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European ruling on 
Guinness questions 
UK fraud inquiries 

The legality of the UK’s 
procedures for fraud 
Investigation and prose- 
cution was called into 
question by a European 

Commission on H uman 

Rights ruling that the 
Guinness trial in London 
was unfair. Hie commis- 
sion upheld a complaint 
by Ernest Saunders (left), 

former chairman of the 
UK drinks group, who 
was jailed for his role in the 1968 takeover of Distill- 
ers. Page 8 

Britain and US launch IMF initiatives Britain 
and the US launched an initiative to allow the Inter- 
national Monetary Fund to boost the official 
reserves of former communist states. Page 18 

Truck sates show signs of re co very : The 

west European truck market is showing signs of 
moving slowly out of recession after four years of 
falling sales. Page 2 

Renault staff to be offered share discount: 

Renault employees are likely to be offered a dis- 
count of up to 20 per cent of the price of shares in 
the French state-owned vehicle builder as part of its 
partial privatisation. Page 21 

Mandela to hold Zulu talks: South African 
president Nelson Mandela holds talks today with 
two of South Africa's most influential Zulu leaders 
in an attempt to defuse growing tension in the 
tribal region. Page 5 

South African bank plans syndicated loan: 

Rand Merchant Rank, one of South Africa's three 
largest investment bonks, is to launch the first syn- 
dicated loan by a South African company since 
1965. marking an important step in the country’s 
return to international capital markets. Page 19 

Apple to license s o ft wa res Apple Computer is 
today expected to announce plans to license its 
Mackintosh software to other manufacturers, allow- 
ing them to produce Mackintosh “clones’’. Page 21 

China pressed on unity trusts: British flmd 
management companies are to press the Chinese 
government to be allowed to participate in introduc- 
ing unit trusts to China. Page 8 

Healthcare deals top $18bn: More than $18bn 
rfningeri hands in mergers and acquisitions in the 
healthcare industry in the first half of 1394, man- 
agement consultancy KPMG Peat Marwick says. 

Page 19; Flotation for Independent British Health- 
care, Page 20 

France prepares tough budget: The French 
government will this week unveil an austerity bud- 
get for 1995 designed to cut the central government 
deficit and bring Fiance closer to European criteria 
for monetary union. Page 2 

Spain loses fight over ferry service: British 
ferry company Cenargo was granted permission to 
operate a service between Almeria in Spain and 
Nador in Morocco after a two-year battle with Span- 
ish authorities. Page 2 

India lays down tough telecoms rules: India 
announced tough terms for the entry of private 
companies, including foreign groups, into the coun- 
try's telecommunications market Page 4; Canada 
loosens telephone regulations. Page 21 

Le Pen to stand for French presidency: 

Jean-Marie le Pen, leader of France's extreme right 
National Front party, said be would be a candidate 
in next year's presidential election. Page 3 

European Monetary System: In a week which 
saw some D-Mark weakness against other curren- 
cies. the D-Mark managed to hang on to its third 
place in the EMS grid. Its spread against the peseta, 
the weakest currency in the system, decreased to 
4.SM per cent from just over 5 per cent Currencies, 
Page 31 


Sweden’s Social Democrats set to win back power 


September 16, 1994 



EMS: Grid 


Guilder 

B, Franc 

D-Mark 

Irish Punt 

F-Franc 

Escudo 

DJCrona 


0 £ 1* 2% 3% 4% 9% 6% 

i ne ctiun smurs we manner currencies oj me 
exchange rate mechanism measured against t he 
weakest currency *n the system. Most of the curren- 
cies are permitted to fluctuate within 15 per cent of 
agreed central rates against the other members of the 
mechanism. The exceptions are the D-Mark and the 
guilder which move in a 2.25 per cent band. 

Hungary plans drugs group sale: Hungary is 
to soil about 36 per cent erf pharmaceuticals com- 
pany Richter Gedeon. Part of the issue will be sold 
via a private placement to international institu- 
tional investors. Page 21 

FHtronic Comtek expocts £60m price tag: 

Filtronic Comtek, a UK manufacturer of compo- 
nents for the mobile telecommunications industry, 
j.< to be floated on the stock market with an expec- 
ted market capitalisation of £60m (S93m). Page 20 

Yeltsin in talks on Abkhazia: Russian 
president Boris Yeltsin will today meet the leaders 
of Georgia and its breakaway region of Abkhazia as 
Russian peacekeeping troops prepare to begin 
resettling refugees returning to Abkhazia. Page 2 


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By Hugh Camegy and 
Christopher Brown-Humes 
h Stockholm 

Sweden’s Social Democratic 
party was last night set to return 
to power after defeating Mr Carl 
Bildt’s centre-right coalition in 
yesterday's general election, 
according to early results. 

A computer projection, based 
an almost 20 per cent of the vote, 
predicted a sharp swing to the 
left, but indicated that the Social 
Democrats, led by Mr Ingvar 
Carlsson. a former prime minis- 


ter, would fail to win a parlia- 
mentary majority. 

The Social Democrats, who 
ruled Sweden for most of the last 
60 years, were set to win 45JJ per 
cent of the vote, easily enough to 
defeat Mr Bildt's three-year-old, 
four-party coalition government 
The reformist coalition was 
expected to win a combined total 
of 40 .S per cent, down from 46.7 
per cent in the 1991 election. Its 
rightwing ally, the New Democ- 
racy party, was set to fail to win 
re-election to the parliament 

According to the results, Mr 


Carlsson will have to decide 
whether to form a minority 
Social Democratic government or 
seek a formal coalition with at 
least one smaller party to gain a 
majority in the Riksdag. 

The Left party, a traditional 
Social Democratic ally, and the 
Environment party, were set to 
hold the balance of power, with 
strongly improved results on 
1991. But Mr Carlsson has indi- 
cated he might seek an alliance 
with the Libera] party, a member 
of the current government 

Mr Bildt’s minority coalition 


won the 1991 election when the 
Social Democrats slumped to 
their worst result for decades, 
winning only 37.7 per cent of the 
vote. The government promised 
radical market reforms of the 
“Swedish model" to revitalise an 
economy weighed down by exten- 
sive welfare provisions. 

But it was in turn hit by the 
worst recession since the 1930s 
which shrank the economy by 5 
per cent over three years. The 
most urgent issue teeing the new 
government is a recession- 
induced crisis in the public 


finances. Sweden last year ran a 
recession-inflated budget deficit 
equivalent to 13 per cent of gross 
national product, one of the 
worst in Europe. The public debt 
will soon exceed 100 per cent of 
GNP and is the fastest-rising 
among countries of the Organisa- 
tion of Economic Co-operation 
and Development. 

Uncertainty about the shape or 
the new government and its poli- 
cies has led in recent months to a 
sharp rise in interest rates. 
undermined the value or the 
Swedish krona and led to a 


reduction in 1995 growth fore- 
casts. The financial markets were 
hoping the election would pro- 
duce a stable government that 
would act quickly to tackle the 
deficit and create conditions for a 
fall in interest rates. 

The new government must also 
turn its attention to the referen- 
dum due on November 13 on Swe- 
den's agreement with Brussels to 
join the European Union from 
January l next year. 

Everyone losing in Danish poll. 
Page 3 


Washington insists junta’s departure is the only issue for discussion Ministers 

stress 
vital role 
of global 
network 


Carter talks 
hold key to 
next move 
over Haiti 


By Jurek Martin in Wash ington 

Former US president Jimmy 
Carter yesterday entered a fourth 
session of talks with Haiti’s mili- 
tary rulers, as senior US govern- 
ment officials in Washington 
insisted that his mission was 
authorised only to agree the 
departure of the ruling three-man 
junta. 

There were persistent reports 
from the Haitian side that Lt Gen 
Raoul Cedras, the army chief, 
was demanding that Mr Jean- 
Bertrand Aristide, the Haitian 
president ousted in the 1991 coup, 
agree to step down as a condition 
for the junta's capitulation. 

Other reports said that General 
Philippe Niamby, the army chief 
or staff, was holding out against 
leaving, but that Lt Cedras and 
Lt Col Michel Francois, the police 
chief, were resigned to exile. 
President Carlos Menem of 
Argentina yesterday said he was 
prepared to offer asylum if the 
junta left before any invasion. 

As the US delegation, which 
also includes Senator Sam Nunn 
of Georgia and retired General 

China aims 
to invest 
$11.7bn in 
oil sector 

By Tony Walker tn Bepg 

China has set out plans to invest 
Ynioobn (SU.7bn) in its outdated 
petrochemical sector by 2,000. A 
substantial proportion of the 
funds, including equity participa- 
tion, will come from abroad. 

Mr Li Yizhong, vice president 
of tiie China Petrochemical Cor- 
poration, promised an aggressive 
approach to raising capital on 
world markets to overcome one 
of the acknowledged weak spots 
of the country's economy. 

Mr Li told Business Weekly 
newspaper that China intended 
to use international capital mar- 
kets rather than relying on 
domestic funds alone. “Utilising 
foreign capital, especially direct 
investment, would be our 
long-term strategy,” he said. 

Before the year 2000 China 
would give priority to renewing 
and expanding existing facilities, 
especially those in coastal 
regions accessible to crude oil 
imports. Sino-foreign joint ven- 
ture refineries would be allowed 
to sell part of their product in the 
domestic market Mr Li said. 

China is negotiating invest- 
ment deals with several big oil 

Continued on Page 18 
Price curb campaign. Page 4 


Cotin Powell, former head of the 
joint chiefs of staff, was in talks 
at the Haitian military’s head- 
quarters in Port-au-Prince, a US 
presidential jet stood ready to 
whisk them back to Washington. 

Mr Carter briefed President Bill 
Clinton by telephone on Saturday 
night as did Gen Powell early 
yesterday. 11113 encouraged the 
White House to say the discus- 
sions were "serious and construc- 
tive”, with officials emphasising 
that there was no US desire to 
humiliate the junta beyond their 
forced departure. 

Bnt Mr Leon Panetta, the 
White House chief of staff Mr 
Warren Christopher, secretary of 
state, and Mr William Perry, 
defence secretary, all said in tele- 
vision interviews that the junta 
must go. “There is no practical 
way they can stay after they step 
down." Mr Perry said. 

Officials stressed that the 
return of Mr Aristide was non-ne- 
gotiable, especially after his 
agreement last week not to con- 
test presidential elections sched- 
uled for December 1995. Asked if 
moving across the border to the 




Jimmy Carter before his meeting with Lt Gen Raoul Cedras in Port-au-Prince yesterday nam akocmm press 


Dominican Republic was an 
option, Mr Perry replied: “We 
have not yet specified which 
country they could go to - but 
that might be tmripr discussion 
right now” in Port-au-Prince. 

General John Shalikashvili, 
current chairman of the joint 
chiefs of staff, said the 20,000- 
strong US-led invasion force 
could remain at full readiness for 
the foreseeable future. But he 


conceded that an invasion would 
mean US troops entering “an 
extremely difficult environment" 
It emerged at the weekend that 
Mr Clinton decided to send the 
Carter mission only after Thurs- 
day night’s televised address in 
which he had demanded that the 
junta leave. Mr Panetta said the 
final decision was taken jointly 
by Mr Clinton and Mr Carter but 
he denied that “this last-minute 


effort for peace" had been 
opposed by some administration 
members. However, the decision 
was interpreted in Washington as 
further evidence that Mr Clinton 
is still deeply ambivalent about 
ordering an invasion. 

Continued on Page 24 
World troubleshooter. Page 6 
Editorial Comment Page 17 
Observer, Page 17 


By Michiyo Nakamoto in Tokyo 
and Andrew Adonis in London 

The early construction of a global 
information superhighway is crit- 
ical to achieving balanced eco- 
nomic growth over the next cen- 
tury. telecommunications 
ministers from nearly 50 coun- 
tries will declare this week. 

A draft of the communique 
from a ministerial meeting, to be 
held in Kyoto, Japan, this week, 
focuses on telecoms expansion as 
a key element in economic 
advance in developed and less 
developed countries. 

The communique, due to be 
released on Thursday, is likely to 
be less explicit about the best 
means for fostering telecoms 
expansion, despite recent strong 
pressure from the US and inter- 
national agencies in favour of pri- 
vatisation and competition. 

The ministers' meeting is being 
sponsored by Japan's ministry of 
posts and telecommunications to 
coincide with a plenipotentiary 
conference of the International 
Telecommunications Union, to be 
held in Kyoto from today. 

Although several major 
regional groups, including the 
EU’s Bangemann committee, 
have examined the implications 
of new superhighways, the minis- 
ters' meeting will be the first 
high-level gathering at which 

Continued on Page 18 
A] Gore on the global network. 

Page 16 


Hong Kong election 
draws strong turnout 


By Simon Hotoerton 
in Hong Kong 

Nearly 700,000 people turned out 
to vote yesterday in Hong Kong's 
first folly democratic elections 
under British rule, undeterred by 
threats from Beijing to overturn 
the result of the poll when China 
resumes sovereignty In 1997. 

An exit poll conducted by TVB, 
a local television station, found 
that 70 per cent of those who 
voted said they were not con- 
cerned by China’s stated inten- 
tion to overturn the election. 

Mr Chris Patten, the colony’s 
governor, said the turnout under- 
lined that local people wanted a 
say in bow their community was 
run. The vote was the mark of an 
“open, self-confident and plural 
society”, he said. 

The strong voter turnout - 
numbers were more than 50 par 
cent up on a similar poll in 1991 - 
was seen by analysts as indica- 
tive of strong support for Mr Pat- 
ten's political reforms. Mr Step- 
hen Tang, a political analyst, said 
China should reconsider its plan 
to dissolve Hong Kong's political 
structure. 

China legislated this month to 
hold fresh elections for an three 
tiers of representation in Hong 
Kong after it takes over in 1997. 
Last year talks between London 
and Beijing broke down when the 
two were unable to agree on the 
terms of the last elections to be 


conducted under British rule. 
Mr Patten proceeded with mea- 
sures to establish an election 
infrastructure which he claimed 
was teir, open and acceptable to 
the people of Hong Kong. 

China for its part set about 
appointing advisers to inform 
Beijing about the concerns of 
ordinary people. 

As part of the Patten plan, two 
further sets of elections will be 
held in Hong Kong next year, cul- 
minating next September in polls 
for the Legislative Council, the 
colony's lawmaking body. 

In yesterday’s poll 756 candi- 
dates contested 346 seats which 
comprise IS district boards. N one 
of Hong Kong’s political parties 
fielded enough candidates to win 
a simple majority. 

The number of voters was 
about 250,000 more than the turn- 
out in a s imilar poll in 1991. Then 
voters were electing two-thirds of 
the colony's district boards, or 
local councils, with the remain- 
der appointed by the govern- 
ment 

However, as a percentage of 
Hong Kong's registered voters, 
yesterdays vote, at 33.1 per cent 
of the electorate, was only ahead 
marginally of that achieved in 
199L Hong Kong electoral rolls 
are not kept up to date. Candi- 
dates estimated that np to 20 per 
cent of toe roll was inaccurate. 

Picture, Page 4 



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, T-ny FINANCIAL TIMES LIMITED 1994 No 32.475 Week No 38 LONDON - PARIS - FRANKFORT ■ HEW YORK ■ TOKYO 








FINANCIAL TIMES MONDAY SEPTEM BER 1 9 1 994 


2 ★ 

NEWS: EUROPE 


Truck sales 
show signs 
of recovery 

By Kevin Done, 


WEST EUROPEAN TRUCK REdSTRATTOHS* 


Januaiy-June 1994 



Volume 

(Unto) 

Mum Store {%) 
Change W Jar-Jun94 

Jan-Jui 93 

Total (over 35 tonnes}' 

113^00 

-in 

icon 

1003 

Germany 

39300 

-113 

34.5 

3as 

UK 

19,700 

+22.7 

173 

143 

France 

17,500 

+11.9 

15.4 

133 

Italy 

7,300 

-35.8 

6.4 

93 

Span 

8,400 

+Z5 

5.6 

5.4 

Netherlands 

5,400 

+10.4 

42 

42 

MAHUFACTimBtSfc 





Mercedes-Benz (Darrder-Benz) 

33300 

-23 

20.4 

300 

Iveco group (Ftaf) 

19,900 

-8.1 

173 

19.1 

MAN 

14.900 

-5.0 

111 

13.7 

Volvo 

T1J600 

+22.7 

102 

73 

RenaJt 

10,900 

+38 

9.6 

9.1 

Scania (hrvKtfor) 

8,100 

+1QJ 

7.1 

62 

Oaf Trucks 

7.100 

-0.4 

62 

62 

Vofcswagen 

1.400 

-53 

12 

12 

MflsijteN 

1,300 

-233 

12 

1.5 

Nissan 

900 

-302 

07 

1.1 

01 wttcti Heavy Trucks (over 15 tonnes) 




Total 

64£» 

+5u4 

1OOJ0 

1003 

Mercedes-Benz (Dabntar-Benz) 

14,600 

+12 

223 

23.7 

Volvo 

10,100 

+372 

15.7 

123 

MAN 

9.600 

-09 

143 

17.4 

Scania (Investor) 

aooo 

+112 

12.4 

113 

tveco group (Rat) 

7,600 

-8.7 

113 

13.7 

Renault 

7,200 

+152 

112 

103 

Daf Trucks 

4,900 

+11,4 

7.6 

72 

ERF 

1,100 

+35X1 

1.8 

1.4 


(names In brackets Indicate ownership) 

16 markets enduing Greece. 

Sourx Mod r eattmtUL 


Yeltsin in 


Moscow weighs up 
coal restructuring 


Motor Industry Correspondent 

The west European truck 
market, battered by falling 
sales for the past four years, is 
beginning to show signs of 
moving slowly out of recession. 

Sales of new trucks fover 3.5 
tonnes gross vehicle weight) 
were virtually unchanged in 
the first seven months of the 
year after continuing to fall by 
4.7 per cent year-on-year in the 
first quarter. 

According to a study of 14 
markets across west Europe by 
Automotive Industry Data, the 
UK-based analysts, new truck 
registrations in the first seven 
months this year feU by only 
0.7 per cent to 129.610 from 
130,470 a year ago. European 
truck sales, a significant indi- 
cator of economic activity, fell 
by 21 per cent last year to 
220.000. the worst year-on-year 
decline in the post-war period, 
according to AID. and have 
declined by nearly a third from 
the peak of 321.000 in 1989. 

“The provisional April to 
July figures indicate that a 


likely turning point has been 
reached. . . with a gradual 
pick-up in truck demand dur- 
ing the second quarter,” says 
the report. 

The recovery is being led by 
the UK, which was one of the 
first markets to enter recession 
in the second half of 1989, and 
by Scandinavia and France. 
Overall sales in the first seven 
months were higher than a 
year ago in 10 of 14 European 
markets. 

New truck registrations in 
the UK rose by 21.7 per cent 
year-on-year in the first seven 
months to 21,300, while sales in 
France increased by 122 per 
cent to 20,200. 

The French truck market 
has suffered its worst decline 
since the second world war 
with sales halving from a peak 
of 52,247 in 1988 to only 28.376 
last year, the lowest level for 
more than 30 years. 

In the UK truck sales fell 
from 69,234 in 1989 to 31,388 in 
1992. the lowest level since the 
early 1950s. 

The- most severe recession 
has been suffered in Spain, 


however, where the market 
has contracted by almost two- 
thirds during the last four 
years to 13,5® last year from 
36,379 in 1989. 

The Spanish market, too, has 
shown signs of recovery in the 
second quarter, however, with 
sales growing by 2.5 per cent 
after the first six months to 
6,400, reversing a further 


decline of 115 per cent in the 
first quarter. 

Sales were still lower than a 
year ago in Germany, Italy, 
Portugal and Belgium with 
Italian truck sales plunging by 
36.4 per cent in the first six 
months to 7,300, while registra- 
tions in Germany fell by 1L1 
per cent in the first seven 
months to 48.000. 


talks on 

Abkhazia 

refugees 

By John Uoyd 

President Boris Yeltsin of 
Russia will today meet the 
leaders of Georgia and Its 
breakaway region of Abkhazia 
as Russian peacekeeping 
troops are scheduled to begin 
resettling Georgian refugees 
returning to Abkhazia after 
being driven out in fighting 
last year. 

The official Russian news 
agency I tar Tass said that Mr 
Yeltsin would meet Mr Eduard 
Shevardnadze, the head of the 
Georgian pa rliame nt, mwi Mr 
Vladislav Ardzhnba, head of 
Abkhazia, in the Black Sea 
resort of Sochi. 

The Abkhazians, a minority 
in the region bearing their 
name, succeeded in defeating 
Georgian troops during a long- 
drawn out conflict - a defeat 
which was followed by an exo- 
dus of many tho usands of the 
Georgians who made up the 
majority of the region. 

• Near-riots broke out in 
Tblisi, the Georgian capital, 
over the weekend as the price 
of bread rase by nearly 300 
times and other commodities 
and services also rose by huge 


By John Uoyd hi Moscow 

The restructuring of the 
Russian coal industry Is under 
urgent consideration by the 
Russian government 

At stake is a sector employ- 
ing nearly 800,000 workers 
attracting massive subsidies 
from an Impoverished budget - 
and a 8500m (£322. 5m) loan 
from the World Bank which 
would be paid if the govern- 
ment committed itself to the 
huge redundancy and social 
programme entailed in making 
the industry efficient 

Though no decis ion h as yet 
been made in principle to 
adopt a fully-fledged closure 
strategy, the state body which 
oversees the Industry, Rosugol, 
announced last week the clo- 
sure of nine loss-making pits. 
This seems to be a move show- 
ing that it Is willing to under- 
take a efficiency measures at 
which it has so for baulked. 

Mr Alexander Sergeyev, head 
of the Independent Union of 
Mine workers, said Rosugol had 
no right to make the announce- 
ment and warned of a “social 
explosion" in the Kuzbass, the 
main coal-producing regions. 

However, an analysis under- 
taken by the World Bank, to be 
the subject of intensive discus- 


week, points to a much more 
radical closure programme - 
which would take out one-third 
of the industry’s capacity and 
reduce the workforce by over 
300,000. It shows that coal con- 
sumption in Russia has plum- 
metted from 369m tonnes in 
1990 to an estimated 304m 
tnnn« in 1993 and is projected 
to foil to 217m tonnes by 1997. 
During 1992, direct employ- 
ment remained stable, at 
763,000 to 273 pits. 

The issue is mada more deli- 
cate by the fact that the min- 
ers were the critically impor- 
tant group In the ascent to 
power of Mr Boris Yeltsin as 
president of Russia - they 
made his p rogra m me a centre- 
piece of their demands during 
the strike waves of the late- 
1980s. They have renamed bet- 
ter organised and more mili- 
tant than workers in any other 
industry and have so far forced 
governments at least to prom- 
ise compliance with their 
demands, even if in fact their 
wages are often delayed from 
three to six months. 

The World Bank report, a 
copy of which has been 
obtained by the FT, was drawn 
up with the participation of the 
government and Rosugol but is 
not binding. It describes the 
Russian coal industry as in a 
“catastrophic’’ position, and 
calls for an extremely rapid 
reduction of employment and 
output, to the year 2000. espe- 
cially in the two large coal 
basins in thw Kuzbass, In 
Siberia, and the Pechora basin 
in the Komi Republic in the 
Arctic Circle. 

On Its most radical projec- 
tion, it sees a drop of employ- 
ment to 287.000 in U8 pits by 
1997, and on a less radical pro- 


jection, to 338.000 in 138 pits. 
However, it stresses that 
“employment reduc- 
tion . . . cannot start until there 
is an adequate and fully-funded 
safety net in place". 

The Rank report says that 
coal subsidies account for 1.4 
per cent of Russian GDP, and 
are "clearly unsustainable”. 
Nearly half of the subsidies are 
paid to cover losses and for 
investment - “encouraging 
mining ' companies to sell coal 
at prices which are well below 
the marginal costs of produc- 
tion, which depresses prices 
and profits for the low-cost, 
potentially profitable part of 
the coal industry”. 

The report recommends that 

• Subsidies be reduced from 
1.4 per cent to 1 per cent in 
1995, 0.6 per cent in 1996, 0.3 
per cent in 1997 to reach zero 
in 1998; 

• Rosugol devolve the pay- 
ment of wages and the setting 
of prices to the mining compa- 
nies; 

• The social costs now paid 
by the mining companies 
towards housing, medical and 
other services be transferred to 
the regional and local govern- 
ments; 

• The relatively high wage 
premiums paid to miners be 
reduced to make employment 
less attractive and that “spe- 
cial payments” be offered to 
miners over the age of 45 to 
leave the industry. 

The report is frank on the 
social upheaval entailed - say- 
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level of mining employment in 
the Kuzbass would foil from 
around 300,000 now to 70.000- 
80,000 by the year 3000. It also 
says miners have little rfiano 
of alternative work. 


Oil companies to 
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extraction deal 


By Steve LeVine 

Partners in a British 
Petroleum-led consortium of 
western oil companies expect 
to sign a $7bn (£4.5bn) extrac- 
tion deal with the former 
Soviet republic of Azerbaijan 
tomorrow 

The contract will represent a 
breakthrough after four years 
of hard negotiations, ft is the 
first big western oil deal signed 
in the energy-rich region since 
Russia asserted its right to a 
primary role on the Caspian 
Sea about a year ago. Delega- 
tions from most of the eight 
western oil companies involved 
flew to the Azeri capital of 
Baku last night. 

The two offshore fields, 
known as Azeri and Chirag, 
contain an estimated 4bn bar- 
rels of oil; the extraction deal 
Is estimated to be worth an 
eventual $il8bn. Azerbaijan is 
to receive 80 per cent of the 
proceeds, and the consortium 
the remainder, sources said. 
The contract comes after set- 
backs in the consortium’s 
attempt to extract oil from 
Azerbaijan, Including a seem- 
ingly solid agreement which 
fell through In June last year 
when Azerbaijan's government 
was ousted in a coup. 

The deal includes a strong 
Russian involvement in Azer- 
baijan; the Caspian republic 
grudgingly returned to 
Moscow's fold during the 
coup's aftermath. The Russian 
firm Lukoil will have a 10 per 
cent stake in the foreign con- 
sortium and has also been 
granted a primary role in 
developing a third, adjacent 
oilfield called GtmeshlL 

“Everybody is very pleased 
with the contract,” said Mr 
Steve Remp, chairman of 
Ramco Energy, one of the 
western partners. Two other 
major contracts have been 

Spain gives 
way to UK 
ferry line 

Spain has conceded defeat In a 
two-year battle to prevent a 
British ferry line operating ser- 
vices between Spain and Nador 
in Morocco, writes Charles 
Batchelor. 

The British company, Cen- 
argo, said it had been granted 
permission to operate a service 
from Almeria in Spain under 
the name Ferrimaroc from 
mid-November. 

Eighteen months ago Span- 
ish gunboats prevented a Cen- 
argo ferry, the Scirocco. from 
bathing at the port 
Caiargo took its fight to the 
Spanish courts and also 
obtained a ruling from the 
European Commission that it 
had the right, under the single- 
market regulations, to operate 
the service. 


signed on the inland sea, both 
in Kazakhstan, one being 
Chevron’s agreement to exploit 
the Tengiz oilfield, the ex-So- 
viet Union’s biggest single 
western oil deal 

However, no drilling or new 
oil flow has begun, largely 
because of obstacles thrown up 
by Moscow, which argues that 
it deserves a big part in the 
deals because Russian engi- 
neers found and developed the 
fields during the Soviet period. 
Weston analysts, meanwhile, 
have asserted that Russian 
government and military offi- 
cials are also Intent on retain- 
ing a strong political mfhiwuy 
in the region by re s t ru c turi ng 
its energy development and 
resulting economic indepen- 
dence. 

The current contract is the 
product of six weeks of final 
negotiation in Houston which 
finished last Thursday. The 
consortium partners were noti- 
fied almost immediately that 
Mr Heydar Aliyev, the Azerbai- 
jan president, had approved it 
subject to partiamentary ratifi- 
cation. Other members of the 
consortium include Statoil, 
Pennzoll, McDermott and 
Turkish Petroleum. 

The two sides did not resolve 
a dispute over bow the oil will 
be transported out of the 
region, and negotiation on a 
pipeline were to begin almost 
i mmediat ely after the si g nin g . 
Moscow has insisted that the 
consortium use the existing 
pipeline route through Russia's 
Black Sea port of Novorossisk. 
But some western analysts 
have seen this as a Russian 
attempt to maintain its eco- 
nomic control over ex-Soviet 
energy and that a proposed 
alternate route ending at the 
Turkish port of Ceyhan would 
be more economical, as well as 
wiser politically for Azerbai- 
jan. 


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FINANCIAL TIMES 


MONDAY SEPTEMBER 19 1994 


NEWS: EUROPE 


Everyone losing in Danish poll 

Rasmussen 


likely to 
stay on as 
head of 
minority 
government 


By Wary Baines in 
Copenhagen 

There will be many losers and 
no winners in the election to 
the Danish parliament on 
Wednesday, unless the opinion 
polls are badly misleading. 

The opposition liberal and 
Conservative parties, hoping to 
form a coalition government, 
will make gains, but not 
enough to control a majority. 
The four-party centre-left coali- 
tion government, headed by 
the Social Democratic leader, 
Mr Poul Nyrup Rasmussen, 
will lose seats, but Mr Rasmus- 
sen is expected to hang on as 
head of a minority administra- 
tion. 

Such a government, how- 
ever, would be dependent on 
the parliamentary support of 
the left-wing Socialist People’s 
party, an uncomfortable ally. 
The SPP has no inhibitions 
about government spending, 
and is not put cfi by the fear of 
speedier inflation, a stance 
which the financial markets 
have already noted. 

Mr Rasmussen's campaign 
has gone sour. For months he 
has promised that his govern- 
ment would “put a downward 
kink in the unemployment 
curve". However, despite an 
expansive fiscal policy, which 
will give the country a GDP 
growth rate of 4 per cent or 
more this year, the July unem- 
ployment figures played into 
the opposition's hands: they 
showed an upward kink in the 
jobless curve from 1&3 to 12£ 
per cent, seasonally adjusted. 

Welfare is the election's 
other central issue. Mr Ras- 
mussen. promising more and 
better welfare, has not always 
scored well on this issue 
either. In a campaign devoted 
almost entirely to photo oppor- 
tunities. he strode into a 
Copenhagen hospital last 
week, taking the hands of a 
frail patient and telling her 
how much better the hospitals 
would be if bis government 
was confirmed in crffice. A tele- 
vision crew stayed behind 
when Mr Rasmussen rushed on 
and asked her if she believed 
the prime minister’s promises. 
Her convinced and articulate 
negative was the highlight of 
the main evening TV news. 

Small mishaps, perhaps, but 
the SDP*s opinion poll ratings, 
excellent at the start of the 
campaign, have weakened by 
the day. Gallup at the weekend 
gave the SDP about 33 per 
cent, compared with 37.4 per 
cent in the last election. 

Nor has the campaign been a 
great success for Mr Uffe E He- 
rn arm-Jensen. the Liberal 
leader, or Mr Hans Engell, the 
Conservative leader. Their 
only chance of a forming a gov- 



Canfre D em ocrats : 9 seats 


Down but not owl 

How the centre could lose but stay In power 

The outgoing parliament 
From toepodtlcaJ toft to the fight ki the 179-seat Folketing 
Christian People’s party: 4 seats 



Progress party: 12 seats 

* 2'msmbers sack Sum Greerriand and tfnfteoe (stands 2 'support Social Democrats, 1 supportoUbaral party,. 

1 ■ tateponda* but votes non-MdaM - 

. The. new alignment 

. Brecon SONAR o pin io n pote and possible post ■ o l o ctfo n affiances 

Christia n People's party 4 seats 
North Atlantic*: 4 seats 


Centre Democ ra t s: O seats 


RacScaj Liberate: 9 seats 
Soctaf Democrats: 8* seats 


's party:. 


18 


Unity list*': 4 seats 



Conservative party: 24 seat s 

liberal paly: 41 seats 
Progress paly. 14 seats 


- *■ Not in oiflgomg pwSpmont noo-ccnwrunlBt antf-EU 

-The main contenders for prune minister 


t v *3 s 


LS.if& Rufihg coalition: 1 1 Possfcta affies 



PoutHnwpi 

* The 51 -yOar^old leader crfttteSoc^i • 
Democrats and Incumbent prime . ■ 

. minister. He ousted Swnrf Autnnfe- 
a taaderattfp contest to become ■ 

. head of the party to April S92 and 
became PM to January 1093. A . 
poWJeal science gratiaaia, he matte • 
a career aa an economist with trie' 

. Confederation of Dartah Trade . 
Unions. White Ns government 
coalition seems certato to toss 
seats, he ooufcTwfll remain' in office. 

eminent requires the parlia- 
mentary support of the right- 
wing populist Progress party, 
hut wooing the populists wor- 
ries moderate voters. They find 
the Progress party’s refugee 
policy, calling for closed fron- 
tiers, and with racist under- 
tones, particularly distasteful 
Mr Poul Schltiter, Conserva- 
tive prime minister for 10 years 
from 1932 (and now a Euro 
MP), undoubtedly expressed 
the feeling of many moderate 
non-socialist voters when he 
said last week that he was 
unhappy at the prospect of a 
formal alliance between the 
Liberals and Conservatives and 
the Progress party. 

The Liberals and Conserva- 
tives are also making heavy 
weather of their message that 
a country where government 
expenditure has readied 64 per 
cent of GDP and which has the 
highest tax burden of any 
country in the Organisation for 
Economic Co-operation and 
Development, about 49 per cent 
of GDP. needs to reform the 
welfare state before the welfare 
state precipitates economic col- 
lapse. No less than 44 per cent 
of the adult population is 
dependent on transfer incomes 
such as benefits and pensions 
from the government, and the 


' The 4&year~titd leader of Iho . 

■ CooserraUve party ax! a former 
minister o* defence and rnttster of 
. Justice. Trained ate jmrnaSst 
GpWon pote todfciate majority of 
ncrv-sociaftst wportns would 
prefer hto> as PM In anonsodaBst 
govern mart over thoLberal party's 
1 Btomano-Janaan. But his own party. 

reckoned to be to the toft of the 
■ Liberate, is notBnly todoas well in 
the election as the Liberate. 

state sector provides 35 per 
cent of total employment 

There are echoes in this of 
the campaign for yesterday’s 
election in Sweden where the 
incumbent centre-right of gov- 
ernment Mr Carl Bfldt sought 
to persuade voters that drastic 
cuts in government spending 
were required to solve the cri- 
sis that has already hit Swe- 
den’s public finances. 

“It's a difficult message," 
said Mr Ellemann-Jensen. 
"Almost 50 per cent of the vot- 
ers think we are going to take 
something away from them." 

The Liberals and Conserva- 
tives want to concentrate 
resources on the health sys- 
tem, education and social ser- 
vices, and to curb cash welfare 
benefits. 

Only one thing looks as if it 
could upset Mr Rasmussen's 
chances of a second term. This 
is that one or more of the small 
centre parties In his present 
coalition, the Radical Liberals, 
the Centre Democrats and the 
Christian People’s party, 
become so worried by the pros- 
pect that the SPP will obtain 
leverage on the government 
that they switch their alle- 
giance arid back a government 
headed by either Mr Ellemann- 
Jensen or Mr Engell. 


TODAY, 

ALLIED-LYONS 
CHANGES ITS 
NAME TO 
ALLIED DOMECQ 


“Allied Domecq is now a truly international 
business with an impressive range of premium 
brands and an attitude to its customers which 
places enjoyment high on the agenda. Under this 
new banner we will increase our strategic emphasis 
on international spirits and wine and seek 
further development opportunities internationally 
in our retailing and franchising businesses.” 


MICHAEL JACKAMAN 

CHAIRMAN 

ALLIED DOMECQ PLC. 24 PORTLAND PLACE LONDON WIN 4 HR 


Uffe BBanum-slonaan 


■n» S2-yBBrokJ tester of tile Liberal 
party and foreign mrteter from 
September 1962 to January 1993. 
Has. a political sconce degree and 
made an early career In ieunvfem. 
Won strong international reputation 
as foreign minister, but hte 
provocative tongue offends many 
consensus-minded Danas. His party 
cm expect a good raoult, but this 
wfl probably no* be good enough to 
get Mm the top job. 


Paris austerity budget on way 


By John Ridding and 
David Buchan in Pate 

The French government will 
this week unveil an austerity 
budget for 1995 which banks on 
stronger economic growth next 
year to prune the central gov- 
ernment deficit and bring 
France closer to European cri- 
teria for monetary unio n. 

Most of the planned reduc- 
tion in the budget deficit - 
from FFr300bn (£36bn) this 
year to FFr275bn next year - is 
due to come from the auto- 
matic increase in tax revenue 
that is expected from 3.1 per 
cent growth in the French 
economy next year, and from 
ref using to let public spending 
rise more than next year’s 
expected inflation rate of L9 
per cent 

Senior government officials 
expect the budget, to be 
unveiled on Wednesday, to win 
plaudits from the international 
markets. As one said: Tt shows 
that we are mastering our 
spending while « tm con tinuing 
our structural reforms to 
encourage employment", with 
the state shouldering more of 
the welfare taxes currently 
borne by companies. 

But another proposed “struc- 
tural" reform has stirred an 
outcry from the Patronat 
employers’ federation. This 
would reduce the rebate that 
companies get from the central 


government on the “profes- 
sional tax" which they pay to 
French local authorities and 
which is levied on their capital 
assets and payrolls. The 
threshold at which the state 
would start paying its rebate 
would rise from the first 3.5 
per cent of the tax to 4 per 
cent The change would save 
the government and cost the 
companies, FFWbn. 

Mr Francois Perigot. the 
Patronat president last week 
called the measure “counter- 
productive” because it would 
discourage both employment 
and investment thanks to the 
way the tax is calculated. 
Employers say they are dis- 
mayed to see a conservative 
prime minister - Mr Edouard 
Balladur - reverse the steady 
trend over the past decade, 
mostly by Socialist govern- 
ments. to reduce the corporate 
tax burden. 

But Balladur aides counter 
that French companies are 
now sufficiently flush with 
rash anil committed to plan- 
ning for economic recovery to 
be now deterred from hiring or 
investing by the minor tax 
increase. French companies 
should recognise that their 
“ Balladur balance sheet" is 
positive, said one aide, because 
they gained a cash injection 
from faster value added tax 
reimbursement last year and 
win be relieved of FFrl7bn in 


family allowance charges this 
year and next 

Mr Nicolas Sarkozy, the bud- 
get minister, yesterday claimed 
that the increased burden of 
the “professional tax" would 
fall only on large businesses 
and would not affect compa- 
nies with annual sales of less 
than FFrSOm. The CGPME, the 
Industry association which rep- 
resents small and medium- 
sized businesses, said it was 
reassured by the minister’s 
statement 

Mr Bahadur's budget may 
spark some dissent within his 
conservative majority in par- 
liament, where some deputies 
would like to see cuts in 
income tax as well as welfare 
charges while others may take 
up business complaints. But 
such concerns are unlikely to 
drive them into the rival presi- 
dential camp of Mr Jacques 
Chirac, who has been urging 
the government to pay more 
heed to social concerns - a 
point Mr Balladur hopes to 
blunt in his budget by giving 
the biggest spending increase 
to the labour ministry. 

This year’s squabbles 
between ministers over whose 
departmental budgets should 
bear the brunt of austerity 
were described by a Balladur 
aide as “a harder battle” than 
last year, when spending for 
public housing and works was 
increased to counter recession. 


But ministers were said to 
have been unanimous on the 
need for overall restraint on 
current budget spending, out 
of recognition of the other two 
looming problems of servicing 
a greatly increased state debt 
and of plugging the social secu- 
rity deficit The latter is sup- 
posed, in France, to be met by 
employers and union, but at 
nearly FFriSDbn it is increas- 
ingly beyond their means to 
cope with. 

At end-1993 the total French 
public sector deficit including 
social security, was nearly 6 
per cent of gross domestic 
product while the Maastricht 
target is for it to be within 3 
per cent by 1997. 

Other measures in the bud- 
get include tax rises of 4 per 
cent on leaded, and 6 per cent 
on unleaded, petrol. The gov- 
ernment has felt able to aban- 
don recent practice of fiscally 
favouring the unleaded vari- 
ety, because its increasing use 
is mandated by European envi- 
ronmental rules anyway. The 
government has also hit on a 
ruse of gaming more money 
from tobacco without upsetting 
“the smokers' vote" next year. 
Hie tobacco companies are to 
said to have made a “spontane- 
ous” decision to raise their 
prices by about 7 per cent, n 
move that should bring an esti- 
mated FFr4bn in extra tax 
receipts. 


LE PEN ANNOUNCES PRESIDENTIAL CANDIDACY 


Mr Jean-Marie le Pen, the leader of 
France’s extreme right National Front 
party, yesterday said be would stand as a 
candidate for next year’s presidential elec- 
tion, becoming the first French politician 
officially to throw his hat into the ring for 
the spring contest. John Ridding writes. 

Mr le Pen, who advocates tough anti-im- 
migration policies told a rally of about 
10,000 party faithful that he would also 
maltp the fight a gtinrt corruption a cen- 
tral plank of his campaign. 


"We must pursue the corrupt and 
deliver them to justice," he said, reinforc- 
ing the view that a recent spate of investi- 
gations into politicians and businessmen 
could become an important election issue. 

In last year's general elections, the 
National Front won about 12 per cent of 
the votes, compared with a peak of 14.4 
per cent support in presidential polls in 
1988. Support for Mr le Pen’s party 
slipped to about 10.5 per cent in June’s 
elections for the European parliament 


Mr Philippe de Villiers, whose anti- 
Maastricht list took votes from the 
National Front and won a surprising 12 
per cent of the votes in the June poll, 
hinted at the weekend that he might also 
stand as a candidate in the presidential 
elections. 

The strongest potential candidates on 
tiie political right have yet to announce 
their intention to stand in the elections: 
Mr Edouard Balladur, the prime minister, 
and Mr Jacques Chirac. 







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FINANCIAL TIMES MONDAY SEPTEMBER 19 1994 


NEWS: INTERNATIONAL 


Leaders see rising inflation as country’s biggest problem 


announces price curbs campaign 


US official to 
visit Pakistan 


China 


By Tony Waflcor in Beijing 

retina is redoubling its efforts 
to contain inflation with a new 
campaign to curb rises in the 
prices of grain, cotton and 
chemical fertiliser. 

Along with this announce- 
ment at the weekend, Beijing 
also promised a drive to recoup 
unpaid taxes, in order to over- 
come an expected revenue 
shortfall this year. Tax receipts 
have fallen well short of expec- 
tations. The government also 
said it was strengthening its 
prices surveillance to “stop 
unauthorised rises in grain, 
edible oil. meat eggs and vege- 
tables”. 

The latest anti-inflation 
drive reflects deepening official 
concern over signs of a 
renewed acceleration of prices 
following some slowing earlier 
this year. 

Figures published last week 
by the State Statistical Bureau 
showed that consumer prices 
in China's 35 main cities rose 
37.1 per cent during the year to 
August, compared with 24.2 
during the year to July. The 
July-to-August inflationary 
surge prompted an announce- 


ment by a worried leadership 
that fighting inflation would be 
the government's main priority 
for the rest of this year. 

In his work report to the 
annual session of China's par- 
liament this year, Premier Li 


Peng said the government 
would strive to contain price 
rises nationally to 9 per cent: 
but that figure has since been 
revised to 15 per cent. 

This compares with a rise in 
the national retail price Index 


of 13 per cent last year. 

Western economists say the 
government will have its work 
cut out to bring Inflation below 
20 per cent by the end of the 
year. 

Meanwhile, one of China's 


top tax officials has sounded 
the alarm about difficulties col- 
lecting taxes under a new tax 
regime introduced at the begin- 
ning of fchta year. 

Mr Tflnng Hnaichen, deputy 
director of the State Adminis- 


tration of Taxation, said tax 
inspectors were being urged to 
step up their efforts to retrieve 
unpaid taxes. 

According to Mr Sang, taxes 
collected from industrial and 
commercial sectors, which 
account for the bulk of taxes, 
were just 64 per cent of the 
total due in the first eight 
months of the year. “We face a 
hard task getting the remain- 
ing 36 per cent in the next four 
months," he told the official 
Xinhua news agency. 

China budgeted for a deficit 
of YnSSJbn (£5bn) this year, 
but total Obligations, inn-hitting 
debt service, will exceed 
YnlOObn. Unexpectedly low tax 
receipts are putting pressure 
on the budget. 

A senior Chinese economist 
has warned of the risks to agri- 
cultural production of the loss 
of arable land. 

Mr Li Jlange, deputy director 
of the State Securities Regula- 
tory Commission, blamed 
“inadequate agricultural pro- 
duction" for pressure on 
prices. China was losing 

270,000 hectares of arable laud 
each year while adding 14m dt- 
izens, he said. 


By Farhan Bokhan 
h Islamabad 

Ms Hazel O'Leary, the US 
energy secretary, is to visit 
Pakistan this week in an initia- 
tive to promote US invest- 
ments in Pakistan. 

Ms O’Leary will head a dele- 
gation of more than 70 leading 
businessmen with interests 
mainly in the energy sector. 
Mr John Moryo, the US ambas- 
sador to Islamabad, described 
the visit as “a forward-looking 
event” in encouraging private 
American Investments. 

The two officials played 
down concerns that prospects 
for new investments were lim- 
ited nwHi Pakistan and the US 
resolve their dispute over 
Islamabad’s controversial 
nuclear programme. Washing- 
ton cut off aid to Islamabad 
three years ago amid concerns 
that Pakistan was producing 
nuclear weapons - a charge 
denied by Pakistan. 

Although Ms O'Leary is not 
expected to sign any fresh aid 
agreements, her visit will help 
encourage US businesses to 
consider Investing in Pakistan, 
nffteials from both sides said. 


Mr Moojo said prospective 
investors were encouraged by 
Pakistan's economic liberalisa- 
tion programme, which had 
remained intact despite five 
changes of government last 
year. He also said a new 
energy policy, announced by 
the government this year, was 
attracting new investors. 

Pakistani officials expect the 
two countries to sign fresh 
joint venture investments 
worth up to $2bn by next sum- 
mer. If those forecasts prove 
accurate the extent of US 
investments in Pakistan could 
rise substantially. In the past 
46 years, US businesses have 
invested up to $450m in Pakis- 
tan. 

According to Pakistani 
energy officials, new commit- 
ments to support investments 
of up to $5bn have been 
received by the Ministry of 
Water and Power in Islamabad 
since the energy policy was 
announced. 

If those projects are exe- 
cuted, they will add almost 

5,000 megawatts to Pakistan's 
existing power generation 
capacity of approximately 
9.500MW. 


Beijing to step up Gatt claims 


By Tony Walker 

China this week steps up its efforts to win 
crucial US backing for its membership of 
the General Agreement on Tariffs and 
Trade during talks in Geneva. 

Mr Long Tongtu, China’s Gatt negotia- 
tor, said Beijing’s latest package pres- 
ented In talks last month with the US 
contained significant concessions, espe- 
cially in the proposed phasing out of non- 
tariff barriers on agricultural products. 

Officials in Beijing are describing as 
“crunch tune” the latest round of discus- 
sions on China's application to re-enter 
Gatt and become a founder member of its 
successor body, the World Trade Organi- 
sation. The US, which has been entrusted 
with responsibility for negotiating terms 
for China’s Gatt entry, has said Beijing 
still has some distance to go before it 
f ulfils requirements. 


US official have been focusing on the 
“national treatment” issues under which 
Gatt contracting parties are expected to 
accord one another similar market access 
privileges. 

American negotiators have been com- 
plaining about China’s reluctance to 
agree to a timetable for reciprocal access 
to such arras as services. Including bank- 
ing and insurance. The US wants to avoid 
repeating what is known as the “Japanese 
mistake” under which the US contends 
that Tokyo was allowed into the world 
trading body on “soft terms” enabling it 
to maintain its dosed trading system. 

China last month presented a 900-page 
proposal for discussions with US officials. 
Negotiations are expected to last through 
October. Western officials doubt negotia- 
tions can be completed in time for Beijing 
to be a founder member of the WTO, if 
that body comes into effect as planned at 


the beginning of 1995. 

But China, which was an inaugural 
member of Gatt in 1949 before withdraw- 
ing in 1950 after the communists came to 
power, is insisting that its growing 
weight as a trade power makes it impera- 
tive that it be admitted to the world trad- 
ing body. Mr Long, a vice minister of the 
Ministry of Foreign Trade and Economic 
Co-operation, said China’s new Gatt pack- 
age included undertakings to phase out 
the remaining 784 items covered by non- 
tariff controls. He said China was not 
seeking special privileges In the new 
world trading system. 

Beijing has proposed that as a develop- 
ing country it be allowed a transition 
phase to tailor Its economy to Gatt 
re q u irem ents. The US has shown little 
enthusiasm for this proposal, but is expec- 
ted to agree to such an arrangement in 
the mid. 


/ 

i 



Singaporeans weary of 
the high cost of driving 



Stephen Chan (right), with his panda mascot, canvasses support in his campaign for district board elections in Hong Kong, the first 
democratic poll in the British colony 


Hurd takes trade plea to 


Thinking of buying a new car 
but shocked by the expense? 
Take comfort You could be liv- 
ing in Singapore. 

A Jaguar XJ3.2 costs about 
SSS20.00D (£139,000) to put on 
the road in Singapore. The 
equivalent model in Britain 
costs around £28,000. At the 
other end of the market, a Pro- 
ton manufactured in neigh- 
bouring Malaysia costs about 

SS95.000 to drive in Singapore. 
In Britain a Proton can be 
picked up for under £7,000. 

Import duties and other 
taxes take tiwlr ton but prici- 
est is the fast accelerating cost 
of a government Certificate Of 
Entitlement (COE), the vital 
piece of paper that allows you 
to take your already expensive 
machinery on to the road. 

Singapore has 2.8m people 
squeezed on to an island of 
only 240 square miles. Deter- 
mined to avoid the traffic 
chaos of Bangkok and many 
other Asian cities, the govern- 
ment brought in the COE sys- 
tem in 1990 in order to control 
the car population. The govern- 
ment releases only a certain 
number of COEs each year. A 
new car cannot be registered 
without one. 

COEs are obtained by dealers 
and the public through a 
monthly bidding system with 
the government If 8900 people 
are bidding for 4,000 COEs 
available, the government fixes 
the COE cost at the level of the 
lowest successful bid. 

On Friday the government 
announced the prices for Octo- 


ber COEs. In future Singapo- 
reans will have to dig even 
deeper into their pockets to 
experience the joys of motor- 
ing. Over the past month a 
COE for the bigger, mare luxu- 
rious models has gone up by 
S$10.000 to S$94,000. COEs for 
smaller engined cars have gone 
up by about S$5,000. 

Mr Philip Eng, manag in g 
director of Cycle & Carriage 


The price of 
running a car in 
the cramped 
island state has 
risen again, 
reports 
Kieran Cooke 

Industries, the company which 
has the frarrriii.se for Mercedes 
and various other makes in 
Singapore, says people thought 
S$ 1,000 was a lot to pay for a 
COE four years ago. “No one 
ever expected the price of the 
certificates to go up so fast,” 
says Mr Eng. 

“But what is really amazing 
is that the market is still grow- 
ing. In the case of some cars 
we can’t get deliveries fast 
enough.” 

A top of the range Mercedes 
S class costs about about 
S $330, 000 in the Singapore 
showroom. But add on a new 
COE and the price comes to 
around S$420,000. The same car 


in Germany costs around 
DM100,000 (£41,000). 

At the lower mid of the mar- 
ket a Proton’s showroom price 
will be around the S$45,000 
mark. Add in the cost of a COE 
and the price will more than 
double. 

According to Mr Eng, “The 
prestige level of owning a car 
here is much higher than in 
Europe or the US. Here, all the 
extras we fit in our cars, like 
stereos or the upholstery, have 
to be top of the range.” 

Mr Rng says that with about 
12 per cent of the total car mar- 
ket Mercedes has a bigger 
market share In Singapore 
than anywhere else in the 
world. 

He says that demand well 
exceeds supply for C class, the 
compact Mercedes range. Sales 
of the S class vehicles are 
growing and now running at 
shout 500 a year. 

But while incomes rtf Singa- 
poreans have risen sharply in 
recent years, owning a car is 
an impossible dream for many 
people. The rapidly rising costs 
of cars has became a political 
issue. 

The COE system brings bil- 
lions of dollars into the exche- 
quer each year. However, the 
government is criticised for 
what is seen as an Inequitable 
system. 

One government critic asks: 
“What about the market trader 
or hawker? They need cars 
more than the Towkays [big 
businessmen] and their Tai 
Tafa [ladies of leisure]." 


i India lays 
down tight 
telecoms 
rules 

By Stefan Wagstyt 
in New Delhi 

India at the weekend laid 
down tough terms for the 
entry of private companies, 
including foreign groups, into 
the country’s telecommunica- 
tions market. 

The government, which said 
in May it was ending the 
state's monopoly of basic tele- 
phone services, had raised 
hopes that it would set attrac- 
tive conditions for entrepre- 
neurs because It is seeking 
substantial investments of up 
to Rs230bn (£4.7bn). 

But opposition from officials 
and workers in the telecommu- 
nications department has per- 
suaded the government • to 
impose important restrictions. 
In addition, crucial issues such 
as revenue-sharing arrange- 
ments between the private 
operators and the state service 
have yet to be settled. 

Under the new policy, 
announced by Mr Snkh Ram, 
the tdecommunications minis- 
ter, private companies wfll be 
touted to providing local net- 
works. They will be barred 
from operating the much more 
lucrative long-distance and 
International services. 

Foreign companies, which 
are expected to contribute 
most of the technology and 
expertise to the new carriers, 
will be limited to a 49 per cent 
stake in an Indian carrier. 

Companies will be free to 
bid for licences in 18 regions, 
which roughly correspond 
with states. Only one private 
carrier will be permitted to 
operate in each region, and 
will compete with the existing 
state-owned service. Licence- 
holders win have to offer lines 
in rural districts as well as the 
far more lucrative towns and 
cities. 

Urn licences will run for 15 
years and there will be no 
restriction on the number 
awarded to any one company. 
Mr Snkh Ram said bids would 
be invited in the next two or 
three months and he hoped the 
first private carrier would 
start operating in 1995. 

Mr Snkh Ram also 
announced the establishment 1 
of a regulatory body, called 1 
the Telecom Regulatory of j 
India, which will oversee the 
private o per a to rs. I 

The new guidelines evoked a 
mixed response from the 
industry. While there was 
relief that the announcement 
brought forward the day when 
private operations might start, 
there was disappointment 
about the conditions of entry 
and the (act that revenue-shar- 
ing and tariff arrangements 
have yet to be decided. 

Mr Amit Sharma. head of 
the Indian office of US elec- 
tronics group Motorola, said: 
“The policy of opening up 
basic services on a limited 
scale is dearly disappointing. 
In most countries when baste 
services are opened up, the 
long-distance and interna- 
tional lines are the first to be 
opened, as these are seen to 
cross-subsidise the local ser- 
vices." 

• India Is partly liberalising 
its pharmaceutical industry, 
taking measures to let foreign 
companies take majority 
stakes in their Indian ven- 
tures. Foreign groups will be 
able to own np to 51 per cent 
of an In dian pharmaceuticals 
company, according to Mr 
Ram T-airhnn Singh Yadav, tile 
minister for chemicals and 
pharmaceuticals. 


By WOTani Dawkins hi Tokyo 

Britain will today urge Japan 
not to cut it, or any other 
nation, out of a trade deal 
between Tokyo and the US. 

The UK’s concern, shared by 
other European Union member 
states, will be voiced by Mr 
Douglas Hurd, the foreign sec- 
retary, in meetings with Mr 
Tomiichi Murayama, the Japa- 
nese prime minister, and with 
the ministers responsible for 
trade, finance and foreign 
affairs. 

Mr Hurd's three-day visit, 
ending tonight, is the latest 
annual high-level political con- 
sultation between Japan and 


T he murder last week of 
a senior executive of 
one of Japan's largest 
companies has brought into 
alarmingly sharp relief the 
activities of the country’s 
organised crime syndicates. 
Police suspect that the killing 
may be the latest episode in 
what they believe to be an 
escalation of the war between 
the racketeers and Japanese 
corporations. 

The body of Mr Kazufuml 
Hatanaka was discovered by 
neighbours outside his apart- 
ment in Nagoya, Japan's 
fourth largest city, 120 miles 
west of Tokyo. He had been 
shot once through the bead. Mr 
Hatanaka was the director of 
Sumitomo Bank’s Nagoya 
branch. 

Police have traced no motive 
and identified no suspects, but 
the circumstances of the kill- 
ing and the use of firearms, 
which are severely restricted 
in Japan, suggest the involve- 
ment of organised crime. 

Immediate speculation, that 
police did little to dispel, 
focused on the relationship 
between Sumitomo Bank and 
some of its less salubrious cus- 
tomers. In the 4 *bubble" years 
of the 1980s Sumitomo, like 
most other Japanese commer- 
cial banks, advanced vast sums 


the UK. It is his first personal 
contact with the new three- 
party coalition government, 
which took power in June. 

Trade matters, including the 
role of the foture World Trade 
Organisation, are at the top of 
his agenda. But Mr Hurd is 
also aiming to range widely 
over foreign policy issues 
important to both countries. 

He is expected to register 
gratitude for Japan’s discreet 
diplomatic advice to China to 
try to be Mhn in the bumpy 
lead-up to the transfer of 
power in Hong Kong. Japan's 
bid for membership of the 
United Nations security coun- 
cil, now supported by a previ- 


in property-related loans as 
land prices soared. When the 
property market collapsed in 
the early 1990s. the bank was 
left with a mountain of bad 
debts, which reached a peak of 
more than Yl.lOObn (£7.2bn) a 
year ago. At the large Nagoya 
branch. Mr Hatanaka was 
closely Involved in the collec- 
tion of bad loans, and police 
suspect it may have been this 
aspect of his work that cost 

him his fife. 

The murder comes 18 
months after the bank and 
related companies in the Sumi- 
tomo group, one of Japan's 
largest business conglomer- 
ates, were the victims of a 
remarkably concentrated 
series of attacks. Between Feb- 
ruary and May 1993 assaults on 

the companies ranged in seri- 
ousness from the practical joke 
- glue In the keyholes of sev- 
eral bank branches - to the 
violent crime - shootings and 
firebombings at branches 
across Japan. 

But police indicate that they 
have found no connection 
between these incidents and 
the murder of Mr Hatanaka. 
There are important difference 
between last year’s attacks and 
Wednesday's killing. The 
attackers last year stopped 
short of inflicting Injuries on 


ously wary Britain, and North 
Korea's nuclear ambitions may 
also crop up. 

On trade, Mr Hurd is expec- 
ted to remind his hosts of Brit- 
ish support for Japan’s opposi- 
tion to US demands for 
numerically targeted increases 
in its share of Japan’s domestic 
market. Tokyo and Washing- 
ton are struggling, with little 
success, to reach a framework 
trade and economic accord 
before the September 30 dead- 
line after which the US bag 
threatened to start sanctions 
proceedings. 

At the same time, Mr Hurd 
will voice UK concern that 
Japan and the US will be 


Sumitomo employees, and 
there had been no repeat of the 
incidents since May 1993. 

Police believe the Nagoya 
shooting fits a more recent and 
mo re ala rming pattern of vio- 
lent crime by organised gangs. 
In a little over a year, three 
senior executives of Japanese 
companies have been m or- 
dered. Mr Hatanaka's death 
was preceded in February by 
the murder of a manager of 
Fuji Photo Film, stabbed to 
death by samorai-sword-wl eld- 
ing assailants in front of his 
home in Tokyo, and in August 
1993 by the shooting of a 
vice-president of Hanwa Rank 
The common element In all 
three murders could be that 
the victims were all trying to 
resist demands from crime syn- 
dicates. 

I n the last two years, police 
believe, criminal groups 
have been hit hard by the 
combined effects of tougher 
legislation and economic reces- 
sion. For many syndicates the 
principal source of revenue is 
extortion. Racketeers, known 
as sokofyo, extort money from 
companies In return for agree- 
ing not to disrupt annual 
shareholders' meetings with 
embarrassing questions about 
the behaviour of company 


Tokyo 

tempted to strike a purely pri- 
vate deal, a serious worry to 
exporters of car components. 
Overall British exports to 
Japan rose by 17 per cent to 
£L4bn in the first half of this 
year. 

There are long-standing 
bilateral trade disputes, on 
which Mr Hurd is expected to 
remind Japan that Britain is 
dissatisfied with the small 
progress made in recent years. 
These include tax on imported 
whisky, still much higher Hi^n 
Japanese spirits, the continued 
ban on foreign law firms hiring 
Japanese partners, and barri- 
ers to competition in insurance 
and other financial services. 


inhabited a grey area of Japa- 
nese criminal law and in the 
past it was not muisimi even 
for blue-chip companies to 
reward sokotya handsomely for 
their discretion. 

But In 1992 legislation was 
passed that began to curb the 
activities of the gangs. The 
principal effect was to dwfaw 
much more clearly the crimi- 
nal activity of racketeering. As 
a result companies, conscious 
of the less ambiguous legal 
consequences of their actions, 
have grown less willing to 
acquiesce to the demands of 
the groups. 

At the same time, economic 
conditions have militated 
against the gangsters. Japan’s 
longest recession since the sec- 
ond world war has loft many 
companies simply unable to 
meet their demands, irrespec- 
tive of their legality. 

Intimidation by the soHatya 
has, in the past, rarely 
extended to the extremes of 
physical violence seen In the 
last year. If organised criminal 
Bangs are ratcheting up the 
level of their intimidation of 
company executives to the ulti- 
mate penalty, the authorities' 
deepest fear is that fow compa- 
nies will prove determined or 
brave enough to resist 



MINISTRY OF FINANCE 

SHORT TERM CONSULTANCY TO REVIEW THE CURRENT 
MALAWI GOVERNMENT BUDGETING SYSTEM 

The 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, there 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 current Government Budgeting System. 

The Objectives of the Review are: 

1. 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 (hat 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 how resources are mobilised internally as well as 
externally by programme and what effect this has bad on the budget since 1987. 

2. Resource utilisation since the start of the programme budgeting, bow allocation of 
resources to programmes has affected attainment of goals by tbe 
ministrics/depanmcnts. 

3. 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 
analysis of the linkages between the budget cycle in tbe Ministry of Finance and the 
public sector investment programme (PSIP) in the Department of Economic 
Planning and Development. 

Interested consultants should submit (heir proposals on how they intend to carry out (his 
assignment and the submissions should include cost budgets. 

Applications should be sent to: 

The Secretary lo the Treasury 
P O Box 30049 
LILONGWE 3, Malawi 
(Attention: Deputy Secretary (Budget)) 

Fax No: 010 265 781 679 . 

CLOSING DATE: 3RD OCTOBER 1994 


Companies in shadow of gun 

Squeezed by new laws curbing racketeering, Japanese gangsters 
may be stepping up violence against business, reports Gerard Baker 

executives. Such extortion 





* * 









FINANCIAL TIMES MONDAY SEPTEMBER 19 1994 


: 

4 Cuba acts to 
end chronic 
food shortfall 


NEWS: INTERNATIONAL 






Investors relieved at $5bn Exxon award 


rptf jH*— - x,*- 


if;- ' - . 
~r_r . 



I 


to Tok' 




1 \ 


By Pascal Fletcher in Havana 

Cuba, moving to resolve 
chronic food shortages which 
have caused discontent among 
its population, will soon intro- 
duce markets where state 
farms and individual fanners 
will be able to sell excess pro- 
duce after f ulfilling es tablished 
government production quotas. 

The weekend annnnn(wn»n t 
of the change in policy was 
made by Cuban defence minis- 
ter General Raul Castro, 
brother of President Fidel Cas- 
tro and the n umb er two in the 
ruling Cuban communist party 
hierarchy. 

The announcement signalled 
another step in Cuba's cau- 
tious moves to introduce lim- 
ited market reforms to its cen- 
trally run state economy. 

The changes are expected to 
follow the tales of similar farm 
reforms already introduced by 
China and Vie tnam. Gen Cas- 
tro said solving the food crisis 
was a priority for the govern- 
ment. While the agricultural 
markets would have regula- 
tions and taxes, “supply and 
demand should basically oper- 
ate 1 *, said Gen Castro, saying 
the government would not 
involve itself in setting prices. 
Prices would in any case be 
much, lower than those exist- 
ing on the black market, he 
said. 

The production of food, espe- 
cially staples like meat rice, 
beans, fruit and vegetables, 
has been a particular black 
spot in the Cuban economy 
since the collapse after 1990 of 
trade and aid ties with the for- 
mer Soviet bloc. Starved of 
inputs like fertilisers, herbi- 


cides and tractor spares, farm 
production, including strategic 
sugar exports, has fallen 
sharply, a situation made 
worse by adverse weather. 

Other factors were ineffi- 
ciency, wastage of resources 
and lack of price incentives for 

formers obliged to seQ exclu- 
sively to the state, foreign dip- 
lomats said. 

Popular pressure had grown 
for the liberalisation of food 
production, but the topic was 
surrounded by agonised Ideo- 
logical debate at the highest 
levels of the party. 

In the first half of the 1980s. 
Cuba introduced a similar 
experiment with so-called 
“peasants' markets" where 
farmers could sell vegetables, 
fruit, pork and chicken. 

But these were shut down 
after President Castro com- 
plained they led to the exces- 
sive enrichment of some indi- 
viduals, especially middlemen 
who bought and re-sold pro- 
duce. Raul Castro's announce- 
ment was the first public 
acknowledgement that the 
farm reforms were inwnfagnt 
but senior officials said more 
than 70 markets were already 
operating experimentally 
around the island, excluding 
Havana city. 

One such “pilot” market was 
operating at San Nicolas de 
Bari in Havana province, 
where fanners at the weekend 
directly sold rice, avocado, 
bananas and yucca (manioc 
root) to the public. 

Since the 1960s, small private 
fanners have made commit- 
ments to seQ previously agreed 
upon quantities of produce 
each year to the government 


©rtnERNAllONAI. PRESS REVIEW j 

■ y ' ji » ' "v ,J 

Politicians ready 
for next stage of 
‘ice hockey’ war 


QUEBEC 


By Bernard Simon 


Mr Jacques Parizeau often 
compares his Parti Quebecms’ 
struggle for independence from 
Canada to the three periods of 
an ice hockey game. 

The first period aided with 
last October’s national elec- 
tions, when separatists gained 
a powerful voice in the federal 
House of Commons by becom- 
ing the official opposition with 
54 MPs. The second period was 
last Monday's provincial elec- 
tion In Quebec, in which the 
PQ hoped to gain a strong 
mandate to lay the ground- 
work for Its planned break- 
away. 

If Mr Parizeau’s dreams 
come true, the final period has 
now begun, and will culminate 
in a big Yes vote in an inde- 
pendence referendum some 
time before the end of 1995- 

With the start of the hockey 
season just a few weeks away, 
it wasn't surprising that many 
Quebec newspapers took up Mr 
Parizeau’s metaphor to com- 
ment on the outcome of last 
Monday’s polL The PQ won 77 
of the 125 seats in the National 
Assembly, but gained only 44.7 
per cent of the popular vote, 
just a fraction more than the 
defeated Liberals. 

The Quebec media, by and 
large, has tended to sympath- 
ise with the nationalist cause. 
But several of the province's 
most influential commentators 
see the hockey game develop- 
ing somewhat differently from 
Mr Parizeau's scenario. “The 
third period will be long, rough 
and chaotic," wrote Mr Gilles 
Usag e, in U Devoir, Quebec's 
highbrow, French-language 
paper. 

A cartoon in another paper 
showed Mr Parizeau and Lib- 
eral leader Daniel Johnson in 
hockey gear, facing off for the 
third period. Neither of the two 
men carried a hockey stick. 

Referring to the 1980 referen- 
dum on a loose form of “sever- 

eigntv-association" which was 
held when the PQ was last in 
office. Mr Lesage noted that 
“there’s the risk of Quebec 
being broken in two as it was 
15 years ago. as it turns 
towards a nightmare in which 
po one wins.” 

The unexpectedly low pro- 
portion of Quebeckers who 

voted for the PQ is widely 
interpreted, at least for the 
time being, as evidence that 
the separatists face an uphill 
struggle in the referendum 

campaign. , . , 

Lysiane Gagnon, a columnist 
for La Press? in Montreal, 
noted that even fewer people 
would have voted in favour of 


independence last week than 
supported the PQ. She con- 
cluded that “the PQ must con- 
vert more than 10 per cent of 
the electorate in less than 15 
months: soft federalists, luke- 
warm nationalists, third-party 
supporters...” 

Under the headline “Pari- 
zeau cornered". Le Soled, Que- 
bec City’s main daily, advised 
Mr Parizeau to concentrate on 
such bread-and-butter issues as 
control of government spend- 
ing, job creation, health care 
and education. 

Michel Auger, political col- 
umnist few the tabloid Journal 
de Montreal - which devoted a 
numbing 20 pages to its day-af- 
ter coverage of the election - 
agreed that the Liberals have 
the upper hand as the third 
period gets under way. 

But Auger cautioned that the 
federalist forces should not 
rejoice too soon. “On the high- 
way to sovereignty, there will 
be numerous opportunities for 
flat tyres, and one has often 
seen broken-down buses which 
have found a way to arrive at 
their destination.” 

The separatists win be count- 
ing on English-speaking Cana- 
dians, especially in faraway 
western provinces, to prove 
that tiie rest of the country 
would prefer Quebec to leave. 
However, editorial writers in 
western Canadian cities were 
remarkably restrained in their 
early reaction to the election. 

“AH Canadians, within and 
outside Quebec, should take 
this opportunity to quietly 
reaffirm the successes - the 
cultural richness, the economic 
well-being, the social harmony 
and the political security - 
which have come with Confed- 
eration," said the Calgary Her- 
ald. "For those benefits, Que- 
bec’s ambivalence and its need 
to test its national identity are 
a small price to pay." 

The Gtobe and Mail, which 
calls Itself Canada’s national 
newspaper, struck a hopeful 
note about the future. An edi- 
torial, titled “The Genius of 
Canada ", suggested that “Can- 
ada has for more strength and 
commands far more loyalty 
among its many communities 
than the chattering classes 
generally understand." 

But in case anyone is naive 
enough to assume that the 
coming referendum will mark 
the end of the interminable 
wrangle over Quebec’s place in 
Canada, a cartoon In New 
Brunswick’s Moncton Times- 
Transcript shows a man in the 
year 2094. fast asleep on his 
sofa. A voice from the TV set 
in front of him intones: "And 
in today’s news. . . Canada 
has again failed to separate 
from Quebec.” 


By George Graham in Washington 

Exxon’s share price is expected to rise 
when trading begins today following a 
federal jury's award of $5bn in puni- 
tive damages against the oil company 
for the 1989 oil spill from its tanker 
Exxon Valdez. 

.Financial analysts expected the 
news to cheer investors, who have 
been concerned that damages for the 
Exxon Valdez spill, which devastated 
Alaska’s Prince William Sound, could 
run as high as SlSbn. 

The damages award is one of the 


last phases in a drawn-out legal battle 
over Exxon’s liability for the Exxon 
Valdez wreck, which destroyed fish 
Stocks wildlife with an oil slick of 
more than 250,000 barrels. 

When the jury verdict was 
announced late on Friday In a 
federal court in Anchorage, Exxon 
shares rose by $1.50 to a New 
York close of $60.25, and further 
gains were recorded in trading after 
hours. 

Lawyers, for the plaintiffs reM they 
were “ecstatic" about the award. 

The 80 law firms Involved are 


expected to reap more than 20 per 
emit of the money. 

Mr Lee Raymond, Exxon's chair- 
man, denounced the award as “exces- 
sive by any legal or practical mea- 
sure." 

“We will use every legal means 
available to overturn this unjust ver- 
dict, which is not a final judgment," 
Mr Raymond said. 

“It will be reviewed and we trust it 
will be modified by the trial court or 
by appellate courts.” 

Legal experts said Exxon could 
either seek to have the award reduced 


by the courts, or use it as a ceiling for 
a negotiated settlement with the thou- 
sands of fishermen, native Alaskans 
and landowners who brought the 

fflaim 

Exxon has spent $2.ibn on cleaning 
up the spill and paid $1.3hn to settle a 
range of civil and criminal charges 
brought by federal and local govern- 
ments, residents and businesses. 

In this suit, the jury last month 
awarded S287m in compensation for 
the damage caused by the oil slick to 
fish stocks. 

But the jury found that Exxon and 


Mr Joseph Hazelwood, captain of the 
Exxon Valdez, had acted recklessly, 
paving the way for additional puni- 
tive damages. P laintiffs had claimed 
up to $15bn. 

Other cases involving crab fisher- 
men and native Alaskan corporations 
are still pending, with some of the 
claims being heard in state court. 

The jury also ordered Mr Hazelwood 
to pay $5,000 in punitive damages, 
even though the plaintiffs had only 
asked for a symbolic $1 award against 
the tanker captain. 


