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PC power strng ^lp 

Compaq falls out 
with Intel 


l ™ ,, « Page 19 



German shake-out 


Lufthansa show 
takes to the road 

Page 18 



Malaysian debate 

Small problems 
for Mahathir 





Oilman's weapon 

Software that can 
cause a revolution 


' Page 16 


FINANCIAL TIMES 


Europe 15 N»ev’;spap“- ** 


Hochtief to raise 
its stake in rival 
Philipp Holzmann 

Hochtief, Germany’s second biggest construction 
company, said it would increase its stake in rival 
Philipp, Holzmann, fuelling speculation about a pos- 
sible takeover; The purchase of a further 10 per rent 
would make Hochtief the biggest shareholderin 
Hotomann, lifting its stake to 28.7 per cent Hochtief 
said the purchase was designed to increase 
co-operation between the companies on the interna- 
tional market Page 21; Lex, Page 20 

Oroupe Bull denies arson allegations: 

Agents of French state-owned computer manufac- 
turer Groups Bull sought huge increases in insur- 
ance coverage for a warehouse in northern France 
in the two months before a devastating fire at the 
facility in 1991, according to testimony in an arson 
case that began in Chicago. Bull vigorously denied 
allegations of arson. Page 20 

UN throat wins pledge from Moslems: The 

United Nations said it had won a pro mise of 
restraint from Bosnia's Moslem leadership after 
threatening to use air strikes on government forces 
in Sarajevo if they continued to fire on the Serbs. 
Page 3 

Nadir associate visits police In London 

Elizabeth Forsyth (left). 
■ jwy ! an associate of Asil 

MpF • oii MiatK Nadir, fugitive former 

BBr HUE head of p 0 Uy Peck Inter- 

national, visited the Seri- 
ous Fraud Office in Lon- 
don to answer questions. 
She worked for South 
Audley Management a 
company with close ties 
to Mr Nadir, and went to 

' |W 1 northern Cyprus before 

Mr Nadir fled there after 
breaking his bail conditions in May 1993. 

Major upbeat on UK economy: The economic 
outlook in Britain is the best for nearly 50 years, 
prime minister John Major claimed in a speech to 
British businessmen in Saudi Arabia. Page 20 

Japan's profits trends Improve: Further 
evidence of a strengthening of Japan's economic 
recovery emerged with figures showing better cor- 
porate profitability and an improvement hi mone- 
tary conditions. Page 7; Hurd sounds warning on 
protectionism. Page 4 

Israel in talks over Golan Heights: An Israeli 

minister mnfirmeri far the first time that Israel is 

holding talks with Syria aimed at a peace accord 
involving an Israeli withdrawal from the Golan 
Heights. Page 6 

S&P Improves LtoytPs rating: The overall 
health of the Lloyd's of London insurance market 
has improved from average to above-average, US 
credit-rating agency Standard & Poor’s says, but it 
added that “the absolute level of Lloyd's security is, 
as yet, unclear”. Page 10 

November start for tunnel car sendee: A 

full Channel tunnel service for cars will be phased 
in from mid-November, Eurotunnel, the tuzrnel 
operating company, said. Page 10 

Coffee prices at nine-year high: Coffee prices 
reached their highest levels in nearly nine years 
amid mounting concern over the lack or rai nfall in 
Brazil,' the world’s biggest producer. Commodities, 

! 80 



IIS and UK form fraud tax force: The US 

Federal Bureau of Investigation and London's Scot- 
land Yard have joined forces to create a task force 
aimed at tackling white-collar crime em anat i ng 
ftomjBritish offshore territories. Page 9 

Insurance group in Oppenheim deal: Union 
des Assurances de Paris mounted a DM 1 J2bn 
($31 0m) deal to buy out a minority stake of Oppen- 
heim, the private German group, in a holding com- 
pany to give the French insurance group 100 per 
cent control of C-olonia, its German insurance sub- 
sidiary. Page 21 

Pechiney trims losses: Pechiney. the French 
state-owned aluminium and packaging group sched- 
uled for privatisation, narrowed first-half net losses 
to FFr32 lm ($6lm) from FFr397m in 1993. Page 21 

Prondemocrarcy success In Hong Kong : 

Pro-democracy candidates took a third of the seats 
in Hong Kong’s first fully democratic elections and 
the colony's main pro-Beijing political party took 10 
per cent Page 7 

Canadian premier attacks separatism: 

Pannriian prime minister Jean Chretien said he 
would campaign vigorously for national unity 
ahead of the independence referendum which Que- 
bec’s separatist government has promised. Page 9 


■ STOC K M ARKE T PaMCES 

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TUESDAY SEPTEMBER 20 1994 




Washington hopes boosted by signs of co-operation from ruling junta 

Peaceful US landing in Haiti 


By James Harding 
in Port-au-Prince and 
Jure* Martin m Washington 

The first contingent of US troops 
arrived without meeting opposi- 
tion in Haiti yesterday on a mis- 
sion President Bill Clinton 
defined as "limited in time and 
scope". 

Optimism in Washington was 
boosted by signs from the Haitian 
capital Port-au-Prince that Lt 
Gen Raoul Cgdras, the military 
ruler, was co-operating with US 
military commanders in ensuring 
an un contested US landing. 

Retired general Colin Powell, 
previous head of the US joint 
chiefs of staff and a key figure in 
the negotiating mission led by 
former US president Jimmy 
Carter, said thin was early evi- 
dence that the military junta was 
prepared to live up to the letter 
of the agreement 

Yesterday's deal between the 
US delegation and the Haitian 
military rulers was reached at 
the last minute an Sunday night 
local time, as the first US air- 
borne invasion troops were on 
their way to Haiti from their US 
bases. It stipulated that the mem- 
bers of the junta would quit no 
later than October 15 and paved 
the way for what it is hoped will 
be a peaceful intervention in 
Haiti by US forces. 

The first US troops from the 
Tenth Mountain Division began 
landing by helicopter from the 
aircraft carrier USS Eisenhower. 
US officials said 6.000 would be in 
position by the end of the day 
and 15,000, the marimum deploy- 
ment envisaged, by the end of the 
week. 

A succession of helicopters, fol- 
lowed by fixed-wing aircraft, 
swung low over Port-au-Prince 
bay and skimmed over the tree 



Blackha wk helicopters carrying the first contingent of US troops prepare tor landing at the airport in Port-an-Prince yesterday 


tops into the civilian airport 
north of the city. 

Gen Hugh Shelton, the com- 
mander of the US armed forces in 
Haiti, landed to discuss with Gen 
Ctklras the details of cooperation 
between the occupation force and 
the Haitian military. The meeting 
was reported by Mr Carter in 
Washington as having been 
“exceedingly successful" and Gen 


Shelton emerged saying that ‘'the 
Haitians are our friends". 

The general's emphasis on 
co-operation was echoed at vol- 
ume by the US helicopters which 
circled over the hills of the city 
with loudspeakers blaring in Cre- 
ole. “This is not an invasion, we 
are here to work with the Haitian 
army. This is not an invasion". 

Mr Clinton meanwhile stressed 


that the force's immediate mis- 
sion was “to make sure the lead- 
ers keep their word". The presi- 
dent and members of the US 
delegation acknowledged that the 
agreement placed the junta 
under no obligation to leave the 
island once they had relin- 
quished power. 

This has caused open concern 
among advisers to Fr Jean-Ber- 


trand Aristide, ousted as presi- 
dent in the 1991 coup. Mr Randall 
Robinson, the Washington 
human rights activist whose hun- 
ger strike earlier this year dearly 
influenced US polities, said the 
agreement was “terribly flawed". 

Senator Robert Dole, the 
Republican leader and a fierce 

Reports and analysis. Page 8 


Monetary union timetable too tight, say banks 


By John Gapper in London and 
Lionel Barber in Brussels 

European banka warned 
yesterday that European mone- 
tary union will be impossible 
before the nest century because 
they will need at least five years 
to plan for a single currency alter 
the Emu starting date is 
announced. 

The warning came as European 
Union finance ministers admitted 
that all but two EU members 
were in breach of the Maastricht 
treaty's rules on excessive budget 
deficits and government debt, 
two of the most exacting criteria 
for achieving Emu. 

Members of the European 
Booking Federation said that 
they had warned the European 
Commission that the switch from 
fixed exchange rates to sole use 


of the European currency unit 
would require longer than offi- 
cials anticipated. 

The federation is currently sur- 
veying banks in EU member 
countries to provide evidence to 
the Commission that Emu will 
take several years to implement 
The results of the survey should 
be presented by tbe end of the 
year. 

The Emu timetable calls for 
"rapid introduction" of the Ecu 
as the single currency following 
the start of the third stage of 
Emu, when exchange rates are 
locked. This is due to take place 
between the start of 1997 and the 
start of 1999. 

Mr Alan Eettley, chairman of 
tbe federation's committee on 
Emu. said Commission officials 
appeared “still wedded to their 
timetable" but banks were trying 


to persuade them the technical 
changes required were too large. 

Mr Kettley said banks would 
prefer a “big bang" approach, 
under which participating coun- 
tries switched from their domes- 
tic currencies to the Ecu rather 
than having a dual currency sys- 
tem for a period. 

He said that large retail banks 
would require considerable time 
to make technical changes such 
as altering cash machines and 
computer software. It would be 
bound to take much longer than 
switches such as British currency 
decimalisation. 

Leaders of the British Bankers’ 
Association said they would pre- 
fer the UK to participate in mone- 
tary union because it would help 
banks. Lord Inchyra, the associa- 
tion's director-general, said it 
would "just make things easier". 


EU ministers yesterday 
accepted the Commission’s view 
that only Ireland and Luxem- 
bourg fulfil the criteria which 
call for annual deficits to be less 
than 3 per cent of gross domestic 
product and accumulated debt to 
be less than 60 per cent of GDP. 

The Commission will offer 
recommendations for corrective 
action to the 10 other EU mem- 
bers at a meeting of finance 
ministers in Luxembourg ou 
October 10. 


The removal of Ireland from 
the excessive debt procedures 
recognises the country's consid- 
erable progress in reducing its 
stock of debt, from around 116 
per cent of GDP in 1987 to 89 per 
cent of GDP this year. 

Mr Bertie Ahem. Irish finance 
minister, said Dublin was deter- 
mined to be in a position to join 
the first group of countries try- 
ing to create a single currency 
before the end of the cen- 
tury. 


Sweden’s 

Social 

Democrats 

may seek 
coalition 


By Hugh Camegy and 
Christopher Brown-Humes in 
Stockholm 

Mr Ingvar Carlssoa, Sweden's 
prime minister-elect, last night 
held open the possibility of form- 
ing a broad-based coalition gov- 
ernment following his Social 
Democratic party's general elec- 
tion victory on Sunday. 

The speaker of the Swedish 
parliament, the Riksdag, called 
on Mr C-arlsson to form a govern- 
ment with the “widest possible 
base". 

A spokeswoman for Mr Carls- 
son said he would discuss form- 
ing a coalition with other party 
leaders, including Mr Bengt Wes- 
ter berg. the Liberal leader and 
member of the outgoing right- 
centre coalition before reporting 
back to the speaker today. 

A Social Democrat-Liberal gov- 
ernment would be widely wel- 
comed by the financial markets 
and Swedish industry as being 
likely to produce tough action to 
curb Sweden's big budget deficit 
and East-growing public debt. 

However, both Mr Carlsson and 
Mr Wes ter berg played down the 
chances of such an alliance 
because of the Liberals' weak 
performance on Sunday, when 
their share of the vote fell to 7.2 
per cent from 9.1 per cent in the 
last election. 

Mr Carlsson indicated he could 
instead form a minority govern- 
ment which would seek co-opera- 
tion on individual issues with 
other parties. “My aim is to build 
an effective government of 
co-operation," he said. 

The Social Democrats emerged 
clear winners over the four-party 
coalition led by Mr Carl Bildt's 
conservative Moderate party but 
fell 13 seats short of a parliamen- 
tary majority. 

The former communist Left 
party and the Environment party 
made significant gains. 

Fears that the Social Demo- 
crats might rely on the left 
prompted a sharp rise in 
long-term, interest rates and a fall 
in the Swedish krona on the 


Continued on Page 19 
Editorial Comment, Page 21 
Bonds, second section 
Currencies, second section 
World Stocks, second section 


GrandMet sells US petfood 
group to Nestle for $510m 


By David BlackweH to London 
and Ian Rodger In Zurich 

Grand Metropolitan, the UK food 
and drinks group, sold its US pet- 
food business to Nestle yesterday 
for $5l0m and launched a 
restructuring programme for its 
world drinks and European food 
businesses. 

The restructuring, which will 
carry a £280m (5437m) charge, 
will involve the loss of up to 4,000 
jobs, analysts in London esti- 
mate. Lord Sheppard, chairman, 
said the moves would enable the 
group to concentrate on "our 
winning brands and businesses. 
We remain confident about 
GrandMet's long-term approach 
and cash generation potential". 

Shares in the group closed at 
409p, down 3%p, after recovering 
from an, earlier foil to 405p. 

Nestle, the world’s largest 
foods group, said its purchase of 
Alpo Petfoods could make it mar- 
ket leader in the US canned dog- 
food market. It is already 
believed to be among the top 
three in the US with its Mighty 


Dog and Come'N Get It brands 
which compete with products by 
rival foods giants Mars, 
H.J. Heinz and Quaker Oats. The 
deal is subject to approval by US 
antitrust regulators. 

According to a recent study of 
Nestle by Goldman Sachs, the US 
investment bank, the group had 
a 39 per cent share of the US 
canned caffood market and 10 per 
cent in the European Union. In 
canned dogfood. its share was 14 
per cent in the US and 4 per cent 
in the EU- 

Mr George Bull, GrandMet’s 
chief executive, said the group 
was selling Alpo because it was 
only the seventh biggest supplier 
in a highly competitive market 
GrandMet’s other north Ameri- 
can brands occupied top slots in 
their sectors. 

GrandMet will report an excep- 
tional profit of just over £20Gm on 
the sale in its 1994-% accounts. 
The £280m restructuring charge 
will be taken as an exceptional 
operating cost in the results for 
the year to the end of this month, 
to be announced on December 1. 


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About half the money will be 
spent at International Distillers 
and Vintners, the group's world- 
wide drinks business whose 
brands include J&8 Scotch 
whisky and Smirnoff vodka. The 
group plans plant closures and 
rationalisations. 

Of the remaining £140m, £55m 
will go towards similar measures 
in the European foods division. 

Last year the group took a 
charge of £175m for restructuring 
Pillsbury. the food manufacturer, 
and Pearle, the US eyewear 
chain, in north America. That 
restructuring involved the loss of 
3,000 jobs, some of them 
part-time. The rationalisation 
measures enabled the group to 
lift by £50m its marketing and 
advertising outlay. 

The latest restructuring is 
expected to yield savings of £90m 
a year over the nest two years. 

Editorial Comment, Page 19 
Observer, Page 19 
Lex, Page 20 
GrandMet sets store by its spirits 
shelf, Page 2i 




Shm Hansfior 3233 

Trnftond Opbora — *2 

London SE. 31 

Wsl Street 39-42 


-39.42 


THF FINANCIAL TIMES"LIM1TEP 1994 No 32,476 Week No 38 LON POM • PARIS • FRANKFURT - NEW YORK - TOKYO 



THE LINK BETWEEN THE PAST 
AND THE FUTURE 


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FINANCIAL TIMES TU E$D AY SEPTEM BER 20 1 994 


NEWS: EUROPE 


Poll result ‘the worst possible’ 

Markets fall 
amid fears 
over deficit 


New Swedish model halted by old 


By Christopher Brown-Humes 
in Stockholm 

Fears that Sweden's new Social 
Democratic government would 
not be strong enough to push 
through tough spending cuts 
yesterday alarmed financial 
markets which marked shares 
lower and bond yields higher. 

The main disappointment 
was the weak electoral show- 
ing by the Liberal party which 
initially seemed to rule it out 
as a potential coalition partner 
for the Social Democrats. 

The market believes Liberal 
influence would strengthen the 
government’s resolve to push 
through strong measures to 
tackle Sweden’s yawning bud- 
get deficit, which last year ran 
at 13 per cent of gross national 
product, and fast-rising debt 

“This is the worst possible 
scenario/' said Mr Christian 
Diebitsch. analyst with Klein- 
wort Benson in London. 

“We have a weak left-wing 
government which isn’t strong 
enough to implement spending 
cuts on its own and a Liberal 
party which isn't strong 
enough to support them." 

He said the market was 
looking for a budget strength- 
ening package of between 
SKrlOObn and SKrl50bn 
($13.5bn and 820.2bn). com- 
pared with the SKr61bn pack- 
age outlined by the Social 
Democrats before the election. 

The market's early reaction 
was clearly negative, as 
long-term interest rates rose, 
share prices tumbled and the 
krona weakened. 

A rally later in the day 
brought a strengthening of the 
Swedish currency, as it became 
clear that a Social Democratic- 
Liberal coalition had not been 
ruled out by prime minister- 
designate Ingvar Carlsson. 

But it was not enough to 
wipe out the bond and share 
losses. 

The general stock exchange 
index closed 0.38 percentage 
points lower at 1,424.9 while 



Swedish 

Elections 



Parties 


The 348-seat Riksdag 
Ntanber of seats 


1994 1991 

■ THE LEFT 

Social Democrats 

162 

137 

Left party 

22 

16 

Environment party 

18 

0 

Total 

202 

163 

■ THE CENTRE-RIGHT 

Moderates 

80 

80 

Liberals 

26 

34 

Centra party 

27 

31 

Christian Democrats 14 

26 

New Democracy 

0 

25 

Total 

147 

196 


the yield on the benchmark 
five-year bond closed 14 points 
higher at 10.86. 

Analysts said the market 
would not relax until the gov- 
ernment produced a tough 
finan cial package with clear 
strategic objectives. 

Mr James McKay, economist 
with Kidder Peabody in Lon- 
don, said: “The election has 
failed to clear the political air. 
with the bond and currency 
markets likely to r emain ner- 
vous until the government’s 
deficit-cutting credentials are 
established." 

Worry about Sweden’s shaky 
public finances means the 
Swedish ten-year bond yield is 
already four hundred basis 
points Hi gher than its German 
equivalent 

The increase has weakened 
the Swedish krona and led to a 
reduction in growth forecasts 
for 1995. 

Mr Carlsson said yesterday 
his party would not come out 
with an economic package 
before it formally assumed 
power in early October. But he 
pledged to seek early imple- 
mentation of a decision to 
tighten Sweden’s budget-mak- 
ing process. 


T he fundamental shift 

from state welfarism to 
market liberalism that 
Mr Carl Bildt. the outgoing 
prime minis ter, so fervently 
believed he bad wrought in 
Sweden over the past three 
years appeared yesterday to 
have been stopped in its 
tracks. 

Instead, the Social 
Democrats - “the barons of the 
old order", as Mr Bfldt likes to 
call them - were back holding 
the reins of power, as they 
have for 51 of the past 62 years. 

The general election on 
Sunday produced an 
unmistakable swing to the left 
in Sweden, which suggested 
the electorate had rejected the 
reforms of the welfare state Mr 
Bildt's right-centre coalition 
b^d pushed through in the face 
of the country's deepest 
recession since the 1930s. 

The Social Democrats, led by 
former prime minister Ingvar 
Carlsson, returned to 
government, thank s to an 
eight-point swing in their 
favour, with 45.6 per cent of 
the votes. 

Behind them, the former 
co mmunis ts of the Left party 
won their best result since 
1948. Together, the two 
traditional allies jumped from 
153 seats in the 349-seat 
Riksdag to 184. 

At the same time, the 
Environment party, which 
supports Mr Carlsson as prime 
minister. returned to 
parliament with 5 per cent of 
the vote, which gives them 18 
seats. 

The non-Socialists slumped 
dramatically. Only Mr Bildfs 
conservative Moderate party, 
with 22L3 per cent of the votes, 
won more than it did in 
1991. 

The leftward tide goes 
further: the Social Democratic 
party today is in some respects 
more left-leaning than it was 
during its last spell in 
government from 1988 to 1991. 

A key figure on the right of 
the party, Mr Kjell-Olof Feldi, 
who as finance minis ter 
presided over important 


The shift from welfarism to liberalism inaugurated by Bildt appears 
to have been stopped in its tracks, reports Hugh Carnegy 



Swedish prime minister-designate Ingvar Carlsson (left) discusses with Ingeegerd Troedsson, speaker of the Swedish parliament, the 
formation of a new government, following his party’s election victory on Sunday *p 


reforms such as big cuts in 
in ramp taws and deregulation 
of financial markets, has left 
the scene, along with a number 
of 8nfhi«wiHai advisers. 

Today, the parliamentary 
party, half its members 
women, is more dominated 
than ever by public sector 
workers and professionals who 
are likely to resist cuts in the 
welfare state needed to tackle 
the country's big budget 


deficit 

But senior Social Democrats 
insist the picture of a 
resurgent left is ndciaading - Mr 
Jan Karlsson, a member of the 
party's economic policy team, 
said the election result was 
more of a protest vote against 
Mr Bildt than a positive vote 
for the left. "The picture is 
very middle of the road," he 
said 

Party officials point out that 


the three top figures steering 
the party - Mr Carlsson, Mr 
Gdran Persson, the finance 
spokesman, and Ms Mona 
Sahlin, the party secretary - 
are from the right and fully 
appreciate the need for 
stringent fiscal policies to 
tackle the crisis in the public 
finances. 

Mr Carlsson, who win be 60 
in November, succeeded the 
late Mr Olof Palme in 1986, and 


has held the Social Democrats 
to a pragmatic path, presiding 
over such changes in policy as 
the parly’s swing to supporting 
Swedish membership of the 
European Union. 

Mr Persson is set to be the 
key figure in economic policy. 
It was he who outlined the 
Social Democrats' SKr61bn 
(£5.2bn) election pledge to stop 
the growth in the public debt 
by 1998 through a mix of tax 


increases and spending cuts. 
He says he will take tougher 
action if required. 

Mr Carlsson has set his face 
clearly against depending on 
the Left party - or the 
Environment party - for 
support on economic policies. 
Instead, he indicated yesterday 
he would seek co-operation 
with parties of the former 
government on the economy. 

This is based as much on 
realism as sentiment. With 
Sweden committed to joining 
the EU and depending to a 
large degTee on foreign 
investors to finance its debt, 
the government has little 
choice but to meet the loud 
demands coming from the 
financial markets for a tough 
fiscal policy. 

The lingering question, 
however, is the extent to which 
the Social Democrats are 
prepared to go to restructure 
the heavy ImhaL-uwg between 
the public and private sectors 
in Sweden. 

Public spending accounts for 
70 per cent of the country's 
gross domestic product, easily 
the highest in the leading 
industrial countries. 

Reforms undertaken by Mr 
Bildt, such as privatisation, 
deregulation of the 
telecommunications and 
broadcasting markets and the 
introduction of competition in 
schools, childcare and the 
healthcare systems, are 
unlikely to be reversed. The 
Social Democrats accept that 
the battle against 
unemployment - at a record 14 
per cent - must be fought 
through private sector job 
creation. 

But the party retains a deep 
philosophical attachment to 
the “old order" of universal 
public welfare that underpins, 
in Mr Carlsson’s words, “a 
society where there are no 
great differences between the 
working class and the upper 
class. 

“We want social security 
guaranteed for all." 

Editorial Comment, Page 19 


Nordic EU campaigns given a boost 


The Swedish Social 
Democratic party’s election 
victory may prove to be a 
turning point in the successive 


referendums for Finland, Swe- 
den and then Norway to join 
the European Union, writes 
Hugh Carnegy in Stockholm. 


Notice to Customers 


SAVINGS CERTIFICATES 


National Savings Certificates of the 4 1st Issue 
and 7th Index-linked Issue were withdrawn 
from sale on 19 September 1994. 

The 4!!nd Issue is on sale from 
29 September*. It offers a guaranteed and tax- 
free return i>r. r >.Sf»^ pa compound when held 
Tor five years. The minimum purchase is £100 
and die maximum holding £10,000. 

The Sth index-linked issue is on sale from 
20 SepieinlK.-r*. It olfers a guaranteed and tax- 
free return of pa compound in addition 
to index-linking when held for five years. The 
minimum purchase is £100 and the maximum 
holding £10.000. 

In addition to die norma! holding limits, up 
to £20,000 may he reinvested into 
Reinvestment Certificates of each Issue from 
anv mature National Savings Certificate or 
Yearly Plan Certificate. 

The new Issues of Savings Certificates are 
available for auv amount between die holding 
limits. Previous Issues were only available in 
multiples of t‘2f*. 


PENSIONERS BONDS 


Series 1 Pensioners Guaranteed Income Bonds 
were withdrawn from sale on 19 September 
1994. Series 2 is on sale from 20 September*. 

It offers monthly interest at a guaranteed rate 
of 7.5% pa gross over the first five years that a 
Bond is held. 

The minimum purchase is £500 and the 
maximum holding of Series 2 Bonds is £20,000. 
Tliis is in addition to any holding of Series 1 
Bonds. 


CHILDREN S BONUS BONDS 


Issue F Children's Bonus Bonds were 
withdrawn from sale on 19 September 1994. 
Issue G is on sale from 20 September*. It offers 
a guaranteed and tax-lree return of 7.85% pa 
compound when held for the first five years. 


CAPITAL BONDS 


Scries H Capital Bonds were withdrawn from 
sale on 19 September 1994. Series 1 is on sale 
from 20 September*. It offers a gross return of 
7.75% pa compound, guaranteed when held 
for live vears. 




FIRST OPTION BONDS t 

| YEARLY PLAN 


'rom 20 September 1994*. the first year fixed 


agreements is 5.85% pu compound, 
guaranteed and tax-free, for applications 
received from 20 September 1994. 


r,ue on FIRST Option Bonds is 6.4% gross 
14.8%, net). Bonds of £20.000 or more held to 
the first anniversary cam a bonus of 0.4% gross 
(0.3% net). 


* Application forms and Prospectuses will be available at post offices from 17 October 1994. In tfae meantime they may be 
obtained direct from National Savings ■ please telephone 091 S74 5026 (during normal office hours). 



NATIONAL 

SAVINGS 


h* die Ocpjrfnimf for XjIimiuI Saving* on hrfulf ilir Trrusin 


The Social Democrats are 
believed to bold the key to a 
Yes vote in Sweden because to 
date more than half their sup- 
porters have bed shown by 
opinion polls to be against 
membership. Now in govern- 
ment, Mr Ingvar Carlsson, the 
party's leader, win seek to per- 
suade his voters that EU mem- 
bership is a way to advance 
soda! democratic policies, par- 
ticularly the fight against 
unemployment. The elector- 
ates in each country are 
closely following opinion in 
the other two, reflecting a 
widespread desire that that 
the three should stay in step. 

Therefore, the election of a 
Social Democratic government 
in Stockholm has long been 
seen as a virtual pre-condition 
for a Yes vote In Sweden and 
could help stiffen the Yes side 


ahead of the vote in Finland 
and, if Finland and Sweden 
vote to join. In turn influence 
Norway’s sceptical electorate. 

Finland will vote first, on 
October 16, followed by Swe- 
den on November 13 and Nor- 
way on November 28 on 
whether to accept agreements 
already negotiated with the 
EU on terms for membership. 
A Yes vote would mean the 
three will join Austria as new 
members from January 1 next 
year, expanding the EU from 
12 to 16 members. 

But the outlook for the three 
referendums is still far from 
dear. In Finland, considered 
the likeliest of the three coun- 
tries to vote in favour of mem- 
bership, opinion polls have 
recently shown strong gains 
for the No camp aign with the 
lead held by the Tes camp nar- 


rowing to as little as two per- 
centage points. 

In Sweden, the signals are 
mixed. After two years in 
which the No side has held a 
steady lead, two recent polls, 
including one held among vot- 
ers on election day, have 
shown a majority in favour. 

The election-day poll 
suggested that 5L8 per cent of 
voters were in favour of join- 
ing the EU and 4SJ> per cent 
against But another poll pub- 
lished yesterday showed tfae 
No campaign widening its lead 
slightly over the past mouth to 
52 per cent, against 48 per cent 
in favour. 

. All the polls in Norway sug- 
gest that the Yes campaign 
has almost no chance of suc- 
ceeding unless Finland and 
Sweden vote to join first in 
their referendums. 


THE FINANCIAL TIMES 
Published by Tbe Financial Times 
(Europe) GmbH, Nibelungonplaiz 3. 
60318 Frankfort am Main, Germany. 
Telephone ++49 <9 136 830. Fax ++49 
69 5964481. Tdex 416193. Represented 
in Frankfurt by I. Walter Brand. Wil- 
helm J. Bruno, Colin A. Kennard as 
Ocschaftsf&hrcr and in London by 
David CM. Bell and Aten C Miller. 
Printer: DVM Druck-Vertrieb nad Mar- 
keting GmbH. AdBriral-Rosendahl- 
Suanse 3a, 63263 Ncu-Imbun (owned 
by H Gray'd IninroatiooaD. ISSN: ISSN 
0174-7363. ReapouHble Editor Ricbanl 
Lambert, do The Financial Timet Lim- 
ited, Number One Southwark Bridge. 
London SEI 9HL, UK. Shateboldera of 
the Financial Tones (Europe) GmbH 
ore: The Financial Times (Europe! Lid. 
Loudon and F.T. (Germany Advertis- 
ing) Ltd, London. Shareholder of the 
above mentioned two companies « The 
Financial Times Limited. Number One 
Southwark Bridge, London SEI 9HL. 
The Cotmww is incorporated under ihc 
laws of England and Wales. Chairman: 
O.CM. BdL 

FRANCE: Publishing Director: D. 
Good. 168 Rue de Rivoli. F-75044 Paris 
Cedex 01. Telephone (01) 4297-0621. 
Fax (01) 4297-0629. Primer SA Nurd 
Eclair. 15)21 Rue de Cairo. F- 59100 
Rocbaix Cedex 1. Editor Richard Lam- 
bert. ISSN: ISSN 1148-2753. Commis- 
sion Parilaire No 67808D. 

DENMARK: Financial Times (Scandin- 
avia) Ltd, VimmeUkaTtcd 42A, 
DK-1161 CopenhagenK. Telephone 33 
13 44 41. Fax 33 93 53 35. 


INTERNATIONAL ECONOMIC INDICATORS: BALANCE OF PAYMENTS 

Trade am gvwi In UBons ol Bwcpeen currency trite (Ecu). W* Ecu exchmge rate show* the nanber of ndtaral currency units par Ecu The nominal effective exchange rate 

b an index with 1985=100. 


■ UNITED STATES 


■ JAPAN 


■ GERMANY 




Write 

Corse 

Be 

romcnm 


Wteb 

Omr 

See 

Bbcew 


ftM 

canoi 

Bee 

BMb 


Opwft 


Mem 


' «»w" 

to«tt 

Utai 

brims 

mb' 

oft 

Bpore 


Mem 

~ias LL 

am' 

1985 

279.8 

-174.2 

-184.5 

07623 

1000 

2308 

76-0 

843 

18050 

1003 

2427 

332 

2f.7 

22260 

100.0 

1888 

2313 

-1406 

-153.7 

09836 

802 

211.1 

962 

87.0 

185.11 

124.4 

2463 

533 

403 

21279 

108.8 

1987 

2202 

-131.8 

-144.8 

1.1541 

703 

197.3 

861 

753 

18836 

1332 

2543 

566 

393 

2.0710 

11 S3 

1888 

2723 

-1002 

-1083 

1.1833 

66.0 

219.8 

807 

667 

15131 

1473 

2723 

6T3 

423 

2.0739 

1143 

1889 

330 2 

-09-3 

-03-3 

1.1017 

89.4 

2403 

705 

52.6 

15137 

1413 

3103 

653 

523 

20687 

1133 

1980 

309.0 

-79-3 

-72.0 

1.2745 

65.1 

2200 

501 

283 

183.94 

1260 

3244 

513 

383 

20537 

1161 

1991 

3406 

-53.6 

-5.6 

1-2391 

84 S 

247.4 

83.1 

623 

16644 

1373 

327 A 

112 

-167 

23480 

117.7 

1992 

3453 

-65-2 

-524 

1-2957 

023 

2543 

101.7 

900 

184.05 

1423 

3303 

168 

-173 

23187 

1212 

1993 

397.3 

-98.7 

-88 A 

1.1705 

608 

300.0 

1209 

1112 

13031 

1733 

3233 

303 

-172 

13337 

1243 

3rd qtr.1983 

99.6 

-27.5 

-243 

1.1443 

85-4 

79.1 

3 99 

282 

12039 

183.7 

813 

5.7 

-9.0 

13180 

1233 

4th tjtr.1993 

106.9 

-25.0 

-283 

1.1388 

68.4 

708 

3 03 

269 

12320 

1802 

827 

93 

-53 

13161 

1243 

lstqtr.1994 

1089 

-209 

-28.7 

1.1244 


81.1 


301 

120.95 

1823 

793 

83 

-4.6 

13370 

1224 

tedqfr.1994 

107.7 

-32-8 

-37 3 

1.1805 

65-3 

61.7 

313 

293 

11034 

187.1 



-28 

13278 

1233 

August 1993 

309 


rua. 

1.1251 

85.7 

26.5 

103 

9.1 

11679 

1862 

273 

13 

-33 

13081 

123.0 

September 

32-9 

-93 

rua. 

1.1728 

64.7 

253 

10.7 

B3 

12333 

1813 

27.5 

13 

-13 

13896 

1261 

October 

34.5 

-03 

rua. 

1.1597 

65-5 

24 3 

9.6 

69 

124.03 

1803 

27.7 

33 

-2.7 

13995 

126 2 

November 

3U 

-8.8 

nx. 

1.1282 

663 

25.1 

96 

68 

121.88 

1813 

273 

2.7 

-03 

13182 

1243 

December 

365 

-6-9 

rua. 

1.1287 

67.0 

25.7 

106 

B2 

12332 

1765 

272 

33 

-13 

13308 

123.7 

January 1994 

35-2 

-9.7 

no. 

1.1139 

875 

27.1 

11.3 

112 

12433 

1773 

253 

33 

-13 

13415 

1222 

February 

34.1 

-108 

rua. 

1.1184 

66.7 

26-9 

113 

IOI 

11677 

1852 

272 

33 

-23 

13397 

1213 

March 

37.5 

-8.4 

rua. 

1.1410 

601 

272 

103 

83 

12004 

185.3 

267 

22 

-07 

13299 

1232 

Apr* 

38.1 

-10.8 

rua. 

1.1385 

66.0 

270 

113 

109 

117.79 

1883 

909 

5.1 

-03 

13335 

1223 

May 

35.4 

-11.1 

rua 

1.1822 

653 

28.1 

9-3 

66 

12067 

1862 

306 

23 

-23 

1328S 

1233 

June 

38-2 

-11.2 

rua. 

1.1808 

64.6 

203 

108 

100 

121.06 

1863 



0.0 

13228 

124 3 

July 



na. 

1-2187 

63.0 

263 

11.1 

93 

120.00 

1913 




13117 

125.7 


■ FRANCE 


■ ITALY 


■ UNTIED KINGDOM 




VWNi 

OWTVM 

Em 

Mew 

tte 

BMw 


VMOa 

Carnal 

Ebb 

Baaha 


VWMa 

Oenot 

Boa 

abate 


teote 


brim* 

tm~ 

asm 

trim 

Mma 

"5T" 

iab” 

BqmS 

brim 

brim 

«H» 

r* 

1966 

133.4 

-67 

-02 

67942 

1000 

1067 

-163 

-6.4 

1443.0 

1060 

132.4 

-5.7 

68 

65890 

1000 

1966 

127.1 

03 

60 

8.7948 

102.8 

99.4 

-23 

-1.4 

14613 

101.4 

108.3 

-142 

-1.3 

0.8708 

913 

1987 

1263 

-4.6 

-3.7 

6926S 

1060 

100.7 

-73 

-2.1 

14943 

1012 

1123 

-164 

-7.1 

0.7047 

90.1 

1988 

1413 

-69 

-3/4 

7.0354 

1003 

1063 

—69 

-60 

15368 

973 

120.9 

-323 

-260 

03843 

953 

1889 

1629 

-63 

-66 

7.0199 

968 

127.8 

-113 

-17.0 

15002 

966 

1373 

-367 

-333 

66728 

S 23 

1990 

170.1 

-72 

-72 

63202 

1043 

1333 

-93 

-160 

15232 

100.6 

1423 

-263 

-268 

67150 

913 

1991 

175.4 

-42 

-43 

83643 

102.7 

137.0 

-103 

-17.7 

15313 

969 

147.7 

-14.7 

-11.7 

0.7002 

91.7 

199e 

1825 

43 

23 

68420 

1063 

137.9 

-8.0 

-20.6 

15913 

967 

145.9 

-162 

-164 

0.7359 

864 

1993 

179.1 

133 

8.9 

6.6281 

1063 

1443 

173 

S3 

18367 

793 

1561 

-173 

-163 

67780 

802 

3rd qtr.1993 

451 

33 

33 

68508 

1064 

343 

62 

63 

18160 

793 

462 

-4.1 

-23 

67805 

81.0 

4th qtr.1983 

46.0 

43 

33 

6.8431 

1073 

38.9 

6.7 

53 

187B.8 

77.0 

466 

-4.4 

-23 

0.7835 

81.1 

1* qtr.1994 

462 

24 

23 

83881 

108.0 

373 

64 

1.1 

18923 

762 

423 

-68 

-13 

67554 

613 

2nd qtr.1994 

483 

63 

03 

65967 

1060 




18812 

773 

463 

-61 

67718 

800 

August 1993 

143 

0.74 

127 

63781 

1063 

73 

0.6 

60 

18042 

79.7 

168 

-03 


67545 

81.0 

September 

15.4 

132 

130 

83465 

107.0 

12.7 

12 

0.7 

18360 

769 

163 

-13 


0.7885 

802 

October 

15.0 

122 

1.17 

63831 

1069 

132 

2.4 

22 

18542 

762 

133 

-1.1 


67712 

804 

November 

15.0 

1.15 

0.02 

6.6637 

1068 

12.8 

13 

1.7 

1880.7 

77.0 

133 

-1.6 


0.7620 

813 

December 

15.9 

2.03 

238 

63025 

1062 

12,9 

2-7 

1.7 

19068 

761 

133 

-1.7 


67573 

81.7 

January 1994 

1S2 

029 

2 M 

63958 

1073 

102 

61 

-13 

1892.5 

782 

14.4 

-12 


67456 

82.4 

February 

161 

078 

-084 

83905 

1073 

123 

13 

13 

18869 

764 

14.1 

-1.1 


67557 

813 

March 

16.8 

136 

031 

63762 

1083 

143 

1.7 

69 

19013 

753 

14.0 

-13 


0.7B49 

865 

April 

168 

1.19 

0.42 

8.6240 

107.1 



-1.0 

1850.1 

760 

143 

-68 


67673 

803 

May 

165 

T.16 

0.17 

83972 

1073 



-03 

1852.9 

782 

142 

-1.4 



793 

June 

160 

035 

-038 

65888 

1068 




18803 

77.1 

14,7 

-69 


67741 

80.1 

July 




63506 

1067 




19042 

763 



IUL 

67881 

792 


(km to the mnoduettan at 1 he Single Menu. EC couitrias me currently ch an g i ng to a new system at compOng trade "mUfriqr AS trade figures are ee astray - ra-M wwp i for 
the Rater series and the Goman curert account. Imports can be derived by subtracting the rrieUe trade b tte xre from experts. Export aid rt*wt data are cakadasd on the FOB 
(tree on board) basis, except tor German and Itatai in^wts which use die OF method CnchxJng cartage, hsutsnoe axf freest charges). German (ten up u and ftdudkig Jw* 
1990. shown in Rafts, refer to the former West Gormony. The nominal effective exchange rams am period averages ol Brofc of En^and trade-weighted indices. Data virr** by 
Dstsatream mi WEFA tram national govensnent and c e n tra l bonk sources 


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15 


FINANCIAL TIMES 


TUESDAY SEPTEMBER 20 1994 


NEWS: EUROPE 


EUROPEAN NEWS DIGEST 

Germans raise 
economic hopes 

The German economy is growing without inflationary 
gj*™* according to separate reports published yesterday 
by the Bundesbank and the German Economics Ministry. The 
repwte agree that the 2B per cent growth in gross domestic 
product in the second quarter, compared with a year earlier, 
wm unexpectedly strong. They added that favourable orders, 
industrial production and housing construction point to a 
continuing upward trend. 

Citin g favourable implications of Germany's TnndtM-atP wage 
increases, the Bundesbank for es ees an export-led recovery, but 
cmjsfOT continued vi g i la nce on wages to keep inflatio n down, 
currently 3 per cent in western Germany and 8.4 per cent in 
t he feast. An August survey of 400 comp anies by the Ifb 
economic research institute was also upbeat Compan ies sur- 
veyed expected a 2.75 per cent increase in production this year 
ami 3.5 per cent in 1995, as well as strong growth in the 
investment goods sector. 

Although these assessments will help nhan«»fln|- Helmut 
Kohl's campaign for the October 16 elections, rawthw of the 
official reports bad good news on the jobs front. Unemploy- 
ment rose sharply after the west German economy fell into 
recession last year and despite recent growth and moderate 
wage claims , jobless totals have so far ftriipd to drop. Reuter, 
Bonn 

Ukrainian currency loses value 

Ukraine’s non-convertible and volatile currency, the karbova- 
nets, lost 16 per cent of its value on the open market over the 
weekend. The fall has been blamed on parliament's release of 
credits to the agriculture sector last month. Farm credits win 
push inflation up from 2.6 per cent in. August to above 13 per 
cent this month, said Mr Viktor Toushcbenko, central hanv 
governor. Ukraine is set to initial an IMF letter of intent 
within two days and a final agreement should be finalised at 
next month’s IMF s ummi t, if certain reform conditions are 
met, western diplomats and aid officials said yesterday. The 
IMF policy prescriptions will increase Inflation in- the short 
run but the S700m loan will ease pressure by backing up 
national bank reserves and help cover Ukraine’s widening 


balance of payments and budget deficits. An agreement also 
would open the doors to $4bn in western aid - including $400m 
from the World Bank for critical goods such as pharmaceuti- 
cals. Matthew Kaminski Kiev 

Hungary presses state sell-off 

Hungary is to privatise 25 per cent of each of its five regional 
gas distribution companies this autumn, the state holding 
company AV Rt said yesterday. It said it would hold an 
international tender for the companies - which serve domestic 
gas users outside Budapest - in October or November with a 
view to selling the 25 per cent stakes this year. Registered 
share capital of the five companies is Ft4A5bn (£264m). Mi* 
Peter Mflialyi. deputy privatisation commissioner, said gas 
privatisation would be followed up with the sale of a stake in 
the country’s electricity company next year. He added that the 
government planned to present a new privatisation law to 
parliament next month to merge the SPA and the State Hold- 
ing Company, Hungary's two privatisation bodies, into a sin- 
gle body. Another aim of the law would he to make sale 
procedures more transparent to counter popular suspicion of 
corruption and influence-trafficking is privatisation. Virginia 
Marsh, Budapest 

Strike threatened at Skoda 

Unions at Skoda Autamobilovd, the Czech car maker which is 
part of the Volkswagen group, have theatened strike action 
after the company said yesterday it intended to lay off 800 
workers by the end of the year in an effort to increase 
competitiveness. Skoda said the redundancies were necessary 
to help it “slim a little’’ and become more competitive on the 
world car market But the Czech-Moravian council of trade 
unions said it would support the unions at Skoda if workers at 
the company’s main Mladfi Boleslav plant north of Prague 
voted for strike action. Mr JiH Hrabovsky, a Skoda spokes- 
man, said unions and management would meet tomorrow to 
try to resolve the dispute, which threatens to delay the intro- 
duction of Skoda's new compact car, the Felicia, due to begin 
production next month. Vincent Boland, Prague 

Warning on Russian inflation 

Russian inflation will “inevitably” rise sharply in the last 
mo^ tha of this year, according to Mr Andrei Illarionov, former 
economic adviser to the prime minister and head of the 
Institute for Economic Analysis. Mr Illarionov said it would 
rise from under 4 per cent in August to 7-8 per cent in 
September and move higher in the last three months of the 
year, reflecting steep growth of credits in summer. He said the 
government had so far this year issued credits totalling 
Rbs25,000bn (£6.8bn). He said inflation had been kept low 
because the velocity of money had fallen - but this could be 
temporary. However, figures produced by the Centre for Eco- 
nomic Performance, heeded by Prof Richard Layard of the 
Loudon School of Economics show real consumption rose 10 
per rent during the year to July while the real income of 
households rose 18 per cent He said the recorded fall of 24 per 
cent of industrial production from a year ago was "difficult to 
reconcile with consumption data”. Mm Lloyd, Moscow 

‘Enfant terrible’ of fashion dies 

Franco Moschino, one of Italy’s leading fashion designers, died 
on Sunday, aged 44, after a long illness, his fashion house said 
yesterday. He had surgery for an abdominal tumour two years 
ago and had battled against illness since then. News of the 
designer’s death was withheld until yesterday to allow his 
funeral to take place in strict privacy. Moschino studied at the 
Brera Academy of Fine Arts in Milan. He began his career as a 
freelance illustrator for designer Gianni Versace’s fashion 
house in 1974. He launched his first collection in 1988. He was 
an “enfant terrible" of Italian fashion, poking fun at the 
fashion world and becoming renowned for outrageous ensem- 
bles. He once designed a ball gown of garbage bags. Reuter ana 
AP. Milan 

ECONOMIC WATCH 


Danish consumer prices rise 


De nma rk .. . 

inflation {annual 96 change) 
2.4 


Danish consumer prices 
increased by 0.4 per cent from 
July to August and by 22 per 
cent over the 12 months to 
August, according to the Offi- 
cial Statistical Office. The 12- 
month rate of increase was 
the highest since early 1992. 
Half the increase from July to 
August was caused by a nor- 
malisation of clothing and 
footwear prices following 
sales in July. A 10 per cent 
increase in the price of coffee 
and other food prices 
explained most of the rest of 
the increase: In July 1993 the 
lees 9* Danish inflation rate was the 

Source-. B3tnstream lowest since the 1950s at 12 

nw cent This year, under the impact of a fast growing 
economy and a boom In consumer demand, the rate of infla- 
tion has begun to move up. Hilary Barnes, 

■ Austrian consumer prices rose in August by 0.6 per cent 

and htf 32 oer cent year on year. . 

■ SjSn’s industrial production Index rose 8.4 per cent m June 

■ The^SiS'prSucer price index for manufactured goods 
rosea provisional 0.1 per cent in July from June, giving a 02 
per cent rise year on year. 



Portugal trims rates as inflation eases 


By Peter Wise in Lisbon 

Portugal's central bank 
yesterday cut two important 
money market rates by half a 
point in a reversal of the Euro- 
pean trend towards higher 
interest rates. The measure, 
triggered by falling inflation, 
will support government 
efforts to stimulate economic 
recovery. 

The Bank of Portugal low- 
ered the emergency lending 
rate for overnight funds from 
12 to 112 per cent and the 
liquidity absorption rate from 


925 to 8.75 per cent The vari- 
able repurchase rate for seven- 
day funds was cut by 0.25 
points to 925 per cent. 

Lowering these rates will 
reduce the cost of funds to 
banks and should filter 
through the economy as lower 
lending rates for corporate fin- 
ancing and investment as well 
as reductions in personal mort- 
gage and borrowing rates. The 
repurchase rate is the average 
rate at which banks trade on 
the money market 

The emergency rate is the 
cost of funds for banks whose 


reserves are short at the close 
of trading. The absorption rate 
is the rate at which b anks can 
place excess funds with the 
central bank 

Falling inflation, a lower fis- 
cal deficit and a stable cur- 
rency have enabled the central 
bank to cut money market 
rates gradually since they 
were reintroduced in early 
July. 

They had been suspended 
two months earlier to help 
fight speculation on the 
escudo. 

The central bank’s derision 


to cut the compulsory cash 
reserve requirement for banks 
from 17 per cent of deposits to 
2 per cent from November 2 
should lead to further rate 
cuts. Existing reserves will ini- 
tially he absorbed by special 
bonds. 

Mr David McWilliams, senior 
European economist with 
Union Bank of Switzerland, 
said Portugal was bucking the 
trend in the rest of southern 
Europe by lowering rates and 
securing a non-inflationary 
economic climate. “It is an 
indication that the Portuguese 


financial system is becoming 
increasingly market- 
oriented," he said. Year-on- 
year inflation fell from 62 per 
cent in January to 42 per cent 
in August. 

The fiscal deficit is forecast 
to fall to about 6.1 per cent of 
gross domestic product from 
6.9 per cent in 1993. 

From a low of EslOLS to the 
D-Mark during the currency 
crisis of May, the escudo has 
appreciated to a current level 
of about Esl01.7. 

Lower interest rates will 
help foster recovery from last 


year's recession, when GDP 
shrank 1.3 per cent 

The government is forecast- 
ing growth of about 1 per cent 
this year and 2.5 per cent in 
1993. 

Analysts said the Bank of 
Portugal had been under 
"moral pressure" from the gov- 
ernment to lower interest rates 
but yesterday's move appeared 
to reflect supply and demand 
on the money market. They 
expect Che central bank to halt 
rate cuts at tbe first sign of 
renewed pressure on the 
escudo. 


General warns he might call down Nato air strikes on government forces 

UN threat wins pledge from Bosnian Moslems 


By Pend Adams in Belgrade and 
Bruce Clark in London 

The United Nations said yesterday it 
had won a promise of restraint from 
Bosnia’s Moslem leadership after 
mating an unprecedented threat to 
call down air strikes on government 
forces in Sarajevo if they continued 
to fire on the Serbs. 

The promise was made by Bosnia’s 
President Afija Izetbegovic, and his 
military commander. General 
Dehc, at a meeting with General Sir 
M jpjiMi Hose, the British commande r 
of UN forces in Bosnia. 

Earlier, Gen Bose said he held gov- 


ernment forces responsible for pro- 
voking an upsurge in fighting on 
Sunday, when the Bosnian capital 
saw its most serious shelling for the 
past seven months. 

The general told a Reuter corre- 
spondent in Sarajevo that he had 
warned the government forces they 
wonld face Nato air power unless 
they desisted from their attacks 
immediately. 

While Nato made limited air raids 
on Bosnian Serb positions in April 
and August, this was the first time it 
2ms been suggested that the air power 
of the alliance could be used against 
Bosnian government forces. 


Gen Rose, who has used an adept 
mixture of brinkmanship and bluster 
to face down all parties in the con- 
flict, would be straining bis personal 
authority to the limit If he invoked 
air strikes against the government 
which enjoys widespread sympathy 
among politicians in the west and the 
Middle East 

However, officials at Nato 
headquarters - who in the past 
have deplored the UN's caution in 
using air power against the Serbs - 
said there was no reason in principle 
while the air power of the allian ce 
should be directed at one side 
only. 


The surge in fighting takes places 
against a background of increasing 
friction between the five countries - 
the US, Russia, Britain, France and 
Germany - which are supposed to be 
co-operating to establish a peace set- 
tlement in Bosnia. 

Tension between the US on one 
hand and the all European powers on 
the other has been mounting ahead of 
October 15, when the US administra- 
tion will start the process of lifting 
the ban on supplying arms to the 
Bosnian government. 

European governments have said 
this move will probably force the 
withdrawal of UN forces from Bosnia, 


and Nato experts have drafted two 
alternative plans for a pullout, 
depending on how much fighting is 
going on at the time. 

In Belgrade yesterday, the leader of 
a team of international inspectors 
monitoring Yugoslavia’s blockade of 
the Bosnian Serbs said tbe embargo 
appeared to be genuine. “It is our 
opinion, from what we’ve seen so far, 
that measures taken seem to be seri- 
ous and rather effective,” retired 
Swedish general Bo Pellnas said. 

His report will increase the pros- 
pects of (he UN sanctions against 
Yugoslavia being eased later this 
week. 






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TWO GIANTS. 



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but also the right people from Wales’ skilled and flexible workforce. 

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Call the team at the Welsh Development Agency on +44 222 
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4 


FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


NEWS: WORLD TRADE 


‘Union has exhausted capacity to expand regional trade in a significant way for a long time’ 


Report finds EU trade policy wanting 


By Martin Wotf 

The trade policies of the European 
Union demonstrate blindness, accord- 
ing to Patrick Messerlin. professor of 
economics at the tnstitut d’Etudes 
Politiques de Paris, in a report pub- 
lished today by the Centre for Policy 
Studies, a London-based think-tank*. 

“Until recently," argues Prof Mes- 
serlin, “the US had no serious alterna- 
tive to a policy based on the Gatt 
disciplines. The strong protectionist 
mood sonth of the River 
Grande. . . prevented any regional 
alternative. . . In sharp contrast the 
EU member states could always count 
on freer trade among themselves to 


provide additional growth opportuni- 
ties. 

"The situation will be reversed in 
years to come. The US... will enjoy 
the relaxation that regional opportu- 
nities can offer. By contrast, the EU 
has exhausted its capacity to expand 
regional trade in a significant way for 
a long time to come. The EU - bor- 
dered on its southern and eastern 
flanks by countries unconvinced of 
the gains from freer trade, or too 
small to bring substantial benefits to 
the EU - will be In the same position 
as the US in the 1950s and 1960s.” 

An indication of the ElTs failure to 
recognise this necessity is its addic- 
tion to contingent protection, notably 


anti-dumping. Prof Messerlin notes 
that dumping is found in 95 per cent 
of the cases investigated by the Com- 
mission - “a conviction rate rarely 
matched in other judicial proce- 
dures”. He also points out that almost 
SO per cent of cases have been termi- 
nated by measures and that these 
have erected high barriers, the aver- 
age EU doty being 20 per cent 
Recent cases have been no better: of 
the 21 cases for which decisions have 
been published in 1994. measures 
were taken in 19 and almost all 
imposed anti-dumping duties ranging 
from 35-97 per cent The Uruguay 
Round outcome, though deserving of 
“two cheers" according to Mr Brian 


Hindley of the London School of Eco- 
nomics, “comes very dose to authori- 
sing the biased procedures" used to 
calculate dumping margins. 

“If dumping and injury can be 
shown whenever It suits a govern- 
ment to do so," states Mr Hindley. 
“that government can also increase 
protection for a domestic industry 
whenever it suits it to do so." In addi- 
tion, anti-dumping actions can be dis- 
charged by "undertakings”, which are 
similar to the voluntary export 
restraints supposedly eliminated in 
the Round. So “what becomes of the 
Gatt pledge to 'eliminate discrimina- 
tory treatment in international com- 
merce*?" 


Prof Messerlin, too, gives a mixed 
evaluation of the effects of the Round 
on anti-dumping actions by the EU. 
He notes that, hitherto, approval of 
definitive measures in anti-dumping 
and subsidy cases has required a qual- 
ified majority. “Under the new rules, 
however, decisions of the Coun- 
cil. ..are taken by a simple majority. 
Hence tire votes of six member states 
are now needed to overturn a defini- 
tive measure suggested by the Com- 
mission.” 

*Tmde Policy Review 1994 , edited by 

Brian Bindley and Deepak ltd, Centre 
for Policy Studies, 52 Rochester Row, 
London SW1P 1JV. Tel: 071-828-1176. 
£695. 


Lumber producers at loggerheads over Nafta 


By Bernard Simon in Toronto 

US timber producers have 
threatened to undermine one 
of the most innovative parts of 
the North American Free 
Trade Agreement (Nafta) by 
challenging the legality of the 
part’s dispute settlement mech- 
anism. 

The lumber industry has 
brought an action in the Court 
of Appeals for the District of 
Columbia seeking to reverse a 
string of setbacks in its long 


campaign against tree-cutting 
fees levied by Canadian prov- 
inces. The US producers allege 
that these “stum page" fees are 
so low that they constitute an 
unfair subsidy on Canadian 
softwood lumber exports. 

Several panels set up under 
the 1989 US-Canada free trade 
agreement, an which Nafta’s 
dispute-settlement provisions 
are based, have dismissed the 
US complaints. The lumber 
producers appeared to have 
exhausted all avenues last 


month when a three-judge 
“extraordinary challenge com- 
mittee" split along national 
lines in Canada’s favour. 

Canadian exporters have 
now called on Washington to 
refund about US$600m in 
interim countervailing duties 
which they have paid pending 
the outcome of the dispute. 

The dispute settlement 
mechanism has been widely 
regarded as one of Nafta’s most 
successful innovations. Bina- 
tional panels have so Ear 


reviewed about 62 cases relat- 
ing to findings by US and 
Pamariiau administrative tribu- 
nals on subsidies, anti- 
dumping duties and counter- 
vailing duties. 

The panels' decisions are 
usually binding. However, the 
Coalition for Fair Lumber 
Imports, representing US for- 
estry companies, maintains 
that the panel system violates 
the US constitution by dimin- 
ishing the authority of the 
judiciary in favour of 


other branches of government 
The coalition also contends 
that the panrfs are unconstitu- 
tional because while they 
administer us law, the Cana- 
dian members have not been 
elected or appointed by the US. 
It alleges that some Canadian 
panellists who have heard the 
lumber cases failed to disclose 
conflicts of interest 
Mr John Ragosta, a lawyer 
for the coalition, said the con- 
stitutionality of the dispute-set- 
tlement provisions were not 


challenged earlier as “we 
didn't have standing we 
lost You have to show you're 
an aggrieved party." 

However. Canadian lumber 
exporters have accused the 
Americans at being bad losers. 
The Canadian Forest Indus- 
tries Council said: "The coali- 
tion tiled this lawsuit only 
because it lost the countervail- 
ing duty case on its merits and, 
rather than admit defeat, it 
HpHried to taka on the entire 
free trade process." 


UK trade with Japan 



• - UK foreign Secnrtary Douglas Hurd (tofij *akj In Tbfcyo yesterday ' “ 
■powte not ttnetodt hack eft trade B wfla attof :'.*#¥ .; s < ' 
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Hurd sounds 
warning on 
protectionism 




By WBiam Dawkins In Tokyo 

Japan yesterday heard a robust 
attack on protectionism from 
Mr Douglas Hurd, UK foreign 
secretary, on the final day of a 
four-country Asian tour. The 
danger of blatant protection- 
ism had receded thanks to the 
recent Gatt agreement, but the 
worry now came from subtle 
pressures to curb the advance 
of free trade, he warned. 

“Now is not the time to sit 
back on trade liberalisation," 
Mr Hurd said, after a meeting 
with Mr Tomiichi Murayama, 
the prime minister, and other 
senior cabinet members. New 
ground needed to be broken, in 
multilateral liberalisation of 
telecommunications, shipping, 
financial services, aerospace 
and steeL 

Gatt members should ensure 
that the new World Trade 
Organisation enforced multilat- 
eral rules, rather than sought 
to manage trade. Mr Hurd was 
critical of pressures to use the 
WTO to tackle the impact of 
free trade on environmental 
and social problems. Labour 
market rigidities were the 
main cause of unemployment 


and free trade the only solo- : 
tian to it, he argued. 

On UK-Japan trade, he Wel- 
comed recent Japanese govern- . 
meat attempts to cut economic 
regulation and open the mar-., 
ket to foreign competition hot 
said more progress was. 
needed. Mr Hurd hoped that 
Tokyo would broaden its mili- 
tary procurement beyond the 
US. which accounts for almost 
all the foreign portion of 
Japan's Yl.OOObn ($i0.lbn) 
annual defence equipment bud- 
get 

In official contacts, Mr Hurd 
made the case for British par- 
ticipation in four large non-de- 
fence contracts, including a 
personal phone system to be 
introduced by NTT next year. 
On long-standing trade dis- 
putes with Japan, Mr Hnrd- 
said he was disappointed by 
remaining restrictions on for- 
eign lawyers and high taxes on 
Scotch whisky, which had kept 
market share at a g*nan frao- 
tion of lightly taxed sho ehn, % 
local spirit made of sweet pota- 
toes. 

He also called for greater for- 
eign access to pension fund 
manag e men t and insurance. 




NEWS IN BRIEF 



Ericsson secures 
Malaysia orders 

Ericsson, the Swedish telecommunications conglomerate, has 
won orders worth more than. $550m in Malaysia, one of the 
world's fastest growing telecommunications markets, writes Kie- 
ran Cooke tn Kuala Lumpur. The group announced two contracts 
over the weekend: the biggest, worth M$L3bn (US$507tu), is for. 
the design, supply and installation of a public switched wireless 
network to be delivered to Syarikat Telefon Wireless, a privately 
owned Malaysian company; the second contract, worth M$U2m, 
involves the supply of digital telephone equipment to Oelcoan 
Cellular C ommunication s, Malaysia’s biggest cellular operator 
with more than 350,000 subscribers nationwide. 

Nr VUay Kumar, Syarikat’s executive director, said the first 
phase of the Ericsson system would be installed cm the resort 
island of L a n g k a w i, off the west coast erf the Malaysian peninsula. . 
Celcom Cellular said it wanted to start offering subscribers a 
digital service through its existing network by next year. Malay- 
sia is one of the company's top 20 markets and over the past five 
years Ericsson has been the main supplier for Celcom’s priKtmg 
analogue network. 

Ship identification plan delay 

A British government proposal to fit automatic identification 
devices, or transponders, on the world's merchant shipping fleet 
has been put back for a year after inte r n a ti onal maritime experts 
called for further studies, writes Charles Batchelor, Transport 
Correspondent 

The Department of Transport put its plans to the United 
Nations' International Maritime Organisation 0MO) earlier this 
month; the department wants them to be mandatory from 1999: 
The transponders would allow coastguard and port authorities to 
identify vessels and would mean that ships causing pollution or 
involved in an accident could be immediately traced. The 3340's . 
safety of navigation subcommittee called for further studies of 
the legal and technical implications of the plans and will look 
again at the proposal in a year, 

“We win have to see how this initiative fits In with other 
conventions such as the UN Law of the Sea which guarantees ■’ 
vessels unrestricted free passage,” an IMO spokesman - =_• 


Saudi Arabia’s Tabnk Cement has awarded a contract worth 
$257m for a cement and associated power and desalination plant, 
to Mitsubishi Heavy Industries and ube Industries of japan, 
Reuter reports from DubaL The t-im tonne-a-year plant isto-be 
built in the coastal town of Duba in north-western Saudi Arahfa. - 

■ Kuwait’s central tenders committee yesterday invited bids, 
from nine inte r nati o nal companies for construction of three dec-' 
tricity sub-stations, Reuter reports from Kuwait. Industry 
sources estimated the contract value would be about KDlom 
(533.4m). 

■ Sunrise Technologies of the US has received approval from the 
Japanese Ministry of Health and Welfare to sell Its SunLase 
Master dental laser in Japan, AP-DJ reports from Fremont, 
California. Japanese government procurement of nreti«>i equip- 
ment has been criticised by the US in continuing trade talks. 

■ ACDelco Systems, a unit of General Motors, has Conned a joint 
venture with a group of Saudi industrialists and businessmen to 
buDd a battery manufacturing plant in Saudi Arabia, AP-DJ 
reports from Flint, Michigan. GM said it would have a 49 per cant 
equity in the battery plant, which will be built in Dammam. 
Saudi Arabia. GM expects to start production in late 1996. 

■ Kvaerner Fjellstrand of Singapore, part of the Kvaeroer group, 
has secured a $5m contract for a high-speed FlyingCat catamaran 
for Hong Kong Ferry (Holdings), Extd reports from Singapore, 
The vessel wfll be the third last craft of thfc type delivered by tire 
Singapore company to the shipping group. 


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FINANCIAL- TIMES TUESDAY SEPTEMBER 20 1994 


NEWS: INTERNATIONAL 


Israel holding 
secret talks 
over Golan 


By David Horovitz 
in Jerusalem 

An Israeli minister yesterday 
confirmed for the first time 
that Israel is holding secret 
negotiations with Syria, with 
the aim of reaching a peace 
accord involving an Israeli 
withdrawal from the Golan 
Heights. 

Mr Binyamin Ben-EIiezer, 
who holds the housing and 
construction portfolio and is a 
close aide to Prime Minister 
Yitzhak Rabin, compared the 
contacts with Syria with last 
year's secretive negotiations 
with the Palestine Liberation 
Organisation in Oslo that led 
to the signing of the Israel-PLO 
autonomy accords in Washing- 
ton last September. 

“Minister Binyamin Ben-Eli- 
ezer confirms there were secret 
contacts with Syria, not at the 
ministerial level, but at the 
gamp echelons that led, in his 
words, to the dizzying success 
in other peace agreements," 
the radio reported. 

Over the last few weeks, the 
Israeli media has carried a 
stream of reports of secret con- 


tacts, quoting anonymous gov- 
ernment officials saying nego- 
tiations are being personally 
overseen by Mr Rabin, assisted 
by the army’s chief of staff Gen 
Ehud Barak and intelligence 
chief Uri Saguy, with Israel’s 
ambassador to Washington, Mr 
Itamar Rabinovitch. and his 
Syrian counterpart Mr Walid 
al-Muallam serving as interme- 
diaries. 

Israeli opposition leaders 
have charged that a deal is 
already close to completion, 
and that Mr Rabin has agreed 
in principle to withdraw from 
the entire Golan Heights stra- 
tegic ridge in exchange for 
fully normalised relations with 
Damascus. 

Publicly, Mr Rabin has 
offered to sanction, a “signifi- 
cant" withdrawal from the 
Golan, after a three-year test 
period of normalised relations 
with Syria, but has neither 
confirmed nor denied that he is 
ready to approve a complete 
pullout. 

Members of Mr Rabin’s 
Labour party yesterday held 
an Ill-tempered debate on the 
issue of the Golan, at which 



FIS boycotts Algeria’s crisis * 
talks — but not the talking 

Francis Ghil&s on the outlawed fundamentalists’ continued contacts 




[tv 


An Orthodox Israeli Jew walks past a poster recommending the 
policies of Avigdor Kahalant, a laonr party MP who opposes 
withdrawal from the Golan Heights ap 


the prime minis ter and Mr Shi- 
mon Peres, foreign minis ter 
angrily criticised a small 
minority of Knesset members 
who are vowing to fight a 
Golan pullback. 

while confirming that con- 
tacts with the Syrians were 
taking place, Mr Ben-EUezer 


told Israel Radio yesterday that 
they were not at the ministe- 
rial leveL 

• The Israeli army has set up 
a unit to remove obdurate Jew- 
ish settlers from the West 
Bank, Gaza Strip and Golan 
Heights, according to the Ma’a- 
riv newspaper yesterday. 


T aHcs aimed at finding a 
solution to Algeria’s 
political crisis will open 
in Algiers today but one of the 
country’s key political forces, 
the Islamic Salvation Front, 
will not be there. 

The FIS, which was outlawed 
two and a half years ago after 
the suspension of elections it 
looked certain to win, decided 
to boycott the talks in spite of 
the decision last week by Gen 
l.iamtne Zeroual, the head of 
state, to transfer the party’s 
two paramount leaders, Mr 
Abassi Marfani and All Ben- 
ha dj, from prison to house 
arrest 

Nonetheless, contacts and 
discussions between the fundar 
mentalist leaders and senior 
generals have never been so 
numerous. Most take place 
behind closed doors, indeed 
behind prison gates, in and 
outside of Algeria. 

FIS leaders are m-visting on a 
number of conditions before 
their party joins the talks, 
which will be attended by five 
smaller political parties. How- 
ever. Mr Rabah Kebir, the 
spokesman for the exiled lead- 
ership, based in Germany, has 
suggested Mr Marian! might be 


prepared to call a ceasefire 
before all conditions are met 

FIS leaders wish first to con- 
vene a meeting of the party’s 
rating council, the Majlis Es 
Shura, and consult leaders of 
t he Islamic Liberation Army 
(AIL) which owes allegiance to 
the party. 

"We do not wish to create 
difficulties for President Zer- 
oual," Mr Kebir said at the 
weekend, "but each party to 
the negotiation must be able to 
hold meetings in order to rep- 
resent their side.” It is "not 
easy" to conduct proper con- 
sultations," he added, when 
the telephone used by Mr 
Marian! and Mr Benhadj is 
“controlled". 

The fundamentalists say that 
a key precondition to such a 
meeting is the tiffing of the 
ban on the FIS. The state of 
emergency would have to be 
lifted and a general amnesty 
proclaimed. The army would 
also have to be consigned to 
barracks. To ensure such con- 
ditions are met, a “neutral" 
government should be formed 
to oversee the period of transi- 
tion necessary before new elec- 
tions are bald 

This is a tall order for the 


army's senior commanders and 
Is unlik ely to be met in ML 
The past two weeks have, how- 
ever, already profoundly modi- 
fied Algeria’s political land- 
scape. The two heavyweight 
players in the drama which, 
since January 1992. has 
claimed at least 11,000 lives, 
have publicly recognised the 
status of the other ns a valid 
interlocutor. 

Dialogue, if and when it 
accelerates. Is unlikely to spell 
the end of violence. The FIS 
will not have been surprised by 
the total opposition to talks 
expressed by the hardline 
Islamic Armed Group (GIA), 
many of whose leaders woe 
trained in US-run camps in 
Peshawar, Pakistan, and went 
on to fight Russian troops in 

Af ghanistan 

Mr Cherif Gousmi, the GIA 
leader, is opposed to any "truce 
or dialogue with a renegade 
government to the very idea of 
democracy and all those who 
argue in its favour”. The AIL 
has been losing fighters to the 
GIA but some diplomats are 
convinced that some GIA activ- 
ists are linked to the state 
security forces. 

Opposition to talks has alan 


Jump of 8.75 per cent will boost public support for reforms JT£|J|(J prO fflj SGS to tllffl tO T IK 

Indian industrial output rises f or < a jj Saudi Arabia’s needs’ 


By Stefan Wagstyf in New DeM 

Indian industry, which saw 
production stagnate after the launch 
of the country’s economic reforms in 
1991. is recovering sharply this year, 
according to government estimates 
published yesterday. 

The data will boost public support 
for the reforms among businessmen 
who earlier complained at the extent 
of the slow-down in demand caused 
by widespread economic restructur- 
ing. Executives will also take heart 
from recent infla tion figures which 
show a slowing in the rate of price 
increases. 

Industrial output rose 8.7 per cent 
in May, compared with the same 
month last year, the largest monthly 
increase since before Mr PV Nara- 
simha Rao, the prime minister. 


launched the reforms. The jump in 
May followed a 7 per cent increase In 
ApriL 

The recovery is being led by a 
sharp rebound in the production of 
capital goods, which suffered partic- 
ularly badly in the early past-reform 
period because the government, an 
important buyer of industrial equip- 
ment, cut orders in an effort to trim 
public spending. 

This year, private companies, 
tnfp rating to modernise and expand 
their factories, are fuelling demand 
for capital goods. Capital goods out- 
put in May was 19.6 per cent higher 
than in May 1993. 

While the data is provisional and 
subject to adjustment, government 
officials and business executives 
alike believe that the recovery 
is broadly-based and expect it 


to continue for some time 
The Reserve Bank of India, the 
central hank aaHlpr th fo month fore- 
cast that industrial output for the 
year to the end of March 1995 would 
rise 7 per cent over 1993-94. Some 
industrialists foresee an increase of 
up to 10 per cent 
Meanwhile, government figures 
published at the weekend show the 
rate of increase in wholesale prices, 
the most widely followed indicator of 
inflation, fell in the week ending 
September 3 to 8.3 per cent, com- 
pared with the same week in 1993 • 
the lowest rate recorded this year. 

Infla tion has slowed from a peak 
of more than 11 per cent in the 
spring, when prices were affected by 
sharp increases in the cost of gov- 
ernment-controlled goods and ser- 
vices such as fuel and transport 


By Kevin Brown, Political 
Correspondent, In Jeddah 

The UK will remain a key supplier of 
defence equipment to Saudi Arabia 
for the foreseeable future, King Fahd 
told Mr John Major, the British 
prime minister, yesterday. 

In several hours of talks in Jed- 
dah, the king and Mr Major also 
agreed an ou tline deal for Britain to 
provide technical and finan cial 
advice an Saudi Arabia's fledgling 
privatisation programme. 

British officials and businessmen 
who joined the week-long trip to the 
Gulf and South Africa, were buoyed 
by the warm reception given to Mr 
Major, and by King Fahd’s promise 
that Saudi Arabia "will come to the 
UK for all onr needs”. 


Mr Major is believed to have dis- 
cussed a number of potential defence 
contracts with the king, mrtndtng a 
possible order for Westland’s Merlin 
anti-submarine warfare helicopter. 

Saudi Arabia is believed to be 
deeply concerned about its vulnera- 
bility to a potential threat from Iraq, 
which has acquired a numb er of con- 
ventional submarines in the second- 
hand market in spite of an interna- 
tional arms embargo. 

The king is also said to have 
responded sympathetically to British 
suggestions that the kin gdom nhnulri 
buy Avro International jets for the 
Royal Flight, and Rolls-Royce 
engines for the state-owned airline. 

It is believed a bid by the Davy 
construction group to build a steel 
plant at Hadeed was also discussed. 


The Saudi government is expected 
to confirm shortly that it has 
accepted a British offer to provide 
technical assistance In developing 
the kingdom’s plans to involve pri- 
vate capital in large parts of the 
state-owned sector. 

Candidates for privatisation or 
partial Involvement by the private 
sector include the electricity indus- 
try, the state-owned telecommunica- 
tions company, petrochemicals, avia- 
tion and the road system. 

Saudi Arabia has run a budget def- 
icit for 12 years as a result of declin- 
ing real prices for oil exports and 
rising spending. 

The kingdom is also believed to 
have spent most of its reserves on 
financing the Gulf war. 


come from Mr Redha Malek, 
the former prime minister, 
who said the release of the FIS 
leaders was a "huge unilateral 
concession which put the 
republic in danger of death”. 

Mr Maids, who brokered an 
agreement with the Interna- 
tional Monetary Fund, was 
sacked soon after Gen Zeroual 
took office last winter. Mr 
Malek*s views are shared by 
groups within the country 
which have defended women’s 
rights and, what is more 
important, by a number of 
senior officers. 

Some are bitterly opposed to 
the ideology of the FIS, others 
fear the loss of the many privi- 
leges a state-controlled econ- 
omy has afforded them since 
independence in 1962. Others, 
in the ntiriflia ranks of the 
army and the security forces, 
fear retribution. 

Many have been forced to 
participate in human rights 
abuses that they are deeply 
ashamed of, and feel betrayed 
by their elders. All parties to 
the conflict have resorted to 
methods which in Algeria 
remind many of the violent 
fight for independence from 
France between 1954 and 1962. 

Iran’s non-oil 
exports show 
growth of 23% 

| Iran has exported $l.6bn 
(El.Oibn) worth of non-oil goods 
■ since the start of the Iranian 
year In March, Iran's official 
news agency said yesterday, 
Reuter reports from Nicosia. 

“Iran’s non-oil exports have 
risen by 23 per cent compared 
with the corresponding period 
last year," the agency said. It 
did not give a value for exports 
in 1993 or a breakdown of dif- 
ferent kinds of exported goods. 

Mr All Saeedlou, head of the 
Export Promotion Centre of 
Iran, predicted that non-oil 
exports by Iran, a leading oil 
producer and member of the 
Organisation of Petroleum 
Exporting Countries, would 
reach a total value of $24bn in 
the 1994-98 period. 





% FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 ★ 

a s crij- . ====== 

Uilkinu 'Japan’s profit Japanese 

I 4, trends boost XV 

recovery hopes pledge 

By Gerard Baker In Tokyo Jas»an on Haiti 


NEWS: INTERNATIONAL 


nur, 

Ut«>\ulni{; 


furth er evidence of a gradual 
strengthening of Japan's eco- 
nomic recovery emerged yes- 
terday with figures showing 
better corporate profitability 
and a slight improvement in 
monetary conditions. 

A Ministry of Finance survey 
revealed that aggregate pre-tax; 
profits at Japanese companies 
fell by just 02 per cent in the 
three months to the end of 
June compared with the same 
period last year. 

Earnings fell for four 
straight years from 1990 but 
the survey confirmed recent 
anecdotal evidence from com- 
panies that profits have hit 
bottom. Manufacturers re- 
ported sales higher by 0.3 per 
cent, and profits up by 7.6 per 
cent, the first increase for 13 
quarters. Non-manufacturers’ 
sales were up by 0.9 per re nt, 
but profits fell by &9 per cent 

The senior bureaucrat at the 
Finance Ministry, Mr Jiro 
Salto, said the survey was in 
line with recent official reports 
that suggested the economy 
was recovering from the long 
recession. “The upturn in man- 
ufacturers’ earnings is an espe- 
cially bright factor,'* said Mr 
Saito. 

However, the report also 
pointed to continuing declines 
in corporate investment Capi- 
tal spending during the quar- 
ter shrank by 16.8 per cent, 
with both manufacturers and 
non-manufacturers reporting 
substantial drops. 

The Bank of Japan 
announced yesterday that the 


A^negrata pre-tax fMofita 
annual K change 

40 — 



1988 90 91 92 93 9* 
SourtK Datesfraafn 

basic measure of money supply 
grew in August for the third 
month in succession. M2 plus 
certificates of deposits expan- 
ded by 2.0 per cent in August 
compared with a year ago. But 
officials cautioned against 
over-optimism; the figure is 
still consistent with weak 
growth in overall liquidity. 

Changing patterns of con- 
sumer demand were reflected 
in figures published by a retail- 
ers’ group. The Japan Depart- 
ment Stores’ Association 
reported that sales at stores in 
the Tokyo area declined by 5-3 
per cent in August from a year 
earlier, the 30th consecutive 
monthly drop. During the 
recession, more price-conscious 
consumers turned increasingly 
towards discounters, away 
from their traditional penchant 
for department stores. That 
trend appears to be continuing 
despite a recovery in personal 
disposable income in the last 
year. 


Mahathir snubs ecology lobby over dam 


By WBnam Dawkins in Tokyo 

Japan, the world’s largest aid 
donor, yesterday said it was 
ready in principle to offer 
“ ap pr o pr ia te co-ordination" to 
help democracy emerge in 
Haiti. 

The assistance Japan has in 
mind was unspecified. But the 
speed at which the offer came, 
from Hr Yohei Kano, the 
foreign minister, contrasts 
starkly with Tokyo’s once 
slow response to fast moving 
events on the international 
stage. 

Only last weekend, it 

dis patched, with a nrinfrnimi 
of hand-wringing, 470 soldiers 
to help Rwandan refugees in 
Zaire and neighbouring 
countries. 

The Rwandan mission won 
praise yesterday from a 
visiting Mr Douglas Hurd, 
British foreign secretary, who 
welcomed Japan’s approach 
fin* permanent membership of 
the United Nations Security 
Council. 

Mr Kono greeted the 
last-minute peace accord 
between the US team and 
Haiti’s military regime as 
important progress towards 
restoring legitimate 
government and a democratic 
system there. 

The form of Japanese aid 
will depend on what the 
United Nations asks tt to do, 
added Mr Kunihiko Saito, 
the vice foreign minister, 
and Japan’s most senior 
diplomat. 


By Kieran Cooke in Kira la Lienpur 

Prime Minister Mahathir Mohamad of 
Malaysia has told western environmen- 
talists and activists to “mind their own 
business” and not interfere in Malay- 
sia’s development programmes. 

Dr Mahathir was speaking at a 
ground breaking ceremony for the 
Bakun dam project in a remote jungle 
area of the state of Sarawak on the 
island of Borneou The Bakun project. 


described by its developers as the 
world's biggest private power scheme, 
involves construction of a dam nearly 
twice the size of the Aswan dam in 
Egypt and the flooding of an area 
larger than Singapore. 

Plans are to transmit the bulk of 
Bakun’s 2.4O0MW power output to pen- 
insular Malaysia, first by 670km of 
overhead cables within Sarawak and 
then through 650km of cables under 
the South China Sea. An area of more 


than 80,000 hectares, much of it tropi- 
ca] rain forest, will be cleared to 
accommodate the dam and more than 
8.000 tribes people will be resettled. 

Opponents of the project say that the 
dam will be “an ecological time bomb 
sitting right in the centre of Borneo". 
Earlier this year Dr Mahathir’s govern- 
ment signed a memorandum of under- 
standing giving management of the 

M$15bn (£3.7bn) Bakun project to the 

Sarawak-based Ekran company. 


Ekran says 70 per cent of the financ- 
ing for Bakun will be raised from 
domestic resources and insists the proj- 
ect can be completed in six years, with- 
out federal or state funds. Critics point 
out that Ekran has had no previous 
experience in the power business. 

Dr Mahathir said his government 
had done extensive research into the 
Bakun project: “Bakun will be a cata- 
lyst for industrial growth in the coun- 
try and in Sarawak itself." 


Flux emerges in Malaysian politics 


L ocals call it the good 
news show. Bach even- 
tag television feeds 
Malaysians a series of gener- 
ally upbeat items about the 
state of their country. The con- 
siderable achievements of the 
Malaysian economy are the 
main focus of attention. The 
activities of Dr Mahathir 
Mohamad the prime minis ter, 
feature prominently. 

But lately the news has been 
a little more subdued. While 
the economic outlook, In the 
short term at least, appears 
good, Malaysians have been 
puzzled to bear about the gov- 
ernment's tough actions 
against a Moslem group. They 
have been intrigued that talk 
about a sex creniiai involving a 
senior government figure has 
been allowed to surface in the 
official media. 

There have been a series of 
fires at Kuala Lumpur's inter 
national airport and two “near 
misses" between aircraft. Even 
the weather forecast looks wor- 
rying. Some of the worst pollu- 
tion in years has cloud e d the 
skies of much of the Malay 
peninsula in recent weeks and 
has led to government health 
warnings. 

Dr Mahathir and other 
senior figures in government 
have wmria clear signals that a 


Kieran Cooke 
reports on an 
intense debate 
in the ruling 
party 


general election will be called 
soon, possibly at the end of the 
year. There seems very little 
chance that Dr Mahathir , in 
power since 1981. will lose his 
tight grip on power. But a 
degree of flux is evident in 
Malaysia’s body politic. 

In June the government 
launched its remp nign against 
A1 Arqam, a Moslem sect that 
claims 100,000 followers in Mal- 
aysia and many more in the 
region. In early August Malay- 
sia’s Islamic authorities ban- 
ned A1 Arqam’s teachings, 
describing them as deviation- 
isL Since then the government 
has declared the sect illegal, 
launched police raids on the 
group's communes and carried 
out a number of mass arrests 
of followers. 

Many, particularly in the 
majority Malay Moslem com- 
munity. question the govern- 
ment’s heavy-handed tactics. 


Mr Ashaari Muhammad. A1 
Arqam’s leader, had his pass- 
port revoked by the Malaysian 
authorities while in Thailand. 
Mr Ashaari, along with at least 
seven followers - including his 
wife and six-month old daugh- 
ter-are being held under Mal- 
aysia’s Internal Security Act 
(ISA), which allows for up to 
two years’ detention without 
triaL 

The Malaysian Bar Council 
has protested that the ISA. 
which usually involves harsh 
isolation treatment and round 
the clock interrogations, is 
being used for purposes for 
which it was never intended 
and says Mr Ashaari has been 
denied the right to legal repre- 
sentation. 

Critics say there are political 
motives behind the move 
against A1 Arqam. They say Dr 
Mahathir had become worried 
about the growing popularity 
of A1 Arqam within his own 
United Malays National Party 
(Umno), thp dominan t group in 
the r uling national front. A] 
Arqam says it is bring used as 
a scapegoat to take attention 
away from scandals and cor- 
ruption within Dr Mahathir's 
government 

The government says it 
acted against AI Arqam 
because the sect had strayed 


from proper Islamic teachings 
and could pose a threat to pub- 
lic order. Dr Mahathir has 
made a number of allegations 
against Al Arqam. including 
that through the practice of 
polygamy, the sect treated 
women as “little better than 
prostitutes’. 

At the same time and to the 
deep embarrassment of the 
government, the case of Mr 
Abdul Rahim Tam by Chik hit 
the headlines. Mr Ra him is 
chief minis ter of the state of 
Malacca and head of Umno’s 
youth wing. Mr Rahim is under 
police investigation after alle- 
gations that he sexually 
abused a 15-year-old girl. He 
has also been accused of accu- 
mulating a vast fortune 
through dubious property 
deals. 


M r Rahim is a leading 
member of a new 
generation of Umno 
personalities who came to 
prominence within the party 
along with Mr Anwar Ibrahim, 
the deputy prime minister and 
Dr Mahathir ’s heir apparent, in 
elections late last year. 

Dr Mahathir has been forced 
to suspend Mr Rahim from his 
official posts. Mr Rahim was 
allowed to go abroad on holi- 
day. The girl he is said to have 


abused has been kept under 
police custody. 

What intrigues Umno watch- 
ers is that the allegations 
against Mr Rahim have been 
allowed a public airing in the 
heavily govemment-iniluenred 
media. There are suspicions 
that senior figures in the party 
might be out to rock Dr 
Mahathir’s political powerboat. 

Dr Mahathir [aces few prob- 
lems from Malay sia's weak and 
divided opposition parties. But 
within Umno there is intense 
debate about the future direc- 
tion of the part)’. Many of the 
Umno rank and file say the 
party has lost touch with its 
rural roots and is now domi- 
nated by urban-based politi- 
cians with close links to the 
country’s corporate elite. 

Some sections of Umno have 
voiced concern about corrup- 
tion within the party and a 
nationwide cult of vote-buying 
called “money politics”. Dr 
Mahathir has pledged to put a 
stop to abuses within his own 
party. 

Economic success has 
brought a large degree of polit- 
ical complacency to Malaysia. 
But politics has been give a 
shot in the arm by recent 
events. The evening news 
could be more interesting in 
future. 


Pro-democracy and pro-Beijing candidates do well in Hong Kong poll 


By Simon Hoiberton m Hong Kong 

Strong support for pro-democracy 
candidates and a good showing for Hong 
Kong’s main pro-Beijing political party 
were the hi g hli g hts of the colony’s first 
fully democratic elections. 

Hong Kong went to the polls on Sunday 
to elect 346 local government officials in 
what was the first of three colony-wide 


polls to be held over the coming year. 
After failing to agree terms with Britain, 
daring talks last year, Beijing has said 
it will ann ul the result of these 
elections when it resumes sovereignty 
in 1997. 

By the dose of counting yesterday after- 
noon candidates representing pro-democ- 
racy groups had taken nearly a third of 
the seats. The Beijing-funded Democratic 


Alliance for the Betterment of Hong Kong 
(DAB) won just over 10 per cent of the 
seats. 

The loser on the day was the pro-busi- 
ness Liberal party, which managed to win 
only 19 of the 99 seats it contested. Mora 
than 150 of the successful candidates ran 
as independents, underlying the essen- 
tially local nature of the elections. 

Hong Kong’s Chinese language press 


welcomed the polL Almost all of the 
colony's leading newspapers commented 
favourably on the elections, with many 
saying they boded well for municipal 
council elections next spring and 
Legislative Council polls next 
aut umn. 

In all. 693,223 people voted - 64 per cent 
up on the vote in 1991, when 424.032 people 
voted. Sunday's turnout, however, repre- 


sented only 33.1 per cent of Hong Kong’s 
registered voters and was not much ahead 
of the 1991 poll, when 32.5 per cent of 
voters cast a ballot 

The high voter turnout was attributed 
by some to the growing civic conscious- 
ness among voters. Many commented on 
the maturity and responsibility of voters 
and said they hoped China would take 
note of the result when it came to estab- 


lishing a fresh political order after 
1997. 

The pro-Beijing Ta Kung Pao said the 
large turnout did not Imply public support 
for Mr Patten's reforms. Instead it concen- 
trated on the turnout rate. Wen Wei Po, its 
stablemate, had encouraged its readers to 
participate in Sunday’s poll by voting for 
candidates who “loved Hong Kong and the 
motherland". 




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FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


NEWS: HAITI 


With 15,000 troops in Haiti the US has the means to enforce the compact, says Jurek Martin 

Stubborn Carter saves Clinton’s bacon 


I t would take a great stretch of the 
political imagination even to sug- 
gest that former President Jimmy 
Carter and his team of US negotiators 
in Haiti have saved the current presi- 
dency. But they certainly seem to 
have helped to give Mr Bill Clinton as 
optimal an outcome as he could rea- 
sonably have expected well into an 
agonising Sunday afternoon. 

Mr Clinton could certainly claim 
yesterday his order to begin the inva- 
sion was the last straw that broke the 
back of the resistance of Lt Gen Raoul 
Cedms and General Phillippe Biamby 
to agree to step down from power. 

But it was Mr Carter’s stubborn 
insistence to continue talking in Port- 
au-Prince long after he was due to 
leave and even after the White House 
advised him to get out that made pos- 
sible the denouement. 

Equally, it was Mr Carter's determi- 
nation to obtain a Haitian political 
imprimatur from acting president 
Emil Jonaissant, a man whose legiti- 
macy the US government has not 
even recognised, that was in the final 
hour vital to the accord. It was Mr 
Jonaissant's emotional declaration 
“we must have peace not war” that 
helped persuade the military men not 
to disobey their civilian leaders, 
according to Mr Carter. 

Fn effect what the US team, which 
also included retired General Colin 
Powell, previous head of the joint 
chiefs of staff, and Senator Sam 
Nunn, chairman of the armed services 
committee, brought about was Gover- 
nor's Island Revisited - a close replica 
of the July, 1993 agreement under 
which the military junta agreed to 
relinquish power. 

The difference - and it is huge - is 
that the presence in Haiti of an occu- 
pying force of 15,000 US troops means 
that the US has the m eans to enforce 
Sunday's compact. 

The agreement itself leaves some 
hostages to fortune. It does not 
require Lt Gen Cddras or Gen Biamby 
to leave Haiti, as demanded by Presi- 
dent Clinton. Its promise of amnesty 
may leave members of the local mili- 
tary and commercial elite free to 
make mischief on President Jean-Ber- 



A Haitian soldier (right) watches as US troops deploy at Port-au-Prince airport shortly after their arrival 


trand Aristide's return. 

Even Mr Carter conceded the agree- 
ment was not binding on junior offi- 
cers or "attaches, " the freelance thugs 
with close ties to the military who 
have replaced the dreaded Tonton 
Macoutes of the Duvalier regimes. 

The agreement contained no refer- 
ence to Fr Aristide, though perhaps it 
did not need to. Initial reaction from 
his advisers - and on the streets in 
Miami - was not favourable, mostly 
because of the prospect of the junta 
getting off scot-free and, possibly, 
re maining in Haiti. 

In a fascinating CNN interview yes- 
terday morning, Mr Carter offered 
many insights into his extraordinary 
two days In Port-au-Prince, demon- 
strating yet again the strength of his 
independent streak and the remark- 
able rapport he seems able to estab- 
lish with the most improbable negoti- 
ating partners (among them over the 


last year the trim n-Sung, the 
North Korean dictator, and Muham- 
med Farah Aldeed, Somali warlord). 

