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FINANCIAL TIMES 


Bu sir-ess : 


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TUESDAY SEPTEMBER 








*«hg 



BT boosts global 
ambitions with 
Scandinavian deal 


300 L-L ■ . 1 ■ -I 

1994 

Source: FT GrapMe 


■ STOCK MARKET IN DICES 

FT-SE 100 - .2.9994 (-28.4) 

Yield 421 

FT-SE EuraHacK 100 .1,33945 H-68) 

FT-Sf-A Alt-Share .. ... 1.50122 H)9%) 

M*k« 19,81448 HUD 

New Yoric luucfrtirne 

Dow Jones Irtd AW .. W3Z42 (+067) 

S&P Composite «9 j59 (-0.08) 

■ US LUNCHTME RATES 

Federal Funds: — 4ff& 

3-mo Truss Bfc rid ..4.S8W 

Long Rond Wi 

YWd - ...7.783% 

■ LONDON MONEY 

3-mo Interbank .. 4(2% (Sana) 

LBTe long gil tutor . ..Dec 99 1 * (Dec 99U) 

■ NORTH SEA OIL tA rgxad 

Brad iS-day (Nov) SI WS (1 G-fiS 

aOOLD 

New York Coma (Dec) ..-*3974 (3W4) 

London -*39545 (39aO| 


■ STERLING 


Nato envoys back Claes as secretary general 

By Btuce dark in London Belgian minister’s first task will be to avert alliance crisis over Bosnia 


British Telecommuni cations yesterday announced a 
partnership agreement with three of Scandinavia’s 
four national telecommunications operators, in a 
further boost to its international amhiHoiK 
Norwegian Telecom, Telecom Finland and Tele 
Danmark, the Danish national operator, will work 
with BT to market one-stop international telecoms 
services across Scandinavia, in a move that marks a 
further stage in the division of the world’s leading 
telecoms operators between three allia n ces . Page 
17; BT rival reveals its prices. Page 9 

India tries to limit plague: Indian health 
authorities were struggling to control the spread of 
pneumonic plague after signs of further outbreaks 
following the flight of 300,000-500.000 people from 
the western city of Surat Page 16 

Jury selection starts in O J Simpson trial 

For 3V* months, there has 
been no thing in the US 
to compare with the case 
of O.J. Simpson, the 
retired gridiron football 
star accused of the mur- 
der of his former wife, 
Nicole Brown Simpson, 
and her friend. Ronald 
Goldman. Yesterday the 
trial started, with the 
questioning of as many 
as 1,000 prospective 
jurors, from whom a panel of 12, with eight alter- 
nates. must be chosen. Page 16 

Peugeot Citroen provided evidence of the 
recovery in the French car industry and the 
strengthening of its product range, announcing net 
profits of FFr688m (S132m) for the first half of the 
year, compared with a loss of FFrl.l2bn in the same 
period in 1993. Page 17 

Last-ditch move on trade: In Washington 
today Ryu taro Hashimoto. Japan's international 
trade and industry minister, will make a last-ditch 
attempt to resolve the deadlock in US-Japanese 
trade talks and avoid sanctions. Page 16 , 

Israel restarts West Bank settlement: The 

Israeli government lifted the two-year freeze on 
building new housing for Jewish settlers in the 
occupied territories, with prime minister Yitzhak 
Rabin approving plans for almost 1,000 housing 
units just inside the West Bank. Page 5 

Saberta, Belgian state-owned carrier, is seeking to 
pressure Air France into reducing or selling its 
minority stake to enable the formation of partner- 
ships with other interested airlines. Page 20 

Moscow budget attacked: The Russian 
budget, its income cut almost in half because of a 
huge shortfall in tax revenues, came under attack 
from two of the strongest lobbies in the country - 
the military and the energy ministry. Page 2 

Tokyo relaxes rules cm derivatives: Japan 
took a small step on its long road to financial 
deregulation by permitting banks to trade in two 
forms of financial derivatives. Page 21 

Eurotunnel shares fall on reports of leaks 

Eurotunnel's share price 
Eurotunnel fell 19p, or 7 per cent, to 

Share orice (pence) 250p. as reports of leaks 

Share price (pence/ in the Channel tunnel 

600 ■' added to the challenge 

%» a the UK company faces in 

500 - W \L avoiding a further refi- 

nancing. following its 

400 \ May £S58m ($1.3bn) 

ll rights issue. Eurotunnel 

300 ■ -• - M-nk- said the salt water leaks 
“ T were in line with the 

oqo . i ■ design and would not 

1994 delay the start date for a 

soiree: ft 6rap«te full service. More of a 

problem, however, is the 
impact the story could have on public perception of 
tire tunnel, and the knock-on effect of a low share 
price on anticipated capital from the conversion of 
warrants. Page 23 

Pakistan gains investments Pakistan's efforts 
to attract investments in power generation and oil 
and gas exploration have borne fruit with contracts 
with US companies worth about $4bn. Page 8 

26 die in crash: A Russian Yak-40 aircraft 
crashed while trying to make an emergency landing 
in bad weather at Vanavara in Siberia, killing all 23 
passengers and the three crew members. 

Swinging London: MTV Networks, the 
American-owned music television group, is to make 
London its international headquarters responsible 
for all MTV activities outside the US. Page 9 


Ely Bruce Clark In London 

Mr Willy Claes. a Belgian socialist with 
controversial views on the future of cen- 
tral and eastern Europe, was endorsed 
yesterday as the next secretary-general 
oF Nato by ambassadors of its 16 mem- 
bers. 

The new Nato chief, at present Bel- 
gian foreign minister, will free the chal- 
lenges of heading off a crisis in transat- 
lantic relations over Bosnia, guiding 
Nato’s debate over enlargement of its 
membership, and defining a new role for 
the alliance. 


The path was cleared for his appoint- 
ment by the withdrawal of Mr Uffe EUe- 
mann -Jensen, a former Danish foreign 
minister. Mr Claes, 55, is expected to be 
appointed formally at a meeting of Nato 
foreign ministers within two weeks. 

He opposed the deployment of new US 
missiles in Europe in the 1980s, but more 
recently has defended a continuing US 
role on the Continent As foreign minis- 
ter, he had irritated Turkey - a Nato 
member - by expressing sympathy for 


the plight of that country's Kurdish 
minority. 

Washington’s acceptance of Mr Claes, 
signalled last week, amounts to a concil- 
iatory gesture to its European allies at a 
time of mounting disagreement over 
Bosnia. 

European Nato members have said in 
recent weeks that US moves to authorise 
arms supplies to the Bosnian govern- 
ment might stoke the conflict and 
endanger the lives of UN ground troops. 


Senior US military officers have 
expressed bitter frustration over the 
UN's cautious attitude to air strikes. 

Supporters of Mr Gaes say his experi- 
ence of parrying political and linguistic 
differences in his native Belgium should 
help him to ease conflicts. However, his 
views on the prospects for integrating 
central and eastern Europe Into western 
institutions are expected to cause con- 
tinuing controversy. 

At a speech in Vienna last year. Mr 


Gaes drew a strong distinction between 
the political outlook of countries of Prot- 
estant or Roman Catholic heritage - 
such as Poland, the Baltic states, Hun- 
gary and Slovenia - and those of Ortho- 
dox Christian tradition, such as 
Romania. Bulgaria. Serbia and Russia. 

Among the first group of states, he 
said. European integration was becom- 
ing a “goal within reach". In the second, 
progress towards democracy was much 
slower and more difficult. 

Claes boosted by success of Belgian EU 
presidency, Page 2 


Mustard business for sale 

Reckitt pays 
$1.55bn for 
household 
group in US 





By Roderick Oram, 

Consumer Industries Ecfltor 

Reckitt & Colman is breaking 
with 185 years of history by put- 
ting its mustard business up for 
sale to help finance its drive to 
become one of the world’s lead- 
ing suppliers of lavatory cleaners 
and other household products. 

Yesterday Reckitt announced 
the ?1.55bn (£980m) purchase of 
L&F Household from Eastman 
Kodak, and offered for sale Col- 
man's mustard and other UK 
food and drink businesses, 
including Robinson’s barley 
water. 

Sir Michael Colman, c h ai r ma n 
and last family member in the 
business founded five genera- 
tions ago in a Norwich mill, said 
it was a difficult decision to sell 
Column's. 

He believed, however, that the 
business would be better run by 
a group with a strong food strat- 
egy now that Reckitt was concen- 
trating on disinfectants, cleaners, 
air fresheners and insecticides. 

The acquisition of L&F, a big 
US household product supplier, 
will be part-financed by a one-for- 
eight rights issue at 500p a share 
to raise fgfflm. It will enhance 
Reckitt's position in the US with 
leading brands such as LysoL the 

disinfectant, and will give it a 
springboard for global expansion, 
the group said. 

Mr Vernon Sankey, chief exec- 
utive, said: "We will have the 
capacity to compete globally 
a g ains t the majors and more 
effectively in the US." 


Reckitt will rise from about 
eighth to the top four in the US 
and global household products 
markets, he added. In its product 
categories, it will be on a par 
with companies such as Colgate- 
Palmolive and Procter & Gamble. 

The City welcomed the pur- 
chase for its strategic value, 
given Reckitt's second-string sta- 
tus in the US. Its shares closed 
43p down at 555p because of the 
deeply discounted rights issue 
price and some doubts over Reck- 
itt's assertion that the deal would 
enhance its earnings this year. 

With the sale of L&F. Kodak 
has almost completed the STbn 
disposal programme launched in 
May by Mr George Fisher, its 
new chairman. L&F's other arm 
- do-it-yourself products such as 
wood finishes - is the last main 
asset to go. 

To pay for L&F, Reckitt is 
increasing its debt from about 
£300m. including a convertible 
capital bond, to £l.lbn. which 
will raise gearing from about 50 
per cent to 160 per cent. It 
emphasised, however, that its 
interest costs would be covered 
more than five times by operat- 
ing profits. 

Moreover, it expected to bring 
debt back down to pre-deal levels 
within three years, thanks to 
some £400m from piecemeal dis- 
posal of the UK food and drink 

Continued on Page 16 
Lex, Page 16 
Geaning up its act to fight the 
giants. Page 17 

London stock market. Page 27 




Russian president Boris Yeltsin shrugs In response to reporters’ questions as he arrives in New York at the start of his five-day US visit ru« 

Clinton lifts US sanctions on Haiti 


By George Graham in New York 

The US yesterday announced the 
lifting of all its unilateral eco- 
nomic sanctions against Haiti, 
except those targeting the Hai- 
tian military junta and its sup- 
porters. 

In a speech to the United 
Nations General Assembly, Presi- 
dent Bill Clinton said the US 
would act as quickly as it could, 
within the framework of the UN- 
ordered embargo, to restore 
water and power to Haiti. 

Leaders scheduled to address 
the session included Mr Boris 
Yeltsin or Russia, who was 
reported to have brought a new 
nuclear disarmament proposal 
with him to the UN. 

Mr Clinton said the US had “no 
desire to be the world's police- 
man. but we will do what we can 
to help civil societies emerge 
from repression". 

Acknowledging reluctance both 
in the US and elsewhere to get 


involved in the world’s trouble 
spots. Mr Clinton said that never- 
theless great progress had been 
made -towards peace in areas 
such as South Africa, the Middle 
East and Northern Ireland. 

Speaking as Mr Gerry Adams, 
the leader of Sinn Fein, contin- 
ued his speaking tour of the US. 
Mr Clinton claimed some of the 
credit for advancing the "earnest 
search by the people of Northern 
Ireland and Great Britain and 
Ireland to end centuries of tfivi- 
sion and decades of terror". 

The UN Security Council reso- 
lution which imposed general 


sanctions on Haiti does not pro- 
vide for their removal until Gen- 
eral Raoul CSdras and the mili- 
tary leaders who ousted 
President Jean-Bertrand Aristide 
in 1991 have left power. 

That may not be until October 
15, under the terms of the agree- 
ment that averted an Invasion 
but led to the current military 
occupation by the DS. But Mr 
Clinton urged other countries to 
follow the US in lifting unilateral 
measures such as a ban on air 
travel 

In Haiti, he said, a combination 
of creative diplomacy, the influ- 


ence of economic power and the 
credible threat of military force 
had brought success. But Haiti’s 
people must show patience and 
restraint to make the transition 
to a peaceful democracy. 

Mr Clinton warned that the 
Bosnian capital of Sarajevo "once 
again faces the prospect of 
Continued on Page 16 

Counting on the Americans. 
Page 6: US warns Moscow on 
complacency. Page 7; Yeltsin’s 
link to capitalism, Page 8; Edito- 
rial comment, Page 15; The 
bear’s new clothes, Page 19 


Tighter hedge fund rules urged 
to stop market manipulation 


These securities have not been registered under the Securities Act ol 1933 and may not be ottered or 
sold in the United Stales absent registration or an applicable exemption from regisirauon 
under the Securities Act ol 1933. Including Rule 144A thereunder. This 
announcement appears as a mailer ol record only. 


New Issue / July 1994 



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By John Gapper, Banking 
Editor, In London 

Stronger requirements for hedge 
funds and others to disclose large 
trades in smaller government 
bond markets may help to pre- 
vent those markets from being 
manipulated, according to a 
study by officials of the Interna- 
tional Monetary Fund. 

The study into trends in inter- 
national capital markets argues 
that the absence of regular infor- 
mation on position-taking in 
bond markets makes it hard to 
determine the impact of hedge 
funds, or detect instances of mar- 
ket manipulation. 

Although it says there is no 
evidence that hedge funds, which 
are thought to have capital of up 
to glOObn. collude to move prices, 
it points out that they "often 
seem to react similarly to a given 
set of market opportunities". 

The study says that informa- 
tion on large trades might be 
"particularly useful in the 
smaller government securities 


markets, where the action of a 
set of placers is likely to have a 
larger potential impact on 
prices”. 

Hedge funds have attracted 
controversy since their role in 
trading European currencies in 
the 1992 exchange-rate crisis two 
years ago was disclosed, and the 
study analyses regulatory con- 
cerns over their activities. 

It finds no clear evidence that 
the 800-900 hedge funds, which 
try to give private investors high 
returns by leveraging capital and 
making brts on foreign exchange 
and bond markets, have 
increased volatility in bond mar- 
kets. 

Instead, it says hedge funds 
add to liquidity in bond markets. 
It says governments and central 
banks have found cases where 
only hedge funds have been will- 
ing to buy bonds as prices have 
fallen, and so have stabilised 
markets. 

The study, released to coincide 
with the IMF/World Bank annual 
meetings in Madrid next week. 


CONTENTS 


reports the view of one country’s 
supervisory authority that 
"hedge funds have become the 
'buyer of last resort' in some of 
these markets". 

However, it says the sums 
funds have to deposit with banks 
In order to borrow cash to trade 
on bond markets - typically 2 per 
cent to 4 per cent of the facility - 
may be too small to prevent mar- 
kets from becoming excessively 
leveraged. 

It points out that hedge funds 
are calculated to wield up to four 
times the equity capital of large 
US securities firms. More than 
half the capital is thought to be 
in "macro" funds that make bets 
on changes in interest and 
exchange rates. 

International banking supervi- 
sors are collecting data to give a 
better picture of h anks ' credit 
exposure to hedge funds. 

International Capital Markets: 
Developments, Prospects and Pol- 
icy Issues : IMF Publication Ser- 
vices , 700 19th Street iW, Wash- 
ington. DC 20431; $20. 


£198,500,000 


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f ., THF pinivnCIAL TIMES LIMITED 1994 No 32,432 Week No 39 LONDON - PARIS » FRAHKFURT - NEW YORK • TOKYO 


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FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 



R ig Russian budget shortfall under fire from military 

* i «« ntfnr of hearing oil were stored ■ 


*1 


By John Uoyd In Moscow 

The Russian budget. Its income 
cut almost in half because of a 
huge shortfall in tax revenues, 
came under attack yesterday 
from two of the strongest lob- 
bies in Russia: the military and 
(he Energy Ministry. 

According to one senior offi- 
cial, lack of money is causing 
Russia to default on its com- 
mitments to disarm - a subject 
now being discussed between 
Presidents Boris Yeltsin and 
Bill Clinton in Washington. 

The ferocity of the attack, 
coming as the political season 
opens once again with the can* 
verting later this week of the 
two houses of parliament, sig- 


nals what will be a sustained 
effort to break the will of the 
Finance Ministry and the 
prime minister to hold the line 
on relatively low inflation and 
a limited budget deficit. 

The attack also coincides 
with serious discussions with 
the International Monetary 
Fund on further assistance for 
Russian reforms, in which min- 
isters will make a strong pitch 
far assistance based on their 
performance In bringing down 
inflatio n to 4 per cent a mouth. 

The Ministry of Defence, 
already smarting from receiv- 
ing a little over half of what it 
said was essential for mini- 
mum performance, said yester- 
day that even the low figure 


British and Russian governments 
yesterday became “serious partners". In 
the words of deputy prime minister Alex- 
ander Shokhin, writes Liam Halllgan. 

Speaking at the Russian embassy in 
London Mr Shokhin said bilateral consul- 
tations originally announced in May 1992 
bad come to fruition in the form of a 
9800m (£50om) “credit guarantee”. 
Together with the UK president of the 
Board of Trade, Mr Michael Heselttne, Mr 
Shokhin singled out several groups of pro- 
jects” which mark the promotion of Brit- 


ish companies In the Russian federation* 

The projects focus on the development 
of Russia's telecommunications infra* 
structure, the provision of medical and 
radiological equipment to be supplied by 
Philips and technical support for Russia's 
petrochemical industry. The involvement 
of Britain's tobacco and ear industry was 
also mentioned. 

Among other developments announced 
was the possibility of assistance with the 
construction of a further international air 
terminal in Moscow in return for the 


granting of extra corridors to British car- 
riers. 

It was also announced that Mr Snoksm 
yesterday signed a 9100m credit facility 
with the EBRD to be followed up with a 
$200m package from the World Bank. The 
latter will be signed in Washington 
tomorrow. 

The Russian contingent also said it was 
now “ready to declare repayments” of 
some $600tm of commercial debt, includ- 
ing 9200m owed to UK companies, most of 
winds is a legacy of Soviet days. 


proposed by the government 
had not been delivered and 
that the Finance Ministry was 
“discrediting itself” in holding 
down spending. 

Colonel General Alexander 


Kuznetsov, first deputy head of 
the department of the budget 
and finan ce in the Defence 
Ministry, told the defence com- 
mittee of the State Duma 
(lower house} yesterday that in 


the first "frig months of this 
year, the ministry had received 
only Ebsl4,600bn, or 53 per 
cent of the Rbs27,200bn it 
should have received. 

Mr Vyacheslav Mozgalev, a 


senior in the Economic 

Ministry, told the defence com- 
mittee that the situation in 
defence industries was "cata- 
strophic". He said: “Ninety-Eve 
per cent of defence plants have 


stopped working, no new weap- 
ons research work is being 
financed and the Defence Min- 
istry will not receive a newly 
developed piece of equipment 
until 2000." 

Mr Mozgalev also claimed 
that “because of the lack of 
hinds, Russia is not fu lfi llin g 
one of Its international agree- 
ments to reduce its arma- 
ments". Only 22 per cent of the 
planned budget for disarma- 
ment had been received. . 

At the s ame time, the Minis- 
try of Energy and Hearing has 
claimed that supplies of heat- 
ing fuel for winter are in an 
“extraordinarily bad” situa- 
tion. On September 1 only 5.4m 
tonnes Of coal and 2m tonnes 


of heating oil were stored - 
compared to 315m tonnes and 
7.2m tonnes last year. 

According to the RIA news 
agency, ministry officials are 
particularly concerned about 
supplies, e sp ecial ly of coal, to 
the for east and extreme north 
of the country. Nuclear power 
stations are also in crisis. 

The Energy Ministry with 
the Ministry of the Economy is 
preparing a government 

ann ouncement on supplying 

the economy with ftiel for the 
autumn and winter period 
1994-95, a decision which seems 
to mean further pressure on 
the Finance Ministry to open 
the coffers or consign millions 
of Russians to a cold winter. . 


Claes boosted by success 
of Belgian EU presidency 


By Lionel Bartjer In Brussels 

Mr Willy Claes, who is 
virtually certain to be the next 
secretary general of Nato, is a 
bard-driving politician with 
more than 30 years' experience 
in the Belgian government, lat- 
terly as foreign minister. 
Though Mr Claes has little 
direct experience or military 
affairs, he probably owes his 
present job to a highly effec- 
tive performance during the 
Belgian presidency of the Euro- 
pean Union between July and 
December 1993. 

Despite an occasional short 
fuse. Mr Claes coaxed and 
cajoled his colleagues into 
compromises on trade, budget- 
ary matters and institutional 
affairs which re invigorated the 
EU after the debilitating 
debate over ratification of the 
Maastricht treaty. 

“Willy Claes is an exception- 
ally talented individual. He is 
open-minded, efficient and well 
organised, with strong admin- 
istrative skills,” says Mr Karel 
Van Miert. the Belgian com- 
missioner for competition pol- 
icy in Brussels. 

Born in Hasselt, in 
north-east Belgium, Mr Claes 
was initially torn between fol- 
lowing in his father's foosteps, 
as a professional musician, and 
launching a career in politics. 

He entered parliament at the 
age of 30 and became one of 
Belgium's youngest ministers. 



Claes: bard-driving 


in 1972. at the age of 34. 

Often tipped as a potential 
prime minister, Mr Claes, 55, 
would probably never have 
made it to the top in Belgium, 
like Mr van Miert. he comes 
from the Flemish Socialist 
party, the minority partner in 
the coalition government 

Some suspect that Mr Claes's 
appointment to succeed Mr 
Manfred Warner was indirectly 
boosted after the Belgian 
prime minister Mr Jean-Luc 
Dehaene, the Franco-German 
favourite to succeed Mr Jac- 
ques ^ Delore as president of the 
European Commission, foil vic- 
tim to a British veto last sum- 
mer. 

But other observers believe 


that Mr Claes stands as a seri- 
ous contender for the top Nato 
post in his own right, having 
proved to be a “side pair of 
hands'* as foreign minister for 
the past 2Vi years handling 
many tricky diplomatic prob- 
lems not only in Europe but 
also in the former Belgian pro- 
tectorates of Rwanda and 
Burundi and in the ex-colony 
of Zaire. 

Though a long-standing 
advocate of deeper European 
integration, Mr Claes is also an 
avowed Atlanticist. As he 
remarked In a speech to 
Chatham House in London last 
February, Europe’s strategic 
defence “will remain in Nato”. 
But he also noted increasing 
US enthusiasm for Europe tak- 
ing greater responsibility for 
security issues on the conti- 
nent At one point he asked: 
“Why not make peacekeeping 
into a common European pol- 
icy?” 

His initiative stemmed partly 
from his Own disillusion with 
the ElTs failure to deal more 
decisively with the crisis in 
former Yugoslavia in its early 
stages, though he points to the 
significant humanitarian aid 
effort which the Union has 
since mounted. 

In future, Mr Claes will need. 
ail his negotiating gMTis - as 
well as his musical instinct for 
harmony - to succeed in bring- 
ing all of Nato's partners 
together. 


Chrnnic weakness of liberal FDP raises doubts about Bonn election outcome 

Bavarian poll 
may point to 
hung parliament 


By Quentin Peel in Bonn 

The outcome of Germany's 
general election in less than 
three weeks still hangs in the 
balance, in spite of a dear vic- 
tory on Sunday for Chancellor 
Helmut Kohl's closest allies In 
the state of Bavaria. 

The *4ianra»« of a hung par- 
liament, with a grand coalition 
between Mr Kohl’s Christian 
Democratic Union (CDU) and 
the opposition Social Demo- 
cratic party (SPD) the only 
means of forging a dear major- 
ity, remain real, according to 
most political analysts. 

One key element in the cal- 
culation is the chronic weak- 
ness in the polls of the Free 
Democratic party (FDP), the 
junior partner in Mr Kohl's 
coalition, which slumped to 
only 2A per cent of the vote in 
Bavaria, losing all Its seats in 
the state parliament The set- 
back was the sixth successive 
time the liberal, free-market 
party has foiled to gain the 
required 5 per cent support 
needed to win seats in a state 
election. 

Several recent opinion polls 
suggest that the recovery of Mr 
Kohl’s CDU and its Bavarian 



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sister party, the Christian 
Social Union (CSU), may have 
peaked at a combined vote of 
around 41 per cent, with the 
SPD still picking up a little 
support at around 35 to 37 per 
cent 

The other unknown factor is 
the performance of the Party of 
Democratic Socialism (PDS), 
the former East German Com- 
munist party, which could win 
more than 30 places in the Ger- 
man Bundestag and hold the 
balance of power, thanks to 
pockets of strong support in 
several east German cities. 

Leaders of the SPD insisted 
yesterday that the race 
remained wide open, while Mr 
Kohl himself warned his sup- 
porters against any tendency 
to think it was already won. 

“It would be quite wrong to 
think that the election is 
already decided.” he said after 
a meeting of his party execu- 
tive in Bonn. “We must fight 
for every vote. We have.no 
votes to lend or to give away.” 

The chanc ellor remains con- 
vinced that the FDP will be 
represented in the Bundestag, 
in spite of repeated weakness 
in state elections, because of 
the long-standing tradition of 



German voters giving it their 
decisive second votes, in 
favour of a party list rather 
than an individual candida te. 

The latest polls still give the 
FDP around 8 per cent support 
on the basis of second votes, 
which should he just enough to 
give the ruling coalition a 
majority after October 16. 

Mr Klaus Kinkel, the FDP 
party leader and foreign minis- 
ter, was putting a deter- 
minedly brave foce on the par- 


ty’s plight yesterday, before he 
flew off to the UN General 
Assembly. “We are not giving 
up," he said. 

The opposition Social Demo- 
crats, however, are clearly gun- 
ning for the FDP vote, and 
hope the series of disastrous 
defeats will persuade electors 
that even a second vote for the 
FDP is scarcely worthwhile. 
“Our aim is to make ourselves 
so strong that it will be impos- 
sible to rule without us," Mr 


Belarus looks for a way ahead 


By Anthony Robinson, 
recently In Minsk 

Mr Alexander Lukashenko, 
elected president of Belarus 
two months ago, has been furi- 
ously rethinking the country’s 
future direction since Presi- 
dent Boris Yeltsin refused to 
burden Russia with the costs 
of a new economic and cur- 
rency union with the former 
Soviet republic. 

Election promises, including 
a pledge of full employment 
and the wholesale sacking of 
“corrupt" officials have been 
thrown out the window follow- 
ing the collapse of the main 
plank in Mr Lukashenko’s elec- 
tion campaign, a close Russian 
connection. Instead, he has 
imposed steep rises In the price 
of bread, milk and vodka to cut 
the burden of subsidies and 
block the haemorrhage of arti- 
ficially cheap foodstuffs to 
Poland and Russia. 

Last week he announced that 
the Belarus rouble, called the 
Zaitsev (hare) and nicknamed 
the ^Belarus bunny”, would be 
the sole legal tender, reinforc- 
ing the position of Mr Stani- 
slav Bogdankevich, the pro- 
reform president of the Belarus 
central bank who was one of 
the officials threatened with 
dismissal during Mr Lukashen- 
ko’s election campaig n . 

Instead of the promised bail- 
out from Moscow the "pro- 
gramme of economic priori- 
ties” outlined by the president 
last weekend emphasises 
self-help and painful macro- 
economic stabilisation. The 


main aim is to reduce monthly 
inflation from around 30-40 per 
cent to 10-11 per cent by the 
end of the year and 7 per cent 
a year later. 

Many details still have to be 
fleshed out in a programme 
which was put together mainly 
by Soviet-era bureaucrats. Mr 
Vladimir Karyagin, president 
of the Belarus Union of Entre- 
preneurs, complains: “The pro- 
gramme has no strategic view 
with for too much emphasis on 
controls and not enough on 
incentives.” 

Mr Karyagin says resolving 
the country’s economic prob- 
lems requires encouragement 
for a private sector which 
hardly existed four years ago 
and remains small 

The advocates of more pri- 
vate enterprise believe they 
have three cards up their 
sleeve. The first is Mr Lukash- 
enko's desperate need to suc- 
ceed. The 40-year-old former 
army political commissar and 
collective form manager waged 
an unashamedly populist elec- 
tion campaign which swept 
away Mr Vyacheslav Kebich, 
an old-style communist appara- 
tchik. But now he has to 
deliver higher living standards 
without the hoped-for Russian 
economic assistance. 

The second is the presence in 
Minsk of representatives from, 
the international financial 
institutions whose much 
needed financial assistance 
and technical advice Is condi- 
tional on the government keep- 
ing to policy targets yet to be 
agreed. 


In many ways the most con- 
vincing card is the example of 
its next-door neighbour - 
Poland. But Mr Karyagin says: 
“We can't just copy the Balcer- 
owicz plan {the shock therapy 
stabilisation programme 
named after the former Polish 
finance minister]. Poland 
always had private agriculture 
and a large and influential 
diaspora and Poles always had 
a few dollars in their pockets. 
They also received large-scale 
western financial aid. But the 
fact that the Poles took certain 
policy derisions and received 
the results that we can see 
helps us enormously in argu- 
ing with our bureaucrats." 

Many Belarussians still find 
it hard to imagine an indepen- 
dent existence for this flat land 
of 10m people with no natu- 
rally defined borders, which 
was totally integrated into the 
Soviet economy. Most of the 
big military plants which pro- 
duced over 70 per cent of 
industrial output are now Idle, 
while the country remains 
dependent on Russian oil and 
gas, apart from minimal local 
oil production of around 2m 
tons annually. 

In an Interview inside the 
Stalin-era government offices, 
still graced outside by an enor- 
mous jet-black sculpture of 
Lenin, Mr Lukashenko put the 
emphas ise on self-help but also 
appealed for more foreign 
investment He has chosen Mr 
Vladimir Sopronov, a young 
parliamentary deputy, as the 
head of foreign economic pol- 
icy co-ordination, and prom- 


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Bavarian premier Edmond Stoiber of the CSU shakes hands with Senate Schmidt, leader of the 
Bavarian SDP, which improved its share of the vote, before a Munich TV interview yesterday ap 


Gdnter Verheugen, SPD gen- 
eral secretary, said yesterday. 

The final result in Bavaria 
gave the CSU an absolute 
majority, with 52.8 per cent, 
down from 54.9 per cent in 
1990, while the SPD improved 
its vote by 4.1 points to 30T per 
cent Apart from the FDP, the 
Twain losers were the far-right 
Republicans, who scared only 
&9 pm 1 cent in the state where 
they are supposed to be Stron- 
gest 


ised to take personal charge of 
land sales to foreign investors 
“to protect their interests and 
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and excellent transport infra- 
structure by pursuing macro- 
economic stabilisation policies 
which have laid the basis for 
economic prosperity and 
national sovereignty not only 
in neighbouring Poland but 
also in Hungary and the Czech 
Republic. 


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FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


3 


NEWS; EUROPE 


EUROPEAN NEWS DIGEST 

Estonian PM 

loses office 

Estonia's prime minis ter. Mr Mart Laar, was swept from office 
yesterday in a vote of no-confidence. Alter an emotional twp- 
hour parliamentary debate in which Mr I^ar was accused of 
repeatedly lying to the people, deputies voted by 60-27, with 
one abstention, for the radical pro-marketeer to leave office. 
“Tbe credibility of the prime minister hag sunk below the 
critical fine.’ said Mr Jaan Kaplinski of the opposition Cen- 
trist party. 

Deputies accused Mr Laar. a member of the conservative 
Fatherland party who has held office since October 1992. of 
destroying public confidence by deceit, Hi ^ h- ha ndednaia and 
promoting secrecy in government Mr Laar had won the back- 
ing of western financial organisations with a tough line on 
spending and budget policies. He will remain in office until a 
new candidate is chosen in talks aiuong p»rK nnwifory parties 
in the nest few days. Reuter, Tallinn. 

Sofirad chief Dutaret quits 

Mr Jean-Louis Dutaret yesterday resigned as hea d of Sofirad, a 
French state holding company with media interests, following 
a judge’s decision last week to investigate his involvement in 
the Carignon affair. Tbe judge is trying to establish a possible 
link between Lyonnaise des Eaux bankrolling a newspaper 
supporting Mr Alain Carignon's re-election as mayor of Gren- 
oble and the utility's subsequent gam 0 f the city’s water 
contract. Before heading Sofirad last January, Mr Dutaret was 
a close aide to Mr Carignon. who resigned as communications 
minister in July to contest the same charge of being “in 
receipt of misused corporate funds" as levelled against Mr 
Dutaret Meanwhile, pressure is growing on Mr Gdrard Lon- 
guet to resign as trade and industry minister in the row over 
improper funding of his holiday house. David Buchan, Paris 

Russian proposal for Caspian 

Russia yesterday proposed a multinational coordinating com- 
mittee to decide on the exploitation of oil and gas reserves in 
the Caspian Sea, following a series of objections hum Russian 
ministers to the $8bn (£5bn> oil production deal signed last 
week between Azerbaijan and a group of big foreign oil compa- 
nies to drill in the Azeri section of the Caspian. Mr Yuri 
Shafrannik said that Kazakhstan and Turkmenistan, two 
other former Soviet states bordering the Caspian, had already 
agreed to establish the committee. Both Mr Alexander 
Shokhin, the Russian deputy prime minister for the economy, 
and Mr Andrei Kozyrev, the Russian foreign minister, have 
said the deal must not go ahead because of the ecological 
damage it would cause to the Caspian sea - where the best 
caviar in the world is to be found. Mr Shokhin has called for 
the resignation erf Russian officials who agreed to the deal. 
The consortium of oil companies includes British Petroleum, 
Stated, Amoco, Unocal, P tennzo il, Ramco, McDermott. Turkish 
Petroleum and Russia's Lukoil. John Lloyd, Moscow 

Kravchuk elected as MP 

Former President Mr Leonid Kravchuk has won election to 
parliament, just three months after being narrowly defeated in 
his bid for a second term as Ukraine’s leader, election officials 
said. Mr Kravchuk, a former Communist party chief, received 
87 per cent of the votes cast in Sunday's by-election in a 
two-candidate race. His challenger for a seat in the 450-seat 
parliament, Mr Nikolai Novosilsky, got only 10 per cent of the 
votes, said Mr Valentin Kimenko, deputy chairman of the 
Central Electoral Commission. Mr Kravchuk, 60, was 
Ukraine’s first president after the former Soviet republic 
gained independence in 1991, and was defeated in the presiden- 
tial election by former prime minister Leonid Kuchma. He 
says he intends to establish his own political party and rebuild 
his power base. AP. Kiev 

200 Kurdish rebels killed 

More than 200 people have died in eastern Turkey since 
government security forces began a “final pash" late last week 
against mountain strongholds of separatist Kurdish guerrillas, 
according to diplomats in Ankara. Government officials say 
that 16 Kurdish fighters died in the eastern province of Tun- 
celi and that the operations ended at the weekend. But a 
European diplomat put the death toll among the guerrillas 
alone at 200 and said security forces would continue their 
sweep to Turkey’s borders with Iran and Iraq to stamp out the 
estimated 3,000 rebels based in the region. The government 
has said it will allow six pro-Kurdish former MPs now facin g 
treason charges to stand for election to parliament again. John 
Barham. Ankara 

Strike halts Portuguese trains 

Portugal's international and high-speed inter-city trains were 
halted yesterday as railworkers walked out on a five-day strike 
over working conditions. All rail transport between Portugal 
and Spain will be cancelled for the week, as well as high-speed 
service between Portuguese cities, the state rail company CP 
said. There are no alternative arrangements. Inter-city travel- 
lers will be rerouted to the regional lines, in many cases 
doubling the travel time. The walkout is the third in two 
months by CP workers, who are demanding their work week 
be reduced from 42.5 to 40 hours and their contract conditions 
be improved. Some 270 tr ains scheduled for the week - includ- 
ing 80 international trains - have been cancelled because of 
the strike. Reuter. Lisbon 

ECONOMIC WATCH 


Portuguese recovery forecast 


tortugaf 

teal GOP growtn 
Virtual 4b change 

5 



1989 90 91 92 93 94 96 
«n« OeCO. ArngiM PtanMna MHsoy 


Portugal forecasts GDP 
growth of 2.5-3J* per cent in 
1995, marking a firm recovery 
from negative growth of 1.0 
per cent in 1993 and an expec- 
ted 122 per cent expansion 
this year. Latest planning 
ministry projections, drawn 
up as a framework for the 
1995 budget, foresee growth 
being led by an increase of 
more than 10 per cent in 
exports and a rise of 4.0 per 
cent in investment, thanks to 
a steep increase in govern- 
ment spending. Government 
Investment is forecast to 
increase by 15 per cent to 
Esmibn <£2£bn}. of wbich 
ropean Union funds will account for 45.4 per cent Most 
vemment investment will be channelled into in public 
rks. followed by education, agriculture and health. The 
femment expects inflation in 1995 to be 3.5-4^ per cent 
rer Wise. Lisbon 

EU industrial production in June rose 5.1 per cent from a 
u- earlier, the ElTs statistics office said. In May, industrial 
jduction rose 4 per cent yearon-year. Seasonally adjusted 
Auction in the quarter to June was up 2.2 per cent from the 
it quarter of the year. The rises are mainly a result of 
reased demand for capital goods and consumer durables. 
The Dutch index of manufacturing orders in hand rose to 
-.6 in August from 103.7 in July, the Central Bureau of 
itistics said. Meanwhile, it reported the Danish August 
olesale prices were unchanged from last month and were 
1.3 per cent from August 1933- . 

Portugal’s industrial production index rose L9 per cent m 
re after staying fiat in May following a £0 per cent fall m 
ril. the National Statistics Institute said. 

Germany's capital account surplus rose to a provisional 
110 lbn in July from a revised surplus of DM6.lhn in June, 

. Bundesbank said. A provisional balance of payments sur- 
is of DM lbn in July was reported compared to a surplus of 
I4.4bn in July, 


Measuring up for a wider EU 


A fter several false starts, 
the European Union is 
developing a strategy 
to incorporate the former com- 
munist countries of central 
and eastern Europe. 

A glimpse of the new Ostpoli- 
tik appeared last week in Paris 
when France and Germany 
called upon the European Com- 
mission to produce a white 
paper next spring setting out a 
plan for enlargement to the 
east 

The Franco-German proposal 
borrowed heavily from an 
existing Commission paper in 
Brussels, but the debate about 
“widening” the Union is mov- 
ing away from theoretical inus- 
ings to the identification of 
practical obstacles to member- 
ship. 

These remain formidable. 
Even the most advanced candi- 
dates - Hungary. Poland, the 
Czech Republic and Slovakia - 
have only a third of the per 
capita income of the Twelve. 
Under current rules, member- 
ship for these four alone would 
require a 75 per cent increase 
in EU spending on agricultural 
subsidies and aid to poorer 
regions, according to a recent 
study by Professor Richard 
Baldwin of the Centre for Eco- 
nomic Policy Research. 

Brussels has therefore con- 
cluded that it is better to defer 
an acrimonious debate about 
farm reform and structural 
funds. No doubt this will make 
it much more difficult to carry 
out the revolution in EU com- 


Lionel Barber on an emerging 
strategy for Union enlargement 


mon agricultural policy which 
many believe is the pre-requi- 
site for tbe next round of 
enlargement; but Commission 
officials favour putting the 
onus on the east Europeans to 
adapt in order to prepare for 
membership, perhaps around 
tbe turn of the century. 

The latest idea is to emulate 
Lord Cockfield’5 celebrated 
1985 white paper which set out 
a list of measures for the (then) 
European Community to com- 
plete the single market by 1992. 
Brussels would map out a road 
for integration covering, say, 
tbe diffirni Hpg of adapting its 
economic, banking, legal and 
transport systems to EU 
norms. 

This process is the logical 
extension of trade liberalisa- 
tion which began, grudgingly, 
in 1991 and has since acceler- 
ated. Free trade In industrial 
goods will take effect in 1995 
(steel in 1996 and textiles in 
1997). But numerous non-tariff 
barriers continue to exist 

One approach would be to 
list up to 150 measures for the 
east Europeans to adopt to 
make their legislation EU-com- 
patible. In return, the EU 
would phase out anti-dumping 
measures and thereby extend 
the single market eastwards, a 
Commission nffiriai said. 

Germany, which holds the 


rotating eu presidency, is also 
pressing to extend ministerial 
contacts with the central and 
eastern Europeans In official 
council session. Despite mis- 
givings among some member 
states that this amounts to 
“membership by tbe back- 
door”, Germany has persuaded 
its partners to hold an impor- 
tant session on October 31 in 
Luxembourg. 

Earlier this year. France 
warned Germany not to push 
too fast on enlargement. 
French officials were irritated 
by German pressure tactics to 
wrap up accession negotiations 
with the Nordic countries and 
Austria; but their broader con- 
cern was that a premature. 
German-led drive to open the 
next round erf enlargement to 
the East would weaken the 
Union and France’s own posi- 
tion vis-a-vis Germany. 

On thB surface, the Franco- 
German tiff has resulted in 
tighter co-ordination. Ger- 
many, which hands over the 
presidency to France cm Janu- 
ary 1, is trying hard to keep its 
closest ally on board through 
joint planning sessions on east- 
ern Europe. 

In return, France has quietly 
accepted that potential EU 
enlargement must embrace the 
EU candidates (Poland. Hun- 
gary. the Czech and Slovak 


republics. Bulgaria and 
Romania) as well as the three 
Baltic states of Latvia, Lithua- 
nia and Estonia, and Slovenia. 

A French official says that 
France has come round to the 
view that enlargement to the 
East is inevitable; but the ques- 
tion is how to carry it out with- 
out weakening the Union, or 
diluting it to a free trade area. 
Hence the recently launched 
debate on bow best to organise 
a Union of between 16 and 25 
members, and Franco-German 
noises in favour of a 
“hard-core” of committed Inte- 
grationists. 

Polish and Hungarian offi- 
cials say they welcome this 
debate on “variable geometry” 
because it makes East Euro- 
pean aspirations to become 
members of the EU more credi- 
ble. But they are keeping a 
close eye. too. on their 
short-term interests, specifi- 
cally the package of measures 
which may emerge from the 
EU heads of government sum- 
mit in Essen in December. 

Among the priorities are a 
firm calendar for starting 
accession negotiations and 
observer status for the inter- 
governmental conference to 
review the Maastricht treaty. 
The East Europeans also hope 
to see favourable adjustment of 
agricultural levies as a result 
of the impending implementa- 
tion of the Uruguay Round. No 
one - at least in eastern 
Europe - is taking any thing 
for granted. 


Germany plans 
new ship to help 
rebuild its navy 


By Michael Lindemann in Bonn 

The German armed forces are 
planning a new troop trans- 
porter aod floating headquar- 
ters which would, for the first 
time since the second world 
war, give them a naval pres- 
ence worldwide. 

Since 1945 the navy, which is 
much smaller than the army or 
air force, has bad the capacity 
to operate mainly in territorial 
waters and has had to make do 
with equipment which dates 
from the war. 

Plans for tbe new ship, 
referred to by the defence min- 
istry as the Ail Purpose Ship, 
were drawn up after the 
embarrassing situation last 
year when Germany did not 
have suitable ships to with- 
draw its troops from Somalia, 
where they were part of the 
United Nations forces. 

Sources also suggest tbe ves- 
sel is designed to show that 
Germany is taking its new 
international responsibilities 
seriously, following a decision 
by the constitutional court in 
July allowing German troops 
to be deployed on missions 
worldwide. 

The ship would be able to 
transport up to 700 soldiers. 


lighter combat vehicles and 
about six helicopters. It will be 
large enough to be used as a 
floating command centre for 
operations overseas and will 
also have hospital facilities. 

"We are trying witb as few 
ships as possible to create as 
many options ns possible." the 
Defence Ministry said. 

The ministry would not con- 
firm how much the ship will 
cost but an article in Der Spie- 
gel magazine suggested that 
about DM500m (£205 ml would 
be spent involving a variety of 
unspecified savings to keep 
within the overall defence bud- 
get. which has been set at 
DM47. 9b n for the next four 
years. 

Sources indicate the ship 
would have a displacement of 
around 20.000 tonnes and 
would be operational by tbe 
year 3K)G. 

The navy will also order 15 
new corvettes which could be 
used alongside the All Purpose 
Ship. However, the ministry 
emphasised that the corvettes, 
which will come into service 
around 2005. would replace the 
38 torpedo boats now in use: 
“Altogether we will be a 
smaller but more modern 
navy." 



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MEREST RATES MAY CHANGE. NTEJCST E PAD GROSS AT THE EPO OF THE TERM. GROSS MEANS WTHOUT TAKING ACCOUNT OF THE DEDUCTION OF TAX. IT WLL BE THE RESPONSIBILITY OF AN WVESTOR 
TO DISCHARGE A LIABILITY TO TAX ARISING FROM Tit RECEIPT OF GROSS INTEREST. ONE WITHDRAWAL IS ALLOWED SUBJECT. TO LOSS OF THE EQUIVALENT OF SR MONTH'S INTEREST ON THE AMOUNT YOU 
TAKE OUT. EARLY CLOSURE IS ALLOWED SUBJECT TO THE LOSS OF SIX MONTHS INTEREST. F YOU CLOSE YOUR BOND BEFORE IT HAS BEEN OPEN FOR SIX MONTHS YOU WILL GET BACK AT LEAST YOUR 
INITIAL WVESTMENT. FUU- DETAILS AND CONDITIONS OF THE ACCOUNT WLL BE SENT BY RETURN. COPES OF THE COMPANY’S LATEST AUDITED ACCOUNTS ARE AVALABLE FOR INSPECTION ON REQUEST 
FROM THE ADDRESS BELOW. THE AMOUNT OF PAD UP CAPITAL AND RESERVES OF THE COMPANY IS £1&1 MLUON. DEPOSITS MADE WITH OFFICES OF HALIFAX MERNATIONAL (JERSEY) LMTED ME 
NOT COVERED BY THE DEPOSIT PROTECTION SCHEME UNDER THE BANKING ACT 1987. HOWEVER. HALIFAX BOLDING SOCIETY HAS AN OBLIGATION UNDER TIC BUILDING SOOTHES ACT 1986 TO 
DISCHARGE THE LIABUTES OF ITS SUBSOARCS IN SO FAR AS THOSE SUBSIDIARIES ARE UNABLE TO DISCHARGE THEM OUT OF THEIR OWN ASSETS. HALIFAX BULDNG SOCIETY HAS TO THIS EFFECT 
PROVEED A COfCRMATORY TOEMNnY Uf«ER SEAL TO HALIFAX INTERNATIONAL (JERSEY) LMTED. THE OFFICE WITH WHICH STERLING DEPOSITS ARE WVTTED TO BE MADE. THE PRKCPAL PLACE OF 
BUSWESS AND THE BUSMESS ADDRESS OF HALIFAX INTERNATIONAL CCRSEY1 LMTED IS P.O- BOX 664, HALIFAX HOUSE, 31-33 NEW STREET, ST HELER, JERSEY, CHANNEL ISLANDS JE4 8YZ, 



4 


. .... 


FINANCIAL TIMES TUESDAY SEPTEMBER 27 1 994 


INTERNATIONAL 


Unilever, UK bank reshape holdings I LcUlkcl 


Two groups 
plan Nigeria 
divestment 


moves on 


Airbus 


probe 


By Paul Adams in Lagos 


The UK-Dutch consumer group 
Unilever and Britain’s Stan- 
dard Chartered Bank are 
divesting from their Nigerian 
affiliates over the next month 
with two of the largest ever 
share issues coming to the 
country's flagging stock 
exchange. 

Both companies emphasise 
their decisions are dictated by 
worldwide strategy, not by the 
recent political instability and 
economic downturn in Nigeria. 
But sales of their assets in 
UAC Nigeria and First Bank of 
Nigeria respectively coincide 
with low investor confidence in 
Nigeria's economy. 

Both cases underline the 
problems created by the 40 per 
cent statutory limit on foreign 
shareholdings in manufactur- 
ing, energy and banking com- 
panies in Nigeria. 

UAC evolved from a pioneer 
trading company in west 
Africa into Nigeria's largest 
manufacturing and distribu- 
tion conglomerate, with the 60 
per cent Nigerian- owned 
shares held by individual and 
institutional investors. Uni- 
lever will keep its 40 per cent 
share in UAC's Tractor & 
Equipment division (the Cater- 
pillar dealership), which is to 
be a separate joint venture, 
and acquire all the shares in 
the consumer goods division. 

These and the cash from the 
sale of the rest of its shares 
will be re-invested in the newly 
formed Unilever Nigeria. Uni- 
lever's UAC holding was val- 


ued last December at about 
$46m at the official exchange 
rate of N22 to the dollar. Since 
then, the naira's parallel mar- 
ket rate has weakened from 
around N48 to N75. After tax, 
profits in 1993 came to N432-3m 
<$i9.6m), an increase in naira 
terms from 1992 of 29 per cent, 
below the rates of inflation and 
devaluation. Inflation is run- 
ning at nearly 70 per cent and 
the naira's sharp devaluation 
has eroded domestic demand 
and put pressure on profits. 


Standard Chartered agreed 
yesterday to reduce from 38 to 
9.9 per cent its stake In First 
Bank of Nigeria, which last 
year was one of two quoted 
companies in Nigeria to make 
pre-tax profits over Nlbn. 

The shares will be sold via a 
public offer beginning next 
month. Last year's privatisa- 
tion of the Nigerian govern- 
ment's majority stake made 
Standard Chartered the biggest 
shareholder, but did not allow 
it to acquire a controlling 
interest. Under UK law this 
made the group responsible to 
the Bank of England for the 
management of the bank 
although it lacked a control- 
ling Interest, unless it cut its 
stake to less than 10 per cent. 

The sale of the government's 
majority holding in Nigeria's 
other leading commercial 
bank. United Bank for Africa, 
to Nigerian private investors 
has made another foreign 
bank, Banque Nationale de 
Paris, the largest shareholder 
without a controlling stake. 


The Sri Lankan government 
has appointed a former 
Supreme Court judge to Inves- 
tigate the purchase of five air- 
craft worth 5643m (£407m) by 
Air T.anlc«, from Airbus Indus- 
trie, the European aircraft 
maker, writes Mervyn de Silva 
in Colombo. 

Mrs Chandrika Kumara- 
tnnge, the prime minister who 
took office a month ago, has 
asked Mr OM Seneviratne to 
head a commission of inquiry 
into the contract, which was 
signed In August 1991, under 
the rale of the previous United 
National Party government 

The purchase has been crit- 
icised for being secretive and 
too costly. 

The contract is the largest of 
several transactions involving 
foreign companies which are 
being investigated after wide- 
spread allegations of financial 
irregularities. 

Allegations of irregularities 
by members of the UNP gov- 
ernment, which held power for 
17 years until its general elec- 
tion defeat last month, played 
a big role in the election. 

Mrs Kumaratunge’s victory 
was due partly to her promises 
to root out corruption. 

Air Lanka originally con- 
tracted to buy five Airbus 
A340-300 jets - three to be 
delivered in 1994 and 1995, 
and two for delivery in 1998 
and 1999. The orders were 
placed amkl controversy in Sri 
Lanka about whether scarce 
foreign exchange should be 
spent on the aircraft. 

Whatever the inquiry finds, 
the newly elected government 
would find ft costly to scrap 
the contracts because Air 
f -antra has paid a pre-delivery 
deposit of 574m. 



Algerian 
radical 
leader 
shot dead 


Hie wreckage of a Hercules L100-30 transport aircraft (on left) which crashed into Hong Kong harbour last Friday is lifted by crane 
on to a barge next to the colony's airport as another aircraft takes off yesterday. Six Indonesian crew died in the crash amocni p™ 


HK ‘needs to speed things up’ 


By Louise Lucas bi Hong Kong 


China and the government that trill take 
over Hong Kong after Beijing regains sov- 
ereignty in 1997 would softer if the work of 
the Joint Liaison Group (JLG), set up to 
oversee the detail of the handover, was not 
speeded up, Mr Chris Patten, the governor, 
said yesterday. 

On the 10th anniversary of the signing 
of the Joint Declaration agreeing terms for 
Hong Kong's transfer, he said: “We are 
beginning to run out of time; the last 
meeting registered little progress. We've 
got to do better. The issues are compli- 
cated but mostly not political. But they 
are important China and the SAR (post-’97 
Special Administrative Region) will suffer 
if they are not resolved." 


Echoing the words of Mr Douglas Hurd, 
UK foreign secretary, who visited the col- 
ony 12 days ago, Mr Patten urged an imag- 
inative and patient approach, suggesting 
some tinke ring with the wtteting machin- 
ery might be needed to attack the growing 
backlog of issues now with the JLG. 
“Douglas Hurd will want to discuss with 
China's Vice-Premier Qian Qichen whom 
he’s meeting on Thursday, how we can get 
around some of these obstacles, how we 
can get the forward movement we need." 

Last week's JLG talks were muddied by 
a deadlock on Hong Kong's badly needed 
ninth container te rminal. China intends to 
veto the franchise. Other pressing issues 
on the JLG table cited by Mr Patten yes- 
terday are freedom of travel and the local 
re-enactment and adaptation of some 800 


laws and ordinances. Mr Patten used the 
occasion to commend the Joint Declara- 
tion, initialled on September 26, 1984, and 
to enumerate the milestones reached by 
Hong Kong since then. 

These were: a doubling of GDP in real 
terms every decade (Hong Kong is today 
the world’s eighth biggest trading econ- 
omy and has a per capita GDP of $20 JXffl 
(£12,667) and a 15-fold increase in the capi- 
talisation of the stock market. 

“The Treaty sets a dear framework for 
Hong Kong's future up to and well beyond 
1997. No one pretends it is perfect, nor that 
It has dispelled every uncertainty. But 
imagine what Hong Kong would have been 
like without the Joint Declaration, as 1997 
loomed ever larger and the uncertainties 
grew." 


Inflation jumps 
in South Africa 



C' -t - —A 

N V * "■*. 

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L : nA 



rainforests arc 
being destroyed at 
the rate of thousands of 
trees a minute, how can planting 
just a handful of seedlings make a difference? 

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

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

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

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



mu 



Keating has little 
doubt Australia 


will be republic 


By-NUdd Tait in Hobart, 
Tasmania 


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

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

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

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

The idea behind all of this work is that the use of 


Australia’s prime minister 
Paul Keating has “little doubt" 
his countrymen will endorse a 
move to make Australia a 
republic and sever its ties with 
the British Crown, he said In 
Hobart yesterday. 

Opinion polls suggest that a 
majority of Australians still 
support the current constitu- 
tional structure, albeit by a 
de clining margin. 

But Mr Keating told the con- 
ference of his ruling Labor 
Party in Hobart that "effec- 
tively we have handed the 
baton of the republic to the 
Australian people. 

“Z am in little doubt that 
they will carry it across the 
line. 

“A healthy debate is now 
under way." be continued. “We 
want to see the idea of the 
republic become clearer in the 
public mind. 

“As it becomes clearer, the 
resolve will grow stronger." 

The Australian Labor party 
subsequently confirmed its 
support for any changes neces- 


sary to make Australia an 
independent republic by the 
year 2001. 

In a wide-ranging keynote 
address to the ALP conference, 
Mr Keating placed much 
emphasis on the importance to 
Australia’s future of the "infor- 
mation superhighway" and on 
the increasing trade links with 
the Asia-Pacific region. 

The meeting of the leaders of 
the Asia-Pacific Economic 
Co-operation forum in Novem- 
ber, he said, was "of profound 
importance to Australia’s 
exporters, formers and work- 
ers. No one can estimate what 
even modest success with Apec 
might be worth." 

■ The necessary ALP approval 
for proposed privatisation of 
the 22 airports run by the Fed- 
eral Airports Corporation is 
likely to be forthcoming today 
after hectic backroom dealing 
in Hobart 

However, the airports will 
probably be sold on a piece- 
meal basis rather than as a 
group, and on 50-year leases. 

There is also likely to be a 
cap on foreign ownership of 49 
per cent 


South Africa’s Inflation rate 
jumped to 9.4 per cent In 
August, well up on the 8J2 per 
coat recorded in July aid over 
2 per cent higher than the 7.1 
per cent reached in April, 
Mark Suzman reports from 
Johannesburg. The figures are 
tiie latest in a series of worry- 
ing economic statistics for the 
South African government, 
which said at the weekend 
that the trade surplus had 
slumped to R288m (£51.6m) in 
August, down from R1.65bn in 
July, and the lowest in nearly 
two years. 

The higher rate of Imports, 
at R8.07bn compared to 
R6.68bn in July, was partly 
responsible for the rising 
inflation rate, bat the main 
culprit was food inflation, 
which rose at annualised rate 
of 19.7 per' cent The South 
African Reserve Bank yester- 
day raised its key bank rate to 
13 from 12 per cent 


Chief may face 
assault charge 


Chief Mangosuthu Buthelezi, 
South Africa’s home affairs 
minister and Inkatha Freedom 
Party leader, could face an 
assault charge after barging 
into a Durban television stu- 
dio on Sunday night and forc- 
ing a political opponent, 
Prince Sifiso Zulu, off the air, 
Mark Suzman reports. 

Chief Buthelezi, who had 
been watching the programme 
in an adjoining studio, appar- 
ently took exception to some 
remarks by Prince Zulu, and, 
with bodyguards, forced his 
way into the interview room. 
Prince Zulu said he intended 
to press charges against the 
chief. The entire incident was 
carried live on the mam cur- 
rent affairs programme. 


AUSTRALIAN 

AGRICULTURAL 

COMPANY 

LIMITED 



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

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

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

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


natural resources should be sustainable. 

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

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


The Colonial Mutual Life Assurance Society Limited invites parties to 
register their interest in the acquisition of a 51% shareholding In 
Australian Agricultural Company Limited (“AA Co"), a company listed 
on the Australian and London Stock Exchanges. 


AA Co is one of the largest beef cattle producers in Australia with over 
340,000 head of cattle. The company holds approximately 6.4 million 
hectares In New South Wales. Queensland and the Northern Territory. 




Copies of an Information Memorandum in relation to the sale will be 
made available to interested parties. Non-binding offers are called for 
by Monday 17 October 1994.’ Requests for copies of the Information 
Memorandum can be made to: 


Alastair Lucas or Michael Bum 


WWF World Wide Fund For Nature 

(Ibnnrrly World Wildlife Fundi 


International Secretariat, 1196 Gland, Switzerland. 


FOR THE SAKE OF THE CHILDREN 


Macquarie Corporate Finance Limited 
Level 23. 101 Collins Street 
Melbourne Vic. 3000 
Australia 

Phone: (61 3) 655 8000 
Fax: (61 3) 655 8001 


WE GAVE THEM A NURSERY. 



. prot 




Algerlan security forces shot 
dead Mr Cberif Gousml, leader 
of the country's most feared 
fundamentalist group, the 
Islamic Armed Group (CIA) in 
Algiers yesterday, Francis Ghi- 
les writes. 

The GIA leader whose ram 
de guerre was Aboa Abdallah 
Ahmed had reiterated his 
movement’s opposition to any 
dialogue with President Lia- 
mine Zerooal after two leaders 
of the banned Islamic Salva- 
tion Front (FIS), were- trans- 
ferred from jail to house arrest 
two weeks ago. 

The GIA has claimed respon- 
sibility for the murder of most 
of the 60 foreigners killed in 
Algeria in the past year, and 
has burned down more thou 
300 schools and threatened to 
murder teachers working for 
“an impious state”. 

Its campaign against intel- 
lectuals claimed another Vic- 
tim yesterday when a lecturer 
at the Economics Faculty of 
Oran, Mr Abderrahmane Far- 
deheb, was shot and injured. 

Analysts agree that the vio- 
lence unleased by the interrup- 
tion of elections the FIS was 
poised to win m January 1992 
has cost 28,000 lives, two- 
thirds lost since last November 
after three French consular 
officials were kidnapped. 




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FINANCIAL TIMES TUESDAY SEPTEMBER 27 1 994 


NEWS: INTERNATIONAL 


Protests greet Israel’s new interest rates Rabin lifts ban 


By David Horovitz 
in Jerusalem 

The Bank of Israel's decision to 
raise interest rates by a sharp 
1-5 percentage points, in what 
looks like an increasingly des- 
perate effort to rein in surging 
inflation, has brought a chorus 
of disapproval. 

The stock market has 
dipped, the Histadrut labour 
federation has lamented the 
rise workers face in mortgage 
repayments, the Manufactur- 
ers' Association has warned of 
looming recession, and Mr 
Micha Haris h, minister for 
trade and industry, has spoken 
of a dangerous lack of co-ordi- 
nation between the central 
bank, the Finance Ministry 
and the various other economy 
ministries, 

Professor Jacob Frenkel, gov- 
ernor of the Bank of Israel, is 
unmoved by the protests. He 
has raised interest rates no 
fewer than seven times !cin«> 
last November, including 
another 1.5 percentage point 


Israeli inflation; way above the target 


Annual % change In CPI 
25 ' 



increase only a month ago. He 
has given no firm assurance 
that this week’s rise, to 15J> 
per cent, will be the last 
The government had set a 
target of 8 per cent for infla- 


tion in 1994, and one of 8-11 per 
cent for 1985. he notes. In real- 
ity, the 1994 rate is running at 
about 14J5 per cent If the 1995 
goal proves unrealistic, he 
says, "it will really undermine 


the credibility of the govern- 
ment's economic policy”. 

At the back of Prof Frenkel's 
mind lies the memory of the 
early 1980s, when Israel's 
anni^i infla tion rate soared to 
450 per cent and the then 
finance minis ter suggested 
tying the Israeli shekel directly 
to the dollar. 

A drastic austerity package 
finally pegged the triple-figure 
Tate to below 20 per cent 
within two years, a package 
that included interest rates as 
high as 40 per cent. 

Some experts believe that 
treatment Is needed now. “If 
the bank really wants to fight 
inflation with monetary pol- 
icy,” says Mr Ya'acov Sheinin 
of the Economic Models com- 
pany, “interest rates would 
have to double.” 

But Mr Harish and Mr Ban 
Popper, president of the Manu- 
facturers' Association, warn 
that the current 6 per cent-plus 
ann ual growth is already 
threatened by the interest rate 
rises, noting the government 


has plenty of other weapons in 
its armoury. The problem is 
that the government has 
seemed reluctant to use them. 

A key component in the 
inflationary spiral is the rise in 
house prices, propelled not 
only by local buyers, but by 
foreign investors keen to buy 
property in an Israel on the 
threshold of peace. 

Cabinet rgegtryig g have h^en 
devoted to tackling the issue, 
committees have met, prime 
minister Yitzhak Rabin has 
pledged his trouble-shooting 
expertise. Yet, ‘for all the pro- 
posals. no significant increase 
has occurred in housing starts. 
Mr Avraham Shochat, finance 
minister, admitted last week- 
end he could not see anything 
stemming the house price rises 
in the near future. 

It is a similar story with fruit 
and vegetable prices, at pres- 
ent the leading factor in push- 
ing up the monthly consumer 
price index. The Agriculture 
Ministry has been resisting 
calls for import of cheaper pro- 


duce, and only recently 
licences have been granted for 
limited imports of apples, pears 
and potatoes. 

Mr Danny Gillennan. presi- 
dent of Israel's Chambers of 
Commerce, says the govern- 
ment is shooting itself in the 
foot, by approving high public- 
sector wage settlements and, 
recently, price increases for 
phones and public transport 

Overall, Prof Frenkel takes 
pains to Am phagjgg the econ- 
omy is in robust shape, with 
growth high and unemploy- 
ment falling. “But there are 
signs it may be overheating.” a 
bank spokesman said yester- 
day. “Savings are down, credit 
is too readily available, private 
consumption is rising rapidly. 
The time has come for more 
restrictive monetary policies." 

Prof Frenkel's problem is 
that interest rate rises are his 
only means of fi ghting infla- 
tion. To tackle it more effec- 
tively, he needs more co-opera- 
tion from Air Shochat and his 
cabinet colleagues. 


on West Bank 
settler homes 


By David Horovitz 

The Israeli government is 
lifting the freeze it imposed 
two years ago on building new 
housing for Jewish settlers in 
the occupied territories. 


Settlers prepare for Golan fight to the last 

David Horovitz visits the site of most Israeli resistance to a deal to return the occupied Heights to Syria 



I Ps a bad pun, but it seems 
to be working. “The keys 
to the Golan are in your 
hands," shouts the mous- 
tachioed salesman, proffering a 
cheap key-ring bearing a map 
of the Golan Heights on one 
side and the slogan “Peace 
with the Golan” on the other. 

At 10 shekels (more than two 
£2) a time, the profit margin is 
healthy. And there's no short- 
age of customers. Well over 
100,000 Israelis, have sauntered 
past the key-ring vendor in the 
past fortnight, along the dusty 
track that leads to the awning 
where a dozen Golan Heights 
activists are on hunger strike. 

Stirred into action by a 
flurry of reports that Mr Yit- 
zhak Rabin, the prime minis- 
ter, is ready to give up the 
Heights in return for a peace 
deal with Syria, the hunger- 
strikers are becoming unlikely 
national celebrities, and then- 
hilltop headquarters is an 
essential stop-off for all those 
who consider the mountainous 
Golan ridge essential to Israel’s 
defence. 

Until recently, Mr Rabin was 



of that opinion himself. Indeed, 
one of the most powerful pro- 
paganda weapons in the pro- 
Golan campaigners’ armoury is 
a videotape of the prime minis- 
ter at the height of his preelec- 
tion oratory two years ago, 
declaiming earnestly that, “It 
is inconceivable, even at a time 
of peace, to come down from 
the Golan.” Recorded on a self- 
rewinding tape, the prime min- 
ister's storing words boom out 
across the Gamla site, hour 


after hour, day after day. from 
a television on a mobile stand 
across the path from the key- 
ring legman 

It was none other than Yit- 
zhak Rabin who, as chief of 
staff, presided over the capture 
of the Golan in the 1967 Arab- 
Israel war and who later, as 
prime minister in the 1970s, 
encouraged many of the 
Golan’s 13,000 Jews to move 
here. And it was none other 
than Syria's President Hafiz 
Assad, than hk country’s inex- 
perienced defence minister, 
who relinquished the Heights. 

Now Mr Assad is apparently 
prepared to make peace with 
his enemies in return for the 
precious land. While Air Rabin 
is saying Tinthfag , Mr Shimon 
Peres, his foreign minister, has 
as always, put the cards on the 
table. 

“Complete peace is more 
important to Israel's security 
than the entire Golan,” Mr 
Peres said at the weekend. 

Mr Sammy Bar-Lev. the 
mayor of the Golan's main 
Jewish town, Katzrin, and one 
of the hunger-strikers, is dis- 


gusted by the turnaround. 
“They've always said Rabin 
couldn’t take the pressure. 
Now here’s your proof. Peres 
and the Americans have blud- 
geoned hwn into a deaL An d 
he’s capitulated.” 

Hardly plump at the best of 
times, Mr Bar-Lev looks almost 
wnariateri, s ubsisting with his 
11 colleagues on a diet of water 
and salt tablets, camped out on 
a hilltop in virions heat that 
three electric fans are doing lit- 
tle to ameliorate. On Sunday, 
he collapsed and was hospital- 
ised but continues to refuse 
food. 

He says they have a clear 
aim and will fast for weeks if 
necessary to achieve it: block- 
ing parliamentary approval for 
a Golan land-for-peace accord, 
by persuading several hawkish 
members of Mr Rabin's own 
Labour party of the validity of 
their pause. 