Mandela to hold Zulu talks 

Mark Suzman on a rift between the King and Chief Buthelezi 


President Nelson Mandela 
today holds talks with two of 
South Africa's most influential 
Zulu leaders in a bid to defuse 
growing tensions in the tribal 
region. 

Zulu King Goodwill Zweli- 
thini is at odds with inkatha 
Freedom Party leader and 
Home Affairs minister Chief 
Mangosotim Buthelezi. who is 
also the Sing’s traditional 
prime minister, over an invita- 
tion the monarch issued to 
President Mandela to attend 
next Saturday’s Shaka Day cer- 
emony in UlundL the Zulu cap- 
ital 

Chief Buthelezi has objected 


to President Mandela’s pres- 
ence at the celebrations , held 
annually to commemorate the 
great nineteenth century Zulu 
monarch, on the grounds that 
proper protocol was not fol- 
lowed when the formal invita- 
tion was Tnarjp directly to the 
president instead of being 
routed through him as the 
King’s chief minister. 

The invitation is seen as part 
of a strategy adopted by the 
King to reduce his dependence 
on Chief Buthelezi's Inkatha 
Freedom Party by building up 
Independent links with the 
African National Congress and 
thereby setting himself up as 


an apolitical tribal mn parrh 

Even if compromise is 
reached on the Shaka Day 
issue, the controversy is still 
damag in g to the mlnMfr as it 
tarnishes his image as the 
King’s maip political ally. 

In the run up to the April 
elections. Chief Buthelezi, who 
is a member of the royal family 
and uncle to the king, por- 
trayed himself as thp main 
defender of the Zulu monarchy 
in order to boost his inkatha 
Freedom Party's stature 
among conservative Zulus. 

Since then, however, King 
Goodwill appears to have 
grown dissatfetftftri with his role 


as a virtual puppet of his uncle 
and there has been speculation 
that he may dismiss Chief 
Buthelezi from his role as 
prime minister to the King and 
replace him with another royal 
family member more sympa- 
thetic to the ANC. 

In other signs of tension, the 
King recently replaced his 
KwaZulu police bodyguard, 
appointed by Chief Buthelezi, 
with national police officials 
and at the weekend the Chief 
failed to turn up to the annual 
reed dance festival in Non- 
goma. near UlundL at which he 
traditionally accompanies the 
King. 



Zulu King Goodwill (left) at odds with Buthelezi 



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6 


FINANCIAL. TIMES MONDAY SEPTEMBER 19 1994 


★ 

NEWS: HAITI 


Carter: world 

trouble-shooter 

extraordinaire 

Jurek Martin on the man who 
was catapulted into 
Haiti at the eleventh hour 


Even by bis own standards, 
this was not exactly a normal 
weekend in the extremely busy 
life of former President Jimmy 
Carter. 

Mr Carter himself was in 
Port-au-Prince at the bead of 
the US delegation seeking a 
last minute solution that might 
prevent the fully-fledged inva- 
sion of Haiti. 

From the other side of world, 
the North Korean capital of 
Pyongyang, came word that 
Kim Jong-il was seeking his 
services to arrange a summit 
between himself and President 
Kim Young-sam of South 
Korea. 

The list of the former presi- 
dent's international mediation 
on the last five years is quite 
extraordinary, beginning in 
1989, when he helped broker 
the settlement in Ethiopia that 
led to the independence of Eri- 
trea. In 1990, he led interna- 
tional monitoring teams cover- 
ing the elections In both halves 
of the island of Hispaniola - 
the Dominican Republic and 
Haiti. It was during the latter 
that he established a relation- 
ship with Lt Gen Raoul Cedras. 
then in charge of security for 
the elections and nine months 
later leader of the coup that 
removed President Jean-Ber- 
trand Aristide. The two have 
remained in touch in recent 
weeks. 

In 1991, he was a principal 
monitor of the elections in 
Zambia, in 1992 Guyana and in 
1993 Paraguay. Earlier this 
summer, in Pyongyang, he 
managed to persuade Kim li- 
sting. the late North Korean 
dictator, to reopen negotiations 
with the US that, for the 
moment, have defused tensions 
over the nuclear question. 

These are merely the most 
visible of his activities, along 
with his domestic good works, 
mostly centred on building 
affordable public housing for 
the poor. 

As a result, Mr Carter, bur- 


ied under the Reagan landslide 
of 1980 after one term in office, 
has re-established hims elf as 
one of the most respected 
Americans of the current gen- 
eration. His public standing is 
now far higher than that of 
former President Reagan. 

He has not always been a 
predictable envoy. Administra- 
tion officials were concerned 
that, in his North Korean mis- 
sion, he did not always appear 
to represent US government 
policy accurately. But they 
could not deny that his efforts 
certainly bore fruit. 

Like the other leading mem- 
bers of his Haitian delegation - 
Senator Sam Nunn, the Demo- 
crat from Georgia who heads 
the armed services committee, 
and former General Colin Pow- 
ell, previous head of the joint 
chiefs of staff - he has never 
public endorsed an invasion. 

Mr Leon Panetta, White 
House chief of staff, said yes- 
terday that the composition of 
the team was decided between 
President Clinton and Mr 
Carter. But the combination of 
Mr Carter’s stature, his know- 
ledge of Haiti and his indepen- 
dent streak has called into 
question the White House's 
insistence that his mission to 
Port-au-Prince is limited only 
to the matter of arranging the 
departure of the junta, as 
demanded by Mr Clinton. 

There was. for example, 
some surprise in Washington 
that the Carter delegation 
should have talked over the 
weekend with Mr Emil Joint 
aissant, installed by the junta 
as acting president This gave 
rise to speculation that more 
wide-ranging discussions were 
under way. 

But if his mission, as defined 
by Mr Clinton, succeeds and an 
all-out US military rmslang ftt is 
avoided, Mr Carter will yet 
again be in credit It is doubt- 
ful that the current president 
will be so lucky, either way. 






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g Food & beverages 22% EU: 

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^ Sains: CM, ABC-Cto and ERJ atain 1 


The country’s economy is at rock bottom, report Canute James and Stephen Fidler 


High hopes from Haiti’s downtrodden 


sure or invasion, will face a devas- 
tated economy and high economic 
expectations from Haiti's poor major- 
ity. 

In spite of a reputation as a 
left-wing liberation theologist, he has 
indicated to donors that he intends to 
introduce an economic reform pro- 
gramme backed by an International 
Monetary Fund standby loan. 

According to a study by the Interna- 
tional Development Association, the 
soft-loan arm of the World R ank, the 
country will need some $550m (£354m) 
in foreign assistance in the first 12-15 
months. Mr Aristide's officials have 
calculated some S770m in aid commit- 
ments over the same period, though it 
is not dear that the type of commit- 
ments exactly meet assistance needs. 

The US has indicated it will provide 
some funding, while traditional 
donors such as Canada and France 
will also contribute, along with the 
international financial institutions led 
by the IMF. Some funds will come 
from the unlocking of Haitian foreign 
assets which have been frozen as part 
of the economic embargo. 

Mr Rainer S tec khan, the World 
Bank official leading aid efforts for 
Haiti, said the initial priority is 
humanitarian assistance and poverty 


relief. Per capita income has dropped 
unremittingly since the early 1980s 
with a precipitous decline in living 
standards in 1992 and 1333, in the face 
of international economic embargoes 
following the 1991 coup. Half file 7m 
population is receiving just 75 per 
cent of nutritional requirements; one 
in 10 babies die before they are one- 
year-old. 


There has been a 
precipitous decline 
in living standards 
following the 
coup in 1991 


The next step should be one of 
reconstruction and rehabilitation: 
rebuilding bridges, rural roads, port 
facilities, and public services such as 
waterworks. The World Bank esti- 
mates that in Port-au-Prince, a city of 
between 700,000 and lm, only 50,000 
people receive water from the water 
company. 

The next priority is the develop- 
ment of infrastructure, in particular 
power generation and water treat- 
ment, which envisages an important 


role for privatisation and a reduction 
of the role of the state in the econ- 
omy. In rural areas, where initially 
some credit will be needed for small- 
holders for example to bay seed, 
help will be needed to reforest 
the country and prevent further soil 
erosion. 

According to an assessment pres- 
ented to donors in Paris last month 
by the IDA, a series of reforms to 
modernise the state is necessary. A 
cat in the size of the armed forces, 
perhaps to a fifth of their 7,500 
strength, and creation of a proper 
police force are seen as the main pri- 
orities. 

The number of public servants, esti- 
mated at around 45JXX), should be cut 
and the civil service reformed. This 
should he accompanied by privatisa- 
tion and deregulation, including an 
ending of exchange controls. 

Some of these will be difficult and 
unpopular decisions. Public service 
has been traditionally used to offer 
jobs as a reward for political favours 
and the envisaged trade liberalisation 
will be resisted. The IDA has recom- 
mended that import restrictions be 
lifted and that tariffs removed, except 
those on rice, com, beans and sor- 
ghum, which should be halved. 

Economic improvement In the 
months after a change of power will 
depend on the speed at which impor- 


tant institutions can be rebuilt. The 
Integrity of the commercial banking 
sector has been undermined by 
increasing interference by the mone- 
tary authorities seeking finance for 
the state. The position of the banking 
sector worsened last month after vir- 
tual raids by the central hawtr inspec- 
torate, ostensibly to verify foreign 
currency holdings. 


The money 
printing presses 
have been used 
freely to finance 
the government 


The country’s fiscal accounts, usu- 
ally in deficit, have depended in bet- 
ter times on ever increasing customs 
duties applied to a dwindling volume 
of imports. 

The money printing presses have 
been used freely to finance the mili- 
tary government, leading to inflation 
and sharp currency depredation. Hie 
gourde, Haiti's cumsicy, has deval- 
ued 60 per cent since the start of this 
year. Inflation, 15 per cent in 1991. 
rose to 48 per cent last year, while 


unemployment is estimated at 55 per 
cent, althou gh about two out of every 
three Haitians are not part of the for- 
mal economy. 

The light manufacturing sector, 
based on assembly for export ~ 
mainly of sporting goods, textiles and 
electrical appliances - has been killed 
by the trade embargo. A similar fate 
has overtaken export agriculture with 
coffee the main export According to 
the IDA, Haiti saw its exports decline 
from $163m in 1991 to S72m in 1993. 
while imports fell from $300m to 
$l73m in the period. 

Successive administrations have 
defaulted on repayments on the for- 
eign debt of SSZfan, and the country is 
in arrears to the international finan- 
cial institutions by about t80m. These 
arrears will have to be cleared - prob- 
ably by donors - before the IMF, 
World Bank and InterAmerican 
Development Bank can resume lend- 
ing. The country will also need debt 
write-offs similar to that in July 1991 
when France forgave $55m. 

Any post-Cedras government is 
likely to find Itself under pressure to 
deliver quickly. 

Mr Aristide's supporters, mainly 
from Haiti's poor majority, had expec- 
ted an almost immediate improve- 
ment In living standards when he 
took office in 1991. His return win 
refuel these expectations. 


P resident Jean-Bertrand Aristide, 
if returned to power on the 
back of American political pres- 




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FINANCIAL times MONDAY SEPTEMBER 19 1994 


★ 


7 


NEW DIRECTIONS FOR THE NINETIES 


ADVERTISEMENT 


Turning the High Yen 
To Its Advantage 

Tsutomu Kama, President of Hitachi, ltd., explains how his company has 
capitalised on the high-valued yen. 


McCulloch; While the Japanese 
economy slowly recovers, manufacturers 
such as Hitachi, Ltd. must cope with the 
negative effects of an appreciating cur- 
rency. Has the strong yen brought any 
benefits? 

Kanai: If you view the currency factor 
from a long-term perspective, the yen's ap- 
preciation against the US dollar is actually 
a reflection of the underlying strength of 
the Japanese economy and of the coun- 
try's corporate structure 

If Japanese companies try to capitalise 
on the benefits offered by the strong yen 
over the long-term period— for example, 
by increasing overseas investments or by 
raising international procurement levels 
to reduce manufacturing costs— then the 
appreciating currency makes available 
numerous opportunities for expanding 
business. 


In Hitachi's case, the strong yen has 
encouraged us to increase the level of 
overseas investment in production and 
marketing facilities. As a result, today 
the value of our offshore production is 
over ¥600 billion which is more than 
double the value of five years ago. The 
offshore share of our total sales is today 
9 per cent. 

McCulloch: Under the difficult busi- 
ness climate, what measures are you tak- 
ing to achieve continued growth? 

Kanai: Firstly, we're working very hard 
to reduce direct and indirect costs, includ- 
ing those of raw materials and compo- 
nents. Secondly, we're trying to simplify 
our corporate structure to make Hitachi 
more responsive to changing business 
trends. Wre also restructuring our work- 
force to better match employees with the 


By Bussell McCulloch 


tasks they must perform. 

In addition to these measures, in each 
division we’re re-examining tire competi- 
tiveness of products and re-assessing the 
future potential of markets. In this way, we 
can strengthen and restructure product 
development, production and marketing 
from a global point of view. 

McCulloch: Could you give an 
example? 

Kanai: From April of next year we 
will merge Hitachi, Ltd., with Hitachi 
Sales Corp., a subsidiary which presently 
handles the marketing of our consumer 
products. Through this merger; we wffl 
integrate the production and marketing of 
consumer products and strengthen our 
management capability in the area of con- 
ventional consumer products. At the same 
time, the merger should enable us to ex- 



Mr. Tsaiomo Kauai, President, Hitachi, Ltd. 


pand our business in the growing multi- 
media field through the advantages it will 
bring in tbe merchandising, mass produc- 
tion and marketing of consumer products. 

McCulloch: Has the business down- 
turn forced Hitachi to cut investment? 

Kanai: Even in this difficult business 
period, we have embarked upon an aggres- 
sive investment programme though this is 
focussed strictly on those areas where we 
believe future growth will be strongest, for 
example, during the last Fiscal year we allo- 
cated ¥95 billion for semiconductor-related 
fields which are now doing well and par- 
ticularly for 16 megabit DRAMs (Dynam- 
ic Random Access Memory). During both 
fiscal 1993 and fiscal 1994, we have set 
aside ¥30 billion to increase our prod uction 
capacity for Thin Film Transistor (TFT) 
colour displays used in items such as porta- 


ble computers. Demand for these screens is 
increasing dramatically. 

During the past fiscal year, we allocat- 
ed approximately ¥4S0 billion, or 7 per 
cent of total sales, practically unchanged 
from the previous year, toward research 
and development where our efforts are 
focused on information systems and 
electronics. 

McCulloch: Hitachi, Ltd has also 
been actively forging alliances with other 
companies offshore. 

Kanai: This is quite correct and we're 
pleased with the progress we've made to 
date. In April of this year we concluded a 
technical collaboration agreement with 
IBM Corp- in the Reid of large scale com- 
puters. Were also working very closely 
with Tfexas Instruments in the develop- 
ment of 256 megabit DRAMs. 



Translating global words into local action 


: N. / 



^RF — \ 


■>* 


European-produced semiconductors from 
Hitachi's Bavarian plant in LandshuL 


Meeting tbe needs 
of the market 

Hitachi sees the establishment of 
market-oriented business operations as the 
most important area of future activity, 
which is necessary to fulfil the company's 
commitment to the customer and to society. 

The merger of Hitachi Saks Corp., and 
Hitachi Ltd., announced recently, shows 
Hitachi's clear belief that the company is 
responsible for total customer satisfaction 
and demonstrates an acceptance that this 
can only be accomplished by covering every 
area, including design, manufacture, sales 
and customer service. 

Hitachi believes that the merger will 
strengthen the group's business development 
in consumer products through the integra- 
tion of production and sates organisations. 
The merger sends a clear message to cus- 
tomers, distributors and competitors alike 
that Hitachi is committed to presenting a 
total solution for customer satisfaction. 

Herein Europe, Hitachi is now seeking 
to build on existing strengths and establish 
the best response systems to customers’ 
requirements in every sector of business 
operation. 


In the area of large-sized general pur- 
pose computers, for example, Hitachi has 
recently completed the restructuring of 
European sales channels to ensure a clarity 
of message and a unified approach to cus- 
tomers throughout the continent 

The establishment, in June, of an 
independent design company producing 
customer-specific micro-controllers and 
ASICs also clearly demonstrates Hitachi's 
belief in providing locally designed and 
produced items to respond to customer de- 
mands at the local level. 

Hitachi is also buying high-quality Eu- 
ropean material and products for use in Eu- 
rope and elsewhere This unified approach 
aims to provide a total European solution 
which meets customers' requirements based 
on the needs of the local market. 



Hitachi's air conditioner plant near Barcelona, 
Spain, manufactures products for the European 
marker. 


Matting products for 
Europe and beyond 

More Hitachi products are manufac- 
tured in Europe than is perhaps known, as 
the company moves forward to providing 
tocaUy-produoed goods which meet Euro- 
pean needs. 

The Hitachi group of companies cur- 
rently has 11 major factories throughout 
Europe, producing a wide range of com- 
modities which include consumer products; 
audio and video tapes and floppy disks; 


computer peripherals; air conditioners; 
semiconductors; industrial materials; and 
construction machinery. 

An excellent example of the company); . 
commitment to manufacturing in Europe 
and the increasing growth of these opera- 
tions is Hitachi's semiconductor plant in 
Landshut near Munich, Germany 

The factory began operations in 1980 
and, since the spring of this year, has started 
to manufacture 16 megabit DRAMs, right 
from the initial production stage. 

Hitachi also plans for all stages of 
rmcro-controUers and ASIC production to 
be handled from this European factory in 
future. 

A more recent example of how 
Hitachi's commitment to global expansion 
and localisation has had an impact on Eu- 
rope, and a clear illustration of the compa- 
ny’s desire to meet the demands of the 
market by providing local solutions, is the 
new air conditioner plant near Barcelona, 
Spain, which was formally opened in May 
1993. 

The factory, which is now gearing up 
to meet its target of supplying all Hitachi 
air conditioners for the European, Middle 
Eastern and Southern African markets, 
gives a clear demonstration of Hitachi's 
desire to design, produce and market Euro- 
pean products chat meet the changing needs 
of customers in Europe and beyond. 

In addition, Hitachi’s Advanced Soft- 
ware Centre in Maidenhead, UK has just 
launched ‘ObjectReuser’, a market-leading 
tool for improving software development 
productivity. This is the first Hitachi soft- 
ware product to be produced in Maiden- 
head, and it is being distributed not only 
in Europe but worldwide. 

By presenting a total European solu- 
tion, which addresses all aspects of design, 
procurement, manufacture, sates and cus- 
tomer aftercare, the company is committed 
to fulfilling its philosophy which calls for tbe 
company to be at the heart of the communi- 
ties it serves and to improving tbe quality 
of life, now and in the future 


A history bnflt on innovation 

Despite todays tough business environ- 
ment, Hitachi's commitment to research 
and development remains the bedrock of the 
company’s activities, reflecting Hitachi's 
view of R&D as essentia) to the future 
growth of its business. 

Hitachi has always emphasized R&D 
as the driving force for strengthening com- 
petitiveness, and since 1989, has established 
seven overseas R&D bases, including in 
Europe, Dublin, Cambridge, Milan and 
Munich, in order to further the company's 
level of basic research. 

Excellent examples of successful col- 
laboration have led to some remarkable 
achievements already. In cooperation with 
Trinity College, Dublin, for example, work 
on neural networks has led to the develop- 
ment of an artificial retina that can recog- 
nise moving or partly-obscured objects 
and brings the world a step nearer to a 
thinking computer. 

Important breakthroughs such as this 
have been achieved through collaboration 
with European researchers and Hitachi 
is committed to ensuring that the credit 
for these European discoveries remains 
in Europe. 

Hitachi sees the development of this 
collaborative approach to R&D as central to 
the company’s success in the 21st century. 




Collaboration with Trinity College, Dublin, ied 
to an artificial retina. 


Providing speech therapy equipment at Treloar 
College. Hampshire to improve the lives qf 
people with speech impediments. 


Towards a better tomorrow 
for all 

Hitachi has been quick to back environ- 
mental concerns with action. Back in 1991, 
Hitachi established a GREEN Centre 
(Global Resources, Environment and Ener- 
gy System Centre) to conduct research into 
environmental preservation technologies. 
Hitachi's corporate ecological plan is based 
on four issues; ozone layer protection; global 
warming; industrial waste management; 
and recyclable product design. 

Hitachi has also engineered a plan to 
eliminate harmful chlorofluorocarbon use 
by the end of 1995 and is introducing more 
and more products that are environmentally 
friendly. 

Hitachi's worldwide operations are 
complemented by a deep involvement in lo- 
cal community affaire in the areas surround- 
ing the company's operations. In Europe, 
this has led to the establishment of an Open 
Learning Centre for the deaf in Birming- 
ham, and a Speet* Tlxrafy Ctentre in Hamp- 
shire for Children with speech impediments. 

These and other community-based ac- 
tivities are undertaken not for commercial 
gain, but because Hitachi's primary aim is 
to improve society for all by producing in- 
novative technology and by making a posi- 
tive contribution to the communities in 
which it operates. 

Hitachi is making a dedicated effort to 
be at tbe heart of the communities it serves 
whilst remaining at the leading edge of 
tomorrow's technology. 



Building on our success in Europe 


Koinml 

Director. Hitachi Europe Ltd. 
Hitachi, Ltd 


Hitachi's overseas subsidiaries form 
part of a global network of enterprises all 


operating with a high degree of autonomy. 
These offshoots have developed into strong 
roots for the worldwide corporation that is 
Hitachi This approach of localising the 
global corporation is leading to the produc- 
tion of market-oriented goods and is the 
foundation of Hitachi’s global network. I 
believe a clear example of the success of 
this approach is amply demonstrated by 
the company's operations in Europe. 

The depth of Hitachi's investment and 
activity in Europe, covering sales and 
production, as well as international 
procurement, technological alliances and 
cooperation in research and development, 
is the true measure of our commitment to 
the European community. 


The Hitachi group of companies has 
11 major manufacturing plants through- 
out the continent, which include a semi- 
conductor plant in Germany, a computer 
products plant in France; a consumer 
products factory in the UK and an air con- 
ditioner plant in Spain. 

These are truly European operations, 
with product design, production and mar- 
keting all handled locally. Vte are also buy- 
ing high-quality European materials and 
products for use in Europe, Japan and 
elsewhere, 

Hitachi is also investing in collabora- 
tive research, utilising the long tradition of 
innovative thought in Europe; whilst en- 
suring that discoveries made by European 


researchers remain the intellectual prop- 
erty of Europe. 

Our R&D centres in Cambridge and 
Dublin are working on stunning new 
projects in artificial intelligence and elec- 
tronic and optical devices. Wfe also have 
design groups in Munich and Milan 
bursting with innovative ideas to meet per- 
sonal and social needs. 

Our philosophy of improving the qual- 
ity of life through our activities extends 
beyond the business sphere because we 
realise that to survive and prosper, compa- 
nies need stable; healthy communities. 
Central to every Hitachi operation is the 
belief that the company should make an 
active contribution to the local community 


and the breadth of Hitachi’s investment 
and involvement throughout the continent 
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1 1'sqpasn W mM; b« w»a 


Guinness trial ruled unfair 


By John Mason, 

Law Courts Correspondent 

The legality under European 
law of the UK's procedures for 
the Investigation and prosecu- 
tion of fraud has been called 
into question by a European 

fYitrtTTrteKinTi qq H uman Rig hts 

ruling that the Guinness trial 
was unfair. 

The commission h*K upheld 
a complaint by Mr Ernest 
Saunders, the former rtmirman 
of thp UK drinks group, jailed 
for his role in the 1988 takeover 
of Distillers, that his prosecu- 
tion was an abuse of the Euro- 
pean convention on h uman 
rights. 

The ruling, doe to be pub- 
lished later this week, agreed 

Mg trial was unfair because 

evidence given by Mr Saunders 
under compulsion to Depart- 
ment of Trade inspectors was 


used a gainst him in his trial. 

The case is now set to go to 
the European Court for a final 
resolution. A win for Mr Saun- 
ders there would, most lawyers 
believe, have widespread impli- 
cations for the fight against 
financial crime in the UK 

At the centre of the issue 
would be the “Section 2" pow- 
ers of the UK’s Serious Fraud 
Office which compel suspects 
to answer questions. 

However, a European court 
judgment might also have a 
effect on the government’s 
recently introduced policy for 
combatting crime generally by 
restricting the “right to 
silence" of all suspects. 

The government is expected 
to fight hard to maintain the 
current system of allowing the 
limited wngponginn of the right 
to silence. It Is expected that 
lawyers will argue strongly 



Ernest Saunders 

that this provides an essential 
weapon against financial crime 
where investigations are par- 
ticularly difficult to perform. 
However, the Commission’s 


Unit trusts set sights on China 


PfWClAL TIMES 

«|wMilr«<IKr^Uh aj«lgutKmdb|«Jk> vr 


By John Gapper 

British fund management 
companies will this w eek press 
I the Chinese government to be 
i allowed to participate in 
introducing unit trusts to 
China as a means of lessening 
the volatility of share prices on 
local stock exchanges. 

A missi on to China by Brit- 
ish Invisibles, the cross-sector 
organisation which promotes 
invisible UK exports, is to seek 
access to the domestic equity 
market for fund and manage- 
ment wwipiTiiiiii, Tin-hiding fhp 

asset management arms, of 
large UK banks and invest- 
ment banks. 

The 30-strong delegation. 


Fraud office 
to question 
Nadir aide 

By Charles Batchelor 

A dose associate of Mr Asfl 
Nadir, the fugitive farmer head 
of Polly Feck International, is 
expected in London today to 
meet officials of the Serious 
Fraud Office and police. 

Mrs Elizabeth Forsyth 
worked in London at South 
Audley Management, a com- 
pany with links to the Nadir 
family, before tipping to north- 
ern Cyprus three years ago. 
Her return has been timed to 
coincide with the fourth anni- 
versary of the police raid on 
the company's offices which 
precipitated the Polly Peck col- 
lapse. 

The fraud office said yester- 
day; "We would like to talk to 
her.” There is however no war- 
rant out for the arrest of Mrs 
Forsyth and it appears 
unlikely that any attempt 
would be made to detain her 
When »hp lands 

The Jasmine Court Hotel in 
Kyrenia in northern Cyprus, 
where Mrs Forsyth had been 
staying and which is owned by 
Mr Nadir, said yesterday that 
she had left to take a flight 
to Britain and that she would 
not be returning for three 
weeks. 

The fraud office denied that 
the way it dealt with Mrs For- 
syth would have implications 
for its treatment of Mr Nadir, 
should he return from his 
self-imposed exile. Sources 
close to Mrs Forsyth had 
suggested that a failure to 
charge her would mean the 
fraud office had no case 
against Mr Nadir. 

"Ash Nadir has skipped bail 
and is a fugitive from justice," 
the fraud office said. " 11)610 is 
a case ready to proceed against 
him and we are ready to try 
him when he returns.” 1 

Mr Nadir fled to Cypr u s in 
May 1993 while facing 13 
charges of theft and false 
accounting involving L34m 
«53m). 

The administrators to Polly 
Peck, a conglomerate with 
interests in fruit packing, pack- 
aging and electronics, are stall 
attempting to conclude the sale 
of its main assets. 


which will give seminars on 
aspects of regulatory policy 
and on financial practice in the 
city of London, will also press 
for a more certain framework 
of financial law in order to give 
overseas institutions certainty 
that their contracts are bind- 
ing. 

The mission is the sixth sent 
by British Invisibles since 1980. 
and comes amid a rapid 
growth in Interest among 
financial institutions in gain- 
ing a ccess to fifinia Foreign 
banks have been precluded 
from gathering local currency 
deposits or selling Chinese 
shares to local investors. 

Mr Robin Box. vice chairman 
of Klein wort Benson, the UK 


investment book, said that the 
Chinese government had 
accepted that the development 
of a unit trust industry would 
help to curb stock market vola- 
tility. 

Mr Fox said that hanks and 

investment hanks with fimds 

management arms wo uld try to 

persuade the government to 
allow them to take part in joint 
ventures with local companies. 
They could bring expertise in 
the prin cipals of f rmd manage- 
ment and in technolog y 
Lord Alexander, chairman of 
National Westminster Rank, 
said that th» uncertainty of 
Chinese law limited invest- 
ment in the country. For exam- 
ple. banks were made more 


reluctant to lend by the diffi- 
culty of obtaining legally bind- 
ing covenants an leans. 

Mission leaders said they did 
not believe that UK companies 
were at a disadvantage because 
of disagreements over Hong 
Kong. Mr Fax said that odd 
cases of discrimination had 
occurred where “a local official 
did not want to create a rum- 
pus". 

Domestic share prices in 
China have fluctuated wildly 
this year. The government's 
statement that it would allow 
foreigners to invest in the "A 
shares", currently restricted to 
local investors, sent share 
prices up by more than 60 per 
cent 


Whisky galore: thousands of casks lie maturing in Guinness's 250-acre complex in central 
Scotland. Tradi t ion has it that the stocks are worth more than the gold in the of En gland. 
Guinness, which reports its interim results on Thursday, fries to keep the precise location a secret 


Sinn Fein sees talks ‘within weeks’ 


By David Owen 

A senior member of Sinn F61n 
yesterday raised the prospect 
of talks before Christmas with 
the UK government saying 
there was “absolutely no 
reason" why the two sides 
could not be involved in dis- 
cussions “within a matter of 
weeks". 

The prediction - by Mr Mar- 
tin McGulnness, a member of 
Sinn Fein's executive - came 
as the hardline Democratic 
Unionist party indicated that 
last week’s statement by UK 
prime minister John Major 
could pave the way for tt to 
rejoin political talks with Mr 
Michael Ancram, the Northern 

Ireland minister. 

But a DUP spokesman made 
It clear that the party did not 
accept that last mouth's IRA 
ceasefire announcement was 


not the result of a secret deal 
with the government. 

Earlier this month, Mr Mqjor 
ordered Mr lan Paisley, the 
DUP leader, to leave Downing 
Street after he refused to 
accept the prime minister’s 
assurances on this score. 

While Sinn Fein indicated 
that Mr Gerry Adams, the par- 
ty’s president, was set to go to 
tiie United States for several 
weeks before the mid of the 
month, Mr McGuiuness said it 
was “quite clear" that talks 
would take place “between all 
the parties”. 

“Hopefully this will happen 
before Christmas," he added. 

“It win be impossible for the 
British government not to 
enter talks with Sinn Fein, and 
it is only a matter now of when 
this will happen.” 

But in remarks made less 
than 48 hours after Mr Major 


lifted the government’s broad- 
casting’ ban on Sinn Ffein. Mr 
McGohmess said ha was disap- 
pointed at a suggestion by Mr 
Albert Reynolds, the Irish 
prime minister, that there 
would be no united Ireland in 
this generation. 

“We should not take pessimis- 
tic views at this stage," Mr 
McGmnness said. 

Commenting on Mr Major’s 
promise last week to submit 
the o utc ome of political talks 
to a referendum inside North- 
ern Ireland, Mr McGulnness 
said any settlement reached 
would have to be put to all the 
people of Ireland. 

“It Is quite clear that Irish 
nationalist opinion is agreed 
that there can be no internal 
settlement, that there can be 
no partitionist arrangement 
and there can be no veto for 
anyone." 


B ritain in brief 


ruling was widely welcomed by 
defence lawyers specialising in 
white collar crime. Mr Rod 
Fletcher of Russell Jones & 
Walker, a London law firm, 
said; “it is extraordinary that a 
minority group - of financiers 
or businessmen accused of 
financial fraud - are discrimi- 
nated against by our legal sys- 
tem. 

"The right to sflence is a fun- 
damental safeguard of anyone 
accused of a crime. The anus is 
and shonld be always on the 
prosecution to prove guilt and 
there is no basis for violation 
of such principles." The three 
other men convicted and jailed 
fix- their parts on the Guinness 
scandal, Mr Gerald Ronson, Mr 
Tony Parries and Mr Jack 
Lyons are understood to be 
considering their positions in 
the light of Mr Saunders' sue- 



Lib Dems 

abandon 

neutrality 

The liberal Democrats 
yesterday in effect abandoned 
their professed neutrality 
between the Conservatives and 
Labour as senior figures 
insisted there were no 
circumstances in which the 
party could help sustain the 
present government in office 
after the next general election. 

The decision by leading 
Liberal Democrats to dismiss 
publicly the stance of 
“equidistance” adopted since 
the 1992 general election 
brought an angry response 
from Mr Paddy Ashdown, the 
party leader, who said 
colleagues indulging in public 
debate on the issue were 
“wasting very Important 
time". Mr Ashdown said at the 
start of the Liberal Democrat 
conference in Brighton that 
the party's main task was to 
entrench its own distinctive 
and independent identity as a 
powerful third force in British 
politics. 


RaO dispute vote 
favours negotiation 

In a breakthrough heralding 
the possible end of the 
three-month long rail dispute 
yesterday, signal workers' 
delegates of the RMT transport 
union voted unanimously at 
their annual conference to 
urge their union’s executive to 
open negotiations as soon as 
possible on a future package 
for Hu» signalling grades. 

A 'Tnirm irffirial denie d this 
decision was a surrender. The 
RMT leadership has hitherto 
insisted there must be an 
Interim pay rise for the signal 
workers as reward for past 
productivity before talks could 
begin on restructuring. 


PO privatisation 
decision deferred 

supporters within the 
cabinet of privatisation of the 
Post Office are confident that 
the government will press 
ahead with a majority sale of 
the Royal Mail. But they 
believe formal approval for the 
sale of a 51 per cent stake in 
the Post Office may signal an 
indefinite delay in its 
controversial plan to open up 
the domestic gas market to 
competition. 

A final decision on the Post 
Office sale will be deferred 
until the conclusion of the 
consultation period at the end 
of tins month. 


Bidders asked to 
talks on coal sale 

Advisers to the government on 
coal privatisation start 
detailed talks with bidders 
this week with the aim of 
helping ministers select the 
preferred tenders next month. 

NJd. Rothschild, the 
merchant bank, contacted the 
bidders immediately after the 
deadline for tenders last 
Wednesday to arrange 
appointments for the 
discussions. The government 
has said it will not necessarily 
choose the highest tenders. 
Rothschild is briefed to 
prepare for a handover of the 
assets by the mid of thte year. 


John Bull sets 
sail for China 

Romford brewery, famo us for 
its John Bull bitter, is to be 
shipped off to China. San 
M iguel, the Philippines-based 
brewer, has bought the 
complete plant and will 
reerect it about 100 miles 
south of Beijing. 













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The Department of Trade and 
industry’s report into alleged 
insider trading by Lord Archer 
m Anglia Television shares 
would be a best-seller if it were 
published, perhaps rivalling 
the sales of the best-selling 
novelist's own thrillers. 

However, publication of the 
real thing seems very remote. 
So in the interests of honest 
competition with Lord 
Archer's highly profitable 
worts of fiction, a version of 
what the DTI inspectors might 
have written is present below. 

The intention is to shed light 
on bow and why in mid-Janu- 
ary Lord Archer placed orders 
to buy 50,000 Anglia shares, 
days before an agreed takeover 
bid for the company was 
announced. 

1 A brief history of An gli n 
Television 

The company was incorporated 
in September 1958. Its main 
subsidiary, Anglia Television 
Limited, is licensed by the 
Independent Television Com- 
mission to hold the broadcast- 
ing franchise for the east of 
England. In January, its board 
estimated that in the year to 
December 31 1990, the company 
made profits before tax of at 
least £16m, including an excep- 
tional credit of £5m, compared 
with £14j>m the previous year. 

2 Lady Archer and the Angfia 
board of directors 

On January 29 1987, Anglia 
Television announced that Dr 
Mary Archer, for ten years fel- 
low and college lecturer in 
chemistry at Newnham College 
Cambridge, was joining its 
board. Her fellow directors 
describe her as “punctilious" 
and “very professional". 

Dr Archer, as she prefers to 
be known, is also head of the 
Lloyd's hardship committee, 
which assesses whether penu- 
rious members of the London 
insurance market should 
receive financial support 

3 Lord Archer,, fiction and the 
Conservative party 

Dr Archer is the wife of the 
best-selling novelist. Lord 
Archer, formerly Mr Jeffrey 
Archer, who was created a life 
peer in 1992 and was deputy 
chairman of the Conservative 
party from 1985 to 1986. Mr 
John Major, the Prime Minis- 
ter, is a friend. 

Lord Archer has had a vola- 
tile career. He became Tory MP 
Tor Louth in 1968. However, he 
stood down in 1974, after a 
businessman, Mr Anthony 
fiamford, started bankruptcy 
proceedings against him, to 
recover funds that Lord Archer 
hod invested in Aquablast, a 
Canadian company which 
turned out to be fraudulent 
Lord Archer was financially 
ruined, hut rebuilt his fortune 
when he discovered a talent for 
writing popular fiction. 

4 Lord Archer. Broosk Saib, 
Kurdstan and the PM 

In April 1991 Lord Archer 
became involved in fundraising 
for the Kurds of northern Iraq, 
by organising the Simple Truth 
pop concert. Through his visits 
to Kurdistan, he became 
friendly with Mr Broosk Saib, a 
young London-based Kurdish 
businessman. 

Mr Saib. who is 32. con- 
trolled two companies, Broosk 
Estate Agents and Broosk Inte- 
rior Designs, which were 
wound up in 1991. When liqui- 
dated, Broosk Estate Agents 
was unable to repay creditors 
owed £71,673. 

From January 3 to January 9 
of this year, Lord Archer trav- 
elled in Iraq to investigate the 
plight of the Kurds. On return- 
ing, he met the prime minister, 
Mr John Major, to give a report 
on their condition. 

5 Anglia directors' share 
dealing code 

Ou September 23 1992, the Ang- 
lia board adopted new rules 
“governing dealings by officers 
{which include all directors! of 
the group in the securities of 
the company". These rules 
were “applicable to any deal- 
ings bv the officer's spouse or 
on behalf of any infant child or 
hy any other person connected 
with him". 

The rules also applied to 
other dealings in which the 
officer or any other person con- 
nected with him “is or is to be 
treated as interested". The 
rules prohibited dealings by 
officers and their spouses 
when the officers possessed 
information which was "likely, 
upon publication, to affect the 
market price of those securi- 
ties". Information about a pos- 
sible takeover of Anglia 
into this category. 

The rules also contained an 
explicit prohibition on dealings 
hy anv director or their spouse 
m Anglia shares during the 
"close period", from the end ot 
the company's financial year 
un December 31 to the publica- 
tion of us annual results, nor- 
mally in the middle of March. 

Each director was required 
to sign a copy of the rules. 

confirming that they had 
received them ;uid that thej 
would “act in accordance 
therewith". Directors informed 
their spouses and connected 

parties. 

6 The outhouse in the 
Crentcheiter garden 

Udy An*ff ***** £ 

low Anglia directors tint ; 
hoops all her confidential 


The greatest story never told 


board papers in a converted 
Victorian folly in the garden of 
the main family home at 
Grantchester near Cambridge. 
She and Lord Archer have sep- 
arate offices in the folly. 

7 Lord Archer, fiction and 
stockbrokers Charles Stanley 

Since the early 1970s, Lord 
Archer had sporadically done 
business with Mr Simon 
Wharmby and Mr Frank Watts, 
two stockbrokers who have 
worked as a team for a variety 
of City of London firms. 

They both joined Charles 

Stanley in October 1993, having 
left Sheppards after it was 
merged with Carr Kitcat. 
Charles Stanley is a medium- 
size stockbroker that can trace 
its roots back 200 years. It is 
controlled by the Howard fam- 
ily, which is wen -known in the 
City of London. Its typical cli- 
ents are wealthy individuals, 
including "senior members" of 
the Conservative Party, accord- 
ing to one of Its executives. 

In the 1970s, Mr Watts and 
Mr Wharmby worked for Rowe 
Rudd, an aggressive stockbrok- 
ing firm used by Lord Archer 
which no longer exists. Mr 
Watts has told friends that he 
had tried to deter Lord Archer 
from making his ruinous 
investments in Aquablast 
Coincidentally, a character 
called “Frank Watts”, also 
employed by a “Rowe Rudd", 
appears in Lord Archer's first 
novel. Not a Penny More, Not a 
Penny Less, which launched 
him back on the road to for- 
tune. The novel contains a 
scene in which Mr Watts 
receives an order to buy and 
sell a parcel of shares within a 
single dealing period or 
“account" from an insider 
dealer. 

For the past few years, nei- 
ther Mr Watts nor Mr 
Wharmb y hart had any busi- 
ness dealings with Lord 
Archer, according to a friend of 
theirs. 

However, Mr Wharmby tele- 
phoned Lord Archer twice 
shortly after joining Charles 
Stanley. He did this because be 
was contacting all wealthy for- 
mer clients, to inform them 
where be could be reached. 
Around Christmas, he then 
contacted Lord Archer again to 
ask him if he wanted to invest 
is an unusual scheme to sal- 
vage a ship sunk during the 
second world war. Lord Archer 
declined. 

8 Regulatory changes which 
made Anglia a takeover target 
In May 1993, the then National 
Heritage Secretary, Mr Peter 
Brooke, launched a review of 
the rules preventing any com- 
pany from holding more than 
one large broadcasting fran- 
chise. He announced on 
November 24 that each ITV 
company would be permitted 
to hold two regional fran- 
chises, subject to approval by 
both Houses of Parliament. 
The new rules came into effect 
on January 1. 

As a smaller television com- 
pany, with a market value in 
December 1993 of £190m, Ang- 
lia was widely viewed after the 
rule change as vulnerable to a 
takeover by a bigger franchise 
holder or media company, such 
as MAL which controls Merid- 
ian Broadcasting, the South of 
England ITV company. 

9 Events leading to the 
takeover of Angfia by MAI 

In December 1993, MAI indi- 
cated to Anglia that it would 
be interested in making a bid 
for the company. Board papers 
which gave details of this ten- 
tative offer were sent to direc- 
tors on December 31. 

MAI’s Interest in the com- 
pany was discussed by the 
Anglia board for the first time 
at a meeting held in their 
Leicester Square office in the 


At around 10am 
on January 13 
Lord Archer 
telephoned Mr 
Wharmby and 
asked him to 
check the ‘price 
and size 9 — or 
availability - of 
Anglia shares 


centre of London on January 5. 
The meeting, which was 
attended by Lady Archer, ran 
from 10.30 am until lunch. 
Directors also discussed and 
rejected a complicated four- 
way partial merger involving 
London Weekend Television, 
Yorkshire and Tyne Tees. How- 
ever directors kept open the 
options of combining with MAI 
or remaining independent 

10 MATs bid proposal 
A firm bid proposal from MAI 
was discussed for the first time 
by the Angfia board at a meet- 
ing on January 12. The meet- 


If the DTI report into alleged insider dealing by Lord 
Archer were published, it would probably become a 
best-seller to rival the success of the novelist himself. 
But the account is very unlikely to appear. Here, Robert 
Peston sets out what the investigators might have said 



ing, held again at Anglia’s Lon- 
don offices lasted from 9am 
until lunch. MAI was offering 
around 610p a share. The board 
authorised Sir Peter Gibbings, 
Anglia’s chairman, to negotiate 
a takeover at dose to 650p a 
share. 

That afternoon. Sir Peter and 
his chief executive, David 
McCall, met Lord Hollick. 
MATs managing director, and 
Sir James Mackinnon. MAI's 
ch airman, to discuss takeover 
terms. Agreement on a take- 
over price of about 650p was 
reached. The following morn- 
ing. Anglia directors were 
invited to attend a further 
board meeting, to be held on 
Sunday January 16. 

11 AagKa’8 share price 
performance 

Because Anglia was widely 
viewed as a takeover target, its 
sbares had performed strongly 
in the latter months of 1993 
and early 1981 On January 4, 
its share price was 428p. By 
January 12, the day before 
Lord Archer placed his first 
order, it had risen to 482p, a 
rise of 13 per cent in just seven 
working days. Brokers say that 
if there bad not been a take- 
over bid for the company, the 
price might weB have fallen. 

12 Lord Anker's first order 
to buy Angfia shares 

At around 10am on January 13 
Lord Archer telephoned Mr 
Wharmby and asked him to 
check the “price and size" - or 
availability - of Anglia shares. 
This was the day after the 
Anglia board meeting which 
first discussed MATs detailed 
takeover proposals, including a 
610p bid price which was sub- 
sequently revised upwards. It 
was also during the “close 
period", during which any 
dealings by Anglia directors 
and their spouses were prohib- 
ited by the company’s rules. 

Mr Wharmby called Charles 
Stanley’s dealers, who told him 
that a parcel of 8WX)0 shares 
was available. He then tele- 
phoned Lord Archer to tell him 
this. However, Lord Archer 
said the cost was too great. 
Instead, he placed an order to 
purchase 25,000 shares at a 
price of 4B5p. 

Mr Wharmby then spoke 
again to Charles Stanley's deal- 
ers, who clinched a deal with a 
market maker (a wholesaler of 
shares). According to stock 
exchange records, the deal was 
executed at 10.25am. 

Mr Wharmby then called 
Lord Archer and told him the 
deal had been completed. 

Up until this moment, Mr 
Wharmby had assumed that 
the shares were being bought 
for Lord Archer himself. How- 


ever, when Mr Wharmby asked 
Lord Archer how he wanted 
the deal to be recorded. Lord 
Archer said the shares should 
be booked in the name of Mr 
Broosk Saib, an individual for 
whom Charles Stanley had 
never dealt and who did not 
have an account at the firm. 

Stockbrokers say that it is 
unusual for an Individual to 
place an order on someone 
else’s behalf and not mention 
that the shares are being 
bought for this other person 
before the deal is transacted. 
“It is even stranger if the 
acquaintance does not already 
have an account with the 
stockbroker,” said a leading 
broker. 

13 Lord Archer's address as 
mail box for Mr Saib 
To carry out the transaction. 
Charles Stanley had to set up 
an account in the name of Mr 
Saib and in order to do so it 


needed an address for the 
Kurdish businessman. 

Mr Saib has a London, home, 
at 14 Heath Rise, Kersfield 
Road, Putney. However, this 
was not supplied by Lord 
Archer. 

Instead the novelist asked 
that the name and address on 
the account details should be: 
“B Saib Esq, c/o J Archer, 
Alembic House, 93 Albert 
Embankment, London SEl 
TTY," Alembic House is Lord 
Archer's London residence. 

14 Mr Saib says he is a 
frequent dealer in shares 
Mr Saib bad never before used 
Lord Archer’s address as a 
mail box when dealing in 
shares through any City of 
London stockbroker. This was 
ascertained by Charles Stan- 
ley, when it checked Mr Saib’s 
creditworthiness through the 
Stock Exchange Mutual Refer- 
ence Society, a database con- 


taining the names and 
addresses of all exchange mem- 
bers’ clients. 

Charles Stanley did not 
heck whether Mr Saib had 
ver dealt in shares using his 
iwn address in account details 
mppiied to a broking firm. 

Mr Saib has subsequently 
said: “I have bought a lot of 
. shares in my lifetime, and I 
'-.continue to do so." However. 
■ he has not said why he needed 
. to use Lord Archer to place the 
' orders on this occasion. 

15 A second Angfia share order 
Having instructed Mr 
Wharmby to register the 
shares in the name of Mr Saib, 
Lord Archer said that he would 
be interested in buying mare 
shares if they became available 
at the same price. As a result, 
the following afternoon Mr 
Wharmby telephoned him and 
offered him a second parcel of 
25,000 shares, again at 4S5p, 
which Lord Archer agreed to 
buy. Once more be bought for 
Mr Saib’s account. 

According to Stock Exchange 
records, the deal was executed 
with a market maker at 
L58pm. 

16 Lord Archer as effective 
guarantor of the deal 

On the morning of January 14, 
a few hours before this second 
order was placed. Mr Peter 
Hurst, Charles Stanley's 
finance director, noticed on his 
copy of the firm’s dealing sheet 
that a new client, Mr Saib, had 
bought 25,000 Anglia shares. 
Because he had never heard of 
Mr Saib. he wondered whether 
the firm should be giving him 
£121,250 of credit to pay for the 
shares. 

Under Stock Exchange settle- 
ment procedures, whenever 
anyone buys shares his or her 
broker provides credit to pay 
for them. This de facto loan 
lasts until “account day”, 
when the client has to deliver 
the funds. 

Mr Hurst therefore asked Mr 
Wharmby why he bad dealt for 
Mr Saib. Mr Wharmby 
explained that the order had in 
fact been placed by Lord 
Archer. Mr Hurst therefore 
came to the reasonable conclu- 
sion that Lord Archer would be 
“good for the payment" if Mr 
Saib himself could not come up 
with the hinds. He therefore 
gave Mr Wharmby permission 
to buy the second parcel of 
shares for Mr Saib that after- 
noon. 

Mr David Howard, managing 
director of Charles Stanley and 
an expert on stockbroker con- 
tract law as author of a Law 
Society paper on the subject 
was convinced that Lord 
Archer, the agent for the trans- 
action. would have been found 
liable in the courts if Mr Saib 
had failed to pay for the 
shares. 

17 No payment is made for 
the shares 

In fact, the question of who 
would pay for the shares 
turned out to be irrelevant. 



Iff' 

bb sc ... r ' 





- it- 




mmmm 




; ? 


m, 




They were bought and sold 
within a single account period, 
under a Stock Exchange settle- 
ment system which has now 
been superseded. Because the 
purchase and sale fell within a 
single account, the buyer did 
not have to put up any money. 

Lord Archer had to make 
special arrangements to ensure 
that the purchase and sale fell 
wi thin a single account in this 
way, because January 13 and 
January 14 were the last two 
days of a dealing account. He 
asked For the shares to be 
bought for "new time" by pay- 
ing a slight premium over the 
market price for the shar es. As 
a result the transactions 
counted as tailing into the next 
dealing account period. 


An executive of 
Charles Stanley 
then exclaimed 
that Lady 
Archer was an 
Anglia director. 
Mr Howard 
responded: ‘My 
God, this Is front 
page stuff. 9 


If the shares had not been 
bought in this way, payment 
for them would have been 
required on January 24. 
Instead, settlement day was 
deferred until February 7. 

IB Anglia is reminded of the 
restrictions on dealings 
Meanwhile, Anglia's solicitors, 
Linklaters and Paines, wrote 
on January 14 to the Anglia 
company secretary, Mr Robin 
Stephenson asking him to 
remind the board that neither 
they nor their spouses, depen- 
dents or connected parties 
should be dealing in Anglia 

Anglia TV 

SharB price (pence) 

700 


— 


These deals were conspicu- 
ous. Although the firm had 
received several orders to buy 
Anglia shares in the preceding 
weeks, there had been only 
Lord Archer's on each of Janu- 
ary 13 and January 14. 

At a meeting of Charles 
Stanley's directors the follow- 
ing day. Mr Hurrell pointed out 
quite how well-timed these had 
been. An executive of the firm, 
who happened to be in the 
room, then exclaimed that 
Lady Archer was an Anglia 
director. 

The managing director, Mr 
Howard, responded: “My God, 
this is front page stuff." He 
instructed Mr Hurrell to pass 
on the details to the Stock 
Exchange's insider dealing 
group, which has responsibility 
for the initial stages of insider 
dealing probes. 

However tbe exchange had 
already left a telephone mes- 
sage for Mr Hurrell. It wanted 
him to review all the firm's 
Anglia deals to see if any could 
have been transacted on the 
basis of inside information. 

Mr Hurrell told the 
exchange: **I have been expect- 
ing your calL" He went on to 
say that Lord Archer's share 
orders should be scrutinised 
carefully. 

23 The launch of a formal DTI 
investigation 

In the following three days, the 
Stock Exchange collected as 
much information as it could 
about Lord Archer's Anglia 
share orders. 

At the beginning of the fol- 
lowing week, the exchange 
passed its dossier on the trans- 
actions to the Department of 
Trade and Industry. The prime 
minister was then informed of 
the dealings. On February 8, 
the DTI appointed Mr Hugh 
Aldous, an accountant from 
Robson Rhodes, and Mr Roger 
Kaye QC. to investigate “possi- 
ble insider dealing contraven- 
tions". 

24 Not a Penny More. Not 
a Penny Less 

Charles Stanley was uncertain 
whether it should pay the 
cheque for the dealing profit to 
Mr Saib. in view of the inquiry 
being conducted into the trans- 
actions. It was advised by its 
solicitors that it should proba- 
bly hang on to the money. 

There was a risk, according 


Turnover voJume (m shams traded) 

2.5 

o 



^ Archer otters 
share purchase 
e Archer orders 
share purchase 
0 Angfia take over I 
announced 
Archer orders 
share sale 


Sousk FT Qrophtte 


R* Mar Apr 
1094 


The Archers at the main family home in Grantchester. They have offices in a converted folly there 


shares, in view of the negotia- 
tions with MAL 

19 Anglia's board agrees to 
the takeover 

On Sunday January 16, Ang- 
lia's board met at the offices of 
the company’s merchant bank, 
S.G. Warburg, in the City of 
London. The meeting lasted 
from 2pm until the late after- 
noon. The board gave approval 
for the merchant bankers to 
finalise the takeover terms 
with MAL The merchant bank- 
ers - Warburg for Anglia and 
NJI4. Rothschild for MAI - then 
worked through two nights so 
all remaining Impediments to a 
deal could be removed. 

20 The takeover is announced 
to die Stock Exchange 

At just after 8am on January 
18, MATs recommended offer 
for Anglia was announced. The 
terms in cash and new MAI 
convertible preference shares 
valued the company at approx- 
imately £292m and each Anglia 
share at “not less than 637p", 
with the precise value depen- 
dent on how the stock market 
would eventually value the 
MAI preference shares. 

21 Lord Archer's instructions 
to sell the Anglia shares 
Immediately after the bid was 
announced, Anglia's share 
price soared. 

At around 10am that morn- 
ing Lord Archer telephoned Mr 
Wharmby and instructed him 
to sell all 50,000 shares. Stock 
Exchange records show the 
deal was transacted at about 
10.15am, at a price per share of 
646p, realising a gross sum of 
£323.000. The net profit on tbe 
deal after deducting commis- 
sions and stamp duty reserve 
tax of 0.5 per cent, was 
£77,219.62. 

22 The Stock Exchange’s 
preliminary investigation 

On the same morning, Mr 
Hurst of Charles Stanley 
noticed the Stock Exchange 
announcement of MATs bid for 
Anglia. He asked his firm's 
compliance officer, Mr Eric 
Hurrell, who is responsible for 
ensuring that it sticks to the 
rules of the Stock Exchange 
and the Securities and Futures 
Authority, to have a close look 
at Lord Archer’s share orders. 


Fab Mar Apr 
1994 


to the solicitors, that Charles 
Stanley could be embroiled in 
a court case if the market mak- 
ers who sold the shares to Mr 
Saib via the broker sued on the 
basis that the purchaser might 
have benefited unfairly from 
inside information. 

However, the Stock 
Exchange gave the broker 
informal guidance that it 
would prefer that the cheque 
were paid as though nothing 
unusual bad occurred. It did 
not want Mr Saib or Lord 
Archer alerted to the possibil- 
ity that an inquiry was taking 
place. 

So on February 4. Charles 
Stanley sent a cheque for 
£77,219.62 to Lord Archer's 
home. It was an “account 
payee only” cheque dated Feb- 
ruary 7 and drawn on tbe Bank 
of Scotland. 

25 The cheque is banked and 
£10,000 in cash is withdrawn 
On February 10, the cheque 
was deposited in Mr Saib's 
account at the Nationa 
Westminster Bank's branch in 
Cromwell Road, west 
London. 

Mr Saib already had a cur- 
rent account at the Cromwell 
Road branch. However, he 
opened a Premium Reserve 
interest-paying account, into 
which he transferred just over 
£50,000 of the proceeds. 

In February and March there 
were three significant with- 
drawals from Mr Saib's Nat- 
West account: there were pay- 
ments to external accounts of 
£10,000 and £12.000, plus a cash 
withdrawal of £10,000. 

The external accounts which 
received the payments 
belonged to “individual organi- 
sations " unconnected to Lord 
Archer, according to an official 
with a dose knowledge of the 
DTI investigation. 

26 Lord Archer contacts Simon 
Wharmby again 

Towards the end of February, 
Lord Archer, having been 
approached for an interview by 
the DTI's inspectors, tele- 
phoned Mr Wharmby. He 
inquired what the investiga- 
tion might concern and 
appeared surprised that any- 
one should believe there was 
anything peculiar about the 
Anglia share orders. 




to 


THE WEEK AHEAD 


FINANCIAL TIMES MONDAY SEPTEMBER 19 1994 


DIVIDEND & INTEREST PAYMENTS 


■ TODAY 

Alcan Aluminium $0,075 
British Telecom 10.05p 
Christiania Bk Rev. FRN T 
$1108.11 

First Nat Bldg. Scty. Rtg. Rate 

Perm. InL Brg. £39.30 

Gold InL Fin. B FRN *02 

Y729895.0 

Do. C Y2078082.0 

Hankyu FRN 1996 Y63319.0 

investment Co. Ip 

Jasmine A FRN 2003 

Y2038356.0 


Kershaw (A) 9.5p 
MDX 4%% Cv. Bd- 03 $47.50 
Rank Org. 4_25p 
Ransomes 5%% Pf. 1.92 5p 
Thames Water 9 %% Cv. 
Bd.'06 £237.50 
Tokai Fin. (Cur.) Und. FRN 
Y21 78452.0 

Treasury 11%% 01/04 £5.75 

■ TOMORROW 

Edinburgh Small Co’s Tst 

0.21 p 

Enron $0.1875 


Limited Inc. $0.09 
Exchequer 10%% 2005 £5.25 

■ WEDNESDAY 
SEPTEMBER 21 

Leumi InL Invs. Gtd. FRN *97 
S223.61 

Murray Smaller Mkts. 2.95p 
New Wits R0.35 
Woolwich Bldg. Scty. FRN ‘99 
£133.90 

■ THURSDAY 
SEPTEMBER 22 


Arab Banking FRN *96 $268.33 
Birmingham Mid- Bldg. Scty. 
FRN ‘05 £29427.40 
Halliburton $0.25 
Marine Midland Bks FRN ‘09 
$134.17 

Midland Bank Und. FRN 
(Sep. 1985) $255.56 
Nationwide Bldg. Scty. Sb. 

FRN 2000 £153.44 
Do. Sb. FRN 2004 £140-21 
SGW fin. Gtd. FRN 1998 
£13.58 

Standard Chart Und. Prim. 


FRN £67.73 
Taunton Cider 3-95p 

■ FRIDAY 
SEPTEMBER 23 
Eksportflnans Sb. FRN ‘02 
$26.19 

Electric ft Gen. Inv. 1.65p 
European Inv. Bank 11% Ln. 
‘02 £275.0 
Ewart 0.6p 

Fleming Fledgling Irrv. Tst ip 
Fleming Geared Inc. & Assets 
Inv. Tst iJ25p 


Hamlet 4p 

Hercules $0.56 

Leeds Permanent Bldg. Scty. 

Sb. Var. Rate Nts. £146.40 

Marine Midland Bank Rtg. 

Rate Sb. Cap. Nts. 1996 

$134.17 

National Power 6%% Cv. Sb. 
Bd. 2008 £31.25 
Potgtsterarust Platinums R0.35 
Rustenburg Platinum R1.025 
Soundtrscs 0.92p 
Vtech (Lon. Reg) $0.01 
Da (Bermuda) $0.01 


Yorkshire Water 6%% Snr. Cv. 
Bd. 2008 £33175 

■ SATURDAY 

SEPTEMBER 24 

Asian Dev. Bank 10%% Ln. *09 

£256.25 

Greenalls 11%% Db. 2014 
£5.75 

Do. 7% Cv. Sb. Bd. 2003 3.5p 
InL Bank for Reconstruction & 
Dev. 9%% Ln. ‘10 £4.75 
Treasury 2%% IJ- 2001 
£2.2564 


■ SUNDAY 
SQ*TEMBEH 25 
ABF Invs. 5%% Un. Ln. 1987/ 
2002 1.375 p 

Do. 7%% Un. Ln. 1987/2002 
1.875p 

Marston Thompson & 

Evershed 10%% Db. 2012 
£5.125 

New Zealand 11%% 2014 
£287.50 

Ffenofd 8% 1st Db. 91/96 £4.0 
TSB Gilt Fd. Ptg. Pf. 0.87p 
Treasury 8% 2009 £4v0 


UK COMPANIES 


■ TODAY 

Sanderson Bramafl Motor Qrp. 

Ylfesalngton Way. Smteriand, 

11.00 

TT Grp. 

Hnals: 

McAlpino (A) 

COMPANY MEETINGS: 

Wakeboume 

12.00 

Howden, Howmd HoteL Temple 

Tlbuiy Douglas 

Akimasc 

More OTerrafl 

AKken Hiane InL, Honourable 


BOARD MEETINGS: 

Ptace. Strand, W.C.. 1200 


CLS 

Morrison (Wm) Supermarkets 

ArtBery Co., Armoury House, City 

■ TOMORROW 

Finals: 

Unitech, Howard Hotel, Temple 

■ THURSDAY 

EHN Dragon TsL 


Road, E.C.. 12.00 

CX3fwtPANY MEETINGS’ 

Bryant 

Place, Strand, W.C.. 12.00 

SfcHItJtiBBl 22 

Europe Energy 

Spandex 

Murray Smafler Markets Tst, 

Cofefex ft Fowler, Merchant Taylors 

Hays 

WDEamaon Tea, Painters HaO. 9, 

COMPANY MEETINGS: 

Green (EJ 


Marriott Hotel, 500, Argyle Street, 

Hall, 30. Threadneede Street. E.C-. 

Wavarfey MfniRg Hn. 

Little Trinity Lane. EC., 12.00 

Boustead, Westbury Hotel, Conduit 

llai ltege 

■ FRfiJAY 

Glasgow, 12.30 

11.00 

Interims: 

BOARD MEETINGS: 

Street, W„ 12.00 

Lloyd Thompson 

SB'TBtIBER 23 

BOARD MEETINGS: 

Cook (DC), 73. Sheffield Road, 

Bodycote InL 

Finals: 

British Bloodstock Agency, 

Murrey Ventures 

COMPANY MEETINGS: 

Finals; 

Rotherham, South Yorks., 

Brake Bros 

Barrett Devs. 

Oueenstxxy House. 129, «gh 

Pantheon 

Abtxunt Scotland kw n 10, Queens 

GT Japan Inv. Tat. 

9 JO 

Golden Vale 

Oaystone 

Street, Newmarket. 12.00 

Pizza Depress 

Terrace, Aberdeen. 12 J» 

MAI 

Renting Geared Inc. ft Assets Inv. 

Lasnto 

Henderson Etaotrust 

Danse Inv. TsL, 99, Charterhouse 

Piendure Tst 

Aerospace Eng^ Bkradon House 

Interims: 

Tst, 25. CopthaB Avenue. 

Matthews (Bernard) 

Photo-Me 

Street EX!, 12J0 

Towry Law 

Hotel, Blunsdon, Swindon, 12.15 

BLP 

E.G, 3.30 

Secure Tst 

Tor Inv. Tst 

Diuck Htdga^ Rr Tree Lane, Gnaby, 

Wiggins Grp. 

BBS Design, 25, Luka Street EC, 

BSM 

Mosaic ktvs^ Smith New Court 

Sentry Farming 

Interims: 

Leicester. 12X0 

Interims: 

11.00 

Bemrose 

House, 20, Feningdon Road, EC., 

Teaco 

Arcolectric 

Electric ft General Irrv., 3. Finsbury 

Ashley (Laura) 

Benson Gip^ Botanical Gardens, 

Dinkle Heel 

moo 

Travis Perkins 

Bowthorpe 

Avenue, E.C„ 1240 

Biteton ft Battersea 

Edgbaston, Birmingham, 12.15 

Edinburgh Fd. Mngrs. 

Park Food, Tranmere Rovers 

Wassail 

British Aerospace 

Porter Chadbum, Marriott Hotel, 

Consefl 

En^sh ftCatedonten kw, Charles 

Ferry Pickering 

Football Chib, Prenton Park. 

Wolstenhohne Rink 

Doneora 

134, George Street. W„ 2^0 

Dagenham Motors 

Oakley Housa, 125. West Regent 

ISA kit 

Prenton Road West, Birkenhead, 


Dragon Oil 

Stewart & Wight; Hofiday Inn 

Feet (BN) 

Street. Glasgow, 11.00 

Isle of Man Steam Packet 

12.00 

■ WEDNESDAY 

Exco 

Garden Court, 57-59, Weibeek 

Geest 

Qovatt American Smafiar Co's Tst, 

Magnate 

Tinsley (EBza), The Plough & 

SEPTEMBER 21 

Martin Currie Pacific 

Street W„ 11.15 

Headbnn Grp. 

Shaddeton House, 4. Battle Bridge 

Mauritius Fd. 

Harrow, 135, Hag toy Road, 

COMPANY MEETINGS: 

Ptttrods 

Tamaris, Denny House, Rldgemouit 

tfighcroft Inv. Tst 

Lane, SJL. 11-00 

Morgan Crucible 

Birmingham, 10.30 

Asda Grp-, Pudsey Civic Hal. 

Sparax-Sarco Big. 

Road, Sunnlngdale. Berks., 1030 

Jeyes 

SouBiend Property Mriga, 33, 

Rhino 

Vardy (Reg), Houghton House, 

Dawsons Comer, Pudsey, Leeds. 

Steel Bunffl Jones 

BOARD MEETINGS: 

lOnte KeOas 

Wjgmore Sheet; W., 10 DO 


Templeton Bnorging Motes Inv. 
TSt, Butchers Ha*. Bartholomew 
Gloss, E.C., 10-00 
BOARD MEETINGS: 

HnaJs; 

Automotive Products 
Go-Ahead Grp. 

Goodwin 

Interims: 

Breed on 

F & C Pacific Inv. Tst 
Hap worth 
Holt (Joseph) 

Jove lm. Tst 
Storm Grp. 

Company meetings are annual 
general meetings unless otherwise 
stated. 

Please note: Reports and accounts 
are not notmaBy avaBable until 
about sfat weeks after the board 

meeting to approve the proBminaty 

resits. 


CONFERENCES & EXHIBITIONS 


SEPTEMBER 19-22 
Fire 94 

The rational c onfe re nc e a exhibition for 
the whole fire protection profession. 
Fex luring a wide range of Ibe latest fire 
safety eqnipom and services. 

Contact: Jane Malcofan-Coe 
FMJ International PuMkariore Ltd. 

Tel: (0737) 768011. Fax: (0737) 76168S 

BOURNEMOUTH 

SEPTEMBER 22 

C8I Annual Pensions Conference 

Conference, in association with WUlnm M 
Mercer Ltd, Considers company pension 
policies and Government strate gi cs in Light 
of legislative cafatgcs. Keynote speaker. 
William Hague, Minister of Slate for 
Social Security. 

Conrad Sandra AJtfred 
CBI Conferences 

TeL 071 3797400 Fax: 071 497 3646 

LONDON 

SEPTEMBER 26/27 
European Equities 
Investment Management 

Queen Elisabeth It 
Conference Cemrt, London. 

Major international conference on pan 
■i European investment strategy featuring 
analysfc of the growth of the insritu ri cnal atal 
investor base in Europe and including 16 
counhy Sector wnkdiopfc. 

Contact Alton Efgar. Dow Jones TeJoaK 
Tel: U71 8329532 Fax: 071 353 2791 

LONDON 

SEPTEMBER 28-30 
Commonwealth Asia: Regional 
& International Relations 

Commonwealth Institute. Kensington High 
Street. London W8 6NO. 

This symposium will examioe the 
economic and diplomatic lies between the 
Commonwealth Asian countries with the 
aim of identifying areas of mutual concern 
and encouraging farther collaboration. 

Fur farther details please call 071 603 4535 

LONDON 

SEPTEMBER 29 
South Africa 

A City forum conference featuring Chris 
Stats. Sb Evelyn de Rothschild, Mr Alec 
Erwin. Robert Guy. Basil Hersov. Gary 
Maude. M J Level). Sponsors: South 
Africa Foundation. RotirschiMs/Smiih New 
Court, Clifford Chance, Coopers A 
Lybrand. Old MutuaL 
Information Grom: CltyfoTum 
Td: 0225 466744 Fax: 0225 442903 

LONDON 

SEPTEMBER 29 

Ernst ft Young 

Transfer Pricing Conference 

Implications for multinationals of 1994 
OECD Report and Final US (fegn fa rit mu . 
Price: £101X00 phis VAT 
Ctimox Tina Dcvonport, Ernst A Young 
Tct 071 931 2295 Fax: 071 242 5862 

LONDON 

OCTOBER 3-4 
Multivendor & Third Party 
Computer Maintenance 
Frost A Sullivan's seventh annual 
Malt i vendor TPCM conference brings 
together key speakers to ifiscuss the issues 
and ooacettH ofbolh existing and potential 
users and suppliers of computer 
raantetum in the drem/server era. 
Contact: Kristina Menzefiidce 
Frost ft Sullivan Tel: 071 7303438 

LONDON 

OCTOBER 3-5 
LAFFERTYS 
1 st In te rnational Wealth 
Management Convention 
Four distinct bet related conferences - a 
MUST for anyone in the affluent market - 
an area which offers enormous prod 
opportunity fat providers of fin a n c ial and 
professional services: Global Wealth 
Briefing. Private Banking. Investment 
Management A Dealing. Personal 
Financial Planning Conference 
C oruaa: Ham 

LAFFERTY CONFERENCES, Dublin 
Tel: (+353-11 671 B022 
Fax; ( +353-1) 671 3594 

LONDON 

OCTOBER 3 - NOVEMBER 21 
FT City Course 

This course is designed to provide 
participants with an overview of all (be 
workings of the City of London, paying 
particular attention to the banking and 
f tftes in.trtcfv 

Enquiries: Financial Times 

Tel: 081-673 WOO Fax: 081 673 1335 

LONDON 


OCTOBER 34 

Global Emerging Markets *94 
is a mining investment conference which 
features the lop developing countries for 
mineral investment and the companies 
operating in those countries. Sponsors 
include Mining Journal. Blip. Cambioi, 
Minorco, ffomestafcc Mining, Metail 
Mining. Niugini Mining, pins more. 

For registration phooc 
305-670-1963 or fax (305) 670-0971 

LONDON 

OCTOBER 4 
Pensions Now 

A one-day conference covering Pensions 
Equality: SERFS - breaking the link; 
proposed minimum solvency requirements: 
Ibe proposed new regulatory regime and 
compensation scheme: (ha extra burden? 
these will add; being a pension scheme 
trustee; plus ibe viewpoint of a scheme 


Cannier. The Conference Manager. Ger 
Publishing Lid. 

Tel; (071) 538 538b Fax:(071)5388623 

LONDON 

OCTOBER 4&5 

FT International Infr as t ru ct u re 

Finance 

Bufld-Operatt- Transfer (BOT) projects are 
set to play an important role in major 
inlrasmiauie schemes worldwide. This 
two-day event will examine ibe billion 
dollar business opportunities for 
contractors and suppliers to the mchrary. 
Enquiries: financial Times 
Tel: 081-673 9000 Fax: 081 673 L335 

LONDON 

OCTOBER 5/6 
Auditing the Dealing room 

(Understanding the Treasury feoctiraa; 
Training designed specifically for internal 
auditors and bank inspectors charged widi 
examining ibe activities of their 
insulations' Treasury dealing operation • 
cash markets sad derivative products. £480 
+ VAT. 

Lywood David International Lid. 

TbL 0959 565820 / 0956 323184 
Fax; 0959 565821 

LONDON 

OCTOBER 5 

India - Moving Forward 

CBI Conference, supported by ibe DTI. 
considers the investment and trading 
opportunities for UK companies. 
Concessionary fee available to delegates 
from qualifying smaller companies. 
Contact: Nicola Martin. CBI Conferences 
Tct 071 379 7400 Fax: 07 1 497 3646 

LONDON 

OCTOBERS 

Rapid Iterative Development of 
Business Applications. 

CUen (/Server Application Generation. A 
seminar presented by SybascTop Systems. 
This seminar is Dee of charge. 

To register please caD 

Tbr Marketing Department an 

081 332 2223. 

BLACKFRIARS, LONDON 

OCTOBER 5-6 
Infor ma tion Systems 
Outsourcing 

Frost A Sullivan's annual strategic ISO 
conference provides an opportunity to 
learn from the real experience nf 
companies that have taken the outsourcing 
route including British Aerospace, Inland 
Revenue, as well as to interact with ibe 
industry's leading supplier,. 

Contact: Kristina Menzefiidte 
Frost* Sullivan Tel: 071 730 3438 

LONDON 

OCTOBER 6 
BRAZIL 95: Business 
Opportunities 
In an Environment of 
Economic stabilisation 
The GAZETA MERCANTILE ANCO DO 
BRASIL seminar, will analyse Brazil bn 
economic prospects following the 
stahiTi ration program - Plano Real. Chaired 
by the Brazilian Ambassador, featuring 
high-level speakers. The event will be 
followed by cocktails in celebration of the 
ripening of BB Securities Ltd. 