The US, the UN and countries 
beyond number have condemned the 
military junta for their appalling vio- 
lations of h uman rights in Haiti. But 
Mr Carter countered that “it’s a seri- 
ous violation of inherent human 
rights for a citizen to be forced into 
exile." General Powell reported, more 
practically, that at no stage had Gen 
Cgdras asked about the terms, finan- 
cial and otherwise, of exile. 

Mr Carter was even dismissive of 
US government officials, including Mr 
Warren Christopher, now secretary of 
state and the departmental number 
two in his own administration, who 
have said there was no alternative 
but exile. The Governor's Island 
agreement, he pointed out, was also 
signed by FT Aristide and would not 
have forced the junta physically to 


leave the island. 

The US official attitude, Mr Carter 
Milt , faiipd to understand the mindset 
of the junta as military men and self- 
perceived patriots. The former presi- 
dent paid particular tribute to the 
arguments deployed by General Pow- 
ell in this respect. He also said that 
the wife of Gen Cgdras Cone of the 
strongest and most powerful women 
I've ever met") had played an influen- 
tial role after he had spoken to her at 
length on Sunday morning. 

Throughout the Interview, Mr 
Carter displayed considerable under- 
standing of the complexities of Hai- 
tian society and its fledgling political 
system. He could not even guarantee 
parliament would pass the amnesty 
law, since 40 pro -Aristide members 
are in exile in Miami, But the October 
15 deadline could not be avoided by 
the junta. 

The agreement - and yesterday's 


apparently trouble-free US military 
landing - should bring political relief 
to Mr Clinton at home, where the 
prospective fully-fledged invasion 
remained unpopular. 

The presence of General Powell in 
the delegation - another suggestion 
from Mr Carter eagerly taken up by 
Mr Clinton - provides a degree of 
political cover for the president 
a gains t Republican criticism. The gen- 
eral’s political neutrality is legendary 
but Republicans increasingly claim 
him as one of their own, largely 
because of bis sendee under presi- 
dents Reagan and Bush. 

In the short term, the agreement 
and the US occupation also removes 
all threat of a congressional vote of 
disapproval against US policies in 
Haiti. The Democratic leadership 
Immediately began moves to get both 
Houses to approve the Sunday agree- 
ment and to express support for the 
US military mission. This will pass. 

It will not, however, subdue for long 
persistent reservations about Mr Clin- 
ton’s foreign policy decision-making 
processes, which, even over Haiti, are 
widely seen more as crisis-driven than 
the product of a strategic plan. There 
appear to have been some sharp divi- 
sions in the administration, investiga- 
tions of which are certain to feature 
in the media. The position of Mr 
Anthony Lake as national security 
adviser seems most vulnerable. 

Nor can Mr Clinton expect much lift 
from public relief at November's mid- 
term elections. In 1962. predicted 
steep Democratic losses were much 
reduced by the resolution of the 
Cuban missile crisis but that hap- 
pened only a week before voting. A 
better comparison may be 1978 when 
Mr Carter's Middle East peace accords 
produced instant political benefit that 
mostly faded by polling day. 

But, for the moment at least, Mr Clin- 
ton’s agonies are less. He did take the 
fateful step of ordering US servicemen 
into a combat mission for the first 
time in his presidency but then was 
able to recall them before they 
landed. That outcome seemed incon- 
ceivable four days ago; it was even in 
doubt on Sunday evening. 


US troops land 
in full strength 


Haitians wonder: What next? 

James Harding joins a bewildered crowd watching the Americans fly in 


By George Graham 
in Washington 

The first US troops landed in 
Haiti yesterday in an operation 
that closely resembled the 
invasion the]' bad planned to 
carry out just hours earlier. 

“The most important differ- 
ences are that we are not hav- 
ing to make a forced entry, we 
will not have to do it in the 
middle of the night, and we 
will not have to use our para- 
trooping forces to do it," said 
Mr William Perry, the US 
defence secretary, in a briefing 
just after the invasion was 
called off. 

The original plan called for 
six para troop battalions from 
the 82nd Airborne division to 
attack the Port-au-Prince air- 
port, while Army and special 
forces landed by helicopter to 
secure the southern half of the 
capital. 

At the some time, a force of 
more than 1.500 Marines 
planned ail amphibious land- 
ing on Haiti’s north coast, tak- 
ing over Cap Haitien and other 
towns. 

Instead of a parachute land- 
ing. troops from the 10th 
Mountain division landed by 


helicopter at Port-au-Prince 
airport. 

Around 6,000 US troops were 
expected to be in Haiti by the 
end of yesterday, with the 
number rising to around 15,000 
by the end of the week. 

"We have, of course, the 
assurance of the Haitian gov- 
ernment, but we do not believe 
we should have our troops 
depend just on that assurance, 
and so therefore they're going 
to go in In strength and fully 
armed," Mr Perry said. 

In ail, the US has had around 
15,000 troops stationed off the 
coast of Haiti in a fourteen 
ship fleet, including the air- 
craft carriers Eisenhower and 
America and the amphibious 
command ship Mount Whitney. 
Vessels from Argentina and 
Canada have also been in posi- 
tion off Haiti 

Around 2,000 troops and per- 
sonnel from as many as 24 
other countries are due to join 
the US-led task force. Coun- 
tries contributing to the force 
include Caribbean nations 
such as the Bahamas. Barba- 
dos and Jamaica. Latin Ameri- 
can and European detach- 
ments and large contingents 
from India and Bangladesh. 


C harlie said his friends, standing 
bewildered on the quayside across 
from a US aircraft-carrier in Port- 
au-Prince harbour, did not like him speak- 
ing English. “They want me to speak Cre- 
ole or French, but I like to speak English 
because Americans Is raining down in on 
the city,” the former tourism operator 
said. 

Most people, unsure whether the last- 
minute deal by the US and Haiti would 
stick, contained their enthusiasm. As the 
US troops arrived - not in a shower of 
paras, as the delighted Charlie described, 
but in a swarm of helicopters flying low 
over the bay to the civilian airport north 
of the city - Haitian heads lifted from 
their daily business. Neither in celebration 
nor defeat, most appeared to be wonder- 
ing: “What next?" 

At the police headquarters adjacent to 
the palace, sombre men in civvies, carry- 
ing an assortment of guns, waited for 
direction. 

The marketplaces bustled. The men car- 
rying baskets of disweet (flat-square 
bread), the women selling papaya and avo- 
cados, and the stores offering soft drinks 
and plastic trinkets that had squeaked 
through the two-year-old economic block- 
ade, were in business. 

With the price of staple foodstuffs up 
threefold and petrol 15-fold because of that 
embargo, the arrival of the Americans 
inspired hope of relief. 

“When I saw President Clinton, I said 
’God bless you’ to America. This has gone 


on too long," said Moise Herbert, a driver 
in the Haitian capital “This is the last 
chance for Haiti to be born again. We can’t 
take more than we already have." 

His friend, Pierre Joseph, a supporter of 
the ousted president Jean-Bertrand Aris- 
tide, was scepticaL “Cfedras said he would 
leave before in October and now he is 
saying again he would leave in October. 
We don’t believe him." He was referring to 
the last US-brokered agreement with the 
army chief, Lt-Gen Raoul C&bas, in 1993 
which provided for the military to step 
down and Father Aristide to return. 

If the future of Gen C&h-as, the police 
chief Lt-Col Michel Francois, and General 
Phillippe Biamby, was unclear yesterday 
as more and more US military personnel 
arrived, the threat they posed to the Hai- 
tian people seemed to be receding. 

Some people, who complained of the jun- 
ta’s reign of terror, now saw no need for a 
witch-hunt. One man said: “Cddras could 
stay if he wants because he is in his coun- 
try, but he doesn’t matter now." 

One thing all agreed on was relief that 
there had been no hostile Intervention. 
Zachary, a relief worker, did not know 
what the accord would bring, but said: 
“You’ve got to think it's good - there’s no 
blood." 

But, warned Zachary, there were still 
dangers. He did not believe the Haitian 
military would disobey Gen C&iras if he 
had accepted the agreement, but said 
there could still be casualties. 

For example, "if one of them [the Hai- 


tian soldiers] does not know how to cany 
a gun and a bullet just takes off", he said, 
waving his arms in all directions. 

The possibility of guerrilla warfare is 
another unknown. US officials do not rule 
it out One embassy source yesterday pre- 
dicted a tense night ahead and warned 
that US forces were still entering danger- 
ous, if not openly hostile, territory. 

Testing the temperature of popular sen- 
timent is difficult. The walls of the capital 
are covered with anti-Aristide and anti- 
intervention graffiti, such as “no to Aris- 
tide - Aristide ts Castro", and “1915 [the 
first year of a two-decade US occupation] - 
never again". 

Whether these, like the small groups of 
anti-US protestors outside the palace over 
the last few days, are an outpouring of 
public feeling or commissioned by the mil- 
itary is not clear. 

Honest comment has been further 
skewed by the arrival of thousands of jour- 
nalists to whom Haitians, for a fee, are 
happy to give a big smile and a pro- 
American soundbite. 

With so many questions unanswered - 
not least how many US servicemen will 
stay and for how long - the Clinton 
administration may find Charlie’s expecta- 
tions worrying. Asked what the US-led 
forces should do in Haiti, he said he 
wanted them to run the country. 

"The city Is too dirty, there are no roads 
- the Americans could do everything. I 
like the Americans to stay for all time - 
forever." 




Clockwise, from top left: Jean-Bertrand Aristide, Francois 
Duvalier - “Papa Doc". Lt Gen Raoul CMras, and “Baby Doc" 

300 years of 
violence, and 
misbegotten 
intervention 

Stephen Fidler describes 
Haiti’s troubled history 

J ust 700 miles from the coast of Florida, Haiti is the 
poorest country in the western hemisphere. 

The average Haitian has just 75 US cents a day to 
live on. According to the World Bank's yardstick, anyone 
living on less than a dollar a day is suffering dire poverty. 

Haiti is an enclave of African-style poverty in Washing- 
ton's backyard. The UN Development Programme calcu- 
lates that, in terms of the quality of life of its citizens, 
Haiti ranks I31st out of 173 countries, just ahead of Zam- 
bia. Yet Haiti was once France's richest colony, furnishing 
two-thirds of its overseas trade. Rich with plantations of 
coffee, cotton, indigo and sugar cane, it supplied Europe 
with half its tropical produce. 

The intervening 300 years tell a tale of appalling govern- 
ment, misbegotten foreign intervention and violence. 

An almost unbroken line of blood connects the arrival of 
Christopher Columbus 502 years ago to the present day. 
Within 50 years of the navigator's arrival on the island of 
Hispaniola, which today French-speaking Haiti shares 
with the Spanish-speaking Dominican Republic, the esti- 
mated half million Arawak indians had perished, and the 
pre-Columbian culture had all but vanished. 

It was in Haiti that Columbus is thought to have estab- 
lished the first European settlement in the New World, 500 
years ago this year. When he returned 11 months later, 
the settlement had been razed and his men killed. 

Haiti provided the world's single example of a successful 
slave revolt. After 12 years of struggle, Haiti became 
independent from Napoleonic France in 1804, so becoming 
the first “third-world" country. 

France finally recognised Haiti in 1825, extracting in 
return a huge indemnity which remained a burden on the 
economy for decades, and Left French financiers in posi- 
tions of influence for almost a century. 

Washington put in place a trade embargo in 1806 and the 
country was not recognised by the US for almost 60 years, 
with Washington fearful of the impact a successful revolt 
would have on its own slave population. Recognition was 
not achieved until the middle of the US civil war in 1862. 

Between 1849-1913, US Navy ships entered Haitian 
waters 24 times with the stated objective of protecting 
American lives and property. In 1915, fearing German 
rivalry in the Caribbean, and amid, a Haitian political 
crisis, the US invaded. Its forces stayed for 19 years. 

The Americans built 1,600 km of roads, telephone 
exchanges and medical facilities, but few of these lasted 
much beyond an ignominious withdrawal 
There were longer-lasting legacies. The racism of US 
occupying forces Is widely seen at the root of the develop- 
ment of rrorrisme, nationalist black-oriented political 
thought, of which a leading exponent was a black medical 
doctor named Francois Duvalier. 

Duvalier, a minister in the late 1940s, was elected presi- 
dent in what was by Haitian standards a reasonably free 
and fair election in 1967. Duvalier - “Papa Doc" - sought 
to limit the influence of the army, the Roman Catholic 
church and the US, and to reduce the political and eco- 
nomic power wielded by the minority mulatto community. 

Haiti’s white plantocracy - the French aristocratic slave 
owners - were expelled by the revolution. But its spiritual 
descendants remained in a mulatto oligarchy, that even 
now - in co-operation with the black-dominated army. - 
continues to dominate, the economy and politics. 

Duvalier subdued the army with the creation of a black 
militia, the National Security Volunteers, which became 
known as the Tontons Macoutes. He put to shrewd use 
voodoo, a synthesis of African belief and Catholic ritual 
that attributes the events shaping people’s lives to myriad 
spirits. As a belief system, it is held to limit the responsi- 
bility believers feel for their own actions, and partly 
explains the lack of cohesiveness of Haitian society. 

According to Elizabeth Abbott, the author of a 1988 book 
on Haiti, Duvalier studied “voodoo with as much devotion 
as an houngan [voodoo priest], and then twisted it and 
used it to keep an entire population at his pitiless mercy”- 
Life under Papa Doc quickly degenerated into violence 
and murder. By 1963, the US ambassador had been 
expelled, and one year later Papa Doc made himse lf presi- 
dent for life. The dynasty lasted until 1986, when his son 
Jean-Claude flew to exile in France. Baby Doc had taken 
over on his father’s death in 1970. The Duvalier fortune 
was by that time estimated at $500m - although now 
Jean-Claude is reported to be penniless. 

Baby Doc’s exit was followed by several months of 
violence as people rid the country of signs of the dictator- 
ship. The army took over but was eventually forced by 
popular pressure to concede elections, held on December 
16, 1990. The victor, a radical priest. Jean-Bertrand Aris- 
tide, won 67.5 per cent of the vote against 14 per cent for 
his nearest rival. He presided for only seven months 
before a military overthrow on September 30, 1991. 

Evidence emerging since the mid-1980s suggests a strong 
link between the Haitian military and the trafficking of 
cocaine from Colombia into the US through Port-au- 
Prince. This may be one explanation Eor the tenacity with 
which the army has held on to power in the face of US 
threats. “President Aristide is right when he says that one 
of the reasons the Haitian military will not let go is that 
their lifestyle depends on the drugs trade,” US Senator 
John Kerry said last year. 





























FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 



NEWS: THE AMERICAS 


’Washington opposes Chr ® tien 

_ , , , launches 

suit over Brazil debt drive on 




By Stephen Rdter, 
Latin America Editor 


The US government has 
OTeppw in to oppose a lawsuit 
filed by a big US family inves- 
tor seeking repayment of 
$1.4bn <£900m) of bank loans to 
Brazil, bought in the secondary 
market 

The investor - the Dart fam- 
ily whose fortune derives from 
the invention of the polysty- 
rene cup - refused to join a 
$52bn bank debt restructuring 
accord completed in April. 

The Dart suit, filed in US fed- 
eral court in Manhattan, 
among other things, pay- 
ment of interest arrears. 

Washington's statement of 
interest argues; “The US has a 
strong interest in encouraging 
voluntary restructuring of sov- 
ereign debt” and that a suc- 
cessful claim by the Darts 
“would serve to undermine 
that interest". 

It said that the US had in the 
past sought to discourage the 
use of the courts by debtor 
governments, so as to encour- 
age negotiation over voluntary 
debt restructurings. It said, 
now that a secondary market 
in such debt had developed fits 
turnover last year was 
51.978hn). it did not want to 


encourage creditors to use the 
courts. 

However, lawyers for the 
Darts are likely to argue that 
the statement refers to only 
one of the eight counts cited by 
the Darts - that of accelerated 
repayment. They may also 
argue that the US government 
position undermines the rights 
of investors who bought their 
loans in the secondary market, 
and that a judgment in its 
favour would hurt secondary 
market prices for bank loans. 

Last week, the presiding 
judge dismissed a request from 
the Darts' lawyers for sum- 
mary judgement in the case 
and said she would consider a 
motion to dismiss on the 
grounds that the wight counts 
have legal defects. If she falls 
to dismiss tho case, t-h* Darts’ 
lawyers will elaborate their 
claim on October 7, and the 
Brazilian government will 
respond by October 28. 

Under the 1988 agreement 
covering the hank loans held 
by the Darts, holders of more 
than 50 per cent of the loans 
could demand immediate 
repayment from the Brazilian 
government. To prevent the 
Darts from using this clause - 
after all other creditors had 
converted their loans in the 


1994 agreement, the Darts 
would have been the biggest 
holders - Brasilia made sure 
that the state-owned Banco do 
Brasil kept a larger holding of 
the 1988 loans. Hie Darts argue 
this is improper. 

Aligns Foster reports from S&o 
Paolo: In a move that marks a 
setback for the government, 
Brazil’s car workers went back 
to work yesterday after manu- 
facturers and unions had 
agreed at the weekend to a 
one-off payment to solve the 
week-long dispute. 

Workers will receive a spe- 
cial bonus equivalent to about 
25 per cent of this month's sal- 
ary. Manufacturers also agreed 
to bring forward the annual 
pay round for many workers, 
now to take place in November 
instead of April. 

The government, worried 
that pay rises will fuel infla- 
tion in its new currency, the 
Real, bad sought to delay wage 
increases as along as possible. 
Government officials have said 
they will try to stop companies 
raising prices so soon after the 
Real's launch. But manufactur- 
ers have promised the govern- 
ment that the one-off payment 
will be paid for by productivity 
gains and win not be passed on 
through higher prices. 


Task force will tackle offshore financial crime 


FBI and UK police combine 


By Peggy HoBinger 

The Federal Bureau of 
Investigation in the US and 
officers from the UK police’s 
New Scotland Yard have joined 
forces to create a task force 
aimed at tackling whitecollar 
crime emanating from British 
offshore territories. 

The White Collar Criminal 
Investigations Team was set up 
in January to investigate fraud 
and money laundering which 
affects the British dependent 
territories in the Caribbean. 
Two UK officers have been 
assigned to the FBTs base at 
Miami, Florida. 

The move comes as the UK 
government seeks to put pres- 
sure on its territories to 


change laws which allow com- 
pany owners to hide behind 

nrnninup narmm Such regular 

turns make the work of crimi- 
nal investigators almost impos- 
sible. 

Mr Tony Baldly, a UK For- 
eign Office minister, is to hold 
a series or discussions with the 
heads of government in the ter- 
ritories when he visits the 
Caribbean next month. 

International business com- 
panies, as these shells are 
called, are often used by 
money launderers as part of a 
complex finanical network 
through which funds cannot be 
traced. 

According to one estimate by 
British intelligence, some 
$500bn (E322bn) may have been 


“laundered” worldwide last 
year. 

The territories and the UK 
government have been work- 
ing together to crack down on 
cr imin al activity for some 
time. However, the territories 
are particularly sensitive about 
the rules regarding IBCs. 
which are substantial revenue 
earners for such entities as the 
British Virgin Islands. 

The creation of the task force 
is disclosed in a documentary, 
to be screened tonight in 
Britain on BBC-1 television, 
describing the role played by 
offshore centres in financial 
fraud. More than 60 per cent of 
the world's money is estimated 
to reside in low-tax havens off- 
shore. 


separatism 

By Bernard Simon m Toronto 

Canada’s prime minis ter. Mr 
Jean Chrdtien, is launching an 
offensive to defuse Quebec's 

drive towards independence. 

In a speech delivered in Que- 
bec City yesterday, he outlined 
several federal government 
Initiatives and said he 
intended to campaign vigor- 
ously for national nntty ahead 
of the independence referen- 
dum which the francophone 
province’s newly-elected sepa- 
ratist government has prom- 
ised to hold next year. 

The Parti Quebecois won 77 
out of 125 seats in last week's 

provincial elections in Quebec. 
PQ leaders indicated during 
the campaign that they will 
seek to persuade Quebeckers 
of the advantages of indepen- 
dence by relentlessly pointing 
out the iuefficiencies of the 
present federal system. 

The first front in the refer- 
endum campaign opened yes- 
terday with the recall of Par- 
liament in Ottawa. The Bloc 
Quebecois, the PQ's federal 
counterpart which holds 54 
seats in the House of Com- 
mons, is expected to use its 
| position as the official opposl- 
| tion to press the separatists’ 
case on the national stage. 

Mr Chretien said that the 
federal government would 
release long-awaited proposals 
in the first week of October to 
overhanl Canada’s costly 
social-security system. He also 
promised an “economic 
update" later this autumn, 
which Is expected to outline a 
range of measures to bring 
down public spending. Accord- 
ing to Mr Chretien, sweeping 
changes will be unveiled to 
eliminate and scale back some 
government programmes, and 
transfer others to provinces, 
municipalities and the pr i v ate 
sector. j 

Despite reports that the gov- 
ernment is far off-target in 
meeting its deficit-reduction 
goals. Mr Chretien reaffirmed 
that it would do “whatever is 
necessary" to bring the federal 
deficit down to 3 per cent of 
gross domestic product in the 
year to March 31 1997. 


US warned of health reform need 


By George Graham in Washington 

A senior US budget official warned 
yesterday that, although no healthcare 
reform bill was likely to pass through Con- 
gress this year, the need for reform had 
not gone away. 

“It obviously does not look like we are 
going to be successful this year.” said 
Mr Robert Reischauer, head of the 
Congressional Budget Office, an indepen- 
dent agency which has been charged with 
checking the arithmetic of all the compet- 
ing US healthcare reform plans. 

But Mr Reischauer, speaking at a confer- 
ence at Boston College, warned that effec- 
tive reform of the healthcare system 
remained essential in order to keep the 
cost of healthcare from continuing to 
erode US disposable incomes. 

The chances of completing such a large 
and controversial piece of legislation in 
the three weeks before the end of the 


present congressional session seem - to 
most observers - to be virtually non-exls- 
tent. 

However. Senator George Mitchell, Dem- 
ocratic majority leader in the Senate, and 
some centrist senators from both parties 
have continued to work on a possible com- 
promise bill 

Although Mr Reischauer has made clear, 
over the past year, his own commitment to 
reform of healthcare in the US. his agen- 
cy’s assessments of the competing reform 
plans have contributed to congressional 
unwillingness to act on health reform this 
year. 

The CBO’s assessment, for example, of 
the comprehensive reform, presented a 
year ago by President Bill Clinton, con- 
cluded that the plan could achieve its aims 
by guaranteeing universal health cover- 
age, but would cost much more in the near 
term than the administration had calcu- 
lated. 


Instead of cutting the federal budget def- 
icit by |60bn t£39m> over the next six 
years, as the administration estimated, the 
plan would increase the deficit by $70bu. 
the CBO said. 

Republican right-wingers such as Sena- 
tor Phil Gramm, who have been righting 
against healthcare reform all year, 
declared the issue dead some weeks agu. 
Also, some left-wing advocates of reform, 
such as Congressman Jim McDermott, 
worried that anything now likely to pass 
both chambers of Congress might do more 
harm than good, have given up the idea of 
acting this year. 

Even so, some Democrats want a bill of 
some kind to come to a vote, if ouly so 
that they can pin the blame for failure- on 
their Republican opponents. 

“They’ve killed reform. Now we want to 
make sure their fingerprints are found at 
the scene of the crime," one Democratic 
staffer said. 


Progress among the plagues 

Edward Orlebar assesses the new administration in Honduras 


M r Guillermo Molina, 
the Honduran plan- 
ning minister, says; 
“It’s something like the seven 
plagues of Egypt” 

The country is undergoing a 
crippling energy crisis, water 
shortages, a drought that has 
devastated grain production, 
and a spreading cholera epi- 
demic. 

Energy is rationed between 
six and 14 hours a day, and the 
blackouts have set off a crime 
wave. Industrial production 
has contracted, investment is 
stagnant, foreign resaves have 
dried up, and economists are 
predicting negative growth this 
year. 

If ail that is not bad enough, 
the government wants to raise 
taxes to cut a growing budget 
deficit, arid to release fftianra 
from the international Mone- 
tary Fund and the other inter- 
national financial institutions. 
Its proposal will be put to Con- 
gress. which will be returning 
to work today after the inde- 
pendence day break. 

The proposed measures are 
aimed to reduce the fiscal defi- 
cit from 11.6 per cent to 7.5 per 
cent of GDP. They include a 1 
per cent capital tax, a widening 
of the scope of value-added tax, 
a tax on luxury goods, and a 10 
per cent tax on interest from 
bank deposits. 

The tax increases are 
required before Honduras can 
sign a letter of intent with the 


V.2\ •' ' _ 



IMF. That will open the possi- 
bility of $700m (£45 lm) in debt 
relief from Paris Club sover- 
eign creditors, and allow the 
disbursement of up to $300m 
this year in loans from Wash- 
ington-based financial institu- 
tions, which have been held 
up. 

The measures have elicited 
widespread initial opposition 
from unions and professional 
organisations, which say these 
will further harm the 80 per 
cent of Hondurans in poverty. 

Also, the measures lack the 
support of a majority in con- 
gress. although business has 
made a late rally in the govern- 
ment's favour. 

Success in congress may 
depend on the government’s 
ability to make clear that pros- 
pects for the country are far 


more dismal if the package is 
not passed. 

Officials say the government 
will be unable to meet its for- 
eign debt commitments and 
would be declared ineligible for 
loans from the institutions on 
which it is lieavily dependent 

“The central government 
does not have the necessary 
resources to meet its obliga- 
tions,” said President Carlos 
Roberto Reina in a televised 
address last week, when he 
attacked his predecessor, Mr 
Rafael Callejas, for mortgaging 
the country’s future. 

Officials of the ruling Liberal 
party have complained that the 
economic crisis is a legacy 
from the previous government 
which abandoned fiscal disci- 
pline in an attempt to get re- 
elected. ran up the deficit and 
artificially held down prices in 
the months before the election 
last November. 

Sharp price increases this 
year will push up inflation to 
about 36 per cent from 12 per 
cent in 1993, say economists. 

Mr Reina Han found it diffi- 
cult to sell what is effectively 
another structural adjustment 
plan when Hondurans have 
fresh memory of a harsh eco- 
nomic programme introduced 
by the last government. He not 
only lacks the support of the 
opposition National party in 
congress, which sees the pack- 
age as a vote-loser, but must 
persuade a sector of his own 


party which has little appetite 
for a widely unpopular mea- 
sure. 

If the economy slides further 
ami social tensions rise. Mr 
Reina risks a reversal of the 
successes of his government so 
far, say observers. 

“The story r on civil military 
relations and human rights is 
exceptionally good." said a 
senior western diplomat. “It 
would be a tragedy for Hondu- 
ras if support from the interim 
tional community wore to fall 
away." 

Mr Reiiia has delivered on 
liis promise to abolish forced 
military recruitment by push- 
ing through n bill in May. 
despite ferocious opposition 
from the powerful military 
who have acted with almost 
total autonomy. It awaits ratifi- 
cation in the next session of 
congress, from January 

He went over the heads of 
the armed forces to appoint his 
own candidate to head Huudu- 
tel, the national telephone 
company, which is run by the 
military, and has said he 
wishes to privatise it. 

His government has also 
overseen the establishment of 
a new investigative arm of the 
police which will be under the 
control of a new civilian public 
prosecutor, after the disband- 
ment of the DNI, a notorious, 
military-run police force 
accused of numerous viola- 
tions by human rights groups. 



FT Worldwide Residential 
Property Survey. 


For more than a century and a half, Patek Philippe has been known as 
the finest watch in die world. The reason is very simple. It is made 
differently, [t is made using skills and techniques that others have lost 
or forgotten. It is made with attention to detail very few people would 
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lT 3 fo- 

PATEK PHILIPPE 



GENEVE 


On Saturday, September 24 the FT Worldwide Residential Property Survey will 
be published with the Weekend FT. 

It will look at a wide range of properties around the world including the most 
desirable residencies in London, Paris, Tokyo and New York. 

There will also be Insights into what makes a waterside development succeed. 
And It will provide a useful review of islands in the winter sun as well as chalet 
properties even for those who do not like winter sports. 


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Wardiis of Swii/rrlaiid — Srfcvnil Brain jn> XaiinnnMr 


Weekend FT 







10 


FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


s UK 


Sixteen ships held after failing safety checks 


By Charles Batchelor, 
Transport Correspondent 

Sixteen foreign ships were 
detained in UK ports in August 
after failing safety inspections, 
the Marine Safety Agency said 
in its third monthly report yes- 
terday. 

This represented a decline on 
the 21 ships held in July 
though many of the vessels 
detained revealed a catalogue 
of serious defects. The govern- 
ment began publishing the 


details of unsafe ships after an 
inquiry headed by Lord Don- 
aldson into marine pollution 
Incidents criticised marine 
safety standards. 

Lord Donaldson was asked to 
advise on measures to protect 
the UK enastlinfl from pollu- 
tion by merchant ships follow- 
ing the sinking of tanker Braer 
off the Shetlands in early 1993. 

The co mm onest problems 
were with the ships' lifesaving 
or firefighting equipment hut 
many Had faults in their radio 


installations or carried inade- 
quately qualified crews. 

The Nesrin A. a Turkish- 
owned general cargo ship, was 
held for 17 days because its 
emergency fire pump did not 
work, the bridge fire alarm was 
out of order, its charts were 
out of date and a large number 
of its hatches were seized up or 

Twisafng 

The Concert Trader, a 
Cyprus-owned vessel, had 
badly corroded plating on its 
bow section; sea water contam- 


ination in its fresh water tank 
and a chief engineer who was 
only certified for journeys 
between the islands of Indon- 
esia. 

It was allowed to sail to Rot- 
terdam for repairs. 

Three of the ships held were 
registered under the Cyprus 
flag while a further two each 
were registered in Bulgaria 
and Russia. 

The failure of the “flag 
states” adequately to monitor 
the quality of the vessels they 


register has led to increased 
action by the port states, at 
whose ports the vessels calL 
Four of the ships had been 
inspected and approved by Ger- 
manischer Lloyd of Germany; 
three by Bureau Veritas of 
France and two each by the 
Bulgarian Register of Shipping, 
the Russian Register and 
Lloyd’s Register of London. 
One Israeli vessel had not been 
approved by any classification 
society. 

The societies have been 


criticised for failing to impose 
strict standards but the 
International Association of 
Classification Societies, which 
groups the 11 largest, said 
that under the tough condi- 
tions at sea defects can emerge 
after a survey has been carried 
out 

Details of ships detained in 
UK port inspections are passed 
on to 14 other European 
nati ons allowing ships with a 
poor record to be selected for 
future inspection. 


Lloyd’s is 
given an 
improved 
rating 

Lloyd’s of London has been 
g iv en a more positive report 
than a year ago by Standard & 
Poor’s, the US credit-rating 
agency, Richard Lapper writes. 
SAP’s annual survey of the 
financial stability of Lloyd's 
syndicates indicates that the 
overall health of the market 
has improved in the past 12 
months. 

Mr Tony Evans, marketing 
director of SAP in London, 
said: “Many of the weak syndi- 
cates have been culled, so the 
market overall is a lot stron- 
ger.” 

S&P warned, however, that 
it considered that “the abso- 
lute level of Lloyd's security 
is, as yet, unclear". 

S&P, which first published 
analysis of the financial health 
of Lloyd's syndicates in 1992, 
has made its annual survey 
more sophisticated this year, 
increasing the number of 
rankings from three to five. 

Mr Adrian Richards, an ana- 
lyst at S&P, said: "Although a 
direct comparison cannot be 
made between this year’s and 
last year’s rankings, generally 
there is a movement from 
average to above-average 
financial stability." 

Of the 161 syndicates 
assessed, 80 were reported as 
enjoying above average finan- 
cial characteristics - a cate- 
gory which takes into account 
factors such as reserve levels. 
Between 1993 and 1994, about 
50 syndicates either withdrew 
from the market or merged 
with rivals. S&P said that 
many financially weaker syn- 
dicates had ceased trading. It 
said, however, that the “fre- 
quency of cessations is begin- 
ning to fell as a more coordi- 
nated and controlled approach 
is adopted by the market" 


Saunders’ trial 
was ‘oppressive’ 


By John Mason, 

Law Courts Correspondent 

Alleged fraudsters should be 
treated the same as other sus- 
pected criminals and not be 
deprived of their right to 
silence, the European Commis- 
sion of Human Rights ruled 
yesterday in its judgment 
declaring unfair the trial of Mr 
Ernest Saunders, the former 
rhairman of GuhmeSS, thg UK 
drinks company. 

As expected, the commission 
ruled his trial was “oppres- 
sive’' and breached Article 6 of 
the European Convention on 
Human Rights because the 
jury heard evidence Mr Saun- 
ders had given to Department 
of Trade and Industry inspec- 
tors when his right to silence 
had been removed. 

The judgment also appears 
to support the interpretation of 
many UK lawyers that the 
unique powers given to the 
Serious Fraud Office under sec- 
tion 2 of the c riminal justice 
Act 1388 which also allow the 
removal of the right to silence 
might also breach the conven- 
tion. 

The Commission did not 
mention Section 2 specifically 
but ruled: “It cannot be com- 


patible with the spirit of the 
convention that varying 
degrees of fairness apply to dif- 
ferent categories of accused 

"The right to silence, to the 
twrtAnt tha t it may be contained 
in the guarantees of Article 6, 
must apply as equally to 
alleged company fraudsters as 
to those accused of other types 
of fraud, rape, murder or ter- 
rorist offences. 

“There can be no legitimate 
aim in depriving someone of 
the guarantees necessary in 
securing a fair trial." 

As expected, the commission 
restricts its criticisms of Mr 
Saunders trial to the use of the 
DTI evidence in a criminal 
court. It accepted that the 
"right to silence" is not 
guaranteed by Article 6 of the 
Convention and accepts that 
this right may not be unqualif- 
ied. 

However, the judgment says: 
"The very basis of a fair trial 
presupposes that the accused 
is afforded the opportunity of 
defending himself against the 
charges brought against him. 
The position of the defence is 
undermined if the accused is 
under compulsion, or has been 

mmpeTIfld, to inrriminatp him - 

selt" 


Adams attacks poll pledge 


By David Owen, 

Jimmy Bums and Kevin Brown 

Mr John Major’s pledge to 
submit the outcome of political 
talks on Northern Ireland's 
future to a referendum inside 
the province was attacked last 
night as premature and pre- 
sumptuous by Mr Gerry 
Adams, the Sinn F6in presi- 
dent 

His comments came as Mr 
John Hume, leader of the 
Social Democratic and Labour 
party, began the first of a 


series of visits to the United 
States by senior Ulster politi- 
cians. 

Mr Hume, who is likely to 
meet vice-president A1 Gore 
tomorrow, will be followed by 
a group of senior Ulster Union- 
ist politicians and almost cer- 
tainly by Mr Adams himself. 

US. Irish, and UK officials 
are understood to have been 
working behind the scenes to 
ensure th e vis its by Mr Hume 
and the UUP representatives 
have a higher profile at official 
level than that of Mr Adams. 



0*1 1 


The Eurostar test train 


Channel car service near 


By Charles B atchel or 

A full Channel tunnel 
passenger service for drivers 
and their cars will be phased in 
from mid-November. Euro- 
tunnel, the tunnel operating 
company, said yesterday. 

Eurotunnel expects to obtain 
safety clearance from the inter- 
governmental commission in 
the next few weeks, daring 
the way for the long-delayed 
start of its passenger shuttle 
service. This will carry cars 
and their drivers between Fol- 
kestone and Calais. 

Shortly after shuttle ser- 
vices start, intercity Eurostar 
trains will also start running 
between London and Paris and 
Brussels. It will be next 
spring, however, before both 
services are operating at full 
capacity. 

The launch of Channel tun- 
nel passenger services has 
been dogged by technical and 


safety problems in recent 
months. It had been hoped to 
start services about the time at 
the official inauguration on 
May 6. Freight services have 
been running since the end of 
May. 

In the approach to the 
launch of the full him-up- 
and-go shuttle operations on 
November 15, Eurotunnel will 
run an “overture" service from . 
October 3. 

This will be open to all 
shareholders, people in the 
travel trade and other “opinion 
formers”, although they will 
have to make a reservation 
and pay £30 to cover admin- 
istration costs. This service 
will operate five days a week 
between 8am and 8pm. 

In addition, shareholders 
eligible for free or cut- 
price journeys under travel 
privileges attached to the 1987 
share offering and the 1990 
rights issue will be able to use 


thedr privileges from November 
15. 

Eurotunnel said it bad car- 
ried 10,000 care through the 
tanas! in the past two weeks 
as part of its testing pro- 
gramme. 

It will be next spring at the 
earliest before Eurotunnel is 
ruhning its full proposed ser- 
vice of four shuttle departures 
an hour. 

European Passenger Ser- 
vices, operator of the Eurostar 
trains, said that it would wait 
to ob tain safety clearance 
before announcing its fares 
and the date when services 
would start 

It has been running four 
trains a day through the tun- 
nel carrying up to 400 mem- 
bers of staff for training ses- 
sions. Safety clearance would 
allow it to run fully loaded 
trains carrying up to 800 peo- 
ple and to complete its training 
programme. 


Britain in brief 



Lib Dems’ 
tax plans 
in confusion 

Attempts by the UK’s third 
political party, the Liberal 
Democrats, to formulate a dis- 
tinctive tax policy were 
thrown Into confusion yester- 
day as the newly appointed 
Treasury spokesman appeared 
to overturn key planks in the 
party’s latest tax and benefit 
proposals. 

In a presentation to the par- 
ty’s Brighton conference 
designed to cast the Liberal 
Democrats as a party of low 
rather than high taxation, Mr 
Malcolm Bruce rejected a plan 
from its policymaking commit- 
tee to back an increase to the 
top rate of income tax to 60 
per cent. Instead he proposed 
that no one should pay a mar- 
ginal rate of above 50 per cent 

At the same co nfe re n ce, Mr 
Henries Campbell, the party’s 
new foreign affairs and 
defence spokesman, called for 
the UK to maintain its current 
level of military spending, 
despite the traditional calls 
from some delegates for uni- 
lateral nuclear disarmament 

Mr Campbell said Britain 
should resist “another raid” 
on the defence budget even if 
recent at te mpts to forge peace 
to Northern Ireland led to a 
reduction In troops than. 


Feelgood factor 
lags statistics 

Consumer confidence has 
fallen this month, suggesting 
that the UK’s recent spate of 
good economic data has still 
not translated into any overall 
“feelgood” factor among the 

pop ulation 

A survey by Gallup yester- 
day, conducted before the 
Bank of England’s recent inter- 
est rate rise, shows that 31 per 
cent of people surveyed expec- 
ted their household’s finances 
to deteriorate in the year 
ahead compared with 19 per 
cent who expected an improve- 
ment 


Student numbers 
down on last year 

Hie number of students enroll- 
ing at UK universities this 
year is likely to fell slightly 
compared to last year, after 
more than a decade of continu- 


ous expansion, according to 
t h p latest figures from the Uni- 
versities Central Admissions 
System. 

With the deadline for new 
applicants to the clearing sys- 
tem falling today, around 
265.000 people have acce pted 
places, compared to tire target 
of 270,000, wlddx was achieved 
last year. 


Rail fond to sen old 
masters at Sotheby’s 

The British Rail Pension Fund 
is to sell 17 of the old master 
painting s it bought in the 1970s 
when it invested £40m in 
works of art They will bo auc- 
tioned at Sotheby's on Decem- 
ber 7 and are expected to bring 
in at least £5m- 


Woodland grant 
scheme under way 

A grant scheme for tree plant- 
ing was yesterday opened to 
applicants by the UK’s forestry 
commissfoa. 

The scheme is a stepping up 
of government efforts to 
increase the production of 
conifers for timber and to 
improve woodland manage- 
ment. However, timber groups 
said the package failed to pro- f 
vide enough incentives for 
new land or money to be put 
into forestry. 

The new woodland grant 
scheme, part of the govern- 
ment’s review of the forestry 
sector, involves an increase of 
at least 10 per cent in funding. 


BT and onion back 
away from conflict 

The executive of the National 
Communications Union is 
today expected to back off from 
industrial conflict with British 
Teleconmmihcaticiiis over new 
working patterns. 

BT and the union have been 
in negotiation for several 
months about new work pat- 
tons designed to ensure more 
staff are available to customers 
at weekends and in the eve- 
nings. 


Smith & Nephew to 
redevelop in Hull 

Smith & Nephew, tire health- 
care company, is to spend 
£41nr ($64m) redeveloping its 
medical division’s site in Rnb- 
T&te project, the largest sin- 
gle capital investment in tire £'■ 
company's 138-year history, is ' 
intended to increase the divi- 
sion’s capacity substantially 
and upgrade manufacturing 
facilities to keep pace with 
increasingly stringent interna- 
tional healthcare regulations. 


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If 

rainforests lit 
being destroyed 
the rate of thousands 
trees a minute, hour can planting 
just a handful of scedhnp make a ddfercace? 

A WWF - World Wide Fund For Nature tree 

lUUKT) addresses some of the problems fionvi people 

that i3o force them w drop doien tees 

Wberc hunger oe poverty u the urvirrhm^ cause 
of deforestation, rec e an provide l'nin trees. 

The viHagers of Mucunga. Zaire, for example, eat 

papaya and mangoes from WWF trees. And rather than 

having to sell ruutx-i w huy other food, they on nou- 

sell the surplus fhiir tbev nuraers produces 

Where trees are choppvd down fnr liussunJ. 

WWF and the local people can protect there, bv pUntnrp 

tw. growing varieties lo fora a renewable fuei ■"Hint. 

This b particular^} i aha We rn rhe Impenetrable 

Forest. (Jon da, where indigenous ha rJ Moods rake 

roro hundred years co mature. The Air/Wicrnid fc'iru 

trees planted bs WWF and local ullage* can be 

harvested unthm live or '« sears of planting. 

Where trees are shopped dour, lo be used for 

construction, as in l^oaitia and Pilsaii. wc supply 

other species that are last -cro wing and ewlv replaced. 

These tree nurseries are ju*r part of ihe work »r 
du with die people of the tropical forrss. 

WWF •ponsoc students from der eloping sountnes 

on id agroforestry course a: UPAZ L'nivcrsits m 

Costa Rica, where WWF provides tecin.ir.I ad.-nc ,ni 

grow* ng cratna Hr and ipa/n crops. 


Unless 
> given, 
soil is exhausted 
quickly by ■slash 
burn” farming methods. 
New wets of' tropical forest would then have 
tv kv dcarrd every two or three years. 

This unneesarv destruction can be prevented by 

combining modern techniques with traditional 

practises so char the same plot of land can tv used to 

produce slop, over and over iipin. 

In La Hlauada. Colombia, oirr experimental (arm 

demonstrate. hose these techniques cm be used to 

a lamilv'-j food on a small four hectare plot. 

r Instead of clearing the usual ten hectares of forest.) 

WWF fitldwi'rtrr. arr now involved ui over Iftj 

tropical forest projects in )5 countries around die worli 
The idea behind all of thi. wotk o dial the use of 
natural resources should he sustainable. 

WWF *. calling for the rale of deforestation in the 

tropics to he halted bv and for there Co be ixj 

net duiimbeon bs the end of the century 

Wnic to llie Membership Officer ar the address 

below rn fold out how vou can help us ensure that 

tins penencion does not continue ha sacal nature's 

capital rom the next. It could be with a donation. 

or. appropriate!! cn-jugh. a legacy 




WWF WoMVWdti Fund Fra Nann 


Jure rruiioJul Verounar. M**r» Gland. Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


Tbe Financial Times 
ptensto publish a Survey on 

Denmark 

on Thursday, November 17. 


54% of Chief Exeutives fai Europe's largest companies read the FT* 

If you wart to reach this Important audience, and decision makers worldwide 
please caH: 

Ema Ptom Copen ha gen Kirsty Sawders in London 

Tot +45 33134441 Tab *44 071 8734823 

Fas +45 3333S33S Foe *44 071 8733934 


FT Surveys 


‘ SomMLecMh 
EWOT1990 



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I N M E C 


INNOVATION. 

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I 























financial times 


TUESDAY SEPTEMBER 20 1994 


/ 


£'■*. SkT :5 




In the past 
year, we’ve 

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business grow 
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^ " V v'. I.". '’'ji ' 1 


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12 



FINANCIAL TIMES 


TUESDAY SEPTEMBER 


20 1994 


MANAGEMENT: THE GROWING BUSINESS 


Expansion on 
the agenda 


Two surveys indicate recovery and 
growth, writes Andrew Taylor 


B ritish industry and 
commerce seem to be 
getting Itchy feet Many 
senior executives are 
contemplating moving their 
headquarters to new cities as their 
businesses recover and they feel 
constr ain ed by their surro undings , 
according to two separate surveys. 

The most surprising feature of 
the surveys is that expansion is 
the biggest reason given by 
companies expecting to relocate in 
the next five years. Over the past 
tew years cost cutting and staff 
reductions were the biggest 
reasons for moving headquarters. 

Neither the identity of the 
companies, nor the extent to 
which relocations might include 
manufacturing operations, has 
been revealed. Same of the 
businesses may be divisions of big 
groups, but many appear to be 

gmall and mwtiimn dzHi 

companies with an average 
annual turnover of £26m. The 
survey by Black Horse Relocation, 
part of Lloyds Bank, and 
Management Today magazine, 
shows that more than a fifth of 


The recession has 
not prevented new 
businesses from 
being formed 
or growing* 


senior executives who responded 
expect to relocate in the next five 
years. 

John Cardan, manag in g 
director of Black Horse 
Relocation, says; ‘The recession 
has not prevented new businesses 
from being formed or growing. A 
number of these appear to have 
reached the where they will 
need to move. There may be some 
bunching with companies 
postponing decisions until they 
feel more confident that the 
recovery will be sustained.” 

The survey received replies 

from chairman, chief executives 

and other senior directors from 
536 companies. Mare than a third 
cite expansion as the main reason 
for moving, twice the proportion 
indicating restructuring 0T 
reorganisation. 

Tt is the first time in the ZL 


years that I have been in industry 
that companies have cited 
arpamrinn as the main reason for 
moving. It Is very encouraging for 
the economy.” says Carolan. 

A separate survey of 480 
directors and senior managers by 
property consultants Richard EUis 
shows that 31 per cent expect to 
relocate their office buddings In 
the next five years as a result of 
“major structural changes in their 
industries”. Among the most 
important features in choosing a 
business location, according to the 
surveys, are quality of the local 
workforce and road 

ram TmmffcU inns. 

Property costs are regarded as 
much less important, says Richard 
Ellis. The survey says that only 
half of those interviewed “claimed 
they knew the annual cost per 
person of occupying their present 
building and only 22 per cent 
knew their moving costs per 
person". 

Quality of life appears to rate 
highly with executives who chose 
Bristol, Edinburgh and 
Nottingham, as the most favoured 
centres for locations in the Black 
Horse survey. Provincial cities 
such as Norwich. Plymouth and 
Exeter were highly regarded. 

The most important personal 
factors in support of relocation 
cited by executives include: 
overall quality of life (57 per cent), 
cost cf living (30 per cent), crime 
rata (29 per cent), access to 
countryside (27 per cent) and the 
quality of schools (26 per cent). 

On business grounds die marp 
reasons cited by executives are 
quality of the local workforce (57 
per cent), cost of overheads suhh 
as local authority rates (36 per 
cent) and availability of local 
customers (23 per cent). 

Prop er ty costs and competitive 
wage rates score 21 per cent and 
20 per cent respectively. 

Black Horse, which expects to 
move about 4^00 famflles this 
year on behalf of companies anti 
public-sector organisations, says: 
“We are still evaluating the 
results of the survey but there 
appear^ to be a new dimension to 
relocations compared with the 
1970s and 1980s, which mainly 
were concerned with reducing 
overheads rather than improving 
ftp quality of the business." 


I t is something a biologist 
would recognise immediately: 
the highly effective strategy of 
the virus and the chain letter. 
Both have an in-bufit mechanism to 
maim sure that whoever is at the 
receiving end of the “message” 
passes it on to at least another five 
or six unfortunate souls. That way 
it spreads through the population at 
maximum speed. 

Tucked away in fixe quality assur- 
ance standard BS 5750, or BS EN 
ISO 9000 to give it its new official 
title, is a similar masterstroke: the 
requirement that every company 
seeking quality accreditation most 
have a purchasing procedure which 
examines the quality policies cf its 
suppliers. 

As a result, a July poll by the 
Small Business Research Trust 
(SBRT) recorded a rapid rise in 
small business BS 5750 registra- 
tions. One in 10 had already regis- 
tered and a further 31 per cent were 
planning to. Most of the companies 
registered because the business con- 
cerned felt under pressure to do so. 

As Reginald CTianigHwaany , chair- 
man of the committee responsible 
for ISO 9000 at the International 
Organisation for S tandardisation, 
aftnifer "Eighty-five per of the 
use of the standard is primarily for 
third-party supplier registration 
rather than a self-imposed internal 
system for quality effectiveness and 
continuous improvement." 

That, complains David Martin, 
fiaad of the trade and industry com- 
mittee of the UK Federation of 

Small Businesses, manna “BS 5750 
has almost become a licence to 
trade”. 

Viruses breed resistance, and this 
one is no exception. Criticisms 
among small businesses of BS 5750 

are familiar The Charges innlnda 

that it Is too costly in terms of con- 
sultants' fCeS, managawiewt tiwip. 
and bureaucracy, it is unnecessary 
for smaller organisations where 
there are flatter Hm« of communi- 
cation; it is manufacturing-based 
and not relevant to services; it is 
merely h««ng used as a martoHng 
tool; it is more of a consistency 
standard than a quality standard; it 
encourages an obsession with pro- 
cesses instead of customer focus. 

“The whole approach erf BS 5750 
has a tendency to malm you inward- 
looking. Using it you can produce 
lousy products very efficiently,” 
says Martin. “A lot of our members 
say it is an absolute con-trick to 
force them to pay a hell of a lot of 
money to c onsultant s." 

Thes e c riticisms are by no means 
lmanimnnK. Accor ding to the SBRT 
survey only firms with up to four 
employees are strongly against BS 
5750, while 56 per cent cf businesses 
employing 20-43 staff feel it is appro- 
priate. In adflfflnn a growing num- 
ber of small to medium-sized service 
companies are discovering benefits. 
Peter Brown, operations director at 


Alan Mitchell on why UK businesses 
are finding the BS 5750 quality 
standard increasingly catching 


the bug 


T UB G(XX> NEWS Tttftr THE OSMfVWv' 

Has been Award® rm= inteMmiowal 
standard -ftoe cpuM-nv assurance. 
THE &At> NQaJS If THAT W£ WSfr J 
BUST DOi HG it r — — — 





market research company Harris, 
says BS 5750 helped the company 
cut rather Qian add to paperwork, 
while Jerry Wright, manag in g direc- 
tor at recruitment consultancy 
Michael Page, found that seeking 
accreditation forced him to I mpr ove 
file structure of job interviews 
Likewise, Yorkshire-based adver- 
tising agency The Charles Walls 
Group discovered it needed to 
ti ghten up its t raining procedures. 
John Oldfield, group managing 
director, says: “BS 5750 focuses the 
mind on processes that everybody 


takas for granted — and interprets 

d ifferentl y. Anybody who says it is 
onerous is not running their busi- 
ness property." 

Criticisms are at last being slowly 
addressed. Since April the British 
Standards; 1 Institution h«« been 
applying a streamlined accredita- 
tion system for gmaHar companies 
which it claims is “proving very 
successful”. 

More significantly, there are 
Tncw raw to change both ft** ran to nt 
and rn ni mt within wMch BS EN 
ISO 9000 operates. ISO has 


embarked an ft review - due In the 
next few years - which it says is for 
wider In scopa. On its agenda is 
what Shaughnessy calls the “flaw 
in application” where the accredita- 
tion badge 4s seen as more impor- 
tant Am" the commitment to total 
quality. 

Meanwhile, a . European Commis- 
sion papefv cailed “Elements of 
Quality PoKey" is seeking to put 
ISO 9000 Twk in perspective" as 
just a amaBc'part.of TQM. In addi- 
tion, a smalt but fast-growing band 
of H te ' including 

parts of liwwv; Kodak, Unisys, Du 
Pont, Scottish & Newcastle and 
Southern Electric, have sought 
accredfrathm'-for an officially recog- 
nised extension to BS 5750 covering 
maricetin&isafes mid customer ae* 
vice —aitmension which its origi- 
nator danns fills many of file gaps 
left by fife , current Stamford. 

Atpresfflit,VrtiileBS5750haslnn- 
ited prochdhres for responding to 
castoiB^ceGBi^laints and aspects of 
sales, ;# does not force the business 

to ft pp rorar fandampntal mar keting 

questfonsi aays Ian Griffith, joint 
managing - * direct or of Marketing 
Qnahty^A&anmoe, the recognised 
BS 5750‘aaxedftar which developed 
Che exfensfoh.- 

The questions _■ include how the 
ttmpany^ j&aitiftes customer needs; 
how it i q ta g r gtes these needs into a 
business jam; , how that in turn is 
manffe^L% a ioarfeeting strategy, 
the procedures used to implement 
that stnd&y a&d the methods used 
to ifteagiifc tfe success, including a 
measure of customer satisfaction. 

riritflHi, who advised the DTI an 
its i»^ marketing initiative, says 
his experience of accrediting compa- 
nies' HwriMftifr , gates and customer 
servi ce functions reveals tha t small 
and large organisations share com- 
mon failings, such as a lack of rig- 
our In fire prthprmg cf customer 
information and feeding it into 

internal derwrirm-malring ; a 1 34* Of 
agreed procedures for segmenting 
markets and products, and poor 
internal communications between 
marketers and other ftmetfam. 

A few smalls' companies such as 

Minimal Page and Yorkshire-based 
window fixings and fastenings firm 
WMS Group have already gained 
accreditation for their marketing 
and sales. Griffith is now waking 
an creating specific guidelines for 
hufividual industry se c tors, such as 
car dealers. - . . . 

However, whether the combined 
effect of such initiatives will suc- 
ceed In whining the eritica round 
remains a moot point, if only 
because experience of hn pigmmtmg 
BS 5750 varies so widely. As .David 
Kent, WMS group cMrf executive 
and a setf-proclaimed enthusiast of 
third-party accreditation schemes, 
says: "It's very difficult to put 
financial numbers on it It’s like 
religion. You either believe in it, or 
you don't" 


■* if 



— In a — 

Nutshell 


Bank charges 
take a tumble 


Increasing competition among 

large UK banks has driven dow n 
hank ^barges over the past two 
years, reversing some of fire 
rises imposed during fire 

recession, according to a price 
today published in the 

newsletter Small Business ; 

Perspective. 

Since June 1992, the big four 
banks - Barclays, NatWeet, 
Lloyds Midland - have ■. - 
reduced bank charges by more 
titan 6 per cent after taking 
account of Inflation, ft said. . 

The largest banks have been 
cutting their charges faster than 
the smaller banks, although 
smaller banks generally remain 
cheaper. 

“It does not mean that all ' 
hank charges are going down 
but it does mean - contrary to 
the general impression - that 
basic processing charges for 
m ^n firms, which rose during 
the recession, are now being 
driven down again by 
competition," said a spokesman 
for Small Business respective, 
which is published by Graham 
Bannock and Partners, a 
London-based consultancy. 


Holding on to 
the business 


Only a third of small business 
owners have long-term plans to 
sell up and retire, according to a 
survey by Uoyds Bank and tire 
Small Business Research Trust 

Most people want to m ain t ain 
their relationship with their 
businesses In some form, 
usually working “reduced 
horns" or “visiting on an 
occasional basis”. 

The survey found striking 
differences between the . . . 

responses of men and women 

owner-managers.' Only 20 per 
cent of women wanted to sell up, 
compared with 38 percental 
men. Same 15 per cent af women 
said they would “never want to 
withdraw" compared with 4 per 
cent of men. 

The report was based on 
responses from' 350 small . 
businesses in the north, -• ;va 


PPO 


IIML.U. 


PREMIER RESEARCH FACILITY 


Fully Furnished Offices 
United Kingdom 


YOKOHAMA JAPAN 



A dynamic 21,776 m 1 (234000 sf) 
Research and Development 
Facility featuring h'tyfi quality 
laboratories. Class 10 dean room. 


• Secretarial services 

■ Photocopies, fax, WJ*. 

• Personal telephone answering 
b&fev&pK ImrStart NritHw 


• fm f w wir# facilities 

■ Flexible lease terms 

■ Immediately available 

jss *. *ra- 


and administrative center in 


Tel: 071 872 5500 


Japan's higfrtech business corridor 
near Tokyo. 



Wefl established commcxcialcfiviag 
salvage contractor with buffion 
wrecks ready for salvage, sad on . 
going marine contracts. 


Luge freehold waterfront premises 
with mooring, shops, etc. Possible 
merger with foreign investor 


. Writ* to Bax B3490,FbmMtM Tima*, - 
OtSeuAworkBrHf, lomdtm SBT9HL 


Ike expert advfcs caatecfc 

«mr or Scott BcttS* Tri: Kt K32 4442 F*c Ml S324CSV 
: Jo Vmto Teb S71 «M 2525 Stai: S71 4»t MSS 


Allalll 




:*,v •jTi Ifw ■ 


Selling vour Business? 


We have the skills and experience to achieve the best price- for your 
business and Structure the deal to achieve maximum tax efficiency. 
If you are considering a sale and your turnover e x ceeds £lm, 
we wonld like to talk to you. 

Our charges are based largely on results, so yon have tittle to lose. 
For a confidential discussion without commitment please contact 
Lance Blackstone or Gary Motley at: 




EstaHisbed systems house wi&provea software seeks Aqgol/MBKSale. 
£lm T/O with .500+ customer base in UK,Uuiope, Asia. 
Sound managemen t & staff. Sold direct for 14 years. 

Lacks marketing stalls and necessary £106,000 to establish 
UK dealer network. 

Wise to Bex ffaB 3438 Fnj«DCj*J Thaos. OaoSoutfawsricBddgc. LoodouSEl 9 HL 


crfGfcimnaaor.potirin 
fbr Investment will be held 
on 29 September is London 
and on 6 October hi Yoit 


Telephone 

•ELE. faster A Canfield - - - 

071-608 1941 for catalogue 
Re^lwadby PtaomllaveeuamtAwhority 


BUSINESSES WANTED 


Blackslnne 
I ran 


l>l;n l.'l'ii:, I i ;iilk' < irrpni :ilr I iil;llH ' 
2i«-’4 OS<l Mivu. I.oiiiIiii: I < I \ '<||l 
|. l: (<" 1 T«n«i I :i\: ii~| ’5» l-li.'I 



WANTED 

Central London Horn. 

Totematkmal Company looking to purchase 60-90 bedroom hotel with 
breakfast fedtities only. 


INVESTMENT BANK "ZER1CH" (MOSCOW) 


INVITES FOR JOINT TRANSACTIONS IN RUSSIA, INCL: 


CAPITAL RAISING 
BUY - AND SELL - PRIVATIZATION 
ASSISTANCE WITH MERGERS 
PROPERTY PURCHASE BY ORDER 
DEBT COLLECTION 


Please send details to: 

The C hairman, 

European Textile Co. Ltd 
Cornwall Road, S ni e flw r M t Wariey 
West Midlands B662JR 



Publicly traded UB. laser and 
electronic equipment mfgr. will 
purchase electronic product 
manufacturer in ILK. 

U to 5 million pounds sales]. 
Will retain management and 
distribution outlets to mfgr. and ■ 
sell our products. 


PHONE: (7-095) 287 8291, 287-8385 
FAX: 287-85-06 


BJS.S./PROPERTY 

COMPANIES 

REQUIRED 


If interested contact 
Tel: 216-942-2288 
or Fax: 216-942-9923 USA. 


WAKTKD 


Specialist Laminator 


L. C OR L C 


LaSalle Partners • In the U.S. 213 680 7900 • Brian H. Kennedy 


Croup expanding core business requires space and wishes to dispose of 
subsidiary specialising in laminated panels for coldstoras, refrigeration, 
hygienic dadrtmg and other Insolation markets. Saks t/o£500K + profitable. 
Would suit company almost anywhere in the UK with space available. 
Agema/Brokeis welcome. 

Write to Bax B34G2, Fbvmdnl Times, One SoudoveHc Bridge, London SE1 9BL 


Security Software System 

Specific to IBM AS/400 


BRITISH/CZECH 

TRADING COMPANY 


Extends intrinsic IBM security functions 
into a comprehensive overall system. 


Fully tested, Auditor friendly. On-line help. 
User Manual, reference sites available. 


based in Prague will act as 
representatives or purchasing 
agents for Western firms or 
Individuals. We have good 
contacts throughout Central and 
EasMm Euope and In many parts 
at he timer Soviet Union 


SU CCES SFUL 

RACEH ORSE 

OWNERSHIP 


CHANNEL 

ISLANDS 


A substantial PLC property 
company is seeking to 
grow by way of acquisition, 
and would be interested in 
ac quiring CLprhxxte 
property investment 
company ora BJSS 
corrqxmy wiih property 
assets, preferably 
com m erc ia l although 
TvxdtienHnI ihO tlM hn 

considered. 


A privately owned Scottish 
based company seeks to 
acquire a Utbo printing 
business In Scotland with 
annual turnover of between 
£500,000 and £1.500.000. 
Replies will be treated ta 
strictest confidence. 

Write to Box No; B3403 Financial 

limes. One Southwark Bridge. 
London SCI 9HL 


TAX LOSSES 
WANTED 


PROPERTY TRADING 
& HOUSEBUILDING 
OR 

MANAGEMENT 

EXPENSES 


PWnetpafc only write to Box No: B338S \ 
ntmM Tlmaa, One Soulwa* Bridge I 
LondonSEl 8KL • I 


-• T 

..in t" 1 


Oiarlie Gordoa-Watvou cau provide 
the right ownerthgj opportwritia for 
hjimlioue s, parmrrthip i , compmy 
■ "i»- aod Oulii^bt owBcihlil p. 


Ofishore Co mpa ny Ronnarion 
and AdnbiistntiOQ. Abo Liberia. 
Panama A BVI etc Toed offitbom 
facilities and services. 


WdtetoBwNo:B3444 
FtnandaLTlmes, One Southwark 
Bridge. LondonSEl SHL ' 


Owners seek relationship with established 
marketm g/distribu lion company able to 
realise immense sales potential in UK and 
overseas markets. 


Fax US on +42 2 324 000. 


Reply in confidence to: 
TO 07135159*0 
Rtc 071 351 0078 


per dcafliinmppo i i — wmfte 
OoyDwt Ltd. BdBow Book, 


Hi Batexat M.Stnmhr. riww.CJ. 
Tet 0S3* 78774, Ox 0S34-J5M1 


TAX LOSS 


I WANT TO BUY 
A MANAGEMENT 
TRAINING 
ORGANISATION 
WITH A CORE GROUP 
OF TRAINERS AND AN 
ESTABLISHED 
CLIENT BASE 


Tri: 09d 78774, taOS34.J5« 
1K4192227C0roU( C 


Write to Ben No: B3435 Financial Times, 
One Southwark Bridge, London, SE1 9HL 


CteRuriBvcMHefltOpporMuitiw 

. mym . 

mgn> 

W*teuaaw biioww 

new* 

HUwMteUMa 02* 

1 1 ■ ■* rinnf 1 onm 

AMtaSkfaiilita* v bQMW 

FhlMdiB<*NniwhMai;iqm 


CASINO 

AVAILABLE 

IN 

EAST AFRICA 


COMMERCIAL 

FINANCE 


Ch) t ill Il ,i l ■ 

•ttmy Mtasiiw teMnsncs 


PLEASS REPLY TO 
BCK NO: B3447 Rnantto Tlnwa. On* 
CouHiiV BdflpBL London SET SHL 


Ventura Capital available from 
£250,000 upwards. Sensible 
Rates, Sensible Fees. Broker 
enqutterwelcome. 

Angto Amertoan ventures Lid. 
let {0024) 201 305, Fux (0924) 20T377 


Ouf client seeks an 
investment company 
(property?) with excess 
management expenses. 

jpanceH Kest 

CaD JonHHfo Sj^SL_ 
071 831 7393 m ■ ■ ' 


WAto to Bar HK B3443 FiAaMd ThWB, 
CtoeSruhiaifc Bridge, London SE1 9HL 


SOFTWARE COMPANY 
Advertiser seeks to aeqaire 
Software Companies with 
proven product sates, 
preferably in 
OS2 or NT areas. 
Confidentiality assured. 
Pham write to Bos No; B3441 
Rnadd Times. One Saudranife 
bridge, London SB! 9HL 


Sub-Contract 
Engmeering Company 
East/West MuHaadt Bonier 

Seeb to acquire similar business wim 
unnover in i^uu of £1 mflKwi fllL 
Branded praduos considered. 


Writo to Bn NkJD«U PbancW Ttoqs, 
Oae&Mbnt Bridge LndonSEI 9HL 


AS AdwuhaMboek^iaeKeqmdirijKl 
to as ami Tens md CBtoUsa cxyas of 
*it undettbt «ri**to 
ThrMmtomeit hAdn Ditow, 

71* fandrilteeiOmSaaflMwkUtob . 

Tet -*44 71 873.500, Roc*4471 87330S4 






■ •** v>.. 


C: 


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*» 










FINANCIAL times 


TUESDAY SEPTEMBER 


20 1994 


\ 



BUSINESSES FOR SALE 


;;x 


p<t 

worldwide 


. w 0° the instructions of the 

Assets Management and Recovery Corporation of The Gambia 

The Joint Receivers offer 

FOR SALE 

AIMES BEACH HOTEL 

THE GAMBIA 

of the ^ 00381 ** ™i!es from Banjul on Cape Point, Bakau on die sooth side of ihe month 

ReatA 110161 ^ Apartmesos opened in 1968 and lies in extensive landscaped tropical gardens 


! main htiflrimg 

ara Coflsists of 12 ^ tw ® betkled rooms all with shower, toilet and private balcony. In Edition there 

fl ** rtm *** whh en-snhe freffides, khche^ 
main buiWkl^ m 2 a °^ y bedrooin ****** etpaOy spaced around the grounds with interconnect 

CASINO: A fully equipped casino is included in the hotel complex and a casino Oconee is available. 

t^miseonrts. voiIeybal2c«2rts,4bara,3 restamams and ttecompto 

mcmaes several shops, a supermarket and private apartments presently producing substantial rental 

Expression of interest or offers should be directed to 
the offices of the Joint Receivers Stewart Baird and Peter Smith at 

Parnell Kerr Forster 
PO Box 268, 3 OAU Boulevard 
Banjul, The Gambia 
Telephone 010 220 228345 or 
Pannell Kerr Forster 
17 Rothesay Place, Edinburgh, EH3 7SQ 
Telephone 031 225 3688 


KKRR 

FORSTER 


Telephooe 031 225 3688 CHARTe ^*ccouwwns 


BILTONS TABLEWARE 

A mejor Stoke-on-Trent pottery, now a division 

of a larger group (but previously a standalone 

business) Is offered for sale as a going 

concern. 

♦ Turnover approximately £I2m per annum 

♦ Operates from a 4.5 acres freehold site 

♦ Highly skilled and experienced workforce 
Of 460 

♦ Highest quality production management 

team 

♦ Blue chip customer base, home and export 

♦ Currently manufactures approximately 
750,000 pieces of earthenware dinnerware 
per week 

♦ Equipped with modem technology 

Interested polios (principals only) should contact 
Bob Hate, Robson Rhodes, Centro City Tower, 

7 HB Street. Birmingham, B54UU. 

Tel: 021 6435494 Fax: 021 643 7738 

ROBSON RHODES RSM 


D 


ufl 

9 

% 

o 


Robson Rhodes is authorised by the Institute tit 
Chartered Accountants h England and Woles to cony 
an Investment business. 


Motor Dealership 

Nelson, Lancashire 


^ o 

7 


6 


1 _ 

d 1 

if * 
^ 4 






S' 




Seed-Nelson Limited (In Receivership) 
has been an established Ford main 
dealer for over 50 years and has 
recently acquired a * Rnpidfit " 

installation franchise. 

■ 4,000 sq. mere. freehold premises 
with secure vehicle compound 

M Experienced sales force 

■ Comprehensive body and 
paint shop 

■ Annual turnover £4.5 million 

■ Established customer base 

For further details contact the 
Joint Administrative Receivers: 

Malcolm Shicrson and Maurice Wit hall. 

Grant Thornton, Heron House, 

Albert Square, Manchester M2 5 HD. 

Tel: 061 834 5414. Fax: 061 832 6042. 

Grant Thornton® \C 7 

Thr U.K. memtn limi of <Jmu Th»rnimi Inlmuiu-iul. 

AutnutiMvl by I he Iroimitciti CKinncJ Actuunlaiut m 
hngbml ini Wain to carry uit ■mcnm*nl bminciv. 


i m 

j? 

u 

<i ' 

Vk 5 

,£>i 

6 \ 

vr 

O y 



louche 


& 


(In Administrative Receivership) 
The joint Administrative Receivers, Lcn Gatoff and Ian Brown, offer for 
sale the business and assets of die above company. 

■ The company offers shop and site services for steel fabrication and pipe 
erection work and holds British Standard S7S0. 

■ Will established customer base. 

■ Experienced work force including quality control personnel. 

■ The company operates from a freehold Middlesbrough site which 
comprises a three storey office building and two workshops. 

■ Projected l995turnovcrincxccssoT£l million. 

For further information please contact cither W Paxton or N. S. Wallace 
at louche Ross & Co., Central Exchange Buildings, 93a Grey Street, 
Newcastle upon Tyne NE1 6EA. Tel: 091 261 4111. Pax: 091 232 7665. 


OS>Mk,*ri 




/: 


Coopers 

&Lybrand 


// 


IN Joint AdtrtnWnilois, L R BaOoy and S J Toylot. offer far sals the bustaas and assets of Ms tooting 
spedaHsf engineering and contracting organisation. 

Principal features of Me business include: 

• estadfetwd customer base In the power getwraftoa cherried engineering amt process and water 
treatment IndatrtM 

• turnover at approximately S6-3m per annum 

• central location irtta exceftenl recently upgraded freehoW premises In Derby 

• "One-stop shop' copoMBtes tor design, monutoclure, fabrication, project manogsmflnt ord 
InsMHailon senrices 

• BS 5750 accradMIon. 

Far further Wormcrton please write to L R Bailey Esq at Coopers & Lybrand, Cumtwfand House. 

35 Park Raw. Nontngham NG1 6FY. Telephone: (0115)9419066. Fax: (0115)9470882. Of contact 

Hazel Bijou at Ihe Company's premises on (0332) 380791 . 

Coopery A Lybnnd » ■uftoctonl by ibc lnti*totc of Qenacd AecotamB in Eagbad sad Wales to . 

Miry on Iwemmcw Knincn. 


Camper & Nicholsons (Yachts) Limited 

Camper & Nicholsons (Yachts) Limited is offered for sale. 

Principal Tea uires of the business include: 

■ Three main areas of activity: 

- the building of prestige luxury sailing and motor yachts 

- commercial refuting work 

- maintenance of private yachts. 

- A world famous brand in the above areas of activity, with a reputation for quality 

- ISO 9001 accredited 

- Prime location on the Solent on the South Coast of England 

■ Modern, wcll-cquippcd facilities on a 0.6 hectare site 

. Highlv skilled and flexible workforce of 1 15 employees 

- significant development potential based on the brand and available facilities. 

Potential purchaser* should contact Chris Young or Peter Robson in 
writing at Coopers & Lybrand. 5 TjwnQuay. Southampton. 

England SO 14 2HJ. Fax: (44) 0703 330493. 

— ■— » r 

HI I’-fUl -J “*-**"" 



AEROSOL MANUFACTURER 

• innovative company that fills and sells aorosols 

• Sale, environmentally Iriendly praduels 

• Excellent position within niche martlet 

• Turnover tor year to December 1993, E3.3nt 

• Profitable wittt excellent growth prospects 

. Committed and experienced management team 
Potential purchasers, please write to Henry Bartram: 

— ” SrjT|M” 


NORTH WEST PUBLICATION, 

4 Issues produced to date 
- P«fl cdovT raoaihly magazine, coacqjl 
capable of expansion 10 other region 

~£430fcBvraKdio due, toque 
mWllmnl Til IHIIIII M 111 I l|lll ll III 
rtcratiivcly ibe directors win cwlder 
ooolgta daposd 

Principal* iteald «WW' Tooy Fort U 
CumUnnHUnuakt 
34 » FMmplc, Stockport, SKI 1HD 

0614773333 <@> 

A FMBM MEMBER INOere«NT 
HNANdALADVBOM 


FOR SALE PREMIUM 
FOOD BRAND 

Welt csabtUicd tica i iam b rand e d food 
ewH Roller 

• modem beany premacs 
- prims Kttil sin 

L dbain u ion isu aHjwMpereadcl chains 
[- coaBofliaB sake evail able 

Priori* ontj plewe * to* >ta B3«S 

r— nriil T— a. Quo Sorttovift Britfy 
LDodcaSEl 9HL 


On the lastructMiu o t Community Hospitals Group pic 

DUNSMORE HOUSE 
NURSING HOME 

Clifton-apon-Dunsmore, Rugby, Warwickshire 
Registered for 45 



Planning permission for 14 bed extension. Outline 


planning Cor 22 close care units. Approximately 7 Vi acre 
grounds. 3 bedroom detached house. 

£1,300,000 freehold 

Contact Ian Wilkie, London Office 0171 486 4231 
or Simon Phillips, Birmingham Office 0121 456 1222 


CHRISTIE &. C2 


CHESHAM. 

BECAUSE YOU ONLY SELL 
YOUR BUSINESS ONCE. 

And you want the right buyer. With 
confidential briefs from hundreds of 
acquisitive public company chairmen 
who are looking to buy successful, 
private companies worth £500,000 to 
£25 million, we ought to be able to help. 

So if you’re thinking of selling your 
business, contact our Managing Director 
to arrange a confidential discussion. 


CHESHAM 

AMALGAMATIONS 

The first name in merger broking. 


Cheshaiu House, 2 Bentinck Street, London WIM5RN. 
Telephone: 071-935 2748 



Humberts Leisure 


On the instruction, of the Trustees of the Savcrnakc Estate 

TOTTENHAM HOUSE, WILTSHIRE 

(Formerly occupied by Huwtrcy's School) 

A magnificent Grade 1 mansion 
set in a Capability Brown park 

• Approx. 46,800 sq ft. (N.I.A.) with extensive gardens 
■ Further buildings/ land by agreement 
• Suitable Tor lei sure/ institutional uses 
(subject to planning) 

Leasehold 125 years 
Price guide £l-5m or to let 


Knight Frank Sr Rutlcy 
Tfcl: 0171 629 8171 
Fits 0171 493 4114 


Humberts Leisure 
Itel: 0171 629 6700 
Fbx 0171 409 0475 


HOTELS • GOLF • LEISURE 


Offers mvited for the purchase 
of an established centrally 
located business supplying 
and servicing equipment for 
retail business. Established 
blue chip customer base with 
profitable turnover exceeding 
.T/z miDion. 

Write to Box No: 83446 Fmuaal 
Times. One Southwark Bridge, 
LmJooSEl 9HL 


FOR SALE 

COMPUTER SERVICES 
COMPANY 

Specialising in Hardware 
maintenance. Focused product 
range-high end processors. 
Contract value C800K. 
Chargeable £200K Profitable. 

Please write to Bo* No-' BMW RiundaJ 

ThBat^gSDtftwcgtBn4gE.LcndcnSEl9H!L 


Hotel For Sale 

110 Bed Etaoms 
(planning fora farther 55) 

25 miles east of Loodon 
Junction of M25 A M2 
Prindpab only piettes to write to 
Box B3399, Financial Timev One 
SomJnmfc Bridge, London SEI 9HL 


Publishing House 

has titles for sale in the computing 
and marketing sectors of Ihe 
finandnl services industry. 

Reply in Bax B3401, 
Financial Times, One Southwark 
Bridge. London SEI 9HL 


SUCCESSFUL manuiactnrlng and 
wholesale company - eoneidernble 
growth potential Selling whole 
business. Write la Bax No: 33434 
Financial Timas. One Southwark 
Bridge London SEI 9HL 

109+ LIVE BUSINESSES FOR SALE 
and sries of asseta tarttgHyOTl 282 1 164 
Fas on 7003464 


23 PUBS 
FOR SALE 

South of M4 centred in 
Somerset & Wiltshire. 
Currently under tenancy but 
17 offered with vacant 
possession (if required). 
Anticipated 2^49 budget 
barrels for 1994/5. 
Projected rent roll 1994/95 
Lr.o. £165,625. 
OFFERS LR.O £235M 

Apply for full details to Box No: H3442 
Financial Times, One Southwark Bridge, 
London SEI MIL 


Humberts Leisure 


HEALTH AND FITNESS CLUB 

Woodford Green, Essex 

Kxn-Mcnt densely pnptiLuc.il luuiliuii • tap urn ilritisli hr.iltli dull 
ar.citLulr • HI year rimnplrcil le.1-*- irrm .it Mil»>Liiiii.il pmlu lent 

FOR SALE 

Offers invited in the region of £195,000 

25 Grosvc nor Street, Ivondon Wi.\ 9FL 

Ibl: 0171-629 6700 


HOTELS • GOLF • LEISURE 


FOR SALE 

Yorkshire based factor and wholesale distributor to the auto and 
engineering industries operating through a network of salvs reps. 
Turnover £900K and capable of expansion. Suitable add on to 
si milar existing business or ideal for owner merger. 

Write to Bax Nk 83389 FinmaalUmcs, One S outli w iah Bridge, London SEI 9HL 


BUSINESS FOR SALE 

CHANNEL 

ISLANDS 

Attractive opportunity for a 
group or indhrichial to acquire a 
market leacfing Channel Islands 
merdwiting company. 

Turnover £1.7 rmlBon with pre- 
tax profit of £225,000 on net 
assets of £600,000 plus. 
Potential purchasers please 
write to Box No B3362 

Financial Times 
1 Southwark Bridge, 
London SEI 9HL 


SPECIALIZED EQUIP MFG 
AVAIL FOR ACQUISITION 

Calif . Co mfgs patented ultraviolet (UV) technology equip used in diverse 
industries. Wefl poeWoned to take advantage of upcoming EPA rag reducing 
votetfle organic compound emissions In mfg processes. Excellent opport for 
high growth, high margins. Sales £L2MM. 

Randy Krauthamer 800-854-4643. Client 477651. 


J 


BESPOKE TOINERY COMPANY 

Vciy long stahlishnL md highly rcganlcd, northern bused joinery nunulKhinng JrvJ 
shopfiUing company, wilh preslij^kma iuUoiuI *ni Ltlenulk<ul back ru.-nds ik iiUercled 
haring discussions with another organisation with a view to fanning * bailing alliance li>| 
mutual benefit Disposal would also be considered. 

Response* ghnak! he ftwn prinapals only ant uriD be heated in Ihe slrictRX cunfkk-ncu. 

Please write to Bo* M« B340S BruncSol Times. One South nark Bridge. London SO *>HL 


r 




ETBA 




HELLENIC INDUSTRIAL DEVELOPMENT BANK S A 

INVITATION TO DECLARE INTEREST 
ETBA S-A., whose registered office is in Athens (87 Syngrou Ave.), legally represented, in its 
capacity as sole owner, possessor and holder of the Maritime Industrial Estate (Greek abbreviation: 
NA.VI.PE.) at Ptalyglall. Astakos. as described in detail in par. 2 of the Summary Description below, 

hereby Invites 

declarations of interest in writing from individuals or companies regarding the use of and 
development of investment activities in a part or all of the NA. VLPE. 

SUMMARY DESCRIPTION OF NA.VLPE. 

1. The NA.VI.PE. at Platygiali. Astakos in the prefecture of Aetoloakamania is located in the Bay of 
Piatygiali in western Greece, about 10 kilometres from the Bay of Astakos. It covers a total area or 
approximately 1.800.000 m 2 as follows: 

Industrial Sites (Blocks 1 to 15): 613,000 m 2 . 

Waterfront Industrial Sites: 215,000 m*. 

Port Installations: 325.000 m 2 . 

The harbour area of the NA.VI.PE. consists of quays and piers with depths of 8 to 14 metres. 

2. The NA.V1.PE. was delineated as an industrial area by virtue of Ministerial Decision 173 of 1 1 .4. 1984 
(Government Gazette issue B. no. 238/16.4.1984) which was issued pursuant to Law 4458/1965 on 
Industrial Areas as same remains in force. 

It was also delta eat ed as a free customs zone by virtue ot Presidential Decree 133 of 30.4.1990 
(Government Gazette Issue A, no. 54/10.04.90). 

3. In addition to the favourable legislative framework, the NA.VI.PE. is also linked by secondary road 
with the existing national road network, is served by the Hellenic Telecommunications 
Organisation, Is connected with the national grid of the Public Power Corporation and has its own 
private water supply. 

TERMS OF THE INVITATION 

1. Interested parties should contact the competent department of ETBA (Regional Development and 
Industrial Infrastructure Division (17 Panepistimiou St., 6th floor, tel. 32.30.771 - 32J7.384) for an 
interest declaration form and the relevant information on the NA.VI.PE in order to submit a 
declaration of interest in writing. 

The form and relevant Information are provided free of charge but the interested party must appoint 
a resident agent in Athens to receive correspondence on his/her behalf. 

2. The aforementioned forms wilt be available until Friday 30 September 1994. 

3. After studying the Interest declaration form and relevant information on the NA.VI.PE, Interested 
parties may submit questions to ETBA pertaining to all legal, technical or financial aspects which in 
their opinion could have an effect on iheir offers. 

Questions must be submitted in writing and, together with the corresponding replies, will be 
communicated to afi parties which have declared interest 

Interested parties should, on their own responsibility, using their own means and at their own 
expense, make inquiries in order to form their own opinion of ihe NA.VI.PE, its technical characteristics 
and legal status. 

Due to the large volume of technical and other data pertaining to the NA.V1.PE., ETBA will provide 
aB possfofo assistance and Information to interested parties, without however being in any way bound 
as to the completeness of the information or data so provided during this present stage of inviting 
decorations of interest. 

4. Interested parties must submit Iheir declarations of interest within three (3) months from the expiry 
date stipulated ta par. 2. above. 

5. ETBA will evaluate the proposals submitted and select those which it considers to be the most 
attractive, in order to begin negotiations with the interested parties with the aim of identifying the 
best and most advantageous solution possfofe. 

6. ETBA assumes no responsibility or obligation towards the parties declaring Interest Moreover, it 
may at its absolute discretion alter the procedure, conduct negotiations with a third party which has 
not declared interest in the present phase and in general follow any procedure which safeguards its 
interests in the best possible manner. 

7. All parties dedaring Interest must accept that they do not acquire any right, demand or claim from 
the present invitation nor from their participation in the procedure. 

8. All expenses incurred will be paid by the participants and if, as is likely, participants have to travel to 
the NA.VLPE, all travelling expenses will be paid by the interested parties. 

For further information. Interested parties may contact: 

ETBA SA, Regional Development and industrial Infrastructure Division 
17 Panepistimiou St., 105 64 Athens. Tel.: 32.30.771 - 32.37.384. Fax: 32.36.396. 

Ask for Nikos GeorgouUs (ext. 450) Nikos Kaninias (ext. 123) 

Dina Papalexi (ext 428) Sarandos Lekkas (ext. 1 17). 

Code of Athens: 01 J, 


X 


X 












14 



FINANCIAL. TIMES TUESDAY SEPTEMBER 20 1 994 


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Bailhache Labesse 

r, _ Advocates & Solicitors 

T he Partners in the firms of Bailhache A-Bd I hadie 
and Bois Labesse are wy pleased io announce 
that the two firms hare merged effective 1 September 
1994. The firm now comprises eight partners and 
approximately 70 support staff- The predecessor 
(inns were very longestabHstaed with cheklder having 
its origins in the 1890s. The merged practice will 
continue to maintain very dose association with a 
number of commercial, banking and other financial 
institutions for whom know acts: In thepasta number 
oHeadiog firms of London solicitors and accountants 
haw instructed the predecessor practices and regular 
instructions were also received from professional 
advisers in other major international finance centres. 
As well as providing legal advice in many diverse 
areas to their significant local client base, the partners 
in the merged firm haw particular interests in 
commercial litigation, banking and securities work. 
In addition, due to the Island's fiscal status the 
merged firm's partners have developed particular 
expertise in the provision of offshore advice and in 
the related ancillary areas of trusts and corporate 
stuctures generally. The firm has a number or in- 
house fiduciary service companies which arc 
available to its clients. 


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Teh 01534 888777 
Fax: 01534 888778 


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1994 GENEVA 
EXECUTIVE COURSES IN 
FINANCE 

September 26 -30 

TREASURY RISK MANAGEMENT 

October 25-28 

ADVANCED MATHEMATICS OF DERIVATIVE 

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November 21 -25 

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November 28 - December 2 
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P.a Box 38. 1211 Geneva 21. Switzerland 
Teh 41/22-734 85 48, Fax: 41/22-733 38 S3 


BUSINESS AND THE LAW 


L ike a shade that has to 
keep moving or die. 
there is a strong 
instinct and compul- 
sion In professional law ferns 
to grow. Why Is this? Is it sim- 
ply the egos of partners, or 8re 
there more fundamental strate- 
gic Issues at staie? 

Tm not here to made time 
dr just collect my salary at the 
end of the month and leave It 
. at that I want to be a part of 
something that wQl be largo 1 
than it Is now and more suc- 
cessful. I want to contribute to 
that success and to be 
rewarded for it" If I can’t get 
those things here then I will go 
to a firm which can offer thom 

to me." 

This statement, by a young 
lawyer in a Landorntbased law 1 
firm, points to a key manage- 
ment issue before many firms: 
the link betweei growth of the 
firm and retention of highly 
t*ipntori ambitious and moti- 
vated people. 

To be successful, profes- 
sional firms need to have peo- 
ple motivated to push just that 
bit harder and go that fait fur- 
ther in meeting chests’ needs. 
Retaining people with these 
qualities and characteristics 
requires firms to have the 
potential and willingness to 
grbw. 

There are two key reasons 
behind this “growth impera- 
tive" in professional firmer the 
first is the cocktail of motiva- 
tional drives in professional 
people; and the second is fee 
need to sustain fee profitabil- 
ity of fee business. 

The motivation and psycho- 
logical drives of professional 
people tend to differ from feo aa 
who follow altwm at iwtt careers 
in quite fundamental ways. 
Professional people have a 
greater need ffem the average 
person m an argmigatinn for 
• influence over tlmir own 
future; 

• constantly meeting and 
overcoming ww ^Tiwigwr 
• professional growth and 
development, to be aide to han- 
dle better quality work and cli- 
ents; 

• recognition; 

9 and for a Ceding of value. 

For many young lawyers fee 
ultimate career prize is to 
become a partner. At a stroke 
many of their needs are met. 
As partners they have a say in 
the direction end thinking of 
their firm arirl SO satisfy their 
! need to Inflneace their own 
future. It can provide new chal- 
lenges, and is certainly a mark 
of recognition by colleagues. 

Motivating irigh-qualffy peo- 
Jjj&r fo, T' prniffo with . tt y than 


Shrinkage at 
the top table 

David Temporal on why law 
firms feel the need to expand 


WE SlOP 7H1S jEPDWTH JWpQWJVE' 
•RIGHT NOW OR. WE *HiY A "&K5GER WES*. 


and to perform highly there- 
fore involves ensuring fee goal 
of partnership is realistic and 
achievable. 

Maintaining this motivation 
requires finns to grow at a rate 
feat results in a steady flow of 
new partners, in order to con- 
vey a sense to people feat their 

iwnhfHnnfl can be aaHaflad- 

Tbis does not mean everyone 
can fecwnn a partner but it 
does the prospect for tal- 
ented people to achieve part- 
nership most be evident Peo- 
ple understand the economic 
reality of life in a professional 
firm and feat new partners «>« 
be appointed only if the busi- 
ness is growing. Hence if peo- 
ple do not see growth, they will 
seek alternative routes to meet 
their needs. 

The second explanation for 
fee growth imperative is eco- 
nomic. The profitability of 
most medium to large law 
fir m s depends upon having an . 
appropriate economic relation- 
ship between equity partners 
and other fee-earners, namely 
Its leverage. If the leverage 
falls below a certain level then, 
aammtag other economic vari- 
ables remain constant, profit- 
ability win faD.-. 

M a inta in i ng a steady fen?, of 


hew partners requires a firm to 
increase the volume of work to 
sustain more partners without 
diluting earnings of fee exist- 
ing partners. For example, a 
firm wife a leverage of 4 to 1 
has to ensure feat for each, 
new partner it brings into fee 
equity there is enough work to 
sustain another person at a 
partner rate and four other fee- 
earners. Each new partner 
must generate sufficient work 
to twafritariri fee firm’s lever- 
age. 


H ence one way to. 
reconcile the need 
to ensure people are 
motivated (by see- 
ing that the “ultimate prize" 
can be realised) wife fee need 
to sustain fee economics of fee 
business is to matolain-a rear 
sonable growth rate. 

1 This is not,, however, ' an 
option available to every fern* 
and many will find growth 
veiy difficHtt to achieve in fixe 
latter 1990s. An analysis of 
growth rates of the medium to 
large firms across the country 
highlights .quite stark differ- . 
ences between the top nine 
G^r-based firms and the rest,- 
and also between the firms in 
fee , iop r - nine* .Growth , xa£es, 


among these nine Arms over 
the last three years vary 

between 5 and 32 per cent 

What are the Implications for 
firms that cannot sustain 
growth comparable to the com- 
petition’s? Are they to accept 
that holding on to good people 
is almost impossible and that 
they are likely lose their best 
people? This is not an option 
for any firm wanting to remain 
competitive. 

Even if fee value of work is 
unlikely to grow much in the 
short term, the principles gov- 
erning the motivational heeds 
of people still apply. One 
short-term option for firms fac- 
ing limited growth is to ensure 
there is a real sense of momen- 
tum in fee firm so people can 
see a realistic possibility of 
advancement to partnership. 

This requires a rigorous 
approach by the firm -to fee 
performance criteria fin: both 
potential and. endstii« partners. 
Firms need to en gine er more 
room in the partnership to 
allow people with the requisite 
qualities to become a partner, 
to the extent of requiring exist- 
ing partners to leave. More- 
over, the ability to «pnnH fee 
business through increased 
revenue from existing, clients 
or through attracting new cli- 
ents must become a mandatory 
skill for every partner. 

