 
income. Gross oper a ting profits 
were FFrtjShn to the interim 
period, compared with 
FFriUSbn for half off 1990. 

The bank had a tough thw» 
- in. 1993 when it was forced to 
in flV heavy on its 

exposure to the weak French 
property market and ot corpo- 
rate loans, following a steep 
increase in business failures. 
These problems have eased 
and the level of provisions is 
expected to fall this year. It 
was set at FFr632m for the first 
half, against FFrLDlbn for half 
of 1993. 

However, Indosuez - which, 
Hke many French hanks, bene- 
fited from windfall trading 
profits during last year’s Euro- 
pean, currency crises -- did not 


fare so well in its market trad- 
ing activities daring the first 
h alf I ncome from trading in 
equity, interest rate and cur- 
rency markets was down in the 
interim period. 

Conversely, the bank fared 
well in its US capital market 
activities and in Asian invest- 
ment h anking , fodosuez yester- 
day «»id it planned to extend 
its presence In China after 
receiving permission to open a 
branch in Guangshou. It has a 
branch in Shanghai and offices 
in Befitug and Shenzhen. 

The Guangzhou opening 
forms part of the general 
expansion of the Suez group's 
Asian interests following the 
recent sale of a large part of 
Vlctoire, the French insurance 
company, to Commercial 
Union of the UK. 


Kellogg tackles Indian food habits 


By Naazneen Karmall 
In Bombay 

Kellogg, the US cereals 
company, yesterday launched a 


campaign to (hangs breakfast 
habits in India as its products 
appeared tn Bombay shops. 

The company, which has 
built a J2Qm factory at Talqja. 
near Bombay, described the 
move as “the largest venture 
that Kellogg has ever entered”. 
It firet set up a liaison, office in 


New Delhi in 1986, and under 
the government's liberalisation 
measures the company hna 
since established a 100 per 
centro wrted subsidiary in India. 

Kellogg ia targeting some 
150m middle-class consumers 
in a country where breakfast 
traditionally consists of hot, 
savoury local food and where, 
cereal breakfasts are virtually 
unknown. 

Kellogg executives said the 
company was committed to 


spending 560m over two years 
in India, and hoped to export 
to southeast Asian maritwhi 

Ingredients were being 
sourced locally, said Mrs Dami- 
dra Dias, Kellogg India’s 
finance director, who added 
that the company had been 
Involving farmers in Punjab, 
Andhra Pradesh and Madhya 
Pradesh. 

The cereals will gradually be 
introduced to other m'tips and 
the range expanded. 



Adnan Khashoggl: holdings . 
worth mare than BtSbn 

Brokers say 
Khashoggi 
is baying 
Thai stakes 


By Victor Mallet 
In Bangkok 

Mr Adrian KhashpggL the 
Saudi businessman and. anns 
dealer, is involved in negotia- 
tions to buy. stakes worth more 
than Bt3bn (3120m) in Three 
Tinted Thai mmpflntei, accord- 
ing to company announce- 
ments and stockbrokers In 0 
Bangkok. 


The Stock Exchange of Thai- 
land has j ftiqwnrifld '-t rading of 
shares in the three co mpanies 
white the deals are negotiated. 
The companies are Jalaprathan 
Cement, Semiconductor Ven- 
tures International (SVD and 
Miarahot Industries, which pro- 
duces and distributes palm nil 
None of the companies Is 
regarded as a blue chip invest- 
ment a«A there has been no 
immediate comment from the 


Paris-based Mr Khashoggi on 
his intentions. Brokers say the 
deals are being negotiated "by 
Mr Rakesh Saxena, a corporate 
financier and adviser to Bang- 


kok Bank of Commerce.' 

SVI, an electronic compo- 
nents manufacturer, said large 
shareholders had sighed a 
memorandum of understand- 
ing to sell Mr Khashoggi 40 per 
cent of the company by Sep- 
tember 23 in a deal worth . 
BtMOm. 

■ Jalaprathan said Its main 
shareholders planned to sell a 
quarter of the company's 
shares to foreign buyers - said 
by brokers to be Mr Khashoggi 
and his associates - by the 
same date. At the market price 
that stake would be worth 
BfcE56bn. 

Morakat released no details 
of the sale of its stock, hut bro- d> 
kers said 47 per cent of the 
company, a stake worth 
BtLl3bn, was being offered to 
Mr Khashoggi. . 


Hellenic 
Bottling rises 
41% to Drl3bn 

By Korin Hope In Athens 

Hellenic Bottling Company, 
the Coca-Cola franchise holder 
for Greece, Bulgaria and 
Northern Ire l a nd , reported a 
40.9 per cent rise in pre-tax 
profits to Drl2JJbn ($52iin) for 
the first half, helped by a 
strong performance by its fruit 
juice division. 

Turnover rose 24J5 per cent 
in the same period to Dr68Jbn. 

BBC, part of the Cypriot- 
owned Leventis group which 
holds the Coca-Cola franchises 
for Nigeria and Northern 
Ireland, said first-half income 
generated outside Greece 
amounted to DrLlbn. 

The company said aalan vol- 
ume fa Greece showed healthy 
growth, in spite of increased 
competition tn soft drinks and 
juices. 

HBC has a 65 per cent share 
of Greece’s soft drinks market 
and about 40 per emit ot the 
fruit juice market, where its 
Amite brand has maintained 
Its position in spite of the 
arrival of a wide variety of 
refrigerated juices. 

hi Bulgaria, where HBC con- 
trols five joint ventures with 
local soft drinks bottlers, sates 
of Coca-Cola products rose 40 
per cent while pre-tax profits 
were op 163 per cent 

HBC said its strong perfor- 
mance in Bulgaria resulted 

from the of Sprite anr! 

Fanta and improvements, in 
distribution. 


The Emerging Dynamic 
Ftmdpk 

U45. $30,000,000 

Hotting Kate 
Notes doe 1997 

For the six mooch Interest Period 
1 5 th September, 1994 id 15th 
March, 1995, the Notes will 
carry anlrrtCTest Rate of 6.88 75% 
per annum with an Interest 

Amount of U.S. S3.46Z.88 per 
U.S. $100,000 Note. 


||BpslkaEg’<ras« 


Cgapuy, London Agem Book 


NOTICe TO HOLDERS OF 
EUROPEAN DEPOSITARY HECHPTS | 
(EDfrS)M 

MANTA CORPORATION 
Nonce is hereby oven cm a am | 

dvUmd Hi be j*kf to rtm ahoM 
of record tea Sapbrnbar 30 , 1894 . 
FwVtonnoi*, & hu boon doctored thto 
too Muih w> bo Mdad cHMdsnd on 
too rtp a n aaa Stock fetc hm g t wfeh 
Meet tarn SeptBfobw 27 . IBS*. Subj 
ta approval of n» ehtdond, a tun 
nodes hm bo p^flshod; an ar raeMpr of] 
too dMdand by too DapoMtanr. ate 
ho amount and octal data afpmnunt 
of Ouch dMdmd taptoor with the 
proostao Id bo Wowed tar obtaMig 

upon No. 32 wM be uood tar cdoefen 
atnodhridand. 

CfTKAWQNA, London, 

September is, 199* DepasSary , 


BRADFORD 
& Bing le y 

£200000,000 

Floating Rate Notts due S95 
In accord anc e with the terms and 
oondUons of too Notes, the intarast 
rata for tha period 15th Soptembar, 
WS4 to isth DoeembW 1994 has been 
fixed at 53376% per annum. The 
■ntontot payable on 15th December. 
"SB 4 against , the Coupon 14 wiH be 
£14943 per QO.000 nominal. 

Agora Bank 
ROYAL BANK 
OF CANADA 


U.S. 5200,000/300 

MARINE MIDLAND 
BANKS, INC. 

Rooting Rate 

SuhardreatBd Notts Due 2000 




(Maroonriod 


utnsamoiHrisM 

ttoiOBoanttariSM 


WtruM Amount pr 

US. return Notate 

iftn ttaewte iiw u&reeuu 


(IS Kiatr Bcatiin 

AgM 


Petroieum Argus Oi! Market Guides 

Petroleum Argus 


4 








financial times 


FRIDAY SEPTEMBER 16 1994 


INTERNATIONAL CAPITAL MARKETS 




US Treasuries improve on better inflation data 



r- i 


V! i;iv 


Li 



By Prank MeGurty hi Itew Yortc 
and Antonin Sharpe and 
Martfai Brice In London 

US Treasury bands improved 
yesterday morning on a 
regional economic report 
which suggested the market 
may have over-reacted to 
August inflation data. 

Ry midday, the benchmark 
30-year government bond was 
A better at 98V4, with the yield 
slipping to 7343 per cent At 
the short end, the two-year 

note was up A at 100&, to yield 

6-248 per emit 

After trading slightly High or 
In the previous afternoon, 
bonds across the board contin- 
ued to show slow but steady 
progress in the early hours. 

The market appeared to be 
pulling out of the slump trig- 
gered at tiie end of last week, 
when the Labor Department 
revealed a surprisingly sharp 
upturn in producer prices. 

Yesterday, the news on infla- 
tion was decidedly different. 
The Federal Reserve Bank of 
Philadelphia, in its monthly 
survey of business conditions 


in the area, revealed an unex- 
pected drop in the index 
designed to gauge whether 
manufacturers were paying 
hig her or lower prices for raw 
materials. The index measur- 
ing prices received for finfcheri 
goods also tumbled. 

The trend was especially wel- 
come because such surveys are 
viewed as reliable indi- 
cators, in contrast with the 
producer and consumer price 
indic es, which took back at the 
previous mouth’s inflation lev- 
els. 

The commodity markets also 
provided positive reinforce- 
ment, as prices for many goods 
dumped during the morning. 

Amid these favourable devel- 
opments, the market was able 
to ignore the marginally trou- 
blesome announcement that 
initial claims for unemploy- 
ment benefit had declined by 
3,000 last week. 

As the afternoon com- 
menced, traders were begin- 
ning to turn their attention to 
today's figures on industrial 
production and capacity utilis- 
ation. 


The data should provide 
additional clues on the direc- 
tion of the economy over the 

craning rannfh 

Activity was limited, with 
many traders sidelined in 
observance of Tran Kippur, the 
Jewish day of atonement 

■ European government band 
markets rallied late in the 
afternoon on the hack of stron- 
ger US Treasuries, which 

GOVERNMENT 

BONDS 

caused dealers to cover their 
short positions. However, little 
genuine buying was detected. 

■ German government bonds 
were supported by the widely- 
expected decision by the Bund- 
esbank to leave its discount 
and Lombard rates unchanged 
after its regular meeting. It 
also decided to keep the repo 
rate fixed at 4J5 per cent for 
the next two weeks. On i.iffe, 
the December bund future rose 
0.60 points to 89.24 while in the 


cash market, yields on 10-year 
bunds fell 11 basis points to 7V* 
per cent 

"If the Bundesbank hart cut 
rates the bund market would 
have collapsed because it 
would not have made brtu» in 
domestic or international 

terms/* aaiH Mr Ste phen Han. 

nah, bpgrt of research at IBJ 
Inter national 

In his view, bonds were still 
too op timistic about German 
rates nest year even after their 
recent foil “We are expecting 
rates to be 50 basis points 

highpr than the levels which 
have haam priced info the mar- 
ket,” Mr F flu na* 1 said. 

Analysts Mid the tons of the 
market remained fragile and 
yields an 10-year bunds could 
move up to TO per cent if next 
week's spate erf data was above 
expectations. German M3 for 
August is due on Monday 
while regional cost of living 
figures are expected to emerge 
during the course of next 
week. 

The market is also gearing 
up to an auction of bunds by 
the Bundesbank next week. 


The new paper is likely to have 
a 10-year maturity though 
there is an outside rhanrp that 
the Bundesbank will go for a 
30-year term. 

■ UK gilts moved ahead by 
almost a point, buoyed up by 
rises in overseas bond markets 
and the removal of stock which 
had been hang in g over the 
market 

Two tranches of conven- 
tional gflta were exhausted in 
the morning, which gave the 
market confidence to move 
ahead, said Mr Robert Thomas 
at NatWest Markets. He said 
that a near-term rally was 
Hkely because yields ware now 
near the 9 per cent level. “In 
the past, thin Tine pnHced peo- 
ple back into the market,” he 
said. 

The market faces two impor- 
tant events today. In *•*»« morn- 
ing the August PSBR figures 
are due and a gilt auction 
announcement is expected in 
the afternoon. Same analysts 
expect the Bank of England to 
create a new 10-year bench- 
mark gilF- 


The market shrugged off a 
larger than expected 0.3 per 
cent fall in August retail sales, 
and Mr Michael Prattan at Kid- 
der Peabody put this reaction 
down to the market's contin- 
ued preoccupation with infla- 
tion and what it was likely to 
do over the coining year. 

The yield spread between 
gilts and bunds narrowed from 
around 150 basis points on 
Wednesday to around 144 yes- 
terday. On Liffe, the December 
long gilt future was at 99S in 
late trading, up g on the day. 

■ Stories of hedge fund buying 
added to the positive tone In 
the Italian government bond 
market, where the auctions of 
three-year and five-year Trea- 
sury notes were oversub- 
scribed. On Liffe, the Decem- 
ber Italian government bond 
future rose L24 points to 97.93. 

Spanish government bonds 
were lifted by news that the 
government might relax the 
tax law for domestic bond- 
holders. The yield on the 10- 
year government bond foil 31 
basis points to 11.14 per cent. 


Asset-backed offerings in 
Canadian dollars and lire 


By Graham Bowtoy 
and Martin Brice 

Two asset-backed offerings 
were launched in the eurobond 
market yesterday in an other- 
wise quiet session which saw a 
number of small-sized issues 
mainly targeted at European 
retail investors. 

European Sovereign Invest- 
ments, a bond-arbitrage com- 
pany based in Luxembourg 
which issues bonds backed by 
a pool of European government 
braids, launched its debut offer- 
ing in the C anadian dollar sec- 
tor, with a C$125m issue of 
bonds due January 1998. 


The issue was priced to yield 
32 basis points over Canadian 
government three-year paper 
and found demand from insti- 
tutional investors in the UK 

INTERNATIONAL 

BONDS 

and Belgium and from retail 
investors, primarily in Switzer- 
land and the Benelux region, 
lead manager Wood Gundy 
said. The spread widened 
sli ghtly to 34 basis points after 
the syndicate broke. 

In the lira sector, US Guar- 
anteed Finance Corporation, a 


special-purpose vehicle which 
issues bands banked by the US 
Export and Import Bank, 
launched a i-asflhn offering of 
12-year floating-rate notes. 
This is the first such non-US 
dnT?«r offering and the longest- 
dated eurolira bond ever 
issued, according to j oint ia«d 
manager Citibank. 

Also in the lira sector, Peug- 
eot Finance International 
tapped the shorter end of the 
sector with a LISObn offering 
of three-year bonds with a cou- 
pon of 12 per cent. Demand for 
the paper came from I talian 
institutional and retail Inves- 
tors and investors in France, 


NEW INTERNATIONAL BOND ISSUES 

Borrower 

FRENCH FRANCS 
frrttHh Export OredttM 

Amount 

m. 

500 

Coupon 

% 

7.DC 

Prfce 

9983R 

Maturity 

Apr.1996 

Fees 

% 

mriecL 


Book nnw 

Banquo Poriboa 

CANADIAN DOLLARS 
European Sovereign birt.04 

125 

d2fi 

9B.75H 

Jon.1998 

025R 

. 

Wood Gundy 

ITALIAN LIRE 

U6 Guaranteed Fin. Cortf 
Peugeot Finance bitL 

350bn 

ISOhn 

lb) 

12 

100J3R 

101495 

JtnOTOa 

Nov.1967 

02SR 

1576 

- 

BCKteutache Bank 

Credto ttaiano 

SWISS FRANCS 

Bk. Noderiandn Gomeerrien 

100 

5-25 

102.15 

Nov. 1997 

- 

. 

Crertt Suisse 

Hrrt tsrnn and noivealtabhi irtaas stated The yield spread fovor ratewant govamwi bond) at luidi b suppaod by the torel 
manager. *Un feted. SConvertUa. 4>Wbh equity mrenta. tFtaodng rate note. riSemtanuol coupon. Fb fixed ro-after price: ten are 
diown at The re-offer temL * Short test coupon, b) 3-month Lfcor * IQbp. 


Switzerland and the Benelux 
countries, lead manager Cre- 
dlto Italian© «»d 
JP Morgan is arranging a 
debut eurobond fra San Mig- 
uel, the Philippines brewing 
and food company and the 
country's largest manufactur- 
ing enterprise. 


The US$100m, fixed-rate 
offering will have a maturity of 
5% years and a semi-annual 
coupon. It is expected to come 
to market in the week begin- 
ning September 26, after JP 
Morgan has completed a series 
of representations to key inves- 
tors. 


JP Morgan said the bonds 
would be priced to give a lower 
yield than Philippine govern- 
ment five-year eurobonds, 
which trade at about 200 basis 
points over US Treasuries. The 
unusual maturity is due to 
Philippine central bank regula- 
tions, JP Morgan said. 


Liffe concedes 
defeat in battle 
of German Bobl 


By TVacy Corrigan 

Liffe has conceded defeat in 
one of its battles with Ger- 
many's Deutsche TerminbOrse 
for dominance of the market in 
German interest rate products. 

The London-based exchange 
has delisted its future on 
medium-term German govern- 
ment bonds, known as the Bobl 
future, which was not traded 
in July and traded only 53 con- 
tracts in the whole of August 
The exchange sent a notice to 
members on September 7. 

The DTB has a rival Bobl 
contract, which recorded an 
average daily volume of 1&800 
contracts in August 

However, Liffe still domi- 
nates trading in the two most 
important German interest 
rate futures, the bund 
(long-term bond) and Euro- 
mark (short-term Interest rate) 


contracts. It currently trades 
around 115,000 bund contracts 
and 93.000 Euromark contracts 
daily, representing market 
shares of 70 per cent and 98 per 
cent respectively. 

According to a Liffe official, 
the Bobl contract appealed 
more to domestic than interna- 
tional investors. 

However, the DTB said its 
success in the Bobl contract 
was largely due to having 
launched the contract first, in 
October 1991. Liffe did not 
introduce its Bobl contract 
until January 1993, by which 
time the DTB contract was 
already established. 

Competition between the two 
exchanges is unlikely to abate, 
however, as the Deutsche Ter- 
minbdrse is seeking to attract 
more international participants 
through its linkage with 
France's Matif. 


Partial privatisation for 
Slovenian textile factory 


Beti Metlika, a Slovenian 
textile factory, expects to start 
its privatisation m November, 
said Mr Miroslav Stimac, its 
chief executive, Reuter reports 
EromlMana. 

The factory, which is esti- 
mated to be worth about 
DM33m, will sell about 30 per 
cgnt of its shares to employees 
and 30 per cent to other Slove- 
nian citizens. 

The remaining 40 per cent of 
the shares will be t ransfer red 
to state-ran funds. 

Beti Metlika is still In 100 per 
cent social ownership and the 
privatisation process has been 
held up by resolving alloca- 
tions <rf shares to people whose 


property was nationalised after 
tiie second world war. It has 
now been decided that they 
will receive between 2 and 3 
per cent erf the shares. 

Beti 'mil send its privatisa- 
tion proposal to the Slovenian 
Privatisation Agency at the 
pwd of thi.q month. 

The company exports 80 per 
cent of its production, mainly 
to Germany, Austria, Italy, 
Netherlands, France and Swe- 
den awd malm: clothes, under- 
wear and swimsuits. 

Turnover rose to T5.l4bn 
($43m) in 1993 from T4£6bn in 
1992 and pre-tax profits to 
T148.lm from T3.7m a year ear- 
lier. 


I WORLD BOND PRICES j 

BENCHMARK GOVERNMENT BOIOS 

Rod Day’s 

Coupon Oats Price change YMd 

Week Month 
ago - ego 

Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
(UFFET Ura 200m lOOBw of 10096 

FT-ACTUARfES FIXED INTEREST INDICES 

Price bidtees Thu Dev’s Wad Accrued 

UK GSta Sep 15 change 96 Sep 14 bitereet 

xd etq. 
yw 

— Loot coupon yMd Medium coupon yteM Mgfa coupon yield — 

Sep 15 Sep 14 Yr. ago Sep 15 Sep 14 Yr. ago Sep 15 Sep 14 Yr. ago 


Austrrta 

*000 

0004 

93.1900 

+0590 

10.10 

988 

988 


Open Sett price 

Change 

High 

Low 

EsL VOJ 

1 Open faL 

Beigiun 

7-250 

04AM 

918800 

+0480 

B8B 

8-59 

8.38 

Doc 

96.85 9882 

♦183 

98.10 

9683 

47B0B 

61889 

Canada* 

rtppp 

0B/Q4 

85.3500 

+0250 

8.77 

894 

8.66 

Mar 

9787 

+1-38 



0 

640 

Oenmorit 

7800 

12/M 

88.1500 

*0460 

9.13 

OQ9 

an 




France BTAN 

8.000 

D5/98 

1018250 

+0130 

7M8 

7.33 

781 








OAT 

5800 

04/04 

83.4800 

+0440 

8.03 

7.68 

7.85 

■ ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS (UFFE) Lra200m IQOteS Of 10096 

Gsnnany Bmf 

8.780 

07AM 

94.8800 

*0700 

780 

7.45 

7.21 








ssiy 

8-500 

£M*04 

81.0000 

+0500 ii.aat 

12.02 

11.72 

Strike 

Price 

— — 


Dec 

1 PUTS " 

Mar 

Japan No 119 

4.800 

06/99 

100.8160 

- 

190 

3.96 

399 

Dec 

Mar 




4.100 

12/03 

97.1310 


484 

485 

4.82 

9800 

280 

286 


286 


2.B9 

NaBwtande 

5.750 

01AM 

888700 

+0840 

7.44 

7.42 

782 

9880 

2D4 

284 


2.52 


117 

Spain 

B.000 

05AM 

818500 

♦1.450 

11.18 

1182 

11.17 

990Q 

1*0 

184 


2JB 


147 

UK Gilts 

8.000 

own 

88-29 

♦10/32 

an 

881 

041 

Ert. vcL tofaL 

Cto 433 Pin 2ioa Prerioua de/e span k. Cafe H3 Pica 1230 



6.750 

11/04 

86-19 

♦26/32 

8.76 

888 

087 









9800 

10*8 

102-02 

+49/32 

8.74 

888 

888 








US Treasury * 

72S0 

08/M 

89-08 

+1402 

730 

788 

785 








7800 

11/24 

08-09 

♦15/32 

7.65 

785 

7.4® 








ECU (French Govt) 

8.000 

04434 

88.1700 

+0180 

884 

882 

8.42 

Spain 








1 Up to S yam (24) 

2 5-15 )Wi PI) 

3 Over 16 yarn (8) 

4 lirrtiBwblw (B) 

5 AS stocks (SO) 

Msx-Onfcsd 


119.67 

+083 

119.40 

1.78 

881 

5 yre 

B88 

178 

6-38 

174 

884 

687 

887 

198 

685 

13785 

+0.65 

136.66 

1.68 

9.00 

IS yre 

885 

175 

783 

179 

asg 

784 

ana 

9.11 

787 

15151 

+0.90 

152.13 

187 

9.B1 

20 yra 

888 

8.67 

783 

179 

889 

789 

885 

194 

788 

175.15 

+0.60 

174.10 

282 

tig 

bred.t 

687 

173 

7.44 







13845 

+085 

134.71 

1.70 

9.15 
















— 

— Wtatton 594 — 

— 

Inflation 10% - 

— 








Sep 15 Sep 14 Yr. ago 

Sep 15 Sep 14 Yr. ago 



6 Up to 5 years C?) IBS-53 

7 Over S yen (11) 171.92 

B A3 soda (13) 172.45 

Debentures end Loans 


-•0-10 185.20 037 

-0-69 170.75 0.56 

•OS3 171.36 059 


325 Up to 5 yra 
335 Over 5 yra 
3.94 


331 

337 


3-98 

332 


2-59 

331 


2.72 

337 


2.78 

372 


1.74 

332 


-5 yew yteW 15 year yield — — 28 yeerytaW— — 

Sep IS Sep 14 Vr. ago Sep 15 Sep 14 Vr. ago Sep 15 Sep 14 Vr. ago 


9 Debs & Loans (75) 12836 

Averaga pga adnpMn yNW M 


♦079 125.07 338 7.84 079 088 738 9.72 930 

above. Coupon Baade Lour OM-7VK; IMunc BM-IOttH; high; 11% and over. T Rax ywfcL y*J Year to data. 


833 8.84 072 


835 


1 Omaa 9ndu«iQ amhokang an at 133 par cent oqratta Of 
moaa US. UK in 32nd*. Ohara *» fednal 

US INTEREST RATES 


Sousa; MMS MsmaatonW 


UKttfcW 


Treasury 8Ss and Bond YMds 


Open Set! price Change High Loar EsL voL Open W. 
8832 8737 *132 87.40 8S30 58311 76335 

84.50 85.85 +134 65.90 8435 15,418 51,455 


PltWlM. 


Oust 


FeMndaw 


6*a TbreanM 
4U SknA. 

«V Ike jaw - 


482 

feoyaar 

828 

«.» 

lb n»im- 

157 

489 

Rnyate 

686 

516 

itvyaw 

737 

SOT 

XHted 

798 


Sap 

Dec 


UK 


GILT EDGED ACTIVITY INDICES 

Sep 14 Sep 13 Sap 12 


8 


Sep 8 


FT FIXED INTEREST INDICES 

Sep 15 Sep 14 Sep 13 Sap 12 Sep 9 VT ago WgT Loaf 

QovL Secs. (UK) 9076 6044 SI HQ B1.12t 90.84 10133 10734 90.44 G8t Edged bargains B3-7 1113 800 111.7 1007 

Ftoed Interest 10731 10733 10632 10737 10019 123.07 133.87 10731 5-day average 902 983 901 633 953 

• lor IBM, Government Saaaawa Mpi area c o mp toU o n. TZ7.+0 19/1/85). 'om 4018 (an/75). Rued Internal Ngh snoa eaapUm 13187 pl/UM . ton 5033 p/1/73) . Soda 100: Government SaaaUee 15/10/ 
» and Raad ! ■ n av a l 1KB. SE acdvay tadoaa mMeed 1874. T Corevotloo. 


BOND FUTURES AM) OPTIONS 


France 

■ MOTIONAL FRENCH BOND FUTURES (MATIF) 


■ MOTIONAL UK QK.T FUTURES (UFFE)* CSOJOO 32nda of 100% 

Open Sett price Change Figh Low EsL vci Open an. 
Sep 99-30 100-11 +0-26 100-09 99-22 268 20625 

Dae 98-30 99-21 *0-28 99-27 98-27 64966 100259 

Mar - 69-01 +0-28 - - 0 0 

■ LONG OUT FUTURES OPTIONS (UFFE) £50300 64th* of 100% 


FT /ISM A INTERNATIONAL BOND SERVICE 


Lined a* »*j Mad Hmknl 


bonds for *Hch there ban 
taauad BU 00a r Chg. YU 


adequate aecanttay mwWL Utatt 


pricaa at 7SOO pm on Septatrter 15 
Issued Bid Oder Chg. VtoU 


teed Bkf Oder Chg. 


Sep 

Dec 

Mar 

Open 

11284 

111.04 

11039 

Sett price 
11282 
11184 
11084 

Change 

+088 

+0.28 

+086 

Hgh 

11288 

11130 

11044 

Low 

11182 

110.92 

110.36 

Eat voL 
86454 
109.113 
278 

Open bit 
64.902 
110.473 
4,726 

■ LONG TERM FRENCH BONO OPTIONS (MATIF) 




SWta 

FVico 

Od 

CALLS 

Dec 

Mar 

Oct 

PUTS — 
Dec 

Mar 


Stifco 

Price 

99 

100 
101 

Ear. «oL tom. 


CALLS 


PUTS 


Dec Mar 

2-19 2-60 

1-60 2-28 

1-20 2-00 

l 0054 he 3378. Praufous Oaf's 


Dec Mar 

1- 41 2-58 

2- 08 3-24 

2-42 3-82 

open *n_ cab 3S6S9 Pols 2BT7+ 


US. DOLLAR STRAIGHTS 

Abbey NariTtfaiy ft (0 1000 90% 

AMs Acwioa 7% 98 1000 101% 

Aabtaft® 400 104% 


Be* of Tokyo BJ» 96. 

Bdgun5%03 

BKSfltW . 


1021. 
camfcoas. 


111 

112 

113 

114 

115 


0.77 

038 

0.12 

004 


131 

1.10 

as? 

0.43 

024 


1.90 

1.43 


a 58 

1.14 


1-43 

130 

147 

3.15 

3.67 


2.44 


Ecu 

■ ECU BONO FUTURES (MATIF) 


Oemg Karg Ffa 5% 98 

CN»6%0i 

Court EuopeSM 


-100 103% 

. WOO 84% 
_ 150 101% 
US® -0% 
.1000 103*2 
_ 500 90 

1000 87% 
_ WO KB's 


81% 

101 % 

105 

10ft 

844, 

10ft 

ift 

Wft 

Oft 

aft 

102 \ 


* 

ft 

* 

ft 

ft 


* 


LHtel Khgtfem ft 97 5500 

739 lfclsMgan tad fin 7 03 1000 

728 WMd BritO 15 2000 

7.41 MtaUSankft 03 3000 

683 WatiBwtftOO 1250 


735 

687 S8SSS FRANC STRAIGHTS 

8.71 AsenDwBarhB to 100 

635 AodnaftOO 1000 

653 Court Erape ft 06 250 

887 Derust ft 99 

636 SB ft 04 


.300 


Eei. ml tort. Goto 29321 Pito 39.156 . PMWtoin dfa/a ep*» tat- Cide 203.768 Pin 290593. 

Germany 

m Honom u. GERMAN BUND FUTURES (LffTT?)' OM25Q.OOO IQOtftS W 10095 

EsL vd Open ke. 



Open 

San price 

Change 

«gh 

Low 

Est voL 

Open M. 

Derma* 5% 86 

_ 1000 

96% 

98% 

ft 

891 

Sep 

9102 

8088 

+0.16 

8088 

8102 

1872 

3883 

East Japan M*ay 8% 04 — 

600 

91 

91% 

ft 

800 


7170 

79.76 

+0.14 

7178 

7984 

888 

ll.Wfl 

ECSCS%86 

193 

102% 

103% 


895 









OCB%96 

TOO 

102% 

10ft 

ft 

as 









BB 7% 98 

250 

102 

102% 

ft 

133 

US 








HJ9% 97 

— HOD 

10ft 

10ft 

ft 

fi92 


FHmdfte. 


800 HymM Monr fin ft 87 . 

KtftOO 

052 Kobe ft 01 

653 Ontario ft 03 


MO 

.300 


.no 
. 100 
.240 


■ US TREASURY BONO FUTURES (CgT) 5100000 32nds ot 100% 


Dec 

Mar 


Open Sen price Change High Law 
68.77 89.32 +0.68 8935 88.73 95S57 143088 

88.14 8853 +0.69 68.14 


88.14 


1095 


Sep 

Dec 

Mar 


op«i 

101-08 

100-12 

99-22 


101-09 

100-13 

99-22 


Change 

♦0-02 

+ 0-02 


High 

101-10 

100-15 

99-22 


Low 

101-07 

100-10 

99-22 


Eat vd Open bit 
11/457 88 .99 2 

248.729 34a 826 
265 4760 


Bk da ten 9 98. 
Euobiaft 90 


Bt-«n Bank Japan 8 (E _ 
Expert Dev Coipft 98 _ 
Federal Ndl Mart 74004 . 
Frtjndft 97. 


■ BUMP FUTURES OPTIONS (UFFE) DM260.0Q0 pobwe tri 10095 


Strike 

Price 

8900 


Nov 

CALLS — 
Dec 

Mar 

Oct 

Nov 

PUTS 

Dec 

Mar 

1.12 

ass 

O.S2 

136 

1.09 

085 

147 

183 

1.02 

0.31 

083 

184 

080 

1.03 

130 

1D4 

187 

183 

1.94 

280 

249 


Oct 
053 

BSSO 0-35 

9000 0 16 

Eel Mi tM Cafe 11627 Puu 44111 Pm*m day* opan In*. Cato 101770 Put. 101200 


Japan 

B NOTIONAL LONG TERM JAPMCSE GOVT. BOND FUTURES 
(LIFFE) YlOOm IQOlhs Of 100M 


fianehfipotft 95 — 
Fad Mceor Ones ft 96 . 
Gai See Qeptri ft 98 _ 
QMACft 98 , 


Open dose Change 
Dec 108.00 

* UFFE cc n aac ia traded an APT. AM Qpan in— 


UK GILTS PRICES 


feta 


rid.... _1894- 

RM 


Wa 


_«ebl_. 

M Bed Pita E+cr- 


-1994- 
Htfi low 


High Low Est vd Open W. 
106X0 10730 318 0 

1 an far praveus day. 


— Held— _I9M_ 

Wto (11 o Prise £ +0f- I8» low 


fad BbJapoifinft 97 . 
bear Amer Dev ft 96 _ 
Idyft 23 , 


j^feiDavacftOI 

K*t=« Bh: Par H) 96 _ 
Kdea Bac Rower ft (0 . 
IJCS Fh 8 57 . 


ftts. 


.200 10ft 
_ ICO 103% 
_ 500 10ft 
_ ISO 10ft 
.1500 9ft 

300D 9ft 
. 200 10ft 

1500 9ft 
>300 10ft 
.200 tOft 
_ 2D0 HJ1 3 * 
_ 200 10ft 
. 3600 eft 
_5oo raft 
.350 10ft 

1350 aft 
. 200 101*1 


Nonaayft 97 . 

Ortrto73,m 

OsM KdBoKndc ft 01 . 
RnFCndaft 96 — 


SHttfa- <Uwa ip la Ri* Taan) 


teas ape i»4tJ. 
r?pt 1905 

feaspefia 1990- 9S-- 

iftpc 1W& 

IrbsiOLbc iSBStt ... 

14K19W 

ISkpC l99Btt_ 


695 

1174 

3.S 
985 
1109 
i:.» 
1395 
1C. 18 
980 
7.19 
II 94 
996 
884 
1274 


EoB I3Wpc 1996& - 
(imarin Up: I99C — 
TmaaOwTpc 1997}t — 
TiualSVtC H9frt. - 
CsAiginK 199?-. 
imvpEissTs .. 
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914* 1988 J" 

Trr*J 7Lpr. IKB7S ? - S - 

TMSOtlPC I99S-9SIJ. 

I4pc 1098-1 

tw iftpc — 

EKO 12p: 19H 

Ttn*0>;ir 1WU4 - 


7.13 

ic or 

1255 

1077 

623 


IMBnMhn 

tan 12'aBC lisa... - 
Tieas 10'jpc lM ... . - 
Imax iflWtt--— 
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Tiaaa fiy Art 1390.^- 

Mantt- - 
ihrti»kHeo — 
ICbtJDBT -- -- 

TBcHOIS* 

TpeSWM- 

iftpc 20C 

•penffitt- 




IOC 

983 

6a 

ec; 

891 
II Oi 
953 
7.75 
775 
US 
945 
9« 


5.46 10015 
572 IOTA 
5.74 
650 
697 W6,". 
MS 108‘.- 
7« 1I»!1 
7.51 10S4i 

?ja i oft 

J8S 97JJ 
785 111 

&m ioft 
53 I0U 
83® 117G 
842 W3J1 
641 96BN 
846 Mfl 
884 116>j 
850I23B4 

&S3 mu 

662 102JJ 


an mad 
era iogU 
658 sail 
675 108 

- 99fi 
175 101/t 
693 118,'a 
6M UB 
Sfi ft 

883 Mi 
898 lM 
6B 94*| 

884 106A 


103 — 


10313 

a 

107B 
_ 113% 

— 117A 

— 121E3 

— IITfi 

— i«A 
+A 100% 
+& 

+% 

+% 1 50 A 
<7. 135 U 
-A I14» 
+A 106A 
*% 102 
+U 131#* 
-A 14BA 
♦J5 125J* 
+14 H6A 


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+.'. 575 H 

.. tow 

+0 HM 

♦% 536J3 
+U 173A 
+% 5087, 
+% 101A 

+3! 173A 
*% 1131! 
•% 5 27 A 


TWMV5%PC 1001-4 

10013 hnftoSijpe 1999-4— 
IOTA Cu twawdan 9*j pc MO* — 
W% i w 6%pe20 

IQS * — *1— 4wver 


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97 A Traa ^Tpc 2007 ». 
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unit 

lift 
10343 
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^ 1M«pe90D9 

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102% Qanapctemitt.-- 

feesSpc 7012# - 

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7%PC 2012-1 itt 

Tiaasftoc 201773 

U2U Ertil2pe 2OT3-17 

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M C8w3%*Vi« 

101% TbmSWOSW 

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106U Tm*t*3P* 


103S 
452 
915 
7.00 
9.13 
10.41 
640 
a 55 
1027 
889 
1D£4 
6BZ 


aiBIHAN 
773 71 A 
691 1030 
BJ5 86 & 
659104AN 
9X0 120A 

8.78 S2A 
an 933M 

921 lift 
8.77 S7H 
62012633*1 
874 UEd 


+U I29JJ 
+U BBS 
+B 1257. 

105% 
+33 125% 
■ft 143,i 
+33 112K 
♦33 ni% 
+J4 736* 
+33 11« 
+B 151A 
*33 1Z4« 


lift 
70% 
102^ 
85 B 
UQA 
1I9A 
91% 
02Q 
113% 

*B 

125% 

101 


»C-96 oa 

ftpcVStt — (1S5.P 

2%pcv (783 

2%seW pa* 

4%pc , 0*» (13ifi 

2pC« £3* 

2%k- 09 pa* 

2%pcril PUS 

2%pc13 092) 

2%pc T6 (81* 

2%pc’20 ~C3JS 

2 ‘rte'Mtt (97.7) 

4%pcT0» (135.1) 


265 

228 

238 

249 

250 
257 
261 
164 

287 

170 

274 

173 

176 


4J*i9Bffa 
IK 1D6U 
18316ft *1 
285 160% 
28* 106% si 
264 167 A 
285 151% 
28S 15ft 
IK 128% 
U8 TJ7A 
IK 131%* 
187 509ii 
191 108A 


ft 203% 19733 
ft 1132 106A 
ft 176% 16ft 
+& 173% ’592, 
+,‘l 116% 197% 

+a J0434 i&A 

+1 168,1 M9% 
,1 175% 15ft 
,1 146% 126% 
+1 1S7£ 134% 
*1 152ft U8% 
*1 1237. 106% 
*1 USU toft 


:Hjdroft98. 
QwOtC Rw998 — 

8MuyS%B6 

SAS 50S9 

9EFB%SB 

Sp«B%a 


I a NSW 8% 96 . 

SMfeiS>2S. 


«00 101% 

3000 96% 

_ 200 104% 
.200 100% 
1000 86% 
. 150 107% 
.200 104% 

.ISO 104 
.200 108% 
. 150 107% 
1SD 98% 

_ 2D0 102% 


109% 

Wft 

101 % 

107% 

98% 

«% 

103% 

97% 

'104% 

103% 

• 101 % 

102 % 

81 

1D4 

105 

87% 

102 % 

87% 

101 % 


+% 7.18 SNCF704. 


. ICO 
.450 


ft 

ft 

ft 

ft 

ft 

ft 

ft 


ft 

ft 

ft 

ft 

ft 

ft 

ft 


&4B **rtJBO*508 . 
772 Wortd Bank 7 01 _ 
7X5 

780 YBt SIRMGH1S 

789 BelgMn 599 

'lOO 


.150 


101% 

101% 


170 

AbbeyNdlTiaaiySQSE 

1000 

90% 

90% 

96 

96% 

+% 

730 

Atone Letes 11% 97 E 100 

1® 

108% 

19% 

20% 

ft 

733 

BUhland8%23£ 

1» 

88% 

87% 

Bft 

88% 


733 

DMifek6%98£ 

800 

93% 

9ft 

107% 

108% 

-1 

797 

EE 1097 E 

837 

103% 

103% 





Hrtte10%97£ 

1® 

103% 

104% 





Haeon 10%97£ 

500 

103% 

103% 

100% 

101 

ft 

535 

HSBCHOTtoes 113902 E . 

153 

1®% 

1W% 

96% 

9ft 


535 

My10%l4E 

400 

105% 

108 

99 

99% 

ft 

597 

Jzpei Dev BL 7 00 £ 

200 

91% 

91% 

9ft 

95% 

ft 

528 

Lad Secs 9% 07 C 

200 

98% 

97% 

105 



897 

Orsario 11% 01 £ 

100 

106% 

107% 

107% 

10B% 


830 

Pat/agm B% 03 E 

250 

95% 

95% 

108 

107 


584 

Sawm Here 11% 98 E — 

150 

107% 

108% 

108% 

107 


606 

Tokyo Bee Pwer 11 01 E . 

150 

107% 

107% 

107 

1GB 


616 

AtbeyNattondOB6»G$ — 

100 

83 

84 

103 

104 


583 

TCNZfin9%02NS 

75 

95% 

98% 

100% 

100% 

ft 

822 

Ciadt LocdS 01 Ht 

7000 

89% 

89% 

85% 

86% 


6E6 

Bee de Race B% 22 FFr _ 

3000 

99% 

9ft 

106% 

107% 

ft 

60S 

SNCF 9% 97 FFr 

40® 

104% 

104% 

9ft 

96 


592 





106% 

107 

ft 

878 

FL0ATMQ ROTE NOTES 





684 

889 

1059 

885 

839 

856 

981 


ft 1009 
ft 982 


ft 

ft 

ft 

ft 

ft 

ft 

ft 


892 

683 

881 

an 

UB 

947 

980 


Bd 


-1 1010 
B4J5 
ft 882 
ft 734 


OOar Cxpn 


824 BBB%I 

733 FUfed8%98 

&5B kev Amv Dav 7% 00 - 

an ttva%oi . 


. 75000 
.100000 


.30000 


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859 Japan Dev Bk 6% 01 . 
891 t*jponTriTd5%eB , 

782 NafewS%97 

880 SNCF 6% OT 

874 Span 5% 02 

7.19 Sweden 4% 98. 


100000 
120000 
_ mm 
160000 


125000 


.160000 

.250000 


U2% 

110 % 

105 

113% 

62 

103 

110 % 

104% 

104% 

110 % 

108% 

101 % 

103% 


102 % 

110 % 

105% 

113% 

92% 

103% 

111 

105 

104% 

111 

106% 

101 % 

103% 


97% ft 
104% ft 


892 

173 

asftf 

+fl 

115.*. 

93 

733 

856 

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175 

167 

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174 

in 

in 

+% 

127% 

1914 

731 

841 

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93% 

724 

848 

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+B 

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924 

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91ft 

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114% 

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861 

158 

10111 

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996 

928 

831 

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158% 

127% 


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and (2} 5%. (b) figro in p arenthwaw snow SB bwe tor 
fadateng (to 8 manth* pno» to «rt) and iwre been at*aaad * 
retfact laaawna of RF1 to 100 bi Jmwmy 1 967. Convandon factor 
1948 RP1 tor January IBSS; 1413 and tor August 1994: 144.7. 

Other Fixed Interest 


9nedahEqnie%98_ 
Toicyo Bac Power 6% 03 
leiq|oMnpcii8%9G . 

Toyota Mccr5%96 

UntadKIngdam7%(C_ 
Wpddta*8%K__ 
WbtjBa*6%S7 


_ 700 102% 
KSO 89 
.200 KE% 
1500 95% 
3000 97% 

,1500 105% 
1500 104% 


W1% 

88 % 

107% 

104% 

104% 

107% 

W7% 

103% 

ss% 

102 % 

89% 

103% 

98 


ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 

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784 Worid Bflf*5% D2 . 

874 

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664 KB Ded bekBtok 8% 03 LFr — 3000 100 101 

806 Worid Bank 8 96 IFf 1000 100% 101% 

758 ABN Pm> B% OT FT 1000 98% 96% ft 


442 

4.45 

132 

454 

486 

432 

405 

141 

150 

448 

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757 

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781 

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Banco Roma □ BQ 

SdQun A B7 DM 

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752 SBlftSCS 130 10ft 107 

872 Bac define 9% 99 C$ 275 103% 104% 

82 Gen aecc&pttio secs sm m 103 % 

651 MWHfinlOOlCS 400 


ft 759 
ft 786 


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HenfoOSB 


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759 Nppji Td Td 10% 98 CS 200 

6.75 Or&nBBCS 1500 

782 Oraarij Hydo 10% 99 C3 500 


103% 104% 
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62% 93% 

100% 107% 


ft 

ft 

ft 

ft 

ft 

ft 

ft 

ft 


9.12 

786 

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B18 

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947 

893 


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10023 

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10116 

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48375 

47812 

51250 

47300 

54125 

48250 


55125 

50625 


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Com. 
Issued Price 


48126 

58750 

ABBOT 

50000 

45B2S 

54125 

C 

48125 

46375 

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40312 

48500 

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finmn 

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— 1994 _ 
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116% 

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101 

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i V- • 


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20 



FBHANCWL TIMES FRIDAY SEPTEMBER 16 195*4 


COMPANY NEWS: UK 


Montgomery confirms joint venture for subscription cable channel 

Mirror Group restores dividend 


By Raymond Snoddy 

The Mirror Group announced 
yesterday that it was paying 
its first dividend since the days 
of the late Mr Robert Maxwell. 

Even though the payment is 
only lp it was being seen as a 
significant development since 
the publisher of the Dally and 
Sunday Mirror was returning 
to normality and even respect- 
ability. 

pre-tax profits were £34.Tm 
for the six months to July 3. 
The previous figure of £69-9m 
included an exceptional credit 
of £36. im, mainly representing 
the release of pension fund pro- 
visions. 

The modest increase in prof- 
its before exceptional!?, against 
the background of a price war 
in the industry, was matched 
by underlying growth in earn- 
ings per share from 6.4p to 
&6p. Advertising revenue rose 
from £83 ,4m to £84m. 

Turnover Ml from £237.2m 


to £230.6m. However, operating 
costs were reduced by £08m to 
£L76m and interest payable foil 
to f.n..9m (£15 .8m). The group 
Said a £350m restructuring of 
debt had been arranged in 
principle on much improved 
terms. 

Mr John Attwood, finance 
director, accepted that In any 
other industry the performance 
would be considered flat But 
“In the context at least of the 
newspaper industry at the 
moment they [the results] are 
exceptionally strong.” 

Mr David Montgomery, 
executive of Mirror Group, also 
confirmed yesterday that 
heads of agreement had been 
signed to form a joist venture 
with five of the largest cable 
and telephone companies in 
the world to provide a national 
subscription channel on cable. 

The channel, to be 
live TV, will be distributed to 
more than 500,000 homes from 
the outset and will focus 


mainly cm live events. 

Heads of agreement have 
ajsn been ai gnori with Midland 
Independent Newspapers, pub- 
lisher Of the Birmingham Post 
and Evening Mall to develop 
Birmingham live, a local ver- 
sion of Live TV. 

Mr Montgomery said 
sales of the Mirror had 
remained about 2.5m. a day, 
which with sales of the Daily 
Record took the total to Q2m. 

Mr Montgomery also warned 
that the reduction in the price 
of The Independent, ■ in 
response to cuts at The Times 
and the Daily Telegraph, would 
have a damaging effect on rev- 
enues and losses for the year. 

losses at Newspaper Pub- 
lishing, publisher of The Mb - 
pendent, are likely to be larger 
than expected, although Mr 
Montgomery declined. to say 
current what trading losses 
were. 

The Mirror Group’s 28 per 
cent stake in Newspaper Pub- 


lishing, purchased In March, 
cost £1.4m over the four 
months since acquisition. 

• COMMENT 

The shareholders of. Mirror 
Group are not exactly going to 
respond with three cheers to 
yesterday’s results. Bat the 
modest restoration of divt 
deads, reduced operating costs, 
the prospect of better margins 
on debt are all signs that the 
Mirror is becoming a normal 
company again. There are also 
welcome signs of futu r e think- 
ing tiiH Migii flu ini mlM Hnwni ' iT^ 
whip television, a n d of 
some circulation' growth, par- 
ticularly on Sunday. Profit 
growth is likely to remain 
modest, with about £70m likely 
for the full year. Mr Derek Ter- 
rington at ELemwart Benson is 
forecasting only £ 82 m for next 
year - assuming the price wars 
continue - which would give a 
prospective p/e ratio of nine. 
The share price fell 4p to 181p. 


Hazlewood 
Foods chooses 
chief executive 

Hazlewood Foods, which in 
June reported severe problems 
with four of its plants, has 
promoted Mr John Simons, its 
finance director, to UK chief 
executive, writes Roderick 
Oram. 

He replaces Mr Chris Ball 
who resigned when the com- 
pany revealed that the four 
acquired, newly built or reor- 
ganised plants were running 
up losses. Mr Simons is suc- 
ceeded as finance director by 
Mr Kevin Higginson, the 
fhmnrful controller. 

Progress had been made 
with the plants during the 
summer, Mr Peter Barr, chair- 
man, told the annual meeting 
yesterday. Two should become 
profitable next month, a third 
during the second half and the 
fourth was sold last month. 

Hazlewood would continue 
to dispose of non-core busi- 
nesses, he added. 

As a result of the problems 
flagged in June, profits for the 
first half to September 30 
would show “a very signifi- 
cant shortfall” from a year 
earlier, he said. 

The shares rose 9p to 139p. 


Improved cash flow lets 
Booker edge to £30.5m 


By Roderick Oran, 

Consumer Industries Edttor 

Improved cash generation 
allowed Booker, the food 
group, to lift its interim pretax 
profits and dividend yesterday 
despite difficult trading condi- 
tions in the UK and US. 

Pre-tax p rofit s edged ahead 
from £29.9m to £30.5m, thanks 
to interest costs falling from 
£8.4m to 

Net debt was cut to £L49.1m 
(£2Q2-4m) by proceeds from dis- 
posals and tighter control of 
working capital Gearing fell to 
79 per cent (128 per cent). 

Against City expectations, 
the interim payout was raised 
to 7.7p from 75p. “We aim to 
increase the dividend at least 
in line with inflation,” said Mr 
Charles .Bowen, who joined the 
the group as chief executive 15 
months ago. 

Mr Bowen said this year 
should see the sale of the last 
few small businesses ear- 
marked for disposal and an 
improved performance from 
the recently reorganised food 
service division. 


Distribution margins 
remained under severe pres- 
sure and products such as ciga- 
rettes could be adversely 
affected by the Novanber Bud- 
get 

The group's operating pr ofits 
foH to £308m (£38^m) in the 24 
weekd to June 18. The biggest 
problem was Booker’s US agri- 
business, where profits 
dropped 60 per cent to £2m. 
Arbor Acres, a chicken 
breeder, suffered a foil in mar- 
ket share and higher research 
and development expenses. No 
pick-up is expected before . 1996, 
Mr Bowen mid. The UK agri- 
business was ahead by fiO.Bm 
at £4.7m. 

Fish processing profits faTi to 
£3.4m (£3. 9m), mainly 

reflecting a lower fish catch 
and thus higher prices which 
the company was unable to 
pass on. 

Booker’s biggest business, 
food wholesaling, pushed up 
sales by 95 per cent to £L04bn 
but profits were flat at £13.7m 
This was because of the the 
change in Budget date from 
April to November, the com- 


pany said. 

Earnings per share were 9.8p 
(10-25p) - Including a 0.04p 
exceptional gain against a 
(L26p exceptional Loss. 

• COMMENT 

. Mr Bowen has delivered the 
first part of what he promised 
when he joined Booker: better 

mariagiafiwi»nt : and cashflow and 
a tighter focus to its busi- 
nesses. In some ways, part two 
is harder. He wants to build 
and buy businesses in notori- 
ously difficult sectors. Cash 
and carry will always bear the 
brunt of retail price wars as 
independent grocers struggle 
to compete. Booker would like 
to land another big fiah opera- 
tion but there are good eco- 
nomic reasons why targets 
might come up for sale. (Sven 
difficult trading conditions and 
the long horizon for phase two, 
Booker will be lucky this year 
to better the £89.7m pre-tax 
before exceptdonals of last 
year. On a prospective p/e of 
16, the shares are carrying an 
overtofttimlstic view of earn- 
ings growth. 



US 

In accordance with the Tenns. and ConcHora of 
the Notes, notice is hereby given that tor the Merest 
Period from 16th September 1994, to 16th March 
1995, toe Notes wfl bear a Rate of Merest of 
9.3364 percent per annum. 

AGENT BANK: CHARTERHOUSE BANK LIMITED 

A Member at Tha Socurifiea and Riturea Authority 


CHARTERHOUSE 


CONSORZIO IRICAV UNO 

(General contractor for TA.V. Treno Alta Vdodta S.pA .) 

ABSTRACT OF CALL FOR BIDS NOTICE NO. 1 

The Coaaofzio IRICAV UNO. with headquarters in Rome, Via Tovagberi, 17- 
00155 ROME, Td. +39 6 231971, Eta +39 6 2306316, announces for and on 
behalf of (he consortium member and asaignor ICLA Costmziom Geaenli SLpA. 
and in aooori a noe with D ir ect iv e 90/38/BBC of 14W93, Ihe summary of (be 
procedure for the assignment of the duR works for too railway and relative 
secondary works between the kiLometric sections 121+632 and 128+524, 
cunsifltiog of the movement of materials, structures (railroad bridges, walls, chains 
etc.) inter fere Decs, roadworks and hydraulic jnstalfariong. The works will be 
carried out in the province of Ftashttee. 

Method of adjudication: offer of untuy prices aoconfing to Art 5 of baba law W73. 
Prevailing category AJV.G (National Register of Caasxataots) 6; the offers 
ikouM not exceed Ul 32,090,000,000 (thirty two billion ninety million) 
erdofing VAT. 

The interested compenka should send their offers of paradpation to arrive by 
6 fxm. On I 8 tb October 1994, according ID the regulations of the Complete Call for 
Bids Notice which was sent to the Publications Office of the European 
Qaan m t i v on 7thS q*nnl« g 1904 and to the official yWma, lHIW«b) 

of the Republic of Italy cm 9tb September 1994. 

CONSOR ZIO I RICAV UNO 
THE CHAIRMAN 
Pott lag. Aogeto FLORES 


Notice of Interest Amount 

EMBRATEL 

EMPRESA BRASILEERA DE 
TELECOMUMCACOES SJl 

Routing Sate Notes 


NOTICE S HEREBY OVEN that toe UBO RATE tor the INTEREST PERIOD 
beginning September 15, 1994 and ending on March 15, 1995 has been 
fixed at £4375%. The INTEREST AMOUNT totaling $337.28398 payable on 
the SEMI-ANNUAL DATE lalting on Match IS, 1995 is comprised of tbe 
following amounts: 

Series Interest Amount Series Interest Amount 


A 
B 
C 

September IS, 1994 


S 107,73799 
« 78,712.75 
S53A6&S9 


$40,401.75 
S 40.401.75 
$ 16,1 60 J5 


CITIBANK, NJL,« Agent Bank 


NrwHrnmBsacHkacpRoressiaNAL 

NOW AVAILABLE— 

34 KeiMln Corente O Spa PI a Mm A Optoai • Ow 100 T«Ual 

Ttabj Hbmri 1A Oamltai a Cm Year On SMta a Rom OwAw * TWMcri 

i* — g **-*-*--* — t a»ingininrrf a iriiw 

OA hart w Ci a H aityai w <iim Tihm-m*mrm,tnmna- 


FINANCIAL TIMES 


C R E 




intern at i o n a l 

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Liberty : 
Mutual 
to invest 
in Lloyd’s 

8y Richard Lapper 

Liberty Mutual, a US 
insurance company, Is to 
invest in Uoyd’s of L on don, 
rigualHng continuing Interest 
by corporate tav e s l o w in the 
m erkeL 

The news coincided with the 
publication by Lloyd’s erf new 

rules which allow corporate 
members greater room for 
manoeuvre. .The market, 
which won some £800m in cor- 
porate investment last year, is 
hoping to attract a further 
£I2Sm to £250m in 1995. 

Liberty, a Boston-baaed 
group, said its investment 
would allow. Cater Allen Syn- 
dicate MawapmMtt, mi agency 
part of Cater Allen Holdings, 
to provide an extra £40m in 
capacity to Syndicate 190, 
increasing its potential pre- 
mium income to more than 
£7Qm next year. 

Management of the syndi- 
cate, will switch to a new 
agency next year, although 
this is dependent on the 
approval of the regulatory 
authorities at Lloyd's. 

“These arrangements reflect 
both Lloyd's stated aims of 
broadening Rw market’s capi- 
tal base and tbe recent trend 
towards corpor a te capital at 
Lloyd’s being provided on a 
dedicated basis to selected syn- 
dicates." said Mr Robin 
(Hikes, chairman of Cater 
Allen Syndicate Management 

Separately Lloyd's 
announced that cor p or ate syn- 
dicates - ones which contain 
one member whose sole busi- 
ness is writing on that syndi- 
cate - win be per mitte d next 
year. So-called “parallel syndi- 
cates*, which wfD underwrite 
business alongside existing 
syndicates, will also be permit- 
ted. 

Other ■ changes will allow 
corporate members to own up 
to 25 per cent of the agents 
which administer syndicates. 
New rules governing the can- 
ditKms under which c or por a te 
member groups can acquire up 
to 100 per cent of w«w«g*"g 
agents will be published by 
tire inliMie of npif year. 