Mere Knesset (parliament) 
approval, however, will not be 
enough. Having delivered that 
preelection pledge, Mr Rabin 
recognises that he has no real 
mandate for a foil withdrawal 


So he has promised to hold a 
national referendum on the 
issue. And it is here that the 
Gamla protesters may have 
their most profound impact 

Opinion polls suggest that 
fewer than 50 per cent of 
Israelis favour even a partial 
pull-out The visitors to Gamla 
- fed the legendary account of 
how a few thousand Jews 
ripfigrf the Romans for years at 
this very site, before jumping 
to their deaths from a jagged 
hilltop - are having that anti- 
withdrawal sentiment 
reinforced. 

In marked contrast to the 
noisy, but ill-supported cam- 
paigners a gainst the autonomy 
deal with the PLO in the occu- 
pied West Bank and Gaza 
Strip, the tens of t ho u sands of 
Gamla pilgrims are neither 
overwhelmingly religious nor 
right-wing. 

Indeed, some of the strikers 
and many of their supporters 
are card-carrying memb ers of 
the Labour Party. “Rabin isn’t 
with us any more," says 
Yehuda Harel. a veteran 
Labour man who is one of 


those testing, “but the Labour 
movement is. There is no other 
Labour movement” 

In truth, many in Labour are 
hesistant about leaving the 
Golan. But if Mr Assad were to 
make a Sadat-style trip to Jeru- 
salem and declare a genuine 
desire for peace, a healthy pro- 
portion in Mr Rabin’s party 
and among the electorate at 
large would probably put their 
doubts aside. With that in 
mind , Mr Bar-Lev argues that 
the referendum should he held 
immediately - that it is 
“Immoral" for Mr Rabin to 
promise an eventual vote 
“when the deal is all wrapped 
up". 

“Hell play it so that to vote 
against the deal will seem like 
voting for war. It’s unethical 
It’S not right” 

But it is good politics. And it 
could well mean that for all 
the thousands of supporters 
patting Mr Bar-Lev gently on 
the back and shaking their 
heads at Mr Rabin’s empty vid- 
eotaped Golan rhetoric, the 
resistance at Gamla is destined 

to fail a gain 


Crown Prince Hassan: due to 
discuss peace treaty 

Prime Minister Yitzhak 
Rabin has approved plans for 
the construction of almost 
1,000 housing units at the set- 
tlement of Alfei Menashe, just 
inside the West Bank, adjacent 
to the narrow strip of central 
Israel where the country is just 
five miles wide. Building is set 
to begin in about six months. 

Housing Ministry officials 
are said to be drawing up a list 
of several other settlements 
where they plan to construct 
new housing. 

Mr Marwan Kanafanl. a 
spokesman for the PLO chair- 
man, Mr Yassir Arafat, called 
the expansion plans a violation 
“in letter and spirit" of all 
Israeli-PLO peace accords. 

He said Palestinian negotia- 
tors. due to meet the Israelis in 
Cairo next week to discuss the 
next phases of the autonomy 
process, would lodge an official 
protest 

Air Oded Ben-Ami, a spokes- 
man for Mr Rabin, defended 
the move, noting that Alfei 
Menashe lies only just across 
the “seam” that separates the 
West Bank from sovereign 
IsraeL 


About 130 .000 Jews live in 
140 settlements dotted across 
the West Bank and Gaza Strip. 

Mr Rabin has little regard for 
what be calls the “ideological 
settlements", located close to 
Palestinian population centres. 
But he does value the security 
buffer provided by settlements 
around Jerusalem, on the Jor- 
dan border, and along the 
western edge of the West Bank 
where Israel is narrowest. 

Alfei Menashe tells into this 
last category, and the building 
plans suggest Air Rabin is keen 
to reinforce buffer settlements 
in advance of an Israeli army 
withdrawal from much of the 
West Bank as the peace pro- 
cess moves forward. 

On taking office in July 1992. 
Mr Rabin froze new settlement 
building, and approved the 
completion of fewer than half 
of the approximately 25.000 
West Bank Jewish housing 
units then in mid-construction. 
Those moves were crucial to 
the success of Israel-PLO 
autonomy negotiations. 

He must be hoping, too. that 
the issue will not derail a meet- 
ing in Washington next week 
between Foreign Minister Shi- 



Peres: concern not to derail 
talks with Jordan 

mon Peres and Jordan's Crown 
Prince Hassan, hosted by Presi- 
dent Bill Clinton, at which the 
two reportedly plan to discuss 
the drafting of a full Israel- 
Jordan peace treaty. 



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Haiti 
plan by 
US for 
firmer 
control 


By James Hanfing 
in Port-au-Prince 


FINANCIAL TIMES TUESDAY SEPTEMBER- 27 1994 


THE AMERICAS 



¥ * r 



Counting on the Americans 

James Harding finds Haitian business nervous about Aristide 




The CJS, settling into its second 
week of intervention in Haiti, 
yesterday outlined a plan to 
secure political institutions for 
the transition from military 
rule to the government of Pres- 
ident Jean-Bertrand Aristide. 

The plan - which includes 
buying civilian-held weapons 
from today, a guarantee to 
ensure security at the parlia- 
ment tomorrow, and the rein- 
stallation of the elected mayor 
or Port-au-Prince on Thursday 
- is an indication of US confi- 
dence that, after a week of 
evolving operational proce- 
dures, it is now in control. 

The homecoming of 221 refu- 
gees. who had been at the US 
naval base of Guant&nomo Bay 
in Cuba, was also seen as an 
indication that the US presence 
had allayed popular fears of 
political violence in Haiti. 

A month-long purchasing of 
civilian-held weapons was 







fcu-V .. 1 



At the orders of a US Marine, a Haitian Lays down his gun in Cap Haitien at the 


expected to start today, in an 
attempt to ensure public safety 
and to minimis e the dangers of 
recrimination in a divided soci- 
ety. The US was offering to 
buy handguns for $50, semi- 
automatic rifles for $ 100 . auto- 
matic rifles for $200, machine- 
guns and artillery for $300 
until October 25. 

The US Tniftsinn in Haiti has 
set as a priority the disarming 
of the many self-appointed 
police a uxiliari es, militia and 


nationalists who have styled 
themselves on the ruthless 
Tonton Macoutes political 
force of the Duvalier dictator- 
ship. US army officials would 
not comment on whether the 
voluntary sale of weapons 
would be followed by a cam- 
paign of force to disarm Hai- 
tian citizens. 

US officials yesterday 
pledged to protect the 24 pro- 
Aristide parlfamonteriana who 
have been in erile in the US or 


in hiding in Haiti. Parliament 
will reconvene tomorrow, fol- 
lowing President Aristide’s 
decision to convene the 
assemby so that it mays draw 
np and vote on an amnesty law 
requested by the transition 
agreement 

The absence of pro-Aristide 
deputies, who have feared 
police violence if they attend 
partiamowf 1 in th e Capital, hac 

meant the assembly has not 
achieved a quorum for months. 


I n Haiti, how you count 
money depends an who 
you are. 

In the slums of Port-au- 
Prince, the street vendors tend 
to give prices in gourdes, the 
national currency. At the res- 
taurants and boutiques of 
PGtionviUe, the affluent town 
in the hills above the capital, 
prices come in Haitian dollars 
- a fictional currency but a 
confusing shorthand for five 
gourdes. 

The different languages of 
money are more than just an 
illustration of the disparity of 
wealth in Haiti. The dollar, so 
called, dates back, to the last 
US occupation, from 1915 to 
1934, when the Americans 
guaranteed the Haitian cur- 
rency at five gourdes to the US 
dollar, sinm thpn , the gourde 
has been devalued and the 
guarantee has slipped. 

But the Haitian business 
community - whose power is 
in the hands of a reclusive, 
fractious group of commercial 
families - may be hoping that 
the US again takes a position 
as guarantor of Haiti’s eco- 
nomic stability. 

The co-operation of these 
economic barons with US 
forces and their attitudes to 
the return of President Jean- 
Bertrand Aristide will be criti- 
cal in the effort to restore 
democracy. 


Few in the business commu- 
nity relish the prospect of Aris- 
tide’s return. Many remember 
the thousands on the street 
and the speeches inviting the 
poor to take what was right- 
fully theirs Cram the wealthy, 
during the seven months the 
elected president inhabited the 
presidential palace. 

Even though Mr Olivier 
Nadal, secretary-general of the 
Haitian Chamber of Commerce 
and Industry and president of 
his family company Nadalsa, 
has seen his turnover contract 
fro m (£L8m) to $ 5m and 
his workforce shrink from 
more than. 500 to less than 100, 
he is not sure that the lifting of 
the embargo compensates for 
the restoration of the populist 
leader. “Lifting the embargo is 
for sure good, but we need 
security in and around my fac- 
tories, security to Invest In my 
land. Aristide never gave us 
that" 

While some people may fear 
President Aristide’s populist 
credentials, many hope that 
three years in Washington and 
a return facilitated by the US 
will have tempered his 
left-wing radicalism. 

“The President can do great 
things for this country," 
explains Mr Gregory Mevs, one 
of the most powerful business- 
men in Haiti. “He is like Mao 
Tse-dong, a great leader, but he 


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needs a good Chou En-lai, a 
good mandar in to guide him. 
Maybe it’ll be the US.” 

Mr Johnny Brandt, a busi- 
nessman whose riven family’s 
interests stretch throughout 
the Haitian economy, strikes a 
common note of max culpa and 
acknowledges the responsibil- 
ity lies with people like him. 
He is “scared not knowing 
what Aristide is going to do.” 

The baronial class is made 
up of several dozen families, 
most of them mulatto. The 
established grandees are still 
thought to hold the keys to sta- 
bility and development in 
Haiti. None is more influential 
than the Brandts and the 
Mevs. 


T he Brandt empire was 
founded on textile pro- 
duction, after O.J. 
Brandt, an immigrant from 
Germany with Jamaican con- 
nections, built the first textile 
mill in Port-au-Prince In 1946. 
the family has broken up and 
its b usiness has since diversi- 
fied to include an edible oil 
refinery, poultry production, 
assembly plant leasing, retail- 
ing and agricultural produc- 
tion. 

The Mevs control another 
big wedge of the economy, 
including a monopoly on sugar 
trade and production, shoes, 
plastics and detergents manu- 
facture. a downtown industrial 
park and recent infrastructural 
developments on the quayside 
in Port-au-Prince and Gon- 
aXves. 

Both are engaged in leasing 
agreements with the US army. 
Many have pointed out the 
irony of such co-operation, 
whereby the US stations its 
forces and supplies in Mevs 
and Brandt faculties. The fami- 
lies were understood to have 
been among the financiers of 
the 1991 coup which ousted 
Aristide and have since bean 
powerful lobbyists in Washing- 
ton to prevent his return. 

However, US commanders 
have clearly recognised that 
they would ostracise such pow- 
erful interests at their peril. 
The Mevs' Terminal Varreux 
development, a port facility 
and 43m-gaHon petrol storage 
station, baa become the third 
most important stategic posi- 
tion for the US army in a coun- 
try where the embargo has 
forced petrol prices up to 


nearly S20 per gallon. 

If It is not surprising that the 
US should do deals with power- 
ful interests, it is in character 
for the leading families to link 
with the ascendant authority 
in Haiti The Brandts and the 
Mevs built their businesses 
into empires during the three 
decades of Duvalier rule and 
have survived the seven years 
of turmoil since with delicate 
and monied diplomacy. 

Mr Claude Deschamps, who 
employs 200 people in his 
schoolbook and paper produc- 
tion facility and is related by 
marriage to the Brandts, 
believes an active role and a 
low profile are the ingredients 
for commerical longevity In 
Haiti’s polity. “The business 
sector prefers to work In the 
shadows, in a place where poli- 
tics is unstable, if you put your 
face up front you're going to 
g& punched in the face,” he 
says. 

The ability to put a positive 
gloss on all political develop- 
ments Is matched only by 
adaptability in business. The 
Mevs empire moved from 
import substitution in the 
1970s into export production, 
and then, when the embargo 
cut off their raw materials, 
they turned their capital to 
infrastructural development 

The kilometre stretch from 
the docks to the Cite Soleil 
shanty is now a shipping ter- 
minal, shiny and empty, but 
sitting pretty as the US lifted 
unilateral sanctions against 
Haiti yesterday and the 
embargo is expected to follow. 

Mr Mevs is very optimistic 
that, when that happens, not 
only be but all Haiti can expect 
substantial developments. He 
emphasises the preconditions 
for growth: proximity to the 
US market, preferential access 
under both the Caribbean Busi- 
ness Initiative and the EU 
Lom£ agreements, cheap land 
and labour, and the hefty stake 
the US has taken in Haitian 
success. 

To make the most of that 
the institutions of the state, Mr 
Mevs argues, must be made 
compatible with a civil society. 

A civil service of sinecures 
must be replaced with a func- 
tioning bureaucracy. The econ- 
omy must be secured to allow 
for a democratisation of capi- 
tal. 








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i 



FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 ★ 


7 


NEWS: THE AMERICAS 


* 


* 


US warns 
Moscow on 
complacency 


By Jurek Martin, US 
EcStor, in Washington 

Mr Lloyd Bentsen, US 
Treasury secretary, yesterday 
urged Russia to quicken eco- 
nomic reform while simulta- 
neously taking additional steps 
to control inflation. 

Speaking in advance of 
today's summit between presi- 
dents Bill Clinton and Boris 
Yeltsin, he said: "Russia’s 
progress has been better than 
most people expected, but the 
danger now Is that compla- 
cency could lead to a severe 
setback.” 

Specifically, Mr Bentsen said 
that adoption of a tougher fis- 
cal budget could release $8bn 
to $10bn (£5bn to £6.3bn) in 
western assistance already 
promised at the G7 summits. 
Pegging the rouble on the for- 
eign exchange markets "would 
bolster market confidence by 
delivering an effective $6bn 
currency stabilisation fund". 

"Let me be clear,” he went 
on, "our support policy has 
been successful because our 
lending is conditional. For Rus- 
sia to get aD this money I've 
mentioned, it needs a bold eco- 
nomic reform programme.” 

Mr Bentsen was complimen- 
tary about Russia’s political 
and economic achievements. 
He noted that inflation was 
down to about S per cent a 
month from more than 20 per 
cent a month last year; that 
real interest rates were now 
positive, real incomes rising, 
not declining; and that 50 per 
cent of gross domestic product 
was now in privatised hands. 

But Russia, he went on, 
"must finish the privatisation 
job and not get stuck half- 
way". More companies needed 
to be sold and more land 
released from state control 


"In the long ran our relation- 
ship must be based on trade 
and investment, not aid,” Mr 
Bentsen maintained. US assis- 
tance approved by Congress is 
due to fall next year to 3850m 
from the of 1SS3-94. 

The Clinton administration 
is broadly satisfied with the 
present state of relations with 
Russia, although nervous 
about political developments 
over which US influence is 
marginal at best. 

Rifts with Moscow over the 
former Yugoslavia have been 
carefully avoided so far, 
through strong Russian 
involvement in the Bosnian 
“contact group". The US 
worked hard to help resolve 
the difficult issue of the status 
of Russian mili tary and civil- 
ians still in the Baltics, and 
has tacitly acknowledged Rus- 
sian hegemony over some for- 
mer Soviet satellite states, 
such as Georgia. 

At the same time, Nato’s 
“partnership for peace” pro- 
gramme has seen the first joint 
exercises between Russian and 
western forces. Last week Pres- 
ident Clinton ruled out further 
reductions in the US nuclear 
arsenal until cuts already 
agreed with Russia bad been 
implemented, but the US is 
likely to remain open to fur- 
ther Russian initiatives. 

But. as Mr Bentsen’s speech 
was designed to make clear, 
the greatest positive contribu- 
tion the US believes can be 
made to domestic sta- 

bility is greater integration 
with western economies. 

"The present situation in 
Russia worries me," he said, 
“and I can’t tell you how this 
will turn out But I do know 
that to avoid slipping back- 
ward, Russia must take a bold 
step forward.” 


Guatemala trade 
hopes threatened 
by labour claims 


By Nancy Dunne 
m Washington 

Mr George Brown, the 
chairman of the Congressional 
working group on interna- 
tional labour rights, is oppos- 
ing a Clinton administration 
proposal to ease pressure on 
Guatemala over its abuse of 
workers’ rights. 

Guatemala is a beneficiary of 
the Generalised System of Pref- 
erences, which provides duty- 
free entry of developing coun- 
try products to the US market 
US law requires that GSP bene- 
fits are not extended to coun- 
tries which show no progress 
in improving their workers’ 
rights. Guatemala recently 
reformed some labour prac- 
tices. prompting Mr Mickey 
Kantor. US Trade Representa- 
tive. to consider relaxing the 
US stance on the country. 

He is due to make a decision 
by by Friday. 

However, the Organisation of 
American States last week 
heard testimony from three 
Guatemalan workers, who 
claimed that violence against 
trade unionists had increased 


in recent months. 

In one alleged incident, 
workers occupied a plantation 
to draw attention to the firing 
of G2 workers who had been 
demanding the legal minimum 
wage of $2 (£1.25) a day. 

They were forcibly evicted 
by an anti-riot squad, accord- 
ing to the three, who testified 
in Washington. Three workers 
were killed, 11 were wounded, 
and 19 have disappeared. Mr 
Diego Orozco, who led the pro- 
test, died; witnesses claimed he 
had been hurled from a heli- 
copter. 

Labour rights activists say 
Guatemala has failed some of 
its reform promises. “Not a sin- 
gle case of violence against 
trade unionists has been prose- 
cuted since . . . August 1991, let 
alone resulted in a conviction 
or imprisonment.” Congress- 
man Brown said in a letter to 
be sent to Mr Kantor. 

Mr Kantor’s decision may be 
delayed because the GSP pro- 
gramme is due to lapse the 
same day the decision is due. 
Its renewal is attached to legis- 
lation implementing the Uru- 
guay Round. 


Mexican economic 
pact boosts peso 


By Damian Fraser 
in Mexico City 

The Mexican peso 
strengthened yesterday and 
secondary market interest 
rates fell on the first day of 
trading after renewal of the 
annual economic pact between 
the government, business and 
anions. 

The government resisted 
pressure in the pact to boost 
short-term economic growth, 
deciding to leave exchange 
rate policy unchanged and to 
run a balanced budget next 
year. The pact committed the 
incoming government of Mr. 
Ernesto Zedillo to an inflation 
rate target of 4 per cent next 
year, from the current rate of 
just under 7 per cent 

The decision to push for a 
lower inflation rate at the 
expense of higher short-term 
economic growth was seen as 
positive news for the peso and 
for fixed-income instruments. 

“The announcement will be 
sufficient to restore calm to 
the foreign exchange and 
money markets, after the spec- 
ulation last week,** said Mr 
Lawrence Goodman, vice-pres- 
ident at Salomon Brothers. 
-This was an aggressive move 


to instil confidence in the 
market.” The peso, after 
strengthening on Friday as 
rumours of a renewed pact 
reached the market, climbed 
further yesterday to 3.37 to 
the dollar. 

Under the unchanged 
exchange rate policy, the peso 
is permitted to trade within a 
band whose floor, currently at 
3.43 pesos to the US dollar, 
depredates by 40 centavos a 
day, or 5 per cent a year. The 
centra! bank towered the 

intervention limit for the ceil- 
ing of the peso from 3.25 to 
3.104 pesos to the dollar, giv- 
ing a fnrther lift to the peso. 

The announcement of the 
pact was earlier than expected, 
and may have been influenced 
by the maturing of $1.8bu 
(£2.23bn) of dollar-denoini- 
nated bonds this week, which 
limits appreciation of the cur- 
rency, says Mr. Goodman. 

The agreement appeared to 
benefit industry more than 
workers, with tax breaks 
aimed at stimulating invest- 
ment rather than consump- 
tion. 

Under the accord the govern- 
ment promised that spending 
on public Investment would 
rise by 25 per cent next year. 


Cubans urged not to forget their sugar 

Havana recognises food market reforms are not enough to rescue economy, writes Pascal Fletcher 


Cuba: a need to weed the cane fields 


Sugar axports Real GDP growth 

Raw value (tore m) % 



Sara: Nation* Bar#c S«t» Statistics buraa« F.O Lkht Soorar BU 


I n a recent broadcast, 
Cuban state radio chas- 
tised same of the country's 
sugar workers for spending 
more time growing food than 
weeding cane fields. More food 
is what the government would 
like - and has announced 
reforms to encourage - but not 
at the expense of sugar produc- 
tion. Even if its farm reforms, 
modelled on those that proved 
so successful in China and 
Vietnam, do produce results, 
boosting sugar production will 
prove more difficult. 

But Cuban officials say it is 
imperative to help haul the 
country out of its four-year-old 
recession that has seen the 
economy's buying power (Its 
capacity to import using avail- 
able export revenues) contract 
from US$8bn in 1988 to $1.7ba 
in 1993. 

“Cuba is a sugar econ- 
omy Economic recovery 

must come through recover in 
the sugar harvests,” Mr Octa- 
vio Castilla, deputy minister 
for foreign investment and eco- 
nomic co-operation, said. 

From this Saturday, Cuba’s 
farmers will gradually start 
legally selling produce directly 
to the public. Under reforms 
detailed last week, state farms 
and individual growers, exclu- 
ding sugar co-operatives, will 
be allowed freely to set their 


own prices to sell surplus fruit 
and vegetables after they have 
fulfilled government supply 
quotas. 

The reforms, part of an on- 
going cautious process of eco- 
nomic libe ralisation , are aimed 
at easing chronic food short- 
ages and combating the flour- 
ishing black market. To some 
extent they amount to the 
legalisation of an already wide- 
spread sale of black market 
produce by Cuban farmers 
which fra* resulted in inflation- 
ary black market prices. 

“1 am sure that with this leg- 
islation we can stimulate food 
production through the law of 
supply and demand,” Cuban 
i fefanrg minister Raul Castro, 
brother of President Fidel Cas- 
tro, said. 

The strategic sugar sector 
appears headed for another dif- 
ficult season. It was one of the 
areas hardest hit by the unrav- 
elling of the comfortable 
cocoon of preferential trade 
and aid ties Cuba had enjoyed 
with the now defunct Soviet 
bloc. The impact of this eco- 
nomic shock has been com- 
pounded by a US trade and 
financial embargo that remains 
firmly in place. 

The 1992-93 sugar harvest, 
hit by bad weather and short- 
ages of fuel, fertilisers and 
spares, was only 4.2m tonnes, a 


40 per cent drop from the pre- 
vious season. The 1993-94 crop 
fell lower stQL Cuba put it at 
just above 4m tonnes. Some 
international traders said it 
was even lower. 

Sugar is not just the island’s 
biggest export earner, account- 
ing for about 40 per cent of 
total external revenue in 1993. 
It is also a key commodity to 
trade for vital oil imports and 
is closely inter-linked with 
other sectors such as fanning, 
export rum production and 
energy generation. 

As Cuba prepares for the 
start of the next harvest In 
November, alarm bells are 
sounding about sloppy prepara- 
tions. In unusually frank 


reports, the state media have 
criticised poor repairs and 
maintenance at sugar mills, 
delays to new cane plantings 
and the failure of sugar work- 
ers to weed growing cane 
fields. 

“One of the most critical 
points at this time is the sugar 
harvest,” Mr Castilla said. He 
said urgent reforms were 
needed to de-centralise. reor- 
ganise and revitalise the sugar 
sector. 

Incentives for sugar workers 
either in the form of bonuses 
or improved access to neces- 
sary consumer goods in 
exchange for higher productiv- 
ity, similar to those already 
introduced in the tourism sec- 


tor, are being discussed. 

If this season's harvest is as 
bad. or worse, than the last, 
gross earnings from tourism 
could overtake sugar as the 
island's leading bard currency 
earner. The tourism industry, 
one of the first to be opened to 
foreign investment, had 
became more profitable and 
cost effective as the number of 
foreign visitors increased. 

Figures published by Cuba's 
Centre for Studies on the 
Cuban Economy show that 
tourism grossed $650m in 1993 
- net earnings are substan- 
tially less because of the 
imports needed to service the 
tourist industry - compared 
with 3720m earned by sugar 
exports. 

Besides tourism, foreign 
investors, especially Mexicans, 
are putting money into tex- 
tiles, cement, steel and glass 
manufacturing, cosmetics pro- 
duction and citrus farming. 
Canadians are leading the field 
in the oil exploration and min- 
ing sectors. 

One additional external 
squeeze will come from the US 
government’s decision on 
August 20 to restrict dollar 
remittances sent to relatives in 
Cuba by Cuban-Americans liv- 
ing in the US. Mr Jose Luis 
Rodriguez, the finance minis- 
ter, said this would hurt, but 


described as “exaggerated" US 
reports that the remittances 
represented S500m of income 
for Cuba each year. 

Over the last 13 months, the 
government has lifted a ban on 
Cubans using hard currency, 
legalised limited private initia- 
tive in some trades and crafts 
and moved to balance the 
country's lopsided internal 
finances through cutting subsi- 
dies. starting a tax system and 
raising prices of utilities and 
consumer goods such as alco- 
hol and cigarettes. 

"We’re moving, we’re not 
standing about with our arms 
crossed. There is a process of 
reform in progress,” Osvaldo 
Martinez, president of the 
Cuban parliament's Economy 
Commission, said. 

But it is clear the reform pro- 
cess will be cautious and con- 
trolled and limited by the gov- 
ernment's expressed intention 
to preserve its one-party social- 
ist system. “We can't let the 
process ran away from us.” Mr 
Martinez said. 

The government's dilemma 
is that it must move quickly 
enough to respond to popular 
pressure in demands for 
improved economic conditions 
while not letting the momen- 
tum of economic reform wrest 
centralised control of the econ- 
omy completely from it hands. 



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FINANCIAL TIMES 


TUESDAY SEPTEMBER T> 


NEWS: WORLD TRADE 


US auto industry 
seeks Asian boost 


By Victor Mallet in Bangkok 

US motor manufacturers and 
parts suppliers yesterday 
embarked on a campaign to 
increase their business in 
South-East Asia, where the 
vehicle market is dominated by 
Japanese corporations. 

The 11-company US mission 
to Thailand. Indonesia and 
Malaysia - sponsored by the 
big three US carmakers Chrys- 
ler, Ford and General Motors 
and supported by the US 
administration - comes at a 
time when US automotive com- 
panies are attempting to 
increase their presence in the 
region after years of neglect 

“We're Looking at how we 
can become members of the 
supplier community," said Mr 
Christopher Bates of the Motor 
and Equipment Manufacturers’ 
Association, "in order to posi- 
tion ourselves for the growth 
that’s going to occur over the 
next decade." Critics say they 
are arriving 20 years too late 
and have allowed Japanese cor- 
porations to dictate policy to 
South-East Asian governments 
on everything from industry 
standards to import tariffs. 

In Thailand, for example, 
Japanese manufacturers sup- 


ply more than so per cent of 
the local vehicle market, with 
European luxury carmakers 
making up most of the balance. 
“We plan for the next quarter. 
The Japanese plan for the next 
quarter-century.” admitted one 
executive for a US car com- 


‘We plan for the 
next quarter. The 
Japanese make 
plans for the next 
quarter-century 5 

pany. But some US business- 
men are bullish about their 
chances in Asia. They point 
out that South-East Asian mar- 
kets are only now becoming 
big enough to enjoy important 
economies of scale. 

They also say some Japanese 
manufacturing operations in 
Asia and their local parts sup- 
pliers are profitable only 
because of high tariffs which 
may be reduced as Asian coun- 
tries liberalise their trade 
regimes; just as the Japanese 
successfully seized a big share 
of the US market after 1970, US 
executives say, so it should be 
possible for US manufacturers 


to break Japanese dominance 
in Asia today. 

US car component makers, 
furthermore, see opportunities 
for supplying parts to Japanese 
assemblers in Asia as they do 
in the US. 

In the past two years, Chrys- 
ler has begun operations in 
rnrtAtiflgift, Malaysia and Thai- 
land to assemble the Jeep 
Cherokee and has tussled with 
its Japanese rivals to ensure 
that its products are not dis- 
criminated against in national 
tariff systems. 

General Motors has re- 
entered toe Indonesian market 
Ford, which closed its assem- 
bly operation in Thailand in 
1976, is conducting -a feasibility 
study on whether to produce 
pick-ups in Thailand with 
Mazda. 

Thailand is t^ p second larg- 
est market in the world for 
pick-up trucks after the US. 

This week’s trade mission is 
supported by a US Commerce 
Department export promotion 
programme announced- by Mr 
Bon Brown, commerce secre- 
tary, in June. 

The six-nation Association of 
South-East Asian Nations 
accounted for $28bn of US 
exports in 1993. 


Yeltsin’s US link to capitalism 


By Nancy Dunne 

m Washington 

When Russian President Boris 
Yeltsin arrives in Washington 
today, he will see Mrs Ruth 
Harkin, president of the Over- 
seas Private Investment Cor- 
poration (Opic). almost every- 
where he goes. They will meet 
at the White House today for 
lunch with President Bill Clin- 
ton and leading businessmen; 
at the mote House state din- 
ner tonight; at the Russian 
embassy dinner -tomorrow 
night; and Mrs Harkin will 
accompany Mr Yeltsin to Seat- 
tle on Thursday. 

Mrs Har kin’s high profile 
role owes much to timing. The 
US no longer has the dollars 
needed by new democracies to 
satisfy the demands of thetr 
liberated electorates. But it 
does have credit and a flour- 
ishing private sector. With its 
loans, guarantees and political 
risk insurance, Opic can be the 
key to packaging financing for 
private sector development. 
“We have been able to take 
agency a nd it toe 

premier foreign assistance 
agency," said Mr Chris Finn, 
epic’s executive vice-presi- 
dent 

Congress has been 
impressed that Opic stretches 
a dollar as few bureaucracies 
have done before. It has raised 
0plc*8 comparatively small 



Ruth Harkin, head of Overseas Private Investment Corporation 


budget allotment from $50m in 
1994 to 8105m in 1995 for proj- 
ect finance fending. Most erf 
that Is to go to the newly inde- 
pendent republics of the for- 
mer Soviet Union. Using its 
guarantees and insurance, 
Opic attracts private Investors 
and bond holders to risky but 
promising projects. It can take 
940m in loan guarantees and 
leverage this into $lbn in 
investment. In less risky 
regions, it takes only $25m to 
raise llbn in backing. Opic’s 
guarantees make only project 


finance available. This wmim 
investors get the project as 
collateral and are repaid from 
the profits. 

The White House Is equally 
pleased with Opic as the lead- 
ing agency on foreign policy 
initiatives. It is financing 
laundries an d dry cleaners In 
Sooth Africa, supermarkets In 
the Russian Far East, and 
hotels in Gaza and on the West 
Bank. Next month It will lend 
an investment mission to Hun- 
gary to assist in the moderni- 
sation of its energy sector. 


Daring this week alone, it is 
committing $lbn in financing 
and political risk insurance 
for eight projects worth 
&3bn. These include: 

■ A consortium of western 
investors led by Texaco, 
baiked by 9400m in Opic fin- 
ancing, to explore and develop 
toe Tfrnan Pechora Basin of 
Artie Russia. 

■ 9250m in insurance and 
guarantees for an engine 
design project with US, Ger- 
man and Russian partners. 

■ A 860m loan guarantee for a 
project to improve phone ser- 
vices in 40 former Soviet cities 
and expand the number of 
international lines to Moscow. 

Mrs Harkin wants to help 
develop Russia's pharmaceuti- 
cal and agribusiness sectors, 
where she sees “enormous 
changes underway” In the 
food chain. 

She plans investment in 
flour mills, grain storage facu- 
lties, seafood canning and 
freezing facilities. 

The impact of Opic’s politi- 
cal risk insurance - covering 
political violence, currency 
convertibility and expropria- 
tion - is rarely noted. With 
about 8100,000 in Opic insur- 
ance, a US munitions com- 
pany, AUiant Tech Systems, 
has embarked on a joint ven- 
ture in Belarus, melting down 
old Soviet munitions and sell- 
ing it for scrap steel. A second 


project wiU be launched In the 

^Around the world, Opic has 
10 Investment funds operating 
or in the process or being 
launched. 

These Including two African 
fends; three in the former 
Soviet Union, others In 
Poland, Israel and the Asia 
Pacific region; one for 
environmental projects; and 
another for sustainable devel- 
opment. . 

Under Mrs Harkin, whose 
husband Senator Tom Harkin 
is a liberal from Iowa, Opic 

has also supported Democratic 
political goals. It does not 
extend loans to coon tries 
which infringe wo rker s 
rights, or for projects which 
are harmful to the environ- 
ment It also precludes deals 
which might cost American 
workers their Jobs. With coun- 
tries around the world privat- 
ising and searching out invest- 
ment, it can afford to be 
choosy. 

In Russia, Opic is looking 
for projects which capture the 
imagination of the Russian 
people. 

“We have a clear realisation 
that this little agency is not 
going to change Russia or any 
other country, but many of toe 
projects we are involved in we 
hope will serve as a catalyst to 
toe private sector in general," 
Mrs Harkin said. 


•v* 


Political storm in a Taiwan port 

Tensions with Beijing stand in way of Asian transport hub plan, writes Laura Tyson 


T aiwan has anointed the 
southern port of Kaohs- 
iimg as the centrepiece 
of a plan to mafcp the island an 
Asian transport hob. But its 
ban on direct trade with China 
stands in the way of such 
regional ambitions. 

Dubbed ROC (regional 
operations centre), the strategy 
was conceived by government 
planners several years ago as 
one that would position 
Taiwan for a new stage of 
industrial development 
The hope is to attract multi- 
national companies to estab- 
lish regional headquarters in 
Taiwan as a base from which 
to penetrate China and South- 
East Asian markets, especially 
after Hong Kong reverts to 
Chinese sovereignty in 1997. 

Kaobsiung was chosen for its 
harbour facilities and central 
location in East Asia, says Mr 
Shive Chi. vice chairman of the 
Council for Economic Planning 
and Development, toe govern- 
ment’s top planning agency. 

A government-commissioned 
study prepared by McKinsey & 
Company, the US management 
consultancy, on the develop- 
ment of Taiwan into a regional 
centre for business, finance 
and transportation is to be 
released soon. 

An earlier study on port 
development by consultancy 
Frederick R Harris. Taiwan, 
concluded that from the per- 
spective of shipping compa- 
nies, using Kaobsiung as a hub 
port for “greater China” trade 
made better economic and 
logistical sense than using 
Hong Kong - provided direct 
cross-strait sea links were re- 
established. 

The groundwork for such 
links has been done, according 
to Mr Hsieh Ching-chang, the 
acting director of the Kaohs- 
iung Harbour Bureau. But 
there are still political tensions 


The China factor: port containerised traffic 


TEUS (twenty-foot equivalent units) • 
(mUltanl 



Guangzhou • Shanghai ' ’ Kaohsiung Hang Kong 

Sauc« Haris ■ . v EsSmstes □ 


between Beijing and Taipei. 

“Technically speaking, there 
is no problem whatsoever,” Mr 
Hsieh says. "If the government 
changes its policy tomorrow, 
we are ready " 

Taiwan’s ruling Nationalist 
party broke off links with 
mainland China when it fled to 
the i s l and in 1949 after losing 
the civil war with Mao 
Zedong's communist forces. 

Dr John Rickiefs. senior vice 
president at Frederick R. Har- 
ris, estimates that 15 per cent 
of Hong Kong's cargo volume, 
mainly trans-shipment, would 
shift to Kaobsiung were direct 
links resumed. “The real mar- 
ket growth in this region is 
China, and the port of Kaobs- 
iung has been locked out of 
senring that market for purely 
political reasons,” he says. 

Kaohsiung was the world’s 


third-largest container port in 
1993 with a total volume of 
4.64m TEU (twenty-foot equiva- 
lent units), half that of first- 
ranked Hong Kong with 9.2m 
TEU. Singapore, second in the 
world at 9.05m TEU last year, 
does not directly compete with 
Kaohsiung as it serves the 
South-East Aslan market. 

“Hong Kong is now being 
used by international shipping 
companies as the gateway to 
the China market," says Mr 
Peter Hsu, a manager in the 
Kaohsiung offices of Sea-Land 
Service. With Hong Kong har- 
bour operating at 10 to 20 per 
cent above capacity, space 
is at a premium. Sea-Land 
bases Us large ships In 
Kaohsiung and uses feeder 
lines to service mainland ports 
via Hong Kong. “With direct 
cross-strait trade, we could just 


skip Hong Kong,” Mr Hsu says. 

At least 75 per cent of 
Taiwan's rapidly rising exports 
to China are routed through 
the British colony, with a 
snail portion going via other 
ports such as Singapore and 
Korea. Taiwanese businessmen 
are lobbying for direct trade as 
it would reduce travel time and 
shipping costs. 

Mr Chang Chun-hsiung, a 
legislator and the opposition 
Democratic Progressive party's 
candidate for Kaohsiung 
mayor in year-end elections, is 
less sanguine than ruling party 
officials about Kaohsiung’s 
prospects. 

“Kaohsiung is just not com- 
petitive with Hong Kong and 
Singapore,” he says. "In the 
past, the harbour made a lot of 
money from Taiwan’s exports 
and cheap labour, but we can- 


not rely on those any longer. 
The port has not sufficiently 
improved its efficiency, facili- 
ties and services." 

However, toe main problem 
ties not in the port itself but in 
government policy. “If you 
don’t have direct links frith 
China, how can you become a 
regional operations an d trans- 
portation centre?” says Mr 
Chang. 

Government officials brush 
off the thorny issue of direct 
transport links to China's vast 
potential market “Already, 39 
per cent of the container traffic 
at Kaohsiung harbour is trans- 
shipment,” says Mr JT Chen, a 
senior analyst at a think-tank 
under the ministry of transpor- 
tation and communications. 

“If we can create favourable 
conditions to attract shipping 
companies to Kaohsiung, thpn 
we can become more competi- 
tive. If the government can 
provide a commercial park and 
if the management of the port 
can be improved, then we 
should have no problem 
becoming a regional hub,” says 
Mr Chen. 

Plans to expand port facili- 
ties and streamline its adminis- 
tration are being drawn up, 
say harbour bureau officials. A 
fifth container terminal is 
scheduled to be completed to 
1998 and there are plans for 
either a sixth container termi- 
nal or back harbour terminal 
on land bordering the harbour. 

Customs clearance and pro- 
cessing win be expedited by a 
new computerised system that 
is being installed , and which 
will reduce docking charges, 
officials say. Authorities will 
also tackle labour issues, toe 
problem foreign shipping com- 
panies most often complain 
about. Ways to improve the 
port’s management structure 
and partially privatise harbour 
facilities are under study. 


Pakistan’s 
energy sector 
attracts $4bn 


By FOrhan Bokhari 
in Islamabad 

Pakistan's efforts to attract 
investments in power genera- 
tion and in oil and gas explora- 
tion have home fruit In the 
form of contracts with US com- 
panies worth about 84bn. Ms 
Benazir Bhutto, the prime min- 
ister, described the contracts 
as “a landmar k in the history 
of private sector Investment” 
In Pakistan. 

The bulk of the new con- 
tracts involve power genera- 
tion projects backed fay US 
businesses, including AES Cor- 
poration, Enron, GE Capital 
and Tenaska. Occidental and 
Union Texas are involved in oil 
exploration contracts worth 
$275m and many officials hope 
that new oil finds will help the 
country’s power generation 
efforts by providing lower cost 
fuel. 

Domestic businesses have 
suffered production losses due 
to disrupted power supplies. 
The rains that followed a long 
dry spell restored the country’s 
hydrogeneration capacity and 
narrowed the gap between 
demand and simply. However, 
the relief may be only 
temporary. 

Many transmission tines are 
to a state of disrepair and the 
government estimates that op 
to 33 per cent of the power 
generated in Karachi, Pakis- 
tan’s largest city, is lost in 
breakdowns, leakages and 
power thefts. In the rest of the 
country, up to 23 per cent of 
generated power is lost in simi- 
lar ways. 

An energy policy announced 


tola summer has set the tone 
for fresh investments. The gov- 
ernment has ritmiwateri much 
red tape by replacing a series 
of official procedures with a 
one window set-up in Islama- 
bad. Moreover, investors have 
been assured of a bulk tariff 
rate of &5 cents per kilowatt 
hour, considered to be one of 
the more attractive rates 
among developing countries. 

The government’s private 
power board estimates that up 
to 85bn worth of investments 
could come in power genera- 
tion, in addition to the Ameri- 
can commitments, during the 
next three years. 

However, for some investors, 
the signing of the deals may 
just be tiie beginning of a diffi- 
cult process Involving financ- 
ing. The financial package 
requires them to put up a 20-30 
per cent equity, while raising 
the rest in loans or other finan- 
cing. Senior Pakistani officials 
concede privately that some of 
the sponsors may not be able 
to put together their financial 
packages, especially as interna- 
tional ripmanrig for financing 
remain high. 

Concerns have also been 
raised over the delay on Pakis- 
tan’s plans to float its first sov- 
ereign Eurobond offer worth 
8200m. It was originally sched- 
uled to take place this month 
but was postponed doe to 
recent turbulence on interna- 
tional bond markets. 

P akistani officials hope t h a t 
the US commitments have 
opened th e m ost important 
window to attract fresh, invest- 
ments, and that other foreign 
investors may follow. 


Plan to 
import 
Qatar gas 
approved 

The Economic Co-ordination 
Committee of the Pakistani 
cabinet has approved a plan to 
import natural gas from Qatar, 
Renter reports from Islama- 
bad. 

A government statement 
issued yesterday said the 
scheme provides for a $&2bn 
gas pipeline from Qatar to 
Pakistan. 

Pakistani president Faroe q 
Leghari said earlier this month, 
after a visit to Iran that Teh- 
ran had agreed to Jain the proj- 
ect The first phase would com- 
prise a 1,600km pipeline and 
transmission facilities from a 
southern gas field in Qatar to 
Pakistan. 

The pipeline is planned to 
cany l.6bn cubic feet of gas 
per day and later to be 
extended to India. The gas 
pipeline project is being spon- 
sored by Sharjah-based Cres- 
cent Petroleum International, 
Canada's Trans Canada Pipe- 
lines, tiie leading gas trans- 
mission company, and Brown 
and Root, the US engineering 
group. 

The pipeline will carry gas 
offshore from Qatar across the 
lower Golf to the United Arab 
Emirates’ west coast and over- 
land across northern UAE to 
the Gulf of Oman. 

From there the pipeline will 
run along the coast of Iran to 
Pakistan, terminating near 
Karachi 

The project will be financed 
by regional governments and 
_ the World Bank. 

Earlier this month Iran and 
Pakistan agreed to buiid an oil 
refinery in Pakistan and to 
export Iranian, natural gas and 
refined oil products to 
Pakistan. 


KtVijrJ Meter 
IVii^nfr id dir Musru d'Arf 
Crxiu- in pi! ram ilr Hjrcclnnj 


Saul iaga Caiatraca 
Designer nf the 
MuntjnTc Tclet'oiticj Tower 





IN THE FUTURE A LOT OF CITIES WILL BE BUILT LIKE BARCELONA. 



Qriai Bobigas (MBM) 
Dftigncr ■>( rhe 
Olympic Village 



Norman Foster 
Designer of the Collitroli 
Telecommunications Tower 


Ricardo Bo/ill 
Designor of the 
Barcelona Airport 


Barcelona 

The ne w 

Urban Centre 

of Southern Europe. 


In dir laze eighties rhe Barcelona of the future 
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If you would like to know more about current 
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WORLD TRADE NEWS DIGEST 

Taiwanese chip plant 
prepares expansion 

Texas Xnstruments-Acer. a Taiwan-based semiconductor 
manufacturer, has announced a $400m expansion project to 
produce advanced computer memory chips, writes Laura 
Tyson in Taipei. 

The company has signed a $2l0m syndicated loan with 15 
foreign and two domestic banks. The new plant will naira 
lAmegabit dynamic random access memory chips on eight- 
mch wafers. Taiwan’s only DRAM producer, TI-Acar currently 
produces 4-megabd chips on six-inch wafers. Chips will be 
made using OS and 0.35-micron process technology. Acer holds 
a 5Sper cent stake in TI-Acer, Texas Instruments has a 28 per 
rant share and China Development Corporation, controlled fry 
Taiwan s ruling Kuomintang, owns 16 per cent * 

John Brown wins $79m deals 

John Brown Engineering, part of the UK’s Trafelgar House 
group, has won three turnkey contracts worth a total nf rOzl 
than £5Qm (879m) for large gas turbine-basrtte^^S 
in Malta, Australia and the UK. 

Malta, Kn e maR a awarded it a contract to extend theDeSmaS 
power station, while to Australia it wif5da p l£t 
Pijbara Energy, supplying power for mining oDeraSnc in 
E*™ “y^ectric also awarded ittoTooSSaS 

rorJlSSre power Pl“t at Runcara.aSS 



“wrnuies, vne ui me largest cemi 
fecturers in Malaysia. Pan-United wfll butidtwo^ 
cement earners for progressive delivery in iqqc 1 
■ United Technologies Automotive, a unit of United ■ 
g^has formedajamtven tore with Dongfeng^ 

G6n ^f to produce aStivT 

distribution systems m China e 

- Six liner operators have signed an agreement tn rh 
Change slots, coordinate sailing ch 



XX — — *** aiuope-rar East tradm 

The agreement wassigned by American President! 
sin Lines. Orient Overseas Container LuhhTm^i 
CGM Orient and Malaysian 




FINANCIAL TIMES TUESDAY SEPTEMBER 27 1 994 


9 


%; 


NEWS: UK 


)! 


ian 


BT rival unveils its prices 


By Andrew Adonis 

Energis, the new UK 
long-distance telecommunica- 
tions operator, unveiled its 
prices yesterday, promising 
strong competition with the 
country's existing telecommu- 
nications groups, British Tele- 
communications and Mercury. 

However, Energis claims 
that its tariffs were up to 44 
per cent cheaper than BTs 
standard rates met an angry 
rebuttal from BT, which sain 
that some of Energis's pub- 
lished figures exaggerated BTs 
tariffs by a third. 

For daytime calls, the price 
differential between Energis 
and BT standard tariffs is 
between about ll per cent and 
17 per cent. It is also signifi- 
cantly cheaper than Mercury 


for many business rails 

Volume discounts can ™aim 
straight comparisons mislead- 
ing, but taking account of Its 
own volume discounts Energ i s 
remains strongly competitive 
with both BT and Mercury, 
particularly for high-volume 
telecoms users. 

Energis has no local net- 
work, and is competing with 
BT only for long-distance and 
international traffic. 

A subsidiary of the National 
Grid, the transmission system 
for the power industry in 
En gland and Wales, Energis 
has used the Grid's pylons to 
carry its 3,500km fibre-optic 
network. It claim Bd that its 
overheads are far lower thaw 
those of its rivals in terms of 
initial investment and operat- 
ing overheads. 


Energis has invested £250m 
(5395m) in its long-distance net- 
work, against Mercury's 
£2.7bn. It has about 340 
employees, compared with 
Mercury’s 10.500. 

Mr David Dey, Energis's 
chief executive, said that 
tmKirp BT and Mercury, Ener- 
gis would contract out all func- 
tions except strategic manage- 
ment and customer service, 
significantly reducing Its cost 


Energis identified small and 
medium-sized businesses as its 
main target, the segment of the 
corporate sector which has 
gained least from Mercury over 
the last decade. However, Mer- 
cury said it was now targeting 
the ™ ip group, and claimed 
that any price advantage hrffl 
by Energis would be offest by 


superior marketing and cus- 
tomer service. 

Energis is the UK's third 
long-distance telecoms opera- 
tor. BT also faces extra compe- 
tition from cable operators at 
the local level, and tram other 
operators targeting specific 
sections of the business mar- 
ket, particularly in the City of 
L o n do n. 

Energis has signed a pre- 
ferred supplier agreement with 
Colt, a City operator. It will 
also sell long-distance capacity 
to cable operator s . 

Mr Laurence Heywcuth, tele- 
coms analyst at Robert Flem- 
ing, said w>» launch of Energis 
was likely to accelerate the 
reduction of long-distance 
phone tariffs, bringing them 
more closely in line with local 
call prices. 


MTV chooses London as non-US base 


By Raymond Snoddy 

MTV Networks, the 
American-owned music televi- 
sion group, has decided to 
make London its international 
headquarters responsible for 
all MIT activities outside the 
US. 

In a substantial restructur- 
ing, Mr Bfil Koedy, chief execu- 
tive of MTV Europe, will 
become president of MTV Net- 
works International and be in 


charge of everything from 
MTV latino, the Latin Ameri- 
can service, to the launch of 
two new channels in Asia by 
the end of the year. 

Mr Roedy win continue to be 
based at the headquarters of 
MTV Europe in the old north 
London studios of TV-am. the 
UK breakfast television chan- 
nel that lost its franchise. He 
will also have a new office in 
New York. 

London has been given 


lm pon Ulster Tories seek to 

Q ua? rock conference boat 

appm 


By David Owen 

Conservatives from Northern 
Ireland are moving to rock the 
boat before next month's Tory 
conference by urging the party 
“actively to persuade” the peo- 
ple of the province that their 
best future lies within the UK. 

They are trying to force a 
vote on this by canvassing sup- 
port among Tory constituency 
organisations. 

Their amendment to the 
motion on Northern Ireland 
that will be debated at the con- 
ference also rails for the dele- 
tion of a reference to the cour- 
age of Mr Albert Reynolds, the 
Irish prime minister. A letter 
to constituency chairmen from 
Mr Leonard Fee. the senior 
unpaid Tory in the province, 
argues that it would be “dis- 


tasteful to ask the party con- 
ference to praise Mr Reynolds". 

The move emerged yesterday 
as Downing Street renewed its 
demands for an unambiguous 
assurance that the IRA has 
ended violence for good. 

The government's remarks 
came after Mr Gerry Adams, 
Sinn Fein president, an a 14- 
day visit to the US, said he 
wanted “a permanent peace” 
in the province. “I am not 
interested in any temporary 
suspension,” Mr Adams said. 

Mr Michael Mates, the far- 
mer Northern Ireland ministe r, 
sent by the government to 
shadow Mr Adams's US tour, 
said the remarks “take us a 
little further. I happen to 
believe that the intention is 
that the end should be perma- 
nent, but he cannot say it.” 


Britain in brief 



Labour party 
to underline 
policy shift 

Mr Tony Blair, leader of the 
opposition Labour party, will 
today ceremoniously ditch its 
traditional approach to eco- 
nomic management by insist- 
ing that the party’s social 
ambitions can be met only in a 
dynamic and open market 
economy. 

The shift will provide the 
backdrop for next week’s 
annual party conference in 
Blackpool by underlining Mr 
Blair's commitment to acceler- 
ate the process of modernisa- 
tion begun by his predecessors. 

U is likely to further anger 
left-wing activists who have 
been alarmed at the pace with 
which Mr Blair has challenged 
traditional policies since his 
election in July. 

Struggle forecast 
for life insurers 

About 40 life companies, 
accounting for just under one- 
quarter of new business pre- 
mium income in the UK indus- 
try, will be struggling to con- 
tinue to sell life Insurance 
within a decade, according to 
actuaries Bacon & Woodrow. 

An analysis by B&W sug- 
gests that 40 per cent of the 103 
UK life companies have 
expense ratios which would 
make them vulnerable if com- 
petition in the sector takes the 
form of a price war. Just 10 per 
cent are what B&W c alls “cost 
competitive'’. 


Brent Walker ‘fraud 5 
helped its expansion 

The rapid expansion of Brent 
Walker, the property and lei- 
sure group, throughout the 
l9S0s was heavily dependent 
upon the fraudulent profit- 
boosting operation orches- 
trated by Mr George Walker, 
the company’s former chair- 
man and chief executive, the 
prosecution in his trial alleged 
yesterday. 


The fraud took place at a 
critical phase of the company's 
development and had a sub- 
stantial effect on how Brent 
Walker was regarded by inves- 
tors, Mr Peter Rook QC told 
the Old Bailey, the central 
criminal court. 

Mr Walker and Mr Wilfred 
Aquilina, a former Brent 
Walker finance director, both 
deny charges of theft, false 
accounting and conspiring to 
falsify the company's accounts. 


Arthur Andersen 
announces merger 

Arthur Andersen, the UK’s 
third largest accountancy firm 
by fee income, yesterday for- 
mally announced its long- 
awaited merger with parts of 
Binder Hamlyn. 

Arthur Andersen said seven 
of Binder Hamlyn's offices 
would join Arthur Andersen 
Worldwide Organisation in a 
merger which would “break 
new ground in the accounting 
profession” but would continue 
to practice under the Binder 
Hamlyn name. 


Cleanliness 
in Bath 

Bath, in the south-west, and 
Ripon, in North Yorkshire, 
emerged yesterday as the UK's 
cleanest cities In the first 
national survey of its kind by 
the Tidy Britain Group. 

The City of London came 
eighth and Manchester came 
bottom of the 57 cities sur- 
veyed. 


Dairy group fails to 
win judicial review 

The Dairy Trade Federation, 
which represents UK milk pro- 
cessors, is considering further 
action after being refused leave 
by the High Court yesterday to 
seek a judicial review of the 
government's handling of the 
milk market deregulation. 

Mr Justice Dyson ruled that 
the federation had an “argu- 
able case” but had foiled to 
bring its action promptly 
enough after government 
approval of the new arrange- 
ments in June. 

The milk market in England 
and Wales is due to be liberal- 
ised on November L, when the 
Milk Marketing Board will be 
replaced by Milk Marque, a 
voluntary farmers’ co-opera- 
tive. 


increased importance as an 
MTV centre because MTV 
Europe, with music, news and 
features adapted for the Euro- 
pean market, is becoming big- 
ger than the US operation. 

For the past two years, MTV 
Europe, launched in 1987, has 
b een profitable, afthmig h the 
company iferfineH to give profit 
figures. MTV Europe is avail- 
able in more Hian 60m hom es 
in 37 countries compared with 
59m for the US version, and in 


the past year has extended its 
reach into Greece, the former 
Soviet Union. Lebanon and 
Turkey. 

MTV. which is owned by Via- 
com. Harms it is the largest 
television network In the 
world. It reaches 250m homes 
in S3 countries. 

This Friday, MTV Networks 
launches a UK satellite chan- 
nel VH-l UK will be a music 
channel aimed at people aged 
2549. 


Closure of 
Swan Hunter 
seems certain 

Closure of Swan Hunter, the 
Tyneside shipyard in liquida- 
tion, yesterday became a vir- 
tual certainty when the bulk 
of the design team, crucial to 

the continuation of the busi- 
ness, were told they would be 
made redundant on Friday. 

Receivers Price Waterhouse 
yesterday told the unions a 
further 177 would be made 
redundant on Friday, of whom 
79 were technical employees, 
most of them from the 103- 
strong design team. Loss of 
the team would make it impos- 
sible for Swan Hunter to ten- 
der far more work, in effect 
ensuring its demise by ending 
prospects of its sale as a going 
concern. 

This week's redundancies 
will leave just 450 workers at 
the yard, which has been in 
receivership for 16 months. 
More jobs are likely to go in 
mid-October and most of the 
rest at the start of November 
when the yard’B last frigate, 
HHS Richmond, is handed 
over to the Royal Navy. 

Only about 100 will remain 
for maintenance and security 
- the last survivors of the 
2J>00 on the payroll last May. 

The unions Insisted that 
they still did not regard do- 
sure as inevitable - there 
could be a move for the yard 
after everyone has been made 
redundant. 



Dai BugMi 

H odder Headline, the UK's fifth largest publisher, is quitting the UK's Net Book Agreement, which 
sets prices for books. Chief executive Tim Hely Hutchison (above) estimates that books costing 
£15-£20 will drop to £11-£12. The agreement is being reviewed by the UK’s Office of Fair Trading. 



e’re helping our clients 
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So it’s not surprising that the most powerful 
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Of course, every line of business has its 
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CUS-tom-er-ize Align information 

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Q BBJ IW«II CwponUon 


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\ 




10 



FINANCIAL TIMES 


TUESDAY SEPTEMBER 


27 1994 


MANAGEMENT: THE GROWING BUSINESS 



Latest news when 
an ill wind blows 

It is said that every cloud has a 
silver lining. What is insolvency 
for one company can be an 
opportunity for another to pick 
up cheap assets and stock or to 
expand its customer base. 

Smoothing the way in this 
corporate jungle is a new 
publication that claims to be the 
first service to provide daily 
information about corporate 
insolvency by fax. London-based 
IT Systems Publishing compiles 
information from the official 
publication, the London Gazette, 
and the High Court and foxes 
subscribers overnight 

Subscribers may request a 
tailored service that will give 
them information about 
insolvencies only in 
manufacturing or the computer 
industry, for example. The 
service gives the names and 
contact number of liquidators. 

Publisher Simon Thompson 
says subscribers also use the 
service, which lists petitions for 
winding-up orders, to give them 
an early warning that customers 
are in trouble. 

IT System Publishing -011434 
2000 


Wanted: executives 
in search of a job 

Talking of recycling assets, the 
Connect for Growth programme 
sponsored by London TECs is 
still looking for unemployed 
executives to match with 
smaller companies seeking to 
take on additional managers. 

Set up a year ago by Hie 
Enterprise Partnership, a 
London-based consultancy, the 
programme has already 
"matched" 100 companies with 
previously unemployed 
executives. After a short 
refresher course, executives join 
a growing company for a 
three-month project or trial. 

During this period, the 
company pays only £500 to the 
Enterprise Partnership, while 
the government's braining for 
work scheme picks np the cost 
of paying the executive. 

The Enterprise Partnership - 071 
6274991 


E arly next month a new 
company will begin trading 
in Doncaster, South York- 
shire. Unlike many start- 
ups, Magna tech is moderately well 
capitalised. Is not being run by one 
entrepreneur out of a garage, and 
trill be able to lean on an unusual 
amount of external advice and sup- 
port - including the services of a 
non-executive director. 

What is also novel about Magna- 
tech is that the four members of its 
management team were brought 
together with no idea of what busi- 
ness they would start The company 
is one of about 40 experimental 
"enterprise cells” being set up by 
some Training and Enterprise 
Councils (Tecs) and their Scottish 
equivalents, the Local Enterprise 
Councils, with the support of the 
David Hall Partnership, a 
Rotherham- based consultancy 
involved in supporting the govern- 
ment's business start-up scheme. 

The aim is not only to try to 
increase the rate of manufacturing 
business start-ups, particularly in 
areas where traditional manufactur- 
ing industry has closed; it is also 
designed to increase the likelihood 
that enterprises have a reasonable 
chance of becoming viable growing 
businesses. By comparison, the gov- 
ernment's business start-up scheme 
- which makes payments to recipi- 
ents of about £50 a week - has 
generally backed ventures that 
have only helped unemployed peo- 
ple become self-employed. 

“The enterprise cell process is 
more dynamic," says Julie Read- 
man, research manager of Barnsley 
and Doncaster Tec, which is hoping 
to have helped six cells set up by 
Christmas. “The principle is we 
look for good ideas and tty to find 
people who can service this market 
instead of waiting for entrepreneurs 
to come along ” 

Magnatech will be importing and 
modifying a Swedish invention that 
has been developed in the US. The 
equipment heats metals In a uni- 
form manner by the use of oscillat- 
ing magnetic fields. Colin Wilson, 
Magnatech’s marketing director, 
says the technology produces less 
thermal stress in metals than con- 
ventional Induction heating and 
will find applications throughout 
industry, including the aerospace 
and automotive industries. 

While Magnatech, which raised 
£150,000 in capital, is probably the 
largest enterprise cell, the basic 
approach is the same in each case. 

“Most start-up schemes look for 
people with ideas to support and 
that is generally not successful,” 
says Bill Bolton, a former Cam- 
bridge academic who helped set up 
the St John’s College Innovation 
Centre and is one of the architects 
of enterprise cells. “We create 
teams and put ideas around them." 

The process starts with the David 
Hall Partnership advertising for 



NnaaPim 


***.-zsoSSk i 

Dynamic experiment: John Knowles, technical director Qafl), with Cofln Wilson, marketing director at Magnatech 

Hard sell for 
enterprise cells 

Richard Gourlay looks at an innovative scheme that 
assembles teams ahead of a business idea 


people interested in starting their 
own businesses. From applicants, 
some unemployed but many who 
are middle managers with jobs, 
David Hall conducts psychometric 
tests to assemble balanced teams. 
Bolton says; “1 am not not naive 
enough to believe you can get good 
teams that way, but you can avoid 
disasters." 

The partners in the team then 
receive training, funded by the 
Tecs, in basic business skills and 
are introduced to what Jeff Cooke, a 
David Hall director and architect of 
the cell scheme, calls “a data base 
of business ideas". It assembles 
these from a range of sources, 
including the import statistics from 
the Customs and Excise (for possi- 
ble import substitution opportuni- 
ties) and trade missions that hold 
lists of foreign companies interested 
in alliances in the UK. 

Having chosen and researched 
their market, the businesses then 
have to seek backing. In the case of 
Magnatech, it raised start-up fund- 
ing from its founders, the loan guar- 
antee scheme and a regional ven- 
ture capital group. David Hall then 
acts as hands-on consultants to the 


cells' partners for up to two years. 
The scheme is still at a very early 
stage. The first cell to be set up in 
Scotland, a company making fasten- 
ers, had a turnover of only £40,000 
in its first year, although it broke 
even. Its annualised sales rate after 
three months this year conld be 
£100,000, and it could start employ- 
ing extra people this year. 

David Hall is also helping to set 
up cells as part of a European 
Union pilot project in western Seed- 
land that is looking at ways of rege- 
nerating the economy. 

The enterprise cells scheme is ini- 
tially not cheap. Readman says 
Barnsley and Doncaster Tec has 
allocated £200.000 to set up eight 
cells in its area, including a contri- 
bution from Rechar, the EU fund 
that supports regeneration in coal- 
field areas. But because the invest- 
ment is in businesses with potential 
to grow, Readman believes it may 
become a cost-effective way to cre- 
ate jobs. 

There are other concerns. What 
chance do Tecs and the research 
departments of a consultancy have 
of finding business opportunities 
that existing companies with capac- 


ity and marketing capability have 
not already looked at and dis- 
carded? If there is imperfect infor- 
mation in the market, are Tecs and 
consultants equipped to sniff new 
opportunities out? And will the 
enterprise cell idea encourage peo- 
ple with limited knowledge of run- 
ning a business to try schemes that 
are not viable for them? 

“We would not normally encour- 
age people to go into a high volume 
market" says Cooke. “We try to be 
careful we are hot giving people 
false hope when they will not be 
able to penetrate or service a mar- 
ket.” Supporters say it is difficult to 
tell which ideas will succeed arid 
that all ventures have to pass the 
test of raising capital 

It is far too early to say whether 
the scheme will work. Cooke does 
not expect to start thousands of 
businesses and accepts that much 
will depend on the quality of ideas 
it can put forward. There will also 
be no way of knowing whether 
those businesses that do start 
would have launched anyway had 
taxpayers’ money not been used to 
entice them into areas in need of 
regeneration. 


US lead that 
London ignored 

Richard Gourlay looks at Nasdaq s 
return for one venture investor 


T he Stock Exchange's 

announcement earlier this 
month that it is to set up an 
Alternative Investment Market 
(AIM) for trading in smaller 
company Shares has been nothing 
if not controversial. 

The new market may well 
provide an alternative to the old 
rule 535 (2) trading facility (now 
called Stock Exchange rule 42) 
under which about 200 shares 
currently trade. In this way it 
might become viewed as a 
replacement for the Unlisted 
Securities Market, which will 
accept no new entrants from 
December and will be wound up at 
the raid of 1996. 

But it remains to be seen, 
whether young and 
rapidly-growing companies wffl. be 
able to raise larger amounts of 
capitaL In the US, for example, 
where many such companies 
choose to float on the regulated 
National Market of the US Nasdaq 
Stock Exchange, the average new 
issue size this year has been $34m 
(£2L5m). The largest was for 
$413m. 

With AIM unlikely to require 
issues to be sponsored by 
recognised stockbrokers or to 
have rigorously vetted (and 
therefore expensive) listing 
particulars, some venture 
capitalists say that institutional 
interest will be Umitwri. The 
obstacle, some investors and 
stockbrokers say, is the lack of 
regulation - precisely the feature 
the Stock Exchange wants to 
maintain for its new market 
Advocates of a more regulated 
market argue that venture 
capitalists would be much more 
likely to back young growing 
companies if they knew there was 
a market in which they could 
achieve a much earlier exit than is 
currently possible on the Official 
List in London. The London Stock 
Exchange has only made an 
exception for bio-technology 
companies, which do not need an 
earnings record before floating . 

“The experience in the US is 
that the public market is crucial ■■■ 
to a private equity market,” says 
Ronald Cohen, chairman of Apax 
Partners and a lukewarm 
supporter of AIM. 

A similar view is taken by 
Thomas Judge, director of 


Alternative Investments at AT&T 
Investment Management Corp, the 
biggest investor in venture capital 
inthe US. AT&T's investment 
returns from venture capital 
investment might make UK 
institutions take greater interest 
in the fonnation of a vibrant and 
for 


young rapidly growing companies. 

AT&T started investing in 
venture capital in 1980. After a 
slow start it now has $l.3bn 
invested in the asset class through 
87 venture capital firms. This 
p ieatM about 3 per cent of the 
$39bn AT&T pension fund is in 
seed investment, development 
capital and what it calls "smaller 
buy-outs”. 

“Nearly all the $S92m of 
investments distributed to us was 
from stock that was listed on 
Nasdaq,” says Judge. 

AT&T does not sell its 
investments as soon as shares are 
distributed to it on flotation. In 
1989. it hired Warburg Pincus. the 
US investment institution, with a 
mandate either to sell or hold the 
stocks in the distributed portfolio. 
From 1989 to the end of last year. 
fhi.g portfolio achieved an annual 
22 per cent compound rate of 
return. Judge says. 

This compared with a 15 per 
cent return on the Nasdaq 
Industrial Index over the same 
period and a 12 per cent return 
from the Russell 2000 Index, which 
tracks the performance of smaller 
Issues traded on Nasdaq and other 
US exchanges. In the UK. where 
until last year the level of 
flotations had been modest for 
three years and trade sales were a 
more common exit route for 
venture capitalists, such returns 
would not have been possible. 

One other US fact supports the 
case for a Nasdaq type of market 
for growing companies. According 
to VentureOne, a San 
Francisco-based research 
organisation, more than 95 per 
cent of venture backed companies 
go public on Nasdaq. For AT&T, 
toe figure is slightly lower at 88 
- per cent Judge fa quite clear 
about the role the exchange has 
played in allowing AT&T to invest 
$L3bn In growing companies. “We 
feel without Nasdaq in the US we 
would have been hard pressed to 
do what we did," he says. 


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FULL Assets and STOCK tor marndecaira 
ot oomposBB rocking horses. Arfdltfonal 
product or Ideal atari up us tuff tohousa 
Bahteg gtwm SomtoMBad operoflon Two 
horse stags. Total price £2&jQ00 h* Includs 
appro*. £17.000 worth stock. Telephone 
B 848147 


Dw year Macro need eqaty apUsIT 
i Burton* AogrkhBieifefceapfcd 

LTd 0491579999 


LEGAL NOTICES 


MIME 


£BAi 


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r*0. 005*42 oflFH 
Jimn 


COmiWBlCTUBl 


IN THE MATTER OF 
STANDARD PLATFORMS LIMITED 
-an d- 

IN THE MATTER OF 
THE COMPANIES ACT IMS 

Notice h benby green Oat ■ Peddna wa* cm 19 

August 1994 presented ra Ret Majesty 1 * High 

Cnln ol Juttitt fw tbe red nates of the shsie 

upiiil of tkc Company from Io.OB.135 lo 

£250000. 


re dK fttutoo 1* 

:Mri 


And ounce fa tarter • 

tbrecmj lo be beard ben 

ai the Royal Con of Janice fined Lostoo 

WC3A ZLL a Wednesday 12 October 1994. 
Any creditor or flwreiwMcr of ibe Company 
. desiring to oppwe Ac robing at m Order far ibe 
confirmation of ibe rodncttoo of espial should 
r ai ilr dneofiheheanBBtnpnsoQnrby 

el Tor Hot propose. 

