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Squaring the circle 

Pay and jobs in 
the world economy 

Samuel Brittan, Page 13 



Sign ef the times 

Advertisers' dream 
in Russian cities 



M an' v mac^ies 

1 ‘i.n. " yt <r 

Can corifputer models 
beat the market? 

Pace 10 



US takeovers 

Rumour mania back 
in full swing 

Page 12 


FINANCIAL TIMES 



v. v:pAoe” 


Bonn lifts growth 
forecast to 2.5% 
ahead of election 

German economic 
growth was forecast to 
increase next year after 
this year’s faster-than-ex- 
pected recovery from 
recession. Econo mics 
minister Gflnter Rexrodt 
(left) told parliament the 
government expected the 
economy to grow by 3 
per cent in 1995. For this 
year he estimated that 
expansion would reach 
Z5 per cent instead of a previously projected 125 
per cent. The optimistic predictions, just ahead of 
the October 16 federal elections, coincided with the 
release of data showing a slower-than -expected 
growth in August money supply. Page 14 and Lex 

Cash flows out of BAe: Underlying profits at 
British Aerospace trebled to £90m ($l39m) from 
£2Sm in the six months to June 30, but BAe shares 
fell 26p to 445p when the market learned that the 
company saw a first-half ca«h outflow despite the 
£800m sale of Rover to German ca rmaker BMW. 
Page 15; Lex, Page 14 

Polish PM accused over sell-off delay: 

Polish prime minister Waldemar Pawlak was 
accused of blocking the country’s privatisation 
scheme, which was launched four years ago and 
has limped through five governments. Page 2 

Imi half-year profits down: Consolidated 
interim profits at partly-privatised Italian banking 
group Istituto Mobiliare Italiano fell to L2Q8Jbn 
(SI 33m) from L283ta because of difficult financial 
markets. Page 16 

No charges against Michael Jackson: 

Prosecutors in Los Angeles said they would not 
bring criminal charges against Michael Jackson 
despite a 14-year-old boy's claims that the singer 
sexually molested him. 

UK’s non- Eli exports rise: British exports to 
countries outside the European Union rose to 
record levels last month, with UK manufacturers 
reaping the benefits of strong growth in the US and 
Far Eastern economies. Page 7 

Lehman Brothers barely breaks even: 

Lehman Brothers, US Investment bank spun off 
from American Express, barely broke even in the 
three months to the end of August, managing a 
return on capital of 1.6 per cent Page 16 

Arjo not to bid for US paper mills: Shares in 
Arjo Wiggins Appleton rose 12p to 263p after the 
Anglo-French paper gro u p denied it would bid for S. 
Warren, owner of four big US paper mills, which is 
being auctioned by Scott Paper Company. Page 16; 
Lex. Page 14 

Chilean cabinet changed after criticism: 

After only six months in office, Chilean president 
Eduardo Frei of Chile reshuffled his cabinet in 
response to criticism. Page 6 

Pakistan to buy French submarines: 

Pakistan said it would buy three Agosta class sub- 
marines from France in a deal worth 5950m (£61 3m). 
Page 3 Thaw sets in with Pakistan, Page 4 

Japan's GOP down CL4% in quarter: The 

weakness of Japan's economic recovery was under- 
lined by figures showing a drop of 0.4 per cent in 
gross domestic product in the second quarter. 

Page 5 

Tokyo brokers lower forecasts: Sluggish 
trading volume on the Tokyo stock market has led 
Japan's “big four" brokers - Nomura, Dafwa, Nikko 
and Yamaichl - to revise downwards their interim 
earnings forecasts. Page 19 

England strficer Gary Lineker to retire 

Former England striker 
Gary Lineker (left) is to 
retire from soccer in 
November because of 
injury problems. Lineker, 
33, joined his home-town 
club Leicester in 1978 
and later played for Ever- 
ton, Barcelona and 
Tottenham before mov- 
ing to Japanese side 
Grampus Eight During 
his 80-cap England career 
he scored 48 goals, one short of Bobby Charlton’s 
record. 

Spanish incentives boost car sales: The 

Spanish motor industry claimed that new car sales 
rose by 85.000 in the five months to August because 
of government financial incentives for the scrap- 
ping of old cars. Page 2 


THURSDAY SEPTEMBER 22 1994 





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Thatcher backs down in S Africa row with Major 

UK prime minister speaks of optimism for country’s future 


By Kevfo Brown, Political 
Correspondent, In Johannesburg 

Mr John Major, UK prime 
m i n ister, won a signal victory 
over Baroness Thatcher, his pre- 
decessor, last night when the for- 
mer prime minister backed down 
after a long-distance row over 
South Africa's economic pros- 
pects. 

The row, which threatened to 
overshadow a three-day official 
visit to South Africa by Mr 
Major, arose after Lady Thatcher 
during a trip to India dismissed 
South Africa’s hopes of attracting 
international investment 


She told businessmen at an 
official British gathering in Bom- 
bay that investors were afraid of 
violence and social unrest in 
South Africa, in spite of the for- 
mation of a government of 
national unity after the country's 
first all-race elections in April. 

“What yon are getting is people 
who look at the rest of Africa. 
They say ‘Look at Rwanda, look 
at Somalia’. Are we going to have 
the same thing happening In 
South Africa?" she said. 


Lady Thatcher, who also 
described Nigeria as “a terrible 
mess", pointed to tensions 
between Zulu leaders as evidence 
of continuing friction in South 
Africa. “There will be a certain 
amount of trouble there. This is 
why people are holding back," 
she said. 

However, after a vigorous 
rejection of her views by Mr 
Major and British business lead- 
ers, Lady Thatcher issued a state- 
ment saying that she “fully sup- 


ports the new democratic govern- 
ment of South Africa and Teels 
that the country will attract the 
inward investment it so much 
needs". 

In a clear attempt to repair the 
diplomatic damage in South 
Africa, the statement said that 
Lady Thatcher “further hopes 
that the prime minister's present 
mission to that country will be 
highly successful". 

Her views contrasted with the 
tone of Mr Major's visit, during 


which he has expressed confi- 
dence in the South African gov- 
ernment's ability to achieve eco- 
nomic prosperity. British officials 
are aware that Lady Thatcher is 
a controversial figure among 
black leaders, many or whom 
were angered by her reluctance 
to endorse sanctions against the 
former all-white government. 

Without responding directly, 
Mr Major went as far as he could 
to rebuke Lady Thatcher without 
naming her. suggesting that she 


was out of touch with events in 
South Africa. 

In a speech to businessmen 
in Johannesburg he said South 
African optimism about the 
future was “well founded" and a 
"vast array” of investors was 
willing to invest. 

Mr Major was backed by Mr 
Howard Davies, head of the' Con- 
federation of British Industry, 
who yesterday met several dozen 
top SouLh Africa business people 
to debate economic prospects and 
business opportunities. 

Major impresses. Page -1 
Editorial Comment. Page 13 


Aristide forms 
Haiti transition 
government team 


By Junes Hartlng in 
Port-au-Prince and George 
Graham in Washington 

Haiti’s exiled president 
Jean-Bertrand Aristide appealed 
for calm in his country yesterday 
and announced the formation of 
a transition team to pave the way 
for his return before October 15. 

Mr Aristide urged the people of 
Haiti to “be vigilant and guard 
against provocation", and called 
on Haitian elected officials to 
resume their offices in prepara- 
tion for his return to power. 

“In less than 24 days I will join 
you In Haiti. Then we will con- 
tinue working as peacemakers, 
peacekeepers and peace lovers,” 
Mr Aristide told reporters on the 
steps of the Pentagon after being 
brieffed by top US military offi- 
cials on the progress of the US 
occupation of Haiti. 

In a striking reversal from the 
frosty tone of his statement on 
Tuesday, Mr Aristide also 
thanked the US for its actions. 

But Mr Aristide warned that 
the success of the US mission 
was “directly tied to the process 
of disarmament” of the Haitian 
military and paramilitary forces. 

The US military command reaf- 


firmed its commitment to coop- 
erating with the Haitian military 
and leaving law enforcement to 
local police, in spite of incidents 
of political violence. 

As Washington insisted that 
US personnel should not inter- 
vene in domestic policing, the 
implication was that the US 
forces serving in Operation 
Restore Democracy could not 
guarantee Haitians free political 
expression. 

General Hugh Shelton, the US 
commander of the joint task 
force In Haiti, said the Haitian 

Editorial Comment Page 13 

police intervention on Tuesday, 
which left one man dead and 
many injured, constituted a 
“human rights issue”. However, 
he concluded that “the co-opera- 
tion, the teamwork [between US 
and Haitian soldiers] has just 
been splendid'’. 

At a meeting yesterday morn- 
ing between the US and Haiti’s 
commanders, Gen Shelton prom- 
ised to call on Gen Raoul Cedras, 
leader of the Haitian junta, to 
“pull the chains back” on his 
militia. However, he went on to 


say that the police were made up 
of “various frictions . . . some of 
these General C£dras does not 
have control of. 

The statement will fuel con- 
cerns among those who feel the 
partnership - with men whom 
US president Bill Clinton last 
week criticised for despicable 
brutality - is untenable. 

Even some members of the US 
10th Mountain Division in Port- 
au-Prince confessed to feeling 
“helpless” and “frustrated” at not 
being allowed to intervene. 

Some said their rules of 
engagement remained loosely 
defined, which allowed one group 
of servicemen to arrest three Hai- 
tian soldiers found near a small 
US ammunitions stockpile. 

There were reports of another 
scuffle near the airport yester- 
day. 

With nearly 10,000 US troops 
expected to have reached Haiti 
by last night, Mr Clinton's top 
aides in Washington echoed the 
claim of Gen Shelton that the 
beatings of supporters of Mr Aris- 
tide were “isolated instances”. Mr 
Leon Panetta, White House chief 
of staff, said; “There’s no ques- 
tion these are tragic and disturb- 
ing scenes that affect us alL” 


NEC plans 
$800m 
microchip 
plant in 
Scotland 


By Alan Cane in London, 

William Dawkins 'm Tokyo and 
James Buxton in Ednburgh 

NEC, the Japanese electronics 
g iant , yesterday announced that 
it intended to spend "YSObn 
(8808m) to build a semiconductor 
manufacturing plant in Livings- 
ton near Edinburgh in Scotland. 

The factory, an addition to 
NEC's existing Livingston facili- 
ties, is expected to create 430 jobs 
on top of the existing 940. Scot- 
land won the decision in competi- 
tion with NEC’s largest semicon- 
ductor plant in Roseville, 
California. 

Mr lan Lang. Scottish secre- 
tary, said the plant was the larg- 
est single inward investment 
project attracted to Scotland and 
one of the largest secured by the 
UK. He said that development 
grants to NEC for the project 
were small compared with the 
overall investment. 

However, less than half the 
funds are likely to be spent in the 
UK. NEC says Y20bn will be 
spent on construction while 
Y60bn will go an manufacturing 
equipment. The Japanese com- 
pany will be working at the lim- 
its of semiconductor technology 
and the equipment to make tins 

Continued on Page 14 

Japan spends. Page 7 


Swedish Social 
Democrats to form 
minority government 


By Christopher Brown-Humes 
in Stockholm 

Mr Ingvar Carls son, Sweden's 
prime minister-elect, said yester- 
day he would form a minority 
government after the victory of 
his Social Democratic party in 
Sunday’s elections. 

His announcement, after talks 
with cither party leaders, disap- 
pointed business leaders who bad 
hoped he might try to form a 
majority coalition with the cen- 
trist Liberal party. 

The news was not unexpected 
and markets responded calmly. 
Bond yields edged up and both 
the krona and share prices weak- 
ened slightly, but Standard & 
Poor’s, the US rating agency, 
reaffirmed its rating on Sweden's 
long-term senior foreign-currency 
debt at AA plus. 

Mr Carlsson said a minority 
government would be able to deal 
more effectively with the coun- 
try’s large budget deficit and bet- 
ter assure the country’s acces- 
sion to the European Union than 
a coalition. He was confident of 
being able to work across party 
boundaries and gain support for 
spending cuts and increased reve- 
nue worth SKrfilbn ($&2bn) to 
the budget 

“The government which has 
the best chance to create broad 
agreement in the Riksdag (parlia- 
ment] is a Social Democratic gov- 
ernment,” he sail 

The Social Democrats hold 1G2 
seats in the Riksdag, 13 short of a 


CONTENTS 


majority. They are likely to rely 
on the former communist Left 
party or the Green party on some 
issues and the Liberals or the 
Centre party, both members of 
the outgoing centre-right govern- 
ment, on others. Any one party 
could provide the necessary sup- 
port for a majority. 

Mr Bengt Westerberg, the Lib- 
eral party leader, resigned imme- 
diately after Mr Carisson’s state- 
ment, criticising the Social 
Democratic leader for not trying 
to build a coalition. He indicated 
during the election that he would 
step down if his party lost sup- 
port - which it did - but it was 
clear that he would have been 
prepared to stay on to discuss a 
possible coalition. 

Financial markets wanted a 
Social Democratic coalition with 
the Liberals because they 
beheved it would lead to tougher 
action to curb Sweden's fast- 
growing debt and its budget defi- 
cit, which last year amounted to 
13 per cent of gross domestic 
product 

But the process was always 
going to be complicated by the 
Liberals' weak electoral showing 
as well as by internal resistance 
within both parties to an alli- 
ance. 

The yield on five-year Swedish 
bonds rose 6 basis points to 10.86 
after Mr Carisson's statement. 
The stock exchange general 
index fell fo/ 1 the third successive 
day. dosing 052 per cent, or UL97 
points, lower at 1,403.16. 



BacM issues. 


GddMMcstt. 
BouSy Options, 
int Bom Semes. 
Uanaged fiwli . 
Money Marta 


Tiadtad OpOons % 

LondcnSE 25 

Wafl Sow 33-30 


Danish voters back government 

idW- '' j. 

‘ W.1-- - ."-V tar'-nr...* 



Liberal party leader Uffe 
EHeman-Jensen (above) jokes 
with an election official 
before casting his vote yes- 
terday in the Danish general 
election. Exit polls on Danish 
television indicated his party 
would achieve the greatest 


gains, taking its representa- 
tion up from 29 seats to 
about 40, to become the sec- 
ond biggest party after the 
Social Democrats. 

Despite the strong perfor- 
mance by the rightwing Lib- 
erals the Social Democratic- 


led government of Poul Nyrup 
Rasmussen was set to 
remain in office even though 
it looked likely from the exit 
polls it would need the back- 
fog of the leftwing Socialist 
People's party to remain in 
power. Report, Page 14 w 


MC FINANCIAL TIMES LIMITED 1994 No 32,478 Week No 38 LONDON - PARIS - FRANKFURT ■ NEW YORK 


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2 


FINANCIAL, TIMES THURSDAY SEPTEMBER 1994 


NEWS: EUROPE 


Polish PM 
accused over 
sell-off delay 


By Christopher Bobinski in 
Warsaw and Anthony 
Robinson In London 

A political row over the future 
of Poland’s long-delayed mass 
privatisation programme 
erupted yesterday, revealing 
mounting frustration at 
months of inaction by the Pol- 
ish prime minister, Mr Walde- 
mar Pawlak. 

Mr Wieslaw Kaczmarek, the 
privatisation minister, accused 
Mr Pawlak of blocking the 
scheme, which was launched 
four years ago and has limped 
through five successive gov- 
ernments. 

The delays have angered 
potential foreign participants 
in the scheme and alarmed the 
international financial institu- 
tions which view privatisation 
as a test of Poland's reform 
intentions. Poland's letter of 
intent for its last $S00m IMF 
standby agreement promised 
enactment of the privatisa- 
tions. 

This promise will soon be 
tested when Poland asks the 
IMF for $400m to help fund the 
$1.9bn initial costs of the com- 
mercial debt reduction agree- 
ment which comes into force at 
the end of next month. The 
release of IMF funds will only 
follow a review of the letter of 
intent 

Mr Kaczmarek is from the 
Democratic Left Alliance 
(SLD), the largest party in a 
coalition with the Peasants' 
party (PSL1 led by Mr Pawlak. 
He told a meeting of the priva- 
tisation council, an official 
advisory body, yesterday that 
it was no longer a question of 
“mere delays" but that “brakes 
had been put on the scheme". 

Up to 450 state companies 
are due to be handed over to 
“National Investment Funds" 
(NIFs) run by foreign and local 
management groups, with 
shares in the funds distributed 
to Poles at a nominal fee. The 
previous Solidarity govern- 


ment approved 350 companies 
over a year ago and short- 
listed 19 management groups. 
Most are alliances between Pol- 
ish banks an d western finan- 
cial institutions, Including 
Klein wort Benson, Barclays de 
Zoete Wedd, Charterhouse and 
a raft of other European, US 
and Japanese institutions. 

Mr Kaczmarek has been 
waiting since July for Mr Paw- 
lak to approve 100 more compa- 
nies for the scheme. He also 
expected his signature an a list 
of members and chairmen of 
the supervisory boards to over- 
see the funds before Mr Pawlak 
left on Tuesday for a visit to 
China. 

Mr Pawlak departed without 
signing either. 

Meanwhile, Mr Alexander 
Kwasniewski, the SLD chair- 
man, was in London this week 
complaining that the delay 
over signing the privatisations 
into law was part of a pattern 
of delay and obstruction from a 
stubborn coalition partner. Mr 
Pawlak, for his part, has critic- 
ised the sell-off for giving too 
great a role to foreigners in the 
management of the funds. 

Mr Pawlak's failure to 
approve the last tranche leaves 
potential fund managers 
increasingly restive. Mr David 
Glasgow of Kleinwort Benson 
warned that further delay 
could adversely affect the 
bank's participation in other 
Polish projects. 

Several foreign bidders have 
spent up to $1.5m preparing for 
the scheme and have been 
waiting for two years in the 
hope of what could be signifi- 
cant rewards. 

UNP, a small London-based 
investment fund with strong 
Canadian interests, which has 
teamed up with Poland's Bank 
Gdanski and Murray John- 
stone from Scotland, recently 
claimed that the consortium 
stood to earn $150m in manage- 
ment and success fees over the 
10-year life of the funds. 


Nato diplomats 
impatient at UN 
caution in Bosnia 


By Bruce Clark, 

Defence Correspondent 

Nato ambassadors yesterday 
decided to extend air cover by 
alliance aircraft beyond Bosnia 
to a small part of Croatia near 
the Bihac enclave. This means 
that in principle alliance air- 
craft could cany out bombing 
raids against Serb positions in 
Croatia if the Serbs were 
attacking UN forces around the 
Bihac enclave in Bosnia. 

The alliance ambassadors 
agreed that air cover could be 
extended to the whole of Croa- 
tia. but that would require a 
more complex operation 
involving the UN authorities in 
Zagreb. 

Yesterday’s decision falls 
short of the imposition of a 
draconian "exclusion zone" - 
where all heavy weapons are 
subject to air strikes. Any 
move in that direction would 
require a fresh UN resolution. 

However, diplomats said that 
even limited Nato air raids on 
Serb positions in Croatia could 
mark an important twist in the 
conflict. 

Yesterday's meeting in Brus- 
sels was the latest in a series 
of moves towards a tougher 
Bosnian policy that has been 
taken at alliance headquarters, 
where frustration over the cau- 
tious tactics of UN command- 
ers on the ground is growing. 

The meeting took place amid 
pressure from US officials for a 


toughening of the application 
of existing policies in Bosnia, 
including the commitment to 
maintain six enclaves or “safe 
havens” for the government 
side. 

They say this is the mini- 
mum needed to parry pressure 
in the US Congress for a uni- 
lateral break by Washington 
with the international peace 
effort and stranger efforts to 
assist the Moslem cause. 

Bihac has been at the centre 
of a bitter upsurge in fighting 
over the past weeks, with Bos- 
nia’s Moslem-led government 
making spectacular gains 
against the Serbs and driving 
the local warlord, Fikret Ahdic, 
out of his stronghold. 

Fighting has spilled over into 
Croatia. 

Further reverses for the 
Serbs in the Bihac area would 
deepen the isolation of the Bos- 
nian Serbs, who are [being a 
cut-off in support from their 
kinsmen in Belgrade. 

Earlier this week, Gen Sir 
Michael Rose, the UN com- 
mander in Bosnia, raised eye- 
brows at alliance headquarters 
by threatening to call down 
Nato air strikes against Bos- 
nian government forces in 
Sarajevo, whom he accused of 
provocation. 

Nato officials have said that 
air raids against the govern- 
ment forces could provoke a 
bitter political reaction, espe- 
cially In the US. 



Russia’s secrets 
chief warns west 


Yevgeny Primakov yesterday: call for CIS defence union 


By John Lloyd in Moscow 

The head of Russia's foreign 
intelligence service yesterday 
warned the west that it must 
accept the re-integration of 
most of the former Soviet 
Union - or face the danger of a 
return to cold war postures fed 
by false fears. 

Mr Yevgeny Primakov, in a 
rare public appearance, said: 
“Integration [of the Common- 
wealth of Independent States] 
is an undoubted fact If a nega- 
tive attitude towards this 
becomes accepted in western 
capitals, then it could very 
adversely affect relations 
between them and Moscow.” 

Mr Primakov also took the 
unprecedented step of releas- 
ing a report - “Russia- CIS: 
Does the West Need to Change 
its Position?” - which says an 
economic union of the CIS 
states is inevitable and a 
defence and political union 
desirable, and that such unions 
would safeguard the indepen- 
dent and democratic develop- 
ment of these states. 

The report appears only a 
few days before President 
Boris Yeltsin leaves for the UK 
and the US for meetings with 
Prime Minis ter John Major and 
President Bill Clinton. Mr Pri- 
makov denied any link 
between the two events, saying 
that the report had not yet 
been shown to the president 
and that he doubted it would 


form part of his talks with the 
other two leaders. 

The report says that leading 
politicians and analysts in the 
west see the continued disinte- 
gration of the former Soviet 
Union as being in their inter- 
ests - while believing that a 
re-integration is against these 
interests. 

It calls for a recognition that 
a re-integrated union, shorn of 
communist ideology and guar- 
anteeing independence to each 
state, “will lead to stabilisation 
and democratisation, promote 
reform and encourage some 
CIS countries to opt for a fed- 
eral structure, all of which will 
diminish the threat of ethnic 
and inter-state conflicts within 
the CIS". 

The alternative was a rapid 
worsening of the economic 
position in CIS countries, with 
a "lurch towards nationalism 
accompanied by growing 
authoritarian and anti-demo- 
cratic tendencies”. 

The report says that Russia 
has been grievously misunder- 
stood in western “circles” - 
though only two westerners 
are named Mr Zbigniew Brze- 
zinskLthe former national 
security adviser to President 
Jimmy Carter and a consistent 
opponent of what he sees as 

Russian nrpandnnion; and the 

US secretary of state, Mr War- 
ren Christopher, who is quoted 
as opposing Russian troops 
operating abroad. 


Brussels setback for media owners 


By Emma Tucker in Brussels 

The European Commission 
yesterday backed away from 
proposals to harmonise rules 
on media ownership, fright- 
ened that action to make it 
easier for media companies to 
invest across borders could 
prompt an outcry from mem- 
ber states. 

The decision represents a 
setback for Commission plans 
to prepare the single market 
for the so-called “information 
society” and the revolution 
that will come from new com- 
munications technologies. 
Commission officials argue 
that the current patchwork of 
national rules hampers invest- 
ment, while member states see 
Brussels venturing into areas 
best left to national govern- 
ments. Harmonisation of rules 


on media ownership was one 
of four areas identified in the 
report by Mr Martin Bange- 
m ann , EU industry commis- 
sioner, on global communica- 
tions, where Union action was 
essential to establish a com- 
mon regulatory framework for 
the community. 

The other fields were pri- 
vacy, protection of intellectual 
property rights and encryp- 
tion. 

Mr Raniero Vanni D’Archir- 
afi, the commissioner respon- 
sible for the single market, 
said yesterday the Commission 
was preparing a farther round 
of consultation with industry 
before deciding next year 
whether media ownership leg- 
islation at European level was 
necessary. 

Media companies complain 
that existing rules are unfair. 


For insfem«> there is no limit 
on the number of satellite tele- 
vision stations that can be 
owned by one company in the 
UK. while in Italy no one com- 
pany can own more than three 
satellite or terrestrial stations. 
In France and Spain the limit 
is one. 

In the Netherlands, newspa- 
per publishers with a market 
share of more than 25 per cent 
are not allowed to own TV 
channels. 

Single market officials yes- 
terday insisted that initial sug- 
gestions put forward on media 
ownership had been misunder- 
stood. They argued that the 
Commission did not intend to 
produce rules that interfered 
with national policy an media 
ownership, but ones that 
would facilitate transnational 
investments. 


“We have defined a middle 
course which will safeguard a 
number of interests. The Com- 
mission is not seeking to be 
invasive in this field,” said Mr 
Vanni D’Archirafi. 

He also stressed that the 
Commission only wanted to 
proceed cautiously. 

“The Commission is dealing 
with a very delicate matter. 
We are not talking about tak- 
ing a fairly firm stance on 
anything," he said. 

The new round of consulta- 
tions will focus on the content 
of a possible directive on 
media ownership. 

Tentative proposals centre 
on two criteria: first, assessing 
the current audience size of an 
organisation; and second, the 
other media interests con- 
trolled by its owner, the so 
called “controller” test. 


French austerity budget freezes 
spending and increases taxes 


By David Buchan and John 
Ridtirig in Parte 

The French government 
yesterday unveiled an auster- 
ity budget for 1995 which effec- 
tively freezes public spending 
and depends heavily on 
receipts from higher economic 
growth and privatisation to 
slash another FFr25bn ($4-7bn) 
off the budget deficit 

The conservative prime min- 
ister. Mr Edouard Balladur, 
and his budget minister, Mr 
Nicolas Sarkozy, described 
their own handiwork as “cou- 
rageous" in view of the loom- 
ing presidential election. How- 
ever. the opposition Socialist 
party criticised as “unjust” the 
tax breaks for middle-class 
employers of domestic ser- 
vants, while the Patronat 
employers' federation said the 
government's intention to 
prune a tax rebate to compa- 
nies could render economic 
recovery "fragile". 

The government plans to 
reduce the budget deficit from 
FFr301.4bn this year, or 4.1 pe 
cent of gross domestic product, 
to FFr 274. 6bn next year or, 3.5 
per cent of GDP. It is banking 
on a 4.7 per cent rise in tax 
revenue, bolstered by raising 
indirect taxes on petrol and 
gas and electricity, as While 


F rance; budget deficit 



Sarkozy: “courageous” budget 


making companies foot more of 
their local tax bills, central 
government spending win rise 
to no more than the 1.9 per 
cent anticipated inflation rate 
next year. 

S haking off months of cau- 
tion about over-stating the eco- 
nomic recovery, Mr Edmond 
Alphandery, the economics 
minister, forecast real growth 
next year of 3.1 per cent, mid- 
way in a forecasting range of 
2.7-3 .5 per cent and commented 
that the final result might be 
“closer to 3.5 per cent”. He 


1992 93 94 * 95 * 

Sauna: Fiwcfi Gowommant tertrasta 

based his confidence largely on 
resurgent household consump- 
tion and capital investment, 
which he forecast would raise 
internal demand in France to 
3.2 per cent, the highest in 
Europe. 

The government's twin sales- 
pitch is that the 1S9S budget 
will significantly rein in the 
deficit and debt servicing - 
stabilising for the first time the 
share of tax revenue devoted to 
interest payments - while sig- 
nificantly shortening France's 
record dole queue of 3.3m. Mr 


Alphandery also forecast that 
next year would see the cre- 
ation of 260,000-300,000 jobs. 

Underlining the employment 
priority, Mr Sarkozy said of the 
FFr55bn in privatisation 
receipts planned for next year, 
FFr8bn would go to help other 
state companies, FFr27bn 
would be used to reduce the 
budget deficit, while FFrZObn 
would help finance job creation 
measures. Foremost among 
these would be a further 
FFrl75bn reduction of welfare 
charges for lower-paid workers. 

Mr Alphandery said that 
despite the fact many prize 
assets of the French public sec- 
tor have already been sold off, 
be was confident that the gov- 
ernment would meet next 
year’s asset sales target just as 
it had already fulfilled its plan 
to sell some FFrSSbn in state 
assets in 1983-94. 

Reflecting the sensitivity 
inevitably surrounding the last 
budget before next May’s presi- 
dential elections, the budget 
had been heavily leaked before- 
hand. Mr Sarkozy, therefore, 
spent much of yesterday's 
press conference returning the 
fire of those lobbies who had 
attacked his trailers. He 
roundly dismissed complaints 
of employers, motorists' associ- 
ations, and the Socialist party. 


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US and EU remain split on OECD chief 


By Peter Norman, 

Economics Editor 

The process of filling the job of 
secretary-general of the Organ- 
isation for Economic Coopera- 
tion and Development began as 
a routine, humdrum affair. 

But a transatlantic tussle for 
the top job at the Paris-based 
OECD is rapidly becoming the 
cause of new economic policy 
tensions between European 
Union countries and the US. 

The race between Mr Jean- 
Claude Paye, a French civil 
servant who has held the post 
for 10 years, and Mr Donald 
Johnston, the former Canadian 
minis ter who is his main chal- 
lenger, has resulted In 
deadlock. 

Although the OECD exists as 
a forum for international 
understanding, ambassadors of 
the 25 member states failed on 


Tuesday for the second time in 
six days to reach consensus on 
a candidate. 

The ambassadors have post- 
poned further consideration 
until September 28, when they 
meet informally. 

The OECD council, the 
organisation’s decision-making 
body, is due to consider the 
succession on September 29. 
the day before Mr Paye's con- 
tract expires. 

According to diplomats fol- 
lowing the tussle, Mr Paye. 
who Is supported by most EU 
countries, now has a small 
overall majority in the 25 mem- 
ber organisation. Mr Johnston, 
who three months ago was the 
front-runner, is thought to 
have fewer than 10 countries 
supporting him. 

Under the OECD system of 
decisions by consensus, Mr 
Paye's present backing could 


normally be expected to cause 
a shift of support in his favour 
by the deadline. But the US, its 
officials confirmed yesterday, 
has no intention of bodging in 
its determination to veto a 
third five-year term for Mr 
Paye. 

Some European diplomats 
are furious. The US stance, 
they say. threatens to under- 
mine the whole system of deci- 
sion-making by consensus in 
the OECD. They claim that the 
US has not provided any clear 
reason for opposing the man 
who is now supported by a 
majority of OECD members 
and stress that there Is nothing 
in the rules of the organisation 
to prevent Mr Faye seeking a 
third term. 

Supporters of the US, how- 
ever, say that the Clinton 
administration made clear over 
a year ago that Mr Paye would 


not be acceptable to Washing- 
ton and that the Europeans 
should have produced a more 
suitable candidate. Officials 
backing Mr Johnston say that 
the countries opposing the 
Canadian contribute only 40 
per cent to the OECD's budget 
They also say that France has 
put very heavy pressure on 
smaller European countries 
and the EU states to support 
Mr Paye. 

The US wants Mr Johnston 
to give the OECD a higher pro- 
file and direct the organisation 
to serve the Group of Seven 
leading industrial countries 
which do not have a secretar- 
iat of their own. 

The deadlock means that the 
issue will now be taken up in 
national capitals. It is possible 
that member governments will 
now start looking at other com- 
promise candidates for the 


post. For this reason, Britain is 
keeping the name of Lord Law- 
son in play as a candidate even 
though the UK ambassador 
abstained at Tuesday's 
meeting. 

A week ago. Lord Lawson 
was supported by one solitary 
British vote. 

If the OECD council is dead- 
locked at the end of this 
month, one of the OECD's 
three deputy secretary-gener- 
als may be asked to administer 
the organisation on a tempo- 
rary basis. 

Ambassadors discussed this 
possibility on Tuesday. It is 
thought that the choice would 
be between Mr Robert Cornell, 
a US citizen, or Mr Pierre 
Vinde, a Swede. Mr Matoko 
Taniguchi, a Japanese, is 
thought not to be in the run- 
ning as acting secretary- 
general. 


EUROPEAN NEWSjgIGEgT 

Poll lifeline for 
German FDP 

The Free Democratic party (FDP). the junior liberal partner In 
Germany’s coalition government, may not be wiped out in 
next month's parliamentary election as a series of opinion 
polls have forecast The Allens bach Institute forecasts that the 
FDP will not manage to cross the 5 per cent threshold of first 
preferences but will enter the parliament by scoring between 7 
and 9 per cent of the second votes which voters give to the 
candidates of their personal, rather than party, preference. 
The «mu» poll suggests that ratings for Chancellor Helmut 
Kohl's Christian Democratic Union (CDU) may have peaked at 
41.4 per emit, having picked up steadily from 33 per cent 
earlier this year. Last week the party was on 42.3 per cent, r 
far the first time since it was founded in 1948, the FDP fails i 
get into the Bundestag, the CDU seems most likely to enter _ 
grand coalition with the opposition Social Democratic party 
(SPD), which Is now on 34.3 per cent, up from 33 per cent a 
week ago. The poll suggests that the CDU-FDP coalition will 
together pick up 49.9 per cent of the vote while the SPD-Green 
opposition is forecast to score 43.8 per cent. Michael Unde- 
mann, Bonn 

UK may veto paternity leave 

The UK is threatening to veto an European Union directive 
giving fathers time off for the birth of their children, Mr 
Michael Portillo, the new UK employment secretary, said 
yesterday. He may also seek a UK opt-out from the parental 
leave directive at today's meeting of the EU social affairs 
council in Brussels. Mr Portillo said: “I had hoped to go to my 
first council meeting with a more cooperative attitude but 
unfortunately the revival of the parental leave directive makes 
that impossible." The EU directive on works councils for 
consulting workers could be passed at today's meeting. The 
directive - which affects large companies operating in more 
fh.m one EU country - would be the first for which the UK 
can opt out David Goodhart, London 

Hungary acts to cut deficit 

Hungary’s new Socialist-dominated coalition government yes- 
terday presented an austerity mini-budget whose cuts in 
spending and tax increases will disappoint an electorate which 
voted in the hope of easing the pain of economic transforma- 
tion. Mr Laszlo Bekesi, finance minister, warned that despite 
an upturn in industrial production and in exports, the coun- 
try's trade and budget deficits were worsening and its net 
national debt was increasing rapidly. The mini-budget, the 
government's first important piece of legislation since taking 
office in July, aims to keep this year's budget deficit to 
Ft331.9bn - 6.6 per cent of gross domestic product - by 
increasing revenues by Ft5.5bn and cutting expenditure by 
Ft4Jihn. Ihe finance ministry said that without the corrective 
measures the deficit could soar to more than Ft385bn. Further 
cuts in public expenditure and reform of the bloated welfare 
system are essential if Hungary is to secure the three-year 
International Monetary Fund Icon package which Mr Bekesi 
hopes to discuss with a fund mission to Budapest next month. 
Virginia Marsh, Budapest 

Budapest corruption inquiry 

Hungary’s new Socialist-led government has launched an 
inquiry into corruption in the privatisation of state companies 
under the previous conservative administration. State auditors 
said recently only Ft78bn f$722m) of the Ftl20bn in privatisa- 
tion revenue projected for 1993 had been collected. The govern- 
ment has set up a committee, which met for the first time 
yesterday, to graming in particular the 320 companies whose 
privatisation was rushed through between April and June, just 
before the change of goverameiL The Interior Ministry, which 
is overseeing the inquiry, said 70430 companies were already 
under investigation following complaints from the public and 
deputies but that the number was likely to rise. Privatisation 
officials said typical cases of corruption involved misuse of 
public funds, tax fraud, undervaluation of companies and sales 
to preferred purchasers. Virginia Marsh, Budapest 

Old idea sells Spain’s new cars 

The Spanish motor industry claimed yesterday that new car 
sales had been increased by 85,000 in the five months from 
April to August this year thanks to government financial 
incentives for the scrapping d old cars. Anfac, the Spanish 
motor industry federation, called for the scheme, which runs 
for six months to mid-October, to be extended to run for at 
least 12 months. According to figures produced by Anfac, the 
scheme helped new car sales to jump by 23.1 per cent year-on- 
year to 419,736 during the five-month period. The Spanish 
government began offering cash incentives in mid-April to 
persuade owners of old cars to trade in their vehicles for new 
ones, in an attempt to revive fla g gin g car sales. The launch of 
the scheme followed similar moves in France and Denmark. 
Under the terms of the Spanish scheme, the government is 
o f fering Ptaioo.ooo ($775) each time a car which is more than 
10 years old is scrapped in exchange for a new 1 car. Kevin Done, 
London 

Ireland’s only steel mill to close 

A liquidator is to be appointed to loss- making state-owned 
Irish Steel after directors recommended the closure or its 
Cork-based steel plant - Ireland’s only steel mill - causing the 
loss of 520 jobs. Mr Ruairi Quinn, minister for enterprise and 
employment, accepted the board’s advice to call in the liquida- 
tor after meeting Mr Pat Dineen, Irish Steel chairman, and Mr 
Leslie Buckley, acting chief executive, last night. The closure 
follows the failure of the company to win agreement from its 
craft unions on a survival plan which has been backed by the 
board, the government, the Irish Congress of Trade Unions 
and other Irish Steel workers. The survival plan was aimed at 
increasing flexibility among the workforce but Irish Steel said 
yesterday that “despite public statements it is now clear that 
there is no basis for any agreement forthcoming’’ from the 
craft unions. Andrew Baxter. London 

ECONOMIC WATCH 


Modest rise in Italian inflation 


Italy 

Inflation 
7 


6 



Wl 92 
Saves bataaraam 


S3 94 


Italian prices rose 0 J per cent 
in August, giving an annual- 
feed inflation rate of 3J per 
cent, according to prelimi- 
nary figures from the Italian 
National Statistics Institute. 
The previous government 
projected an annualised rate 
of 3^ per cent at the end of 
the year, and Confindustria, 
the industrialists’ confedera- 
tion, had forecast a rise of 4 
per cent on the basis that 
manufacturers usually wait 
until October to be sure of 
demand patterns before pass- 
ing on price rises to consum- 
ers. However, this year indus- 
trialists were sufficiently 


confident of the recovery - both export-led and now domestic 
-that this process had begun in late August Robert Graham, 
some 

Denmark's current account surplus fell during the second 
quarter to DKritS b n (£260m) from DKr&gbn during the s a m * 
period in 1993. 

■ The European Union's annual rate of inflation rose slightly 
m August but still remained well below the level of a year ago 
The rate of inflation last month rose to 3.1 per cent from 3 pffl 

3i> per cent In August 1993. 

■ Swedish retefl sales declined 4.7 per cent in July compared 
with July 1993, mainly because of a 13.7 per cent decline in 
sales of durable goods after unusually warm weather during 
the month. 


3 




FINANCIAL times THURSDAY SEPTEMBER 22 1994 


NEWS: WORLD TRADE 


Jail threat 
to Indian 
‘shoddy 
goods’ 
exporters 

By Stefan Wagstyl 
in NewOeM 


Indian exporters were 
yesterday warned that they 
face jail if they deliberately 
shipped shoddy goods or other- 
wise "created the impression 
• that Indian exporters are not 
trustworthy". 

Mr Tejinder Khanna, the 
commerce secretary, said the 
government planned changes 
in the law covering foreign 
trade to penalise exporters who 
wilfully damaged India's com- 
mercial reputation. Such busi- 
nessmen would face losing 
their import and export 
licences or going to jail 
"because they tarnished the 
Indian flag". 

Speaking at a conference of 
economic journalists, Mr 
Khanna urged industry to treat 
foreign trade seriously. He was 
commenting on recent trade 
statistics, which showed that 
export growth in the first four 
months of the 1994-95 financial 
year, starting in April, slowed 
markedly to 8 3 per cent, from 
20 per cent for the 1993-94 
year. 

An important reason for the 
slow-down has been a revival 
In domestic demand which has 
persuaded some companies to 
divert goods from exports to 
local markets. 

The Commerce Ministry has 
received reports of companies 
cancelling or unilaterally 
amending export contracts in 
order to supply goods to 
domestic buyers. 

Mr Khann a said long-term 
export growth required a com- 
mitment to export, not a ten- 
dency to turn to the domestic 
market for short-term benefits. 
A change in approach was 
needed, he said. "I believe the 
whole country depends on this 
change.” 

Mr Khanna said he was 
beginning to see change among 
younger businessmen who 
were establishing new ven- 
tures and planning to export 
3340 per cent of output. 

But the transformation 
had to go much further, he 
said. 

Gone were the days of “suit- 
case exporting", when a busi- 
nessmen would take a few 
saris and some handicrafts 
overseas, sell them from his 
hotel bedroom and then buy a 
few foreign goods for import- 
ing into India, said Mr Tniarwia. 
India had to develop the image 
of a high-technology modem 
exporting nation. 

Mr Khann a also warned 
executives travelling on trade 
delegations against mixing 
business and tourism. He indi- 
cated that it was unacceptable 
for delegations to pull out of 
meetings or receptions at the 
last minute, as. he said, 
had recently happened with 
an Indian delegation in 
Kenya. 

Reviewing the recent perfor- 
mance of exports, Mr Khann a 
said that in textiles, the big- 
gest contributor to India's 
exports, sales bad suffered 
from competition from China 
and from quota restrictions. 
Compared with an original tar- 
get of 25 per cent export 
growth in 1994-95. officials now 
expected only about 10 per 
cent. 

In engineering goods, includ- 
ing car parts, which saw 
exports grow 36 per cent last 
year, the rate of growth is 
expected to fall to 14 per cent, 
because of the diversion of 
goods to the domestic market 
Exports of diamonds are also 
expected to slow because of 
weakness in the world dia- 
mond market 

However, in agriculture, 
where the government has 
recently lifted important 
export controls, Mr Khanna 
expected rapid growth of about 
20 per cent “This sector holds 
the key and may bail us out." 
he said. 


Start is made on the long road to rebuild Beirut 

The first contracts will soon be awarded to transform the shattered city, writes Mark Nicholson 


M r Elias Hrawi, Lebanon’s 
president, yesterday 
cemented in place a sym- 
bolic foundation stone to mark the 
formal start to the reconstruction of 
Beirut, a 25-year, mulH-hiHion-doHar 
project which bills itself as “the 
major urban redevelopment project 
of the 1990s". 

Mr Hrawi laid the stone near the 
Foot of the bullet-ridden statue of the 
Lebanese martyrs in Place des Mar- 
tyrs, where Lebanon's civil war 
began almost two decades ago. 

But as the recent transformation 
of that square amply demonstrates - 
more than 150 adjacent buildings 
have been razed in the last two 
months - the work of reb uilding Bei- 
rut’s core has, in fact, begun. 
According to Mr Nasser Chammaa. 
chairman and g ener al manager of 
Solidere, the property company 
which owns and is to develop central 
Beirut, the first big contract in the 
redevelopment will be awarded 
within weeks. 

Mr Chammaa said the pack- 


age was likely to be awarded to a 
joint venture between the local Moa- 
wad Group and Consorzio Coopera- 
tive Construzioni, the Italian con- 
struction company, which submitted 
the lowest of 13 bids for the first 
stage of the infrastructure work an 
the 1.8m square metres of central 
Beirut to be developed by Solidere. 

This first 563.7m contract will 
cover construction of ring roads 
around the central district, tunnels, 
bridges, internal roads, water and 
waste systems and all power and 
telecommunications infrastructure. 
Mr nhamnma said the eventual cost 
of the work, to be completed in two 
and a half years, could rise to 

He said demolition work in the 
centre was six months ahead of 
schedule and should be completed 
by February. A farther 150 buildings 
are to be demolished and renovation 
work an 266 others will begin next 
month. He said eight contracts for 
restoration and some rebuilding 
worth more than gloom in total bad 
already been let "You’ll see build- 


ings start rising in about six months, 
and these should be finished in the 
next 2*4 years," he said. 

Mr Chammaa expects a total of 
$55m further to be spent on infra- 
structure within the Beirut central 
district, but an additional 5350m on 
reclaiming a total of 608,000 square 
metres of landfill to extend the pres- 
ent coroiche north of the city centre. 
This work, which will require at 
least 10 years for some of the organic 
waste presently making up the land- 
fill already in place to settle, will 
open up land both for 290.000 square 
metres of development plots for Soli- 
dere and a recreational and marina 
complex. Bid qualification for the 
inirtaf contract to provide sea protec- 
tion is in progress, and the award 
will be made in the next two 
months. 

The Lebanese government 
recently agreed to extend the landfill 
by 150,000 square metres to the pres- 
ent total as a means of reimbursing 
Solidere in kind far the cost of infra- 
structure work it is undertaking in 


the city centre. Solidere’s working 
capital was raised in a SiJlbn share 
issue to establish the company ear- 
lier this year. 

Meanwhile CDR, the main con- 
tracting agent responsible for rede- 
veloping the rest of Lebanon, said 
more than 400 contracts were under 
way for power, housing, telecommu- 
nications, transport infrastructure, 
schools, water and waste systems, 
and claimed to be on course to bring 
total investment to more than S4.5bn 
in the next three years. 

According to Mr Boutros LabakL 
CDR's vice-president, just under 
S2bn of this sum has already been 
pledged by international donors, 
chiefly Gulf Arab countries and the 
World Rank. The remainder is to 
come fr o m public funds and financ- 
ing packages arranged by contrac- 
tors. 

Three of the biggest projects, a 
5400m airport redevelopment, more 
than 5600m worth of work restoring 
and expanding existing telephone 
links and creating a GSM cell mobile 


BEIRUT 


Central District 



telephone system along with a $i30m 
project to build a new sports city 
have already been awarded - all to 
European countries. US groups 


remain handicapped by a state 
department ban on Americans visit- 
ing Lebanon. 

The next big project will be for the 
construction of two 450 MW power 
stations in north and south Leba- 
non, which together will provide 40 
per cent of the country's expected 
power needs. 

Mr Labaki said seven groups, 
including GEC Alsthom. ABB Asea 
Brown Boveri, tbe Italian group 
Ansa! do and a partnership of John 
Brown Engineering of the UK and 
General Electric Company of the US. 
have entered bids for a contract 
likely to top $700m in total. 

The awards should be made later 
this autumn, with the first units 
expected to come on stream within a 
year and a half. Later will come the 
construction of a toll highway 
between Beirut and Damascus, a 
S600m build-operate-transfer project 
for which bids will be invited next 
month. A further $4 50m project to 
revive Lebanon's coastal railway 
line has been put on hold. 


Congress nearer 
to ratifying 
Uruguay Round 


By Nancy Dunne 
In Washington 

The US Congress moved closer 
to passing legislation imple- 
menting the Uruguay Round 
yesterday when the Clinton 
administration and congressio- 
nal negotiators agreed on most 
of the outstanding issues. 

The administration has 
pushed hard for passage of the 
legislation making US trade 
laws and regulations compati- 
ble with the 120-nation Marra- 
kesh accord signed last March. 
The EU. Japan and other main 
trading nations have yet to rat- 
ify the agreement but the 
administration has argued that 
the US must pass the legisla- 
tion this year to maintain its 
leadership on trade. 

Under the fast-track proce- 
dure agreed by Congress, the 
legislation now goes to the 
White House, which will tackle 
the few issues before sending 
it back to Congress, presum- 


ably next week, fra- a Yes or No 
vote by the end of the 
term. 

The legislation has been 
written jointly by US trade offi- 
cials by members of the 
Senate finance and House 
ways and Tnp-flnK committee. To 
win passage, the administra- 
tion has been forced to agree to 
provisions not envisaged by US 
trading partners, such as anti- 
dumping procedures which 
would mak e the imposition of 
high dumping duties more 
likely. 

Business lobbyists believe 
they have garnered enough 
votes for passage, but the vote 
it will be close in the Senate 
where 60 of 100 senators must 
approve the bilL 

Lobbyists have been alarmed 
by the “capricious” antics of 
Senator Daniel Patrick 
Moynihan, chairman of the 
Senate finance committee, who 
last Sunday warned that the 
deal would not ' pass if 



Packwood: waiver of rules 

US troops invaded Haiti. 

Senator Bob Packwood, a 
leading Republican on trade 
matters, said at least 30 of the 
100 senators would vote 
against the round and others 
might fall on the No side 
because passage would require 
a waiver of budget rules. Oth- 
ers might vote a gains t it unless 
the administration adds a 
restrictive rule of origin provi- 
sion to satisfy .textile and 
apparel manufacturers. 


Joint venture to operate Soviet-built facility 

Mexican investors to help 
restart Cuban refinery 


By Pascal Fletcher in Havana 

A group of Mexican state and 
private investors has formed a 
joint venture with Cuba that 
will spend 5200m to restart and 
operate a Cuban oil refinery 
built by the former Soviet 
Union. Since the 1990 collapse 
of Cuba's trade and aid ties 
with the former Soviet bloc, 
the Cuban government had 
been a foreign partner 

to help run the refinery at the 
south-central port of Cienfae- 
gos. 

The installation, completed 
at the end of the last decade, 
was practically unused and is 
currently idle. 

Announcing the deal in 
Havana yesterday, Mexico’s 
secretary for foreign relations 
(foreign minister), Mr Manual 
Tello, said the Mexpetrol group 
would have a 49 per cent stake 
in the re fining joint venture. 
The group is formed by state 
institutions Petroleos Mexica- 
nos (Pemex), Banco National 


de Comercio Exterior (Ban- 
comex), and Mexico's Institute 
de Petroleo, and by four pri- 
vate companies, Ingenieros 
Civil es Asociados, Bufete 
Industrial. Protexa and 
Empresa de Transportaciones 
Maritimas Mexican as. Cuba’s 
state oil company, Cubapetro- 
leo. will control 51 per cent of 
the venture. 

Mr Tello said the latest 
investment by Mexican entre- 
preneurs in Cuba completed 
the liquidation of Cuba's 
rem aining 5340m debt with 
Mexico. 

Cuba, seeking foreign capital 
to revitalise its recession-hit 
economy, has already opened 
up offshore and onshore explo- 
ration blocks to oil companies 
from Canada, France and 
Britain. 

Once operating fully again, 
the Cienfuegos refinery, which 
has a capacity of 75,000 barrels 
a day, will refine crude oil 
from both Mexico and other 
countries. The resulting oil 


products could be sold in Cuba, 
Mexico or to third-party buyers 
on a commercial basis. Mr 
Tello said. Besides earning 
hard currency, the refining 
deal is also expected to help 
Cuba alleviate the chronic 
shortages of oil and oil prod- 
ucts since oil supplies from the 
former Soviet Union fell precip- 
itously. 

Mr Tello said Mexican 
investments in Cuba to date 
totalled more than 5lbn and 
included joint ventures in tour- 
ism. textiles and cement. 
Another joint production 
agreement in glass manufac- 
ture will be finalised in two or 
three weeks, Mr Tello said. 

Mexico, a member of the 
North American Free Trade 
Agreement (Nafta), is one of 
Cuba’s biggest trading partners 
in Latin America and has 
maintained strong diplomatic 
and trade links with the island 
despite continuing US sanc- 
tions against the- Cuban gov- 
ernment 


Hyundai’s car sale hopes fuel Europe’s fears 

S Korean company’s expansion plans raise prospects of trade friction, writes John Griffiths 


H yundai hopes to join 
the world’s top 10 
vehicle makers by the 
turn of the century. 

South Korea’s biggest 
vehicle maker is to invest 
heavily in producing cars for 
virtually every sector of the 
market, including minicars, 
sports coupes and multi-pur- 
pose vehicles. 

Its plans include greater pen- 
etration of the European mar- 
ket, thus raising the prospect 
of trade conflict. European car 
makers are already alarmed by 
fiie Korean industry’s expan- 
sionism and angered by 
restricted access to Korea’s 
markets. 

Late last year Hyundai, 
which has interests ranging 
from shipbuilding to electron- 
ics and a turnover of more 
than $60bn, announced that it 
planned to more than double 
its 1993 vehicle output of 
900,000 units to 2m by the year 
2000. Well on course to produce 
1.16m this year, Hyundai 
intends to be producing a fur- 
ther 300,000 vehicles outside 
Korea by the end of the decade. 

Hyundai executives say this 
would give Hyundai 2 per cent 
of the global market Added to 
the expansion plans of Daewoo, 
Kia and Ssangyong. Korea’s 
other car makers, this would 
give Korea a capacity of 4m 
cars a year, which would take 
the country from sixth to 
fourth place behind the US. 
Japan and Germany. 


Korean accents Hyundai’s export plan 



None of these forecasts take 
into account the declared 
intention of Samsung, Hyun- 
dai’s industrial rival, to invest 
5Sfcn in starting up car produc- 
tion and which has already 
produced its first prototype. 
Thus they considerably under- 
state the capacity Korea is 
ttkely to have by the end of the 
decade, according to Mr Gior- 
gio Garuzzo. chief executive of 
Fiat and president of the Euro- 
pean Automobile Manufactur- 
ers' Association (ACEA). 

Mr Garuzzo. in Seoul 
recently to urge the Korean 
government and industry to 
take further steps to open 
Korea's vehicle markets, main- 
tains that between now and 
2009 Korea mil spend nearly 


5l0bn on creating capacity of 
more than 5.3m vehicles a 
year. 

Last year imports accounted 
for only 0.19 per cent of 
Korea’s car market Only 307 
cars came from Europe. 

Although in the past few 
months Korea has introduced a 
number of market liberalisa- 
tion measures, Europe’s indus- 
try says they are not enough. 
Veiled warnings are already 
being issued about Europe 
being able and willing to work 
within the parameters of the 
new World Trade Organisation 
(WTO) to protect the European 
vehicle industry from unfair 
competition. 

“Anti-dumping, anti-subsidy 
and safeguard action will 


become more reliable tools for 
legitimate self-defence within 
an open trading system,” Mr 
Garuzzo warned Korean indus- 
try leaders. 

Hyundai, helped by the 
Accent a new small car soon 
to go on sale in Europe, plans 
to nearly double its European 
sales from less than 100,000 last 
year to 189,000 by the end of 
the decade. 

Hyundai executives expect 
the Accent in which the com- 
pany has invested $438m and 
which is Hyundai's first car to 
be developed without the aid of 
Mitsubishi of Japan, to achieve 
25,900 European sales this 
year, rising to 62,000 in 1995. 
On' sale in Korea since April, 
the Accent replaces the simi- 


larly-sized Excel model. 

Hyundai hopes that a 
replacement for the Elantra 
medium saloon and a new 
coupe to he launched in the 
next year or so will increase its 
export appeal. It will follow 
with a minicar and multi-pur- 
pose vehicle. 

They win be assisted by an 
increase in research and devel- 
opment spending scheduled to 
rise from fixe current 4 per cent 
of sales to 7 per cent by the 
end of the decade. 

Hyundai projects exports 
from 350,000 cars and commer- 
cial vehicles last year to 
972,000 by the end of the 
decade. It maintains that most 
of this growth will be in devel- 
oping markets elsewhere in 
Asia. 

According to Mr JH Kim. 
Hyundai’s general manager for 
vehicle exports, sales to 
regions outside Europe and 
North America will almost 
quadruple from 150,000 this 
year to 562,000 by the end of 
the decade. 

Hyundai’s president, Mr 
Chon Sung Won, and senior 
colleagues insist that projected 
sales growth in Europe should 
not be so high as to be a source 
of trade friction. 

However, aggressive export 
expansion is also planned by 
Daewoo, Kia and Ssangyong. 
Daewoo has also said it wants 
to be a world “top ten” manu- 
facturer by early next century 
and its Cielo and Aspera mod- 


els - based on General Motors' 
European mainstays, the Astra 
and Cavalier - will go on sale 
in Europe early next year. 

Kia, already selling in 
Europe, will also soon be 
expanding its model ranges. 
And both it and Daewoo are 
having research and develop- 
ment work done in Europe to 
tailor vehicles more closely to 
European tastes. Also early 
next year Ssangyong's four- 
wheel-drive vehicles will make 
their European debut 

Thus, while Hyundai insists 
it is more concerned to estab- 
lish a production presence in 
China and other fast-growing 
Asian markets (it already has 
assembly operations for kits in 
Thailand), it is already prepar- 
ing to avoid trade confronta- 
tion by following Japan’s Nis- 
san, Toyota and Honda in 
setting up production capacity 
in Europe. Daewoo has already 
set out modest plans for assem- 
bly in eastern Europe, while 
Kia’s four-wheel-drive vehicles 
from next year will be pro- 
duced for European markets by 
Karmann of Germany. 

Hyundai has begun looking 
Into where its European base 
might be located - but says it 
will be the end of the decade, 
at least, before one might be 
needed. 

As a stepping stone, how- 
ever. it is in the final stages of 
a feasibility study to set up a 
European research and devel- 
opment centre. 


Pakistan to 
buy French 
submarines 


The Pakistani government 
yesterday announced it would 
purchase three Agosta class 
90B submarines from France in 
n deal worth 5950m. writes Far* 
han Bokhari in Islamabad. 

The deal is one of Pakistan’s 
largest defence purchases. The 
selection of French submarines 
was made after close evalua- 
tion of offers from Britain, 
France, China and Sweden. 
The government gave no 
details on the financing of the 
deal but said, the credit terms 
were favourable and repay- 
ments long-term. Delivery will 
be in the next four years and 
three submarines will be built 
in Karachi wi thin a technology 
transfer agreement. 

Japan wants EU 
to raise car quota 

Japan will seek a bigger quota 
for car and light commercial 
vehicle exports to the Euro- 
pean Union because of higher 
than expected demand in .Eur- 
ope, writes Kevin Done, Motor 
Industry Correspondent 

Talks between officials of the 
European Commission and the 
Japanese Ministry of Interna- 
tional Trade and Industry are 
to be held in Brussels on Sep- 
tember 29 and 30 to review 
demand forecasts for 1994. 
according to Miti. In March, 
Tokyo and Brussels set a 
guideline allowing Japanese 
vehicle exports to the EU to 
rise by 0.4 per cent to 984,000 in 
the whole of 1994. 

The agreement was based on 
a forecast that overall EU 
demand for cars and light com- 
mercial vehicles would grow 
by two per cent to 11.97 m. In 
the first eight months of the 
year new car sales in the EU 
rose by an estimated 5.9 per 
cent to 7.911m according to 
recent figures from Acea, the 
European Automobile Manu- 
facturers Association. 


■ Whirlpool, the US white 
goods group, is investing 
DM300m ($l9lm) in Its German 
operations after year-long talks 
with employees and trade 
unions which will lead to 
improved productivity and 
competitiveness at its German 
plants, writes Andrew Baxter. 

The investment underlines 
the US company's commitment 
to manufacturing in Germany 
following appreciation of the 
D-Mark against other Euro- 
pean currencies. Production of 
a range of built-in freezers is to 
be concentrated at Calw in 
Germany. 

■ Ericsson Telefon of Sweden 
yesterday said it has signed an 
agreement to extend the tele- 
communications network in 
China's Liaoning Provence 
with deliveries valued at 
SKrl.5bn ($203m> over the next 
two years. 


Q> 


FUEL FOR THOUGHT 

“NBC NEWS MAGAZINE” THURSDAYS AT 20.30 CET AND SATURDAYS AT 12.00 CET 

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FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 


NEWS: INTERNATIONAL 


South Africa opts 
for state assets sale 


By Mark Suzman 
in Johannesburg 

The South African government 
yesterday formally reversed its 
long-standing opposition to pri- 
vatisation and said proceeds 
from the sale oF state assets, as 
welt as a soon-to-be introduced 
national lottery, would be used 
to fund its centrepiece recon- 
struction and development pro- 
gramme (RDP). 

In presenting its White Paper 
on the RDP to parliament, the 
government said it "recognises 
that the location and composi- 
tion of state assets may not be 
optimal, and has begun an 
audit to dispose of those assets 
not relevant to the RDP”. 

The document also notes 
that it will use revenue gener- 
ated from “lotteries and gam- 
bling" , expected soon to be 
legalised, as well as all directly 
received international and 
domestic grant aid, to help 
fund development projects. 

According to the document 
this revenue will be added to 
funds raised from budgetary 
reallocations and the govern- 
ment will not seek to raise 
money for the RDP through 
extra borrowing. The govern- 
ment spending portion of the 
programme is budgeted at 
R37.5bn over five years. 

Although neither move was 
unexpected, together with 
other recent policy statements 
by the government on reducing 
the government deficit and 
lowering trade barriers, they 
confirm the African National 
Congress- led administration's 
formal adoption of a broadly 
free-market approach to eco- 
nomic policy. 


A long-s tanding tribal rival to 
Chief Mangosuthn Buthelezl 
yesterday declared himself 
Zulu Sing Goodwill Zwellthl- 
ni’s traditional prime minis- 
ter, a position formerly 
claimed by tbe Chief, Mark 
Suzman writes. 

Prince Bfcawayezeni Zulu, a 
member of the royal family 
and tbe former regent of the 
Zulu kingdom, announced be 
was assuming the duties of the 
honorary post with immediate 
effect. The announcement will 
deepen the rift between the 
two most important Znln poli- 
ticians in the country. On 
Tuesday King Goodwill broke 
relations with the Chief. 

When the RDP was origi- 
nally drawn up by the ANC 
before the April elections, it 
emphasised the Importance of 
a highly interventionist state 
to redress the Imbalances of 
apartheid, and left open the 
possibility of nationalisation of 
major enterprises. 

In successive drafts, how- 
ever, the statist policies have 
been whittled down and, while 
the wording on some issues 
remains ambiguous, the cen- 
tral thrust of the government's 
commitment to private-sector 
led growth is clear. 

Speaking at a press confer- 
ence, Mr Jay Naidoo. the min- 
ister without portfolio who has 
responsibility for the RDP, said 
it was important that most of 
the initiatives for the pro- 
gramme came from outside 
government 

“We don’t have the resources 
in our country to do every- 
thing overnight," he said. “We 


are not giving handouts, we 
are reallocating resources." 

Testifying to this point, the 
White Paper emphasises that it 
regards the reduction of gov- 
ernment spending as essential 
to economic growth, and 
makes a commitment to start 
cutting the size of the Public 
Service from next year while 
improving its efficiency. 

“There bas been a struggle 
between market-oriented gov- 
ernment economists and more 
interventionist ANC ones and, 
although there have been some 
sops thrown to the latter, the 
former appear to have tri- 
umphed.” noted one policy 
analyst 

Nevertheless, the document 
strongly reaffirms the govern- 
ment's commitment to work- 
ers' rights and the principle of 
labour involvement in strate- 
gic decisions, calling for 
"greater worker participation 
and decision-making in the 
workplace” and explicitly 
endorsing the use of collective 
bargaining to negotiate affir- 
mative action policies. 

It also notes that the govern- 
ment intends to Introduce 
strict anti- trust legislation to 
try to create “a more competi- 
tive and dynamic business 
environment”. 

"The central objectives of 
such legislation are to discour- 
age systematically the system 
of pyramids where it leads to 
over-concentration of economic 
power and interlocking direc- 
torships, to abolish numerous 
anti-competitive practices such 
as market domination and 
abuse, and to prevent the 
exploitation of consumers,” it 
says. 


Major 
impresses 
all round 
the wicket 


By Kevin Brown 

Mr John Major, the British 
prime minister, has been 
batting on a sticky wicket for 
much of the four years since 
ha succeeded Baroness 
Thatcher. But on a dusty 
matting strip In South Africa 
yesterday the luck of the 
British prime minister - 
pictured right - finally turned. 

UK officials, mindful of his 
fragile image, watched 
anxiously as he accepted a 
challenge from township 
leaders in Alexandra, outside 
Johannesburg, to open a 
cricket net by batting against 
local bowflng. 

Their worries were 
misplaced. Mr Major, who 
had earlier described himself 
as a “sports nut", turned out 
to be a spin doctor's dream. 
Taking guard Gke a 
professional, Mr Major put 
up a creditable show against 
14-year-old Elite Matsitso, 
whose penetrating medium 
pace drew only one false 
shot 

Surrey and England 
batsman Alex Stewart, one 
of several British sports 
stars brought to Alexandra to 
coach youngsters, advised 
Elite: "Give him a googty." 

Handing over the bat to Mr 
Steve Tshwete, South 
Africa's sports minister, Mr 
Major then strode to the 
bowling end and with his 
first ball knocked over 
middle and leg stumps. "1 
think I’ll stop there,” he told 
onlookers. 


iiihiio 






Action against two BCCI directors is dropped 


By Andrew Jack 

Two of five Abu Dhabi directors of the 
collapsed Bank of Credit and Com- 
merce International have had litiga- 
tion against them in the French 
courts dropped in exchange for a pay- 
ment of FFrl2m (£1.4m>. 

Mr Ghanim Faris A1 Mazrui, head of 
the private department of the ruler of 
Abu Dhabi, and Sheikh Khalifa Nasr 
A1 Mansoorl. a director of BCCl's 


French subsidiary, made the offer ear- 
lier this year to the Commercial Court 
of Paris. 

The deal, which has been accepted 
by the courts but is subject to appeal, 
still leaves charges outstanding 
against three other BCCI directors, 
who face a renewed hearing at the 
end of this month. 

Lawyers had originally made the 
offer in exchange for the release of all 
five directors from the action which 


had been brought by the French liqui- 
dators to BCCI, but reversed 
their position after the other three 
started legal action against Abu 
Dhabi 

Mr Alfred Hartmann, Mr Yves 
Lamarche and Mr Johan Van Oenen 
sued Abu Dhabi, BCCl's majority 
shareholder, at the end of June in 
what they said was an attempt to 
restore the damage which had been 
done to their reputations by the 


bank's collapse. 

After BCG was closed by banking 
regulators in July 1991, lawyers were 
appointed to advise the board mem- 
bers of the different companies within 
the group. 

The three directors have been sued 
by the bank's liquidators in Luxem- 
bourg and this action continues 
alongside the litigation in France. 

Simmons & Simmons, the law firm 
which acts for the government of Abu 


Dhabi, confirmed last week that Abu 
Dhabi had paid the legal bills until 
the time of the directors' action 
against iL 

The three non-Abu Dhabi directors 
switched in advance of their action to 
a US law firm. 

The correspondent firm in the UK, 
Warner Cranston, launched legal 
action earlier this month In an 
attempt to gain access to papas it 
claims relate to its clients. 


Thaw sets in 
with Pakistan 

US visit heralds a happier phase 

T he arrival in Pakistan of Ms Hazel O'Leary, the US 
energy secretary, at the head of a business delega- 
tion, is being regarded by both countries as adding 
further warmth to a recent thaw in relations. 

For Pakistan, a country that was on the verge of being 
declared a terrorist state by Washington less than two 
years ago, the visit presents an opportunity to leave 
behind the crisis in its relations with the US. triggered by 
the US aid cut-off in 1990. 

Although the aid suspension continues because of US 
objections to Pakistan's nuclear programme, both sides 
are trying to broaden their contacts. 

Earlier this month, the Clinton administration 
announced a $l0m grant for Pakistan’s social welfare 
programmes. Officials from both sides are also examining 
prospects for US soyabean oil sales of up to $20m. The 
president of the US Eximbank is expected to visit Pakistan 
before the end of the year to consider other investment 
proposals by US investors. 

By Farhan Bokhari in Islamabad 

The amounts involved are small compared to the more 
than $7bn committed by the US to Pakistan In military 
and economic assistance at tbe height of the cold war in 
the 1980s. But Pakistani officials consider that these devel- 
opments take the two countries Into a new era, ending the 
sense of conflict. 

“It's always foolish to say a tough item does not exist” 
said Mr John Monjo, the US ambassador to Pakistan, who 
conceded that the nuclear issue has presented difficulties 
for the two countries. 

“The fact that now the two sides are engaged in looking 
for ways in which we can have a meaningful relationship 
j in the post-cold war period, shows that we are out of the 
crisis mould.” said Ms Maleeha Lodhi, Pakistan's ambas- 
sador to the US. 

Western diplomats and P akistani officials, ex amining 
recent trends in relations said at least three factors have 
induced a thaw. 

First, Islamabad's secret nuclear programme has not 
progressed at a pace which could cause any distress, in 
spite of a recent claim by Mr Nawaz Sharif, the opposition 
leader, that Pakistan had produced nuclear weapons. 

“The fact that Pakistan still has a nuclear programme 
which is not open to international inspection raises 
imme nse fears," said one senior diplomat “But . . . there is 
very little conclusive evidence that there is a need to ring 
the alarm bells over a step-up in its pace.” 

Secondly, fears of Is lamic fundamentalism spreading 
across the country have been put to rest after the Islamic 
parties received poor support in last October’s elections. 

Finally, the aid suspension has been partly unsuccessful 
because Pakistan refused to ratify the non-proliferation 
treaty or accept any other international safeguards on its 
nuclear facilities, unless India would accept the same. 

Officials from both sides hope that US investments in 
Pakistan will help to strengthen diplomatic relations. 
Over the past 46 years, US businesses have invested 9450m 
in Pakistan. Mr Monjo says Pakistan’s recent economic 
reforms as well as this year's liberal energy policy, have 
together set the stage for attracting foreign investors. 


4 


do " 1 

in ‘l 11 


Ruling 


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CONTRACTS & TENDERS 


THE THREE POINTS OF THE KENWOOD TRiPNC-lE REPRESENT ADVANCED TECHNOLOGY. CUALiTY . 




THIS G.IEVS 
STyek in 
TRAFFIC WITH 
A CELLULAR 
PHONE. " 

HE'S SPOKEN 
TO HIS OFFICE, 
HIS WIFE,, ;■ 

HIS BOOKIE * 

AND--HIS 

C?OLF PARTNER. 


THIS GUY'S. 
STUCK IN 
TRAFFIC WITH 
A KENWOOD 
MOBILE RADIO. 

HE'S SPOKEN 
TO HIS 
OFFICE. : 


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aren't doing tiring for ywr.lnwijjcis'. 
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HOME AUDIO, CAR AUDIO. COMMUNICATIONS EQUIPMENT, TEST AND MEASURING INSTRUMENTS. TELECOT 


[CATIONS 


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SALTO CAX1AS HYDROELECTRIC PROJECT 
IGUA£U RIVER 

INTERNATIONAL BIDDING C-202 
PENSTOCKS 
CALL FOR BIDS 

COMPANH1A PARANAENSE DEENERGIA -COPEL, Worms that an 
international bidding Is open tor design, ajjply, shipment. Bold erection and 
operation start-up ol four (4), 1 1 .0 m diameter Penstocks lor ti» Salto 
Caxias Powerplant, located at Capitdo LeAnkJas Maiquas and Nova Prate 
do Iguaou county border. In (ho State of Parana- BrazR. 

The total untight ot the supply is approximately 3.400 medic tons of steeL 
This lowest price type IntemationaJ bidtfing »3 open solely to IncSviduai 
companies or joint ventures. 

The Bid Documents, wffl be avalabta to bkktare from September 9, 1994 to 
September 30, 1994, agakist payment in brazilian currency oquivalenl to 
US$ 150 no (one hundred Rfty American OoUars). at the following 
addres se s: 

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At tha time ol Bid Documents purchase, aH companies shall present a tetter 
containing their complete maffing address. 

The receipt of Pre-quafificalion and Rd Documents Is scheduled for 
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Curitiba, 233 Voluntaries da Prieto Street, 5 th floor. 

The BkMfagwfH be ruled by, Lawn* 8.665, dated June 21, 1993; with 
alterations Introduced by Law n* 8.883, dated June 8, 1994 and by other 
condttans stated herein and In Jha Contract Documents. 

G1NO AZZOL1NI NETO 
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PETROLEO BRASILEIRO S.A. 
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FINANCIAL TIMES 
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FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 


5 


NEWS: INTERNATIONAL 


Tokyo GDP 
down 0.4% 
in quarter 


By Gerard Baker In Tokyo 

The weakness of Japan's 
economic recovery was under- 
lined yesterday by figures 
showing a drop in gross domes- 
tic product in the second quar- 
ter. GDP contracted by 0.4 per 
oant in the April-to-June period 
compared with the previous 
quarter, according to a prelimi- 
nary estimate by the govern- 
ment's Economic Planning 
Agency (EPA). 

But the figures have became 
erratic, producing seven con- 
secutive alternate increases 
and declines. The more reliable 
six-month trend shows that the 
economy grew by 0.4 per cent 
between the second half of 1993 
and the first half of 2994. 

Even this figure was well 
below expectation. 

Mr Tsutomu Tanaka, the 
vice minister of the agency, 
said the quarterly setback 
“reflected the period's eco- 
nomic conditions, which were 
broadly sluggish with some 
bright spots". 

The Rank of Japan said the 
figure would not lead the hank 
to change its judgment that 
the economy was still "headed 
for recovery”. 

The data showed the econ- 
omy retreated on all fronts in 
the second quarter. Private 
consumption, regarded as cen- 
tral to recovery, fell by 0.7 per 
cent In the first six months of 
the year it was 1.4 per cent 
higher than in the previous six 
months, a figure that still sug- 
gests only gentle growth. 

Capital expenditure fell by 
2Jj per cent in the quarter, as 
companies continued to deal 
with over-accumulation of cap- 
ital in the late 1980s. 

But the largest contribution 


Japan 

Rad GOP (%) 
1.0 - 


05 



-in f 1 

1992 1993 1994 

Source; Economic Warmin g Agency 

to the fall in output came from 
the external account Exports 
rose by 1.4 per cent in the 
quarter, and imports by 3.8 per 
cent. Net exports fell by an 
unprecedented 865 per cent on 
the year, suggesting the sharp 
rise in the yen may have 
started to reduce the trade sur- 
plus in the second quarter. 

Most economists argued that 
growth was likely to have 
resumed in the current quar- 
ter, as a result of the boost to 
consumption from the warm 
summer and an increase in 
exports. 