Contact Ms Cleydc da Silva. 

Teh 07! 2I642U0 Fax: 071 216-taib 

LONDON 

OCTOBER 6 

E ss e n ti a l Technical Analysis 
TbLi course explains bow cfaam can 
improve market timing, selection A 
performance. The best techniques are 
explained in simple terms which are easy 
to understand and apply Widely aedaimed 
by professional A personal investors, the 
coarse benefits all 
OIL Technical Trader IW4 636407 
or New Skills 061 428 IflW/bTSO 

LONDON 


OCTOBER 11 

Measuring the value of LT. 

Investments 

This cwrfcrrocE divtnsn how to asses (be 
value of I.T. projects and prioritise t.T. 
investment successfully. It presents 
guidance from leading academics and 
consultants, os well os insights from the 
experience of major organisations, hi both 
the private and public sector. 

Contact: Business Intelligence 
Tel: 081 5436565 Rue 081 5449020 

LONDON 

OCTOBER 11 1994 
The Water Industry- Looking 
Fbiward from the Periodic Review 
A CR1 seminar assessing ibe regulatory 
framework for the next ten yean and the 
impact of ibe oew price limits for the waier 
companies, shareholders and customers. 
Ian ByaU will give the keynote address. 
Speakers from companies, customer 
groups, ibe dry ami the NRA. Cosl£299 + 
VAT. 

Contact Leigh Sykes. CR1 

TeL 071 895 S823 Fax: 071 895 8825 

LONDON 

OCTOBER 1 1/12 
Practical Dealing course 
- Foreign exchange 
Training in spot and forward foies dealing 
for traiocc/funior dealers and Corporate 
Treasury personnel. Highly participative 
including W1NDEAL (PC based dealing 
simulation] Training effected by 
practitioners with many years’ experience. 
£480 + VAT. 

Lywood David Imernatjoral Ltd. 

Tel: 0959 5656M/09S6 323184 
Fax: 0959 565321 

LONDON 

OCTOBER 12 -MAY 26 
Financial Awareness for Managers 

Over 10 1-day tutorials this course coven 
interpretation of financial statements, 
investment appraisal, working capital, 
management accounting and busioesx 
analysis. Delegates receive a copy of tfac 
Certified Diploma Open Learning 
Programme - a comprehensive 2010 page 
guide to finance and accounting for the 
noo-Mccountam. 

Contact Yoel Gordon. A CCA 
TcL 071 396 5722 124 houtsl 
Fax: 071 396 5790 

LONDON 

OCTOBER 17 & 18 

FT World MobteCoro mui uc a tions 

This two-day conference will bring 
together key speakers to share their views 
on the growth u( mobile comma aka worts. 
Ibe various rcchuofagres being adopted ami 
new operator stroicgics. 

Enquiries'. Financial Times 

Tel: <Bi 1-673 9000 Fix: 08 1 673 1335 

LONDON 

OCTOBER 18-19 
Introduction to Foreign 
exchange and Money Markets 

Highly participative training course 
covering traditional FX and Money- 
markets (Sterling A Eurocurrencies I. For 
Corporate treasury personnel, trainee 
dealers, treasury marketing executives, 
financial controllerv, systems and other 
support personnel. 

£480 ♦ VAT 

Lywood David International Ld. 

Tel: 0059 565320 / 0956 323184 
Fax: 0959 565821 

LONDON 

OCTOBER 18/19 
Practical Documentary Credits 
Trade finance training for financial 
institution-, and export.' import company 
personnel. Pt escalations, practical 
exercise-. and discussion on Doc Credits, 
handling diacrepcncics and the UCP 5Ckl 
procedures to clarify understanding of all 
issues. £48(3+ VAT. 

Lywood David International Lid. 

Tel: l«59 56SWQJ0956 323 IM 
Fax: 0059 565821 

LONDON 

OCTOBER 19 
Practical BPR- 
Imptementstion Issues 

2nd Annual Conference of the BPR Study 
Group (3X1+ members I 

New t never disclosed before I. reccnlly 
successful Case -Judies presented with 
interactive toions from senior 
management and practitioners. Lively 
discussions and dcnrcnstraUens indudioc 
speakers from Citibank International'. 
Nationwide Building Society. Alliance and 
Leicester. Capital Home Loans. PtcUoni, 
and more 

Contact: Sieve Toners. Hanson Associates 
Tel: +44i(l|«f( 120118 
Fax: +44 (IJ) 6US 663.529 

LONDON 

OCTOBER 21 
Commercial Agents 
CBtAVamer Cranston hall-day seminar 
considers the way forward for principals 

and agents ami provides practical guidance 
for operating naJer the new laws. 

Conner bcSmfa Rogcr-on. 

CBI CuDfereves 

Tel; 071 379 -?40tl For 071 497 3646 

LONDON 


We’re famous for our facilities 


Many renowned organisations choose 
the BIC for conferences and 
exhibitions. These superb, purpose 
built Fn-ilirifs and friendly bdpfui staff 
ensure your function runs smoothly 
and successfully - Ideal for up to 4000 
delegates. 

Get ibe facts 
msoretoMs 


NOVEMBER 11 

Global Convention on RetaB 

financial Services 


0202 552122 

l:twr.7*'v'n.t. Cv.-;r*. 

cxi-t-ir xc.-.c. richer. 

6h:;sh. j:o: 2?n:o 


Conferences • Exhibitions - Seminars • Meetings \ 


OCTOBER 24-25 
International Polypropylene 
Conference 

The Institute of Maleriali has organised 
this important conference do bring the best 
speakers in the polypropylene industry 
together to help catalyse the recovery in 
thebudaeas. 

Contact The Institute of Materials 
Tel: 071 8394071 Fax: 071 823 1638 

LONDON 

25-26 OCTOBER 1994 
Successful Selling *94 
ICC, Birmingham 
is the only independent Conference and 
Exhibition far the Sales and Marketing 
professloiuL The Conference p rogramm e 
offers unbeatable value with presentations 
full of ideas, concepts and bard won 
experience. Networking opportunities 
abound. Cali free for a brochure on 0800 
132122. 

BIRMINGHAM 

OCTOBER 26- 27 
BPR 94: Re-engineering, 
Process Management and 
Performance Improvement 

Europe’s leading conference and tdjhiboo 
devoted la exploring bow to apply business 
te-cngineering strategies to achieve 
quantum leaps in corporate performance. 
Designed to meet the needs of your wbok 
re-engineering team, from executive 
sponsor lo those involved in planning and 
impiemeoting projeris. 

Contact: Busines s intelligence 
Tel: 081 543 6565 Fax: 06 1 544 9020 

LONDON 

OCTOBER 27 

Inte rna tional Tax Conference - 
Managing Global Expansion 

Conference on the lax issues facing 
multinationals in the changing global 
scene. 

Price: £200.00 phis VAT 

Conner Michelle Beard. Etna A Young 

TeL 071 931 2297 Fax: 071 242 5862 

LONDON 

OCTOBER 27 

The Infrastructure Rinding 

Revolution 

A one day conference examining bow 
project finance schemes are funded. 
Divided into two sections on mxenratiaca] 
and UK funding requirements. Speakers 
from Perkins Cole. Ilambros, Tarmac. 
NIGEN. IFC. Chemical Bank. EIB. 
Contact: Carrie Race. IFR Publishing. 

TcL 071-815 3879.tax 071-815 3850 

LONDON 

OCTOBER 27 & 28 
International Bond Congress 

A unique opportunity for all profe s sionals 
involved in the bond markets to increase 
rfaeir knowledge with 9S specialist 
p reven ratio ns. With increasing 
globahsunon and dci epilation resulting in 
a dramatic surge in investment flows 
between countries, this event is an essential 
information source for the international 
bond markets. 

Coo Oct IBC Event Office 
Tel- +44 (Ol 1628 776306 
Fax: +44 ill) 1628 32323 

BARBICAN. LONDON 

OCTOBER 30 - NOVEMBER 1 
Living with Technology 
Hoad Transport & Road 
Transport Engineering 

An important opportunity for all 
professionals involved in design, operation 
and main i c na nee of cars, tracks and PsvS 
to assess existing challenges and 
developments. This twin crack conference 
with 30 international speakers will provide 
an important stimulus fur strategic and 
practical fleet decision making 
Contact Peter Edmonds. 

Insuruie of Road Transport Engineers. 

Tel: itTTi i fvjii I 111 Fax: tOnTbVt 6677 

LONDON 

NOVEMBER 6-8 
CBI 

National Conference 

Sessions include - Europe. Manufacturing, 
Exporting. UK Economy. Training. Equal 
Opportunities. Speakers include . Kenneth 
Clarke. Jacques Sanicr. Kamlcsh Bahl. 
Paddy Ashdown. Midud H eseUine. 

Cutuci CBI Special Events Department 
TeL (IT l J79 7400 Fa*: 1171 497 3MO 
BIRMINGHAM 


Day 2: 6 ParaBei 

Cards 2000 . 

Afflneafftmmal Services 


Technology 

Retail FTaaocial Services foe Low 
Income Markers 
Contact Mourn Conti. Laflerty 
Cnafc n it. ^ 

TeL +353 I 6718022 Fix: +353 I 
6713S94 

LONDON 

NOVEMBER 8-9 
DRl/McGraw-HflTs World Cars 
and Trucks conferences 

bring together DRI’s latest authoritative 
forecasts with key outside speakers to 
address the issues of the current cycle hi 
the automotive industry and to anticipate 
(be critical questions » be faced in the next 
five years. 

Contact: Cormne Rcdounet 
Tel: 0181 545 6212 Fox: 0181 5456248 
LONDON 

NOVEMBER 8-9 

Quantitative and Comp u t a tional 
finance 

Two day seminar hosted by the US 
Embassy. US sad UK experts and 
practitioners review a range of novel 
quantitative models ypyHrrri to die firnwg 
and securities industries. Derivatives; 
options; yield corves: su cces s es, failures 
and e xpe ri e n ces will be ifrviBwed. 

CmnA Unicom Seminars 

0895 2564S4, fax 0895 813095 

^^^DSHWBASSiYUJNDON 

NOVEMBER 9 

Global Convention on RetaB 
Financial Services 
Day 3: 6 Parallel Conferences 

Deiiverv Srstam 
Marketing 
Inmranfw 
Sou- Bank Banks 

Retail Financial Services in the Middle 
East 

Cross- Bonier Opportunities in Iberia 
Contact Mourn Couzi Laffcrrv Conferences 
Tct +353 I 6718022 Fine +353 1 6713394 
LONDON 

NOVEMBER 9 

Presentattoos for Professionals 
by Professionals 

At the Mermaid Theatre, a seminar on 
creating effective presentations. From 
presentation techniques and use of 
language, to AV design, slide production, 
etc. Businessmen, sand-op ooroerfians and 
actors dcnMnsiraie how to make lasting 
impressions. Instructional, utterly 
enjoyable - a mast lot all presenters. 
Keynote speaker: Alan Dibbc, Chartered 
Institute or Marketing. 

Contact: E Williams, Executive Presentations 
Tel: IP I 837 8194 Fas. 07 1 8378190 
LONDON 

NOVEMBER 10 

Global Convention on Retail 

financial Services 

Day 4: 6 Parallel Conferences 

- Islamic Bonking 

- Direct Financial Services 

- UK F ina n ci al Services 

- Perwaal Financed Planting 

- Cross- Border Opportunties in France 

- Retail Financial Services in Em e r gi n g 
Markets 

Con t a c t Mourn Cana Latterly Conferences 
Tct: +353 1 671802 Fax: +3 S3 I 6713594 

LONDON 


NOVEMBER 7 

Global Convention on Retail 
financial Services 
Day 1: 13th International Retail 
Banking Conference 
Theme "Strategies for 23*1 V 
Subjects: Hankwig, insurance, investment 
management and consumer financial 
services. Morning session: 'Global. 
Regional or National Markets 7* Afternoon 
session: "Bank Positioning Strategies for 
2001 " 

Contact: Mourn Couxi Lafleny 

Conferences 

TeL +353 I 6718022 

Fuc +353 1 6713594 

LONDON 

NOVBWBER 7 

Beyond "What If* - Management 
Science In Spreadsheets 

Management science techniques to aid 
planning. Forecasting • to predict furore 
business cmrffeiflBi Decision Amlysb - to 
improve expected results. Simulation • to 
assess tfac impact of uncertainty. Maikov 
Chains - m analyse changing market share. 
Optimisation - to maximise profit or 
minimise cost. 
f Y wit id rr- Unicotn Scminttre. 

0895 256484. fax 0895 813095 

US EMBASSY. LONDON 


-Border Opportunities in 
European fIudcui] Services 

- Central A Eastern Europe 

- Germany 

• Nordic Euro pe 

- B fn^ | py 

- Italy 

- p«+ail Pl mtnfial tuvlr n m lirtb 

- Human Resources 

Owner Moans Ccczi Laffeny Conferences 
Tet +353 1 6718022 Fra: +30 1 6713594 
LONDON 

NOVEMBER 11+15 
Winning with your customers 
These two one-day conferences, in 
association with Unisys, will provide an 
in- depth appreciation of the sirmicgic 
importance of customer care and service in 
the nineties- They will address key jssnea 
as they relate to bos in ess- to- business 
customers of products and services. One 
studies will be used extensively to 
quality coscdbkt tot vice. 

Director Conferences 071 730 0022 

LONDON 

NOVEMBER 14 
Excellence in Strategic 
M ana g em ent 

In ma oc latio n with SDO. the best raced of 
the 250 conferences and courses held by 
IBC Technical Services each year. 
Restricted to Senior Management with 
significant responsibility for strategic 


Contact Caroline Elliott, 

IBC Technical Services, 

Tet 071 637 4383 Fm 071 63 1 3214 

CHEWI-ON GLEN 

NOVEMBER 15-16 
Business Performance 
Measurement 

T nnsfoemin^ corporate per fin manor by 

profitability. This two-day conference 
explores tire relevance and practibBity of 
Bev doping new "corporate dashboards*, 
which indnde noo-finantial intBcBom. anch 
as customer satisfaction, quality and 
bcuctui allies. 

— Buslra ImdEgence 
Tet 081-543 6565 ftnc 081-544 9020 
LONDON 

NOVEMBER 17 
Exploiting UK Innovation 
The Funding. Marketing and lAvaaing of 
New Ideas 

This Two Day Conference, o r g a ni sed fa 
association with The Patent Office 
inefades workshops at which delegates can 
receive guid a nce for future best practice fa 
tbeir specific fields. Ideal forum for 

Ipnovatott to oontaett. 

Contact: Locintfa Mkkfictou, 

IBC Technical Services 

Teh (771-637 4383 Fax: 071-631 3214 

LONDON 

NOVEMBER 21-22 
Business Process 
Re-engineering (BPR) 

Continuing series of seminars for 
managers charged with designing and 
implementing BPR initiatives. Presented 
by leading US practitioner and BPR 
author. Proven ‘bow-to-do-it’ 
impl e m en tation guide (Husnmed with case 
studies and workshops. Camse book also 
available. Over SO organisations in the 
private A public sectors have already 
attended. 

Contact: Richard Parris, Vertical System* 
Intercede Ltd 

Tet +44-455-250266 124 horns) 

Fax: +44-455-890821 

LONDON AREA 

NOVEMBER 22 
Continuous Impranrement 
through KAIZEN 
This two day conference coed acted by 
Masaaki Imai and Peter Willais founders 
of fee Kaizen Institute of Europe fadndes 
an optional third day visit to two sites 
where Kaizen principles are being 
implemented. An in sight for senior 
Management in afi mdnstnes. 

Contact: Jessica Robertson, 

IBC Technical Services, 

Tel: 071 637 4384 Fax: 071 631 3214 

LONDON 

NOVEMBER 24/25 
Differentiating Cu s t om er 
Proposition 

CBl/Develin A Partners conference, 
charred by John Humphry*, shows how ro 
transform Key business processes to 
deliver cost efficiencies and market 
differentiation. (Optional workshop on 
second dayL 

Contacr Belinda Rogcrsm. 

CBI Conferences 

Tet 071 379 7400 Fax: 071 497 3646 
Julia Robins, Devefin & Partners 
Tel 071 9179988 

LONDON 

NOVEMBER 
FT Manchester 
Postgraduate Fab 

This is the first uuernaUouai fair to be bold 
iq the North of England which wiD provide 
exhibitors with a unique opportunity to 
attract the highest calibre of students for 
postgraduate and t urnin gs * school Cannes 
and research opportunities. 

Contact; VjvsmePnBXw 

Lynda McKean at Manchester University 

Tel: 061 275 2077 

MANCHESTER 


NOVEMBER 2*29 

Annual Company Securities 

Conference 

Tbc conbranee wm tfisenss developments 
fa the Corporate Governance, Benefits A 
Remuneration strategies. Pension Scheme 
Legislation and Company Law and how 
this would impact on the Increasingly 
challenging and demanding role of the 
r .vm^Unjr SeOWBty. 

Oract j onMenO s M te U k AlC Ganfe — 
Tkfctm 3294445 Rdc 071 329 4442 

LANGflAM-HILTON 

NOVEMBER 28 -DECEMBER 2 
KAIZSI WORKSHOP 

At fwtarrd ai FT Afanagimsni Fogs 
an 4 January. Five days’ In t tasi v t hnods- 
on experience for senior managers in 
world-beating productivity improvement 
t e c h ni qu es, fa a real factory. Pree video real 
copy of FT utide also iraUHe. 

Contact: Sarah Bfety, 

Kairen i iwifaife of Europe 
Td:07J 7130407 Pkx: 071 713 0403 

COVENTRY 

NOVEMBER 29-30 
Data Warehousing: Practical 
Experience and Lessons tor the 
Future 

BnOding tire smart corporation, driving 
effective business p ro ce ss reengineering 
projects, "itw-kiiij the most valuable of 
corporate assets. Leant how many of the 
world’s most competitive corporate pbyei 
have used the data warehouse coocept to 
achieve a stra te gic oor p oii ' alc advantage. 

(jOfltBCtv IJ fifctim SOtQlDSBp 

0895 256484, fax 0895 8I309S 

LONDON 


NOVEMBER 29-30 
M an ag i ng Corporate 
Transformation: 

The UK's premier event on planning, 
implementing and sustaining organisational 
and cultural eftango. 

This two-day conferee c« includes frank 
dtaensshm of why so many Initiatives fail 
and explores proven methods foe achieving 
critical boy-tn and support for new 
organisation structures and working 


Tot 081-543 6565 Fax: 061-544 9020 

LONDON 

DECEMBER 7-8 
Succeeding wttti Teams: 
practical strategies for designing, 
implementing and driving tin toam-bnaed 

u r g.n it m ing 

An international two-day conference 
specifically designed to help senior 
executives understand the fundamental 
Issues involved in. designing and 

■ Vyiyliwut a i ynfm i hn. • 

Coaracc Bouaess fotcOraeiice 
TeL- 031-543 6566 fine 081 -544 9020 

LONDON 


EXHIBITION 


OCTOBS17-9 
Entwprisn Business & 
Ccmauting Shaw 1994 
Dh UtCs aaSj national ncMhiHon far smaff- 
mednsn bnsmnm. Cntetprisc represents the 
ftnn m fa r the f.tw e st iuvwfag m m fa tim 
UK-SEMs. The exhibdion is sponsored by 
Pares Iforce and has over 150 companies 
represented from industries incl ud ing, 
computing, finance, training, banking, 
franchising, CMumad property, catering 
amt 

Advance tidretK 081 9826600 
rtmuf+ Man Haber, ^^ * 1**- EriMin 
Lid, Tel: (0932) 8S996G829920 Fks: (0932) 
855741 

LONDON 

MARCH 1-3 

Asian Companies EXPO 
This e n t irely new m hw for foe 
mnzfcets brings together in one location an 
extensive and diverse array of leading 
Asian Companies, and provides 
institutional investors with a unique 
opp or tunity to evaluate p ote ntia l growth 
and return first band across all sectors on a 


CodlU£ EnTOmoney EXPOS I mirrri 
Tet +44(0) 1895625194 
Pax: +44 (0)1895 624447 

EARLS COURT, LONDON 


INTERNATIONAL 


SEPTEMBER 27-29 - 

QA/DSM Europe 94 

in rnnilnni tra With OpCQ 

wiB fc#tr utiRtks to imrodoct more atfvjmccd 
i ecb oologies such as*. 

n'/DA/DShVSCADA/AhVFWGISMMR At 
this conference A exhibition ibe latest 
dp vekjtxu enB wfll be ifascueicd »d drown by 
the major empdowd ntiBtes. lfioblBveL 
Contact FtatoWehC&E 
Tet +31-30-650.963 frM3UD4N» 
PARIS 

SEPT08BER 28-30 
Informa tion Technologies: 
Impact on Business and Society 

Mexico’s leading c o o fer nnc e and e xhibition 
for companies interested in Mexico's 
rapidly growing information business 
market Key pfam from Mexico, and the 
US will attend Unique cross- Industry 
opportunity to join insight and meet 
significant individuals, practical and 
iu t er a Uiv c. 

I by Manr fatc matiuutl. one of 


TeL- (011 52 S) 

Fax: ( 01 1 52 8) 363-35-93 


M ONTERREY, MEXICO 


OCTOBER 6 

The Future Public Health & 
the Pharmaceutical Industry 
in Europe 

New m e asure * for public health adopted or 
proponed by Ihe European Coimnission: 
Important debate between health sector 
professionals, national legislations, social 
security organisations, pharmaceutical 
industry repre s e n t a t ives, consumers and 
officials from the European Institutions. 
CttbdeBraxeBes, 
tek (322) 771 9890 fax: 770 6671 

BRUSSELS 

OCTOBER 10 

New European Legislation on 
Packaging and Packaging 
Waste 

Around 50 millioa tonnes of packaging 
waste arc produced every year in the 
European Union. Tbc c onsequences for 
industry, environmentalists, local 
authorities, transporters, distributors and 
consumers of a forthcoming EG directive 
will be debated in fall with EC experts sad 
those concerned, 
dob de Bundles, 
let (322) 771 9890 fax: 770 6671 

BRUSSELS 

OCTOBER 10/11 . 

The Private Banking Challenge: 
Survival or Success 

Designed for senior bankets r esp o nsib le 
far pr i v at e client business and chased by 
Rurell Thytox, author of Private Basking 
Ranuswrce, dirt hm mifm nal qnifiy” 
considers ways to meet client service 
requirements while maintaining 
profltoWiiy. 

Enquiries: 

Die Event O mtiratinn Company 
■ftt +44 71 228 8034 Fta: +4471 924 1790 
LUXEMBOURG 

OCTOBERIOill 
Money Laundering - Alter the 
FATF Reco mme ndations 

Band is the ifiaerae of the 20th century but 
Money Laundering is the scourge of 
financial institutions. This conference 
looks at methods used to detect and 
prevent money laundering in financial 
institutions. International speakers - 
iwfarfin g Enforcement Agency pmsoenei 
will dbcam fee pertinent issues. 

European Study Conferences Ltd 
Tot +44(0)71 3869322 
Rue +41(0)71 381 8914 

GENEVA 

OCTOBER 19-20 
Plain English Campaign** 

3rd International Conferences 
Washington DC 

Telephone 0663 744409 far (ktaila 

WASHINGTON 

OCTOBER 26 & 27 
FTImfla’s Economic 
Renaissance 

This high-level FT conference wfll provide 
a unique opportunity to review the 
go*enuneofo tibenlisatiaa programme and 
assess fume prospects for badness and 
investment. 

Ff i q n fr fe < i - F ou n d er ’fines 

Tel: 081 673 9000 
Roc 081 673 1335 

DEI.H1 

NOVEMBER &9 
Eurapaan Union Aid for 
Dovefopment Conferences 

Bnmaes* Opportunities fa BC external aid 
projects to the value of 5 billion ECU 
annually outlined, including 
PHARE/JOPP, TAOS. MED, A/LA, and 
ACP. Networking with EU and aew 
member state companies. Procurement 
opportunities lor manufacturers/ • 
supplies. 200 page EURO AID GUIDE an 
EU rid preg n u inra i fadn ded. 

Cfaranct sScUbi Gdnfirale de 
DCvetorngocnt S A. 

Tek +3225124636 Fax: +322 512 4653 
BRUSSELS 

SG DECEMBER 1994 ” 

COMPETITIVE INTELUGBICE 

Seminat far nmnagera who want to lean 
how Competitive Intelligence, sup ports 
bah operational rffca i »mc« and s t ra tegic 
petitioning- Topics factade aims and role 
of Intelligence is firms, collection 
methods, analytical techniques, 
organisation, and counter-intelligence. 
Prindpnl le c ture rs are former profagiomri 
Jareffigsoce officeraL 
OjutacCBBStoemKeacmcAOmup •- 
Td: 0E2 929 1900 ftoC 0122 788 0624 
• ' GfcJUSVA . 

MARCH 27-29 1995 - 

"Suh-Sahtunm PH ft Materials “ 
Conference 

Co-hoslntfby the SA Chamber of Mha; 
Gabonese Ministry of Mines A Energy; 
N ig e rian . National Fttrofcom Oaqwraoon; - 
Sonangol;. and Europe Energy 
Environment. 'Speaker* include Cabinet 
MlniKera from over 25 Afrinn commies. 
Please contact ■’ Europe ' Energy' 
Envimmoai; 3 HayneStieet,. 

London HCLAWH.- - 
td 44-71-600-6660. fax 44-71 -600 4044. 

. JOHANNESBURG 


TO ADVERTISE IN THIS SECTION PLEASE CALL NADINE HOWARTH ON 071-873 3503 








FINANCIAL, TIMES MONDAY SEPTEMBER 19 1994 


MANAGEMENT 


O 


f tbe many joint ventures 
between American and Japa- 
nese companies, Fuji Xerox 
nas long been regarded as a 
modeL The Japanese affiliate 
oT Pim Photo Film and Xerox, the US copier 
iust *“*“ a success in its 
own right. It also rescued Xerox from obliv- 
mn m toe 1980s by supplying it with a 
stnng of successful products. Even more 
important, it has provided its US parent 
with a continuous flow of object lessons in 
petter management techniques, notably 
total quality and “benchmarking". 

Xerox has since transferred its “TQM" 
ana benchmarking expertise to a host of 
other companies in toe US and Europe. 
ma *u n £ Fuji Xerox as Influential a source of 
management expertise - albeit an indirect 
one - as Toyota in manufacturing or Sony 

m innovation. 


At the age of 32, with 27,000 employees 
amd revenues last year of YTOG.Sbn (£4_6bn), 
the 50-50 venture is pretty mature by the 
standards of most intercompany aiiiann»s _ 
But, in common with many younger 
ventures, it is suffering a delayed bout of 
growing pains over relations with one of its 
parents. 


Set up in 1962. its success in toe low end 
of the copier market in the 1970s and 1980s 
contrasted sharply with Xerox's problems. 
The troubles of the US group were so severe 
at one point that the joke among 
consultants was that the Japanese affiliate 
would buy out its American parent. 

Now, when a resurgent Xerox Is 
reorganising many of its international 
operations in order to improve what it calls 
the “line of sight" f direct influence) of its 
US-based business divisions over their 
markets around the world, Fuji Xerox is 
straining at the l eash, it c laims - as it has 
often done in the past - that it is finding 
the group's organisation an increasing 
constraint on its own growth. The group 
structure divides global responsibilities 
geographically between Xerox, Fuji Xerox 
and Rank Xerox, the European affiliate. 

Under this arrangement Fuji Xerox's 
external sales are limited to the Asia-Pacific 
region, although it also supplies a 
substantial volume of products and design* 
to the Xerox network in North America and 
Europe. The latter are thought to account 
for about 10 per cent of its revenues, 
slightly more than its Asian sales. 

“As our client companies expand globally, 
we are finding that the group's division of 
territories is hampering business and 


PROFIT AND SALES 

- . : ’ Plo« 


(Ybn) 

Sales 

IhoMax' 

Aftertax 

1983 

2839 

2&3 

•11.1 

1984 

3043 

30.7 

•122 

• 1885 

347.3 

33.5 

14.1 - 

1986 

* 355 6 

-29.4. 

... 11* ' 

1987 

A27A 

' 36L& 

15.4 

1988 

4572s 

48.6 

222 

1989 

490.3 

523 

3P.3 

1990 

53S.2 

54 J! 

23.2 . 

1991 

821.2 

' 48.6 

22.3 

1999.-. 

- 681.9 - 

-3&9 

15.5 . 

.1993 

706.6 

39.4 

10.7 . 


making it hard for us to counter the 
competition," says Toshio Arima, strategic 
planning director of Fuji Xerox and the 
main link with Xerox on policy matters. 
“It's a very difficult problem and we are 
trying to solve things one [issue] at a time,” 
he says. 

Arima says effective technical and service 
support of Japanese multinationals is one 
issue which needs to be resolved, while a 
global manufacturing strategy to improve 
competitiveness is another. 

Jeff Kennard, who for five years was 
executive assistant in Tokyo to the 
venture’s president and is now director of 
Fuji Xerox relations at Xerox headquarters 


Emiko Terazono and Christopher Lorenz explain how 
Fuji Xerox’s desire to spread its wings is 
putting a strain on relations with its US parent 

An angry young 

warrior 



in Connecticut, counters In the friendliest 
of tones. He says Fuji Xerox already copes 
with this problem by having account 
executives around the world who, in 
conjunction with local representatives from 
Xerox or Rank Xerox, deal successfully 
with global customer companies. 

Although he stresses that Fuji Xerox can 
only operate “where the agreement allows 
them to", Kennard, who is one of five Xerox 
westerners cm toe venture’s 28-person board 
against only two from Fuji Photo Film, 
points out that the affiliate's territory was 
expanded only four years ago. 

In addition to Japan, it previously held 
the right to sp.H in TndnneBia . South Korea, 
the Philippines, Taiwan and Thailand. In 
1990 it acquired the Australian, New 
Zealand, Singaporean and Malaysian 
markets from Rank Xerox. The Japanese 
affiliate had argued since the early 1980s 
that Rank Xerox's strategy of targeting the 
high end of the market was ineffective. 

While Fuji Xerox has considerable 
autonomy in developing and marketing 
products for these countries, its design of 
products for multinational markets is now 
subject to close coordination with the US 
and European organisation - a form of 
control which, however sensible, sometimes 
irks Japanese pride. 

At US headquarters, Kennard says that 
although the - separate nature of the two 
organisations causes inevitable 
complexities in the co-ordination of 
strategy, technology, product development, 
manufacturing and marketing to key 
customers, “we’re proud of how well the 
two managements work together". 

They must do so even more closely now 
that digital technology is turning the copier 
business into an integral part of the 
information technology industry - a trend 
which will expose Xerox to even stifle r 
competition than in the past 
As Kennard says: “It’s a bit like a 
husband and wife. You don’t just order 
people around if you want to maintain a 
good relationship." 

This is not the first time that American 
satisfaction with the relationship has been 
matched by an urge on the Japanese side 
for more independence over where and how 
to do business. 

The issue has been endemic to the 
relationship for well over a decade. It rests 
partly on Fuji Xerox's stubborn 
independence in the past in product 
strategy, which paid off handsomely on 
repeated occasions, and partly on a 
long-standing view, in the words of one Fuji 
Xerox manager, that “our [world] market 
should be protected by ourselves". 

There has also been resentment over the 
years that, because of the territorial 
agreement, Fuji Xerox could never achieve 
as high an export ratio as independent 
rivals such as Canon. This, the Japanese 
believe, puts a brake on the joint venture's 
growth. 

This tension is reinforced by the usual 
clash between Japanese and western 
priorities. In common with other Japanese 
companies, Fuji Xerox has placed more 


emphasis on growing its market share than 
on increasing its profitability and return on 
assets. The balance has had to be redressed 
somewhat since its profits were hit by the 
recession in 1991, but there is still comment 
within the venture that this difference 
contributed to its rise and Xerox’s decline 
during the 1970s and 1980s. 

In its eariy years Fuji Xerox managed to 
position itself in Japan by doing business 
very much the “Japanese way”. When the 
joint venture was set up, the manufacturing 
was done by Fuji Photo Film, and 
day-to-day operations were looked after by 
former Fuji managers. Today Fuji Xerox 
still prides itself on being more Japanese 


than a Japanese company. 

However, a contract between the two 
parent companies stipulated that as a 
shareholder, Fuji Photo Film could collect 
information from Fuji Xerox but could not 
use it in its own operations. This limited 
the extent of Fqji Photo Film’s involvement 
in the affiliate. Its direct role was virtually 
terminated when production was 
transferred to Fqji Xerox in 1971. 

Another element which heightened the 
sense of autonomy was the technology and 
licensing agreements made between the US 
parent and the venture. “The agreements 
are like those between two independent 
companies, rather than loose 


acknowledgements of the sort which exist 
within Japanese companies," says Arima. 

In the early 1970s, Xerox grudgingly 
allowed Fqji Xerox to go its own way in 
research and product development. The 
Japanese subsidiary wanted to expand 
market share by developing cheap compact 
copier machines for outright sale, while 
Xerox's main priority was main tainin g 
large profit margins and return on assets 
by targeting the high end of the market - 
and continuing its traditional policy of 
rental. 

Fuji Xerox also foresaw Japanese 
companies threatening the copier market 
once Xerox’s xerography patents expired in 
the early 1970s. 

Strong leadership helped tackle these 
problems. In spite of Xerox's initial demand 
that the venture stop R&D in the low end or 
the market and desist from direct sales, the 
Japanese affiliate forged ahead with its own 
agenda under Yotaro Kobayashi, then 
president and now chairman. 

Having suffered badly in the Japanese 
market at the hands of arch-rival Ricoh, 
Kobayashi initiated Fuji Xerox's quality 
control programme, which eventually led to 
the company winning the Deming Prize, 
awarded to companies that show 
outstanding quality management. 

It was only in the late 1970s that Xerox 
finally woke up to Japanese competition - 
and, with it, the hill virtues of its offspring. 
With its back against the wall, it started 
importing the low and mid-market copiers 
from Fuji Xerox which it had at first 
scorned. It adopted the venture's quality 
discipline of halving manufa cturing defects 
and slashing the number of suppliers. By as 
early as 1980 the benchmarking of its 
operations against those of Fqji Xerox had 
helped it to narrow sharply the 50 per cent 
cost gap that had existed with its Japanese 
rivals, and it made further progress in 
subsequent years. 

All this, plus the increasing importance of 
Fuji Xerox's financial contribution to the 
Xerox group’s earnings, brought the two 
sides much closer than they had been. 
During the 1980s they intensified 
co-operation on research, product 
development, manufacturing and planning, 
and exchanged more personnel than in the 
past to reinforce the relationship. 

For the Japanese, the sense of being an 
equal was heightened further this year 
when the original Technology Assistance 
agreement governing the relationship 
between the two companies, and under 
which Xerox licensed technology to Japan, 
was upgraded into a Technology 
Agreement The difference in wording is 
marginal, but it reflects the fact that the 
flow is now two-way - although Kennard 
points out that it is still much greater from 
the US to Japan than vice versa. 

At a time when the yen’s sharp 
appreciation is eating away export profits 
and the focus in the group’s technology has 
shifted from hardware to software, Arima 
says Fuji Xerox is once again looking to its 
parent for its some of its R&D capability. 

To the consultants' old joke about buying 
Xerox, he says: “We wouldn’t dream of it 
We're good at malting the boxes, but they're 
better at creating added value." 

Kennard adds that the possibility of 
Xerox buying out any of Fuji's stake is just 
as unthinkable. Such a move was 
considered by the Americans in the late 
1960s when Xerox took 51 per cent control 
of Rank Xerox, and again in the 1970s when 
Fuji Xerox stepped out of line by starting to 
design and make its own copiers. But 
recently it has not crossed anyone's mind, 
Kennard insists. 

The effect of Xerox obtaining even 51 per 
cent would be negative, he says. “We would 
risk alienating management, hurting the 
well-earned pride of the Japanese 
employees and throwing away the stimulus 
which Xerox gets from toe healthy tension 
between the two of us." On top of that, he 
says “how much practical control we could 
get would be questionable.” 


Little taste in flavour of the month 


r ust in case it had escaped your 
notice, this is the year or the 
London Taxi. It might sound 
I daft to call a year after a 
means of transport, yet it is no 
ter than calling a month after a 
aagement fad. 

i October, the US will celebrate 
lional Quality Month. For those 
r weeks there will be general 
>icing over the techniques of 
il quality management, and 
repaper and magazines will be 
id with articles on best practice 
I recent innovations in TQM. 
to the face or it. Quality Month 
ms a pointless exercise. TQM is 
a new phenomenon that needs 
moting, neither is the sort of 
rthy project - like planting a 
i - that requires a special day 
oted to it to spur people into 
ion. Yet Quality Month has 
tune an institution in the US: it 
been running for 10 years, and 
till going strong, 
n closer inspection, the event is 
thing but pointless. It is an 
ortunitv for some big US corpo- 


rations to tell us how marvellous 
they are, and for the consultants 
who have made a killing out of 
TQM to lay out their stalls. 

The latest Fortune magazine con- 
tains a 40-page special section on 
the shindig, packed with advertise- 
ments for the companies that are 
sponsoring the event Ford declares 
that it gives customers “the best 
service on earth"; Coca-Cola shouts 
that its "c ommi tment to quality is 
judged 705m times every day”. 
Chase Manhattan, General Motors, 
Goodyear, and many others boast 
about how long they have been 
quality devotees, and how dedicated 
to the movement they are. 

While as a management tool, 
quality is old hat and flawed to 
boot, as an advertising message it is 
still powerful. Yet as I turned page 
after page of these advertisements, I 
wondered if the top of that cycle 
bad been reached. When one com- 
pany tells us about the quality of its 
employees, its service or its product 
and about how hard it tries to 
delight its customers we may feel 



impressed. But when everyone is 
noisily delivering the same message 
the impact is lost 


As far as I know, there is not yet a 
special month devoted to partner- 
ship sourcing. And just as well: last 
week this fashionab le managwiwnt 
notion received some serious blows. 
A.T. Kearney, the management con- 
sultants, has just published a report 
showing that while 90 per cent of 
companies are interested in the 
idea, those who have tried it are 
sceptical. More momentous, Intel 
and Compaq Computer, whose busi- 


ness Interests as customer and sup- 
plier are irrevocably linked, were 
revealed last week to be at daggers 
drawn over differences in strategy. 

Disappointing it may be, surpris- 
ing it is not The idea behind part- 
nership sourcing is a pleasing one: 
customers and suppliers should 
stop their vain struggle for power 
and for margin, and instead join 
hands in product development and 
marketing for their mutual 
advancement 

But it is a fantasy to expect these 
partnerships to work effortlessly. 
All relationships are difficult - one 
in three marriages ends in divorce, 
and in the case of husband and wife 


the liaison is not usually built on a 
fundamental conflict of interest In 
the case of two separate companies, 
both of which are trying to maxim- 
ise their own profits and pursue 
inevitably different strategies, it is 
amazing that any partnership sour- 
cing arrangements ever work at all. 


There are plenty of seminars that 
promise to turn bumbling managers 
into world-class communicators. 
But there is a sad lack of more 
modest courses which accept that 
inept people are not going to 
change, and instead offer them 
advice on how to extricate them- 
selves from the regrettable situa- 
tions into which they stumble. 

I felt toe absence of any such les- 
sons the other day when 7 got 
myself into hot water at the Savoy 
GrilL I was greeted at the entrance 
of this famous lunching haunt by 
the maitre d'. Due to temporary 
memory failure, I gave him, the 
wrong name of my host He told me 


that there was no such booking, 
and sent me to the hotel's other 
restaurant, where there was a reser- 
vation in toe name I bad given. 

For half an hour 1 sat at someone 
else's table scattering bread crumbs 
and sipping the drink I had taken 
the liberty of ordering. There was 
some consternation when the real 
occupants turned up, until an 
immaculately polite waiter inquired 
whether I was in feet due to dine 
with someone of a different name 
who had been patiently waiting all 
this time in the Grifl. 

I could see no alternative than to 
tell my host the whole ugly truth, 
but with hindsight I wonder 
whether there was not some more 
graceful form of escape. 1 know all 
those techniques for remembering 
peoples names like repeating toon 
over and over when you are first 
told them. But this was a more seri- 
ous lapse. Maybe if you can’t 
remember the name of a business 
acquaintance who you know quite 
well you are beyond the help of any 
mere management course. 



ll 



DESERT ISLAND 
MANAGER 


Lord 

Alexander 

Lord Alexander of Weedon QC, 
58, is chairman of National 
Westminster Bank. He has been 
chairman of the Takeover PaneL 
and chairman or the Bar 
Council. He is currently deputy 
chairman of the Securities and 
Investments Board. 

What would you take with you? 
My family. We have a builder, 
cook, vintner, garden designer, 
decorator and banker. We could 
set up a travel lodge. Relais and 
Chateaux style, with a journalist 
to handle the publicity and an 
insolvency lawyer if it fails 
spectacularly. 

What technology would you 
need? 

The machine of the near-future: 
a voice-activated word processor. 
I would need 48 hours' notice of 
departure for a quick training 
course. Then I could simply live 
by talking, the ultimate joy for 
an advocate. 

What would you like to leave 
behind? 

London’s polluted air. My own 
slight asthma returned this year 
for the first time since youth. 
Pollution levels are intolerable, 
and I should like to stay 
marooned until strong 
environmental action has been 
taken. 

If 10 per cent of vehicles 
produce 4Q50 percent of air 
pollution, it wnn an admirable 
first step to damp down on 
them. Meanwhile, we could use 
the island versions of public 
transport - walkin g and 
swimming. 

Anything else? 

The way in which customer 
complaints are sometimes 
covered in the tabloid press. 
Sometimes they are sadly 
accurate, which upsets us all 
But when they are distorted or 
over-hyped, they are annoying. 

What would yon miss most? 

The theatre. The Royal 
Shakespeare Company and the 
National Theatre are among our 
country's greatest glories. 
Charades by the camp fire would 
not be the same. 

What books would you take? 
“Other Men's Flowers," toe 
poetry anthology compiled from 
Lord Wa veil's memory. And the 
complete Dickens. I love the 19th 
century but history books can be 
dry. He is a wonderful chronicler 
of its darkness and light, 
richness and drabness. 

It would make me think about 
how much of our society has its 
roots in the last century - the 
parliamentary franchise, the 
social mores, and the 
infrastructure we still rely on. It 
was a time when we had come 
through the most raw and crude 
parts of toe industrial revolution 
but there was still an extremely 
powerful economic engine in this 
country. 


What would you eat and drink? 
The island's fish and vegetables 
would supply our every want 
My taste in drink is simple. 
Champagne in winter and beer 
in summer. 

What would you do for exercise? 
I would take a beach cricket set 

An item to preserve sanity? 

My London diary to remind me 
of the contrast I feel that I am 
always rushing at work, and 
when toe pressure is released on 
holiday it is glorious. 


John Gapper 



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Vindication for 
odd man out 

Bryan Magee on Karl Popper, the great 
philosopher, who died at the weekend 



U ntil he died an Sat- 
urday at the age of 
92, there were many 
who regarded Karl 
Popper as the greatest living 
philosopher. Yet he was never 
in fashion with other profes- 
sional philosophers. This fact 
had important consequences. 
One is that he exerted more 
influence outside philosophical 
circles than in them, especially 
in the fields of science and pol- 
itics. Another is that his influ- 
ence on academic philosophy 
lagged many years behind his 
work. Over the last 20 years he 
has become a world figure Tor 
ideas produced half a century 
ago. His period of greatest 
influence may be yet to come. 

Karl Raimund Popper was 
bom in Vienna in 1902 into an 
unusually gifted family. His 
father was a successful lawyer 
involved in social work and 
actively interested in philoso- 
phy and the arts; his mother 
was a talented musician from a 
family that included the con- 
ductor Bruno Walter. Both 
were Jews who had been bap- 
tised. with the result that Pop- 
per's upbringing was 
Lutheran. 

For nearly 10 years he was a 
student at the University of 
Vienna in physics, mathemat- 
ics. philosophy, psychology 
and music. During those years 
the logical positivism of the 
Vienna Circle became high 
intellectual fashion, as did its 
seductive verification princi- 
ple". This asserted that any 
statement about fact had to be 
verifiable if it was to claim 
content: if it was unverifiable 
it was not false but meaning- 
less, for if no observable state 
of affairs would reveal whether 
it was true or false there was 
nothing it conveyed. The inten- 
tion was to e limina te meta- 
physics, including religion, 
from rational discourse. Popper 
pointed out that it eliminated 
also the whole of science. 

This was because - as he 
famously argued in his seminal 
book The Logic of Scientific 
Discoivry in ISM - scientific 
laws cannot be verified. From 


no finite number of observa- 
tions can an unrestrictedly 
general statement, such as a 
scientific law, be deduced. 
However, since any such state- 
ment is contradicted by one 
single counter-example it can 
be proved wrong even though 
it cann ot be proved right, and 
it can therefore be tested 
against reality. Hie scientific 
theories we accept at any given 
time are those that have stood 
up to tests so far. bnt they 
remain conjectural, and will 
almost certainly be refuted and 
replaced by better theories. 

Apart from Einstein, Popper 
probably did more than any 
other individual to change the 
20th century's conception of 
science. And he showed that 
since our scientific knowledge 
is the most reliable knowledge 
we have, such a chang e radi- 
cally alters our conception of 
the nature of knowledge itself. 

In doing this he developed a 
formidable armoury of argu- 
ments that were then trained 
on the pseudo-sciences of Marx 
and Freud. The arguments 
with which he demolished 
their c laims to be scientific are 
now as widely accepted as the 
arguments with which he 
demolished logical positivism; 
yet for decades he was the 
object of a hostility amounting 
sometimes to hatred for put- 
ting them forward. 

The Marxist left denounced 
him as the blackest-hearted of 
reactionaries; but the truth is 
that the Popper who published 
The Open Society and Its Ene- 
mies in 1945 had been always 
left-of-centre. Only later in Ms 
life did he drift from liberalism 
into conservatism. 

Meanwhile, because of its 
positive doctrines. The Open 
Society established itself in the 
eyes of many (Isaiah Berlin, for 
instance) as the outstanding 
work of political philosophy of 
the 20th century. It has special 
relevance wherever human 
beings are attempting to estab- 
lish democracy. The collapse of 
international co mmunis m, for 
reasons some of which Popper 
was the first to formulate, has 


given him a guru-like reputa- 
tion in the former communist 
countries. 

Popper left Austria in 1336. 
His first university teaching 
job. which he took up in 1337. 
was in New Zealand, and he 
remained there until the end of 
the second world war. In 1346 
he arrived in England to take 
up a readership at the London 
School of Economics, where in 
1949 he became Professor of 
Logic and Scientific Method. 
The rest of his career was 
spent at UJE, and the remain- 
der of his life In Britain. He 
loved his adopted country. Hie 
was knighted in 1965 and made 
a Companion of Honour in 
1982. 

A break in Popper’s whole 
way of life occurred when he 
left Austria. Up to that point 
he bad shown an inexhaustible 
appetite for social activity: 
left-wing politics, social work 
with the unemployed, teaching 
deprived children, helping 
arrange concerts of music by 
the new Viennese school of 
composers. He lived sur- 
rounded by friends; and his 
marriage to a fellow student, 
Hennie, brought him lifelong 
happiness, although there were 
no childr en. But in both New 
Zealand and England, he and 
Hennie lived a much more 
reclusive life, in which all dis- 
tractions from productive work 
were eventually eliminated. 
This made possible the unin- 
terrupted production and pub- 
lication of ideas that continued 
well into his 80s. 

P opper regarded the 
analytic approach to 
philosophy, an 
approach that domi- 
nated his profession for most 
of his career, as an error he 
believed that problems of sub- 
stance were to be solved not by 
analysis but by new explana- 
tory ideas. As for the view that 
philosophy's subject-matter is 
linguistic, he had no time for 
that at all: he regarded a preoc- 
cupation with words and their 

meaning s as inimical to cre- 
ative thinking (except, of 


course, in the field of language 
studies). 

He made a conscious attempt 
to put his ideas forward in 
such a way that nothing of 
importance depended on the 
way he used words - though in 
fact he had a clear and pun- 
gent style, full of character, 
despite the fact that most of 
his work had to be written in a 
language not his own. 

Like many philosophers of 
the very front rank, he prod- 
uced creative work across the 
whole range of philosophy. He 
made the biggest contribution 
of any to evolutionary episte- 
mology ( Objective Knowledge, 
1972), and did outs tanding 
work on the body-mind prob- 
lem (The Self and Its Brain 
with J C Ecdes, 1977), and on 
the philosophical implications 
of relativity theory and quan- 
tum mechanics (Quantum The- 
ory and the Schism in Physics, 
1982). 

Popper's axiomatic systems 
for probability theory have 
generated a whole literature. 
He maintained a steady outpat 
of scholarly articles alongside 
his more original work - in his 
90s he was still publishing 
major contributions to the 
study of the pre-Socratic phi- 
losophers of Ancient Greece. 
Hie many-sided story of his 
mental life is told up to 1974 in 
his remarkable intellectual 
autobiography. Unended Quest 


The fact that he was always, 
in every field, thinking afresh 
for himself, always original, 
always different, set him apart, 
and helped to make him a 
Lonely figure. It also made him 
difficult to have dealings with. 
Touchy, defensive, aggressive, 
over-intense, a workaholic, he 
was not easy to like from a 
distance; bnt those close to 
him loved him for the otter 
genuineness of all his many 
interests and commitments, 
the self-forgetfulness of his 
devotion to them, and his abso- 
lute integrity - although that 
could be maddening at times. 

The prolonged illness of his 
wife, who died of cancer just 
short of her 80th birthday, was 
a cold, dark tunnel through 
which he had to pass in old 
age. But his own final years 
were an Indian summer of 
international recognition and 
personal happiness among peo- 
ple devoted to him. He was 
showered with doctorates and 
prizes. Heads of governments 
from different parts of the 
world made unpublicised visits 
to his home. At the age of 92, 
this odd man out - who had 
been unahle to get any aca- 
demic job until he was 35 - 
had lived to see his own vindi- 
cation. 

Bryan Magee is Honorary 
Senior Fellow in the History of 
Ideas at King's College, London 



Dominique 
Damon to head 
Alusuisse 


Two years ago, the Zurich 
newspapers grumbled bitterly 
when (33 Holding, Credit 
Suisse’s parent, and the 
Ciba-Geigy drugs group, 
decamped to London for their 
annnal results press 
conferences, writes Ian 
Rodger. No question about it 
they were betraying the 
homeland. 

But last Tuesday, when 
Alusuisse announced that the 
chief of its packaging division, 
Dominique Damon, 47, was to 
become chief operating officer 
and the designated successor 
to Theodor Tschopp as chief 
executive, nary a xenophobic 
or misogynist squeak could be 
heard. 

Damon is a French national, 
does not speak German well, 
does not speak 
Schwyzerdtttttsch at all and 
does not stay at home every 
day to look after her daughter. 

Nevertheless, the Neue 
ZQrcher Zeitung, the daily 
oracle of true Swiss values, 
observed graciously that it was 
"pleasing to see that a woman 
win be the head of an 
important Swiss industrial 
group in the near future". 

The quietly spoken Damon 
has g radually won over the 
Swiss with s omethin g they 
appreciate - the ability to 
make lots of money. In her 
hyperactive six-year career at 
Alusuisse. she has transformed 
a motley bunch of packaging 
businesses with annual sales of 
SFr744m into a highly 
profitable world class 
operation whose sales this year 
will exceed SFriL5bn. 

Last year's SwFrl Jbn 
takeover of the big Canadian 
packaging group Lawson 
Mardon was her ninth 
acquisition, bat she is proud of 
haring kept the management 
teams largely intact at all of 
them. 

A career executive with long 


experience at the Danone and 
Garnnmi groups in France, she 
believes her most important 
role is convincing her 
managers and employees to 
believe in their company’s 
goals. Otherwise, she says, the 
risk grows that they will 
sabotage t hpm- So ube spends a 
lot of time travelling. 

Indeed, the joke at Alusuisse 
Is that Damon, for all her 
success and Influenc e, has no 
office. She smilingly agrees, 
saying she keeps up with the 
paperwork “by telephone and 
fax”. Perhaps she is on to 
something. 

Diplomatic 
move by Volvo 

It has bear (dear that Volvo 
has been looking to beef up its 
corporate conummicatlons 
team ever since the fiasco of 
Its failed merger with Renault 
last December, writes 
Christopher Brown-Humes. 

But toe vehicle group's 
announcement last weds that 
Lars AneH, Sweden's EU 
ambassador in Brussels, had 
agreed to take the newly 
created job of head of the 
corporate affairs section as a 
senior vice president certainly 
raised a few eyebrows. 

After all, he stm has two 
years to run in his current 
post - which he describes as 
the “best job in the Swedish 
dvfl service" - and he will be 
foregoing the chance of seeing 
his country into the European 
Union next January. 

There is also the fact that 
Ariel! has been a aril servant 
all his working life - apart 
from bis time in Brussels, he 
has been Sweden’s ambassador 
in Geneva and served as 
chairman of GATT for two 
years. The closest contact he 
has had with Volvo is the 
model of car be drives. So 
what has prompted the move? 

AneD admits it wasn't an 
easy decision but says the 
crurial factor was his age - he 
is 52 - and the desire “to fry 
something new. This was 
probably my last opportunity 
to have a substantial career in 
private industry,” he says. 

The role will be a broad one. 
Apart from the media and 
investor relations side, he will 
be asked to evaluate broader 
political and economic 
developments. He will also be 
expected to boost the group’s 
presentational skills, avoiding, 
if possible, the sort of f uro re 
that blew up last autumn after 
an initially favourable 
reaction to the Renault plan. 

Audi’s political/economic 


experience is clearly one of his 
main qualifications for the 
post- But he will also bring to 
Volvo the sort of international 
contacts it has lacked since 
the acrimonious departure at 
former chairman Fehr 
Gyllenhaimnar last December. 

Allen: Tenneco’s 
liaison in Europe 

Tenneca has put Ken Allen, a 
14 -year company veteran 
whose strengths lie in law and 
finance, in charge of manag in g 
its operations in Europe, 
writes Lanrie Morse. 

Tenneco has not had a 
co-ordinating executive in 
Europe for many years, and 
Allen’s appointment, the 
company says, is evidence of 
its commitment to achieving a 
truly global presence in all its 
businesses. 

Allen will serve as liaison 
officer between Tenneco’s five 
companies - Albright and 
Wilson Chemicals: Case farm 
and construction equipment; 
Monroe and Walker auto parts; 
Packaging Corporation of 
America, and Tenneco Gas - 
and serve on Tenneco's 
European Advisory Council 

Just as Important, he will 
save as the eyes and ears in 
the Europe for Dana Mead, 
Tenneco's chairman. Tenneco, 
with $13bn in sales in 1993. has 
spent the past two years 
s tabilising and revitalising its 
US operations. Now it is 
seeking overseas investments. 
Allen's job, in part, is to 
pinpoint business 
opportunities and takeover 
targets for the company. 

“Ken Allen is a good man for 
tins job,” says Mead. “He's a 
lawyer fellow who has run 
companies himself, and has 
headed environmental and risk 
management departments, 
which when considering 
operations in Eastern Bloc 
countries these days, is very 
important He has experience 
with acquisition financing , and 
will be a catalyst for our 
businesses over there.” 

The 55-year-old Allen, who is 
based in London, reports 
directly to Mead. Allen spent 
much of his early career in the 
insurance industry, coming to 
Tenneco from Southwestern 
Life in I960 when it was 
acquired by Tenneco. By the 
time Tenneco sold 
Southwestern Life in 1986, 

Allen had risen to become its 
chief executive. He saved as 
Tenneco’s deputy general 
counsel from 1987 unti l being 
named managing director for 
Tenneco Europe on August L 


You don’t have to buy a Mercedes to get the best truck on the road. 



W hat’s this? Is Mercedes-Benz, 
the world's largest manufac- 
turer of commercial vehicles, giving 
best to another manufacturer? 

Sorry to get our rivals' hopes up. But 
no. A Mercedes still delivers economy, 
reliability, technology, whole We costs 
and re-sale values that set it apart 
from other vehicles. 

All we're pointing out is that if it’s a 


Mercedes you’re after, you don't have 
to buy one. You can choose from any 
one of dozens of operating or acquisi- 
tion methods, all with the advantage 
that they're backed by Mercedes-Benz 
themselves. 

for the ultimate in convenience, a 
Mercedes-Benz CharterWay contract 
covers every aspect of a truck's opera- 
tion. All you have to supply is the fuel, 


and the driver. Alternatively, a 
Mercedes-Benz Maintenance and 
Repair Contract could be the solution 
if you want to own the vehicle but 
need a fixed servicing cost to budget 
for. And when you see how low those 
costs are, you’ll realise that uncom- 
promising build quality really does pay 
off in toe long run. 

And if you want to keep your options 


open? With a Mercedes-Benz Rnance/ 
Mileage agreement, you pay a fixed 
deposit and monthly repayment, and 
decide at the end of the term whether 
to buy outright or start anew. 
Whichever method you choose, you’ll 
find that a Mercedes-Benz is a very 
cost-effective way to ran s business. 

All Mercedes-Benz service and finance 
packages are available across the 



Mercedes-Benz 

Trucks and Vans 


range, from the 208D panel van right 
up to the 2550 6x2 tractor. And as 
you’d expect from the world’s number 
one, there are Dteratty hundreds of 
options and specifications open to you. 
To help you select the Ideal vehicle for 
your needs, there's no better place to 
go than your nearest Mercedes-Benz 
dealer. It may be hard to persuade you 
not to buy It But well try. 


For more information an the MenraJen-Bcnz range, sarvic« and ftaanet packages, phone free on 0800 181361 
or write; UereedM-Senz Trucks and Vena, Dept. C2, FREEPOST, RMB05, Hfort, Essex IG2 6BR 








FINANCIAL TIMES MONDAY SEPTEMBER 19 1994 


★ 


MEDIA FUTURES 


Where soft touch meets hard sell 


Victoria Griffith reports on America’s strong push towards interactive advertising 


T he coming year will be a 
vital one for Interactive 
advertising, as dozens of 
magazines and newspapers 
go on-line and fibr^optic cable televi- 
sion trials are run in the US. 

Interactive advertising allows con- 
sumers to control the amount of infor- 
mation they receive about a product 
Anyone who has scratched-and-snif- 
fed a perfume advertisement ha* used 
Interactive advertising, albeit in its 
most basic form. 

At the other end of the spectrum 
advertisers envision customers digi- 
talising an image of themselves and 
trying on clothes on a TV screen, or 
test-driving a new car model through 
virtual reality. 

Interactive advertising, in its truest 
form, provides layers of information 
to draw in the consumer. For 
instance, J Walter Thompson, the 
advertising agency, has developed an 
interactive advertisement for Ford, 
which is now available on Prodigy 


Online. The Prodigy user is invited to 
explore the Ford automobile by click- 
ing on different parts of the car. Click 
the mouse on the hood, for instance, 
and a model of the engine appears. 
Click on the engine, and a full 
description of its mechanics is made 
available. 

Now interactive advertising is 
poised to move from an experimental 
phase to a defined medium. “By this 
time next year, we should have a lot 
better idea of which direction we're 
going in and how fast we'll get there," 
says Robert Berenson, president of 
the advertising agency Grey New 
York. “The Time Warner TV trial, 
(which will contain an interactive 
capability), will be in place by May 
neat year, and we'll have a lot more 
magazines and newspapers on the 
Internet." 

The borders between entertain- 
ment, information services and. home 
shopping networks get blurred in the 
interactive advertising mix. Nintendo, 


for instance, has a game out called 
Cool Spot, based on the red dot on a 
can of 7-up soda. Where fun ends and 
advertising begins is difficult to say. 
Interactive advertising will also offer 
chances to buy products through a 
personal computer or TV set 

The ultimate goal of interactive 
advertising is to lead consumers from 
the initial arousal of interest to the 
point of sale. The New York Times, 
for instance, plans to offer a service 
allowing on-line readers to access 
theatre reviews, then make a reserva- 
tion for a certain show. 

The telecommunications group US 
West is launching a number of TV- 
based interactive advertising services. 
One, City Key, is available at a num- 
ber of hotels, and lets users “take a 
tour of the city" on TV. The hotel 
guest can dick on different cinemas, 
restaurants and museums shown on 
the screen in order to obtain more 
information. 

Technology is the main limiting fac- 


tor for interactive advertising right 
now. “We have so many ideas, but the 
technology isn't there yet," says Jean 
Pool, senior vice president of J Walter 
Thompson. “Since most places are not 
hooked up to the Internet in most 
cases, the user still has to reach for a 
phone. An on-line reader cannot look 
at a restaurant review and make a 
reservation for a table, because not 
many restaurants are hooked up to an 
on-line service," 

Technology is advancing rapidly, 
though. Last week Cybercash Inc, 
formed by executives from the Inter- 
net and the electronic payment indus- 
tries, announced plans to develop a 
system giving on-line browsers the 
chance to pay for an item by credit 
card or bank transfers. 

Until the fibre-optic TV stations 
take off, the main experimenting 
ground for interactive will be the 
on-line services. “The Internet is the 
only place right now where you can 
access a relatively large audience and 


try some of these strategies out,” says 
Clifford Friedman, senior mana ging 
director of the media and technology 
group at Bear Stearns, the Investment 
bank. 

One reason companies and agencies 
are so excited about interactive adver- 
tising is that they believe it will be 
much more effective than passive 
advertising. “Studies show that when 
people have to respond physically to 
an advertisement, it's much more 
likely to result in a sale," says Nor- 
man Lehoullier. head of Grey Interac- 
tive. 

With the technology rapidly falling 
into place, interactive advertising 
looks set to occupy a significant por- 
tion of the advertising mix at many 
companies. “It’s not even a question 
of years, but of months." predicts 
Marc Andres sen, vice-president of 
technology at Mosaic, the software 
group. “Interactive will be a prevalent 
form of advertising by the beginning 
of 1995." 



13 


Full 

phone 

listings 

By Andrew Adonis 

It used to be hard enough to 
get an itemised phone bill. 
Now Energis, the newest UK 
long-distance phone company, 
is promising business 
customers a full “telephone 
management" service. 

In addition to a list of all 
outgoing calls, subscribers 
will get information on the 
numbers of incoming calls - 
Including the number of 
calls unanswered and the 
average length of time 
taken to answer a call. This 
will be broken down into 
different time periods of the 
day. 

The facts will be issued 
monthly - and are bound to 
concentrate the minds of 
telephone managers 
wonderfully. 


Multimedia moves into 
O.J.’s courtroom 


By Louise Kehoe 

When the double murder trial 
of O.J. Simpson, the former 
American football star, gets 
under way in Los Angeles an 
elaborate multimedia system 
will be used to present 
evidence to the judge, jury and 
milli ons of armchair jurists 
watching the courtroom drama 
on television. 

Simpson’s lawyers say that 
they plan to use the system, 
provided by Trial Presentation 
Technologies, to display 
evidence on a large projection 
screen in the Los Angeles 
courtroom. The same images 
will also be displayed on 
smaller monitors for the judge 
and lawyers, and be available 
to TV networks. 

Instead of propping up a 
chart holding up a photograph 
or simply referring to 
documents, in the conventional 
manner, Simpson's lawyers 
will be able to select computer 
graphics, text video or 
animations previously stored 
on compute - discs. Diagrams of 
the murder scene, or of the 
uow-infomous O J. Simpson 


estate, will be displayed on a 
67in video screen. 

Text of the proceedings will 
be translated automatically 
from the phonetic system used 
by the official court reporter, 
and will be available to 
the judge and lawyers should 
they wish to refer back to 
previous testimony without 
delay. 

This is likely to be the 
second time that the 
multimedia system has been 
used in a US criminal trial. 

The first occasion is expected 
to be the trial of two off-duty 
policemen accused of shooting 
a highway patrol officer, 
scheduled to start in Los 
Angeles today. 

But the system has been 
used widely in civil cases, 
where it has (Moved valuable 
in presenting complex issues to 
juries, says Pamela Huenke, 
chief executive of Trial 
Presentation Technologies, a 
Los Angeles company that is 
pioneering the use of 
multimedia technology in the 
courtroom. 

The technology has 
important advantages, she 


says. “Typically, jurors do not 
see exhibits until the wtri of 
the trial when they go into the 
deliberation room." The 
computer system enables them 
to view the evidence as it is 
being discussed. In addition, 
visual displays typically help 
people to retain more 
Information during Lengthy 
court proceedings. 

The equipment which is to 
be installed in Judge Lance 
Ito's court for the Simpson 
trial will be worth about 
$120,000 to $185,000, but will be 
loaned to the court by TPT. 
The opportunity to 
demonstrate the system in 
what is expected to be 
America's most avidly-viewed 
trial is regarded as sufficient 
reward. 

Lawyers are conservative 
creatures, says Huenke, and 
have been slow to adopt 
technologies that are already 
established in business. She is 
confident, however, that the 
Simpson trial will demonstrate 
the advantages of multimedia 
and put to rest concerns that it 
detracts from the serious 
nature of the proceedings. 



PA invents a 
freer press 


By Raymond Snoddy 

In the last century, Reuters 
used pigeons to be first with 
the news. And in past decades 
one of the first tasks of a 
journalist away from the office 
was to make sure there was a 
phone box nearby, so that he 
or she could file a story to 
copytakers. All that changed 
with the advent of the mobile 
telephone. And now the Press 
Association, the UK domestic 
news agency, has taken the 
process a step further. It has 
put together the laptop 
computer with mobile radio 
communications to produce 
Journalist 2000 - a system that 
frees journalists from the need 
for telephone systems of any 
kind when filing their stories. 

PA news reporters used the 
system in their coverage of the 
D-Day commemorations, filing 
from the Normandy beaches 
and onboard ships. Defence 
correspondent Charles Miller 
filed Ids piece on the ceremony 
in the Bayeux cemetery direct 
from a laptop resting on a 
gravestone. Brendan Berry was 


aboard the Canberra and filed 
copy from the middle of the 
English channel. 

Journalist 2000 combines a 
Hewlett Packard Omnibook 
with a mobile modem, linking 
the 2.81b portable computer to 
the RAM, mobile data network. 
Once a story is tapped into the 
laptop there is little to do but 
key in the password and press 
the return key. The story is 
then transmitted in seconds to 
the PA database in the news 
agency's Fleet Street, London 
headquarters. 

Because of the success of the 
system, PA is now 
experimenting with Journalist 
2000 operations from other 
countries in Europe and the US 
- particularly for sports 
coverage. The system - PA 
believes it is the first of its 
kind - also allows two-way 
communications. Journalists 
can use it to go into their own 
computer data baskets at 
headquarters. Thus they can 
pick up messages, ensure their 
articles have arrived safely or 
keep in touch with breaking 
stories in the PA news file. 



D-Day: Berry and laptop 


PA has already equipped 
more than 50 of its journalists 
with Journalist 2000 and is 
now trying to market it to 
other regional and national 
news organisations. 

The hardware costs around 
£3,000, most of which is 
accounted for by the powerful 
notebook. But the subscription 
charge, for unlimited use of the 
network, is £45 a month. 

This almost certainly makpg 
the PA system cheaper to use 
than the obvious alternative - 
a laptop with a modem 
connected to a cellular 
telephone. 


ARCHITECTURE 


Daring to be different 

Colin Amery looks at the career of Theo Crosby 


I t takes courage to be dif- 
ferent, especially if you 
are an architect trained in 
the 1930s but interested in 
much more than dogmatic 
modernism and the narrow 
world of contemporary archi- 
tecture. 

Theo Crosby, who died last 
week, was a gentle genius who 
loved architecture, design and 
communication. It is hard to 
think of many other architects 
of his generation who worked 
so hard to restore architecture 
to its broader base and to 
develop links between the 
members of a polarised profes- 
sion. 

He was bom in South Africa 
in 1925. When he came to 
England in the 1940s he 
worked with leading modern- 
ists Jane Drew and Maxwell 
Fry. and later Denys Lasdun. 
He was always interested in 
the architectural debate and, 
as technical editor of the influ- 
ential magazine Architectural 
Design, combined writing and 
design work. It was his interest 
in communicating and discuss- 
ing architectural ideas that 
made him so much broader 
and wiser than many of his 
colleagues. His journalism was 
often original and always ques- 
tioning. , . 

He also saw the value of 



Crosby: saw through dogma 


exhibitions - the Whitechapel 
Art Gallery exhibition Thu is 
Tomorrow, held in 1956, was a 
crucial show that demon- 
strated how modem architec- 
ture could change the world. 

Theo Crosby saw through 
much architectural dogma, and 
the varied highlights of his 
career show that be was a fast 
mover, able to put his own 
stamp on a wide range of pro- 
jects. 

He was the leader of Taylor 
Woodrow’s design team for the 
reconstruction of London's 
Euston station in the early 
1960s, although I don't think he 
was ever happy about the 
demolition of the Euston Arch 
or some of the political deci- 
sions that influenced the 
design. His British pavilion at 
the Milan Triennale in 1964 
won a major prize and led to 
more work for the British 
pavilion at the Montreal Expo 
of 1967. 

By the mid-1960s he had cre- 
ated a partnership with Alan 
Fletcher. Colin Forbes and Bob 
Gill. Under the name Penta- 
gram, this was to become one 
of the world’s leading design 
firms. It put architecture into 
context and pulled together all 
the design disciplines. 

Theo Crosby was always a 
benign presence in the firm's 


London offices, where his hos- 
pitality encouraged meetings 
and discussion groups. 

It was later in his career that 
some of his more maverick 
sides emerged in his architec- 
ture. There is a fascinating 
brick elevation, at the back of 
one of the Nash Terraces in 
Regent's Park, which is 
almost Victorian in its rich- 
ness. 

He was chosen by Unilever 
to transform its London head- 
quarters at Blackfiiars and it 
is doubtful whether anyone 
else could have persuaded the 
mmpany to embellish a build- 
ing in the art-deco style. He 
even succeeded in commission- 
ing larger-than-life-size sculp- 
tures for the parapet and to 
involve several artists in ele- 
ments of the buflding. from the 
lift doors to the board room 
furniture. 

A project which preoc- 
cupied and fascinated 
him for a long time 
was the re-creation of 
Shakespeare's Globe Theatre 
on the hanks of the Thames at 
Southwark's Bankside. With 
the late Sam Wanajmaker. he 
persisted against the odds, win- 
ning friends and influencing 
people until his design could 
be built 


Crosby's design is more than 
a “wooden O." While it has the 
replica theatre at its heart it 
also has towers, balconies and 
crenellations which will give 
Bankside the humanity and 
richness ft very much needs. 
The idea of the Globe appealed 
to Crosby as an extraordinary 
challenge to ensure scholarly 
authenticity while making the 
theatre work. 

He loved theatres. Before he 
died he was working on a proj- 
ect for a new small opera 
house near his home in Spital- 
Qelds. With his wife, the artist 
Polly Hope, Theo Crosby pres- 
ented an annual summer opera 
or concert at their home - the 
sight of Theo in a pale blue 
silk kaftan remains a memora- 
ble one. 

Crosby led an inspired life 
full of creative energy: his 
design for the Globe must be 
completed. The sad thing is 
that his other London memo- 
rial had only just begun. He 
was commissioned (and wel- 
comed the impossible task) to 
humanise and refurbish the 
interiors of the Barbican Cen- 
tre. I pray that will continue. It 
will be Crosby's greatest vic- 
tory over architectural dogma 
and bring colour and joy to the 
City of London's impenetrable 
concrete monster. 



tt shtoyAaJwwod 


The Globe Theatre in Southwark: a project which preoccupied and f a sci na te d Crosby 



There are Sakura branches 
extending throughout die world 

Sakura Bank was formed through a merger of the Mitsui and Taiyo Kobe banks. Today, it is 

like a thriving sakura, or Japanese cherry tree, with deep roots in its native soil and branches reaching 

out in every direction to create a network of more than 100 offices in 30 countries. 

• In the Americas, we were the first Japanese bank to offer investment banking services. Our strong 

U.S. presence is buttressed by offices in Canada, Mexico, Brazil, Argentina, Colombia and other markets. 

• We operate in nine countries in Europe and the Middle East— even as far afield as Turkey. 

• And we are one of the world's best-positioned banks to support international investors in Asia, 
including China and Vietnam. 


SAKURA BANK 



America DivtsiM 
Aso and Ocean Division 


DcanaunD win u»*ih> uabutv m mmn 

350ftrtAwnue,ai Ffa* toftANVlOttai'SA TeL fZJ2)7ifrW» 

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/ 




14 


FINANCIAX TIMES MONDAY SEPTEMBER 19 1994 



BUSINESS TRAVEL 


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Motoko Rich on the pros and cons of buying 
just one ticket for a complicated series of flights 

How to crack the 
code-sharing deals 

M oscow to Des hanaa flight to Chicago; and such ruling exists or is pro 
Moines, Iowa, in finally board a United aircraft posed in file UK. 
the farming to Des Moines. Consumer groups da i m find 

heartland of the Most large airlines have passengers may end. up on info 


n rattier than duty^ee:' . : «*•» tawAIi w aa|«» ‘■r.-- V*v* V W\:;- . .■.<<-*. V.-.-' 

^MatafldCopanhaafin..'’, - | fa im aii l itai li ^ ^ ia Irir /.y .i't '■■• :' • y -/ / v 

r . If - ,'v • : ;...v y-?^y.v i- 


sharers 



I 


M oscow to Des 
Moines, Iowa, in 
the farming 
heartland of the 
US, may not seem the most 
conventional airline route. You 
might imagine that such a 
journey involves four aircraft 
pJwng B ^ three tickets, the risk 
of lost luggage, long walks 
across airport terminals and 
frazzled nerves. 