A copy of ite Phiium wiU be famished i 
pom leqaeug A* art fcj dr undannraj _ 
setiAon oa pajnear of die regnbied dargo tor 
■Ac suae. 

Dated 23rd ScpKdtber 1 9M 

NdtemuKsitowio 
50 Samoa Street 
London WLX JFL 

TeL- 071 493 99.0 
RrflA/lMESJSfW 


.SOUTHAMPTON (UCTLHOH) 
AIRPORT DIVELOMUM15 UMITEP 
NNPHILP LIMITED 

saktran limited 

V MHHMHI RB W ) 

Nona S HRSTf CMfN pawm uwrtsa 4VB a h 
IsriraroMISabMiwHMtmoffwrowBrdSerowwl 

fe jAmcwad (MMto be beU « to oifcesal 

RebKvlMM.WCIttttwd.UMriaaanvnu.talw lie- 

4*r d Oatm W r HLKtai ia«taa jad lOSOn 

naccd>eh.fa> Be mmalbaiiq liidtefaif M rasln 

fa *r room mmd by ftr aWfcasoata nafcon wife 

MflBOBUfflttBlWlWMHiowdii 

Csuisn r arfr earied B ww * 

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UKf Sun 1» bout en h blat ant d» bfto* tte 

a«M. uUM aautt oi Iwdrta duy dro b bt dun 

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ttedfinZbidtiiralMsmta raw 
nh coantjad n booocx 


To Advertise Your 
Legal Notices 

Please contact 
Tina McGorman 
on +44 71 873 4342 
Fax; +44 71 873 3064 


FACILITIES AVAILABLE 

FbjandxIIy successful, resourceful, 
privaieiy uwKd dectrontcs and 
rri cc ftrnic al BUnaftcniriagl'aateanbly 
Company, 1QK sqft dean, rfisapUacd, 
BS5750. sir-cooditioned cnwirtxnncot 
based Wta Midlands seeks ocw 
maricet^wodDdi cr smtegec aKnmce. 
Vue bk cenfldcace ro Bn Noe H34S3 
Haaadal Taaa. One Sombwaifc Bfadpg. 

London SCJ 9HL 


CHANNEL ISLANDS 

Offshore Company Forrnation 
and Administration. 

Also Liberia. 

Panama & BV1 etc 
Total offshore facilities 
and services. 

For detods and appouameor write 
Gray Thnl LdL Bdmcat ffenwe, 

24 Bctawal Od. St Helter. Jersey, Ci 
Tel: 0534 78774. Fm 0334 35401 
Tb4l92Z7G0P0RM C 


AUCTIONS 


COCMLOECAGUAW; 

NOTICE Of AUCTION 

Execution no. 45/88 versus EDISAC Immobiliare Sri. 

On 1 0th November 1994 at 1130a.HL the auction sale of the building 
described herewith will take place; 

Tourist complex in VOlasimius, Capo Boi, consisting of 40 
accomodation units with various appurtenances, registered at the 
Land Registry Office trader F19 maps 33, 35, 10, 32/B, 69/S, 69/L, 69 1/8. 
Base price: LiL 3,000,000,000 
Minimum progressive bid: Lit 500,000,000 
Deposit and fees: 30% of base price to the Court's office by 
7th Ncrvmeber 1993, at 1.00p.m. 

Residual amount to be paid within 30 days from adjudication in 
compliance with the Consolidation Act regulations on mortgage credit 

DIRECTOR'S COURT 
E.MENEGUZZI 


COURT QF CAGLIARI: 

NmX C EQKAUCTI ON 

Execution no. 71/89 versus SUIZO SARDA Spa 
with main office in Cagliaii. 

On 10th November 1994 at 1L30 ajn. tbe auction sale of the 
building described herewith will take place: 

Hotel complex named Hold Capo Boi in VUlasimius. Capo Boi. 
registered at tbe Land Registry Office F 19 maps 31/a, 32/a, 34. 50, 
51, 68/a, 69 1/2 and 101; subject lo amnesty charges. 

Base price: Ut. 11,000,000.000 
Minimum progressive bid: Lit 1,000,000,000 
Deposit and fees: 30% of base price to tbe Court's office by 
7th November 1994, at 1.00 p.m. 

Residual amount to be paid within 30 days from adjudication in 
compliance with ibe Consolidation Act regulations on mortgage credit 
DIRECTOR'S COURT 
E MENEGUZ53 


London Computer Auctions Ltd 


The Auction House Pegamoid Rd. Edmonton, London nib 2NJ 
Tel: 081 345 6335 Fax: 081 345 5358 
TtoUWi only custom dadgn* eonouter auction nooma 
Our iwM sate wfl be on; 


Saturday 1st October 


with over 1250 lots including: 

P* 1 *™ 3VQA s Y 5tem * 386 6 notebook cotot, systems 

PMtSgjpt&oltiflrlasarpititMa. MtjBtft 

uoe verson software 
CattfCam®VGA colour monflora 

•uutoment 

Mass Storage sub-systems 4 medla^ 
high value network components 

0Bwr ^?“' ****""* ‘i eopim.Bn: 
bKhniva wstranfeaen mejor terns 
Baendahlg wrviov oomracte 
FfwTttetwitealAdvfca asr^ipQrt 
Sale starts iimo am, 

vitwa »reJ«»io TSDopm fat, prior* imro Ban w 

g2.toonsato 4'dewtoqaay’i 


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V \ M. 


FINANCIAL times TUESDAY SEPTEMBER 27 1994 


BUSINESS AND THE LAW 


R ecent disclosures- by 
several US public 
companies that they 
have suffered sub- 
stantial losses through trading 
in derivatives has resulted in 
the announcement of tighter 
controls by US regulators. It 
has also led to the realisation 
that many of the legal issues 
which arise from the uso of, or 
failure to use, derivatives have 
yet to be tested in the raurts. 

Why do public companies 
use derivatives - financial 
instruments, such as futures 
and options? The answer is to 
manage financial risks associ- 
ated with their business. A 
company can reduce tlie risk of 
a rise in the future cost of bor- 
rowing by fixing its farrowing 
costs by the use of interest 
futures, options or swaps. 
Equally, multinational compa- 
nies can hedge against foreign 
exchange exposure through 
foreign currency futures and 
options. 

But derivatives are not with- 
out their risks, as i -scent large 
trading losses in derivatives in 
the US illustrate. Jin May, Air 
Products and Chemicals, the 
US industrial gases group, was 
the fourth listed US company 
to take a charge against its 
earnings this year* as a result 
of losses on derivatives con- 
tracts bought from Bankers 
Trust, the New York bank. 

The losses suffered by Air 
Products and the other three 
companies - Proctor & Gam- 
ble. Mead Corporation, the US 
paper group, and Gibson Greet- 
ings, a greetings card manufac- 
turer - have raised questions 
of liability. 

On September 13. Gibson 
Greetings filed suit in the Ohio 
Federal District Court seeking 
damages of $23m, the amount 
owing on the derivatives trans- 
actions, and punitive damag es 
of SSOm in respect of transac- 
tions with Bankers Trust 
The action, alleging fraud 
and deceit, claims the bank 
“made false representations 
and foiled to disclose to Gibson 
the risk of the extremely com- 
plicated derivative products" 
sold to Gibson. Bankers Trust 
denies the claim. 

Depending on the success of 
the Gibson action, Proctor & 
Gamble has said it may follow 
with an action over its loss this 
April of gl&Tm on two highly 
leveraged interest rate swaps. 

Although the company has 
not yet started legal proceed- 
ings it attributes the loss to 
Bankers Trust, arguing that 
the transactions, based on 
complex formulae which multi- 
plied the effect of interest rate 
increases, were not usual for- 


Liable to 
exposure 

Diana Bentley on closer legal 
scrutiny of derivatives losses 


LET ME EXPLAIN DERIVATIVES' TRADING 
SIMPLY; You PLACE ONE BULLET IN THE 



the company and were incon- 
sistent with its policies. 

The bank denies liability for 
these losses, saying the trans- 
actions were entered into after 
much discussion, that it for- 
mally recommended to Proctor 
& Gamble that the company 
limit its risk by unwinding all 
or part of the transactions 
when changes in market rates 
began to affect its position 
adversely - advice Proctor & 
Gamble rejected. 

The Bankers Trust action 
hi g hli g hts the question of the 
liability of banks in providing 
derivatives services and the 
level of advice given. 

Losses arising from deriva- 
tives dealing are an emotive 
issue, according to Mr Tim 
Plews, of City solicitors Clif- 
ford Chance. “Derivatives are 
somewhat intangible and large 
sums can be lost or gained 
overnight, making losses par- 
ticularly unpalatable.” he says 

Mr Jonathan Melrose a part- 
ner of City lawyers Simmons & 
Simmons says the basic prem- 
ise of UK derivatives regula- 
tion is full and frank disclo- 
sure. though financial 
institutions dealing with pro- 
fessional clients are permitted 
to place greater reliance on the 
client's own judgment 

But lawyers- accept-that even 


compliance with standard dis- 
closure requirements to profes- 
sional clients may not avoid 
claims. 

Given its sophistication. 
Proctor & Gamble’s assertion 
that it was relying on Bankers 
Trust’s advice has been greeted 
with derision in the US mar- 
kets. But the company has not 
ruled out litigation. 


G ibson Greetings 
alleges it was posi- 
tively misled. That 
shows a financial 
institution is never out of the 
firing line, Mr Melrose says. 
“Large losses can concentrate 
the mind on what action may 
be available. Clients may try to 
argue that they are owed a 
duty of care or, as with Gibson, 
allege they were actively mis- 
led.” he adds. 

With exotic derivatives ques- 
tions of liability are more com- 
plex, Mr Plews says. “There 
can be a fine line between 
what it takes to market a prod- 
uct, especially a new one, 
which has to he demystified for 
a customer, and the giving of 
advice. To what extent is a 
bank encouraging reliance on 
its explanation before a cus- 
tomer commits to the con- 
tract?" 

The possibility of share- 


holder action against compa- 
nies using derivatives adds 
another dimension to the prob- 
lem. Shareholders may be phil- 
osophical about trading losses 
in traditional areas of business, 
says Mr Plews, but less forgiv- 
ing about derivative losses. 
There is certainly more pres- 
sure now on directors to 
ensure they understand the 
products the company is deal- 
ing in, says Mr Melrose. 

The point is illustrated by a 
recent Australian decision in 
which the chief executive and 
chairman of AWA Ltd. a public 
company, was found to have 
been negligent in foreign 
exchange transaction losses 
because he failed to establish 
adequate internal control 
systems in the foreign 
exchange department and 
properly control the activities 
of the department head. 

The decision by the Commer- 
cial Division of the New South 
Wales Supreme Court is under 
appeal, but Mr David William- 
son, f nnrirm partner of Austra- 
lian law firm Blake Dawson 
Waldron says: “The Australian 
decision should focus the 
minds of directors and profes- 
sional advisers, such as audi- 
tors, on their potential expo- 
sure in this area." 

Directors may find them- 
selves in a quandary over 
derivatives, according to Mr 
Melrose. “In any company 
where there is a sophisticated 
treasury operation inadequate 
use of derivatives to hedge 
may also be open to question." 

He points to a US case where 
directors of the LaFontaine 
Grain Co-operative were found 
by the Indiana Court of 
Appeals to be negligent for not 
adequately using derivatives to 
minimise financial risk 

Directors may in some dr- | 
cumstances be covered by Dir- 
tectors & Officers Liability 
insurance, now common in the 
US and becoming so in the UK- 
Trading losses from failure of 

manap>mmt ma y be covered 

by such insurance, but some 
policies exclude failure of 
investments, in which case 
losses incurred through deriva- 
tives may not be insured. 

UK and US lawyers will 
watch the US litigation with 
interest. Apart from the 
Hammersmith and Fulham liti- 
gation, where the House of 
Lords ruled local authorities 
did not have the powers to 
enter into swaps contracts, lit- 
tle legal action has been taken 
an derivatives in the UK 

Yet, as the recent US action 
confirms, the use of derivatives 
is under increasing legal scru- 
tiny. 


BUSINESSES WANTED 


OFFICE EQUIPMENT 


MAILORDER BUSINESS 


Required by Holding Company seeking diversification 
Niche market preferred 

lde«i opportunity for either owner ratlr^pent or group divestment 
Controlling interest required 
Existing management continuity, if desired by Vendor 
Please reply to 
HaHiweU Landau, (Ref CRG) 

St James's Court, Brown Street. Manchester. M2 2JF 
Tet 061 835 3003 Fax: 061 835 2994 


L 

Haijjwell Landau 


HiMI/wg UMXiiMi ts sutnonood try the 
Law Society to conduct bnw&nonf business 


OFFICE FURNITURE 


We have - direct from the manufacturer - new high quality 
executive and system ranges - conference and receptions. 
Large choice of veneers, melamine and/or laminate finishes 


with discount of up to 40% from R.R.P.! 


London Showroom for viewing: 

Ariel House, 76 Charlotte Street, London W1 
Tel: 0374 741439 

Full camcad and planning services. 


LINE ABURO LTD Tel: 0992 503313 




NORTH OF ENGLAND TEXTILE P.L.C. 
Seeks further growth by acquisition in the textile or 
textile related fields. 

The ideal size would be companies with 
p.b.t. of up to £500,000 
But would consider other proposals. 

Write a strictest confidence to Ben No: B34IS Financial Times. 

One Suulhwaik Bridge, London SEI 9HL 


International UK based 
specialist electrical 
component manufacturer 
is looking to acquire a 
profitable £l-£5ra rum over 
manufacturing company. 
Areas of interest electro/ 
mechanical components, smalt 
electronic assemblies and 
transducers. 

Pn nopals inly required to: 

Bat BUM. Financial Times. One 
Sowbwari Bridge. Lukina SEI UHL 


WANTED 

INSURANCE LOSS 
ADJUSTER 
Organisation wishes to 
acquire specialist adjuster 
or company with good 
geographical spread. 

Ftrase wrtic la No. B34O0 
funndiil Times. Our Southwark 
OrkJfic. London SEI QHL 


Public Company with Marquee 
Hire businesses wishes to acquire 
others to establish powerful 
regional business. 

Area: Midlands. Northern 
Home Counties. 

Send business profile, hire stock, 
financials, all in confidence. 

For further details please respond tre 
Box B3455. Financial Times. 

One Southwark Bridge. London SEI 9HL 


New Product Consultants 

Strengthen your position in the marketplace with the a dd iti o n 
of new products. We can supply ideas, designs and prototypes 
in a fast economical and confidential service. 

If yon consider your market presence stale tben take the first step and telephone 
Kane Associates on 0602 848147 


LIQUIDATIONS & 
RECEIVERSHIPS 



TVfc (0472)3712*6 Fra (M771 371*58 


Save on 
International 
Phone Calls! 


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

Ask about our low rates 
to other countries. 


CALL USA 
ONLY 17p/min 

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



TELEPHONE MARKETING Acportmensor 
lfeaaan±£ 120 per day plus utaphora chap* 
ExpafencBd tottnea. Trisphcne OSS 61380B 


SUCCESSFUL 
COMPUTER SERVICES 
COMPANY 

wishes to expand - 
★ Acquisition * Merger 
★ Alliance. 

Please writ* la the flrri townee lot 
Box B3456. Finareia] Times, 

One Swnhwarit Bridge. London SEI vHL 





Hie 

Fraud prerantfan and deWCtlBn 1* a gmwth Industry hut just how much 

tftnn and money shotdif eempanlaa WHl? 

This murvnj will foeon on l** 0 ** «ataat money 

Lanndnttog. tnduntrial sap lonngo 0*^ computer hackteg. 

For more Information on materia! ewrtoot and details of adrertiatag 
opportnoMtoavtototota 

BRIAN POWELL 
Tat +44 71 373 3223 

FT Surveys 


1 

SECONDHAND 


African Associate of a 
U.K. company requires: 

Injection moulding 
machine for manufacture 
of 4 litre Plastic Buckets 
for paints. 

Tel: 081 903 4434 
Fax: 081 795 1608 


MAJOR SALE BY AUCTION on Tuseday 
lift October (Viewing 10»). « Lincoln 
Road, Peterborough, Over 500 lots of 
Toolroom and Production Machine Tools 
and Equipment For further Wormatton 
please contact HEWW BUTCHER & CO 
onTflt 0T1-405 55D1 orF8*On 406 9772. 

FOR SALE. ENTIRE TEXTILE 
MANUFACTURING FACILITY. REP 
IRELAND. CLOSING DATE FOR 
TENDERS 4.11.04. TEL' FERGUS 
SLATTERY 010-3G3-1-60S6M4. 


Appear in the 
Financial Times on 
Tuesdays, Fridays 
and Saturdays. 

For further information or 
to advertise in this 
section please contact 

Karl Loynton on 
+44 71873 4780 
or 

Lesley Sumner 
+44 71 873 3308 


FINANCIAL TIMES 

tirtorE i auMMEw 


BUSINESSES FOR SALE 


OnJnrtrucdomoYdM 

■fotaAdnrinfo t redMrWtcriwr 

LAKESIDE LANES BOWLING 
WORKINGTON. CUMBRIA 
Well equipped, hilly Seemed ten pin 
bowling centre (opened *93). On 
modem business park edge d town 
eontre. Easily acwmtoto A£& Tfi 
lanes vrth overhead monitor* lor 
computerised scoringflotorision. 
coflee shop A mezzanine tar. Is! hill 
year nelTiO £415.376. 

Offers around £500,000 tr**hokL 
ROBERT BARRY & CO. 

TEL: HARROGATE <0423> 566362 


ITALY -Milan 

**’ Hotel, well situated next to the 
exhibition site (Ffcra), 122 rooms 
with every comfort, garage, very 
high tradition and repviatjon- 

ForSale 

Please write to: RETTVA SPA, VIA 
G-B. CAS ELLA. 54 MILANO 
FAX: +39 2 33002668 


RECRUITMENT AGENCY 

The premier commercial 
recruitment agency in 
North London 
Net profit £500,000. 

Offers sought 
In Region of £2milIion. 

Fax: John Blssefl 
(04381 B40543 

UNSEY BISS ELL ASSOCIATES 


CHARTERED 

ACCOUNTANCY PRACTICE 
Suffolk / Cambridge Bonier 
Sole practitioner 
GRF £120.000 
Practice andefients 
Further partkalais oc application to:- 
Pit ttys 

Ebn House. 25 Elm Street 
IPSWICH. Suffolk IP1 2AD 
Re£ IMW/chh/33 

Tel: CM73 232121 Fax: 0473 230002 


-Substantial provider of temporary 
and permanent staff in specific nich 
areas. 

-Experienced and successful 
management team. 

-Wide range of blue chip customers. 

-Turnover in excess of £10 million. 

Potential purchasers please reply ber- 
Cox&Co 

St Joseph's Court TrindJe Road 

DUDLEY. West Midlands DY2 7AU 


YOUR SILICON VALLEY 
CONNECTION 

Experienced I nfatuati on Technology 
Munfacmcr'c Reps. Offices is Siliooe 
Valley. CA Saks. marketing and technical 
support for yoor IT pmdacts. 
Enquiries: AK Rneebeny A Associates. : 
Information Technology Divoton j 
Financial Times. Boot B3361 
One Southwark Bridge. London SEI 9HL. 



Finansa Ltd. . ^jH ) 

Tony Thompson, the Joint Administrative Receiver, otlers for sale as a 
going concern the business and assets oi one of Europe's leading 
communications software companies. 

Principal features include: 

■ I.P.R. over the following highly successful, award-wmmng software 
packages: 

■ Remote WinMail 2.0 - lhe first remote mail software to allow 
users to connect via modem directly into both public and private 
E-mail systems through a single common Windows 3 or OS/2 
based user interface; 

■ WinMail 1.5 - the award-winning E-mail package for Novell 
networks running Windows and DOS. 

■ MaitFax 1.0 - an integrated E-mail and lav software system 

■ An experienced team of software engineers with technical, sales 
and support team. 

■ Trademarks registered in 14 countries 

For further information contact lhe Joint Administrative Receiver. 
Tony Thompson. KPMG Peat Marwick. PO Bo* 730. 20 Farnngdon 
Street, London EC4A 4PP. Tet: 071-236 8000. Fax: 071-248 1790 

Corporate Recovery 


MANUFACTURERS OF COMPUTER CABLING 


The Joint Receivers R M Addy and A S M Robertson otter for sale the above company which Is an 
established manufacturer o! computer cabling and component distributor, based In Corby. 

Principal features of the business Include: 

• largest European manufacturer tor IBM cabling system 

• blue chip customer base 

• turnover of c.£6 million 

• substantial ordBr book 

■ modem freehold unit In Corby 

• full monufaduring equipment 

• frained and loyal workforce 

• an accredRed Category 'A' IBM supplier and sole suppliers of APEX 5. 

For further details, please contact The Joint Receivers, R M Addy and ASM Robertson, or Jon Slepto at 
Coopers & Lybrand, Central Business Exchange, Midsummer Boulevard, Central Milton Keynes MK9 2DF. 
Telephone: (0908) 690064. Fax: (0908) 690065. 

Coopers & Lyband is authorised by ihe Institute of Chartered Aocodduims is England and Wales to cany on 

InvEsatmu Business. , 


BUSINESS FOR SALE 

STONE AND ARCHITECTURAL MASONS 

A le ading well emablisbed Stone and Architectural Masons business is offered Tor 
sale with tbe following features: 

- Turnover in excess of £2.7tn per nnnnm 

• Profits in excess of £30Qk per annum 

• Snhaantial order book in excess of £800k 

• Modern premises with computerised plant aid equipment 
StaWe and highly skDkd workforce 

- ExcgUciu cptfocner bnsc compoaii^ major constrnaion co m pa ni e s , authorities 
and institutions 

- Capacity for expansion 
For further rafonnation contact 

Quries Bunker 
Keitwrn Rose 

Regent's College. Inner Circle. London NW1 4NS 
Tet 071 467 7600 Fax: 071 487 7692 

Authorised by ibe Tpsikmc at dunned Acommuno in England & Wales 
lo cny on toveumau Mncss 


FRENCH COMPANY FOR SALE 

Involved in office rental 

Buildings located in tbe Paris area. 
Rental income in 1993 $3,500,000 

For details write to 
Michel Bernard 

10 rue du G£n£ral Henry s, 75017 Paris France 
Tel +33 1 46 27 25 25 Fax: +33 1 46 27 74 06 



INDEPENDENT 

ELECTRICAL 

WHOLESALES 

West Midlands Based. 

Turnover £750K. 

[Deluding Retail Shop, 

Good Customer Base, Stocks. Vehicles, 
Building Could be Included in Sale . 

Wrttf to Bar He: R.UO? Fataxcwl rimes, Omt 
Sotskwark Bridge, tomtom SEI 9H L 


GOLF COURSE: 

WeH established. 9 holes with 
substantial owner's residence. 
West Country. Will suite 
lifestyle purchaser. Freehold for 
sale - guide £570,000. 

Writs to Box No: B34 14 
Finendaf Times, One SoushwarWBridge, 
London SEI 9HL 


Manufacturers 

Custom made sports and travel 
bags and allied products. 
Established over 55 years. 
North East England 
Sale due to retirement. 

Write to Bex B3454. Financial Timet 
One S u H iwti k Bridge, London SEI 9HL 



fTlsMi; ’ II, 7 . frill 


Based in Midlands. NlCEJC, FMB. EEIA 
MEMBER. Local Authority Approved. 
Tnroercr £1.91. Good Contacts. Order 
Book. History, Well Established - since 1967. 

Mte/BcuNn B340B 

Financial Times. One Southwark Bridge, 

London SE19H. 

MAINTENANCE 

ENGINEERING 

CONTRACTOR 

Rqpuflyesqandog 

BiudqicusuaKn. Operating to coche 
ana with eamdlent growth potodiaL 
Write to Box Not B34% FeuocwJ T«ri, 
Ore SttUjpmk Brid ge. Loudo n SEI UHL 

100+ LIVE 

Businesses for 
sale and 

sales of assets fortnightly 

071 2621164 
Fax: 071 7063464 


• BmfaMSKi For Sale 
Piadnced by e xp er i en ced profc ei i m a h wftfa 

«i»a«i > n «|iie pfppHf in refaM 

HunlRtfe of Gm. and eninas ft end! tear. 
TeL 071-353 5003 Fra 071-353 SOM 


ELLISON & CO. 

2 NORTH EAST BASED BEATING 
& VENTILATION COMPANIES. 
Long Established and well 
connected businesses. 
Refiremcm Sale. Extensive Freehold 
Properties. Offers Invited 
[REF: 4IS7I 

Telephone Tyneside (091)2120000 


Profitable ladies shop, specialising 
in quality clothes in busy Cotswold 
centre. Large established clientele. 
Turnover above £200,000 per annum. 
Luxurious FUi Above. Freehold 

Enquiries u> Bin Nir. BM?2 Ffanocal Tima. 
One SaakmL Bridge. Lasdun SEI WL 

OFFICE 

SUPPUES / STATIONERY 
Retail shop for sale 
in Middlesex. 

Close to Harrow. 

Apply for U deals to Box No: B3413 
Financed Times. Ona SoulhwiBk Bridge. 
London SEI 611. 


CHESHAM. 

BECAUSE YOU ONLY SELL 
YOUR BUSINESS ONCE. 

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

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


CHESHAM 

AMALGAMATIONS 

The first name in merger broking. 


Chesham House. 2 Ben tin ck Street London W1M 5RN 
Telephone: 071 -935 2748 


Humberts Leisure 


l.i nn 1111411(1- u i iliK 

A profitable touring caravan park 
with house and barns for conversion 

» mi M'mi i-d mu linn pm hi.% uith slitmt-r WC him k. simp 
.ind l.miulrritr • S|t.irious < 4 htulnitiiii In him- uiili 
p.uldrx k% • KiiriRi' of tr.idi (iiin.il h.irn» with pl.mnmn lot* 
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.inini Mill- 

I liunbcn-s si.iplrmn lltiinbt-n* Ij-iMin- 

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Fjx: OI5Z2 510570 Ra\t 01 71-109 0475 


HOTELS • GOLF • LEISURE 

Businesses & Property in Receivership 

Tr.ij *rofijss:o , *.5i! i.uides to UK ir.soivercy Marks* 


PINK 

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PROPERTY 

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INDUSTRIAL 
FASTENER 
BUSINESS FOR SALE 

-Sale of fasteners & fixings 
to industrial users 
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-Turnover circa £2.3m 
-Proms above norm 
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PhM 80 write U Box No: B3449 
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Bridge. London set 9HL 


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X 





















12 


FINANCIAL TIMES 


TUESDAY SEPTEMBER 27 !W4 


TECHNOLOGY 


' , '.’t ^aj-l iTPFIf-rT '-' • •“ '••» *:!'••' 

■ " '■ " ■' '-* '/■£. ■:■ . i * > V,\. . v ■■ V „?.< '/*■> ■** < » ^V*"* ^ V* . ""\ • • 



Floating sensation: the Gryphon ran exploit remote off shore petroferon deposits too smaR to justify a conventional ptetfotm 


Ship -shape for the 
high seas 

Robert Corzine explains why floating oil production 
systems may prove increasingly popular 


L ike its mythological 

namesake, the Gryphon, a 
tanker-like vessel anchored 
in the North Sea 200 miles 
northeast of Aberdeen in Scotland, 
is an unlikely combination. 

From a distance it looks like any 
other large oil tanker. But 
whereas most such vessels 
measure their lives in millions of 
miles travelled, over the next 15 
years or so the Gryphon is 
unlikely to move more than a few 
metres from its present position. 

Fart ship, part crude oil and 
natural gas processing and 
storage plant, the Gryphon 
represents the latest thinking on 
how to exploit remote offshore 
petroleum deposits too small to 
justify building a large and 
expensive conventional platform 
fixed to the sea bed. 

Bay Phillips, an executive with 
Kerr-McGee, the US company that 
operates the Gryphon, says the 
decision to use a floating 
production, storage and offloading 
system (FPSO) saved 40 per cent 
over the cost of a conventional 
platform. 

In addition, the early 
availability of the ship, which had 
been built as a floating oil storage 
vessel on a speculative basis in 
Spain, meant the company was 
able to produce the first ofi from 
the field in October last year, 
about a year after the go-ahead 
was given. First oil production 
from a conventional platform 


would not have been possible until 
early 1996, he says. 

Although the Gryphon is the 
only FPSO operating in the UK 
sector of the North Sea and one of 
only a dozen or so in the world, 
industry observers expect them to 
become an increasingly common 
sight in coming years. Wood 
MacKenzie, toe Edinburgh-based 
oil consultants, earlier this year 
estimated that nine UK North Sea 
fields being considered for 
development will use some form of 
floating production system, with 
two-thirds expected to adopt a 
ship-shape solution similar to the 
Gryphon. 

The effectiveness of FPSOs have 
been enhanced by progress in a 
number of teehnieal areas. The 
method used to keep the Gryphon 
on station is straightforward: a 
turret at the centre of the vessel Is 
secured to the seabed by 10 
anchors, mi* weighing 35 tonnes. 
The vessel, which has five 
thrusters mounted along its hull, 
is able to rotate around the turret 
so that it is always lying head to 
the wind. 

The “smart" part of the system 
lies within a sophisticated 
computer software system. It 
receives precise navigational data 
bum automatic electronic 
identification systems, or 
"transponders”, on the seabed and 
sate llite trans miss ions. It also 
receives constant weather data 
and updates on the stresses on 


each anchor chain, before 
recommending to the crew that 
they activate one or more of the 
thrusters. 

The system can also “learn the 
weather and react to it”, 
according to the Gryphon's crew. 
Its effectiveness is such that the 
Tmnrimnm lateral motion 
experienced by the ship in last 
winter’s Force 10 gales, with 
winds posting to 120 miles an 
hour, was 30 feet, although it can 
move more than three times that. 

Other technical advances have 
also made FPSOs more 
cost-effective. New metal alloys, 
for example, have helped to reduce 
the cost of the flexible pipes which 
lead (torn the wells, located on the 
sea bed 1,500 metres from the 
ship. 

Kerr-McGee executives expect 
the operating costs of the Gryphon 
to be relatively low. The vessel is 
not due to return to port during 
its planned 15-year stay in the 
North Sea. The doubleekmned 
hull allows Inspections to be made 
on site, says Hoy Phillips, while 
the hull is protected from 
corrosion by an electrical system, 
or anode array. 

But the big cost advantage of 
FPSOs over their fixed 
counterparts will come when the 
field is depleted. For the Gryphon, 
with a life expectancy of 40 years, 
win be aide simply to weigh 
anchor and steam to a new site 
anywhere in the world. 


T he world’s biggest and 
brightest X-ray source, the 
5300m European Synchro- 
tron Radiation Facility, 
begins operating this week. 

Twelve European nations have 
clubbed together to build the ESRF 
in Grenoble, at the foot of 
the French Alps. It will give aca- 
demic and industrial researchers a 
super-microscope for probing the 
atomic and mnlwminr structure of 
materials. 

Several thousand scientists are 
expected to use the ESRF over the 
next few years from many fields, 
including physics, chemistry, biol- 
ogy, materials science, geology, 
environmental studies and medi- 
cine. Applications range from exam- 
ining surface corrosion of metals to 
Identifying the structure of enzymes 
as potential targets in pharmaceuti- 
cal research. 

The ESRF has 11 X-ray beams in 
operation, generating radiation one 
billion times brighter than a typical 
hospital X-ray machine. By 1998, 40 
beams will be available. 

X-rays are well suited for probing 
molecular structures because their 
wavelengths - less than a millionth 
of a millimetre - are similar to the 
distances between atoms in mole- 
cules. 

The main technique for discover- 
ing the structure of an unknown 
compound. X-ray crystallography, 
has been known for 80 years. Its 
best known success was in enabling 
James Watson and Francis Crick to 
propose a double helix structure for 
DNA. 

But deducing a structure from an 
X-ray diffraction pattern is still a 
very tricky and time-consuming job; 
the brilliant, narrowly focused 
beams from the ESRF will give 
clearer patterns than conventional 
sources. 

Synchrotron radiation is given off 
whenever charged particles are 
accelerated dose to the speed of 
light When scientists first observed 
the phorvimawn n in the primitive 
particle accelerators of the 1940s, 
they found it a nuisance because it 
diverted energy from the particles. 

But by the 1960s they realised 
that synchrotron radiation was a 
useful research tool in Its own right 
and they started to tap the X-rays 
emitted by accelerators that had 
been designed for fundamental 
physics research. 

During the 1970s and 1980s, about 
40 accelerators were built around 
the world as dedicated synchrotron 
radiation sources. 

The ESRF is the first of a new 
generation of ultra-bright synchro- 
tron machines. It will be followed 
by the US Advanced Proton Source, 
due to begin operations at the 
Argonne National Laboratory near 
Chicago in 1996, and Japan's 
SpRing-8 at Tsukuba science city in 
about 2000. 

In the ESRF an intense beam of 


Clive Cookson on a new ‘super-microscope* facility 
for probing the structure of molecules 

X-ray vision of 
the future 



AmctnkjuB 

BrBSant development the Brst of a new generation of uftra-bright synchrotron machines starts operation this week hi Grenoble 


electrons, as *Hln as a human hair, 
accelerates around a giant ring 844 
metres in circumference. An array 
of magnets keeps the beam in shape 
and controls the radiation. There 
are 64 “bending magnets” to direct 
the electrons around the rin g , and 
special “wlgglers” and “modulators” 
to make the beam twist and turn in 
a way that gives off particularly 
intense X-rays. 

Industrial researchers will have 
two routes to using ESRF. If they 
want to keep their work secret, they 
will be able to buy time on the 
machine at a rate of £3,300 per 
eight-hour shift. 

Alternatively, if a company 
intends to publish its experimental 
results, it can submit a proposal to 
the ESRF “peer review” panels 
which divide up the machine’s 
“public time” between competing 
research groups according to their 
scientific merit 

Ric hard O ldman, a chemist at ICI, 
the UK chamirals group, has been 
allocated beam time during the first 
round of experiments this autumn, 
for a collaborative experiment with 
Keele University to investigate the 
structure of polyester, a common 


polymer (plastic). He and his col- 
leagues will be making molecular 
movies, to see how the long polyes- 
ter chains behave during industrial 
processing. 

“Polyester is widely used in 
industry, for example to make plas- 
tic bottles for soft drinks,” Oldman 
says. “We hope to team more about 
the way the polyester chains relate 
to the mechanical p r o perties of the 
bottle, so that we can sharpen up 
our processing and make stronger 
plastics.” 

ESRF will also have a medical 
beam. This will be perfectly suited 
to angiography, for example, 
enabling researchers to take 
detailed pictures of the fine blood 
vessels around the heart, whose 
narrowing is a sign or cardiovascu- 
lar disease. 

As well as the main public beam- 
lines, which will be used for a great 
variety of short-term studies, the 
ESRF has reserved several slots for 
long-term projects. For example, the 
UK Engineering and Physical Sci- 
ences Research Co uncil has given 
Malcolm Cooper of Warwick Univer- 
sity and W illiam Stirling of Keele 
University a ccAn grant to build an 


X-ray facility for British scientists 
to study the structure of magnetic 
materials 

Cooper says there sure several rea- 
sons why the ESRF will enable 
them to do research that would not 
be possible with less powerful 
national X-ray machines such as 
the UK Synchrotron Radiation 
Source at the Daresbmy Laboratory 
in Cheshire. One is that ESRF 
beams “can be focused down to 
small focal spot sizes (less than 
02mm by 0.3mm) so that small sam- 
ples and thin film; can be studied”. 

Even when the ESAF is fully 
operational, the demand for Intense 
X-rays will be great enough to 
require new national synchrotron 
sources too. Cooper and Oldman 
say. 

In the UK, government-funded 
research councils are considering 
spending about £10Qm on a Medium 
Energy X-ray Source as a successor 
to the Synchrotron .Radiation 
Source at Daresbury. If MEXS goes 
ahead, it will start operating in 2001 
or soon afterwards. 

There is no doubt that X-rays 
have a brilliant future in materials 
research. • 


FINANCI AL l I MLS 

(. I c ' 1 


SPAIN COMPETING IN EUROPE 


Madrid 23 & 24 November 1994 

The FT’s annual Doing Business with Spun forum arranged in association with Expansion 
& Actualidad Economics will take as its theme Spain Competing In Europe. 

SUBJECTS TO BE ADRESSED: 

• Economic Recovery; Prospects for sustained growth 

• Changes in Spain's Labour Market 

- Creating conditions for business and industry to be more competitive 

• Spain as a platform to Latin America 


SPEAKERS INCLUDE: 

• D. Jose Antonio Grinan Martinez 
Minister of Labour & Social Security 
Spain 

• D. Carlos Espinosa de los Monteros 
Chairman & Chief Executive 
Mercedes Benz Esparia, S A 

• D. Oscar Fanjul Martin 

Chairman 

Repsol SA 

- D. Jose Miguel Zaldo 
Chairman & President 
Grupo Tavex 


D. Alberto Recarte 

Vice President & Managing Director 

Centunion 

D. Luis Atienza Serna 

Minister of Agriculture. Fisheries & Food 

Spain 

Mr Gonzalo Hinojosa 
Managing Director 
Cortefiel, SA 

Mr Bernard Dumou 

Chairman 

Saint-Louis Group SA 


Arranged in association with 


Expansion 


fTflltrtil fiiiilT 


For more information about marketing opportunities, please contact Lynette Northey on 07 1 8 14 9770 


SPAIN COMPETING IN EUROPE 

Please tick relevant boxes: 

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□Ctuque enclosed for £79925. made payable to FT Conferences. 
□ Please charge my Mastercard/Vua with £799.23. 

Card no H TTT XL I I 1111 IT. I I 

The informjnon vw provide will be held by us and may be used K> keep yoo 
Mfanacd of FT product! and used by other wiecud qwlily companies for 
mailing purpose*. 


Please complete and return to: Financial Tunes Conferences, 
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PEOPLE 


Newton sails into 
Kingshott’s harbour 


Sir Wilfred Newton, 65, the 
former chief executive of Lou- 
don Transport, has been 
appointed non-executive chair- 
man of John L Jacobs, the 
am«n ship-bro king and trans- 
portation group headed by 
Michael Kingshott, chairman 
of the Sally ferry line. 

Kingshott, who reversed his 
private Sheertrucks vehicle 
transportation business into 
Jacobs a few months ago, 
wants to develop Jacobs into a 
broadly-based shipping, trans- 
port and property group. 

The company is currently 
capitalised at less than £2Qm 
but is known to be interested 
in bidding for Embassy Prop- 
erty, where Kingshott is dep- 
uty chairman. Last week it 
agreed to manage the Dartford 


International ferry terminal 
and anno unced that the termi- 
nal's first customer will be 
Sally Freight which is launch- 
ing a two-ship freight service 
between Dartford and VlissiB- 
gen. 

Sir Wilfred (right), who sits 
on the boards of HSBC Hold- 
ings, its subsidiary Midland 
Bank, and Sketchley, qualified 
as an accountant in South 
Africa and had a varied career 
in industry before being 
appointed chairman of the 
Mass Transit Railway Corpora- 
tion in Hong Kong in 1983. 

Kingshott said that be had 
been keen to recruit a chair- 
man who was not just a “mate 
of mine” and had a good know- 
ledge of the transportation 
business. He said he had found 



Sir Wilfred through his mer- 
chant bank (Hambros) and his 
own personal network. 

Kingshott, the biggest single 
shareholder in John I Jacobs, 
intends to rename the com- 
pany and appoint more non-ex- 
ecutives to his board. Earlier 
fchfo month, Paul Pascan, Sally 
Line's financial controller, was 
appointed a non-executive 
director. 


Non-executive 

directors 

■ Martin Hamilton-Sharp at 
NORTHERN INVESTORS 
COMPANY; Bhoderick Swire 
has resigned. 

■ Anthony Herron, formerly a 
senior partner In Touche Ross, 
as chairman at HARRINGTON 
KILBRIDE. 

■ John Craig, a director of the 
International Fund for Ireland, 
as chati-man at BELFAST 
INTERNATIONAL AIRPORT 
HOLDING COMPANY. 

■ Murray Air, vice-president 
strategic planning and 
development of Amoco 
Technology, at OXFORD 
MOLECULAR, which recently 

bought IntelliGenetics from 

Amoco. 

m Michael Bentley, former 
deputy chairman and chief 


executive of Electra 
investment Trust, as chairman 
at ENVIRONMENTAL 
INVESTMENT COMPANY on 
the retirement of Graham 
Nutter. 

■ Basil Bean (belowX retiring 
chief executive of the National 
House-Building Council, at 
ADMIRAL HOMES. 



■ Ronald Taylor has retired 
from S JEROME & SONS 
(HOLDINGS). 

■ Peter Stanley, former 
chairman of Williams de Broe 
and Former membra: of the 
Stock Exchange Council, at 
BWD SECURITIES. 

■ Miles Templeman, md of 
Whitbread Beer, at the 
ALBERT FISHER GROUP. 

■ Chris Thomas, chief 
executive of Hanson Industrial 
Services, and Peter Turner, an 
associate director of Hanson, at 
SCHOLES GROUP. 

■ Lord Hartington. a director 
o£ private family com pa ni es 
including those managing 
Chatsworth and the family 
estates and chairman of the 
The British Horseracing Board, 
at SOTHEBY’S HOLDINGS. 

■ Alan Fryer, a director of 
Smith & Nephew, at 
HUNTING. 


Philip Jarrold: from 
puddles to pools 


After four years In disposable 
nappies, Philip Jarrold has 
decided it Is time for a change. 

Jarrold, managing director of 
Peaudouce, the nappy manu- 
facturer, is to head Vernons, 
Ladbroke’s pools division, from 
next month. Jarrold, 44, had 
been with Peaudouce, part of 
the Swedish SCA/Molnlycke 
group, since 1990. 

He has previously worked for 
Reed Elsevier, Kraft Foods and 
Mara. 


Ladbroke said it thought Jar- 
raid’s experience would be 
vital In helping to counter the 
imminent threat of the 
national lottery, which begins 
In November, ft said It particu- 
larly valued Jarrold's expertise 
in dealing with retailers. 

Although pools coupons are 
often available in tobaooniste' 
shops, their legal status in 
retailers' premises has been 
undear. However, as part of 
the attempt to allow other 



g amblin g products to compete 
with the national lottery, pools 
companies are being given a 
formal right to distribute 
coupons through retail outlets 


Foley quits 
Triplex Lloyd 

The managerial merry- 
go-round at Triplex Lloyd, the 
West Midlands engineering 
group, took another whirl yes- 
terday as John Foley stepped 
out as group managing direc- 
tor and Graham Lackyer 
stepped in. 

Lockyer, 47, a former Dowty 
executive, joined Triplex Lloyd 
only in July as group 
operations director, reporting 
to Foley. Foley, 38. became 
finance director in 1989 and, 
since 1991, a partner with Colin 
Cooke, the chairman, in the 
reorientation of Triplex Liloyd 
as a group concentrating on 
precision components. 

Cooke said there was “an 
amicable understanding” with 
Foley. “We need a strong 
operations guy - we’re a very 
technical company.” Lockyer is 
just that in Cooke’s view. 

Foley's background is 
accounting and the law, while 
bis talents, according to Cooke, 
"are more on the financial, 
acquisitions side”. 

Foley and Cooke have appar- 
ently been talking about 
Foley’s future since early sum- 
mer, so Lockyer’s arrival fore- 
shadowed Foley's departure. 
*Tm perfectly relaxed about it. 
rd like to go off anil do other 
things,” FOley says. 

■ WEW, the company previ- 
ously known as Amber Day 
which runs the What Everyone 
Wants chain of discount 
stores, has lost another senior 
executive. Elaine Gray, 34, the 
baying director, has left by 
mutual agreement for “per- 
sonal and private reasons". 

Peter Carr, cha i rm an, says 
jwis sorry to lose Gray, who 
joined the company at a young 
age and worked there for 
nearly 17 years. 

Following the resignation 
last month of managing direc- 
tor Ian Grablner, and the loss 
a chief executive and two 
chairmen within the past two 
years, Gray’s departure is a 
blow for the group, which is 
currently engaged in an 
expansion programme. How- 
ever, Carr says recent restruct- 
uring of the buying depart- 
ment, with the addition of four 
new people, will lessen the dis- 
ruption caused by her depar- 
ture. 

Keith Hutchinson, joint 

ear lf retirement because of 
continuing ill health. 




FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


ARTS 


13 


* 


* Pre-Raphaelites 
unbuttoned 

WiUiam Packer admires the 
exhibition of drawings at the BM 



.. .. S .f . C 

Drawn into the intimate presence of the artist: ‘Found’, 1853, by Dante Gabriel Rossetti 


sheer bravura of his line and touch. 


T he richness and scope of 
the collections in the 
British Museum’s 
Department of Prints 
and Drawings alone, to 
say nothing of the whole place, are 
aa unending source of surprise and 
delight And it is gratifying to dis- 
cover that even in these lean times, 
the work of scholarly accumulation 
has quietly gone on. Two new dis- 
plays, drawn entirely from within 
the collections, the one of English 
drawings and water-colours, the 
other of French Prints, neatly makp 
the point. Both are comparatively 
modest in scale, yet both are as 
comprehensive as one could wish. 

But why are drawings still so 
much the province of the specialist 
and connoisseur? Is it that they, 
vulnerable and fugitive, are alto- 
gether too problematical for the 
ordinary collector? Is it that the 
market itself, conforming to preju- 
dice, is still reluctant to set an 
inherent rather than a comparative 
value to works on paper, save with 
i' proven or rarer masters? 

For myself, I would as soon be 
engrossed by drawings, old or new, 
as by any of the more substantial 
works, to which, perhaps, they led. 
For with drawing we find ourselves 
taken immediately into the intimate 
presence of the artist, unselfcon- 
scious in his private engagement 
with his subject his interests and 
ideas. We are with him in his scru- 
tiny of the figure or object; with 
him as he teases image from imagi- 
nation; ever following his hand 
across the page. 

In all of this the pre-Raphaelites 
are admirable companions. In their 
youthful, mid-Victorian, 
high-minded earnestness, they can 
be quite as off-putting as they are 
fascinating. We may admire the 
technical accomplishment and 
beauty of the work, and yet recoil 
still from the religiosity, the senti- 
mentality, the priggishness. Or so 
we might say of the full-dress paint- 
ings. 

But here they are with their col- 
lars loosened, as it were, lively and 
personal in their address and as 
light-hearted and funny as they are 
serious. They work up their formal 
compositions as the merest sketches 
and cartoons; they draw their mod- 


els and lovers with easy familiarity 
and affection; they sit in the field 
and paint the barns and bouses as 
the sun goes down. 

And yet, for all the apparent 
informality or simplicity, these are 
works of real achievement, and 
often the more so for being so slight 
or modest Millais* skinny lady deli- 
cately cuts a flower from the trellis, 
her little boy up to no good by her 
side, an image that contrives to be 
at once ideal, statuesque and a mir- 
acle of amused and accurate per- 
sonal observation. Rossetti turns 
incessantly to his adored Miss Sid- 
dal - now standing, sitting, day- 
dreaming. now wind-swept on the 
beach with a gentleman friend. 

Charles Collins' studies for his 
“Railway Accident** combine poi- 
gnancy with reality, the lady anx- 
ious at the clerk's shoulder as the 
news comes through on the tele- 
graph. Ruskin paints the ivy on a 
rock, George Boyce, exquisitely, a 
Streatley farmhouse, Henry Holiday 
two women In fancy-dress. Burne- 
Jones a wistful Annunciation. 
Frederick Sandys’ drawing of stun- 
ning Ruth Herbert is magnificent 
There are many such treats. 

T he Shadow of the Forest, 
in the same room. Is a 
collection of prints by 
file artists of the Barbi- 
zon School, more or less 
the pre-Raphaelites' contempo- 
raries. Barbizon is a village on the 
edge of the Forest of Fontainbleau, 
south-east of Paris, which artists 
had been visiting since the early 
19th century. The ascription to it of 
a school of painters is more conve- 
nience than hard art-historical fact 
for artists came and went in the 
loosest of fellowships. It is rather in 
their commitment to working close 
to the landscape in the open air, in 
which they fore-shadowed the 
Impressionists, that the significance 
of Barbizon’s painters lies. 

They were by no means the first 
to do so, and the show makes no 
secret of their influences, from Con- 
stable and Bonington to Rembrandt 
and RuysdaeL Nor were they princl- 
ply print-makers. But the print, the 
etching especially, has always been 
attractive to artists for Its conve- 
nience. given a workshop, and 


directness. The multiple image 
largely met the problem of perma- 
nence, and there was throughout 
the 19th century the ever-growing 
attraction of publishing editions for 
the mass market. 

But the engraved reproduction of 
paintings is a secondary business 
and less interesting in this context 
than the artist’s direct engagement 
with the image, the plate and the 
processes of the print A smaller 


edition could always achieve a rea- 
sonable return. All the major fig- 
ures are represented in this way - 
Millet Daubigny, de la Pena, Corot 
besides Jongkind and Israels from 
the Hague. 

In every case, the closer they stay 
to the direct act of drawing, and to 
the particular qualities of lira* and 
tone that only the etching can 
achieve, the better. And Corot 
stands out among them all for the 


His use of the now obscure clicht- 
verre, that marries etching to pho- 
tography, could not he more sympa- 
thetic. 


Pre-Raphaelite Drawings in the 
British Museum: Shadow of the 
Forest - Prints of the Barbizon 
School: both exhibitions at the Brit- 
ish Museum, Great Russell Street 
WCl, until January 8. 


The Tate short-lists 13 to 
build for the miUennium 


Theatre in New York/ Karen Flicker 

Philadelphia, Here I Come 


T he race is on to design one 
of the most prestigious of 
the millennium projects, 
and one that seems likely 
to get the go ahead - the Tate Gal- 
lery of Modern Art on London’s 
Bankside. Yesterday 13 architects 
were short-listed, with the field 
being whittled down to five by 
November 21, and the winner to be 
announced In Febnury. 

Two leading British architects, 
Norman Foster and Richard Rog- 
ers, who are already involved with 
millennium projects at the British 
Museum and the South Bank, 
decided not to submit. The candi- 
dates going forward, in an interna- 
tional list, are AIsop & Stdrmer; 
Arata Isozaki (Japan); David Chip- 
perfield; Future Systems; Herzog & 
de Meuron (Switzerland); Michael 
Kopkius; Nicholas Grltnshaw; 
Office for Metropolitan Architec- 
ture (Netherlands); Rafael Moneo 
(Spain); Renzo Plano Building 
Workshop (Italy); Rick Mather; 
Rolfe Judd/ Claudio Silvestrln; and 
Tadao Ando (Japan). 

The building will cost at least 
£40m (while the overall cost will be 
£80m) and work should start In the 


summer of 1996 in readiness for an 
opening in 2000. The Bankside proj- 
ect is unusual in that it involves an 
existing building, Gilbert Scott’s 
1947 power station, most of the 
exterior of which will be retained. 
Because the gallery will house 
mainly international art, there 
seems to be no prejudice against an 
overseas architect and Tadao Ando 
has already been tipped as a possi- 
ble winner. 

Now the Tate’s director, Nicholas 
Scrota, will embark on an acquisi- 
tion drive to plug the gaps in the 
Tate’s modern collection before 
2000. He will buy works, but also 
hopes for gifts from Friends of the 
Tate and will be approaching lead- 
ing artists asking for fine examples 
of their work in return for immor- 
tality. 

Meanwhile work will start next 
year on the revamp of the old Tate, 
which will increase the space avail- 
able to show British art by a quar- 
ter. It is made possible by a £12m 
donation from an anonymous 
American benefactor. 

Antony Thomcroft 


T he New York theatre sea- 
son is off to a promising 
start with Joe Dowling's 
top-notch revival of Brian 
Friel’s early play Philadelphia, Here 
I Come , at the Roundabout Theatre. 

After the Broadway failure last 
year of Friel's strained, 
heavy-handed Wonderful Tennessee. 
New York needed to see this Irish 
playwright at his best And Phila- 
delphia, which premiered in Dublin 
In 1964 and on Broadway in 1966, is 
edit Friel: poetic, wistful, aching, 
and funny, it is foil of the play- 
wright's characteristic fascinations: 
memory, the isolation of a transcen- 
dent moment of happiness, and 
above all, the Irishman's search for 
personal and national identity. 

Uke many of Friel's plays. Phila- 
delphia is set in the fictional town 
of Ballybeg. on 25-year-old Gareth 
O'Donnell's last night in Ireland 
before he leaves, probably forever, 
for America. Gar is of two minds 
about going away, which Friel rep- 
resents quite literally, two actors 
play Gar. one his outer self (Jim 
True), and the other his private 
thoughts (Robert Sean Leonard). 


IBs mother long dead, Gar lives 
and works with his uncommunica- 
tive father (Milo O'Shea), who still 
treats the young man as if he were 
a child. In the play's best scene, 
father and son exchange banalities 
at the dinner table, while Gar’s alia 
ego mocks, curses, wheedles and 
exhorts the expressionless older 

man 

Even more tragic than the boy's 
non-relationship with his father is 
his estrangement from himself. 
Behind closed doors, both public 
and private selves come alive, but 
around other people, Gar watches 
life happen, inwardly commenting 
on the action but unable to partici- 
pate. Gar's passivity has already 
bred one cataclysmic mistake: he let 
the girl he still loves (the radiant 
Miriam Healy-Louie) get away, a 
painful episode he recalls in flash- 
back. 

Most of the play, however, prog- 
resses in real time, as various peo- 
ple pass through the house to give 
Gar their regards. As much as Friel 
casts a cynical eye on Irish society, 
he does not romanticise the alterna- 
tive: America’s representative is 


Gar’s brash and pretentious Irish- 
American aunt, whose invitation to 
Philadelphia offers Gar his escape. 

Dowling’s production has a mar- 
vellously directorless quality, as if 
the events on stage were happening 
for the first time. The two young 
actors are excellent. True plays 
outer Gar like a brooding time 
bomb, while Leonard is a fine inner 
Gar, capturing both the character’s 
cynicism and his childishness. The 
redoubtable O’Shea and Pauline 
Flanagan fit so naturally into their 
roles as the father and his loving 
but arid-toungued housekeeper that 
John Lee Beatty seems to have 
designed them as part of the pic- 
ture-perfect set 

American appetites whetted for 
more Friel will be sated later this 
season: Noel Pearson is planning a 
Howard Davies-directed Broadway 
production of the playwright’s 1981 
Translations In March, and talk of 
brin g in g Friel's latest, Molly Swee- 
ney, to New York has surely esca- 
lated after the New York Times’ 
rave review of its premiere produc- 
tion at Dublin’s Gate Theatre ear- 
lier tin's month. 


Concert/David Murray 

Mahler's 2nd 


A ll the equipment was in 
place for Mahler's Sym- 
phony no. 2 at the Barbi- 
can on Sunday, the second 
instalment of Michael Tilson Thom- 
as's Mahler cycle. The London Sym- 
phony was on cracking form, with 
the requisite extra brass, and the 
London Symphony Chorus in glad 
cry; two excellent solo voices made 
vivid personal contributions (very 

welcome) to the massive sound. 
This was certainly a ''Resurrection" 
Symphony to wake the dead. 

If you detect a note of reserve in 
this, it may indicate nothing more 
than a jaded appetite. Mahler's 
grandiose canvas was brightly lit 
up (granted a couple of smudges in 
the offstage brass, which made no 
difference), and the newly improved 
acoustic proved itself again at the 
monster climaxes - plenty of 
impact, without clotting or conges- 
tion. "There was little in the way of 
chiaroscuro, nor does the Barbican 
Hall afford much room for depth- 
effects. 

Tilson Thomas delivered the 
score with sharp precision and 
some mildly unusual ideas. The 
low-strings recitative at the start 
was fast and hard, tempo giusto. a 
far cry from the sullen lament that 
older conductors used to make of it, 
but most of that opening movement 
was solemn and quiet; so too the 
Andante moderato, though tautly 


measured. Contrariwise the 
Scherzo, made newly famous by 
Berio's Sinfonia, went like the 
wind: the sense of a sinister mow 
perpetuo was enhanced, at the loss 
of any black humour. 

The “Urlicht" movement went to 
the Parisian contralto Nathalie 
Stutzmann. whose exquisitely 
wrought line came in a lovely, 
dusky timbre. Suddenly the sym- 
phony showed a human face. Nina 
Sterame (Cardiff's "Singer of the 
World" last year) joined her in the 
Finale, with a fine-spun, tremulous 
tone perfectly adapted to her music. 
The timpani thundered mightily, 
and the Chorus reared their I leads 
off. One felt a bit battered at the 
end. 

What to play with Mahler Two Is 
always a problem. It is a tad short 
for an evening, but hardly brooks 
anything substantial by way of 
programme-filler. Tilson Thomas 
opted for a little Oliver Knussen 
commission from six years ago, 
his racing, twinkling "Flourish 
with Fireworks" tit nods gracefully 
to Stravinsky's Fireworks), and 
an earlyish Krenck piece Die 
Nachtigall. for coloratura soprano 
with flutes and strings, in which 
Sarah Leonard warbled with all her 
customary charm. It seemed hardly 
ten minutes before we were out in 
the bar again for the interval. 


Opera in San Francisco /Timothy Pfaff 

Dangerous Liaisons 


T wo centuries and numer- 
ous stage and screen adap- 
tations later. The Danger- 
ous Liaisons emerged in a 
new incarnation as The San 
Francisco Opera mounted the world 
premiere of Conrad Susa's and 
librettist Philip Littell's opera. 

It is hnfning that the company 
commissioned Susa to create its 
first full-scale premiere in 18 years. 
It had previously produced two 
Susa operas for a spring season 
( Transformations. ) and for its 
apprentice singers (The Love of Don 
PerlimplinX neither of which proved 
musically memorable occasions. 
While Liaisons, now being filmed 
for television, may well prove more 
memorable, its musically faceless 
score is unlikely to linger long in 
the mind 

Ironically, for an opera about peo- 
ple obsessed with appearances and 
style, Susa’s score is virtually 
devoid of a unifying musical style - 
or even personality. The orchestral 
carpet is a tangle of meandering 
sounds and the vocal writing lacks 
tension, shape, and even a rudimen- 
tary sense of direction. But for all 
that, San Francisco's expert cast, 
headed by Frederica von Stade as 
the Marquise de Merteuil and 
Thomas Hampson as the Vicomte 
de Valmont, took to the vocal parts 
as if they were top-drawer Verdi. 

Strangely, the most obvious blem- 
ish on Susa's score, its orchestra- 
tion, may not represent his own 
work. The programme discreetly 
identified Donald Ontiveros. Manly 
Romero, and an entity called Music 
Publications Technologies under a 
new category. "Orchestration and 
editorial assistance." And in the 
weeks preceding the premiere there 
were rumours of other people, with 
the requisite musical acumen (or 
the right software), orchestrating 
this passage or that. 

Music director Donald Runnicles 
lent his customary tireless energy 
and cogent leadership to the enter- 
prise. but there is a limit to what 
even a music director can ask. 

in most other respects, the mak- 
ings of a promising opera seemed 
on hand. Littell’s English verse 
libretto - drawn directly -from the 
Pierre Choderlos de Lacios novel - 
proved serviceable, although Susa’s 
heavy hand with the musical appli- 


qu£ did make one grateful for the 
surtitles. Production director Colin 
Graham cleverly realised the letter 
motif that underlies every aspect of 
this complex tale and effectively 
staged the overlapping of scenes, 
characters, and even time and space 
frames that are at the heart of Lit- 
tell's play. 

Resident designer Gerard How- 
land's fluid settings and costumes 
unearthed subtle connections 
within the overall picture of deca- 
dent beauty. And Thomas Munn’s 
lighting was dramatic and narrative 
in its own right. All that said, it was 
the cast that made the work as 
involving as it became. (Subject 
matter notwithstanding, the long 
first act was simply dull.) As the 
Marquise de Merteuil, Frederica von 
Stade was formidable and husky of 
tone one minute, vulnerable and 
kittenish the next, and typically - 
but arrestingly - sympathetic in 
her portrayal. 

T homas Hampson 's Valmont 
was similarly fine-grained, 
convincingly sinister and 
susceptible without once 
defaulting to stage cliche. Renee 
Fleming's melting, then molten, 
performance as the tormented 
Madame de Tourvel took over the 
second act, as it should. 

Judith Forst’s imperious Madame 
de Volanges. Mary Mills' complex 
and affecting Cecile, and Johanna 
Meier's worldly-wise Madame de 
Rosemond were accomplished, 
affecting musical characterisations. 
Australian tenor David Hobson's 
Danceny was convincingly hor- 
monal but had yet to come into 
focus. The comprimario roles were 
played faultlessly. 

Despite the cumulative theatrical 
power of this Liaison's second act, it 
is so musically evanescent as to 
become, in the end, insubstantial 
and unmemorable. As currently 
scored, Conrad Susa's The Danger- 
ous Liaisons becomes the latest 
entrant in a dispiriting string of 
American opera premieres. In a sav- 
agely defiant final tableau, von 
Stade’s Merteuil - in a harsh carica- 
ture of Strauss' Capnccio Countess 
departing for a dinner of Welt- 
schmerz - exits with the raspy, vul- 
gar exclamation, “I’m hungry." So. 
it happens, are we. 


|| International^ 



ARJ 

rs 

GUE 

DE 


■ AMSTERDAM 

Coneertgebouw Tonight: Jessye 
Norman song recital. Tomorrow: Lev 
Markiz conducts Nieuw Sinfionietta 
Amsterdam in works by 
Mendelssohn and Liszt. Fri: Edo de 
Waart conducts Radio Philharmonic 
Orchestra in Dukas, Brahms and 
Bart ok, with violinist Alexander 
Barantschlk and cellist Floris 
Mijnders. Sat, next Mon and Wed: 
Hartmut Haenchen conducts 
Netherlands Philharmonic Orchestra 
in Wagenaar. Beethoven and 
Brahms, with piano soloist Karin 
Lechner. Sun morning: Frans 
Bruggen conducts Radio Chamber 
Orchestra in Schumann and Brahms, 
with violin soloist Thomas Zehetrnair. 
Sun afternoon: Jan-Willem de Vnend 
conducts Combattimento Consort m 
baroque programme. Oct 9: Alfred 
Brendet (020-671 8345) 
Muziektheatar Tonight: Nederiands 
Dans Theater in choreographies by 
Kylian and Naharin. Tomorrow. Fn: 
Hartmut Haencften conducts final 
performances of David Pountnsy s 
production of Lady Macbeth of 
Mtsensk. Sat: Graeme Jenkins 


conducts first of 11 performances of 
JQrgen Fllmm's production of Le 
nozze di Figaro, with cast headed by 
Dean Peterson and Joan Rodgers 
(020-625 5455) 


■ ANTWERP 

de VTaamse Opera A new 
production of Don Giovanni, 
conducted by Sflvto Varviso and 
staged by Guy Joosten, opens on 
Frl (repeated Oct 2. 4, 6, 8, 11). The 
cast is heeded by Jeffrey Black, 
Hiltevi Martinpeito and Patricia 
Racette (03-233 6685) 


■ BRUSSELS 

Theatre National Tonight Belgian 
premiere of Tony Kushnerts Angels 
In America (first part • Millenium 
Approaches), directed by Brigitte 
Jaques. Daily except Sun and Mon 
tiR Oct 19 (02-217 0303) 

Palais ties Beaux Arts Tonight 

Philippe Herrsweghe conducts 
Orchestra des Champs-Efys6es in 
works by Mendelssohn and Berlioz. 
Thurs: Alicia de Larrocha piano 
recital. Fri: Antoni Wft conducts 
Belgian National Orchestra, with 
young prizewinners as soloists. Next 
Tues: Murray Perahia piano recital 
(02-507 8200) 

Monnafe Sat first night of new 
production of Tristan und Isolde, 
conducted by Antonio Pappano and 
staged by AcMm Freyer, with cast 
headed by Ronald Hamilton and 
Anne Evans. Repeated Oct 5. 9, 13. 
18. 22 (02-218 1211) 


■ CHICAGO 

MUSIC 

Lyric Opera The opening production 


of the season Is Boris Godunov, 
staged by Stein Wings and 
conducted by Bruno Bartoletti (next 
performances tonight and Sat, 
continuing till Oct 14). Samuel 
Ramey sings the title role in most 
performances, but is replaced by 
Vladimir Matorin on Oct 1 and 5. 
Graham Vick's new production of 
The Rake's Progress opens on Sun 
afternoon, with a cast headed by 
Jerry Hadley, Ruth Ann Swenson, 
Samuel Ramey and Felicity Palmer 
(312-332 2244) 

Chicago Symphony Daniel 
Barenboim conducts a choral 
programme tonight featuring 
Bruckner's setting of Psalm 150 and 
the Beethoven Choral Fantasy. 
Barenboim also conducts a 
Schoenberg and Brahms programme 
(Sep 29, 30. Oct 1, 2 and 4) and 
Bruckner's Eighth Symphony (Oct 6, 
7, 8). The Newport Jazz Festival, 
featuring 1 1 well-known artists 
playing New Orleans jazz 
and swing, hosts a concert on Fri 
(312-435 6666) 

THEATRE 

• A Clockwork Orange: the 
American premiere of the stage 
version of Anthony Burgess’ classic 
novel. Opens tonight at Steppenwolf 
Theater pi 2-335 1650) 

• Laughter on the 23rd Floor: Neil 
Simon’s newest comedy about the 
golden days of five TV comedy (Briar 
Street Theater 312-348 401X1) 

• Later Lite: A.R Gurney's lovely, 
ruminative play about finding 
romance after the age of 40 
(Northlight Theater 312-327 5588) 

• Angels In America: Tony 
Kushneris two-part epic is directed 
by Michael Mayer, with Jonathan 
Hadary as Roy Cohn (Royal 


George Theater 312-988 9000) 


■ GENEVA 

• Anne Sofia von Otter and Gdsta 
WJnbergh are soloists In Mahler’s 
Das Lied von der Erde In concerts 
by the Suisse Roman de Orchestra 
tonight and Fri at Victoria Hall and 
on Thurs In Lausanne (022-311 
2511) 

• Idomeneo, conducted by Arm In 
Jordan and staged by Christopher 
Alden, is given a final performance 
tomorrow at the Grand Th6fttre. The 
next production is a ballet mixed bill 
opening Oct 10. Peter Schreier gives 
a song recital on Oct 13 (022-311 
2311) 

• St Petersburg’s Tovstonogov 
Theatre presents a two-week run of 
Ostrovsky’s Diary of a Scoundrel at 
Th6fitre de Carouge. opening on Sat 
(022-343 4343) 


■ THE HAGUE 

Dr Anton Phifipszaal Thurs, Fri, Sun 
afternoon: GOnther Herbig conducts 
Hague Philharmonic Orchestra in 
works by Hindemith and Brahms 
(070-360 9810) 


■ ROTTERDAM 

De Doelen Tonight Orlando Quartet 
plays string quartets by Haydn. 
Shostakovich and Brahms. 
Tomorrow: Mozart choral and 
orchestral concert Frt Hans Vonk 
conducts Rotterdam PhPharmonic 
Orchestra In works by Beethoven 
and Serial, with piano soloist Jean 
Bernard Pommrer. Next Mon: Frans 
BrOggen conducts Radio Chamber 


Orchestra in Joachim, Schumann 
and Brahms, with violin soloist 
Thomas Zehetmalr (010-217 1717) 


■ VIENNA 

• The State Opera Ballet has a 
new production at the Volksoper 
based on Leharis Die lustige Witwe, 
choreographed by Ronald Hynd. The 
State Opera will remain dosed for 
technical alterations till Dec 14, but 
Rlccando Muti will conduct seven 
performances of Cosi fan tutte at 
Theater an der Wien, beginning Oct 
30 (51444 2959/51444 2969/513 
1513) 

• Peter Handke’s wordless play 
The Hour We Knew Nothing of Each 
Other Joins the repertory of the 
Burgth eater this week, in the 
international touring production 
directed by Luc Bondy. The 
Akademietheater has Wolfgang 
Engel's new production of 
Shakespeare's Titus Andronieus 
(51444 2959/51444 2969/513 1513) 

• Jukka- Pekka Salonen conducts 
the Finnish Radio Symphony 
Orchestra at the Muslkverein on Sun 
and Mon in works by Sibelius, 

Und berg and Nielsen, with piano 
soloist Paul Cross! ey and soprano 
Soile Isokosld (505 8190) 


■ WASHINGTON 

MUSIC/DANCE 

• Neville Marriner conducts the 
Academy of St Martin in the Fields 
on Sat late afternoon at Kennedy 
Center Concert Hall. The programme 
includes Tchaikovsky's Violin 
Concerto (Leila Josefowicz) and 
Elgar’s Enigma Variations (202-467 
4600) 

• Baflet Folklorico de Mexico 


gives performances at the Lisner 
Auditorium on Sat and Sun. with 
choreographies by Amalia 
Hernandez (202-833 9800) 
THEATRE 

Flyin’ West: this play about courage 
and frontier justice In late 19th 
century America, produced by New 
Jersey's a cd aimed Crossroads 
Theatre, runs at Eisenhower Theater 
till Oct 9 (202-167 4600) 

• The Rise and Fall of Little Voice: 
Jim Cartwright’s play, about a young 
girl with an ability to mimic pop 
female vocalists, runs till Oct 9 at 
Studio Theater (202-332 3300) 

• A Perfect Ganesh: Terrence 
McNally’s play about two New 
England matrons on a personal 
quest journeying through India. Till 
Oct 30 at the Kreeger (202-488 3300) 


■ ZURICH 
Opemhaus Thurs, Sat: Adam 
Fischer conducts Cesare Lievi’s new 
production of La Cenerentofa, with 
cast headed by Cecilia Bartoli. Fri: 
choreographies by Bemd Bienert, 
music by Mozart Sun afternoon: Die 
ZauberflQte. Sun evening: Tosca 
with Mara Zampieri and Neil Shicoff 
(01-262 0909) 

Ton hallo Tonight tomorrow, Thurs, 
Fri: Michael Stem conducts Tonhalle 
Orchestra in works by Smetana and 
Tchaikovsky, plus world premiere of 
Jindrich Fekf’s Concerto for Bute 
and Piano, with soloists James 
GaSway and Phillip Moll. Sat: 
Edmond de Stoutz conducts Zurich 
Chamber Orchestra in all-Mozart 
programme, with piano soloist 
Andreas Boyde. Sun: James Galway 
flute recital. Mon: Lilya Zilbereteln 
piano recital. Galway has three more 
concerts next week (01-261 1600) 


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. 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 023Q, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 








14 


FINANCIAL TIMES TUESDAY SEPTEMBER -7 1W4 


★ 


Gateway 
to China 


Simon Holberton on investment 
banks moving into Hong Kong 



Regional hob: Hong Kong’s financial district rises and rises 


I nvestment bankers are 
moving into Hong Kong. 