Mr Dick Beason, chief econo- 
mist at James Capel Pacific in 
Tokyo, said: “The figures are 
discouraging. But improve- 
ments in the third and fourth 
quarters should help to keep 
GDP growth for the year at 
around 05 per cent” 

Mr Richard Werner, chief 
economist at Janfine Fleming, 
warned of another year of dis- 
appointing growth. "The recov- 
ery is still very weak and 
shows only faint signs of 
Improving in the immediate 
future." be said. 


Ruling coalition 
agrees new taxes 


Official prices return to China’s markets 

Beijing’s leadership, panicked by inflation, has brought back price controls, writes Tony Walker 


M arket stallholders 
across China have 
begun to display 
signs showing officially sanc- 
tioned prices. So it is that price 
controls on foodstuffs, includ- 
ing grain, meat, fruit and vege- 
tables, have been re-introduced 
by a panicky leadership which 
has made fighting inflation Its 
priority. 

While market vendors might 
grumble about the restrictions 
there is not much they can do 
about them since under the 
new anti-inflation drive food 
prices are being monitored rig- 
orously, especially in urban 
areas. 

At the Yongan district food 
market in Beijing's eastern 
suburbs, bargaining is out for 
the moment. Complaints about 
high prices, the normal panto- 
mime of shopping in fihina, are 
met with a shrug and nod 
towards a board on which are 
displayed food prices per Jin 
(about SOOgm). 

The clamp on food prices is 
the most visible sign of the 
new anti-inflation campaign, 
though China’s leaders must 
realise that these measures 
risk creating shortages which 
would run counter to one of 
their chief aims - to ensure 
abundant supplies in the mar- 
ket. 

For the moment however, it 
is clear that Beijing is launch- 
ing a fairly determined cam- 
paign against price rises in the 
hope that it can break the 
inflation cycle, and perhaps, 
more important dampen infla- 
tionary expectations. 

The leadership has not 
admitted it outright, but a 16- 
point economic stabilisation 
programme unveiled in July 
1993 to bring the economy 
under control by so-called 
"macro-economic" measures, 
inffinHiwp credit restrictions, is 


By Gerard Baker 

Leaders of japan's three ruling 
coalition parties were said yes- 
terday to have agreed on the 
content of a package of tax 
measures, but not on its form. 

Mr Masayoshi Takemura. the 
Japanese finance minister, and 
leader of the New Harbinger 
party, the smallest coalition 
member, said the Social Demo- 
cratic party (SDP) had agreed 
in principle to an increase in 
the consumption tax to 5 per 
emit from 3 per cent, to take 
effect from 1997. The parties 
also agreed on immediate 
income tax cuts worth around 
Y5500bn (£36ton) a year for the 
next three years. 


The decision to accept an 
increase in the consumption 
tax represents a policy retreat 
by the socialists, who had 
vehemently opposed any 
increase in indirect taxation to 
pay for the income tax cuts. 

However, the final stiching- 
point for the party appears to 
be the timiog of the changes. 

The Liberal Democratic 
party and New Harbinger 
party want to introduce both 
measures as part of a single 
package. 

However, many SDP mem- 
bers are anxious to separate 
the two proposals in the thinly 
disguised hope that parliament 
may reject or delay the con- 
sumption tax increase. 


NZ jobless 
may fall 
to 6.4% 


Unemployment will fall to 6.4 
per emit by the end of 1995 
from the curren t rate of 8.4 
per cent according to a New 
Zealand research group, AP-DJ 
reports from Wellington . 

The projection by Business 
& Economic Research is more 
optimistic than the most 
recent economic forecasts 
issued by New Zealand’s cen- 
tral bank in September. 

Hie Reserve Bank expects 
unemployment to decline to 
just 7.6 per cent by March 
1996. 

The research group also 
expects gross domestic product 
to grow 3.6 per cent for the 12 
months ending March 1996, 
greater than the 3.1 per cent 
predicted by the country’s cen- 
tral bank. 


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To market, to market: Beijing’s fear of inflation has put bar gaining out of bounds for the time being 


being superseded. 

The “fight-inflation-first" 
nampaig n announ ced by prime 
minister LI Peng last month 
may well mark the first stage 
of a new stabilisation pro- 
gramme. This will place much 
heavier emphasis on govern- 
ment interference than last 
year's measures which relied 
more on indirect restraint 
through curbs on monetary 
growth, and restrictions on 
tending to ailing state enter- 
prises. 

Chinese officials will have 
expected much better results 
f rom their efforts of the past 
year or SO to maintain high 
levels of economic growth 
while bringing infla ti on under 
control. That policy has, at 
best, fallen well short of expec- 
tations and, at worst, failed. 


Publication of a rash of bad 
economic news in the past 
month or so has forced policy- 
makers into an extensive 
review of options, none of 
which is proving politically 
palatable. The had infla tion tig. 
ures for July and August, indi- 
cations that monetary growth 
is defying efforts to restrain It, 
and evidence of a new con- 
sumer spending binge will 
have provided a fairly brutal 
reminder of the continuing dif- 
ficulties of managing China’s 
economic t ransf ormation. 

"1 think if8 probably a shock 
to them that thing s have gone 
back to where they are now," 
said a western economist He 
predicted that the next 12 
months would prove especially 
difficult given the high under- 
lying rate of inflation, continu- 


ing heavy demand for subsi- 
dies from faltering state enter- 
prises and restlessness among 
a peasantry whose meagre 
incomes are being squeezed by 
higher costs of such items as 
fertilisers. 

But it is the inflation bogey 
that has really unnerved the 
leadership. Indications that 
rather than slowing the rate of 
price increases had begun to 
accelerate raised the alarming 
spectre of inflation spiralling 
out of control, fuelled partly by 
inflationary expectations. 

Consumer prices in the Chi- 
na’s 35 major cities rose by 27.1 
per cent in August compared 
with the same month last year. 
This was well up on the July 
figure of 242 per cent which 
itself represented a sharp 
increase on the previous 


month. National inflation sta- 
tistics were hardly more 
encouraging. The CPI country- 
wide was up 2S.8 per cent in 
the 12 months to August. 

While money supply figures 
for the first seven months of 
this year are not available, 
anecdotal evidence indicates 
that the broader M2 measure of 
monetary growth exceeded the 
24 per cent target. Western 
economists believe the figure 
could be closer to 34 per cent 

The government's inability 
to meet its monetary targets 
has been one of the main 
causes of continuing inflation- 
ary pressures. Demands for 
sustenance from state enter- 
prises, many of which are vir- 
tually bankrupt, are complica- 
ting the government’s task. 
Policymakers are walking a 


tightrope between the need to 
curb inflation and fears of 
social unrest caused by the 
inability of state-owned facto- 
ries to pay their workers. 

Worries about unrest has 
prompted a “stop-go" approach 
to monetary policy in the past 
year or so with the authorities 
alternately tightening and loos- 
ening credit in three-month 
cycles. An easing of credit 
restriction since April is seen 
as one of the main causes of 
the latest inflationary surge 
with capital spending by state- 
owned companies leaping by 73 
per cent in July compared with 
the same month last year. 

Officials, who had boasted a 
year ago that 90 per cent of 
consumer prices had been de- 
regulated. are sensitive to sug- 
gestions that the re- imposition 
of price controls represents a 
step-back from economic liber- 
alisation. 

Hard-pressed Chinese offi- 
cials seeking better news can 
point to falling producer prices 
- prices of steel and other raw 
materials are down sharply - 
and to an improving external 
sector. Exports have grown by 
more than 30 per cent this 
year, foreign exchange 
reserves have rebounded and 
in light of this current account 
forecasts are being revised. 

But in the end the govern- 
ment’s success in this latest 
phase will rest on its ability to 
check inflation while maintain- 
ing high levels of economic 
growth. The authorities are 
striving to bring growth down 
to manageable levels from the 
unsustainable 13 per cent of 
the past two years, but at the 
same time avoid a too rapid 
deceleration. This is a task 
that would be considered 
daunting by those managing 
even the most sophisticated 
economies. 



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6 


FINANCIAL TIMES 


THl'RSPA^ SKPTHMBKR 22 1994 



FLYING THE FLAG: a lone Haitian waves the Stars and Stripes 
in a welcoming gesture to US marines after they landed at the 
airport at Cap Haitien, Haiti's second city 


Frei reshuffles 
Chile cabinet 
after criticism 


By David Pilling in Santiago 

After only six months in office. 
President Eduardo Frei of 
Chile has reshuffled his cabi- 
net, promising a new 
“urgency” to his government 
programme and an “acceler- 
ated implementation of our pri- 
orities". 

The move comes in response 
to criticism that the new 
administration has succumbed 
to inertia, and to suggestions 
that the president has failed to 
stamp his authority on govern- 
ment policy. The fresh appoint- 
ments are, however, unlikely 
to change the general thrust 
of the administration's 
programme. 

“My government has fin- 
ished one phase and begun 
another." said Mr Frei in 
announcing the changes on 
Tuesday. “In the first phase, 
we have established our priori- 
ties. . . We now need to concen- 
trate on the tasks of education, 
infrastructure and increasing 
production.” 

Prime casualty in the reshuf- 
fle was Mr German Correa, the 
Socialist interior minister, 
whose removal weakens the 
position of the Socialist party 
within the Christian Democrat- 
dominated coalition. Mr Correa 
was replaced by Christian 
Democrat Mr Carlos Figueroa, 
previously foreign minister, 
who is more closely aligned 
politically with the president. 

The sacking of Mr Correa - 
although partly offset by the 
appointment of fellow Socialist 
Jose Miguel Insulza - is likely 
to put some strain on party 
relations within the Concerta- 


cidn coalition. Socialists, the 
second biggest force within the 
coalition, admitted they were 
"very surprised” by a move 
they considered “unjustified". 

Another important casualty 
was Mr Ernesto Schiefelbeln. 



Frei: promised new urgency to 
government programme 


minister of education, who was 
regarded as lacking the politi- 
cal astuteness to engineer 
much-needed reforms to the 
educational system. Mr Schie- 
feibein. an independent aca- 
demic, had already lost the 
good will of teachers by failing 
to consult them over reform. 

Mr Sergio Molina, a Chris- 
tian Democrat, takes over what 
is likely to became the high- 
profile education portfolio. 
President Frei has promised to 
derote far greater resources to 
the sector. 




NEWS; THE AMERICAS 


Parliament may prove to be 
stumbling block for Aristide 


Clinton loses • 
Congress ally 

in primary 


By James Harding 
In Port-au-Prince 

Police brutality on the streets 
of Port-au-Prince over the last 
two days has shown the truth 
of the Haitian proverb. “Men- 
nen kouiev lekoL pa anyen. Se 
fe’l chita ki red” - It’s nothing 
to lead the snake to school, 
making it sit down is the hard 
part 

Training the Haitian militia 
to replace political violence 
with civilised law enforcement 
has become a priority for Oper- 
ation Restore Democracy. But 
the police have not been the 
only unruly characters who 
could spoil a peaceful transi- 
tion. Haiti's parliament, which 
has historically evaded votes 
to restore exiled President 
Jean-Bertrand Aristide, may 
yet prove a significant obstacle 
to ffie install ation of a func- 
tioning democracy. 

The parliament and Presi- 
dent Aristide, at loggerheads 
for the seven months of the 
president's term in Haiti and 
hostile to him in exile, will 
have to find a new modus viv- 
endi- The first hurdle however. 


By George Graham 
in Washington 

The United Nations Security 
Council is not planning any 
quick move to end its eco- 
nomic sanctions against Haiti, 
despite a promise in the agree- 
ment negotiated with the mili- 
tary junta last Sunday that the 
embargo would be “lifted with- 
out delay in accordance with 
relevant UN resolutions”. 

A senior US official said that 
“there is not a sentiment in the 
United Nations at this point for 
lifting the UN sanctions,” par- 


will be the passing of a law 
granting amnesty to the exist- 
ing militar y re gime . 

Under the deal struck 
between former US President 
Jimmy Carter and provisional 
President Emile Jonassaint 
last Sunday, “certain military 
officers” are expected to enter 
“an early and honourable 
retirement when a general 
amnesty is voted into law by 
the Haitian parliament, or 
October 15 1994, whichever is 
earlier.” 

Although the deadline pro- 
vides the US with a necessary 
get-out if the parliament 
proves contrary, failure to 
enact an amnesty would cast a 
pall over the future co-exis- 
tence of an Aristide govern- 
ment and his former military 
ousters. Most people agree 
there is little to be gained from 
disrupting the progress of the 
US-Haiti programme to replace 
the military leaders with Mr 
Aristide, but the assembly has 
been unpredictable in the past 

The 1992 Washington Proto- 
col was scuppered by the par- 
liament. which had com plained 
that the agreement brokered 


ticularly as previous Security 
Council resolutions state 
clearly that the embargo is not 
to be lifted until ousted Presi- 
dent Jean-Bertrand Aristide is 
restored to power. 

But officials added that they 
had already begun discussions 
at the UN on how and when 
the sanctions might be lifted. 

It was possible, they raid, 
that some of the measures 
such as the ofl embargo and 
the ban on travel to and 
from Haiti could be lifted 
before Mr Aristide's return 
to the country. 


by the Organisation of Ameri- 
can States to restore Mr Aris- 
tide was unconstitutional. 
Thanks to a disruption by par- 
liamentarians allied to the 
coup leaders, the assembly 
never managed to achieve a 
quorum. The Governor’s Island 
accord last year intended to 
achieve similar goals met with 
a s imilar fate. 

According to one political 
observer in the Haitian capital, 
if Lt Gen Raoul Cedras can 
find a purpose in holding up 
the restoration of Mr Aristide, 
the pattern of breached agree- 
ments made possible by an 
obstreperous parliament may 
repeat itself: Gen Cedras may 
call on parliamentary appoin- 
tees and allies to block the 
amnesty vote. 

Mr Benard Sansaricq, presi- 
dent of the Senate, however, 
did not foresee any problems 
with getting the law through 
the assembly. Future relations 
with President Aristide, 
though, were another matter. 

He predicted the legislative 
process could be over in four 
days next week. After passing 
the bill, the Upper House will 


Mr Michael McCurry. the 
State Department spokesman, 
said that discussions on easing 
the embargo were "on a some- 
what different time line” 
because the deal negotiated 
with Lt Gen Raoul Cedras on 
Sunday does not require him 
and his colleagues to step 
down until October 15. unless 
the Haitian parliament passes 
a general amnesty* before then. 

An arms embargo is not 
expected to be lifted. 

Targeted sanctions freezing 
the US assets of Gen Cedras 
and a number of other promi- 


send it to the Chamber of Dep- 
uties, where it will be ratified 
nnipss the deputies see any 
need for modification, in which 
ra s«» it returns to the Senate. 

To avoid a time-consuming 
to and fro, Mr Sansaricq said 
yesterday he planned to con- 
vene a bicameral commission 
to draw up the bill. He had no 
doubt the Senate would pass 
the legislation, but would not 
speculate on the lower house, 
which is thought to be divided 

and susceptible to persuasion 
from the de facto executive. 

The amnesty law. however, 
is only one step on the difficult 
road of reconciliation which 
Mr Aristide has advocated in 
Washington. Whether or not it 
is passed, Mr Sansaricq plans 
to obstruct an Aristide govern- 
ment 

“1 do not support the return 
of Aristide - but it was a fait 
accompli I mil work in opposi- 
tion as an elected member of 
this parliament” he said. 

Gridlock, a snake US admin- 
istrations know ail too well, 
may be one of the things 
restored along with democracy 
and President Aristide. 


nent backers of the military 
regime remain in place, Mr 
McCurry said. Their status will 
be evaluated as necessary. 

Since the military coup 
which ousted Mr Aristide in 
1991. economic sanctions have 
been the object of much heart- 
searching. 

Their primary impact has 
been on the already impover- 
ished Haitian people, while the 
military junta and its wealthy 
supporters have until recently 
been able to shake o£T its worst 
effects with weekend shopping 
trips to Miami. 


By George Graham 

President Bill Clinton 
yesterday lost one of his few 
reliable allies in Congress in a 
stunning primary defeat lor 
Congressman Mike Synar of 
Oklahoma. 

Although Mr Synar had won 
47 per cent of the vote in a first 
Democratic primary ballot four 
weeks ago. he barely improved 
his score to 49 per cent ui los- 
ing to a 71-year-old retired 
school teacher in a run-off elec- 
tion on Tuesday. 

Mr Virgil Cooper had spent 
just $9,053 i£5.&M» on his cam- 
paign by the end of August, 
compared with Mr Synar's 
campaign spending of $227,543 
so far this year. His campaign 
spokesman said the former 
head teacher "did nothing but 
drive his pick-up around and 
put business cards in people's 
windows". 

He will now face Mr Tom 
Coburn, a Republican doctor 
from Muskogee, in the Novem- 
ber 8 general election. 

Mr Synar is tile most promi- 
nent incumbent to lose a bid 
for re-election so far this year. 

His defeat sounds a warning 
not only for members who 
have been close to Mr Clinton 
but also for relatively left-wing 
members in the conservative 
south. Besides backing Mr 
Clinton on issues such as rais- 
ing taxes on tobacco and rais- 
ing grazing fees on government 
land. Mr Synar has a voting 
record which is, according to 
the Almanac of American Poli- 
tics, “by far the most liberal of 
any white member from the 
South, more liberal than most 
Democrats from the North”. 

Perhaps his most fatal politi- 
cal stance is his support for 
gun control, wildly unpopular 


in Oklahoma. But Mr Synar is 
not the only prominent incum- 
bent to receive a setback in 
Tuesday's primary voting. 

Mr Thomas Foley, the 
Speaker of the House of Repre- 
sentatives, won only js per 
cent of the vote in his district 
in Washington state, a weak 
showing that could hint at a 
very tough campaign for 
November's general election. 

Under Washington state's 
peculiar election rules, all can- 
dilutes run in the same pri- 
mary, and the best-placed from 
each party advances to the 
general election. Since no 
other Democrat was running, 

Mr Foley won his party's nomi- 
nation. but his score repre- 
sents a sharp full in popularity 
from 1992. when he won 53 per 
cent in the primary. 

Even then. Mr Foley's 55 per 
cent in the subsequent general 
election was the lowest vote 
recorded for a sitting House £ 
Speaker in over a century, and 
Republicans are licking their 
Ups at the chance of claiming 
such an illustrious scalp. 

Congressman Bill McCollum 
of Florida, one of two members 
contending to be the Republi- 
can whip next year when Con- 
gressman Newt Gingrich 
becomes the party’s leader in 
the House, spent $30,000 on 
television advertisements in 
the district in an effort to 
embarrass the Speaker, 

Republican leaders say they 
are expecting to win 2iKM seats 
from the Democrats on Novem- 
ber 8 . They would need to win 
40 to take control of the 435- 
member House, but even a 
smaller gain would put them 
in a strong position to control 
the congressional agenda in 
alliance with right-wing nomi- 
nal Democrats from the South. 


No early move on sanctions 


US accepts Russia’s move on freer emigration 


In preparation for his summit next 
week in Washington with Russian 
President Boris Yeltsin, President 
Bill Clinton Issued a declaration that 
Russia allows its citizens to emigrate 
freely, thus moving a step closer 
towards normalising US trade with 
the former Soviet state, writes Nancy 
Dunne in Washington. 

Under a US law called the 
Jackson-Vanik amendment, trade 


relations with communist countries 
were linked to the governments’ 
emigration policies. With the law 
still in effect. Mr Clinton has been 
required to issue a yearly waiver to 
allow Russian products to get Most 
Favoured Nation tariff treatment 
MFN gives them the same low tariffs 
as the members of the General 
Agreement on Tariffs and Trade. 

Mr Clinton's declaration ends the 


need for a yearly waiver, but falls 
short of requesting a new law from 
Congress. It has been long argued 
that Jackson-Vanik discouraged 
private investment in Russia because 
investors had no certainty they could 
export into the US- 
As long as the Jackson-Vanik 
amendment is still on the books - 
and the president has not requested 
its removal - the administration 


must still report to Congress every 
six months ou the status of Russian 
emigration policies. 

Congress can also vote to 
disapprove the president’s action, 
taken on Tuesday, but there is no 
sentiment for a reversal 

A US trade official said the 
president was following the same 
procedure established with the Czech 
Republic. Slovakia and Hungary, as 


trade relations were normalised. 
Ultimately Congress passed 
legislation altogether removing them 
from the Jackson-Vanik 
requirements. 

Although Mr Clinton has not yet 
requested similar legislation for 
Russia, the trade official said the. 
administration hoped it was sending 
a signal to investors thatchings are 
more stable” in Russia. v * 


Restoring US labour’s voice 

Robert Taylor on the chief of Washington’s industrial relations board 


F or a man who is so 
closely watched, some 
would say Bill Gould is 
remarkably misunderstood. 

It took Congress more than 
seven months to ratify his 
appointment as chairman of 
the National Labor Relations 
Board, the five-man federal 
labour agency that enforces 
the country’s basic labour law. 

Even after a deal bad been 
cut with the Republicans. 3S 
voted against him, the highest 
level of recorded opposition to 
any Clinton nominee. 

Much of US business believes 
him to be too pro-union, a 
black New Deal liberal who 
once worked for the United 
Autoworkers union and 
intends to shift the power bal- 
ance on the board against the 
Interests of employers. 

His prolific writings have 
been widely scrutinised for 
pro-labour bias. His new book. 
Agenda for Reform, that calls 
for changes to help union 
organisation and collective bar- 
gaining, “was exhibit number 
one at the hearings”, he says. 

Those who regard him as at 
least controversial are unlikely 
to be disappointed during a 
four-year term that ends in 
1998. two years after the next 
presidential election. 


At an industrial law confer- 
ence in Oxford this week Mr 
Gould spoke up for a more 
activist board that would in a 
“fair and even-handed" way 
encourage the spread of collec- 
tive bargaining. After all, he 
says, that is what the board's 
statute has required since it 
was established as an indepen- 
dent federal agency in 1935 
during Franklin Roosevelt’s 
New DeaL The board employs 
2,100 staff across 33 regions 
and has a modest $l75m 
(£ii3m) annual budget 

The quietly-spoken Mr 
Gould, who holds a law chair 
at Stanford University in Calif- 
ornia, does not come across as 
a partisan firebrand. 

Nor is his record that of a 
radical. A graduate of the Lon- 
don School of Economics, 
where he studied labour law. 
he advised the British Conser- 
vative party nearly 25 years 
ago on their Industrial Rela- 
tions Act designed to regulate 
the unions. Lord Geoffrey 
Howe, former UK Chancellor of 
the Exchequer, remains a 
friend from those days and he 
cannot understand why the 
Republicans are so worried 
about him. 

But during the Reagan-Bush 
years. Mr Gould says, the 


board was “not abolished but 
trashed". One chairman of that 
tune even admitted in public 
he did not approve of collective 
bargaining. 

“My opponents had it all 
their own way for 15 years. 
They don’t like or want impar- 
tiality,” he says. He wants to 
try to restore what he sees as 
the board's lost authority and 
vigour. 

Whether this can stem the 
remorseless decline of organ- 
ised labour in the US, which 
now covers little more than 11 
per cent of the private sector 
workforce, is another matter. 

“It is possible we could play 
a role in enabling the unions to 
regain lost ground by actively 
promoting collective bargain- 
ing,” says Mr Gould. But in his 
book even he admits changes 
in the market economy have 
been “far more important than 
the law itself” in explaining 
the drop in union membership- 

While he regrets the recent 
refusal by Congress to support 
President Bill Clinton's bill to 
prevent employers replacing 
strikers with new workers, he 
also argues “the enactment of 
labour law reform will not nec- 
essarily reverse the process of 
decline". 

He hopes that under his 


chairmans hip the board can 
"foster a more co-operative 
environment between labour 
and management”. Mr Gould 
has already established advi- 
sory panels from both sides of 
industry to help him in that 
process. . 

Mr Gouid stresses that he 
will administer the law with- 
out bias or favour. “We will 
enforce the statutes against all 
wrongdoers," he insists. In his 
first six months in the Job he 
secured 60 injunctions, mainly 
against employers to stop them 
carrying on alleged unfair 
labour practices. 

But he has shown he is no 
poodle of organised labour by 
initiating contempt proceed- 
ings against the United Mine 
Workers union for violation of 
a board decision. 

Mr Gould has attracted criti- 
cism from employers for his 
executive decision to hold only 
postal and not workplace 
secret ballots of workers in 
union recognition cases. Some 
companies believe this shift 
will give an unfair advantage 
to trade union organisers who 
will be able to visit the homes 
of workers to influence them. 
But the board believes ho lding 
such ballots inside the com- 
pany can open them up to 



between labour and management . . . without bias or favour* 


undue employer pressure. 

Mr Gould has also speeded 
procedures to cut the back-log 
of cases and prevent wasteful 
litigation. He points out tha t 
he alone cannot restore the for- 
tunes of the American labour 
movement “We cannot do it 
for them,” he says. 

Well aware of his precarious 


position, he also realises he 
could find himself in a minor- 
ity on his own board after the 
mid-term congressional elec- 
tions. At present he holds a 
three- Lo-t wo balance but -If 
there is a Republican triumph 
- as expected - a new nominee 
could shift the board once 
more into conservative hands. 



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M 


NEWS: UK 



Non-EU exports rise to record highs 


By GHHan Ten fai London 

British exports to countries 
outside the European Union 
rose to record levels last 
month, with UK manufacturers 
reaping the benefits of strong 
growth in the US and Par East- 
ern economies. 

The firm export growth, cou- 
pled with a falling level of 
imports, helped to reduce the 
UK trade deficit with non-EU 
countries to its lowest level for 
more than six years. 

Exports to non-EU countries, 
which represent almost half of 
aD British trade, were a sea- 


sonally adjusted £5.47bn 
fS8.47bn) last month, up from 
£5.41bn in July, the Central 
Statistical Office said yester- 
day. 

Imports from these countries 
were £5.72bn, down from last 
month's level of £5.0bn, but 
roughly in ling with the levels 
seen during most of this 
year. 

The resulting deficit of 
£0.26bn was considerably bet- 
ter than the City had 
expected, and the government 
welcomed the data as further 
evidence that the UK 
recovery was becoming less 


driven by consumer demand 
and more by exports and 
investment. 

Mr Michael Heseltme. trade 
and industry secretary, said: 
“These figures are excellent 
news. The deficit has 
been halved over the last 
year." 

The most striking part of the 
data economists «aid was that 
recovery did not appear to he 
bringing in large quantities of 
imports to meet the recent 
growth in UK industrial and 
consumer demand. 

Although some economists 
said this might suggest a slow- 


down in levels of consumer 
demand, others argued it 
might indicate that UK compa- 
nies were finally responding to 
the effect of the 1992 sterling 
devaluation by starting to sub- 
stitute domestic products for 
imports. 

Mr Ian Thompson, economist 

at the Engineering Employers’ 
Federation, said: “At first sight 
these figures do suggest that 
there is some import substitu- 
tion now occuring in the home 
markets." 

The growth in exports cov- 
ered most industrial catego- 
ries. Although strong oil 


exports boosted the overall 
trade balance, manufacturing 
also performed well, with 
exports of manufacturing com- 
ponents 9 per cent higher in 
the three months to August 
than the previous three 
months. 

Exports of processed chemi- 
cals and metals showed partic- 
ularly strong growth. Elec- 
tronic and engineering goods 
also performed well, particu- 
larly in the US and “Asian 
tigers". 

Mr Richard Brown, deputy 
director general of the British 
Chambers of Commerce, wel- 


comed the figures as evidence 
that “British exporters are suc- 
ceeding overseas". 

However, City economists 
pointed out that Germany and 
other European countries were 
also seeing strong export 
growth. 

Mr Chris Dinow, UK econo- 
mist at Nomura, the Japanese 
securities house, said: 
“It is difficult to say 
whether the UK is increasing 
market share or whether it is 
just that the world economy is 
booming - but I suspect it is 
more that world demand is 
strong." 


Japan spends to protect 
semiconductor supremacy 

William Dawkins and Alan Cane on the global 
pressures driving NEC investment in Scotland 


v/i ;i '^nr 


NEC’s investment of YSObn 
($795m) in Livingston, while 
smaller than expected, is the 
latest stage in a race by 
Japan's semiconductor indus- 
try to increase capacity in line 
with a global explosion in 

demand 

Mr Hajime Sasaki, NEC exec- 
utive vice-president responsi- 
ble for semiconductors, says 
there Is a 20 per cent world- 
wide shortfall in memory 
chips. It is affecting producers 
of telecommunications equip- 
ment, computer systems, and 
consumer electronic products, 
all of which have a prodigious 
appetite for semiconductor 
memory. 

NEC’s action follows a deci- 
sion a day earlier by Toshiba, 
the second-largest Japanese 
chip producer after NEC, to 
invest YlOObn in semiconduc- 
tor production in Japan. 

Japanese chip companies are 
eager not to slip behind their 
US competitors’ aggressive 
expansion in capacity - NEC 
last year lost its position 
as the world's top semiconduc- 
tor producer in dollar sales 
terms to Intel of the US, a sym- 
bolic blow which it intends to 
redress. 

The two countries excel in 
different areas - the US leads 
hi micro pr ocessors, the heart 
of computer systems which 
command high added value. 


and the Japanese in memory 
production, commodity prod- 
ucts for which margins are 
low. 

Japan's six leading electron- 
ics companies plan to increase 
investment in semiconductor- 
making capacity by 15-3 per 
cent to a combined Y461bo in 
the year to next March. 

US semiconductor producers 
believe the world chip market 
will double from its present 
$l00bn (£&L5bu) by the end of 
the decade. 

The Japanese are more cau- 
tious, however, believing the 
market will grow only 50 per 
cent by then, with meet of the 
growth in Asia. Taiwan and 
South Korea are now aggres- 
sive players. 

Chipmakers across the world 
agree that the sharp rise in 
demand for semiconductors — 
15 per cent worldwide this year 
- will continue well after 1997 
by which time plants 
nnnniinRpri this year will have 
started production. 

A rise in demand for per- 
sonal computers fuels this 
year's growth, to be taken over 
in the next few years by 
memory-hungry multimedia 
machines, mobile telephones, 
and the growing use of soft- 
ware such as new generations 
of Windows, the leading com- 
puter operating system from 
Microsoft of tiie US. 


The new plants .innimwiwi 
by NEC and Toshiba wifi both 
mafce 64 megabit dynamic ran- 
dom access memories 
(D-Rams), the next generation 
chip. 

NEC’s decision to expand its 
Livingston plant continues the 
growing Japanese trend of 
ghHWng production to cheaper 
locations, stimulated by the 
yen’s sharp rise. NEC’s over- 
seas production will rise from 
15 per cent to 20 per cent of the 
total. Said nfflftialie 

NEC’s UK semiconductor 
plant Is the most productive of 
NEC’s semiconductor plants, 
but other factors were involved 
in making the finely balanced 
choice between expanding 
capacity at Livingston or at 
another NEC plant in Calif- 
ornia, explained Mr Sasaki. 

California, with its plethora 
of computer and telecommuni- 
cations companies, had a clear 
advantage over Scotland in the 
size of the local market, said 
Mr Sasaki. The sites were 
equal on the other main crite- 
ria, infrastructure and the 
availability of skilled engi- 
neers. Financial incentives 
played a very secondary part 
in the decision. 

One factor that may have 
tipped the balance, he hinted, 
was the need to manufacture 
msid e the European Union to 
avoid tariffs an imparted chips. 



■j^S*JaSb£S; 


Soon Barney 

HMS Ark Royal, one of the most famous ships built by the threatened Swan Hunter yard, returned 
to the River Tyne yesterday before being mothballed to await a refit. It win resume service at the 
end of the decade. Swan Hunter win be closed unless receivers can find a buyer before November. 

SIB chief seeks to head off split 


By Alison Smith 

The City of London's chief 
regulator has begun a series of 
meetings with top life industry 
executives in an attempt to 
head off a damaging public 
split between the industry and 
its watchdog over the sale of 
personal pensions. 

The move, by Mr Andrew 
Large, chairman of the Securi- 
ties and Investments Board, 
comes ahead of the planned 
publication by the regulator 


late next month of a report on 
compensating people who have 
suffered from poor advice over 
transferring out of occupa- 
tional pension schemes. 

The SIB will face public criti- 
cism if its plans do not provide 
full redress for everyone who 
may have lost out. But life 
companies want to focus only 
on cases where customers have 
clearly suffered, and do not 
want to give others a chance to 
change their earlim* decisions. 

Mr Large is warning chief 


executives of some large life 
insurance companies that a 
high-profile clash between life 
insurers and the SIB about 
compensating victims of 
mis-selling would further 
damage the reputation of the 
industry. 

Figures from the Association 
of British Insurers have shown 
that sales of some products 
have already fallen this year 
and that public concern about 
pension sales is one of the 
causes. 


Britain in brief 


■fen™ -*k Jf* 

vr jrvw..-.- -tun ; •- ■ • ■ 

Ashdown on 

consensus 

tightrope 

Mr Paddy Ashdown will today 
seek to nudge the Liberal Dem- 
ocrats further toward 
co-operation with Mr Tony 
Blair’s Labour party by sug- 
gesting that the parties could 
co-operate to build a biparti- 
san consensus on issues like 
the future of tbe National 
Health Service. 

In an attempt to narrow Lib- 
eral Democrat divisions, be 
will use his closing speech to 
the party conference to set the 
price for any formal deal as a 
Labour commitment to propor- 
tional representation. 

His speech will walk a tight- 
rope - holding open the door 
or co-operation to Mr Blair 
while reassuring Liberal Dem- 
ocrats that they will not be 
“rolled over” in any discus- 
sions. 

But Mr Ashdown's attempts 
during a difficult and unpre- 
dictable Brighton conference 
to bold open the door to Mr 
Blair were clouded when the 
newly elected party president 
launched a strong attack on 
the new Labour leader. 

Mr Robert Maclennan 
accused Mr Blair of reducing 
Labour to “a sort of smiling 
anaemia". Mr Maclennan told 
journalists he was determined 
there should be no “behind- 
the-scenes bargaining with 
Labour". 


New accounting 
standards attacked 

The Accounting Standards 
Board was yesterday accused 
of “destroying” one of the basic 
principles of accounting after 
it issued two new standards 
covering acquisitions and 
mergers. 

The ASB, which decides how 
financial information is pres- 
ented in tbe UK, said tbe new 
rules “call for a more objective, 
neutral and informative 
approach” in accounting for 
business combinations. 

The board said the new 


codes were designed to restrict 
tbe use of merger accounting 
and outlaw abuses in the 
reporting of acquisitions. 

The Hundred Group, which 
consists of the finance direc- 
tors of companies in the FTSE- 
100 share index, described 
ports of the new standard on 
acquisitions as “completely 
illogical". 


MMB raises 
milk row stakes 

The UK's Milk Marketing 
Board said yesterday it would 
call on the government to 
postpone the November 
deregulation of the milk mar- 
ket if tbe dairy trade wins 
leave for a judicial review. 

Its threat raised tbe stakes 
in the row over milk on the 
eve of today’s High Court 
hearing of the Dairy Trade 
Federation's case. 

Tbe federation is challeng- 
ing the government's approval 
of deregulation on the grounds 
that tbe new' system for selling 
milk to dairy companies will 
push costs up sharply andlead 
to a flood of imports. 


Jordan leads field 
for trade union post 

Mr Bill Jordan is likely to 
stand down as president of the 
AEEU craft union to lake over 
as general secretary of the 
International Confederation of 
Free Trade Unions, the main 
trade union international with 
174 affiliates in 121 countries. 

Mr Jordan, 5S. yesterday 
nominated by the executive 
committee of the Trades Union 
Council in London, is not cer- 
tain to get the top job in inter- 
national trade unionism but 
with backing from tbe US, Ger- 
many and Japan he is the 
favourite. 


Signalmen’s strike 
costs criticised 

The railway signalmen’s strike 
has cost British Rail £200m in 
lost revenues and islosing 
“core business” which may 
never be regained, Mr John 
Nelson, managing director of 
its south-eastern train 
operations said yesterday. 

He was speaking as wage 
negotiations between the RMT 
transport nnion and Rail track 
resumed at the Acas concilia- 
tion service. 










8 


★ FINANCIAL TIMES THURSDAY SEPTEMBER 22 1904 

MANAGEMENT: MARKETING AND ADVERTISING 


T here was a time when the 
only advertisements on the 
roof-tops of Russian cities 
were imposing slogans 
extolling the virtues of the proletar- 
iat and the glories of the communist 
party. But since the collapse of 
Soviet power, the cities' skylines 
have been transformed. Giant neon 
signs now light up the night sky 
promoting Marlboro cigarettes or 
Sanyo stereo systems. They are the 
most visible sign that Russia’s con- 
sumer age has dawned. 

Tom on the television and the 
change is just as startling. Commer- 
cials now teem between Mexican 
soap operas and glitzy game shows. 
Elsewhere, billboards have mush- 
roomed. glossy magazines are 
eagerly devoured and flysheets 
handed out at metro stops promise 
returns of 1.600 per cent a year from 
various investment runds. “The 
advertising market really only 
began here two-and a-half years ago 
but it has been growing at a phe- 
nomenal rote ever since." says Pal- 
la vi Sodhi, media director of Ogilvy 
& Mather's Moscow office. 

But advertising's helter-skelter 
growth has occurred almost entirely 
unchecked and there has been little 
debate about who should regulate 
these new powers of persuasion. 
The threat from the unscrupulous is 
great because of advertising’s nov- 
elty. “In the west most people 
instinctively distrust what they see 
in commercials. Here that is still 
not the case," one western advertis- 
ing executive says. 

Russians’ susceptibility to extrav- 
agant claims has been highlighted 
by the rise and slide of the MMM 
pyramid scheme which sucked in 
investors’ money through an adver- 
tising campaign, estimated to have 
cost $100m f£64.£>m). In spite of the 
government’s warning that MMM 
investment certificates were little 
more than “pretty postcards", the 


Russia has become an advertiser’s dream, says 
John Thornhill, but a nightmare for regulators 


Signs of the 
times 


company continued advertising dur- 
ing many of Russia's most popular 
television shows. The government 
has now banned MMM from adver- 
tising in state-run media but it has 
simply switched to private media 
outlets. The humdrum star of its 
television advertisements, Lyonya 
Golubkov, can still be seen most 
nights dancing with a Mexican soap 
opera queen. 

The lack of regulation has led 
Russian psychologists to warn of 


There may be as 
many as 800 agencies 
in Moscow alone - 
many of them of 
dubious reputation 


other dangers such as subliminal 
advertising, in which images 
flashed up in the middle of a com- 
mercial leave an impression on the 
sub-conscious min d. That may be 
relatively harmless when ice cream 
is being sold but fears are spreading 
that such techniques could be used 
for sinister political purposes. 

"What if someone wanted to 
make Lyonya Golubkov president?” 


the weekly magazine New Times 
asked in a long examination of 
advertising's new power. The effec- 
tive use of television was one of the 
main reasons for the strong show- 
ing of the extreme nationalist, 
Vla dimir Zhirinovsky, in last year's 
presidential elections, the magazine 
observed. 

The government has finally 
responded to such concerns and Is 
drafting a law to regulate the indus- 
try. This promises to stop all adver- 
tising from unlicensed companies, 
such as MMM. It would also ban 
subliminal advertising and insist all 
material is ‘trustworthy and consci- 
entious". 

All cigarette and alcohol advertis- 
ing would be banned and measures 
introduced to protect the young 

from unscrupulous camp aigns 

But the most critical test of the 
legislation wifi he its implementa- 
tion. As a scathing front-page 
article in Pravda observed, it is 
already supposedly Illegal to adver- 
tise potentially harmful products, 
such as alcohol and cigarettes, 
under the government's existing 
health laws. The government lacks 
effective powers of enforcement and 
Russian businesses have a proven 
ability of staying one step ahead of 


officials. Completely new advertis- 
ing channels, such as the fast- 
growing unofficial cable television 
operators, also threaten to become 
the regulators' nightmare. 

The biggest battle, though, is 
likely to be fought on mainstream 
television, which accounts for three- 
quarters of all estimated advertising 
expenditure. About 99 per cent of 
the Russian population have access 
to television with the mam rfianne l, 
Ostankino, reaching a potential 
280m people in the former Soviet 
Union and beyond. Despite recent 
sharp rises in the cost of advertis- 
ing, it remains extremely cheap 
compared with other countries and 
an attractive means of promoting 
products. 

“We like and use television adver- 
tising because of the sheer size of 
the country," says Michael Parsons, 
eastern Europe spokesman for 
Philip Morris, which advertises 
many cigarette and food brands in 
Russia, such as Marlboro. “There 
are U time zones and there is no 
other really effective means of 
reaching consumers across such a 
large land mass.” 

Most western multinational com- 
panies operating in Russia say they 
have their own strict guidelines on 



GHbOhiM 

Now slogans for mass consumption: advertising in Russia to sttQ a novelty 


what advertising material they use. the first to develop the Russian 
The big western agencies, such as market also claim - somewhat 
DMB&B, Young & Rubicam, BBDO, piously - that they are bound by 
and Ogilvy & Mather, which were ethical considerations. 


But there are few restrictions to. 
stop any company, such as MMM? 
producing its own advertisements 
and putting them on the air. Many 
Russian entrepreneurs have also 
moved into creative advertising. 
One estimate suggests there may be 
as many as 800 agencies in Moscow 

alone - many of them of dubious 
reputation. 

But the biggest and the best of 
them, such as Video International 
and Premier SV. have rapidly 
evolved into formidable operations. 
They are already making high- 
quality advertisements, including 
some for western agencies and cli- 
ents. and have strengthened their 
grip on the media market by buying 
up big chunks of advertising tune 
on the main television channels. 

Alexei Gusev, director of Video 
International, says the private com- 
pany now employs 250 full-time 
staff and uses more than 100 free- 
lances. He forecasts that its annual 
income will have jumped from 
$250,000 three years ago to more 
than $i0m by the end of this year. 
Video International has secured its 
position by buying up more than 
half the advertising time available 
on Ostankino. 

Yegor Makhalov, production 
director of Premier SV, says the 
Russian advertising industry is 
learning East and will soon prove 
more than a match for the western 
agencies. ‘Technically the western 
agencies are better but Russian 
{i gpivipK have good ideas and know 
a lot more about how the Russian ^ 
market works,” he says. 

If the government's attempts at 
regulation prove fruitless, it may 
ultimately have to rely on these 
new power brokers to win the 
nation's hearts and minds. Signifi- 
cantly. perhaps, the ministry of 
finance Has just commissioned its 
own advertising campaign to fight 
the financial fraudsters. 


Societies hang on to homely image 

Alison Smith finds that the traditional mortgage lenders have retained the public’s affection 


T he recent rise in mortgage 
interest rates has created 
some unwelcome publicity 
for lenders about the rates they 
will soon be charging their 
customers. 

Not for the first time 
commentators have highlighted the 
way the new rates tend to be 
passed on more quickly to 
borrowers than to savers. 

For the most part however, the 
building societies that dominate 
the UK mortgage market have a 
markedly better pnblic reputation 
than the high stmt banks, even 
though the financial services they 
offer increasingly overlap. 

Earlier this year, a survey by 
polling organisation BMRB for 
the Building Societies Association 
suggested that societies were 
regarded more positively than 
banks or insurance companies, 
scoring more strongly on fair 


dealing, communicating with 
customers, taking complaints 
seriously and being more 
understanding of those with 
financial problems. 

It is perhaps striking, therefore, 
that more societies do not exploit 
this apparent affection more 
vigorously in their advertising. 
Only the Nationwide - with its 
slogan “The ‘Building’ Society”, 
and its use of staff to devise and 
appear in advertisements - has 
wholeheartedly cultivated this 
traditional image. 

“We want to put across that we 
are an honest, open, decent type of 
organisation to do business with,” 


says Dennis Brockwell, Nationwide 
marketing director. 

“Using real people has given ns 
credibility compared with some of 
our competitors. Customers have 
asked local staff why they have not 
appeared in the campaign.” 

By contrast, the line in the 
Halifax campaign - “The building 
society you can hank on” - looks 
like an attempt to combine the 
warmth felt for societies with a 
claim for competence In delivering 
services which may not be so 
immediately associated with the 
sector. 

Other recent campaigns - such as 
the one promoting the Alliance & 


Leicester's new Alliance current 
account - have conc e ntrated on 
particular products or services and 
made no feature of the type of 
organisation offering them. 

This lack of emphasis is 
particularly notable given the 
lengths to which Abbey National, 
the former society turned bank, has 
gone to retain the affection people 
apparently feel for societies. 

The group decided not to include 
the word “bank” in its name within 
the UK to distance itself from the 
four largest clearing banks. It also 
kept its logo - two people walking 
along with the roof of a house as an 
umbrella - which has been used 


since 1944. 

Whatever their differences there 
is a general consensus among 
societies that seeking to 
differentiate themselves explicitly 
from hanks is not the answer. 

A&L has a particular 
complication, as John Day, director 
of marketing, admits. One of its 
subsidiaries is Girobank, which it 
bought from the Post Office in 
1990. 

Day is waxy of contrasting banks 
and societies in A&L’s marketing, 
though he emphasises that the 
society does not want to be seen as 
“hank-like” in terms of the 
standards of services which 


customers expect 

“We feel yon have to be careful 
how you take that stance - after all 
we are moving more into banking 
products.” he says. 

The Halifax is aware that the 
perceived virtues of societies can be 
seen as weaknesses too. However 
“nice" societies are thought to be, 
they are not necessarily viewed as 
efficient, particularly in delivering 
services, where the premium is on 
speed and accuracy rather than the 
personal touch. 

Mike Lavender, marketing 
assistant general manager, says 
“The Building Society you can 
Bank on" slogan, which suggests 


the best of both worlds, is being 
used specifically to promote 
banking products such as current 
accounts and motor insurance. 

At the same time the Halifax 
aims to retain what Lavender calls 
the “warm and cuddly” image 
through its more general television 
advertising, which is based on the 
idea of people coming together to 
build structures. 

This theme was developed three 
years ago to prevent the erosion of 
support for the society as it 
diversified into new activities 
which were further away from 
societies' roots. 

“You cant go into bank accounts 
or estate agency without perhaps 
some drag on the brand,” Lavender 
says. He believes that as societies 
take mcnre advantage of the 
opportunities to diversify, other 
large societies will try, to. “get hack 
to that warm feeling”.' 



VG 

TAGHeuer 



TkU U the tram: Industry. 
Power. Transportation. Ta 
be mart precise, they're the 
three area* me operate in. 
Dieeree. exacting, caique. 


OUR STRENGTH 
IS TEAMWORK} 

WITH IISP2RE9 SHOOTING. 


yet, token united under a 
eommon strategic oieion, 
their movements choreo- 
graphed and coordinated, 
they become together the 
force which permit s ue to be 
amongst rAr leaders in Eire- 11 


ANSALDO 


tramechanici at the inter- 
national looei. creating 
produett and systems for the 
industrial growth of coun- 
tries around the world. The 
true players in this game of 
isrtelligestee, preparation, 
and determination, are, of 
course. Hr people. If you 
decide ta join up with ur. 
here's hoping that thit sea- 
son, the beet team wsne. 


FINANCIAL TIMES 

EAST EUROPEAN MARKETS 


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SAVima Based m current ai lows distance R*tes bee ore *nt psownwe or uscoans. subject to status and current Ewttaa terns, and awDmore details cornea at twc of M«o to press 


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WHAT WE'RE USING TO LAUNCH OUR 
NEW TELEPHONE NETWORK. 


Guess the cost of starting a new 
national telephone network - quadruple 
It and multiply the answer by five. 

Then make it the most advanced 
network in the world, that’s capable of 
carrying pictures and information as 
well as sound - add another billion or 
two. At Energis we’ve managed to avoid 


that cost with a brilliant idea. 

Energis is owned by the National 
Grid Company, so what we’ve done is 
put fibre optic cable along the pylon 
wires to create a new, state-of-the-art, 
long distance telephone service. 

You’ve probably already heard of the 
information super highway, well Energis 


bring you the information super highwire. 

And yes, the savings will be passed 
on to you, which is why major customers 
have already decided to use us. 

But you don’t have to be a major 
customer to use us, 4 or more lines is 
sufficient to make it worth your while, 
if your company makes a significant 


proportion of long distance calls. 

(You may well be surprised to learn 
that ‘long distance’ is anything over a 
mere 35 miles.) 

So, in the future, as well as using 
phone calls to make you money, you 
could also be using phone calls to save 
you money. ENERGISE YOUR PHONE. 


'ENERGIS 



















10 


FINANCIAL TIMES THURSDAY SEPTEMBER 22 l»4 


★ 


TECHNOLOGY 



Of machines and men 


Vanessa Houlder launches a series on IT innovation in the financial services industry 


I n the depths of Midland Global Market's 
blue glass offices by the River Thames, a 
phalanx of computers is engaged in a 
battle of man against machine. These 
systems, which have the collective power of a 
supercomputer, are attempting to find ways 
to beat the financial markets more consis- 
tently than human traders. 

Between five and 25 times a day. the base- 
ment's rarefied atmosphere is disturbed by a 
few bars of Deutschland fiber Ailes or the 
Star Spangled Banner. These tunes are emit- 
ted by a computer signalling a recommenda- 
tion to buy or sell futures - the right or 
obligation to buy or sell a bond or other 
financ ial instrument at a certain date - in 
one of five markets: the bund [German 
bonds], FT-SE. US Treasury Bond. Swiss 
Franc or S&P500. 

This is an example of a new phenomenon in 
the banking world. Midland's 1 6-month-old 
experiment with computer-based predictive 
models is one of numerous attempts in the 
City of London and Wall Street to find reli- 
able ways of making money from advances In 
computing and mathematical theory. 

Over the past few years, the financial insti- 
tutions have recruited mathematicians and 
physicists - known in the City as “rocket 
scientists" - on an unprecedented scale. The 
Midland team, for example, includes two peo- 
ple who really are rocket scientists; the oth- 
ers have degrees and doctorates in physics, 
mathematic*: and en gineering 
Computerised trading models have aroused 
intense controversy. Their champions argue 
that “intelligent” computer software will 
soon oust highly-paid traders; detractors 
argue that they are a pointless sideline, based 
on inherently flawed assumptions about the 
way that markets work. 

Some aspects of this debate are not new. 
Fascination with methods of predicting the 
market goes back centuries. For example, one 
system which gained popularity in the 1870s 
advised the investor to buy on the stock 


exchange when it had moved up by 10 per 
cent sell when it had moved down by 10 
per cent. 

The difficulty of manipulating data by hand 
put tight constraints on the number and com- 
plexity of trading rules that could be tested 
against the market. It was only when power- 
ful computers and detailed historical market 
data became available that the creation of 
models could be pushed into a different 
league. 

The Midland system, for example, involves 
about 60 personal computers and a 16 giga- 
byte database, which holds up to 20 years of 
market data, ft receives 250.000 prices daily . 
each of which is time-stamped with a radio 
signal from an atomic clock. 

But can computer models really predict the 
ways markets move? Classical economic the- 
ory suggests there is no systematic way to 
beat the market other than by receiving sen- 


sitive information Easter. The markets are 
inherently unpredictable because they are 
only moved by unexpected news; old news is 
already assimilated in the market 

This theory is seen by some as an over-sim- 
plification. Markets are driven by many dif- 
ferent players, such as market makers, specu- 
lators. portfolio managers and central 
bankers. Since they have different investment 
horizons and different attitudes to risk, they 
may react to the same information in differ- 
ent ways. 

Many theorists believe that although most 
market movements are random, a sizeable 
proportion is not Paul Refenes. head of non- 
linear applications and financial engineering 
at the London Business School, believes that 
sophisticated mathematical models based on 
non-linear dynamics are, in principle, capable 


of predicting 30 per cent of market move- 
ments. 

Although Nick Idelson, head of Midland's 
computer-based predictive models, is con- 
vinced that non-linear dynamics apply to the 
finan cial markets, his models are not based 
on any general theory. They have been 
derived by testing a large number of intuitive 
ideas about rules governing the markets. The 
models work by trying to make more money 
on successful trades than they lose on unsuc- 
cessful trades. One of the Midland models 
makes money despite getting the direction of 
the market wrong more often than it gets it 
right 

In general, the six portfolios make less 
money than the firm's traders but they per- 
form more consistently. Midland's S&P500 
models have beaten the S&P500 index three- 
fold over two years. 

Their performance has by no means been 


faultless. For example, the model made signif- 
icant losses in March and April - triggered, 
Idelson believes, by Japanese funds pulling 
large sums of money out of the bond markets. 
The model could not cope with this because 
the market conditions were unlike any- 
encountered during testing. 

This hi g hli ghts an important dilemma for 
model builders, namely deriding the exact 
circumstances when a trader should override 
the derisions made by the model Some trad- 
ers believe that automated trading machines 
should be switched off whenever market con- 
ditions differ from those in historical stimula- 
tions. But ultimately, the decision about 
when to switch the machine on and off is a 
matter of subjective judgment 

The problem of judging when the machine 
will be unable to cope with anomalous mar- 


ket conditions is made more acute by another 
possible explanation for a poor performance 
by a model known as “over-fitting" - when 
so many rules are incorporated in the model 
that it fits the historical data on which it was 
tested but is a dismal failur e in live trading. 
This is a common pitfall for model builders 
who unwittingly take familiar data into 
account when designing their model or 
choosing their parameters. 

Another problem arises from changes in 
the pattern and behaviour of markets. Models 

should be periodically monitored to discover 
if there is a “slow drift" in empirical parame- 
ters used to describe markets over time. 
according to Idelson. 

To some extent, it is inevitable that models 
may become obsolete. If enough people dis- 
cover and exploit the same nnnmalipg and 
patterns in the market, those anomalies and 
patterns will eventually disappear. “It is a 
vicious circle” says Refenes. “The more tools 
there are, the more efficient the markets will 
become. Therefore they [traders! demand bet- 
ter tools and the market becomes still more 
efficient” 

But this is seen as an opportunity, rather 
than a thr pflt by Richard Olsen, who heads 
Olsen & Associates, a Zurich-based research 
institute. He argues that the additional trad- 
ing opportunities created by computer models 
will lead to higher market volumes, which 
will reduce transaction costs. This will 
increase opportunities for short-term trading, 
crea ting a more complex market and new 
opportunities for profitable trading models. 

To some, this vision of wealth-creating 
computers is an absurdity; others believe it is 
already within their grasp. Depending on 
which view is vindicated, the impact of new 
technology on the financial markets will 
either be a passing phenomenon, or will have 
profound, long-term effects. 

The next article m the series will, focus .on 
computing tools. 


Many theorists believe that although most market 
movements are random, a sizeable proportion is not 


Smoking out 
the truth 

Sheila Jones and Frances Williams 

on the statistics of tobacco 


S tnHsHra can give imprecise 
truths, precise lies, but 
never facts. Yet statistical 
studies of mnniring habits and 
mortality rates in the developed 
world have established in the 
minds of most that there is a 
strong link between smoking and 
the of lung cancer and 

other diseases. 

Rarlier this week, the World 
Health Organisation and the 
Imperial Cancer Research Fund 
published their study, Mortality 
from Smoking in Developed 
Countries 1950-2000*. It concludes 
that 3m people worldwide are 
dying each year through diseases 
related to smoking. The tobacco 
“epidemic” is kilting six people a 
minute. 

The study, citing US data, found 
that the risk of lung cancer is 24 
times higher for a smoker than a 
non-smoker. For heart disease the 
risk is three times greater. 

The tobacco industry, as a 
whole, has fought hard against a 
growing mountain of statistical 
evidence. 

John Ashford, a consultant in 
statistics, dismissed the WHO I 
ICRF study this week in a BBC 
radio tussle with Richard Feto, 
one of the coauthors. According 
to Ashford, an adviser to several 
international tobacco companies, 
the study is “scaremongerlng - 
generating very large numbers 
and using them to frighten 
people". 

Studies since the 1950s, when 
Sr Richard Doll first pointed to a 
i*ansai link between smoking and 
cancer, have all painted the same 
picture: that tobacco kills. This is 
the point about statistics, says 
Feto. “We are not claiming 
precision, but we are getting the 
right picture." he says. “The 
overall numbers might be too high 
or too low, but using the same 
methods in different years and in 
different countries, you can see 
how the epidemic is evolving.” 

The WHO/ICRF report bases its 
conclusions and forecasts in large 
part on data collected in the US 
and the UK. It examines smoking 
habits and mortality rates over 
four decades. Forecasts are based 
on the proportion of smokers in 
the population, and on the 
assumed risk based on US and UK 
.data. 


The ip* 1 *" point is to examine 
smokers and death rates over 
prolonged periods, according to 
the authors. The current epidemic 
is among males in the developed 
world who started smoking as 

young men in the raid-iwos. The 
increase In male deaths is slowing, 
as smokers in the developed world 
respond to health warnings, but it 
is speeding up among female 
smokers, and among men in 
developing countries, where 
smoking has been taken up later. 

In the US. researchers asked liu 
Americans in the early 1980s how 
much they smoked aud monitored 
their death rates over the next few 
years. The US is a “mature 
epidemic population” - that is. the 
risks of smoking have had the 
chance to work through a lifetime. 

A UK study of 40.000 doctors, 
which asked the same sort of 
questions in I95i, came to broadly 
similar conclusions. Both studies 
found that smokers faced a much 
greater risk than non-smokers of 
premature death from lung cancer 
or from vascular and respiratory 
diseases. 

The WHO/ICRF study goes on to 
predict that the worst is yet to 
come, especially in developing 
countries, where smoking is rising 
among men. There is no evidence 
the trend applies to women yet, 
but it could come with economic 
modernisation and changing 
lifestyles, according to Alan 
Lopez, another co-author. 

The quality of the data in the 
developing world is mixed, says 
Lopez. “But for some countries, 
such as China, we have very 
precise information ... we know 
a lot of men are smoking in 
developing countries. We don't 
know for sure what the risk of 
death from smoking is in these 
countries because the full impact 
is yet to come." 

The WHO/ICRF authors say 
their next task is to gather yet 
more statistics. “They won’t 
change the big picture, “ says Peto. 
“But they're bound to change the 
fine detail The question with 
statistics is not is this exactly 
right?* No, it isn’t. But. if you ask: 
*is this the order of the epidemic?’ 
Yes it is.” 

* Mortality From Smoking in 
Developed Countries - 1350 - 2000. 
Oxford University Press. £50 


PEOPLE 


THE 


DAVID 

T HOMA S 

PRIZE 


David Thomas was a Financial Times journalist killed on assignment in 
Kuwait in April 1991. Before joining the FT he had worked for, among 
others, the Trades Union Congress. 

His life was characterised by original and radical thinking coupled 
with a search for new subjects and orthodoxies to challenge. 

In his memory a prize has been established to provide an annual study/ 
travel grant to enable the recipient to take a career break to explore a 
theme in the fields of industrial policy, third world development or the 
environment. 


The theme for the 1995 prize, worth not less than £3,000, is: 
DOES FREE TRADE THREATEN THE ENVIRONMENT? 


Applicants, aged under 35, of any nationality, should submit up to 1000 
words in English on this subject, together with a brief c.v. and a proposal 
outlining how the award would be used to explore this theme further. 

The award winner will be required to write a 1500 to 2000 word 
essay at the end of the study period. The essay will be considered for 
publication in the FT. 


CLOSING DATE JANUARY 6 1995 


Applications to: 

Robin Pauley, Managing Editor 
The Financial Times (L) 
Number One Southwark Bridge 
London SE1 9HL 


Richards to pep up Peptide 


Peptide Therapeutics, the 
biopharmaceutical develop- 
ment company which is plan- 
ning a flotation later this year, 
has appointed one of the UK's 
leading bio-technology scien- 
tists, Brian Richards, as its 
non-executive chairman. 

Richards, 62, has a string of 
academic qualifications 
starting with a first class 
degree in agricultural sciences 
from the Aberystwyth branch 
of the University of Wales in 
1952. Ten years later he was 
Reader in biological sciences at 
the University of London, 
assisting in the establishment 
of the UK's first school of bio- 
logical sciences. 

In 1966 Richards helped set 
up a UK research laboratory 

Downing 
emerges at 
Lehman 

Lehman Brothers, the US 
investment bank, has bol- 
stered its European business 
with the appointment of James 
Downing as head of strategic 
advisory services for Europe. 

The new bead of Lehman's 
European M&A is another 
high-level departure from 
Wasserstein Perella, the M&A 
boutique involved in many of 
the most prominent transac- 
tions of tbe late 1980s. 

Joseph Perella, one of its 
founders, parted company in 
1993, ami altogether at least 
six senior figures have left in 
the past 12 months. 

Two of than have gone to 
Lehman Brothers. Francois 
Faure made a similar move to 
Downing’s in June. Formerly 
head of M&A for Wasserstein 
Paella in Paris, be moved to 
join Lehman’s team covering 

French M&A. 

Downing says he is moving 
to i-etmian Brothers because of 
its diversity of products which 
he contrasts with tbe focused 
approach of Wasserstein Per- 
ella. "It is important to 
broaden out,” be says. 

Downing joined Wasserstein 
Perella from CS First Boston, 
where he worked from 1985- | 
He has been involved in M&A 1 
since 1982 in both New York 
and London; he is a graduate 
of Yale school of management 

■ David Gilchrist has been 
promoted to group secretary of 
the HALIFAX BUILDING 
SOCIETY. 





for the US company G.D. 
Searle & Co. which pioneered 
research into immunology and 
genetic engineering. Monsanto 
bought G.D. Searle In 1988, 


■ David Hall has been 
appointed chief executive of 
Johnson & Firth Brown, the 
specialist engineering group, in 
a move that follows the deci- 
sion to sell most of its light 
engineering division. 

The appointment ends an 
arrangement under which JFB 
had two joint managing direc- 
tors. Hall and George Hardie. 
The portfolio of companies are 
being bought by Clearbase. a 
consortium led by Hardie. who 
also ran the light engineering 
division. Hardie has now 
resigned as a director of JFB. 

Hardie was also finance 
director, and is replaced in this 
capacity by Neil MacDonald, 
who was appointed a JFB 
director last month. Tony Edis- 
bury has resigned as company 
secretary, replaced by John 
Bergin. 

■ Michael Sennott is marking 
his 30th year with McCann- 
Erickson with a new job and a 
change of scenery. The adver- 
tising agency’s 52-year-old vice- 
chairman is about to move 
from New York to London to 
become director of its largest 
regional operating arm. 
McCann-Erickson Europe. 

Beginning at the new year. 
Sennott will take over from 
Max Cusnir, a worldwide exec- 
utive vice-president at the 
agency. Cusnir, a 63-year-old 
Belgian, will remain in Europe 
to work on International busi- 
ness development projects, 
reporting directly to John 
Dooner, president and chief 
executive of McCann World- 
wide. 

The assignment is somewhat 
of a reprise for Sennott In the 
early 1990s, the executive 
shared responsibility with Cus- 


whereupon Richards, together 
with Keith McCullagh and 
Geoffrey Eckersley, started 
British Bio-Technology (BB), 
backed by £3 5m from UK and 
US investors; Richards r emains 
non-executive chairman. 

Peptide’s main areas of 
research focus on asthma, 
alleges and rheumatoid 
arthritis, while BB is currently 
engaged in programmes for 
anti -cancer treatments, though 
it too is engaged in research 
into treating side-effects of 
asthma. 

Besides his role at BB, Rich- 
ards recently chaired a Stock 
Exchange committee which 
considered the current listing 
rules for science-based compa- 
nies. 


nir for managtng the European 
operation, which currently 
manages $2£bn in advertising 
accounts for its clients. After 
completing that assignment, 
Sennott was appointed to his 
current post, which carries the 
additional title of worldwide 
director of multinational 
accounts. McCann has not 
named his successor. 

■ Bob Cameron, director of 
manufacturing, and Keith Den- 
nis, director of personnel have 
been appointed to the board of 
COCA-COLA & SCHWEPPES 
Beverages. 

■ Peter Mason (below), chief 
executive of Balfour Beatty, 
BICC's construction arm, has 
been appointed chairman with 
immediate effect taking over 
from Sir Robert Davidson who 
is retiring. Mason, 48, joined 
Balfour Beatty from Norwest 
Holst in 1992. 

Sir Robert has been 
appointed chairman of Devon- 
port Management, the com- 
pany formed in 1987 to manapn 
Devonport Royal Dockyard, 
and continues as a non-execu- 
tive director of BICC. 



Non-executive 

directors 



■ Peter Ell wood (above), chief 
executive of TSB Group and 
chairman of Visa 
International at SEARS. 

■ Christopher Pearce, group 
fin a nc e director of Rentokil at 
Hie BURTON GROUP. 

■ Wolfgang Kulenkampff, a 
director of Thyssen Haniel 
Logistic, and James Salmon, 
former md of Crosfield 
Electronics, as c hairman at 
ISA INTERNATIONAL. 

■ Sir John Ridden at GOVETT 
STRATEGIC INVESTMENT 
TRUST. 

■ Ian Gowrie-Smith has 
resigned from MEDEVA but 
remains a consultant. 

■ Mark Robinson MP at 
LEOPOLD JOSEPH 
HOLDINGS. 

■ Laurence Olivier has retired' 
from MERIVALE MOORE. 

■ David Pearl, former 
chairman of London Securities, 
and Terry Thomas, md of the 
Co-Operative Bank, at 
Stanley leisure 
ORGANISATION. 

■ Antony Coleby, a former 
executive director of the Bank 
of England who was involved 
in monetary policy and market 
operations and who is also on 
the board of the Halifax 
Building Society, at the 
Dublin-based ANGLO IRISH 
BANK CORPORATION. 

■ Laurie Conner. 57, a former 
managing director of corporate 
finance at Hoare Govett, and 
Lionel Barrag, 62. an 
investment banker, at 
Guinness Mahon & Co. 

■ John Sowson, formerly 
senior partner of Herbert 
Smith, and Nicholas Barber as 
deputy chairman at ROYAL 
INSURANCE HOLDINGS. litis 
follows Allen Gonnly 
Becoming chairman on Sir 
John Cuckney's retirement; Sr 
Max Williams and Sir John 
•Milne are to retire after tbe • 
next agm. 

■ Simon Miller, chairman of 
Safetynet and Femun 
Holdings, as chairman of 
DUNEDIN VENTURES. 



FINANCIAL TIMES THURSDAY SEPTEMBER 22 1 994 


II 


ARTS 


Cinema /Nigel Andrews 

Characters in 
search of a plot 


T he curse of movie 
sequels is the tyr- 
anny of plot. Part 
one of a doe-saga is 
enriched by Hw pro- 
cess OT introducing characters 
and developing their foibles 
and interplay. In part two that 
groundwork is done - so the 
film-makers must throw down 
their spades and take up their 
scaffolding tools. Build that 
narrative adventure-play- 
ground! Make the characters 
Do Something! The higher the 
climbing-frame the better; and 
never mind how silly the 
design, so long as there are 
enough "What next?" rungs to 
grab the attention. 

City Slickers was a comedy 
about a band of urban males 
surrendering to Nature on a 
dude cowboy holiday. No plot 
in particular just a funny tale 
of culture shock in cactusland. 
CS2 has a different feel from 
the start The humanist honey- 
moon is over; the Hollywood 
hokum is about to begin. We 
imagine the opening salvoes at 
the story conference. "Guys, 
we gotta have a story this time 
round!" And then, “Guys, we 
gotta bring Jack Palance back 
into this pic even though he 
died in the first one. He won us 
an Oscar!" 

Well, there are only two 
ways to bring a dead character 
back: as a ghost or a twin. 
Stickers 2 opts for the second. 
Grizzled Jack plays his frater- 
nal double while star/screen- 
writer Billy Crystal re-plays Mr 
Menopausal of Manhattan, 
whom wild horses would not 
drag back into the wilderness 
but whom a Compelling Hot 


CITY SLICKERS 2 (12) 

Paul Wetland 


ABRAHAM VALLEY 
(PC) 

Manoel De Oliveira 


GETTYSBURG (PG) 

Roland F. Maxwell 


FAUST (15) 

Jan Svankmajer 


Device Just might “Try buried 
treasure," an excited executive 
must have said. So they da 

Off to wildest Utah go Mitch 
(Crystal), Phil (Daniel Stern) 
and a token new character In 
Mitch’s brother (John Lovftz). 
And soon Palance is pouncing 
off a rock at them. He is after 
the treasure as well, since it is 
his Pop's. & growls; he hisses 
through that gargoyle mafi-sht 
of a mouth; he generally 
behaves like a great character 
actor required to ham it op. 

Not all is lost, even though 
Palance is squandered. Cry s ta l 
can. still deliver a mean one- 
liner, whether discussing 
brotherhood with Phil - T 
can’t believe you two are from 
the same gene pool,” says Phil; 
"He’s from the shallow end” 
answers Mitch. 

But mostly everyone seems 
dazed by the piling an of plot 
and of irrelevant action 
sequences, including a silly 
stampede. Director Paul Wei- 
land, out of British TV com- 
mercials by one disastrous pre- 
vious feature outing (Leonard 


Part VI), brings little flair to 
the visuals and not much more 
to the jokes. 

■k 

For true comedy you should 

txy Abraham Valley. This pur- 
ports to be a film by Portu- 
guese director Manoel De Oliv- 
eira, maker of those 
magisterial lost-love epics 
Francesca and Amor Di Perth- 
cao. But we wonder at times if 
it is not a lost episode of Monty 
Python. 

To escape the life of 
deranged formality she has 
been born into - the sun- 
lanced gainns the starched din- 
ners — our heroine i fou a 
the life of a woman Inspired, as 
the film and the novel it is 
drawn from (by Agustina Bes- 
sa-Luis) make clear, by her 
Flaubertian namesake. 

Bovaryish, she marries a 
medico: “a clever doctor, 
expert in phlegm" says the 
voiceover narrator. Bovaryish, 
she has affairs; reads a lot; gets 
bored amid the lovely, yawn- 
ing scenery. The press-show 
audience gave a sympathetic 
chortle when the narrator told 
us, after two hours of this 
near-catatonic three-hour trag- 
edy/social satire/romance, 
“Ema was intent on stepping 
up the pace of her life, in any 
nay she could think of.” 

Yes indeed. If only. Instead, 
SO minutes later, she steps on 
the rotten plank of a boat jetty 
and drowns in what appears to 
be all of three feet of water. 

Like any seraphically bad 
film, Abraham Valley has its 
seraphically good moments. 
Oliveira can place a human 
profile against a painterly blur 



Of autumn colours end make ft 
an imag e of searing, hieratic 
beauty. And lie can freeze the 
film for moments of medita- 
tion, when a poised landscape 
or character-grouping define 
not just a moment but a 
milieu, even an epoch. 

But then the film reverts to 
its crazed story of passion - 
this woman causes cars to 
crash merely by standing on a 
terrace - and to its Loony 
Tunes one-liners from the nar- 
rator. “Ema put on a boiler 
suit to go mad in a motor 
boat,” he intones at one point; 
and we are almost too dazed to 
savour the line’s battiness. But 
how else to bombard a little 
life into a woman who is not so 
much a human homg more a 


carbon copy of literary hero- 
ines past a Flaubert parrot, 
shall we say, mimicking the 
cries of a superior creation. 

★ 

Gettysburg is four and a half 
hours of the magnificent In 
hand-to-hand combat with the 
mundane. It was made for 
American TV, so we have no 
big stars: just big beards and 
big battles. Tom Berenger and 
Martin Sheen sport the devour- 
ing face-fungus as Confederate 
Generals Longs treet and Lee 
and Jeff Daniels is concealed 
under a walrus mo ustache as 
Colonel Chamberlain. He held 
the yankees’ flank in round 
one of the Civil War’s bloodiest 
battle, leading the bayonet 
charge from the hill known as 


Little Round Top. 

Daniels shows how it should 
be done. Not impaling South- 
erners, we mean, but holding 
the high acting ground. He 
delivers the speeches about 
democracy with fearless pas- 
sion; he delivers the tears as 
comrades die. Daniels’ piercing 
simplicity as an actor ends up 
“holding the line” for the 
entire fllm. 

Nothing matches him. Writ- 
er-director Ronald F. Maxwell 
spends the first half rooting for 
the North, the second hobnob- 
bing in the Southern camp as 
fflwan, Berenger and company 
ready for the suicidal assault 
known as Pickett's March. 
Hundreds of extras; serial can- 
nons spitting smoke; and an 


aerial camera weaving like a 
conductor’s baton to Randy 
Bdelmann’s remorselessly 
"stirring” music. 

We are stirred. But should 
we not also have been shaken? 
The deaths are lost In the grim 
abundance of clutched sto- 
machs. unhorsed cavalrymen 
and blast-catapulted bodies. 
We tell ourselves to be 
appalled. But we wait, vainly, 
for the one true moment of felt 
and intimate horror. 

★ 

Jan Svankmajer's Faust treads 
the city of Prague like a lost 
tourist in Kafkaland. The film 
begins with live action, as our 
clerkish. woebegone hero (Petr 
Cepek) threads the city’s alleys 
and labyrinths as if they were 


the mazes of his own minds. 
Then on dance menacing pup- 
pets, the writhing clay crea- 
tures, the bald, hog- toothed 
Mephistopheles and the giant 
wooden mask that disgorges 
mini-marionettes like Gulliver 
throwing up Lilliputians. 

Kafka ? Make that Kafka with 
a dash of Swift. Spitting Image 
and Hieronymous Bosch. Much 
of Faust is appallingly funny; 
most of it is inspirationally 
surreal: and some of it is a 
touch laborious, as we would 
expect when a short-film 
genius goes to feature length. 
Wit and vision, though, are 
rare enough in the movie 
world: we are not about to 
send them back even when 
they are thinly spread. 