But with just one ticket and 
one boarding pass, you can 
travel all the way. Or, for that 
matter, from Kuwait City to 
Phoenix, Arizona; from Copen- 
hagen to Grand Rapids, Michi- 
gan; or any number of other 
improbable rentes. 

Your baggage will be 
checked all the way from your 
starting point to your final des- 
tination, and night changes 
should be co-ordinated with 
connecting flights, on aircr aft 
parked in nearby bays within 
the same terminal if possible. 

These are the benefits of 
COde-Sharing, an incr easingly 
popular arrangement which 
allows airlines to book passen- 
gers On each others' fli ghts 
It means that on United Air- 
lines’ Moscow-Des Moines 
flight, you fly by Lufthansa, 
the German carrier, to Frank- 
furt; chan ge to another Luft- 


hansa flight to Chicago; and 
finally board a United aircraft 
to Des Moines. 

Most large airlines have 
made alliances with others 
around the world: there have 
been about 120 liaisons, cover- 
ing roughly 5,000 routes. Code- 
sharing partners include 
United, and Lufthansa, British 
Airways and US Air, KLM of 
the Netherlands and North- 
west of the US, and the multi- 
ple alliance of British Midlands 
with American Airlines and 
United. Delta of the US and 
Virgin Atlantic of the UK are 
still awaiting approval for their 
proposed agreement 

Airlines trumpet the benefits 
of such arrangements to their 
customers, but some consumer 
groups are concerned that they 
are not always in the interests 
of air travellers. 

The US Department of Trans- 
portation discovered that 30 
per cent of all US passengers 
booking iwtematinnfli reserva- 
tions on code-sharing flights do 
not know which airline they 
are flying when they purchase 
their tickets. Last month the 
department proposed new rules 
to require airlines and travel 
a gents to disdose all codeshar- 
ing arrangements at tha ttmp a 
passenger books a flight. No 


such r uling exists or is pro- 
posed in the UK. 

Consumer groups daim that 
passengers may end up on infe- 
rior carriers. “The pitfall is if 
the partner with which an air- 
line ties up is not in the same 
league in terms of quality of 
the service or safety levels,” 
says Richard Smithies, assis- 
tant director for government 
affairs at the In ternational Air 
Transport Association. 


L arge airlines say they 
would never go into a 
deal without conduct- 
ing extensive safety 
and service an potential 
partners. “We have something 
like a Bible of requirements 
that a code-sharing partner has 
to adhere to,” says Delta. 

Most of the big airlines have 
internal policies requiring res- 
ervation officers to Inform pas- 
sengers of any code-sharing 
arrangements. But consumer 
groups say fins is not effective. 
According to Tony Hockley, 
economic adviser to the Air 
Transport Users Committee: 
“Airlines can insist that pas- 
sengers are told about code- 
sharing, hut whether that actu- 
ally happens de pends on the 
point of sale. We are not con- 
vinced that all travel agents 



are trained in the use of code- 
share fli ghts " 

“We would expect our mem- 
bers to be as transparent as 
possible," says the Association 
of British Travel Agents. “But 
there is not a requirement 
about code-sharing in our code 
of practice.” 

The European Commission 
and the European Civil Avia- 


tion Commission have agreed 
that airlines may list a single 
flight no mare than twice in 
computer reservation sysierns, 
Code- sharing makes multiple 
listings fairly easy, because 
each airitne ran fist the flight 
under its own code. 

In the US, the American 
Society of Travel Agents, the 
Association of Retail Travel 


Agents, American Ai rlines and 
Trans World Airlines are peti- 
tioning the US Department of 
Transportation to ban multiple 
Hsting s of code-share flights in 
computer reservation systems. 
They believe such practices 
deceive consumers and push 
flights run by single carriers 
farther down ’ computer 
yr-ppn^ causing 


to book the code-share flights 
rath nr than routes that could 
be more direct 
So If you want to know 
exactly which airlines you will 
be flyhig and where you will be 
chang in g , make sure to ask 
when you book the flight. And 
find out whether you will get 
frequent-flyer points for fire 
entire trip.. 


Continental 
cuts fares 
to US for 
penny-pinchers 

By Paul Betts 

Continental Airlines is wooing 
the new breed of penny-pinch- 
ing business, travellers, farced 
by their employers to fly econ- 
omy class, by cutting its full 
unrestricted economy fores 
across the Atlantic Try more 
than 40 per cent 
■ The large US carrier is 
launching what it calls “corpo- 
rate economy fores” between 
London and 28 US destinations. 

The airline said research had 
shown that business travellers 
flying in the economy cabin 
were unhappy with the high 
price they had to pay for flexi- 
bility. Unlike the leisure travel- 
la-, who often sacrifice flexibil- 
ity for price, the business 
traveller needed to have a 
refundable ticket that could be 
(hanged at short notice. 

Continental's new fares wfiL 
subject to government 
approval, cut the one-way price 
between London and New York 
from £423 to. £249. One way 
from London to Houston will 
be £319 and to Denver £339. 

The latest move by Continen- 
tal is being closely watched by 
rivals. The UK’s Virgin Atlan- 
tic, which offers a sepaiate Mid 
Class cabin for passengers pay- 
ing the full economy fore, said 
it was considering whether to 
match the new fores. 

United of the US said: “Hit’s 
something where we compete 
directly with Continental, we 
. wilt match their fores.” - - 


Frai 















E-- 





f 



* 


FINANCIAL times 


Monday September 19 


1994 


15 


hatohal . 

theatre 

LONDON 

LWi®i Heflman'a ptqy 
The Chgdran's Hour ■_ 
"* described now ss ■ 
iheOeannaol ■■ 

*930® America, and 
wtowb to many from 

the cinema — & ' 

revived on Thurscfcay 
8t the Lyttelton 
Theatre. A schootgfrt 
claims that h« two . '! 

women teachers are • 
torore-andawteh- 
tujrt begins. Howard - 
Oavtes directs;-: - 
Harriet Wetter, (left) •. 


PAMS 

Thepper 
opens Its 1994-5 

season! 

VereffsTSinaon 
BoccanegrpTvIt w# be. 
Myuqg-Whun Chw»‘s ' 

. swan-song SfS rousfa ' 
director. Ten day&ago, 
the predcicSon 
appeared to be doomed 
by an acrimonious tegtf- 
battte.'owr*t» ■. "T ' • 
mansgemai^ttedston 
tosac* the Korean . 

■ conductor. Rehearsals, 
flriaftywenf ahead after" 
tfte Opera agreed i*> 
give Chung am teat 
production- andp^Wm .. 
compensation for the - .- 
rematntngaftt years of 
hte contract - •' 


OSLO 

The Osto fWharmonfc 

Orchestra celebrates Its 

79th anniversary on 
Friday with e royal gala 
performance of 
Schoenberg's 
“Gumsflecter" conducted 
by to tong-senring musk: 
director, Marias Jensons. 
The orchestra's recent 
[' recordings and touts 
have won ft an enviable 
reputation - but given 
Jansens' increasing^ 
high profile in the world's 
musical capitals, Oslo 
w® be lucky to ftofcf on 

to Mm for much longer. 


Sadler’s wefts*. ' 1* 

' The apien^Sd Gutnbre Hamohca1tc»ip»opers'fl seasan of Flamenco danctog fci London at 
' Sector's Wefc fontonow. TMs'fsrOl«nes^tt%iO>: Sltt*af^-trita3d<aatth&.'' 


[Edvard Munch is toe 
1 centrepiece of an 
exhibition opening on 
Friday at the Kunsthafle 
der Hypo-Kutturstittung. It 
firms to trece toe 
formative influence which 
Germany had on the 
Norwegian painter, and (0 
show how he m turn 

influenced German art 
Alongside 100 worm by 
Munch, there wilt be 
paintings by German 
artists he admired and a 
selection of eariy 
Expressionists who found 
inspiration in works Ifoe 
■The Scream". The show 
ialer moves to Hamburg 
and Berlin. 


Frankfurt: the end of an aria 


Andrew Clark reports on the cultural crisis that has devastated the financial heart of Germany 


T O the outsider, Frankfurt 
betrays tittle sign of cul- 
tural malaise. Its annnai 
music festival has just 
staged four world premi- 
eres. Recent celebrations m arkin g 
the city's 1200th anniversary fea- 
tured the Metropolitan Opera and a 
succession of international orches- 
tras. Next month, the Frankfurt 
Opera will perform Wagner’s Ring, 
the most challenging work in the 
repertory. Like the Frankfurt sky- 
line, these events conjure an image 
of confidence and prosperity. 

Behind the image, however, ties a 
devastated city. The vibrant, pro- 
gressive culture of Frankfort in the 
1980s is now history - a victim of 
recession, reunification costs and 
political paralysis. Formerly one of 
Germany’s richest cities, Frankfort 
is now its most indebted. It can no 
longer afford to support its own cul- 
tural life, and has imposed the big- 
gest cutbacks ever known in post- 
war Germany. It may have won the 
race to house a future European 
Central Bank, but it has lost its 
place in the vanguard of the arts. 

Only a year ago. civic leaders 
were hopeful that damage to the 


arts could be limited if budget cuts 
were evenly spread. That view 
turns out to have been short- 
sighted. Instead of stabilising, the 
city’s finances have worsened, and 
political pressure on cultural spend- 
ing has increased. Within 18 months 
the arts budget has shrunk by 13 
per cent This has had little impact 
on the wage-bill - civic employees 
cannot be made jobless against 
their will - but it has decimated 
morale and creative output 
The Frankfort Festival, the most 
Important event in the m usical cal - 
endar, is being axed. For the past 13 
years, it has commissioned new and 
experimental work, and given an 
international platform to local tal- 
ent. This month’s premieres are the 
buet. The Alte Oper. the main con- 
cert venue, is privatising box office 
and technical services, and curtail- 
ingits own promotions. In future, it 
will focus on popular concerts, tour- 
ing orchestras and self-financing 
events like the Met visit Local cho- 
ral and instrumental groups, which 
until recently formed the backbone 
of the programme, are being mar- 
ginalised. 

Tito Frankfort Opera's 1994-5 pro- 


gramme is limited to 100 perfor- 
mances - half the 1986 total. Sev- 
eral productions, including The 
Ring, have been borrowed from 
elsewhere, and the company will 
suffer the indignity of vacating its 
theatre at Christmas to make way 
for a touring musical It may have 
to suspend an activity for the sec- 
ond half of next year - a tough 
prescription for a city which has 
traditionally counted itself one of 
Germany’s musical centres. The 
artistic director, Sylvain Cambrel- 
ing, ba« threatened to resign if the 
situation does not improve. 

Although performing arts compa- 
nies are the worst affected, the 
visual arts have also suffered. In 
January, museums were forced to 
introduce admission charges. Spe- 
cial exhibitions must now be self- 
financing. As a result, the museums 
for modern art, handicrafts and 
architecture have suffered a 30 to 50 
per cent drop in visitors. “This 
reduces the legitimacy of museums 
in the eyes of politicians," says Beil- 
in ut Seemann, manag in g director of 
the Schim Kunsthafle, where the 
budget has been cut by 27 per cent 
They can now argue that no-one is 


interested, making it easier for 
them to carry on cutting. What is 
going on is a tragedy. We need to 
build a cultural policy not from the 
viewpoint of the finance ministry, 
but with an eye for the long-term 
benefit to society." 

Frankfurt has suffered more than 
other German cities for a variety of 
reasons. It has a smaller population 
than Hamburg or Cologne, and 
more low-paid foreigners. There are 
huge social problems, with drags 
ami unempl oy men t high on the list. 
The better-paid white-collar work- 
ers - the biggest cultural consum- 
ers - live and pay their taxes out- 
side Fr ankf urt in the state of Hesse. 
But unlik e other German states 
with big regional centres. Hesse 
pays nothing to support Frankfurt's 
theatres and museums - a cause of 
much bitterness. 

Fr ankfo rt also had further to faiL 
Thank* to the visionary policie s of 
the former Social Democratic cul- 
ture commissioner. Hilmar Hoff- 
mann, it enjoyed a period of artistic 
regeneration on the back of the 
1980s economic boom. Hoffmann 
helped to create the Museumsufer - 
a row of museums along the banks 


of the river Main. The Alte Oper, 
built from the ashes of the war- 
bombed opera house, transformed 
concert life when it opened in 198L 
At the "hew" opera house, the radi- 
cal policies of Michael Gielen won 
worldwide acclaim. The boom 
encouraged a free-spending mental- 
ity. At one point there was even 
talk of dropping all charges for 
theatre tickets. 

T he recession brought 
FrankfUrt down to earth 
- but the authorities 
have done little to cush- 
ion the fall. Weakened 
by instability, the ruling maittinn of 
Social Democrats and Greens has 
resorted to piecemeal cost-cutting, 
instead of formulating a coherent 
policy. Hoffm ann 's successor, Unria 

Reisch, has not provided the leader- 
ship necessary to fight the arts’ cor- 
ner. This has helped fuel a divisive 
debate about the city’s responsibili- 
ties. 

Those advocating self-support for 
the arts are currently in the ascen- 
dant. “When money is short, we 
need to be more businesslike, to 
cover our costs.” says Rudolf Sailer, 



B ank, but it has lost its place in the vanguard of the arts 


y ronkfa rt' s financial district - the city may have won the race to house the European Central 


manager of the Alte Oper. “We need 
artists who are well-known and 
have credit with the public. You 
can’t always be crying ‘more for 
culture’." 

Such a view runs contrary to 
Frankfurt's traditions. "It also 
offers no hope for the future,” says 
Dieter Rexroth, outgoing director of 
the Frankfurt Festival. “The pur- 
pose of subsidy is to support events 
which are not commercially viable, 
but have a special purpose and 
value to the community. If you sub- 
ject the arts to the same cost-cut- 
ting measures as a factory, you 
stunt your creative roots - you’ll 
end up with the same circus of tour- 
ing orchestras as every other city. 
That’s not culture." 

The debate is especially relevant 
to the Frankfurt Opera, for which 
the financial squeeze is only one of 
several blows it has received since 
Gielen left in 1987. The company 
was devastated by the fire which 
destroyed the opera house shortly 
after Gielen's successor, Gary 
Bertini, took office. Bertmi never 
won the company’s confidence, and 
his early departure cost DM2m in 
unfulfilled contractual obligations, 
plus a lot of damag ing publicity. 

The company's image has been 
further weakened in recent months 
by a dispute between Cambreling 
(who arrived last year) and the 
administrative director, Martin 
Steinhoff, over how to combat a 30 
per cent cut in subsidy. Cambreling, 
formerly G6rard Mortier's music 
director at the Monnaie in Brussels, 
had no warning of the cut when he 
agreed to come to Frankfurt. By 
general consent he has put 
together an interesting programme 
and raised standards. But he sees 
little point in staying if the com- 
pany gives only 50 performances a 
year - as planned for 1995 - and 
reduces the size of chorus and 
orchestra. 

Cambreling accuses Steinhoff of 
favouring the Frankfort Ballet and 
acting as a message-boy for the city 
government. For his part, Steinhoff 
says Cambreling has failed to 
confront reality. At present, the 
company spends an average 
DM100,000 per performance on 
guest singers, on top of the fixed 
costs of a permanent company. 
According to Steinhoff, the choice 
lies between changing over to a 
“festival" system tike the Chdtelet 
in Paris - bringing in guests for 
limited-series productions and 
doing away with permanent 
overheads; or building an ensemble 
of salaried singers on the old 
German Stadttheater principle - 
meaning fewer stars, lower artistic 
standards, but regular 
performances. “At present we have 
a mixture which is not financially 
viable. We need to forge a pact, 
because it would be the final blow 
for Fr ankf urt if Cambreling 
resigned.’’ 


Take That 

Pretty 
boys at 
I Wembley 

| Howard is getting desperate. He’s 
the tall one in Take That who looks 
as If he would be happier as a 
human being - and the Tans know 
1 it. When the girls got the chance to 
scream for their hero at Wembley 
on Friday, Howard only rated a 
modest teeth -aching neuralgia on 
the hysteria scale, and while the 
Arena was awash with banners 
inscribed “Robbie, i want your 
body" and “Essex Girls Love U 
Mark”, there were no “Show Me 
How, Howie” placards. Even grow- 
ing a ridiculous goatee beard has 
not helped Howard much. 

Still, not long to go now. life as a 
member of a top pretty boy pre- 
teen band is brief, just the four 
years it takes for young girls to 
j progress from Barbie to their first 
bra. Take That are nothing to do 
with music - they are the warm-up 
to the day when the pop posters 
disappear from bedroom walls and 
real fife starts. 

Yet there is a move afoot to treat 
Take That seriously. Lead singer 
and song writer Gary Barlow has 
won Novello Awards and file Man- 
chester money men behind the 
hand-picked quintet are constantly 
tweaking new fife into tbeir cre- 
ation. Certainly they give a good, 
wonderfully incoherent, show. 

It starts with the lads rising up 
to the stage dressed as Gestapo des- 
patch riders and ripping off the 
Stones* Satisfaction with, the bold 
promise to 10,000 besotted girls 
You’ll get satisfied. 

It ends with Lulu, who has found 
a profitable second career as a 
child minder, leading them into the 
old disco hit Relight my fire, when 
they dress as young devils. Now 
Howard finally flips and bares his 
bottom in the hope, presumably, of 
attracting some of the underclothes 
the girts rain on Httie Marine. 

In between there is at least one 
decent original song in Babe; some 
impressive aerobics - the Monkees 
never attempted somersaults, cart- 
wheels, and hand stands; a Beatles' 
medley which displayed delusions 
of grandeur; and the inevitable 
jokey acoustic set just to fool the 
Musicians Union. 

Unfortunately, Take That have to 
be so amped up to combat tbeir 
non-stop screaming, whistle-blow- 
ing fens that the sound system is 
magnified to a shrill insubstan- 
tial blurn but who's listening. For- 
tunately Take That also threw up 
one fascinating possibility. Near 
the end the lads emerge in peeka- 
boo tops and boxer shorts and 
camp around like crazy to Giro 
good feeling. Could the management 
be preparing for the ultimate, 
mind-blowing leap, transforming 
this year’s pubescent teases into 
nest year’s icons of the gay scene? 

Antony Thomcroft 


*■ 



3 INTERNATIONAL \ 

1 A 1 

AR1 

rs 

GUT 

DE 


BERLIN 


might: Maurizio 
rthoven piano 
liicftael Gielen 
Philharmonic 
hler’s Seventh 
■s: Emerson Quartet 
rtets by Webern and 
mnady 

conducts Chamber 
rope In Britten, 
id Dvorak, with 
ctorla Postnikova. 
e Boulez conducts 
iontemporaln. 
t Tonight Emmanuel 
} Berlin Symphony 
rXs by Brahms and 
4 , with piano soloist 
Fri: Serge Baudo 
Radio Orchestra in 
kj Prokofiev. Sun: 
onducts Berlin 
estra in Webern, 
md Janacek (2090 


morrow: Madama 
hallo in maschera 


with Julia Varady. Thurs, Sum Der 
flfegende Hollander with Simon 
Estes and Sabine Hasa Frfc 
Siegfried Jerusalem song recital. 

Sat Hans van Manen 
choreographies. Sep 28: first night 
of new production of Andrea 
Chenier (341 0249) 

Staatsoper unter den Linden 
Thurs, Fri: Nureyev production of 
Glazunov’s ballet Raymonds. Sat 
Der FretechOtz. Sun: first night of 
new production of Rossini’s 1813 
Ferrara version of Tancredi, staged 
by Fred Bemdt and conducted by 
Fabto Luisi, with cast headed by 
Jochen Kowalski and Lynne Dawson 
(200 4782/2035 4494) 


■ NEW YORK 

THEATRE 

• Philadelphia, Here I Come!: this 
is the first Broadway revival of Brian 
Friers Irish drama since 1966, and 
brings the total number of plays on 
Broadway to a staggering four. In 
Roundabout Theatre Company’s 
production, directed by Joe Dowling, 
MHo O'Shea plays the father and 
two actors play foe son - Robert 
Sean Leonard 18 Gareth In private 
and Jim True is Gareth in pubfcs. Till 
Oct 16 (Roundabout 1530 
Broadway at 45th St 869 8400) 

• Three Tall Women: a moving, 
poetic play by Edward Afoee, 
dominated by the huge, heroic 
performance of Myra Carter. She, 
Jordan Baker and the droll and 
del&riful Marian Sefcfes represent 
three generations of woman trying to 
sort out their pasts (Promenade, 
Broadway at 76th St 239 6200) 

• Angels In America: Tony 
Kushner’s two-part epic conjures a 
vision of America at the edge of 


disaster. Part one is Millennium 
Approaches, part two Perestroika, 
played on separate evenings. The 
cast includes F. Murray Abraham 
(Walter Kerr, 219 West 48th St 239 
6200) 

• Carousal: Nicholas Hytner’s bold, 
beautiful National Theatre production 
from London launches Rodgers and 
Hammerstein towards the 21st 
century (Vivian Beaumont Lincoln 
Center, 239 6200) 

• Guys and Dolls: a top-notch 
revival of the 1950s musical about 
the gangsters, gamblers and 
good-time goto around Times 
Square (Martin Beck, 302 West 45th 
St 239 6200) 

• Blood Brothers: Willy Russell's 
musical about twins who, separated 
at birth, eventually meet and fall in 
love with the same girl. The show 
has been running on Broadway for 
18 months, but the recent addition 
of Carole King has added a tittle 
heat to the box office (Music Box, 
239 West 45th St 239 6200) 

• Kiss of the Spider Woman: pop 
star and ex-Miss America Vanessa 
Williams has taken over the title role 
In the tong-rorming Kander and Ebb 
musical directed by Harold Prince 
(Broadhurst 235 West 44th St 239 
6200) 

• Crazy for You: Gershwin’s times 
and Susan Stroman’s choreography 
are the central pleasures of this light 
and frothy entertainment now in its 
third year on Broadway (Shubert 
225 West 44th St 239 6200) 

OPERA/DANCE 

Metropolitan Opera The opening 
night gala next Mon consists of 
Puccini’s n Tabarro with Piatido 
Domingo and LeoncavaKo’s I 

PagJiaccJ with Luciano Pavarotti 

Teresa Strata^ aid Juan Pons sing 


in both operas, and the conductor is 
James Levine. The opening week of 
performances also includes 
Idomeneo (with Domingo), La 
boheme and Rigoletto (362 6000) 
State Theater New York City 
Opera’s autumn season runs till Nov 
20. This week's repertory, starting 
on Wed, consists of Lakmfi, Tosca, 
Prince Igor, Carmen, Die Zauberfldte 
and Madama Butterfly. Prince Igor is 
a new production, with a Russian 
cast conducted by Guido 
Ajmone-Marsan and choreographed 
by Damian Woetzel of New York 
City Ballet (870 5570) 

CONCERTS 

Avery Fisher HaB The New York 
Philharmonic's 1994-5 season opens 
on Wed with a programme of 
Weber, Boccherini. Tchaikovsky and 
Bartok conducted by Kurt Masur, 
with ceOo soloist Yo Yo Ma. Masur 
conducts a modified programme, 
without soloist on Thurs, Fri 
morning, Sat and next Tues (B75 
5030) 

Carnegie Hafl The now season 
begins on Sep 29 with a concert by 
the Academy of St Martin In the 
Fields, with mezzo CecSia Bartoli 
(247 7800) 
jazz/cabaret 

• Max Roach Double Quartet is in 
residence this week at the Blue 
Note, starting tomorrow (131 West 
3rd St near Sixth Ave, 475 8592) 

• indomitable soprano Barbara 
Cook takes command of the Cartyie 
Hotel dirmer-and-muac room for a 
month, starting tomorrow, backed 
up by her longtime pianist and 
arranger WaHy Harper. Her voice 
remains almost defiantly that of the 
1950s Broadway ingenue. Across 
the haH in Bemehnans Bar, dapper 
and easy-going cabaret singer 


Ronrry Whyte begins an engagement 
tomorrow (Madison Ave at 76th St 
744 1600) 

• Vocalist Bobby Gadwefl begins a 
two-week engagement at Algonquin 
Hotel tomorrow (59 West 44th St, 
840 6800) 

• Cabaret deity Karen Akers begins 
a run at the Rainbow & Stars night 
dub tomorrow (30 Rockefeller Plaza, 
632 5000) 


■ PARIS 

OPERA 

• The 1994-95 season at the Opfira 
Bastille opens tonight with a new 
production of Simon Boccanegra, 
conducted by Myurtg-Whun Chung 
and staged by Nicolas Brieger, with 
a cast heeded by Vladimir Chernov, 
Kallen Esperian and Roberto 
Scandiuzzi (nine more performances 
till Oct 14). This is the last 
production Chung win conduct for 
the Opera, under the terms of a 
settlement ending his contract as 
music director. Bob Wilson's version 
of Madama Butterfly Is revived on 
Sep 29. The season also indudes Le 
nozze d) Figaro, Lucia di 
Lammermoor, La Damnation de 
Faust, Un hallo In maschera. 
Iphig^nie en Taurida, Die Zauberfldte 
and l Captdeti e I Montecchi (4473 
1300) 

DANCE 

• One of France's leading young 
choroscpaphers, Philippe Decouffo, 
is In residence with his troupe at the 
Th&tre de la Vdle till Sep 29 (4274 
2277) 

• The Paris Opera Ballet's 1994-95 
season takes place mainly at the 
Bastille, it opens on Oct 25 with the 
traditional Grand Defile, followed by 
Balanchine's Le Palais de crista! 


(Symphony in C) to Bizet The Fbw 
Temperaments to Hindemith, and 
Jerome Robbins' Glass Pieces to 
Philip Glass (12 performances tin 
Nov 17). The season also includes a 
young dancers programme, 
Nuneyev's production of Swan Lake, 
a mixed bill including works by 
Balanchine and Martha Graham, 

John Neumeier’s Magnificat and a 
Nijinska-Nijinsky programme (4742 
5371) 

CONCERTS 

Mstislav Rostropovich is cello soloist 
with the Orchestra Phnharmonique 
de Radio France tomorrow at Salle 
PI eye!. The programme includes 
Boccherini’s Second Cello Concerto 
and the world premiere of a work for 
cello and orchestra by Daniel-Lasur 
(4561 0630) 

FESTIVAL D’AUTOMNE 

This year's programme includes 
Peter Stein's Moscow staging of the 
Oresteia (Oct 9-15), a Bob Wilson 
adaptation of Dostoyevsky (Oct 
11-23), Robert Lepage's Seven 
Streams of the River Ota (Nov 
18-26), and The Merchant of Venice 
directed by Peter Sellars (Dec 6-17). 
The dance programme is headed by 
Trisha Brown Danes Company (Nov 
3-12), and there is a special focus 
on the music of Gyorgy Kurtag 
(Festival d'Automne & Paris, 156 roe 
de Rivoti, 75001 Paris. Tel 4296 
1227 Fax 4015 9288) 
JAZZ/CABARET 
The new season at the Lionel 
Hampton Jazz Club opens 
tonight with a two-week 
engagement by American vocalist 
Artie "Blues Boy" White and his 
band. Music from 10.30pm to 
2.00am (Hotel Meridien Etoile, 81 
Boulevard Gouvion St Gyr, 75017 
Paris. Tel 4068 3042) 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

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

Thursday: Jtaty, Spain. Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

(Central European Time) 

MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

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

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 





















O ut of sight and oat 
of rotod could be the 
motto of the UK off* 
shore oil and gas 
industry as it prepares this 
week to observe the 30th axrnl- 
. versaiy of the first North Sea 
exploration licences: 

With most production plat- 
forms standing for offshore 
and support facilities concen- 
trated in remote coastal towns, 
the industry's public profile 
has slipped below the horizon 
in recent years. Not so North 
Sea oil and gas production. In 
spite of a widespread percep- 
tion that the UK oil industry is 
long past its heyday, the sector 
has this year staged a dramatic 
comeback with a surge in pro- 
duction that has boosted the 
trade figures and flattered 
overall UK economic data. 

Average oil output for the 
year so for is up by 29 per cent 
against 1998. according to fig- 
ures from the Royal Bank of 
Scotland, with output recently 
running at about 2.4m barrels 
a day. The high rate of growth, 
which follows years of decline, 
has mfcgn many City econo- 
mists by surprise. "Most people 
hnrf been aware that oil and 
gas would expand over the 
next couple of years," says Mr 
Leo Doyle, UK economist at 
London brokers Kleinwort 
Benson. "But they had not 
expected ft this quickly.” 

The main reason is that a 
sizeable number of new fields 
have been brought onstream 
over the past year and are 
building op to peak produc- 
tion. Among the larger ones 
are Scott, operated by Amer- 
ada Hess of the US, Enterprise 
Oil's Nelson field and Alba, 
operated by Chevron. Most 
were approved three or four 
years ago. when ofi prices were 
considerably higher than the 
present level of about 316 a 
barrel for the benchmark Brent 
Blend. But the new fields have 
also benefited from the exten- 
sive cost-cutting undertaken 
by the industry in recent 
years, as well as from effi- 
ciency gains brought about by 
new technology. 

Technology is also helping 
companies to extend the life of 
older fields and to exploit 
«rmaH accumula tions which in 
the past were seen as uneco- 
nomic, another factor behind 
this year’s surge in output 
A case in point is the 
Gryphon field, 200 miles nor- 
theast of Aberdeen and is oper- 
ated by Kerr-McGee, the US oil 
company. Die 100m barrel field 
is considered small by earlier 
North Sea standards, but is 
typical of the type of fields that 
will need to be developed if UK 
production is bo stabilise at its 
new, higher levels. 


The oil 
has not 


run out 


Robert 
Corzine and 
Gillian Tett on 
the sector’s 
comeback 


Most experts think 
output will peak 
next year, before 
settling at a lower 
"plateau” level 


also “transformed the econom- 
ics of the field," says Mr 
Phillips. 

Development costs vary 
according to the field, but 
many companies have been 
able to cut them by half with 
the help of the new seismic 
tarhnirp y ?* and drilling meth- 
ods. BP for example, with one 
of the most extensive North 
Sea operations, has seen its 
worldwide development costs 
fall from around $10 a band 
five years ago to between $4 
and $5 a barrel 

There have been similar 
reductions in operating costs, 
with some new North Sea 
fields reporting costs as low as 
£1 a barrel, although about $5 a 
barrel would be the average far 
the central and northern North 
Sea. That is higher than in 
onshore fields in many parts of 
the world, but low enough to 
m m i m that the UK continues 
to attract the interest of inter- 


MONDAV SEPTEMBER 


19 1994 


To save money, the c om p a ny 
forsook the conventional fixed 
oil platform, which would have 
cost £400m, and bought instead 
a tanker-like “floating produc- 
tion and storage unit” for 
£260m, according to Mr Roy 
Phillips, Kerr-McGee’s general 
manager in the UK. 

The cost advantages of ship- 
shaped production vessels are 
such that they are being con- 
sidered for a number of new 
projects. Including the first 
phase of development at Brit 
ish Petroleum's Fodnaven Add 
west of Shetlands, the most 
exciting new exploration area 
in OK waters. The industry’s 
new ability to drill horizontal 
wells within the seabed has 


national ofl companies. Politi- 
cal stability, proximity to mar- 
kets and the UK’s extensive oil 
infrastructure are additional 

■ uHimiHnn^ 

So too is the government's 
attitude toward the industry, 
although oil companies were 
divided last year in their 
response to a sadden change in 
the government’s taxation 
regime. It had the effect of 

removing relief on explor ation , 
but lowering the tax rate on 

ari sting ftelife- 

That pleased companies such 
as BP and Shell, two of toe 
biggest offshore operators with 
extensive but relatively high 
cost mature assets in need of 
refurbishment, but was less 
well received by aggressive 
explorers such as Amerada 
Hess, which has just Joined the 
toP five North Sea companies 
according to value of assets. 

There were suggestions last 
year that the tax changes were 
likely to cause some interna- 
tional companies to pull out of 
the North Sea. But there has 
been little evidence of that so 
for. Instead, many US compa- 
nies, including Amerada Hies, 
say they want to expand their 
operations. Conoco of the US 
this month announced it 
intends to spend £40Qm. a year 
in the OK offshore industry to 
% pnfl of tha decade. 

Such plans will please a gov- I 
eminent clearly enjoying the i 
benefits of the present oil 
boom. Second-quarter o£L trade, 
for example, was £l.3lbn in 
surplus, its highest level in 
eight years and nearly three 
Httim higher t ha u, in the same 
period last year. This has 
helped to allay fears that 
Britain faces a wor se ning bal- 
ance of payments as higher 
economic growth leads to 
increased imports. 

For how much longer can 
the sector maintain this perfor- 
mance? Most experts think out- 
put will peak sometime next 
year, before settling at a some- 
what lower “plateau" level 
But that will stm leave output 
above 2m barrels a day until 
the end of the decade, even if 
world prices remain depressed. 

A study tins year by Wood 
Mackenzie, the Edinburgh- 
based consultants, suggested 
that 50 fields likely to be con- 
sidered far development over 
the next few years would be 
economic at the current price 
of $16 a barrel In addition toe 
government’s latest licensing 
round showed strong interest 
in deep water areas west of the 
Shetland Islands and Off the 
west coast of Scotland. That 
should ensure the North Sea 
continues to produce substan- 
tial amounts of ml and gas well 
into the next century. 


\ —-w ■. Tbe- ; finking of 

| sari V; the - ■ world’s •- 
people to a vast - 
exchange of 
[^■rjtoggf information 

SSfxSH'”*** Jdeas 

PE f,EW L 

— vtEW set to deliver. 

P nwiriwrt . fflTl ntn hwi mil J > 

believe that : the creation, of a 
network of netwm&s, transmit- f 

tog messages amT imkgeS at “ 
the speed of light across every , 
continent, is essential to eua 
talnable development for aB ' 
the human family. ' . 

It wfll bring economic prog= 
ress, strong democracies,- bet- - 
ter environmental manage- 
ment, improved healthcare and . 
a greater sense of shared stew- : 
ardship of our small planet. 

To this mid, legislators, regur - 
la tors and business people 
must now build and run a 
dflhfll TiifiiH , matfnn--Ti,fufo4 , ■ .r- 
ture (GO). 

We call upon all govern-, 
marts, in their own sovereign 1 
nations and in international 
cooperation, to build this 
infrastructure. 

The US will do its part. But 
the development of the GQ 
must be a co-operative effort It 
cannot be dictated or built by a 
single country, and it most be 
democratic. 

The Gn will pramete democ- 
racy by wniiaiwdwg ttu> paxtid- 
patron of citizens in un- 
making. And it will promote 
the ability of nations to 
co-operate with each other. 

It win also be the key to eco- 
nomic growth. The Information 
infrastructure is to the .US. 
economy of the 1990s what 
transport infrastructure was to 
the economy of the mid-2Qth 
century. Approximately 60 per 
cent of all US workers are 
“knowledge workers". Comput- 
ing and information' networks - 
have made US companies more 
productive, more competitive 
and better able to adapt to 
changing condliiora. They will 
do the enwifl for other nations. 

Digital telecommunications 
technology, fibre optics and 
new high-capacity satellite 
systems are transforming tele- 
communications. A fibre optic 

cable can carry thousands of 
telephone calls per second over 
a single strand of glass. 

to the past, it could take 
years to build a network. 
Today, a single satellite and a 
few dozen ground stations can 
be installed in a few months - 
at much lower cost 
The economics of networks 
have chang ed go radically that 
a competitive, private market 
can build much of toe GIL This 
is dependent, however, upon 
sensible -regulation, 
to the 'US, we aim toluriM 


intG the 




«-■ 




sKSIV.*: 


US Vieerpresidfcu|®Gdto explafip how a global 
informatioH^pk |uj~Will aid :dje|elopment 

and maintain thrangK'- . . ... 
private sector a National- 

formation Infrastructure^ _ 

mfarmatiou highways, - ^(5®aSESP‘ * 


' -iSs • 


information highways. 

Our plan is based luejuae,;"-. 
principles at . .- -f • 

• encouraging private invest 
mart; 




• creating a flexible regular, 
tary framework that can keep 
pace with rapid technological 

and martrftt changes; 

• providing open access to the 
network far all information: 
pro yfrtara; JWdf 

• ftngirrmg . il m urt T B fll wnricp. 

Many of these are accepted 
principles, which 
I believe nsn wnH aid 

the development of the GIL 

Today, many more techno- 
logical options make it not. 
only possible, but d e saa Me. to 
have dttferenl companies tup- 
whig wimpiiHiig — but intercon- 
nected - netwo rks, to make 
the telmHnmimliaitiiint sector 
more -hmim iHw 

and mote profitable. 

TO promote n n tnpgfa ' tinTi and 

investment , in global telecom- 
munications, we need to adopt 
cost-based collection and 
accounting rates. 

International standards are 
also needed to ensnre intercon- 
nection and interoperability 
throughout the world. National 
networks must connect effec- 
tively with each other to make 
real Hy gimp To vision of link- 
ing schools, hospitals, busi- 
nesses and homes. 

to order for the pri v ate sec 
tor to invest and for competi- 
tion to be successful it is nec- 
essary to create a regulatory 
environment that fosters and 
protects competition and pri- 
vate-sector Investments, addle 
at the same tune protecting 
consumers' interests. 

to the US, we have delegated 
significant regulatory powers 
to an indep endent agency, the 
Federal fi mnwmmiegtjmK Com- 
mission. This is an expert 
body, well-equipped to make 
difficult decisions . 

and monitor changing market 
conditions. 



important principle. Telephone 
and video network owners 
should charge nondiscrimina- 
tory prices for access to their 

netwcuka. . _ .... 

Countries and companies 
will not be able to compete in 
the global economy ff they can- 
not get access to up-to-date 
information or communicate 
instantly . with customers 
around the globe. Ready, ageess 
to friformg thm is amentia! -for 
training toe workforce needed 
for high-tech inrtustries. 


tant ptH i cq Ua is to ensure rmi- 
yeraakservlce rothat the GH is 
:avadiafa|gto all -7. , . . . ' . - 
Hundreds of sateBriesin low 
earih- iCohit may soon provide 
telephone or data services to 
any point on theglobe. Such 
systems could make u ni versal 
service, practical and afford- 
able: • . v • . 

.Another of uni- 

vws^l jiervace i* . the; ,recognl- 

KArj t foafr mgrke» p?»re ami^nm. 


We also need a ftexttriie, effao- . -information services. Protect 


tive system for., resolution of 
international issues. 


training the workforce needed ics sheqld- not be .the sola volcanic eruptions, it can save 
for highrtech industries. - determinant of the reach of the. v , thousands of lives. And by 

tofomatipn'infr^dnKrture. .^ v KnlringvillagBS. and towns, it 

G auntries that flourish Rreddent CBntoa and I have can bfflp people work together 

in the 2lst century . cafied'^vPMitiy^ government - £to- solve local and regional 
will be those that actiariin tradJStoexfend the problems, ranging-; from 
have^lfic nfrimqnfo a- (^to eV)^dasfflO<ffl3, lSHerK totprewteg^water supples to 
tions policies and copyright , hospilaland clinic in timUS by . preventing deforestation, 
laws that give their citizens toe end of toe century - * - . \Topromote, toproteetjand to 

access to a wdde choice of Schools and H&raneS-in * p»Be^ t foeedbm 'and-*demoC' 
information services. Protect;- ' every country could be con- racy, we most make tdecomr 
ing inteBectnal property^is nected to . the Internet, thuv mterioarions development an 
absolutely essential ; . .wraid’s lairg^t aym p u te r net;;*' totewaljrajct of every Ration's 


laws that give their citizens 
access to a ' wdde choice of 


tog . intellectual property .^is 


Dufld Open access is another The final and most impor ■ work^ m^ ordjer to create a ','defefep 

t ‘ . . -r.f.z ■ z~<r. . . ■■ rr.-.f-. LC .:. : - 


LETTERS 


■ i;r t i « • ; T . ■<. ■ tr- 

Fax 071 873 5938. Latere Transmitted should be dearfy typed ancF^Baa^ wx^ finest resolution 


Rciise the 

strategic 

game 




Yields^ tell €it$| 







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TO TAKE YOU PLACES 


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


* 


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

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


From Mr Kerry Napuk. . 

,Sfcr, Andrew Campbell's spir- 
ited^ defence, of strategic phut 
mag vu well founded (Man- 
agement Page: “The point is to 
raise toe game", September 14). 
However, along with the 
detractors of planning; Camp- 
bell mfeses the «wwirmn m » posi- 
tive impact strategic planning 
can. have an medium-sized 
companies. Ecr toon, toe plan- 
ning process often Is the first 
thin* the. ma na g ement team 
riptric With fundamental ques- 
tions facing;; their, company. 
Where dp weVprant to go? Bow 
can 'we get mere? How do we 
make it work to our company? 

When the senior team shares 
a future direction - the vision 
- it creates a framework in 
which strategies can be crafted 
as means towards realising 
this greater end. Strategies are 
useless when unconnected to a 
desired future state on one 
hand -mid to specific action | 
plans involving teams on tin* 
other. Moreover, strategic plan- 
ning aiMa value in banding 
team together, managing 
ch a nge and m wth ig the appro- 
priate structure to make the 
plan work. 

Perhaps we. need to “raise 
the game” by extending toe 
debate over strategic planning 
to the much larger pool of 
medium-sized companies? 

Kerry Napuk, 


Frtm Sir Alan fyaltets . ’1992 too 
l Sir, In “Interest cost of .IK . .atattod’^ 
qpt out" (September I5) r Sant ’ Vvfe» drop] 
uel Britten says: ?The" fihpoi> - : -an&S jksoep 
taut point is fltet cipting wt ff-, ^the spcM 
EMU does have an eccraoph;.' 
price which the UK : higy : , 
afready be paying to Ioengterin ayera^f 
interest rates higher -than .. 

those of her partner countries, affer /^^ s 
and to the need to reinforce ,bdKa;toi^ 
confidence . by base .. .'rate . abdut'53p.M 
■ increases..." , . well^Iow 

K is diSicuh to square this whmJtnf 
with the changed to. thergjtt- 
bund spread. ■ Bt April 1992 trtayto'l 
^riien we ware' solidly to toe 'goroaitoe 
EBM and on. the- way to same -market^ 
sort of currency union, gfit ■ lESffi'ML 
yields reached, ft peak of ZSO'' : xS^memh 
batis points above bund yields. , a$e{ £M 
From January' to September ’peasud,';! 




Ither^feaor- *w^.; everyone brieves 

idi9fr5MBfe .pptote^’^ itifebif will be siBtainei then 
:woritf ( s^^cotose toterest will be the 
^p^Ad 'to;; isaara and there would be no 
: a3p: bfisds- polfda - ' sp&iui' ftt alL But the road to 

J^Iow fiiat whieh ridfi^.^ not smoothly 

■fhmLy'intoe'' KRM. '. 7, ^ggred;. wtth- decMhing spreads, 

s^wtoth nattog ttat,' ; cc^ ;aagtoe^ experience - with the 
^to^toe rpredEctoms ^tiifi.' ^ERM’haftsb convmcingjy dem- 
rrmfarf told :.irHwfc of the,'' : ;8n»tiated. ' ‘ 
k^camE^rtatbre.-asth& AtehWalters,,- 
^^arff.jpros^Q^ of Ekit;^ .^t^icluinman^ dincto^ 
enStera h fo <& anyforeae&{' Alti’^Trading Group, 

..disapr, - 3200 19tltoStr&£ NW, Suite 605, 
A , ^the 'spread:dija hot ys&hingion DC 200S6, US y 


r -;j 

'increase} instoad it aharply 
eiahtiacted. wife the break up 
ERM off interest rates, 
..abort.’ and tong, nominal and 
i j^V^dowu - instead of up 


pfcm«a/:the 


K.-. r dlsto>r c 
did hot 


Handicap of mutuality. 


From Mr Ralph btstom. 


than one case , to recent years 


Bfelief in the : 
Wrong factor 


Sir, The m ana g in g director I* of a rescue optoatipn mounted 


of the National Mutual Life 
Assurance Society advances 
(Letters, September 9) “a very 
strong argument' for mutual- 
ity. viz. that 'mutual offices do 


to protect .a mutual office’s 
policyholders from, jeopardy. : * 
ft is virtually: impossible to 
devise a voting structure for. 
mutual offices which fairly 


not have to pay dividends to (.reflects the dtrorse intere st s. of 


shareholders. If the argument 
bad validity, ana would expect 
to find (which one does not) 
that, rmitaial .offices «in offer 
bettor terms, or show more 
favourable maturities for wflh- 
prefit poli c y holder s th an pro 


NAP Associates, 

10 West SadcoOUt Bead, 
Edinburgh EH 16 SNG 


Can. it be feat toe manage- 
ments of mutuals are less effec- 
tive precisely because they 
lack the stimulus of being 
directly answerable to share- 
holders? There has been, more 


policyholders. Moreover such 
nffiwa are unable to, ; finance ' 
expansion by. .the, issue of 
equity capital which is a seri- 
ous disadvantage for all but 
the largest mutual offices. 

Mutuality is a mixed bless- 
ing for building societies and is 
a posit i ve handicap . for life 
offices and their poflcyholders. 
Ralph Twstomp-j 
ISFatocres, 


From Mr M CFramptan. 

Sir, The Conservatives’ .belief 
that tax cuts will restore their 
party’s standing is wrong. - 

Job. security Is far more 
important The feel good factor 
. will not return until the coun- 
try stops: reorganising and 
downsizing. Who these days 
feels that their job is secure? 
'Who does not know someone 
who. has been made redun- 
dant? Not until companies 
start growing again and the 
public sector stops , reorganis- 
ing will the country JfeeZpoodL 
M C Frampton, 


London SW15 5LK 


SOSmUhbam, 

Horsham, 

West Sussex RH13 6EB 


Russian university already benefiting from training programmes 


FLYING WITH STYLE 


From Mr Amnon Golan. . 

Sr, It was heartening to read 
John Lloyd's article on Rus- 
sian plans for reforming eco- 
nomics teaching (“Russia 
boosts economics teaching", 
September 6). Certainly, there 
remains much to be done to 
improve academic standards 
and curricula in Russian uni- 
versities and teaching institu- 
tions. The Economic Iteve To p- 
ment Institute of theWorki 
Bank recognised tills early an 
and to 1992 estab l ished, with 
toe fan support of the Russian 
government, a training centre 
at the p remier Russian univer- 
sity, Moscow State University. 

The Joint EDI/MSU Training 
Centre has now been responsi- 


ble for retraining large-mum 
bera of academics . and 
researchers perhaps most 
Importantly, for using the 
skills of those who have been 
retrained to assume primary 
responsibility far teaching 
market .economics to a large 
numb® of government offi- 
cials- With the active collabo- 
ration. of the. care economics 
ministries our centre has 
developed a large-ami innova- 
tive set. of training pro- 
grammes aimed at improving 
analytical and policy-making 
skiTTg | foe- value of- which is 
quite obvious. 

The phflft«ophy b flWnd this 
has been to bring on young 
Russian, academics *tm 1 teach- 


ers to harness their consider- 
able skills . in providing 
up-to-date audtechnfeaBty com- 
petent training to officials, 
journalists and other key audi- 
ences. to Russia. X should add 
that this approach and the 
EDI/MSU Centre has now been 
dbned, using local institutions, 
in Kazakhstan, Ukraine and 
Uzbekhiaten. And a similar - 
I strategy was used to develop 
| Innovative training pro- 
grammes (and to establish a 
number of training centres) to 
banktog; prefect management, 

. investment analysis, enterprise 
and transport management, as 
wen as privatisation. 

Mr Uoyd indicates that text- : 
books, are a significant con-. I 


strain! in improving the qual- 
ity of instruction in Russia. 
Our centres have now trans- 
lated a large number of mod- 
ern texts and articles into Rus- 
sian, including Gregory 
ManhSw’s excellent recent text- 
book on “Macroeconomics". 
TStey have also produced/trans- 
lated into Russian training 
videos for bankers and case 
stodfes,:tex£-books and .glossa- 
ries for each of -the above xnen- 


AmnonGtean, 

tdreetor. Economic Development 
Institute, 

The World Bank, 
ms H Street, NW. 

Washington; DC 20633, 

OS 




i" 


Global Digital Library. This 
would allow millions of stu- 
dents, scholars and business 
people to find toe information 
they need, whether it be in 
Albania or Ecuador. 

Tfoe power of the Gfl will be 
diminished if it cannot reach 
large segments of the world 
population. 

There are those who say the 
lack of economic development 
causes poor telecommunica- 
tions. I believe they have it 
backwards. A primitive tele- 
communications systems 
cau fyg poor economic develop- 
ment. 

So we cannot be complacent 
about the disparity between 
the high and low income 
nations: to how many ph o ne s 
are available or to access to 
new technologies, such as 
high-speed computer networks 
or video conferencing: The US 
is commi tted to working with 
other countries bn this matter. 

To overcome the barriers to 
Gfl development, industrialised 
countries can: 

• use tire Gil for technical col- 
laboration between industria- 
lised nations and developing 
countries, to help develop-, 
ment agencies link experts 
from every nation to solve 
common problems: 

• help nations finance the 
building of telecommunica- 
tions infrastructure, through 
multilateral institutions, such 
as the World Bank; 

• create programmes to train 
telecommunications profes- 
sionals. USAID (the US Agency 
for International Development) 
and US businesses have helped 
the US Telecommunications 
Training Institute train mare 
than 3,509 telecommunications 
professionals fosm the develop- 
ing world. 

The GH could also be used to 
create a global network of 
environmental informatfon. to 
help protect the euviroajnent 

It can provide us witth fe® 
information needed to improve 
d ramatically the quality of Ufa 
around the globe. By linking 
clinics and hospitals together, 
it will ensure that doctors have 
access to the best possible 

faitomu Him nm t wartwiMta. . 

' By providing early warning 
on natural disasters such as 
vulcanic eruptions, it cut save 




Haiti 


•jaw 111 


Etna's 


■v . - ... 


■ t . 1 • 


■ v ‘ i •. * ■ 


v. v . j- i. . 



V '.r . '“‘'A 




financial times 

Monday September 19 1994 


No quick fix 
in Haiti 


Whether or not Mr Jimmy Carter 
succeeds in persuading Haiti's mil , 
itsuy junta to step down, it seems 
us troops will soon be on the 
ground there. But if the Clinton 
a dm i nis tration is hop ing for g 


brief engagement with this trou- 
blesome and unhappy nation, it is 
making a mistake. 

US troops may leave within 
months as planned, but US 
finance and support for the coun- 
tfy - as part of a broad interna- 
tional effort - will be needed over 
the long term if Haiti is not to 
slide back to dictatorship or anar- 
chy. Tbe us decision to intervene 
makes a long-term commitment to 
Haiti its moral responsibility; 
without such a commitment, Haiti 
will all too soon re-emerge as a 
thorn in Washington’s side. 

Some will argue that US inter- 
vention in Haiti is in itself a mis- 
take, and Mr Clinton can ce rtainl y 
be criticised for the confused and 
contradictory way he has handled 
the issue in the past two years. 
Now he has boxed hirnsaif into a 
corner from which the unpopular 
option of invasion seems the only 
©tit 

Yet that does not mean that 
invading is wrong in principle. 
Restoring democracy and human 
rights within Haiti are laudable 
objectives. The feet that the US 
cannot act everywhere should not 
prevent it from acting to restore 
democracy when that is within its 
power. 

The more appropriate question 
is whether US action is likely to 
achieve its objectives in a nation 
that, in 190 years of independence, 
has known only a few months of 
rule by freely-elected government 
Clearly, ousting Haiti's current 
crop of military leaders will, of 
itself, not resolve the problem. If 
the armed forces and the police 
are not purged and professional- 
ised. it will be only a matter of 
time before the next military 


coup. This is a proper subject for 
international advice and support 

However, Haiti's needs will not 
end there. The entire state - a 
bloated, and inefficient civil ser- 
vice, a corrupt judiciary, barely 
functioning public enterprises - 
needs an overhaul The country’s 
dilapidated infrastructure needs 
renewing and enlarging. Most 
urgently, the poorest country in 
the western hemisphere needs 
humanitarian 

In this task, the international 
fi n a nc ial institutions have a criti- 
cal role to play: donor countries 
should move quickly to provide 
support so that Haiti's arrears to 
these institutions do not prevent 
them from providing finance. 

It is. of course, on the Haitian 
people that the establishment of 
democracy will ultimately depend 
- and on President Jean-Bertrand 
Aristide, the priest deposed by the 
military in 1991 after seven 
months in office. While unques- 
tionably the rightful head of state, 
he has not convinced everybody of 
his democratic credentials. 

He has been criticised for not 
eradicating human rights abuses 
while president, and for state- 
ments in which he apparently 
incited supporters to violence - 
though it is true that during his 
brief tenure in office, he was 
under pressure from arrantes for 
whom democracy and the rule of 
law had no meaning. Having 
invoked democracy to return to 
ftort-au-Prince, Ah- Aristide must 
live by its rules when he arrives 
there. His statement that he will 
stand down when his five-year 
term ends next year, as the consti- 
tution demands, is thus welcome. 

Yet fulfilling the high expecta- 
tions of h is supporters will not be 
easy. If democracy in Haiti is to 
have a chance, a long-term inter- 
national commitment to the coun- 
try is essential Leaving it to the 
marinas will not be enough. 


Jaw- jaw in Ulster 


The prime ministers of Britain 
and Ireland are displaying remark- 
able political skill in their efforts 
to bring peace to Northern 
Ireland. On Friday Mr John Major 
undertook that any new arrange- 
ment for the governance of Ulster 
will be put before a referendum. 
Yesterday Mr Albert Reynolds 
said that there would be no united 
Ireland for at least 20 years, and 
that even then the matter would 
be determined by popular vote. 

Both statements are implicit in 
the joint declaration issued by the 
two heads of government last 
December. The essence of that 
statement was that future consti- 
tutional changes on the island of 
Ireland were to be based on the 
principle of self-determination, 
exercised north and south. Mr 
Reynolds has since re-iterated this 
several times, in a number of dif- 
ferent ways. So has Mr Major- Yet 
such is the depth of suspicion in 
Irish affairs that it may have to be 
repeatedly repackaged and reiter- 
ated over the coming months. 

The theory is that, in time, the 
constant deployment of this basic 
democratic principle will persuade 
unionists that while they com- 
mand majority support they can 
safeguard their province, and 
nationalists that if they can per- 
suade enough Ulster voters to 


trust thom they can realise their 
own dream. If this is an Anglo- 
Irish conspiracy, its purpose is to 
convert 25 years of debate by ter- 
rorism into peaceful politicking. 

Yet it would be a mistake to 
confuse the wish with its fulfil- 
ment The IRA has announced a 
ceasefire, but it resists blandish- 
ments to declare it permanent Mr 
Major has rightly lifted the ban on 
the broadcast of terrorists' voices, 
but has not been repaid with a 
pledge that Armalites will never 
again be used. The “loyalist” mur- 
der gangs have not yet accepted 
the armistice. Both sides retain 
their arms. The ZRA continues to 
demand the release of convicted 
killers it terms political prisoners. 

In these circumstances it is a 
pity that President Bill Clinton is 
fighting difficult mid-term Con- 
gressional elections. Looking to 
the Irlsh-American electorate, he 
is expected to grant a second visa 
to the president of Sinn Ffiin, 
Gerry Adams. It will came as no 
surprise if - when - Mr Clinton or 
another senior US figure greets 
the leader of the political wing of 
the IRA. The excuse offered in 
Dublin and Washington will be 
that this wifi, bind the IRA/Sinn 
Ffein into the peace process. Mr 
Major, and the rest of us, can only 
hope that that judgment is right 


Kuchma’s task 


est dispatches firemen to 
ibattled nations through- 
jlobe. Ukraine is quietly 
as one rtf the next major 
the new world order, 
must implement radical 
: reforms and the west 
> to pay for them, 
capacity for producing 
s enormous. The current 
power struggle in the 
ly Crimean peninsula is 
item of festering regional 
in Ukraine, but if the 
deteriorates further 
s separatist comedies 
u into the tragedy of civil 

Ukraine's location on the 

a more economically 

at politically still fragile, 
lurope, civil strife would 
enough. Yet Ukraine's 

■ to Russia makes it even 
gerous. Given most Rus- 
w that Ukraine is a natu- 
f their country, the temp- 

■ Moscow to meddle in a 
or destitute Ukraine 
as attractive as it could 
al Russian involvement 
-union civil war would 
he most threatening con- 
urasia. Moreover, a Rus- 
rt to reabsorb Ukraine 
reak Russia's tentative 
democracy because it 
quire authoritarian mea- 

Russia itself- 

lie election of President 
uchma in July, a chance 
bese nightmare scenarios 
rod. Mr Kuchma appears 

Understood that Ukraine 
irvive intact without the 


economic prosperity which only 
radical market reforms can brir%. 

His task, paradoxically, may be 
easier than it seems because the 
previous, inept government inad- 
vertently inflicted much of the 
shock of transition on the coun- 
try’s economy: energy prices are 
nearly at world levds and the 
deep industrial decline which all 
of eastern Europe experienced has 
already happened in Ukraine. 

If Mr Kuchina were to add ther- 
apy to the shock, he could emerge 
as a political hero and his country 
could prosper. But to do that, he 
needs western assistance. 

Ukraine is too important, and 
too potentially disastrous, for half 
measures. If Kiev begins reforms, 
Ukraine must rapidly receive sig- 
nificant western financing along 
the lines of the $4hn promised at 
this summer’s G-7 summit That 
money would help support the 
painful measures Mr Kuchma 
must implement price liberalisa- 
tion. budgetary discipline, cur- 
rency stabilisation, liberalisation 
of transactions on the current 
account and rapid small-scale pri- 
vatisation. By helping Kiev to pay 
for the energy Russia now sells at 
dose to world prices and covering 
part of the large budget deficit 
that even a reformist Ukrai nian 
government could not initially 
avoid, the west could give Ukraine 
a fighting chance. 

Ukraine will not survive as a 
country without radical economic 
reforms. Faying for them now 
would be far cheaper for the west 
than coping with a collapsed 
Ukraine in 12 months time. 



Not nearly 
radical enough 

Despite free-market reforms, India's economic upturn is 
modest rather than spectacular, says Stefan Wagstyl 


A fter three years of mar- 
ket reforms, the Indian 
economy Is showing 
clear signs of revival. 
But the rebound could 
prove short-lived unless the govern- 
ment presses ahead with further 
restructuring. 

Industrialists in India are now 
more optimistic than at any tim* 
since Mr PV Narasimha Rao, the 
prime minister, embarked on liber- 
alisation in mid-1991. The monsoon 
was good. Industrial output is forg- 
ing ahead and the Bombay Stock 
Exchange's index of leading stocks 
last week reached an all- time peak. 

Mr Anil Ambani, joint managing 
director of Reliance Industries, 
India's largest company, says: “We 
are going to Bee massive Investment 
growth this year.” 

But the upturn that is causing 
such excitement is as yet a modest 
recovery rather than an industrial 
take-off. The Reserve Bank of India, 
the central bank, last week forecast 
the economy would grow by 5 per 
cent in the current finarw-ial year, 
ending in March 1996, up from SR 
per cent This is still short of the 
average 5J> per cent achieved in the 
pre-reform 1980s and far below the 
growth rates of India’s economic 
rivals in the developing world, nota- 
bly China. 

“We are so slow off the mark,” 
says Mr Hrishikesh Mafetlal vice- 
chairman of Mafetlal Industries, a 
textiles- based conglomerate. “1 
don’t expect economic take-off. . . of 
between 7-9 per cent growth. ..in 
the next three or four years. It may 
come only 5-10 years out” 

The immediate risk in such delay 
lies in the enormous expectations 
that Mr Rao’s reforms have created 
among some financial investors. 
Stock prices have risen 80 per cent 
In a year, malting Indian equities 
among the world’s most expensive 
with an average multiple of price to 
1993-94 earnings of 53. Bombay land 
prices have doubled in two years. 
Unless these investments produce 
real returns, prices could plunge. 

Certainly, India deserves credit 
for the progress it has made. After 


40 years of economic self-reliance, 
the country is opening up to the 
outside world by cutting import 
duties, reforming the exchange rate 
and promoting exports and foreign 
investment. The “Licence raj", a 
panoply of industrial controls, has 
mostly been dismantled. In spite of 
a Rs40bn (£828m) securities scandal 
in 1992, when money was Illegally 
siphoned out of banks into the 
stock market, financial deregulation 

hag gone ahgail 

But Mr Rao has decided against 
further radical reforms, such as 
trimming bloated public-sector 
enterprises or amending labour 
laws which ensure jobs for life. 
With elections due in the next few 
months in 10 of India's 25 constitu- 
ent states and a general election to 
be held by mid-1996, the prime min- 
ister wants to avoid electorally-un- 
popular decisions. 

Mr Rao believes that, unlike 
China or other authoritarian states, 
India cannot rush politi cally diffi- 
cult reforms because it is a vibrant 
democracy. But the truth is that 
India's democracy may not be 
vibrant enough. 

Less than 30m people enjoy the 
jobs, pensions and other advantages 
of legally-protected employment in 
larg&scale organisations. They and 
their families - about 150m people - 
are the main beneficiaries of the 
economic status quo. And politi- 
cians and bureaucrats are the ones 
who profit from the patronage that 
this allows. 

The rest of India’s 890m people 


are largely excluded from the whole 
process. If their interests were bet- 
ter represented, the pace of reform 
might be quite different Employers 
have said that if labour laws were 
more flexible, they would shed staff, 
but would also create new jobs. 

Even without restructuring of the 
organised sector, especially of pub- 
lic enterprises, the reforms are bear- 
ing fruit Exports after two years of 
stagnation leapt 20 per cent in 
1983-84. By June 1994. the govern- 
ment had approved foreign direct 
investments totalling $5bn. Foreign 
fund managers have invested about 
$Sbn in the Indian stock market and 
in overseas issues made by Indian 
companies. Foreign exchange 
reserves have leapt from $lbn in 
mid-1991 to more than $i7bn. 

D omestic companies 
are beginning to 
invest Output of con- 
sumer goods started 
rising last year. Now 
capital goods production is rising. 
Industrial production in April 
jumped 8 per cent year-on-year. 

The central bank estimates that 
after three years of stagnation, pri- 
vate investment will rise 10 per cent 
in 1994-95. As Mr Amit Mitra, secre- 
tary general of the Federation of 
Indian Chambers of Commerce and 
Industry, says: “There’s an unbe- 
lievable amount of energy in Indian 
industry now.” Moreover, partner- 
ships between Indian and foreign 
companies are sprouting as never 
before, including, most recently, the 


announcement of a joint venture by 
Volkswagen, the German auto 
group, and Eicher, an Indian engi- 
neering conglomerate, to study 
building a $190m car factory. 

Yet. although India is plaiting 
host to more foreign businessmen 
than ever, there are worrying signs 
that the first rush of international 
enthusiasm may be waning. Export 
growth has slowed sharply since 
the end of March to an annual rate 
of 8.3 per cent for the four months 
to the end of July. Foreign invest- 
ment approvals fell in the first six 
months of 1994 by 38 per cent to 
about $S00m, compared with the 
same period last year. Foreign port- 
folio investment has also slowed in 
recent months. 

All these may be temporary blips, 
but they could also indicate some 
foreign companies are having sec- 
ond thoughts about the speed with 
which they wish to commit them- 
selves to India. 

Their doubts reflect a concern 
that while India’s reforms may be 
substantial and irreversible they 
may not have gone far enough. As 
Mr Jeffrey Sachs, the Harvard Uni- 
versity economist, said during a 
recent visit to New Delhi: “India 
has made remarkable progress but 
it is only partial progress.” 

To convince the sceptics, India 
needs to ensure the bureaucrats’ 
fingers are really being lifted from 
the levers of economic power. While 
many controls have been scrapped, 
the officials’ desire to retain influ- 
ence has not In the power sector. 


for example, an outline policy for 
private investment in power sta- 
tions was published two years ago, 
but the details are still being dis- 
cussed in negotiations with 
would-be investors. Apart from the 
delays, this case-by-case approach 
creates scope for corruption. 

Similarly in telecommunications, 
a new policy ending the state’s 
monopoly of basic services was 
announced four months ago. but 
crucial issues, such as tariffs, stiU 
remain to be settled. 

India’s stare-controlled industries 
and services account for about half 
the nation's capital, but produce 
only a quarter of its output. The 
government has sold minority 
stakes in public enterprises but 
refuses to embrace full-scale privati- 
sation. As Mr Sachs points out. the 
experience of other countries shows 
that without privatisation other 
measures to make public enter- 
prises efficient are usually futile. 

Ministers have made progress in 
liberalising the capital markets. 
Including Indian companies' access 
to the euromarkets. However, they 
are reluctant to relax control of the 
banking industry. The state-owned 
banks, which dominate the market, 
are being allowed to raise private 
equity, but the government will 
retain a majority stake and stifle 
genuine competition. 

Finally, the government has not 
put its own financial house in 
order. After cuts in the first years of 
reform, public borrowing soared 
last year to cover a fiscal deficit 
equivalent to 7.3 per cent of gross 
domestic product. It is falling in 
1994-95, but only slowly. Moreover, 
the burden of interest payments is 
rising - from 39 per cent of reve- 
nues in 1990-91 to 53 per cent in 
1993-94, according to the RBL 

Mr Rao has called his economic 
policy a middle way, but in some 
government circles it has become 
known as the muddle way. In an 
effort to steer a course between a 
free-market economy and maintain- 
ing a large public sector, he 
seems to have lost his sense of 
urgency. 


Europe in the Pacific century 


V ancouver seems an ideal 
place to await the Pacific 
era in a spirit of optimism: 
a city of breathtaking 
ocean views and burgeoning Asian 
communities, where Chinese callig- 
raphers play hockey and speak with 
purring Canadian accents. 

While the city may he forging an 
Asian-North American future with 
Confucian serenity, the scholars 
and policymakers who gathered 
there a week ago for a conference at 
the International Institute of Strate- 
gic Studies were not 
Amid well-rehearsed observations 
on the rising economic importance 
of trans-Paclfxc links, the confer- 
ence heard some rather more dis- 
turbing ideas. 

In their most extreme form, they 
spelt out a 21st century vision of 
Europe relegated to an exhausted 
backwater and America forced to 
seek partners on Asian terms. 

The economic case for the Pacific 
century is impressive. Last year, 
trans-Pacific trade amounted to 
$330bn, exceeding trade across the 
Atlantic by 50 per cent; in five 
years, the ratio could be 2 to 1 in 
the larger ocean's favour. 


The west must show greater sensitivity in its dealings 
with east Asia argues Brace Clark 


The number of hours devoted by 
the American administration to 
political and. above all commercial 
ties with Asian partners is corre- 
spondingly cm the rise. 

But, as North Americans at the 
2Z5S either acknowledged them- 
selves - or were told bluntly by 
their Asian counterparts - it looks 
increasingly likely that the Asians 
will he setting the pace for the new 
intercontinental love affair. 

Washington's recent decision to 
decouple trade with China from 
human rights was bailed as an over- 
due conversion to the Aslan princi- 
ple of non-interference. 

Similarly, America's swing from 
lofty interventionism to pure mer- 
cantilism in ties with east Asia was 
seen as a sign of “open-mindedness” 
and “flexibility'’ - a welcome 
reminder of America’s freedom 
from the arrogance of Europe’s for- 
mer colonial powers, said one 
senior south-east Asian official. 

Europe, by contrast was in bad 
odour all round. Chided as usual for 


its colonial past protectionism and 
old-world snobbishness, the old con- 
tinent faced a newer charge: it was 
hostile to Moslems. 

As the conference was reminded, 
the mainly Moslem nations of Mal- 
aysia and Indonesia are highly sen- 
sitive to Europe's attitudes to Islam. 
“There is a perception in south-east 
Asia that Europe is hostile towards 
Islam," said a Singapore-based ana- 
lyst of the region. “There has been 
little effort to put to rest Moslems’ 
concerns that they are viewed as a 
threat to Christian civilisation." 

Western Europe was attacked for 
its faint-heartedness over Bosnia, 
its reluctance to admit Turkey to 
the European Union, and conniv- 
ance in the suppression of Islamic 
forces in Algeria. 

How can Europeans respond to 
this bewildering array of charges? 
They are not merely economic los- 
ers, swaggering imperialists with 
outsize egos and shrinking wallets, 
they are anti-Moslem to boot 

Wherever the answer lies, it does 


not lie in trying to please everyone. 

Europe will not convert the fun- 
damentalists of Algeria into part- 
ners and soul-mates by embracing 
them unconditionally; nor can it be 
sure of gaining merit in the eyes of 
south-east Asian, or other Moslems, 
by greater involvement in Bosnia. 

It is easy to imagine a scenario in 
which scores of British or French 
troops die in an unequal struggle to 
defend Bosnia's Moslem enclaves - 
and western embassies, from Ank- 
ara to Jakarta, are stiU surrounded 
by demonstrators denouncing the 
treachery of Christendom. 

But there are surely some lessons 
for Europeans to draw from the 
brick-bats flying in Vancouver's 
bracing sea breeze. 

Europeans must be more sensi- 
tive, in dealings with east Asia, to 
anti-colonial sentiment that is 
nearer the surface than most Brit- 
ons, French or Dutchmen guess. 
Forgetting is easier for the coloniser 
than the colonised. 

Europeans also need to be abso- 


lutely dear, with themselves and 
others, about the limits of their 
influence: their ability to right 
wrongs and tilt regional balances. 

One of the most palpable legacies 
of colonialism in Europe is the 
instinctive tendency of many people 
to regard all the problems of the 
world, from Santiago to Cape Town 
to Sarajevo, as well within their 
own capacity to solve. Ironically, 
this imperialist mentality has a 
strong grip on the political left - 
both in Europe and the US. 

Whenever western Europe exag- 
gerates its influence over the inter- 
nal or external policies of third 
countries, it risks losing out both 
ways: lacking real influence but 
still seen as a handy scapegoat. 

That does not mean that either 
Europe or America should make a 
headlong rush from interventionism 
to pure commercialism. There are 
still important “policing” tasks for 
the west, in Asia as elsewhere - 
particularly in arms proliferation. 
But in future, they will have to be 
carried out in partnership with the 
rising nations of the east, and 
with due regard to their sensitivi- 
ties. 


Observer 


Haitian 

overture 

■ I n t e rve n tion in Haiti? Been 
there, done that President Clinton 
has asked Poland to send along a 
few armed policemen to help winkle 
out Port au Prince’s finest Trouble 
is, they’ve been there before. And it 
was trouble, too. 

Today the Polish cabinet 
considers Clinton’s invitation, 
aware that a previous Polish 
intervention * as part of an 1902 
Napoleonic task force, whose 
mission was to defeat a slave rising 
led by Francois Toussaint 
L’Ouverture * ended in tears. Many 
of tbe 6,000 Polish troops who 
passed through the island died of 
yellow fever; still others derided the 
slaves had a point and joined 
forces. 

Around 500 settled for good, and 
Polish surnames and Slavic 
complexions are sprinkled across 
some Haitian villages, where 
Catholicism remains strong. 
Ethnographers say some Polish 
curses remain in use, while several 
hymn tunes are recognisably Polish 
in origin. 

A mere 500 returned from the 
Caribbean in the aftermath of a 
tragic episode, which taught Poles 
that the alliance with Napoleon - 
designed to win them their freedom 
- could lead to quite the apposite 
for others. 

President Lech Walesa, keen to 
join Nato, backs Clinton's request 


and is urging the government to 
follow suit, no doubt in the belief 
that this time the Poles will be on 
the side of the angels. Or at least 
quickly return home. 


Major league 

■ What's in a title? Prime minister 
John Major’s earnest wish to bring 
about a classless society in Britain 
has yet to filter through to Downing 
Street aides handling the protocol 
for the 16-strong party 
accompanying Major on his trip to 
the Gulf and South Africa. 

Those businessmen who are not 
peers or knights are referred to as 
“esq.” (esquire) in the official list. 
Mere sports stars, however - like 
rugby player Rob Andrew, athlete 
Judy Simpson and cricketer Alec 
Stewart - are plain Mr and Mrs. 

Got to keep some standards, old 
boy. 


X marks the spot 

■ Clearly disgruntled with the 
South African government’s 
foot-draggingin restructuring 
apartheid-era institutions, Benny 
Alexander, the ebullient secretary 
general of the radical Pan 
Africanist Congress, has struck his 
own blow for change. 