It is not that they have 
decided that the colony’s 
transition to Chinese rule, in 
1997, is likely to be trouble- 
free. Nor are they overlooking 
the chances of financial tur- 
moil, as the Hong Kong dol- 
lar’s link to the US dollar is 
tested in the run up to. and 
during, the cbangeover. 

But they have decided that 
Hong Kong is just too good an 
opportunity to miss, as both 
the gateway to China and as a 
regional hub for the booming 
economies of south-east Asia. 

The number of employees 
and offices in the colony have 
risen sharply this year. Swiss 
Bank Corp now employs 400 
people, against 340 a year ago. 
Goldman Sachs has grown 
more rapidly, now employing 
more than 400 people In Hong 
Kong, compared with around 
200 a year ago. Morgan Stanley 
currently employs 450 people 
in Asia i excluding Japan) and 
expects that figure to rise to 
530 by the end of this year, 
from 320 last year. 

"If you look at the growth 
rates in the region then basic 
maths tells you that there are 
going to be enormous opportu- 
nities in the issuance and trad- 
ing of securities." says Mark 
Evans, managing director of 
Goldman Sachs (Asia). 

Hong Kong is close to the 
customer, he says, and invest- 
ment banking is a client busi- 
ness: “To work for the best 
issuing and investing clients in 
the region, you have to be local 
and in the local information 
flows.'’ It is on this basis that 
investment banks are reorgan- 
ising their global operations. 
Jobs that were once done in 
New York, London. Tokyo or 
Zurich are being transferred to 
Hong Kong as the volume of 
business grows. 

Swiss Bank Corporation has 
relocated its global head of 
equity trading to Hong Kong 
from Zurich; it also p lans to 
station its deputy chief execu- 
tive in Singapore. Warburg has 
transferred a four-person capi- 
tal markets team from London 
to Hong Kong to provide on 
the ground expertise far capital 
hungry Aslan companies. Salo- 
mon Brothers has created a 
“syndicate desk" in Hong Kong 
responsible for Asian equity 
transactions - formerly han- 
dled from London. 

But many of the regional 
jobs are coming to Hong Kong 
from Tokyo, with banks con- 
centrating on Japanese busi- 
ness alone from Tokyo. 

Salomon Brothers upgraded 
Hong Kong to take charge of 
its Asian business, excluding 
Japan, earlier this year. Staff 


expect that within a year the 
Hong Kong office will also 
boast a main board director. 
This will be in addition to a 
board director in Tokyo. 

Japan still possesses the 
largest and most liquid finan- 
cial markets In Asia - markets 
where investors can execute 
large transactions involving 
derivatives, such as futures, 
options and swaps. But “the 
Chinese and Asian client likes 
to be serviced out of Asia and 
although Japan is in Asia it’s 
not quite the same." says one 
US investment banker. “Tokyo 
is a long way away." 

Hong Kong's market, the 
largest in Asia after Tokyo, is 
relatively email. Stock Index 
options were only introduced 
last year, while the biggest 
derivative instruments are 
warrants and index futures. 
But Hong Kong, not Tokyo, is 
the place to tap into the power- 
ful networks of overseas Chi- 
nese. 

Overseas Chinese, number- 
ing 20m -30m people, make up 
the merchant class in much of 
Asia, dominating economic life 
in Indonesia. Malaysia. Singa- 
pore and Indochina. However, 


although large in number and 
In wealth, they keep a low pro- 
file. There are large anti-Chi- 
nese lobbies in many of the 
countries in which they do 
business. There were anti-Chi- 
nese riots in Indonesia earlier 
this year and the Malays have 
been pushing for years for a 
fairer distribution in economic 
power. 

F or this reason, they 
prefer to hold their 
public assets in Hong 
Kong. The colony is a 
Chinese city and a free market. 
Unlike Singapore it is also an 
easy place to do business. 

The banks, themselves, are 
wary of Singapore. They see it 
as a market where information 
flows are restricted by govern- 
ment sensitivities - with limits 
on how frank they can be and 
even greater limits on how pro- 
vocative they can be. 

Banks are, nonetheless, 
expanding their operations in 
Singapore, and other Asian 
emerging markets. 

Typical is Warburg, which 
currently employs about 250 in 
Hong Kong. Mr Rodney Ward 
arrived in Hong Kong this 


summer with the aim of “build- 
ing an integrated investment 
banking business that has a 
base in Hong Kong and is 
spread throughout Asia”. He 
says that most of the bank’s 
expansion in staffing will be in 
Korea and Taiwan - which 
Warburg will soon upgrade to 
full branch status - and possi- 
bly In Singapore. 

But by far the the bulk of 
banks’ expansion plans are for 
their Hong Kong operations. 
Many of Asia’s other markets 
are monitored by regulators, 
who are wary of foreign securi- 
ties companies and worried 
that they may lose control of 
their exchange rates and mar- 
kets to foreigners. 

Hong Kong also has the 
advantage of its proximity to 
China. Many overseas Chinese 
are using their operations in 
Hong Kong as a springboard 
into China, raising capital in 
the colony for operations on 
the mainland. 

Typical is the Lippo group, 
an Indonesian Chinese group, 
which holds most of its public 
assets in Hong Kong, but is 
directing its operations at busi- 
ness opportunities in finance, 
hotels, electrical power and 
ports on the mainland, espe- 
cially in Fujian, the group's 
ancestral home. 

Banks also see the colony as 
a gateway to China. Many have 
stationed their “China teams” 
in Hong Kong, until they can 
be transplanted to S hang hai or 
Beijing - using the colony as a 
staging post to marshal their 
resources. These operations 
are necessarily more 
short-term. 

But most of these invest- 
ments are being made on the 
basis that the investment 
banks intend to stay in Hong 
Kong. They are not expanding 
with the intention of getting 
out tomorrow. B anks are bet- 
ting on the colony as a future 
financial centre. 

Should times become too 
troubled, the banks would be 
able to move out of Hong Kong 
just as quickly as they are 
moving in. Investment banking 
is a relatively mobile industry. 

And they see their other 
Asian offices as a way of 
spreading their risk: “You 
could do it all from Hong Kong 
but you don't put everything 
here; political risk militates 
against that so you build up 
the regional offices," says one 
banker. 

But what they are really bet- 
ting on is China. Says Mr Ward 
of Warburg: “While there will 
be undoubtedly political uncer- 
tainty, Hong Kong’s impor- 
tance as a financial centre will 
continue. You either believe in 
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IN DEPTH-IN CONTEXT-INTERNATIONAL. 


Joe Rogaly 

Helping Providence along 


The changes to 
the Labour 
K a party are not 
grass* quite complete. 

- W-i T There is more 

JKfglgl work to do. For 

dlZm a start there is 

that dreadful 
colour, red. 
Blue is so much more sympa- 
thetic. Then there is that awful 
song, the Red Flag. Surely 
something better could be sung 
at the conclusion of next 
week's party conference? Land 
of Hope and dory, possibly? 
The delegates might be given 
little Union Jacks to wave as 
the leader takes his bows. Not 
least is the need to look again 
at the party's name. We must 
be frank here. On its track 
record of the past 15 years. 
“Labour" is not exactly bank- 
able as a harvester of hearts, 
minds and little crosses on bal- 
lot papers. The word "Conser- 
vative” springs to mind. That 
has proven potentiaL 
Yeah yeah. Say it- The old 
cracks are truly the best ones. 
The line about Land of Hope 
and Glory is to be found in this 
morning’s “open letter to Tony 
Blair” from Demos, an eclectic 
think-tank. The Labour leader 
Is doing well, but he cannot 
avoid such observations. Dur- 
ing the past few years he has 
given some of us the impres- 
sion that he seeks to make 
truly revolutionary changes to 
the Labour party. I suspect 
that, if he could, he would ren- 
ame it - not “Conservative”, of 
course, but, say, “Democratic". 

Short of the absurd, Mr Blair 
will do what he believes is nec- 
essary to win. Perhaps he is 
mindful of the sermons of 
Hugh Blair, an 18th century 
divine whose works were 
known to Jane Austen. I like to 
imagine that the long-forgotten 
clergyman to whom she refers 
in Mansfield Park is one of the 
Labour leader's ancestors. “Let 
us then neglect no means 
which may be of avail for pro- 
curing the grace and favour of 


that divine Providence on 
which so much depends.” this 
ancient Blair preached. 
“Because Providence is supe- 
rior to us, it does -not follow 
that therefore man has no part 
to act or because our industry 
is sometimes disappointed, 
that therefore It is always in 

v ain. " 

To date, little of Mr Blair’s 
Industry has been without 
fruit. Not content with snatch- 
ing the label of purveyor of law 
and order from the Tories, he' 
is engaged this week on an 
exercise designed to portray 
the government as a bunch or 
profligates, and the people's 
party as the ark of fiscal pru- 
dence. Yester- 
day Ms Harriet 
Harman was 
put up to 
deliver an inge- 
nious recalcu- 
lation of the 
public expendi- 
ture tables, 
allocating so 
much to "res- 
cue” spending 
and so much to 
“renewal". It 
appears that 
the former has risen and the 
latter fallen. Fancy. 

We need not spend time 
debating whether the shadow 
chief secretary’s sums are 
accurate. That is beside the 
point What is going on is the 
manipulation of our percep- 
tions. The Tories are branded 
tax liars, which is only right 
considering their ruthless dis- 
regard of veracity during the 
April 1992 election campaign. 
They have failed to manage the 
economy properly, says 
Labour, with less chance of 
being believed now that the 
prospect of a long period of 
□on-inflationary growth lies 
before us. Never mind. We are 
to take it that “rescue" spend- 
ing. on social security, is the 
consequence of Conservative 
economic failure. Today Mr 
Gordon Brown, the shadow 


chancellor, will follow through 
with the argument that the old 
dispute about which party is 
likely to tax us more belongs 
to a bygone era. The terms of 
the debate are to be changed. 
There are no quick fixes on 
offer. Labour, he will intimate, 
will invest for the long term. 

Decoded, this had better 
mean “no new taxes", or it will 
not help Providence to do its 
work of granting the opposi- 
tion a spell in government Mr 
Brown need not say as much 
in so many words. Like Mr 
Rian- the shadow chancellor is 
blessed by his opponents, both 
inside his party and beyond. 
Think about it. The Labour 


Mr Peter Ham and Dr Roger 
Berry, both MPs who cast 
doubt on the Brown-BIair- Har- 
man strategy, serve a useful 
purpose. As critics who are 
easily squashed, they give veri- 
similitude to the centrist prop- 
osition that Labour modern- 
isers want us to digest The 
Conservative chief secretary to 
the treasury is equally helpfUL 
“I can hardly believe my ears,” 
said Mr Jonathan Aitken yes- 
terday, after hearing Ms Har- 
man's remarks. “Here we have 
the shadow chief secretary 
attacking the Tories over 
money they are spending on 
the poor and the unemployed." 

Precisely. Labour's pitch is 
that it will manage a dynamic 
market economy better than 
the Conservatives. When it 


succeeds, it can help the worse- 
off. Wealth creation first, redis- 
tribution, maybe, to follow. It 
is not socialism, but Provi- 
dence has little patience with 
that outmoded creed. Tho new 
doctrine is impertinent, but no 
more so than Mr Blair’s cam- 
paign on cutting down crime, 
or his statement that he thinks 
It better for children to be 
raised by two parents than 
one. He is running for office in 
a conservative country, and 
must campaign accordingly. 

There is plenty of evidence 
in favour of such on accommo- 
dation. A new Fabian pam- 
phlet, Any Southern Comfort, 
by Giles Radice and Stephen 
Pollard, draws on focus group 
research to establish that 
while Labour is better 
regarded than it was, it is still 
on probation. White collar and 
skilled manual employees, 
floating voters to n man and 
woman, are worried about 
crime, jobs, health care, their 
children’s futures. These anxi- 
eties have arisen under a suc- 
cession of Conservative minis- 
tries. Labour Is correct to 
concentrate on them, but it has 
not yet convinced sufficient 
potential converts that it will 
make the streets safe and 
enlarge the employment mar- 
ket without raising taxes or 
restarting Inflation. 

Labour's theft of chunks of 
the Tories' image is a direct 
response to this kind of 
research. It may not please 
Demos, whose wlsh-llst 
demands that Mr Blair produce 
a vision of Britain as a “tele- 
workshop of the world". He is 
asked to end middle class tax 
reliefs to finance a basic 
income tax rate of 15 per cent, 
as suggested by Mr Frank Field 
some years ago. and adopt 
other policies regarded by 
Demos authors as radical. And 
why not? We all project our 
fantasies on to Labour’s chang- 
ing screen. Mr Blair's jab is to 
select those that assist Provi- 
dence to assist him. 


left, depleted m 
... , , . numbers, is 

The traditional left stm quoted on 

18 t dS E*E Therf^S V be 

Should be called trouble at next 

week’s party 
conference, the 
broadcasts 
warn us. It 
does not sound 
like much of a 
threat to me. 

The tradi- 
tional left is a 
damp squib. It should be called 
the Pipsqueak tendency. Yet 


the Pipsqueak 
tendency. As 
critics they 
are easily 
squashed 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SE1 9HL 

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


Uncertain 

workers’ 

rights 

From Mr John HaU. 

Sir, Your leader, "Workers' 
Rights" (September 21), rightly 
points out that the principle of 
security of employment estab- 
lished by the European Com- 
mission's Acquired Rights 
directive is inappropriate when 
applied to short-term contracts 
for public services. 

While the revised directive 
to which the Commission has 
agreed goes some way to solv- 
ing this problem, the wording 
is so uncertain that its scope 
could only be properly deter- 
mined after litigation in the 
European Court. 

Companies in the service sec- 
tor have faced two problems 
with the directive over the past 
two years: the problem of 
applying it to service con- 
tracts, and legal uncertainty as 
to whether it applied in the 
first place. While the former 
might ultimately be solved by 
the Commission's proposal, 
this would follow a renewal of 
uncertainty which could take 
years to resolve. 

Further clarity is required. 
Fortunately, the revised direc- 
tive remains to be agreed by 
the Council of Ministers. It 
appears that several member 
states are now as concerned as 
the British government at the 
impact of the directive on their 
programmes of privatisation 
and contracting out 

Because of this, business 
interests across Europe must 
press for their national govern- 
ments to demand further i 
changes, clearly excluding ser- 
vice contracts from the scope 
of the directive, before it is 
agreed to by the Council of 
Ministers. 

John Hall, 

director-general. Business 
Services Association. 

2844 Eagle Street, 

London WC1R 4AN. 


Intemperate 

From Mr Brian Knox. 

Sir, I admire almost all Colin 
Amery’s contributions, even 
when he omits cost as the 
prime reason why so few peo- 
ple commission architects to 
build new houses in England. 
But his outburst against archi- 
tectural competitions is intem- 
perate, Ill-timed, and wrong 
I “The tyranny of the few", Sep- 
tember 28). It could have been 
written any time in the last 
century and a half; what 
clearer target than that arch- 
conceptualise Pugin? At least 
you gave equal prominence 
(Arts, September 24) to William 
Packer’s admirable plea for 
professional judgment in the 
award of artists' prizes. 

Brian Knox, 

23 Merton Lane, London Ns 


Criticism of 
progress in 
India 


Dissent because of 
misleading figures 


From Mr Donald A Mam. 

Sir, In his article (The Long 
View: “When numbers 
deceive", September 24). Barry 
Riley expresses his concern at 
the obstacles in the way of 
measuring true performance. 
In the process, he castigates 
those who do not report return 
on capital and those who have 
problems with the latest 
accounting standard concern- 
ing acquisitions. One effect of 


new accounting rules passed 
by the majority of the Account- 
ing Standards Board is that fig- 
ures for return on capital will 
become increasingly mislead- 
ing because reported capital 
wifl not contain the total cost 
of acquisitions. 

This was one reason for my 
dissenting opinion at the ASB. 
Donald Main, 

Mahogany Hall, The Common, 
Chipperfield, Herts WD4 9BX 


Consistency on prices 


From Mr lan ByatL 

Sir, Peggy Hollinger’s article, 
“Water company appeals to 
MMC on price caps" (Septem- 
ber 22) suggests that I have 
taken a tougher approach with 
South West Water as it had the 
highest charges and price 
increases since privatisation in 
1989. 

The Monopolies and Mergers 
Commissions will doubtless 
look at this. I contend that the 
methodology I used in setting 
price limits was applied fairly 
and consistently across all 
companies. 

It is not true that I promised 
South West Water (in 1991 at 


the time of its interim determi- 
nation) price increases after 
1995 similar to its current 
K-Eactor of 11 per cent At that 
time I had already announced 
that I would be resetting all 
the company price UmUa from 
April l 1995, including South 
West Water's, at a periodic 
review in July 1994. It is only 
at periodic reviews that I am 
able to examine all the issues 
underlying price limits. 

Ian Byatt, 
director general. 

Office of Water Services, 

Centre City Tower, 

7 Hill Street, 

Birmingham BS 4UA 


From M Mohandas. 

Sir, Stefan Wagstyl’s analy- 
sis of India’s economy (“Not 
nearly radical enough," Sep- 
tember 19) deserves praise as it 
was very constructive and 
accurate. 

I also trade with a very repu- 
table Indian company and all 
the Indian businessmen I meet 
are unanimous in their criti- 
cism of the slow progress of 
Indian economic reforms. 
There are still many areas 
where the reforms have not 
achieved any real change. For- 
eign investors still have to pay 
hefty capital import duties for 
machinery. Interstate taxes 
also need urgent reforms. 

As for Srichand Hindu j a 's 
letter (September 22) criticising 
Stefan Wagstyl's article, I can- 
not see it serving any useful 
purpose other than hi g hli g ht, 
ing his involvement in power 
plant developments In India. It 
is also Interesting to note Gor- 
don Wu of Hopewell Holdings 
of Hong Kong is planning 
$12.7bn power plants in India. 
This is even better news for 
India. 

M Mohandas, 

1 Park Avenue, 

London N3 2EJ 


Lottery must aid smaller arts applicants 


From Mr Peter S Gummer. 

Sir. Antony Thorncroft's 
article on the lottery (“The lot- 
tery: will it end in tears?". Sep- 
tember 26) and the financial 
help it will provide for the arts 
rightly highlights the need for 
cautious optimism. However, it 
falls to make several important 
points about the management 
and policy of the Arts Council 
of England, which is responsi- 
ble for the distribution of these 
funds to arts organisations. 

First ACE is determined to 
provide a significant propor- 
tion of its lottery funds for 
small applications. They must 
not be disadvantaged. This 
would be against both the 
spirit and the letter of the lot- 
tery legislation. From these 
applicants we will not be 


looking for matched funding 
but for real evidence that they 
have rigorously sought fluids 
from private sources. IF they 
can only raise 10 or 15 per cent 
of the total required then so be 
it Indeed, we would consider 
revenue funding commitments 
from local authorities or the 
private sector, for example, as 
part of that 10-15 per cent 

Second, so Important are the 
smaller applications that a 
flexible, lower limit for funds 
will be set at around £5,000 to 
encourage a balance between 
the size of successful applica- 
tions. 

Third, we are happy for 
those applying, but particu- 
larly smaller arts organisa- 
tions, to come to the lottery 
first before going outside for 


funds. We can tel) them 
whether they qualify: and, if 
so, give a conditional grant 
and thereby a head start in 
raising private finance for the 
balance. 

If all the lottery does Is fund 

the large arts organisations. 

vital and important though 
they are in the UK, then the 
lottery will not have been a 
disaster. However, it will have 
failed to fulfil its real potential 
in providing money for small 
arts organisations In villages, 
towns and cities up and down 
the country. 

Peter Gummer, 
chairman, 

National Lottery Advisory 
Board for the Arts and Film, 

61 Grosvenor Street, 

London WlX 9DA 


Getting the message - but in English only 


From Mr Max Hatopf. 

Sir, My publishing business 
is relocating. As our customers 
cover the globe, I wanted to 
leave a message givin g our 
new phone number in English, 
French and German. Imagine 
my utter amazement to dis- 
cover that BT is incapable of 
doing this. The message can 
only be in English. And what 
Is the cost of this recorded 
message? £50 a quarter! 

Right across Europe I listen 


to recorded messages re-rout- 
ing me in every language 
under the sun. 

Yes, I could leave an answer- 
ing machine on the line to give 
a message In English, French 
and German. But then, of 
ojurse, I would have to con- 
tinue to to pay BT for the line. 

The alternative is to have 
calls re-routed through to the 
new number. For this BT 
charges £32.60 a quarter plus a 
250 charge for connection. The 


sendee is only available for a 
minimum of 12 months - so 
the re-routing option costs a 
minimum of £380.40. And you 
have to pay local call rates on 
top for every transferred calL 
Could all tius reflect the fact 
that BT faces no competition 
m this area? 

Max Hotopf, 

chairman. Passant Publishing 
Corporation, 

Polstead Mill, Polstead, 
Colchester COS SAB 



FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


15 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Tuesday September 27 1994 


The state of 
the presidency 


When the outsider Bill Clinton 
won the 1992 US presidential elec- 
tion, pundits most commonly 
attributed bis victory to two 
things. On the one hand there 
was a hostility in the country at 
large to political incumbents In 
general and to the Washington 
establishment in particular. On 
the other, Mr Clinton was seen as 
promising solutions to America's 
lengthening list of domestic prob- 
lems - an agenda almost wilfully 
neglected by his predecessor 
George Bush, who maria no effort 
to conceal his much greater inter- 
est In foreign affairs. 

It thus seems cruel that the 
Clinton presidency should have 
arrived at its current pass. Nearly 
two years on, Mr Clinton is suffer- 
ing from the same, sour, anti- 
Washington mood that produced 
Ross Perot and brought toe presi- 
dent his wafer-thin victory, with 
polls suggesting that the congres- 
sional mid-term elections in 
November will create a Republi- 
can majority in one or both 
houses of Congress. He has failed 
to deliver on toe most important 
element of his domestic agenda: 
healthcare reform will certainly 
not pass this year, and may be 
doomed next as well 

Worse, the administration is 
mired in a foreign policy adven- 
ture, in Haiti, whose outcome is at 
best uncertain and at worst disas- 
trous. With such a record, it is 
tempting to conclude that the 
presidency is already mortally 
wounded, and that Mr Clinton 
himself bears most of toe blame. 

Tempting, but premature. For 
Mr Clinton's problems, though 
undoubtedly daunting and cer- 
tainly exacerbated by his own 
indecisiveness and naivete, reflect 
more than the failings of one man. 

They testify to the uncertain state 
of the nation he governs - anxious 
about its perceived social and eco- 
nomic ills despite a robust eco- 
nomic recovery; divided about 
how to cure these ailments; unde- 
cided about its place in the world. 

Forgotten successes 

The collapse of healthcare 
reform is not only a failure by Mr 
- or Mrs - Clinton: It reflects a 
paralysis of the US's entire body 
politic, which when asked to 
tackle the biggest issues seizes up 
or succumbs to a multitude of 
high-spending interest groups. Mr 
Clinton scored some notable and 

Casting a 
smaller net 


easily forgotten successes in his 
administration's first year, on the 
budget and on north American 
free trade. But now - on crime, on 
trade, even on badly needed 
reform of America's outmoded 
telecommunications regime - Con- 
gress seems to experience the 
greatest difficulty in passing 
coherent or constructive laws. 

Likewise in foreign policy. Mr 
Clinton may be having trouble for- 
mulating a clear view of his coun- 
try’s international role, or in con- 
sistently applying principles once 
formulated, or in showing resolve 
under pressure. But iu all this he 
is not alone. At a tinw when the 
US has emerged as the world's 
only superpower and is being 
asked by the rest of the world to 
take on commensurate responsi- 
bilities, Ameri cans are probably 
more divided about whether, and 
how, to do so than at any time 
since world war two. 


Simplistic postures 

In the face of a public turning 
increasingly towards isniatinnigm , 
Mr Clinton has on occasion shown 
admirable willingness to plead the 
cause of international engage- 
ment, notably in persevering with 
the Uruguay round of multilateral 
trade negotiations. But his ability 
to pursue a consistent or coherent 
foreign policy remains strictly cir- 
cumscribed: by the simplistic pos- 
tures often struck in Congress on 
such issues as Bosnia; by his own 
need to shore up his position 
among such domestic constituen- 
cies as Irish Americans amt Cuban 
exiles; by his past Insistence on 
giving precedence to domestic 
over international issues. It is not 
at all clear that any of Mr Clin- 
ton's often vicious assailants 
would fare better in similar politi- 
cal circumstances. 

The truth is that the post-cold- 
war world presents challenges of a 
similar order to those that broke 
Woodrow Wilson and underlined 
Franklin D. Roosevelt’s greatness. 
Mr Clinton is more a Wilson than 
a Roosevelt, and his country's 
mood more akin to 1919 than 1945. 
America's allies should resist the 
temptation to gloat or to wring 
their hands. 'b>Stea& they should 
concentrate on damage limitation 
- seeking to engage America in 
multilateral forums and actions 
wherever possible, and doing 
nothing that might turn the coun- 
try Anther in on itself. 


While the authorities continue to 
ponder a death sentence, the Net 
Book Agreement is dying of tts 
own accord. Opponents of the 37- 
year old pact will applaud H odder 
Headline's announced withdrawal 
from the NBA. But defenders 
should also welcome toe news: toe 
more voluntary the agreement 
appears to be, the weaker the case 
for abolishing it 

Pricing agreements of some 
kind or another have been a part 
or the UK book trade for nearly 
100 years. Minimum price-setting 
by manufacturers was banned in 
other industries in 1956. But 
books, it was argued, were “differ- 
ent”: and the Net Book Agreement 
survived. 

Abolitionists argue that toe only 
thing which is different about the 
book industry is that it is better at 
scaring the competition authori- 
ties into inaction. The 1956 deci- 
sion has withstood repeated re-in- 
vestigations. Last month. Sir 
Bryan Carsberg, the director-gen- 
eral of fair trading, ushered in 
another one, deciding to refer the 
agreement to the Restrictive Prac- 
tices Court. The NBA's detractors 
will be hoping that this time will 
be different. Yet the argument for 
banning it has never been entirely 
clear-cut. 

First, and most important, it is 
voluntary: publishers signing it 
are free to apply minimum (‘net') 
prices to some, any or all of their 
books, as they see fit. Second, it 
does not necessarily impede com- 
petition: indeed, the object of the 
exercise Is to keep as many book 
retailers in the market as possible. 

Why. after all, would any self-re- 
spouting manufacturer want to 
stop retailers from cutting the 
price of their product? Once goods 
have been sold to the retailer, the 
producer generally has an Interest 
in the volume or sales, not the 
price toe retailer charges. Compa- 
nies claiming that their industries 
are different are generally up to 
no good. 

Silent intimidation 

But the fact that publishers 
have long freely opted to pursue a 
policy which would lose them 
money in most other businesses 
has always been a good reason to 
give the “difference” claim a little 
more weight. 

Opponents, however, have 
always countered that the agree- 


ment is not really voluntary, and 
it is not really in the industry’s 
self-interest Some publishers are 
allergic to change, and their silent 
intimidation of newer members 
means that the industry is trapped 
in the past. They would rather 
hold on to a restrictive practice 
than be forced to think of other, 
potentially more lucrative nays of 
doing business. 

As long as publishers feared 
publishing non-net books, the case 
for abolishiong the NBA as a 
restrictive practice was a reason- 
able one. But over the past few 
years, a growing number of pub- 
lishers, large and small, has 
decided to stop netting their 
books, or to do so only selectively. 

Guaranteed margins 

Hodder Headline, which con- 
trols around 10 per cent of the 
most important, trade-book, mar- 
ket. is one of the biggest players 
to have disgarded the practice. 
Smaller companies who may have 
feared leaving may be encouraged 
by their decision. 

But so should the NBA's 
remaining supporters. As long as 
the decision to net is solely a busi- 
ness Judgment by publishers, and 
not collusive price-rigging exer- 
cise, they should be allowed to 
make decision by themselves. The 
number of shops is Important to 
the sales of books, as is the stan- 
dard of service and choice offered 
in each bookshop. This may have 
led publishers to protect small 
retailers in toe past by using gaur- 
anteed margins: they should be 
allowed to opt for this in future. 

But there may be other ways to 
protect small bookshops. Hodder 
Headline claims it has no desire bo 
see small retailers go to the ropes 
as a result of its decision. It will 
merely adopt other means of sub- 
sidising them, through special dis- 
counts instead. 

This may prove a more efficient 
and more profitable way of recog- 
nising that books are different. 
But small bookshops are facing 
tough competition from larger out- 
lets. with or without the NBA. The 
world is changing: possibly, the 
UK book trade has resisted change 
too long- Slowly, change Is taking 
place. It would be better for all 
concerned if. as seems likely, the 
NBA withered away without being 
heavy-handedly uprooted by the 
Restrictive Practices Court. 


★ 


Russian bear’s 
new clothes 

Igor Bunin on a survey which dispels many of the 
myths about the country's new business class 



A new business class is 
emerging in Russia, rap- 
idly and from nowhere. 
But its unfa mil iarity, 
and a lack of informa- 
tion. have led to a distorted image 
of the Russian businessman in the 
public tnlnri. 

Since 1992, a group of sociologists 
at the Centre for Political Technol- 
ogy in Moscow has been studying 
toe backgrounds and attitudes of 
these Russian entrepreneurs. Their 
findings, drawn from interviews 
with the leaders of 60 big and 50 
medium-sized and small businesses 
and 10 directors of state enterprises, 
do much to dispel the myths about 
the new business class. 

These businessmen have come 
from a variety of backgrounds: 
some worked m toe black economy 
during the period of “sta gnati on” 
(under Leonid Brezhnev); some are 
from the old nomenklatura, those 
appointed to top jobs m the commu- 
nist period; some are repainted “red 
directors”, the former factory 
bosses; and some are “new Rus- 
sians”, entering business for the 
first time. 

The new Russians seem to be the 
do minan t element in this rising 
class. The overwhelming majority 
of entrepreneurs are men aged 
between 30 and 40, with a reason- 
able education. 

Of those surveyed, more than 80 
per cent had completed higher edu- 
cation. Many are graduates of toe 
most elite institutes in the country, 
some with two degrees, some hav- 
ing held posts as scholars. The 
majority are second-generation 
intelligentsia (that Is, their fathers 
also had higher education). 

The belief that the new business 
leaders are mainly from national 
minorities - such as Jews, Armen- 
ians and Georgians - is not borne 
out by the survey, or any other 
research. Figures show that 84 per 
cent of small and medium-sized 
business leaders are ethnic Rus- 
sians, Which is slightly highp.r than 
their representation in the popula- 
tion of Russia. 

However, in big businesses, only 
63 per cent of business leaders are 
ethnic Russians, with a higher-toan- 
average proportion of Jewish busi- 
ness leaders. Before perestroika, 
business was the only area in which 
Jews could get ahead. 

There was no evidence in the sur- 
vey that non-Russian entrepreneurs 
were fo unding business clans com- 
posed solely of their ethnic kin - 
their Hiring practices were based on 
merit 

Findings such as these are at 
odds with the views about Russia's 
business class which are widely 
held by the public. But the survey 
also shows the extent to which suc- 
cessful Russian businessmen owe 
little to the past 
A few of those surveyed said they 
had taken part in the “shadow” 


economy - trading in foreign jeans 
during their student days, for exam- 
ple. But the majority said they had 
never been part of the black econ- 
omy. 

Nor were many of toe successful 
business leaders from the former 
communist nomenklatura of state 
factory bosses, secret police and sec- 
ond-level bureaucrats. Many of 
these ex-officials moved into busi- 
ness, often privatising state prop- 
erty into their own hands - a prac- 
tice known as “grabi ligation”. 

However while the practice was 
widespread, it has not created suc- 
cessful business leaders. The former 
nomenklatura survive only in 
regional or sectoral pockets of eco- 
nomic activity. 

They have not succeeded in 
becoming a powerful and cohesive 
economic group, having entered the 
market independently of one 
another, often in competing or con- 
flicting activities. The survey found 
just a couple of clear examples of 
grabitisation the business leaders 
surveyed. 

The idea that former “red direc- 
tors” have been toe driving force 
behind the market also appears ill- 
founded. There are almost no for- 
mer factory directors among the 
country's well-known entrepre- 
neurs. Indeed, toe survey results 
suggested that experience has made 
these men too conservative to suc- 
ceed in business. 

Their average age is significantly 
higher than that of the entrepre- 
neurs; more of them come from 
workers’ families; they have often 
graduated from technical colleges, 
while the entrepreneurs have 
received a higher and more broadly 
based education. 

The professional experience of the 
former “red directors” is more lim- 
ited: they have usually worked all 
of their lives in one plant, rising 
from the r anks of worker to that of 
director, or made their careers in 
branches of the industrial minis- 
tries. 

These directors now appear dis- 
oriented. In the past, they were 
graded by a patriarchal philosophy, 
acting as guardians to their workers 
and as the fathers of their enter- 
prises. The power of a director 
depended on toe number or workers 
- or “sons” - in his enterprise. 


Many of these directors now under- 
stand the need to cut the workforce 
to raise productivity, but in practice 
they find this hard to do. 

Instead, they continue to hope for 
cheap credits from the state or rack 
up large mutual debts with other 
enterprises. These people are 
unlikely to be creators of financial 
or industrial empires; they can at 
best f ulfil their traditional role of 
worker-managers. 

In setting up businesses since 
1987, the leaders surveyed fell into 
two types. The first type of entre- 
preneur was created to supply the 
party or state, and was given first 


call on resources such as land and 
funds. The second type began with 
nothing, compensating in large part 
for his lack of resources with new 
ideas. 

The borders between state-spon- 
sored and independent businesses 
are fuzzy. A number of the new 
enterprises, especially the medium- 
sized ones, steer clear of involve- 
ment with the state machine. But 
the development of powerful finan- 
cial and industrial empires is impos- 
sible unless close relationships are 
formed with the state. 

Many of the entrepreneurs sur- 
veyed bad acquired state assets on 


the cheap (for instance, by buying 
shares in former state enterprises 
very cheaply from workeis). or even 
stole them during the haphazard 
break-up and sale or state property. 

Indeed, an entire philosophy 
seems to have boon created to jus- 
tify* this type of activity’. Respon- 
dents explained to interviewers that 
they were the only people capable 
of breathing life into dead state 
assets. 

Businessmen have also managed 
to invest illegally-acquired capital, 
often former party funds, in the 
developing market. However, the 
centre's research suggests that the 
role of laundered capital has been 
greatly overstated. 

Bribery is, however, a common 
practice among the new business 
class. Some 70 per cent of respon- 
dents in the state sector and 76 per 
cent in the private sector nojwrtcd 
that bribery* was habitual, in which 
they were quite ready to hike part. 
Many pointed to the difficulty of 
running a business on any other 
basis in a market still dominated by 
a state with a strong tradition of 
bureaucratic corruption. 

T he rules for doing busi- 
ness remain ill-defined. 
However, entrepreneurs 
seem to realise that it is 
impossible tu work in a 
permanent state of disorder and 
lack of trust. There is a standard ol' 
morality springing up between busi- 
ness partners, which, by Russian 
standards, is high. 

The new class is also developing 
its own value system - abandoning 
the traditional Soviet nutions of 
state tutelage in favour of the prin- 
ciples of individualism anil equality 
of opportunity. The new entrepre- 
neurs see life ns a contest in which 
the strongest and the worthiest win 
- they wholly reject the idea of 
social equality, believing instead in 
the creative qualities of each 
h uman being. 

And gradually, society appears to 
be accepting both the new rich and 
their values. Between 15 per cent 
and 20 per cent of the population 
believe that only entrepreneurs can 
save Russia, according to polls by 
the Russian Centre for the Study of 
Public Opinion. 

However, entrepreneurs are still 
more likely to be viewed favourably 
by those who have gained most 
from the new economic conditions. 
The majority of Russians of a high 
social status said entrepreneurs 
were useful to Russia, while those 
of a low social status believed they 
were damaging the country. 

Overall, there remains some dis- 
tance to go before the market is 
widely accepted as the main organ- 
ising principle of the emerging 
society. 

Igor Bunin is Director of the Centre 
for Political Technology. 


A world of minimal job security 



Pundits are often 
asked whether the 
UK economy really 
can be recovering 
since most people 
still seem so misera- 
ble. Perhaps the 


explanation is that. 


— despite the excellent 

performance of the economy as a 
whole, individuals are quite right to 
be uneasy. The behaviour of the 
economy, and especially of the 
labour market, is changing. No-one 
can feel altogether secure, even if 
we do see years and years of steady 
growth with low inflation, as the 
prime minister would have us 
believe. 

Competition is hotting up, 
between countries, between compa- 
nies and also between individuals in 
the labour market. The process has 
been a very gradual one. but it has 
been going in the same general 
direction now for more than a 
decade. 

The experience of the last reces- 
sion and the present recovery sug- 
gests that it is gathering pace. Per- 
haps we should try to imagine 
where it might lead, to imagine a 


world in which job security was 
reduced to a minimum. 

From the employer's point of 
view there would be obvious advan- 
tages. Companies could expand or 
contract rapidly, adjusting the size 
of their labour force more or less 
continuously. They could change 
the composition of the labour force 
as well if they decided to change the 
mix of products or the techniques of 
production. Sometimes they might 
decide to hire the same individuals 
for several years in succession, 
because they knew that they had 
skills for which the firm had a con- 
tinuing need, but they would be 
under no obligation to do so. Their 
situation would, in a word, be “flex- 
ible". 

From the employee’s point of 
view toe situation does not seem so 
comfortable. It would pay to keep 
one's options open and stay in 
touch all the time with the external 
labour market. It would pay to 
accumulate some reserves of 
savings to see one through the inev- 
itable gaps between jobs. 

On the other hand those gaps 
might not be quite so long if compa- 
nies were actively recruiting in the 


labour market all the time, and 
were prepared to replace their exist- 
ing workforce if the opportunity 
arose. It might, indeed, not be so 
very different from being self-em- 
ployed, especially for those who 
decided to spread their risks by tak- 
ing on several part-time jobs 
instead of a full-time one. 

Things have not gone this far, of 

People seem anxious 
even as the economy 
recovers. We are in a 
transition and no one 
knows how far it'll go 

course, and perhaps they never will. 
But the direction of movement is 
dear enough and its implications 
are profound. Not only economics is 
involved: for many people the com- 
pany or organisation they work for 
Is the main focus of their loyalty 
and aspirations, as well as the cen- 
tre of their social life. 

What will replace that focus for 
those who change their jobs every 
year or so? Hon will this fit in with 


family life or life in a local commu- 
nity? These, perhaps, are the really 
big questions, but there are some 
quite large economic questions to 
ask as well. 

If the labour market is to work 
efficiently with frequent job 
changes then more resources will 
be needed to secure a good match 
between supply and demand. There 
will be a greater need for “market- 
makers”. including independent 
careers advisers, employment agen- 
cies and so on. This is a social cost 
to set against the efficiency gains 
which may result from the flexibil- 
ity of employment from which firms 
will benefit 

The cost of supporting those 
“between jobs" will fall in large 
part on the social security system. 
Most of the unemployment will, 
hopefully, be short-term, but there 
could also be an Increase in longer- 
term unemployment and in the 
numbers dependent on other forms 
of benefit, especially as those who 
lose their johs are likely to 
be those with few skills or with 
skills that are no longer 
marketable. 

There are, indeed, especially 


important questions about the 
training and retraining of the 
labour force. If employees come and 
go so readily, companies will have 
little or no incentive to pay for their 
training. 

Individuals will have to plan and 
finance their own acquisition of 
skills with an eye to future Jobs a 
well as their present one. And pay 
differentials for skills will have to 
widen sufficiently for that invest- 
ment to be worthwhile. 

It is no wonder, then, that people 
seem anxious even as the economy 
recovers. We are in a state of transi- 
tion, and no one knows how Car it 
will go. It is a direction of change 
which toe government lius encour- 
aged and applauded, but it is not 
under its control. 

Those who lose in the process will 
tend to blame the government, 
while those who benefit will take 
the credit for themselves. 

Andrew Britton 

The author is director of the 
National Institute of Economic and 
Social Research 


Observer 


A bronze for 
Nipper? 

■ So what do Thom EMI chairman 
Sir Colin Southgate, Richard. Budge, 
boss of RJB Mining, United Arab 
Emirates ambassador Easa Saleh A1 
Gurg and Morgan Stanley’s Steven 
Ward have in common? 

Nothing much that they knew of 
until they arrived at Le Manoir Aux 
Quaf Saisons outside Oxford last 
Saturday as guests of its chef and 
proprietor Raymond Blanc. The 
occasion was a celebration of the 
work of a husband and wife team of 
sculptors, Lloyd Le Blanc and 
Judith Holmes Drewry. Most of the 
90-odd worthies who turned up 
seemed unaware that their 
“discovery" was so widely shared. 

The two - she does figures and he 
does wildlife - dispense with a 
London gallery, instead wooing 
prospective clients to their 
Leicestershire studios. 

Several guests had bronzes of their 
family in toe garden, while others 
prefered animals such as yearling 
calves. Indeed, with HMV 
celebrating its 75th anniversary in 
IS96, a bronze Nipper may soon be 
listening intently to His Master's 
Voice in Southgate's office. 


Token tip 

■ How nice of Hodder Headline to 
cut the price of its hardbacks by 
pulling out of toe net book 


agreement What a pity the 
price-slashing will happen .from 
Boxing Day - ie, well after the 
biggest annual spend on books. 
Observer's tip: give everyone book 
tokens this Christmas. 

And what was the book Tim Hely 
Hutchison, Hodder Headline's chief 
executive, chose to help publicise 
his decision to withdraw from the 
price-rigging? LUley & Chase, a 
novel set against the background of 
publishing, by Tim Waterstone, 
founder of the Waterstone bookshop 
chain - and a noted supporter of 
the net book agreement And who 
illustrated the jacket cover? T’other 
Tim's brother - Nicholas Heiy 
Hutchinson. Incestuous business, 
the book trade. 


Blear cellar 

■ So much for the idea that 
Munich Is one of Germany's most 
technologicaUy-mlnded cities. Just 
two small rooms were set aside at 
the state parliament for foreign 
journalists to report the Sunday 
night trouncing of the opposition by 
the ruling Christian Social Union, 
Chancellor Kohl's closest partner in 
Bonn ...and there were no 
international telephones. 


Classical spine 

■ And as young, marketing-minded 
Hely Hutchinson was stirring up 
the book trade, the industry lost 
one of the last remaining old guard, 



if Michael Howard's resigned' 

Colin Haycraft, who died at the 
weekend at the age of 65. 

He was chairman and managing 
director of Duckworths, one of the 
last independent publishers. In 1992 
he fared an attempt to oust him. 
Haycraft - who paid himself £25.000 
a year - simply remortgaged his 
house, bought shares to regain 
control and kicked out those who 
had tried to do the same to him. 

A classical scholar, one of 
Haycraft 's obsessions was to see toe 
publication of a frill edition of 
Edward Gibbon's The Decline and 
Fall of The Roman Empire', 
characteristically, he denounced 
another publisher, Everyman, for 
producing a three- volume version 


with 11 chapters omitted. 

“The blurb on toe (Everyman) 
slipcase gives no hint that toe 
edition is oot complete, and as the 
three volumes inside are 
shrink-wrapped, in their special 
condoms, we don't realise until we 
get borne." was the view or one of 
the last gentleman publishers. 


Frying tonight 

■ Calling ail under-employed 
Eurocrats - if that isn't something 
of a tautology. Get to work on 
rescuing Belgium’s national snack, 
chips doused in mayonnaise. A 
potato shortage, caused partly by 
the hot summer, partly by farmers 
planting fewer spuds last season as 
a result of low prices, is threatening 
to extinguish the Belgian chips’n 
mayonnaise snack, or at least 
convert it into something of a 
luxury. 

An opportunity here for Britain's 
Potato Marketing Board to justify 
its temporary reprieve and lend its 
support to the vanishing Belgian 
pommefrite? 


Free press 

■ Liberation, the fashionable 
French daily, is finding it hard to 
free itself from the penis of 
technology. While the newspaper's 
staff celebrated until the early 
hours of the morning in front of an 
Eiffel Tower draped with a giant 
copy of the front page of the 


redesigned paper, the company's 
Paris printing presses broke down 
for the second time in 21 years. 

The result was that the new-look 
paper did not hit the streets until 
yesterday afternoon. The finger was 
pointed at a glitch in the computer 
link from the editorial centre rather 
than a bolshy printer who had not 
been invited to the Eiffel Tower 
party. 


Pond life 

■ Not so much life imitating art. 
more a case of life mocking 
artefacts. Michael Jack will be tbe 
first British government minister to 
use the Channel tunnel for business 
purposes when he travels to 
Brussels today for a European 
council meeting. The Chunnel is 
now leaking, thanks to drainage 
problems. Jack, of course, is 
minister for fisheries. 


A rash move? 

■ So Philip Jarrold, 44. managing 
director of Peaudouce, toe nappy 
manufacturer, is moving to head 
Ladbroke’s Vernons pools division. 
This should give hacks in toe trade 
press a chance to test their headline 
writing skills. How about 
“Forty-four and finally out of 
nappies", or "Jarrold arrives at 
Vernons with reputation unsoiled". 
Observer's suggestion is "From the 
bottom to toe top" but a real pro 
could do much better. 




16 




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America learns to cope 
without daily dose of OJ 


Drama switches off until jurors chosen, reports Jurek Martin 


There were no live television 
pictures tram a Los Angeles 
courtroom yesterday as Amer- 
ica's murder trial of the year got 
under way. 

How the country will survive 
without its daily televised fix of 
the trial of O.J. Simpson, the 
retired gridiron football star 
accused of the murder of his for- 
mer wife, Nicole Brown Simpson, 
and her friend, Ronald Goldman, 
is doubtful. The cameras did not 
roll yesterday because Judge 
Lance Ito of the Superior Court of 
Californ ia began questioning as 
many as 1,000 prospective jurors, 
from whom a panel of 12, with 
eight alternates, must be chosen. 
This process is held in camera, as 
it were. 

Judge Ito must first ascertain 
which jurors cannot, for business 
or personal reasons, take three 
months off. especially if the jury 
is sequestered. 

This could reduce the 1.000- 
name list by three<iuarters and it 
is over these that the lawyers 
will do serious battle. 

Defence and prosecution law- 
yers have submitted briefs to 
Judge Ito running to countless 
pages, outlining the questions 
they would like to see satisfacto- 


rily answered. Since no prospec- 
tive juror living in this country 
mr\ gfalrg ignorance of the case, 
selection criteria include sex, 
race, age, known attitudes and 
personal history. 

For 3’A months, each prelimi- 
nary and pre-trial session has 
been televised live. Lawyers, psy- 
chologists, DNA scientists and 
experts in race relations (Mr 
Simpson Is black, his wife and Mr 
Goldman were white) have all 
had their disparate views given 
hill airing. A Los Angeles Times 
poll yesterday of residents of Los 
Angeles County, from which the 
jury pool is formed, found 34 per 
cent believing him guilty and 16 
per cent innocent, with the bal- 
ance undecided. As with other 
surveys, far more blacks than 
whites thought him not guilty 
and a victim of racial prejudice. 
Women were also conspicuously 
more sympathetic to Mr Simpson 

ftian rmm 

It may take up to a month for a 
jury to be empanelled. Even then, 
there is no guarantee that the 
trial itself may be covered live. 
Last week. Judge Ito, enraged 
about press leaks and stories of 
little apparent substance, said he 
would consider banning some or 


all media coverage. 

Although this is within his 
power, he is unlikely to take the 
extreme sanction. If he did, the 
media would doubtless go to 
court to demand that he be over- 
ruled. Last week a committee of 
judges recommended that the 
experiment of televising federal 
trials be discontinued - but this 
is a state case and California is 
the home of television. 

Beyond its celebrity element - 
Mr Simpson, after a glittering 
career on the field, became one of 
the most visible TV pitchmen for 
assorted commercial products - 
the trial itself may prove of legal 
importance as a test of the use- 
fulness and admissibility of DNA 
analysis. 

The trial could last until 
Christmas and beyond. Despite 
mid-term elections. Haiti and 
Bosnia, the face of O.J. Simpson, 
who is pleading not guilty, will 
go on staring out at the nation 
from the small screen. Not since 
one Friday night in June, when 

national TV nau ght him and a 
friend driving his white jeep 
along the freeways of Los 
Angeles, pursued in semi-slow 
motion by a phalanx of police 
cars, has he been absent from it 


Japan makes final attempt 
to avoid US trade sanctions 


By Wfflism Dawkins In Tokyo 


Japan will make a last-ditch 
attempt to resolve the deadlock 
in trade negotiations with the US 
today when Mr Ryutaro Hashl- 
moto, international trade and 
industry minister, flies to Wash- 
ington for talks aimed at avoid- 
ing sanctions. 

The move coincides with a 
warning from Mr Walter Mon- 
dale, US ambassador to Japan, 
that US law obliges it to impose 
economic sanctions if there is no 
accord by the Friday deadline. 

“It's not something we’d want 
to do, but it would be something 
we would be compelled to do 
under the law," Mr Mondale said. 

Mr Hashimoto will meet Mr 
Mickey Kantor, US trade repre- 
sentative. and plans to return in 
time for the opening of the next 
parliamentary session on Friday. 

He takes the baton from Mr 


Yohei Kono, the foreign minister, 
who had to break off talks with 
US officials to prepare for a 
United Nations speech today. 

There were signs of progress in 
talks on foreign access to Japan's 
public procurement of telecom- 
munications and medical equip- 
ment, and on the insurance mar- 
ket, Mr Mondale said. Agreement 
on these would be “the key to a 
more positive tone in the whole 
trade matter”, he said. 

Access to Japan's car and car 
parts market, representing nearly 
60 per cent of its trade surplus 
with the US, and access to the 
market for fiat glass, where the 
economic stakes are small but 
symbolic, are the other outstand- 
ing matters. 

Cars - the main subject of Mr 
Hashimoto’s mission - were “not 
quite ripe” for an accord and the 
outlook for a deal on glass was 
unclear, Mr Mondale said. 


The US ambassador could give 
no indication whether Washing- 
ton might postpone the sanctions 
deadline - as it did in a row over 
file Japanese construction mar 
bet last year - if there was an 
accord on public procurement or 
insurance. 

1 don’t know if we will accept 
a partial package . . . but if we 
can't, the provisions of our law 
will take place,” he said in refer- 
ence to the US Ttade Act Under 
this, sanctions would be 
announced in the event of failure 
to agree on public procurement 
on Friday, to apply after a 30-day 
comment period, on October 30. 

Mr Mondale said the latest 
negotiations were more produc- 
tive than in February, when the 
US and Japan broke off trade 
talks after a summit between 
USpresident Bill Clinton and for- 
mer prime minister Morihiro 
Hosokawa ended in impasse. 


India fights 
to control 
spread of 


plague 


By Stefan Wagstyl in New Delhi 


Indian health authorities were 
yesterday struggling to control 
the spread of pneumonic plague 
amid signs of further outbreaks 
following the flight of some 
300,000-500,000 people from the 
western city of Surat. 

The number of new patients 
admitted to hospital in Surat fell 
yesterday to about 40, the lowest 
daily figure since the outbreak 
started, but the disease was 
blamed for two Ren th* in villages 
about 40km away. There were 
also reports of people with 

plague-like symptoms in hospital 

in other parts of northern and 
western ftvtia - inHnRing Ahme- 
dabad, Bombay and in New 
Delhi, L200km from Surat. 

The outbreak has left at least 
43 people dead and about 400 oth- 
ers desperately ilL Other coun- 
tries are also monitoring the 
plague, including Arab states, 
which were yesterday holding a 
meeting of health officials of 
members of the Gulf Cooperation 
Council to coordinate a response. 

The meeting followed a deci- 
sion by the United Arab Emirates 
to carry out medical checks on 
all travellers arriving from India. 

Meanwhile. India has received 
offers of medicine from the World 
Health Organisation, Unicef the 
US, Russia and elsewhere. Pneu- 
monic plague, a variant of 
bubonic plupw which decimated 
Europe in the 14th century, is 
spread easily by airborne infec- 
tion but can be effectively treated 
as long as the remedy - the anti- 
biotic tetracycline - is given 
early enough. 

In Surat. 800 paramilitary per- 
sonnel were yesterday searching 
the city for plague victims. They 
also stood guard at the main hos- 
pital to prevent patients from 
fleeing, following the escape at 
the weekend of about 100 victims, 
who ran away in the belief they 
would receive better care at 
home. 

There is confusion about the 
precise number of victims 
because some who died early in 
the outbreak with plague-like 
symptoms have since been found 
to have died of other causes. 
Also, an unknown number of 
people died outside hospital and 
have been cremated or buried by 
their families. 

Health officials say the origins 
of the outbreaks, the first in 30 
years, are not clear. 


US lifts Haiti sanctions 


Continued from Page 1 


strangulation'’ by Bosnian Serbs 
and that the UN would have 
to show a "new resolve" to 
enforce resolutions to protect the 
city. 

“UN actions in Bosnia, as those 
in Haiti, demonstrate that prog- 
ress can be made when a coali- 
tion backs up diplomacy with 
military power.” 

He also announced US support 
for a new multilateral agreement 


to control the sale and use of 
anti-personnel landmines, and 
called for the eventual elimina- 
tion of the 85m such weapons 
which are now believed to be 
scattered in 62 countries. 

The US wlli propose that coun- 
tries reduce the proportion of 
landmines in their stockpiles that 
do not self-destruct or deactivate 
themselves, and ban exports of 
mines to countries which have 
not signed the convention on 
conventional weapons. 


Reckitt buys L&F Household 


Continued from Page 1 


businesses and £400m of cash- 
flow. 

“The rapid pay-down of debt 
will allow us to continue to sup- 
port rapid development of our 
businesses ,” Mr Sankey said. 

Sir Michael said likely buyers 
for Column's and the other UK 
activities were companies with, a 
strong European food business 
but keen to increase their UK 
presence. Although the group 


would sell the Column's mustard 
trade name, it would probably 
retain the name in the group’s 
title. 

The price for L&F, at about 
twice its sales and 20 times pre- 
tax profits, broadly matched 
expectations. But until Reckitt 
has shown it can exploit the pur- 
chase, it is unlikely to change 
City perceptions that - in the 
words of one analyst - it is a 
“slightly stodgy, conservative 
company in boring products". 


FT WEATHER GUIDE 


Europe today 


Low pressure west of Norway wffl make 
Scandinavia unsettled. Heavy rain will affect 
central and northern areas and the west 
coast, which will also experience stormy 
westerly winds. A secondary low will cause 
rain over Scotland which wifl spread south to 
the Midlands and the Benelux during the 
afternoon. Cool north-westerties will affect 
most of western Europe. France will be mainly 
dry with areas of persistent fog. Extensive rain 
in south-east France will move towards 
northern Italy during the day. North-east 
Europe will continue changeable and rather 
cool but the eastern Mediterranean will stay 
hot. sunny and dry. 


Five-day forecast 

Western Europe wHl become cooler. Most 
areas wifl be mainly dry and settled with some 
persistent fog. Heavy rain wiB cross the British 
isles on Wednesday, reaching the 8enelux on 
Thursday. Scandinavia will continue unsettled, 
although southern areas wfll have sunny 
periods by foe end of the week. Spain and 
the western Mediterranean will have 
seasonable temperatures and showers. 


TODAY'S TEMPERATURES 




Maximum 

Beijing 

fair 

24 

Caracas 

shower 

31 


Celsius 

Belfast 

shower 

IS 

Cardiff 

doudy 

15 

Abu Dhabi 

sun 

37 

Belgrade 

fair 

30 

Casahfanca 

far 

22 

Accra 

(air 

30 

Benin 

doudy 

17 

Chicago 

cloudy 

16 

Algiers 

fair 

SO 

Bermuda 

cloudy 

30 

Cologne 

doudy 

16 

Amsterdam 

doudy 

15 

Bogota 

drztf 

22 

Dakar 

fab- 

26 

Atrwns 

sun 

29 

Bombay 

sun 

32 

Dalas 

sun 

33 

Atlanta 

sun 

25 

Brussels 

fog 

16 

CUM 

sun 

33 

B. Aires 

sun 

21 

Budapest 

thund 

24 

Dubai 

sun 

37 

B.fstfn 

ctoudy 

16 

CJiagen 

rain 

13 

Dublin 

shower 

17 

Bangkok 

shower 

31 

Cairo 

sun 

32 

□ubrevnSi 

fair 

28 

Barcelona 

sun 

23 

Cape Town 

shower 

18 

Edmbugh 

shower 

15 


Pflore and more experienced travellers 
make us their first choice. 


Lufthansa 


Karachi 

Kuwait 

[_ Angelas 

Las Palmas 

Lima 

Lisbon 

London 

Luxbourg 

Lyon 

Madeira 


fair 

24 

Madrid 

fair 

23 

Rangoon 

fair 

30 

doudy 

19 

Majors 

fair 

25 

Reykjavik 

cloudy 

5 

doudy 

20 

Malta 

sun 

29 

Rio 

shower 

23 

tab- 

22 

Manchester 

shower 

16 

Rome 

cloudy 

27 

rain 

14 

Manila 

tain 

31 

S. Frsca 

fair 

24 

cloudy 

14 

Melbawne 

fair 

13 

Seoul 

fair 

23 

ran 

12 

Mexico City 

fdr 

21 

Sngapcre 

shower 

28 

shower 

30 

Miami 

ttnmd 

32 

Sbjddiabn 

shower 

12 

tar 

31 

M3an 

rain 

23 

Strastxwg 

cloudy 

20 

fair 

27 

Montred 

rain 

17 

Sydney 

SUl 

10 

Ihuxl 

32 

Moscow 

shower 

17 

Tangier 

fair 

23 

fan- 

14 

Munich 

shower 

17 

TdAwfv 

tair 

30 

sun 

33 

Nabob! 

sun 

27 

Tokyo 

doudy 

27 

fah 

38 

Naples 

fair 

28 

Toronto 

shower 

17 

sun 

27 

Nassau 

fair 

32 

Vancouver 

fair 

20 

fair 

26 

New York 

shower 

21 

Venice 

thund 

23 

fair 

20 

Mce 

rain 

23 

Vienna 

doudy 

18 

sun 

25 

NfcosJa 

fair 

31 

Warsaw 

doudy 

10 

doudy 

17 

Osfo 

cloudy 

13 

Wastaigton 

■ fair 

22 

doudy 

17 

Paris 

doudy 

20 

Wellington 

shower 

11 

doudy 

21 

Perth 

fair 

18 

Winning 

fair 

14 

fair 

33 

Prague 

doudy 

18 

Zurtdi 

thund 

18 


THE LEX COLUMN 


Reckitt freshens its act 


Strategically, Reckitt & Colman’s 
$L55bn acquisition of Kodak's L&F 
household and personal care products 
business cannot be faulted- The group 
neatly side-stepped the trap of buying 
the subsidiary bundled with the 
do-it-yourself operations, as Kodak 
originally wanted. Hie deal provides 
the group with one of the last decent- 
sized US household products busi- 
nesses - and one of sufficient scale to 
allow Reckitt to compete with the big 
boys in the North American market 
Abandoning the emotionally -charged 
food business also looks wise. 
Although Reckitt’s business com- 
manded some useful niches, it was 
weak mtwmatinnal ly and even in the 
UK remained too small. 

Nor can the company be criticised 
for over-paying. A price of twice sales 
and 13 times earnings is in i™ with 
similar deals Whether L&F proves 
good value is another question alto- 
gether. Much depends on Reckitt’s 
ability to achieve synergies. Its man- 
agement has promised savings of £4Qm 
during the next three years. However, 
the group’s track record is not suspi- 
cions. The £713m acquisition of Boyle- 
Midway in 1990 was not a conspicuous 
success. In spite of three and a half 
years of economic growth. US sales 
have proved mostly pedestrian, and 
occasionally immobile. Reckitt’s North 
American tag m may acknowledge its 
past mifitaicps, but that Is no guaran- 
tee it will not repeat them. 

The debt issue is less troublesome. 
Redtitt’s cash-flow is strong, generat- 
ing more than Q00m a year. Even 
without the £400m disposal pro- 
gramme, the company can reduce debt 
to present levels within five years. 
Reckitt trill not be a distressed seller, 
but that is just as wall Large chunks 
of the UK food industry are on the 
block, but there has not been a notice- 
able rush of buyers. The predicted exit 
multiple of one times sales may even- 
tually look justifiably conservative. 
Given the shares' underperfonnance 
over the past three ye ars , though, the 
rights issue is thankfully small. 


FT-SE Index: 2999.8 (-28.4) 


Share price ratattva to the 
FT-SE-A AD-Shwa fodex 



Source: ft onphte 


Bass 


product mix as a way of increasing its 
revenues. In beer this involved driving 
specific brands such as Carlsberg and 
Grolsch, but the pub estate is also 
being expanded and upgraded with 
more emphasis on food. The rebrand- 
ing of Holiday inns will put pressure 
on franchisees to invest in moving at 
least some way upmarket 

It is hard to quibble with this 
approach given the market conditions 
Bass feces, but Bass is coming late 
into food retailing in so-called “desti- 
nation” pubs where Whitbread already 
has an edge. Its strategy has been less 
consistent than that of Scottish & 
Newcastle, which has secured growth 
first through its Center Parcs and then 
its purchase of Chef & Brewer. 

Nor Is the external environment 
that favourable, even though price 
pressures have abated. Courage has 
yet to reveal its strategy for coping 
with the looming end of its Inntrepre- 
neur supply contracts, while the Carls- 
berg-Tetley joint venture must still 
aim to recoup its weak start last year. 
One must hope that Mr Ian Prosser’s 
new approach is robust enough to 
withstand external pressures. Other- 
wise shareholders could come to 
regret their willingness to tolerate his 
mmhlnatinn of the roles of chairman 
and chief executive. 


sions helped make up the slack, 
demonstrating the resilience inherent 
in the group’s spread of activities. 

Yet some of the shine was taken off 
the figures because of management 
caution about the outlook for the full 
year. Stocks, particularly of cars, are 
also up sharply, highlighting an 
underlying weakness In Inchcape's 
bargaining position with the manufac- 
turers which supply It Though the fell 
in motor trade margins from 35 to 29 
per cent largely reflects currency 
movements, Inchcape is unlikely to 
recoup the slippage easily even when 
currency pressures subside. The prior- 
ity of its suppliers will be to improve 
their own mar gins as soon as market 
conditions permit. Inchcape’s position 
as a distributor thus leaves it vulnera- 
ble to a squeeze which will limit the 
cyclical upturn in its profits. 


No one expected Bass to report 
much of an increase in its beer mar- 
gins in yesterday’s trading statement. 
But the 3 per cent fell in its shares, 
even in a weak market, suggests lim- 
ited faith in the strategy now merg- 
ing to secure future earnings growth. 
Having effectively abandoned its dash 
for volume growth in beer, Bass is 
turning to brand management and 


Inchcape 

Yesterday’s interim results from 
Inchcape were on the face of it encour- 
aging. The impact of the strong yen on 
its European motor distribution busi- 
ness was bad - operating profits 
dropped £2Gm as a result - but not as 
bad as analysts had predicted. More- 
over, strong results from other divi- 


Gold 

Judging by gold's unruffled reaction 
to Mr Kenneth Clarke’s IMF sales pro- 
posal, the market does not yet believe 
it will happen. The UK chancellor wfll 
(dearly have his work cut out persuad- 
ing Mr Mirhffi CamrinSRim, the IMF’S 
managing director, to part with gold 
holdings in order to assist heavily 
indebted poor countries. Even, if he 
succeeds, it will be a year or more 
before any sales actually occur. The 
phased sales programme which might 
then be introduced would probably be 
smaller than the large disposals 
undertaken by the IMF In the 1970s. 
With luck, IMF sales might coincide 
with an end to Canada’s official sales 
programme, so the market might 
scarcely notice the increased supply. 