Another ojrtien for non- 
growth firms is to enhkoce fee 
effectiveness of fee organisa- 
tion itself It needs to provide 
people wife an.8uvirofenait in 
which they can satisfy their 
motivational (feiverswithout 
. atihlin riTi ft paTt ripruhtp^TAf-hlw . 

ing this requires a ^further, 
mandatory ability among part- 
ners - to provide high, levels of 
leadership, coupled Wife an 
ability to manage people more 
effectively than la fee case 
among most professionals 
today. . - tj, 

. hi a period of intense compe- 
tition; when attracting and 
retafiiing high-quality people is 
so important, it is essential 
- fe at .firms achieve rates of 
growth equal to or Above the 
average for those in their 
droop. H they cannot achieve 
the growth required then part- 
ners win need fo ehwng g thrir 
iwmaggmiait style in q. funda- 
mental way? V they cannot do 
^ either, they jun fee risk that 
their 'most talented, people will 
be attracted elsewfifece and 
that .this wiU ^trigger 
a steady decline in their 
. fortunes. . ” ' '.7 

The author is a partner with 
jrumagcmfnt ixmsultctots Bbd- 
gart T e m p or al & Company. 




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BUSINESSES FOR SALE 

PHOTOGRAPHIC STUDIO/LABORATORY: 
NORTH OF MANCHESTER; 

convenien t motorway network, turnover £350,000 per annum, returning 
70% gross profit, vast potential, well equipped. Rent £15,000 pa, 
BUSINESS £325,000 Rafr 1875 HARVEY SILVER HODGKINSON 

TEL,- 061 833 2000 


>:• u=u=i M3 


FRANCHISING 


PLANT & 
MACHINERY 


NW WIRE COMPANY 

Eat. over 10 yearn, exc. aalea 
record. T/Oappreoc £600.000. 

[ Present operation Includes direct 
sale and fabrication of wire 
products. Reason for sale 
Imminent retirement 
Further detafla apply Box No: B343S 
Ftnaadal Ttaca. One Soulbwark 
Bridge, London SSI 9HL 


GOLF COURSE AND 
DRIVING RANGE 

RARE OPPORTUNITY TO ACQUIRE 
NEW 9 HOLE COURSE AND 
PURPOSE BWLT RANGE 

APPLY Bo* No BWae. Hoandri Tlmoa, 

On* SouSwartt Bddga. London SEl 8HL 


Prime pos iti on hi major 
Essex Town. Est 25 years. 
T/O £800.000. G.P. £90.000. 
Low oveefaeads. capable of 
considerable 

owner retiring. Price £75,000. 

Reply to Box No: B3395 nnanrtolTtam 
One Southwark Bridge. London SKI U 


RESTAURANT IN CHIANTI 

license & property: fantastic 
location; typical Tuscan house; 
large terrace; panoramic views; 
intern a tional cuisine 

00 39 577 741 123 


BUSINESS SERVICES 


linitYrar 


Prior to purchasing p ote ntia Hy contaminated commercial and 
industrial real estate in the United States, let ORA! conduct 
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Customs duty and International trade Consultancy 
Contact: Alan Davies or Paul Ness 
1. Northumberland Avenue, Trafalgar Square, 
London WON 5BW 
Tel: 071-8725762 Fax: 071-753 2S31 
For duty savings, duty planning, customs reviews and investigations 


Considering entering this 
moat stable and economically 
successful new market? 

For advice on: Manufacturing. 

Marketing, Distribution, 
Retailing, Property. Finance 

CaD/FaxrThe Qzecb 
Consultancy 071-431 6831 

CALL USA = 
ONLY 17p/min 

First 30 mins FREE 
Dial Int. Telecom 
Tel: 081 490 5014 
Fax: 081 568 2830 


USA only 24p per mm 
Australia 40p per min 
No VAT 

Ask about our low rates 
to of her countries. 

ti ^fign back 

Call USA 1 - 206 * 284-8600 
Fax USA 1 - 206 - 282-6866 

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SEAT THE STRIKES Wort Efecnrit^y 
Rom Ham far M Year OBreAimwflan 
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Russia's 
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Meet the management of Russia's 
largest companies: 

Unified Energy System of Russia 
Norilsk racket - world largest producer of nickel 
Transneft - monopoly on Russian pipelines 
Almazy Rossii Sakha - diamond producer 
Sidanko - oil production association 
Komineft - oil production company 

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at Cbiswefl Street, London 
Thursday 29 September 1994 
Investment Conference 9 AM - 6 PM 

Organized by Russian Brokerage House 

CjJScoM 


For further information, please call or fax: Danielle Downing. 
Director of Russian Investment at CJ L &. Co.. Moscow 
Tel: (7095) 264-3801 , Fax: (7095) 264-5545 


AUCTIONS •. 

AUCTION SALE No. 55, October 10th 1994: German Press Books 
& Modern Literature (Ulustr. CsL with 950 items, DM 20; overseas $ 20) 

AUCTION SALE No. 56, October 10th-13th 1994: Rare Books, Mats & Views 
from various ftclds (IUustr. Crl with 4,000 items, DM 34; overseas 5 34) 

AUCTION SALE No. 57, October I4th 1994: Economics & Political Science 
(Ulus it. CaL with 1,500 items. DM 35; overseas S 35) 

• Many descriptions in English • 

Reiss & Auvermann Specialized Auctioneers of Rare Books and Prints 
Adclheidstr. 2, 61462 Kdnigstein, Germany (25 min, from Frankfort/Main airport) 
Telephone + 49 6174 1017 * Fax +49 6174 1602 


SCANIA FRANCHISE ISS 


Scania is one of the fastest growing heavy 
truck brands in the UK with a market share 
currently at 14% and clear ambitions to grow 
in future years. 

An established Scania' Truck franchise has 
become available for purchase. 

Suitable, long term investors with a minimum 
of £500k risk investment capital should write, 
in confidence, tor 

Mr Utf Bundell - Managing Director 
Scania (Great Britain) Limited 
Tongwell : 

Milton Keynes I 

Bucks MK15 8HB 


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IS 



FINANCIAL TIMES 


TUESDAY SEPTEMBER 


20 1994 


PEOPLE 


CONTRACTS & TENDERS 


I » 


**?**.= 


Pajares accepts Savoy offer I Bodies politic 

ran _ _ /’h otJta 4 flfft 


The Savoy group yesterday 
announced that Ramon 
Pajares, general manager of 
London's Pour Seasons hotel 
is to became its managing 
director on November 7. 

Pajares’ appointment^ while 
expected, will be greeted with 
relief by the Savoy and its new- 
ly-constituted chai rman 's com- 
mittee of Sir Ewen Fergus so n. 
Rocco Porte and John Sinclair. 

The committee was set up 
last week after the departure of 
Giles Shepard as managing 
director and represents a truce 
between the Savoy and Forte 
factions on the Savoy bomd. 
Forte holds a majority of Savoy 
shares but a minority of votes. 

Pajares waa the favoured 
choice of both Forte and the 

Peter Ridsdale 
quits QVC 

■ Peter Ridsdale, chief 
executive of QVC, the loss- 
making home shopping chan- 
nel, has left the company 
abruptly and has been 
replaced by Mark Suckle who, 
as managing director of Peren- 
nis, his own UK-based product 
development consultancy, hnc 
been associated with QVC for 
the past six years. 

The 24-hours-a-day shopping 
channel went on air on Octo- 
ber 1 as part of the British Sky 
Broadcasting’s multi-channel 
subscription package, follow- 
ing the success of the concept 
in the US. 

At the recent Edinburgh 
International Television Festi- 
val, QVC’S chai rman Barry 
DQler said QVC In the UK was 
losing money “like a sieve” - 
fl5m a year. He said the chan- 
nel was reaching only between 
2m and 3m homes and the cost 
of satellite charges was high. 
He added, however, that he 
thought the channel would be 
in profit “in a couple of 
years”. 

According to William Scher- 
eck, president of QVC Interna- 
tional, the decision to change 
the chief exe c u ti v e was not a 
negative comment on Rids- 
date. “We frit we had to take 
an opportunity to strengthen 
the management,” said Scber- 
eck. Suckle, a native of Phfla- ! 
delphia who has lived in Lon- 
don since 1971 , has almost 30 
years' experience in direct 
marketing an<^ is a former vice 
president far product develop- 
ment for Franklin Mint World- 
wide. 



veteran Savoy board members 
who remain after Shepard’s 
departure. Pajares kept Savoy 

waiting for a week while he 
consulted senior executives of 
the Four Seasons group, which 

Finance moves 

Kenneth Inglis, the new broom 
at the top of Fleming Invest- 
ment Management, has chosen 
the marketing for his 
first sweep. Patrick Johns, the 
gentlemanly ex-Anny director 
of marketing, has decided to 
consider other career opportu- 
nities, Fleming said yesterday. 

Fleming’s core business, run- 
ning UK “balanced" pension 
assets, has been struggling in 
recent years, mostly as a result 
of some unfortunate asset allo- 
cation darigtwwg in 1992 in 
the late 1980s. Thus, marketing 
Fleming in its core market 
would have been a hard sell for 
anyone. However. Inglis, 
recruited away from Allied. 
Dunbar where he racked up an 
impressive set of investment 
returns over many years, has 
decided that a different 
approach to marketing is 
needed. 

Inglis, who has praised 
Johns’ iriarkpfHng shills hi g hl y , 
plans to visit Fleming’s top 40 
or 50 clients himself, and per- 
1 sonally explain the firm’s 
investment strategy. “We need 
to have investment profession- 
als talking directly to clients,” 
he says. 

Presumably, that requires 
having investment profession- 
als running the marketing 
team. *. 

■ Mark Cfiffie, formerly chief 
economist of Nomura Research 
Institute, has been appointed 
chief international economist 
at MIDLAND Global Markets 
Research. 

■ Stephen Peak has been 
appointed a director of TR 
EUROPEAN GROWTH TOUST. 


is based in Toronto. 

While excited by the Savoy 
offer. Paiares found it difficult 
to leave Four Seasons. He had 
been at the London Four Sea- 
sons (formerly Inn on the 
Park) since it opened in 1970. 
He was then executive assis- 
tant manager and food and 
beverage manager. After a 
spell in the Canary islands «nd 
Canada, he became general 
manager in 1975. 

Bom in Spain, Pajares is 
now well settled in London and 
is one of the city's most 
respected hoteliers. He has 
received official honours in 
Spain; in his adopted country 
he was made a Freeman of the 
City of London in 198a 

(See Observer) 

Non-executive 

directors 

Lord Prior, the former Cabinet 
minister, is retiring as chair - 
man of Allders, the department 
store and duty free retailer 
that was floated last year, to be 
replaced by John Pattlsson. 

Patttsscm, 63, is a non-execu- 
tive director of Wassail and 
Blenheim Group, as well as 

phairman of Hannon P ensi on 

Trustees and Imperial Group 
Pension Trust He became a 
nonexecutive director of Alld- 
ers last September, shortly 
before the flotation, when Lord 
Prior indicated his desire to 
retire this year. 

Pattisson spent much of his 
career in corporate finance 
with Dawnay Day & Co, the 
merchant h anking group, 
which in 1964 floated Wiles 
Group, the company that is 
now Hanson. He served as 
director of many companies 
associated with Dawnay Day, 
and became an executive direc- 
tor of Hanson from 1981 to 
1989. 

He t flfrpg the holm at Allders 
as it enjoys strong growth after 
its flotation. Proforma pre-tax 
profits for the half-year to 
March 31 increased from £9 Jm 
to Cllm. 

■ Frank Reiss at FOREIGN & 
COLONIAL EMERGING 
MARKETS INVESTMENT 
TRUST. 

a Peter Lee, chairman of 
Carclo Engineering and 
Edward Pryor & Son, at 
SANDERSON ELECTRONICS. 

■ John T -a wg famfa at ECLIPSE 
BUNDS, on resigning as 
finance director. 


Charlie Woods, a senior official 
with Scottish Enterprise, the 
development body for Scot- 
land, is to be chief executive of 
Scotland Euro pa. which sup- 
ports Scottish organisations in 
Brussels. 

He succeeds Grant Baird, the 
former Royal Bank of Scotland 
chief economist who opened 
Scotland Europa in 1992. Yes- 
terday Baird became chief 
executive of Scottish Financial 
Enterprise, the body which 
promotes the Scottish finanriai 
services industry. 

Sc otland Europa, an offshoot 
of Scottish Enterprise, assists 
Scottish organisations and 
companies in their dealings 
with the European Commis- 
sion. It can advise and repre- 
sent them, give them early 

warning of developments that 

may affect them , and also pro- 
vide them with office space in 
Brussels. It has had more suc- 
cess signing up public sector 
organisations than companies. 

Woods held senior posts with 
the Scottish Development 
Agency before it became Scot- 
tish Enterprise and put 
together Scottish Enterprise’s 
network of local enterprise 
companies. His most recent job 
at Scottish Enterprise's head- 
quarters was director of Scot- 
tish and International 
operations. He is currently in 
California, investigating US 
electronics companies, a big 
source of investment in Scot- 
land. 

■ Lord Younger of Prestwick 
(below), chairman of the Royal 
Rank of Scotland and former 
defence secretary, has been 
appointed rhahman of the 
Board of Trustees of the 
ROYAL ARMOURIES for five 
years from October l. He 
succeeds Lord Eden of Wmton. 

■ Tom MarMn, ceo States of 
Jersey personnel department, 
will become director general of 
the BRITISH PRINTING 
INDUSTRIES FEDERATION as 
from April 1 1995. 



FT CONFERENCES 

RETAILING TOWARDS 36 to - 
COMBINING VISION AND EFFICIENCY 
London. 21 A 22 SsrnKBZK 1»4 

Tins year's meeting win fioens m the need for the retail indwby Ip exploit ftlly ihr 
oppon unities dial new markets and new technologies offer, while dealing with the 
, fi i ndwmji l i dteNiae«t cb a nfn gg-ii wTiiiiMig pw>eBdig«y: ami ol Kn g com; Banking 
ihr. p njymy por t f o lio 2 nd ’crime busing’. Winning retail forests win be those that 
successfully combine vision with efficiency- Speakers u the conference, snuged 
jointly with Coopen Sc Lybrand, include: Teb Ban Linn. Emporium Holdings 
(Singapore) infr George Bcctoo, Edjsn Stores T "■**— 1; TrAbm Knsscgi, Azur Umo; 
Mark Lilly. The Deacy Skat Liofeeifc Michael Rnddefl, The Boots Company; Robert 
M3fct| QiJlerii 21 (l/KQ Lid; David Carman* Quantum fmenmliqpal ind !■« fcwiih, 

Marta. 

INTERNATIONAL BANKING 
Madrid, 29 & 30 September 19W 

This major fonm, immcdiucly prior to the Uimnl meetings of the IMP and the 
Wodd Bank, will debate the outlook for banking in the mid-1990s and address a 

wi df raswj re of )fiffn of Jo ]|y ArflHi—miily . 

Speakers taking pan tarlmlr Bm&io Botin Rios, Banco Santettfen Lord Alexander 
of Weedon QC, National Westminster Bank Pic; Dr H O&no Reding, Citicorp; 
Richard J Boyle, Chase Manhattan Bank NA; Dr Joaef Ackennann, Credit Suisse; 
Fgktin C Jitge ppe Bruno, Creduo ii»n«mn and Ri p« J Lndwjg, Comptroller of die 
Cureacy, USA. 

INTERNATIONAL INFRASTRUCTURE FINANCE - 
BU1LD-OPKRATE.TRAMSF1JR flSOT) 

Laodoo, 4 &5 October 1994 

This two day financial Times conference will focus on buBdopente-oansfer (BOT) 
opponuntjes in key growth markon, to include Eastern Europe. Sooth Africa and the 
MUnbL 

The chalkqgc of financiqg and managing BOT contract* will he highlighted is recent 
can antfica of major projects in Ike power, tclcconummimnona and environmental 
mfriatrectnre sectors. Speaker* include: Mr Trevor Mstnrel, Minster of Trade and 
lndmoy. South Africa, Sir AUsutir Morton, BmoCnnneL Horny Baadoo. EBRD, Dr 
Jacques Rogoriiwki. Banobras, Inder Sud, The World Bank. John Hollihan III, 
Margin Stanley & Co Limbed, Michael Heath, Nyoea Network Systems Company. 
George Kappas, KMR Power Corporation. Mr Christopher Nash, Northwest Water 
jmenwlkmal Ltd. Mr Malcolm Stephens CB. The Beotc Union. 

WORLD MOBILE COMMUNICATIONS 
Loartes, 17 A II October 1994 

The Financial Times *94 Conference will focus on the growth of mobile 
oomnmnteatkms, the varioos technologies befog adopted and new operator strategics. 
Speakers Dr Herbert lingerer Iron ffrg E ur op ea n Mr Charles 

Wigodra, Managing Director of The Peoples' Pbooc Company, Dr Joachim Dreyer, 
Chairman of rv * > *irl Mr Barry A Kaplan, vice P r e sid en t of 

Goldman Sacha & Co, Mr Tomas John, Managing Director of Utusoarcc Mobile, and 
Mr Jan Neels, President & Qief Executive Officer of AiiTondi ImeraoonaL 

INDIA'S ECONOMIC RENAISSANCE 
DdU, 26 & 27 October 1994 

Given the breadth and pace of economic reform m India since 1991. this high-level 
FT forum wiD provide a unique opportunity u review the government's liberalisation 
programme bnaincaa investment projects. The — will also 

consider India's competitiveness in world and look al the challenges of 

improving the country's iafrastroetnre. 

CORPORATE RISK MANAGEMENT AND THE INTERNATIONAL 
INSURANCE INDUSTRY 
: Lmltm, 3 November 1994 

As the risk management function within corporations expands and evolves in 
in »n ever t i n array nf riefca, the sbgfey of mmmmnl iMt imanea tn 

meet their cliena^ requirement amid become a matter of their very survival. This FT 
con f erence will «™nrne the impllcaifons of the changing balance of the role of 
broken, insurers and risk ma na gers, and explore how the iaicmarttmal mwrancr 
: bxhmiy is impooting to the now challenge. 

DOING BUSINESS WITH SPAIN 
Madrid, 23 * 24 November 1994 

The PTs *94 conference, to be arranged with Expansion and A ctnalkt ad Bco n o m kn. 
wfll take as ha tin-™ ‘Spam Competnig in Europe*. no economic recovery, 

c o m pe tEM fy and tiberatisfog markets. Speakers mefode: D lost Ansoiao Orinfa 
Martinet. Spanish Minister of Labour and Social Seooity; D Alberto Recede. 
Manag in g Director. Centurion; D Carlos Espinosa de los Monte rt*. C bs ir man. 
Mercedes Benz Espano, SA; D Oscar Fmjul Martin, Ohamnan. Reptol SA; D Litis 
Arietta Serna, Spanish Minister of Agriculture, Fisheries Sc Food; Mr Bernard 
Damon. Chairman, Sail-Lotus Group; D Jond Miguel Zaldo. Chairman, Gropo 
Trio. 

AH ewjmries sbmdd be addmaed to: r u l nl T — *" r PO Box 3651, 

LcodmSWnSPH, UK. Tcfc CO SB 9000 Ffoc Ml 673 1335. 


CQHPANHIA PARANAENSE 
DEB1ERGU 


COPEL 


SALTO CAXIAS HYDROELECTRIC PROJECT 
tGUA£U RIVER 

INTERNATIONAL BIDDING C-202 
PENSTOCKS 
CALL FOR BIDS 

COMPANH1A PARANAENSE DE ENEBGIA- COPEL. informs dial an 
International bkfcfing is opart lor design, suppty, shpmsm, field erection and 
opwatkxi startup of four (4). 1 1 X) m ttemaier Paretocks fw the SaBo 
Caxias POwaiptani. located at CapitAo LerinWas Marquss and Nova Praia 
do tguapj county bontor, in the Staia ol Parani - Brazil. 

The total waight of ttta supply is appreaanately 3.400 matric tons of aaeL 
7N5 loamsl price typa irtemallonal bidding is open solely to individual 
oompanias or John ventures. 

Ute ad Documents, wi ba avaflabte lo bidders Iron Septemtor 9, 1 994 to 
September 30, 1994, against payment hi brazban currency equivalent to 
UfiS tsaoo (one hundmd Wty American DoBara). m the following 
addressee: 

SuperintBMtfiwte (la Obras de Gerafio 
Rue VobsitdHos dn Wtria, 233 - 5° nndar-seta 504 
80020000 - Curitiba - PR 
TeMone (56-41) 322-1212 - Rama! 541 
Tetefax (55-41)331-3265 
Of 

Esetttt&rio COPEL JSao PnUte 
Atameda Santos, 1J00 - 14» andar - conj. 14B 
0141B-200 - Sio Paulo - SP 
TeMone (55-11) 289-1431 

AUhe time of Bid Documents purchase, afl companies shall present a letter 
contaWnp thalr complete roaBng address. 

ThefBcegM of Pre-quahflcallan and Bid Documents is sefteduted lor 
NovoretoerO. 1994, a!3UX) PM. SI COPSLfe office meeting room,tn 
Curttoa. 233 VriunUrlos da P3Wa Sbeet, 5 tti floor. 

The BkUng wfB be ndad by, tow n* 8.666, dated Jime 21 . 1 993: vrith 
aharations Introduced by tow n* 8 £83, dated June 8. 1994 and by other 
commons stated herein end In jta Contract Oocomonts. 

G1NO AZZOUNI NETO 
Dtretof Atbnrtstrabvo 
no Exetcirio da PrestdOnda 


; 4il> 




TKeRviaiHdal Times 
^^tp puWteh a Survey 

iito^ce 

-i- ••• -v . . 

^WMw»^^:ocjtober 26. 

It will be seen by leading International 
business people in ISO countries worldwide. 

if you would Bke to promote your organisation 
to this Important audience please contact: 

Alec KKroeff in Athens teb (1) 647 93 72, fax: (1) 647 93 72 or 
Klisty Samdefs hi London tet (071) 873 4823, fax: (071) 873 3934 

FT Surveys 








• . i 


FINANCIAL TIMES TUESDAY SEPT EM BER 2Q 1994 


TECHNOLOGY 


Putting people 
before machines 

A new report looks at why 'good' IT 
systems fail, says Joia ShilUngford 

M an; “good” information director, backing them up. 

technology systems fail Commitment and input to the 
because technical issues project among the staff can be 


T he half-a-dozen Texas oil 
men and computer Indus- 
try executives sitting 
round a boardroom table in 
Houston last week bore little resem- 
blance to die-bard revolutionaries. 

Sipping soft drinks, their demean- 
our was more that of correct corpo- 
rate citizens. But their rhetoric 
revealed a true believer’s commit- 
ment to nothing less than the 
wholesale destruction of the current 
structure of the world oil industry. 

Their chosen weapon Is a new set 
of software operating standards 
being developed by the Houston- 
based Petro technical Open Software 
Corporation (Pose), a non-profit 
organisation set up in 1990 by Brit- 
ish Petroleum, Chevron. Mobil and 
Texaco of the US and Elf Aquitaine 
of France, five of the world's biggest 
international oil companies. 

If implemented, the standards 
should ease the growing problem of 
data management and incompatible 
computer communication systems 
within one of the world's most tech- 
nological! y -intensive industries. 
And that could lead to early cost 
reductions in the “upstream" explo- 
ration and production end of the oil 
and g pg business. 

But the real power of the new 
standards Is that they would enable 
companies to break down the barri- 
ers that have been built up over 
decades between the various techni- 
cal and scientific disciplines 
involved in oil and gas exploration. 

Pose technology can be “a 
destroyer of current organisations", 
according to Larry Gehagen, a BP 
executive seconded to the corpora- 
tion. He believes that adoption of an 
industry-wide computing standard 
will be as important to oil compa- 
nies as the adoption of a common 
gauge for track was to US railways 
in thp. last century. 

The result he predicts, win be a 
radical restructuring of oil compa- 
nies, with whole layers of bureau- 
cracy being abolished. It could also 
usher In the era of the "virtual -oil 
company”, in which small teams of 
specialists located around the world 
exchange complex geological and 
scientific data in near real time via 
information superhighways. 

That prospect, according to a 
Pose executive, caused one Alaskan 
oil man to note recently that: "If 
this thing really works, one man 
and his dog could develop an oil 
field. And you might not even need 
the dog.” 

Several of the large computer 
groups and software suppliers such 
as IBM, Digital and Hewlett- 
Packard, are co-operating with the 
Pose project, along with govern- 
ment agencies such as the Depart- 
ment of Trade and Industry in the 
UK and the Norwegian Petroleum 
Directorate. 

The need for a unified data and 
computer communication model for 


M any “good” information 
technology systems fail 
because technical Issues 
are pat first and h uman and 
organisational issues second. 

This Is one of Uxe findings of a 
report* to be published this 
month by London consultants 
Pagoda. Other common causes of 
failure, according to the report, 
include projects where: 

• The hoped-for benefits are too 
narrow and insufficiently tied to 
business strat e gy ; 

• The benefits are not 
co mmuni cated to staff so they try 
to adapt new systems to old ways 
of working; 

• The benefits are too broad, 
insufficiently prioritised and may 
even conflict 

Pagoda's conclusions are based 
on reviewing the experience of 
100 organisations and on 30 
in-deptb interviews with big users 
of IT. Judith Wain wright a 
director of Pagoda, argues that 
the critical success factor in 
implementing systems to the way 
the human and organisational 
issues are planned; the 
technology is secondary. 

She gives several reasons. First 
IT systems are now so central to 
an organisation's function that 
their effect is felt by most 
employees and, increasingly, by 
customers. Second, there are 
fewer technical constraints than 
there nsed to be. Third, more 
managers are using com paters 
than before. They cannot be 
coerced into using them, so unless 
they are convinced of the benefits 
of a system they will not use it 
However, linking human and 
technical goals is not easy. The 
report suggests that companies 
introducing new systems should 
at the same time consider all 
other aspects of the business that 
are likely to be affected by the 
’ change. This could include 
technology, business processes, 
organisational structures, job 
design, staff attitudes and skills. 

All should be treated within a 
single project plan because 
decisions taken in one area will 
inevitably affect other areas. 

Wainwright believes large 
projects involving change should 
be run by a line manager with a 
senior member of staff, such as a 


director, backing them up. 
Commitment and input to the 
project among the staff can be 
gained by involving them in the 
choice and definition of the 
system. 

Users should also work closely 
with prototype systems - 
partly-built versions that staff 
can experiment on - helping to 
shape them. This approach works 
better than basing systems on 
early, detailed specifications 
because nan-technical staff are 
often not good at vis ualising what 
the promised system will look 
like. Then, when it arrives, they 
find it Is not what they wanted. 

Getting users to participate in 
systems design takes longer but is 
more likely to yield benefits in 
the long term. But “even when 
planning and design have been 
good, poor implementation can 
still make a system fail", warns 
Wainwright “Implementation 
budgets and timescales are 
usually the first to be cat 
Operational and systems 
managers often give in to 
political pressure to bring 
forward implementation because 
they feel that by then the real 
woik has been done,” she says. 

“This reflects the common view 
that with IT change projects, yon 
plug in the system and the 
benefits flow - whereas wider 
changes are usually involved.* 1 

The study advises companies 
introducing IT to keep their staff 
involved and to communicate 
with them at all stages. Training 
afterwards is also important 

According to the report users 
like to discuss projects with their 
managers and any staff who have 
experienced similar change. 

Wainwright believes that a 
participative approach reduces 
the risk of start-up problems and 
of project failure because human 
and organisational factors are the 
greatest source of risk. 
Participative approaches to 
systems change are most 
commonly found in factory 
automation projects, according to 
the study, where IT makes a 
small but important contribution. 

*Why “Good” Systems Fail, 
available firm Pagoda. Tel 071 497 
2280 later this month. 


The oil industry could be revolutionised by a software 
standards project in Houston, writes Robert Corzine 

A new field 
of exploration 













the exploration and production 
industry has long been recognised, 
according to Pose supporters. But 
attempts by companies, even the 
largest ones such as Exxon, to inte- 
grate the various technical func- 
tions failed because of the high 
costs involved. 

The scale of the problem has been 
exacerbated in recent years as 
exploration and production compa- 
nies experienced an explosion of 
data from new seismic and other 
scientific techniques which have 
been developed. 

The current structure of most oQ 
companies has also proved to be a 
problem. At present, most are 
divided into functional depart- 
ments, such as geology, petrophys- 
ics and reservoir engineering, a 
structure which industry executives 
say tends to reinforce existing cul- 
tural differences between the 
groups. Traditionally, these depart- 


ments have operated in relative iso- 
lation, and over the years they have 
tended to acquire unique solutions 
to their technical problems, both in 
terms of computer hardware and 
software. 

The result, according to Pose 
executives, is that information held 

'One man and his 
dog could develop an 
oil field. And you 
might not even need 
the dog 1 

by one department is often inacces- 
sible by, or unknown to, another. In 
addition, the inability of the depart- 
ments to share information without 
reformatting it to different stan- 
dards has reinforced a linear corpo- 
rate structure. And that has made it 




difficult to put in place the inter-dis- 
ciplinary t eams that many industry 
executives believe are the most 
effective way to organise the indus- 
try. 

Gehagen notes that the poor stan- 
dard of data management within 
the industry can have expensive 
consequences. One company 
recently mobilised its resources for 
an urgent seismic survey in a por- 
tion of the Gulf of Mexico in 
advance of a US government auc- 
tion of oil leases- At the last minute 
one member of staff remembered 
that some years before the company 
had not only conducted a seismic 
survey of the area, but had also 
drilled some inconclusive wells 
before handing it back to the gov- 
ernment 

“Eighty per cent of data held by 
oil companies is historical and 
static." according to Gehagen. Only 
20 per cent is generally in current 


use with an even, smaller amount 
considered as secret, commercially 
strategic information. 

Even so. many companies jeal- 
ously guard it, although a large 
number “don't know what they 
have or can’t find it” when they 
need it All too often the result is 
that geologists and other profession- 
als can spend up to 60-70 per cent of 
their time searching for information 
rather than using their skills lo 
analyse it. 

One of Pose’s main aims is to 
create standards that make consist- 
ent the way in which the industry 
stores information so that it can 
can be used more effectively. 

Handing over the management of 
such technical data to an outside 
company which could put It in a 
Posocompatjble format would save 
milli ons of dollars a year for most 
oil companies, says Gehagen. 

The development of such large- 
scale databases open to the Industry 
would also free the various experts 
within the oil companies to spend 
the bulk of their time doing their 
job rather than tracking down data. 

The opportunity to transfer data 
easily between disciplines could 
also result in large cost savings. A 
recent pilot project in the US esti- 
mated that the time taken to drill a 
new well in an existing oil field 
could be halved if all disciplines 
were working to a common data 
model. 

“Exploration and production com- 
panies continuously adopt new com- 
puting technology " says Bill Barte, 
Pose's president. “If they proceed 
without the benefit of standards, 
they risk incurring unnecessary 
costs and experiencing critical 
delays in implementation." 

It is that element of Pose technol- 
ogy that could propel oil companies 
into a radically different future. 
Most have launched extensive 
restructuring programmes to save 
costs in an era of relatively low oil 
prices. But they "have slashed and 
burned without fundamental 
changes in their business struc- 
tures,” says Gehagen. 

He believes that adoption of Pose 
standards would enable executives 
to make the best use of the team 
structure now being promoted by 
many companies. “People around 
the world could be much more pro- 
ductive if they were working with 
the same underlying system." 

The adoption of Pose would also 
have a big impact mi information 
technology companies, which 
advise companies on how to imple- 
ment such far-reaching changes, 
and on the software houses that 
supply the industry. 

The first software products 
designed to the new standards will 
begin appearing next year, although 
industry experts expect It could 
take three to five years to fully 
change over. 








FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


17 


ARTS 


» A firm commitment to abstraction 

William Packer admires the work of Barbara Hepworth at the Liverpool Tate Gallery 


T here was a time when the 
names of Barbara Hep- 
wortn and Henry Moore 
were run automatically 
.together, as the joint-pio- 
ncers ana life-long protagonists in the 
modern phase of British sculpture 

The claim was never entirely true, the 

creature more oF the art and critical 
politics of the 1930s. with Herbert 
Read and Adrian stokes the great 
revisionists, than the more complex 
reaves ^ 1920s. But it served 
well enough in Its time, and It espe- 
cially suited Henry Moore's own 
driven and temperamental need to be 
recognised as pre-eminent in the field. 

I once had the evidence direct from 
the great man himself, having gone to 

see him late in 1876 to talk about 
sculpture in Britain in the 1930s and 
’40s. The conversation turned inevita- 
bly to Barbara Hepworth and the 
nature of whatever contribution she 
had made. “Air Barbara", he said. 
“You know, I taught her everything 
she knew." 

Whether or not he really did believe 
so, we can never know. I rather thfriir 


he did, though as to why we can only 
speculate. There he was, enjoying in 
his late 70s the final spec tacular con- 
firmation and celebration of his life’s 
achievement and there was she, dead 
only the year before, and her reputa- 
tion Qualified by the unrortain work 
of her last years, when her health was 
falling and spirits low. And th fc was 
the pretty slip of a girl, some five 
years his junior, whom he found a 
year ahead of him at Leeds College of 
Art when he came back from the war, 
and who went on before him to the 
Sculpture School of the Royal College 
and won the travelling to 

Italy before he did. 

But whatever his reasonings or feel- 
ings might have been, it mna* cer- 
tainly was not true. What is true is 
that for a few crucial years around 
1930. a time critical for each of them 
as they sought to establish them- 
selves in their careers, the ambiguous 
and perhaps competitive relationship 
they had enjoyed as students was 
transformed Into one of close and 
mutual professional stimulation and 
support Thera they were in neigh- 


bouring studios in Belsize Park. The 
Moores were newly-married, and she 
then was with John Skeaping, 
another sculptor whom she had mar- 
ried in Italy; but they sep a rat e d in 
1931, after which her second husband, 
the painter Ben Nicholson, moved in. 

And again with Nicholson, the easy 
assumption is that it was he too. in 
that creative manage A trois, who led 
her to her own commitment to 
abstraction. But Nicholson, some dec- 
orative abstract exercises in 1924 
apart, would not turn to formal 
abstraction as such until 1933. As for 
Moore, he was making some severely 
abstracted and surreal carvings by 
1931, but they retained nevertheless a 
figurative connotation, and it was not 
until 1933 and even later that he made 
any sustained commitment to purely 
formal abstraction. Even than, as he 
openly declared, the complete aban- 
donment of an organic or figurative 
reference was not for him. 

With Barbara Hepworth, the transi- 
tion from figuration into abstraction 
was more or less in step with Moore's, 
neither leading nor following. Both, in 


the 1920s, had drawn upon primitive 
and ancient examples, he from Mexi- 
can, she from Egyptian carving espe- 
cially, and both were now looking 
closely at contemporary surrealism 
and constructivism, and of course at 
each other. But with Barbara the com- 
mitment to abstraction, when it came, 
was characterised by none of the oth- 
er's equivocation and self-doubt. And 
though she would return from time to 
time to a figurative reference, that 
essential commitment to a pore and 
formal abstraction would sustain her 
all her Ufe. 

Ironically, it was her first husband, 
Skeaping, who In his own work with- 
drew from the avant-gardism of the 
1920s Into a safer academicism, who 
had had the most direct influence 
upon her, from their years together at 
the British School at Rome. That 
influence was technical, for he was a 
consummately skilful carver. It is 
upon her own extraordinary refine- 
ment and originality as a carver that 
her reputation finally rests. 

This exhibition has been beautifully 
chosen and installed, rightly laying 



the emphasis upon her work on that 
human and domestic scale, at which 
the artist's hand is most directly 
engaged with image and material 
together. She was capable oF working 
successfully at a monumental scale - 
her “Family of Man” is currently 
splendidly set out on the hillside at 
the Yorkshire Sculpture Park - but in 
this, in her later years especially, and 
in her modelling rather than her carv- 
ing, she often seemed to lose her way. 

Now the record is put straight and 
it is as a carver of unique sensibility 
and true originality, breaking open 
the form and reaching into the spaces 
within, that we properly celebrate 
her. Most of all we celebrate the radi- 
cal achievement of that first transi- 
tion to abstraction, that Is set out so 
clearly in the first few rooms of this 
Important exhibition. 

Barbara Hepworth - A Retrospective: 
Tate Gallery Liverpool, Albert Dock, 
Liverpool, until December 4, then on 
to Yale and Toronto: sponsored by 
Manchester Airport and supported by 
the Henry Moore Foundation. 



rszjr 

’Two Figures’, 1943 by Barbara Hepworth 


The Royal Philharmonic woos a 
youthful audience to the Albert Hall 


Scene from Bill Bryden's production in the Bar-land & Wolff Shed in Glasgow 

Theatre/Alastair Macaulay 


Nobby Clark 


‘The Big Picnic’ in a battlefield 


B ill Brydeu’s latest epic extrava- 
ganza, The Big Picnic, con- 
cerns a bunch of Scotsmen 
fighting in the First World 
War. It has several visual wow effects, 
or which the main one is that the audi- 
ence moves (part of it is moved on a 
vast galley lined with seats) from the 
"Glasgow" end of the huge Harland & 
Wolff Engine Shed <in Govan, Glasgow), 
to the “trench” area in the middle (real 
trenches dug amid six or more feet of 
surrounding earth and mud), and so 
into the final waste land of the battle- 
field itself, pitted and baked. And it is 
accompanied by music of several kinds. 

There are no great surprises for those 
of us who have heard even a little about 
the Great War. We are taken through 
the horror of innocent young men being 
killed or transformed by warfare; and 
we see famous events such as Germans 
and British exchanging cigarettes and 
playing football on Christmas Day. Also 
(see below) the Angel of Mons. Some oT 
these incidents are presented sharply 
enough to prompt me and other audi- 
ence members to laughter or tears. 


But elsewhere to yawns. For The Big 
Picnic keeps us in the Shed for almost 
four hours. And it is woefully under- 
scripted. (Bryden himself is author and 
director.) It is astounding how often 
ordinary sentences or phrases are 
reprated to no good purpose. “That was 
the devil’s work,” says Hughie FrizeH 
ponderously, “the devil’s work, ’cos it 
was murder, murder." “You always 
know," says Nome Beaton lugubri- 
ously, “you always know." Pause. “You 
always know." Thin. thin. 'TCiin. Also 
slow, slow. Slow. And heavily ampli- 
fied, so that voices usually emanate 
from nowhere near the actors and a 
heavy echo follows every utterance. 

The next problem is John Tams’s 
music. I do not care to hear scenes of 
death and battle In the Great War 
accompanied by sub-Elton-John songs, 
and I think blasts of electric guitar and 
drumming are a cheap way to suggest 
gunfire. There is some visual excite- 
ment in the way this muzak is played, 
high above the action, b; a group of 
musicians and singers on a galley 
wbibh also moves from rad to end of 


the action. Hie vocalists sing mainly 
slow folksy numbers in folksy style (Le. 
Oat), but the worst element is the per- 
cussion, which adds an appalling 
monotony to everything It joins. 

Much better are the songs, dances 
and music played and performed by the 
performers. In general, the perfor- 
mances are fine, and would be much 
better if encouraged to move at twice 
the speed. Jimmy Logan is Colours, 
who turns this bunch of volunteers into 
soldiers; Iain MacColl is the dour Gus 
Adams, who becomes the toughest 
fighter of them all; Stuart Bowman 
plays the half-reluctant young warrior 
Russell Enoch; Derek Riddell is the 
more mercurial Nome Bea t o n . Morag 
Hood and Juliet Cadzow lead the female 
contingent in a variety of roles. 

Oh, yes, the Angel of Mods. After 
Angels in America I have grown so used 
to seeing angels that I feel like Joan of 
Arc. This one, however, Is the worst to 
date. With deep red hair, she hangs, 
usually upside down, from the musi- 
cians’ gallery - a cumbersome sensa- 
tional effect trundled out for the same 


symbolic effect time and time again. 
Her most spectacular effect is to pick 
up a corpse and to bear him in her 
arms, as she hangs in the air, until she 
passes oat of sight. You just watch and 
pray she never drops the poor blighter. 

Siow me a group of bright young 
Scotsmen going to their deaths, show 
me them sharing cigarettes with the 
enemy on Christmas Day, and I blink 
back tears as Cast as the next person. 
Travel me from the Glasgow Docks to 
the uneven terrain of the battlefields 
and trenches and I too am astounded. 
(William Dudley’s design is altogether 
the evening’s highlight.) But there is an 
awkward mix of sentimentality and 
sensationalism about all this. We watch 
these young Scotsmen face the prospect 
of their possible deaths - and then, 
ghoulishly, we zoom along to see, from 
ringside seats, whether they indeed live 
or die. Meanwhile drums and cymbals 
thwack out a 4/4 beat to the air above 
OUr h eada. 

At the Harland & Wolff Engine Shed, 
Govan, Glasgow, until October 30. 


T he Royal Philhar- 
monic Orchestra has 
formed a partnership 
with tiie Royal Albert 
Hall which makes the RPO the 
“house" orchestra of the ban, 
performing there ten times in 
the 1995-96 season with the 
expectation of 40 appearances 
during 1997-98. 

Next season's concerts are 
certain to go ahead but the 
greater commitment, with the 
RPO playing roughly once a 
week between October and 
May, depends upon raising 
£600,000, which wfll mainly be 
spent on marketing the link 
and building up an audience. 

The RPO hopes that the Arts 
Council and Westminster City 
Council will contribute 
towards the investment 
needed. The plan is that the 
seats in the Arena, where the 


Promenaders stand during the 
BBC’s summer Proms, will be 
priced at just £4 to attract a 
similarly youthful audience. If 
public money is not forthcom- 
ing tbe RPO and the RAH will 
look for a corporate sponsor. 

A “home" at the Royal 
Albert Hall will mark a 
remarkable resurgence for tbe 
RPO, which was threatened 
with tbe loss of all its subsidy 
a year ago when the Arts 
Connell, unsuccessfully, 
attempted to stop funding two 
leading orchestras. In the 
event the RPO received a 
grant of only £300,000 from 
the Council for 1994-95. less 
than 5 per cent of its turnover. 

The RPO has since signed a 
sponsorship deal with Classic 
fm; embarked on a major 
recording contract with Tring 
Records; and forged a resi- 


dency in Nottingham. The 
RPO would bring classical 
music to tbe RAH on a regular 
basis outside the summer 
Prom season, nicely fulfilling 
the ambition of Patrick Dcu- 
char, chief executive of the 
Hall, to present a more struc- 
tured programme. 

The orchestra would provide 
a range of music but concen- 
trate on choral and the great 
romantic classics, which suit 
the size of a hall with 5,000 
seats, of which 3J>00 are avail- 
able to the public. 

The RPO link with the RAH 
fits neatly into Arts Council 
policy of marrying orchestras 
to halls. The LSO resides at 
the Barbican and the LPO and 
the Philharmonla are house 
orchestras at the South Bank. 

Antony Thomcroft 


Music in London/David Murray 

A cappella prowess and 
uninspired Mahler 


S t John’s, Smith Square 
was unusually well 
filled on Friday for 
music of the past half 
century; for the BBC Singers 
were celebrating their 70th 
anniversary. Not to be con- 
fused with the much larger 
BBC Symphony Chorus, who 
are stalwart amateurs, the 24 
Singers are professionals of 
great technical prowess. This 
virtuoso anniversary pro- 
gramme, all a cappeUo, showed 
them off brilliantly. 

It included not only two trea- 
sures of the repertoire which 
they themselves premiered, 
Britten's Hymn to SL Cecilia 
and Poulenc’s war-time Figure 
humame. but a new commis- 
sion from Iannis Xenakis. Sea 
Nymphs is a fractured setting 
of Ariel’s “Full fathom five": 
these are plainly Cubist 
nymphs, voices arranged in 
spiky tone-clusters, extraordi- 
narily difficult to pitch. (Each 
singer consulted Ms or ber 
own tuning fork assiduously.) 
As a collective feat, it was fas- 
cinating; at later performances 
it may even begin to sound tike 
fun. 


Britten’s twinkling Hymn 
could not have been feater nor 
more charming. The splendid 
eight-section Figure humane, a 
wartime plea for the Libera- 
tion, needed only more fluent 
French in the quickest pas- 
sages. Messiaen’s Cinq 
Rechanls. an old BBC Singers 
favourite, was all colour and 
sexy vitality, and in Ligeti's 
Three Fantasies the solo 
entries were as poised and tell- 
ing as the rich, aqueous choral 
textures (tone-closters again, 
but succulent ones). The con- 
ductor was Simon Joly, who 
seems able to inspire the Sing- 
ers to practically anything. 

I t would be hard to claim 
that Giuseppe Sinopoli 
has inspired the Philhar- 
monia much in the sev- 
eral years he has spent with 
them. The trouble has not been 
with the orchestra. Even now 
Sinopoli's left hand has 
scarcely any functional inde- 
pendence from his right, which 
is not very expressive either; to 
weed out clotted textures, he 
needs recording engineers. 
Sunday’s Royal Festival Hall 


| International j 

AE 

ITS 

GU 

ID 

a 


AMSTERDAM 

zioktheator Tonight, tomorrow 
seated Fri and Sat in The Hague), 
ich National Baltet in 
treographios by Balanchine. 

nandez and Van Danfrig. 

irs. Sun afternoon: Hartmut 
anchen conducts David 
jntney’s production of Laoy 
cbeth of Mtsonsk, with 
i- Maria Bundschuh and Willard 
Jte. Fri. Sat, next Tues: 
teriands Dans Theater in 
ireogngjhtos by N ah arm and 
lan (020-625 5*55) 
ncertgebouw Thurs: Valery 
rgtav conducts Kirov Opera 
toosira and Chorus tn works by 

iko, Prokofiev and Shostakovich, 

ft baritone soloist Sergo* 
xasikin. Sat afternoon: Kees 
wrfs conducts Radio Symphony 
ihestra and Chorus m Ives i ana 
gomans. Sun morning: Jean 
irr»t conducts Radio 
[harmonic in P«*me. PUper iMld 
jsscl. with piano soloist ivo 
BSOn. Sun ovenlng: Pa fl P£ ”?" 
i Group, with Chorus o| AgdW 
3t Martin in the Fields. «n Pena s 


Misa Flamenca Next Tues: Jessye 
Norman (24-hour information service 
020-675 4411 ticket reservations 
020-671 8345) 

■ BASLE 

Stadteasino Tomorrow, Thurs: 
Waiter Wetter conducts Basle 
Symphony Orchestra in works by 
Strauss and Bruckner, with soprano 
Gabriele Lechner (061-272 1176) 

m BRUSSELS 

Palais des Beaux Arts Yuri 
Simonov conducts tonight’s concert 
by the Befgpan National Orchestra, 
featuring works by Glinka, Prokofiev. 
Haydn and Mozart, 
with violin sokNSt Dmitri Sftkflvtrisky. 
Gerd Albrecht 

conducts the Czech Philharmonic 

and Chorus In a DvoWk programme 
on Thurs. Brussels Choral Society 
takes part in a Russian symphonic 
programme on Fri. Jessye Norman 
gives a song recital on Sat 

(02-507 8200) 

Mormaie The next production Is 
Achim Prayer’s new sfcgng of 
Tristan und Isolde, opening on Oct 1 
with a cast headed by Anne Evans 
and Ronald Hamilton (02-218 1211) 
Theatre National The season opens 
on Sep 27 with the Belgian premiere 
of the first part of 

Angels in America (02-217 03(H) ^ 

■ CHICAGO 

lS O pera The first production 
ofUte seas" * Boris Godunov, 
staged by Stein Wtoge and 
^SSriedbyBruno.Bartol^. 
with Samuel Ramey w the title 


role (next performances tonight 
and Fri). Vladimir Matortn takes over 
the title role for some performances 
early next month (312-332 2244} 
Chicago Symphony Daniel 
Barenboim conducts a choral 
programme tonight rad next Tues, 
including Bruckner’s setting of 
Psalm 150 and the Beethoven 
Choral Fantasy. Itzhak Perlman is 
soloist in Stravinsky’s Viofin 
Concerto on Thurs, Fri and Sat 
(312-435 6666) 

THEATRE 

• Laughter on the 23rd Floor: Nett 
Sknon's newest comedy, about the 
golden days of live TV comedy, 
opens tomorrow at Bria- Street 
Theater (312-348 4000) 

• Later Life: A.R. Gurney's lovely, 
ruminative play about finefing 
romance after the age of 40 opens 
tomorrow at NorthTrght Theater 
(312-327 5588) 

• A Clockwork Orange: 
Steppenwolf Theater gives the 
American premiere of toe stags 
version of Anthony Burgess’ classic 
novel. Now in previews, opens Sep 
27 (312-335 1650) 

• Angels In America: Tray 
Kushner’s two-part epic has opened 
for an extended run at the Royal 
George Theater, directed by Michael 
Mayer and featuring Jonathan 
Hadary as Roy Cohn (312-988 9000) 

■ GENEVA 

Grand Theatre The opening 
production of the season is 
kfomeneo, conducted by Arnito 
Jordan and staged by Christopher 
AJden, with a cast headed by Johan 
Botha, Paul Groves and SoNejg 
Kringelbom. Final performances 
tonight, Fri, next Mon and Wed 


(022-311 2311) 

Victoria Hall The Suisse Romrade 
Orchestra opens its new season of 
conceits next Tues with a 
programme featuring Anne Sofie von 
Otter and Gdsta Wtobergh as 
soloists in Mahler's Das Lied von 
der Erde - repeated on Sep 29 to 
Lausanne and Sep 30 in Geneva 
(022-311 2511) 

Th&tona de Carouge St 
Petersburg's Tovstonogov Theatre 
presents a two- week run of 
Ostrovsky’s Diary of a Scoundrel, 
opening on Oct 1 (022-343 4343} 

■ UTRECHT 

Vredenburg Tonight Vassfli Sinaiski 
conducts Netherlands Philharmonic 
Orchestra to Rakhmaninov’s Third 
Plano Concerto (Shura Cherkassky) 
and Prokofiev’s Fifth Symphony. 
Tomorrow: Paco Pena and Group, 
with Chorus of Academy of St 
Martin to toe Fields, to Pena’s Misa 
Flamenca. Sat Jean Foionet 
conducts Radio Philharmonic 
Orchestra and Chorus in Massenet, 
Pijper, Debussy and Roussel. Sun; 
Ed Spanjaand conducts Radio 
Chamber Orchestra in Ravel, 
Bosnians and Frank Martin 
(030-314544) 

■ VIENNA 

• Semyon Bychkov conducts the 
Orchestra de Paris at toe 
MusiJweneto on Sat and Sun. 

The programme on both nights 
consists of works by Berlioz and 
Dutilleux. The next concerts are on 
Oct 2 and 3, when Jitfcka-Pekka 
Saraste conducts toe Finnish Radio 
Symphony Orchestra. The Vienna 
Symphony Orchestra's season 


begins on Oct 5 (505 8190) 

• A new State Opera Ballet based 
on Lenar’s Die lustJge Wrtwe, with 
choreography by Ronald Hynd, can 
be seen at the Volksoper, where the 
repertory also indudes 
German-language performances of 
Nabucco and Gianni SchicchL The 
State Opera Is dosed for technical 
alterations till Dec 14 (51444 2959/ 
51444 2969/513 1513) 

• Repertory at the Akademieth eater 
indudes Wolfgang Engel’s new 
production of Shakespeare's 

Titus Andronlcus. The Burgtoeater 
has Chekhov's Three Sisters rad 
plays by Franz MoJnar, Thomas 
Bernhard and Peter Handke 091444 
2218) 

■ WASHINGTON 

MUSIC 

• Neil Sedaka joins the National 
Symphony Orchestra Pops on Fri 
and Sat at Kennedy Center Concert 
Hail. Valery Gergiev conducts the 
Kirov Opera Orchestra in a Russian 
programme on Sun afternoon, with 
piano soloist Alexander Toradze 
(202-467 4600) 

• -David Ztnman conducts the 
Baltimore Symphony Orchestra on 
Thurs and Fri at Baltimore's Joseph 
Meyerhoff Symphony HaU. The 
programme consists of Brahms' 
Second Plano Concerto (Nelson 
Freire) and Ives’ Holidays Symphony 
(410-783 8000) 

THEATRE 

• Flyin' West this play about 
courage and frontier justice 

in late 19th-century America, 
produced by New Jersey's 
acclaimed Crossroads Theatre, runs 
till Oct 9 at the Elsenhower Theater 
(202-467 4600) 


A Perfect Ganesh: Terrence 
McNally's play, about two New 
England matrons on a personal 
quest as they Journey through India, 
runs tin Oct 30 at toe Kreeger 
(202-486 3300) 

• The Rise and Fall of Little Voice: 
Jim Cartwright’s play, about a young 
girl with the ability 

to mimic pop female vocalists, runs 
till Oct 9 at Studio Theater (202-332 
3300) 

• Into the Woods: Signature 
Theater’s highly successful run of 
Stephen Sondheim's musical has 
been extended till mid-Oct (703-820 
9771) 

■ ZURICH 

Opemhaus Tonight, Thurs, Sat: 

Adam Fischer conducts Cesare 
Levi's new production of 
La Cenerentola. with cast 
headed by Cecilia Bartoli. 

Tomorrow: Tosca with Mara 
2am pie ri, Neil Shicoff and Giorgio 
Zancanaro- Fri, Sun afternoon: 
choreographies by Bemd Bienert, 
music by Mozart. Sun evening: Die 
Zauberfldte (01-262 0909) 

TonhaUe Tomorrow: Paul Taylor 
conducts Tonhalle Orchestra to 
works by Copland and Bernstein, 
with vocal soloists. 

Thurs: Brodsky Quartet plays works 
by Bart6k, Stravinsky, Peter 
Scultborpe and others. Fri: Edmond 
de Stoutz conducts Zurich Chamber 
Orchestra in Handel, Mendelssohn 
and Mozart, with violin soloist 
Liana Issakadse. Next Tues: 
first of eight concerts featuring 
James Galway as flute soloist 
(01-261 1600) 


concert was fairly typical. 
Edita Gruberova was originally 
billed to deliver several 
Strauss songs before the main 
work, Mahler’s Fourth Sym- 
phony; but her place was taken 
by Angela Maria Blast, who 
brought just three songs (styl- 
ishly turned, though “Morgen" 
was over-slow and “Zueig- 
nung” over-quick). Thus we 
got Don Juan as a Sinopoli 
extra: loud and puppy-eager, 
much of it an undifferentiated 
welter of sound through which 
only the leading voices pene- 
trated. For brief moments one 
heard the Philharmonia's 
admirable first-desks doing 
their best 

The Mahler Fourth was 
friendly, well-meant, by turns 
under-pointed and too heavily 
emphasis-ridden. The slow 
movement was at least heart- 
felt, though the sudden radiant 
outburst near the end sounded 
ordinary. It took Miss Blasi to 
bring the performance to real, 
musical life with the child’s-vi- 
sion Finale, in which her 
knowing tact and her pleasing 
mezzo- ish timbre were lovely 
to hear. 


ARTS GUIDE 

Monday: Berlin. New York and 
Paris. 

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

Thursday: Italy, Spain, Athens. 
London, Prague. 

Friday: Exhibitions Glide. 

European Cable and 
Satellite Business TV 

(Central European Tune) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 


MONDAY 

NBC/Super Channel: 
Reports 1230. 


FT 


TUESDAY 

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


WEDNESDAY 
NBC/Super Channel: 
Repots 1230 


FT 


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; 


X 





X 



1 


18 


★ 


FINANCIAL TIMES 


TUESDAY SEPTEMBER 20 19W 


he crane, emblem of 

I Germany’s flag-carry- 

I ing Lufth ansa air line . 

JHu was passed over by 
die nature protection league as 
“Bird of the Year, 1994". 
Instead, it chose the threatened 
'.vhite stork, harbinger of luck. 

health and prosperity. 

Investment analysts, on the 
•:ther hand, are virtually unan- 
imous this year in hailing Luft- 
hansa as a success story. They 
p.'iy tribute to its rapid restora- 
tion to viability in the three 
years since Ur Jttrgen Weber 
■l US installed as chair man. 

Today the airline will set the 
seal on this change in its for- 
tunes when subscriptions open 
Mr a rights issue and govern- 
ment share sale to raise an 
urgently- needed DMl-7bn to 
restore the group's eroded capi- 
tal base. 

Lufthansa’s return bo favour 
i.« a recent phenomonenon. 
Scepticism still abounded as 
recently as 12 months ago. 
oven though the government 
hud just negotiated renewal of 
the restrictive post-war US- 
:>rman air traffic agreement. 

This opened up swathes of 
previously inaccessible air 
space to be exploited by a new 
;.v-ope native venture between 
Lufthansa and United Airlines. 
But with no sign of any sub- 
stantial easing in competition 
or. transatlantic routes, and 
the lack of binding ties such as 
cross-shareholdings between 
-.he two lines, the deals were 
c-lcoraed only coolly. 

The mood changed in May 
when the last hurdle to privati- 
sation was dismantled by an 
.agreement disentangling Luft- 
hansa’s pensions from the civil 
s-z-rvice scheme. 

The deal, in which the 
DM4bn cost of bolstering the 
airline's pension fund was split 
between government and air- 
line. opened the way for the 
current rights issue. The issue 
was launched in Frankfurt last 
week at a ceremonial preview, 
to the accompaniment of man- 
agement forecasts that annual 
profits would improve by up to 
OMTOOm within three years. 

By virtue of Bonn’s decision 
uot to exercise its rights and to 
sell some of its stock, the issue 
will dilute its majority stake to 
around 35 per cent More dis- 
posals will follow, although 
Form has yet to make clear 
how far it is prepared reduce 
its stake. 

In fact Lufthansa has been 
run as a de facto private enter- 
prise since Mr Weber took over 
os chairman in September 1991. 
In that time be has done much 
tu cut costs and inject flexibil- 
ity into the airline. 

Like other top German com- 



Ready for take-off 


panics, Lufthansa entered the 
1990s Laden down with an over- 
sized fleet and workforce, and 
hobbled by a grid-locked 
bureaucracy which stretched 
from the boardroom to the 
check-ln desk. 

Misplaced optimism over the 
prospects offered by the pur- 
ported completion of the stogie 
European market on January 1 
1992. had tempted the board 
into an unprecedented spend- 
ing spree. 

In the three years to the end 
of 1991, it added 120 aircraft to 
its fleet, spending some OMSbn 
on the way, and building net 
debt up to DMgbn. As was to 
emerge shortly after Mr Weber 
took aver in September of that 
year, the airline had made its 
first net loss - or DM426m - in 
20 years. As Mr Weber was to 
admit for the first time pub- 
licly last week, Lufthansa's 
existence was threatened. 

As a first step, he announced 
a 10 per cent cut in the work- 
force for 1992 and 1993. Since 
the programme started biting 
in mid-1992, the payroll has 
been slimmed by 17 per cent, 
unit costs have been cut 25 per 
cent, and productivity has 
soared 31 per cent. 

Even though average Luft- 
hansa salaries were Last year 
still more than 20 per cent 
higher than those at arch-rival, 
British Airways, analysts have 
been impressed by the scale 
and speed of the turn-round, 
and compare recent develop- 
ments with the 37 per cent rise 
in payroll costs between 1989 
and 1992 when productivity 
increased by a mere 7 per cent 

Reviewing the new manage- 
ment’s performance so far, 
observers have concluded that 
restructuring and the concur- 
rent building up of Lufthansa's 
Inherent strengths in freight 
and far-east traffic leave it 


Christopher 
Parkes on the 
share issue by 
Germany’s 
Lufthansa 

well-placed to benefit from the 
revival in the industry’s for- 
tunes. 

The group's cargo business, 
reinforced by a 25 per cent 
stake in DHL, for example, has 
been an early beneficiary of 
the international economic 
recovery. Cargo haulage is esti- 
mated to have risen around 20 
per cent so far this year, when 
measured in cargo tonne kilo- 
metres (CTKs), and yields have 
risen an estimated 4 per cent 
Lufthansa's newly intro- 
duced twice-weekly service to 
shanghai, supplementing Us 
Beijing flights, and its stake to 
the Beijing-based aircraft 
maintenance joint venture, 
Amerco, give it a strong posi- 
tion in one of the fastest grow- 
ing markets in the world. 

Even the north Atlantic 
routes, where the group’s busi- 
ness has shrunk from 22 per 
cent of total revenue from 
route operations in 1989 to 15 
per cent in 1993, were already 
showing improvement last 
year when the passenger load 
factor rose from 72 per cent to 
more than 76 per cent 
In its home base, Europe, 
which still accounts for 50 per 
cent of operational turnover 
(19 per cent to Germany) low 
cost-base operations such as 
Lufthansa Express and the 
regional Cityline are winning 
it market share. Passenger 
load factor was 58 per cent last 
year, compared with around 51 
per cent in 1992. 

At the same time, the eco- 


nomic recovery is helping bol- 
ster bookings of premium- 
priced seats. Although no 
regional breakdown is avail- 
able, Lufthansa’s first- and 
business-class bookings in the 
six months to June rose to 4&2 
per cent of the total compared 
with 38.7 per cent to 1993. 

While passengers may be 
prepared to spend more on 
their comfort in transit, the 
story within Lufthansa has 
been one of continued econo- 
mies. But the greatest luxury 
to be sacrificed was the Illu- 
sion that the group could sit 
tight in its high-cost German 
base and do everything as in 
the past - by itself. 

Deal after deal has been 
struck to widen and deepen 
Lufthansa’s reach to tfw inter- 
national market. Holdings 
have been built in Austria's 
t .ntirifl Air anti Luxembourg’s 
Luxair. Co-operative Knits were 
forged with Varig of Brazfl. 

A 25 per cent holding in Sky 
Chef of the US fattened the 
catering division. Collabora- 
tion in a freight hub at Sharjah 
in the Gulf has been followed 
by negotiations for a similar 
distribution base in In doTiwaa, 
further to extend the group’s 
reach in the fast growing far 
eastern market Now. together 
with information and sys tems, 
Lufthansa’s maintenance and 
cargo operations are to be spun 
off as free-standing businesses. 

Functioning as profit centres 
in their own right, along with 
the Candor tourism line and 
catering, they will provide ser- 
vices at market-competitive 
prices both to the parent and 
outside customers. In a global 
air traffic market forecast to 
grow by an average 4-5 per 
cent a year for the foreseeable 
fixture, Lufthansa has a rhamy 
to test its entrepreneurial 
wings. 



WE'VE BEEN WAITIN6 FOR THE BREEN LlfiHT... 

FOR OVER 23 YEARS 

Ow £ I million people living In the Republic of China on Taiwan have not been represented in (tie United Natfons 
since 1971. 

We are the 1 4th largest trading nation in the world, and we've accumulated one oF the world's largest reserves 
of foreign exchange. To share our hard earned prosperity with others, we've set up an International Economic Cooperation 
Development Fund and an International Relief Fund. 

We really do want to meet our obligations to the International community by helping nations in need. The problem 
Is that our democratically elected representatives are not allowed into numerous International organizations. The 
Chinese communists claim they represent us and block our participation in the United Nations and other Important 
International bodies. 

The Fact Is. China has been divided Into two separate political entitles tor more than four decades, like Korea, 
both sides deserve recognition. 

We call on the world community to give us a green light and allow us to meet our International obligations. 
We've been ready and willing for a long time now. 


TODAY'S TAIWAN 

m? 

REPUBLIC OF CHINA 


Joe Rogaiy 

Political chaos theory 


§ Chaos theory is 
fundamental to 

an n^. 

ing of science, 

among econo- 

investment 
managers, but 
to learned students of politics 
like you and me it is old hat 
We have always understood 
that a surprise may hit ns in 
the face at any moment, that 
nobody knows what is going to 
happen, and that each event 
bounces off the other with a 
cumulative effect that on one 
equation is constructive, on 
another destructive. So be 
warned. We cannot be certain 
of the outcome of tomorrow’s 
election in Denmark - 
although, if we are British, we 
may be envious of the choice of 
parties. 

Those of us who have mas- 
tered the Oner intricacies of 
chaos theory know that when 
applied, to politics, positive 
feedback does not always 
occur. Perhaps the most unex- 
pected Danish politician of the 
post-1945 era was Mr Mogens 
Glistrup, who established his 
Progress Party in 1972 on the 
principle of cutting income tax. 
It briefly became the second 
largest party in the Folketing. 
their parliament. Unfortu- 
nately, it appeared that Mr 
Glistrup did not rely on the 
democratic process to reduce 
his bill. In 1983 he was sent to 
jail for three years for tax 
fraud. This was more than the 
beating of a butterfly’s wing in 
Tokyo. It was world fame. A 
fat lot of good it did. Today 
Danes pay the highest share of 
national fafftnw in taxation of 
any country in the Organisa- 
tion for Economic Co-operation 
and Development 
Chaos moves in mysterious 
ways. For example, Italy may 
have been hit by negative feed- 
back. In April 1993, on a high 
turnout, four-fifths of the elec- 
torate signified approval of a 


change to the law on voting. 
The old, corrupt, party list sys- 
tem was cast aside. In future 
three-quarters of senators and 
deputies would be chosen by 
flrst-past-the-post and the rest 
elected on new, simon-pure 
party lists. Excitement ran 
high. Strong government 
would surely follow reform. A 
year later the first ballot held 
under the new rules produced 
a shaky coalition. Mr Silvio 
Berlusconi's hastily-established 
party, Forza Italia, promised 
change, but it has not yet 
delivered much. Italy’s propo- 
nents of TiaHnnai renewal are 
understandably disappointed. 
Mr Berlusconi may be an 
admirer of 
Lady Thatcher, 
buthe does not 
command the 
overwhelming, 
and stable, 
majority in 
Italy’s parlia- 
ment that the 
former prime 
minister 
enjoyed in 

B ritain. 

Many other 
examples lie in 
the database, including the 
intervention of Mr Ross Perot 
in the 1992 presidential elec- 
tion in the US and the 
unscripted victory of Mr John 
Major in the British contest of 
the same year. You will, how- 
ever, have taken my point So, 
I assume, will Mr Paddy Ash- 
down. The leader erf Britain's 
Liberal Democrats can only 
keep his countenance as cheer- 
ful as he does by t elling him- 
self that one day something 
unexpected and positive will 
turn up. Then his party, cre- 
ated by him almost single- 
handedly out of the ashes of 
the Liberal and Social Demo- 
cratic alliance, will have an 
assured role to play in national 
politics. 

To appreciate his predica- 
ment you need to step back a 
fait The ancient and venerable 


Liberal party was virtually 
obliterated in the 1945 election 
that swept Labour to power to 
a landslide. In subsequent 
years, first under the then Mr 
Jo Grimond and later under 
the now written-out Mr Jeremy 
Thorpe, the lynch pin of Liberal 
strategy was the notion of the 
long march. Slowly, steadily, 
election by election, the party 
of Gladstone would regain its 
former glory. It may take a 
generation, or perhaps two, but 
that was the goal. A generation 
passed by. Little distance was 
gained. The footsloggers 
became dispirited. Under Mr 
David Steel's leadership a new 
strategy was adopted. Liberals 
were to be the 
pluralist party, 
willing to 
cooperate with 
cithers. If one of 
the two large 
parties would 
only be kind 
enough to 
introduce pro- 
portional repre- 
sentation, deals 
could be cut. 
This formula 
looked likely to 
become a winner when the alli- 
ance was hi gh to the opinion 
polls in the mid-1980s. Alas, 
something, possibly a butter- 
fly-wing, intervened. The alli- 
ance crashed. 

Mr Ashdown's initial task, 
when he surveyed the ruins in 
1989, was clear. He had to 
rebuild. He has done so: the 
Lib-Dems are a long inarch 
ahead in local politics. As to 
national representation, they 
have half-a-dozen taxifuls of 
MPs and a position of strength 
in Scotland and the West 
Country. Unfortunately for 
them chaos has hit them on 
the head once more. The 
Labour party, which the liber- 
als, the Alliance the Lib- 
Dems were supposed to over- 
take and replace, is remaking 
itself. Mr Ashdown knows he 
would not be credible if he 


preached a return to the long 
march. He must be aware that 
while pluralism works to hung 
local councils, a hung parlia- 
ment Is no more likely to fol- 
low the next general election 
than it did the last. 

That is why the current talk 
of whether the Ub-Dems will 
give their favours to Labour or 
the Tories, to return for no 
higher a payment than the 
rewriting of the British consti- 
tution, is a mere fancy. The 
expected outcome in 1996 or 
1997 is a strong Labour victory; 
the second most likely is a 
repeat of the present parlia- 
ment. Yet the statistically 
unexpected could happen. 
Labour, or its new leader, 
might turn out to be uzxmoder- 
nisable. The Lib-Dems would 
then gain a renewed meaning. 
Alternatively, Labour might 
win the most seats but not an 
overall majority. The people’s 
party would then so depend tm 
Lib-Dems support that it would 
be obliged to keep its promise 
to hold a referendum on pro- 
portional representation for 
the House of Commons. That 
could lead to an interesting 
twist up the chaos spiral. The 
Conservatives would oppose 
PR; Labour would be split, and 
Mr Ashdown might find him- 
self fighting the referendum on 
his own. 

The outcome would be up to 
Chaos’s sister, Fate. In two ref- 
erendums to 1992 and 1993 Hew 
Zealand's voters rejected the 
advice of the main national 
parties and introduced the Ger- 
man combination of stogie- 
member and proportional elec- 
tions. The strongest influence 
on voters was their dislike of 
mainstream national politi- 
cians. Whatever the latter 
asked for, they did not get It 
makes you think. The pres- 
ently available evidence sug- 
gests that Mr Ashdown's only 
secure future is to lie on the 
Labour leader’s lap and wag 
his tail But you never know. A 
thunderbolt may strike . . . 


The current talk 
of whether the 
Lib-Dems will 
give their 
favours to 
Labour or the 
Conservatives is 
a mere fancy 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

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

The cold war will end only 
when Russia joins Nato 


From Mr Boris G Fedorov. 

Sir, After reading Judy 
Dempsey’s report, “Moscow 
‘cannot join Nato”* (September 
10/11), I could not help being 
worried by the remarks of Mr 
VoD&er Ruhe, Germany's minis- 
ter of defence. If his opinion 
reflects general feelings to the 
west then the cold war Is not 
finished. If he speaks like this 
in Moscow, most of our demo- 
crats and liberals will vote to 
increase military spending and 
the aimed forces (beyond the 
current 2Jm soldiers). 

If Russia is "different'’ and 
cannot be integrated then Nato 
(the EU Is a different issue) 
will be enlarged and reinforced 
against Russia, which will thou 
never feel secure - and natu- 
rally so. Why can we not be 
integrated? I have heard such 


Repudiate 
milk quotas 

I From Mr Anthony Rosen. 

Sir, The current expensive 
fiasco over milk prices was 
highlighted by Deborah Har- 
greaves (“Milk prices sour the 
cheesemakers", September 19), 
but the chaos can be placed 
firmly at the door of former 
minister of agriculture, Mich- 
ael Jopling - aided and abetted 
by the short-sighted empire- 
buflding attitudes of both the 
Dairy Trade Federation and 
the Milk Marketing Board- 

At the end of March 1986 
JopUng, at half-past-three one 
morning, after a long tiring 
session with his European col- 
leagues, agreed that milk quo- 
tas would be imposed through- 
out the European Union only 
48 hours later. 

For reasons never revealed 
JopUng agreed that the Dutch 
should be allowed a mflk quota 
equivalent to 757 litres per 
head of their population, the 
Irish 1,508, while the British 
were to be cut back to only 258 
litres per bead - one third of 
the Dutch and onwbrth of the 
Irish. And the Italians? They 
have never imposed quotas 
upon their farmers and are 
now producing 12 per cent 
more than they did in 1984. We 
produce 15 per cent less. 

Out of that basic mistake by 
Jopltog has grown the current 
position whereby Britain's 
milk producers are only 
allowed to produce 80 per cent 
of the UK’s milk requirements 
- the Irish produce 300 per 
cent of theirs. 

The sooner Britain repudi- 
ates this grossly unfair quota 

restriction the bettor. 

Anthony Rosen, 

Feeniz Farming. 

JRosetdll, Aiford, 

Headley, Ha m pshir e GU35 SDF 


bizarre arguments as “Russia 
is not European”. Sony, but 
look up the past 1,000 years of 
history and you will see we are 
more European than the US or 
Turkey. Yes, we are a big coun- 
try with lots of problems but if 
we are incompatible please 
make dear by what criteria 
this is so - probably it will 
help us domestically. But don't 
let there be arrogance and 
short-sightedness - particu- 
larly from Berlin, which has 
been forced to host Russian 
armies three times to not so 
many centuries. 

I am absolutely sure that 
global security will be 
strengthened only if Russia is 
integrated into Nato and our 
generals rub shoulders with 
their western colleagues. Only 
then win the cold war come to 


From Mr Mario Campora. 

Sir, Your article “FalMands 
rivalry tests quick tempers" 
(August 30) accurately states 
that the south west Atlantic is 
one of the few regions in the 
world rich to fishing resources. 
However, its author does not 
present a complete picture of 
the issues involved in the area. 
Allow me to address those of 
greater relevance. 

Argentina rejected the UK’s 
extension of its alleged juris- 
diction over undisputed waters 
north of the Malvinas islands 
on grounds of their appurte- 
nance to land territories sub- 
ject to controversy, and 
because it bad always exerted 
exclusive rights of sovereignty 
over those waters. The issue at 
stake has nothing to do with 
fisheries conservation but with 
sovereignty. 

The Argentine government 
has developed an effective con- 
servation and ftehartes a dmin , 
iteration policy- The Argentine 
Navy has substantially 
increased its patrols in the 
Argentine economic exclusion 


From Ms Veronica Stebbmg. 

Sir, Stuart Bentley ("From 
sexual s imil e to sexual crime”, 
September 7), should take 
pause for thought For women, 
the whole problem of “defining 
the limits of acceptable behav- 
iour” is that society is domi- 
nated by men - who have, 
until quite recently, always 
been politically correct in their 
own eyes simply by virtue of 
being meter 

Mr Bentley should try put- 
ting himself in our place for a 
change - for instance at any 


a real end. Do not forget that 
we have plenty of war hawks 
in Moscow and Mr Ruhe seems 
to be intent on helping them. I 
think that Nato itself has to be 
reformed, with US domination, 
which is no longer needed, 
scaled down and the wide- 
spread fears of a stronger Ger- 
many dissipated. Russia's 
membership will help achieve 
just that. 

Finally, Russian, democracy 
is still an ailing infant an d sin- 
cere integration of Russia Into 
the European and interna- 
tional community can help 
avoid any turning back - and 
disaster. 

Boris Fedorov, 

leader of Liberal-democratic 
union, 

Duma, 

Moscow, Russia 


zone, and provisions are being 
made to increase them further. 
At the same time, the National 
Institute of Fisheries Research 
enjoys greater financial and 
technological resources and 
produces state-of-the-art 
research in the subject 

In the case of Illex squid, it is 
worth recalling that between 
1967 and 1992 Argentina cap- 
tured less than a third of the 
totals fished in waters close to 
thp Malvinas Islands. 

The reference to the Argen- 
tine-EU agreement seems to be 
misleading since it only came 
into force on May 24 1994, and 
it has not yet been imple- 
mented. 

Surely, the article in ques- 
tion would have benefited from 
further research on Argentine 
fisheries policy and from con- 
sultation with Argentine offi- 
cial sources. 

Mario Campora, 
ambassador. 

Embassy of the Argentine 
Republic, 

53 Hans Place, 

London SW1X0LA 


lecture in any subject tradi- 
tionally dominated by men - 
and he might then find that 
political correctness (from a 
female point of view) could 
consist of nothing more alarm- 
ing than consideration for 
other people’s feelings and 
point of view before opening 
his mouth - not always some- 
thing that is a male strong 
point! 

Veronica Stabbing, 

£2 rue Potoemi, 

75005 Paris, 

France 


Excessive 
barriers in 
Euro car 
market 

From Mr KE Ludvigsen. 

Sir, In his report about the 
battle over the EU block 
exemption which governs car 
distribution to Europe ("The 
battle for the forecourt” , Sep- 
tember 16), Kevin Done makes 
much of the car price differ- 
ences that are reported in 
Europe. In interpreting these 
findings we place special 
emphasis on consumer group 
Bureau Europfen des Unions 
de Consommateurs' point that 
institutional barriers impeding 
cross-border purchases and 
registrations of cars are exces- 
sive in what should be a single 
market for cars. These must be 
removed, in combination with 
greater economic coherence 
between EU member states, 
before any form of price har- 
monisation can be contem- 
plated. Certainly this Is one 
area where new regulation 
must tread with care. 

Done suggests that the cur- 
rent debate is determining 
“what rates will apply an the 
forecourt for the next 10 
years”. Our conclusion from a 
major study of the block 
exemption is that the car 
industry’s distribution system 
in Europe has been muter the 
most intense and detailed scru- 
tiny for the last ff/i years. This 
should be long enough to eval- 
uate a system of this kind. The 
industry and its many dealers 
and employees throughout 
Europe should not be subjected 
to similar uncertainties 10 % 
years from now. We recom- 
mend that the new regulation 
be put in place for a term as 
long as any block exemption 
the Commission has granted, 
namely for 14% years. 

K E Ludvigsen. 
managing director, 

Euromoior Reports, 

73 Collier Street. 

London N1 7JU 


His problem 
by then 

From Mr A Thompson. 

Sir, Labour party leader, 
Tony Blair, writes (Personal 
View: "How to flatten the 
cycles ups and downs”, Sep- 
tember 13k “The implied City 
forecast in the index-linked 
bond market is an inflation 
rate cf more than 5 per cent by 
the end of the decade .. .” 

Perhaps is lias occurred to 
the markets, if not to him, that 
the end of the decade could he 
his department. 

A Thompson, 

38 Conrad Drive, 

Worcester Park. 

Surrey KT4 8PP 


Sovereignty at issue, not 
fisheries conservation 


The right political correctness 


4 


m 


P 


* 


0 



Isf 



th 


FINANCIAL TIMES TUESDAY SEPTEMBER 2 


20 1994 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Tuesday September 20 1 994 

Agenda for 
Euro -reform 


Across a wide range of fields, the 
European Union is failing to win 
support from its citizens for mea- 
sures carried out in their namp 
and, ostensibly, for their benefit. 
Its decision-making bodies appear 
unwieldy, undemocratic and inef- 
fective. Steps to correct this 
should be high on the agenda of 
the inter-governmental conference 
(IGC) which is to meet in 1996 to 
consider revision of the Maas- 
tricht treaty. 

That conference will also have 
to adjust the Union's institutions 
in the light of two years’ experi- 
ence with an enlarged member- 
ship (including Austria and up to 
three Nordic states) and in the 
perspective of further enlargement 
to central and eastern Europe. It 
will, in addition, have to take 
some account of Germany's desire 
for further advances towards polit- 
ical union as a condition for eco- 
nomic and monetary union. 

In considering reform, govern- 
ments will need to separate areas 
where agreement is possible, and 
indeed indispensable, in 1996 from 
those where disagreement will 
remain for far longer. Some of the 
federalist proposals in the German 
Christian Democrats' recent dis- 
cussion paper fall in the latter cat- 
egory. For instance, it is hard, if 
not impossible, to see bow the pro- 
posal that the Commission should 
“take on features of a European 
government” can be reconciled 
with the desire of several national 
governments (not only the British) 
to exercise more control over the 
Commission, through the Council 
of Ministers. 

One area where it is vital to 
agree on change is the size and 
composition of the Commission. 
Under present arrangements it 
will increase next year to 21 mem- 
bers, including at least one from 
every member state. There will 
not be enough portfolios to go 
round, plenary meetings will be 
bard to manage, and not all Com- 
missioners will be of the calibre 
needed. The IGC will have to come 
up with a more meritocratic sys- 
tem, in which larger states forgo 
their automatic right to have two 


Commissioners garb, and smaller 
ones agree to be represented in 
groups, or by rotation. 

If the Council, for the foresee- 
able future, is to remain the main 
locus of EU legislative power, 
changes in decision-making mech- 
anisms will be vital to allow more 
majority voting, with a lower 
threshold for the so-called “quali- 
fied majority”, and voting weights 
that more accurately reflect the 
differing size of member states. 
Hie Council's legislative sessions 
must also be made fully public, 
and its work made more account- 
able, notably by better scrutiny in 
national parliaments. 

As for the European parliament, 
1996 will probably not be the *twm» 
to decide a further expansion in 
powers already considerably 
extended under Maastricht The 
parliament must first demonstrate 
that in spite of its disparate com- 
position since last June’s elec- 
tions, it can sensibly deploy the 
“ co-decision" muscle it now shares 
with the Council. 

MEPs can help the electorate 
understand how the EU works, 
and what purpose they themselves 
serve, if they take a constructive 
rather than utopian or self-aggran- 
dising lead in the debate on insti- 
tutional reform. They could draft 
a European Basic Law - simpler 
and more modest than their prede- 
cessors' efforts at constitution- 
writing - which would relegate to 
essentially technical annexes 
much of the impenetrable lan- 
guage of the Maastricht treaty, 
and provide in its main text a 
clear account of the Union’s struc- 
ture, the competences of the vari- 
ous organs, and. perhaps most 
important, the division between 
the powers of individual member 
states and those of the EU. 

This draft could then be used as 
the basis for public debate 
throughout the Union, in which 
national governments would have 
to take a position. That way the 
citizens of the EU would be less 
Ukely to feel in 1996, as so many 
did at the time of Maastricht that 
everything was being done behind 
their backs. 


I ntel, the world's largest semi- 
conductor manufacturer, is 
spending $8Qm - the most it 
has committed to an advertis- 
ing campaign - to persuade 
c onsumer s and businesses to buy 
personal computers based on its lat- 
est microprocessor, the Pentium. 

The first newspaper, radio and TV 
advertisements are appearing in 
Europe and the US. But behind the 
message that “It's amazing what 
you can do with a Pentium proces- 
sor" looms a power struggle 
between Intel and Compaq Com- 
puter. its biggest customer. 

Intel and Compaq have for years 
collaborated in bringing to the mar- 
ket PCs based on Intel’s micropro- 
cessor chips, which have helped 
Compaq become the world’s leading 
manufacturer of powerful PCs. 

However, Intel's efforts to boost 
sales of all Pentium-based PCs 
could now harm Compaq's inter- 
ests, and affect tbe rest of the indus- 
try, by shifting consumer prefer- 
ences ahead of a Christmas boom in 
home computer sales. 

Signs of friction between Intel 
and Compaq emerged this month 
when the usually imperturbable Mr 
Eckhard Pfeiffer, Compaq president 
and chief executive, lashed out at 
Intel at an industry forum in Barce- 
lona. He accused Intel of undermin- 
ing Compaq’s marketing efforts and 
of not giving his company due con- 
sideration as the biggest seller of 
PCs in the US and Europe. 

Hie issues cited by Mr Pfeiffer - 
clashes over Intel's promotion of its 
own brand name, chip prices, and 
direct competition from Intel’s 
growing PC and circuit board man- 
ufacturing operations - are the 
symptoms of a souring relationship, 
according to industry observers. 

"In private, the executives have 
barely been able to contain their 
anger for months,” says Mr Michael 
Slater, an industry consultant 
newsletter publisher. “The only 
thing that is surprising is that this 
has ramp out in public.” 

Behind Mr Pfeiffer's outburst lies 
Compaq's growing frustration over 
Intel’s efforts to orchestrate an 
acceleration in the pace at which 
technology advances in the PC 
Industry. Intel appears to be treat- 
ing the industry merely as its distri- 
bution arm. seeing the PC user as 
its ul tima te customer. Hence the 
worldwide advertising campaign. 

Intel Is pushing Pentium not only 
to maximise its already strong 
profit margins, but to outpace 
mounting competition threatening 
to eat into its roughly 90 per cent 
share of world microprocessor sales. 

Advanced Micro Devices, Intel's 
Silicon Valley neighbour and bitter 
rival after almost a decade of legal 
disputes, is biting at the market 
leader’s heels with its versions of 
Intel's previous-generation 466 
microprocessors. It will launch a 
Pentium look-alike, or clone, chip at 


Chips down for 
PC partners 

The computer industry’s response to the Compaq-Intel 
spat is fascinated dread, say Louise Kehoe and Alan Cane 


seems. Intel is saying loud and clear 
that its biggest customer is wrong, 

“What upsets us generally is that 
a component supplier should try to 
influence the end user. The end- 
user market is not their business. 
They are interfering,” s ays Andreas 
Barth, one of Mr Pfeiffer's closest 
colleagues and head of Compaq’s 
European operations. 

Compaq must also be galled that 
Intel, along with Microsoft, tbe PC 
software leader, earns most of the 
profits made in the PC industry - 
its 1993 gross margins of 63 per cent 
were significantly ahead of Compaq, 

the most profitable PC manufac- 
turer, which managed 23.6 per cent. 

It is an illusion, argues Mr Barth, 
to suggest tbe whole PC market is 
shifting to Pentium. Less than 12 
per cent of PC sales in US consumer 
electronics stores are Pentium PCs, 
says market researcher Consumer 
Intelligence Infocorp- 


H owever. Intel's argu- 
ment that a powerful 
Pentium processor is 
necessary to take full 
advantage of multi- 
media PC applications is increas- 
ingly credible. The latest PC games, 
incorporating sophisticated video 
and graphics, run at a snail's pace 
on older microprocessors. 

Moreover, what Compaq sees as 
interference, smaller PC makers 
regard as free advertising likely to 
boost demand for their products. 
Several plan to ride on the coattails 
of Intel’s campaign with their own 
product campaigns. 

Yet Compaq is not alone in rueing 
Intel's power to shift the PC market 
rapidly from one generation of 
microprocessors to the next. The 
dizzying pace of change is also 
upsetting some buyers concerned 
about the rapid obsolescence of tbe 
products they purchase. “Custom- 
ers are telling us to slow down the 
pace of technology," Lou Gerstner. 
IBM chairman, said earlier this 
year. “How powerful a computer do 
you really need on your desk?" 

For now, however, Intel is in the 
driving seat. While it is promoting 
the Pentium chip for this Christ- 
mas, it plans to launch a yet more 
powerful microprocessor, coden- 
amed P6. next year and is already 
working on later generations of 
chips. “Intel has made a conscious 
decision that it is more important to 
try to make the overall PC market 
grow as quickly as possible than to 
protect the interests of its big cus- 
tomers.” says Mr Slater. 

The computer industry is follow- 
ing the dispute with fascinated 
dread- Alliances and co-operative 
ventures have become the order of 
the day as electronic technology 
becomes too complex for any one 
company. If giants like Intel and 
Compaq cannot co-ordinate strate- 
gies to their mutual advantage, can 
others do better? 


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RHOttCW &QOVC 


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the end of the year. Compaq’s latest 
marhirifts, for the consumer market, 
use AMD microprocessors. 

Last week, Nexgen, a privately 
held chip developer in which Com- 
paq has a minority stake, launched 
a family of “ Pentium class" chips - 
microprocessors claimed to be as 
powerful and flexible as Intel's. 
Nggen and Cyrix, annthAi- amaflpr 
chip company, have also contracted 
with International Business 
Machines to manufacture micropro- 
cessor clones, making them credible 
Intel challengers. 

Collectively, these companies 
could achieve a 20 per cent or 
higher shar e of the PC microproces- 
sor market over time . Mr Slater pre- 
dicts. “In a worst case scenario, 
Intel faces a gradually declining 
market and possibly rapidly declin- 
ing profit margins as competitors 
force down prices.” he says. 

Rather than give ground, Mr 
Andrew Grove, Intel’s combative 
chief executive, has declared tbe 




chip maker will “eat its own chil- 
dren" or deliberately cannibalise 
the market for its established prod- 
ucts with new, more powerful chips. 

For Compaq, however, Intel's 
determination to maintain market 
leadership presents serious prob- 
lems. In its own drive to increase 
market share, Compaq built up 
huge inventories of PCs, worth 
$2.2bn at the end of the second 
quarter, double that of a year ear- 
lier. The PC maker says the stocks 
will enable it to meet expanding 
demand and incr ease market shar e 

But much of Compaq's inventory 
comprises lower performance PCs. 
rather than the Pentium models 
Intel is promoting. Last week. Com- 
paq launched its own “aggressive 
new worldwide consumer market- 
ing blitz” for new consumer PC 
models based on older microproces- 
sors. 

Compaq’s new consumer models 
have multimedia capabilities and 
can double as a television set or 


telephone answering system. They 
will sell in the US for about $2,100 
including a large colour monitor. 
For a similar price, a buyer could 
get a Pentium-based PC. with fewer 
bells and whistles, from a less well 
known manufacturer. Pentium mul- 
timedia PCs usually cost about $400- 
$5 00 more. 

Intel's efforts to point consumers 
towards more powerful Pentium 
machines include in-store demon- 
strations showing a Pentium PC 
racing through tasks while older 
486SX-based machines lag behind. 

“The 486-based PC is not the 
machine; you should be buying." 
says Hans Geyer. head of Intel’s 
European operations. “Any com- 
pany that has a huge inventory of 
one kind of product when the mar- 
ket prefers another is in a danger- 
ous position.” 

Compaq is not amused. From the 
company’s perspective Intel seems 
to have forgotten the rule that the 
customer is always right In fact it 


Feelgood factor Robert Rice on the Strasbourg Commission’s view that Ernest Saunders was denied a fair hearing 


Why don’t consumers feel happier 
about the economic recovery? Mr 
John Major says they should, and 
so do most of the economic statis- 
tics; but Gallup shows them ding- 
ing resolutely to gloom. 

A due to this conundrum came 
yesterday from a leading feelgood 
factory. Grand Metropolitan's IDV 
drinks business. Instead of 
uncorking expansion, IDYs 
announcement reads like reces- 
sion’s hangover: plant rationalisa- 
tion, office closures, regional 
restructuring. 

Another clue is the way compa- 
nies find it hard to raise prices, 
despite economic recovery. Fiercer 
global competition lets consumers 
shop arouud. Companies grown 
fat on regional dominance find 
themselves seventh in a global 
market where only the big three 
thrive. To compete, ever-lower 
costs are essential. 

This remorseless logic has 
undermined the drinks industry's 
rinsh for margin, the trend of the 
late 1980s. For a while, drinkers 
were happy to pay more for sip- 
ping less; but as Guinness has 
found, that only works while the 
glow or economic euphoria lasts. 

This is the real message in 
IDV's bottle. Big companies, in 
English-speaking countries at 
feast, are in a Maoist state erf per- 
manent revolution. GrandMet pre- 


ceded the IDV restructuring with 
a similar effort in its US food busi- 
ness. Few large companies are not 
wielding the axe somewhere in 
their divisions. So. even though 
employment is rising, people who 
already have jobs feel threatened 
by uncertainty. 

That is a deeply unsettling sen- 
timent. Much of economic history 
reflects the desire to defeat, avoid 
or pass mi to someone else the 
inevitable uncertainty of human 
existence. The craving is a vis- 
ceral one; its consequences range 
from trivial to profound, from the 
folding umbrella to the Common 
Agricultural Policy. It is frustra- 
ting when thfc sentiment hampers 
manifest improvements in human 
welfare, such as wider free trade. 
But politicians and business peo- 
ple ignore it at their periL 

The lesson, for politicians, is 
that people really feel good only 
when they possess greater eco- 
nomic certainty - something to be 
earned the hard way, by long-term 
policies which promote stability. 
Business people have little choice 
but to live with uncertainty; but 
they might minimise its impact on 
stakeholders by speedy decisions, 
frankly communicated- After all, 
the truth works in good times as 
well as had: a bit less feelgood 
factor wouldn’t have done any 
harm in the late 1960s. 