It registers scarcely a squeak on 
the Richter scale of international 
explosions, entailing an alteration 
of bis name to ‘Khoisan X and a 
denunciation of his previous 



Utey climb upstream* 


appellation as “a symbol of victory 
for our former oppressor." 

Khoi, explains the former 
Alexander, who claims descent from 
the indigenous Khoisan peoples of 
the Cape, means “one who can 
manage people.” And the X? That is 
"a mathpnwtiral variable denoting 
that which exists but is yet to be 
accurately identified.” Oh yeah, of 
course. 


Hold tight please 

■ Foreigners bemused at British 
willingness to form orderly queues 
for London buses are probably 
unaware that the long arm of the 
law is at work. London Transport 


has some byelaws aimed at keeping 
order at its bus stops and on its 
underground platforms. 

Of course, as they were drawn up 
in 1938 - imposing fines of up to 
forty shillings, or £2. for offences 
such as queue-jumping or queueing 
more than two abreast - ignorance 
may be excusable, especially as 
there is no record of recent 
prosecutions. 

Perversely, LT is now considering 
scrapping such regulations. So as 
weD as a mad scramble for national 
health service hospital beds or a 
desk at the better state schools, we 
shall all be fighting tooth and nail 
to get on the buses. 

Such is progress. 


Homely assignment 

■ Birgit Breuel 57, head of 
Germany’s Treuhand privatisation 
agency, must be hoping the media 
will finally stop pestering her, now 
that she has been appointed head of 
Expo 2000. the world exhibition 
beano to be held in Hanover at the 
turn of the century. 

It might be thought an odd move 
for her. Brenel's experience at 
privatising the east German 
economy - and not suffering fools 
gladly in the process - surely could 
have opened up any number of top 
political jobs after October’s federal 
elections, assuming Helmut Kohl 
wins again. After all, she was 
finance minis ter of Lower Saxony 
from 1986-1990. 

Then a gate, there’s been talk that 


she would be snapped up by 
industry. 

No one is suggesting Expo 2000 
won't be challenging. But it could 
not be as exhausting as the effort to 
get the east German economy back 
on its feet 

Still, Breuel, who leaves the 
Treuhand next April after four 
years in Berlin, always said she 
wanted to spend more time with her 
family. No doubt she will pursue 
that course industriously. 


Tally-ho! 

■ General Sir Peter de la Billi&re, 
commander of the British forces 
during the Gulf war, appears just as 
talented at getting investors to part 
with their money as he was at 
marshalling the troops. 

He is apparently flourishing as a 
director of Robert Fleming, where 
he has responsibility for the Middle 
East, a post he took up two years 
ago. He has been raking in buy 
orders for the current S750m 
offering of vouchers in Pakistan’s 
telecoms company, which Fleming 
is handling on behalf of the 
Pakistani government. 

Indeed, some non-resident 
Pakistani individuals in the Middle 
East have placed orders running to 
$20m apiece. 

No doubt this reflects more a 
faith in their mother country's 
phone system than undying 
gratitude for Sir Peter's part in 
hounding out Saddam Hussein - 
thereby safeguarding their wealth. 






FINANCIAL TIMES 

Monday September 19 1994 


tt^Bryant 

90 Group 


Invest in Quality 

HOMES.PROFEimES-C0NSTTWX.IkW 

021 71> 1212 


US and 
reserves 


By Peter Norman, Economics 
Editor, in London 

Britain and the US have 
launched an initiat ive to allow 
the International Monetary Fund 
to boost the official reserves of 
former communist states and 
other less prosperous member 
countries. 

The treasuries of the two 
nations are working on a compro- 
mise package that would break 
many years of deadlock and 
enable the IMF to issue up to 
S23.44bn worth of its own reserve 
asset, known as the special draw- 
ing right (SDR). The main pur- 
pose of the issue would be to 
strengthen the finances of those 
IMF members which have joined 
the fluid since the last SDR issue 
was made in 1981. 

It is understood that the two 
countries have suggested the 
issue of between SDRl2bn 
(Sl7.6bn) and SDRl6bn should be 
aimed primarily at overcoming 


Global role 


Continued from Page 1 

both developed and developing 
countries address the issue. 

It is Likely to have a significant 
impact on a Group of Seven 
industrialised nations meeting 
set for next February to discuss a 
global information network. 

The Kyoto communique, pre- 
pared from statements submitted 
by participating countries, 
emphasises the desirability of 
developing ‘‘superhighway” infra- 
structures on a global basis so 
advanced information and com- 
munications services can be pro- 
vided to every country and 
region as soon as possible. 

Although subject to modifica- 
tion based on discussion during 
the meeting, it reflects strong 
concern among developing coun- 
tries that they could be left 
behind in the modernisation of 
international telecoms. 

Most developing countries have 
fewer than five telephone lines 
per 100 people, compared with 
more than 40 per head across the 
developed world. The developed 
world is also far ahead in the use 
of mobile communications. 

According to a senior official at 
the Japanese ministry: “Informa- 
tion will become more and more 
important for economic activity, 
particularly as the implementa- 
tion of the Uruguay Round agree- 
ment makes the flow of goods 
and services increasingly 
smooth." 

Despite the positive tone of the 
Kyoto communique, opinion is 
divided over whether the ITU. 
which is dominated by develop- 
ing countries, is an appropriate 
forum for discussing issues such 
as bow to promote a global infor- { 
mation infrastructure (CID- 

Japan will propose to the ITU 
conference the establishment of a 
forum for members to tackle pol- 
icy issues, including GIL Such a 
policy forum would take the ITU 
beyond its traditional jurisdic- 
tion. which has hitherto been 
restricted to telecoms technology’ 
and development mutters. 


Britain propose boost to 
of poorer IMF members 


the unfair treatment of 37 “late 
entrants" into the IMF, including 
Russia and most of the other 
members of the former eastern 
block. 

The details of the Anglo-US ini- 
tiative are unclear. But it would 
have to satisfy those countries 
which have backed Mr Michel 
Camdessus, the IMF managing 
director, in his campaign for a 
general SDR36bn allocation 
among all the fund's members, 
and a minority of IMF member 
states, led by Germany, which 
have been reluctant to counte- 
nance any SDR issue. 

Germany will play a pivotal 
role in any agreement. The Bund- 
esbank, which holds Germany's 
reserves, has long opposed a gen- 
eral SDR issue on the grounds 
that it could be Inflationary and 
that there is no reason for such a 
boost to global liquidity. More 
recently, however, the Bundes- 
bank has indicated that it might 
support a “one-off” issue of SDRs. 


provided it was directed at solv- 
ing the problem of the unfair 
treatment of recently joined IMF 
members. 

For the Bundesbank, one 
attraction of such a selective 
"equity” issue erf SDRs Is that it 
would have to be agreed by 85 
per cent of the IMF membership 
and be the subject of legislative 
change and ratification by mem- 
ber governments. This diffi cult 
procedure would prevent setting 
a precedent for global money cre- 
ation by the IMF without legisla- 
tive hurdles. 

A general SDR increase, such 
as that proposed by Mr Cam- 
dessus, would have a less daunt- 
ing approval procedure. It would 
require the tacking of the IMF 
executive board of countries rep- 
resenting 85 per cent of the vot- 
ing rights. 

An SDR issue has been debated 
at the meetings of the IMF’s deci- 
sion mainng Interim Committee 
for many years. Mr Camdessus 


says it is necessary to help meet 
an estimated need for SDRMQbn 
of extra liquidity over the next 
five years to finance growth of 
world trade. It would be a partic- 
ular boon to the poor two-thirds 
of IMF members whose currency 
reserves cover less than 12 
weeks' worth of imports. 

The IMF managing director is 
also anxious to rebuild the share 
of SDRs in world reserves to 
maintain the Idea Of it playing a 
significant role in world mone- 
tary affairs. In truth the SDR. 
which was conceived as a possi- 
ble replacement for the dollar at 
the centre of the world monetary 
system, has declined in impor- 
tance over the past 22 years and 
accounts for little more than 2 
per cent of global reserves 
against 8.4 per cent in 1972. 

The last meeting of the Interim 
Committee in April agreed that 
the question should be settled at 
the annual meeting of the IMF in 
Madrid next month. 


Archer ordered shares In 
prohibited dealing period 


By Robert Peston 

Directors of Anglia Television 
were warned in writing almost 
two years ago that neither they 
nor their spouses should ever 
deal in the company's shares 
from the end of its financial year 
of December 31 to the date of 
publication of its financial 
results, normally mid-March. 

In mid-January earlier this 
year Lord Archer, best selling 
author and Conservative politi- 
cian, whose wife is an Anglia 
director, placed orders to buy 
50,000 Anglia shares. The share 
orders have been the subject of a 
Department of Trade and Indus- 
try investigation into alleged 
insider dealing. 

The disclosure that no Anglia 
director or spouse should have 
dealt in the first two months of 
any year is contained in formal 
rules for share dealings by “offi- 
cers" adopted by the television 
company’s board on September 
23 1992. It explicitly prohibits 
share dealings by directors and 
their spouses during the “close 
period". 

Anglia directors were asked to 
inform their spouses of the new 
dealing rules. One of Lady 
Archer’s fellow directors said 
that she was “punctilious”, and 
always followed company 


Lord’s wife knew of two-month 
transaction moratorium in 1992 


instructions to the letter. The 
rules are based partly on the Lon- 
don Stock Exchange's Yellow 
Book and partly on company law. 

All directors were required to 
sign a copy of the rules indicat- 
ing that they would “act in accor- 
dance with them”. 

A lawyer said yesterday that 
the d efinit ion of “dealing” in the 
context of Anglia's rules was 
ambiguous. Lord Archer placed 
the share orders on behalf of an 
acquaintance, Mr Broosk Saib, so 
in that sense he may not have 
“dealt" in the strictest sense. 

However, he did have an 
“interest” in the transaction, 
because the stockbroking firm 
which received the order, Charles 
Stanley, was only prepared to 
carry it out because of its know- 
ledge of Lord Archer. 

Charles Stanley had never 
before heard of Mr Saib and had 
no knowledge of whether he had 
sufficient cash to pay the £245,000 
needed to buy the 50,000 shares. 
It carried out the deal because it 
believed Lord Archer would 
cover the payment if Mr Saib 
failed to pay. 


China’s oil sector 


Continued from Page 1 

producers and refiners, including 
Aramco, Saudi Arabia's state oil 
company, to set up joint venture 
refineries. 

The country's need for extra 
refining capacity is underscored 
by the fact that it has 20 per cent 
of the world's population but 
only 3.7 per cent of world crude 


processing capacity. Last year 
China became a net importer of 
crude oil, and demand for refined 
products is growing rapidly. 

In 1993, China exported 3.38m 
tonnes of refined products but 
imported 12.8m tonnes. Crude 
imports reached 15.65m tonnes. 
Total output of crude last year 
was 143.7m tonnes from both 
onshore and offshore fields, but 


Mr David Howard, Charles 
Stanley's managing director, said 
that as “agent” for the deal. Lord 
Archer would have been liable in 
this sense. 

It also emerged yesterday that 
Charles Stanley had been 
advised, a few days before the 
official payment date in February 
this year, by its solicitor not to 
pay the £77,219.62 profit on the 
Anglia share transactions. 

There was a risk, according to 
the solicitor, that Charles Stanley 
could be embroiled in a court 
case if the market makers who 
sold the shares to Mr Saib via the 
broker sued on the basis that the 
purchaser might have benefited 
unfairly from inside infor- 
mation. 

Anglia’s rules also say there 
should be no dealings in Anglia 
shares by directors, their spouses 
or other "connected" persons 
when the directors are “in pos- 
session of information likely, 
upon publication, to affect the 
market price of those securities”. 

The greatest story never told. 
Page 9 


China is struggling to maintain 
these production levels. 

Earlier this year, Beijing 
clamped down on crude oil 
imports in an effort to bring 
order to a chaotic local market, 
bat Mr Li predicted that imports 
would rebound next year. 
Demand would remain buoyant 
last for a long time to come, he 
said. 


mmi 


' FT WEATHER GUIDE 


Europe today 


A frontal system approaching from the west will 
slow down over western France and the British 
fsfes, causing rain. Winds wilt increase to near 
gale force around the Channel and south-west 
England. The remainder ol western Europe will 
benefit from a strong ridge of high pressure 
producing manly dry conditions with mixed 
cloud in most areas. The central Mediterranean 
basin wiH continue unsettled, especially in Italy 
and around the Adriatic where numerous 
thunder showers or rainy periods will occur. 
Highest temperatures win be in Greece, Turkey 
and southern Spain where the risk of thunder 
showers wtH increase. 

Five-day forecast 

Significant rain Is expected around the western 
Mediterranean as a new surge of cold end 
unstable air moves south through France. 
Meanwhile, central Europe will have rising 
temperatures towards the end of the week. 

High pressure will cause more settled 
conditions over the British isles but rain Is 
expected later in the week. Scandinavia will 
continue mainly dry and rather sunny. 


TODAY'S TEMPERATURES 


ft* JAtL \ 
[1020 

'itmkA §■ 






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<£) F-. HIGH 
- / • IT ^.15 . 


A 24 04. i 




.- • . . »- #J r 

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TUB® 


25 Ve|25 




I Warm front Cold front Wind attend In KPH 

Situation ar 12 GMT. Temperatures maxknum for day. Forocasts by Metso Consufl of Netfwrtands 



Maximum 

Beijing 

fair 

27 

Caracas 

thund 

31 

Furo 


Celsius 

Bdfaa! 

rain 

16 

Canal! 

ram 

14 

Frankfurt 

Abu Dhabi 

sin 

40 

Belgrade 

thund 

16 

Casablanca 

sun 

26 

Geneva 

Accra 

lair 

31 

Berlin 

fair 

15 

Chicago 

fa* 

25 

Gibraltar 

Algiers 

far 

35 

Bermuda 

fair 

30 

Cologne 

fair 

16 

Glasgow 

Amsterdam 

fair 

17 

Bogota 

drzzl 

is 

Dakar 

sun 

20 

Hamburg 

Athens 

31*1 

30 

Bombay 

shower 

28 

Dallas 

sun 

31 

Helsinki 

Atlanta 

sun 

26 

Brussels 

fair 

tG 

Delhi 

tar 

35 

Hong Kong 

e Aims 

OrurKf 

37 

Budapest 

shower 

18 

Dubai 

sun 

39 

Honolulu 

B.Mm 

ram 

15 

C bagen 

foir 

14 

Dutan 

ram 

17 

Istanbul 

Bangkok 

thund 

32 

Cairo 

sun 

34 

Dubrovrek 

doudy 

31 

Jakarta 

Barcelona 

sun 

22 

Cape Town 

fair 

18 

Edinburgh 

rain 

16 

Jersey 


No global airline has a younger fleet. 


Lufthansa 


Karachi 

Kuwat 

L Angelos 

Laa Palmas 

Lima 

Lisbon 

London 

Lux-boutg 

Lyon 

Madam 


sun 

28 

Madid 

eun 

23 

Rangoon 

doudy 

31 

fair 

17 

Majorca 

tab 

23 

Reykjavik 

doudy 

10 

loir 

14 

Malta 

thund 

2fl 

Rka 

fair 

28 

sun 

24 

Manchester 

rain 

18 

Roma 

Blind 

22 

ram 

15 

Mania 

thund 

32 

S. Fraco 

fair 

24 

fair 

14 

Melbourne 

shower 

14 

Seoul 

fair 

27 

fair 

13 

Monica City 

doudy 

21 

Stntppore 

drzzJ 

31 

thund 

29 

Miami 

thund 

34 

Stockholm 

shower 

14 

fair 

32 

Milan 

shower 

18 

Strasbourg 

doudy 

18 

sun 

29 

Montreal 

shower 

19 

Sydney 

shower 

16 

fair 

32 

Moscow 

fab- 

20 

Tangier 

sun 

28 

rain 

17 

Munich 

fair 

13 

Tel Aviv 

BUI 

32 

talr 

34 

Nairobi 

sun 

29 

Tdkyo 

doudy 

26 

sun 

43 

Names 

ffuid 

23 

Toronto 

fair 

21 

sun 

24 

Nassau 

thund 

31 

Vancouver 

aw 

24 

sun 

27 

New York 

sun 

23 

Vance 

Cloudy 

18 

cloudy 

22 

ffco 

shower 

19 

Vienna 

doudy 

17 

sun 

27 

racoGta 

sun 

34 

*■« - - - 

waiaaw 

sun 

17 

rain 

18 

Oslo 

ktr 

13 

Washington 

Mr 

24 

doudy 

15 

Paris 

ft* 

18 

Wefington 

fair 

14 

fair 

IB 

Penh 

far 

28 

Winnipeg 

fair 

20 

fair 

25 

Prague 

Mr 

16 

Zurich 

Mr 

14 


THE LEX COLUMN 

Drugs on diet 


The growth rate of Glaxo’s R&D 
spending is decelerating fast. 
Increases of 25 per cent and 24 per 
cent during 1992 and 1993 have been 
followed by a budgeted rise of only 16 
per cent this year. The company 
expects the budget to advance only 4£ 
per cent in 1995. Part of this reflects 
Glaxo’s own development programme 
which has just completed a particu- 
larly busy period. But the slowdown 
also underscores a more general t rend. 
Last year 11 of the top 12 US groups 
moderated the growth of their BAD 
spending. Three actually cut their 
budgets. 

The slackening rate of R&D spend- 
ing is not necessarily damaging for 
the sector which had been raising 
R&D budgets to unsustainable levels. 
Worldwide R&D investment expanded 
from $&5bn in 1981 to an astonishing 
$30bn last year. To obtain a return of 
10 per cent on that sum by 2004, the 
world drugs market would have to 
reach $448bn, compared with a present 
size of about $200bn. That would 
require market growth of 8.4 per cent 
a year, mare than double the present 
rate. 

Concerns that slowing investment 
growth will mean fewer innovative 
medicines are unj ustified. Much of the 
recent rise in spending was used to 
create worldwide development capabil- 
ities. For most groups these are now 
in placa Moreover, the waste in the 
pharmaceuticals industry has been 
legendary, with R&D departments 
among the worst offenders. Drugs 
groups will have to raise their produc- 
tivity by spending their money more 
wisely. Those failing to do so will 
prove incapable of finding the new 
medicines necessary for survival. 

Deutsche Telekom 

It may look like an excess of Teu- 
tonic efficiency that Germany has set 
today as the deadline for Investment 
hankers to apply for a role in Deutsche 
Telekom’s privatisation. After all, the 
first shares are not due to be sold until 
1996. Nevertheless, there is much to be 
said for Germany’s forward planning. 
Many questions need to be answered 
before a sale, including how Telekom's 
balance sheet should be restructured 
and when its markets should be 
evened to competition. It makes sense 
to take such decisions in the light 
of how potential investors might 
react 

Telekom’s balance sheet is a mess. 
The burden of building a network in 
east Germany has pushed gearing 


Swiss franc 

Against the D-Mark^Sfr per DM} 
0.82 — ; 



Jwf ‘. t VCBS4 • Sep 
^Souroe QMnmmrn ” 

over 300 per cent As capital spending 
drops, gearing will fall too. But mas- 
sive depreciation charges will con- 
tinue to weigh down profitability for 
years. This suggests that earnings 
could be tailed up by writing down 
Telekom’s east German network. The 
snag is that a substantial write-down 
could destroy an already ropy balance 
sheet. There is, though, a way of 
squaring the circle: at the same time 
as overvalued equipment is written 
down. Telekom's undervalued prop- 
erty assets could be revalued. 

Ministers will also need to decide 
when Telekom’s infrastructure monop- 
oly should go. The company itself 
wants to cling to it for as long 
as possible. But, paradoxically, this 
may not be best for potential inves- 
tors. The sooner the monopoly goes, 
the sooner Telekom will come under 
pressure to improve efficiency and the 
sooner it can expect to be freed from 
the obligations that come with twitting 
a monopoly. 

Corporate earnings 

With input prices rising faster than 
output prices the risk of a UK corpo- 
rate margins squeeze appears of more 
than academic interest The worry is 
that the earnings and dividend expec- 
tations underpinning the London 
equity market may have failed to 
include such problems and are there- 
fore over-optimistic. The realisation 
that the City could have been antici- 
pating unrealistic earnings growth is 
undoubtedly contributing to the pres- 
ent stock market turbulence. 

The conundrum is whether the expe- 
riences reported this month by APV 
and BTR were special cases and their 
margin squeezes specific. The alterna- 
tive view is that they represent the 
harbinger of a more general round of 


disappointing results. After all, a 
trend starts with individual examples. 

For the moment, APV's and BTR s 
problems look exceptional, though 
nonetheless worrying. APV suffered 
specifically from a German competitor 
trying to elbow its way into one of its 
markets through aggressive pricing: 
As for BTR, only a small minority of 
its businesses actually experienced 
■ahrintcing margins. By contrast. Cook- 
son, Bowater and Aijo Wiggins Apple- 
ton reported little difficulty passing on 
the cost of raw material price rises. 
Nevertheless, the market will be sensi- 
tive to any additional margins disap- 
pointments that might indicate a real 
trend. Given so much is expected, 
ihnsp companies failing to match the 
City's hopes are likely to be find them- 
selves severely pun i sh e d. 

Switzerland 

The appreciation of the Swiss franc 
against the D-Mark this month reflects 
uncertainty over the outcome of the 
forthcoming federal elections in Ger- 
many, coupled with the apprehension 
that monetary policy in the two coun- 
tries is set to diverge as Swiss 
short-term interest rates rise. The 
strength of the Swiss franc - against 
the US dollar as well as the D-mark 
and other European currencies - may 
delay the implementation of rate 
increases, but there is no doubting 
Switzerland’s enhan ced attractions as 
the safest of Europe's safe havens. 

Whether this means that Switzer- 
land’s financial markets are due for a 
prolonged bout of outperfbrmance vis 
a vis their German counterparts, is 
another matter. Arguably the Swiss 
franc is overvalued on a purchasing 
power parity tads, limiting the scope 
for a further widening of the differen- 
tial between yields an Swiss and Ger- 
man bonds. As for equities. Switzer- 
land has underperformed European 
markets by 10 per cent since the 
course of US monetary policy changed 
in early February, and is likely to con- 
tinue to do. This is partly due to the 
currency effect, which depresses earn- 
ings at Switzerland’s multinational 
corporations, as evident from the 
muted first half earnings growth 
reported by Nestid last week. 

The Swiss market, which outper- 
formed Germany earlier in the eco- 
nomic cyde, now gives investors less 
geared exposure to recovery than Ger- 
many, where analysts expect that, 
thanks to restructuring, corporate 
earnings will rise by 80 per cent this 
year and 40 per cent next 


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MARKETS 


this week 


PETER NORMAN: 

ECONOMIC NOTEBOOK 
The decision by Mr Kenneth Clarke, 
the chancellor, to raise bank base 
rates by half a percentage point 
last week has naturally prompted 
fears of further Interest rate 
increases. Memories of the savage 
doubling of UK base rates to 15 
per cent in the 18 months to October 1989 are still 
relatively fresh. Page 22 

GERARD BAKER: 

GLOBAL INVESTOR 

Even as the US puts the finishing touches to its 
latest Caribbean adventure this week, it will take 
another step nearer the brink with a rather more 
powerful adversary. No lives are at risk in the trade 
conflict between the US and Japan, but the 
implications for world currency markets are 
far-reaching. Page 22 

BONDS: 

Amid the bloodbath In the world’s bond markets 
this year, one area of the eurobond market, the 
floating-rate note sector, has thrived. With the 
move upwards in European short-term interest 
rates only just beginning, FRNs look set to remain 
in vogue. Page 24 

EQUmES: 

UK analysts are feeing the question they have been 
skating around all summer; will economic recovery, 
in the shape of higher company earnings and 
dividends triumph over higher base rates to keep 
the market moving ahead? Meanwhile Wall Street is 
entering a relatively quiet period. Page 25 

EMERGING MARKETS: 

Foreign investors wanting to enter the Seoul bourse 
could only watch in frustration last week as the 
general share index reached its historical high of 
1023.61 on Saturday. Page 23 

CURRENCIES: 

Markets will this week continue their long running 
dollar vigil, but this time it will be politics as well as 
economics occupying their thoughts. Page 23 

COMMODITIES: 

Rumours have been emerging from Bangkok, 
where the Association of Tin Producing Countries is 
holding a ministerial meeting today and tomorrow, 
that the producers are ready to abandon the export 
quota system which they had hoped would reduce 
global stocks and boost prices. Page 22 

UK COMPANIES: 

FHtronfc Comtek, a UK manufacturer of 
components for the mobile telecommunications 
industry, is coming to the stock market next month 
in a move expected to produce a market 
capitalisation of £60m. Page 20 

INTERNATIONAL COMPANIES: 

Apple Computer is today expected to unveil plans 
to license its Mackintosh software to other 
manufacturers, for the first time allowing them to 
produce Mackintosh ■ clones". Page 21 


STATISTICS 


Base lending rates 31 London recent issues 29 

Company meetings 10 London Ghana service . 29-31 

Dividend payments 10 Managed funds 27-29 

FT-A World indices . — _.23 Money markets — ....... — 29 

FT Guide to currencies .„ 23 New Int band issue s ... — 24 

Foreign exchanges -.29 World stock mkt Indices _ 28 


SA bank plans syndicated loan 


By Graham Bowfey 

A South African bank is to 
launch the first syndicated loan 
by a South African company 
since 1985, marking an important 
step in the country’s return to 
international capital markets 
after its first all-race elections in 
May. 

Rand Merchant one of 

South Africa's three largest 


investment banks, is to borrow 
$S0m from a syndicate of interna- 
tional banks within the next two 
weeks, according to Citibank, the 
US hank which is arran g in g the 
deaL 

Although the amount is rela- 
tively small, larger deals are 
likely to follow. Gencor, the 
South African mining company, 
la expected to come to the syndi- 
cated loans market at the end of 


this year with a seven-year 
$537 -5m loan to help finanm the 
company's acquisition of Shell’s 
Billiton me tals and minerals 
business. 

These loans are emerging as 
South Africa seeks a debt rating 
from the international rating 
agencies, and follow the comple- 
tion in July of the first global 
offering of convertible bonds by a 
South African com pany , a $300m 


deal for Liberty Life, the coun- 
try's largest life insurance com- 
pany. South Africa plans to tap 
the international bond market, 
when it has acquired a rating. 

Many international hanks are 
keen to lend to South Africa 
which is viewed as a high growth 
area but which has been largely 
closed as a result of sanctions. 

In a syndicated loan, one or 
two banks arrange a transaction 


and parcel out portions of the 
loan in order to share the risk. 

Citibank, which is in tbe pro- 
cess of sounding out Interest 
among other banks, said the loan 
will have a final maturity of one 
year with individual drawings 
maturing in 90 to 180 days. It said 
European banks are expected to 
be the main participants but also 
reported strong interest from tbe 
Middle East. 


Deborah Hargreaves explains UK farmers’ efforts to escape from a deep trough 


T oo many 
little 
piggies 
come to 
market 


M ost pigs to be slaugh- 
tered in the UK this 
week will be sold at a 
loss of about £3.40 ($5.30) per ani- 
mal as the pig industry remains 
in the deep trough of a year-old 
recession. Even for an industry 
used to the ups and downs of the 
production cycle, the latest down- 
turn has hit producers hard. 

Pig fa rming is not cushioned 
by subsidies under the Common 
Agricultural Policy, onlike most 
other sectors of European agri- 
culture, which means producers 
must rely on the vagaries of the 
free market This has seen farm- 
ers losing up to £7 on every pig 
sold when prices dropped to an 
all-time low last October 
The severity of the recent 
downturn has pushed many indi- 
vidual producers out of business 
and forced companies to rethink 
their commitment to pig fanning. 
Dalgety, the food and agribusi- 
ness company, which last week 
pointed to the slump in tbe Euro- 
pean market as a dampener on 
its annual profits, says it will 
leave pig farming altogether 
within the next year. 

Pig producers have bear oper- 
ating below break-even for most 
of the past year except for a brief 
respite in May when prices rose 
above the cost of production for 
four to six weeks. Pigs operate in 
a typical farm commodity cycle 
whereby high prices encourage 
over-production which leads to a 
slump in the market. 

But the National Farmers’ 
Union complains that the pig 
cycle - the period between the 
peaks and lows in price - used to 
take five years, but has recently 



speeded up to two. Added to that, 
the c ur rent downturn has lasted 
longer than usual. 

There are a number of factors 
behind the recent decline. It 
started in 1991 with the re-unifi- 
cation of Germany when op to 60 
per cent of the former East Ger- 
many's swine herd was culled - a 
factor which depressed pork 
prices across the European 
Union. After that, reform of the 
CAP in 1992 with its planned cuts 
in cereals prices, encouraged 
many arable fanners to re-direct 
some of their fa rming effort into 
pigs. France also offered state 
aid*; to some pig producers as a 
way of ensuring they stayed in 
production. 

T hose payments have since 
been condemned by the 
European Commission, 
which called on the producers to 
repay subsidies received. But 
these factors in the EU market 
led to 4 per cent over-supply or 
700.000 tonnes of port: last year. 

“We’ve been reducing our 
involvement in pigs on the feed- 
ing side over the past three 
years. We’ve now got only 30 per 
cent of the sows we did have." 
said Mr Mick Hazzledine, general 
manag er of Oalgety’s livestock 
division. He predicts Dalgety will 
have disposed of its remaining 


pig schemes within a year. 

Dalgety will stay in the high- 
tech business of selling breeding 
stock through its Pig Improve- 
ment Company subsidiary. 

Others are cutting back or get- 
ting out Unigate, the dairy com- 
pany, sold its remaining 6,500 
pigs last month , and Daisy Hill 
Pigs, part of the Usbome animal 
feeds group, is to cut its number 
of sows from 15,500 to 9,000. 

But BOCM Pa uls, the agribusi- 
ness unit of Harrisons and Cros- 
field, is bucking tbe trend and 
actually expanding its involve- 
ment in pigs even though Mr 
George Paul, chief executive, 
says the company lost £3m on 
this business over the past year. 

“We called some consultants in 
to have a very critical look at our 
business earlier this year,” Mr 
Paul said. “They concluded that 
the UK does not have any inher- 
ent disadvantages in pig produc- 
tion compared with its European 
competitors and that our busi- 
ness is one of the most efficient 
in the sector. That’s why we 
decided to expand - an upturn 
has got to come sooner or later." 

BOCM Pauls runs tbe biggest 
pig production unit in the coun- 
try as a joint venture with J. 
Sains bury, the supermarket 
group. Breckland Farms in Nor- 
folk produces 3.000 pigs a week. 


Harder to bring home the bacon 

Pigs {pence per kg. constant 1993 prices) 



50 1. 1 1 I.l 1-i -1.1-1 I ■ I 1 I .1 I I I .1 I I 1 

1970 72 74 76788032848883909294 

Sauce: Hdgeorc The Econorrttca o< Pig Production/ Moat & Livestock ConwrKaafcm 


The company also has pigs of 
its own which farmers look after 
for a fee. As part of its expansion 
plans, it has taken on pigs from 
the Malton Bacon factory owned 
by Unigate and the pig 
operations of Louis Dreyfuss, the 
grain trading company. 

These pigs are raised on farms 
to which BOCM supplies the feed 
and then pays farmers a fee for 
caring for them as well as a 
bonus for good performance. 
While fanners are guaranteed a 
steady income, the feed company 
has to absorb the profit and loss 
on the sale of the pigs. 

Agribusiness companies have 
traditionally been involved in pig 
production as a way of securing 
outlets for their feed. But Mr 
Hazzledine says that farmers 


sometimes see them as competi- 
tors and blame them for distor- 
tions in the market. They are 
willing to absorb losses for longer 
than individual farmers which 
can distort free market signals. 

This could be one reason for 
the slowness of prices to bounce 
back from recent lows. The Meat 
and Livestock Commission, the 
UK industry's promotional organ- 
isation, reports last week’s price 
at 99.6p per kg of dead weight. 
But the industry's benchmark for 
breaking even is generally put at 
105p per kg which means fanners 
are still losing money. 

The European herd has con- 
tracted this year, but supply 
remains higher than static levels 
of consumption and prices are 
recovering only 'gradually. 




Healthcare 
deals top 
$18bn in 
first half 


By Daniel Green 

More than $l8bn changed hands 
in mergers and acquisitions in 
the healthcare industry in the 
first six months of 1994 and deal- 
making is continuing at a fast 
pace, according to KPMG Peat 
Marwick, the management con- 
sultancy. 

Deals worth $l8.-ibn were com- 
pleted in the first half of 199-1. At 
least another $l8bn worth of 
bids and deals have already been 
struck in the second half or the 
year. 

“The entire US healthcare sys- 
tem is being turned upside 
down," said Mr Robert Esposito, 
US national director or KPMG’s 
biotechnology and life sciences 
practice. "New legislation is 
being stalled in Congress but the 
healthcare industry’ is restruct- 
uring itself ready for a new envi- 
ronment." 

Of the 37 mergers and acquisi- 
tions in the first half, all bat 
seven involved US companies. 

The two biggest deals were 
American Home Products' bid of 
almost $10bn for American 
Cyanamid and Roche of Switzer- 
land's S5.3bn for California's 
Syntex. 

Two deals were vertical inte- 
grations - unusual for the drags 
industry - as Eli Lilly of the US 
and SmithKline Beecham of the 
UK bought drag distributors PCS 
and Diversified Pharmaceutical 
Services respectively. 

The busiest company was 
SmithKline which has concluded 
three deals - two as buyer, one 
as seller - worth a total of 
8&2bn. 

Only one of the ten deals the 
merger of Akzo or the Nether- 
lands and Nobel Industrie of 
Sweden, was wholly non-US. 

Mr Esposito argues that the 
deal-making will continue as 
drag companies straggle to 
maintain revenues. As well as 
healthcare legislation, they face 
patent expiries - drags with 
annual revenues of S20bn a year 
will lose US patent protection 
over the next decade. 

Many drug companies are 
turning to the biotechnology sec- 
tor. rich in research possibilities 
but in need of funding, to com- 
plement their own research pro- 
grammes. 

KPMG recorded more than 200 
new alliances established 
between drag companies and bio- 
technology companies in the 
first half of the year. 

Hungarian privatisation. Page 17 
Top ten deals, Page 17 


This week: Company news 


CREDIT LYONNAIS 

More losses 
expected at 
troubled bank 

Credit Lyonnais, France’s stateowned 
bank, is expected to report another 
large loss when it announces its first 
half results on Thursday, with earnings 
depressed by the general fall in credit 
demand in France and weighed 
down by continued bad loan 
provisions. 

Its chairman. Mr Jean Peyrelevade, 
had earlier predicted that the banking 
group, which recorded a 1993 net loss of 
FFr6.9bn ($i.28bn) after FFrl7.8bn 
worth of provisions, would break even 
in the second half of this year and 
return to profit in 1995. 

But the group has taken longer to 
d ean up of its balance sheet than it 
expected, and though it has not 
uncovered any major new problems, it 
is likely to have to make further 
provisions for doubtful loans and 
investments by its Althus and SDBQ 
subsidiaries. 

As a result analysts expect a first 
half net loss well above the FFrl.05bn 
loss reported for the same period of 
1993. 

Pechiney. the French al umin iu m and 
packaging group, will announce its 
interim results today. Despite improved 
economic conditions and higher 
aluminium prices, industry analysts are 
cautious about the prospects for 
increased earnings. 

Thu state-owned group, which is 
marked down for privatisation, 
suffered a net loss of FFr980m (Sl82Jm) 

in l»tt. , , . 

Michelin. the French tyre-making 
company, will announce first half 
results tomorrow which will reveal the 
extent of recovery at the group. 

Last rear, Michelin suffered net 
losses of FFrf.67bn. reflecting the 
impact of restructuring costs and the 
depiessed state of the European 
automobile industry"- This year , most 
analysts are expecting a sharp recovery 
.is the benefits of recovery feed 

through. 


Guinness 

Share price relative to «ha 
FT-SE-A Alt-Share Index 
130 



Sett. 1992 1993 1994 

SourtwFTQraphto 

GUINNESS 

World Cup surge is 
good for profits 

The luck of the Irish football team in 
the World Cup is thought to have been 
good for Guinness, the spirits and 
brewing group which reports its 
interim results on Thursday. Sales of 
the famous stout surged on both sides 
of tiie Atlantic as fans drank in 
celebration of Ireland’s progress to the 
last 16 teams. Guinness, which 
sponsored the Irish team, became the 
fastest growing imported beer in tbe 
US. 

The City is expecting pre-tax profits 
for the six months to the end of June to 
come in around £32®n (9496m) 
compared with a restated £305m 
previously. Mr Tony Greener, who took 
over as chairman at the beginning of 
last year, warned at the annual general 
meeting in May that there was no sign 
of generally improved market 
conditions, but he did forecast modest 
profit growth for the half year. 
Operating profits from brewing, which 
last year contributed £99m, are 
expected to rise, lifted by higher sales 
in Ireland and Malaysia. 

However, Guinness makes tbe bulk of 
its profits in the spirits market, where 
it sells dozens of brands. Conditions 
have been tough as recession has hit 
the group's big markets in the US, UK, 
and Japan. Operating profits are 
expected to be flat, but there are signs 
of a recovery in volumes in tbe UK, 
while the group is gaining market share 
in the US. 


OTHER COMPANIES 

Bonds may hinder 
Olivetti’s progress 

Half-year results of Olivetti, the Italian 
computer group, are keenly awaited on 
Thursday, following two to three weeks 
of severe pressure on the company's 
share price. Analysts expect the 
company to break even at operating 
level but Olivetti has already admitted 
it will be forced to take an 
extraordinary loss on its share and 
bond portfolio, which it is believed 
could top LlOObn (884.10m). 

■ Coles Myers: Shareholders in Coles 
Myers, one of Australia’s largest 
retailers, will vote today on the 
proposed buy-back of a 2L45 per cent 
stoke in the company held by Kmart, 
the big US discount and specialty store 
operator. Coles plans to acquire 129m 
shares, or just under 10 per cent, of its 
stock directly for A$537m {$431. Em), and 
cancel them. It is also seeking approval 
to acquire a Kmart subsidiary which 
owns the remaining stock for A$672m. 

■ P echin ey: The French aluminium 
and packaging group will announce its 
interim results today. Despite improved 
economic conditions and higher 
aluminium prices, industry analysts are 
cautious about the prospects for 
increased earnings. 

■ Swissair The largely privatised 
Swiss national carrier, was much 
maligned by investors last year as it 
stumbled towards finding a strategy for ■ 
future survival in a hostile 


Olivetti 

Share price retetilva to tha 
Comit Index 



Source: FT Graphite • . 

environment Reports of improved 
traffic and revenues in recent months 
have raised hopes that it has finally 
found its way and that this will be 
reflected in its interim results, due 
tomorrow. 

■ Bertelsmann: One of the world's 
largest media groups, and still privately 
owned, presents its annual results 
tomorrow, having forecast that 
turnover will rise by 6 per cent to over 
DM18bn (SU.4bn). The Gfitersloh-based 
group seems to have put the Vox 
debacle behind it and has been focusing 
on a new pay-tv venture. 

■ Generali: Italy’s biggest Insurance 
company wfil announce parent 
company results on Thursday for the 
first half of the year. The foil effect of 
liberalisation in the Italian motor 
insurance market wfil not be felt until 
the second half, but the company is 
expected to show a rise in non-life 
premium income of some 10 per cent 


Companies in this Issue 


Akzo 

19 

Enviromed 

20 

OIS Inti inspection 

20 

American Cyanamid 

19 

Ferguson Int! 

20 

Primadonne 

20 

Apple Computer 

21 

FBtronic Comtek 

20 

Rand Merchant Bank 

19 

Baxter (F&H) 

20 

Greycoat 

20 

Ftenaiit 

21 

Cap and Rag Props 

20 

Guinness 

19 

Richter Gedeon 

21 

Coles Myer 

21 

IBM 

21 

Roche 

19 

Conrad 

20 

Ind Brit Healthcare 

20 

SmithKEne Beecham 

19 

Cr&StLyomss 

19 

JIB Group 

20 

Swiss Bank Carp 

20 

Easter Management 

20 

Jacobs (John 1) 

20 

Termeco 

21 

BiLffly 

19 

Lloyd’s 

20 

TiphOOk 

20 

Sswicfc 

20 

Malaysia Airlines 

21 

Transco Energy 

20 

Elya (Wimbledon) 

20 

National Power 

20 

Tren-Fueb 

20 

Embassy Property 

20 

Nobel Indusrie 

19 

Vernon Underwriting 

20 



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FINANCIAL TIMES MONDAY SEPTEMBER \9 1994 


COMPANIES AND FINANCE 


Likely £60m tag for 
Filtronic Comtek 


By Christopher Price 

Filtronic Comtek, a manufac- 
turer of components for the 
mobile telecommunications 
industry, is coming to the 
stock market next month with 
an expected market capitalisa- 
tion of £60m. 

The float will be made 
through a placing to US and 
UK Institutions, which is 
expected to raise £25m. Of this, 
£15m will be new money. 

Formed in 1977, the company 
worked principally in the 
defence electronic business, 
moving to work full-tune on its 
telecoms developments with 
the rapid expansion of the 
mobile market in the late 
1980s. 

As the number of telecoms 
systems and users has grown, 
base stations, through which a 
mobile telephone connects to a 

Enviromed 
makes 
£7.4m buy 

Enviromed, the biotechnology 
group, has bought F&H Baxter 
(Holdings), a dental equipment 
and supplies company, for 
£7.42m. 

Enviromed also proposes to 
raise £2. 7m by the placing and 
open offer of 3.6m 8 per cent 
convertible redeemable prefer- 
ence shares at loop. The 
shares are being offered to 
existing shareholders on the 
basis of two for every 13 ordi- 
nary shares. 

The acquisition will be satis- 
fied as to £2.1m by the issue of 
1.7m ordinary shares, £3.72m 
in variable rate guaranteed 
unsecured loan notes, and 
£1.6m in cash. Of the cash con- 
sideration, £ 1.38m will be 
deferred until the Inland Reve- 
nue agrees to offset Baxter’s 
advance corporation tax liabil- 
ity arising before September 
1994 against maliw b rani cor- 
poration tax. 

Turnover for Baxter for the 
year ended August 31 1993 
was £19.1m (£18.2m) for pre- 
tax profits of £2Jhn (£i.S9m). 


telephone system, have had to 
cope with an increasing num- 
ber and variety of signals. 

Filters used in the combining 
and separating of the signals 
are an integral part of the base 
station. Filtronic also supplies 
subsystems which combine fil- 
ters and other electronic com- 
ponents to enhance a base sta- 
tion’s capabilities. 

Sales have grown from 
£lJ23m in 1992 to £10-22m in the 
year to May 31 1994 during 
which pre-tax profits have 
increased 10-fold to £l.llm. 
Panmure Gordon, the compa- 
ny's broker, is forecasting prof- 
its for the coming year of 
between £3-3m and £3J>m. 

Professor David Rhodes, 
executive chairman, said: “We 
are the first equipment sup- 
plier in the telecoms industry 
to go public, giving investors 
the opportunity to become 


directly Involved in one of the 
fastest expanding industries.'’ 

He pointed to industry 
research forecasting the num- 
ber of mobile subscribers 
worldwide rising from 30.5m in 
1994 to 125m in 2000, 

The company's development 
bait been funded through bor- 
rowings, and venture capital, 
most of which will be repaid 
following the flotation. 
Between £5m and £6m has 
been earmarked to expand pro- 
duction facilities in Yorkshire, 
Glasgow, Maryland and New 
Hampshir e 

Prof Rhodes said the com- 
pany wanted to increase its 
share of the fast-growing 
south-east Asian market 

The company supplies most 
of the leading telecoms manu- 
facturers in the world, and has 
replaced AT&T’s In-house filter 
production facility. 


Flotation for Ind 
Brit Healthcare 


By David Blackwell 

Independent British Health- 
care, which has 17 hospitals 
spread between Stirling in the 
north and Tunbridge Wells in 
the south, is coming to the 
market early next month. 

The group, which is expected 
to have a market capitalisation 
of about £45m, will be raising 
approximately £20m of new 
money through a placing. It 
win be used to reduce the net 
debt of about £37m, cutting 
gearing from some 130 per cant 
to 45 per emit Net assets are 
{Mm. 

The company, which makes 
80 pa cent of its income from 
private medical insurance, 
opened its first hospital in 1983 
- a converted country house in 
Chorley, Lancashire, with 15 
beds. Mr Keith Chadwick, chief 
executive, said yesterday that 
local consultants had spoken of 
the need for a private hospital 
in. the area. 

Both the consultants and 
local businessmen put money 


into the initial venture, which 
lost M5JOQ0 in the first year, 
but made £140,000 on turnover 
of £726,000 in the second year. 

Mr Chadwick and his co- 
founder Mr John Lyons, a 
chartered surveyor, continued 
to expand, setting up three 
companies under the Business 
Expansion Scheme and two 
with institutional money. Ear- 
lier this year the five compa- 
nies were merged into one 
group. 

There are now 2,400 share- 
holders, many of them doctors. 
The two founders each own 
11.5 per cent of the equity. Mr 
Chadwick is not selling any 
shares, and expects to have 
about 6 per cent after flotation. 
Mr Lyons is selling two-thirds 
of his stake. 

Protax profits for the year 
finding September are expected 
to be about £2.2m after paying 
gfrn of interest The group will 
pay no tax because of accrued 
capital allowances. 

Beeson Gregory is both spon- 
sor and broker to the issue. 


FIDELITY FUNDS 

Soc&te d’lnvestissement k Capital Variable 
Kansallls House, Place de i'Etoile 
BJP. 2174 L-1021 Luxembourg 
RCS Luxembourg B 34036 

NOTICE OF ANNUAL GENERAL MEETING 

Notice is hereby given that the Annual General Meeting of Shareholders of Fidelity Funds 
(“the Fund“) will be held at the registered office of the Fund in Luxembourg on 6th October 
1994 at noon to consider the following agenda: 

1. Presentation of the Report of the Board of Directors; 

2. Presentation of the Report of the Auditors; 

3. Approval of the balance sheet and income statement for the financial year ended 30th April 
1994; 

4. Discharge to the Board of Directors; 

5. Election of nine (9) Directors, specifically the re-election of the following nine (9) present 
Directors: Messrs. Edward C. Johnson 3rd, Yasukazu Akamatsu. Barry R. J. Bateman, 
Charles T. M. Collis. Sir Charles A. Fraser, Jetui Hamilius, Glen R. Moreno, David J. Saul 
and Helmcrt Frans van den Hovcn; 

6. Approval of the payment of Directors' fees for the year ended 30th April 1994; 

7. Election of the Auditors, specifically the election of Coopers A Lybrand S.C„ Luxembourg; 

8. Approval of the payment of dividends for the year ended 30th April 1994 and authorisation 
of the Board of Directors to declare further dividends in respect of the financial year ended 
30th April 1994 if necessary to enuble the Fund to qualify for 'distributor status' under 
United Kingdom and Irish tax laws; 

9. Consideration of such other business as may properly come before the meeting. 

Subject to the limitations imposed by the Articles of InCcuporation of the Fund with regard to 
ownership of shares by US persons or of shares which constitute in the aggregate more than 
three per cent ( 3% \ of the outstanding shores, cadi share is entitled to one vote. A shareholder 
may attend and vote at the meeting or may appoint a proxy to attend and vote. Such proxy need 
not be u shareholder of the Fund. 

Holdens of Registered Shares may vote by proxy by returning to the registered office of the 
Fund the form of registered shareholder proxy sent to them. 

Holders of Bearer Shares who wish to attend the Annual General Meeting or vote at the 
Meeting by proxy should contact the Fund, or one of the following institutions: 

in Luxembourg 


Fidelity Investments Luxembourg S.A. 
Kruisaflis House 
Place de I'Etoile. B.P. 2174 
L-1021 LUXEMBOURG 

in the United Kingdom 

Fidelity Investments International 

Oakhill House 

130 Tonbridge Road 

Hildcnborough 

KENTTN II 9DZ 

United Kingdom 

in Germany 

Bankhuus B. Mctzlcr seel. 

Sohn & Co. KGaA 
Grofiv GallusstraBc 12 
D-60329 Frankfurt am Main 

in France 

Banquc Indosucz 
7b. bd. Haussmann 
F-75008 PARIS 

in Hong Kong 


Bankers Trust Luxembourg S.A. 
14, bd. F.D. Roosevelt 
L-2450 LUXEMBOURG 


in Ireland 

Bradwell Limited 
41-45 St. Sephen's Green 
DUBLIN 2 
IRELAND 


m Switzerland 

Union Bancaire Privee Gen&ve 
96-98, rue du Rbdne 
CH-121I GENEVE 1 


in The Netherlands 

Fidelity Investments International 
Concerrgebouwplein 11 
NL-107I LL Amsterdam 

in Austria 

Creditanstalt-Bonkvcrein 
Schottengussc 6 
A- 1010 Wien 


Fidelity Investments Management Creditanstalt-Bonkvcrein 

(Hong Kong) Limited Schottengussc 6 

1 6th Hoot, Citibank Tower A- 1010 Wien 

3 Garden Road, central Hong Kong 

To be valid, proxies must roach the rcgistcrod office of the Fund on the 3rd October 1994 at noon 
{ Luxembourg time } at the latest. 

Dated: 15th July, 1994 

By Order of the Board of Directors 


Fidelity 


Investments' 


NatPower 
goes to 
law over 
US deal 


By Michael Smith 

National Power, the electricity 
company, has filed a law suit 
against Transco Energy of 
Houston, a gas trading com- 
pany, in a dispute arising from 
a 9150m (£97m) deal between 
the two companies last year. 

It says Transco “materially 
mis-stated” the value ' of Tren- 
Fnels, a fuel services subsid- 
iary of the Tevco power star 
tlons company bought by 
'National Power in the deal. 

Tren-Fuels, was valued at 
$17m to $25m at the time of 
the purchase hi June last year, 
according to the law suit. 

National Power said it 
invested another 96m fn Tren- 
Fuels. But when it hired an 

investment temfciiig i- n m|u rn y 

to sell the subsidiary, the 
highest offer was £1,000, 
according to the suit. 

Under the agreement, Tran- 
sco Is obliged to refund a por- 
tion of the Tevco purchase 
price if National Power sells 
Tren-Fuels for a loss within 
five years. 

National Power accuses 
Tren-Fuels of violating federal 
and state securities laws. 

It acknowledges in the. suit 
that Transco has accused It of 
faffing to enough effort 
in trying to sell Tren-Fnels. 

National Power said yester- 
day that it hoped to reach a 
settlement wftfa Transco. . It 
did not fed the dispute was 
material In the context of its 
US business. 


Embassy Prop 
in talks with 
John I Jacobs 

By Richard WoHfe 

Embassy Property, the 
development and. investment 
group, has received an 
approach from John I Jacobs, 
the transportation company. 

Mr Michael Kingshott, non- 
executive deputy chairman of 
Embassy and manag in g direc- 
tor of Jacobs, would take no 
part, in reviewing the 
approach. Embassy said. 1 ' 

Embassy had a pretax loss 
of £852,000 (£L25m profits) for 
file year to March 81 on turn- 
over of £11.9m (£9. 12m). 

During the period the com- 
pany acquired Shimon, a light 
industrial p ro p e r t y specialist 
Mr Kingshott managing direc- 
tor of SkUlion, joined the 
Embassy board and acquired 
85m shares from Mr Tai Tn 
Wong, Embassy chairman, and 
Mr Tai Lu Wong, who previ- 
ously owned 53.6m shares, a 
holding of 51.4 per cent 

Mr Kingshott was appointed 
managing director of Jacobs 
after a boardroom shake-up 
earlier this year. 


HK 


By Richard Lapper ^ 

Investors in Hong Kong are 
befog targeted by the backers 
of a new corporate capital 
scheme for the Lloyd’s insur- 
ance market 

Venton Underwriting Agen- 
cies said on Friday that ft was 
ai m i n g to persuade both 
wealthy Individuals and insti- 
tutions in Hong Kong, as well 
as investors from Bermuda and 
the UK, to provide' some £25m 
in capital for a new Lloyd'B 
investment company, origi- 
nally announced last m onth 1 

Meanwhile, a planned ven- 
ture involving JIB Group, an 
insurance broker in which the 
Hong Kong-based conglomer- 
ate Jardine Mattbeson owns a 


majority stake, could also look 
to east Asia for support JIB 
and Swiss Bank Corporation, 
have jointly formed Jardine 
Lloyd's Advisers, which will 
advise Lloyd's members. 

Its founders are understood 
to be looking to raise between 
£23m and£5Qmfor the invest- 
meat trust, which would sup- 
T port a range of syndicates at 
Uoyd’s. The market raised 
. 'some 28O0m for a range of car- 
' porate capital vehicles last 
.. year, with UK Institutions pro- 
viding the bulk of the money. 

This yeqr interest in the UK 
has declined. Some agencies 
are looking further afield. 

Venton, which is working 
with Bermuda’s Butterfield 
Securities - On its deal, is Offer- 


ing investors lOOp shares in the 

new company for only 2Qp, the 

' balance of capital required 
being supplied in the form of a 
letter of credit or other collat- 
eral. 

“The capital struc- 
ture'. . . offers an exception- 
■ ally advantageous gearing 
ratio on the actual cash 
amount subscribed whilst 
retahifng the benefits of lim- 
ited liability,* said the group. 

■ the venture, still subject to 
Lloyd's approval, aims to sup- 
ply capital only to Venton's 
three syndicates and is one of a 
number of so-called “ dedi- 
cated" funds being developed 
at the market 

Most of the money raised 
last year supports a series of 


stock market listed investment 
trusts, which support a range 
of agencies and syndicates. 

Venton said It had noimme- 
itiaiA plans to seek a stock 
market listing for Renton 
Underwriting Group, and 
would raise the money through 
a private placement Prior to 
any listing Butterfield Securi- 
ties, will provide a matched 
bargain facility for the shares. 

Mr Jeremy Venton, senior 
underwriter, said be saw cor- 
porate capital as a more reli- 
able long-term source of funds 
Ai n" fhe individual Names. 

Venton plans to increase 
capacity ~ the amount of pre- 
miums its syndicates can 
underwrite - from d27m .in 
1994 to £185m In 1995. 


Tiphook ‘unaffected’ by bankruptcy moves 


By Davfd Blackwell 

Tiphook. the transport leasing group,, 
yesterday continued to insist that it was 
unaffected by the bankruptcy proceedings 
against Mr Robert Montague, its founder 
and chief executive. 

The Royal Bank of Scotland baslssned a 
bankruptcy petition over a £2 3m loan to 
Mr Montague. Reports at the weekend 
suggested that he has debts of about £30m. 

Mr Montague has considerable assets, 
including a large estate in Oxfordshire and 


a home in Kmghtsbridge. However, his 
shar eholding tn Tiphook, once worth more 
than O&n, Is how, worth about £lm. 

The Royal Bank of Scotland, loan Is 
understood to be linked to the farming 
businesses in Oxfordshire. Changes in the 
terms of the loan are thou ght to havebeen 
under negotiation for some time. 

News of the bankruptcy proceedings 
emerged at last Thursday’s annual. meet- 
ing and took Mr Montague and the board 
by surprise. The group's bankers and Mr 
lan Clubb, its newly appointed chairman. 


NEWS DIGEST 


are wwittnufaig to support Mr Montague. 

If he were to be declared bankrupt, he 
would have to step down from the board, 
which baa declared that he is key. to the 
group’s survival. 

The directors ware clearly shocked at 
the circumstances of the bankruptcy reve- 
lations by a shar eholder representative at 
the AGM, where Mr Montague was already 
under attack over his remuneration. How- 
ever, sources dose to. Tiphook remain ada- 
mant that he will survive this latest indig- 
nity. 


OIS decline 
in line with 
warning 

In line with a warning in July 
OIS International Inspection 
reported - pre-tax profits of 
£80,000 for the first half of 1994, 
against £L44m. 

Mr Janus Mayne, chairman, 
said action had been taken to 
cut costs. 

The shares lost ftp to 25ftp, 
compared with a fall of I8p to 
36p following the warning and 
a price of 50p at flotation at the 
and of 1992. 

Turnover for the testing 
company fell troaCfXtStm to 
£l9.6m. Earnings .per share 
came out at 02p (3ilp) and tbe 
interim dividend is 0-5p (0.7p). 

Conrad continues 
recovery witir £0.1m * 

. . ,. . I, . ■ ,A : 

Conrad, the Manchester-based 
sports, leisure and consultancy 
company, continued -the recov- 
ery seen at the half year and 
for the 12 months to endJune 
achieved pre-tax profits of 
£100,230 compared with, losses 
of £1.48m. 

Mr Rodney Walker, the 
chairman, said that with all ; 
subsidiaries now operating 1 
profitably the intention was to 
grow both organically and by 
acquisition in each area. 

Turnover jumped to £5-3m 
(£770.000) with £328,000 from 
acquisitions. Earnings per 
share were 0.l5p (3-26p losses). 


Notice of Early Redemption in Respect of 
Alliance & Leicester Building Society 
£38,000,000 

Subordi n at ed Floating Rate Notes due 1996 
(Second Series) 

NOTICE IS HEREBY GIVEN to the holder* of the £38,000,000 
Subordinated Floating Rate Notes due 1998 (Second Series) (the 
’Notes") of Alliance & Leicester Building Society (the ’Issuer"), drat 
pursuant to Condition 5. B- (a) of the Notes, the Issuer will redeem all of 
rhe Notes at their principal amount on the Interest Payment Dam falling 
on 21*c October, 1994. From which such date interest on the Notes will 
cease to accrue. 

Repayment of principal will be made upon presentation and surrender 
of -the Notes, which should be presented with all unmanned Coupons 
appertaining thereto attached, at the offices of any of rhe Paying Agents 
((seed below. Such unmanned Coupons (whether or not attached) shall 
become vwld and no payment shall he made in respect thereof. Notes 
and matured Coupons will become void unless presented for payment 
within periods of ten years arid five yean, respectively, from the 
Relevant Date as defined In Condition 6 of rhe Notes. 

Paying Agents 

Bankers Trust Company 
l Appnld Street 
Broadgate 

London EC2A 2HE 


Bankers Trust Luxembourg S.A 
P.O. Box 807 

14 Boulevard F.D. Roosevelt 
L-2450 Luxembourg 


Bankers Trust Company 
Tokyo Ginko Kvolcai Building 
l-3-t, Maninoochi, Chiyoda-Ku 
Tokyo 100, Japan 


Accrued interest due on 21st October, 1994 will be paid in the normal 
manner on or after that dace against presentation of Coupon No. 12. 


B BanJcera Trust ... 

Company, London . Agent Bank 

l^th September, 1994 




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Capital and Regional 
boys shopping centre 

Capital and Regional Proper- 
ties, in conjunction with Easter 
Management Group, has 
acquired the Eldon Garden 
Shopping .Centre in Newcastle 
upon Tyne for £8.6m from 
Greycoat. 

Net assets advance 
at Primadona 

Net asset value for Primadona, 
the investment trust, advanced 
from 24Ip to 29-touver the 12 
mnnthft to June 30. 


Net revenue for the year to 
the end of June was £54,145 
(£173,927) for earnings per 
share of L2p (3-9p). The pro- 
posed final dividend is held at 
2£p for an unchanged total of 
4L5p. 

Elys (Wimbledon) 
up 45% to £107,000 

Pre-tax profits rose 45 per cent 
at Elys (Wimbledon), the- 
department store, from £74^100 
to £107,000, in the half year to 
July 30. Turnover increased 

slightly from £L35m to £4^4m. 

• • As-confidence^returned to 
the : baustng market, the house* 


hold departments, particularly 
linens, soft furnishings and 
electrical goods, showed strong 
improvement. 

Turning s per share rose to 6p 
(4Jp) and the Interim dividend 
goes up by 0.5p to 2p. 

Ferguson offer for 
Elswick closed 

The agreed £38m offer by Ferg- 
uson International Holdings, 
the mini-conglomerate, for 
Elswick, a rival label supplier, 
became unconditional in all 
respects on September 13 when 
the mix and match election 
dosed. 


CROSS BORDBt MSA DIALS 


BIDDER/KVESTOR 
Bayer (Germany) 


American Expntea (US) 


Forte (UK) 


TARGET 

Unit of Sterling 
WlnthicpIUS) 


Unit of Thomas 
Cook (UK/Qemmny) 

M e rid ia n (Franca) 


SECTOR 

Ptwmacauticab 


Travel services 


COMMENT 

Swift sale by 

Smtthkflne 

Beschafn 

Further buys 
on cards 

Beating off •. 
Accor 


TUI (UK) 

Kribenachmkft 

(Germany) 

Motor 

components 

CTlBm 

Options on 
(TMjority stake 

Low Soring (US) 

Sepl (Italy) 

Motor 

components 

ElWm 

Bat 

outsourcing 

move 

EdF (France) 

Sydkraft (Sweden) 

BectricOy 

£B7m ; 

Strategic 

5.5% stake 

British Stool (UK) ' 

Avesta Sheffield 
(UK/Sweden) 

Steel 

. £B5m 

Stake up to 

4&9% 

Bank of Nova Beotia 
(Canada) 

Banco Quflmes 
(Argentina) 

Banking' 

£37m 

Taking 25% 
stake 

United Biscuits (UQ 

DatgetyFoods 

Holland (Netherlands) 

Food 

£21 m 

Datgoty 

refocussing 

Charles Baynes (UK) 

Industrie 

Engineering 

E4_25m 

Part of £14m 


Mecaniqua (France) 


package 


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FINANCIAL TIMES MONDAY SEPTEMBER 19 1994 


21 


COMPANIES AND FINANCE 





i* ' ■ 







M*?* # tr.’r 



Apple to allow Mackintosh clones 


Tenneco goes on prowl 
for European acquisitions 


By Louise Kehoe 
hi San Francisco 

Apple Computer is today 
expected to unveil plans to 
license its Mackintosh software 
to other manufacturers, for the 
first time allowing them to pro- 
duce Mackintosh “clones". 

This follows an announce- 
ment on Friday by IBM that it 
is to delay release of its long- 
awaited PowerPC computers 
until the first half of next year. 
The company said the post- 
ponement of this new genera- 
tion of persona] computers, 
based on its PowerPC micro- 
processor, would hopefully 
enable it to take advantage of 
more software being available. 

The delay is a further set- 
back for IBM’s PC business, 
which has been losing market 
share to competitors for the 
past six months. The first Pow- 
erPC personal computers had 
been scheduled for introduc- 

Renault to 
sweeten staff 
share terms 

By John Ridding In Paris 

Renault employees are likely 
to be offered a discount of up 
to 20 per cent of the price of 
shares in the French state- 
owned automobile group as 
part of its partial privatisation, 
Mr Alphamfery, economy min- 
ister said yesterday. 

Under terms of the sale, Ren- 
ault employees are due to be 
offered 10 per cent of January's 
shares when the government 
sells a stake of about 28 per 
cent in the group. Pricing 
Details have yet to be 
announced for the sale, expec- 
ted to take place in November. 

The offer of cheap shares to 
Renault employees will be 
accompanied by other incen- 
tives, including a delay in pay- 
ment and the possibility of free 
shares if they hold their invest- 
ment for at least three years, 
according to Mr Alphandlry. 

The government and Ren- 
ault's management see such 
incentives as a means of 
strengthening worker support 
for the privatisation. Some 
unions, particularly the com- 
munist-led Confederation Gen- 
erate du Travail, are opposed 
to the sate. The CGT has called 
for a day of action to protest 
the operation tomorrow. 


tion next month, and were 
seen as helping the company to 

regain its mrimuTTrirm 

IBM said that although desk- 
top and mobile PowerPC mod- 
els are already being shipped 
to select customers and soft- 
ware developers, general avail- 
ability has been postponed. 

Last month, Mr Rick 
Thoman, IBM senior vice-presi- 
dent in charge of all IBM’s per- 
sonal computer related busi- 
nesses, acknowledged that 
PowerPC currently lacks the 
software base to make it 
attractive to most PC users, 
and last week IBM confirmed 
that it has yet to complete 
development of a PowerPC ver- 
sion of its OS/2 PC operating 
system software. 

PowerPC microprocessor 
technology has been jointly 
developed by IBM with Apple 
Computer and Motorola over 
the past three years. PowerPC 
chips were ini Hally seen as a 


By Virginia Marah In Budapest 

The Hungarian government is 
preparing to sell shout 38 per 
cent of Richter Gedeon, the 
country's largest pharmaceuti- 
cals company, in which it has 
a stake of 87 per cent It is 
expected to be one of the coun- 
try’s biggest privatisation deals 
Uric year. 

In the first phase, the com- 
pany will increase its capital 
by FbL4bn ($4lm) to FtT7.Gbn. 
Part of the issue will be sold 
via a private placement to 
international institutional 
investors by the end of this 
month, according to Creditan- 
stalt Securities which, together 
with Schroder, the UK mer- 
chant hank, is advising an the 


challenge to the market leader- 
ship Of Intel, which holds 
about 90 per cent of the market 
for "brain” chips used in PCs. 

However, the prospects for 
PowerPC displacing Intel’s 
technology as an industry stan- 
dard now appear to be increas- 
ingly remote. Other PC manu- 
facturers that have shown 
interest in the technology are 
generally waiting for IBM to 
create demand before commit- 
ting significant resources to 
the new technology. 

Apple Computer, meanwhile, 
has been selling Macintosh 
computers based on PowerPC 
chips since March with moder- 
ate success. The early rush of 
orders for “Power Macintosh” 
models has , however, slowed, 
according to market analysts. 

Today, Apple is expected to 
announce a significant shift of 
strat e gy to license its Power 
Macintosh software to other 
PC companies in a bid to boost 


privatisation. The balance will 
be sold through a domestic 
public offering scheduled So r 
October, Creditanstalt said. 

The company plans to seek 
listings on the Budapest and 
Vienna stock exchanges and 
possibly the Tendon over-the- 
counter market. If floated, the 
company win be the largest on 
Hip Budapest exchange. 

According to government fig- 
ures, Richter Gedeon was one 
of Hungary’s tap five esporters 
in the first half of 1994. Under 
current regulations, the state 
holding company, AV Rt, must 
retain 50 per cent of the com- 
pany plus one vote but Credi- 
tanstalt said the state was con- 
sidering changing the rule to 
25 per cent plus one vote. 


profits and expand its Influ- 
ence over software application 
developers. 

Apple has long been critic- 
ised for refusing to license its 
Macintosh software. Many 
observers believe that had 
Apple licensed the Macintosh 
software, enabling other com- 
panies to “done" its comput- 
ers, a few years ago, the soft- 
ware might have created a 
more potent challenge to 
Microsoft’s “Windows", the 
dominant software standard in 
the PC arena. 

Although Apple has yet to 
n nn-m any companies that have 
agreed to license its software, 
there is widespread industry 
speculation that IBM might be 
a prime candidate in view of 
its acknowledged lack of soft- 
ware for PowerPC. 

Others reportedly interested 
in licensing the soft- 

ware include Olivetti of Italy 
and Fujitsu of Japan. 


Richter Gedeon, which was 
founded in 1901 and national- 
ised in 1948, had turnover of 
FtU^hn in the first half of 1994 
with gross profit of more than 
Ft2bn. Exports accounted for 
US$67.3in of sales. 

Foreign interest in the sale Is 
expected to be strong. The 
pharmaceuticals sector is con- 
sidered one of Hungary’s most 
promising, and Chlnoin and 
Egls, Hungary’s second and 
third pharmaceutical compa- 
nies. have already been priva- 
tised. 

Chlnoin is majority owned 
by Elf Sanofi, the French com- 
pany, while the European 
Rank for Reconstruction and 
Development took a 30 per cent 
stake in Egis year. 


Canada 

loosens 

telephone 

regulations 

By Bernard Simon in Toronto 

Cable-TV operators and other 
newcomers will be free to 
enter Canada’s local telephone 
market in competition with 
existing provincial monopo- 
lies, under B l andmar k ruling 
by toe Canadian Radio-televi- 
sion and Telecommunications 
Commission (CRTC). 

The knife will cut both 
ways, however, as the CRTC 
has also cleared the way for 
the powerful telephone compa- 
nies, led by Bell Canada, to 
enter other telecommunica- 
tions markets, either as carri- 
, ers or content providers. 

Although the CRTC has yet 
to consider whether to award 
broadcast licences to the 
phone companies, it will allow 
them to. take part in projects 
using fast-evolving, video-on- 
demand technology. 

The CRTC said in a 165-page 
report, which was based on six 
weds of public hearings, that 
it intends to place greater reli- 
ance on market forces. 

It concluded that in an era 
when telecommnnicBtionB ser- 
vices are limited "only by the 
rate of diffusion of new tech- 
nology, access to capital and 
the imagination of users. . . it 
is Important . . . that regula- 
tion encourage, rather than 
impede, the provision of effi- 
cient, innovative and afford- 
able services." 

To make local phone ser- 
vices more attractive to new 
entrants, the CRTC has agreed 
to allow the established phone 
companies to raise their local 
rates by C$2 a month each 
year for the next three years. 

However, revenues gener- 
ated by these increases must 
be used to lower long-distance 
prices, especially for small 
businesses and private users. 

The companies at present 
use a large proportion of 
long-distance revenues to sub- 
sidise local rates but their 
ability to continue doing so 
has been limited by competi- 
tion in the long-distance mar- 
ket, which was opened to new 
entrants in 1992. 

The CRTC will further ease 
regulatory harriers by replac- 
ing the existing rate-of-return 
criteria for phone charges 
with a system of price caps. 


By Lourte Morse In Chicago 

Tenneco, the diversified 
Houston-based industrial com- 
pany, is on the prowl for acqui- 
sitions in Europe, seeking to 
redeploy some of the S360m in 
cash it raised when it spun off 
29 per cent of the JJ. Case Cor- 
poration in June. While the 
company is not naming any 
targets, “we're shooting to get 
something meaningful done by 
late Fall," said Mr Dana Mead, 
Tenneco's ch ai rman 

The company is widely 
believed to be looking for a 
deal worth SlOOm to $200m to 
bolster its business in original 
equipment automotive parts in 
Europe and supplement its sig- 
nificant European market for 
after-market components. 

It is in the midst of one of 
the biggest corporate restruct- 
urings in US history and while 
this deal will not be the “defin- 
ing purchase" that Wall Street 
analysts are clamouring for, it 
is important because it sets the 
tone for later, more significant 
acquisitions. 

"We're being very careful, 
very systematic in how we go 
about this,” says Mr Mead, 


NEWS DIGEST 

Revamp for 

Malaysian 

Airlines 

Malaysia Airlines the national 
carrier, is undergoing what is 
described as the biggest 
revamp' in the airline's its his- 
tory as new shareholders take 
control, writes Eueran Cooke 
in K uala I.nmpnr. 

Mr Tqjudln Ramli, the 
Malaysian entrepreneur who 
recently took control of MAS 
through a highly leveraged 
M$1.79bn (US$700m) deal, 
announced a restructuring of 
management operations at the 
weekend, including the cre- 
ation of both a chairman's 
office and a manag in g direc- 
tor’s office. Mr Tajudin will be 
MAS chairman And Mr Wan 
Malek Ibrahim the new MAS 
managing director. 

Mr Wan Malek is also the 
executive director of Malaysian 
Helicopter Services, the Taju- 
din controlled company which 


“We want to be sure we do this 
one right, because what tends 
to happen is if you demon- 
strate you can make one good 
deal, other good deals will fol- 
low." 

Mr Mead, who assumed Ten- 
neco's chairmanship following 
the death of Mr Mike Walsh 
earlier this year, has become 
Tenneco's defining force. He 

directed the turn round in 

Case’s operations last year 
which allowed Tenneco to spin 
off part of the farm and con- 
struction machinery subsidiary 
to the public this summer. 

Its 1985 investment in Case 
was an error that took Tenneco 
nearly a decade to recover 
from. Now, with the Case chap- 
ter nearly behind it, Tenneco 
plans to reinvest in its three 
rem ainin g core businesses: 
automotive parts, packaging, 
and natural gas. 

Tenneco's second-quarter net 
income was $17im, or 93 cents 
per share, and the company is 
projected to earn $850m, or 
$4.80 per share, this year. 

As it did with Case, Ten- 
neco's new management has 
improved the performances of 
its UK-based Albright and Wil- 


was behind the recent pur- 
chase of a 33 per cent stake in 
MAS from Bank Negara, the 
Malaysian central bank. 

This is the second big reor- 
ganisation at MAS within the 
past two years. In the year to 
March 31 1994. MAS had a pre 
tax of M$16m, a 90 per cent 
drop on the previous year. 

Coles Myer seeks 
share repurchase 

Shareholders in Coles Myer, 
one of Australia's biggest 
retailers, are today being asked 
to approve plans for the com- 
pany to buy back a 21.45 per 
cent stake currently held by 
Kmart of the US, writes Nikki 
Tait in Sydney. 

Coles is proposing to pay sig- 
nificantly more than the cur- 
rent market price, but Mr Solo- 
mon Lew, chairman, said at 
the weekend that the parcel of 
shares was not available at a 
lower price. 