Lesley Nicol, Julia Watson, John Arthur and Liz Crowther 


Dance/Clement Crisp 

Cumbre Flamenca 


Theatre 

Joking 

Apart 

W atching Alan Ayckbourn's 
plays today prompts an 
increasingly two-pronged 
reaction. On the one hand, as 
soon as the curtain rises, you still feel that 
you have been watching this kind of play 
all your life. 'Hie middle - cla s s English mil- 
ieux that Ayckbourn puts onstage feel so 
normal, the kinds of remarks his charac- 
ters make sound so ordinary, and the 
social satire involved is so classic. On the 
other hand, there is the peculiar fact that 
virtually no one else has been writing 
plays of this ilk for years. Ayckbourn 
today is becoming as isolated as Coward 
did in the 1960s: a virtuoso of an old but 
no longer fashionable school. 

Well, fashion be damned: the Greenwich 
Theatre has launched its new season with 
an old Ayckbourn play, Joking Apart, and 
the main emotion I felt on opening night, 
returning to Ayckbourn, was blessed 
relief A real play! - with characters and 
dialogue crafted from the first moment to 
the last; and without being reinterpreted 
by latterday concepts. A good Ayckbourn 
is sheerest tonic. 

Joking Apart (1979) is about a genuinely 
happy and fortunate couple, Richard and 
Anthea; but they themselves are not 
funny. All around them, however, are old 
friends who are increasingly unhappy and 
unfortunate, and who increasingly realise 
how unhappy and unfortunate they are. 
There are the useless new vicar Hugh 
(who Mis in love with Anthea) and his 
nervous wife Louise (who winds up 
between stimulants and tranquillisers); 
and Sven (one of those people who is 
never wrong, until he is grimly forced to 


learn that he is usually wrong) and his 
wife Olive (who lives vicariously through 
him, though by the end she is learning 
that it is not worth it); and Brian (who fell 
in love with Anthea years ago, and can 
conceal this fact neither from her nor from 
his succession of subsequent girlfriends). 
And it is the disasters of their lives, as 
contrasted against the generous serenity 
of Richard's and Anthea’s, which Ayck- 
bourn makes so dreadfully funny. 

Yes, dreadfully funny. By the last scene 
I repeatedly found that no sooner did I 
guffaw with laughter that I had to dap my 
b«Tiri over my mouth in appalled embar- 
rassment. A little of Sven's old self-assur- 
ance surfaces, as he watches Richard fix- 
ing some lights, and he tens him "You'll 
never do it if you do it that way”: at which 
point Richard proclaims That’s done it!" 
- and, lo and behold, the lights work. 
Sven, crushed again, looks away in 
silence; be has grown resigned to defeat 
Finally he makes an address to Anthea’s 
daughter Debbie, "on behalf of life’s los- 


ers". The pain through which you laugh at 
an this is Ayckbourn’s special feat 
It is a tribute to Ayckbourn’s mastery 
that even though I always remembered 
what would happen next I still followed 
everything with wholly fresh delight It is 
also a tribute to this Greenwich revival, 
directed by Robin Harford. AH the players 
are good; and two are outstanding. John 
Arthur completely catches the difficult 
Sven, smouldering with barely hidden 
aggression; and has the br illiant timing 
whereby the simple repetition of "Yes” 
(pause) “Yes” (longer pause) “Yes” sums 
up all his dawning sense of perpetual 
defeat And Liz Crowther is uncannily fine 
as Louise, awkward and tense and brittle 
with her husband and everyone else. 
Looking anmemie in the eye and talking to 
them at the same time is too much for her, 
so she does one or the other. 

Alastair Macaulay 


Greenwich Theatre, until October 29. 


Toshiba support 
for the ICA 

T he Institute of Contemporary 
Arts, London’s guardian of the 
avant-garde, is to change its 
name, and, ideally, its home. In 
future it wfll be known the ICA (Spon- 
sored by Toshiba), and by the millennium 
hopes to be in new, more flexible, prem- 
ises, with Blackfriars Bridge its preferred 
site. 

Toshiba, the Japanese electronics manu- 
facturer, is giving the ICA £500,000 over 
three years and in return will have its 
name attached to every piece of publicity 
material and event at the ICA. It also gets 
the opportunity to display its newest 
hardware in the foyer of the ICA’s Mall 
galleries. 

The money will enable the ICA to 
mount more adventurous art shows, cin- 
ema seasons and plays. The deal also 
involves support in kind. Toshiba was 
looking for an arts sponsorship which 
conveyed cutting edge innovation and the 
ICA certainly provides that. There will be 
no interference in programming policy. 

Although a Nash terrace in the Mall is 
an nnnsnal and prestigious site for an 
ikon of the new, the building is the wrong 
shape. The hunt is on for a new home and 
architects will be appointed by the end of 
the year. There is an Interesting jetty 
near Blackfriars Bridge, close to the 
Tate’s proposed Banks! de site for its new 
Gallery of Modern Art, which looks Meal. 

The cost of the new ICA will be over 
£20m and it joins the long queue for lot- 
tery money, ideally from the Millennium 
Fund, perhaps from the Arte Council Lot- 
tery cash bank. The council is a good 
friend of the ICA and raised its grant by 7 
per cent this year. But the ICA still man- 
ages to earn two thirds of its £2.4m 
annual turnover. 

Antony Thomcroft 


T he Cumbre Flamenca troupe is 
back, and that news is probably 
all the inducement dance-lovers 
need to hasten to Rosebery Ave- 
nue'. The evening is real, gutsy, life-enhan- 
cing. No-one will Harm that there is much 
variety about Flamenco: you watch it for 
the sake of bodies twisting, stamping; for 
flaring emotions; for arabesques of yowl- 
ing and prodigies of rhythm from hands 
and feet But at its best - and thus it is 
with Cumbre Flamenca - it is heady stuff 
What I love especially is the sense in 
which the performers commune with 
themselves. On certain terms. Flamenco is 
introspective, the performers - be it sing- 
ers. guitarists, dancers - dragging their 
art from their psyches. The three women. 
Juana Amaya, Mariquilla, Angela Grana- 
dos, are wonderfully contrasted dancers, 
each a priestess of her own rite. Amaya 
comes on looking rather put out - you 
would hoist storm canes if wife, mother, 
beloved, appeared looking like this at 
breakfast, and duck behind the manna- 
lade. Sh»> seems to sulk her way through 
the first moments, as singer and guitars 
urge her on. Then gradually, she is pos- 
sessed by her daemon, and the movement 
becomes urgent, vicious in its accents, 
more elemental. Her art is laid bare for us 
- nuanoed but fierce, uncompromising, 
stunning At the end of her solo, hair 
everywhere, eyes staring, she seems 
drained of the wonderful identity the 
dance has given her. She is an extraor- 
dinary, fascinating artist. 

So, too, is Mariquilla, a darling of the 
last Cumbre visit She hurries on stage 
fully charged, in "Now I'll show you" 
mood, and proceeds to do so. She is, I must 
ungallantly observe, no longer in the first 
flush of girlhood, but her power and 
char m are the more tremendous because 


of that She marks out the stage with a 
first sketch of pose and step: this is her 
domain. She broods over some move- 
ments. She has lit the blue touch-paper, 
and we'd better watch out the fireworks 
are about to b^pn. She smiles. She shouts. 
The dance takes hold: the wonderful 
drumming of her feet the flash of her 
torso, her sated look as the movement 
builds up in speed and her audience 
responds to her - these are the marks of 
great flamenco art She is generous, joy- 
ous, glorious. 

Very different is Angela Granados, 
whose dancing springs from the cobra- 
coils of her dress’s train - yards of amber 
ruffles - and is framed by her white 
shawL It is sensuous, splendidly man- 
nered, iconic. Her movement is luscious, 
her style alluring, but it is also hieratic, 
reduced to a fascinating essence. Where 
Juana Amaya and Mariquilla seem driven 
by the dance, Granados is always, and 
beautifully, its mistress. 

The two men. Juan Fernandez (who is 
new to us) and Cristobal Reyes, are no less 
well contrasted. Fernandez is an elegant, 
stylish artist, at his most compelling when 
confronting or partnering another dancer. 
Reyes is a rhythmic virtuoso, and is phe- 
nomenal in a dialogue with the handclaps 
of Pedro Montoya, where the rattle and 
purr of his feet embroider and respond to 
rhythms stated by Montoya - it is a bra- 
vura display from both man. 

The staging remains absolutely simple. 
The musicians and singers are very fine - 
and Jose Luis Mon ton is superb in a guitar 
fantasia. The dancers offer the true raw 
spirit of flamenco - and as with any slug 
of raw spirit, you knock it back and enjoy 
the intoxicating kick. 


At Sadler’s Wells until October 8. 


INTERNATIONAL 

Arts 

guide 


■ ATHENS 


Odeon of Hwodes Atticus Tonight, 
Spyros Argyris conducts 
Patricia Panton's Monts Carlo Opera 
production of Verdi’s Otello, with 
cast headed by Vladimir Atiantov, 
Nina Rautio and Alain Fondary. Sun: 
Aravris conducts Stravinsky’s 
Oedipus Rex (01-322 1459) 


■ BOLOGNA 

Teatro Comm unale The autumn 
concert season begins tomonoer 
and Sat with a Brahms and Dvorak 
programme conducted by Jin' Kout, 
featuring violin soloist Viktor 
Tretlakov. Mon and Tues: Vladimir 
Dolman conducts Giuseppe Vera 
Symphony Orchestra in the first 
symphonies of Beethoven and 
Mahler. The opera seasonbegms m 
late November (051-529999) 


nale Sat Zubin 


> IHOI VI 

(Jonathan Miller's 

;osi fan tutte, with 


cast Including Kartta Mattfla, Delores 
Ziegler. Deon van der Watt and 
Alessandro Corbefll. Next Wed at 
Piccolo Teatro: first of four 
performances of II filosofo di 
campagna, dramma glocoso by 
18th-century Italian composer 
Baldassare Galuppi (055-277 9236) 


■ GENOA 

Teatro Carlo Feflce Tonight, 
tomorrow, Sat, Sun afternoon: 
Odessa Opera presents 
Tchaikovsky’s Maid of Orleans. The 
first home-grown production of the 
season Is Der fliegende Hollander in 
December (010-589329) 


■ LONDON 

THEATRE 

• Beautiful Thing: the Bush 
production of Jonathan Harvey's 
uplifting play - about two boys who 
fall in love against a background of 
disintegrating families on a housing 
estate - resurfaces in the West End 
after its seif-out success at the 
Donmar Warehouse in March. Now 
previewing, opens on Mon (Duke of 
York’s 071-836 5122) 

• The Sisters Rosensweig: 

Maureen Lipman, Janet Suzman and 
Lynda Bellingham in Wendy 
Wasserstefn’s Broadway success 
about three Amarfoai Jewish sisters 
who have a reunion in London. The 
production has Just moved to the 
West End after a successful run in 
Greenwich (Old Vte 071-928 7616) 

• The Playboy of foe Weston 
World: Lynne Parker’s new 
production goes straight to the heart 
of Synge’s dark, cruel comedy about 
Christy Mahon, the lying Irish 
playboy (Almeida 071-359 4404) 


• The Devil’s Disciple: Christopher 
Morahan directs Bernard Shaw's 
1897 satire on melodrama - to 
repertory at the Olivier with 
Chekhov's The Seagull, starring Judi 
Dench (National 071-928 2252) 

• The Hostage: Michael Bogdanov 
directs the Royal Shakespeare 
Company’s new production of 
Brendan Behan’s great Irish drama. 
In repertory with Shakespeare’s The 
Tempest (Barbican 071-638 8891) 

• The Winslow Boy: Peter 
Barkworth plays the stiff 
upper-Bpped father battling against 
Whitehall to prove the innocence of 
Ns son, who has been expeBed from 
naval college. A weft-made 
production of Terence Rattigan’s 
weft- made 1946 play (Globe 071-484 
5040) 

• The Picture of Dorian Gray: Marfa 
Aitiken, Benedick Bates and Tun 
Piggott-Smith in a new production 
of Oscar Wilde's social drama (Lyric 
Hammersmith 081-741 2311) 

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

• Dead Funny: Terry Johnson's 
brilliant, elegantly-acted comedy 
about marriage among foe 
emotionally retarded middle classes 
(Vaudevfife 071-836 9987) 

• Saint Joan: Imogen Stubbs is the 
soldier saint in this the staging of 
Shaw's wordy but gripping play 
(Strand 071-930 8800) 

• Once On This Island: foflowfng 
Broadway success and a sell-cut 
season at Birmingham Rep, Lynn 
Ahrens and Stephen Flaherty's 
musical Is welcomed into a specially 
creeled Caribbean environment at 


the Royally. The fairytale story of a 
peasant girl’s doomed love for an 
aristocrat is directed by David Togurf 
and Gwenda Hughes. Previews 
begin tonight, opens next Wed (The 
Island Theatre at the Royalty 
071-494 5090) 

• She Loves Me: foe charming 
1963 Masteroff, Bock and Hamtck 
musical about two longtime pen pals 
who do not know they work in foe 
same parfomerie. Rutfae Henshall 
and John Gordon Sinclair head the 
cast (Savoy 071-836 8888) 
OPERA/DANCE 

Co vent- Garden The Royal Opera 
has a revival of Andrei Serban’s 
production of Turandot, with a cast 
headed by Shanxi Sweet and 
Giuseppe Giacomiru, conducted by 
Daniels Gatti (next pe rf ormances 
tonight. Sat, next Wed). Michael 
Hampe's production of La 
Cenerentola is revived on Mon with 
Olga Borodina as Angelina, 
conducted by Bruno Campanelia. 
The first new productions of foe 
season are Das Rheingold and Die 
WalfdJre on Oct 13 and 14. The 
Royal Ballet returns on Nov 3 with 
foe British premiere of Anthony 
Dowell's new production of Steeping 
Beatty (new box office number 
071-304 4000) 

Coliseum English National Opera 
has a new production of Tosca, 
conducted by Alexander Gibson and 
staged by Keith Warner, with a cast 
headed by Rosalind Plowright, David 
Rendall and Henk SmJt (next 
performances Sat and next Wed, 
runs till Oct 27). Jonathan Miller’s 
production of The Mikado was 
revived last night and runs tiU Oct 6. 
The next new production is 
Massenet's Don Quchotte, opening 
Oct 8 (071-836 3161) 


Sadler’s Weds Cumbre Flamenca, a 
touring Spanish flamenco group, 
is in residence tfli Oct 18 (071- 
278 8916) 

CONCERTS 

Barbican Tonight Michael Tllson 
Thomas conducts London 
Symphony Orchestra in a new work 
by James MacMillan and Mahler’s 
First Symphony. Sun and next Tues: 
Tllson Thomas conducts Krenek, 
Knussen and Mahler's Second 
Symphony. Next Wed: Ptnchas 
Zukerman is conductor and 
violin soloist with ECO 
In a Beethoven programme. Next 
Thura: Colin Davis, Mstislav 
Rostropovich and Tllson Thomas 
head the LSO’s 90th birthday gala 
(P71 -638 8891) 

South Bank Centre Tonight 
Francesco D’Avalos conducts 
PhBharmonia Orchestra In wortaj by 
Beethoven, dementi, Mendelssohn 
and Martucri. Tomorrow: Matthias 
Bamert conducts LPO In Bizet, 
Martin, Debussy and Musorgsky/ 
Ravel. Sab Yevgeny Svetlan ov 
conducts Phifoanmonia Orchestra In 
Rakhmartinov and Tchaikovsky. Sun: 
Franz Welser-M0®t conducts LPO in 
Messiaen and Bruckner. Mon; Eliahu 
InbaJ conducts NHK Symphony 
Orch es tr a to Mahler's Ninth 
Symphony. Tues: grand final of 
World Piano Competition- Oct 2: 
Jessye Norman (071-928 8800) 
Wigmore HaH Next Tues June 
Anderson song recital (071-935 
2141) 


■ MILAN 

Teatro aRa Scats Tonight, 
tomorrow, next Tues: Gianandraa 
Gavazzerd conducts foe Zeffirelli 
production of La boheme. with casts 


including Mirella Freni, Roberto 
Alagna and Nicolai Ghiaurov. Sat, 
next Wed and Thurs: Kenneth 
Montgomery conducts Handel's 
oratorio La Resurreztone, with 
soloists including Eva Mei and 
Barbara FrfttoD. Sun and Mon: 
Vladimir Ashkenazy conducts Berlin 
Ratio Symphony Orchestra, with 
piano soloists Martha Argerich and 
Yevgeny Klssin {02-7200 3744) 


■ MADRID 

Teatro Lirico La Zarzuela Tonight: 
Spanish National Ballet opens 
the dance season with a mixed bill, 
including works by Victoria Eugenia 
and Jos6 Gransro. Daily except Mon 
tiB Oct 2 (01-429 8225) 


■ PRAGUE 

CONCERTS 

Charles Mackerras conducts foe 
Prague Symphony Orchestra tonight 
at the Rudolflnum in works by 
Ovotek and Suk, with cello soloist 
Ofna Hamoy. Martin Tumovsky 
conducts next Tues and Wed in a 
programme of Dvorak, Mozart and 
Mendelssohn (02-2489 3352). The 
Czech Philharmonic opens its new 
season on Sep 30, when Gerd 
Albrecht conducts Flbich, UDmam 
and Brahms (2489 3352) 

OPERA 

Don Giovanni can be seen at 
Estates Theatre tonight, next Tues 
and Fri (02-2421 5001). Czech 
repertory at the National Theatre 
includes Rusal ka. The Bartered 
Bride and Dafibor (02-2491 3437). 
Prague State Opera has a popular 
repertory including Carmen, 
Entfuhrung, Lee Contes cT Hoffmann 
and Rlgoletto (02-2421 5031} 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

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

Thursday: Italy. Spain, Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745, 
1315, 1545, 1B15, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Repots 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 







12 


FINANCIAL TIMES THURSDAY' SEPTEMBER 22 199*i 


★ 


A deal too far for 
king of capitalism 


-y. The building of 
a £i2bn empire. 
I [ \ without a strat- 

/ . — . La . • \ egy. a sense of 

direction or 
even very 

Book much 

p n’T/jTTT/i/ information, is 

K£VZ£W a feat to which 
few people can lay claim. 
James Hanson can. according 
to Guardian finan cial journal- 
ists B rummer and Co we. 

Knighted by Harold Wilson 
and given a peerage by Mar- 
garet Thatcher. Hanson has 
been the archetypal conglomer- 
ateur an aggressive predator 
with an eye for a badly man- 
aged target 

Disappointingly, in seeking 
to reveal both Lord Hanson's 
strengths and those of his Han- 
son group, B rummer and Cowe 
have produced a tale that is 
neither biography nor corpo- 
rate history. The drama and 
personalities behind the bid 
battles are too often drowned 
out by numbers, while Lord 
Hanson's character and his 
relationship with Gordon 
White, the group's co-founder, 
remain under-explored. 

The reader is Left in little 
doubt, however, that one of the 
most surprising things about 
Lord Hanson is that he put so 
much distance between himself 
and his father’s Huddersfield 
haulage business. 

The record of his opportunis- 
tic ambushes has been hit and 
miss. He may have swallowed 
some big fish, in the form of 
London Brick, SCM and Impe- 
rial Group, but he has failed in 
his efforts to bag easier tar- 
gets, such as Rolls-Royce 
Motors and Powell Duffryn. 

His means of gathering cor- 
porate information have been 
crude - Lord Hanson is even 
said to have been attracted to 
companies by the photographic 
quality of their annual reports. 
He has shown no continuing 
interest in his acquisitions, 
save returns on capital and 
cash flow. The only value he 
has placed on a company is its 
price on disposal. And he has 
taken to extremes the concept 
of letting managers manage - 
asked recently how his 80,000 
employees saw him, he replied: 
“They don’t." 

But Lord Hanson has been 
an excellent administrator, 
with a fearsome grasp of essen- 
tials. He has exploited every 
accountancy and tax advan- 


HANSON: 

A BIOGRAPHY 
By Alex B rummer 
and Roger Cowe 

Fourth Estate. £20, 315 paps 


tage, and always known when 
to buy and when to sell compa- 
nies to keep earnings per share 
and dividend income rising. 

In addition, he has cultivated 
political friends, oiling rela- 
tionships with generous party 
political donations. And in 
everything, the charismatic 
boss of the group which bears 
his name has employed his 
famous charm and temper. 

In his 30-year rise from play- 
boy to cut-throat capitalist. 
Lord Hanson has always been 
colourful. As an eligible bache- 
lor. he enjoyed romances with 
Jean Simmons and Audrey 
Hepburn. In 1965, he teamed up 
with the flamboyant White to 
begin their great, tr an sa t la n tic 
takeover adventure. 

The 1970s was a period of 
meandering disappointment. 
But with the 1980s and the 
arrival of Mrs Thatcher, Lord 
Hanson was delivered of “a 
government made for Hanson 
Trust just as Hanson Trust 
was made for the government". 

The first doubts about Han- 
son’s formula for success set in 
only after some ugly takeover 
tussles and the launch of a 
near-disastrous rights Issue. 

As the group expanded, the 
financial information needed to 
assess its real performance 
dwindled. A row over the pen- 
sion fund at newly acquired 
Imperial Group was followed 
by a warning from the gover- 
nor of the Bank of England to 
take its eyes off Midland Bank. 
Undaunted. Hanson paid more 
than £3bn for Consolidated 
Gold Fields and in 1990 consid- 
ered buying PowerGen, the 
electricity generator, by pri- 
vate treaty. 

Though Lord Hanson could 
have then departed with his 
reputation intact, his ambition 
to win bids and the respect of 
the establishment was not yet 
satisfied. With E7bn in the war 
chest, the group grabbed a 
share stake in ICL But the arch 
wheeler-dealer, having initially 
failed to mention the deal to 
his board, had bitten off more 
than he could chew. 

ICI outmanoeuvred him by 
targeting the company-fi- 


nanced lifestyle of Lord White, 
who had always declined to sit 
on the UK main board, and his 
anomalous position as the 
chairman of the group's US 
business. Racehorses and Bev- 
erly Hills mansions grabbed 
the headlines and Hanson 
looked like a personal fiefdam. 
Its boss took consolation from 
a £42m share dealing profit 

Come the 1990s. the Hanson 
group was slow to appreciate 
the new disciplines expected of 
it in an age of good corporate 
governance. Efforts by Lord 
Hanson to restrict sharehold- 
ers’ powers at annual meetings 
ended in defeat and in 1992 a 
former Hanson protege, Greg 
Hutchings, chief executive of 
industrial conglomerate Tom- 
kins. saw off Hanson's bid for 
food group RHM. 

With Lords Hanson and 
White playing a less prom in e n t 
role and the next generation of 
managers, such as David 
Clarke and Derek Bonham, in 
place, Hanson has been chang- 
ing tack, presenting itself as a 
diverse industrial group dedi- 
cated to its core businesses. 

The authors inevitably chal- 
lenge the legacy of Hanson, 
which they paint as the sort of 
mega-business that is itself 
ripe for Hanson takeover treat- 
ment. They cite Hanson's 
already well scrutinised tax 
and accounting skills as the 
principal keys to its progress 
and question claims of consis- 
tently excellent shareholder 
returns. Lords Hanson and 
White, they conclude, must 
have done some good but this 
was outweighed by allegiance 
to the cult of short-termism. 

The alternative view is that 
Hanson has shaken up many of 
the complacent, corpulent com- 
panies in which it has shown 
an interest. They bucked up 
their ideas or they succumbed 
to a new management which 
made them efficient and profit- 
able, either way helping UK pic 
improve its performance. 

Whoever is right few con- 
temporary capitalists have had 
so much fun. The grammar 
school boy from Huddersfield, 
now 72 and due to step down in 
1997, reckons no one will real- 
ise when he has retired: “I will 
be gone and nobody will 
notice." About as likely as 
Lord Hanson voting Labour. 

Michael Cassell I 


S o General Electric is 
going to buy Time 
Warner for more than 
$l5bn. That is. If it 
doesn't sell half of NBC to 
Time Warner instead - though 
of course Disney wants to buy 
the whole television network 
for $5biL Whatever. 

Then a g ain . GE is also think- 
ing of using that spare $15bn to 

buy American Express. Or per- 
haps it will be content with 
FIT'S finan cial services busi- 
nesses. Or ITT might hand 
over these businesses to GE in 
part exchange for NBC . . . 

These are just some of the 
rumours that have swirled 
around Wall Street in the past 
week (forcing GE. for one, into 
the unusual position of deny- 
ing any interest in ei t her Time 
Warner or American Express). 
And when the rumour mill is 
working flat out, it is a sure 
sign that the US takeover busi- 
ness Is back in full swing. 

It has been five years since 
this sort of takeover mania hit 
the US financial mar kets. This 
year, with more than $220bn 
worth of deals announced in 
the first eight months, the tally 
could match even the record 
$335bn of 1988. Why is it hap- 
pening? And is it a Good Thing 
for companies' shareholders, 
workers and customers? 

The pattern of takeover 
activity provides one answer to 
the question “why". Nearly 
two-thirds of the deals consum- 
mated since the be ginning of 
last year have come in a hand- 
ful of industries: pharmaceuti- 
cals and healthcare, entertain- 
ment and the media, defence, 
telecommunications and finan- 
cial services. 

There are specific reasons 
why each of these sectors faces 
upheaval The defence industry 
has been forced to consolidate 
by a halving of the US defence 
procurement budget since 1986. 
The healthcare sector is facing 
pressure from employers, who 
are resisting the continuing 
rise in insurance premiums for 
their workers. Producers and 
distributors of television pro- 
grammes are being drawn 
together by the promise of new 
technology and by deregu- 
lation. 

So is the outburst of multi- 
billion dollar deals across a 
number of industries just coin- 
cidence? Hardly. There are 
three underlying reasons why 
it is happening now. 

First, all the financial plan- 
ets are in ali gnme nt. Put Sim- 
ply, companies are in a better 
position to pay for acquisitions 
than they have been for some 
time. US corporate debt levels 
are down after the leveraged 
1980s, and cashflow is stronger. 
According to the Commerce 


Is the flurry of deals in the US good for 
shareholders and customers, asks Richard Waters 

Take your partners 
in takeover tango 



Department's census bureau, 
the average pretax return on 
equity for US manufacturing 
companies was an annualised 
23 per cent in the second quar- 
ter, a level It had not reached 
since the middle of the 1980s. 
Also, borrowing is easy and 
cheap: US bond yields, though 
up sharply this year, are still 
as low as at any time in the 
1980s, and banks are fallin g 
over themselves to lend. 

At the same time, the stock 
market continues to bump 
along close to its all-time high. 
This gives companies a valu- 
able takeover currency in the 
form of their own shares, 
which can be used in full or 
part consideration. Last year, 
just a third of takeover deals 
were all-cash, half the level of 
the late 1980s. 

The second underlying factor 
is that, with the recession well 
behind them, company bosses 
have more time to consider 
expansion - and the takeover, 
once seen as the weapon of the 
asset stripper, greenmailer or 
corporate raider, has become 
respectable again. 

Third, the political backdrop 
remains conducive to mergers 
and acquisitions. Despite some 
fears in business circles at the 
outset of the Clinton adminis- 
tration, the Justice Depart- 
ment has made little attempt 
to stem the flow of deals. In 
sectors such as defence and 
healthcare, mergers which 
reduce overall industry costs 
fit neatly with adminikration 
policy. And this week, after a 
long review, the anti-trust 
authorities cleared the S11.5bn 
takeover of McCaw Cellular by 
AT&T, despite claims by rival 
telecommunication companies 
that the deal would turn AT&T 
back Into the dominant indus- 
try giant it was before the 
enforced break-up. 

But are the latest takeovers 
beneficial? For many US work- 
ers, the answer seems to be no. 
A large number of recent deals 
has been justified on the 
grounds of cost saving. In 
h anking , for instance, the gen- 
eral rule of thumb for an 
acquirer is to cut the costs of 
its acquisition by 40 per cent 

Service industries, in partic- 


ular finance and healthcare, 
are experiencing some of the 
biggest job cuts. One effect has 
been for some companies to 
make cuts before becoming 
takeover fodder themselves. 

For shareholders, this sug- 
gests that the picture is a 
healthy one. When making 
acquisitions, promises of lower 
costs are generally easier for 
managers to fulfil than prom- 
ises of higher revenues from 
entering new markets. 

“In most cases, these merg- 
ers make economic sense. It is 
good for us in general," says 
Mr Jose Arau, an investment 
analyst with the California 
Public Employees Retirement 
System (Calpers). which has 
S27bn invested in US equities. 

Like others, he draws a dis- 
tinction between the 1980s - 
“the takeover artists, buying 


companies for a quick buck" - 
and the deals of the 1990s. 
Some buyers are paying too 
much for their acquisitions, 
says Arau: Calpers voted dur- 
ing the summer against Mellon 
Bank's takeover of the Dreyfus 
mutual funds group, although 
the deal did ultimately succeed 
last month. But in general he 
insists the prices being paid 
are good for the shareholders 
of acquiring companies. 

Companies are not just using 
economies of scale to justify 
acquisitions. Many are also 
arguing that takeovers will 
enhance their growth pros- 
pects, though such claims tend 
to arouse a degree of scepti- 
cism in the market 

In the media and entertain- 
ment industries, the flurry of 
activity is driven in part by the 
belief that more powerful 


transmission mechanisms fos- 
tered by digital technology wffl 
lead to a sharp increase in the 
services available from televi- 
sion screens. But how much; 
more will consumers be pro. 
pared to pay for such services 
- and will it justify the valua- 
tions now being put on media 
and entertainment properties? 

For customers, meanwhile, 
the takeover wave poses an 
important long-term question; 
will the emergence of a smaller 
number of bigger companies in 
certain industries lead to 
higher prices or less choice? 

Few of the current mergers 
or acquisitions are being justi- 
fied on the grounds that they 
make the companies involved 
more competitive in world 
markets: instead, they are all 
about increasing market power 
in the US. 

T o the extent that unit 
costs come down (and 
productivity rises) in 
industries such as 
healthcare or banking, it will 
be good for consumers. But at 
what point are the benefits of 
scale outweighed by the oligop- 
olistic tendencies that can 
result from the dominance of 
the few? To judge by the Jus- 
tice Department's lack of inter- 
vention so far, it does not yet 
fear the line is being crossed. 

A related concern for con- 
sumers and anti-trust authori- 
ties arises from the fact that a 
number of recent duals in the 
pharmaceuticals and entertain- 
ment industries have been 
“vertical mergers" - that is, 
between producers and distrib- 
utors. In the past year, three of 
the four biggest US drug distri- 
bution companies (known as 
pharmacy benefit managers) 
have been bought out by pro- 
ducers. The prospective deals 
between television production 
companies and broadcast or 
cable television networks fol- 
low a similar pattern. 

One explanation is that tech- 
nology is everywhere changing 
the relationship between pro- 
ducers and distributors. In 
financial services, for instance, 
banks and insurance compa- 
nies are looking forward to the 
day when they can scrap many 
of their branches and rely on 
the information superhighway 
to plug them directly Into their 
customers' television sets. Who 
will then control the distribu- 
tion mechanism? 

In the years ahead the Jus- 
tice Department will need to 
review closely the questions 
about consumer choke raised 
by such developments, hi the 
meantime, though, its relaxed 
attitude suggests that the Wall 
Street takeover party has a 
while left to run. 


LETTERS TO THE EDITOR 



WE'VE BEEN WAITIN6 FOR THE GREEN LIGHT... 
FOR OVER 23 YEARS 


The Zl million people living In the Republic of China on Taiwan have not been represented In the United Nations 
since 1071. 

We are the 13th 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 partlcIpatfSn In the United Nations and other Important 
International bodies. 

The fact is. China has been divided Into two separate political entitles for more than four decades. Uke 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 


REPUBUC OF CHINA 


Number One Southwark Bridge, London SE1 9HL 

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

Powers for an effective Euro parliament 


From Mr Bryan Cassidy MEP 
and others. 

Sir, In your excellent edito- 
rial. “Agenda for Euro-reform" 
(September 20), you quite 
rightly questioned whether the 
1996 intergovernmental (Maas- 
tricht revision) conference is 
the right occasion for an 
increase in the powers of the 
European parliament The 1987 
Single European Act increased 
the parliament's powers to 
amend Commission proposals 
- a power which on the whole 
has been sensibly used to 
improve a host of Single Mar- 
ket Directives. 

As you point out, it is too 


early to say whether the parlia- 
ment will use its powers of 
veto under the Maastricht co- 
decision procedure equally sen- 
sibly. 

We and some other Euro- 
pean MFs have long argued 
that before the parliament is 
given more power ft must dem- 
onstrate that it is using its 
existing powers constructively. 
Too many colleagues seem to 
believe that the parliament 
should be in alliance with the 
Commission “against" the 
Council of Ministers. It should 
not Too many colleagues fall 
to put in an appearance at 
committees in Brussels or ple- 


naries in Strasbourg. Absentee- 
ism is an embarrassment. Too 
many colleagues (more than 50 
per cent) are new to the parlia- 
ment, so there is a lack of 
experience and continuity in 
the parliament's work. Only in 
the UK was it the will of the 
electorate which decided the 
changes. Elsewhere, it is the 
people who draw up party lists 
in smoke-filled rooms. 

The debate on Europe has so 
far been generalised. It is time 
for specifics. Here are two: 

The unelected Commission 
can adopt or reject the Euro- 
pean parliament's amend- 
ments. This is a legislative 


power which it should not 
have. A second, however, is 
that the parliament could be 
more effective if granted the 
power to dismiss individual 
Commissioners who do not per- 
form adequately. The present 
power to dismiss the whole 
Commission is Uke the nuclear 
deterrent - never to be used. 
Bryan Cassidy, GUes 
Chichester, John Come, 
Robert Sturdy. Edward 
McMHlan-Scott, Graham 
Mather. 

Members of the European 
parliament, 

97-113 Rue BeUiard 
1040 Brussels, Belgium 


NGOs: working to meet 
demands of the market 


From Mr Rick Davies 

Sir, For a newspaper which 
one expects to be championing 
the role of markets it is sur- 
prising to read Edward Mor- 
timer's article, “NGOs rule 
OK" (September 21), criticising 
the role of non-governmental 
organisations in international 
affairs on the basis that their 
role as “do-gooders" is an une- 
lected one. 

NGOs get their funds from 
two sources. First, from public 
fundraising activities. People 
in the UK and elsewhere are 
buying NGO services of their 
own free wilL No need for elec- 
tions, markets can operate in 
this area just as they can for 
other services. 

However, like ail markets, 
advertising may not always be 
honest or accurate. If there is 
concern about the role of 
NGOs then this is where inves- 
tigative attention should focus. 

The other source of funds, 
increasingly so, is from govern- 
ments, as well as bilateral and 
multilateral institutions. The 


international proliferation of 
NGOs over the last decade or 
so has given these institutions 
more and more choice as to 
which NGOs they fund - 
which, other things being 
equal, is surely a good thing. 

Again, the main issue to 
focus on is the extent to which 
these institutions are buying 
quality services. Of course, 
quality is not always a simple 
matter to assess, with either 
business products or the ser- 
vices of NGOs. 

Capitalism is without doubt 
an extremely creative process, 
but one not without its prob- 
lems. It is perhaps a pleasant 
paradox that capitalism allows 
the emergence of organisa- 
tional forms that can meet a 
market demand to address 
some of those problems. 

Rick Davies, 

Centre for Development 
Studies, 

University College of Swansea, 
Singleton Park, 

Swansea 
SP2 BPP 


Not all can have a choice 


India’s economic progress 
merits support and praise 


From Ms Lydia Nijhof. 

Sir, I enjoyed Giles MacDon- 
ogh’s article, “Vegetarian food 
terrorism” (September 17/18). 

Not long ago I was intro- 
duced to a couple of ladies who 
promptly informed me they 
were vegetarians. Their faces 
conveyed self-righteousness 
and even seemed to challenge 
me. 

My comment was that they 
were very lucky to have a 


choice. Having lived most of 
my life in what is known as 
the third world, I ate what was 
available or what I could 
afford. 

There followed a dead silence 
and the subject was then 
dropped] 

Lydia Nyhof, 

Albany Court, 

Robertson Terrace. 

Bastings. 

TN341JH 


From Srichand P Hinduja. 

Sir, Your article “Not nearly 
radical enough" (September 19) 
misses the point by a mile. 
Stefan Wagstyl’s conclusion 
that prime minister Narasimha 
Rao “seems to have lost his 
sense of urgency” is unfair and 
unhelpful: unfair because Mr 
Rao of all people has been 
responsible for positive and 
dramatic changes in the Indian 
economy; unhelpful because 
the changes that are being 
effected need understanding 
and support, not sly criticism. 

One of the main problems 
that “Commerce India" faces is 
a dearth of a constant power 
supply. For example, five years 
ago in West Bengal it was 
impossible to count on more 
than two consecutive hours of 
electricity, so poor was the sys- 
tem. Now, in Calcutta, if there 
is a power cut it is met with 
genuine annoyance rather than 
simple resignation. This 
improvement is due to the 
deregulation that has allowed 
the privately-controlled 
RPGoenka company to run 
the utility properly - a deregu- 
lation promulgated by Mr Rao. 

Earlier this mouth we, 
through our Ashok Leyland 
subsidiary, together with 


From Mr RJ Bird. 

Sir. I was fascinated to see 
Pearie in the US referred to as 
an “eyewear" manufacturer 
(“GrandMet acts to cut costs 
and sells US group for $5l0m", 
September 20). Do pirates, gam- 


National Power of the UK. 
started laying the foundations 
of a £1.2bn, 1,000 megawatt 
coal-fired power station in 
Andhra Pradesh. Again, the 
support of the prime minister 
for this - and six other large 
power plant developments 
throughout India - is crucial 
in the country’s progress 
towards a consistent and reli- 
able supply of energy to run 
the shipyards, steel mills, refi- 
neries and fertiliser plants of 
the present and the future on 
an economic basis. And it is 
the country’s response to a 
recent World Bank report that 
saw Indian industry working 
at only 50 per cent capacity 
because of ludicrously poor 
energy creation and supply. 

The political and economic 
movement away from crashing 
and overweening state involve- 
ment based heavily on the 
“licence-raj" will take time. I 
believe that Mr Rao and the 
people of India should be 
applauded and encouraged for 
their progress and not. dare I 
say, damned with faint praise, 
Srichand P Hinduja, 
chairman, Hinduja Group. 

Neto Zealand House. 

SO Haymarket, 

London SVm r 4TE 


biers and fops abound in the 
US, an aftermath perhaps of 
the aggressive enterprise cul- 
ture? 

R J Bird. 

SO Highbury, Jesmond, 
Neuxastie upon Tyne NE2 3 EA 


The privateer, Enterprise 




financial times 

9 ™ Southwark: Bn 'dge, London SEI 9HL 
lef: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Thursday September 22 1994 


Confusion 
in Haiti 


US troops are on the ground in 
Haiti, and to the relief of all con- 
cerned, so far hardly a shot has 
been fired in anger. Less welcome 
is the confusion that exists over 
the terms of the accord brokered 
by former President Jimmy Carter 
which allowed the US forces to 
enter peacefully in the first place. 

Will the Haitian military leaders 
who have apparently agreed to 
step down remain in the country? 
Will the exiled president. Jean- 
Bertrand Aristide, be able to 
return? What precise role are the 
US troops to play? All these ques- 
tions remain unanswered. 

Small wonder that the exiled 
leader has withheld his endorse- 
ment from the US intervention. He 
needs to be sure that the US does 
not abandon what would have 
been one of its objectives had it 
invaded to purge and profession- 
alise the police and armed forces. 
Unless the apparatus of intimida- 
tion and terror that was responsi- 
ble for his exQe is dismantled, Mr 
Aristide would not be able to gov- 
ern even if he could return to his 
country. Once US troops were 
back home, he would once more 
be under threat of a military coup. 

The deal brokered by Mr Carter 
specifies that “certain military 
officers” would enter “an early 
and honourable retirement when a 
general amnesty is voted into law 
by the Haitian parliament, or 
October 15 1994, whichever is ear- 
lier”. For Mr Aristide, this is 
clearly too vague for comfort 

It was Lt Gen Raoul Cedras and 
his fellow generals, after all. who 
reneged on an earlier deal signed 
under UN auspices that would 


have returned Mr Aristide to Hait i 
last October. Until the weekend, 
his junta was bong: held responsi- 
ble for such dreadful human 
rights abuses that Mr Clinton 
came to the brink of ordering an 
invasion. 

Mow, days later, they axe 
described by members of Mr Cart- 
er's negotiating team as honour- 
able men and patriots. US troops 
are instructed to stand by while 
policemen attack pro-Aristide 
demonstrators in Port-au-Prince. 
Furthermore, the Haitian police is 
apparently now expected to dis- 
arm the Haitian army. And the 
army - until Sunday night the 
ostensible target of an American 
invasion - is guiding the US 
forces to their positions around 
the country. 

All this may be the consequence 
of tactical decisions based on the 
changing circumstances of last 
weekend. Whether this Is the case, 
or there has been a shift in US 
strategy, will only be dear over 
time. 

In avoiding an invasion, Mr 
Clinton may have bought htmaoK 
relief from his congressional crit- 
ics. He has not, however, come 
any closer to resolving the funda- 
mental problems that last week 
m a de an invasion seem inevitable. 
He needs now to hold firm to the 
objectives he set out in his speech 
last Thur sday , ousting tha mili- 
tary junta and creating circum- 
stances that will permit the rapid 
and secure return to power of Mr 
Aristide. That will almost cer- 
tainly mean the US forces taking a 
more active role than they have 
done so for. 


Creating profit 


The scene is familiar. A chief 
executive, standing at a podium in 
a hushed, darkened hall, gestures 
at the slide projections behind him 
showing tire expected rise in prof- 
its from the company's latest take- 
over. Of course, reorganisation 
costs will be high, he warns. 

The balance sheet to the nest 
set of accounts does indeed show 
hefty writedowns, but as these 
costs bypass the profit and loss 
account, profits leap. In the nev- 
er-never land of UK accounting, 
those techniques have given a 
company active on the acquisition 
trail an effortlessly rising stream 
of earnings. Until, as Coloroll and 
other corporate stars of the 1980s 
bear witness, reality intrudes. 
Typically, the acquisitions per- 
form badly and cashflow collapses. 

Today's publication of new rules 
on treatment of acquisitions and 
mergers by the Accounting Stan- 
dards Board aims to reduce the 
room for such creativity in 
accounting. The rules, which 
greatly curt) the use of provisions 
and writedowns, among other 
detailed measures, are likely to be 
successful in that aim. 

In doing so, they will prevent 
some deals which could have 
occurred under past rules. Share- 
holders may well welcome this, as 
some of the grossest abuses of 
acquisition accounting have been 
highly expensive for them. Direc- 
tors may not, where their pay is 
linked to earnings growth. It is 
harder to say, though, whether 
discouraging corporate enthusi- 
asm for takeovers is economically 
beneficial or not. The 1980s take- 


over scramble attracted much 
opprobrium, and many of those 
deals have so far proved disap- 
pointing. But that is partly due to 
recession: the longer-term returns 
remain unclear. 

But while the revisions are wel- 
come, it is worth sounding a note 
of concern. The roles have the vir- 
tues of consistency, bat may make 
an unhelpfully crude distinction, 
between capital and current 
spending. 

The problem surfaces most 
dearly in the proposed new treat- 
ment of reorganisation costs, to 
which leading companies have 
strongly objected. Such costs, pre- 
viously treated as part of the capi- 
tal cost of the deal, must now be 
treated as an expense. The idea is j 
to remove subjective consider- 
ations, such as whether these 
costs were foreseeable before the 
deaL Yet such factors are fre- 
quently relevant to the valuation 
of assets: directors assess the 
value of a target to the light of the 
“refurbishment" which needs to 
be done to realise its potential 

Those in pursuit of better 
accounting standards need to bear 
in mind how accounts are 
intended to be used, and by whom. 
The Accounting Standards Board 
has sometimes appeared to see 
itself on a quest for absolute truth. 
Its new rules are likely to succeed 
in making company accounts 
reflect more fairly the full cost of 
acquisitions. Shareholders and 
lenders may, however, find it as 
hard as to the past to use the 
values in the accounts to estimate 
future profits. 


Hot air on Africa 


In Cape Town in 1960 Harold 
Ma cmillan warned white South 
Africans of the “wind of c ha n ge" 
sweeping through Africa. His 
words captured the mood of the 
continent at a critical moment. 

Three disastrous decades later, 
ravaged by mi c jmf |rta g |MTier|t and 
misfortune, Africa is once again at 
a watershed, beset by problems 
which can only be overcome with 
external help. Once again this 
week a British prime minister, 
leader of a nation with unrivalled 
historical an d commercial links 
throughout the continent, stood 
before the South African parlia- 
ment, now at last multiracial He 
was marvellously placed to launch 
the fresh international initiative 
Africa so badly needs. Instead he 
delivered little more than hot air. 

Had he risen to the occasion, 
John Major would have begun by 
making clear the depth of Africa's 
crisis. Instead, he neglected the 
fort that most Africans are getting 
poorer, and took comfort from eco- 
nomic and political reforms under 
way which have yet to launch a 
sustained recovery. 

Having spelt out the gravity of 
the situation, the prime minis ter 
could then have set out an agenda 
for action. Instead of contenting 
himself with a brief self-congratu- 
latory reference to the Trinidad 
terms on govemment-to-govern- 
ment debt, he could have acknowl- 
edged the need for radical action 
in area, including relief for 
countries such as Uganda which 
are hobbled with debt service pay- 
ments to multilateral institutions. 

Also on his agenda should have 


been the need for better coordi- 
nated aid programmes, with a 
lower proportion of tied aid, a 
higher proportion allocated to 
serial services, and new condition- 
alities including ceilings on mili- 
tary spending. He might also have 
done more to spell out the circum- 
stances in which humanitarian 
obligations to avert genocide and 
relieve starvation must take prece- 
dence over state sovereignty, and 
should not have avoided address- 
ing the damaging dispute between 
the World Bank and other devel- 
opment agencies over tbe merits 
of structural adjustment 

As it was, Mr Major’s only sub- 
stantial proposal was a call fur 
“preventive diplomacy" with 
regional peacekeeping units, 
which will be pursued at the UN. 
As Mr Major said, energies have 
been consumed in trying to limit 
trouble after it has started. It 
would be for better and less costly 
to preempt it 

Would that Britain were pre- 
pared to apply this precept in 
Nigeria. Africa's most populous 
nation, and second biggest econ- 
omy, is heading for disaster. Yet 
despite dose ties, no foreign office 
minister has visited Nigeria this 
year, whereas Baroness Chalker 
has been twice to Rwanda. And 
while refusing visas to members 
of the Nigerian regime, the UK 
has not suspended a contract to 
equip its army with British tanks. 

Mr Macmillan’s words resonated 
around the world and have 
entered the history books. Mr 
Major's are unlikely to make even 
a footnote. 


I f problems could be cured by 
conferences, unemployment 
in the older industrialised 
countries would be well on 
the way to solution. 

At one recent gathering, organ- 
ised by tbe Kansas Federal Reserve 
at Jackson Hole, Paul Krugman of 
Harvard university set ont to 
extract a core consensus on the sub- 
ject He starts from the well-known 
phenomenon that while US unem- 
ployment has been rising and foil- 
ing with the business cycle, there 
hag been no ohangp of trend since 
the mid-1970s. European unemploy- 
ment has, on the other lunwi , soared 
and remained at 8 per cent even to 
buoyant periods when the economic 
brakes had to be put on to prevent 
inflation accelerating. 

The US has, alas, had tts own 
problem: a widening of pay differen- 
tials associated not with any kind of 
“trickle down” but with an absolute 
drop in remuneration at the bottom 
of the pay scale. The Krugman diag- 
nosis is that the same process 
which has expressed itself to high 
unemployment in Europe has 
emerged to poverty at work to the 
US. 

The demand for unskflled or less 
favoured workers has fallen every- 
where in relation to better trained 
Or more fortunate workers. In the 
US the strain has been taken by pay 
rates. In Europe the welfare state 
has prevented a similar widening of 
differentials and, instead, the strain 
is taken by unemployment. 

The resulting nan-idyffic nature 
of the US labour market was vividly 
described by the noted US specialist 
Richard Freeman, at another sym- 
posium in Salzburg organised by 
the Egon Sohmen Foundation. He 
would link it with the feet that the 
proportion of young US mates in 
jail or cm parole or probation, rose 
from 4 per cent to 11 per cent to 
only 13 years (1980-93); among 
young blacks the rise was from u 
per cent to 25 per cent 
In Europe there are two ways in 
which prevailing institutions can 
worsen Tm Employment There is the 
effect on incentives. High social 
security taxes add to the cost of 
employing workers or subtract from 
their take-home pay; while “social" 
benefits provide a floor or reserva- 
tion wage below which actual 
wages cannot be dragged without 
people being better off not working. 

The other way concerns not so 
much the welfare state itself as col 
lectivist institutions which price 
workers out of jobs. There are, for 
instance, minimum pay provisions 
and restrictions on the extent to 
Which employers «»n differentiat e 
between workers of different age 
and experience according to the 
value of their sMU 
Then there are collective agree- 
ments between employers and 
unions which price the unlucky out 
of jobs. Indeed it Is difficult in Ger- 
many for employers and workers to 
opt out of such agreements even if 
both are willing to do so to high 
unemployment regions. There are 
also restrictions on the hours and 
flexibility of work which have a 
similar effect to raising the effective 
costs of hiring labour. 

These two kinds of influences 
shade into each other. But it does 
make a difference where one puts 
tbe emphasis. If the main part of 
the problem is the lack of work 
incentives, then unemployment is 
to some extent voluntary and the 
need to reduce the jobless percent- 
age is a of aagfag the tax and 

transfer burden on those at work, 
or of reducing the adverse social 
effects of idleness. If, on the other 
hand , pricing-out-of-work laws and 
practices are tbe main culprits then 
the unemployed are themselves the 
principal “outside" victims of the 
“insiders” who have made the 
agreements and the rules. 

in continental Europe the empha- 
sis should he at least as much on 
collectivism as on incentives. I 
would aisn pot more e mph asis than 
is fashionable among economists on 
the role played by moralistic or tra- 
ditional objections to undercutting. 

1 am sometimes asked what would 
happen if another journalist offered 
to join the staff to write Economic 
Viewpoint for much less pay. It 
would be an interesting experiment 
The central theme, however, is 


Clubbable 
and bankable? 

■ The Gresham Club, tucked away 
to Abchurch Lane to the heart of 
tbe City, used to be an excellent 
place for an afternoon nap. But the 
price of sardines-on-toast was raised 
to fid, and thing s slid relentlessly 
downhill thereafter. 

Today, after a fiSmodd makeover, 
the seven-story Grade II listed 
boDdtog reopens as the London 
Capital Chib - a very different sort 
of establishment indeed. It admits 
women and foreignera: it allows, 
nay encourages, the conduct of 
business within its hallowed 
portals; and promises to serve 
upmarket grub. It even has a 
boardroom members can hire out - 
marked Boardroom in big gold 
letters on the door. 

Owned by the affable 
German-bom Dieter Klostermann, it 
is the first European addition to his 
network of Asian clubs. Tbe £1250 
“entrance” foe is a snip, compared 
at least with the affiliated City Chib 
in Tokyo, which will set you back 
some Y4m (£25,000) to join. So for 
500 souls have signed up. 

The unstuffy but recognisably 
“British” dub is a formula that has 
worked well in the Far East 
Klostermann’s CCA Group is 
currently pulling in £ 7 Qm in annual 
revenues from its 32,000 members. 

Klostermann's tilt at Clubland to 
its own backyard, meanwhile, will 
probably be admired and scorned In 


Economic Viewpoint 

Pay and jobs in a 
global economy 

By Samuel Brittan 


The US has escaped the rising 


EU unemployment trend . •. . but average US pay has stagnated 

Ubampkvnwatrete 

„% rtteOour force 5(1982-84) 



and US poor hawo loot absolutely . . . while low Third World costs 

exert more pressure 


Average growth of mean family Income Manufacturing industry 

Avww annua) % change Hourty labour costs 1993 (S) 



quints* 

Soirees: Eurostat OECDl Com* ot Goorutfa AiMm DM VtOamm, COR 


that neither the welfare state nor 
collective procedures for setting pay 
would on their own have been 
enough to generate tbe European 
unemployment explosion. The wel- 
fare state is probably not on aver- 
age more generous than 20 years 
ago. Nor are pricing-out-or-work 
arrangements more strict. The 
important point has been the inter- 
action of European practices with a 
sharp widening of the pay relativi- 
ties which would prevail if the 
labour market were left to itself. 

Is it possible to square the circle 
and combine the benefits erf a Euro- 
pean welfare state with an Ameri- 
can-style flexible labour market? 

Can we combine the 
benefits of a 
European welfare 
state with a 
US-style flexible 
labour market? 


The upbeat answer is to call for 
more education and training, so 
that workers near the bottom of the 
income scale acquire more of the 
capacities of tbe ones at the top. 

It is to Krugman’s credit that he 
steers dear of this industrial cor- 
rectness. He rightly queries how 
much of the wider spread in equilib- 
rium pay rates is due to formal edu- 
cation. Differentials among people 
of similar educational q ualification s 
have increased at least as much as 
differentials between people of dif- 
ferent qualifications. He also adds 
that Americans who hold up the 
superior performance of France and 
Germany to teaching basic literacy 
and numeracy foil to notice that the 
results have not translated into 
lower unemployment 

Shrinking the welfare state is at 
the other extreme - the hard-nosed 
approach. This would have many 
very harsh effects. Not only would 


benefits be less for those still unem- 
ployed; but there would be a shake- 
down in pay rates for those who 
have always had jobs near the bot- 
tom of the scale. 

One approach, which has been 
powerfully argued by Edmund 
Phelps of Columbia is that of an 
employer subsidy to take on unskil- 
led workers. Tills would be expen- 
sive and would have to be very 
tightly policed to prevent abuse; 
there would, for instance, have to 
be a sliding scale for borderline 
workers. Moreover, because of dif- 
fering family circumstances the net 
redistribution of income implicit in 
such a scheme would be badly tar- 
geted. 

The stOl distant ideal would be of 
a basic income paid to everyone to 
provide a floor, an top of which 
market earning s would be added. 
To say that this would be prohibi- 
tively expensive is partly a matter 
of tax illusion. The real drawbacks 
are that there could be a large 
incentive to voluntary unemploy- 
ment or underemployment for those 
prepared to make do with the basic 
income; and much of the benefits 
would spill over to those higher up 
the income scale needing it least 

The best present compromise 
would be a negative income tax 
which would differ from a basic 
income in being conditional on 
work search attempts and in being 
withdrawn at a much higher rate 
than the basic rate of income tax. 

Indeed an embryonic British sys- 
tem of this kind exists in the form 
of family credits for households 
with breadwinners on low incomes. 
This could be built on, for instance 
by extending it to workers without 
children and making some of the 
conditions less Irksome. But on nei- 
ther side of the Atlantic is it easy to 
interest people to British experi- 
ments; and there is a preference for 
a priori proposals. 

Just for once, however, I want to 
move off remedies and discuss the 
diagnosis further. For the main 


problem of the Krugman consensus 
is that the reason labour market 
relativities should have changed so 
much is left hang in g to mid-air. 

The conventional explanation - 
of technology driving out unskilled 
workers - is unconvincing. For pay 
differentials within every skill and 
educational category have risen 
quite as much as differentials 
between them. And as Krugman 
remarks “tbe time could well come 
when most tax lawyers are replaced 
with expert systems, but human 
beings are still needed for such 
truly difficult occupations as gar- 
dening and house cleaning”. 

The most controversial explana- 

Classical economists 
have always accepted 
that land as pure 
space is a 
suitable object for 
special taxation 

tion centres on competition from 
low-wage workers to the developing 
- and more recently the former 
communist - countries to a liberal- 
ised global economy. This was 
suggested by Douglas McWilliams 
of the London Centre for Economics 
and Business Research in a couple 
of lectures last year. It has since 
been most fully developed to a book 
by Adrian Wood, North South 
Trade, Employment and Inequality 
(Clarendon Press, Oxford). 

The respectable form of this the- 
sis must be sharply distinguished 
from that of populist opponents of 
the Gatt accord, who do not under- 
stand that countries of very differ- 
ent income levels can profitably 
trade with each other. If trade is 
freed between two groups. North 
and South, the presumption is that 
both sides benefit, although not nec- 
essarily everyone to both groups. 
Tbe suggestion, rather, is that to 


equal measure. What he principally 
needs is for his joint to be 
patronised. 


Light reading 

■ Calling all insomniacs. Michael 
Portillo, who as UK employment 
secretary is widely regarded as the 
rightwing; pretender to John Major's 
crown, is bringing out a booklet of 
his speeches and interviews. 

The aim is to establish dear bine 
water between tbe Tories and 
Labour. As such it must be judged a 
qualified success, for what the work 
principally seems to highlight is a 
veritable ocean between Portillo 
and Major - with the cabinet 
minis ter ruling out the stogie 
European currency and so on. 

We are promised that “these are 
by no means the last words from 
Michael Portillo”. No wonder John 
Major prefers a game of cricket in 
South Africa when his own cabinet 
is still bowling him such goodies. 


Whipping boy 

■ Watch out for John Prescott, who 
may shortly be enjoying a bit of 
extra influence in Tony Blair's 
new-look Labour party. 

Derek Foster, the opposition 
party’s current chief whip, has been 
in situ for nine years, during which 
Hma he hag <wn off some tough 
contenders for his post But he 
could finally have met his match to 
Bichard Caborn, one of the 


Observer 



‘Get ray trousers dry-cleaned and 
back by lunchtime* 


pugnacious deputy leader's closest 
political allies who has emerged as 
a challenger for what is the party's 
most important Mr Fixit job. 

Caborn, who ran Prescott's 
successful campaign for the deputy 
leadership earlier this year, belongs 
to Labour's “ t rad i tionalist” faction. 
He has made a considerable 
impression in the past two years as 
a strong chairman of the Commons 
trade and industry committee, 
presiding over inquiries into 
political hot potatoes such as the 
coal industry and the future of tbe 
Post Office. 

Blair, whose Sedgefield 
constituency is to Foster's neck of 
the woods, has in effect backed the 


incumbent by indirating that he 
does not favour a contest. But, with 
at least two more runners expected 
to surfoce before nominations close 
next month, the race is shaping into 
a for more interesting contest than 
the tepid campaign leading to 
Blair's runaway victory in July. 


Cloudy 

■ A price can be placed on more or 
less anything in this cost-conscious 
age. Not to be outdone is the Met 
Office, which has proudly come up 
with the fort that its weather 
forecasts save the UK nearly £lbn a 
year. Chief beneficiaries are 
apparently transport (£25lm) and 
construction f£107m). 

Sadly, the method by which the 
Met-sponsored survey managed to 
arrive at such accurate numbers 
has not been disclosed. Nor is there 
any mention of the cost of 
Inaccurate predictions. 

The Met's own service costs £3&n 
per year to run, by the way, which 
either means it is a bargain - or 
that officials are massively 
nnrin mhflrg fn g for this immensely 
valuable service. 


Not so capital 

■ Why would an outfit as canny as 
the Royal Bank of Scotland 
effectively give away its Capital 
House investment management 
operation gratis, and then shell out 
E25m for a one-third stake to a new 


the North unskilled or semi-skilled 
workers, whose tasks can be 
equally well carried out by workers 
elsewhere at much lower wages, 
will lose out. Tbe problem then 
becomes one not of “unfair” trade, 
as the Clinton administration seems 
to think, but of income distribution 
within the North. 

Many orthodox trade experts 
reject this diagnosis, although a 
new analysis by Jeffrey Sachs and 
HJShatzin tbe latest Brookings 
Papers gives it partial support. But 
the real point Is that the frtobalisa- 
tion of the world economy la term 
to which Krugman strongly objects) 
could easily throw up such prob- 
lems to the future even if it has not 
done so already. 

Indeed, it is possible to bypass the 
complexities of international trade 
theory by looking at the world as a 
single economy. In such on econ- 
omy not only goods but capita! is 
mobile - physical as well as finan- 
cial capital, ft only takes a few 
years to put up a new plant any- 
where where the local political envi- 
ronment is favourable. 

In such a world, as Patrick Mto- 
ford eloquently main tamed at Salz- 
burg, pay differences among work- 
ers of comparable skill will tend to 
be reduced, if not eliminated, by 
owners of capital seeking the best 
return, and able to introduce best- 
practice technology wherever they 
go. This will be so even if labour 
itself remains relatively immobile 
between countries or areas. If this 
were to happen the conditions of 
the workers of the world would 
indeed tend to be equalised - at 
least among those of comparable 
skills - but by means very different 
from those that the early socialists 
envisaged. 

W hat are the main 
snags in this 

equalisation sce- 
nario? Why did 

nothing like this 
happened before 1914 when there 

was, indeed, a stogie world econ- 

omy and many such fears were 
expressed by European and Ameri- 
can protectionists? Tbe big differ- 
ence is that literacy has become 
very widespread in the third world 
to tbe last 40 years - which it was 
not in Queen Victoria's time. 

Looking ahead, tbe most under- 
discussed problem is: what will hap- 
pen to wage rates in the emerging 
countries? On productivity grounds 
they should rise towards those of 
the west, thus tackling the problem 
in the best possible way. This is a 
reasonable hope for a country like 
the Czech Republic, where the 
skills, capital and entrepreneurship 
for near full employment already 
exist and where people have agreed 
to a sharp, but they hope tempo- 
rary, sacrifice to repair the ravages 
of totalitarian rule. Matters are very 
different to China, where there are 
said to be 200m workers surplus to 
form needs who could presumably 
be enticed into the cities at wage 
rates only marginally above subsis- 
tence. 

But the final ray of hope which I 
would like to point to takes us back 
to tbe more prosperous north. If the 
liberalisation of the world economy 
is going to make northern countries 
richer, but make many industrial or 
clerical workers within them worse 
off, then who will gain the differ- 
ence? For a time it may be the own- 
ers of capital - a foretaste is visible 
to the worldwide rise in long-term 
real interest rates. But capital will 
be eventually affected by the ten- 
dency of funds available for invest- 
ment to increase to meet new 
opportunities. 

One is then left with the conclu- 
sion that much of the gain will go 
to owners of land, who outside the 
rural shires are hard to distinguish 
from owners of capitaL Classical 
economists, right down to suppos- 
edly extreme free marketeers like 
Friedrich Hayek. have always 
accepted that land in the shape of 
pure space is a suitable object for 
redistributive taxation. But they 
despaired about being able to sepa- 
rate in practice tbe return from 
owning land on the one hand from 
the yield to the capital and ingenu- 
ity spent on improving it, on the 
other. The effort to distinguish it 
may still have to be made. 


organisation? Out of a sense of 
relief, it would seem. 

The beneficiary of this recent 
largesse, Newton Management, is 
one of tbe best in the business. Its 
average pension fund client last 
year earned a total return of 37.4 
per cent, percentage points 
above the industry average. 
Contrast Capital House, whose sole 
institutional client is the RBS 
pension scheme, and which 
languishes to the bottom 10 per cent 

of all pension fund managers on the 
basis of its performance over the 
past three years. 

In June of last year, trustees to 
the Charterhouse pension schemes 
- Charterhouse then still being in 
the RBS stable before the 
September sale of 90 per cent of the 
bank to a Franco-German 
consortium - quietly sacked Capital 
House and transferred its loyalties 
to Mercury Asset Management 


No idea 

■ The effervescent Janet 
Street-Porter is leaving the BBC, 
where she has been head of 
independent television production 
in the entertainment field, to join 
the Mirror Group, where she will be 
managing director of a new cable 
network. “I regret leaving a place 
where ideas are paramount,” she 
said yesterday. The very idea that 
ideas may not be paramount at her 
new employer seems to be one 
worth pursuing . . . 





14 



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Date Power Systems pic 

Electuary Buildings Filey North Yorkshire YOl4 3PJ 
Tel 0723 514141 Tfetex52!B3 Fax 0723 515723 


FINANCIAL TIMES 

Thursday September 22 1994 



Forecasts indicate narrow win for coalition 

Rasmussen set to hold 
on to power in Denmark 


By Hu#i Camegy and Hilary 
Barnes tn Copenhagen 

Mr Poul Nyrup Rasmussen. 
Denmark's Social Democratic 
prime minister, was last night set 
to remain in office at the head of 
a minority government despite a 
strong performance by the right- 
wing opposition Liberal party in 
the general election, according to 
forecasts based on early results. 

The computer projections indi- 
cated Mr Nyrup Rasmussen's 
four-party coalition would slip 
from 89 seats in the 179-seat Folk- 
etmg (parliament) to 76. But it 
would still be strong enough to 
stay In power with the backing of 
the leftwing Socialist People's 
party which was predicted to 
hold 14 seats. 

Mr Uffe EUemann-Jensen’s Lib- 
eral party was set to achieve the 
greatest gains. The forecasts Indi- 
cated it would increase its repre- 
sentation from 29 seats to 42, 


overtaking the Conservative 
party as the second biggest party 
after the Social Democrats. 

Mr Nyrup Rasmussen's Social 
Democrats were seen losing six 
of the 69 seats they won in the 
last election in 1990. But the com- 
bined strength of the Liberals 
and Conservatives, and their 
rightwing ally, the Progress 
party, still only amounted to 
about 79 seats, according to the 
polls, well short of the backing 
needed to form a government. 

The polls predicted the Conser- 
vatives and the Progress party 
would each lose several seats. 

A new entry to the Folketing 
was set to be the Unity List, an 
extreme leftwing and anti-Euro- 
pean Union party, which could 
win up to six seats. 

The Social Democrats came to 
power, after 10 years in opposi- 
tion, without an election in Janu- 
ary 1998 when a Conservative-led 
government, headed by Mr Poul 


Schlfiter, resigned in a scandal 
over government treatment of 
Tamil refugees. Three small cen- 
tre parties - the Radical Liberals, 
the Centre Democrats and the 
Christian People's party - 
switched from supporting Mr 
Schlftter to Mr Nyrup Rasmussen 
and have stayed loyal to the 
prime minister in this election. 

During the election camp aign , 
Mr Nyrup Rasmussen said he 
wanted to spend more on Den- 
mark's already generous welfare 
system - particularly on hospi- 
tals, care of the elderly and hnma 
help services. 

A decade of budgetary restraint 
under centre-right governments 
during the 1980s and early 1990s 
saw Denmark bring its public 
finances under control. 

But the high, level of govern- 
ment outlays requires Danes to 
pay more in taxes - almost 50 per 
rent of GDP - than any other 
industrialised country. 


German economic recovery 
to gather pace, says Bonn 


By Andrew Fisher In Frankfurt 

German economic growth was 
forecast yesterday to speed up 
□ext year after this year's faster 
than expected recovery from 
recession. 

The optimistic predictions by 
the government, just ahead of the 
October 16 federal elections, coin- 
cided with the release of data 
showing a slower-than-expected 
growth in August money supply. 

Mr Gunter Rexrodt. the eco- 
nomics minister, told parliament 
the government expected the 
economy to grow by 3 per cent in 
1995. Ftir this year he estimated 
that expansion would reach 2.5 
per cent instead of a previously 
projected 2.25 per cent. 

His comments came in a 
strongly political speech ahead of 
the election, in which he set the 
government’s economic record 
against the policies of the Social 
Democrat opposition- The minis- 
ter also forecast that unemploy- 
ment would fall by 200.000 next 


year. The Bundesbank 
announced a much slower ann- 
ualised growth rate for M3 
money supply of 8-2 per cent in 
August ft reaffirmed its inten- 
tion to keep a firm hand on mon- 
etary policy to secure steady eco- 
nomic growth and lower 
inflation. 

With the economy recovering 
speedily, the Bundesbank is con- 
cerned to prevent consumer 
prices from accelerating. 

Before the Bundesbank’s 
announcement, financial markets 
were concerned that the expan- 
sion rate of money supply might 
again have exceeded 9 per cent. 
In July, the annualised growth 
rate for M3 was 9.8 per cent; in 
May, it reached 15.4 per cent. 

In spite of the success of the 
central bank in bringing down 
money supply growth, Mr Johan 
Wilhelm Gaddum, Bundesbank 
deputy president, said it was still 
concerned about inflation. 

In August west German infla- 
tion was 3 per cent, compared 


with the Bundesbank’s eventual 
goal of 2 per emit Mr Gaddum 
said the price outlook had 
unproved now that fiscal and 
wage trends were moving in a 
more moderate direction. "Yet 
the progress towards stability 
still does not mean it is time to 
sound the all clear." 

That reaffirmation of the Bund- 
esbank's anti-inflationary stance, 
and the emphasis on its contin- 
ued commitment to money sup- 
ply targets, has led some econo- 
mists to conclude that it is 
unlikely to cut interest rates fur- 
ther. Others, however, expect a 
further cut after the election. The 
last redaction was in May. when 
the discount and. Lombard rates 
were cut to 4J per cent and 6 per 
cent respectively. 

Mr Gaddum indicated last 
week that there was no reason to 
cut rates now. The May cuts were 
aimed at shifting funds from 
short-term deposits, which show 
up in M3, to longer-term invest- 
ments, which do not 


NEC plans Scottish expansion 


Continued from Page 1 

possible is not available from UK 
or continental European manu- 
facturers. Mr Andrew Norwood, a 
semiconductor specialist with the 
technology consultancy Data- 
quest, said Japanese companies 
such as Nikon and Canon were 
the likeliest candidates. 

NEC intends to manufacture 
the latest generation of memory 
chips at Livingston and eventu- 
ally microprocessors and special 
circuits. It is expanding capacity 
because of a worldwide shortfall 


in memory chip production. The 
factory could begin operating by 
October 1996. 

The decision is expected to lead 
to further extensive investment 
in NECs plant at Ballivor in the 
Irish Republic which assembles 
semiconductors from Livingston. 

NEC has invested £230m on 
chip manufacture at Livingston 
since 1987 and spent £28m to 
Increase production capacity only 
a few months ago. Mr Toshio 
Nakamura, managing director of 
NEC’s UK semiconductor 
operations, said; "Production is 


currently running at full capacity 
but we are unable to meet the 
needs of our European customers 
and so must expand." 

With global production last 
year valued at $8.1bn, NEC is 
Japan's largest semiconductor 
manufacturer. It chose Scotland 
for several reasons: it balanced 
its production operations in the 
US and Japan; NEC in the UK is 
its most productive plant; Euro- 
pean demand is high; the work- 
force is well educated and there 
are ample water supplies. 


Fayeds fail 
to clear 
names over 
takeover 
battle 


By Robert Nee, 

Legal Corre sp on d ent 

The Fayed brothers yesterday 
foiled in a final effort to clear 
their names over their 1985 take- 
over of House of Fraser, the UK 
department store group. 

The European Court of Human 
Rights rejected claims that their 
rights had been violated by the 
system of company investiga- 
tions in the UK. Mr Mohamed, 
Mr All and Mr Salah al-Fayed 
had challenged a UK Department 
of Trade and Industry report 
that branded their conduct dar- 
ing the takeover battle as dis- 
honest. They said they bad not 
been been able to contest the 
report's damning conclusions. 

Mr Mohamed al-Fayed, chair- 
man of Harrods, the exclusive 
London department store, 
remained adamant last night 
that UK practice was “dictatorial 
and unacceptable". 

He said: “Tm disappointed, but 
this is the way yon show people 
that yon don't just sit and take 
Insults just like that If you can't 
get justice in this country, you 
have to go somewhere." 

The government welcomed the 
decision. A DTI official said it 
was glad the coart had ruled 
there had been no violation of 
the European Convention on 
Human Rights. 

Yesterday's judgment was a 
final footnote to the long-run- 
ning dispute between the Fayeds 
and Loorho, the international 
trading conglomerate defeated 
by the brothers in its own bid to 
take over House of Fraser in 
1985. 

Lonrho declined to comment 
on the Strasbourg decision. Mr 
Colin Matthews, gronp chief 
accountant, said Mr Tiny Row- 
land, Lonrho joint rhahman , and 
Mr Fayed had settled their dis- 
pute at the end of last year and 
the matter was history. 

The DTI Inspectors’ report on 
the House of Fraser takeover 
published in March 1990 con- 
cluded that the Fayeds had dis- 
honestly misrepresented their 
origins, wealth, business inter- 
ests and resources before the 
takeover. 

They bad also knowingly sub- 
mitted false evidence to the DTI 
inspectors during their investi- 
gation. The Fayeds have always 
disputed these conclusions. 

The brothers claimed that in 
the eyes of the world the report 
bad the force of a judgment 
delivered after a trial at which 
they had been convicted. Bat 
criminal charges were never 
brought 

Lord Lester QC, representing 
the Fayeds, said the court had 
given a “restrictive and techni- 
cal interpretation” of the con- 
vention’s “due process", or fair 
trial, provision. The judgment 
underlined the need for a Bill of 
Rights in the UK with a due 
process clause in it, he 
said. 




Europe today 

Much of north-west Europe will have ample 
sunshine owing to a belt of high pressure 
stretching from the Atlantic to the North Sea. 
The UK, the Benelux, Germany and most of 
France will have sunny periods although 
southern France will have showers, some with 
thunder. Thunder showers we also expected 
In eastern Spain and the BaJearics. The 
northern coast of Spain will be rainy and 
olher regions will be partly cloudy. The Alps 
and northern Italy win have a lot ot rain but 
the rest of the Mediterranean will be mainly 
sunny. Periods of rain will linger in western 
Russia and north-west Scandinavia and there 
will be a mixture of sun and cloud in other 
parts of Europe. 

Five-day forecast 

Thunder showers win remain in the north- 
west Mediterranean on Friday and Saturday, 
but most of north-west Europe will be sunny. 
Northern Italy and the Alps will still have a lot 
of rain but It will become drier from Saturday. 
Mora showers will develop In Fraice and the 
Benelux. The Mediterranean will remain 
sunny, but thunder storms will occur in 
Russia. 