T he European Commission 
on Human Rights may 
have blown a large hole in 
the British government’s 
campaign against white-collar 
crime. 

It has decided that Mr Ernest 
Saunders, tbe former Guinness 
chairman jailed for theft and false 
accounting after the company's 1986 
takeover of Distillers, was denied a 
fair triaL In particular it concluded 
that the use by the prosecution at 
his trial in 1989 erf answers given by 
Mr Saunders under compulsion to 
Department of Trade and Industry 
inspectors breached the European 
Convention on Human Rights. 

The ruling appears to be a serious 
blow to the Serious Fraud Office, 
for which the Guinness trial was a 
rare high-profile success. It may 
have a crucial bearing cm the ability 
of the UK authorities to prosecute 
fraudsters and other financial mis- 
creants, which depends to a signifi- 
cant extent an being able to compel 
suspects to answer questions. 

More tentatively, it may also have 
implications for the government’s 
current strategy for combating 
other forms of crime by curbing the 
suspect's right to silence. 

The ruling is not binding and the 


Sweden’s road 


After victory comes the battle. 
The Swedish Social Democrats’ 
return to power in Sunday’s elec- 
tion leaves their leader, Ingvar 
Carlsson, with three campaigns 
still to fight. On past experience, 
he is well-equipped to wage the 
two. more imm ediate, battles. But 
he has yet to show that he can 
take on the country's deepest chal- 
lenge: reform of the Swedish wel- 
fare state. 

Mr Carlssou's first task will be 
convincing the world’s financial 
markets that he will reverse the 
country’s spiral into debt. There 
are plenty of reasons for scepti- 
cism. His party's electoral cam- 
paign was noticeably short on talk 
of fiscal austerity. Clearly, there 
must be a larger package of deficit 
cuts from the new government 
than the meagre SKrfJlbn (£5.1bn) 
one announced in August 

A more credible fiscal plan 
A-uuld involve public spending 
ruts, not the tax rises which the 
jarty finds it easier to suggest. 
Jut the Social Democrats' close 
ies with the public sector might 
lelp them to persuade affected 
roups that the cuts are inescap- 
ble. The outgoing centre-right 
ovemment could not play this 
iffieuU role, as the results of the 
ampaign suggest 

Mr Carlsson may owe his vic- 
>r> to Mr Cari Bildt’s willingness 


to push through several unpopu- 
lar. but necessary, reforms as 
prime minis ter. Mr Bfldt, however, 
frequently tried to sell these perfi- 
dies as the medicine required by 
membership of the European 
Union. This may prove damaging 
to the now government In battle 
number two: November's referen- 
dum to confirm Sweden’s member- 
ship of the EU. 

Although the Social Democrats' 
have committed themselves to 
Europe, many of their supporters 
have not Thanks, in part, to Mr 
Bildt’s sales tactics, the latter 
view Europe only in a negative 
light. The new prime minister 
must continue bis efforts to show 
that Sweden has a better chance 
of tackling problems like its 14 per 
cent unemployment rate within 
Europe than without it 

Sweden must recognise its kin- 
ship with the other countries of 
Western Europe, but Its third and 
largest challenge is also to see the 
parallels between Us own predica- 
ment and those of countries fur- 
ther east As Poland and others 
have learnt, it is painful to reform 
a system which guarantees secu- 
rity but fails to provide long-term 
economic growth. Sweden's pain 
is bound to increase further, if its 
government and people continue 
to hope that short-term expedients 
will be enough. 


Pea-soup 
pop art 

■ Stick around long enough and 
you’ll become part of the furniture. 
Back in 1962 Campbell Soup, tbe US 
food group, reacted nervously to the 
late Andy Warhol's screen prints 
featuring the company's 
red-and-white soup cans. “We didn’t 
know what to make of it We 
thought someone was making fun 
of us,” says Kevin Lowery, 
Campbell’s public affair s chirf 

That was probably exactly what 
was happening, but, boy, did it do 
wonders for brand recognition. So 
39-plus years on, Campbell is 
searching out the next Andy 
Warhol Hence an “Art of Soup" 
contest in which artiste are Invited 
to reinterpret the Campbell soup 
can. 

Budding Warhols may work in 
any medium, including sculpture, 
video and “wearables”. 
Professionals, amateurs and 
children of 12 and under will be 
judged separately, and there will be 
prizes of up to $10,000 for some. 

So is this art or just an artful PR 
stunt? Who cares, so long as it’s 
(internationally) famous for 15 
minutes. 


Puppy love 

W Has Grand Metropolitan sold 
itself short in off-loading AIpo to 
Nestle for a mere $5l0m? Hie Swiss 


Legal process on trial 


issue will have to be decided by the 
full European Court of Human 
Rights. That could take two years. 

But if the Court upholds the Com- 
missioners' findings, criminal law 
experts believe the result would 
have grave implications for the 
fight against fraud. 

This is because the authorities 
might no longer be able to use the 
transcripts of interviews with sus- 
pects carried out by Department of 
Trade and Industry inspectors as 
direct evidence in court In the view 
of many experts, such interviews 
often play a crucial part in the pros- 
ecution case; without them, 
white-collar crimes can be extraor- 
dinarily difficult to prove. 

Mr John Clitheroe, a fraud lawyer 
and senior partner of London solici- 
tors Kingsley Napley, says: “DTI 
transcripts were used almost as the 
sole basis erf the prosecution case in 
the Barlow Clowes triaL In many 
instances it's going to be the main 
plank of their case.” 

Mr Clitheroe believes that if the 
court upholds the commission’s ver- 
dict the government would have to 


company should appreciate, after 
alL that it has acquired something 
far more prestigious than simply 
America’s seventh largest pet food 
business. 

Why, the AIpo name is a veritable 
Institution across the country after 
those long-running dog food ads of 
yesteryear featuring Johnny Carson 
side-kick Ed McMahon. Indeed, 
considering the number of people 
popularly supposed to have been 
conceived during the commercial 
breaks of tbe Tonight Show, Nestle 
could be considered to be buying 
directly into the country's gene 
pooL 


Pussy footing 

■ Alexander Kwasniewski wbo 
last year led Poland’s reformed 
communis ts back to power in 
coalition with the Peasants’ party, 
is not normally backwards in 
coming forward. But, mention his 
possible candidacy for next year's 
presidential election, and he comes 
over all shy. 

Lech Walesa, the current 
incumbent, is deeply unpopular, 
while Kwasniewski tops the opinion 
polls. The latter’s mam worry, 
however, seems to be that if he 
stands, Walesa could wage the sort 
of bareknuckle anti-communist 
campaign that secured him victory 
in 1990. 

In London yesterday, 
Kwasniewski thus confined himself 
to saying that Poland needs a 
president who spends more time on 


think again about the use of evi- 
dence provided by witnesses who 
have been compelled to answer 
questions by DTI inspectors. 

The same may go for such evi- 
dence when it is obtained by com- 
pany liquidators under sections 235 
and 236 of the Insolvency Act 

Until recently it was thought evi- 
dence gathered by liquidators using 
their Insolvency Act powers could 
not be used directly in evidence at 
triaL But in July the House of Lords 
ruled in the case of Mr Muhammed 
Naviede, former chairman of 
Arrows trading company, that sec- 
tion 235 and 236 information can be 
used by the prosecution at triaL A 
Strasbourg court derision to uphold 
the commission may call this in 
question, too. 

The SFO is making no comment 
about the commission’s ruling. But 
sources close to. the office believe 
victory for Mr Saunders would not 
seriously damage the fight against 
fraud. They say the SFO is no lon- 
ger so reliant on DTI inspectors’ 
transcripts as it was at the time of 
the Guinness case. Nowadays it pre- 


Observer 



pushing Poland's entry into tbe 
European Union and Nato, and less 
on domestic political infighting. 

Noone's fooled. That’s code for 
Tm your man". Bring president 
bos to be better than trying to 
control a fractious coalition, or 
forging a new constitution out of 
the seven competing drafts now on 
the table - two of tbe wearisome 
tasks on Kwasniewski’s plate. 


Happy families 

■ So Ramon P^jares has finally 
succumbed to the blandishments of 
Rocco Forte and the Savoy Group. 
He is packing his bags at the Four 


fers to mount its own investigation 
using its powers under section 2 of 
the 1967 Criminal Justice Act to 
compel witnesses to answer its own 
questions. 

The SFO also believes that these 
draconian powers would not be 
affected by the commission’s ruling. 
The commission's complaint with 
Mr Saunders's treatment is that he 
was compelled to answer questions 
and that his answers were then 
used in evidence against him. 

Information gathered by the SFO 
using its section 2 powers cannot be 
used as evidence in court unless tbe 
defendant deviates from the 
account he gave to the SFO. At 
worst, the SFO believes it might 
now have to consider carefully what 
reliance it wanted to place on DTI 
transcripts in future cases. 

What of the government’s current 
attempt to curb the wider right to 
silence in ordinary criminal cases? ' 
Could that, too, be impaired? Mr 
David Kirk, a partner of solicitors 
Simons Muirhead Burton, believes 
tbe Strasbourg court would need to 
go much further than the commis- 


Seasons and beading for tbe office 
of Giles Shepard, who made his exit 
last week. 

As much the preferred candidate 
of both the Savoy and Forte, he was 
no doubt under considerable 
pressure to accept - perhaps even 
from his nearest and dearest For 
his daughter. Maria, as PR manager 
of Claridge’s, must surely have been 
a trifle parti pris. 


Blackhand gang 

■ How the mighty have become 
confusing. Bill Rodgers shouldn't 
really be astonished that he’s 
emerged as the b&te noire of Liberal 
Democrat activists currently 
putting the world to rights at 
Brighton. After all, he’s been as 
outspoken as any among tbe old 
SDP Gang of Four in singing the 
praises of the new Labour leader 
Tony Blair. 

But surely the conference 
bookshop has gone too far. The 
newly ennobled Lord Rodgers' 
political autobiography. Politics of 
Change, is placed on a shelf clearly 
marked for his party's political 
opponents. 


Cuba novella 

■ Another sign that the 
Havana-Washington hurricane is 
mptamnr p hmring into something a 
little less threatening - Cuba is 
posthumously rehabilitating Ernest 
Hemingway. 


sion for the government’s new pol- 
icy to be threatened. 

“The new curb only goes as far as 
saying you can still say nothing, 
but if you do say nothing the judge 
can comment on your silence. 
That’s not tbe same as compelling 
someone to answer and then using 
their answers against them In 
court." 

But Mr Anthony Scrivener, QC, 
former chairman of the Bar Coun- 
cil, says that irrespective of what 
happens to Mr Saunders's case in 
Strasbourg, the government's curb 
on the right to silence cannot stand 
up: 

“The first time someone is con- 
victed without the benefit of the 
right to silence, the European Court 
of Human Rights will recommend 
the conviction is overturned. 

“Most European countries uphold 
the right to silence. Mr Howard is 
trying to take us back to the dark 
ages. He sbould treat the Commis- 
sion's derision as a shock warning 
of what’s to come, and think again.” 

If Mr Scrivener is right, and the 
Strasbourg court does eventually 
strike down curbs on the wider 
right to silence, the government 
will be feeing a rethink not just on 
its campaign to clean up the City. 


The Nobel laureate was thrown 
out in the early, heady days of the 
1959 revolution, an act which some 
think contributed to his later 
suicide. 

Not that he was ever utterly 
persona non grata. His love of 
fishing has been locally 
commemorated by the use of his 
name for an annual international 
game fishing tournament. 

Many weighty blue marlin have 
been hooked, hung and 
photographed in honour of Papa 
Hemingway. 

But now his old home, 11 miles 
south of Havana, is being 
transformed into a small museum, 
where visitors will be able to see 
such oddities as an aged, 
well-preserved typewriter on a 
stand - Hemingway often wrote 
standing up. 

Another, smaller museum is 
being created out of the writer's 
room at the Am bos Mundo Hotel. 

Maybe Fidel Castro has even 
discovered the pertinence of one of 
Hemingway’s tales: The Old Man 
and the Sea. 


Less chatter 

■ The latest annual report of the 
House of Commons commission 
infor ms us that administration 
costs were £4.6m lower than 
expected in 1993-94, "due mainly to 
lower than expected levels of 
parliamentary activity". 

Not all blessings are mixed, 
obviously. 


20 


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Groupe Bull employees 
accused in arson case 

Computer maker denies it 
tried to deceive insurer 


By John Ridding in Paris 
and Laurie Morse in Chicago 

Agents of Groupe Bull, the 
French state-owned computer 
manufacturer, sought huge 
increases in insurance coverage 
for a warehouse in the two 
months before a fire devasted it 
in 1991, according to evidence in 
an arson case which began in 
Chicago yesterday. 

A suit filed by Allendale 
Mutual Insurance of the US 
claims that the June 1991 fire, 
which destroyed stock worth 
about FFrS84m ($lllm) at the 
warehouse in northern France, 
was caused by employees or asso- 
ciates of the French company. 

In pre-trial documents, the 
insurers allege that employees of 
the computer company started 
the fire at the warehouse - a 
central inventory collection point 
for most of Europe - to hide rap- 
idly depreciating obsolete 
machinery stored there, and to 
obtain insurance policy proceeds 
and fresh capital from Bull's 
creditors. 

Sweden 

coalition 

Continued from Page i 


Stockholm Stock Exchange when 
markets opened yesterday. 

Mr Lars Ramqvist, chief execu- 
tive of Ericsson, the telecommu- 
nications group, echoed widely 
held concerns when he said a 
straight left government would 
have "no credibility”. 

Markets steadied later after Mr 
Carlsson said his priorities were 
strong government, correcting 
the crisis in public finances and 
winning the referendum on 
November 13 on Sweden’s pro- 
posed entry to the European 
Union. 

Social Democratic officials said 
Mr Carlsson. who is expected to 
take office in two weeks’ time, 
intended to unveil a budget 
strengthening package in the 
autumn, before the annual bud- 
get due in January. 

But they said the package 
might be delayed until after the 
EU referendum. 

Mr Carlsson also said he would 
seek cross-party support for early 
implementation of a proposal 
already approved by parliament 
to tighten the budget formation 
process. This means, in effect, 
that overall government spend- 
ing limits set in the budget will 
no longer be able to be breached 
by special interest groups in par- 
liament. 


In Paris yesterday. Bull vigor- 
ously denied allegations of arson 
and said it was counter-suing its 
former insurer for making the 
accusation. Bull claims Allendale 
wants to avoid paying a $100m 
insurance claim. 

The French company said it 
firmly rejected the allegations 
and that an investigation by 
French authorities, completed at 
the beginning of this year, found 
no evidence of arson. 

According to Bull, the ware- 
house was owned and operated 
by a company which -was not an 
affiliate. The fire destroyed 
mainly excess inventory of 
Zenith Data Systems, the per- 
sonal computer manufacturer 
acquired by Bull in 1989. 

The opening of the case follows 
a protracted dispute between 
Bull and Allendale Mutual. With 
some 1,800 exhibits and 40 sched- 
uled witnesses, the case has 


By Tom Bums in Madrid 

If Spain's struggle to contain 
rising prices was not difficult 
enough, a public row between 
two cabinet ministers about how 
the national statistics institute 
calculates inflation is further 
embarrassing the government 

Financial markets were 
shocked last week when the sta- 
tistics institute, the INE, reported 
that prices in August had jumped 
0.6 per cent to a give year-on-year 
headline inflation rise to A£ per 
cent and an accumulated rise to 
4.3 per cent. 

But the jitters among bond 
traders paled compared with the 
raw nerves that surfaced in gov- 
ernment circles. 

Mr Pedro Solbes. finance minis- 
ter, is embarrassed because bis 
3.5 per cent inflation target for 
the end of this year is now well 
beyond reach. 

Mr Jos6 Sorrell, the communi- 
cations minister, is furious 
because a change in telephone 
charges, which he had ordered 
before the summer, was blamed 
for the rise. 

Mr Borrell, a mathematician 
who takes pride in his numeracy, 
claims that the inflationary effect 
of a July telephone tariff revision 
that lowered the price of 


already tested the patience of the 
presiding judge, who says he will 
give both sides only seven days 
in court to air their dispute. 

Judge George Marovich will 
submit bis written decision some 
time after October 1. The suit is 
being heard in federal coart in 
Chicago because Illinois is the US 
base for Bull Data Systems, the 
legal name for Bull's US 
operations. 

The suit comes as the French 
group is preparing for privatisa- 
tion. Last week. Mr Gerard Lon- 
guet, French industry minister, 
said he hoped to reduce the gov- 
ernment’s stake in Bull to below 
50 per cent before next spring’s 
presidential elections. 

Bull has lost more than 
FFrl5bn since 1990, although a 
restructuring package being 
implemented by Mr Jean-Marie 
Descarpentries. the chairman, 
has sharply cut losses this year. 


long-distance calls and made 
local ones more expensive was 
“neutral” and contributed a mere 
0.02 per cent to August’s infla- 
tion . 

The institute insists that the 
overall cost to consumers of the 
tariff revision was 14 per cent 
and that the new charges pushed 
the consumer price index up by 
0.2 per cent 

Tf we wanted to look like a 
banana republic, we couldn't be 
going about it better." said a 
senior economist at one of the 
main domestic banks. “Here 
nobody knows what to believe 
because we have lies, statistics 
and telephone tariffs.” 

Mr Borrell vowed that “beads 
will roll" over the row and that 
he will change the telephone 
charges again if they turn out to 
be so inflationary. 

He wants the INE, which is 
controlled by the economy and 
finance ministry, to reveal how it 
assessed the impact of the tariff 
revision. 

The transport minister was 
nevertheless rebuffed yesterday 
when the institute said it had 
used the revised tariffs supplied 
by the national telecommunica- 
tions company and that its use of 
the data was “a statistical 
secret”. 


Britain on 
brink of 
‘historic’ 
recovery, 
says Major 

By Kevin Brown in Jeddah, 

Gtfftan Tett in London and 
Lionel Barber in Brussels 

The economic outlook in Britain 
is the best for nearly 50 years, Mr 
John Major, the UK prime minis- 
ter, Hflimpd yesterday 

In a clear attempt to reap a 
political dividend from the recent 
steady Improvement in most indi- 
cators of economic performance, 
Mr Major used a speech to Brit- 
ish businessmen in Saudi Arabia 
to set out his most optimistic 
assessment of the economy since 
the end of the recession. 

But as an indication of the dif- 
ficulty the Conservative govern- 
ment faces in persuading the 
electorate that recovery is under 
way, an opinion poll yesterday 
showed consumer confidence fell 
back earlier this month. 

The survey, conducted by Gal- 
lup before a rise in UK base rates 
last week, showed that the pro- 
portion of people who believed 
the economy was improving fell 
slightly this month compared 
with August Less than a fifth of 
households expect their house- 
hold budgets to improve this 
year, the poll also found, suggest- 
ing that there is little likelihood 
of an inflationary consumer 
boom later this year. The 
monthly survey, for the Euro- 
pean Commission, tracks con- 
sumer sentiment. 

Mr Major, however, yesterday 
insisted that the UK was at “a 
historic turning point” in its eco- 
nomic performance. “We are now 
standing at the threshold of an 
economic recovery unlik e any 
that we have seen since the sec- 
ond world war,” he said. 

UK officials said that the prime 
minister’s bullish tone was partly 
intended to reinforce his upbeat 
economic message to King Fahd. 
delivered during several hours of 
“very friendly” talks. 

The Saudi government is tradi- 
tionally an important purchaser 
of UK government debt, and its 
willingness to remain in the mar- 
ket is regarded as an important 
indicator of the overseas credibil- 
ity of British economic policy. 

However, Mr Major’s positive 
message was also an attempt to 
reverse the trend of many opin- 
ion polls which suggest that the 
economic recover is not being 
translated into an increase in 
support for the government. 

He brushed off last week's half 
point rise in hank base rates to 
5.75 per cent as a necessary mea- 
sure to hold down inflation. 


Ministers row over 
Spain’s inflation rise 


US troops stage peaceful landing in Haiti 


Continued from Page 1 


critic or Mr Aristide, questioned 
why General Cedras was 
■■allowed to stick around until 
October 15. maybe stay in the 
country and maybe run for presi- 
dent next year". 


But Mr Clinton and Mr Carter 
pointed out that the Governor’s 
Island agreement of July last 
year, also designed to ensure the 
restoration of Haiti's democrati- 
cally elected government but 
never honoured by the junta, 
would not have forced them into 


exile. “I think they probably will 
leave - and should leave,” Mr 
Clinton said, “but this still has to 
be worked out by all the actors in 
the Haitian problem." 

The agreement was greeted 
with huge relief In Washington, 
where a folly fledged invasion 


was widely opposed. The Demo- 
cratic leadership in Congress, fol- 
lowing a White House meeting 
with Mr Clinton and the Carter 
team, said they would prepare 
motions expressing support for 
both the agreement and the US 
military miss ion 




KT.WEATHER GUIDE 


Europe today 

A band of steady rain, associated with low 
pressure over the North Sea. will linger over 
the Benelux, most of France and along the 
northern coast of Spain. Eastern England 
will have several periods of rain. Other 
areas of the UK, western and eastern 
France and Germany will stay mainly dry 
with cloud interspersed with sun . Northern 
Scandinavia will have sunny periods but 
central areas will be covered by cloud and 
southern parts will hove showers. The 
Mediterranean will be sunny, except for 
eastern Spain and the Balkans where 
thunder showers will occur. Most of Russia 
will have sunny spells. 

Five-day forecast 

Thunder showers will continue across 
north-west Spain into south-east France. 
High pressure over the Atlantic will build 
and bnng sunny spells from the UK to 
Scandinavia. Meanwhile, northern 
Scandinavia will have rain as the weekend 
approaches. The north-west of the 
continent will be unsettled with showers. 
Much of the Mediterranean will be sunny. 


TODAY’S TEMPERATURES 




Maiimum 

8»hi>3 

fair 

25 

Curacy 

thund 

31 


Celsius 

Belfast 

(air 

14 

Cardiff 

fair 

15 

Abu Dhobi 

sun 

39 

Belgrade 

ran 

16 

Casablanca 

sun 

28 

Accra 

fair 

32 

Berlin 

shower 

17 

Chicago 

fair 

28 

Algiers 

sun 

28 

Bermuda 

fair 

31 

Cologne 

loir 

17 

Amsterdam 

rail 

14 

Bogota 

cloudy 

19 

Dakar 

fa* 

31 

Athens 

tfiimd 

2? 

Bombay 

shower 

29 

Dallas 

sun 

32 

Atlanta 

sun 

26 

Bmssuis 

ran 

14 

Delhi 

fair 

34 

B Amra 

cloudy 

26 

Budapest 

shower 

19 

Dubai 

sun 

35 

B.tiam 

far 

IS 

C.lugen 

lair 

15 

Dublin 

fair 

14 

Bangkok 

ram 

34 

Caro 

sun 

33 

Dubrovnik 

thund 

19 

Barcelona 

thund 

23 

Cape Town 

sun 

18 

Edinburgh 

shower 

14 


No global airline has a younger fleet. 



Lufthansa 


Faro 

sun 

26 

Madrid 

fa» 

as 

Rangoon 

ram 

30 

Frankfurt 

far 

18 

Majorca 

thund 

24 

Reykjavik 

far 

9 

Geneva 

cloudy 

16 

Malta 

shower 

26 

Rio 

cloudy 

23 

Gibraltar 

sun 

25 

Manchester 

fair 

15 

Rome 


23 

Glasgow 

lair 

15 

Mania 

doudy 

33 

S- Frseo 

fair 

27 

Hamburg 

shower 

17 

Melbewne 

shower 

13 

Seoul 

fair 

25 

Hefsmfa 

cloudy 

14 

Me*k» CJty 

thund 

21 

Singapore 

lhund 

29 

Hong Kong 

doudy 

27 

Miami 

thund 

32 

Stockholm 


14 

Honofafu 

cloudy 

32 

Milan 

fair 

Z1 

Strasbourg 


18 

Istanbul 

fair 

29 

Montreal 

shower 

21 

Sydney 

shower 

15 

Jakarta 

fair 

32 

Moscow 

Cloudy 

20 

Tangier 

sun 

27 

Jersey 

rain 

14 

Munch 

fair 

IS 

Tel Aviv 

ran 

31 

Karachi 

fan 

34 

Nairobi 

fair 

28 

Tokyo 


28 

Kuwait 

fair 

44 

Naples 

fair 

21 

Toronto 

fair 

21 

L Angel® 

sun 

28 

Nassau 

fair 

32 

Vancouver 

Wr 

21 

Las Paunas 

fair 

27 

New York 

am 

24 

V*f*» 

fair 

18 

Luna 

far 

21 

Nice 

far 

20 

Vienna 

cloudy 

15 

Lisbon 

fa a 

2/ 

Nicosia 

sun 

38 

Warsaw 


14 

London 

fair 

16 

Oslo 

fair 

13 

Washington 


26 

Lux.bourg 

fair 

U 

Paris 

rain 

13 

Wrflngton 

shower 

12 

Lyon 

far 

18 

Perth 

shower 

27 

Winnipeg 

shower 

21 

Modena 

fair 

26 

Prague 

fair 

15 

Zurich 

shower 

16 


THE LEX COLUMN 

Shaken and stirred 


Those inclined to look back will find 
plenty to grumble at in yesterday’s 
restructuring announcement from 
Grand Metropolitan. The company 
seems unab le to shake off an inclina- 
tion to pile up provisions. The £280m 
charge announced yesterday, primar- 
ily for reorganisation of the drinks 
and European food business, follows a 
£175m charge a year ago for the US 
food and eye care businesses. If Grand- 
Met really is trying clean up its 
accounts, why is it still resorting so 
heavily to exceptional charges? If the 
drinks business really is in need of 
surgery, why were its problems not 
addressed earlier? Cynics would say 
the new top team is simply setting 
itself up for a run of good operating 
profits. 

Yet those prepared to look forward 
must admit that the new approach is 
both reasonable and a reflection or 
GrandMet's growing internal strength. 
Disposals and cash generation have 
strengthened its balance sheet, so it 
can more easily cope with the outlay 
involved in restructuring. The latest 
programme will enable GrandMet to 
spend more on marketing its spirits 
brands, some of which have suffered 
slightly from neglect 

Two big questions remain. Grand- 
Met clearly needs to do something 
about its European food business, 
which lacks critical mas* The choice, 
left open in yesterday's announce- 
ment. is between expansion and wind- 
ing down which might prove less 
risky. The other concern is whether 
the weakness of the spirits business 
reflects fundamental pricing troubles. 
GrandMet’s recovery wfll be slower if 
today’s austere climate has left con- 
sumers reluctant to pay up for pre- 
mium brands. That environment 
would hit other producers too, though. 
In such a world the prizes accrue to 
those with the most efficient produc- 
tion and distribution networks. 

MAI 

The recent news about MAI has 
been dominated by its mprfia side - in 
particular Lord Archer’s controversial 
share orders in the run-up to the 
group's bid for Anglia Television. But 
that was not what was worrying the 
stock market yesterday. MATs media 
division, which includes Anglia, 
exceeded expectations. The cost-cut- 
ting phase is over and MAI is now 
moving ahea d with plans to build up 
Anglia’s TV production operations. 
Originally, MAI predicted the £292m 
acquisition would be earnings neutral 


FT-SE index: 3079.1 (+i4.0) 


Grand Metropolitan 

Share price relative to the 
FT-SE-A AlkShare Index 



1901 . 92 93 94 


Soura: FT Graphite 

in its first year. Now it says tbe deal 
will enhance earnings. 

What sent MATS shares tumbling S 
per cent were concerns that its money 
broking operations - which still dwarf 
the media side - were running out of 
steam. There are two things to be said 
about this. First, it is hardly surpris- 
ing that MAI is not enjoying the bum- 
per conditions which prevailed before 
the US Federal Reserve raised interest 
rates in February. Second, the group is 
responding to the slimmer picking s in 
the market by emphasising cost-con- 
troL Not only are its wage costs vari- 
able. as bonus makes up a large pro- 
portion of brokers’ remuneration, MAI 
has also benefited from lower interna- 
tional telecoms charges, its other mam 
cost centre. That said, money broking 
is not a fast-growing business. MAI 
can be expected to grasp the opportu- 
nities to expand its media side when- 
ever they occur. 

Hochtief/Holzmann 

Hochtief’s proposed acquisition of 
an additional 10 per cent stake in 
P hilip Holzmann signals the beginning 
of antagonistic relations between Ger- 
many’s two biggest construction com- 
panies. The move will take HochtieFs 
holding in the larger Holzmann to 30 
per cent, a platform from which Hoch- 
tief, itself a subsidiary of the RWE 
energy conglomerate, is likely to agi- 
tate for management control. 

Despite Holzmann’s desire to remain 
independent, the case for merger is 
strong. The companies operate in com- 
patible areas, with an especially good 
fit outside Germany where Holz- 
mann’s DM4bn of turnover makes it 
twice as big as its rival. The smaller 


Hochtief is the more profitable with a 
return of nearly 5 per cent on turnover 
at the last earnings peak, five times as 
high as at Holzmann. Hochtief could 
extract operational efficiencies at 
Holzmann, whose shares have under- 
performed the market by 50 per cent 
over the past five years. 

However compelling the argument 
for fusion, changes of corporate con- 
trol in Germany - especially those 
promoted against the will of incum- 
bent management - are long-drawn 
out affairs in which the Interests of 
the big shareholding banks invariably 
take precedence over those of minority 
shareholders. The traditional, back- 
door way for Hochtief to win control 
would be to acquire Deutsche Bank’s 
30 per cent stake in Holzmann (though 
at present the bank says it is not sell- 
ing). Better, for the evolution of Ger- 
many’s financial markets, would be 
for Hochtief to make a full-scale take- 
over offer. 

City regulation 

The British system for investigating 
and prosecuting fraud has once again 
been found wanting. Powers that com- 
pel suspects to answer questions are 
blatantly unfair - as the European 
Commission of Human Rights has 
ruled in its assessment of the Guin- 
ness affair. But it is not as though 
these powers are particularly effective 
anyway. Britain’s record of convicting 
fraudsters is notoriously poor. 

A rethink is needed. A promising 
approach would be to abandon crimi- 
nal punishments for many classes of 
financial skulduggery and instead 
focus on civil penalties. Those con- 
victed could be fined, ordered to resti- 
tute funds to those who had been dam- 
aged, and/or be disqualified from 
being directors. When individuals 
have not personally enriched them- 
selves, a prison sentence often looks 
unnecessarily harsh. And since they 
would not go to jail, ft might also be 
acceptable to lower the standards of 
proof to those in civil cases. 

The main argument deployed 
against such an approach is that it 
would create one law for the rich and 
one law for the poor: petty thiefs 
would end up in prison, but big fraud- 
sters would noL But this need not be 
so. It would still he possible to retain 
criminal sanctions for cases such as 
embezzlement. Moreover, if the evi- 
dence was not strong enough for a 
criminal trial in such cases, surely it 
would be better to inflict stiff civil 
penalties thaw no punishment at alL 



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For further infomunon about the TI Group, contact (be Department of Public AHure. TI Croup ptc. Lam bourn Court. Abingdon, Oxon OXM IUH. England 







2J 


$ 



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Vr 1 *-- 1 l* 

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brother, 

TYPEWRITERS 
WORD PROCESSORS 
PRINTERS 
COMPUTERS 
FAX 


FINANCIAL TIMES 

COMPANIES & MARKETS 

©THE FINANCIAL TIMES LIMITED 1994 Tuesday September 20 1994 



0816892266 


WORLDWIDE EXPERTISE AND RESOURCES 


IN BRIEF 


Ronson could head 
salvaged Heron 

Holders of £37 8m ($599m) of debt In Mr Gerald 
Ronson s property group Heron International were 
yesterday offered £142m of cash, or the chance of 
taking a stake In the group which could continue to 
be run by Mr Ronson. Page 22 

BK Vision wins rights case 

BK Vision, the investment company controlled by 
Mr Martin E brier’s B Z b anking group, has won a 
landmark court challenge against a Swiss compa- 
ny s attempt to reduce shareholder rights in issues 
of new equity capital. Page 22 

Kemtra alms to raise FUl^bn in offer 

Kemira. the Finn i s h state-owned chemicals group 
said It hopes to raise more than FMLSbn (S305m> 
through an international share issue. Page 24 

HungarHotels contenders line up 

American General Hospitality, a privately-held US 
company, and Intercontinental Hotels, the Japa- 
nese-owned hotel group, emerged as the top con- 
tenders for a 51 per cent stake in HungarHotels, 
Hungary's last state-owned hotel chain to come up 
for privatisation. Page 24 

Shareholders approve Coles plan 

Shareholders in Coles Myer, one of Australia’s larg- 
est retailers, yesterday approved the company’s 
plans to buy bade 21.45 per cent of its equity, for 
A$lJ26bn ($920m). Page 25 

Gillette’s Indian swathe stalled 

A year after Gillette was given permission by the 
Indian government to acquire a stake In India’s big- 
gest shaving blades manufacturer, the USbased 
multinational's plans for the subcontinent have 
been stalled by a family feud and a drawn-out legal 
battle. Page 25 

Jardine Matheson rises 24% at Interim 

Jardine Matheson, the trading conglomerate which 
is to delist from the Hong Kong stock ex chang e at 
the end of the year, has reported a 24 per cent 
increase in earnings. Page 25 

Storm devastates Windward bananas 



<o 






The banana industry in the Windward Islands, 
the main source of British imports, was devastated 
by the tropical storm that passed through the east- 
ern Caribbean ten days ago. Page 30 

Morgan Crucible up 8% at Interim 

Morgan Crucible, the speciality UK materials manu- 
facturer. is increasing its dividend for the first time 
since 1991 after reporting an 8 per cent rise in 
interim pre-tax profits to £35m (553.9m). Page 28 

Companies in this Issue 


AUders 

Andaman Resources 
Anglo-Eastern Plant 
BB Biotech 
BK Vision 
BLP 

Bwrvose 
Britannia Group 
Coca-Cola 
Cotes Myer 
Cotania 

Compaq Computer 
Dairy Form 
Datrontech 
Dinkie Heal 
Ericsson 

E 1 burgh Fund Manage 
France Telecom 
QT Japan 
General Hospitality 
GtOette 

Goidsborougti Health 

GrandMet 

High Gosforth Park 

Hobson 

Hochtief 

Hughes 

HungarHotels 

ISM 

ISA 

In Brit Healthcare 
bite! 

intercontinental 

bkflwn 


IS 

We of Man Steam 

29 

29 

Japan Tobacco 

25 

29 

Jardine Matheson 

25 

25 

Karma 

24 

22 

Kwik Save 

28 

29 

Ladbroke 

28 

29 

Lufthansa 

18 

29 

M6 

22 

24 

MAI 

28 

25 

Macintosh 

24 

21 

Magnolia 

28 

19 

McDormei Douglas 

24 

28 

Medeva 

29 

29 

Morgan Crucible 

28 

29 

NTT 

25 

4 

Nampak 

28 

29 

Northern Racing 

29 

22 

Ofivetti 

22 

29 

Pancontmenal Mining 

28 

24 

Pechiney 

21 

25 

Philipp Holzmann 

21 

29 

PosGold investments 

28 

21 

GVC 

15 

29 

RNno 

29 

29 

Roxboro 

28 

21 

Sanderson Bramafl 

28 

24 

Savoy Hold 

15 

24 

SrrfthKtlna Beecham 

29 

24 

Tlphook 

22 

28 

Tumpyka 

2S 

29 

UAP 

21 

19 

Veba 

2221 

24 

Wakeboume 

29 

2221 

Yorkshire Food 

29 


fllariurt Statistics 


{Anal report; sorek* 32-33 

Benctaiafc Gmt bonds 27 

Bond futures and options 27 

Bond prices aid yields 27 

Commodate prices 30 

DMdeods announced. UK 28 

EMS currency raws 3B 

Eoraboal prices 27 

fixed interest Indices 27 

FT-A World mffleas Back Page 
FT floW Minas Irate Back Pas® 
FT/IS8M friH bond S« 27 

FT-SE Actuate wines 


Foreign exchange 
GUIs prices 
LtTte etpity Options 
London share service 
London (rati options 
Managed funds service 
Money maikets 
New htU bond Issues 
Recent issues. UK 
Short-tom fit rales 
US Merest rate* 

Worid Stock Markets 


38 

27 

31 

32-33 

31 

34-38 

38 

27 

31 

38 

27 

38 


Chief price changes yesterday 


nuMKnnrr pao 


PATHS (PM 
Rises 


Nolznum 

Fella 

A Ran: 

Pm vwiin 
Coitwa Pft 
Porsche 
Vein 

NEW von 
Rtaos 

Coca Cou 
Oqtta) 6} 
boon 

Tima Wjnw 
Folia 

AtLsi ftcJI 
Con Eire 


1182 

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10 

httcMQua 

670 

+ 

15 




Pmmodes 

960 

+ 

21 


_ 

52 

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4«S 

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IS 

ASrujuWs 

710 

— 

27 

STD 


35 

DM font 

780 

- 

27 

735 


40 

Oal Mai 

3975 

- 

11.5 

532.8 

_ 

8.7 

6T14-Entrep 

462 


14 

m 



TOKYO (Van) 






Rlsaa 




49 

+ 

V* 

ChnoTS 

1500 

+ 

80 

26V, 

60 

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IN 

Fate 

AOfama Trad 

3270 

- 

Z10 

38 

* 

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Ml Tokyo 

739 

“ 

33 




XOfOSMa 

BSD 

- 

35 

101 'r 



Mercian 

717 

“ 

34 

S fW 

- 

i; 

Horitike 

762 

” 

38 


Now York prices at 1230pm. 
LONDON pence ) 


OtaatSa 

Sreja 

Hanoi Enow 

H.H5KD 

&WQX (Wml 

#«» 

’rortsh/e Food 

jsws 

Falls 

BIT 

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174 - 


16 

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lGt 

T4 

10 
29 

0 

2J1* 

16 

6 


Bensons bbps 
CbnUerisri 
m 

Mugwto 
Patera 2och A 
Pentmmen 
RTCWRd 
RNM 

Sandcnon Brmfi 177 
TottonW* MH|» 135 - 


48 - 

38 - 

B5H> - 

74 - 

471 - 

332 - 

1775s - 
37 - 


4 

4 

23 

4 

12 

14 

E 

8 

BVr 

9 


Veba quickens pace on telecoms 


By Christopher Parkas In 
Frankfurt and Michael 
Undetnann ht Bonn 

Veba. the German energy-based 
conglomerate, aims to build its 
fledgling telecommunications 
subsidiary into an international 
operation with sales of DMSbn a 
year by 2003, according to Ur 
Ulrich Har tmann, group chair- 
man. Further steps ann ounced 
yesterday included the purchase 
of a 10 per cent stake in the Irid- 
ium satellite communications 
group and agreement on a joint 
venture with Deutsche Balm, the 
German railway. 

The group is also close to con- 


cluding an agreement on selling 
a stake in its Vebacom telecoms 
subsidiary, set trp in March this 
year, to an inte rnational partner, 
Mr Hartmann revealed In a 
speech in DOsseldorf last night 
The group aimed to invest 
DM6bn by 2003, building up tele- 
communications into a business 
with a- 10 per cent share of the 
German market, and creating 
10,000 new jobs in the process. 

In a flurry of developments, 
Veba announced it was to invest 
$14Qm in a 10 per cent stake in 
Iridium, and si gned an agreement 
in principle with Deutsche Bahn, 
which will give it access to the 
signalling and track network. 


Iridium, whose other key 
shareholders include Raytheon, 
Lockheed and Spruit of the US, 
plans to launch a network of 66 
low-orbiting satellites in 1996 
which will provide global wire- 
less communications services. 

Veba’s stake will give it exclusive 
rights to run the service in north- 
ern and western Europe. 

Mr Hartmann said the aim was 
to offer new-generation mobile 
telephone services from 1998. 
allowing users to call worldwide 
using the same handset and num- 
ber. The service to the remainder 
of the continent will be run by 
Stet, the Italian group. 

According to Mr Hartmann, 


Vebacom had applied for a 
licence from the post ministry to 
run a ground-based network in 
co-operation with Deutsche Bahn, 
based in Leipzig, to supply a lim- 
ited customer base with high-per- 
formance services. 

The group's telecommunica- 
tions business, based on the 
internal network of its Preussen 
Elektra power generation and 
distribution division, is in the 
early stages of development, but 
growing quickly. Vebacom 
already holds a 28.25 per cent 
stake in E-Plus, Germany’s latest 
portable telecommunications net- 
work, and has recently forged 
links with private concerns in 


France and Switzerland. 

Mr Hartmann said he expected 
Vebacom to start showing profits 
by 1999. While the link with 
Deutsche Bahn appeared to be a 
pre-emptive strike against other 
German corporations developing 
telecommunications divisions, 
and could face strong political 
and industrial opposition, the 
revelation of negotiations with 
several potential partners, sig- 
nalled a major step forward. 

Mr Hartmann said he expected 
to reach agreement with a suit- 
able partner before the end of the 
year. “I would not go into the 
business without a strategic part- 
nership.” he said. 


Pechiney 
trims loss 
and sees 
second-half 
recovery 

By John Ridding in Paris 

Pechiney, the French state- 
owned aluminium and pwtog lii g 
group, yesterday ann ounced a 
slight improvement in first-half 
results, narrowing net losses to 
FFr32 im (S61m) from FFT397m 
in 1993. 

A statement from Pechiney, 
which is scheduled for privatisa- 
tion by the French government, 
forecast a marked improvement 
in second-half results on the 
back of a recovery in aluminium 
prices and increased contribu- 
tions from other of its industrial 
activities. 

Pechiney International, the 
packaging arm of the French 
group, saw net profits fall from 
FFr439xn to FFr314m. The com- 
pany said its US drinking can 
operations, which have been hit 
by weak prices, was being 
restructured at a cost of 
FFr369m. 

According to Pechiney, the 
first half had seen a clear 
improvement in the economic 
environment which bad helped 
its industrial and aluminium 
operations. These activities were 
severely affected by recession 
last year, when the group suf- 
fered a loss of FFrSSOm. 

Group sales amounted to 
FFr33. 96bn in the first half, com- 
pared with FJT31.27bn in 1993. 

Operating results across the 
group’s principal sectors saw 
varying fortunes. Profits from 
FFr905m to FFr890m in the pack- 
aging division, but rose from 
FFrl95m to FFr214m in the tur- 
bine components. The alumin- 
ium business narrowed its oper- 
ating loss from FFrl38m to 
FFr45m. 

At Pechiney International, 
sales were stable at FFr17. 7bn. 
Operating results were also in 
line with the first half of last 
year, recording a profit of 
FFrl.OSbn. Increased taxes and 
financial expenses, however, 
depressed the net profit figure. 

The French government has 
not given a tuning for the sale of 
Pechiney, one of 21 companies 
on Its list of privatisation candi- 
dates. Industry observers in 
Paris said that Mr Jean Pierre 
Rodier, wbo took over as chair- 
man in July, may need time to 
develop his strategy for the com- 
pany before pushing for privati- 
sation. Mr Jean Gandois, the for- 
mer chairman who stood down 
to become a candidate for the 
head of the Patnmat, the French 
employers' association, had 
sought privatisation by the end 
of this year or early 1995. 


David Blackwell reports on £140m of a charge to reshape drinks arm 

GrandMet sets store 


While getting out of the US pet 
food market was seen in the City 
yesterday as a smart move for 
Grand Metropolitan, the 
announcement of further 
restructuring costs at the UK 
food and drinks group was not so 
welcome. 

The £280m ($434m) exceptional 
operating charge, to be taken this 
year, follows last year’s £175m 
charge for reorganising the North 
American food operations. 

When Lord Sheppard became 
chairman in 1986 GrandMet was 
running around 30 disparate 
businesses. He identified food 
and drink as the two sectors on 
which the group should concen- 
trate its efforts. 

Yesterday he said: “Over 
recent years GrandMet has 
moved from a multifaceted con- 
glomerate to a highly focused 
branded international food and 
drinks business.” 

Half of the latest charge will be 
devoted to International Distill- 
ers and Vintners, the world's big- 
gest spirits producer. IDV is the 
jewel in GrandMet’s crown, 
accounting for half the profits, 
but tough conditions in some of 
its main markets, such as the US 
and Germany, have led to what 
the group called yesterday 
“uneven trading". .. 

At the time of the interim 
results in May. GrandMet said 
that destocking in the US drinks 
market was likely to cost it £4Qm 
this year. Yesterday it warned 
that HIV’s profits are expected to 
be lower when the full-year 
results are announced on Decem- 
ber L 

Last year's restructuring pro- 
duced annualised cost savings of 
£70m, and helped the group to 
increase its marketing spend by 
£50m over last year’s £879m. The 
latest programme is expected to 
bring in a further reduction of 
£90m a year over the next two 
years. 

Mr George Bull, who became 

chief executive 

last December, 
said the in-depth 


by its spirits shelf 



in Europe and the US, and not 
much room for price increases. 
GrandMet is excited by potential 
markets in Asia and eastern 
Europe, both for drinks and food 
Restructuring the European 
food businesses - mainly Bros- 
sard, the cake maker and Hfla- 
gen-Dazs Europe, the ice-cream 
maker - will soak op £55m. Euro- 
pean food contributed £735m to 

turnover but 

. only £l5m of 

TnC group IS operating profits 

- - last year. Again, 


end this month would "show 
improvement over last year", 
when it reported pre-tax profits 
of £63Qm after £286m of charges. 
Free cashflow - £549m last time 
- had “remained strong". 

The exceptional £200m profit 
from the sale of the Alpo petfood 
business to Nestle will be 
recorded in the 1994-95 accounts. 
Alpo, which has net assets esti- 
mated at $150m, is expected to 
make a trading profit of $47m for 


the year ending this month on 
sales of $430m. 

Nestle, the world's biggest food 
group, is paying $510m for Alpo, 
the seventh largest operator in 
the competitive US petfood mar- 
ket 

The deal, which could make 
Nestle market leader in US dog- 
food, is subject to review by the 
US Federal Trade Commission. 
Editorial Comment, Page 21; 
Lex, Page 22; Observer, Page 21 


Hochtief 
wants 
more of 
Holzmann 

By Michael Lindemann in Bonn 

Hochtief, the German 
construction company, yesterday 
said it intended to increase its 
stake in its rival Philipp Holz- 
mann, fiielling speculation about 
a possible takeover. The pur- 
chase of a further 10 per cent 
would make Hochtief the biggest 
shareholder in Holzmann. lifting 
its stake to 28.7 per cenL 

Hochtief. Germany’s second 
biggest building group, said the 
purchase was designed to 
increase co-operation between 
the companies on the interna- 
tional market. 

Holzmann said it would 
co-operate with Hochtief, espe- 
cially on foreign contracts, but 
warned it would do everything it 
could to remain independent. 

Hochtief's bid mast be 
approved by the monopolies 
authorities who warned that the 
companies con Id have a domi- 
nant position in several niche 
markets such as bridge building. 
The Berlin cartel office said it 
would need “a few months” to 
evaluate the purchase. 

Deutsche Bank is the second 
biggest Holzmann shareholder 
with 25.9 per cent and there was 
speculation yesterday that Hoch- 
tief may buy some of its holding 
to further increase its stake. 

The bank did not to participate 
in a Holzmann rights issue last 
year, hinting that it was not 
Interested in a long-term invest- 
ment. Earlier this year Deutsche 
said it wanted to ran down 
shareholdings in some industrial 
companies but yesterday denied 
immediate intentions to sell 
Holzmann shares. 

Hochtief has held about 20 per 
cent of Philipp Holzmann since 
1981. It plans to bny the further 
10 per cent from BfG Bank, a 
subsidiary of Credit Lyonnais. 
BfG took the 10 per cent stake 
late last year but said it did not 
regard its stake as “strategic'’. 

Hochtief and Holzmann would 
have a combined turnover of 
around DM20bn (SI3.7bn) but 
Hochtief is considerably more 
profitable, reporting a 1993 
profit of DM 122m on a turnover 
of DMSbn. Holzmann earned 
DMl06m on sales of DMl2.4bn. 

If German banks reduced their 
industrial shareholdings this 
would ensure greater transpar- 
ency on the stock markets. How- 
ever, a source at Holzmann 
warned that reforms would not 
be served if Hochtief, which is 
owned by RWE, Germany’s larg- 
est utility, was allowed to 
increase its stake. 

Lex, Page 20 


review of the i uuh year. Again, 

group's bosl- excited, by potential the group would 

nesses over the markp-tc in Acia be looking to 
last 18 months marKtiU* Ul 1AM4 streamline pro- 

had been aimed and eastern Europe duction and 
at improving improve effi- 


long-term 

growth in earnings and cash 

flow. 

“The benefit of these pro- 
grammes will be an overall 
reduction in our cost base which 
will allow increased investment 
in our brands." he said. 

The £140m allocated to IDV, 
which has 13 of the world's top 
100 brands and operates in 50 
countries, win be spent on 200 
differ ent projects, concentrating 
on plant rationalisation, office 
closures and redundancies. 

The group has been encour- 
aged by the success of the North 
American programme - mainly 
at PQlsbury - to take a hard look 
at IDVs cost base. 

With limited room for growth 


ciency in order 
to get a satisfactory return. 

A further £32m win be spent on 
a restructuring programme 
already in progress at Burger 
tying , the hamburger chain, and 
£20m on cutting corporate costs. 

Charges of £28m relate to a fur- 
ther reduction in the group's 
property portfolio. The properties 
- put up for sale in June - 
include the former Truman Brew- 
ery in London's Brick Lane. They 
are expected to generate more 
than £60m of cash, helping to 
keep the net cash cost of the 
whole restructuring package to 
less than £100m. 

GrandMet said yesterday that 
before exceptionals, restructuring 
and tax. profits for the year to 


UAP takes full control of 
Colonia in DM1 .2bn deal 


By David Buchan In Paris 

Union des Assurances de Paris 
yesterday announced it was 
mounting a DM1.2bn ($78Qm) deal 
to pay Oppenheim, the private 
German group, for its minority 
stake in a ho lding company in 
order to give the French insur- 
ance group 100 per cent control of 
Colonia, Its German insurance 
subsidiary. 

In a complex financial deal, 
UAP has been able to reduce the 
amount of cash paid to Oppen- 
heim by exploiting Westdeutsche 
Landesbank's desire to raise its 
stake in the French insurance 
company. 

UAP will finance the deal 45 
per cent in “quastown funds" or 
bonds convertible into shares, 33 
per cent in ordinary bonds and 
the remaining 22 per cent in 
cash. 

Last October UAP and Suez, 


the French financial group, 
swapped their insurance hold- 
ings. Suez gained Victoire's 
French insurance subsidiaries, 
and UAP took Victoire’s 78.8 per 
cent stake in Vinci, a specialist 
holding company controlling var- 
ious European insurances compa- 
nies notably Colonia. the third 
largest German insurer with 
DM8.8hn worth of business a 
year. The remaining stake in 
Vinca was held by the Oppenheim 
family, who had earlier sold out 
control to Victoire. 

“With the Oppenheims having 
a ‘put’ or option to sell their 
stake, it was always clear that if 
they exercised it we would try to 
buy the stake,” said UAP, adding 
that “the only question for us 
was how to minimis e our cash 
outlay". 

UAP's opportunity arose when 
it was privatised earlier this year. 
Westdeutsche Landesbank joined 


the “noyau dur", or core of insti- 
tutional investors organised by 
the French government. Like 
other core investors its stake was 
scaled back to 22 per cent by the 
French government, but the 
regional German bank wanted a 
higher stake. 

By putting up FFr482m ($92m) 
to buy bonds convertible into 
UAP shares - thereby providing 
the French group with cash to 
pass on to the Oppenheim group 
- the German bank will now see 
its stake in UAP rise to 3 per 
cent 

One third of the Oppenheim 
group's DMIJZbn stake will be 
paid for in bonds convertible into 
shares in the year 2000, one third 
in ordinary four-year bonds 
redeemable in cash, and one 
thir d in cash. 

This will leave the Oppenheim 
group with a 2ii per cent stake in 
UAP. 


HAMBROS BANK LIMITED 


AND 



ACTED AS FINANCIAL ADVISERS TO 

A 

CHARTER 

IN THE PUBLIC OFFER OF 

SEK 3,380 MILLION 

FOR 

£ESAB GROUP 

The World’s leading producer of 
material and equipment for welding, and of cutting 
and industrial working environment equipment 


HAMBROS BANK LIMITED 
41 Tower Hill. London EON 4HA 
Member of SFA 


ALFRED BERG FONDKOMMISSlON AB 
Birger Jarlsgatun 7. S 10725 Stockholm 

Sweden 

August 1991 


i 




FINANCIAL TIMES TUESDAY SEPTEM BER 20 I «>94 


INTERNATIONAL COMPANIES AND FINANCE 


Debt holders offered new 
terms in Heron rescue 


By Simon Davies fn London 

Holders of £37 8m ($59SmJ of 
debt in Mr Gerald Ronson's 
property group Heron Interna- 
tional were yesterday offered 
£142m of cash, or the chance of 
taking a stake in the group 
which could continue to be run 
by Mr Ronson. 

HNV Acquisition, which is 
controlled by US entrepreneur 
Mr Steven Green and has Mr 
Rupert Murdoch and Mr Mich- 
ael Milken's family trusts as 
backers, yesterday released 
details of an offer, which will 
give it at least 51 per cent of 
the group. 

This follows the collapse of 
the £1.4bn bank restructuring 
finalised last September. 

Mr Green has proposed that 


the day-to-day management 

continues under Mr Ronson's 
guidance and that he remains 
an executive director, but no 
employment terms have been 
agreed. 

The board of Heron stated 
that ‘it is highly probable that 
failure to implement the pro- 
posed offers will result in 
receivership and/or the instiga- 
tion of bankruptcy proceedings 
in some or all group compa- 
nies". 

Both the board and the com- 
pany's bankers have concluded 
from separate studies that the 
rewards of receivership would 
be substantially lower. 

Mr Basil Vasiliou, chairman 
of Vasiliou & Company, which 
speaks for a large number of 
non-bank bondholders, wel- 


comed the offer as “extremely 

positive”. It follows what has 
effectively been a two-year 
receivership that has cost 
Heron about £50m. 

HNV is offering £450 or 300 
HNV A shares for every £1,000 
of senior debt. £80 cash or 40 
shares for every £1,000 of 
junior debt, and £7.50 or five 
new shares per old Heron 
share. HNVA is committed to 
achieving a listing in the 
future, but the banks are likely 
to take cash, and Mr Green is 
expected to be left with at least 
70 per cent of the company. 

The announcement was 
accompanied by Heron’s profit 
figures for the year to March, 
in which the group made an 
operating loss of £&8m, against 
a profit £30.2m. 


BK Vision wins rights case 


By Ian Rodger in Zurich 

BK Vision, the investment 
company controlled by Mr 
Martin Ebner’s BZ banking 
group, has won a landmark 
court challenge against a Swiss 
company's attempt to reduce 
shareholder rights in issues of 
new equity capital 
Union Bank of Switzerland, 
in which BK Vision is the larg- 
est single shareholder, last 
year won approval from its 
AGM to create pools of equity 
capital that could be used at 
the board's discretion for 
acquisitions or equity linked 
bond issues without seeking 
further authorisation from 


shareholders or respecting 
their pre-emptive rights. 

BK Vision claimed that a 
new Swiss companies act, 
which came into force in 
1992 and authorised the cre- 
ation of these pools of capital, 
required that companies 
specify to the AGM the pur- 
poses for which they would be 
used. 

The panel of five commercial 
court judges agreed that nei- 
ther the capital nor the voting 
rights of shareholders could be 
withdrawn, even by a majority 
AGM vote, unless it was for a 
specified purpose. 

The court made clear that it 
understood that the purpose 


could not always be disclosed 
in detail, as for example, in the 
case of a large acquisition. 
However, guidance had to be 
given. 

After the new companies act 
came into force, several quoted 
Swiss companies drew up reso- 
lutions creating pools of 
authorised and conditional cap- 
ital and bad them approved by 
their AGMs. 

The court did not say that 
these resolutions, none of 
which were challenged within 
the time limit allowed by the 
law. were void. Its judgment 
applies only to DBS and, if it is 
not overturned on appeal, as a 
prescription. 


General Mills suffers cereal setback 


By Tony Jackson in New York 

General Mills, one of America's 
biggest producers of breakfast 
cereals, suffered a 21 per cent 
slump in cereal sales volume 
in its first quarter to August 
28. The company blamed sup- 
ply disruptions during the 
summer, when it discovered it 
bad been using in its cereals 
oats treated with an unauthor- 
ised pesticide. 

General Mills said the costs, 
which obliged it to throw away 
some 50m boxes of cereal, had 
been included in last year’s 


results. However, cereal pro- 
duction. suspended in June, 
had not been fully resumed 
until the second half of July. 
That had affected first-quarter 
sales and profits both. 

The company said that short- 
age of product had caused its 
share of the $9bn US cereal 
market to fall from 29 per cent 
to 24 per cent in the quarter. 
However, trade inventories 
were now normal and full mar- 
keting support had resumed. 
Sales were ahead of budget, 
the company said, and a 
“resumption of earnings 


momentum” expected. 

Net income for the quarter 
fell 9 per cent from $1.04 per 
share to $0.95, on sales down 5 
per cent at flJffibo. Excluding 
the cereals operations, the 
company said, earnings were 
up 8 per cent on the year 
before. Volume of its Betty 
Crocker products, excluding 
snacks, had risen 8 per 
cent. 

Restaurant sales were up 6 
per cent in the quarter, but 
operating profit was virtually 
flat. General Mills’ shares rose 
$% to $56% in early trading. 


Political uncertainty holds sway in Italy 

Budget discussions may cloud the forthcoming results season, reports Andrew Hill 

T he Italian stock market, figures are difficult to forecast, Italy Gianni Agnelli, chairman, at tartar on the bo"d“arket 

like Italian newspaper and tricky to interpret They the groups annual meeting m for 

hea dlin es, sometimes art * unaudited ay| d maiaHy pub- Cornu Index June. The domestic market Is cement compuri 


T he Italian stock market 
like Italian newspaper 
headlines, sometimes 
seems to be just a noisy 
approximation of what is really 
happening. Milan's principal 
equity indices are no higher 
now than they were on the eve 
of the country's mould-break- 
ing general election in March, 
in spite of the fact that Italy's 
quoted companies are about to 
publish evidence of real eco- 
nomic recovery In their half- 
year results. 

The main reason is that this 
year's Italian results season - 
although it will be the first for 
two or three years to bring pre- 
dominantly good news - coin- 
cides with nervousness about 
the economic plans of Mr Sit 
vio Berlusconi's government. 
Investors are preferring to 
focus on cabinet ritgcnns lo™ of 
the country's budget for 1995, 
which must be completed by 
the end of the month. 

As one analyst puts it The 
political uncertainty win pre- 
vail over the markets. It looks 
lifep any investment in Italian 
financial assets - lira, bands or 
equities - has a precondition, 
and the precondition is: a good 
1996 budget" 

Privately, Italian entrepre- 
neurs are frustrated by inves- 
tors' emphasis on the fragile 
political situation. Whatever 
happens to the government, 
the news coming in from sub- 
sidiaries looks good, they say. 

Italian pnmpaniwi' half -year 


figures are difficult to forecast, 
and tricky to interpret They 
are unaudited and usually pub- 
lished before tax, a notoriously 
unpredictable element in full- 
year results. There is room for 
some companies - financial 
and hanking groups in particu- 
lar - to exercise a certain 
amount of discretion about 
what they declare at the half- 
way stage. 

But there is a consensus 
among analysts that the big 
industrial companies will show 
in the next fortnight how they 
are reaping the rewards of 
restructuring, and, at last, 
making the most of a weak 
currency. “Exporters are doing 
extremely well, and the recent 
weakness of the lira is helping 
this,” says Ms Sophie Blan- 
pain, equity strategist with 
Credit Suisse First Boston in 
London. 

F our of Italy’s biggest 
quoted industrial groups 
- Montedison, Fiat, 
Pirelli and Olivetti, for exam- 
ple - all recorded large net 
losses in 1993. But their 
interim results should demon- 
strate a marked improvement 
in trading, which is Ukefy to be 
reflected also in the perfor- 
mance of smaller manufactur- 
ers, often dependent on the 
giants for their livelihood. 

Montedison, the chemicals, 
energy and agro-industrial 
group, already announced 
a return to interim pre-tax 


Comit index 

850 

800 




1992 . 33 94 

Samot FT GrepMta 

profits for the first tune since 
1991. On Friday, the group, 
which came dose to collapse 
last year, reported a pre-tax 
profit of L289bn ($185m) in the 
first half against a loss of 
L369bn in the equivalent 
period. The shares rose by 5 
per cent immediately after the 
news was announced, although 
they slipped back later in the 
day. 

Fiat, the automotive and 
industrial group which last 
year recorded the biggest loss 
of its history, is expected to 
demonstrate towards the end 
of tins month that it is on its 
way to making a profit In the 
full year, as forecast by Mr 


Gianni Agnelli, chairman, at 
the group’s annual meeting in 
June. The domestic market is 
still sluggish, in spite of the 
impact of the new Panto, now 
Italy's best-selling car, but the 
company has still managed to 
increase its market share in 
Italy and boost exports because 
of the weak currency. 

Recession has forced both 
Fiat and Pirelli, the cable and 
tyre manufacturer, to restruc- 
ture. Pirelli, which should pro- 
duce its results at the begin- 
ning of next week, reduced 
debt from LAOOObn in January 
1992, to L2,00Qbn by June this 
year, dosed 22 of the 102 facto- 
ries in its core business and 
cut its workforce by 20 per cent 
to 40,000. Again, the half-year 
results should demonstrate 
tha t tiie group is on the way to 
its target of a return to net 
profit in 1994. 

The recovery at Olivetti, the 
computer group, is more frag- 
ile. Its half-year results, which 
will be published on Thursday, 
are likely to be marred by 
large trading losses on the 
group's investment portfolio. 
But although there is still 
some doubt about whether the 
company will take restructur- 
ing charges for 1994 in the first 
or second half, many analysts 
expect Olivetti to break even at 
the operating level in the first 
six months. 

The news is likely to be less 
good in the banking sector - 
hit by trading losses, particu- 


larly on the bond market - and 
for those construction and 
cement companies which are 
still suffering from stagnation 
in the building sector. But 
even here, analysts point out 
that companies such as Uni- 
cem - the cement manufac- 
turer which is part of the 
Agnelli family's empire - have 
reduced tbeir costs substan- 
tially during the two to three- 
year downturn. 

S o far, the Italian business 
community has been 
notably cautious in its 
judgment on Mr Berlusconi, 
perhaps partly out of respect 
for an entrepreneur-turned- 
prime minis ter, partly out of 
residual optimism about what 
is, in effect, Italy's first pro- 
business government since the 
war. 

What they now want to see 
is a strong effort by the gov- 
ernment to match their bard 
work in cutting costs and 
restructuring for a recovery, 
for example by keeping taxes 
down and punning its initial 
proposals on labour market 
flexibility and investment 
incentives. 

When the 1995 budget is 
tabled at the end of this 
month, it will not deliver Italy 
"into paradise or hell," as one 
analyst puts it, but it should 
provide the first indications of 
whether Mr Berlusconi is 
going to fulfil his part of the 
bargain with business. 


France Telecom in MTS stake 


By John Rldcfing 

France Telecom, the French 
state-owned telecoms operator, 
yesterday took a further step 
in its international expansion, 
announcing it would take an 11 
per cent stake in MTS, a Rus- 
sian mobile telephones joint 
venture. 

The stake in the Russian 
venture also represents a 
strengthening of France Tele- 
com's alliance with Deutsche 
Telekom, the Ge rman operator 
from which it will buy the 
stake. 

After the sale, Deutsche Tele- 
kom will have a 28 per cent 
stake in MTS. 

MTS, which holds a 10-year 
exclusive operating licence for 


mobile communications in the 
Moscow area, is 51 per cent 
owned by Russian interests. 
These include MGTS. Moscow's 
public telecoms operator. 

The joint venture, which 
plans to invest about $90m in 
the Moscow mobile communi- 
cations network, launched 
operations in July. It has about 
2,000 subscribers for its GSM 
systems, a digital radio tele- 
phone system used by about 60 
countries. 

France Tfilteom is present in 
Russia in fixed telephone com- 
munications. Since 1992 it has 
jointly operated a network in 
Kaliningrad. 

Last year, it signed an agree- 
ment to help modernise the 
Russian telephone network. 


• M6, the French television 
station which is due to be 
floated later this month, 
should record profits of about 
FFrOQOm ($57m) this year, com- 
pared with FFr229 An in 1993, 
according to Mr Nicholas de 
Taveroost, managing director. 

The flotation is due to take 
place on September 28 at a 
price of FFr260 per share. 

1 y onnalse des Eaux, the util- 
ities and communications 
group, which is one of the tele- 
vision station's controlling 
investors, intends to list at 
least 10 per cent of the shares 
in M6. 

Lyonnaise des Eaux cur- 
rently holds 2&6 per emit of the 
shares, the gamp stake as CLT. 
the Luxembourg media group. 


Rental group directors 
insist chief should stay 


By Simon Davies 

The directors of Central 
Transport Rental Group (for- 
merly Tiphook. the failed inter- 
national container leasing 
group) have examined the 
details of chief executive Mr 
Robert Montague's complex 
personal finances, including an 
estimated £30m ($46. 5m) of 
debt, and are committed to his 
remaining with the company. 

Following last Thursday's 
revelation that the Royal Bank 
of Scotland had issued a bank- 
ruptcy petition against Mr 
Montague, the Tiphook 
founder has refused to explain 
any difficulties concerning the 
EL3m bank loan. 


The directors and newly-ap- 
pointed chairman Mr Ian 
Qubb, have analysed his situa- 
tion. Mr Clubb stated his con- 
tinued commitment to Mr Mon- 
tague. 

Commerzbank and Barclays 
Bazik, which have the largest 
exposure to Mr Montague's 
debts, have both remained 
silent about their intentions. 

However, RBS has yet to 
present the petition to Mr Mon- 
tague, and sources at CTRG 
remain confident that he will 
remain solvent. 

Regardless of the outcome, 
however, the crisis will put 
greater strains on CTRG's 
struggle to survive with 
around £520m debt. 


Sail Into Asia. 


Mir// 




Jardines 


Interim Report Highlights 1994 

Jardine Mattieson 

Strong Profit Growth 

■ Profit after taxation and outside interests US$21 6m + 24% 

■ Earnings per share US®36.69 + 23% 

1 Dividends per share US07.8O + 15% 

“The good results were due to higher earnings from most of the Jardine Matheson 
Group’s affiliates and operating divisions, and particularly to a strong performance by 
Jardine Fleming. The outiook for the full year is for satisfactory earnings growth. " 

Henry Keswick, Chairman 
1 9th September 1994 




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(unaudited) Year ended 

Six months ended 30th June Slat December 
1994 1993 1993 

USSm USSm US$m 

Turnover 

4,476.4 

4.041.7 

8,424.5 

Operating costs 

(4 £845) 

{3,881.7} 

{ 8,062.5 ) 

Operating profit 

191.9 

160.0 

362.0 

Share of profits less losses of associates 

285.3 

198.8 

467.9 

Net interest expense 

(12.1) 

(5.7) 

(5.6) 

Profit before taxation 

465.1 

353.1 

824.3 

Taxation 

(93-5) 

(68.8) 

(160.0) 

Profit after taxation 

371.6 

284.3 

664.3 

Outside interests 

(155.8) 

(110.5) 

(275.5) 

Profit after taxation and outside interests 

215.8 

173.8 

388.B 

Extraordinary item 

- 

35.2 

35.2 

Profit attributable to Shareholders 

215.8 

209.0 

424.0 

Dividends 

(45.4) 

(39.4) 

(128.3) 

Retained profit for the period 

170.4 

169.6 

295.7 


use 

use 

use 

Earnings per share 




— basic 

37.07 

30.21 

67.21 

— f ully-cOhitad 

36£9 

29.79 

66.31 

Dividends per share 

7.80 

6.80 

22.00 


Jardine Matheson HokQngt Limited 

Incorporated In Bermuda with limited habibiy 

The interim cfivWend at USC7.80 per share wffl be payable on 2nd December 19M to Shareholders on the register at the dose at business on 7th 
October 1994 and wffl be avaHabte In cash mAh a scrip alremaUve. The share retfstera v* be closed tram loth to 14th October 1994 inclusive 
The dividend, declared to United States Dollars, wffl also be available to Haig Kang Dollars and Storting, calculated by relercmca lo rates 
prevasng ien business days prior to the payment date. Shareholders on the international branch register win receive United States Doflsre whfla 
Shareholdeis on theHong Kongbranch register receive Hong Kong DoSare, urtess they elect for orw of the alternative currencies by notifying 
the Conwany’a registrars or Iransler agents te 4.00 p.m. (local tine) on 11 to November 1994. Shareholders whose stores are held tfrouoh tto 
Central Depository System to Singapore fCDP*} writ receive Hong Kong OoUars unless they elect through COP to receive United States Dollars. 






FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


23 


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FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


INTERNATIONAL COMPANIES AND FINANCE 


HungarHotels contenders line up 


By Virginia Marsh In Budapest 

American General Hospitality, 
a privately-held US company, 
and Intercontinental Hotels, 
the Japanese-owned hotel 
group, last night emerged as 
the top contenders for a 51 per 
cent stake in HungarHotels, 
Hungary’s last state-owned 
hotel chain to come up for pri- 
vatisation. 

The State Property Agency, 
the privatisation body, said 
three of the live companies 
invited to participate in 
yesterday’s tender had put in 
valid bids. 

Analysts said American Gen- 
eral, which operates 91 hotels 
in the US. and Intercontinen- 
tal, which has wide experience 
in the farmer Soviet bloc. 


were the favourites to win. 

HungarHotels has registered 
share capital of FtSbn 
(US$83 -3m > but the sale of the 
SI per cent stake is expected to 
net around USSfiOm. 

HungarHotels owns 15 hotels 
in Hungary, including eight in 
Budapest and two on Lake Bal- 
aton, the country’s most popu- 
lar summer tourist destination. 
It owns 45 per cent of four star 
hotel capacity in Budapest, 
including the Hotel Forum sit- 
uated on the River Danube in 
the centre of the city which is 
one of central Europe’s most 
visited tourist and business 
locations. 

The chain made net profit of 
Ft6.3ba last year and is project- 
ing net profit of Ft6.6bn for 
1994. Room occupancy aver- 


aged 53.7 per cent last year and 
is expected to increase to 57 
per cent this year. 

Dallas-based American Gen- 
eral, which was founded in 
1981, has a track record in 
turning around loss-making or 
under performing hotels. The 
company, which had turnover 
of US$300m last year, does not 
operate hotels under its own 
name but appoints franchise 
partners for its hotels. In the 
US, it works with chains such 
as Marriott. Sheraton, Hilton 
and Holiday Inn. 

The company said it believed 
Its management could add 
“a lot of value” to Hungar- 
Hotels and that it was 
keen to establish a 
presence in the European mar- 
ket. Presently, the company 


only operates in the US. 

Intercontinental has worked 
in the region since the 1960s. It 
runs the Hotel Fonnn through 
a focal franchiser and until last 
year had a simila r agreement 
with the Duna Intercontinen- 
tal, now the Marriott. 

Intercontinental said, if suc- 
cessful, it would manage 
directly just four hotels in the 
chain. It would leave the 
remainder with their existing 
management which it would 
train. A condition of the tender 
is that the successful bidder 
would not be able to sell off 
any of the 15 hotels for three 
years. 

The SPA is due to launch a 
public offering for the remain- 
ing 49 per cent once the major- 
ity stake has been sold. 


Kemira aims to raise FM1.5bn in share offer 


By Christopher Brown -Humes 
in Stockholm 

Kemira. the F inni sh state- 
owned chemicals group, said 
yesterday it hoped to raise 
between FMl-5bn ($305m) and 
FM2bn through an interna- 
tional share issue to be 
launched next month. 

The offer, as part of Fin- 
land's biggest ever initial pub- 
lic offering, will cut state own- 
ership in the group from 100 
per cent to as little as 71 per 
cent in line with the govern- 
ment’s privatisation pro- 


gramme. It will be accompan- 
ied by a listing of Kemira's 
shares on the Helsinki stock 
exchange. 

Kemira said proceeds would 
be used to cut its FM8bn net 
debt add strengthen its equity- 
to-assets ratio from a weak 15 
per cent to about 25 per cent. 

The group will offer a total 
of 30m ordinary shares at a 
no minal FM1Q each, with an 
option to increase the size of 
the issue by 5m shares if 
demand is strong. The bulk of 
the shares will be offered to 
international institutions, with 


the balance being subscribed 
by Finnish institutions and 
retail investors. 

Many of Kemira's businesses 
are starting to benefit from 
cyclical economic recovery and 
it returned to the black last 
year after two years of losses 
following an extensive cost-cut- 
ting programme. The group's 
biggest division includes fertil- 
isers and it has important 
niche positions in pulp and 
paper chemicals, water treat- 
ment nhumimln ti tan! mw 

dioxide pigments. 

Mr Hetmo Karmen, Kemira's 


chief executive, said: “Kemira’s 
profitability and competitive- 
ness have substantially 
improved following the 
restructuring of its operations 
in the last few years. The 
equity issue will further 
strengthen the group's finan- 
cial position and enable us to 
take full advantage of the 
recovery that is seen in the 
chemical industry.” 

The offer will be launched 
after publication of eight* 
month figures on October 10 
with final pricing being fixed 
in the week of October 31. 


llie Euromarket 
. Professionals 


Republic of Finland 

DM 1,250.000,000 
Floating Rata Notes of 1994/2002 


fcS DePfa-Bank 

DiVKOv- IWnden.* 


DM 500,000,000 

950 % Profit-Sharing Certificates of 1994/2009 


• for 

special clients 

Bank of China 

Bailing. People's Republic of China 


DM 300,000,000 

77*% Deutsche Mark Bearer Bonds ol 1994/1999 


International Bank 
for Reconstruction and Development 

US-S 5.000,000.000 
Mutt! -Currency Note Programme 

'-Onn ,'»'no 


H KARSTADT 


DM 500,000.000 
Multi-Currency 

Euro Medium Term Note Programme 



Land Baden-Wurttemberg 
DM 500.000,000 

Floating Rate Landesobligationen of 1994/1999 


DIE ERSTE 

osterreicliische Spar-Casse - Bank AktiengasaHschaft 
First Austrian Bank 

DM 150,000,000 

5 ■/.% Bearer Bonds of 1994/2001 


SL-BANK 

UNII5ANCO 

LjnHailnuWDai* BaOMVWUtoiiOBHj 

Unibanco - Unido de Bancos Brasiteiros S. A. 

DM 600,000,000 


6.75% Profit-Sharing Certificates 

DM 200.000,000 

Of 1994/2009 

87*% Bearer Bonds off 1994/1997 


McDonnell missile Coca-Cola sales 
operation in doubt exceed estimates 

By Bernard Gray factory at Titusville, Florida, rf* J /uunFl'AF 

which employs 1,300 people on Tfip llHlG. fl ■IfilXGr 
McDonnell Douglas, the US Cruise, must now be in doubt v TL 


By Bernard Gray 

McDonnell Douglas, the US 
aerospace company, faces a dif- 
ficult decision about the future 
of its missile business follow- 
ing its failure to get the “win- 
ner takes all” contract for up 
to (2ba of Tomahawk cruise 
missiles from the US Navy. 

The hard realities of consoli- 
dation in the US defence busi- 
ness were underlined by 
Hughes, die winner of the com- 
petition, which put its success 
down to the cost savings it has 
generated since buying Gen- 
eral Dynamics' missile busi- 
ness two years ago. Hughes 
has rationalised the two com- 
panies' operations and moved 
them all to a single site in Tuc- 
son, Arizona. 

McDonnell Douglas bad put 
its missile operations up for 
sale 18 months ago but pulled 
it off the market because it 
considered offers inadequate. 
Now it is waiting for a debrief- 
ing at the Pentagon which will 
explain why it lost the Toma- 
hawk competition before decid- 
ing what to do next 

The company has work on 
the Tomahawk from previous 
competitions which will last 
until mid-1995. McDonnell 
could also bid for a small con- 
tract to supply the UK with 100 
Tomahawks, bat there is no 
other potential work pending. 

As a result the fixture of the 


factory at Titusville, Florida, 
which employs 1 JG 0 people <m 
Cruise, must now be in doubt 
Another 400 are employed on 
the programme at the compa- 
ny's headquarters in St Louis, 
Missouri, bnt they produce 
ship-based control systems 
which were unaffected by the 
missile compe tition. 

Elsewhere, McDonnell's ship- 
launched Harpoon and the 
stand-off SLAM missile are rel- 
atively small contracts and its 
main development work is on 
the JDAM smart bomb. That 
may not be sufficient to main- 
tain a viable missiles business 
in the rapidly shrin k ing US 
defence market 

In theory, McDonnell Doug- 
las could add to Its missile 
operations, but it is much more 
likely that the company will 
decide to sell to another mis- 
sile maker. Hughes, which bid 
for the business last year, may 
be less interested now that it 
has become the sole supplier of 
Tomahawks. Other potential 
buyers, such as Northrop 
Grumman or Lockheed Martin, 
may still be interested, but the 
price is likely to be even less 
than the (300m reportedly 
offered last year. 

For Hughes, winning the 
contract has fewer conse- 
quences, though it will be able 
to develop Tomahawk for the 
next generation of cruise weap- 
ons. 


Kingdom of Sweden 
DM 200,000,000 

Fixed Rata/Collared Floating Rate Notes 
of 1994/2000 


MAGYARNEMZET1 BANK 

National Bank of Hungary 

DM 1,000,000,000 
8% Bearer Bonds of 1994/2004 


IKB Deutsche Indostriebank EJ 


DM 500.000,000 

Hooting Rata Notes of 1994/1999 


AA f/V 


The Council of Europe Resettlement Fund 


DM 1004)00,000 

Option-Strangle-Notes of 1994/1996 


KAUFtlOF 

Kaufhof Finance B.V. 

DM 100,000,000 
Bearer Bonds of 1994/2004 
with alternating coupons (fixed /variable/fixed) 


□SiraCDj^l 

Aktiengesellscfiaft 
Rights Offering 

DM 5.000.000 IPar Value) Non-Voting Preference Shares 
Capital Increase Through Pre-emptive Rights 

Subscription Price DM 1,900 per Non-Voting 
Preference Share 




ASFINAG 


Autobahnen- und SchneictraSm- 
fteiBaningi-<Wang« M» i d irt 

DM 200,000,000 

Floating Rate Notes of 1994/1999 
and 

2.000,000 Hoor Certificates 


By Richard Tomkins 
hi New York 

Coca-Cola, the US soft drinks 
group, yesterday announced its 
third-quarter volume estimates 
ahead of third-quarter results 
because it said the figures "sig- 
nificantly exceeded" stock mar- 
ket analysts' projections. 

The volume of soft drinks 
sold in international markets 
was expected to be 14 per cent 
ahmari of last year, the com- 
pany said, and in the US 
domestic market, 5 to 6 per 
cent ahaad- Worldwide volume 
was expected to rise by about 
12 per cent 

For the first nine months of 
the year, volumes were expec- 
ted to be 10 per cent higher 
internationally and 6 per cent 
higher in the US, making a 
total of 8 per cent worldwide. 

Analysts had been predicting 
a jump of 25 per cent in earn- 


ings per share, to 55 cents in 
the third quarter, reflecting a 
favourable comparison with 
last year’s weak figures, and 
Coca-Cola said it was "comfort- 
able" with this. The shares 
were up SlV. to (49 at midday. 

Coca-Cola's large increase in 
volumes comes at a time when 
the company is facing competi- 
tion from private label colas in 
some markets, particularly 
Canada and the UK. But the 
company said in-roads by pri- 
vate label manufacturers had 
been more than outweighed by 
volume increases elsewhere. 

Last week. Royal Crown, a 
US private label cola company, 
announced that it had signed a 
long-term agreement with C-on- 
sorcio Aga. the largest inde- 
pendent bottler in Mexico, 
under which Royal Crown 
would replace PepsiCo, the US 
soft drink and food group, as 
Consorcio Aga's cola supplier. 


Macintosh licensing 
scheme from Apple 


By Louise Kehoe 
in San Francisco 

Apple Computer plans an 
expansion through the phased 
licensing of its Macintosh per- 
sonal computer software to 
other PC companies. 

Initially, Apple will license 
its core "Mac OS" and ele- 
ments of its PowerPC hard- 
ware design which until now 
has been unique to its own PC 
products, to companies that 
are not direct competitors. 
These will include companies 
where Apple has limited distri- 
bution; and those whose tech- 
nical expertise can add value, 
such as malting computers for 
specific applications. 

Already "about six compa- 
nies" have signed licensing 
agreements, Apple said, but 
refused to identify the licens- 
ees other than to say that they 


are equally divided between 
the US. Europe and Asia. 

Industry analysts have spec- 
ulated that some of Apple's 
direct competitors, including 
IBM, might be interested in lic- 
ensing tiie Macintosh software 
if the terms were favourable. 

Apple's failure to license the 
Macintosh software in the late 
1930s is seen by critics as a 
serious strategic blunder 
because it allowed Microsoft, 
the world's largest software 
company, to establish its Win- 
dows PC operating system as 
the industry standard, and 
industry analysts said Apple's 
move now is "too little, too 
late”. Apple's share of the PC 
market has slipped to about 10 
per cent in the face of intense 
competition from companies 
such as Compaq Computer 
offering PCs with Windows 
software. 


IBM pins PC hopes on 
new home-use products 


By Louise Kehoe 

International Business 
Machines (IBM) is pinning its 
hopes of regaining leadership 
of the personal computers mar- 
ket on its new products aimed 
at home users. 

The Aptiva multimedia PC is 
the first of three new product 
lines that IBM is preparing for 
market Two more are expec- 
ted next month. 

The products will be backed 
by the company’s biggest ever 
advertising campaign, a spend 
of (100m over the next three 
months, with (20m dedicated 
specifically to Aptiva. 

The marketing blitz is 
designed not only to boost 
sales but also to help IBM to 
rebuild its image as an indus- 
try leader. Over the past six 
months IBM has slipped to 
fourth place in US PC sales 
from first place last year, over- 
taken by Compaq Computer, 
Apple Computer and Packard 
BelL 

Mr Lou Gerstner, IBM chair - 
man. this year hired Mr Rick 
Thoman, a colleague at RJR 
Nabisco and American 


Express, to re invigorate its PC 
operations. The product lines 
will be the first test of his new 
approach to PC marketing. 

The Aptiva PCs are aimed at 
the growing consumer market, 
and follow last week’s launch 
by Compaq Computer of a new 
line of consumer PCs. IBM is 
offering a wider price range 
than Compaq, from about 
(L200 to (2,600, including two 
models based on Intel's highest 
performance Pentium micro- 
processors. Intel last week 
began its own (80m consumer- 
oriented advertising campaign 
for Pentium-based PCs. 

The Aptiva range includes 
multimedia capabilities, such 
as a CD-ROM player and speak- 
ers, as standard. It can also 
take telephone messages or 
receive a fax, "waking up” 
when the telephone rings, 
whether or not the machine is 
turned on. 

A “scheduler" also allows 
the home PC user to program 
the Aptiva PC to turn itself on 
and perform pre-selected func- 
tions, such as playing a music 
CD or sending fax messages 
overnight 


£135,000,000 



Leeds Permanent Building Society 

Floating Rate Notes Due 1998 


Interest Rate 
Interest Period 


5%% per annum 
16th September 1994 
16th December 1994 


DM 250,000,000 

Floating Rate Notes erf 1994/1997 


Interest Amount due 
16th December 1994 
per £10,000 Note £148.03 


CS First Boston 
A gent 


COMMERZBANK 

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BLYVOORUITZICHT GOLD MINING COMPANY LIMITED 

Registration No. 0SD9743/0Q 

HARMONY GOLD MINING COMPANY LUU0TED 

Registration Na O5/3823WJ0 

(Both ohwMcft are incorporated In the Republic ot $omn Africa) 

ANNUAL GENERAL MEETINGS 

The annual general meetings of the undermentioned 
rampantes wffl be held at Randgdd House, comer Northern 
Parkway and Handel Road, Ormonde, Johannesburg, South 
Africa on Wednesday 12 October 1994 at ihe times shown. 

Bfyvoonitzlcht Gold Mining Company Limited iq.qq 
H armony Gold Mining Company Limited 11.00 

Copies of the 1994 annual reports may be obtained from 
Viaduct Corporate Services Limited, 19 Charterhouse Street 
London EC1N6QP. 

20 September 1994 





FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


25 


INTERNATIONAL COMPANIES AND FINANCE 


Family feud dulls 
edge of Gillette’s 
Indian ambitions 


A year after Gillette was 
given permission by 
the Indian government 
to acquire a stake in Harbazt- 
slal Malhotra and Sons 
(HMSL), India's biggest razor 
blades manufacturer, the US- 
based multinational's ambi- 
tious plans for the sub-conti- 
nent have been stalled by a 
family feud and protracted 
legal battle. 

At the heart of the dispute is 
a growing fear and resentment 
among Indian industrialists 
that the government's reform 
programme, introduced three 
years ago, has made it too easy 
for multinationals to establish 


blade-making machinery. But 
Mr Rajinder Malhotra, who 
with his sons owns 33 per cent 
of HMSL, the Rs800m flagship 
company, contested the deal, 
saying his two elder brothers 
Ved Prakash (who has retired 
due to ill health) anti Surinder 
Nath (who runs the b usiness ), 
ware selling their stake to Gil- 
lette without his knowledge. 
He claims that his brothers 
have valued HMSL at RsfiXhn 
while he believes it to be worth 
at least RslSbn. 

Mr Rajinder, who with his 
sons owns Vidyut MetalHcs, a 
local blades maker witbabout 
27 per cent of the market, fears 


The US-based multinational’s plans for its 
largest untapped market are faltering, 
writes Shiraz Sidhva 


themselves in the Indian mar- 
ket by buying up the most suc- 
cessful local businesses. 

Last year, Coca-Cola bought 
Parle Exports, India’s largest 
Soft drinks mami fa rfc rm»r and 
Procter and Gamble acquired a 
stake in Godrej Soaps to con- 
solidate its presence in the 
Indian detergents market. 
More recently, Whirlpool, the 
US white goods giant, has 
bought Kalvtoator India , one of 
the country's most established 
refrigerator manufacturers. 

Gillette has identified India 
as one of three chief markets 
(with China and Russia), in 
which it will expand all its 
businesses - Gillette shaving 
systems, the Oral-B rental care 
range, Braun home appliances, 
and Parker writing equipment 

- Anting - thn Tirrrt darfldftft The 

company will invest J50m to 
$60m in 1994-95, and is carrying 
out extensive market research 
in the country. 

Gillette has had a presence 
in India’s Rs2_5bn Indian razor 
blades market since 1986. 
India's reforms programme 
only encouraged the company 
to expand in what it considers 
the world's largest market, 
with a vast untapped potential. 

Last year, the company 
increased its 40 pe r cent st ake 
in Indian Shaving Products, a 
joint venture with the Calcut- 
ta-based Poddar group, to 51 
per cent 

Although the Indian com- 
pany enjoyed an 18 per cent 
market share, its success was 
confined to the upper end of 
the shaving systems market, 
which accounts for a mere 3 
per cent of the total market of 
47.21m units a year. To enter 
the last-expanding lower end of 
the Indian blades market, Gil- 
lette decided to link up with its 
main Indian competitors, the 
Malhotras, who control over 55 
per cent of the blades market 

“Out of 20bn blades sold in 
the world, 7.8bn are in the 
lower segment of the market" 
says Mr Gurbrioder Singh GUI, 
director for strategic projects 
at Gillette International and 
head of Gillette’s India 
operations. H We cannot pro- 
duce cheap blades because of 
our high R&D costs. An alli- 
ance with the Malhotras will 
help us establish ourselves in 
all the segments, and then we 
will be In a position to consid- 
erably widen the market." 

Gillette estimates that more 
than 700m Indians use 
cut-throat razors instead of 
blades, and could be persuaded 
to use more modern shaving 
systems in time. 

Last October, the govern- 
ment's Foreign Investment 
Promotion Board cleared Gil- 
lette’s proposal to pay SpQm for 
a 26 per cent stake in NVI 
Engineering, a Malhotra group 
company which manufactures 


that apart from the dilution of 
the stake in HMSL he inherited 
from his father, his Bslbn-a- 
year turnover company would 
find it hard to compete with 
Gillette once it collaborated 
with Ms two brothers. 

If Gillette acquired a 49 per 
cent stake in HMSL, it could 
gain an annual production 
capacity of l-5bn blades, the 
capacity of two HMSL plants in 
Calcutta. If the capacities of 
other HMSL subsidiaries, Mal- 
hotra Shaving Products and 
Centron Industrial Alliances, 
were added, Gillette could 
increase its capacity to 2.4bn 
blades. Since Gillette already 
has a controlling stake in 
Indian Shaving Products, it 
amid control 75 per cent of the 
Indian b l ad e s market. 

In August last year, before 
the government granted per- 
misfd rm for Gillette to acquire 
the Malhotra stake, Mr RaJto- 
der asked the Company Law 
Board to intervene over the 
negotiations between Gillette 
and his brothers. The Law 
Board ordered HMSL not to 
proceed with the collaboration 
without the approval of aS the 
shareho lders of the company, 
but this was subsequently set 
asiiiw when the pitftn- brothers 
appealed to the Calcutta High 
Court. 

M r Rajinder also 
moved to the Delhi 
High Court, chal- 
lenging the Foreign Invest- 
ment Promotion Board's right 
to grant permission to Gillette 
to expand its business in India, 
he alleged tha t, the government 
had not evolved dear criteria 
and principles for processing 
such applications. He claimed 
Gillette had suppressed impor- 
tant facts about the tie-up, and 
that the company was import- 
ing obsolete machinery which 
it already possessed. Gillette, 
he said, was not ready to bring 
in sophisticated sensor-blade 
technology, but the price of 
razor blades would increase 
sharply once Gillette estab- 
lished a market monopoly. 

A final decision is expected 
to be delivered by the Delhi 
High Court on October 4. 

The Supreme Court was 
moved to set aside a stay the 
elder Malhotras acquired from 
the Calcutta High Court, and 
the final hearing in the Delhi 
High Court is posted for Octo- 
ber 4. Mr Rajinder was also 
keen to get HMSL’s shares 
evaluated the Indian compa- 
ny's shares, saying his 
brothers had grossly underval- 
ued the company at Rs600m, 
while he estimated the com- 
pany to be worth RslSbn. 