Even so, the feet that IMF gold sales 
are on the discussion agenda must 
damp enthusiasm. Buoyed by indica- 
tions of rising inflation in the US, gold 
had been pushing towards the $400 
level. Underlying demand in China 
and Trill ia has recovered after a lull 
and the incipient economic recovery 
in Europe seems likely to push up 
jewellery fabrication demand in Italy. , 

Before Mr Clarice’s announcement, 
the danger was that the market might 
run up on speculative buying, only to 
succumb to profit-taking as call 
options were cashed in at prices about 
$420. If the rise now becomes mare 
gradual, higher prices will be more 
sustainable. That would please longer 
term holders. It would also help calm 
bond, market concern about the infla- 
tionary im piimtinim of a sudden spike 
in the gold price, and surely please 
leading central hanks as wefl. 




; i t 





tr- -4 3 


C* . ■? 


Without us, they couldn’t 
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Absorbing fortes of 250 tonnes when an airliner touches down at 140 mph is a critical test for landing gear - and it’s a test 
that Messier- Dowty systems pass successfully 20,000 times every day. 

Merging Dowry’s landing gear interests with those of SNECMA’s Messier in Messiet^Dowty has created a new £250 million 
world leader; backed by a combined 125 years’ experience, which uniquely offers its customers full design, 
manufacturing and test facilities on both sides of the Atlantic. With its landing gear already fitted on 14,000 aircraft of 
80 different types, Messrie^Dowty is off to a flying start. 

Dowty Is one of TI Group’s three specialised engineering businesses, the others being Bundy and John Crane. 

Each one is a technological and market leader in its field. Together; their specialist skills enable 
Tl Group to get the critical answers right for its customers. Worldwide. 



TI GROUP 


WORLD LEADERSHIP IN SPECIALISED ENGINEERING 

For funher mfotmaiion abour die H Group, contact the Department of Public AILuis, TI Group pic, Lamtuum Court, Abingdon, Oxon CK14 IUH. England. 




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CHARTERED SURVEYORS 
t* COMMERCIAL PROPERTY AGENTS 

Expertise In Every Area 

_jjt CROSVENOR STREET LQNQQN VC1X0DD 


0 7 1 6 2 9 S 


FINANCIAL TIMES 

COMPANIES & MARKETS 

©THE FINANCIAL TIMES LIMITED 1994 Tuesday September 27 1994 



[BARE 

iilfi; 

j| CONSTRUCTION ■ 


Expanding by Contracting 


Telephone Ayr { 0292 ) 281311 


IN BRIEF 


La Generate 
improves 53% 

Soci&td G#n6rale de Belgique, the diversified 
Belgian holding company, increased its net earn- 
ings by 53 per cent in the first half of the year to 
BFr6.7bn (8210ml compared with BFr4.4bn in the 
previous corresponding period. Page 18 

IMF wants tougher hedge fund rules 

Stronger requirements for hedge hinds and other 
investors to disclose large trades in government 
bonds could help prevent manipulation of smaller 
markets, according to a study by the International 
Monetary Fund. Page 18 

Air France asked to sell Sabena stake 

Sabena is seeking to pressure Air Prance into 
reducing or selling its minority stake in the Belgian 
state-owned carrier to enable the formation of part- 
nerships with other interested airlines. Air Prance 
said, however, that it did not intend to selL Page 20 

Chevron upbeat on Tengiz project 

Chevron, the US oil company, says it bar! no plans 
to pull out of its $20bn Tengiz oil project in Kazakh- 
stan. Page 20 

Tokyo to allow derivatives trade 

Japan yesterday took a small step on its long road 
to financial deregulation by permitting banks to ' 
trade in two forms of financial derivatives - for- 
ward rate agreements and forward exchange agree- 
ments. Page 21 

Mining groups strtice venture deal 

Normandy Poseidon, the Australian gold producer, 
and Bureau de Recherches G&ologiques et Mmifcres, 
the French government-controlled mining group, 
are to form one of the world's most diverse resource 
ventures through transactions involving almost 
AS740m (US$544m). Page 21 

Inchcape warns on Japanese car sales 

lnchcape, the international motors, marketing and 
services group, yesterday confirmed that the 
strength of the yen had hit sales of Japanese cars in 
Europe, but said all the rest of its operations were 
performing wefi. Page 23 

Bass shares slip after sta teme n t 

Shares in Bass slipped 17p to 523p yesterday after it 
delivered a cautious trading statement which indi- 
cated its breweries and pubs remained under 
intense competitive pressure. Page 28 

£100m interes t gloom for Brant Walker 

Interest payments of more than £100m <S158m) over- 
shadowed an improvement in interim operating 
profits at Brent Walker, the bookmaking and public 
house group laden with £1.4bn erf bank debt 
Page 24 

Hmnmerson rises to £245m 

Hammerson, the property company which came 
under new management last year, yesterday 
reported interim pre-tax profits of £24. 5m ($38.7), 
against £15 .2m, and signalled its Intention to 
expand in continental Europe. Page 25 

Stora to raise newsprint prices 20% 

Store. Europe's biggest pulp and paper group, will 
raise prices of newsprint by 20 per cent next year 
following increases in pulp prices and a recovery in 
European paper demand. Page 26 


Companies in this Issue 


Abbott Mead Vfckws 

25 John L Jacobs 

12 

Air France 

20 L&F Household 

1. 17 

American Mobfle 

20 Ladbroke 

12 

Amoy Properties 

21 McCain Foods 

20 

Austereo 

21 McDomefl Douglas 

20 

BBGM 

21 MetaSfgeseitechaft 

18 

Banner Homes 

25 Metakex 

24 

Bass 

27,16 Mldtands Bectrictty 

27 

BgB 

18 Moore Corp 

20 

Bittern (J) 

25 NewarthH 

25 

BOOS 

27 Nerxt el Comma 

20 

Brent Walker 

24 Word L8 

18 

British Gas 

21 Normandy Poseidon 

21 

British Petroleum 

27 Northern Leisure 

25 

British Teteeommunic 

17 Norwegian Telecom 

17 

CamaudMstalbox 

IB Peugeot Citroen 

17 

Castor Holdings 

20 Reckitt & Cotman 1, 16, 17, 27 

Chevron 

20 Redraw 

24 

Chrysler 

20 Royal Bank Scotland 

27 

Cockerflt Sambre 

18 SOB 

18 

Coles Myer 

21 Sabena 

20 

Community Hospitals 

2A Scott Paper 

21 

Cttefit Lyonnais 

17 Seeboard 

27 

Deutsche Bank 

18 Shougang Concord Int 

21 

ms 

20 T&8 Stores 

24 

Eastman Kodak 

1, 17 Tele Danmark 

17 

Europe Metal f-LMI 

18 Telecom Finland 

17 

Hextech 

25 Triplex Uoyd 

12 

Glaxo 

25 Universal Ceramic 

25 

HIV 

25 Village Roadshow 

21 

Hammereon 

25 WEW 

12 

Hanson 

27 Weflcome 

24 

Hew Group 

25 Wheaton 

18 

Inchcape 

16 Zeneca 

27 

Market Statistics 

^Annual reports eentee 

28£S Foreign exchange 

34 

Benchmark Gort bonds 

21 QS prices 

21 

Bond fttfuraa and options 

21 urn equity options 

27 


Bond prices and yields 
Commodates prices 
Dividends announced, UK 
BAS currency rates 
Eurobond prices 
fixed Merest fndees 
FT-A World Indices 
FT GoM Mints Index 
FTASMA tnH Pond sw 
FT-SE Actuaries Indices 


21 
26 
23 
34 
21 
2! 

Backpage 


21 

27 


London share service 
London trad options 
Managed funds sendee 
Money n ates 
New tad bond Issues 
Recent Issues, UK 
Shew- term tat rams 
US Harest rates 
Worid Stock Martwtt 


242B 

27 

30-34 

34 

21 

zr 

34 

21 


Chief price changes yesterday 


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772 - 

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Canal Pin 

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OfflrtxSeBank 

6323 - 

14 

Ecco 

871 

- 

13 

IMataMtel 

1312 - 

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SaU Batata 

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MHIh 

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Teas mss 

67* - 


OM Elec 

760 

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Uu Teen 

61 ta - 

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Sem-Bmn 

7730 

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Peugeot Citroen gains with bigger range 


By John Ridding En Paris 

Peugeot Citroen yesterday 
provided evidence of the French 
car industry recovery while 
announcing the strengthening of 
its product range and net profits 
of FFr688m (8131m) for the first 
half of the year, compared with a 
loss of FFrl.lSbn in the same 
period in 1993. 

The results were at the lower 
end of analysts' forecasts, but 
Peugeot Citroen predicted further 
improvement and a “clear posi- 


tive result" for the full year. It 
said the improvement would be 
partly based on the Impact of its 
revamped model range which 
would offset a slowdown In 
growth in the automobile market 
in the second half of the year. 

According to Peugeot Citroen, 
the slowdown partly reflects the 
weakening of stimulatory mea- 
sures introduced by the French 
government. The measures, 
which were introduced in Febru- 
ary and included a payment of 
FFr5,000 to car owners who 


traded in vehicles more than LO 
years old to buy a new one. 
helped lift sales in the first half. 
Combined with an end to reces- 
sion in France and other Euro- 
pean markets, the measures had 
prompted a 14.8 per cent increase 
in sales to FFr83.8bn. 

Peugeot Citroen, said its 
improvement reflected the 
Impact of new models, from util- 
ity vehicles to the estate version 
of the Citro§n ZX and the Peug- 
eot 306 convertible, hi addition, 
the first half of the year saw the 


launch of the group’s multi-pur- 
pose vehicles, the Peugeot 806 
and Citroen Evasion. 

The progress in the first half 
enabled the automobile group to 
raise its share of the western 
European market from about 11.9 
per cent to 12.5 per cent. In 
France, market share increased 
from an average of 30.3 per cent 
in the first half of 1993 to about 
32£ per cent 

Improved cash flow and a 
tighter control on investments 
allowed the company to reduce 


debts. At the end of June, group 
debts stood at FFr9.34bn. com- 
pared with FFrl6.67bn at the 
beginning of the year. At the 
operating level. Peugeot Citroen 
reported a profit of FFr2.45bn. 
compared with a loss of 
FFrl.25bn last time. 

Despite an upbeat assessment 
of the company's performance, 
Peugeot Citroen expressed cau- 
tion about the prospects for the 
European market. It pointed out 
that although the 6.48m new reg- 
istrations in the first half repre- 


sented a growth rate of 6.7 per 
cent over the first half of 1993, 
the total volume still represented 
a fall of almost 12 per cent com- 
pared with the first half of 1992. 

The outlook for the current 
period was also cautious, sating 
"growth in western European 
automobile demand should be 
much slower in the second hair. 
As a result, it said, growth in 
passenger car registrations for 
the full year is likely to coo] to 
around 4 per cent in western 
Europe and 12 per cent in France. 


Roderick Oram explains why Reckitt & Colman is spending $1.5bn to build its US household products portfolio 

Disposals 
at Kodak 
near end 


fight 


Cleaning 
up its act 
to 

the giants 

M ustard, barbecue sauce 
and potatoes were all 
Reckitt & Colman was 
selling in the US 10 years ago. 
Two acquisitions turned it into a 
provider of cleaners and other 
household products, making the 
US the British group's largest 
single market But it remained a 
second-tier company lacking 
some key products in a field dom- 
inated l jy leading brands. 

Redritt's ambition, thnng-h is 
to compete with the likes of Col- 
gate-Palmolive and Procter & 
Gamble on their US home 
ground, by far the largest market 
in the world, and abroad. Yester- 
day’s $l.55bn purchase of L&F 
Household from Eastman Kodak 
gives it the weapons to take them 
on. It may also hasten the day 
when Reckitt concentrates 
entirely on household products 
by selling Its over-the-counter 
drugs including such famous 
brands as Disprin, an aspirin- 
based painkiller. 

L&F “fits our strategy per- 
fectly," said Mr Vemon Sankey. 
chief executive. “It transforms 
the position and profitability of 
our US business." According to 
Mr Paul Woodhouse, a Smith 
New Court analyst; "Reckitt was 
in need of something to get it 
moving. It was in the second divi- 
sion with few products mass mar- 
keters needed.” 

But L&F also presents Reckitt 
with some stiff challenges. The 
biggest is to assimilate L&F and 
use its brands and technology to 
good effect abroad. Reckitt has a 
rather patchy record on these 
management techniques. It has 
yet to maximise the potential, for 
example, of its $1.25bn purchase 
In 1990 of Boyle Midway, another 
US household products group. 


Lysol - but that's not all 

Brands to be acquired 




Brands to be sold 





1993 sales; 

1993 operating profits: 


liTTETl 


1993 f£2_09bn) 


Post -acquisition and disposal (E222bn) 



The group has found it bard to 
increase US sales and profits in 
recent years. 

Founded in 1874 by Mr Lane 
and Mr Fink as an importer of 
raw materials for New York City 
pharmacists, L&F became one of 
the first suppliers of antiseptics. 
From that technology grew a 
range of disinfectants and other 
household products. It was taken 
over by Sterling Drug in 1966 
which in turn was bought by 
Kodak in 1988. 

Its products are tightly focused 
on some six brands such as Lysol 
which are first or second in their 
markets. It has products such as 
lavatory cleaners which Reckitt 
lacks in the US. It has disinfec- 
tant technology that Reckitt 
hopes to use elsewhere in the 
world. It is much more more 


BT agrees partnership deal 
with three Nordic operators 


By Andrew Adonis hi London 

British Telecommunications 
yesterday boosted its interna- 
tional ambitions on the 
announcement of a partnership 
agreement with three of Scandin- 
avia’s four national telecommuni- 
cations operators. 

Norwegian Telecom, Telecom 
Finland and Tele Danmark, the 
Danish national operator, will 
work with BT to market one-stop 
international telecoms services 
across Scandinavia. 

The move marks a further 
stage in the division of the 
world’s leading telecoms opera- 
tors between three rival alli- 
ances, each bidding to become 
the leading supplier of interna- 
tional telecoms services to multi- 
national companies. 

The deal pitches BT into fierce 
competition with Unisource, a 
grouping of European telecoms 
operators which recently forged 
an alliance with AT&T, the larg- 
est US operator. 


AT&T is BT*s main challenger 
in the international arena. 

Telia, the Swedish state opera- 
tor, is one of Unisource's four 
European members. BT and its 
Nordic partners yesterday high- 
lighted Sweden’s business mar- 
ket as their principal target. 
They aim to exploit Sweden’s 
open telecoms regime to offer a 
pan-Nordic telecoms service to 
multinationals in the region. 

Telia already faces intense 
competition in its home business 
market A senior executive said 
that France Telecom has been 
offering Swedish multinationals 
discounts of up to 30 per cent on 
international traffic. France Tele- 
com belongs to a third alliance, 
which includes Deutsche Tele- 
kom, the German state operator. 

However, Telia said that BTs 
Nordic alliance was “not unex- 
pected" given a previous tie-up 
between BT and Norwegian Tele- 
com. It called on Denmark and 
Norway to end restrictions on 
competition in their home 


telecoms markets. 

The backbone of BTs interna- 
tional strategy is its $5.3bn alli- 
ance with MCI, the second-hugest 
US long-distance operator. The 
two companies have established 
a joint venture, “Concert", to ser- 
vice multinationals. 

BTs Scandinavian deal is far 
more Limited and none of the 
three Nordic partners will take 
an equity stake in Concert 

Mr Hans Wurtzen, Tele Dan- 
marks’ chief executive, 6aid: 
“The agreement marks a new era 
for Nordic telecommunications, 
addressing customer needs on a 
regional and global basis." 

Analysts are divided on the 
scope for the new alliances to 
develop significant revenues, 
given the limited number of mul- 
tinationals and the savings they 
will demand from one-stop sup- 
pliers. 

However, the alliances are set 
to exert downward pressure on 
Europe’s high international 
phone prices. 


French bank to disclose losses 


By Andrew Jack in Paris 

Credit Lyonnais, the French 
banking group, is expected today 
to unveil losses of FFr4bn-5bn 
($750m-S95Gm) in delayed results 
for the first half of 1994. 

The losses are expected to be 
accompanied by substantial addi- 
tional balance sheet provisions 
against worsening bad loans on 
activities outside Its traditional 
lending base. The bank con- 
firmed its board was due to meet 
today after which the results are 
scheduled to be published. 

The results were due for 
release last Thursday, hut were 
delayed by an apparent collapse 
in discussions between Credit 


Lyonnais and the government 
Mr Edmond AIpbandfry, econ- 
omy minister, issued a statement 
suggesting he had only been 
informed last Monday of the size 
of the bank's bad debts, which 
could require additional provi- 
sions of up to FFr25bn 
Mr Alphanddry stressed that 
the government would provide 
support to the bank, although the 
Minis try of Finance and Econ- 
omy publicly rejected some spec- 
ulative reports yesterday that 
there would be any immediate 
state aid of FFr3bn-4bn required. 
Credit Lyonnais sources 
suggested that the group had suf- 
ficient capital to exceed Euro- 
pean m inimum solvency require- 


Credlt Lyonnais 

Certfficat dTnvesfcsemerrt price fFFi) 

900 



SCxnW FT Graphite 

meats. The state is believed to be 
continuing to press for acceler- 
ated sales of banking assets as 
well as other parts of the group. 


a 


'litebfepdMK 
•COtoTBBJ 1 * • 


soft drinks • 
mustard sauces 
andcood k nerta- 


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1993 sales: 

1993 operating profits: 


1993 


Cl 60m 
£24m (eat) 


.-and by product-group , 


Post-acquisition and disposal 



Food 


Other 

Household 
& toiletry 


Pharmaceutical 



experienced in the US than its 
new owner at "controlling shelf 
space", the art of dealing with 
retailers. Strength in brands and 
distribution helped it to achieve a 
profit margin last year about 2 
percentage points better than 
Reckitt's world wide average of 
15 per cent. 

Lysol is a leading brand with 
its products used in two out of 
three US homes. Sales of Lysol 
products totalled S360m last year, 
about half L&F’s sales, but only 
S30m came from outside the US. 
Moreover. Lysol’s annual sales 
growth of about 2.5 per cent in 
recent years has been moderate 
and some US analysts see it as a 
“tired brand". Reckitt could play 
to both the strengths and weak- 
nesses of LysoL It intends to 
rebuild its US business around 


Lysol and L&F's other main 
brands by selling off lesser prod- 
ucts from the two companies. 
L&F’s products generating less 
than 25 per cent of sales could be 
sold. Mr Sankey said. 

The new US line-up. including 
successful existing products such 
as Woolite fabric washes and 
Easy-Off oven cleaners, will 
broaden the range of products 
Reckitt offers retailers and allow 
it to make better use of its mar- 
keting expenditure. Reckitt could 
also apply to Lysol its skill at 
extending the range of brands 
and take it into new markets. 

North American sales by Reck- 
itt after the acquisition and 
related disposals will be about 
£775m, about 35 per cent of the 
group total, compared with 
£553m and 26 per cent now. Once 


integration is complete in 1997. 
the synergies will be worth some 
£40m a year in operating profits 
in addition to the money Reckitt 
and L&F are currently making , 
Mr Sankey said. 

In a world increasingly domi- 
nated by large over-the-counter 
drugs companies, Reckitt will be 
a small player. Mr Sankey said 
yesterday its drugs “were a very 
fine piece of business" both for 
its brands and growing penetra- 
tion in south-east Asia which it 
intended to exploit. 

But the division could be worth 
some £500m to a big player, ana- 
lysts suggest A sale would give 
Reckitt the resources to make 
further acquisitions to build itself 
into a worldwide household prod- 
ucts company. 

Lex, Page 17 


By Tony Jackson in New York 

The sale of L&F Household to 
Reckitt & Colman brings East- 
man Kodak almost to the end of 
the ambitious disposal pro- 
gramme announced In May by 
Mr George Fisher, its new chair- 
man. The deal also brings total 
cash raised by the programme to 
87.2bn, leaving Kodak appar- 
ently debt-free. 

More important in strategic 
terms, it virtually completes 
Kodak's strategy of returning to 
its basic business. This the com- 
pany defines as "imaging" - not 
only traditional photographic 
activities but the high-tech world 
of mold-media, with which Mr 
Fisher is familiar from his previ- 
ous job as boss of the electronics 
firm Motorola. 

The one substantial disposal 
remaining is the rest of L&F. 
consisting of DIY products such 
as wood finishers. Kodak is coy 
about the size of this business or 
how much it might fetch. How- 
ever, a clue can be derived from 
the fact that when it decided to 
sell L&F in two parts - on the 
grounds that it could not reach 
Its target price for the business 
as a whole - that price was 
rumoured to he about S2bn. 

Also to be sold are a small 
technology subsidiary, NanoSys- 
tems, and the research and 
development headquarters of 
Sterling, the drug company 
which Kodak sold to Sanofi of 
France earlier this year. Sanofi 
has agreed to lease the building 
from Kodak for a year. 

When Mr Fisher arrived at 
Kodak last December, some 
observers were sceptical about 
his ability to turn around a com- 
pany which seemed to have lost 
its way. However, the speed at 
which he has moved has won 
Wall Street's admiration. 



REDROW 

GROUP 

PRELIMINARY RESULTS 

FOR THE YEAR ENDED 30th JUNE 1994 

“A LANDMARK YEAR FOR THE QROUP” 


Financial Summary * 

1994 

1993 

i> 

Ire 

Turnover 

185.5 

126.6 

Profit from operations 

22.5 

14.3 

Profit before taxation 

21.3 

13.8 

Earnings per share 

8.0p 

5.1p 

Final dividend per share 

1.8p 

- 


* On a basis consistent with the prospectus dated 28th April 1 994 

Sgj Homes completions increased by 61% to 2,038 
Cash surplus of £19. 3m 
Land bank increased to 7100 plots 


“ The quality of both our product and land bank 
combined with the Group's financial strength places 
Redrew in a strong position for continued growth." 

Steve Morgan, Chairman 

For a copy of the 1994 Annual Report please contact: 
Company Secretary. Redrew House. St. David'* Park. Clwyd CHS 3PW 
telephone 0244 520044 facsimile 0244 520720 


\ 


X 


\ 









FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


INTERNATIONAL COMPANIES AND FINANCE 


CarnaudMetalbox scraps 
plans for Wheaton deal 


By John Ridding In Parts 

CarnaudMetalbox. the 
Franco-British packaging 
group, yesterday announced 
the collapse of plans to merge 
its health and beauty busi- 
nesses with Wheaton, the pri- 
vately-owned US packaging 
group. 

The planned merger, 
announced in June, would 
have created the world's larg- 
est beauty and healthcare 
packaging concern with 
annual sales of FFr5bn fS940m) 
. It failed because of difficulties 
which arose in the past few 
weeks, said CarnaudMetalbox. 

“After extensive discussions 
we have been unable to resolve 


some differences.” said Mr Jur- 
gen. Hlntz. chairman of the 
Franco-British group. He said 
the decision not to pursue the 
merger had been amicable and 
joint development projects 
between the two companies 
remained possible. 

The failure is thought to 
have centred on reservations 
by some of Wheaton's share- 
holders about their level of 
control of the 50-50 joint ven- 
ture. 

Virtually all of Wheaton's 
shares are held by relatives of 
the family which founded the 
group. Under the terms of the 
agreement, Mr Hintz was to be 
chairman of the joint venture, 
while Mr Bob Veghte. from 


Wheaton, was to be chief exec- 
utive officer. 

CarnaudMetalbox said it was 
disappointed by the collapse, 
which it described as an attrac- 
tive strategic move. The aim 
was to strengthen its position, 
with cosmetic, pharmaceutical 
and perfume manufacturers 
and to provide a broader geo- 
graphical presence. 

The two companies said they 
had sought to derive benefits 
from pooling research 
resources and technical know- 
how and from expanding their 
operations in south-east Asia. 

CarnaudMetalbox said it 
remained committed to devel- 
oping its health and beauty 
packaging businesses. 


Italian metal group breaks even 


By Andrew HM In Milan 

Euro pa Metalli-LMl, the Italian 
metals group with interests in 
France. Spain and Germany, 
broke even at an operating 
level in the first half of 1994. 
This follows two years of 
restructuring and heavy losses 
and provided further evidence 
of improved demand for indus- 
trial goods. 

Europa Metalli, which speci- 
alises in the production of 
semi-finished goods and capper 
alloys, yesterday reported a 
small first-half net consoli- 
dated loss of L6.6bn ($4JMm) 
against a loss of L50.3bn in the 
equivalent period last year, 
and L131.6bn in the whole of 


1993. The company said the 
result had been affected by a 
poor performance at its Span- 
ish operation, which was being 
restructured, and a small loss 
in defence products. Group 
turnover increased 5 per cent 
to Ll,813bn. 

Europa Metalli is the main 
operating component of the 
group of companies headed by 
Mr Luigi Orlando, one of 
Italy's best-known business- 
men. It is controlled by Societa 
Metallurgies Italians, another 
quoted Italian company, 47 per 
cent of which is In turn owned 
by the quoted holding com- 
pany Generale Industrie Metal - 
lurgiche. The Florence-based 
company confirmed it was con- 


tinuing to study ways of 
improving the group's struc- 
ture, and reinforcing its finan- 
cial position. 

The company added if the 
economic recovery continued, 
Europa Metalli would be able 
to repeat its small first-half 
profit on Industrial activities 
in the full year. 

KM-kabelmetal, the compa- 
ny's quoted German subsid- 
iary, made a profit of DMl0.7m 
($6.9m) in the first half, against 
a loss of DM4-4m in the equiva- 
lent 1993 period. 

Tr6fim6taux. the French 
operation, also returned to 
break even, having lost 
FFr39.5m ($7.48m) in the first 
half of 1998. 


CockeriU seeks Eko Stahl stake 


By Judy Dempsey in Berlin 

CockeriU Sambre, Belgium’s 
biggest steel producer, wants 
to buy a 60 per cent stake in 
Eko Stahl, eastern Germany's 
loss-making steel mill, with a 
further option on buying the 
remaining 40 per cent. Cocker- 
ill said yesterday. 

At the same time, CockeriU 
confirmed it wanted to build 
an integrated steel mill, incor- 
porating a hot-rolling mill with 
the aim of gaining a bigger 
foothold in the German market 
as well as expanding in eastern 
Europe. 


Eko Stahl, located in Eisen- 
h (i t tens tad t in the eastern 
state of Brandenburg, is close 
to the Polish border. "We think 
Eko Stahl would be a very 
interesting investment given 
the fact that we want a greater 
presence in Germany,” Cocker- 
ill said. 

CockeriU, which last week 
submitted a formal bid to the 
Treuhand privatisation agency, 
said it would be investing 
between DM800m and DMlbn 
(S5i9.4m-S600m) if the deal was 
accepted. 

However, officials added that 
the Belgian enterprise expected 


the same level of state and fed- 
eral support as was originally 
offered to Riva. the Italian 
steel group which last May 
suddenly withdrew its pur- 
chase offer to the Treuhand. 
The agency is due to respond 
to CockeriU 's bid by October 
10. 

The purchase of Eko Stahl 
would lift CockeriU 's annual 
capacity. Last year, the east 
German mill produced 900,000 
tonnes of steel a fall of nearly 
L2m since it was placed under 
the Treuhand in 1990. Cocker- 
Ill's annual steel capacity is 
4.5m tonnes. 


MetaU 
shares 
tumble 11% 
to 1994 low 

By Andrew Fisher in Frankfurt 

Shares in Metallgesellschaft 
fell further yesterday amid 
con tinuing concern over the 
financial state of the ailing 
German industrial company 
and US «imm«i ts about the 
handling last year of its con- 
troversial on losses. 

As the share price fell by 
DM15.80, or nearly 11 per 
cent to DM13&20 ($86.40) - a 
new low for 1994 and the low- 
est for many years - Deutsche 
flank denied speculation that 
It and other banks involved in 
the company’s rescue (such as 
presdzur Bank) were cutting 
their «hflrwhnldtngft. 

Deutsche Bank, a leading 
creditor as well as share- 
holder, denied US reports 
about an alleged investigation 
by US authorities of the bank’s 
role and that of Metallgesell- 
schaft in dealing with the loss- 
making oU transactions. 

Deutsche Bank North Amer- 
ica said in response to US 
press reports about an Investi- 
gation by the New Tork dis- 
trict attorney’s office that it 
had not been contacted by its 
officials. 

The reports centre cm alle- 
gations that Deutsche may, in 
the latter stages, have become 
involved in the management of 
MetaUgeseUeschaft's contro- 
versial US oQ business, carried 
out through MG Corporation. 
This would be against US law-. 
Deutsche said the oil expert 
hired to sort out the futures 
contracts had never been on 
the bank’s salary list 

Metallgesellschaft said it 
had no explanation for the 
continued drop in the shares. 
Three weeks ago, the shares 
fell sharply to around DM180 
cm reports of moves to restruc- 
ture the share capital; this 
could include a reduction in 
capital and a subsequent 
rights issue. The company has 
been selling subsidiaries and 
assets to help restore its 
finances. 

Hie deterioration in MetaH- 
gesellschaffs share price could 
also be a response to US 
articles suggesting its losses 
on oil futures trading coaid 
have been diminished if that 
business had not been liqui- 
dated so quickly. 


IMF wants tougher hedge fund rules 


By John Gepper, 

Banking Editor 

Stronger requirements for 
hedge funds and other Inves- 
tors to disclose large trades in 
government bonds could help 
prevent manipulation of 
smaller markets, according to 
a study by the International 
Monetary Fund. 

The study of trends in inter- 
national capital markets 
argues the lack of regular 
information on position-taking 
in bond markets makes it hard 
to determine the impact of 
hedge funds, or detect manipu- 
lation. 

Although it says there is no 
evidence that hedge funds, 
which may have capital of up 


to SlOObn, collude to move 
prices, it points out that they 
"often seem to react similarly 
to a given set of market oppor- 
tunities”. 

The study says that informa- 
tion could be “particularly use- 
ful in the smaller government 
securities markets, where the 
action of a set of placers is 
likely to have a larger poten- 
tial impact on prices". 

Hedge funds have attracted 
controversy since their role in 
the 1992 European exchange 
rate crisis, and the study anal- 
yses a number of regulatory 
concerns over their activities. 

It finds no clear evidence 
that the 800 to 900 hedge fends, 
which aim for high returns fay 
leveraging capital and making 


bets on foreign exchange and 
bond markets, have increased 
volatility in bond markets. 

Instead, it says that hedge 
funds add to liquidity in bond 
markets. It says governments 
central banks have found 
raapn where only hedge fends 
have been willing to buy bonds 
as prices have fallen so stabi- 
lising markets. 

The study, released to coin- 
cide with the IMF/World Bank 
ariTiiiai meetings in Madrid 
next week, reports the view of 
one country’s supervisory 
authority that "hedge fends 
have become the *buyer of last 
resort 1 in some of these mar 
kets". 

However, it says that the 
sums which fends have to 


deposit with banks in order to 
borrow cash to trade on bond 
markets - typically 2 per cent 
to 4 per cent of the facility - 
may be too small to prevent 
markets becoming excessively 
leveraged. 

It points out that hedge 
fends are calculated to wield 
up to four times the equity cap- 
ital of large US securities 
firms. 

More than half the capital is 
thought to be In "macro” fends 
that ™ke bets on c h anges in 
interest and exchange rates. 
International Capital Markets: 
Developments, Prospects and 
Policy Issues: IMF Publication 
Services. TOO 19th Street NW. 
Washington, DC 20431; 
$ 20 . 


BgB’s sale raises mortgage stakes 


The bank aims to pool resources with Nord LB, writes Judy Dempsey 


T he recent decision by 
Bankgesellschaft Berlin 
(BgB) to sell a 10 per 
cent stake to Norddeutsche 
Land esb ank Girozentrale 

(Nord LB) for DMlbn (8600m) 
could mark a turning point in 
BgB's strategy to capture a 
niche in the rapidly expanding 
mortgage sector in north and 
eastern Germany. 

Nord LB'a access to BgB 
should allow the Hanover- 
based bank, the largest public 
savings bank in the region, to 
start denting the monopoly 
held in the eastern state of 
Brandenburg by Westdeutsche 
Landesbank Girozentrale, 
Lower Saxony’s largest hank. 

BgB, which was founded last 
January, is one of the first Ger- 
man institutions to bring the 
public and private banking sec- 
tors under one holding com- 
pany. BgB includes the state- 
owned Landesbank Berlin, the 
private Berliner Bank , and the 
private Berliner Hypotheken- 
und Pfendbriefbank mortgage 
bank. 

Through its monopoly stake 
in Landesbank Berlin, the 
region’s public savings hank. 

■ the state of Berlin holds a 67.7 
per cent stake in BgB, with the 
Gothaer Insurance group hold- 
ing 10 per cent, and minority 
shareholders holding the 
remaining 22.3 per cent. By 
last June, BgB’s consolidated 
business volume was DM222 bn. 

However, the ability of the 
state of Berlin to retain its 


high stake has been under- 
mined by the city’s parlous 
finances. It is strapped for 
rash , running a budget deficit 
of nearly DMQbn. and embark 1 
tag on more public spending 
cut-backs. As a means of reduc- 
ing the deficit the state of Ber- 
lin is free to decrease its stake 
in BgB to 50 per cent plus one 
share, the TnintmiTm required 
to legally guarantee the depos- 
its of Landesbank Berlin. The 
question was how it would find 
the right partner for the initial 
sale of a 10 per cent stake in 
the Landesbank Berlin. 

“We had been seeking Nord 
LB as a partner for some 
time," said Mr Dietrich Beier, 
BgB's chief economist. “Of 
course, the DMlbn which the 
state of Berlin will obtain from 
selling a stake of the Landes- 
bank is very important for the 
city's finances. But for BgB, we 
saw Nord LB's presence in BgB 
as a crucial development of our 
strategy,” he added. 

Part of BgB's strategy with 
Nord LB is targeted on the 
mortgage sector, reckoned to 
be one of the fastest growing 
sectors in eastern Germany. 
Private residential demand - 
and d emand for housing loans 
in the five eastern states - is 
expected to grow between 12 
per cent and 15 per emit this 
year, and continue to grow by 
double digits over the next few 
years. But the question is how 
Nord LB and BgB can together 
tap into the market 


At the moment, there are 
two mortgage banks in the 
BgB holding company: Berliner 
Hypothaken-und Pfendbrief- 
bank, add Braunschweig-Han- 
oversche Hypothekenbank in 
which. Nord LB holds a 30 per 
cent stake and BgB 60 per cent 
"What we want to do Is to 
merge these two mortgage 
banks and pool our resources 
because we can then tap a 
huge market in this part of 
Germany," explained Mr Beier. 
Such a merger would either 
require the agreement of Nord 
LB, or else BgB would need to 
hold 75 per cent of Braun* 
schweig-Hanoversche Hypoth- 
ekenbank to push through the 
merger. That would mean buy- 
ing 15 per cent of Nord LB's 
stake in the mortgage bank. 

B gB believes it can avoid 
this costly step and still 
merge the two mortgage 
banks largely because of the 
new relationship formed with 
Nord LB following its 10 per 
cent stake in BgB. 

"We would hope to pool our 
resources in fee two mortgage 
banks,” said Mr Half Serna u, 
head of investor relations in 
BgB. Such a merger would lead 
to the creation of Germany’s 
fourth largest mortgage bank, 
but the largest one in terms of 
assets. 

For Nord LB’s part, the 
merger, the access by Nord LB 
and BgB to each other’s cus- 
tomers and markets, and Nord 


LB’s 10 per cent stake in BgB 
would allow the Hanover bank 
to gain a foothold in fee state 
of Brandenburg. 

More crucially from Nord 
LB’s point of view, it would be 
in a much stronger position to 
challenge West LB, Nord LB's 
great competitor which is mak- 
ing rapid inroads into eastern 
Germany. 

For BgB, Nord LB's stake to 
BgB would allow this Berlin 
financial institution to take 
over the Nord LB’s EDP com- 
puter processing system. At 
the moment, all three banking 
institutions under BgB have 
different computer systems. 
And since BgB has identified 
Nord LB as- the most effective 
network - Landesbank Berlin 
is operating under its system - 
all the softwearof the BgB will 
be lined up with Nord LB. "We 
wiU all have immediate access 
to customers, accounts, and 
information," said Mr Beier. 

Once the mortgage banks are 
merged and Nord LB's 10 per 
cent in BgB is signed and 
sealed, BgB will tackle its next 
project With the state of Ber- 
lin's stake In Landesbank set 
to decrease by 10 per cent to 
57.7 per cent following its sale 
to Nord LB, there is specula- 
tion that Berlin is seeking to 
reduce its stake to just above 
50 per cent 

"In which case, we would 
consider a foreign partner,” 
said Mr Beier. 


AB of these securities tavmg peon aoht ttss advertiaamerti appears as a matter o( record only. 


U.S. $149,500,000 



Banco de Galicia 


7% Convertible Subordinated Negotiable Obligations Due 2002 


A parser? of the oftenng was offered outside me United States and Argentina by the undersigned. 


Goldman Sachs International 

CS First Boston 

Merrill Lynch International Limited 


Bear, Steams International Limited 
Citibank International pic 
Deutsche Bank AG London 
Latlnvest Securities Limited 
Swiss Bank Corporation 


Chase Investment Bank Limited 
Credit Lyonnais Securities 
Robert Fleming & Co. Limited 
Nikko Europe Pic 
S.G.Warburg Securities 


A ponton at tha otfemg was offered « itv Unttad Stales by the inderognod. 


Goldman, Sachs & Co. 

CS First Boston 


Merrill Lynch & Co. 


Galicia Capital Markets S A 

Acted as advisor to tfw Issuer 


September 1994 


Abraxas Petroleum Corporation 
AFC Cable Systems. Inc. 

Alexander Energy Corporation 
Allied Waste Industries. Inc. 
American Oilfield Divers. Inc 
Apparel Ventures. Inc. 

Arethusa [Off-Shore) Limited 
Autotote Corporation 
Bally's Park Place, Inc. 

Central Rents, Inc. 

CHC Helicopter Corporation 
Coho Energy. Inc. 

Consumer Portfolio Services. Inc. 

Corporate Realty Capital 
Crescent/MACH I Partners. L.P. 
Envirosource, Inc. 

Equity Marketing. Inc. 

FOodmaker. Inc. 

Foxmeyer Corporation 
General Media, Inc. 

Grasso Corporation 
Great American Cookie Company. Inc. 
Howell Corporation 
HMG Worldwide Corporation 
Ico. Inc. 

International Mill Service, Inc. 
Investment T echnology Group, Inc. 
Jefferies Group. Inc. 

Jordan Industries. Inc. 

LCI International, Inc. 

Leucadia National Corporation 
, Liggett Group Inc 

Magma Copper Company 
MG Trade Finance Corp. 

National Intergroup. Lnc. 

Noble Drilling Corporation 
Nuevo Energy Company 
Orchard Supply Hardware Corporation 
The Orleander Group, Inc 
Parrish leasing corporation 
PetkoCorp Incorporated 
Port Blakeley Tree Farms L. P. 

Reading A Bates Corporation 
Renaissance Cosmetics, Inc. 

Rev co D. S. Inc. 

Roadmaster Industries. Inc. 

The Scotsman Croup. Inc 
Sealy Corporation 
Terex Corporation 
Tesoro Petroleum Corporation 
Tom Brown. Inc 

Transeastehn Properties of South Florida. Inc. 
Trans-Resources. Inc 
TransTexas Gas Corporation 
Taj Mahal HOLDING CORp. 
Weatherford International Incorporated 
The Western Company of North America 
Wilrjc AS 

Wright Medical Technology. Inc. 


There’s More To Jefferies 
Than Meets The Ear. 

You may not hear much about us but we're 
bigger than you think. Recently, we advised and 
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convertibles for the companies you see Listed 
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Received art investment grade raring from S&P 
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Expanded ITG’s POSIT, the world's premier 
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And all our hard work is paying off — we've 
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If you'd like to hear more, please 
call Frank Baxter, our Chairman, 
at (310)914-1117. 


a JEFFERIES 

G R O t: |» . INC. 

Bigger than you think 


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20 



FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Air France under pressure 
to reduce stake in Sabena 


Chevron upbeat on Tengiz project 


The oil group remains 
committed to the Kazakhstan 
scheme, writes Robert Corzine 



Kon Derr; describes Tengiz as a ‘one shot opportunity' 


By Emma Tucker in Brussels 
and John Ridding In Paris 

Sabena is seeking to pressure 
Air France into reducing or 
selling its minority stake in 
the Belgian state-owned carrier 
to enable the formation of 
partnerships with other inter- 
ested airlines. 

Sabena confirmed yesterday 
that Delta, American Airlines, 
Swissair and ELM had 
expressed an interest in buying 
a share of the company. Under 
an alliance formed in 1992, Air 
France owns two thirds of Fin- 
acta, a Belgian holding com- 
pany which has a 37.5 per cent 
stake in Sabena. 

Mr Elio di Rupo, the Belgian 
transport and communications 
minister, and Mr Pierre God- 
froid. president of Sabena. are 
examining the findings of a 
report assessing the relation- 
ship between the two airlines. 
They are unlikely to comment 
on the report, carried out by 


Nextel plans 
$78m deal 
to buy AMS 

By Louise Kehoe 
in San Francisco 

Nextel Comm unications, which 
aims to create a US-wide wire- 
less communications system, 
has announced plans to 
acquire American Mobile 
Systems Cor stock in a deal val- 
ued at about JTfta. 

Last year Nextel reached 
agreement to acquire up to 61 
per cent of AMS for cash and 
certain assets. The restructur- 
ing of the agreement into a 
non-cash transaction follows 
the cancellation of MCTs plans 
to acquire a 17 per cent stake 
In Nextel for gLSbn. 

The previous agreement 
between Nextel and AMS will 
be terminated when the com- 
panies enter into a definitive 
merger agreement. 

Nextel is pressing ahead 
with plans to create a nation- 
wide wireless communications 
service combining voice, data, 
paging and radio dispatch. It 
recently expanded its services 
in California to cover San 
Francisco, Sacramento and Los 
Angeles. 


Lazard Frdres, the French 
bank, before the middle of next 
month. 

“It is clear that we can't 
stand still in this period of 
rapid transition of the aviation 
world,'* Sabena said yesterday. 
“If we do, we will lose terrain 
to our competitors." 

Air France said that it had 
not yet received the report 
horn Lazard and that it did not 
intend to sell its stake in the 
Belgian airline. “We are in 
Sabena and we will stay 
there," the French state-owned 
carrier stated. 

Air France officials that 
they had performed their duty 
as a shareholder in Sabena. 
completing the fourth and final 
BFribn (S3lm) payment for its 
investment in July. The pay- 
ment was the subject of uncer- 
tainty given the financial con- 
straints facing Air France, 
which suffered losses of 
FFr&48bn (SL6bn) last year. 

The French airline said that 


By Bernard Stmon 

A New Brunswick court has 
allowed one fartio n of Cana- 
da’s feuding McCain family, 
which controls die McCain fro- 
zen food and beverage empire, 
to oust Mr Wallace McCain as 
the group’s president and joint 
chief executive. 

The court decision follows 
three years of wrangling 
between Mr McCain and his 
brother Harrison over who 
should succeed them as 
McCain Foods’ chief executive 
officer, and over the future 
direction of the multinational 
company. 

Wefinm Foods ^ 68 plants 
in North America, Europe and 
Australasia. It reported sales of 
CS2.7bn (US$2. Ota) last year. 

The two brothers, who are 
both in their mid-6Qs, founded 
the company 38 years ago. 
Their relationship, however, 
has been marked by lawsuits 
and public insults since Wal- 
lace angered Harrison by tip- 
ping one of his sons as the 
group’s next diinf executive. 

A majority of McCain family 
shareholders decided earlier 


the report commissioned from 
Lazard is aimed at presenting 
an analysis of the performance 
and prospects of the alliance. 
The partnership has brought 
cooperation in several areas. 
inrhidjn g the coordination of 
flights between Fans and Brus- 
sels, shared agencies in some 
cities and oo-operatlau. on air 
miles schemes. 

industry observers said that 
Sabena was seeking to forge 
new partnerships In an 
attempt to strengthen its inter- 
national operations. Both 
Sabena and Swissair have 
codeoharing agreements with 
Delta under which they l ink 
their route networks on book- 
ing systems. The airlines plan 
a joint service between Chi- 
cago and Brussels from 
November and cooperation in 
areas such as cargo and pas- 
senger handling. Analysts 
believe the agreements could 
herald a deeper strategic part- 
nership between the airlines. 


this month to gave Wallace the 
title of deputy chairman Har- 
rison would remain sole chief 

executive until an outsider was 
recruited. 

Wallace, who owns some 
one-third of McCain Foods’ 
shares, sought an injunction to 
prevent the decision being car- 
ried out 

However, Mr Justice 
Creaghan said that “while it is 
true that Wallace McCain has 
made a si gnificant if not essen- 
tial contribution to the su rrey s 
of the company in the past, 
that is not to say that the com- 
pany cannot successfully oper- 
ate in the present without 
guidance from [hfm ] acting as 
a co-CEO." 

Wallace McCain has 
launched a separate lawsuit 
which seeks to have McCain 
Foods and its holding company 
restructured. The restructuring 
would include a public offering 
of about 20 per cent of the 
McCain family’s shares. But 
this proposal has so far been 
rejected by Harrison McCain 
and other family members, 
mainly the children of two 
other brothers who died. 


Chrysler 
unit adds 
lawsuit to 
Castor pile 

By Bernard Simon 
In Toronto 

The pile of lawsuits 
surrounding Castor Holdings, 
the Montreal-based p rope r ty 
finance group which collapsed 
in 1992, has grown further 
with a C$2Q0m (USU49m) 
claim by Cbrysler’s Canadian 
subsidiary against a Toronto- 
based trust company which 
acted as custodian for Chrys- 
leris pension funds. 

Chrysler Canada's pension 
fund was the biggest single 
creditor of Castor, which was 
created by Mr Wolfgang Stotts- 
enberg, the German-Canadian 
financier, as a tax-sheltered 
vehicle for European investors 
to share in the 1980s North 
American property boom. 
Many of Castor’s in v estme nts 
were in high-risk second and 
third mortgages. 

Castor’s creditors have sub- 
mitted ffTaimg of ab o u t CgL3btt 
against the estate. However, 
the chances of them retriev in g 
anything are negligible. 

The creditors and Castor’s 
bankruptcy trustee have also 
launched numerous legal pro- 
ceedings, notably against Coo- 
pers & Lybrand, Castor’s audi- 
tors. The claims against 
Coopers total more than 
C$900 dl 

Chrysler Canada claims that 
National Trust is responsible 
for losses totalling C$180m 
which were suffered by its 
pension fund in Castor’s col- 
lapse. National said yesterday, 
however, that all investment 
decisions relating to Castor 
were taken by senior Chrysler 
employees. It said that Chrys- 
ler also made direct corporate 
investments in Castor. 

Besides the claims against 
Coopers, the bankruptcy 
trustee is also suing Mr Stoltz- 
enberg and Castor’s other 
directors. According to the 
trustee, the directors should 
be held liable far a dividend 
declared less than a year 
before Castor collapsed. 

AD the actions are being vig- 
orously defended. Coopers has 
su bmi tted a list of 492 “partic- 
ulars" on which it wants fur- 
ther information. But the 
courts have so far allowed it to 
proceed with only a fraction of 
the queries. 


C hevron, the US ml com- 
pany, says it had no. 
plans to pull out of its 
$20bn Tengiz oQ project in Kaz- 
akhstan in spite of repeated 
failures to reach an agreement 
on an oil export pipeline 

through Russia. 

Mr Ken Derr, chammin, said 
that negotiations were continu- 
ing on the propo se d pipeline. 

"but we have not been able to 
reach a satisfactory agreement 
on the financial exposure" of 
the various parties in the Cas- 
pian Pipeline Consortium. 

This has not undermined 
Chevron's support for the Ten- 
giz project, on which it has 
spent 2600m. Mr Derr said Ten- 
giz was “a one shot opportu- 
nity to make a strategic, 
long-term investment” that 
would virtually double the 
company's oil reserves. 

The positions of Chevron and 
the Kazakh government, the 
joint developers of the field, 
were "completely compatible” 
according to Mr Derr. They 
have, however, been unable to 
agree financial terms 
with Russia and the Oman Oil 
Company, the other two con- 
sortium members. Mr Derr 
was optimistic, however, 
that a deal would emerge 
“sooner rather than 
later". 

Asked about recent state- 


McDonnell Douglas, the US 
defence and aerospace group, 
yesterday announced the 
appointment of Mr Harry Sto- 
necipher, chai rman of Sand- 
strand, the Illinois-based air- 
craft and industrial products 
company, us its new president 
and chief executive, writes Pat- 
rick Harver so n In New York. 

Mr Stonecipher, 58, takes 
over from Mr John McDonnell, 
who will remain as chairman. 
He joins McDonnell at a criti- 
cal time for the company, 
which will have to navigate 
choppy waters as the domestic 
defence industry reshapes 
itself in the wake of a sharp 
contraction in US military 
spending. As part of that 


meats from Moscow question- 
ing the legality of western oil 
deals In the former Soviet 
republics bordering the Cas- 
pian Sea. Mr Derr agreed that 
Russia was taking “more than 
a passing interest” in the 
region. 

Bat he believes it is in 
Russia's interest to see 
the development of petroleum 

reserves in Ravakhstan and 

Azerbaijan. 

That was because of the sub- 
stantial pipeline revenues it 
would receive and the eco- 
nomic stability winch oil devel- 
opment would bring to the 
region. 

He denied that Chevron had 
been rash to book Tengiz 
reserves without a guaranteed 
export outlet. Only lbn of the 
3bn barrels of Tengiz reserves 
attributable to Chevron under 
the 40-year deal had been 
booked. He said lbn barrels 
could be exported over the life 
of the project through swap 
rivals with even if no 

dedicated pipeline material- 
ised. 

I n recent weeks Chevron 
has increased its Tengiz 
exports to 50,000 to 60,000 
barrels a day, aimrigf double 
the original quota. But that is 
half of tiie 130,000 b/d capacity 
which Chevron will have in 


McDonnell’s largest competi- 
tors have joined forces recently 
in billion-dollar mergers, 
including Lockheed and Martin 
Mametta, Grumman and 
Northrop. 

Among his more immediate 
tasks, Mr Stonecipher will 
have to persuade the Pentagon 
and Congress not to reduce 
orders of the C-17 military 
transport plane, and decide 
whether to sell McDonnell’s 

miss ile ’ hfKTTnp^ fi. 

Investors and analysts 
appeared to welcome the 
appointment, with buyers bid- 
ding up McDonnell’s shares 
$1'A to 2112% on the New York 
Stock Exchange. 


place early next year and well 
below the planned peak of 
700,000 b/d- 

Mr Derr said Chevron’s 
financial performance was 
likely to improve in the second 
half of the year after a disap- 
pointing first, in which low 
crude oil prices and operating 
problems at US refineries took 
their tolL 

The sale of some of Chev- 
ron’s oldest refineries and a 
CM improvement programme 
at refineries in its home base 
of California would place 
downstream operations in a 


By Louise Kohoe 

EDS, the computer services 
subsidiary of General Motors, 
and Moore Business Forms & 
Systems, the US unit of Moore 
Corporation of Toronto, have 
signed reciprocal 10-year agree- 
ments together valued at more 
than $Hm. 

Under the toms of the alli- 
ance, Moore will handle all of 
EDS’ forms and commercial 
printing requirements, a move 
expected to generate revenues 
of 2500m-$lbn for Moore. EDS 
will assume responsibility for 
overall information technology 
support, including process re- 
engineering and systems devel- 
opment, through an outsourc- 


“very competitive position" by 
the end of next year, he 
said. 

Chevron's future, he added, 
“lies in the international explo- 
ration and production busi- 
ness" because so much of the 
US was off limits to oil 
companies. 

But the company saw no rea- 
son to split its international 
E&P business from its domes- 
tic operations. 

They were already separated 
internally , said Mr Deri, and 
the combination gave the com- 


ing agreement. EDS expects to 
generate revenues of 2400m to 
2700m with the agreement 

“Our alliance will enable 
each company to take advan- 
tage of the other’s core compe- 
tencies to help them maintain 
competitive advantage in their 
industries." said Mr Gary 
Anderson, EDS group execu- 
tive for high-tech manufactur- 
ing. 

Moore, a leader in the design 
and production of printed busi- 
ness forms, aims to reposition 
itself as a provider of informa- 
tion handling services. The 
company said it would take 
advantage of EDS' business 
process re-engineering services 
to speed up the transformation. 


Court allows ousting 
of Wallace McCain 


pany a “built-in balance. 

Defence expert to head GM and Moore units 
McDonnell Douglas sign $lbn 10-year deal 

restructuring, several of 



Eridania Beghin-Say 


Half yearly results in line with expectations 


The Board of Directors of ERIDANIA BEGHIN-SAY met on 
September 21st 1994 under the chairmanship of Mr. Renato 
PICCO. Consolidated accounts for the half year ended June 
30th 1994 were reviewed and approved. 

The essentia] consolidated figures are the following: 


(In Fmuk frana millions) Jme 30tk 1994 * 

Jm 30th 1993 % Change 

Net Sales 

24335 

24,750 

f 03% 

Operating Income 

Pretax income from 

1874 

1,990 

- 5.8% 

continuing operations 

L293 

1.290 

+ 03 

Net income - Group share 

623 

614 

+ L9% 


* First Half 1994 figures arc not strictly comparable to those 
of the same period one year earlier because of changes in 
the srope of consolidation. 

The decline in operating income (- 6% in total, with the 
decline of the Sugar & Derivatives Division amounting to 
12 % of the previous period's total operating income) is due, 
as expected, to the fact that the Sugar Division did not 
repeat in 1994 its exceptional performance of the previous 
period. The other divisions did not make up die difference 
despite the significant (+ 6% of last period's operating 
income) improvement in their contribution to overall results. 
Pre-tax income from continuing operations and net 
income were stable compared to the previous period as 
net financial expense fell because of lower rates and 
following the conversion into equity of the May 1991 
convertible bond issue. 

The ratio of net financial indebtedness to total shareholders' 
equity, which was 0.75 at 31st December 1993, improved 
substantially as it fell to 0.64 at 30th June 1994 despite the 
newly consolidated financial indebtedness of CAN AM ERA 
and ELOSUA. 

At this juncture, the second half of 1994 looks pretty much 
like the first: we are therefore confident that we shall turn in 
a full year performance similar to that for 1993, particularly as 
early indications of an improvement in the European 
crushing market should lead -if they are confirmed- to an 
improvement of the results of that activity. 

Mr. Franco Brunetti. Director of Human Resources of 
Montedison was appointed to the Board of Directors to 
replace a Director who tendered his resignation. 


At the end of the meeting Mr. R. PICCO informed the board 
of his decision to give up his current operational 
responsibilities within the Montedison Group. He therefore 
tendered his resignation as Chairman of the Board of 
Eridania B^gh in-Say. 

Mr. R. PICCO added that although he had contemplated this 
decision some time ago, he had postponed announcing it 


in order to assist the new management of Montedison 
during the delicate phase of Montedison's restructuring and 
until that group’s organization evolved. 

It is clear today that the smooth execution of this 
restructuring plan has lifted the threats to Montedison’s 
continued existence, therefore enabling Montedison 
to rethink its strategic management In that context the 
majority shareholder intends to fulfil his natural role of 
determining the strategic direction of all the Montedison 
Group's activities. Therefore. Mr. R. PICCO has decided to 
give up tiie chairmanship of Eridania Bdghin-Say. 

Professor ROSSI. Chairman of Ferruza Finanziaria and of 
Montedison, speaking as a director of Eridania B£ghin-Say, 
expressed sadness at Mr. R. PICCO’s decision. He thanked 
him for the sense of responsibility with which he has fulfilled 
his duties and for the devotion to the company throughout 
his many years at Eridania. 

Professor ROSSI stressed that Mr. R. PICCO had been one 
of the major authors of Eridania B6ghiu-Say's remarkable 
development, of its diversification, its operational 
organization and of its financial strength. Thanks to 
Mr. R. PICCO’s strict management Eridania B6ghin-Say has 
had many successes of which its stock market performance 
is a reflection. 

Professor ROSSl's conclusion was to recognize that 
Mr. R. PICCO had succeeded in putting together a 
close-knit management team of high quality at Eridania 
Beghin-Say: this team has been a key factor in the group’s 
success. The Montedison Group reaffirms its full 
confidence in that management 

The Board unanimously endorsed Professor ROSSFs tribute 
to Mr. R. PICCO and recognized that Eridania Bdghin-Say 
had remained totally unaffected by tile crisis which shook 
the Feiruzzi Group thanks to its total independence and 
good management 

Mr. R. PICCO will remain a director of Eridania B6gtun-Say 
for some time yet, in order to ensure a smooth and gradual 
transition : he will also undertake specific projects as 
a consultant to Montedison’s management 
As for as non operational responsibilities are concerned, 
Mr. R. PICCO has agreed to remain, for the time being, 
Chairman of the Italian Sugar Producers Association and 
Vice-Chairman of the C.E.F.S. (European Sugar Producers 
Committee), in view of the current drafting by the European 
Commission of the new sugar regime. 

Professor ROSSI proposes that Mr. S. MELONI, currently 
Managing Director of Montedison, responsible for finance, 
be appointed Chairman. 

The board appointed Mr. S. MELONI Chairman; he was 
already a member of the Board. 

Mr. S. MELONI proposed that the Board confirm 
Mr. JM FOLZ as Managing director. 


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GROUPE PINAULT - PRINTEMPS - REDOUTE 


THE PINAULT-PRINTEMPS- REDOUTE GROUP IS ON TRACK 

• Net profit. Group share for the fast half year amounts to FF 407m against FF 189m for the 
first six months m 1993 based on different group structure after the Pinault-Prinlenips and 
Redoute merger. 

• Consolidated net profit for the first half year is FF 489m against FF 366m for the first 
six months in 1993. 

• Net profit before tax has moved from FF 231m to FF 586m reflecting reductions in 
indebtedness and continued restructuring of the Group. 

• The level of operating profit is being maintained since there have been signs of recovery 
only in the Professional Distribution Division, and despite the impact of the devaluation of 
the AFC franc on international trade. 

• The second half year should see an upturn in activity. Action plans are being focused on 
improving balance sheet and boosting profitability in medium term. 


On 21 September 1994, Pinaulf-Printemps-Recioute Supervisory Board chaired by Mr Am braise Roux considered the 
financial statements for the first half of the year as prepared by the Management Board. 

PROFIT AND LOSS ACCOUNT 


consolidated 


(in rnffiom of French Iranis) 30.06.94 

30.06.93 

proforma 

30.06.93 

31.12.93 

(12 months] 

Sabs 

31,574 

31,952 

30,882 

63,300 

Openring profit 

894 

946 

938 

2^07 

Interest changes (net) 

P08] 

(727) 

1707} 

(U52) 

Net profit before tax 

586 

219 

231 

1,155 

Exceptional items 

8 


379 

146 

Income tax 

1162] 


(305) 

(480) 

Net profit 

before minority interests 

489 


366 

912 

Net profit 

407 


189 

511 


The pro Forma figures ore based on a comparable group 
structure. 

. BALANCE SHEET AS AT 30 JUNE 1994 


fin miSora ot French frana) 

30.06.94 

30.06.93 

31.12.93 

31.12.92 

fired assets 

22,387 

21,965 

22,045 

23,657 

Working capital 
requirements 

5,555 

8,075 

4,097 

5,969 

Shareholders' equity 

12,242 

9.685 

11/69 

9,310 

Provisions 

1,962 

1,870 

2/77 

2,066 

Nef Financial Dab 

13738 

18/485 

12,096 

18/51 

* indudmg shareholders' 
equity, Group share 

10,351 

5/64 

7/72 

5,608 


The Pmauh-Printemps-ftedouta Group is on target. 
The group has actuated its scope of consolidation; 

the following companies were folly consolidated as at 30 June 
1994: 

- Willcox & Gibbs [turnover of FF 6,000m for 1 993}: on 
24 February 1994, fie shareholders approved .an increase in 
Ihe share capital of this company enabling Rexel to increase its 
stoke from 28% to 38% ami to get the majority votes in the 


Board. 

- THU (turnover of FF 425m for 1993): a German subsidiary of 
Rexel acquired in February 1994. 

- Barthelemy-Foissac (turnover of FF 223m for 19931: four 
affiliated stores in tne south-west of France controlled bv 
Conforama since 4 March 1994. 


□ Th« group's financial structure has been 
considerably improved. The increase in working capital 
requirements recorded at mid-year is due to the seasonal 
nature of operations. 

□ Turnover was up by 2.2% [down 1.2% on o comparable 
group structure): each of the chains took action to maintain 
profitability in what remains an unfavourable economic 
climate. 

— The Consumer Goods Distribution Division has suffered from 
the lock of recovery in consumer demand. Divisional 
tumowr has dropped by 1.2% and operating profit has fallen 
by 5.3% on a comparable group structure due to significant 
investment in marketing in all lines of business and in 
particular mail order. 

- Recovery in the building industry has had a positive impact 
on the Professional Distribution Division where turnover and 
operating profit have increased by 4.1% and 14.7% 
respectively on a comparable Group structure. 

” P 16 i?£ rn ? tio, ? a! Div, ’ s!on » despite the adverse effect of 

the 50% devaluation in the AFC franc on turnover {- 29.1 %), 

I A < ^ i , n ? in ! d A* 5 mar 9 in levels and operating profit 
[+ 0.47.J due to the rapid implementation of appropriate 
measures. Excluding exchange rate Fluctuations, Group 
turnover i S up 0.5% on o comparable group structure. 

□ The substantial decrease in interest expenses due to 
reduchons in indebtedness and a foil j n Interest rates has 
enabled profit before lax to be increased twofold. 

□ Incfosion of the Redoute Catalogue subsidiaries in the 
PinaultfnntempsRedoute group tax system and carafe! tax 
P^onnmg ,n respect of foreign subsidiaries have combined 
30% 8 ™ COrp0rate income tax ralB down from 41% to 

□ Earnings of companies accounted for by the equity method, 
that ,s chiefly from the Credit and Financial Serviced 
Division, continue to improve. 

a ?F e !8 P 9m f for G *° U f S . hore is FF * Q7m against 
..f",* . 5 f s,x . month* of 1993. The 
m has been changed as a 
resultrf the merger of Pinoult-PrinteSps and 

° £ ^ id trted . nef *»r the first half year is 

W «9m agamst Ff 366m far d* fim, »U 


□ A subsidiary of Rexel, GDFI [turnover of FF 683m for 1993) — 

was disposed to the Descours & Cabaud group in March In the secorid half of 1994 the Gro,,n Uik.- 

1994 as its industrial supplies disfnbuhon activity was not take advantaae of the ^rwJ^ P ** ,n a P“"Wn to 
considered in me care business. - . ^ economic recovery across ad divisions. 

□ Furthermore, the shareholders approved the merger of Eironomr'theFNAC 1 !^ v? t T ed B . fro,n 1 ,he Minister 

Redoute SA and PinaultWntemps SA at respective General qroun as* S , Z '\ !!'" the Pi "™lt-Prinlemp*Redoute 

Meetinas held on 18 May 1994. US.".**?* °f - ,,s 5trate 9> strengthen and develop «7s 


multiple retail activities. 




FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


21 


* 

INTERNATIONAL COMPANIES AND FINANCE 


% 




■Tokyo relaxes rules to 
allow derivatives trade 


Poseidon in A$740m venture deal 


By WUkun Dawkins 
in Tokyo 

Japan yesterday took a small 
step on its long road to finan- 
cial deregulation by permitting 
banks to trade in two forms of 
financial derivatives. 

The finance ministry's deci- 
sion to allow forward rate and 
forward exchange agreements 
from next Monday enacts a 
proposal included in the most 
recent government deregu- 
lation package in June - under 
pressure from Japanese com- 
mercial banks. 

This will be of only moderate 
practical use to banks operat- 
ing in Japan, but it does bring 
highly- regulated Tokyo more 
in line with other financial 
centres in this spe cialised area 
of financial derivatives. 


By WRDam Daw Idna 

The Tokyo stock exchange was 
presented yesterday with fresh 
evidence of declining competi- 
tiveness when two more blue 
chip foreign companies 
announced that they would 
delist. 

British Gas and Scott Paper, 
the US personal paper products 
group, yesterday asked to be 
delisted in Tokyo from Decem- 
ber 3L 

They cited the low volume of 
trading in their shares and the 

high COStS of maintaining a 

Japanese listing as the rea- 
sons. 


Austereo, the Australian radio 
group, and the entertainment 
group Village Roadshow, 
which were involved in a hos- 
tile takeover bid last week, 
have agreed to merge their 
radio networks. Renter reports 
from Melbourne. 

In place of its hostile bid. Vil- 
lage will acquire at least 50.1 
per cent of Austereo in two 
stages via a placement and a 
partial bid at A90.55 (US$0.40) a 
share higher than Village's 
first offer. 

Austereo will issue 52.5m 
shares to Village and Village 


It means banks and their 
customers will be allowed to 
trade foreign exchange and 
fixed interest Instruments out- 
side the regulated futures 
exchanges, giving them the 
scope to set agreed interest and 
currency rates. 

Until recently, the finance 
ministry was reluctant to per- 
mit this kind of contract on the 
grounds that it was close to 
g a mbling for cash prizes, for- 
bidden under Japanese law. 

But the ministry is now 
becoming increasingly con- 
cerned about the amount of 
securities and banking busi- 
ness leaving Tokyo for cheaper 
and less regulated markets in 
Asia and Europe. 

This concern has yet to 
translate into a desire to twhUp 
T okyo’s capital markets as free 


A Tokyo listing costs three 
to four times as much as other 
leading markets, at Y15m to 
Y2Qm ($158^234204^97) a year, 
mainly for translating reports 
for Japanese permits and 
observing regulations. 

The nmnpaniBH 1 decision will 
bring to 17 the number of for- 
eign companies to have moved 
off the Tokyo stock market 
ninrfl the turn of the year, leav- 
ing 93 foreigners still listed. At 
its peak three years ago, the 
number of foreign businesses 
listed in Tokyo stood at 127. 

British Gas, which received a 
Tokyo listing in 1968, said its 
move was part of its effort to 


will offer AJl.75 a share for 20 
per cent of each Austereo's 
shareholder ’s existing stake. 

Village Roadshow's original 
takeover offer for Austereo 
was A$1.20 a share, but the 
market soon moved above this 
level and on Friday the shares 
closed at A$1.35. Austereo 
shares were suspended yester- 
day at the company’s request 

The Austereo share issue, 
together with Village Road- 
show’s current 12.8 per cent 
stake, will take Village's share- 
holding to 40.8 per cent of Aus- 
tereo’s enlarged capital. 


from official regulation as New 
York or London. Accordingly, 
deregulation of the instru- 
ments concerned will be only 
partial, as is the case in many 
other finanrial serv ices . 

Banks wanting to trade the 
new instruments will have to 
reveal essential details to the 
ministry, such as the currency, 
the parties to tbs contract, and 
the method and period of set- 
tlement. They must winiw* regu- 
lar reports to the ministry on 
the conditions of transactions, 
said an nffidai- 

Parties able to take part in 
the transactions will include 
commercial banks, securities 
houses, companies with credit 
ratings, and com panies listed 
an the main stock exchange or 
over-the-counter market, said 
the ministry. 


cut costs worldwide. Maintain- 
ing a listing in Japan was mare 
complicated than elsewhere, it 
added, and the 3,701 Japanese 
investors in British Gas 
hold only 0.2 per cent of 
shares. 

Scott Paper said it had no 
need to raise equity capital in 
Tokyo. 