TODAY'S TEMPERATURES 



Situation at 12 GMT. Temperatures rraxknum far day. Fomcast s by Meteo Consutt of the Netherlands 



Maximum 

Baiting 

(ak 

25 

Caracas 

rain 

30 

Faro 

shower 

21 

Madrid 

.J Tower 

18 

Rangoon 

fab- 

29 


Celsius 

Belfast 

fan 

17 

Cardiff 

fair 

18 

Frankfurt 

Wr 

20 

Majorca 

thund 

25 

Reykjavik 

lWn 

9 

Abu Drubi 

sun 

39 

Belgrade 

sun 

26 

Casablanca 

rdn 

22 

Geneva 

shower 

20 

Melts 

fab- 

29 

PSo 

shower 

24 

Accra 

(air 

31 

Berlin 

doudy 

16 

Chicago 

rain 

23 

Gibraltar 

shower 

20 

Marches; er 

fair 

18 

Rome 

far 

28 

Algiers 

thund 

27 

Bermuda 

fair 

29 

Cologne 

fair 

20 

Glasgow 

Ur 

18 

Mania 

rain 

31 

S-Trsco 

fair 

25 

Amsterdam 

sun 

18 

Bogota 

fair 

19 

Dakar 

fair 

31 

Han burg 

fab 

16 

Meibowne 

shower 

14 

Sax! 

Cloudy 

23 

Athens 

sun 

29 

Bombay 

fair 

30 

Dallas 

fair 

27 

HdsinN 

Ur 

IS 

Mexico City 

far 

19 

Singapore 

tar 

32 

Atlanta 

tar 

24 

Brussels 

sun 

19 

Oeftl 

fab- 

28 

Hong Kong 

rain 

28 

Miami 

shower 

32 

Stockholm 

am 

17 

B. Aires 

doudy 

24 

Budapest 

fair 

23 

Dubai 

sun 

38 

HonoliJu 

tat 

31 

Mian 

thund 

20 

Strasbourg 

far 

23 

Bham 

fair 

18 

C-Mgen 

sun 

16 

Dublin 

fab 

17 

btanbU 

sun 

27 

Montreal 

far 

20 

Sydney 

cloudy 

24 

Bangkok 

shower 

33 

Cairo 

fair 

31 

Dubrovnik 

sun 

28 

Jakarta 

fair 

32 

Moscow 

ahowar 

2S 

Tangier 

thund 

21 

Barcelona 

thund 

23 

Cape Town 

fair 

18 

EdWwrgh 

far 

18 

Jersey 

fair 

18 

Munich 

fair 

21 

Tel Aviv 

fair 

30 










Karada 

fair 

3i 

Nairobi 

fab- 

28 

Tokyo 

ahower 

25 










Kuwait 

fair 

38 

Naples 

sun 

30 

Toronto 

shower 

20 


No global -airline has a younger fleet. 


Lufthansa 


l_ Angelas 
Las Palmas 
lima 
Lisbon 
London 

LiKboug 

Lyon 

Madeira 


fair 
tat 
cloudy 
shower 
tar 
fair 
fa* 
fair 


25 Nassau 
28 New York 

20 W « 

21 Nicosia 
20 Osla 
20 Parts 
23 Perth 
25 Prague 


shower 

Cloudy 

thund 

sun 

fair 

fair 

fair 

fair 


32 Vsicouvef 
23 Venice 

22 Vienna 
34 Wfasaw 

18 Washington 

23 WeUngion 
22 Winnipeg 
IB Zurich 


doudy 

fair 

fair 

doudy 

shower 

Shower 

shower 

rain 


20 

22 

22 

16 

25 

10 

a 

21 


THE LEX COLUMN 


Angst over Aerospace 


British Aerospace always finds a way 
of disappointing the market Yester- 
day the problem was cash flow. Dur- 
ing the half year to end-June, there 
was a net cash outflow of £2Q2m, 
despite the fact that BAe sold Rover 
for £800m during the period. There 
were reasonable explanations: bank 
guarantees to associate Hutchison 
Telecom were replaced by a £220m 
loam and £25Qm of cash relating to 
work done in the half year actually 
arrived at the end of 1993. But the fact 
is that most analysts were surprised 
by the outflow, so some mark-down in 
the shares was in order. Yesterday’s 
drop of over 5 per cent though, looks 
exce&nve: the sharpest profit down- 
grades are hard to square with the 
board's decision to raise dividends by 
21 per cent 

Moreover, the medium-term outlook 
is encouraging. Profits at BAe’s 
defence business will be spurred on by 
lower costs and higher volumes. This 
week’s promise by King Fahd to Mr 
J ohn Major, the prime minister, that 
Saadi Arabia would turn to the UK for 
"all our defence needs’* could also 
point to further lucrative contracts 
from that source. 

Meanwhile, Airbus’s profits are tak- 
ing off and there may even be good 
news on turboprops, a source of much 
red ink. Negotiations to merge the 
operations of several European suppli- 
ers and cut capacity are malting prog- 
ress. If the right deal can be con- 
cluded. BAe's losses from the business 
- es timated to be around £I5Qm annu- 
ally - could shrink rapidly. BAe has 
caused investors much anxiety in 
recent years, so yesterday's jitters are 
hardly surprising. But the underlying 
business is in relatively good shape. 

UK accounting 

Today's new standard on acquisition 
accounting will do away with one of 
the most egregious abuses in UK 
financial reporting, namely the free- 
dom which acquisitive companies 
have had to offset many of the costs 
associated with takeovers against 
reserves. This practice distorted profit 
and loss accounts, giving manage* 
moits the scope to present financial 
performance after a takeover in an 
unrealistically rosy Hght. An extreme 
case such as Coloroll, the home fur- 
nishings group which collapsed in 1990 
after years of apparently profitable 
expansion, demonstrated the extent to 
which reported earnings could become 
divorced from true economic perfor- 
mance. If the worst abuses belong to 


FT-SE Index: 3014.8 f-22.5) 


British Aerospace 

Share price ratoUve to the 
FT-SE-A AB-Shara Index 
120 



1991 92 

30U-W. FT Graph** 


93 


M 


another era, the continuing scope to 
flatter post-acquisition profits by writ- 
ing down stocks, or setting up provi- 
sions against future losses or reorgani- 
sation costs, has cast doubt about the 
quality of profits generated by compa- 
nies making takeovers. The latest 
measure will benefit users of accounts 
by forcing companies to present a 
clearer picture of the economics of 
acquisitions. 

Reported earnings will drop as a 
result of the new standard’s require- 
ment that provisions be taken against 
profits, not reserves. But the underly- 
ing rash flow will not change, how- 
ever a transaction is accounted for, 
and companies should not be deterred 
from do fo g deals that make strategic 
sense, ft will be no bad thing if, by 
contrast, the new rules deter compa- 
nies from making acquisitions which 
do not make strategic sense. 

Germany 

Yesterday's German money supply 
figures appeared to offer some comfort 
to the diminishing band oT economists 
hoping for one more official rate cut. 
But though the deceleration in M3 
growth was eye-catching, it owed 
much to special factors like the out- 
flow of funds abroad and the tendency 
among investors to move out along 
the yield curve. Hie underlying pic- 
ture is very much what one would 
expect of an economy in recovery. Pri- 
vate sector borrowing continues to 
grow. That gives the Bundesbank no 
incentive at all to cut rates. 

Indeed nervousness in the bond 
markets mean the bank cannot afford 
to take risks. The authorities have 
already betrayed a degree of concern 


about the backlog of funding with 
their decision to borrow at floating 
rates this week. While the looming 
election adds to the uncertainty, it 
will be followed by a fresh wage 
round. Last year the unions were mod- 
est in their demands in the erroneous 
belief that the economy would remain 
in deep recession. This year they may 
be more aggressive, especially given 
the sharp improvement in corporate 
earnings. 

Stability is unlikely finally to return 
to the bond market until investors are 
convinced that policy is credible. The 
Bundesbank has even less room to 
overlook the growth in credit demand 
while inflation remains close to 3 per 
cent. Yesterday's money supply fig- 
ures may have afforded some relief, 
but the relevant question remains how 
long the bank will wait before raising 
rates rather than whether it will allow 
one last cut. 

AWA 

Arjo Wiggins Appleton’s French 
minority shareholders clearly rule the 
roost at the Franco-British paper com- 
pany. The succession of Anglo-Ameri- 
can resignations among board direc- 
tors and line managers in recent few 
years indicates how disagreeable the 
AWA nest has become. The question 
is whether, now they have have 
gained control, the financial weakness 
of St Louis and Worms & Cie is hold- 
ing back AWA's industrial progress. 

At first glance, yesterday's 
announcement that AWA would not 
make a full bid for Scott's SJD. Warren 
subsidiary supports that thesis. AWA 
has made no secret of Hs intention to 
add to the highly successful North 
American Appleton businesses. Modi 
of Warren’s operations are in the high 
margin fine paper that AWA professes 
to like. The price tag - unlikely to be 
more than SL5bn - was within AWA's 
range. Debt could have been easily 
increased and the remaining cash 
raised through a rights issue. The con- 
cern is that such a strategy was 
blocked by the French who did not 
have the necessary cash but did not 
want to dilute their shareholding. 

However, the considerations behind 
the decision were probably more 
industrial than finannial. Two of War- 
ren's mills fit perfectly. But two ottos 
man ufact ure low-margin paper grades 
of little interest to AWA. Although the 
French shareholders' financial weak- 
ness does not appear to have held 
back AWA this time, ft continues to be 
a cause for concern. 


<s 


JAPAN TELECOM CO., LTD. 


(Nippon Telecom Kobushiki Koisita) 
(incorporated with limited liability in Japan) 


Initial public offer 

34,000 shares of common stock to raise 
¥172 billion (U.S. $1.7 billion) 


The first Japanese IPO to include 
an international offer 


a major step towLids the internationalisation 
of the Japanese equity market 

International Financing Review 6/8/94 


We acted as joint lead manager 
of the international offer 


Kleinwort Benson Securities 


Issued by Kleinwort Benson Securities Limited, a member of SFA, 
the London Stock Exchange and ISMA 



il 


a 





15 


brother. 

typewriters 

WORD PROCESSORS 

printers 

COMPUTERS 

FAX 


FINANCIAL TIMES 

COMPANIES & MARKETS 

§THE FINANCIAL TIMES LIMITED IW Thursday September 22 1994 


COVJE 




CONTRACT HIRE 


SELL AND LEASE BACK 


CONTRACT PURCHASE 


NORTH 0191 fHO (>4‘) i 
CIliNTRAI. ()3-i5 5H-5S-IO 
SCOTUND 0 1 "AS OJS O.A I 


IN BRIEF 


Lehman barely 
breaks even 

L^man Brothers barely broke even in the three 
mOTttlis to the end of August, managing a return on 
capital of just 1.6 per cent, according to the first 
results Jr? rn the US investment bank since being 
spun on from American Express. 

The latest figures come a month ahead of other 
US investment banks’ results and point to generally 
weak profits and more cost-cutting on Wall Street 
Page IS 

Canal Plus cautious at full-year 

Shares in Canal Plus, the French media and pay-TV 
company, fell sharply yesterday, following a fell in 
first half profits and a warning on full year results. 
Page 16 

bnl profits fall In first haH 

Difficult financial markets and reduced commission 
on investment activities took their toD on first-half 
profits at Istituto MobQiare Italiano. the Italian 
banking group partly privatised earlier this year 
Page 16 

Eli Lilly expects to beat targets 

Eh Lilly, the US drugs group, yesterday indicated 
its third-quarter earnings would be ahead of most 
analysts’ expectations, due largely to stronger- than- 
expected sales of Prozac, the anti-depressant which 
is its biggest-eeliing product. Page 18 

Mexican merger fn doubt 

Grupo Finance ro Serfin and Grupo Financiero 
Inverlat Mexico's third- and fourth- largest financial 
groups, are on the verge of calling off their pro- 
posed merger after fatting to reach agreement on 
the valuation of the two institutions. Page 18 

Japan's brokers lower forecasts 

Sluggish trading volume on the Tokyo stock market 
has ted to Japan’s “big four” brokers - Nomura, 
Daiwa, Nikko and Yamaichi - and 10 second-tier 
brokers revising downwards their interim earnings 
forecasts for the six months to September. 

Page 19 

Passenger loads help Qantas turn around 

Qantas, the government-controlled Australian air- 
line, unveiled much improved full -year profits of 
A$155.9m (USSlKSm), against a loss last time, 
thanks to increased passenger loads. Page 19 

Laporte gains with better trading 

Laporte, the UR speciality chemicals group that 
acquired Erode last January, increased pre-tax prof- 
its by 14 per cent at the interim. Mr Ken Minton, 
chief executive, said that the group had experienced 
“modest" improvements in trading conditions in 
many of its major markets. Page 21 

Arjo afiays fears of targe rights Issue 

Shares in Atjo Wiggins Appleton rose by 12p to 263p 
yesterday after the Anglo-French paper group 
denied that it would bid for SD Warren, owner of 
four big US paper mills. Page 21 

Ao restructures shares dive 

Shares in Aerostructures Hamble. the former Brit- 
ish Aerospace aircraft components subsidiary nose- 
dived yesterday after a trading statement warned of 
difficulties with several contracts. Page 23 


Companies in this issue 


Aerostructures 

Arcotectric 

Arlo Wtgglra Teapo 

Attwoods 

acc 

Benan Developments 

Borden 

Bowthorpe 

BrightReasons 

Bristol- Myers Squibb 

British Aerospace 

British Steel 

Browning-Ferns 

CANTV 

Canal Ptus 

Cmients Frangais 

CocMriB Sambre 
Cr6dH Lyonnais 
Daiwa Securities 
Dslgety 
Dene ora 
Dragon Oil 

an 

Bus Stahl 
Hi Lffiy 

Ehdania B6ghtn-Say 

Exco 

FJtzwSton 

Golden Vale 

Horsham 

Hyundai 

Iny 

Invert* 

Japonlca Partners 


23 

Johnson &FWi Brawn 

10 

23 

KKR 

18 

21 

Kelvin Central 

21 

16 

Klelnwort Benson 

16 

10 

Khslnwort Dev Fund 

23 

21 

LDV 

22 

18 

Laporte 

21 

21 

Lehman Brothers 

18, 15 

22 

Mannesmann 

16 

19 

Martin Currie Padt 

23 

15 

NEC 

1 

22 

Nikko Securities 

19 

16 

Nomura Securities 

19 

18 

Northern Sectric 

21 

16 

Photo-Me 

23 

19 

Plttards 

22 

16 

Preussag 

15 

15 

Qantas 

19 

19 

RWE Energie 

15 

23 

Radio Marconi 

16 

23 

S0H 

21 

22 

SeafieJd Resources 

23 

ns 

Serfin 

18 

is 

Sindair (Wtiffam) 

21 

18 

Spirax-Sarco Eng 

21 

18 

Steel BurriU Jones 

22 

22 

Tibbett & Britten 

23 

21 

TrtiJUty Douglas 

23 

23 

Tor Investment 

23 

18 

Veba 

15 

3' 

Waveriey Wrung Fin 

23 

16 

Western Mining 

19 

18 

Yamaichi Securities 

19 

18 

Zalteco Hokfings 

22 


Market Statistics 


fftnual reports service 
Benchmark Govt bonds 
Bond tans and options 
Bond prices and yields 
Commodates prices 
OMdands amoireaJ, UK 
BIS aitency rates 
Eurobond prions 
Aral Interest indices 
FT-A Worid rates Ba 
FT Bold Minas Index Ba 
FTASMA teU bond sue 
FT-SE Actuaries Indices 


29-27 

Foreign exchange 

32 

20 

G8ts prices 

20 

20 

UTte eqtfty optiore 

2S 

20 

London shore service 

2L-27 

24 

London tradl options 

25 

21 

Abnaged funds service 

28-32 

32 

20 

20 

(Page 

20 

Money markets 

New Inti bond Issues 
Recent issue®. IK 
Short-term kit rates 

32 

20 

25 

32 

US interest rates 

20 

25 

World Stock Markets 

33 


Chief price changes yesterday 


FRANKFURT (DM) 


FWWto 
Mto 
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PHA 

MEW YORK IS} 


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Mm 
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IBM 

Lotus Oe* 

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LOHDOK fl*®* 6 *! 


475 


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710 

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831 

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hwiwwwoo 

London B« 
Known Bad 
TtwpejFW 

TBpiiv DOW* 

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AmHantte 


73 

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ssa 

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12 

88 


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537 

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12 

283 

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726 

+ 

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813 


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220 


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tiwtei 

PeBe 

579 

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ton 

81B 

- 

13 

Canal PH*. 

874 

- 

25 

credMt 

381 

- 

15 

ErUBSqr 

750 

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59 

Legri* 

TOKYO (Yen! 

352 

— 

20 

RtoMM 

Canonic 

71Q 

♦ 

27 

Gunze 

710 

+ 

20 

KinttaW* 

2S90 

+ 

» 

NOKCorp 

805 


36 

MpSttb 

Pane 

510 

+ 

21 

Oafenani K 

739 


16 

MMmspacs 

445 


20 

CoNofi WMkb 

393 

- 

11 

WOT 

445 

- 

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Raw-new 

235 

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Proteus W 

143 

- 

23 

temco Enemy 

226 

- 

18 

swasiwi) 

88 

- 

17 

Steel Bur* 

118 

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iwonwaw 

788 

- 

42 

Wnerin Mdno 

84 

- 

5 


Christopher Parkes sees RWE Energie join a corporate stampede to the infobahn 


Convinced that they have heard 
the bell for the last lap. front-run- 
ners among Germany's private 
telecommunications companies 
are Hashing to qualify for entry 
to Europe’s “information super- 
highway" stakes. 

The mixed bunch of power sup- 
pliers, engineers and bankers 
have put on a spurt since Mr 
Wolfgang B&tsch, post office min- 
ister , announced 10 days ago that 
he had changed his mind and 
was now “inclined" to allow free 
competition in the German tele- 
coms network Gram January 1, 
1998 rather than the end of the 
decade. 

RWE Energie attempted to 
nose ahead yesterday with a pre- 
mature announcement that it 
was in “promising” negotiations 
to take over Preussag's communi- 
cations business, Mobil ftmk 

But as Preussag was quick to 
point out. RWE was only one of 
several domestic and interna- 
tional network operators discuss- 
ing a possible tie-up. Mbbftfimk, 
which runs the Europe- ride 
Ass Carfi/ Talkline mobile tele- 
phone service, is expected to 
show its first profit this year on 
sales of DM400m <$258m). 

RWE's announcement was a 
response to Veba’s tactical stroke 
earlier this week when the ener- 
gy-based conglomerate revealed 
that its network, of 5,600km of 
copper cable and optical links 
over its 2,000km of electricity dis- 
tribution lines, was to be aug- 
mented by access to the federal 
railways' vast'trackside and rig- 
nailing system. 


Jostling for position in 
German telecoms race 


At thi same time, Veba agreed 

to invest $l4Dm in the Iridium 
communications satellite consor- 
tium in return for exclusive 
rights to market its services in 
much of northern and western 
Europe. 

As none of Iridium's planned 36 
satellites has been launched yet, 
and the deal with Deutsche 
Bundesbahn still has to be 
awarded the necessary operating 


tion with Deutsche Telekom’s DL 

Critics looked askance as Mari- 
ne smann, better known for its 
“old technology” products - steel 
pipes, car components and indus- 
trial plant - moved uncertainly 
into unknown territory- Yet 
more questions were asked as 
set-up costs mounted and delays 
set in. 

However, since the first hand- 
sets were delivered, albeit late, in 


and Deutsche Rank in which the 
three concerns have pooled their 
internal services. They are now 
preparing to open their lines to 
corporate clients for data, voice 
and image transmission - in a 
domestic segment estimated to be 
worth DM20bn a year - and 
waiting to offer services up to a 
wider international public. 

RWE Is involved in several 
other ventures specialising in 


Critics looked askance as Maanesmann, known for ‘old 
technology 9 products, moved into unknown territory 


licence, Veba's announcement 
might be a little premature. 

Nevertheless, the events 
sparked by Mr Botsch's state- 
ment on deregulation highlight 
both the speed at which Ger- 
many's private sector communi- 
cations industry is developing 
and the direction it is taking. 

The industry started to take 
shape in 1990. when Mannes- 
mann, heading a consortium 
including Britain’s Cable & Wire- 
less and Pacific Telesis of the US. 
was awarded a licence to operate 
the country’s first private mobile 
telephone service, D2, in competi- 


mid-1992. estimations have rock- 
eted. 

Marines matin's communica- 
tions business, which contributed 
just 3 per cent to group sales last 
year, is now forecast to yield up 
to half group profits in 1997. 

In the interim, M ann esmann 
has been deepening its involve- 
ment in the sector and position- 
ing itself to take advantage of 
future deregulation. 

Its newly-established Eurokom 
subsidiary, which bundles 
together an assortment of domes- 
tic and foreign stakes, owns half 
of a new joint venture with RWE 


corporate services, it made an 
important advance in May, when, 
as a leader of a data transmission 
consortium it beat the Viag 
group in a bid for a licence allow- 
ing the first private sector chal - 
lenge to Telekom’s Modacom. 

Until yesterday, when it 
revealed its hand in its negotia- 
tions with Preussag, its expecta- 
tions of achieving DMSOQm sales 
in five years had been condi- 
tioned by its highly-conservative 
assessments of prospects in the 
corporate sector. 

With its internal network, the 
second most extensive after Deut- 


sche Bohn's, it has now emerged 
as a clear contender for a place 
among the leaders. 

Mr Ulrich Hartmann, chairman 
of Veba, outlined his claim to a 
pole position in April when be 
declared telecoms was to be the 
group's fifth leg, augmenting its 
solid, slow-growing activities 
such as power, oil, chemicals and 
trading. 

The group started laying opti- 
cal fibres along the power lines of 
its PreussenElektra subsidiary in 
the late 1980s, but the pace has 
increased steadily in the past two 
years with an accumulation of 
stakes which have taken it into 
the mobile phone business in 
Germany and France, corporate 
networks and services and Swiss 
cable television. 

Veba has now revealed the 
scale of its ambition. According 
to Mr Hartmann, the group wiU 
invest DM6bn in telecoms over 
the next decade. Turnover from 
the sector will grow from a mere 
DMUOm this year to DMSbn bv 
2003. 

Deutscbe Telekom, facing pri- 
vate competitors wbo claim they 
can win 40 per cent of its busi- 
ness. can be counted on to con- 
tinue appealing for more time to 
brace itself for the onslaught, but 
Mr B5tsch has made his prefer- 
ences plain. 

Hie sooner the nascent private 
telecoms industry is given scope 
to grow and mature on its home 
ground, the greater its chances of 
building up muscle and speed to 
compete effectively in the fast- 
track global market 


Underlying pre-tax profits treble to £90m at UK defence and commercial aircraft group 

Cash flows out 


of BAe despite 
Rover disposal 


By Bernard Gray In London 

Underlying profits Ht British 
Aerospace trebled from £29m to 
£90m (3141m) in the six months 
to June 30, but BAe shares fell 
26p to 445p when the market 
learned that the company saw a 
first-half cash outflow despite the 
£800m sale of Rover to BMW. 
Operating profits hi defence of 
£221m. against £230m, were offset 
by an increased loss of £7 9m 
(£75m) on commercial aircraft. 

The sate of Rover generated an 
exceptional profit of £299 ul How- 
ever, exceptional losses of £l6m 
on adjustment to the sale of 
BAe's corporate jet division to 
Raytheon, £30m on the early 
repayment of expensive debt, and 
£l4m to top up the value of lease 
provisions cut the total excep- 
tional profit to 5239m. 


Total pre-tax profits were 
£329m, and the interim dividend 
was lifted from 3-3p to 4p.' 

BAe’s borrowings rose as work- 
ing capital requirements 
increased and it converted £220m 
of guarantees to associate com- 
pany Hutchison Telecom into a 
direct loan. Operating cash out- 
flow was £115m in the first half. 

Mr Richard Lapthome, BAe's 
finance director, said the under- 
lying trend in cash flow was 
healthy. “While the erratic tim- 
ing of large cash payments can 
distort the figures," he added, 
“over time, cash flow from 
defence businesses will more 
than offset any losses in commer- 
cial aircraft." 

Losses at the turbo-prop air- 
craft division, based in Pres- 
twick, Scotland were particularly 
heavy. BAe's chief executive, Mr 



Tony Andrews 

Earning their wings: Bob Bauman, chairman, with Dick Evans, chief executive, and a model Eurofighter 


Dick Evans, said conditions in 
the regional aircraft market 
remained extremely difficult 
He said BAe had almost halved 
its cost base in these areas to 
remain competitive, and that 
losses at the RJ regional jet busi- 
ness were much lower, while 
work on Airbus moved further 
into profit in the first half. BAe is 
continuing to negotiate with 


potential joint venture partners 
over the future of the regional jet 
and turboprop businesses. 

The order book in the central 
defence business is now HLSbn, 
only slightly lower than the 
record figure of £8Bbu last year. 
With substantial additional work 
on the final production phase of 
the Eurofighter 2000 due to be 
agreed in a year's time, one ana- 


lyst said: “BAe has the strongest 
defence order book of any com- 
pany in the world." Production of 
the 48 Tornado aircraft for Saudi 
Arabia has already started and 
first deliveries are due at the end 
of 1995. Prospects for Hawk 
advanced trainer/light fighter 
sales are also good. 

Lex, Page 14; Aerostructures 
dives after warning, Page 23 


Return to 
profit at 
Eni opens 
options on 
state sale 

By Robert Graham In Rome 


A strong return to profit by Eni, 
the Italian state oil concern, has 
opened the way for the Berlus- 
coni government to look alrosh 
on the various options for priva- 
tisation. 

Mr Franco Bcmnbc. Eni chief 
executive, told parliament yes- 
terday the group was heading for 
a L2,000bn ($i. 28 bn) net profit in 
1994 with the bulk of costly 
restructuring of loss-making 
sectors such as chemicals ncarty 
complete. 

He said this improved perfor- 
mance allowed the government 
to opt for two separate paths in 
privatisation: 

• A company could be formed 
grouping all the interests with 
those still controlled by Eni: or 

• The group could be split into 
three - energy, chemicals and 
other activities - that would be 
owned directly by the state. 

The government has been sit- 
ting on earlier proposals put for- 
ward by Mr Bernabe which were 
in line with guidelines laid down 
by the previous Amato and 
Ciampi governments. 

These envisaged the creation 
of a “super-Agip" centred on the 
core of the group. Agip. the pro- 
ducer of oil and gas. 

Based on its annual turnover 
of L50,000bn, Eni is the sixth 
largest oil group in the world. 

Mr Bernabe appears deter- 
mined to force the government 
into deciding a clear policy for 
the group. However, the govern- 
ment is far from united with the 
neo-fascist MSI/National Alli- 
ance resisting large-scale privati- 
sation. 

On Eni's performance, the 
improved profit projection 
against a mere L419m in 1993 
was attributed in part to extraor- 
dinary income from continuing 
divestments. 

Through August, Eni had 
raised Ll,776bn from 60 new 
asset sales. The burden on the 
consolidated balance sheet con- 
tinues to come, at least for this 
year, from the chemicals side 
which lost L2,600bn in 1993 and 
which accounts for only 15 per 
cent of turnover. 

Mr Bernabe said that if Eni’s 
energy interests were hived off, 
it could remain in charge of run- 
ning the privatisation of the 
other activities. Bnt he clearly 
outlined his preference by point- 
ing to the creation of strong 
state-dominated energy holdings 
with private stakes like Spain’s 
creation of Repsol from INH. 


David Buchan finds that the bad times are not over yet 

Credit Lyonnais to 
swallow another 
dose of provisions 


T here is still light at the 
end of the tiumel for 
Credit Lyonnais, Mr Jean 
Peyrelevade believes, but the tun- 
nel is proving longer than he 
thought when he took over as 
chairman of the state-controlled 
bank nearly a year ago. 

Credit Lyonnais will today 
announce a hefty first-half net 
loss after provirions. Last year 
the bank reported a full year loss 
of FFr6.9bn ($JL3bnX 
In the first six months of 1994, 
Credit Lyonnais suffered from a 
decline in demand for loans by 
France’s cash-rich companies and 
saw profits foil from trading on 
depressed capital markets. Credit 
Lyonnais still reckons it must 
maintain a high level of provi- 
sions all this year to dean up its 
messy past 

One result is an inevitable 
delay to the further capital 
increase that Credit Lyonnais 
needs. It already received 
FFr4.9bn in July from the state, 
the state-owned Thomson elec- 
tronics group and the Caisse des 
Depots bank. 

Committed to public spending 
rigour, the Balladur government 
has no means to buttress the 
bank's capital any further, and 
has told Credit Lyonnais that it 
can tap the stock market any 
time before the full privatisation 
expected in the late 1990s. But 
the bank realises it has no 
chance of attracting investors 
until next year, when it hopes for 
strong expansion in the French 
economy and a turnaround in its 
own finances. 

Provisions against bad risks 
and loans are the main millstone 
around Credit Lyonnais' neck. 

Last year. Mr Peyrelevade set 
aside a total of FFrl?J3m, just 
over half of which was consid- 
ered normal provisions on "cur- 
rent" banking business. The rest 
was “exceptional" measures to 
compensate for precautions 
which the previous regime of Mr 
Jean-Yves Etaberer should have 
taken, particularly in non-tradi- 
tional banking activities such 
as investments in industry, 


property development and in cin- 
ema. 

Both categories of provision 
will remain high this year. The 
bank says this is mainly because 
branch managers have decided to 
take advantage of the “big sweep- 
out" to make a clean breast of all 
past problems. 

The French Treasury has not 
been totally enthusiastic about 
continued high provisions, wip- 
ing out hope of any dividend for 
the state and highlighting ques- 
tions over how it let Credit Lyon- 
nais get into such bad shape orig- 


The Balladur 
government has no 
means to buttress 
the bank’s capital 
any further 


inally. But after a parliamentary 
inquiry’s critical conclusions 
about their competence, or lack 
of it the Treasury has been ill- 
placed to oppose Mr Peyrele- 
vade’s stringency. 

This stringency has uncovered 
further problems, and need for 
provisions, in the group's Althus 
and Socifite de Basque Occiden- 
tals (SDBO) subsidiaries. It was 
the boaist of the high-rolling Mr 
Jean-Francoifi Henin that when 
he ran Althus from 1990-93 he 
multiplied its balance sheet 
many times but never increased 
its staff. The upshot was a cha- 
otic back office, out of which 
dubious dossiers are emerging. 

SDBO was the vehicle for loans 
to Mr Bernard Tapie. After the 
fuss it made mortgaging and 


eventually seizing .the politician- 
tycoon’s valuables. Credit Lyon- 
nais has discovered that his art 
and furniture are worth perhaps 
a tenth of the FFr350m it was 
counting on. 

The one shaft of light penetrat- 
ing the tunnel is that growth in 
the group’s operating costs and 
depredation which was 4.1 per 
cent last year has been kept dose 
to zero this year. Mr Peyrelevade 
froze his own salary arid those of 
his top two dozen lieutenants, 
and is cutting 2,100 banking jobs 
in France and a further 900 in 
Europe over the current year. 
This Is part of the two- pronged 
strategy to: 

• Improve profitability and effi- 
ciency in the core hanking busi- 
ness. Measures already 
announced include closure of 
some UK retail branches, to focus 
more on corporate banking and 
market trading there, and new 
centralised management of Euro- 
pean banking and foreign 
exchange trading world-wide. 

• Sell FFr20bn worth of non- 
core industrial participations in 
1994-95. So far FFrtfbn worth of 
assets have been sold including 
stakes in the Fnac record and 
book chain, the UAF life insur- 
ance company, the Essilor specta- 
cle lens company, and the TF1 
television station. Credit Lyon- 
nais is said to want to sell its ID 
per cent stake in the Meridian 
hotel chain to Forte, the UK 
group which is buying control of 
M§ridien from Air France. 

Even though the eventual plan 
is for Credit Lyonnais to keep 
some FFr30bn worth of industrial 
holdings, for the moment "any- 
thing that is outside banking is. 
In principle, sellable", says one 
bank executive. 


This announcement appears as a nuitter of record only. 

DEVELOPMENT CAPITAL 

FOR 

UBEVco 

■.BMUTED 


TRADING AS 



UK DISTRIBUTORS 


Funds Provided bv: 


GRANVILLE 
PRIVATE EQUITY 
MANAGERS 


ONTAGU 
RIVATE 
QUITY 


Legal Advisers: 
Maxwell Batley 
Blakes 

Reporting Accountants: 
Coopers & Lybrand 




FINANCIAL TIMES THURSDAY SEPTEMBER 22 19*4 


Lehman Brothers barely 
breaks even in quarter 


By Bichard Waters 
in New York 


Lehman Brothers barely broke 
even in the three months to 
the end of August, managing a 
return on capital of just 1.6 per 
cent, according to the first 
results from the US investment 
bank since being spun off from 
American Express. 

The latest figures come a 
month ahead of other US 
investment banks' results and 
point to generally weak profits 
and more cost-cutting on Wall 
Street. 

The Lehman figures reflect a 
fa Li-off in activity in many 
areas of the financial markets 
due to the volatility of recent 
months, according to Mr Rich- 
ard Fuld. chairman and chief 


executive. Uncertainties about 
interest rates and concerns 
about inflation “continued to 
dampen the activities of both 
issuers [of securities] and 
investors.'' he said. 

Lehman is also labouring 
with a higher cost base than 
many of its rivals, and contin- 
ued yesterday to point to cost- 
cutting as a way of improving 
profitability. Since the begin- 
ning of the year, staff numbers 
have fallen by about 775, to 
some 8.625. with 300 of the jobs 
cuts coming in recent days. 

During the latest quarter, 
revenues were lower across the 
board compared with the third 
quarter a year ago, which 
ended on September 30 1993. 
Revenues from principal trad- 
ing Cell 24 per cent to $335ra. 


INTERNATIONAL COMPANIES AND FINANCE 


imi profits First Boston hits hostile territory 

# Nicholas Deaton reports on the US bank’s unusual takeover role 

LZUSbll Ul s First Boston has bro- another US firm, placed a close neered many of advisory to “ u,h!1 

liol-f I fcen new ground for US second. modem investment banking. twm firms <uv lint 

lirst nail investment banks by But US firms now claim they from valuation models ; to ha\- OUiorUh Orms sij ihat 


while investment banking rev- 
enues slipped 8 per cent to 
5172m, net interest and divi- 
dend income fell 29 per cent to 
583m and commission income 
was down 10 per cent at S113m. 

If current market conditions 
continue to the end of the year, 
bonuses paid to Lehman 
employees are expected on 
average to be 3040 per cent 
lower than in 1993. 

Overall, the bank reported 
post-tax income of 522m on rev- 
enues after interest costs of 
$719m, compared with SI 12m 
on revenues of $S93m earned 
on the same businesses the 
year before. Earnings per share 
were 10 cents, compared with 
96 cents on all Le hma n busi- 
nesses including some later 
sold the year before. 


By Andrew H3I in MRan 


Canal Plus shares fall sharply 
after warning on second half 


By John Ridding in Paris 


Shares in Canal Plus, the 
French media and pay-TV com- 
pany. fell sharply yesterday, 
losing FFr25 to FFr874. follow- 
ing a fall in first-half profits 
and a warning on full-year 
results. 

Mr Claude Ravilly. finance 
director, told a meeting of 
financial analysts that full-year 
net profits would be in the 
region of FFrSKJOm ($167.9lm; 
compared with FFrl.2bn last 
year and original estimates of 
FFrlbn for 1994. 

His comments followed the 
announcement on Tuesday 
night of first-half results, 
which showed a 25.6 per cent 
decline to FFr503m. Revenues 


rose Tram FFr4. 28bn to 
FFr4 .58b n, 

According to Canal Plus, the 
decline in profits reflected 
losses from associated compa- 
nies, a swing from net Interest 
Income to net interest costs 
arising from depressed finan- 
cial markets, and the impact of 
promotional campaigns. 

It said first-half trends in 
revenues, operating income 
and net income are likely to 
remain in the second half. Net 
income will continue to be 
affected by the cost of new pro- 
jects. notably In Germany, 
where a major promotional 
campaign, unforeseen at the 
start of the year, is under way. 

According to C-anal Pius, net 
income will also be affected if 


financial markets maintain 
their current direction. A sup- 
plementary charge of about 
FFrlOQm is also expected to be 
taken, partly to cover a rise in 
costs at the company's Spanish 
channel Canal Plus Espagne. 
• PinanJt'Prhitemps-Redoute, 
the recently merged French 
stores group, said first-half net 
profit rose to FFr407m com- 
pared with FFrl89m a year ear- 
lier. agencies report from 
Paris. 

The company added that it 
would sell 1218m shares next 
week in a public sale to part- 
finance the acquisition of a 
stake in FNAC. the French spe- 
cialist retailer. Pinauit has had 
the shares on its books as trea- 
sury stock. 


Radio Marconi ahead midway 


By Peter Wise in Lisbon 


Companhia Portuguese Radio 
Marconi. Portugal's interconti- 
nental telecommunications 
operator, yesterday announced 
a 15.2 per cent rise in net con- 
solidated profits to Es2.2bn 
1814m) for the first half of 1994, 
due mainly to a 16 per cent 
increase in traffic. 

Operating profits, buoyed by 


cost containment, rose 123.8 
per cent to Es8.3btL However, 
Marconi registered a financial 
loss of Esl.4bn compared with 
a profit of Es533m in the first 
half of 1993. 

The company attributed this 
to the negative results of tele- 
communication holdings, par- 
ticularly Telecomunicapoes 
Mdvels Nacionais, a mobile 
telephone operator of which 


Marconi owns 33 per cent 

TMN's sales increased 48 per 
cent to Es9J3bn in the first half 
and the five-year-old company 
is forecast to show a profit 
next year. 

Marconi, which is 51 per cent 
state-owned, is expected to be 
brought into Portugal Telecom, 
the state telecommunications 
group, before 25 to 30 per cent 
of PT is privatised nextyear. 


Difficult financial markets and 
reduced commission on invest- 
ment activities took their toil 
on first-half profits at Istitnto 
Mobil i are italiano, tiie Italian 
banking group partly priva- 
tised earlier this year. 

Consolidated profit fell to 
L208.lbn (SI33m) in the six 
months to June 30. after tax 
and provisions of L327bn, 
against L283bn in what Imi 
described yesterday as an 
“exceptionally favourable'’ 
first half last year. The group 
pointed ont, however, that 
profit was in line with the sec- 
ond half of 1993. Imi’s board 
indicated yesterday that the 
company was likely to pay an 
unchanged dividend of L40Q 
per share for 1994. 

In January, the Italian trea- 
sury sold just over half of its 
60 per cent stake in Imi in one 
of the first large public offers 
by the government, and now 
owns 28 per cent Mr Lamberto 
Dini, the treasury minister, 
indicated in June that once the 
nine-mouth freer* ou selling 
more shares was over - in 
November * tbe treasury 
would consider reducing its 
holding still further. 

Imi is studying the possibil- 
ities. which could include a 
direct offer to foreign inves- 
tors, or a reinforced “hard 
core" of large Italian banks, 
such as Cariplo, San Paolo dl 
Torino and Monte dei Paschi 
di Siena, which are Imi's larg- 
est shareholders after the trea- 
sury. At the moment, however, 
it looks as tbongh a combina- 
tion of Iks favourable market 
conditions, and reluctance to 
undermine other privatisation 
issues will delay the sale of a 
second tranche. 

Imi's main activities are 
medium and long-term lend- 
ing, personal financial services 
and investment hanking. Dur- 
ing the first half the group 
said that it had generated a 
“significant flow of commis- 
sion" from its corporate 
finance and share placement 
activities. 

During the first half the 
group's credits rose to 
L50,783bn, up 1.2 per cent 
compared with the end of last 
year. 


CONTRACTS AND TENDERS 


Invitation for proposals 
to establish and operate 
Audiotex Services in Pakistan 


EXTENSION IN DATE 


Pakistan Telecommunication Corporation has 
extended the date for receiving the applications to 
establish and operate Audiotex Services in Pakistan 
till 2 October, 1994. 

This extension is granted at the request of the 
interested parties, firms and companies. 

Terms & conditions of the invitation will remain the 
same. 

Applications along with the required information and 
documents should reach the undersigned by 
2 October. 1 994. The envelope should be marked: 
PROPOSAL FOR AUDIOTEX SERVICES. 


Muhammad Rashid 
Joint Secretary (I, Government of Pakistan, 
Ministry of Communications, 

Block-D, Pak Secretariat, Islamabad-44000, Pakistan 
Tel: 192-51) 823738. Fax: (92-51) 625454 


Issue of U.S. $300,000,000 

RM 


R&I Bank of Western Australia Ltd 

AC.N 050-194454 


Undated Floating Rate Notes 

exchangeable into 

Dated Floating Rate Notes 

of which U.S. S200. 000.000 
is being issued as the Initial Tranche 


Interest Rate 
Undated Notes 


Dated Notes 
Interest Period 


5.60% per annum 
5.4375% per annum 
22nd September 1994 
22nd March 1995 


Interest Amount due 
22nd March 1996 
Undated Notes 
per U.S. S 10,000 Note 
per U S. S2 50,000 Note 
Dated Notes 
per U.S. S 10,000 Note 
per U5.S250.0CO Note 


U.S.S 281.56 
U-S. S7.033.39 


U.S.S 273.39 
U.S. S6.834.64 


C$ First Boston 
A gent 


FINANCIAL TIMES 


FINANCE 
EAST EUROPE 


Finance East Europe reports twice-monthly 

on investment, finance and biinkina in the 


Eastern Europe and the European republics of 
the former Soviet Union. 

To nvi'iw <i FREE \umph copy conutct: 

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(Coupon No. 17) 

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1995 (IS1 days), an interest rate of 5.4375 percent, per annum, 
will apply. 

Amount per coupon (Nri. I7> - US.Sl366.93 
Payable ««n tire 22nd March. 1995. 


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C S First Boston has bro- 
ken new ground for US 
investment banks by 
acting as sole adviser to Brow- 
nmg-Ferris Industries on its 
£364m (8564m) hostile bid for 
UK waste company Attwoods. 
BFT. Itself a US company, may 
be a long-standi ng interna- 
tkmal client, but CSFB's role is 
an unusual one. 

UK merchant banks, like 
their counterparts elsewhere, 
have tended to dominate public 
deals in their home market. 
The Attwoods takeover battle 
is one of the first, and certainly 
the largest, on which a US 
investment bank b as been lead 
adviser to a UK aggressor. 

“You no longer need a City 
firm like Warburgs or Schra- 
ders to go hostile," said one 
international mergers and 
acquisitions investment 
banker. 

The large “bulge bracket" US 
firms have already moved to 
the top of the league tables for 
cross-border mergers and 
acquisitions in Europe. Morgan 
Stanley acted as financial 
adviser on 13 deals worth a 
total of &L95bn in tbe first half 
of this year, according to the 
magazine Acquisitions 
Monthly. The figures were for 
a short period and influenced 
by one particularly large deal 
but Morgan Stanley topped the 
table with Goldman Sachs, 


another US firm, placed a close 
second. 

But US firms now claim tbey 
are encroaching not just in the 
pan-European market, but also 
on the home territory of their 
local competitors. "I feel that 
we have already met tbe cross- 
border challenge,” says Mr 
John Studzinski, head of Euro- 
pean M&A for Morgan Stanley. 
“Now we are competing head- 
to-head domestically too." 

Morgan Stanley points to its 
mandate on a purely UK trans- 
action, advising tbe UK-based 
international marketing group 
Iw.heape in its bid for insur- 
ance broker Hogg Group ear- 
lier this year, as a landmark 
deaL 

Goldman Sachs has been 
established in London since 
1980 and as far back as 1987 
advised British Caledonian on 
its sale to British Airways. But 
it too has made recent 
advances. Goldman this year 
won the mandate to be exclu- 
sive adviser to the National 
Grid Company in direct com- 
petition with UK banks. A 
spokesman said it had com- 
pleted three deals worth mare 
than $lbn (£600m) each this 
year where the transaction was 
“UK-oriented" and the firm’s 
position compared “more than 
favourably” with any of its UK 
competitors. 

Large US firms have also pio- 


neered many techniques of 
modem investment bunking, 
from valuation models to hav- 
ing specialised groups of advis- 
ers for particular industries. 
This advantage has been 
eroded as UK firms have 
adopted similar techniques. 

US firms with a Ions pres- 
ence in London appear to be 
gaining the confidence of the 
market. One rival concedes: 
“Goldman Sachs are part or the 
furniture now." Hiring of UK 
bankers has also helped US 
firms. A BFI executive at 
CSFB’s offices for tbe takeover 
bid said: “Looking around they 
seem to have a lot of British." 


O ne natural advantage 
of UK firms is a history 
of contacts with UK 
institutional investors that can 
make or break a share issue. 
However, the US firms claim to 
have caught up. “Our access to 
UK investors is as good as any- 
one's." says Mr Steven Berger, 
head of European investment 
banking for Lehman Brothers. 

Some UK firms accept that 
the US banks are making 
advances, but claim not to be 
worried. “This has been going 
on for a long time.” says the 
head of one merchant bank. 
“We work alongside US firms 
and get on fine.” Even CSFB 
says the Attwoods bid is not a 
revolution, as it looks at all 


advisory work in ait interna- 
tional context. 

Ollier UK Hums say ihat US 
banks are making exaggerated 
claims. “The list is actually 
pretty thin.” soys an invest- 
ment banker at a UK firm. 
Indeed, only one US firm - 
Goldman - figures in the top 
10 M&A advisers on purely UK 
deals announced in the first 
half of 1994. 

British critics point to some 
reverses. Goldman conducted 
its first initial public offering 
(IPO) for a UK company when 
it helped float the Nottingham 
Group earlier this year. The 
company's shjire price slipped 
well below the issue price 
when trading began. 

US Firms' advisory- work in 
the UK market is also critic- 
ised by rivals. One ItK firm 
quoted an example of when it 
had to step in and bail out a 
bidder which had relied exclu- 
sively on a US investment 
bank's advice. 

Yet US investment hankers 
are still convinced that UK 
banks are giving ground, but 
through "erosion" of market 
share rather than a dramatic 
breakthrough. 

This vuuld spur larger UK 
firms to expand In other Euro- 
pean countries. A Sehroders 
executive points out that it has 
more domestic business in 
Italy than any US firm. 


Cockerill Sambre’s bid 
for Eko Stahl confirmed 


Growth forecast reduced 
for UK company earnings 


By Judy Dempsey in Berlin 


Cockerill Sambre, Belgium's 
biggest steelmaker, yesterday 
confirmed it had put in a bid 
for Eko Stahl, eastern Ger- 
many's loss-making steel 
mill. 

However, the Treuhand pri- 
vatisation agency, which is 
selling Eko StahL one of the 
few large industrial enterprises 
still on the Treuhand's books, 
declined to disclose the bidding 
price or confirm that Cockerill 
was the only party interested 
in acquiring Eko StahL 

Cockerill made its offer after 
carrying out several studies at 
Eko StahL located in the east- 
ern state of Brandenburg, and 
following the collapse last May 
of a bid by Riva, the Italian 
private steel company. The 


Belgian group had originally 
considered joining an interna- 
tional consortium, including 
Thyssen. the biggest German 
steelmaker and Usinor-SacUor, 
the largest French producer, to 
prepare a feasibility study on 
Eko Stahl's prospects. 

A consortium led by Thyssen 
and Preussag had earlier pro- 
posed buying 50 per cent of 
Eko Stahl's cold rolling mill 
closing down the hot blast fur- 
nace over a period of 
three years, and providing 
L000 jobs through its subsid- 
iaries. 

However, tbe Treuhand 
wants to retain the mill's man- 
ufacturing capacity largely for 
political and social reasons 
since the 50,000 inhabitants of 
Eisenhfittenstadt are depen- 
dent on the plant. 


By Terry Bylaod in London 


Kleinwort Benson Securities, 
the UK merchant banking and 
securities house, has sharply 
reduced its forecast for UK 
company earnings growth next 
year. 

It says that City analysts arc 
suffering from “money illu- 
sion” in their profit forecasts. 

The firm is cutting 1995 earn- 
ings forecasts from 10 per cent 
to 8 per cent 

This is the lowest target in 
the market and barely half the 
consensus among UK market 
analysts. 

Kleinwort is trimming fore- 
casts for this year for UK non- 
financial company profits from 
17 per cent to 15 per cent 

Mr Edmond Warner of Klein- 
wort points to the turn in the 


interest rate cycle and to the 
likely impact on British compa- 
nies of cost pressures and pric- 
ing difficulties. 

Disappointment in company 
earnings could impact across 
the range of a UK stock market 
which has focused on profits 
and dividends as the driving 
force now that the interest rate 
outlook has become uncertain. 

Mr Warner expects profit 
forecasts by City analysts to 
turn increasingly towards 
downgrading of expectations 
following an interim reporting 
season which has been less 
robust than hoped. 

Mr Warner is urging clients 
to target the UK bond markets 
for investment ahead of UK 
equities. 

He says that domestic condi- 
tions favour a rally in gilts. 



Chargeurs 

1994 First Half 

Increase in sales and net income 


(FF millions) 

June 30, 1 994 

June 30, 1993 

1993 

Net sales 

5,002 

4,482 

8,602 

Operating income 

244 

38 

69 

Net income/(loss| 

213 

(209) 

[ 97 ] 

Nef equity per share (FF) 

1,084 

1,056 

1,069 


KOREA EXCHANGE BANK 
USD 100,000,000 
Floating Rate Notes 
Dne 1997 


Interest rate: 5.V«w 
I merest period: 2109.94 1 a 2103.95 
Interest payable per: 

USD 250,000 Note: USD 7,415.97 
USD 500,000 Note: USD 14.S31.94 
By Fuji Bank fLuxembonrg) $. A. 
Agent Book 


Chargeurs sales for the first half of 1 994 increased by 1 1 .6% lo 
FF 5,002 million. Net income totalled FF 213 million compared 
with a net loss of FF 209 million for the first half of 1 993. 


Chargeurs three main textile activities (wool trading and 
processing, woolen garment fabrics and interlinings) showed 
a profit. 




CHARGEURS 

Chargeurs - 5, boulevard Malesherbes 75008 Paris 



Correction Notice 


BANQUE PARIBAS 


US$200,000,000 
Undated floating rate 
securities 


In accordance with the 
provisions of the securities, 
notice is hereby given that for 
the three month interest period 
from 15 September 1394 
to!5 December 1394 the 
securities will cany an interest 
rate of 5.375’X per annum. 
Interest due on 15 December 
1934 will amount to US$13.59 
per USSi.OOO security. 

Agent: Morgan Guaranty 
Trust Company 

JPMorgan 



rand 


NET INCOME: + 31.5% 


The Board of Directors, chaired by Mr Francois 
GrappoHe, reviewed results for the first half of 1994. 


Sales 

Operating margin 
Net income (Group share) 
os%of sales 

Working capital provided 
from operations 
as % of sales 


5,274 

4,935 

+ 6.9 % 

978 

778 

*25.7% 

392 

298 

+31.5% 

74^ 

60% 


805 

I5.3!L 

701 

U.2% 

» 14.8% 


Healthier business Irends, notably in France, since 
the end of 1993 continued throughout the firsl half 
of 1994. When restated for comparable structures, 
sales were up by 5.4 % for o volume rise of 3.5%. 


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18 


FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Picco quits unexpectedly 
as chairman at Eridania 


By Andrew H1U in Milan 

Mr Renato Picco yesterday 
unexpectedly resigned as chair- 
man of Eridania Beghin-Say, 

the French agro-industrial sub- 
sidiary of Italy's Montedison, 
prompting a FFr59 fall in the 
company's shares which closed 
at FFr750. 

Mr Picco. BO, was one of the 
last top managers appointed by 
the old regime at Montedison 
and Ferruzzi. its holding com- 
pany. under Mr Raul Gardini. 
who committed suicide last 
year. 

New directors took over at 
Ferruzzi-Montedison in the 
middle of 1993. after the full 
extent of the group’s debts 
became clear, but Mr Picco 


decided to stay on at Eridania 
to work with the new directors 
as Montedison restructured. 

Eridania yesterday reported 
a consolidated net profit of 
FFrt23m (.8117011 Ln the first 
half of 1994 on sales of 
FFriM.Sbu. In the first half of 
1993, Eridania, which is quoted 
on the Paris bourse, reported 
profits of FFr6 14m and sales of 
FFr34.75bn, but it said compar- 
ison was misleading because of 
changes in the companies con- 
solidated. 

Net operating profit was 
down nearly 6 per cent to 
FFrI.87bn from FFrl.99bn, 
mainly because the important 
sugar operations were unable 
to repeat what Eridania 
described as exceptional 


results in the first half of 1993, 
and the increased contribution 
of other sectors was 

not enough to offset this. 

The company said it expec- 
ted full-year results to be 
broadly comparable with 1993. 
when net profits reached 
FFrl.34bn on turnover of 
FFr50.9bn. 

Mr Picco will be replaced by 
Mr SteEaoo Melon!, 46, director 
general of Ferruzzi-Montedison 
responsible for finance. Mr 
Picco was praised by the board 
for his “absolute independence 
and managerial rectitude” 
which had protected Eridania 
from the main repercussions of 
the crisis which, hit the rest of 
the Ferruzzi-Montedison group 
last year. 


Eli Lilly expects to beat targets 


By Richard Waters 
in New York 

Eli Lilly, the US drugs group, 
yesterday indicated its third- 
quarter earnings would be 
ahead of most analysts’ expec- 
tations, due largely to stron- 
ger -than-expec ted sales of Pro- 
zac. the anti-depressant which 
is Us biggest-selling product. 

Mr Sidney Taurel, executive 
vice-president, pointed to 
"solid worldwide growth in 


new prescriptions" and a 
build-up of inventory by whole- 
salers in the US ahead of a 
price rise which took effect 
yesterday. The company said 
earnings per share for the 
three months to the end of Sep- 
tember would reach SI.0Ml.li 
after a 14 cents a share charge 
for the takeover of Sphinx 
Pharmaceutical. 

Lilly revised estimates of 
earnings per share for the year 
to $4.65-$4.85, up from $4.55- 


$4.65. This is before special 
charges, including those for 
the acquisition of Sphinx and 
the planned $4bn takeover of 
PCS. a drug distributor. 

The company’s share price 
rose $1’.-; on the news, to $59, 
but later fell back to $58%. Lil- 
ly's shares slid by nearly 20 per 
cent in July on fears that it 
was paying too much for PCS. 
but it bounced back on take- 
over speculation to close to its 
high for the year. 


Horsham to 
take energy 
unit public in 
$150m issue 


By Robert Gibbens 

in Montreal 

Horsham, the Toronto-based 
holding company controlled by 
financier Mr Peter Munk, 
plans to take its wholly-owned 
Clark USA OD Refining Unit 
public with a USSiSOm offer of 
7.5m new common shares at 
$20 each. 

Horsham will retain two- 
thirds of the Clark shares and 
may buy 10 per cent of the 
new issue. The offer is being 
nnderwritten by a syndicate 
led by Kidder Peabody. Gold- 
man Sachs, Merrill Lynch, 
Morgan Stanley and BT Secu- 
rities. 

Clark is also offering 
C$l00m (OSS72.4m) of unse- 
cured senior notes through a 
syndicate led by Kidder Pea- 
body, BT Securities, Goldman 
Sachs and Morgan Stanley. 

Proceeds of both offerings 
will be used to finance part of 
Clark’s acquisition of Chev- 
ron’s Port Arthur refinery and 
to retire half of Clark’s zero- 
coupon notes maturing in 
2000. 

Mr M onk holds control of 
American Barrlck Resources, 
the world’s third-largest gold 
producer, and Trizec, a North 
American property group, 
through Horsham. 


CANTV on tip of a debt iceberg 

The Venezuelan telecoms group is rescheduling, writes Joseph Mann 


C otupania Anonima Tele- 
fonos de Venezuela 
(CANTV), Venezuela’s 
national telecommunications 
company that owes more to 
foreign creditors than any 
other private concern, has res- 
cheduled its foreign debts due 
to Venezuela’s foreign 
exchange controls Imposed ln 
June. 

Mr Bruce Haddad, CANTV 
president, said his company 
began negotiating what he 
called a refinancing pro- 
gramme after it missed a pay- 
ment on an international Loan 
in August Mr Haddad did not 
give a precise figure for 
CANTV's external debt, but 
said it was "hundreds of mil- 
lions of dollars". 

CANTV, privatised in 1991 
by an international consortium 
headed by GTE of the US, had 
external obligations in bonds, 
notes, commercial loans, trade 
credits and others, Mr Haddad 
said. Over 40 financial institu- 
tions from the US, Europe and 
Japan are involved. 

Mr Haddad said exchange 
controls announced by the gov- 
ernment on June 27 had hurt 
the company's capital invest- 
ment programme and made 
rescheduling a difficult propo- 
sition. 

“We have no doubt whatso- 
ever about CANTV’s ability 
and willingness to service its 
debt on time," said one inter- 


national banker who works 
with the company. “But the 
exchange control bureaucracy 
is excruciatingly slow and 
entirely beyond the company’s 
controL” 

Bankers here said they knew 
of no large sums disbursed by 
the government to cover pri- 
vate sector foreign debt How- 
ever, the government is aware 
of the problem and reportedly 
allotted $400m for private 
external debt. But it is not 
clear bow soon the government 


here," commented one interna- 
tional banker baaed in Caracas. 
“Our clients cannot obtain for- 
eign exchange to keep their 
debt payments current, and we 
have hundreds of millions of 
dollars in overdue loans." 

Mr Julio Sosa, minister of 
finance , said Venezuela's pri- 
vate sector external debt stood 
at about $5bn. but the total 
could be higher. 

A large devaluation of Vene- 
zuela’s currency and high 
inflation forced CANTV to cut 


International bankers say they have no 
doubt about CANTV’s ability aud 
willingness to service its debt on time 


will begin supplying the 
funds. 

The public sector is appar- 
ently servicing its own debt 
normally. 

However, CANTV’s dilemma 
is only the tip of the iceberg. 
Strict foreign exchange con- 
trols and slow processing of 
applications for US dollars to 
service external debt has hurt 
many Venezuelan companies, 
incl uding local subsidiaries of 
multinational concerns. 

CANTV was planning a 
$250m-$300m eurobond issue in 
June, but cancelled the offer 
because of exchange controls. 

"We have a huge problem 


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back its capital investment 
programme this year. Mr Had- 
dad said the company had 
reduced this year’s projected 
capital spending of $705m by 
$l25m, and next year’s planned 
capital outlays of about $700m 
would be cut “by over 50 per 
cent”. 

Quarterly rate increases for 
CANTV’s services this year 
have been below inflation, and 
cannot come close to offsetting 
the higher local currency costs 
of imported capital goods 
caused by devaluation of the 
Venezuelan bolivar this year. 
The government questioned 
CANTV’s most recent request 


for rate increases, and set up a 
special commission to study 
the matter. 

Regular rate increases to 
compensate for inflation are 

stipulated in the concession 
agreement signed by CANTV 
and the last government. 

Inflation in Venezuela last 
year was <16 per cent The gov- 
ernment is predicting 65 per 
cent inflation this year, but 
private sector estimates sug- 
gest it may reach 84 per cent, 
even with widespread price 
controls in place. 

The consortium that man- 
ages CANTV. Venworld Tele- 
com. was carrying out a $6bn 
capital spending programme 
for Venezuelan telecommunica- 
tions when unfavourable eco- 
nomic circumstances forced it 
to make reductions in capital 
and operating expenditures. 

Venworld is the largest for- 
eign investor and the largest 
private investor in Venezuela. 
The group, which paid $U!9bn 
in 1991 for 40 per cent of the 
government's shares in 
CANTV and operating control 
of the company, includes GTE. 
with 51 per cent of the . * 
consortium: Telefonica Intema- 
cvonal de Espana; La Electrici- 
cad de Caracas. Venezuela’s 
largest private power com- 
pany, CIMA. the Banco Mer- 
cantil group and AT&T, the US 
telecoms group. 


Serfin and Inveriat 
merger put in doubt 


By Damian Fraser 
in Mexico City 

Grupo Financiero Serfin and 
Grupo Financiero Inveriat. 
Mexico’s third- and fourth-larg- 
est financial groups, are on the 
verge of calling off their pro- 
posed merger after foiling to 
reach agreement on the valua- 
tion of the two institutions. 

The merger was proposed in 
June, and would, according to 
some measures, have made the 
combined group Mexico's sec- 
ond-largest financial institu- 
tion. It would have given Ser- 
fin control over Inveriat, which 
controls the Comermex bank 
and was seen as the weaker of 
the two groups. 

Mr Roberto Aguirre, of Ser- 
fin. said a formal decision 
would be taken at the group’s 
board meeting tomorrow. But 
he was not optimistic: 'There 
have been a lot of problems ln 
the negotiations and the 
merger will probably not go 
ahead.” 

Reports in the Mexican press 
indicate that Serfin has 
decided not to proceed with the 
transaction. 

Mr Aguirre said the main 
stumbling block was over the 
terms of the share swap that 


would have lead to the fusion 
of the two companies. Serfin 
wanted to exchange 3.7 shares 
of Inveriat for ever}’ one of its 
shares, while Inveriat had pro- 
posed a ratio of 2.5. according 
to Infosel. a financial news 
agency. 

As negotiations over the 
transaction proceeded, both 
organisations concluded that 
the process of merging the 
banks would have been more 
complex and expensive than 
thought and could have taken 
years to complete. 

Serfin and Inveriat had 
hoped a merger would help 
them compete more effectively 
with the market leaders. Ban- 
accl and Bancomer, by 
enabling them to benefit from 
economies of scale in adminis- 
tration and systems. 

“Under this situation, the 
probabilities of merging are 
very low,” a Serfin executive 
told Reforma newspaper yes- 
terday. “On a scale of zero to 
hundred, the probabilities of a 
merger are zero.” 

Serfin was quoted as saying 
the disagreement was not over 
the value of the two groups’ 
assets or liabilities, but on the 
intrinsic worth of the different 
institutions. 


Borden agrees to meet 
Kazarian for bid talks 


By Richard Tomkins 
in New Yoric 

Borden, the troubled US food 
and wallpaper group that last 
week agreed to a $2bn takeover 
offer from Kohlberg Kravis 
Roberts, the Wall Street invest- 
ment firm, yesterday reluc- 
tantly agreed to meet another 
would-be suitor in the shape of 
Mr Paul Kazarian, owner of a 
Rhode Island investment firm 
called Japonica Partners. 

Neither party would com- 
ment on the agenda for the 
meeting, but it is believed that 
Mr Kazarian, a former chair- 
man and chief executive of 
Sunbeam-Oster. the US con- 
sumer products group, has 
repeatedly expressed an inter- 
est in bidding for Borden since 
the food. group put itself on the 
block earlier this year, 
only to have his approaches 
rebuffed. 

Borden's decision to agree to 
a meeting with Mr Kazarian 
comes amid mounting evidence 
that some Borden shareholders 
are deeply unhappy about the 
KKR deal and may revolt 
against it. 

Yesterday, the International 
Brotherhood of Teamsters said 
it was advising the pension 
funds of Its ISO affiliates, 
which between them hold at 
least 247,000 of Borden's 141.5m 
shares, not to tender their 
shares to KKR. 

It also said it was meeting 
other institutional Investors to 
discuss Its concerns about the 
KKR offer. 

Under the complex deal 
announced last week, KKR 
offered to exchange half its 35 
per cent stake in RJR Nabisco, 
the US food and tobacco group, 
for 80 per cent of Borden's 
stock. RJR Nabisco would buy 
the remaining 20 per cent of 
Borden's shares, using newly 
issued RJR stock, and would 
also take an option to buy a 10 
per cent stake in Borden from 
KKR. 

Borden shareholders are 


irked by several aspects of the 
deal. 

II they reject the offer, KKR 
still gets a 19.9 per cent stake 
in Borden at a bargain price of 
$11 a share - Borden's shares 
were at $13% .yesterday, down 
$% - and will receive a $50m 
fee from Borden. Conversely, if 
the deal succeeds, Borden will 
have to pay KKR a $50m “advi- 
sory” fee. 

Mr William Patterson, direc- 
tor of the office of corporate 
affairs at the International 
Brotherhood of Teamsters, said 
the bottom line was tbat Bor- 
den shareholders were having 
their stock purchased at a time 
when it was at its lowest point 
with ’’tremendous” upside, and 
in return they were receiving 
stock in RJR Nabsico which 
had substantial downside risks 
because of its potential tobacco 
liabilities. 

“We are equally alarmed 
that this seems to be an 
extremely self-serving transac- 
tion from the point of view of 
KKR in the sense that they are 
paid a very large fee whether 
or not the deal happens,” he 
said. 

Few analysts believe Japoni- 
ca ‘s Mr Kazarian has access to 
the financial resources neces- 
sary to launch a serious bid for 
Borden. 

However. Mr Patterson said 
Borden's shareholders should 
wait and see whether other, 
better offers come along before 
accepting the KKR deal. 

"Why the rush?” he said. 

“The company's not going to 
implode overnight." 

However, Mr Arthur Cecil, a 
research analyst with the T. * 
Rowe Price mutual fund man- 
agement group, a Borden 
shareholder, said the fact that 
investors were venting their 
frustration with the KKR deal 
was not necessarily an indica- 
tor that anything better will 
emerge. 

"If I were a betting man, I 
would say that the KKR deal is 
pretty well done,” he said. 


19 


FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 ★ 


jWTL COMPANIES & CAPITAL MARKETS 


SFE offers two for price of one 


On Monday, investors will not 
just be able buy and seU shares 
in Western Mining Corpora- 
tion, one of Australia’s biggest 
resources groups - they will 
also be able to trade futures 
contracts covering the a™ 
underlying stock. 

As with all futures contracts, 
this will mean that exposure to 
the shares can be “leveraged" 
so that a relatively small move- 
ment in Western's share price 
is ma gnified into a much 
larger movement in the stock 
future. 

Moreover, complex trading 
strategies will become possible 
- at least, in theory. For exam- 
ple, WMC, which is still a 
fairly good proxy for the gold 
price, could be bet against the 
Australian stock market 

The WMC futures contract is 
one of four new contracts 
being offered by the Sydney 
Futures Exchange from Sep- 
tember 26. The other compa- 
nies involved are mtm Hold- 
ings, the Queen slan d-based 
metals company; BTR Nylex, 
the diversified conglomerate 
controlled by Britain’s BTR 
group; and Westpac, one of the 
big four Australian b ank s . 

These four new contracts 
will augment the three existing 
individual share futures con- 
tracts - covering Broken Hill 
Proprietary, National Australia 
Bank and News Corporation - 
which started to trade in May. 
Another three contracts are 
due to be unveiled before the 
end of the year. 

But the SFE’s ambitions do 
not stop there. The 10 con- 
tracts introduced in 1994 all 
require settlement in cash, not 
scrip. In other words, investors 
are not required to deliver the 
underlying physical stock. 

The SFE has made clear that 
it would like to introduce 


“deliverable” share futures 
contracts as well, and is 
talking to the Australian Secu- 
rities Commission about this. 
The regulator would need to 
give permission before such a 
product could be launched. 

Secondly, while Mr Les 
H ashing chief executive of the 
SFE, sees the number of Aus- 
tralian share futures contracts 
being pegged at 10 for the fore- 


DEfUVATIVES 


seeable fixture, he holds out the 
prospect of introducing SFE- 
traded contracts for companies 
whose physical stocks change 
hands on overseas exchanges. 
“Imagine an IBM or General 
Motors contract," he says. 

“I m agine” may be the key 
word. AH this is highly ambi- 
tious and totally uncharted ter- 
ritory. Sydney is the only mar- 
ket in the world where futures 
contracts are available on indi- 
vidual shares in any meaning, 
ful fashion. In the US, such 
contracts are specifically pro- 
hibited, in part because of 
price manipulation concerns. 

Even in Sydney, the SFE“s 
go-go approach has run into 
some stumbling blocks. For a 
start, in spite of the publicity 
surrounding these new deriva- 
tive instruments, trading vol- 
umes have not been large. Dur- 
ing the first three months, the 
BHP/NAB/News share futures 
traded a total of 14.046 con- 
tracts. 

“I’m patient about these 
things - development is very 
dependent on the cash mar- 
ket,” says Mr Hosking, point- 
ing out that the stock market 
itself has been sluggish in 
recent months. 

Nevertheless, even the SFE 


concedes that many institu- 
tional investors are reluctant 
to get involved with the new 
contracts until liquidity has 
developed. 

The SFE’s second problem is 
a continuing turf battle with 
the Australian Stock Exchange 
over who should run this type 
of derivatives market. No 
sooner had the SFE got permis- 
sion for its three Initial con- 
tracts, for example, than the 
ASX’s derivatives department 
countered with a new type of 
options contract 

This was called the "Low 
Exercise Price Option” (or 
LEPO), and was simply a very 
deep “in-the-money” call 
option, whose exercise price 
could be as little as one cent 

Accordingly, LEPOs were 
designed to trade In line with 
the physical stock, but - 
thanks to th« options market’s 
margin system - the foil price 
would only be payable on 
expiry. The ASX’s LEPOs cov- 
ered five stocks - including the 
three targeted by the SFE. 

Since then, the ASX has 
come out with a more sophisti- 
cated rival offering: share 
ratios. These, it rfaima are an 
entirely new equity-based 
der i vative, which allow inves- 
tors to gain exposure to a 
share based on how it performs 
relative to the stock market, 
not an whether it goes up and 
down in price. 

However, by giving investors 
a chance to punt on whether 
BHP, say, betters the stock 
market generally, the share 
ratio contract will compete 
directly with one of the main 
uses for share futures contract 

The problem for the ASX, 
however, is Australia’s Corpo- 
rations Law. This currently 
imposes a fairly rigid divide 
between “futures" and “securi- 


ties”, making these products 
the concerns of the SFE apd 
ASX respectively. 

Earlier this month, the attor- 
ney-general proffered a helping 
hand when he proposed souk 
amendment s which, if p?ssad 
into law, would ‘permit share 
ratios to start trading. His 
nffira», while emphasising that 
this is a decision in respect of 
one product only, suggests that 
the legislative adjustments 
could be made by the end of 
this year. 

But this has not stopped the 
SFE from fighting a fierce rear- 
guard action. It has already 
taken court action over the 
proposed LEPOs, for example. 
Any decision would probably 
be open to appeal, so this prod- 
uct is unlikely to be available 
before the end of this year. 

While jockeying between the 
pmhangp g con tinues, samp of 
the companies whose stock is 
involved in these new con- 
tracts are less than enthralled. 
When the first trio of contracts 
got under way, BHP pointed 
out that promotion of futures 
contracts an its shares tended 
to cut across its own investors 
relations department's efforts 
to promote the underlying 
physical stock. 

Moreover, if use of the new 
contracts became widespread, 
the task of explaining share 
price movement in the under- 
lying stock to less sophisti- 
cated investors would probably 
become more difficult 

Far the exchanges there is 
the additional concern that 
they are playing in an interna- 
tional marketplace that if 
their products are held back, 
other overseas exchanges will 
throw caution to the wind and 
take the initiative. 

Nikki Tait j 


lower forecasts 


Japan’s 

By Emflco Terazono in Tokyo 

Sluggish trading volume on 
the Tokyo stock market has 
led to Japan’s “big four" tan- 
kers - Nomura. Daiwa, Nikko 
and Yamairhi - and io second- 
tier brokers revising down- 
wards their interim earnfng g 
forecasts for the six months to 
September. 

The move could herald 
another round of cost-cutting 
at the houses. 

At the start of the current 
business year in April, the bro- 
kerage houses had hoped to see 
a recovery in corporate earn- 
ings support share prices and 
trading volumes. 

A rush of baying of Japanese 
shares by overseas investors 
during the January-March 
quarter of this year helped to 
fuel such expectations. 

However, domestic institu- 
tions have remained pessimis- 
tic over a sharp corporate earn- 
ings recovery, while flotations 


brokers 

of former stateowned compa- 
nies have triggered fears of 
over-supply and depressed 
investor confidence. 

Although many brokers had 
hoped that average daily turn- 
over would total around 
Y400bn ($4.04bn) for the first 
halfj the actual figure has been 
Y35Gbn. 

Although the brokerages 
have been reducing trading 
expenses and administrative 
costs, many have yet to 
restructure their fixed costs. 
"Until now their cost-cutting 
hasn’t really been long-term 
rationalisation. They’ll be 
forced to cut more into the 
firad area,” «*dd Ms Elizabeth 
Daniels, h anking analyst at 
Morgan Stanley in Tokyo. 

Nomura Securities lowered 
its interim pre-tax profits fore- 
cast to Y23hn, down 9 per cent 
from the previous year and a 
42.5 per cent decline from its 
initial estimate. The company 
blamed lower stock brokerage 


income and revenue linked to 
convertible and warrant bonds. 
Operating revenue for the 
interim period is forecast to he 
Yl90hn, down 5.9 per emit from 
a year earlier, and after-tax 
profits are expected to decline 
10 per cent to Y9bn. 

For the full year to March, 
the company has revised down 
pre-tax profits to Y70bn - still 
38.3 per rant hi gher than that 
achieved in the previous 12 
months - on a 26 per cent rise 
in operating revenue to Y410bn 
and an 86 per cent increase in 
after-tax profits to Y27hn. 

Daiwa Securities said 
interim pre-tax profits would 
plunge 80 per cent from a year 
earlier to Y7bn instead of the 
previously predicted Y25bn. 