Meanwhile, Gillette is scout- 
ing for partners to enter the 
writing instruments market, 
and the home appliances and 
the dental care market 


Weekly Petroleum Argus 

i j.inyjo soiifCS" for ci! industry r'cn.-s. comments sr.a 
prices' Petroleum Argus 

CALL NOW !c- <==scc r^iAL tc :^s newsletter »<- 355 





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BB Biotech 
Increases 
net asset 
value 16 % 

By Ian Rodger hi Zurich 

BB Biotech, a start-up 
investment company specialis- 
ing in biotechnology securi- 
ties, has raised its net asset 
value 18 p er cent to SFr2,493 
(51,853), to the four months 
from the end of April to the 
end of August 

The company already has 
one of the largest biotech 
funds in the world with an 
investment volume of 
SFr487m. 

It has concentrated on the 
securities of only five DS com- 
panies since its start-up last 
November, and has outper- 
formed the CBOE Biotechnol- 
ogy Index by 25 per cent 

BB Biotech raised SFr325m 
In its in*H«i public offering of 
shares in Zurich and a farther 
SFrlSOm in February through 
a free warra n ts rights issue. It 
Is managed by BeDevne Asset 
Mgrwg p ffipn t. 

Almost two thirds of its 
funds are in Blogen and 
Genentech, with the remain- 
der in Amgen and a gm»n new 
stake in Affymar, a California- 
based leader in combinatorial 
chemistry. Its position 
in Alza, the drug delivery 
system specialist, has been 
sold. 


Jar dine Matheson 24% ahead at halfway 


By Louise Lucas in Hong Kong 

Jardine Matheson, the trading 
conglomerate which is to de- 
list from the Hong Kong stock 
exchange at the end of the 
year, lifted first-half net earn- 
ings to US$215-8m from 
US$173.8m In the same period 
last year. 

The rise was partially fuelled 
by a 44 per cent profits jump at 
Jardine Fleming, the brokerage 
jointly owned with UK mer- 
chant bank Robert Fleming. Its 
after-tax profit was USSiiim, 


half of which accrues to Jar- 
dine Matheson, against 
USS77min 1993. 

However, directors warned 
that Jardine Fleming will be 
hard pressed to match last 
year's second half which trig- 
gered a 168 per cent rise in net 
earnings to US$202m. 

Earnings per share, taken on 
a fully-diluted basis, rose 23 
per cent to 36.69 US cents from 
29.79 US cents, and directors 
are recommending an interim 
dividend of 7.80 US cents a 
share, an Improvement of 15 


per cent over last year’s 6A0 
US cent payout. 

The results were in line with 
expectations. Henry Keswick, 
chairman, said the outlook for 
toe foil year Is for satisfactory 
earnings growth. 

Among affiliates and operat- 
ing divisions, Jardine Pacific's 
earnings rose 7 per cent to 
USS86m with the trading and 
distribution arm helped by a 
pick up in Hong Kong and 
slight recovery in the wines 
and spirits business in Japan. 

T rading profit in the engi- 


neering and construction divi- 
sion declined despite strong 
performances from Jardine 
Airconditioning, Jardine Schin- 
dler and flarnmnn . due mainly 

to the reduction in the group's 
interest in Jardine Schindler 
and to lower sales by Pacific 
Machinery. 

Jardine Strategic, in which 
Jardine Matheson has a 55 per 
cent attributable interest, con- 
tributed USS64.3m, an increase 
of 53 per cent This was par- 
tially lifted by swollen inter- 
ests in the group and two oi its 


affiliates, Dairy Farm and Man- 
darin Oriental. 

Last week Jardine companies 
announced they will follow 
Jardine Matheson and Jardine 
Strategic and de-list from the 
Hong Kong stock exchange, 
essentially over concerns at 
the post-1997 administration. 
The news, broadly expected, 
coincided with an attack by 
China on the group calling for 
its removal from the proposed 
Container Terminal 9 project, 
which Beijing has yet to 
approve. 


Japan Tobacco attracts buyers 


By Emflto Terazono in Tokyo 
and agencies 

Individual investors showed 
strong interest in buying 
Japan Tobacco shares when 
they are listed cm Japan’s eight 
stock exchanges an October 27. 
though foreigners appeared 
less keen. 

The ministry of finance, 
which will announce winners 
in the lottery for shares on 
October 4, said yesterday that 
Japan Tobacco attracted buy 
applications for 21.15m shares 
against 436,666 shares avail- 
able, with individuals account- 
tog for 21.05m. 

Foreign investors applied for 
only 4.764 shares, and institu- 
tional investors for 85,835, the 
ministry said. A Japan 


Shares of Nippon Telegraph 
and Telephone will be listed 
on the New York Stock 
Exchange on September 29, 
NTT said in a statement, Reu- 
ter reports from Tokyo. 

The shares will be traded as 
American depositary receipts 
(ADRs) with NTT issuing 200 
ADRs for one share. NTT also 
said it planned to list its 
shares on the London Stock 
Rwtwnp October. 

NTT announced back in July 
that it intended to list the 
shares on NYSE. 

Tobacco employees' sharehold- 
ing group sought 7,000. 

In spite of tiie large number 
of subscriptions, however, 
many analysts are bearish over 


the demand for Japan Tobacco. 
Some imply that intensive 
sales by brokers could 
have pushed the number of 
subscriptions M ghw than gen- 
uine demand since a single 
investor was allowed to place 
orders for up to 9,999 shares, 
but is not obligated to buy 
them even if they win the lot- 
tery. 

"Given what happened with 
Japan Telecom, there's a lot of 
anxiety with foreign investors 
towards new issues.” said Ms 
Patricia Horvath, analyst at 
UBS Securities. 

Japan Telecom shares have 
performed poorly since their 
listing on September 6. closing 
at Y4.13m yesterday against 
their first traded price of 
Y4.7m. 


Shareholders approve 
Coles buy-back plan 


By Nikki Tart in Sydney 

Shareholders in Coles Myer, 
one of Australia's largest 
retailers, yesterday approved 
the company's plans to buy 
back 21.45 per cent of its 
equity, for A$1.26bn (S920m>. 
The shares are currently held 
by Kmart, the US discount and 
specialty store operator. 

Coles bad run into criticism 
because the price at which the 
buy-back Is due to take place 
had been pitched at A$4.55 a 
share - a significant premium 
to the recent market price, 
which closed 1 cent higher at 
AJ4.02 yesterday. Some share- 
holders were also concerned 
about the A$28m fee Coles was 


obliged to pay Kmart in the 
event that the deal did not go 
ahead. 

At the meeting, in Mel- 
bourne. Mr Lawrence Gruz- 
man, a shareholder and 
well-known dissident at Coles, 
spoke out against the plan. But 
two motions for the deal were 
approved. 

The first, concerning Coles's 
plan to buy back 129m shares, 
or just under 10 per cent, 
directly and to cancel these 
was passed with 93 per cent of 
voting shareholders in favour. 
The second motion, which per- 
mits Coles to acquire a Kmart 
unit that holds the remaining 
shares, passed on a show of 
hands. 



The Standard Chartered group has 22 Treasury 
dealing rooms in financial centres around the world — 
and our global reach brings important benefits. . 

With a significant presence in world financial 
centres, we can deliver a comprehensive range of treasury 
services to international clients. Wt are always in the 
market; our pricing is always fast and competitive; 
and our settlement (handled in-house, not through 
agents) is efficient and accurate. 

We offer unmatched coverage of .Asian and African 


markets. And in exotic currencies, a market in which 
we have played a pioneering role, we have exceptional 
experience of tailoring deals to meet individual cus- 
tomers’ needs. 

The same international strengths underpin our 
services in treasury risk management. We offer a full 
range of tools, from simple swaps to commodity-based 
products. In currency derivatives, we are active in both 
major and exotic currencies. 

And more than providing products, we offer you a 


true risk advisory service working with you to define your 
risk profile and implement a dynamic risk management 
strategy. 

Put us to the rest. In a world where the Treasury 
requirements of international business are becoming 
increasingly complex and wide-ranging, the strengths 
of Standard Chartered offer an important source of 
competitive advantage. 

Standard % Chartered 

l^uiwri by Standard Chartered Bank, London. A member Of IMRO and of SPA. 


INTERNATIONAL NET WORKING 





26 


X 


AU of these securities having been sold this announcement appears as a matter of record only. 

NEW ISSUES August 18, 1994 

$ 759 , 111,365 (Approximate) 

FDIC REMIC Trust 1994-C1 

Commercial Mortgage Pass-Through Certificates, Series 1994-C1 
Federal Deposit Insurance Corporation, Mortgage Loan Seller* 
Banc One Management and Consulting Corporation, Servicer 


The Series 1994-C1 Commercial Mortgage Pass-Through Certificates ( the "Certificates") will 
consist of fourteen classes of Certificates, consisting of the eleven classes of Certificates which 
were offered t collectively, the "Offered Certificates"), and the Class I-XS Certificates, 
the Class II-XS Certificates and the Class R Certificates, which were not offered 
The Certificates in the aggregate evidence the entire beneficial ownership interest in 
a trust fund t the " Trust Fund*) consisting primarily of a pool (the “ Mortgage Pool") of 
adjustable and fixed rate, amortizing and balloon payment, conventional mortgage 
loans ( the " Mortgage Loans ’’) secured primarily by first liens primarily on fee simple 
estates in commercial, multifamily and, to a limited extent, residential real 
properties. For purposes of calculating distributions on the Certificates, the 
Mortgage Pool is segregated into two separate sub-pools, designated as Sub- 
Pool h which consists of all of the adjustable rate Mortgage Loans, and 
Sub-Pool U. which consists of all of the fixed rate Mortgage Loans. 


Final Sch eduled 
Dtsmboiion 

Due 121 





Initial Percentage of 

' Rise 

Sub-Art 

Designation 

Initial Clan 
Balance 111 

Initial Applicable 

Sab- Pool Balancti 

Through 

Rate 

r 

Gass I-A 

$208,924,666 

81.00% 

(3) 

t 

Class 1-B 

25,793,169 

10.00 

(3) 

i 

Class L-C 

23,213,852 

9.00 

(3) 

a 

Class H- A 1 

100.000.000 

20.00 

630% 

u 

Class II-A2 

275.884.759 

55.00 

7.85 

u 

Class U-B 

10,023,594 

2.00 

8.10 

a 

Class H-C 

40,094374 

8.00 

8.45 

ii 

Class H-D 

35.082377 

7.00 

8.70 

n 

Class U-E 

15,035390 

3.00 

8.70 

ii 

Class II-F 

15,035390 

3.00 

8.70 

u 

Class Il-G 

10,023394 

2.00 

8.70 


January 25, 2025 
January 25, 2025 
January 25, 2025 
September 25, 2025 
September 25, 2025 
September 25, 2025 
September 25, 2025 
September 25, 2025 
September 25, 2025 
September 25, 2025 
September 25, 2025 

(1) Subject to a permitted variance of plus or min us 5%. 

1 2) The Final Scheduled Distribution Dates have been set to a date three years after the Distribution Dale following the 
latest scheduled maturity date for any Mortgage Loan in the applicable Sub- Pool. 

(3) The Pass-Through Rate on the Offered Certificates evidencing an interest in Sub-Pool I will be subject to adjustment 
on each Distribution Date based on changes in LIBOR. The Pass-Through Rate on such Certificates for the first 
Distribution Dale will be based on LIBOR as of the second LIBOR Business Day p reced i ng the dosing Date. 


■The Federal Deposit Insurance Corporation acting as 
Dep os itory Institutions with respect to a majority of the 

Bank Insurance Fund with respect to the remaining Mortgage ’Loans. The term “FDTC" will refer to the Federal 
Deposit Insurance Corporation acting solely in its corporate capacity and not as Mortjpige Loan Seiler. 


loan seller in its capacity as receiver of each of the 
Loans and in its capacity as administrator of die 
“FDIC" wi 


Wasserstein Perella Mortgage Capital, Inc. and Glaves and Associates, Inc. served as 
financial advisers to the Federal Deposit Insurance Corporation. 


CS First Boston 

Goldman, Sachs & Co. 

Lehman Brothers 

Utendahl Capital Partners, L.P. 

WR Lazard, Laidlaw & Mead 

Incorporated 


GLOBAL EMERGING MARKETS '94 

The Mining Investment Summit 


THE BREWERY, 
CITY OF LONDON, 
OCTOBER 3-4, 1994 


October 3rd 

Exposure to Emerging Markets Through North American Gold 

Richard M Pomboy, Portfolio Manager, Pomboy Asset Management, Inc. 

Program 

Highlights 

How Emerging Markets are Changing the World 

David D. Hale, Chief Economist, Kemper Financial Companies 


The Re-Awakening of Cuban Mining Potential 
Pedro Jose Cruza Ledesma, Gen. Dir., Geo-Minera, S A 
Tanzania: Prospective Area ofE. Africa 
Lt. C. Jakaya Mrisho Kikwete, Minister of Water, 
Energy and Mines, Tanzania 


The Potential in African Countries 
Mike Kurtanjek, Credit Lyonnais Laing 
New Mining Investment in Zimbabwe 
Dr. EJ.M. Zvobgo, Mines Minister, Zimbabwe 
Experience in Emerging Markets 
Geoffrey Loudin, Chairman, CEO, Nhigini Mining 


Yorkton Securities presents Americas Day , October 4th . . . 


Keynote Heman Alberto Biichi Buc, Minister of Finance, 

Speaker President, The Institute of Freedom and Development (Chile) 


Development of Natural Resources in the Andean Countries. Time to Dive into Peruvian 
Stocks ? .... Roque Benavides, President, National Society of Mining and Petroleum (Peru) 


Other Corporate Presenters & Sponsors Include: 

Ashanti Goldfields Co. Ltd., Benia Gold Corp., BHP, Cambior Inc., Canyon Resources Carp., Delta 
Gold N.L., Gold Reserve Corp., Golden Star Resources, Homestake Mining Co., Inti. Musto 
Explorations Ltd., InterFax, Metall Mining Corp., Mining Journal, Minorco, MK Gold Co., Niugini 

Mining Co., Sutton Resources, Ltd., Vengold Inc. 

For Registration; International Investment Conferences, Inc., 9100 South Dadeland Boulevard, 
Suite 702, Miami, FL USA 33156, Telephone: (305) 670-1963, Fax: (305) 670-0971 


The Property Finance Sourcebook 1994 

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FINANCIAL TI MES TUESDAY SEPTEMBER 20 1994 

IWTL COMPANIES & CAPITAL MARKETS 


China urged to develop funds 


By Tony Walker hi Beijing 

China was urged yesterday to 
speed the development of 
mutual funds with foreign 
involvement to stabilise its 
fledgling stock markets, which 
have teen subject to wild fluc- 
tuations in the past year. 

Mr Robin Fox, vice-chairman 
of Klein wart Benson, told an 
investment seminar in Beijing 
organised by the China-Britain 
Trade Group that one way to 
bolster China's markets was to 
“promote properly authorised 
savings vehicles”. 

Adding to the volatility of 
China's equities markets has 
been the fact that inexperi- 
enced individuals seeking 
short-term speculative gains 
maifp op the bulk of investors. 

China announced recently 
that it was considering allow- 


ing foreign securities houses to 
form joint ventures with Chi- 
nese institutions to Invest in 
the A-share market, presently 
closed to foreigners. 

Mr Fox said there was a 
wealth of experience available 
among foreign securities com- 
panies in joint venture 
arrangements with local firms. 
Klelnwort Benson, for exam- 
ple, was engaged in such ven- 
tures in India, Korea, Taiwan 
and Japan. 

“The foreign joint-venture 
partner would be more able to 
overcome conflicts of interest 
as well as resisting local pres- 
sure to invest in particular 
industries or companies,'' Mr 
Fox said. 

“The main investment goal 
of the funds I am recommend- 
ing would be to invest in 
quoted Chinese companies to 


help in the development of 
domestic stock markets, but I 
would expect them also to par- 
ticipate in the bond market, 
possibly by investing a stated 
percentage of each fund In gov- 
ernment bonds." 

Mr Fox said merchant banks 
and foreign securities compa- 
nies were also well placed to 
assist China in its present 
phaw of rapid economic devel- 
opment requiring large 
amounts of capital, especially 
for infrastructure projects. 

British investment banks 
were “ideal partners" for pro- 
jects which required creative 
approaches in evaluating the 
financial viability of a project 
and seeking ways in which 
risk could be minimis ed. 

There was also a substantial 
exercise, Mr Fox said, in 
looking at alternative sources 


of equity and debt finance, 
negotiating the construction 
and other contracts to maxim- 
ise the risk taken on by the 
contractors, and also maximise 
the project finance that dote 
not appear as a direct liability 
of the promoters of the pro- 
jects. 

Other speakers included 
Lord Alexander, chairman of 
the National Westminster 
RonV who urged his Chinese 
audience to take advantage of 
the "skill base" offered by 
London's commercial banking 
system. _ . , , 

These skills, he said, include 
assistance in the development 
of the Chine se securities indus- 
try, corporate finance, direct 
investment channels and fund- 
raising for privately financed 
infrastructure projects, such as 
power stations and toll roads. 


Ruling casts doubt on eurobonds 


By Antoftia Sharpe 

B ank ers fear London's 
reputation as a leading inter- 
national finanrial centre could 
be severely dented unless an 
inadvertent restriction on UK 
insurance companies' holdings 
of corporate eurobonds is 
reversed swiftly. 

UK insurers are not allowed 
to have mare than 10 per cent 
of their assets in unlisted secu- 
rities, the definition of which 
was revised earlier tins year 
when UK insurance industry 
legislation was amended to 
include the European Union’s 
third life directive. 

The Department of Trade 
and Industry now classifies 


listed assets as those regularly 
traded or traded on a regulated 
market. Since the International 
Securities Market Association 
(Isma), the eurobond market’s 
association, has chosen not to 
be a regulated market but a 
designated investment 
exchange, corporate eurobonds 
are unlisted securities in the 
eyes of the DTL 

Eurobonds issued by sover- 
eign or supranational borrow- 
ers are not affected by the rul- 
ing because they have been 
classified by the EU as 
approved assets for insurers. 

Mr Richard Regan, head of 
investment affairs at the Asso- 
ciation at British Insurers, said 
the new ruling was not a major 


problem since he was not 
aware of any insurers being 
dose to this limi t. The DTI had 
also indicated it would grant 
dispensations if individual 
insurance companies applied. 

A DTI official confirmed that 
it had received representations 
and that it was considering 
whether to relax the restric- 
tions on traded corporate debt 
instruments. 

However, Mr Simon Ellen, 

rhalrmnn of Tsirm 's committee 

of reporting dealers, said a 
chang e in the legislation was 
required to prevent a serious 
impact on the eurobond mar- 
ket where UK Insurers have 
become big investors in recent 
years. 


Discretionary forex group formed 


By Iflehobra Denton 

The foundation of a new 
treasury management com- 
pany has provided the latest 
indication of a shift away from 
the use of automated trading 
programmes in the foreign 

exchang e market. 

Mr Richard Hill, former head 
of proprietary., foreign 
exchange trading at Barclays 
de Zoete Wedd, has joined with 
two senior dealers from other 
firms to form Ttgon Treasury 

TTM is responding to what it 

sees as the growing demand 
for “discretionary" foreign 
exchange management, 
whereby managers rely on 


their experience and judgment, 
and take views on changing 
markets. 

“We have definitely noticed 
an increase In the appetite for 
discretionary-based traders," 
said Ms Nicola Meaden, manag- 
ing director of Tass Manage- 
ment, a company winch trades 
tiie performance of fund man- 
agers. 

The growing fashion in both 
forex and bond markets for an 
approach based more on 
human judgment comes in 
response to the mixed perfor- 
mance of the “black boxes”. 
These programmes and models 
he at the heart of what is gen- 
erally known as systematic 
trading. 


They performed well for 
much of 1993 but have slipped 
back badly this year. While the 
average currency fund fell just 
1.38 per cent in the first six 
months of 1994, systematic 
traders dropped 212 per cent, 
according to Tass Manage- 
ment 

TTM expects to raise its ini- 
tial allocation of between $4Qm 
and $50m from smaller compa- 
nies and banks which do not 
have the resources to attract 
foreign exchange professionals 
and establish professional 
in-house teams. 

Mr Hill estimated there were 
only three or four competitors 
in discretionary forex manage- 
ment 


NEWS DIGEST 

Expansion 
at Nampak 

South Africa's largest 
packaging company, Nampak, 
has announced plans for a 
R130m ($37m) expansion to its 
beverage can manufacturing 
plant in Springs, outside 
Johannesburg, writes Mark 
Suzman in Johannesburg. 

The new operation will dou- 
ble the plant's capacity to 
ljbn cans a year. 

Pancontinental 
drops suit 

Pancontinental Mining has 
dropped its court action 
against PosGold Investments, 
part of Mr Robert Champion 
de Crespigny’s Normandy 
Poseidon group, and various 
other parties, over the acquisi- 
tion of certain shares in Aztec 
Mining , writes Nikki Talt In 
Sydney. 

BZW commodities 
trust prospectus 

The pathfinder prospectus for 
the BZW Commodities Trust 
was published yesterday. The 
offer price is loop per ordinary 
share and warrants are 
attached to the shares on a one 
for five basis, writes Antonia 
Sharpe. 

There is a minimum invest- 
ment of £5,000. The offer closes 
on October 20 and dealings 
commence on the London 
Stock Exchange on October 27. 


Singapore cashes in on ringgit turmoil 


By Kleran Cooke 
bi Kuala Lumpur 

Singapore's money market 
dealers are reaping the benefits 
of continuing fluctuations in 
exchange rates of neighbouring 
countries'’ currencies, particu- 
larly that of the Malaysian dol- 
lar, or ringgit 

Dealers say that the daily 
ringgit trading volume in Sing- 
apore, both on tiie spot and 
forward markets, is now regu- 
larly more than US$3bn - five 
times the level of a year ago. 

There has also been a great 
deal of activity in other south- 
east Asian cur renc i e s, particu- 
larly In the Thai baht and the 
Indonesian rupiah, mainly 
because of interest rate differ- 
entials between the two cur- 
rencies wnd the US dollar. 

“We estimate that trading in 
south-east Asian currencies - 
the so-called exotics - now 
accounts for between 15 and 20 
per cent of daffy money trading 
here,” says the head of mb for- 
eign bank's dealing operations 
in Singapore. 


“Increasingly, the banks are 
looking to make good forex 
profits on the exotic curren- 
cies. Ringgit trading in Singa- 
pore has gone through the roof 
- on many days it’s well ahead 
of London or Hong Kong.” 

The main cause of Singa- 
pore’s sudden popularity as a 
ringgit trading centre was the 
introduction earlier this year 
of a series of measures by 
Bank Negara, the Malaysian 
central bank, aimed at curbing 
the inflow of speculative foods. 

At the end of 1993 Bank 
Negara bought in large quanti- 
ties of US dollars to revalue its 
reserves and reduce year-end 
book losses caused by the 
bank’s own multi-billion dollar 
speculation on the foreign 
exchange markets. In 1992 
Bank Negara lost M$9bn 
($3-5bn) in foreign exchange 
dealings. Forex losses in 1993 
were officially put at M$5.7bn. 

The consequence of tiie move 
was that the ringgit fell 
sharply - from around MSL54 
against the US dollar for most 
of 1993 to nearly M$230 at one 


stage earlier this year. With 
such wild fluctuations, the 
world's speculators saw an 
opportunity and rushed in to 
buy the ringgit 

Rank Negara, alarmed at the 
inflationary impact of large 
ammrnfj; of speculative funds 
washing into tiie country, then 
introduced its restrictions, 
which included imposing a 
negative interest rate an for- 
eign-held ringgit accounts and 
banning sales of short-term 
money market paper to for- 
eigners. 

Traders and investors want- 
ing to hedge their ringgit 
investments had to move 
operations elsewhere. Singa- 
pore, due to its status as a 
financial centre and its loca- 
tion adjacent to Malaysia, was 
the natural choice. 

Bank Negara has recently 
lifted most of its restrictions 
on the inflow of funds and 
after a highly volatile period, 
the ringgit's value has 
returned to around the M&L55 
mar k against the US dollar. 

Bui ringgit trading in Singa- 


pore has continued to grow. 
“It’s a kind of Inertia," says 
one Singapore money dealer. 
“Bank Negara’s moves and the 
big fluctuations in ringgit val- 
ues acted as a catalyst for 
Interest in currency trading in 
this region - not just in the 
ringgit, but in the other cur- 
rencies as well Now the trad- 
ers are here and enjoying it 
They are not going to go 
away." 

Singapore's growing impor- 
tance as a ringgit trading cen- 
tre has not pleased Malaysia. 
Forex dealers in Kuala Lumpur 
say ringgit trading volumes in 
Malaysia now average between 
US$500 and tJSJlbn per day - 
well below levels in Singapore. 

The Malaysian monetary 
authorities have always 
reftised to entertain the idea of 
internationalising the coun- 
try's currency. But Malaysia's 
own actions have resulted in 
the ringgit beco ming one of the 
hottest items in the forex mar- 
kets - and enhanced Singa- 
pore's position as a money 
trading centre. 


SGASOCIETE 

ACCEPTANCE N.V. 

FRF 300,000.000 

fldatiniqrAtcs 

NOTESDUE 
DECEMBER, 1995 

Notice is hereby given 
to the Noteholders that 
pursuant to the Terras 
and Conditions of the 
Notes, the rate of 
interest applicable to me 
period from June 20, 1994 
(included) 
itemberla 


been determinated 
according, to the formula^ 
provided for in 
Condition 4. "Interest' 
b) (1). i.e. "10.25 % + 

(3 month USD UBOR* 
(Final Spot/ 4.9435) - 
3 month PIBOR)". 
Therefore, tiie interest 
payable on September 
19, 1994 against 
surrender of 
coupon nr 7 is: 

FRF 2433,78 per Note 
(n the denomination 
of FRF 100,000, 

FRF 24337,80 per Note 
in the denomination of 
FRF 1,000,000 

THE PRINCIPAL PAYING 
AGENT SOGENAL 
SOC1ETE GENERALE 
GROUP 
15, Avanue Emile Reuter 
LUXEMBOURG 




T€CHNISCHe 
GERFrre 
HflNDOS GMBH 


“IMPEX TECHNISCHE GERATE HANDELS GmbH 11 

offers a unique opportunity of sharing in the success of Russia's 
largest companies in the following spheres: 

- oil and oil refinery 

- shipping & seaports, 

- aluminium enterprises, 

- cement plants and others. 

“IMPEX TECHNISCHE GERATE HANDELS GmbH" provides 
highly qualified expert support in arranging the legislative 
documentation for such deals. 

Tel: (007 095) 253 - 25 49 
253 - 29 89 

Tei/fax: (007 095) 253 - 29 41 


* 


3 
















FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


INTERNATIONAL CAPITAL MARKETS 


Treasuries regain balance after rout on Friday 


By Frank McGurty in New York 
and Martin Brice and Conner 
Middefanann In London 

The US Treasury market 
regained its balance yesterday 
morning after plunging in the 
previous session on unfavoura- 
ble economic data. 

By midday, the benchmark 
30-year government bond had 
edged & higher to 96%, with 
the yield slipping to 7.763 per 
cent. At the short end, the two- 
year note was unchanged at 
99%. to yield &36S per cent. 

There was no fresh economic 
news to guide sentiment as the 
trading week opened The lull 
afforded traders the opportu- 
nity to regroup after a rout 
which had pushed the price of 
the long bond down by nearly 
two points and lifted the yield 
to its highest level of the year. 
In the morning's vacuum, the 
30-year issue appreciated a lit- 
tle in light activity. 

The only event which held 
the potential to move the mar- 
ket yesterday was an afternoon 
speech by Mr Alan Greenspan, 
the chairman of the Federal 


Reserve. Bond traders were 
expected to be listening for 
hints about monetary policy 
when the Fed chief addr es s e d 
an economic conference at Bos- 
ton College at 3.40pm. 

In part. Friday’s sell-off 
reflected an emerging consen- 
sus that the central bank could 
bring forward its next move to 
tighter credit c onditions. 

GOVERNMENT 

BONDS 


Before the release of last 
week's data, most traders were 
reasonably confide n t that Mr 
Greenspan and his cnlloaguog 
would wait until after the 
November elections before lift- 
ing interest rates again. 

That calculation was under- 
cut by Friday’s news of a 0.7 
per cent jump in industrial pro- 
duction last month, which 
suggested economic growth 
was stm robust 

Even more uns e ttling to the 
inflation-sensitive Treasury 
market, capacity utilisation in 
August had risen to 84.7 per 


cent, its highest In five years. 
The production bottlenecks 
which are likely to arise with 
factories working at such a 
pace suggest producer prices 
are on the rise. 

Against this backdrop, trad- 
ers were eyeing this week's 
Treasury auctions of two-year 
and five-year securities as 
opportunities to unload more 
of their holdings. In a small 
blessing, only a smattering of 
second-tier economic releases 
are due out this week, limiting 
the potential for another 
severe downturn by bonds. 

■ After Friday's sen-off, most 
European bond markets 
clawed back some ground yes- 
terday as dealers covered their 
short positions, but prices 
drifted lower In the afternoon- 

investors remained mostly 
side lined, ceding the stage to 
the futures traders. 

"Many end-investors are still 
shell-shocked said a bond 
dealer, adding “there's very lit- 
tle going on in the cash, but 
there's quite a lot of fast trad- 
ing in the futures market”. 


■ UK gOta opened on a slightly 
firmer note as prices ticked up 
Grom the lows seen on Friday, 
when some yields reached 9 
per cent There was no weight 
behind the move, however, and 
the market gave up much of its 
advance in the afternoon. 

Trading remained thin, with 
one riraiw describing the mar- 
ket as very illiquid. He said 
longer-dated stock was track- 
ing overseas markets, while 
concern over sterling weakness 
and the possibility of further 
UK base rate rises after last 
week's SO basis point increase 
affected short-dated gilts. 

The 9 per cent yields of Fri- 
day had prompted some baying 
interest said another dealer. 
However, according to Mr 
Andrew Roberts at UBS: 
“There Is little chance of capi- 
tal flows into the market while 
there is this general pessimism 
at the stunt end over interest 
rates." 

Details of next Wednesday's 
gilt auction are due today. 
Some analysts anticipate that 
the flank of Rn gbinri will cre- 
ate a new 10-year benchmark 


gflt, with £2bn of 8% per cent 
stock due 2005. 

On Ltffe, the December long 
gilt future reached a high of 
98§ in the afternoon before 
falling to 9S£. a rise of A on 
the day. The yield spread over 
bunds was around 152 In late 
trading. 

■ German government bonds 
ended a listless session slightly 
firmer. Dealers were focusing 
on data releases due later this 
week. They include August M3 
money supply, expected as 
early as today; August pro- 
ducer price data; September 
inflation numbers; and the 
Bundesbank’s announcement 
of the next Bund Issue, as well 
as the issuance calendar for 
the final quarter. Also looming 
large are Sunday's state elec- 
tions in Bavaria, which are 
seen as an indicator for the 
October 16 federal elections. 

■ Swedish bond yields ended 
about 15 basis points higher 
following Sunday's election but 
off their early highs. 

The Social Democrats did not 


win a parliamentary majority 
and the poor performance of 
the Liberal party dashed hopes 
for a centre-left coalition. 

However, Prime Minister in- 
waiting Mr Ingvar Carlsson 
indicated that he plans to form 
a minority government relying 
on centre parties for support 
on key economic policies. His 
stated intention of fo rming "an 
effective government of 
co-operation" and the strength 
of the currency helped lift 
bond prices off early lows. 

■ Italian bonds rose about a 
point on hopes that the govern- 
ment is Close to finalising its 
1995 budget package. It met 
yesterday with trade union 
representatives to discuss 
planned pension reforms and 
dealers said prices were 
boosted by hopes for a near- 
term agreement 

In Portugal, bond prices rose 
by more than Vi point follow- 
ing the central bank's 50-basis 
point cut in its emergency 
lending rate to 11.50 per cent 
and its rate for draining excess 
liquidity to 175 per cent. 


Indian Airlines uses lease 
to finance four aircraft 


Attention turns to World Bank global 


NEW INTERNATIONAL BOND ISSUES 


Amount Coupon Price Maturity Fees Spread Bookrunner 
Borvoirer m. % % bp 

US DOLLARS 

General Motors Accept Corp. 200 7JS AB-Sm Oct1flB7 12SB +47(BlMt-97) Sufea Bet* Carp. 

SWISS FRANCS 

Dresdner Ftoancefe) ISO S-SO 102.37S Nov. 1996 1.75 ttesdnedSctiwefayUBS 

Final terms and non-critaUe urtosa stated. The yield spread (aver rdevara government bond) at launch la suppked by the lead 
manager. Ft fixed re-offer price; fees are shown at the re-offer tovflL a) Long Iasi coupon. 


By Antonia Sharpe 

A desire among Japanese 
entities to reduce their tax bills 
by offsetting capital allow- 
ances has allowed Indian Air- 
lines to make a significant sav- 
ing on the financing of its fleet 

Rather than the airtinw tak- 
ing out a loan to buy four 
A32Q-200 aircraft, the aircraft 
were bought by a Japanese 
company which then leased 
them on to Indian Airlines. 
The period of the lease is 10 
years, at the end of which the 
airlina has the option to pur- 
chase the aircraft. 

An official at ANZ Interna- 
tional Merchant Banking, 
which arranged the $170m 


transaction, said that during 
the first 10 years it was 
cheaper for Indian Airlines to 
lease the aircraft rather than 
repay a loan. Meanwhile, the 
Japanese entity will be able to 
take advantage of the depreda- 
tion which goes with the own- 
ership of the aircraft. 

The nffiriai said the transac- 
tion also reflected the renewed 
confidence which Japanese 
companies have in the Indian 
sub-continent 

The aircraft are due to be 
delivered in September, Octo- 
ber, November and December 
and are the final four deliv- 
eries of a six A320-200 aircraft 
mandate to ANZ in a financing 
totalling $ 206 m. 


By Graham Bowtey 

Only two new issues were 
launched in the eurobond mar- 
ket yesterday following the 
sharp falls in government bond 
prices last week. 

The market's attention 
turned instead to the World 
Bank's ffLfibn global offering of 
five-year fixed rate bonds 


INTERNATIONAL 

BONDS 


which is expected to be 
launched in the next few days. 

“After a terrible week, peo- 
ple are taking time out to con- 
solidate and wait for the next 
set of [economic] figures in 


Europe and the US,” said one 
syndicate manager. 

General Motors Acceptance 
Corporation made a rare foray 
into the eurobond market, tap- 
ping the dollar sector for the 
first time since June 1993 with 
a {200m offering of three-year 
eurobonds. 

The bonds were priced to 
yield 47 basis points over US 


government bonds. Syndicate 
managers said pricing was 
aggressive given the current 
weakness of the US bond mar- 
ket, although the spread was 
maintained when the bonds 
had broken syndicate. 

The deal was supported by 
yesterday's better tone in gov- 
ernment bond markets, lead 
manager Swiss Bank Corpora- 


tion said. Demand came 
mainly from retail investors in 
Switzerland, the Benelux coun- 
tries, the UK and Germany. 

In the Swiss franc sector, 
Dresdner Finance launched 
SFrl50m of four-year bonds 
with a coupon of 5.5 per cent 
The deal saw some interest 
from retail investors, joint lead 
manager Dresdner Bank said. 


Pension schemes 
in UK ‘set to cut 
equities holdings’ 


By Norma Cohen. 

Investments Correspondent 

UK pension schemes are likely 
to reduce their very significant 
holdings in equities in coming 
years, while European pension 
schemes, typically large bond 
investors, are likely to increase 
theirs, panelists at a pension 
fund investment seminar con- 
cluded. 

The debate about equity 
investment by UK pension 
schemes has been heightened 
by proposed new minimum sol- 
vency rules which actuaries 
warn will force them to shift 
some of their assets into fixed- 
interest. Also, many large 
schemes now have more cur- 
rent and deferred pensioners 
tban they do contributing 
members, a condition which 
actuaries say requires them to 
switch into bonds in order to 
ensure they have sufficient 
cash flow to meet payments as 
they fall due. 

Meanwhile, pension invest- 
ment experts are warning Con- 
tinental pension schemes that 
unless they increase equity 
investment, corporations will 
have to. increase pension 
scheme contributions in order 
to pay promised benefits. 

Spiriting at a National Asso- 
ciation of Pension Funds con- 
ference in London last Friday. 
Mr Jean Fry ns, board director 
responsible for investment at 
Dutch pension scheme ABP, 
said that the national peculiar- 
ities which have led European 
pension schemes to favour 
bonds heavily are likely to dis- 
appear as markets become 
internationalised. 

“The Internationalisation 
and integration of capital mar- 
kets challenges national com- 
mon wisdom and enables pen- 
sion funds to operate on larger 
and more liquid markets.” he 


said. The factor of peer group 
behaviour, which often dis- 
courages European fund man- 
agers from increasing their 
equity weightings, should 
become less important as trust- 
ees begin to measure each 
manager’s performance against 
a wider group. 

Meanwhile, Mr Tim Gar- 
dener, partner at consulting 
actuaries William M. Mercer, 
predicted that due to new pen- 
sion scheme rules and an age 
ing membership roster, "UK 
pension scheme equity rations 
will converge towards the 
European average”. In three 
years time, he said, the current 
85 per cent average weighting 
in equities will be 75 per cent 
and falling. "I see perhaps 
E-lubn going into bonds. Hope- 
fully, the Europeans wiU be 
converging towards us and be 
buying those equities,” he said. 

ABP, the Netherlands' larg- 
est pension scheme and a big 
institutional investor in the 
Dutch market, has been fight- 
ing to ease govern mont restric- 
tions on its asset allocation for 
years. From January 1996 no 
restrictions will apply and Mr 
Frijns said the scheme wilt 
seek to increase Us holdings of 
equities. 

In explaining the propensity 
of European fund managers to 
invest in bonds, Mr Frijns cites 
different attitudes towards 
risk, differences in the institu- 
tional environment and differ- 
ences in “the collective learn- 
ing curve”. 

The habit of UK actuaries to 
use a so-called actuarial valua- 
tion for equities, which 
smoothes fluctuations in mar- 
ket value, added to the comfort 
level afforded fund managers 
investing in them. By contrast, 
the Netherlands, Switzerland 
and Germany all use market 
value as the valuation basis. 


[ WORLD BOND PRICES 






BENCHMARK GOVERNMENT BONDS 

Red Day’s Wee* Month 

Coupon Date Pries change Yield ego ago 

Italy 

■ NOTTONAL ITALIAN QOVT. BONO (BTF) FUTURES ‘ 

{LffF ET Ura 200m lOOtfu of 100W 

FT-ACTU ARIES FIXED INTEREST INDICES 

Price Indices Mon Day's ft! Aeaued 

UK QKe Sep 10 change % Sep 18 Merest 

xd ad), 
ytd 

— Low coupon ytatd — 
Sep 19 Sep 16 Yr. ago 

— Mecflten coupon yleid High coupon yield — 

Sep TS Sep 16 Yr. ago Sep 19 Sep 18 Yr. ago 


1 Up to 5 years (24] 

2 5-1S yams {71) 

3 Over 15 yeara (9) 

4 brerieomebtos (S) 

5 Al stocks (BO) 

mdex-Bnfced 

11EL21 

13596 

15129 

17398 

134.18 

-CL04 

+0.09 

+ 0.01 

* 0.11 

+0-03 

11926 

136.11 

15128 

17398 

13426 

190 
195 

191 
298 

1.71 

aoi 

998 

991 

893 

927 

5 yra 

15 yra 

20 yra 

Ined-t 

185 895 0.36 

182 183 7.19 

173 174 728 

176 177 7/tO 

Enfladon 8 % — 

Sep 19 Sep 16 Yr. 

192 

197 

197 

ago 

191 8.63 106 

197 791 118 

197 798 102 

— -Inflation 10 % - 
Sep 19 Sep 18 Yr. 

9.07 

9.19 

101 

ago 

8.82 

7.56 

7.57 

6 Up to 5 years (3) 

185-41 

-091 

185^3 

093 

3.95 

Up to 5 yra 

3.99 3.98 259 

282 290 1.75 


7 Over 5 years (111 

170.93 

+0.03 

17aB7 

0.62 

195 

Over 5 yra 

3.92 392 321 

3.72 3.72 3.03 


8 AH stocks (13) 

17195 

+003 

17190 

0.65 

3.94 














5 year yield 

15 year yield 2S year yfeid — — 

Debentures and Loans 







Sep 19 Sep 16 Yr. ago 

Sep 19 

Sep 10 Yr. ago Sep 19 

Sep 16 

Yr. ago 

9 Debs 1 Loans (76) 

125.84 

+099 

125.19 

Z47 

7.88 


992 998 793 

9.84 

998 8.19 9.76 

9.80 

131 


Auorago 90 c redemption yfcrida ora drawn above. Coupon Barak: Low. Madkaic 8*4-104*%; High: 11 * and owr. t Fta yWd. ycd Yaar to data 


AusMh 

9900 

09/04 

911800 

-0990 

1110 

10.10 

991 

EMgiuni 

7250 

04AM 

91.1000 

+8.150 

164 

165 

147 

Canada* 

1500 

08/04 

849600 

+ 0.100 

188 

194 

191 

Denmark 

7900 

12/04 

859500 

-0950 

118 

929 

899 

Prince BTAN 

1000 

05/98 

101.4800 

+O.IOO 

796 

795 

791 

OAT 

5500 

0404 

828200 

+0920 

113 

106 

791 

Germany Sund 

1750 

07AM 

939100 

+0290 

7.85 

798 

729 

Italy 

1500 

04AM 

809000 

40900 1193T 

1211 

1194 

Japan No 119 

4900 

06/99 

1039880 

-0910 

191 

195 

195 


4.100 

12/03 

969500 

-0960 

499 

496 

4.60 

Netherlands 

5.750 

01AM 

B79900 

+ 0.110 

791 

798 

792 

Spain 

1000 

05AM 

809000 

+0250 

1195 

11.37 

1194 

UK(3to 

1000 

08799 

89-07 

-4/32 

8.75 

163 

143 


1750 

11AM 

85-13 

+2/32 

8.98 

174 

165 


9900 

1008 

100-19 

+4/32 

192 

170 

898 

US Treasury ’ 

7250 

08AM 

96-10 

+6/32 

7.48 

795 

729 


7900 

11/24 

96-31 

410/32 

7.7B 

7.71 

791 

ECU (French Govt) 

1000 

04AM 

829800 

+0230 

170 

164 

149 


London Hn Yrak mid-dey VWdK Unri nwMMndML 

t Cram ftodutog etariraWng tax «t 12£ par cm payable by noramManM 

Mem: US, UK kl XMb. oUKet hi dadend Source; MUS MnHtral 


US INTEREST RATES 


LuncMma 



Treasury Ste and Bond YleKs 


Mm me _ 

a 

Trie waft- — 

4.74 Itam par. 

ma BM 

FHLMs... 
fedJMda at ImmrttaL- 

9c*mti — 
One pur 

52* lfrjrnr 
_ 5J» SO-ymr 

7 M 

7.7B 



Open Sett price 

Change 

hfigh 

Low 

EsL vol Open ira. 

Dec 

9890 9798 

4196 

9790 . 

■. 9176 

37417 64254 

Mar 

9793 

+196 



0 640 

■ ITALIAN OOVT. BOND (BTP} FUTURE! OPTIONS PJFFE) UraTOOm lOOttts ot 10096 

QhlbA 






OulKO 

Price 

Doc 

Mar 


Dec 

Mar 

9750 

-i ?n 

125 


210 

172 

9900 

292 

392 


294 

399 

9BSO 

1.77 

291 



428 


Eat. vol uta Cab 1207 Puts 832. Previous days open bit. Cato 8820 puts 13917 


Spain 

■ NOTIONAL SPANISH BOND FUTURES (MEFF) 



Open 

Sm price 

Change 

High 

Low 

Eat voL 

Open int 

Sep 


8699 

+0.48 

8177 

8142 

33902 

24937 

Dec 

8590 

8110 

+0.46 

B590 

8540 

25980 

81969 

UK 









■ MOTTOHAL UK GILT FUTURES flJFHEj* ESOJOO 32nd> ot 100% 


FT FIXED INTEREST INDICES 

Sep 19 Sop IS Sap 15 Sap 11 Sep 13 Yr ago High' Low 


GILT EDGED ACTIVITY INDICES 

Sep 16 Sep 15 Sep 14 Sep 13 Sap 12 


Govt. Sues. {UK} 9022 69.99 9076 9044 91.00 101.57 107.04 8099 GM Edged bargaina 108.7 804 83.7 111.5 88.0 

Rued Merest 10885 10700 10701 107.83 108.02 123.01 13337 10085 8 -<la» average 94.4 96.1 89.2 38.3 93.1 

* lor IBM. Goraiwnart SbcuMos Hgn atom eonptaltav 137,00 (871730. tow 40.18 p/1/76). Fhod Mow Ngh alioa ccrnptaaorc 13M7 (2171 94} . tow 5043 £371/75) . Bosk IDO Gowmmtfit Secunm 157107 
28 and Fired Mnmt 1828. St aOMty Wkn rabasod 1374. 


BOND FUTURES AND OPTIONS 
Ranee 

■ NOTTOHAL FRENCH BONO FUTURES (MATT) 


Open 

Sett price 

Change 

High 

Low 

Eta. wL 

Open «. 

11190 

1119E 

+114 

11192 

11190 

12.194 

22.759 

11092 

11090 

♦144 

11098 

11092 

138,735 

131771 

109.68 

110.10 

♦144 

11110 

10998 

382 

4,799 


■ LONG TB«I FRENCH BOND OPTIONS (MATTE) 


Strike 

— 

CALLS 




— PUTS — 

— 

Price 

Oct 

Dec 

Mar 

Oct 

Dec 

Mar 


091 

1.44 

1.70 

170 

. 1.65 

185 

112 

no 

096 

- 

1.42 

112 

- 

113 

098 

090 

196 

- 

175 

* 

114 

092 

098 

nm 

- 

- 

- 

115 

- 

117 

- 

- 

- 

- 

Eta vta total. 

Cato 11828 

Putt 27 we . 

Preutoua doyl epm tat. Cato 2152B6 Puts WZ.171 


Germany 

■ NOTIONAL OaRMAM BUMP FUTURES (UFFty PM250J0Q 100816 of 100M 

Open Sett price Change Hgh Low EM. wt Open m. 
D«C ' 88.31 88.40 4028 88 j64 8025 99587 143135 

Mar 87.85 87.60 +028 87.75 87.60 207 1378 



Open Sett price 

Change 

High 

Low 

ESL vol 

Open im. 

Sap 

99-05 99-03 

+O-OI 

98-18 

99-02 

689 

19104 

Deo 

98-14 98-11 

+0-03 

98-27 

9908 

36629 

99301 

Mar 

97-23 

+093 

- 

- 

0 

0 

■ LONG GIT FUTURES OPTIONS (UFFQ £50900 B4ths oi 100% 


Strike 

■ n , 




• MVTil — - 


Dec 

US 

Mar 


Dec 


Mar 

Price 

88 

2-11 

2-61 


1-53 


905 

99 

1-42 

2-23 


2-20 


3-41 

100 

1-14 

1-82 


2-58 


4-16 


Eta vta total, Cato 2084 Pute 1334. Previous day's open tot, Cato 43074 mu 32883 


Ecu 

■ ECU BOND FUTURES (MATIF) 

Open Sett price Change High Low . Est vol. Open ire. 
Sap 7988 79.78 - 7092 79.72 229 £091 

Dec 79J24 79.42 +022 7054 79.18 718 7.272 


US 

■ US TREASURY BOW RJRIHES (C 8 T) 5100000 32nds ot 10096 



Open 

Latest 

Chenge 

Hfch 

Low 

Est vcL 

Open bit 

Sep 

10006 

100-12 

+0-08 

100-13 

100-06 

11,744 

71418 

Dec 

99-12 

99-16 

+0-08 

09-17 

9909 

254.124 

351,363 

Mar 

99-19 

98423 

+0-06 

98-25 

98-19 

1,108 

9/487 


■ DUMP TUTOREB OPTIONS (UFFE) DMB50.000 ptanta 01 100% 


Strike 

Price 

Oct 

CALLS — 

Nov Dec 

Mar 

Oct 

Nov 

PUTS 

Dec 

Mar 


0.62 

1 . 1 B 1^6 

1.51 

022 

178 

IDS 

121 


0.35 

190 1.17 

118 

145 

100 

127 

118 

BBOO 

0.17 

OjSB 0J82 

1.07 

177 

120 

122 

147 

Eta vta rata 

^toQta 13510 pm 1W*- nnwWui opm nu ota IBB3B WWlfl 


■Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOW) FUTURES 

PTC) YIQOm IQOthe of 10046 

Open Close Change Ugh Low Eat vol Open bit 
Deo 10800 - - 10802 10701 1335 0 

■ UFTE amn traded on M*T. M Open Hanot fgs. n tor enMous day. 


UK GILTS PRICES 


„VWd- _18M_ 

H nod Frtcm+nr- Hgh Uw 


_YWd_ _ 1094 _ 

l« Bed Pitet+cr- U» Lrer 


— YtoB — -lew- 

(t) HMb[ +or- n» Low 


(LkmagtoRmYlrara) 

ciOM# ■' 

995 

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11095 

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996 ~. 

;1S»tt 

IIPE1M6# 

oaiapcMK — 

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VipCIWW 

1 2PC 1987 

«pc 199TO 

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Tims I 0 * 7 pc 1999 

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Omental Khm I9W- 
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9DC2000# 

Treat 13 k 7000 

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a» 

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11.76 

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997 

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1200 

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1283 

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090 BJ8 108«, 
6.72 875 89% 

973 693 105,*. 

697 897 100% 
11.09 9.1* 1*7% 
9« 9.13 104H 
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7 EC 90S 88 li 

945 9.17 IOM 
955 907 93A 
151 9.13 I05A 


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691 608 8U 

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1026 637 113U 
681 695 993 

10-75 137125AN 
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MBA MBA 

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694 1364 
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357 107 


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732 

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83% 

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mo 

924 

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114% 

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1004 

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128% 

MB 

143 

£98 

127% 

-A 

150% 

127% 


PnuedlM real radaMpden nu* on projected tafleUon ol{1) 10% 
end ft M. (b) Bgurao in pawieiesas show RPI base tor 
indexing ft 8 months pirn to tost*) and reive Dean aerated - 
100461 refcfthto el RPI » Ito * Januaiy 1967. Convmrion tac 
6946. API Im JaraiaT- 1894: 141 3 and tor Auguu 1964; 144 J. 

Other Fixed Interest * 


_ Yield _ ~ 1994 — 

Notes nr IW Wee £ + 


]$£ WM 

_ 534 

- 44% 


5BV 

Su W»Loan3‘aJc# 

£70 
^ £24 

- «% 

- SSAid 


54)3 

71 


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44% 


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nV 

38% 

105A Tlte.2*20C 

_ 837 

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32% 


«4» 

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66 % 

33U 

aw 

27U 


AJricm 0 ev 1 l%! 010 —. 

Ad*i0«io%ae2009— 

new 11 *2062012 

MnSCep8%pc-tt_ 

91*0801906 

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l^AsOeebec 151*2011. 
Leads 13*21*2000-^- 

Umpod3*a*liittS 

LCC^CTOfllt. 

JtoEhBSter11*»c3M?- 

UetWr.apc'B' — . 

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4%06 12024 

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957 955 
9.49 953 

087 958 
ttoa 
aoi 
1124 

1082 10.13 
1057 

as9 

980 

HL13 170 
4.W 830 

- 453 

- 450 
13.13 


1154 

03*1 

99% 

106% 

i3aa 

12S>i 

36*2 

32 

113*2 

67% 

131*2 

128% 

13G 


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1<2 119 

115*2 93% 

103% 99% 

115% 108% 

-A 1G9U 138ti 

1*9% 126*2 

__ 44% 33% 

40% 28% 

138% 112 

78 66% 

160% 199% 

146% 123% 

169% 134% 


FT/ISMA INTERNATIONAL BOND SERVICE 


Loted art ttw latest rtanational bonds far wfridi lhao ia an adsqrefle secondary matot. Latest prices at 7UQ pm on Soploinbar T9 
Bid Ofler Chg. Yield taeuad Bid Oflv Chg. Yield 


m 

@ 9 ^ 

m 

HI 

Bkf 

Offer 

Chg. 

YMd 

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09% 

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936 

105% 

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030 

85% 

054 

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1077 

92% 

92% 

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9.10 

102% 

103% 

-% 

BBS 

103% 

103% 

-% 

974 

102% 

103% 

-% 

925 

W7% 

106% 

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1017 

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104% 


996 

90% 

90% 

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HUB 

108 

108*2 

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979 

94% 

94% 

■H 

980 

107% 

107% 

-% 

933 

M6% 

106% 

^4 

067 

83% 

84% 

t% 

939 

95% 

98% 

+% 

HUB 

88% 

89 

♦% 

£13 

96% 

99 

+% 

039 

104 

104% 


7.44 


U& DOLLAR ST1VUQH1S 

ADbojp Na» Treoaiy 6% 03 1000 

M*naPK*ini»7%« 1000 

AueMs8%00 


Bank ofTiftn 8% 98 . 

Bri0rni5%O3 

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1000 


&*b/iGmQZ1 

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Chano Kong fin 6^ 88 - 

600 







Earn Japan FM«yB% 04 

800 






imn 


200 



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500 

Federat HA Mott 730 04 - 
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tod Bk Japan Bn 97 
trier Amtr Dm 7% 96 _ 

#^e%23. 



DBirSCHE MMK SIWUGHTS 

Auto B% 34 2000 

QedtFander7%03 2000 

OamritdgOS 3000 

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90% 

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100% 

101% 

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738 

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104% 

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102% 


831 

83% 

84% 

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896 

101% 

102% 

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£81 

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842 

89% 

90% 

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740 

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96% 

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794 

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658 

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790 

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672 

85%. 

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107% 

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777 

104 

104% 


734 

103% 

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659 

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881 

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100000 

120000 

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1260 HE% 


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28 


FINANCIAL TIMES TUESDAY SEPTEMBER 20 1 994 


COMPANY NEWS: UK 


Speciality materials division hit by decline in defence markets 

Morgan Crucible advances 8% 


By David WTghton 

Morgan Crucible, the speciality 
materials manufacturer, is 
increasing its dividend for the 
first time since 1991 after 
reporting an 8 per cent rise in 
interim pre-tax profits from 
£32. 3m to £35m. 

Mr Bruce Farmer, managing 
director, said the 3.5 per cent 
increase In the dividend to 
5.95p reflected confidence in 
the future. Earnings per share 
for the six months to July 4 
rose by 8 per cent to I0.3p 
(9.5p). “We are now seeing 
some upturn in demand, par- 
ticularly in Germany and 
France, and price increases are 
sticking." 

He added that the company 
was not suffering from the 
squeeze on margins reported 
by many other manufacturers. 
Operating margins were steady 
at 10.2 per cent and Mr Farmer 
predicted they would improve 
in the second half. 

The figures include profits of 
£3.6m and sales of £49 .3m from 
Holt Lloyd, the car care busi- 
ness sold to management for 
£63 .5m last month. Mr Farmer 
said the deal would not dilute 
earnings because much of the 
cash would be recycled into 
bolt-on acquisitions. However, 
be stressed that year-end gear- 
ing would he below 50 per cent, 
compared with almost 70 per 
cent at the start of the year. 

There was unchanged net 
cash inflow of £5 .2m after capi- 
tal investment of £15.3m 


<£17.7m) and acquisition and 
deferred consideration costs of 
£5.1m. 

Mr Fanner said the main 
areas of continued weakness 
were defence, now accounting 
for less than 3 per cent of turn- 
over, and Japan. Australasia 
was patchy but continental 
Europe had recovered more 
quickly than expected. 

Group order intake was up 6 
per cent compared with a 2.6 
per cent rise in sales to £412m 
(£401 ,6m). Morgan is seeing 
good growth from new prod- 
ucts such as components for 
safety air bags in cars which 
should generate sales of about 
$20m (£13m) this year. 

Operating profits rose 3 per 
cent to £42. lm with the carbon, 
technical ceramics and thermal 
ceramics divisions all ahead. 
Profits from speciality materi- 
als slipped to £7.8m (£Alm), hit 
by declining defence and 
nuclear power markets. 

The shares closed 4!4p 
higher at 332p. 

• COMMENT 

Morgan Crucible has 
responded to institutional 
shareholders' concerns by gen- 
erating cash and selling Holt 
Lloyd so the recent weakness 
in the shares might appear 
churlish. The truth is that the 
shares had got a bit ahead of 
themselves after a strong run. 
While profits growth is steady 
rather than sparkling the drag 
from defence cannot last for 
ever, if only because it is now 



Oan Bugen 

Graham Swetman, finance director, (left), with Bruce Farmer: 
some upturn in demand, particularly in Germany and France 


so small. While other manufac- 
turers complain of intense 
pressure on margins Mr 
Farmer Is confident Morgan's 
margins will swell from just 
over 10 per cent to more than 
14 per cent over the next two 


to three years. The pace should 
pick up in the second half driv- 
ing profits to about £74m, 
before the gain on the Holt 
Lloyd sale. On a multiple of 
only 15 the shares are starting 
to look attractive again. 


Acquisitions help lift 
Sanderson Bramall 


By Peter Pearse 

Sanderson Bramall Motor 
Group, the West Yorkshire- 
based motor distributor, more 
than doubled pre-tax profits 
from £1.06m to £351m in the 
first half of 1994. boosted by 

aw piigi rinns 

In August 1993 Sanderson 
bought Skipper Group from 
RTY for £14m and in April this 
year it acquired Petrogate for 
some £5.5xn plus its debt of just 
under £llm. These lifted the 
number of the group’s dealer- 
ships from 12 to 33. Of this, 24 
are car dealerships and nine 
commercial. 

Operating profits rose to 
£3.39m (£1.25m), including 
£864,000 (£75,000) from acquisi- 
tions. Turnover advanced to 
£ 189.9m (£&L4m), with £22 An 
(£4. 86m) from acquisitions. 

The number of new commer- 
cial vehicles sold jumped to 
1,564 (200), while new cars sold 
rose to 6,490 &925). However, 
Mr Tony Bramall, chairman 
and chief executive, said that 
the group's main profit centres 
were its after-sales business, 
the value-added packages 
underpinning its new and used 
car sales, and the used car 
operations. Used cars Sold 
increased to 5.440 (1,780). 

Mr Bramall explained that 
the used car operations bene- 


fited from the lack of makers' 
restrictions imposed on new 
cars, that trade prices had held 
up well, and that there had 
been none of the previously 
seen “seasonal drift-down". 

Since the acquisitions - 
which lifted gearing to the mid 
80s, since reduced to the low 
70s via property disposals - the 
group “needed to digest”, said 
Mr Br amall. It still had about 
E5m- worth of property to seti, 
half in the second half and half 
in 1995. 

The interim dividend is lifted 
to lp (0.66p), payable from 
earnings per share of B.3p 
(3.7p). The interim Is Ukely to 
be one-third of the year’s totaL 


Fall in UK sales pushes 
Magnolia to £0.3m loss 


Following its warning in June 
that first half performance 
would be disappointing, Mag- 
nolia, the picture frame and 
reproductions company, turned 
in a loss of £309,000 against a 
profit of £76,000 last time and 
announced a rationalisation In 
its UK operations. 

Turnover for the six months 
to June 30 was down from 
£9.05m to £&41m. 

This was largely as a result 
of a decline in the UK market 
for traditional wooden mould- 
ings, said Mr David Wallrock, 
chairman. Demand had been in 
steady decline throughout the 
recession and continued to be 
suppressed by the flat housing 


market and increasing compe- 
tition from plastic frames. 

As a result, the group is to 
rationalise its UK wholesale 
business through a writedown 
of stocks. The costs are expec- 
ted to have little Impact on 
borrowings. 

The plastic moulding side, 
established last year, now 
accounts for 50 per rant of pro- 
duction and the group is also 
looking overseas for growth. 
Lira, the Czech picture fr aming 
company acquired in June, has 
been trading above budget but 
has not contributed to these 
results. 

There were losses per share 
of 5.39p (earnings 0.92p). 


Ladbroke 
moves into 
US gaming 
business 

By Richard Wolffs 

Ladbroke Group raised Its 
stake in the global gaming 
market with the announce- 
ment yesterday of a 220m 
(212.9m) deal to build a card 
ehxb in California. 

The 60-table club is Lad- 
broke's first venture into the 
US gaining business fits 
into the group’s strategy of 
establishing Itself as a major 
player in the worldwide casino 
market 

Earlier this month, Hw com- 
pany ended a 15-year absence 
from the UK casino business 
with the £50m purchase of 
three London casinos to add to 
its international collection of 
13. 

Ladbroke was forced to give 
up four West End casinos in 
1979 after allegations of mal- 
practice over Its a ttempts to 
win business from rivals. 

The US venture, in San 
Pablo in the San Francisco 
Bay area, is expected to be the 
first hi a series of moves to 
begin gaming activities across 
the US. 

The company said: “we are 
looking at a number of gaming 
opportunities around the 
world, particularly in the US 
where the gaming market is 
going through tremendous 
growth at the moment" 

Another card club is planned 
in Albany, also m the San 
Francisco Bay area, where the 
g roup already owns anri oper- 
ates a racetrack. Ladbroke 
Racing Corporation, the 
group's US division, now 
hopes to introduce slot 
machines at its racetrack in 
Michigan. It owns two farther 
tracks in Pennsylvania and 
Texas. 

The company intends to 
operate non-gaming facilities 
at the first card dub, while 
leasing gaming operations to 
SF Casino Management. At 
present, Californian law pro- 
hibits a publicly traded com- 
pany from holding a licence. 

Construction of the dub is 
expected to begin this winter, 
in order to be open for busi- 
ness next autumn. 

The group’s pre-tax profits 
fell 11 per cent to £51 Jm for 
the six months to end-June, 
with turnover rising to 
£2£9bn (£2JSlbn). 


Overseas expansion 
holds ISA to 15% rise 


ISA International, the 
Bradford-based distributor of 
computer consumables, 
reported pre-tax profits up by 
15 per cent from £l.95m to 
£2. 56m in the six months to 
the end of June. 

Turnover grew by 37 per 
cent to £91m (£66.6m). ISA 
said gross margins had been 
reduced as a result of increas- 
ing exports to new markets. 


Mr Jim Salmon, who took 
over as chairman earlier this 
month, said the company bad 
been in talks with a number of 
manu f acturers about working 
more closely together. The 
benefits should be seen in the 
next 12 months. 

Karnfrig a per Share ramp out 
at 3.821P (3.293P) and the 
interim dividend is being 
raised from 0.55p to 0.605p. 


DIVIDENDS ANNOUNCED 




Currant 

payment 

[tela of 
payment 

Cores - 
poncflng 
dividend 

Total 

far 

ytwi 

Total 

test 

year 

Anglo-East Plant. 

— Int 

nl 

- 

05 

. 

155 


-—Jut 

4.7T 

Nov 21 

4.3 

- 

11.75 

BLP Group § — 

— lm 

1 

Oct 2G 

- 

- 

1 


— Jm 

0.5 

Nov 1 

- 

- 

nil 

DMdeHael 


0-5 

Dec 1 

05 

- 

1.4 

Edinburgh Rind Int 

a 

Nov 4 

6 

- 

22 


fin 

0.85 

- 

0.85 

15* 

1.75 

loM Steam 

— int 

1.75 

Oct 20 

1.75* 


55- 

BA 

— m 

0.605 

Nov 30 

055 

- 

1.55 

MAI 

— fin 

5St 

Nov 14 

4.9 

7.8 

6.9 

Morgan Crucible . fnt 

5.95 

Nov 14 

5.75 

- 

125 


lm 

\J5 

New 5 

- 

- 

. 

SantFson Bramall 

— Int 

1 

Nov 1 

0.66 

- 

2.4 


Dividends shown pence per share net except where otherwise stated. tOn 
increased capital. §USM stock. 'Adjusted for ocrip Issue, flndudes apodal 
025p (pJip) now announced. 


NEWS IN BRIEF 


SwWKl'Jf*; 


D 

O 

N 

1 

T 

C 

R 

A 

C 

K 

u 

N 

D 

E 

R 

PRE! 

3 S 

URE 



c&i .sfe. 


v& 

M = y : r<! 

TAGHeuer 

v. • • ‘ • ■ V ■ 


ALLIED-L Y ONS yesterday 
changed its name to Allied 
Domecq. 

CATTLE'S HOLDINGS, the 
financial services company, 
has acquired Reedham Factors 
for £55m, of which £3m is pay- 
able in cash and the balance hi 
loan notes. Further payment of 
up to £0.3m may become due 
depending on Reedham’s per- 
formance in the period to 
March 31 1995. 

EAST GERMAN Investment 
Trust: Net assets as at March 
31 1994 were 1045p (114-lp at 
end 1992). Net loss for 15 
months was DM2. 72m (£l.l2m), 
against profit of £701.000 for 
previous 12 months. Loss per 
share was 1.9p (Q.6p earnings). 
No dividend (0.2p). 


EMAP haw sold a 50 per cent 
interest in three French maga- 
zines to Bayard Presse for 
FFr50m (£6. 01m) cash. 
Together with the two titles 
the two companies already 
publish together in France the 
deal will create a publishing 
group catering for outdoor 
interests with combined sales 
of l.5m. 

YBM, the building design com- 
pany, was continuing to dis- 
cuss possibility of refinancing, 
Mr Tim Poulson, chief execu- 
tive, told AGM. He said year- 
end figures of April 30, which 
showed a trading Ices in an 
“extremely difficult" year, did 
not show company was enjoy- 
ing a “steady influx" of new 
business from UK and abroad. 





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Pat Looker or Brian Heron on 
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Exceptional items check 
MAI increase to 9.5% 


By Raymond Snoddy 

MAI, the financial services and 
television group, reported a 9.5 
per cent Increase In pre-tax 
profits from £80-2m to £879m 
for the year to June 30. This 
year’s figure reflects an excep- 
tional gain of Mm on the dis- 
posal of fixed assets and a 
£16.am loss on disposal of a 
discontinued operation. 

Earnings per share rose to 
16.6p (15.8P). 

The results were boosted by 
MATs newest business - televi- 
rion - with Meridian Broadcast- 
ing making a £5m operational 
profit ahead of schedule and 
Anglia Television contributing 
£5m since its acquisition in 
March. The company says 
broadcasting will now become 
“a major contributor” to group 
profits and a strong bate for 
future growth. 

The exceptional items that 
helped depress MAI’s share 
price yesterday involved a loss 


of filBJJm from the closure of 
S afe g uard Insurance Services, 
which had “ performed poorly 
In difficult markets over the 
past two years". The net loss 
included goodwill of £16.2m 
written off to reserves In prior 
years. There was also an £8m 
profit from the sale of an 
investment in Havas SA 

Before the deduction of the 
net exceptional loss profit 
before tax was £96. 7m and 
earnings per share were 18.4p. 
The share juice fell 23p yester- 
day to close at 2555p. 

MATs turnover increased 34 
per cent to £709.7m (£527.7m). 
The final dividend is 5.8p 
(45p), making a total Of 7J9p 
(6.9p). Sir James McKinnon, 
chairman, said the combina- 
tion of consistent investment, 
constant product improvement 
and innovation, close control 
of costs g«ri favourable mar- 
kets helped the businesses 
achieve good profit growth. 

MAI’s money and securities 


businesses achieved an overall 
profit of E61.2m, an increase of 
9 per cent MAI said that vol- 
umes in the securities broking 
markets closed after the inter- 
est rate increase in the US In 
February although money 
broking volumes rose as the 
year progressed. The company 
has recently got a new licence 
in TOkyo for brokering Japa- 
nese government bonds. 

“ A lot of new markets are 
emerging." Lord Holllck, the 
MAI chief executive said yes- 
terday. 

Growth in car sales and a 
fell in bad debt lifted the prof- 
its of Wagon Finance, the 
motor credit company to 
£ li.4m a rise of 24 per cent 

MAI's information division, 
which provides marketing and 
financial information, per- 
formed strongly and profits 
rose 35 per cent to £l03m. 

Analysts are looking for pre- 
tax profits of between £115m 
and £116m for the current year. 


Improved margins behind 
Roxboro’s 51% advance 


$ 


By Peter Pearse 

Shares in The Roxboro Group 
rose 14p to 246p yesterday as 
the specialist electronics group 
announced a 51 per cent 
increase in pre-tax profits for 
the six mnnthfl to July L 

Profits grew from £2.97m to 
£4.49m on turnover ahead 19 
per cent at £26. lm, compared 
with Ka lin. 

The group came to the mar- 
ket in November at 230p and 
completed the acquisition of 
Solartron, a sensors, transduc- 
ers and instrumentation group, 
for £43m in May. In a little 
over a month, Solartron con- 
tributed £726,000 to opeating 
profits from turnover of 
£4.72UL 

Mr Harry Tee, chief execu- 
tive, said that operating mar - 


gins for the group had risen 
from 14.1 per emit to 17 per 
cent. For the full 1993 year 
they stood at 15.9 per cent. 
Solartron had been slightly 
margin dilative, though Mr 
Tee said he would be very dis- 
appointed if it was to be more 
than that over the full year. 

He said that the group - now 
reorganised Into three divi- 
sions: specialist components, 
sensors and instrumentation - 
was looking to expand further. 
He wanted to strengthen 
Diabght, the visual indication 
company, internationally, espe- 
cially into Europe. The group 
also wanted to expand its sen- 
flora operations. 

BLP Components, the elec- 
tro-magnetic products com- 
pany, operated in “smart" 
metering, which, according to 


Mr Tee, was a market waiting 
to take off. While the introduc- 
tion of smart electricity meters 
depended on the regional elec- 
tricity companies and Profes- 
sor Stephen Littlechild, the 
industry regulator, smart gas 
meters were more likely to 
grow in the short term. 

The large after-market 
helped Weston Aerospace, 
which makes sensors for aero- 
space applications, buck the 
trend In that sector and main- 
tain high margins. Mr Tee gwifl 
that instrumentation had the 
weakest margins, though there 
was good growth in vibration 
monitoring for turbines. 

Earning s grew 42 per cent to 
8.1p (5.7p) and the maiden 
interim dividend is 1.5p, as 
forecast at the time of the 
Solartron purchase. 


Kwik Save ends ‘standstill 
agreement 9 with Dairy Farm 


By llefl Bucktay 

Kwik Save, the discount 
retailer, and its main share- 
holder Dairy Farm Interna- 
tional, are ending the “stand- 
still agreement” that prevents 
Dairy Farm from selling its 
stake or ™Mng a full bid for 
the company without prior 
notice. 

The two sides said the agree- 
ment had “outlived its pur- 
pose" and would lapse after 
Kwik Save’s full-year results in 
November. Dairy Farm, which 
holds 29.4 per cent of Kwik 
Save, added it had "no present 
intention" of making an offer 
for the company. 


Kwik Save’s shares closed 
down 3p at 604p. The shares 
have rallied recently on 
rumours that Dairy Farm was 
preparing a bid. 

Mr Derek Pretty, Kwik 
Save’s finance director, said 
the agreement had been 
reached after Dairy Farm, a 
Hong Kong-based company 
owned by Jardine Matheson, 
first acquired a 25 per cent 
stake in Kwik Save in 1987 - 
later increased by open market 
purchases to the present laveL 
It gave Dairy Farm board rep- 
resentation, and required it to 
give 30 days' notice of an inten- 
tion to sell its stake or make a 
bid. 


Since then, the two compa- . 
nies had developed a “co-opera- 1r 
tive, supportive and positive 
relationship", with the two 
managements "very much 
intertangled”. Dairy Farm pro- 
vided Kwik Save's last two 
chief executives, and its latest 
chairman, Mr Simon Keswick. 

Institutional investors indi- 
cated they did not favour the 
agreement, and Mr Pretty said 
the 30-day "window" would 
have had a disruptive effect an 
the market for Kwik Save 
shares if Dairy Farm had indi- 
cated an intention to bid. 

He said shareholders were 
adequately protected by the 
Takeover Code rules on bids. 


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PART OF THIS FINANCIAL TIMES CROUP 


FINANCIAL TIMES TUESDAY SEPTEMBER 20 1994 


COMPANY NEWS: UK 


Bemrose rises to £2.7m 
and makes £2.3m buy 


Yorkshire Food’s £7.6m 
acquisition from Hobson 


By Caroline Southey 

Bemrose, the security and 
promotional printer, announ- 
ced a 6 per cent rise in interim 
profits as well as the acquisi- 
tion for an Initial £25m or a 
company which sources, 
imprints and supplies promot- 
ional products. 

Pre-tax profits Tor the six 
months to July 2 rose from 
£2.55m to £2.7m on turnover up 
56 per cent at £48. Im (£308m). 
More than 50 per cent of sales 
are generated in the US where 
Bemrose is now the largest 
supplier to the US advertising 
speciality market following a 
series of acquisitions. 

"We have made a positive 
start, with substantially 
increased sales from our 
enlarged group, M Mr Roger 
Booth, chairman, said. Order 
books were strong and second 
half trading would be substan- 
tially greater than that s een in 
the first half, he said. 

A seasonal bias to Bemrose's 
results, which saw 75 per cent 
of the company’s earnings gen- 
erated in the second half of last 
year, has been further exagger- 
ated by acquisitions, including 
McCleery-Cumming. the sec- 
ond largest US publisher of 
advertising calendars. 

Acquisitions over the last 
two years have increased the 


Bcinmse ■ 

Share price (pence) 

500 - — ----- 



proportion of sales represented 
by promotional products, such 
as calenders and diaries, from 
under 50 per cent to more than 
70 percent 

Mr Booth said the acquisi- 
tion of Incentives Two, a Man- 
chester-based company, would 
strengthen the management of 
Bemrose' promotional products 
division. The company had 
substantial experience in sour- 
cing low-cost products from 
the For East 

Hie purchase will be satis- 
fied by £715,000 cash, £LLm of 
cumulative redeemable unse- 
cured loan stock and the allot- 
ment of 117,733 new shares. 
Incentives Two made pre-tax 
profits of £459,000 on £5 -26m 


sales in the year to January 31. 

Bemrose saw improved per- 
formances in all Its divisions. 
Hie growth in sales of security 
print products was the result 
of new initiatives. Mr Booth 
said, while margins were being 
preserved by investment in 
more efficient production 
equipment, including a £2m 
web press which would reduce 
the cost of high volume cata- 
logues and directories. 

Promotional product sales in 
the UK were also ahead and 
contracts to print calendars 
had been won from National 
Westminster Bank and Mid- 
land Ranlt 

US operations saw profit 
margins and cash generation 
higher than the group as a 
whole. He said the Renaissance 
Group had enjoyed "an excel- 
lent year” following the acqui- 
sition of McCLeery-Cuznming. 
By combining the two busi- 
nesses, substantial savings had 
been made in the costs of 
paper, printing, packaging, 
materials and distribution. 

Gearing has gone up from 46 
per cent at the last year-end to 
an expected average of 50 per 
emit for 1994. 

Earnings per share stood at 
5.67p against 7.48p restated fol- 
lowing a rights issue in Decem- 
ber. An interim dividend of 
4.7p (45p) has been declared. 


New service 
costs cut 
IoM Steam 
to £ 1 . 18 m 

By Richard Woffle 

Isle of Blau Steam Packet 
Company, the ferry operator, 
yesterday announced a 38 per 
cent fall in pre-tax profits 
from £1.91m to £1.18m for the 
six months to end-June. 

The cost of establishing the 
Mannin Line, a freight service 
from Great Yarmouth to 
B maiden in the Netherlands, 
launched in November, helped 
depress trading profit by 4S 
per cent to £Llm (£1.91m). 

Turnover of the company, in 
which Sea Containers has a 
41.97 per cent stake, increased 
5 per cent to £l25tn (£ 11.9m) 
despite lower traffic levels on 
fiie company’s core Isle of Man 
routes. 

Mr Juan Kelly, chairman, 
said: "In a group sense it is 
the Mannin Line which is poll- 
ing ns down, bnt we have 
always said that was a 
long-term operation.” 

Marniin results were in line 
with expectations with a 
steady improvement through- 
oat the period. Nearly two 
thirds of the loss was incurred 
in the first quarter. Finance 
costs in the second half are 
expected to improve after the 
£3Jhn purchase of a ferry in 
August 

The introduction in June of 
a new SeaCat service on the 
Isle of Man routes helped to 
boost total passenger carry- 
ings by 11 per cent 

Earnings per share fell from 
5.42p to 3.48p and the interim 
dividend is- held at 1.75p. 


By Christopher Price 

Yorkshire Food Group is to 
pay Hobson, the homecare and 
food products group, £7 An for 
a packaging business. 

The packaging interests are 
part of the FE Barber food divi- 
sion which Hobson bought last 
April as part or a £lllxn deal 
for the food manufacturing 
business of the Co-operative 
Wholesale Society. 

Mr Andrew Regan, Hobson 
chief executive, said the move 
represented a re-focusing of the 
Coop businesses to their core 


By Christopher Price 

Edinburgh Fund Managers, the 
fund management group, 
reported a 99 per cent rise in 
pre-tax profits for the half-year 
to July 31, from £3.72m to 
£7-39m. New products, particu- 
larly those aimed at the emerg- 
ing markets, together with the 
recovery in the financial mar , 
kets, were largely behind the 
rise. 

Mr Peter Arthur, finance 
director, cautioned that the 
comparison with the same 
period last year had to be set 
against the background than of 
depressed market conditions; 
also, the 1993 tntortiwg did not 


what the division does best." 
he said, and added that Hobson 
expected to sell a further two 
subsidiaries from the Co-op 
deaL 

The final consideration for 
yesterday's sale will depend on 
the audited net asset value of 
the business, with a maximum 
consideration of £Sm payable 
by Yorkshire Food. 

Hobson is also keeping CL6m 
of trade debtors owed to Bar- 
ber, said Mr Regan. 

The packing division made 
pre-tax profits after corporate 
charges of £238.000 on sales of 
£23m for the year to January 8. 

Mr Paul Haley, Yorkshire 


include contributions from two 
important acquisitions. Com- 
pared with the second half 
results, which he considered 
more meaningful, pre-tax prof- 
its were 22 per cent ahead. 

Two new investment trusts - 
the New Tiger Trust aimed at 
the Ear eastern market and the 
Inca Trust targeting Latin 
America - had raised over 
£180m from investors. 

Fund management income 
rose 63 per cent to £11.71m 
(£7. 17m) compared with the 
same period last year, while 
group turnover increased by a 
similar amount to £12.S5m 
(£7.84m). Earnings per share 
jumped % per cent to 26.7p 


Food finance director, said the 
company had identified 
£750.000 worth of charges 
which it believed would not 
recurr under its new owner- 
ship. Net assets at the year end 
were £3 -85m. 

The business consists of two 
sites, one in Manchester and 
one in Glasgow, and packs 
products including flour, rice, 
pulses and nuts. 

Yorkshire Food Intends to 
close down the Glasgow site. 
Mr Haley said “a small num- 
ber” of the sixty people 
employed at the Scottish plant 
would be offered alternative 
employment. 


(!3.Sp). The interim dividend is 
set at 8p (6p), with the com- 
pany expecting to pay a main- 
tained final of 22p. 

Edinburgh's geographical 
spread shifted year-on-year 
towards the emerging econo- 
mies. Funds under manage- 
ment in the UK slipped from 61 
per cent to 55 per cent, while 
the Pacific Rim rose from 16 to 
21 per cent and Latin America 
from 2 to 4 per cent. Invest- 
ment trusts increased their 
share of the company's income, 
rising from 42 to 47 per cent. 

The volatility in the world 
markets contributed to a fall in 
total binds under management 
from £4bn to £3.8bn. 


Rhino runs 
deeper 
into red 
at midway 

By Gary Evans 

Shares in Rhino Group, the 
USM-quoted specialist video 
and computer games retailer, 
fell 5p to 27p yesterday, after 
the group reported a sharp 
increase in pre-tax losses from 
£263,000 to £lJ7m for the first 
half of 199-L 

Mr Bcv Ripley, chairman, 
blamed the setback on the 
strong seasonality of Rhino's 
subsidiaries. Future Zone 
Stores and Downpace. How- 
ever, he expected the second 
half to again benefit signifi- 
cantly from Christinas trading 
- 1993 profits totalled £2m. 

First-half turnover jumped 
to £ 17.5m (£3.6m) reflecting 
Rhino's growing number of 
stores. Future Zone now oper- 
ates from 90 retail outlets, 
against 28 a year ago, and the 
group expects to have at least 
110 stares trading during 
Christmas. 

Because of the seasonality of 
the business, no interim divi- 
dend bos been declared. Losses 
per share were lJHp (0.45p). 

Mr Ripley estimated that so 
far this year the UK computer 
and video games market had 
declined by about 14 per cent, 
although this trend had not 
been consistent across the var- 
ious product ranges. Be added 
that Rhino's share of the UK 
software market had now 
risen to abont 12 per cent 

The company intends to 
apply for a full listing, follow- 
ing publication of its 1994 
annual report. 


Datrontech plans to come to 
market with £50m valuation 


areas. 

“We intend to concentrate on 


Emerging markets help 
Edinburgh Fund to £7.4m 


By Paul Taylor 

Datrontech, a leading supplier 
and distributor of computer 
memory and other PC compo- 
nents, plans to come to market 
late next month through a pla- 
cing with institutional inves- 
tors which is expected to value 
the Aldershot-based group at 
about £50m. 

The company was founded in 
1987 by Mr Steve King, manag- 
ing and marketing director, 
and Mr Ian Boyle, sales direc- 
tor. Its expansion reflects the 
underlying growth of personal 
computer sales. 

These are expected to con- 
tinue to grow at around 20 per. 
cent a year, coupled with the 
strong demand for PC memory 
fuelled by successive genera- 
tions of more powerful micro- 
processors and more complex 
software. 

Last year Datrontech, which 
has 96 employees, lifted 
adjusted operating profits to 
£2.Sm from £L9m in 1992 and 
£1.7m the previous year on 
turnover which grew by 86 per 
cent to £46m (£24.7m), up from 
£15.9m in 1991. It expects 
turnover to exceed £60m this 
year. 

Pre-tax profits in the half 
year to June 30 increased to 
£2.1m (£1.4m) on turnover of 
£35m (£23m). 

Memory products accounted 
for 88 per cent of Datron tech’s 



Lydiwn dor Uw 

The memory men: Datrontech’s Ian Boyle fleft) and Stave King 


turnover last year - the com- 
pany has about 5 per cent of 
the combined UK and Irish 
memory market which was 
worth £646m, based on figures 
from Dataquest, the market 
research organisation. 

The company has a close 
relationship with California- 
based Kingston Technology, 
one of the fastest growing pri- 
vate companies In the US. 
whose memory products 
account for about 40 per cent 
or Datrontech's sales. Its sup- 
pliers also include most of the 
main computer technology pro- 
viders including IBM, Intel, 


Microsoft and Creative Labs. 

Although the PC memory 
market has become increas- 
ingly competitive, Datrontech 
has managed to maintain 
above-average margins despite 
expanding into the lower-mar- 
gin original equipment manu- 
facturer (OEM) market in Die 
UK. It emphasises its customer 
service policy and was one of 
the first IT companies to intro- 
duce "just-in-time delivery" 
and 97 per cent of orders are 
met within 24 hours. 

Datrontech is expected to 
raise up to £5m through the 
flotation. 


monTEOison 


NOTICE OF A GENERAL MEETING OF SHAREHOLDERS 

Shareholders of Montedison S.p-A. are hereby convened to attend an fcttrao nfltpfy Gerwtf MgeMng 
of Shareholders, to be held at Fora Buonaparte 31. Milan on Sunday October 16, 1964 at 10.00 am. 
(first eaBjand, if needed, on Monday October 17. 1994 and Tuesday October 18. 1994(secoodcafl 
and third call), same time aid place, in order to discuss and vote upon tne tolowing items on me 

AGENDA 

1. Approval of the prefect for the meroer with and Into MONTTOISON S.pA ^1 'the compiles 
AX1UA s.rJ.. AGRICOLA FERRUZZUj-J.. CBAENU RAVENNA FTNANZ1ARIA SJ.L and FERRUZZ! 
INVESTMENT! s.r.I. to be Implemented through annulment of the quotas of the tetter companies, 
all of which are owned directly or tndlrectfy- through companies being also simultaneous^ 
merged- without any Issuance of shares by Montedtepn&p A. 

2. Approval of the protect of the merger with and into MONTEDISON S.p.A. ojldnooarnpany 
FINANZIARIA AGROINDUSTRIALES-pA-. to be Implemente d the aiw JmentwitiTOUt 


/UWIIIIUll ui uw 

4 and authorities to be granted In connection with the matters under 

the above items. . .. ... 

Shareholders are entitled to attend the General Me^lLat toe Me^ig 

lexcludlnq the day of the Meeting), they have deposited their share certificates at the Company^ 

registered office or at one of the following friandal Institutions: „ 

Banca Popolare di Bargamo - Gredito Vareslno, Boica Popotere di Mlano, Banca Ropoiare 

dl Novara, Credito Romagnolo. 

Abroad (by appointment of Itafian banks accordtng to the tew): 

In Switzerland: Socffrtd de Banqu# Sutese - Basel and Zurich; Credit Suisse - Zurich; 

In France: Sanque Nationale de Paris - Paris. 

In the United Kingdom: Morgan Guaranty Toist Co. - London. 

In Belgium: Banque BruwBes Lambert - Brussels. 

In Germany: Deutsche Bank. Dresdner Bank - Frankfurt a/Main. 

In the Netherlands: ABM -AMRO N.V. - Amsterdam and Rotterdam. 

In ih. U.SAJ Bank of Nw Yori, - Not Vortc. on b**. or ft, Bo*d o. Ota*** 

Guido Rossi 
Chairman 

PROCEDURE TO BE FOLLOWED BY FOREIGN SHAREHOLDERS: 

admission tickets must be Issued ai least five days before 

to vote by proxy may appoint a proxy onlyafter depositing toejrshares 
PI ®J?*Sl2Snr?thaadnMsion ticket to accordance with toe procedures described in .(A), above. 



NEWS DIGEST 


BLP surges 
but shares 
slip 16 p 

The share price of BLP Group 
dipped 16p to 174p yesterday, 
despite the fact that pre-tax 
profits more than trebled for 
the six months to June 30. 

The wood Laminates group 
reported pre-tax profits of 
£700,000 (£194,000) on turnover 
up 11 per cent from £13 -5m to 
£15m. Operating profits dou- 
bled to £738,000 (£305.000), 
because of a strong perfor- 
mance in Canada and a reduc- 
tion in costs in the UK follow- 
ing rationalisation of the 
London manufacturing 
operations. 

Earnings per share were 5.1p 
(2-2p losses) and an interim 
dividend of lp is proposed (nil). 

Britannia back 
in the black 

Britannia Group, the house- 
building, construction and 
development group, returned 
to the black hi the first half of 
1994 with a pre-tax profit of 
£518,000, against a £868,000 loss 
last time. 

Turnover edged ahead to 
£16.06m (£15 Jm). Earnings per 
share came to l.6p (75p losses) 
and there Is an Interim divi- 
dend of 0.5p - the first since 
1991. 

Mr Christopher Powell, 
nhnirmnn said that while the 
construction sector remained 
highly competitive, there were 
signs that demand was begin- 
ning to pick up and that tradi- 
tional clients were coming 
back with work. 

During the period, Britannia 
completed 103 sales with a far- 
ther 121 either reserved or 
under contract. For the year, it 


Tnrnpyke recovery 
continues 

Turnpyke Group, the West 
Midlands-based springs and 
pressings manufacturer, 
reported continued recovery in 
the first half of 1994 with pre- 
tax profits of £16,000, the first 
reported profit since the mid- 
1980s, against losses of 
£185,000. 

Mr Eric Cater, chairman, 
said with the sale of a property 
improving the cash position, 
the company expected the bet- 
ter performance to continue in 
the second half. 

Turnover was £1.25m 
(£1.34m). Earnings per share 
were 0-22p (losses 258p). 

Wakeboume jumps 
back with £1.07m 

Wake bourne, the reorganised 
computer services group, 
moved back into profit with a 
first half pre-tax figure of 
El.OTm against an interim loss 
of £18.9m last time, struck 
after provisions for disposals. 

Turnover for the six months 
to June 30 was up 52 per cent 
at £l8.2m (£l2m), with the 
growth led by large branch 
automation contracts from cus- 
tomers including the Halifax 
Building Society and Barclays 
Bank. 

There was an underlying 
growth rate in operating prof- 
its from computer services of 
20 percent 

Earnings per share came out 
at 3.4p against losses of 1445p 
last time. 

Rubber prices help 
lift Anglo-Eastern 

Anglo-Eastern Plantations, the 
cocoa, oil palm and rubber cul- 
tivator, reported a 41 per cent 
rise in pre-tax profits for the 


six months to June 30, from 
£1.2m to £L7m. Turnover was 
up 42 per cent to £5m (£3.5m). 

Mr Rollo Barnes, executive 
director, said the smaller 
estates’ results had benefited 
from an increase of nearly 40 
per cent in rubber prices and 
better than expected cocoa pro- 
duction. 

Earnings per share were 4p 
(3p) and, as indicated, there is 
no interim dividend (0.5p); 
henceforth only a single, final 
distribution is being paid 

Ultimate holding company is 
Gen ton International. 

An daman turns in 
£24,000 midway 

Andaman Resources, the 
reconstructed minerals com- 
pany now focusing on develop- 
ing businesses generating a 
more predictable stream of 
earnings, reported a pre-tax 
profit of £24.000 for the first 
half of 1994. 

These were the Belfast-based 
company’s first results since 
its placing and open offer in 
February, a further placing in 
April and the acquisition of 
Southern Road Markings. The 
interim figures included three 
months contribution from 
Markings. No comparatives 
were given. 

Turnover was £410.000. while 
profits were after an excep- 
tional £24,000 charge for dis- 
continued exploration activi- 
ties. Earnings per share came 
to 0.18p. 

P inki e Heel falls 
25% to £231,000 

Although turnover rose 5 per 
cent, Dinkie Heel’s pre-tax 
profits were down 25 per cent 
from £309,000 to £231,000 for 
the half year to June 30. 

The company, which sup- 
plies components for footwear 


manufacture and repair, saw 
turnover increase from £3 5m 
to £3.65m. 

Mr David Parkes, chairman, 
said profits had been affected 
by loss of production, owing to 
the need to replace furnace 
equipment in June rather than 
during the July holiday period. 

Earnings per share were 
155p (1.76p). The interim divi- 
dend is unchanged at 05p. 

GT Japan net 
assets advance 

GT Japan Investment Trust 
raised net asset value per 
share from 241.9p to 288.3p 
over the year ended June 30. 

After-tax revenue for the 12 
months fell from £1.48m to 
£1.04m for earnings per share 
of 1.67p (2.38p). The recom- 
mended final dividend is again 
0.85p. but a reduced special 
payment of 055p (0-5p) makes 
a lower total of L5p (L75p). 