The exodus of foreign compa- 
nies, plus heavy staff cuts 
among foreign banks in Tokyo 
over the past yBar, has under- 
lined how Tokyo’s capital mar- 
kets are losing competitiveness 
to fast-developing financial 


Under the deal, Austereo will 
purchase Village's Triple M 
radio stations in Sydney, Mel- 
bourne, Brisbane and Adelaide, 
and may acquire Triple M in 
Perth by means of the share 
issue. The Triple M stations 
will join the current Austereo 
network comprising seven sta- 
tions in Sydney, Melbourne, 
Brisbane, Adelaide and Can- 
berra. 

The merger is subject to 
clearance by the anti-monopoly 
Trade Practices Commission 
and approval by Austereo 
shareholders. ■" ' ~ 


Amoy lifts 
payout as 
profits 
rise 24% 

By Louise Lucas In Hong Kong 

Amoy Properties, the property 
investment company which 
joins the Bang Seng Index as a 
constituent stock in Novem- 
ber, has reported a 24 per cent 
rise in net profits to HEft-Mm 
(US$I94m ) for t he year to June 
30, from HKJ1.2 J>il the previ- 
ous year. 

The company also proposes 
an increase in dividend. 

The parent company. Hang 
Lung Development - the prop- 
erty development and hotel 
company controlled by the 
Cban family - saw profi t s rise 
25 per cent to HK$2bn over the 
same period, from HKSl.Bbn 
last year. 

The results were broadly In 
line with market expectations, 
with Hang Long's wwilnp at 
the lower end of forecasts. 

Mr Ronnie Chan, group 
chairman, said Amoy spent an 
aggregate HK$4bn In adding 
four quality properties to its 
portfolio in the year under 
review. 

The company also holds a 70 
per cent stake in a project led 
by Hang Lung to develop a 
21L300 sq m commercial and 
office complex in Shanghai. 

Taken on a fully diluted 
basis, Amoy’s earnings per 
share climbed 20 per cent to 
62.3 emits from 52 cents. Direc- 
tors are recommending a final 
dividend of 27.5 cents, 17 per 
cent up on the 2&5 cents paid 
out this time last year. 

Hang Lung a total 

bnildable space of around 
107,300 sq m to its i™d bank 
in Hong Kong, which Mr Chan 
says is sufficient for develop- 
ment up to 1997. The price tag 
on t his additional land was 
HK$2.1bn. 

Bantings per share on a 
fully dilated basis rose 20 per 
emit to 153.4 cents from 128.3 
emits and shareholders are to 
receive a dividend of 43 cents 
- an improvement of 18 per 
cent on the previous year’s 
3&5 cents payout - as well as 
a bonus issue of warrants. 

The one-for-10 bonus Issue 
will entitle the holder to sub- 
scribe HKS16 for slimes from 
January 1 to October 31, 1997. 

The share price closed at 
HKS142 on Friday, before the 
results ’were announced. 


By Bruce Jacques m Sydney 
and Kenneth GoocSng 
In London 

Normandy Poseidon, the 
Australian gold producer, and 
Bureau de Recherches Ggologi- 
ques et Minifrres (BRGM), the 
French government -controlled 
mining group, have announced 
plans to form one of the 
World’s most diverse resource 
ventures through transactions 
involving almost A$740m 

(US$544m). 

The deal represents the first 
major overseas expansion by 
Normandy and follows a recent 
decision by the French Govern- 
ment to merge its mining divi- 
sion with a privately-owned 
group with a view to building 
an international mining ftonap 

It also calls into question the 
long-standing relationship 
between Normandy and Anglo 
American Corporation of South 
Africa which in the past Mr 
Robert Champion de Ores- 


NEWS DIGEST 

Coles may 
cancel shares 
in buy-back 

Mr Peter Bartels, chief 
executive of Coles Myer, the 
Australian retailer, said be pre- 
fered the option of ranrafimg a 
further 11.45 per cent of the 
company's shares rather than 
sell the equity to a third party, 
writes Nikki Tait in Sydney. 

The question of what to do 
with the stake arises from 
Coles’s decision to buy back 
the 21.45 per cent interest in its 
shares which has been held by 
Kmart, the Michigan-based 
retailer. Coles last week gained 
shareholder approval for the 
A$L26hn (US$920m) deaL 

The transaction will take 
place in two parts. Coles will 
buy back and cancel 129m 
shares, or just under 10 per 
cent of the equity, for 
A$S86Jm. 

But it has yet to resolve the 
question of what to do with the 
second tranche of Kmart 
shares, covering 11.45 per cant 
of its stock. 

Both tranches are being 
bought back by Coles at AS4.55 
a share, a substantial premium 
to the company's closing price 
on Friday, which saw the stock 
end 4 cents lower at ASSJJ8. 


plgny, Normandy's chairman, 
has described as "very spe- 
cial”. 

Anglo recently transferred 
its near-20 per cent holding in 
Normandy to Its offshore oper- 
ating arm, Minorco, which also 
has ambitions to expand glob- 
ally. Although No rman dy and 
Minorco will find themselves 
competing for international 
assets, Minorco welcomed the 
BRGM deal and said: “The 
world is a big place. We hope 
relationships are good enough 
for [Minorco and Normandy] to 
work side by side rather than 
in co mp e titi o n.” 

Normandy's deal with BRGM 
will create a group with min- 
ing and exploration interests in 
Europe, Africa and South 
America and also involve 
BRGM taking a 8 per cent 
interest in Normandy, which 
has annual Australian gold 
production of more than im oz~ 

The centrepiece will be the 
formation of a new company, 


Tractebel rises 
4% in first half 

Tractebel, the Belgian energy 
and civil engineering group, 
saw consolidated net profits for 
the first half of this year rise 
by 4 per cent, from BFrl6.5bn 
($519m) in the first six months 
of 1993 to BFrl?J2bn, writes 
David Gardner in Brussels. 

Turnover in the same period 
rose from BFrl23.3bn to 
BFrl3Q.5bn, largely due to 
expanding sales in the group’s 
international electricity and 
gas business. 

Tractebel said that it expec- 
ted results for the full year to 
be "at least equal to 1993's”. 

It also expected to maintain 
“at least” the level of last 
year’s dividend. 

Kuwait bankers 
approve bonus 

The Commercial Bank of 
Kuwait said its net profit rose 
8.4 per cent to KDll.Sm 
($38.7m) in 1993 from KD10.6m 
in 1992, Reuter reports from 
Kuwait 

It said in its 1998 annual 
report that net income from 
banking activities rose to 
KD21.5m from KD21.1m in 
1992. 

The bank approved a divi- 
dend of 10 per cent in bonus 
shares worth a total of 
KD6.84m. 


La Source Compagnie Mini £ re 
SAS (LaSource), controlled 60 
per cent by Normandy and 40 
per cent by BRGM. 

The Normandy group will 
earn its interest In LaSource 
by paying ASllfim. while 
BRGM will contribute assets 
valued at around AS338m and 
liabilities of ASGOm. 

Other major components of 
the deal Include: 

• Poseidon Gold, a Normandy 
associate, will pay a further 
A$130m for a 37 per cent share 
in Company Mini&re Interna- 
tional Or SA (Mine Or SA), 
which will include all BRGM's 
gold interests. La Source will 
control 40 per cent of this com- 
pany and BRGM 23 per cent 

• Mine Or SA will purchase, 
for about A$43m to be satisfied 
by a promissory note, compa- 
nies controlling Eurogold Mad- 
enclik, a Turkish gold opera- 
tion, and other resource 
interests in Greece and Bul- 
garia. 


Australian joint 
venture agreed 

Lend Lease, the Australian 
financial services group, is set- 
ting up a joint venture with a 
subsidiary of GE Capital Ser- 
vices of the US to invest in 
infrastructure projects in Aus- 
tralia and New Zealand, writes 
Nikki Tait 

The Joint venture company 
will be called Infrastructure 
Investment Carp, and will be 
managed by GELLCO Infra- 
structure Services. It will look 
at projects in power, water, 
gas, transport and telecommu- 
nications. 

Spotlight turns 
on Gas Light 

The Trade Practices Commis- 
sion, Australia's competition 
watchdog, is to investigate the 
arrangements by which Aus- 
tralian Gas Light is permitted 
to haul natural gas from the 
Cooper Basin in South Austra- 
lia to heavily-populated east 
coast areas, writes Nikki Tait 

The company is a quoted 
utility and the country’s larg- 
est natural gas pipeline com- 
pany. 

The TPC said it would draw 
on a separate Industry Com- 
mission study, to be completed 
by December 14, which will 
look at changes in gas industry 
operations. 


• On completion. BRGM will 
subscribe for 47.6m Normandy 
shares at AS2.19, representing 
about 9 per cent of the compa- 
ny's capital, and raising 
A$105m. The price compares 
with a close of A52.55. up 5 
cents, for Normandy shares on 
Australian stock exchanges 
yesterday. 

The deals are subject to gov- 
ernment and shareholder 
approvals, and possibly some 
pre-emptive rights. The con- 
tractual completion date is 
June 30 next year. 

Mr Champion de Cres plgny 
said the transaction repre- 
sented a quantum leap in off- 
shore expansion for Normandy. 
The new venture would pro- 
vide access to exploration 
ground and potential for fur- 
ther acquisitions. 

Its assets would include an 
iron ore project in Guinea, a 
mineral sands project in Cam- 
eroon and control of the Yana- 
cocha gold mine in Peru. 


Shougang 
surges to 
HK$103m 

By Louise Lucas 

Shougang Concord Inter- 
national Enterprises Company, 
the mainland metals conglom- 
erate listed on the Hong Kong 
stock exchange, has reported a 
surge in first-half net profits of 
920 per cent to HK$l03.l9m 
(US$13.32m). 

The profits were struck on a 
turnover of HK$2.9bn. 262 per 
cent up ou the HK$805.4m of 
the same period last year. 

Mr Zhou Beifang, chairman, 
said the metals trading busi- 
ness performed impressively 
but was held back by construc- 
tion materials, where keen 
competition prompted losses. 

Basic earnings per share rose 
176.7 per cent to 8.3 cents. 
Shareholders are to receive an 
interim dividend of 2JS cents. 

Shougang Concord Grand, 
formerly Kader Investment 
and about to come under the 
control of Shougang Interna- 
tional, recorded a fell of 35 per 
cent in first-half net earnings 
to HK*205m from HKS31.6m. It 
is recommending a dividend of 
1.5 cents. Kafnmgg per share, 
on a folly diluted basis, fell 37 
per cent to 2.8 cents from 4.43 
cents. 


British Gas delists in Japan 


centres In Asia and rivals m 
the US and Enrppe. % 


Media groups to merge networks 


CROSBY 


Crosby Securities (U.KL) Limited 
is pleased to announce that as from 
26ch September, its new address 
will be: 

1st Floor 

100 Ludgate Hill 
London EC4M 7RE 

Tel: 0171 815 0883 (Sales) 

0171 248 0888 (Sales) 

0171 815 8600 (Admin.) 

Fax: 0171 815 8686 
Telex: 264081 CROSBY G 


Committed 
to Asia 


A Member of the 1—S.E 2nd 5.F-A 



the Leeds 


ItEDS PtBUMtfHT OJUMG SCCtT* 

(Incorpcmrod tn England under rrta Bunding Societies Aid 1986) 
Issue of up to an aggregate of 
£ 200 , 000,000 

Subordinated Variable Rate Notes 
with a maturity of 12 years 

Notice Is hereby given that tor the three months interest period 
from September 23. 1994 to December 23. 1894 (91 days) tfw 
Subordinated Notes will carry an interest rata of 6.54375%. Tno 
interest payable on December 23, 1994 tor the SubcnUnated Notes 
will be £163.15. 

By: The Chase Manhattan Bank, N A CHASE 

London. Principal Paying Agent 
September 27, 1994 





Sovereign (Forex) Ud. 
24hr Foreign Exchange 


Co m p iWn mPric 

Da4y Fax Service 
U 071-931 9188 
Fan 071-931 71 14 
43a Sadwgiton Mbh Bead 
UadaSWIWOn 


NOTICE OF FULL REDEMPTION 
AEGON N.V. 

USD 370.am.000 7% CONVERTIBLE SUBORDINATED BONDS DUE 2001 

NOTICE 15 HEREBY GIVEN, pursuant to the Indenture, doted as of 
1 July, 1991 (the 'Indenture'), between AEGON N.V. (the 
"Company") and Citibank NA, as Trustee, relatino to the Company's 
7% Convertible Subordinated Bonds due 2001 (the 'Securities*), that 
the Company has elected to exercise its option to redeem ell the 
outstanding Securities on 31 October. 1994 (the 'Redemption Data") 
at the redemption price of 105.56% which will aggregate 
USD 5.27 B. 00 (The "Redemption Amount' I for each USD 5,000 
principal amount of Securities, increased by a premium (expreseed as 
a percentage of the initial principal amount of the Securities) of 4.90% 
together with accrued interest from 15 September, 1994 to the 
Redemption Date in the amount of USD 44.72 for each USD 5,000 
principal amount. 

Payment of the Redemption Amount, Increased by the premium and 
accrued Interest, which will aggregate USD 5,567.72 for each 
USD 5.000 principal amount of Securities, will ba made on and after 
the Redemption Date UPON PRESENTATION AND SURRENDER of 
the Securities (together with all appurtenant coupons maturing 
15 September. 1995 and subsequent thereto In the case of Bearer 
Securities) at an appropriate office of one of the paying agents listed below. 
On and after the Redemption Date, the Redemption Amount together 
with the premium end accrued interest will become due and payable 
upon each Security and Interest thereon shall cease to accrue. The 
Securities will no longer be outstanding after the Redemption Date. 

If any Bearer Security surrendered for redemption Is not 
accompanied by all appurtenant coupons maturing 15 September, 
1995 and subsequent thereto, the amount of any such missing 
coupons will be deducted from the Redemption Amount otherwise 
payable. No payment with respect to any B Barer Securities will be 
made at the corporate trust office of the Trustee or by cheque marled 
to an address in tha United States or by transfer to an account in the 
United States. 

Right of conversion. Holders of Securities have the right, on or before 
the close of business on tha Redemption Date, to convert the 
Securities into AEGON N.V. Ordinary Shares or New York Shares 
(“Shares'), provided that written notice substantially in the form of 
the Conversion Notice as set out In section 206 of the Indenture Is 
delivered, together with the Securities and all unmatured coupons 
attached thereto, to the office of the conversion agent listed below. 
The Securities may be converted Into Shares at the Conversion Rate 
of 27.4 Shares for each USD 1X100 principal amount. The Company 
may elect to pay holders of Securities upon conversion cash In lieu of 
Shares based upon tha dosing price of the Shares on the day of 
conversion. 

Paying end Conversion Agents. The paying agsnts and the 
conversion agent to which Securities should be surrendered for 
redemption or conversion are listed below. Any questions with 
respect to the procedures for redemption should be directed to an 
appropriate agent. 

Principal Paying and Conversion Agent New York Paying Agent 
ABN AMRO Bank Citibank NA 

Herengreeht 597 ill Wall Street, 6th Floor 

1017 CE Amsterdam New York. New York 10043 

Paying Agents 

Citibank NA ABN (Luxembourg) SA. Swiss Bank Corporation 

Citibank House 3 Place Clalrefbntalne 1 Aeschenvorstedt 

336 Strand BP 561 CH-4002 Basle 

London L-2015 Luxembourg 

WC2R1HB 


AEGON N.V. 

Tha Hague, 27 September, 1994 


^EGON 


Hill Samuel Overseas Fund 

SICAV 

Luxembourg. 1 1 . me Aldringen 
R.C. Luxembourg N° B8422 

The shareholders of Hill Samuel Overseas Fund arc informed 
that the decision has been taken by the Board of the company to 
increase the adv isory fee from thirteen sixteenths of one per cent 
p.a. to 1% p.a. 

The new advisory fee will be applied with effect from Janu- 
ary 3rd. 1995 on. 

The Board of Directors 


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SCONTINVEST FUND MANAGEMENT COMPANY SJL 
18, Boulevard Royal 
L-2449 LUXEMBOURG 

NOTICE 

Notice a hereby given u> the uaitbddos of SCONTINVEST FUND dial the board 
of director* of the TTHtugrmrni company has decided 10 change the name of certain 
compamnetm of SCONTINVEST FUND as fellow*: 

SCONTINVEST FUND - MULTICURRENCY SWISS FRANC BOND becomes 
SCONTINVEST FUND - MULTICURRENCY BOND -eSWISS FRANO 

SCONTINVEST FUND ■ MULTICURRENCY FRENCH FRANC BOND became* 
SCONTINVEST FUND - MULTICURRENCY BOND <FRENCH FRANO 
SCONTINVEST FUND - MULTICURRENCY MARK BOND becomes 
SCONTINVEST FUND - MULTICURRENCY BOND <MARK> 

SCONTINVEST FUND - MULTICURRENCY STERLING BOND becomes 
SCONTINVEST FUND - MULTICURRENCY BOND <STERUNG> 
SCONTINVEST FUND - MULTICURRENCY EURO BOND becomes 
SCONTINVEST FUND - MULTICURRENCY BOND <ECU» 

SCONTINVEST FUND - MULTICURRENCY YEN BOND become? 
SCONTINVEST FUND - MULTICURRENCY BOND <YEN> 

Despite this change of name, the investment policy of here huboveraeol toned 
comportments remains u nch a n ged. 

Furthermore, ihe investment policy of SCONTINVEST FUND - MULTI- 
CURRENCY 'EUROVAL' - EUROPEAN EQUITY AND SCONTINVEST 
FUND-PACIFIC EQUITY is reworded as follows: 

- SCONTINVEST FUND-MULTICURRENCY 'EUROVAL' - EUROPEAN 
EQUITY (denominated in ECU) - compartment invested io shares and other 
transferable securities of same nature from European issuers (convertible bonds, 
warrants and other capital securities; the warrants represent for the investor a 
higher risk than ordinary transferable securities due to their volatility;, listed on 
the European markers EEC or non EEC; 

- SCONTINVEST FUND-PACIFIC EQUITY (denominated in US Dollars) - 
compartment invested in shares, other transferable securities of same nature and 
convertible bonds or with warrants issued by issuers of first class or guaranteed 
by guarantors of first daw of countries tram the Pacific area, except Japan. 

However, ibis new description does not change in fad the investment policy of 
these co m p ar tments. 

Updated prospectuses containing these amendments art available at die registered 
office of the management company os well as the registered office of the custodian 
bank. 

By order of the Board of Directors 
Luxembourg. August ’4tb 1994 


Citicorp Banking Corporation 
U.S. $250,000,000 

Guaranteed Floating Rate Subordinated Capita] Notes 
Due July 10, 1997 

Unconditionally Guaranteed on a Subordinated Basis by 

cmcoRPO 

Notice is hereby given that the Rate of Interest has been fixed at 
5.25% and [hal the interest payable on the relevant Interest Payment 
Date. October 27, 1 994 against Coupon Na. 41 in respect of 
US 5 f 0,000 nominal of the Nates will be US$43 75. 


Septe mb er 27 1994 . London . _ 

By: Citibank, NA (Issuer Services), Agenf Bank C/ffoAiVCO 


Cl 50,000,000 GUaKANTSDHjOaTNG BATE NOTES DUE DECEMBER 1997 

Citicorp Finance PLC 

UncondftionaBy Guaranteed by 

CITICORP O 

Notice is hereby given ihat the Rate of Interest has been fund at 
5.975% aid that the mtarasf payable on ihe relevant Interesl Payment 
Date December 23, 1 994 against Coupon No. 36 in respect or 
£10,000 remind of Ihe Notes will be £148.97. 

September 27, 1994, London _____ _ _ _ 

By: Gtibtmk, N A (Issuer Services), Agent Bonk CITIBAN(& 


Currency or Bond Fax - FREE 2 week trial 

also daily gold and silver faxes c; - ; Anne whriby 

lr;-r; C::nr: Ana Ltd ' Tel: O? i -73d 7 ’ 7a 

7 Sir;;: I to'.v S;.-c*T. Lcr.rion V.'IR 7HP. US - far: 07 1-C39 d-JS* 

rate sp^rria'isis ler over 70 years a r:\-iv.v. r/<— .b c - 






FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


INTERNATIONAL CAPITAL MARKETS 


Belgium sets scene for World Bank DM global 


By Graham Ekmley 


The Kingdom of Belgium 
launched Its long-a watted 
D-Mark eurobond issue yester- 
day, with a DMlbn offering of 
five-year fixed-rate bonds. 

The bonds, priced to yield % 
basis points over government 
bonds, were sold mainly to 
European investors, joint lead 
manager Dresdner Bank said. 
But demand from retail inves- 
tors is expected to increase 
over the next few days. 

This sets the scene for the 
World Bank’s global D-Mark 
offering which it expects to 
launch next week, the Bank 
said yesterday. The deal is 
likely to be a DM2bn issue of 
five-year fixed-rate bonds. 

The offering, the World 
Bank’s second ever global 
D-Mark issue, is likely to be 
priced at a spread “in the low 
to mid-teens" over government 
bonds, officials at Morgan 
Stanley said yesterday. 

Morgan Stanley is joint lead 


manager of the deal with Deut- 
sche Bank. 

The World Bank has a fund- 
ing requirement of DMTbn to 
DMSbn for the current fiscal 
year in D-Mark group curren- 
cies, which include other cur- 
rencies such as Swiss francs. 
Bank officials said. The fiscal 
year ends In July 1995. 


INTERNATIONAL 

BONDS 


So far this fiscal year, the 
World Bank has launched one 
issue in D-Mark group curren- 
cies with an offering in Swiss 
francs worth SFr200m. 

An official revealed yester- 
day that the Bank is now con- 
sidering a second global 
D-Mark offering in the first 
half of 1995. ‘There is room 
now for a second global deal in 
the first half of 1995.” he said. 
“We came now with this offer- 
ing in order not to crowd out 
that next issue.’’ 


The official said that there 
had been significant interest in 
the current planned offering in 
a number of European mar- 
kets, in North America and in 
Asia. 

At the short-end of the 
French franc sector, the Abbey 
National launched a FFT2bn 
Issue of two-year bonds, offer- 
ing a yield of 725 per cent. 

This follows its decision last 
week to postpone its proposed 
global dollar offering due to 
volatile market conditions. 

Mr Gareth Jones, Abbey 
National’s treasurer, said: 
“There is now some appetite 
for bonds after tbs sell-off over 
the last couple of weeks, 
enough to support a relatively 
small deal such as this, but 
hardly enough to support a 
global offering.’’ 

“Abbey National is becoming 
an increasingly well-known 
name in this sector, and we 
have a positive outlook for 
French franc rates since we 
believe there is going to be 


NEW INTERNATIONAL BOND ISSUES 


Bank considers * 
pension fund gilts 


Borimv 
US DOLLARS 
Thai OH Co. (aft 
San Mgwl Oorp. 

B8V Finance I nterna tion a l* 


Amount Coupon Me* Maturity Fan 
OL % % 


Spread Book runner 
DP 


By Norma Cohen. 
Investments Correspondent 


Nov .2001 
APK2000 
Sop. 1995 


- Chemical Securities HK 
-*190(001 Syi) JP Morgan Securities 


FRENCH FRANCS 
Abbey NaULTreasiay Services 


7.25 S9.W Nov. 1996 unfed 


Banque Paribas 


D-MARKS 

Kingdom of Belgian 
Banco Nadonal 


Oct 1999 623R +25»l*tt03) Dmdiw/ SSC Frankfurt 
Oct-1697 1.80 - Commerzbank 


ITALIAN LIRE 

Ford CrecK Eurape 
Bay m ts ch e Hypabunk 


ISObn 11.70 101.54 Nov. 1988 14(25 

150bn 11.10 101.075 NOV.19W 1.125 


CrecOto ttaftano 
Btt/San Paolo, Turin 


AUSTRALIAN DOLLARS 

NOW sth. Wales Treasury Carp. ' in 9-25 101.04 Nov. 1997 150 


Barclays da Zoeta wadd 


SWISS FRANCS 
PSK 

ftebcbarfc Nederiandft 


5S2S 10250 Now-2002 

5.125 10155 Stfc.1997 150 


Cra# Suisse 
Mens Lynch CspJAWa. 


Awl tarns and norj-caJtetto unless stated. The yield spread (over relevant gavanmant bond) at tandh te seppBed fay tha lead 
manager. MJnflsted. rate note: tSenri^mual coupon. Ft feted iv-oRer price; fees are shown at the re-offer towel. a) Callable 

in Nov .89 & Nov.00 at par. al) 6-mth Libor +63)p. fa) Priced today, c) Issue launched on 1078734 was In c reas ed to SFriTSm. 


another cut in German interest 
rates," said an official at lead 
manager Banque Paribas. 

The current deal is the 
Abbey National's third offering 
in French francs so far this 
year. 


San Miguel, the Philippines 
brewing and food company and 
the country's largest manufac- 
turing enterprise, launched its 
debut eurobond offering with a 
$115m issue of bonds due April 
2000. 


The bonds, which were 
priced to yield 190 basis points 
over US Treasuries, were sold 
40 per cent into the US, 35 per 
emit Into Europe and 25 per 
cent into Asia, lead manager 
JJP. Morgan said. 


The Bank of England is 
considering ways to design 
gilt-edged securities for UK 
pension schemes which have 
been wound up by an insolvent 
employer or have large num- 
bers of deferred pensioners. 

Impetus for the move comes 
partly from the expectation 
that many pension schemes of 
insolvent UK employers will be 
wound up following a Euro- 
pean Court of Justice ruling on 
sex equality on Wednesday. 
UK schemes have been waiting 
four years for the judgment 

Wound-up schemes, which 
do not receive contributions 
from members, need to ensure 
they can meet the liabilities of 
former employees who may not 
retire for many years. 

Contracts to ensure that 
such benefits are paid are sold 
by insurance companies but 


US Treasury prices edge higher ahead of FOMC meeting 


By Frank McGurty in Now York 
and Martin Brice in London 


US Treasury bonds edged 
higher yesterday morning In 
cautious trading ahead of 
today's meeting of the Federal 
Reserve's policy-making arm. 

By midday, the benchmark 
30-year government bond was 
& better at 96%, with the yield 
rising to 7.774 per cent At the 
short end, the two-year note 
was up it at 99 fi, to yield 6.474 
per cent 

It was a quiet session In 
which activity was constrained 
by impending decisions on 
monetary policy. Traders 
appeared satisfied with previ- 
ous adjustments to their posi- 
tions, though no clear consen- 
sus has emerged oh whether 
the Fed would opt to lift inter- 
est rates at today's meeting of 


the Federal Open Markets 
Co mmittee 

Some analysts argued that 
the strength of recent eco- 
nomic data, especially August 
industrial production figures, 
would encourage the central 
bank to tighten credit condi- 
tions Immediately to keep 
ahead of inflation. 

Others believed the Fed 
would wait unto the release of 
another month’s data before 
making its move. The 
approach of the November con- 
gressional elections was a con- 
sideration which would dis- 
courage an early rate increase, 
analysts said. 

Amid such speculation, a 
shred of news suggesting eco- 
nomic weakness cast a positive 
tone over the morning's activ- 
ity. The National Association 
of Realtors said sales of exi str- 


ing single-family homes had 
fallen L8 per cent last month. 

The data suggested that the 
economy was not growing as 
fast as some traders had 
feared, though the report, 


GOVERNMENT 

BONDS 


viewed in isolation, was not 
considered especially convinc- 
ing. Still, it allowed prices 
across the board to appreciate. 

The long bond, which would 
benefit the most from a move 
by the Fed to slow the econ- 
omy, improved the most The 
short end, which would feel 
the direct effect of higher 
short-term rates, lagged. 


vous markets waited the 
impact on US interest rates of 
today’s meeting of the FOMC, 
the Federal Reserve’s policy- 
making body. 

Trading volume was very 
low and most markets were 
largely unchanged on the day, 
with only Italy and Spain 
reacting to domestic events 
and providing a slight rise to 
relieve the torpor. 


While he said he did not 
expect a change in interest 
rates this week, he added, “If 
things continue as they are, 
there may be one final cut in 
interest rates later this year." 


the 10-year gilt auction on 
Wednesday. Mr Islam said he 
expected to see good demand 
for the bonds, with the auction 
likely to be covered between 
\5 and 2 times. 


News Corp seeks ruling 
ou Pearson convertibles 


By Conner Middefmann 


■ European government bond 
prices drifted yesterday as ner- 


■ German bunds slipped in the 
morning but recovered to close 
largely unchanged, with the 
December bund fixture around 
8834 in late trading, down 0.04 
on the day. 

Mr Adrian Owens, European 
economist at Yamaichi in Lon- 
don, said a key factor in the 
bund market this week would 
be the meeting on Thursday of 
the Bundesbank council. 


■ UK gilt prices were 
unmoved yesterday as Mr Ken- 
neth Clarke, the chancellor, 
and Mr Eddie George, governor 
of the Bank of England, held 
their regular meeting on mone- 
tary policy. 

Few in the market expected 
that meeting to result in an 
increase in base rates so soon 
after the September 12 rise of 
50 basis points. Mr Ifty Islam at 
Merrill Lynch said: “They will 
probably agree to keep policy 
on hold.” 

The main event in the gilt 
market this week after today's 
FOMC meeting Is likely to be 


■ Yields on Italian govern- 
ment 10-year bonds fell by 5 
basis paints to 1136 per cent 
yesterday on hopes of progress 
on pension reform, which 
would cut the government defi- 
cit 


■ Spanish government bonds 
rose slightly yesterday, buoyed 
by the conclusion of the hud- 
get 

Mr Simon Maggs at UBS 
said: “This removes any politi- 
cal risk for the foreseeable 
future." The yield on the 10- 
year bond fell 5 basis points to 
11.14 per cent 


News Corporation, the media 
group, is taking legal action 
against merchant bank J 
Henry Schroder Wagg over 
preference shares and convert- 
ible bonds issued by News. 

The dispute st emme d from 
confusion over the conversion 
terms of the issues, which were 
convertible into shares owned 
by News in Pearson, owner of 
the Financial Times. 

Several investors, including 
Schroder, incurred significant 
losses and asked for the matter 
to be brought to the City Dis- 
putes Panel but News chose to 
take the matter to the High 
Court to obtain a “declaratory 
judgment” ruling the hank has 
no grounds for compensation. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 


Red Day's Weak Month 

Coupon Data Non change Yield ago ago 


Italy 

■ NOTWNAL ITALIAN GOVT. BOND (BTP) FUTURES 
flJFFB* Uni 200m lOGtha at 100% 


FT-ACTUARfES FIXED INTEREST INDICES 

Price Meet Mon Day's Fri Acemed xd act 

UK Otta Sap 26 chaifla % Sep 23 kitarast yW 


— Low coupon yield— -Medium coupon yield High cowan yield — 

Sap 28 Sap 23 Yr. ago Sap 2fl Sep 23 VT.ago Sap 28 Sap 23 Yr. ago 


Australia 9.000 OB/CM 

Belgium 7.250 04AM 

Canada ‘ 8-500 06/04 

Denmark 7000 12434 

France STAN 6000 05/98 

OAT 6500 04/04 

Germany Bund a 750 07/04 

Italy a 500 06/04 

Japan No 119 4.600 06/99 


6500 06/04 

7000 12434 


a 750 arm 

8.500 06/04 


4.100 12/03 


82S900 

91.6000 

843500 

88.5600 

101.6250 

82.8300 

942900 

825100 

1035040 

972330 


-0.230 

1020 

10.10 

033 


Opfei 

Soft price 

Change 

High 

Low 

EaL wol 

Open bit 

1 

Up to 5 years (2^ 

119^1 

+0.01 

11028 

1^1 

822 

5 yra 

6S2 

asa 

024 

827 

827 

054 

9XB 

9.02 

075 

+0.180 

056 

8.64 

8L37 


9085 

99.00 

-003 

99.38 

88.75 

21894 


2 

5-15 years (21) 

136.81 

-0.04 

136.88 

1.72 

9m 

15 yra 

a77 

8.74 

7.10 

8.01 

8.89 

720 

9.12 

9.11 

7^3 

- 


8.88 

8.66 

Mar 

9850 

98.45 


96.50 

98.50 

75 

880 

3 

Over 15 years (9) 

152.00 

-0.16 

15225 

1.92 

9-31 

20 yra 

aea 

&67 

728 

091 

089 

7.36 

829 

088 

7.55 

+4X300 

9.07 

9.18 

8.75 




4 

Inedeemabtas jQ 

174J* 

+0.07 

174.73 

3£7 

8JS3 

tmjd-t 

8.71 

k72 

7.43 







+0.130 

7.46 

7.55 

7.17 









5 

Al stocks (60) 

134.68 

-0.04 

134-7B 

IM 

9.35 










-0.200 

ELT4 

8.13 

7.76 

■ ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS (UFFE) Ura200m lOOths at 100% 








— 

— Inflate 

Ml 6% — 

— 

— 

-inflate 

n 10 %- 

_ 



ll.SIt 1123 1127 


3.86 321 4.05 
423 429 4.71 


Nethartands 

5.750 

01/04 

882800 

+43.640 

7.55 

rxn 

Spain 

8.000 

05/04 

81.8000 

+0.050 

11.16 

1125 

UKGflts 

6000 

08/99 

89-11 

- 

672 

675 


0750 

11/04 

85-24 

-4/32 

690 

696 


9.000 

10438 

101-02 

-3/32 

666 

622 

U3Treaawy* 

7250 

08/04 

97-31 

+4/32 

724 

7.49 


7500 

11/24 

96-24 

+■7/32 

7.78 

7.78 

ECU (French Govt) 

6.000 

04/04 

822600 

+04)40 

670 

670 


Strike 

Price 

DOC 

■ CALLS ■■ . 

Mar 

Dec 

■ PUTS - — 

Mar 

9800 

2.00 

229 

£00 

3.64 

9950 

1.73 

677 

£23 

682 

10000 

1.48 

£56 

£49 

4.11 


Sep 26 Sep 23 Yr. 


Sap 26 Sep 23 YV. ago 


6 Up to 5 years (2) 18435 

7 Over 5 years (11) 17022 

8 Al stocks (13) 171.44 


<001 18424 . ‘ -0.1 0 627 Up TO 5 yra 426 42S 225 221 220 1.73 

17021 0.72 326 Over 6 yra 324 323 320 3.74 3.74 3.02 

— 171.43 024 424 

—— 6 year yield — — 18 year yield - —— 25 year yield 

Sap 28 Sep 23 Yr.ago Sap 26 Sop 23 Yr. ago Sap 26 Sap23 Yr. ago 

+0.18 125.78 2.43 815 929 920 726 922 923 &21 8.75 9.78 824 

I mows. Coupon Bands: Ik 0%-TXfc; Madunc 8%-KWW; Hrfc 11% and oar. t Ru yMd. ytd Yaar is dan. 


428 425 225 
324 323 320 


221 220 1.73 
3.74 3.74 a02 


Eat. voL tout. Cafla 885 Puta 147. Pnwfcws day's open ml, Cafe 1199/ Puts 18087 


Debentures and Loans 


9 Debs & Loans (76) 125,74 

Awanage grow icdampOon yMfcta are rfw 


London ctoamg. "Naw York nad-day 

f Qnoaa fndwfeg wtNMkang las ntizs par cent payable By i 
Prices: US, UK fei 32nda, (Shore In dscknal 


YMda: Lncad marfcat Kandard. 


Sowck MMS MarreaBtana/ 


US INTEREST RATES 


Spain 

■ NOTIONAL SPAtBSH BOND FUTURES [MEFF) 

Open Son price Change rtgh Low Eat. vot. Open bit. 
Dec 88.12 8622 +020 8845 88.12 25.857 68,146 


FT FIXED INTEREST INDICES 

Sep 28 Sep 23 Sap 22 Sep 21 Sap 20 Yr ago Wflh* Low* 


CULT EDGED ACTIVITY INDICES 

Sep 23 Sep 22 Sep 21 Sep 20 Sap 19 


LunchtbnB 

Mnante 


One raorta _ 
Two araflh „ 

Treesury fete and Band Vtafete 

— 4JQ Two yr „ — 

. 475 Tteeayaw 

__ 0L47 

— 8.77 

Brttor tore Ms 

FsUradi 

FaiUM) at tatenradon- 

s 

Oral monte— 

3xnic«*i .. 

Ona yaw 

4M 
i«1 
_ 687 

rneiair 

10 -yaw 

30-yaw 

— 7.17 

7A4 
777 


fleet, Seen. (UK) 9027 9023 9026 88.71 8924 101.68 10724 89.54 GOf Edged l ia igat a 116.1 1222 912 1372 1032 

Fixed Interest 10720 10729 10627 10620 108.73 12228 13327 10620 5-d*y average 1142 1122 104.4 1022 972 

• tor 1994. anvammani Saowfea high afcwa wup B atai. 12740 (Bn/3%, law 49 . 1 a fl/i/73). feed tewraar Wgh rife* w ig i fefere 13327 £1/1*4} . low flOas pn/7% . Bead un Onwnmani Secutdaa 15/10/ 
28 and Ftaad knmK 1828. SE ocavfe Meat Nbaaad 1S7*. 


■ NOTIONAL UK BILT FUTURES qjFFET CSOJOO 32ntte at 100% 


BOND FUTURES AND OPTIONS 


France 

■ NOTIONAL FRENCH BONO FUTURES fttADQ 



Open 

Sett price 

Change 

HJgh 

Low 

EaL vol 

Open bit 

Sep 

99-28 

99-30 

-0-03 

10004 

99-24 

308 

18406 

Dee 

99-01 

99-04 

-0-04 

99-12 

98-28 

26800 

91240 

Mar 


98-16 

-04)4 



0 

0 


FT/1SMA INTERNATIONAL BOND SERVICE 


■ LONfl GILT FUTURES OPTIONS (UFFE) 650200 B4tha of 100% 


Open 

Son price 

Gvmga 

High 

Low 

Eat vol 

Open Int 

SMtt 


CALLS 


■ PUTS 

11684 

110.72 

■608 

11104 

11670 

72.789 

126320 

Price 

Dec 

Mar 

Doc 

Mar 

110.10 

10698 

-606 

11618 

11604 

90 

7,180 

99 

1-57 

2-42 

1-49 

3-10 

10640 

10628 

-006 

109.40 

109.40 

2 

350 

100 

101 

1-28 

1-00 

2-14 

1-54 

2-18 

2-66 

3- 46 

4- 22 


Dated an the Mat tamaSoraf bon* fcrwttti there la an adequate aeoandwy marfott. UM* prices at 7SOO pm on September 28 
jawed «d Oflnr Chg. Yield iaauad Bid Offer Chg. Yield 


, Cafe tan Pun 5«a fVavttua day-a opan Ik, Cafe 48471 FUa 33381 


■ LONfl TERM FRENCH BOMD OPTIONS (MATIF) 


Sfifl* 

Pnco 

Oct 

~ CALLS — 
Dec 

Mar 

Oct 

— PUTS — 
Dec 

Mfe 

110 

630 


. 

619 

1.18 

£14 

111 

005 

1J8 

- 

650 

1.53 

- 

112 

0.01 

690 

1-26 

- 

£09 

. 

113 

- 

657 

. 

. 

£73 

- 

114 

- 

033 

■ 

- 

- 

■ 


Ecu 

■ BCU OQNP FUTURES (MATUr) 

Open Sea price Change FBgh Low Eat. voL Open W. 
Dec 7926 7928 +0.02 79.70 7B26 1209 8.167 


U2L DOLLAR STRAIGHTS 

N*»rNaSTiuauy8%<n.. 

Abate Robin 7% 98 

Arab 8% 00 

Bank t* Tcfcyo 8% 98 

Bdgkm5% 09 

0FCE 7\ 0T 

BrtahGa»021 

Canada 9 as 

Cheung KOig Rn ft 98 

Chins 8% 04 

Counci &repe 8 96 

CM* Fond* 9>z SB 

Danmarti 5V 98 


. 1000 83^ 
. 1000 100V 
_ 400 108% 
.100 101* 
. 1000 83% 

- 150 101% 
. 1800 W% 


-% no 

+% 7M 


728 
728 
t% 313 


Unfed Kngctxn 7%H7- 

Wrangeii M ft 7 Q3. 

Wodd Bank 015 

Mild Bar* OS 

Watt Bar* 81, 00 


and BM Otter Chg. YteM tewed Bid 06ar Chg. YMd 

5500 loti, 100 % 684 Afabay NteHtenuy 8 01 £ 1000 88 % 80* 979 

1000 93% M 1 ! ^ XB Manoetaaii%0?£ WO W5% HKV 691 

.2000 19*1 2tf| 620 B«d> lend 8 % 23 C 180 88*4 BBT, -% 1885 

■ 3000 0annafc8L88E 800 92>z 9.11 

. 1290 1(V>4 108 -1 7.11 


. 1000 Kfila 

-500 835* 


fig 723 

aaz 


.1000 88*4 
„ 100 101 % 


857 
+>a 827 


-300 W7L 

.1000 90g 


888 
■h 887 


. 800 891, 


E* wl UUL call 17.413 Puu 17JB4 . PnMoui dayl opan *t. Qtea 240227 Pula 332290 


Germany 

■ NOTIONAL GERMAN BUNO FUTURES (UFF£T QM250200 100BW of 100% 

Open S«1 price Change High Low Eat vd Open Int 
Dec 89.00 88 82 -0.05 89.14 88.73 68368 147607 

Mai 88.06 6828 -0.10 8S24 8828 137 1318 


■ US TREASURY BOND HfTURES (CBT) 9100200 33nda of 100% 


Open 

latwit 

Change 

Wgh 

Low 

Eat voL 

Open fait 

99-09 

99-15 

+068 

99-19 

99-08 

302,257 

388£20 

98-22 

98-25 

+608 

98*28 

98-19 

1.368 

16287 

98-07 

98-07 

- 

98-07 

98-07 

29 

833 


■ BUNO FUTURES OPTIONS (UFFE) DM350.000 pdnte of 100% 


Strike 

Price 

Nov 

CALLS — 

Dec Jan 

Mar 

Nov 

Dec 

PUTS — ~ 
Jon 

Mar 

8950 

1.09 

1.43 126 

1-68 

067 

U)I 

1.50 

1.82 

0900 

OB2 

1.14 1.04 

104 

OSO 

122 

1.78 

£08 

89S0 

669 

689 0.85 

1.12 

1.1 7 

1.47 

£09 

£38 

EaL wet tool 

Cfea 9633 Pub <+088. Pimutn (ttyte Opan **, Cafe 180844 Pure 178+aa 



Japan 

■ NOTIONAL LONfl TERM JAPANESE GOVT. BOND FUTURES 
(UFFE) VI OOm lOOtha ot 1QQ% 

Open Close Change Hgh Low EaL vd Open Int. 
Dec 10837 10839 108.18 1367 0 

Mar 107.59 107.60 107.59 20 0 

* UFTC coronet* traded on nt. Ml Opan Ware® flg*. are to pmttus day. 


BSC 8% 86 

163 

SB 7% 96 

SB 9% 97 

250 

1000 

Stahe 9% 98 

- 100 

E**nBw*Jypon SOB _ 

mi 

B*patDarCerpS% 98 ~ 

150 

feted Naa Mart 740 04 

1500 

Ftetett 6% 97 ... 

3000 

Ffaristj Ej?kK 9% 8S 

200 

FokI Mater Oadl 8*+ 98 . 

1500 

Gan Eha Captal 9% 96 „ 

300 

OiMCa%M 

200 

tedBkJreenfin 7%87 . 

200 

Her Anar Dev 7% 98 _ 

200 

Uy6%23 

_ 3500 

Japan Dm 8k 8% 01 

500 


749 
7.14 
831 
722 
—*t 880 


873 
7.17 
737 
829 
722 
J* 1 M 


8WB3 FRANC STHNOKTS 

Aaien Oar 8e* 8 10 

Auatta4>aOO 

CandEmpa4%98 

Onra* 41,99 

BB 81,04 

Ban da Rwioa r\ 08 

finbrxJ 7^4 99 

H)wndd Mode ft 8*2 07 — 

Ioatett7%00 

Kobe 8% 01 

CttatoB^n 

Qudwc Hydu 8 OB 

SNCF7 04 

Watt Bank 5 03 

MjrttBa*70! 


®0 1(W« 108 -1 7.11 88 1097 E 

(Mfex 10^97 8 

Haraon 10% 87 E 

-100 994 WO 4, OjOB NSBCHoUrn 1129 02 8 
. 1000 Oflij 9rt 538 MyltfaKC 


-230 afi, 8e>3 +»a S23 Jqm Dw Bk 7 00 £ 
.1000 95*2 954, 530 Land Saa 9>2 07 £ . 


300 105 1061* ->4 827 OntotoimoiG. 


. 100 107>t 108 830 PnmgmB^tSG 

.300 Ha KB 1 * 584 Sawn Trent 11*2 99 £ _ 

.100 108 107 831 TUqn Bee Rmv 11 01 E 

. 100 107 lOfl! 6.10 Abbey Ndtand 088 M3_ 

.340 103 1031a 683 TOE ft 94, 02 NZS __ 

. 400 tOO lOO’a 834 Cranked 6 01 FFr 

WO 841j 88*2 -*♦ 878 Bk da Fhm 63, 22 FR . 

460 107*2 108 ih 588 SNCF V 4 87 FFr — 

ISO 953, 96 +>4 522 

800 106*2 1084, 575 FUMTMB RATE NOTES 


. 10m 80% BO 1 * 979 

-TOO 105\ 883 

_ 150 68 *, 883, 1085 

- 800 82>z 82^ 911 

- 637 102L 103% 821 

-WO 103% 103% 873 

„ 500 102^ 103*, 934 

_ « 107*2 W7^ -lj 1034 

- 400 W4^| W5>| ->a 984 

_ ZOO HPs 90% +*I a07 

_ an 90*, 884, ->4 101B 

- MO 10&, we»| 974 

-.233 B4J, 98li 939 

_iso wtI, 107 ^ aa 

- 160 108*2 108* 982 

-WO 83V 843, +L 840 

- 75 95*4 98*4 ^ 1915 

■ 7008 88% m 818 


3000 9812 n t*| &99 


. 4000 1(M 104% 


. am 108*2 1064, 


am 

732 


t 2 ! 840 

788 


884 
->l 73) 


Kanaa) Bsc Pw 10 96 _ 
Korea Bee Power a 2 ! 03 . 


- 350 104*2 
. 1350 BA 


UK GILTS PRICES 


-TUI- _ 1 994_ 

Motet to Red Meat ♦e- Ugh Law 


State" ahaawteRni Yam) 

Ttoa 9K 199433 — 838 

12X1895 11.76 

EaKb 3pc EBs 1990-65 105 

UPiPETSm 998 

TIbbULk 1995** 12.03 

Mpc199S___. 1238 


522 IDOU 
382 102 

533 98Aal 
an loaf 


.. TmaiUacaoM — 

imu lt*H3 Rnfegaijpc I999~4__ 

>24 J,® OanmalmB>ase2004^- 


_ ncw_ 1994 _ 

rare* p) anwt -»ar- Htfi low 


IS^BC 109644 — 1172 


7.1 1 im 

7.45 10U 


1070 1020 

113% 1IK!1 aw pc ZOOS 


£«caiftmW9B8- 
QUMnfem 10 PC 1980. 


7J2 tilfe 
7.81 1O0A 


HA IBS’S 

"-A U7A IS 

— 12U1 


Trte Car 7*1997**— 731 


MM 10311 
ai7 97,', 


< RU913%f>ei987# — 

12.01 

124 

1101 ) 


121 ft 

110 ft 

Era* ie' 2 * 1987 

tom 

12 * 


•ft 

114*4% 

1 M*i 

TtttsaVttWT# 

187 

141 

100 % 

110 ft 

100 ,*. 

BCD 1 fee TOW 

1281 

isamvvo 

-ft 

131 H 

1160 

9VK1SS 

948 

165 

103ft 


1|40 

1020 

Thai 7%pc IBKtt 

UU 

183 

Ktlte 


108ft 

35% 

DWSVSC 1995-980- 

7.10 

188 

M%te 


107 

63(1 

14ps I9G5-I . 

1208 

1 B 2 

115% 


131ft 

1150 

TtesjiSVpcVWt 

1204 

ajoissr%te 


140ft 

* 22 ft 

EnaifeeiMe 

1884 

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cost far more than pension 
schemes typically allocate for 
deferred liabilities. 

The Bank has been 
approached by numerous 
groups urging the creation, of 
securities for pension schemes 
which do not need to earn cash 
flow from their Investments 
immediately. However, onco 
the liabilities become due, they 
will need an inflation-linked 
Investment return over a 
period of many years. 

One plan calls for the cre- 
ation of long-term gilts issued 
as zero-coupon bonds for a 
period of 5, 10 or 20 years. At 
maturity they would pay inter* 
est at an agreed rate over, say, 
a 10-year period. Alternatively, 
they could pay a rate equal to 
the retail price index or five 
per cent, whichever is lower. 

PTOrn April 1997. all UK pen- 
sion schemes will be required 
to increase benefits to pension- 
ers at that rate. 


Schroder does not consider 
the courts to be the appropri- 
ate forum for the dispute and 
wants the matter to be brought 
before the disputes panel. 

News Corp said that it 
“decided to take steps... to 
have the matter resolved by 
the most appropriate and com- 
prehensive means and, accord- 
ingly, has commenced proceed* 
ings against a claimant whose 
claim raises many issues com- 
mon to those of other claim- 
ants for a declaration that it 
has no liability in respect of 
that claim". 

The Schroder claim was 
selected "as suitable subject 
for proceedings . . . because it 
raises more issues common to 
claims nude by investors than 
any other c laim **. 


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FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 ★ 


23 


COMPANY NEWS: UK 


Inchcape warns on Japanese car sales 


By Andrew Boiger 

Inchcape, the international 
motors, marketing and services 
group, yesterday confirmed 
that the strength of the yen 
had hit sales of Japanese cars 
in Europe, but said all the rest 
of its operations were perform- 
ing welL 

Mr Charles Mackay, Inch- 
cape’s chief executive, said: “It 
has been very tough far the 
Japanese manufacturers - and 
might be for some tune. But 
make no mistake, they will be 
back.” 

Mr Mackay said the Japa- 
nese had moved their vehicles 
too far upmarket, seeking 
higher prices and offering 
more sophisticated equipment 
This had cost them sales when 
recession struck, but they were 
now bringing in new models 
and cutting their production 
costs. 

Inchcape reported a 4 per 
cent drop in pre-tax profits, 
from £L30.4m to £l25J>m in the 
six months to June 30 an flat 
sales of JES.OSbn. 

Sir David Plastow, rtigTima n. 
pointedly failed to repeat the 
optimism he expressed at the 
group's ACM in May that the 



Sir David Plastow with Jade Ji, part of Inchcape China’s management team in Beijing 


Ton / 1 


full-year profits would exceed 
last year's level of £272m. How- 
ever, analysts were reassured 
by the overall tone of the state- 
ment The shares, which have 
fallen by a third this year, 
closed unchanged at 410p in a 
faffing market 
Sir David described the 
results as a “satisfactory over- 
all performance" - particularly 
since the previous period 


included a £I0.6m profit contri- 
bution from a Joint venture 
exporting Toyota vehicles to 
China, which had now ended. 
Excluding this, underlying 
group profits grew 6 per cent 
in spite of a £20 Jm drop to 
piq Rm in profits contribu- 

tion from distributing Japa- 
nese vehicles in Europe. 

Inchcape said its Japanese 
motors businesses held up rea- 


sonably well outside Europe, 
and the contribution from the 
group's European and Ameri- 
can marques around the world 
improved strongly. The retail 
motors operations were now 
benefiting not only from the 
rationalisation in the UK and 
continental Europe, but also 
from an upturn in the cycle in 
the UK. Operating profits from 
total motor activities fell 11 per 


cent to £81 ,8m. 

The marketing stream 
increased operating profits by 
20 per cent to £34.2m alter a 
difficult 1993, although Japan 
continued to suffer from from 
recession. 

All the services businesses 
performed strongly. Insurance 
- primarily Bain Clarkson - 
grew operating profits by 31 
per cent to £19.4m. Hogg 
Group, bought for £177m in 
April, contributed £Llm after 
financing costs in its first 
month. 

Testing services increased 
profits by 23 per cent to £9 .8m, 
with the the petrochemicals 
business benefiting from 
restructuring over the last two 
years. An upturn in mining 
exploration activity helped the 
minerals business. 

Shipping services raised prof- 
its 26 per cent to £7 An, with a 
particularly good performance 
from the North American and 
Middle East operations. The 
small buying business 
returned to profit 

Earnings per share fell 'by 7 
per cent to 14AP (15 .9p), while 
the Interim dividend rose by 3 
per cent to 6P (5-8p). 

See Lex 


Hodder 
Headline 
jumps to 
£2.05m 

By Raymond Snoddy 

Hodder Headline yesterday 
announced a large profits rise 
in its first interim figures to 
include results of Hodder & 
Stoughton acquired last year. 

Sales quadrupled to £83-4m 
(£8.3m) and pre-tax profit 
more than trebled to £2. 05m In 
the first six months of 1994, 
against £570,000 last time. 

The results were accompan- 
ied by the announcement that 
Mr Thn Hely Hutchinson, chief 
exec u tive, had derided to leave 
the net book agreement that 
sets min im um prices for most 
books in the UK. From Christ- 
mas booksellers will be free to 
discount Hodder Headline 
titles if they want to do so. 

Mr Hely Hutchinson said the 
results “look particularly 
strong viewed with the back- 
ground of fiat UK trading con- 
ditions and the very substan- 
tial reorganisation we have 
been completing. 1 ' 

The company said the post- 
merger reorganisation was 
now largely complete and Hod- 
der, which plans to publish 
more than 2,000 titles in IMS 
compared with 1,700 this year, 
is looking for expansion and 
acquisitions that will enhance 
earnings. 

The company is interested in 
increasing the size of its refer- 
ence, schools and childrens' 
publishing operations. 

If the company is unable to 
make a significant acquisition 
in the next year, Mr Hely 
Hutchinson said yesterday: “I 
think I would be very disap- 
pointed." 

Earnings per share rose by 
41 per cent to 3-8p (2.7p) and 
tiie interim dividend increased 
to 2p (l.65p). 

Mr Hely Hutchinson said he 
looked forward to a “good sec- 
ond half" and analysts are 
expecting pre-tax profits of 
about £8m for the foil year. 

Lord Donoughmore, Hod- 
dor's chairman and Mr Hely 
Hutchinson' 6 father, also 
revealed that from May it had 
ceased to recognise trade 
unions. 

"The board does not believe 
trade unions have a useful role 
to play in the group,” Lord 
Donoughmore said. 


Cornwell Parker declines to £3. 15m 


By Peter Pearae 

Weaker furniture sales helped 
lead to a decline in pre-tax 
profits at Cornwell Parka - , the 
furniture and fabrics group 
best known for its Parker 
Knoll chairs. In the year to 
July 31 profits fell from !A£±m 
to £3.15m. 

However, Mr Martin Jour- 
dan, chairman wild group trad- 
ing profits in the second half 
were “significantly higher” 
than in the first However, 
year on year, they fell to 


£<L33m (£5.0Bm). 

There was a £705,000 (nil) 
charge relating to farther reor- 
ganisation of Fardis, the 
French fabrics business. 

Mr Jourdan said that tax 
increases earlier in the year 
had “not obviously damaged 
demand". While he acknowl- 
edged that the recession was 
over, he stressed that the feel- 
good factor was “not yet with 
us. The middle classes are just 
not buying.” 

Operating profits of £8.66m 
(£5-21m) took in losses of 


£36.000 from Minty Design Fur- 
niture, against losses of 
£133,000 from Lock, the now 
dosed importer of antique fur- 
niture from Romania. 

Group turnover was flat at 
£89. 9m (£89. 2m) including 
£598,000 from Minty (£ 1.18m 
from Lock). 

Trading profits in the furni- 
ture division emerged at £a.im 
(£3. 6m) on sales lower at 
£48.4m (£50.6m). 

Retail sales fell at Parker 
Knoll in spite of new product 
launches. 


The fabrics division lifted 
profits by £876,000 to £2 2m on 
sales up 7.5 per cent at £4L5m. 
About one third of those sales 
were exported and the proper 
tion is expected to rise. 

The final dividend is 
unchanged at 4p for a main- 
tained total of 5.7p, which is 
uncovered by warnings of 4.6p 
CL3p) per share. However, Mr 
Jourdan said the payout was 
covered by the trading profit 
after tax, while the Fardis 
restructuring costs would 
come In part from reserves. 


Close Brothers 86% ahead to £33m 


By Mcholas Denton 

Close Brothers, the fifth largest 
quoted UK merchant bank has 
sustained its record of profit 
growth, and for the year to 
July 31 announced pre-tax 
profits ahead from £1782m to 
£S3D6m. 

The 86 per cent advance was 
achieved an operating income 
of £76.9m (£53. 1m). up 45 per 
cent 

The half-year results had 
exceeded market expectations 
but the full-year figures 
diverged only marginally from 
analysts’ forecasts and the 
share price closed unchanged 
at Zi5p. 

Earnings were diluted by the 
£17m share issue made by 
Close Brothers to finance the 
acquisition last year of Winter- 
flood Securities, the market 
maker in the shares Of smalle r 
companies. 

Earnings per share increased 
by 61 per cent from I3.7p to 
22Jp. 


Winterfloods, traditional 
merchant linking and asset 
financing contributed in 
roughly equal measure to total 
profits. 

Subtracting the impact of the 
acquisition of Winterfloods, 
Close Brothers' other activities 
showed an increase in. profit 
contribution of about 50 per 
cent. 

This figure too was flattered 
by a fall in provisioning for 
bad and doubtful debts from 
£7.74m to £425m. Stripping out 
this line, underlying and 
organic profits growth at Close 
Brothers was about 27 per 
cent, according to one anal- 
yst 

The proposed final dividend 
of 5p (3.9p adjusted) lifts the 
total from an adjusted 5fip to 
7.5p. 

Total assets at the year-end 
had improved by 24 per emit to 
£715m (£575m). 

• COMMENT 

Close Brothers Is a victim of its 


Cfose Brothers 

Share price (pence) 
a00" f 



own success. The firm's results 
cannot rebound because they 
never fell; the company yester- 
day reported Its 19th consecu- 
tive you - of profits growth. The 
reduction in provisioning bag 


gone about as far as it can. 
Further improvement in 
results has to be achieved on 
top of a high base. Wmterflood 
Securities may have had a 
record year but analysts judge 
it is past its peak and will 
prove a drag an profits growth 
in the currant year. Nor does 
Close Brothers have the steady 
fee Income that other larger 
firms have through their fund 
management arms. That said, 
(Hose Brothers' record is not 
one to sniff at consistent prof- 
its growth; the lowest cost-in- 
come ratio in the merchant 
hank sector; and the highest 
return on equity. Merchant 
banking and asset finance are 
well-placed to benefit from the 
economic recovery in which 
Close Brothers say their clients 
are clearly sharing. Analysts' 
forecasts of roughly stable 
profits of £42mr£44m give a pro- 
spective p/e of about 10. 
Its small discount to the sec- 
tor’s 10.3 rates a tentative 
buy. 


Sycamore director leaves 


By Caroftn® Southey 

Sycamore Holdings, the 
loss-making laboratory, office, 
and garden furniture group, 
yesterday announced the resig- 
nation of Mr Adam Ktogdon, 
its operations director. 

In July the company 
announced the resignation of 
non-executive director Mr 
Michael Hunton. Three days 
later Sycamore warned of sub- 
stantial write-offs for the finan- 
cial year and said its bankers 
were reviewing the level of fin- 
ancing facilities in light of the 


expected provisions. 

In August Sycamore 
announced pre-tax losses for 
the six months to 31 March of 
£l.84m, against losses of 
£6.85m; turnover was £9.71m 
(£10.16m). Operating losses 
stood at £609,000 (£4. 69m). 

Sycamore has been in discus- 
sions with its bankers since 
last year, when the value of 
net assets fell to less than half 
its called np share capital. 

Mr TCfngrinw joined Sycamore 
in April 1993. 

Sycamore’s shares closed 
unchanged at %p yesterday. 


Hanson makes three 
US disposals for £40m 



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By Caroline Southey 

Hanson Industries, the US arm 
of Hanson, announced the com- 
pletion of three asset sales for 
£40m, which will realise a pre- 
tax gain of about £8m. 

“These latest disposals are 
part of the general process of 
tidying up Hanson's portfolio,” 
said Mr Christopher Collins, 
director of corporate develop- 
ment. 

The disposals fit in with 
Hanson's strategy of reducing 
debt through disposals and flo- 
tations while expanding its 
core businesses. In the finan- 
cial year that ends on Friday 
Hanson has sold assets worth 
more than £950m on both sides 
of the Atlantic. 

These included the flotation 
of its Beazer housebuilding 
operations, the sale of U UK 
companies to management 
buy-out teams backed by Eleo- 
tra, the venture capital group, 


and the sales of Axelson ofl 
industry equipment group and 
Hanson Office Products con- 
tract stationery business. 

The latest disposals in the 
US include International Mini 
Warehouse Associates, which 
was part of the Kidde acquisi- 
tion in 1987 and owns nine 
warehouses in New Jersey and 
Connecticut 

Proctor & Schwartz, part of 
the SCM Corporation acquired 
by Hanson In 1986, which 
designs and manufactures 
industrial drying and heat set- 
ting machines for the food, 
tobacco, textile and chemical 
industries, has also been sold. 

Hanson also annn muwt the 
sale of 100,000 acres of land, 
mrinrHng surface and mineral 
rights, which it acquired with 
the purchase of Beazer in 199L 

The assets sold generated 
operating profits of £2 An in 
the year to September 30 1993 
on turnover of £38m. 


Automotive Products 
drops into £4.7m loss 


By Thn Burt 

Automotive Products, the 
motor components subsidiary 
of BBA, yesterday reported a 
first-half loss following the 'par- 
ent company’s decision to set- 
tle a long-running patent 
infringement case for £13. lm. 

The company, which tradi- 
tionally issues a separate 
results statement to BBA, 
made pretax losses of £4.7m in 
the six months to June 30, 
against profits of £5.7 ul 

The figures were under- 
mined by the payment earlier 
this year of $18. tin (EllJJm) to 
Tilton Engineering, the US 
company which sued Automo- 
tive Products for manufactur- 


ing carbon racing clutches an 
which it held patents. 

Operating profits, mean- 
while. were unchanged at 
£9.5m on flat turnover of 
£12lJ2m (£U9m). 

Mr Peter Clappison. finance 
director of BBA, said the slug- 
gish figures disguised a gen- 
eral improvement in trading 
conditions and the success of 
costcutting measures. 

Although he hi g hli ghted 230 
job cuts at the subsidiary, he 
mndo no m ention of the depar- 
ture of Mr Peter Crawford, 
chief executive of the automo- 
tive business, who left in July 
following a disagreement with 
Mr Roberto Quarts, BBA chief 
executive. 


Eurotunnel 
share fall 
casts doubt 
on finances 

By Simon Davies 

Eurotunnel’s share price fell 
19p. or 7 per cent, to 250p yes- 
terday, as reports of leaks in 
the Channel Tunnel added to 
the challenge the company 
faces in avoiding a further 
refinancing, following its May 
£858m rights issue. 

The salt water leaks were 
dismissed by the company as 
in line with the design, with 
the only problem coming from 
the silting up of parts of its 
secondary drainage system. 
Eurotunnel said it would 
cause no further delays to the 
start of a paying passenger 
service. 

More of a problem, however, 
is the impact the story could 
have on public perception of 
the tnnnel, and the knock-on 
effect of a low share price ctn 
anticipated capital from the 
conversion of warrants. 

At the time of the rights 
issue, the company's financing 
plan gave £473m of leeway. 
However this figure assumed 
that about £i80m would be 
raised from conversion of the 
1993 warrants, expiring in 
October 1995. The warrants 
have a conversion price of 
marginally above 300p, mak- 
ing this source of capital for 

from certain. 

In addition, the rights pro- 
spectus anticipated £137m of 
revenues for the current year, 
which assumed the commence- 
ment of the passenger shuttle 
service in October. This has 
been put back by six weeks 
until mid-November. This is 
likely to remove at least half 
the projected turnover from 
the passenger service for the 
current year. 

Mr Richard Hannah , an ana. 

lyst at UBS Securities, said: 
“The funding margin is 
looking very tight, and it 
looks like a third rescue rights 
issue could be in the offing 
during the next 12 months.” 

The company’s banks sepa- 
rate projections indicated a 
funding margin of only £34m, 
excluding each from the war- 
rants. With £48m of income 
due to have come in from Le 
Shuttle in 1994, much of that 
margin will have disappeared 
through the delay in the cus- 
tomer service. 

The company has a further 
£50m from a fall back loan 
facility from Morgan Grenfell 
and Warburg. It Is also 
involved in arbitration over 
delay in the start up of the 
Eurostar Service and is claim- 
ing up to £400m, plus tariff 
increases. 


Camas makes 
$15.1m 

purchase in US 

Camas, the building materials 
group demerged from English 
China Clays to June, is paying 
$15.1m (£9. 5m) for the 

majority assets of C&M Ready 
Mix Concrete of Boulder. Colo- 
rado. 

The assets comprise about 
12m tons of proven aggregate 
reserves, which are situated 
north-east of Denver, five 
ready mixed plants and a 
fleet of concrete delivery 
trucks. In addition, fann« will 
receive $3m of income from 
trade co n tracts already under- 
taken. 

Mr Christopher Bailey, 
Camas finance director, said 
the deal would probably push 
the group into first position in 
the Denver ready mix market 
ahead of Redland. 

C&M reported operating 
profits of $l.5m to 1993. 


Enterprise 


By Alan Cane 

Enterprise Computer Holdings 
suffered a slide to turnover 
from £68J2m to £16.4m in the 
year March 31, after a 

series of disappointments left 
the Berkshire-based computing 
services group in the red again. 

In a note to the full-year 
fmanrani statements, the audi- 
tors observe there is a funda- 
mental uncertainty over 
whether the company’s bank- 
ers will renew facilities and so 
ensure that the group and its 

Go-Ahead above 
forecast at £2.86m 

The Go-Ahead Group turned in 
pre-tax profits of £L86m for the 
year to July 2, which was 25 
per cent higher than its pro- 
spectus forecast This com- 
pared with a previous £315,000. 

Turnover rose from £49.3m 
to £6l.4m, because of the 
Impact of acquisitions in 
Brighton and Oxford. Operat- 
ing profit rose from £521,000 to 
£8.47m, with £716,000 coming 
from the newly-acquired busi- 
nesses. 

Earnings per share were 
much higher at 8-2p (l-5p). 


Bass shares slip 
after statement 


By Roderick Oram, 

Consumer Industries Editor 

Shares in Bass slipped 17p to 
523p yesterday after it deliv- 
ered a cautious trading state- 
ment which indicated its brew- 
eries and pubs remained under 
intense competitive pressure. 

The group's beer sales fell 08 
per cent in volume terms in 
the first 48 weeks of this finan- 
cial year while the UK market 
fell 1.2 per cent. 

Brewers had pulled back 
from the large trade discounts 
they were offering last year 
and in this first half, but there 
was “still a knock on effect” in 
pricing overall, said Mr lan 
Prosser, chair man. 

Bass’s gross profit margins 
on beer were slightly lower in 
the second half than the first, 
although this reflected in part 
an 11 per cent reduction in the 
number of pubs in Bass Tav- 
ern's estate. 

On a hke-for-llke basis, pubs 
managed by Bass reported a 3 
per cent rise to takings within 
which food revenues were up 8 
per cent, indicating a decline 
in drink sales. Mr Prosser 
declined to give a figure for the 


decline In beer volume sales in 
Bass pubs but said the group 
“had done better than the mar- 
ket" which was down about 5 
per cent 

Off-licence beer sales were 
up 6.4 per cent 

Bass's other activities 
showed progress in the year to 
date with Britvic. the soft 
drinks business, benefiting 
from the UK’s hot summer. Its 
volumes were up 9 per cent in 
the first 48 weeks after being 
ahead only 3 per cent at the 
half year. 