Operating revenue for the 
first six months is expected to 
fall 216 per cent to Y124bn and 
after-tax profits to decline 826 
per emit to Y3bn. For the full 
year, Daiwa predicts pre-tax 
profits to fall 23 per cent to 


Y40bn on an 8 per cent decline 
in operating revenue to 
Y273bn_ 

Nikko Securities expects to 
break even at pre-tax and after- 
tax levels in the first half. 
Operating revenue is expected 
to fall 16 per cent to Y115bn. 
For the year to March, the 
company expects a 146 per 
cent fall in pre-tax profits to 
Y30bn on a 66 per cent decline 
in operating revenue to 
Y279.4bn. 

Yamaichi Securities, which 
expected to post a pre-tax 
profit of YlObn, now expects 
pre-tax losses of Y9bn on a 176 
per cent fall in operating reve- 
nue to YlOObn. 

For the year, the company 
forecasts a 265 per cent decline 
in pre-tax profits to Y13bn on a 

3.4 per rant fall in operating 
revenue to Y228bn. 

Meanwhile, all 10 second-tier 
brokers said they expected to 
post pre-tax losses for the six 
months to September. 


Qantas climbs into the black 
with last figures before float 


By NBdd Tait in Sydney 

Increased passenger loads and 
a large reduction in abnormal 
items helped Qantas, the gov- 
ernment-controlled Australian 
airline in which British Air- 
ways holds a 25 per cent inter- 
est, climb back into the black 
for the year to June. 

The carrier said that profits 
after tax and abnormals stood 
at A$1555m (USJU4.&D), com- 
pared with a loss of A$3772m 
last time. Revenues were up by 
135 per cent at A$6.6bn, 
al thoug h this was partly due to 
the inclusion of the domestic 
operations of the former Aus- 
tralian Airlines for 12 months 
(compared with 10 months pre- 
viously). Earnings before inter- 
est and tax more than doubled 
to A$480m. 

This is the last set of frill- 
year figures which Qantas will 
produce before the government 
floats its remaining 75 per cent 
interest in the airline on the 
Stock market in the first half of 
1995. 

Precise timing of the float - 
expected to raise more than 
A$2bn for the government - is 
undecided. Mr Gary Pember- 
ton, Qantas chairman, said the 


prospectus would contain a 
profits forecast for 1994-95 and 
possibly for 1995-96. 

The increase in operating 
profits during the past finan- 
cial year was attributed to 
increased passenger loads both 
in Australia and overseas. The 
company said total revenue 
passenger kilometres on inter- 
national routes rose by just 
over 10 per cent, and load fac- 
tors increased from 67.9 per 
cent to 705 per cent. 

However, yields - revenue 
per passenger kilometre - were 
merely stable, due to continued 
fare discounting. 

Mr James Strong, chief exec- 
utive, added that the Pacific 
routes, which have long been 
lossmaking, became “margin- 
ally profitable”. A number of 
big US airlines, such as Conti- 
nental and Northwest, have 
abandoned these routes and 
fores have risen significantly. 

Revenue from domestic 
operations increased on the 
tack of a 15.7 per cent rise In 
capacity, and yields showed “a 
slight improvement”. Costs 
overall rose, but by less than 
capacity. Fuel costs for the 
year were “down marginally, 
net of hedges,” according to Mr 


Pemberton. Interest charges 
were A$1785m, compared with 
A$197.4m previously. 

Abnormal items amounted to 
A$646m before tax. made np of 
redundancy provisions, asset 
writedowns, and a provision 
for under-recovery of rentals. 
A year ago. Qantas was hit by 
a massive AM46.4ra abnormal 
charge. 

Qantas said that “with no 
strengthening of yield in pros- 
pect, further reductions in 
overall unit cost levels will 
continue to be a major prior- 
ity". 

However, Mr Pemberton said 
that the carrier had been 
“quite happy with the first cou- 
ple of months” of the current 
trading sear.” although he also 
warned that “future prospects 
will depend to a considerable 
extent on trends in the avia- 
tion market particularly a con- 
tinued strengthening in mar- 
ket demand and maintenance 
of reasonable yields”. 

• Qantas said later that it was 
in the process of organising a 
A$750m five-year standby facil- 
ity, to replace a USWOOm note 
issue facility and separate 
US$300m multi-option facil- 
ity. 


Bristol-Myers completes 
acquisition of UPSA 


By John Ridding fn Paris 

Bristol-Myers Squibb, the US 
pharmaceuticals and health- 
care group, has announced the 
completion of its acquisition of 
UPSA, the French privately- 
owned pharmaceuticals com- 
pany. 

The US group also 
announced the appointment of 
Dr Jacques Dardaud as chair- 
man of UPSA. Dr Dardaud, pre- 
viously chairman of Bristol- 
Myers France, succeeds DrMc> 
olas Bru with immediate effect 
and will have responsibility' for 
UPSA’s worldwide operations. 


Dr Bru will become president 
of UPSA’s advisory board. 

UPSA Is a research-based 
company with annual sales of 
about 3350m. It is one of the 
leading manufacturers and 
marketers of analgesics In 
France and Belgium and has 
subsidiaries in Belgium, Spain, 
Italy and Portugal. It also 
develops and markets cardio- 
vascular and gastrointestinal 
medidnes- 

Mr fUiarlAs TTgfmhnld, chair- 
man of Bristol-Myers Squibb, 
said the deal would enhance its 
participation in Europe's grow- 
ing sdf-medicatian market 


Vietnam opens 
up share sale 

Vietnam is to allow foreigners 
to buy bonds and shares issued 
by stateowned companies in 
what one economist said was a 
form of privatisation, Reuter 
reports from Hanoi. 

The scheme will he open to 
foreign companies and resi- 
dents, overseas Vietnamese 
and Vietnamese enterprises. 

A government economist 
said the share issue would 
amount to issuing new capital 
that would he privately held, 
diluting state ownership. 

New regulations say the pur- 
chase and sale of bonds and 
shares should be in Vietnam- 
ese dong. 


French lift 
results at 
Italcementi 

By Andrew MB En MBan 

Income from Ciments Fra neats 
and other foreign operations 
helped Italcementi. Italy's big- 
gest cement group, to over- 
come the continued depression 
on its domestic market in the 
first half of this year. 

Italcementi, which bought 
Ciments Franca is in 1992, has 
unveiled consolidated first-half 
profits, before amortisation, 
provisions and taxes, of 
L306.5bn ($196. 47m) compared 
with L2185bn in the first half 
of 1993. 

But the company’s Italian 
arm was hit by the continued 
stagnation in the Italian con- 
struction market Production 
fell by 12.6 per cent, foster than 
the average drop in demand. 

Overall income of the group, 
which is headed by the indus- 
trialist Mr Giam piero Pesenti, 
was L2645bn compared with 
L2556bn last time, but the Ital- 
ian group registered a drop in 
turnover to L529.4bn. com- 
pared with L614_lbn in the first 
six months of 1993. 

• Fondiaria. the Italian insur- 
ance company indirectly con- 
trolled by the Ferruzzi holding 
company, returned to net 
profit in the first half of 1994 
due to extraordinary gains on 
the sale of investments and 
property. 

After tax, the company 
recorded a profit of L14bn for 
the first half, oom pared with a 
loss of l.iffih n in the equiva- 
lent period. 

Investment gains amounted 
to L645bn, compared with 
Lg.Shn, and property sales real- 
ised a profit of L22bn_ No prop- 
erty was sold in the first half 
of 1993. 

Premium income also 
increased during the period, 
and the reduction of debts to 
L748bn on June 30. compared 
with more than Ll.OOObn a 
year earlier, also helped. Total 
group company premiums 
increased to L3,l67bn, up 26 
per cent 


AM of these sBortiBS having been stiMhaattvertiEemBrl appears bb a matter of mood only. 


39,921,400 Exchangeable Notes 



Atlantic Richfield Company 


9% Exchangeable Notes due September 15, 1997 

(Subject to Exchange into Shares of Common Stock, Par Value $1.00 Per Share, 
of Lyondell Petrochemical Company) 


5,750,000 Exchangeable Notes 

THs paeon at the agemg was eftradoutafe the Untad States by the tmdorsigned. 

Goldman Sachs International 

Merrill Lynch International Limited 

Salomon Brothers International Limited 

Deutsche Bank AG London Societe Generate 

Swiss Bank Corporation UBS Limited S.G.Warburg Securities 

ABN AMRO Bank N.V. Barclays de Zoete Wedd Limited BMO Nesbitt Thomson Ltd. 
BNP Capital Markets Limited CS First Boston D resdner Ban k 

Robert Fleming & Co. Limited NatWest Securities Limited Nikko Europe Pic 
N M Rothschild and Smith New Court J. Henry Schroder Wagg & Co. Limited 

ScotiaMcLeod Inc. The Toronto-Dominion Bank Westdeutsche Landesbank 

Gtaorantrato 


34,171,400 Exchangeable Notes 

This potion at the ottering was offered *i the Unted Stoles by the undorsfrad. 

Goldman, Sachs & Co. 

Merrill Lynch & Co. 


Salomon Brothers Inc 


Bear, Steams & Co. Inc. 
Dean Witter Reynolds Inc. 


CS First Boston 


Alex. Br own & Sons 

Incofporated 

A.G. Edwards & Sons, Inc. 


Howard, Weil, Labouisse, Friedrichs Kemper Securities, Inc. 

Incorporated 

Lehman Brothers J.P. Morgan Securities Inc. 

Oppenheimer & Co., Inc. Smith Barney Inc. 

Werthei m Schrod er & Co. 

Incorporated 

Sanford C. Bernstein & Co., Inc. 

Janney Montgomery Scott Inc. 


Kidder, Peab ody & Co. 

Incorporated 

Morgan Stanley & Co. 

Incorporated 

UBS Securities Inc. 


Advest, Inc. 

William Blair & Company 


Legg Maso n Woo d Walker 

Incorpora te d 

Sutro & Co. Incorporated 


McDonald & Company 

Securities, Inc. 


The Buckingham Research Group 

Incorporated 

Luther, Smith & Small, Inc. 

Scott & Stringfeliow, Inc. 

August 1994 


Robert W. Baird & Co. 

Incorporated 

Dain Bosworth 

Incorporated 

C J. Lawrence/Deutsche Bank 

Securities Corporation 

Rauscher Pierce Refsnes, Inc. 
Wheat First Butcher Singer 
J. J. B. Hilliard, W. L. Lyons, Inc. 

Parker/Hunter 

Incorporated 

Stifel, Nicolaus & Company 

Incorporated 


COMfiAGNIE BANCAIRE 

FRF 800,000,000 
FLOATING RATE NOTES 
DUE 1997 

For the period 
September 21, 1994 
to December 21, 1994 
the new rate has been 
fixed at 5.625 % PA. 
Next payment date : 
December 21, 1994 
Coupon nr : 17 
Amount : 

FRF 142,19 for the 
denomination of FRF 10 000 
FRF 142168 for the 
denomination of FW 100 000 
Notice is hereby given 
that pursuant to 
paragraph ’Purchase and 
Redemption* (d) 
'Redemption at the option 
of the Noteholder*, of the 
terms and Conditions of 
the Notes, a nominal 
amount of FRF 500,000 
has been presented for 
redemption on the 
Interest Payment 
□ate falling on 
September 21,1994. 
Nominal amount 
outstanding after 
September 21,1994 : 
FRF 450.640.000 
THE PRINCIPAL PAYING 
AGENT SOGENAL 
SOCIETE GENERALE 
GROUP 

15, Avenue Emile Reuter 
LUXEMBOURG 


Coventry Building 
Society 

5100.000. 000 
Floating rate notes 1997 

Notice is hereby gicen that for 
the Interest period 20 
September 1991 to 20 
December 1994 the notes tom 
carry an interest rate of 
6.0625% per annum. Interest 
payable on 20 December 1991 
will amount n> SlSI. IS per 

510.000. 00 note. 

Agent Morgan Guaranty 

Trust Company 

JPMorgan 


. U.S. $45,000,000 

Pulp and Paper International 
Investments Limited 

(Incorporated in Tortola, British Virgin Islands with limited habriity) 


Floating Rate Guaranteed 234 year 
Amortizing Notes 

Unconditionally and irrevocably guaranteed by 


C.A. Venezolana de Pulpa y Papel S.A.C.A. 

(Incorporated In Venezuela) 

For the interest Period September 22, 1994 to December 22, 1994 
the Notes wBJ cany an Interest Rata of 9.625% which consists of 
the Libor Rate 5.125% plus a Margin of 4.5%. The interest payable 
on the relevant Interest Payment Date December 22. 1994 win 
be U.S. 52,189.69 per U.S. $90,000 and U.S. $10,948.44 per 
U.S. $450,000. 


By: The Chase Manhattan Bank, MA. 
London, Agent Bank 

September 22, 1994 


CHASE 


¥50,000,000600 



Province de Quebec 

Floating Rate Notes Due 1999 
Nctoj a hereby green that lor tin 
Interest Period tram September 22. 
199* Id December 22. 199* the Notes 
wM carry an Interest rate at 2.675%. 
The interest payable on the referent 
Interest payment dote. December 
22, IBS4 «IH be ¥3.254.514 per 
¥500,000.000 nominal amount. 

Bjr Thettsrolfariateiftre Ha 
September 22. 1994 chase 



SAMMI STEEL CO., LTD. 

Uacorpnmtrd in ike Republic of Karra n-irh limited twMJrvJ 

Notice lo Uk Warrantholders of (he outstanding 

USS506M6W 

1 14 per cenL Bonds due 1994 with Warrants 
to subscribe for Non- voting Shares of Samml Steel Co-, Lid. 

NOTICE IS HEREBY GIVEN to the Warramboidcra that on 19th 
August. 1994, Uk Company has authorised the issuance of Bonds fW 10 
Billionl convertible into Common Shares of the Company. The Issue 
date was 1st September. 1994 and the initial conversion price was set at 
W7J00. 

The consideration per Common Share receivable i W7.3001 by the 
Company from the issue is less than the current marina price (determined 
in accordance with the provision of the Instrument constituting the 
Warrants) at l9lh August. 1994. which was W9.047. 

Accordingly, in accordance with the provision of the said Instrument, the 
existing subscription price of W43.446 has been adjusted with effect 

from 31st August. 1994, to W43.173. 

September 22nd. 1994 Sammi Steel Co.. Lid. 





.. • v;i 
.-.-sai: 


FINANCIAL TIMES 


THURSDAY SEPTEMBER 


22 1994 


INTERNATIONAL CAPITAL MARKETS 


Treasuries lose ground on fears of tighter money 


Ely Rank McGuriy In New York 
and Conner Middelmann and 
Martin Brice In London 


US Treasury bonds lost ground 
yesterday morning, with stran- 
ger than expected housing data 
fuelling speculation over the 
timing of the next change in 
monetary policy. 

By midday, the benchmark 
30-year government bond was 
A lower at 99&. with the yield 
rising to 7.791 per cent. At the 
short end, the two-year note 
was down £ at 99£, to yield 
6.456 per cent 

The day’s economic news 
was mildly unfavourable, and 
provided an excuse for traders 
to lighten up on government 
securities amid the current 
uncertainty over interest rates. 

The Commerce Department 
reported that August housing 
starts had risen 2.1 per cent, 
against forecasts of a slight 
decline. 

Bonds dipped on the head- 
line figure, but immediately 


began to retrace their steps on 
closer e xamina tion of the 
report 

Economists pointed out that 
most of the month's activity 
was concentrated in the multi- 
family sector. Single-family 
housing starts, a more reliable 
measure of the sector’s 
strength, showed a 2.7 per cent 
downturn in August 


GOVERNMENT 

BONDS 


Still, the pessimism dominat- 
ing the market over the past 
fortnight held prices firmly in 
negative ground. Traders 
appeared evenly divided In 
their bets on when the Federal 
Reserve would lift short-term 
interest rates again. 

The recent signs of accelerat- 
ing inflation and last week's 
evidence of a bubbling econ- 
omy suggested an early move 
by the Fed. 

Despite the data, some 


observers believed the central 
bank would wait until after the 
mid-term elections in early 
November before taking any 
action which could be con- 
strued as politically motivated. 

The first camp was given a 
boost yesterday by Mr Wayne 
Angell, chief economist at Bear 
Stearns and a framer Fed gov- 
ernor. 

In a statement prepared for 
clients of the securities house, 
Mr Angell said he believed 
there was a 60 per cent chance 
that the central bank’s policy- 
making arm would decide to 
lift rates at its September 27 
meeting. 

He said the Fed was likely to 
sanction an increase in both 
the Fed funds and discount 
rates by 50 basis points each, 
to 5.25 and -L50 per cent respec- 
tively. 


drifted lower In the afternoon 
to end the day weaker. 

“M3 provided some support, 
but tbe reaction was pretty 
anaemic, which suggests that 
underlying sentiment is still 
very weak," said Mr Philip 
Tyson, European bond analyst 
at CS First Boston. 

European bonds were 
dragged lower in the afternoon 
by weaker US Treasuries amid 
speculation that the US Fed- 
eral Reserve plans to tighten 
monetary policy in the near 
future. 


The German market remains 
overshadowed by Bavarian 
state elections this weekend, 
which are seen as an indica- 
tion of voting behaviour in the 
federal elections on October 16. 
Moreover, a heavy supply bur- 
den looms in the final quarter, 
all of which is likely to keep 
bunds subdued. 


■ Lower than expected Ger- 
man money supply numbers 
gave European government 
bonds an early lift but prices 


■ German bunds ended the 
day slightly stronger but off 
their highs, with the December 
bund future closing around 
88.32, up 0.24 on the day. 

Shrugging off strong pro- 
ducer prices, bunds rose on 
lower than expected August 
M3 money supply data showing 
an annualis ed growth rate of 
8.2 per cent. However, they 
were dragged back down by 
weaker US Treasuries. 


■ UK gilts drifted in lacklustre 
trading, led by overseas bond 
markets. The December gilt 
future on Liffe rase just £ on 
the day to 98 Y» In late trading. 

UK trade figures were 
shrugged off by the market, as 
were the minutes of the July 
meeting on monetary policy 
between Mr Kenneth Clarke, 
the chancellor of the exche- 
quer. and Mr Eddie George, 
governor of the Bank of 
En gland Traders ■Mid the min- 

utes were overtaken by last 
week's 50 basis point rise in 
the base rate. 

Mr Simon Briscoe, of 
S. G. Warburg, said the trade 


figures were good for gilts, as 
were the minutes, since they 
showed agreement on policy 
between the governor and the 
chancellor. 

But Mr Huw Roberts, at Nat- 
West Markets, said there was 
little sentiment behind gilts, 
and any rally was met with a 
wave of selling. "It is a brave 
man who would step back into 
this market. " 


JP Morgan tops 
OTC swaps poll 


* 


By Thacy Corrigan 


■ Among the higher-yielding 
markets, Italy pot on a strong 
performance, with the Decem- 
ber bond futures contract on 
Uffe rising by 0.81 to 98.64. 

Elsewhere, Portugal appears 
to be mulling the issuance of 
floating-rate debt for the first 
time since 1992. After failing to 
place fixed-rate Treasury bonds 
for six consecutive weeks, a 
Senior Rnannfi ministry nffiriai 
told Reuters that "it is very 
likely that the state will issue 
more OTs [fixed-rate bonds] 
this year or perhaps floating- 
rate paper”. 


For the second year running, 
J.P. Morgan has topped the 
rankings of firms in the over- 
the-counter swaps market, 
while Swiss Bank Corporation 
continues to dominate the 
over-the-counter options mar- 
ket. according to a poll pub- 
lished in September's Risk 
Magazine, a monthly publica- 
tion spe cialising in derivatives. 
More than ioo hanks, invest- 
ment houses and brokers were 
polled in June and July. 

Among their closest competi- 
tors, Credit Suisse Financial 
Products gained ground in sev- 
eral areas, including currency 
swaps and options. 

In the market for more com- 
plex or exotic derivatives such 
as "differential" swaps and 
look-back options. Bankers 
Trusts' pre-eminent position 
showed signs of slipping. 


Although still ranked in each 
of the 10 categories. Bankers 
was voted top of only six cate- 
gories thU year, possibly 
reflecting adverse publicity 
due to corporate losses on 
swaps arranged by the bank. 

The number of banks nomi- 
nated rose in many areas, 
reflecting increased competi- 
tion in the derivatives market. 
However, domestic banks 
swept the board for many indi- 
vidual swops markets, includ- 
ing sterlin g . French francs and 
Swiss Francs, suggesting that it 
is still possible to conduct suc- 
cessful swops business in niche 
areas. 

Among derivatives brokers. 
Intercapital and Tullet & 
Tokyo dominated the field, 
with IntercapitaL particularly 
strong in interest rate and 
equity products and Tullet well 
ahead in forward rate agree- 
ments. 


Belgium mulls DMlbn offering 


NEW INTERNATIONAL BOND ISSUES 


By Antonia Sharpe 


The Kingdom of Belgium is 
thought to be close to launch- 
ing a DMlbn eurobond offering 
but is undecided whether to go 
for a floating-rate or fixed-rate 
structure. 

Some banks are advising Bel- 
gium that an issue of floating- 
rate notes (FRNs) would get a 
better reception from investors 
in the light of current market 
conditions. They also say an 
issue of FRNs would be 
cheaper. 

However, other banks 
believe that Belgium would be 
wiser to opt for a fixed-rate 
offering so as not to collide 
with the Bundesbank's issue of 
10- year floating- rate bunds 
which is scheduled for next 
week. 

If Belgium chooses to do an 


FRN offering, the most likely 
maturity would be between 
five and seven years, syndicate 
managers said. They expect a 
discount marg in of aro und five 
basis points over Libor which 
would produce a coupon of 
Libor flat. 


INTERNATIONAL 

BONDS 


With respect to the likely pri- 
cing of a fixed-rate offering, 
syndicate managers said Bel- 
gium would have to offer a 
yield spread of between 20 to 25 
basis points over bunds for a 
five-year issue and a spread in 
the low 30s for a 10-year issue. 
Belgium is expected to make a 
decision today but the issue is 
net likely to emerge until next 
week. 


Another issue in the pipeline 
is a debut Hungarian forint 
offering from the International 
Finance Corporation (IFC) 
which will be offered to domes- 
tic and foreign investors. 

Mr John Borthwick, princi- 
pal financial officer, said tbe 
IFC put in place a FtSbn medi- 
um-term note programme this 
week, arranged by CS First 
Boston. The IFC plans to use 
the programme to fund back- 
to-back loans to its clients in 
Hungary. Mr Borthwick said it 
would be the first time the IFC 
made loans to its clients in 
their local currency. 

Meanwhile, the National 
Bank of Hungary is seeking to 
raise FFrlbn through an offer- 
ing of eurobonds with a matu- 
rity of six to eight, years. The 
issue, via Credit Lyonnais, is 
expected to be priced to yield 


Borrower 

-YEN 

Oaiwa Infl.HrMpay.Karf* 
Dotal lml.Rn.(Cay.){b.3)* 
Data mtLFtn.(C<qfJnr* 

Datura tntUhL(CayjM» 

STERLING 

City at Kobe 

Alienee & Leicester B/St 

NaH2 HottfcgaOJKWI 

ITALIAN URE 


ECUS 

Phttp Monts 

LUXEMBOURG FRANCS 
Sundsh Export Onedttfl) 


Amount 

Coupon 

Prica 

m. 

« 


KHJti 

(al) 

ioaoo 

0On 

(blX 

toaoo 

7.5l*i 

6.00 

ioaoo 

05bn 

(c1}6 

ioaoo 

200 

9^0 

99.4SR 

100 

W) 

ioaoo 

78 

075 

BSAOR 

200bn 

11.40 

102.00 

150 

aso 

toaooR 

2bn 

8.00 

102.40 


Spread Book rumor 
bp 


Marril Lynch knanv m onol 
Salomon Brothers mu. 
Morgan Stanley ML 
SMomon Brothers ML 


Thomson Financial in 
trade confirmation deal 


By Norma Cohen, 
Investments Correspondent 


JP Morgan Securities 


B.Roma/D'scha LndiVIMI Luc 


8. SO 10Q.00R Oct 1938 027SR +30(8VM4-98) Patjaa Capital Markets 


BGL/Banqua Paribas Lux. 


Final turna and non-ctttabta unless stated. Tha yield spread {over rtfevant government bond) at launch is supplied by the lead 
manager. MJrtfeted. iffaaUng rate note. tSemi-anmal coupon. Ft Bxed re-offer price: fees are shown at the re-otter lewL a) CaSable 
on 28/1 2AM at par. si) 5M to 28/12/00 and 03% thereafter. b) CafcsUe on 29/12/99 at par. bl) 5% to 29/12/99 and 928* thereafter. 
<4 Callable on 29/12/98 at par. cl) 5% to 29/12/99 and 5WK thereafter, d) 3-mth Ubor +-ft9t <4 Issue launched an 13/9/94 was 
increased to LKHbn. 9 Long 1st coupon, a) Short in coupon. 


around 235 basis points over 
French government bonds. 

Sterling-denominated issues 
dominated yesterday's offer- 
ings, with the Japanese City of 
Kobe raising £200m through a 


10-year offering. Syndicate 
managers said the pricing of 40 
basis points over 10-year UK 
government bonds was fair but 
that investor demand for that 
maturity was low. 


Nestfc Holdings took advan- 
tage of the arbitrage opportuni- 
ties at the shorter end of the 
curve, raising £75 m through an 
offering of three-year euro- 
bonds. 


Thomson Financial Services, a 
provider of software, research 
and analysis for the securities 
industry, has signed an agree- 
ment to become the sole pro- 
vider of electronic trade confir- 
mation services for Sicovam. 
the French central depository 
for securities. 

Trade confirmation occurs 
between counterparties imme- 
diately after a bargain has 
been agreed. Full settlement of 
securities cannot be completed 
without trade confirmation 
and electronic confirmation 
cuts transactions costs signifi- 
cantly. 

Sicovam is owned by French 
financial institutions and the 


Paris Bourse. Although it 
already provides electronic 
trade confirmation for bargains 
struck between brokers, it does 
not do so for bargains between 
French brokers and their Insti- 
tutional or foreign counter- 
parties. 

French securities trans-ac- 
tions settle three days after 
each bargain is struck, n sys- 
tem which has dramatically 
raised the costs of trade confir- 
mation for firms which still 
use manual systems. 

The deal is also significant 
for Thomson, which has been 
seeking a toe-hold for its elec- 
tronic trade confirmation ser- 
vices in Europe. In the UK 
market. Its leading competitor 
for the service is the London 
Stock Exchange’s Seaqual. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 



Coupon 

Red 

Date 

Day's 
Price change 

YWd 

Week 

ago 

Month 

ago 

AustrMbi 

9.000 

09AM 

93.1800 

_ 

1010 

1020 

928 

Bolgium 

7-250 

04/D4 

91.1800 

40030 

8.63 

987 

043 

Canada* 

6-500 

oa/D4 

83.9500 

-0450 

9.02 

982 

973 

Donrrurk 

7.000 

12/04 

85.7800 

*0.100 

020 

921 

820 

France STAN 

0000 

05/98 

101 JSOO 

_ 

7.60 

7.48 

728 

OAT 

5-500 

04/04 

824000 

-0070 

822 

8.10 

724 

Germany 6und 

0.750 

07/04 

9AS100 

40010 

7.71 

721 

728 

Italy 

8.500 

(MAM 

81.8600 

+0270 11.75t 

1128 

1126 

Japan N0 118 

4-800 

00/98 

103.7300 

+0.140 

087 

320 

gas 


4.100 

12/03 

97.3890 

*0020 

4*3 

424 

428 

Netherlands 

5.750 

01AM 

87.7200 

+0020 

7-64 

725 

721 

Spain 

8XOO 

05AM 

808500 

+0150 

1124 

11.47 

1121 

UK Gits 

6.000 

08/99 

88-28 

-4/32 

8.86 

824 

943 


8/30 

11AM 

84-30 

-4/32 

9.04 

829 

984 


9.000 

10/08 

100-08 

-1/32 

097 

825 

966 

US Treasury * 

7.250 

OBAM 

97-29 

-S/32 

725 

7.42 

728 


7.500 

11/24 

98-07 

-11/32 

723 

729 

722 

ECU (French Govt) 

8000 

04/04 

822700 

-0.010 

821 

827 

943 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTPJ FUTURES 
(UITQ* Lire 200m lOOthe of 100% 


FT-ACTU ARIES FIXED INTEREST INDICES 

Price Indices Wed Day's Tim Accrued 

UXGBs Sep 21 change % Sep 20 


— Low coupon yield — - M ed t rac coireon yWd- --High coupon yWd — 
Sep 21 Sep 20 Yr. ago Sep 21 Sep 20 Vr. ago Sep 21 Sop 20 YT ago 


aw r«k a tt am am mu a is am ans 



Open 

Sett prica 

Change 

Mgh 

Low 

EsL vat 

Open Int 

1 

Up to 5 yen (24) 

11985 

+0.05 

11979 

124 

913 

5 yre 

995 

895 

937 

920 

001 

064 

015 

9.18 

085 

Dec 

9900 

9940 

*057 

9998 

98.00 

48738 

63966 

2 

5-15 years &1) 

13521 

+0.12 

13525 

1.61 

9.88 

IS yre 

987 

089 

724 

003 

005 

728 

024 

925 

721 

Mar 

97.75 

9720 

+057 

9904 

97.75 

30 

640 

3 

Ow 15 years (9) 

15060 

♦016 

16026 

1.58 

&B1 

20 yre 

977 

081 

724 

003 

005 

7AZ 

008 

009 

7.83 








4 

faredeamabias (6) 

172.77 

+0 70 

17127 

320 

983 

treed, f 

981 

988 

7.46 








■ ITALIAN GOVT. BONO (BTP) FUTURES OPTIONS (UFFE) Lini200m lOOths of 100% 


5 AS Modes 160) 


Strike 

Prica 

Dec 

■ CALLS 

Mar 

Dec 

■ PUTS - - 

Mar 

9800 

221 

324 

121 

3M4 

9850 

223 

321 

2.13 

071 

9900 

1.77 

2.79 

227 

099 


— Inflation 8% — — - 
Sep 21 Sep 20 Yh ago 


Wtaltan 10%- 

Sep 21 Sep 20 Yr. 


S UP to 5 yeas (2) 

7 Over 5 years (11) 

8 At Hocks (13) 


182L92 -0.17 

170.06 0.03 

17002 057 


5-07 Up to Syra 
095 Over 6 yre 
4.04 


400 4.10 063 
3.97 090 023 


083 2433 1.79 
077 070 003 


EM. vgL w* CUB 1142 F-Utt 2710. PiMM day's opal tot. Cdto 11971 Putt 15174 


Debentures end Loans 


— — S year yield— 

Sep 21 Sep 20 Yr. 


— 13 year yield —— — — 25 year ytetd - 
>21 Sep 20 Yr. ago Sep 21 Sep 20 Yr. 


S Debs & Loans (73) 124.52 *0.20 12428 224 7.00 1002 1007 002 9.95 9.90 828 9.88 920 038 

Average giua redwnpun ytafcb ao attnm ebon. Coupon Bands Loo: 0W-7»%s Median: Btt-IONH; rtgb: 11% end am. t Flat yUU. yld torn to dett. 


London <*x*v. -Nee Yen. mM-dey 
t Qua dncttdnu vrttfvridtofl UK el 1241 par 
Prices: US. UK In 3&Ktt, (Mites ki dadrm) 


YUMs Load mama MUnkeiL 

CM payable by nomddrt^ 

Soueer MMS Hnmtfonef 


US INTEREST RATES 


Spain 

■ NOTIONAL SPANISH BOND FUTURES (MEFT) 
Open Sett price Change High 
Dec 86.19 85.16 +022 8050 


Lunchtime 

Prim* IMS 7V two moon . 

Bnter loen rate 8 b Thro mmtti 

FeUmdS 44, S* (north _ 

Feriteo* at hten*nOm_ - Oea w_ 


Treasury BUb and Bend Yields 

4.73 TWoyear 

473 TTwo joe 

4.K8 Rve year .. — 

KKyear 

5.88 30-year 


EsL voL Open irt 
44/151 87201 


FT FIXED INTEREST INDICES 

Sep 21 Sep 20 Sep 19 Sep 18 Sep 15 Wage Mgh- Low- 


GILT EDGED ACTIVITY INDICES 

Sap 20 Sep 19 Sep 10 Sep 15 Sep 14 


Govt Secs. (UK) 89.71 8984 9022 8829 0070 10128 107.04 8924 OR Edged bvgtdm 1379 1002 108.7 80.4 807 

Fixed Interest 106.50 106.73 10085 10720 10721 12225 13087 10620 5-dny mirage 1028 972 94.4 95.1 8B2 

- tor 1994 O o emmea SaeuMa Nrfi ernes oompiatMR 127.40 (Wl/ag. low 4aia 0/1/76). Rod Hamel Mgh skies coraptaboa 13&B7 S1/IAK) , tow 6023 (3/1/75) . Bade 101k Gevenanm Securities 18/1W 
20 aid Rod Iroereet teza. SE aoMty Mcaa nsbeesd 1974. 


■ NOTIONAL UKQCLT FUTURES PJFFQ- E60.000 32nds of 100% 


BOND FUTURES AND OPTIONS 


France 

■ NOTIONAL FRENCH BONO FUTURES (MATIF) 



Open 

Sett price 

Change 

Mgh 

Low 

EsL vo* 

Open InL 

Sap 

99-11 

98-30 

+0-02 

99-11 

99-11 

2 

18410 

Dec 

96-08 

98-04 

+021 

98-20 

87-28 

61910 

95150 

Mar 

- 

97-18 

+0-01 



0 

0 


FT/ISMA INTERNATIONAL BOND SERVICE 


■ LONG Q9T FUTURES OPTIONS (UFFE) £60000 B4tha oM 00% 


Listed are #» ferine! Hamttbnal bondi lor *Mch thaw Is an adequtoe secondary matat Latest pitas at 7W pm on Sapedw 21 
ttamd BH OCtr Cbg. YMd bated Bid Otter Ghg. TW 


OAer Chg. YMd 



Open 

Sen price 

Change 

Mgh 

Low 

EsL voL 

Open int 

Strfce 


■ CALLS 


- F4JTS 

- U& DOLLAR STRAIGHTS 



- 



IHfed Kingdom 7% 97 „ 

SOD 

100% 

100% 

Dec 

11028 

1 10.14 

+0.06 

11028 

11912 

184294 

145.423 

Price 

Dec 

Mar 

Dec 

Mtr 

Atfaqr Nall Timuy 6% 03 _ 

MOO 

90 

80% 


115 

Vctangen M Fh 7 OS 

1000 

09% 

84 

Mar 

109.48 

10042 

+908 

100.78 

109.42 

2,637 

0001 

88 

2-01 

2-48 

1-67 

3-11 

Atab fauna 7% 98 

1000 

no% 

100% 

-% 

743 

HbH Sank 016 

2000 

19% 

20 

Jin 

10980 

10972 

+904 

10820 

10970 

12 

350 

99 

1-33 

2-15 

2-26 

3-47 

Arabia 8% 00 

.400 

103% 

W4% 

-% 

720 

Watt Bank B% 03 

3000 

87% 

87% 









100 

1-06 

1-65 

2-02 

4-23 

Bank of Tt**) 8% 96 

. too 

101% 

102% 


699 

Watt Berk 8% 00 

1250 

106*} 

108% 


Eet. M3L HtoL eras Mil Put 32B7. Previous day's open tot, QO> 45801 Puw 333TB 


■ LOHQ TERM FRENCH BOND OPTIONS (MATIF) 


Strike 

Price 

Oct 

— CALLS — 
Dec 

Mar 

Oct 

— PUTS — 
Dec 

Mar 

110 

- 

1.74 

- 

953 

122 

- 

111 

928 

1.16 

- 

1.08 

127 

. 

112 

910 

0.78 

- 

1.90 

029 

. 

113 

- 

947 

• 

. 

325 

. 

114 

903 

929 

0.68 

- 

424 

- 


Ecu 

■ ecu BOND FUTURES (MATIF) 

Open Sett price Orange Ugh Low EsL voL Open W. 
Dec 79.00 79.82 -004 7928 7822 1.119 8258 


E* Vtt. toed. Cdb 23.090 Putt <8.732 . Previous de/a open ml, Cade 222j*a Pun 313.117. 


Germany 

■ NOTIONAL GERMAN BUMP FUTURES (UFFg* DM2S0.000 IQQtha ot 100% 

Open Sett price Charge Mgh Low Eat- woi Open InL 
Dec 88.18 88.12 40.04 88.53 88.03 145813 145383 

Mar 87.50 8724 +0.08 8720 8720 15 1288 


■ US TREASURY BOND FUTURES (CBT) $100200 3Znd3 oM00% 


Open 

Latast 

Change 

Mgh 

Low 

Bat voL 

Open Int 

100-11 

100-09 

- 

100-18 

100-03 

19218 

64,190 

99-14 

99-14 

+0-01 

00-23 

99-05 

375243 

378246 

98-23 

96-23 

- 

98-31 

98-17 

1219 

19492 


■ BUND FUTURES OPTIONS (UFFE) DM250200 points Ot 100% 


Strata 

Prica 

Od 

Nov 

CALLS — 
Dec 

Mar 

Oct 

Nov 

Kjrs — 
Dec 

Mar 

8800 

027 

□ 99 

123 

1.4 J 

025 

027 

121 

2.07 

8860 

0.18 

974 

127 

1.18 

964 

1.12 

1.45 

034 

8900 

905 

024 

024 

027 

023 

1.42 

1.72 

2.83 


Era. vat total, eras HW Putt 0331. Previous da/e open Int. Cali 20007 Puts 309099 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFQ YIQOm IQOths ot 100% . 

Open Ctete Change Mgh Low EsL ml Open M. 
Dec 10825 - - 108.45 10826 1855 0 

Mar 107.48 - - 107.48 107.40 20 0 

* UFFE comrade (reded an APT. Al Open interest Hq*. are (or ptevtoua day. 


BRETt(B7 

Bra* Gas 021 

Canada 9 98 

Qwng Kong fin 5*j 88 _ 

OtoaifeM 

CanS Eucpa 8 98 — _ 

Cnft Fonder 9*2 99 

DnnkMH 

Es8tJ**aiR*Mye%U. 

H3C8*4« 

S3 S’* 98 

88 7^t 98 

839*4 07 

Sec da France S9B 

BmimaSit 88 

Bt-kn Berk Jam 8 02 _ 
Sport Dw CarpS^ 98 — 
Fedend Nsd Mart 740 o» _ 

RntradA 97 

Ftantgh £xpan 9% 95 

Ford Motor Qwfe tH* 89 _ 
GmBocCepM8>a96_ 

QMAC 9*s 9S 

tod ajtpm Hn 7% 97 _ 

— — 
Jan Dw Bk Sty 01 


101*1 WZ 

Itfe 10^ 


103^4 103*1 


723 8M8S FRANC 8TRHGHIS 

881 Aslan Dw Bank 6 10 

820 AuOto^QO 


89 l j Ws -*a 870 Cctnct Betpa 44* 98 _ 

86^ 083 Darmok 4^(99 

«0 W2»i 881 QBeSiW 

107% 107% 7M Bee da Rams 7% 08 

95% 98*4 -4 7.13 Finland 7 1 * 89 

O&i 90>a -lj &19 Hytitcfll Motor Fin 8*2 97 . 

1QZ 3 * 102^ Jj 722 Iceland 7% 00 

102** 102* 888 Kobe 0* 01 

mU» HE 1 * 888 Ontario 6<| 03 

raft 1081* -1* 7.13 OebecHyctofiOB 

IOO* 109* J* 738 SMCF794 

103*2 1BS?S 083 VferidBericSOa 


10rt 100% -1* 782 World Bar* 701 

106*2 M7 -it 748 


_ WO 99ii 
. 1000 

- 260 93*s 

.1000 95*i 

-. 300 108*4 

- 100 107*2 
-300 HB 

- 100 KKtj 

- too 107 

-240 103 

-400 99% 

.100 B4>2 

.4® 107 

. 190 95lt 
.600 lOB^t 


uxft* 4* on? 

98*2 538 

89*2 -h 583 

95*2 -At 539 

106*2 -V 8dM 

1071* -Jj 880 

H)ft -h 504 

107 -*2 684 

107*2 -i aie 

not, us 

100 823 

as -1*4 878 

nv 4 -4 sos 

98 J* 602 

10B*a -it 680 


Abbey NaarirauyB 03 E. 

Mance Letts 11^8 97 £ 

Brit* Land 8% 23 £ 

Dentate 6lt9BE 

BB 1097 E 

HrittnW^WC 

Henson 10\ 97 E 

HSBC HoWnga 1169 02 £. 

Italy 10*2 ME 

Jepan Q» Bk 7 00 E 

laid Sees 9*2 07 £ 

Ontario II 1 * 01 £ 

RrwBpwi 8^i 03 £ 

Sevan Dent 11 SO £ — , 
Mgo Bee Power 11 01 £ _ 
AbbeyfeBfandOWNZS — 

TCNZ Fki 9*4 02 tO 

CrecBLocd 601 FFr 

Bee da Fmoe 81* 3 FR _ 
SRCF 9*4 87 FFr 


moo art* 

- 100 105*8 


. 150 85*2 

.800 31* 


.837 102*2 
. H» 103*1 


,5oo ice's 
. 153 1081* 


.400 103% 


105% -** 9JB 

88 -** 1075 

82*2 -1* 618 

*021* -*« 674 

103*2 -*| 865 

HB -*s 9 l34 

1071* -** 103B 


.200 95** 
. 100 105% 


150 1061* 
150 KXft 


90% -*« 922 

95% -** 10.15 

108 -** 957 

Ml* -*g 993 

*07** -** MS 

KW* -*e 974 


FIOATMG RATE NOTES 


97*t 97*» - 1 * 798 YEN 8IRNGHIS 


UK GILTS PRICES 


— Wriri — 

hi Red Pricer i 


- 1694 „ 
r- H0b Low 


-fleal- 

M Md Price £ *ar- 


— 1994 — 
Hgt low 


_ IBM — 
►g- Hgh Low 


I^SRn8fl7 

Noreay 71* 97 1! 

Ontario 71*03 

Oder Krrtotoar* 8*2 01 , 

Patgel5l|03 “ 

OrabecHv«o9l(98 — 


96g 99 7X Mgtan599 75000 102% 

103 HB** -*e 643 086^00 100000 110*2 

9ft 97 7.61 FHntftOB 60000 105 

104 HM1* -lj 8L78 toterAmer Dev 71*00 30000 lift 

10ft 103 -** 7.13 tty ft 01 300000 92*2 

101 1011* 7-40 Japan Dev B* 5 90 100000 1031* 

101*2 10ft -** 8.78 Japan DwBk ftOI 120000 lift 

79*2 7ft 9JM Nppon TW Td ft 98 50000 10ft 

nft H)3 4* 7J82 Nonny5**97 150000 10ft 

SM*a Mft 874 SPCFftOO 30000 lift 

aft aft ft aaa span ft ce 125000 10ft 

101** raft 738 SwedenftOB 180000 toft 

9ft aft ft 8.15 Watt Bereft 02 250000 1W*4 


toft ft 437 
lift ft 4A2 


lift ft 446 
9ft ft 487 
10ft ft 427 
111*4 ft 460 


aft aft ft aaa spakiftra — 

101** ws% 738 Sweden ft 96. 


9ft aft ft 8.15 Watt Bereft 02 _ 

10ft 10ft ft 895 

Oft 98 ft 825 OTHER STRAIGHTS 


10ft ft 488 
toil* 409 

10ft ft 483 


103*2 raft ft 777 GerWrarce Lh 9*1 90 LFr 1000 toft 


10ft 101*8 (L80 - KB Dal hettsttft 8*2 03 LR 3000 103 

8ft 85*2 ft 824 Watt B«« 8 96 LFr 1000 100*2 

108*2 M7 7M ABN Anvo ft 00 H _ 1000 9ft 

raft raft 772 Barit Ned Oeoiseniea 7 03 FI _ 1600 9ft 

10ft 10ft ft 7.14 NbaUPnwtoce 1ft 98 CS 500 IDft 

10ft 10ft ft 843 MCawtolftMCS J 150 10ft 

10ft W7*t ft 7A 4 British Ctrintoa 109BCS 500 KB 

9ft Oft 751 BB 1ft 08 CS ISO 105*8 

102*2 raft 033 Bee daftness* 99 CS 278 103 

99 Oft ft 837 GttiBactepreMOeOCS 300 HE* 

Wft raft 657 KWhtfin 1001 CS. 400 103 

8ft 8ft ft 859 ftpan Td Td ift SB CS 200 10ft 

102*2 10ft ft 893 Oratto 8 03 C| 1500 8ft 

9ft 95*2 730 CTMrioHyAa 1ft 99 CS 500 106 

8ft Oft 751 Outer Kara*** 10** 09 CS _ 150 10ft 

»ft 10ft ft 755 duebtc Rw 10*2 98 CS 300 104*1 

«ft 104*i ft 589 BddwnftoaBu 1250 YE** 

CouKiBApeSOI Ecu 1100 100*2 

OaftLyonrabSaaficu 125 10ft 

7ft 7ft ft aa9 BB 1097 Ecu 1125 KM 

05*2 Oft ft 729 Fano dd Sts 10** 98 Ecu ___- 500 104^4 

9ft 971* ft 701 Italy 1ft 00 Ecu 1000 107% 

8ft 89% ft «f $Mfri90BEGu 1000 HE 

S 7 97*» ft 7E9 Urfeed KJngttan 9% 01 6cu 2750 101^ 

9ft 85% ft 7.48 ADC 1099 AS 100 101*2 

94% 95 ft 7A8 COrm BkAustofelft 93A$ _ M0 lift 

89*i 99% ft 780 BB7l»99AS 350 8ft 

99% 9ft ft 7.27 NSWTiWitty ZereOSO AS — 1000 7h 

8ft eft MS n b l Bank T4* 03 AS 125 8ft 

97% 97% ft 087 Steo Bh NSW 9 02 AS j 300 92*2 

87% 8ft ft 815 8to Ant Govt Hn 9 OS AS 150 92 

95% 9ft ft 73! UMewAuaUtt12 9BA$ .190 

102 Wft ft 726 wesrem AUST TTBBURY 7% 88 

AS uq a A 

to mdampore of rin Udprfcs tw onoirt Wied to to ntom el euMAcy uSl a 
to ddkn uttees atvrwtoe hritostod. Count eharai to irMnun. BpnaMliegn 


Sbera- (Um ra te dm Tern) 

TraarScc IBWtt 

12PC 1995 11.78 

Exhjpe On 1980-95 XQ5 
KHtpt 1995 — _ 933 


liras 124epc 199514 — 12JM 


E*Jll3'«cl996tt 12a 


Ctmerean iQpc 1996 

Free Car 7pc IWtt — 
liras 13*>*pe l997tt__ 

Etdl 10*2pe 1997 

TieaeSLpc 1997» 

E*S1 ISpc 1997.- 

Mi pci we — 

mas 7** pc 18080 — 

Tt«SSW*pc 1995-391$-. 

14pc 1998-1 

Tiras I5*spc HtfS ■ — _ 


Baa I etc 1998 1087 


Trrajftpe 


1B0 >00*4 
588 102 

5A2 98i 

083 102Q 
7 JO 10513 
7.47 108, *. 
7J8 lit/, 
7.85 I08*a 

8-12 rasa 
131 9SB 
031 110% 
034 I04A 
8.51 1«A 
BJ68 ITBUxI 
8.75 IIEIt 

07i Kite 
073 B3U 

092 Mft 
078122W 
893 lift 

093 10 1 U 


— 103)] 

— 107fi 

— . 88 ,’. 

— lorn 

— 113% 

— 117A 

-i mu 

— 1170 
-- 112/, 
+A USft 

-i iaia 

ft. M4A 

— 110,’. 
ft. 131 H 
ft. 1140 

ft. 10BA 
— 1» 
fti Uli 
ft. 1«A 
ft. 12511 
__ ns* 


RntoFRtaeofeM 

&EH12Upc 1999 

Tiraa 10'jgC 1989 

Into 6pc 1999 ti 

Cranrrion Iftpc 1999- 

ItanRQ 0*1999 

0BC2OOW.— — ^ 

TbralSwaW 

lt*c?0D1 

■1*2001 « 

fee am* 

910X2002 

ape 20031} 

1 0re 2003 


aoi mutt 

889 105% 
085 88% 
4M I0HJ 

- mi 

SLOT 

019 ITSfl 
022 10ft 
008 09*i 

0io as** 
VS 1Q2Q 
01? 93ft 
019 104{| 


ft. 128ft 

♦ft 121ft 


ft. ton) 
♦A 12*U 
— 100ft 
ft. 118ft 
♦*l 136J] 
**• 122ft 
ft. *06ft 
-ft 101ft 

123ft 

♦A t*3« 
♦ft 127ft 


Trim 1 1 %pe 3001-4 

rat»2 Rjndtofl 3*a* 1999-4— 
1<P Qnwson 9*3X2004— 

^ TltttilHrtcaKHtt 

Qnv9 *j pcSXEi 

jus ^^ssssf- 

iiK SSfcr 

103ft Treat II %pc 2003-7 

98% Hwa8*ipc2D07t(; 

110ft 13*»C 2004-8 

104% trim to* 2003 11 

*«.*. 

nan 

95% 

tS* 

1 22ft Hea* Opc 2009 

iiOft Trea« i/4pe20l0 

will copvsptuani ft — . 

1)831 4x2012# 

Drat 5*3X2000-12(0- 
Dwiepeaistt-— 

7% pe 2012-1 5ft 

Tre*8%pc2ffl7ft 

11ig Eadiiax 2013-17-—, 
105ft 


04J1Q9\4t -ft 
7S7 76% 

0l41O2fttt +& 

003 64% 

011 KSftld 4ft 

0L43 11811 »>■ 

BJB 9011 ♦% 

009 02*eld ♦% 

043 113ft «% 

000 98% 4ft 

9.42 125% «1 4ft 

8O7100fttt 4ft 


ms 109H 
BSft 69% 
125ft 10IU 
105*1 84B 
125% 102% 
143,'. 118% 
1»U 00% 

11*% 91fi 

138ft 112% 

iisft ssg 

151ft 134JJ 

1»u 98H 


apeva— 487 31 2JS 423 199% n 1 . 203% 1B7JJ 

4%pcV8tt 1*35.6) 298 3JOlOE%ri! +ft 113ft 108,1 

Z*2SCin (703) 049 3J21B4,*^t 4ft 178% 183% 

2%pcTD (7081 139 304 1S9» 173% 150ft 

4%pc-0t# — (130Q 040 3£K«%i — 118% 107% 

2pc 08 006) 3 JU 3* into 184JJ IGBft 

2%pc-0S pea 322 095 ISO -ft 188ft 149% 

2%pen 074 095 156 -ft 175% 154% 

2%fK'13 18021 077 098 127% -ft 148% 128% 

2%|K < ie 1814 077 086 135% -% 157ft 134% 

2*aX-20 WO) 091 000129%*) -% 1BW 128*2 

!%pe‘24tt m7.7\ 084 098 107% -ft 129ft 108% 

4%pC3ttft (*301) 087 4JH 109% -% 128(1 105% 

Pioapacdva reel redemption taw an pra(ec*d Vrilation of ft 10% 
end 0 5%. (b) Fferarai In paranttMam 4w Fin tow tor 
Indtoring (to 8 months priv to Ihu«| end hove boat eefuetod to 


SeMu?a%M 

SAS 1089 

SHCF9*2 SB 

Sp*l 8*2 99 — 

Sre 8k NSW 8*5 96 _ 

Tokyo Bee Power B% 03 , 
Tokyo Mreopdb 8% 98 - 

Toyota Merer 5% 88 

Unried Ittigdcm 7% 02 _ 

WoridBrtta%88 

Wotot W* 8% 97 


102 % raft 


057 008 92 ftll 4ft 

768 078 78ft 4% 

093 090 100% 4ft 

192 088 lOOa ♦% 

7.70 084 7IJ3 

187 184 B2ftN ♦.*< 

181 181 90 4% 

180 180 99U 4ft 

048 005 128ft +ft 


iisft bib 

*d 77(1 
ISBt) 10013 
127% 100% 

83% 71% 
1t/g 92 
1I4L 81ft 
128% 99ft 
*30% 128ft 


reflect rebating of RPI to 100 In January 1B87. Converetan (actor 
0945. RPI tor Jonuwy 1994; 141J and ter Aupuet 1094: 144.7. 


Other Fixed Interest 


— Yield— —1904 — 

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145% 123% 

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1 





FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 


21 


COMPANY NEWS: UK AND IRELAND 


Strong sales growth contributes to sharp rise in working capital 

Laporte up 14% to £58.6m 


By David Wighton 

Laporte, the speciality 
chemicals group that acquired 
Evode for £129m last J anuar y 
increased pre-tax profits by 14 
per cent from £5L3m to £58. 6m 
In the six months to July 3. 

Mr Ken Minton, chief execu- 
tive, said that the group had 
experienced “modest" Improve- 
ments in trading conditions in 
many of its major markets, 
with the trend accelerating in 
the second quarter. 

But the strong sales growth 
at the end of the period con- 
tributed to a sharp rise in 
working capital, about which 
Mr Min ton said he was “bloody 
angry”. He added that some of 
the build op of debtors would 
reverse In the second half 

Turnover rose 11.5 per cent 
to £490. 8m. Laporte said that 


allowing for disposals, sales 
increased by 1&8 per cent; 
however, this has not been 
adjusted for acquisitions. 

Earnings per share rose 9-5 
per cent to 22p and the interim 
dividend is up 7 per cent to 
7.9P CMp). 

Stripping out disposals, oper- . 
atxng margins slipped to 12.75 
per cent (13 per cent), but 
before depreciation - which 
rose £L9m - and rationalisa- 
tion costs of EISm (£800,000) 
margins were ahead. 

Mr Minton said lie hoped to 
widen margins further helped 
by the reorganisation of the 
group into 16 strategic busi- 
ness units. Started last year 
the process is already yielding 
"substantial" savings and is on 
track to cut costs by 2 per cent 
after two years. 

Laporte is also managing to 


pusb through same price rises 
helped by the improving health 
of some of its customers, nota- 
bly polymer manufacturers. 

All five divisions reported 
higher profits with organics, 
construction chemicals and 
engineering polymers/elec- 
tronic chemicals showing 
strong growth. 

After a £30.7m jump in work- 
ing capital, there was a cash 
outflow from operations of 
£ 14.4m and net borrowings 
rose £4.7m to £138.9m during 
the period. However, the com- 
pany stressed that this was 
partly seasonal that net debt 
continued on a declining trend. 
Gearing was 41 per cent, but 
interest cover 14.6 times. 

• COMMENT 

The lingering worry with 
Laporte is that it tries too hard 


to impress. The 16J3 per cent 
figure for sales growth allow- 
ing for disposals was admira 
ble. but meaningless. Adjust- 
ing for the acquisition of Aztec 
and the extra month from 
Evode, tile underlying increase 
was nearer 10 per cent That is 
respectable enough though It Is 
easy to see why Laporte might 
be tempted into a bit of win 
dow dressing. Now that the 
main gains from Svode are in 
the bank, it needs to show 
healthy organic growth to jus- 
tify its premium share rating. 
But on current forecasts its 
growth is lagging the rest of 
the market The solution might 
be another deal and after the 
success of Evode the City 
would be likely to back a cash 
call. Another rights issue 
might also push it back into 
the FT-SE 100. 


Arjo allays fears of large rights issue 


By Richard Woffle 

Shares in Arjo Wiggins Appleton rose by 
I2p to 263p yesterday after the 
Anglo-French paper group denied that it 
would bid for SD Warren, owner of four 
big US paper mills. Warren is being auc- 
tioned by Scott Paper Company. 

Arjo said, however, it was ‘investigating 
ways whereby it might participate in a 
significantly smaller proportion of SD 
Warren's business In conjunction with 


a partner.” 

Analysts described the share price rise 
as a collective sigh of relief that Arjo 
would not be launching a substantial 
rights issue to fund an acquisition. 

Mr Mike Brown of SG Warburg Securi- 
ties said: “The statement was overdue, 
because the market was rife with these 
stories. It was emerging that there were 
one or two favoured candidates at Warren 
and people were beginning to put some 
numbers together.” 


Arjo is likely to face stiff competition to 
buy the more attractive operations at War- 
ren, the world's largest maker of coated 
free-sheet paper. The auction is due to 
close next week. 

Arjo has been hit by wood pulp price 
increases of 45 per cent this' year as the 
recovery in the paper industry has led to a 
shortage of raw materiaL With little pulp 
production of its own, it has been forced to 
pass on higher costs. 

See Lex 


Barratt advances 72% to £35.2m 


By Christopher Price 

Barratt Developments 
yesterday underlined the 
strength of the recovery in the 
group’s fortunes and the UK 
housing market with a 72 per 
cent rise from £20.4m to £35^m 
in foil-year profits to June 30. 

Sir Lawrie Barratt, chair- 
man. said the pace of recovery 
in the south-east was one of 
the most significant factors in 
the continuing recovery. “After 
substantial losses over the pre- 
vious four years, the return to 
profitable trading of our 
southern region subsidiaries is 
a major achievement,” he said. 

Turnover increased 23 per 
cent to £498.9m (£405.3m). 
Earnings par share rose 39 per 


cent to 12.9p (9.3p). The Anal 
dividend is 4p (3p) for a total 
for the year of 6p (4p). 

Sir Lawrie, 66, who came out 
of retirement three years ago 
after the group began to incur 
heavy losses, took the opportu- 
nity yesterday to scotch press 
speculation that he was about 
to step down. “Rumours of my 
resignation have been greatly 
exaggerated," he said, adding 
that he intended to see out the 
remaining two years of his 
agreed tenure. 

Mr Frank Eaton, chief execu- 
tive. said price rises nation- 
wide for new houses were 
ahead of inflation and running 
between 5 and 10 per cent 
ahead of a year ago in the 
south-east. 


However, older Barratt prop- 
erties were proving harder to 
make price rises stick and 
overall prices were stagnant. 
Mr Eaton forecast similar price 
rises for the following 12 
months, with volumes likely to 
be ahead 10 per cent The aver- 
age price of a Barratt house 
last year was £74JJ00 against 
£74,800 the previous year. 

Operating margins improved 
from 8 per cent to 10.4 per cent 
which the company put down 
to a general improvement In 
the housing market. Mr Eaton 
said that the company had 
withstood pressure from sup- 
pliers to pass cost increases on. 

• COMMENT 

The miserly rise in Barratt's 


share price yesterday showed 
less attention to the group’s 
seemingly good results and 
more to the issue currently 
occupying investors minds: 
interest rates. Profit forecasts 
have been raised some 8 per 
cent for next year to around 
the £50m mark. This would 
give 18-6p of earnings and a 
prospective p/e of 9.6 - unde- 
manding, particularly when 
compared with the likes of Bry- 
ant and the construction sector 
as a whole. But while expecta- 
tions of interest rates remain 
upward, and given the caution 
of some investors towards vol- 
ume housebuilders after the 
severity of the recession, the 
shares are unlikely to show 
any great Improvement.. 


Bowthorpe rises to £31.2] 


By David Blackwrafl 

Bowthorpe, the international 
electronic and electrical com- 
ponents group that made a 
£64 .4m ri g hts issue last Decem- 
ber, lifted interim pre-tax prof- 
its 16 per cent from £27m to 
£3 1.2m. Turnover for the six 
months to June 30 rose 24 per 
cent, from £163.6m to £2 Q2.2 m . 

Mr John Westhead. chief 
executive, said the results 
showed “a satisfactory 
improvement”. The group, 
which has 83 companies oper- 
ating in 11 business sectors, 
was continuing to look for 
acquisitions in niche busi- 


nesses following last month's 
£4.4m purchase of Bo him 
Instruments. 

The group, ungeared since 
the rights issue, generated 
£U.4m (£6 .3m) from continuing 
operations. Net liquid funds at 
30 June totalled £100.5m 
(£23.6m at December 31 1993). 

Acquisitions were behind the 
improvement in the US, which 
reported operating profits of 
£11.6m (£9.2m) and accounted 
for 37 per cent of the group 
total Turnover rose from 
£51.6m to £80.6m. 

A good exports performance 
was behind the £1 .3m increase 
in UK operating profits to 


£8-2m, 26 per cent of the group 
total. There were signs of 
recovery in Europe, where 
operating profits edged ahead 
by £600,000 to £9.4xn, or 30 per 
cent of the totaL 
The group said that, while 
outlook for the rest of the year 
was satisfactory, there was evi- 
dence of a slower US growth 
rate and margins continued to 
be under pressure in Europe. 
The group maintained first 
half margins at 15.1 per cent 
Earnings per share were ahead 
3.7 per cent from 8.91p to 9J24p 
after dilution for the rights 
issue. The interim dividend 
rises from 1.88p to 1.96p. 


William SindaU 
shares dip 16 % 

Shares in William Sindall 
retreated 16 per cent yesterday 
after the building company 
said it was In talks which 
"could result in a major acqui- 
sition and fund raising exer- 
cise.” 

The statement continued: 
“However, it is envisaged that 
any issue of ordinary shares 
made in connection with these 
proposals would be at a dis- 
count to the current midmar- 
ket price.” The company 
refused to comment further. 

Stndall shares closed down 
I7p at 88p. The announcement 
had been prompted by a recent 
surge in the shares. 


Innovative 
buy-back at 
Northern 
Electric 


By Michael Smith 

Northern Electric bonght back 
10 per cent of its shares yester- 
day after announcing an inno- 
vative method of effecting the 
purchases which could entitle 
sellers to significant tax cred- 
its. 

Although six other regional 
electricity companies have 
bought back shares none of 
them are near the 10 pm* cent 
level which most set as limits 
when seeking shareholder 
approval. 

Several have been consider- 
ing programmes of the type 
launched by Northern yester- 
day bat have backed off 
because of uncertainty over 
the Inland Revenae’s stance. 

Northern yesterday made 
clear that potential entitle- 
ments to tax credits under its 
scheme would be a matter 
which shareholders would 
have to negotiate individually 
with the inlan d Revenne. 

It could not give any assur- 
ance that the tax credit would 
ultimately be realised. How- 
ever the company would pro- 
vide vouchers showing infor- 
mation including the 
associated tax credit. 

Barclays de Zoete Wedd, 
Northern's broker, said last 
night that it had bonght 12.4m 
shares yesterday at between 
812p and 818p. Northern's 
shares closed at 813p yester- 
day, a rise of I9p. 

Through the Northern 
scheme, BZW acted as an 
agent to effect on-market pur- 
chases rather than a market 
maker. The Idea is that a 
shareholder who sells shares 
to the company through an 
agent would be treated as 
receiving a “qualifying distri- 
bution”, or income s imilar to a 
dividend, for tax purposes. 

The amount treated as a dis- 
tribution is the repurchase 
price of the shares less their 
nominal value of 50p. 

Analysts gave it a mixed 
welcome. Some praised the 
company and Us advisers for 
devising a scheme that gave 
investors the possibility of 
higher rewards than they 
expected. Others believed the 
market may punish the com- 
pany, by downgrading its 
shares, if the Inland Revenue 
foiled to give tax credits in 
large quantities. 


Spirax-Sarco achieves 
24% expansion to £14m 


By Ancfrew Boiger 

Spirax-Sarco Engineering, the 
Cheltenham-based steam 
equipment specialist which 
sells 85 per cent of its products 
overseas, reported a 24 per cent 
increase in pre-tax profits, 
from £iL4m to £14. lit, in the 
six months to June 30. 

Operating profit increased 23 
per cent to £14.8m and operat- 
ing margin improved from 13.3 
to 14J2 per cent 
Mr Chris Tappin, executive 
chairman, said: “The return to 
volume growth which we 
achieved In the last quarter or 
1993 has been maintained con- 
sistently throughout the 
period, emphasising the inter- 
national strength of our busi- 
ness." 

He said the group was begin- 
ning to experience some 
Increase in the price of raw 
materials, but these were not a 
significant element in the final 
sales price and would not have 
a material effect on margins. 

Turnover increased by 14 per 
cent to £103 .9m, of which 6 per- 
centage points were attribut- 
able to a full contribution from 
Spirax-Jucker, the group's for- 
mer Italian licensee which it 
bought for £13.4m last year. 

The group said that while 
volume was unchanged in the 
UK, margins improved and it 
was seeing the first signs of 
returning confidence. 



van am Uw 

David Meredith, finance director, (left), with Chris Tappin and 
Tim Fortune, managing director confidence returning in the UK 


Volumes grew in continental 
Europe in spite of continuing 
difficulties being experienced 
in Germany and Italy. In par- 
ticular, the group's sales 
operations in France, Scandin- 
avia and Spain achieved good 
improvements. 

Mr Tappin said the main 
manufacturing activities in the 
UK, US and France enjoyed 
higher levels or demand, in 
part following last year's 
inventory reduction, and 
increased their shipments to 
its selling operations around 
the world. Good productivity 
gains, coupled with tight cost 


control, resulted in the 
improved manufacturing mar- 
gins. 

Group companies in the 
Americas increased volume 
and strong growth In Asian 
markets helped subsidiaries in 
Korea, Singapore and Thailand 
to increase their contribution 
to profits. 

Gearing fell from 35 to 13 per 
cent. Earnings per share rose 
by 26 per cent to li).7p (S.5p). 
An interim dividend of 3.5p 
compares with 6.6p last time 
when the payment was boosted 
to maximise the benefit from 
an enhanced scrip dividend. 


Cash & carry sale blamed 
for Fitzwilton depression 


By Peter Pearse 

Fitzwilton, the Irish industrial 
holding group with significant 
food retailing interests, 
reported a reduction in pre-tax 
profits from I£1.02m to 
l£259,000 (£255,730) in the six 
months to June 30. 

However, profits from con- 
tinuing operations surged from 
I£941,000 to I£S.23m. Hie shares 
closed lp iip at 44p. 

Mr Tony O'Reilly, chairman 
and owner of a 15.23 per cent 
stake, said the period had been 
Influenced by four develop- 
ments. 

Of these, the sale of the M6 
Cash & Carry division to Nur- 
din & Peacock lay behind the 


depressed pre-tax profits. Mr 
Patrick Dowling, finance direc- 
tor, said the £21 .9m sale, plus 
the assumption by N&P of 
£10.5m debt was “a heck of a 
good price.” 

In another development Fitz- 
wilton raised its stake in FA 
Wellworth from 43 to 97 per 
cent, concentrating group 
activities within Northern 
Ireland's food retailing sector. 

Some l£50m of new equity 
raised in the period marked 
the third development and 
helped financp the I£41m pur- 
chase of the extra 54 per cent 
of Wellworth. The retailer was 
bought with venture capital 
partners from Isosceles for 
I£120m, which Mr Dowling said 


looked very favourable “in the 
light of what Tesco paid for 
Wm Low." 

Wellworth is set to contrib- 
ute TO per cent of group profits 
this year. In the 53 weeks to 
April 30, the 36-store retailer 
raised operating profits to 
£18.5m, against £16.3m in the 
previous 52 weeks. 

The fourth influence in the 
period was the tumround at 
Waterford Wedgwood. Fitzwil- 
ton's 9.4 per cent holding, 
worth some I£40m, represents 
40 per cent of its capitalisation. 

Total losses per share were 
052p (OJlp), but, on continu- 
ing activities, earnings were 
0.84p (losses O.lSp). The interim 
dividend is reduced to Ip (L5p). 


DIVIDENDS ANNOUNCED 


Current 

payment 


Date of 
payment 


Cones - Total 
pondng for 
dividend year 


Total 

last 

year 


Arcoefectrie 
Barratt Dev 
Bowthorpe 
Brit Aerospace 
CheMMd 
Rtzwitan 
Golden Vale 
Henderson Biro 
KMnwort Devpt 

Laporte 

Ptioto-Me Inti - 
Pittarda 



Jnt 


Spirax-Sarco 
Steel Butt® . 
Tibbett/Britten ... 
Tlbuiy Douglas 
Tor Inv Trust — 


1 -96 

4 
1 

1 *. 

0 . 6 * 

1.85 

825 

7.9 

3.3 

0.75 

3.5 

3 

5 

10.5 
10 


Nov 14 
Nov 18 
Dec 12 
Nov 30 
Nov 10 


Nov 2 
Dec 12 
Nov 23 
Jan 3 
Jan 4 
Dec 5 
Nov 3 
Nov 11 
Nov 11 
Nov 14 


0.555 

3 

1.88 

3.3 

1 3 
0& 

1.7 
7.75 

7.4 
3.2 
nil 

8.8 
3 

4.5 
105 

10 


6 


3J5 

11 

4.8 


40 


1.215 

4 

091 

8.3 

3.5 
1.85 

32 
105 
20.7 

4.6 
1 

9.9 

9 

14.2 

33 
40 


Dividends shown 
increased capitaL 






croiefC Ii an a’ -T wnitefl- 'A: ~~ J 






1994 





per share net except where otherwise stated. tOn 
stock. Xlrish pence. 


SBH acquires Kelvin 
Central in £11. lm deal 


By Caroline Southey 

Kelvin Central a Scottish bus 
company sold by Scottish 
Transport Group to a manage- 
ment buy-out for £1 in 1990, is 
to be acquired by SBH, the par- 
ent company of Strathclyde 
Buses Group, in a deal which 
values Kelvin at EILlm. 

For each of their shares, SBH 
is offering Kelvin shareholders 
£10 in cash or £10 nominal of 
loan notes or 10 new SBH 
shares. Over 53 per cent of Kel- 


vin's shareholders have agreed 
to accept the offer. 

The management buy-out 
deal in 1990 included a £lm 
deferred consideration, which 
Kelvin Central will now repay. 

SBH reported pre-tax profits 
of £2.1m and turnover of 
£5S.2m in the year to March 31. 
At that date it bad net assets 
of £21. 5m. Kelvin Central 
reported losses of £i.5m on 
turnover of £27. 3m in the year 
to December 31. At that date it 
bad net assets of £ 6 - 2 m. 


The BIEE memorial award for 
Andrew Holmes 

A fund has been established in memory of the distinguished 
Financial Times journalist and editor of Power in Europe, 
Andy Holmes. The British Institute of Energy Economics 
(BIEE) is to give an annual research award of £1,000, subject to 
finding a suitable candidate. The arrangements are being 
administered by BIEE. The award is open to men and women 
between the ages of 21 and 35, resident in the United Kingdom, and 
who are interested in energy issues. 

Applicants should submit a two-page original and non-technical 
research proposal related to energy or to energy and the 
environment, and likely to lead to a 5,000-10,000 word paper. This 
proposal should reach die address below by October 31, 1994 with a 
cover note giving details of address, phone and fax numbers plus 
university or company affiliation, if any. A shortlist of applicants will 
then be drawn up and interviewed in London in December. The 
winner will receive half the money on winning the award and the 
remainder on completion of the paper. The results will be announced 
in early 1995. 

The aim of the award is to encourage young managers, 
postgraduates and others to think about the wider issues of energy 
policy. Topics could include the European Energy Charter, global 
warming, the impact of China's economic growth on energy 
demand, policy on the the development of alternative transport 
fuels, the future of nuclear power, third party access to transmission 
grids etc. These are purely illustrative. The judges do not wish to 
specify a precise topic, but the subject matter and final essay should 
be fully comprehensible to a non-sdentific or non-technical audience. 
The winner may be asked to present his or her findings at a BIEE 
meeting, and the resulting paper may be published in shortened 
form in the FT Energy Economist. 

Applications should be sent to: Lucy Plaskett, FT Newspapers, 
126 Jermyn St, London SW1 Y 4UJ. Fax: 071411-4415. 




NBD BANCORP, INC 

US$100,000,000 
Floating rate subordinated 
notes due 2005 

Notice Is hereby given that for 
the interest period 22 
September 1994 to 22 
December 1994 the interest 
note has been fixed at 5.25%. 
Interest payable on 22 
December 1994 will amount 
to USSI32. 71 per US$10,000 
note. 

Agent: Morgan Guaranty 
Trust Company 

JP Morgan 


Midland Bank pic 

fnospofttM Mffi mim teeny nCflptenpt 

USS500.000.000 Undated 
Floating Rate Primary 
Capital Notes 

Tin Rate of interest has been fixed 
at 5.75% pa. The interest payable 
on the relevant Interest Payment 
Date March 22. 1995 against 
coupon No. 19 in respect of 
USS1 0,000 nominal of the Notes 
wfllbeySS289. 10._ _ 

Citibank N A (Issuer Services). 
Agent Bank 

September 22. 1994 . 


THE BARING PACIFIC INTERNATIONAL FUND 

Socttlf d'lnontimuciit A Capital Variable 
RetUered Office: LixcmboarB, 13 rue Gael be. R.C. Uu n l w B g B 20314 
THE ANNUAL GENERAL MEETING OF SHAREHOLDERS 

of Hie Baring Pacific International Fund arflt hr brW at its irgalemi office at 11. iut Gueibc. 
Lnumtwocg at UO pa an 30 September I9M Ter Ibe papas* of romiJefbtg jid toting upon ibr 
knowing nnulen: 

Age rid*: 

I. Acceptance of (he Piraton 1 ami Aadlura reports oat approval irf ibe flaaaclal ttucmcota fcrflU 
ended 31 Miy WM. 

1 DbtrBwtion i>f dhrldead 
1 Discharge at ibe Board of Directors. 

4 Rc-ckakm of Directors. 

5. Ri-dMka of Andhor, 

6 Manllucoik 

Voting: 

Resolrekm cm lie agenda of ihe anaual general meeting will require nu qnarma and will be taken a) 
Hu- majority of ibe nous dpicsicd by Hie iharetoUen premia ur represented at Ore meeting. 