Goldsborough to 
take up 1BH option 

Goldsborough Healthcare, an 
independent provider, is to 
exercise its option to subscribe 
for 356m 25p shares in Inde- 
pendent British Healthcare at 
74J}p each, at an aggregate cost 
of £2.66m. 

96% acceptance for 
Gosforth Park offer 

The final acceptance level of 
Northern Racing's recom- 
mended cash offer for High 
Gosforth Park is 96.84 per cent 
of issued capital, representing 
87,174 shares. The offer has 
now closed. 

Northern Racing will com- 
pulsorily acquire all outstand- 
ing shares in High Gosforth 
Park, which owns and runs 
Newcastle racecourse. 


Medeva joins 
SKB in vaccine 
development 

By Darnel Green 

Medeva, the rapidly-growing 
pharmaceuticals company, has 
formed an alliance with its 
larger rival SmithKline Bee- 
chain that will “secure the 
future of our vaccines divi- 
sion”, said Dr Bill Bogie, Med- 
eya's chief executive. 

The deal will give Medeva 
an unspecified royalty income 
from worldwide sales of a new 
generation of combination vac- 
cines that allow many drugs to 
be injected at once. Dr Bogie 
estimated the world market 
for such vaccines to be £650m 
a year. 

Under the deal, SmithKline 
has been granted exclusive 
worldwide rights to a protein 
called 69kDa, part of a new 
whooping cough vaccine that 
is easier to include in combi- 
nation. vaccines. 

SmithKline said the deal 
would “allow us to accelerate 
oar development projects on 
combination vacctnes.” 

Whooping cough vaccines 
are already part of a combina- 
tion of three vaccines with 
diphtheria and tetanus (DTP) 
of which about 30m doses are 
sold each year in Europe and 
the US. Dr Bogle said that a 
vaccine that combines six 
drugs instead of the current 
three should sell for about £20 
a shot. 

Separately, the two compa- 
nies agreed to co-develop and 
market in the UK new com- 
bined vaccines containing DTP 
and a hepatitis vaccine. 

They are also in talks in 
extending the arrangement to 
manufacturing. 

Vaccines have for many 
years been the poor relation of 
other drugs mainly because 
they are given only once. 


Swiss Re — $Rv 

"A" Shareholder warrants 1993 

Expiration of the warrant right 
on 14 October 1994 

According to the terms and conditions the warrant right of “A" share- 
holder warrants will expire on 14 October 1994, 4.00 p.m. Up to this 
date 20 "A” shareholder warrants entitle the holder to purchase free 
of additional bank charges 1 registered share of Swiss Re with a 
nominal value of Sw.frs. 20 at the exercise price of Sw.frs. 525.-. 

Registered shares of Swiss Re acquired through the exercise of "A” 
shareholder warrants are fully entitled to dividends for the 1994 finan- 
cial year. 

The holders of "A” shareholder warrants can exercise their warrant 
rights at their bank up and until 

14 October 1994, 44)0 p.m. (Swiss time) 

From 14 October 1994 the “A* shareholder warrants will be without 
value. 

Zurich, September 1994 

Swiss Reinsurance Company 


Swin Bating numbers: 

■A" shareholder warrants 1993 124 6S7 ISINCH000124 557 7 
Registered sham Swiss Re 124 558 ISINCH 000 124 558 5 
Registered shares Swiss Re 

(!« January-General Meeting) 164 721 ISlN CH000 1B4 721 0 



European Investment Bank 

Kafian Lora 300 BSfion 

Capped Floating Rate Notes due S e pte mb er 1999 
Notice to tiie Holders 


Notice is hereby given that toe Notes wil carry an interest rate of 
926563% per annum for the period 15.09.1994 to 15.12. 1994. 

• ITL 117,107 perlTL 5,000,000 nominal 

• ITL 1 .1 71,073 per ITL 50,000,000 nominal 

Luxembourg. September 20, 1994 



- 


YEN 15,000,000,000 


A Prime SrrE for your 

AKTTEBOLAGET 


COMMERCIAL 

SPINTAB 


(SWEDMORTGAGE) 


PROPERTY 

Subordinated Floating/ 


APV.EKP.SiKg 

Variable Rate Notes 



due 2002 


Adwrtiseyour properly to 

Interest Rate 3.225% p. a. 
interest Period 


appraxunaiely 1 million FT 

September 19 1994 
December 19. 1994 


readers in 160 countries. 

Interest Amount due on 

Decemoer 19. 1994 per 

Yen 100,000.000 Yen 815.208 


For details: 



Call Emma Mnllaty 

JtrL Banque G£n£rale 
du Luxembourg 


on +44 71 873 3574 

Agent Bank 


or Fax: +44 71 873 3098 










FINANCIAL TIMES 


TUESDAY SEPTEMBER 20 l»94 


COMMODITIES AND AGRICULTURE 


Coffee futures touch 
fresh 8V2-year highs 


Britain sees catches in EU fish plan • 


By Alison Maitland 

Coffee futures in London 
briefly burst through their 
recent SVi-year high yesterday 
morning as continued drought 
in Brazil and signs of falli n g 
consumer stocks raised fresh 
concern about supply short- 
ages. 

The November contract rose 
to $4,089 a tonne, just above 
the peak of $4,085 reached dur- 
ing the trading day following 
the second severe frost in Bra- 
zil in early July. These levels 
are the highest the market has 
seen since January 1986, 


By Richard Mooney 

The aluminium market 
“appears determined to move 
higher", according to Billiton- 
Enthoveu Metals. And It says 
in its latest Metals Report that 
it "is likely to continue to do so 
in the final quarter of {this] 
year and beyond, providing the 
drawdown in LME [London 
Metal Exchange] stocks contin- 
ues apace". 

Billiton notes that the alu- 
minium market has been in 
deficit for several months, tak- 
ing stocks held in LME regis- 
tered warehouses 278,475 
tonnes, or 10.5 per cent, below 
the record level reached in 
mid-June. A less marked reduc- 
tion In producer stocks in 
member countries of the Inter- 
national Primary Aluminium 
Institute has been attributed to 
seasonal factors, the report 
says, "and further declines are 
envisaged". 

It points out, however, that 
the production slow-down fol- 
lowing the multilateral agree- 
ment reached earlier this year 
to curb output has been 
"rather disappointing”, hi June 
the operating rate, as reported 
by the IPAI, was down only 100 
tonnes a day and in July it was 
unchanged. "It will be Interest- 
ing," says Billiton, "to see 


The position held comfort- 
ably above $1,000 for the rest of 
the day, closing up $107 at 
$4,039 a tonne. 

Mr Robert MacArthur. head 
of the Tropical Trader Group 
at Merrill Lynch in London, 
said the dry weather had now 
lasted as long as the serious 
drought in the mid-1980s. Com- 
ing on top of the two frosts, the 
persistent dry spell was adding 
to fears about the likely short- 
fall in next year's crop hum 
Brazil, the world's largest pro- 
ducer. 

In addition, Colombia had 
suffered a smaller harvest this 


whether the downtrend is 
resumed in August’s figures, 
which are to be announced this 
week." 

However, the al uminium 
market is not relying only on 
lower production for its pres- 
ent strength, the report notes, 
"but also on strengthening 
demand". 

Although there are signs 
that the US economic recovery 
is slowing down the country’s 
aluminium demand is expected 
to post a "very respectable 
increase" for 1994. And a con- 
tinued slowing in US demand 
next year is expected to be 
more than compensated by 
continued improvements in the 
European market “and even in 
Japan”. 

“Russia has remained a theo- 
retical fly in the ointment’ in 
terms of the tardiness in imple- 
menting its pledged production 
cutbacks [under the multilat- 
eral agreement], amounting to 


year and would have to draw 
down its internal stocks to 
meet domestic demand, while 
US stocks were dwindling. 

“The market’s done very 
well in fair volume,” he said. 
“It looks as if the trend is still 
for higher prices as we move 
into the winter period." 

London was buoyed by a 
strong performance by arabica 
futures in New York to match 
that of Friday. In early trading, 
New York was up nearly 9 
cents. By the afternoon, the 
December contract was 4.95 
cents Higher at 226.75 cents a 
pound. 


500,000 tonnes [a year] which 
were originally to be completed 
by the end of July," says Billi- 
ton. 

“However, the market 
appears to be taking this in its 
stride." 

• Aluminium prices edged 
back at the London Metal 
Exchange yesterday following 
the strong gains of the past few 
weeks. 

Having burst through the 
31,600-a-tonne barrier on Fri- 
day the three months delivery 
position ran into overhead 
resistance and what traders 
described as “producer-type 
selling” after moving up to 
$1,615 a tonne in early trading. 
It dipped below the $1,600 mark 
a couple of times before closing 
$6 down on the day at $1,6TCL50 
a tonne. 

Traders said they were 
looking for further big falls in 
LME stocks to confirm alumin- 
ium's "upside credentials". 


Traders 
sceptical 
about cocoa 
output curb 

Plans by the International 
Cocoa Organisation (ICCO) to 
cut cocoa output by 375,000 
tonnes over the next five yearn 
look good an paper but will 
have little immediate impact 
on the market, London trades 
said yesterday, reports Reu- 
ters. 

Members of the organisation 
agreed on Saturday to imple- 
ment a five-year plan aimed at 
cutting 75,000 tonnes a year, 
beginning in the 1994-95 sea- 
son, in an attempt to bolster 
prices. 

“They are good intentions 
but Indonesia is not part of 
the agreement. . . and as a 
cocoa producer it has the 
major growth record,” one 
pointed out 

However, Mr Gay- Alain 
Gauze, Ivory Coast’s commodi- 
ties minister, told reporters 
after the ICCO talks ended in 
London on Saturday that 
“Indonesia has said it will not 
take any decision against pro- 
ducers”. 

Indonesian observers at the 
talks said they were monitor- 
ing the progress of the produc- 
tion management plan and, 
based on that, would eventu- 
ally decide whether or not to 
join the pact 

Indonesia, which is forecast 
to produce about 250,000 
tonnes cocoa during the 
1993-04 season, has registered 
an average growth rate of 20 
per cent a year over the past 
five years. 

Apart from the question 
mark over Indonesia, traders 
said the volume of stocks 
available to the market would 
also offset any attempt to cut 
supply. 

There are many stocks to 
get rid of,” said one. “There 
has been a lot of cocoa surplus 
in the world and producers get 
impatient for higher prices,” 
one said. 

If tiie plan does materialise, 
“it will be interesting to see 
how they implement It and 
finance it”, commented a Lon- 
don-based analyst 


By Alison Maitland 

Britain said yesterday that it 
smelled "a stinking fish" In 
European Commission plans 
for opening up European 
Union waters around Ireland to 
the Spanish and Portuguese 
fishfrig fleets in 1996. 

Mr Michael Jack, UK fish- 
eries minister, said Britain 
would on tiie commission 
at nest week’s fisheries council 
In Brussels to rethink propos- 
als that were "a bureaucratic 
and administrative night- 
mare". 

The government has come 
under strong pressure from the 
fishing industry to oppose the 
plans, which are design to 
share out access among mem- 
ber states to waters lying west 
of the UK, France and 
north-west Spain. 

Mr Jack said British fisher- 


By Canute Jamas 
In Kingston, Jamaica 

The banana industry in the 
Windward Islands, the main 
source of British imports, was 
devastated by the tropical 
storm that passpd through the 
eastern Caribbean ten days 
ago. Shipping schedules will be 
disrupted, according to govern- 
ment and industry offirials. 

Hie foianris - Dominica, Gre- 
nada, St Lucia and St Vincent 
- will lose millions of dollars 
in exports earnings and could 
also lose some share of the 
market because of the damage, 
the industry officials said. St 


Settlement 

By Robert Gibbons, Montreal 

IWA-Canada, representing 
15,000 British Columbian 
coastal area woodworkers, has 
reached a settlement with 
employers that should also set 
a pattern for woodworkers in 
the interior and the pulp and 


men feared the new rules were 
so complex that the huge Span- 
ish fleet would be able to float 
them with impunity. “There’s 
a very real worry that in some 
way an increase in Spanish 

fishing effort will be unleashed 
on these sensitive waters and 
there will be no means of con- 
trolling it" he said. 

When they joined the com- 
munity, Spain and Portugal 
were barred access to the 
so-called Irish Box, which cov- 
ers the waters immediately 
surrounding Ireland. That 
exclusion ends on December 31 
next year, although they will 
still not be allowed to fish in 
the Irish Sea for species sub- 
ject to quotas. They will also 
remain barred from the North 
Sea. 

The commission Hh« tabled 
two draft regulations covering 
access to the EU’s “western 


Lucia, the largest producer in 
the group, has been the hit 

hard pc* 

“All of our banana, coconut 
and cattle production has been 
lost, small gardens are 
destroyed and the roads are 
flooded,” said Mr John Comp- 
ton, St Lada’s prime minister. 
Banana exports provide the 
island with income of about 
US$60m a year, representing 
just under a half of all its for- 
eign earnings. 

The Windward Islands Crop 
Insurance Scheme (Wincrop), 
an agency which insures the 
region's agriculture, says it is 
receiving hundreds of claims 


paper mill workers. 

The pact, to be ratified by 
IWA members over the next 
two weeks, provides pay 
increases of 3 per cent, 3 per 
cent and 2 per cent over three 
years, plus si g nin g bonuses of 
C$1,000 in the first year, C$500 
in the second and up to C$500 


waters" for all member states 
and monitoring compliance by 
Individual vessels with the 
new rules. It agreed the rules 
would not cause member states 
to lose quota and would entail 
no increase in fishing- 

However, Its proposal to allo- 
cate countries with a fixed 
number of finking days has run 
foul of the British government, 
which says its position Is 
backed by Ireland and France. 

In a letter to 48 members of 
parliament from fishing con- 
stituencies released yesterday, 
Mr Jack questioned the way 
the allocation of days - known 
as Standard Vessel Days - had 
been calculated. 

“It is not clear that the allo- 
cations of SVDs set out In the 
proposal would represent equi- 
table allocations among mem- 
ber states or respect relative 
stability (existing quotas)," he 


following the storm. 

“We are receiving claims 
now mainly from Dominica, St 
Lucia and St Vincent," said Mr 
Kerwln Ferreira. Wincrop’s 
manager. 

“St Vincent’s loss is of a fair 
level, Dominica’s significant, 
and I would say St Luda is 
very, very, very bad.” 

The losses in the Windward 
islands will disrupt suppliers 
to the UK, according to a St 
Lucian government official. 
The loss for the four islands 
will not only be in export earn- 
ings hut also in market share, 
he said. 

There is concern in the 


in the third. Union members 
get priority in hiring for the 
province's forest renewal pro- 
gramme. 

Originally the IWA sought 18 
per cent over three years. 

Forest Industrial Relations , 
negotiating for the companies, 
said the deal would be costly 


said. Britain feared it had not 
been allocated enough days to 
fulfil its quotas, whereas 
Ireland might have been 
granted too many. 

He added that the proposals 
for monitoring compliance 
were complex and would 
impose “excessive burdens on 
our fishermen." 

Britain is particularly 
unha ppy that the commission 
has left it up to member states 
to allocate days to individual 
vessels in their own fleets - a 
highly sensitive task - without 
prescribing how this should be 
decided. 

The council on September 28 
is unlikely to decide this issue, 
which could drag on into next 
year. Mr Jack said Britain 
would present a “practical and 
simple” alternative, but he was 
unable to give details before- 
hand. 


Windward Islands that any 
reduction in shipments from 
the region will benefit Latin 
American exporters, who will & 
fill the shortfall. Latin Ameri- 
can producers had earlier 
attacked the new European 
Union import regime, which 
allows duty free entry to Carib- 
bean fruit 

"The has come at a very bad 
time for the Windwards’ indus- 
try," said the official. “We 
might not be able to recapture 
our markets after this. The 
only consolation is that if we 
start replanting now we will 
have export fruit ready In a 
few months." 


but the industry was ready to 
share the benefit of strong tim- 
ber markets. 

Talks with the interior wood- 
workers and two different 
unions representing the pulp 
and paper mill workers resume 
this week and hopes are high 
that a strike can be averted. 


More aluminium gains forecast 


Western World Primary Aluminium 
supply /demand balance fOOO toniww) 

1995(0 1994)1) 1993(8) 1992 1991 

Production 14,220 14.150 15,053 14.922 15,125 

Not Imports 1.500 1.600 1.500 1.100 B50 

Consumption 16,900 16,150 15,550 15,476 14,950 

Balance -1,180 -400 >1.003 >546 >1,025 

Seucr BWo~EMho*n W8 dMarecntt 


St Lucia hit hardest as tropical storm 
devastates Winwards banana crops 


eases Canadian wood strike fears 






COMMODITIES PRICES 


BASE METALS 


LONDON METAL EXCHANGE 

(Prices hem Amalgamated Metal Tradtog) 

■ ALUMNUM. 89.7 PUHTTY (S par tonne) 



Cash 

S mills 

Close 

15753S.S 

1802-3.0 

Prsrriooa 

1685-8 

1808-9 

MtfVtow 

1582AM 581 

1612/1699 

AM Official 

1582.5-3.0 

16073-8 

K«to doaa 


1598-9 

Opan int 

261,949 


Total daffy turnover 

104,094 


■ ALUMINIUM ALLOY ($ per tonne) 


QflW 

1605-15 

1820-30 

Previous 

1810-6 

1630-5 

Hlgh/Vwr 

1807. 

1830 

AM Official 

1807-10 

1630-5 

Kerb dose 


1625-30 

Open W. 

2X93 


Total daffy turnover 

1,202 


■ LEAD (9 per tonne} 



Close 

6135-4.5 

827-8 

Previous 

621-2 

834-5 

Htgfvtow 

814.5/614 

634/624 

AM Official 

614.5-55 

027-5-8.0 

Kerb dose 


820-7 

Open M. 

42548 


Total doily turnover 

20,004 


■ NICKEL (S per tome) 


Ckrae 

6390-95 

8485-500 

Previous 

6425-30 

6520-5 

rtgalow 


6570/8485 

AM Omani 

6300-5 

8490-5 

Kort> done 


8495-500 

Open Int. 

67.042 


Total daRy turnover 

31,074 


■ TW (S per tonnet 



Close 

5246-50 

5325-30 

Previous 

5260-5 

5335-40 

MgMow 


5360/5310 

AM Official 

5230-40 

5315-20 

Korb dose 


5310-15 

Open tot. 

17.089 


Totel djfly turnover 

3,984 


■ ZMC, apodal high grade (S per tonnel 

Ooso 

1005-6 

1028-0 

Previous 

1010-1 

1032-3 

hflfltvlow 

1006 

1039/1027 

AM Official 

1006-fl.S 

1028-6 

Karo dose 


1032-3 

Cfce n M. 

100,847 


Total dotty turnover 

41,183 


■ COPPER, and* A (S per tonne) 


Close 

2515.5-6 5 

2531.5-2.5 

Previous 

2468-90 

=507-8 

Hghriour 


2550.2526 

AM Offtake 

2514.5-5.5 

2530-1 

Kerb daso 


2525-8 

Open tor. 

217.881 


Total daffy turnover 

121,102 


■ LME AM Official C/S raw: 1-6742 

LME Closing C/S rata: 1.5066 


Spot 1-5667 3 iMta-1.5642 6 mtoxl J608 9 mtts:i.SS50 

■ HK\H GRADE COPPER (COMEX) 


Dan 


Opte 

flew ctwvi 

tfiflh tow 

M vm 

Sep 12135 *005 

ia« 121.40 

4.139 677 

Oct 11180 *0.25 

119.00 118.90 

1.995 443 

NOT 117.83 *0.13 

. 

718 32 

Dec II7« +0.15 

117.70 IIBJS ■ 

11.607 2.779 

JM 11GJM -0.10 


562 27 

Fab 110-20 +0J15 

- 

443 17 


Tetri 


SBXM MM 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices suppaed by N M Roftscnud) 


Ookt (Troy Oil 
Com 
O pening 
Morning fix 
ARantoOn ftt 
Day's High 
Day's Low 
Previous daw 
Loco Ldn Mean 

1 month — ... 

2 months 

3 months ... — 
SSvar Fh 
Spot 

3 months 
6 months 
1 year 
Q«M Coins 
Krugerrand 
Maria Lea t 
Now Sovereign 


£ aquhi. 


247746 

2J8.139 


S price 
390.00-380.50 
390. f 0-390.50 
390.15 
389.90 

39040-39080 
389.60-39000 

390.40-330 80 
Gold Lending Rates (Vs US3) 
..■-4.40 a months 

4.44 12 mcnms 

— 4.48 


.4.05 

.5.08 


phroy at US ds equtv. 


344.55 
349.25 
35450 
368.70 
5 pries 
393-396 
40080-40350 
90-93 


543.00 

549.50 

656.40 

573,85 

£ eqiiv. 

252-285 


56-61 


Precious Metals continued 

■ GOLD COMEX fioo Troy at; S/troy oz.) 


chugs MM low hit VaL 


391.0 3893 (1623 1.45B Not 


Sett Dsj*s 
pica 

Sap 39QX *0l1 

Oct 390 5 

Not 392.1 

DSC 3936 - 394J 3328 91.063 30.176 

Fab 3868 - 3978 396.1 13831 985 

Apr 4003 - 4008 4008 8.009 28 

TOW 158*472 33385 

■ PLATBAJM NYMEX (50 Troy ca.; S/troy oz.) 

Oct 413.7 >07 4145 412.7 12331 3.168 

Jan 418.0 >07 4190 4170 9041 1310 

AW *213 >07 4223 4200 2.464 425 

AM 423.0 >07 4230 4230 464 20 

Oct 4Z7.7 >07 - ■ 280 

ToW 24890 4341 

■ PALLADIUM NYMEX (100 Troy ozj. S/troy co.) 


SOT 

Use 


20 


15325 >180 - - 35 

1SL2S +1-85 15400 13225 5,613 

15400 +1-85 154.50 15400 982 

JM 135.00 +105 - 152 

TsW 0782 351 

■ gjUjgl COMEX (100 Troy oz.; CanteAroy oe.) 

fiU 541.1 -06 5*30 5395 378 32 

Oct 5*i4 -06 - - 7 

Not 5442 -08 - - 84.379 23,582 

Osc 5407 -OB 5495 5445 S9 

Jot 549.1 -08 - ■ 9247 523 

Mar 5549 -08 5570 5530 4.406 5 

TOW 11OT70 2*888 


ENERGY 

■ CRUDE 00. NYMEX (4&000 US flata. S/barrtfl 


Latest ttofM 
prife daoga MB* 

OCt 1881 -002 1649 

HOT 1199 -tun 1715 

Dac 17-20 >0.01 17.21 

JM 1734 - 17.35 

Ftt 17.44 -0 04 17 JO 

Mar 17.45 -0.04 17.46 

Total 

■ CRUDE 08. IPS (S/barreQ 

Opes 

l» M M 

1888 35X19 24.146 
1165 81.784 Z8S58 
17.09 60X47 13X21 
17X9 31539 1139 
17.36 20,528 1473 
17X0 15X33 743 

403*878 79,447 


Latest 

DOT'S 



Op* 



Rfao 

ebanga 

Mgb 

Last 

tot 

YOt 

HOT 

1590 

+111 

15.90 

15.72 

65.168 

14.150 

Dac 

16.06 

+106 

1606 

15X0 

29.933 

2X64 

Jot 

1110 

-001 

1114 

16.04 

11293 

930 

Fail 

1612 

-104 

1115 

1112 

7.07S 

230 

Mar 

- 


- 

- 

14M 

40 

At* 

- 

- 


- 

1258 

GO 

Total 




121174 17X99 

■ HEATINQ Oft. tmet (42Jjgo US 03 Us.: cAJS gatel 


Latest 

Oafs 



Opan 



prtea 

daoga 


Low 

Int 

Vd 

Oct 

47.45 

+144 

47X0 

4170 

33X70 

14,108 

NOT 

*550 

+131 

40X5 

47X0 

24.756 

1376 

Oac 

4180 

+131 

49 60 

4535 

*1376 

5567 

Jan 

50.65 

+100 

5165 

5125 

25.348 

5.438 

Fab 

51 25 

+ili 

51X5 

51.00 

14X82 

3,182 

Mar 

5090 

+106 

5a 93 

50X0 

11.403 

1540 

ToW 




176*683 40X02 

■ QAS OIL ff>E (Stoma) 





SOS 

DOT*! 



OPH 



P riba 

clteagg 


LOW 

tot 

Vd 

Oct 

140.75 

+1X0 

146 00 

147.00 

31448 

3.720 

Nov 

151.50 

>1.00 

157.75 

14175 

17X38 

1X39 

Dac 

134 QO 

•1X0 

154.00 

15125 

20,065 

1.444 

Jot 

156JJO 

>1X0 

156X0 

154.00 

13X39 

1X34 

Fab 

156.75 

+175 

156.75 

154X0 

4X18 

397 

Mar 

15150 

♦175 

156X0 

154.50 

3X76 

199 

Total 




105*891 


■ NATURAL QAS IftlKX (11000 imneci; Stwn8tuj 


Latest 

Oafs 



Qptn 



price 

daoga 

»gb 

Low 

M 

w 

Oct 

1-620 

-0.008 

1-635 

1600 

24,733 

11X81 

Nov 

1.B40 

•1018 

1X70 

I W 24X74 

*530 

dot 

2.070 

-0002 

1075 

2X60 

27014 

1,536 

JM 

2.105 

•0.002 

1115 

1100 

15190 

1X05 

Fab 

2JM) 

-0.002 

1045 

1030 11938 

483 

Mur 

1.990 >1001 

LOCO 

1X67 

10X00 

161 

Total 




191058 22,199 

■ UNLEADED GASOLINE 




NWEX (42,000 US (jaltL; oUS iptls.1 




Latest 

oaf* 



Open 



prtea 

change 

nob 

Low 

u 

Vd 

Del 

43.60 

-0X8 

JSJ5 

*4X0 

21.438 

11270 

Not 

45.75 

+183 

*5X5 

44,55 

19X72 

5X40 

Ok 

5155 

-117 

5190 

5150 

10X16 

2X11 

Jbi 

32JU 

+02D 

52X0 

5100 

1215 

1,460 

no 

5190 

+0.15 

5195 

32X5 

3X30 

1,44« 

Oar 

5185 

+0.15 


53.85 

1X13 

326 

Total 





87,774 24,235 


GRAINS AND OIL SEEDS 

■ WHEAT USE (£ per tome) 


Sait 


Sap 


May 


10060 

107.75 
109175 

111.70 

113.70 

115.75 


itefa 

ctaeB Mgh 

-0.15 10080 
■030 107.75 
-035 10095 
-040 111-35 
•030 11175 
-030 11080 


Loar 

106.40 


tat 

116 


W 


107.75 2614 
10070 1257 


111.75 1.148 
113.70 1300 


11530 


ToW 

■ WHEAT COT (5,000bu min: 


267 
7352 
canti/BOt) bushsQ 


+0/4 38010 3754) 348 


Sap 377/4 

Dac 3906 

Mar 3990 

May 384/4 

Jd 357/4 

sap 3500 

Total 

■ MAIZE COT (5,000 bu min; cante/56lb buahaQ 


>2/0 386/0 282/0 2382 
>3/2 357» 362/D 3399 
>310 a500 35941 B5 


S«P 

Dac 


216/2 
217/2 
227/2 
234/4 
239 n 
242/4 


MW 

JIU 

Sap 
ToW 

■ barley LCE (£ per tonne) 


-0/4 216/4 215/2 3,177 1.884 

-0/4 218/0 216/2134,111 38319 
-m 220/0 226/4 38044 8.186 

-on 235/0 23W* 15333 2,184 

- 2*0/0 237/8 15.14* 2313 

>0/4 243/4 241/0 1389 163 

218398 8X891 


sot 

10190 

>105 

103X0 

moo 

31 

9 

Not 

104.40 

>112 

104X0 

104X0 

482 

10 

Jen 

10135 

•105 

• 

* 

388 

- 

ter 

10170 

-1X5 

108-70 

108.65 

89 

15 

•*» 

11150 

- 

11065 

11150 

21 

31 

Total 





1X11 

85 

■ SOYABEANS CBT (5XG0GU mbt cede/BOBi tubafi 

sot 

555/0 

-4/2 

56UD 

555/D 

2X30 

908 

Not 

SSM 

1/4 

558/0 

551A 78,131 

38X54 

Jot 

563/2 

*09 

567/0 

560/4 

17X57 

4X48 

MV 

573*1 

*181 

577/0 

569/4 

8X93 

1655 

hot 

581/0 

*1/0 

584/0 

578/D 

5X01 

870 

Jd 

58781 

+181 

590/0 

584/0 

9X41 

1.819 


ToW 128388 48371 

■ SOYABEAN 00. C8T (KLCCO/b* eants/tb) 


SOT 

35.73 

-123 

21X3 

25.70 

1,778 

1,184 

Oct 

2119 

■128 

2155 

2115 

17,486 

5X08 

Dac 

24X6 

-127 

2*XZ 

24X5 41059 

17,472 

Jot 

Z4J7 

-124 

24X0 

34X5 

6X89 

1.B31 

Kar 

24.15 

-126 

24.48 

24.15 

1288 

1,733 

Hay 

23X5 

■115 

2420 

23X5 

4X88 

1.164 

Total 





82X00 21833 

■ SOYABEAN MEAL COT (100 tons; S/ton) 



SOT 

169-6 

♦IX 

1710 

167.7 

1X03 

1X09 

Oct 

168.2 

>13 

166X 

164X 

14,738 

4,010 

Dee 

166.7 

♦18 

107.7 

1014 

42.166 

9X30 

JOT 

1610 

+19 

mo 

167X 

9X89 

832 

E tar 

171 J) 

*14 

172.1 

1714 

1765 

1.622 

»•»» 

1710 

+0J 

174 0 

1725 

5X17 

665 

Total 





81200 10X98 

■ POTATOES LCE (C/tonne) 





1391 


Not 150.0 

■ter 1053 

Apr 2193 -IT 2240 278.1 

Hz/ 2400 

JM 107.5 

TOW 1381 

■ FTOOWT (BgFBQ LCE (SIQ/todax point) 


BH 


1548 1637 


Tea 


TIM Too Broker's Aasodaaon reports, good 
garttod demand. Quatty Assam* met keen 
competition telling between 175 and 275 
pence. Cotowy mediums were steady but 
leaser meriuma wire Irregular. Brightest end 
good median East Aftfcano opened an a firm 
note but eased as the sale progressed. 
Mediums sold readily At fully firm rats*. 
Brighter csytana were a strong feature and 
often advanced, medians remai n ed firm. Fairly 
good demand. Bright* teas add wefl « tea 
taweta but others moved lower. Quotation*: 
best evaSable 200p/fcg.. good 142p/kg.. good 
medium 132 p/kg., medium 120p/Kg.. low 
medtam B6p/lqj_ non. The highest price real- 
ised this week was 275p lor an Assam 


SOFTS 

■ COCOA LCE (Ptenna) 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (tOJOPCKm; cental be) 


Salt Qeyta 
price di p t 


Opai 

tat 


Sett Day's 


Vet 


28 

SOT 

988 

>13 

946 

9*6 

30 

2 

Oct 

ee ms 

-1X50 68.775 66X25 31169 

4.768 

25 

Dot 

974 

-14 

982 

972 Z7XB6 1X25 

Dac 

68X75 

-0X00 68X00 67X25 31161 

2X00 

63 

Mre 

1007 

•12 

1013 

1004 33X21 

1,116 

Fab 

67.450 

-0.360 67X50 67X50 12X*6 

1X33 

35 

m 

1019 

-12 

102* 

1019 

11X59 

344 

For 

68X25 

-1325 8&XS0 68X00 8X31 

895 

112 

Jd 

1032 

-10 

1035 

1(02 

5X65 

K6 

Jot 

65X00 

-0350 01175 65X00 2X14 

100 

2 

Sffi 

1046 

-6 

1052 

10*5 

9,19* 

116 

«R 

61450 

-0.425 65X50 61400 977 

43 

288 

Totd 





96X68 3X33 

Total 


74X81 

9X44 


COCOA CSCE flO tonnes; S/tonnes) 


■ LIVE HOPS CME [40,000fes: centa/toa) 


82 

Dec 

1318 

-22 

1330 

1315 

. 

Oct 

37X00 

•1400 37X50 37X25 11482 

1X16 

14X43 

Mw 

1365 

-21 

1377 

1365 42X57 

3X62 

Dec 

38.350 

-1075 38X00 38X00 

12X14 

1X94 

1X90 

*fef 

13S6 

-19 

1403 

1395 14,099 

578 

Mr 

381200 

- 39X50 31850 

3X51 

480 

584 

Jd 

1423 

-19 

• 

- 4X21 

*1 


39X50 

- 38X00 31975 

2X80 

291 

517 

sot 

1445 

-17 


- 2X95 

9 

Jot 

44X25 +1026 44X50 44.000 

713 

65 

4 

17X27 

Dec 

Tetri 

1471 

•17 

- 

- 1X96 3 

72.738 3X99 

tag 

Tetri 

41000 

-1100 43X00 42X75 

98 

26X05 

10 

4X83 


■ COCOA (ICCO) (SDR'a/toreta) 


Sap.18 

osar ~ 


.1020.19 


1015.18 


LCEffftonnd 


sot 

4177 

>135 

4200 

4111 

1,715 

49 

BOV 

4040 

+106 

4089 

3980 

11,721 

1114 

Jot 

3989 

+112 

4040 

3945 14,142 2.125 

Mar 

3888 

>90 

3930 

3685 

1926 

704 

iter 

3843 

+68 

3890 

3820 

1X75 

643 

Jri 

3830 

+92 

3850 

3800 

807 

417 

Trial 





38X66 7,112 

■ COPFEE ‘C* CSCE (37X0flbs; centaribaj 


Sot 

m.K 

>110 22140 222X0 

101 

39 

Dac 

22155 

>4.75 

230X0 


22X64 

7,174 

Ha 

228X0 

+1X0 

228X0 

228X0 

7X53 

674 

**OT 

22100 

+0X0 

22100 

229X0 

3,142 

238 

Jri 

230X0 

>6X0 moo 

23000 

779 

75 

SOT 

231X0 

+100 

- 

• 

370 

49 

Totd 





36*496 1296 


QCO) (U3 canta/pomd) 


Sap.W 

Corap. cM* 


— 202.10 


Rea. fey 

106.75 

196.61 


15 day mot 19790 

■ No7 PREMIUM RAW SUGAR LCE (certa/Tba) 


Oct 

12X6 

- 1290 12X3 1X06 

154 

JOT 


- 

. 

War 


90 

. 

Telai 


1X66 

1S4 


■ WHITE 8UGAR LCE (S/tonne) 


Dac 

332X0 


33070 

330X0 

3X95 

108 

Har 

332X0 

- 

333,40 33020 

7XZ7 

582 

rife 

332.70 


333X0 

330.00 

938 

as 

tag 

331X0 


33? no 

33100 

734 

73 

OCX 

314.00 

- 

31100 314.00 

371 

9 

Dac 

- 

- 


- 

4 

. 

TOW 





13X08 1,160 

■ 8UQAR IV CSCE (lllDOOtos; centaflba) 


Oct 

1266 

♦0X1 

1279 

1251 

2SX<0 

BX12 

Mar 

12X9 

+0X3 

12X8 

1238 9200513,188 

Mot 

1254 

*0X3 

1281 

1237 13X02 ZX14 

Jd 

1244 

>0X5 

1249 

1226 

8X79 1X43 

Oct 

1223 

>0X3 

122* 

1213 

3X08 

277 

Mar 

11.76 

-003 

11.79 

11.76 

781 

54 


Teal 


144X962*668 


■ COTTON HYC6 gOUOOfeK oanta/fea) 


SOT 

1683 

>15 

1580 

1580 

299 

24 

Dd 

Ori 

1E2S 

>23 

1625 

1610 

824 

7B 

oac 

Mot 

1620 

+Z7 

1620 

1605 

128 

23 

Mar 

JOT 

1503 

>15 

1565 

1575 

810 

32 

■fey 

Ate 

1585 

>15 

■ 

• 

389 

- 

M 

Jri 

Tetri 

1+50 

+7 

1450 

1460 

BO 

2376 

10 

165 

Oct 

Total 


09.73 -0-30 7020 6056 2590 1.179 

6896 -038 9038 6061 27.781 0268 

7042 -026 7080 7010 BJW1 1.102 

71.47 -038 71-95 71.41 0298 468 

72X8 -046 7130 7236 253Z 201 

mSB. -008 8073 6047 417 13 

sum 0281 

■ ORANGE JUICE NVCg (IBJOOfca: cante/fee) 


Sap 

6175 

>1X0 

eioa 

84.40 

24 

1 

Not 

67.70 

>0.75 

67X0 

8175 12X16 

540 

Jan 

81.10 

+035 

91.40 

90.70 

5X33 

514 

Iter 

94X5 

+190 

94X5 

64.10 

3X72 

173 

■W 

96X5 

>190 

97X5 

97X5 

855 

24 

Jul 

Total 

100X5 

>0X0 


■ 

407 1 

23X28 1X62 


VOLUME DATA 

Open tntarat end Vbhsne deb shown far 
cont rac ts batted an COMEX, NYMEX, CRT, 
NYC£ CME. CSCE ana /PE Crude OK are one 
any in erreere. 


INDICES 

■ jMHB (Bobk IB/S/31 -100J 


Sep 19 Sep 16 month ago year age 
2112 3 2105.9 2087.1 1804.7 

B CRB Futures (Base: 1067*1001 


Sep.16 Sap 10 month ago year ago 
229.18 228X0 Z29.77 M5X2 


■ PORK BELLIES CME (40 JOPfate cente/toa) 


40350 -0.178 40000 39.750 
40.400 -0.175 40560 30-775 
41-025 -0.175 41.060 40X50 
42025 -0375 40350 41.850 
41.150 -0350 41250 40850 


Total 


7.448 2,210 
819 190 

141 34 

149 47 

35 9 

02® 4490 


LONDON TRADED OPTIONS 


Strike price $ tome 

— Cabs — 

— Puts — 

■ ALUMM1UM 





(99.7*0 LME 

Oct 

Jan 

Oct 

Jan 

1S7S 

30 

80 

22 

55 

1600 

18 

67 

35 

67 

1B25 

10 

56 

52 

80 

B COPPER 





(Grads A) LME 

Oct 

Jan 

Oct 

Jan 

2500 

40 

102 

za 

81 

2550 _ 

23 

78 

55 

107 

2800 ___. 

10 

06 

91 

137 

B COFFEE LCE 

Now 

Jan 

Nov 

Jan 

3600 

*74 

537 

34 

148 

3850 

434 

505 

44 

168 

3700 

394 

474 

64 

IBS 

B COCOA LCE 

Dec 

Mar 

Dec 

Mw 

975 

42 

90 

43 

58 

1000 . 

32 

77 

68 

70 

1050 

17 

67 

83 

IDO 

B BRENT CRUDE fPE 

Nov 

Dac 

Nov 

Dec 

1600 

re 

54 

- 

60 

10SO __ 

18 

- 

83 

32 

1700— .... 

7 

31 

- 



LONDON SPOT MARKETS 


■ CRUDE Oft. FOB (per band/Nov) 

>cr- 

Dubai 

S14X1-4X6U 

+0.11 

Brent Btend (dated) 

115/44*46 

>0.11 

Brert Bend (Nov) 

513.B4-5X6U 

-on 

W.TL (ipm eel) 

S17.12-7.14u 

+ai3 

B Oft. PRODUCTS NWEprompt dativeiy CfF (tonne) 

Prarrim Qaaoflne 

$172-175 

>i 

Got 01 

SI 48-149 

>i 

Heavy Fuel 09 

S73-75 

♦i 

Naphtha 

SI 56-1 57 

+i 

Jet fad 

$168-189 

+i 

Aaeoton ilijn m— n mum i 



B OTHER 



Gold (per tray az)$ 

539025 

-0X6 

Sffver (per troy az)f 

543Xc 

-10 

Ratlrun (par trey ozj 

$413X0 

*3.78 

Paffadfam (per troy oz.} 

$162.26 

+2.50 

Copper (US prod! 

1210C 

+2X 

Load (US prod) 

3125c 


Tin (Kuala Lvrpur} 

13,17m 

-a oi 

Tin (New Vote} 

244.6c 

+2X 

Cattle Diva wafahfr|C 

116X3p 

~ZX6 - 

Sheep (Dve wetghtftOO 

OLflep 

•1.47- 

Riga five wdgtrtJO 

71-21p 

•1.01* 

Lon. day sugar (raw) 

5312.70 

-3.70 

Lon, day sugar fwta) 

6340.20 

>0X0 

Tate a Lyfe export 

sai i-oo 

-exa 

Bfiriey (Eng. feed] 

Unq. 


Maize (US Nc3 Yeacw) 

$1310 


Wheel (US Darft North/ 

£1610 


Rubber (Ocflf 

89.00p 

-0X0 


57, DOp 

■0.60 

Rtiabar 1C. RSS Nol Aug 

3210m 

+3X 

Coconut 01 (PhB}§ 

S622XZ 

-7X 

Prim 01 (MaiayJi 

seoist 

-17X 

Copra (Pht)§ 

$404.0 

-10 

Soyabeans (US) 

£1B3Aj 

-ijj 

Cotton Outlook ‘A’ mdst 

7120c 

-o.ro 

Wooltops (B4e Sotmt) 

485p 

>10 


e par tome urtess urnmaa rasML a panceAg- a canw/fa. 
i rim/Hn m Mriwater o taw. r are a sapaRa 

* Sap - T London rYiylca 6 G* naBaOwn. 4 Screen 
manat dote. 4 Swap (Use wfenc priced. * flange on 
wqbk e Price* era for ra eri w a day- 


CROSSWORD 


No. 8,563 Set by DANTE 



<fm ' 




ACROSS 
1 Novel container (8) 

S Remarks not Intended for the 
other players (B) 

10 Princess to show hesitancy in 
speech after press is seen (5) 

11 Possibly one magazine 
required to complete a set 
(3,6) 

12 Listing us as potential inter- 
preters (9) 

13 He is finally snookered In 
return (5) 

14 Sees a letter goes to the 
agents (6) 

15 Failure in phone or exchange 
(2-5) 

18 Continue to flirt? (5-2) 

20 Great enthusiasm for two nat- 
ural products (6) 

22 Used to make the link at 
Gretna Green (5) 

24 Dealing with management (9) 

25 Hurl down six balls before 
defeat (9) 

26 Glory in Count Luxembourg's 
return (5) 

27 Shattered when thrown (6) 

28 Do they help one to see what 
one is eating? (3-5) 

Solution to Saturday's prize pnzzle 

Solution to yesterday’s pda* puzzle 


16 


17 


21 


23 


DOWN 

Animated - by champagne? 
(6) 

Roger is an eccentric co-ordin- 
ator f9j 

Brussels town hall? (9,6) 
Work's rising; employs part- 
ners (7) 

Give a blow that may result 
in early retirement (5A7) 
Don’t allow an untidy beard 
(5) 

Cricketers facing the bowlers 
or those who are out (8) 

An Inventor having no team 
back up (6) 

To harass people thus is In 
itself clever (9) 

A spot of capital punishment 

Kind disposition 16) 

Tiny set-up in the fight for 
fast US motor traffic (7) 

Make an effort to reduce the 
rent? (6) 

Shortens sail, wring danger- 
ous rocks (5) 


on Saturday October 1. 
on Monday October 3. 


Of broking and jobbing the Pclikan s fond. 

See haw sweetly he puts your word onto bond. 

SbUkanO 


JOTTER PAD 







1U ;l1 . storm 

Cl'ups 


«*d strike ft. 


ROSSWORD 



financial ti mes 


TUESDAY SEPTEMBER 20 1994 


31 


LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-A Ail-Share Index 


Little strength behind nervous rally in shares 


1,675 

1,BSD 


Equity Shares Traded 

TiffnowrbyvotenBflbSSon). Staodtag: 
[ntra-marttei buakrxm and avMMt tumowar 
1,000 


fiy Terry Byfand, 

UK Stock Market Ecfitor 

SecunMes markets in London 
rallied yesterday but trading vol- 
ume was subdued and concern over 
the outlook for interest rates in the 
us and Germany remained high. 
Gains were trimmed towards the 
close when UK bonds reacted to 
sterling weakness in the face of a 
strong US currency. 

The fT-SE 100 Index continued to 
move between two important trad- 
ing benchmarks, dipping to 3.04&3 
in early dealings and then rising to 
3.085.3 at the days best The final 
reading of 3,079.1 showed a net gain 
on the day of 14 points. The Decem- 
ber contract on the Footsie, now the 
lead player in stock Index futures, 
regained a premium against the 
underlying cash marmot 


Analysts saw little change in mar- 
ket sentiment yesterday. The focus 
remained very much on the US 
Interest rate outlook, with investors 
showing nervousness ahead of a 
speech from Mr Alan Greenspan, 
chairman of the Federal Reserve 
and of the possibility of a move on 
rates at the meeting of the Federal 
Open Market Committee next week. 
The next rise in US interest rates 
was seen as a matter of timing. 

Although shares opened lower, it 
was clear that Friday afternoon’s 
selling bout had blown itself out, at 
least for the present The long mid 
of the gilt-edged market, which 
reflects inflation worries, improved, 
but falls in the short dates, more 
closely linked to base rate pros- 
pects, indicated underlying fears. 

With turnover relatively poor, it 
was the blue chip, dollar-oriantatsd. 


stocks which saw most of the recov- 
ery. The FT-SE Mid 230 Index, cov- 
ering a wide range of shares, 
slipped 8.1 to 8,608. 

- Seaq volume totalled only 469.1m 
shares, down more than 17 per cent 
from Friday when, despite the 
shakeout in share prices, retail, or 
genuine investment activity in equi- 
ties was worth only £L2bn, a mod- 
est total by recent daily averages. 

London was keeping a wary eye 
on the trading screens for the 
announcement of the latest M3 
money supply data due this week 
from Germany. “A further tighten- 
ing in Federal Reserve policy has 
probably been priced into the mar- 
ket; but any sign of tightening by 
the Bundesbank will send markets 
plunging,'' gain one leading analyst 

This week also brings hurdles for 
the stock market in the shape of the 


UK M4 lending figures and non-EU 
trade statistics. At the end of the 
week, markets will be poised for the 
US August durable goods orders, 
which foil sharply in the previous 
month but are expected to show a 
renewed surge and thus fuel fears 
that the Federal Reserve may feel 
obliged to tighten policy more 
quickly t b aTI markets anticipate. On 
Friday, the latest estimates of UK 
gross domestic product will also 
throw light an the progress of eco- 
nomic recovery in the UK. 

The London stock market paid lit- 
tle heed yesterday to comments 
foom Mr Kenneth Clarke, the UK 
chancellor of the exchequer, t ha t he 
would continue to adjust Interest 
rates so as to sustain recovery. A 
rise In mortgage rates by the Hali- 
fax building society, while no sur- 
prise in view of last week’s rise in 


base rates and similar moves by 
other building societies, kept the 
market focus on the near term out- 
look for domestic interest rates. 

Gains fo leading oil and pharma- 
ceutlcal stocks gave a good lead to 
the Footsie index, but owed some of 
their strength to the dollar rather 
than to investment activity in the 
London stock market. Retail and 
consumer issues had a more uncer- 
tain ses s ion, with some struggling 
to recoup a little of Friday’s losses 
while others gave further ground. 

Construction issues, also closely 
linked to interest rate perceptions, 
traded narrowly with losses among 
those with interests in the German 
economy. But traders stressed that 
much of yesterday’s activity 
reflected little more than a tidy- 
ing- up operation in the wake of Fri- 
day’s widespread shakeout. 




■ Key Indicators 





Indices and ratios 






FT-SE 100 

3079.1 

+■144} 

FT Ordinary index 23&.5 

* 1 A 

FT-SE Mid 250 

36OS.0 

-8.1 

FT-SE-A Non Fins p/e 

iaoi 

(18.98) 

FT-SE-A 350 

1553.1 

+4.6 

FT-SE 100 Flit Dec 3081.0 

-27.5 

FT-SE-A AJI-Stere 

1543.64 

+3.93 

10 yr GlltytoW 

0.07 

(9-Ofl) 

FT-SE-A All-Share yield 

3.89 

(3.90) 

Long glft/equlty yld ratio; 

2*2 

*2-31) 

Boat performing sector* 


Worst parfonnlnB ssetors 




... +1.9 



-1.3 



... +1.8 



.—.-15 



+1.7 



.—.-1.1 







5 Banks 

. - 

... +1.2 

5 Other Services & Bans 




buyers 


Supermarkets group Tosco was 
among the FT-SE 100’s best 
individual performers and the 
heaviest traded stock in the 
index as the market became 
increasingly optimistic about 
sales and a stabilisation of 

profit margins ahead of interim 

figures which are expected thte 
morning. Tesco's numbers 
mark the opening of the food 


retailing sector’s results sea- 
son. 

Analysts' forecasts of Tesco’s 
half-year profits range from 
around £24Qm to with 

the Interim expected to rise by 
10 per cent to 2.7P. 

Sentiment in Tesco, and the 
food retailing sector as a whole 
was helped by a positive 
research circular published by 
NatWest Securities who 
upgraded their profits esti- 
mates for Tesco. Argyll, Morri- 
son and Sainsbury. The broker 
upgraded its stance on the sec- 
tor to neutral after toratmging 
its 1995 earnings growth fore- 
casts from 4 per cent to 10 par 
cent, matched by dividend 
growth, citing gross margin 


recovery at mainstream super- 
stores and a transfer of margin 
pressures to discount stores. 

NatWest restored its “add” 
recommendation to Tesco, 
whose shares touched 256p, 
their highest level since March 
1993 before slipping back to 
close a net 2 14 higher at 251p. 
Turnover reached lam shares. 

Argyll put on 6 to 290p and 
Sainsbury settled a penny off 
at 439p. Kwik-Save, the dis- 
count retailer, dipped 3 to 604p 
after Dairy Farm Twtprnatinnal. 
which holds a 29.4 per cent 
stake, ga<ri it bad qo present 
intention of bidding for the 
group. A Standstill p gmeniwnt. 
preventing Dairy Farm from 
increasing its 29.9 per cent 


EQUITY FUTURES AND OPTIONS TRADING 


Stock Index futures had a 
volatile day in thin trading 
volume, occasionally making 
attempts to drive the cash 
markets but In the main 


showing little initiative. 

The day's tracflng range on 
the FT-SE December contract 
was dose to 50 ticks with the 
market touching a low of 3,054 


■ FT-S6 ICO INPSt FUTURES (UffB £26 par M MBX potat 


(APT) 


open Seaprice Chans*' Htf 1 tew Eat voi Open tnt 
Dbg 3071.0 3081.0 +23.0 3101.0 30644 11087 58785 

Mar 3103.0 3104.0 +234 31144 3103.0 10 855 

■ FT-SE HD 250 INDEX FUTURES (UFF^ BIO pm ftal Max point 


Dee 


3626.0 


-54 


3381 


■ FT-SE HP 250 1ND6X FUTUWBB (OMLX) CIO par tfal Indsci point 

Dec - 3628.0 838 

M opan tram# tigma lor pmtau *». T Enact atm shorei 

■ FT-SE 100 MDEX OPTION (UFFg fSOSQ) CIO par Ml Won point 

2900 2900 3000 3060 8100 3160 3200 3280 

CPCPCPCPCPCPCPCP 
Oct 185 15 143 23*21002 37 Wa 54*2 47*2 T9 28 110*a15*a 140 9 191*2 

Nov 208*2 27h 186 38*2 IZ8*a 52*2 08 7ft 7* 95 51*2 124^ 35 158 22 195*2 

Ore 222 43 186 58 ISIfe 73 121**32*i 84 114^71*2 142 51*2171*2 87 207 

Jen 242*2 SB >3 258 71* 170 02 W7*z1(»*2 117 129 98 1502 79 187 80% 222*j 


240 122 


184 165 


138» a 220 


Junf 300*2 M 
r* fim pete 4258 

■ EURO STYLE FT-SC 100 INDEX OPTION 0JFFQ 00 par ful tadu Point 

2878 2806 2S7S 3025 3075 3126 3178 3228 

Oat m 12*2 181*1 18 122*1202 82*2 43*2 58*2 05*2 37 92*2 2Xh 1Z7 nfelSfe 

I few 226*2 25*2 164 321* 141 47** 114 B1*z 87*2 *«*l 81 107*2 43** 1302 2S»z 172 

DSC 23*2 33 *? 190 45 184*2 00 133 77*2 184*2 98*2 80 123*2 O 151*2 42*2184*2 

Mv MS 71 182 105*2 129 140 U 205^ 

Junf 291 96 230 130*2 175 171 130 221*2 

CA *822 M* 1329 ’ Unto#* Na nfc* Pntem AM n bawd os olMW priess. 
t leas Msd e**y mentis. 

■ EURO STOEFT-ee HP 2BDWPBC OPTION (OHJQeiO per Ulndtpotrrt 


3800 3560 3000 8860 S700 37» 

Ok lift 92V 138*2114*2 1W 140 

case 0 nm o Samanmt priest and totem an titan at 430m. 


3800 


8660 


late in the morning and hitting 
a best of 3,101 about an hour 
before the 4.10pm cloee. 

At the finish the Index stood 
at 3,061 with the premium to 
the cash market a bare 2 
points and the fair value 
premium - bolstered by the 
long run of the new contract - 
extending to 19 points. 

Business was noticeably 
weak and described by one 
trader as “wen below average". 
There were 10,848 lots 
compared to an average of 
21,000 for the final three days 
of last week. Institutional 
players stayed on the sidelines 
with activity almost exclusively 
accounted for by independent 
traders. 

Activity in traded options 
was was also well down on the 
proceeding session with 
22,605 contracts, against more 
than 51,000 on Friday. 

FT-SE and Euro FT-SE 
options accounts for more 
than half of overall activity. 
Kingfisher (1.434 lots) and BTR 
(1,076 lots) were the most 
actively traded individual stock 
options. 


stake, has been allowed to 
lapse. 

Asda holds its agm tomor- 
row, while William Morrison 
reports interims on Thursday. 
Salisbury's interims are sched- 
uled for November 2. Kwik- 
Save’s on november 3 and 
Argyll’s on November 30. Asda 
reports interims on December 
16. 

Strong drugs sector 

Drug shares rebounded yes- 
terday and recovered much of 
the Turing caused by the 
big hit the sector took in Fri- 
day's volatile market. 

Bid speculation stocks 
Zeneca and Wellcome made up 


TRADING VOLUME 


■ Major Stocks Yesterday 

VcL CW« Don 
000s ertea ctms 
MOO 331 -2*» 

5,700 BT *1 

1,000 401 <4*3 

579 51 

Od 0— o ut 2,400 508 -3*2 

AflSfcnWMr 233 636 -1 

ASM 106 335 -4 

-- * 1900 296 -0 

2400 208 -7% 

. 83 583 *1 

Aaaop. Ml Petto 477 277 -1 

BMf 1.200 485 41 

BATfexa-f 1100 421 «a 

BET 1100 104 


Gtaupt 


g°Ct 

BPT 


£t 

BT 


378 


HTffyPik* 

Ulftt 


tank of Scotiandt 

Beset ^ 
BteCKWt 


Boocst 


BMOMt 

BftahLand 

MMiftMt 

Bure! 

Bumari Casmit 
Breton 

CtetW irat 
Cadbrey Scmreeprat 

&raOon1 

Cwtnn Conte, t 


na 

836 
4.000 417 

850 284 

4^00 880 

1800 2601] 
MOD 3iSh 
813 198 

1800 582 

914 SAT 
2300 275 

400 444 

898 522 

580 478 

501 470 

4.200 380 

5.100 303 

227 088 

MOO 150*2 
25 184 

15S 882 

154 BJlj 

*330 «C5*2 
711 4£2 


Comm Untont 


COLT3D*i*t 

Otfgwy 
Os La Rue t 
Dm 

Eastern Sect 
EeuandBieL 

EnoCMnaCtay* 

EntopteOif 
Bnum Unas 
no 


lKCct.LT. 

Fortat 

Oen. Accrfanrt 
MBKlf 


1 FT - SE Actuaries Share Indices 



The UK Series 



Oevta 

Yw 

Ov. 

Earn. 

P/E Xd ad). 

Total 


Sep 19 chgaK Sep 16 Sap 16 StK> i* 

•00 

jjWdH. 

yield* 

ratio ytd 

Ralun 


3079.1 

+05 3085.1 3112.7 3079.8 

30043 

4.10 

8.87 

18.96 99.83 

118432 


3606.0 

-04 3818.1 36469 3828.4 

3423.8 

3.48 

5.87 

2145 9531 

1342.08 

FT-SE MW 2S0 ax bw Tnreta 

38086 

-04 36144 38464 38284 

3439.7 

332 

6.13 

19.79 98.97 

133838 


1663.1 

+03 16483 15704 1556.6 

1506.0 

395 

S.66 

1 7.78 48.18 

1200.71 

FT-SE Sma8Cft> 

187023 

-03 1876.10 187938 1879.72 1786.15 

3.15 

435 

28.99 42.10 

1449.46 


1839.91 

-04 184447 1848.42 184837 178830 

334 

6.15 

2437 4340 

1429.89 

FT-SE-A ALL-SHARE 

1643.84 

+03 1539.71 1658.98 154837 1493.72 

339 

8-51 

1848 4833 


■ FT-SE Actuaries All-Stsara 

DW*« 

Year 

On. 

Earn 

PIE Xd ad(. 

Total 


Seo 19 ctaa% Sep 16 Sop 15 Sop 14 

•90 

yteWM 

ytatdN 

ratio ytd 

Roden 



270 

550 

208 

518 

245 

477 

401 

835 

182 

771 

737 

373 

388 

279 

172 

121 

138 

219 

587 

2W 

572 

334 

488 

409 


Hmoxt 
Harrisons CroalWd 

f*yi 

Hasten 

Dll 

Wt . 

mcnc*P*T 
jofuaen Manray 

gg 

Ladbretof 


10 NONESAI. EXTTUCTIONCiq 273282 

12 Extractive tnduMriwW 3998.76 

15 06. Integratsd(3) 2878.82 

16 05 Exploration 8 Pradfll) 1987.88 


+1.0 270563 274869 Z7326B 2217.00 
♦1.7 883051 3850.39 391731 316930 
+0.9 2661.08 2895,35 288462 214760 
+0.4 196868 1988.78 1882.12 1806.10 


20 QBV MANURACTURB«peej 

21 BuMnQ 8 ConEtnjc»ont33) 

22 Butting Matts & MerchsP3 

23 CnemicafcH23) 

24 DtverortM tnc*jstrtat6(1 6) 

25 Bectrartc & Etea EquW3«1 

26 En^neer»io(701 

27 Eneineartno. VahlctooflZl 
26 Printing. Pa*w «• P«*0CMI 

29 TexWw a <V»P4ratC0> 


1919.83 

1084.07 

1832.62 

244483 

184478 

1936-81 

1831.95 

2282.47 

283257 

1658.06 


-03 1026.38 194646 
-\S. 1098.19 1118.41 
-1.1 1B5249 1882.68 
+03 2437 J85 2469.02 
-051854571871.06 

193024 194406 

+0.1 1829.78 1844.18 
+03 2274.18 2297.94 
-08285455 2882^0 
+07 1647.30 1885-18 


1932.57 187350 
1112J1 113030 
187782 179490 
2438.33 2203.00 
185068 194680 
182787 211780 
183782 163180 

2288.57 188280 
2873.14241380 
1683.10 It 


337 

536 

2431 

5837 

106837 


341 

5.03 

2438 

5532 

109039 


333 

632 

22.15 

69.98 

106949 


2.11 

t 

* 38.03 

113838 

LABMO _ 

3.97 

437 

2442 

60.71 

07933 


336 

5.00 

25-77 25.85 

846.43 

Lucai 

432 

4.78 

2633 

54.12 

B8138 


3.78 

4.18 

3042 

75.83 

1083.10 


4.96 

535 

23.75 

80.48 

04766 

Mren & Speneart 

339 

831 

1831 

5748 

947.11 

MtendeBncL 

3.11 

4.88 

2447 

44.85 

104849 


433 

232 

5883 

7237 

111132 

NarVte* Banlrt, 

332 

544 

2236 

7044 

1114.53 


4,06 

631 

1833 

44.09 

93539 



30 CONSUMER GOODS(97J 

31 Brewer* ee(1 7) 

32 Spirits, Wlnee & CWers(10) 

33 Food Maraitectufera(23J 

34 Houaetetd QoodsflS) 

36 HeoltP Carapil 

37 PTurnnaceuttcatefl?) 
w<iL 


38 Tab 

40 8ERVtCES{221) 

41 OetributorsOD 

42 Leisure & Hoeelsps 

43 MedtaPB) 

44 Rotators. Food|l6) 

45 RetnHore. Genen3l45) 

43 Support 9ervloea(41) 

48 TracipartftSJ _ 

SI Qttm Servtone * 


272840 +02 2723.52 2768.14 274182 277380 

2223.06 -04 223184 226080 2260.10 205780 

280186 -Ol 2803.96 284030 2812.16 282070 
2342.60 -03 235048 2961.03 23SZ3S 231580 

2447.49 +02 244188 2459.19 24SB88 2552.60 

1684.67 +01 188389 168090 1667.79 1716.80 
2967.62 +04 2975.47 30GO42 3028.35 305030 
■ran m +1.9 348489 353181 3481.47 400000 


435 

7.40 

1534 10131 

941.58 

445 

7.70 

1&77 

6133 

99534 

335 

638 

1839 

88.92 

939 45 

4 .14 

7 . 78 

1500 

75.77 

984-38 

338 

741 

18.18 

55.79 

873.73 

330 

344 

4334 

38.18 

96232 

441 

7.19 

18.11 

125.18 

95632 

8.14 

9,73 

1133 21737 

905.63 


NartramFosort 


PKor 


1932.42 -0.1 1S33.6S 198684 1939.60 189000 3.18 882 

teotM -02 2663.08 266882 255047 270680 385 098 

yww —0,1 206788 207046 205387 183010 0*1 4.76 

2813.06 +01 281061 184088286888 2513.10 245 586 

184073 +0.6 1830Z7 188028 1814.98 1822.00 048 883 

1824.71 -08 1634.00 166188 1639.11 166090 023 681 

156284 +0.1 156187 1582.78 155041 181680 287 009 

226485 228082 2310.41 231288 223040 086 580 

1M7-30 -07 129003 129888 128880 186680. 384 2J6 


1980 

1096 

2488 

21.71 

14.51 

18.78 

1942 

2184 

80.007 


4003 

8094 

5344 

65.03 

4077 

37.60 

3026 

6748 

2000 


94789 

884.18 

1014.08 

97786 

1103.06 

86060 

948.30 

89645 

110341 


Pnx»rtJB»T 

AMdH-t 
ftnxUt 
Rmnf 
Her ~ 

5»* 


230682 +0.7 237984 240009 237782 2324.70 

2524.19 +07 2608.18 261589 2504.08 2007.60 

201285 +1.8 1977.17 198947 1927.962164.10 

196028 +06 1964.85 200282 198011 2060.70 

WKPS7 -0.2 188051 185088180906180280. 


60 UTTUTIESPBI 

62 Bectricttyflh 

64 Gas DtstritouttonC) 

68 Tetaccramunfcattonst*) 

68 WwarHS +02 1^4-40 1685.79 1671^4 161086 387 032 1981 4988 .1177.66 


439 

734 

1532 7342 

923.02 

333 

9.74 

12^ 8348 

1049.72 

595 

* 

* 88.78 

819.68 

440 

8.00 

1541 5042 

83830 

543 

1Z 78 

633 8935 

92938 


Samsh £ New.f 
Scot. Hjdro-aBtt 
Eetxrah Fowart 
Seenf 
smgruidt 




1J*0 
1400 
1403 

1J00 
761 
191 
SIB 
301 

1.300 
382 

3400 
52« 

Z3B 
386 
74J 
042 
ifioo 

141 

1400 
2800 
29 
081 
S400 
727 530*2 
1J8B 180 
1.000 QOS 
1100 403 

1400 717 

532 325 

•4300 2425, 
1100 171 

1T2 2BT 

514 100 

277 sae 

1.300 042 

£83 410 

123 60S 

070 479 

735 604 

4M 159 

829 NB*j 
362 758 

130 467 

309 SS5 

1.100 ESA 

8400 1S8 

1J0OO 700 

1000 134 

5400 193 

393 423 

1+00 130 

02 033 

1900 +08 b 

1^00 77B 

300 146 

91B 185 

yonn tsa 

973 473 

5,700 243*1 

759 543 

06 7B0 

1.400 200 

21 789 

976 583 

G79 BS5 

2.400 191% 

644 542 

1200 316 

246 927 

IOOO 6S3 

MOO 233 

1.500 406 

427 502 

511 505 

1^00 741 

234 

477 
162 
417 
349 2S0 

3.100 436 

140 1545 

748 407 

1^00 309 

752 330 

2.500 H4l2 

503 162 

m 420 

90S 547 

2.300 716 


♦1*. 


1300 

1,300 


«2 

47H 


60 NOW-RNANC1ALS183q 


70 RNANCULS(104) 

71 Banks<lOt 

73 btturancorin 

74 Life A5Stnnco(6) 

75 Mortftnnt 8«*kfl{6) 

77 Other FlnoneWe*} 
79 PnaoortvlJl) 


2i7aoe 

2823.62 

1232.86 

2403.68 

308ZJ4 

191&05 

1454.12 


+0.8 2161.26 2195.53 2174.99 2161^0 
+1.2 279529 2861.39 2813.44 2811.60 
+1.0 1220-52 1241.54 123182 1446.90 
+1^ 236835 240051 240047 268080 
-04 306348306038 3038144 304400 
-1 J 194459 1969.57 195746 1738.70 
— O.B 1463.18 147880 1471.67 1600.00 . 


89 FT-SE-A ALL-SHARE(B8fl 

■ Hourly movements 

Open MO 


1543.84 


-n 9 WPB.06 285X36 2829.35252440 
+03 1539.71 15509B 164037 1493.72 


4.41 

835 

ia37 81.14 

883.40 

446 

8.47 

1232 11434 

85031 

K9R 

937 

1138 4836 

84237 

531 

738 

1844 8330 

914.7B 

335 

10.72 

1037 8435 

99938 

3.70 

8.17 

14.58 63.72 

1023.40 

4.15 

Mfi- 

2941 3930 

B3Q.68 

2.18 

339 

1.91 

631 

5236 5140 

1848 4833 

84738 

1213.79 


HUM 11 J 0 1 to» 13 to 1400 IMP 18-10 HlghWy Lraefttay 

— ZZT* VWL 4 30733 307 OB 30 H .5 3084.8 306 OZ 306&3 W 3 

FT-SE 100 “I JJJJ M 065 »W 7 380&7 3806.9 381 U 3809.0 36129 3 M 02 

FT-SE KM ISO 308.7 3 |g -1 3 »*J ,5508 15523 16629 1655.7 1553-8 15559 15404 

FT-SE-A 360 iS* 5 .B 

+ naun tore B.W FT-SE 1» 109* Htft 3 «L3(W I tew 00763 P*^ 
itao 01 FT-SE IB* DW» *3" “V* “* 

■ BT ess Actuaries 350 Indihby bsiksts 

■ fT"®* Ac ™" e00 ,000 11.00 1 to» law 1 to» Itoio 16.10 Ctate ftmtouB CtenB, 

— ", ,-« 0 10258 1020.2 ~ 1023.1 1023.0 10248 1 C 2 W 108&4 1041 A - 17 * 

eBBi craven 1036.6 10^ 1023.9 l«|J ^£3 2948 J 28643 28609 29589 2 S*A + 1^8 

2911.4 Si iSr 18540 1658-5 18641 18541 1658.1 -40 

* 851 * lg.J JSgJ 2 S »7 2858.1 2658 e 2867 JI 2 B 545 2854 A 282 a 7 +849 


Banka 


2828/ 


UM |. M eM^n8raMWtevraiUlS0lrara0bMtaanMtaHBlram , nanrandripim 

tram nNBty. FtaH end Th. FT-SE Actuaries KMtiy 

bantea we » auuna*" ** * .hm q n- ftMcMTh— UMeri US. Aa riahta m w wd 

p+spM The Rental imwi Mnedoe eri Rpte *4 tiwd LiiiseJ . __ i+ niMM -M tvt^ i Tiniwl TTtt FT-SE Acsrartee Stare 

OHU+QE8; Fe , fua dA0» Bte- raw » w,oon 


Slough Eta* 
arafilWJU 

680 

41 

ua 

£61 

227 

473 

-6 

-1 

-2 


2.000 

147*. 

+*2 

8rdO Beotfwnt 

1^00 

430 

**}l 

SmW Doechaii Utat 

615 

387 

*•^*2 






51T 

750 



479 

812 


BootfiWresWte 

133 

533 


South West Bsct. 

279 

708 


Southern VfKar 

191 

SO 



1.0DO 

200 


asmtouse 

530 



teAfirat 

1300 

as 

323 

22« 

+4 


723 

35b 

-6 

rest 

133 

222 

«4*Z 


1300 

139 

"Z 

Tste&ute 

243 

391 

444 

1ES 

a 


10400 


+2*» 


seo 

510 



968 

1008 


TtanuMt 

2400 

jj* 


ItaMtovHauH 

B*5 

88*2 







70S 

1121 


UtetBacunt 

’•55? 

315 

-3 

aar** 

5,100 

SOB 

183*2 


478 

738 



1300 

686 

♦28 

MWttSter 

ZBO 

Bfll 


wataWto 

391 

BOB 



910 



Wtan*H 09 a.t 

1^00 

73 

335 

154 

+1 


60S 

146 


Wotataeyt 

57S 

735 



908 

738 



S3 

591 


Zarecaf 

1.700 

833 

«22*j 


BaeM on trading «Ure tor « reteeflon 
aeortlre rie* ttreuah 0" BEAD ejwa 
^rtudey w+i tSOptn. Treore el on# it 
mam nrewidad de«L t WteiBs an 
ICO Men emeauwc 


elreejor 


FT-SE 


the most ground anri, following 
the pattern of recent trading, 
again moved In line with each 
other. Wellcome jumped 28 to 
685p with some market watch- 
ers noting a shortage of the 
stock. Volume was moderate at 
l-Sm. Zeneca pushed ahead 23 
to 833p. Speculative buying 
along with corrective action 
after Friday’s fell was «rid to 
have been behind the moves as 
bid anticipation rumbled on. 

Glaxo, which went ex-dlvi- 
dend yesterday, fell back 12 to 
572p althnng h after a dividend 
of 18p ite share price effec- 
tively improved by 6p. Smith- 
Kline Beecham continued to 
enjoy steady support and its 
price firmed 4 to 430p. 

According to one analyst 
sentiment in the pharmaceuti- 
cals sector was further buoyed 
by an upbeat KPMG Peat Mar- 
wick report into acquisitions 
and mergers In the healthcare 
industry. 

James CapeL one of the 
City's leading agency brokers, 
was dted as the driving force 
behind the good showing of 
Cable & Wireless, which 
moved up 4V& to 405Y.p on high 
turnover of 5.3m shares. 

Vodafone, on the other hand, 
continued to disappoint, the 
shares sliding 3 more to 183V&p 
with 5.1m traded. Vodafone 
shar es have fallen over 12 per 
cent since the end of August, 
compared with a 5 per cent 
decline in the FT-SE 100 and a 
7.3 per cent decline in the 
FT-SE Actuaries telecoms 

In dpx. 

Hints in the market that 
Arjo Wiggins, the paper group, 
may be considering a £500m- 


NEW HIGHS AND 
LOWS FOR 1994 

NEW HKWS (H). 

BtfltMNa 4 CNSTRN fl) SJndcS (Win. 
CHEMICALS (1) Ante (»A BECTONC A 
ELECT COUP mthOte F-W.L EXTRACTIVE 
IND6 M FOOD MANUF (I) Wtenacn. 

iNvanm trusts (tj kudm d» rl 
LQSIWE 0 H07as (t) Juys Hotel. ICMA » 
OfXBptan TV A, Pl»r»tWp. OR. EXRUMATlON 
6 PROO fit oaten Ree Grade. Rmc 
Envoy. RETARSB, FOOD (II Tte, 
HETAAER8, HBIM. (1) 0*v. SPIRITS, 
WINES ft aOERS (11 Mite CtoV. SUPPORT 
8ERVS (1) Seo# (Sei0L CANAOAMS (t) hea 
SOUTH ARHCAM8 (1) SASOL. 

NEW LOWS MSI). 

OLT8 PS) OTHER RUED INTEREST 02) 

BANKS a Sera at ScoOand BSoc Mv) Prt„ 
MitauQtari BUfLOMQ 4 CNSTRN (7) Bonas 
Dev., Beanr Homoe, Biyant an#, Lara UeM(. 
Do. A NMb. Da &<pc Cv Pf. Wtaan Bo-ten. 
BUM MAILS A MOOTS (I) Caradan. Do. Crw. 
Pit, HMtett. HeyNoed WUm. Da Cm. Pit. 
Meyw M, Rote. CHteOCALS (t> Wawvan. 
MSTRIBUTORS M Bagod Oreuc A. Onpetn 
Merer. LMre FnrrlM. PCT. Pwteg u tL 
DWDWMD MDU PO BTR. BTR Nylm. 
ELECTRNC I ELECT EOUP (1) Dmdkig 4 M.. 

■ ISMIB I IIIIH l 91 Ant. HM Ens, N uaam 
Tech ENO. VEHICLES naBABtecn. 
EXTRACTIVE IND9 P} AteTtl Dalle GoM. 
POOD MANUP « Beta WMainen. Cttnona. 
INSURANCE (1> Mite & Meterasi. 
INVESTMENT TRUSTS m INVESTMENT 
COMPAMZ8 fit JF Pedflo Wtanant Co. 
INSURE 4 HOTELS (9 CenbeOoM, ure 
ASBURANCE 03 TiwareteSQ. Do. 8 Bpc Cv PL 
04 EXPLORATION A PROD 0Q Enwgy EqiAr. 
Utd. Energy. OR, MTBQRKRD (1> Chewoa 
OTHER FMANOALCB Hnn Jutea, Jewreon 
Ay. PHWMCBU11CALS (1) Prereue ML 
p«T»ta. PAPSI « PACKS n Banraae. 
HurtwprtX. Weamsta. PROPSTTY |10| 
RErAlLBW, OEMBtALM Brenraare. Body 
snop, Qrere UrteaaL Naanece. ParaUga Fine 
ARB, Brentajae. SUPPORT SERVE (7) BSM. 
Court* Cnmlttig, Ml Dare Man. Macre 4. OS 

M. Inapoobon, SMt-Plw, BwigNd Data. 

TZX14E8 a APPARO. (ft Heogaa w. Lemon, 
TRANSPORT 99 Tmpon Dav. WM. 
AimCANBM. 


plus ri^its issue to finance a 
$L5 bn US acquisition was put 
forward by traders as the rea- 
son behind the marked weak- 
ness of Aijo shares which 
retreated around 8 to 258p after 
turnover of 2m shares. 


There were plenty of good 
performers in die utilities sec- 
tors, notably the Rees where 
East Midlands came in for 
strong support, closing 16 
higher at ?37p and London 
Electricity 12 higher at 700p, 
the latter after talk of heavy 
demand from Goldman S achs , 
the influential US investment 
bank. 

A NatWest Securities buy 
recommendation triggered 
good support for Southern 
Water, which moved up 10 to 
583p. 

MAI, the finan cial services 
and media group, camp under 
fire in the stodemarket after 
releasing mildly disappointing 
preliminary results. The shares 
dropped 13 to 255%p. 

The banka were in the fore- 
front of the market’s mid-ses- 
sion rally but turnover in the 
sector was well down on recent 
levels. “The market got itself 
short of these things, and that 
was it; there was no weight of 
buying, simply a mark-up,” 
mih one dealer. 

Royal Bank of Scotland was 
the sector’s outstanding per- 
former, the shares climbing 9 
to 41 7p after talk that Mr Peter 
Wood, chief executive of Royal 
Bank's hugely successful 
Direct Line insurance company 
had met with hanking analysts 
at Credit Lyonnais Laing, 
Royal Bank’s broker. 

ICI had a buoyant day and 
pushed up 9 to 842p. 

Activity was strong in Coats 
Viyella with 3.4m shares 
changing hands. The price 
improved 6 to 208p as one ana- 
lyst said that buyers were 
returning to the stock after its 


relatively weak performance 
recently. 

Peel Holdings was the one 
noticeable mover among prop- 
erty shares, rising 4 to 261p on 
hopes that its plans for a big 
shopping development In Man- 
chester may finally get the 
go-ahead next year. 

Further consideration of the 
trans-Atlantic fare wars 
sparked last weement k by 
Continental Airlines of the US, 
led to a 2% decline (for 9 in two 
sessions) to 380p at British Air- 
ways. 

Eurotunnel gained 5 to 279p 
on the announcement that its 
overture Shuttle service would 
finally start on or around 
November 15. 

After a bounce last week 
Carlton Communications 
slipped back 4 to 850p after a 
very mixed trading day in the 
media sector. A combination of 
profit-taking and reaction to 
recent presentations by the 
company to analysts was put 
behind the fell 

Recouping half of Friday's 
losses, British Aerospace rose 
6 to 479p ahead of tomorrow's 
announcement of interim 
results. Traders are looking for 
a strong profits recovery, possi- 
bly to £75m pre-tax after £2Qm 
las t time . 

British Steel was again in 
demand, moving up 3% to 
I56%p on the back of autumn 
price rises ranging from 3 to 7 
per cent 

MARKET REPORTERS: 

Steve Thompson, 

Jeffrey Brown, 

Christine Buckley. 

■ Other statistics. Page 27 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 




_ 

Cals 

... 

__ 

Puts 

l| ._ lir 

Optica 


Od 

Jsa 


Oct 

Jan 

Apr 

MstRyara 

540 : 

17b 

- 

- 

5h 

- 

- 

rSGB) 

589 

IBM 

— 

— ■ 

Z7b 

- 

— 

Argyf 

2101 

OK 

a 

a 

s 

« 

iTb 

r295 ) 

300 

10b 

18 

a 

14 

22 : 

Z7b 

ASDA 

80 

9 

11 b 

13 

1b 

3 

4 

rw i 

70 

3 

sb 

7b 

Sb 

7b 

Bb 

Bill Always 

aao: 

28b 

38. 

«7b 

5 

1 3b 

18 

ruo > 

380 

11 

22 

32 

IB 

a 

32b 

SnCBttM* 

42o : 

22b! 

DM 

43 

10b' 

20b 

27 

(•429 ) 

480 

B ' 

I5H! 

84b 

35 

*4b. 

50b 

Boots 

500 

31 

41 1 

52b 

5b 

16 

22b 

rsai ) 

650 

• 

17 : 

29b 

33 

43b 

49 

BP 

390 

34 

43 

a 

4 

9b 

15 

r«7> 

420 

13b 

25 

a 

14 

72 

28 

MMSM 

140 

19b 

23 

27 

1b 

4b 

6b 

H58) 

180 

Sb 

10b 

15b 

Bb 

13 

14b 

Bscs 

500 

Mb 

82 

86 

Sb 

13b 

17M 

rs<6) 

550 

17 

a: 

35b 

IB 

38 

42 

CattalM 

390 

28 

40b 

62 

Bb 

18b 

25 

r-ws 1 

420 

12 

a 

37 

24 

34H 

40 

Costadds 

400 

28 

«b 

51 

7 

ifl : 

23b 

r<78) 

500 

B 

21 

31 

SDH 

40 

45M 

Corns IWor 

493 

38M 

si 

SBb 

4b 

12 

22b 

(-519 ) 

543 

b: 

23b 

30 

29b 

a 

49b 

D 

BOO 

55 

77 

90 

7b 

an 

34b 

(■840 ) 

050 

mi 

47M 1 

BOM 

27b 

4tb 

59 

NngMsr 

460 

31 ' 

lEbi 

58b 

8H 

17M 

24b 

r*79) 

EDO 

12 

a 

38 

a 

37b 

44 

Land Ssar 

000 

20b 

31 

45b 

10b 

21 

26H 

1*605 ) 

650 

3 

11 

22b 

47 

53b 

SBb 

Marts 6 S 

390 

a 

34b 

43 

4 

11 

14 b 

(■*>9 ) 

420 

B 

18 

27 

17b 

a 

30b 



460 

<2 

a 

B2 

5b 

13b 

22 

r*92) 

500 

16b 

32 

39b 

20b 

a . 

41b 

Samstoy 

420 

Z7b 

a 

49 

Bb 

18b 

24 

(■436 ) 

460 

Bb 

IB 

X 

a 

40 

45 

Stoi Trans. 

700 

24 

a 

49b 

13b 

a 

34 

(■717) 

750 

4b 

IBM. 

28b 

*Sb 

5 *' 

64b 

Stustouss 

200 

9 

IB 

19b 

8 

11 

14b 

rac ) 

220 

Zb 

sb 

11 


23b 

27 

Ttririgv 

BO 

11b 

14 

18 

2 

4b 

6 

ras) 

60 

4 

8 

10b 

Sb 

Bb 

9b 

Untara 

1100 43M 

BZb 

M 

IS 

32b 

47b 

n«n 

1160 

17 

a 

B7 

42 

59 

73b 

Zsnsca 

BOO 

47b 

70 

Bib 

8 

im 

33 

CW3 ] 

850 

It 

40M 

63b 

31b 

41b 

60 

Option 


J5L 

Feb 

HB> 

Nor 

Fed 

Mg 

Grad IM 

390 

82b 

41 

47 

11 

IB 

72 

<*409 ) 

420 

15b 

a 

3ib 

24b 

S3b 

37b 

LatSstfe 

140 

24b 

a 

3ib 

2b 

4H 

S 

ri58 ) 

160 

It 

17 

21 

9 

13 

17 

UttBtaotita 

300 

22b 

a 

33b 

8 

13b 

22 

raw ) 

330 

Bb 

IB 

IS 

Z7 

31 

39 

Option 


8sp 

Bsc 

Her 

Sep 

Psc 

Mar 

Raws 

120 

4 

10 b 

■M 

3b 

9 

12 

n») 

130 

2 

an 

9b 

12 

18 

IS 

Optisi 


Bov 

Feb 

«■» 

Itor 

Fsb 



RISES AND FALLS YESTERDAY 


Opaon 


MS PUB 

Hev Feb ItaT Mm W> Iter 


9hrm 


C243 > 
Lmna 
H58 | 
Lucas tads 
psz ) 
pa o 
rsssi 


240 RR 17 20H 7h 12 ISVfe 
280 AY, ■ 12 20 24 27M 
154 M - - 7 - - 

180 4 8 1114 26 28 2SH 

180 1714 22 25*4 7 10 14 

200 614 12 10 18 22 25 
650 33 51*4 B 22 33 48 
700 13 Z7M 39 54ft 82)4 77 
160 » 2114 26 4H 8 JJ 
200 714 1114 1BHHH 19 21» 
300 2614 32*4 27 6)4 11h 17 
330 9 1014 22 22 26 33R 

850 SZM 78* 88 IB 30 48 
900 25 47 80)1 44 5514 73 
500 23 36)4 48 22 27R 43 
SO 614 17 28 59 61)4 75*4 
280 1714 2614 32 14 10 25 
300 814 17 2314 Z7 30h 37 
240 18 24)4 30 7 12 16 

280 8 1414 20 1714 22 2814 

188 1114 16 - 9 13)4 - 

200 5 8)4 14 20 24 26 

325 21)4 - - 414 - - 

354 7 — - 24 - - 

Oct Jri Dpr Oct Jm ftr 


r*M ) 

PrufentU 

ms ) 

mz 

(■883) 



— _ 27 

29 

14 




12 


- - 87 

55 

78 


07 




38 

41 

107 


__ 78 

127 

2S3 


20 








SB 



Outers 

31 

57 

18 

Totals 

500 

783 

1312 


Data baaed on moec compete teen on the tendon Snare Sente. 


(■505) 
ton* trace 
(■290 ) 
Tesco 
{*251 ) 


TRADITIONAL OPTIONS 

Fhst Deolhgs September 12 


Last Dealings 


Sep te mber 23 


Expky 

Settlement 


Decanters 
December 22 


Cells: Bhrebird To**, Brit Btotscti Wta, Grand Central, Greenwich Res, Kenmara, 
Next. Puts: Ksnmare. Puta & CeBs: SuntotfL 

LONDON RECENT ISSUES: EQUITIES 


(*183) 


f-335 ) 

Option 

BAA 

(■485) 

DoraM 

(■900 ) 
Opaon 


475 22 80)4 4811 
500 B17HZ7K 
500 23)4 34 02*4 
550 4R 15 2214 
Sep Dw Mar 


8 16 20 
22 29 32)4 
ID 2*H 28 
44 56 58 
Sap Dec Her 


Abbey MB 
P400 ) 


r»> 


rsei ) 

BUN Ode 
(*274 ) 
am* a* 
DM J 


390 17 31 3B 
420 3 1514 23W 

30 1)4 314 414 
35 1 2 2)4 

550 46 G) 72)4 
600 7 3BV443V4 


4 12)4 22)4 
23 29 39 
1J4 3» 4» 
6 7 7)4 

1 9U 18b 
14 30 42 


flBI ) 


480 37 63» 63 18 28 37 
300 M 33 4414 40 SOM SO 
420 22)4 34 38)4 18)4 22)4 32 
icon 17 22b 46 47M 56 


Art fcro 
(MW) 

BAJ tads 

W l 

BTR 309 27 37 4114 8 11 15*5 

(T17 ) 330 12 21 27 20 25 31H 

art Tamm 38G2 9b 34 40 5 12 15 

(*380 ) 380 12 1714 24 18 27*4 3014 

caofery&i 4«o 20 zs* 39 14» 21 29 

f 481 ) 500 6)4 16)4 22 SZH 45b 53 

Etsera Sec 750 54V4 73V4 87 24b 37 46b 

(*771 ) 800 2B 4814 B1M 50 64*4 72 

GUmea 460 1M lib 3718b 23 29)4 

r«3 ) 660 514 1414 2014 48 4Bb 55 

SS 280 n SB 29 6b 11 15* 

(-289 ) 300 8*4 1314 19 16M21H2SH 


naoj 

Lento 

n*j 

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C475 ) 

Sect Power 
(•386 ) 
Seva 

nwi 

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r2l9) 

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D36) 

Ttom ESS 
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f225) 


PSD 18 7T* 34 b 1 b 8 13 b 

280 4 IB 24 9 17 Z 3 M 

300 7 W 16 b 2(14 S 15 19 b 

330 1 6 TZb m 3BU 39 b 

180 1414 2314 2814 1 H 8 12 

20 Q 2 H 12 b 18 b 11 18 22 b 

180 2 » 11 17 5 ION 12 

200 1 4 8 b 22 25 b 27 

130 6 b 13 b 17 Zb 7 11 

140 2 0 b 12 b S 13 16 b 

460 16 b 35 b 46 b 3 b 17 b 24 

900 Zb 16 b 28 28 39 45 


bare Amt 
price paid 

P up 

Mkt 

cap 1994 

Em.) rtflh Low Stock 

Close 

prtce 

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On. 

Uv. Gn» 
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P/E 

net 

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19 J> 

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162 

102 

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244 

62 

61 Emerging MktsC 

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120 

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120 

118 Independent Parts 

120 


LN 44 J 

13 43. 

22.1 

re 

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- 

77 

55 JF R Japan Wits 

55 

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28.7 

67 

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84 

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23 

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1 D -0 

31 

29 Ortas 

29 


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056 

17 

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18 

-1 

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OjBZ 

40 

38 Rrtroofttto 

28 


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330 

44 

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30 

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1103 

379 

375 Templeton E Na* 

376 


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12.9 

212 

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209 

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234 

35 

2 B Tops Eats Wits 

28 

-1 




RIGHTS OFFERS 







Issue 

Amount Latest 





Closing . 

*or- 


paid Rerun. 

1994 




prtce 


P 

up 

dale 

High Low Stock 




0 



980 29 42 b 48 b 
390 8 b 25 b 33 
110 Bb 9 13 
120 lb 4 H 7 M 
200 21 b 84 b 30 b 
220 4 b 12 b 18 


fW> 

OpSon 


130 12 
140 «b 
1000 IBM 
1050 3 
220 6b 
240 1 b 
220 8M 
240 1b 

850 40 b 
700 8 b 
Otf 


18 b 20 b 
lib 18 b 
58 71 
32 48 
IBM 21 b 
8 12b 
18 24 
B 14 b 
SB B 8 M 
38 b 88 b 
JBB Apr 


1M 10 14 
11 23 27 
1b «b B 
7H tOlt 12 
I 5 Bb 
5b 13h 17b 
1M 7 9 

4b 12b 15 
Sb 33b 48b 
4BH 82 77 
4 11 17 
20 3b 29 
3 9 14 

17 21 25 
3 22 34 
24 45b 50 
OcNta «r 


4/10 SBfxn 45pm Comma cin! Union 

21/10 4flwn 13pm EMAP 

11/11 34pm 19pm Weta 

FINANCIAL TIMESEQUITY INDICES 

Sep 19 Sep 16 Sep IS Sep 14 Sep 13 Yr ago 


476 

360 

252 


45pm -1 
13pm -5 
20 pm +1 

■rtrfi -Low 


Ordhary Share 238S.5 

Old. «*v. yield 4 JO 

Earn. ytd. % hd 6.13 

P/E ratio not 17.41 

P/E ratio no 18.00 


2368.1 242fL2 2397.4 2426.5 23283 2713-8 2240.6 

4J0 444 459 444 3.99 4A9 3.43 

6.13 8.04 6.11 6 04 4.70 6.13 3182 

17.41 17.88 17.47 1748 27.18 6348 1741 

18.00 1848 iaD6 1648 25.08 3080 1840 

asiBNO 


Ter 1SS4. Ordinary Store Index etnoa eamplaean: Mgn Pill 2/B2/M; low «9 4 
FT OnMW Snare index bare data 1/7/35. 

OnSnery Share hourly ttenoea 

Open 940 1000 11J0 12JX) ISgQ 14J0Q 1540 16-00 Wflh 


Low 


2360.6 2376.8 2377.6 2386-0 2384 JS 2387.8 23865 23854 2390.9 2395.6 23703 
Sep 18 Sep 16 Sep 15 Sep H Sep 13 Yr apo 


asm 650 37b »H 70 11b 23M 38b 

rW3 J BOO 13 33 48 37b 50 63b 

ICECTSpte 700 41b 68 86b 2) b dflb 61b 

(-710 ) 750 IBM 43 H3 40b 87b BBM 

fleuttn 482 28b - - 9 - - 

T477 ) 476 IBM - - 13b - - 

Option Noa Feb Hey Ncv Feb May 

130 13 15M 22 B12M 16 
H81 ) 200 Sb 10 13b 21b 24b 28 

- Undertytae aeeutty price. ftan*xm tote ore 
bmrf an cteng ofht pnaae. 