Holiday Inns reported a rise 
in occupancy and room rates 
to the Americas. In Europe, a 
slight define in room rates was 
offset by higher occupancy. 

Bingo clubs reported a 5 per 
cent Increase in spending per 
head. Betting shop turnover 
was up 4.3 per cent and the 
average stake was 2.3 per cent 
higher. 

Bass enjoyed a strong cash 
inflow to the second half after 
an outflow to the first half. 
Bass Brewers, for example, was 
cash positive and is expected 
to remain so for "the foresee- 
able future." 

See Lex 


Acquisitions boost 
for Allied London 


By Christopher Price 

A series of acquisitions over 
the past year boosted annual 
results at Allied London Prop- 
erties, which yesterday posted 
pre-tax profits 56 per cent 
ahead at £10.6m. against £6J8m 
last time. 

But net asset value per share 
of UOp (85p) came in below 
market expectations and con- 
tributed to an 8p fell to the 
shares to lOOp. 

The results for the year to 
June 30 confirmed the first half 
trend and yesterday Sir Geoff- 
rey Leigh, chairman, said that 
the outlook remained “very 
favourable'* for both capital 
values and the rental market 

The 12 per cent rise in rental 
income to £21.94m (£19.52m) 
was derived substantially from 
the group's £52m worth of 
acquisitions. 

These included an £11. 3m 
portfolio to Glasgow for its 
newly established Scottish sub- 
sidiary. A further five proper- 
ties have been bought to the 


region since the year-end at a 
cost of just over £9ul 
The company also spent 
£3L35m on six properties from 
Provident Mutual, which to 
return paid £21 .6m on a portfo- 
lio of Allied’s retail portfolio. 
Sir Geoffrey said the balance of 
£12.75m had produced a net 
annual rent of £L8m. 

There were also big invest- 
ments to properties in Leeds 
and BasingBtoke. 

Pelham Homes, the former 
Rosehaugh subsidiary, was 
bought from the receiver for 
£3m, which brought with it a 
substantial land h ank to the 
south-east 

The year-end valuation on 
the group's portfolio was 6.7 
per cent higher at EMflm than 
the previous year. Offices com- 
prised 52 per cent of the prop- 
erties, followed by business 
parks, light industrial and 
warehouses at 39 per cent and 
retail 9 per cent 
A final dividend of 2.7p is to 
be paid, making a total of 3.88p 
(3.53P). 


Sales training behind 
Refuge Assurance fall 


By ABson Smith 

Training and testing its 2,100 
sales agents contributed to 
sharp fells in both regular and 
single premium business at 
Refuge Assurance, the life 
insurance group, in the first 
six months of this year. 

New regular premium life, 
annuity and penkons business 
fell by 31 per cent to £L3m 
(£18 8m). while single premium 
new business fell 24 per cent to 
£L8.7m (£247m). 

Mr Tom Booth, chairman, 
said about half the drop in new 
business could be attributed to 
sales foregone as a result of the 
extra effort spent on training 
and testing, while about half 
reflected trends within the 
life Insurance sector as a 
whole. 

There was a particularly 
marked fall to regular pre- 
mium new business on the 
industrial side - where a sales 
agent calls once every two 
weeks or so at the home of a 
customer to collect what are 


often relatively small amounts. 
It dropped from £10.lm to 
£5£m. 

Refuge said it was raising its 
interim dividend to 3.7p 
(3.45p).The cost erf the dividend 
is £581m. Like other life insur- 
ance companies, it is not 
required to release interim 
profits figures. 

There were encouraging 
signs in the group's general 
Insurance underwriting - 
where more favourable claims 
experience helped turn a pre- 
tax loss of Elm into a pre-tax 
profit of £156,000 - and in unit 
trust sales which rose to 
£10 8m (£4.6m). 

Mr Booth said that though 
the training exercise had 
restricted sales to the first half, 
there were signs of an improv- 
ing trend. 

Against a background of a 
reduction in the number of 
sales agents in the life indus- 
try, he added that Refuge 
envisaged its sales force 
remaining at its current 
size. 


Computer in red 


subsidiaries “will continue to 
operational existence”. The 
auditors, Stoy Hayward, have 
not qualified the accounts 
because of this, however. 

The group made slightly 
higher operating profits of 
£4.9m, hut interest charges and 
rent resulted in a loss after tax 
of £ 1.96m (£5.75m). Loss per 


share was cut to 2.6p (7.4p). No 
dividend is being paid. 

Enterprise has been chang- 
ing market position from a 
seller of secondhand main- 
frame computers to more 
broadly based computing ser- 
vices but Mr John Small, chair- 
man, said the process was tak- 
ing longer than expected. 


1 DIVIDENDS ANNOUNCED 1 



Currant 

payment 

Data of 
payment 

Correa - 
ponding 

dividend 

Total 

for 

year 

Total 

last 

year 

Abbott Mead — 

Int 

4.5 

Oct 31 

3-2 

. 

10£ 

AIKed Land Prop. 

fln 

2.7 

Jan 3 

2.455 

3.88 

3.53 


fln 

0.486 

Jan 4 

- 

0.75 

- 

BOtem (J) 

Int 

Z2 

Oct 31 

2-2 

- 

S3 

Ctarte Nlcfcofis „ 

int 

0.1 

- 

nS 

- 

nfl 

Close Brothers — 

fin 

5 

Oct 28 

3.9- 

7.5 

5.5* 

Community Hosp x — fin 

5.1 

NOV 30 

45 

7.9 

6.9 

Cornwell Parker , 

fln 

4 

Nov 3 

4 

5.7 

5.7 

Hodder Headline 

int 

2 

Oct 28 

1.85 

- 

5 

How 

Irrt 

0.375 

Nov 30 

0-375 

- 

0.75 

WTV 

.... int 

0.75 

Nov 11 

nil 

- 

1 

Inchcape 

Int 

6 

Jan 3 

5.8 

- 

14.8 

Kkwrfold 

int 

iVf 

Nov 21 

nil 

- 

3 

Lyles (S) 

tin 

2-5 

Jan 3 

1.75 

15 

3.3 

Metakax 

fnt 

1 

Oct 28 

0.91' 

• 

3.64* 

Northern Leisure, 

....—fin 

2 

Dec 2 

nd 

2 

nS 


fln 

1.8 

Nov 10 

- 

1.8 

- 

Refuge 

Int 

3.7 

Dec 6 

3.45* 

- 

11.35- 

T&S Stores . 

—int 

2.6 

Nov 25 

2-5 

- 

6.1 

United kids 

irrt 

0.1 

NOV 22 

n» 

■ 

nil 


Dividends shown pence par share net except where otherwise stated tOn 
increased capital. §USM stock. 'Adjusted for scrip issue. VUS currency. 
| Gross. 







FINANCIAL TIMES 


TUESDAY SEPTEMBER 


27 1994 


COMPANY NEWS: UK 


Community Hospitals lifts annual pre-tax profits by 26% 

Director quits after failed coup 


By Tim Burt 

Community Hospitals Group, 
the private medical care com- 
pany, yesterday said one of Its 
senior directors had left the 
group following a foiled board- 
room coup. 

Mr Oliver Prentice, manag- 
ing director of the company's 
continuing care division, 
resigned earlier this month 
after the board rejected his bid 
to oust Mr Alan Dexter as chief 
executive. 

Although the company 
released few details of the dis- 
pute. it admitted there had 
been a clash of personalities 
between Mr Dexter, who led 
the group to flotation in 1999, 
and Mr Prentice, widely cred- 
ited with building its nursing 
homes business. 

“I knew Oliver had aspira- 
tions to become chief execu- 
tive, but this was a surprise 
move," said Mr David Croker, 


finance director. ‘HO asked the 
board to make a choice, and 
when they backed Alan he had 
no alternative but to leave.” 

Mr Dexter claimed there was 
no strategic argument with Mr 
Prentice, who Is negotiating a 
compensation package based 
on his two-year rolling con- 
tract and £77,000 annual salary. 

City analysts, however, 
suggested that Mr Prentice 
might have quit because he 
feared that plans to invest up 
to £2.5m on enlarging the 
group’s Duchy Hospital in 
Cornwall would divert funds 
from nursing home develop- 
ment. 

Tim continuing care division, 
comprising 13 nursing homes, 
homecare services and shel- 
tered accommodation, helped 
lift pre-tax profits by 2G per 
cent to £7.7m (£6.1m) in the 
year to June 30. 

Although the division saw 
profits increase by more than a 


Community Hospitals 

Share pries (pence}- 
■ 300 



Sowo« FrGrapNJo 

third to £2. 35m (£1.76m), its 
contribution was overshad- 
owed by £Sm (£&2m) from the 
hospital division. 

Together, the two sectors 


underpinned a 26 per cent 
increase in operating profits 
from £7 .96m to £9.99m on 
increased turnover of £57.6m 

(£49. 4m). 

The improvement was 
helped by growth in private 
medical insurance and mai de n 
contributions from three new 
nursing homes and a new hos- 
pital in Colchester, which 
opened in January. 

Mr Dexter said the group 
planned to consolidate 
operations at its 10 hospitals 
and gradually win greater mar- 
ket share for the continuing 
care business. 

Earnings per share rose from 
14-3p to 17 -2p and an increased 
final dividend of 7 F Jp (£L9p) has 
been proposed. 

While welcoming the results, 
analysts left profit forecasts For 
thin year unchanged at about 
£&7m, putting the shares, up 
lp at 256p yesterday, on a for 
ward multiple of 13A 


Redrow’s 45% advance 
confirms housing recovery 


Metalrax 
advances 
to £4. 11m 

By Andrew Bofger 

Metalrax Group, the precision 
components, houseware and 
storage equipment group, 
increased pre-tax profits by 15 
per cent from £3. 56m to 
£4.11m in the six months to 
June SO, on sales which rose 
by 17 per cent to £38. 88m. 

Mr John Wardle, chairman, 
said only a very small propor- 
tion of the profits rise was due 
to acquisitions, of which the 
full benefit would be seen next 
year and thereafter. 

Mr Wardle said: “Despite 
conflicting evidence as to the 
strength of the apparent recov- 
ery and the dubious optimism 
very naturally shown by offi- 
cial pronouncements, life con- 
tinues to be very difficult at 
the sharp end of manufactur- 
ing industry. 

"It is only because of the 
very heavy Investment in tech- 
nology over the last five years 
that we have managed to miti- 
gate the Intense pressur e s on 
margins that have increased 
rather than relaxed.” 

Earnings per share grew by 
XS per emit to 3p (2Jip). The 
interim dividend rose by 10 
per cent to lp (adjusted 0.9 lp). 


Ely Christopher Price 

The continuing recovery 
among OK housebuilders was 
confirmed yesterday when 
Redraw Group, which came to 
the market mi-iw year, 
reported annual pre-tax profits 
45 per cent ahead at £19.2m, 
a gainst via 9m 

However, Mr Steve Morgan, 
rhflintign gald it was too early 
to forecast a sustained recov- 
ery. “Trading conditions are 
fairly neutral at the moment 
The house price rises we saw 
earlier in the year have sub- 
sided, but so too have some of 
the inflationary cost pres- 
sures." 

Turnover increased 45 per 
cent to £ 188.3m (£l29.6m). 
Including £2.8m (£3m) from dis- 
continued activities. Earning s 
per share rose from 5.lp to 8p. 
An initial dividend of L8p is 
proposed. 

The pre-tax figure was 
struck after a £3.Lm (£600,000) 
charge for the leisure division, 
which was sold to Mr Morgan 
prior to flotation, and a Elm 
investment profit 

The number of completed 


homes rose 61 per cent to 2JH8, 
which included a first contri- 
bution of 451 from the group's 
new south east of England 
division, the former Costain 
Homes business, bought in 
July 1993. The purchase 
marked the company's return 
to the south east Mr Morgan 
said the region remained a pri- 
ority for expansion, as wit- 
nessed by the recent purchase 
of Gudgeon Homes for £4.6m. 

He added that the company 
was also considering a move 
into Scotland, the only area of 
the UK where it had no pres- 
ence. 

First-time buyer Incentives, 
particularly in the south east, 
meant the average house price 
declined from £88,000 to 
£82,400. However, Mr Morgan 
said that he expected prices to 
recover this year, although it 
was too early to make a firm 
prediction. 

On turnover of £l6Sm 
(£Uim) the home division 
reported operating profits of 
£22Jhn (£ 13.3m). 

The land bank rose from 
5,000 to 7,100 plots, which was 
79 per cent higher In value 


terms at £89.7m. Although land 
prices had risen during the 
year, the company had man- 
aged to secure most of its pur- 
chases at below market prices. 

Turnover in the construction 
business rose 48 per cent to 
£15.8m, although operating 
profits halved to £100,000 and 
the operating margin fell from 
1.9 per cent to 0.6 per cent. 

With trading iwiriitinnq con- 
tinuing to be tough, the com- 
pany was taking steps to 
rationalise the division. 

• COMMENT 

Good first year results from 
Redrew come at a time when 
many investors, with an eye on 
higher interest rate expecta- 
tions. are reducing their 
weighting in the construction 
and builders sectors. Forecasts 
for the current year have been 
shaved back to about £28m. 
giving an earnings of 9Rp and 
a p/e of about 13. This is 
slightly ahofld of the market 
and a 10 per cent premium, to 
the sector and higher than the 
likes of Bryant and Wilson 
Bowden, both of which have 
trade records. 


£100m interest gloom 
for Brent Walker 


Wellcome 
ends cancer 
drug trials 

By Daniel Green 

Wellcome has abandoned 
research on one of its more 
promising drugs intended for 
use in cancer and organ trans- 
plants. 

Campath 1-H, licensed from 
British Technology Group, 
was set for launch hi 1997 and 
HaH potential sales of $250m 
(£i58m) a year, according to 
Lehman Brothers, the stock- 
broker. 

Wellcome said data from the 
latest clinical trials showed 
only low or moderate efficacy 
and therefore “this compound 
is not likely to have adequate 
commercial potential”. 

The drug had reached phase 
two of human clinical trials, a 
relatively late stage in the 
expensive development pro- 
cess for a drug to be recog- 
nised as a failure. WeRcome 
bad been conducting trials 

with it since 199 L 

The areas of study were in 
cancers including non-Hodg- 
kin's lymphoma and in 
advanced rheumatoid arthri- 
tis, a condition caused by the 
faOnre of the immune system. 


By David Blackwell 

Interest payments of more 
than £lQ0m overshadowed an 
improvement in interim oper- 
ating profits at Brent Walker, 
the bookmaking and public 
house group laden with £1.4bn 
of bank debt. 

The group, which is also los- 
ing Sir Keith Bright as chair- 
man, warned that turnover in 
its core business had shown 
“little sign of an upturn, leav- 
ing the results potentially vul- 
nerable to competitor activity 
and the economic climate, 
especially in the short term.” 

Operating profits increased 
from £27.4m to £35J2m for the 
six months to June 30, while 
turnover edged ahead from 
£858£m to £867.910. 

But after exceptionals and 
payment of net Interest at 
£103.6m (£98. Ira) the loss 
amounted to 973.5m, compared 
with a previous loss of £83 -3m. 
The deficit in shareholders' 
funds widened from £629 ,8m to 
£877m. 

A £10m cost incurred by 
breaking previous finance 


arrangements at the William 
Hill betting chain is believed to 
be the main reason why the 
latest interest payment is 
higher than for first half 1993. 
The group will pay only £2Qm 
of the interest total in cash, 
with most of the rest converted 
into preference shares. 

Sir Keith joined the group in 
January last year in order to 
oversee the reorganisation of 
its finances, including the refi- 
nancing last March of a £325m 
loan at William Hill He feels 
that he has completed the 
work he originally undertook, 
and now "wishes to follow 
other interests.'* 

He will be replaced hy Sir 
Brian Goswell, already a non- 
executive director, and a senior 
partner in Healey & Baker, 
estate agents and surveyors. 

Operating profits at Wilham 
Hill, now the main engine of 
the group, improved from 
£24J2m to £30 -8m on turnover 
of £S06L8m (£79 1.4m). The group 
described Its retention of mar- 
ket share as “encouraging” 
ahead of the National Lottery 
launch in November. 


However, “the most signifi- 
cant event" was the refinanc- 
ing that had enabled the chain 
to stay within the group. Mr 
John Leach, finance director, 
said yesterday that flotation 
was an option for William Hill, 
“but not necessarily the only 
one”. , . , 

Brent Walker is claiming 
£200m in a dispute with Grand 
Metropolitan over the purchase 
of the chain . which is in the 
balance sheet at £697J2m. A 
valuation of the assets at the 
end of lost year showed It was 
worth £488. im. 

The Pubmaster chain of pub- 
lic houses reported Increased 
operating profits of £5. 77m 
(£5.l4m) on turnover of £4&lm 

(£46-9m). 

Operating profits at the 
“other businesses division** - 
which Includes the Cardiff 
International Arena and 
Brighton Marina - fell to 
£1.77m (£2.Um) on turnover of 
£15m(£18Bm). 

The loss per share was 2ftS3p 
(24.32p). There is no dividend 
on either ordinary or prefer- 
ence shares. 


Discounting helps T&S to £7m 



Kevin Thrdfall: happy with results achieved in a mature market 


By Peter Pearse 

T&S Stores, the confectionery, 
tobacco and news retailer and 
convenience store operator, 
lifted pre-tax profits by 3 per 
cent from. £&79m to £7D2m in 
the 26 weeks to July 2. 

Operating profits, before 
losses from business disposals 
of £2124100 (£88.000 profit) grew 
more strongly. They showed an 
11 per cent increase to £7.62m 

(£085m). 

Turnover was 17 per cent 
ahead at £201m (£171m). 

The shares edged up 2p to 
dose at 132p. 

Mr Kevin Threlfall, chair- 
man, said he was "happy” with 
the results. They were 
achieved in a mature market 
and in spite of declines in ciga- 
rette volumes. 

He said that although the UK 
confectionery market was up 2 
per cent over last time, the gro- 
cery market was "flat or 
slightly down", and the news 
market was down in the wake 
of the price war in newspapers 


and ma gazines. 

In February the group 
bought the 74-store Gibbs 
Newsagents chain for £7.lm 
including expenses and in 


March it acquired 23 Macs con- 
venience stores for a total of 
£6m. 

These contributed £399,000 to 
profits and £10.7m to turnover. 


By division, Supercigs, the 
core high-street "deep dis- 
counter" chain, raised profits 
22 per cost to £&96m on turn- 
over up 5 per cent at £87ta. 

The rise was fuelled by 
multi-buy discounts and dis- 
counts on everything In the 
stores - even news in 125 of 
the 217 stores. - 

Average branch profits rose 
18 per crab 

Profits in the 336-strong 
CTNs chain advanced by 20 per 
cent to £3.97m, mostly as a 
result of the Gibbs acquisition. 
Turnover grew 24 per cent to 
with Kke-for-like sales 
edging up 3 per cent 

The G stores format showed 
the strongest organic gains. 

Here, profits rose by 26 per 
cent to £8m with only a small 
contribution from Macs. Turn- 
over was 36 per cent ahead at 
£G0.7m. Like for like sales rose 
9 per cent Ten extra stores 
were opened. 

The interim goes up to 2.6p 
(2J5p), payable from. earnings of 
727p (7D6p) per share. 


SEMINAR 


EMPLOYMENT ISSUES IN 
THE NEW SOUTH AFRICA 


On the morning of 4 October Towers Perrin 
and its South African associate, 

Alexander Forbes, will host a seminar 
in London covering: 

■ the impact of the Reconstruction and 
Development Programme 

■ industrial and employee relations issues 

■ employee benefit provision including 
retirement and healthcare benefits 


If you would like to attend the seminar, 
for which there is no charge, please call 
Trudy Pickering on 071 379 4411 


TbwersPerrin 


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FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 


COMPANY NEWS: UK 


vs tn f-' 


ace 


New team signals intention to expand in continental Europe 

Hammerson rises to £24.5m 


By Sfanon London,Property 
Correspondent 

Hammerson, the property 
company which came under 
new management last year, 
yesterday reported interim pre- 
tax profits of £24-5m, against 
£15 - 2 m, and signalled its inten- 
tion to expand in continental 
Europe. 

Mr Ron Spinney, chief execu- 
tive, said that the company 

was considering a number of 
opportunities to buy retail 
property in France. He added 
that any deal would not 
depend on the outcome of 
negotiations which might lead 
to the sale of Hammerson's 
£l76m Australian portfolio. 

"If we can sell [the Austra- 
lian assets] at a price which 
adequately reflects likely 
increase in values over the 


next couple of years we will do 
so," said Mr Spinney. 

During the first Half . Ham- 
merson spent £25m acquiring 

99 Bishopsgate - the City of 
London office block bombed by 
the IRA last year - and £143m 
buying a portfolio of retail and 
office properties from Postal. hi 
July, after the half-year end. It 
spent £75m on three Canadian 
shopping centres. 

Bishopsgate is being refur- 
bished and may be expanded to 
more than 300,000 sq ft, an 
operation which the company 
expects to complete by the end 
of 1995. 

Including the Canadian deal, 
Hammerson’s gearing is about 
64 per cent, little changed from 
the end of the last full year. 

Mr Spinney said that he 
would be happy to see gearing 
rise modestly, given the likely 


improvement in overseas prop- 
erty markets. 

Net rental income was 
£57 5m in the first six months 
of the year, compared with 
£59.8m. Acquisitions partially 
compensated for lost rental 
Income following the disposal 
of Woolgate House In the City 
a year ago. 

Interest costs fell to £27m, 
from £38 .3m, reflecting the 
impact of last year's £199m 
rights issue and lower interest 
rates on foreign currency bor- 
rowings. Administration 
expenses were £65m (£7 An). 

Adjusted earnings per share 
were 6J3p (55p) and the int- 
erim dividend is unchanged at 
3.5p. 

• COMMENT 

Mr Ron Spinney has made 
good progress reshaping Ham- 


Girolami paid £1.5m in final 
year as Glaxo chairman 


By Daniel Green 

Sir Paul Girolami received 
almost £L5m in pay in his final 
year as chairman of Glaxo, 
Europe’s biggest drug com- 
pany, £46,000 higher than in 
1992, according to the compa- 
ny’s annual report. 

His salary and other benefits 
were £1.05m, compared with 
21.03m. He also earned a per 
formance-related supplement 
of £436,000 (£410.000). 

The company increased its 
contributions to his pension 


JBillam 
tumbles 
to £34,000 

Shares in J Bfilam tumbled lOp 
to I34p yesterday after the 
Sheffield-based engineer 
reported a decline in pre-tax 
profits from £271,000 to £34,000 
for the first half of 1901. Turn- 
over on continuing operations 
fell from £3.46m to £3. 08m. 

Restructuring the ASMS sub- 
sidiary led to reorganisation 
costs of £68,000 this time. How- 
ever, Mr Stephen Ingram, 
chairman, said the benefits 
should now begin to appear in 
trading results. He believed 
that the downturn had now 
been arrested. 

Earnings per share were lOp 
lower at 1.4p, but the interim 
dividend was held at 2.2p. 

How Group interim 
losses reduced 

How Group, the engineering 
concern, cut pre-tax losses by 
23 per cent to £1.12m in the 
first half of 1994, against 
£l.45m last time which 
included £488,000 related to dis- 
continued activities. 

Turnover was £58.4m 
(£705m), which Mr Peter How, 
chairman, said was because of 


schemes from £487,000 to 
£696.000. 

Sir Paul stepped down as 
chairman at the end of the 
company’s financial year on 
June 30, having worked at 
Glaxo for 29 years. 

The annual report also 
shows that Mr Arthur Pappas, 
who was the director responsi- 
ble for Canada and Latin 
America until his departure in 
February 1994 over “differ- 
ences. in management 
approach and style”, is likely 
to receive more than $2m in a 


NEWS DIGEST 


the normal time-lag of convert- 
ing construction orders into 
work-in-progress. A marked 
increase was evident in work 
being undertaken and turnover 
for the year was expected to be 
similar to 1963. 

Mr How said that "generally, 
there is a renewed feeling of 
optimism, which I do not 
believe to be mis- 
placed. . . . Competition, 
though still fierce, is becoming 
a little more realistic as the 
volume of enquiries rises." 

Losses per share came to 
2.69p (2.64p), but the interim 
dividend is again 0575p. 

Northern Leisure up 
sharply to £2.54m 

Northern Leisure, the disco- 
theque, ten-pin bowling and 
amusement park concern, 
announced pre-tax profits 
sharply up from £663,000 to 
EL54m in the year to August 31 
1994. 

Turnover slipped to £22.7m 
(£23 An). It included £980,000 
(£2.23m) from discontinued 
operations. 

Trading since May, when the 
company underwent a refinan- 
cing, had been “very satisfac- 
tory", the directors said. 
Accordingly, the company is 
resuming dividend payments 
with a proposed 2p final, the 
first payment since 1990. 

It hopes to pay an interim 


contract termination payment, 
salary and other benefits, over 
three years. 

The salary of the second 
highest paid director was 
£930.000 last year, compared 
with £132m the year before. 

The report shows that “pay- 
ments for termination of exec- 
utive office” amounted to 

£1.04m with another £1.09m 
paid to former directors in per- 
formance-related pay and pen- 
sion contributions. Most of this 
was payable to former chief 
executive, Dr Ernest Mario. 


next year of not less than lp. 
Warning s per shar e were 7.7p 
(23p). 

Newarthill cuts first 
half loss to £1.36m 

Newarthill, the holding com- 
pany for Sir Robert McAlpine, 
the civil engineer, announced a 
reduced pre-tax loss for the six 
months to end April, down 
from £4. 19m to £136m. 

Turnover was ahead at 
£116m (£S4m). but the higher 
activity level was not accompa- 
nied by any significant 
improvement in margins. 

Losses per share were down 
at 13J>p (33.7p). 

The results for the frill year 
are expected to show a profit. 

Banner Homes to 
raise £2.9m 

Banner Homes Group is rais- 
ing about £2 5m net through an 
issue to Throgmorton Pre- 
ferred Income Trust of 3m pref- 
erence shares at £1 each. The 
shares will carry warrants to 
subscribe for 520.231 ordinary 
Banner shares at 173p each 
between October 22 1995 and 
July 31 2001 against a mid-mar- 
ket share price on September 
23 of 142p. 

The proceeds will be used to 
inn-pa gp Banner’s land buying 
and housebuilding activities. 


DON’T 
CRACK 
UNDER 
IPRESSURE 



merson’s empire since he took 
over as chief executive last 
year. If he can achieve a decent 
price for the company’s Aus- 
tralian assets and deliver an 
attractive deal in France his 
reputation will be further 
enhanced. The overall strategy 
of increasing Hammerson’s 
exposure to stable retail prop- 
erty and concentrating on mar- 
kets where it has critical mass 
makes perfect sense. The snag 
is that much of the good news 
is already in the share price. 
At yesterday's close of 323p. 
the shares are on a discount of 
14 per cent to analysts' fore- 
casts for year-end net assets. 
The average discount for the 
sector is closer to 18 per cent. 
Moreover, likely earnings per 
shar e of about I 2 p for the full 
year would leave little room to 
increase the 10.5p dividend. 

UCM climbs 
35% to £l.lm 

Universal Ceramic Materials, 
the manufacturer of refractory 
and heating element products, 
yesterday annmmrgd a 35 per 
cent increase in firs t hal f 1994 
pre-tax profits from £837,000 to 
£ 1 . 1 3m. in its first set of results 
as a quoted company. 

UCM showed a 4 per cent 
increase in sales to £14. 2m 
(£13.6m). The sharper rise in 
profits was fuelled by the deci- 
sion to turn down high vol- 
ume, but lower margin busi- 
ness in countries such as 
Mexico, Spain and France. 

Mr Bob Hughes, chief execu- 
tive. said pricing competition 
continued to be fierce. How- 
ever, the outlook was encour- 
aging with a competitor set to 
withdraw from the industry by 
the and of the year. 

There was no dividend. Earn- 
ings advanced by 14 per cent to 
4.1p (3.6p). 


Confidence 
at AMV 
after 58% 
advance 


By Diana Summers, 

Marketing Correspondent 

Abbott Mead Vickers, the 
advertising group, yesterday 
reported a 58 per cent increase 
in pre-tax profits to 22.38m for 
the half year to June 30, 
against £1.5m. 

Mr David Abbott chairman, 
said the increase represented a 
“step-change" in profitability. 
Last year's new badness wins 
and increased spending by 
existing clients had begun to 
show significant benefits to 
the company, he said. 

He described the outlook as 
the brightest for many years, 
and predicted that underlying 
client spending would 
continue to increase. 

Turnover increased 14 per 
cent to £108. Lm (£94. 4m). 
Earnings per share jumped 
from 5.71P to 9.16p. 

A rise in the interim 
dividend to 45p 0L2p) 
reflected increasing confidence 
in the sustainability of the 
company's performance, as 
well as the strength of Its cash 
position, said Mr Abbott The 
board is also proposing a 
l-for-i scrip issue. 

Annualised new business 
gains during the first half 
totalled more than ElOOm, a 
record for the group, including 
work for British 
Telecommunications and 
Motorola. 

In July, the group 
announced it had bought 
Redwood Publishing, the 
contract publisher, for an 
initial cash payment of 
£2J5m. Mr Abbott said second 
half figures would reflect 
contributions from the 
acquisition. 

The shares gained lip to 
close at 684p. 


Flextech obtains part in 
original cable drama 


By Raymond Snoddy 

Flextech. the oil services 
company which became a 
media group, yesterday 
announced what it believes is 
the largest co-production deal 
to make ori ginal programmes 
for cable and satellite chan- 
nels. 

The deal with Hallmark 
Entertainment of the US could 
involve total spending of up to 
$140m (£S9m). 

The agreement covers the 
making of 30 feature-length 
original dramas in the UK or 
other parts of the EU over the 
next two years. The deal also 
covers eight original animated 
features and four original ani- 
mated series of up to 26 epi- 
sodes each. 

“It’s a huge deal.” Mr Roger 


Luard. chief executive of Flex- 
tech said yesterday. Flextech. 
which holds 20 per cent of HTV 
and is controlled by TCI of 
Denver, the largest US cable 
operator, manages or has inter- 
ests in 11 cable and satellite 
channels including The Chil- 
dren’s Channel. The Family 
Channel, UK Gold and Bravo, 
which at the moment mainly 
shows old films . 

77je new dramas would prob- 
ably be shown on either The 
Family Channel or on Bravo. 

Hallmark makes network 
movies and mini-series, includ- 
ing Lonesome Dove and Scar- 
lett. the sequel to Gone with 
the Wind, and has won 102 
Emmy awards. 

Flextech is believed to be 
paying considerably less than 
one third of the total budget 


for the UK. Benelux and Scan- 
dinavian rights and Eastern 
hemisphere rights for the ani- 
mated programmes. 

Mr Luard said Flextech was 
determined to build up a 
library of programme rights as 
part of its business. 

In a separate agreement with 
Hallmark, Flextech will 
acquire UK rights to all the US 
company's productions for two 
years with an option for a third 
year. This will cover a mini- 
mum of 125 hours of program- 
ming a year. 

Mr Adam Singer, rice presi- 
dent international of TCI. said: 
“This is the first step in fulfill- 
ing cable television's promise 
that it would supply quality 
British television drama the 
equal of anything currently 
made in the UK." 


Growth in advertising helps 
lift HTV by 75% to £2.8m 


By Raymond Snoddy 

With the help of Budgie the 
Little Helicopter, cost reduc- 
tions and growth in advertis- 
ing revenue, HTV turned in a 
75 per cent increase in pre-tax 
profits for the six months to 
end June, up from £l.61m to 
£ 2 .8m. 

Trading performance at the 
ITV company for Wales and 
the west was even stronger 
because the 1993 half year pre- 
tax figure included a £1.8m 
property gain. 

“This half year’s figures 
represent a sustained and sig- 
nificant improvement in the 
company's performance,” said 
Mr Louis Sherwood, HTV 
chairman- 


Turnover on continuing 
operations was slightly down 
at £573m (£575m). 

Profits from television activi- 
ties rose sharply to £3.3m 
(Elm). 

Earnings per share were 
ahead at 2.7p (23p) taken after 
property sales. 

The company has restored 
an interim dividend of 0.75p 
against a single final of lp last 
year. 

HTV has finally disposed of 
its last three non-media subsid- 
iaries, including the loss-mak- 
ing fine art business. 

The company increased its 
advertising revenue by 11 per 
cent to £45 Am (£40. 7m), ahead 
of the ITV average of 7 per cent 
growth. 


The outlook for the company 
was significantly unproved by 
Flextech's purchase in March 
of 20 per cent in the company 
for £27m. This reduced borrow- 
ing to £lA3m (£27.9m). 

The connection with Flex- 
tech, which owns or manages a 
range of cable and satellite 
channels, has also led to new 
media deals for HTV. 

Contracts are already in 
place for 1.250 hours of new 
programming for cable and sat- 
ellite. HTV is now producing 
nearly 3.000 hours a year.one 
of the largest programmes pro- 
ducers in volume in the UK. 

A si gnifican t contribution is 
promised from the cable and 
satellite channels from next 
year. 


FT 


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IW yiSmont, 

PO Box 6, Camborne, 
Cornwall TB14 9EQ UK 


J 











FINANCIAL TIMES 


TUESDAY SEPTEMBER 


27 1994 


COMMODITIES AND AGRICULTURE 


fS 


Swedish group lifts 
newsprint prices 20% 


By Alison Maitland 

Stora of Sweden, Europe's 
biggest pulp and paper group, 
will raise prices of newsprint 
by 20 per cent next year follow- 
ing sharp increases in pulp 
prices and a recovery In Euro- 
pean demand for paper. 

Mr Lars-Ake Helgesson, pres- 
ident and chief executive offi- 
cer, told analysts in London 
that the company had achieved 
an increase of only 3 per cent 
this year. Even after a further 
20 per cent increase, "there 
will still be some way to go to 
reach the level of the late 
1980s," he said. 

Newsprint prices have 
lagged behind increases for 
pulp and other types of paper 
because negotiations with cus- 
tomers take place only once a 
year. Mr Helgesson said prices 
had fallen by about 30 per cent 


during the severe cyclical 
downturn from which the 
industry has been rebounding 
this year. 

The Stora increase is in line 
with that proposed by other 
Nordic paper groups. 

Mr Helgesson declined to say 
whether Stora would increase 
pulp prices again, after a series 
of rises that lifted prices by 80 
per cent to (TOO a tonne this 
year. 

But he said the fact that spot 
prices for pulp were higher 
than “regular” prices pointed 
to the likelihood of further 
increases. Spot prices were 
consistently lower during the 
downturn. 

The latest rise in Nordic pulp 
prices earlier this m o nt h was 
caused by growing shortages of 
wood and a huge increase in 
demand for fine paper. 

Mr Helgesson said non-inte- 


grated suppliers of fine paper 
in Europe "will obviously suf- 
fer as [pulp] prices go up," but 
added: “They’ve beat able to 
put through price increases 
fester than I expected". 

Stora has also Just 
announced frira -gagAs of 10 and 
20 per cent for coated and 
uncoated magazine, paper, fol- 
lowing 8 to 12 per cent rises for 
fine paper. Despite this, he 
said, “our average prices are 
somewhat lower than in 1993". 

The group would need to 
increase present capacity of 7in 
tonnes by at least 200,000 
tfmnea a year to hold its share 
if the market continued to 
grow by 34 per cent a year as 
predicted, Mr Helgesson said. 

“We ran do this either by 
building new machines or 
acquiring capacity and we will 
see a combination of that in 
the fixture,” he said. 


US producer says aluminium 
demand exceeds expectations 


By Kenneth Gooding, 

Mining Correspondent 

The aluminium industry is 
enjoying a time of extraordi- 
nary demand growth, accord- 
ing to Mr Lloyd O’Carroll, cor- 
porate economist at Reynolds 
Metals, the second-largest US 
aluminium group. He suggests 
that western world consump- 
tion. is set to rise by 7 per cent 
in 1994 to 16.7m tonnes. 

Physical al uminium is being 
sold at very high premiums to 
London Metal Exchange prices 
nearly everywhere in the 
world. “This tells me that the 
physical market is puffing the 
LME, rather than the I'M! 7 - 
pushing the market," he adds. 

Mr O'Carroll says that Euro- 
pean demand is causing the 
greatest surprises. Orders for 
flat rolled aluminium are up 20 
per cent from, last year’s 
depressed levels and orders for 
extrusions are up 10 per cant 


This could easily translate into 
a 5 per cent rise in primary 
aluminium consumption in 
Europe this year. 

In Japan, which like Europe 
was expected to provide only 
weak or fiat demand for this 
year, the recovery in alumin- 
ium sales growth is proving 
faster than in the previous two 
cyclical economic recoveries. 
The underlying trend is very 
strong but the Japanese, con- 
scious that they are the 
world's biggest purchasers of 
the metal, “are going out of 
their way so as not to sound 
too optimistic". 

For the US, where deliveries 
of aluminium rose by 11 per 
cent in the first half compared 
with a reasonably buoyant first 
six months in 1993, Mr O'Car- 
roll Is predicting 10 per cent 
growth in demand for the full 
year to 7Jten tonnes. 

He says aluminium sales in 
file US are likely to slow now 


because the country is past the 
mid-point in the latest macro- 
economic cycle: But. with 
Europe and Japan just starting 
their recoveries, the alumin- 
ium market can look forward 
to strong world wide growth 
for the next three to five years. 
Mr O’CarrolTs analysis puts 
long-term aluminium demand 
growth at an animal 3 par rant 1 
to 5 per cent 

Aluminium stocks are likely 
to drop by 500,000 tonnes this 
year and by nearly L5m tonnes 
in 1995. 

Russian supply remains an 
enigma, says Mr O'CarrolL In 
1993 aluminium exports from 
Russia probably were dose to 
2m tonnes. However, if Russia 
cut output by 300,000 tonnes, 
as part of its contribution to 
the recent trade agreement 
between aluminium producing 
countries, it was likely that 
Russian exports would be flat 
or down a little next year. 


Lush leaves belie disappointing sugar crop • 

Recent rain in the UK has encouraged foliage growth at the expense of the beets 

A n old farming neigh- hmwwmU ? ** fte monopoly processor, agreed by the European Union now 

bour used to say he FARMER'S VIEWPOINT British Sugar, have confirmed, and ^ there is ^^^^o^the in from other EU mem- 

anjoved growing root * 


A n old farming neigh- 
bour used to say he 
enjoyed growing root 
crops like potatoes and sugar- 
beet because of the element of 
surprise. The value, he would 
explain - the tubers and file 
beets - was hidden in the soil 
and the farmer never quite 
knew what was there to har- 
vest until the roots were lifted. 

Implied in " his 
tongue-in-cheek comment was 
that it was difficult to assess 
the yield of a root crop by 
looking at the leaves and 
foliage above ground level. The 
old man died many years ago 
but his wards are as true today 
as they ever were and the 1994 
sugar-beet crop seems likely to 
prove the point 
Recent heavy rain (we have 
had close to 8 inches over our 
Norfolk farm within the last 
month in an area which has a 
long term average rainfall of 23 
inches a year) has encouraged 
lush growth of sugar-beet 
leaves and a cursory inspection 
might suggest excellent crops. 
But dig some of the roots out 
of the land and it soon 
becomes evident that they are 
significantly himIIw and ligh- 
ter tli an ncnal 

The problem began back in 
the spring. Much of the land on 
which sugar-beet was to be 
grown remained wet and cold 
far longer than normal Plant- 
ing was inevitably delayed for ■ 
a few weeks beyond the opti- 
mum date and even when the 

MARKET REPORT 



By Oavki Richardson 


seeds were in the ground 
growth was retarded by low 
temperatures. That meant that, 
in many cases, fell leaf cover 
was not achieved by the criti- 
cal date of the end of June. 
Then, followed the July beat- 
wave, which dehydrated the 
plants to the extent, in worst 
cases, that leaves fell flat on to 
the baking soil and literally 
cooked in the sun. But not all 
the leaves were irreparably 
damaged . August rains perked 
them up and September down- 
pours encouraged the plants to 
grow new green leaves. 

Unfortunately some of the 
energy stored in the roots was 
needed to grow these leaves. 
SO., th stead of gaming weight 
and sugar from the radiated 

energy nf antnmn snnahfrie, as 

they usually do, they were 
obeying their natural impera- 
tive to survive and produce 
seed. Sunshine has been pretty 
sparse this autumn in any case 
and as regular samples taken 


by the monopoly processor, 
British Sugar, have confirmed, 
this has resulted in an unexcit- 
ing prospect for this year’s 
crop. 

The official figures show that 
average root weight on the 
September 20 was just 590g 
compared with 713g at the 
same time last year and a five- 
year average of 661g. Sugar 
content was equally disap- 
pointing. This year it was 16.6 
per cent compared with 17.46 
per cent last year and a five- 
year average of 17.92 per cent 
The critical measurement of 
the weight of sugar per root 
showed that this year’s level 
on September 20 was 97J9g, 
against 12l5g last year and a 
five-year average of ll&5g. 

It is possible for these 
weights and sugar percentages 
to improve, especially if the 
weather for the rest of the 
autumn improves to he more 
like the seasonal normal. But 
the reality is that in spite of 
British Sugar's decision to 
delay the start of processing by 
almost two weeks in the hope 
that the roots will mature, this 
crop can now yield no better 
than average and it may well 
produce below that 

So, as most of Britain's sugar 
processing factories begin the 
harvesting “campaign" later 
this week, the fanners who 
supply than already know that 
returns will he down. For 
unlike potatoes, sugar beet are 
priced according to a formula 


agreed by the European Union 
and there is no boost to the 
market value if there is a 
shor tfa ll in production. That, 
anyway, is the case with those 
roots produced within so-called 
"A” and “B” quota tonnage 
limits - the proportion of the 
crop grown on each farm that 
enjoys a guaranteed price. 

If a UK fanner grows more 
than his A and B entitlement 
the is called “C” sugar 
B ud this has to be disposed of 
on world markets for whatever 
it will fetch. This year, accord- 
ing to some sugar pundits who 
see further tightening of world 
stocks, C sugar is likely to be 
worth about £20 a tonne deliv- 
ered to factories. That com- 
pares with £35 for A and B 
quota beet, but, given that 
most production costs are cov- 
ered by the A and B element, it 
can still provide a worthwhile 
additional profit to the grower. 

But, short of a weather mira- 
cle over tiie next few months, 
there will be little C sugar this 
year. That is bad news for 
growers and for British Sugar, 
as tha EU quota regulations 
restrict the UK sugar beet 
industry to producing less than 
half of domesrin demand. This 
means that the rest of the 
sugar consumed in Britain has 
to he imported - mostly from 
African, Caribbean and Pacific 
sugar cane-producing countries 
under the terms of an agree- 
ment entered into when 
Britain joined the European 


Community in 1973. But 
increasing amounts ore now 
c on in g in from other EU mem- 
ber states which hove beet pro- 
duction quotas massively 
higher than their own domra- 
tic demand. 

Needless to say this has 
annoyed British sugar beet 
growers and processors for 
many years. Tbat annoyance 
seems set to Intensify over 
coming weeks as EU sugar 
quotas are renegotiated in 
Brussels for the next five 
years. For while they recognise 
that the EU sugar surplus of 
some 30 per cent in years of 
optimum production must be 
reduced, they resent the sug- 
gestion that Britain's already 
inadequate quota should be 
reduced at all. Indeed in any 
reallocation there Is a strong 
case for the UK quota to be 
increased. 

Moreover, campaigns have 
been launched by beet grow- 
ers, the National Farmers’ 
Union, British Sugar and a 
fa nning magazine to try to 
ensure that the new minister 
of agriculture, Mr William 
Waldegrave, defends and prose- 
cutes toe British case in Brus- 
sels. 

In spite of poor prospects for 
my own and other formers’ 
crops this year, sugar beet 
remains of vital economic, 
rotational and environmental 
importance on many UK forms. 
I very much hope the cam- 
paigns are successful. 


£ dr 00 


Coffee futures rally as Brazilian drought continues 


COFFEE futures dosed higher 
on the London Commodity 
Exchange yesterday, having 
rallied after a Brazilian nfffrfai 
suggested that continuing 
drought meant that his coun- 
try's 1995-96 coffee crop would 
he even lower than toe 15m 
bags (60kg) to which it was 
estimated to have been 
reduced by frosts in June and 
July. 

The November position 
ended at $4,080 a tonne, up (13 


from Friday but (16 below the 
day's high. 

“We are very worried." said 
Mr Frederica RobaUnho, secre- 
tary at the Brazilian trade and 
industry ministry. “The 
drought hasn’t stopped. We 
have to wait for the rain to 
arrive. We are expecting rain 
every day.” He was speaking to 
reporters during a break in a 
meeting of the International 

Coffee Or ganisation in T-rmrlnri 

At the London Metal 


Exchange base metals prices 
continued to drift lower In 
afternoon trading after an ear- 
lier spike in the COPPER mar- 
ket to a fresh 26-month high of 
(2J770 a tonne, for delivery In 
three months, met profit-tak- 
ing and resistance. The price 
dosed at $2£6L75, down $8.75 
on the day and lost further 
ground in after hours tr ading . 

Dealers suggested that cop- 
per was still poised to head 
higher, though it would have 


to break resistance around 
$2£75 to spark a move towards 
(2,600 a tonne. 

ALUMINIUM prices 
remained under pressure from 
trade selling, though technical 
support and speculative buying 
appeared near $1,600 a tonne 
for three months metal, which 
clo sed at $1.607.50, down $24. 

NICKEL remained boxed in a 
narrow range, dosing (20 
lower at $6£27.50 a tonne. 

Precious metals turned 


■firmer In Europe during the 
afternoon after a bout of short- 
selling ahead of the New York 
opening took markets lower. 

GOLD dosed at $39535 a 
troy ounce, down just 5 cents 
and well off the day’s low. 
Weekend news that Britain 
was to propose IMF gold sales 
to help ease poor-nation debt 
sparked short-selling in the 
early afternoon. 

Compiled from Reuter 


& n0 ' 
wel 





COMMODITIES PRICES 


BASE METALS 

LONDON METAL EXCHANGE 

(Prion ton Amal ga mated Mats! Tracflng) 

■ ALUMNUM, 98.7 PURTYJS portion™) 


Precious Metals continued 

■ GOLD CQMEX (100 Tray az.; 3/tray oz_] 


GRAINS AND OIL SEEDS 

■ WHEAT LGE (E par formal 


SOFTS 

■ COCOA LCE (g/lonne) 


MEAT AND LIVESTOCK 


Cash 

1563£-fl4£ 
1 B08-8 


3 ndhs 
1607-8 
1831 -2 

leianwi 


AM Official 

1586-67 

16075-80 

K«rb dose 


1607-8 

Open hit 

249.211 


Total daly turnover 

46.804 


■ ALUMNUM ALLOY (S per tonne) 


Ctoao 

1848-58 

1665-70 

Previous 

1880-90 

1685-90 

HfltVtow 


109071666 

AM Official 

1048-58 

1665-70 

Kerb doaa 


1B60-6 

Opart W. 

3033 


Total da8y turnover 

609 


M LEAD (S per tom) 



Clow 

818J>-19Ji 

632-33 

Previous 

620.5-22J5 

636-37 

Wah/tow 


6391633 

AM Official 

622-23 

638.5-37 

Kerb done 


632-3 

Open rt. 

41.297 


Total doBy turnover 

7.620 


H NICKEL (S per tonne) 


Ctea 

6425-30 

6525-30 

Previous 

6445-55 

65*5-50 

rtghrtow 

6425 

656016520 

AM Official 

0426-26 

6520-25 

Kerb dooo 


6520-30 

Open lnt 

08.008 


Tool dolly turnover 

20.064 


CtDSO 

5377-82 

5485-80 

Previous 

5406-15 

5485-90 

rtgnflow 


550015450 

AMOfficM 

6420-25 

5499-300 

Karb dose 


5485-70 

Open ml 

18,728 


Total dally turnover 

7,304 


N ZINC, special Mgh grade f$ per tonne) 

Oow 

1021.5-22.5 

1044^-45.0 

Previous 

10225-230 

1045-48 

rtgfiriow 


104871040 

AM Official 

1024-25 

10*8-49 

Kerb dose 


1044-5 

Opon ini 

97,601 


Total dady turnover 

25,482 


M COPPER, Bnada A (S per tonne) 


Ctosa 

2553-54 

2561.5-82.0 

Previoia 

2555.5- 565 

2670-71 

Hgh/low 

2557 

257072657 

AM Official 

2557-68 

25®J-87 

Katb ctea 


2564-5 

Open ret 

216348 


Total doty turnover 

76.094 


M LME AM OfllcM OS rater LS762 

LME Cfoetafl OS rate: 1.0731 




SeB 

«»*» 



Open 



Sett 

0«y« 

Open 



SMt 

itayta 


Opaa 



SMI Daft 

OPK 



price charge 


low 

tat 

W. 


price dnage Mgi law 

tat 

W 


price i 

Stonge 

M* 

low tat 

HU 


price change ffigh Loa 

tat 

1M 

Sap 

384J 

-1J 

- 

- 

30 

• 

Mar 

10825 

• 10050 10810 

2492 

25 

Sep 

953 

-13 

9G5 

965 8 

B 

Oct 

70000 -0225 70160 60875 25,166 

5416 

Oct 

3945 

-1.9 

3964 

394.4 

5,150 

381 

Job 

10845 

♦1.60 10060 10825 

1284 

52 

Dk 

995 

-9 

1006 

993 27,535 

12*9 

DK 

69.125 -0200 60200 65.725 

21438 

4253 

Nor 

396.1 

-1.9 

• 

- 

- 

- 

Mr 

11045 

+120 11060 11045 

1221 

2 

Mw 

1029 

-7 

1033 

1022 36206 

787 

Feb 

87275 -0025 67J00 67250 11642 

14*38 

Dec 

397.8 

-1J 

4000 

397.7100989 32,264 

Itol 

11145 

+126 11280 11245 

1253 

10 

*»y 

1042 

-5 

1042 

1040 11878 

21 

Apr 

60375 +0125 60400 60925 

0594 

575 

Mi 

4QU 

AS 

408.1 

401 J) 1&8T9 

1615 

JM 

11420 

+120 

237 

- 

JM 

1053 

-18 

1066 

1053 0794 

57 

Joe 

60250 +0060 80250 60950 

1057 

56 

Apr 

404J 

AM 

4005 

4863 

7,212 

68 

TaM 



7222 

80 


1065 

-30 

1066 

1065 0244 

26 

AM 

«<wn +OjOSO 65950 BS7P*, 

1,066 

B 

TOM 





170296 37,137 

■ WHEAT CST (S.OOObu mht; cents/EOto buahaQ 

TaM 




103,625 1948 

Total 


71082 11^96 


■ PLATINUM NYMEX (60 Ttoy oz.; SAmy ozj 






■ COCOA C8CE (10 tonnee; SAomaM 


■ UVE HOGS CME MaOOObKcerta/bM 


to 

4103 

-17 

4213 

4178 8,421 

1963 

Mm 

403/8 

-W 

406H 

401/2 19,026 3.182 

Dk 

1349 

-32 

1374 

1347 4139711385 

Oct 

37.650 +1375 37.750 37125 

1482 

1.740 

Jte 

4232 

-35 

4203 

4210 11541 

1423 

Itaf 

389/2 

-2/4 

39310 

387/6 1686 583 

Mar 

1401 

-25 

1420 

1356 11558 1216 

DK 

38300 +0325 38.450 37.925 

11037 

1,922 

AW 

4284 

-16 

4385 

4284 1481 

85 

JM 

380/0 

-312 

38376 

359X1 4,556 1fl94 

Hay 

1430 

-25 

1450 

1437 1167 

044 

Mi 

39200 +0225 39276 38.800 

4^10 

588 

JM 

4292 

-3jB 

- 

466 

10 

Sm 

3B3ffi 

-2/D 

384X1 

383/D 75 19 

HI 

1463 

-25 

1475 

1474 2JS45 

11 

Apr 

39200 +0050 30275 39075 

1577 

309 

Oct 

43 26 

-18 

- 

- 326 

- 

Dk 

37210 

+0M 

37510 

372X1 81 4 

Sap 

1480 

-25 

1487 

1488 1,295 

2 

Jm 

44.400 - 44400 44200 

841 

81 

ToM 




24247 

1801 

1MM 




71062 T74B3 

Dm 

1516 

-25 

1520 

1510 4,875 

10 

to I 

41075 -0075 41100 41050 

116 

2 

■ PALLADIUM NYMEX (100 Troy <sj SAray oz) 

■ MAIZE CST &oao bu min: canta«8tt> buehM) 

OH 




7182611800 

Total 


TOO 

MBS 


Sap 

18420 -1.10 

15725 15460 

32 

2 

DK 

21616 

-aa 

217/2 

218/2134684 

Dk 

15650 -1.10 

157.75 15660 

1305 

399 

tor 

2266 

- 

227X2 

2200 41637 

Mar 

15720 -1.10 

15660 15760 

1,184 

193 

MffiT 

234 X) 

- 

23474 

23374 16613 

JIM 

16860 -160 

- 

152 

50 

JM 

23874 

- 

239/D 

23810 17642 

Total 



8673 

844 

Sep 

24212 

-012 

242X3 

242/2 1,184 

H SILVER CQMEX (UX> Troy at; CenuAray at) 

Dk 

Vtahl 

246X1 

-OK 

248X1 

24570 6.744 


Sap 582* -6-4 56&0 564.0 328 44 

Oct 5KL3 -6.4 - B 

Not 564.7 -&B - 81.565 18731 

Me 987.2 -18 5715 567.0 46 4 

Jan 568.7 -64 5610 50810 10,329 1.426 

Mar 5717 -10 561.5 5715 4.445 22 

Total 111981 21,346 


ENERGY 

■ CRUDE 09. NYMEX (42.000 US gate. S/bataafl 


■ COCOA (tCCO) (SOR’a/tonna) 


■ OOPm LCE g/tonne) 
Sap 4263 +85 4 


■ PORK BBJJE8 CME (4Oa0QB»; cantaXbaj 


■ BARLEY LGE ft par tonnO) 

Bo* 10155 +130 10155 1D190 462 

Jan 1(&B5 +1.75 - 410 

Har 107JES +1X0 - 100 

tew 100.25 +035 48 

TaU 1,040 


4263 

+25 

4263 

4210 1684 

66 

4083 

+16 

4096 

4040 10665 1625 

4039 

+21 

4047 

3990 14,649 

692 

3946 

+22 

3857 

3902 7618 

360 

3898 

+20 

3900 

3850 2614 

175 

3863 

+23 

3883 

3815 1611 

71 




97664 1709 


; *C CSCE (37,500toa; canta/ba) 


Spot 1-57*5 3 mOW 1.5723 8 oAkT-SESS 9 natncl .5639 
■ HIGH GRADE COPPER (COMBO 



Ctea* 

Itaya 

cheapo 

Mgh 

OPK 
low tat 

Vat 

S*P 

17760 

- 

12190 12760 2647 

SSI 

Oct 

121 IS 

- 

12110 

121.10 1292 

625 

Mr 

11960 

-035 

• 

• 689 

63 

dk 

moo 

■075 

11110 

11760 44608 

1278 

Jtn 

11765 

■0.75 

- 

- 573 

B8 

hb 

11870 

075 

- 

439 

90 

Total 




61,132 

ryaai 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(ftma aunpSed by N M RoBachfcS 


Gold (Troy oz.) 
Cb»« 

Oparina 
Momma A* 
Afternoon It* 

Pay's 

Day’s Low 
Previous doco 

UcaUnRhin 

1 month 

2 months 

3 months 

Saver Fix 
3p ns 
3 months 
B months 
t year 
Cold Coin 
Krugerrand 
Maple Leaf 
New Sowaaign 


S prtw £ aqtiv. 

395.79-396,20 

385.50- 39fi.S0 

395.40 250.745 

395.80 251.365 

39130-396.80 

394.50- 39500 
395. 75-306 

QoM Laming FUtee (Va USX) 

™4.6l G mo u O a 4.81 

— 4.55 12 months 5.16 

— 4-62 



Uteri 

Dan 


OPK 



P*sa 

chan* 

Mph 

law tet 

W 

Har 

1769 

+066 

1765 

17.73 01210 36,844 

Dk 

tun 

+008 

1666 

1766 61241 21.748 

Jm 

1613 

+067 

1116 

17.90 41145 

1814 

to 

1118 

+110 

1116 

1106 21724 

1508 

Un- 

1110 

- 

1110 

186 S 17654 

1637 

to 

T 114 

+103 

1114 

I 860 13687 

2650 

Total 




StHJHI 83607 

M CRUDE OIL IPE (Vbarret) 




Uteri 

IW» 


OPK 



price 

chaage 

Mpe 

Law tat 

W 

Nn 

1177 

+111 

1678 

1 & 5 B 61824 18674 

OK 

1163 

+110 

1667 

1665 31166 

1820 

JH 

1662 

+107 

1892 

1175 11243 

117 B 

to 

16 . BO 

+064 

1160 

1170 1723 

905 

Ma- 

1171 

■068 

1172 

18.71 7627 

1,765 

to 

1668 

+108 

1168 

1172 3100 

2615 

TMM 




144621 16690 

■ HEATING OO. NVHGI (42600 US pate.: ClUSoateJ 


Uteri 

tote 


QpM 



Price 

ctenpe 

Hflh 

LOW M 

Vet 

M 

4180 

+125 

4865 

4130 24673 

1 M 11 

Nn 

4860 

+121 

4060 

4060 21837 

7697 

Ok 

6063 

+111 

51-25 

50-60 39.750 

5614 

Jk 

5160 

+111 

5260 

5165 2867 « 

3694 

to 

5130 

+ 0.11 

5230 

5100 15733 

991 

Mar 

5115 

+041 

5 Z 2 S 

5165 11621 

1184 

Total 




171140 55658 

■ QA! 

8 00 . PE 

(Stow* 

1 




Sad 

tore 


OpH 



price 

top 

Ugh 

Law H 

tel 

to 

15175 

+160 

15275 

1 B 1 JB 33,143 

5632 

Nor 

155.80 

+165 

15550 154.00 11923 

1505 

Dk 

15100 

+ 1.76 

15960 

15176 20689 

2684 

Jtn 

ia ?3 

+160 

159.75 

19860 19766 

991 

FA 

16060 

+160 1 BQ 6 D 16060 6626 

76 

Mr 

16023 

+125 

16075 

15175 5620 

1782 

TWM 




107,142 11386 

M NATURAL 0718 HVMEX ( 10.000 amBftLj SAntnBtuj 


Uiari 

Wt 


fan 



prise 

ctenga 

Ugh 

low tet 

w 

Rev 

1.755 +0636 

1.770 

1685 1429 31396 

Dk 

2640 *0626 

2650 

1000 31449 1 * 5*8 

Ju 

1110 +0633 

1110 

1070 31215 

7,786 

M 

1025 + 0.024 

1030 

1696 11181 

1243 

Mar 

1600 +0627 

1660 

1652 14613 

1675 

to 

1640 +0015 

1640 

1630 11215 

1702 

Total 




195200 71480 


■ SOYABEANS CBT ROOOtW B*T CfirtaWtl budlM 

Dk 

22160 

-365 23165 22130 21662 1320 

Har 

55412 

+«2 

55510 

55174 76695 

1363B 

tor 

22885 

■360 23150 229.75 

1808 1638 

Jaa 

564/2 

- 

56570 

68116 19671 

1618 

toy 

23085 

-if* rw+n 9+7 nr 

1488 

724 

tor 

574/2 

•an 

574/5 

672X1 11682 

1689 

JM 

23165 

-365 23460 23360 

1652 

200 

May 

561/2 

•an 

58210 

57970 1741 

335 

Sep 

231.75 

-365 23460 23450 

441 

as 

JM 

5805 

■m 

58810 

58570 11628 

533 

Dk 

23265 

-360 23460 23460 

822 

m 

toi 

5876 

■074 

5880 

687X1 266 

41 

Total 



37683 9637 

Tetri 




899690 PI 60S 

■ COFFEE 0CO) (US certaAxjurxp 




■ SOYABEAN PC CBT (WPOOItM: canta/fc) 

Oct 2164 +038 2U5 2136 11021 4,488 

Dee 25JJ7 +020 2508 24.72 37301 11364 

JBB 24.75 +0.10 2430 2430 1242 1383 

Her 24.44 +004 24.45 24.15 8331 1372 

Hay 24.13 ■ 24.15 2190 5358 625 

JM 2338 -005 2195 2181 1773 501 

TDM 81387 21,142 

■ SOYABEAN MEAL CST ttOO tone; 

Oct 164.6 03 1853 1640 12325 3,109 

Dee 1612 -04 1650 1040 44,433 8098 

Jen 167.0 -02 1673 186.7 10388 807 

Mw 176.8 - 171.0 1702 10380 1,129 

Hey 1712 +0.1 1714 1710 6.788 252 

JM 1783 +03 1763 1753 1961 797 

Total 81420 143*1 

■ POTATOES LCE (E/tannal 

hot 1500 

Har 1050 

Apr 2173 +20 2180 2100 1365 260 

Her 2873 

Jm 1073 

Total 13>5 260 

■ raggHTpraq lge tnoflndax pomp 


Sap 23 Price Pm. toy 

Convi. daty 20932 20802 

ISdormarage 20235 20139 

■ No7 PREMIUM RAW SUOAB LCE (conta/Bta) 

Dot 1230 +0.13 - 1306 BOS 

Jen 1132 

Mar 1206 BO 

TOM 1396 505 

■ WWTE SUGAR LCE (S/tonne) 

Doc 33100 +170 33100 32830 3315 479 

Mar 33230 +200 83100 32800 7385 343 

May 332.40 +110 33100 33000 1317 40 

AM 33110 +2.10 .33100 32&B0 10BO 117 

Oct 31630 +230 31630 31110 422 11 

Dee 31400 +120 4 

Total 14,130 9B0 

M SUOAB IV CSCE (lllOOOBw: centa/ba) 

Oct 1208 +0.15 1172 1144 19,187 1072 

Mar 1230 +0.12 1238 1209 96364 4087 

May 1230 +013 1233 1239 16013 891 

JM 1148 +0.18 1150 1237 10068 438 

Od 1223 +438 1227 1238 6362 387 

Mb- 11.80 +036 1130 1130 1332 

Tefal 152364 9075 


to 

1820 

1660 

-15 

-29 

1020 

1665 

1015 

1660 

223 

751 

20 

17 

■ COTTON NVCE (BOOOOfea; canta/tea) 

Itea 

1660 

-20 

1600 

1660 

182 

7 

to 

6126 

- 

6945 

6856 753 B67 

Ja 

1597 

-6 

1605 

1595 

676 

51 

Dk 

6757 

-114 

6132 

6755 27565 1389 

to 

1603 

-7 

- 

- 

417 


Har 

6957 

-1 JOS 

7055 

6950 11340 300 

JM 

Intel 

BH 

1453 

OM 

1600 

■7 

hw 

1600 



107 

1388 

96 

May 

JM 

to 

TMri 

7177 

7155 

8000 

-1J01 

-052 

■0.73 

7150 

7100 

7100 

7055 5531 176 

7155 19*0 78 

6180 485 22 

90JS7 3JB4 


M OHANQE JUICe NYQE flfiJOOto: canteribe) 


Her 

9135 

+440 10000 9110 11X65 

823 

JH 

1(0.75 

+4.75 10100 0170 

1807 

644 

Har 

1065S 

+456 10160 10176 

V55 

129 

■ay 

10945 

+145 10150 107 JO 

971 

41 

JM 

11155 

+4-25 11150 11TJ0 

613 

28 


114.45 

+4L2E 11450 1T4-B0 

20 


TOM 



24582 1516 


taTroy oz. 

US Cts equhr. 

to 

359.15 

^85 B5 

Hw 

384.00 

57160 

Dk 

369.80 

580.15 

J» 

38185 

597.75 

to 

S price 

£ equtv. 

Mar 

39S-4Q1 

253-255 

Total 

406.75-40950 



93-95 

58-61 



■ UNLEADED GASOLINE 
NWEt (42300 US 9ML;dUSB*J 

Latest Day’s Open 

price donga Ugh In M M 

Del 4140 +033 4035 4535 15383 11101 

Nmr 4830 +147 4150 4530 22,911 11302 

Oac 5170 +039 5330 5125 12385 2374 

Jw 5155 +03S 5355 5135 6344 1377 

Hi 5330 +<L30 5330 5150 3.780 731 

Mar 5530 +130 - - U77 226 

Total TOO 28373 


There was (air general demand this week 
reports the Tea Brokers' Ass o dafloa Ouaflty 
Astana wore again airangly exported En the 
180 to 250 pence range, while cotoury 
marflums were Uy Arm. Selected brightest 
East AMcans were strong, but below beet eerie 
tot 4 to 6 pence by the dose. Cotoury 
medwto wore fuSy Arm, with plainer aorta 
ataedy. Fair derftmd at firm to a aneU m w 
dearer rain. Q u ot a Mon a : beet ovoMta: 21 Op/ 
kg, good: 140p/kg, good medium; ISOp, 
medium: ISJpfcg. tow medium: 85p/kB, nom 
the highest price meted tMa weak was Z50p/ 
hg tor an aaaan pd. 


VOLUME DATA 

Open knout end volume date shown tor 
c o ntraco traded on C QMEX. NYMEX, CBT, 
NTCE. CUE and CSCE an one dqr hi atrsare. 


INDICES 

M REUTERS (Base: 18 /B/ 31 - 100 ) 

S«P Sep 23 month ego year ago 
71203 21212 - 19913 

■ CRB Futures (Base: 1967 . 100 ) 

Sep 23 Sop 22 month ego yeerego 
232.74 2323B 23136 217.42 


to 

3129 ) +0550 38 X 50 31923 

7894 

ijms 

Mar 

39579 +1579 39 X 00 31525 

049 

389 

Hay 

41300 +1550 41400 40300 

159 

30 

JU 

< 1.100 +1400 41.100 40650 

199 

53 

tei 

Total 

41100 +0350 40100 

47 

1946 

U 

M 62 


LONDON TRADED OPTIONS 

Strike price S tonna — Cane — — Puta — - 

■ ALUMNUM 

(99.796) LME Oct Jan Oct Jan 

1600 14 70 22 SI 

1625 6 58 39 74 

I860 2 48 80 88 

H COPPBt 

(Grade A) LME Oct Jan Oct Jan 

2600 70 122 11 62 

2550 36 95 21 86 

2600 14 73 BO 112 

■ COFFEE LGE Nov Jan Nn Jen 

3600 — — 502 671 19 132 

3860 468 537 25 148 

3700 418 605 33 168 

M COCOA LCE Deo Mar Dec Mar 

875 51 102 31 46 

1000 30 88 44 59 

1050 21 66 76 86 

■ BRENT CRUDE IPE Nov Dec Nov Dec 

1650 71 24 45 

1700 24 56 90 - 

1750 12 37 

LONDON SPOT MARKETS 

M chuoe on. FOB (per bairai/Nov) +or- 

Dubel S1531-538U -0280 

Brent Bund (dated) S18J0&-G.1Q -0250 

Brent Btaid (Nov) S1145«47u -0.180 

W.TA (1pm set) S17.B2-7.B3u -1196 

M OIL PRODUCTS NWE prompt deBvaty O F (toting 

Premium Gasokte Si 72-1 75 -1 

Baa 01 SI 62-163 

Heavy Fuel OO 174-78 +03 

Naphtha Si80-i6i +1 

JM tool SI 73-174 +3 

Pmremum Atgua aae sm tna 

■ OTHER 

Odd (per troy ozft $395.89 -005 

S»v«r (par tray 04? 5873c -lo 

Plathim flier tray 01) $419.75 -1.2S 

PMadum (per troy oz.) 815530 -076 

Copper (U8 prod) 132.0c +3 jo 

Lead (US prod) 3123c 

Un (Kuala Lunpur) 1147m 

TM (New York) 2515c +33 

Cattle (Hub waigM)t© 111170 +0.84- 

Sheep (Kvo walghftAe B735p +i^g- 

Ptga (feve weight)© 7141p +4.20- 

Lon. day sugar (raw) S310.0 -i.y 

Loa day sugar (wta) gonfr 

Tate S Lyta export £3093 -1.0 

Bailey pig. lead) Unq. 