Lloyd's also said that it 
would slow tbe plaimed intro- 
duction of “assignment”, a 
principle allowing: Names to 
trade or transfer their partici- 
pations on syndicates. The 
only form of a ssignme nt MMy 
to be introduced in 1996 will 
be for Names re-arranging 
their affairs through Mapas, a 
kind of Iloyd’s mrit trust, or a 
hew kind of limited Uabflity 
corporate vehicle, which Is 
under consideration at the 
market. 

Existing rules, which limit 
corporate member groups to 
50 per cent of a single syndi- 
cate’s capacity, and any one 
corporate member to no more 
than 25 per cent, will be 
waived "only if manag in g 
agents d emonst r ate flmt indi- 
vidual members’ pre-emption 
and other rights have not been 
ignored”. 



Bond 

leave 

By ABson SmfOi 


An investment loss of £58m 
tram the bond and equity mar- 
kets left pre-tax profits at 
Legal & General Group; the life 
and general insurer, lower at 
£58m for the first half of 1994, 
compared with £75m. 

However if L&G had adopted 
the same accounting metiiod 
for such gains and torero used 
by Prudential Corporation, it 
would have shown an increase 
to £ll44m (£74.m>. The 
interim dividend rose by &9 
per cent to 6i)5p (&5p). ■■ 

Pre-tax profit in its core UK 
Ufa and nenstons business rose 
slightly to £63m (£59.7m), but 
this was primarily related to 
business already in force, 
where profits increased by 
£S.4m, rather than to new busi- 
ness w^nh ^ . 

Pre-tax profit from overseas 
life and pensions business 
totalled (£L&4m). 

. Mr David Prosser, chief exec- 
utive, said he saw httie pros- 
pect of short-term improve- 
ment in the testing conditions 
of the UK market, and pre- 
dicted Increased competition 
and narrower margins next 
year from the hew regime 
requiring insurers to volunteer 
more information about prod- 
ucts and charges to customers. 

L&G has already cut. the 
number of its sales agents, who 
are self-employed and paid by 
commission, from 2300 at the 
start of tiie year to abend: 1*800 
now. It expects this to foil to 
about 1,000 by the end of next 
year. 



equity losses 
& Gen lower 



At the same tune, it plans to 
expand its lOOetnmg employed 
and salaried sales force to 
about 300, and strengthen Its 
ability to sell through indepen- 
dent financial advisers. 

Mr Prosser said L&G could 
halve the number of its 
self-employed sales force and 
that this, might reduce the 
amount of hew business by 
only 15 per cent His hislsted, 
however, that there was still a 
role for co mmis si on -based 
advice. 

While forecasting • .some 
rationalisation witbih the 'sec- 
tor, he said 


£234m so far for B&C creditors 


By Andrew Jack 

Creditors to British & 
Commonwealth, the cnTTapand 
financial services group, are to 
receive interim payments of 
£95m, the administrators said 
yesterday. 

Creditors to British & Com- 
monwealth Holdings will 
receive a dividend of 5p in the 
pound, bringing their total 
received so far to 20p or £23tou 

Creditors to B&C Group 
finance, a subsidiary, will get 
2 g.lm tiie. pound, bringing their . 


total to 30p ot£223bl Creators 
to Group Finance will receive a 
further 8p -in the pound, or 
warn from tiie earlier, this 
week of shares' in CeUtech, a 
blot echno togy .jyhnpany on. 
which ithad a'stake. 

Other dividends have coirne 
through ^e sale of the shares 
of Exco, the group’s money- 
broking subsidiary which was 
floated in July. 

The details came in a report 
circulated to creditors by Step- 
hen Adamson, Nigel Hamilton 
and Gareth Hughes, the admin- 


istrators from accountants 
Rust & Young. 

The administrators have not 
changed their estimate that 
total dividends will be about 
gihn. There was. no-mention, of 
progress on a number of 
threatened and current legal 
actions designed to gather 
additional money for credit- 
ors. 

Directors and adviserswere 
subject to strong criticism In a 
D ep a rtmen t erf Trade & Indus- 
try inspectors' report pub- 
lished last month. 


S&U up 15% to £2.6m 


By Christopher Price 

S&U, the consumer credit 
groqp, reported interim pretax 
profits up 15 per cent at £2UOm 
far the half year to July 31, 
against £Z27m last time. 

Mr Derek Prosser, chairman, 
said the general upturn in the 
financial ser vices industry, 
together with its own organic 
expansion, had been behind 
the rise. “We have seen a 
strong rise hi demand from 
consumers which we have 
been able to respond to” be 


Earnings per share increased 
15 per cent to 14J24p (msp), 


while the dividend is raised 
from an adjusted 2J6p to 3p. 
. Turnover improved 13 per cent 
to £28j69H1 (£25.3m). 

Mr Prosser said current trad- 
ing was also encouraging and 
be was “reasonably optimistic” 
about prospects for the foil 
year. 

. The Birmingham-based com- 
pany is Involved in selling 
financial services, predomi- 
nantly small unsecured loans, 
to a customer base of 120,000, 
serviced largely by an army erf 
door-to-door part-time sales 
staff ft is also involved -fo sen-, 
ing insurance atid merchan- 
dise. 


IFG advances 
to ££ 403,000 
at six months 

IFG Group, the Dublin-Hated 
financial services company, 
reported a 24 per cent increase 
in pretax profits for the six 
months to June 30, from 
I£324,000 to X£40a,000 
(£396,575). Turnover rose 18 
per cent from I£4.75m to 

■ Earnings per share were 
041p (0.69p). No interim divi- 
dend is proposed bat Mr Bich- 
ard Hayes, chief executive, 
indicated the Intention to rec- 
ommend an increased final 
dividend for 1994. 


German stake to cost T&N £118m 


By Kevin Dom, 

Motor In du s tr y Corra np ondant 

T&N, the UK automotive components 
group, said yesterday that it would pay up 
to' DM282JBm (017.7m) to acquire a ffl.fi 
per cent stake In KoEbensdimirit, a leading 
Gorman motor components producer. 

The deal must be approved by the com- 
petition authorities in tbe US, Germany, 
France and the UK. 

If it goes ahead, it will make T&N one of 
the world’s leading producers of M ghw 
pistons, vying for the number one position 
with Mahle of Germany. 

fn bearings it will rival Federal Mogul of 
the US for world leadership. 

According to the terms of the deal dis- 
closed yesterday the UK group has 
acquired options to purchase up to 1.413m 
shares in KnlhmiMlniTidt ivyrpa i M ittng «a n 9 
per cent of the: equity. 

T&N said that a 2459 per cent stake in 


Kdlhensriimidt had been acquired by Com- 
merzbank on its behalf for DM124 An. - 
This stake will be held by the German 
bank at TAN’S risk with tiie UK group 

ferirtng any Joss, or gwny if tbe holding Vmg 

to be sold in flw event of tbs deal .net 
going ahead. 

MsteUgesdlschaft, the troubled German 
metals, mining and engineering group, is 
selling its 47 per cent holding in Kol- 
benschmidt, while Magna International, 
the Canadian automotive components 
group, is reducing its stake from 12-5 to J£5 
■ per cent 

Goman institutional investors will take 
over sat per cent of the Kolbenschmidt 
shares, with. T&N holding options on the 
majority of this stake representing 25-01 
per cent of the Kolbenschmidt equity, ft 
addition it has an option to take over 
Magna’s remaining 25 per rmt 
Mr Cohn Hope, T&N cha i rm an and, ehfaf 
'executive, said the acquisition of a major- 


ity holding in Kolbenschmidt would make 
T&N into “tbe most innovative and com- 
petitive supplier of automotive pistons and 
bearings in the world”. 

ft would greatly strengthen the group’s 
position in the pistons market in Ger- 
many, the biggest vehicle-producing edemr 
fry in Europe and where T&N had been 
weak, and it would take it for the first 
time into the Brarihan market, which has 
been growing rapidly in the last two yeara 
Kolb enschmi dt designs and manufac- 
tures a wide range of diesel and petted 
engine pistons, plain bearings and bushes, 
ft also produces oil and water pumps and 
aluminium 

In the year to the end of September 1993 
it made a pretax loss of DM124m on a 
turnover, excluding businesses since sold, 
of DMLZbn. 

Mr Hope said that T&N group turnover 
next year would exceed £ 2 £bn, if the deal 
goes ahead as pTarmpd by January. 


Sirdar hit by worldwide 
slump in hand-knitting 


By 


A sharp increase in operating 
losses in handknittiDg yams 
restrained pre-tax profits at 
Sirdar, the textiles gr oup , in 
the year to June 30. 

At -the pre-tax level, they 
slipped 3 per cent to £&57m 
(£5.73m), though it was pointed 
out that, withont the addi- 
tional pension cost of about 
£350,000 arising from the latest 
actuarial valuation, profits 
would have risen 3 per cent 

Mr Gerry Lurnb. chairman 
and managing director, said he 
was “disappointed” with the 
result He said that hand-knlt- 
ting as a pastime had stamped 
worldwide in less than a gener- 
ation. This ifa*Hno in inti t tere 
in turn led to fewer shops sell- 
ing yams. 

As a result, Sirdar has 
invested £3m - mostly in. work- 
ing capital, though some on 


m achin er y - to expand Tflsa 
Tams into the production of 
lower-margin Rejpoo yarns for 
supply to knitwear makers. 

These marihlnaJmittfng yarns 
now account for two-thirds of 
the division’s output Operat- 
ing losses in the division' were 
fil - llm (£93,000) on turnover of 
£20m (£2Q.4m). 

Profits in the other textile 
products division grew to 
£6.74m (£S.08m) on turnover up 
at Elttei (£3L5m). R l t n naiw f 

the carpet business, lifted sales 
and profits by about 6 per cent 
while EversUre, which nukes 

curtains, raised turnover 10 per 
cent and profits 30 per cent . 

The TDsa t n ww fai iftwfc Wfteri 
borrowings to £SJm for “mod- 
est” gearing of 17 pm- cant 
Earnings edged ahead, alter a 
lower tax charge, to &9P <&88p) 
per share and the final divi- 
dend is held at 3.7p for a 
higher total of 5A2p (EL35p). 


DIVIDENDS ANNOUNCED 


Currant 

payment 


Correa - 
Data of poncing 
payment dividend 


Tow 

for 

year 


Tata 

tart 

year. 


AppHed l 
APV 


■Jnt 


Booker 
British RtMngw— — ..Jnt 

British Motor frit 

Cato fin 

Coortauida Tex bit 

Craan (Jianai^ kit 

East German Imr ,«Jn 

FoObbb Group — frit 

Indpt tnsuranca int 

Jackson Group frit 

KMnwort Smaflr kit 

KwBcrflt ktt 

Legal A General Int 

Logica — ...An 


1J 

1 

06 

7.7 

1 

1j4 

int 

4.9 

08251* 

nff 

0592 
4 . 
0J 


Oct 31 
Dec 2 
Nov 4 
Jan 3 
Nov 25 
Oef 28 
Oct 29 
Nov 10 
Dec 16 

Dec 1 
Oct 31 
Nov 1 


2 

06 

7JS 

075 

1^5 

4.7 

5J535 

02 

0575 

3.5 

05 


2 JB 

Nfl 


5A 

2 

21.75 

2 

05 

SL3 

14k2 

13i5 

02 

1.5 

&SS 


Jnt 


Meggltt ™ 

Minor Qroop 

National Express Jnt 

Mbnadena ijfln 

Proudtoot - fnt 

Revel Dutch 
Rutland Trust 
S*U 



She! Tr a n sp or t 
SMar 
SwMowfMd 

Un tted tta cuBe Int 

Whatman ln> 


1.1 

Novi 

1.5 

' 

' 35 

1.7 

Nov 14 

15 

m 

35 

095 

Dec 1 . 

65 

m 

201 

06 

Nov 7 

2.75 

5 

4 

15 

Deo 2 

15 


.093 

. 1 

Nov 11 

irf 

_ 

id : 

2J 

- . 

25 

- ; 

75 . 

25 

Oct 21 

25 

4^5 

45 

2 t 

Nov 25 

2 


35 


Sep 27 

3J 


85 

03 

Nov 26 

027 


- 087 

3 

Nov 21 . 

258* 

. 

1045* 

11 i 

Nov 3 - 

- 102 

« 

24 

07 

Nov 28 

07 

QA2 

- 555 

2.7 ' 

Oct 28 

. 2-2 


&2 

5JS. 

Jan 4 

55 

_ 

155 

3J8 

Nov 14 

35 


102 ' 


#>' 


itnnr HumaMai 

David Prosser: sees little prospect of short term luiimjvwmmt 


range of disfributioBa methods 
left it well-placed for the 
fotnre, ■ thdndtng oppw frn dti es 

to absorb amalW - nrmipattfeM. , 

The UK general insurance w 
busmfisa saw a tumround from 
. an hhd erw r itin g loss of £Z7.7m 
fo a profit of £23ro. Ur Prosser 
said tiie business had benefited 
from the dfldstafc to ^ focus on 
personal lines as a key area. 

He added, however, that 
there was some anecdotal evi- 
dence of priceeutting. hi, pre- 
iwfrmt rates, and « v mphqq<qf»H 
the need to ensure that policies 
were priced to reflect exposure 
to risk. 


DWdflnds shown 
In crsaa od capttaL 


PWrtMre netfflccapt where otharwtaa 
stock. JOuteti guDdara. flriah pence. 


stated. tOn 




21 


FINANCIAL TIMES FRIDA Y SEPTEMBER 16 1994 ★ 

COMPANY NEWS: UK 


French purchase cuts 
Courtaulds Textiles 


Output predicted to show steady increase into the next century 

BP emerges from retrenchment era 


By Poogy Homngor 

Entering the competitive 
French hosiery market has 
cost Courtaulds Textiles, the 
clothing and fabrics group. 
£7.4m in the half year to June 
30 and helped to depress pre- 
tax profits by 26 per cent from 
£13. 7m to £10-1 m, 

Mr Noel Jervis, chief execu- 
tive, said that In spite of the 
losses incurred by businesses 
acquired from Hartstone in 
March, Including Cogetex of 
France, he was pleased with 
their progress. 

“They have performed in fine 
with our expectations." be 
said. “The recent hosiery 
acquisition Is hi g hl y swu^ ^ ) 
and the loss incurred was as 
anticipated." 

The months consolidated by 
Courtaulds were the French 
businesses' worst trading 
period, he said. From March to 
June, they achieved on average 
just 12 per cent of annual sales, 
whereas the bulk arose in the 
autumn and winter months. 
“It’s a bit like selling fireworks 
and Christmas cards,” he s a i d 

The heavy second half bias 
meant that predicting the out- 
come for the year at this stage 


By Caroline Southey 

A slowdown in defence and 
aerospace-related businesses 
were behind a drop in interim 
pre-tax profits and sales at 
Meggitt the Dorset-based engi- 
neering company. 

Pre-tax profits in the half- 
year to June 30 fell from 
£l0.77m to £&58m while turn- 
over dropped 10 per cent from 
£179 An to £161.7m. 

The aerospace division saw a 
drop in sales from SSi3m to 
£60m and controls from £61. lm 
to £50.3m. Only electronics 
increased, from £30.8m to 
£31.6m. 

The sales decline was due to 
“continuing slowing of orders 
for the defence and aerospace- 
related businesses and fewer 
major contract completions", 
Mr Ken Coates, executive 
chairman, said. 

The aerospace division con- 
tinued to suffer because of fun- 
damental changes in the 
defence sector and a highly 
competitive commercial mar- 
ket 

But he predicted a return to 


was difficult, although the 
businesses were expected to 
contribute a profit Courtaulds 
said it would update sharehold- 
ers in December when trading 
patterns would be dearer. 

Excluding the effects of 
acquisitions, disposals and 
other one-off charges, profits 
on a like-for-like basis rose by 
32 per cent to SMJBnx. The prof- 
its improvement was largely 
due to lower interest costs 
relating to the underlying busi- 
nesses, and reduced reorgani- 
sation charges. 

Like-for-like operating profits 
before reorganisation costs 
were l per cent down at 
£16An. 

Sales rose 10 per cent at 
£463m, including £15-3m from 
acquisitions, against £422Jjm, 
including £600.000 from discon- 
tinued activities. 

All divisions returned 
improved profits before inter- 
est charges, with the exception 
of branded clothing which fell 
into loss. This included the 
Hartstone businesses as well as 
Aristae, which was affected by 
problems at a factory and 
Georges Rech, which suffered 
from difficult trading. 

Mr Jervis said the problems 


growth in 1995 provided that 
trading conditions continued 
to improve. Orders for the first 
half of 1994 were up 15 per cent 
on the second half of last year, 
and the Asia Pacific market 
saw a 60 per cent rise in over- 
all sales from £KU>m to £1 GUl 
M r Coates said he expected 
growth in the next year to be 
d riv e n by the electronics divi- 
sion, with the component com- 
panies showing the most nota- 
ble improvement 
The rationalisation pro- 
gramme continued with a fur- 
ther 3 per cent reduction in 
numbers employed to just 
under 6,000 and the amalgam- 
ation of five small businesses 
with larger ones. 

A disposal programme would 
realise cash in excess of £20m. 
Gearing had been reduced 
from 31 per cent to 29 per cent 
Earnings per share fell from 
33p to 2£p and an interim divi- 
dend of L3p is maintained. 

• C OMMEN T 

There had to come a point 
when problems in the aero- 
space industry finally caught 


with Aristae were now “well 
over" and it was expected to 
make a “respectable profit in 
the second halt Georges Rech 
had been, restructured, but 
t rading rowthweri difficult 

The dividend was inwttaggd 
by 425 per c eat to 49p (4.7p) 
although earnings fell by 33 
per cent to 7p (104p). 

• COMMENT 

Courtaulds may be optimistic 
about its future in Europe but 
the marfcpt is not going to talra 
any obanrpg until that Decem- 
ber trading statement. While 
encouraged by noises that Sara 
Lee may be re tre atin g on its 
aggressive price cutting cam- 
paign, there are a few too 
many burnt fingers out there 
after last years profits warn- 
ing. The biggest factor in 
Courtaulds' favour, for the 
short-term, anyway, is its man- 
agement. They have done well 
in recession and the Hartstone 
purchase does have consider- 
able recovery potential. Fore- 
casts this year are for about 
£45m, putting the shares on a 
prospective p/e of about 17. 
This premium appears justified 
given the opportunities for 
recovery in Europe. 


up with Meggitt. The moment 
has arrived, although the 
severity of the impact had not 
been antiwpatwi The company 
will be able to achieve somg 
earning progress through the 
energy and electronics divi- 
sions, but they are sm«n and it 
is unlikely to be enough to 
excite investors. Even a 
well-intentioned restructuring 
programme will be nrmhk» to 
overcome the problems of a 
declining military aerospace 
sector and a civilian sector 
im likel y to pick up before the 
end of 1996. The market could 
take some convincing with a 
forecast of £l8m for 1994 and a 
prospective p/e of 14.7. 


profit in the six months to 
Jane 30. 

On sales of £l6-7m (£13. 4m) 
from continuing operations, 
the engineering BT *d ceramics 
group achieved pre-tax profits 


Andrews 

Sykes 

splits 

advice 

By Richard Wotffo 

Independent directors of 
Andrews Sykes, the specialist 

industrial services group, 
yesterday issued split advice 
to shareholders over a buy-out 
bid from Mr Jacques Murray, 

the chairman . 

The two non-executive 

directors, Mr Michael Gader 
and Mr Michael Hamas, 
advised shareholders to reject 
the bid of 50p per ordinary 
share if they have confidence 
in the group’s potential 
However, they added that 
risk-averse shareholders 
should consider selling in the 
market. 

Holders of preference shares 
are recommended to reject 
outright a bid of 12p per share 
in the formal after document 
which was posted yesterday. 

Ordinary shares closed down 
2p at 74p yesterday, while 
preference shares remained 
unchanged at 43p. 

The offer, which values the 
company at £&24m, was 
triggered under the City 
takeover code in mid-August 
when European Fire 
Protection Holdings’ stake in 
the group passed the 29.9 per 
cent threshold. 

Since then European Fire, a 
private Netherlands-based 
company owned by Mr 
Murray, has increased its 
holding to 42.1 per cent of the 
ordinary shares and &3 per 
cent of preference shares. 

Andrews Sykes is in the 
midst of a re o r g an isation to 
refocus on its core activities of 
pumping, heating, air 
conditioning and its UK-based 
hire business. 

The company’s UK bankers 
have demanded that the 
group, whose gearing stood at 
256 per cent on March 31, 
reduces borrowings from 
about £16m to £9 3m by 
January 31, 1995. 

The company has not yet 
paid tiie dividend on 
preference shares due on June 
L Distributable reserves stood 
at just £11,000 on March 3L 
The group bolds its annual 
meeting today. 


credit from the sale of the 
Clayton stake of £362,000. But 
interest took £313,000 
(£503.000). 

Earnings per share came 
through at 3Ap (38-27p loss). 


By Robert Corzina 

British Petroleum yesterday 
disclosed details of its future 
exploration and production 
strategy. In a move which 
reinforced its recent message 
that it has now emerged from a 
protracted period of retrench- 
ment. 

In an upbeat and wide-rang- 
ing briefing to industry ana- 
lysts in London, Mr John 
Browne, managing director of 
BP Exploration, said the com- 
pany was set to expand annual 
o3 and gas production by two 

and six per cent respectively 

into the next century. 

The steady rise in output 
would result from Improved 
recovery rates from fields in 
Alaska and the North Sea - 
the current focus of BP 
operations - and the develop- 
ment of new projects, many of 
them in the developing world. 

Mr Browne used the nwwann 
to announce the discovery of 


By Christopher Price 

A good performance from its 
underwriting business was 
behind a more than doubling 
of pre-tax profits from Indepen- 
dent Insurance Group from 
£4J3m to £10.1m for the first 
six months of the year. 

The general insurer, which 
floated on the stock market 
last year, achieved gross 
underwriting profits of £6.4m 
against a loss erf £2 23m. The 
latter figure was depressed by 
a £52m loss on stop-loss poli- 
cies underwritten for Lloyd’s 
Names in 1989 and 1990. 

The gross written premium 
increased by 24 per cent to 


south Vietnam, the latest in a 
series of gas finds which will 
reduqe the company's depen- 
dence on ofi. 

Recoverable gas reserves 
from the offshore Nam Con 
Son basin were 2 tm cubic 
feet That is large enough for 
the discovery to “play a key 
role in supplying Vietnam's 
emerging gas market” said Mr 
Browne. 

Mr Browne said gas would 
form a growing part of BP’s 
business. In addition to Viet- 
nam, it has recently found a 
large gas field in Colombia, 
where demand has been rising 
by 10 per cent a year. 

The company is also negotia- 
ting with Sonatrach, the Alge- 
rian state energy company, on 
a project to develop a gas field 
which would be linked by pipe- 
tine to southern Europe. 

BP also had “significant’' 
undeveloped gas reserves in 
Papua New Guinea which 
might justify a costly liquified 
natural gas project 


£131 -3m (£1062m), while invest- 
ment income rose by the same 
amount from £3A3m to £4Jfin. 

Earning s per share jumped 
from 8.7p to 15.4p and the 
interim dividend is raised 14 
per cent to 4p (3-5p). 

The company said that a 
combination of new products 
and more efficient systems had 
contributed towards the 
improvement 

In its general insurance busi- 
ness. gross premium income in 
the commercial division rose 
31 per cent to £52. lm (£39.7m), 
resulting in an underwriting 
profit of £L5m compared with 
£300.000. 

Mr Michael Bright, chief 


Mr Browne said BP would 
have to develop local or 
regional gas markets to exploit 
its growing gas reserves. That 
would require it to enter new 
businesses, such as power gen- 
eration. But Mr Browne said it 
would only do so with experi- 
enced partners. 

The projected growth in oil 
production was likely to be 
accompanied by farther cuts in 
costs. Over the past five years 

finding costs have fallen from 

about $5 a barrel to 32, and 
development costs from $10 a 
barrel to between $4 and 
$5. 

Mr Browne expressed satis- 
faction with the portfolio of 
assets and potential projects 
outlined yesterday, and said it 
was the culmination of five 
years of effort. 

Since 1989 annual explora- 
tion budgets have fallen by a 
third to $600m. But spending 
has been focused on new areas, 
which could account for 
300,000-400,000 barrels a day of 


executive, said the company 
was taking precautions against 
potential problems associated 
with employers liabilities. 

The home insurance market 
produced an underwriting 
profit 53 per cent ahead at g2m 
(£l-3m). 

Motor insurance business 
experienced competitive condi- 
tions and the gross written pre- 
mium slipped from £lS-7m to 
£182m, although profits almost 
quadrupled from £500,000 to 
£12m. 

Mr Bright added that the 
encouraging trends seen in the 
first half were continuing to 
have a beneficial effect on cur- 
rent trading. 


new production within five 
years. 

Although man) 1 of the new 
areas are in countries with 
higher political risk profiles, 
Mr Browne said developed 
OECD countries would still 
account for 75 per cent of the 
company's output in 2004. 

He stressed that BP, which 
was forced into retrenchment 
two years ago because of an 
over-ambitions expansion and 
investment programme, bad 
adopted a new strategy to 
avoid making s imil ar 
in future. 

It will now split upstream 
development projects into 
phases to reduce risk and to 
avoid the bunching of large- 
scale capital commitments. 

"Not all these projects will 
work out,” be said. "And we 
won’t make choices until we 
have to, when we will take into 
account a number of factors, 
including the economics of the 
time and moves by the compe- 
tition." 


Hodkinson quits 
from US group 

Mr Jim Hodkinson, former 
manag in g director of the B&Q 
DIY chain, has resigned from a 
consultant’s position with 
Home Depot, the US DI7 giant, 
after only two months, writes 
Neil Buckley. 

He was taken on in July to 
explore international expan- 
sion opportunities for Home 
Depot. 

The company announced 
yesterday he had resigned 
“due to family reasons that 
require him to return to 
England". 

Home Depot refused to say 
what the reasons were and Mr 
Hodkinson was not available 
for comment 


Defence uncertainties 
catch up with Meggitt 


Beauford back in black 

An improving order intake of £851,000 (£3.06m loss) 
helped Beauford return to including an exceptional 


two big natural gas filing off 

Proudfoot names new chief executive 


By Christopher Price 

The restructuring and rationalisation 
measures at Proudfoot, the management 
consultancy chaired by Lord Stevens, yes- 
terday claimed the job of Mr John Prosser, 
the chief executive. 

He is stepping down from that post and 
will head the group’s European sales 
operations. Mr Malcolm Hughes, the for- 
mer managing director of Vernons Group, 
wifi take over as chief executive. 

Previous cost-cutting moves helped the 
group report a 16 per cent rise in first-half 
pre-tax profits from £SAm to £6 l4zu from 
continuing operations. Overall first-half 
losses last time totalled £14m, including a 
restructuring provision of £182m. 

However, in the six months to June 30, 


tough, conditions in the European side of 
the business, together with the withdrawal 
from some markets, saw turnover fall 26 
per cent to £60 .5m (£8l.7m). 

Mr David Gill, finance director, said 
that, following the completion of changes 
to the group, the challenge was to achieve 
revenue growth from new and existing 
business. "We have put everything in 
place, we now have to prove we can do it” 

Mr Gill admitted that the problem in the 
European operations was due partly to 
organisational difficulties. "John Prosser 
is going to do a job in which he excelled 
during the 1980s and early 1990s." 

The core Proudfoot consultancy busi- 
ness continued to be the main source of 
revenue, even though operating profits fell 
by 30 per cent to £5.34m (£7.66m). 


Operations in the US and Mexico per- 
formed well; the consultancy achieved a 
tripling of h illing s in the US. However. 
Canada and Brazil were weak. 

Mr Gill said Proudfoot would continue 
to pull in its horns from peripheral mar- 
kets and concentrate on its core North 
American businesses. 

A turnround was achieved in the Crosby 
teaching-based consultancy, which turned 
a £lAm loss into a £L2m operating profit 
However, the group said current trading 
in the division was “disappointing.” it 
added: “The realignment of the cost struc- 
ture of the business should mitigate this 
impact though the decreased revenue will 
reduce second-half profitability ." 

Earnings per share slipped 0.1p to 52p, 
while the dividend was maintained at 2p. 


Independent Insurance at £10m 


hduoary issue by Kre<*e*enk S A. Luxembourge&se 
lo fund a tear* to be made toy it to 

ISVEIMER 

Istituto per lo SvBuppo Economioo 
deintafia Merkfionaie 

Italian Lire 150,000,000,000 
Boating Rate Notes due 1997 


In aaxxdanoa with the Terms and ConcMons c4 tf» Notes, notice is here- 
by pwn that tor iholnterest Period from September 16. 1994toDecen> 
pgr 16 19M the Nows wi canyon Merest Ra»af 9.3125?fr per anrarn. 
TheMensstArnouniipay3bteonttieretevani(nterestP3vment[>ate.De- 
ct^TTbor 16 , 1994 vv* be rTL 11 7,700 per 1R 5,(XX1000pn«XMlamcunt 
o< N«Me and ITL 2^53.993 per m. 100.000,000 pnnc?>al amount trf Note. 

. The Agent Bar* 

Kredetbank SA Luxembourgeoise 



TV tMMlal ruul far ihr Mtkna MvrKOt 

Market-Eye 



Danisco A/S 


Langebregade 1. POSox 17. 

1001 Copenhagen K. Denmark 

DKK 1,150,000,000 5 per cent Convertible Bonds 2004 
(the -Bonds') 

ADJUSTMENT TO CONVERSION PRICE 

NOTICE IS HEREBY OVEN to hoUeis ol ttw Bonds teal the price at which 
the Bonds are oortveritte into shares in Dantaoo A/S (tha "Conversion 
Price") has been adjusted on and whh effect from 15th September 1994 in 
ttrmr rta nr t, yyftp the Trust Deed dated 21 St February 1994 tram DKK 1,290 
to DKK 252 per share. This adjustment has been made following the 
alteretion to the norrinai value of the shares from DKK 100 per share to DKK 
20 par share which look place on 15th September 1994. 

At any general meeting of Dartaco A/S, each share of nominal value DN( 20 
Shan, on a poO, entitle the holder thereof, whether present in person, by 
representative or by praay, to one wtfa 

Conversion rights exorcised by deftwy of Bonds on or alter 1 5th September 
IBM wH taka effect at the adjusted Conversion Price. 

Issued by Danfeco A/S 16 September 1994 


a 

DANISCO 


CONTRACTS & TENDERS 


CALL FOR TENDERS 

pursuant to the assignment of the 

Construction and Accommodation Directorate 
of the Hungarian Armed Forces, 

the Law firm of Seward & Kissel 
hereby announces a 

PUBLIC INTERNATIONAL TENDER 

the subject of which is: 

the preparation and submission of a feasibility study 

and A BUSINESS PLAN RELATING TO THE RECONSTRUCTION OF THE 
CENTRAL MILITARY HOSPITAL OF THE HUNGARIAN ARMED FORCES 

_ _ . -an u* muchased in Are Budapest Representative Office of the Law Finn of Sewaid & Kissel (1051 Budapest. N3dor b. 

J^. hase ZJJOO USD for foreigners or the equivalent in Hungarian Forints for Hungarian tenderers. 

_ . aihmivacm of leaders i* 10:00AM on November 18. 1994 at the above address complying with the specifications and in the 

^^tescriltcd in the Tender Documenttlian. The opening of the tenders will take place hnmedotriy after the deadline for the submission. 

« rtiAsPC. Ciller will publish the results on December 19, 1994 and conclude a contract with the winwafs) for the 

After the cvnliu he subtninSl prior to April 3. 1995. The Study must contain a concrete (dan supported by adequate assurances 

Sag tothc capability °f the Tenderer to provide or arrange the necessary financing for the completion of the reamstraction project already m 

prrveSh. 

Warns !Ik SluJy. a pror-*-! I* !****> p*r to to* » l« ■ foramlalc an adminisWiva dad™.«latins » lie 

project. 

Budapest. September 16. 1994 

The Law Firm of 

CuiKtructimi add Seward Sc 

Accommodated Directorate « 
tbe Hungarian .Armed Forces 



INDEPENDENT 

INSURANCE GROUP PLC*^ 
1994 UNAUDITED INTERIM RESULTS 


Gross written premium up 24% to £131.3 million. 
Pre-tax profit more than doubled to £10.1 million. 
Interim dividend increased by 14%. 


RESULTS IN BRIEF 

Jan -June 
1994 
£000*5 

Jan -June 
1993 
£000*s 

Grois Written Premium 

131,299 

106,169 

Underwriting Result 

6,403 

(2,234; 

Profit before Tax 

10,132 

4,292 

Earnings per Share 

1 5.4p 

8.7p 

Dividend per ordinary Share 

4.0p 

3.5p 

Net assets per ordinary Share 

1 83. Op 

1 53. Op 


Michael Bright, Chief Executive, commencing on the results said: 

"Following an excellent result in 1993 our progress continues with 
the half year pre-tax profit more than doubling to £ 1 0.1m (1993: £4. 3m). 
We are continuing to reap the benefits of our highly disciplined approach 
to underwriting and our carefully selected broker panel. 

Market conditions continue to offer opportunities for profitable 
development of Commercial business in our target areas. In the Personal 
Lines market we are focusing on niche development where we are able to 
use our underwriting skills and avoid the more intense competition that is 
emerging in some areas. 

The signs for the remainder of 1994 are encouraging with the first 
half trends continuing in all our main areas of operation." 





22 



FINANCIAL. TIMES FRIDAY SEPTEMBER 1<S 1994 

COMPANY NEWS: UK ; 


Increased market share 
helps Kwik-Fit to £15m 



Tar/ M*« 

Tom Farmer, marketing initiatives brought in more customers 


By David Blackwell 

A gain from property sales, 
coupled with a sharply lower 
interest charge and higher vol- 
ume, helped Kwik-Fit Hold- 
ings, the tyre, exhaust and 
brakes fitter, to increase pre- 
tax profits by 33 per cent in the 
half year to end-August. 

On sales ahead 14 per cent at 
£15Q.4m (£132. lm) the pre-tax 
result was £152m (£li.5m) 
including £761,000 (£207,000) 
from property disposals. 

Net interest payable tell from 
£L06m to £307,000, and borrow- 
ings from £17m to £5.6m. 

Mr Tom Farmer, chairman, 
said that marketing Initiatives 
introduced last year had 
brought in more customers, 
leading to further increases in 
market share. The board was 
"more than satisfied - in fact 
we are delighted" 

Extra volume ted through to 
a 20 per cent rise in operating 
profits from £12 .3m to £14J9m. 
Operating margins rose from 
9 J3 to 9.8 per cent 
The UK contributed £llm 
(£9.5m) of operating profits on 
£117.4m (£104. lm) of turnover. 
More than half the sales were 
accounted for by tyres, where 
the group lifted its market 
share from 14 to 18 per cent 
Sales of exhausts in the UK 
were 4 per cent higher at 
£36. 8m. while sales in the new 
brakes sector almost doubled 
to £8m following a national 
launch last November. The 
group is aiming for 10 per cent 
of the UK brakes market in the 
next couple of years. 

Sales overseas - in the 
Netherlands and Belgium - 


rose by 18 per cent to £33m 
(£28m), yielding operating prof- 
its of £3Jfen (£2£m). 

Capital expenditure 
Increased from £3 An to £9m, 
refle cting the acquisition and 
development of new properties. 
Mr John Houston, finance 
director, said spending last 
year had been restrained - 
"but now we have more confi- 
dence in the potential of our 
business." 

At August 31 the group was 
operating a total of 651 (632) 
centres. A further 27 were 
being developed. Mr Farmer 
said he believed there was 
room for a further 200 outlets 
in the UK. which has 494 cen- 
tres. 

Earnings per share increased 
from 4.7p to 62p, and the 
interim dividend is 1.7p (i-5p). 


• COMMENT 

Tyres and exhausts might 
seem unexcttme markets, but 
Kwik-Fit has found the right 
formula to make tham pay. Its 
share of both sectors is rising, 
adding to Its buying power, 
while there is everything to 
play for in the new brakes mar- 
ket. The strong brand nam e 
and narrow focus has helped it 
to survive a period of intense 
competition, and it now teals 
confident enough to speed up 
expansion. While plenty of 
competition remains, it is frag- 
mented. Earnings are expected 
to be lip for the foil year and 
13p In 1995-96, which puts the 
stock at a 10 per cent discount 
to the market. This looks 
grudging for a company behind 
such a successful retail con- 
cept 


Rutland 
at £4.5m 
and plans 
expansion 

By DavM BtecfnveD 

Rutland Trust, the financial 
and business services group, 
boosted pre-tax profits by 23 
per cent for the six months to 
June 30. 

They rose from £3-64m to 
£4. 48m an turnover of £55m 
(£50 An). 

Mr Michael Langrinn, chief 
e x ecutive, said the results 
were on target 

The group has more than 
£15m in cash in addition to its 
42 per cent stake in Capital 
Industries, the laminated 
paper maker. This is on the 
books at £7 An, but has a mar- 
ket value of £22 dl 

“We have significant finan- 
cial flexibility with wtdch to 
take the business forward,” 
said Mr Langdon yesterday. 
The group was actively 
looking for acquisitions. 

Operating profits from the 
corporate finance and invest- 
ment division rose from 
£704,000 to £1.30m, mainly 
representing the contribution 
from Capital Industries. 

The contribution from Ben 
Shaw’s, the Huddersfield soft 
drinks and water business, 
was marginal, but is expected 
to be better in the second half 
following the hot summer. 

Earlier this year Rutland 
sold part of Ben Shaw’s Ponte- 
fract canning line to Cott Cor- 
poration, a Canadian group 
which provides own-label 
colas for supermarkets. A fur- 
ther exceptional gain of about 
£2.7 m is expected m the sec- 
ond half from the sale. 

The asset financing division, 
which fs involved in vehicle 
contract hire, almost quadru- 
pled profits to £2.04m 
(£536,000) on the back of new 
business won and an increase 
in the value of second-hand 
cars. 

Profits from professional 
services retreated from £2.4n 
to £ 1 . 08 m, reflecting a cyclical 
setback at EIUs & Buckle, the 
chartered loss adjuster. How- 
ever, the group believes Ellis 
will emerge from the down- 
turn “as one of the pre-emi- 
nent loss adjusters.” 

Earnings per share rose 
from 0.93p to l.Q8p. The 
interim dividend is 0.30p 
(0J27p). 


CMG rises 54% to £6.8m 


By Alan Cane 

Computer Management Group, one of Europe's 
largest privately-held computing services com- 
panies, pushed pre-tax profits from £4.4m to 
£&8m at the halfway stage, an improvement of 
54 percent 

Turnover grew 13 per cent from £6L5m to 
£G9.7m, while fully diluted earning s per share 
rose 59 per cent to 25 (l5Jp). Operating mar- 

gins Improved to 9.5 per cent (6.8 per cent) and 
turnover per employee in the first six months 
grew to over £37,790. 

CMG. with staff numbering over 2000, oper- 
ates principally in the UK and continental 


Europe. It is likely to seek a London listing in 
the spring of next year, subject to market condi- 
tions. 

Mr Douglas Gorman, chairman, said the 
improved results reflected a co ntinuing demand 
for computing services throughout Europe. 

“The Netherlands continues to be our largest 
market with 63 per cent of turnover and is 
growing strongly”. The company is strong in 
mobile telecommunications with projects in 
Russia, Poland, Germany and Portugal. 

Mr Gorman said that trading conditions were 
improving in the UK, while h anking anfl consul- 
tancy services were developing well in Ger- 
many. 




..nr...,', **} 




In accordance with the Terms and CondRkms ot 
the Notes, notice Is hereby given that for the Interest 
Period from 16th September 1994, to 16th March 
1995, the Notes wilt bear a Rate of Interest of 
9.3364 per cent per annum. 

AGENT BANK; CHARTERHOUSE BANK LIMITED 

A Member of The Securities and Figures Authority 


CHARTERHOUSE 


CONSORZIO IRICAV UNO 

(General contractor for 7LA. V. Trcno Alta Velocita S-p-A.) 

ABSTRACT OF CALL FOR BIDS NOTICE NO. 1 

The CrinMjrzip IRICAV UNO, with headquarters in Rome, Via TovagUeri, 17- 
00155 ROME, TeL +39 fi 231971, Fax +39 6 2308316. announces for and on 
behalf of the consortium member and assignor I OLA Ctatnuioai Generali S.p_A_ 
and in accordance with Directive 933S/EEC of 14/06/93, the summary of the 
procedure for the assignment of the civil works for the railway and relative 
secondary works between the kilometric sections 121+632 and 128+524, 
consisting of ihc movement of materials, structures (raOioad bridges, walls, drains 
eic.) interferences, roadworks and hydraulic installations. The works will be 
carried out in the province of Frosmone. 

Method of odjuduatun: offer of uniiaiy prices awarding to Ait. 5 of faliaii law H73. 
Prevailing category A-N.C (National Register of Constructors) 6; the offers 
should not exceed Lit. 32,090,000.000 (thirty two bilUon ninety million) 
excluding VAT. 

The Interested companies should send their offers of participation to arrive by 
6p.m. an 18lh October 1994. according to the regulations of lb- Complete Call for 
Bids Notice which was sent to Ihc Publications Office of the European 
Community on 7th September 1994 and to the official journal (GazzcOa Uffiaak) 
of the Republic of Italy un 9ih September 1994. 

CONSORZIO IRICAV UNO 
THE CHAIRMAN 

DoB- log- Angelo FLORES 


Notice of Interest Amoant 

EMRRATEL 

EMPRESA BRASILEIRA DE 
TELECOMUNICACOES S JL 

Floating Rale Notea 

NOTICE IS HEREBY OVEN that the UBQ RATE tor the I N T ERE ST PERIOD 
beginning September 15. 1994 and ending on March 15. 1995 has been 
fixed at 5.4375%. The INTEREST AMOUNT totaling 3337,283.98 payable on 
the SEMI-ANNUAL DATE falling on Match 15, 1995 is comprised of the 
fa] towing amounts: 

Series Interest Amount Series Interest Amount 


A 
B 
C 

September 16, 1994 


$107.73759 
i 78,712.75 
S 53,368.99 


5 40,401.75 
S40.40l.7S 
S 16.160.75 


CITIBANK, NAh m Agent Bank 


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FINANCIAL TIMES 


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HMC MORTGAGE ASSETS 

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CliUB 

Mortg ag e Backafl Floating Rala 
Notes due March 2021 
For the Merest Period Horn 
September w, 1994 to December 14 
19M ms Nats Ram has been oeter- 
rnbied N 6.70469% per annum. The 
■merest payettie 01 the relevant in- 
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Nat Express in black with £0.5m* 


By Peggy Koanger 

Tbe long decline in the number 
of rrwrih travellers has finally 

been reversed, according to 
National Express. The trans- 
port group yesterday 
announced a return to the 
black with interim pre-tax prof- 
its of £552^)00. 

The return , struck on sales 
up 31 per cent at £69.6m 
(£53.Im), compared with losses 
last year of £407,000. 

Mr Adam Mills , deputy chief 
executive, said passenger num- 
bers had increased by about 3 
per cent throughout the 
group's network. This was the 
first rise for at least two years. 

The benefit was being felt 
from people switching to coach 
services during tbe British rail 
strike, but the underlying 
trend was still an improved 


one, Mr mths mM. 

However, the need to dis- 
count fores to meet competi- 
tion from other coach opera- 
tors and rail services meant 
that increased volumes Had lit. 
tie effect cm interim profits. On 
average. National Express cut 
fores by about 3 per cent, 
mostly in 

The largest contribution to 
profits tub from the group's 
newest business — East Mid- 
lands airport 

Purchased for £27m in 
August last year, it contributed 
£1.5m in operating profits. 
There were no comparative fig- 
ures, althoug h Mr Ming said 
much of Hie savings effe cted 
by National Express were 
being passed on to the airlines 
in an attempt to increase the 
volume of traffic through the 
airport. Passenger numbers 


‘rose 18 par cent 
The mein UK coach busi- 
ness, known as National 
Express, reduced losses in the 
'six months to June 30 from 
Ei-Pm to £869,000. The British 
Ball strike had little impact on 
first-half results, but was 
expected to benefit the latter 
part of the year. 

The European coach opera- 
tion benefited from the acquisi- 
tion of a Dutch business. Oper- 
ating profits rose by 16 per 
cent to £460,000. 

The contribution from air- 
port coach services almost 
halved from £182^00 to £93,000. 

The dividend was Increased 
by 8 per cent to 2.7p. Earnings 
per share of lp compared with 
a loss of 0.5p last time. 

• COMMENT 

The rise in coach passengers 


might take some pressure off 
National Express, but not 
mucfa. This is not a spectacular 
growth market, and price 
Increases are difficult, if not 
well-nigh impossible. So tbe 
move into airports looks better 
all tbe time. Yet the company 
has found it much more diffi- 
cult than it thought to follow 
its East Midlands success. 
Local authorities, which own 
many of the desirable airports, 
have been alerted to the poten- 
tial value and prices are not 
cheap. Still, the benefits of 
East Midlands have not yet 
been fully realised and an 
acquisition Is almost certain at 
some stage. Forecasts are for 
about £ll-7m In profits this 
year, which leaves the shares 
trading on a prospective p/e of 
about 17 times. The premium 
rating is well-deserved. 


Whatman hampered by Cyclopore 


By Simon Davies 

Wha tman, the manufacturer of 
filtration and purification, prod- 
ucts, reported a drop in profits 
for the first six months of 1994, 
primarily attributable to losses 
from its recent acquisition. 
Cyclopore. 

However, the company 
expressed its confidence in 
future profits growth by rais- 
ing the interim dividend by 9 
per cent to 3.6p (38p). 

Pre-tax profits fell from 
£L56m to £4.4lm, in spite of an 
S per emt increase in turnover 


to £36 .5m (£33 .7m), but this 
was largely due to the impact 
of acquisitions. 

Cyclopore, a Belgian mem- 
brane manufacturer acquired 
in November, lost £200,000, 
while German molecular biol- 
ogy company Biometra, 
acquired for £3fim last year, 
achieved only break-even. 

The company expected Biom- 
etra to produce “good profits in 

the second half, as It has a 
seasonal business pattern. 
Cyclopore is not expected to 
make a positive contribution 
until 1996. 


Revenues, excluding acquisi- 
tions, increased by 4 per cent 
at constant exchange rates, 
with increases coming mainly 
from North America, where 
operating profit rose from 
£2.05m to £2.G9m. 

The UK International region, 
mainly continental Europe, 
suffered from production prob- 
lems, which have now been 
overcome, but fids resulted in 
a reduction in operating profit 
to £ 2.1 m (£2.66m). 

The company is currently 
wn r W ng on a ratTonaHaatinn of 
its North American business in 


order to reduce its cost base, 
and this will impact on second 
half revenues. However, Mr 
Andrew Smithers, chairman, 
said: “We anticipate that 
improved second-half trading 
in both North America and the 
UK International region will I* 
allow us to absorb the cost of 
this reorganisation.’' 

At the half year stage, the 
company had net borrowings 
of vatn , rep resenting gearing of 
only 6 per cent It Intends to 
make further acquisitions. 

Sailings per share fell from 
12 Alp to 1236P- 


Bentalls cuts losses and 
expects fall in borrowings 


By Richard Woffle 

Bentalls, the department store 
operator, reduced pre-tax 
losses from £419,000 to £343,000 
after a seven per cent rise in 
turnover from £33£m to £36^m 
in tbe six mnn+ha to July 30. 

The group, which operates 
seven department stares In the 
south-east of England, reported 
an operating profit down from 
£480,000 to 2365,000, because of 
a rebate on uniform business 
rates last year. 

Bentalls that further 

successful appeals agafnst uni- 
form business rates will result 


in a credit of £Ll5m in the 
second-half results. 

The company anticipates a 
material reduction in net bor- 
rowings after a £4m refund erf 
corporation tax and accrued 
interest from a capital allow- 
ance claim far the flagship 
store to Kingston upon Thames 
in Surrey. 

Net interest payable was 
£708,000 (£899,000). 

The group plans to spend 
£3m over the is months 
refurbishing its branch stores 
to the standard of the King ston 
store in the Bentall Centre 
development, which opened In 


November 1992. 

The centre's retail space is 87 
per cent let, but the company 
receives a minimum rental 
income of £L65m a year under 
an agreement with its codevel- 
oper Norwich Union. 

Mr John Ryan, finance and 
property director, said 
Increased lettings in the Ben- 
tail Centre were now attracting 
customers away from other 
shopping centres in the 
region. 

Despite posting losses per 
share of <L55p (0.67p), the group 
maintained an interim divi- 
dend af 0 . 6 p per share. 


British Mohair 
rises by 51% 
to £1.4m 

Textiles group British Mohair 
Holdings increased pre-tax 
profits by 51 per cent from 
£907,000 to £OTm in the half 
year to June 30. 

Turnover rose 14 per cent to 
£22.6m (£19.8m) Including a 
UK contribution of £17. 2 m 
(£14J3m). 

Hr Charles Fenton, chair- 
man, foresaw a rimflar perfor- 
mance to the second half as 
“interest In mohair as a 
unique fashion fibre” contin- 
ued to increase. 

Earnings per share 
increased to 6.81p (4.48p) 
while the interim dividend 
remained at L4p. 



The FT Guide for the Serious Investor is published with the Financial Times 
on Saturday, September 17. 

It will look at tbe many ways the seriously rich increase their wealth by 
examining the kinds of investments they prefer and who advises them. 

It will also provide Insights into Individual success stories as well as the 
opportunities for investment in art, furniture and even wine. 

All this invaluable advice (and more) is an absolute pre-requisite for anybody 
with personal capital to Invest. 

So, if you’re serious about Investment, make sure you get a copy. 

Weekend FT 


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financial times 


FRIDAY SEPTEMBER 16 1994 


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COMPANY NEWS: UK 


> Significant tumround in North America behind 50% improvement 

Logica advances to £13.5m 


By Alan Cane 

Profits before tax at Logica, 
tbe computing services com- 
Pany, rose 50 per cent in the 
year to June SO. after a signifi- 
cant tumround in North Amer- 
ica. which saw the US opera- 
tion in profit for the first time 
since 198s. 

The result was ahead of mar. 

bet expectations and the 
shares rose 14p to 318p. 

Ur Martin Read, chief execu- 
tive, said the improvement was 
a result of rationalisation and 
restructuring, coupled with a 
powerful focus on key markets 
implemented by a new and 
effective management 

Pre-tax profits came in at 
£135m <£9m). In the UK, where 
Logica makes about half its 
sales, profits rose only margin- 
ally to £3.fim i£9.2m). The US, 
however, turned a £2.6m loss 
last time into a £300,000 profit 

In continental Europe, prof- 
its rose 38 per cent to £3.6m on 
strong underlying growth, but 
the company has still to 
improve its performance in the 
Asia Pacific region where a 
£300,000 loss was repeated. 

Revenues grew five per cent 
to £22&8m (£21 7.4m). Earning^ 
per share rose 61 per cent to 
14p. A final dividend of JL6p is 





u iSki- : 7-- 


mmsmm 



Martin Read: still dissatisfied with 5.9% gross margin 


recommended mairirtg a total 
of 5p - a 25 per cent rise. 

Interest income halved to 
£495.000 (£942,000), a result of 
lower interest rates and a 
decline in average cash bal- 
ances, which fell to £15.3m 
after a number of acquisitions. 
The tax rate, however, 
improved as overseas subsid- 
iaries moved into profit, elimi- 
nating unrelieved tax losses. 

Operating profits rose 61 per 


cent to £13m (£8m), but Mr 
Read said he was still dissatisf- 
ied with the 5.9 per cent gross 
margin. He believes it possible 
to improve margins to 10 per 
cent and above. 

In the second half of last 
year, UK margins rose from 7.4 
per cent to 9.5 per cent, as 
restructuring and tighter oper- 
ational control had their effect 

Logica is a broadly-based 
computing services group with 


Hawtal 
Whiting 
shares jump 

Shares in Hawtal Whiting 
jumped by 65p to 285p after the 
motor industry design and 
engineering consultancy 
announced interim pre-tax 
profits quadrupled from 
£402,000 to El.fim. 

Turnover for the six months 
to June 30 rose by 18 per emit 
to £4Q.8m (£34.5m). Earnings 
per share came through at 

12£p (0.08p). 

Mr John Whitecross, chair- 
man. said that as an increasing 
number of automotive manu- 
facturers implemented plans 
for product development the 
company could expect growth 
in its market 

Arthur Wood rises 

Arthur Wood & Son, the earth- 
enware product manufacturer, 
reported pre-tax profits up 15 
per cent from £16.402 to £18*46 
in the six months to June 30. 
Turnover rose 16 per cent from 
£1.53m to £l.78m, with a 53 per 
cent increase in exports. 

Earnings per share rose 
slightly to 0.62p (0.55p). 

Applied Distribution 

Applied Distribution Group, 
which came to the market in 
March, announced a rise in 
pre-tax profits from El.Oim to 
£I.63m for the six months to 
July 2. 


NEWS DIGEST 


Turnover for the warehous- 
ing and distribution group 
amounted to £153m (£12m). A 
dividend of L3p is being paid 
from earnings of SJttp. 

Jackson up .32% 

Jackson Group, the construc- 
tion concern, saw pre-tax prof- 
its rise by 32 per cent from 
£236,000 to £311,000 in the first 
half of 1994. Turnover an con- 
tinuing operations grew 27 per 
cent to £33 ^m. 

Earnings per share improved 
to 0.9p (0.7p) and an unchanged 
interim dividend of 0.5p has 
been declared. 

British Fittings up 

British Fittings, the pipeline 
equipment, water products and 
metals distribution group, 
lifted pre-tax profits by 65 per 
cent, from £672,000 to 
in the half year to June 30. 

Turnover edged ahead to 
£36.7m (£36. 4m), including 
£L37m from acquisitions. The 
Interim dividend is lifted to lp 
(0.75p), payable from earnings 
of 2.73p (l.Tlp) per share. 

Folkes advances 

Increased demand for engineer- 
ing products and services and 
the absence of losses from 
Evertidy Furniture, following 
its disposal last autumn, 
resulted in a tumround at 
Folkes Group in the first half 
of 1994. 

On 33les of 09.2m, against 
£20.1m including £2. 2m from 
discontinued activities, pre-tax 
profits were £2 -3m (£200,000). In 


1993 the engineering and prop- 
erty concern suffered a pre-tax 
loss of £L72m. 

The shares jumped Bp to 48p. 
The interim dividend is 
increased to 0.592P (0.575p) on 
earnings per share of 2.58p 
(0.29p). 

Swallowfield doubles 

Pre-tax profits doubled at Swal- 
lowfield in the 24 weeks to 
June 18, from £522,000 to 
£L04m. Turnover at the aero- 
sols, toiletries and cosmetics 
manufacturer increased 24 per 
cent from £12m to £14Jhn. 

Earnings per share more 
than doubled to 5-6p (2.6p) and 
the interim dividend has been 
raised to 2.7p (2L2pX 

Comp Fin Solutions 

Computerised Financial -Solu- 
tions. the computer software 
company which joined the 
USM in-February, reported pre- 
tax losses of £36.000 for the half 
year to June 30, against profits 
of £77.000. 

Turnover was £1.4m 
(£ 1.64m). Losses per share were 
1.4p (earnings lip). 

Barlows in black 

Barlows, the Chester-based 
property company, returned to 
profits in the she months to 
June 30 with £208,000 pre-tax 
against losses of £202,000. 

Turnover was higher at 
£927,000 (£768.000) and there 
■was a profit on sale of proper- 
ties of £126,000, against a loss 
of £69.000. Earnings per share 
were l.Mp (losses lp). 


CONTRACTS & TENDERS 


MINISTRY OF FINANCE 

SHOOT TERM CONSUITANCY TO REVIEW TH E CUR RENT 
MALAWI GOVERNMENT BUDGETING SYSTEM 

77,,. Government of Malawi has obtained a loan from the World Bank (IDA) to 
implement a Second Institutional Development Project. One of the components of the 
project is the strengthening of the Institutional capacity of the Ministry of Finance. 

Under this Component* Government proposes to introduce a system of Forward Budgeting, 
Before this can be done, itere is need to review the current budgeting system. 

The Ministry of Finance wishes to hire the services of a short term consultant to review 
the cuncni Government Budgeting System. 

The Objectives of the Review are: 

j to evaluate how the programme budgeting system has performed since its 
inception in 1987 to determine its strengths and weaknesses. 

2. To review the effect of the decentralised accounting system to Programme 
Budgeting. To examine linkages between the budgetary systems within the 
Ministry of Finance and the line ministries. 

3 To review the linkages that exist between the budget division of the Ministry of 
Finance and the Public Sector Investment Programme of the Ministry of Economic ’ 
Planning and Development. 

4. To make recommendations on the aspects of the present system that can be 
incorporated into the forward budgeting system. 

Areas to be Covered Include : 

1 Resource Mobilisation - Review bow resources are mobilised internally as well as 
externally by programme and what effect this has had on the budget since 1987. 

’ Resource utilisation since the start of the programme budgeting, how allocation of 
resources to programmes has affected attainment of goals by the 
ministrics/dcpartments. 

Resource Management - This will involve a review of the decentralised accounting 
system which was implemented along with programme budgeting. 

4 Linkages with the Public Sector Investment Programme - This will involve an 
imaksis of the linkages between the budget cycle in the Ministry of Finance and the 
pubiic sector investment programme (PSIP) in the Department of Economic 
Planning and Development. 

Interested consultants should submit their proposals on how they intend to cany out this 
assignment and the submissions should include cost budgets. 