In Sydney on Friday, Mr Lew 
told a business lunch that the 
company lost focus during 
the early-l990s and had 


son chemicals business and its 
Newport News Shipbuilding 
company, but is not planning 
any significant reinvestment in 
those divisions. 

Mr John McGinty. a research 
analyst with CS First Boston, 
believes Tenneco will sell both 
businesses within three years, 
which, combined with the sale 
of the remaining portions of 
Case, would leave it with 
upwards of $3bn in cash to 
reinvest, probably in the auto- 
motive or packaging indus- 
tries. 

"The big issue right oow is 
what are they going to 
become?" says Mr McGinty. Mr 
Mead's answer is that Tenneco 
wants to become a world-class 
industrial growth company. 
That includes pursuing acqui- 
sitions in international mar- 
kets. which often represent the 
highest growth potential. 

Mr Mead says a major acqui- 
sition outside Tenneco's three 
main businesses sometime in 
the future isn't out of the ques- 
tion. "We've said all along that 
we’re opportunistic,” he notes, 
“I don’t want to preclude that, 
but I don't think we'll do that 
right away.” 


been "plagued by corruption". 

He also slammed previous 
management, saying it had 
become “too distant from the 
business", and had overlooked 
long-term strategic p lannin g. 
“Perhaps flush with its own 
success, management became 
too inward looking... it grew 
complacent, even smug.” 

Ciments Fran^ais 
cuts losses 

Ciments Franqais, the French 
cement company, sharply 
reduced its losses in the first 
half of this year, cutting the 
net deficit to FFr96m ($18. lm) 
from FFr373m in the same 
period in 1993, writes John 
Ridding in Paris. 

The group, which is a subsid- 
iary of Italcementi of Italy, said 
the improved result, better eco- 
nomic conditions and its dis- 
posal of non-core assets should 
allow a break-even or close 
full-year result 

First-half sales rose to 
FFr6. 62bn from FFr6.58bn. 
while operating profits jumped 
to FFr715m from FFiSOlm. 


Top 1G; successful bids bus. year in healthcare- related companies. 


Target 


Price Comment 


American CyanamidfUS) $9.7bn One drug company buys another 
Syntax (US) $5.3bn One drug company buys another 


PCS (US) 
Gerber (US) 


$4bn Drug company buys distributor 
$3.7bn Drug company diversifies into 


Buyer • : . • • . 

American Home Pvoducts(U5) 
Roche {Switzerland} 
a LiSy (US) 

Sandoz (Switzerland) 

SmfthKJine Beecham (UK) 

Akzo (Netherlands) - 
SmithKHne Beecham (UK) 
Sanofi (France) 

Bayer (Germany) 


Storing Health (US) $2.9bn 

(consumer drugs) 

Nobel (Sweden)* $2.4bn 

DPS (US) $22bn 

Storing Health (US) $1.8bn 


foods 

SB boosts consumer drags side/ 
Eastman- Kodak exits health 
Chemicals companies merge 
Drag company buys distributor 
Bf Aquitaine unit expands/ 
Eastman Kodak exits health 
Bayer redakns US brand names/ 
SmithKHne disposal 
Generics manufacturers merge 


(prescription drugs) 

Sterling Health (US) SI bn 

Qpart of US operation) 

(vax (US) Zenith (US) SSOOm 

Source: KPMG/FT Research 


Hungary plans drugs group sale 







Interim Report Highlights 1994 


IUI 

nri 

Hongkong Land 

Stronger Rental Income 

■ Profit after taxation 

■ Earnings per share 

■ Dividend per share 

■ Investment properties fully let 

■ Positive rental reversions 

“The positive reversions now being achieved in the Group’s portfolio will produce 
increased rental income in 1994, despite the sale of an investment property in Hong 
Kong in 1993. Hongkong Land’s financial strength allows it to pursue further 
investment opportunities in Hong Kong and elsewhere.” 

Simon Keswick, Chairman 
16th September 1994 


US$1 82m 

+ 

10% 

US$6.95 

+ 

10% 

US$3.50 

+ 

11% 






(uraudbed) Year ended 

Six months ended 30th June 31 at December 
1994 1993 1993 

USSm USSm USSm 

Net Income from propertfos 

2063 

1916 

392.6 

Administrative end other expenses 

(94» 

CIO. 6) 

(18.0) 

Operating profit 

197-3 

189.0 

374.6 

Share of resutta of aswdatm 

7.6 

03 

(20.6) 

Other income 

' 14.1 

7.1 

193 

Net financing charges 

P-4) 

0-2) 

(17.1) 

Profit before taxation 

20Bl6 

1993 

356.1 

Taxation 

(27.7) 

(23 3) 

(496) 

Profit altar taxation 

1819 

765J3 

306-5 

Extraordinary Item 

- 

273-2 

213-2 

Profit attrteutBbJa to Shareholders 

IVfJ 

379.1 

519.7 

Dividends 

P1.8) 

(82.4) 

Qfil.7) 

Retained profit for the period 

90.1 

296.7 

258.0 


US« 

use 

use 

Earnings par share 

BilS 

634 

11.71 

Dividends par share 

330 

3.15 

10.00 


Hongkong Land Holdings Limited 

Incorporated in Bermuda wflft fenKBd BauBty 


a immhT of ttm J n to « t ta t bex o n group 


dividend. 0 U «E pwnwX dSaL^rahoktens on the Imanwiional branch fefl.aww.il recwve (Mrt ttt State* OoBM ^rfule Slwrahtfdere on 

but * l 2" :i reotaar wW receive Hong Kang OoUara. unfeu they elect for one of the rtarretw common* by notifying the Company • 

ihc Hung Kong *“***J?® M poStime) on «tn November 1894. Shareholder whore shares ere heW through the Central Depository 
£S?n DM untore tty etoa through COP in receive United Store. Dollara. 



MANDARIN ORIENTAL 
THE HOTEL GROUP , 


Interim Report Highlights 1994 


Mandarin Oriental 


Profit Growth and Active Development 

u Profit after taxation US$22.7m + 16% 

■ Earnings per share US<£3.32 + 16% 

■ Dividend per share US$1.55 + 10% 

■ Excellent contribution from Hong Kong hotels 

■ New hotels underway in Mexico City, Surabaya and Kuala Lumpur 

“T he Company’s two hotels in Hong Kong continue to benefit from increased 
demand. While the outlook for the Group’s other markets is mixed, the overall 
prospects for the full year remain encouraging. * 

Simon Keswick, Chairman 

16th September 1994 







(unaudited) 


Year ended 


Sbc months ended 3oth June 31st December 


1994 

1993 

1993 


USSm 

USSm 

USSm 

Turnover 

88.1 

78.1 

158.8 

Operating costs 

(62-5) 

(57.4) 

(117.6) 

Operating profit 

25.6 

20.7 

41.2 

Share of profits of associates 

4.6 

4.0 

9.5 

Profit before Interest and taxation 

302 

24.7 

50.7 

Net interest expense 

(2.5) 

(1-1) 

(2-7) 

Profit before taxation 

27.6 

23.6 

46.0 

Taxation 

(42) 

(4.0) 

(7.1) 

Profit after taxation 

22.7 

19.6 

402 

Minority Interests 

(0.1) 

(0.1) 

(0.1) 

Profit attributable to Shareholders 

22A 

19.5 

40.8 

Dividends 

<10.7) 

(9-6) 

(34.0) 

Retained profit tor the period 

112 

9.9 

6.8 


use 

use 

use 

Earnings per share 

322 

2.87 

6.00 

Dividends per share 

125 

1.41 

5.00 


Mandarin Oriental In tern a tional Limit ftd ttoatojl A member et the Jenfina Met h e e e n Croup 

Incorporated In Bermuda with limited liability m 


The interim cfivktend of USel .55 per share MB be payable on 28th November 1994 to Shareholders on the register at the dose ot business on 30th 
September 1994 and wfll be avstebte in cash with a scrip alternative. The share regfctms wffl be dosed from 3rd to 7tfi October 1994 Inditsfvs. The 
dividend, declared n United States DoHais. w» also be available m Hong Kong Defers and Starting calculated by reference to rates prevattng fen 
business days prior to the payment dale. Sharaholdere on the I nt er nati onal branch register wfli receive Untied States Ooilars white Shareholders on 
the Hong Kong branch register MU receive Hong Kong Dofera. unless they elect ter one oMhe alternative currencies by notifying the Company’s 
registrars or transfer agents by 4.00 p-m. (local time) on 4th November 1994. Shareholders whose shares are held through the Central Depostory 
System in Stegapore reOP*) wffl receive Hong Kong OoUars unfees they etect through CDP » recfifve United States Dofera. 


TTv i> tercel. Ringkofc ■ Mandum Oriereii. hong Kong ••OncbrUi OrtcnuL Jakarta • TTk Rio. Union • Mandatm OncnuL, Macau • 
Mjrvfartn Oncnfcil. Mai*b * Marefann OteWl. Mevfco Qty * ktanluln Onntal. S*n Asndscn « The OnoruaL Stnj^pon! ■ 

The Mj U fa hu. Sututey) * Dun fJIblK Ngam. Thailand * Phuket YadhtClub, llulhiiJ • Hold Bel* Vtau. Miuu • The ExccUch. Hong Kong 







i- 


FINANC1AL. TIMES MONDAY SEP TEMBER 19 IW4 



Even as the US puts the 
finishing touches to Its latest 
Caribbean adventure this 
week, it will take another step 
nearer the brink with a rather 
more powerful adversary. 

No lives are at risk in the 
trade conflict between the US 
and Japan, but the implica- 
tions for world currency mar- 
kets are far-reaching. 

The two countries have until 
September 30 before the US has 
to decide whether to impose 
sanctions against Japan. This 
week Mr Yohei Kono. the Japa- 
nese Foreign Minister, will 
meet President Clinton and Mr 
Mickey Kantor. US Trade Rep- 
resentative. to give new 
urgency to the framework 
talks. 

The markets will watch the 
meetings with keen interest. 
Past trade showdowns between, 
the economic superpowers 
were fairly predictable affairs. 
The US would fulminate about 
Japan's enormous bilateral 
trade surplus and threaten ret 
ribution if serious action was 
not taken to redress it At the 
last minute. Japan would usu- 
ally cave in to one or two fairly 
meaningless demands and the 
crisis would be over. Mean- 
while Japan's trade surplus 
would go on rising. 

But that changed in Febru- 
ary this year. In an uncharac- 
teristically unsporting manner, 
Japan refused to play the game 
by the usual rules and would 


Global Investor / Gerard Baker in Tokyo 


Japan and US seek the right balance 


not agree to the US demands 
Tor quantitative criteria by 
which to judge progress in 
increasing market access in 
key areas - hence the renewed 
brinkmanship this week. 

Another stalemate this week 
would have obvious conse- 
quences for currencies. The 
yen would stay punishingly 
high, or might even rise fur- 
ther as investors sensed a real 
trade war. But what would 
happen if the talks achieved 
some sort of compromise? Pre- 
sumably the dollar would ini- 
tially recover. But then what? 

That still depends on what 
happens to the trade imbalance 
between the two countries. At 
first sight, that looks like a 
controversial remark. For the 
last year, so-called economic 
fundamentals such as trade 
flows, seem to have had little 
to do with currency move- 
ments. Japan's trade surplus 
has fallen in yen terms in six 
of the eight months of 1994, 
bringing the total decline for 
the year to more than 6 per 
cent But in that same period, 
the yen has appreciated by 
more than 10 per cent against 


Japan’s visable trade balance 



Scun: M al m n 


the dollar and more than 5 per 
cent on a trade-weighted basis. 

Though this seems to con- 
firm one's worst suspicions 
concerning the capricious 
behaviour of financial markets, 
there is a rational explanation. 
Most past experience suggests 
that currencies do follow trade, 
but after a time lag. The last 
time the trade surplus peaked. 
In the middle of 1967. the yen 
continued to rise until early 


t i V{lT 1 -ljlV i lll I IL 1, •'** I ' : ir . * 1 1 ’ .. L -1 . V- 


•Y : .. * ^W,***'. *» ■**>** A* -W- v- * *4 **>>->* 


End to tin quotas rumoured 


Rumours have been emerging 
from Bangkok, where the Asso- 
ciation of Tin Producing Coun- 
tries is holding a ministerial 
meeting today and tomorrow, 
that the producers are ready to 
abandon the export quota sys- 
tem which they had hoped 
would reduce global stocks and 
boost prices. 

If this happens, there might 
be a short-term negative reac- 
tion on the London Metal 
Exchange, according to Mr 
Fidelis Madavo. tin specialist 
at the CRU International con- 
sultancy group, but the price 


can be expected to stabilise 
quickly. 

The tin market has been in 
turmoil since the sudden col- 
lapse in 19SS of a price support 
scheme operated by the pro- 
ducers’ International Tin 
Council, which was backed by 
various governments. The 
huge stocks accumulated by 
the 1TC - more than 40.000 
tonnes - have been a malig n 
iufi npnrp on prices ever since. 

Tin had already been strug- 
gling in the early 1980s because 
a big chunk of its market - for 
beverage cans - was being won 


away by al uminium producers. 
Nor have the metal's other 
main uses, such as in solders, 
been particularly buoyant. 

The quota scheme operated 
by the Association of Tin Prod- 
ucing Countries has not 
worked well. Unexpected and 
unrestrained exports from Bra- 
zil - not a member of the 
organisation - caused havoc in 
the early years. Then China, 
the world's biggest producer, 
pumped large quantities of the 
metal into export markets. 

In April China finally agreed 
to join the ATPC. But it has 


Know your MBOs 


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The Marriott Hotel, Grosvenor Square, London W1 


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Acquisitions 

* Monthly 


Total return in local currency to 15/9/94 

K change rarer parted — — 


Cash 

Week 

Month 

Year 

us 

QJ39 

039 

2£9 

Japan ( 

0.04 

0.18 

9SO 

009 

0.41 

5.31 

0.10 

0.47 

019 

Ratv 

018 

030 

825 

UK 

0.09 

043 

5.78 

Bonds 3-3 year 
Week 

-008 

non 

-032 

-0.23 

034 

-067 

Month 

0.26 

niM 

-0.45 

-030 

. 1.01 

023 

Year 

-1.42 

9 9! 5 

2A0 

037 - 

1.28 . 

089 

Bonds 7-10 year • 






Week 

-0.25 

029 

-0.21 

-032 

1.06 

-1.2S 

Month 

-045 

1.21 

-1.20 

-138 

074 

-032 

Year 

-5.34 

1.90 

-1.08 

-434 

-4.46 

-238 

Eqidhes 







Week 

0.4 

0.3 

.-2-3 

-03 

03 

■22 

Month 

ao 

-as 

•08 

-1.0 

43 ' 

-4X9 

Year 

5.6 

- 4.3 

12.7 

08 

9.5 

03 


Sauce: Cash & Banda • Lahmwi I 
Tha FT-Actuartas Wodd kxfces a 
Gsteran Sachs a Co_ and NNW 


Xan. Equana c Karwaat Sacurtfiea- 

nMy oMMd by 1h* HnanoW Th» Uratted. 
t SsouMo LMltd, . 


1989. Sentiment eventually 
moved against the Japanese 
currency as the trade surplus 
declined by more than 30 per 
cent over four years. 

The reason for the delay is 
the very understandable one 
that investors decide to wait 
before changing direction to 
see whether trade flows really 
have shifted for the foreseeable 
future. Currently investors are 
far from sure that the Japanese 


trade surplus is on a firmly 
downward trend, and with 
good reason. 

A popular argument, that 
has the same specious attrac- 
tion for some economists that 
historical materialism once 
had for others, is that there is 
— inevitable about a 
failing Japanese trade surplus. 
The restructuring of Japanese 
industry, deregulation and the 
“hollowing out" caused by the 


high yen are changing the 
underlying nature of the Japa- 
nese economy and will eventu- 
ally cut Internal and external 
financial surpluses. In &uqh cir- 
cumstances the yen should 
head back down towards the 
YL10-Y120 to the dollar range, 
or even lower. 

This sanguine outlook may 
be justified by a very long-term 
view, but in the more immedi- 
ate future (the next year or 


tWO being more m eaning ful for 
most investors) the outcome is 
Car from assured. 

The strong recovery in the 
US and the continuing rapid 
growth in demand in Asia are 
outweighing the effects of the 
stronger yen. Thanks to rapid 
demand growth and higher 
inflation in those regions, Jap- 
anese companies are able to 
offset the higher prices caused 
by the stronger currency by 
pushing up sales. 

The country's trade surplus 
with the US has risen for six 
straight months, and with Asia 
for three consecutive months. 
Exports to the US were 13 per 
cent higher in the first eight 
months of the year than in the 
same period of last year. 

The one principal market 
that has been weak is Europe - 
exports have falle n for 22 con- 
secutive months. But. as the 
European economies recover, 
that decline is bottoming out. 

Some of the extra demand 
abroad will, of course, be met 
by more overseas production. 
But Japanese companies at 
home still have enormous over- 
capacity and it is inconceivable 


that they will not continue to 
expand exports as world 
demand strengthens rurther. 

That leaves imports. If they 
rise at a much faster rate than 
exports th en the surplus will of 
course fall. In the first eight 
months of the year they did 
indeed outstrip export growth. 
But that increase was the 
result, not so much of the 
opening up of the Japanese 
markets to greater import pen- 
etration as to the yen’s sharp 
rise, which cut the cost of 
imports. In other words, a Yioo 
to the dollar exchange rate 
only just began to cut the sur- 
plus. As exporters continue to 
benefit from faster growth, the 
yen will need to rise further, or 
at least stay at its current level 
to make serious inroads into 
the trade surplus. 

Put another way. if the slight 
decline in the trade surplus 
this year were to lead investors 
to drop yen for dollars, push- 
ing the yen towards the Y 120 
to the dollar level, the increase 
in imports would be halted 
abruptly, the surplus would 
rise again and the yen would 
clim b back up. 

Ifntil there is much clearer 
evidence of a decisive shift in 
trade imbalances - and that 
will not come about until there 
is a real change in the way 
Japan's economy works - the 
dollar looks only marginally 
more attractive than the Hai- 
tian goude. 


flagrantly been exceeding its 
1994 export quota of 20.000 
tonnes. The official China 
Daily reported at the be ginning 
of August that in the first half 
of 1994 alone China exported 
24,700 tonnes, up 33 per cent on 
the same months of 1993. 

There have been suggestions 
that Br azil, the only big pro- 
ducer still outside the ATPC 
might join next year. But some 
analysts suggest that, given 
China’s recent performance, 
rather than bringing Brazil 
into the fold, the ATPC should 
be folded. 


r J 


The decision 
by Mr Ken- 
neth Clarke, 
the chancellor, 
to raise bank 
base rates by 
half a percent- 
age point last 
week has nat- 
urally prompted fears of fur- 
ther interest rate increases. 

Memories of the savage dou- 
bling of UK base rates to 15 
per cent in the 18 months to 
October 1989 are still rela- 
tively fresh. In the US, the 
decision of Mr Alan Green- 
span, chairman of the Federal 
Reserve Board, to lift 
short-term interest rates by a 
quarter point in February has 
been followed by four other 
monetary H ghtpnin gs 

But hopes are high in 
Whitehall and in the City that 
UK rates are not heading back 
to the stratospheric levels of 
the late 1980s. Borrowers can 
take comfort from the nature 
of Britain’s recovery, now in 
its tenth quarter. 

The accompanying chart 
hi ghlig hts one of the big dif- 
ferences between this recov- 
ery and the previous cyclical 
upturns of the past 20 years. 
Past recoveries were accompa- 
nied by house price inflation. 
House prices today, according 
to the Nationwide Anglia 
index used in the chart are 
still lower than when the 
recovery began in the second 
quarter of 1992. 

Ail recoveries are unique 
and the four featured in the 
chart are no exception to this 
rule. 

Inflation was high when the 
two earlier recoveries began; 
at about 26 per cent in the 
third quarter of 1975 and at 
just under 13 per cent in the 
first quarter of 1981. Higher 
prices overall sharply reduced, 
or. in the case of the 1975 
recovery, overwhelmed the 
wealth creating effects of 
higher house prices. 

That was not the case with 
the recovery that followed the 
“growth pause" of 1985. 
Annual retail price inflation 
was comparatively low by UK 
standards, at about 5.5 per 
cent. It declined to 2.4 
per cent by the summer of 


Economics Notebook 


Reassurance 
for borrowers 


UK GDP and house prices* 


,ReaIGDP — Nationwide Angfia House price Index < 

130 - 


120 *— 



110 


1976 76 


no 



1986 88 


98 94 


Sowxw: OatastraMi 


1986 and was to stay below 5 
per cent until mid-1988, just 
before the economy hit its 
cylical peak. 

However, house prices were 
motoring ahead and rose by 
an average 77 per cent in the 
four years to their peak in late 
1989. The strong real increase 
in house prices generated a 
bubble economy. Mortgage 
lending surged. So did equity 
withdrawal as people traded 
up the housing market and 
took some of the proceeds as 
cash. Consumers felt more 
confident. Net savings 
slumped. The result was the 
late 1980s consumer boom. 

Headline retail inflation was 
in double digits by the late 
summer of 1990. It proved 
especially difficult to root out 
because the house price boom 
had developed its own 


momentum. Moreover, infla- 
tion was boosted by the very 
interest rate increases that 
were intended to control it, 
because mortgage interest 
payments are included in the 
retail prices index. Base rates, 
once put at 15 per cent, stayed 
at that level for a year. 

Housing has so far played 
no part in the current recov- 
ery. Not only have house 
prices been little changed over 
the past year, but turnover is 
7 per cent below its peak. 
Although estate agents and 
building societies keep 
reminding us that houses are 
currently very affordable, 
there are good reasons not to 
expect a return to boom. 

The bust in the early 1990s 
has created a generation of 
young potential house buyers 
who have witnessed the mis- 


eries caused by mortgage 
rates doubling, negative 
equity and homes being repos- 
sessed. 

Government tax relief on 
mortgage interest payments 
has been much reduced and is 
set to fall further. 

The shift In patterns of 
employment to more part-time 
working and the reduced secu- 
rity offered to many in middle 
management should also 
dampen demand for houses. 
The upshot. Bank of England 
and Treasury officials believe, 
could be a climate in which 
people buy houses to live in 
rather than as an investment. 

Britain's housing market is 
still very different from that 
in most other European coun- 
tries. The owner occupier 
ratio is high - about two 
thirds of households own their 
own home. House purchase 
continues mainly to be 
financed by mortgages linked 
to potentially volatile 
short-term interest rates. This 
is partly because demand for 
fixed-rate mortgages, which 
were increasingly popular last 
year, was halted by die rise of 
long-term interest rates in the 
spring. There is also the sheer 
importance of housing as a 
store of wealth: nearly 40 per 
cent of gross personal sector 
wealth was tied up in residen- 
tial property at the end of 
1992. 

But there are hopes that the 
UK economy may be becom- 
ing more akin to those on the 
continent. IT so, interest rates 
wiD not have to be raised so 
savagely in this cycle to curb 
inflation, because house prices 
wiD be less of an engine of 
inflation. 

Nobody is ruling out the 
need for sudden interest rate 
increases to deal with unex- 
pected shocks. But it may be a 
hopeful sign that Mr Michael 
Saunders of Salomon 
Brothers, one of the few City 
economists to forecast last 
week's rate rise, does not 
expect base rates to rise much 
above 7 per cent in the fore- 
seeable future. That would 
leave them lower than at any 
time in the 1980s. 


Peter Norman 


FT-ACTUARIES WORLD INDICES 


JentJy compiled by The Fi na ncial Times Ltd.. Goldman. Sachs 3 Co. and NaiWast Securities 
NATIONAL AND 

REGIONAL MARKETS — FRIDAY SEPTEMBER 16 IBM 

Bgixe® m p— fibre — 8 OS Kchg Pound Local Local % 

show nunber of lines Dollar sarce Starting Yen DM Currency chg from 

of suck Index 31 n 2/83 Index Index Index Index 31/12/83 


Ud. In conjunction with the Institute of Actuaries and tha Faculty of Actuaries 


THURSDAY 

US Pound 
Doflw Storing 
Index index 


Austrafia ( 68 ) 

Austria (17) 

Beigten {37) 

Canada 1104 ) 

Denmark (33) » — — — 

Finland £4) 

France (97) 

Germany (58) 

Hong Kong (56) 

Ireland 04) 

Italy (W 

Japan (469) 

Malaysia (97) 

Mexico (18) 

Neffiertand (27) 

New Zadand D*) 

Norway (23) 

Singapore (44) 

SoiAh Africa (99) 

SpWn (42) 

Sweden (38) 

Swttzertaid (47) 

United Kingdom ECU) — 
USA (317) 


175.13 

191.17 

171.94 

13926 

257.11 

- — 178.48 

171.14 

14621 

409.81 

— 21329 

83.18 

159.43 

589.35 

2336.46 

214.63 

7323 

198.00 

— 389.03 

210.45 

—.141.45 

229.49 

186.77 

TB8J38 

192.14 


K 15 1894 DOLLAR INDEX 

Local rear 

DM Currency 52 week 52 week ago 
Index Index High tow (approx) 

139.98 1S5.77 189.15 139.73 133.73 

154 75 154 93 198.99 164.64 171.10 

13736 134.17 177.04 143.82 151.88 

110.84 135.11 145.31 120.54 124.30 

20527 211.96 273.79 223.94 231.40 

141.51 18420 181 70 10428 106.84 

139.90 144.43 18527 159 34 167.61 

118.87 116.87 150.40 124.39 12529 

326.09 40229 506S6 29208 28322 

170.11 183.18 21460 101.54 18827 

65.72 98.53 97.78 5728 74-50 

128.14 100.11 170.10 124.S4 157.42 

488.68 573.66 621.83 392.03 387.53 

1833.83 850826 264728 1615.11 188920 

172.95 17028 218.19 16025 18324 

58.80 64.11 77.59 5922 80.83 

160.50 183.98 211.74 16552 173.37 

292 4a 24946 378.82 28531 289.05 

24824 299.25 31424 1B429 187.78 

114.M 138 53 155 79 128.88 137.44 

184.36 254.16 231.35 175.83 16533 

, ^- 46 »».H 17856 136.89 13B.91 

158 65 188.14 214.90 ifll.H 107.57 

15572 593.65 198.04 178.95 187.79 


EUROPE (718) 

Nonficfliq 

Pacific Bodn (74® — — 

Euro-Pacific (I486) 

North America (621) — — ■ 

Europe Ex. UK (514) 

Pacific Ex. Japan £78) ._ 

World Ex. US (1647) 

World Ex. UK (I960) 

World Ex. So. Al. 0105) . 
World Ex Japan (1695) - 


172.87 

222.18 

170.09 

171.10 

188.65 

155.59 

27220 

173.14 

170.49 

177.56 

. — 190.45 


The World Indm (2164) 178.40 62 166.98 111.48 14261 15013 


178.73 169.48 


Cornrun, -nia F*nW Tha Umttod. Soon 4 Co. aid mWast Secuttfaa Lkwao. 1967 

Bom vs hrrr Dm 31, IBM ■ IDOr FMnt Dae 31. 10B7 ~ 115JB7 (US S 90.791 (ftux! SorWitf tnd 1 


13921 153.58 178.58 153.98 15BS4 

177.73 21023 222.18 17319 173.81 

1 J 8.49 111.42 178.86 134.79 181.33 

137.54 128.19 175.14 143.88 15929 

152.93 189.62 192.73 175.87 183*7 

12S.16 133.03 158.13 134 97 137.05 

218.76 23954 296* 1 200.13 200-13 

139.02 132.08 170*5 145.58 168.33 

142.18 147*0 178*9 185.96 186*0 

143.06 149,03 180.03 158.64 167.81 

1S3.57 181.17 195.20 174.04 17&37 


143.72 151 .02 100.30 158.85 187.82 


I 4 if; i 

r 


1 ftocaft Nor—: Doe 30. 1968 = >3863 (US 3 bxten. 1 


45 (Botnd Stmflnd oxt 1BL22 ILDCal 


1 








MONDAY SEPTEMBER 19 1994 


EMERGING MARKETS: This Week 


i > 


i: 




* 


rs 






The Emerging Investor / John Burton 

Foreign investors watch Seoul surge 


Foreign investors wanting to 
enter the Seoul hours rnnift 
only watch in frustration last 
week as the general share 
Index reached its historical 
high of 1023.61 on Saturday. 

A 10 per cent ceiling on for- 
eign stock investments in 
Usted companies has largely 
kept new overseas investors 
out of the market since the 
quota was quickly filled for the 
most attractive shares after the 
market was opened to foreign- 
ers in January 1932. 

Ironically, the expectation 
that the government would 
soon raise the foreign owner- 
ship limit to 12 per cent 
caused the recent surge in 
share prices as domestic inves- 
tors bought blue-chip stocks in 
anticipation that they would 
rise further once the ceiling is 
raised and more foreign capital 
flows into the market 

There is little doubt that 
there is plenty of pent-up for- 
eign capital waiting to be 
released into the Korean mar- 
ket The Seoul bourse “has 
great potential because it is 
undervalued. Korea didn’t go 
ballistic as other Asian mar- 
kets did last year,” said Mr 
Gareth Evans, b ranch manager 
for Barings Securities in Seoul. 

The country’s economic ftm- 
damentals are also strong, with 
GNP expected to grow by at 
least 6 per cent this year 
because of an export boom 
aided by a weak Korean cur- 
rency. Companies reported 
their best first-half pamingK in 
seven years, with a 70.6 per 


CURRENCIES 


cent rise in aggregate net prof- 
its for listed companies. Ana- 
lysts predict that the share 
index could reach 1,100 by the 
end of the year. 

But there are doubts over 
whether the government will 
adhere to its promise to raise 
the limit to an expected 12 per 
cent by December and IS per 
cent by next June. 

The government Is worried 
that more foreign capital 
inflows will Increase inflation- 
ary pressure when inflation is 
already expected to rise above 
the government's target of 6 
per cent for this year. In addi- 
tion, Korean companies fear 
that a new influx of foreign 
capital will cause an apprecia- 
tion of the Korean won, which 
would dampen exports. 

Raising the foreign owner- 
ship ceiling would also contra- 
dict the government's current 
policy of preventing the stock 
market from overheating. Offi- 
cials have repeatedly tried to 
cool down the market this year 
because of concerns that 
domestic investors would even- 
tually cash in on their gains 
and then spend the money, 
which would contribute to 

inflation 

During the past week, the 
government tried to intervene 
in the market and depress 
prices by ordering the coun- 
try's three investment trust 
companies to sell shares. But 
this strategy is proving fkxtHe 
since these institutional hinds 
“have less and less of the 
blue-chip stocks that are lead- 


Ton best p erf orm i ng stocto 


Stock 

Cororiry 

Friday Vsek on mto 
16WM S 

(dMflB 

Campania Suzano (PH) 

Brazil 

7.3598 

1J127 

28.06 

Charat Cement Co. Ltd. 

Pakistan 

4v4090 

0.7512 

2054 

Otttan 

Turiwy 

03896 

0.0658 

20.31 

Muslim Commsrdel Bank 

Pakistan 

14619 

0i522 

18.10 

Cementoa Lima 

Peru 

1.7841 

02878 

17.68 

Kepco 

S. Korea 

44.7832 

5.7503 

14.75 

La Fabrfl 

Periu 

1.7306 

02010 

13.14 

CSN 

Braa 

OD450 

a 0050 

12.44 

Buanamntura 

Peru 

3.7487 

a4045 

12.10 

Banco Da Credto 

Peru 

1.8912 

0.1891 

11.11 


Some Brttog State** 


ing the ratty,” said Mr Bruno 
Leroy, head of Soddtg G6n€r- 
ale Strauss Turnbull in SeouL 

Another factor that has sup- 
ported scepticism about the 
government's promise about a 
foreign limit innrnpgn is that 
the pledge was made in June 
by Mr Hong Hae-hyong. the 
finance minister, when the 
market was failing as fo r eig n 
investors polled out because of 
the tensions aver the North 
Korean nuclear dispute. 

The government has often 
floated proposals about a rise 
in the foreign ceiling to bolster 
market confidence during 
weak periods, but then it has 
fallen silent, after shar e prices 
gained strength. 

Most foreign brokers in 
Seoul, however,' believe that 
the government this time will 
.s tick to its commitment and 
proceed with a rise in the limit. 

‘Time is running short for 
South Kirea if it wants to meet 
its deadline and join the OECD 
by 1996,” exp laine d Mr Leroy. 


“Membership conditions are 
likely to inc lude increasing the 
foreign ownership ceiling to 26 
per cant” 

However, It is not ruled oat 
tha t the gov e rnment may try 
to attach other conditions to 
control foreign Investment 
inflows If the ceiling is raised. 

One possibility is to increase 
advanced deposit requirements 
for foreign investors to 40 per 
cent of their buy orders from 
the current level of 20 per cent 

Foreign securities houses 
have complained about the 
measure, introduced in Janu- 
ary as part of the government’s 
market cooling efforts, because 
it has created legal problems 
for US investors, who are 
barred from making- deposits 
under SEC rules, and delayed 
carrying out buy orders for 
other foreign investors. 

Moreover, the government 
has suggested that it may set a 
monetary ceiling on foreign 
capital inflow for stock invest- 
ments that could prevent the 


ceiling increase from being 
completely filled. 

There are also doubts as to 
whether the government will 

accept the monmTn p nrtflfiftWg of 

an advisory panel on financial 
liberalisation, which suggested 
that the foreign ownership cell- 
ing be abolished by 1999. Korea 
has been extremely reluctant 
to allow the foreign takeover of 
its companies and this attitude 
is unlikely to change. 

Meanwhile, foreign investors 
eager to acquire Korean 
blue-chip stocks trade on the 
info rmal over the counter mar- 
ket, where they must pay pre- 
miums ranging from 10 per 
cent up to 75 per cent 

Another means of acquiring 
Korean securities is through 
the overseas issuance of equi- 
ty-linked convertible bonds. 
But the ministry of finnnwi has 
banned Korean corporations 
from issuing overseas bonds 
daring the fourth quarter 
because the $135bn limit set 
by the government for such 
issues this year has already 
been reached. 

An exception, to the ban, 
however, was the govern- 
ment’s decision cm Friday to 
allow Pohang Iran and Steel 
and Korea Electric Power to 
become the first Korean com- 
panies to be listed on New 
York Stock Exchange as of 

npvt month 

Nine other Korean compa- 
nies believed to be qualified for 
the New York stock exchange 
could be listed as early as next 
year. 


Philip Gawrth • 


Concern over dollar surfaces again 


Markets will this week continue their 
long running fo liar vigil, but thfc time 
it will be politics as well as economics 
occupying their thoughts. 

The latest round of the US-Japan 
trade talks, and the Haiti imbroglio, are 
coming to a head at the same time. 
Both hold within them the potential to 
cause a further sell-off in the dollar. 

Some observers fear that Haiti, in 
particular, could do for president din- 
tcxi what Iran did for Mr Jimmy Carter, 
limited progress with Japan ahead of 
the September 30 riwiriiine for sanctions 
would also hurt the dollar. 

There are few important statistics to 
focus on, though the July trade figures 


on Tuesday could unsettle the dollar. 
Friday's str ong capacity utilisation fig- 
ures, however, have only aggravated 
mark?* fears about inflation , and specu- 
lation is sure to rise about the possibil- 
ity of a further monetary tightening at 
the September 27 Federal Open Market 
Committee meeting. 

One factor favouring the dollar is 
that the market has shown much less 
in clination to seD it in recent weeks. 

The dollar will also draw comfort 
from the relative weakness of the 
D-Mark over the past week. Analysts 
expect investors to continue to lighten 
their D-Mark holdings ahead of the 
October 16 national elections. This 


week the focus will be on Sunday's elec- 
tion in Bavaria. 

The key concern will be the perfor- 
mance of Chancellor Kohl's alliance 
partner, the FDP. If it looks like It 
mi ght fail to hurdle the 5 per rent bar- 
rier to Bundestag representation, fur- 
ther D-Mark sales can be expected. 

The latest German M3 figure is also 
due this week. A good outcome could 
allow for a further, probably final, cut 
in interest rates. This could cause fur- 
ther D-Mark weakness. 

Three of the principal beneficiaries of 
D-Mark weakness last week were ster- 
ling, the Italian lira and the Swiss 
franc. The fortunes of the lira are likely 


to turn largely on the budget proposals 
which are expected soon. So too the 
Spanish peseta; budget details are 
expected on Friday. 

Fbr sterling the outlook is brighter. 
Not only are the D-Mark and dollar 
both under pressure, but there is a case 
that last week’s pre-emptive rise in 
interest rates has changed the psycho- 
logy of the market, dramatically 
improving sterling’s prospects. 

Also in the spotlight will be the Swed- 
ish krona following the weekend poll. 
Markets will be judging whether the 
new government has adequate resolve 
to address the country's fiscal prob- 
lems. 


FT GUIDE TO WORLD CURRENCIES 


Tho MMe Mow she* the Mot nwflabte min of exchange (nxrxted) against low lay curandn on Friday. September is, tfltH . In soma cans the mta to nominal. Market rate am the average of buying nd sding rates 
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tr.teie 

24*015 


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201300 


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127.72 
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1872.77 


1.7707 

1.3441 


3.1517 

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7.3873 


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2.1382 

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120878 

1.2849 

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135186 

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Fr. Cly/APtoa 
Fr. Girona 
ft ftteeto 
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(CFAFfl 

(LoctoFA 

(GFPffl 

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85207 

1.1968 

0.7432 

43.7750 

95049 

276,487 

47309 

21-0135 

3540560 

354259a 

53102 

13.7113 

8X2560 

103818 

85038 

150 

0.8046 

25612 

7.7883 

03258 

832580 

B-KSB 

140983 

832580 


156576 

1 

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127.72 

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1 fleer 
3154 

15786 

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315887 

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05650 

1583 

825224 

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626519 
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223074 


2*9534 

14183 

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2601 59 
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l Sretete 10 1994 Utotod KtagdOOi 80790190 UrWad Bate 9173866 Qomary C0I1516B7 Japan 


teBtonoKMOtticro 
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Now there's 10,000 more 
reasons to fly to Osaka. 

There are up to 10.000 mileage credits available on all return JAL flights direct 
to Osaka until 31st October 1994. Call your local JAL office for details. 





Japan Airlines 

JAL MILEAGE BANKfiS tTOpS 


Strategy 


Baring Securities has forecast 
that the remainder of 1994 and 
1995 should see an upturn in 
emerging markets with 

Iwotihiti final fjpiHc being 
switched from south-east Asia 
to Latin America, Reuter 
reports. 

Barings remarked that the 
main propellant of emerging 
markets strategy was the US 
economy. If US growth was 
slow bonds were likely to rally, 
providing an incentive to 
invest in south-east Asia. “But 
with a strong US economy 
Latin America historically 
performs better, pushed along 
by pressure on commodity 
prices,” said Barings. A 
mediocre performance from 
the US economy, however, 
should drive funds to Japan 
and north-east Asia. 

■ Pakistan 

The international share 
offering by Pakistan 
Telecommunications, which 
closed on Thursday, has been 
two timw oversubscribed, 
Robert Fleming, the global 
co-ordinator said. 

■ Lima 

The Peru government has set 
an October 27 auction of 60 per 
cent of shares in the 
state-owned electrical power 
generation unit Edegel. 

% The lima stock exchange 
and its counterpart in Athena 
have signed a mutual 
co-operation agreement The 
accord is a step before 
inter-market trading could 
begin through the 
Iberoamerican Elec tronic 
Exchange. 



News round-up 



■ Jakarta 

Indonesia’s state-owned 
international 

telecommunications company, 
PT Indosat, will offer 35 per 
cent of its shares to the public 
in a dual listing in Jakarta and 
New York next month. 

Indosat will list 25 per cent 
of its shares on the New York 
Stock Exchange on October 18, 
and the re maining io per cent 
on the Jakarta Stock Exchange 
and the Surabaya Stock 
Exchange on October 19. 

The offering is scheduled for 
October 4 to 11. 

■ Fund launches 

Templeton Emerging Markets 
of the US has launched a 
$l20m Vietnam Opportunities 
Fund on the New York Stock 
Exchange. Underwriters 
include Merrill Lynch. Kidder 
Peabody and Nomura 
Securities. 

Hambro Pacific Fund 
Management is launching the 
Smaller Asian Companies 
Trust on the London Stock 
Exchange on Wednesday, with 
dealings on October 7. The 
trust will invest predominantly 
in companies with a market 
capitalisation of less than 
$500m. 


Taipei 


Baring Securities emerging markets indices 


Foreign institutional investors 
remitted about S+tm into 
Taiwan for stock Investment in 
the week ending last 
Wednesday. AP-DJ reports. 

The Securities and Exchange 
Commission said that with the 
latest inflow of foreign capital, 
foreign Investors had a total of 

S4.64bn in the country since 
Taiwan opened its stock 
market to foreign institutions 
for direct investment in early 
1991. 

This compared with the 
ceiling of $7 .5 bn set by the 
government. 

■ Nairobi 

The Kenyan administration 
has said that Kenya Airways, 
the national carrier, would be 
privatised this year. No further 
details were given. 

■ Brazil 

Volume traded on the Sdo 
Paulo stock exchange in 
August was a record $il.3bn, a 
daily average of S492.7m. the 
exchange said. 

• Emerging markets coverage 
appears daily on the World 
Stock Markets page 


' « ' -* . - r. 


Index 

IB/9794 

Week on week movement 
Actual Percent 

Month on month movement 
Actual Percent 

Year to dale movement 
Actual Percent 

World (288) 

190.22 

+2.07 

+1.10 

+14.01 

+7.95 

+21-81 

+12.95 

Latin America 
Argentina (20) 

114.98 

-1.03 

-0A8 

+5.30 

+4.83 

-0.40 

-0.35 

Brazil (22) 

246.78 

+4.06 

+1.67 

+36.49 

+17.35 

+107.13 

+76.71 

Chile (12) 

199^2 

+1.07 

+0.54 

+1234 

+638 

+52.28 

+35.43 

Mexico (26) 

158.81 

+2.73 

+1.75 

+7.04 

+4.64 

-2.46 

-1.52 

Peru(16) 

784.72 

+33^8 

+4.43 

+61.71 

+11.62 

+208.63 

36.22 

Latin America (96) 

—180.58 

+2^4 

+1.31 

+1535 

+932 

+31.43 

+21.00 

Europe 

Greece (13) 

85 £7 

+1.00 

+1.18 

-4.72 

-5.21 

+2.78 

+3.35 

Portugal (IQ 

121.51 

-3.97 

-3.16 

+0.80 

+0.66 

+9.39 

+8.37 

Turkey (20) 

75.88 

-4.19 

-5_23 

-17.26 

-1833 

-85.83 

-53.08 

Europe (49) 

99.72 

-228 

-224 

-4.68 

-4.49 

-1251 

-11.15 

Asia 

Indonesia (22) 

16085 

-1.97 

-1^1 

+12.62 

+632 

-10.19 

-5.95 

Korea (23) 

157^4 

+6.42 

++L25 

+25.70 

+19.50 

+47.83 

+43.60 

Malaysia (23) 

251.80 

+0.43 

+0.17 

+16.62 

+7JJ7 

-1.25 

-049 

Pakistan (10) 

116.85 

+5^3 

+4.97 

+6.13 

+5.53 

+5.16 

+4.62 

Philippines (11) 

29029 

+1.01 

+035 

-12.11 

-4.0Q 

-32.19 

-9.98 

Thaiaid (24) 

274.79 

+5.12 

+1.90 

+16.11 

+6.23 

+11.24 

+436 

Taiwan (30) 

180.94 

+2.89 

+1.62 

+1638 

+10.09 

+2733 

+17.71 

Asia (143) 

— 233.67 

+2.75 

+1.19 

+16.73 

+7.71 

+1236 

+534 


c to $ tonra, Jcrarery 7tti 1982-100. Soma Boring Sacumrea 


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24 


FINANCIAL TIMES 


MONDAY SEPTEMBER 


19 1994 


WORLD BOND MARKETS: .Thj&Week 


NEW YORK 


Bbar of inflation continues to 
grip the US credit markets. At 
the and of a Jittery week, bond 
prices plummeted on Friday 
after the Federal Reserve 
reported bigger than expected 
increases in August industrial 
production and capacity 
tofflwtta n. The benchmark 
80-year long brad sank by lft 
to 98ft. lifting its yield by 12 
bails points to nearly 7JB per 
cent - the highest this year. 

Most analysts ding to the 
belief that the Fed will hold off 
antn November before 

rr m twnplnfhi g nnn*hnr rim In 

short-term interest rates, but 
each time another bout of bad 
news like Friday's hits the 
market, investors turn their 
thoughts to the possibility that 
the Fed could move before 
than - perhaps as early as its 
September 27 meeting. 

Fortunately, perhaps, the 
next few days may be 
relatively quiet In this respect, 
since the economic reports due 
to be published are less closely 
watched far signs of Incipient 
inflation than last week's. 


Richai d Tomkins 








assess^ 

m 


On Tuesday, figures for 
July’s trade deficit are 
ex pec te d to show Httk change 
from June’s 99.4bn; <m 
Wednesday, figures for August 
housing starts are expected to 
have slipped a Utile to an 
annual rate of 1.4m; and cm 
Thursday, the federal 
government Is expected to 
report a budget defldt of |24bn 
for August, putting it on track 
for a deficit of less than taoobn 
for the year - the lowest since 
1988. 


LONDON 


After a raft of UK economic 
data Inspired a volatile ride for 
gilts last week, the market wOl 
be relatively quiet this wade as 
ri g nt ffcgHt dmwgHf vtatlstteg 
are In short supply. 

Attention win be focused 
instead on activities and 
sentiment abroad. Germany’s 
influence, which has been 
muted during the past weak 
because of UK data, wQl 
return to the tore as markets 
look to the German M3 money 
supply data, expected as early 
as today, and definitely 
week. 

Ova: the past three months, 
the headline growth rate of MS 

haa fallwn and tha mnrforfa ara 

now expecting a small 
month-oranonthrise, which 
would continue to bring down 
the annual rate to about &8 per 
cent, still above the 
Bundesbank's <L0 to 6A per 
cent target corridor. 

Such news could lower 
European bond yields, which 
would have a knock-on effect 
an the gilt market 

The markets win also be 


rwv 1 . 



watching for details of the 
September 28 gOt auction, 
which will emerge on Tuesday. 
The announcement on Friday 
suggested a maturity between - 
2004 and 2006, and Mr Axukew 
Roberts, economist at UBS, 
said he believed the auction 
will be the new 10-year 
benchmark. He anticipates an 
8A per cent coupon. 

In the UK, markets are Italy 
to focus on the GBI 
nuuuffoct uriny h- wnfla survey 
for signs of an. upturn. 


The bond market is no place-.- ^ 

■ for the nervous. Traders -> ? 

have been sotmcortafai " 
about interest rate trends In 4 

Germany that yields 
have had no place to go 
but up. 

The average yield on 10-year 
bunds exceeded 7.5 per cent 
last week; that on an quoted 
government wcurtttee dosed 
at a year's high of 7.88 par 

However, the Bundesbank 
bu ff i feri daH ann ag h tfl ftwmgh 

It made dear last week that its 
key rates would be paten hold 
- Thursday’s council meeting 

left "wtawirhafl — fnJ 

the next move was as likely to 
be up as down. . 

Traders took remarks by Mr 
Johann w nhrftn 
Bundesbank deputy president, 
to mean that the discount and 
Lombard rates, last cut 
by half a point to and 8 per 

cent hi May, would be 
maintained beyond the 
German general election in 
October. 

The same applies to 


V i . ii j)i 



. •• ;S 


the securities re p ur c ha se 
(repo) rates, now 4J3G per 
cent - 

Some , economists expect no 
change untflwdl Into 1895, th 
view' of tile economy’s strength 

flwd f4;W gtfll trfgh iwnngy 

supply growth - the August 
figure is. due to be published 
Uris week. . . 

MSMkirtia also being closely 
watdied; the Bundesbank win 
not be happy until the rate 
Mis nearer its, goal of 2 par 
cent 


TOKYO 


AWwmg ti pnffetaking ahead. 

' of the September interim book 
closing by investors looking to 
boost their midterm earnings 
will weigh an band prices this 

week, the effects are Ukdy to 
be-mhdmal since a sluggish 
stock market, low short-term 
rates and a firm yen are 
aypartod tn upport confidence. 

A weak stock marinat has 
always beat good news tor 
bonds. Fears of over-supply oh 
thestock market, which bit 
prices last weak, are expected 
to finger over the next month, 
investors are worried that a 
spate of equity-finked 
financing issues will affect 
. Hfltddtty. Mitsubishi Heavy 
Industries, which was planning 
to.offor a large convertible 
bond issue next month, Is 
expected to postpone the deal. 

To prevent a further fall in 
share prices, the Bank of Japan 
ia Italy to maintain an easy 
stance on the short-term - ' 


Viko p 


Slfc ste?.: B 



'Mmm - < m 


the overnight can rate to 
remain around 2J per cent 
Bond investors are also 




expected to focus on the . 

US-Japan bilateral framework 

teiiw on trade. Government 

comments about the triks are 1 
likely to increase ahaad of the 
agreement deadline at the end 

of th e mo n th , which wfB affect 
currency movements. Any 
negative news on trade will 

support the yen, which in turn 

wfll help bond prices. 

Meanwhile, activity may 
increase, as trading for ' 
October settlement starts . 
tomorrow. 


■ 'Hi 

& 


Capital & Credit / Martin Brice 

Clarke catches silts market 


gilts market on the hop 


The decision by the UK 
chancellor of the exchequer, 
Mr Kenneth Clarke, to raise 
base rates an Monday by half a 
point to 5.75 per cent caught 
many on the hop. 

The short sterling Mures 
market had already discounted 
an. interest rate rise but dealers 
were wrong-footed when it 
came the week after Mr 
Clarke’s meeting with Mr 
Eddie George, governor of the 
Bank Of En gland. 

The rise - the first for 
almo st five years - has fuelled 
the concern about the pace of 
fixture interest rate increases 
and their impact an gilts. 

A central plank of the gilt* 
market’s performance is . likely 
to be the credibility of the gov- 
ernment's flrrH-fnffoHnn policy, 
which took a dent soon after 
the base rate Increase. When 
base rates rose on Monday 
morning, gilts responded posi- 
tively, rising almost a point at 
tiie long <md | Miming the yield 
spread against German bunds 
to tighten. 

The market's enthusiasm 
was due to the belief - fuelled 
by Mr Clarke's statements at 
t he ttma — t hat be was moving 


ahead of events, rather than 
simply responding to inflation 
already seen in tha economy. 

One analyst said an the day: 
“It is the first thrm in more 
than 20 years that I have seen 
the government acting ahead 
of a aMa — it hn« taken the 
long view. 1 have never seen It 
before." 

However, the market was 
soon to change its mind. Two 
days later the long end of the 
market toll by more than a 
point on the news that Mr 
Clarke already had a rough 
idea of the Retail Price Index 
figures when he increased base 
rates an Monday. The figures - 
not published until Wednesday 
startling - showed a higher 
than expected rise of 2.4 per 
cent In the year to August 

Confidence In the govern- 
ment’s pre-emptive anti-infla- 
tionary stance took a knock: 
some traders felt Mr Clarke 
may have been continuing the 
long tradition of UK chancel- 
lors of reacting to rising infla- 
tion too late. Gilts, also 
wounded by the RFI data, fell 
mare than a point on the day, 
under-performing the bund 
market 


ARTAL LUXEMBOURG SJl 


39, buul w ml HojrjJ L-2449 U mem b oon 
RXLS. LuxrmttotKi B 44.47 1 
M i ni w hi Adk mui w aont jftUt JL’amUImt 4 

L’ASSEMBLEE GENERALE EXTRAORDINAIRE 

qol k tlrmtra k 07 oaotae 1994 3 11.00 h — tu ritga dc h Imqia dc 
I jai irmlww f «t» 14 tariemd Royal L-2449 Lm c rmboer f 
ifin dc dtBbfatr *ur ka point) »oi T *ab: 

ORDRE DU JOUR 

1. MoAfto a Son Jm 1' utliJ i 19 atatata J« L mcbM pane Lrf 
doniMr 1m Inmr m lmitw 

•L'nmiU(> S’ ** !' numlk m SanL mu ailft mill , oo 3 toot 
wtn mlarit ik la mamma* im dltfi mnUI 4 [wbqtim aw 1 m 
WWW— U— , L 3« ■ Wih Jb mala Ja mal 4 11.00 Lm. 

Si m tonr art nM yir u ImJl wp d di l l pm an |< m h «t fog 
nrvWl {faU, I'lUMfoUb gioinU m >» cLob cowed 
il’ ilmlnl itr mtl on, mwi p ii poor nit U pmnln aaowdl yiMJut, 
ndt U pnauin mnwii nhuit, 4 la talma haon^ | 

2. Rm 

La Conaail J’ Adm ini • t r • t ion 

mil U tiadmtlML uyUlm 

MMS EUUW. — IdmDy ae—mJtorttenJllw 
EXTRAORDINARY GENERAL MEETING 

whidi wfll be beld an October 7. 19M el 1Z naan, * the bad ofikw of 
Bnqna da lax a n b ot ni . 14 boe l aa p i loyal, L-1449 L —tabwn g. in 
order to t&aexiH the foSowis( 

AGENDA 

l,AnnJag|g{arifaU 19 of L AitiJn a( AlorfUnn of the 
Company, takWalafloni 

. Hw anal pnnal ma tkmg of Am wapay b to U InU * llm offia 
of (Dm oumpmy or at any dk pLea ontlonad on dw oomoatkin on 
Aa3id Saturday of May at 11 u. 

If tbia day Iwppasa to bo Eollamd bgr a oionJay o. pncaUlv • 
tWJay mel/ar a Cdday -LU i. « pjdk, Utiay, th. marfatf wiB tJw 
plaoa, aiAar on dw ptmaaibag aatuiday, or on ilia Uhombog aatod^y, at 
dw a aiti a Uawd. 

ZMinwHai.— ■ 

Tka Bo*rJ of Dinttiri 


Weekly Petroleum Argus 

Petroleum Argus 


- j UK ban rata rim ^ 

^■gTyV?",.. .S is 

".we. "^f ando— t : 

However, same analysts felt 
this was an over-reaction: Mr 
Nigel Richardson, head of band 
research at Yamalchi, said: 
"Really there Is no significant 
inflatio n problem, so the 
increase is still pre-emptive." 

This debate over tnfl a tion a iy 
pressures has led economists 
to divide into two broad camps: 
those who think that one-year 
Interest rates of 7 per cent 
accurately predict base rates in 
a year's time, and those who 
fed. the economy might 


became strong enough to farce 
the chancellor to take rates 
higher to squeeze inflation. 

Publication of the minutes of 
the monthly meeting between 
Mr Clarke and Eddie George 
makes the process more trans- 
parent, painted out Mr Robert 
Thomas at NatWest Markets. 

He is among those who 
expect to see base rates at 
around 7 per by the end of 
next year, and inflat ion at 
about 3% per cent 

Hie added: “As long as the 
Bank of En gland is seen to be 
ahead of events, the gilts mar- 
ket will be reassured, and base 
rates will not be a negative 
influence.” 

However, the December ster- 
ling fixtures contract is already 
discounting a base rate of 
around 6.75 per cent - a full 
percentage point more than 
the current rata Mr Thomas 
dismissed th!*: “Short staxiitig 
does get a bit carried away.” 

The forecast of 7 per cent 
base rates by the mfl of ™wt 
year is shared by Mr Richard- 
son of YamaichL "We believe 
we are entering a 196Qs-etyte 
inflation era, and vre will have 
19608-style interest rates.” '■ 


ARTAL GROUP S.A. 


39, bo ohur d loyal L-2.44 9 taw ta n y 
RjCS. Xanmbomg B 44/470 
M— < « HM Im Actfcmnaba aant prill i'lakln 4 


P si 1 '■! * a ^ V;i * ^ ^14 1 '/.Taj '* ICM I 'i : 


* U«*« le 07 oaobre 1994 4 11.00 ham an ritge dc k Baopn da 
l a mnnbom p «to 14 bonlawd Royal L-Z4K> tamb o mi 
a&a da dttMmur lm pobna nitm 

ORDRE DU JOUR 

L MoJilkwUuu Jltotilk 19. Jaariatoti Jala noeilW poor kd 
law la top b iIwbW i 

iL 'mwnUf i flfatala aimnJ a m titajm aw rit#i soriJ, on 4 tool 
antaw awJioit Ja la o muinum Jo atifla aocial 4 i wJiqar atar laa 
oeo«— Haw . 1* 3* awnaJi Jb owl* Ja mri 4 15XO katno. 

SIm }oBiat aoM par an kaJl aa pc4dJl par on jaaJl atAia 
wmJraJj tW, f aa» »mHln fl lnlwb an, wdwiila cnmril 
Ja Jmlub a ialiuu . cowro^o l o poor aoit fa pwmW taniaJl p r l n l J i ant . 
adit la pstnier aanoh ndnurt, 4 la arim Lanau 

2. Dfmaa. 

La Conaail J’Adaiiniatratioa 


■nit la badnotUa antfUUn 

MMS Sk. mk n H . rn am khjy eoa— a l to ritoJ tka 
EXTRAORDINARY GENERAL MEETING 

wUcb wfll bo held on doctor 7 . 1994 it 11 ul, at ito bod effioa of 
Bttqm da tnmnboojj, 14 ho ul era r d Royal. L-1449 Lnmn bq n g. ia 
emkrea dbaaa dw faflawtas 

AGENDA 

LAanJaatofaCida 19 o£ tka Aitidan of Am adatom of L 
Company, hi La mad aa Ulm; 

a Ika mmol flnoil mmtiap of tka sompmq' la to ba Ud mt dm o&a* 
of ika ttmipoiqr or at any ednr plaw mantlnnad im tka «nmniko on 
dw 3rd Saturday of Hay at 15 fun. 

If tkla day luppnu to to Uload by a naendaj or pitodid by a 
ikooday aod/or ■ May wMok ia apokSe LoUay, tka aamHog will tilw 
idmwr oMkm oo dm pnadinf aatoiday. or on tka (oUovinp mtntday, at 
tka oaaaa tmw 
2, Mi o rwHan ao in . 

Tko Board of D irrelo ri 1 


He thinks the 10-year gilt 
yields will &n from around 9 
per cent to less than 8 per cent 
next year: "We believe infla- 
tion has been licked as a 
long-term problem." 

However, Mr Kevin Gardner 
at Morgan Stanley believes 
strength in the economy may 
lead the nhpn<s>Tinfr to 
base rates up to 10 per cent in 
1996. - 

The view that gilts may suf- 
fer badly ftnm rises in base, 
rates is one held by Mr Chris 
Dfllow, at. Nomura Research 
TrcaHtwtA He said last week’s 
base rates rise will make no 
difference to demand in the 
short-term and "tills w«m« 
there will be a lot more inter- 
est rate- rises in the pipettne". 
He said: "The lesson of history 
is that interest rates rise more 
than you expect" 

Mr D&low declined to predict 
where bases rates are going, 
but simply insisted: "They wfll 
rise further and faster than 
expected. The idea that yon 
put up short rates and the 
bend market Hire* it ia prrfty 
mythical GQts won't like base 
rates gtrin^up. My advice is to 
sell themhow."- - 



CREDIT LYONNAIS 



a period of 91 days). 
The coupon will . 
be payable on 
14th December 1994 u a 
price of USD 131,13 for the 
USD IODOO.- Notes 
and USD 1.3 1U8 for the 
USD 100.000,- Notes. 
The Principal Paying Agmt 




Restructured Obligations 
Backed by Senior Assets, B.V. 

Pursuant to the Indenture dated 
May 1, 1990, as amended and 
restated as of June 15, 1990, 
between the Issuer and Stale 
Street Bank and Trust Company, . 
as Trustee, notice is hereby 
given that for ttie Interest Accrual 
Period September 12, 1994 
through December 11, 1994, the 
rales applicable to the Secured 
Senior and Secured Senior 
Suboninated Floating Rate Notes 
are 53300 and 5.7500 raspadtaty 




The FT can help you reach additional business readers hi 
France. Our Bnk with the French business newspaper, Les 
Echos, gives you a unique necruttment advertising opportunity 
to capitaDse on the FTs European readership and tofteiher 
target the French business wkLFbr information on rates and 
further details please telephone: 

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International / Graham Bowie; 

FRNs provide safe haven as 
European rates start to rise 



Amid the bloodbath in the 
world’s bond markets this 
year, one area of the eurobond 
market, the floating -rate note 
sector, has thrived. With the 
move upwards In European 
shart-tenn interest rates only 
Just beginning FRNs look set 
to remain in vogue. 

Since the tom of the year, 
investors have fled the fixed- 
rate markets at the prospect of 
rising inflation and higher 
short-term rates. Many of those 
brave enough to remain with 
bonds have turned to the rela- 
tive safety of FRNs. 

Thes e offer a variable rate of 
interest w hich moves to reflect 
changes in money market 
i n terest rates. They therefore 
provide some protection for 
investors when official interest 
rates begin to tmn. upwards. 

“The band maricata axe in a 
horrible state and in such 
thma of uncertainty, tha FEN 
is a valuable ri oft a ngiv a instru- 
ment,” said one eurobond 
dealer in T/wdnn 

“It's pretty grim out there. 
I n ves to rs are taming to FRNs 
because they don't want to buy 
anything else," said another 
trader. 

The volume of new F RNs 
issued has risen drama tic ally, 
to so farthis year, com- 

pared with $721bn for afl. of 
1993 and $4K2hh for 2992. 

The first rise in US interest 
rates in February caused the 
initial surge in FRN activity. 



pi ^ 


"People realised the bull mar- 
ket was over and ran for 
cover,” mid one dealer. 

However, the Increase in the 
supply of new issues caused 
spreads to widen - the interest 
rate on an FRN is usually set 
at a “spread” or margin over 
the London fr »fa w+M m k o ffer ed 
rate (Libor), the benchmark 
interest rate for the market. 

That, arid a sRghfly iwipw qw npfl 
am ti wi an i : in g mw n i i nwri: hwnrt 

markets, spurred a move back 
Into fixed-interest bands. 

However, that move was 
only temporary. Further weak- 
ness' in the fixed Hiterest sector 
has caused a new flood of 
investors Looking to break into 
• Hip FRN market 
. “Now people are beginning 
to realise Hwt th. bear market 
is bore to stay, which means 


the FRN market will get 
busier," said one dealer.' 

Last week's sharp fells in 
European government bonds 
made it Clear that any OQHfi-' 
dence the markets may have 
had lait that European, bands 
could “decouple" from the US 
xnarket - which is farther 
advanced in the economic 
cycle - is fast dis ap p ea ring. 

“Few people believe there 
wfll be any more Interest rate 
cots fax Europe,” said a syndi- 
cate manager at a US invest- 
ment bank fax London. “Many 
think the rest of Europe Will 
now be pressurised into follow- 
ing the UK and raising rates. 

“This shfinld be bullish for 
long-dated fixed interest bonds, 
as long-term ixxflation pros- 
pects improve, and we should 
see a flattening of the yield 
carve. In the meantime, if you 
are not sure when that 
improvement will come and 
you do not want to stay in 
. ’cash, tile best bet is probably 
to gist into a short-dated float- 
ing rate instrument" 

Last week, Europe's interest 
rate cycle began to turn 
Hpwards for real when Mr Ken- 
neth Clarke, the chancellor, 
launched his - pre-emptive 
strike an UK inflation The half 
point rise in rates was 
undoubtedly the first of many 
steps upwards. With that dis- 
mal prospect for fixed interest 
bonds, the floating-rate sector 
will probably r emain busy. 


World Bank 
decides on 
5-year global 

By (Mian Bowtey 

The World Bank has. opted for 
a five-year maturity on Its 
kmg-awatted fL5bn offering of 
global fixed-rate bands which 
it expects to brunch eady.tids 
week. 

The five-year maturity, brat 
reflects current investor inter- 
est, the Bank said. Some syndi- 
cate managers had been 
expecting the Bank to tap the 
10-year area Of the dollar see-, 
tor. r 

“Five years is not the World 
Bank’s preferred choice but is 
rather a reflection .of where 
Investors told us they wanted 
to put their money to work," 
said Mr Peter Horvath, senior . 
finance officer at the World 
Bank in Washington. 

The launch will go ahead 
despite Friday’s sharp -fell in 
US Treasury, prices. Volatile 
market conditions early last 
week had caused the Bank to 
delay the launch. 

Mr Horvath added: “We 
t h i n k the prospects for the 
offering are good, but we are in 
a bear market and not a bull 
market.” . 

“The five-year area is. when 
it will receive the best recep- . 
tion.” said an official at Leh- 
man Brothers, which is Tead- 
mana g tn g the deal wlthTJBS. . 

“The market is in a-felxiy ' 
defensive mood at the rinmwit 
and portfolio managers are err- 
ing on the ride of caution iipd 
looking for (bauds of] sksootoe 
neutral duration,” the fiihwup n 
Brothers offiiAai 


NEW INTERNATIONAL BOND ISSUES 


M mi m 









NK2DM 7JHf .100 


T IT 


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iPlF:#- 




F 7 

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FINANCIAL TIMES MONDAY SEPTEMBER 19 1994 






NEW YORK 


Brief respite 
in store for 
investors 

Wall Street is entering a relatively 
quiet period, which should allow 
investors to regain their haiqry*» after 
last week's roller-coaster ride. Bot 
analysts expect any respite to be brief, 
given the uncertainty that is gripping 
the Treasury market 

With no fresh first-tier economic 
news due during the next five sessions, 
share prices are likely to continue a 
consolidation which began on Friday, 
when, troubling readings on ftuftw b-fa'i 
production and capacity Mtiiiig>H/>n sen f 
bonds reeling and stocks back-tracking. 

However, it ts reasonable to expect 
less volatility thi« morning. During the 
“triple witching' session which closed 
last week, the monthly expiration of 
stocks options and futures contracts 
Introduced an extra element of 
stomach-churning unpredictability to a 
market already suffering f ro m 
over-stimulation. The Dow Jones 
industrial index wobbled to the finish 
showing a 20 - point decline. 

If bonds are setting the direction, 
stocks have established their own pace. 
Equity investors were more inclined 
than their fixed-rate counterparts to 
turn the other cheek when ranfrnnteri 
by the two inrifonHrmc of higher 

Inflation which book-ended the 
seven-day period ending on Friday. 

During the middle of the week, when 
the data painted a rosier picture, stocks 
reaped a more generous reward, than 
bonds. On Thursday, the bellwether 
blue-chip index jumped almost 60 points 
to close within st riving distance of its 
all-time best, set the week before the 
Federal Reserve began its shift to a 
policy of tighter credit 



Frank McGurtv 


Dow Jonas Industrial Average 


3840 


3900 - 


3800 - 


. 9 . September 1084 . 16 . 

Sou*** FT Qc&Mte 

Alas, last week ended with evidence 
that the central bank grill may not have ■ 
done enough to harness the en gines of 
growth. Bond traders were particularly 
upset to learn that America’s factories 
and mines last month were using more 
of their total capacity than at any ***?>« 
since April 1988. With the likelihood of 
production bottlenecks developing, the 
threat of higher producer prices loomed 
larger. 

However, stocks again proved their 
relative resilience. When the dust 
settled after the triple-witching 
reinvestment scurry, the Dow Jones 
index had landed on its feet, ending the 
week with a 59 point net gain. 

If the outlook for corporate earnings 
remains optimistic, stocks may hold out 
a little longer against the tide which Is 
pushing bond prices lower and yields 
higher. 

Nevertheless, Mr Gregory Nie, 
technical analyst at Kemper Securities 
in Chicago, says that blue chips are 
nnfflmTy to gain a firm foothold in 
uncharted territory, even if the 
volatility which he is expecting allows 
the index to cross the line. 

“Hitting a pew hi gh is going to be 
very difficult to achieve if we get many 
more episodes on bonds such as on 
Friday, ** he says. 


LONDON 


Terry-' By land 


Prices depend 
on response 
to rising rates 

The chancellor of the exchequer has 

obliged UK analysts to face the 
question they have been skating around 
all summer, will economic recovery, in 
the shape of higher company warning s 
and dividends, triumph over higher 
base rates to keep the market moving 
ahead? 

The City's answer seems to be, on 
balance, positive, perhaps surprisingly 
considering the range of views. It is not 
difficult to find two diametrically 
conflicting quotations from leading 
securities houses. 

“The increase in base rates was a 
necessary move,” or “In our view, the 
preemptive move an UK rates was 
unnecessary." Just to add to the 
confusion, the first writer then hedges 
his bets by adding that “a further rise 
may not be necessary", while the 
second says the chancellor may be 
“jostled into moving base rates up by 
another % per cent this year". 

Mr John Sheppard at Yamaichi also 
sees another % per cent rise this year 
and base rates at 7 per cent by the end 
of 1995 - “which gbftniri be about the 
top of the interest rate cycle". 

Markets in Europe as well as London 
appear to have moved firmly to the 
view that the interest rate cycle is now 
on the turn, and the outlook for share 
prices this week will hinge on the 
response to this prospect 

The case for a further advance by 
equities before the year-end, and there 
are still plenty of 1994 Footsie forecasts 
in the 3A00 to 3£00 range on record, is 
rehearsed by Strauss Turnbull which 
has raised its end-1995 Footsie forecast 
range to 3>7OO-4JX)0. 


FT-SE-A All-Share index 


7,580 . -- - a- 


1.560 — — - V ‘ ' U - 


OTHER MARKETS 


PARIS 

Results will continue to drive 
the market, with first-half 
figures expected this week 
from BNP, Michelin, Pechiney 
and Credit Lyonnais. UBS also 
expects indications this week 
of an attractive price for the 
partial privatisation of 
Renault, but warns that 
international investors risk 
disappointment 
“Whether it will he to 
appease unions or to appeal to 
voters, the majority of the 
Renault deal is likely to be 
distributed In France to 
employees, French institutions 
and corporates ffllf, BNP. 
Lagardere) and private 
investors." the bank says. 


ZURICH 

In a week bereft of statements 
from leading companies, the 
f-fiomteaiq and pharmaceuticals 
sector is likely to remain at the 
centre of attention after last 
week's war of words between 
the analysts. 

Roche, the market’s flagship 
stock, was under pressure on 
Thursday after Goldman Sachs 
removed it from its European 
“recommended for purchase" 
list Goldman said growth in 
the pharmaceutical industry 
bad slowed in the first half of 
1994 as market forces in the US 
and healthcare cost reforms in 
Europe took effect 

Other factors included a 
reduction in the long-term 
growth rates for major 


1 DnB INVESTMENT FUND 1 

SICAV k compartments multiples 
RC B-27316 

NOTICE TO SHAREHOLDERS 
OPENING OF THE COMPARTMENTS 
DnB INVESTMENT FUND - Global Bonds 
DnB INVESTMENT FUND - European Equities 
DnB INVESTMENT FUND - Worldwide 
! The sfordukfco of DnB Investonn Raid anr hereby informed ihO tbecompracDB 
, DnB Investment Fund - Global Bonds 
DnB Investment Fund - European Equities 
DnB Investment Fund - Worldwide 
,ue scheduled to be opened on 19tb September 1994. 

From 19th September 1994 to I4th October 1994. shares may be purchased 
1 at the initial price of: 

! DnB Invcsiment Fbud - Global Bonds NOK 10,000 

1 DnB Investment Fund - European Equities NOK 10,000 

, DnB Investment Fund - Worldwide USD 24)00 

; plus a commission of 025% which reverts to the relevant compartment. 

After the 14th October 1904, the shares may be subscribed at a subscription 

price equal to the net asset value per share increased by sales connnissrons as 

determined in the Explanatory Memorandum. 

I The minim um subscription for shares in any compartment is 5 shares. 

Payment for shares purchased during this initial subscription period must be 
made not later than 1 9th October 1994. 

The latest available Explanatory Memorandum may be obtained from the 
Registered Office of the Company 2, Boulevard Royal. L-2953 Luxembourg, 
i from the office of: Den iwofe Bank (Lnxendxaag)SA,6A trade delttves. 

L-3M3 Senningetberg or from the office of Den nocsfce Bank. Kmdaserfefet, 

1 171, Sennrnn. N-0J07 Norway. 

The Board of Directors 


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LEGAL NOTICES 


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stsraMsa-fiS 

nol bln m*» 1 7 aoo “ ,h “ Bd ^ 

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su hjcvt n* *mr ament Ten* and 
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Y!ic Atlwrwefflcoi 
l^ntatiiiD OimW. 

Hie nomas) Tiii*v. 

Onc S.«ih«ak Dndgr. 

Liajun SL ! 1 ’OIL 
Tcfcn4471«I33mi ' 

Ftt. *44 



A unique quartrrh’ 
source qf reference, 
from Financial Times 
Newsletters, essentia! IQ 
aB plovers In tbe 
hrtemalitmal credit 
markets -borrowers, 
in v es t or s and 
intermediaries aUhc. 