SbAMtoMea win earn 

ligned pirey tom m the 
Pioij farm* wGE be leaf to I 
obtained from the njicti 


Meeting la pawn are Invited to serai a Jdy emupicted and 
flice nf the Confwny a> arrive ant haer than 28 September l«4 
i with ■ cup, at ihii Notice ud can aba he 

rhr Board afOantort 

l« September 1994 



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N 


X 




FINANCIAL TIMES THURSDAY SEPTEMBER 2- 1994 


COMPANY NEWS: UK 


BrightReasons coining 
to market with £ 70 m tag 


Steel Burrill 
recovers to 
£ 3 . 8 m 


By David Blaefcwefl 


BrightReasons, the private 
company which owns the Piz- 
za land restaurants chain, is 
planning to come to market 
after its annual results are 
published late nest mnnth_ 

The group, which is expected 
to be capitalised at about £70m, 
plans to clear its debts of more 
than £15m and raise a small 
amount of additional capital in 
order to maintain its growth 
rate. 

As well as U7 Pizzaland out- 
lets, the group owns a chain of 
32 Bella Pasta restaurants and 
17 Pizza Piazzas. 

Mr Michael Guthrie, group 
founder and chairman, said 
yesterday that Pizzaland, 
which has an average spend of 
£6 a head, was represented in 
80 towns and cities hi the UK. 
There were 100 other places 
with the right profile to launch 
a new branch. 

Bella Pasta, which Mr Guth- 
rie claimed was the only pasta 
chain In the country, could 
expand to a further 100 sites, 
and Pizza Piazza to a further 
25. 

The group made operating 
profits of £4. 07m in the nine 
months to June 30 on sales of 
£56. Im. It paid interest of 
£I.l9m. 

Mr Guthrie, a former chair- 
man and chief executive of 
Mecca Leisure, started the 
group with the purchase of a 


— - if» 




; -\7 % **£?&* 

■ -7-' 



surplus 


By Christopher Price 


IMf 


-rrau/^,^- 


L»dta wiMMot 

Michael Guthrie: Pizzaland oatlets in 80 UK towns and cities 


chain of 136 Iossmaking restau- 
rants from Grand Metropolitan 
for £16m In 1991. A further 44 
restaurants were purchased 
from Rank early last year. 

The pizza chain was given a 
more European feel and a 
wider range of menu, and 
returned a small profit in its 
first year. 

Mr Guthrie said the UK mar- 
ket for pizza and pasta restau- 
rants had grown by more than 
25 per cent in real terms since 
1986. and he expected further 


strong growth as eating out 
continued to become more pop- 
ular. 

The main shareholders in 
BrightReasons are Mercury 
Asset Management, with 53 per 
cent, and the management, 
with 29 per cent 

Some of the management 
will be selling shares, but Mr 
Guthrie will not be selling any 
of his 8% per cent stake. 

Sponsors to the issue will be 
Samuel Montagu, and UBS is 
broker. 


Exco on target with £28m 
but third quarter ‘subdued’ 


By Simon Davies 


Exco, the moneybroking 
company that returned to the 
stock market in July, yester- 
day flnnminrpri profits hi line 
with prospectus forecasts, but 
said that trading in the third 
quarter of the year had 
remained “subdued.” 

Pre-tax profits for the six 
months to June 30 rose by 31 
per cent from £21. 4m to £2Sm, 
marginally higher than the 
£27 .5m forecast. 

There were substantial 
increases in the contribution 
from the three moneybroking 


businesses of spot foreign 
exchange, money markets and 
derivatives, while the fixed 
income securities broking con- 
tinued to grow. 

The company said that 
“banks around the world [are] 
adopting a more cautious 
approach to trading,” and 
there had been little sign 
of recovery from the summer 

ton. 

Exco operates a global busi- 
ness. but the bulk of earnings 
growth came from Europe, 
where operating profit more 
than doubled to £9.59m 
(£4.35m), aided by newly-ac- 


quired CMS, in Zurich. 

North America remained the 
largest contributor, with prof- 
its of £12m, up from £102m. 
Asia Pacific showed a ma rginal 
decline to £5.32m (£5.7Sm), 
reflecting uncertainty in 
Japan. 

Turnover overall rose 22 per 
cent from £103m to £126m, 
while operating costs rose to 
£100m (£85 Jim). 

Earnings per share rose 25 
per cent to 11.9p (9.5p). A 
delayed interim dividend will 
be paid in mid-January, repre- 
senting a part payment of the 
final dividend. 


The interim dividend is 
maintained at 3p, payable 
from earnings per share of 
4.68p (7.62p losses). 

As a result of the company’s 
restructuring and reorganisa- 
tion, which involved a charge 
of £4.39m last time, total 
expenses fen by 32 per cent to 
£20 .5m (£30^m). 

Mr Burrill said that the ben- 
efits of the cost cutting - were 
now being bolstered by the 
stability in the group's general 
business, with the non-marine 
business in particular encour- 
aging. 

However, Mr Clive Richards, 
the chairman, struck a cau- 
tious note. “It would be 
unwise in present market con- 
ditions to expect any early 
underlying increase in broker- 
age and fee income," he said. 



The M & A 
Market 
of the Future 


A major conference on * 
Friday, 11th November 1994 









TOPICS INCLUDE: 



Developing an entry strategy 
Identifying and approaching targets 
Legal, tax and accounting considerations 
Practical experience of alliances in China 


Speakers from: , 

Jardine Fleming Holdings Limited ’ Lovell White Durrant • Bain & Company (Asia) 
Stephenson Harwood & Lo • Price Waterhouse * Jardine Fleming Taiwan Securities 
Oxford China Economics * China -Britain Trade Group * Case-Study - United Biscuits 


To book a place or receive further details, please contact: 
Vanessa Foss, Acquisitions Monthly Conferences) 
Tel: 071-823 8740 Fax: 071-581 4331 


Acquisitions Monthly is the leading mergers, acquisitions and buyouts magazine in Europe 


For a sample copy please contact: 

Peggy. Small, Tudor House Publications Ltd Frances Harvey, Tudor House Publications Ltd 
Lonsdale House, 7(9 Lonsdale Gardens or PQ Box 4B429 

Tunbridge Wells, Kent TNI 1NU Washington DC 20002-0429, USA 
T el: (0892) 51 5454 Fax: (0892) 511547 Tel: (202) 396-1 052 Fax: (202) 396-1 053 


Acquisitions 

Monthly 


Significant expansion potential for largest UK-owned vehicle maker 

LDV talks on east European link 

By JofBI G ri f fi t h s onmMri Hist T.IW marie a tire. twine increased OlltDUt fatCS, Dutch n» 


f 1 * t 




Steel Burrill Jones Group, the 
insurance reinsurance 
group, yesterday returned to 
the black with pre-tax profits 
of £3. 79m for the first half of 
1994 compared with losses of 
£3J2m. 

Mr Christopher Burrill, 
flnaqm director, said the turn- 
round had been achieved 
through a restructuring of 
file business during the last 
year. 

He added that the group's 
trading profit of £4. 39m, 
before loss on disposal of the 
group's north American sub- 
sidiary, was 25 per cent higher 
than the £3J>2m last time. 
However, he admitted that 
“the overall trading environ- 
ment remains tough." 

Turnover slipped 2 per cent 
to £22£m (£23. 4m). In the Lon- 
don marine market, turnover 
dropped 13 per cent to £445m 
(£5. 69m), while the non-marine 
business slid 7 per cent to 
£7.93m (£&57m). 

However, there was an 
improvement in the retail 
broking and consultancy busi- 
ness where turnover rose by 2 
per cent from £9.91m to 
£10-2m- 

Investment income declined 
by 34 per cent to £1.92m 
(£2-9m), with the company 
blaming lower interest rates 
“which continued to work 
through on the group’s liquid 


LDV, the Birmingham-based 
van maker rescued from last 
year’s crash of the Anglo- 
Dutch DAF comm ercial vehic- 
les group, is in advanced nego- 
tiations for its vans to be 
assembled in eastern Europe 
and for the resumption of exp- 
orts to west European markets. 

A successful outcome for 
both sets of talks would pro- 
vide significant expansion 
potential for LDV, which has 
become the biggest UK-owned 
vehicle maker as a result of the 
sale to BMW of Rover Group. 
As Freight Rover. LDV was 
itself part of the formerly UK 
state-owned Rover Group until 
being hived off to DAF in 1387. 

LDV yesterday disclosed a 
further rise in profits and pro- 
duction levels, having already 
added 200 jobs since a manage- 
ment-led buy-out from the 
receivers in April last year. 

The near L200 employees at 
the Washwood Heath plant 


were told that LDV made a pre- 
tax profit of £2L3m on a £72m 
turnover in the six months to 
June, compared with £8.6m on 
£80m in the company’s first 
ei ght TnnnthK of operations last 
year. 

With the UK’s light commer- 
cial vehicles market continu- 
ing on a firm recovery course - 
sales are up 16 per cent so far 
this year - predictions made by 
LDV that it would achieve a 
£150m turnover tws year are 
already appearing conserva- 
tive. 

The company, whose £40m 
buy-out was backed by the Si 
venture capital group. Royal 
Bank of Scotland and United 
Dominions Trust, is investing 
£30m in improving manufac- 
turing ami developing 

the Bulldog, a replacement for 
its existing van ranges which 
will appear in about 18 

mnnt.hft* time. 

LDV’s own UK sales were up 
25 per cent in the first eight 

mrrnthe of the year and it haa 


twice increased output rates. 
The plant is currently produc- 
ing 300 vans a week, compared 
with 200 In March, and total 
production this year is expec- 
ted to reach UL500 compared 
with a claimed break-even 
level of 9,000. LDVs UK cur- 
rent market share of around 12 
per cent compares with just 
over 6 per cent at the time of 
the buy-out. 

Agreement with LDVs as 
yet unnamed east European 
partner could be finalised 
within three or four months, 
after nearly a year of negotia- 
ting, Mr Allan Amey, LDVs 
chief executive, said yesterday. 
The intended production site is 
understood to be in one of the 
former eastern block countries 
like Hungary or Czechoslo- 
vakia rather than Russia itself. 

LDV is also negotiating with 
three prospective distributors 
of its vehicles in western 
Europe, including DAF Trucks, 
the Dutch commercial vehicle 
operations rescued by the 


Dutch and Belgium govern- 
ments from the original DAF 
group’s wreckage. 

Before DAF collapsed In Jan- 
uary last year, up to 7.000 ctf 
the Birmingham-built vans 
were being sold each year 
through its continental Euro- 
pean dealerships. 

LDVs intention is to con- 
clude a west European distri- 
bution deal within six mouths, 
said Mr Amey. who in Febru- 
ary was voted Midlands “busi- 
nessman of the year”. Conti- 
nental Western Europe should 
be able to provide LDV with at 
least another 4,000 to 5,000 
sa l es a year, according to Mr 
Amey. He refused to disclose 
the potential size of the east 
European venture but said: 
“We're getting pretty excited 
about iL“ 

About 5 per cent of LDVs 
output is already exported, 
mainly outside Europe, and an 
assembly venture in South 
Africa is currently being 
explored. 


British Steel in east Asian expansion * 


By Andrew Baxter 


British Steel is continuing its 
expansion in east Asia, des- 
tined to be the main growth 
market for steel over the next 
Hflflftde. through the signing of 
a joint venture to establish a 
steel roll forming facility in 
Kuala Lumpur. 

European Profiles, a British 
Steel subsidiary, is linking 
with Zefleco Holdings, a large 
Malaysian construction com- 


pany. It brings the number 
of operations in British 
Steel’s Asia-Pacific network to 
12 . 

It recently opened an office 
in Ho Chi Mmh City. Vietnam, 
and exports to the region are 
continuing to grow. 

European Profiles, based 
near Swansea, is one of two 
profiling companies bought by 
British Steel from RTZ earlier 
this year. It has been exporting 
profiled steel cladding to the 


Pittards back into the 


black at £l.lm midway 


The closure of its clothing 
business enabled Pittards, the 
leather manufacturer, to 
return to the black with profits 
of £i.06m for the first half of 
1994, compared with losses of 
£310.000. 

Operating profits were 
£l-85m, against £835,000 which 
included losses of £837,000 on 
disrantiniipri activities. In addi- 
tion, the comparable pre-tax 
figure was struck after closure 
losses of £135,000: - 

Mr David Macdona ld , chair- 


FINANCTAL TIMES 


international 


Will> corp or ate defaults naatixg at record levels tt>e measurememt qf 
credit risk bas becxtme tbe hey to j lwa m cial dedsioa mahiBg. 

Nov from FkmaciaiTbxes NetsskOsrs: 
a Hmique source of reference for all players i* the ialeruatiouat 
credit markets - borrowers, b s u est or s oad htte rmerUaritt atOu. 

A t firacul hmjuUH oJ £roy duct motdK, juIauIui mne rfc 

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Caoifac Bond Kxing Seme. Moiad 
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Wraftdps,Qsagn 
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Itoodfs InwanoSema, New Yak 
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sondes Noons, babsaga ad OBkadca. 
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finrnid Tints Ncwkran. Tie I W adscript** 
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FINANCIAL TIMES 


PT hna EwpfeoUd. RiahiBC* Offer Motor Ok SM6n* BAfe 
LaA* SEI ML SgtaL ftefMOBi Ha *TOWl VAT Rcfbaam Ns OB ZR JJJI 21 




YOU HEARD IT FIRST FROM EXTEL •••• 

Extel News told subscribers of the dawn raid 
by Mirror Group on Scottish TV at 10:42 on 
Tuesday, 20th September, more than an hour 
before any other leading newswire. 

If you want to know what is going on in the market, 
telephone James Barratt on 071 825 8233. 


EXTEL NEWS 

News that Moves Markets 


Extel Piunrial L i mi t ed. 13-17 Epwoilh Street, London EC2A4DL 
A Member of the Financial Times Group 

A PEARSON COMPANY 


east Asia for 12 years. 

The new company, to be 
called European Profiles (Mal- 
aysia), will use steel from 
South Wales as its raw mate- 
riaL 

Profiled steel cladding is 
used in the construction of 
power stations, and the new 
company’s first order will 
be to supply 85,000 sq m of 
cladding to a power station 
project in Surabaya, Indon- 
esia. 


Financial details of the joint 
venture were not disclosed. It 
comes less than a week after 
British Steel announced a 
restructuring of its profiling 
operations in the UK in 
response to overcapacity prob- 
lems. 

A profiling plant at Newton 
Aycliffe, County Durham, will 
close with the loss of 56 jobs, 
and production will be concen- 
trated at the two former RTZ 
plants.. 


Dragon Ofl seeks £ 9 . 7 m 
for Asian expansion 


man, said the outlook for the 
rest of the year was mixed. The 
gloving division had a reason- 
ably toll order book at satisfac- 
tory margins but the shoe and 
leathergoods side would con- 
tinue to struggle with expen- 
sive raw materiaL 
Turnover was £61.1m 
(£58-5m), including £307,000 
(£8 .34m) from discontinued 
activities. Earnings per share 
came out 3.6p (22p losses) and 
an interim dividend of 0.75p 
(nil) is declared. 


Dragon Oil, the Dublin-based 
exploration co m p an y, is seek- 
ing £9.7m through a placing 
and rights issue to expand its 
interests in east Asia. 

As a result S inoil Asia, a 
Hong Kong-based company, 
will take a state of up to 26.9 
per cent and four prominent 
Asian businessmen win join 
the board. 

The company also reported 
post-tax profits of 239,000 
(£25,000) tor the eight months 
to June 30 against losses of 


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Sovereign (Forex) Ud. 

^4hr Foreign Exchange 

Mwgfa Troding FodBfy 
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Da^rFmSemca 
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9192,000 tor the six months to 
i^iril 30 1993. Turnover was 
94.01m (997,000). 

A total or I65m units, con- 
sisting of two shares and (me 
warrant, are being placed ini- 
tially with Sinoil at 4p. 

Sinotl win be able to sub- 
scribe for a further 120m 
shares at 2p. 

An underwritten rights 
Issue is offering 56.9m units 
on the basis of one unit at 4p 
for every 26 ordinary shares 
held. 


fc'.fndllii 
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FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 ★ 


COMPANY NEWS: UK 


Aerostructures shares 
dive 50p after warning 


By DavkJ Blackwefl 

Shares in Aerostructures 
Hamble. the former British 
Aerospace aircraft components 
subsidiary floated last May, 
nosedived yesterday after a 
trading statement warned of 
difficulties with several con- 
tracts. 

The shares, issued at 120 p, 
fed by 50p to close at 73p. 

At the time of the float, four 
of the directors involved in the 
I960 m a na gement buy-out from 
BAe sold 2.9m shares worth 
almost £3.5m. Mr Andy Barr, 
the chief executive, who 
retained a 5.93 per cent stake, 
sold 1.45m shares. 

Yesterday's statement - 
described by one City analyst 
as “nebulous” - opened with a 
bald statement that British 
Aerospace, Aerostructure's big- 
gest customer, had “published 
its interim results this morn- 
ing.’* 

Aerostructures - chaired by 
Lord King - has been working 
to reduce its dependency on its 
• former owner, which 
B ' accounted for 98 per cent of its 
business in 1990 and 78 per 


Amrnnfrurti.irBa Hambfe 

Share price (pence) •' 

130 ■ 



cent last year. However, the 
statement did not refer to any 
particular British Aerospace 
contract 

The company said that, 
while trading in the first half 
was broadly in line with expec- 
tations, “operational difficul- 
ties encountered recently have 
led to margins cm a number of 
contracts being placed under 
pressure," adversely affecting 
the hill-year result 

British Aerospace said yes- 
terday that costs were being 


cut at the Jetstream and Avro 
regional passenger aircraft 
businesses. The intention was 
to stem losses caused by 
reduced production volumes 
because of poor demand. It 
added that suppliers had 
agreed to price cuts. 

Aerostructures has contracts 
to build parts for both the 
Avro RJ/146 regional jet and 
the Jetstream 61/ATP. 

Aerostructures, which will 
report its interim results early 
next month, said the board was 
“acting to rectify the opera- 
tional problems.’* It was also 
“examining the need for fur- 
ther action in the light of the 
c ontin uing unfavourable condi- 
tions in the aerospace sector.” 

The prospectus, in which the 
directors described the 
long-term outlook for the civil 
aircraft market as “positive," 
showed that operating profit 
margins had been lifted from 
83 per cent in 1991 to 11.3 per 
cent last year. 

One analyst suggested yes- 
terday that if BAe were losing 
money on its aircraft, it would 
not be pleased by such high 
margins at its subcontractors. 


Tilbury Douglas highlights 
recovery with 11% rise 


By Christopher Price 

The recovery in the UK 
building market was once 
again highlighted yesterday 
when Tilbury Douglas, the con- 
struction group, reported an 11 
per cent increase in pre-tax 
profits on continuing 
operations at £6 Jm for the first 
six months of the year. 

Overall, the pre-tax figure 
showed a fall from £ 12 . 8m, 
although this included the 
£&8m proceeds from the sale of 
Douglas Concrete among the 
exceptional items. 

Tilbury's equipment division 
was the driving force behind 
the growth, with pre-tax profits 
there increasing nearly three- 
fold to £1.76m (£593,000) on 
turnover 17 per cent higher at 
£14.49m (£12J5m>. 

Mr Michael Bottjer. chief 
executive, said that overseas 


contracts had bolstered the 
performance, with the group 
providing the equipment needs 
for some high profile projects, 
such as the £10m Ma Wan Via- 
duct project in Hong Kong. 

wi thin group turnover ahead 
18 per cent to £199.07m 
(£169. 35m), construction 
accounted for £172. 12m 
(£139. 62m) - an increase of 23 
per cent. However, profits 
declined 14 per cent to £3.0lm 
(£3. 52m). Mr Bottjer blamed 
tighter margins, although he 
added that the benefit from the 
higher turnover would feed 
through to the profit fin** dur- 
ing the second half 
Profits in the Scottish hous- 
ing division fell from £1.36m to 
£lJm on slightly improved 
turnover of £7.58m (£7 .37m). Mr 
Bottjer said the situation 
remained tough, although he 
foresaw a slow improvement. 


“Providing land prices are 
reasonably contained, Scottish 
housebuilding looks set for 
medium term growth," he said. 

Construction work in hand 
was ahead 10 per cent at 
£2l5m, with mainstream h i did - 
mg and specialist mntrartmg 

showing improved order books. 

Contracting in the dvfl engi- 
neering business was stalled 
by concerns in the water 
industry over regulatory 
issues, but the company 
expects work to begin picking 
up, following the recent issue 
of the Ofwat report 

The interim dividend was 
held at 10.5p, with the com- 
pany expecting to pay a main- 
tained total of 33p. Earning s 
per share came to ll.9p. 
against 26J)p. 

The shares responded posi- 
tively, closing 15p ahead at 
563p. 


Gas production rise helps 
Seafield leap to £1.08m 


By Peggy HoOnger 

A sharp jump in gas 
production helped Seafield 
Resources, the USM-quoted 
exploration company, to 
announce a fivefold increase in 
net profits from £216,000 to 
£L08m for the six months to 
June 30. Turnover rose 40 per 
cent from £3.01m to £4£m. 

The company warned that 
annual profits would not show 
such a substantial rise, owing 
to the nature of its gas con- 
tracts. The profits had been 
helped by a 60 per cent 
increase in production from its 


main producing asset, the Vic- 
tor field. However, tins was 
sold at an average annual rate 
and so profits in the UK were 
expected to be similar to those 
achieved last year. 

Profits were also helped by 
higher gas prices and lower 
losses in the US after disposals. 
Bantings per share rose from 
0.4p to 2.1p. As in previous 
years, there was no interim 
dividend; 

Mr Roger Witts, finance 
director, said the group was 
encouraged by Its exploration 
success so for this year. Seaf- 
ield marie its second discovery 


on the 21/16 North Sea block 
and won an interest in neigh- 
bouring acreage that was 
“potentially very significant 
for the company”. 

Seafield plans to participate 
in the drilling of a further 16 
wells in the UK and overseas 
before the end of 1995. The dril- 
ling activity is expected to 
erode the group’s net cash 
position, although it Mr Witts 
said it would "remain «>gh pos- 
itive" at the year-end. The 
Schooner field, in which Seaf- 
ield has a 0.69 per cent fixed 
equity interest, is on track to 
produce its first gas in 1996. 


Dalgety expands in pet 
food with Spanish buys 


By David BlackweB 

Dalgety, the food and 
agribusiness group that owns 
Spill ers, yesterday bought two 
privately owned Spanish pet 
food companies as part of its 
strategy of expanding its Euro- 
pean pet food business. 

Last week, announcing a 7 
per cent rise in pre-tax profits 
to £ 120 . 1 m for the year to end 
June, the group said it would 
be seeking more acquisitions 
in continental Europe, where it 
will be focusing on food ingre- 
dients and pet foods. 

The price of the Spanish deal 
was not revealed, but the 


group is thought to have paid 
close to the two companies' 
combined annual turnover of 
£17m. Their combined assets 
are £llm and operating profits 
£L8 xxl 

Mr Richard Clothier, Dalgety 
chief executive, said the group 
had had no presence in Spain, 
where the pet food market is 
growing fast. Nldo Industrial 
and Pet-Bon were well known 
brands, particularly in bird 
food. 

Last year. Dalgety paid £42m 
far BP*s Paragon Petcare, giv- 
ing it access to the French, 
German, Dutch and Belgian 
markets. 


Waverley loss 
at £259,445 

Waverley Mining Finance, the 
mining investment company 
which has changed its year 
end to June, reported pre-tax 
losses of £259,445 for the period 
to June 30. For the year to 
March 31 1993 there were 
losses of £63.411. 

The company said this 
reflected the cost of profes- 
sional advisers retained during 
the takeover of Westralian 
Resource Projects in March 
1994 <mri the “technical assess- 
ment" of unquoted investment 
opportunities. 

Losses per share rose to L8p 
<0.6p). 

Net asset value per 5p share 
was 40.9p at June 30 compared 
with 33p at March 31 1993. 


Photo-Me 
shares dip 
20p on fall 
to £13.9m 


By Peter Pearce 

The market reacted critically 
to a tall in headline pretax 
profits at Pboto-Me Interna- 
tional, Marking the shares of 
the world’s largest photo- 
booth manufacturer and oper- 
ator down 20p to 235p. 

Pre-tax profits fell to £l&9m 
(£16Jbn) in the year to April 
30, though the group was keen 
to stress that operating profits 
rose, albeit modestly, from 
£29. 5m to £31- 3m and that 
group profits were up at 
£15.5m (£ 13.4m), after depreci- 
ation of £15.8m (£lEL2m). 

Below this the devaluation 
of sterling in the previous year 
contributed £4.l5m to last 
time's figures, against a mere 
£93,000 this time. 

Further there were excep- 
tional costs of £1.67m arising 
from the group’s merger with 
KIS of France, which was 
agreed by PMTs shareholders 
in February. 

Although KIS was part of 
the group for only for two 
months. PMI has stated its 
accounts as if It had been on 
board not only for the year 
under review but also the pre- 
vious 12 months. 

Mr Dan David, chairman, 
said that the merger with KIS. 
with which PMI had had a 
three-year relationship previ- 
ously, had added “a new tech- 
nological dimension”, specifi- 
cally Argentic, which freezes 
video images into high quality 
still photographs. 

Mr David Miller, group man- 
aging director, added that a 15 
per cent increase in revenue 
was expected from this new 
technology, derived from 10 
per cent cheaper manufactur- 
ing costs, more customer 
choice and lower consumables. 

Group turnover declined to 
£1 72.4m (£175m), after the sale 
of two “chunky, but distant* 
subsidiaries in Australia and 
New Zealand to local owners. 
Mr David said, though that 
they were still contributing to 
the group’s profits. 

The group currently has 
more than 18,000 photo-booths 
sold and serviced in more than 
100 countries, of which PMI 
has agents in about 70. 

Mr David expected the group 
to have some 19,700 in the cur- 
rent year. Including 500 Ima- 
gemaker booths, which create 
larger photos. PMI was also 
cautiously excited" by the 
prospect of photographs on 
UK driving licences, which 
should be introduced during 
1996. 

Earnings per share emerged 
at 10-26p (ll.52p) but the final 
dividend is lifted to 03p (12p) 
for a total payment up OJJp at 
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Growth provided by car distribution but difficulties in clothing 

Tibbett & Britten advances 11% 


By Simon Davies 

Tibbett & Britten, the 
distribution group, reported an 
11 per cent increase in first- 
half profits, but foiled to keep 
pace with expectations that the 
UK economic recovery would 
translate into increased reve- 
nues from its core business. 

The shares fell 42p to 76$). 
after Tibbett revealed pre-tax 
profits of £ 12 J 5 m (£ 11 . 4m) for 
the six months to July 2. on 
turnover up 15 per cent to 
£203m (£177m). 

Mr John Harvey, chairman, 
said that “the present trading 
environment is tough, with 
margins generally under pres- 
sure.” Most brokers marked 
down 1994 profit forecasts by 
some £L5m to a new consensus 
of £27m. 

However, the group’s UK 
business has secured substan- 
tial new contracts, from com- 
panies including Mars and 
Jacobs Bakery, which bodes 
weD for next year. 

Profits growth for the period 
came primarily from Silcock 
Express, the car distributor 
purchased in late 1992 and 
strengthened by the purchase 
of Toleman in March. Divi- 



John Harvey: trading is tough with margins under pressure 


sioual profits increased by 
£18m to 5.5m. 

Tibbett & Britten Ltd. the 
core UK business, fared less 
well, with profits edging up to 
£7.1m (£7m). The subsidiary 
suffered from difficulties in its 
clothing network. 

The group has been making 
a substantial push overseas, 
and the UK accounted for 71 
per cent of revenues, compared 
with 97 per cent in 1991. 


Tibbett & Britten Interna- 
tional increased turnover by 62 
per cent. Progress in its three 
main markets of Canada, 
South Africa and Portugal 
helped lift operating profit 
from £200,000 to £600,000. 

Profit margins overseas 
remained razor thin, but Mr 
Harvey said this reflected the 
level of investment in new 
facilities. 

He said the international 


division should be able to 
achieve the 6.6 per cent profit 
margins of the UK. compared 
with 2 per cent now, but the 
improvement would be slowed 
by continuing investment. 

Capital expenditure 
increased from £13. 4m to £39m. 
bringing net borrowings to 
£33m- Mr Harvey suggested 
that the year end figure could 
rise to £5Sm. 

The increase in the interim 

dividend to 5p t4.5p) is in pro- 
portion with earnings per 
share, up from I7.5p to UMp. 

• COMMENT 

The danger with a premium 
stock market rating, is that 
investors expect earnings 
growth to match. Tibbett 's 
shares remain at a 29 per cent 
premium to the stock market, 
and parts of its UK business 
are looking decidedly mature. 
Profits should hit £27m this 
year, representing a p)e of 133. 
International <ixpansion offers 
good longer-term prospects, 
and the management perfor- 
mance justifies a high stock 
market rating. However, it 
does not justify the current 
level, and the shares are likely 
to lag in the short-term. 


Fluctuating milk prices 
behind Golden Vale fall 


By CaroSne Southey 

Fluctuations in milk prices led 
to a 52 per cent drop in pre-tax 
profits at Golden Vale, the 
Irish diary group, although 
acquisitions lifted turnover at 
the interim stage. 

In the six months to .T im** 30, 
pre-tax profits fell from I£9.l4m 
to I£4.43m (£A37m). Operating 
profits fell from I£10.Q3m to 
I£6.61m, which included a 
reorganisation charge of 
£ L52m. 

Turnover increased by 39 per 
cent from I£184J>m to I£256.1m, 
including a I£77.9m contribu- 
tion from acquisitions. Sales in 
the dairy and food products 
division were down from 
I£164m to I£154.6m- 


Arcolectric 
surges to 
£453,726 

Investments made last year in 
new products and machinery 
have begun to bear fruit at 
Arcolectric Holdings. 

Pre-tax profits at the electri- 
cal components company more 
than tripled in the six months 
ended June 30. from £120,976 to 
£453,726, as turnover increased 
18 per cent from £5.71m to 
£6. 76m. 

Earnings per share also 
increased more than threefold, 
from L27p to 4J27p. The interim 
dividend is 0-6075p (0.555p). 

The company said that even 
with tougher competition 


Mr Jim 0‘Mahony, chief 
executive, reiterated a warning 
first issued in June that pre- 
tax profits for the full year 
would fall by a third. 

The share price, which shed 
30 per cent after the first prof- 
its warning, dosed up 2p at 57p 
yesterday. 

He said however, that the 
doubling of the company's pro- 
cessed cheese business as a 
result of acquisitions, as well 
as the integration of its UK 
sales and distribution busi- 
nesses, provided a sound basis 
for medium-term development. 

The foil in profits was caused 
by a number of factors, he said. 
The imbalance between the 
price paid to suppliers for milk 
and the market price of prod- 


ucts caused a ream drop in the 
contribution to operating prof- 
its from milk. However, pro- 
duction efficiencies and 
improved margins produced a 
11800.000 contribution from 
milk related products. 

A decline in volumes 
affected the contribution from 
processed cheese which fell by 
1£700,000, while a reduction in 
margins in spreads cut that 
division’s contribution by 
1X600.000. 

An unchanged interim divi- 
dend of 0.6p was declared. 
Earnings per share fell from 
4.66p to &3p. 

Acquisition talks with Vonk- 
pol in Poland and Haslington 
in the UK had been abandoned, 
Mr CTMahony said. 


NEWS DIGEST 


exports rose by up 25.3 per cent 
and home sales were 7.7 per 
cent higher. 

Henderson EuroTst 
shows improvement 

Hen der son EuroTrust, a split 
level investment trust, raised 
net asset value by 10-6 per cent 
from 128£8p to 140.4^) in the 
year ended July 31- 
Net revenue for the year was 
£679.000 (£841,000 for 14 
months) and earnings per 
share came to 3.86p (4-84p). The 
final dividend is L-85p. making 
a total of 3.35p (32p). 

Kleinwort Devpt 
lifts net asset value 

Kleinwort Development Fund 


raised net asset value per 
share by 24 per cent from 
354.92P to 439 .85p in the 12 
months to July 31 1994- 

After administration 
expenses of £456,658 <£38L525) 
revenue before tax came to 
£l.G2m (£842,241). 

The dividend for the year 
has been raised by 5 per cent 
to lip (10.5p), including a final 
of 8-25p. Earnings per share 
were 12.95p (10.29p). 

Martin Currie 
Pacific assets rise 

The six months to August 31 at 
Martin Currie Pacific Trust 
ended with net asset value at 
169.4p, up 21 per cent from 
140.4p 12 months earlier. 

Income totalled £637,000 
(£875,000). After interest and 


Dencora rises 
sharply to 
£905,000 

A sharp rise in pre-tax profits 
from £370,000 to £905,000 was 
announced by Dencora, the 
property groap, for the six 
months to Jane 30. 

Turnover grew ta £ 13.3m 
(£l0.4m) with rental income 
slightly down at £4.44m 
(£4.5701) reflecting the sale of 
two investment properties and 
other commercial property 
held for trading purposes. 

Mr John BusheD, the chair- 
man, said the lettings market 
had continued to improve. As 
vacant space in the market 
was absorbed conditions 
would increasingly favour an 
increase in development activ- 
ity, he added. 

Net interest payable was 
£2.73m (£3. 02m). Earnings 
amounted to 2.3p (0.6p). 


management expenses total- 
ling £541,000 (£641,000) net rev- 
enue was £46.000 (£168,000). 

Earnings per share worked 
through at 0.12p (0.41p). 

Tor net asset value 
improves to £14.89 

The net asset value per share 
of Tor Investment Trust, the 
split capital investment trust, 
rose from £13.60 to £14.89 at 
July 31, an increase of 9.5 per 
cent 

Net revenue for the year was 
up 11 per cent from £1.32m to 
£1.47m. 

Earnings per income share 
were 36.28p (32.69p) and the 
dividend is mainta i ned at 40p 
with a proposed lOp final. 
Some £149,000 has been trans- 
ferred from revenue reserves. 


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FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 


COMMODITIES AND AGRICULTURE 


Resistance caps 
rises in precious 
metals markets 


Stop-go producers put jute workers through the mill * 

A West Bengal union is striving to get one of the ‘black sheep’ operations reopened, writes Kunal Bose 


By Richard Mooney 


Gold and silver prices made 
further gains yesterday before 
hitting overhead resistance. 

During the London bullion 
market’s afternoon " fixing " the 
gold price was tried as high as 
$395.50 a troy ounce, but that 
proved to much and it eased to 
S39-L90. the highest fix since 
January 5. By the close the 
price had drifted to $394.60 an 
ounce, up 80 cents on the day. 

In the absence of the Tokyo 
Investment fund buying that 
had pushed the price upwards 
on Tuesday a day of consolida- 
tion was to be expected, deal- 
ers told the Reuters news 
agency. Some thought a retreat 
to the S390.50-S391.00 area, 
where a “chart gap” had been 
left by Tuesday's sharp rise, 
was on the cards if the market 
failed to break strong resis- 
tance above $395.50. But others 
pointed to good physical inter- 


est supporting the market 
around $393. 

The silver price was fixed in 
the morning at 567.15 cents a 
troy ounce, its highest price 
since May 24, but it shied away 
from a test of resistance at 570 
cents resistance and settled 
back to 562 cents, up just 2 
cents on balance. 

One analyst suggested to 
Reuters that the attempted 
break-outs by gold and silver 
had come too early in the day. 
“It leaves them open to retrace- 
ment," he said. 

Palladium achieved its high- 
est fixing since May 15, 1989 at 
$156.25 an ounce, encouraged 
by tight supplies and continu- 
ing good offtake from the elec- 
tronics industry. 

“The market's fundamentals 
axe the key,” said one analyst. 

The platinum market was 
also buoyant, although it was 
held within its recently-set 
price range. 


Western Mining joins 
Cuban nickel venture 


F or many years anarchy 
has reigned in some jute 
mills in West Bengal, 
where most of India's jute 
industry is concentrated. 

These “black sheep” mills, as 
the Indian Jute Mills Associa- 
tion describes them, produce 
jute goods only when the mar- 
ket is favourable. But while 
this stop-go management 
approach causes economic 
hardship to the workers it does 
not provoke strong protests 
from the trade unions as the 
migrant workers from Bihar, 
Uttar Pradesh and Orissa who 
constitute the majority of the 
labour force return to their vil- 
lages during the frequent clo- 
sures of the mills to work in 
the fipirfc 

The recalcitrant mills broke 
away from the UMA one by 
one because they would not 
submit to any kind of disci- 
pline. According to an IJMA 
official, “a tripartite agreement 
involving the industry, the 
unions and the West Bengal 
government spells out the 
wages and other benefits of the 
workers. But some jute mill 
managiMTiMitg will have noth- 
ing to do with this agreement 
They make deals with the 
union leaders at the mm level 
to deny the workers full wages. 
Moreover, they habitually 


default in the payment of prov- 
ident fund and gratuity to the 
workers". 

The association is angry 
with these mills for causing 
distortions In the local jute 
goods market Taking advan- 
tage of their lower costs of pro- 
duction compared with the 
IJMA members, they have 
been regularly offering dis- 
counts against the listed prices 
of jute goods. “The losers are 
tin* ones which are meeting the 
dues of the workers in full," 
complains the IJMA official. 

Even though the Left Front 
dominated by the Marxist 
Communist Party of India, 
been in power in West Bengal 
for nearly 18 years, the govern- 
ment hag done little to give 
relief to the workers or to the 
mills r emainin g within the 
UMA fold. 

The problem has now 
become a major national issue, 
however, much to the embar- 
rassment of the Left Front gov- 
ernment, because rtf the relent- 
less struggle by over 3,000 
workers of Kanoria Jute over 
the past nine months to get the 
mill at Phuleswar reopened. 
The mill is closed on Novem- 
ber 26 last year. Unlike in the 
other jute mills in the state, an 
overwhelming majority of 
workers of Kanoria Jute hall 


from the surrounding 82 vil- 
lages. “Since the Kanoria 
workers have nothing else to 
fall back upon, they are work- 
ing to a one-point programme 
of reopening the mill on 
respectable terms," says Mr 
Pumendu Bose, a member of 
the advisory committee of the 
Kanoria Jute Fi ghting Workers 
Union. 

These workers have set quite 
a few milestones in West Ben- 
gal's trade union movement. 
“KJFWU was formed in Febru- 
ary last year when the workers 
found that the four registered 
unions, including two owing 
allegiance to the Left Front 
government were not able to 
protect their interests," 
explains Mr Nazibur Rahman, 
its general secretary. “The new 
union, born because of sins of 
omission of the existing 
unions, enjoys the support of 
more than 90 per cent of the 
workers." 

Although the KJFWU leaders 
insisted that they wanted to 
avoid “a confrontation with 
the state authorities and. the 
other unions at all cost”, they 
made the big mistake of forc- 
ing their way fritn the mill and 
starting production of jate 
goods using the raw jute lying 
in the godown. The Calcutta 
High Court ordered the 


KJFWU to desist from produc- 
ing and selling jute goods. 

Mr Jyoti Basu, chief minister 
of West Bengal and an active 
trade union leader, has made it 
clear that the forcible takeover 
of the min offers no solution to 
the Kanoria Jute crisis. “Such 
moves will only confuse the 
workers." he warns. The minis- 
ter i$ not finding it at all easy 
to attract industrial invest- 
ment to West Bengal and he 
knows only too well that a few 
more cases of forcible takeover 
of factories by the workers 
would scare away the potential 
investors. 


M oreover, he cannot 
but take uote of the 
h umili ation suffered 
by the Marxist union at Kano- 
ria Jute. 

The mill is also a major 
embarrassment for the Kano- 
rias, an im port atlt Indian busi- 
ness family that is successfully 
r unning three other jute mills 
- Ludlow, Cheviot and Reli- 
ance - besides other industrial 
operations. 

The Kanorias bought the 
mill from the Mafhtlals in 1974 
and ran it till September 1987, 
when a lockout was declared. 
Unlike the other three mills , 
Kanoria Jute was not modern- 
ised. Neither did it take up pro- 


By Nikki Talt In Sydney 


Western Mining Corporation, 
the Australian resources 
group, announced yesterday 
that it had reached agreement 
in principle with Cuba's state- 
owned Commercial Caribbean 
Nickel company, to assess and 
possibly develop the Pinares de 
Mayari West nickel deposit 

The deposit lies in the Hol- 
guin province. WMC said that 
preliminary data on the near- 
surface deposit provided by 
CCN suggested “a significant 
nickel Iaterite resource esti- 
mated to contain in excess of 
200m tonnes of ore. at a grade 
of greater than l per cent con- 
tained nickel and 0.1 per cent 
contained cobalt”. 

WMC will be able to earn a 
65 per cent interest in the joint 


venture, by f unding a drilling 
programme, metallurgical test 
work, and a feasibility study, 
with CCN holding the remain- 
ing 35 per cent. The drilling 
programme could start in a 
matter of months. 

Several Canadian mining 
companies - including Sher- 
ri tt, the nickel and cobalt pro- 
ducer - have unveiled plans or 
joint ventures in Cuba 
recently, and others are 
believed to be seeking a foot- 
hold there. US companies are 
barred by the longstanding 
trade embargo. Cuba is rela- 
tively rich in resources and 
some estimates suggest that it 
may home over one-tenth of 
the world’s known nickel 
resources. WMC has major 
nickel operations in Western 
Australia. 


Indian sugar output forecast to rise by 24% 


By Shiraz SJdhva 
in New Delhi 


India’s sugar production will 
rise by 24 per cent this year to 
9.8m tonnes, reversing the 
steady decline of the past three 
years, according to the food 
ministry. A further spurt is 
expected to push output to 
12.2m tonnes in thg next sugar 
season starting in October. 

The increase in production 
comes as the nation’s sugar 
industry launched a campaig n 
for complete deregulation of 
the sugar market 

The Indian Sugar Mills Asso- 
ciation believes that produc- 
tion could rise to 13m tonnes if 
the industry were deregulated. 
This could save Rs20bn (£400m) 


a year in wasted output and 
import bills. 

Isma has been galvanising 
public opinion by placing large 
advertisements in India’s daily 
newspapers urging the public 
to support the reforms they 
have suggested to the govern- 
ment beginning with a policy 
of complete deregulation for 
the sugar Industry. 

The association estimates 
that half of the money lost 
through current policies “goes 
down the drain”, in the form of 
sucrose left unrecovered by 
some processors. 

“Unfortunately, tins happens 
in a scenario where the estab- 
lished capacity of sugar manu- 
facturers is left unutilised, due 
to a lack of cane," Isma says. 


Another RslObn goes on import 
costs, caused by the production 
shortfalls of sugar units. 

An equitable distribution of 
cane between all processors 
would minimise the diversion 
of cane, and allow production 
units folly to utilise capacity 
and expand further to take 
advantage of economies of 
scale, which would in turn, 
bring down sugar prices. 

The association has also 
urged the government to 
announce a clear-cut policy on 
the creation of buffer stocks 
when there is a bumper crop, 
for effective utilisation during 
times of shortage. 

An official of the food minis- 
try said the government was 
examining the proposals for- 


warded by the association. 
“But it will be some time 
before the sugar industry can 
be fully decontrolled,” he said. 

“The government would be 
exposing itself to rampant 
mfjaHrm if this essential com- 
modity were out of its control” 
the official said. 

The government currently 
distributes sugar through sub- 
sidised public distribution and 
a system of ration cards. 
Though sugar is freely avail- 
able on the open market the 
price difference is s ignificant 

The association says decon- 
trol will stabilise prices and 
decrease the disparity between 
the price of sugar for public 
distribution, and free market 
sugar prices. 


COMMODITIES. PRICES v 


BASE METALS, 


LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal Trading) 

■ ALUMINIUM, 98.7 PURITY [5 per lonrw) 


Precious Metals continued 

■ GOLD CQMEX (100 Troy oz.; S/noy oej 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (E per toraiet 


SOFTS 

■ COCOA LCE (EAonne) 


MEAT AND LIVESTOCK 

■ LIVE CATTLE CME (4Q.OOQtoe: cantaftap 



Cash 

3 mths 

Close 

1600-01 

1623.5-48 

Previous 

15928-3.5 

1616-7 

High/low 

1598 

162471816 

AM Official 

1597.5-6.0 

16198-20 

Kert) dose 


1621-2 

Open «il 

254,740 


Total daily turnover 

59.031 


M ALUMINIUM ALLOY (S per tonne) 


aooo 

1633-a 

1653-8 

Previous 

1610-5 

1632-4 

High/low 


1665/1645 

AM Official 

1625-30 

1645-50 

Kerb dose 


1850-3 

Open im. 

2.979 


Tocaf daBy turnover 

- 


M LEAD (S per tonne) 



Close 

611-2 

625-6 

Pramous 

6108-1.5 

6255-6.0 

HgtVIow 


627/625 

AM Official 

6108-11.0 

624-18 

Kerb dose 


624-6 

Open inL 

41.433 


Total da9y turnover 

3.B93 


M NICKEL (S per tonne) 


Close 

6*35-45 

6535-40 

Previous 

0420-30 

6520-5 

H4V1QW 


6560/0525 

AM Official 

6425-30 

6530-35 

Kflrb close 


8530-5 

C*wn iru. 

67.918 


Total dattv turnover 

1J.919 


M TW (S per lomot 



Close 

5310-20 

5390-95 

Previous 

S340-60 

5320-40 

rigti/low 


5395/5345 

AM Official 

5271-3 

5350-55 

Kerb dose 


5390-95 

Open an. 

16.894 


Total (Ul) tumour 

4.676 


M ZINC, special high grade (S per tonne) 

Close 

1001.5-2.0 

1025-6 

Prcnnoua 

10038-4.5 

1027-8 

HgtvTow 


1029/1019 

AM Official 

1000 5-1.0 

1024-48 

Kerb dose 


1024-5 

Cfecn mt. 

96.616 


Total daily tvmover 

19840 


M COPPER, grade A (S per tonne] 


Ctoso 

2518-9 

2537-8 

Previous 

2509-10 

2S28-9 

Mghlow 

2516 

25*1/2525 

AM Official 

25165-17 

2533-34 

Kerb close 


2538-9 

open W. 

212,734 


Tool Party turnover 

71.694 


■ LME AM Official C/S rate; 18768 



Sell 

Itofl 



Opn 



Sett 

Day* 



Op* 



Sdt 

naY* 


OPK 



Sett bar* 

Opn 



price 

«*Mge 


too 

W 

VUL 


price 

change 

M*> 

Lew 

ht 

Yd 


price 1 

ctange 

Bgfa 

lam tat 

Yd 


price donga 1 am 

tat 

Yd 

S*P 

394.1 

+05 

3950 

395 0 

- 

- 

Sep 

10655 

+085 

10650 

10650 

83 

1 

Sap 

939 

-11 

950 

921 a 

a 

Oct 

70225 +0225 70500 88500 

27808 

7.906 

Oct 

394.6 

+08 

396.4 

394.1 

6,377 

481 

No* 

10680 

•025 

10680 

10650 

2564 

S3 

DK 

985 

-2 

997 

982 278451717! 

DK 

89875 +0800 8S.75D 89.150 21,115 

4583 

NOV 

3882 

+08 

- 

- 

- 

- 

Jan 

10880 

-035 

10080 

10850 

1885 

74 

Bra 

1017 

-5 

1029 

1018 34,1TB 1265 

Feb 

68275 +0275 68500 67825 12866 

1210 

Dec 

3978 

*0.6 

399.7 

387.4105,445 83838 

Bra 

11070 

-045 

11180 11050 

1229 

106 

Bay 

1028 

-7 

1040 

1029 12,430 

137 

Apr 

69250 +4L350 68425 68850 

9275 

838 

M 

401.1 

♦0.6 

4025 

4008 

15.418 

2838 

•toy 

11280 

-025 

11X00 

11250 

1.333 

a 

Jd 

1041 

-6 

1047 

10*3 5830 

119 

Jm 

66250 +0200 68600 68100 

2241 

180 

Avr 

4048 

+0.7 

4058 

4042 

6877 

1.469 

Jd 

11455 

-045 

- 

- 

237 

- 

SK 

1056 

-7 

1056 

KBS 9257 

38 

tag 

65850 +0200 68100 68450 

1221 

45 

Total 




174846 asms 

Total 





7.3*1 

257 

Tetri 




1008*8 3543 

Total 


73862 14881 

■ PLATINUM NYMEX (50 Troy oz.; S/trtJy oz.) 

B WHEAT CUT (SJXXBai min; cerits/GUb bushel) 

B COCOA CSCE (10 toms; S/tonnes] 


B LIVE HOGS CME (40.000BW; crartaflbs) 


oct 

4198 

-1 2 

4228 

418.1 

10544 

*.758 

SM 

384® 

♦1/2 

385/4 

382® 

215 

164 

Ok 

1339 

■6 

1351 

1333 43.78810247 

Oet 

36850 -0.100 37200 38750 

8988 

1820 

Jm 

423.9 

-18 

427.4 

4225 

9.782 

1822 

Dos 

389/4 

-®4 

3S7® 

385® 48292 

9870 

Bra 

1389 

-6 

1400 

138* 14.720 2874 

Dm 

37850 -0200 38500 37.750 

11.788 

1287 

Apr 

4278 

-18 

4305 

429.5 

2.484 

17 

Bar 

397® 

-5/4 

405® 

394® 

18848 

2.769 

Bay 

1417 

•6 

I4Z7 

1418 4568 

471 

Feb 

38975 -Q-175 38.400 38850 

3845 

470 

Jri 

4308 

-12 

- 

- 

466 

3 

Bl 

385® 

-3/4 

391/4 

384® 

2,791 

423 

Jd 

1445 

4 

1442 

1440 28B9 

8 

Apr 

39.150 +0825 38400 38000 

2275 

as 

Oct 

4338 

-12 

4368 

4388 

278 

- 

Jd 

358/4 

- 

362® 

350® 

3.771 

839 

S*P 

1470 

•3 

1457 

1457 1299 

• 

Jdt 

44250 +0230 44200 44.100 

757 

60 

Total 





2S5« 


Sep 

363® 

+1® 

364® 

361/4 

87 

6 

Dm 

1496 

-3 

1500 

1493 4,790 

- 

am 

43.025 +0875 43850 42800 

98 

8 

■ PALLADIUM NYMEX (100 Troy 0*4 Sftray azj 

Tatat 





74882 13874 

Totd 




768*413800 

Total 


2>2a 

388* 


Sap 1SS2S -2.10 34 4 

DK 15625 -2.10 15050 156LOO 5.814 £235 

MV 157.00 -2.10 15825 15X00 1,003 30 

Jh 158.00 -2.10 ■ 152 

tom 7 ms vm 

■ SW-VER CQMEX (100 Troy oz,; Centa/troy oz.) 
Sap 5300 -00 5640 560.5 262 8 


■ MAIZE CST (5.000 bu min: oantalSflfc UBtaq 


■ COCOA (1CCO) (SOfl Vtorwal 


■ PORK Hfnnsa CME HO.OOOlba; centa/Ka) 


5800 -00 5640 5603 262 8 

561.9 -OX - - 7 

563.7 -08 - - 89012 33,540 

5883 -aB 5710 5619 58 1 


Sap 210/4 -7/2 Z19M 2108) 14719 2201 

Ok 217® +0/2 218® 217® 135219 22£7B 

Mar 227® +4Y2 228/2 227® 40807 5438 

Hay 234® - 235/4 234® 16218 871 

M 239/2 - 239® 239® 16.633 2836 

Sap 242 14 -0/2 243/4 242® 1,104 15 

Total 218.164 33J26 

■ BARLEY LCE (E per tonne) 


■ COFFEE LCE (Sftonne) 


1 58 

1 

aw 

102.15 

•245 

10225 

102-25 

31 

a 

1 9.468 

655 

Be* 

1038S 

•020 

10420 

103.75 

482 

15 

1 4223 

74 

Jae 

10585 

-020 

10585 

10589 

388 

16 

1 18W1 

38484 

Bar 

10825 


- 

- 

100 

• 



Bay 

10980 

- 

- 

- 

46 

- 



TeW 





uow 

60 


Sip 

4255 

+6* 

4235 

4180 

1216 

a 

Ha* 

4091 

+38 

4100 

*023 

11,132 2204 

Jm 

4042 

+32 

40*5 

3900 

14247 

1818 

Bra 

3858 

+48 

3060 

3900 

72<0 

203 

Bfe 

3885 

+27 

3865 

3866 

2877 

4 

Jut 

Totd 

3840 

+10 

38S 

3866 

1,160 

87281 

5 

3822 


39850 *0850 40.700 39800 7.380 1857 

40800 +0.400 lasso 39850 542 173 

41400 +0.100 40750 40400 146 13 

41100 +0400 42.100 41700 168 38 

41.100 -0050 41.100 40LSOO 34 1 

8779 1880 


LONDON TRADED OPTIONS 

SOrfca price $ tonne — Case Puts — 


ENERGY 

■ CRUDE OB. NYMEX (42.000 US gala. S/bam*) 


1773 -am 17.32 17.12 98,129 52.145 
17.40 -0 04 17.47 1780 61815 14.114 


1753 -083 1757 17.45 30647 8898 
1753 - 1753 1755 20750 3.397 


■ SOYABEANS CST (SJOCte eric crato®Cto tmrieQ 

Sap 549® -1/2 551® 546/4 368 1595 

Nor 556® +0® 557/4 552® 7878* 20812 

JM 585/4 +0/4 567/2 582® 1885* 2812 

Mar 578® +2® 577® 572® 9.512 1,433 

May 58*® +2® 504/4 580® 5852 2S8 

JnJ 589® +1® 590® 568® 10,471 935 

Total 12686* 27831 

■ SOYABEAN OIL CST (6080at« cHaftj 


■ COFFEE XT CSCE (37.900fae; qrag/fee) 

Dee 23185 +385 23180 22585 13 47 

MV 234.45 +385 23480 220.73 23872 6,487 

■by 23525 +100 23580 23185 8.477 1891 

M 238.15 +3-16 23580 23180 3,113 139 

Sap 23685 +3.10 23150 23280 8B3 162 

Dee 23780 +3.15 237.40 23380 372 56 

Taw 88707 8837 

M COFFEE (ICO) (US cenWpoixxJ) 

Sep 29 Prt» Pray, day 

CtnpL <m 206.08 207.19 

(6 day enrage 19982 19891 


■ ALUMMUM 
(99.791) LME 

1575 

1600 

1825 

M COPPER 
(Grade A) LME 

2500 - 

2550 

2800 


Jm Oct Jan 

93 10 45 

SO 20 56 

67 33 88 


1786 -am 17.70 1780 15890 2,887 
17.71 8.02 17.71 1788 11261 1221 


390244 11587 


M CRUDE 08. 1PE (S/Hand) 


leant Oafa Opn 

price donga Hgt In M H 

iat4 +081 16.18 1689 61822 18891 

1829 +003 1829 16.13 31.462 5897 

1685 -002 16.36 1623 12890 1895 

1639 +086 1639 1632 7.140 2817 

1636 -084 1&36 16.38 6814 1,743 

- 2256 171 

125,722 31220 


Sap 

2525 

-4L60 

2580 

2525 

524 

1847 

■ No7 PROMUM RAW SUGAR LCE tewts/tos) 

Od 

2582 

-027 

2587 

2483 

17225 

2810 




OK 

24.57 

-0.17 

2488 

2451 

37863 

10,068 

Oct 

12.68 -0.10 

- 1806 

Jan 

Z4J8 

•0.17 

3485 

2423 

7854 

1201 

Jn 

1182 

. 

Mr 

2424 

-0-08 

2448 

2418 

B.1 SO 

884 

■V 

1288 -0.14 

90 

Bay 

24.03 

-0.12 

2425 

2482 

4805 

291 

Tetri 


1888 

Totd 





BOSS 17554 

B WHITE SUGAR LCE (S/tonne) 



LME Ctoring C/S rate; 1-57SZ 

Spatl.5778 3mm=l.S750 6nrtfKl5713 9 nth* 1 56*5 
M HIGH GRADE COPPER (COMEX) 



Ctase 

Day’s 

donga 

Mgd 

■era 

Open 

tat 

Yd 

Sep 

122.15 

■0.2S 

12280 

121.70 

3847 

603 

Oet 

110.75 

+0.10 

11880 

118.40 

1809 

164 

Htw 

117.60 

-a 

- 

- 

718 

9 

Dac 

117.00 

■aaj 

11760 

11680 

42.900 

5882 

Jan 

11645 

-020 

11600 

11800 

593 

20 

M 

11590 

-020 


- 

456 

13 

Tetri 





59896 

7,790 


PRECIOUS METALS 

M LONDON BULLION MARKET 
(Prices ajppied by N M RathsetiM) 


M MEATV4Q OB- Wt&X (42,000 US gale.; BUS gafa) 

Lain* Bay’s opn 

JHtee change Bgt In W H 

Oet 47.70 -<LB5 4785 4735 29.428 15,165 

Mm 48.85 -a 55 4985 48.45 26887 8.437 

Dec 5020 -089 50.40 4980 39897 7254 

Jen 5185 -0.44 5120 5085 21714 1,691 

Feb 5180 -029 51.70 SIJO 14.598 637 

Mv 5120 -024 5135 5120 11,487 471 

Tom 175878 35,163 

M GAS OIL PE 6/tnme) 

Sett Day’s Open 

price change Hpi Inr M W 

(fct 14930 -125 15000 14900 34/67 4J0S 

«0» 152.75 -1.00 152.75 151.75 17.486 1.792 

OBB 155.00 -0.75 15525 15425 20,469 1832 

-In 15780 -050 157.00 155.75 14.148 832 

Fab 157.75 -1.00 15800 156.75 4,987 393 

M» 157.75 -875 15725 157.73 5.198 28 

ToM 105835 9827 

■ NATURAL OAS NYMEX (10800 ntraBtu.. SfmmBta.1 


M SOYABEAN MEAL CUT (100 lone; Wtan) 

Sap 1668 -4.9 1708 1688 551 2832 

Oct 1888 +68 1673 165.7 14379 3861 

Dec 187.4 +0.7 1S78 186.0 41883 5,441 

Jm 1688 +08 169.0 1678 10817 901 

Mv 1718 +1.1 1728 1708 10009 656 

May 1738 +13 1742 1728 5.749 198 

TOW 67/584 13869 

■ POTATOES LCE (E/tonrwi 


Dee 

330.50 

-120 332.00 

32980 

3.756 

77b 

Bra- 

331.70 

-120 33320 

33020 

7879 

250 

Bar 

33120 

-120 33230 33020 

1,154 

98 

tag 

33840 

-180 33020 

329.10 

813 

117 

Oct 

31480 

-120 31420 

31420 

381 

1 

Ok 

Ttatri 

312.90 

-120 

• 

4 

13,789 

741 


M COFFEE LCE Nov 

3800 516 

3650 473 

3700 432 

M COCOA LCE Dec 

975 47 

1000 36 

1050 SO 

M BRENT CRUDE IPE No* 

1600 41 

1650 23 

1700 13 


Oct Jan 
22 75 

45 100 

62 128 
Nov Jan 
25 138 

32 1S5 

41 173 

Doc Mw 
37 53 

61 65 

85 S3 
Nov Dec 
36 52 


LONDON SPOT MARKETS 

M CRUDE OtL FOB (per benaVNoy) +or 


■ SUGAR 11’ CSCE (112.000838; cental 
Oct 1287 -016 12.77 1288 23222 ■ 


Ho* 1500 

Kv 1058 

MV 2208 -18 221.0 2188 1341 124 

Kay 2408 

Jm 1078 

TBW 1241 124 

M FREIGHT (BtfTEX) LCE (SlOAndax point! 


Oct 1287 -016 12.77 1228 23222 4,107 

MV 12.46 -016 12.6* 12/tS 95827 8,102 

Hqr 12.44 -015 1289 12.42 14348 1809 

M 12.30 -017 12.42 1239 6/13 1384 

Oct 12.12 -016 1231 12.14 4399 1367 

Mar 11.74 -006 11.76 11.73 973 394 

TcM 147,902 17,2*3 

M COTTON NVCE (50.0000*: centa/Kw) 


Dubai S15.13-5.16u 

Brent Bend (dated) SI 079-682 +0.015 

Brent Stood (Nov) $1018-630! -0.005 

W.T.L ripen eel) S17.34-7.36u +0.016 

B OH. PRODUCTS NWEprampt deBvery CS= (tonne) 


Premium Gasofre 
Gas Of 
Heavy Fuel 03 


1600 +2 1600 1600 286 12 

1635 +5 1637 1B30 774 20 


Bov 1633 +2 

Jan 1593 +1 

Apr 1598 +1 

Jr* 1453 +2 

TcM 

Ctaa Pm 
8R 1668 1548 


+2 1636 1635 145 4 

+1 1595 1995 629 I 

+1 - - 387 - 

+2 1455 1495 100 7 

2331 44 


Gold (Tray oi) 
Qav 
Opening 
Momng fix 
Afternoon Jbr 
Day’s rtoh 
Day's Low 
Previous close 


Loco Left Mean 

1 month 

2 months 

3 months 


S price E equtv. 

394.40-33480 

393.90- 39*30 

394.80 350301 

394.90 250.470 

39830-33670 

393.90- 394.30 
393.60-334.00 

Gold Lending Rates (VS USS) 

6 months ABB 

...A47 12 months 385 

._..J 52 


Ls&ad Days 
price ctaage ggb 

1.503 - 0.051 1.563 

I 785 -0830 1825 
2836 -0816 2860 
2890 -0807 2.110 
2830 ■ 2845 


1.985 +0005 1885 


Open 

lv M IM 
1501 20861 19,464 
1.785 W, 284 11.378 
2835 27.590 3385 
2090 1*3*6 887 

2830 13,(47 537 

1885 10852 491 

1608*1 37839 


Od 

0848 

-187 

7080 

6846 

1,630 

417 

DM 

0822 

-0.74 

E825 

an 

27232 4341 

Mar 

70.00 

-896 

7875 

6928 

10203 

602 


71.17 

-053 

7120 

7186 

6267 

369 

Jd 

7282 

-843 

7220 

7222 

3891 

*9 

oet 

89.10 

4180 

8800 

6920 

430 

45 

Tetri 





38480 52M 

B MANGE JUICE NYCE (15,0008s; cents/lb® 

Ho* 

9020 

4180 

91.15 

9830 12213 2,513 

Jan 

0385 

4170 

9460 

S32S 

6848 

682 

Bra 

9720 

-OB) 

9760 

9720 

<157 

562 

Bra 

10020 

-880 

10180 

10020 

905 

105 

Jd 

10320 

-810 

- 

- 

522 

60 

Sep 

10520 

+840 



20 

- 

ToBri 





24200 3842 


Jet fuel 

Pm daum Argua 1 
m OTHER 


SI 71 -174 
SI 40-150 
*76-76 
SI 58-1 59 
Si 68-170 


SHver Fix 

p/troy oz. 

US cts eqiiv. 

Oct 

Spot 

359.55 

5G7.16 

Hot 

3 months 

36*20 

574.10 

Gk 

6 months 

37000 

581.10 

Jan 

1 year 

384 95 

599.55 

M 

add Calm 

S price 

£ equtv. 

Bar 

Krugerrand 

393-396 

2S?-M5 

Total 

Maple Leri 

40585-407.80 

- 


Now Sovereign 

90-93 

58-81 



■ UNLEADED GASOLINE 

WHEX(42JM(Bgdfcfc;dU6lteM 

lafcat DayY Open 

Vica etaaga Ktfi In U W 

Oct 45.10 -003 4550 *480 19.406 11,752 

■* 4140 - 4160 4485 20.176 1504 

Bee 52J5 -145 5270 5225 11642 AJtSTi 

Jan 5250 -020 5270 5230 0319 2047 

« 5280 -085 5280 5280 3£38 767 

Jbr 5405 .. . 1.178 277 

Tolai 67819 24818 


Cotton 

LIVERPOOL- Spot and shipment sales 
onuted to 05 dim tar Die week ended 16 
SeplemDer again* SO tonnes In the prawlous 
week. Subdued offtake c 9 d not bring many 
opereBona. Support was tanh ee mtag In certain 
specttS 5 t styles notably In the Caflfomlrai 
range. 


VOLU8C DATA 

Open Merest and Vohxne dote show n tar 
co nh auto traded on COMBL NYfcSJL CST. 
NYCE. CME. CSCE and IPE Crude OO an one 
day In mn, 


INDICES 

■ REUTERS (Bang IftG/aiaioq 

Sap 21 Sap 2D month ago year ago 
21222 2118.4 20708 1BB8.B 

m CHS Fabrm (Basel 1067.100) 

Sep 20 Sep 19 month age year ago 
33087 220.41 22881 31588 


Gold (par tray <n)¥ 
Shar (per tay ojf 
Hotfrem (per troy oz.) 
PaUadtam (per trey oz.) 
Copper (MS prod) 

Lead (US pmdj 
Tin (Kuala Lumpur) 

Tin (New Yorii) 

Cattle D/ve wagtitftC 
Steep (Dm ratfghifttO 
Pigs (Ms v i w ghQ C 
Lon. day sugar (raw) 
Lon. day sugar (wte) 
Tate A Lyte export 
Barley (Big. feed) 

Maize (US NnS Yeflaw) 
Wheat (US Dark North) 
Rubber (OcOf 
Rubber (Nov)V 
Rubber KLRSSNol Ott 
Coconut OS 
Palm Ok (Malay J§ 

Copra (PW)§ 

Soyabeans (US) 

Cotton Outer* ’A' Index 
Wocttopo {64s Super) 


E per torn uitass n O i nr wl M mead, p pancaftg. 0 cenraffe 
r rtnpOta. m Wu»a1an cenraAfl. u Nor. I OcL zSepOcL 
« Sap . V tenden PfericeL £ Cf Retardm t BMkai 
marM dose. A 9>eep (Live weight prtera). ' Change on 
weak. O Pncas are hr p reri o u a day. 


Auction of high added value 
jute materials. Like so many 
other sick jute mills in West 
Bengal, Kanoria was taken 
over by a raw jute trader, who 
before reopening the unit in 
January 1991 made the unions 
agree to a cut in wages and a 
reduced workforce. The state 
government did not oppose the 
move as it wanted the mill to 
be reopened somehow. 

Anticipating prolonged 
labour unrest, the Kanorias 
pleaded with the new promoter 
to change the name of the jute 
mill. The fear of the Kanorias 
had come true, but the name of 
the mill remains unchanged. 
Aberrations like the futile 
attempt forcibly to take posses- 
sion of the mill notwithstand- 
ing, the KJFWU is doggedly 
pursuing with the federal and 
state government and the 
Bureau of Industrial and 
Financial Reconstruction its 
demand for the reopening of 
the milL According to Mr Rah- 
man, “the existing promoter is 
welcome to run the mill pro- 
vided be clears all past dues of 
the workers and respects the 
labour laws. The mill may be 
handed over to a new promoter 
if the existing promoter does 
not want to run it. We will be 
happy if the government takes 
over the unit. We are also 


MARKET REPORT 


Coffee futures rally 


COFFEE futures closed firmer 
in London yesterday after a 
choppy run marked by pro- 
ducer selling and trade and 
arbitrage buying, dealers said. 

“The market was erratic in 
thin trade but it did perform 
better than expected this morn- 
ing.” one said. By the close the 
November position at the Lon- 
don Commodity Exchange, 
which had earlier dipped to 
$4,053 a tonne, stood at $4,091. 
within $9 of the day's high. 

The latest weather forecast 
from the US-based Weather 
Services Corporation, which 
said Brazil’s hot, dry weather 
was expected to continue 
through the next five days. 


CROSSWORD 

N o.8,565 Set by QUARK 


h 1= 1 ^ I 1 




1 20 I 21 


ACROSS 

1, 6 What the answers to this 
puzzle are not (3-6.5) 

9 White House (5) 

10 Being aware of song I can’t 
recollect (9) 

11 One goes in to deplore fall in 
value (10) 

12 Firing material in a short 
time after the morning (4) 

14 A small credit with hotel can 
produce a chuckle (7) 

15 Unusual story with one king 
once involved in war (7) 

17 Many are put out after the 
film (7) 

19 Collapse of politician in cruel 
exchange (7) 

20 Turn away endlessly In state 

(4) 

22 Mac is giving evidence after 
something to drink (10) 

25 He knows a lot about the lis- 
teners (9) 

26 Part of meal I enjoy from a 
foreign land (5) 

27 Lay stress on the newspapers 

(5) 

28 Doubt fioance hit unexpect- 
edly (9) 

DOWN 

1 Protective armour left out so 
backed away (5) 

2 A striking {art of the orches- 
tra (9) 

3 Selfish ogre in charge vio- 
lently grabbing money (10) 

4 Fix the roof piece, say, percep- 
tible by touch (7) 


5 In a clever way but not using 
head appropriately (7) 

6 Stay in one place to serve (4) 

7 Genuine male domain (5) 

8, 23 Remains undecided and 
uses balance? M.2,3,5) 

18 Playful imp hurt worker, 
rejoicing (10) 

14 A bird is an a ring (like 13) (9) 

16 An Inward 19 across? (9) 

18 Shi Peter is in centre of Euro- 
pean country (7) 

19 Packing cases for furniture - 
including English makes (7) 

21 Cause to deteriorate some 
weed or eccentric growth 
coming up (5) 

23 See 8 down 

24 The person in charge will 
stand out (4) 


Solution 8,564 


HHDQaQD 

qa □□□□00 
Hagan HnaamiaDaE 
sn □ b □ □ □ □ 
□aaaaaaQa dqqdd 
b □ □ a a 

□□□□0 □0QQ0QD0Q 

^ 0 Q noma 

□□□paaciEE QHQna 
Cl D □ BE 
ganas onjEEnnaaQ 
on a a □ □ a a 
§□□□□□□□□ □□OQB 
0 E Q □ 

ggnaaBH □dhbrdd 



F ' SI 1 1 
" 


ready to run the mill as a 
workers' co-operative or as a 
joint venture with a private 
promoter”. 

Both the federal government 
and the BIFK are well disposed 
to the idea of a new promoter 
contributing 60 per cent of the 
equity capital and the workers 
bringing in 40 per cent. In fact, 
the government has indicated 
that it may give loans to the 
workers equivalent to their 
contribution to the equity capi- 
tal. 

A professional with many 
years of experience in jute has 
agreed to play the role of the 
new promoter and he is accept- 
able to the KJFWU. 

In the meantime, the KJFWU 
has been able to mobilise the 
support of the Intellectuals all 
over the country for the Kano- 
ria workers’ movement. “We 
have not put forward any new 
economic demands. We want 
the mill to be reopened and 
run professionally. The work- 
ers must get their dues and be 
able to work with dignity," 
says Mr Bose. 

Perhaps the mill will reopen. 
But unless the new manage- 
ment is able to modernise the 
factory, introduce new prod- 
ucts and improve productivity, 
there will be no future for 
Kanoria Jute. 


added a sense of urgency to the 
market, a trader said. 

A mid-afternoon rise in Lon- 
don Metal Exchange base met- 
als was not maintained and 
when COPPER stalled most 
other prices lost their way. 

Three months ALUMINIUM 
recorded a fresh 3*/.-year high 
of <1,624 a tonne before profit- 
taking and speculative selling 
snu ffed o ut the move. 

NICKEL prices mostly fluctu- 
ated in line with the overall 
trend. LEAD continued to 
make slow progress back up to 
the $630-a-tonne level and 
another attempt at recent 
2-year highs. 

Compiled from Reuter 




+ fl 









I 



financial times Thursday September 22 1994 


25 


LONDON STOCK EXCHANGE 


setback follows US housing statistics 


t MARKET REPORT 

Further 

By Tarry Byland, 

UK Stock Market Editor 

Interest rate prospects continued to 
overshadow UK equities yesterday 
and a brief rally was sharply 
reversed after Wall Street and US 
Federal bonds reacted to an unex- 
pected rise in the latest statistics on 
US housing starts. Markets focused 
unhappily on the chances of a rise 
in US rates at next week's meeting 
of the Federal Reserve’s Open Mar- 
ket Committee. 

The reversal of the market's trend 
in the second half of the session 
blotted out an optimistic response 
to the news that growth in German 
M3 money supply had moderated to 
8-2 per cent in August, thus cooling, 
at least temporarily, fears that the 
Bundesbank might feel obliged to 
tighten rates. An improvement in 


UK government bonds had been 
largely eliminated by the 
close. 

At the final reading of 3.014.B, the 
FT-SE 100 Share Index showed a 
further loss of 22£ points. Although 
trading volume was not heavy, the 
mood of the market appeared to 
become more gloomy yesterday. 

Klein wort Benson Securities, the 
London securities house, sharply 
cut its forecast for 1995 UK corpo- 
rate earnings to only 8 per cent - 
now the lowest in the City and 
barely half that of the consensus 
prediction. Mr Edmond Warner of 
Klein wort fears that profit forecasts 
from market analysts will soon be 
tilted towards profits downgrades, 
as cost and pricing pressures affect 
company earnings. Kleinwort has 
trimmed 1994 growth earnings fore- 
casts for non- financial companies 


from 17 per cent to 15 per cent 
The Confederation of British 
Industries, predicting some slow- 
down from the consumer side, fore- 
cast growth of around 2.5 per cent 
in domestic GDP next year, slightly 
under forecasts from the UK Trea- 
sury. There were also suggestions 
in the stock market than one of the 
largest lenders to the property and 
b uilding industries was reining in 
loan policies to the sector. 

The FT-SE Mid 250 Index fell 14.4 
to 3,570.1. Another sizeable trading 
programme, weighted to the sell 
side and covering a wide range of 
Footsie and non-Footsie stocks was 
reported. The previous session fea- 
tured a similar sell programme, and 
there have been suggestions that 
-fund managers, particularly from 
continental Europe have been 
switching out of UK equities and 


into British government bonds. 
Some analysts believe that domestic 
conditions are ripe for a rally in the 
UK gilt-edged market, although the 
worries over the outlook for rates in 
the US and Germany is seen as a 
severe problem for UK gilt yields. 
One analyst urged equity investors 
to “pray" that value in the 
gilt-edged market is realised. 