Applications should be sent to: 

The Secretary to the Treasury 
P O Box 30049 
LILONGWE 3, Malawi 
(Attention: Deputy Secretary (Budget)) 

Fax No: 010 265 781 679 
CLOSING DATE; 3RD OCTOBER 1994 


Its main activities in the 
finance, government, energy 
and telecommunications sec- 
tors. 

• COMMENT 

Martin Read has reasons to 
feel pleased, but not compla- 
cent, about bis first 18 months 
at Logica. He has kept his 
promises, delivering improved 
growth and profitability in a 
steady, unspectacular way. His 
no-nonsense approach has 
proved effective in a company 
hitherto better known for 
efrnfapah than tough manage- 
ment Poorly performing Ital- 
ian and German operations 
have been closed and the black 
hole of North America stopped 
at last The company culture is 
changing. Mr Read believes he 
is half to two thirds of the way 
through the transformation. 
The company has won some 
significant orders, notably a 
key RAF logistics project and 
the order book is healthy. Nev- 
ertheless, the market remains 
fragile. Pre-tax profits of £18m 
or 18-6p of earnings are expec- 
ted next year giving a prospec- , 
tive p/e of about 17. Good 
value, therefore, with an excel- j 
lent 1996 In prospect if Euro- I 
pean and US economies hold I 


Glencar cots loss 

nipinnar Explorations, the Dub- 
lin-based mineral exploration 
company, reported reduced 
losses Of K35.985 (£35,523) for 
the first ball of 1994 against 
I£53,616. Its mam interests are 
in evaluating gold finds in 

fthana 

BZW Convertible 

BZW Convertible Investment 
Trust reported net asset value 
down from 118.13P to 116i26p in 
the year to July 31. 

Net revenue slipped from 
£43rn to £388m and earning s 
per share were 7.84p (8.52p). 
The final dividend is 3.3p 
(same) for an unchanged total 
of 7£Sp. 

Klein wort Smaller 

Klemwort Smaller Companies 
Investment Trust reported net 
assets down 13 per cent from 
168.1p to 145.7p in the six 
months to July 31. 

Net revenue dropped from a 
restated £231,000 to £149.000 
giving earnings per share of 
U3p (l.TSp). The interim divi- 
dend has been cut to l.lp 
(L5p). 

Warrants and Value 

Net asset value per share at 
Warrants and Value Invest- 
ment Trust stood at 3L83p at 
June 30, a 12-8 per cent decline 
from 3987p at end-December. 

Net losses for the half year 
were £24,000, against revenue 
of £34,000 and losses per share 
were to OJSp (0-04p earnings). 


Bakyrchik 
Gold seeks 
net £25m 
in placing 

Bjr Kenneth Gooding, 

Mining Correspondent 

Bakyrchik Gold, which so far 
has raised £llm for invest- 
ment in a gold mine in Kaz- 
akhstan since it was floated in 
London a year ago, is raising a 
farther £25,lm net via a condi- 
tional placing and a S-for-5 
open offer of 9.45m shares. 

This is far below the £7Gm 
cash ca l) thaf Bakyrchik had 
warned shareholders was on 
the way. 

Mr David Hooker, chairman, 
said yesterday that sharehold- 
ers had indicated they would 
prefer some bank debt to be 
raised for the project. They 
would also prefer not to hand 
over all the required cash at 
one time. 

Hr Hooker thought Bakyr- 
chik might raise debt of 
between £35m and £40m. Dis- 
cussions wtth some banks had 
started but. although it 
appeared money might be 
available “on suitable terms,” 
negotiations were not likely to 
be completed until the end of 
this year. 

He said Bakyrchik was 
likely to ask shareholders for 
farther fands as early as the 
middle of 1995. , 

Bakyrchik was floated at 1 
I20p a share. The price has 
bear up to 405p and the plac- 
ing is to be at 283p compared 
with 292p on Wednesday. The 
shares closed up 6%p last 
night at 297p. 

The company wants to 
develop farther the Bakyrchik 
gold mine in a joint venture 
with the Kazakhstan govern- 
ment The first stage set out to 
prove that it was possible to 
treat the sulphide ore from the 
mine by the Redox process. 

Mr Hooker said that the 
Redox plant was still not oper- 
ating on a continuous basis 
because it had experienced 
“typical start-up problems”. 

Production of 45,000 troy 
ounces of gold a year (includ- 
ing 30,000 ounces from the 
Redox plant) and a start on 
development of the under- 
ground mfriP were “the princi- 
pal objectives for the next 
twelve months.” 

A feasibility study estimated 
that annual gold production 
from Bakyrchik's sulphide ore 
would be 205.000 ounces, 
against 230,000 ounces men- 
tioned in the 1993 listing par- 
ticulars. Sulphide reserves are 
estimated to contain 1.26m 
ounces of gold compared with 
660,000 ounces previously. 
Gold in sulphide resources 
was estimated to be B.6m 
ounces against 9Jbn ounces. 

The estimated cost of the 
second stage of development is 
now 0102m (£66m) compared 
with $1 09.2m at the time of 
listing. Cash production costs 
are estimated at $142 an ounce 
compared with $147, among 
the lowest in the world. 


Rates rebates help John 
Lewis to 74% advance 


By NeB Buckley 

John Lewis Partnership, the 
employee-owned department 
store and supermarket group, 
yesterday provided further evi- 
dence of the tumround in its 
fortunes with a 74 per cent rise 
in pre-tax profits from £16 4m 
to £28.6m for the ball year to 
July 30. 

Ita increase was flattered by 
the receipt of rates rebates fol- 
lowing successful appeals 
against valuations of some 

stores this year. 

Last year's figures were also 
depressed by exceptional costs 
relating to the start-up of a 
Waitrose distribution centre 
and an accelerated deprecia- 
tion charge on check-out equip- 
ment 

John Lewis refused to give 
figures for the exceptional 
items, but said that taking 
them into account, the under- 
lying increase in pre-tax profits 
was about 33 per cent. Trading 
profits, after pension costs. 


increased from £28.5m to 
£40.8m, while interest charges 
rose slightly from £i2m to 
£124bl 

Mr Stuart Hampson, chair- 
man, said strong sales 
increases in the group's 22 
department stores and 109 Wai- 
trose supermarkets, as wen as 
in its textile and furniture 
m anufacturing businesses, cou- 
pled with costs held at last 
year's level, were responsible 
for the improved performance. 
“We should be well pleased 
with the progress made in 
improving our profit,” he said, 
although he advised partners 
to “keep their feet firmly on 
the ground”. 

He added that this week’s 
rise in interest rates had not 
changed his view that 
“national economic conditions 
look set (air - not too much 
growth not too little", but the 
rail strike was disrupting sales. 

Group sales for the half year 
increased from £1.13bn to 
£1.19hn. Sales in the depart- 


ment stores increased by 6J3 
per cent to £567.3m (£532J5m). 
Mr Hampson said the stores 
had “weathered the anticipated 
storm of the April tax 
increases 1 ' and furniture sales 
had been particularly strong. 

Sales in the Waitrose super- 
market chain increased by 3-8 
per cent from £57?.3ra to 
£599. 3m. Only 0.5 percentage 
points of the increase was 
accounted for by inflation, 
with one new store opening 
during the period. 

Mr Hampson said the instal- 
lation of check-out scanning in 
many stores had had a positive 
impact on sales, and Waitrose 
would also benefit from the 
decision to open stores on Sun- 
days following the partial 
deregulation of Sunday open- 
ing. Three new stores will open 
during the second halt 

Sales in the wholesaling and 
manufacturing division 
increased from £l7.6m to 
£2L.3m. with sales outside the 
partnership up 20 per cent 


Associated Newspapers 
buys Australian radio stake 


By Nikki Tait in Sydney 

Associated Newspapers, the 
UK media group whose news- 
paper interests include the 
Daily Mail and Mail on Sun- 
day. yesterday acquired a 10 
per cent stake in Austereo, the 
Australian radio group which 
runs stations in Sydney, Mel- 
bourne. Canberra, Adelaide 
and Brisbane. 

The stake was bought 
through a placement of 10m 
new shares at AJ1.15, costing 
Associated Newspapers 
A$11.5m (£5.46m). 

The two companies said the 
investment followed discus- 


sions between them “over 
recent months”, and fhaf they 
planned a ‘Tong-term business 
relationship”. 

However, Associated’s move 
comes at a time when bid spec- 
ulation surrounds the Austra- 
lian group. Melbourne-based 
Village Roadshow, which has 
radio interests alongside its 
larger cinema and theme park 
operations, has a 14 per cent 
bolding in Austereo, and this 
WBek announced plans to raise 
A$230m of new fands, AJ80m 
of which was conditional upon 
an unspecified “strategic 
investment” going ahead. 

While Village - in which the 


Tadpole expected to 
confirm US contract 


By Alan Cane 

Tadpole Technology, the 
Cambridge-based manufacturer 
of high-powered notebook com- 
puters, has confirmed that it 
expected shortly to announce a 
US defence-related contract 
worth millions of dollars over 
the next few years. 

It also said that although its 
second half results would show 
significant increases in reve- 
nues compared with both the 
first half and the period 
last year, the operating loss of 
£1.35m in the first half would 
not be reversed. 

Mr George Grey, chief execu- 
tive, said the announcement 
was being made because of 
press and other speculation. 


Tadpole develops and manu- 
factures portable workstations, 
personal computers with the 
power of mainframe computers 
in a notebook-sized package. 

Tadpole is already manufac- 
turing a notebook based on a 
microprocessor developed by 
Sun Microsystems and it has 
recently started making a 
machine for International Busi- 
ness Machines. Earlier this 
year, the company announced 
a deal with Digital Equipment 
of the US for notebooks based 
on the Alpha microprocessor- 
Mr Grey said there would be 
continued heavy investment in 
development as the company 
prepared for broader markets. 

In the six months to March 
31 revenue was £10.6m. 


UK’s Anglia TV and Mr Kerry 
Packer’s Nine Network hold 
minority stakes - has declined 
to detail its plans, there has 
been speculation that Austereo 
could be the target 

Earlier this week. Austereo, 
which only launched on the 
stockmarket in July, reported 
a loss of A$8.3m for 1993/4. The 
figure was in line with prospec- 
tus projections, however, and 
the company has forecast a 
A$i3.9m after-tax profit for the 
current year. 

The managing director of 
Associated Newspapers' radio 
division in the UK is Mr Char- 
lie Cox, an Australian. 

Sharp midway 
increase for 
Cala to £3.8m 

i Improved profitability in its 
Scottish market helped Cala, 
ihe Edinburgh-based house- 
builder and property devel- 
oper, to report a sharp 
increase in profits in the year 
to June 30. 

The pre-tax figure jumped 
from £226,000 to £3.76m on 
sales little changed at 
£77.7ta. 

The dividend for the year 
has been increased by 22 per 
cent to 2.8p (2,3). Thl> 
included a proposed final pay- 
out of 1.9p - O.lp higher than 
forecast at the time of its 
rights issue in March. 

Earnings per share were 
7<25p (l.98p). Net borrowings 
at the year end were £4m 
(£11. 1m). 


,D O N ' T 
■UrfaC RACK 
UNDER 
PRESSURE 



THE KOREA-EUROPE FUND LIMITED 
PRELIMINARY RESULTS 

The Directors of The Korea- Europe Fund Limited announce Lhe preliminary 
results for the year ended 30 Jane 1994 (subject to audit). 

CAPITAL 


30 June 1994 


30 Jane 1993 


Assets applicable to ordinary capital £273.464.000 SIS8.1S&Q0Q 

Net Asset value per share S7-78 K3T 

During the year to the end of Jane 1994, the net asset value per share of The 
Korea -Eu rope Fund rose by 41J2 per cent compared to a rise in the KSE 
Composite index in US Dollar terms of 24.1 per cent. This oulperfortnancc was 
fta n» to the overweighting in blue chip manufacturing companies which performed 
particularly weD during the period as domestic in&itnlional investors bought 
heavily in response to strong earnings growth and expectations of a relaxation of 
the foreign ownership restrictions,. 

In June, the hind ratted a hnber $50 million for investment in Korean equities 
through a placing of 6,457,500 new shares. This brought the total capital raised 
by the Company since launch in 1987 to S160 million. The new money raised 
was successfully invested in die market daring Jane and July. 

EARNINGS AND DIVIDENDS 

In connection with the share issue, a special interim dividend of one cent pers 
hare, in lies of a final dividend, was paid on 8 Jane 1994 and the Directors are 
therefore not recommending the payment of a final dividend. 

Year Eurf—t Year Ended 

30 June 1994 30 June 1993 

$•000 S'000 

leKStmmt Income: 


3.040 

319 

3*359 

40 

3399 
1.866 
1.533 
610 
923 
**455 
122 amis 
1.50 cents 


TAGHeuer 

f 5v/isf s™ 


Dividends 3,106 3.040 

Interest 167 JH9 

5^73 3J59 

Deposit Interest 88 

Total Revenue 3361 3399 

Administrative Expenses 2*292 tj&6 

Revenue Before Taxation 1,069 1333 

Taxation S45 610 

Revenue Available for Shareholders 524 923 

Amount absorbed by dividend 287 430 

Earnings per Share LSIcenjs 3.22 ernrs 

Dividend for the Year per Share 1.00 cents 1-50 cents 

ANNUAL GENERAL MEETING 

Thursday 20th October 1994 at the Company’s registered office: Barfield House, 
St JnBu’s Aware, St Peter Fort, Gwmnsey, darnel Islands 
The Annual Report and Accounts will be sen! by mail to holders of registered 
shares at their registered addresses. 'Guinea of the An rami Report will be made 
available lo holders of depositary warrants and 10 lhe public a! the Company's 
place of business in England. Senator House, 89 Queen Victoria Street, 
London EC4V 4EJ, from 28 September 1994. 


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FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 



COMMODITIES AND AGRICULTURE 


Equatorial and Luksic in 
Chilean copper venture 


By Kannwth Ooocflng, 

Mining Correspondent 

Chile, which already produces 
mare than 25 per cent of the 
western world's copper, looks 
likely to get another big min- 
ing project Equatorial Mining, 
an Australian company, and 
the Luksic group, one of Chi- 
le’s biggest industrial organisa- 
tions, are considering the joint 
development of their neigh- 
bouring copper deposits in the 
El Tesoro area, I50kms from 


Combining Equatorial's Leo- 
nor deposit with Luksic’s Sor- 
presa that virtually surrounds 
it, would make it possible to 
develop a mine to produce at 
least 80,000 tonnes of copper 
cathode annually for a mini- 
mum of 12 years, Air Peter 
McAleer, Equatorial's chief 
executive, said yesterday. 

Talks were taking place with 
several major copper producers 
about the the possibility of 
bringing another group into 
the joint development 


The deposits lie on the same 
geographical fault hue as the 
world's two biggest copper 
mines, Chuquicamata and 
Escondida, and is midway 
between them. 

Nearly every mining com- 
pany operating in Chile has 
staked same land in the area 
because the Leonor-S orpresa 
copper is “exotic’’ - washed 
there from what must be a 
huge, high-grade deposit else- 
where, but probably dose by. 
The big drawback Is that the 
exotic copper is very difficult 
to release from the ore. 

The Luksic group, founded, 
by Mr Andronico Luksic, is 
heavily Involved in Chile’s cop- 
per business through its Lon- 
don-quoted Antofagasta Hold- 
ings, which produced about 
77,000 tonnes of copper In that 
country last year. The Sorpresa 
project is bald separately from 
Antofagasta. 

Luksic already has found 
100m tonnes of very high-grade 
- 2 per cent - copper, enough 
for a big mine. 


Equatorial, having previ- 
ously failed to convince the 
Luksic group to join forces, has 

been pressing an with its awn 
plans for a mine to produce 
about 30,000 tonnes of copper a 
year for 10 years. AMP Society, 
Australia's biggest financial 
services group, owns 19.9 per 
■ cent of Equatorial, the maxi- 
mum permitted level before a 
bid is triggered. 

Chile's copper output 
exceeded 2m tonnes for the 
first time last year and the 
total is expected to keep rising 
to more than 3m tonnes by 
2000. 

Escondida, jointly owned by 
BHP of Australia. RTZ of the 
OK, and a Japanese consor- 
tium, is rapidly being expan- 
ded into the world’s biggest 
copper mine and this year's 
new mines indude Cerro Colo- 
rado. in which Rio Algom of 
Canada Is the main share- 
holder, and La Candelaria, a 
joint venture between Phelps 
Dodge of the US and Sumitomo 
of Japan. 


CAP boosts least efficient UK 
farmers, Touche Ross reports 


By Deborah Hargreaves 

Reform of the Common 
Agricultural Policy Is giving a 
boost to Britain's least efficient 
farmers, according to a survey 
of 124 producers by chartered 
accountants Touche Ross. 

The nnnnal sample found 
that the first year of CAP 
reform had begun to close the 
income gap between the most 
and least profitable form busi- 
nesses. 

Touche Ross's sample is 
grouped according to farm 
mrarap with the formers in toe 
bottom 25 per cent recording 
losses for the past five years. 
These fanners showed a loss of 
£44 an acre in the 1992 harvest, 
but turned this into a profit of 
£17 an acre for last year's har- 
vest 


COMMODITIES PRICES 


However, the more profitable 
formers in the top quartile of 
toe sample showed an income 
boost of just £7 an acre during 
the sama period - mwng their 
income from £155 an acre to 
£162 an acre. 

“There is no doubt that net 
farm i ncomes have risen gener- 
ally because of the devaluation 
of sterling, but the most dra- 
matic benefits have been seen 
by those formers grouped in 
the bottom 25 per cent of our 
survey,” said Mr Vincent Had- 
ley Lewis, senior partner of 
Touche in Agriculture, the 
accountants’ fuming division. 

Touche Ross believes the dis- 
parity between toe rise in earn- 
ings for fanners at toe top of 
the sample and those at toe 
bottom arises from the Euro- 
pean Union’s set-aside policy. 


All farmers are required to 
set aside, or lay fallow, 15 per 
emit of their land, but the most 
profitable formers who are lay- 
ing aside high-yielding land 
have the most to lose while 
set-aside payments are the 
same for all producers. 

1 am concerned that the 
reforms to date have not done 
nmmigh for the most efficient 
formers. The EU is moving to a 
position where its fanners 
have to compete on world mar- 
kets," said Mr Hedtey Lewis. 
“This means that minimising 

the cost of production is vital, 
and that is what the most effi- 
cient formers do best” 

Touche Ross also said that 
overhead costs in farming con- 
tinued to rise despite the 
reduced area formed because 
of set-aside. 


US maize 
set-aside 
of 5% 
expected 

By Laurie Morse 
in Chicago 

Faced with a near-record crop 
and mounting grain stocks, 
tiie US Department of Agricul- 
ture Is expected to ask formers 
to set aside, or lay follow, 5 
per cent of the land they ordi- 
narily would plant to iwrfw in 
1995. 

Groin analysts say that, . If 
tiie current US maize harvest 
balloons to a record, the set- 
aside apportionment could rise 
to 7.5 per cent by mid-Novem- 
ber. 

The USDA is required to 
announce its preliminary set- 
aside requirement for maize 
by September 30 and can make 
adjustments until November 
15. US farmers follow set-aside 
guidelines to be eligible for 
price support. 

US formers are set to har- 
vest about 9.257m bushels of 

mail* thin a n tnti m 

Farmers have known since 
May that they wfU not have to 
set aside any land for next 
year’s wheat crop, a factor 
they see tied, as much to the 
US government’s desire to 
remain competitive In the 
world wheat markets as to any 
domestic supply management 
needs. 

They have not been req ui red 
to make idle wheat acres 
under the so-called Acerage 
Reduction Program since 1992, 
when there was a 5 per cent 
set-aside. 

US wheat stocks have risen 
steadily from 472m bushels in 
1991 to a projected 581m bush- 
els this year. 


FT GOLD INDEX 

The Financial Times Gold 
Mines Index committee 
decided yesterday that High- 
lands Gold would be removed 
from the index on October 1 as 
it no longer met the produc- 
tion criterion. 


India opts for organic cotton* 

Kuna! Bose says' world deiriaiKl has dictated the eco-friendly move 



G rowing international, 
demand for ■ fabrics 
produced from organic 
cotton, rather than environ- 
mental purism, has prompted 
India to grow cotton without 
mdng chemicals. 

The federal government with 
toe support of agencies at state 
level has Identified 1.000 hect- 
ares of land in Rajasthan and 
Madhya Pradesh for producing 
organic cotton an a pilot scale. 

Mr S. Satoyam, secretary for 
textiles, says; “We hope to be 
able to prevail upon a large- 
number of formas to take to 
the organic way of growing 
cotton. This, however, is not ’ 
going to be a simple exercise 
since cotton productivity, 
which already is low in India, 
wffl foil in the first year of 
organic cultivation.” 

Apart from the Iowa initial 
yield, the labour costs of 
organic farming are higher. 
The growers will also not be 
getting any premium for their 
efforts until toe chemical resi- 
dues in tiie land folly disap- 
pear. But formers will not have 
to spend money on fertilisers 
and pesticides. 

India has nearly 8m hectares, 
or 5 per cent of the total 
cropped area, under cotton. 
But the cotton crop, which 

varies annually from 11.5m 
bales of 170kg each to 115m. 
ac co u nts for more than 50 per 
cent of the co untry 's pesticides 
consumption. Cotton is, there- 


fore, seen as India's most poUa-i 
ting crop. 

However, in spite- of 
siva ^praying of cotton fields ,. ■ 
with pesticides,- toe standing 
crop remains vulnerable to 
attacks by bolt worm and 
white fly wfaitdrihave devel- 
oped resistance ^chemicala 
Sn. many Indian 


hJApestirides and sprayers. 
‘Officials say that India, 


The campaign will 
depend on - 4 , . 
cohFiiicfing i&rmers 
that fertBSC^of their 


.> -£ 


of chemicals 


centres, the pesticide use has 
led to the elimination of 
insects which used to keep toe 
pests in chec& . 

The success of toe campaign 
to promote toe cultivation, of 
organic cotton will largely 

rin ponri qq flip ability of ftfl 

agricultural extension officers 
to convince the formers that 
the nonuse of rihgminriig will 

nn t affiant flip fortuity of land, 
and on the grwiw mmpwt offer- 
ing a package of incentives for 
the changeover to the new 
methods of cultivation. 

Cotfon growers, who mainly 
have small holdings, will need 
financial assistance to con- 
struct compost pits and buy 


pf mttrm yam in the year to 
itezth 1994, has been regularly 
receivhig^enqufries about yam 
made from organic cotton. Asa 
result, quite a few Indian tex- 
tOe companies bave decided to 
.-tell the formers to produce 
organic cotton for them. 

A start has already been 
made. Maifcaai Fibres has been 
able to .motivate nearly 570 
■farmcra in Madhya Pradesh to 
mmmfl r about 550 hectares to 
organic . cotton cultivation. Mr 
Mrigendra Jalan, the manag- 
tog-direCtor, says: "We have 
^iveDL assurance to the growers 
that we will be buying the 
entire production of organic 
cotton at a 20 per cent pre- 
mium over cotton grown by 
wring chemicals. 

■ “Since organic cotton will 
give a. better return and it is 
possible to grow crops like 
groundnut, soya bean, sor- 
ghum and ge alongside 
organic cotton, the new experi- 
ment should succeed in India. 
We have been Inspired by the 
success of the US, Paraguay 
and Egypt In growing organic 
cotton.” 

Officials believe that it is 
imperative to have an agency 
to certify the “genuineness of 

organic cotton”,- It is also 
important, they emphasise, 

flint flin rnflln planning to Use . 

prganic -cotton should arrange - 


to pi nk" spot checks through- 
out the season to ensure that 
no chemicals are used. Organic 
cotton will be used exclusively 
to produce yam for the export 
market Quality, therefore, will 
be a basic preoccupation. 

Mr Sathyam explains that 
India, encouraged by the suc- 
cess of the US, had also 

India has failed to . 
get the hybrid seeds 
and technology from 
tiie US needed 
to grow cotton In 
six different 
shades 

decided to grow naturally-cot 
cured cotton which fetches a 
very Ugh premium in the over- 
seas market 

T here has, however, been 
a setback In the pro- 
gramme since India 
failed to get the hybrid seeds 
and technology from the US to - 
produce cotton in six distinct 
shades. The government there- fa 
fore, has decided to fund a bio- 
technology project so that 
seeds for naturally-coloured 
cotton are locally produced. 

The coloured cotton makes the 
dyeing of yam and fabric 
redundant. And that too, is 

considered eco-friendly. 


Wood chip shortage threat to BC pulp mills 


By Bernard Simon in Toronto 

A severe shortage of wood 
chips is threatening the clo- 
sure of several British. Colum- 
bia pulp mflls, and has given a 
further twist to the upward 
spiral in pulp and paper prices. 

Chip prices an Canada’s west 
coast have doubled since May 
from C$60 CE28) to about C$120 
per bone-dry unit (BDU), which 
weighs about two tonnes- One 
sign of the shortage is a sharp 
drop in chip exports, mainly to 
Japan. 


Mr Tony Jarrett, president of 
Flbreco Export of Vancouver, 
estimated that shinments next 
year would foil toUftOQOBDUs 
in 1995 from 400,000 BDUs to 
1992. 

According to Pulp and Paper 
Week, a trade publication, two 
mills in British Columbia have 
already closed due to a short- 
age of chips. BC is tiie world’s 
biggest producer of pulp traded 
on open markets. 

Mr David Binaault, ah econo- 
mist at Resource Information 
Systems, a US consultancy. 


said that other nulls were con- 
sidering shutting down to 
build teP drip stocks. 

A number of mfllit are also 
said to be tovestigating tins fea- 
sibility of importing chips or of 
Installing their own chipping 
machines. 

Most chips axe presently pro- 
duced by. saw. mills as 'a 
by-product The fibre shortage 
has been caused by a variety of 
rawnmerntai and environmental 
pressures. 

With lumberprices relatively 
high over the past 2-3 years, 


many saw mills have moved 
away from chips in fovour of 
low-grade timber products, 
such as wooden peDete. 

Declining chip production 
was masked until earlier this 
year by the deep slump in tiie 
pulp market However, Cana- 
dian pulp mills' operating rates 
have climbed from around 80 
per cent in mid-1993 to 98 pa 
cent last July, reflecting a 
Jump in pulp prices from 
US$390 (£252) per tonne to the 
present level of $700 per 
tonne. 


CROSSWORD 


BASE METALS 

LONDON METAL EXCHANGE 

prim Iran Affltagwnatod Metal Trading) 

U A I J Ul i NW WrPOWTrtSpartonn^ 



Caah 

3 mtha 

CfftgE 

1552-3 

1578-7 

Pnvtoua 

1SS7X-&5 

1582-3 

HgMow 


168871575 

AM anew 

1560-1 

1681-5-2 

Ktota doaa 


1580-2 

Opan H. 

285X52 


Total drty tumow 

47X78 


B MMMMUM AUUOY 0 par toraw) 


Oom 

1680-00 

1595-805 

Prwioua 

1880-5 

1583-8 

Wohrtow 


180071505 

AM OlHcW 

issues 

1595-000 

Karti ckm 


1800-10 

Opan W. 

2847 


Total dafly turnover 

871 


B LEAD (S par toma) 



cam 

018-21 

B3i-a 

Piarioua 

61541 

027X4) 

Mgh/taw 

624 

638*25 

AM Offldnl 

823X-4 

634-4X 

Kartj doaa 


824-6 

Opan frit 

42501 


Total My tumovar 

7X24 


B ISCKB. (S par (onto) 


Cam 

83504)0 

8460*0 

Pwutoua 

5546*5 

68*5450 

HlgMow 

6440 

8000*415 

AM onow 

8440-5 

8640-1 

Kart} doaa 


6480-80 

Opan tat 

83X64 


Total d«*y nanovar 

14,960 


« 7M(5partonna) 



Cloaa 

52*0450 

6310-30 

Piwtou* 

530045 

6375-60 

MRQW1UW 


6345*280 

AMOffldU 

8286-55 

5330-6 

Ktobctoaa 


S260-7D 

Opan tnL 

18X78 


Total paly tunovar 

2184 


B ZMC, apaoWMoh grada (8 par tom) 

Oow 

0*2-3 

1Q14-4X 

Ptavtom 

993JS-4JS 

1008-7 

Ifigrviaw 

001 

1018/1010 

AM OraeU 

800.5-1 X 

10125-3 

Karti doaa 


101 OX-8 

Opan tat. 

07J328 


Tom My tumonr 

21X13 


W COttMSR. prada A (S par tonnaj 


Ctaaa 

2*71-2 

2*87-5 

Pravtoua 

2487-6 

2512-3 

Htgnnow 

2*53/2*52 

2606/2486 

AM OMoW 

2481 JWJ 

2489X4500 


Precious Metals continued 

■ OOLD COMEX POO Ttay at; Srtray at) 


Oct 
■o* 

Ok 
M 
far 
Total 

■ PLATUUM NYMEX (BO Troy azj Srtruy 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (£ par toraia) ■ 


SOFTS 

ft COCOA UCECE/lannM 


MEAT AND LIVESTOCK 

■ UVECATneCl<tE(!WUlO0ai«;iKit«^ 


No.8,560 Set by VIXEN 


ur -pay* 



0PK 



Utt 

nfa« 

fa- 



.. ftta 

fapk 


fan'- 



UB 

-.faK 

• .'. 

prica 

otaKpa 

■fata 

tota 

M 

UL 


pfca 

dmm HU Low 

tot 

Vat 


pika i 

UP 

■fab 

Low tol 

M 


prica 

mam (fab taw tat 

W 

3882 

-OX 

. 

- 

2 

4 

Up 

10045 

■005 

IBB 

- 

ftp 

984 

+10 

968 

958- 34 

29 

fat 

80425 

-0400 80700 00.150 31X05 

5487 

3HX 

-IX 

3892 

387X 

8X17 

540 

■w 

10790 

-005 10025 10725 

2X82 

160 

DH 

ft* 

+10 

997 

905 27X87 

838 

Dk 

88475 

-0X25 68X75 55925 18X03 

3X48 

3904 

-IX 

- 

• 

- 

- 

too 

10990 

-0X5 11025 10098 

1X18 

37 

tow 

1023 

+10 

1027 

1018 38X70 

437 

FH 

87900 

-0400 87X50 57250 12X50 

1975 

ms 

-1M 

3824 

3908 90535 15X09 

Hr 

111X0 

- 11226 11190 

1X88 

42 

MW 

_ 1037 

+10 

IDS 

1030 11X08 

194 

AW 

08JS0 

-0975 60100 88X59 SAW 

707 

3982 

-IX 

3964 

3942 13X32 

283 

■ter 

114X5 

• - 11496 114X0 

1252 

42 

JM 

1040 

+8 

- 

- 8X85 

- 

Jm 

08X00 

-0250 66250 69X00 1X66 

37 

3989 

-IX 

3B8X 

3974 

8X18 

51 

JM 

118X6 

-036 11890 118X0 

257 

10 

■fa 

1081 

+7 

- 

- 9220 

- 

Aft . 

85950 

-0X50 06X80 06900 932 

10 




HUB 17X47 

total 



72ft 

291 

toft 




mm 12 ft 

TDM 


759ft 11974 


Oct 

41 IX 

-22 

4119 

4072 13X28 

3.100 

JK 

4159 

-24 

4182 

4109 

8,161 

1X32 

AW 

4189 

-IS 

4179 

4169 

2103 

36 

JM 

*22.1 

-29 

- 

- 

464 

3 

Oct 

4249 

-29 

4259 

42SX 

229 

2 

tow 






<273 

B PALLADIUM NYMEX tlQO Troy oil; S/troy ozj 

ftp 

149.10 

+090 

_ 

_ 

41 

9 

DK 

14895 

+090 151X0 14890 

5X03 

712 

Bv 

15090 

+090 

16125 

inxo 

979 

3 

JK 

15190 

+090 

- 

- 

152 

1 

total 





7JBH 

721 

B SH.VEH COMEX C10O Troy oe; Canta/boy ot) 

«fa 

5379 

-5X 

5389 

5379 

340 

SB 

Oct 

538.0 

-62 

ssax 

53&0 

7 

2 

Hm 

S41X 

-52 

- 

• 

- 

- 

DK 

5(3 A 

-82 

547.0 

3412 82X33 

U5B 

ton 

B (59 

-62 

. 

- 

OB 

1 

■tar 

5812 

-62 

3589 

8009 

B.T15 

375 

Tital 




10 a, 1 BB 

MM 


■ WWAT C8T ROQObu mh; cantc/BOtb bmhafl ■ COCOA C8C£ (1 0 tora iaa; i/tanno«) 

s* 370/4 -w mn van 574 si 

Dh 383/4 -M XUO 382 * 47,788 2382 

■hr mm -a* mm sow rrjm sn 

Wmt 377/2 -04 3838 37OT TAX 141 

JM 3404 -3* 3534) 3(8/0 2570 197 

U» as sn -in asem ssem a 

Tim mm 43<2 

■ MAIZE CUT (5X00 bu mtm ocnWBBb buaftal) 


IW 817/2 -4/0 Z2D/4 2106 5/47 2^61 

DK 218/2 -V0 221/0 218/0184,195 14511 

Mr 225/2 -3 n 23M 227* 34.322 1.340 

My 234* -M 238* 234/4 13X9* 488 

Jul 2302 -04 241/2 238* 13,379 111 

8k 2*1* -3/4 24H 2fl» 923 73 

TMM 2B8.8M 1*887 

■ barley use ff per lomej 


ftp 

10225 


31 


■w 

10*90 

-020 10*90 10440 

*89 

15 

JK 

10890 

-005 108X0 10890 

387 

28 

Bar 

10895 

-046 10895 10&BS 

79 

10 

■ftp 

TMM 

110X0 

-040 

21 

IX* 

n 


ftp 

1800 

+15 

1310 

1810 13 9 

Dk 

1350 

+8 

1356 

1381 42X83 4X78 

Bk 

1307 

+9 

1400 

I860 13X87 700 

■fa 

1422 

+6 

1424 

UTB 4X00 38 

JM 

1450 

+8 

- 

- 2XW 33 

ftp 

1470 

+8 


- 1X97 14 

TMM 




72X81 8,143 

B COCOA 0CCO) (SOfTa/tomO 

9fa.14 



Mn 

PIWL ftp 

Ofay 



100720 

1018X8 

B COPRE LCE (Moma) 


ftp 

3090 

+45 

3975 

3948 1X79 137 

Nav 

3877 

+87 

3905 

3780 12X27 2.732 

too 

3827 

+84 

3870 

3750 H130 1,439 

Bar 

3748 

+24 

3785 

3875 8X41 an 

Bfa 

3698 

+18 

3715 

3848 1X64 161 

JM 

3891 

+81 

9800 

3B5D 881 - 182 : 

toU 




8 XK 

■ COFFEE “C CSCE (arxooba; canta/toa) 


■ LIVE HOPS CME(4QX0C»)e:centa/l}B) 

Oct 37.878 -14)76 38800 37X60 114)82 1330 

DK 38425 -1.250 38800 38350 11,877 1,502 

M 381079 -0750 38800 38900 8305 470 

Mr 38775 -0500 38350 38750 2.144 218 

Jm 44.100 -0360 44400 444)00 006 23 

Mg 43.100 +OQ® 43.100 42400 If I 

Total MZ70 4j«71 

■ PQf«ani^<>g(4<mooB^gMt0tic) 

M 40200 -1-175 41 JOO 40.100 7453 1,720 

MW (8100 -1228 41400 404175 011 53 

Ufa 414100 -14)00 44400 414100 111 6 

JM 424)00 -1200 48800 424NO .139 9 

M| 41290 -0900 - 41X00 36 . 1 

IMM 8MB 1,781 


LONDON TRADED OPTIONS 

BMw prica S imm — O*— — PnK — 


ENERGY 

■ CRUDE OB-NYMO( (<2,000 UBprtta. S/bwraQ 

Lahcl Dw*i 
Prior c few HA 
OB 1190 +0X0 1845 

Mr 1098 +808 17X2 

Ok 17.17 +801 1724 

JK 1728 +803 1790 

M 1790 +803 17,47 

Mr 1798 <803 1740 

Total 

■ CMH ML IPS {S7bwi«0 


■ soyabeans mr p-anm nto; pm/BOtt txabtd 


law tat M 

1853 44X87 48515 
1875 82.443 (8X35 
17X9 57X88 28X30 
1725 38*07 12.182 
1790 30X75 2233 
17.(8 18158 3,153 
>148,732 


ftp 

064* -11M 

574* 

863/4 

3X78 

022 

Ho> 

55774 -1V4 

888* 

556* 77X28 

9963 

JK 

588* -11* 

57(/4 

585/4 16X80 

1,428 

Bar 

575* -11/2 

58374 

574* 

8.107 

639 

■fa 

582* -10* 

581/4 

883/4 

4X62 

2ft 

JM 

588* -104 

SR* 

588/4 

8X00 

638 


Sip 20850 -808 207X0 204X0 98 33 

Dk 21240 -830 21425 208X0 23X20 8X04 

Mr 218X0 -340 217.10 21340- >278 848 

Bay 217X0 -340 218X0 21440 3X78 201 

JM 218X0 -340 218X0 218X0 103 7 

Up 218X0 -340 - 375 9 

imb lam mm 

B COWPEE (ICQ (US OQWa/poun<9 


(00.7K) LME 
1S6Q .... 

1575- — 

-1800 — , 


|%adv 4) LME 

2400 

2508 ...» — 


2000 . 


TMM 123X44 12228 

■ SOYABEAN Oft. CCT BftflQQfcK PjBj0M 


KMbdoaa 2400-00 

Opao feit 218,108 

TMM driy tumowar 33X88 

B LMB AH OfltaW E/8 rate 1X840 
me Ctoftte CO IMP 1X835 

faoC1X635 3 048*19818 finta*l9577 8 n0KlX522 
m HMM QRAOC COPPPt (COMCX) 




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dmm MBb low 

tat 

VM 

ftp 

119X0 

-1X0 120X0 11BX8 

4X78 

848 

Dot 

11620 

•1X0 115X0 m.*o 

1218 

581 

■tar 

118.1 D 

-1X0 

885 

7 

too 

114 80 

•1.00 11678 11490 30X40 

6789 

JK 

114.40 

-0X6 

B57 

12 

M 

114.00 

-0X0 

428 

14 

total 



55X63 

ixn 

PRECIOUS METALS 



N LONDON BULLION MARKET 
mow BUppM by N M Acttwchim 




Oold (Tlroy ot) 
Ckm 
tJpartno 
UonOng Ibe 
Afternoon Ox 
Ofa* MQh 
OayfaLaw 
PraalouacteM 
UMtAIlKi 

1 month 

2 monttw 

3 month! „ — 
38w m 
Spot 

3 montfa 
8 mo n t m 
1RW 
QotdCoUa 
MupMTWVf 


S Prioo C aqu0. 

388.00-388X0 
38848-388X6 

387X0 347X23 

388X0 248-288 

38X50X8000 
308X0-387X0 
30030400.70 

OaW Unritag Mn (I* US8) 

— 4X6 Omortha 4X8 



lataal 

Oaf* 


OPM 



Prica 

dtafaB 

m 

Law tat 

VM 

Oct 

1592 

40.10 

1599 

15X8 *6X19 19X48 

liar 

15X9 

+0X6 

15X7 

15X8 61X38 33X38 

DK 

15XD 

+0X* 

IBM 

15X2 30X03 

8X20 

toa 

1610 

+0X3 

16-12 

18X3 12X15 

2X» 

U 

18-17 

*002 

1817 

ISIS 8X38 

6*0 

Mar 

1820 

■ 

18X1 

1020 6X00 

1JD 

total 




17D 8H 94X12 

B HEATWQ OR. NlMEX (4^000 US vSn c/US gMbJ 


lataal 

far* 


fa" 



Prioa 

donga 

Mft 

law tat 

W 

Oct 

*7X0 

+0X7 

47A5 

48X0 35X80 

18920 

Mov 

48.06 

-0X8 

*890 

47X0 23X73 

8X30 

toe 

4890 

•0.15 

(8J5 

48.10 40X84 

9X97 

ton 

50X5 

■nrw 

50X8 

50.15 23X89 

5X32 

FH 

50X0 

+aio 

51.15 

50X0 12A80 

2^88 

Bw 


• 

50X5 

5095 10X61 

298* 

total 




171,136 47Xfa 

B OASOILFE (rtoaif) 




Satt 

D fa* 


OpM 



Prica 

MtafaP 

MBb 

LOW U 

W 

Ml 

1*7.75 

-1X0 

148J5 

1*7X0 1.444 

«xw 

Mar 

15090 

*1 J5 181X5 

150X0 3098 

2X21 

too 

153X0 

-190 163.78 162.78 10X23 

2JB9 

Jm 

154X5 

-L75 155XS 154X5 20X62 

353 

too 

165X5 

-2X0 155X5 155X0 11137 

298 

Mtt 

156X5 


155JS 

1505 035 

785 

TOW 




102961 

uxn 

■ NATURAL OA8 KYHEX (10X00 BnetwSImBtaL) 


Ldtat 

far* 


fa* 



P*a 

ctaaaK 

•8ft 

(aw ha 

tol 

Del 

1X76 

-0009 

1-730 

1X75 28X80 11J50 

Ur 

1X20 

-0X01 

1X55 

1X25 23X05 

4X70 

DK 

2.125 +0X08 

2.1(0 

2.133 27X3* 

1/77 

JBI 

2.147 +0X01 

2.16 

1147 15,1*4 

624 

m ■ 

2080 +0X12 

106 

2X30 12X83 

990 

Bar 

2020 +0.000 

2X30 

2X20 6,7*8 

m 


ftp 

2148 

-09* 

2870 

28X3 

3960 

488 

Del 

25X1 

-o.*a 

2899 

2570 17X46 

29« 

Dh 

25X4 

■0.70 

2992 

23X8 41X98 

3X98 

Jm 

24X0 

-0X8 

2595 

24X0 

6X62 

384 

Nr 

HX0 

-CX7 

2990 

2*90 

7780 

Z 87 

May 

2139 

-090 

24X0 

2*97 

3X30 

.914 

TKM 





8*714 

V41 

B SOVAHEAN MEAL CSTtlOO tom UtnO 



Up. 14 Rtaa . 

Oobpl d M 10840 - 204.14 

15 Ky mags 186X1 104.73 

■ No7 PHB/MUM HAW 8UO/W LCE {canta/te^ 


B com® LCE 
3800 


ftp 

1699 

-IA 

178X 

1BBX 3X42 

701 

fat 

1659 

-1J 

1889 

1659 13961 

1.743 

DK 

1K5X 

-19 

18BX 

1869 38X21 

4985 

JNN 

1B7X 

-19 

1089 

167X 8X60 

789 

Mar 

1704 

-IX 

1719 

1702 8788 

544 

■taf 

172.1 

■OX 

1714 

172X 5X18 

334 

IMM 

■ POTATOES LCE fteannta 


un 


Oat 

12X4 

+0X8 ' - 

1JB0B 

. 

Jm 

11X2 

. .. i 

. 

- 

Nr 

12J5 

+0X7 

90 

- 

total 



ixw 

- 

■ WHTTE SUGAR LCE Htan| 



OH 

MUD 

+190 

1(0® 

298 

Dk 

83250 

+OJO 33250 330X0 

*425 

551 


.rp.flQ 

+0L80 333X0 331X0 

7^*73 

359 

■fa 

33280 

+090 83200 3319D 

835 

' 44 

Aaa 

33290 

+070 33240 33190 

738 

35 

Oct 

31580 

-090 816X0 315X8 

306 

10 

total 



fan lx® 

■ SUGAR 'll' CSCE fliexOtett cants/tiM 



3700 I. 

B COCOA LCE 
875 


1050. 


1800. 


1060. 
TTOO . 


Oct 

Jan' 

Oct 

Jan 

38 

86 

Sf! 

SI 

as 

72*. 

33 

’63 

IS 

81. 

48 

78 

Otar 

Jtai 

Oct' 

JW1 

.88 

136 

.11 

54 

33 

88 

far 

"98 

70 

fa 

122 

160 

Nov 

Jon 

NOV 

Jk 

381 

414 

80 

187 

318 

388 

8B 

209 

283 

358 

106 

231 

Dk 

Mar 

'Dk 

Mar 

56 

102 

38 

32 

42 

88 

48 

03 

24 

SB . 

80 

91 

Nov 

Dk 

Nov 

DK 

35 

. 

- 

88 

24 

- 

SB 

- 

18 

- 

- 

- 



ACROSS 

1 Getting rid of excess water, 
creates A1 garden (8) 

5 Seafood ' obtained by dou- 
bfedeafing goody-goody (6) 

9 He’ll meet with argument 
about tiie spread CB) 

10 The maggot is an ything but 
aggressive (6) 

11 Chastened tot - nicer maybe 
as a result (8) 

U The writer’s otherwise sound 


Se 


LONDON SPOT MARKETS 

■ CRLIDB OB. FOB (par barrB/NCM) -K* 


NK 1B0X 

Bar 105X 

*r 22*9 40 227X 223X 1480 133 

May MU 

Jm 1079 

TM4 14H 133 

■ HgqHTpirroqLCEffltVInilaKpoM) 


Oct 1293 +0X7 124Q 12» 31 9» 11X42 

Bar 1291 +0X2 12X6 1248 87X941^458 

Mqr 1295 +0X2 1ZX0 : l24B 13,133 2900 

JM 1240 +0X2 1244 1233 8X54 1X30 

Oct 12X2 +0X5 1224 t£ar 2100 BBS 

Bw iix7 +OX5 ms lira tsj ioo 

TeW T , ^ 144XU32787 

a cgncwwvCTjBaooofcfcxggB 

507 


Oct 


total 


1385 

-3 

1678 

1585 

383 

28 

Oct 

7198 

-0X4 

7242 

71X0 

1588 

+9 

1885 

1580 

833 

27 

DK 

7098 

-099 

7190 

7075 

ISM 

+11 

1S» 

1573 

116 

18 

■v 

7Z18 

-054 

7275 

72X0 

1553 

+10 

1588 

15*5 

508 

13 

■n 

7323 

-0L47 

7383 

7320 

1388 

+8 



374 


JM 

73X5 

-040 

7430 

7390 

143S 

-5 

" 

- 

80 

vm 

84 

fat 

total 

7090 

42s 

.7050 

7090 


1327 1118 


8X11 13 

409 11 

820)8 JUBB 

B ORANaEJUICgMVCepSXOOU^canti/toB 


ftP 

84X0 

-040 

8525 

85X0 

48 

68 

M* 

87.15 

-050 

8845 

87.10. 12X31 

737 

JM 

90.75 

■035 

fatal' 

9975 

8,618 

410 

■v 

9475 

-050 

88X5 

9475 

v» 

222 

Bfa 

9225 

•030 

9828' 

98X0 

657 

41 

JM 

10075 

-075 

. 

- 

498 

1 

total 





23,141 ixn 


ToU 

■ UMJHDEO OUOUNE 
NWC<(«21»tg9riB;c/MBMto 


152741 HXK 


— *J8 12 mo ntfa 


.4X8 


pTWjr tt. US «ta oquN. 
344.78 530X0 


Maw S aw n fan 


- 348X0 
384X0 
308X0 
8 prioa 
383-396 
30890-401X5 
B0-B3 


M00 

4BM 
570.15 
G BQUtV. 

ass-os 

58*01 



UtHt 

Prioa 

ten 

•8ft 

fat 

4490 

+065 

44.40 

Ufa 

4490 

*059 

44X0 

Dk 

5220 

+019 

szxo 

fat 

5190 

+049 

5205 

ft* 

524Q 

4059 

5220 

Ur 

total 

8250 

" 

■ 


M 


3X82 410 

829 280 

82X25 44X55 


Pricaatarflnar Marinna reaapwn more npKfa 
In tfw aorta r AunaUn aala daya thta waak. 
wtth broadar typos atao cWns B mora gradual)/. 
Tha Eaatam aortas ma r k e t irafloaao r andatf at 
82Saftg, CBNTiparpd with 7Mc/k0 a waak 
batora. Tim Waatam atattaa Indicator ran 
arranger at ttia flrat fivaraanUa sale but flw 
maricat waa a BMa airatfa at tha rioaa, 5 oanta 
down an 8w day D ata B5 aamNfltiarttan at 
tha and of lot waMc. Whh pri o aa at toast 
doiKla thoaa a yaar ago, and tor ibw Merinos 
much mora than mat, lhar ia reatottn e a among 
wool toatfla manutoelma and pardoulady UK 
honw maitast MHMs, taw a rtiing mariot doaa 
Invotoa amatl ccato but ataady s^sport evan 
dvring tha ui ha nator tlmaa. 


VOLUME DATA 

Open interact and Volume data dhawn for 
contract! tmdad on COfriEX. NYMEX, C8T, 
NYC& CW& CSCE and X’E Quto Of P« one 
day jn mart, 


INDICES 

■ BgUTBRS (Baaa: 1 B/B/ 31 - 100 ) 


Sap IS 

Sap 14 

month ago 

WWfaO 

2081.1 

21124 

20623 

18304 

B CAB Futuraa (Barn: 1 & 67 « 10 O) 


Ufa 14 

Sip IS 

month ago 

yworvao 

29 X 39 

2 XLS 3 

229 X 3 

21278 


Dubai 

114.7Z-4.77u 

-0066 

Brant Btand (datacQ 

STS2S-&26 . 

-0. 015 

Brant Btand (Nw) 

S1fi.7S-S.7Bu 

-0X88 

W.TJ. flpra afa . , 

3tfiX1-&S3u 

-O.T10 

fl Ota. PRODUCTS NWEprotnpt ftivoqi CF WwnM 

PraraMn GmoHrio 

8171-174 

-20 

Oea 08 

9147-148 

-0L5 

Haavy RmI OB 

m- 74 


NaphBui 

J1 85-150 


J+t fuel 

9167-168 

-IX 

■ OTH5B . 



0oW (fttar troy 

MM9C 

-225 

Slvar (par troy oz)4 

688.50 

-8X 

PSsiwm (per troy onj 


-7X6 

PaUrtum (par my az) 

9148.73 

-CL8C 

Copper (MS prod) 

12Sj0c 

+1X 

Load (US prwL) 

3825c 


Tin (Kuala Lumpur) 

13X3ni 

-OX2 

Un (New Yofa 

2425c 

-4X 

Canto 0va weiQhOlO 

113JJ9p 

-23W 

Sheep Ohn weioh0t40 

86.08a 

-21S* 

Hgs gw wMgwjo . 

7271 p 

■2X5* 

Lcn. day ougar-fraw) 

9314X0 

-tsxa 

Lea day eugar (wts{ 

334000 

-4X 

Tata & Lyta export 

£314X0 

+4X0 

Bwtay QErtg. festS 

Untj. 


Mdza (US N03 YeBow) 

smo 


Whaat (US Dark North) 

£1800 . 


Rubber (Dcqy 

SBXtf) 

+200 

Rubber {N«$f 

8tL50p 

+1X0 

Rubber KLRSS Not Am 

323X0ra 

+2X0 

Coconut Ofl (PWt)§ 

5837 Jz 

+25 

Pobn 08 

sessxt 

+5X 

Ooprapufi 

S413X 

+24X 

Soyabaotai (U8) 

S165XU 


Cotton Outfoik 'A' Inctac 

7210c 

+0.15 

VVboltops (Us Super) ' 

47Sp 

+• 


14 The opposition deceive the 
nurses! (10) 

18 Origin of certain denial treat- 
ment (IQ) 

22 Mean, hatmot In a letter (6) 

28 Get aid at getting organisa- 
tion. wound up (8) 

24 Notes in bad though usable 
state (8) 

25 The pass is not perhaps far 
one who's settled (8) ; 

28 Saving men think to' malm 

good (6) 

27 A fen sees a sin gfo act follow- 
fog® 

DOWN 

1 Immediate credit may be 
made available 161 

2 Giving a little weight in the 
ring appears vary fair (6) 

3 No body of vahmieers trains 
together, that’s official (6) 

4 Actors get a specially 
designed type of warm cloth- 
ing (10) 


8 An open space - stick listen- 
ing device in it (8) 

7 Many spoke but didn't speak 
out plainly (8) 

8 The Impractical personals 
thought to heel over (8) 

18 Good grip for use in defence 
GO) .. 

16 Amble across an urban area 
in the GhOterns (8) 

16 The usual range of colours W 

17 Disorder in pound - a place <af 
confinement (8) 

IB Walk, having a street dfrec- 

_ toy (8) 

20 This fell sergeant, death, is 
7-inhia arrest (Hamlet) (8) 

21 A top man tried desperately, 

" ■■ r(8) ,. 


Solution 8,559 


QUUQ0D 



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H 
□ 

□ 

□ 

H 
a 

□ 

a 

□ 

□ 

a 

EQBEEIj 


■d.ppmaAq).ai 

; n.uuintK amito o rio«. t Oct * State**. 

_ T . J Lonckn Rqnfcat. | CT Utandimi # BURen 
ntoit daw. * 8ha«p w dyW priowO. * Chany nw 
•Kfi PitaK m tar prattu Oaf. 


JOIFtH PAD 



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ii *: ■ 




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■fer 

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FINANCIAL times FRIDAY SEPTEMBER 16 1994 



MARKET report 

Futures lead a good recovery in the blue chips 

By Terry Byland, 

UK Stock Market Editor 


A recovery in government bond 
prices yesterday, encouraged by bet- 
ter inflations news on both sides of 
the Atlantic, helped UK equities 
recoup a good part of the losses of 
the previous session. However blue 
chip share prices were influenced 
by pressures linked to the expiry 
this morning of the September 
futures contract on the FT-SE 100- 
share Index. Today also brings simi- 
lar futures expiries in New York 
and Frankfurt and equity strate- 
gists were wary of reading too 
much into trends in stock markets 
yesterday. 

An early advance in the Footsie 
was tr imme d at one time as inves- 
tors took aboard the news of an 
unexpected fall of 03 per cent in 


August retail sales in the UK. This 
was good news for bond prices, 
however, and at the same time 
Hailed to upset shares in the leading 
store groups. The Bundesbank's 
decision to leave its key interest 
rates unchanged was no surprise to 
the London markets and bad little 
effect on government bonds. 

Gains were extended steadily as 
bonds moved higher, and the final 
reading of 3.112.7 gave the FT-SE 
100 a net gain of 32.3. The recapture 
of the 3.100 mark was clearly led by 
the futures market the September 
contract most stand in line with the 
underlying Footsie reading at the 
futures expiry just after 10.00 this 
mo rning 

Shares received a further boost in 

the afternoon when Wall Street put 
on 14 Dow points in its early 1 
response to a sharp fall in the pric- 


ing content of the Philadelphia Fed- 
eral Reserve Bank's diffusion index. 
The Philadelphia Bank ascribed the 
fall to lower prices for oil and other 
raw materials, factors known to 
rate high on the Federal Reserve's 
list of inflation pointers. 

This indication of reduced pres- 
sures for a further tightening in 
credit policy boosted global invest- 
ment sentiment. 

The Footsie was helped by 
strength in the leading oil issues 
as Shell Transport increased the 
dividend payout and analysts 
responded very favourably to a 
briefing by the directors of British 
Petroleum. 

The recovery spread across the 
broad range of the stock market, 
taking the fT-SE Mid 250 Index 
ahead by 20.5 to 3£4&9; however, on 
Wednesday, this Index lost 50 points 


as second line issues were marked 
lower in the wake of the drop by the 
blue chip sector. 

Trading volume, as recorded by 
the Seaq electronic system, picked 
up to 5895m shares, but was still 
unexciting by recent standards. 

Non-Footsie stocks made up a 
fairly high portion, around 60 per 
cent of total business. On Wednes- 
day, when the Footsie plunged 41.6 
following an unexpected gain in the 
headline rate of domestic inflation, 
retail business in equities was 
worth only £154bn, suggesting that 
selling had been modest. 

Retail stocks closed higher on the 
day as many non-City economists 
suggested that the equity market 

had overreacted to the modest dip 
in the retail price index announced 
in the previous session. Sentiment 
was not upset by new comments on 


competitive pressures in the food 
industry from United Biscuits. 

Bank shares also staged a suc- 
cessful rally from the previous day's 
losses, although traders admitted 
that the outlook for domestic inter- 
est rates had not changed over- 
night Market analysts still divide 
into two camps - those who believe 
that this week's half-point rise in 
base rates will soon be followed by 
a further increase as economic 
recovery strengthens, and those 
who maintain that rates will not 
need to rise again this year. 

Fund managers are beginning to 
position their portfolios ahead of 
the closing of investment books an 
the third quarter of the year. This 
implies a greater focus on minor 
adjustments to portfolio weightings 
rather than on new investment 
directions, according to traders. 


FT-SE-A AB-Share Index 



Source: FT &autue ' 1804 


■ Key Indicators 

Indices and ratios 

FT-SE 100 3112.7 +32.9 

FT-SE Mid 250 3648.9 +205 

FT-SE-A 350 1570.2 +14.7 

FT-SE-A AB-Share 1559.98 +13.81 

FT-SE-A /Ul-Share yield 3-85 (3.88) 

Beat performing sectors 

1 Gas Distribution +3.2 

2 Retailers, Food +2.5 

3 Water „... +23 

4 Tobacco +1.4 

5 RMaMara, General +1.4 


Equity Shares Traded 

TUmowr by volume (mBIonJ. Excluding: 
ktmwlM bushes* and overcast turnover 
1.000 - - — -• - 



1994 


FT Oidinary Index 24283 +283 

FT-SE-A Non Rna p/e 1933 (19.07) 

FT-SE 100 Fut Sep 3115.0 +52.0 

10 yr GHt yield 8.88 (8.99) 

Long Qifl/aqutty ytd ratio: 230 (230) 

Worst performing sectors 

1 Media -0.4 

2 Transport .. -0.1 

3 FT-SE SmaBCap ex IT -0.0 

4 Household Goods ... -0.0 

5 Lite Assurance +0.0 


Market 
pleased 
by BP 

The oil majors continued to 
attract heavy twoway activity, 
with British Petroleum, as had 
been expected, delivering all 
and more of the good explora- 
tion news that the market had 
been looking for at its meeting 
with analysts in London, and 
Shell Transport satisfying all 
but the super optimists with 
its interim payment 
BFs presentation coincided 


with news of an exciting gas 
discovery off the coast of Viet- 
nam, a story which had been 
circulating in the market for 
some time, and went down 
very well with analysts. 