For a FME somple boddri confitt 
WImI, 

tank* ta4a* fahp tonsted. 

fafawsOqirtM<.Mfto. 
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divisions, the impact of the 
Syntex acquisition, 
disappointing second-quarter 
sales, the Swiss franc’s 
strength, and a decrease in net 
cash. 

The Roche certificates 
derived little benefit on Friday 
when Barclays de Zoete Wedd 
reiterated its “strong buy" 
recommendation, citing tbe 
company's strong growth. 
Elsewhere in the sector, UBS 
has downgraded Sandoz to a 
“bold", saying that the 2 per 
cent growth in first-half net 
profits was below market 
expectations. 

Mercur. the retailer, reports 
first-half figures on Friday. Mr 
Frederick Hasslauer at Bank 
Sal Oppenheim is forecasting a 
5 per cent rise in first-half 


P afr ote ra A i gant ini 
San Jorge SJL 
Notice of Security holders’ 
Meeting 

NOTICE IS HEREBY GrVBJ fa tom-haUm% 
rsMuMeUM*) ot tia uss *6 xaasoo 1 1 % 

Secmd Nego oa bra O MgHw w dua IMS - 
1990 (lira "SacundBal issued by Pototera 
Aiganiina San Jo^s SA pha -teuaO M a 
Socurtfyfxabera - wong (Bn HmU I nf ) w* 
Us hSU aMOOO AU on Odotai a. 19B« ai tia 
Bueroo Afro* Sbandon Hete Room »o de la 
PHte. Son Itartn No 1225, Roar. Bum 
Aaos. Hipumu. H a nuonan la r« p re law , 
ttm Ueotfng shall ba adjowned m and be 
raconvanod at 1V0Q AM an aueti day- Tte 
MWtag *al ba tar l»a Uneng papoaaa: 

I. To coo aider and act upon cartam 


aa at February 9. m a wa SanMmanca 
Natenai Tniat Company (die 'TVosMI and 
*a lesuer. and after panto. (He IndaMaaT): 

a} To enhance die tasuera aNfity 
Wider Section 906 Of die Indenture to man 
mumtiwi. pwmidte am *ia imubiV aeo 
at tonfl-cann daw to equBy does not ereaad 
enaOEwN 

IS To enhance the tsauera abdiiy 
under paragraph (■) ot Section 909 ot the 
Menus lo incur shod- arm wdt M a d n aai by 
decraaaina tha teuePa raquaed cunemiatio 
bom 1-5 to L3 

2. To consider and act upon an 
ORiendaMnl lo tha Cuatooy end Payment 
AgreemeM dated as of January 29. 1993, 
amonfl the Issuer, aw Trustee, intemaflowl 
Hnanea Corporation (TFC1 and aw Bar* of 
New York SA (the "BanAI, to hrdBats aw 
mease ot tunda deposited m the escrow 


turnover, the figure depressed 
by the strength of the Swiss 
franc, and a 7 per cent increase 
in net profit 

BRUSSELS 

The half-year results season 
continues with figures on 
Wednesday from Powerful, and 
on Thursday from 
Kredietbank, Cockerill Sambre 
and TractebeL Ms Rachael 
Roache at Kleinwort Benson 
says that the market is in 
transition from being driven 
by Interest rates to earnings 

and rising bond yields are 
encouraging investors to 
demand better interim results. 

She notes that during 
September, interim figures 
generally dictate market 


performance and believes this 
year’s economic recovery 
should allow for some pleasant 
surprises, with better earnings 
compensating for weak bonds. 

Ms Roache sees a favourable 
outlook for the market in the 
short term, “hr the longer 
term, the defensive nature of 
the market bodes well for a 
return to fhvour as rising 
interest rates spark a move out 
of cydicals." 

At Goldman Sachs, Ur Pierre 
Stiennon agrees that the 
market win be increasingly 
earaings-driven, but says that 
this will depress the interest 
rate-sensitive stocks like 
hanks, insurers and utilities, as 
rate cuts come to an end. 
“However, the defensive 
features of these stocks can 




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ROYAL BANK 
OF CANADA 


Dividend No. 429 

NOTICE IS HERESY GIVEN 
THAT a dividend of 29 cents 
per share upon the paid up 
Common Shares at tWs Bank 
has been declared payable tor 
the current quarter at the Bark 
and its bra nches on and after 
November 24, 1994 to share- 
holders of record al dose of 
business on October 25, 1994. 

By Order of Ihe Board 

Jane E. Lawson 

Senior Vk»Prsaxleta A Secrawy 

Montreal. September 7. 1994 


Mortgage Securities 

(No^PLC 

S2SO.OOO.OOO 

Mortgage backed floating 
rate notes due 2028 

For the interest period IS 
September 1994 to IS 
December 1994 the notes will 
bear interest at 5JI61 3% per 
arvwm. Interest payable on IS 
December 1994 will amount to 
SI.486J4 per 5100,000 note. 

Agent Morgan Guaranty 
Trust Company 

JP Morgan 


eaesssasa 

KPS 

Residential Property 
Securities No.3 PLC 


WSJMOPOO !g 

daw Al Nous p 

Mortage Backed Roaring g 
RMcNota due 2025 | 

Nmn b badn ghen iKu Jure »i! be ej 
■ fmdfu] i quynm t of it. 6** per gg 

ik Mho on Ar noc-l pr»»r< ^ 

nk yprwln l-m. Tbr prtr.1pj 
nin <w VMi Vpate W 

P»»4l|knteclKl«<.XM|>TNa4r E 


BRBS8S>aSg 


International offerings 

Flying start for Pakistan 
privatisation programme 


9 September 1994 18 

Bourne: Fr&aphftn ", 

Strauss repeats its view that equities 
can out-perforin following base rate 
rises, pointing out that rate troughs in 
1977, 1364 and 1388 were followed by 
gains in share prices which delivered 
returns on equities averaging 33 per 
cent On the economic growth side, 
Strauss sees dividend growth at 10 and 
12 per cent per annum over 1994-95. 

Nat West Securities prefers 9 per cent 
for this year and 8 per cent in 19% with 
a Footsie forecast of 3^00 by the 
year-end. 

But equity performance this week is 
likely to hang on the more considered 
response from UK government bonds to 
the rate rise. At mid-week, the auction 
of the new bond is expected to be a 
difficult process for both the Rank and 
the market, especially after the poor 
response to the RPI and latest PSBR 
data. Without a more positive 
performance from gilts, the equity 
market is not going to make any 
permanent recovery just yet 

Friday afternoon, although a shock 
for the market, could prove a decisive 
moment for equities. Market strategists 
suggested that, while gilts had reason 
to react to the US economic data, 
shares have every reason to benefit 
from the further signs of recovery in 
one of the world’s leading economies. 


The success of Pakistan 
Telecommunication Corpora- 
tion's ambitious international 
oGfering of 5m vouchers, 
exchangeable into shares in 
the future privatised utility, 
has shown that, despite more 
difficult market conditions, 
investors can stOI get excited 
about the right sort of deal. 

“The one type of deal still 
capable of surprising us is an 
emerging market transaction 
in a promising sector." said 
one investment banker. 

The 5m vouchers were priced 
on Friday at RsSfiOO, raising 
$900m for the Pakistani govern- 
ment. The government origi- 
nally aimed to raise just S500m, 
at a price of Rs3,000. When 
Joint lead manager Jardine 
Fleming came to allocate the 
transaction on Friday, it was 
twice oversubscribed. 

“We had done a domestic 
offering priced at RsS. 000 . 
knowing that it was a rela- 
tively small tranche (less than 
2 per cent of the size of the 
company)," said Mr Naveed 
Qamar, chairman of Pakistan’s 
privatisation commission. 
When the government subse- 
quently decided to sell almost 
10 per cent of the company 
through an ititornatinnai offer- 
ing, its advisers said it would 
have to he at the same price. 

However, the strong perfor- 
mance of the initial offering 
soon made it clear that the 


prove attractive in an 
imn»rtain environment and 
thig co uld again be the case if 
the market turns more 
pessimistic." 

TOKYO 

Profit-taking ahead of the 
September book-closing, 
coupled with selling prompted 
by worries over large lot 
fundraising through the stock 
and convertible bond markets 
over the next few weeks, are 
expected to continue to depress 
investor confidence^ writes 
Errtiko Terazono. 

Apart from the Japan 
Tobacco issue next month, 
Matsushita Electric Works, a 
subsidiary of the electronics 
concern which produces 


deal could be completed on 
tighter terms, and an initial 
mandate awarded to UBS was 
withdrawn. 

Jardine Fleming subse- 
quently completed the deal at 
almost twice the price, win- 
ning widespread praise for its 
handling of the transaction. 

One reason for Jardine Flem- 
ing’s success was the structure 
of the deal. By making the 
vouchers available in the form 

of dollar-denominated global 
depositary receipts, which can 
be cleared through Eurodear 
and Cedel, the deal proved 
attractive to investors who 
might have been deterred by 
having to deal with the local 
currency. 

According to an official at 
jardine Fleming, around 25 per 
cent of the deal was placed in 
the US, 25 per cent in the UK, 
25 per cent in the Far East and 
the remainder with expatriate 
Pakistani investors, mostly 
based in the Middle East 

The vouchers, which are 
traded on the Karachi Stock 
Exchange, rose to Rs6,000 on 
Friday, on the news of the suc- 
cessful completion of the offer- 
ing. The government has made 
a commitment to buy back 
vouchers at Rs3.800, in the 
event that they are not con- 
verted into shares as a result 
of privatisation by 1996. 

The deal has successfully 
kicked off the government’s 


building materials and li ghting " 

equipment, plans to issue 
Y80bn in convertible bonds at 
mid-week. 

HONG KONG 

Politics jwiH the Jardine camp 
will be tbe key features in the 
market this week, writes Louise 
Lucas. 

However, last week's 
resilience in the face of a 
renewed outburst from China 
- thia timp directed at the 
Jardine group, which Beijing 
wishes to see withdrawn from 
the port extension project - 
suggests the impact may be 
limited. 

Investors will be watching 
for further developments on 
the Container Terminal 9 


ambitious privatisation pro- 
gramme. The transaction will 
be followed by a 26 per cent 
strategic sale of PTC, and then 
by other deals, including ther- 
mal power plants and financial 
institutions. Mr Qamar said 
that in almost all cases the 
government will try to place 
paper with international inves- 
tors, as they are too large to be 
completed solely on the domes- 
tic market 

However, investment bank- 
ers cautioned against viewing 
the deal as marking a return to 
favour of emerging markets, or 
any strong preference for 
Pakistan. Tbe deal benefited 
from the fact that the telecom- 
munications business is widely 
viewed as an attractive means 
of entrance into an emerging 
economy. 

“Typically, it’s a business 
where there is fat to cut, but at 
the same time there is an enor- 
mous growth potential as the 
underlying economy grows." 
said one investment banker. 

In the case of PTC, tbe net- 
work is expected to expand by 
30 per cent annually, having 
nearly doubled since 1992. In 
tbe past, investors have done 
well by buying telecom stocks 
at an early stage in an emerg- 
ing market's development, for 
example in the case of Mexico's 
Telmex. 

Tracy Corrigan 


contract from the Joint Liaison 
Group meeting. 

The market also took in its 
stride the delisting of Jardine 
subsidiaries, which was 
announced last week along 
with the results of tbe three 
companies: Hongkong Land. 
Mandarin Oriental and Dairy 
Farm. 

Parent Jardine Matheson 
announces its results today 
and Jardine Strategic follows 
tomorrow. 

These are likely to yield few 
surprises as they come after 
their subsidiaries. This broadly 
winds op the reporting season, 
leaving just the property 
developers to announce their 
interims. 

Compiled by Michael Morgan 



AEGON N.V., The Hague, The Netherlands 
INTERIM DIVIDEND 1994 AEGON N.V. 

On 26 August 1994. AEGON N.V. announced an interim dividend of NLG 1.30 per 
common share of NLG 2.50 par value, or a fraction of a common share of 
NLG 2.50 par value to be determined on 15 September. 1994, for the fiscal year 
1994. Using the closing price of the Amsterdam Stock Exchange on 
15 September, 1994. the stock fraction was determined to be Fra share. 

The dividend will be paid out entirely in cash, or in shares chargeable to either 
the tax free paid-in surplus or the net income of the first half of 1994, in 
accordance with shareholders' preference as previously indicated. 

Except for holders of New York shares, the dividend will be payable as from 

28 September. 1994, at the head offices of: 

ABN AMRO Bank N.V., Bank Labouchere N.V., Cooperatieve Centrale Raiffeisen- 
Boerenleenbank B.A., ING Bank N.V., MeesPierson N.V.; Kredietbank N.V.. 
Brussels; Kredietbank S.A. Luxembourgeoise, Luxemburg; Schweizerischer 
Bankverein, Schweizerlsche Kredietanstalt, Schweraerische Bankgesellschaft, 
Zurich, Basel and Geneva; Deutsche Bank A.G., Dusseldorf; and J. Henry 
Schroder Wagg & Co. Ltd., London. 

For shareholders who have chosen for payment of the interim dividend entirely 
in cash, dividend coupon no. 5 will pay NLG 1.30 less a 25% dividend tax. 

Holders of common shares who have chosen for payment of the interim dividend 
in stock will receive one common share of NLG 2.50 par value upon the 
surrender of 78 dividend coupons no. 5. These shares will participate partly in 
1994 results and fully in those of subsequent years. Coupons must be surrendered 
to N.V. Nederlandsch Administrate- en Trustkantoor, Herengracht 420, 
1017 BZ Amsterdam, The Netherlands. 

Rights to the interim dividend payment in the form of common shares will be 
made available to holders of CF Certificates through those institutions acting as 
custodians of the coupon sheets for their shares at the close of business on 

29 August. 1994. 

The published commission rates will be paid to members of the Amsterdam 
Stock Exchange to enable them to exchange dividend coupon no. 5 with 
common shares without charging commissions to Shareholders. 


The Executive Board 


The Hague, 15 September, 1994 
50 Mariahoeveplein 


^EGON 


COMPAGN1E FINANCIERE RICHEMONT AG. ZUG 
RICHEMONT SA, LUXEMBOURG 


The annual general 


neral meetings of Comp&gpie Financiers Richemont AG, Zug. and Richemont SA, 
which were held on TS September 1994 have resolved that the following divi- 


L Luxembourg, which were held on TS Septe 
dend be paid to holders of Richemont units: 

Gross dividend per unit 
Payable from 
In respect of 


£6.15 

Tuesday, 4 October 1994 
Coupon No. 38 


• The dividend will be paid to unitholders by Richemont SA and represents a dividend of 
' 8.20%, including che preference dividend, on the amount of the reserve established in respect 
: of the participation certificates issued by that company. The dividend is payable free of cnar- 
: ges and without deduction of withholding tax. 

; Coupons may be presented for payment at any branch of the following banks: 

{ Union Bank of Switzerland 

Bank J. Vontobei & Co. AG Darier, Hentsch 8c Cie 

Pictet 8c Cie Anlage* und Kredi thank AKB 


■ 19 September 1994 

- Compagnie Financiere Richemont AG 
! 6300 Zug, Switzerland 


Richemont SA 
Luxembourg 












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US INDICES 


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Pulse. !■ -i Keeping an eye out for the markets, fancy a free trial 



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FINANCIAL TIM ES MONDAY SEPTEMBER 19 1994 


31 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


^ flaptt 


POUND SPOT FQRwar 


CtaainB 

« 


0 AGAINRT the pound 


Europe 
Austria 
BfagMn 
Omsk 
H nMd 


®*J9* BdAjflsf 
■ « ”y wn 


DOLLAR SPOT FORWARD AGAINST THE D 


Dfe/l Ud 

Nflh low 


Ona month Three months Ona year Bank of 
rae» WW Rato MW tea HP* Eng. Index 


Germany 


Luxamtooug 

Naflwtanda 

Norway 

Portugal 

Bpam 


Swttzartand 
UK 
Ecu 
aont 

America* 

Argentina 
Brazil 
Canada 
Maaico (KearPoao) 
USA 


Ret* 1F.181B 
Bft) 50.1178 
6.6048 
FM) 7,7883 
03258 
2*368 
(DO 570,736 

6Q 1.0160 

W 2402.88 
tF»l 60.1178 
F5 2.7313 
NKii 10.6836 
P) 380015 
Pt«} 202509 
tBKO 11.7626 
2.0212 


OM) 


PF0 
» 

- 14762 

- 0.935485 

(Paao) 15633 
15558 
2.1382 
65817 
1.6840 


♦ttllM ffiS - 712 17.1716 1&8703 

25! * 464 “-1*10 465360 

+05608 003 * 098 
■*0.0098 see - 097 
♦05617 310 - 300 

+05173 343-366 

839-832 371.106 366524 
♦0.0327 161 . leg 1. M7 4 1jqw 

171 - «8 2464.12 2438.71 
♦O^ra 661 - 494 6Q.1610 485830 
+05179 300-328 2.7326 9 . «a» 

?88 - 866 105681 10574* 
+1.678 818 - 212 241240 245581 
+1586 165 - 452 202564 188566 
* 722 11,7737 115266 
+0.0136 198-226 25831 2.0010 


9.6102 85083 
75110 7.71 B0 
35312 12370 
2.4373 2.4079 


(C® 


IWfc/MWSi Baat/Afrloa 


+0.0206 827 - 839 
+W17S 638 - 679 
+05229 382-402 
+05462 760-373 
+0.0206 835-640 


15842 15314 
15681 15386 
2.1409 2.1108 
65880 65091 


AtSUiGd® 

(AS) 

2.1282 

Hong Kong 

(HKS) 

12-2398 

Mb 

(R*) 

484881 

Japan 

<v> 

188 £88 

Malaysia 

IMS) 

4.0*75 

Now Zealand 

(NZ35 

2.9219 

PMppInaa 

(Part 

41.0258 

SauCBAnfaia 

(BRJ 

64407 

SfaBtaW 

CSS) 

24481 

S Mtafl (Com.) 

<F0 

68262 

S Africa (Fk# 

(R) 

04776 

South Koran 

(Wbn) 

128748 

TUwan 

TO 

*14289 

TMtard 

(BO 

384287 


fSBR Mm far 8*p 16 , BUWtar 
martai but an Unpaid by own* 
ttfc Bnd.toe n*M Spot atotm tartaa tan the 


+05256 276-306 
+0.1686 348-442 
+05372 704-066 
♦1-205 487 - 676 
+05516 464-486 
+05316 200-238 
+05819 980 - 65S 
+05766 386 - 428 
+0 5221 475 - 606 
♦0.0665 222 - 2 ai 
+05434 665 - 966 
+165 646-887 
♦05554 130-448 
+04881 004-570 


17.1875 

04 

17.1457 

04 

. 

. 

115.1 

90L1328 

-04 

60D77B 

03 

48.7928 

04 

1164 

84098 

-04 

8428 

-14 

94715 

-07 

1104 

- 

- 

- 

> 

> 

- 

844 

84254 

Ol 

5427 

-0.1 

84811 

05 

1 1D.4 

24346 

0.5 

24818 

04 

24024 


1202 

1416 

01 

14171 

-04 

14218 

-04 

104.7 

248849 

-34 

248146 

-34 

K4649 

-04 

754 

B0.1328 

-04 

S0477B 

03 

49.7823 

06 

1184 

2.7304 

04 

2.7272 

04 

24847 

14 

1204 

10489* 

04 

108856 

-Ol 

106879 

OO 

B&O 

248.745 

-04 

252.325 

-74 

- 

- 

- 

202.71* 

-2j4 

203.444 

-22 

20O27B 

-24 

BOB 

11.7816 

-14 

114291 

-24 

124428 

-24 

754 

2-01 80 

14 

2412B 

14 

1477* 

2-2 

123.1 

- 

- 

- 

• 

- 

- 

784 

147B8 

-04 

1476 

-02 

14599 

14 

: 

2.1387 

03 

2.1381 

02 

2.1389 

Ol 

874 

14833 

05 

14815 

as 

148S8 

1.1 

624 

2.1291 

04 

2.1306 

-02 

2.1487 

-09 


124357 

a* 

124346 

02 

124417 

ao 

- 

166418 

24 

155416 

3-2 

160421 

44 

1805 

24268 

-14 

24338 

-14 

2.6668 

-14 

- 

- 

- 


- 


- 

- 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

S+P 16 BFr DKr FA- DM 


2.1310 2.1015 
125448 125727 
40.7080 485140 
166.730 164560 
4.0501 35930 
25243 25661 
415560 405910 
5.8457 65683 
25613 25185 
6.6333 B5646 
6.8885 65037 
1268.87 134852 
415459 408406 
395600 38.0240 

fa a* Pound spot atfe sta* or* «n tost ttme d»c*iw 

" toeBenfc ef SigfmL ButMoga 1BB9 - lO&Sd. ONw and 
SPOT HWm ftmudinnoaM ta y M P.T. 


Md-rata li both 


Bap IB 


Ctoatng 

Change 

Bkftfflv 

Day 1 * mkf 

Ona month 1 

Thraa montha 

Ommv J.P Morgen 

(t*S«rt 

an day 

apned 


law 

Rate 

NPA 

Rasa 

96 PA 

ffata 

MPA 

Index 

Europe 

AWWa 

(Sch) 

108345 

-0468 

82Q-370 

10.9176 104920 

104346 

0-0 

10lB3*3 

OO 

127585 

27 

10*4 

Bafgluffl 

(8ft1 

314400 

-041 

300 • 500 

31.9100 314300 

314472 

-04 

3148 

-04 

31.7SS 

-as 

1054 

Danmark 

fDKr) 

00837 

-0.0471 

827 * 647 

6.1184 

64708 

8(0702 

-14 

nnorw 

-1.7 

8.167* 

-1.7 

10*4 

Hraand 

(FM) 

44238 

-0.0582 

188 * 288 

44850 

44168 

44238 

04 

*9308 

-as 

447W 

-1.1 

794 

Frarasa 


02552 

-00358 

552 * 572 

6-3078 

S SVM? 

SP587 

-04 

5484 

-04 

54307 

05 

1084 

Garmany 

w 

14378 

-00091 

373 - 379 

1.6612 

14373 

14378 

-04 

14378 

-ai 

14338 

03 

107.0 

Greaca 

w 

234.050 

-04 

000 . 100 

238.780 234.000 

23446 

-14 

23*876 

-14 

237.725 

-1.8 

884 

Ireland 

m 

14561 

a 

a 

582 - 599 

14699 

14363 

14686 

04 

14S56 

ao 

14371 

14 

_ 

Italy 

w 

165445 

-102 

480-510 

1S88.7S 1653.70 

15584 

-3.8 

158845 

-3.7 

182445 

-44 

75.7 

Lioeambart 

m 

314400 

-041 

300-500 

314100 314300 

314*72 

-04 

3148 

-04 

31.705 

-as 

1054 

Natheriaids 

m 

1.7243 

-00112 

240* 246 

1.7386 

1.72*0 

1.7248 

-04 

1.72*8 

-ai 

1.7195 

03 

1054 

NOftw^r 

9m 

07447 

-0448 

437 -457 

64048 

8.7437 

8.7487 

-04 

8.7807 

-14 

84*22 

-1.4 

921 

Portugal 

m 

150576 

-144S 

GOO - B50 

157.750 186400 

157323 

-6.7 

161 

-114 

185475 

-6.7 

954 

Spnki 

pta) 

127.720 

-046 

870-770 

128480 127.770 

128436 

-34 

128455 

-24 

1314 

-34 

80S 

Sweden 

(SMI 

TASm 

-00624 

221 -296 

74100 

74137 

74424 

-2.7 

7.4809 

-44 

7473* 

-34 

804 

Swfttarlmd 


14780 

-0408 

755 - 766 

14805 

14755 

14749 

1.0 

14728 

14 

1481 

12 

106,4 

UK 

IB 

14840 

+04206 

636 - 645 

14870 

14822 

14833 

04 

14315 

ao 

liMS 

1.1 

B74 

Ecu 


12)93 

+04092 

388-388 

14398 

1-2257 

1439* 

08 

14388 

as 

14092 

24 

_ 

Softt 

Amarteaa 

- 

148505 

- 

* 

■ 

- 

- 

- 

- 

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- 

■ 

- 

Argentina 

(Part 

OW96 

♦06002 

896 - 806 

08996 

04993 

. 

. 

. 

fe 

. 

- 

- 

Braal 

TO 

04560 

- 

SSO - 670 

04570 

04660 

- 

- 

. 

m 

- 

- 


Canada 

(CS) 

14605 

-04031 

603- 607 

14635 

14492 

14808 

-04 

14518 

-a* 

148 

-0.7 

84.0 

Mmdco OfewPert 

34975 

-0416 

960 - 000 

3.4000 

34860 

T *T9ftC 

-0.4 

3*003 

-04 

3^077 

-04 


USA 


- 

- 

- 

. 

. 

. 

ta 

m 

ta 

- 


954 

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AustmOa 

wIS 

14442 

-04013 

435- 448 

14467 

14435 

144*6 

-04 

14*52 

-04 

14525 

-as 

87.4 

Hong Kong 

7.7270 

+0-0001 

265 - 275 

7.7275 

7.7265 

7.7268 

ao 

7.7275 

ao 

7.7*25 

-02 

_ 

Mb 

pn 

314866 

-04037 

675-700 

314700 814876 

31.4898 

-34 

314S88 

-24 

. 



Japan 

PO 

gmww 

_Q_S25 

300 - 800 

98-4500 984000 

98486 

24 

98405 

28 

9643 

21 

1*8.1 

Mfafefaa 

(MS) 

245 £2 

-04004 

947 - 657 

7 ATOfi 

24647 

2448 

*3 

263*7 

32 

26082 

-21 

_ 

MawZeaJond 

(NZ5) 

14552 

-0.0016 

646 - 669 

14573 

145*6 

1-6561 

-0.7 

1456 

-27 

1.6883 

-04 

- 

n+-jfe, , i 

peao) 

209000 

-0025 

000-000 

28.1000 25.7000 

- 

- 

- 

> 

- 

ta 

_ 

8aucD Arabia 

(SR) 

3.7606 

• 

603 - SOS 

3.7600 

3.7503 

3.7818 

-04 

3-7559 

-04 

27745 

-04 


afoapona 

(SS) 

1.4330 

-ODDS3 

B2S - 835 

14585 

1A82B 

1.4817 

1.1 

1.4786 

04 

1-473 

a? 

ta 

S Africa (Com.) CR) 

34813 

-040* 

503 - 520 

34675 

34605 

34068 

-64 

34061 

-4J9 

34718 

-34 


S Africa (F+nJ 

W 

4.4050 

-043 

930-150 

*4400 

44960 

*4387 

-84 

*4876 

-8.4 

- 

ta 

ta 

South Korea 

(Won) 

800-30Q 

+0-25 

800-800 

800400 780400 

8034 

-44 

B034 

-34 

8254 

-21 


Tbfaan 

TO 

2841 78 

+00115 

160-195 

284185 HftMgn 

202378 

-as 

264778 

-08 

m 

ta 


Thailand 

m 

24.9660 

-0415 

*50 - 650 

944750 2*4450 

25.0275 

-34 

25.166 

-34 

25435 

-27 

- 


MKr 


Pta 


9Kr 


C$ 


Ecu 


Belgium 


QaRuarqr 


Italy 


Spam 


UK 


us 


Ecu 


JBFr) 100 
POJ 52.19 
(FFt) 8050 
(□M) 2057 
(K5 48133 
(U 9nM 
<FQ 1855 
|NK6 4653 
(Efa 2021 
(Pta) 24.78 
(SKI) 42.82 
(Sft} 2450 
(E) 6012 
(C*} 23.43 
m 3154 
(Y) 32.03 
3852 


Dankh Km, Ranch Franc. Ncrtap ton 


18.18 

10 

1153 
3543 
9.453 
0590 
3517 
8583 
3573 
4.747 
8.197 
4.752 
9504 
4.490 
&Q69 
6.137 
751 B 
Kmw, 


1851 

8569 

10 

0418 

8.196 

053S 

3549 

7.796 

3557 

4.116 

7590 

4.120 

8526 

3582 

6-258 

5520 

B51S 


4580 

2538 

2526 

1 

2596 

0599 

0592 

2581 

0582 

1504 

2571 

1506 

2.436 

1.139 

1538 

1557 

1506 

Nteor 


2527 

1.056 

1520 

0517 

1 

0541 
0572 
OS51 
0410 
0602 
0564 
0503 
1516 
0475 
0641 
0648 
0786 
par 1ft 


4914 

2569 

2968 

1011 

2424 

100 . 

9015 

2306 

993.1 

1217 
2094 

1218 
2483 
1161 
1555 
1674 
1927 


6.449 

2.844 

3580 

1.121 

2.688 

0111 

1 

2557 

1.101 

I860 

2322 

1551 

2.731 

1577 

1.724 

1.746 

2.137 

%Ynx 


2751 

11.12 

1253 

4564 

1061 

0434 

3511 

10 

4508 

S578 

8582 

5585 

1068 

4593 

0742 

9524 

3357 


2585 

2975 

1015 

*44.1 

1057 

80.81 

IDO 

iwa 

2105 

1227 

246.0 
1165 
158.6 
1565 

194.1 


Eaoudci Uaand Paaata 


4095 
2108 
2435 
8355 
199.1 
8514 
7458 
189.4 
8157 
100 
1725 
1001 
am 
9458 
127.7 
1295 
1585 
par im 


23.46 4.032 7596 4588 3,160 3123 2550 


FIXED INTEREST RATES 


MONEY RATES 

16 Oar Ona Time Ste 

tight month nTths mths 


Ona tomb. Ota, 
year Infer- rata 


Ftopo 

rate 


1224 

2104 

1441 

2227 

1448 

1834 

1431 

Belgium 

4ft 

6ft 

5ft 

5ft 

6ft 

7.40 

*50 

1*12 

2427 

1401 

2468 

1.602 

1884 

1435 

week ago 

4ft 

5ft 

5ft 

5ft 

8ft 

7AD 

*50 

4428 

rifttt) 

0411 

0478 

06SG 

8*24 

0425 

Franco 

H 

6ft 

5ft 

6ft 

8ft 

640 

ta 

1147 

1488 

0484 

2105 

1460 

15*4 

INS 

week ago 

H 

5ft 

5ft 

Sft 

Eft 

540 

- 

0*77 

0082 

0041 

0.087 

0084 

8454 

0062 

Oarmany 

AST 

xnn 

542 

5.128 

543 

640 

440 

*308 

0740 

0366 

0783 

0480 

57.31 

0*86 

week ago 

*90 

5.00 

445 

5.10 

5.45 

840 

*50 

1141 

1482 

0833 

2003 

1A83 

1*84 

1.187 

Mend 

*4 

5ft 

5ft 

5ft 

7ft 

_ 


*7*2 

0415 

0403 

|)wq 

0638 

83.10 

0415 

weak ago 

4* 

5ft 

6ft 

8ft 

7ft 

_ 

_ 

6413 

0400 

0494 

1457 

0783 

7746 

OS32 

Ka<y 

B* 

8ft 

8ft 

9% 

10ft 

• 

740 

10 

1.719 

0450 

1419 

1447 

133.1 

1467 

week ago 

8ft 

8ft 

Bfl 

9ft 

10ft 

ta 

740 

5418 

1 

04BS 

1458 

0784 

77.44 

0432 

ll rtinH ila 

541 

541 

547 

544 

543 

ta 

528 

11.78 

2021 

1 

2138 

1484 

1564 

1-278 

week ago 

*4* 

541 

Km 

5.15 

6.49 

_ 

545 

5.488 

0445 

0488 

1 

07*1 

73.17 

0497 

OwftuNfand 

3ft 

3ft 

4 

*ft 

4M 

&B26 

340 

7A2A 

1478 

0831 

1450 

t 

9840 

O 807 

weak ago 

3ft 

3ft 

*ft 

4ft 

4ft 

SMS 

340 

741* 

1481 

ossa 

1487 

1412 

100. 

0417 

US 

4ft 

<« 

5 

5ft 

SB 

- 

*00 

9402 

1481 

0782 

1.674 

1-239 

1224 

1 

weak ago 

*B 

*1 

*4 

5ft 

6ft 

ta 

4.00 








Japan 

2ft 

2ft 

2ft 

2ft 

2B 

- 

1.75 








week ago 

2ft 

2ft 

2H 

2ft 

2fi 

- 

1.75 


6.75 

6.76 
455 
455 
656 
955 
MS 
045 


(JMMJDM 126500 par DM 



Open 

Sett price 

Change 

High 

Low 

EaLuol 

Open fat 

Sep 

06445 

0.6482 

+00016 

06532 

08445 

10399 

60.788 

Dec 

06401 

06481 

+00015 

04532 

08445 

26(268 

07434 

Mar 

06*76 

06487 

+00015 

00535 

06470 

286 

3.725 

■ am 

M HMMC RITUMS 0MM) SFr 126400 par SR- 



Sep 

07796 

07817 

+00025 

0789* 

07775 

*278 

20828 

Dec 

07795 

07837 

+00024 

07905 

0,7770 

13433 

33,128 

Mar 

07845 

0.7860 

+00022 

07920 

07830 

28 

305 

■ JAMMU YIN 

FUTUm (MM) Yan 124 pw Van 100 




Open 

Sett price 

Change 

«gh 

LOW 

EsLrt 

Open tot 

Sap 

1.0082 

14111 

+00060 

14145 

14074 

3484 

31,431 

Deo 

1.0126 

14179 

+OOQ52 

1.0215 

1.0120 

13,450 

37492 

Mar 

1.0220 

1.0255 

+04055 

1.0290 

14217 

35 

2.145 

■ irnumunmi (bwm) £62400 pare 




Sap 

14664 

14912 

+00174 

14880 

14664 

2,184 

21453 

Dec 

14618 

14788 

♦00178 

148*8 

14618 

4(424 

27.121 • 

Mar 

14660 

1475* 

♦04178 

14790 

14850 

21 

212 


UK INTEREST RATES 


LONDON MONEY RATES 

Sap 13 Over- 7 days 

night 


Ona 


Three 


Six 


One 


n o ti ce month momha months 


MaTOaric Strtng 

7*1-4% 

6A-4H 

Si-Si 

SU-6U 

84-6% 

7A-7% 

StaQrg CDa 

- 


SA-5% 

5ft - 5% 

0ft-«y 

7% -7 

Tteaauy BUfa 

- 

- 

5&-5A 

5%-S& 


- 

Bank Oa 

- 

- 

SA-5& 

5%-5& 

8-5% 

ta 

Local authority dope. 

*a-4H 

4H-4U 

5A-5A 

Si-Si 


7A - 6« 

Ofacount Mwkat daps 

6% - 4% 

4% -4% 

- 

• 

- 

* 

UK daaring bank baaa fantng ifea 5% per cant from Saptambar 12, 1994 

Up to 1 1-3 3-B B-9 

month month vnonihi rranhi 

9-12 

HBrtha 


■ $ UBOft FT London 

Mata* Fbdng *Jk 6* Eft 6# 

wafatago - 4% 5 Si St 

US Defer CDa - 405 402 6.12 &88 

weak ago - 455 453 6.12 067 

SORlMeadDa 3* 3ft 3% ■ 4 

week ago - M 3) » 4 

ECU LMad Da eM near liKKSfe] naha 51k B mthc 6* 1 >wr 6J. 9 UBOR ... 
ixtss an olfarad new (tar ti<kn quoted id aw merkat by far l ataran ce barks at Ham m 
day. Iha banta aw Battan Tnat, Bank ol Tefeo, R air .t a ya and Natan* W i tau— ta. 
tad ndaa m An ta tha domaade Moray Rasas, US 9 COa mt 309 Untad Daeoata 


M- 


EURO CURRENCY P I I BRES T RATES 

SapIS Short 7 daya Ona Thraa 

tarm nodes 


Six 


Ona 


3% 


3% 


Carta of Tax dep. £1 00008) 1% 4 3% 

Carta of T« dap. mdar Cl 00500 a 1 Jape. Dapoata uahdmn ta oah lipc. 

Aw. lanta ru» of dtanut &o»*apc. ECQD find ada Stag. Beer; finarm Mtaa uo tay 31 . 

* ndma for padDdSm 63 1SB«»OK811M4 f aalMnaal6B6J*pe.lWaranca Malar 
raa f IP* IdAi« 91, 1984 Bchanaa HI 6 V U7tpc. Fkaaca Ham Baaafeda 5 hpe tern 


rn HMP9 H3A 8fe OPTlom 01550 (cants par pounfl 


BANK OF ENGLAND TREASURY BOX TENDER 



Sap IB 

Sfe s 


S«P 10 

SepB 

abaifldBr 

K500m 

ESOOn 

Tog irraplTri nfa 

55151* 

54940* 

Tool a( appUkaa 

21600b 

9290801 

fin. ata of dscoom 

54979* 

50940* 

Tort alocBfad 

£500m 

ESOOn 

MragaiW 

547*3% 

5.15B5K 

Un. KBfeMNd 


08.730 

OBer fa nari fender 

soon 

£S00m 

Mofaatt fa flSv M 

31* 

100* 

Un. accfeL DU 182 data 

- 

- 


Belgian Rano 

4ft 

-4ft 

5 - 


5% 

-5 

5% 

-5% 

6% ■ 

5% 

to 

-to 

Danish Krona 

5% 

-5% 

5% 

-A 

6ft 

-5% 

8% 

-6% 

7i ■ 

to 

73 

-7A 

D-Mark - 

S- 

4% 

5- 

4% 

5- 

4% 

to 

-*S 

5% ■ 

5% 

5% 

-to 

Dutch QUdar 

5i 

•4ft 

5- 

4% 

5A 

-4ft 

s% 

-5 

5% - 

■5% 

5ft 

-to 

French Fame 

s% 

-6% 

«A 

-8A 

Si 

-to 

5ft 

-5A 

to- 

-6ft 

to 

-to 

Poragmoa Esc. 

12% 

-11% 

9% 

-9% 

10% 

-»% 

11% 

-10% 

n%- 

■ 10% 

11% 

+ 19% 

Spanish Poaata 

7% 

-7A 

rh 

-74 

7% 

■7% 

7% 

-7% 

•%■ 

■8% 

0- 

8% 

Siaitog 

5% 

-4% 

si 

-4ft 

6U 

-sa 

6ft 

-5ft 

8% ■ 

8% 

7i 

“7ft 

Swim Franc 

8% 

-3% 

8% 

-3% 

3% 

-3% 

4 • 

5% 

4ft 

to 

4% 

-4% 

Can. Detar 

5% 

-5ft 

3% 

-5% 

Bt i 

-to 

to 

-to 

5ft- 

■fift 

8% 

-8% 

US Defer 

4U 

-4ft 

4ft 

-4ft 

4% 

-4% 

to 

-4ft 

to- 

to 

8- 

5% 

Utan Urn 

9- 

7% 

B%. 

-7% 

8% 

-8% 

8% 

-8% 

&%■ 

■9% 

ito 

* 10ft 

Yan 

2ft 

-2% 

2% 

-2A 

2& 

-2% 

2ft 

- 2ft 

2ft- 

-zft 

a 

-2ft 

Un SSfag 

3% 

-3% 

3% 

-3% 

Ai 

■Ai 

4% 

-4% 

to- 

to 


-5tt 


Soto 

Price 


Sap 

- CALLS - 
Oct 

Nov 

Sap 

— purs — 

Oct 

No* 

7.79 

708 

7.71 

. 

- 

009 

029 

533 

5-53 

- 

007 

038 

2.77 

3.18 

300 

ta 

009 

091 

056 

108 

2.12 

m 

1.19 

107 

. 

050 

1.10 

2.02 

207 

328 

- 

014 

049 

*47 

4.74 

8.15 


Short farm racaa am ad ter 9a US Dakar and Yaa odanc Cao days' nobea. 

Sjjfl sim points of 10044 


1528 
1590 
1576 
1500 
1525 

Pmtaa dta* +eL Cafe NA Puts NM . Ptat «P» MU Ofea NNV Pita WA 


UK GILTS PRICES 


Wkft kart UaMt lad Cty 

Norn Meat +/- Ox Oa M fea 


ft oune to womx> euweicss 

Tha FT Oulda to World Oirandaa 
trtXe can be fcxmd on tha E m a tg lng 
Maricsts page to today 1 * atflOen 


■ Pound h Hear York 


fep 15 

—Out — 

-ftfY. CkM 

Sap* 

15790 

10820 

1 me 

15783 

15313 

3mm 

1575* 

15594 

ijt 

15611 

15439 


TtaMfecn 

IZpC 1995 


14DC .... 

tAMiaMA 111U -3 1,150 HySWS 2331309 fee 

BMiPipcIHStt rOfl'i -.7 »J»»!W OtaaaTHUKjOOW 


-* iSS AtfljSS 1371253 T*»*****U. 

K»U -6 5(550 Mri Sal 25.719*1 

U7,i -5 830 APZ70Q7 2131288 

103,’, -a 3350 JMOJyra 1361273 

7550 *30 Saao 245 - 


am ro»ipc ibe\_ 
TtoaaSttfClflflm- 
Ead)l5pClSB7-^- 
Btrtci986- 


Wk* 

an karat 

Sn due 

urn Cfe 
si fee 

-2.1 

5*3 AI44r>4 

701274 

-10 

3012 *05005 

2131248 

-1.1 

0250 1*26 US 

194 4480 

-10 

4042 Apia Ocia 

12012*7 

-10 

2000 ttyZIUZI 

1*41285 

-1.1 

3000 U66B8 

U - 

-0 

2000 feSOcS 

101S5* 

-10 

*150 Jt2ZJfZZ 

1*01293 

-1.1 

6007 jnejyia 

fl_A 1330 

-0 

1*50 uases 

2281301 

-10 

*321 felSOtia 

8018*3 



Op* 

Sett price 

Change 

High 

Low 

Eat vol 

Open M. 

Sap 

8*96 

9*91 

-004 

9*96 

8*90 

38.135 

318047 

Dec 

9*31 

9*21 

-OXS 

9*31 

9400 

67,788 

509088 

Mar 

on ns 

9302 

-012 

9305 

9300 

57017 

380 006 

■ IM THBASUHT MLL RJTURES 0MM) 01m par 100K 



Dec 

9*08 

9*78 

-0.10 

9406 

9*75 

821 

11(409 

Mar 

9*4* 

B*33 

-013 

9*44 

. 9*31 

74 

5040 

Jtm 

9*11 

9309 

-013 

9*11 

9305 

488 

489 


VTk« tart lotaaat 
Note Mac +4- Da fea 


ltd Qty 

to k» 


M Open Manat Bga. «* lor pmtaa dry 


BMfeoQrti wcHS-- ~ JMJgJg, o SSm BANK RETURN 


Tfanf2VseT»ttIZ 106d -s MB WlSBnS 64 1288 Irt* 12»*pc 2005-5 — llBfl -16 UBiWHR K4 128S — (1S55J 1D8M -1 1,D0C**10c21 1*9 - 

” ion -5 770 155 1305 7*1*20061* 009 -U 3000 IM6 b 8 IB - PL5) 156% -5 1550 JtlflJjIB ISBISM 


" Wd -J 1500 M71 nn 2S513S1 . 

, 3 &sc =3 ^ 3 BSSS 

lSXUSSST^ ion '16 LOTJrtljPS ^^CDWOpclPWItt— 101A +13 *573 *124,12 15512® 

lismBijpC IBWPT mt-a Timfta:»f*tt 10111 -13 5.1 SO FaB AoB 9051701 


92%rt -13 3(100 K25SS25 1051335 


03) 1273 -13 2300 FBI 5 M10 11 J 1320 
15) 130% -15 2300 Ja2Sjy2B 2051321 


«%(* “aott (135.1) 107% -L4 1500 JS16JI22 155 - 

06 Rguraa in Mai a tal w ina ahna fW ban lor u«iartiaj (la 0 
months prior to laaue) and taw baan aetuatad to nflart rabaatog 
Of RP« D 100 h Jam, 1857. CUnweraJon tastor 3546. HR tor 
Jmvmy 1004: 1415 od for August 1994: M47. 


78A -13 *J50 


IM - 


Fkn ta Ffeno Vnn 

Ck& I2tepc TMB 

TraaiO%pcl9M— 

Tra«0pcl9»«-- 


Tianeae2B12tt imB -13 5.1 50 Fa6toS 9051701 

Dan 5%pe 2005-12#- 73A -12 1500 KrIOSalO 451330 

Trem fee 2013# tffita -12 45S0 uaroer bj - Other Fixed Interest 

7 Vpc 2012-15# BOA -1.4 500 Ja28J»28 2051332 

Tram 8\ pc an 7# 100% -1.1 0550 FC2SMS _ 

!»2%rt -1.0 3,050 to»fe26 H5 125* E*6 tape 2013-17 127* -1.7 1JB00 JW2IW2 &512W ffMaU%pe20I2 H«% 

ioeA -i.o 1,252 1 & 18 tone ‘fjiaoa — - — -- 

an -15 5500 FMOfelO *7 - 


fetaD0ani%20iq_ lie* -15 
...Si kabo Oar hPapc 2009 — 105 -13 


1Q%pe1999- 105*i -1.1 1.790 


liwltg fen M» «W 

ape 2000 #-. 

Tmrt 13K 2000- 


2500 


ta22 15.4 12*2 

18 - 


; IDOi -LI 55E8 uaua 26712*4 ' 

. 117 % -12 3,171 Ji14Jri« 75129* fedatsd 


IMA -u 4,406 Fa2BACB 2071290 Omdlfec *« -5 Sffl »1A«1 

89 H -12 3650 H*** 303 - W*Ua»3%*# *0% -5 150 Jen Dal 


83% -12 MW *S5!5, Ctao»S%pc , B1«0. 

oL ny mB 1034 -12 6527 Fe27Ju27 61.713*0 — 


105A -i.i asos taafeS 


56JW -23 119 fel on 

33£« -05 SB kpSOefi 

28%X> -5 275 SJakpftOc 131238 4%Kt-2024 


LsafelS%pc200B- 
2751239 U«rpod3%jx:to«l 
2541352 [Wtt- 

IB 1324 w-miuSstDC 


118ft 

-1^ 

50 JMJy* 

1.12 - 

108 

-U 

in UMfeo* 

«s - 

116 % 

- 

Asartstara 

AM 1837 


-1-1 

303 felOci 

-I486 

»3% 

—A 

725 Jt»0f3O 

— — 

106% 

-.7 

315 felDcl 

8*31428 

>38% 


40 tt/SI Si# 

*7.10 - 

128% 

- 

40 felrt 

J-93 31*8 

88% 


5 lUtpJBOr 

683 - 

32 

- 

28 UaJtfieOe 

8S3 - 

118% 

, . 

a fesoos 

30 3275 

67% 

.. 

25 leiSfa 

803351 

111% 



60 JUOJySO 

103465 

128% 

wmmmm 

50 

70 - 

TS5 

— 

so iai an 

80 - 


BANKING DGPAHTMB7T 

»«»--« ■— - 

vvGanoocBiy 

September 14, 1994 

tncreaae or 

dacreaae for weak 

Lfahfettee 

£ 

£ 

CapM 

1*553000 


Pifafc dapoato 

1055096040 

-87008021 

Oankera dapoafla 

1514449086 

-115060090 

Haaerva and other aeoorta 

3097028,497 

-1432047038 


5082025025 

-1 ,936010749 

Government aeouritlaa 

1035,183017 

+806040000 

Advance and other aeeorts 

3409.027,190 

-2037093438 

Premise, egufemant and rther secs 

1032000.103 

+797036.791 

Notea 

5028480 

-2.411066 

Coin 

185035 

+11054 

ISSUE DEPARTMENT 

5,882025025 

•1035016.749 

tMuntfam 

Notes fa ckoiaaton 

18,184.771020 

-67088.044 

Notea fa Banking Deportment 

5028480 

-2.411056 

Aee eta 

18,190.000000 

-80000000 

Other Government aacwWes 

15,740028,154 

+4,109.626073 

Other 8ecrttos 

2448471046 

-*169026073 


T^fSaoowZIiiJSS -12 iSoo+ifc" lutao mw.2%pe. . . 

• Tm' stock. « Ta»-Me to nuvraaidania on acofecataon. E Aiwtai taaata xd Ex dMdaqd. Ckrtng mkHakwa am (newn to pounds. Wtaidy pareartaga ctaangaa a* cataknao an a Rtday to Mta, basis. 

STOCK INDICES -m,,- amu. 

Sm 16 Sfe 15 Sep 1* Sip 13 Sap 12 rtpfi tor W Uwr 


LONDON RECENT 

Issue Ami IAL 
pries paid cap 1994 
p up part) Ifeft Low stock 


18.190.000,000 


EQUITIES 

CtOM 

price 

P 


-60500.000 


Net DN. 
tSs. eat. 


On P/E 
yti net 


Sap 16 Sap 15 Sap 14 Stp 13 Stp 12 Hpi lam ta» few 


r=,- VnftB 31214 91295 35203 2B7W 392018 9939 FT-SE BntKfc 100 135951 136854 136058 1367.CI 138659 164019 1909.46 1546.19 90045 

SS! 3^4 37133 41tt8 3363.4 41525 13734 FME EsrcCKX 200 140620 141S5* 140155 141244 141317 1687.10 134285 1607.10 83362 

m ^ 3W&1 #168 41837 33034 41907 13733 FT Ontay 33831 24202 23875 24235 24213 27135 22555 Z7138 434 

5* HW2S0 « m ™ ™ ?§&6 TM25 17733 1451 J 17733 66*5 FT tort tooMar 6398 96J6 6344 9150 J3DM WM »» VBM «.18 

1 to5oiSb 81B7372 1691.48 190955 *09451177751 20BUB 1«B FTBadlnfeWt 
g-g g" 18 ^ _ ,MA2r Iflli0 18*397 185S54 1867^3 208072 T75258 29SBL72 138179 FT toki IfeM 
SSi’SSlf I 5 » 7 i!SSS l5635H5725517B31H4455Sn84.il 6152 RafeaeaortoUlfeM 


10750 10TJ1 IBM 10382 10757 0357 UP 3D 13357 5053 
217306 Z16151 21 6355 216759 220051 23675178302235750 922.16 
2737 2745 2739 2732 2733 2775 1830 73L7 435 


BASE LENDING RATES 


Mom&Campaiy — f-'f 

Aiod Trust Bank -A2 8 

AIBBank - ^ 

•Hemy/wsoaort*’. — &7S 

BanfcOfSaroda 

BweD B*BoVlBaya...s.ra 

3ar* Of Cyprus — J™ 

Bonk ol Ward -*■£ 

Bonkollrtta f" 

Barttaj, Sank. -.... 

BHiBk oJMklEeK. - 

rtfewmStiploy^CoLaif!? 

Cl. Bonk Nodoeferid 3» 

CahankNA.™- 

Chdeadateeank 5.7S 

CouBaACo S* 

Cm* LfOrwn* ■■■■■■■■ "-Lt 

CypruaPopUafBe*. A-™ 


Otnan Ltort+a — A75 

ExstarBonkUmPad ... are 

Branca & Gen tork-AE 
•Robert RBBihg & Go - S.7S 

Ghobonk — ■ M5 

•GJrewoa Mrtwi — — 3W 
HabCsBankAG Zurich. 375 

•HartOmBWk — 

HoMia 3 Gan kiu Bk. &7S 

MSamueL S-W 

CHoareACo 

H cnrtmnpaShanghaL WS 
J*an HQdQe ^rk- — 375 
felacpckJJeeoptiS Sens ITS 

UoydsSaik — 5.75 

Msgta^ BrtkUd - 37S 

MkfendBrt* SjTS 

• BfeurtBrtMng ~ « 

NdWa*i*«ter - S.« 

sfesBnnt ~ &7S 


* fto*w?Ao Guarardaa 
OorpoMkm IMtodlBno 
bnger ujtoabsd os 

a bonWrifi InESUtai 8 
Royal adSeufend_37S 
feSnrth&Wlknsi Secs. STS 

TSB— —STB 

*jMadBkofKUM8 — 575 
UWty Trust Bank Pic „ 175 

WaatemTluBt 175 

VWkaaaayLaldfew— 175 
VbriolubButt -175 

■ Members ol London 
Invostment Bariktog 
AaBOdaOon 

* BudnNMbi 



CITY 
INDEXj 


Lesdora n and b*»»6 - ftoaodai nd Sporta. For a 
mpiiaartaiarrnrt awi »\ 7667. 


- FP. 

190 

89 

73 BaBe G 8hn Vftls 

78% 


ta 

- 

- 

- 

100 FP. 

102 

102 

85 Bsecon ln» Tat 

96 


- 

- 

- 

- 

- FP. 

102 

48 

39 Da Mnards 

40 

♦1 

- 

- 

- 

- 

- FP. 

130 

1% 

1 Ccxit-l Foofe WHS 

1% 


- 

- 

- 

" 

120 FP. 

214 

120 

118 Independent Parta 

120 


imo 


42 

22.1 

- FP. 

— 

77 

58 JF Ft Japan Wrta 

58 

-2 

- 

- 

— 

-* 

- FP. 

250 

67 

35 iftauwn ftxaer 

S3 

■« 

- 

- 

- 

- 

23 FP. 

100 

31 

29 Ortfe 

28 


- 

“ 

- 


- FP. 

060 

17 

5% Panther Wits. 

17 


- 

- 

- 

— 

- FP. 

002 

40 

26 PatroeaUc 

26 


- 

“ 

- 

“• 

- FP. 

305 

44 

33 Site Witt 9MK 

33 


- 

- 

- 

- 

- FP. 

13.1 

212 

192 Templeton E W 04 

211 

+8 

U 

- 

- 

— 

- FP. 

202 

35 

29 Tops Esa Witt 

29 


“ 

“ 

“ 

- 


FT GOLD MINES INDEX 


GPU 


fata (»> 


tfta(16) 


ttebg 
Sep fan 

is strann 

Ap JffitCfe 
is Sba 

% a f 
UU 

tarn db 
faff* 

52 week 

Mgb LOW 

2178JB 

-20 

21 SI 01 SL72 

loan 

106 

236740 166400 

340208 

+09 

340703 1700 

3258 

*0* 

348708 220016 

2866.12 

ao 

2BB2B4 7.14 

1130 

107 

301309 179550 

174207 

-8.4 

171537 2908 

5*12 

074 

203908 14SB45 


RIGHTS OFFERS 

bu Amort Lataat 
price paid Reran 1984 
p up data rtgi Loar Stock 


CkKhg +or- 
prfca 

P 


North tarts (13 
Copyrlgrt. The RnanOrt Tfaua LMad 190*. 

SKa a< orsdau mm ramtoar Ilf conwarta. Baaa US Drtta. 8wa UaSiaa: 1000X0 317I2A2. 
Radaoaaaar OoU Mkm Mae Sap. fft 5737; aaert change: -19 ports rear agee iaa.1. 
r n n aWim it ii l a n r r ^ (fa — tart ««" <+-«* 

S uy g d ng earn Hr fta FT Ocia ktacn kata b pnmdad b, Mrtng Jocand Ud- 


475 

ffa 

4710 

56pm 

4fexn 

Commercial UniM 

380 

ta 

21/10 

48pm 

ISfxn 

EMAP 

252 

rat 

11/11 

34pm 

19pm 

Wek 


4fexn -6 
iBpm -4 
19{toi 


A REUTERS lOOO 

VM • 24 hours A day - only S100 « monthl 
LwrameakiotaOitierTOyouitpc 

i+miBcayiaiaaaaa *VP mr CtMt- 



THE TOP 

(^WTUNIIIES SECTION 

for senior management positions. 
For advertising information call: 
Philip Wrigley 
+44 71407 8733351 


Money Market 
Trust Funds 


Sraaa Ms (Ml MET 

GAF Moray HanMmoatCo IM 
*6ita«>*yhm.TBrtrattTMzjD arnmni* 

Mnm Dan* Fuad— I *JB - «ag|>4aa 

Dmaaa OM ti tarn ta - * 0 B a-m 

OfeofeOareMtol axa - J 3i»l>ain 

Tha COT Ctorttatoaaalt Accra* 

2 tea feaav unan ECHM) OTt-WirS 

naaadr ..I sap -I mx !*-**» 

Gent B3 at Ffeb rtttareh of togfan# 

ZFuaGBartLonfenRSTWO on-unsu 

luo -I mbIj-kb 


CoutfaftOa 
*cto>s mbs west nt 


M CM HP 

an-MUtto 


( cm-aaicio 


Money Market 
Bank Accounts 


(toaffara Bank 3sndoo1 PUPnmiaf ta 

iptapdcErt,LaiHaiicaiA* B7i-oqe miS 

E3DJXXU 1 600 ITS BOB Ota 

nwgMaMOO — ]*» 3i9 I 4*1 Otr 

EaS6-OB4Xr &79 361 3J0 « 

C an ae a giM i — I tra u* I a.ni » 

(faywhw iTrtPto-Q mwfeariSOOAcc ... 

• HMaa.tunPtataW*M ,ai-«916*M 

naj®»s«Ba.-. :jo son wl+m 

ElMRMTtv uo u» uolvtadr 

aw* Rod Am HI la I &a S.1B73 I 7.9*1 - 

Rdaj Hy Mnn ayUaricat Assort 

AWnmitaHWa«Mriw 


Cl -4900 — 

hjmmim 

91000343*999 


OOOJOO. Ham M ata fHuoanqwd 

IMKK Bkfa Soc Anat Raaww Ctaam Ace 

rafefeSiBSiinMB ^femos 


lotaKnoni 


100 


Ifa 

*JD 


far 

*30 

un 458 

Hr 

Me 

S.TB SDS 

or 

BJO 

UO UO 



ta* M PM) HOT 


ABed Trust Baak Ltd 
fe DBtata HBI, Utam. tC+O MT 


RMMCe2.W)l-4. 

TTOMMKLOCn*) — 

WJSfcz 

mczAxn-4 



Ita laWh 


CM 

US *19 
SB* 423 
aja us 

400 3B0 

*W 300 
667 MS 


BBS 

IS 

Ajsr 

4D7 

3BT 


lifiai 

u 

«oa 1 
*13 
US 
US 1 

u* 

581 

US 

ou»l 

far 

QO 

at 

far 

BoonBwftM — 


LB* | 

S 38 1 

fe 


m 

jje 

+jga 
442 1 

Ok 

or 


KodgtBankUd 

aorPlaa Cam® I 


laar* 




an 

in 

3 CO 

2A3 

*BB 

xn 

241 

*K 

»QG 

*00 

447 

*26 

3.10 

*33 

4.73 

u> 

*45 


tanflant Latham 6 Do Ltd 

3D cay ml UMon EC1T MY. 



laMUHHn C««Cf 1 W 02Z2 

lltofMUtDNWtalOSO 4B* I 661 

IHMMDaHW US 466 6+0 

UfeBtatalkBMtal 623 466 I 643 

H wt barnhfaa Haawa feacp 

SfbtOBy Wfe.fta*. BMuaimM 0294700000 

00600* I 175 461 I ABB I Or 

Leopold Joseph 3 Sana LMtod 

2B0iMmaSaaM.I6adDatCzv7EA Dn-Sta82S33 

tataH Utaanii a tart 

I26601-Ciau»_ 4.78 3LS623 UjBS* [ Ok 

noo 60 i pta loin i7«oo 1 s6moI on 

nakHwrt Bamaa Ltf 

1HWnWi1tamn*Uaa»msan' on-AFMSM 

071-6300070 H4CAS3S0O.I 1*6 30 I 4 07 1 Daty 

Rfafawoft Bansm Prtvafe Bank 
or lean 


Bank o( Infant Mali hriamat Cbaqaa Acc 

36-40 Mpa Sl. SkuOsLI IEL 

Cl 0600 - I 1600 3X00 I 


iostaaeiTantad.UBMitmsr on-sorisai 
Hl£6. £2500.) I 306 4125 I 420 1 My 

Uaydattak- bi aa ila a n t Account 
71 UmeuaSLUndonFCX'KS 0272*33372 

noOLMartmam— ( 3» IM USIYaany 

BiOJQO. ..... 313 AM AISlYamy 

C2UQ0* 465 171 4« vaariy 

EUUno* 1 47fi ISO I 470 1 Ya«ly 


0753 G1BS10 
I 4060 Cb 
I I 30041 Oa 


Bank o! Scotland 

as naaamiaaa st ecy za 07i-aqio44« 

waisiuadoa. ajo A6S ih un 

CUIB4MUN I 460 660 407 m» 

C2SOXQO* - 1 300 412 I 564 1 MB 


POBOtZ 

r ta £5000*. 


X7S 

241 

s.n 

*50 

171 

*40 

ft 00 

IR 

340 

900 

4.U 

UO 

S3 


S3 


071 7056430 


n 9a* fafi. waaBMaa fe Pk. Cotmay 

C2600-C66BB I 4J8 361. . 

E10.0UM3466B— 323 394 626 

C2&ODO-U66B6 -I BED 413 SJC Ytafe 

20066041681966 1 666 416 AJO Ytafy 

Cl 06000* I 375 431 I 3nlfe6fe 

fata Pitas Accort ILLCJL 

, 0EI-2S4 ezx 

260 IS L52| Qr 

^tTB 206 178 (ID 

CliL 000-4^4600 363 264 I 326 ta 

■•*■1™- 1 375 261 I 660 1 far 



x*n.B*«P ' orooi 

UO 

*11 

*40 

940 

xn 

MO 

*40 

030 

*30 

940 

243 

040 

240 

148 

240 


BnxanSMpkw&Cal 

taranCMlUui, 

MCA I 

ft u f Para n a At— I 


ft Co Ltd 

UMHGC2 .071 
400 360 406 

460 200 I 401 


DOBOO-mBW- 
EIDQOO-CtBta- 
4260046699- 

Rob Bmtbam 

■ am on 

1 56 363 

473 36B l 463 
473 3S0 I 463 



031 BBS 

-Tim* 


mmaalane, LOOtaiBCSVBOJ 071-623 »70 

MC4_ — — 360 263 366 

Ftad CSOjOQO* 463 - S65 

QtartHtaggnoo* 4ia - 420 



-623 IIS 
66 M 
65 MB 
63 Q 


Bank of 

42 

£50600-—— 

asm— t4(M 

FI0600— CM6W 

ivno- 
£2600- 


Prmfami 


feB&aiE. 

031-62 

340 



279 249 


MB 140 


140 1.11 




Bank RojdbteSotaBon Acc 

! 01 210. 0*1-24871110 

ftflflOP 246666 | 370 270 | 275 

CS0600-C2486B6 360 265 365 

1250600 ana ata— I 460 236 I 456 


0343252000 

-I Yaarty 


.*1*460 IL JI iai 1 AOll Mar 


PO Bn 300, 31eB« Hide 
TESSA 

hltas 

629 

filk^^l railing! * 

^rrsrt ACCOMl 

ImiftmrtBO-BOOwa 

us : im 

*40 03B 

*40 340 

340 275 

*41 

mnnir ric aair 
nMoaotwa- — 

ES40O-CB49S 

a!!!.: -- ** - 

ei0400-e*B4a9 

ODOHIM — — 

fanbui usa-ra 

923 Z M 
229 14B 

atm 

AOB US 

340 229 

2-76 246 

231 173 

M0IXXMJW4BB 

no4oo-e«84aa — 
cgoo-caaae 


-3826000 

xs m 
■IbI mb 


X Homy Schmdnr Wmft Cn Ud 

lEOMBdll4loMBBEC2V£03 On 

feaaalkn- — } 3675 281 I 383 

£10800 and aoem— I 4125 one I 4ii 

UMon Hast Htfi hrionat C3iaw> Acc 

naMemycam*FliinMBPLi 1S8 07S224i4i 

&2S AM | usl ta 

300 ATS 568 ta 

475 356 1 464 1 Ok 



lO-W*ja 


23ZIB4HI 
WSH5213« 


BOTES- Bnaa: Cta m ami to at Mata papta. IM 
■Hgaaaaua at Ha aaurtba dMimuamM 
itaBMa al Manat pmh dbr damp tar dataUdfea d 
Pam rata tacam taTSaaa O* Qoaa ota a wud k ai H 
Ma waai n ru ay muua aa at konat pH tar tan 
arm 6 par. taapau And ta*. H Co Raquaney 
■ mam Waau b oadM la ao acornL 



Commodities on the move - 
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TO: 071-329 3333 or Fax 071-329 3919 


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PRESS FOR GOLD - 0839 800 411 

Dta) now tor Gold and Silver price*, with BO aecond up«Uua 24 tunas » day. 
For detail* ol sur hdl range of financial tnlarnarion service*, call 071-885 WOO. 
CaOa are ebaroed at 39p/tnbi cte» rate. 49Mrain a9 other rime*. 
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H Futures Call 


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. HrtklaiaafaKHkbltaiaaltai adB a i t Mtota hb 
jcm.ca8BdMctltorciTorlJnJa*Jr*ood7V82973S3 urwHc 
aatalG1nda(lc.9-1lCnwpn'C>fdm4li>adoa5mwOH3 



FullerMoney - the Global Strategy Newsletter 

Co r-j fesrirfs. ■,'ockc. ci.wr.«J •> co^mjate, .-nc'uing whc'O !o 
,nvv 5 :. v.f'.ll«n by Dcvid Fuller lor intc.'nolicr.cl invcilflis • 14 

p.-g-ic. ir.irlhiy Single ii'.uo il S cr US522. ennud £1S6 it. UK i £y'*pc, 
OiSO-.v.'iOie £ I cO o: USS23C, cheque c-r citail CCfd. 

Cc 1 ’ - -no Foiq.:.r.qr':Tch cr Chcrl Anc I'/i.'C Lf'^. 7 ovrC.ICi'. 1 Slrccr. Lcn+cn. 'iV'lF? 
7HD. UK 7*;: U-nacg71--i9-Wfci<071 tn US) or Fax:71-45?4?4f 


NEW ! from FOREXIA FAX $ £ Dm ¥ 

A 9 YEAH PUBUC BECOHD OF ACCURATE SHORT TEffll FOrtBPH EXCHAMOE FOtfaCAmlC 
NO W, FR OM ANYWHERE M 7>ffi WC»«_D. GET TODAY^ VERY 
LATEST ISSUE C5F1ME FOREXIA F AX™M0730GMTEACH 
WEEKDAY. INSTANTLY DELIVERED TO YOUR FAX 
USING THE HANDSET ON YOUR FAX MACHINE MAL +44 81 332 7426 

■N CASE OP DIFFICULTIES CALL US ON: +44 81 0498318 


One Chart Equals One Hundred Stones 

o-cM :rc-h 5 chert !;^:ar:^;: UK. EJWpos.rsr.d /fifcrr.o.'to.ro/ eqy;?:rj 
•;P5F cncr:,;. Currency cni FFc? Cemmodtiks end FF (Par + bar chorii) 
• !& pal- :t-. er.al rnvcs-ori.'/rccori cic’ exco f i6.'iCcd cftc-'l wodo’f - 
it !h-f s you • call Dovid Ko-tly cr Suicr- Riga 'or deficits 
Tel. LChdrt-h 77 - 724 7174 (071 ir. UK) cr tax 71 - 429 4966 


L + “«*- 





24 MOL R 

FOREIGN FXCHANC.E 

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FINANCIAL TIMES MONDAY SEPTEMBER 19 .994 


33 


BWESTWEHT TRUSTS- Cant UEBURE & HOTELS - Cant 

I* mltev IU 11 A Wirt 


LONDON SHARE SERVICE 


PROPERTY - Cant 


NMe 

hMNllM.... 

HWH. Ml 

“ WM B Q 

> Em fear S3 

i X! 

i Ji 

famdparM-toD 


mrftiufi 

Wttmte 


ns .. 

13S -2.9 

61 -Ifl 

9S .„ 

40 26 
SOB -1.7 
234 -IS 

in? -u_ u? 
no* : * 


15 Her. 


68 OaMw 
W Jd 


caoCm xd Bob 
1U 11 4 3642 

!*5 ^ *BW unaain_^fmj 

7^12.11 1652 DnU Ltoyd Z3|#C 

- 4239 Em Dttaey FR .ZTsO 
Ml - 4240 Eatcisp tfo 


m Db Db addenda lass 

NBlH Price dl'np iri COI. plld ri 


W 

M2 4H U 

264 -.4 34 

110 -14 
270 -14 98 


OflL EXPLORATION ft PRODUCTION - Cont 

vm n m ohwj* “* 9J 

RtoCiriBI T* ^ 

4 jTq I - - - 8317 nis 


Can Jib 


htqmM—.. 

2P;pcC»Ln 

RsdUnal S 

nMb&bstac Ml IBM 

M-.— — J» 495 -48 

Mr & Hen: Amine — N 100 -4 

31 -11 

14 

121 -1.6 
21-3 4 
100 -4 
97* -14 
ZB -14 
130 -.8 

40 -7.0 

B»1 Hare THbc_ JC lUg -4 

cap — X) m -4 

mirjtOi. — 20 -ij 

D&SUdPrf JI 140* -10 

(Mrnwtee— — JQ iu 

Cap — □ 84 -J5 

sd! ^ 

1C* 

m -5 

I4S -I D 

M -1.1 


SK - Eat*™ __MO 270 -14 ftS 23 Apr 1 

23 & ur » a * Lefc n 3V - - - 

jyg - S« b b - - - 

M am FruuteR no an* -4.7 bsb 12 oai 


3S 14 S — 10 222 ^ 7J5 

M2 783 4W 


98 Sep Mar 
aj janm 
7JUAvAldbfs 


Rb&llteExI ^JO 

•urns 

Zara nr Pi 

milter Gunn.. - ji 

ft* Cap 1999 

m&ltofcSadr _JO 


7JB 204 4K3 Ormfe 

1«S "S 2 7«»pC*Pt 196V -1.1 75 

us - 4K4 Grain Qci (tend JO lm 

4M35.7 $322 FortariTOTr Pu»see5esdnr PflOPBITY 

148 -am hp-tbc seott n -14 us 

104 - 2543 Hereby ^ — — 

1M 284 3KM JayalkME 
WB - 3833 ita&fc 
32.7 2W 2080 Q^p, 


222 . 

188 47 

EE 14 

.t« OB* -24 9JB 


74BDaUrJt5e 

7-530c0U*Jb 

4.14 HvNov 

62 WtyOc 2Z4 154 2828 LflnftnCMH 

- - S2J - 3827 

1JB - 8820 HenUtd HO 

124 119 3823 Mandate (Mad 5— 

504 204 3830 UHbMS 


- - Ml 2274 TotsE — 

« DprOet 284 3183 lU&mh-. 

HVjiBSS 



15 toto 204 204 SerACffS *» — 8« 

22 octto 5.9 SS OIL, INTEGRATED 

04 toto 261 431B VW> Db 

1.1 teiteg iu W Hon Price drapt «ri 

--- — - ' 1 -Ti «_ 

_ -1.1 274 
E27 

41 


- Jrf Dec 



IB 


841 Aproa 
84 JU Jan 


ZonDbP) 

anew m 

tetatfatK tat 

Cap 


. .. -2.7 U 

1711. 3£IBMft 

tO 1B1| -14 - 

8>epe6rH : sag) -m BL23 

4«3 158*3 -34 M8 

» 3S7 -23 1LB2 

Ji 78 0.1 

EM 14 

aa>z -aa 

a -7.7 

Hy Ova Ton □ tall 14 

JflO 57 -54 


11 JBIBO m sm SnHMlsMlr 

1i teey ^3 2823 fcrtkEpeaeiS 

2X FebAog rn - PemneBR 

- - 25E «B Royal Men R 

1 fioDac 144 nn SHIin st*3 




DM Dbkteab La* Oy 
cw. Dam rib* 

“ tr^^ss 

24 

7.12 
59 3 



VH Ob Ob OhjdraiJs lag Ojr 
Man wte d.'n(p set at. paid ri in 
■*H 24*z — . 