However, Seaq volume of 594£m 
shares yesterday was not unduly 
heavy, and compared with 602J?m 
on Tuesday. Retail, or genuine cus- 
tomer interest in UK equities, was 
worth £1.33bn on Tuesday, implying 
persistent, if not heavy, trading by 
the big investment funds. 

The market was hit by weakness 
in British Aerospace after the half 
time report found little favour with 
sector analysts. The dollar stocks 
gave ground as the UK market kept 


a close eye on the Dow Industrial 
Average, which was 13 points down 
in UK hours, following its heavy 
setback in the previous 
session. 

The general picture was fairly 
gloomy at the close, with only hand- 
ful of special situations offering 
relief from the generally red picture 
on the screens in the City trading 
rooms. 

Strategists said that worries over 
the near term outlook for interest 
rates in the US are now likely to 
dominate a stock market increas- 
ingly nervous about the dangers 
that domestic base rates might be 
forced higher again before the end 
of the year. Doubts over UK com- 
pany earnings prospects will also 
unsettle investors as the market 
moves into the final quarter of the 
year. 


FT-SE-A All-Share index 


1.675 — 
1,850 - - 



1.450' * 

Ji> auq Sep 

Source: FT Qraphm 1994 


■ Key Imflcators 
Indices and ratios 


FT-SE 100 

3014.8 

-22.5 

FT-SE MkJ 250 

3570.1 

-14.4 

FT-SE-A 350 

1524,4 

-10.2 

FT-SE-A AH-Share 

1516.33 

-9.89 

FT-SE-A All-Share yield 

3.96 

(3-93) 

Beet performing sectors 







.... +1.0 

3 Eteotriatv 


+0.9 


5 Household Goods .... 

■“ 

..... +0.6 


Equity Shares Traded 

TUhKhrar by volume {roSton). Enduing: 
Intm-fnartoi busmens and overseas turnover 
•1.000 - 



1994 


FT Ordinary index 2337.6 

FT-SE-A Non Fins p/e 18.68 

FT-SE 1 00 Fut Dec 301 BX 

10 yr Gilt yield 9.12 

Long gfit/equity ykl ratio: 2X9 

-20.7 

(1B.63) 

-26.0 

(9.13) 

(2.31) 

Worst performing sectors 


2 Merchant Banks 

-2.1 



5 Other Ser. & Bus. . 

—.-1.3 





vs ra! : 



Bullish 
views on 
Gas 

At least two of the market’s 
leading broking houses, nota- 
bly BZW and Lehman Bros 
were promoting British Gas 
shares yesterday, driving the 
stock price up 3 to 3Mp on rela- 
tively heavy turnover of 8.1 
shares ahead of the strategy 
meeting scheduled for Septem- 
ber 29. 

BZW, in a 50-page circular on 
the stock, described Gas as 


having the “lowest political 
risk of all utilities”: that “its 
current cost cutting plans and 
growing exploration and pro- 
duction profits will support 
five to seven per cent nominal 
dividend growth per annum "; 
that its extra cost cutting and 
cut-backs in capital expendi- 
ture; and that four of BZWs 
valuation methods suggest 10 
per cent upside in the stock. 

Other energy specialists, 
however, said the shares bad 
moved high enough in the 
short term. One said that the 
market had become fixated 
with dividend policy which 
may not be forthcoming in the 
September 29 meeting. "If the 
market doesn’t hear what it 


wants.to hear on September 29, 
the shares are heavily over- 
bought," he said. 

BAe disappoints 

British Aerospace swung 
about wildly, trading 9.5m 
shares following harsh profit 
downgrades from a number of 
major securities houses in the 
wake of the company's half- 
year results. 

The shares dosed a full 26 
lower at 445p after a low point 
at one stage in the morning 
session of 439p as selling came 
close to panic levels. 

BAe's interim figures were 
broadly in line with market 
hopes and the interim dividend 


gain was above expectations. 
But analysts departed from a 
morning meeting with the 
company's management in 
troubled mood. 

BZW was among the most 
bearish, downgrading its pre- 
tax profits forecast for 1994 
from £175m to £105m. Most 
securities houses are now 
dearly concerned about BAe's 
potential for a severe near 
term squeeze on cash-flow. 

Vodafone advances 

Vodafone shares continued 
their recovery, and were given 
a push yesterday by Hoare 
Govett, the stockbroker, who 
said the stock would respond 


TRADING VOLUME 


EQUITY FUTURES AND OPTIONS TRADING 


Stock Index futures spent a 
volatile day. trading within a 
range of no less than 37 points 
in medium volume that was 
nearly 4,000 lots down on 


Tuesday. 

At the dose the FT-SE 
December contract was 3,018, 
against 3,046 a day earlier for 
a premium to the cash market 


■ FT-SE 100 MDEX FUTURES 4-1FFE) jjS par fuB Index point 


(APT) 


Open SeD price Change High Low _ Eat vor 
Dec 3052.0 301 B.O -28.0 3058.0 3015.0 " 14813 

Mar 3053.0 3042.0 -28.5 3053.0 3053.0 105 

■ FT-SE MID 2S0 INDEX FUTURES (UFFE) CIO per tul index point 


Dec 


3560.0 


-30.0 


Open a*. 
S24GS 
645 

3391 


■ FT-SE MB> 250 INDEX FUTURES IOMUQ CIO par M index point 
Dec I 3560.0 - - - 

AD open moot figures ore tar pnuraus day. t Exact wham dim. 


■ FT-SE 100 INDEX OPTION (UFTg p»l5> CIO per Ml index pomt 

2850 2900 2950 3000 3050 3100 31S0 3200 

CPCPGPCPCPCPCPCP 
Oct rnh 102 132 25 96 38»a 69 59*2 41> 2 65>; 24 119 13 157 6*2 201 

*» 19« 30*2 16712 44 122 58>2 92> 2 78> 2 67»j IQ3»j 46«; 132>j 32 t68»i2<fc 209 

Dae 213 45 178 53 Mfe 77 IIS 98b 89 122 67 ISfe 48 183 34»; 219 

JSn as«2 57»2l96l: 75 WB 94 1SS«a1l2»j 111 tftlj 88»a 163»i 67 193 52l;228»: 

Junf 260*1 107 200*2 Wj ISfelNk 116 256 

OK 7JW PI* 10,1 n 

■ EURO STYLE FT-SE 100 IN OCX OPTION (LffFQ CIO per Ml index pomt 

2825 2670 292S 2876 3025 3075 3125 3175 

Od 192 12'2 151 112 31 h 78 <7 61«z W* 3th 100 18 136»j 177*2 

NO* 213 25 174*2 36 139*2 50 108 68 HO 1 ! 90*j 57*2 11? 39 148 25*2 184 

OK 226*2 36 18812 48>j 155*2 64 125*2 63 » 106 78 132*2 66*] 162 <0*j 195 

tax m 62*2 205*2 92 M8* Z 132 102*2 *83 

Junt 313*2 63 248*2114*2 192*2 153 14Z*j 199 

Us 209 Tub i,? 33 ' UnArtrlng wta wtor Pern 8ns sUme w bawd on n-Mwmr al prices 
t long aiM atty Notts. 

■ EURO STYLE FT-SE MK> 250 INDEX OPTION (OMIX) do par tul tod* point 


3500 3650 3600 3650 3700 

Dec 168*2 85*2 1«2 107 117»j 132 

OPsfl Ms D senaman erica sad warns are Wen at 4Jdpoi 


FT * SE Actuaries Share Indices 


3760 


3800 


3860 


of four points. The fair value 
premium was around 17 
points. 

The contract opened 
comfortably higher at 3,052 
only to drift lower throughout 
most of the morning session. 
Then Wafl Street bonds 
opened in bleak mood and a 
number of big sellers moved 
In. 

The low point of the day - 
3,015 - was touched just in 
front of the dose and was 
enough to tempt a smattering 
of buyers to lever the contract 
off its bottom. 

Trading volume was not 
heavy as the day's price 
movements might suggest with 
activity extending to 13,799 
lots, against 17,553 on 
Tuesday. 

In contrast activity. In traded 
options was almost match for 
the previous day at 37,003 
lots, against 39.646. FT-SE 
volume accounted for more 
than half the total but Euro 
FT-SE business was a 
desultory 1,461 lots. 

The most actively traded 
individual stock option was 
British Steel with 2,600 tots, 
well ahead of Euro FT-SE. 
British Gas traded 1,069 tots 
and Sears 1.060. 


UK Series 


■ Major Stocks Yesterday 

Vtt. Ctoetag Day's 
OOP* pneg ertenne 




Day’s 

Sop XI cftsMfc Sep 30 Sep 19 Sep 16 

Yeor 

ago 

Dtv Earn. 

>ttd% yWd% 

PTE 

ratio 

Xd atfl. 

yw 

Total 

Rutum 

FT-SE 100 

3014 8 

-0.7 30373 3079.1 3065.1 

3007X 

4.18 

7.1B 

16X2 

99.63 

1133.72 

FT-SE MM 250 

3570.1 

-0.4 3584.5 3608.0 3616.1 

34275 

350 

5.70 

21.1* 

95.61 

1327 99 

FT-SE MM 2S0 aa hw Trusts 

3572.8 

-04 3586.J 36005 3614X 

3445.1 

3.65 

6.16 

19.72 

98X7 

1325X5 

FT-SE-A 350 

1524.4 

-0.7 1534X 1553.1 1548 5 

15075 

402 

681 

17.41 

48-16 

1178 54 

FT-SE SmoBCap 

1855.13 

-X 5 1863X7 1870X3 1875.10 1758X1 

3.17 

4.67 

26X0 

43.10 

1437.76 


1826X1 

-0.4 183642 1839X1 1844.27 1762X1 

3X6 

5.17 

24.63 

43X0 

1420X8 

FT-SE-A ALL-SHARE 

151633 

-O.B 1526X2 1543.64 1539.71 1404.76 

3.96 

6.65 

17.B9 

46X3 

1192.31 

■ FT-SE Actuaries All-Share 

Day's 

Yeor 

Div. 

Earn 

P/E 

Xd wfr 

Total 


Sep 21 

chgsK Sep 20 Sop 19 Sop ie 

ago 

y*a% 

yield*. 

ratio 

ytd 

Return 


St 

ASDA Gicupf 
ADbey Nattanarf 
Abort Rafter 
MedDomoort 

Angfcan Water 

Atom 
A ral 

Ai*>¥ 

. Foods! 
Assoc. Brit Ports 
BAAt 
BAT tads, t 
BET 
BCC 
BOCt 
BPt 

BPS tarts. 

BTt 

BT<ryP<td» 

BTRf 

Bark of ScoConrtt 
BarcLoynT 

Boast 

Bkm Crdot 

Booker 

Boost 

Bowswi 

Bit Aessssocet 

Broil Anoint 

BaanSasI 

esaft Land 

Bran smut 

Bins 

Burton Csnrt 

Btfar. 

Cota 6 Wait 

Codbcrtr 

totoit 
Caman SartnxT 
CaesV'ycOa 
Com. Uncot 
Cowct 
Cot ra c Wr t 
DUpetv 
Dr La Knot 
Duns 

EffiScmEttS. 

East Mtotamt Bocl 
E ng Cue days 
En ter pmo Cut 
Eurotunnel Una 
FID 
Foots 

RjiwnaCollT. 

FortaT 

Con. Acortemt 

General Bees t 

Ofcttot 

CaynMO 

Granadat 

Qrana Ue.t 

oust 

GHEt 

GKVf 

Gunn esrf 

HSBC PSpsftflt 

Hammerson 

Hematrt 

Kuna Oodtaid 
Hays 
KEsdown 
M 

dt , 
tacTca p at 
Jonnaon Matter 

KingSsftort 

Kntat Son 
UtSaeuf 


$ 


1.200 330 

MOO 651, 

1.600 38412 -6*2 

1300 « -e 

1.800 699 -1 

546 530 


5.600 26? 

7.900 263 

16D 547 


-5 
-7 
♦12 
-11 

3X00 270 -5 

1700 463 -4 

412 *4 


32100 
2.100 102 

TBS 364 


709 

7.400 405 -4 

5.400 Z8E *0 

14,000 369 


a 


5700 240 , 

8.400 303*2 -4 

2,600 TOO +3*2 

4X00 567*2 -10*2 

1.430 538 -4 

271. .3 

426 -6 

SI5 -S 

473 <3 


4.700 

379 

1.203 

522 


3.500 445 

4X00 387 


MOO 614 -n 

4330 2X*(? -S*l 

E24 453 -!3 

1.C03 239 -3 

471 

206 445 -13 

B2i -3 
152 


300 

472 ._ 

727 

1.700 754 

1303 
837 
418 


10 MINERAL. EXTRACTION liaj 
12 Extractive 1ndiretnos(JI 
15 04. mtograUMUl 
1U Oil ExptoroUfln 8 Prerill 1) _ 


26 


Oat MANUFACTURERSpBq 
IJufeBng & ConamicUontMl 
9u**rtg Unit) & Men:fwi32) 
CnenacaWMH 
aworsflwd mduamaWlfil 
Eioctnsvc & Bad EpulpfMI 

EnatnomnflirO) 

Enflmoonna. Vs*w*jq12l 
P*unung. Pape» 4 Pcfctjpei 
rwiaaa a. ApporoHgg |_. 


1886.14 -Di 1896.42 191S83 1925.38 1870.80 
1074.31 -02 1076.63 1064.67 1096.19 1156.90 

1813.08 -64 1805.34 1832.52 1852.rt9 179860 

2405.74 -0.9 242638 2444.63 2437.65 2191 .90 

178621 -1.5 1812.18 1844.78 18S4.S7 1932.80 

190632 *0.1 1898.40 193681 193624 211680 

180388 -67 1817.30 1831.95 1829.78 1634.80 

228293 -0 7 2299.13 2292.47 2274.19 1893^0 

2827 MB *0.8 2804.48 2832.57 2654.55 241 2JO 
1824.83 -1 -3 1644.35 165605 164730 1SS7.00 


4.04 

5X7 

23-95 

60.71 

961-18 

3.64 

4.86 

27.16 

2SX5 

838.42 

4.06 

4X1 

25.04 

54.12 

852.72 

385 

4X8 

29X0 

75.B3 

1065X7 

5.13 

5X1 

23.06 

80.46 

916.95 

398 

8.64 

17.95 

57X8 

029X7 

3.17 

4X6 

23.88 

44X5 

1030^15 

4X8 

2.44 

58.19 

72.07 

1106.99 

3X3 

5X9 

22.12 

70X4 

1112.69 

4.14 

6.78 

1 B.11 

44.09 

917.14 


MB>Ct 

UR 


Marts S Stwwtat 


30 CONSUMER GOOOSflJTJ 

31 BrawnosUT) 

32 SptriM. Wines & CtdwalO} 
OJ Food Monu1iu1urvrB(23} 

34 HortsOftoU GoodsOS 

36 HeaMt CeroiTH 

37 Ptiairrai;i)ulieAlS(l21 

35 lobagggtil 


2890 JS -6 5 2704.1 1 £728.40 2723.52 2778.30 
2192.31 -02 2197.69 222606 2231 .94 206600 

2761.07 -0.3 2770.05 2801 2803.95 2786.60 

2299 53 -0.B 2318.65 234660 2350.43 2322.30 

245696 +0.6 244616 2447.48 2441 S9 2586.30 

1659.38 165665 1864.67 166658 1712.00 

295a 14 -1 1 2882. 12 2987.62 297647 3094.50 

3456 30 *1 0 3422.75 3S31.B1 3464.69 3945.30 


4.42 

7.55 

15.30 107.91 

928.08 

4.31 

7.B1 

15X6 

61.03 

982.06 

4.01 

6X7 

16.84 

B9X2 

925X8 

4X2 

8 .1B 

14.14 

75.77 

966.16 

3.66 

7X7 

16X4 

55.79 

B77X3 

3X1 

as 

43X0 

36.18 

959.46 

4.47 

7X6 

15.95 125.18 

943X3 

8 X8 

9.95 

10X0 217.07 

788.41 


lftCES4221> 
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>on Sorvtfoaidll 
aportlifil 

i Surtiicfa 6 . 

mespe) 
rtoTvtl ?1 
DonrtnAWnO 
iomR iuniGalMmi4i 


1895.69 

-0.B 1911.16 1B32.42 1933X5 1890.00 

3X6 

6 X6 

18.98 

46X3 

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very quickly to sharply 
increased subscriber numbers 
for the third quarter, expected 
on October 3. 

Hoare 's telecoms team is 
looking for Vodafone to 
announce a customer base of 
some 120,000. more than twice 
that of the same time last year. 
The broker described Vodafone 
shares as “very cheap" and 
said it expected the stock to 
respond vigorously to an 
expected bout of buying intert- 
est from UK institutions. 

US selling, which has been 
strongly evident in recent 
weeks, has largely dried up, 
dealers said. 

Vodafone shares edged up 3 
to 188'Ap, after 188p, with turn- 
over reaching 4.6m. 

Northern Electricity was the 
star turn in a generally strong 
Rees sector, the shares racing 
up 19 to 317p after the com- 
pany activated its share buy 
back programme. BZW, North- 
ern’s broker, was said to have 
bought in around 10m shares 
but was acting as an agent for 
the group in a move seen by 
dealers as a tender offer. 

The Northern buy back offer, 
was viewed by marketmakers 
as a big switching operation 
and especially lucrative for the 
market's big gross funds. 
Other buy back moves yester- 
day included South Wales 
acquiring 225.000 shares at 
817p. 

Barclays Bank shares took a 
drubbing in the general market 
malaise, sliding 10ft to 567ftp; 
stories circulating in the stock- 
market suggested that the 
bank had moved recently to 
curtail its lending to property 


NEW HIGHS AND 
LOWS FOR 1994 

new HOH3 pay 

BBEwenes tfl Qtta m*. bulbing a 
CNSTRM m STwrtn. DBiram/TDRS m Faber 
PHML ELECTUNC A ELECT EQUP IDUKipe 
F.Wj. SWMBERMQ 0) Domnk* Hunter. ENG. 
VEHICLES (1) Busman. EXTRACTIVE IMS H 
HEALTH CARE (1) Alp AB. BWESTimT 
TRUSTS (3} 3L TtanpMon Lmm Atom. LEISURE 
A HOTELS (1 ) Zadar*. MBNA (1) annual 
TV A, PHARMACEUTICALS (1) Brtttah Btatacta. 
RETAILERS, FOOD rtl Onega. RETAILERS. 
OENERAL (1| ayta. TEXTILES 6 APPAREL fl) 
Fum ta ua w. TRANSPORT (1| GHT Bu* 

NEW LOWS (142). 

tBLTS n OTHER RXHJ INTEREST (1) BANKS 
0 FNFC Rd. Prt, Mfl. AustnBs Bank. 

BULUNG & CNSTRM {7} AMEC Cnu. Prt. 
Benr Homes, Coottun. Crest Mchol 5«kpc Prt. 
GaMord. Lslng (4 R4pc Cv pt, wfeaon Bmden. 
BUM MATLS A HCtfTB H| An^v Hapwttt. 
HsywOOrt WMams. Matey. USmBUTORS (5J 
Ertapitaa Computer. Euoctaltar. Incb c a pe. Let) 
Stavica. Poxkagon. DtVERSlFIED MOLS (10) 
ELECTRNC & ELECT SOUP (3) BKXI. 
Botrihorps. VlrteoLo^c. BHHNEBMNO (9) 
AoroatncJaw Haitat* Bnt Aaro Cna. Prt, 
Olynwed tat, Wfl & Smirti VJframtrx EHO, 
VBBCLEB a BBA6.7SPC Cm. PrtL Motor 
World. EXTRACTIVE IKOS (Q Antfo Padfc Re* 
Pacific Arc Expki. FOOD MANUF 0 Bob 
Wasaman. Dataw. HEALTH CARE fl) 
SpacMoyas, HOUSEHOLD QOODS (S) Camvel 
Ptakta- 'A'. Jqtt WytatakL INSURANCE » 
Hoatti [CEJ. Marah * McLwtnm, Sedgwkta. 
IHVBBTlIBn TRUSTS (2B| LBSURE A 
HOTBJ1 n Alrtoura Cv PI. Si Jama Beach 
Hotel Thom EMV. IBM Babotr Men. 
MftfiandliKL No**. Pesram, Road End, OB. 
EXPLORATION 5 PROO OQ Coptax Ra* 
Schtarnbotgar. OB. INTEGRATED p) Qwrtri 
Mobfl, OTTd FMANCIAL (Q Boiy. Brch ft 
Nobte. Inirom Juatwa OTTOI SERVE 1 BUSKS 
fl) EFG. PHARMACEUTICALS (3) Grampian. 
Huntngdon ML Proteua tan, PRTNO, PAPER A 
packg W API Banruaa. Farguon ML 
Wamtougha. PROPBITY (0) RETAILSO, 
GENBIAL n Argos. Aaproy. Body Shop. 
Capetown. Cues Myw, Rraeby* Seat* Upton 
A Scubam. SUPPORT SBTV3 (7) 
TELECOMMUNICAnONS (1) Ctte 0 Wire. 
TBCTHXS6 APPARB. ft) Chernberfsta Plllppa 
TRANSPORT (I] AMBUCAIB ffl. 

and building companies, a 
move which prompted fears 
that the bank may have suf- 
fered a further wave of losses 
in those areas. 

Standard Chartered was one 


of the few strong performers in 
the sector, with dealers talking 
of a chart break out for the 
stock. 

Big falls in international 
bond and equity markets 
across the globe triggered a 
fresh spate of concerns that 
many of the UK's big trading 
bouses could have come 
unstuck during the turbulent 
trading period. SG Warburg, 
always viewed as the UK's 
leading integrated securities 
house, dropped 20 to 71 lp. 
Smith New Court, the London 
market’s premier market- 
making firm, slipped 8 to 416p. 

Lingering fears that Com- 
mercial Union's rights issue 
might have run into problems 
dragged CU shares down 13 to 
489p and the nil-paids 13 to 15p. 

A move to stem speculation 
over its interest in Scott Paper 
subsidiary SD Warren pushed 
up market confidence in Arjo 
Wiggins and the shares 
improved 12 to 263p. 

Arjo said that it would only 
be interested in acquiring a 
part of the company in a joint 
venture with a US company 
rather than the whole. 

After recent w eakness in the 
stock, investors were pleased 
that any large-scale dilution, 
which would be caused by a 
big purchase, was no longer a 
concern. 

Merger and acquisitions 
speculation continues to preoc- 
cupy the pharmaceuticals sec- 
tor, with most analysts concur- 
ring that in several years there 
will be fewer drugs companies. 

Compatibility between 
Zeneca and Wellcome, and the 
fact that there would be little 


product overlap, is fuelling 
market talk of a merger 
between the two, according to 
one analyst. Zeneca lost 9 to 
833p and Wellcome gave up 10 
to 689p. 

Contract distribution shares 
were the feature of the trans- 
port sector with Tillett and 
Britten tumbling 42 to 76Sp fol- 
lowing a bleakish half-year 
report 

A slip of 16 sent shares in 
Thorn EMI down to 972p as 
talk circulated of a large line of 
stock hanging over the market 
A seller was said to have tested 
the water but marketmakers 
were reluctant to take on the 
block and the price marked 
down. 

The unwinding of a bull posi- 
tion was said to have been 
partly responsible for a tumble 
in the price of BOC Group. The 
shares lost 14 to 709p. 

Against prevailing weakness 
in the chemicals sector Court* 
aulds managed to close the day 
unchanged at 471p albeit in 
thin volume as sentiment 
begins to grow that the shares 
have been oversold 

The share price upset at BAe 
washed over on to Aerostruc* 
tores Hamble, the former BAE 
unit floated in June at 120p. 
The company gets around 80 
per cent of turnover from BAe 
and the shares crashed 50 to 
73p. 


MARKET REPORTERSe 

Steve Thompson, 

Jeffrey Brown, 

Christine Buckley 

■ Other statistics. Page 43 


LONDON EQUITIES 


UFFE EQUmr OPTIONS 




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MeTtoyce 160 22 26V, 29W 3 6 S 

H7SI 180 10 15HMTO 15 IBM 

* llndertyino security price. P rntatra shown m 
band on cSgelng after proas. 

Septenaer 21 Total contracts; 35.070 Cals: 

15X76 PUs: 1R200 


FT GOLD MINES INDEX 


Sea ttefag Sop 5cp Vs* Grass <&> S2 utefc 

a an ttsy 19 16 ago yMd * Bgh law 


RISES AND FALLS YESTERDAY 



Rises 

Fads 

Samo 



11 

18 





Mmeral Extraction 

— 40 

83 

75 

















FTnandab _ .. 

35 

153 

179 

hweamient Tnmta 

12 

244 

210 

Others ._. . __ 


78 

16 

Totals 

293 

1.020 

1277 


Dsla cosed on thorn core pa ntea Mod on Die Lonrtm San Genies 


TRADITIONAL OPTIONS 

Fktt Dealings Snpl e mb er 12 Expiry Decembers 

Last Dealngs September 23 Settlement December 22 

CaBa: BTR Wtn ’87, Betterware, Haamocafl, Lucas Wts, Morrison (Win), Romeo 
Energy. Tulow OB, Utd Energy. Wbnpey t«l- Puts; BTR Wts V7, TuBow OIL Puts & 
Cans; Bk at Scotland. WImpey (G). 


LONDON RECENT ISSUES: EQUITIES 


Issue 

Amt 

MkL 



Ctase 





price 

paid 

cap 

IBM 

Price 


Net 

Div. Ora 

P/E 

P 

up 

(End 

high Low Stock 

P 

*/- 

dv. 

cov. yW 

net 

100 

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iai 

102 

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95 


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1X2 

46 

39 Do. warrants 

40 



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130 

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124 

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- 

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— 

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02 

61 Emerging Mkts C 

62 


- 

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120 

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120 

118 Independent Parts 

118 


[MJO 

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14X 

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F.P. 

28.7 

67 

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64 


- 

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44 

27 Sut» WrtS 99/D4 

28 

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379 

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374 

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12 X 

212 

192 Da Wrts. 2004 

207 

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- 

RIGHTS OFFERS 







Issue 

Amount Latest 





Closing 

♦or- 

price 

paid Renun. 

1994 




price 


P 

*40 

dde 

High Law Stott 




P 


475 


4/10 

59pm 15pm Cammerctai Union 


15pm 

-13 

380 

f* 

21/10 

48pm 13pm EMAP 




14pm 

+1 

252 

KB 

11/11 

34pm 17pm Weir 




17pm 

-1 


FINANCIAL TIMES EQUITY INDICES 

Sep 21 Sep 20 Sep 19 Sep IB Sep T5 Vrago *H^ low 

On&naiy Share 2337.B 2358.3 2389.5 2388 T 242G.2 2329.1 Z713X 224G6 
OnL div. yield 4.40 4X8 4.30 4.30 4X4 3X9 4X6 3.43 

Earn. ytd. % full 6X0 6X5 6.13 6.13 6.04 4.70 GXO 3.82 

PIE ratio net 16.94 17.67 17.41 17.41 17.68 27.14 3343 16X4 

P/E ratio Ml 17X1 17.00 16X0 16.00 16X6 25.05 30X0 17X9 

■For IBM. Ordtary Snare mdn snee compaaDort Ngh 27I3X 2JWB*: knr 4B.4 26/SMO 
FT OrtSnary Ettam nftn baaa date 1/7735. 


Onflnary Share hourly eft a ttfles 

Open 9X0 10X0 11X0 12X0 13X0 14X0 16X0 16X0 High Low 
2352.5 2363.9 2360.0 2349.6 2350.4 2355.7 2356.9 2353.0 2344.9 2367.1 2337.0 


Sap 21 Sep 20 Sep 19 Sep 16 Sep 15 Yr ago 


SEAQ batgakw 24X11 

Equity turnover (£m)t 
Equity ba r galnst 
Shares traded (rrtjf 


24X55 24X12 

1333.8 9509 

27.071 25X41 

496.4 827.0 


tSjidUatag tttatnaritst budnass and oraraaa a tunovsr. 


24,749 

1193.7 

27.771 

468.4 


24X38 27.748 

11 BOX 1559.0 
27X58 29X38 

521X 560.4 



Appear in the Financial Times 
on Tuesdays, Fridays and Saturdays. 

For further information or to advertise 
in this section please contact 


GnUMbiu ladot (5 
■ Regional tadiett 

«ncsti6) 


2247 JJ8 +26 2204X6 217SJS 1688X6 

344114 +3X 333833 3402X8 2247X8 
2759.41 *4 JO 2666.12 1864X7 

North Aiwfca (i>5 1821X2 +19 180578 1742X7 1474X7 

Capwim. The F i na n ci al TroeB umcad 19M. 

FipTO at twejiea do* nurttr of axncoiuga. Base US Dotero- &*aa tfttata lOOOXO 31/12/02. 
Pn««s3or CWd Mrw tadas Sap21: 574X ; day 1 * ChtalJ*: -fflX pottli Year W 176X t Pa«aL 
latcpea msttaUata* Steadieert. DELETION: TtAtt LAC Mrwrra (Norti AmarCoL 


1X2 

2387X0 1668X6 

4X0 

3407X8 2203.18 

1X0 

3013X9 1629X5 

0.71 

2039X6 1459.45 


Karl Loynton on +44 71 S73 4780 or 
Lesley Sumner on +44 71 873 3308 

FINANCIAL TIMJES 

tUHO*£‘S BUSINESS HtWiWFU 








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32 


FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 


★ 

CURRENCIES AND MONEY 


MOMEY market funds 


MARKETS REPORT 

D-Mark stabilises 


The D-Mark strengthened 
against the dollar and the 
pound yesterday as Germany's 
M3 money supply figures came 
in lower than expected, writes 
Motoko Rick. 

Against the dollar, the 
D-Mark finis hed in London at 
DMI.5449 from DM1.5508. 
Against the pound, it dosed in 
London at DM2,438. up from 
DM2.4446. 

The US currency came under 
some pressure as US treasury 
bond markets interpreted a 
higher than expected rise in 
housing starts as an indication 
that an Interest rate hike is 
immin ent In recent months, 
the bond markets have been 
leading the dollar. 

The dollar fluctuated against 
the yen in the face of a raft of 
ambivalent comments horn US 
officials about trade talks with 
Japan in advance of the Sep- 
tember 30 deadline for sanc- 
tions. 

In London the dollar closed 
ag ains t the yen at Y97.70 from 
Y97.75. 

■ The D-Mark turned in a 
strong performance, due in 
part to market relief that the 
M3 money supply showed a 
slowdown in annualised 
growth. Some investors had 
spent the past few days prepar- 
ing for a rise. 

The M3 grew an annualised 
82 per cent in August, below 
the consensus forecast of 8fl 
per cent and below a year-on- 
year growth rate of 9.8 per cent 
in July. 

Following the release of the 
data, Bundesbank deputy pres- 
ident Mr Johann Wilhelm Gad- 
dum said he was confident that 
the pace of money supply 
growth would continue to slow 
down. 

While some economists 
warned that the Bundesbank 
could use this news as an 
opportunity to raise rates, Mr 
Gaddum further calmed the 
markets when he said: “We 
cannot be satisfied with the 
current inflation rate." 

The markets took these com- 
ments as reassurance that the 
Bundesbank would not soon 
move to cut interest rates. 
“The market feels that the bot- 
tom in the German interest 
rate cycle has been estab- 
lished,” said Mr Neil MacKin- 
non, economist at Citibank. 


Sterling 

Against ttedodar (Spar Q 


— 



Source: FT Graphite 


■ Pamiri in Hew Tor* 


Sap 21 

— Ltasta- — 

- Pray, dare — 

£«« 

1.5780 

13740 

1 nrt 

1J773 

1.5732 

3mtti 

13754 

13710 

lir 

i3sn 

13534 


Another factor helping the 
D-Mark was a general opinion 
poll taken by the Allensbach 
opinion research group, which 
showed the liberal Free Demo- 
cratic party. Chancellor Hel- 
mut Kohl’s junior coalition 
partner, currently enjoying &5 
per cent support for its bid to 
return to toe national parlia- 
ment in general elections In 
October. 

Worries that a poor perfor- 
mance by the FDP would force 
a coalition between Chancellor 
Kohl's Christian Democrats 
and the Social Democratic 
party had been rattling the 
markets. “The markets have 
taken same comfort from toe 
poll and the D-Mark has 
regained its composure,” said 
Mr David Cocker, economist at 
Chemical Bank. 

■ The dollar traded within 
tight ranges, restrained by a 
2L1 per cent rise in US housing 
starts to l.442m units, above 
the average forecast of 1.40m 
and against revised July hous- 
ing starts of 1.413m units. 

Mr Cocker said: “The strong 
housing starts seem to suggest 
that the amount of Federal 
reserve tightening to date has 
not been s ufficient an d leads 
markets to worry about infla- 
tion, which depresses bonds 
and leads to a sell-off of dol- 
lars." 

The dollar bounced around 
against the yen after several 
US officials sounded off about 
trade talks with Japan. US 


Commerce secretary Mr Hon 
Brown and Mr Mickey Eantor, 
US trade representative, unset- 
tled markets with vague com- 
ments about the progress of 

taUre. 

But analysts were most 
Impressed by Treasury Under- 
secretary Mr Lawrence Sum- 
mers. who warned that the dol- 
lar would not be a “tool of 
trade policy*. Mr Adrian Cun- 
ningham, senior currency 
economist at UBS said: Tf the 
trade discussions were going 
badly, no US official would 
have gone as far as to say that 
they are not talking the dollar 
lower.” 

■ Sterling edged up against 
the dollar in response to better 
than forecast non-European 
Union trade figures. The sea- 
sonally adjusted trade gap 
dropped to £2 62m after a 
revised £384m in July. The con- 
sensus expectation was for a 
rise to £500m. 

In London, toe pound closed 
against the dollar at $1.5781 
from JL5764. 

The UK currency was also 
helped by the minutes of the 28 
July monthly monetary meet- 
ing between Mr Kenneth 
Clarke, chancellor of the 
exchequer, and Mr Eddie 
George, Bank of England gov- 
ernor, which suggested that 
interest rates rises were being 
used as pre-emptive rather 
than reactive strikes against 
inflation. 

■ The Bank of England set a 
rate if 5£ per cent on money 
market repos and secured loan 
facilities commencing today, 
maturing on October 6 and 
October 20. After forecasting a 
shortage of £350m, the bank 
provided £350m in liquidity at 
5% per cent. Overnight rates 
traded between 3 % and 5Vi per 
cent 

The September short sterling 
contract, which expired yester- 
day, traded 9,150 lots to settle 
at 94.06 from 94.03. The Decem- 
ber contract traded 66,670 lots 
to finish at 93.07 from 93.03. 

■wm cunnmtcmo 

a*21 r 3 

fesgay 133271 - 193515 107290 - 107.390 
Ian 274720 - 275000 174840 - 175000 
Rant a«64 - 0*099 02909 - 02977 

Maid 38287.1 - anon 7 MIKMI - 230300 
taria 3721.15 - 372580 2358.00 • 2361 SO 
UAE. 57894 • 58010 16715 - 16735 


POUND SPOT FORWARD' AGAINST THE POUND. 


Sap 21 

Ooafog 

ndd«point 

Change 
on day 

BUM BT 
fpmad 

DeyS Wd 

Wgh low 

Om month 1 
Rato KPA 

Three months 
fate %PA 

One year Bar* of 

fate WA Eng. tecta 

Europe 

Awtna 

(Sch) 

17.1571 

-0352 

488 - 654 

172183 17.1480 

17.1528 

03 

17.1409 

04 



114.7 

Belgium 

(BFr) 

502152 

-03783 

709 - 694 

502380 60.1580 

502302 

-OA 

S017SS 

03 

493802 

08 

116.6 

Denmarii 

(OKU 

93828 

-00215 

888 - 968 

9.6224 95674 

9.8375 

-oa 

9.6169 

-13 

06584 

-07 

11&0 

FWond 

m 

7.7443 

-00379 

350- 536 

7.7890 7.7350 

- 

. 

- 

- 

- 

- 

853 

France 

p=i 

&333S 

-0,0236 

306-364 

A.myi 1X3288 

8l3331 

0.1 

63347 

-ai 

5X2888 

05 

110.1 

Germany 


2.4380 

—0.0066 

388 - 391 

2.4433 2.4360 

2.437 

oa 

2.4343 

0.8 

2^4048 

13 

1263 

Greece 

(DO 

371327 

-0334 

154 - 500 

374.628 371.102 

- 

re 

- 

- 

re 

- 

ta 

Mend 

TO 

10098 

-0.0039 

088 - 103 

10144 1.0067 

loose 

0.1 

13107 

-04 

1.0153 

-08 

1053 

Italy 

W 

2454.74 

—iJ37 

332-615 

2460.14 244930 

246034 

-2-7 

247238 

-23 

252839 

-23 

753 

Uznembourtj 

(XW) 

SOZ1S2 

-00783 

709 ■ 694 

503380 50.1 S80 

502302 

-0.4 

50.1752 

03 

493902 

03 

1183 

Nettalnfe 

TO 

2.7S53 

-0.0059 

338 - 368 

2.7412 2.7313 

2.7346 

04 

2.7313 

06 

23988 

13 

1203 

Norway 

^Kf) 

106830 

-0.032 

787 - 872 

10.7223 10-6301 

10JSE28 

OlO 

10385 

-ai 

106874 

03 

B5-7 

fariugrt 

W 

247^25 

-0387 

883 - 967 

248.613 247058 

243353 

-04 

252.735 

-73 

■ 

- 

- 

Spafo 

(Pfo) 

201.721 

-0398 

630-811 

202.747 201 .620 

202.126 

-2.4 

202856 

-23 

205391 

-23 

853 

Sweden 


11.7420 

-00542 

311-529 

11.7335 11.T1« 

11.761 

-1J3 

113065 

-23 

12322 

-2.4 

76 A 

Switzerland 

(SFr) 

20180 

-03074 

179 - 200 

20294 20173 

20164 


2.0107 

1.8 

13762 

23 

123.1 

UK 


- 

. 

_ 

. 

_ 

_ 

- 

- 

- 

- 

79.7 

Ecu 


1.2757 

-03036 

761 - 773 

17801 1^753 

1277 

-03 

1.2774 

-02 

13585 

1.4 

- 

SORT 

- 

0S32O7I 

re 

- 

- 

. 

- 

- 

re 

- 

- 

- 

America* 

Argentine 

Peart 

13780 

+00015 

775 - 785 

13800 13735 




_ 


_ 


Brazil 

(fa 

13509 

+00094 

489 - 528 

1.3533 1^3488 

- 

- 

- 

- 

- 

- 

ta 

Canada 

(CS) 

2.1575 

+00392 

934 - 215 

2.1220 2.1093 

2.1S7 

03 

2.1663 

02 

2.1551 

ai 

873 

Mexico (New Peso) 

53879 

-0302 

626 - 732 

5l 3735 i3552 

- 

re 

- 

- 

- 

- 

- 

USA 

w 

13781 

+00017 

777 - 785 

1^798 15732 

1J773 

0-6 

13754 

07 

13581 

13 

61.0 

PacfficMdiSB 

Austnka 

East/AMca 

(AS 2.1429 

+03248 

416 - 441 

2.1444 ai210 

2.1428 

QjO 

2.1442 

-02 

2.1624 

-OB 

_ 

Hong Kong 

(HKS) 

12.1944 

+03139 

909 - 979 

12^078 12.1574 

12.1905 

04 

12.1894 

03 

12.1964 

03 

- 

l«Sa 

(fa) 

483088 

+03627 

824 -254 

495640 493510 

- 

- 

- 

- 

- 

- 

- 

Japan 

00 

154.180 

+0092 

062 - 298 

154560 153740 

153^1 

23 

15231 

33 

147315 

AI 

191.0 

Malaysia 

(MS) 

43325 

+00073 

307 - 343 

4.0353 40194 

- 

- 

- 

- 

- 

- 

— 

New Zeeland 

(NZS) 

2 8276 

+00168 

247 - 304 

2.8306 20082 

28315 

-13 

9 RTO 

-13 

23816 

-13 

— 

Pfiffippioas 

(Peart 

413831 

+■13708 

780 - 881 

410883 41.1775 

- 

- 

- 

- 

- 

- 

- 

SaucS Arabia 

(Snj 

59189 

+00068 

172 - 205 

5^247 SSOM 

- 

« 

- 

- 

- 

- 

— 

Singapore 

(SS) 

23301 

+00031 

287 - 314 

23342 23254 

- 

- 

- 

- 

- 

- 

- 

S AWca (ComJ 

TO 

53908 

+03027 

882 - 334 

5JG4S 55741 

- 

re 

- 

- 

- 

- 

- 

S Africa (Rtl) 

TO 

63279 

+00077 

103 - 454 

53489 69017 

- 

re 

- 

- 

- 

- 

- 

South Korea 

(Won) 

128235 

+1.4 

164 - 406 

1264JS2 1259.62 

- 

- 

- 

- 

- 

- 

- 

Taiwan 

(IS) 

41.4047 

+00623 

910- 183 

41.4571 41J7B2 

- 

- 

re 

- 

- 

- 

— 

Thafland 

(BO 

353500 

+03201 

321 - 678 

380840 392320 

- 

- 

- 

- 

- 

- 

- 


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DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Sep 21 

Ooateg 

mld-poim 

Change 
on day 

Bd/oflar 

apread 

Day's mid 
high tew 

One month ‘ 
Rate 96PA 

Three MMtfd 
Rote MPA 

On* year OP Morgan 
Rate MPA Index 

Europe 

Austria 

(Sch) 

103720 

-0045 

895-745 

103286 108735 

10372 

0.0 

103718 

0.0 

10797 

07 

1049 

Belgium 

(BFr) 

313200 

-0085 

000 - 40 0 

313330 31.8000 

313272 

-02 

3134 

-03 

31375 

-0.5 

1053 

Denmark 

pt«1 

63787 

-00204 

m - 797 

6.1070 63769 

63852 

-12 

8.1052 

-1,7 

8.1824 

-1.7 

104.7 

Rrfand 

(Bfl 

43074 

-002® 

027 - 120 

43450 43017 

43074 

03 

49144 

-08 

4.9624 

-1.1 

79.7 

France 

(FFt) 

53807 

-00208 

802 - 812 

Kmraa «ii>«nn 

52631 

-03 

52874 

-03 

52607 

0.4 

1062 

Qannany 

P) 

13440 

-0.0QS9 

445 - 452 

15530 13440 

13451 

-02 

1.5451 

09 

1.5402 

02 

1083 

Greece 

m 

235300 

-03 

250 - 350 

237320 235.240 


-13 

236225 

-13 

238375 

-1.6 

628 

Irteand 

TO 

13632 

+00077 

824 - 639 

13640 13539 

13926 

03 

13596 

03 

13412 

1 A 

- 

Italy 

(U 

155530 

-43 

500 - 600 

1558.75 155430 

1559-75 

-32 

15683 

-32 

1617 

-4.0 

75.9 

Luxembourg 

(U+) 

313200 

-0085 

nrm . onn 

313330 313000 

313272 

-02 

3134 

-02 

31375 

-03 

1053 

Netherlands 

TO 

1.7333 

-0.0057 

328 - 338 

1.7400 1.7325 

1.7335 

-02 

1.7335 

-Ol 

1.7286 

02 

1052 

Norway 

(NKr) 

07695 

-03278 

885 - 705 

6.8005 07424 

6i 7745 

-03 

6.7945 

-13 

6.887 

-1.4 

85.7 

Portugal 

(£rt 

157.040 

-031 

990 -090 

157.750 150330 

157.73 

SJ7 

161.465 

-112 

16894 

-SJ 

952 

Spain 

(Ptaj 

127325 

-0585 

800 - 850 

128300 127300 

12014 

-33 

128.78 

-23 

131.705 

-20 

BOO 

Sweden 

(SKr) 

7.4406 

-003 

356 - 456 

7^4751 7.4319 

7.4571 

-2.7 

7.4856 

-39 

7.6881 

-02 

606 

Switzerland 

(SFr) 

13794 

-03061 

790 - 797 

1^875 13790 

12783 

13 

12762 

19 

12643 

12 

1082 

UK 

n 

13781 

+00017 

777 - 785 

13796 1.5732 

13773 

03 

13754 

0.7 

13681 

12 

882 

Ecu 

— 

13361 

+00048 

3S8 - 363 

12388 12315 

12352 

09 

12333 

09 

1208 

2.4 

re. 

SDfa 

- 

1.46475 

_ 

. 

. 

. 

. 

. 

- 

. 

- 

- 

Americas 

Aigentlns 

(Peart 

13000 

-03001 

999 - 000 

1.0002 09999 

. 

. 

. 

9 

. 



Brazil 

TO) 

03560 

+0005 

550 ■ 570 

03580 08550 

. 

. 

. 

- 

. 

. 

- 

Canada 

(CS) 

13437 

-0.0001 

433-440 

1244Q 12405 

12441 

-02 

1246 

-0.4 

1.3533 

-0.7 

843 

Mexico (New Peso) 

34015 

-0005 

990 - 040 

240M 32980 

3^025 

-04 

3.4043 

-02 

3.4117 

-02 

- 

USA 

(S) 

• 

- 

. 

- 

• 

- 

• 

- 

- 

- 

95.3 

PartflrtMMcSe Eaat/Africe 
Austntta (AS 13579 

+0.0142 

574 - 583 

12596 12461 

12582 

-02 

12589 

-0.3 

12682 

-0.6 

863 

Hong Kong 

(HKS) 

7.7273 

+00003 

270 - Z75 

7.7275 7.7285 

7.727 

03 

7.7279 

oo 

7.7428 

-02 

- 

India 

(fa) 

313725 

+0305 

700 ■ 750 

312750 312700 

31.4575 

-32 

313025 

-23 

. 

. 

- 

Japan 

(Y> 

97.7000 

-0.05 

500 - 500 

933300 873900 

87.49 

23 

9731 

23 

94315 

23 

1512 

Matayw 

(M*) 

23553 

+00018 

548 - 556 

22570 23530 

23461 

42 

23348 

32 

2.6063 

-2.1 

- 

New Zeeland 

(NZS) 

1.0650 

+00087 

636 - 664 

1.6683 1.6565 

136SS 

-07 

1.6678 

-07 

13731 

-05 

- 

PtOp rtnw 

(Peso) 

283500 

+065 

000 - 000 

263000 253000 

• 

- 

- 

• 

- 

• 

- 

Saud Arabia 

ISFQ 

37506 

+00001 

SOS - 507 

3.7508 3.7503 

3, 7519 

-04 

3.756 

-03 

3.7746 

-06 

- 

Singapore 

(SS) 

13765 

+0.0003 

760 • 770 

1.4788 1.4745 

1.47S2 

t.l 

1.4733 

0.9 

1.4685 

07 

- 

S Africa (Com.! 

l TO 

35428 

-00022 

420 - 435 

33450 05315 

33583 

-52 

398B6 

-43 

26633 

-24 

- 

S Africa (Fin.) 

TO 

43900 

- 

aoo - ooo 

4.4120 42750 

4.4237 

-92 

4.4825 

-8.4 

- 

• 

- 

South Korea 

(Won) 

800300 

- 

800 - 8QQ 

800.803 799300 

8032 

-43 

8063 

-32 


-21 

- 

Taiwan 

(TS) 

263370 

+00107 

350 - 390 

262420 jfMM 

26257 

-08 

26297 

-0.9 

. 

- 

- 

TheSand 

TO) 

243350 

-0015 

300 • 400 

| 

l 

25.0075 

-33 

25.135 

-32 

25.615 

-2.7 

- 


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4000 33 m | 4 OCO 

4129 3094 4.189 

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30h VMcM Rica, daiaaa G1 2M .041-24(7070 
C10300-E4UM. — „ I 678 2.78 175 1 (Er 

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£10300-90 toy nafcs 675 

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508 I (C MU 
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634 I .IbM 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Sep 21 0Fr DKr Rf 


DM 


fl 


NKr 


Pta 


SKr 


SFr 


£ 


cs 


Ecu 


Bristol 


(BFf) 100 19.10 KL59 4855 2.011 4888 5^48 21^7 483.4 401.8 2138 4020 1.891 4521 3.142 3070 ZB*3 


Denmaric 

(DKr) 


10 

8388 

234T 

1.053 

2559 

2351 

11.13 

2582 

2102 

1224 

2105 

1942 

2210 

1.645 

1607 

1231 

Netherlands 

219672 

215208 

+000098 

-203 

591 

Ranee 

OFft) 

6026 

1131 

10 

2325 

1212 

2948 

non? 

1281 

2973 

2420 

1499 

2423 

1200 

2544 

1993 

1859 

1332 

nwlptnm 

402123 

393075 

+09173 

-1,75 

ATI 

Germany 

(DM) 

2080 

2935 

2418 

1 

0414 

1007 

1.122 

4281 

1013 

8273 

4315 

0.828 

0410 

0370 

0347 

6325 

0324 

IrateKl 

0808828 

0.794483 

-0900891 

-1.75 

*71 

Ireland 

TO 

48.72 

9j488 

8251 

2.414 

1 

2431 

2.708 

1057 

2462 

199.7 

1132 

1.999 

0390 

2099 

1382 

1527 

1284 

Germany 

134964 

132032 

+090154 

-130 

4.45 

Italy 

(U 

2948 

0291 

0339 

0399 

0941 

100. 

am 

0435 

1009 

8218 

0*78 

0982 

0041 

0386 

0.064 

8281 

0952 

Fiance 

633883 

856068 

♦030001 

023 

233 

Neflierianda 

TO 

1826 

2507 

2047 

0391 

0268 

8979 

i 

3305 

9080 

73.75 

4293 

0738 

0266 

0.775 

0377 

5828 

0467 

Portugal 

192854 

195.141 

+0092 

1.19 

1.67 

Norway 

(M<r) 

4702 

6382 

7.803 

2283 

0346 

2299 

2361 

10 

2320 

1883 

1039 

1.890 

0336 

1385 

1.478 

144* 

1.196 

Danmark 

7.43679 

734012 

+000083 

131 

126 

Portugal 

TO) 

2027 

2871 

2383 

0984 

0408 

980.7 

1.104 

4210 

ioa 

81.40 

4.738 

0815 

0404 

0366 

0637 

8223 

0315 

Spate 

154250 

158387 

-0.187 

288 

090 

Spate 

(Pta) 

2430 

4.75a 

4.132 

1209 

0501 

1217 

1258 

5295 

1229 

100. 

5.821 

1.001 

0496 

1.051 

0782 

78.45 

0.633 







Sweden 

(SKr) 

42.73 

8.171 

7999 

2X177 

0860 

2091 

2330 

9.097 

211.1 

1713 

10 

1.720 

0352 

1306 

1244 

1312 

1988 

NON ERM MEMBERS 





Switzerland 

(SFr) 

2437 

4.751 

4.128 

1208 

0600 

1216 

1255 

5290 

1227 

9930 

6315 

1 

0496 

1950 

0782 

7827 

0332 

Greece 

284313 

2922S4 

+0217 

1048 

-6.89 

UK 

« 

6022 

9393 

8234 

2338 

1910 

2455 

2735 

1068 

2473 

2017 

11.74 

2919 

1 

2120 

1378 

1542 

1277 

«rty 

1793.19 

192738 

-798 

730 

-420 

Canada 

(CS) 

23.69 

4325 

3331 

1.150 

0478 

1158 

1290 

5938 

1163 

95.14 

5338 

0.952 

0472 

1 

0744 

7274 

0302 

UK 

0788748 

0785964 

-0900036 

-014 

002 


US 


Ecu 

Danish Kroner. 


(5) 31.83 
(Y) 3257 
30^3 

French Franc. 


8.078 

8^21 

7312 

Krawr. 


i281 

5.405 

6^26 


1.64i 

1-581 

1.808 


0440 

0-655 

0.781 


1558 

1582 

1922 


1.733 

1.774 

2.142 


6.768 

naze 

a383 


157J0 

180.7 

1940 


and Saattoh Kroner par 1ft EMolan Ftsnc, Van, Fsrudn . Lba and Redata 


127 JB 
130.8 
157A 
pa ioa 


7.440 

7.613 

9.183 


1.279 

1.309 

1^81 


0.634 

0^49 

a783 


1^43 

1.375 

1360 


1 

1023 

1^38 


87.72 

ioa 

i2aa 


0009 

0828 

1 


■ D-MARK FUTURES 0MM) DM 125000 par DM 


IgMMJ Van 12^ per Yen 100 



Open 

Latest 

Change 

High 

Dec 

06440 

06449 

+0001 1 

06465 

Mar 

- 

06451 

- 

0.6451 

Jun 

- 

03450 

- 

• 


Low 

08439 


37A58 

21 

3 


Open frit 


Open 

Latest 

Change 

High 

Low 

Est_ voi 

□pen H 

71382 

Dec 

1.0292 

1.0285 

-00021 

1.0314 

1.0266 

33,153 

46.148 

4.096 

Mar 

1.0364 

19366 

-00027 

19366 

1.0365 

158 

2233 

477 

JlBI 

- 

1.0477 

• 

- 

- 

1 

450 


EMS EUROPEAN CURRENCY UNIT RATES 

S«p 21 Ecu can. Rale Change % V- from % spread DJy. 

rases afiaMEcu on day can, rata vw«akast bid. 


13 

12 

-3 

-8 

-10 

-20 


Ecuumta mm sat by tm Baopmi Comdmon. Cwarin •* ta dammrina naaBn mngih. 
Rricanpa chanpto are tar Gov a potaOM chNto* rimotaa a natal cwrenqp. OBraganoa rimn On 
reoo batunm am apntaK On pareareapa ctataranea batanen On adhta reariM and Ecu canbal rtaaa 
taraeureney. and ihaii aBnm gt pa u da m pa mNa a y ad4NaaonarBNCi»*ancirairNdNtwia8ranaa 
Ecu carnal rate. 

(IM09R ftoing and ktam Ua aapandad Bern BM d«*NBTNrt etaettatad by ths FtaancW Ttana 
■ P*flL6HgLPWAM MOFTlOm £31 ^50 fcanta per poura^ 


■ SWISS FRAHC HfTURES (IMM) SFr 12SA00 per SR 


■ ST1WUMO FUTURES (BUM) ES2^00 per g 


Dec 

07790 

0.7803 

+00014 

0.7824 

07782 

19234 

34.742 

Dec 

13766 

13738 

+00034 1.5790 13682 

10587 

31,730 

Mar 

0.7830 

0.7825 

+09018 

07830 

07814 

73 

625 

Mar 

■ 

13680 

13700 

1 

288 

Jim 


07850 

- 

0.7855 

- 

40 

60 

Jun 

- 

13650 

13650 

14 

7 


Straw 

Price 

Oct 

- GALLS - 
Now 

Dec 

Oct 

— PUTS — 
Nov 

Dec 

1300 

722 

725 

■ 733 

- 

aio 

0*3 

1328 

492 

5.18 

532 

095 

040 

. 088 

1350 

277 

328 

330 

041 

190 

134 

1375 

121 

137 

247 

129 

202 

268 

1300 

039 

093 . 

130 

290 

332 

4.18 

1325 

007 

029 

034 

6.08 

SA5 

539 


WORL Dr INTEREST RATES 


MONEY RATES 

September 21 Over 

night 

One 

month 

Three 

mtfYS 

SU 

mths 

One 

year 

Lamb. 

Inter. 

Ob. 

race 

Repo 

rate 

Belgium 

41a 

5'v 

Si 

53 

Sft 

7.40 

430 


week ago 

4'h 

5ft 

Si 

5ft 

6ft 

7.40 

430 

_ 

France 

54 

54 

5ft 

S3 

6ft 

690 

_ 

075 

week ago 

54 

54 

5ft 

63 

6ft 

5.00 

- 

ore 

Germany 

4.85 

5.00 

595 

SM 

593 

690 

4.50 

4.85 

week ago 

427 

5.00 

4.95 

5.10 

5.45 

690 

430 

435 

Ireland 

4 4 

5ft 

64 

sa 

7ft 

- 

- 

625 

week ooo 

44 

5ft 

GS 

6ft 

7ft 

- 

_ 

625 

Italy 

64 

a-. 

8ft 

9ft 

10ft 

- 

7.50 

823 

wook ago 

a** 

8ft 

8B 

9ft 

10ft 

- 

730 

8.45 

Motherlands 

4.84 

5.05 

5.13 

625 

5.76 

- 

525 

- 

week ago 

4.84 

5.05 

597 

522 

5.59 

- 

S2S 

- 

Switzerland 

3G 

4i 

44 

4ft 

43 

6.625 

3.50 

- 

week ago 

3*4 


44 

4H 

4ft 

6925 

330 

- 

US 

4ft 

4JJ 

5 

5ft 

S3 

- 

490 

_ 

week ago 

4ft 

43 

5 

Sft 

Sft 

- 

4.00 

- 

Japan 

2Vv 

2H 

214 

Zft 

2ft 

- 

1.75 

- 

week ago 

2’» 

Ota 

2* 

2ft 

2Q 

- 

1.75 

- 


■ TWWEE MOUTH HMBPMAHK. WXTUWB8 0JFF^* DMIm pofcm oT 100% 



Open 

Sett price 

Change 

High 

Low 

Eat vrt 

Open InL 

Doc 

9435 

9436 

+002 

94.70 

9434 

45328 

187971 

Mar 

9420 

9422 

+003 

9427 

9420 

40856 

177B31 

Jim 

93.78 

83.77 

+002 

9334 

9373 

22438 

104062 

Sep 

9342 

03.42 

+002 

93.49 

9341 

10167 

67016 

■ TWEE MONTH EUROURA MT JUTE FUTURES (LffFE) LI 000m porta of 100ft 


Open 

Sett price 

Change 

Mgti 

Low 

Est vol 

Open bit 

Dec 

9040 

90*0 

+004 

9062 

9036 

8834 

32076 

Mar 

80.83 

8832 

♦007 

88.72 

89.81 

4380 

18292 

Jun 

89.13 

89.14 

♦0.07 

8924 

89.13 

1817 

15676 

Sep 

88.00 

8833 

+008 

8092 

8060 

1554 

14273 


■ Ttgaat MOTOTH BORO SWISS FRAHC FUTUBES ftJFFQ SFrlm points Of 10096 


Oac 

Mb 

Jibi 

Sep 


Opan 

95.45 
9508 
94.74 

94.46 
MONTH I 


Sett price 
9047 
95.00 
9472 
94.42 


Change Hgh Low Eat vd Open InL 
40.03 S&51 95.45 3716 22959 

+0.02 96.12 95.08 1172 11138 

+0.02 94.77 94.72 220 8180 

+004 94.46 9441 108 851 

(L1FFE) Eculm points at 100% 


■ SUBOR FT London 


teterbanh Ffadna 

43 

5ft 

®5 

64 

- 


- 

week ago 

4fl 

54 

5£ 

6 

- 

- 

- 

US Dafer CDs 

- 4.69 

433 

527 

5.87 

_ 

_ 


week aga 

439 

4.64 

S.14 

5.71 

_ 

_ 

_ 

SOR Linked ta 

3ft 

3£ 

3ft 

4 

_ 

_ 

_ 

week ago 

3ft 

34 

3ft 

4 

- 

- 

- 


Dec 

Mar 

Jim 

Sep 

■IFFE 


Open 
9141 
92.83 
<k> ta 
9195 

traded oi 


Settpnoe 

93.40 

82.82 

9038 

9195 

APT 


Change Hgh Lew Eat «d Opan Bit 
+002 8144 9138 1311 7642 

+4X02 9297 9281 841 5434 

+0O1 92A2 9238 456 2391 

+4X01 31.99 9135 170 1068 


ECU Uflhad Oa MM rata* 1 mm. 51k 3 mlhx 5ft; 8 rntta: CM: 1 year eg. t UBQR 
rata? are eftrad mob nr SI On qrntad n the manat by low reference banka at lion _ 
day. The banka w Bonkoa Trues. BoA of Tokyo. Barclays and Nmknri Waandnour. 
Mid raoco am enoam tar Bn Arenc Mamy Ratos. US 5 CO* end SOW Lrtred Depo ts 

EURO CURRENCY INTEREST RATES 

Sap 21 Short 7 ctryj One Three Six 


Pm 


: MONTH KUHOPOUJMt (BbMQ Sim points ol 100% 


months months 


One 

year 


Dec 

Mar 

Jun 


Open 

9417 

9179 

9343 


9416 

93.78 

93.41 


Change 

-aoi 

-0.01 

-OOI 


High 

94.19 

93.81 

93.44 


Low 

94.16 

93.78 

93.40 


Eat <ral Open Bit 
168.780 542343 
134330 400870 
58,737 282100 


Belgian Frm 

4)2 

-4)i 

4!J ■ 

■4 !I 

54 

■ 5 

54- 

ft 

6 - 

ft 

64 

-ft 

Danish Krona 

S* 

-SJb 

57j - 

ft 

6ft 

ft 

84 - 

ft 

74 

-74 

ft 

-74 

D4terk 

41* 

-4ia 

4 11 

4H 

5- 

44 

ft 

- 5 

5ft 

■5ft 

54 

ft 

Dutch Gulttor 

5, 1 . 

-*S 

5A- 

All 

5ft 

48 

5ft - 

5ft 

54 

-54 

5» 

-5iJ 

French Franc 

5k 

-SI* 

5i« ■ 

Sft 

5,4 

Sft 

S4- 

ft 

s !2 

-SB 

ft 

-ft 

Portuguese Esc. 

12»« 

- 11% 

ft 

-9 

«2 

94 

104 - 

ift 

104 

- io4 

1ft 

- 10ft 

Spsnah Pooeta 

7*z 

- 7A 

7ft ■ 

74 

7fi 

7ft 

Bt« - 


ft 

-ft 

Bft 

, - 8 

Slerfng 

5^ 

-4^ 

ft 

- 5 

5ii 

Sft 

58 - 

6U 

84 

-64 

74 

- 74 

Swtsa Franc 

4 - 

3* 

4 - 

ft 

*it 

ai; 

ft 

-4 

44 

■44 


-AH 

Can. Defer 

*\: 


ft - 

A\l 

5A 

sft 

s4- 

54 

8 - 

ft 

64 

-64 

US Defer 

« 

-■h’l 

413- 

-ft 

ft 

4ft 

5ft- 

48 

5ft 

-5ft 

a- 

ft 

Baton Loo 

9 - 

7«a 

84 - 

74 

84 

ft 

84 - 

84 

ft 

-94 

104 

- 104 

Ym 

2k 


2 i»- 

2ft 

2ft 

24 

24- 

2h 

2ft 

■ 24 

2fi 

-24 

Asian SSmg 

n 

-U 

1%- 

14 

Sk 

24 

34- 

34 

4 - 

3h 

44 

-*4 


■ USTRRASUWym.WTUmsgMM)S1mpar100% 


Dec 

Mar 

Jun 


94.71 

9439 


9469 

94.30 

9294 


-0.01 

+U01 

-4X01 


94.71 

94.30 

93.94 


9439 

9429 


1277 12.255 

1,020 6^76 

991 2325 


M Open a a re ew ftp. are tor prereMS d re 
■ eUROMARK ONTKXNS (UFFE) DMlm poWs oMOOSb 


Short trim rales ore ad tor rhe US Daft* and Yart efiw w days' nodes. 

M THREE IHWIH PIBOH FUTURES (MAT1F) Paris Bdartsardt offered rate 


Straw 

Price 

Oct 

— CALLS — 

Nov Dec 

Mar 

oa 

Nov 

PUTS 

Dec 

Mar 

9450 

020 

023 028 

0.16 

0.04 

007 

aio 

044 

9479 

006 

0.09 012 

0.09 

015 

018 

021 

0.62 

9500 

0.01 

002 005 

004 

035 

036 

039 

032 

EsL wi KU Crts 18051 Rds 129*0. Previous day's 

span nt, Crta 153B83 Pub 139984 


■ EURO SWISS FHAMC OPTIONS (UFFQ SFr 1m points of 1QQ% 



Open 

Sett price 

Chaige 

tt9h 

Lnr 

Esl vol 

Open nL 

Straw 


— Calls - 



PUTS 

Dec 

93.97 

9390 

+003 

94 02 

9397 

24.372 

47.514 

Price 

Dec 

Mar 

Jm 

Dec 

Mar 

Mar 

93.46 

93.50 

+005 

9353 

93.45 

12.329 

33723 

0625 

027 

020 

012 

0.05 

0.37 

Jun 

9308 

93.09 

+003 

33.13 

33.05 

5.600 

29244 

9560 

Oil 

012 

006 

014 

064 

Sep 

82.77 

92.77 

*032 

9282 

82.76 

2.750 

18.793 

9573 

OM 

006 

003 

032 

073 

■ THREE MONTH 

*3JRQD<IUAH (LJFFE)- 3lm points ot 100H 



E* voL tote. Crts 0 (Us a (UokM daft cpsi it. 

Crib 1065 Putt 610 


Open 

Sett price 

Change 

High 

Low 

EsL vol 

Open bit 







Dee 

94.19 

94.10 

-007 

94.19 

94.18 

23 

2079 







Mar 

8331 

9072 

-O.C5 

93.81 

9381 

100 

1355 







Jun 

- 


-0.06 

. 

- 

0 

278 







Sep 

* 

93.05 

-006 

- 

- 

0 

52 








Jun 

ass 

a84 

1.06 


PretaauB da/8 traL. Cate 6AS Piril 103*6 . Prerr. Ota's open tat. CMa 46*3*6 Pvm 331 M6 


UK INTEREST RATES 


LONDON MONEY RATES 

Sep 21 . Oyer- 7 tleya one 

night notice month 


Uwee 


a* 


One 

year 


Marta* Storing 54 -ft 

54 -ft 

5ft -54 

6 -ft 

6ft - Sft 

7ft - 7ft 

Storing CDs 

- 

5&-S& 

ft-ft 

ft-ft 

74-74 

Treasury Bfc 

- 

5ft - 5ft 

53-53 



Bank BEs 

- 

5ft - Sft 

ft-ft 

ft - ft 

- 

Local authority deps. *12 - 4fj 

5ft -5ft 

5ft ' 5ft 

513 - 5» 

6ft - 6ft 

7ft - 7 ft 

Discount Malta daps 5-34 

5ft -4)2 

- 

- 



UK clearing hank base landtag rata ft per cent from September 12, 1994 



UP to 1 

1-3 

3-6 

63 

9-12 


worth 

month 

months 



Certs o t Tax dap. £100200 

ih 

4 

ft 

34 

3*2 


Onto ta Tea dtp, undar CIOMOQ to t*apt. Oapoate wiliilreita tar catai Ape, 
fera. tender rare ol dacamr SJB40pa BCGD teed an Bdg. Emart Hnanca. Mato i* day Me si. 
1864. A^wdreto tar pedod Sap 28L 189* lo Ota 25, 1884. Sriiemto 8 6 Hi 83»c. IMu reno u rata Br 
pwtodJtaySD. 1884 to Aug SI, 1884 StawmaalVX VifiTBpa Ftaanc* Hooaa Bte* (MB 6>apc Iran 
Sepl. 1994 


■ THMR MONTH STTOJRO FUTURES ftJfTS £500000 ports of 100% 



Open 

Sett price 

Change 

H*h 

Low 

EsL vrt 

Open ait. 

Sep 

9426 

94.06 

+003 

9427 

9423 

9150 

73622 

Dec 

9326 

9327 

+004 

33.14 

9322 

66672 

158772 

Mar 

9228 

92.10 

+006 

92.18 

9226 

18116 

88580 

Jtai 

91.45 

81.44 

+OOT 

91J55 

81.43 

6433 

56581 


Haded on APT. A4 Cpan Moras Bgt an tar pm dura d». 


OPTIOlig flJFFg £500,000 ports of 100*6 


Strfce 

Price 

9400 

0425 


Sep 

0.06 

0 

0 


CALLS - 
Dee 

Mar 

Sep 

— PUTS - 
Dec 

Mar 

aoi 

0.01 

0 

024 

121 

0 

0 

019 

1.18 

2.15 

0 

0 

044 

1*3 

ZAO 


Eta. wd. HGL CJfc 18813 Ate 28811. Prentau day's opan rt. Cate 370121 Ada 315801 


BASE LENDING RATES 


Mam&CtaRBny — 5.75 

ABedThfitBanh SJS 

AS Bar* 555 

•Henry TVisttacher 5.73 

BanltalBaada &7S 

Banco Blboo Vtaeya_ 5.7S 

Bfe* Cf Cyprus 575 

BaridlRritald 575 

BartteMnda 5.75 

Bartcol Safer* 575 

BsrctayaBw* 575 

BMBkol Rid Bast 025 
•eramSHplw&ODl±JA75 
CLBerttNeriarienl.- 575 

OfixaftNA 3.75 

OydaaNfeBank &7S 

Tha CodpoflNeBar* 575 

Coutt&CD ,575 

CnAUfanto ...&7S 

Cyprus Popifer Bar* _5JS 


[Xncan Lawrie 575 

Eaglar8ar*Un*Bd_ 875 
FRndal&Gai Barit- 05 
•fatal Ramhg& Cd _Sl75 

Qirabar* 575 

•GdmaUshon 57b 

Htajto Bank AQ Zurich. 575 

• H amOr aD an h 573 

Hatata & Sen kw&k. 575 

•HBSaTueL 57b 

C.HoareaCa 575 

HongtangftShBpcyM. 525 
JUan Hodge Bank 575 
•LfioptM Josr* & 3on# 575 

UoyfeBa* .>..573 

Me^HiBankLU 57S 

RfldfedBonk 575 

*Mua Bating S 

MnW uuBr inju r STS 

•fieaBrtttwra 57B 


* Hosdxi'ghe Guarantae 
CorporaSon United ia no 
tongaa^Ontada 
abtaMighaRufen. 8 
RtytaBharBcofeni-. 575 

•QrrRi 5 WRnm Secs . 5re 

TS0 — 576 

•UtteriBkafKuMl— 575 
Ut*y Trust Berts Pic.... 575 

WtaHtamDutt -575 

WMtaawqfLakSair.— 673 
YarBhBeBar* 575 

• Members of London 
Investment Santana 
A heu d a lo n 


Un CfttaenBM lank 
POBM 700.1 



ly Scftmdtr Rang & Co ltd 

01*3232000 ISO Ckreoatat Loori* Has 80S 071 -M2 8000 

-I -I rmta Gpaolddec.— J 3308 263 I 33*1 Ml 

_ CUUOOOteltoare 1 USD 261 i 330 1 ta 

3381 soil an 


nM» — 

E25309-T493B9 - 
CIO, 090-42* 399. 

b2om»»_ 

g lgar-J^innM^atep 

eiOOOO-C*9389_ 
rvruMtte* — 


SIS S&w 

SIwS C130M43M- 


tatamtCteiqaa Ace 

-FUta 0752 224161 

525 384 1 S34| OB _ 

9M on f ua| ar 


I 425 


338 I 4341 


in 


231 333 was 

225 an B-Mfe 

150 201 «-#t* 



437 328 1 4C HN 

331 248 | 334 441*1 

300 230 | 100 6-SBl _ uUu li 

232 137 1 23418-MN “ '***’ “ 

MTaaU52f3»3 


ms- Grate rn i riim * rata ai Hpm payrife. m 
MtN ataaid ta be ikdiraei ta tori: rata mm na. 
aatftte ef mm pnrito rite mag hr datedba ri 
OMh raa he amt teLterei CWB In iM uriB ri ta 
H* •ceooe or rorranateB ri Howl peta ad at tarn 



EQUITY AND INDEX OPTIONS 

z IHi 

COMPETITIVELY PRICED EXECUTION SERVICE 

re re re • re 


Futures Ltd I 

■B Philip O'Neill Si 

Tel. 071 329 3333. Fax: 071 329 3919 8S 




INVESTCWS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON +71 329 3377 

LONDOW 471 32*3377 NEW TOME +212 MM <13 FRANKFORT +4N9 448871 


CLIENT 

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PRIVATE CLIENTS 
WEUTOME 


RERKELEYFimiRES llMTlin 

38 DOVER STREET, LONDON WIX3RB 
TEL: 071 8291133 FAX: 071 486 0022 


PRESS FOR GOLD- 0839 800 411 

dal now for Gold aadSftver ‘ 

For drtaJb ol oar lull range o< 

Calls are charged at 3ft 

Fid ores Pag er Ud. 1S/21 Great tower St, Loodao EC3R SAQ. 

Futures Call 


fofonnadmi services, can 071-8B jwib. 



TAA-I RO; SPECLTAITOX 

IN FtTL^RFS 


T**4feyta*NCriltiitaB>4ril taMfctaten ebto 
yon, crillfidad Many or laijeteiai aa0T1498 1233 te+wke 
tatogMatfjtWIQtonQrCwtarilfefelBHrMI. 



NEW! from FOREXIA FAX $ £ Dm ¥ 

A8YEARPOBLICIt6eoiH)OFdCCUtt*TE1^^Sr’^tatF^^MI4raQteM6rioS2wtttaC 








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TIUN D 


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Hints S023SEH Fat 0424 77.JCS7 










FINANCIAL TIMES 


THURSDAY SEPTEMBER 22 1994 ★ 


WORLD STOCK MARKETS 


^EUROPE 

AUSTRIA £ap?l.-Sdi) 


-5 ~38 i-ran 

-4 1J70 900 Qfl 
■ 3 AM «W 

* '*■ I’llL* '.’90 l j 
.. 1.387 ujm 0* 
... ?44 iM . 