One of the leading oil sector 
researchers described the pre- 
sentation. delivered by Mr 
John Browne, head of BP'S 
exploration and production, as 
the best he had ever attended 
and the first time BP “has ever 
demonstrated a credible long 
term growth plan in explora- 
tion; in the past, BP has talked 
about managing a decline in its 
exploration business, today it 
was full of information on its 
expansion plans’*. 

Another analyst said he was 


“well satisfied" with the pre- 
sentation but added that he 
would like to see evidence of 
renewed US support for BP 
shares. BP will deliver the 
same message to US investors 
today. 

BP ended 3 up at 420ftp on 
turnover of 6.3m. Shell 
improved marginally to 722 '/ip. 

Food shares active 

Reported comments by HJ 
Heinz, the US foods group, 
prompted a flurry of bid specu- 
lation that lifted shares in both 
Unigate, the dairy and distri- 
bution group, and Hazlewood, 
the diversified foods manu- 
facturer 


Chief executive Mr Tony 
O' Reilly had, according to 
same press reports, approved 
acquisition of a baby foods 
group in Europe. The market 
immediately thought of Nut- 
ricia, the Dutch group, in 
which Uni gate has a 34 per 
cent stake. 

Unigate has long been 
rumoured to be keen to offload 
its Nutricia holding and the 
possible Heinz move gave a fil- 
lip to the story. Conspiracy 
theorists decided that Unigate 
would raise around £250m from 
the «*1 p and thp ra«*h to 
buy Hazlewood. 

Consequently, Unigate 
shares rose 13 to 368p, while 
Hazlewood shrugged off the 


TRADING VOLUME 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures bounced 
back strongly yesterday, 
moving to a premium against 
the cash market for the first 
time in more than a week. 


The September contract on 
the FT-SE 100 opened 
modestly higher but H took 
until lunchtime to break 
upwards through 3,100, by 


which time the underlying cash 
market was doing most of the 
pace-making. 

At the doee the index was at 
3,116, with the relationship to 
the cash market firmly 
reversed to a premium of 
almost 2. Ahead of this 
morning's expiration of the 
September contract, the fair 
value premium was aromd 
zero. 

The market consensus was 
that the Index had been heavily 
oversold on Wednesday, and 
at one time yesterday the 
premium to the cash market 
was as high as 10. Once again 
the main drive came from 
independent traders. 

Trading volume was 
substantially down from 
Wednesday's 23,000 lots at 
16.886, about half of which 
reflected rofl-over Into the 
December contract where 
volume totalled 10,000. 

Activity in traded options 
moved up strongly to 53,000 
contracts, from some 40,000 
the previous day. FT-SE and 
Euro FT-SE option volume 
accotflited for some three- 
quarters of this trading. 
Vodafone (1.182 lots) and BP 
(1,000) were the most actively 
traded individual stock options. 


■ FT-SE 100 INDEX FUTURES (UFFE) 625 pgr Mi Index point (APT) 



Open 

Sad price 

Change 

Hah 

LOW 

Ent voi 

Open InL 

Sep 

3081* 

3116.0 

+52* 

3125.0 

3076* 

18066 

15414 

Dee 

3090* 

3126.0 

+51* 

3135.0 

3085* 

10765 

44828 

Mar 

- 

3151.0 

+52.5 

- 

- 

0 

575 

■ FT-SE MB) 250 INDEX FUTURES (UFFE) 210 per ful Index point 



Sep 

3640.0 

3845.0 

+25* 

3840* 

364Q.0 

250 

2888 

Dec 

3663.0 

3688.0 

+25* 

3883* 

3863* 

250 

2280 


■ FT-SE MD 250 INDEX FUTURES (OMJQ 210 per fid Index point 


Sap - 364S.0 636 

Al open Hum Agues so far (serious dqr. t Easel volume shown. 


■ PT-SE 100 MOST OPTION (UFFQ (-3113) CIO par fcfl hdex point 

2960 6000 3060 3100 3160 3200 3230 3300 

CPCPCPCPCPCPCPCP 
Sap 186 1 1« 1 66 1 21 5 2 37 1 87 f 137 1 157 

oa iSJj 137*2 mth sah nhsah*k w*? zfl 2 115*2 is i5t 1 108> Z 

Nor 41 12B 54i 2 76 71'; 101 51 131 351; 166 22 205 

Doc 217 44laTmi25ri2 1* 75b 1(7*2 96 01 IEHj 61 147*2 50 17B 35% 215 

Jorrf 270«; 107'; 211 US* W3 186% (17*2255^ 

can lijsBS hn 9jni 

■ EURO STYLE FT-SE 100 B4PEX OPTION |UFFE) CIO par ft* *K>«x poK 


2925 2978 3023 3075 3125 3175 3229 3276 

ftp 161 1 141 1 ill* 1 <3 Zlj t>2 15% 1 5% 1 1t»h 1 13B»i 

Oct 201 s ; 13*2 IBB 1 ; 21 121 32*; 57*; W; 63 70 38 96*2 22* 133 tZh 172*a 

Hu m 25»j T«>a48>2 84 66 WlKh 

Ok 234 37 TO 1 ! 64 554 157 

Mart 279 60 *U>a 90 154 129 106 IV 

Can 12.053 Pan 6,180 - Undotfteg Uk rites. Prentoss Aon m bread cm ntttowrt prfea* 
t Lang Mad repty 

■ BIRO STYLE FT-BC IWP 250 INDEX OPTION (OMLX) CIO par hd Index poK 


3500 3550 3600 3880 3700 3780 3800 3880 

S* 5Q»2 1 13*2 14 1 52 

can 0 Puts a Sadtemm pneae wd wdomae an an n 430pm. 


FT - SE Actuaries Share Indices 


The UK Series 




Day's Year 

Dhr. 

Earn. 

P/E 

Xd ad). 

Total 


Sep 15 chgeK Sep 14 Sep 1 3 Sop 12 ago 

yMdH 

yMdM 

nano 

yw 

Return 

FT-SE 100 

3112.7 

+1.1 3079* 3121.4 3128.8 3003* 

4*7 

6*0 

17.14 

91.70 

1173*7 

FT-SE MU 230 

3648* 

+06 3628.4 3678.1 3713* 3421* 

3*9 

5.75 

2082 

92*8 

1356.18 

FT-SE INd 2S0 ax kw Trusts 

3848* 

+05 3828* 3679.1 3715-9 3437* 

3*4 

8*3 

18*5 

95.75 

1351*3 

FT-SE-A 380 

1570* 

+0.9 1555.5 15708 1682* 1505* 

3*1 

6.63 

17*7 

44.79 

1211*8 


187V-80 

1879.72 1881.49 1899*5 1769*1 

3*4 

4.19 

3058 

39.60 

1455*0 


1848.42 

164097 1860*4 1887*3 1771*1 

3*2 

4.63 

2820 

4062 

143429 

FT-SE-A ALL-SHARE 

1559*8 

♦09 164037 1688.58 1572.85 1493.42 

3*5 

045 

18.43 

43.67 

122404 

■ FT-SE Actuaries All-Share 









CWa Year 

Dhr. 

Earn 

P/E 

Xd adj. 

Total 


Sep 15 chgo% Sep 14 Sep 13 Sep 12 ago 

yield* 

ytaUK 

ratio . 

ytd 

Return 


2745*9 

+0* 2732*8 2758*6 2766.91 2265*0 

3*0 

5.04 

25.02 

5477 

109400 


3950*8 

+0* 3917.81 3972*2 4019.7H 317000 

3*6 

5.09 

24*9 

5424 

1078.04 


2895*5 

+04 2684*2 2703.44 2899.66 2202.70 

3.41 

5*8 

22*2 

59*9 

1007*5 


1989.78 

+04 1082.12 2010.70 1960.06 1855.70 

£09 

t- 

* 2096 

1141*2 


20 GEN MANUFACTURERS(263J 

21 EUMng & Consttu«10fX32) 

22 BuJcMng Motts & Marctnpl) 

23 OwoVcnls(27) 

24 Dtveraffled mduowoi80« 

25 Electronic & Elect EquWW) 

26 Eftfllnowtng(7fl) 

27 Engineering. Vohlcfcwltg 

28 Printing. Paper & PckQPfl) 

20 TaxWos & AflBjEfil 


1946.46 

1118.41 

1882.68 

2459.02 

1871.05 

1944.09 

1844.18 
2297.94 
2882.30 

1685.18 


+0.71932.571958*5 
+0*1112*1 1130*# 
+0.8 1877.32 190B.54 
+0*2438*3 2448*1 
+1.1 1850*8 1680.75 
+0* 1927*7 1852.03 
+0 41837.521880*0 
+0.4 2288.87 £319.41 
+0* 2873.14 2918.62 
+0.1 1883.101688.72 


1069.741874*0 
1148*0 1138.10 
1918*7 1805.40 
2456*02221*0 

1883.70 1943*0 

1960.602085.70 
1874.44 1632*0 
2319.63 1903*0 
2930*7 2424.10 
1697.50 1904.40 


3*2 4.90 

3.49 4.77 

3*0 . 4*8 
3.78 4.15 

4*9 4*6 

3*7 6.49 

3*8 4*5 

4*2 2*1 

2.97 5,15 

3*9 6.60 


27*6 23*6 
27.04 47*8 
30*4 74.17 
24.06 87.10 
18*8 55.36 
24.43 41*5 
56.78 70*7 
22.75 63*1 
18.64 40.49 


871.17 

887*2 

1088.73 

964.12 

949.73 
1051*2 
1118*0 
1131*1 

948.13 


30 CONSUMER QOOOS|97) 27B9.14 

31 Bnowetfc»07) 

32 Spirits, Whos A CWsraOD) 2849- S 

33 Food Monutoctuwi*23) 2381.03 

34 Household Goods* 13} 

38 Hooltti CoroCD I®®- 1 * 

37 PhMTnoceutlcetsn?) S*®-*? 

3fl TofraccoQ) P 531 - 81 - 


+1* 2741*2 277fL43 2792*1 2762.40 4*9 7*9 15*9 88*4 

+0* 2250.10 2271.41 2287*7 2070.10 4.18 7.87 16*4 81*3 

+1*28iai5 2888.44 2881*4 2902.30 3*8 076 17.17 89*2 

+1* 2332*5 2388.77 2371.08 2305.40 4.11 7*6 15*0 71.13 

2459*6 2471.77 2482.78 2561.50 3*6 7*7 18*4 54*2 

+0.1 1667.79 1672.71 1680.40 1705*0 2*9 3*3 43*7 35*0 

+0* 3028.65 3068.63 3063.48 3044.40 4*1 7*3 18.48 78*8 

+1.4 3481.47 3544*9 3607.31 3968*0 6-14 8.73 11.03 217*7 


1012*2 

966.18 

990.17 

877.45 

985*3 

96040 

805*3 


SERVICESC218) 

Dwmwtwspi) 

Leisure A 
MedmGSI 
RotaHera. Foodfie) 
fiataflera. GtxwaSdS) 

Support Sen,lcas(4Q) 
TransporqiSI 

Other Stamcw A Puatnosaffl, 


1956*4 

2569.02 

2075.46 

2846.68 

1860*9 

1081*8 

1562.78 

2310.41 

1296.56 


+0.9 1939.60 
+0.5 2S55.47 
+1.1 2053.57 
-OA 2856.96 
+2* 1814.98 
+1.4 1639.11 
+0 3 155841 
-0-1 2312.66 
+0*1388.60 


1060.93 

2817.77 

2086*1 

2892.07 

1827*3 

1657*4 

1572*7 

2321*5 

1302.62 


1965*5 

264848 

2107.48 

2901.76 

1824.06 

1685*3 

1577.14 

2294*0 

1304*3 


18BS.B0 

2726*0 

1944*0 

2508.70 
181&B0 
1658.40 
1619.80 
2251.10 

1297.70 


3.14 8.13 

3*4 6*3 

3*5 4*7 

£42 5*9 

3.45 &48 

3.15 £47 

£64 6.04 

3*4 5*4 

3*1 £15 


19*5 

17*3 

25.05 

21.98 

14*0 

10*0 

19*4 

22.19 

BOJOt 


42.78 
64*8 
48*3 
64*7 
45.10 
35*5 

26.78 
43*1 
21.48 


658*1 

887.40 

1021.73 

988.77 

1109*7 

885*5 

946*5 

901.02 


O UTIUTESPQ 
B EtteWdtyOT) 

4 Gw DtsMbvttonpD 
B TitlecaTTnirfik3tw«(J] 
Wnter(13) 


2406*9 +1*2377.52 2414.93 2422*92300*0 

2515.09 +0.4 2504*6 2541. 96 2S57.03 1978*0 

1989.47 +** 1927*8 1951*0 1945.76 2157.80 

200£K +0.8 19S6.11 201-1*8 201123 2054.80 

inwi.M *23 1809.06 1854*0 1890*9 1fl0£70_ 


438 

7*1 

15*9 73-42 

926*2 

3*4 

9.78 

12*0 83.46 

1045*3 

6*2 

* 

♦ 68.79 

909*0 

4.13 

7*8 

1649 50*2 

853*7 

5*5 

12*3 

8*0 89*5 

924*9 


9 NON-nNANCIRLSffttL 


16 gjg +qg 1671*4 1682.47 1696*6 161083 3*2 825 19*3 45.12 1187*8 


0 FWANCIALS(1M) 

1 BonfcwlOl 

3 Insijraf>ce(i7) 

4 Life AxmtanomG) 

5 Merchant Bonhflid) 
7 Other Flnnnc«K24| 
B ProoffWI) 


2195*3 

2851*9 

1241*4 

2400-51 

3062.38 

1969*7 

1478.80 


♦£9 21 74*9 2208.16 2221.75 2158*0 
+1* 2813.44 2861.69 2878*8 2812.20 
+0* 1231*2 1257*5 1263*1 1438.70 

2400.47 2415.75 2443*9 259820 

+0* 3038.44 3079.18 3128.92 302720 
+0.1 1957.45 1973*0 1993*4 1743.40 
+0.5 1471.97 1488.15 1488*0 158620 


352*3 +0.8 2629.95 2863.93 2875*6252540 


4*7 

a co 

13.48 

0073 

87016 

4*2 

9-40 

12.1 T 114*1 

855*5 

5*2 

,9*1 

12*3 

4055 

84030 

5*2 

7*7 

16*2 

85*4 

912.15 

3.37 

10.78 

10*0 

82*9 

82ZB8 

3.63 

8.00 

14.90 5£77 

1045,05 

4.06 

4*3 

20*1 

39.80 

84478 

£13 

1.83 

5524 

5005 

95044 


FT-SE-A ALL.SM*ne(85B) 


1559.98 +0.9 154627 1566*8 1572,85 1493-42 3*5 645 18*3 43*7 1224*4 


-St 100 
■-SE Mid +*80 
•-SE-A XO 


Ope n 

9*0 

ion 

11*0 

12*0 

13*0 

14*0 

15*0 

1410 

Hgh/day LonMey 

3000.4 

3629* 

1550.7 

3092.5 

3830.8 

1580* 

3097.6 

38304 

1562.5 

3089.7 
3634* 

1569.8 

3087.0 

3652.4 

T 558.6 

30906 

36322 

15600 

3096.9 

36345 

1562.7 

3107.0 

38412 

1B872 

3113.5 

36482 

15705 

3115* 

36409 

1571.1 

3088* 

3827* 

1658.0 


il , M Cf, Mjn. De»ft ll-SSem. FT-SE 100 1904 HVc 36203IW ) Low 287A8 V+N). 


Open 


9*0 


10*0 

11*0 

12*0 

13*0 

14*0 

1400 

1410 

Ctoaa 

Pravtoua Change 

1058* 
3011 5 
1815.1 
2866.4 

1060.1 

3003.9 

18133 

2854.8 

1060-4 

2995,8 

1821.7 

28552 

10608 

2996.9 

18247 

3881* 

10622 

3007.4 

18301 

2887.1 

1063* 

3021,1 

1633.7 

2877* 

ml 

1064.1 

30272 

1847.9 

2688.6 

1057* 

30005 

18051 

28451 

+62 

+258 

+41* 

+305 



■ Major Stocks Yesterday 



VOL 

000 * 

Oaring 

Price 

Day's 

owns 

ABtMGreupl 

B.100 

87 

+i 

Aht»y NaUonrit 

3.700 

400 

+a 

ASwtFWwr 

1.500 

49 

»i 

ABfld-Lwmst 

AngtenWanr 

3.100 

561 

682*2 

530 

*6*2 

+6 


170 

344 


Arm* Qfurf 

2*00 

597 

1Z7 

292 

273 

572 

+B 

+1 

+6 

Assoc, at Porta 

80G 

275 

+3 

BAAf 

1 /HM 

481 

-4 

BAT torts, t 

3, an 

«n 

*6 

BET 

1*00 

103 

-3 

BKC 

777 

305 

+1 

BOCt 

372 

730 

+10 

BP1 

9*00 

420*2 

*3 

BPBkriL 

•MOO 

204 

+2 

BrWftk^ 

14,000 

ii*m 

38S*j 

267 

*6 

48*2 

smt 

7*00 

326 

+5 

Banff rfScoBandt 

£000 

202 

-1 

Barcfeyst 

7*00 

' 504 

•0 

Basil 

863 

555ft 

43*2 

BfeaCtodat 

2*00 

295 

42 

Bookar 


460 

422 


HTTTs 

5«0 

49 

Bmnart 


47B 

+3 



48S 


BritehAbMqvt 

7*00 

389 

-4 

Efcrtsn Giot 

5. tOO 

209*2 

40*J 

BiflWtLand 

I5d 

389 

43 

Brtaah Staarf 

Bund 

5*00 

£25 

154*2 

166 

46*2 

+2 

Bunora Ca^rert 

127 

830 

*8 

Biatan 

2*00 

63 


WUlWIrat 

4S3C 

412 


Cadbiay Schweraest 

Bir 

4tW 

-e 

CatorCraus 

22 

2S7 

43 

CoradonT 

1*0C 

290 

-6 

Car&DQ Compact 

1*00 

873 

-a 

Com WyoDat 

4,100 

214 

-i 

Comm. Unanl 

715 

527 

-i 


2200 

244 

-i 


456 

485 

-i 

stru 

317 

210 

473 

950 

*6 

-4 


851 

195 



1*00 

761 

+12 

E«ro Mttand Bocl 

782 

716 

•4 

Eng Cnaa Ctays 
Eniripnao 031 

BIB 

1*00 

373 

406 

-1ft 


156 

278 

*« 

FW 

130 

174*2 

♦1 


1*00 

125 

42 

Foraloi & Cot tT. 
For»t 

668 

141 

•3ft 

2*00 

227 

48 

On Accdanrt 
General EaeLT 

212 

£200 

581 

288 

+3 

+4 


£000 

£01 

48 


246 

338 

-4 


£000 

490*1 

♦Ifft 

Grand MaLt 

3700 

417*2 

40ft 

1.400 

548 

+12 

GAEt 

1*00 

100 

<1 

oknJ 

lr«00 

813 

411 

Gntonasat 

£100 

487*2 

43ft 

HEaG 1750 anatt 





a» 

332 

♦1 


ia*oa 

242 

*2 

Harrisons Cxadlald 

735 

177 

+2 


457 

£100 

2 B0 

1 B2 

44 


94 

308*2 


ert 

1/80 

044 

+18 


3*00 

418 

+3 


206 

584 

+2 

Ktogtebart 

1*00 

5C2 

+14 





ladbrakat 

2*00 

un 


Land Seatonast 

1.000 

BIT 

+2 





Lagal & Genararf 

1^00 

456 

43 

Uoyda Abtanr 

Umds BartfT 

LASMO 

2*00 

£100 

KB 

ISA 

+13 

43 


670 

894 

43 


B17 

132*2 

*1 


732 


43 


280 

430 

*2 

am 

6*00 

141 

46ft 


1*00 


4* 


3.600 

CIO 

44 

fcfefends BacL 

422 

768 



058 


44 

NFCt 

1*00 

XTB 

-1 

NatHtatBenKf. 

£200 

487*2 

►10ft 


052 

475 

43 





North Wan Vtoarf 

883 

550 

+10 





Nortnain Foodet 

1*00 

209 



412 

786 



753 

587 

48 

PfiOt 

3*00 

ess 

46 

PMngm . 

0*00 

100*2 

43*2 

PommQwif 

3*00 

313 

-1 


253 

SB3 

47 

mzt 

1*00 

871 

+10 


B34 

239 

»6 

RadiK^fcotouwt 

1.700 

1*00 

404 

585 

43 

Radtandt, 

S75 

516 

+10 


1*00 



ffre ikat 

423 

4.100 

234 

478 

43 

-8 


5.100 

182*2 

-1ft 

WSSf 

1*00 

287 

♦1 

Satoahuyt 









0<1 



Sax. H»d«^Ba(3. 




Sccffiah Ptwart 

782 

380 

4fl 


4*00 

iieft 

43 






427 


-1 


006 

530 

+10 


4*00 

722b 

*ft 

Smt+t 

1,400 




S7S 

233 


Smftf, (Wit) 

1*00 

485 

-1 

SmOi A Nsohn+t 

1*00 

147*2 


anra saaeitant 

1.700 

«i 

40 

SmU Ssadam Uto-t 

466 

394 

48 

Smflna krfs. 

207 



fiotawn Eftett 

uoo 

738 


SouCi Wotaa BacL 

313 

815 


Scuh Wost vmv 

450 



Saudi VfeU Beet 

SOS 


-1 

Seuthem ww 

577 

563 

479 

StendEed Orsnd-t 

1*00 

202 

48 


1*00 

200 

4+ 

Sib AEanatl 

2*00 

3 M 

+u 

T8N 

821 

220 


TIQmpt 

527 

371 

44 


3.700 

220*2 

43ft 


1,400 


■to 

Tsali^fr 

372 








4,400 

231 

40 

Tlismaa Wttorl 

1*00 

533 

♦IS 

Thom act 

1*00 

1021 

<0 


1.603 



UMBBr Ksuaa 

£500 

01 

*2 






1*33 



ItosadBaaAst 

2*00 

319 



460 



utxtetewt 

0.100 




481 




255 


-2 






221 




564 

S45 

47 

MSomsl*Bsa>1 







-1 ft 


1.100 

IS 

-2 


7*1 




STB 




571 

533 

+10 

Zaneeat 

SSc 

VO 

-5 


BaMdeeMdngttcMwiei a ■wncii’n ei majix 
wutUH Wbo omsuati no SEnC sfaa 
IMP! aal Oftm TjJ-efewn^wof 
■» rajnWd dawn- 1 «*aws an FT-SE 
100 U 


impact of a rather downbeat 
annual statement. Chairman 
Mr Peter Barr said first-half 
results would show a big drop 
from the previous year’s after 
an extremely difficult start to 
the trading year. 

However. Nutricia denied it 
had received an approach from 
the US group and several ana- 
lysts were sceptical of a link-up 
between the two UK groups. 
Analyst Mr Carl Short of SGST 
said: "Unigate would probably 
not be interested in bidding for 
a business as diverse as Hazle- 
wood." 

APV trades heavily 

Engineering group APV was 
yesterday's most actively 
traded share, down 35% to 83p 
following a halved interim divi- 
dend. The half-year statement 
plainly caught the market on 
the hop and the day's turnover 
topped 13m shares. 

Profits were ahead but the 
company spoke gloomily about 
the need to restructure its liq- 
uid food side and the squeeze 
on non-UK margins. Europe 
accounts for some 40 per cent 
of group sales. 

T&N eased 5 to 220p on the 
news that it had taken a HOOm 
plus option, to lmy a control- 
ling stake in German car com- 
ponent group Kolbenschmidt. 
Market concern centred on the 
Germany company's heavy 
borrowings. 

Rolls-Royce shed 1% to 
182'/ap, not helped by market 
talk of knock-on effect to RR of 
a Far Eastern airline going 
slow on payment for a large 
airline order. 


NEW HIGHS AND 
LOWS FOR 1994 


NEW MOHS paj. 

DtSTOBUTORS 99 BrHMl FUlngg. Faber Piest. 
EXTRACTIVE MOB (8) ERGOl Bandstand. FfM 
8mm Dm., Hammy. ASa Mnao. Ktaostmom. 
INVESTMENT TRUSTS (3J LEISURE B HOTELS 
Ct) Atoontaun SM Houses. OIL EXPLORATION 
A moo ft) Romeo 

PHARMACEUTICALS p) Briton BModi. Do 
VtttA, PfTTNO, PAPER A RACKS (T) EbuidL 
RETAILERS, POOD p) Monism |MnL Do 
IMpc. Prt. RETAILERS, GS*RAL HI Braum 
QQ, 9PHT8, VINES A CSDGKBi |2) Mncahn 
-OMM, UstiRM CM SUPPORT 8ERV8 (4) 
HnrniM WMung. Loglca. Monpcnnr, Msnco 
Seavlly, TEXTILES A APPAREL (1} Sent (BRL 
AMBVCANS n Amer. Espnsh Non Cop of 
Mbsrm CANADIANS (1| hoo. 

NSW LOWS M. 

BRENOTES P) Rjler STA. BULDMO A 
CMSTRN p| Lolng (Q, Do &4RC Prt., TIDury 
DDugtas BLDQ MATLS A MCtfTB M Gn*sm. 
Hepworm. Hewrta, Hoymood WHome Prt. 
DBTTEBUTOR8 PI ApploymJ. BMsMsy Motor, 
meftcapo. Lot Smkm, PCT, nvowiED 
MDL8 (0 BTR Wits.. ELBCTRNC A ELECT 
BOUP n Danta Bus. Sgntam, VWi, 
BI8INBWG P) APV, HiHtig, RaSont MetoL 
EXTRACTIVE DOS flj An^o PacMc. FOOD 
MANUP (3 Danone, Qofelen Vtb, HOUSEHOLD 
00008 |S) Vyitus. WysMd. INSURANCE (3) 
Hewh (CQ. Msnh S McUraan, New Lonom 
Cepfeel. INVESTMENT TRUSTB (7) 
NVBTMBfT COMPANIES (1 J BeB VlM Nam 
UnU, LB8URE A HOTELS ft] KufVck BVfic 
Prt, ESHA (Q BMdeie, Bienhebn. OTHER 
RNAHCIAL (1) Johmon Fry, 
PHARMACEUTICALS (1> Ek*i PRTT+Q, PAPER 

A MCKO (1) Wumoutfie. PROPERTY M 
D artowa. Dunioe House, SkxigliEaa. BMpPrt, 
Southand, RETAILERS, GENERAL p) Aqray, 
Body Shop Wt. Counoy CesuSa. SUPPORT 
8&RVB n 188 a JBA, Macro 4. TEXTTLEB A 
APPARH. C6 Afl**L Foemr (JJ, TRANSPORT (1) 
VM, AMB8CANS « OerwN Host MMvy 
Tachnotogy. 

Unusual trading patterns in 
Zeneca saw the shares Ml 6 to 
830p in spite of announcements 
that the company had filed a 
new prostate drug application 
with the US Fbod and Drug 
Administration and appointed 
a new chairman designate, Sir 
Sydney Lipworth. The shares 
have outperformed the market 
recently, fuelled by bid hopes. 
A vaccine tie-up between 


Medeva and SmithKUne Bee- 
ch am gave a boost to the for- 
mer, up s at 15 lp. SmithKUne 
“A” put OH 6 at 434p. 

Granada was the outstand- 
ing performer in an otherwise 
lacklustre leisure sector, with 
the shares staging a strong 
recovery after the recent bout 
of weakness which earlier this 
week drove the shares down to 
their lowest point since Decem- 
ber 1993. 

This had been caused by per- 
sistent suggestions that Gran- 
ada was about to make a sub- 
stantial acquisition, rumoured 
to be Gar dner Merchant, the 
catering group. 

Despite constant assurances 
from sources close to Granada 
that a move to buy Gardner 
was not about to happen the 
market remained unconvinced. 
But strong support for Gran- 
ada shares from Hoare Govett, 
Granada's own broker, seemed 
to have allayed those Dears yes- 
terday. Granada shares closed 
14!A higher at 490%p. after 
turnover of 2m. 

Ewflc-Fit. the motor sevrices 
group, bounced 6'A to 154p fol- 
lowing good interim results 
which led some securities 
houses to edge up their full- 
year profits forecarts. 

Troubled transport group 
Tiphook dipped 1 to 87p follow- 
ing one of the stormiest annual 
m paling s of the year involving 
allegations from the floor. 

A gains t the market trend, 
British Airways weakened fur- 
ther. dipping 4 to 389p. 

Dealers noted persistent sup- 
port for many of the building 
materials and construction 
shares after the damage 


inflicted on the sector by this 
week's rise in domestic interest 
rates. Demand was fuelled by a 
note issued by Credit Lyonnais 
Laing, the securities house, 
which said that "assuming the 
government's pre-emtive rate 
rise lessons the risk of a rerun 
of the boom to bust cycle, we 
believe it is too earl)' to move 
underweight in the sectors and 
recommend a selective bal- 
anced portfolio. 

Mirror Group shed 4 to 131p 
as analysts downgraded follow- 
ing the announcement of a 
sharp setback in interim prof- 
its and a warning that the 
newspaper price war would hit 
full-year profits by more than 
the market had anticipated. 
S.G. Warburg, which remained 
a buyer, nevertheless down- 
graded by £R.2m to £71 .2m. 

Courtaulds Textiles moved 
ahead 13 to Slip in spite of 
reporting a foil in interim prof- 
its to £10 Jm from £ 13.7m. 

Home fu rnishing s group MFI 
rose 6V» to 142p on announcing 
that sales for the first 19 weeks 
of the current year were 10 per 
cent above the comparable 
period last year. 

United Biscuits shed a penny 
to 319p on disappointment over 
half-year results. 

Hawtal Whiting, the motor 
industry design and engineer- 
ing consultancy, leaped 65 to 
286p following a 400 per cent 
rise in first-half profits. 

MARKET REPORTERS: 

Steve Thompson, 

Peter John, 

Jeffrey Brown. 

■ Other statistics. Page 19 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


Option 





Cats 

__ 


Pus 


Option 


Oct 

■ten 

Apr 

Oa 

Jan 

Apr 

ADaKjora 

MO 

52 

- 

_ 

3ft 

- 

- 

rss4) 

589 

17M 

— 

— 

18 

- 

- 

Mgyl 

2B0 

20ft 

26; 

34ft 

6ft 

13% 

18ft 

(TSC) 

300 

0 

17: 

24ft 

16ft 

24 

29 

ASDA 

60 

BM 

lift 

1ZM 

IM 

3 

4 

1*67) 

70 

3 

B 

7 

5ft 

7ft 

Bft 

Brtt/Umam 

360 

35 

44! 

53ft 

4 

12 

16ft 

r3aa i 

390 

15 

2Hft 

37 

MM 

24ft 

30 

SnSBsaaA 

420 

26 

38ft 

48 

9ft 

IBM 

25ft 

r«3j 

460 

7ft 

17ft 

27 

32ft 

42 

48 

Bocta 

SOD 

47ft 

54 1 

BBft 

3 

11 

17 

rwo j 

550 

IJft 

28: 

30ft 

21 

32ft 

39 

BP 

420 

10 

28 

38 

12ft 

19ft 

26ft 

(*<21 I 

460 

3ft 

11 

10 

42 

45M 

50ft 

Brthfi Steal 

140 

17ft 

21 

25 

2 

5 

7 

H54 ) 

160 

5 

Bft 

M 

10ft 

MW 

16 

8ns 

550 

24 

34 i 

(2ft 

14 

SOft 

3Bft 

<•2* ) 

BOO 

5 

14 

22 

40 

66 

70 

OfcSMa 

380 

34 

4SUI 

BSft 

Sft 

16% 

22% 

r«2) 

420 

17 

28ft i 

Oft 

13M 

30M 

36ft 

Conrtadda 

460 

34% 

«ft 

50 

5M 

IB 

21ft 

F485 ) 

500 

lift 

23 

34 

25ft 

35ft 

41 

ConnlWan 

483 

43 

57 

63 

4 

BM 

ID 

rS27 I 

543 

12 

27 

35 

25 

31ft 

45 

K3 

BOO 

BB 

aou 

S3 

7 

IBM 

33ft 

fW 1 

850 

28 

SOft 

63 

26 

40M 

57 

Kk^Hier 

500 

21 

34 < 

WK 

IB 

29M 

37 

COT ) 

550 

4 

IB 

28 

ESM 

82 i 

B7M 

tend Secer 

600 

25 

35 

40 

Bft 

IBM 

23ft 

rsn ) 

650 

4ft 

13ft 

2B 

42 

49ft; 

52ft 

Mario & S 

390 

27ft 

35ft ■ 

Mft 

4ft 

11 

Mft 

r«e ) 

420 

Sft 

10 27ft 

17 

24ft 

ZB 

NaMltatt 

460 

48 

81 

BB 

5ft 

12ft: 

20ft 

r<08) 

500 

21 

36 44ft 

18ft 

27 

38 

SeMUT 

420 

33 > 

43HI 

saw 

7 

16ft 

22 

r<« ) 

460 

9ft 

23 

33 

26 

36M 

41M 

ShaB Tram. 

700 

26ft 

44ft 

54 

lift 

20ft 

32 

C722 ) 

750 

B 

IJft 28ft 

44 

49% ( 

BOH 

Sm+muai 

200 

12ft 

18 22ft 

5 

9 

13 

rane) 

220 

3ft 

B 

13 

17 

2i : 

24M 

TUMoar 

00 

5ft 

Bft 

12 

4M 

8 

B 

r» i 

TOO 

2 

Sft 

7M 

12 

15 

15ft 

UnHavtr 

1150 

IB 

37 57ft . 

tzft 

5BM ‘ 

73ft 

(-1120) 

1200 

Bft ; 

20ft 37ft 

SB 

MM 

106 

Zeneca 

BOO 

48H 

SB 

80 

3ft : 

zim: 

36ft 

raso) 

850 

18ft: 

33ft 52ft 

34 

44 ft 

62 

Ogdon 


Ndv 

Feb Hsy 

M» 

Fee i 

May 

Grand Met 

390 

48ft 

48 

B4 

8 

15 

IBM 

r«ia ) 

420 

21ft 

30 

37: 

20ft 

29 : 

3ZM 

Latfmkfl 

160 

11 

17 20ft 

10M 

1 3ft 

17% 

(*iei ) 

180 

4 

V 

13 

25 

27! 

30ft 

UU Htora*« 

300 

28ft 

Sift 30ft 

8 

12% : 

aim 

ma i 

330 

Bft 

iBft 2ift : 

24» 

29 ; 

X7ft 

Bftan 


te* 

Dec : 

mrn 

Sep 

Dec 

Mar 

Feans 

130 

7ft 

13ft 10ft 

2% 

7% 

Bft 

P») 

130 

4 

Bft 

12 

8 

I3M 

15% 

Opaan 


Mar 

FHbltey 

Nor 

Feb i 

Mar 


Brit Aon 460 43 STM 87 17 26 3514 

r«85 ) 500 21 36 4TO 37 48 56 

BAT mes 420 23V> 35 41Vi 16» 2P4 32 

r«1 ) 4H> 7Hr 17^ 23 44# 47W 575* 

BTO 300 3QH 39 44U 5 8* 13 

(*3Z7 ) 330 M 22 28 17 21 28 

Brt Tetanra 360 35% 38 4514 4 9K 13 

C38& } 390 iwarozraw^mMtt 

CHRuyScfc 480 2014 32 37h IBM 22H 30Hi 
(*<84 ) 500 E 16M 21 <5 48 SS 

Entera Bk 750 50 S8MB1K Z9 41M50M 

(*761 ) 800 28 45 59 571470M 7B 

Guinness 460 23M 35 <3 141* 21 20 

(*468 ) 500 7 Vi 17 34 42Xr 46 5JM 

EEC 2B010M22M2BM 7fc 11* 14ft 

(*288 ) 300 n 1318)417* 22 24i* 


Hainan 240 12 IBM IBM 8 13 IBM 

C741 ) 260 4 7M 1IM 21 25 28M 

LamaD 154 MM - - 7 - - 

(158) 180 4M 8 fZ 28 28 29M 

Luos Ufa ISO 17 21 2BVI 7 11 14M 

(*191 ) 200 BM 12 18 19 22H 25M 

P a 0 650 30 47* 9B2GM35M50H 

(•*64 1 700 11 MM 37 59M 66H 80 

PVdngKn 180 18M21M 26 5 BM 11b 
(*190 ) 200 7 12 18 15M IBM 22H 

PIDdUU 300 20M Z7M 32 9 14 20M 

("313 ) 330 BM 13 17M 28 31 38 

KTZ 850 46 67 79 23 35» S3 

(-870 ) 900 21 M 43 35 5ZH 63 79ft 

Hananri 500 29ft 49 52ft 17ft 24 37ft 

CS15 ) 550 Bft 21M 30 51 54M 69 

Rural ton* 290 22 SOM 36 lift 16M 2ZM 

1*287 J 300 13 21 Z7 23M 27 33H 

Team 240 T7M M 2BM 7M 12M IBM 

1*250 ) 260 814Vi » 18ft 23 27 

VutatWB 183 IBM 20ft - Oft 10 - 

(ISO) 200 B 12ft 18 15ft 19ft 22 

fflCams 325 29 — — 5 - - 

(*344 ) 354 lift - - 18 - - 

Opaan Od Jan Agr Qg Jan Apr 

BAA 475 28 36 46ft 6M 13ft 17 

(*482 ) 500 12ft 22 31ft 17ft 24ft 29 

thanes UN 500 21ft 31 3B 14 28 31 

(*503) 550 4 14 20ft 50 61 63 

Option Sap Dac Ite Sep Dee iter 

AMey Nall 380 21ft 35 43 3ft 11 20ft 

("405 ) 420 G 18 27 19ft 36 36ft 

AmstBd 25 5ft Bft 7 1 1ft 2ft 

ran 30 im s 4 2 + sft 

Barclays 550 «7ft 81 7Hft 1 10» 19 

(-593 ) 600 Bft 32 46ft 14 29ft 41ft 

Btae Qttia 280 18 27 34ft 3 10ft IB 

(*285 ) 300 5 IB Mft 13 21 26ft 

Brttdi Gas 260 2 26 32ft 1ft 7ft 13 

1*290 ) 300 Eft IB 23 6 17 21 

DUOS 180 IB 26 29H IM 7 lift 

H95 ) 200 4 1«ft 18ft Bft 16ft 21 

HISdOMI 100 BM 12ft 18 SM 10» 12M 

{*182 ) 200 1ft 5 Bft 20 24 25H 

Unrho 130 6 13 IBM 3ft 7 lift 

P32 ) 140 2 8 12 9ft 14 17 

Hid Few 460 21 35ft 40ft 4ft 19 24M 

[-474 ) 500 3ft 1 Bft 28 29 39ft 4SM 

Soot Pom mane 3 n IB 
(-370 ) 390 5ft n 29ft 16ft 2Bft 31 

Seas 110 8ft lift Mft 1ft 4 Sft 

(116) 120 2 5ft Bft 5ft 9 11 

Foria 220 1DM 17 23ft 3 11 Mft 

(*226 ) 240 2ft 8 14 16 23 26 

Tarmac 140 9ft 10 20ft 2 OM lift 

P«) ISO Z 8 lift 15ft 22 24 

Them GH 1000 32 8SM BSft Bft 30 46ft 

(*1020) 1050 7 3B 55ft 37 56 71ft 

TSB 220 7 18ft 21ft 5 lift 17ft 

(*221 ) 240 I 7ft 12ft 21 24 30 

TbhUbs 220 12ft 21ft 26 25ft 8 12ft 

(*229 ) 240 2ft 11 15 14 IBM 23 

WeBEHM 650 38 & 84 5 26 36 

{*078 } 700 9 38 57ft 2SM 49ft 60M 

Won Od Jan Apr Od Jan Apr 

Sam 600 15ft Mft 40ft 35 47 60ft 

(*600 I 650 4ft 19 30ft 75ft 82 93M 

ISE&Af 700 54 79ft 99 19ft 38 59ft 

(*728 ) 750 Z7ft GEM 73ft 44ft 04 88 

Haws 475 19 - - Mft - - 

(-478 ) 488 13ft - - 22 - - 

OptW Rq* fab May Xor fet May 

AfeAncs 180 12ft 17ft 21ft 813ft 17 

1*182 ) 200 Sft 9ft 13 23 25ft 29 

' Unttartylng warty nrteft. Prem iu ms shown an 
band on ckjaMg oiler pricoe. 

September iMottf wntnna; 62,782 Cefls: 
31,623 PUC 21,139 


FT GOLD MINES INDEX 



Sep * ebg 
14 «tt| 

Sep Sep Tier 

13 12 age 

6nxx dhr 

jMd % 

52 week 

Mgh Lew 

Bold tenet Mn (36) 

218X55 -02 

2167.58 220031 154030 

137 

230740104030 

■ ReQfcni mOccs 

Africa (18) 

3431X8 +2.1 

33G208 3350J2 1B07J3 

4JJ1 

3487.66 196753 

Aastritod (8) 

272248 -25 

2701.49 2830*3 1693.18 

1.92 

301189 169118 

Nona Anxria (12) 

1735*7 -0J 

1752*6 1765J8 139028 

0.74 

203965 136E28 


Copyright. The Ffrianelal Times Linton IBM- 

Rgun n b«M anew nuntor of e e ripanteB. Bom US Dawi Qua VNum: ibjooo 31712792. 
Ift dec MM Gem Mna amac Sap is 274 3 ; day-* ehanpa: +a« peams Yaer ago: 18B.8 T Pans*. 
Li ner pneae wer* unmurOxo let maasoen. 


RISES AND FALLS Y ES TERDAY 


Rina 


Falls 


Soma 


— Cali Puts — 

Xw Fata Key Nov Feb May 






Other Rxsd Inures 

0 

0 

15 

Mineral Extraction 

68 

41 

68 

General ManutachMara 

142 

117 

385 

Consuner Goods 

43 

35 

109 






28 


11 





Investment Trusts 

132 

26 

309 

Others 

— - 58 

24 

24 

Totele 

735 

374 

1489 


Date tweed on those u onpa n taa feted on ttw London &hee Sorvfca. 


TRADITIONAL OPTIONS 


Hist Dealings 
Last DeaSngs 


September 12 
September 23 


Eephy 

SatBamant 


December 8 
December 22 


Calls: Alma, Bin Wta ’07, Beazar Hamas, Conrad, Enterpr is e Comp, First Nat Fin, 
OeaHc, Greenwich Res, Greycoat, Incbcape, Mtemot, NHL Pref, NSM, Owoca Rea, 
TUtow OL Puts: BTR Wte W, Greycoat. Inchcapa, Mfnmet, NSM, Tulow OR. Pua & 
CaBa: Navan Raa. 

LONDON RECENT ISSUES: EQUITIES 

Issue Amt MM. Close 

price paid cap 1984 price Net Dlv. Qrs WE 

p up (gmj Mgh Low Stodt p +/- dhr. cov. yld nat 


FP. 

103 

80 

7B Bade G Shn Wrte 

7&*r 

- 

- 

- 

- 

FJ>. 

182 

102 

95 Beacon InvTst 

96 

- 

- 

- 

- 

FJ>. 

148 

48 

30 Do. Wanama 

39 

- 

- 

- 

- 

FP. 

1-30 

14 

1 Conti Foods Witt 

1*4 

• 

• 

• 

- 

FP. 

315 

84 

B9 MVBSCO Jpn Ok 

BO 

- 

- 

- 

- 

FP. 

322 

60 

42 Do. Warrants 

48 

- 

- 

- 

- 

FP. 

- 

77 

BO JF n Japan Wrta 

60 

- 

- 

- 

- 

FP. 

254 

67 

35 {Magnum Power 

61 

- 

- 

- 

- 

FP. 

105 

31 

29 Oribls 

29 

- 

- 

- 

- 

FP. 

060 

17 

5*2 Panther Wrte. 

17 

- 

- 

- 

- 

FP. 

082 

40 

26 PBtrecaHc 

26 

- 

- 

- 

- 

FP. 

085 

44 

33 Guter Witt 99/04 

33 

- 

- 

- 

- 

F.P. 

081 

105 

07 TR Eero Gth Rg 

105 

- 

- 

- 

- 

F.P. 

12.6 

203 

192 TempMon E W 04 

203 

- 

- 

- 

- 

FP. 

2-32 

35 

20 Tops Eata WKs 

29 



“ 

- 


RIGHTS OFFERS 


issue Amamt 
price paid 
P up 


Rerun. 

date 


1994 

High Low 


Stock 


Closing +or- 
price 
P 


478 

Nl 

4/10 

59pm 

48pm 

Commercial Union 

51pm 

-3 

360 

Nil 

21/10 

48pm 

22pm 

EMAP 

22pm 

-3 

252 


11/11 

34pm 

19pm 

Weir 

10pm 

-1 


FINANCIAL TIMES EQUITY INDICES 

8ep 15 Sep 14 Sap 13 Sep 12 Sep 9 Yr ago 


■High 'Low 


OrcBnary Share 2t3&2 2397.4 2426* 2425.3 2426* 2331* Z713* 2240.6 

OrtJ.tfv.yMd 4*4 4*0 4.24 4^4 4.19 199 4*8 3.43 

8.04 8.11 804 a 04 8.03 4.70 B.11 3.B2 

17.68 17.47 17.68 17.88 17.73 27.17 3&43 17.47 

18*8 1&06 18*0 18*7 18*2 25.08 30*0 18*6 

-For 1394. OrtAnoy Shne mom dm amptam high 2713* 2/B2W: km «0.< avewm 
FT Ondkiary 0hm We* bew date 1/7/®. 


Earn. yld. 94 hil 
P/E ratio net 
P/E ratio nl 


Ordinary Share hourly changes 

Open 9*0 10*0 11*0 12*0 13*0 14*0 1S*0 18*0 High Low 
2406.7 2407.9 2413* 2407.7 24018 2408* 2413.1 2421* 2428 0 2428* 24035 
Sep 15 Sep 14 Sep 13 Sep 12 Sep 8 Yr ago 


SEAQ bargains 
Equity turnover (£m)t 
Equity benja l net 
Shares traded tmUt 


24*38 


24,312 

1237* 

28,700 

477.8 


25*83 

T163.7 

27*28 

480* 


27,505 

1074* 

29*12 

412.7 


26*70 28.442 

1278.8 1751* 

29*81 32.133 

527.8 889* 


TEnJuSns iVM+narioM buabwta and ovtnoao tumouar. 


THE TOP 

OPTOKIlJNniES SECTION 

for senior management positions. 
For advertising information call: 
Philip Wrigley 
+44 71 407 873 3351 


i - fL:- 







26 


X 


v 


\ 


FINANCIAL TIMES- FRIDAY SEPTEMBER 16 1994 


LONDON SHARE SERVICE 



BANKS 


AMAamH, 

hg 




ftrtMaaZpS 

KlBCH 

BVpcPt 

.ftto 

wuarr 

ItatadMOU 

BiM* 

HMHt JC 

«* cvp r 

- cent, 


113% ft W* 112 
in ft Wi lift 

MM +5 MB 487 

II 



CHEMICALS 

YM 

an re 

6.1 « A6A». 

5.1 27$ 

as'aaases »_«»»• 
a ^ &=se + % su %* a * *■ 

5.* 

IS 9.1 B**rW — HI 

47 ai M J£ 11 

... 31 103 MttYH-— t« 

m* Ida 
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05 

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lau is 


■JKTfXMC 4 BLtCTTKAL EQPT - Coat EXTRACTIVE MDOSTMS 


u msaimi— — an -a 

J3E3 a 3 


♦ or UK IK 

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4 * »' 1 U 
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KioSffiE&sS « - 2 - 

P?p stML+iG nu *« 1113 sea ons 



22 213 hmredTtaa. 

U 159 Mil 
72 - «5__ 

CO 306 GoMML 

in tnr rs^j ~|m wh -i w iu 
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42 - toJCWSmitlC m 195 TZB 

32 1U MnGM-J W. Jj IP 1*7% SMI 

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£2!=z 

SBwtalJ &!«.«□ _ 

73QpeR1 R% 

Sta*ta#Y__ 

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128 _M02»rt +3 

TeAMY , 

TDjoTK»HKr__ 728V -1 

VMBKAS— 2TB 

YfendaTWBkY * Oft -V* 


BREWERIES 


__ 

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siKr&n^a^^a^iaeas 

* n__—JO tAAM ♦U MB 72B UT19 
LI k«MC -JD 03 20 178 mi 

‘ 3 « 

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32 1&B NfcLaodftBB* — *J t!7 07 TOO 7U 

06 BZ2 a -1 128 98 Z59 

as - pwmsSW — __ q*a *4 cau £ 221 . oui 

10 M pnwr — — St* 3ft MS 3K 400 

11.1 - Hr— , SM3 2a 272 IK 4863 

as 244 HShspan-EB mm +1 m 32 ns 

as 4 lAteSfSftraj*— 1C AW • M HU 

41 11.1 Wimill VO na 220 198 4U 

02 472 WWarlHmi Mj 778 71* 570 872 

0.7 628 lWat*i 4223 -4 —3 390 DU 

IS * IWBB NO an *08 258 Ml 

1J> 457 

DISTRIBUTORS 


22 155 HQ»v 
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ft -uv mi ssftnsM os - tatacan 

aw 4 safe aft 7 jk 4J ics 

l8i — m latHU U. - AitaWR--— — E -2 -•» -wg - 2 - 

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■ ■ ^ = ^ 

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MALIK CARE -CmL 

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*i «£. lift 'wS - »i 

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+« 1994 

HI HgggWMMP 2 — i£ « 
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- 1068 5.7 

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71 &l -U 
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FINANCIAL TIMES 


FRIDA Y SEPTEMBER 16 1994 


27 


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GUIDE TO LONDON SHARE SERVICE 

Prica for ll» Unton Son Samca daiMrad by Edd FteanaW, a 
' rd tee Fmcte Thnes &n<L 


Cmpany Cteftal ora ov besed on One esed to B* FT-SE Aduartce 
Sham Men 

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una are bnaed on hba-day add- prtaa. 

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tortcaiBd eta Beta*. 

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Mad*! capPtakdhm rdmvn la celcdata aeparaMy tor sdi One of stock 


EstUed HledOemlngB rdw ara b*ed on totost and raoan* and 
acteonto and when ooeeUa. am uxtodd on interim Bowes. HE t are 
rataMed an TO^drttedw teds, eammos pat team M ag eampuad 
on pretl dtar tanftan, ractamiQ Pr ccp ho trt ndlbdosses and unraaiM 
ACT Orare TOOtada. YMk are baaed on mid-taicrs. are won. arfrated 
far a OaUend lax oedh d 20 par cent and dm» ter nfuB id dedared 
ddribuHon and item. 

Eamaad Nar Asm UNbes NW are diowi lor jmestmeni Tiuats to 
peace per Sen, aPeog on tne pereatage flsouiB | 0 M rr jenriiams 
(Pm -) b pis amrrt doang dare pdet IP* NAV besto assunet pta 
dwgat at partae. oonaerlliles caraoM and wanata exndaad H 

nmiDt 

□ bdfcaoalt* moK aahNy traded nedo. The heteda UK stoda 
where hansadfcns md prices are poHdwd cattuousAr ttreupi 0* 
SbCk Ettmnge Arsaraded Oudsta sysani (SEAQ) jod m-UK 
aoc>i Mrougn the SEAO totenaton H sydaw. 

- Ptgte and knw martod tmi la* been aifwgd u Am tor rW«s 
issues tartar 

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Thfe santa b nrrtrti M ceagpries irtHM Stems are rogdwfy 

FT Free Annual Reports Service 

You can obtain the current annual/interim 
report of any company annotated with A . 
Please quote the code FT4014. Ring 
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Financial Times Ltd. 
Number One Southwark Bridge, 
London SE1 9HL, 
England 

TEL: +4471 873 3260 
FAX: +44 71 873 3595 


?i » s 
• " “-S 

ti ». 

& m 


,< r 

’• >* 







FINANCIAL times 


Friday September i 6 i 994 ★ 















































































32 



FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


CURRENCIES AND MONEY 


MARKETS REPORT 


Swiss franc marches on 


POUND SPOT FORWARD AGAiriRT THE POUND 


Day’s MW 
Hrfi law 


The Swiss franc continued its 
firm showing on the foreign 
exchanges yesterday, touching 
its highest level against the 
D-Mark sines early 1991. writes 
Philip Gaarith. 

White the Swiss franc finish- 
ing unchanged In London 
against the D-Mark at SFrO.83, 
the D-Mark fell as low at one 
stage as SFias285. 

The D-Mark was weaker 
against most European curren- 
cies, despite the Bundesbank 
council's decision to leave Ger- 
man official rates unchanged. 
The central bank also fhwri the 
repo rata at 4£5 per cent for 
another two weeks. 

The dollar was a bit firmer, 
helped by the weaker D-Mark. 
It closed at DM1.5467, from 
DMl.5374, and at Y99.38 from 
Y98.875. 

Sterling also had a quite day, 

with modest gains a gainst the 
D-Mark offoet by losses against 
the dollar. The trade weighted 
index finished unchanged at 
79.2. 

■ Two short term factors 
buoying the swiss franc ware 
the Swiss National Bank's deci- 
sion to leave rates unchanged 
- there had been speculation of 
lower rates - and unconfirmed 
reports that Mr Markus Lusser. 
the Swiss National Bank presi- 
dent, had fnM a private gather- 
ing that a rise in rates in the 
future would be necessary. 

A number of other factors, 
however, are supporting the 
Swiss currency. The most obvi- 
ous is the Increased quest for 
safe haven status, now that 
there is increased concern 
about the outcome of next 
month’s German election. 

A further factor is the 
increased concern about the 
level of global stock markets. 
This has buoyed the gold price, 
which traditionally has a good 
correlation with toe franc. 

Analysts argue that with the 
Swiss economy having been 
the first out of recession In 
Europe, and the SNB having 
made it dear that rates will 
probably not fan further, the 
differential compared to Ger- 
man interest rates is likely to 
narrow further. 

Many observers are predict- 
ing further strength for the 
franc. If it reaches the key 
technical level of SFrt.825, 
then there are predictions that 



1894 


Score* FT BraptJto 


SW1B 

Ctpot 1.8838 

ima 1JK28 

Inti 1-5800 

1 yr 1548) 


-Plw. ckm- 

1.5860 

1-5953 


1.3482 


It could go as for as SFr0.79. 

This presents an uncomfort- 
able problem for the SNB. 
While it would like to help 
exporters, who are hurting 
from the strong exchange rate, 
it is doubtful bow much it can 
achieve, given that most fac- 
tors supporting the franc are 
beyond its control. 

■ The dollar paid little atten- 
tion to the release of minor 

twvnnmir (j fl ta. thnng h the bias 

was towards the upside of 
recent trading ranges. Mr 
Robin Marshall, r.hiwf econo- 
mist at Chase Manhattan in 
London, said ■ the dollar's 
Inability to break the downside 
of its recent trading range may 
have created conditions for an 
upward squeeze on the cur- 
rency. 

In terms of f nnrtmninital« J 

what the currency needed to 
move higher was weaker fig- 
ures, which would quell infla- 
tion fears and help thu bond 
markets, said Mr MarshalL 
Recenf releases, however, did 
not provide convincing support 
fur this picture. 

It may be, however, that' 
technical factors will drive the 
curxrency up. ‘There has cer- 
tainly been a real loss of 
momentum with the dollar 
selling on the downside," said 
Mr Marshall. This had contrib- 
uted to a nhpng p. in sentiment, 
th o ug h he stressed that trad- 
ing conditions remained thin, 
with most longer team inves- 
tors out of the market 


The possibility of a US invar 

slon of Haiti has started to 
impinge on markets, and does 
not appear to offer any upside 
for the dollar. Mr David Munro 
of High frequency Economics 
in New York said President 
Clinton's campaign risked 
courting further unpopularity, 
and would “bomb the mar- 
kets”. 

■ There were no surprises 
from the Bundesbank council. 
Whose iterialnn to maintain the 
status quo had been widely 
anticipated. Although some 
economists believe one farther 
fail In German rates Is stOl 
likely, this optimism Is not 
shared by the futures market 

The euromaik fixtures strip 
is currently discounting three 
month money at 5.26 per cent 
in December, and at 6.06 by 
next June. Three month money 
is currently being offered In 
German cash markets at 
around 4^5/5 per cent 

One argument doing the 
rounds is that the Bundesbank 
will no t cut rates ahanrl of the 
October 16 elections to avoid 
being accused of favouritism 
towards the Kohl administra- 
tion. 

But Mr Brian Durrani, econ- 
omist at brokers GNI, com- 
ments: “There Is no historical 
evidence to support the view 
that proximity to Federal elec- 
tions imposes a moratorium on 
Bundesbank interest rate deci- 
sions. In 1987 rates were cut 
three days before toe election 
and in 1990 rates were raised 31 
days before the polL . < 

■ The Bank of England pro- 
vided £568m assistance ' to UK 
money ma ri nrix , at estflhtighnd 
rates, after forecasting a £55Gm 
daily shortage. Overnight 
money traded between 2 and 
5V4 percent. 