- QP.B.Heo--. 
n HIT™ 

?ss#*s 

1.4 tie* Hay U4 OD 


29 - 

N S87 -44 044 

JO 257* -7.7 84 

4 W 16.1 

92 — 14 
201 -4J 84 

121 173 

Lb* .-1C 278 -2.1 742 

OBJ £92 Vi* -20 00% 

„ -.fe O Hd PJ ED8*jffl 

„ »tfe0eb202B C88>a* 

* BrtdDoE* JO 190 

_ DkM 35*a 

_ Bum iWCI BE* 

- as □ 108 


RETAILERS, GENERAL - Cont 

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Ti SS !H S RETAILERS, GENERAL 

Wk% Db 
Price cJittge net 
B -34 
218 -64 61 

330 -3.0 83 

231U -150167% 
08 -63 61 
IBS -65 656 

241 55 

M2 — 63 

130 — 59 

50 -32.4 U 
aW _ 23B 
ZOO -7.4 28 

5Z7 -3 158 

3V -13J - 

282 27 60 

61 -4.7 10 

1S2 48 

233 -57 78 

T71V -U U 

G05 IU 

W2 -15 671 
108 — . OMe 
35 -5.4 U 
108-209 43 

774* __ 075 
289 -M 68 
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76* 58 

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W7 -14 35 

314 75 

51S -I D 163 


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S BfflV 11 775 14 fan JU 25.4 4107 rJB 87 -1.1 - - - 

d!_anv 15 09% -»£S *K 2S SSSSsiwIZIESl mi* -«8 65 utoto 

uri un *-_i ufi - Ape Bo* 163 GW1 H U3 18 BA IBGrcta 

IZiffi ** as 15 AO0 BO 4.7 4445 ^str^S N MM _45 U U to, to 

372 


Db DWdenda Last Oy LdoWtc 
co*. pa* mi fee Lister — — 
1611 1“ 


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Lamtxat HA— 

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10 to Dec 264 OTB fanBwd *ND 

15 IlO* JU 165 T7W Uttar* *)D 

- - 105 1808 Retold ' 

OB 4536 RBOaore 

228 1048 FadtadS 

65 1884 SffT _ 

66 1878 Shad.. 4® 

6*3 IBM swrvrood&p— 

05 1985 State -5 

20.6 2020 Ska ® 

ID 9050 Stamm — __ — ID 


13 
101 
103 
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4*s 80* 


65 98 

-4.7 657 

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584 

48 

61 

63 - 

115 

18 0682 
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Db DbkKttM Last ON TkarOate -1 

cw pa* ri to Taooaai-HUen 0 

iSHonUn 254 1W 
5.1 toto 65 1548 
1.7 JU Dec 254 1984 
2-A Sep to 160 1658 
ftS toto 66 108 
13 toto 185 1733 

13 toto 25.4 1700 

- to B*1 5278 
65 toto 11.4 T0OO 

08 Hay Oct m 1917 

- - 2003 

14 Aug Apr 167 5186 

- to 4*3 2048 

- - 4*1 3I2B 

15 - - «aa 

25 toto in 2082 
15 May Dec 283 2178 

- - 3*1 4253 

1.7 to to »» 

- Aog to 316 OS 
15 to NO* 25.4 2349 

17 °* >M VSi 

8*2 2381 
I.IMAur 4.7 47BB 
' Jaa Hay 262 2981 
FttSbp 68 2819 
- $03 2925 

1.4 to Aug 47 2832 
6 to to 263 2681 
} No* Apr 281 2801 

30.11 

165 
185 

BB 2908 
145 2918 
209 1G91 
228 3010 

1G5 3935 

25 OctApr 158 3057 
1.4 Hay OU 114 3124 

- - - - - E.B 3125 
6G 3M7 
88 31G8 
4.7 3168 


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Q9V -150375c 
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-N 494 
H2U 
825 
687 


Db DMdo*s Last ON 
cat pa* ri ana 
19 OctApr 3*3 - 

- to 206 
AfafaSep 311 

$ fab Sop 1610 - 

- Oct 219 3919 
2.2 Dec Jot 305 

2.9 to Feb GO 
2.4 Feb Aag 4.1 


1.1 toto 
14Afato 

05 Apr W 

10 . 


-71 
-67 
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58 

258 

15 

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21 

11 

17 Od Apr 

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07 tab JOT 165 

08 Octto 210 3296 

- toto 165 3304 

- to 5*0 
2.9 to JOT 165 3804 
1.7 Hat to 165 1817 


GUIDE TO LONDON SHARE SERVICE 

Prices kx tne London Sn» Sea* detenned by E*W Itondil, a 
member otthe Hnmri Tknes Gnw. 

Coapmy cttssAadons an based « dm* iaed hr tee FT-S Atanwes 

Son Whs 

Ca*8 n*H*V*3 are dw*ro. Prices taC net dwtonK ara m ponce toess 
Dteentae indktterL 

Where docks to derarinawl h currenoes rther man derfeg. tt* B 
Malta Uter Dm name. 

DMdoU com « nmsed o n ’ladmum; ra artriwB*MngaDro* 
dbkto coete » ptti «a arito «tato 
DU kriafeg raiknatal astem u oBseMMc act. M**CtorisM*»» 
DttdSmd on TgeedsysSacintan enapi ter kweunw Traas a* Mhh 
Funds. 

□ hUcams die mt »c#OTy mated stetoJJMiriutol* 

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Stack Etownar Automated addaBMsy Uew CEA01 to msH* 
dodo omxjgn me StAU tanmlkwd iy»»a 
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same degree U regidatan as tated seca rtfcs . 
j HUe 62(a) IAi 6 kriiinrarporatBd rrnwwa) cttnames 

yrtctoJ*Utorf»r^*akiq seta tofu dgras tare: cover rcWra 

b previous uMdto or taecto. 

* libnertddorrBaffB'lsadantapnwe® 

§ faracasl dbktonk co*c* based on esuntngs upteted W mss, adenm 
sttonenL 

A unregutated ettaertw mestnanl scheme. 

otficul eenmato hr 
1993-94. j 
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11 Apr Del 23S ^0 Wnann fb 

21 to 165 3581 WarttHBlOfl 

15 nr Oot 167 SOB YtrMyda » 


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1.7 to Oct 228 4115 prpnMB tewh nd . 1^ ,,.,c*-rA 

1,5 ** 1 L. Uj * 4119 


120 — 

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122 118 75 

38 — 625 

81 -57 58 

87* -58 18 

278 — 60 


1.5 »*» in 
18 Dec to 8*3 
- - 5*1 4ZGB 

1.7 to DOC 563 4322 

$ No* Apr 14$ 4m 

17 May M3 «M 
15 to Dae 168 4913 

18 Feta Oct 150 
14 to Dec 


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546 -Hay Bar IBJ 3W 


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18 toto 11.4 1250 

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SA 5 «.unm ™ 3j"«* “ ' S 

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FT Share Service 

The fodcmtnq cirangas hava been made lo the FTShart 
tnfQrmrrtkm SemCf. AAttfena: WVESCO 
& Warrants. RJahta & Issue Inc S utp dnv Tub). CWte- 
uont: FA1 (brace). Temotolon Emg MWa C (Inv T«^. Trara 
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.tC 106 -18 383 
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18 HfrOot 98 49M uwkCMate 

15 Dee to 88 1478 TbtaCmW — — 

15 Ae» Feb £08 «H MHRfUUt — _4)C Wto 

* lb* 5*3 M37 IN W9 

Z - roi G14S Sei W_“i to 
. - 7*0 4357 Henries U-_—_ 

Zh Octto £98 4416 Monbus 

- toto 69 t» Ari 

27toAO0 4J 4418 NUMBS id 

Is toto *3 w BESS! «m 

30 Aag to 4,7 4631 DriMtee »*-_— -W 
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» *£« ^ 2 £*§=: ^ 


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24 Oct - VM 
20 Apr K.3 1R5 
28 At* ABB 205 1721 


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12 AprOU 58 4047 HayrwMAAS 



147-13 
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ZM -19 - 

ID -61 

470 "U 7.7 
240P80 

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T2B 60 

194 -5 U 

ISO 15 

45M 646103% 
148 — uza 

47* 1JB 

91* — OOVe 
364V -5 6 013c 


_ 23 fife 4*3 5003 

9 11,1 U toto 20.6 1891 
-IferSep 258 5304 
6 jHOQd 

2.3 feVeU 16 2157 


FT Free Annual Reports Service 

van can ofct«n the curram annual/inierlin roport ri any 
corrpany arwotaed wWi * . Ptease tpjote t|» code 
FT31B5. Ring OEtl-770 0770 (open 24 hows ndudvig 
weetoxri) or Fa* 001-770 3822. K J rof TL5 , ^ J * 
Hip UK. rkw *44 81 770 0770 or tax 444 81 770 3822. 
Reports «*« be cert Iho new wortdng ttay. sufiteci to 
avatoiiiiy. 

28 m|S Jj a FT CHyfine 

13 toto a * JJ" ^ up-io-thB-Mrcorri sharp prices cafl FT Crtylrra or, 
— * 43 of 0891 43 loflowcd by Uw tour-digH code R&tOO 

ana 1 U» snare pnoa. CaBs charged ai 39p per minute 
cheap rate and 40p per mnute at afl other times. 

An international service is ewttlaWa tar colters outside the 
UK. annual substefetion C250 *5- 

rrfi 071-873 4378 (+44 71 873 4376, International] for 
more In f or ma tion on FT CityBm- 


38 to I 


3*3 2SB0 
314 1382 

UFteto ’as 41M 
is toto - 4138 
ZO Feb Sep 18 VO 
2.1 Ate 257 3605 
an Mvto 129 2224 

28 May Sap 
- OUMay 

90 Aug Ott 


4* toto 


11-4 

5.9 3017 

12.9 2200 

J93 - 


5 6 JU»» 





HNANqAL’nMES 


MONDAY SEPTEMBER 


19 1994 


NEW YORK STOCK 




m w- w a* 

UwBack Hr 1 M» I 

12% AW WMB Ml 
12% ALLNmA 118 1.1 X 346 H 


o. n 


75% 57*8 SUP 
721*3218 AW 
S 3%«K 
Sft 38% ASA 
31% 25% MB. 

m% iiVaoma 

23% 17% MUM 
15% iftAcpweefc 
si 7zHKX.ua 
12% 9% AGMMkt 
m% 7%«a*eiOB 


1X8 23 25 2386 74% 73% 73% 

88 9522 58% 56% SB 

13 55 4 » A 

200 431 33 1020 50% 58% 38% 

0.78 25 1817234 30% 30% 30% 

050 14 11 70014% 14% 14% 

052 23 64 22% 22% 22% 

27 AGO 14% 14% 14% 

044 U 31 223 25 24% 25 

1X0 11j4 274 8% 08% 9% 

0«0\12 ICO ?% 47% 7% 

OB6128 828 7% 47% 7% 

14)8129 717 8% 40% 8% 

1418122 142 8 8% 8% 

072 GX 022 8% 8% 8% 


31 22% MX LM 144 141 31 223 25 24% 25 

12% 8 %MMMh 1X0 11X 274 8% 48% 8% -% 

10% 7% ACMMfep 180113 ICO 7% 47% 7% 

10% 7% ACM On S0 086128 626 7% 47 % 7% -% 

12 S% ACM (M SB 14)8 1Z9 7l7 0% d0% 8% -% 

11% 8%ACMMBi 1418 122 142 8 8% 8% -% 

9% BACMItoOdOja 08 322 8% 8% 8% 

15% 8%Aa*CBr 144 13 18 88 13% 13 13% , 

9% 8%ACMBKt 7 S3 8% 8% 8% -% 

2B% SUnk 0JB0U13 87 2726% 27 -%. 

13% 5%Amm 138 15 ! M0 10% 10% 10% -% 

18% 11% Anson 121 1823X16% 18% 15% -% 

TB% 16%MamBpr 0.48 28 0 182 17% 17% 17% -% 

84 48% Ad Men 34» 4.9 158 80% 80 80%*-% 

31% 16%MMC 3X0110 1313051 30 29% SB +% 

8% BAdmtap 116 10 8 76 8% 5% 5% , 

20 15Ad»kc OKI 06118 12B 18% 17% 17% -% 
BB% 40% Anon MM 1X7 20 12 108 B% 55% 58% -% 

53% 47% AflOoL 278 £7 74747 48% 48% 48% 

38% 25% Ate 148 13 14 1791 34% 34% 34% -% 

22% 16%Ahn«an 088 44) 18 3128 22% 21% 22% +% 

4 1% Alma tat 1 51 2% 2% 2% -% 

8 38% AfeftC 086 24) 28 3431 48$ 48% 48% -% 

M$WraM MB 141 IT 721 28% 28% tt% +% 

19% Atom he 48 148 26% 25% 2B% *% 

14% Mima 1X4 114) 12 48 16% 16% 18% 

21% AkTctl 12514 28% 28% 28% ft 

13% AkBkaAIr 020 U 25 348 18% 18% 16% ft 

ift AlmwH 035 1-9 31 308 1B% 18% 16% . 

17% 13% Atari X 020 1 j4 1101 14% 14% 14% +% 

8 10% HbCtfi 028 1-2 18 445 23% 23 23% ft 

17% AKUtr A 028 U 18 82 21% 21% 21% +% 

25% AHm 144 IX 23 5888 29% 28% 28% ft 

19% McnAJ 130 1.1 73 8913 uZ7% 28% 27% *% 

65% 49% AfcdB 1.00 1-8 44 2448 83% 62% 62% ft 

30% 23% AtaBnem 170 15 5 121 28% 28% 2S% -% 

22% MAttzAI 0.10 1511B12B1 20% 21ft 20% -% 

24% 17 Mooli Led 045 £2 20 2000 21% 21% 21% +% 

28% TOmfX 1X4 84) 101148 20% 20% 20% ft 

22% 13% AIM Con 119 M 17 457 20% aft* 20% ft 

4? set ■* u ? , s o i a a^3 

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56 43%BNaA 060 IX 23 170 i ^ 50% 50% 

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09 5B%BonNl3P 430 7X (100 67 57 57 

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1% 28% Mb St 2. 2X0 9.1 22 27% -27% 27% 

1% 31% EMttmFf 100 93 14 53% 53% 53% 

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10% B Any Mr 
30% 19 Bnt Buy 

28%28%BMhSt2. 
35% 31% Briton Pf 
24% 16% MS 
53% 42%BabL 


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17% -% 


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22% ft 

II 


1 21% HUM* 

40% SftMdSg _ _ 

28% 24 MM Op 0X8 12 19 1028 27% 27% 27% 

7 4% Alma 25 253 8% ft 6% 

31% 21% Aim 12 82881132% 30% 32% 

83% 84% Moca 1X0 1X135 8150 088% 84% 88% 
30% 2D% Aba CD A 41 3890 22% 22% 22% 

11% 7%Am0Dltac 196128 282 7% U7% 7% 

8% ft An Praia 125 SX 24 88 7% 7% 7% 

8% 6% AnnBd 106 1-1 12 2110 7 6% 7 

25% XDAmcaaM 0-52 2J 15 74 22% 22% 22% 

82% 44AmHNNx 10D IX 49 2372 48% 48% 48% 

9% 8% AmA4 R 124 2.7 136 8% dB% 8% 

31 23% tm Baric* 110 14 32230B0 24% 24% 24% 

37% 28$ Anftod 2X0 17 103717 35 34% 34% 

26% 18% Am BuiM 180 3-5 14 87 22% 22% 22% 

B 0% Am Cu Ac 4 165 19 240 7% 7% 7% 

20% 17% An ftp BdX 1X4 BX 30 80 17% 17% .17% 

23% 1ft Aril Cep C¥ 1X8 84 O ZlOO 20 20 20 

90 42%ArnCyH 1XS IX SB 7448 98% 88% 08% 

37% 27% AnfiPn 240 11 IS 5502 30 20% 29% 

33% 25%ME)gy 180 2X 13295W 31% 39% 30% 

30% 24% AmGert 1.16 4X 25 5763 29% 28% 28% 


118 IX 128 9% 9% 9% 
USD IS W 40 23% 23 23% 
0X7 IX 7 8198 36% 38% 38% 


22% ft 
«% -% 


99 42% AmCyn 
37% 27% ADfiPw 
33% 25% Mnagi 
30% 24% AmGart 


17% 17% -*% 
20 SB 

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9% BMiGMki 177125 284 6% 8% 

27% 22 Am UP Pr 2X0 97 8 172 23% 23% 2 
20% 16% Am HottBiz 0X8 3X11 18 18% 18% 1! 


85% 55%/Mtaa 292 5.1 128054 58% 57% 57% -1% 

2% 2% AmtUeb 0.75 310 8 62 2% 2% 2% 

98% 81% AmM 0X8 OX 15 7783 92% 92 32% -% 

11% 7Am Opphc 1.00121 258 7% 7% 7% ft 

30 23%Mrt>ram 188 33 404 27 26% 27 ft 

34 l9AmPmitt 0X0 1.6 9 373 25% 25% 2S% +% 

8% 7% Am Heel Es OX4 57 5 130 7% 7% 7% ft 

27% 21 AmStor 148 IX 7 4013 25% 24% 25% +% 

22% IBAnWdrM 1X5 17 zSD 18% 18% 18% 

32% 2S%AmWtk UOB 4X 11 52 27% 27% Z7% -% 

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<3% 34% Amend IOC 178 X4 3 128 37% 37% 37% +% 

16% 11% AaaAkx 124 1X180 332 10% 18 16 -% 

81% 60% Amaea 220 37 1810988 80% 6B% 88 -% 

9% 8% AmpcaRV HO 1.1 7 44 9% 8% 9 

4% 3% Aon Me 112 10100 84 4 3% 4-4% 

34% 28%Ameou8lX 1.40 4X 10 388 32% 32% 32% -% 


4% 2% Anacamp 10 498 3 2% 2% 

§» 42% Anatartox 130 OX 89 742 40 48% 48% 
Z3%AraMg 30 7190 32% 31% 31% 

24%Ane*ax 0X4 14 24 127 27% 27% 27% 
47% AiteU 1X0 ax 24 8410 51% 52% 83% 
25% AmPptfl 2X7118 3 25% t«S% 25% 

34 1B%Aa8im 16 246 24% 34 24% 

18% 14%A«nirh 144 18 17 87 17% 17% 17% 

35% 30 AmCp 1X8 SX 8 1057 34% 34 34% 

29% 22%ApadaQp 0X8 1.1 38 2391 28% 7% 25% 

10% 8% ApBtIMP 173 11 888 B dB% 9 

23% 1*% AW 38 242 22% 22% 22% 

3 uu.i&jS££ 

28ZI%ARMk 110 14 17 9434 24% 34% 24% 


n% ♦% 

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17% 17% 17% 
34% 34 34% 


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51% 45%Aram4XP 4X0 08 4 48% 


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4% ArtaOp 


1X6 18 381112 48% 
162384 38% 
2 83 5% 


33% 23%AnkMx 178 3-1 13 482 247 
31% 21% Anno 140 1X 99 2214 ifll 3 
31% 22% ArtU CDOl 140 IX 12 108 30* 


31% 22%ArtUGD0l ... , w _ 

44% 33% ArtiOl 1X0 18 13 1281 38% 38% 35% 

25% 16% Art PUC F 127 14 87 19% 18% 19% 

3% 1% Aaortlnr 128112 7 42 2% 2% 2% +4 

37 28% UsKGk 112 14 22 142 32% 31% 32% +% 

57% 40% ART 1X2 24 44180 55% 54% 56 -% 

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21% 1G% AMcEgrx 1X4 13 9 815 1^816% 16% 

10% 92% AMI ISO 13178 8538 108% 103% 103% -3% 
10 4% Am 0 488 5% 5% S% ♦% 

20% 18% Atom 8W 188 47 8 201 18% IS 18% *1 

12% 8% AmdiADR 0X4 3X 10 628 8% 8% 8% *% 

24% 17% AlfBt HB 17 27 318 23 2!% 22% -% 

12% 8%AMfctaRd 110 IX 138 3% 1^« 9% -% 

86% 47% AnOattk 0X0 1.1 25 4298 66% 55% 56% -% 

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19 7%Artlx 101 14 4 874 S% 0% 9% -% 

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7% 5% Aar 24 418 7 6% 8% -% 


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39% 38% *% 
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24% 17% Aoort 
12% 8%AaakhFd 
B6% 47% MOM x 
20% 13% AWKO 
10 7%MIX 
45 30%«malx 
82% 48%AMf* 
14% 10% AyrtaCDrp 
7% 5% Aar 


38% 31% BCE « 288 

9% 5% MET ADR 121 

5% SBrtraoo a 2D 

17% 18% Baker FM 140 
22% lTMakH 148 

27% 21% BMkrBGX 140 
» 2 34% BMCP 110 

15% 8% BMM 0 05 

9% 6% BUT 
25%20%MKk 1X2 

20% inBWBrtapx tun 

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25% 20% Beacon V 1.14 
11% 9%BnoCan» 172 
34% 278a|MnMi 1X4 
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50% 38%8enMm in 

88 84% Berk Boat B9B 
28% 22%BkMa an 
48% 45%8ABaekiP 3.04 
33% 25 EMMY 1.10 

80% 47EMMIA 325 
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84% 03% MTM 3X0 
38% 30BEM 1X8 
30% 22% 8M (C 18 0X0 

38 20%BmM&rp 1«2 
48% 39% BenBKx 1.84 
12% 8% BOM 008 

53% 34% BmcD 0X8 
28% 21% Bear 1X8 
20% 23% Bey 81 Gee 140 
22% 18% H Hr IBM 1.72 
23% 15% BearSBne 180 
ra% 48%BMSm 2X3 
37% 27% Batige 0X4 
32% aBedmnh 040 
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7X237 8882 
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4X 7 187 
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14 44 4232 
1 J 22 78 

12 28 072 
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38% 34% 
8% 08% 
4% 4% 

18% 18% 
19% It 
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27% 27% 
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21% 3B% 
20% 20% 
33% 32% 
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CROWNE PLAZA® 


When you stay with us 
in VALLETTA (Malta) 
stay in touch - 

with your complimentary copy of the 


FINANCIAL TIMES 

iuwn iiiunin Nimnni 


48% 37%BkKkx 
31% 23%BhdMx 
8% «%nLBQ* 
14% 9% BHCM 
50% 42% Bang 
30% ISBabNC 


53% 48% Bet L 1X4 10 ZJ 333 48% 47$ 48% 

18% 11% BmBtf 30 4850 14% 13% 13% 

21% l1%BtonB 110 0X 24 388 18% 18 18% 

32% 23%BnrtagmS 140 IX 80 1988 27% 20% Z7 

23% 16%08MlX 140 1X 22 8379 22% 22 22% 

22% 18 BMcHU 1X2 AX 12 118 20% 19% 20 

10% 8%BMKMnxl73 82 38 8% 0% 8% 

8% 6%BtinMlEX 175 11X UBS 8% 

10% 8% BkkKkTIgl i OJD 8X 4S5 8% 0% B% 

40%37%Oackx 1X5 2.7 27 4179 40% 45% 45% 


110 14 231U48 28% 20% 28% 
112 1.7 GO 7 «% 8% 
100 OX 8 122 14% 14 14% 

1X0 2 2 1210538 45% 45% 45% 
0X0 10 71778 29% 29% 28% 


10 BOBBIN 0X8 13 38 4488 II 


2B% 0%0Kdn(3B> 
18% II Berta 
22 18% BOM CMC 

28% 20% BoaETH 
36% 18% Bcul Fnd 
34% 29% HHEPrep 
90% 08% B«St 
33% 18%BritaM 
99% 50%BrMy$q 
74% 55% Br Mr 
54% 38B01GB 

78% 55% OP 


1% 14 14% 

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14 13% 14 


2X010X828 9003 28% 24% 25% 

130 11 1711255 14 13% 14 

1X9 BJ 7 9 21% 21% 21% 

0X0 11 14 881 028% 29% 20% 
0X7 OX 1040 34% 33% 34% 

140 7J 7 SB 30% 30% 38% 

1X4 24 13 462 78% 75% 70% 

21 1311 28 25% 25% 

282 50 1311013 58% 68% 58% 

1X7 .29 14 338 60% 80% 60% 

107 SX 25 17 47% 48% 40% 

1J8 22 283128070% 78% 78% 


21% +% 
»?* -S 


22 07 21% 21% 21% -% 


1% 53% BP 1X8 22 283128070% 78% 78% 

27 10% BPPntfn 1XB 7X 7 273 22% 21% 22% 

25% ' 1BBSM 132 1X 24 1231 24% 23% 24% 

71% 53% BT 1776X 18 473 8059% 80 

28% 22%BM)nU 1X5 5X 14 838 24% 24 24% 

38% 32%BramGpx 1X0 45448 317 36% 35% 35% 

8 5%Br*a 0X2 4J 4Z100 6% 8% 6% 

t 28%Bn«0B 195 14 4 115B Z7% 27% 27% 

24% BlfStrx 0X8 22 25 7028 30% 30% 30% 

3% BRT 39 17 4% 4% 4% 

17%BmnA 044 20 38 4W 22% 21% 21% 
13%BnomiWx 0X2 IX 42 181 
4136 %BocU|bR 2X0 7X10 13 
28% 18% Hut Com 17 118 

09% 47% BUM 1X0 13 IB 5883 
49% 37%Bertitacx 0X5 1X 20 4433 


a a a 


27% ^ 

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■ fexl.42 17 21 OZ 16% 10% 16% 


35% 25%C8I 
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25 19% CMS Bl 
82% 5B%CNAA) 

S 14 CPI Cttp 
70% CSX 

29 19% ns cup 

24% 18%C0bMMi 
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148 IX 36 6SZ 29% 29% 29% 
100 OX 17 887 0300 348306% 
184 19 11 2312 21% 21% 21% 
18 128 61% 01% 01% 
1X8 27 17 5330 51% 90% 91% 
0X8 10 20 220 tn 5^1 18% 18% 
1.70 15 20 1022 70% d80% 70% 
140 IX 22 35 029 28% 28% 


53 33CebWnn 127379 48 45% 47% +% 

23% 24%CetodC 0X8 2X 13 769 28 27% 28 

23% 18% OtatOBG 118 18T98 151 20 19% 18% 

17% 10% Cadnnttan 882 2773 17% 17 17% «% 

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2% 1%CMRHtE 120117 2 12 1% 1% 1% 

15% 11%CMgonawxai6 1X28 3228 12% 11% 12% -% 

19% 15% CeEnmr 17 818 17 18% 17 4% 

15% 0% ON Fed 0 451 13% 13% 13% 

25% 17% CanN Go 140 2X 58 3833 20% 20 20% 

42% 34%OB0tfS 1.12 29 18 4011 38% 38% 35% -% 

H %Qmo*IRl 98 185 £ % A 

18%14%OBAc 0X2 1X 88 1481 18 17% 17% 

85% 80% Cud 120 02 24201 84% 83% 84% ‘1 

14% 12% CpttllXBx 1X8111 120 12% 12% 12% •% 

37% 20%CnaU1Xx 1X0 7X 2100 23 23 23 

42% ZZ%CXpMMBex 3X2 128 7 126 26% 25% 28 -% 

26% 15%GmMlk 21 2870 23 22% 23 4% 

35% 30% CMOo 0X0 24 18 188 34% 33% 33% -% 
23 18%CnmnO 14 148 22% 21% 22% 

U A C*refco Pc 0 60 % p % +i 

13 B%tetaR' OXD 2.1 9 1M «% 9% 9% -% 

30 22% Cert’S. 1.70 8X 11 3048 25% 25% 25% -% 

68% 5B%Cparr 2X0 17 15 213 84% 63% 64% 4% 


30 22%CnP8L 1.70 18 11 3048 25* 
88% 58% CpBirT 2X0 17 15 215 84* 
28% 8% CMMM 0X3 2J 21 4818 13* 
18% 13%CBxlaNG 098 BX 13 30 141 
21% 18%CmCp 0X0 IX 153 irf 
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13% 9% CMEn 180 IX 1 1840 9% 08% 8% -% 

45% 23% Cemex 0X0 OX 10 715 25% 25% 25% -% 

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25% 21% OMr LnM 1X6 8X 12 287 22% 21% 22% -% 

15 10%CMrMrin 180 11 8 462 11% 11 11% 

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30% 2D%CM8W UO 7 X 134882 21% 21% 21% 

30% 21% QMUyTI 0X2 tl 21 89Z 2»% 23% 23% -% 

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4% iVOanB 2 378 4% 4 4 -% 

18% 10% CMS* 114 118 18% 18 18% *% 

12% 120m BkC 170 17 0 387 12% 12% 1ft 

38% 30% Owned 2X4 17 20 79 38 35% 36 

42% 33% ChaBk 1X2 4.1 611341 37 36% 37 

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7%cmwea 0X0 2X 5 438 


33% 22% Chav 
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172 21 70 5GB 
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56% 40% CtNeRjnd 1X5 XX 222 47% 47% 47% +% 
19%11%CN0r OJD IX 268 15% 15% -% 


19% 11% Chkffr 0X0 IX 
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37% 28% Cfcap h 246 8X 
20% 15%OmM 160 42 
27% 21 OoeGBi 1X2 11 

25% 18% CbM 0X8 IX 
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27%ie%CtautCt 110 14 
40% 20% area Or 
45% 36% CMGP 080 IX 
26% 25 Pkpl12 2X6 19 

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12% 7%atrNNN 0X4 SX 
12% 7%CKE 108 IX 
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71% 50% CtakEq 
28% 17 CMjbn Itn 


48% 34% EMI 
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55% 47Ckm 
28% 22CttMU 
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18% 11%CMdwi 
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0X0 IX 268 16% 15% 15% 

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7 888 40% 83% 

42 7 31% 30 30 

1X0 2.1 625330 47% 47 47 

1X4 2X 182716 72% 71% 71% 

104 4X 19 ZUB 83% 63% 63% 

OXOTU 1315 T% 7% 7% 

2X6 14 11 47 20% 20 28% 

160 4X 20 101 19 18% 18 

1X2 11 70 866 21% 21% 21% 

0X8 IX 19 1448 24% 23% 24 

168 3092 3% 3% 

2X0 7X 10 50 28% 28% 

110 14 20 5119(07% 28% 

18 2274 23% 23% 

0X0 IX 112X22 44% 44% 

MB 89 39 25% 25% 

8X0 7X 7 79% 79% 

7X0 7X 11 93<fi2% 

20 284 14% 14 

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0X4 54 33 1178 12 11% 

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0.12 1.1 0 1602 11% 10% 

28 499 713 m 

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48% 38% CDa CX 
19% 14 axaGn 

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COM 140 IX 29 2714 30 

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30% 21% Mta 292 0X 9 1408 


40% 38% COMM 112 03 510101 42% 41% 42% 

24% 17% COntaco 0X8 1.7 ID «8 21% 21% 21 i 

31% 25% Oumtea x 1X8 4X 10 14M 20% 2rt 29% 

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33% 25% DOAgm 072 22 19 6683 32% 32 32% 

31% 22% Genoa NGx 148 11 13 88 24% 23% 24% 

25 2D CVOKtCax 1X0 59 IS » 22 21% 21% 

20% id% OaeaarPer 1 2963 11% 11 11% 

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10% s%cartm oxc 04 57S 

11% 10% OmHPI 1.16 11X 182 

1% 4% Guam Cm 32437 

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19 12% Cantor D 
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Cn*0* an 2X446 8274 31% 30% 31% 

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t«M 050 11 U 89 16% 16 16% 

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CnUNBr 0X8113 0 120 « & A 

C5JW 022 18 661 7% 67% 7% 

cower 0X1 is 200 b% ob% a% 

CUC a 452968 32% 32% 32% 


31% 4% 
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14% +% 


18% 10% 
6% 5% 
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38% 31 

11% 11% 


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37 32% emu 
11% 8%CVM 
13% 7% dam On 
2D13%Cn»8ra 
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21%U%0AHeHg 1.10 

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25% Dm 0X4 
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13% IXDBMMx 118 
19% 6%D**Ga 
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86% GAOMM 1X8 

>% 4DbS*d 114 
33% 28%OmFBa6i Ul 
4% 3l%D*aam 160 
8% 7% Dam* 0X0 
90% 84% Dm 220 
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28% tm 112 
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30% Dowr 1X4 

58% Da* a 2X0 

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19 41 883 46 48% 

32 130 11% 10% 
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28% 19VBwDBnC0 
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16% 13 Ml Bun 

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37% zz%B*ar 
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2% 2BQKiMy 
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Fab In* t 00* 11 28 32% K% +% 

Etna A 400 16 6 7fi% 78% 76% +% 

FsJOfyBnc 020 15 13u12% 12 Wjl *S 

FfeAs LB 006 7b 94 30% 30% 30% +% 

MILta =» M6 W% 47% -% 
FftKjnonqr 4 20 3% 3% 3% 

Gra, 000 G 01 18% 18% 18% -f% 

GhntFdA 072 141106 22 21% 21% ■% 

iwt a 070 381126 18% 17$ T7$ ♦% 

GtadHeU 2 62 ft ft A , 

Qremrcn 38 134 7^ Sg J 

GtafCda 034 121226 4 312 4 

28 577 4,^ 4% 4% -ft 


Stack Dta. E 100s Mgh LowOom Cbog 
run 028 13 1972 30% 30% 30% -% 

khatti Cn 4 5 3 3 3 -% 

HeaBwst 3 313 (Oft 3% 3% 

Men 015 44 3 10% 10% 10% 

HunottnA IT 216 B% 8% 8% -% 


ICHCDrp 1 845 5% 

< XntrartCp x 012 28 B 11% 
hL Corns 3 4003 4 


1 845 5% 5% 5% 

29 0 11% 11% 11% *% 

34003 4 3ft 4 +,1 

84 313 17 16% 18% •% 

202460 20% 20% 20% -% 


Stack 
Ottoi 
Pegasus G 
PertH 
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(MIDx 
PtawayAx 
fly Get* 


VI Sts 

Dhr. E 100* Mgh 

OZ4459 702 36% 
040 101768 16% 
089 IB 31 9% 

104 9 2 17% 

024 18 287 59$ 
050 19 77 37% 

012 29 388 22$ 
092 17 67 15% 
OIO 1 133 1ft 


LtMOosn Ctag 

38% 38% 

10% 16% +% 

£?» »§ 

S9»2 59% -% 

38% 36% 

22% 22% ■►% 

14% 14% -% 

1ft 1ft +% 


4 429 8% 6% +J4 

20 B 13% 13% 13% -% 

20 12 4% 4ft 4% 

19 149 16% 18% 16% +% 

78 701 9% 9 9%+% 

11 296 1% 111 1% -% 


RaoenBrod 35Z1D0 

Ronvcp 3 <33 

SJWCorp 2.10 0 <2 

SOmUnlon 18 66 


33 33 33 

5% 5% 5% 

35% 35% 

18% 17% 17$ 


11 296 1% 
14 01 5% 


LnePharro 4 82 1 8 jl . 

Unexhc 214 37 12% 12% 12$ ♦% 

Lynch Cp 8 5 28 20 28 +% 

Manam 3 323 32% 29% 32% +2% 

MerihA 044 29 552 29$ J? 29% -% 

Hem Do 020 41 3 6$ 5% 5% 

MM4 5 7 7 7 

HoogA IB 10 9% 9js 9% +% 

MSfl&ta S3 MB 1 1£ !S -ft 

NatPU 6 110 2% 2)2 2% 

PfYTmA 0563331960 23 ? 23% 23$ -% 
tttncenod 020 13 63 9% B% 9% 

NunacE 115 23 5% Sk 5% , 

HVR 300 115 8 5% 8 +% 

OdehcsA 34 135 u9% d9% 9% 


Tap Prods 

Td&Dtaax 

Thencettcs 

TImucAs 

TotPHA 

TownCntiT 

Trtcn 

Tubes Mbc 

TurwBrA 

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020 48 251 
036 691286 
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02D 17 440 
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007 67 172 
0071737 641 


UbffiDOdaA 5 88 
UtriFoortfl OJDIOenOfl 
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USCeU 251 334 

WunA 251157 

VtacemB 2S13 

VfcaBieriU 29 1662 
westerner ofio S* aia 
WET 1.12 18 558 
mutrti 060 14 253 


8% 8% 8% 
47% 46% 46% 
15% 14% 14% 
32 31% 32 

12% 12% 12% 
2% 2ft Zft 

a a 3 

18% 17% iS 
18% 17% 17$ 

It 2 it 

3^ M<2 

39% 39% 39% 
35% 34% 3S 
12% 12 12 
28% 29% 28% 
13 12% 12$ 
31$ 31% 31% 

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W Sta 

Start »w E 1D0I Hpe 
ASS tads* 020 19 31 13% 
ACC Corp* 012168 377 19 

AccttfllE 2413077 18% 
Acme (Ms 21 907 25 

AofcfflCp 39 80 U2B 

Adapted! 1917660 20% 
ADC TOte 37 991 44% 

Addhgon 71 730 14% 

AdbStxv O16 22 42 36% 

Adobe Sys 000 281731 Du35% 


Advance C 7 102 10 

Adilmpc 8 29 1% 
AdvPofym 7 209 5% 
AdvTehUb 14 408 16% 
Adnata 020 16 920 32% 
Aflyircn 11 475 16% 

AgnlcaEa 110145 395 13% 
Arfjqr 03* 10 BS7u2&% 
AfcmAUl 224 7t 353 60% 
AdffiM 008 17 109$ 28 

AffcUli 6W 17 41 8$ 
Altai (kg 052 15 !1u41% 
Allan Ri 5 648 9 

AbdCaKx 100 13 112 15 

AM Cap* 000 12 33 14% 
AJaetteC 032 8 90 3% 

ARaEUd W 14 ZS7 1% 
AfaraOo 2911336 30% 
Am Banker 0.72 B 135 23% 
AmCQBu 14 3d1B% 

AmManag 24 449 2S% 
Am tod B 13 574 9% 
Am SottwQ 032 10 411 5 

AmFrtnys 40 198 24% 
AmOtlA 056 171781 29% 
AmWP 21322 1ft 

AmNtto 220 7 124 48% 
AmPwiCom 3717220 20 

Am Trot 13 953 16% 

Amgen he 2113216 56% 
AmtocnCp 008 14 1757 10% 
Amvfin 4 169 9% 

Aiutagic 16 183 17% 

Anaiyaa 052 12 5 15% 

AiwgslAm 100 13 56 15% 
AlKkswQl 261749 47% 
AndroeAn 8 135 is% 
Apogee &1 030 31 673 1 5% 
APP Bta 9 5101 6 

AppUUat 3411218 51% 
AppteC 0.48 3232390 37% 
Antabeea 004 48 8960 18% 
Artur Dr 024 40 183 20% 
Aretco 018 151GG0u2l% 

AipnaU 1.16 B 66 30»2 
Armor Al 004 21 13 21% 
Arrow h 000 172437 20% 
ASK Grp 3 172 13% 

AspeaTW 36 2530 41 

AseocConm 284 20 25% 


Artx* Dr 024 46 183 20% 
Arena 019 l6i6G0u2i% 

Abroad 1.16 B 69 30>2 
Armor Al 004 21 13 21% 

Arrow In 040 17 2437 20% 
ASK Grp 3 172 13% 

AspeaTW 35 2530 41 

AssacCanni 284 28 25% 
A5TRSdt 95588 14% 
AHraro 13 38 10% 
Ad SEA* 002 18 2513 25% 
Addsk 008 245129 82% 
AtatMD 10 128 3% 

Avondale 092 20 286 3% 


BEI B 

Bthbngas 

Bakotl Wt 

B** J 

BbtanLB 

Baoctec 

BrttSaOhx 

BadcenCp 

BMknorfli 

BontaGeo 

Basset F 

Bay Mew 

BayUrio 

SBiTRn 

BE Aero 

BauMCoe 

BenUeny 

BerktayWR 

BHAGrp 

Ed he 

BlgB 

BnSey ft 

Bagen 

Boron 

Bta* Dig 

BUCSottw 

Boatmen S 

Bon Evans 

Boole iB 

Borland 

Boston Bk 

Boston Tc 

BtadyWA 

Bronco 

Bruno S 

BSBBhqi 

BTSMpng 

BuKea 

BidUosT 

BuiBiwn 

BudnessH 

BuueMg 


008 27 5 5 

10 8S7 12 

35 ft 
00813 381 21% 
004 3 109 15% 
19 731 26% 
002 12 498 19% 
0.40 7 83 15 

080 14 14 25 

052 16 838 34% 
000 IS 768 28% 
080 13 48 25% 
100 13 3735 56% 
1.16 8 284 30% 
21 457 9 

002 32 12 14% 

14 394 14% 
0*4 13 120 37 

012 16 4 10% 

97 615 4$ 
016 171250 12 

008 16 1063 14% 
599380 55% 

21 8074 12% 

104 11 345 31 

14 9604 46% 

106 11 2009 34 

028 19 860 21% 

15 80 30% 
144771 12% 

076 6 58 38% 
80 3468 13% 
068 19 20 46% 
024 29 216 13% 
008 2013743 9% 
076 9 31 29% 
048 4 30 2% 
28 2346 19% 

22 141 12% 

38 315U!1% 
83 77 3* 

8 4O0u32% 


- c - 

CTee 295 493 29% 

Cabot Med 81246 5% 
CattSdMpe 099 16 361 29% 
CadmusComOa) 21 13 17% 

Caved) 426 B95 8% 
COgene 225 51702 10ft 
Cal More 23 BID 25 

GarabriBo 1 1035 1% 

CantMaL 1 BB 3% 

Cedes 4 1403 2% 

Canon Inc 052120 0 68% 

Canute 3 18 16$ 

CartUnCm 053 23 22 27% 

cascade 060 23 17 25 

caseyS 008 17 4110 11% 

Catgene 5 549 7% 

Catd) 16 11 11 % 

Centooor 619502017% 

0*1 FW x 1.12 12 <080 33% 

QnuiSpr 20 106 1D% 

Chamfer 8 25 4% 

Chapter 1 000 81212 23% 
CnmOi 009 126018 9% 
Chen** 17 10 11% 

Otempower 13x100 3% 
ChlpsSTe 8 1828 4% 

Chiron Cp 7012470 12% 
Chn Fin * 108 12 *47 54 

OntasCD 017 321948 33% 
CaneLgc 31 7731 30% 

05 Tech 125 548 2ft 

CacoSya 1434092 27 

OzBancp 108 17 35 30% 
CtahHbr 20 3 5% 

CHsDr 42 0 12% 

CUhestm 7 122 4% 

GocbCoMB 100 17 23 29 

Cotta Engy 132 220 6% 

CodBAtam 29 46 11% 
Oogwa Cp 31 4731 20 

Oognos 11IU86 12% 
Coherent 17 217 13% 
COMgen 040 99 298 22% 
CUM Gas 106 1 3 25 22 

CoW Op 000 11 54 35lj 

Comatr 024 IB 452 24% 
OnstA DOS 202523 16% 
QmxttSp 018 4110617 15% 
CBmrnBetaiOSB 12 I26u33% 
Comma 070 97 99 18^2 


CcnwmC 17 672 25% 
Comptme 3S6 565 10% 
Comdan 56 270 12% 
QxnetacW 38 903 3% 
ConPap 108 33 8 48% 

Ognsdtan 4 191 6% 

ConWCd 99 1475 u24 

OBOaa 11 6B 7% 
CtnrsA OSO 21 742 20% 
CopyWe M 1209 5% 
ConfcCp 23 1642 53% 
Cop 0 A 47 180 17 

Cracker Br OK 78 3864 24% 
Day COmp 1 1981 I ft 

Down Res 29 ISO 4% 
pyrogen 2 1603 3% 


- D - 

2017206 31% 
013 31 13 84 

12 158 2% 
2& 155 7% 
15 413 <5% 
092 12 1022 27% 
000 19 6 6% 

002 24 142 19 

090 47 179 31% 
004 n 6 21% 


DauphtnOp 
Deb Shops 
Data® Ed 
D ekalb Gb 
Dekhanpi 


law LjH Gkng 

13% 13% -% 
18% 18% -% 
18 18% -% 
24% 25 +% 

27% 27% +% 
19% 20% +$ 

44 44% +1 

13% I3)i 

36% 36<2 

33% 34% +% 
9$ 10 

4% 4% 

5% 5% 

16% 16% +% 
31% 32% +% 
15% 15% ♦% 
12$ 13% *A 
27% 27$ +% 
60 60% -% 
»% 25% J 2 
8% 8$ 

39 39 -ft 

9% 9 

14% 15 +% 

13% 13% 

2$ 3 -% 

1ft 1ft -ft 

ZBft 30ft +U 
23lg 23% -% 

15% 15% 

25 25 -ft 

9% 9% -% 
4% 5 

24 24% -% 
29% 29$ 

1% 1ft -ft 

40 40% -1% 
18% 20 +% 
16$ 16$ -% 
55% 56$ 

9% 10 +% 

9% 9% -ft 
17% 17% -% 

14% 14% -% 
15% 16% 

45% 48% -1% 
15% 16% +% 
15 15% +% 1 
5% B ! 
48% 51 +1% i 
35% 3S$ -$ ! 
17% 18% +1$ 
19% 20% 

20 % 21 % +% 
29% 30 -% 

21 % 21 % +% 
19% 19% -$ 

13 13ft -ft 
37 38% -1% 
25% 25$ +$ 
13$ 14 -% 

10% 10$ +$ 
24 25*2 +1% 

81 62% +% 
2$ 3% 

7% 7% -$ 


dS 5 
11 % 12 +% 
dft ft rft 
20 $ 21 % 

15% 15% 

25% 29 -% 

19 19$ -% 

14$ 14$ -% 
24% 25 +% 

33% 34% +1 

20 28 -% 
24% 24% -% 
57% 58% 

20% 30% 

8*2 8$ •% 
14% 14% -% 
13% 14% -% 
36% 36% 

10% 10% 

4% 4$ +$ 
11 % 12 
13% 14% *% 
54% 55 -$ 

11 $ 12 -$ 
30% 30% •% 
44% 45% -% 
33$ 34 
21 % 21 % +% 
29$ 30% +1 

12% 12$ +ft 

37 38*2 +1% 
12$ 13ft *i\ 
48% <8% +% 
12 $ 12 $ -% 
9% 9$ +% 

28 28 
2% 2% -ft 

18% 19 -% 

12 $ 12 $ -% 
10 $ 11 % -% 
33% 33$ -$ 
:»% 32% +1% 


27% 29% 
S% 5 % 
29 29$ 
17% 17% 
8 8% 


2 2% 
96% 68$ 
5% 5$ 
27$ Z7$ 
24% »% 
11 11 % 
7% 7ft 
11 % 11 % 
10$ 17 

32% 32% 
ID 10 
4$ 4$ 
22 % 22 % 
8$ 9 

11% 11% 
3% 3% 
4% 4% 
58% 72% 
53% 5* 

32% 33% 
29$ 29% 
2$ 2% 
25$ 26$ 
30 30 

d5% 5% 
12 % 12 % 
4$ 4$ 
20% 28% 
6$ 6$ 
11% 1T% 
19% 19$ 
12 % 12 % 
13% 13% 
22 22% 
21 % 21 % 
29% 29% 
24% 24$ 
16% 18% 
16 16$ 
32% 33% 
18 18% 
25% 25$ 
10% iWi 
12 12 % 
3ft 3ft 
48$ 48$ 
4$ 4$ 
23% 23$ 
7% 7$ 
19% 797c 
4% 4$ 
52$ 53% 
16*2 17 

23% 23ii 
»% T$ 
4$ 4% 
3% 3ft 


30 31% +% 
80 80 -2 
2$ 2% +% 
6% 6% -$ 
15% <5% +% 
26% 27 -% 
6$ 6$ 

15% 16 +% 

30% 31% lift 
21% 21% 


Dfl8 Comp 

(MtaOStm 

Dtnply 

Depfityx 

Devon 

OH Tech 

DfteicB 

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DigSauxI 

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DHnex Cp 

Duerm 

DNAFb&t 

DofarGn 

DotchKn 

DtecoEnor 

DroesBam 

DroyGD 

DrogEmpo 

05 Bancot 

Outran 

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DyntCadt 


M Sta 

bto E 100. Kgb Um 
3827898(138% 35$ 
Q.1B IB 53 15% IS 
000 32 465 37% 36% 
t.12 0 129 32% 32 

000 4 ZHW 8% 8% 
18 53)122% 21% 

080 27 425 19 18 

15 941 16% 15% 
91215 15$ 15% 
53 5073 2% 1$ 
23 480 8% 6$ 
17 24 35% M% 
000 50 205 9 8% 

1 1935 2$ 2% 
000 25 5330 25% 24% 
068 14 23 13% 13 

9 6 9% 9% 

II 1433 10% 9% 
024 22 368 26 25% 

006 51 244 5% 4$ 
109 18 31 28% 28% 
002 12 2127 17% 15*4 
000 24 8u33% 32% 

7 &6 22% 21% 


Led dog 

37$ +1% 
IS 
36% 

32% -% 
87* -% 
22% +1 
19 *1% 
15 % -% 
15% *$ 
2% +% 
B% +% 
3572 -% 


25% +1% 
13% t% 
9% 

10% +% 
26 -% 
5% -% 
28% 

15% -1% 
32% 

=2% -% 


fl Sk 

Dtv. E WOa Kgb lew lm Ctag 


EhctArts 

Etncon Ass 

Enutex 

EngyVim 

EflwrSM 

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BjuttyOl 

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Evans Sth 

Exabyte 

Brcdaur 


FtaBrp 

Farr Cp 

Fteteol 

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FWlTtext 

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Hratler* 

Hrotmtc 

Fbw 

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Fnremnat 

Fonctner 

Foster A 

FrttiHn 

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FufiarHB 

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Ota App 

G&KSenx 

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Garnet % 
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Good Guys 

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dadmSys 

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Green AP 

6nwchni 

ducnani 

GmdWb 

GT1 Carp 

GbNVSvg 


2 60 3% 
7 1)85 4% 
2 100 1% 
002 231047 16% 
239 448 7% 
1 1739 lft 
16 52971116% 
089 51 7 51 

21 9900 18% 
16 226 6 
478 u9$ 
54 7 15% 

77 54 2ft 

31410 2% 
0.10 16 107 4% 
048151 3122 K 
100 8$ 
57 57 12% 

2*1721 18% 
9 414 8 

15 484 21% 
OIO 24 429 21% 
2D 138 12% 


- F - 

11 58 4$ 

024 38 96 7% 

00} 64 349 41% 
184063 30% 
104 161395 53% 
15 856 5% 
004 0 105 9$ 
321321 23% 
084 8 922 U35 
100 12 81 27 

050 20 1G9 23 

104 12 978 31% 
158 10 2999 47% 
036 7 180 u9$ 
056 7 Ml 25$ 
104 8 48 M 
47 284 8% 
26 1260 22% 
20 362 7 

009 IS 1146 5$ 
0096002568 6 

100 10 27 32% 
11 319 12 

34 B9 3% 
104 12 DO 30% 
040 B 267 16% 
1.18 11 485 29 

058 20 827 32% 
058 11 110 21% 
024 23 25 18% 
17 286 3% 


-G- 

7 106 4 3$ 

007 23 116 16% 15% 
0 62 2$ 2% 
9 641 3% 03% 
016146 301 6$ 5$ 
040 21 11 20% 19% 
19 96 u5% 5$ 
34931 9$ 9% 
400 40 533 24% 23% 
170 827 5$ 4$ 
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000 21 2065 16$ 16 
012 14 3335 20% <9 

080 16 355 14% . 14 
11 16 5% 5 

17 77H 13% 11% 
080 20 618 22$ 22$ 
300 102 3% 3 

020 71 261 21% 20% 
024 10 15 17% 17% 
0 1112 % 15 

1 1049 2$ 2% 
650 128 13 12% 

11 579 15 14 

B 924 10$ 10 


4 

15% -ft 
2ft 
3% 

5$ 

20% +% 
5$ 

9ft -ft 
24$ -$ 
5$ +% 
37% +% 
18% +% 
19 -1 
14% +% 

5 -$ 
13% ♦% 
22$ -% 

3 


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Hon trek 

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-H - 

09 18 6% 8 

088 10 220 26% 24 

000 13 298 14% 14% 
016 26 1477 33% 31% 
26 5101 U29$ 28$ 
(LOG 20 533 12$ 12% 
1111471 7$ 7$ 
016 25 1447 15% 14% 
11 11 $ 10 % 
8 45 15 14% 

072 131545 21% 20% 
0.15 20 521 6% 6$ 
76 698 17% 15% 
080 8 25 21% 20% 
044 17 £87 25% 024% 
14 823 13 12% 

044462 30 4$ 4% 

020 17 511 17% 17% 
080 8 2747 20$ 20 

008 1 117 3% 3 

169 4560 31 30 

19 413 5ft 4$ 


8% +% 
25 ♦% 
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31% -2 

29$ -ft 
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15 ♦% 
20% -% 
8% -$ 
16% ■$ 
20% 

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17% -% 
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30$ 1% 

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- I - 

40 Z1D0 6% Ob 1 ! 
26 3532 9$ 9 

4 509 4% 4% 
33 191 5% 5% 

2 144 4 % 4$ 

000 33 32 17% 17 
Q34192 52 13%d13% 

10 3013 13$ 13% 
2824717 23% 22% 
088 15 131 11$ 11% 
2B11413 23$ 23 

32 7lu13% 13 
B 43 2ft 2% 
024 1 2521 52 67$ 56 

8 169 2$ 1$ 

040 3113237 18 17$ 

a> 559 9$ 6$ 
a« 17 88 13$ 13 

31314 9$ 9$ 

4 842 4 % 4 % 

5 578 13 12$ 

24 7830 14$ 13$ 
14 233 17% 17 

002 18 21 2$ 82$ 
Z75 19 5% 5% 
005 20 3941131% 31 

21134 3$ 3$ 
16 58 18 17% 

109 3BZ100 209 209 


13% +% 
23% +,’< 


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9% ♦$ 
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12% +$ 
13$ -$ 
17% +% 
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Jason he 006 13 
JLGtnd OIO 35 
JofwsmW 61 

JnesH 11 

JnetiltedAlfl 12 
JodynCp 100 14 
JSBRn 000 17 
JumUgx 008 18 
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77 12% 
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103 IS 
552 8$ 
56 30% 
231 27 

181 19 

224 12% 


12$ 12ft -ft 
8% 8% 

40 40% +% 
24% 24% +% 
14$ 14$ *% 
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29% 30*2 +% 
26% 26|S +A 
18$ 18% -% 
12 12% +% 


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009 11 128 22% 
044 5 529 10 

3itt3 6% 
072 25 I4B6 31% 
011 11 35 6$ 
004 14 EC 25 
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2 3S7 3% 

B i» ft 

234 9165 26% 
102B7S 16$ 


3$ 9$ 

5$ 0 

30% 31% 
6% 6ft 
24% 25 

10$ 10*8 
49% 51% 
3% 3% 
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24% 25% 
15% H% 


3 3$ 

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17$ 18% 

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50$ 51 -$ 

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2$ 2$ -$ 
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16% 18% +$ 
7% 7% -% 

20% 20% -% 
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12% 12% -ft 


412 413 
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29% 29% -1 

52% 53% 

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9$ 9$ -% 
22% 23% -$ 
34$ 35 -$ 

28% 27 +% 

22% 23 +% 

30% 31 -% 

45% 45% -1% 
6$ 9ft -ft 
24$ 25 -$ 

33% 33$ +$ 
8 8$ 

22 % 22 % 

6% 7 -% 

5% 5% 

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32% 32$ +% 
11 % 12 
3$ 3$ 

29% 30% +% 
18% 16ft +ft 
28% 29 +% 

31% 32% -% 
20 % 20 % 

17% 18% +% 
<0$ 2$ -$ 


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Onbancop x10O 7 732 29% 28% 28% -% 

Or* Price II 6549 14% 13% 14% 
Optical R 22 351 23% 22$ 23% +$ 

OracieS 641S5W 44$ 43% *4 -$ 

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36 


FINANCIAL TIMES MONDAY SEPTEMBER 19 


FT GUIDE TO 1 H I. WEEK 



MONDAY 

Biological weapons treaty 

Government 
representatives meet in 
Geneva (to Sep 30) to 
discuss ways of check- 
ing compliance with 
the United Nations' 
treaty outlawing biological weapons. 
The 131-raember treaty currently has 
no system to guard against cheating. 

The Kalian government of Silvio 
Berlusconi meets union leaders to dis- 
cuss pension reform. Hr Berlusconi last 
week postponed a showdown with the 
powerful trades union movement over 
proposed cuts in the generous state 
scheme. 

Cutting pension benefits Is an essen- 
tial element in the right-wing coali- 
tion's plans to reduce public spending 
in the budget. 

Angry trades unionists have carried 
out several protest stoppages, including 
one at Fiat's MiraEori plant in Turin. 

European Union economics and 
finance ministers meet in Brussels 
after the summer recess to resume dis- 
cussions on excessive deficits in mem- 
ber states, convergence programmes, 
and the white paper on growth, compet- 
itiveness and employment. A two-day 
agriculture council meeting also starts 
today. Ministers will focus on reform of 
the wine sector, the future of union pol- 
icy on fruit and vegetables, and protec- 
tion of animals transported live. 

John Major, UK prime minister, 
leaves Jeddah for Abu Dhabi and then 
South Africa after talks with Saudi 
Arabia's King Fabd on Middle East 
issues and arms deals. 

Mr Major arrives in South Africa on 
Tuesday for the first official visit by a 
British prime minister since Harold 
Macmillan's “wind of change" speech 
in 1960. 

Mr Major (left) 
will see Presi- 
dent Mandela 
and other politi- 
cal leaders, and 
address an 
informal joint 
session of par- 
liament. Behind 
the scenes, 
talks will focus 
on trade, aid, 
and British par- 
ticipation in the republic's fledgling pri- 
vatisation programme. 

Art market: The most important blue 
diamond ever offered at auction, esti- 
mated to fetch SSm. goes on exhibition 
at The Regent, in Kuala Lumpur, Mal- 
aysia. Sotheby's, along with rivals 
Christie's, sees the greatest potential 
for art market growth in South East 
Asia, and for the first time is taking to 
Malaysia some of the jewels it is selling 
in New York on October 17 and 18, in 
the hope of attracting bids. 

Holidays: Chile (Armed Forces Day), 
Israel (Eve of Sukkot). South Korea, Sri 
Lanka, Taiwan (Moon Festival). 





20 


TUESDAY 


Japan announces tax cuts 

Japan's ruling coalition is to publish a 
draft tax reform bill, including one-off 
and permanent income tax cuts. The 
finance ministry wants a rise in 'sales 
tax to fund the hand-outs. But the draft 
bill may be vague on that controversial 
subject, because of strong objections by 
pr imp minister Tomiichi Murayama's 
Social Democratic Party. 

The United Nations begins its 49th 
General Assembly in New York. 

Pollution: Budapest hosts an 
international conference on environ- 
mental contamination in central and 
eastern Europe (to Sep 23). The 300 del- 
egates include representatives of Nato 
and the US Environmental Protection 
Agency. They will assess the region 
and discuss how to measure and reduce 
air, soil and water contamination. 

Irish prime minister Albert 
Reynolds arrives in Canberra, and will 
brief Paul Keating, his Australian coun- 
terpart, on the Northern Ireland peace 
process. More than a third of Austral- 
ians claim Irish ancestry - including 
the prime minis ter hims elf - although 
the demographics are changing with 
higher levels of Asian immigration. 

UK economy: Market expectations 
for August growth of M4, the broad 
measure of the money supply, are still 
subdued. Moderate M4 leading, expec- 
ted to come in at a seasonally adjusted 
£2J bn, would give a 0.4 per cent rise on 
the previous month, leaving the annual 
growth rate at 48 per cent, towards the 
bottom of the government's 3 per cent 
to 9 per cent monitoring range. 

Chess: The Professional Chess 
Association world championship semi- 
finals holds its opening ceremony at 
Linares. Spain (to Oct 6). 

Britons Nigel Short and Michael 
Adams play Gata Kamsky of the US, 
and the speedy Indian, Vishy Anand. 
respectively. The incentive for success 
in the 10-game matches is another mul- 
ti-million-pound challenge to Gary Kas- 
parov. Play starts on Wednesday. 


Headmasters" conference: 



Heads of the UK’s most prestigious 
independent mixed and boys schools 
gather in Bournemouth. In a departure 
from normal practice, no education 
minister will address the meeting, but 
delegates intend to use the three-day 
conference to finalise an ambitious 
plan for reforming A-level and GCSE 
exams. 

Holidays: Israel (Sukkot), South 
Korea. Taiwan (Moon Festival). 


21 


WEDNESDAY 

Danish general election 

Denmark holds a general election. The 
four-party centre-left coalition headed 
by Foul Nyrup Rasmussen, the Social 
Democratic Party leader, will almost 
wrtainTy lose its one-seat majority. His 
main opponent, Liberal Party leader 
U3e Ellemnnn-J ensen. hopes for vic- 
tory. but the odds are on a minority 
government under Rasmussen. 

France’s budget for 1995, due to be 
announced today, is expected to be aus- 
tere. Edouard Bahadur's centre-right 
government intends to cut the deficit 
from FFrSOlbn ($S6bn) this year to 
FFr275bn, largely by a clampdown on 
public spending and higher taxes on 
petrol and local businesses. 

Indonesian trial: Muchtar 
Pakpahan, the chairman of the largest 
independent trade union, SBSL is due 
to stand trial in the north S uma tran 
town of Medan for his involvement in 
the Medan workers' riots in April. He 
also faces charges for trying to organise 
a nation-wide strike in February this 
year in protest at Indonesian workers' 
conditions. 

Portugal’s parliament is due to 

debate constitutional revision, focusing 
on electoral law and presidential pow- 
ers, and on adapting the constitution to 
the process of European integration. 
Any changes require a two-thirds 
majority and thus consensus between 
the centre-right governing party and 
the opposition Socialists. 

Scottish Nationalist conference: 

The party, 
which fights for 
Scotland's inde- 
pendence and is 
led by Alex Sal- 
mond MP (left), 
begins its 
annual confer- 
ence in Inver- 
ness (to Sep 24). 
It took a record 
32.6 per cent of 
the Scottish 
vote in June's European elections and 
gained a second seat at Strasbourg. 

UK economy: August's non-EU trade 
balance will be scrutinised for continu- 
ing signs of improvement. Exporters' 
expectations are rising, while the slow- 
down in consumer spending indicated 
by last week's retail sales figures 
should pinch imports. If, as expected, 
the trade deficit is about £500m, the 
average for the past three months will 
be lower than the £595m average for 
the previous three. 

Alzheimer's Disease: The 10th 
international conference on senile 
dementia opens in Edinburgh on the 
first World Alzheimer’s Day (to Sep 23). 

FT Surveys: International Equities 
and Logistics. 

Holidays: Hong Kong, Israel (Week of 
Sukkot), Malta (Independence Day), 
South Korea. 




Shooting himself in the foot? President Orton's navy is poised to restore democracy by force in Haiti if last-minute talks fail 


22 


THURSDAY 


Uruguay ratification urged 

Members of the preparatory committee 
for the World Trade Organisation, 
meeting in Geneva, are expected to cri- 
ticise the US, the European Union and 
Japan for dragging their heels on rati- 
fying the Uruguay Round trade 
accords. These include establishment of 
the WTO itself, and are supposed to 
come into force next January. 

Telecommunications minis ters 
from 50 countries meet in Kyoto. Japan, 
to discuss creating a global information 
network using optical fibre and how it 
could help reduce the technology gap 
between rich nations and the develop- 
ing world. 

EU-Asean foreign ministers hold 
their two-yearly meeting in Karlsruhe 
(to Sep 23). Once again, the EU will 
seek to prise open the markets of the 
six-member Association of South East 
Asian Nations and to reduce their trade 
surplus. On Saturday, the foreign min- 
isters meet some 200 chief executives 
from leading European and Asian com- 
panies to continue discussions. 

Hie Bolshoi Theatre’s postponed 
new season opens today, but is in jeop- 
ardy after President Yeltsin ordered the 
introduction of western-style contracts 
instead of lifelong tenure. Artists may 
strike in protest 

Party conference: One of the UK's 
most colourful political parties, the 
fringe Monster Raving Loony Party, 
holds its annual conference at a hotel 
in Ashburton, Devon. 


23 


FRIDAY 


US-N Korea talks resume 

The US and North Korea will resume 
high-level talks in Geneva on the terms 
of a deal by which Pyongyang would 
accept full uuclear inspections in 
exchange for improved relations with 
Washington. 

North Korea would dismantle its cur- 
rent graphite reactors in return for the 
supply of safer light-water models. One 
difficulty, however, is that Pyongyang 
wants them to be Russian, while the US 
and South Korea want to supply a US- 
designed model. 

Questions also remain about the dis- 
posal of the North's stockpile of nuclear 
fuel and about the means to determine 
whether Pyongyang has already built 
an atomic bomb. 

UK economy: The markets will be 
focusing attention on the September 
CBI industrial trends survey. 

The survey provides a snapshot of 
the mood of industry, because of its 
potential importance in monetary pol- 
icy decisions. 

Previous surveys have shown factory 
gate prices rising to levels last seen in 
late-1990. 

Although output and prices balances 
are strong at the moment, a slowdown 
in consumer demand should allow both 
to fall back. 

FT Surveys: Venture and 
Development Capital and West End 
Property. 

Holidays: Japan (Autumnal Equinox 
Day). 


24-25 


WEEKEND 


Bavarians go to the polls 

Bavarians vote on Sunday to elect a 
state parliament, the last state election 
before the national elections on Octo- 
ber 16. 

The results are unlikely to give any 
further clues about the outcome of the 
latter, however. While the opposition 
Social Democrats have fought a spirited 
campaign, the Bavarians are likely to 
return the Christian Social Union with 
an absolute majority - os they have 
since 1962. 

President Boris Yeltsin of Russia, 
together with Mr Andrei Kozyrev, the 
foreign minister, meets UK prime min- 
ister John Major and foreign secretary 
Douglas Hurd on what is forecast by 
Russian officials to be a “relaxed" visit 
- before heading the following week to 
the US for meetings with President Bill 
Clinton in Washington. 

The issues will include: the state of 
the ceasefire in Bosnia; the upcoming 
s ummi t of the International Monetary 
Fund; and Russia’s plans for reform in 
the year ahead. 

Mr Yeltsin and Mr Kozyrev have an 
agenda of their own - including pres- 
sure for the Conference on Security and 
Cooperation in Europe to take over 
many of the functions of Nato. Mr Yelt- 
sin, who has been holidaying on the 
Black Sea, is expected to address the 
nation on Thursday before flying to 
London. 


Compiled by Patrick Stiles and Martin 
Mulligan. Fax: (+44) ( 0)71 373 3191 


Other economic news 

Monday: With the economic 
recovery in Japan still moving 
at a sluggish rate, growth in 
Japan's M2 raouey supply is 
expected to have remained 
steady at 1.9 per cent for 
August. 

Tuesday: US international 
trade figures will be watched 
by markets fearing a widening 
or the monthly trade deficit fol- 
lowing dollar weakness. 

Wednesday: Analysts will 
take a primarily academic 
interest in the minutes from 
the July 28 UK monetary meet- 
ing between Kenneth Clarke, 
chancellor uf the exchequer, 
and Eddie George. Bank of 
England governor, in view of 
last Monday's base rate rise. 

Friday: The UK second quar- 
ter balance of payments will be 
viewed in the context of an 
excellent performance by invis- 
ibles in the first quarter, which 
is unlikely to be repeated in 
the second. The markets are 
expecting a £l.3bn deficit. 

Also: The second quarter 
Japanese GDP figure is expec- 
ted this week to confirm the 
view that the economy is 
slowly on the mend. 

German consumer prices will 
bo watched for signs of infla- 
tion. while the data on M3 
money supply is expected to 
•show slow growth. 



mm 

fBHW 

Statistics to be released this week 


™™ S 

Ov 

Released 

Country 

Economic 

Statistic 

Median 

Forecast 

Pmrfcmi 

Actual 

Day 

Released 

Country 

Economic 

Statistic 

’Median 

Forecast 

Previous 

Actual 

Mon 

Japan 

Aug money supp (M2 & cash dap)** 

1.9% 

1.9% 

Wed 

France 

Aug consigner price Indx* 

* 

0.0% 

Sept 19 

Japan 

Aug broad BquicSty*’ 

- 

3-3% 

Sept 21 

France 

Aug consumer price iridSC** 

-• 

1.7% 


Canada 

July manufacturing now orders' 

0.8% 

1.1% 

(COfTtl 

UK 

Aug trade balance, ex EC 

~£600m 

-cm am 

Tues 

US 

July trade: goods and services 

-S88bn 

-S9.4bn 


Italy 

Sept cons price tadx, cities* 

02% 

08% 

Sept 20 

US 

July merchantfse trade, census 

-S12.9bn 

-$138bn 


Italy 

Sept cons price Incbc, efttes" 

88% 

3.7% 


US 

Ditto, balance ol payments 

- 

-S14J2bn 

Thw 

France 

Aug household consumption’ 

03% 

08% 


US 

July mercharxfise exports, census 

$428 bn 

$428bn 

Sept 22 

Sweden 

Jul curcnta/c 

SKTl.7bn 

SKraObn 


US 

July merchandise Imports, census 

S55.5bn 

$S6tm 

Fri 

France 

Jul trade balancer 

FFrS8bn 

FFr68 bn 


US 

Johnson Redboak. w/e Sept 17 

- 

4.2% 

Sept 23 

UK 

2nd quater GDP, RnaT** 

1% 

1% 


J.ipan 

Jid overall pars consump expend" 

22% 

-0.9% 


UK 

2nd quarter GDP, final** 

a7% 

3.7% 


Japan 

Jul overall PCE, workers" 

- 

0.5% 


UK 

2nd qtr real disposable Incoma*" 

- 

0.7% 


Japan 

July incoma workers” 

- 

48% 


UK 

2nd qtr real disposable Income" 

- 

1.4% 


Japan 

Sept wh’sdta price tndx, 1st 10 days 

- 

-0.1% 


UK 

2nd quarter savings ratio 

9.9% 

10.4% 


UK 

Aug M4’ 

0.4% 

0.1% 


UK 

2nd quarter balance of payments 

-eiJGOm 

-ETOOm 


UK 

Aug M4“ 

4.8% 

4.8% 

During the week... 





UK 

Aug M4. lending 

£ 2 _ 2 bn 

E2.4bn 


Japan 

2nd quarter GDP| 

08% 

3.9% 


Canada 

Jul merchandise exports' t 

-1% 

B.3% 


Japan 

Sept trade balance, 1st 10 days 

- 

*1.5bn 


Canada 

Jul merchandise Imports 

0-6% 

2.6% 

t 

Germany 

Aug producer prices indx* 

0.0% 

■ O.IW 


Canada 

Jul merchandtee trade surplus 

C$1 bn 

CSI.Ibn 


Germany 

Aug producer prices InOx** 

0.5% 

0.4% 


Canada 

Jul wage settlement increases 

0.3% 

0.0% 


Germany 

Aug MS from 4th quarter base 

&B% 

98% 

Wed 

US 

Aug bukflng permits 

- 

1.34m 


Germany 

Jul trade balance 

DM6. 5bn 

DM8.4bn 

Sept 21 

US 

ln>Ual claims, w/e Sept 17 

329,000 

327,000 


Germany 

Jul current ale 

-DM3.7bn 

-DM0.1 bn 


US 

Suite benefits, w/e Sept 10 

- 

289.000 


Italy 

Jul producer prices lndk“ 

38% 

3% 


US 

Aug treasury budget 

-S24bn 

~S33_2bn 


Italy 

Jul wholesale price Indx** 

3 A% 

38% 


US 


M2, vile Sect 12 


SSbn 


-S3.3bn 


‘month on month. “year on year, ~*qtr on qtr, taoasfadj Statistics, courtesy MMS International. 


ACROSS 

1 Rriof tour of bypass i5-7) 

10 Dish of iamb doctor over- 
looked and Aimes, ordered t7) 

11 I'm in favour of a wry smile 
<7i 

12 Boy's weight in numbers (5> 

13 Boastful supporter takes 
£2.000 with dexterity 181 

13 Queen first used regal and 
rambling court rid 

Ifi Period in Greater Manchester 
t-U 

IS When student is in love, too 
l4» 

20 Staggering MP i send him 
some naval officers t'10> 

22 Twisters wanted rent when 
holding a party (Hi 

24 Child always turns tu woman 
i st 

26 By mid-afternoon Olivia 
cooked something l" eat (71 

27 Warm and friendly girl in 
pink i.T) 

29 Terribly shy, planned to (jet 
small horse 


DOWN 

2 Anna’s back after 30 minutes, 
with a joyful cry (7i 

3 Man Is to endeavour to sign 
here? (8) 

4 Heartless head cook i4i 

5 The Parisian looks round any- 
way ( 10 ) 

S American wearing green top 
when exercising (51 

7 Bun and drink on bar i7) 

8 Shut accommodation because 
of cramped position <5,8) 

9 As directed I agree to embrace 
chaps sloppily! (13) 

14 Strange action Usa finds 
unfriendly (10) 

17 Publicises excursion ou run- 
way (8) 

19 Struggles with ringleader in 
Cornish resort (7) 

21 Speak of people turning it on 
17) 

23 Solitary' porter carries on (5) 

25 Scrutinise second prison (.4; 



MONDAY PRIZE CROSSWORD 

No.8,562 Set by GRIFFIN 

A prise of a Pellkan New Classic 390 fountain pen for the first correct 
solution opened and five runner-op prizes of £36 Pelikan vouch ore wQl be 
awarded. Solutions by Thursday September 29, marked Monday Crossword 
8,562 on the envelope, to tbe Financial Times, 1 Southwark Bridge, London 
SE) 9HL. Solution on Monday October 3. 

Name _ _ 

Address 


Winners 8,530 

T.J. Meaney, Solihull, West 
Midlands 

K_ Fenton, Sleaford, Lines 
Mrs T. Jhabvala, Versoix, Swit- 
zerland 

MISS E. Marcher, Warlin gham . 
Surrey 

Mrs WjS. Reynolds, Edinburgh 
TJV. Veitch, Cranbrook. Kent 


Solution 8,550 



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Of broking ami joblmg ll te Pdikitn *s fonj. 

See him’ su vetly lur /nil* yivir u* > rj onto bond. 

Sfrliktm® 


JOTTER PAD