O 1.1*7 MS 1 5 
'5 '.050 BBS 1= 
-j <w mu 
-2 35B I7i Jn 
-30 1.100 {174 
■■ W 3M1.7 
'• ? wu 

*1 600 *30 1 B 

- I 4J4d 3.4,1 in 


BSSWWU/xawm (Sen 21 / Fry 


4.W. 
Mamin 7.710 
MOM J.W» 
Wi 4, taw 

BHrtj. 1I4.9W 


S4.450 3.TO l.r 
- S.W0 7.510 5 I 
JO 5JOO 4j000 — 

»S0 I 9490 18.050 S.T 
2.7 

-375 47.975 S5.BB0 5.7 
-5 7.6S0 2.105 t 3 

-30o:nH»5jS ! : 

ao 

-5 S.7OJ2.TB0 3£ 
—40 6U»» 5.440 4 3 
-I 215 154 nj 

-W88M)B.100 |i 
+ 101.5501.220 S.1 
-40 A 820 5.380 7 A 
75 7,701 7.960 44 

— 2870 2,480 _ 
-® 4.500 3.B20 4 8 
-50 4.470 £8S0 5.1 

14 1880 1820 28 
10 8.1 BO 7800 5.7 
V- W.600 asm 7 8 
-125 6850 4.160 2.', 
-5 1885 1760 68 
-€O8M0 6.220 1.8 

7S50 6.270 

6.400 6.0UO 4J? 

— 1*30 1.422 BJft 
*150 19,400 item .... 

-SS> laws &3S8 ZB 
—30 I.N3J 2*00 5.1 
-26 558 420 18 
-70 6800 4.760 4.5 
-9P 5.JS3P J.BOO 4 4 
-5 2JE862.12S 12 
-30 1536 2.105 50 
-100 IS.70D HI60 4.7 
-15 1.675 1.452 18 
-10O17.3SQia.7SJ 4 7 
-1 It) 11500 8860 40 
+350 26.100 22800 14 
-15 2*00 1440 4S 


B71 if t££ 400 83 

KM T 4 708 500 S8 

,, "g -13 902 861 24 

-6 481.80 377 38 
124 -1401B7 .JD1MJ0 
-’3 ».MS LOW 0,8 
6 lS v- 8.780 5*80 08 
2*2 -20 385JI0 tiaaj _ 

"*50 834 4B5 14 

-3130 -£70 27420710 14 
aii ;i 1K »8740 54 
?i2 .-J3 1 448 882 6.6 

Iff ~*-®2 'BOJO I® 6.8 
I®' -8 200171 JO ... 

~ 7M 526 321 B4 
?fffS 635 353 04 

14150 -4LB0 234 141 IS 
“J -« 371 2X550 74 
JW -10 936 752 14 

*g -9 1*05 785 ... 

»P +51.150 005 1.3 
516 -9 8MSX10 — 

*i?go ~ , - zn 267 an _ 
,z “0 -a 15740 11100 24 
SS -3 762 543 IJ 
_ 730 945 681 14 

a«o -a 3880 ajao s* 
, 5§i -*g 731 670 13 

t*3> -IS 1.TB8 1.420 17 
MMJ -74044040 33710 2.7 
Ml -11 BOO 473 24 
378 -a S1O27SS0 74 
36040-1050 700 M2 54 
24g -172*34 1.700 “ 
„ “g “? 702 $23 44 
JM25 -15 2400 1.710 24 
M +1*0 52836*10 
24540 _3 lm 377 244 54 
MMO -140 237 BO 1(080 Z4 
2.410 -401120 2881 14 

niBU -140*2141^0 64 
31740 -6.40 38430 2B3L 10 S4 
13840 +8022*501353® 3-2 
394 -5 484 3S3 18 

452 -10 8SO«910 54 

441 -. BOD 438 74 

37740 -2.7Q 307 221 38 
315 +440 335 Z40 10 

350 -« 356 240.10 04 


— Sa*” " 3-605 -75 4410 1075 — _ 

— Sftf** «400 . 11TO9JM0 13 „ 

— sm 11800 -uanugi +* 

— SrtaBP 2845 +35 2.7301892 2.2 .. 

.... TbUcai 4840 *65 1195 3463 £0 _ 

— Torate 87*00 +16031*024.400 1.1 - 

— TnaFr 18.000 +M024JKM75M 11 .. 

— IMccm 11JM0 -19016,70010360 14 - 


= 2ss 

... Jrtnfle 
._ LVCRO 


330 — 450 310 13 — KMOMl 

907 +2 371 77B 1* _ KndM 

174 „ ISOiabO 1* _ KMdN 

745 +5 991 TOO 14 — KJrtn 

1 .700 +5 1,830 1,400 28 ... tetaSI 

1.198 -5 1,437 1 463 2.1 _ KMDtt 


858 -8 678 820 04 _ 

Ijm -10 C4M 1463 as 

836 +4 877 904 

1,1 GO -. 1480 1.130 ... .. 

327 -1 335 250 — 

900 — 850 748 .. ... 


1 175 123 ... W*B* 2440 -10 £4801.700 


NCTIBUAMB (Sep 21 / FK) 


I860 +35 1,72*1.429 44 .. Kotaqo 

4465 +100 5440 3,780 _ _ Knettu 
183 ._ 263 185 0L2 ^ Kart® 

Hoax 14 T 0 - 10 14401401 XoyoS 

FteioBf 11450 _ 134*0 11,125 0* - «Ux*i 


.930 - 2.780 2.150 ... 

601 -8 987 732 ... 

734 +0 749 605 

882 +7 963 646 ... 

713 +8 787 SSI 


387 +2 512 361 14 _ TOT 

7480 -10 4660 7.430 _ _ TWCDM 

1.720 . 1410 1420 - _ WBmu 

£540 —2460 2430 — HMng 

1420 +201,110 775 — _ numa 

7.nro *40 24201410 - _ WsBTl 
BOS -S 1440 840 _ — wetme 

1.100 +10 1480 1,130 _ — Wofl 

1,150 -1014601.120 ... ... WMI 
-2 636 478 1.0 — 

_. BTO 411 ... 


2.41 -47 274 141 _ 

4-25 _ 4.80 128 4.1 

946 - 07 8-98 8.10 44 
8.17 -45 840 5-20 14 
746 t32 740 24 

233 —.06 285 2-21 40 

443 -49 545 4 IS 1.4 

<46 +42 486 3.7Q 1.7 
242 -48 3-52 274 4J 


4BHAmr 57.70 
AE60N 87.30 
MUM 
MOO N 204,90 
BottWs 3420 
BosKDR 3180 
CBM 65.70 
tISM JMl30 
ObcWh 19290 
Euenr 16240 
FUkDOR 
HW»0A7l.1<M 
Gmnm> 8120 
GBrtJpH 44 
Hamnyr 13150 
Hefitol 73250*) 


7980 
7840 

43M 

HGOpR 7SJ0 
«m* 8250 

4740 

51 


- GERMANY (Sep ZW Dm.) 


«« 161-20 *17016630 153 14 

iSSL 525 — 633 SB2 23 

AaMNla 1440 +261,4461.110 1.1 

Mte 2.358 +28 2611 2450 04 

2"?™ 6+5 576 14 

*Sta 831 -36 1.191 820 ... 

MW1 750 -27 1425 758 1 4 

BAEF 311JD -180 3*100 77b ZB 
££«*(: 466 — 610 435 1 4 

g*0M 386 +80 485 348 23 
.. »5«r 355 -Z 40*0633180 3.1 


+.1Q73.7D S£ 54 
+ .10 ntLBO 9070 3.9 
— 53.40*260 _ 
+.90 239 187 £0 X2 
+J0 4720 34.10 3.7 
+.10 52 3780 24 

+.10 7740 6280 — 
-40 15080 WS» 74 
-40 206173.70 28 
-1 20 105.73 145 14 
_ 2S 1380 4.7 
10 9S40B&10 44 
.30 10050 B920 48 
*0 5680 43.70 34 
-18015780 123 
-180 2503*50 14 
-1 33000 2M 32 
—20 83 46-50 54 

.40 6380 6840 22 
20 *5,70 34.70 24 
+2064.70 7X10 02 
-40 6680 74.70 24 
+40 5740 4OB0 XI 
ilO 62 4X10 09 
40 86.10 4740 -. 
40 S7 JO 43-30 34 
-TO 6540 68.00 9* 
-.7010020 72 Z8 

+40 90 65,75 ._ 

-1.10 8560 655» 32 
.10 5940 40 04 

BO 64.68 71 14 

*0 131 112 XI 

- .90 08 3X10 64 

+20 135*0 11*00 X7 
+.30 10080 81.70 fi* 
-4021540 18540 44 
60404040 14 
.70 236170*0 34 
-140 M3 (8*50 1.9 
-.70 5050 4030 ZJ 
+.30 13050 10149 1.3 


HOwGn 0000 -so 72?P 5.160 0.B ~ KmOum. 501 -10 573 42S 14 


SGS Br 1425 -25 X300 1480 2* — KinOo 


_ 523 *16 _ _ 


767 -3 1.055 710 1 3 ICirara 1210 +«0 12» 1410 — — 

171 -1 227 148 1 2 _ iuntw 950 *15 B4S 406 _ _ 

080 +5 888 E®5 .— — Kum XMO +90 3400 XZ20 __ 

- SnmR0 855 -2 870 648 ™ _ ran 7430 -80 7820 5400 

” SdiiPC 1.660 +1014501.460 15 JC0050 415 -6 555 375 12 . - 

“■ SuSo BIB -1 1.100 545 2.D — Ky6*V 760 +1 809 7M _ ... 

“ SmaSr 373 -2 531 352 44 — KynwgH 980 -13 1450 BOS — 

SWOdla 16* -40 2SS 177 44 KyO^. X5QO _2480Z.«60 _ 

SwftaBr 628 +23 BIS 564 _ UonCfl 663 +2 7BZ 630 _ 

+22 770 515 — — . LfllmCt 1.140 —1230 788 .. 


— sum bio 
~ UCO.BJ 1,190 
” WB»8i| 634 

— Zurtre 1471 


StiwBH 597 +0 TOD ... 

510 ... 823 481 — 

stTwsns 1.370 -1014u1.no .... 

Skyhv 2210 +20 2420X160 — 

795 +10 828 700 04 

890 +10 a*80 5.490 — 

45 -5 852 618 - 

... 716 +0 747 *25 _ 

_ SufBnk 1.880 +1022901.830 _ 


- - MMB KONG (560 20 / HJL$) 




1,120 +30 14*0 686 04 

094 +6 8M Sl2 


-■ PACIFIC 

- JAPAN (Sap 2W Yen) 


+7 832 BID 24 — M*ta 1.990 +1D222O1480 _ _ 

— 549 +7 580 426 _ 

T97 -6 900 780 14 _ 

40Z -1 483 321 ... ... 

1.700 -20X010 1*20 14 .... 

... „ 2400 +'0 Z.OOO 1.70C _ 

MaUS 143) -ID 1420 1400 ... ... 

mwzs 1450 -201420 990 t.T _ 

Mams £770 -.3440X720 _ _. 

MEOW 850 -5 880 711 _ _ 

AbstaM 558 +6 848 397 

^ 785 ... B32 605 __ 

655 732 557 


•- taiofPr 1075 

— BEAM 3X00 

7Zaom 

39.40 
40.10 
70 

— OWE* 648 
•“ enw 2446 
“ Crttarb 1 060*0 
• * OF«n> 1145 

— OE40B 4 74 

30.60 

6BJ50 

~ HirgD 1440 

“ 75a 


— MJRWrtr (Sep 21 /Krona) 


-- Etorw 355 -2 40*00331*0 3.1 _ 

— BgnrH 3B8 -1 5S1 *U 867 17 

— S M 9 r 777 -3 920 KM 14 ._ 

— Bnmv 41940 +5 5re<1XS0 11 _ 


DHBBAHK(Sep21, 


f 1.064 -5 1.105 815 1* 

BertKr 288 —4 34800 238 14 

SWSk 388 +1 528 377 17 

B»«B 678 +6 951 750 14 

'JS7 -61.B0l.140 08 

COBJP 6S5 -101.(00 820 1 4 

Corea* 3!l&{ta +€ 390 3C iSj 3S 

Corrni 234.60 +340 299 228 1.7 

DtW 43X50 —340 BOO 423 04 

OaWr 7B3 -ID WM 080 1.0 

DB+S.S3 *75 +8 568 443 IJ 

«Bnb 239.50 -40 2*050 rtaffl .. 

D^gk 700 -140 88740 65050 2* 

DMWMi 162 -40 108 132 25 

nouOte S07 +J 007 470 ZH 

OTBMl 320 -0 3S1 200 10 

Dro*Jk 39240 -404E8BI 348 3* 

eec 545 -4 016 486 14 

ftntuo 27840 +140 307 253 14 

®*tn 725 . _ 730 590 1.0 

KM*a 222 -1 245 190 £9 

fWtttjn 1400 ... 1480 1.141 1JD 

n*M* 583 +1 681 564 1.7 

HrHtt 340 -fl 440 343 29 
HocMI 1.Q1B -151J099 857 14 

KtiM 33540 -X20 3664028*20 £1 
Hbmm 923 _ 1490 830 14 

N0HM1 211.50 .„ 263 200 24 

B® 27BW -1 313 IS."; 3- 34 

356 —7 433 353 £2 

KlMS 14740 -40 IBB 131 _ 

Kirna 503.50 -1*40 648 615 X2 
ICfcOf 501 -11 558 451 2.7 

KM) 12540 -116140 116.10 .- 

KJOdflV 140 -3 17010370 10 

Ldimyr 097 +1 800 630 14 

U*n» 735 „ B50 GOD 1.D 

IMa 893 „ 966 830 14 

LhoH 375 -S 410 S2S XI 
LiMjn 188 +140 21648 15740 _ 
IMM IBB +1.10 209 131 14 
MAN 41040 +.S0 47Q 378 1.7 
MAN PI 31540 -X50 387 M5 £2 
Monton 40620 -4046840 387 14 


... 760 565 24 
-3 281 201 24 

-3 333 251 t.t 

-100 7.600 5400 04 

-3*00 hum rum 04 

+1.28 Z2B 178 „ 
_ 427 307 3.7 

-5 soars 151 54 
.. 615 305 £B 
643 446 ZO 
—7 276 IBS 14 
+5 *25 330 2.1 
-20 1.650 050 04 
... 385 252 3* 
-2 783 67 565 0.7 
-15 737 496 1 4 

+ 1 815 505 04 

+1 675 425 04 

+3 495 321 Z4 
-6 35633 300 
.. . >472 510 1 G 

+4 267 20746 4.1 


FMUUBIlSep 21 / MKai 


-2 154 10240 1.9 
-2 176 121 1.9 

106 DO .. 
-40 4940 3560 14 
233 147 24 
-1017.40 901 _ 
-.50 511 50 45 24 

-8 705 512 13 
... 150 100 X7 

-2 247 148 1 3 
.. 250 147 13 
-3 258 200 US 
-7 260 ISO 0.9 
-2 57B 2B7 04 
-140 1U7 88 _ 

-2 104 50 1 3 

-3 102 54.10 1.7 
- 5D B7.P0 41 .... 


-40 112 09 50 

-I 175 130 03 
-.101X901130 — 
+330 188 128 1.1 
-2 114 74 _ 


-1 11540 65 33 

-1 266 MB 1* 

+5 308 140 0-5 

+4 305 197 XO 


— 16440 130 IS — 


+40 12Z6S30 14 
+140 151 11* £2 

-l-MWJOZOED _ 

+40 89 35 64 


1*40 +101*201,200 — — 

840 +5 737 466 _ .. ... _ _ 

— A1NAI 1.120 -10 1J10 881 O* _ Mitian 745 +18 79Z 582 07 

— M»B 1X50 +30 1460 976 ... __ MftnCC 1*70 +30 14*01*00 03 — 

— ATOM 1J1U _ 1,270 891 — . — . Mmaeo 635 X BO WJ 

— Amm 1480 _ 1490 1.370 _ _ Knots, 4 70 _ 593 386 ... . 

— AnaaCn 523 +10 744 S63 13 ~ MassgH BOB +201230 780 0.7 — 

— Anrtmi 1.400 -20 1.700 0*0 _ _ MbBank 2.480 +S0XO10 2J380 ... 

— MM 471 -1 534 402 1.7 — MbCMp 1*10 -10 1470 1,020 _ _ 

_ fiOfOtra 3400 +BO 640(1 £2*3 Mtflec 094 +14 724 6M _ __ 

_ AnmOl 4.790 +3» 6,040 4470 03 — MBEH 1,190 — 1400 90S _ _ 

_ AUllBk 14M -ID 1350 1420 _ — BfcGsCh 522 -1 550 335 „ .. 

— tartf 14B0 +10 1450 1440 _ _ M)H<V TBS +6 833 603 

— NMC 794 +10 Bll 580 1.1 MMCta 530 *4 5B8 425 

— AxMG 1410 -10 1400 14*0 — — IBMtt 559 +16 584 394 _ 

_ AsaNO 53i -o rea 4io oo — MM 620 +7 1410 796 ._ __ 

_ Asm 408 -10 El 3 SBO 1.2 _ MHM 1.080 —1430 842 

_ AW** 609 -3 879 SO __ _ MbP«* 725 -5 792 487 _ 

BnyUH BOO +3 996 855 -. — MbPcs 893 +3 774 680 . 

Brntn 1,540 +10 1.Q90 14«) 08 — MDPfet S10 +7 500 407 _ 

aqua 671 +6 601 415 _ _ Ubftayn 453 +13 464 316 _ 

(»i SJ 10 —ID 3A40 £470 _ MOBS 569 -5 665 386 

OMOto 906 -7 1£7P 842 4.4 _ MjTrS 1300 *20 1380 1.140 _ „ 

CM3nc 710 +Z7 718 436 — — UN Bn* 1*40 -20 1310 1.450 _ _ 

... Canon 1.720 13201.530 ... HbMt 570 +1B 690 465 

__ CannnS £130 +10 3^90X580 _ 400 MAM 640 »)0 80S 675 .. 

” Cawc 1 450 +30 1,410 1320 13 — MUEnS 346 +6 400 301 _ _ 

"" " 480 _ 611 315 — — MRFul 1.140 -10 1*20 1.100 OB 

mw J «9 tnn uau- 765 -10 680 762 (LB _ 

«M -2 469 37B — 

390 -3 463 337 _ _ 

871 -* B3Q S70 _ 

822 i? 940 770 0.7 ._ 

423 +9 448 310 _ 79.7 

1370 1*00 845 _ _ 

876 -Z 1.110 780 _ _ 


SutlCem 507 -6 573 __ ... 

Suncnm 570 +12 687 404 .. _. X??l 

SunCp 880 +3 1.100 837 __ .. S*JP 1H30MJ 

Sina 1*70 +201.B801480 — _ SSI 

SMtfW 4P0 -1 476 *“ “S* - " 

SunXM 440 +7 4B5 ... 

Sunttor 880 +61330 851 03 _ « +n 

3umMn »13 -A, 343 252 .- .... M -MA 0 

SuMIttl B45 *18 131O «£4 _ _ 

SumM 4Ma -4 734 sil 1.4 _ ---- , 

Aaflr BB3 +10 1.120 616 _ _ !”»». ™ 7 

SUnrtrB 1*20 +201320 1390 — ... ®-Jg 

SunMta 73« -14 816 674 — _. {*£* ISM 

1X20 -10 1 "520 1JK0 _ HKSnrtt 1130m 

4S0 -30 53ES3£SO _ ” HK«r 35.1 OW 
OTO =1 740 810 “ I! HKBe 25S« 

T*ftnPB 1*80 +40 X210 1330 1.1 _ 19S0 

TflkBO 800 -7 722 BTO ... J*™* 

TKmSn 784 +24 862 676 03 .... »CTM 

Taisya 1*70 -10 1350 1370 _ _ **>*• 

71a Mb) 1320 -IO 13*0 1390 _ .. HuuiiW 

“ - 877 -a 1.040 656 _ _ Ifywi 23.70 


..- 1530 £35 13 92 

50 2830 XI 2XZ 
_ 15.70 10 40 X 7 ... 

— 52 3030 23 

— 57 37 XO 373 

51 59 £7 87 J 

— 14 6.1S _ _ 

— 2720 1830 13 ... 

— IX10 1X30 33 1X0 l 7 ™ Comnco 

1020 TO 03 . 650 Cmpda 

_ 835 4.15 Z6 ^ 27IB7D Cores 

— 45 2930 1* _ .JSSESP" 

— 131 60 13 15*52 gw 

..2130 11X9 4.0 4X0 238200 Crown* 

._ flaw 47.75 X* 20.5 ’SUE ggy* 

_ 1330 10 3JB XB 

— 9. BO 545 £3 _ 30E477 DdtsCO > 


5G777 BnenA 
10850 (fenccrx 
B01 333 CAE* 
53500 Cmpttta 
5000 CnreOii) 
7600 CrtfdA 
67*41 Cnttt* 
7633 Camosn 
23637 Games 
580796 Cantmp 
166648 CMDcc 
652441 CenPaen 
175 Can fir 
18*212 canlrA 
16674 GQrUIA 
200 CBTUlB 
1000 CatOor 
7750 Caning 
700 CanOQn 

1000 email * 

1713* CdfCJU 
16885 CfewOd 
17205 Comnco 


2Dh SMj SOh 

7>j -)* $7J* 71* 
04 04 B3 

380 -5 305 380 
7)4 -*»*71« 71, 
iff’, jj tapi iw. 


3KJQ SNC 
Z3400 Sana 
5560 SflTai 
9G50 SfijwrA 
15214 SCttJTB 

8800 ScoHH 
353050 5880811 


19 | -JjGSPilM. 353850 58agnn> 
13 3 * »**SUPilJ^« S»M Searaf 
254t -'aSn^JSV 174100 EMI 
3H. -I*SSI*31S, 85*605 5Mn« 
2fll« +1* Sap, 2S>* 62714 SHLS) 

23 - S2}i< 224 i 1B505 Sounna 

MV tl*v MV 2600 S0WA6 n 
11V 11 201548 sum 


TtfBe 
Ikmsn 

Tmsys 1*29 
TtaMO) 1320 
TanSal 877 

asi s? 

Tafefean BTO 
TnaSoi 747 
TDbJiovi 458 
Tomflw 6*5 
Ttmacp sgo 
T ael 745 
Turn ix?oo 
Tabl£P XBiO 
IMBk 1^00 

Daici) 

TOMCD 
TddoM 1.1 
T^VKie 


+6 605 400 _ 

-to 826 bib ae 

-3 1.100 705 09 
-B 851 E66 0.7 


+8 SSG 357 13 _ HmDr 1030 

-3 7)11 602 HswWU Z7*0 

+* B63 670 _ HHDMA 3630SI 

907 533 — _ SHKPr 5926 


— 71 JOB 17200 — — Slw«r lX05m 


~ CNtmB 890 +20 997 84) ._ 

”• Quods 1,310 -101.440 1.0*0 (L5 

“ QnyPM G66 -B 760 571 1.1 


TatahB 1 XBIO .. 3X30X550 — ._ SME 4.79 

IWBk Ijm +30 1.420 1,110 _ _ 1m0 1X40 

447 -2 536 326 — — SCWP 4.78 

-2 5S7 415 — _ SHKCo 435 

+ 501.3901.130 a7 __ SaWieA B3.7EM 
+5 ^ 42T _ _ SwtmB 1091 

. -1“ '.7M 1,460 _ ... TWsOr 34.40 

1310 -ID X020 TJ10 _ Mw) 32.70 

IkOana 1.780 -W ZZOQ 1^70 _ _ um 

S.M0 4®X4WX7« SST mom 

-5 705 520 


_ BOM 3230 43 _ 

— 24J5 13 X3 K T 

— 15301030 1 7 7* 

— 54 3X70 23 14.5 
_ 35W 2030 35 

— 31.75 1730 OLS _ 
_ 30X5 1040 X4 2X9 

— 17.70 12 32 .... 

— 1030 590 51 _ 

_ JX50 27.50 13 .. 

— 33-25 1025 33 

— 13.10 7. GO O.B _ 
. _ 84.50 <6.75 Dl3 ._ 

— 3650 24.90 0 4 _ 

— 29 1XMJ 210 250 
1230 930 05 — 

— 4X502020 £2 — 

— 30 30 23 68.1 

_ 77 41 30 XB 705 

— 1650 H XB 466 

— 6.15 17S 3 1 145 

— IS. 40 935 65 363 

_ 5 45 350 03 — 

__ 750 356 73 . 

— 71 SO 13 21 4 

_ 1130 B 23 17.0 

— 3150 83 23 — 

— 41 2S30 XO _ 

— 2350 14.75 Xi 

— 106010.40 XO _ 

— 17*0 1070 7.1 _ 


— BBS -fl 7B8 571 1.1 

CtnfiuE 2580 -10 X970 2550 __ 

1.080 -2D 13301360 _ 

2510 -10 X780 X420 — 

1.460 _1.B60 1.210 _ 

BD4 -3 984 601 10 

788 -6 886 761 — 

595 — B2S <10 — 


53S +1 560 387 — _ 


1370 — 1.400 845 _ 

876 -Z1.110 790 _ 

601 10 __ MtsmB 1.430 +10 2X30 1.400 03 

630 -17 70? BOG 

1390 —1,210 699 


. . XJJ70 +30 " ™ 1 raw D.4 

1560 +10 1 370 1.420 — _ KlUM 555 *) H( 4B0J 
1.420 — 1.«0 1350 03 _ MOHS 2580 -70 X700 X000 — 


— 2.0BO 1.700 _ 
>10 15101*00 — 


-10X140 1^ 05 Z **ALAYS1A tSep 21 / MYR) 

-18 780 ‘450 _ _ 

+tn Sn ”• ■■■ Bound 5X5 -.10 B30 352 1.7 

ilsn 1 ““ — Genmu 24.40 -.102575 1B.75 11 

_ 1W1.™ — — HLCrtxJ 1730 -.10 19.10 1230 05 

— “ MdBrtc 1030 +30 IB B0 1330 1.0 

" “ UoflM 432 + .10 030 110 15 

1 1 (170 ~ — 535 +37 635 XW 03 

— 1020 — Pm 4.06 +3X 005 332 1.1 

“■ — SSnsO 7.70 +.10 640 530 XB 

— — TeUlan Z130 +.10 24.10 1630 07 

“* ~~ Tsnaoa 1430 +.10 20 SO 1230 — 


— HhvMan 4.170 -20 4.940 X820 — 

1.160 — 131Q 859 — 


_ SPAM CSsp 27 /PbL) 


_ —NEC 1.180 1310 859 — 

951 -1 13a) 660 ._ __ NCKkl 1330 -10 1.170 986 — 

999 +121320 BOO — ... NEKSp 1320 +101.48013X0 — 

739 -16 910 551 — __ KMCSp 578 +14 630 385 — 

™ « t™ +,c — 285 *5 297 231 _ 


HuOG 222 
HBftttm 1300 
IMMP 563 
ram 3 *b 


... Utnmv 705 -1 » 70S _ — 

— Memo 1HS -50 28615770 51 - 

- Muewlg 1770 +50 3517 XGBO 0* — 


105 -3 12084.51) 15 

224 +: 244 175 2S .. 


-10 31 16 — 

-40 20.60 IX 

-.40 128 69 — 


FRANCE (Sep 21 / FfS.| 


218 50 -5 ®SJ06« ... 

619 -13 7B6 589 19 

.*12 -10 814 655 29 

■v» -1 Of J 517 43 

xra-jn -47D am si?i« 
1.277 ilS I A15 1.140 2.3 
ZMM +*4B,mw 227 1A 
4H7'a >1BU 863 4*910 30 
3.600 -M3.7T4)XnC XB 

614 +1 7W SCI X7 

I.0B7 -0 1.480 (.057 4.4 

674 -25 1 155 B01 43 

I 174 -4 38W15B.W 50 

174 -1 21.120 IMM 

2.102 -AXXIWl.m 3D 
15.1.96 -4(1 205 13260 4G 


MueHtp 1770 +50 3517XE80 0* 

PWA Z38J0 -050 762 210 ._ 
PnKqmra S05 -30 S30 HM 3 9 
Pmch 720 +15 650 605 0.3 

Pra*0 4S0 +65015D 416 Z2 

Mff <8050 +250 52950 JOB XG 
RWEPI 36250 -150 424 329 33 
HheW 1375 — 1.K0 1X30 05 

HUimiB 267 +1 372 285 2.4 

RJmmPf 333 —JO 267 204 14 
BmW 255 -250 313 248 X* 
Sdm 923 *9 LIMB 866 1 5 

SOlab 36850 +150 438 350 15 
Seims 66250 79950 633 20 

SpAaflo 630 -8 W5 610 IS 

SudCnm S*a -2 560 400 1.1 

l»l»Kn 282 -3 32829*50 XI 

Watt 31650 +1.50 380 268 32 
«fe« S27 +.9055950 458 2 5 
WW 350 -S *00 31? ? 1 

laaWSf 3» .. 4»5 3*0X0 

S SOLID +230 MS 436 1 fl 

454 +5 SS4 418 0* 

wn 357 +3 <43 333 06 

WM23P mis -U 1073 730 I J 
TnhJnp 942 -9 27UjmS3 IT 


-30 BX80 5,150 XI 
-50 R700 4,321) 45 

— 3536 X780 6* 
-25 X400 X415 75 

-3 4*75 3575 4.0 
+110 17300 1<JB0 53 

— 6321 4.400 5.7 
-6 1*35 700 204 

— 3390X410 3.1 
-30X110 X400 15 

-19011880 9*06 23 
-25X715 1315 4.7 
+101J75131D 2J) 
+100 3^0 2300 33 

-10X100 5.160 2.7 
-18 1.100 744 5* 

— 924 416 MG 
-30 5.140 £610 36 

-1 1JT1D 805 73 
-40 7*90 4300 XO 
-SO 7330 4300 XB 

— 6*00 4.200 X< 
-60 123OT 9.710 XO 
-6S 2.170 1,000 — 
-60 4300 X6D5 30 

-6 3S5 1(B _ 

-9 686 351 101 
-9 815 810 63 
-10 4*50 £905 33 
-15X1851395 n .7 

— 1*35 850 13 
-6 739 GS3 XI 

-30 2*00 1 .025 1 fl 7 
-30 1,710 1.150 5.1 
-65 1120 £060 £4 
-70 3380 £250 1-1 


532 -9 570 415 — _ 

1.070 +10 1270 993 — 

1340 +10 £020 1360 _ _ 

— DfttiTor 415 — 527 345 _. — 

— De2uM> BOO -60 1.380 900 _ 

— m«*FM 739 +2 865 697 03 

— DatwoB 1320 +101.120 951 

— EoMsrt 1.460 — 1.710 1.440 — 87 X 

OahnaS 1*50 +10 1*70 1J230 63 — 

EMmJD £760 -SO 4350 3J50 Ofi .... 

DownFM 657 +3 705 545 1.0 — 

— tkis'oUn 56? +13 538 4® — — 

— Eum 1.710 +10 1310 1,250 — — 

— Bad 1.730 —13801380 — _ 

— EaMG 1.110 +20 1,160 993 

— fan* 4*W -30 4340 3.500 _ 

Q20 -3 70S 521 OB 


905 +36 915 566 _ 

760 + 6 TO) 626 1.1 

730 +15 774 403 ... 

397 -6 494 315 

863 +13 910 645 

927 +4 1340 781 09 

525 -3 588 500 — 

1300 *10 X000 13® — 

1*30 +101.650 1.400 _ 

731 -4 BIS 690 ... 

775 +27 870 628 

45* -6 556 400 0 7 

710 +1 HSl 579 

458 -7 520 412 .... 

1,110 +10 1,44013® OA 

932 -6T.14Q 855 — 


TkuCrp 601 +1 B29 657 

nuLnd 587 +10 730 &S® 

Tcnen 13*0 _ 13501.480 — _. J?£5 

1390 —13601.190 

7GS +5 786 G75 

76S +5 B7B 670 

TjhfcfcC 1,030 _ IJMIJEO — __ 

IttMi 738 754 433 

TUdcu 7B4 -1 905 77B 

Tam 378 -1 414 288 

Tatt 1380 — £0901360 — 

ToyoCn 520 -5 506 421 1.0 _ 

TlttAUL 1390 -.£0601,430 -.58.1 

Toyota GS4 +14 754 515 — — SBBAP 

TuyoKli B20 — 733 524 — — 

ToyoSk 3340 +60 X460 3300 — — — , 

TyoBH £020 +40 2350 1.760 - — DBS 

ToyoTB 4» -5 527 330 — _ WNa 

ToyoTB 1.100 -20 1350 965 — — OdFIta 


SBHAPOfE (Sep 21 / SS) 


ToyoTB 4» 

ToyoTB 1.100 

TbyoOa 
TafiSta 
Inn 
Uffi 418 

UnM 370 


= »5 

— FUhu 

= RSSET _ 
= fi&N V 


£090 +10 X450 1320 _ _ Blmd 5380 +50 7300 5.880 

551 +6 W3 445 _ - WpQflk 510 -1 6.650 602 

X240 -40X660X000 — — HoDnkn 385 -5 482 316 

BBO +14 736 5M 13 — NpOasa 1370 -40 £130 1310 

A1B +3 513 27S — 

501 +2 585 3fcO — _ 


“ 433 +6 505 330 ... fttwfVr ££* 

E61 +1 1 6&0 432 — ... tadCp 5.75 

— 636 3*5 — — MOP* 1170 

+1 432 285 — _ 0C8C 14.40m 

~.u — 410 272 — — «B OSSa 

1310 +301*00 835 ... — SNf 14 

Wscnu 1.170 -20 1^30 1,130 U — GPress 1EJS0 

Ymanac 1.140 +1Q 1*30 [CIO SmeT 130 

Wnah a M 911 +10 BBS 870 — _ amt 3.62 

wnSac 773 -11 uno 592 1® _. TmUn 43B 

Ymncta 1600 -10£Z3Olfl4O — UOB iOjBO 

TirtHon 1530 —1*101350 - — 

VamKoj 1£3C +30TJ40 BOO __ ... 

TtoiTren 1230 

YiraBak xo» __ 


1080m — 1X70 1060 15 

1040 +JM I960 15 OG 

2*6 — 3*6 £35 £5 

3JM — X50 X46 3.4 
5.75 -J» 065 432 5X 
11.70 — 1X60 9 1.7 

14.40m — 1X70 11 1* 

essa - 720 5.75 os 

14 -.101450 10*0 1.6 
1&JS0 -XO 17.10 1X10 1® 
3G0 -XO 3JB £14 0.9 
3.62 *02 4X6 £16 £6 
433 -.02 SJO £88 13 
IOjBO -.10 1125 X45 £6 


Z3524 DomtnT 
1B554 Domtar 
■CM MW 
10008 DutydBA 
6350 EnWre 
49850 EenoB 
5000 Emco 
14095 EucHm 
2780 FP1 
2500 Famm 
2407670 FOMA 
788 FiKW 
41766 F. Hot 
2300 FttmV 
108200 FetaiA 
13005 4S«ean 
673600 Gaums 


9KM> 

42493 Getrtra 

27700 GUSa 

3ST37 GUI C 
500 HsSlAa 
200 Ha«*sa 
24940 H tteto 
15373B HwitoG 
73300 Kina 
27613 Km M 
16800 tansnm 
56068 Huffiay 
34377 in. En 
121676 Imasco 
55984 tmpoe 
375820 taw 
1000 OH Mur 
500 Hna 
6905 Ifftsto 
38280 tawfG 
2W» WcnA 
7150 JnreKK 
1G25 Kama 
1000 Lttige 
100 Laurflh 

861242 Lacan 
3700 UmA 
126BB5D Ug&aB 
15370 LoMawx 
242900 MbcJoiz 
114934 MarhflS 
7900 WSB 
70700 Mscocti 
62317 Mncmin 
91210 MnaQA 
3100 ItaUFd 


.= 919 IS 210544 Tor* fl 

IBS +5 1B5 180 B1 00 Tel BID < 
317, S31l»3llj 201273 Tdusa 
24*2 SW? 24*; 2B15 Terra 

1? 17 15*2 253838 Tlwnsn 

460 -5 460 450 606283 Tmfrnn 
MV -'« SM>1 ?4>s 203673 lino# 

8V t&V 9V 425044 Tnalt 
2&V - j bS» i i 25 74 2 Tranac 

115 +14 115 114 327332 Trtrec 
20*4 +3l Cfllf 19*1 105225 IMP A 
- ■ — 1 UCorp 

3621 Unffism 
IflOO UnhS 
32000 Ykasa 
34110 VHCB 
. Mg 30203 mmo 

0 18V 1X0 WCSUT6) 


8»s -*t*#*l 8H 
12 dll 
285 385 
23% +V S3V 2V* 
8V -v 88% BI+ 

?a^»a 

17% -*e E17h 17V 
6 *» +V 86 V B*i 
1 -1 M2 41 

6V +VS6V 6*2 
22% XB** 22 V 

)3C 61 Pi 13 


17*2 19 17*2 

13% SI 3% 13% 
10V —*2 S11% 10% 
10* 510% 10% 

8 -V SB | 

43V -*< 544 43V 
14% +VS1U 14*2 

11V +*i5ii’< II 

9 *.% 89 BV 
25% -V EM. JSJy 
3D*n — *■ 53D*| 29% 
25*i -VSSVMV 
17% — % 617*2 411% 
<6% 116% 16? 
16*4 -% Sift 16% 

15% -h raj is% 
asv 20 

17% -%*17% 17% 
14V -v SM*: 14% 
is% -v nn ts% 
10% 6<0>i 10% 

13V SUV 13V 
3Z SC X 
25% S3%25% 

16% -V Site 1BV 

21% S71% 21% 

37V SXTV 37% 


MONTREAL (Sep 21 / Con SS 
4pm dose 


> »V B*1 85285 BmhrOB 

! *» 22 V 261 no Stamp 

kJ? ’, 3 50445 Cantata 

»% 36% 214600 CocoOn 

. «... ..u 17SD OdtataE 

* 4G0 GTCB 

,6% 7550 XUdu 

lAAt TQn i/MUrh 

1 K»S 

> 310 3QQ QjcvA 


+?> * 6250 Unw 5V 

’ll *?S l3 15 1190 VWW1 13*/ ■ 

42 -1 44 42 

*5> ^SJ-S 'r'C, 

io*f -v mv 10C AFRICA 

IB -V SIB IB niLdA 

ist S0tf7R«NCA(Sap2l/f»)cn 

ifil-i-gp 
sis ssa 

Vi *gs a S2G5 

I!i 13 t 6 Sw 

*;■ S.% «% CNAaal 


+ #- U Lew 

21 % +1*51% 21 *J 

8V -% BV 
a SB 7% 
11% 511% 11% 

9% 55*/ 9% 

17V -v £17% 17V 
5V SS'y Hi 
16*/ -%S*3V I3>] 


“% 23* uvbui 

23'/ _ S23V Z3*a Dob#u 

27 -% S27 27 ortaftt 
1E 2S , iy j Frgo 
22 +% 522 21% - 
10% ->+ 51 DV 10% 

«_%£!!*« £a ,-~r 
9 % 7% _ . 

’ 8% 6FSA 
. 14V Karma 
30 3p mm 
16V HWM 




+ #- Mata Lew VU PIE 

ID £0 -.40 10.95 570 4.1 _ 

29 17.50 £0 ._. 
1M ._ 123 6X50 XB . 

245 — 2S5 115 2 JO .. 

243 + GO 764 50 11290 1.6 — 


+4 506 34* 2* 

+1 140 102 0.8 

-W 57 2050 .. 
— 31 20.75 2* 

♦5 56 42 5* 

... 430 LSS 16 


8% 16% DeBCui lOGdl -J0121J5 97W 0 4 
!te 23*5 Deetar £60 +J0 1025 B.60 £3 

S27 27 Ortafn 71 +1X5 7£2S 48 3* 

14 +.26 14 7X5 36 

25 ... 34.50 2X50 £9 

37.25 — 42 X 4.1 

. .+++. 23 -25 zusa ZT.50 S3 

% 22 Frugal 74.75 -X5 80 53.75 5J 

2 B% Concur 1460m +J0 1406 7*4 1JD 
8% GFSA 130 — 130 8750 1* 

. 14V Narmny 3935 — 3025 2125 

+« w 2050 ... 28.75 18-75 OO 

. 34 +25 34 15 1G 


-20 1 J50 1,110 — 
-10 £260 1.650 D.B 


I " S - NORTH AMERICA 


773 -S1JK0 719 — 
1JK10 -30 1.270 990 — 

X290 —£500 1330 — 

1JJ70 _ 1.1 BO 841 _ 

BBS +6 788 514 _ 

797 -7 933 765 _ 


797 -7 933 785 — 

1J860 — 1 WO 1.110 — 

531 +5 7% 425 09 

1020 +21 12SD 038 — 

525 +6 539 440 _ 

710 +20 734 602 1.1 

593 -3 WO 577 _. 

485 -JO 525 438 _ 
640 - 780 635 _ 

965 -4 1.130 795 „ 

450 -3 550 337 1.8 

910 -ID HSD E79 _ 
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~ :: TORONTO (Sep 21 /Can $) 

~ — 4 pm ctao 


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422 331 .. 
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1S0O ... £07C1.7K _ QnaPD 4.630 

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JnSMM 3*8 -6 *43 234 - . . Ona 

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429 .11 SOI 383 — — PwaO 

MO -7 688 479 — — ftw* £650 

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jpSUW 354 *? 400 286 _ RWawn 

JpStrfl BTO +21 946 590 .. — Item 

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KDO 10.400 -330 1X430 1C 403 .. _ SMusa 1.320 

Kagame 1260 +20 1.470 1^10 0 6 — Sanoen so* 

Kjuno IJJ2D +2G 1.050 82£ — Sa*» £410 

KUmPn 1.320 _ 1.660 1J10 - 


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— SsrtiTO £410 +50 £660 £110 a4 — 


— HndnkD £000 -20 X48E1.518 .. _ 

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4- 30 -J* 4.79 £80 5.1 -. 12000 Bmsite 

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R4 5 jr 1 ^ 152 H NKKCorp 

A -0? 5-70 192 &D — . nKT FlfiHnr 

540 ~.u> SM 450 1.1 .. owtwcirw^ 

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SSSSno ‘all -ffl IB &III? -- Sumitomo Me 

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195 +03 £62 155 

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TOKVD - HOST ACTIVE STOCXSe WWMBdbM Seplemtw 21. 199* 



Stocks 

Closing 

Change 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

Nippon Steel 

21.7m 

388 

+3 

Nikho Secs - ..... 

5.4m 

1110 

-TO 

NKKCo^) 

12.3m 

285 

+5 

Mitsubishi Heavy 

5,3m 

766 

+6 

OKI Electric 

70.3m 

788 

+18 

General Satoyu 

4-Sm 

1280 


Kawasaki Steel 

9.8m 

438 

*5 

Hitachi — 

4.0m 

965 

+6 

Sumitomo Metal ..... 

9.6m 

343 

+6 

Kobe Steel .+ — 

4.0m 

327 

-1 


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•T"i 






v*!£T£. ?++r 



VOICES 



}•*£*' 




Sflp 

21 

Sep 

20 

Sep 

18 


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1775590 JtW 

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75751 27* 
214030 27* 
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INDICES 


s«* s*p 
21 20 


M 281007 280X62 3HU7 X? 


4369 4340 4X4.7 45450 31/1 
269.4 27£6 2731 29450 31/1 


207453 208753 21BS57 34385* £? 


0* SE(MN2niB3) 10575? 1050.74 105X97 T2H.T0 202 


anacrapun 


CBS IWnGwjEnU KB 
CBSM9*enl83l 

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C3 pl 40IL7/B6J 


40630 213 
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Jun - 471.45 - 471.45 - 11 £D4& 

Open f^jns am lor previous day. 

K NEW YWGK ACTIVE STOCKS ■ TYUUMNG ACT7VTTY 


FT Cityline has proved invaluable to business people and investors 
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Open 

Sett Price Change 

wgh 

Low 

Esl vsL Open irt. 

Sep 

19+7.0 

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Fsri Uxor 4.120.400 Z7M -U fcaues Tratod £873 £875 £868 

Wfliaco 4.100400 6% -% tess <68 953 722 

Aim Bars* 3637.900 35ft +H Fans 1.B10 U13 1,406 

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New Ytrk SE 325-901 77X797 410625 
Amw 18.853 1X573 17332 


INTERNATIONAL 


.... . ■ pnc« Kon» Cortta E» 10TXC1. Bmn wteu ol a* mdsres are 100 Auaralifl All Q*)=v - Cmteitar* • Cafcatowt =: -s £3 G?/7 * 

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NYSE 

baues Traded £873 £875 £868 

Hob <6a 953 732 

Fans 1.S10 1.213 1.406 

UBdtanged 59S 709 740 

New Hgto 31 67 40 

New Low 130 6C 83 


Complete details below and send to: FT Cityline International, 
Number One Southwark Bridge, London SE1 9HL 


Name:, 


Address: 



Pulse. Keeping an eye out for ( 9 J you 


II you hod ‘.wwtf if? 2 disaster situs', on - ca,-?': gc: d the eftes. or 
worse, there's no office Heft to get 5c - you'd be in 3 c t c? a jatn. 
Unkrz, yoo~c! had the 1ar,!asiiz toresipb! to gc: 2 Pi'ise, iha uinmzie 
«n pock«ab(e ^narici3t irttormaben. Ss uniqve ctesonal daaiizse 
tsdftty aBcrrrs you to mirror ycur '-•ach.'.g screens a! work. Vr‘h a 
Putee in -fC iir pocket you've ahvays got somcthiing to efing on te. 
FAFiCY A FBEE TRIAL? CAU 0SO3 2S2326, Ext 131 NOW. 


► PULSE 


Hutchison 

Telecom 


Postcode: Tel:. 



34 


FINANCIAL TIMES THURSDAY SEPTEMBER — 1994 


4 pm ctose September 2 1 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


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Continued onoset page 


i 


FINANCIAL TIMES THURSDAY SEPTEMBER 22 1994 ★ 


4 pm dose September 21 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


35 


4 pm dose September 21 


m n fik 

«* S E Wk 


Ctf|B 

„ Dte hn 

Mgii Ln omb am 


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J 



36 


WORLD STOCK MARKETS 


FINANCIAL 


Thursday September 22 1994 


AMERICA 


US equities extend 
losses at midsession 


Wall Street 


US stocks extended their losses 
yesterday morning as pessi- 
mism over monetary policy 
continued to dominate invest- 
ment strategies, writes Frank 
McCurty m New York. 

By 1 pm. the Dow Jones 
Industrial Average was 26.24 
lower at 3,842.85, while the 
more broadly based Stan- 
dard & Poor's 500 was down 
2J2A at 461.12. Volume on the 
Big Board was fairly heavy, 
with 210m shares traded by 
early afternoon. 

In the secondary markets, 
the American SE composite 
was weaker at 455.18, and 
the Nasdaq composite was off 
5.60 at 761.14. 

Bargain hunters were in 
short supply at the opening, 
despite a 67- point tumble by 
the Dow the previous session. 

On balance, the day's eco- 
nomic news was neutral for 
stocks. Hie commerce depart- 
ment said August housing 
starts bad risen by 2.1 per cent, 
surprising analysts who were 
expecting a small decline. But 
economists later explained 
away the increase as a reflec- 
tion of activity in the multi- 
family sector. Single-family 
starts, viewed as a more accu- 
rate barometer, were down last 
month. 

Equity investors again inter- 
preted the data through its 
impact on bond prices. Ini- 
tially, the announcement of the 
headline figure send Trea- 


suries into retreat. Stocks took 
the bait and plunged. After the 
data had been interpreted, 
bonds quickly pulled back to 
within a few steps of their 
starting point. The Dow indus- 
trials followed suit 

By early afternoon, however, 
the blue chip index was still 
showing solid losses, as inves- 
tors tried to calculate the odds 
on whether the Federal 
Reserve policy would remain 
on hold until after the Novem- 
ber elections. 

Mr Wayne Angeii. chief econ- 
omist for Bear Steams and a 
former Fed governor, camp out 
on the side of those betting on 
an early move, saying there 
was a 60 per cent chance the 
central bank would deride to 
tighten at its September 27 pol- 
icy meeting. 

With such speculation afoot, 
the market’s negative tone 
would not budge. By early 
afternoon, losing issues on the 
NYSE held a three-to-one 
advantage over the advances. 

Most of the declines were 
fractional. Caterpillar slipped 
$% to $54%, IBM edged VA 
lower to $69% and Sears shed 
$% to $48%. Among the Dow 
components. United Technolo- 
gies stood out with a $1% set- 
back to $61%. 

The session's biggest loser 
was Maybelline, whose share 
prices plunged 25 per cent, or 
$6% to $18%. The cosmetics 
company warned that its third- 
quarter net income would fall 
short of last year’s result 

Banco Wiese climbed $3% to 


Golds take lead in S Africa 


Gold shares took the lead for the second 
consecutive session encouraged by the bullion 
price. But some industrials retreated on some 
big sell orders and generally negative senti- 
ment 

Brokers noted that gold shares were reluc- 
tant to move with the buQin price at $393/94 
and there was some selling into strength, but 
investors began to pick up interest after mid- 
day when it went through $39&50. By the close 


of trade, bullion was easier around $394/5. 

September near-term futures still called the 
market substantially lower and there was con- 
tinued nervousness on lack of clear direction 
from international markets. 

The overall index shed 18 to 5,782. The indus- 
trial index lost 70 to 6,368 but the gold index 
was 38 up at 2,473. 

In golds, Vaal Reefs gained RI6 to R488 and 
Kloof added R1.75 to R71.75. 


FT-Actuaries World Indices 


At its last quarterly meeting, 
the FT-Actuaries World Index 
Policy Committee noted the 
growing number of companies 
choosing to separate their reg- 
istration, tax domicile, share 
pricing, business and stock 
market listing into different 
countries. If a sufficient num- 
ber of large companies can be 
found that individually satisfy 
the ET-AWI eligibility criteria, 
the Committee may consider 
establishing an International 
index, allowing such compa- 
nies to be included in the 
World Index, although not in 
any of the existing country 
indices. The Committee would 
welcome comments. 

• The Committee ratified its 
previously announced clarifica- 
tion or the guidelines regarding 
treatment of certain govern- 
ment holdings in companies. 
This will be applied with effect 
from October 1. 

• A change has been proposed 
(subject to confirmation) in tbe 
procedures governing the FT- 
AWI Large and Medium-Small 
Cap Indices. Currently new 
constituents are ranked as 
Large or Medium-Small on the 
date that they are added to the 
Index. This makes it impossi- 
ble to preannounce Large and 
Medium-Small Cap Indices 
changes when this is done for 
the main FT-AWI series. In 
order to give users of the Large 
and Medium-Small Cap Indices 
the same notice as users of the 
other FT-AWI indices, the fol- 


lowing amendments are pro- 
posed: , 

1. Rank stocks before their 
effective addition date. These 
rankings would be “official" 
and would not change, regard- 
Less of changes in market capi- 
talisation between the ranking 
date and the addition date. 

2. We currently use a 15-day 
notice period for the semi-an- 
nual re-balancing. However, 
the changes are implemented 
15 days after the beginning of 
the quarter (January 15 and 
July 15), leaving no way to 
preannounce the rankings for 
the regular quarterly changes. 

3. To address this issue, the 
semi-annual re-balancings for 
the Large and Medium-Small 
Cap Indices will be moved from 
January and July to March 
and September, with the 
changes effective from April 1 
and October 1. This will enable 
us to preannounce the constit- 
uent changes to the Large and 
Medium-Small Cap Indices. 
Other constituent changes in 
the main series of indices will 
carry an indication of Large or 
Medium-Small Cap classifica- 
tion. If implemented, the effect 
of the change would be to omit 
the January re-balancing for 
1995 and to carry out the first 
semi-annual rebalance on the 
new* basis in March 1995. 

• The following constituent 
changes to the Indices were 
agreed following full market 
reviews, to take effect on Octo- 
ber 3 1994; 


France. Additions: Credit Local 
de France; Christian Dior; 
Poliet; Lagardere Group; Casto- 
rama DuBois; Cap Gemini 
Sogeti; Sidel. Deletions: Elf- 
Aquitaine (certs.); Salins du 
Midi; Radiotechnique. 
Netherlands. Deletions: AMEV; 
New Rothmans Units; Central 
Suiker (CSM); Gist-Brocades; 
Notricia; Nedlloyd Group; Pak- 
hoed Holding; Fokker. 

New Zealand. Additions: Fernz; 
Ceramco: Progressive Enter- 
prises; Skellerup Gfroup. Dele- 
tions: DB Group: Tasman Prop- 
erties; Wilson Neil; Corporate 
Investments. 

Spain. Addition: Fomento de 
Construe y Contra. Deletions: 
Duro Felguero; Agroman: Gen- 
eral de Aguas de Barcelona; 
Union y Fenbq Esp. a. Tudor. 
Change to capitalisation 
weighting: Banco Exterior 100 
per cent (from 49 per cent). 

• The Committee confirmed 
that Thailand and Brazil will 
be added to the World Indices 
with effect from November 1 
1994. along with a new Ameri- 
cas Index. The World Ex-South 
Africa Index will be discontin- 
ued from the same date, but in 
response to the wishes of many 
users of the Indices, the cur- 
rent North America Index will 
be maintained. 

Ail enquiries should be made 
to Symon Bradford, Nat West 
Securities Limited, on 
031-343-4258 or to Barbara 
Mueller, Goldman. Sachs Co, on 
0101-212-902-8777. 


EUROPE 

Paris dips below 1 ,900 despite M3 data 


$23% in its debut session. It 
become the first Peruvian 
stock to be listed ou the NYSE 
with its IPO of 2Ara shares. 

On the Nasdaq, Lotus Devel- 
opment led the technology sec- 
tor's slide. The stock fell $2 Y* to 
838% after Mr Timothy McCol- 
lum, an analyst at Demi Witter 
Reynolds, warned that lacklus- 
ter European sales could 
depress third-quarter results. 

Canada 

Toronto was under pressure 
from US bond losses at midday, 
with Wall Street’s weakness 
adding to the downward impe- 
tus. The TSE 300 composite 
was 19.77 lower at 4^57.10 by 
soon in brisk volume of 3&6m. 

The transportation sector led 
declines with a Call of L6 per 
cent as Laidlaw A shares gave 
up C$% to C$10% after Tues- 
day’s news that it was to sell 
its stake in Attwoods to Brow- 
ning- Ferris Industries. 

Brazil 

Shares were up more than 2 
per cent in early trading in S&o 
Paulo as prices rallied on 
renewed optimism over the 
ehanras of presidential candi- 
date Mr Fernando Henrique 
Cardoso securing election on 
tbe first ballot on October 3. 

The Bovespa index was up 
1,147 at 52£2l in turnover of 
R$171.1m ($199.4m). 

Mr Cardoso is currently lead- 
ing opinion polls with 45 per 
cent of the vote. 


The German M3 data lifted 
sentiment in the morning, 
countering Wall Street's fall on 
Tuesday, bnt trading was gen- 
erally nervous . 

FRANKFURT saw a volatile 
day as the Dax index hit an 
early low of 2,079.50 before 
closing the nffiHai session just 
0-54 ahead at 2,07950. 

The M3 data which was 
released early on had a posi- 
tive impact on trading as it 
ramp in much better than ana- 
lysts' had been expecting. 

The Bundesbank reported 
that German M3 money supply 
grew by an annualised &2 per 
cent in August, down from 98 
per cent In July. Expectations 
had been for an increase of 
between 85 to 9.0 per cent 

In the Ibis the Dax strength- 
ened slightly to 2.067.17. 

Turnover was DM65bn. 

PARIS closed under the L900 
level for the first time since 
the be ginning of July as tears 
that Interest rates might have 
to rise throughout Europe out- 
weighed the better than expec- 
ted German data. 

The CAC-40 index retreated 
22.07, or 1.15 per cent, to 
1897.18 

Turnover was FFr3 53bn. 


ASIA PACIFIC 


FT-SE Actuaries Share indices 


Sap 21 
Hotfly changes 


Open 1030 11JB 1100 


THE EUROPEAN SERIES 
13J00 14JB 1530 Ocoa 


FT-SE Euotexk 100 1341-85 13*077 13*09* 13*057 13*247 13*496 134021 13*034 

FT-SE Biota* 200 1387.15 1385.12 138*38 1383.05 138492 138751 138495 138392 


S « 20 


S*pi9 


16 


Sep 15 


Seg 14 


FT-SE Emftack 100 13*293 135696 135891 13685* 136056 

FT-SE Ewonfc 200 13867* 1*0*55 140828 141554 1*0155 

Bat i coo (Winrafc ifcta&r wo- iws*:®- laaaez umov its - imreano- uaiwr Part* 


The budget did not cause a 
stir as most of the proposals 
bud already been In the mar- 
ket. 

Eridania Beghin-Say lost 
FFr59 to FFr750 on news that 
the rbairman was to resign. 
The company also pnnmmnpd 
first half half results, which 
were at the bottom end of 
expectations. 

Canal Plus fell FFr25 to 
FFr874 on first half results 
released after the close on 
Tuesday, which were down 
some S per cart and a forecast 
of a net profit fell for the full 
year. 

ZURICH marked time in 
moderate trading, supported by 
the German M3 data, but 
awaiting further developments 
on Wall Street and the SMI 
index rose just L0 to 25945- 


Shares in Swiss Reinsurance 
jumped SFT23 or 3.8 per cent to 
SFrG28 in heavy turnover amid 
rumours that the company 
planned to sell its stake in 
Eliva Swiss Insurance. Elvia 
put on SFr4Q or 2.1 per cent to 
SFrl510 

Banks were mixed mixed, 
with SBC falling SFr2 to 
SFi373, but CS Holding, which 
fell (hi Tuesday after news of 
its takeover bid ter a regional 
Swiss bank, picking up SFrl to 
SFr549. 

AMSTERDAM declined mod- 
erately but trading was slow. 
The AEX index finiabpd 0.46 
easier at 40159. 

Philips was the most actively 
traded stock, going against the 
trend with a gain of 10 cents to 
FI 5450 in volume of some 1.5m 
shares. 


Unilever, off 70 cents at 
FI 194.00, was affected by 
reports or lower domestic sales 
for its washing powders and 
the weaker dollar. 

MILAN found corporate 
developments a welcome diver- 
sion from political and budget 
considerations and the Co mil 
index rose 451 to 67854. 

Italcementi was Li80 better 
at T.n snn in the wake of Tues- 
day's higher-than-expected 
first half results and Fondiaria 
dipped L2S to LI 1,755 after 
releasing first half figures that 
were in nnp with expectations. 

Manufacturers were under- 
pinned by strong June indus- 
trial sales and orders figures. 
Flat was up L77 at L6.6S4 and 
Pirelli rose L47 to L2.608. Oli- 
vetti. under pressure in recent 
sessions, was Lll higher at 
12,027 ahead of today's first- 
half results. 

BCJ gained LS9 or 2.3 per 
cent to L4531 as the market 
registered its relief that the 
L2,400bn rights issue had 
closed. 

Insurers continued to gain 
on hopes that they would bene- 
fit from pensions reform. 

Generali closed L371 higher 
at L39.884. RAS was up L429 at 


L25.728 and Toro was 1210 
higher at 127520. 

MADRID was lower in trad- 
er-dominated volatile activity 
as the market tracked fluctua- 
tions in the dollar and bonds, 
and the general index was 
down L93 at 294.79 in turnover 

of Pta2&3bn. 

DENMARK was holding its 
general election yesterday. 
Unibank Securities said that it 
expected the outcome to be a 
Social Democratic government 
with or without the participa- 
tion of the Social Liberals. But 
political stability could be 
affected by the inclusion of the 
Socialist People’s party and the 
RedjGreen Alliance, making it 
more doubtful that major 
reforms could be implemented. 

The KFX index was down 
0.54 at 96.45. 

STOCKHOLM picked Up 
from early losses but turned 
lower again late in the day 
after Mr lngvar Carlsson’s 
announcement that he 
intended to form a minority 
SDP government The AfErs- 
vSrlden Index fell 12.60 to 
1,420.2. 

Written and etited by John Rtt 
and Michael Morgan 


Kuala Lumpur records an eight-month high 


Tokyo 


Buyin g by public funds, invest- 
ment trusts and overseas 
investors countered corporate 
■spiling and the Nikkei index 
gained ground in spite of the 
bigbpr yen and the overnight 
decline on Wall Street, writes 
Bndko Terazonom Tokyo. 

the Nikkei index rose 48JL1 
to 19,885.38 after a high of 
1956159 and a low of 19.69L44. 
The index initially fell on wor- 
ries which were triggered by 
the yen’s rise against the dol- 
lar and by declines in US stock 
and bond prices. 

Arbitrage unwinding coupled 
with selling by companies 
looking to boost their interim 
earnings weighed on prices. 
However, postal savings and 
postal insurance, together with 
investment trust funds, lifted 
the index in the afternoon. 

The US currency closed 
below the Y98 level for the first 
time in two months in spite of 
heavy Bank of Japan dollar 
buying intervention. The dol- 
lar's weakness was triggered 
by the larger than expected US 
trade deficit figures released 
on Tuesday. 

Volume rose to 380m shares 
against 342m. The Topix index 
of all first section stocks added 
455 to 158556, while the Nik- 
kei 300 rose 0.88 to 289.84. 
Advances led declines 546 to 
458, with 182 issues remaining 
unchanged. 

In London, the ISE/Nikkei 50 
index rose 1.00 to 1,296.33. 
Large capital steels were 
traded actively amid profit tak- 
ing by corporate investors and 
buying by public funds and 
overseas investors. Nippon 
Steel, the most active issue of 
the day, rase Y3 to Y388 after 
bitting a year’s high of Y390 
and NKK added Y5 to Y285. 

Semiconductor related stocks 
were higher. Oki Electric rose 
Y16 to Y788. The company had 
said ppHIpt this week that its 
pre-tax profit would rise to a 
record Y30bn thanks to firm 
sales of semiconductors and its 
rationalisation programme. 

Brokers were mixed. Yam- 
aichl Securities fell YU to Y773 
and Nikko retreated Y10 to 
Yl.llO while Nomura Securi- 
ties gained Y10 to Y2>120. After 
the market closed, the Big 
Four and second tier brokers 
announced downward revi- 
sions of interim earnings due 
to the lower than expected 


FT-ACTUARIES WORLD INDICES 


Jointly compiled by Hi 
NATIONAL AND 
REGIONAL MARKETS 
Rguros Hi parentheses 
show number of anes 
Of stock 

o Financial Tlmac Ltd- 

Gahtnan. Sachs ft Co. and NaftVost Senrttes Lid. In c 

»*«etton with the InsotUB at Actuaries and th 

MONDAY SEPTEMBER 19 IBM 

US Pound Local 

Ooaor Start ng Yan DM CUnency * 

Index Index index Index Index 

e Factfty c* Achates 

US Day's 

Dollar Change 
Index 

Pound 

SM/fng 

Index 

Yen 

Index 

Local 

DM Curency 
Index index < 

Ux* 

% eftg 
on day 

Gross 

On. 

YMd 

a week 52 week ago 
Htfi Low (approx) 

Australia (68) 

173-80 

-03 

163.47 

107.39 

140.13 

15530 

-0.3 

3.57 

17458 

164.78 

108.79 

14088 

155.74 

189.15 

141.14 

141.14 

Austria 188-31 

-1.5 

175.14 

115.06 

150.13 

150.11 

-1.0 

1.07 

18858 

17X70 

11756 

15256 

15256 

19858 

184.04 

172.66 

Bdgrurn (37) 

168.00 

-OB 

150.02 

103.81 

135.45 

132.19 

-0.9 

4.18 

109.31 

100.10 

105.70 

138.88 

133.43 

17754 

14332 

14832 

Canada (10*1 

138.81 

-1.0 

130.55 

85.77 

111.91 

13507 

-1.8 

2.48 

140.28 

132.62 

87.58 

11022 

13754 

14631 

12064 

122.01 

Domra* 031— 

254.39 

-02 

239.26 

157.18 

205.10 

211.02 

-0.4 

1A1 

254.01 

24095 

156.08 

205.70 

211.93 

Z76.79 

22X94 


Finland (74). 

17X00 

-as 

165.82 

10080 

141.97 

182.44 

-as 

0.77 

177.11 

107.40 

11057 

14256 

183.97 

181.70 

10*38 

10832 

France (971.—.. 

160.76 

-03 

158.73 

104.28 

138.06 

14035 

-a« 

3.14 

189.32 

isaii 

106.71 

13859 

14089 

185.37 

15034 

16X93 

Germany (58) 

142*6 

-fl.fi 

133.99 

88.03 

114 m 

11436 

-03 

1.78 

14357 

13557 

8951 

115.74 

115.74 

15040 

12439 

12836 

Hong Kong (56) 

405-08 

0.3 

301.01 

250.30 

326.60 

401.08 

03 

3.05 

404.03 

38255 

25224 

326.18 

400.82 

50656 

292.06 

282.08 

Ireland (141 

.212.06 

-as 

199.45 

131 JO 

170.97 

192.10 

-0.9 

352 

213.79 

202.16 

133.47 

172.59 

193.70 

216.60 

161.64 

16692 

Italy (59) 

83.24 

1 2. 

7X39 

51.43 

67.11 

9658 

a? 

1.60 

82-27 

7750 

51-36 

66.42 

8038 

97.76 

57.68 

7438 

Japan (4691 

161.83 

2.4 

15221 

loom 

130.40 

100.00 

1.3 

0.77 

158.09 

148.49 

98.70 

12753 

98.70 

17010 

124.54 

15001 

Malaysia (97) 

502.85 

OS 

557.61 

366.32 

477.99 

583.03 

0.4 

1.43 

■VW a? 

557.74 

38823 

478.17 

58052 

621.66 

39253 

99636 


233954 

-03 

2191.43 

1439.64 

IS7S.49 

8577.83 

0.0 

7.78 

2335.40 

220934 

7468.87 

168X16 

8579.14 

264758 

1615.11 

166X37 

Nethertmd (27) 

209.7b 

-1.0 

197.32 

129.83 

189.16 

16051 

-1.1 

3.46 

21152 

200.40 

13231 

17159 

10858 

218.19 

18025 


New Zealand (14) 

,..72.03 

-1.1 

6050 

46.00 

58.72 

64.05 

-1.2 

3.73 

7357 

6950 

4559 

58.47 

6451 

7758 

5932 

6035 

Norway (23) ..- 

IBS. 45 

02 

183.03 

120.77 

157.58 

180.33 

ao 

153 

19&08 

184.47 

121.79 

157.48 

18030 

211.74 

16S32 

175.62 

SHK*aj»f& (44) 

.... .371.60 

1J> 

349.51 

229.61 

299.00 

252.79 

a? 

1.67 

367.02 

34751 

229.64 

29654 

25057 

37632 

28531 

28835 

South Africa (59) ......... 

209.90 

12 

291.47 

19148 

249 as 

297.35 

05 

2.15 

30854 

28957 

191.19 

24752 

294.84 

31434 

18439 

18837 

Span (42) 

138.61 

-1.1 

130.37 

85.65 

111.75 

13454 

-15 

458 

14059 

132.46 

87.46 

11359 

13X66 

155.79 

12838 

13938 

Sweden (36) 

225.16 

-a.fi 

211.77 

139.12 

181.53 

548.01 

-04 

150 

226.46 

214.14 

141.38 

182.82 

25007 

23135 

17533 

13334 

Suncertand (47) 

185.44 

-OB 

155.80 

10222 

13338 

131.85 

-06 

184 

166.18 

157.14 

103.75 

134.15 

132.85 

17838 

136.89 

139.40 

United Kingdom (204) 19X30 

-as 

183.69 

12D.67 

157 48 

183.68 

-15 

4.11 

196.78 

1B6.07 

12255 

16856 

188.07 

214.96 

181.11 

187.47 

USA (51 7) 


-1.S 

177.88 

116.84 

152.46 

189.10 

-1.5 

257 

182.02 

181.57 

11958 

165.01 

19202 

196.04 

17X95 

18X12 


EUROPE (717) 

17029 

-06 

16016 

10532 

13739 

150.68 

-03 

338 

17135 

16133 

10631 

13X24 

15139 

17836 

15X88 

Nordic p 16) 

31X48 

-04 

205.49 

135.00 

17X15 

207.14 

-05 

1.43 

210*4 

207 50 

13700 

177.15 

20X11 

222.18 

173.19 

Pacific Baste (748) 

172.09 

23 

16136 

10S34 

138.75 

11139 

1.1 

1.08 

16X70 

15833 

10X32 

13X20 

11016 

17X88 

134.79 

Euro- Pacific (1465) 

17130 

09 

161.03 

105.79 

13X03 

127.16 

03 

132 

169.05 

160.42 

10X91 

13X98 

12XS0 

17X14 

143.88 

North America (621) 

18537 

-13 

174.02 

114.91 

14094 

18535 

-13 

235 

18830 

17833 

11707 

15X41 

1882? 

19X73 

17X87 

Europe Ex. UK (513) 

15X04 

-0.4 

14X34 

94.56 

12339 

13090 

-03 

2.48 

15X73 

14X38 

9X87 

124.10 

131.71 

15X12 

13437 

Paerfe £*. j^an (279) _ 

27036 

03 

25435 

107.42 

216.48 

240.44 

0.1 

2.70 

27040 

256.© 

16X81 

21X29 

24006 

29621 

20042 

WorW Bl US (1046) 

173.14 

08 

16234 

10838 

138.59 

131.08 

03 

1.93 

171-67 

162.33 

107.18 

13839 

130.78 

176.65 

145.S8 

World Ex. UK (1959) 

175.68 

0.1 

16532 

10X54 

141.62 

14X61 

-03 

2.06 

17530 

16535 

10938 

14138 

14X94 

17X59 

155.86 

World Ex. So. Af. C104). 

17636 

00 

16638 

109,10 

14235 

14733 

-04 

230 

17X57 

168.98 

11023 

14234 

14X53 

180© 

15X64 

World Ex. Japan (1094) .. 

187.77 

-13 

17X60 

11X02 

15138 

177.87 

-1.1 

239 

18338 

17X28 

11X35 

15X04 

17932 

19520 

174JJ4 

The Work! Index (2tB3| 177.40 

ao 

16086 

109.82 

14X03 

1*9.02 

-a* 

236 

17739 

167.73 

11074 

14320 

14900 

18000 

15X85 


15753 

175.73 

180.09 

168.83 

182.16 

13840 

20042 

15090 

16X00 

16095 

174* 


trading volume on the Tokyo 
stock market 

In Osaka, the OSE average 
rose 10757 to 22,08958 in vol- 
ume Of 462.7m sharps 

Roundup 

Wall Street's overnight fall 
dampened the mood in much 
of the region al thou gh there 
were exceptions. Hong Kong 
and Seoul were clewed for pub- 
lic holidays. 

KUALA LUMPUR was 
spurred to an eight-month, high 
by gains in key blue chip 
stocks, although the broader 
market was easier as investors 
locked in profits. 

The composite index closed 
5.49 higher at U9L14, but fells 
led rises 287 to 156. 

Volume was a heavy 585m 
shares as retail investors 
swarmed into rumour-driven 
stocks. MBf Capital again led 
the pack on takeover rumours, 
adding another 22 cents to 


MS450 in volume of 50.9m 
shares. 

Berjaya South Island jumped 
M$950 or 62 per cent to MS24.0. 
after Tuesday's MS2.70 
advance, amid talk of a water 
sewage project 

SHANGHAI'S volatile A 
share index surged 65 per cent 
in a technical rebound after 
the heavy losses of the previ- 
ous six sessions. The index put 
on 58.31, through the 1,000 
level, to finish at 1,00352 in 
turnover of Yn3.92bn. 

The day’s star performer was 
Fuzhou Dong Jie Kou Depart- 
ment Store, up YnL90 or 17.6 
per cent to Ynl2.68 in huge vol- 
ume of 7.12m shares. 

Shanghai’s B share index 
edged op 0.40 to 83.76 an very 
thin volume. Shenzhen's A 
share index rose 1051 or 45 
per emit, to 227.04 but the B 
market halted trading for the 
public holiday in Hong Kong. 

BANGKOK rebounded from 
early falls amid buying of 


finance and communications 
issues. 

The SET index closed 1.93 
higher at 1531.98 after falling 
as low as 150650. 

Securities One soared Bt56 to 
Bt884 after announcing a capi- 
tal increase. 

SYDNEY was lower in line 
with Wall Street’s overnight 
decline, and the All Ordinaries 
index dropped 185 to 2,0265. 
its lowest closing level since 
July 14. 

The media sector recorded 
heavy fails with News Corp 24 
cents lower at A$85l after its 
ADRs fell in New York. 

TAIPEI finished lower in 
active trade amid profit-taking 
on financials and worries 
about uncertainty in overseas 
financial markets. The 
weighted index ended 48.80 
lower at 6599.44. off a 7,092.06 
high. Turnover was T$645bn. 

Elitegroup Computer rose by 
the daily 7 per cent limit to 
T$51 on its debut. 


MANILA was steady with 
mining issues rising to counts' 
the downtrend in commercial 
issues. The composite index 
settled 057 up at 2520.46 in 
volume that dropped to 25bn 
shares from Tuesday's 3-lbn. 

Philex Mining ted the mining 
issue rally as its share price 
jumped 3.9 per cent to 2.70 
pesos. 

BOMBAY was led ahead by 
late buying by domestic 
mutual funds, which reversed 
an easier trend during the first 
half of the session as Calcutta- 
based traders liquidated hold- 
ings on the last day of their 
fortnightly account 

The BSE 30 share index, 
which had lost more than 120 
points in the previous two ses- 
sions, picked up 18.73 to 
4507.11. 

• The ETC weekly emerging 
markets table has been held 
over this week and will be 
published tomorrow. 


Risky 


Cooynpn. t* 4 FtMU llmaa unM nrew i. i 
Lows prices imwwmta ler an* ed Mnn . 


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The London International Financial 
Futures aid Options Exchange