9aptteer IB Total cataracts: SSJOB Cate; 9388 
ftrrr IT-770 


S£AQ bargririe 24312 24.746 24438 24412 

Eqiity tmdver (Em)T - 1183.7 11B0.B 1237 £ 

Equity berprinet 27,771 27,658 28,700 

Sneree traded (ml)T - 488.4 G21 J 477.B 

T£*ducS»9 tatm+toriiM buakiara ml t 


26,093 27,711 

11617 996.3 

27428 30.77B 

4904 4444 


FT GOLD MINES INDEX 


8b 

16 

% 1*0 
on day 

Sip Sep Tear 

16 14 ago 

tot Ar 
yUd« 

82 Mk 
fell tew 

2178316 

+02 

216161 218365 186468 

168 

238730 188460 

340238 

-0.1 

340763 343166 23*728 

464 

348766 2209.10 

2588.12 

-10 

269264 2722.48 179560 

167 

301369 179560 

174257 

+16 

171537 173567 1*8890 

0.74 

2039-65 1459^5 


feta Uhss Mb (38) 

■ H ea M s I Mka 

AMcs(iq 

MBttHten ■ 

Ncrii America (12) 

Cnnyt Ito B im e ta l Times Unified 1664. 

ESS?!; retear ta afttaa: Bte US Mte Been Vteffi WBOH SVUM2. 

nmrrannr Odd Mfcee Mac: i® 2700 ; tbft ctonge: -3.1 poMk Year agre 170 1 Pert* 

Latest pricee were u n aii aU e tor are earn 


THE TOP 

OPPOKTUNmES SECTION 

for senior management positions. 
For advertising information call: 
Philip Wrigley 
+44 71 4078733351 


N 


\ 









FINANCIAL TIMES TUESDAY SEPTEMBER -0 1994 


LONDON SHARE SERVICE 


IMU 

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38 



FINANCIAL. TIMES TUESDAY SEPTEMBER 20 1994 


CURRENCIES AND MONEY 


MARKETS REPORT 


POUND SPOT FORWARD AGAINST' THE-' POUND 


Swedish krona up 


The Swedish krona rebounded 
from early drops yesterday to 
consolidate an overall gain 
after a general election 
returned the Social Democratic 
party to power on Sunday, 
writes Motoko Rich. 

Against the D-Mark, the 
Swedish krona Finished at 
SKr4.805, up from SKr4.828. 
Durlng the day the Nordic cur- 
rency dipped as low as Skr4,88 
as markets were disappointed 
in the SDP’s failure to achieve 
a majority of parliamentary 
seats. 

The dollar remained range 
bound but recovered some of 
its Friday losses on the back of 
a spate of short covering in the 
European afternoon. In Lon- 
don, it ended up against the 
D-Mark at DM1.5528 from 
DM1.5376 though down against 
the yen at Y98.7650 from 
Y98.8550. 

Sterling had lost some of its 
lustre in the aftermath of last 
week's interest rate rise, as it 
lost ground against the dollar 
and the German currency. The 
pound closed in London at 
DM2.4347 from DM2.4356 and 
SI .568 from 81.584. 

■ The week opened on a quiet 
note as market-moving eco- 
nomic data were in short sup- 
ply and currency traders 
turned their attention to politi- 
cal and technical factors. Bal- 
lot results from Sweden's gen- 
eral election on Sunday 
catapulted the krona Into the 
limelight. 

In early trading the krona 
dipped against the D-Mark as 
markets were left uncertain 
about the prospects for a cen- 
tre-left coalition, which inves- 
tors would prefer. 

The markets were cheered 
after a speech by Mr Ingyar 
Carlsson, prime-minister desig- 
nate and leader of the SDP, in 
which he said he wanted to 
introduce new parliamentary 
procedures to allow parliament 
to Hx a total budget ceiling. 

' Analysts said the markets 
will be keen to see if Mr Carls- 
son's government can control 
Sweden’s budget deficit 
"If the new leadership fails 
to turn around the deficit, 
there will be a sell off of the 
Swedish krona," said Mr Neil 
MacKinnon, chief economist at 
Citibank. “Right now the cur- 


SwmIIsIi krona 

Against the D-Mark (SKr par DM} 
4.8 



5.1 * 

Aug 1994 Sep 
Source DfOBStraam 

■ Pound in Mam York 
Sap 18 — LaM- - Pror. dose - 

£ spot 1.SGB8 1.S790 

1 nth 1.6678 1.5783 

3 mtfi 1.5658 1.5764 

1 it 1.5493 1.5611 

rency is in a honeymoon 
period." 

The markets appeared to 
continue the Scandinavian 
theme as they drove the 
Finnish markka to its highest 
level against the D-Mark this 
year, at FM3.1775. 

This regional focus is likely 
to continue this week as trad- 
ers look to the general election 
in Denmark tomorrow. Mr 
MacKinnon said he anticipated 
the Danish krone reaching as 
high as DKr3.85 against the 
D-Mark. Yesterday in London 
it finished at DKr3.938. 

■ Technically driven trade 
urged the dollar back up 
against the D-Mark. After test- 
ing the OS currency's down- 
side on Friday, the markets 
took the absence of any dra- 
matic follow-through as a sign 
that it was safe to consolidate 
positions and raise the dollar 
on short-covering. 

Mr Adrian Cunningham, 
senior currency economist at 
UBS, said he expected the dol- 
lar to remain within a five- 
pfennig range against the 
D-Mark, between DML5250 and 
DML5750. “That range should 
hold until a fundamental cata- 
lyst from outside arrives.” 

He said that a catalyst would 
most likely come from the 
trade talks between the US and 
Japan In advance of the Sep- 
tember 30 deadline for sanc- 
tions. If the talks go well, the 
dollar should benefit. 

US officials were optimistic 


that a Japanese fiscal reform 
package, expected this morn- 
ing, could help to correct the 
trade imbalance. 

■ Sterling continued to show 
some independence from the 

dollar, though to Its detriment 
While the US currency enjoyed 
a rebound, the UK currency 
trickled down against the 
D-Mark and lost its sixteen 
month high against the dollar. 

But Mr Malcolm Barr, inter- 
national economist at Chemi- 
cal Bank, did not think the 
pound would remain detached 
from the dollar for long. 
“There may have been a bit of 
de-coupling of sterling from 
the dollar, but I would be scep- 
tical of saying that it will con- 
tinue,” he said. 

■ The German currency was 
looking vulnerable as it 
wavered on the crosses. It gave 
up its gains against the Italian 
lira and finished at L1010 from 
L1011. Against the French 
franc, it closed at FFr3.416 
from FFr3.418. 

Mr Cunningham said the 
markets were retreating from 
the D-Mark because of a grow- 
ing belief that the Bundesbank 
will soon raise the discount 
rate by 25 basis points. 

A report from the Bundes- 
bank stating that Germany is 
on course for economic growth 
free of inflation spurred fur- 
ther speculation that a spate of 
monetary loosening could be in 
the offing. 

■ In the UK money markets, 
the Rank of England forecasted 
a £500m shortage and initially 
provided £ 200 m assistance at 
established rates. Later it pro- 
vided liquidity of £300m at 
established rates. Overnight 
money traded betwee 2 1/2 and 
5 per cent 

The September short sterling 
contract which expires tomor- 
row, traded 5800 lots to finish 
at 94.15 from 94.16. The Decem- 
ber Euromark contract traded 
40,660 lots and settled at 94.66 
from 94.67. 

■ orwai cuHwncaa 

Sep 19 E t 

Hngny 186816 • 16U60 107570 - 107J70 
tan 273840 - 2741.00 174840 - 1750 00 
Kura* (L465B - 04660 02972 - 02977 

Polml 358585 ■ 360048 220406 - 2295531 
Rrata 365015 - 368225 233360 - 233006 
UAL 5.7448 - 07562 36715 - 3.6735 


Bap 10 


Cktong 

Change 

Bdtaffor 

Day's MM 

One ithhiBi 

Unv monlhfl 

One year 

Bsflkof 

mill imiiii 
nwO-pCNnl 

Oh day 

spread 

Ngh low 

Rate 

"Tn 

Rate 

KPA 

Me 

KPA Eng. tedtt 

Europe 

Austria 

(Scm 

17.1422 

-0.0107 

328 - 516 

17.1882 17-1005 

17.137B 

03 

17.128 

OX 


. 

1100 

Belgium 

(Bf=r) 

60.1086 

-0.0092 

848 - 32* 

50.1870 500130 

50L123S 

-OX 

500666 

0-3 

407836 

06 

116.7 

Danmark 

(DKf) 

8^887 

-0.0162 

840 - 933 

8.6291 8J5745 

8.5634 

-0.6 

8-6128 

-1 3 

9.6554 

-0.7 

1106 

Rrtiand 

PA 

7.7605 

-00388 

507 - 703 

7JS0Q 7.7280 

- 

- 

- 


- 

- 

85.1 

France 

m 

&3178 

-0.0083 

132 - 217 

63387 8J007 

aaiTi 

0.1 

03105 

-0.1 

02728 

05 

1102 

Oarmraiy 

(DM) 

2^347 

-0.0009 

335- 366 

2.4402 2.4292 

2X338 

06 

2X31 

1X6 

2X016 

IX 

1252 

Greece 

Pi 

370560 

-a 17 

3S9 -782 

377.528 36&441 

- 

- 

- 

. 

- 

- 

- 

Wand 

(K) 

1A151 

-OJXXU 

142 - 159 

1.0172 1.012* 

ixne 

0,1 

1.01 52 

-0.4 

UJ208 

■4X6 

104.6 

Italy 

OJ 

2458.02 

-487 

745 - 058 

2408.81 245X48 

2464^2 

-2.7 

247057 

-2.0 

2531.17 

-23 

752 

Luxamboug 

(LFr) 

saioae 

-0.0082 

648 - 324 

50.1970 61X0130 

50.1236 

-OX 

KX0688 

03 

48.7830 

06 

116.7 

Nethoriands 

F9 

2-7253 

-aoae 

276 - 309 

2.7353 2.7242 

2T2B4 

ox 

2.7252 

06 

2001 

1J 

1208 

Norway 

(NKr) 

11X6765 

-0.BU71 

716-615 

10.7212 10-6022 

10.0763 

(XO 

10.6704 

-4X1 

100806 

0.0 

808 

Portugal 

m 

247,588 

-0.427 

430 - 746 

248.400 247.307 

248J1B 

-8.4 

252.496 

-73 

- 

- 

- 

Spain 

(P«4 

201.820 

-4X380 

816 - 023 

2Q2£42 201S06 

202.326 

-ZA 

203.055 

-2-2 

205-88 

-2.0 

85.8 

Sweden 

(SKt) 

11.8968 

-0.0888 

882 - 054 

113754 11.8473 

11.7148 

-18 

11.7823 

-23 

11.6758 

-04 

76.0 

Switzerland 

(SFr) 

24)220 

*0.0006 

205 - 234 

2.0262 2-0176 

20184 

1J 

2.0137 

1.0 

16782 

22 

T22S 

UK 

B 

- 

- 

. 

- 

- 

- 

- 

- 

- 

- 

78.0 

Ecu 


17760 

-0.0024 

749 - 788 

1^804 1T745 

12782 

-4X3 

1J2768 

-02 

1JS75 

1 A 

- 


SORT 


- 0834272. 


Argentina 

OFeeo) 

1 .5681 

-4X0162 

Brazil 

(RD 

1.3375 

-0 0184 

Canada 

<CK 

2.1188 

-00203 

Mexico (New Peeo) 

52273 

-0X644 

USA 

m 

1.6680 

-0016 

PactifcaTuBdttin Eaaf/AWca 


AuabBla 

(AS) 

2.1070 

-4X0222 

Hong Kong 

(HKS) 

12.1160 

-01236 

inttia 

m 

48.1862 

-05018 

Japan 

m 

154-664 

-1.722 

Malayaht 

(MS) 

4.0070 

-00397 

New Zealand 

(NZS 

25880 

-00238 

Rflprihss 

CPaao) 

402970 

-0728 

Saudi Arabia 

(SB) 

53807 

-006 

Stegapore 

(SS) 

2,3215 

-02270 

S Attca (CotnJ 

1 (H) 

5^500 

-00654 

S Africa (Fin.) 

0R> 

6 son 

-00705 

South Korea 

(won) 

1254-B7 

-12.81 

Taiwan 

frej 

41.1228 

-0.4061 

Thatiand 

(B4 

301451 

-03636 


tSOR raise for Sap IB. BUHhr 
market taut era mtjiflsd by curort 
Ms end Oh Potto Spa tabtea d 


1.5816 1.5670 
1.3604 1.3350 


52685 £13210 


078 2.1273 2.1053 

-0.1236 113 - 208 122167 12-1065 12.1121 

-06018 848 - 078 48.6010 48.1510 

-1.722 781 - 836 156.100 1S4J5S0 154-48* 

099 40442 40053 

889 20206 20860 

-0.728 713 - 242 40.8570 39-9610 

828 50303 50781 - - 

228 20431 2-3202 - - 

627 50152 50363 - - 

248 80529 60834 - - 

-1081 369 - 80S 1264.72 1253.10 - - 

-0.4061 093 - 363 41.4712 410881 - - 

-03838 248 - 854 39-4560 39-1200 - - 

ki DM Round Spat Ms show ocriy Oto Its; three decimal plaoes. Forward rates n Ml dkedly 
rates, arartng Msx emanated by Mr Bar* or EngCand. Ban emso* 1665 ■ 100-Bkt Ofto wW 
tan THE mvftaSTERS CtOSMQ SPOT RATES. Sems vdon art raundad by 0 m F.T. 


2.1184 

02 

2.1178 

02 

21106 

OI 

ms 

1.5673 

0.5 

12656 

07 

1248 

1J2 

623 

2.1088 

ao 

2.1003 

-4X2 

21265 

-08 

_ 

12.1121 

ox 

12111 

02 

121181 

OO 

- 

154.484 

2.9 

163284 

32 

148J588 

40 

IBBjB 

2.6019 

-12 

20087 

-12 

2-8319 

-1 3 

- 


to the 
In bon 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Sep 18 


Ctaaing Change BkVOlfer 
mW-point on Cay spread 


Day's mid 
Hgh low 


Orta month Thr e e months One year JO Morgan 
Rate KPA Rats %PA Rate MPA Index 


Europe 


Austria 

(Sch) 

10.8325 

*0098 

Belgium 

(BFr) 

31^570 

*0317 

Danmait 

(DKtJ 

01152 

+0.0515 

Finland 

0rM) 

4.9493 

*00255 

France 

|FB) 

5.3045 

*0.0483 

Germany 

(0) 

1.6528 

*00152 

Greece 

(DU 

230330 

*228 

Maid 

(•£) 

1^448 

-0-0143 

Italy 

(L) 

166025 

+13.4 

Luxamtooiag 

(Lft) 

31B57D 

*0317 


(Ffl 

1.7406 

*00163 

Nonray 

(NKH 

00090 

*00643 

Portugal 

(E» 

1B7J00 

+1.325 

Spain 

(PM) 

120.775 

+1.056 

Stradan 

(SKI) 

7.4581 

*00332 

Svdtzeriand 

(SB) 

1-2095 

+00136 

UK 

w 

1.5680 

-4X016 

Ecu 


1J2291 

-00102 


360 100360 100520 
620 31.9750 31.7240 
a 1201 60835 
40658 40210 
50150 5-2832 
10550 1-5408 
380 238.800 233.750 
*55 1.5590 10425 

875 1570.75 155600 
620 310750 31.7240 
1.7430 1.7Z7S 
60155 67530 
960 156250 156080 
800 126680 127050 

628 701 85 7.4021 

1-2920 1-2798 
10613 15667 
12360 10265 


182 

540 

055 

530 


411 

100 


800 

685 

295 


SORT 


- 1.46335 


(Paso) 


Argentina 
Biazi 

Canada CCS) 

Mexico (Now Peso) 

USA (S) 

Pacmc/NHtkfle Eut/ Africa 
AiaMi (AS) 

Hong Kong (HKS) 

Indto 
Japan 
Malaysia 
Nsw Zealand 


1.0001 

00530 

10514 

30875 


*0.0005 000 - 001 
-0.003 520 - 540 
+0.0009 511 - 516 
- 850 - 000 


PNflppInea 
Saudi Arabia 
■ngapus 
S Africa (Com) 
S Africa (Bn.) 


(MS) 

(NZS) 


10437 -0.0005 435 - 439 
7.7270 
{Raj 31.3688 
(Y) 967650 

2.5560 +00008 S56 - 565 

1.6569 +0.0017 562 - STB 
-0* 000 -000 

- 503 - 506 
1.4803 -0.0024 803 - BOB 
15458 -00055 450 - 465 

- 950- 150 


10001 09998 
00540 00510 
1.3626 10510 
3+4000 13950 


10457 10433 
7.7275 7.7265 


[Peso) 25.7000 
(SR) 3.7505 


(S3) 

P) 


44090 


- 265 - 275 

- 650 - 725 310725 310650 314538 
-009 500 - 800 99.6800 88.4300 

20585 2.5550 
1.6584 1.6580 
260000 250000 
3,7506 3.7503 
1.4840 1.4785 
35563 35370 
4.4150 43850 


South Korea (Won) 801300 


- 800-800 800.600 799-800 


KXB325 

OO 

10X323 

OX 

10X575 

07 

104X 

31X642 

-03 

31X77 

-OX 

32.112 

-ox 

105X 

01217 

-IX 

01417 

-1.7 

8X189 

-1.7 

104.9 

4X403 

OX 

4.9563 

-OX 

000*3 

-1.1 

79X 

0307 

-08 

5X123 

-0.0 

5X79 

ox 

1005 

1X53 

-02 

1X531 

-OI 

1X408 

ox 

107X 

236.63 

-IX 

237X55 

-1.6 

240X05 

-1.6 

69.1 

1X442 

OX 

1X412 

ax 

1X228 

1.4 

- 

15725 

-03 

158215 

-3.5 

163275 

-4X 

76X 

31.9642 

-03 

31X77 

-03 

32.112 

-05 

105.9 

1.7408 

-02 

1.7408 

-OI 

1.7358 

OX 

105X 

6.814 

-09 

6.834 

-IX 

6X065 

-IX 

96X 

158X5 

-5.7 

182325 

-11X 

106X 

-5.7 

95X 

129.09 

-29 

129.71 

-29 

132055 

-3-0 

BOX 

7X756 

-27 

7X141 

-29 

7.7066 

-XX 

006 

1X884 

IX 

1X883 

IX 

1X745 

IX 

1027 

1X873 

ax 

1X855 

0.7 

1.549 

IX 

88.1 

1X282 

OX 

1X204 

09 

1.189 

24 

- 

1X518 

-03 

1X527 

-04 

1X81 

-07 

8X0 

3.3985 

-OX 

3X003 

-OX 

24077 

-OX 

- 

- 

- 

- 

- 

- 

- 

95X 

1X439 

-02 

1X446 

-OX 

1X52 

-08 

87.0 

7.7288 

(XO 

7.7275 

ox 

7.7425 

-OX 

- 

31X538 

-03 

31X908 

-29 

- 

- 

- 

98X75 

23 

90115 

26 

95.74 

21 

149X 

2X468 

4 3 

25356 

22 

2609 

-21 

- 

1.6578 

-07 

T.6587 

-07 

1X65 

-OX 

- 

3-7518 

-OX 

3.7558 

-ax 

27745 

-06 


1.4792 

1.1 

1X773 

OX 

1X708 

0.7 

- 

3X613 

-02 

3X896 

-XX 

3.6803 

-3X 

- 

4.4387 

S3 

4X975 

-04 

- 

- 

- 

8023 

-43 

8008 

-22 

625-3 

-21 

- 


Tahwsi 
Thailand 

1S0H rate tar Sop 16. BkUWto apretda In 0M Data Spat table ehow only tits tost tines decent . . . 

but m knpM by eur«nt Hweet rates. UK. Msnd 4 ECU me quoted ta US cwrancy. AP. Maqpn nomtad Meet Sep 16 Base swobs 1800.100 


(TS) 262263 +0.0085 260 - 2S5 262270 262200 252463 
(B1) 242650 +001 800-700 242700 24^580 25JJ375 


-08 262863 -09 
-05 25.165 -32 


25.045 -2.7 


ftewnri rateo sre not dkactiy quoted to Bn mortal 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Sap 19 BFr DKr FR 

DM 

K 

L 

FI 

NKr 

Ea 

Pta 

SKr 

SFr 

E 

C3 

* 

r 

Ecu 

Belgium 

(BFr) 

100 

18.14 

10-60 

4X59 

2020 

4907 

5.440 

21X1 

494.1 

4029 

23X5 

4.035 

1X96 

4X29 

3.129 

309.1 

2X48 

Denmark 

(DKr) 

5226 

10 

8X75 

2539 

1.059 

2564 

2X46 

11.14 

258X 

210.6 

12X0 

2109 

1X43 

2210 

1X35 

1615 

1X31 

France 

d-H) 

60X4 

11.53 

10 

2927 

1X20 

2956 

3X81 

1204 

297.7 

2427 

14X7 

2431 

1X02 

2547 

1X85 

188X 

1X34 

Germany 

(DM) 

20.58 

2938 

2416 

1 

0.417 

1010 

1.121 

4X86 

101.7 

82X2 

4X05 

2830 

2411 

0X70 

2044 

63.61 

2524 

Ireland 

09 

49X7 

9.447 

2195 

2X99 

1 

2423 

2689 

1252 

243X 

1929 

11X3 

1X92 

2985 

2088 

1X45 

1526 

1X57 

Italy 

(U 

2038 

0390 

0X38 

0.099 

0.041 

102 

211T 

0434 

1207 

8X11 

0478 

2082 

2041 

2088 

2064 

2X99 

0X52 

Netherlands 

<F0 

18X8 

2514 

3.048 

0X92 

0.372 

901.1 

1 

3X14 

9273 

73.98 

4X87 

0.741 

0X66 

2770 

0575 

5276 

2408 

Norway 

(NKr) 

40X2 

8X78 

7.788 

2280 

0.950 

2302 

2555 

10 

231-8 

189X 

10X0 

1.893 

2936 

1X84 

1.408 

145X 

1.195 

Portugal 

(Ea) 

20X4 

2873 

3X59 

0X83 

0.410 

993.1 

1.102 

4X13 

102 

81X4 

4.726 

2817 

0.404 

2850 

2633 

62X6 

2515 

Spain 

(Pta) 

24.82 

4.749 

4.120 

1X06 

2503 

1218 

1X52 

6X90 

122X 

102 

6.795 

1.001 

2495 

1.050 

2777 

7272 

2632 

Sweden 

(SKr) 

42.83 

8.190 

7.109 

2081 

0.888 

2102 

2X32 

9.128 

211.6 

1720 

10 

1.728 

0X55 

1X11 

1X40 

1324 

1.091 

Switzerland 

<3JD 

24.78 

4.742 

4.114 

1X04 

0X02 

1216 

1X60 

5X82 

122.5 

90X5 

5.786 

1 

2485 

1.048 

2775 

7261 

0X31 

UK 

(Q 

5011 

9.589 

8X16 

2435 

1.015 

2459 

2.729 

1208 

247.6 

201 X 

11.70 

2X22 

1 

2119 

1X68 

154X 

1X70 

Canada 

(CS) 

2265 

4X25 

3.925 

1.149 

2479 

1160 

1X88 

6.040 

1128 

85X8 

5X21 

2954 

2472 

1 

2740 

73.10 

2002 

US 

(S) 

31.90 

6.115 

5.305 

1X53 

2647 

1560 

1.740 

6811 

157.9 

1228 

7.402 

1X90 

2638 

1X51 

1 

9279 

0X14 

Japan 

(Y) 

3235 

0.190 

5.370 

1.672 

2665 

1587 

1.782 

2695 

159X 

130X 

7X63 

1-305 

2640 

1X88 

1X12 

10a 

2824 

Ecu 


39X7 

7X15 

2519 

1.908 

2795 

1927 

2139 

8X70 

194.0 

1522 

9.169 

1X85 

2784 

1.681 

1X29 

121.4 

1 


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Kuno-MjwT-JBI 

SaftOOlHtlwSr M || 

9200000- ! I 


i Bank Rtodbia SoMoo Acc 

>81 2HL 041-840 7070 
[370 271 1 US to 

MO 203 USl 00 

I 45) ua I 4Bi to 


EHU»a-C24*M 

okaao-oum. . 

BOOH-HOBO- 

SWPrwaatymilMCniwilnB 

1342WMtaU, MMWI 24B. ODD 
413 lU Ul 

I 431 - I 090 

- I MO 

TyotiUBoaknla 

26-33 PttacmwcMBL few* onrsono 

townaoo Ataa tos otso uulual ar 

Dunmofluemiaa* ure 2808 oja; air 
“WWiww. 4000 MOO 4000 to 

Htamxw*. . 4123 5004 1 41001 to 

ivmmtbbAi __ tm -UxkI » 

UriMDmMonttntLfid 

POSik B2, Hxtm, UMOOT 091-447S43S 

HHItoCtaaitoMl 

tiAOto [us imI Bjel to 

IbAtf IMBHkUd flonwh 1 

1 ttMCeitoital Hlfssai W1M Tfl. 
2iapOMOd«rMSra.| UB MSI «UH|3-Wl 
nano-HBtoioBct-l 7 ja tun I ml 
czsaoo-iiwr I rj» 3*4 [ 


EMS EUROPEAN CURRENCY UNIT RATES 

Sep 19 Ecu can. Rate Change % +7- from % spread Dtv. 

retaa against Eau on day on rate v weakest hxt 


DoimTi Kroner, Fnmcti Franc, Norwopm Kroner, and n —t flal i Kronor per 10: EMglan Franc. Von. Escudo, Lira raid f^nti per 100. 
■ D-MARK FUTURES QMM) DM 125JXM par DM 


0**M) Yen 115 ptv Yen 100 



Open 

Latest 

Change 

wgh 

Low 

ESL VOi 

Open tot 


Open 

Latest 

Change 

Hgh 

Low 

EeL vd 

Open InL 

Sep 

20473 

20460 

-a 0022 

0X478 

a 6458 

7,448 

56X10 

Sep 

1X120 

1.0154 

*0X043 

1.0154 

1X120 

0,716 

26.091 

Dec 

0.6481 

0X456 

-20025 

26487 

26453 

56X36 

74X15 

Dec 

1X180 

1.0225 

*00040 

1X227 

1X179 

26X93 

41X81 

Mar 

" 

0X487 

" 

" 

” 

459 

3X36 

Mr 

1.0295 

1.0295 

*00040 

1X295 

1X280 

170 

2X74 

■ SWISS FRANC FUTURfiS (IMM) SFr 125,000 par SFr 



■ STEftUNQ FUTURES QMM) £62X00 per E 




Sep 

27790 

27760 

-20032 

0.7802 

0.7780 

6X50 

17,670 

Sep 

1X740 

1X720 

-0X092 

1X750 

1X700 

0500 

20,409 

Dec 

0.7830 

0.7000 

-0 0037 

27845 

0.7796 

32.775 

37X82 

Dec 

1X770 

1X682 

-0X106 

1.6796 

1X674 

19.103 

31X06 

Mar 

0.78*5 

27830 

' 

0.7845 

27830 

493 

537 

Mar 

1X700 

1X680 

-00054 

1X700 

1X880 

113 

259 


Nattnriands 2.19672 

Bekdum 402123 

Get many 1.94864 

Ireland 0206820 

Franco 053883 

Portugal 192854 

Detunaik 7.43679 

Spain 154250 

NON EHM MEMBERS 
Qrraace 204513 

Italy 17B3.18 

UK 1700749 

Ear central ratoa eat by M European Osramwton. Curancws rae in descendkip ratoave strangth. 
P ororatoae torawes nra to Ear; ■ pudtiwi ctarogs dsnotes a —roc curroicy. Drarao reto d wras the 
map bswrasn Owe ipraeda ths pracrattoot betweraiilis scerat mralrat and Ecu central ratss 

tar ■ twraney. and the motarai pemdnd pra c rad m e devtokm of toe anancyta roariw rato tan tta 
Ecu central rta. 

P7AHB) snrtig and fetotan lira euapendad tan 9M. AtfuMmant adetouad by tin Rranaarmun. 
■ PmLADKLPtkA SS C/SOPTIOIIS E312S0 (cents par pound) 


2.14907 

+000101 

-2.14 

5X9 

- 

39.4013 

*0.01 

-1X7 

5.10 

14 

1X1709 

*000042 

-1.87 

4.89 

- 

0798560 

-0X02455 

-1X4 

4X3 

8 

0X5135 

-000187 

019 

2X4 

-2 

195.157 

*017 

1.19 

1X2 

-8 

7X5982 

*0X0028 

1.65 

1A8 

-11 

199X88 

+003 

014 

0.00 

-22 

291X74 

-0X18 

10X4 

-0X3 

_ 

193248 

+4.74 

8.16 

-4X4 

- 

0.788328 

-0X01822 

020 

2X3 

- 


Strike 

Price 

Oct 

— CALLS - 
Nov 

Dec 

Oct 

— PUTS - 
Now 

Dec 

1X00 

7.14 

7.17 

7.43 

- 

an 

0X1 

1X2S 

4.70 

5X0 

5.48 

0X8 

042 

1X2 

1X50 

2X4 

3.14 

3.78 

046 

1X4 

1X0 

1X78 

1.15 

1.77 

2.49 

1X1 

2.11 

2X9 

1X00 

0X8 

0X7 

1X3 

3X8 

3X4 

4X9 

1X25 

0X8 

0X5 

0X8 

6X5 

5X0 

021 


MONEY RATES 


September 19 

Over 

Ona 

Time 

Six 

One 

Lamb. 

Ora 

Repo 


night 

month 

units 

mths 

year 

Inter. 

rate 

rate 

Belgium 

* r m 

54 

54 

5'ra 

6ft 

7.40 

4.50 

_ 

ago 

■T-k 

Si 

54 

5 f k 

64 

7.40 

4.50 

_ 

France 

5S 

54 

5H 

53 

6ft 

5.00 

- 

8.75 

woM ago 


54 

6S 

5Q 

6H 

500 

- 

6.75 

Germany 

4 07 

5.00 

5X2 

5.18 

5.53 

exa 

4X0 

485 

week 090 

4X7 

5.00 

495 

5.10 

5.45 

6.00 

4X0 

4.85 

bettmd 

*U 

SIS 

64 

6ft 

7% 

- 

- 

0.25 

week ago 

4J 

5'fl 

64 

6ft 

7% 

_ 

— 

025 

Italy 

Be 

B'+ 

8V. 

9* 

I0h> 

_ 

7X0 

B-25 

ww* ago 

84 

8Vr 

8% 

9H 

103 

_ 

7.50 

8.45 

Netherlands 

4.84 

5X2 

5.06 

525 

5.68 

_ 

5X5 

— 

wo<A ago 

484 

5.02 

503 

5.16 

5X2 


525 

_ 

Switzerland 

314 

3^ 

4 

44 

41* 

8825 

3.50 

_ 

week ago 

3Va 

3» 

4'e 

4H 

4H 

0.625 

3X0 

_ 

US 

43 

43 

5 

5K 

5B 

_ 

4.00 

_ 

woe*, ago 

43 

*a 

S 

54 

55. 

_ 

4.00 

_ 

Japan 


24 

Zk 

24 

23 

- 

1.75 

_ 

week ago 

2V. 

25 

2»« 

24 

2Q 

- 

1.75 

- 

■ SUQOFt FT London 








interbank Firing 

- 

4't 

54 

5 <n 

6 

_ 

_ 

- 

week ago 

- 

4% 

54 

5TV 

sg 

- 

- 


US Doflor CDs 

- 

4.66 

4.87 

5.19 

5.78 

_ 

_ 

ra 

week ago 

- 

4.65 

4.83 

5.14 

5.70 

_ 

— 


SDR linked Da 

- 

3n, 

34 

3*4 

4 

_ 

_ 

_ 

week age 

- 

3% 

3A 

3U 

4 

- 

- 

- 


ECU LMied Da nU rates: I mOL Sg. 3 mths. 5'fc B nans to.; 1 yean OS. 9 U6QR tol ra tm* IWng 
ran am tXtmd rata tor SIQm H fw merhet tn lour rataronc u Darla « Ham raefi wneg 

dnr. Tho tuto era. Barden root. Ben* d Tt*vo. ftrcUyn and Nnond W e e arw m tor. 

Ud mtuo rae tan tor dto dnmnBt Money RaMa. US 9 COa and SDR Llrtad Depotm fto). 

EURO CURRENCY INTEREST RATES 


Sep 18 


Short 

term 


7 day? 
notion 


One 

month 


Three 

months 


Sfct 

months 


One 


Bdoun Franc 
Danish Knra 
D-Mark 
Dutch Guilder 
Fttirch Fimc 


Portuguese Esc. 12>| 


■Hi 

- 5*i 

- J}.' 
4% 

- 5*4 

- ilia 


5-4% 
57a - Slj 
5-47, 

5 -47j 
W* ■ S?s 
9‘J - g«* 


Sis - S 
6,1 ■ 5% 
5-4* 
5,', • *11 
S fi-S/s 

10's - 91* 


^2 - 5Ja S% 

6k • 6*2 7,1 

Sis - 5 5'4 

5% - 5 5 1 * 

5U - 5,\ &i l s 

105* - 101* 10% 
“ 8*2 
BA 

4.1 
Sil 

6.1 
»% 
2.1 
5,1 

Sw Iran rains orn c* to lie, US Dour raid ran. othrai two days' notice. 


Spansti Praia 

7% - 7,j 

7ii ■ 7% 

7% -7% 

a'- " 

Stntng 

4^ - 4 J * 

5 - 4^ 

5% - 5|« 

511 - 5fi 

Swiss Franc 

358 - 33# 

35#- 3U 

3?i-n 

*-3h 

Can. EhAB 

5, 1 * - Sh 

5i*« ■ 

5% -5 

5J»-S>4 

US Doflar 

4% - Jj. 

4^ -4J, 

4“i - 4l* 

5>'« - 411 

luhan Ura 

9 - 7% 

8% - ft 

8U -8% 

858 - 8% 

Ten 

-V. - 3% 

2/r - 3A 

21? ■ 25? 

ail ■ 

Asiait SStng 

3^5 - 3-+ 

*1 -3 J * 

<ii - 4,1 

4J+ -4S, 


BA - e& 
713 - 7A 
bH ■ sa 

.. *a - till 
10% 11% -10% 
8% 8% -9 

7% - 7% 

4% -Ah 
8!2 ■ e!i 

6 - 5 % 
9% 10% - 10% 
2% 2|1 - 2% 
5, 1 * 5)1 - 5)1 


5% 

7A 

6 % 

5% 

5U 


■44 

5)1 

SA 



Open 

Sett price 

Change 

High 




Sep 

94.92 

94X8 

-0.02 

94X2 

94X9 

9635 

1092S5 

Dec 

94.69 

94X6 

-0.01 

94.71 

94.64 

40601 

187724 

Mar 

942S 

94X2 

-0X2 

94X9 

94X1 

20072 

172391 

Jufl 

93X2 

93.70 

-0X3 

93.85 

93.77 

16340 

105188 

■ THROB MONTH EUROURA BIT JUTE nnURU (LIFFE) LI OOOrh potrtU at TOOK 


Open 

Sett price 

Change 

High 

Low 

EtsL wol 

Open InL 

Sep 

91X3 

91X8 

+008 

91.40 

91X3 

2407 

1622S 

Dec 

90.11 

90X2 

*015 

90X7 

9010 

9386 

32658 

Mar 

89.38 

B9.47 

*011 

89.49 

8938 

3189 

18087 

Jim 

88X6 

89.04 

*010 

89X0 

08X6 

1226 

15047 

■ THROE MONTH KURO SWISS FRANC FUTURES 

(UFFE) SFrlm paints of 100% 


Open 

Sett price 

Change 

Wgh 

Lew 

Eat- vet 

Open InL 

Sep 

95.97 

96X7 

*001 

95X9 

95.96 

2958 

13494 

Dec 

95.58 

95X2 

-0.04 

95.58 

95.49 

3818 

22950 

Mar 

95.13 

95.12 

-0.02 

65.13 

96.11 

1S95 

12103 

Jun 

94.77 

94.74 

-0X2 

94.77 

04.71 

400 

6273 

■ THREE MONTH ECU FUTURES (UFFE) Eculm points of TOOK 



Open 

Sett price 

Change 

Hgh 

Low 

Eat vet 

Open InL 

Sep 

94X5 

94X3 

-0X1 

94X8 

94X5 

303 

7307 

Dec 

93.40 

93X9 

+0.01 

9342 

93X8 

1447 

7018 

Mar 

92.88 

92-82 

-0 02 

92.86 

92.83 

496 

5114 

Jun 

92.45 

92.40 

-0X3 

92.46 

92.42 

30 

2511 

- lifte turns netted on AFT 






■ THRU MONTH EUMOOULAR (IMM) *1m potots of 100% 




Open 

Latest 

Change 


Law 

Esl vot 

Open M. 

Sep 

94X2 

94X4 

+0.03 

94X4 

94X0 

90X98 

299X08 

Dec 

94X1 

94X4 

+0X3 

94X4 

94X4 

107,749 

525X65 

Mar 

93X2 

93.B3 

*001 

9385 

93X2 

138X27 

401,747 

■ US TREASURV UX FUTURES 0MM) Sim per 100% 



Dec 

94.77 

94.70 

. 

94.77 

94.70 

3X98 

10.942 

Mar 

94.33 

94X4 

*0.01 

94.34 

84X3 

420 

5.445 

Jun 

93-96 

9398 

- 

9398 

93X6 

1X12 

1.652 

Al Open tnunot Bga. rae tor prataous day 





■ EUROHARK OPTIONS (UFFE) DMIm poinb of 100H 




Strike 

Pnce 

Sep 

Oct 

CALLS — 
NOV 

□ec 

Sep 

Oct 

PUTS 

Nov 

Dec 

9475 

013 

0X5 

008 

0.11 

0 

014 

0.17 

020 

6500 

0 

0.01 

0X2 

0X3 

0.12 

0X6 

0X6 

0X7 

9529 

0 

0 

0 

am 

0X7 

059 

059 

060 


■ Thnroc MONTH POOR FUTURES (MAT1F) Pans imarbtmh offered raU 


Sep 

Doc 

Mar 

Jtn 


■ THREE MOUTH EUR0QO1XAH (LIFFE)* Sim points of 100% 


Esl <kL total, (Sole 12747 Pun 12309. Plwtous toy's open n. Ctes 26BS1B PW» 213703 
■ EURO SBR88 niAHC OPTIONS (UFFE) Sft 1 1m pobtte of 100H 


Open 

Sod price 

Change 

wgh 

Low 

ESL vet 

Open im. 

Strike 


- CALLS - 



— PUTS - 


34.37 

94 37 


94X9 

94.37 

3X06 

38.700 

Price 

Sep 

Dec 

Mar 

Sep 

Dec 

Mar 

93.92 

33.93 

+004 

93.98 

9362 

10,923 

49,176 

9378 

022 

0.03 

007 

0 

nst 

070 

93.43 

9348 

*0.06 

93.49 

93.43 

9,661 

31,901 

9800 

0 

0X1 

003 

003 

049 

091 

63.05 

90.09 

+003 

93XS 

93.04 

4X® 

27X12 

982S 

0 

0 

0X2 

028 

073 

1.15 


Est rot tabti. Cefie 0 Puts 0 Pievtaus dzy 1 * open Ire. C* 3ZH Mi 1255 



Open 

Sea price 

Change 

High 

Low 

Esl «d 

Open bit 

Sep 

94.93 

94.34 

+002 

94X3 

94.93 

200 

3348 

Dec 

64X3 

94X3 

♦0.01 

94X3 

94X3 

53 

2127 

Mar 

93.83 

93.84 

*0.02 

93.83 

S3X3 

T7 

1384 

Jun 

83.47 

93.48 

*001 

93.48 

93.47 

23 

283 


Prenfcul toys wL Cols 20.788 Put* 13366 . Prw. deyta Open toe, Cefa 671:294 Pta 11BtiC7 


UK INTEREST RATES 


LONDON MONEY RATES 

Sep 19 Over* 7 days 




One 


notice month 


Three Six 
months months 


Onn 

year 


Interbank Storing 

5 -2^2 

5-4% 


5U-5U 

BA-6A 

7tS'7A 

Staffing CDs 

- 

- 


S% -5% 

6A ■ 9% 

7% -7% 

Treasury BRs 

- 

- 

SA-5d 

5%-5A 

- 

- 

Bank EHs 

- 

« 

5ft-5fi 

51.-5% 

6%-S 

- 

Load adharity daps. 


4H-4|i 

5% - 5% 

5%. 5% 

0&-BA 

7A-7ft 

Discount Market daps 

4^ -3*2 

4S-4S 

■ 


- 


UK cteering bar* base tending rate 5% per cent tram September 12, 1994 
l/p to 1 1-3 36 SO 

month month matin months 

9-12 

months 

Certs of Tax dap. plOOOOQ) 

1% 

4 

3% 

3% 

3% 


Cans ot Tta topL uvtra El 01X000 Is 1%pc. Depotog emtoaen fra cerfi kpc 
As*. Hndei rtoe ol taecraeii &HB40PC. ECGD aesd rote ate. Em»R Flnraice. MsM up day Aug 31, 
tB94 Aoroed rate for period Sep 26, 1894 u Oct 23, 1004, Schemes BAB &6SXX fktaence rate tar 
parted Jdy 30. 100* to Aufl 3t. 1804, Sttanee IV 0 V &£7tipC Flnence Houn Bum Ape 9%PC tram 
Sap 1,1984 


FUTURES (UFFE)C50a000potet3 Of 100W 



Open 

Sen price 

Change 

ugh 

Low 

Esl vol 

Open JnL 

Sap 

94.17 

94.16 

-0X1 

94.18 

94.15 

5789 

76688 

Dec 

9323 

93.18 

-004 

93X8 

9315 

35703 

160830 

Mar 

92X1 

92.18 

-on 

ao -w 

82.15 

15940 

81834 

Jun 

81.72 

91X8 

■013 

91.72 

91X5 

7589 

55534 


Ttsdea an APT. At Open MM Igs. tor prentoua day. 


■ SHORT STERUHa OPHOMR (UFFE) ESOOJXM points of 100% 


Strike 

Prica 

8400 

9435 

9450 


Sep 

aie 

0.01 

0 


CALLS 

Dec 

QjQZ 

a 

0 


Mar 

aoi 

a 

o 


PUTS 


S«p 

Dae 

Mar 

OOI 

088 

1X5 

Oil 

1.09 

2X9 

0X5 

1X4 

2X4 


The CtMopBretba Barft 

poamxnsnr - - 

17SS4 — rr 


us - 1 -I nmo 
Mil m 


A Hnury Schroder 
la a entouetoi 
toeMAtri 

tHUnaOMM. 


«23Jtoo-e4Aooa. 

rta.aeo-e24j»_ 

BMMMH — 


iSCaUI 

071-3*2 woe 
I 3AM 22* I Ml UB> 

I 3230 ttt I 329 1 Mh 

Mn Trail Wgb MteraetaiaqM Ace 

Tk*itatoiMnnm»miSE ,B7aB»4Mi 

(1BJJOO+ [US M4 MS to 

KM4WI 1 SJOQ 378 I 3JK to 

(tACO-CMn 1*79 369 I *»*I to 




*tanot«4aaw — 1 15 

£3000-49 798 .1 223 

I Miirall ro M - Med rare * 

vmtm* [ 4J» 

ESM00-ei4aj9B..,.l 3to 

I 231 




2BT X7QB-MSI 
344 I 32BIB-MII 
MB I 2»]9-«to 

305 I 4.10|b-MR 
323 I 308 e-Wl 
209 377l 

1.73 I 222 1 
M0MS2tBU 


■BOB- 9nK Orttoto to d Mtot Wtito, M 

tokg acamt d an aata u ta u e Bede rata Mena to. 

M hds e takrae nib* Mr MM! » drdaoto e 
toto ■totaa ne mTSm UMEraranta w a n i ta 
^ ■ e c o awitog gr mat rata onr sen 

Mj^to^toAtiataMRlto ta«te»: f nm«r 


Esl voL total CMs U909 Puts 8201. Praeous day's opon It. CA 39590* Me T1E01B 


BASE LENDING RATES 

% % * 

Adam a Company — STS Duran Lawria 5.75 *Ffcwfautfy» ”■■»»*»■* 

ARodTiueiBark S2B Enter Baik United — 8.75 Comtxskxi LnMidiirn 

ABBarit. — ............ STS rkuncM & Gen Bank _ &5 longer rsAhorisodao 

•Henry A nsbach ar 175 •FWwtFkwiliiBaCo-S.Tfi alxvtidngina&ikirL 8 

BerttolBunxft i75 GSr±enk 5TB Royal Bk a Scotond _ STB 

Bbko BRho V tacaya_ 5.7S «GufcmeeeMshai 5.75 «Sn«iavWbnHrSn.&75 

BankolCypna 575 Habit Bar* AG Zufch. 5.75 tsb 575 

BanhoMroland 5.75 aHanfimfiarfit 5.73 •CMadBkalKuinft_ 5T5 

BarkoflnSa,^. 5T5 HertaUa&G«iki«Bk.576 Urdy Trust Bar* Pfc_ 5.75 

Bank o(Scatiaxi,.M,_ STS amsanuti. 675 Wesson Trust 576 

Barclay* Bank 575 C. Hoars RCc 5.75 WHtemay Uktem B.7E 

BitBkariMEad.... 5J5S HonfyangSStoigM. 525 Y ut tad ku S a rk 6.75 

•Gtaswn Shlftey 5 Co Lkl js. 75 Jufian Hodge Barfic 675 

Q. Bte* Nadartand ... 575 aiMpoidJoateh&eansSTS • Member* of London 

QljaiANA — • S- Zr UbydaBa* 578 investment Banking 

apfefidatoBaf* -675 Matfira(BankLki.. 5.75 Aaacxtokn 

Tha Co-operative Bank. 575 MdatiBek 575 • fc uak ik feM Bon 

OoutteaCo 5.7S *Momt Bartdng B 

CrecSLyonnMe 5,73 MaweeOrknter ...._ 57B 

Cyjxus ftvUto Gtenk _(L73 • n a o Brodien 5.75 





M 


US In, 

JMtJUMi 



pmxl 




"*» 

QMW> 

OMWh 

nun. 

0030 

9X2 

300 

8.80 

0100 

Off? 

390 

358 

0130 

9X3 

0X8 

9X0 

0200 

11X3 

9X8 

358 

0230 

11X3 

358 

368 

0000 

11X3 

358 

358 

0330 

11X3 

9X8 

358 

0400 

11X3 

35B 

358 

0430 

11X3 

3M 


0500 

11X3 

9X9 

359 

0030 

BX4 

asu 

359 

0000 

9X5 

396 

0X8 

0030 

13.10 

10X0 

1000 

0700 

18X7 

11X4 

13X2 

ctrao 

1306 

1310 


0000 

laffit 

1317 

1388 


1373 

13X1 

21X0 

0900 

1305 

20X4 


0030 

17X4 

Z7X9 

3317 

1000 

17X6 

37X3 

4043 

1030 

17X2 

37X4 

4048 

into 

17X8 

22X3 

2364 

1130 

17.48 

27X8 

3042 

1200 

20X8 

27X4 

3350 

1230 

0X23 

22X0 

2&*a 

1300 

2007 

2371 

2348 

■raw 

1305 

2022 

22X4 

MOO 

1378 

20.16 

22X7 

1430 

17. OB 

2016 

22X6 

1S00 

1371 

2016 


1330 

1373 

20.14 


1000 

1387 

2315 


1830 

2020 

2010 

job n 

1700 

2383 

3382 

3365 

1730 

2371 

3301 


TflOO 

1307 

3370 

3346 

1830 

1373 

2011 

2379 

1900 

1370 

17X8 

2311 

1830 

1371 

17.43 



44X0 

1072 



44X0 

22X9 


2100 

44X8 

2321 


2130 

1380 

32X1 


2200 

1308 

2320 


2230 

1348 

22X4 

2302 

2300 

1346 

1300 


2330 

14.10 

1318 


2400 

12X7 

1302 

1370 


i toUud r* — lb 

ntwMaost 



u P , 15 % 

off electricity 


021 423 3018 

Powerline 


Pstniiera Argentina 
San Jorge SJV. 

Ntrtfco of Securityholdera' 
Miring 

NOHCE IS HEHEflY GIVEN io lhaJioklets 

f^eortytoldorOot the US» 95.000^00 11% 

Beond Negotiable CM%stiam due ibbs - 


1988 (the . 

Aigvstaa San Jorge 5-A. (Dm Tssuei*) 


by Petrotei 

MueO tat 


bo laid at 1000 AM on OddtorluiSfa me 

Aienoi Atan Sheraton Hotel Roan, Hods is 

Plate. San Mufti Nn 1225. 2nd Floar, Buems 

Aka*. Argentina. If e toonsn Is not pnraent, 

the Moating shell be atfaumed to and be 
reconvened to llflO AM on such day. The 

Meaeng ehal be tor M ktiorong pupoaes: 

1 To con elder and act upon certain 

Ptotoeed arambnerae to die Indenue dated 

a> at February 8. 1093 emengBaiiMmattoB 

National Tmai Conpeny (the ’Truaeor) end 

ta laauer. and otiwpetflea. (tee indradurar); 

a) To enhance the teener's abBHy 
under Sectim 806 of the bidanbire to (nair 

k tawn d traes . prorated m aw tesuaTe ratio 

oil tong-term date to ttqrty does not excesd 

0CMQ; and 

b) To onhence the issuer*! ■ butty 
under paragraph (a) ot Section 009 d the 

Manure b Incur shraMann MeUeteten by 

toewaring we teauartt regteid outrent redo 

tan 1.6U 1J. 

2. To consMar and act upon an 

■nwndmwt m the Custody and Payment 

Anreemam dated as el Jammy 2a. 1003. 

among an bsuar, th e Tha jae. iraamstional 

Fteattto Cmontien rvCT) and ta Batte cl 

Naw Vortt SA (ta -BanKT, to fadKate ta 

reteaie ot lunds depoeMod In the eecrora 

acooutt eaabfitad tareundar. 

. _3 : To tteslgnato trap SecurityhoKtera to 
stflta intautes o( ta Meatete 

The SeoMytnidan are hereby ronindad 

“ "*> a °* *•»•» must 

(j) It they held Securities in bearer form. 
*»!»« such Securities whn the tssiror by 

Beptaatar 28. 1904, d ta baueTi edteeu 

bttae, cr deliver tn ta tetanr at rata attees. 

a cer tmcate signed by «")r trust company. 

henher othar depositary eetting forth ta 

prindtal emount and serial numbers of 

g™*y4^.tod3teiteitti«ra. 1994. ta 
SjotatosodMcitood were hdd on ttapoto 

^ ^^^ ^ “Wfta yr.cidSeoataa 

^°. l y , * 1 l 3A : M 25 O) Moyp 489. 1002 
guarea/Uta.tatoata. Aitertton: Er. Emeeto 

by Septentter 28, 1804. of taV 

mdm 10 attend ta Meeting. Ctytas <d ta 

”1 « ta pre poaed em en dnwn a and at e 

nm cMflcate n b« used by hetdera cl boraer 

Sdotaes-fflbo furnished by ta Trustee 

m»«u«yfioMers upon mqusu Any Seculy- 

h o htef m ay attend (he MeeUng either 

Ptaonatyorbypnay. 

5*tani Atgantina Srat Jotya 5A. 
Pto«0a8-rtw7 

HOB BtanesAkee 


Olf. 



Sovereign (Forex] Ud. 
24hr Foreign Exchange 
Atagin fading FanSty 
Compatible Pnata 
DoflyFajt Service 
W; 071-431 9188 
Foe 071*931 7114 
4fel«Uaritenl*akmftm{ 
IratdeaSWWOM 

























FINANCIAL TIMES TUESDAY SEPTEMBER 20 1 994 


' .‘Si 
."“t. , 

• ''ll 



WORLD STOCK MARKETS 


■* EUROPE 

'«SIMAISW19/Sdl) 




-A, 


. •- 


AuaAIr 

BMusf 

CreoPt 

EAGMi 

EWi 

J£“5L 

MU 

Panin 

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W toe 

veaifl 

VMBtA 

MAfr 

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S.W0 

864 

ai7 

2,940 

1.439 

1J*S 

630 

1016 

938 

*56 

208 

1.141 

343 

TOz 

446 

1745 


*30 £200 1,730 2-5 
-11 1J7D 864 OB 
♦a 834 Bl2 1.6 
+20 4,280 2,808 OS 
-7 1.713 1.1!" 



Lwmd 


-10 1.387 1 
-5 744 
-2 1*7 
-1 1,050 
-4 486 
*1 2G8 

-4 1.180 
*3 408 
*2 791 
*6 600 


1 J 
i 0.4 
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646 \A 
60S £1 
403 £2 
171 26 
874 ... 
328 1.7 
s+e za 
<30 16 


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+16 7TB SflC 6-3 
...is +12 902 881 16 

418.70 +660 491 JO 377 36 

*» +2i«yyiowo „ 
i-lS *12 1 JB& o-b 

-70 6,760 &460 Dl 8 
ry- 380 +53BUD2MU0 

r ass SS ;ij§ SiSB ?3 

— ^ 1a «* +2^013650 8760 46 

rg** 13^8 +,jjgg 

_ 92P 198 _ 760 178 

- 52o ™&?2 <4 - S0 S2S 331 SJ 

S2SL » “8 535 380 5* 
™™7 156 -6 234 141 •» + 


+/- Mg latW M 


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+ /- uta tmrm He s*m 


-10 4610 2675 ^ 
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3.775 

. £S 25 -73TUW8600 36 

— ®8 11-905 -296116001301 46 

— auBP 2.190 +46 *730 1,362 26 

— Toiocm 4.395 -66 5.105 3JB3 2.0 

— I"S*» z7-2£> -zsoauooSCw 1.1 

— Toaffr 17JS 0 -8003+0® I70JB 3.1 

— Ifcfcwn 11.300 -200 16300 106S0 1-2 


PtrfBc 

KB 1 


300 

778 


-5 4*0 3*11 16 Z 


“ Promu 

Rata* 




BbitijC 

RmM 


-1 371 292JD 76 
+3 936 7Bi.S 

=5 -31-505 7S5 _ 

880 *21 1.130 605 1J 
— -7 B043S2.1B _ 

-1 287 201 


— MU>H 


520 

218 


ActaiM 4,3(0 
Mmani 7,720 
JttM J 4690 
DHL 4685 

Mi* 18650 
ftSrtrt 23.109 

BnqMS 31625 
Bora 2.43B 
Boon 24675 
CBRCm 12600 

CW £+.’S 

DMA 5.490 
200 
7,460 
1670 

3695 


CVldP 

Urn 

Dlnil 


BMC 

FOW 

SSL 

GBL* 


GanBne 

Qaaexl 

SnM 


PanUe 


4,155 
4680 

1.424 
6660 
0600 
4.080 
3605 
6-350 
6660 
8,190 
1*42 
11200 
10.126 
Piwofi area 
Rett* 520 
4640 
4,760 

2*SO 

SGnMV 2*50 
SoW 13.700 
SoKnc 1615 
St«n4> 14.725 
titan 9.030 
UCB 23 675 
UnM»] 2*05 


-S 4* SO 3.705 1.7 

— 86807,510 3.1 
-10 5600 4,000 _ 

-fi 460(1 a_iwp 4 ft 
+ 166 1 BJSQ 18,050 2.7 
+16S02BJS9 22.746 17 
4267335600 5.7 

J^szeaiaios 1J 
-Kaaaoauw I* 
™ 13675 11600 36 
-25 2,700 2.190 36 
—40 1200 5.480 4* 

— 215 154 as 
-70 6^00 5.100 1 6 

— 1050 1*20 2.1 
-306620 6*20 76 

-5 1781 3670 46 

— 1870 2*60 _ 
4^0 3620 4.7 

-20 4.470 3650 46 
-4 1080 1J20 26 
-20 1160 7600 6.7 
-50 11600 6600 1 0 
+10 S6GD 4.160 14 
+5 3.6851760 46 
-10 1200 6600 16 
-60 7650 8660 16 

— 6*00 1000 4* 
+2 1.630 1*32 16 

-400 TOAQO 1BJD0 __ 

-5O1CL7J5B08B 18 
-S3 3,M» 2.705 11 
+1Q saa 420 13 
-10 1200 4*40 4.4 
-SO 5680 4*10 4* 

— 1836 1128 5.1 
-5 26381105 10 

—125 15.T1ffi13.1S0 4 .7 
-20 1675 1*02 IS 
-2751766011750 46 
-15011.8001400 46 

+» moo sum z* 

+85 2630 2*40 4* 


seer 12 %5 - 1 -zgiw££i«» 26 

Sr S3 +s 7S2 542 16 

„P° +8 045 601 16 

Wg) -836302650 10 

.«Z +7 734 576 36 

lAg -26 1.780 1.480 36 

383 -&40 46860 337. ID 2.7 



— Gumma 


i* 

' A® 

780 16 


9BMHK(Sep19/Kr) 






AtaP A 

atobn 

Can* 

Codm 

D/B12A 

MECQ 

DmO* 

EMM 

FIS B 

Gmnd 

ess 

JyaMR 

UtmO 

NKTArtS 

NvNna 


640 

206 

2S6 

5.750 

114*00 

18569 

320 

188 

420 

618*5 

174 

373 

1650 

285 


— 760 565 26 

— 281 204 2* 

-1 333 251 1.1 

— 7600 5600 as 

— mm nun as 


SonmA 

Saphae 

siwts 

TiZton 

TapDan 

UnkhA 


+69 226 
-1 427 

— < piita 
+6 SIS 
—165 843 

— 270 

— 425 

— 1.650 

— 366 
+2 Tram 
_ 737 

+561 615 

— 075 
_ 495 
— Baa 
._ 1672 


510 
526 
525 
415 
341 

615 _ 

239 -180 267 20798 46 


307 36 
1ST 5.4 
395 IS 
445 16 
T70 1.1 
3S0 2.1 
950 0* 
2S2 36 
SOS 07 
«W 16 
505 09 
425 06 
321 14 
300 _ 
510 16 




noAHD^en 19/Mka) 


Aimr A 

Canoe 

EfTsm 

boon 

turn 

KDP 
Kk*d 
K ane B 
Kymmn 



+1 15410260 16 
-3 179 T« J6 
_ 105 BO ._ 
-60 4090 3560 16 
-3 233 1ST 15 
-6017.40 861 __ 
-JED 5860 45 16 

„ 70S 
-1 ISO 
-3 847 
-3 250 
258 

+2 280 
-6 576 2 


-I 107 
104 

102 54.10 16 
-.30 57 m 41 __ 
-1 120 8460 16 
-2 244 ITS 17 
+.10 31 18 — 

+60 20.00 12 — 
—60 128 59 ... 


HWMCEpopIB/Rx.) 




358SBJB „ 
7» 388 3.7 
814 

Z17J4JI 

*>« an44Kioi? 
-85 3.J50 2.787 
*12 767 981 
+21 1*80 1667 
-51*50 
+.4022850 19 
+3 7132018. _. 

+112001.711 36 
185 -460 205 13289 46 
1.446 +31.5701,276 26 

44750 +950 455 348 10 
20860 -360 380 90 201 11 
790 -771685 771 76 

432 +11 858 41S 36 

380 +.10 *08 35120 ... 
3S7SO-1160 73730050132 
3660 — 6.160 5.000 07 

731 -81.002 712 3-2 

738 -6 MO 

400—1320 476 
937 -6 977 

49 ,- JS 4 ISO 749 
680 +8 740 

38560 -120 435 
33460 +560 M3 
963 -1 1.127 

81? -31 168» 

762 -12 SCO 

*2 830 ... 

__ 3.487 2.750 18 
-15 15601.755 3.7 
... 734 584 2.4 

„ 1170 665 7.7 

+ 1 182 115 76 

-4 S3B tOO 3-2 

6.020 4.340 1.0 

-14 576 385 2* 
-70 1764 1370 0.7 
38323350 18 
646 458 26 


— EDLOU) 

sant 

~ g*S* MB +8 BC0~<72 13 

MflmO 382 -6 610 382 76 

SWco *13 -z 7|jn «ift jjt 

— +23 2.4TOi.7^ T ± 

— SaeGon 533 -3 70? 531 *j 

— SamacA 1182 -13 '<1001.71(1 26 

— SW« 223 +560 MSSK.10 

" g»P . SJ6 +60 m W4 53 

— Synm 200 -i arjn laaan 2.4 

“ 2A* +b|jSISb 1 l3 

— 514 iSw a* 

~ TtWB 328JO -160 36460 SJ-18 3* 

— iw 14160 -«3auDia5jn 12 

~ 2? +2 *84 333 3* 

— ME* <7i -.10 g&o«£Slii> 5-5 

— 441 +160 mo *38 76 

— Ww 28260 +260 307 221 12 

— Vttttc 312.10 -Z90 333 240 3J1 
~ "hwa 25030 -wo S»aio ** 

~ BSWASTtSepia/Dm.) 

— I® +6019835 163 1J1 

— ^ ^l.“l,«ofz 

= & «-£§fe£i 2 BS?S 

— «ta_ 86060 -1560 1.191 880 „ 

— AetBlPr 700 -30 l XQfi 797 0-9 

— 314.00 -8J»3taS m 26 

-■ Mnerti 486 __ SIO 4S5 16 

— j**oe a 387 -60 405 348 26 

— Btom 35SL50 -320*BAmiSn31 3.7 
~ Sss2. 381 -5° -3608315033030 17 

— MHBr 7B2 -S 929 889 1 6 

— 8*j™v 410 -1C 573 *14 3.1 

_ tttr 1/SOT +21, IDS 813 1.4 

— fiSSKt »1 +13*60 “ 

... gHFBH 395 +1 saa 

B3180 883 -760 957 _ 

CQIKra 13S6 -Zfi 1^30 1,140 08 

GtfKflP 870 -S1A30 820 16 

Crarmnk 31 Da -4 39020260 3 3 
Conus 23020 -4L9D 288 228 1.7 

DUN 430 -B BOO 42S 06 

aetah- 803 -io om eat* 1.0 

Opwta 473 -130 SOS 446 16 

01 Beta 247 _2»V6021I1B0 — 

~ DschBk 70360 +608876065060 13 

— OdUKk 188 -8 188 132 2* 

Dn0t 506 +1 007 478 10 

— 0rDH* 327 +1 337 260 1 6 

— DndBK 38* -*60*6660 348 3* 

— 06HE GB5 -6 618 485 16 

— UrbMJ 275 -760 307 253 16 

— GHM31 72B _ 730 SW} t.fl 

— HaetoB 222 _ 2*6 180 18 

— HBMZW 1.290 -6 16» 1.141 141 

— Hour 57760 -660 081 584 1.7 

— HlHZ 35160 -7 440 343 26 

— hochtt 1.030 +4 1JB9 867 16 

— HIM 3M60 —160 3E860 28420 2.1 

— Mzirmn 082 +io ),OG8 830 16 

— Helen 212 -1 258 208 26 

— OB zna -1 313K850 3.0 

— MM 58060 -4 433 353 53 

— RaRSS 140 -60 100 121 — 

KnM GIB +1 B40 BIS 2.1 

fOOBl 51360 -168 6W 4S1 16 
KHO 127 -3 18160 115.10 „ 

KK*3M 14420 -60 179 1K7D 36 
LBftmsr 680 +0 BOO 

_ LeOil 745 -7 850 

— lie* Ml *1 969 

.. UnoH 3B8 -2 410 

_ LuMn 104 

— UfflPI 19160 .. _ . 

MAN 4176D -260 470 
HAN PI 320 -3 367 

415 -1.504ffit.E8 

-13 922 ... . 

-0 2B8J8MB 46 
-70 3617 2680 0* 
-360 282 210 
-60 530 504 28 
-40 950 698 03 
-460S016D 418 12 
-2 529.98 389 18 
-260 424 329 36 
-4 1620 1630 0.9 
-« 372 285 2.4 

_ __ -860 267 m 3.5 

RllM 260 -2 313 MS 13 

— -4 XNUI 888 16 

~S 439 350 16 
-3907M50 633 10 
+660 685 610 16 
_ 560 480 1,1 
20760 -1 33S23B50 18 

310 +3 380 288 36 

53180 -070 SHW 

356 

r mS*m 

467.70 -780 


8E1HBBUU8H (Sep m RS.J 

!SSP" -60 7170 56 *6 

AEQ3N 07.60 +1.10 11060 9020 36 
AMO 49J0d -.1DS140 41M _ 
+60 22© 1F7MO 3 1 
47203460 36 
-60 523760 26 

-40 7760 6760 _ 
-60 195M 10WO 18 
+60 208 173JD 15 
-60W5JD 145 16 

+60^^53 

187 —60 157 JW 123 _ 
«1M +180 250a»60 16 

NODpA 7U 
MMus S56 

KLM 4860 -.11 
jOJPBT 5160 _ 52*110 06 

KH* 54*0 +*0 55.10^60 _ 
KPhDpfl 47 -M 5720 4&30 12 
» «•& M.ro -608130 8860 12 
5f!5£ — S +6010029 72 2* 

Hfkffl 0720 -.40 90B5.75 _ 

OceW 7360 -JO 8860 8050 36 
85*0 -6OSBL30 40 OB 
7660 +160 8469 71 16 

11560 —160 131 112 ao 
RDdnra 33.P0 +20 88 5220 IS 

~ MIC 11140 -J»ra« 11430 17 

— Haert 53 -60 HUSO 91.70 5* 

FDuErnBaaoaj +sjbo ?imo lfisao «6 
Sm»l 44.10 -1.10 5030 4060 16 
l«Jp 197 JO +1 23817M0 36 

WU „ 19760 +60 2031D450 16 

VhOOpg 47*0 +60 SOGO 4S.SB ? ! 
“ MOOpH 118.70 +6D1SU010I2D 16 

" WOTNAY (Sop 19 / Krona) 



PIOB 
HAMr 

REMflr 

ROMEO 
._ sos Br 
SMH Br 

Z EHHfls 17460 +050 
5nft» 678 

_ ■“ MO 


-5 450 310 oa 

- an 792 i6 

-4 19014350 16 
+5 501 TDD 16 
-1016301*00 12 
+131*37 1663 11 
+1 T7S 1Z3 
-10 1.738 MH 4.4 


942 
378 

_ SwSkflp 18560 

P^iTVTlr 
- — BWTnlDl 


_ SOM 

UnBABT 1600 
_ wwfto 8» 
_ 2»M 1277 


*15 56*0 IT.. 

+1 263 185 6.1 
+131.5401601 — 

+50136*011,125 0* 

8,070 +11OTJTOM0OO6 
1650 +10 2600 1680 2* 

77S +10 1665 710 16 

.:: =2? i4« i.i 
-8 SOB 885 _ 
-I 070 642 _ 
-51,0501*00 15 
-10 1.100 IMS 1.9 
+2 631 SS 46 
+1 250 177 46 
+* 815 504 _ 
+4 770 516 — 
-S 888 73B _ 
+9 1.3ft 1. OSG 17 
+4 630 Blp 26 
-3 16181210 16 


_ KMT 
_ KHiUi 
_ Ktaden 
— KMM 
_ ram 
_ ubest 

_ KflftJAl 
„ HoMEIa 
Kdcuyn 
_ HMMl 
_ KDnfca 


1.150 

531 


-0 Bib 5lS 

+5 970 eat 06 _ SadfU 

-4016361J63 OB .. SsBb* 

B77 804 5tan> 

-30 1600 1.130 _ _ 5mk&> 
■4 3SS 2B Shhw 

flso 7« Steen 

-M14HJ 1.700 _ ... Stvod 
-3017801190 _ _ Stall* 

■l« W ™ §M*n 

-4 740 80S ShoUl 

-35 683 648 __ Bbaftfej 

-« 7E7 651 SiMOen 

-12 OT 429 16 „ SnaBW 

-£ K3 318 ... .. SneSSn 

-501650161D _ _ Stafiie 
-5 645 406 _ _ GM* 

-4O3«0M2O _ .. SnwBrM 

^0 7.820 5680 Saw 

+5 SS5 375 16 .. 

+5 8E9 7SQ _ 

-151.050 905 _ _ SianBM, 
_ 2680 2.480 ... ... SumCem 
-C 7B2 


fm 


► /- 1 


1,160 

387 

76® 

1,710 

1530 

1620 

zmo 

900 

1.170 
1,120 

480 

515 

340 

B74 

490 

1,370 

2.170 
777 

S.7W 

742 

700 

16» 

507 


._ SUM 

TNT 

— TetCpN 

— Wwtrme 

— INI 


1.4901,150 1.8 
*8 512 381 16 

+40 B66Q 7.430 ... 

-3016101620 — 

„ 1880 2.430 _ 

+101.110 775 
-2026311610 ... 

-fi 1640 840 
-10 1680 1,190 — 

-3016801.120 _ 

-14 836 4-S8 16 

._ 610 411 __ „ 

-S 80S 268 — .. 

-IS TOO BOO _ _ 

44 sa 4ft « _ 

“■ : *!WPf 10*6 +151560.035 34 . OB 


■— watac 

— uioedPr 

— WTWBl 


960 

2*6 

460 
960 
864 

869 

268 

467 

461 
135 


-63 170 264 oi 21.1 

-.01 274 161 _ — 

— 460 310 46 — 

-JS 069 ft ID 46 _ 

-.06 860 020 1.0 _ 

+6? 962 760 26 _ 

— 265 £61 36 „ , 

-09 865 4.15 1.4 ... 

+6* 493 170 1,7 __ 

-63 052 174 4.1 


BDN8UM(Sepl8/IU£) 


intnnv m a, win ++, j + 0.1 

.-5 - BeSb 3460 -60 50508011436 

— OtayP 117M -70 107010 40 36 __ 
3BJ0 


^ - - SunOm S45 -0 

1,230 788 — SienCb 949 -IS 

73*9 »» 0-8 - SunBe 1.430 -10 


= PACIFIC 

r JARAN (Sap 18/ Venl 


= *» 

“ ASM 1,110 

WjttO 1220 

■“ Am* 1.190 

~ Amen) 1600 

„ AnctoCn 817 

__ Anmu 1JS0 

“ 4dU 487 

- 5 SS* 

- AnKOc 1660 

= SSS 

“ AsdiG 1,190 

“ AaeMQ 530 

_ Aem 420 

HUM 80S 

88(7 
1610 


-30i.< 


11600 _ 


Alan A! 
Organ* 
QMBM 


HflNAI 
Kml 
LbM H 


R-tarA 

StaBAT 


SMB 
UnOar 
A 




-60 112 8860 56 
_ 175 130 0l7 

—.10 lOBO 1160 „ 
-4 IBS 125 16 
_ 114 _ 

-60 149 
-5 388 
-.11860 
-3 2GG 
-I 209 


74 IS 
72 26 
72 Bl9 

122&&60 16 

. in 114 26 

-60 £460 £030 ._ 
-60 89 55 96 



BGI 
4680 
1.100 
2*70 

- ffSc sm 

~ Deuos 520 

1660 


- snmpopia/Pts.) 


-522*60 183 _ 
218 18B 16 




+10 8680 8.150 26 
+80 0700 460) 4.7 
+l5 36a5 2.7B0 56 
+20 3*00 4*15 7.4 
+5 4.470 1975 46 
-60 It TO0 14 JOB 56 
+20 OSH 4*00 07 
+201*35 TOO 311 
+20 3680 2.410 8.1 
-140 5,110 3*00 26 
-170 11890 0.400 22 

-iB 1715 rare *6 

+25 1.775 1670 26 
—40 3600 26?D 3.4 
+50 8,100 5.180 2.5 
-12 1.100 755 5-2 
-29 924 416146 
-20 5,140 3610 36 
-5 1610 805 7* 
-50 7*80 4600 26 
—40 7630 4600 26 
+10 8*90 4.230 26 
....11500 9.710 1.9 
-GO 2.170 1,600 „ 
-10 4600 3. BOS 19 
-3 365 102 _ 

+4 BBS 351 96 
-I 815 610 56 
+45 4.450 2605 36 
-26 2. IBS 1605 8.6 
— 1.43S 950 1 6 
+4 739 853 76 
+252*00 1.025 1i5 
-5 1,710 1,150 4.9 
■40 3.120 2J40 12 
-10 3680 2.250 16 


-■ IHU 

sss *w 

522 
1.030 

1/300 

DNpTor 411 


-S5ca 


— un 961 Ofi 

-10 1.580 STB — 
-101670 801 _ 
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Stocks 

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Change 


Stocks 

Closing 

Change 

85 

Traded 

Prices 

on ctay 


Traded 

Prices 

on day 

Z Toyota Motor 

5.7m 

1,960 

-50 

Nomura Sec .„ — 

3.4m 

2,090 

-20 

— MitsuttsH Hvy „ — _ 

4j?m 

74 B 

+€ 

Toshiba . 

3.3m 

737 

-7 

— Nippon Stool 

4.4m 

37B 

+2 

Ota Elect .. 

12m 

750 

-15 

Z KawasaM Steel 

4.2m 

422 

-4 

HKboM 

3.0m 

847 

-9 

— Sumitomo Mtl bid . — 

3.9m 

330 

+3 

Toray inds 

2.8m 

745 

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INDICES 


US INDICES 


s» Sw) 

16 15 




■1994 


-1994 




Genera (=9(12/771 


lUta»3R1?a»37-«J25«7«MO »S2 T7ISL0O 3(W KftaFISTW 


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a«ll 3BJ.D 30508 234060 3/2 

10709 )t5V? 1B75.D D 36.10 3/2 

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iOR7£1 1099.07 112619 1222=5 1/2 

1416/57 )*ZL® 1427J1 ISO® 9C 

td 52937.0 5Z87iC5S1ta00 1M 

(U> 4230.77 +1&+J5 423077 16/9 

fuD 440X90 *38X50 460900 23« 

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35451 354.75 35X72 415J9 2/2 

1 8«I4 (9080 1897* WTMD 4/S 

lanJE 13(0.78 1331.10 150SJB> 2W 

192287 19J458 1977.30 236 X9 3 2/2 


1ffi7*0 27» 
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38X87 OX 
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139X86 13/7 

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86150 951 W 8J1* 11 «5B W 

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434.7 4330 

27X1 zm 

210507 211107 

1053S77 105401 

293X21 294238 

292X1 29340 

56X11 58X98 


<370 4H8B 31/1 
27X1 2M0O 31/1 

209X20 =43X64 3/2 

1067.45 1211.10 2flC 

2954.46 330X37 4/1 
293X3 322X60 180 
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185703 an 

40X30 21* 
25700 21* 

194561 11/7 

88091 2UB 

250703 9/3 

261200 2010 

52X29 4/4 


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157X45 

157X29 

188209 

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25X77 

261.42 

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243.14 

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30101 

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Balogs &nag.(7/UBZ| 10070 19002 1B981 19070 108 

■ cjlc- 40 snroex acex hitures (Mat^] 




Open 

SeU Price Change 

Ugh 

Law 

1738X74 4/1 

Sep 

193X0 

1537.0 

+1.0 

1943.0 

1924.0 

2&X22 -VI 

Oct 

1&47J5 

19385 

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19«Sl5 

1934.0 

144X97 4(1 

Dec 

156X5 

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+05 

19695 

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133478 6/7 

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80X10 13/7 

51MS3 190 

T19X59 4/4 

1290X70 24/3 

£9100 4/4 

1303*8 21« 
114306 21 16 
BIWZU3 
14105 21/4 


EsJ. vqL Open m. 
22,464 3B072 

4,043 
1,432 15.601 


■ RATIOS 



Sep 16 

Sep S 

Sep 2 

Year ago 

Dow Jones (nd. EHv. Yield 

£S9 

2.71 

2.03 

2 02 


Sep 14 

Sep 7 

Aug 31 

Year ago 

S 8 P bvl Dlv. yfew 

£37 

£37 

£33 

£47 

S & P tad. P/E ran 

2091 

2006 

21.11 

27.04 


■ STANDARD AMD POORS 500 INDEX FUTURES $500 Jbnes Index 



Open 

Latest 

Change 

High 

Low 

EstvoL Open Ini. 

Dae 

47ZSO 

473.30 

+0.75 

473.45 

472 J5 

74JS4 

201022 

Mar 

47935 

47X50 

+960 

476.50 

476L30 

996 

6*48 

Jun 

- 

478 JS 

- 

- 

- 

a 

1052 


Open Keren Oguns are lor pwmus day. 
■ NE W row. ACTIVE STOCKS 

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116X77 "7SD6 18«* 5* 


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IBM 

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Mem tort SE 41X625 2W.49D 257*38 
Anm 17.332 17023 190J1 

m*SPM_ 39.3 6 , mm 

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Keeping an eye out for you. 


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(HisAiunuMi ■ TOKYO - MOST ACTIVE STOCKS* Monday. September 19. 1094 
-in ua 094 a* 


... =0.50 1540 34 
-J» 3.6S3 245 33 
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-.10 500 402 _ _ 

-07 402 188 70 60 
-05 7.10 506 4.7 ... 

_ 11.40 8.10 40 
+01 300 £85 _ 


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FINANCIAL TIMES 



'INTERNATIONAL 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 

Name: 

Address: 

Postcode: Tel: 


X 


40 


FINANCIAL. TIMES TUESDAY SEPTEMBER. -0 ,tW4 


19 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


1984 


1H. R Sb 
Ob % E lU 


CMB Pm. 


11 % 

9*4 

<51; 

ft 

28% 

13% 


31% 16% MU; 

6% 5 Attest Grp 

20 IS Win Inc 
59% 49% Aegon ADR 
65% 47% AdnaL 
36% 25% Aloe 
22% 16% Atamm 
4 1% Aleenmc 
50% 38% AlrPrC 
39% 26% AUtan Fit 
28% 19%A*pshc 
16% 14% Atrkasa 
29% 21% AkTai 
18% 13% Ab*aAk 
21% 16% Aflwykl 
17% 13% AAjrart * 
3% l9%M6Cuft 
22% 17% AlQIwA 
36% 25% AllBl 
27% 19% AtalAI 
65% 49% AfcBS 
30% 23% AtaBmn 
22% 14 AMU 

24% 17 ABaffPl Li*J 

26% ajMegPx 
22% 13% Alton Cm 
28 20Atapn 
4% % Anon 

27% 17% Atom Cap 
10% 94knS 
27% 21% AU HU 
40% 33% AUSty 
29% 24 AM Op 

7 ftAbrasSB 
32% 21% Arenas 
86% 04% Alcoa 
30% 20% Aba Cp A 
11% 7%AmGomc 
8 % 

8 % 

=5% 

32% 

9% 


0.48 3.6 22 183 ift 13 13% -% 

018 1.1 38 209 18 1S% 15% 

IX 2J M 1085 73% 73% 73% ft 

87 4223 5ft Sft 55% -% 

13 55 3% 3% 3% 

=00 3.9 34 1378 51% S0% 51% +1% 

076 25 18 7339 31% 30% 30% ft 

050 13 11 510 ill 5% 14% 15% +% 

052 13 B 22% 2% Z2% ft 

27 29* IS 14% 14% 

25 24% 25 

9% 89% 9% ft 

7% 87% 7% ft 

7% 1(7% 7 

9 

8% 


0.44 1.6 31 
1.09 112 


502 

439 

209 

283 


143 

199 


9 

08 6 
13 13% 
8 % 8 % 
27 27% 
10% 10% 


17% 12% AAR 
16% 12% A L Libs A 
75% 57% AMP 
72% 52% AIR 
5 3% ARX 
58% 38% ASA 
31% 25% AttXK 
14% 11% AMU Pr 
23% 17% ABM M 
15% ll%Aqmcaki 
31 22% ACE lu 
12% 9% ACM Grill 
10% 7% ACM GvOpp 080 Il J 
10% 7%ACMGriED 096128 
12 6% ACM On Sa 1.00 115 
8% ACM Man 1JB12JJ 
8 ACM Malaga 072 9.0 
8% AareOv 044 3J 17 545 13% 

6% Am® Bed 7 25 B% 

23 Aanttj 060 ZJ 13 9 27% 

. 5% Aden 038 15 2 246 10% 

18% 11% Annul 720 465 16 15% 15% 

18% 18% Aaaia Expr 048 2.8 0 138 17% 17% 17% 

64 46% Ad Men 100 4.9 387 62% 60% 61 

‘ - 300100 1313331 31 30 30 

016 10 8 10 5% 5% 5% 

O10 06119 181 18 17% 17% 

1.47 =6 12 144 56% 56 56*2 

27H 57 7 2531 49% 48% 48% 

0 46 IJ 14 *119 34% 34 34% 

088 4J 16 2378 22% 2ft 22% 

1 68 2% 2% 2% 

098 2J> 26 1706 49 48% 46% 

030 1.1 17 108 29 28% 28% 

45 293 28% 25% 26 

1.8411.0 1= 13 18% 16% 10% 

3567 28% 28% 28% 

030 12 24 584 16% 10% 16% 

035 1.9 31 201 18% 18 18% 

DX 14 598 14% 14% 14% 

CUB \Z 16 72 23% 23% 23% 

028 IJ 16 50 21% 2<% 21% 

044 13 23 2718 29% 28% 28% 

030 1.1 73 =375 1127% 27% Z7% 

1.00 1.8 44 755 63 62% 62% 

070 25 5 104 28% 28% 28% 

010 05120 725 20% 20% 20% 

048 12 20 419 21% 21% 21% 

1.64 8.1 10 404 20% 20% 20% 

018 OB 17 STB 20% 20% 20% 

0 44 I.E 17 2303 27% 27 27 

1 200 t % 1 

1 64 7.6 22 56= 21% £1% 21% 

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067 19 7 3150 36% 35% 35% -% 

0 88 12 19 1 039 28 Z7% Z7% -% 

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13 S6DS U34 31% 33% +1% 

160 1 9133 4669 X6% 85% 85% -% 

41 2403 22% =2% 22% 

096 12.4 171 7% 07% 7% 

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1.00 113 
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040 1 B 
044 5.8 
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27% 22 Am W81 Pr =30 9.7 8 333 23% 23 

20% 1G%AmHariqex D.G6 15 11 44 18% 18 

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34 igAmPrenh 
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43% 34%Anmmlnc 
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61% 50% Amoco 
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56% 42% AiKtakai 
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29% 24%Angs9ca* 

55% 47% AnBJdl 
26% 25% ANRPpaPf 
34 19% Arnhem 
18% iftAnhonyln 
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4% 


137 26% 26% 264 

9 2E7 2S% 25% 25% 

5 213 7% 7% 7% 

71356 25% 24% 25 

2100 18% 16% 18% 

1.09 *0 11 141 27% 27 27 

1.92 4.6 15 2872 42 41% 41% 

128 14 5 IS 37% 37% 37% 

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020 17 16 4660 59% 58% 59% 

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1.40 4 4 10 200 32% 31% 32 

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044 05 17 10 17% 17% 17% 

1.20 17 61721 34% 34 34% 


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ft 

24% 24 

24% 24% 24% 
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33% 19% BAtatW 
59% 50% SMySq 
74% 55%Brw 
54% 30 Brit to 
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27 19% BP Praam 
25% 18BSM 
71% 53% BT 
28% 22% BMjrtJ 
38% 32% BmrGpx 
B 5% BnunGn 
30% 26% Bnfati 
32% 24% Brfarrx 
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1=5 2.7 27 2852 
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012 1.7 201 

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1.00 12 12 6443 45% 

0.80 =0 7 1377 U30% 29% 

HOE 03 36 820 18% 17% 
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068 =2 2S21H7 30% 30% 30% 

39 121 4% 4% 4% 

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32 37 % 39% 36% 
23% - 


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41 35*4 Buckeye PI 2B0 75 10 

28% 18% Bel Coat 16 340 . 

96% 47% BlriH 1J0 13 16 2350 52 51% 51% 

49% 37% Burin Hem 055 14 19 4150 39% 38% 

19% 18Bun*amPu« 1.42 17 71 310 16% 16% 


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1.78 2J 20 5190 

0.40 1.4 22 55 28% 28% 28% 

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016 08187 75 19% 18% 

88= 939 17% 17 

12 582 48 45% 

0=0107 2 12 1% 1' 


35% 25% CM 
360253% CSS 
25 19% CMS En 
82% 59% CXA Fn 
54% 44% CPC 
18% 14CPlCnp 
92% 83% CSX 
29 19*2 CIS CDrp 
24% 18% OlMMh 
53 330MAO1 
28<i 24% Crime 
23*2 18% CriwtO&G 

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99 35% Caesars W 

2% 1% Cri Heri E _ 

15*4 11% C^cn One 016 1= ZS 2150 12% 


19*2 15% CaEngy 
15% 0% CaiFed 
25% 17% CritomCo 
42% 34% CmpMS 

18% 14% (tolAK 

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14% 12% Cprt 1 28 X 1=8 100 
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29 389 70 69 

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COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


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0.70 73 83 9% 9% B% 

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IBM ML H Shi Os* 

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20% 12% Scoop 
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71% 34% Sflltl 


cop 102 6.5 11 118 


71% 34% Scttfl 2JM 10 

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28% 18% Scuoamw- 021 09 


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31 139 40% 40% 40% +% 

294 10 16 5034 88% 67% 68% *ft 

190 22 233901 55% B? £2 $ 

028 09 14 1813 30 29% 55% +% 

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080 12 173857 64% 63% 64% *ft 
021 09 87 24% 94% 24% 


22% 18% TscoBwp 101 55 14 454 18% 18% 18% 

38ft 23ft fl*ita 0.60 1.6 24 3577 u38% 37% 37% 

2ft 14%TaUyn 080 47 67 323 17% 16% 18% 

48% 34%T«kEsg» 199 42 T 730 «% 38% 3B% 

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30% 10% TtagbBnUk 017 07 147 28% 26 26 

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8 0% TmCBTa x 100 91 917 ft dft ft 


12% ft SB*** 0.18 1.B ,£ ?S ^ ^ 

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5ft 42ftSORfl 1.60 12 85047 50% 50% 50% 

1ft 11% SMgm Sd * 084 72 88 11% 1ft lift 

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38% 27% Saquri 060 22 B B 27% zt% 27% 


38% Z7% Saquri 
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060 12 B B 27% 27% 27% 

090 19 17 4 32% 32% 32% 

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2ft 17% SMB RK 1.12 57 11 SB4 1ft 1ft fft 

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32% 23ft SKSEqU 1.17 18 3160 30% 30% 30% ft 

24% 18% SndtasFd 042 02 15 85 23% 23% 23% -% 


1ft 10 18 -% 

6ft 67% 57% 


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31% ?0% ToraArr* 37 1683 a3Z 31ft 31% +% 

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13% ft Tern Ml O0S 06 38 1457 12% 12% 12% ft 

12% fiftTesoro 18 B04 9% 9% ft 

6ft 59% Tones 120 53 13 6546 81 60% 80% ft 

51% 49% TeacaC 3.48 70 2 49%(M9% 49% 

39% 29% Teat hd 020 05 45 97 37% 36% 36% ft 

89% 61 TttHt 190 13 15 7499 78% 76% 76% -1% 

21% 16% Tm Pk 040 29 24 5 20 20 20 

4ft 23% T4M 108 102 18 Z7B0 30% 30% 3»% ft 
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90% 50% Taftn 1.40 24 12 438 5ft 54 54% 

4% 4ThKkmqr 218 22 4% 4% 4% 

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37% 24% Tlfll Fund 028 OB 91 32% 32% 32% ft 

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29 22% THaM 066 26 6 E89 26 2% 25% ft 

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16% 1ft Itaant M 040 2.7 39 S62 lft 15 IS 

43 29% ThOmnM 240 SJ 17 42 42% 41% 42% 

25 lft TkftNtr 040 14 35 810 2ft 22% 22% ft 

3ft 28% TKanyx 028 06 61 130 36% 36% 36% ft 

44% 34TnKMn 036 1.0 7823825 38% 37 37% +1% 

37% 26% TaBMX UJB 14 25 1465 32% 31% 31% ft 

38% 31% mtfoi 1.08 £5537 59 38% 38% 38% ft 

6 2% IfenCrp 7 64 5% 5 5% ft 

1ft II TRsn PI liU Ofl 10 11% 11% 11% 

4% 4ToaaS* 14 S 4% 4% ft 


S3% 44%VFCp 
34% TftMnC 
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10% Bl«HniA> 
12% 10% n* until i 

7% ftvtaaM 
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16% 12% Vaaour 
78% 6O%VK8FS0O 
44% 31% WBBfH 
2S% lft MB (At 
26% 20% Ukraine 
32% 34%1MBfem 
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16% 15% v«r Cm 
37% 31%tawln 
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1J» 2£ 13 360 
05 2 25 7039 

008 1.4140 111 
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180130 32 

084 7.7 211 

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024 07 12 422 
28 2145 
106 8.1 0 39 

500 82 760 

21 123 
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044 18 9 83S0 
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18 1034 
2X0 57 41 162 
122 24 22 341 


29% lftWHSM 
32% SftWLHada 
?ft laWBbantac 
3ft 3ft HUM 
16% 12% wactaiu 
5% 3% WBboco 


26 2ft SBuMr J 050 11 18 68 23^ 

44% 34% SnpOnT 1X8 10 17 2367 36^1 

21% 17% SnfOrOIx 026 1.4 23 128 18 1 . 