Mr Durrant said efforts to 
describe Monday's monetary 
tightening as reactive, rather 
than pre-emptive, were harsh 
He said the media remained 
“obsessed with past policy mis- 
takes”. 


Sip 15 £ S 

» tagay - 187.113 108180 - 188X30 

km 274280-274880 174880-1730100 
M 14647 - 04658 02973 -02078 

Mml 35B1 7 J - 359B7.fi MMan . 230108 

300230 -380780 230480 - 2307.00 
17343 - 17459 38715 - 38733 


Sap 15 

Ctotang 

mid-point 

Change 
— dpy 

BUMtar 

tawad 

Eurapa 





Austria 

Pcti) 

178461 

408286 

367 - 554 

Belgium 

(UH) 

40.7975 

40.0689 

737 - 212 

Denmark 

0*4 

88543 

+00248 406 - 599 

Finland 

W 

7.7864 

408186 

791 -997 

Franca 

m 

62741 

408219 

888 - 783 

Germany 

(DkS 

24183 

408067 

170-195 

Greece 

W 

366863 

-T 861 

211 - 914 

Inland 

« 

18133 

+08003 

12S - 141 

taiy 

U 

244686 

—7.39 

500 - 891 

Luxembourg 

(LH) 

407975 

400960 

737 - 212 

Ntittarianda 

P) 

27134 

+08063 

121 - 146 

Norway 

(NKr) 

106173 

400206 

123 - 222 

Portugal 

|E3» 

246439 

-H3882 

282 - 906 

Spabi 

pta) 

200.723 

40273 

560 - 66S 

Sweden 

(SKl) 

11.7070 

-0871 

963-175 

Saritzarfand 

fSFrJ 

20076 

+08068 061 -090 

UK 

« 

- 

■ - - 

- 

Eou 

— 

18711 

+08031 

701 -720 

soat 

— 

1836837 


_ 

Amarlcaa 



* - ; 


Aigandna 

Pta** 

1-562S 

-a 0066 

619-631 

Bnozd 

era 

18364 

-08013 

384-403 

Canada 

PW 

21183 

-08035 

162 - 173 

Mtodco (Martad 

ItftSUCK 

-081 fH 

296 - 411- 

USA 

■w 

1863S 

-O00S2 

630-640 

PariHc/MM* 

ItaaMMH— 



Auatnla 

(AS) 

21636 

-08188 

022-050 

Hong Kong 

(HKS) 

128811 

-08399 784-857 

Indta 

Pa) 

498600 

-ai577 

613-705 

Japan 

W 

18S881 

+088- 284-477 

HUNylUl 

(MS) 

38957 

-08091 

938 - 977 

Maw Zealand 

(N2S) 


-08144 673-933 

RWppInaa 


408339 

-0,1726 473-204 

Saud Arabia 

<m 

EMM 

-081flf 

616-681 

Singapore 


28270. 

-08077 

284 - 288 

S Africa (Com, 

(H) 

68687 

-08106 

557 - 816 

8 Africa (HnJ 

W 

68342 

-08463 

183 -520 

Soutti Korea 

(Won) 

12SC1B8 

-484 

040-136 

Tatar— - 

OS) 

408735 

-0.1212 

662 - 877 


Omw* Th*** months On* year Bank of 
Rett : %PA Rata HPA Raw MPA Eng. Mm 


17.0580 

488370 

08613 

78180 

82807 

2.4230 


18168 

245883 

488370 

3.7216 

108284 

248888 

201.156 

118209 

2.0138 


1B8299 

498680 

98348 

7.7780 

92597 

28141 

ynjfjna 

18119 

244283 

488880 

2.7050 

1Q8879 

245887 

20X442 

118871 

28043 


178417 03 

488125 -04 
8859 -08 

02737 .01 
£4173 " as 

tirt33t V 0.1 
2453.16 -rtLO 
.'488125c -44 
. 2J12S-- :(U 
10*171 OO 
240169-04 
201.128 'i2X- 

. 2806 18 


178288 

48.7576 

_W3B4 

62754 

24146 

tSiW 


487576 

27093 

108193 

251.348 

2018H 

11.7744 

18993 


04 - 

08 494725 07 

-18. 9821 .-07 

-01 02294 08 

08 28851 14 

-04 ' 18189 -08 
-3.1 .262076 -34 
08 404726. 07 
06 28768 18 

-0.1 108217" 08 
-88 - - 
-28. 204899 -2 A 
-28 118879 -24 
1.7 18838 28 


18721 18S5Z 18715 -08 18719 -08 ' T8S28 14 


1.5686 18011 ----- 

18416 18961 

2.1207 2.1142 2.1158 -03 2.1161 

68413 58291 - - A- - 

18664 18617 18626 '05 18609- 0.7 18403 


08 21199 ai 


1.1 


1141 
1188 
1163 
648 
1104 
12 68 

1044 

758 

1168 

1208 

868 

660 

762 

1238 

788 


624 


(BO 398406 -08072 125 - 687 
160R aM far 14. B Uf o O m f— h fa* Ram Spot I 
nwM M mw Impfad by ounM UnHMHa 

tola and tha OMm %x* Wto aw] 

■ttir-iiiaafii D W& 


2.1113 2.1007 2.1096 -. 98 2.1049 -02 ■- 2123 -08 
121028 120679 120772 6.4 128761 08 120692 08 

421340 488980 " — '• -**. - . - 

166.760 155.110 158811 28 154.111 . 38 142 118 48 1883 

48011 38888 - ’ - 

25072 25868 25042 -18 2802 -18 25242 -18 

408348 402410 

68745 58679 - - 

23314 23240 - A - 

58063 55500 

68848 69141 - - - - 

125281 124044 - . - - ' ‘ - 

418379 409275 - - . x v - t - 

39.1030 398110 - - : : - - i - - 

mow m*f toe hat ttrat AcM ptaoea. For—rd mm nMMrwMi ■> 

• •• Aa BMc at 9dn4 Bate Man 1M6 - 10084 06 k and HM n ki boto 

. SPOT BATES. Soma vakm an rounded by ta fix . 


A R C ; A G Ai S i : RE i. 5 0 i A A Pi 


Sap 15 


Chains Clang* 
rnkJ-poW on day 


Bldfefhr 


Day's mM 
Hfi km 


0 Da i n oaMi Three mo n tf a 
Rata HRA Rats NPA 


Ona yaar J.P Morgan 
Rate %PA Mm 


Austria 

(Sch) 

108028 

+0864-000 - 060 

108070 108870 

108025 

08 

108023 

08 

108275 

a7 

1048 

MtyKfn 

PFD 

31X500 

+0.10 450-550 

s 

i 

318572 

-08 

3187 

-08 

32806 

-08 

106.1 

Danmark 

|OK0 

8.11SS1 

+00357 

098- 118 

6.1177 

68963 

6.1173 

-18 

6.1373 

-12 

62145 

-1.7 

1048 

Ffedand - 

(FM) 

48620 

+08280 770 - 870 

48940 

48710 

4862 

08 

4800 

-08 

6.037 

-1.1 

798 

Franco 

(FB) 

58920 

+00313 010-980 

5.2960 

S2800 

62946 

-08 

62908 

-08 

***** 

08 

106.7 

Garmany 

W 

18467 

+08093 

484 - 470 

18600 

18420 

18460 

-02 

18469 

-ai 

18427 

03 

1072 

Greece 

PrJ 

234.450 

+0.1 

300 - BOO 

236.740 233.700 

234.79 

-18 

235875 

-18 238.128 

-18 

692 

Mend 

W 

18430 

-08056 

423 - 437 

18453 

18375 

18424 

08 

18396 

09 

1821 

18 

- 

hMy 

H 

1865.05 

+042 430-590 

1570.75 166380 

166BT 

-38 

157085 

-3.7 

163486 

-44 

754 

Luxombourg 

m 

318500 

+018 

460 - 550 

318800 318800 

31 8572 

-03 

31.97 

-02 

32.009 

-08 

100.1 

Nomonanoa 

(pi 

1.7305 

+0811 

352 - 367 

1.7399 

' 12318 

1.7368 

-02 

1.7358 

-ai 

1.7307 

as 

1068 

Norway 

(NKr) 

8.7807 

+08354 887-017 

XMIU 

6.7663 

5.7967 

-08 

68157 

-18 

68082 

-1.4 

968 

Portugal 

(B4 

167820 

+067 

570 - 670 

157.780 187860 

15687 

-6.7 

162845. 

-112 

16682 

-5.7 

904 

Spain 

PW 

128860 

+0lS95 

330 - 430 

128850 128.120 

128896 

-28 

129815 

-28 

13226 

-38 

818 

Swadon 

(SKr) 

74883 

-08207 

645-920 

78663 

7.4846 

> 78048 

-28 

78433 

-28 

7.7358 

-38 

798 

Surttzariand 

(Sft) 

18840 

+08055 

B3S- 846 

12890 

12801 

.12829 

18 

12009 

18 

1260 

12 

108.7 

UK 

59 

18635 

-00052 

B30 - 640 

1.5084 

18817 

18626 

05 

18600 

a7 

18463 

1.1 

87 j4 

Ecu 

a. 

18301 

-0807 

298-306 

12343 

12296 

12282 

08 

12274 

08 

12 

2.4 

-a 

SORT 

- 

146868 

- 

- 

- 

- 

— 

- 

- 

- 

- 

- 

- 

Amarlcaa 







- 







Argentina 

peso) 

08994 

-08002 

993 - 994 

08994 

08993 

ta. 

- 

- 

— 

- 

• • 

- - 

Brazl 


08660 

+0802 

550 - 570 

08670 

08650 

- 

- 

- 

- 

- 

- 

- 


(C*» 

Mwdeo (Naw Peep) 
USA a 


18596 

34125 


Hong Kong 


(AS) 18456 
CWO) 7.7259 
(Ra) 318725 
(Y) 

*«> 

(NZ» 


-108022 593 - 538 
-0001 100 - 150 


-00065 460 - 469 
-08002 204 - Z74 
408028 700-750 


18857 13630 
34160 34100 


18400 13437 
7.7274 77264 


1864 -08 
34136 -04 


'13468 -02 
7.7207 08 


18840 -04 
34163 -03 


13485 -03 
7.7274 08 


13832 -07 
34227 -08 


13938 -06 
7.7424 -07 


84.1 


058 


868 


313800 318760 314075 -38 318026 -29 


DAE 


New Zealand 
PMppinaa 
Saud Arabia 
Shgaxm 
S Africa (C°mJ 

SAMoa<nri) 

South Korea 
Taiwan 
Thritand 

18Dfl rata for trip 14. BUM* 

but an MpM by nmrt Manat iM 


(SR) 

(SS) 

w 


998800 

+0806 

600-100 

904600 90.1500 

. 9019 

28 

9823 

28 

90355 

3.0 

1408 

28556 

+08026 

551 -561 

28570 

28530 

28464 

48 

28351 

32 

28008 

-2.1 


18668 

-00037 

564 - 581 

18586 

1.6654 

18578 

-07 

1.6696 

-or 

18840 

-05 

- 

258250 

-0026 

500 - 000 

26.1000 26.7500 

- 

- 

- 

- 

- 

- 

- 

3.7606 

+0.0001 

507 - 602 

3.7507 

3.7502 

3.7510 

-04 

3.7593 

-06 

3.7745 

-08 


14683 

-08001 

878-888 

14802 

14876 

1487 

1.1 

14851 

08 

14793 

07 

- 

38553 

+08048 

545 - 560 

38680 

38527 

38706 

-52 

05981 

-48 

38758 

-34 


44350 

-0815 

250 - 450 

44450 

4.4260 

4.4887 

— 0Ll 

48275 

-88 

- 


- 

800050 

+005 

000-100 

800100 798800 

0OLOS 

-48 

80685 

-32 

82685 

-3.1 

— 

2620B3 

+0.0088 

065 -070 

262070 282036 

262263 

-08 

202883 

-08 

. . - 


■- 

248700 

+002 

BOO -000 

248780 248700 

250425 

-38 

25.17 

-32 

2585 

-27 

- 


ki the Ddtar Spat (abb riaw a* toe lot Ann daohd ptaoaa. Rimwd ram areMtdtecdr quoad totoanartat 
UK. katana* ECU am quoad In UB arraney. OP. Magan nnmlnta hdta— B «p 1* 6 — a reaua 180 0 1 00 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Sap IS Bfr DKr m DM 


NKr 


Pta 


8Kr 


anr 


c* 


Ecu 


Belgium 


PR) 100 1218 1681 4X55 2034 4014 5448 2133 4048 4038 2381 4830 2006 4340 3.141 3120 2952 


EM8 EUROPEAN CURRENCY Um RATES 

Sap is Eou oao. Rake 

rates agalnatEou 


Change 
on day 


%+/- front Kprad Oh. 
con. rats v wMfceot kid. 


Danmark 

(DKl) 

52.12 

10 

0660 

2831 

1880 

2581 

2840 

11.12 

2578 

2101 

1226 

2101 

1047 

2215 

1837 

1627 

1830 

WWtortanda 

219672 

214820 

+000201 

-221 

526 

, - 

franca 

(FR) 

6010 

1185 

10 

2822 

1224 

2967 

3279 

1284 

2978 

2428 

14.16 

2426 

1209 

2.657 

1890 

.1978 

1836 

EMgkan • 

402123 

394223 

+00342 

-188 

488 

14 

Germany 

(DM) 

2080 

3851 

3.422 

1 

0419 

1012 

1.122 

4392 

1018 

83.00 

4843 

0830 

0414 

0.8/6 

0647 

9427 

0826 

Oar many 

184964 

181552 

+000214 

-1.75. 

425 

- 

taatand 

Oti 

40.18 

9431 

8.168 

2887 

1 

2416 

2878 

1048 

2432 

198.1 

1186 

1881 

0887 

2089 

1844 

1534 

1255 

Ireland 

0008628 

0803199 

-0001003 

-067 .. 

382 

5 

Italy 

(U 

2835 

0390 

0338 

0.000 

0041 

100 

am 

0j434 

1007 

8202 

0470 

nnw? 

0041 

0066 

0064 

6851 

0092 

Franca 

053883 

684881 

-000002 

015 -. 

278 

-1 

NaHtarianda 

(to 

1886 

3822 

3.060 

0891 

0373 

902.0 

1 

3814 

9082 

7388 

4818 

0740 

0369 

0780 

0878 

6728 

0468 

Portugal 

182864 

194.071 

-0146 

1.10 

180 

-7 

raxwaf 

(NM 

4089 

8896 

7.791 

2277 

0854 

2304 

2856 

10 

2320 

18BO 

1103 

1890 

0842 

1892 

1473 

1403 

1.107 

Denmark 

743879 

788171 

+000106 

188 - 

122 

-12 

Portugal 

m 

2021 

3877 

3858 

0891 

0411 

9911 

1.101 

4810 

100. 

81.45 

4.752 

0815 

0406 

0899 

0635 

6307 

0816 

Spain 

1642SD 

158756 

-0314 

jpy 

OOO 

-20 

Spain 

PU) 

2481 

4.780 

4.123 

1205 

nm 

1210 

1882 

5291 

1228 

10O 

5835 

1800 

0496 

1054 

0779 

7743 

0633 





:• 



SviNdwi 

pao) 

4283 

8.159 

7866 

2865 

<L66S 

2090 

2817 

9069 

2104 

1714 

10 

1.714 

0854 

1807 

1836 

1327 

1085 

NON- ERM MEMBERS 






Sadtrertand 

(Sto 

24.81 

4.760 

4.123 

1205 

0806 

1219 

1252 

5291 

1228 

100.0 

5.836 

1 

0406 

1054 

0779 

7743 

0633 

Qnwot 

264813 

291825 

+0640 

1033 _ 

-6.71 

— 

UK 

« 

4980 

9854 

8274 

2418 

1813 

2447 

2713 

1062 

2464 

2007 

11-71 

2007 

1 

2118 

1884 

1554 

1271 

Italy 

1793.19 

194001 

-285 

8.19 

-487 

- 

Canada 

P*) 

2383 

4815 

3810 

1.143 

0479 

1158 

1282 

5010 

1164 

0485 

5834 

0046 

0473 

1 

0739 

7344 

0801 

UK 

0786749 

0791956 

-0002304 

088 

224 

- 


MONEY MARKET FUNDS 


Money Market 
Trust Funds 


GoattatCo 

MMUataaORIK 


IfladMaMlmulDfl 
Him* Min 1 48 



TUXBFCtawMaa DapaaH 

2 Ma no Laaoa BGZT3MI 

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BalM Tmt Saak Ltd (haiaariyli .. 

lOMCunMaiu—aamiiii. r ah-d—ooM 
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m«ao-tN i|i aafc*_ | 7— s— J 7Mj 

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3— 244 329 Mb 

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turn I 410164—1 
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375 308 237 64— 

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— bl— nr M—pr —mu U M M u iiM i b —ta— a u 

Eg or MmtuM olarlan 

> ai — aocomt 


US 


(S) 3184 
(V) 3205 
3216 


8109 

8146 

7817 


8290 

5824 

8510 


1846 

1886 

1802 


0843 

0862 

8797 


1566 

1573 

1925 


1735 

1.746 

2135 


8790 

8834 

8366 


1678 

1588 

1938 


UanMi Non*. Ranch ftm, Wb»— 0 Mi Kranar, and AwadMi Kronor p* 10; 
M)MH) DM 125800 par DM 


BUgian Ran Vbn. Cacukv Lka and ftaaB 


1283 
1208 
1578 
par 108 


7.487 

7835 

2213 


1883 

1892 

1879 


0839 


8787 


1853 

1862 

1865 


1 

1806 

1831 


9986 

100. 

1223 


0813 
0616 
1 . 


Ecu o—m ndaa Hybr Dan paan Cum itta ha i. Cuiandaa an h daaeandhg 
Paroemaga ebangaa lor Em a poMha dbanpe danotaa a «h— i aaiaacy. ~ 


(IMM) Yon 125 par Yon 100 


tar a ajnancy. and Pia ..— L m . 
Ecu oi— am. 

(17/WB2) Mg Hd — 


aa— pa dw i adon dta uawml 
aoapandM taan SM. Attuahnant eataotalad by dw 




Open 

Lataet 

Change 

Hgh 

low 

EBL vol 

'Opan bit 


Opan 

Latest 

Changa 

Hah 

Low 

Eat vol 

Open InL 

Sap 

08604 

08400 

-0.0025 

06504 

0.6464 

8240 

68.711 

Sap 

10080 

10068 

-00018 

1.0080 

10066 

7.043 

3*021 

Dac 

0.6485 

08466 

-OOQ28 

06483 

08463 

38.872 

61,480 

Dec 

10161 

10133 

•00019 

10152 

10126 

26.129 

35.702 

Mar 

08472 

08463 

-00028 

00472 

08463 

83 

3,721 

Mar 

* 

1.0215 

■ 

- 

10215 

78 

2127 

■ SIMMS HtAHC nmiES (IMM) Sfr 125000 par SFr 



HW 

IMM rUTUMB (IMM) £62000 par £ 





■ PWUUMWAM 870 O r nOM i £318S0 (cents per pound| 


Sap 

0.7760 

07785 

•00020 

07808 

07780 

5.199 

23,184 

• Sap 

1.5680 

1^630 

-00024 

1X680 

1X824 

4X92 

2&46S 

DM 

07626 

07800 

-00017 

07827 

0.7785 

28801 

31812 

Dac 

1A830 

1X604 

-0X024 

1X844 

1X590 

11^478 

26.748 

Mar 

07840 

07830 

-00021 

07840 

07830 

46 

284 

Mar 

1.5590 

1X600 

- 

1X600 

1X880 

27 

201 


SUM 

Price 

Sap 

- CALLS - 
Oct 

Nov 

Sep 

PUTS — 

Oct 

Nov 

1X60 

- 

- 

- 

- 


. 

1X78 

5X9 ' 

666 

8X6 

- 

- 

003 

1X00 

6.10 

8.18 

8.18 

- 

003 

027 

1X25 

3X9 

3X3 

3X3 

re 

027 

0X9 

1X60 

1-28 

211 

211 

- 

0X9 

215 

1X78 

- 

0X8 

0X3 

1.18 

— 218 : 

3W 


WORLD INTEREST RATES 


MONEY RATES 

September u Over 

rfght 

On* 

monm 

Tima 

mlha 

Sbt 

mtt«m 

One 

yaw 

Lamb. 

bnar. 

a*. 

Ftaoo 

■Mn 

Batoban 

4K 

5M 

BH 

61 

*4 

7.40 

4X0 


wvak ago 

4H 

Ota 

54 

3| 

Ota 

7X0 

4X0 

— 

ftanos 

H 

« 

5ta 

51 

64 

5.00 

_ 

6.75 

weak ago 

5 4 

64 

Mfc 

5| 

64 

5.00 

- 

6.75 

Ounuafty 

4X3 

*96 

5.03 

6.18 

5X3 

6X0 

4X0 

4X6 

weak ago 

*88 

* as 

4.98 

6.10 

5X5 

6.00 

4X0 

4X6 

Ireland 

44 

sta 

64 

64 

7H 

- 

- 

6X5 

wreak ago 

43 

Sta 

64 

64 

TH 

- 

- 

023 

Itehr 

a» 

614 


Ota 

104 


7X0 

045 

weak ago 

B» 

8ta 

51 

94 

10H 

a 

7Xa 

8X6 

NattMftando 

4X4 

5.01 

6.07 

5X4 

5.62 


8L2S 

_ 

weak ago 

4X4 

&01 

5.02 

9.16 

5X0 


5X5 

. 

awmnpmna 

3* 

31 

4* 

44 

4* 

6.626 

3X0 

a. 

weak 'ago 

311 

34 

** 

4H 

4N 

6X25 

3X0 

_ 

US 

411 

*4 

5 

5ta 

51 

a 

4.00 

n. 

wank a go 

43 

41 

4* 

5W 

5H 

- 

*00 

-a 

Japan 

2% 

24 

ata 

24 

21 

- 

1.75 

— 

weak ago 

2H 

21 

TH 

24 

2JI 

- 

1.75 

- 

■ SUBCfl FT London 








Interbank Ptateg 

- 

4ta 

84 

>4 

61 

_ 


. 

weak ago 

- 

4th 

5 

54 

H 

- 

- 

- 

US DoBar COa 

- 

*65 

4X2 

5.12 

SX9 

- 

_ 

_ 

weak ago 

- 

*65 

4X0 

5.07 

5X6 

aa 

_ 

- 

SDR United Da 

- 

3ta 

34 

3ta 

4 

- 

to. 


weak ago 

- 

3ta 

34 

3H 

4 

- 

- 

- 


JFFET DM 1m pokita of 100* 


Op- 


Sap 

Dec 

Mar 

Jun 


94.71 

9481 

9382 


Satrprica 

9494 

94.74 

9484 

9384 


Change 

4081 

4084 

4086 

-*083 


9486 


Low 

9482 


Eat uol Op— ht 
14577 121873 


Sep 

Dac 


Op- 

0182 


89L33 

8881 


Bat! price 
0180 
90.15 
69148 
8987 


Change 

40.11 

4083 

4085 

4086 


04.75 

94X8 

33678 

189788 

94X6 

9*27 

27216 

170788 

03X6 

03X7 

15738 

103448 

4mm (UFFQ Liaoorn pqM of 100H 

Hgh 

Low 

EM. vol 

Open InL 

91X0 

01X2 

2082 

18236 

80.16 

80X8 

8853 

31306 

89X8 

80X1 

3150 

19881 

B9XE 

88X0- 

814 

14807 


1 HJTUM0 (UFFg SFiriffl poirrta of 10016 


■OUUnkadOa— drataar I mde 3 nriha: 0«k 6 r—k 6W{ 1 . 
— an aaaad — tar llltai ru aiwd ta — <<at by tour —ne t 

i— r. nw bar— am la*n TTOat Bm* ot Tokyo, Barclays and Na 
Md aka «• km tar 6w doBaad: Menay Rau 4 US S COs and 


yaw; 66- S UBDR ta— My 


SOR Unkad D—m— M. 


EURO CURRENCY INTEREST RATES 


Sap IS 

Short 

MM 

7 days 
notio# 

On* 

month 

Three 

months 

St* 

month* 

One 

yaw 

Belgian Franc 

4H-4H 

B-4^| 

5<a -B 

Wa -5>. 

Sh-BM 

6A-0A 

DanWi Krona 

5b -5>i 

SH-Vl 

5A-5* 

6* >512 

74-7 A 

7B-T4 

D-Mark 

6-4* 

8-« 

5-4% 

5A-4H 

5V-5»« 

sh-sh 

OoBh Odder 

8A-« 

5-4\ 

Bi-4fl 

61. -5 

5>*-5»| 

5a-« 

French Franc 

A 

5.'. 5i 

5,*+ -5,1 

5A-5A 

64-6U 

64-84 


P or t ugu— Eat 


Shrtofl 
Mn Franc 
Cart. Dolar 
US Dolar 
Man Lin 
YW> 

MntStig 
Etwn wnwaa i 


7A-7U 

5-4% 

3*-3>4 

6*I’SA 

4H-4ft 
D ■ 7*| 
2A - 2*s 
Sh-Sk 


9^-9 h 
Th -7A 
8*6-5 
3%- 3*2 
6>4-6»d 
411 -4U 
8*4-3 

S-it 

i US Defer — 


7*8 -7*2 

5^-5,'. 

Vt’6\ 

4%-4V 

8&-8A 

2H-2A 

AA-4 A 


11*« - 10*2 H*« 
7J - 7\ S*a 
5V-6U BV 

4-3^ 4& 

V« -Si 5U 
Si-4» 5iH • 
9A- 

2JI-2A 2Q- 

A - * 5d 

M d > </t nod ea. 


10*2 11*4 - IOTi 
8*4 9-61 

6*1 TA- Tit 

4* 4-4 h 

m. A-s* 

5ft 6-6^ 

W 10% - 10*2 
aft ai-zH 
s A 5!!-sa 



Open 

Salt price Change 

High 

Lear 

ESL voi 

Open bit 

Sep 

86X3 

90.96 

+003 

96X7 

85X3 

1548 

13890 

Dac 

95.50 

85X2 

+008 

95X4 

96X5 

8571 

21230 

Mar 

9019 

95X1 

+004 

9521 

95.17 

1742 

12720 

Jun 

94X8 

94X9 

+006 

9*90 

9*87 

900 

8*83 

m two 

■1 MONTH BCU PUTUIUS QJFFE) Eculm pointa of 100H 



Opan 

Sett price Change 

Hgtl 

Low 

Eat vd 

□pan InL 

Sap 

9*08 

9*00 

+OQ1 

94XT 

04X3 

879 

8028 

Dac 

93X4 

83X5 

+001 

93X7 

93X7 

1882 

7186 

Mw 

82X1 

92X1 

+001 

9293 


603 

4812 

Jun 

9248 

8248 

-0X1 

9251 

9246 

413 

2133 

■ UPFE feaaaa bated on APT 






■ TMWOI MOfrm MIODOLLAII (MM} Sim pdnta of 100H 




Opan 

Latest 

Change 

Kfgh 

Low 

EsL vd 

Open Int 

Sap 

94X4 

04X4 

+001 

94X5 

9*93 

35X93 

321X97 

Dac 

9*28 

8*29 

+002 

9*29 

9*27 

72770 

503.199 

MW 

03X2 

03X3 

+0.02 

93X3 

03X1 

75X74 

38*245 

■ UB IMUUir 8KL PUTUMS (IMM) Stm pcrIOOH 



Sep 

a. 

95*2 

+003 

_ 

_ 

1X99 

3X87 

Dac 

94X6 

94X4 

. 

94X6 

9*84 

868 

11X8* 

Mar 

94X3 

94.43 

- 

94X3 

9*43 

15 

5X16 

N Open kaaoK flip, an lor pn«s dqr 





■ KUROMUK CWTWHS (LffFD DMIm pofrrta of 100H 











Plica 

Sap 

Od 

Nov Dec Sep 

□id 

Nov 

Dec 

0475 

0.18 

0.08 

0.10 014 0 

0X9 

Oil 

015 

8600 

0X1 

0X2 

0X3 0X5 007 

nan 

020 

031 

9625 

0 

0 

001 002 031 

051 

0X2 

053 


■ ITIWM MwmTH —On Wnan [MATIF) Pam Interbank offered ma 


EM.ad.1 


, CM* 34M P— HNna PmiMH dvk epan hu CMa 26«SN Rm 2111M 



Open 

Sett price 

Change 

High 

Low 

E*L vd 

Open int. 

Sttta 


- CALLS - 




sap 

94X7 

94X7 

- 

9*38 

0*38 

6X92 

38X27 

Price 

Sap 

Dac 

Mw 

Sep 

Deo . . 

Dae 

93X0 

93.93 

+002 

93X4 

83.88 

18X43 

48X37 

0678 

021 

005 

005 

0 

019 

MW 

93X2 

93X8 

4001 

93X7 

03X1 

5X74 

29.704 

5900 

0X1 

002 

005 

005 

0X0 

Jun 

03.07 

93.09 

- 

93.10 

9004 

2X32 

27X96 

9825 

0 

O01 

am 

0X9 

0X4 


■1 RUDKIN ■UnOOOLLMI WFf^* |1m points of 100K 



Ear. ad. M, cm o Pd* 0. Aavinue day* open tat, Cafe* 8S8G Rat 1788 


Open 

Salt price 

Change 

high 

Lew 

Eat. vd 

Open Jnc. 







Sep 

0*96 

94X8 

+0.02 

9*96 

94X5 

234 

3161 







Deo 

9*28 

94X0 

+004 

9*28 

9*28 

17 

2135 







Mw 

- 

03X5 

+006 

• 

. 

0 

1354 







■Ui 

* 

03X0 

+005 

■ 

• 

0 

283 








062 

084 

186 


PnwkMdW« Q— dJM P— 8806. Rav. <ta/a opan M, CUta 670499 A— 611,161 


UK INTEREST RATES 


LONDON 

Sap 15 


■ HATES 


7day» 

nodes 


One 

month 


Ha- 


ck* 


5*» - z 5&-4* 5A-6A OH- BS 6%-6>« 7d-7& 

SMifcg COs ' - - 3i-5*4 - 5fl Bi-6i Th-7 

Tta ouyBMa - 5A-5& 5*1-54 

BankB— - - &4-54 5*»-54 

LOCO audnky dapa. 64-4]] 5i -4fi 5^-5% 

Ofeco— t Martad dapa 6 - 3^ 4% - A\ 

UK ctawtag bank baaa tandtng —a A pw cant tram Saptarcber 12 1994 

Up to 1 1-3 38 6-9 . 9-12 


6-5% 

sy-sy aH-ea 


3% 


Cana ef 7n dap. (2100800) 1*2 4 3% 

Cm or Twi dap. ondw aoOAOO li i*bm. Dapoaba «Mnfcann lor carii%pe. 

Aw, tandw —a «r MaaoBii &0DWPC. BQQD fewd —a Spa. S(poir Fbwrn, Maw tp dv Aug n, 

1064. ApM d — » tar pari ad a— 28. 1064 la OcS 85. 188*. ScfaWMa ( S ■ 6J2pe. HataMnM MW I. 

id .My 30, 16M to Aup3l. 1004. 8d— IV S V SSTbpa Hnaneal— Baaa ftoto Bljpolfom 

1. 1064 


immmwkfLjrmesaojmpakkaafioim 


Open 

Sett pric* 

Chwige 

H0h 

Low 

Eat vd 

Open be 

0*14 

9*17 

+004 

0*18 

9*13 

9665 

BT141 

93X5 

93X7 

+004 

83X9 

93X2 

25864 

144861 

92X6 

92.43 

- 

02X8, 

82X9 

12798 

78827 

91X2 

91X6 

•003 

01X4 

91X2 

9122 

96252 


Dec 
Mar 

Jin 

Tradad on APTjW Opan tawraal Ip. an tar pW ow day. 


I (Lffpq 8500800 pobm of 100% 


Strfca 

Price 


0460 


218 

081 

0 


Dec 

082 

001 

0 


081 

0 

0 


Sep 

— POTS 

Dee 

MW 

OAT 

075 

1X8 

009 

0X9 

1X2 

(L33 

1X3 

2A7 . 

l M. Cds 860017 Put* SrtSH 



BASE LENDING RATES 


Adam & Company. _ 5.73 

ABadDuotBank &2S 

Ai8 Sank 575 

•Harry AnabacMr 5.73 

BvfcolOaradB 575 

B— m 001— Vbnvs. 5.7S 

Bartcof Cyprua &70 

BankofMwid 675 

Bakdbdi^— — 5JB 

BdrftOlSooNnd 585 

B— %a Barit 675 

Mtfcof MdEant ._ 685 
•Siam a^dqy&OoIld ATS 
CLBankNadittard^. &7S 
OBankNA 175 

OydaodolQ Back &75 
Tba Dwpwadw Bade. 678 
Coidta*Oo^.«^.973 
Cndl Umali 5.75 
Oyjiua Popidar Bar* -8,76 


Dune— l— da 575 

B— arBwitUmted BJ5 
FhandalAQ— Bark _ «a 
•FUntnaoning 8 Os _ 675 

Gkobank 675 

•QjtanewMMun 675 

Hat* Bank AQarWi. 573 

•HfenbrMB— k STS 

Hwtofata &C— IrwBkSTS 

SHtSonuBt 675 

C.Hoera&Co —073 

Hongkong 6 Shanghta. sa 

juE0nHo4gaBrt( sts 

•LaoxddJoaaphSSoniSJB 

UyydrSarfe 675 

Megh^BmkLll. 5.75 

MUandB—k STS 

, Mount B—ldna . .. 8 

NP W etaminatar 5TB 

sra 


"HwbutgheQu — Ba 
Cotponfl— IMad leno 
kvnraUhodaedn 
< U — tt igtr— ofcn. 8 

Rpprf Bk of Scnttand _ STS 
•enNtSIMftnaiSoca. 675 

TBB— STS 

•UoMBkorMw—l- STB 
Unky Tut Barit Pic « 676 

VNM— iTnt STB 

MMa—ayCaU-r^- 675 
Yt a te rta Benkw- — STS 

• Mambwa-vf London 
tnvaotmant 



. Commodities on tbe-move - ■ 
Time to speculate? 

CaU Philip O’Neffl 

TO: 071-329 3333 or Fax 071-329 3919 


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PRESS FOR GOLD - 0839 800 411 

**» 01 ow.W# ranges ut Baandal bdonnatton sentcea. caB 071-655 9400. 

-~ w ' ctwap rate. 49p/mfaa fl othe r Binea. 

St, Lpodon BC3R 5AQ, 



Ltd, 1^/21 Great Tower St. LotxtonEORSAQ. 

Futures Call 


TAX-FREE SPIX ll ATION 
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OJRR8NC7 WWttCTWBrT 
COBPCBUTBWTtC 
irOUtmy 
LmknECTRSX] 
U±a7l8650900 
. Fbc 071^720970 


r k f \ i) 

•FOREX *METAIS -BONDS -SOFTS 

Objective analysis for professional investors 

0962 879764 

Fi - nr 32 So.-h;, !r t. , ; 


Hjnis S023 S£H FcX OhZ-: 774007 



t 

- 

J ■- 

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I 

1 









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financial TIMES FRIDAY SEPTEMBER J 6 1 994 


WORLD STOCK MARKETS 


EUROPE 

AUSTRIA {Sep 15 / SCh) 


••jtgjguso a* 
1X70 970 06 
HI KU B3D y 1 
*^90 JliTo o.f 
-fl 1.713 1,190 1 J 
-2 1J87 I.DS0 04 
-3 744 scg 

'§ HE Ms '■* 
*+ , ' D 5B 885 2- 1 

*■; «a 403 22 

-3 Z» 171 J.7 
-2V"0 874 

*1 791 548 2.3 

j IX 

-5 4340 3.411 TJ 


•aswwuwsflaouTO {Sep is / Fra.) 




4.450 3.7W 1.7 

„ MW 7310 3.1 
so 5300 4300 
10 4380 3300 43 

•TilSSlft 010 7- 7 

tS50».B50I2Ba) 2S 

-825 4S.97S SjH 57 
-£350 7,105 13 

■*175 11075 11359 23 
-52.700 2.lfl0 XB 
10 BJOO S^OT 43 

*1 215 154 63 
«160 B300 6,100 13 
*20 13501320 2.1 
-W 6320 5.450 73 
__ 3,761 3.070 43 
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1.WO — 1X40 622 OX — 

1270 - 2X® 1050 OX _ Bros, 633 

10X® —13.400 10JD? _ — Saloira 1X30 

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740 — 800 515 ax — 

523 — 570 430 _ — 5®an> 323 

1560 — 1970 1540 . . _ Sccom 6.7® 

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428 — 436 303 — 


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. 3.230 1550 ... — 
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507 415 .. _ 

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. 414 285 — — 

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274 1.91 

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4X8 170 14 _ 
3X2 174 4.1 _ 


S® Bnntoa 
24310 BrcnA 
5457 Bmrari 
240024 CAE X 
95000 Cmpcfia 

CbnOp 

1105 CnHA 


41000 CoxtOSh 


— BOND KONG (Sep 15/ HJCS) 


0X0 
34 JO 
11X5)6 
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4030 
CMMr 89.73 
OmEst 8.45 
Otef 34. 15m 
Grtte53 lOBOm 
Vann 1145 

4X3 

38X0 

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HLiTQO 1435 
tGenaB Mm 
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HKAtr 3&X0 
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Mrafl 7.12 
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Hymn 23X5 
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JSM 3330 
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MendOr 11.40 
Mnmu 27X0 
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34.70 

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9% 58% 0% 

17 -% S17 17 

£ 1 % -% ssa\ 

37% — % SJM; T7% 


MONTREAL ( 5 ® 15 /Can S) 

4pm dose 


87305 Bourn© 

244® BUM 1 
52303 CumtMo 
48132 CftcadB 
8 ® CnMarc 

raw sice 

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062 MMch 
79654 Noieu: 
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a% +%n% 75 

15% SIM 15 % 

9 -% S9>1 9 

7 % SB 7 % 
11 % 511% 11 % 

Bj +% SIO 0 % 

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137ft S14 13% 


AFRICA 

S0U1H afwca (Sep 15/ FUndl 

• /- Mpb l*m nd PIC 


H Z IRALAYSA (Sep 15 / MYR) 


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MMBrtk 1040 +.10 18X0 P 
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. IJ® 086 — — 

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. 1J50 1.120 — — 

58* 350 1.1 — 

059 727 OX 51.5 
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- - SH&APORE Sep 15 / S$) 


113432 hracoAl 
738® Jranck 
■300 Ken Ad I 

Il50 UHreel 


1121 ® Lntdaw* 
311670 Medan 
13831 MMMto 
15126 MDSB 


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— 4-28 

— 5X0 

— 1125 



= NORTR AMERICA 


CANADA 

TORONTO (Sep 15 /C® 5) 
4pm dose 


- AUSTRALIA (Sep 15 / AieSS) 


ADtoyl 4 

Ancar 9.12 

Anted* 3.7im 

Arntts 8.45 

Athten 3X5 

3X9 

4X4 
1.83 

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4.49 
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CCAntet 8.14m 
CdksM 40i 
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CommSk 795 
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NAB 10-30 
Nwcrs BJ1 
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NBMPek 3X5 
PBCDim 4.15 
Pancan 1X0 
Psmnco 2X0 
Pknte 3X7 
PtePm 3X5 
PtebK _ 6 
PasGM 3.8301 
QBE In 5.76 
QCIFS 1.53 
RngnGd Ufl 

5.14 

3X3 

BP 41 


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1570 47 310 

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10 % **k SR wi 

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15^ +4+ S1E% 15% 

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10842S UU 
130116 MofenA 
377® Moors 
125 


594® Noma 
37203 MndaF 
61341 NriMMM 


2000 Nunac 
_|023O Om 
129628 ObMm 


642® PagmA 
79® PonCrf’i 
120000 PgasiB 
71 786 AnCan 


15% -% $16 15% 
»• +% S6>; 6% 
!§U +% 516% 16 

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21% -% S2£ £14. 
£5% C5>+ 25 

125 -5 125 IK 
10 +% SIO 9% 
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450 -: 466H450 

12% -% 613 12% 

28% an 26% 

17% +%S17% 17% 
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14% +% tOC, 14% 
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19% >19% 10% 

30 -1 30 30 

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420 11*25 410 

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184; +% >15% 16% 

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527% 26% 
♦H;Sa>%27% 
SE% 6% 
19% +% 519% 18% 

a 


acq 

Atted 121 

Amcod 245 

AiiaAm 244 

Am onto 483 

AnoriN 120 

Banow 31 50 
Bemn. 29 

Bund 
CNA& 

DoBCm 100X5 


Nedtax 31 M 
raaui 72 m 
Pram® 5® 
Rsratn 55 
Rmbrfto 25 
FbnbrCn 17X5 
Rusll’1 171 

Semen 11® 
SmthCG 15.85 
SABnM 1 86® 
SAMlAm 57el 
sanrt 146® 
HiOal 42 
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■ TOKYO- MOST ACTTWI STOCKS; Thursday, September IS. 1994 
Stocks Closing Change 


Toyota Mot® 

Nippon StBfll 

Tsumura 

Chiba Bank 

Kawasaki Steel 


PrKca smsQsa or TakBm 

DOTES - hm m Ute pog* *n b qoi4M on to 
hemfcar antaages ane are momy ad nu 
litn HKPtlm se h im am* Tom 4 
Hooded pM 1 DnUnoi aamaad m Ex 
<MMVL m a srep nua o Ej rm®. a E» a*. 

FT FREE ANNUAL REPORTS SERVICE 
idu an mn at uno: ntl noom 1 * cuagnlm 
nUMiilS .ang3B1 770 BT7D ■ In Ml 770 
3=. ornm FT Java p cateq ftem namo in. dW 

—44 M 70) OTTO «r b> •« 01 770 3K£ mono FT 

Jnmi on itaora ® tx *« co »» no ■tnng m* 

■ totq dowr EHMoUMf to am FT Xqm rad ako mr 
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Stocks Closing Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

12 . 0 m 

2,020 

-BO 

Mitsubishi Hvy 

3.9m 

753 

-16 

&8m 

377 


Sumitomo Bank 

2.9m 

1,870 

+10 

62m 

1,050 

-120 

isfesan Motor — 

2.7m 

785 

-8 

5-2m 

B72 

-9 

NKK — 

2.7m 

279 


4Jm 

428 


Magara Const — 

2.4m 

905 

-65 


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■ CAC-4Q STOCK WXMX FUTURES (MA7W 


Dow Jones tnd. Dm. YWd 

S & P Ind. Div. yield 
S & P hid. R/E rallo 


Sep 9 

Sep 2 

Aug 28 

Year ago 

2.71 

2-63 

2.64 

2X1 

Sep 14 

SOp 7 

Aug 31 

Year ago 

137 

2X7 

2X3 

2.47 

£0.91 

20X6 

21.11 

27.B4 


■ STAHPAHP AHP POORS 500 MMX FUTURES 9600 times index 



Open 

Latest 

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Kgh 

Lew 

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Sep 

463X0 

463X0 

-0.10 

468.90 

468.80 

20X04 

Dec 

471X65 

471.05 

- 

471.10 

470.60 

78X15 

Mar 

- 

474.05 

- 

- 

- 

1.552 


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ri r ®99 227977 £ 4*206 &7 


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1796034 4 n 
28922 4n 
144597 4/1 
187333 4/1 

(£833 4M 


Open mares! figure s are ft* pmeus day. 

■ NEW YORK ACTHIE STOCKS ■ TWAPPIC ACTB/1TY 

V/sdnesdzy Sacks dose Orange • Vdbra (mttonl 

&akd w day Sep 14 Sep 13 Sep 12 

Hxisor 25X97,703 18% -V, Ne* Ytrt SE 29/ +M 293282 244XSS 

uhLtH+ JW4 -M Ama 19X31 17390 13376 



Open 

Sett Price Change 

High 

Low 

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Sep 

1963.0 

1887.0 

+29X 

1990.0 

1B56X 

16.761 

39X96 

Oct 

ismx 

1996.5 

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1996X 

1967.0 

- 

15,192 

DSC 

1991.0 

2016X 

-230 

2015.0 

1989,0 

436 

4XM 


Opan tetemt figma tar prairiout day. 


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25X97.703 

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5.132X00 

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NYSE 

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2954 

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2.711.9® 

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SEE AMER 


Pulse. Keeping an eye out for the 



«eed to knew what s hi and io SteJsrde? On;y a Puis? linauiai 
pager can piovids 2 i hoer access to Carter Fitzge-alo - by 
sjictyte (rem Flow Jones TeVerate. t+ow yet; can keep tack ol 
‘ txmds and federal funds *vh-en it's impossible Jo be el your desk ... 
or when you'd rather fri cbc.vhere. Let Pulse take the y/Oigrrf off 
yCu? shoulders while ycu OXe live. 

FANCY A FREE TRIAL? CAli C-s&O 2 S 2325 , Ext 132 NOW. 


►PULSE 


Hutchison 

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IXNANCIAX. TIMES FRIDAY SEPTEMBER 1 6 1994 


4 par ctoat September 15 


NEW YORK STOCK EXI 


COMPOSITE PRICES 


17* 12* MR 
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29* 23*RNrte ON 08 51 111 28* 25$ 2ft ft 

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Caattnaed on next page 


«*ix 





i 



FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 ★ 


35 


4 pm dose September If 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


4 pm axe September IS 


Continued from previous page 
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B«B 016 17 617 12 11% 12 +% 

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BuirBrwn 38 377u11% 10% 11% +% 

Burfnesfl 64 75 34 33% 34 

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- c - 

CTee 275 454 28% 25% 27% +1% 

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418 748 

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2X5 5 7066 

10% 9 10*4 

♦1 

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r rhp wet vour competttore by having the financial Times delivered to your home or office every wotting day. 
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+1*. 

SiAwxbP 

1 514 

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Sotaco 

056 172354 

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SauthGt 

06B 11 20® 

21% 20% 21% 

+% 

SphgelA 

0X3430® 

16% 15% 16% 

+% 

StJUfeMd 

040 14 2977 

34% 33% 34% 

+i 

St Pluto 

030 ID 340 

21% 21% 21% 

+% 

SByfit 

1 7B 

2% 2% 2% 

-ft 

Stipto 

46 7599 

31% 29% X 


Sum Sir 

OGO 1633X 

39% 38% 39% 

+% 

Shi Mao 

15 XX 

22% 20% 21% +1% 

Sed Regis 

068 14 340 

21% X% 21% 

+% 

Eteri Tk 

006 21 411 

IB 16% 19 

+% 

EtektyUSA 

ax® 301 

10 9% 10 


3WN 

141 63 

X% 19% 19% 

-% 


Stead 1.10 14 227 023% Z3 23 ■% 
SteDy 1009105 4% d3% 4% -2% 
Stnter 028 23 1902 37% X% 37% +% 
Stated) X 40 14% 13% 13% -*a 
SumoomoB 000 18 3 23% 23% 23% -% 

Summit Be 084 141413 22% 21% 22% +% 
Summit Te 351446 34% 33% ®% +% 
Sun Spot 10 X 4% 4% 4% -% 

SoiHC 1527148 28% Z7% 28% +ft 

SwfflTra 41 52 40% 39% 40% +% 
Symsalnc 5S106S5 48% 46% 47% +1% 
Symantec *210537 15% 13% 15% +2 
Syrafioy 0(0 IBzIOO 19% 19% 19*4 +% 
Synarcam X 560 u4% 4% 4% -% 
Synergen 14641 6% 5% 6 

Synetc 55 1B1 16 15% 15% ■% 

Synopdcs 149053 10% 15% 15ft +J a 
SyetmSon 012 151416 13% 13 13% -% 
SysrimSco a 164 16% 16% 16% -h 

Systemed X 634 u8% 0% 8% +% 


- T - 

T-CtaSc 6 X 3% 3% 3% 
TjPwaPr 052 X1045 34 33 33% +% 

TBCCp 13 099 9% 0% 9% -% 

TCACabb 044 29 614 25% 24% 24% +% 
TecftDao 12 3289 X 18% 19% +1*a 
Teaxnsen x 080 13 S2 49% 47% 49% +2 

Trite 3 5 8% 0% 8% +% 

TricoSya 91662 13% 12% 13 +% 

TrtOnA 17528771 23 22 22% +% 

TaieM 81877 5% 5% 5% -*4 

Takta 31 3819 44*2 42% 42% -% 

Tetran Cp Ml 83 in 15% 14% 15 +% 

TadaTre 77 2 9% 9% 9*4 •% 

TenPMDR 010 31 4049 X% 2B% 30% +% 
Time Com 75XG37u34% 32% 34% +2 

TK 22 S 4% 4% +■% 

TJ knt 022 29 432 19*2 19% 19% +% 
Tokos Mad 4 1732 5% 5% 5% +ft 
Tokyo Mk 034 X 31 00 59% 60 

Ton Brawn 81 347 12 11% 11% -% 

Tapps CD 028358 1314 7% 8% 7% +ft 
TP1 Enter 3 283 6% 6% 6% 

Trunrtd 10 14 11% 11 11% 

TrenwkAx TJ* 11 400 38% 38% 38% -% 
Tdcan 22 21 2% 2% 2% +% 

Trite 752799 15 14 14% -% 

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0gW»yN>1X0 10 7 30% 30% 30*2 

OMCs 1.46 6 53B 32 31% 31% -% 

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On Pika 11 94 14% 14 14% -% 

Opdcrifl 22 IH 23% ZZ% 23% +% 

OradaE S14794u44% 43% 44% +% 


Orb Senes 

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+% 

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27 

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046 3 

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675 

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15 

5 

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009 3 

179 

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1623354 

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-4 

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2410511 

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+% 

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41 

252 

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160 

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+*4 

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024 23 

140 

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604 

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US 1st 200 12 450 52% 52% 52% -% 

UritodSt 040 8 X 0% 9% 9% +% 

Unrig 012 21 40 27% X% 27% +% 

Unxrkt 100 X 848 48% 47% 47% 

US Bancpx 100 101537 27 26% 27 +ft 

US Energy 24 94 3% d3% 3% 

UST Cap 1.12 9 854 13 12% 12% -% 

LRriiMed 15 306 8% 9% 9% +% 

Utd Trie* 12 13 53 52% X +% 

Uttr 12 396 4% 4 4% 


- V - 

Vrimort 030 38 M 16*4 15% 16% +*2 
VDgrdCel 1112342 u» 27% 29+1% 

VBrtaw 25 75541124*4 22% 23% +% 

Vktt 38 354 25 24% 24% +% 

VkorpRst 10 X 17% 16% 17% +% 

Vtowtagk X 2227 19% 16% 19% +1% 

VLSI Ted) 2733797 12% 12% 12ft -% 

VolvoB 017 3 1M 19 18% 19 


- w - 

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UbusauPMa024 IB 813 25% 24% 25% -% 
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WdpSA 1 149 13% 13% 13% +% 
UteSedA 11 210 3% 3i 7 ( 3% +% 
Mhme 0X25 2283 51% 50% 51% +% 
WneSotett 1066388o47% 44% 47+2% 

UMonanL usii 32 ie% 15% 16% 
untngt 040 272474 21% X% 21% +% 
WP Group 003 22 100 3H 3ft 3% 
Wyman-G0nO40 1 323 6ft 6% 6% -% 


-X- Y-Z- 

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XbmaCorp 2 278 3% 3 3% +ft 

Yritaw 094 94 389 X 19% 19% +ft 
yoktetfi 154 290 4% 4% 4% 
SonslIUfa 1.12 9 IX 40% 40 40% +% 


N 

\ 


V 


N 


36 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Friday September 16 1994 


AMERICA 


US stocks 
make gains on 
fresh data 


Wall Street 


US stocks posted solid gains 
yesterday morning after a 
regional economic survey 
helped to dispel the market's 
worst fears on inflation, toriies 
Frank McOurtp in New York. 

By 1pm, the Dow Jones 
Industrial Average was 20.86 
ahead at &916.19, close to its 
highest level of the session. 
The more broadly based Stan- 
dard & Poor's 500 was 2.80 
firmer at 471.60, as advancing 
issues outnumbered declines 
on the Big Board by a two-to- 
one mar gin 

However, volume on the Big 
Board was lighter than usual, 
with 146m shares exchanged 
by early afternoon. Many 
investors were sidelined in 
observance of Yam Eippur, the 
Jewish day of atonement 

hi the secondary markets, 
the American SE composite 
was up L22 at 45&55 and the 
Nasdaq composite was 5.82 bet- 
ter at 774.13. 


NYSa volume 

DafiyfrnWan} 



The welcome suggestion an 
inflation was contained in the 
monthly survey of business 
conditions conducted by the 
Federal Reserve Bank of Phila- 
delphia. In the report, indices 
measuring the prices paid and 
received by manufacturers 
showed sharp declines, in a 
surprising reversal of the trend 
which surfaced in the latest 
survey by the National Associ- 
ation of Purchasing Manage- 
ment 

The Treasury market seized 
on the report as a positive indi- 
cation of the direction of prices 
in the coming months. Bonds 
across the board were showing 
moderate improvement by mid- 
day, though many traders were 
waiting for today’s data on 
industrial production and 
capacity utilisation before com- 
mitting themselves. 

Equity investors also 
regained a measure of confi- 
dence, which had been badly 
undermined at the end of last 
week by news of a big upturn 
in August producer prices. 

At the opening, stocks began 
slowly but steadily built up 
momentum as the morning 


unfolded. By early afternoon, 
the blue chips were solidly 
ahead. Procter & Gamble 
the lead, dimbizur $2 
to S60K. Caterpillar, a bell- 
wether cyclical stock, 
advanced $1% to $56%. 

In other stocks closely linked 
to the economic cycle, Deere 
gained $1% to $73 and dark 
Equipment was $1% stronger 
at $69%. 

The NYSE's most active 
issue was ITT, which foil $1% 
to $79% on heavy volume of 
nearly 3m shares. The activity 
followed the disclosure that 
the company was planning to 
sell some of its financial ser- 
vices businesses to fiiwmnB a 
strategic push into media and 
entertainment. The prospect of 
such a move prompted Gold- 
man Rachq to downgrade the 
issue 

For a second day in a row. 
Comp USA’s share price appre- 
ciated in brisk activity. The 
stock climbed $%, or a farther 
6 per cent, to $12% amid specu- 
lation that the company would 
merge with or be acquired by 
another computer retailer. 

Tektronix, an electronics 
manufaturer, surged $4 to 
$38%. Late on Wednesday, the 
company said net income in its 
first fiscal quarter Jumped 64 
per cent on strong sales of col- 
our computer printers. 

On the Nasdaq, the technol- 
ogy sector was showing broad 
strength. Among the most 
widely held issues, Lotus 
Development gained $1% to 
$43% and Cyrix improved $1% 
to $44%. 

Parametric Technology, a 
software designer, jumped $4 
to $30% after Salomon Brothers 
boosted its estimate of the 
company’s 1995 earnings. 

Canada 

Toronto stocks continued to 
move higher at midday, 
buoyed by strong base metals 
issues and accelerating trans- 
portation shares. 

The TSE 300 composite index 
was up . 15 38 at 436131 in turn- 
over of 31.49m shares valued at 
C$466.98m. Advances led 
declines by 295 to 268, with 283 
issues steady. 

Of 14 sub-indices, 11 were 
higher with transports and 
base metals heading the list. 

Brazil 

Shares in SSo Paulo were down 
V per cent in moderate trade on 
reports that major state banks 
were facing liquidity difficul- 
ties. The Bovespa index 
showed a foil of 518 at 54346 at 
1L45 local time in turnover of 
R$162m ($189m). 

Market analysts were also 
keeping a dose eye on new 
developments in the four-day- 
old metalworkers’ strike in the 
Sfio Paulo industrial suburbs. 


Golds see early falls pared 


Gold stocks were lifted off the 
day’s lows by last-minute buy- 
ing ahead of fixtures expiry, 
ending with mild losses on the 
bade of a lower bullion price. 
Industrials declined cm a lack 
of fresh factors rather than 
any mark-down, dealers said. 

Shares drifted down from 
the start as investors took to 
the sidelines to ride out the 
consolidation in the gold price. 

Dealers said the market 
could see more aggre s s iv e sell- 
ing or gold and tnining-related 
Shares if gold dropped below 
the $388 an ounce support 
level, but the undertone was 


still bullish on expectations 
that the metal would eventu- 
ally push ahead to $400. 

The gold bullion price was 
still strong in rand terms and 
much of the expected rise had 
been discounted in recent 
share price gains. 

The overall index lost 82 at 
5,840, the industrial index 
shed 21 to 6323 and the golds 
index was 25 off at 2,428. 

De Beers slipped 90 cents to 
RI0935 and Anglos fell R4 to 
R244. In golds, Oryx went 
against the trend to gain 25 
cents at R530. while FreegoM 
receded Rl.25 to R75-25- 




A mixed pattern was seen 

among the Continent’s 
booses. 

Merrill Lynch said yesterday 
that it was recommending a 
redaction of its equity holding 
in pre fe rence to ca s h . It 
that it recommended investors 
to “hold a cash position that is 
three to four times what we 
would regard as normal weight 
at 8 per cent to 12 per cent for 
equity- portfolios and 12 per 
cent to 18 par cent for balanced 
funds”. 

Merrill said the chance that 
markets would be flat to lower 
during the next few months 
suggested that investors 
should search for an atterna- 
tiveto equities. 

ZURICH saw Roche return to 
centre stage as Goldman Sachs 
removed the shares from its 
European recommended for 
purchase list The SMI index 
finished 9.1 down at 2,628.6, 
having recovered from a low of 

23LL9. 

Roche certificates closed 
SFrlOS down at SEM.050 but up 
from a day's low of SFrSJMO, as 
Goldman Sadis explained its 
move, saying that growth in 
the pharmaceuticals industry 
slowed in the first half of 1994 
as market forces in the US and 
health care cost reforms in 
Europe took effect Other fac- 
tors included a reduction in 
the long twin growth rate s for 

major divisions, *ha Impart gf 

the Syn ta x acquisition, disap- 
pointing second-quarter sales, 
the Swiss franc's strength, and 
a decrease in net cash. 

Nestle, SFrl4 lower in the 
immediate nftflunaHi of its sir 


ASIA PACIFIC 


mixed 


1 FT-SE Actuarie 

s Shi 

ire in 

dices 



Sap 16 
Kwriycmget 

0pm 

1030 

1140 

THE EUROPEAN SERES 
1250 1350 1450 1950 . Qom 

FME BnMi 100 

FT-SE £****300 

138228 

140859 

138221 

140954 

136246 

140950 

136032 138130 
1407.18 140858 

130356 

140047 

1362.12 136854 
1412.18 141554 



Sp14 

sap 13 sap 12 

• foP 9 

s»s 


FT-SE Ebnfcacfc 100 
FT-SE Brand: 200 
■M 1000 tana** m**T- 


138LB9 - 1987.41 138809 137003 130001 

VW1JS ■ 1412.44 141017 • 141090 1491.14 

*»- una; too - WM ifeu* i« - mo an - msa» t u 


months' figures, which were at 
the bottom end of exp ectati ons, 
picked up to finish SFr4 easier 
at SFrl^ae. 

Against the trend, bargain 
hunting among ry riirala took 
BBC bearers SFrlS higher to 
SFruao. 

Ascom put on SFr20 at 
SFn,620. Merrill Lynch com- 
mented that market expecta- 
tions were still fairly high and 
that a number of areas might 
still cause itiMpp vi ntnumt in 
the mnffcat over the next 12 to 

18 Tn/mthg 

It was too early to ascertain 
the success of the com p a ny ’s 
actions to date, but from very 
cautious comments made last 
week by the finance director, it 
was dearly going to be same 
time before a significant 
growth in earn ing* was seen. 

FRANKFURT eased back 
ahead of today's futures and 
options expiry. The mx falter 
lost 10.14 at 2J1&98, down from 
an intraday high of 2,129.50. 
The Thl« fndirat ffd DAX rilnanri 
at 242926. Turnover came to 
DMfibn. The Bundesbank’s 
decision to leave interest 
rates unchang ed cama as no 
surprise. 

Lufthansa added 50 pfennig s 


at DM199 after announcing 
that its supervisory board had 
agreed to a corporate restruct- 
uring — Hn* freight, technical 
and systems dfnskms are to 
start to operate as legally sepa- 
rate units from the be ginning 
of 1995. The shares improved to 
DM200.70 in late trading. 

MILAN was pulled higher by 

gams in hnwite and same Short 

covering on the last day of the 
September piwymif The finmtt 
index moved forward 6.41 to 
66L34. 

Insurers a gain led the mar- 
ket, an expectations that they 
will benefit from government 
reform of the pension syste m . 
Generali picked up L70Q, or 1.7 

per cent, to L42250, also helped 
by demand ahead of the start 
of its ane-for-10 rights issue 
that begins today. 

Ras put an L90Q, or 3.7 per 
0fint, at T.Qq Qfqi and P hndtar fa 

was L380, or 3.6 per cent, ahead, 
at UL800. 

Banks featured BCI, which 
bounced L140, or 38 per cent, 
to 18810 in what was seen as a 
delayed reaction to the end of 
its rights issue last week. 

Olivetti, which said it had 
increased its share of the Euro- 
pean pemnnai computer mar- 


ket, strengthened L75, or 3.7 
per cent, to 14,080. 

PARIS more than l 

per cent higher, helped by a 
firmer bond market 
The CAC4D index was finally 

up 2486 at 187780, off the ses- 
sioa’s- high of i , «n an. Turn- 
over was about 3bn. 

SmnbGobain, which released 
favourable half-year figures 
after the dose, climbed FFr12 
to FFr642. . 

Chargeurs raided unchanged 
at FFr1,4 60 afte r reporting that 
it had returned to profit in the 

first halt 

AMSTERDAM was interested 
In Nutrida an speculation that 
it might be a takeover candi- 
date for Heinz. The stock 
advanced FI 280 to FI 8& 

. The AEZ index put an LOtT at 
411 fit, after a high of 41184. 

STOCKHOLM was higher in 
response to lower debt market 
yields and the performance of 
other European markets. The 
Afforevflrlden index rose 78 
to 1,4618 hi very high turnover 
of SKr3.6hn. - 

Analysts suggested that 
many investors who expected 
the Social Democrats to win 
Sunday's general election were 
taWng advantage of the cur- 
rent tax rules to sdL The party 
has said it will raise tax on 
share trade , gains. 

MAivuin was boosted by & 
re c o v ery in the bond - 

■marirre and heavy buying in 
bonks, ^ tiie general index 
gained 487 at 30144 in moder- 
ate turnover of Pta28,7bn. 

Written and edited by John PM 
and Mctoel Morgan 


EUROiPiUUI EQUITIES TURNOVER 
Monthly total in local curroftd— gw) 


Borne 

MV 
. ISM 

June 

1904 

Mr 

1994 

Aug 

1994 

US 

Sbn 


73.00 

7L22 ‘ 

. 43.50 

5A27 

. 1.73 


- 175.15 

215.75 

145-26 

146.71 

27.15 


15157 . 

16542 

127.41 

15268 

96,60 

Italy 

99,228 

59,404 

- 49.940 

46,276 

2951 


21 A0 

2640 

IB. 40 

2390 

13.49 

Spain 

1.34L00 

1508.75 

1.262.19 

90355 

8-91 


26.12 

.21.63 

18.58 

1850 

14.14 

UK 

4427 

4&32 

45.16 

52.78 

81.14 




in the European equity markets increased sub- 

y in August, after four months of decline, in a 

delayed response to rising share prices as most market 
indices advanced for the second successive month. 

Volumes were up by 10.7 per cent from July, having 
dropped Ire 178 pec cent in July. Mr James Cornish at 
Natwest Securities, which compiles the figures, notes 
that all the market indices were higher apart from 
France, Spain and Italy, and these three markets were 
also the worst performers in August in volume terms. 
“International investors continued to take their holidays 
more. seriously than local investors,” Mr Cornish adds. 
“Although there were individual market exceptions, the 
volume in European stocks traded on Seaq International 
in London, as a prop ortion of volume fin Continental 
domestic markets, feu to 158 per cent tn August, the 
lowest level since January.” 

The Netherlands saw the sharpest rise in August vol- 
umes, up 298 per cent after a 308 per cent foil in July. 
Belgian trading rose by 29.4 per cent and German volume m 
was 198 per cent higher. 

Swiss domestic volume increased by 18 per cent, but the 
2A per cent rise in the market index was accompanied by 
a 158 per cent decline in the volume of Swiss shares 
traded on.Seaq International, underlining the disenchant- 
ment of foreign Investors towards tire market. 

By contrast. Fr 
cent, saw the 
traded French s 
per cent tn Jnly._ 

Italian volume continued to slide as politics clouded the 
outlook, while Spain was the month’s biggest loser, with 
volume down by 298 per cent 


where volume rose by only 1.0 par 
of London to domestically 
move up to 428 per coat, from 40.3 


Region is generally easier in the absence of Tokyo 


Tokyo was closed yesterday for 
the Respect for the Aged 

national holiday. 

HONG KONG nudged higher 
but was unable to erase 
Wednesday's late losses as the 
holiday in Tokyo and Sino-Brit- 
ish tensions took their tnfl . 

The Hang Seng index fin- 
ished 1684 ahead at 9,862.64. 
after the 9081 drop an Wednes- 
day. Brokers said the mood 
was cautious ahead of next 
week’s meeting of the Joint 
Liaison Group discusstog Hong 
Kong’s transition to Chinese 
rule, following Bering’s attack 
this week on Governor Chris 
Fatten and the Jardine group. 

After tiie dose another Jar- 
dine group company. Dairy 

Farm fritemaHrmfll, annfBmnrf 

that it was cancelling its sec- 
ondary listing in Hong Kang. 

China has ruled out partici- 
pation of the Jardine group in 
a consortium to extend the col- 
ony’s container port, alleging 
that the group bad won the 
right to develop the port 
because of political favour- 
itism. 

Jardine Matheson ended 
steady at HK$7485 while Jar- 
dine Strategic rose 90 cents to 
HK$3380 and Dairy Farm 
gained 10 cents at HK$12.45. 
Hongkong Land, expected to 
annnnnrg its delisting on Fri- 
day, rose 45 emits to HKJ2085. 

Property companies found 
favour late in the session. 
Cheung Kang nut on 10* cents 
at HKI3920 and Sun Hung Kal 
Properties improved 75 cents to 
HK$58.75. 

China-incorporated shares, 
which finals have been baying 
recently, climbed again in a 
market that showed patchy 
interest The Hang Seng index 
of 11 H shares advanced 1382 
to Z.4928L Tianjin Bahai rose 4 
cents to HKS188 and Ylzheng 
Ch e m i cals 5 cents to HKS384, 
both the target of investment 
from foreign fends. 

SINGAPORE saw light sell- 
ing in several index stocks, 
and Malaysian shares traded 
over the counter (OTC) domi- 


nated activity. The Straits 
Times Industrial Index 
dedfned 17.47 to 288084. 

Two companies controlled by 
Lay Beang Heong, MET napitai 
and MBf Holdings, were 
heavily traded, dosing 36 cents 
19 at S$284 and 8 cents hi gher 
at S$L27 respectively amid 
speculation that MBf Capital 
might be a tak eover candidate. 

KUALA LUMPUR was inter- 
ested in MBf Capital on 
rumours of a takeover bid, and 
the composite Index gained 
222 at 147826 after an intra- 
day high of 1,179.72. 

Reports of a change in own- 
ership sent MBf Capital for- 
ward 58 cents, or 20 per cent, 
to M$3.46 in volume of 8L7m 
shares. The stock rose 29 cents 
on Wednesday. 

Demand was also seen for 
holding company MBf Hold- 
ings, up 17 cants to M<2.19 an 
volume of 9.2m nharas- . 

Golden Plus was strong on 
suggestions that the company 
was about to announce a con- 
struction contract The stock 
jumped 70 cents to M$1580 in 
volume of 78m shares. 

SEOUL fell back as many 
Institutional investors 
unwound shareholdings ahred 
of next week's tbreeday holi- 
day closure. 

The composite index shed 
1081, or LOG per cant, to 988.75, 
after setting a high for the ses- 
sion of 1805.70. 

Brokers said rumours that 
the government might unveil 
measures to cool the market's 
advance depressed sentiment 

In spite of heavy selling 
focused on blue chips and 
large -capitalisation shares, 
Samsung Electronics matte a 
record high, dfaihfaff Wqu 3,000 
to Wcrnl47,700. 

TAIPEI Ml back after a vola- 
tile session, especially in the 
financial sector. The weighted 
index lost 3581 at 688987 after 
a day's high at 742987. Turn- 
over was THOSbn. 

Investors bought financial 
stocks as worries abated that 
the central bank would restrict 


liquidity. Electronics Issues 
lost early gyms as profits were 
taken. However, brokers antici- 
pated further rises, noting that 
some stocks bad fallen by as 
mnch as 15 to 20 per cent since 
July. 

MANILA showed a modest 
rise am buying of beer group 
San Miguel end bargain hunt- 
ing of second line issues. The 
composite index edged ahead 
189 to 2354.46. Turnover came 
to 18bn pesos in volume of 
38bn shares. San Miguel “A" 
and “B” shares rose respec- 
tively by 080 peso to 9880 


pesos and 1 peso to 136 pesos. 

Second fine stocks were fed 
by Metro Bank, winch-moved 
ahead 5 per cent to 840 pesoB. 

SYDNEY ended slightly 
lii gter after early garna m lead- 
ing stocks were stripped away 
by profit-taking. 

The All Ordinaries falter fin- 
ished 03 up at 2,0508 after 
peaking at 2,060.4 in morning 
trade. Turnover amounted to 
lm_ 

BHP -finned 6 cents to 
A$2088 and News Carp 2 cents, 
to AJ8.60, while Western Mm- 
ing was steady at A$832. Com- 


monwealth Bank of Australia 
rose 4' cents to A$787. 

Gold mines -were mostly 
weaker on the continued 
decline of the bullion price in 
the international market. New- 
crest Mining r et re at ed 5 cents 
to A$631, Placer Pacific 10 
cents to AJ3.66 and Poseidon 
G old 2 cents to A$388. 

WELLINGTON was lower 
after heavy buying of Telecom 
over recant days dried up. Tele- 
com fell 16 cents to NZ$582 on 
turnover of NZ£L436m, com- 
pared to $433m on Wednesday. 

The NZSE-40 index relin- 


quished 22.84 at 2,09380 and 
turnover was NZ$SL46m, down 
-from NZ$92m. " 

Carter Holt Harvey slipped 
10 cents to NZ$380 and lion 
Nathan declined 5 cents to 
NZ$3.18. Fletcher Challenge 
bucked the trend to finish 4 
cents higher at NZ$129. 

KARACHI rose slightly cm 
short-covering and selective 
institutional buying of bine 
drips. The KSE 100-share index ■ 
gained 481 at 281684, with 
declines outscoring advances 
-by 175 to 127. Pakistan State 
CHI put bn Rp5 at Rp355. 


FT -ACTUARIES WORLD INDICES 


Joktfy oomptad by The RnoncM Tfcnaa Ltd.. Goldman, Sactw & Co, and NaMVaat SacuMaa Ud. In con te na to n aritti tha kwttuta or Actuaries and «a Faculty of Actuates 

NATIONAL AND 



JF Philippine Fund Inc. 

(tneorporated in die Cayman Islands) 

ANNUAL RESULTS TO 30TH JUNE 1994 


Net Assets . . 

Net Asset Value Per share 
Share Price . 


US$109-3m 

US$18.60 

US$14.50 



US 

Defer 

Index 

Day* 

Chang* 

% 

WEDNBt 

Pound 

Staring 

Max 

DAY 315 

Yan 

Mat 

1U0B1 

DM 

Max 

141004——— 
Local Local 
Cunancr % etig 
Max an day 

Oim 

Ov. 

YteW 

Tl 

US 

Defer 

Max 

KSOAY3 

Round 

StarSng 

Max 

BnBUEB 

Yan 

Indax 

ER 13 1904— — DO 

Local 

□M Currency 52 wook 
Max Man Hteh 

AmMtem — 

.. 173.13 

-0.1 

183.84 

10821 

13038 

19&SB 

05 

353 

17334 

18400 

10802 

13002 

16403 

180.16 

Awfete (17) 

_ 194.10 

ai 

183 A5 

121.31 

168.14 

156.49 

-04 

1-03 

19086 

164.06 

12127 

16014 

15010 

19088 

8«igiuni{37). 

_ 171.06 

416 

18051 

107.47 

137,43 

134J8 

-1.2 

4.71 

17205 

164.14 

10822 

13022 

13607 

17704 

Canada (104) „ 

...137.07 

. -0.1 

12955 

8657 

109.56 

134.13 

-02 

250 

137.15 

13023 

8608 

11047 

13441 

14031 

Oomarii (33) 

.254.87 

ao 

24080 

10829 

203.71 

21068 

02 

1A1 

282.47 

239.74 

15828 

20036 

21008 

275.79 

fttend (04). 

..177.16 

-i.i 

187.47 

11075 

141.83 

1B4J7 

-1.8 

078 

17023 

17020 

11221 

14408 

1870B 

181.70 

franca £71 

-.17323 

ai 

183.75 

10628 

13S48 

14297 

-08 

308 

173.02 

16400 

10033 

13006 

14301 

18037 


- 148.74 

03 

138.70 

91.72 

117.29 

177J0 

-05 

128 

148.32 

13805 

0101 

11708 

11700 

16040 

Hong Kong — 

...403.00 

-1.0 

381.75 

252.44 

322.83 

400.88 

-1.0 

3.06 

40704 

38729 

36034 

32801 

40400 

60066 

Mand (14). 

.51224 

0.1 

20050 

132.M 

18064 

193.10 

-0.0 

52V 

217-95 

20127 

13220 

17072 

10418 

21600 

“•ly (S0j 

.... 8023 

0.9 

75.83 

50.16 

64.13 

03.75 

06 

1.68 

7050 

75.48 

48.77 

84.03 

83.16 

97.78 

Jmon(4«g) 

—160.17 

-04 

151.38 

1«M1 

128.02 

iooii 

-05 

078 

18074 

15204 

100.84 

12047 

10004 

17010 

Matejwte(B7).« - 

—580.38 

08 

54053 

382.73 

48088 

57084 

a7 

1A5 

67506 

54603 

3605B 

46302 

568.48 

62103 


2230.37 

ai 

212652 

1408.48 

179856 

5398m 

ai 

122 

224708 

213407 

1407^41 

181O0B 

mam 

264708 

Wuhoteim (27) 

—215.70 

02 

20357 

134 82 

172.47 

169.78 

-as 

038 

21523 

20408 

134.75 

17328 

17078 

218.19 

Naw Zmland (14) 

73.88 

15 

88.64 

*8.05 


8436 

14 

am 

72.72 

tajs 

4053 

6807 

84JD8 

7709 

Nonroyp3| 

-304,08 

-03 

19258 

12758 

163.11 

187.12 

-10 

1J7 

20407 

10408 

12014 

1840S 

18806 

$11.74 

angapara (44). 385.87 

at 

345.81 

aa.67 

292.44 

25096 

ai 

1.7D 

VKKQ 

347.16 

22080 

29447 

25000 

37802 

5aumwnca(5S) 

.206.74 

1.0 

202.75 

19059 

247.57 

30107 

02 

2.12 

30075 

20128 

132X23 

247.07 

30070 

31424 

Span(42) 

.. 141.09 

OlO 

13355 

88.18 

112.77 

13058 

-06 

422 

141.11 

134.00 

8035 

11308 

13722 

15079 

Swadtn (38) . .. 

-227.47 

-ai 

214.90 

142.17 

18141 


-ai 

1J8 

227.80 

21013 

14200 

18133 

25323 


Sarttzttend (47) 

...16822 

0.8 

159.06 

106.57 

13001 

13057 

-07 

I^Z 

1W04 

159-38 

10008 

13019 

13444 

17606 

U«ted Nngdam (J04) 

h 197.06 

-08 

18825 

123.17 

15751 

18625 

-1.4 

404 

18803 

18821 

1340$ 

160.15 

18801 

21408 


-.19125 

03 

180,76 

119J3 

152.86 

18L25 

03 

9pg 

19087 

181.06 

11037 

16156 

19067 

19004 


02 


Low 


Yaw 

■BO 

tepitso 


13&24 
18404 
14082 
12064 
22S04 
10428 
19904 
12430 
28208 
181 04 
57.88 
12454 
382X3 
1815.11 

18025 

5022 

16582 

28621 

177.88 

128-88 

17S03 

19088 

181.11 

17095 


1 

173.30 
151 as 
12330 
23053 

10024 
1710Q 
127 JO 
29809 

172.12 
7841 

15753 

401.12 
172157 

186.54 

6052 

17744 

28750 

177.08 

14034 

18958 

13756 

19073 

187.94 


EUROPeiru* 

Nonflc 016) 

Pacific Basin (748). 


Wbrid Ex. UK (I960) 



172.84 

-02 

16136 

108.03 

138.15 

16208 

-00 

ana 

173.12 

18440 

10809 

13044 

18308 

17808 

15308 

16040 


22004 

0.0 

20054 

13700 

17035 

206.84 

-00 

1A1 

22073 

20900 

13019 

177.79 

21047 

22203 

173.19 

17906 

—— 

17038 

-03 

16104 

10048 

13019 

11108 

-04 

106 

17094 

16203 

10702 

13709 

11108 

17806 

13479 

161.80 

— ■» 

17100 

-00 

181.90 

107.08 

13091 

12708 

-00 

101 

171J4 

16308 

10702 

MUM 

12801 

175.14 

14308 

18069 

— 

— ..187,68 

03 

17707 

117.43 

18017 

18700 

00 

202 

18704 

17700 

11709 

15090 

188.78 

192.73 

17507 

18308 

— 

16508 

0.3 

14703 

97.42 

12406 

13206 

-05 

244 

18506 

14703 

9703 

12S02 

13119 

16012 

13407 

13054 

raj. 

- — 28077 

-02 

25403 

16708 

21483 

23008 

00 

271 

26904 

ZS607 

16057 

21087 

239.10 

29021 

20013 

20004 

— 

17309 

-02 

16300 

10016 

138.34 

131.72 

-06 

102 

17047 

18473 

10081 

139.73 

13248 

17065 

14066 

16044 

1061 

17023 

0.1 

16056 

110.14 

140.8S 

14044 

-Ol 

205 

17013 

16705 

11027 

14107 

14065 

17809 

1SU8 

16646 

17704 

-0.1 

16702 

11077 

14108 

14097 

-00 

204 

17703 

16039 

11102 

14203 

14038 

18003 

16804 

18808 

B6J 

188.B9 

Ol 

17019 

11050 

15104 

17908 

-0.1 

20 8 

189.41 

17807 

11609 

15057 

17084 

19120 

17404 

17045 


TteWoririlmtengltK) 178.07 05 W80Q 11150 14253 15058 -05 234 


SyWJ*. H a FfaattM Bmm Un*»q Onfctew. 8*d» i Co. 
wtea —» un w aFate far w. 


ad UrtMat SaaWtes law. W7 


Perfor m ance in U5$ from 1st July 1993 to 30th June 1994 

• Share Price +63.5% 

• FhUy Diluted Net Asset Value Per Share ,■ +54.1% 


Chairman’s Statement 

‘Your food enjoyed another exceptional year with die favourable economic and 
political environment propelling the stockmadcer to record highs. The success 
of the Government's reforms is reflected in the country's economic performance 
which is at Its most ro bust level in the icCenr years. 

Se n d meat was buoyed by the vast improvement in the supply of electric power 
and the successful bunches of primary issues. The strength seen in the 
srock m a ri c et during die first half of 1993 continued ■■mhiwi for die rest of die 
year and pushed both tbe PhUippiDe Composite Ihdac arid the net asset value per 
share of the Fuad to new high levels during the yeac 

During die last fin a nci al year; your company r epurc has ed 410,000 shares, 
representing 6.7* of the number of shares outstanding at the beginning of the 
year. This has contributed towards narrowing the discount on net asset value 
per share from 20k no just under 1 5k. 

Confidence in the Philippines is probably higher 
now than ax any time Oaring the past decade 
and we continue to be optimistic that economic 
developments and political stability will enable 
further improvement to be made in the 
forthcoming yeari* 

A.H.$tnith 

Chairman 
23rd August 1994 


For a copy of (tie Annual Report please coated efttacr 
JutBnc Hemteg. 47H» Hogcjudlnc House. 

One O uuna n g l K Place. HoogJCong- ... 

WeCCMten Ttt <852) 843 8688 ftuc <8531 524 8649 or 
FVamng InratmcnrThai Mamgnaciu LuLtMeaberoflMRO) 

25 CopftnB Ava^c. London, EC2S 7DR. 

T<±(07i; 658 5858 Rk(D71) 2568817. 



178.14 189.16 111-63 14349 18047 18050 1565S 16&80 









financial times 




e 


Hit file 


FRIDAY SEPTEMBER 16 1994 ★ 

RECRUITMENT 


c 


hanging business struC' 
tures have led to a 
surge in interest among 
companies in career patterns. 
So much so that some 26 com- 
panies and public bodies have 
subscribed to a UK-based 
research group called the 
Careers Research Forum, 
established to investigate best 
practice in career development 

The organisations have each 
paid £6,000 to Join the forum, 
which is funding a two-year 
research programme by Prof 
David Guest of Birkbeck Col- 
lege at the University of Lon- 
don. The CRF, structured as a 
limited company, is run by an 
advisory council of academics 
and human resource special- 
ists. 

The panel includes Prof 
Guest with Prof Peter Herrtot 
director of research at Sun- 
dridge Park, Andrew Mayo of 
ICL, Andrew Gamer of Boyden 
International, tbe executive 
search firm, Mike Haffenden of 
OEC, consultants, and Simon 
Barrow and Andrew Lambert 
of People in Business, a man- 
agement consultancy. 

The Forum says it was estab- 
lished in response to wide- 
spread discussion about chang- 
ing career patterns. 
Delayering, fewer voluntary 
departures and changes in the 
use of consultants and outsour- 


JOBS: Career planning in the changing organisation 

Academics get into the act 


ting have all reduced the likeli- 
hood of one-company careers, 
say CRF. 

It adds: “At the same time 
there is a rapid change of pace 
in all organisations. With the 
advent of new markets, tech- 
nologies and structures, people 
are expected to do more and do 
tetter, yet with the prospect of 
limited career progression and 
no guarantee of security.” 

The Forum is holding a pub- 
lic conference at the Dorches- 
ter Hotel, London, on Novem- 
ber 16-17. Further details can 
be obtained from CRF at 
071 336 7790. 

Without wheels 

Why do we persist with tbe 
company car as a form of 
reward? Companies have 
become increasingly concerned 
about the OOSt Of the r-nrT>p«T> y 
car yet, according to tbe latest 
employee benefits report by 
the Reward Group, most are 
afraid to withdraw them in 
case it binders the recruitment 
and retention of staff. 

Perhaps the reason has more 


to do with basic human nature. 
The managers responsible for 
company car policies tend to 
run company cars themselves 
and few people want to give up 
something voluntarily. 

What many mmpaniBs have 
been doing is extending the life 
of their fleets. Almost a third 
of those in the Reward survey 
had lengthened replacement 
periods, typically by 12 months 
to four years, or by an addi- 
tional 20,000 miles. 

Other fiends hi g hli g hted by 
the survey included harmoni- 
sation of benefits for all 
employees - some 45 per cent 
of companies surveyed had pol- 
icies to harmonise benefits 
such as holiday entitlement, 
hours of work, overtime rates 

and sick pay among all staff. 

Reward says that a typical 
benefits package for a director 
of a large company (those with 
turnovers between £25m and 
£200m) would include a com- 
pany car (provided to 63 per 
cent of the directors - with free 
private mileage for 84 per 
cent), changed every three 
years or 80,000 miles, free pri- 


vate health insurance (87 per 
cent) and 25 days a year holi- 
day with a working week of 
between 46 and 50 hours. 

Global earnings 

The answer to all those anx- 
ious people who regularly call 
the jobs column looking for 
international prices and earn- 
ings comparisons has been 
delivered by the Union Bank of 
Switzerland in its latest edition 
of Prices and Earnings Around 
the Globe. 

It is three years since UBS 
produced the last edition, but 
the latest version has been 
worth the wait. It not only 
gives price comparisons on a 
range of goods and services in 
53 cities, but Includes data on 
incomes and earnings across a 
range of jobs. 

Whereas secretaries in 
Geneva, Zorich, Luxembourg, 
Dusseldorf. and Tokyo seldom 
earn less than $35,000 a year, 
their counterparts in Budapest, 
Manila, Jakarta, Prague, Bom- 
bay, Lagos and Nairobi will 
earn a tenth of that. The global 


average salary of a departmen- 
tal manager is about $43,300 
with the biggest salaries in 
Tokyo and the top Swiss, Ger- 
man and US cities. 

The graph (right) shows the 
average earnings in 53 cities 
from the weighted hourly net 
wages of 12 occupations: pri- 
mary school teachers, bus driv- 
ers, car mechanics, building 
labourers, skilled industrial 
workers, bank clerks, secre- 
taries. women industrial work- 
ers, cooks, saleswomen, depart- 
ment managers, and electrical 
or mechanical engineers. 

Employees in Zurich. 
Geneva, Tokyo, Luxembourg, 
Chicago and New York have 
the most take-home pay and 
those in Nairobi, Lagos, Bom- 
bay and Caracas get the least. 

The dark bars show net 
income, light bars net income 
and tbe figures on the right 
show the taxes and social secu- 
rity deductions as a percentage 
of gross income. The figures 
marked from 0-25 on the bot- 
tom line are US dollars. 

Copies of the report can be 
ordered free while stocks last 
from the Union Bank of Swit- 
zerland, Economic Information 
Centre (GEICHX Postbox, 8021 
Zurich, Switzerland. 

Richard Do nkin 


Comparison in international earnings 

Gross and net hourly wages in US dollars' 

j Net income ($) 

Onus Income (S) Taxes and social security tn 
U of gross income 

0.0 Madrid 

5 31.5 Manana {Behranl 
18.9 Manila 

5.1 Mexico City 
4 -9 Mflan 

1 -6 Montreal 

Brussels ? s 36.1 Nairobi 

Budap “ t F 286 New York 

Buenos Airee 



Chicago 

Copenhagen 

Dublin 

Dusseldorf 
Frankfurt 
Geneva 
Helsinki 
Hong Kong 
Houston 
Jakarta 

Johannesburg 


Lisbon 
London 
Los Angeles 
Ustemboisg 


Source: UBS 


Taxes and social scarify in 
94 of gross income 

18.1 


B- , lilt 





E BB — 




to 


15 


20 


25 



EMERGING MARKETS 



SEARCH 1 SELECTION 


EMERGING MARKETS FIXED iNCOME ECONOMIST? RESEARCH ANALYSIS 


LONDON - NEW YORK 

Oar cbem, a leading Banking hose, wishes do appoint an Economist with at least three 
years experience of country analysis, prrferebty in emerging markets, to work with a 
successful emerging markets team. The ideal candidate will have a degree in 
econo mi cs, a strong quantitative background. and experience of fixed income 
analysis. 

Tbe appointee will, in conjunction with tbe traders and portfolio managers, be 
responsible far. 

Country analysis and the production of research material from ihc perspective of 
identifying investment opport un ities in debt instruments. 

y* Analysis of gLobatfecoommc trends affecting emerging markets fixed income 
securities. 

Comparative analysis and arbitrage identification between vwious emerging markets securities. 

Candidates must be self-starters with a keen interest in tbe emerging markets and have (be 
ability H> d e n^t"****- d”**** 0 ". «*»"miinimrinn airing MiB-pwimriai flair and a 

strong desire for success. 

An attractive lentuneniiian package' win be offered to the right person. If you 
bebeve dot yon can offer onrOient these qualities, please send your CV in 
complete confidence to: 





















Assistant Manager - 
Customer 
Development - 
London 

c£38K + Bkg Pkg 
Min 8 yrs banking exp, 
pref within a marketing 
environment is req'd to 
join this prestigious 
European Bank. 
Knowledge of German 
an advantage. 

Compliance Officer 
(Trainee) 

Exc opp for newly 
qualified Accountant to 
join major Int Financial 
Institution. Ideal app will 
have Financial Sector 
Audit exp with outgoing 
inquisitive personality. 
Lots of client contact 
Call Euro London 
Appointments on 
Tel 071583 0180 
Fax 071353 9849 


x.xmm 




Derivatives Analyst 

£ Negotiable 




"tt 


London 

Our iltcnt n. :t leading US bank with a high profile in the 
mil-mat Knud capital markers arena. It has an excellent 
qiokil network which spans over 30 countries and several 
imttincnts. The bank possesses an enviable reputation in 
rhe derivatives markets and combines first class trading 
skills with innovative and sophisticated product 
development techniques. 

In order to maintain its competitive advantage our clienr 
recognises tlw value of quant native analysis and product 
development. To this end it is now looking to recruit an 
exceptionally high calibre Derivative* Analyst to join its 
research team in London. The function ot the research 
ream is to provide ideas and pnxluct' (with a European 
tiiciiO for the trading desks. The product range covers die 
liked income, equity and FX markets. This is a desk based 
position and the successful candidate will work in close 
ii.uson with the traders. 

The ideal candidate will: 

• l l.ii e a highly quantitative background and is 


likely to tv educated to PhD level. 


• Display in-depth technical knowledge of option theory 
and an understanding of the practical application of 
such products to the ‘impertccr’ trading environment. 

• Have 1-2 years experience of derivative product 
research (equities, fixed income or FX} and testing, 
implementing and developing models, for use by the 
trading groups. 

• Demonstrate good programming skills using 
C and C++. 

This us an excellent opportunity for an ambitious 
quantitative analyst or researcher, who seeks to utilise 
their proven analytical and mcdelling skills in a dynamic 
and innovative trading environment. The successful 
candidate should possess excellent communication skills as 
well as the determination to succeed in a competitive 
environment. 

Interested candidates should contact Gavin Starling on 
071 831 2000. or write to him quoting reference 187044 
at Michael Page City, Page House, 39-41 Parker Street, 
London WC2B 5LH. All applications will be 
treated in the snidest confidence. 


Michael Page City 

Internal innal Rccnmmov Oxualann 
London Paris Frankfurt Hook Kong Sydney 




LATIN AMERICAN OPPORTUNITIES 


business development 
excellent SALARY + BONUS 

VVt» are seeking a fully rounded banker 
with experience in the distribution of 
Latin American fixed income and/or 
equity instruments throughout Europe. 
In addition to having good contacts with 
financial institutions, coupled with the 
ability to place eurobonds, euronotes, 
equities and other financial instruments, 
you will have the ability to ideitify a 
wide range of opportunities for the bank 
in London- Ideally, you will be in your 
«ar!y to 30^ be a problem solver and 
have excellent interpersonal skills. 


MKT. RESEARCH ASSISTANT 
EXCELLENT SALARY + BONUS 

We are seeking a young, detail-oriented 
graduate who has strong research and 
interpersonal skills. He/She will search 
and store information from a variety of 
sources. Identifying, inputting and 
maintaining a database on top Latin 
American companies and other financial 
institutions throughout Europe is critical 
to the success of the UK operation. Spanish 
would be a help and opportunities, 
following a successful contribution, for 
advancement exist 


PORTABLE 
SOLUTION SET 

Investment Strategist, years of 
experience ia pre-emeiging 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 SE1 9HL 


Please send your cv, in strictest confidence, to Michele MacPherson 

Jonathan Wren & Co. Limited. Financial Recruitment Consultants 
No. 1 HeOE* London EC2M 4TP Telephone 071-623 1266 Facsimile 071-626 5259 


JONATHAN WREN EXECUTIVE 


Seasoned City 
Economist + 

Ver satile in: Financial Markets, 
Global Political Economy, 
Country and Industry Analysis 
(Risk etc.) Will consider anything 
challenging, anywhere 
fT.W.lJvLO.I Trainable 
personable, pro-active. bi-lingua! 
(German I. Like* cats 

Write to Box. X21J7. Financial 
Times, One SoaUncark Bridge, 
London 5EI 9HL 


“ London 


■ Actual hourly vnQes In 12 occipaaons attar tvtong Into account woriang Umo. 

hobdays and vacations. Weighted by occupation 


Six Figure Package ™ 


Chief Operating Officer 


Exceptional Opportunity in Fund Management 


Safra Republic is part of a worldwide private banking group and 
has an enviable record for attracting high net worth private 
clients. With a strong balance sheet it has an AA rating. Client 
portfolio assets have increased rapidly and are currently over 
S12 billion. A UK fund management company has been formed 
to manage the group's mutual funds. 

Reporting to the non-resident Executive Chairman, you will 
manage all operational aspects of the company and those of the 
funds under management, from launch and onwards. With the 
support of various managers, your responsibilities will include 
systems, telecommunications, reporting and control and 
compliance. 

You should have hands-on experience at a senior level in a 


financial services organisation, ideally in fund management 
operations, with a good knowledge of compliance and tax. 
Educated to degree level, you will have outstanding problem 
soiling capability combined with the ability' to communicate 
with confidence at the highest levels. With a conservative 
approach, you will thrive in an entrepreneurial, unstructured 
environment 

The role offers the opportunity to make a major contribution in 
a start-up situation within a dynamic group. Please send your 
CV, quoting reference number 8901, salary details and, where 
possible, daytime telephone number, to the advising 
consultants. Goodman Graham & Associates. 8 Beaumont Gate. 
Sheniey Hill. RadletL Herts WD7 7AR. Fax: 0923 854791. 


Goodman Graham 


A Goodman Lurie company 


AVIS FLEET SERVICES 

CREDIT & RISK MANAGER 


Europe 


The Pan European Fleet Leasing business of GE Capital 
Services is seeking to appoint a Risk Manager- Europe, based 
at our European Business H e adquarters in Brussels. 

Tbe principal area of responsibility includes the lead role m 
European deal underwriting, including: Structuring large, 
complex dealt; managing a portfolio of exposures in Europe, 
induding client and business sector risk; proactive Risk 
management induding portfolio and bankruptcy management; 
specific acquisition support to die European Business 
Development team induding evaluation of potential acquisition 
portfolios. 

The position will provide leadership and develop Best Practice 
identification across GE Capital Fleet Services businesses in 
Europe. 


Salary: Negotiable 

This is a key position and reports directly to the Chjcf 
Executive Officer of Avis Fleet Services. In this capacity, the 
person will participate on the European Executive 
Management Team, which determines overall European 
Strategy and execution of key initiatives. 

Candidates should have a minimum of 10 years experience 
and a knowledge of 2-3 EC languages is preferred {English 
mandatory). GE is one of the world's top five corporations. A 
senior appointment with us is an exciting opportunity for fast 
track progression with a work! class organisation. 

Send your C.V. and current salary details to: Angus 
Reynolds, Director, Human Resources, AVIS Fleet 
Services, Avenue des Communaut6s, B-II40 Brussels, 
Belgium. Fax: + 32-2-724.06.70. 



AlftBamd uah Gtmnl 


GE Capita I - Europe Limited 

An Equal Cppanmiy Em pt oy ar 

Btrxric Capital Strvitxa tUSAI and Ctntrml Batrar fUSAj and nor aSOmnd wilt du EngLak raupaitf aftht ■ 


Lazard Brothers & Co., Limited 

Corporate Finance Executives 

Experienced Analysts, newly qualified ACAs and Lawyers 

The Corporate Finance Division of Lazard Brothers acts fora large number of significant clients in 
both the public and the private sector. It also works closely with the Lazard Houses in Paris and New 
York co form a major force in global investment banking. 

The Division is enjoying sustained growth, creating further demand for Corporate Finance 
Executives. Applications are invited from Corporate Finance Analysts completing a training 
programme with a major institution and from newly or recently qualified Chartered Accountants and 
Lawyers with major firms. 

These positions are highly sought after and selection cnceria will be demanding: candidates must 
demonstrate impeccable credentials including at least a 2.1 degree, numeracy, excellent interpersonal 
skills and creativity. It is unlikely that successful candidates will be over 27 years old. In return the 
Bank offers a competitive package, varied experience and first-rate career prospects. 

Those interested arc asked to write, enclosing full career details and stating reasons for applying, 
to The Halsey Consulting Partnership. 34 Brook Street. Maytair, London WlY 1 YA. 

Telephone: 071 495 4446. Please quote reference L ''440/8. 


f V 


s 


X 






• 


i 

II 


★ 

FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 j 



TOP OPPORTUNITIES 

SENIOR POSmONS IN GENERAL MANAGEMENT 


MANAGING DIRECTOR 

FINANCIAL SERVICES 

Manchester Highly Competitive Salary + Benefits 


o 


I ur client, one of the longest-established stocfcbroking arid investment 
L I| J management groups in die UK, has recently reviewed its Group activities. 

As a result of this review, it has identified a need to recruit an ambitious and 
experienced individual to run its unit crust and PEP operations. 

The individual will be a member of, and will report directly to, the Executive 
Committee, having responsibility for future development and strategy, and for 
management and marketing on a day-to-day basis. The role will require a creative 
and independent thinker, with the ability to command the respect of colleagues and 
clients during a time of change and growth. 

Ideally, candidates should be aged between 35 and 55, with a sound knowledge of the 
unit trust and PEP sectors. Proven business development and strong marketing skills 
within the field of investment management are essential requisites for this 
challenging and demanding position. Career prospects within the Group are 
excellent for the successful individual. 

Interested candidates with the relevant experience should send a 
curriculum vitae, in strictest confidence, to Carol JarcE n e, Managing 
Director, Whitney Selection, 17 Buckingham Gate, London SWlE tub 

6LB, quoting reference WS/127/1. ^CRionr^ 


SELECTION 


The Top 
Opportunities 
Section 

Advertise your 

senior 

management 
positions 
to Europe's 
business 
readership. 
For information 
please contact: 
Philip 
Wrigley 
+44 71 873 3351 
Gareth Jones 
+44 71 8733379 
Andrew 
Skarzynski 
+44 71873 4054 


OBvmtvffOftOfnnu 


DEPARTMENT OF ECONOMIC DEVELOPMENT 
TRAINING AND EMPLOYMENT AGENCY 


DEPUTY CHIEF EXECUTIVE 
AND CHIEF EXECUTIVE DESIGNATE 


Applications are invited forihe post of Deputy . 
Chief Executive in the Training and 
Employment Agency. It Is intended that the 
appointee, subject .to satisfactory 
performance, will become Chief Executive of 
the Agency, when the present postholder 
retires in September 1995. 

The Agency is part of the Department of 
Economic Development It operates with 
delegated responsibility and authority. The 
Agency operates a wide range of services 
including a variety of training services, 
employment and career services and 
services to the disabled. 

The appointment is offered on the basis of a 
3 year contract with the possibility of renewal - 
The Department would also be prepared to 
appoint on the basis of an inward 
secondment on terms agreed with the parent 
organisation. 

On appointment to Deputy Chief Executive 
the salary will be related to the Northern 
Ireland Civil Service Grade 4 range which 
currently is £44,390 to £50,412. The Chief 
Executive's salary is the Northern Ireland 
Civil Service Grade 3 range which currently is 
£52,704 to £62,817. 


The successful applicant will be qualified to 
the third level and have extensive senior 
management experience in the private or 
public sectors. A sound knowledge of labour 
market matters, with particular reference to 
the operation of employment and training 
services, is essential 
A job information sheet is available on 
request from Mr W P Hagan; Department of 
Economic Development. Massey Avenue, 
Belfast BT4-2JP, Telephone 0232 529339. 
The closing date for applications will be 
23 September 1994. 

The Northern Ireland Civil Service is 
committed to equality of opportunity in. . 
employment and welcomes^ applications from 
all suitably qualified applicants! irrespective of 
religion, gender or disability. As;Roman 
Catholics and women are curreritty under-, . 
represented amongst the senior general 
service grades, applications from the Roman 
Catholic section of the oorhmunlty and from 
women would be particularly welcome. All 
applications win be considered strictly on the 
basis of merit ' ' 


BANKING FINANCE & GENERAL APPOINTMENTS 


Head of Monitoring Unit 
Monitoring Officers 

Croydon & Docklands 

Starting salaries £21,000 to £32,000 + car + benefits 

The Personal Investment Authority (PEA) is the new self regulatory organisation (SROJ established 
to ensure the delivery of high standards of investor protection across the retail financial services 
sector. Member firms include product providers such as life assurance companies, as well as 
Independent Financial Advisors (tFAs). Our new organisation structure will integrate the 
predecessor SROs and create a range of challenging new opportunities. 

Our monitoring units are central to the achievement of PIA's objectives, being responsible for 
ensuring compliance with our roles. Members’ activities and compliance systems are reviewed 
during planned visits and ad hoc special investigations by the monitoring units. Each unit 
comprises 3 Monitoring Officers led by the Head of Unit with responsibility for the planning and 
organisation of the visits. Each team member is accountable for specific aspects of the compliance 
assessment, which are then consolidated by the Head of Unit into a final report. During visits die ' 
Monitoring Officers, as well as the Head of Unit, liaise dosely with staff in the member firm, 
ensuring that appropriate relationships are maintained. Monitoring teams can expect to travel 
widely and spend periods of time away from home 

We seek good team players with strong interpersonal skills and a high degree of integrity 
Candidates should be of graduate calibre and possess relevant financial services experience from 
within compliance, marketing or technical departments. Candidates from outside the industry 
must have proven expertise in an investigative or regulatory role such as audit, legal or compliance 
within another industry or profession- Evidence of leadership and man-management experience is 
required for the Head of Unit. 

Opportunities also exist at the Head of Unit level fot a specialist in Training and Competence and 
for additional Monitoring Coordinators who will be office-based. 

Please send foil personal and career details, including current remuneration and daytime 
telephone number; in confidence to Ann Shepherd, Coopers & Ly brand Executive Resourcing 
Ltd, 1 Embankment Place, London WC2N 6NN, quoting reference AS10JQ/F on both envelope 
and letter. 


Personal ■ krealiruait • Authority 



PRIVATE BANKING 


LLOYDS PRIVATE BANKING LTD 

HAYWARDS HEATH 


;r.vj aro «« Wfjimog 


Salary Circa £20,000 phas Benefits 

Lloyds Private H awking Ltd is a leading provider of private client asset management services. Funds under 
management, including holdings of over £3 billion in UK equities, have increased rapidly in recent years. 

We now require an additional Equity Analyst to join the Research Department in Haywards Heath. 
Reporting to the Chief Manager (Investment Services) the successful candidate will be responsible for 
coverage of a segment of the UK Equity Market and will be expected to make a contribution to the 
determination of overall policy. • • 7 k ‘ * ■ - *r"t -*• 

The position is a demanding one and we are looking for the following charact^risfe: ^ 

♦ A minimum of 3 years experience in an equity research background together with an appropriate 
professional qualification. 

♦ Capable of working as part of a tightly focused team. y- 

♦ An effective and persuasive communicator with well developed writing skills. 

♦ Computer literacy would be an advantage. 

Candidates with relevant experience are invited to apply by 3rd October 1994 tO: 

PL.—. A 


Mrs Sharon Ault, Personnel Manager. 

. Private Banking & Financial Services, 
Capital House, 1/5 Perrymount Road, 
Haywards Heath, West Sussex RH16 3SP. 




l-.r* MSN; 


“ eos! sccnorissa 


:C Sjroocnd Tradinc 7c ucOK - 5o*; 


Several Uajor Buka usk utafcOshed and oworfenosd 
EconomMi tor poaBora In Tokyo ml London. Ptoon cal 
Stoftfm DomUi 

Varied opportunitfss wft top names for •xporionced 
kxMkMLP«tttoMrkrC>i$ k bEliLU9S.noiiaPbBMQN 

Andrew Stone. 

■ Eurcpt-jn Equity Analysis t-ec 1 

3v;jps T.-sdi^c - Boris 

Veriow Loading Howec ora Making experienced Equity 
Analysts with European language sHta. ktoto candktatao «* 
Imm 3-5 IMIS’ aweriance. computer Hondo Md twafent 
pmaniaftnaHh. Ptoan ad Stophan Damian. 

Several Top Howes in flu City require oppBcants wftft a 
oMnum of too i jmoT oxparianco in too abora. Erepboiis an 

Andrew Sum. 

FiJOd !:\:c,T!C S.'ii'os | 

WPcoo T r^d 

Mqfor UK hnunrt Bank requires Mngual JapeneaNEngfeii 
to corar JqarwM kanakas to Enppa. me candBaw mould 
ton waited ki toe Tokyo moAot and bo fab oomwnnt Mb 
financial practices m Europe. Mm tonrafedoo of pnnit 
ptoeementt mould bo m Mmga PMh cal HelMlWwd. 

Qniping intonwt far CNuMatos wtifa ottoar Rapo aatos or 
ta*u agwrlonca. Top Oty names - Junior to cantor land 
candtfato* reqpnd. Ptoon oU Itom OCannor. 


Wall known City based Banks requite applicants with 

Tap Qatoy Houses ere Making ipwtoncod aatosnaa to 
cover Northern Europe enmltuis on Scandinavia and 

some chm a Eurapsn hnguege Ndfty ia a pbs. Ftae cfl 
UNkOGoonor. 

WFUatoWaid. 

■ eqj!, v Sa!6s ■ 

? itod Income 5-jips liJcc | 

Manaious cpporerite edit MHn ttiis am tor argredeocad 

Sevval top quaktr Houses era aoeMng axperitnead mfl* 
praduct Rnd kwonw Oatoeawn to cow UKMffa end oBnr 
IMtonkral accouti nUw M Wt aid Chanoai Wot. PImm 
cm fhciMd ward. 

bon in UWEurape. An aettn dfera twn as wen as i 
Baopaan tanguaga to ossanfoi n most cases. Ptooaa csfl 

Uwk O'Connor or Andrew Stone. 



Wi presently turn sanral apponurAes vMibi Ms arm 
■n Kp Or weed Houm Apparis nut Ism a mUnun 
tf M months' t u ptritnca and a loraigi language (German. 
Fiandw SpvWi} aMty cm ba NMuGgwut. Ptamt cal 
MwSum 


FIXED INCOME SALES TO ANYWHERE 
ECU TRADING: EUROPEAN GVT TRADING; 
DERIVATIVES SALES; CORPORATE FINANCE; 
MAA. FUTURES SALES: EQUITY SALES TO SPAM; 
ECP TRADER; ORIGINATE NS/NEW ISSUES 
MARKETING; STRUCTURE SALES; MTNS. 


For further delate ptoue call on 071-377 6488 or aendHax your CV to us. 
AH applications ara treated In the strictest confidence. 

For enquiries outskto business hours caH 091-364 1833. 

CAMBRIDGE APPOINTMENTS 

232 Shoreditch High Street. London El 6PJ. Fax no. 071-377 0887 


r ASSISTANT TO M.D. 

Roulston Research (U-K.) LTD., Inc., a regional U.S. 
broker dealing with institutional investors in the U.K. 
and continental Europe, seeks a self-starting 
professional to assist the Managing Director in its 
London office. The ideal candidate will possess strong 
p lanning and or ganizatio nal skills, excellent selling and 
advising skills, as well as the ability to examine new 
investment ideas, and be able to work with a large 
degree of independence. Initial responsibilities wQl 
include some administrative duties, moving to become 
a broker as soon as possible with the potential for 
management responsibility within five years. 

Salary and strong opportunity to be compensated on a 
commission plus bonus in the six digit area will come 
as rapidly as the individual can progress. 

Please repfy in writing to: 

Mr. G. C. Aberie, Roulston Research (UK.) Ltd. Inc. 

9 CoHbath Sq., Rosebery Ave, London EC1R 5HL 


The FT can help you reach additional business readers in France. Our link with the 
French business newspaper; Les Echos, gives you a unique recruitment advertising 
opportunity to capitalise on the FTs European readership and to further target the 
French business woiid.For information on rates and further details please telephone: 
Philip Wrigley on +44 718733351 


CREDIT ANALYST GRADUATE TRAINEE 

Aleading Japanese Bank is seeking to recruit a recent graduate into its 
Corporate Finance Department 

The corporate finance team concentrates predominantly on i«wKiig in 
the syndicated and bilateral loan maritH* and an important put of its 
work includes marketing of the Bank to both new and existing clients. 
Areas of responsibility will include: 

* Analysing the credit of corporate borrowers 


* Monitoring loans within lie existing portfolio. 

The successful candidate will be an outgoing and confident graduate, 
with a good degree in a business related discipline and a basic 
understanding of accountancy. Candidates possessing an MBA 
qualification need not apply. 


Please send full CV Kx 


Kathryn Williams 

The Mitsui Trust & Banking Ox, Ltd 
Fifth Floor, 6 Broadg ate 
London JEC2M 2TB 


Closing date for applications: Friday 30 Sepfanber 1994 


Bloomberg 

FINANCIAL MARKETS V 


Product Specialists dc 
Account Managers 

“Use your markets knowledge in- front-line roles’ 
UK and Europe - 

Bloomberg is a highly successful supplier of sophisticated screen based 
news, information and decision support systems within the international . 
financial- marketplace. 

Expanding its’ European headquarters in London, Bloomberg has 
vacancies for account managers and product specialists. 

Product Specialists 

This is a high profile cole which-has.cesponsifiiliry for cOrniriiimcating . 
the complexity of the Bloomberg amTit'-s capabilities, to existing and 
potential users in the UK and Europe.. .You Will also play an active role in 
advising on enhancements and' development often in liaison with our New 
York office^ Candidates must have at least 5 years experience in the markets 
and in-depth understanding of financial instruments such as EQUITIES or 
FIXED INCOME. Communication is a key element of the role and you 
must be comfortable in presentation situations. Candidates should be 
willing to travel and fluency in European languages would be of interest. ' 

Account Managers 

You will provide quality service, support and relationship management 
to Bloomberg users in . London and Europe. 

With 2-5 years experience in a .related area . you must have, a good 
understanding of instruments such as fixed income, equities or futures and 
options. Ideally experience will have been gained in a sales,- investment 
management or support role. Applicants who can also demonstrate fluency 
in a second EUROPEAN LANGUAGE or JAPANESE will be of interest. 
Candidates must be willing to travel! 

For all positions salary is negotiable according to experience. ' - 

Apply to The Freshman Consultancy during Office hours on 
071-721 736 1 or send your CV by post or fax quoting reference FT/7/94. 


r R F. S H M A N 


The Freshman Consultancy, Coppergare Hou*e, 16 Brnoe Street, London ElTNJ 
Telephone .07.1 -72,1 7361 Facsimile Oft >721 7362 


















FINANCIAL, TIMES FRIDA Y SEPTEMBER 16 1994 


II! 


Highly Attractive Package 


LLOYD’S 

LLOYD'S OF LONDON 


Excellent salary + bonus + benefits 


Head of Strategy 


Head of Business Development 


Thes* new positions arc at the heart of a major initiative to develop Lloyd's centre of excellence providing strategic and operational advice for the Society and its constituents. Lloyd's is now at a pivotal 
position in Its history, with a business plan to attract new forms of capital and to extend its distribution further into world markets. Pre-eminent in the London insurance market and a major player in the 


industry worldwide, Lloyd’s commands some El lbn of underwriting capacity - but with substantial undeveloped potential. 

These are highly influential posts which will deal at the top level with issues of critical Importance to the development of Lloyd’s sustainable competitive advantage. 


THE ROLE 

■ Working closely with the Lloyd’s top management 
‘Cam to develop the fundamental strategies to 
position Lloyd's In future decades. 

■ Analysing the complex issues at the heart of Lloyd's 
Business - capacity, capital structure, value. NewCo 
pLin™ 31 *^ profitability. Rolling forward the business 

■ Drawing on the resources of key players in the Lloyd's 
market and developing the central planning function. 
Radically improving the collection and use of bus in ess 
m formation. 


THE QUALIFICATIONS 

■ Graduate or MBA with superior intellect and a 
distinguished record of developing innovative but 

practical strategic solutions. Probably now in a top- 
flight strategic consultancy or major international 
financial services group. 

■ Disciplined analyst and planner with commercial 
Instincts and first class communication and 
influencing skills. Able to establish and manage 
effective relationships at the top level. 

■ Natural leader and team manager who is tough- 
minded and resilient. Must show stature, maturity, 
confidence, creativity and commitment to spearhead 
this major programme. 


THE ROLE 

■ Responsible for identifying ways of increasing Lloyd's 

global capability, business opportunities and brand 
strength in existing and new areas. 

■ Analysing and segmenting client needs and identifying 

innovative product mixes and distribution 
developments to optimise the differentiation and 
positioning of brokers and underwriters in a highly 
competitive marketplace. 

■ Recruiting, developing and leading a small, high- 

performing team. Establishing relationships with and 
working alongside senior management in brokers and 
underwriters. 


THE QUALIFICATIONS 

■ Professionally qualified graduate on a test-track career with 

a leading international Insurance entity. Accomplished 
business developer and planner. 

■ Ambitious, insightful and productive professional with 
mature interpersonal skills Iferiidpaiive ream leader 
with strong relationship building skills. 

■ Well -developed understanding of international 

markets with analytical skills of the highest order. May 
have geographic specialisations and language 
abilities. Will demonstrate a practical approach to 
both planning and implementation. 


S 0532 307774 

i 071 493 1238 

■061 499 1700 


Selector Europe 

‘‘‘pcticcr Sui.irt 


> quota reference m 770941. 


■¥ 


m 


Substantial 

Package 


Hill Samuel 


Manchester 


Bank 


Regional Director 


Hill Samuel, one of the conn try’s best known merchant banks , is committed to re-establishing 
its leading presence in the North. An experienced banking professional with real expertise in 
corporate banking, structured finance and corporate finance is now sought to lead and develop 

business in the North. 


THE ROLE 

■ Responsible for the Bank's corporate banking 
and expansion of its corporate finance activity 
in the region. 

■ Tbke the lead in establishing close and 
effective relationships with a broad range of 
corporate clients. 

■ As part of a young team committed to 
rebuilding the Bank's business and reputation 
nationally. Expected to be at Assistant Director 
level but the successful candidate could 
progress quickly to the main board. 


THE QUALIFICATIONS 

■ Likely to be in their 30s with a successful 
career in corporate banking leading to 
familiarity and involvement with corporate 
finance including restructurings and M&A. 

■ Proven ability to represent the Bank 
successfully at Board level including 
particularly Finance Director, Chief Executive 
and Chairman. 

■ Confident and self-disciplined with strong 
communication and negotiating skills to work 
independently in the region and also as an 
integral part of the UK team. 


Leeds 0532 307774 
London 071 493 1238 
061 499 1700 


Selector Euro pe 

Spencer Stuart 


Kcbk reply with Ml tab me 

SrfMW. Furojxi. XJ 519 WMM. 