34 2ft EetactraB 28 1056 ZS^ 


1ft ft TDMnfeoOa 056 81925 226 9% 8% ft ft 

27% 25 TaMSXI 281106 2 2ft 2ft 2ft ft 

18% 11% Tel Bnt 13 196 1ft 12% 12% 

75 58% TooAA H 044 0.7 18 33 B3 B1% 01% -1% 

4ft 36% Tctnvk 1.12 28 12 Z780 43% 42% 42% -% 

3ft 20% Dm COrp x 148 18 17 314 M% 24% Zft 

35 27% Tmeg x 064 2L2 12 1263 28% 2ft 28% 

33% IftToM^aix MB 08 51 42 32% 32% 32% -% 

40% 32% TreSfifc 24 4811 3ft 38% 3ft 

26 21 Tramanlnc 182 87 9 15 22 21% 22 -ft 

57% 46% Trim* £00 38 9 BBS 51% 

56% 45% TiBnadM 035 0.7 13 57 51% 

15% 14Tmaco 060 48 11 1188 1ft 

14% 12% TlBItcel R S 7 14% 

17% iftTrarwtodi 026 28 10 150 13 

43 SITraW 060 1.8 8 5229 3ft 


34% 28 Sored 188 3.4 10 7B2 32% 31% 

63% 48% Sony 047 08134 25B 59% 58% 

19% 11% SeBabyax 084 ix az 541 12% 12% 

48% 4) Soxet Cap 080 88 28 42 41% 

46% 32 SauX£arS% 280 78 2100 32 432 


18% 18% 
27% 28% 
31% 32 

58% 58% 




£00 38 9 B8S 51% 50% 90% 
03E 0.7 13 57 51% 51% 51% 

060 40 11 1199 1ft 15 15% 
5 7 14% 14% 14% 

026 28 10 150 13 12% 12% 

080 1.9 8 5229 35% 33% 33% 


18% 13% TiHMgarx 034 18 18 63 lft 18% li 


34 17% SBUereW 1.44 78 11 82 1ft 18% 18% -% 

X19%SthdMi 0.50 2.4100 115 21% 21 21% -% 

22 16 S MM 180 68 9 17 17% lft lft -% 

22 IftSttttCp 080 3.7 9 388 21% 21% 21% ft 

22 I7%S0X1Q> 1.18 66 5 3227 17% 17% 17% ft 

33% 2ft SoXMGE 1.B5 02 10 192 3ft 42ft 2ft ft 

36% 26% SHETfli 1.76 58 67 468 33% 33% 33% 

39 22% SWA 084 02 22 2986 23% 23% 23% -% 

lft 15 SmXIiWQn 082 48 20 77 17% 17% 17% 

18% 15% SoXHWEnv 024 18 15 130 1ft 18% 1B% -% 

39% 23% SaHMlWSx 229 &5 10 110 26 25% 25% ft 

12% ftSmfeiFini 046 4.7 100 9% 6% 9% ft 

7% 4% SpvExi Cp 8 10 ft 5% £% ft 

18% 14% SpharaD 012 08 43 1ft 15% 15% ft 

39% 29% Spring x 120 38 13 105 35% 35% 35% ft 

40% 32%SprM 180 £6 27 3107 39% 38% 38% -% 

18 13% SW 040 2.4 21 37 17% 17 17 ft 

19% 13% M CDran 040 2.8 7 53 15% 15% 15% ft 

26% 14% 8V Mcaor 032 1.7 13 73 lft lft lft 

12% 7% SfcnPKUr 012 1.4139 96 8% B% ft ft 

36% aftSEM 068 12 14 94 31 30% 30% ft 

30%24%SMk 056 £0 17 181 28 27% 27% ft 


7% 4% SpBtXI Cp 8 

18% 14% SpharaD 012 08 

39% 29% Spitagx 1.20 33 13 

40% 32%Sprkt 180 £6 27 

18 13% SK 040 2.4 21 

1ft 13% 8U CUM 040 2.8 7 

2ft 14% 8U Moor 032 1.7 13 

12% 7% StandPKUt 012 1.4139 
38% H%SWi4 068 12 14 

3S?% Z4%SUi4bx 056 10 17 


33T4CM15X ISO 75 


42ft 26% ft 
33% 33% 

2ft 23% ft 
17% 17% 

18% 1B% ft 
25% 25% ft 
ft 9% ft 
5% ft ft 
15% 1ft ft 


37 17% 17 17 

53 15% 15% 15% 
73 18% 18% lft 
98 8% ft 8% 


37 3T% Stantamex 1.06 11 20 97 34% 34% 34% 
1% 36% EMEkx 1^0 13 20 456 42% 41% 42% 


44% 36% EHMIkx 

44% 37%BM8ne .. v . 

25% 20%9UlMx 068 10 20 B 22% 22% 22% 

11% IDSmlfeU 084 M 61 10 dIO 10 

2S%24%8ttJ%d5k 084 28 7 382 28% 27% 27% 

7% B%SMgBcrpX 020 28 6 57 7% 7 7 

13% 3% SAdoOwa 008 081821586 13% 12% 13 
14% 9%SDB 78 12% 12 12% 

35% 25SM0MB 31 217 31% 31% 31% 

10% 5 SUM Fh 012 18 3 5 ft ft 8% 

33% 27% StonHWl 060 18 27 46 32% 32 32% 


1.40 11 318u44% 43% 44% ft 

066 10 20 B 22% 22% 22% ft 


13% S%*M0OM 
14% B%SDS 
35% 2SSU1gSMB 
10% 5 SUM FA 
33% 27%SAnHM 


CM 071 14 4 9937021% 


27% 19% Skp SUp 22 235 2ft 2ft 25% ft 

16% IftSUBpix 084 17 16 120 14% 14% V4% ft 

41% 25 SbTdi 121971 34% 34% 34% ft 

38% 22% SBana 54 668 38% 37% 38% ft 

18% TZSEIdMi 038 15 13 401 15% 15% 15% ft 

S3%23%ami%ar 180 4J 15 81 28% 26 28% ft 

4% 2 Sum 9km 030156 0 HOD 2 62 2 

11 10% Sui DAB 1.10105 7 49 10% 10% lft 

8% 4SU0AB 024 44 5 138 5% ft ft 
7% 4% SUI BMW 028 88 42 2*4 4% 64% 4% 

46% SftStmnr 0.48 08 14 403 44% 43 43 -% 

50% 41 Sadffl 180 15 18 1436 48% 48% 4ft ft 

11% BSuxMiaPI 1.10118 102 10% W ID ft 

3% 1% SraenM 5120 2% 2% 2% 

51% 43% Sunn 188 18 13 235 Eft 48% 50 ft 

14% 10% Super Food 035 11 13 80 12% 11% 11% ft 

48% 2BSUOM 018 05 20 779 30% 30% 30% ft 
40% 27% ficpM 084 13 11 1002 2B% 2B% 2S); , 

20 11% Sup Cm 018 09 20 294 17% 17% 17% ft 

23% laSMwHta 081 OO SB 20% 20% 26% -% 


3% i%GmrM 5120 2% 

51% 43% SUM 128 18 13 235 HR 
14% 10% SuurFaal 035 11 13 SO 12% 
48% 2BSupaW 018 08 20 779 303 


40% 27% GlVM OJM 13 11 1682 2B% 2B% 2P? . 

20 11%SUjCtal 018 09 30 29* 17% 17% 17% ft 

23% 1 a Sudan HW O01 OO SB 20% 20% 20% ft 

31% 15% Spud Tec 59 676 3ft 29% -% 

10% 7%^nuCup 020 15 10 5 7% 3 7% ft 

19% 16% Sjnnui Fn x 045 2.4 17 57 1B% 18% 19 

24 12% Spa 104 4.4 12 6J5 23% 23% 23% 

29*4 21% Sysco 036 1.4 22 1657 26% 25% 26% ft 


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6% 5TC8YEnW 020 
43% 28% 1CF Franc 1.00 
9% B% TCWOom S OM 
49% 34% TW Cup A 0.47 
2% ftTISMAa 008 
29% 18% TJX 058 

16% 13%TRPEflUp 080 
77% 81 TR* 100 

39% 22%TMwnW 


13 24 387 ft ft ■ ft 

13 14 286 42% 42 42% +% 

93 78 9% B 8% ft 

1.1 45 6 44% 44% 44% ft 

48 2 8 2 2 2 . 

ZS 14 1253 23 22% 22% ft 

58 12 295 13% 13% 13% ft 

17 21 541 74% 73% 74 ft 

573 29% 29 29% ft 


28% 12% Dlac 
8*% 50%T*ue 
24% 21% men* 
47% 30% Titty 
40 3i%1hwn 
37 2ft mm 
4% 2% Tucson B 

7% 4%-nawOp 

14% 6%TirtUto 
28% 6% IMti Cart 
24% 18% 7n*?0fsc 
55% <2% Tyco L 
10 6% Tyco T 
ft ftiyur 


29% 23% UJB FT 
8 4% URS 
51% 45%USFM4.1 
38 17% use 
31% 23%usr 
51% 48% USXCuaPT 
150 95% HAL 
1ft ftUDCMM 
24% 17% UQ Cup 
11% 5% UK Inc 
24 21% UMom 
27 20% UM Ac 
17% 11% UnEM 
74% 58%Unhr 
ISftlOftlHMV 
50% 42% UnCamp 
34% 2T% UDCarti 
13% 8% Union Cup 
54% 43%UnB150 
87 5BIMB150 
3ft 30% UlBK 
67% SftUnPac k 
2ft 23% uwnPtanr 
22 1B%IHknTew 
2% %U«iffQ 
lft 6%UntaM 
3% 2%lMCup 
41% 28%UBMtR4 
15% 12% IMMQy 
22% 17% UMDuUnB 
64% 38AUaHa*ra 
40 29% UkdBuan 
6% 4%UUMKI 
13% 10% UMoUlflXl 
% UUEFartdX 
15% 5% (BAN 
18% 11%USF8fi 
23% 18% IB PM 
29% 14USHBEM 
41% 3*%USUCp 
24 11% USStna 
32% 15% USSup 
46% 38%USWM 
72 58UUTBC 
14% 12% UBflMar 
17% 13%(MEDda 
34% 29% Unh Foods 
18 iftUnhWIhx 
% % UnMM L 

13% 9% (AharDp 
28% 17% IMKl Dp 
30% 24% Unocal 
58 43lMMCBip 
37% 25% Up|*l 
24 15% USUCO 


33% 33% +2% 
16% 1ft ft 


10 256 18% 
1.04 IX 22 2119 58% 
0X0 15 293 22% 

068 £1 181578 33% 
068 IX 98 268 38% 
010 03127 B12 32% 
112 681 3% 

020 41243 88 4% 

0.12 IX 91 7% 

094 06 1 1414 10% 
an 32 20 9 22% 

040 08 27 2732 48% 
0.10 IX 4 527 7% 
462 50 4% 


1.04 17 19 446 28% 2B 29 

34 63 6% ft 9% 

4.10 8X 10 48 47% 48 

6 682 23% 23% 23% 

1.12 17 17 3931 31% 30% 3ft 

3X0 7X 18 4ft 4S% 48% 

« 562 86 694% 95% 

1XB44X 2 88 3% 3% 3% 

1X8 7.1 21 80S 19% 19% 19% 

2 348 8% 8% ft 

1X0 7X 81 1302 22% 22 22% 

140 1.7 IS 377 24% 24% 24% 

OlO OX 14 72 13% 13 13 

280 4.0 10 3 70 68% 68% 

4X4 4.0 16 442113% 113% 113% 
1X6 11 69 29*6 50% 49% 50% 
075 12 34 62S6 34% 33% 34% 
19 30 12% 12% 12% 
150 7.7 Z100 45% 45% 45% 

4X0 7X 3 50 59 60 

138 72 11 2006 33% 32% 33 

1.72 11 1S3BOO 66% 55% 55% 
OB2 16 9 135 25% 25% Zft 
020 1 0 55 860 1S% 18% 19% 
0 112 H % ii 
277 25X 7 5450 10% 10% 10% 
25 30 3% 3% 3% 

1.04 27 20 528 38% 38 36 

028 18 66 383 lft 13% 13% 
020 1.1 16 31 15% 16% 16% 

003 01 21 5968 o54% 53% 53% 
226 82 8 171 30629% 29% 

028 42 6 26 6 5% 6 

0X5 0.4 82 11% 11% 11% 

12 23 % % % 

0.12 11 D 2063 ft 05% ft 


36% 30% wacanCS 
29 1 4 22%uuun 
' 5% Z%mnwAs 
1 aft BOWnrton 
1 18% 14% EMlEiMW 
42% 3S% WaaiBL 
25% 20% waotea 
28*221% WBsnPB 
36% iftWdkJn 
3% 1 V Iktanmn Ad 
18% 13% WACOM) 
40% aftAMnnartaa 
II 6%HMrtuSl 
28 24% VMMl 
11% 7%«Mcni 
34% 17% Warm 
160% tZ7% IMbF 
18% 14% WmdT5 
25% 21 % WAS Co 
18% 14% MAacstE 

so 39% mam 

17% 9% IMNAm 
3ft 8%IMMB 

35% lBWOSACU 
25% 18% WteaAMng 
34% 26% WatnBoo 
15% nRihbB 
B% 4% WeCnrOoal 
20% 13% UHn WHM 
20% 15% Westue 
38 28% WACO 
51% Sftwyrtnr 
21% 1S% ntaeUalr 


18 14% WHBlll 

19 13% MMUtatf 
32% 25%W1CVhC 

8% 5% WBcnSG 
33% 22%mra 
7% 5X5mat*B 
12 ftltindnene 
58% 4ft WfeidAx 
13% 9% WAndiaoB 
27% 23% Whzfn 
3ft 27U#stfUCv 
18% 15 HEuO 

35 2ft% WUca Cupx 
30% 2ft WMXTx 
27% iftHMwrtA 
26% 12% WxtaOl 
1ft 14%MHdMdB 
7% 3% Mrfekaip 
53% 38% MOW 
aft 1B%W|A labor x 
22% 18% Wynn M 


£2B 6.1 27 194 37% 37% 37% ft 

0X4 04 14 2982 10% 10 ID -% 

078 10 15 88 2ft 25% 25% -% 

023 12 14 2836 10% 10% 10% +% 

024 07 27 1627 34% 33% 34 -% 

4X0 £G 19 103S 155% 154% 154% 

024 IX 20 1153 15% 15% 15% ft 

048 1X 17 74 24% 24% 24% 

0X8 14 11 304 18% 15% 18% ft 

822 43% 42% 42% ft 

18 3522 17% H% 17% ft 

61 3042 1ft 15% 15% ft 

020 OX IB 28 22% 22% 22% 

023 09153 187 24% 24% 24% ft 
1X8 72 9 251 27% 26% 27% ft 
020 1.4 1912402 14 13% 14 ft 

032 11 D 79 5% 5% 5% 

25 187 19% 1B% 19% 4% 
058 IB 5 70 16% 18% 18% ft 

1.10 10 48 1384 37% 37% 37% ft 
1X0 27 17 7S24 44% 43% 44% ft 
110 06 19 1062 17% 18% 18% ft 
1X2 13 18 2952 54% 53% 53% -% 

SO 45 78 18b 19 ft 

0X4 2X 17 1305 17% 16% 15% 

24 760 Hi ft 1ft 1ft ft 

1X0 13 16 112 30% 30% 3ft ft 

010 1.4 15 242 7% 7% 7% 

0X4 17 14 8128 30% 30% m-b ft 

OOB 08 15 18 7 7 7 

0X0 IX IB 354 11% 11 11% -% 

1XB 11 15 148 51% 50% 50% 

18 443 8% 5% 5% -% 

1X1 59 13 573 23% a% 23% +% 

1X2 OB 11 111 27% 27% 27% 

040 21153 22 16% 16% 18% 

1.12 IB 84 1025 30 29% 29% -% 

0X0 20 3110011 29% 28% 28% ft 
016 08 16 181 u27% 26% 26% -% 
0X0 14 4 3045 IB 17% 17% 

0.10 07 89 15% 1ft 15% ft 

8 85 7% 6% 7 

048 IX 27 632 41% 41% 41% ft 

028 IX 20 127 19 18% TB% 

044 1013 141 22% 21% 22 ft 


-X-Y- 


10ft 67%XtaU 
54% 50Xatwl125 
53% 40XMCUP 
25% 20YU6wEw 
42% 33% VPrkni 
5% 1 Zapata 

13% 7ZMB 
27% 20%2BnlbHai 
7% 6% Zantx lici 
16% 11%ten 
29%- 18% ZUnMi 
13% n% ZMMFond 
10% ftZmlaTaH 


100 19 53 
4.12 7.6 
OXG 1.1 22 
1X2 58 12 
016 04 21 
014 12 

6 

1X0 4.1 8 
083116 
040 38 16 
0X8 46 17 
1X8 9X 
0X4 100 


1787105% 101% 
3 54% 54% 
162 51% 50% 
111 21% 21 
E60n42% 41% 
7S1 4% 4% 

666 10% 10% 
51 24% 24% 
99 7% 7 

121 13% 12% 
144 19% 18% 
247 11% 611% 
462 8% E% 


105 ft 
54% 

si? 

10 % 

24% ft 
7% -36 
13% +% 


005 0.4 82 11% 11% 11% 

12 23 % % % 

012 11 0 2063 ft 05% ft 

0X0 IX 14 1503 13% 13% 13% 

39 172 21% 21% 21% 

2 201 17% 17% 17% 

124 16 B 770 36% 35% 35% 

032 IX ffi 681 22% 22% 22% 

008 03 93436 26% 26% 25% 

214 5.4 34 4845 39% 38% 39% 

2X0 11 16 1088 64% 83% 63% 

032 07 13 46 13% 13% 13% 

30 1 502 u1B% 17% 16% 


mu am mm or man 




3015Q2ul8% 17% 16% 
092 10 13 151 30% 30% 33% 

1X6 9.8 11 94 17 16% 16% 

a 110 A 015 016 

0X0 12 42 208613% 13% 13% 

098 4X 12 341 21% 21 21% 

080 19 21 5841 28 27% 27% 

0X6 13 12 855 50 48% 49% 

1.48 4.1 101885 36% 35 % 36% 

0X4 1.1 7 497 21% 21% 21% 




AMEX COMPOSITE PRICES 


4 pm dose September T9 



PI 

Sta 


Stock 

OK E 1008 Mgb 

Adi Mapi 

*87 

118 14ft 

AffinW 

2 

51 

1ft 

Alpttahd 

4 

372 

UB% 

Amisrte 

1X4 14 

2 

48 

AnktabaA 0X41061 

222 

22 

Amtell 

0X5 3 1234 

Oft 

Am Erii 

2 

210 


Anwd-AmA 

54 

237 

9ft 

ASH taw 

0.72 22 

111 

H 4 

Aatrotodi 

2B 

77 

2ft 

Mari 

7 

2X7 

5ft 

AEasCMB 

0 

37 

% 

AtriomA 

7 

313 

Bft 

BSHOCSta 055 0 

11 

3A 

BadgarMr 

073 20 

6 


BDHwnTA 

004 31 

21 

5ft 

BanyRC 

19 

58 


BAT tar 

on 

9 

ISa 

Bead 

7 

10 

||C4 

Bites Ms 

0*0157 

11 22% 

BW-RadA 

68 

152 


Bnriki 

050 49 

242u*5% 

BowVriay 

ins zioo 

"ft 

Boms 

30 

27 


Bowie 

0.36 6 

&60 

io?Ei 

BmscaiA 

104254 

75 UIS 1 * 


Stock Mr. E 100* Wgc LmvBom Cbag 

CwnputoK 0 15 % % % 

CDacOFtA 5 34 9% 9% 9% , 

CrttaKT A 08*558 77 16% 16% 16% ft 

OnvnCA 040 42 42 18% 18% 18% . 

Crown CB 040 14 B 17 17 17 ft 

Cubic 053 88 ZlOO 20% 20% 20% ft 
CubmetSbi 21 96 4 3% 3% -U 

dims 13 120 1% 1 it ft ft 

28 27 17% 17 17% 


Stock Dto. E iota M0k Low Rtsa Bang 
Hatanoi 4 15 3% 3% 3% ft 

HeaRhval 3 313 uft ft ft 

Hahn 015 44 3 10% 10% 10% 

HmgnlanA 11 341 8% 8% 6% ft 

CM Cup 1 B45 5% 5% 5% 

UrsJrcoCp 012 29 2 11% 11% 11% ft 


Dllnda 13 120 ft 1 it %« 

Obnork 28 27 17% 17 17% 

Ducunwn 8 12 4% 4% 4% 

Du** 048 8 12 9 9 9 


Carta CD 046 13 2 13% 13% 13% 

Easturoup 1.722075 42 20% 20% 20% 
Bin Bay 0074375842 1ft 12% 13% 
EcUEnA 0X0 9 4 10% lft 10% 

EdSD Rl 5 10 7% 7% 7% 

B» 17 339 36% 36% 36% 

En«Sv 895 lft 16 16% 

EpIlDpe 13 388 21% 2D% 20% 

FaD tads x 054 11 5 32% X!% 32% 

RnaA 4.00 17 11 77 76% 77 

FUdiyBnc 020 15 34612% 12% 12% 
FMtelX 056 76 16 3® js 30% 30% 

Fores! La 28 686 47% 47% 47% 

Frequency 4 7 3% 3% 3% 

Gam 0X0 5 15 19 1B% 18% 

SantFdA 072 13 303 H% 21% 21% 

Gtatmr 0.70 38 463 18% 17% 17% 

GokflMd 1 366 i« 6% % 


Caretnu 028 IS 58 
Can ttac 028 20 * 

QntnA 001 4 163 
Qnodiere 5 13 


U25% 24% 25J 

11% 11% llj 

2i> ?A 23 
5 13 IS 2£ 

56 4231*37% 37% 37% 
00* 37 2855 14% 13% 14% 

001 IM sja 

0.301ES 2u16% 18% 18% 


167 1*4 lft 14* 

? 3 s 1 4 

115 12% 12% 12% ft 


1 366 
36 37 

034 12 155 


‘5 & ai 

4 3H 4 


26 308 4A ft ft ft 
13 T1B7 30% 30% 30% 


321B4 3S 3% ft -% 

83 270 17% 18% 16% ^s 

008 20 1283 20% »% 20% -% 

41119 6% ft ft -% 

20 5 13% 13% 13% -% 

18 16 ft 4% 4% -% 

19 420 17% 16% 17 +% 

73 612 9% 9 9 -% 

11 167 1% 1H 1% , 

15 213 ^ ^ ^ 

210 115 12^ 12% 12% ^ 

8 12 28% 28% 28% *% 

3 91 32% 32 32% -% 

044 30 79 29% 29% 2B% +% 

Oa 41 3 5% 5% 5% 

5 7 7 7 

18 20 ft B% 9% 

100 120 1 H 1ft 


NalPBi 8 173 2% 2f2 2% 

WfTmA 0X6333 654 23% 23% Zft , 

MKnOI 020 U 19 ft ft 9% i-% 

Hmwf 112 11 5% ft 5% -J a 

NW) 3061121 6% 5% B% ft 

OdodcsA 34 135 jfl% d9% 9% 

Otaen 024457 677 36% 36% 36% ft 


PI Sto 

Stock Dh. E 100s ftb LouCtou Chng 
PagasAG 040 101103 16% 16% 16% ft 
Petal 0X0 18 10 FiSa 9% 9% -% 

PetHW’ 1X4 B 2 17% 17% 17% 

PMLXa 024 18 830 59% Sft 58% -1 

PttnayAx 050 19 77 37% 36% 36% 

Ply God 012 30 153 23% 22% 23 ft 

PMC 082 16 5 14% 14% 14% ■% 

PieskBoA 010 1 165 l£ h* lft 

RaganBrad 35 zlOO S3 33 33 

RBSWCp 3 35 5% 5% 5% ft 

SJWQup 110 9 14 36 M X ft 

SBMMUI 16 7 17% 17% 17% 

Tab PredB 020 46 256 8% 8% 8% 

TUUOBX 038 70 839 47% 48% 47% ft 

Thmrnafcs 85 1 383 14% 14% 14% -% 

Tharroona 34 80 32% 32 32% »% 

TotfNA 020 171079 12% 12% 12^8 ft 
Tnm&fty 77 58 2% 2ft 2ft 

Trttnr 2 33 1% 1% 1% 

TUms Mb* 7 104 5% 5% ft 

TUBtM 0X7 «9 211 18% 18% 18% ft 

TunrBrB 0071 89 708 18% 18 18% +1 

UBfoodsfl 5 30 2% 2% 2% 

IRdFoodaB 020112 10 2% 2% 2% ft 

UMPtita 29 109 ft 7% 8 -% 

USCOd 254 262 33% 32% 33% ft 

WacomA 251154 39% 39% 39% ft 

VtacutaB 5091 35% 35 35% ft 

MhU 30 4B7 12% 12% 12% ft 
WBSlBMr oeo 24 313 28% 28% 2ft 

WOO 1.12 IB 130 13 12% 13 ft 

WortMta 060 14 5B 31% 31% 31% ft 

Mutt 4 462 5 4% 4% ft 




.ft 1 ( 1 ■ ■ ^n- • 


in 








Gain the edge over your compatitorc by having the Financial Times delivered to your home or offlceevmy wmkrng day. 

,, na aeliv-v se^Sara available (or all subscribers who work or live in the business centres of Act en Provence, Bordeaux. Cannes, 
ftr ™ voltalre. Grenoble. Lyon, Marseille. Monaco, Nantes, Nice. Paris, Strasbourg, and Toulouse. 

Please call (11 42 97 OS 23 for more information. 

Financial Times. Europe's Business Newspaper. 


51% 51% 4% 

20% 2&% ft 
5% 5% -% 
7% 7% 

9% 9% ft 
10% 10% ft 
ft 8% ft 

3B% 36% 

38% 39 

lft 13% ft 
61 91 

43 *i -% 

20% 20% ft 
28 2ft -% 
28% 20 ft 

7% 7% ft 
16 18 ft 
34% 35 +% 

53% 54 ft 


SMb to E Iflh Hpi la lad Mg 

ABStads* 020 19 65 14% 13% 14% ft 

ACC Cfltpx Q.121 72 1078 19 17% 19 ft 
AcctaknE 24B379 16% 16% !8i*« -A 

Acme IMS 21 258 25 24% 24% ft 

Aodom Cp 39 3O3u30% 27% 27% ft 

Adaptoch 183307 20% 19% 19% -% 

ADCTcfe 381070 44% 44 44% ft 

Abakan zi 4 ift 13% 13% 

Ms Sen aiB 22 7100 36% 36% 36% 

Adobe Sp 0L20 28 B724 35% 3*% 35 ft 

MmetC 7 128 to 9% 10 

AdvLoglc 8 52 4% 4% 4% 

AWRokyre 7 393 5% 5% 5% +% 

MrTcNxb 14 2B14u17% 16% 16% 

MfSKa 0X0 16 525 32% 31% 32 ft 

Atynax 12 7B4 17% 15% 17 +% 

AOrtCOEX 010147 2156 13% 12% 13% ft 
AHOto 024 18 39 28% 27% 27% % 

Aka* AM 21 B1 58% 59% 58% ft 

AtdSd 0X8 17 1641 26 25% 25% -% 

A0e*SW 16 190 8% 8% ft ft 

Aten Ora 052 15 111*41% 39 39 
Afianni 5 444 9 B% a)2 -A 

AldCBplx 1X0 12 113 15 14% 14% -% 

Aid Op x 0X0 12 3 13% 13% 13% 

AlneaeC 032 B 90 3% 2% 3 

AM GOd 0X6 14 115 1% 1 ,1 1,’* 

AfieraCo 29B350 30% 29% 38-A 


18 214 19% 19 19 ft 

1X2 7.D 13 79 27% 27% 27% ft 

90 1B38 20 19% 20 ft 

1X0 3X 12 1180 33% 33 33% 

038 23529 17u16% 15% 15% ft 

50 518 5% 5 5 

0X8 IX 18 911 38% 38% 38% ♦% 

OX* 21 15 2139 31% 630% 30% -1% 

£17 £7 232SB74 24% 24% 24% ft 

OX* U 9 156 3% 3% 3% ft 

244 3X 38 7238 B1% 79% 00% +% 

1X0 ex 8 101 14% 14% 14% ft 

222 tia 13 205 37 % 36% 38% 

1.06 4X B 171 22% 22% 22% ft 

420 IX 17 46 234% 233% 233% ft 

048 1X 24 426 38% 35% 36 ft 

048 *3 B 35 1$ 1% 1% 

020 IX 17 155 16% 16% 16% ft 

22B 6.1 27 194 37% 37% 37% ft 


Afianni 5 444 9 B% a)2 -A 

AldCBplx 1X0 12 113 15 14% 14% ft 

AMCapx 0X0 12 3 13% 13% 13% 

AtaeocC 032 6 90 3% 2% 3 

Ate Gold 0X6 14 115 1% I A 1.% 

AfieraCo 29B350 30% 29% 30£ 

Am Bailor 072 8 50 23% 23 23% ft 

AniQyBU 14 3u1&% 15% 15% 

Am Uaras 23 372 25% 24% 24% ft 

Am HUB 13 247 8% 9% 8% 

AmSoftwa 032 TO 400 5 4% 4% ft 

AmFtMya 40 60 24% £4 24 ft 

AnGftA 056 17 1438 30 29% 30 ft 

Amtmp 2 754 1% li 1A ft 

AraHWi 220 7 BO 49% 49 49»« +% 

AmPmrCom 0022017 21% lft 21% +1% 

Am Trw 13 622 16% 16% 16% ft 

AopnhC 2112756057% 56% 56% ft 

AflttchCp OOB 14 S80 10% 9% 10 

AmxFin 4 149 9% ft ft 

AnataBt 16 13 17% 17% 17% 

AnatyUt 0X2 12 3 14% 14% 14% 

AnaagaUm 1X0 13 5 15% 15% lft 

AndPM Cp 26 512 46*4 45% 45*j ft 

Amfnw An 8 348 17 15% lft ft 

Apogee En 0X0 31 361 15% 15 lft ft 

APPtBo 9 83 6 5% 5% -% 

AppWIM 3411796 51% 50 51% ft 

ApptoC 048 3115515 38% 3ft 35% -% 

AppkbWS 0X4 46 1962 1B% 18 IB ft 

Arbor Dr ax* 46 61 2ft 19% 2^4 

Areteo 019 16 226 U22 21% 21% 

Aigoaaut 1.1G B 43 30% 29% 30% ft 

AnurAI 08(21 37 22 21% 21% 

Ante In 040 17 174 19% lft 19% ft 

ASK Grp 3 zlOO 13 13 13 -A 

AspBCfTal 34 1S2 38^2 37% 37% ft 

AsSucComm 318 1550 28 25% 25% ft 

AST Ren* 8 Bill 14% 13% 14% -ft 

Atkinson 13 IB 10% 10 10% 

Aff SEAS’ 032 18 1322 25% »% 25 ft 

Aufefek 048 344368 8ft 81% 61% ft 

AutotaA) 9 205 3% 2% 2% ft 

Amndatr 0X2 20 18 7% 7% 7% 


BEI B 

M toj w 

BahortiWt 

BatarJ 

BUwCD 

Buctoe 

BrtSouhx 

BenteraCp 

Banknortn 

BantaGeo 

BassstF 

BayVtBW 

Bajoanks 

BG&TFta 

BE Aero 

BbuisCos 

BenUeny 

Btadeywn 

SNA Grp 

Bllnc 

&flB 

SuBey W 

Btogcn 

Biomet 

Black Dm 

BMCSoRh 
B oatmens 
Bt* Evans 
Bocfc&B 




- B - 

008 27 zira 5 
TO 9B 12 
60 ,% 
006 13 211 21% 
0X4 3 106 15% 
16 421 26 

0X2 121457 19% 
040 8 25 15 

0X0 15 708 25% 
052 16 244 34% 
050 15 84 28,’c 
060 14 83 25% 
1X0 13 487 58% 
1.16 9 224 3ft 
221248 ft 
042 32 289 15% 

13 157 14% 

044 13 121 37 

012 17 258 11% 

100 357 5 

016 18 141 12% 
OXH IS 220 14% 
585338)155% 
21 5216 12% 
1X4 11 40 30% 

14 3740 46% 

1X8 101009 34 

029 19 1399 22 

15 24 u31 
137119 12% 

076 6 428 39 

613319 13% 
068 19 4 48% 

024 29 21B 13% 
026 206028 9% 
076 9 88 28% 
048 4 9 2% 

28 1174 19 

21 154 12% 
38 548 11% 
64 5 34 

8 58 31% 


dS 5 
11% 11% ft 

djl* it 

20% 20% ft 
15% lft 
25% 25% -% 
18% 19% ft 
15 15 -ft 

25 Zft -t-% 
33% 33% -1% 
27% 28 

24% 25% ft 
57% 57% ft 
29% 3ft ft 
8% 9% ft 
14% 14% 

13% 13% ft 
36% 3ft 
10 % 11 % +1 
4% 5 ft 

11% 11% ft 
13% 13% ft 
54 54% ft 

11% 12% ft 
3ft 30% •% 
45% 48% ft 
33% 33% ft 
21% 21% ft 
2B% 29% -% 
11% 11% -% 
37% 38% ft 
13% 13% 

47% 48% 

12% 12% ft 

ft 9% 

28 28 

2% 2% 

1ft 18% -% 
12% 12% ft 
10 % 11 % 

34 34 ft 

31% 31% -% 


- c - 

CTcc 290 315 29% 

Cam Med 8 301 5% 

CadSdMps 099 17 1106 29% 
CadnusCandXD 21 194 18 

Casta Cp 437 1500 9 

Camara 225 51387 9% 
Camera 22 *06 25 

CsmbtBo 1 1035 1% 

CandotaL 1 86 ft 

Cndtas 4 121 2% 

Canon tie OS2119 52 86 

Canute 3 38 i*5% 

Cari&nCm 053 22 Z 27% 

Canada 0X0 23 ID 24% 

Casey S 0X8 17 560 12 

Calgam 5 362 7% 

cat Cp 18 46 12 

Cantacar BiD4Su17% 
CnSrtRd* 1.12 12 448 33 

CnblSu 20 20 11% 

Bandar B 25 4% 

Chapter 1 0X0 8 1290 23% 

QvtnSn QXB 12 3378 9% 

Burnt* 17 12 13 

Cba m porar 14 100 4% 

CNps&Te 91591 4% 

Btaxi Cp 716C92 74% 
CSmRnx 1X8 12 432 54% 
etnas Cp 017 32 701 34 

cnulo: 3110358 29% 

OS Tech 125 543 2% 
CfecoSy* 1417874 26% 
OzBancp 1X8 17 112 30% 

Bean Ha 21 150 6% 

Ctfls Or 42 8 12% 

CMustm 7 330 4% 

CotOColafi 1X0 18 87 29 


Coda Bigy 130 438 6% 
CodeNarm 29 315 11% 
CopuhCp 31 829 20 

Copma 109 133 12A 
QUODI 16 648 14% 
CoteBN 040 BO 461 22% 
Cray Gn 1X6 14 20 22 

Cow Grp 080 11 23 30% 
Corah OH 16 5<7 24% 
CmcxtA 009 20 931 16% 
CmstASp 016 42 6842 16% 
CUmftShBN188 12 1 Bd33% 
CottoCJ 070 94 2 19 

OomwC 17 280 25% 
CtxnprLafas 390 706 10% 
Comshare 56 96 12% 
CURdadfl 37 418 3% 
CtnPap 1X8 33 8 48% 

Gmdluro 4 384 5 

CuneCel 58 228 23% 
CttfDafe 11 308 7% 
CDUSA 050 22 331 20% 
CBWHB 34 498 41* 
Golds Cp 232615 53% 

Cup CdA 47 2SB 17% 

Badur BxOOZ 281324 24 

OreyCmp D 1746 >% 

BtooiRas 26 194 4% 
Cytagan 23221 3% 


1% 28 29 -% 

i% 5% 5% 

1% 2ft 29% +% 
18 17% 18 4-% 

9 B% 6% ft 
1% 9% ft ft 

25 24 2* -1 

ft 1% 1ft 

1% 3% ft 

ft 2% 2% 

86 96 88 ft 
i% 5% S% 

'% Z7% Z7% ft 
1% 24 24% ■% 

12 11% 11% ft 

ft 7% 7% -ft 

12 11% 11% ft 
r% 16% 16JJ -ft 

33 32% 33 +% 

ft 10 10 

ft 4% 4% 

1% 22% 22% ft 

ft 8% 8% ft 

13 11% 11% 

1% 3% 3% +% 
1% 4% 4% +% 
ft 72% 73ft +!2 
ft 53% 53% -ft 

34 33 33% -ft 

1% 29% 29% ft 
!% 2ft 2% 

lft 26 26% ft 
lft 30 30 

ft d5% 6 ■*% 

!% 12% 12% -ft 
ft 4ft 4ft -eft 
29 28% 29 *b 

ft Bft .8% -% 

1% 11% lift 4% 

20 19% 20 +ft 

lft 11% « ft 
1% 13% 14% +% 
!% 21% 22ft +ft 
22 21% 21ft +ft 
)% 29% 29% 
lft 24% 34% -% 
lft 18% Uft +% 
;% 16% 16% 4ft 
>% 33 33 ft 
18 18 19 ft 
ft 25% 25% ft 
lft 10% 10% -A 
!% 12 12% 
lft 3% 3ft -A 
1% 48ft 48% 

5 4ft 4ft -% 
1% 23ft 23% 

F% 7% 7& -A 
1% 19% 20% +% 
HI *ft 4% 

1% 51% 52 -1% 

ft 16ft 17 
24 23% 23% -a 

1% iA ’A -& 

lft 4% 4% ft 


DSC Cm 

Dartflrau 013 

Dausn* 


Dtapninopaasz 
DfbShopa 0X0 
Mreta&i 032 
DekafeGa 090 
Dettwrgu 044 


- D - 

2013052 31% 
31 13 84 

11 276 2% 
29 104 7% 
14 3S2 15ft 

12 253 27% 
IB 44 Bft 
H 246 15% 
46 14 31>2 
11 134 £l% 


30ft 31 ft 
80 60 
2% 2% ft 

6% 7% *ft 
1ft 15% -% 
26% 27 +X3 
6ft 9% +% 
15% «% ft 
38% 30ft -% 

21 21% ft 


OrayBOx 
Drug Enqu 
OS Bantar 
Dutan 
Dun FU 
Dymoa* 


38 8722 37% 

019 IB 53 15% 

030 32 323 37 

1.12 9 118 32% 

020 4 zlOO B% 

18 12021% 

080 28 S25 19% 
15 J64 15% 

8 500 15% 
6*5234 2a 
251349 7% 
18 47 35% 

020 45 162 9 

1 2593 2% 
020 25 702 28 

0X8 15 136 13% 

9 20 9% 
11 2038 10% 

02* 22 461 35 

0X8 48 303 5% 
1X9 16 122 28% 
042 121587 16% 
0X0 24 8 1*33% 

7 148 22% 


law Lta nag 

38 36% -% 
15 15 
38% 38% ft 
32 32% 4% 
Bft 6% 

21 % 22 % 

18% 19% *% 
15% 15% ft 

15% 1ft ft 
3*1 ’it 
6% 7% *% 
34% 34% -% 
6% 6% -% 
C% 2ft ft 
2ft 25% -% 
13 13% ft 
9ft 9% ift 
10% 10% ft 
25% 25ft -X0 
«ft 4% -% 
M% 2ft -% 
15% lft *-% 
32% 32% 

21 % 22 % 


n h» 

h E 1W W He 


BtctAns 

EnctxiAaa 

Emdat 

Enoyvntra 

Bur* Sm* 

Enron Inc 

EtyjbyOl 

EftcanS 

End 

Evans Sm 


2 10 3 3 

2 374 4% 4% 

2 100 1% 1ft 

033 232006 16% 16 

229 378 7% 6^ 
1 650 1}J lft 
!5 23011*16% 15% 
0X9 51 ZlOO 50% 50%. 
ZT 13693 1B% 17% 

14 329 5% d*% 
468u1D% ft 

5* 7 15% lft 

91 25 2ft 2ft 

3 313 3% 2% 
O10 17 624 uft 4% 
046151 3437 54% 54% 

100 8% 6% 
56 34 12% 12% 
34 1371 16% 16% 
9 15 8 7% 

15 382 21% 20% 

OlO 24 71 31% 20% 

22 171 13% 12% 


FfeatAm 

FBBcflMo 

FttCoBk 

FstSady 

FttTareix 

rmWestn 

Fdfsmtt 

Fkitlu k 

Rntatass 

Rsani 

Bow hi 

FtxxLA 

FOULB 

FUemoat 

Fcnctnar 

FHtorA 

FTHi Rn 

Fat Rid x 

Fst Hanoi 

FiderM 

FUtnrflnx 

Finn 

RdmedAM 


10 32 
02* 36 26 
004 64 153 

19 2960 
1X4 16 173 

15 409 
OH 0 103 
3413*9 
084 8 286 
1X012 79 
080 20 163 
1X4 11 1177 
1X8 10 308 
0X8 7 166 

058 7 89 

1X4 8 4 

47 10 
27 230 

20 390 
00615 919 
ODBS7S 768 
1X6 10 20 

11 342 
33 14 

1X4 12 461 
040 B 299 
1.1811 373 

059 2D 1103 
088 11 33 
0X4 22 12 

17 45 


- F - 

32 4% d*% 
26 7% 6% 

153 *0% 40% 
2960 30% 26% 
173 53% S2% 
409 5% 4% 
103 9% 9% 
1349 24% 22% 
286 1*35 34% 
79 27 26% 
163 2ft 22% 
1177 31% 29% 
306 49)4 45% 
1 66 ft 9% 

99 as 
* 34 33 % 
10 ft 8% 
230 22% 22 

390 7% 8% 
919 5% 5% 
766 6 5% 

20 31% 31% 
342 12 11% 

14 3% 3 

461 30% 29% 
289 1ft 1ft 
373 29% 29% 
1103 32% 31% 

33 20% 20% 
12 19% 17% 
45 3% <E% 


GBApp 

EBKSanx 

Santas 

Gams Ra 

GeNCo 

GariBM 

Gariyto 

Gandaf* 

GantaxCp , 

Genus he 

Gmzyma 

GtasonGt 

GMttegsL 

GttertA 

SdiBtam 

Gbod (toys 

Bo u MaPmp 

OedcoSya 

awSB 

Swn AP 

BiMcbPh 

Groasmans 

Brad Wlr 

GTICOip 

GDNVS19 


ItaUia) 
FtetoTroy 
HertO 
Kogan Sya 
HelDgk: 
Home Bod 
Hon tad; 
Horaback 

I lnai ■Mini 

norsmes 
Hull JB 
Hurttagnx 
Hugo Co 
I tatetiTech 
HycsrBta 


- G - 

7 72 4 3% 

007 23 90 1ft 15% 

0 24 2% 2% 
11 54 3% d3% 
018143 154 ft ft 
040 21 11 20% 19% 

19 35 ft ft 

35392 ft ft 
4JQ0 40 387 24% 23% 
162 839 ft 4j| 
70 6849u38% 37% 
040 22 978 17 16% 

01214 2674 19% 16% 
080 16 56 14% 14 

11 25 ft 5 

171B23 13% 13 

080 20 104 22 % 22% 
300 7D 3% 3 

0X0 69 52 21% 20% 
024 10 3 17% 77% 

0 331 ,*« 

0 788 2% 2% 
837 231 13 12% 

12 853 18% 14% 

8 BOB 10% IQ 


- H - 

54 12 b% a 
0X8 10 72 26% 25 

0X0 13 1003 15% 14% 
018 Z7 1683 32% 31% 
27 4050 [Eft Zfllfe 

0X6 20 329 12% 12% 
11 154B 8 7% 

018 25 7087 1ft 14% 
146 11% 10% 
8 425 15 14% 

072 13 1077 21 19% 

015 20 124 6% ft 
74 410 lft IB 
0X0 8 ZlOO 20% 20% 
044 17 51 25dM% 

14 425 12% 12% 
044462 122 4% 4% 
020 17 1606 17%d16% 
0X0 81456 20% 20 

006 1 127 3% 3 

159 2702 3D% 28% 

19 23 5 5 


1 “ ft 
1ft ft 

50% -% 

17% ft 


4% ft 
54% 
ft 

12% -% 
18% •% 
8 ft 
21% +% 
20% -% 
13% t% 


4% -A 
6% 

40% 

30% ft 
53% 

5% 

9% 

24% -*1% 
34%. -% 
26% -% 
22% ft 

30% ft 
46 ft 
BA 
25 

33% ft 
9% 

22 ft 
7% ft 
!ft ft 
5% ft 
31% ft 
12 

3 ft 
29S -A 
16% +A 
28% ■% 
31% ft 
20% ft 

17% ft 

2% ft 


4 

15% 

2% -A 

3% ft 
5% ft 
20% 

5% 

9% -A 
23% ft 
4% ft 
37% ft 
16% ft 
16% ft 
14% 

5% ft 
13% 

22% ft 
3 

2D% ft 
17% 

i? -A 
2% ft 
12% ft 

16% 4-1% 

10 ft 


6 -% 
25% ft 
14% *\ 
32% ft 
29% +% 
12% 

7% ft 
14% ft 
10% ft 

14% ft 

20% ft 
6% ft 
16% -% 
20% ft 
24% ft 
12% ft 
4% 

17% ft 

20% ft 

3 ft 
28% -1% 
5 


FRSys 
IDS Gamma 
BS trial 
tamucor 
bzvmnogfln 
depart Be 
baths 
WRM 
Worn* 

hgtesMtt 

MstvDev 


40 ZlOO 5% dB% 
26 5484 B% 9 
4 2731 4% 4% 
32 136 8 5% 

2 285 4% 4% 

040 32 81 17% 17 

024192 4 13%dl3% 

16 1637 13% 13% 
2716040 23% 22% 
QXB 15 342 11% 11 ’4 
29 8200 24 % 23% 
31 581113% 13 

6 217 !, T < 2% 
02* 1244056 68% 66% 

7 45 2 2 

040 204901 18 17% 

21 639 9% 8% 
OH 17 2E9 13% 13 

3 330 ft 9% 

4 975 4% 4% 

5 585 12% 12% 

253999 14% 13% 
14 112 17% 17 

0X2 17 7 2% |Q% 

275 19 5% 5% 
005 20 132 31% 30% 
2 3£5 3% 3% 
16 144 18 17% 

1.09 38 5 no no 


4% 

17 ■% 
13% 

13% ft 
22J1 -A 
11% 

23% +% 
13 ■% 
t& +& 
97% +ft 
= ft 
17% ft 
9% -ft 
13% ft 
B% ft 

4% *% 

12% ft 

13% ♦% 
17 ft 


30% ■% 
3% 

17% *% 


JjJ&nx* 14 

jBSta Fnc 0X8 13 
JLGhd 010 36 
Johnson W 81 

Jones H 11 

jamsMtntoiD 11 

JorijnCp 1X014 
JSBFti 0X0 17 
JuflOUg* 028 18 
Jusfln 016 8 


- J- 

106 12% 
95 9% 
1251(41% 
28 24% 
436 15 

5Z7 8 

295 30% 
52 Z7 
83 18% 
IS 12% 


12 % 12 % 

B% 9ft 
40 41% +1% 
24% 24% ft 
14% 14% ft 
7% 7% ft 
29% 29% ft 

26% -A 
18% 18% 
ia 12% ft 


Ksmss- 
Karon Cp 
KefeyOU 
Kenya 
Kentucky 
Kintal x 
Mnetmer 
ALA Mr 
Kmutaage 
ADDA 
hnaag tic 
hutckeS 


0X8 12 31 

044 5 169 
3 7D7 
072 » 750 
0 « 10 6 
0X4 13 3H 
21 34 

694388 
2 259 
0 50 
227 1561 
II 1912 


22 % 22 
97 8 9% 
6% 5 7 j 
31% 31 

6% 6% 
24% 23% 
10% 10% 
1*53 51 
3% 3% 
0X7 0X7 
26 24% 
17% 16% 


22 % 4 % 

9% ft 
6% ft 
31 -% 

ft -A 

M Si 

IDA 

51% 4% 
3% -ft 
0X7 
25 ft 

ibIj ■»% 


- L - 

Lehora 072 24 10 19% lft lft 

Ladd Fun 012 39 SS 7 5% 6% 

Lam Rati 453722 40% 39% 40 

LxattStei 048 151014 35% 34% 3ft 
Lance he 096 18 468 1916% 16% 

LandmlrGpn 29 5X3 21 23 23 

Lamobca 12 37 ft ft 9% 

Lasarec p e 27 59 4% 4% 4% 

Lance 5 16 391 lft 19 19 

Lawson Pr 0.48 IB 119 25% 25% 25% 

LDOS 314 8099 22% 21% 22 

LD4 Cp 016 1 31 ft 5% 5% 

Lsdnrra 20 982 16% 15% 16 

LeoentCp 15 9202 26 24% 25,1 

Lite Tech x 020 I? 174ul9% 16% 19% 
Udine 23 124 4% 4% 4% 

LUyfeidAx 026 11 70 lft 12*4 12% 

LilBr 119 948 139%138%I38% 

Uncaln 1 052 15 278 16 15% 15% 

LtadsyMr 13 293 29% 28% 29% 

Lnewlec OH 38 34% 47% 45 «b% 

UquSax 040 17 10 36 34% 34% 

Lanai Gp 006 28 215 24X7 23% 24% 

Lone Star 9 308 ft 6% e A 

l«*«n 34 9726 44% 42% 42% 

LlltCp 3 2553 4% 4% 4J1 

LVMt 076 4 II 33% 33% 33% 


UQ Cm 005 7113774 25 24% 24% 

US Cars 22 40 25% 24% 25% 

Mas MM 080 46 56 15% 14.96 15 

UadttxWE 1X8 14 38 33% 33 33 

Magma Pwr 12 280 28% 27% 37% 

Ulffa Grp 076 13 444 21 2ft =1 

ItolBox 12 113 8% 7% 7% 


Karcam Cp 

UataeDr 13 210 5 4% 4£ 

Mortal Cp 9 399 42 41 42 

MnptaS 2 2 1% dl% 1% - 

MtxiMlB 10 178 9ft 8% 

HaR*5nttA 044 1) 8 11% 11% 11% 

Itontol 060 1112BB0 71 20% 20% 

Itadac 9 18 8% 8% 8% 

Maori tn 48 675u63% 62% 83% 
MutarCp 01233 5% 4% 5 

McGrath R 044 12 77 16% 1ft lft 

McGOrmlc 048 15 5525 19% lft 19% 

IfcCawC 177 4898 uSS% 54% 55X5 ■ 
Meta* he 01B 17 313 1ft 1ft 13% 
MattetraS 048 15 465 2ft 24% 25% 
IMamlne OH 21 460 10 9% 10 

Uaren Cp 018 54 848 16% 16 lft 

ManbG OH 23 2321 lft 10 10% 
MBROfllXxOBO 12 595 23 22% 22% 

Mercury 6 « 0.70 7 629 29% 27% 28% 
Wrtftn 1X6 11 3191 31% 30% 30% 

Ikrtad 101312 10% 10% 10ft 

MattadeA 012 19 1946u16% 19 19% 

IK Cm 38 1 997 36% 36 3G% 

Mcbui F 0X0 19 620 12% 12% 12% 
HchNaffi 2X0342 1357 76% 75% 7ft 
MrntM 8 431 3 % 2ii 3 

Menage 11 33D0 1ft 14% 147 B 

Meracnm 7 928 8% 7% 8% 

MfciVdx 10 65 6% 5% 5% 

Mtapdfc 2 483 7% 6% 8S 

Mail 1630209 58% 5ft 56^ 

MU All M 254777 29 28 28% 

Home OS2 11 1791 29% 29% 29% 
MkMMi 099 23 100 29 28% 29% 

MMrH 052 17 835 24% 24% 24% 
HEem 602 24% 23% 24% 

Mraitoch XI 123 18% 15% 15X2 
MoMeTd 55 42D9 22% 22% 22% 
Modem Co 020 19 84 7% 7% 7% 

Mrine HI 052 19 194 27% 27% 27% 
MQtax 004 519 1*41 40% <0% 

Motet he 004 321276 1*44 43 43% 

Moactn 0X4 15 347 7% 7% 7% 

ModfUP 0X6 23 56 32% 31% 32% 

MCUtoe 18 197 15£ 1ft 15%. 

MTSSys 056 9 93 24 23% 23% 

lEtmed 13 2874 32% 30% SDfg 

Mycogtn 5 152 10% 10 10% 


12 113 8% 7% 7% 

20 1006 9% 9 9 

13 210 5 4% 4K 

9 399 42 41 42 

2 X 1% d1% 1% 

10 178 9ft 8% 


Metric Gen 

NMriES 

Meuugen 

NUMB 

Meat Bus 

New Image 

FtvdgaNet 

MeumCp 

NobtaDri 


016 11 263 27 

072 11 138 17 

0X8)20 654 Li 4% 
020 21 IS 13% 
BO0 11 198 IB 
0431 01 27 59 

18 693 SB 1 -! 
261838 1ft 
121 314 9% 
8 345 5% 
027 3& 1077 u35% 
080 20 197 18% 
173 2969 14% 
2516*5 35% 
0X4 21 172 uft 
205436 7 

CL5S 28 3J7 59% 
040 25 2341 45% 
14 674 19% 
4 69 ft 

0X8 12 338 38% 
19 1450 1ft 
75214777 lft 
40 3246 45 

58 6% 
7 70 2% 


OOntays 22 350 13% 
Octal Com 17 756 22 

Oftnelg 1*2071 ift 
OgkfcayNxIXD 10 2 30)2 

ONoCb 1.46 B 1133 32 

OUKbM 1.16 ID 1181 34 

Old NUB 082 16 28 37% 
ptttmnrpxiXO 7 187 29 

OnePnce 7 8296 12% 

OptUdR 22 134 23% 
(kactaS 85 83G4u44% 

Orb Scat* 44 335 18% 
Ortxnen 0X9 2B 3*5 ift 
OrcMStep 7 502 10% 
OragotMat 031 9 2«97 5 

Map 20 2 3% 

OshkSA 041388 56 15% 

OdttXh T 050 TO 108 1ft 
OttefTal 1.72 14 205 33% 


2B»Z 26% *% 
17 17 -% 

14 1ft 
13 lft +% 
17% 1ft *% 
58% 59 -% 

M% 28% -% 
18% 16% ft 
ft 8% ft 
5 5% +% 
35 35% ft 
17% 18 -% 

1ft 13JJ -rljj 
34% 34% -ft 
7% B% wft 
ft 6tl -A 
58% 58% -1% 
44% 45% 

18% 19% ft 

s% ft ft 

38 38 ft 
lft 16% -% 
15% 15% -A 
43% <4% +% 
ft 6% -% 
2% 25& -% 


T3 13% 

21 % 21 % -% 
13% 14 -% 

3ft 3ft 
31% 32 

Jl!i 32% -1% 
35% 37% 

28% 28% ft 
dft 10 -4% 
22% 23% ft 
44% 44% ft 
17% 17% -A 

ft 9% ft 
10 lft ft 

5% ft ■% 

3% ft 
14% 14% ft 
10 10 % -% 
32% 33% ft 


Panwet L 
Peoples H 
PabnNa 
Phannacy 
, PhwwTch 
Pkxaddl 
POnte 
PWtab* 

1 noneeiGp 


-P-Q- 

1J» 13 721 4ft 48% 
0X2 12 40 12% 12% 
1X2 17 184 Zft 24% 
32 9051177% 76 
37 6457 31% 30% 
024 43 5233 35% 33% 
21 Z7 8% 8% 
050 57 X 13% 1ft 
9 3 15% 15% 

1X0 S3 5 33 33 
072 18 789 41% 41 A 
13 439 5% S 
020 27 15 Z4% 24% 
0X2 151061 015 14% 
1.12 16 2 20% 29% 

35 267 11% 11% 
30 868 6 5% 

048 3Z100 ft ft 
381175 17% 17 

43 30 17 17 

OM 33 479 48% 48% 
0X8 21 2258 32% 31% 
012 10 786 IB 17% 
5 27 8% ft 
15 147 5m 5% 
0X9 3 61 7% &■% 
1582148 45 42% 

233331 157* 15% 
41 15G 5% 5% 
32 368 19 1B% 

OH 23 5 26% 25% 

012 91354 18% 16% 


ft 48% 40A *A 
!% 12 % 12 % +% 
ft 24% 25% *1% 
% 76 76% 

% 30% 31% +1 

% 33% 34% *1% 
1% 8% 8% ft 
1 % 1ft 13% tft 
1% 15% 1ft 
33 33 33 
% 41 A 41% -% 
ft 5 6% ft 
ft 24% X4% -% 
15 14% 15 *A 

1% 29% 3% 

% 11 % 11 % *% 

65% 6 +% 

ft ft ft 
% 17 17% +% 
17 17 17 +% 

ft 48% 48% ft 
!% 31% 31% -1 

IB 17% 17% -ft 
ft ft ft -tft 
ft 5% 5% ft 
ft 6^ 6% •% 
45 43% 45 +1% 

i?t 15% 15% 
ft 5ft 5% 

19 1B% 1ft -% 
ft 25% 25% -% 

ft 16% 1ft 


n th 

Stack Ota. t Uto tag* law LKt crag 
Pyramid 6 2887 9% 8% 9,% •A 

QlXfraUg 11 40 7ft 7ft 7ft -% 

QsakoCnm 062 71 88 l?"e 17% <7% -% 

Dual Fan 0X0 17 482 24 23% 23*2 -% 

Qittttun 6829233 16 ft 15 15A -»A 

CMdistv 33 1189 16 ft 15 7 a 15'; -ft 

OVCInc 2914351 44% 44,\ 44ft 


Ratatxm 

Rays 

testatum 

Raymond 

Ream 

mute a 

ifenCgen 

Rep Waste 

FtercWml 

Reuters 

Reunhc 

Rnerfdx 

FtoadwS 

nwgm 

RocnSvflk 

RDoaemta 

RmsStr 

RMschMcd 

Raise 

RPMK. 

RSFta 

RytaFtidy 


12 620 14 

42048 5 

1 W 4 
37 375 21% 
14 742 15% 
22 S36Su23% 
1 155 2 ? 3 

0 IBB 3% 
18 384 11% 
037 IS 913 45ft 
8 65 5ft 
1180 10 18 35% 
1-iO 193039 60% 
0 12 13 65 6% 
056 4 1*93 16% 
044 3 874 17ft 
0121793 16% 

30U96l£4% 
068 59 664 19% 
052 XI 995 18ft 
080 14 109u24% 
113281 Bft 


13 13 -ft 
4% 4ft +A 
3ft 3ft 
20% 20% -1 
1515.43 -.15 
22 23,1 ■*& 
2% 2% -ft 

3ft 3*2 *ft 
11 11 -ft 

44% 44ft -ft 
U4% 4% 

34% 34% ♦!? 
60 60% -% 
6ft 6% *ft 
18% 18A *A 
16% 16ft 
16 Ifi % 

22b 24 »% 

19 19,', -,i 
18 I Bft -v-ft 
23% 23% -% 
5ft 6 -ft 


-s- 

Sateeo 196 7S55 54 Kft S3ft 

Etatarwn ax I4 26 19% 18% 19 - 
SCHfflbgiA 030 20 1652 U23% 27% 28 

SCI Med V IQ 631 38% 36 38% > 

SO Syctm 16 572 mft 20% 20% 
SOBS 7 89 7 7 6% 7 

StltOiCp 052 10 2«1 2Jft 22ft 22ft 
Sara Bid 6 514 4% 4ft 4ft 
Seallela 1 20 45 35 38 37% 37% 

S' gate 1116648 24ft ?j :*% 

£UCp 016 27 34 22% 21% 21% 

SdtxtB 036 6 365 3,1 2ft 2ft 
StaecttK 1 . 1 ; 15 105 26% 25ft 26ft - 
Seqwnt 85 5447 u 18% 17% 18 

Seounta 32 243 5 4ft 4ft 

Sere lech |4 ;100 9ft 9ft 9ft 
‘jovfran tB 215 «% -*iJ 4% 

SewtCta 0X2 16 !1D0 17% 17% 17% - 
ShrMed 0X4 21 1920 28% 27% 2Bft 
SHLSyOm 2 880 5% 5,1 5,1 
SMXMMOd 35 585 22% 21% 21% 
Start*: P 7 933 B% 7ft 8% 
Sierra On IB 321 22ft 22% 22ft 
StanaTuc 4 250 4 3ft 3% 

9gmAI 0X3 18 1058 36 35 35ft 

SUrnaOes 18 880 7% 6% 7 

SAcnVBc 006 63 291 12% 12% I2ft 
SflcnVGp 37 1029 12ft 12% 12% 
Simpson 040 14 *37 11 % 11 11 % 

Emitted 39 787 28% 27% 28% 
SnapptaB* 36 283* 14 13% I3JJ 

SteraeP 1 385 4ft 4% 4% 
StaOCD 0X8 17 B21 23% 22% 23 

SOUBM 0X8 ID 637 21% 20ft 21 
SoteteA 020 333631 16% 15ft 15ft 
StJufKUd 040 142436 34 % 33% 34% 
StPaufie 030 10 288 21% 2lA 21 A 
steyffl 1 B2 2% 2% 2% 

SbplBS 46 7599 31% 2^2 30 

ShteSb- 080 16 3361 36ft 38% 38% 
SUMCTO 14 5732 21% 21% 21ft 
StdRagls 06814 43 21% 20% 20% 
Steal Tee 0X8 20 312 18% 18 18 

SkteyUSA 020 38 258 ID 9% 9% 
Staid* 144 138 70% 19ft 20% 

Strmnva 1.10 14 2721123% 23 23 

Struafiy 1015045 4ft 4% 4ft 

Stryker 028291942 37 30 36% 

StetvanO 20 24 14 13% 18% 

SumtemoB 0X0 18 2 23% 23% 23ft 

Summit Be 0X4 14 843 23% 22% 23 

SumoWTe 35 1456 35% 33% 34% 
SuiSpon 11 78 4ft 4ft 4ft 
StaMc 156997 28ft 27ft 28% 

SafltTre 41 Ml 40% 39>2 40% 
Sybase he SB10278 50% ^ 50 - 

Symantec *3 3953 16% 15ft 16% 
Synatoy 040 18 162 16% 16% 16% 
Synansm 87 213 u4% 4% 4ft 
Syiwvm 1 2026 5% 5% 5% 
Syndic 6* 40 15% 15% 15ft 

Synoptics 14 9599 16 15% 15ft 

SyantSMt 012 15 725 13% 13 13% 

SyaanSco 29 435 17% 17% 17% 
Systemed 36 644 uBft 8 8 


- T - 

T-CelSe 6 564 3ft 3% 3ft 
TjwPi 052 21 526 34 33% 34 

TBCCp 13 595 10% 9% 10 

TCACaifla 04* 29 II 24% 24% 24% 

TechOata 122194 19ft IS 1 * 19ft 

Tecansah <0X0 12 38 48 *7% 47% 

Takatec 3 47 8% 8% Bft 

TatoSys 9100* 13% »z% izft 

TeOnA T761SB27 23% 22ft 23 

Triebb B 2636 5ft 5% 5ft 

Teltria 32 63t£u45ft 43% *5 i 

TrinwCp 001 84 157 15% 15 15% 

TaraTac 70374* 9% 7ft 8% 

TenPMDfl 010 30 878 30% 29 »z 29% 

TtoeeCnn 8021695 u39 36% 37% 

n 35 5 4ft 5 

TJtatJi 022 28 350 19% 16% 19 

Totes Med 4 2888 5% 5ft 5ft 
Tokyo Mar 034 34 10 57ft 57ft 57% 

Tom Brown 89 1 337 13% 12ft 13A 
Topes Co 028318 6503 6ft 6% 6% 
IFI Enter 3 1004 7 6% Bft 

TnuEMid 11 11 12 IX 12 

Tram** » 1X0 10 147 39% 38% 38% 
Trtcora 21 77 2ft Zft 2ft 

TrtnUe 73 B31 i*ft 13ft 14 

TneleaBItC 1.10 11 35 21ft 21% 21% 

Tseng Lab 0X0 121127 7 6% 6% 

T*fOA 006199 1461 24ft 24ft 2*ft 


- u - 

0X4 18 7497 45% 
2 254* 5ft 
1.00 1* 20 17% 

2X0 12 136 53 

040 6 199 9ft 
0.12 20 18 27% 
1X0 2B 30 *B 
1X0 ID 1357 2Gft 
25 128 3ft 
1.12 9 313 13 

15 102 9% 

12 10 53 

13 871 4% 


44% 4*ft -ft 
5% 5% -% 
16% 16% 

52% 53 ■*% 

9% B% -% 
26% 26ft -1 

47ft 47ft -ft 

28ft Mft -% 
|Q% 3% ■*% 
12% 13 

9% 9% -% 
53 S3 
4 4% +% 


vatam 

030 35 

8 16% 15% 16 

-% 

VnardCeb 

109 

843 

u2S 28ft SB 1 ? 

-% 

VatEana 

26 2396 

2* 23% 23% 


Vicar 

40 

849 

So 25 2Sft 

♦ft 

VtarpftH 

10 

78 

17 16ft IBft 

-ft 

VWdqIc 

25 1388 20% 19% 20ft 

-ft 

VLSI Teen 

261*337 

12 11% 11% 

+% 

Vulva 0 

017 3 

*2 

18% 18% 18% 

-% 


- w - 

Warner En 0.10 20 912 26% 
warmed! 96 *36 sJI 
WaaftfedSBOTZ 71667 21ft 
WSfedSLOB* 6 750 XI ft 
WattgtadA 0X2 ID 163 25% 
WaaaiPMdUM 15 364 3% 
WDrtO 240 16 128 43% 
WBtttrk 5 308 3% 

Wed One 072 121=35 31% 
WdPub 111673 13ft 
WBpStA 1 75* 13ft 

WdSealA i0 76 3>2 
unrae 096 25 11*9 51% 
WmsSOtWiB 105 25*3 »6% 
wetahanL 028 14 74 16A 
Wthnflt 040 2fi 839 20ft 
WPP Group 0X3 22 107 3ft 
wyman-6rtn040 1 347 6ft 


25»2 26% -% 
5fi 552 -ft 

21% 21 A *A 
20ft 21 -ft 
24% 25% -*-ft 
24% 24% -% 
42% 43% *ft 
2ii 3ft *A 
31 31 -% 

13ft 13ft -ft 
13% 13ft 
3% 3% +ft 
50% 51% *1 
45% 46% +1 
16 16% i-% 

20% 20% -ft 
3A 3A -A 
6 Bft 


-X-Y-Z- 

umr 323812 51 (^z 50% v-% 

UnaCrep 2 465 3ft 3ft 3ft 
VBiM OH 94 546 20 19% 19ft 

York tech 145 25S 4% 4% 4ft -ft 
2knU2h 1X0 10 648 40% 40 «ft tft 


X 


42 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Tuesday September 20 1994 


AMERICA 




advances 


Wall Street 


US stocks battled back yester- 
day morning, retaking much of 
the ground lost at the end of 
last week, in spite of a non- 
committal bond market, writes 
Frank McGurty in New York. 

By 1 pm. the Dow Jones 
Industrial Average was 12.45 
ahead at 3.945.S0. white the 
more broadly based Standard 
& Poor’s 500 was 1.51 better at 
472.70. Volume on the Big 
Board was light, with 14Sm 
shares traded by early after- 
noon. 

In the secondary markets, 
the American SE composite 
was up 0.S7 at 450.T3. and the 
Nasdaq composite was 0.45 
higher at 77S.54. 

A dearth of fresh economic 
news allowed the market to 
put aside its concerns over the 
pace of economic growth and 
concentrate on a few favoura- 
ble developments for key indi- 
vidual stocks. 

The bond market was mar- 
ginally supportive in that it 
managed to steady itself after 
Friday's rout. By midday, 
prices on the inflation-sensitive 
long end w ere edging higher in 
lacklustre activity. However, 
the overall tone remained neg- 
ative in view of last week's 
stronger lhan-expected read- 
ings on industrial production 
aud capacity utilisation. 

Sentiment was decidedly 
more positive in stocks, as it 
had been on Friday. The Dow 
industrials were showing sur- 
prising buoyancy during a 
morning when only slim gains 
had been expected. 

Coca-Cola was one of the 
companies fuelling the 
advance. The stocks climbed 
SI'-i to $4S on the company's 
announcement that its third- 
quarter sales volume would 
exceed analysts' projections. 


Canada 


Toronto built on the strength 
of blue chips to move higher 
and the TSE 300 composite 
index was 28.02 higher at 
4.431.87 by noon, in volume of 
30.0m shares. 

Toronto’s utilities group 
added 54.14, or 1.5 per cent, to 
3.614.64 on gains in telephone 
company shares following a 
Canadian Radio-television and 
Telecommunications Commis- 
sion ruling allowing then to 
enter some multimedia mar- 
kets and raise local rates. 


MARKETS IN PERSPECTIVE 


*li ctungo in local cumncy t 

% chxgo 
starting t 

% dnga 
MUSS t 


■ Week 

4 Wo-Jfc* 

1 tw 

Slat ol 

taw 

Start al 
IBM 

Start of 
199+ 

Ausuia 

-4.08 

-1.37 

+7.04 

-8.17 

-3.48 

+3.35 

&Hqium 

-2.40 

-2.53 

+4.58 

-7.48 

-1.26 

+5.71 

Denmark 

+0.06 

-3.27 

+2.67 

-7.18 

-2.85 

+4.01 

Finland 

-2.76 

+3.38 

+43.17 

+23.88 

+30.08 

+45.68 

Franc* 1 

-1.26 

-3.31 

-4.23 

-13.42 

-9.16 

-2.74 

Germany 

-3.06 

-1.17 

+11.18 

-7.69 

-2.63 

+4.26 

Ireland 

-1.56 

+5.43 

+17.14 

+4.09 

+7.56 

+15.18 

Italy 

+3.67 

+2.30 

+11.69 

+1 0.15 

+13.28 

+21 2.7 

Notftertands 

-1.38 

+0.01 

+11.95 

-4.30 

+0.69 

+7.79 

Norway 

-3.90 

-5.62 

+9.96 

-1.16 

+2.95 

+10.22 

Spam 

-0.45 

-1.41 

+2.17 

-9.29 

-5.19 

+1.51 

Sweden 

+0.33 

+2.62 

+15.73 

+4,11 

+9.15 

+ 16.87 

Switzerland 

-1.2S 

+1.13 

+10.87 

-10.52 

-2.74 

+4.14 

UK 

-2.54 

■4.01 

+2.23 

-9.77 

-9.78 

-3.40 

EUROPE 

-1.71 

-1-93 

+5J33 

-7.87 

-4.73 

+2.01 

Australia 

+0.13 

-0.14 

+9.73 

-4.25 

-1.97 

+4.95 

Hong Kong 

-1.59 

+6.84 

+39.68 

-16.25 

-21.77 

-16.25 

Japan 

-0.47 

-3.97 

-4.11 

+8.52 

+14.43 

+22.52 

Malaysia 

+1.19 

+5.44 

+48.75 

-5.50 

-6.94 

-0.37 

New Zealand 

-2.01 

+3.36 

+10.77 

+0.65 

+1.54 

+8.72 

Singapore 

+0.86 

-0.17 

+18.67 

-7.45 

-6.22 

+0.41 

Canada 

+1.69 

+5.44 

+15.14 

+4.60 

-4.21 

+2.56 

USA 

+0.61 

+ 1.-14 

+2.31 

+1.17 

-5.50 

+1.17 

Me>ico 

+1.49 

+3.06 

+51.15 

+7.04 

-8.60 

-2.15 

Sculh Africa 

-2.23 

+0.34 

+55.77 

+19.33 

+8.54 

+16J1 

WORLD INDEX 

-0.37 

-0.87 

♦34)7 

♦0.19 

-034 

+6.70 


T BoMtJ on Soptandro iBOi 19*4. CopfrioM. The Financial Tlmt» LkM, Odd mm. Sacha A 
Co .and NatWnai SncurUn Limited. 


There was a fnrthcr spate of turbulence among the European 
markets on Friday as Wall Street reversed the strong gains 
seen the day before. But even in a week of generally negative 
news one or two of the world's equity markets managed a 
climb into positive territory. Italy's near 4 per cent rise, for 
instance, assisted by expectations of good news from the 
forthcoming half year results season, restricted the Euro- 
pean component of the FT-Actuaries World indices to a 1.7 
per cent fall on the week, still 2 per cent up in dollar terms 
since the start of the year. 

Tomorrow sees ilie release of the French budget, while Den- 
mark goes lo the polls on the same day. two events which 
are likely to affect the financial markets. According to Blku- 
ben Securities the parliamentary elections in both Sweden 
and Finland are likely lo have only limited, short-term 
effects on the markets. Or greater importance will be the EU 
referendum*. they say, while on the longer outlook they 
expect a more positive tone to prevail. 


EUROPE 


Hochtief, Holzmann draw interest in Frankfurt 


though its net income was 
likely to approximate expecta- 
tions. 

Exxon was also giving a 
boost to tbe blue-chip index. 
The stock gained $l‘i to $60 
after a jury ordered the energy 
group to pay S5bn as punish- 
ment for its responsibility for 
the 1989 Exxon Valdez oil spill. 
The award, which had been 
announced Lite on Friday, was 
not large enough to damage 
the company's long-term per- 
formance, analyst 1 ; said. 

The court decision prompted 
Bear Steams to lift its rating 
on Exxon. But the securities 
house downgraded Atlantic 
Richfield, and its share price 
back tracked $2V. to $101V* as a 
result. 

Elsewhere. Time-Warner was 
marked up Sl^i to $38 on a pub- 
lished report which raised the 
possibility of the media group’s 
merger with General Electric. 
GE, which later denied such a 
move was under consideration, 
slipped $Vj to $50*4. 

The NYSE's most active list 
was led by Digital Equipment. 
The stock jumped $1% to $26V< 
after Cuwen & Company issued 
a "strong buy" recommenda- 
tion, citing confidence that the 
computer company would soon 
return to profitability. 


The continental bourses went 
their own diverse ways yester- 
day for no a pparent reason. 

FRANKFURT retreated a fur- 
ther 1 per cent but turnover 
was low. The Dax index fell 
21.97 during the official session 
to 2,096.76. recovering slightly 
In the post-bourse to 2,100.55. 

Turnover was DMdJjbii. 

Some brokers have become 
cautious on Germany as the 
shadow of the federal election 
on October 16 has begun to be 
cast over the country’s finan- 
cial markets. Merck Finch 
remarked that since December 
1993 the Dax had moved in a 
range between 2,000 and 2.270, 
while during that same period 
volatility had risen. It expected 
this sideways trend to continue 
ahead of next month's polling. 

BNP analysts were more pos- 
itive on a six month view, hav- 
ing upgraded weightings in 
cyclical and financial shares, 
underweighting domestically- 
orientated companies, and 
observing that the market 
remained attractive on an 
earnings yield basis. BNP had 
a target or 2,660 for the Dax by 
the end of next year. 

The main news was an 
announcement in the contrac- 


tion sector that Hochtief 
intended to raise its 20 per cent 
stake in Holzmann to 30 per 
cent The former’s shares put 
on DM4 to DM1,030. while the 
Latter rose DM19 to DMS82. 
Hochtief said that it would pur- 
chase the stake from BfG 
Bank. Holzmann, the country’s 
largest construction group, 
later said that it was willing to 
cooperate with Hochtief, but 
would maintain its indepen- . 
dence. 

PARIS edged dawn a notch 
as investors awaited tomor- 
row’s budget, even though 
most of the proposals have 
already been factored into 
prices. The CAC-40 index lost 
1.72 to 1.92267. 

JP Morgan commented that 
given the expected neutral 
stance of the budget there was 
unlikely to be a significant 
effect on sectors. Investors 
were instead keeping an eye on 
the presidential elections, 
scheduled for May 1995, after 
which key decisions on reduc- 
ing^ deficit would be made. 

ZURICH turned higher with 
Roche and Nestte leading the 
way and Wall Street's morning 
performance also providing a 
late fillip. The SMI index rose 


IfT-SEA; 



ire- Iridic*" 

•s t" >: 


1 

Sep 19 




THE EUROPEAN SERES 

Hasty changes 

Open 

1030 

11.00 1100 

1100 

14.00 

15.00 dm 

FT-5EEura&acklOQ 
FT-SE Eurrtxk 300 

135432 

140057 

135435 

1401.75 

135483 1351.81 1352.51 
1402.16 1399.51 1400.71 

13540B 

140181 

135682 135686 
140430 140485 



Sep IB 

Sep 15 

Sep 14 

Sep 13 

Sep 12 

FT-SE Bautijck 100 
FI-SE Eurobaft £00 


1358.91 

1406-28 

136&54 

141584 

136068 

140185 

1367.41 

141144 

136889 

1416.17 


(ndicea rebased 
712 ■— 


Bn UXMeaiaSRHGMBr MB- 1357.3? 2BQ ■ 140537 Lamar 100- 1351 JS 200 ■ 130511 t Pans# 


11.4 to 2,614.7. Nestle registered 
rose SFrl3 to SFrl,213 in 
response to Friday's first half 
figures and as Goldman SaeKc 
raised its rating to moderate 
outperformer from market per- 
former and also increased its 
earnings estimates for this 
year and 1995. Nestfe said yes- 
terday that its purchase of 
Alpo Petfoods in the US from 
Grand Metropolitan of the UK 
was aimed at complementing 
its existing product line in pet 
care in the US. 

Roche certificates, SFrllO 
higher at SFr6,070. found fresh 
favour with foreign buyers 
after their lower trend in 
recent sessions. Ciba bearers 
climbed SFr4 to SFiT74 while 
Sandoz bearers ended SFr6 
weaker at SFr678. 

Swissair declined SFr5 to 


SFT850 ahead of the release 
today of consolidated first half 
results, with estimates ranging 
from a loss of SFr25m to a 
profit of SFr3(K35m. 

AMSTERDAM moderated 
slightly, the AEX index drift- 
ing down 0.49 to 407.09, after 
testing the 405 support level 
Heineken went against the 
trend, improving FI 2.90 to 
FI 241.00. on news that its was 
to build a new brewery in 
China at an initial cost of 
$67m. 

MILAN picked up in the 
wake of a strong performance 
from Flat as expectations grew 
of favourable first half figures. 
The Comit Index clipped 3.96 to 
674J>3. but the real-time Mflitel 
index finished 42 higher at 
10,626 as Fiat picked up L100 to 
L6.600. Among other industrial 



did 1994 

Source: FTGrapPte 


Sop 


stocks following Fiat's lead. 
Montedison edged L7 higher to 
Ll.427 after Friday’s 3.2 per 
cent advance in the wake of 
half year figures. Snia added 
L45 to L2.190 while Pirelli 
added L65 to L2.565. Olivetti, 
launching a new company, Oli- 
vetti Telemedia, to focus on 
activities in telecommunica- 
tions and multimedia, dipped 
LID lo wer t o 122,035. 

STOCKHOLM closed the ses- 
sion lower, but recovered from 
opening lows on news that the 
Social Democrats had not 


secured a parliamentary major- 
ity. 

The AffarevSrlden general 
index closed the day 6.2 lower 
at 1.443.1. having earlier fallen 
by 1 per cent. 

Brokers remarked that com- 
ments Mr Ingvar Carlsson, 
prime minis ter designate, that 
he intended an early imple- 
mentation of proposals to 
tighten the budget-making pro- 
cess, helped to calm nerves. 

Turnover was 5Kr2.4bn from 
Friday's SKi3.7bu. 

COPENHAGEN was 
becalmed ahead of tomorrow’s 
general elections, with dealers 
seeing no revival until after 
the vote is over. 

The top-20 KFX index closed 
just 0.06 higher at 97.16 but 
turnover fell to a meagre 
SKr320m. 

ISTANBUL fell 3.8 per cent 
as political uncertainty was 
triggered by the prospects of a 
parliamentary by-election 
which could lead to the col- 
lapse of the three year old 
coalition government. The 
composite index fell 900.72 to 
22.7S5.09. 


Written and edited by John Pitt 
and Michael Morgan f 


ASIA PACIFIC 


Nikkei 


Tokyo 


Last minute selling by compa- 
nies looking to boost profits 
depressed the Nikkei index, 
which fell 1.2 per cent, its third 
consecutive decline, writes 
Emiko Termono in Tokyo. 

The Nikkei 225 index lost 
242.15 to 19.554.11, having 
opened at a high of 19.79136 
and falling to a low of 19,543.41 
just before the close. Arbitrage 
selling also weighed on prices 
while broad based corporate 
selling increased the bearish- 
ness. 

Fears of over-supply lingered 
in spite of weekend reports 
that Mitsubishi Heavy Indus- 
tries was likely to postpone its 
large-lot convertible bond issue 
scheduled for next month. 

Worries over the yen's fur- 
ther appreciation also pre- 
vailed and many investors fear 
that a breakdown of the bilat- 
eral trade talks between the US 
and Japan could create 
renewed turmoil on the cur- 
rency markets. 

Volume remained almost flat 
at 258m shares against 250m. 
The Topix index of all first sec- 
tion stocks declined 14J53 to 

1.561.68 and the Nikkei 300 lost 

2.68 to 285.27. Declines led 
advances by 787 to 194, with 
181 issues remaining 
unchanged. 

in London the IS E/Nikkei 50 
index index rose 1.05 to 
1.275.44. 

Toyota Motor, the day's most 
active issue, fell Y50 to Y1.960 
on profit-taking by corporate 
investors and foreigners. Some 
electronics stocks were also 
sold on profit taking by compa- 
nies - Oki Electric lost Y15 to 
Y750 while Toshiba declined 
Y7 to Y737. 

Seiyu, the supermarket 
chain, fell Y40 to Y1.350, Inves- 


kxfcas rebased 
102 — 


FT- A World 
fox Japan) 



September 1994 
Source: FT GrapKta 


tors were discouraged by 
reports that the retailer’s pre- 
tax profits were likely to 
decline by 59 per cent to 
Y3.1bn for the first six months 
to September. 

All sectors declined except 
for pharmaceutical companies. 
Takeda Chemical added Y20 to 
YL220 and Yamanouchi Phar- 
maceutical rose Y10 to Y1.930. 

Mitsubishi Heavy Industries 
gained Y6 to Y749 on reports of 
its likely delay in its convert- 
ible bond flotation. However, 
traders said that Matsushita 
Electric Industrial was still 
likely to issue some Y20bn in 
CBs next month. 

Speculators bought Hanwa, 
the steel trader, which gained 
Y16 to Y450. 

In Osaka, the OSE average 
feu 185.04 to 21,815.53 in vol- 
ume of 66m shares. Nintendo, 
the video game company, feU 
Y310 to Y5.910. 


Roundup 


The region's markets saw a 
mostly depressed performance. 
Seoul and Taipei were closed 
for public holidays. 

HONG KONG finished 1.7 per 


Sharp losses in S Africa 


Shares in Johannesburg closed 
with heavier than expected 
losses as the firmer financial 
rand, consolidating gold price 
and nervousness over world 
markets discouraged buyers. 
Reuter reports. 

Dealers said disillusionment 
over the gold price was creep- 
ing in and, although the 
undertone was bullish, gold 
aud mining related share 
prices would continue to drift 


downwards on profit-taking. 

The overall index lost 67 to 
5,764, the industrial index 
shed 66 to 6,454 and the gold 
index was 48 down at 2,356. De 
Beers was off R3.25 at R105.25 
while Anglos shed R5 to 
R238. 

Elsewhere Gold Fields fell 
R3 to R125 and Minorco sbed 
Rl-70 to Rll.55. Lonrho went 
against the trend to add 10 
cents to R9.30. 


J-<-!l. OVTipdCua Oy Ttv! 
NATIONAL AND 
REGIONAL MARKETS 

in pjfi-n:h'.Wi 
iho* rtfjmtjw ol hwt, 

Ct '40CK 


Sxtiu & Co and 

V SEPTEMBER 18 

Yen DM 

Ir*ao. inda* 


■on Function with the insUtuta af Actuaries and the Faculty of Actuaries 

THURSDAY SEPTEMBER 15 1994 DOLLAR INDEX 

US Pound Local Year 

Dollar Sterling Yen DM Currency 52 week 52 weak ago 

meat Index Mm Index Index Wah Low (approx) 

US Dos v , 

Ddiar Charge 

°«jna 

Sidling 

imte< 

Local 

Curency 

Index 

Local 
% chg 
on day 

Gross 

DrJ. 

Yie«3 

iljIHTilia ■«tl 

... 175.13 

06 

16392 

109.44 

140.00 

156 50 

0.5 

354 

174.0B 

185.07 

109.38 

138.98 

155.77 

189.15 

139.73 

139.73 

Auill'l l'^.. 

.. 191.17 

-0.7 

178.92 

119.43 

152.81 

152.94 

-1 .3 

1.04 

182.45 

162.49 

120.90 

154.75 

164.33 

138.89 

16424 

171.18 

tcljajni ..)■! 

..171 94 

0 ' 

160 33 

107 44 

137.45 

134.16 

0.0 

4.12 

170.82 

161.99 

107.31 

137 .36 

134.17 

177.04 

14322 

151.88 


. 139 X 

1.0 

1JJ34 

87.CC 

111 32 

126.18 

a.s 

2.46 

137.84 

130 71 

8859 

110.84 

135.11 

145J1 

120.54 

124.30 

t>em- n» C31 . . 

.. 2ii 11 

na 

240.65 

160.66 

205.5J 

712.05 

00 

1.40 

255.03 

241 .84 

16021 

205,07 

211.96 

276,79 

22324 

231.40 

Frfii-jnrtrrJ' . . 

179 43 

;o 

167.-39 

112.15 

1+3.47 

185.46 

□ 9 

0 76 

175 99 

166.88 

110.65 

141E1 

184 JX) 

1B1 70 

1CM.28 

10824 


171 »J 

-1.5 

160 l« 

106.94 

136 80 

141.10 

-2 3 

3.12 

173.33 

164.98 

109^9 

139.90 

144.43 

185.37 

16924 

16721 

ocrthjl, ,:>?• . . . 

. . Kri.,j 

00 

i jo as 

91.37 

1 16 W 

116 08 


1.76 

145.09 

137.59 

01.15 

116.07 

11067 

150.40 

124.39 

125.86 

Hi«vt K :m l5ul . 

409 81 

1 1 

2-13 57 

*66.09 

327 60 

406 55 

1.1 

3.0i 

405 52 

364.55 

254.75 

326.09 

402J9 

506J6 

2S2.08 

23322 

Iic'.via i' 1; 

.. L13.J9 

l?S 

199 6’ 


170.50 

192.76 

-0.2 

3.31 

211-34 

200.30 

132.89 

170.11 

193.18 

216.80 

181.54 

160.87 

ILJ- iih 

33 IS 

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T++ Franeud ThwM Lmwl. £afc)mvi. and Co and )uiUki S*uHI-*, lfwa 198.’ 

Lsrc-,' jn:ea mer.' uj-jt. uai let O*.; -a'xn PLEASE NOTE: Coralttuenl dungo Ujrto dang* AflxM-L'y'm m Hbaa Donweq ( 1*4 



cent lower on a round of late 
selling but trading was very 
quiet ahead of tomorrow's mid- 
autumn holiday. The Hang 
Seng Index fell 167.09 to 
9,801.43 after hovering near 
9.850 for most of the day, amid 
worries of further falls on Wall 
Street Turnover was HK$3.0bn 
ag ains t HK$4.1bn on Friday. 

HSBC Holdings feU HK$L75 
to HKS89 and Hongkong Tele- 
com eased 35 cents to 
HKS15.65. 

Jardine Matheson closed 
HK$2£0 lower at HK$72 before 
announcing a 24.2 per cent 
jump on its Interim profit, 
shortly after the market closed. 

Other shares of the Jardine 
group also fell, mainly on news 
of an immin ent delisting from 
the Hong Kong market Hong- 
kong Land slipped 90 cents to 
HK$19.85. Dairy Farm eased 35 
to HKS11.30 and Mandarin Ori- 
ental fell 50 to HK910.7D. 

The H share index of main- 
land China stocks eased 4134 


or 29 per cent to 1,44194. 

MANILA was weighed by 
profit-taking that left the com- 
posite index 6.17 lower at 
2,936.21. Volume dropped to 
2.4bn shares from 3.24bn. 

Megaworld Properties and 
Holdings was the top gainer, 
climbing 11 per cent to 12.75 
pesos ahead of the announce- 
ment of a huge low-cost hous- 
ing project that is expected to 
further strengthen earning s. 

The newly-listed Mondragon 
International Philippines fell 
4.4 per cent to 6J50 pesos on 
profit-taking. 

SINGAPORE was worried 
about inflation and the future 
direction of US interest rates 
and the Straits Times Industri- 
als index fell 2533 or 1.1 per 
cent to 2J271.85. 

SHANGHAI'S A share index 
fell 5.4 per cent at the close, 
mainly on news that the stock 
exchange authorities will crack 
down on brokerages which fail 
to settle their transactions. 


three times a month. 

The A index fell 55.22 points 
to 959.24, dropping below the 
key support level of 1.000 
points on shrinking turnover 
of Yn3.8bn. 

Brokerages on the exchange 
are said to have run up 
Yn500m in deficits since 
August 1 when the market 
began surging. 

Shanghai's B share index 
edged up on a technical 
rebound after losses in the past 
three trading days. The index 
gained 0.61 to 82.94. 

KUALA LUMPUR saw for- 
eign selling of blue chip stocks 
which dragged the composite 
index 4.61 lower to 1,180.66. 
ending a four-day rising streak. 

North Borneo Timber surged 
M|l. 10 to M$14.40 before Its 
suspension at mid-morning 
amid speculation that a Sabah 
state timber concession will be 
injected into it 

SYDNEY was lower in list- 
less trading, following on from 


Friday's fall on Wall Street 
but buying support for some 
industrial and oil and gas 
stocks restricted the decline. 

The Ail Ordinaries Index 
closed 9.9 lower at 2,049.1. 

WELLINGTON staged a 
comeback though the day to 
wipe out most of its early 
losses and the NZSE-40 capital 
Index closed 6.20 lower at 
2,105.67, after an intraday low 
of 2,083.66. 

The leaders were mixed, 
with most interest in Fletcher, 
which finished up 1 cent at 
NZ$4.42. 

BOMBAY dipped in response 
to hectic profit booking, in 
both specified and cash group 
shares, by financial institu- 
tions. The BSE 30 share index 
fell 63.82 or 1.4 per cent to 
4,553.79. KARACHI was 
clouded by uncertainty about a 
general strike called by the 
opposition for today and the 
KSE 100-share index fell 12.01 
to 2204.61. 


The First South African 
International Convertible 


Tho annxi nee me ni appears « a rcanerof record only. 


Liblife International B.V. 

I woorporanl In The tJaherkuub umOi tmaud fahfiry } 


US$320,000,000 


6 '/z per cent. Convertible Bonds due 2004 
convertible into ordinary shares of 



Liberty Life Association of Africa Limited 

(incorporated in the Republic cf South Africa u uh lunaed babtfity) 


Issue Price: 100 per cent. 


Robert Fleming &■ Co. Limited 
Merrill Lynch International Limited 
Nomura International 


UBS Limited 
Swiss Bank Corporation 


DreadnerBank 

AkdnvHMun 

NM Rothschild and Smith New Court 


Paribas Capital Markets 
Bank Julius Baer fir Co. Ltd. 


Barclays de Zoete Wedd Limited 
Bear, Stearns International Limited 
Credit Lyonnais Securities 
Haxnbros Bank Limited 
Klein wort Benson Securities 
Salomon Brothers International Limited 


Baring Brothers & Co., Limited 
James Capel fir Co 

CS First Boston 

Indosucz Capital 
Lehman Brothers 
Socfcte Generate 


July. BW 


FLEMINGS 


INTERN VTIONAL INVESTMENT BANKING 


FIemng\ 


Martin 


Robert Fleming & Co. Limited 
Tel: (44-711 638 5858 
Fax: (44-75} 382 8414 


Fleming Martin Ltd 
Tel: (44-71)382 8810 
Fax: (44-71)374 4815 


Issued btt Robert Fleming & Co Limited. a member of The Urnebm Stock Exchange and The Securities and Futures Authority Limited 



d$ ?: 


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