AQnniHi Co—V Cnnmini totoiywL 

Siyalnaxd, ma m m a Mil StC 


Generous 

Package 


Premier Global 
Custodian 


City 


Operations Risk Controller 


This is an influential and important role at the heart of one of the most respected custodians. 
The business is part of a major blue-chip global firm with strategic plans for expansion. Key 
tasks are to improve the delivery of the risk control function and to raise the prefile of the 
operation throughout the organisation. 


THE ROLE 

■ Managing a team of 40 responsible for 
controlling the risks associated with the 
custody operations, encompassing stock and 
cash reconciliations and broker confirmations. 

■ Developing productive relationships with 
senior line management, finance and 
operations; identifying potential problems and 
taking pre-emptive action. 

■ Creating a centre of technical excellence, 
motivating and developing a diverse team with 
a strong sense of cohesion and team identify. 


THE QUALIFICATIONS 

■ Mature qualified accountant with custodial 
managerial or securities industry experience. 
Sound grasp of technology and experience in 
high volume operations environment 

■ Strong leader with the stature and credibility 
to influence senior line managers and 
experience in refocusing and motivating an 
infrastructure support team. 

■ Perceptive problem solver with an eye for 
detail with project skills capable of prioritising 
tasks and working to deadlines. 


Leeds 0532 307774 
London 071 493 1238 
Manchester 061 499 1700 


Selector Europe 

Spencer Stuart 


IV— l iqjy M ■fcqfclot 

Sdacur Bnpc, Ret MI9IOTU. 
liC— — Mite, 





theToronto-Dominion bank 


TD 

Corporate Banking 

The ToroauvDominkm Bank is a highly-rated C-— Bank with a well es tablishe d presence in London and other major financial 
centres. As a result of expanding Corporate B—ilrfng activities in the London Office, the Bank is actively recruiting for the following 
challenging opportunities!- 

Media/Communications 


Utilities/Project Finance 
- Senior Relationship Manager 

To significantly enhance the Bank’s position in the Project 
Finance/Utilities sector, the Bank seeks a senior relationship 
nmnaerr to assist in the development of its busi ne ss. The tn cnnibc pt 
will be responsible for originating project finan c i ng opportunities 
with msjor UJC. sod European clients, primarily in the dec tricity 
and forestry industries and managin g such cHent relationships. 

The successful wiH be a graduate and have already enjoyed 

success in marketing, originating and structuring deals with a 
progressive financial institution- The Bank requires a well educated, 
credit trained, highly numerate individual with strong marketing and 
wJ»«{hmV p nfcflfa, to join a dynamic, team-orientated environment. 


-Associate 

The Bank has established a reputation as a market leader in 
arranging, structuring and providing finance for die media and 
communications industries. To build on this success, the Bank seeks 
an articulate, numerate individual with a finance background to join 
in Communications Finance Group as an asso ci a te . 

The successful candidate should ideally be a newly qualified 
accountant or a graduate with at least two yean corporate credit 
experie n ce with a bank or fa— «wi»l institution. PC literacy would be 
considered a distinct advantage. Experience within the media/ 
co mmunica tions industry whilst beneficial would not constitute a 
pnMuptifite. 


these positions represent significant career opportunities for the right candidates. Salaries will be dependent upon qualifications and 
exp e rie n ce and the total remunenuion packages will he highly competitive. 

Interested candidates should contact Ntoil Macnewghton at BBM Selection on 071-248 3653 or write, sending a detailed Curriculum 
Vime to the address below. All applications wtU be treated in the strictest confidence. 


76, Wading Street, London EC4M 9BJ 




I asifccTidi* I 



Teh 071-248 3653 Fax: 071-248 2814 


Property Finance 

Barclays dc Zoete Xjfedd (BZW) Ik a leading European • 
based investment batik which operates internationally. 
The London based; ifcoperty Advisory Group, a joint 
venture between BZ^ iCoiporatte Ifinarioe and Property 
Investment Management, is seeking a -serrior-fewl 
addition to Us tetynV 

The Property Advisory Group wa*' established 
18 months ago and. is now a leading adviser-on defat 
. and cqt&y ifcapital Baandngs'and' other property -based 
.advisory transactions to property companies, property- : 

: owning companies -ar^ UK -and overseas mvertprs. • 

envisaged calibre candidates who- 

cart djafricRJSD^t? stro^bwiijoss development skills and 

* dip p«5pc^;hma*ineBit and financing. 

/ experieiotic' and are mtely to fee in their 30s : with a 
property investxoeiri: hanking Or legak backgrourid. . 

• Since the 4 > rdperty Advisory Group's business -extends • 
to other major tiurope&D markets, language skifis woold 

' Se*n advantage.' 

v: -The . Wifl/be commensurate 

with .the seniority of fcbd and, will: include. , 

, banking benefits and a dweretiotwry' bonus related 

tq -jierfctrairatwe.'- ! " ' ..’ . • r ' v ■ 

T<^^ppfy^:fdj3ase write ' Ml earepc. details try. ■ 

Am* 2dolt^i 7 . Dir*£±Dr' ’Mumap ROsbwccs, 

Borelaj^.de 2S»ete.VSfe^ : - Asset Bfanagcimtotj. ' 

■' .EC4R- 3UD- • ' ' 



FIXED 

INCOME 

SALES 

City 

LHighly Competitive 
Package 



Harrison Willis City has been retained to work 
on behalf of the securities arm of a major 
international bank to recruit experienced fixed 
income salespeople. This is part of a continuing 
expansion plan. 


The successful candidate wifi be 
responsible for the distribution 
of a range of fixed income 
products, mainly government 
and eurobonds, to retail and 
institutional investors in the UK 
and Europe. Ideally the 
candidate will be able to 
demonstrate a successful track 
record of developing profitable 
dient relationships, probably 
gained with a leading investment 
bank/securities house. 

The ability to fully understand 
client requirements is vital, 
as well as the ability to 
communicate effectively within 
a small but highly motivated 
team. There is the opportunity to 
make a significant impact on a 
key area of our client’s business, 
the importance of which will 


be fully reflected in the very 
competitive remuneration 
package available. 

Candidates who fee/ they 
have the right background 
and who would like to find 
out more should contact, 
in complete confidence. 

David Page or Jonathan 
Cohen on 071-629 4463. 
or write, enclosing a detailed 
CV, to Cardinal House. 

39-40 Albemarle Street , London 
W1X3FD. (Fax: 071-49 7 4705.) 


HARRISON 
^ WILLIS 



10N30N » Kl'DrsC - CULDMWO • H- AIBA'.S 
UXBRIDCC - 8*6101 * C!*W.C«MU 


YOU CAN ADVERTISE 
YOUR SKILLS IN THE 
FINANCIAL TIMES 
RECRUITMENT 
PAGES FROM AS 
LITTLE AS 
£90 + VAT. 


Looking 

for 

a Career 
Change? 


Fob puma dew* please 

CONTACT 

Gareth Jones on 
Thj +44 71 873 3779 
Fae+4471 8733064 OR BT 
wbtwg to ran AT Foumcul 
Tms.Rexmvan 
AovBinsaiB, NUHflfli One 
Southwark Boose, London 
SE19HL 

V— 



Northern England c £50,000 + bonuses 

Our client, a nationally based firm of stockbrokers has recently 
launched two UK unit trusts. This opens up the opportunity to 
recruit an experienced fund manager with a track record and 
proven marketing ability. The bias is towards UK equities. 

Candidates must have experience prospects. The Fund Manager will be 

expected to take over the direction of 
the Unit Trust Company within a 
year of appointment including its 
commercial development. Salary is 
negotiable with a profits related 
bonus and an opportunity for equity 
participation in due course. Relocation 
assistance may be available. 




of UK equities including the smaller 
companies market, quantitive analysis 
techniques, investment product de- 
velopment, and, of selling concepts 
and research to colleagues. Computer 
literacy is important. Age range is 30 
to 40. 

The position carries good career 

Kidsoas Impey 
Search & Selection Limited 
29 Poll Mall, London SWiYStP 
Telephone: 071-321 0336 
Fas 071-076 1119 

OB, ?nutc*^ Gonmny, ttaljl Arttrt*, Hungary PnlaaiL 
BelfiaM. fhrftnrlsBd. Crab BepnbUc rod Sbnkia 


KIDSONS 

IMPEY 


9HVISHKWUM 


Please telephone or write 
(quoting reference no. 836) 
to Terry Fuller, Director. 












IV 



London stock exchange 


International Market Development 


Excellent Package 


City 


Exciting opportunity for talented executive to join a high calibre specialist team 
research «nd product development for the London Stock Exchange. 


TOE COMPANY 

♦ The leading international stock exchange. Rapidly 
changing under new leadership to maintain dominant 
role. 

Expanding development division needs to add 
additional strength to international tram. 

♦ Continuous contact with leading players and 
regulators in securities markets in UK and overseas. 

TOE POSITION 

4k Research and recommend new ideas on issues relating 
especially to new international business. 

♦ Take responsibility for specific projects from 
origination to delivery. Work independently in small, 
flexible team. 


♦ Influence change m markets’ structure, products arid 
practices through wide range of industry contacts. 

QUALIFICATIONS 

♦ Between 2 and 7 years experience. Securities 
industry/coiisulting background preferred. 

♦ Highly developed strategic, analytical and 
communications skills. Fascination with changing 
markets. Team player. International outlook. 

♦ Work to highest presentation standards. Creative, 
rigorous, persuasive, consultative. 


Please send full cv, stating salary, ref IBM3985, to NBS, 10 Arthur Str e et , London EC4R 9AY 



NB SELECTION LTD 
iBNB Rcmuicb pk ujiuiuiiy 



LONDON 071 423 1520 


Aberdeen 0224 U80S0 - Binninghmi 021 233 4656 
Brijcol 0272291142 • Edinburgh QM 2202400 
dttgow Ml 204 4S14 «Lk& 065X453830 
Mancboaer 0625 SJ99S3 • SZcragfa 0753 819227 



ESN PENSION 
MANAGEMENT 
GROUP LTD 


INVESTMENT 

MANAGEMENT 


ESN Pension Management Group Led is a major investment management house responsible for managing pension 
fund assets in excess of LI 3 billion. This is principally on behalf of the Electricity Supply Pension Scheme, which, is an 
umbrella organisation covering 21 pension plans arising out of the formerly nationalised electricity supply industry. 


FUND MANAGER -UK EQUITIES FUND MANAGER -PACIFIC BASIN 


You will be responsible for a range of marker sectors 
and will be expected to make and implement well' 
considered investment recommendations- 
A graduate, preferably with an appropriate 
professional qualification and ideally with some 
interest in quantitative techniques, you will possess 
several years relevant fund management and 
analytical experience gained within the investment 
industry. 


Your primary responsibility will be to assist the 
Senior Fund Manger in the management of the 
Japanese portfolio, although knowledge of other 
Asian markets would be an advantage. The role will 
involve maintaining contact with brokers and 
analysts, making investment recommendations and 
implementing agreed policy. A graduate, preferably 
with a professional qualification you are likely to 
have at least two years relevant experience in fond 
management. 


A competitive remuneration package together with an incentivisation plan will apply to both positions. 

If you have proven competence in die appropriate markets, strong communication and inte r perso na l 
skills, and are interested in joining a progressive and an aggressively ambitious team please write, . 
enclosing a comprehensive CV and details of present salary to, Alan MacLeod, Peraonnel Manager, ' 
ESN Pension Management Group Ltd, 1 10 Buckingham Palace Rood, London SW1W 9SL. 


A creative application for . . • 


Credit Analysis 


• . . in the fixed income market 


Oar client, a leading merchant banking group, 
has a strong presence in the fixed income 
markets. To complement the existing Sterling 
Bond Team the Bank seeks an experienced 
credit analyst. 


ability to provide creative input to the 
assessment of factors affecting die credit 
strengths or weakness of specific bond issues. 


The successful candidate will be required to 
provide credit-driven analysis to support the 
sales and trading teams. The work will also 
involve direct contact with clients and the 
production of written research- 


Tbe ideal candidate wiD have received formal 
credit training and exposure to the bond 
markets. A professional accountancy 
qualification would be advantageous but is not 
a prerequisite. More important will be the 


Horn wffl req uir e strong commumcathm s lriB s, 
an analytical and and the confidence to deal 
effectively with both colleagues on the trading 
floor and nuyor institutional investors. The 
successful candidate will be a key member of 
tbe fixed income group and career 
development opportunities either in the 
So e rlin g Team, or elsewhere in die group, will 
therefore be outstanding. 


The package for this post includes a very 
c o mp e ti tive basic salary, the frill range of h a nkin g 
benefits and a performance related bonus. 


If you are looking for amove ttsoayfrom a traditional credit function to a more energetic environment, then 
write, inducting a full Curriculum Vitae, to NJafl Maavwgfttan at BBM Selection, 76 Wading Street, 
London EC4M 9BJ. Ahemathicty toe our canfjdmtifd fax hne. 


76 , Wading Street, 
London EC4M9BJ 


Teh 071*2483653 
Fax: 071-248 2814 


FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994. 


JQT 

mm a 


FmORGAN GRENFELL 
ASSET MANAGEMENT 


US Equities 


Attractive Salary + Bonus + Benefits 


City 


Exceptional opportunity for a talented young professional to join a su cces sful US 
i n ve s t m ent team witlriu a fast g ro win g interna t io nal investment managem e nt house. 


THE ROLE 

♦ Member of a team of six, m anaging portfolios of 
Fortune 500 stocks, 

♦ Work closely with senior Investment Manager. 
Research and select stocks with significant growth 
potential. 

4 Lead and/or participate in company meetings. 
Develop relationships at highest. level with US 
corporates. 


QUALIFICATIONS 

♦ Graduate with at least three years investment 
experience. Must have spent minimum 1 year focusing 
on US. market. 

+ Outstanding analytical skills, rigorous and highly 
numerate. Excellent communicator. 

♦ Self-motivated, mature, ambitious, incisive, confident 
team player. 


Please send full or, stating salary, ref CN3477, to NBS, 1 0 Arthur Street, London, EC4R9AY 


NB SELECTION LTD 
a BNB Kooacca pie camper 




LONDON art 623 1520 
Aberdeen G224 639080 * Birmingham 021 2354656 
Bristol 0272 291142 ■ £dmbmgkQ3l 220 WOO 
<a>rgow 041 204 4334 -Loedi 05*2433*30 
Manchester 0625 539953 • SloUgh 0753 S192Z7 


ICIATES IN 

■Project Finance 


London 


'Europe, 
iienffy in 

*/> f eu 


level with either & MBA. ACA and/or Bank credit training 
with two to five years background in indiutty or finance. 


supports negotiarions^sE^^^^^RtarfiTCand thorough 

amount of 

ill 1 1 rirTalin i wilV — ponies involved in the 

project and a high level of participation in the investment 
approval process. 


They must be fully conversant with the analysis, structuring 
and documentation of transactions and must also have RC. 
and proven financial modelling skills. Fluency in at least one 
foreign language would be advantageous and considerable 
fo rei g n travel is involved. 


G.E. is one of die world ■ top five corporations and an 
opportunity to join us, is & limitless opportunity to develop 
your skills and your career. 


We are. therefore, looking for people who can demonstrate to 


Please apply direct, enclosing your G.V, of relevant 

experience sod current remuneration to: 


usa maturity ofjipproach, an independent mind and ianldew 
attention to <lw»'i, " as well as excellent analytical and 
presenmtian ahSkJWe envimge (bar th^r will be of graduate 


attention to 


*Tl. ftlmdsg Dliwa o r, - a*— ■, GE 

Capital Europe T 20 St- James's Strut, London 
SW1AIES. 


GE Capita! - Europe Limited 


U fU mdm MG m wmtnwIrr^ni ainkmaUAjmt r m w m Hh u ft tgau Mt» s U » MU fc«h^U.Bw yT V«6n 


Proprietary Analytical Trading Department of Craft Sutsas in Zurich 
ta seeking rate and FX 


iJbtrtre 


&*r& 


Candidates for senior positions must have a 
broad practical knowledge of bond, interest 
rate or FX derivative products and proven 
trading track record with at least two to 
three years' experience in running sizeable 
derivatives books. Their principal duties wfll 
include the formication of trading strategies 
and the day-to-day management of large 
trading books. All candidates must have a 
quantitatively oriented background and the 
abISty to exploit the latest arbitrage trading 
concepts and modem IT systems. 


AD proprietary traders are supported by an 
existing international team of fugh-cafibre 
financial analytics and IT specialists, and 
the Bank's market-making, research and 
sales forces. 


A competitive performance-based 
remuneration wffl be offered, reflecting the 
experience and high cafibre of the traders 
the Bank wishes to employ for these 
demanding positions. 


INSTITUTIONAL 

FUND 

MANAGEMENT 


Singer & Friedlander Investment 
Management Limited is looking to expand 
its overseas institutional investment 
capabilities. 


Successful candidates are likely to be 
innovative and highly motivated team- 
players with good interpersonal skills. 
Familiarity with European markets and the 
abffity to communicate in German, French 
or other major European languages, whtie 
not required, would be a definite 
advantage. The working language of the 
trading unit is English. 


Please send your resume or calk 
CREDIT SUISSE 
Angela Sonanini 
Per sonne l Depart me n t 
CH-8D70 Zurich, Switzerland 
Teh 41-1-33361 34 
Ffoc 41-1-333 30 22' 


All applications will be treated in the 
strictest of confidence. 


As a result a new opportunity now exists in 
the Far Eastern team to concentrate primarily 
upon the analysis of Japanese equities. 

Interested Candidates should be educated to 
degree standard and preferably possess an 
accounting qualification. 




GS. THE BANK WITH THE HQHT APPROACH 




Remuneration is negotiable. 

Interested candidates should apply in the 
first instance, in writing to: 


ACCOUNT OFFICER - TRADE FINANCE 


Singer & Friedlander 
Investment Management 
Limited 

AmemberaflMRO 


The Personnel Director, 

Singer & Friedlander Investment 
Management Limited, 

21 New Street, 

Bishopsgate, 

London EC2M4HR 


The Gty Office of a leading International Bank nek* an Account Officer to 
market trade finance rod otiisr banking prodnm. 

The Ideal candidate would be one with 2/3 yeas direct experience of 
■mitering tn rontnering and eqnjpmanr ■amrinenging wwnpaiiW- 
is international markets A gra d ta te Woald be pre ferred and the anticipated 
age range is bus 20tyttrfy 30%. 


EXPERIENCED TURKISH 
EQUITY SALESMAN 


ffiyariMccd Twfcfeh Equity Safcunaa lergifced to join a newly created Emanrog 

Mnfatt Team bom of iteCbr* leading Euopeaii bating houcs. The candktafc 

wig report drottly tp the Head rf the Engaging Market* team and win tom p.T»tif 
an existing Tarbrii team. Candidates n m e r 


’ htva at lay two ytaib experience b reflbg Ttetfah ftpitiw .n 

inSbaiaiBl efctfs and developed analytical sfcffis wtthm the Tnfcfah fiaqcial 


An attractive package, including banking benefits, is available to tie 
aieccfebl candidate. 


Wtare rwpi? fa am fi & n c* with ttdorj Jetu^rrmd ampj ofCV, by 
23 Srpit mbo - 1994, to Bax A2I59, Fhuouxd Tims, 
Omt S o udn i 'ibk BridgM. Tnmfo nSEl 9HL 


• be fluent mfatlisb and Tnrfcatifd yak m Iran pr-n^fa- 

- have a sound academic background sritli prefaaUy a finance and/or bt 


: 


<«Ja ^*Ce*B,xA2M4l.nm*UTh*M,0*SuM*kBrt&.L»*mSki9m. 


A - 


< 




FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


HEAD OF COMPLIANCE 


O 


CITY 

c. £65,000 + Benefits 


1 a ur client is one of the leading UK investment management groups with very substantial funds 
under management. As a direct result of their consistent growth and ambitious plans for 
global expansion, they have identified the need for an experienced compliance expert to manage 
their UK compliance team and supervise their compliance operations abroad. 

’Hie role will report to the Group Company Secretary and will be responsible for monitoring and controlling 
the Group's compliance function. The incumbent will play a key role within the company and will be 
expected to acquire a full understanding of the business and to work closely with senior management. 
He/She will be responsible for the Group's adherence to best practice as regulations and legislation change. 

Ideally, candidates will be aged between 30 and 45, although maturity and relevant experience of 
compliance within an investment management house is more important than age. Candidates are 
likely to be graduates and will have to demonstrate proven management skills, and possess the drive and 
ability to progress in line with the anticipated growth of the Group. 

Remuneration and career prospects are excellent for the ambitious candidate who can 
demonstrate genuine commitment to the Group's growth both in the UK and globally. 

Interested candidates should send their curriculum vitae, including daytime telephone number 
and present remuneration package to Carol Jardine, Whitney Selection, 17 Buckingham Gate, THE 

London SW1E 6 LB, quoting WS/14/2. WHITNEY 

GROUP 


W H I T N E Y 



SELECTION 


AVAILABLE IMMEDIATELY 

Two Foreign Exchange/Financial Futures positions in the London 
branch of a large US regional bank. 


Foreign Exchange and Financial Futures 
Trader/Manager 

Suitable applicants will meet the following criteria: 

^ Knowledge of all interbank and financial futures markets 

❖ Exceptional money management skills and risk control 

❖ Direct experience in technical analysis of currency and interest rate markets 
Minimum of 5 years of trading experience 

The selected applicant will report directly to the Manager of International 
Treasury based in die US and will receive an excellent salary and bonus package. 

Foreign Exchange and Financial Futures Trader 

Suitable applicants will meet the following criteria: 

^ Broad knowledge of interbank and futures markets 

❖ Background in use of technical analysis 

❖ Minimum of 3 years trading experience. 

The selected applicant will receive an excellent salary and bonus package. 


Interested individuals should forward a CV'/Resume and cover letter to: 
Box No. A2J47. The Financial Times , 

One Southwark Bridge. London SEJ 9HL. 


HEAD OF PROJECT FINANCE 


o 


HONG KONG 

Highly Competitive Package 



1 M ur client, one of the foremost international Investment banks, is seeking a senior Project Finance 
^ Director to lead and continue to develop its Far East project finance advisory team. 

The bank has advised on many projects in the region, and now is looking to refocus and expand its project 
finance business from its regional base in Hong Kong. 

The Director will be highly motivated with a proven track record of business development and transaction 
execution in the Far East and South East Asia. A regional language would be beneficial, but is not essential. 

Ideally aged between 35 and 45, candidates will be operating at Director level within the region. They should 
be able to demonstrate strong man management skills, as the successful candidate will be offered the challenge 
of building and developing a team in this rapidly developing market. 

Interviews will be arranged at suitable geographical locations for appropriate candidates. 

Interested candidates should send their curriculum vitae, including current remuneration package 
and daytime telephone number to Carol Jardine, Managing Director, 

Whitney Selection, 17 Buckingham Gate, London SW1E 6LB or fax 071 233 9334, WHnTrfEY 

quoting reference number WS/08/1. GROUP 



W H I T N E Y 


SELECTION 


€■* Ulster Bank Group Treasury Limited 

A member erf the National Westminster Bank Group 

Ulster Bank Group Treasury is a leading provider of treasury services in 
Ireland. Due to continued expansion of our business we have the following 
vacancy in Dublin: 


SENIOR FORWARD FOREIGN 
EXCHANGE DEALER 


The ideal candidate will have at least three to four years experience of trading 
Forward Foreign Exchange with a proven track record. Candidates nrost be 
highly motivated, possess a strong technical background and an in-depth 
knowledge of related markets. 


The position will provide the successful candidate with excellent career 
prospects in a challenging environment. Salary and fringe benefits will be 
attractive and consistent with the remuneration policy of a leading treasury 
operation. 

Applicants should forward a detailed Curriculum Vitae, by 23rd September 
1994. in strict confidence to-* 

Ms Brenda Dooley, 

Personnel Manager, 

Ulster Bank Group Treasury Limited, 

1.F.S.Q House, 

International Financial Services Centre, 

Dublin 1. 





DERIVATIVES 


We are currently working on behalf of several prestigious 
US and European Banks, based in London, New York and 
llonc Kong, whose clients face an ever increasing need to lower 
the cost of raising capital, manage risk and enhance asset 
returns. In response to these requirements our clients have 
authorised major commitments to enhance their capability m 
the Global Derivative products market and m particular.- 

• Interest Rate Swaps • Structured Products - 
- Fixed Income • Currency • Equity • 

Key roks exist « Trading. Markctmaking, Sates/Marketing 
and Research for exceptional candidates skilled m options and 
exotics who arc able to become an integral member of some 
of the worlds leadiog banks. 

I\rr further it ifonMtim in complete confidence please call or 
W riie to Jonatha n Park or Atm Williams. 



6 Cfooi Strops 
S.'j.'n/iP 'S Strcft 
Loniion. 
EC2h\ 


US DOLLAR 
PRODUCTS MANAGER 

US Dollar Products Manager for European brand of 
New York based International securities firm. 
Candidate should have at least 3 year's work experience 
in both NY and Europe, with written and spoken 
fluency in English, French and Spanish at a minimum. 

Product knowledge should encompass government 
securities, asset swaps, repurchase agreements, 
mortgage backed securities, corporate bonds. Candidate 
will have experience in account management, 
personnel management and a history of interfacing with 
overseas offices. Some TYaveL 

Salary circa £80,000 plus production based bonus. 

Please send CV in strictest confidence to 
Box A2146, Financial limes. 

One Southwark Bridge, London SE1 9HL 


PORTFOLIO 

ADMINISTRATOR 


Required for IFSC Co. 
in PubHn. Mlnhmm 8 years 
experience in Unit Trust/ 
Registratton/Valaation. 
Preference for experience 
in Asian and Lattn American, 
markets. 

Contact I 

MERC Partners I 

Tet S5S-I-283 0144 I 

Fare 35S-1-28S 0660 


Resource Conatianfi 


Long-term development and 
growth in private limited 
company. Incfivtcfaiats aged 23- 
35 seeking opportunities In 
financial markets. Potential to 
progress to senior management, 
wih Ml pro® partlcipatton. Call: 

JOHN KILBURN-TOPPM 
071 240 4942 


STOCKBROKERS I 

Esobfahed Provincial Stockbroker 

invites dfccsMkn witft UJL 
Ilium ta li pi M maguV Stoekbipkca 
with cheat base, wishing u> 
establish more attractive spin 
oomniteion rdstiotaMp toytberwhh 
basic salary. Choice erf location may be 
available. Please reply in confidence to 

Box A2 153. Financial Times. 

One Soathwarit Bridge, 

London SHI 9HL 


STOCKMARKET 

Yoesg. tf ynxaj e CSj bated eawpeaj 
nqains t FIMBRA cr 5FA qnmHJrd 
UMfaabHMfviee oar eoengefiM base 
of private ««***». patflgwfcJy In UK 
eqaibeL H jot m betweve 25-35 yew* oU. 
vfab 3-S yean experience, catbouastk ad 
B^oyahxd working lu ■ iiitnrrrl, call 
071 JD 3211, ReHTL 

(~n mi iiiliaiiis l iH l m a m 
Tana poddoas afco znOaMe. 


Erargng Market SoectaBst seeks 
Equity S d « p « p fe: Equity Rxed 
Income Traders; and Analysts covering 
the region of Latin America, Asia or 
Eastern Eiaope. Compensation wffl be 
commiserated with experience. 
FbmuuWB; 

Crystal Walker 

at 0103.-212-943-2131 


J 


The European Patent Office 


Munich 


wishes to recruit a 


Portfolio Manager for its 
Pension Reserve Fund 

The EPO is an international organisation with headquarters in Munich, 
Germany. In 1984 it set up a Pension Reserve Fund, largely managed 
internally. Within the small team of the Fund Administration, a new 
position has been created to take part in the management of the 
internal portfolio and in the reporting on the Fund's activities. 

Requirements University diploma (or equivalent professional experience) and several 
years of experience in institutional fund management Specific 
knowledge of global fixed income markets, familiarity with derivative 
products and proficiency in financial mathematics. Excellent knowledge 
of at least one of the working languages of the Office (English. German 
and French), together with an ability to understand the other two. 

Conditions We offer a competitive salary, free from national income tax. 

comparable to those offered by other international organisations and a 
comprehensive package of social benefits (health insurance, pension 
contribution, relocation support, etc.). Recruitment will be for an initial 
period of five years. 

Application Applications, on forms obtainable from the EPO and quoting reference 
EXT/645, should be addressed to 
European Patent Office, Directorate Personnel, 

Erhardtstrasse 27, D-80298 Munich, TeL: (89) 2399 4318, 
and must be returned completed by 17 October 1994. 






Equity Funds 
Management 
Opportunity 

• South East Asian Equities 

• Based in Sydney. Australia 

Bankers Trust Australia Is not only Australia's leading Investment bank, it is 
also one of the world's most respected funds management groups with 
over AS25 billion wider active management globally. This role represents 
an exceptional opportunity and may suit Australian nationals who are 
ready to return to Australia permanently or managers of international 
equities who wish to practise their craft from Sydney. 

Drawing on your In-depth experience In portfolio management your 
analysis of industries and companies will be applied to the management of 
part of BT equity portfolios. You will be accountable for stock selection 
and contribute to country economic and equity market forecasts. You will 
interact with the whole of the International group In a strong team 
environment 

Your background will probably Include at least 2 years' experience in 
company/fndustry analysis Involving South East Aslan markets, probably 
gained In funds management but other market experience will not be 
excluded. This will be supported by a solid knowledge of company 
accounts and superior tertiary qualifications In an analytical discipline. 
Joining BTs performance- focused team, you may anticipate excellent 
rewards. 

To make an application for this excellent opportunity please forward your 
curriculum vitae with supporting documentation to: 

Jeamaena Behrens. Executive Recruitment Manager. 

Bankers Trust Australia Limited PO Box H4. Australia Square. 

Sydney NSW 2000. Australia. 


Bankers Trust Australia Limited 


TAKE PRECISE AIM 


By placing your 
RECI t UlTHEST VEimSc.VE.XT 
l.v THE FlSAXCTAL Tiy.im. you 
ARE KKACJHM (t the world's 

e csixe .'■> comm cxrry. 



TARGET 
THE BEST 


For information o>i 
advertising in l hi a section 
please calL 


Philip Wrigley 

Andrew Skarzyn.sli i on 


on t44 7} STS 3351 

>-44 7j 40i>4 - Gareth Jones on M I 71 $73 3779 














VI 


FINANCIAL TIMES 


f pjp AV SEPTEMBER 


161994 



^GLOBAL INVESTOR RELATIONS & 
FINANCIAL INFORMATION COMPANY 


Head of Sales & 

Business Development - Europe 


Competitive package 


London Baaed 


HIM plays a key role in die regulation of the Chy. 
[j™ Our 1300 Member Firms cover all of the 
primary and secondary markets in the UK, including 
securities, futures, options, commodities, OTC 
products and corporate finance. Our membership 
spans the whole spectrum of Finns from the largest 
multi-product houses to one-man corporate finance 
boutiques. 

SFA's Surveillance Division has recently 
undergone significant restructuring. The intention has 
been to create an environment which is more able to 
meet the demands of the complex markets we oversee 
and to ensure that we discharge our regulatory 
responsibilities to the highest standards. Specialist 
teams have been created which seek to deliver a form 
of regulation which maximises our effectiveness and 
secures the continuing respect both of our members and 
their dienes and counterparties. 

Against tins background we are now looking for a 
number of professionals to join the SormUance Division, 


THE SECURITIES AND FUTURES 
AUTHORITY 


their primary role being to ensure high standards of 
investor protection and market integrity. This involves , 
undertaking monitoring visits, reviewing periodic financial 
information, with disciplinary investigations and 

advising generally on compliance issues. 


SURVEILLANCE 

INSPECTORS 

TO £35 K 


Applicants should have a good understanding of a 
wide range of financial instruments and have direct 
relevant industry experience perhaps gained in an SFA 
Member Firm. 


Consideration will also be given to qualified 
Accountants or Lawyers with appropriate experience 
• and mature candidates with broad market exposure 
’who wish to pursue a career in regularioa. 

■ * "In addition to yotur professional skills, you must 
have sound judgement, an enquiring mind and well 
developed communication skills. 

~ If you recognise the value of financial services ' 
regulation and feel you have a contribution to 
. make, we would like to hear from you. 

Successful candidates will receive a saiiry . 
based upon the relevance of their previous 
experience and wQl be eligible for a comprehensive 
benefits package. 

To apply, please write with foU career details 
staring your current salary to: Veronica Sherry, 
Recruitment and Employment Manager, The Securities. 
and Futures Authority Limited, Cottons Centre, 
Cotroiis Lane, Londoti'SEl 2QB. 


\Ve are a leading and successful investor relations and 
} financial data company, with global operations serving an 
Extensive international client base. 

jWc are now looking for a Director of ^counts & 
Development to head our team of UK and Continental 
JEnropean Account Managers. The position enrtii la- 
-leaxmsfintity for planning, monitoring and strategic direction 
Sting markets and identifying new; 


*The successful applicant for this role will have: 


t nj^ui wuuuwg uiumwe* 1 v ‘ ““ 

.♦The ability to present new ideas and concepts at board level 
♦ The flexibility to lead a multi-national team 
^ Hie energy and enthusiasm to expand our business 

Please send yoor CV to: 

: ^ “ Box A2I45, Financial Times, 

One S o ut h wark Bridge, London SE1 9HL 


A NEW CAREER OPPORTUNITY 


* ■ . ;r : • 

3JW leading international yacht services company focused primarilyon 
' qjtialBt yacht sales — <i charter, with offices in Europe, (be U-S. mid ah 
fckkUc East is looking (dr quality sales staff. Previous experience tar the 
yachting is not essential but a knowledge of yachts would bean 

advantage. 


Clwmgdan‘for^>pficarious:Fikiy23Sqxemberl?^. > 


( .The I nd us tr y language is but a working knowledge of a sec o nd 

’ g. ^European. language would be useful. Remuneration is s basic talU)L+ 
commission. The top salesmen in die company currently earn in ex cess of 
$400,000 per annum. 


INVESTMENT RESEARCH 


STEPHENS opening in TOKYO 



Interviews wfll be held in October in Europe and the United States. Applicants 
should reply In writing with a detailed Curriculum Vitae with particular 
reference to thcfriaDh^yacfating experience. 

Write to BaeA31S2, Financial Tima, One Southwark Bridge, London SE1 9HL 


GENERALE BANK 


Hoare Govett, one of the City’s leading stockbrokers and part of 
the ABN-AMRO European broking network, seeks an analyst to join 
its experienced team covering the Smaller Companies Sector. 

The ideal candidate will combine knowledge of the Smaller 
Companies Sector with strong numerate and communication skills 
(oral and written) and the ability to originate innovative investment 
ideas. Candidates with other relevant experience will be equally 
welcomed. 


Stephens Comuhan ctes sre ptewed to announce the opening of thriroMoe to Tokyo outer the 
local m anag e ment of Daecfc Rock. STEPHENS ASSOCIATES (JAPAN) Is now hsndfcig domestic 
assignments to find high calibre individuals for clients In Japan wbHst w or king as part of our 
bUernattonal search team for cOeaU hiring In the UK, Europe, NorthAmerica and the Far East. Our 

address In Tokyo Is: 


LONDON BRANCH 


SIEPISNS ASSOCIATES {1APAN)KK 
ABS Bandog 24-16 Kahn Mlnaml 
C h yhwUKa 
TOKYO in 

Tek (813) 32Z1 9778 Fax: (8L3) 3221 9721 


requires a dealer to trade Spot EMS crossed 
. ; withi experience of Spot Majors. 
Competitive salary plus Benefits. 


‘the Ni l et n a Ue na l s earc h t"**"** *■ h*m fciwj,, , 


The successful candidate will be offered an attractive remuneration 
package. 

A11 replies will be treated in the strictest confidence. 

Please write, enclosing a full CV to: 


UMKM 

(71)2*71*7 


ICW YORK 
(212)221 9*4* 


HONGKONG 

(857)2772011 


TOKYO 
(813)2221 *778 


Please apply in writing together with CV to: 

Treasury Manager, Bavaria House 
13/14 Appold Street, London EC2A2DP 


APPOINTMENTS WANTED 


Christopher Theis, 

Head of UK Smaller Companies, 
Hoare Govett Limited, 4 Broadgate, 
London EC2M 7LE 


H O A R E 
GOVETT 


The FT can hefo you reach additional business readers in fiance. Onr fink with the Ftench business 
newspaper, Leg Echos, gives you a unique recruitment advertising o pportun ity to capitalise an tfac FTs 
European readership and to Anther target the French business woddibt information an rates and 
farther details please telephone: 

; Phffip Wrigfcy on 444 71 873 3351 . ■ I 


AdvisokyRols Sought 

* MBA(Mmcfeaa)^jJ31 

* WUBaqgtagtavafcmMteadtMmtaaad'BwugtiMatcipihaoeiatheinbBc'ftiiS'-' 

* Woikkg taowla%e of Sic kold, akriqg ft CxjBfcttocc nkuay, ttUWniCliOB 


* A rliw i n >u U hlfflV^kirewtt < ptww«rey|WbSciBtelow. 

* rrmfcw te— d. : 

Werec otuMct ta A2MA KowkbI Tine*, 
OMcSoHnwifc timdttttSgt 9HL • 


How do Europe's 


best business people 


get the top jobs? 


They use the FT. 


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


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


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


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


For more information please call Philip Wrigley on +44 71 873 3351 


FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 


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FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


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ACCOUNTANCY COLUMN 


4iAV4XJVr Vf XV X1XL1XJX VuT JL. W JK. JL. ^ 

First, last and the more things change 

Andrew Jack reflects on worrying trends in the profession in the 1990 s 

f I 1he .contents of the first ai+idA ^ ^ ... „ , , ... 


U.l Si \\K 

N }i K v \ • ■: 


flm article 
and the first column I wrote on 
Decoming accountancy corre- 
spondent could hardly have been 
more appropriate. They have set th* 
tone well far the period up to my 
three yeara later. 

The article concerned a change to 
professional ethical rules dtoteting 
who could call themselves “chartered 
accountants”. Finns would be able to 
retain the title even if only three- 
quarters of their partners were in feet 
members of one of the chartered insti- 
tutes. 

The column dealt with Chancery 
Bank, one of the more ambitious 
attempts to effect a corporate rescue 
using administration, the procedure 
created by the 1986 insolvency 
act. 

These two broad themes - the com- 
mercialisation of the profession 
the varied and painful gftvx+q of the 
prolonged recession - came to domi- 
nate accountancy in the early 1990s. 

Within the next few days, Price 
Waterhouse laid off 150 staff in its 
management consultancy division 
financial salaries dipped to their low- 
est levels in eight years, a nd one of 
t he le ading professional indemnity 
insurance underwriters warned of a 
sharp growth in litigation against 
accountants. The firms continued to 
create new and ever more bizarre spe- 
cialist units offering services with 
barely a passing resemblance to 
accountancy. Other ethical rule 
changes (often meekly following in 
the wake of practices already under 
way) permitted practices such as cold- 
calling and contingency fees. 


Changes to the law requiring disclo- 
sure of the non-audit inenmp gener- 
ated from audit clients to any com- 
pany revealed the enormous extent of 
consulting work carried out On other 
issues, the accountancy firms have 
steadfastly refused to provide mean- 
ingful financial information about 
themselves. 

Nowhere was the intersection of 
insolvency and commercialism more 
powerfully illustrated than with the 
emergence of “low-balling”, with 
firms eagerly slashing their fees to 
retain clients or win them from com- 
petitors. It helped delay redundancies, 
but at what cost to the longer-term 
Quality of the audit or the reputation 
of the films? 

In short, nothing changes in the 
trends. Or where it does, it has gener- 
ally been for the worse: whether for 
the profession, the accountancy firms, 
or for the preparers and the users of 
companies* 

While insolvency may have caused 
more obvious and immediate pain, 
growing commercialism arguably 
threatens to inflict greater long-term 
damage to any attempt by accoun- 
tants to continue to call themselves 
members of a pr ofe ssion rather th«« 
simply another business. 

Yet, as an analyst th stoning to the 
tales of the disturbed accountant sit- 
ting an the consulting couch might 
put it, the profession went into heavy 
denial. Expectation gaps, calls for 
proof to justify the slightest criticism 
(when the firms refuse to reveal the 
data on which any analysis could be 
based), and the introduction of some 
tokenistic new rules all seemed easier 


ripostes than facing up to the real 
problems. 

It is easy for auditors to cry foul: to 
say that they are only sued because 
they have “deep pockets”, the 
public Is i gnprent of their role and 
limitations, that company directors 
are the ones responsible for preparing 
accounts. 

Yet by law shareholders appoint the 
auditors with the single purpose of 
providing a reasonable assurance that 
the accounts show a true and fair 
view. The firms’ staple product of the 

Commercialism and the 
painful effects of the 
recession have come to 
dominate accountancy. 

audit report has been understandably 
discredited by the experience of the 
last few years. 

A quick glance around the morgue 
of corporate carcasses shows that 
many companies collapsed with no 
warning signs from auditors examin- 
ing their health just a few months 
before. An examination of the work- 
ing papers after the event shows that 
the auditor was very often aware iff 
many of the signs of im pending doom 

- but said nothing publicly. 

By treating Hia symptoms, accoun- 
tants have been able to demonstrate 
some apparent progress of late. 
The Accounting Standards Board 
has got oil to a good start by 
introducing tough new rules 
which appear to close many of 


the more malleable ones of old. 

The Financial Reporting Review 
Panel has begun tiering its muscles, 
generating a climate of reform - 
through fear among finance directors, 
and probably at least as importantly 
among auditors, a number of whom 
have soon after ceased artfo g for rep- 
rimanded clients. 

But all this activity does n othing to 
affect the underlying cause of the 
financial reporting malaise. The cli- 
mate may have temporarily swung 
against the mood of the late 1980s, 
and the absence of economic growth 
may have militated until now a gainst 
aggressive financial transactions. 

However, the relationship between 
auditors and their clients remains 
unchanged. If the mood changes 
a gain, there is little that either the 
review panel or the accounting stan- 
dards board can do to mf>iu>r» op the 
private discussions that are only par- 
tially reflected in published accounts. 

The fundamental tension is how 
can an auditor, effectively hired, fired, 
paid by and reporting to executive 
management, act objectively and 
sometimes against its interests? As 
one senior accountant put it recently: 
“It’s like leaving the rabbits in charge 
of the lettuce”. 

This argument does not simply 
apply to audit fees. Accountants know 
few bounds when it comes to the 
range of work they are willing to 
nwdertalrft for companies, firnifliffta of 
interest seem rarely to feature. Show 
a conflict to lawyers and they nor- 
mally quickly withdraw. 

Accountants, by contrast, sweep 
aside objections by blithely claiming 


in the same breath both the impor- 
tance of “synergy” from existing expe- 
rience, and yet simultaneously an 
easy ability to “manage" any such 
tensions and prevent conflicts arising. 

These tensions are rarely acknowl- 
edged Within the profession. When I 
sugge st ed over a lunch a few months 
ago to a senior partner of a “Big Six” 
firm that they might present prob- 
lems, he gave a single-word reply - 
unp rintable but munistflk eahly nega- 
tive. 

There has at least now been some 
progress, with the recognition of the 
Issue in both the discussions of the 
Auditing Practices Board and a docu- 
ment from the Institute Of Chartered 
Accountants of SmtianH within the 
last two years. Yet there has been 
little sign of any recommendations to 
develop the points. 

If the accountancy profession has 
generally been complacent, it has 
been aided in its apathy by a lack of 
interest by others who should be pay- 
ing it greater attention: not least gov- 
ernment and users of accounts. Yet 
they have remained conspicuously 
silent on most issues, content to let 
accountants get on with their lives 
without much interference. 

I can point to some stimulating 
debates and some delig htful f riend. 
ships developed with accountants 
over the last three years. On the 
future of tbeir profession and the 
degree to which it has recognised its 
problems and attempted improve- 
ments, I am rather less able to be 
positive. 

Andrew Jack is mooing to France as 
one of the FT's Boris correspondents. 


XfHOUSING ASSOCIATION 


Finance Manager 

London Up to £31,000 + benefits 

LOOK AHEAD is a housing assucurirm fur iIk - W\ 
constantly evolving and developing new initiuthvs to meet 
the ever-growing needs of single and homeless people 

Expansion by innovation against a tachdnip of diminishing 
public fending demands inoeasinglv efficient and accurate , 
financial management. 

Reporting to the Financial Services Director, ymir expertise 
in financial and management accounting will lx- suppnticd 
by your extensive treasury management skills. Supervising 
and leadings team you will fulfil a key rule in the o.mmu.iJ 
development of staff, systems and procedures. 

Although previous experience with a Housing Avmcijtiiin 
would be preferred, applications are iiniuxl front 
candidates with a commertfaJ.-indusixiii background win. 
are able to demonstrate versatility and the ability t<> 
progress within a rapidly evolving sector 

IXX)K AHEAD is an equal opportunities employer situated 
in West London with activities throughout the London and 
Berkshire area. We offer a remuneration package in the 
X27-4LOOO range, -5 days leave and contributory pension. 

For further information and an application form 
please telephone PCA Recruitment. 61 Heath Street. 
London NW3 6UG- Tel 071-135 1307 quoting reference 
FM. dosing date for returned applications Friday 
30th September. 


/ PCA/ 

Recruitment 


?.:• .• • - 


r* H T K V^.NTLD 




Head of Internal Audit 

International Insurance 


mmmm City 

vttMium a Our client is a major international insurance 
group which, within the UK has several 
substantial subsidiaries operating in separate 
__ business sectors. 

Hgy "As a result of rapid expansion of the group. 
Wm there is a requirement to develop a sophisticated 
]|p internal audit function providing both financial 
V and operational reviews for the U.K. activities 
W and some of the European businesses. The Head 

w of Internal Audit will report directly to senior c 
J management within the parent company and ° 
be- responsible for building a small team m 

and developing the focus and strategy of the ^ 

department. cun 

"To be considered for this high profile position, Antb 
candidates must be chartered accountants with Hous 

in-depth experience of the London Insurance 
Market, a strong commercial understanding of ■II 

the key business issues and be used to auditing rmh 


c.£55,000 + car 

trance within a sophisticated computerised 
everal environment The role offers an exciting 
arate green-field opportunity, particularly for 
candidates in their early/mid30s who are 
)U p seeking their first move from the profession or 
led alternatively for a number two within a similar 
j a l environment wishing to gain overall responsibility 

?5 for the Internal Audit function. The substantial size 

■j of the UK business should offer longer term career 
, development for an individual who can build 
credibility within the organisation. 

" Ffease write, outlining your relevance to the 
appointment and enclose a curriculum vitae including 
current salary details and quote ref CAS7S to Carrie 
Andrews, Ernst & Young Corporate Resources, RoQs 
House , 7 RoOs Buildings, Fetter Lane, London EC4A 1NH. 

sB Ernst &Young 


Jardine Matheson 


Dq&y U 

imm ifll 



I- rg?-, - ^ > - - 

jarcune neruny 


Accountants 

Ottte&iKdiHf & ween, Oftfuntuttitieo, etc tie 


Founded in the 19* century, Jardine Matheson is one of 
the most respected names - not only in the Ear East, but also 
worldwide. The Group has trading operations spanning some 
30 rerrirorics, with over 200.000 employees and turnover in excess 
of LIS $8 billion 

Their continued success means they are now seeking 
further ambitious, high calibre, young accountants co jam cheir 
international management team. Depending on existing background 
and experience, succcssfal candidates may commence at the 
Group’s Head Office in Hong Kong or in a senior finance role 
within an operating unit. Only those candidates with the 
potential to progress within the Group will be considered. 

This is an ideal opportunity- for exceptional young 
accountants with commercial awareness and a desire to become 
actively involved m operational management m adynamic and 
last moving environment. Applicants should be Chartered 
Accountants, probably in thor law twenties to early thirties 


and ideally “Big Six' trained, with post qualification experience. 
Previous overseas experience would be an advantage, but is 
not a prerequisite. A knowledge of Chinese language and 
culture will be particularly welcomed. 

Depending on age and experience, initial remuneration 
package is Hkdy to be in excess of £40,000 pa. In addition 
other benefits, including subsidised accommodation, 
will be provided. 

If you have the requisite qualifications for a career with 
the Jardine Matheson Group, please send a full CV and a 
covering letter demonstrating your suitability for the role, 
quoting reference F/1481 to Heather Thomas at 
Executive Search fa* Selection 
Price Waterhouse 

No. i London Bridge jftjcefffaerhQuse fll 
London 

SEl 9QL EXECUTIVE SEARCH J SELECTION 


The Top 
Opportunities 
Section 

Advertise your 
senior 

management 
positions 
to Europe's 
business 
readership. 
For information 
please contact: 

Philip 
Wrigley 
+44 71873 3351 


Financial Director - Retail 

UK based c£53,000+ Car + Bonus +Share Options 

THE COMPANY 

■ Retail subsidiary turnover in excess of £200m 

■ Committed to continued growth 

■ Part of UK pic 

THE ROLE 

■ Key member of the Management Team, ensuring continuing improvement 
in profitability and tight control of working capital. 

■ Ensure strong financial management input to business decision making. 

■ Responsible for the financial and management accounting function plus 
continuing development of management Information systems. 

THE PERSON 

■ Qualified accountant, age indicator 35-45 with experience of 
sophisticated reporting systems and retailing environment. 

■ Proven hands on style, man manager and team player. 

■ Excellent career prospects within financial and general management 
functions. 

Please write enclosing full curriculum vitae quoting ref. 153 to: 

Nigel Hopkins FCA, London House, 53-54 Haymarket. London SW1Y 4RP 
Tel: 071 839 4572 Fax: 071 925 2336 


NIG EL HOPKINS 

& A j S S O C IATES 

FINANCIAL & TREASURY SELECTION 


OPPORTUNITIES IN 
FINANCIAL MANAGEMENT 

Newly-Qualified Accountants 


m \re you ... ■ Intelligent, analytical and a good communicator? 

■ Energetic, ambitious and hungry to succeed? 

■ A team player wbo thrives on challenge? 

■ About to qualify and ready to Join us? 

Salomon Brothers is one of the world's most powerful and prestigious financial institutions 
and a pre-eminent force in global securities markets. We have a number of opportunities for 
talented, newly-qualified accountants wbo wish to develop tbeir careers in financial 
management within a leading international securities bouse. 

Previous financial institutions experience is not necessary; strong quantitative abilities, 
along with well-developed interpersonal skills, are essential. You will demonstrate bigb levels 
of academic and professional achievement, the willingness to work bard and the 
determination to succeed. You will be fully challenged by an exciting, fast moving 
eniHronment and will enjoy excellent prospects for career progression. For individuals 
needing to move to London, relocation assistance can be made available. 

If you want to progress, as far and as fast as your talents alknv, seize the initiative by writing 
to our advising consultant Janet Bullock quoting Ref: 315 at BBM Selection, 76 Watttng 
Street, London BC4M 9BJ, enclosing a full cv which should Include contact telephone 
numbers. Janet may be contacted by telephone on 071-248 3653. All applications will be 
bandied in the strictest confidence. 


mmrn 


fcSivSWpr,.,:* 





Salomon Brothers 


Xexcc/fen/ 
-r bonus 
-r benefits 


7 ';T'Z 

,-a-* :*Jf: 

Swpssr-?; 

v- *... ,-S u: .jft 

Va'iftiOv -v/v." 

Sw.wr.'r '■ 


FINANCIAL CONTROLLERS 

toc£40,000 + Car 

I- .. , ,u n nr commercial respansi bffity and progress rapidly 

level Located London and S. Home Oowittes. One 
eSTSnpany growing profitably and looking 
£%!£* r ^grSSHcAs who have gained genuine 
Sai «nd cWmialfmduriria. expenence. 

-jend CVS nn conlKtence lo Bamsn Ccna^g tov«s. 
„ Djve, swot. Windsor, Berks SL4 1QT. 

Prewdonco 0753 866297. 

Tel. 0753 858860. 


jTfl.pS ECHOS 

Ml ra . h Jjj.KMilwtore-.fcf* m Friw* Onr In* wiib & 
nit FT ran hr p Lra EdwW pw* «" ■ ““** nowm®* 

buvnra* nr W- _ readmhjpwltotwttolarsrtthc 

rhOtpwripky oo **1718733351 


FSS Europe is a leading search and selection consultancy 
in Central Europe. We are currently managing several 
assignments in the Czech Republic for Prestigious fortune 
500 corporations. Opportunities 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 demanding and rewarding career track in the 
most dynamic business market in Central Europe. To 
develop your career in this rapidly expanding market or 
to seek advice, contact Jacqueline Long at FSS Europe, 
Charlotte House, 14 Windmill Street, London W1P 2DY 
or telephone her on (44) 71 209 1000 (daytime) or 
44) 81 876 5000 (evenings/ weekends). 


HEAD OF CORPORATE FINANCE 

Large International Shipping Group is looking for an experienced person able to help manage the finance and corporate 
p lanning 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 io:- 

DWJ Advertising Limited (Ref: M.285) 

104/110 GosweU 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. 








VIII 


The Millennium Commission 


Director of Finance 


London 


An independent Commission, created by Parliament, to support a major 
programme of projects to marie the year 2000 and the beginning of the next 
mille nnium. Responsible for allocating to suitable projects its sig nifi c an t 
annual income, amounting to 20% of the net proceeds of the National Lottery. 


THE POSITION 

♦ Manage the Commission's finances and prepare 
budgets. Monitor and forecast income against 
spending commitments. 

♦ Responsible for finan cial reporting and internal audit 
and also for personnel, administration and IT systems. 

♦ Recruit, control and motivate a supporting team of 
four staff. Report to Chief Executive. 


QUALIFICATIONS 

♦ Qualified accountant, probably Chartered, with 
experience of operating at Board level and an 
understanding of the requirements of public finance. 

• Strategic approach, able to contribute to corporate 
objectives and control significant funds in excess of 
£75m per annum. 

+ Skilled manager with authority and flair. Knowledge of 
personnel and IT procedures and systems. 


s send full cv, stating current salary, ref PN3666, to NBS, 54 Jermyn Street, London SWI Y 6LX 



LONDON 071 493 *392 
Abenleoi 0224 638080 • Binmnghzm 021 2334*36 
Brand 0272 291 142 - Edinburgh 031 220 2400 
Ghigow CM) 204 4334 ■ Leeds 0532 433830 
Manchester <K2S 539953 • Slouch 0753 819227 


M 1 C 

rpl 

\c\ 

nit 

LlJ 

L£J 


IT Audit Manager 


Highly Attractive Salary and Benefits Package 


London 


MEPC pic, a leading Prop ert y company, enjoys a first class rep u t at ion for the 
development and subsequent manag ement of prestigious property schemes. 
With a £2bn portfolio in the UK, MEPC realises the importance of sy ste m s and 
controls to maximise operational efficiency. This challeng ing role is to ensure 
effectiveness of these controls and contribute to corporate IT development. 


THE POSITION 

♦ Establish strong IT control environment through 
evaluation, development and implementation of 
effective internal controls. 

♦ Communications role, providing information flow 
between Finance and IT functions. 

♦ Assist management on ad hoc IT projects. Liaise with 
external auditors. 

♦ Report to Group Audir Committee of the Board. 


QUALIFICATIONS 

♦ Aged 27-35. Accountant, qualified or by experience. 
Good knowledge of computer audit techniques, 
preferably from Big Six firms. 

♦ Sharp, enquiring mind. Strong analytical rials 

♦ Clear and effective communicator. Able to relate and 
gain credibility with all levels. 

♦ Enthusiastic self-starter. Set and achieve own 
objectives. 


Please send full cv, stating salary, ref N3661, to NBS, 54 Jermyn S tr ee t , London SWI Y 6 LX 



NB SELECTION LTD 
i BNB Rcmiron pic company 





LONDON 071 493 6J92 


Abenfaco 0224 638080 • Binmngbara 021 233 4*56 
Bristol 0272 291 142 ■ Edinburgh 031 220 2400 
Glasgow Ml 204 4334 • Leak 0532 453830 
Mind>csDT 0625 5399S>» Slough 0753 819227 





FINANCIAL AND STRATEGIC PLANNING 


London V ' • 

Operating throughout the UKand 
USA, this leading retailer (turnover 
c.£l billion) has Identified the need to 
strengthen its high profile financial 
and strategic planning andft^nalysls 
team with the appointment Of two 
Group Planning Managers. 

Whilst both successful candidates 
will be very closely involved in all 
aspects of the group's planning and 
forecasting process: 

• One will primarily focus on group 
profit planning, together with 
operational and commercial Issues 
in respect of the UK operations, 
and 

• the second will focus on 
monitoring the US 
operations, together with 
group balance sheet and 
cashflow planning. 

You will be a graduate qualified 


to £40,000*4- car 


accountant aged 28-33, possibly 
with an MBA, with experience of 
financial planning and analysis in a 
demanding, dynamic environment. 



FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


Bell Cablemedia pic 

Director of Treasury 


c.£80,000 + Benefits 


Home Counties 


Real opportunity to have immediate impact as first Treasury 
Director of new communications business with enormous potential. 


THE COMPANY 

♦ Recently formed quoted pic. Joint venture between 
Bell Canada, Cable & Wireless and Jones Intertable. 

♦ Leading combined cable television and telephone 
operator. Growing to SbiQion corporation by year 2000- 

♦ High profile treasury operations. Massive bank, 
project and capital markets funding. 

THE POSITION 

♦ Build team with full responsibility for central treasury 
matters and management of investor relations. 

♦ Develop funding strategy, negotiate and administer 
banking arrangements. Oversee cash management and 
investments. 


♦ Add value during business growth. Crucial role with 
exceptional career prospects. 

QUALIFICATIONS , 

♦ Outstanding academic background, preferably 
graduate accountant, MBA or ACT. 

♦ Comprehensive funding experience from substantial, 
sophisticated treasury environmcnL 

♦ Commercially aware, strategic thinker. Innovative and 
self sufficient. Expert negotiator with first class 
managerial and interpersonal skills. 


Please send full cv, stating salary, ref HN3676, to NBS, 54 Jermyn Street, London SWI Y 6 LX 



LONDON 071 493 *192 
Aberdeen 0224 638080 • Birmingham 021 233 4*56 
BrimI 0272 291 (42 - Edinburgh 03! 220 2400 
Glasgow 04 1 2044334 • Leeds 0532 453830 
Manchester 0*25 539953 * Slough 0753 819227 


Head of Internal Audit 


To £70,000 + Benefits 


London 


A very attractive opportunity in a key central role 
in a major pic with excellent long term prospects. 


THE COMPANY 

♦ Information technology company specialising in 
systems integration in selected markets. 

♦ Strong international coverage operating in over 60 
countries worldwide. 

♦ Turnover exceeds £2 billion with increased market 
share. 

THE POSITION 

♦ Accountable to the Audit Committee. 

♦ Promote effective operational and financial control 
throughout the group. 

♦ Establish a new internal audit team. 


♦ Build effective internal and external working 
relationships. 

QUALIFICATIONS 

♦ Graduate ACA with substantial internal audit 
experience in a large international organisation. 

♦ Demonstrable business knowledge and background. 

♦ Excellent communication skills, energy and 
commitment. 


Please send full cv, stating salary, ref LN3679, to NBS, 54 Jermyn Street, London SWI Y 6 LX 


London 07t 493 an 


NB SELECTION LTD 
a BNB Rckmixs pic company 



Aberdeen 0224 *38080 • Birmingham Q2( 233 4*5* 
Bristol 0272 291 142 - Edinburgh 03! 220 2400 
Glasgow 041 2044334* Leeds 0532 453830 
Manchester 0625 539953 • Slough 0753 819227 


Young Finance 
Manager 


Liaising with executives at the 
highest level and as a key player jn a 
small, focused head office, personal 
attributes will include a praflf^rfic 
highly committed 'can do^afmude, 
combined with a high levefdf • V 
technical ability and rtscaintnerda^ 
application. • ' ' . • ' ' ■ 

... • 

Interested candidates should * y./£' 
respond with cY at the earliest t 



Expanding International Trading Organisation 


(£30,000 
plus bonus 


possibility quoting ret no. 2066/FT 
to VUayneThornas.D&rectoi; * 




Wheale Thomas Hodgins pfe, 

^ecuiave I^eapuinciri r. ^ 


Our client is a worldwide trading organisation 
with markers located around the globe 
and with particular strengths in Africa, 
South East Asia. South America and Europe. 
Growing and profitable, the business has 
a diverse portfolio of products and an 
informal but strongly commercial style of 
management 

Reporting to the Group Finance Director, your 
role will consist of an all round brief with the 
opportunity to extend your financial and 
accounting skills as well as to be closely 
involved in business decisions. Precise areas of 
activity will Include group consolidations, 
statutory accounts and financial reporting, 
monthly accounts, FX and credit control as 


well as some taxation and payroll 
responsibilities. You will also be given early 
responsibility to work on commercially 
important projects, to liaise with operational 
companies and to be an integral member of the 
management team. 

Probably aged 26 - 32, you will be a qualified 
ACA or ACCA with at least two years' PQE. 
You must be PC literate, commercial in outlook 
and prepared to tackle diverse and demanding 
tasks. Previous experience in an export 
environment would be particularly useful. 
Please write with full career and salary details 
to: Brendan Keeian, MSL International Limited, 
32 Aybrook Street, London W1M 3JL, quoting 
ref: A52F64. 


INTERNATIONAL 


EXECUTIVE RECRUITMENT CONSULTANTS 




‘.VffillE A lb- ?H 0.M A S--4HDP GMS • PLC 


' ; "•*, ’ >* -v. 

**.-■*.. *t .. * * 


LONDON BIRMINGHAM GLASGOW LEEDS MANCHESTER 

071 487 SOW 02! 4S4 8BG4 04 1 248 7700 0532 4S4?57 0*1 334 242S 



A f \ 


i ' 1 

Tin i 

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.~Vv - 



FINANCIAL CONTROLLER : EUROPE 


Coopers 

&Lybrand 


M. Home Counties 'Business Services 
Our client has a demonstrable and oooor+u 


sector In which it operates. These 
standards are achieved through a 
combination erf technological superiority 
and a marketing orientated focus 
towards customer service. 


Reporting to the Regional Operations 
Director (Europe) you will i n te r pr et and 
investigate the management 
information outputs compiled by the in- 
country finance teams; reliability and 
timeliness are of paramount 
importance. This will involve 
developing an understanding of 
key business issues on a variety 
of fronts (capital expenditure, 
contract pricing, cost reduction) 
and, as such, will provide an 


^d 


rvices c. £40,000+ benefits 

opportunity to influence commercial 
strategy. 

A qualified accountant, fluent In either 
French or German, suitable candidates 
will have finance and commercial 
experience gained from pan-European 
service-related organisations. 

A practical approach and first rate . . 
communication skills are essential . 
personal attributes in a rote that Offers 
genuine career prospects antithe 

opportunity for extenshte travel in .. 
mainland Europe^ 

7b apply, please write with a fuB . 

■ CV, quoting ref, no. 5G68/FT to 
David Pettier, FCMA, Wheate 
Thomas Hodglns pic. Executive 
•0 Resourcing. 15 Berkeley Square, 

Cfiftoo, Bristol BSS1HG. 


IS^R&IbS 


* < *1*1 U s 5 vfPTJ 


•*? - » -«r 




a waPWE'. 




This is an aicellert opportunity to ploy a key rale in toe tortoer 
development of bus highly success f ul and tndependetf IT systems 
sofciBan provider end sourcing spedafet. n» company has gone 
ffvough a period of rapid expansion and tocreashg motet 
pen ehtfot i since fls fotmcfon feur yeos ago and b now seeking 
to steigffjen Is mmagemsnl team Ihtcmh Hs appointment 
Repoing to ha Monoging Erector. you wffl hove luH responstoffly 
tor ovaca expense ccr&'cfe, Snandd reporting and anafysfc and 
management reporting fflid accounts. Early ttojedhas wfi toctotto 
gw father d oHd op me m and toytomaitoflanalmgwggTieftf 
jrfomxjflon systems and ffie adwsicemenr of mont^emert 
npodng essenftS to secure tfie key Motmcftn id consol and 
plan B» commerce success of fie business. 

A graduate quaflSed occouflws, you wEprobcfcly he to you toe 


20s wi&i some fvw years' PQE and possibly seeking your ttaf 
move irom ihe profKSton. You n?usJ be cqadjte at managing and 
devetopfrg lhe fnoTCtfaccounflng faneflon In ai oBbCBv b and 
economic mame, and be able to appfy creaBvfi ond pracfical 
sofuflons to ongoing and developtog issues. Ttandsorrand 
enBiusiQsfic todMdual you must how he appropriate 
inieipersonal skffls and personediry b adapt to oral htnge 9w 


conaderaWe growth. 

Please send fid personal and career (fetafe, inckxfeig currert 
ranunefation level md daytime tel^hone number. In confidence 
to Addon EdgeH Coopere & Lybttmd Execufive Resouicing 
UirtftCL 9 GreyWos ftxsl Readng RG1 1JG. quogng reference 
AE898 on bcitfi envelope and tone. 


/ 






FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


IX 


c. £100,000 package 
+ benefits 


Major international 
Media Business 


Monaco, f 
London 


Group Finance Director 


fiKbilned international growth and restructuring has created an exceptional opportunity for a top- 
J professional within this leading production and distribution company, 

gn profile role, at the heart of an International business which carries excellent potential for 

career and capital gain. 

THE ROLE 

* Importing to the Chief Executive, providing a lull 
budgetary, financial management and control 
service, on the basis of US GAAJ? through an 
established finance function. 

M working closely with financial advisers on 
corporate development and actively supporting 
business unit managers in reviewing and 
upgrading systems and reporting forma L 

M Evaluating acquisitionsfdlsposals and joint 
venture opportunities and driving financial 
integration of operations. Managing external 
financial in termed iaiy relationships. 


THE QUALIFICATIONS 

■ Mature and flexible MEWgraduate accountant, 
aged 35-50, with board level financial 
management and control experience from a fast- 
moving, customer-focused business. Media 
experience advantageous. 

■ Disciplined, hands-on agent of change with 
questioning and challenging style. Comfortable 
operating within diverse international business 
cultures. Highly PC literate. 

■ Robust yet charismatic networker with first 
class communication and leadership skills. 
Commitment to extensive travel essential. 


UstOa 0532 307774 
London 071 493 1238 
Manchester 061 499 1700 


To £50,000 package 
+ benefits 


Highly Acquisitive, 
International Group 


Midlands/ 

London 


orporate Finance Executive 


Outstanding opportunity for a bright, ambitious and commercially orientated young professional to 
work at the heart of one of the UK's most successful and highly respected PTSE lOO companies. High 
profile role with a challenging remit, supporting acquisition and divestment activity worldwide. 


THE ROLE 

■ Supporting the Director of Corporate Finance 
in all aspects of acquisition and divestment 
transactions to support a progressive strategy to 
achieve leadership in the Group's chosen 
markets. 

■ Participating in negotiations with principals and 
financial advisors. Co-ordinating due diligence 
exercises, including intellectual property and 
competition issues. 

■ Providing research into specific companies and 
industry sectors, worldwide. Assisting in the 
preparation of investor information. 


THE QUALIFICATIONS 

■ Assertive graduate, aged 27-35, ideally with a 
second business qualification and a 
distinguished functional track record in finance, 
engineering, marketing or from the professions. 

■ Diligent, hard-working and committed self- 
starter with first class communication and 
analytical skills. PC literate. 

■ Ambition to work at pic Board level with the style, 
gravitas and polish to grow both professionally 
and personally in the role and engender 
confidence, internally and externally. 


Leeds 0632 907774 
London 071 493 1238 
Manchester 061 499 1700 


Selector Euro pe 

Spencer Stuart 


nnciq^attMOMilD: 
SdKUrEmvpc; Uf. MUIOML 

16 l*a««>» n > ii PlMEf 

Lanina W2 2CD 




HBankersTrust 



S.GWARBURG 


BARINGS 


ACA CAREERS EVENING 

Financial Services 


Harrison Willis has great pleasure in inviting 
qualified ACA's (including Finalists) with up to 
three years post qualification experience to 
attend an informal Careers Evening. 
Representatives from a number of the city's major 
investment banks and other financial institutions 
will be on hand to discuss career opportunities in 
general and also specific roles within their 
organisations. 


The venue will be the Barbican on Wednesday 
28th September from 6.00 - 9.00 p.m. Drinks & 
Buffet. Entrance by invitation only. 

For full details and to reserve a place, please 
contact either Chris Herrmannsen, Jonathan 
Astbury or Adrian Thompson on 071-629 4463 
(evenings & weekends 0850 007511). 

PE2 HOTLINE 071-629 4463 

9.30 -11.30pm Friday 16th September 



HARRISON 

^WILLIS 


c > \ i ; \ \ 




Central and Eastern Europe 


Coopers 

&Lybrand 


Czech Republic 

Russia 

Hungary 


:AFPQ^ 


' edition every .-. :■ 

" ' ;• v- 1 

™\i 








Garetfa Jones eot+44 


H ■ 


+443li73^4 


-otoi , 


v : - v ' s •*'. • 


Bilingual 

Commercial 

Director 

c £50,000 equiv + bonus 
housing, car & benefits 

Spain 

We are seeking a top flight, interactive, young commercial executive with an 
international outlook for a highly visible role in an international services group 
whose Iberian infrastructures and facilities are amongst the most advanced in 
Continental Europe. 

The newcomer will join a team which is taking the business to an 
increasing number oF major international blue chip clients and the top echelon of 
Spanish companies. In this he/she will play a leading role alongside the Chief 
Executive, Sales and Operational colleagues in project configuration and 
development, contract negotiation and custom sr/dient management. Internally 
there is o requirement to lead the finance function with a genuine interest in 
working with the team to further develop the individuals and the quality of 
financial analysis, reporting and control into a well honed support operation. 

Applicants must be graduates, fluent In Spanish and English, with a high 
grade business degree, MBA or ACA qualification. A team player is essential 
who possesse s strong commercid instincts, well developed analytical skills, the 
ability to think creatively and to present to an exceptional standard. Age 
guideline early 30's. 

Please reply in confidence quoting Ref L570 to: 


Brian H. Mason, 

Mason & Nurse Associates, 
1 Lancaster Place, Strand. 
London WC2E 7EB. 

Tel: 071-240 7805. 


Mason 
& Nurse 

Selection and Search 


Global 

Merchant Bank 

Head of Internal 
Audit 

City 

c£50, 000-160, 000 
+ Benefits 




w> 


Our client is a highly successful international merchant 
bank which offers a range of activities, including full 
trading and advisory services. Driven by an experienced 
management team, the bank is renowned for its 
innovative approach to new product development and far 
providing a value added service to a wide range of 
corporate clients. 

An opportunity exists to strengthen the management team 
with the appointment of a Head of Internal Audit. 
Reporting to a main Board Director, the role offers a high 
degree of autonomy. Leading a team of qualified 
accountants, the appointee will immediately assume 
overall responsibility for the planning, review and 
implementation of financial and operational controls 
world wide, covering all aspects of the bonks activities. 
The successful candidate will also handle a variety of ad 
hoc assignments. 

This opportunity will appeal to a Chartered Accountant 
■with a minimum of seven years post-qualification 
experience, currently working within a merchant bank or 
securities house. 5trong interpersonal skills, IT literacy 
and an in-depth understanding of capital markets and 
other financial products are essential. A knowledge of 
complex structured instruments would be of particular 
interest as would some experience of UK, US and 
European regulatory requirements. 

Interested applicants should write, in the strictest 
confidence to Paul Marsden or Brian Hamill, at the 
address below quoting reference PM264. 

WALKER HAMILL 

Executive Selection 


29-30 Kingly Street 
London W1R 5LB 


Tel: 071 287 6285 
Fax: 071 287 6270 




Financial Controller 


City 


c £60,000 + Excellent package 


r*y 


Latvia 

Poland 

Slovak Republic 


K>ir THF , XRCFST EVER INTERNATIONAL RECRUITMENT CAMPAIGNS, OFFERING UNRIVALLED 
r ! NOTES FOR ACCOUNTANTS TO WORK IN THESE CHALLENGING LOCATIONS. THERE IS NO 

RF.V11IRKMF.NT I O SPEAK THE LOCAL LANGUAGE. 


\ [an agers / Senior Man agr i ‘s 


X- 1 vhraiid Member Firms in Central and Eastern Europe are among the leading providers of .Audit and Business 
umpen - ^ m; . im ,j,i na iioiiaU and high growth local businesses in the region. Douglas Uambias Associates 

i i' .n evcIuMvelv appointed 10 coordinate a major campaign which includes recruiting in excess of 15 qualified 
n,m ix 1 11 | llit j a | con tracts will be for a minimum of 18 months, commencing before the end of 1994. 

KcMiiuncvuiUni packages are highly attractive. . r r 1- r , 

. ... . nia „acinc audit and other advisory assignments for a diverse portfolio of clients, many of whom are 

LJk lor qual-m advice on financial and ■»*» dccMon,. 


IiucTview ProoraninH* 


Edinburgh 

Dublin 


Interviews will be held during October 1994 in: 

• Imidon •Manchester •Bristol 

• Birmingham • Leeds • Glasgow 

. lortillv In arrangement. Successful candidaio will be flown Tor a feet finding office visit. 

1 Kin 1 « IHC * ‘ Gemimt Evans or Bruce Page at Douglas Uambias Associates. 

I*le.w lor wan 1 () wg 071 379 4«i?0J. Alternatively, telephone 071 836 9501 

* UtiimT orS l ^ 943 ytiH iwiiings/wcckends) for more detailed information. 

RECRUITMENT CONSULTANTS 



m 


Our client, die London based operations of a AAA 
rated global bank, is a market leader in a broad range 
of investment and wholesale banking activities, 
ranging tram securities and derivatives trading to 
corporate and private banking. 

Critical to the success of these businesses is the 
provision of cost effective IT, premises and other 
central support services. 

The purpose of this appointment is to establish a small 
unit which will - ensure these service providers are 
adequately controlling their significant expenditure 
budgets, whilst remaining responsive to the dynamics 
of the increasingly complex business environment. 

Reporting to the Finance Director, responsibilities 
include improving communication and understanding 
between business units and cost centre 
managers, coordinating activities and 


enhancing the quality of information flows, planning, 
reporting and control procedures. 

We seek an experienced, self motivated, IT literate, 
qualified accountant with excellent analytical, 
negotiating and influencing skills, together with a 
highly developed commercial awareness. 

Candidates aged less than 35 are unlikely to have the 
depth of experience required for this position. Proven 
ability to initiate and manage change, deliver projects 
to tight deadlines and improve performance within a 
demanding, fast moving service environment will 
be essential. 

Interested applicants should forward a comprehensive 
CV, quoting reference 202553 to Diane Forrester 
ACA or Stephanie Warren, Executive Selection 
Division, Michael Page Finance, 

39-41 Parker Street, London WC2B 5LH. 


Michael Page Finance 

Spectal a o tn Fnwncul Reounmenr 
London Bristol Windsor St Ahm Lealhcrbcad Bsmmgham 
Nottingham Manchester Leeds Gtssgow & Worldwide 




u-*?: 


•x ts*. 




asm 




For Senior Management Appointments 
For advertising information call: 
Philip Wrigley on +44 71 873 3351 











X 


FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


| Coopers 
&Lvbrand 


Executive 

Resourcing 


r/ 


Financial Director 


SOUTH EAST 


c £75,000 + BENEFITS 4, OPTIONS 




For a dynamic and rapKify expanding retail group. This tuny 
listed Pic employing assets o ( aver £100 (nation anticipates 
continued tost growth and seeks an experienced financial 
manager to join a young and hfghty motivated group 
management team. 

Reporflng to and working ctosefy with the Chief Execufive. you 
wfll have Total responsibly far fire finance function and tor 
managing the head office based accounting team. Initial 

emphasis win be an buMfofl appropriate systems fa cope wim 
the rate of growth and on providing ffte board and marwj^menl 
wflh key financkit and management information. There wtH be 
considerable scope for the right candidate to make a s lgni fi amt 
commercial contribution and the Job wffl Involve a high profile 
wflh City institutions and Banks. 

The role Is likely to sun o qualified accountant in his or her 
thirties who Is seeking their first Pic financial directorship. With 


strong financial and management accounting skfls and 
experience gained In a Hue chip environment, you should 
combine a hands-on approach with file abfflty la contribute at 
the strategic level, Ideally, you wfl have experience both at 
operating and Group level. Strongly commercial and results 
orientated, you will be enflHisiasite. intefilgent and a team 
player with first class verbal and written communication skats. 
Preference wfl be given to those wflh experience In a 
sophisticated retail environment. A knowledge of project 
accounting and/dr property based business would be an 
added advantage. 

Please send fufl personal and career delate, including current 
remuneration and daytime telephone number. In confidence to 
Torrance Smith, Coopers & Lybrand Executive Resourcing LkL 
1 Embankment Place, London WC2N 6NN, quoting reference 
TS1039 on both envelope are! tetter. 


A major new challenge in computer audit. 

City | GdE40,000 4rear + benefits 



Director of Finance 
and Administration 


London 


"The National Farmers Union is one of the 
largest and most renowned industry associations 
in Britain with a total staff of over 800. 

" A powerful and professional lobby on behalf 
of British agriculture and horticulture in the UK 
and in the European Union, it also provides 
a wide range of valuable direct services to 
its members and is dosely linked through its 
large field organisation with the NFU Mutual 
Insurance 5odety. 

" In order to ensure continuity and a structured 
handing over of responsibilities from the present 
Deputy Genera/ Director who is retiring next 
year, the NFU is seeking to appoint a new 
Director of Finance and Administration in early 
1995. As one of three directors reporting to the 
Director General, the Director of Finance and 
Administration will ensure that the finance, IT 
and administration functions provide a most 
effective contribution to the NFU's success. 

To fulfil this role candidates will need to be 
able to combine first class business skills and 


€•£50,000 and benefits 

to work within a democratic organisation. 
• Key requirements are the credibility to 
perform in a hands-on manner and the ability 
to manage a sizeable and complex 
organisation. Candidates should be qualified 
accountants aged c 50, already experienced in 
providing strong financial management and 
control, and capable of making a full contribution 
as a member of the senior management team. 
■ Persona/ characteristics required are the ability 
to operate within teams , as both leader and player 
and to sustain interest in detail as a sound foundation 
to effective strategic planning. Experience in a 
service led business would be advantageous. 


" Mease send yoiu cumothun vitae to Suzatma 
Karofy quoting Reference SK 566 at Ernst St Young 
Corporate Resources, RoBs House, 7 Rotts BuikUngs, 
Fetter Lane, London EC4A 1NH. ' 

M Ernst AYounc 


UFFE is Europe's leading marketplace 
tor the trading of fina n c i al ftituras and 
options. With a world-leading product 
range generating record volumes of 
business, we continue to expand rapidly. 

Our Internal Audit function is responsible 
for reviewing the total spectrum of 
operational activities and systems at 
UFFE. To support the fraction's 
continuing development, we are looking 
for a Wgh-caUbra tndrvkiual - ideally ACA 
or CKCA quaflfled - with at least three 
years’ experience of leading computer 
audit assignments. . . 

Here you win play the lead role In 
auditing computer systems,' both five . 
and under development, in a state-of- 
the ar t technical environmen t p rq y fdtn g 


crucial support tor every aspect of our 
operations- Reporting to the Head of 
Internal Audit Services, you wfll review 
the efficacy of internal controls and work 
dosely with fine mana gement to introduce 
appropriate Improvements. You wffl also 
contribute to the audit planning process 
and the wider development of this fast- 
growing function. 

This Is essentially a hands-on role, 

. calling for excellent interpersonal skffls 
and broad business understanding In 
adcfitfon to well-practised technical 
stalls. A collaborative, value-adding 
approach to audit issues is encouraged, 
so you must combine natural cflptomacy 
wfih the drive to make things happen. 
Your experience should have been 
gained in the financfelnbctof. and wfll 


ideally have Included audita of five and 
deveiopteg systems as welt as 
Installation reviews. Knowledge of 
prototyping and exposure to UNIX 
and/or VAX environments would be 
distinct advantages. 

Salary wffl be backed by competitive 

benefits, and there are good prospects 
for further development within our rapki- 
growth environment. To apply, please 
send your JuB cv to Charles Crookan, . 
Personnel & Training Manager, UFFE. 
Cannon Bridge, London EC4R 3XX. 


LI F F ( 


The London Inte rna tional Financial 
Futures and Options Exchange 



QUALIFIED ACCOUNTANTS 

United Arab Emirates to £38,000 tax free + benefits 

Our client a prominent and much respected financial institution based in the 
United Arab Emirates, seeks to enhance further its control function by the 
appointment of experienced Internal Auditors. 

In addition to auditing a varied investment portfolio, you will be responsible 
for the evaluation of the adequacy and effectiveness of compliance procedures, 
systems and controls. 

Ideally aged 28 to 40, you will be a UK qualified ACA/ACCA and possess a 
minimum 4 years' relevant experience gained within the financial sector You 
should be computer literate and have the necessary communication skills to 
work in a multinational environment and be comfortable dealing with various 
levels of management Knowledge of EDP auditing will be an advantage. 

fit addition to a tax free salary, the comprehensive expatriate benefits package 
indudes a renewable two year contract, furnished accommodation, educational 
allowances, generous annual leave with return air fares etc. 

If you are interested in this challenging opportunity please send your 
curriculum vitae in strict confidence to Philip Wright 


r BIRCHIN LANE 
LONDON ECjV 99 Y 



Th e Royal Bank of Scotland 
is undergoing a period of dramatic 
and exciting change, re- 
evaluating and enhancing all 
areas of the business in a drive 
to become the best performing 
financial services group in 
the UK. • 

A major growth area is the 
Securities Services Division, 
which operates in a highly 
competitive marketplace, and 
is a leading player in Global 
Custody and Company 
Registration- With a major investment 
programme underway, including a 
recent substantial acquisition, the 
need has arisen for a high calibre 
professional to drive through the 
process of change and development: 
As a member of the- business unit 
management team, you will be 
responsible for the complete financial 


and management reporting, related 
systems and supervision of the finance 
function. You will be expected to 
understand the main business forces 
and push through significant changes 


Managing dnui^c and groicth 

FINANCE 


MANAGER 


L. K>() M.0U0 r (. IK 

- H \ \Kl\C, HLX! I l ls 

BRISTOL BASLP 


in the financial systems and culture to 
enable the business to attain its 
growth object i ves. 

You should be a qualified accountant 
with 4-7 years’ PQE, and a successful 
track record in managing the finannp 
function of a high truuatiui volume 
business, as part of a larger group, 
together with a high degree of IT 


literacy. Commercially astute and 
highly energetic; you will also need 
the ability to communicate with 
people at all levels and the potential to 
contribute to the corporate strategy. 
Excellent career prospects exist 
for the right person. The 
generous salary and benefits 
package will include, company 
car, subsidised mortgage; bonus 
and noivcontributary pension. 
Interested applicants should 
apply directly, in confidence, to 
Mark Wainwright at Mark 
Waiuwzight Associates, Walmar 
House, 296 Regent Street, London 

W1R5HD. 

Telephone : 0171-436 4424, evenings 
on 0181-546 1095. Alternatively, fax 
your details on 0171-436 7690. . 

Committed to Equal Oppoft a flte s 




The Regal Bankof Scotland 

- Where People Matter 



Assistant 

Financial Controller 

Insurance pic -Keat c. £36,000 + Benefits 


Opt clfaa writes UK provincial ftmamre busmen and, 
foQowin^cts flotation, » » «(» to Ureng{hcn its 


TREASURY ANALYST 

BERKS c£ 28,000 + CAR 

.DC COMPANY 

- UK pic with turnover of £1 billion 

- Worldwide operations and strong balance sheet 

■- Committed to toe development of employees' potential 


You Mad your team will be 
p rodu ction of all financial 
— ny i nqt of the cashiering 

fllnifiinwg 


arable for the 
Jrtmgaodtbe 
ct|irijw u wm . d 


You wiQ be a dra ine d au e eniaaut with a hands on 
app ro ach and an assertive md good humoured 
pcroopa l ity- You mot have nranance experience 
work ing dsber in the mdnstry c* with a ptomadnuaV 

a 

Please contact aue of our ctmmltu*, for sa initial 
d fe com fon in the strictat confidence quoting Itefc 4808 
at 20 Cousin Lane, London EC4R 3TB. Teh 071 236 
7307. 


STEPHENS 

SELECTION 


- Broad based role with involvement in foreign exchange and Interest rate risk 
management strategies, as well as dealing 

- Responsibility for continuing PC based systems development within the department 

- Part of a small professional team providing support services to main board and 
subsidiaries on key issues 

twposoh 

- Graduate qualified accountant with strong academic record and successful career 
progression 

- Corporate Treasury experience in a major multinational pic. or relevant exposure 
gained within "big six" accounting firm 

- Seff Starter, pro^tdhre with strong interpersonal and analytical skills. 

Tbe position is seen as a key entry point to the Group's Finance function, offering the 
successful candidate the opportunity to grow within Treasury, or within the financial 
areas of either the Group's Head Office or its businesses. 

Please write enclosing fUflcurrioufum vftae quoting reft 154 to: 

N^ai Hopkins FCA, London House, 53/54 Haymarket. London SW1Y 4RP 
Tet OT1 839 4672 Fax: 071 925 2336 


1 A STEPHENS I 
londcm Near Yak Hcc* tag 1 


1*1 

I 

G 

E 

L 


h|o|p[k 

I 

N 

s 


& 


A 

s 

s 

o | c | 1 1 A 

T 

E 

S j 


— 

FINANCIAL & ' 

fREASURY SELECTION 

1*. 





Henry Ansbacher 

Corporate Finance Executive 

Attractive salary A banking benefits 

An excellent opportunity to join the expanding 
CORPORATE FINANCE TEAM OF A LONDON BASED MERCHANT BaNK. 


City 


Tax Company 

• Henry Ansbacher b a king atablhbcd Loudon based 
Merchant Bank pro riding services in Corporate 
Finance, Bank in g Treasury as veil xs Securities and 
LDC Mil Trading and la part of the First National 
Bank of Southern Africa Group, one of the largest 
commercial banking groups In Southern Africa. 

• Due to continued business expansion a high calibre 
EttCUlhe is sought to loin die successful Corporate 
Finance lean. 

TbePosttom 

• Working on domestic UK, Cross-border European 
and Southern African Corporate Finance advisory 
mandates. 


• Assisting senior executives in maintaining and 

developing (be cheat bate. 

• Conducting research and analysis In support of 
business d eve lopm ent. 

Quauhcadqss 

• Newiy/recent[y qualified ACASLawyer/MBA with 
strong ac ad emi c background. 

• Ideally vhh some exposure to Corporate finance. 

• Numerate with PC noddling experience. 

• Highly committed team player with excellent 
communication skills, who Is innovative, creative 
and thrires on challenges. 


Pfcase apply in writing to Mare Hoodies*. Pc aonnd Manager, wWinj a full CV. 


A maroiMr of the first Mariana! Rink 
of Southern Aftta Group 


HENRY ANSBACHER & GO. LIMITED 
ONE MITRE SQUARE, LONDON BC3A SAN 
A mtrnbP of d*5FA*ri OX L>adan&Kk Exchange 


INTERNATIONAL 
OPERATIONAL REVIEW 


AGE 25-35 


THAMES VALLEY 


This blue chip multinational organisation continues 
to Increase its market share and expand through its 
global o per a ti ons. As a result, the company is looking 
to expand its dynamic, high-profile operational 

review function, with the following positions. 
SENIOR AUDITOR C&30-35K 

Reporting to the Corporate Audit Manager, 
this is an Opportunity for a graduate ACA with 
two to four years PQE. Responsibilities will 
include management of assignments and extensive 


liaison with senior operational and financial 
management In order to- produce high level 
strategic reports. 

AUDnOR C-S24-28R 

A newly qualified ACA Is required to join the team 
responsible for operational and systems review of 
international business units and id en tifica ti on of key 
commercial risks, long term career prospects lie either 
within the department or alternately within a line 
finance position. 


ROBERT WAITERS ASSOCIATES 


The soccessfid candidates wifi demonstrate a good 


be advantageous but not essential. A willlngnca 

to undertake some international travel Is inquired. 


on 0753 ^1515. Alternatively, send your CV to her at 
Robert Walters Associates, 42 Thames Street, 

Windsor, Berkshire, SL4 IPH. Fax 0753 678908. 




FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994 


XI 


★ 


Finance 

Director 

Wiltshire/M4 corridor 


c-^so-^o^oo pa 
Plus Bonus & Car 


Our diem Is the UK operating company within a profitable and growing US granpt where 
worldwide turnover exceeds Sz bOUon. The group ofiers diverse business service* to 
private and pubtk; seeny pngmlsationK acroea Nonb America, the UK and Europe. 

As a result of a recent pro morion mt» w ri t i ng opport u nity has artmi i«rfing and 
developing a large finance function and playing a significant role m moving tbe business 
forward your key tespanabUMes wfll include 

■ Creating a mission n hftrrt u« far tbe Hmmr function and »miri n g tbe positive 
development of the department and the staff 

• The provision of effective financial controls as well as accurate and timely accounting 

and statistical Inf ormation 

• Ensuring the provision or relevant information for business dedal on-making and 
Contributing to by tm nipyiHal and tfialrgir rin ja ny , 

• kfentiiying areas and pt»n» for improvement and increased profitability, and thereafter 
ensuring agpeedaghifkaB me hx^femeattd. 

In order to add value at an early stage you must be a team player who can dearly 

demonstrate: 

a A strong flnanda] management backjyound with the vision to take the strategic as well 
as the detailed perspective. 

• Evidence of (fired contribution to the bottom Unc with an ability to actively contribute 
co an environment of change. 

• WeB-devdoped leadership flirifis, powers of persuasion and commercial credibility, 
able to present both hincrrative Ideas and controversial issues in a convincing manna: 

a A clear understanding of International cultural differences, with an ability to 
communicate u aD levels and aonaa aO fixnctloue 

You will be a Qualified Accountant with broad Hmmm anti experience 

obtained at a senior level, w ithin a blue-chip (Ideally International) group; Additionally, 
you wtQ have a strong affinity to computerised systems and will actively seek, to Improve 
etBrimry through systems development 

If you feel that you are able to rise to tbte ebanengp, you should write to Karen WBson, 
Hojgtett Bowers, George V Place, 4 Thames Avenue, Windsor, Berkshire. SL4 iQP, 
e nclo si n g a recent CV and a note of current salary, quoting Ref WKW/5349/FT. 



Ho£ Ge±t Bowers 

EXECUTIVE SEARCH AND SELECTION 


Controller 
- Northern 
Europe 

London/Suirey Borders 

c.£4o,ooo pa 
Plus Car 


Our client is internationally renowned for its leading quality brands in consumer 
products and services. It sec; and maintains equally high standards for its perwnnd It 
rewards the success of these personnel with rapid and challenging career opjxmunhJct 
and promotions. 

As a result of recent promotions and development tins oiddng role has arisen in the 
Northern European Head Office. The position Is responsible for providing the strong, 
innovative end intruave control environment which will provide the tiamework for a fisr 
moving entrepreneurial approach. Specifically the responsibilities Include; 

• Ensuring that the consolidated financial statements arc accurately and promptly 
prepared, as well as providing perspective and advice on accounting control and policy 
compliance to local management. 

• Improving profitability by advising senior management on such issues as business 
proposals, project evaluation and providing financul perspective t*i market ptaev deetdurts 

• Leading, motivating and developing a small team of direct reports end assisting 
regional management In the development of their staff 

• Challenging existing processes, and seeking positive developments and simplifications 
In all aspects of financial control and reporting 

• Various ad boc tasks which may include review of potential acquisitions ami disposals. 

In order to perform and develop the above role you will be an AC.VCA who is either 
presently a Manager within a 'Big 6' firm or alternatively within the Group Accounting 
function of a large blue-chip organisation. Additionally, you muat dearly demon; trait: 

• A strong technical and disciplined approach with the highest level of Integrity 

• Up-to-date knowledge or and interest In UK legislation land possibly but not 
essentially US GAAP and European guidelines). 

• A high level of persona] maturity and credibility able to build relationship* at all levels 
and across all functions, 

• Flexibility and a positive attitude to change. 

• An abffity to persuade and influence even under pressure and over controversial Issues. 

This rule represents a hey entry point into the organisation. If you would like to discuss It 
further, you should write to Karen Wilson. Hoggctt Bowers. George V Place. 
4 Thames Avenue. Windsor. Berkshire, SL4 iQP, enclosing a recent CV and a note of 
current salary, quoting KcE WKWi'^SfFT. 




EXECUTIVE SEARCH AND SELECTION 


European 

Finance 

Director 

London c£60,000,bonus^ar 

S ervicing a blue chip customer base, this substantial 
UK pic is undergoing an ambitious restructuring 
programme designed to provide technical and 
commercial synergies and economies of scale unparalled 
in its industry sector. Fundamental to the achievement of 
its aggressive business objectives is tbe setting in place of 
financial systems which will allow the organisation to 
function in a world class manner. The requirement is for a 
high calibre finance professional, through the management 
of a small highly qualified team, to drive process re- 
engineering throughout die organisation and, in addition to 
ensuring best practices are achieved in each of the 
divisions, enable the company to maximise its profit and 
cash generation. This will involve a planned approach to 
regionaltsing tbe finance function to improve control and 
financial management information. Reporting to tbe Group 
Finance Director, candidates in their mid thirties, will 
possess an impressive first degree, ideally a post graduate 
business qualification and fluency in French combined with 
a significant and proven operational finance background 
gained in manufacturing. This is a senior management role 
and opportunities for farther career enhancement within this 
fast changing organisation are exceptional for talented and 
results-orientated individuals. The compensation package 
includes a generous performance-related bonus which 
demonstrates the importance and seniority of the role. 

Please forward in absolute confidence a fbU curriculum 
vitae to Adder ley Featherstone pie, 4 Woodjide Place, 

Glasgow G3 7QF. Tel: 041 353 5130. Fax: 041 3S3 3032. 

ADDERLEY-FEATHERSTONE P k 

Executive Sesrcti a Mamcaacni Selection • Homan Resource Coanttancy 
LONDON - BIRMINGHAM • BRISTOL • GLASGOW - LEEDS - NEWCASTLE 


GUERNSEY 


Financial Controller/ 
Director Designate 

Responsibility for the off-shore interests of an 
International Consumer Goods Company 

Our client is a a highly successful, prestigious and independenl consumer goods 
company whose brands ore worldwide market leaders. Its off-shore business 
activities ore managed and financially controlled from Guernsey. 

In a new role, you will supervise both the accounting and adminirirative functions, 
as well as assist the Directors with developing new business opportunities, ultimately 
becoming financially responsible for all the Company's overseas investments. 

This is both a "hand-on" role and one that is also key to the Company's strategic 
development. You are professionally qualified, probably at Chief Accountant level 
now experienced in computerised systems and highly PC literate. A willingness to 
travel is essential and a knowledge of branded consumer products helpful. 

Apart from the considerable financial and environmental attractions of living in 
Guernsey, the appointment will appeal to someone who enjoys a great deal of 
autonomy* and who wishes to make a long-term career investment - cmMIbA * 
iL* iWtorihip gf the Guernsey o perottor^ , q» well . qs representing rira . f^mpfln yon 

the Boards nf the various o «&*** iqtefgd&. 


please sand a detaM CV, in confidence, to our adviser, 
Robert Graham, Bucher/Rvgmcm A Partners, 

25 Buckingham Gate, London SW1E6LD. 


FINANCIAL DIRECTOR/ 
CORPORATE FINANCE EXECUTIVE 

rnT'ti^ “tr^ng Corporate Fdet.ee emnpam, in dw Cl^ in due due, role. 
unvC!*«ul app'icHil will be: 
jnt>iiuw.s anti Qualified 

a Commercial Outlook and Ability 

uMiu- H«/iC‘ -** 1 Temple Avenue 

Victoria Embankment, London EC4Y OHA 


DEVELOPING BUSINESS LEADERS 

Exceptional Global Experience for Fast-Track Performers 


One of the world's most successful global giants, GE aims to be first 
in every one of its markets - from light bulbs to power plants, 
airplane leasing to credit cards, commercial real estate to network 
broadcasting. With a passion for excellence, a refusal to be less than 
the best and consistent gains in revenue, profit and productivity, 
GE*s corporate values are unique. 

The Company's premier management training ground is the GE 
Audit Staff, whose mission is to ensure financial integrity, improve 
business process efficiency and develop future business leaders. 
Focusing on areas of highest risk and maximum return, the audit 
teams work with the businesses to drive strategic initiatives and 
improve critical processes through reduced cycle time and greater 
efficiency. Responsibilities include assessing financial and 
compliance risks, performing due diligence reviews of acquisitions, 
identifying and often implementing corrective actions and 
presenting findings to management 

As part of an international team, auditors undertake three or more 
assignments per year, each at different GE businesses around the 
world. Supported by an accelerated training programme, they 



USA* 


fig is an mpal opportunity e aph rrer. 

'Natassoamml with tin EagRsb company af saratar tom. 


develop a broad experience base from their involvement in all 
functions and are subsequently promoted to key leadership positions 
in the Company. 

This unique challenge demands exceptional, highly-motivated, 
results-oriented individuals, keen to achieve their fall potential while 
gaining diverse global business experience. Outstanding analytical 
and inter-personal skills are important, combined with the ability to 
work well independently and in a team. Candidates, who will be 
either newly or recently qualified AC A/Cl MA/MBA s or have 2-5 
years' commercial experience, must have a strong academic 
background and fluency in English and at least one other language. 

One of the world’s foremost leadership development 
programmes, the demands are high... the rewards outstanding. 
Interested applicants should post or fax a fall CV. quoting ref 080, to 
the address below. For more information, call us on 44- T l-324 -tiny 
(weekdays) or 44-8 M 67 1408 or 44-71-2)1 8272 (evenings and 
weekends). 

Note: Any CVs sent direct to GE will be forwarded to Alderwick 
Consulting Ltd. 


Alderwick 

CONSULTING 


SEARCH £ SELECTION 
OLD BAILEY HOUSE. " OLD BAILEY. 
LONDON EL'iM rSBL 

m.-*+7l-J29-»S« FAXi-w-l-J.'*' ffc— 



FINANCIAL DIRECTOR 


North ants 


Attractive Salary Package plus Car 


TFYTfri E Bonding Ltd manufactures laminated and bonded products, 

particularly for the automotive industry. Turnover is cf 10m and the 
BONDING company is a subsidiary of Rea di cut International Pic. and has plans for 
growth in existing and new markets. 

Reporting to the Managing Director, the role will indude responsibility for all financial matters 
and associated functions. The individual will also be expected to make a significant contribution to 
the commercial direction of the business. 

The successful candidate will be an experienced qualified accountant aged mid 30’s to 
late 40‘s, with a proven record within a small to medium sized manufacturing business. Strong 
technical ability, enthusiasm and first rate communication skills are pre-requisites. 

Apply in writing to 
FORSYTHE ft KAYEE LTD 
ACCOUNTANCY APPOINTMENTS 
13/14 Park Place 
Leeds LSI 2SJ 
Telephone: (05321 450851 


forsythe 

&kpyee 


GROUP FINANCIAL CONTROLLER 
OIL INDUSTRY SERVICES 

East Anglia c. £27,000 + car + benefits 

A rapidly expanding group involved in the provision of services to the oil 
and gas industry is seeking a dynamic young Accountant in avume overall 
responsibility for financial systems and die preparation of management 
accounts and budgets. 

Probably aged 28/35 the candidate will preferably have had at least 3/4 years 
commercial experience, bui this is notes important as enthusiasm and drive, 
an ability to communicate, and tbe willingness 10 form pari of an 
entrepreneurial management team commit led in growth. A familiarity with 
micro-computers, and the ability to use computers as an aid to planning and 
management control, is essential 

The remuneration package is negotiable and will include generous benefits. 
Interested candidates should write, enclosing a comprehensive C.V. to: 

Rastfon & Partners 
Davey House 
Castle Meadow 
Norwich NRUDE 


APPOINTMENTS WANTED 


"Hands On" -ACMA 

20 years in Manufacturing, experience in Accounting, Spreadsheets 
, Manufacturing Systems, Personnel, etc. Enjoys Working with Line 
Managers seeks senior position or accounting/ project 
troubleshooting assignments) 

Write to Box A2144, Financial Times. 

One Southwark Bridge^London SE1 9HL 








XU 


. ’ . ..soi'-vati 



Excellent Package + Banking Benefits 

Our client is a publicly quoted financial institution, 
operating both in the UK and internationally, whose 
services include banking, corporate finance and 
investment management Following a period of strong 
growth they now seek a Deputy Head of Finance and 
Administration to positively impact the business. The 
position represents an excellent opportunity to join a 
fast growing organisation at a senior level with clearly 
defined avenues for career advancement and 
challenge. 

Reporting to the Head of Finance Administration your 
responsibilities will include; 

■ Overseeing accounting, financial systems, internal 
controls, tax and regulatory reporting for its operating 
companies. 

* Invofvment in the planning and implementation of all 
aspects of Business Development and Marketing. 


* Managing the finance, operations, IT and security 

departments. 

Ideal candidates will be qualified ACA's, probably in 
their early to mid 30’s, with no less than 7 years PQE 
gained preferably in the Financial Services Industry. 
Commercial acumen and drive, combined with a broad 
breadth of finance, operations and administration 
experience are all essentia! for this multi faceted role. 
Communication and management skills will be 
commensurate with a position of this seniority. 

If you have the required skills, experience and 
dyn a mism for this integral role then please write to our 
advising consultant Jonathan Kidd, Harvey Nash Pic, 
Dragon Court, 27-29 Maddin Street, London WC2B 
5 LX. Tel: 071 333 0033). Please quote reference no. 
HNF114 


HARVEY N ASH PLC 


FINANCIAL TIMES FRIDAY SEPTEMBER 16 1994. 


Accountancy Personnel 


PROJECT 

ACCOUNTANT 


East Anglia 


c£32,000 + 
Car, Benefits 
& Relocation 


Managing growth in rntemational Markets . . . 

WWi an impressive recant of growth in financial performance and profftaMity.owr the last few year*,' our dent is a m*jor 
ptay« within the Wemwional traraportatipninOustiy. Fu*j committed to developing their woffetaode markettthey n«v 
seek *i energetic aid tslemed finance professional w take on a key rote within their financial and commercial operations. 

■ TheOpportun&y ; ■ 

Key wsporelbSties wfll Inducte; 1 _■= 


• Reporting to the Chief Accountant of thft £200~mlUteri - Manag 

turnover business and working as an Integral part of the optfcrtfe 

senkxmmagenventteam. . '• finfod 

• Review and Investigation of existing systems and averse! 

procedures across the business, devising a strategy for •• World* 
d e v e lopment and improving affletenty. . . the far 

The Appointee 

Key qualities will include: 

- A graduate ACA with al least three to four years post • Strong 
quififlcaticn otpqnenar in a commercial environment. instigai 

• Prawn communication state at al levels, both oral and with ta 

written. • A reco 

• Ideally aged 28-35 with the confidence and determination - fop#* 
tosucowd in a highly competitive and dynamjc business • A forth 


Management of a series of major projects designed to 
optimiM business performance, 
finfetiai comroi of branch offices in both the UK and 
overseas. ' 

Worldwide travel to dosanstions including Europe, USA; 
the far East and Australia. 


Strong team player and good man manager, able to 
Instigate and manag* change and handle dJffkutt issues 
with tact and dpiomacy. 

A record of significant achiewment to date and a dear 

fog& for tffe Mure.' 

A further European language is dearable but not essential. 


TWs rote offers test bass career devdopmta* together .with the opportunity to. dxrtrftwie to thecomnienaalisittws of ths 
progressive and forward drinking organisation. Salary wffl not be a SriiBShg fectbr for the suattsM applicant. 

fKSfSl This assignment Is being handled ecdustvefy by Acco u ntan c y Personnel. Interested applicant* should 
lt»rJ|Xj| - forward theh O I to Jtawe Garrard at Accountancy Perso na e! . « Hiawn St Ipswkh. SufToft ipi ijq. 
I lflfl i rt l . T *t:t0«73) 215D68. Fax: fM73} 232738: Oosing date for afqiBctfoiixnundv ^ S^naniber 19M. 


/ 


“Challenging opportunity fora Commercial Finance Professional’ 


FINANCE DIRECTOR 


Package 
Indicator 
ct 5 5,000 
inc Bonus 
- Car 

SURREY 



Our client is the maj or provider of maricet data, and the prime source of mformation within their industry 
sector: As well as publishing a wide range of written product reports they are at the forefront of PC 
Software technology, offering an unparalleled range of services to maintain a competitive edge in a rapidly 
developin g marker. This highly profitable company is an important subsidiary of a major international 
group. 

Writing closely with and reporting to the MD you will be a hey member of the senior management team, 
contributing to the continual growth of the company by providing input on all major finance- related 
issues. Howevo; the key challenges will be the provision of effective and professional management, adding 
value to a business dedicated to change. 

The successful candidate, most likely aged 30-40 will be a qualified accountant with relevant commercial 
experience and a track record of significant achievements. Other qualities will include excellent 
cxHmiuinicatioa skilly a proactive approach and the ability io initiate new ideas. \bur __ 

commitment and acumen will be rewarded both financially and by wide tanging 
opportunities available within the group. 

To be considered for this appointment please fax or post a full CV to Anthony Lewis Mil 

or Nell Wax at FSS Financial Selection Services, Charlotte House, F ~c 

14 'Windmill Street, London W1PZDY or alternatively telephone on 071-209 1000 mnaxci+i 

(Fax: 071-209 0001). SH k-tion m-ryici* 


|| Finance 
Director 


To £45,000 
+ Car +Benefits 

Midlands 


3 ^ 

;K 

hi* 

-O % 

.its 

'^5 


4 

vO o 

Yf, 


Finance Director 


West London 


£40K 


Our client ia a respected and publicly quoted service group based in West 
London. They now seek to recruit a Finance Director who will take 
responsibility for the management and fi nancial s cc o noting functions of 
their business. 

Reporting to the Executive Chairman you will take immediate control of 
monthly management accounts, budgeting and general systems 
management In addition, you will the general administration and 

info rm a t ion tech n ology functi on s, whilst having significant input into further 
development of the group accounting and company secretarial functions. 

The appointment represents a high profile opportunity tor a qualified 
accountant to make a commercial contribution to the business by providing 
effective financial advice and guidance at senior level- You will support 
your technical competence with a high- level of self motivation, initiative 
and commercial ability. 

In the first instance, please send your CV to Tracey Holloway or Steve 
Maslm at Grant Thornton, International House. 7 High Street, Ealing, 
London W6 SDR 


BS 


This £66 nsfllaifrn; turnover Tjusin^gse^^-OTmpai^, is the iUK. market 
leader withiri it£sfc6fer. Qnrently^diey areHooldng to consolidate Ifiis 
position through organic growth and by acquisitions, in addition? to 
attaining a priyeSififeht Status within their European markets. 

; As a result of '-an^interiidF promotion they require a UK Finance Director 
who will have the following key responsibilities: 

* the overviety’ and continuing development of the Management 

Information Systems; . • 

* supervising a team (c30 staff) which will ensure the appropriate 

financial and manflg«gn«ht information cxd /which to base key decispns - 
at divisional and group level; .'•• '• ji 

* developing ;a -positive relationship at the operational level 
and providing commercial input where appropriate. 

Ideally aged between 30-40 years old, qualified accountant of graduate 
calibre, you must demonstrate hands-on experience of systems 
development within a multi-site operation; strong, financial control, 
interpersonal, and man management skills; as well as a keen commercial 
awareness.- • : 

In return there is an excellent package, . including relocation if 
appropriate, and the Oppbrtn&ity toi join a rapidly expanding division of a 
major Pic. > 

Suitably qualified and experienced candidates should send a full CV to: 

. IhtvidGieenweflAssqdates .. 
quoting reference 0994,at 
52 St Fanis Square, Hockley, , 

Birmingham B3 IQS 


Grant Thornton C 

MANAGEMENT CONSULTANTS 


SENIOR MANAGEMENT ACCOUNTANT 
VEHICLE MANAGEMENT SERVICES 


SURREY 


E33K + FX CAR 


Our cfanl it a £60+ million subsidiary of a major diversified service industry PLC. The main 
operation Is vnhidn management for a fW in excess of 8000 comroerciaJ vehicles and cars, from 
80+ rites throughout dw UK. Extensive business 


80+ rites throughout me UK. Extensive business re-engineering, heavy investment in new systems 
and increasing emphasis on customer service, now demands an oddifiond senior management 
professional to contribute to the future success of !he business. 

Reporting to #w Fmandd Controller, the role wifl be to provide a high standard of management 
information and financial control. 

Key tasks will fodude the preparation and co-ordination of annual budgets: management 
information on leasing contracts; enhancing monthly management accounting routines and 
developing reporting to assist fine management. 


Jill 11 ill IK 


jl. , , _ 

Director 

TO £40K PLUS EXECUTIVE BENEFITS 

Our client, a privately owned company, is a 
rapidly expanding and dynamic motor distribution 
and leasing group. With a turnover hi the region of 
£90 million, they now require a Group Financial 
Dhvaor to supplement the senior management team. 

Reporting directly to the Chairman, the successful 
candidate wQl be a qualified accountant, ideally bold 
an MBA qual i fication and be aged late 30's plus. It is 
essential that the successful candidate has a proven 
track record of raising finance and dealing regularly 
with both bankers and financial institutions. 
Experience of working within a rapidly growing 
organisation would be a considerable advantage. 

The position will have prime responsibility for 
managing the finance function as well as advising 
the Board on all strategic and operational matters. In 
particular corporate finance and treasury issues. 

If you believe you have the drive and ambition to 
work within a fast moving and challenging 
environment, then please write enclosing full 
personal and career details kk Suanne Odbinsoq, 
quoting reference: FT3Q0, Robson Rhodes. 
Management Consultancy Division, Bryanston Court, 
Selden Hill, Hemel Hempstead. Hens. HP2 4TN. 

ROBSON RHODES ‘RSM 


FINANCIAL CONTROLLER 


QUOTED COMPANY - S.W. CONDON ACA 28-35 c £35,000 

. TUi I* a senior role with significant Input to the financial aspects of 
trading decisions and their results, whilst embracing normal 
financial control disciplines. 

The successful candidate will possess both full accountancy skills 
and back-ground, plus a proven very high level of commercial awareness. 

Hie Group is a financially strong and fast expanding market leader in 
wholesale distribution, with fully integrated BS. 5750 computerised 
manag ement ojififfm 


Please reply in the strictest confidence to: 
The Personnel Dept, 

Northamber pic, lion Park Avenue, 
Chea ri n g ton, Surrey KT9 1ST 
OR Pax: 081 391 4464 




A well developed communicative and responsive aftifude is needed to support colleagues 
— - through a period of strategic change. 

Applications by CV, including current remuneration, together with a handwritten latter 
—2 explaining your suitability for ihe post to: 

^ Executive 2000 Search & Selection 
w I II || | Sutton Park House, 15 Carshabon Rood 

,7; f II II ■ I Sutton, Surrey SMI 4LD Fax: 081-770 3794 quota ref: KC206 

SEARCH AND SELECTION 


Executive 2000 Search & Selection 

Sutton Park House, 15 Carshabon Rood 

Sutton, Surrey SMI 4LD Fax: 081-770 3794 quota ref: KC206 


APPOINTMENTS 
APPEARS ON 
WEDNESDAYS AND 
THURSDAYS UK 




HEAD OF INTERNAL AUDIT 

The London Office of a leading International Bank 
seeks a qualified accountant with substantial banking 
experience to manage a small team of experienced 
auditors. 

This challenging role will involve responsibility for 
planning and supervising audits covering a wide range 
of banking activities, including lending, treasury, trade 
finance, retail and card operations in a sophisticated 
computer environment. An ability to liaise with and 
influence senior management is essential. 

The ideal candidate would be a computer literate 
manager, in their late 20's/early 30's, looking for a first 
move out of the profession. 

An attractive package, including banking benefits, is 
available to the successful candidate. 

Pfeose reply m confidence with salary details 
and a copy qfCV. by 29 September 1994, to 
Bax A2154, Firumdal Times, 

One Southwark Bridge, London SE1 9HL 


EUROPEAN FINANCE CONTROLLER 
TELECOM 

VIATEL, Inc, an international telecommunications company 
with European headquarters in Paris and regional offices in 
Milan, Rome, Madrid, Barcelona, Brussels and Amsterdam, offers 
a Paris-based position for European finance and AdnumstraHve 
Direclocfochftigeof upgcKfingacoxin ting axi fiscal procedures, 
with r eporting to CPO in New York HQ. 

Ideal candidate should possess: 

■ Minimum 5 years senior level accounting responsibility 

• Familiarity with international operations and Deporting 
• Multilingual skills 
• Must be able to work in the EC legally 

This important position offers a competitive salary /benefits 
package. Qualified applicants are invited to Fax CV to: (Paris) 
33-1-49-06-0745. Atfc Mr. JJ_ Pourny, Tour Neptune, Cede. 20, 
92086, Paris la Defense 


FINANCIAL ACCOUNTANT 
GABON 

fSUBSXANTIAL TAX FREE PACKAGE 

Our client, an independent oilfield construction 
company with rapidly expanding operations, is seeking 
a fully qualified accountant for its regional office. As a 
key member of the management team, the successful 
applicant will be responsible for the production of 
monthly management accounts and other management 
reports, office administration, management of suppliers 
and clients accounts and budget and cashflow forecasts. 

The ideal candidate will be fluent in French, capable of 
working on their own initiative, fully computer literate 
and possess a high level of energy,- drive and 
commitment ' 

Salary will be commensurate with qualifications and 
experience and the. package will include the cost of 
accommodation and living allowance. 

If your interested please submit your full CV and salary 
information to: • 

Norman Allport & Cot 

P.6. Box 761, 

8 Church Street, 

SL Hetier, 

Jersey, C.L, 

JE48ZZ x 


Package to £35le 

Peoples rtibno is oneoftfre fastest growing companies in tfie 
country, operating in ire mobile idetxxnmunications market 
Sales are currently in excess of £]]0m per annum. Tins . . 
success has been bo& on efficient systems and qudrty staff. 
Wb now require a financial Accountant to fifl a senior role . 

reporting direct ta die finance Director. 

Ybu will be a qualified ACA with minimum of two years' : 
PQE end preferably some experience m industry. You will > 
be looking for a new challenge. 

Your responsibilities wffl encompass the entire financial 
occounts function and will specifically include the 
implementation and operation of financial controls for our 
ejqxaxfing retail chain. 

You must possess strong financial aooounfing skills and be 
highly computer literate. Above al you must have ihe ability 
ta operate in a rapiefly growing commerdal environment. 
The prospects for the right person wrt) be excellent, if you are 
interested in joining our team, please write wi#r cv., stating 
your current sdcry, lo: 


The Peoples Phone Com p any Pfc, 
Dryden House, 





Humber Road, London NW2 6EW. 

QGOQOGO 

p H 'O N E 

Where Talk is Cheaper 


APPOINTMENTS WANTED