Matte (US NOS Yelow) $13&0 

Whoa (US Dark North) £160.0 

RubberfOetW KLOOp 

Rubber (Ne<4V 89.00p 

Rubber KLRSSNol Oct 33150m +33 

Coetnut OO (PhfflS tOOOXtt +7 jS 

Petal 01 (Matay.)6 $83101 +10 

Copra PWW S«22 +11 

soyabeane (US) £15Kte 

C«ton Outlook w Index 7430c 

Wooftopa (84a Stteri 483p -12 

urtl *" gmd. ppewkia. c cent**, 

SgwjsssiBfiSvS 


CROSSWORD 

No.8,569 Set by PROTEUS 



n « 


ACROSS 

1 Bears trained by coach (a mil- 
itary blusterer) (5-7) 

10 Attacks prices (7) 

11 He studies accounts of car 
taking hfil (7) 

12 Flower left by bird (5) 

13 Bivalve case opened by turn- 
ing head (3) 

15 Fashion with a certain 
amount of restraint (10) 

16 Wine when it turns (4) 

18 What archaeologist does for 
accommodation (4) 

20 Competitor haring to study 
book on state procedure (10) 

22 Oversize instrument to 
change gear (3,5) 

24 Either way It is a revolver (5) 

26 Italian town where floating 
voter takes one round (7) 

27 Love being unexpectedly 
shown round a plant (7) 

28 Highlight of normal palm 
plantation (8,4) 


DOWN 

2 A crowd Journalist gathered 
together (7) 

3 Pub stalwarts who may be 
trained to fight? (8) 

4 Indiscreet outbreak (4) 

5 Carries off torn straps unfor- 
tunately (IQ 

6 Early diagnosis showing “It's 
a girl"? (5) 

7 Conductor's toys (7) 

8 Loan securing lodjtings (13) 

9 To do with ownership of pier- 
part or oil-rig (13) 

14 Keep flnn grip (10) 

17 Moulding star to appear in 
gala performance (8) 

19 Record features of “Love 
Among the Trees" (7) 

21 Roman thousand or word of 
opposite meaning (7) 

23 Point in space where the 
action is (5) 

25 Archbishop needing to dress 
up (4) 


Solution to Saturday’s prize puzzle on Saturday October 8. 

| ; — 

Of braking mid fobbing the Pciikan ’s fond, 

See Irani sn'eetly he puts your nvrd onto bond. 


JOTTER PAD 






FINANCIAL TOMES TUESDAY SEPTEMBER 27 1 994 


27 




V,. 


★ 


LONDON STOCK EXCHANGE 




MARKET report 

FT-SE 3,000 lost as selling of shares continues 


By Terry Bytand, 

UK Stock Market EcBtor 

Renewed selling in the UK stock 
market yesterday drove the FT-SE 
100-share Index down to its Grst 
close below 3.000 since mid-July as 
fund managers backed away ahead 
of the meeting today of the Federal 
Reserve’s Open Market Committee. 
Although views on th e eItwhcpb of a 
rise in US interest rates were 
divided, and London closed well 
above the worst after US bonds 
opened firmly, sentiment in equities 
remained negative. 

Traders said that European funds 
had continued to switch out of UK 
equities and into bonds. S.6. War- 
burg, reducing its portfolio weight- 
ing on international equities to neu- 
tral, from overweight, warned 
clients that some equity valuations 


look “modestly stretched” and that 
markets may have underestimated 
the chances of interest rises in the 
final quarter of the year. 

However. Warburg continues to 
favour “an overweight of equities'' 
on a twelve month view, noting 
that equities can rise even when 
both interest rates and bond yields 
are moving higher. 

Equities opened lower and were 
hit hard at mid-session by another 
sizeable sell programme, which took 
the Footsie 100 Index down by more 
than 40 points to the day's low of 
2, 387 A 

Last week saw a series of equity 
sell programmes which, traders 
believe, resulted from portfolio 
deals by fund managers who 
unloaded equity stakes to market- 
makers who were then left with the 
problem of passing the stock on 


through the market; such deals 
were, as has become normal prac- 
tice, spearheaded by selling of the 
stock index future. Government 
bonds held steady yesterday, rein- 
forcing belief that t^ ac h was moving 
from equities to bonds. 

Tim Footsie recovered as yester- 
day’s trading programme was 
unwound and, spurred on by firm- 
ness In US bonds, cut its loss by 
nearly one third. The final reading 
put the FT-SE Index at 2J599.8 for a 
net loss of 28.4. The FT-SE Mid 250 
Index also suffered yesterday, fall- 
ing 39-5 to 3.52L4, 

Seaq volume, slow at first, 
speeded up towards the close when 
the delayed trading programme was 
reported on City trading screens. 
The final total of 515.8m shares 
through the Seaq network com- 
pared with 550.5m on Friday when 


retail business, at £1.16bn, was mod- 
erate. A good value total of retail 
business, contrasting with fairly 
average Seaq share totals, has been 
a feature of recent sessions and also 
implies that the big institutions 
have been active in equities. 

A number of special situations 
enlivened the day's trading. Some 
analysts took a cautious view of 
Reckitt & Cohnan’s £lbn purchase 
of Eastman Kodak’s household 
products business, suggesting that 
Redtift had overpaid. Shares in the 
UK group also paid the price for 
inflicting a large rights issue on a 
market now clearly feeling less con- 
fident than it was only a few weeks 
ago. 

Consumer and retail issues 
remained badly unsettled by grow- 
ing fears of increased competitions 
and pressured margins. Bass and 


Tesco fell away and most of the 
store groups ran into selling pres- 
sure again. The banks, with their 
bad debt portfolios in the firing line 
if interest rates move higher and 
hurt their customers, also gave 
ground. 

Yesterday’s fall below the Footsie 
3.000 mark has left equity chartists 
hoping to see for support for the 
market in the Footsie 2.970 area. 

However, most UK analysts 
remain fairly confident for the 
equity performance in the final 
quarter of the year, and point out 
that this week - the final week of 
the third quarter - is unlikely to 
bring much new investment money 
into the London stock market. 
Many market analysts still stand by 
forecasts that the FT-SE 100 Index 
will move upwards towards the 
3,500 mark by the end of December. 


FT-SE- A All-Share Index Equity Shares Traded 


1*75 - 

1*50 - • - 



Turnover by volume (njHUonl. Excluding; 
Wra-fnwfcel butanes! and overseas turnover 
1*00 - - — - 



Jifl Sop 

1894 


■ Key Indicators 

Indices and ratios 


FT-SE TOO 2999.6 

FT-SE Mid 250 5521.4 

FT-SE-A 350 1513.8 

FT-SE-A AH-Share 1505.22 


FT-SE-A AU-Sbare yield 3.99 


-28.4 

-39* 

-14.9 

-14.36 

13-95) 


FT Orrflnary Index 2331 .4 

FT-SE-A Non Rrw p/e 18.45 

FT-SE 100 Fut Dec 3009.0 

ID yr Gilt yield 8.99 

Long gllt/equity ykJ ratio: 2.25 


*15.6 

(18.66) 

-34.0 

(8.96) 

(2*7) 


Best performing sectors 

1 Water + 0.2 

2 Leisure & Hotels - -0.1 

3 Spirits. Wines & Otter -O.l 

4 Retailers, General -0.3 

5 Distributors - -0.4 


Worst petto* iid nq se c tor s 

1 Household Goods - ..-4.9 

2 Gas Distribution . — -2.8 

3 Ufa Assurance -2.4 

4 Electricity -2.1 

5 Utmties -1.7 




w 




CUfitinfc 


CfcOSSA’SB 




r 


f 


t 


| 


Reckitt 
rights not 
welcome 

The timing, if not the 
substance, of the move by 
Reckitt & Colman, the house- 
hold goods and pharmaceutical 
products group, to acquire 
L & F Household from East- 
man Kodak, took the market 
by surprise and triggered a 
steep decline in Reckitt shares. 

Reckitt stock was the FT-SE 
100‘s worst performer, closing 
43 off at the session’s low of 


555p, as the market reacted 
violently to the deeply dis- 
counted £230m cash call which 
accompanied the L & F House- 
hold purchase. 

Talk that Reckitt was about 
to buy L & F Household has 
been in the market for around 
two months. In August, and 
before the latest steep slide in 
share prices, the market was 
full of stories that Reckitt 
was prepared to pay upwards 
of $L7bn for L & F. 

One leading analyst 
described the proposed pur- 
chase of L & F as a "good stra- 
tegic move" but said the mar- 
ket had not taken kindly to the 
rights issue. He professed con- 
cern, however, at Reckitt's 


riwim that the purchase will 
have Insignificant impact on 
its earning's for 1995. “Insignif- 
icant impact is taken as mar- 
ket code for earnings dilution," 
he said. 

Drugs bid seen 

Sugge stions in fho uk press 
over the weekend that 
the drugs group demerged 
from I Cl last year, may be pre- 
paring a £900m-plus bid for 
Boots’ pharmaceuticals divi- 
sion triggered a strong perfor- 
mance by the latter’s shares 
but left those of Zeneca floun- 
dering. 

Some of the market's drugs 
analysts were unimpressed 


with the story; “A Glaxo move 
to acquire Boots' drugs divi- 
sion would make much more 
sense,” said one. 

Boots’ intention to hive oft 
its drugs business has been dis- 
cussed in the market for many 
months but Zeneca had not, 
until this week, been viewed as 
a potential bidder. 

Zeneca itself has been con- 
sidered by the market as a 
potential target for an overseas 
bidder and there has been talk 
around the City's trading desks 
of a merger between Zeneca 
and Wellcome. 

Zeneca shares dropped 25 to 
797p an turnover of 2.9m, while 
Boots was one of only a hand- 
ful of FT-SE 100 stocks to make 


EQUITY FUTURES AND OPTIONS TRADING 


TRADING VOLUME 


Stock index futures had 
another troubled day, but 
volume Improved and there 
was evident relief when the 
long rumoured big stock loss 


trade did not materialise. 

The FT-SE December 
contract spent most of the day 
following rather than driving 
the cash market, moving down 


■ FT-SE 100 INDEX FUTUHES (UFFE) £25 per full Index print 


{APT) 


Open Sell price Change High Low . EsL vri Open knL 
Dm 30254 3009.0 -34.0 3032.0 29870 16295 52633 

Mar 3019X1 3033.5 -34.5 30385 3019.0 1130 975 

■ FT-SE MID 860 INDEX FUTURES (UFFE) £10 par fuO Index paint 


Dec 


3526.0 


-300 


0 


3369 


■ FT-SE HMD 2S0 MJEX FUTURES (OMLX) £10 per fu# Index print 
Dec 3X525.0 

Al open interest Hguas art lor pnMoue day. t Bmct wfcam ghown. 


FT-SE 100 MDEX OPTION (UFFE) (*3002) CIO per lull Index print 


2850 2900 2960 3000 3050 9100 3160 3200 

PDPDPDPfiPDPDPOPO 

Oct 161 1 « 1 2 121>9 24 B 2»2 38*2 55 61*a 33 > 2 88 ith 124 Sh 164 8 210 

Nor 183 30 147*2 43 11 & 59 «Pa 61 107 40^ 137*2 27^ ITS 17^ 216 

Dec 200*2 45 1602 80 13512 80 1B7«t 100 83*2 126 81 »z 154*2 « 188*2 30*2 228 

Jen 226 62 18B>2 75 180 94*2 130 113*2 104 138 Bib 180 62 197 * 247*2 233*2 
Jurf 253*2 109 198 147 147*2200*2 10 B 261*2 

GMaABlsnwiajOM 

■ EURO STYLE FT-SE 100 INDBC OPTION (LIFFE) CIO per hta Index potot 

2936 2076 2926 2976 3026 3078 3126 3176 

Oct 183 11*2 141 19*2 101*2 30 69 47 43 71 26 102*2 14*2 142 8*2 183*2 

Nw 203 23*2164*2 35 120*249*2 99 68 72*2 91*2 61 119*2 » *52 21*2 189 

Doc 219 37*2 183 51 149*2 67 120 88*2 93 109 71 138 52 186*2 38 198*2 

Mk 265 63 188*2 83 142*2 134 87 186 

Jlnt 308 84 242 116 185*2 155 136*2201*2 

Cab 1,365 A* 1625 * UmMykip Me value. Pierian 4nn m breed on ntemeta prim, 

t laag dm* criqr mnan. 

■ EURO STYLE FT-SE MP 260 INDEX OPTION (OMLX) CIO per Mi Index point 


3850 390 0 3850 4000 4050 

Oct 07*2 471t 61*2 IH» 41 I«A. 

Cafe 0 Pula 0 Settemenr pricer aid Kftvnre ae total lit 430pm. 


FT - SE Actuaries Share 


4100 


4160 


4300 


to a low point of 2,987 around 
1 pm before recovering to dose 
at 3,009. 

At this level the contract 
sells at a premium to the cash 
market of around nine points, 
with the fair value premium 
extending to 18.4 points. 

The locals - independent 
traders - made a number of 
testing runs when the con tra ct 
dipped below 3,000 but 
dealers said the market 
showed a surprising degree of 
resilience. 

There was a suggestion from 
major specialist that the 
futures market might now be 
dose to some sort of base, 
given its goodish volume 
yesterday which Induded 
occasional flashes of genuine 
business. 

The day saw 15,546 
contracts, up from 12,700 on 
Friday and an average for last 
week of less than 13,000. 

Traded option volume was 
39,507 lots, against 42.979 in 
previous session. FT-SE and 
Euro-FT-SE volume combined 
fell just short of 22,000 lots. 

The most actively traded 
individual stock options were 
Hanson with 1,771 lots, Argyll 
Group with 1,550 and British 
Steel with 1,330. 


■ Major stooka Yesterday 

VU. String Day's 


mLm Qmupf 
Abbey NedonNt 
AJbennahar 
AIM COmscqt 
4ngRBiWaar 

M* 8 * 


.Foodft 
Aoooc. BrtL Pcra 
BAAf ^ 

BAT tori, t 

BET 

race 

BOCf 

BPt 

BP9tori 

Bit 

BTffVPMd) 

aiaf 

Bank ri Stxxandf 
jwririt 

Barif 

BbeCvcJet 
Boater 
Boottt 


Bnt riroepecet 
Brtfiii Atarayof 
■Aril Cast 
British Laid 
BttshStwtt 
Buri 

Bumoh Genratf 
Burton 

CriutWhat 


1.200 

33**2 

-It 

11,000 

82 


2JOO 

383 

-7 

859 

*7 

-2 

982 

570 


303 

536 

-4 

388 

318 

-4 

m 

265 

-3 

tiiji 

288 


244 

SIS 

-14 

776 

297 


1.300 

479 

-4 


414 

-e 

10* 

-i 


358 

-7 

wtrrt 

898 

-10 

7X9)0 

*01 

43 

ixno 

297 

-6 

4,600 

380*z 

-a 

99nn 

4,000 

248*2 

312*2 

-8 

~h 

891 

204 

-it 

2200 

ssa 

-a 

1,300 

623 

-17 

ijxn 

275 

-i 

419 

406 

-47 

laoo 

630*2 

tot 

J,Mfi 

480 

-13 

i.txa 

464 

-1 

1700 

371 

-3 

5JD0 

281 

-at 

7ia 




7JW0 1S2* 


1,400 

135 

uoo 

1200 


Cotauy SdMeppset 3200 


Caabrnf 

Cation Commit 
Coats Vlytata 
Conn UNont 
Cootaon 
Couitaufctat 
MW , 

Do la B ust 
Otero 

Ewan Boa t 
East MkSand Beet. 
Eng Chtoa Qsys 
Era aprtriOtt 
Emxumd Unts 

no 


ijno 

89* 

138 

1,408 

1400 

257 

299 

538 

1JB00 

1J0Q 

818 


Foretar & Cot. LT. 
Fortet 

Qon. Acddonrt 
aaBatt-t 




Day’s Year 

Ota. 

Earn. 

WE 

Xd adj. 

Total 


Sep 28 chgaH Sep 23 Sep 22 Sep 21 ago 

yMd% 

ytakfli 

ratio 

yM 

FWun 

FT-SE 100 

2899JJ 

-4L9 30282 30212 3014.8 30262 

421 

727 

1023 104.70 113528 

FT-SE MM 250 

3521.4 

-1.1 3560.9 3562.1 3570.1 3437.1 

324 

522 

20.70 

B8XJ5 

1310.78 

FT-SE MM 280 an Inv T>uste 

3S22.4 

-1.1 3561.0 3564.0 36722 34602 

3.70 

629 

1929 10128 

1308.15 

FT-SE-A 350 

1613.6 

-IX) 1528.7 152B.1 1524.4 T5152 

4-05 

624 

1729 

50^9 

117220 

FT-SE SmoSCop 

1834.12 

-05 1844.06 1846.45 1856.13 178324 

322 

4.73 

2624 

4271 

1422.71 

FT-SE SmaBCap &x Irw Trusts 

190633 

-05 181523 181085 182031 178424 

241 

524 

2429 

44.98 

1405.43 

FT-SE-A ALL-SHARE . 

1606.22 

-0.9 1618-58 151725 161823 1502.69 

329 

677 

17.68 

49.08 

118628 

■ FT-SE Actuaries AH-Share 









Days Veer 

Dta. 

Earn 

P/E 

Xd ad). 

Total 


Sep 26 ehga% Sep 23 Sep 22 Sep 21 ago 

yWdW 

ytehfK 

ratio 

ytd 

Return 

10 MMERAL EXTRACTION^ 8) 

2640X71 

-02 266824 2669.42 2682.69 2305.60 

248 

5.17 

24.45 

81.42 

108424 

12 Extractive tnduEtries(4) 

3982.07 

-0.9 4018.15 400821 398020 323520 

222 

6.15 

24.04 

9824 

1098.72 


2576.13 

-0.7 269328 259723 261 7.08 224120 

328 

524 

2123 

65. BO 

1059.15 

16 OH Exploration ft PTOdfll) 

1889.93 

-02 1907.48 191089 1932.74 1884.70 

220 

L 

* 

38.03 

109348 



Gutanssst 

HSBC(76pehtat 

Hammason 

Hensonf 

H si ita u aOorieW 

Hays 

HOedosn 

Ml 

Of 

l ^hnapa t 

Johnson MuUJioy 

Koofehat 
Meta Save 


20 QEN MANUFACTURERSfSM) 

21 Bu8dng ft CansfiuctianPS) 

22 BUkSng Matts ft Mereha(32) 

23 Chemlctas(23) 

24 DhMriflod IndusMfllsflQ 

25 Bodroric ft Eton Eqrip(34) 

26 £ngineenng(70) 

27 Engineering. VehWesOa 
38 Pm ting. Paper ft Pchg(2G) 

SB Textflea & ApooralffO) 


188228 

-OB 188827 199328 1886.14 188090 

4X75 

5.12 

2329 

8124 

959.67 

1087.49 

-02 107727 107723 1074.41 1162.90 

327 

5X73 

2822 

28.16 

83421 

184528 

-05 1854.98 1846,87 1B13XW 1834.90 

4.00 

427 

2428 

55.15 

88820 

2382.17 

-1.0 2387.15 2402.40 2405.74 220820 

092 

424 

28.98 

78.13 

104028 

1792.91 

-05 1792.12 17B9.54 178521 183820 

5.14 

522 

23.03 8020 

91524 

188&41 

-1.4 191228 109924 190032 217520 

3-9H 

628 

1722 

5728 

92247 

181025 

-07 1823X71 18128S 180328 1860.80 

3.18 

4.94 

2325 

4523 

103442 

2288X71 

-0.8 228728 2Z7828 2282.03 188090 

441 

2.71 

50.51 

7329 

108928 

280728 

-08 2829.43 283239 28272S 2425.90 

3X75 

52* 

2121 

7070 

1106X73 

1591.51 

-0.8 160028 160328 162423 185080 _ 

4122 

6.90 

17.74 

4849 

89628 


Lend BecurtUest 
Loporta 

Lngta AOenertaf 
LtoydeAbbre 
UoydaBaftt 
LASM0 

Lon don Bad 

Lawn 

Lucas 

s* 


111 

7000 

1AOO 

402 

2400 

81 

1,100 

BW 

872 

1.700 


1.400 

181 

2X00 

£300 

1.400 

3J00 


151 


212 

GIB 


IMITL) 

tfC 

NtaWtnt Ba*t 


30 CONSUMB4 OOODS(B7) 

31 BnowerissClfi 

32 Spirits. VWnos ft CWwsflO) 

33 Food ManutBCturaspS] 

34 Household Qooda(i3) 

36 HeaWi Cared) 

37 Phamiac8Ulicdts(12) 

36 Tobaocofli 


Next 
North Wss< Wasn't 


2872.99 -IX) 37D1.07 2688.49 269026 275230 
2175,62 -T.4 2206^8 219BJ58 2192JS1 204Z80 

2760^1 -0.1 2783-57 2743X18 3761.07 2656.00 

2252.02 -1 A 2281 .61 2284.70 Z29EU23 230020 

2352X15 -4.9 3474.76 3447.51 3458^6 2578.90 

1652.22 -OA 1669S5 1B84J» 1658.36 1714.60 
2943.97 -12 2980.92 2987.02 2950.14 3O75S0 
3473.08 -OS 348BJB3489J8 345&30 4079.10 


445 

7.62 

16.15 10226 

922.17 

425 

727 

16.44 61X13 

97429 

4 04 

7X74 

1026 8929 

92521 

421 

625 

1285 7821 

94825 

323 

7.71 

1523 66.79 

83925 

3.03 

327 

4202 3823 

666.42 

447 

727 

1522 125.18 

94125 

626 

9.90 

1285 21727 

79224 


Nathan Fbodat 
Nonreb 


PSOt 

PMngirei 


mrt 


M00 

1.800 

1.400 

317 

887 

132 

1,100 

720 

273 

820 

1/WCl 

353 

2XU0 

218 

me 

200 


40 a°RV1CES(221) 

41 Dlstifcutorspl) 

42 Leisure A Horia(2fil 

43 M«5ri39) 

44 Retadera. Food(16) 

45 Rmaflara, Gansrel(45) 

48 Support S«nrto0S(41) 

48 Transput t(10) 

51 Other Swvkas ft Buslna3ag) 


188024 

-0.7 1892.71 189129 189528 168620 

328 

6.44 

1371 

4741 

92302 

nw*o*.t 


2495.18 

-0.4 2508.02 248228 250221 2685.00 

3.66 

7.17 

1846 

87.72 

86396 

Rodtandt 

561 

205217 

-0.1 205427 2028.77 2011 X» 192820 

340 

4.74 

2424 

53.48 

101300 

Rood HLt 


2754.82 

-0.7 277274 275727 276420 2532.10 


345 

2125 

65.94 

95723 

SSSf 


1675.78 

-1.5 1701 .re 178273 1300.34 173420 

388 

920 

1301 

51 .58 

100321 

1,700 

162224 

-0.3 182729 161827 1607.93 1067.00 

324 

8.68 

1367 

37.89 

86356 

WBkSSixtJ 

1400 

150298 

-0.7 151429 151724 1535.87 162740 

£20 

6.43 

1827 

3120 

91392 

Ftoyta tosesncoT 


221125 

-1.1 223426 2217.84 221679 2264.30 

30) 

5.72 

2028 

5821 

66318 


40 

1269.12 

-0.4 127428 128127 1292.14 127020 

369 

221 

7341 

23.00 

108723 

SCHHhftNMLf 
Sax. Hydra-Sect. 

440 

533 


60 UnUTlESOB) 

62 Ete«rtetty(17) 

64 Gas nanbuuanS) 

66 Tdacornrnunicallonti(4) 
68 Wawi13) 


2338-82 

2454.86 

1933.81 

1932.60 

1825.99 


68 MON-FTNANC1AL&83C) 


-2.1 2507 5? 253454 2541^2 2022XM 
-2.B 1986.47 2037.19 2018J» 2170.80 
-1.6 1964.61 1939.62 1921.76 211BJ0 
402 1822.63 181939 1828.77 1B6BJ0 


420 

8.03 

1316 

7342 

90120 

373 

1022 

1121 

8348 

102388 

320 

* 

* 

8379 

88327 

427 

314 

1428 

5022 

824.14 

522 

1300 

339 

8925 

91220 


162808 -1.0 1843X0 1843.191841.27 161837 3J6 ftSn i«4S 51.61 1151.38 hEss 


70 FINAMXALS(iaq 

71 Bonks(10) 

73 lnsuronc8(17) 

74 Ute Assurance(6) 

75 Merchant BorkaS) 
77 Ottw FavtoCk)K24) 
79 Propenv(4l) 


2109.94 

2739.49 
1185.45 
2275.98 
2823.79 
1B51JS 

1460.50 


-0.8 2127.7721 13X18 
-OS 2754 JS2 2727.82 
—1.0 119754 1108^0 
-2^4 2332.61 2343.77 
-0.6 2941.7B 2ffi3.CE 
- 1 . 0 1B8a75 187147 
-Q.7 147137 1463.75 


2118.49 

2747.79 

1177X38 

2321.74 

2999.46 

1881.10 

1443X91 


2168.70 
2654^0 
1464 JO 
2654 JO 

3016.70 
1763.80 

1S94J0 


4.S5 9JS 
4.40 ia46 
a47 9.96 

5.82 841 

355 1150 

3J1 8,47 

4.13 429 


1241 06-05 
1095 114.94 
11.47 63J5 
14.40 128.11 
1051 B4JS5 
14.07 83.16 
29.49 39 JO 


838X93 

82323 

813.44 

88018 

B81J0 

99254 

B34J1 



IWHJ 

Smith & Naphrot 

2500 ^ 

Sn« D — el rin Urit 7& S 


178 

422 

2)2 

301 

1483 


877 

38* 

GJOO 107*2 

1200 150 

4400 430 

893 534 

A900 BB2 

1XSJ0 551 

805 234 

62 455 

1400 1-riAi 




Sauth west watv 


-2 

♦3 

-e 

-i 

-7 

-a 

•rt 

4 


-eo 

-21 


1) 

850 

a 

388 
455 
278 
814 
198 
48* 

232 
454 
428 
M6 
192 
743 
728 

353 -15% 

UOO 330 -7 

1.800 250 -19 

118 188% 

320 115 -1 

583 133 -2*a 

2£M 217 

637 S47 -6 

1400 283*2 -3*2 

3400 571 

165 327 

1.800 508 

8JH0 4pi 

1JX» 568 

14 M in 

558 BOO 

3.100 451*2 

1AM 088 

22 323 

18X100 230% 

338 188 

Z7B S 

174 -» 

30? 

818 -4 

410 

55* -4 

48* +3 

5*5 -27 

158 +1 

813 -3 

732 -a 

437 -3 

330 -10 


♦7 


-0 

+*l 

-5 

■4 

*>* 


M3 -1 

186 

4k1 ^ 

138 -1 

798 -19 

7.100 *0**2 -3*2 

737 756 -35 

128 -5 


477 

448 -f 
241 

528 *4 

7BB -12 

IBS +1 

784 -21 

5S9 -8 

829 -9 

183 

614 -11 

285 -fi 

823 -5 

888 44lt 

238 -5 

408 -T 

555 -43 

HB -5 

738 to 

231 -*j 

-3*2 


-1 


-30 

-3*3 

-9 

-3 

**2 

s 

-7 

-3 

-a\ 


-a 

-iV 

-8 


90 INVESTMENT TP*tfiTflfl34ft 274&33 -1.1 2776J5 277D.1B 2772J35 2547 JO Z24 Ijg 51 J1_5L«L.jM 


icnarttLt 


89 FT-SE-A ALL-SHAREpGfi) 


1506^2 -a9 1619L5B 1617 X36 1518J3 1002.09 3.99 177 17^6 49.08 118S28 


Hourly movements 

Opgn B.oo i pwi 11X» 12JM 13X» 14J0 l&flfl 16.10 WghWay Lontdar 


qn.T, 3004 4 3012.5 33BT£ SBBBJB 2989.8 29813 2B96£ 3002.0 301 7 J 2967.8 

P ^ 3543.4 3542.4 3529XJ 3522.1 3518-7 3618^ 3519 XJ 3S2Z5 3M1S M17J 

15=3.5 1517.8 1520.6 1 513.7 IfiOB.fl 16087 1MM 1512J 1S14.7 1623XS 15008 

„ ft.se ,00 Day . ^ i.MBm. FT-SE 1W «« Htft 35B03PC ) uan 287M 

*T-SE Actuaries 350 Industry baskets 

Open 9-00 


10.00 11^0 iax« 13X» 14X» 15i» 18.10 Oatt Pravfcxa Chanpa 


KMutida 


10032 

1004.1 

1004.3 

10062 

10062 

10137 

-12-4 

£9162 

29162 

2924,1 

29184 

291 52 

29S31 

-372 

18052 

1802.1 

18072 

18237 

18232 

18138 

+34 

27872 

£7882 

£7724 

27731 

27731 

27835 

-134 


rre 433 -2 

1.000 722 -17 

1 XKM 794 -« 

51 528 *5 

543 749 -4**2 

298 583 +14 

2.000 254*1 

IffiQ 203 

1.800 SIS 

1XS» 219 

501 348 

8XS0Q 211 

2.100 148 

347 434 

818 124 

zn 

873 497 

901 995 

l3XX» 2» 

2X»* » 

244 341 

1.300 10H 

9.700 206 

1» 499 

3.700 16**J 

S7S 705 

882 879 

382 840 

1 85 503 

1.000 533 


-1*3 


- 1*1 

-5 


-10 

to2 


-9 

-2 

to2 

-10 

+2 

-3 

-8*2 


MtUkxri irfemciMn on Iftc fT-SE Acn^on 

UnhA Ola Soumwwi mott row h™ 

O TIN Manutlori Swell 

TT-Sr aid »•(«««* Wn 

h<»eri«qri4ribyI7»*VMOin«w»ir T Sacw P* «Wa 9««* tn °i 



4S 

-a 

-3 

-6 

■01 


Z200 150 

89 140 

389 756 

40S 732 

52 524 

2JOO 797 -25 

Based an twrig wtone for a sakenon o( nrior 
aacutlaa data: mugh tW 6C40 eysMn 
yaaardv uri 4jttan. TWJw of cm mBon or 
nure ana reuvtad oomi. j tnririas an FT-^E 
lOOtadia eonattuum 


progress on the day, finishing 
4*/« higher at 530‘Ap, after 
touching 536p. 

Bass unpopular 

Shares in brewing, hotels 
and soft drinks company Bass 
fell sharply after a badly 
received trading statement 
from the group. 

The fllida started early in the 
day following the statement's 
release, and at the day’s worst 
the stock was down IS before 
steadying with the improving 
market to close a net 17 off at 
523p after thin trade of ISm. 

Market watchers were partic- 
ularly concerned by the OS per 
cent decline in beer volumes, 
along with the poor outlook on 
margins for beer. However, one 
analyst did say that trading in 
the soft drinks division was 
better than expected. Another 
analyst said simply: “Even the 
meeting with the company was 
poor, with little there to find 
encouraging.” 

The utilities sectors, tradi- 
tionally safe havens during 
periods of e x treme turbulence 
in equities, were given the 
roughest of rides in the market 
as a number of institutions 
were straight sellers of the 
“recs” or aggressive switchers, 
out of the “recs" and into the 
water stocks, a move advo- 
cated last week by Hoare 
Govett 

Dealers said there were no 
new stories behind the slide in 
the recs shares, other than that 
the sector's closed period is 
looming. Details of the flota- 
tion of the National Grid is not 
expected until the end of the 


NEW HIGHS AND 
LOWS FOR 1994 

NCW MOHSflq. 

BREWERIES (f| OH* Mew. EXTRACTIVE 
■400 (7) Bumim, Bnlmnd, Hamony. Impale, 
MOOT. Lomtoe. SUtarito. LEISURE ft HOTELS 
(1) Northern Deb. 961*71, CM. EXPLORATION 8 
PROD (f) AtaaioQ. PHAfUIACEUIlCJILS (1) 

Brtl. Screen Wire, RETAILERS. POOD ID 
Fyltaa. REDULERS, GENERAL (1) Styto. 
8FMT& MKB ft C8XERS (T) Uacrian 
-tEonBwL TRANSPORT (1) Go-Ahead, 
AMERICANS (1) AitW. Cyanemld 
NEW LOWS {MIL 

OTHER FIXED MTEHEST (1) Lacri 13Vpc 
2008, BANKS |2| Afled kWi. Espetio Sow, 
BUttJMM ft CNSTRN (10) AMEC ftSo Pri. 
Btore. Boot (H). Biyont, Cmmrywre. Lang uj. 

Do. A NV. Do. ftripc Prt., WOson Bowdon 
Wfanpey fGJ. BUM MATLS 8 UCHTS m 
Angim, AOeua. Cope, Hkqwood Mm. PiL, 

Mayor IraL. Titan, CHEMGAL& p) CneLuicb, 
Mandn, SuwOTa Spesaim, DISTRIBUTORS 
MBumrino, Cowto. Boctrocompi. En tt opran 
Comp, Freinfl Oct, LMho »kOpfcri. PendraBri . 
Piny. DIVBnnED INDLS [4) Hansen. Oo. 
Wrta, Do. 9Wpc CM- TomMm ELECTRNC ft 
aacr COUP n OCC. Baaaxn. Bowthtm 
Dari Bus, Deri Ruunw Eye.. SHwmines. 
VUeeLatae. QHUNESENQ fill Aunrirucua 
Hanbta. AMk BBarri LJ), Faiun, QynwtxL Hay 
N. MogoRL MoBis, TL VMeon ton, Whatman. 
EHO, YBKLEB (2) IM-Sttaaa, Uaw Warift 
FOOD MANUF M Btaa WMriren, Nonhan. 
Unfceta. Unrid BacuM, HEALTH CARE (1) 
Schd. HOUSEHOLD 00003 ( 1 ) RecUtt ft 
Ctamtn BKpc Cnv„ INSURANCE 0) HbhBi [CEJ 
INVESTMENT TRUSTS (27) INVESTMENT 
COMPANIES rt) Latin Amor. Extra Ykl, 

LBSURE ft HOTELS |3) AHaure 6Hpc Pit. 

Break lor the Border, Tring WL MEDIA n 
Copyright PrenMIona. Mkland bid. Neon., 
OTHER FINANCIAL (S) Mng ft Shmson. MAL 
Scan TrwL Stmink. Towry Law. OTHER 
SBRU8 ft BU8NS 0 B=C. Ruri-Me. PRTW), 
PAPB1 ft PACKS (8 Bemreaa. Fargum ML, 
Human Anrtey. PWktade bta.. PRO PBII V (IS) 
RETAUBW, GENERAL M A»0ri ARXOy. 
Cwxiy Caauak, Eowk Aimm. SUPPORT 
9ERVS (7} ACT. BSM, Dudley JanMns, J8A. 
Macro 4, MeOonool Info. Stm-PIri TEXTILES ft 
APPARB. p) Lambert Howanft. Lamom, 
Rsmnare. TRANSPORT W Eurinl Uts, Do. 
WHa. 1883, TtXntt ft Britten. Transport Dm., 

AMERKANSM. 

recs' closed season, in Novem- 
ber. 

Seeboard took advantage of 
the steep fall in share prices to 
buy in substantial blocks of 
their owh stock, announcing 


the purchase of 2i<5m shares at 
427p. Seeboard dosed 7 lower 
at 420p. 

Midlands Electricity was the 
worst casualty in the recs, the 
shares plummeting 35, or 4.5 
-per cent, to 756p. South West- 
ern dropped 241: to ?49p. 
Northern Ireland Electricity 
was a lone good performer, 
closing 3 ahead at 38Sp. 

British Petroleum edged 
higher, thanks to a buy note 
from S.G. Warburg and evi- 
dence of keen support from the 
US as Wall Street opened on a 
firm note. The shares settled 3 
higher at 40lp on 7.5m traded. 

Hanson was the most 
heavily traded stock in the 
market, the shares fighting 
back after last Friday’s Hoare 
Govett profits downgrade and 
closing a fraction ahead at 
230%p, with US institutions 
said to have been aggressive 
buyers. Turnover topped 18m 
shares. 

Royal Bank of Scotland was 
the pick of the banks sector, 
still responding to aggressive 
buying by Credit Lyonnais 
Laing after the recent positive 
meeting with Mr Peter Wood, 
the chief executive of Direct 
Line, the RBOS’s insurance 
subsidiary. RBOS shares closed 
9 higher at 422p. 

There was also a suggestion 
of substantial switching out of 
Abbey National and into 
RBOS. Abbey slipped 7 to 383p. 

Fears of a bitter price war 
among food retailers continued 
to cast a shadow over stocks in 
the sector. J Sainsbury relin- 
quished another 6 to 391p, as 
several brokers indicated a 
preference for its rival Tesco 


and advised clients to switch 
into the latter. It closed at 
228p, down 5 xd. Kwtk Save 
tumbled 27 to 545p on reports 
that Nomura had issued a sell 
recommendation on the stock. 

Publishing shares took in 
their stride the announcement 
that Hodder Headline Is to 
move away from the net book 
agreement from January. Hod- 
der were unchanged at 350p. 

Activity among engineering 
shares was mostly concen- 
trated on smaller companies 
with armoured vehicle maker 
Al vis falling 19 to 36p on con- 
sideration of the weakening 
profits trend. 

In the unlisted securities 
market, Belfast engineer 
Mackie closed at I95p, com- 
pared with a placing price of 

180p. 

Granada Group closed 7 
ahead at 508p, after UBS issued 
a 36 page review on the group's 
operations. Mr Julian Easthope 
at UBS reiterated his buy 
stance on the stock and said he 
values Granada's 13.5 per cent 
holding at around £540m, a fig- 
ure he believes is not yet 
reflected in the current share 
price. 

Eurotunnel stood out 
sharply in an otherwise lack- 
lustre transport sector, closing 
19 down at 25Qp, as stories of 
sea water seeping into the tun- 
nel ran round the market, 
causing confused trading. 

MARKET REPORTERS: 

Steve Thompson, 

Joel Klbazo, 

Jeffrey Brown. 

■ Other statistics. Page 22 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 





(Mb 

_ 


■PaH 


Option 


Ota 

Jon 


Ota 

Jan 

Aor 

MBdtaEa 

540 

rot 

_ 

- 

4 

_ 

_ 

CS7D) 

589 

Stt 

— 

— 

sn 

- 

— 

AifflU 

ZGO 

13H 

21 

27ft 

6ft 

15 

IBM 

(•as) 

290 

4M 

tiu 

18 

19 

28ft 

31ft 

ASM 

80 

4J» 

7ft 

0 

2ft 

4ft 

5ft 

ns ) 

70 

1ft 

3ft 

9 

Bft 

11 

lift 

BiaAkvnqn 

390 

19V* 

30ft 

41 

Bft 

IBft 

21 

(-371 ) 

300 

on 

18M 

29ft 

24 

a 

37 

HQ MBA 

420 

15ft 

29 

S7ft 

ll» 

22ft 

29 

T423) 

480 

3ft 

12ft 

21 

aft 

48 

53ft 


500 

38 

47 

5Bft 

3 

12ft 

19 

[*531 ) 

550 

7 

20ft 

23 

23 

37 

43ft 

BP 

300 

19ft 

30ft 

37 

Bft 

T4ft 

20 

rwi 

420 

5ft 

18 

M 

24 

31M38V* 

BAUiSkel 

180 

8ft 

13 

lift 

5 

Bft 

12 

r*«j 

180 

2 

SM 

10 

18ft 

22 

24 

Ban 

500 

Oft 

42ft 

48 

Bft 

2TW 

a 

rs23) 

BOO 

7 

18U 

at 

31ft 

50ft 

55ft 

Cate AM 

380 

23 

38 

47ft 

Bft 

20ft 

27ft 

pa fl) 

420 

9 

22ft: 

33U 

27ft 

STM 

43ft 

COBtotota 

420 

39ft 

60 

SB 

2M 

10ft 

15 

r«sa i 

460 

12ft 

27 

95ft 

15ft 

27ft 

32ft 

Oral Utoon 

*83 

IB 

33 

30 

lift 

20ft 

32M 

r«si 

543 

3ft 

TZft 

IBM 

51 

53ft 

a 

n 

800 

3Cft 

SB 

73ft 

12ft 

30 

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P819) 

850 

11 

31 

48 

a 

SS 

70 

KtadMar 

400 

34 

48ft 1 

BOH 

6ft 

15ft 

23 

1*483 ) 

500 

12 

23 : 

»ft 

24 

34 

41ft 

Land Soar 

BOO 

25 

34ft 

49 

Eft 

17 

22 

re*3 1 

650 

5 

13ft 25ft 

40 

40 

51 

IMS ft S 

300 

22 

31 

40 

4 

lift 

15ft 

{•406 1 

430 

• 

is: 

MU 

IB 

2Bft: 

30ft 

MOM 

480 

27ft 

41ft 

91 

7ft 

10 : 

27ft 

P*77) 

500 

8 

21 

31 

28ft 

35ft 

a 

Staratuy 

300 

1416 1 

ZBft 

35 

lift 

23ft: 

Zfift 

[TB1 1 

420 

4 

13ft 

22 

32ft 

41 

44 

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850 

48ft 

93 

72 

2ft 

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17M 

1-891 ) 

TOO 

13 

31 

40 

18ft 

28 

40 


200 

9 ' 

IBft 18ft 

5 

10ft 

15 

(-Z03 > 

220 

2 

Bft lift 

10ft 

a 

Z7 

Tta MON 

BO 

3' 

ton 

13 

2 

5ft 

8ft 

res i 

90 

Zft 

5ft 

8 

7 

11 

T2 

UnOsw 

10501 

54ft 

71 

92 

7ft 

23 STM 

1*1089) 

1100 

19 41ft 82ft 

27ft 1 

«6ft 

82 

Zeneca 

750 

BB 78ft 

88 

4 ' 

14M 

27 

[797 | 

BOO 

M 44ft 58H 

70ft 

34 

a 

Optton 


He* 

Feb l 

ter 

Nl» 

Fta) 1 

ter 

Grand Met 

300 : 

2BH 

35 

42 

Bft 

21 23ft 

j 

420 

nn 20ft 27ft: 

2Sft: 

37ft 39ft 

Lubnte 

140 

2* 

28 31ft 

2 

4ft 

7ft 

HMI 

160 

tow 

19 20ft 

9 

13 l 

18ft 

IMBtactm 

300' 

15ft 

24 27ft 

12ft 

16ft 

25 

raosj 

330 

B 12ft 

is : 

Mh : 

38ft 44ft 

OpDan 


Sep 

DM 1 

ter 

te> 

Dec 1 

Mar 

Rnre 

110 

10 

14 

17 

i 

5» 

7 

ma) 

120 

1ft 

8 

12 

sm : 

I0H 12H 

opdai 


Nov 

Fob 1 

tty 

No* 

Ftt 1 

te_ 

Brit A«ra 

400 

27 

44 51U24D 

33 

43 

TABS) 

MO 

12 

27 

34 

51 

58 

87 

BAT Ml 

390 35* 

«B 

53 

7 

12 21ft 

[*414 ) 

420 

17 

30 

38 18ft 

25 

a 

BTR 

300 

24 32ft 

37 

8 

11 10ft 

tt14) 

330 

8ft 19ft 22ft 

21 

a 

a 

Ebtl Tatacere 

380 

IS 

24 

31 

Bft 

17 

20 

1*386) 

390 

B 

11 

17 

a aft 3«* 

CtanrSdi 

420 44M 

94 

a 

3ft 

7H 14ft 

rws i 

460 

17 

asm 

17 23ft 

32 

BMuBk 

700 

64 

82 

a i3ft ash 

as 

(7441 

750 

34 MU 

88 3*h 

48 57ft 

Mm 

420 38K 

so 

a 

8 10ft IBM 

r«53i 

460 W* 2S1* 31H 2ZH Z7H 

38 

GEC 

290 14M 

18 

a 

a 

13 

16 

n»3) 

300 

5ft 

10 

IB 

20 24M 

27 




__ | r 

Cals 



-Ms 

Option 


Bsv 

Fab 

May 

Nw 

Feb 

May 

Hamn 

220 

17 

20ft 

22M 

4 

8 

10ft 

rzn i 

2*0 

su 

Bft 

13 

14 

19 

21 

Uamo 

134 

21ft 

- 

- 

3 

- 

- 

(151 ) 

154 

9 

— 

-e 

lift 

- 

- 

Lucas bide 

1 1*8 

19 

23 

27 

5ft 

9 

12ft 

1*195 ) 

200 

7M 

13ft 

T7ft 

16 

19ft 

23ft 

PSD 

BOO 

47 

84 

73 

lift 

IBft 

33ft 

r«29) 

650 

10 

33 

47 

34 

44 

59ft 

nuigton 

180 

12M 

15 

29ft 

7 

10ft 

14 

1*183) 

200 

4 

7 

12 

20ft 

23ft 

26 

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2B0 

24ft 

31 

as 

5 

8ft 

15 

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300 

12 

>9 

23ft 

13K 

17ft 

25ft 

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850 

a 

90 

91ft 

13ft 

26 

39W 

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BOO 

27 

51H 

84 

35 

48ft 

64 


500 

22 

37 

4B 

13ft 

Z7 

41ft 

rsoB) 

550 

0 

17 

25ft 

57 

60 

74ft 

Ftayal km 

9 260 

22ft 

31ft 

36 

Bft 

13ft 

IBft 

1*771 ) 

280 

12 

21ft 

28 

IB 

23 

29 

Tesco 

220 

19M 

22ft 

28H 

Bft 

9 

14ft 

[■228 1 

240 

Bft 

12ft 

18 

17 

21 

25 

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183 

16ft 

23 

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4ft 

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- 

1*185 ) 

200 

9 

14M 

IBft 

12ft 

17 

19ft 

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32S 

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— 

— 

9b 

- 

- 

1*327) 

354 

4ft 

- 

- 

29ft 

- 

- 

Opdon 


Del 

Jan 

*F 

Oct 

Jan 


BAA 

475 

16ft 

25ft 

36 

10 

IBM 

23 

(*477) 

500 

5 

14! 

Z3U 

26H 

33 

37 

Harare Mr 

*00 

*2ft 

48ft 

S7 

3 

14 

16 

r*6) 

500 

13K 

25 : 

33ft 

17 

31 : 

33ft 

Option 


S«P 

Ok 

Bar 

Sep 

Dec 

Mar 

Abbey tad 

390: 

26ft 

38M ' 

«ft 

i 

6ft 

16 

ran ) 

380 

3 

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a 

9W 

is: 

31ft 

Amstrad 

25 

3 

4 

& 

1 

2 

3 

P27) 

a 

1 

2 

3 

4 

5ft 

6ft 

Bantes 

550 

9 

a 

47 

3 

21 

32 

rsso) 

800 

1 

13 

26 

46ft 

51 1 

B2U 

Btaa Ode 

260 

17ft 

27 

a 

1 

7 

13 

[•275 ) 

280 

2 

15ft 

24 

7 

tBft: 

22ft 

SrtWi Gas 

280 

12ft 

18ft 25ft 

1 

11 

16 

R9t ) 

300 

1 

Bft 

17 

12 

22 : 

Bft 

Dbm 

in 

!3ft 

23 26ft 

1 

7ft 

12 

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a» 

1 

12 

IB 

10 

17ft: 

EM 

Ktedoon 

190 

10 

19 

24 

l 

3h 

Tft 

(174) 

180 

1ft 

m 

13 

Oft 

13ft 

16 

LOfltlO 

130 

4U ' 

12ft 

10 

tft 

7ft 

11 

naj 

140 

1 

7ft lift 

Oft ' 

13ft ' 

IBft 

tea ftmer 

420 SOM 

42 

51 

1 

11 

17 

P44B 1 

460 

2 

19 

a 

1* : 

20ft 35ft 

Seta Poos 

360 

27 40ft 

48 

i 

10 

14 

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390 

2ft 23ft 

32 

B ; 

22M27M 

Sean 

100 

9 

12 

14 

i 

3ft 

5 

HOT) 

110 

1ft 

B 

& 

4 

8ft 

Bft 

Forte 

200 

19 

24 28H 

1 

5ft 

S 

(*217) 

220 

2 1 

12ft 17ft 

5 

15 

IB 

Tarnac 

140 

Bft 14ft 2Dft 

1 

9 lift 

(146 1 

190 

1 

8 lift 

i6 : 

72ft 

24 

itan as 

950 50ft 78M 83ft 

i ■ 

IGft 

29 

rsas 1 

IKS) 

8 

a 

60 

ii 

38 Sift 

TIB 

200 

14 21ft 

28 

i 

6ft 

12 

C212) 

220 

1 10ft 

15 

10 

10 22ft 

TareUm 

200 

Bft 17ft 

23 

i 

7ft 

12 

C206 ] 

220 

1 

Bft 13M 

16 

19 23ft 

NMcorai 

650 

31 60ft 

79 

1ft 

23 35ft 

C677) 

700 

2 33ft 

64 

20 

40 60ft 

Opfion 


Oct . 

Jri , 

5EL 

Od 

Jan 



Sam 550 34% 55M BBtt IDfl 23 34te 

rsn i sm ** m v so eiv 

USK 75o (to 850 60 6*V* 100 - 7» 25 

CBBB ) 44 XBK 5S% 73fc 57VMB*4 68 *i 

Reuters 482 19 - - 1Z*5 - - 

P«4) 47ST2H - -3ft - - 

OpBon iw Ml Way Hov Fta> Hay 

Rofc-Rojct 150 22 2BM28I* 3 8 9 
pTB ) 180 BVi 14H 18 1018 14W 18h 

■ Itodertjtog security price- Premiums ShO»n an 
baaed on ctaetog ofler pricee. 

September 2B.TotM con tracts: 39.330 Goto: 
14,101 Puts 21228 . 


FT GOLD MINES INDEX 


Sqi K t±g Sep Sip Taw Brass Sh 52 octal 

23 OB m 22 21 ipn jUA% Wgh Lna 


te—tew 

2331* 

+ZA 

22KJB3 22&061 170141 

190 

2367 AO 157393 

Attica (16) 

3543. IB 

+11 

343736 3487-96 2200.18 

390 

349798 2209.16 

Aiotnttteft 

292329 

+11 

283109 2778,97 196025 

1.79 

301339 IlSfi 

Non America (11) 

1887.76 

+1J» 

1BS121 1B2&5B 153197 

0.70 

2039.65 1459.45 


Capfrtgra. Tire FtaanU Ttoin United 188*. 

Hgurea In brecktae tore mntoar of cBmpataao. Boeto US Ootsn. Bose tfeuca: inxiQO 3in£/9£. 
Pndacewir Qtad Mtoai todtit: Sap 2ft 287.7 ; doye ehoiBK *2.8 potata; Tere lev 180.8 1 PitoU. 
Leaea preas «om tcaMritite lor me e«taL 


RISES AND FALLS YESTERDAY 






ntaee 

Fate 

Stone 

British Funds . ... .. 




6 

37 

27 

Other Fixed Interest 




3 

8 

4 

Mineral Extraction 




76 

41 

79 

General Manufacturers 

. - 



54 

265 

328 

Consumer Goods 




16 

70 

101 






















Investment Taste — — 




21 

219 

228 

Others — — 


........ .. 


30 

49 

24 

Totals 




336 

1XXM 

1250 


Doa baaed on tooM compoiies Hated an Uie London Share Servica. 


TRADITIONAL OPTIONS 


Ctab: AlBanoe Bos. Aran Energy, Argyll. Brit Biotech Wts, Btdffii A. BT (pp). Cons 
Mutch, Bam, Johnson Fry, Magnum Power, MhUasu HWga, Regent Coirp, Utd 
Energy. Puts: M McHim k HMga. Puts ft Ctab: Bulgln A. Cone Murch. 


LONDON RECENT ISSUES: EQUITIES 


lesw 

prase 

P 

Amt 

paid 

UP 

MkL 

cap 

(Era) 

1994 

High Low Stuck 

Ck»o 

pree 

P 


Net 

dta. 

Dta. Gte 
cov. yU 

P/E 

net 

100 

F P. 

10.1 

102 

B5 Beacon Inv Tst 

95 


_ 

_ 

_ 

_ 

- 

F.P. 

1.52 

48 

30 Do. Warrants 

40 


- 

- 

- 

- 

§125 

F.P. 

16* 

130 

123 Compel 

123 


WW.0 

2-1 

4.1 

US 

- 

F.P. 

uo 


1 Conti Foods Wits 

n* 


- 

- 

- 

re 

- 

F.P. 

24.4 

62 

81 Emeiglng Mkts C 

61 


- 

- 

- 

- 

120 

FJ>. 

SIA 

120 

ITS Independent Parts 

120 

*1 

LA4D 

2.1 

42 

14.5 

180 

F.P. 

118 

195 

180 MacMe tod 

195 


RNftJ) 

22 

18 

ao 

ao 

F.P. 

24.1 

65 

76 Hyland 

as 


LN35 

1.7 

5.1 

14.0 

- 

FP. 

3.39 

44 

27 Suler VMrts 99HD4 

29 


- 

- 

- 

- 

_ 

F.P. 

1 15j0 

379 

372 Templeton E New 

372 

-3 

- 

- 

- 

- 

- 

F.P. 

125 

212 

192 Da Wtts. 2004 

202 

-2 

- 

- 

- 

- 


RIGHTS OFFERS 


issue 

pne* 

P 

Amount 

paid 

up 

Latest 

Remm. 

date 

1994 

rtfli* Lore 

Stock 

Closing 

price 

P 

♦or- 

475 

ra 

4/10 

5Spm 

15pm 

CcrianenXd Union 

21pm 

-3 

360 

M 

21/10 

48pm 

13pm 

awp 

13pm 


160 

NI 

17A0 

9pm 

2pm 

Jerniyn hv. 

2pm 

-6 

252 

Nl 

11/11 

34pm 

7*2pm 

we* 

7*jpm 

■5 


FINANCIAL TIMES EQUITY INDICES 

Sep 26 Sep 23 Sep2S Sep 21 Sep 20 Yr ago nipii Tow 

Ordinary Shn 2331.4 2347.2 23402 2337.6 23SB2 2321.6 27186 22*0.6 
CTO. ctv. yield 4.41 427 429 4.40 4.36 4.01 4.46 3.43 

Earn. yid. K (ufl 6.35 6.30 824 6.30 625 4.72 &34 322 

P/E ratio net 1728 T7.5T 1720 16.94 17.67 27X17 3043 1824 

P/E ratio nU -\7Joi 17.76 17.87 1721 17.09 2428 3080 17.08 

for 1984. Ordinary Share Max etocs m m p ftXlBn : high 27134 NEW; low *94 26W40 
FT Grdkxey Blum Mux base dare 1/7/35. 


Ordinary Sham hmrly changes 

Open OOP 10XM 11X10 12X10 13j00 14XW 15XX1 16XM High Low 
2345.3 2334.6 2341.5 2330.7 23252 23262 2324XS 2330 2333.3 2345J9 2323.7 


Sep 26 Sep 23 Sep 22 Sop 21 Sop 20 Yrago 


SEAQ bargain!, 24X526 23£14 23£63 24511 

Equity turnover (Emit - 1159.9 1337.B 13S5J 

Equity bargainET - 27.947 26.204 27.107 

Shares traded (met 609-4 489X1 475.9 

TExCbding htra-fnerter buatoees and overeeaa amover. 


24055 

13336 

27X171 

498^4 


27,944 

12492 

30^38 

467.1 


FT/LES ECHOS 

The FT can help you reach additional 
business readers in France. Our link with the 
French business newspaper, Les Echos, gives 
you a unique recruitment advertising 
opportunity to capitalise on the FTs European 
readership and to further target the French 
business world.For information on rates and 
further details please telephone: 

Philip Wrigley on +44 71 873 3351 







FINANCIAL TIMES 


TUESDAY SEPTEMBER 


27 1994 


LONDON SHARE SERVICE 


a Prtca 
. 14M 

.J. % 

taw 

135 

177 

-r am 

148 

S 

1M 

99 

a 

128*4 

85 

1B7U 

* 

170 

160 

67 


87 

46 

85 



B 

47 

433U 

. — *454 

333 

130U 

__ 

191 

113 

3M 

___ 41 

26 

28 


43 

28 

1*8 

. . 

*177 

114 

30 

88 

18>i 

38 


45 

38 

17V 

- 

292 

173 

128 

282 

= ™ 

123 

IBS 

42 


99 

42 

388 


■S73 

383 

184 

2X0 

118 

22 

278 

■J 

-{ 

*4 

”& 

77U 


M 

35 

47d 


*83 

38 

190 

235 

180 

130U 

118U 


130 

mil 

B 

4f7 


12h 

84 

5 

31 

57M 



82 

44 

21b 

-b 

*42 

20*2 

125 

-1 

-188 

129 

OH 

-1 

120 

65 

6M 


98 

69 

112U 



140 

100 

17 


28 

11 

7b 

nu 


*814 

110 

3 

a 

„ 

30 

18 

328 

. 

473 

328 

12 


18 

9 

34 


80 

34 

M 

- 

ion 

848 

123 

-€ 

157 

85 

173 

* 

180 

121 

148 

108 

139 

81 

*144 

90 

26H 

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a 

20 

8M 

78 

43 

Bb 


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840*. -14*| 

"ft 

42# 

432 

104 

234 

2SM 

~4 

428 

234 

■a 

— 

164 

149 

95 

IIS 

80 

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173 

78 

233 


253 

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188 

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194 

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•78*. 

501. 


— 



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198 

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245 

195 

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1MU 


in 

121 

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788 

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23 

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10BU 

.. 

113 


131 

— 

178 

127*| 

5>d 


78 

50 

158 

♦ 

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151 

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lh 

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351 

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MATS. & ME 

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Mca 


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12 

325 

310 

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— 

378 

217 

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22 

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148 


181 

136 

297 


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128 

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142 

83 

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% 

188 


244 

71 


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SO 

27SU 

— 

381 

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207 

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225 


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8155 

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248 

152 

2803 

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520 

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287 


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FINANCIAL TIMES 


TUESDAY SEPTEMBER 


.-viBliR 27 1994 
















































































































































































































CURRENCIES AND MONEY 


FINANCIAL TIMES TU ESDAY SEPTEMBER 27 1994 

MONEY MARKET FUNDS 


MARKETS REPORT 


POUND SPOT FGP.WA PC- A«SAIMS? THE PO'JMO 


* CM Mft { 


D-Mark softens 


The D-Mark was weaker 

against the dollar, the pound 

and the Swiss franc yesterday 
as markets took cover follow- 
ing electoral results In the 
state of Bavaria, unites Motoko 
Rich . 

The failure of the Free Demo- 
crats, Chancellor Helmut 
Kohl’s Junior partner, to 
achieve the 5 per cent vote nec- 
essary for a place in the state 
parliament unsettled market 
expectations for the October 16 
German federal poll. 

Such nervousness allowed 
the dollar to rise against the 
D-Mark, while growing market 
acceptance of a likely compro- 
mise in the US-Japan trade 
talks also gave the US cur- 
rency a boost against the yen. 

In London the dollar finished 
at DM1.5551, up from a Friday 
close of DM1.5443. Against the 
yen, it closed at Y98.70, up 
from 97.7050. 

Sterling was also firmer 
against the D-Mark, though 
slightly weaker against the dol- 
lar. Against the D-Mark, the 
pound closed at DM2.4462 from 
DM2.438. Against the (foliar, it 
finished in London at $ 1.5743 
from $1.5788. 

The lira made gains against 
the D-Mark in late trading as 
Prime Minister Silvio Berlus- 
coni and leaders of his coali- 
tion parties reached an accord 
on the shape of Italy’s 1995 def- 
icit-cutting budget. 

■ The Free Democratic party, 
the junior partner in Mr Kohl's 
government, only achieved 23 
per cent of the Bavarian vote, 
far short of the 5 per cent 
needed to guarantee it a place 
in the State parilammt 

Markets were spooked by 
this result because it foreshad- 
owed the federal poll next 
month, when a similar setback 
for the FDP could force Mr 
Kohl's Christian Democratic 
Union to forge a coalition with 
the Social Democratic party, a 
prospect the markets do not 
favour. 

The D-Mark was generally 
softer against other European 
currencies. Against the Swiss 
franc, it closed in London at 
SFr0328 from SFrO.831. Against 
the French franc, it finished at 
FFr3.417 from FFr3.419. 

Mr Steve Hannah, economist 
at IBJ, noted that most 


D-Mark . 

Against the doflar (DM per S). 

1.03- — ; 



Sap i tt4 

Sou«8 oatBHimn. . 

■ Pound In Nn Yorfc 


Sep 23 

— Larmt — 

-Pmv. ctaaa - 

EtoWC 

107*0 

10785 

Inti 

14738 

107BO 

3 ntBi 

10710 

10744 

iw 

10582 

10585 


national polls are showing the 
FDP with 83 per cent support 
for its bid to join the national 
parliament “So no one is pan- 
icking yet,” he said. 

■ The weakness of the D-Mark 
helped the dollar to turn in a 
fairly strong performance. 
Against the yen, it breached 
the Y9&50 level for the first 
time In a week. 

Although analysts were 
reluctant to pinpoint any one 
factor as the motivation for the 
dollar's improvement, Mr Han- 
nah said the markets were 
beginning to realise that trade 
negotiations between the (JS 
and Japan do not hinge on this 
Friday’s deadline. 

“The markets are beginning 
to realise that even if the Japa- 
nese are named for engaging in 
unfair practices in same areas 
it would not necessarily mean 
a wholesale trade war or that 
tha US will start talking the 
dollar down,” he said. 

Today’s meeting of the 
FOMC. the policy-making arm 
of the US federal reserve, 
should provide most of the 
focus for the foreign gvchangg 
markets, as expectations are 
divided on a possible interest 
rate rise. 

■ Sterling continued its firm- 
ing trend against the D-Mark, 
piercing the resistance level of 
DM2.45 early in the day. 
Although it has not yet consol- 
idated its gains, analysts 
believe it will move upwards. 


The markets are bullish on 
the pound due to confidence in 
the monetary policy of Mr Ken- 
neth Clarke, chancellor. “He 
has never denied tha idee of 
another base rate rise in the 
future," said Mr David Cocker, 
economist at Chemical Bank. 
"That is seen as very positive 
by the markets, especially as 
he gives the impression of 
being mildly pre-emptive.” 

He said the pound’s slight 
fan a gainst the (foUnr was pri- 
marily a result of profit-taking. 

■ The lira was boosted by a 
coalition agreement in Italy 
over the 1996 budget. Though 
no details were revealed, the 
tone of the announcement 
suggested the government 
intended to shape the budget 
to cut the deficit. 

Against the D-Mark, the lira 
finished at L1006 from L10Q9, 
and was trading as high as 
L10045 after the close of the 
London markets. 

■ Canadian short term forward 
interest rates fell against US 
rates for the first time since 
1984, demonstrating the mar- 
ket confidence in the RanaJiim 
dollar. 

Since the Quebec election, 
when Bloc Quebecols, the 
party which promotes the sepa- 
ratist cause, won by an unex- 
pectedly narrow margin, the 
markets have been ahmggirig 
off the risk of Quebec's seces- 
sion from Canada, giving a 
boost to the Canadian dollar 
nnri allowing the marlfftfo to 
discount lower rate rises. 

■ The UK December short 
sterling contract finished 
nnrliang Brf at 93.19, discount- 
ing a short-tom interest rate 
of 6.81 percent 

In the UK money markets, 
the Bank of Rn ginnrt provided 
liquidity of £561 after revising 
its shortage forecast to £550. 
Overnight rates traded 
between 2 and 5 per cent 

German call money was 
quoted between 4.25 and 430 
per cent 


r s 

171.031 - 171.264 10X8® -18X780 
ZHM0-Z7SUU 174100- 179000 
04873 - 04880 02881 • 02877 

364400 - 384882 231500- 231808 
388028 • 380480 245280- 246000 
52747 - 01883 18715 - 08735 


Europe 

Austria 

Belgium 

Domra* 

FWand 

Franca 

Germany 

Qeeca 

Maid 

Italy 

Luxembourg 

Notarial* 

Norway 

Portugal 

Spain 

Swadan 

Swttxariand 

UK 

Ecu 

SDRt 


dosing 

mkS-prirt 


(Self 172282 
(BFi) #03778 
PM) 08107 
(FM) 7.7228 
FFi ) 03843 
(DM] 2-4482 

Pd 370873 

(IQ 1012Z 
<IJ 2462290 
P_Fr) 503778 

(FQ 2.7428 
(NKr] 107179 
(Es) 240484 
m 202.716 
(Stt) 11.7800 
(SFr) 20268 
to 

- 12831 

- 0931806 


Change BUAffer 
cn day apraad 

400888 219 - 364 
401891 365 - 187 
400226 077- 137 
-0 0239 146-311 
*00277 611 ■ 674 
+001 CZ 473 - 491 
-0712 723 - 023 
400004 115-123 
*103 134 - 386 
401891 365-187 
400106 419 - 437 
400261 142 - 216 
40384 337 - 580 
+0437 637 - 793 
-00138 718 - 881 
*00002 287 - 273 

*00064 B2S-B36 


Day 1 * Md 
Ngh lew 


Argentina (Peso) 10744 
Brad (f*) 1.3555 

Canada (C$) 2.1207 

Merten (NawPaeo) 50778 
USA <J) 1-6743 

PsetOe/MKMa EmVAftlea 
Auatrafia (AS) 2-1289 

Hong Kong (HKJ) 121668 
Mia (Ba) 403819 

Japan CO 156-384 

Malaysia (MS) 4.0406 
NawZMand (NZS) 2-6118 
PhBppMa (Paao) 402234 
Saudi Arabia (8R) 6-9044 

Singapore (S3) £3410 

S Mrtca (Com) P) 05774 
S Africa (FTnJ P) 00751 
South Korea (Won) 128007 
Tehran (IS) 412310 

Thailand (BQ 302948 

18DH rate* tor Sap 21 BkVufler spras 
mM M tea iqM by eunant tatara 
Ha «d the Oolar Spot aftta* datad 


-0004 740 - 748 
*00049 538 - 873 
-00016 199-216 
-00889 729 - 828 
-00045 740 - 746 

-00108 262 - 978 
-00348 KB - 884 
-01419 685 - 962 
+1.132 291 - 476 
+00047 389 - 420 
-00069 103 - 134 
-01137 683 - 886 
-00168 001 - 087 
*00039 399 • 422 
-00065 761 -788 
-01373 580-921 
-7.19 920 - 094 
-01047 444 - 175 
-00637 713-178 
Ida In dm found Spot i 


10777 10737 
10678 10816 


sawa nw< 


404860 480810 
166000 163090 
40470 40279 


orth 

Utre* month* 

One year 

Banker 

*PA 

Rate 

J6PA 

Rata 

KPA &9.MM 

03 

17013 

04 


_ 

1140 

02 

G0412B 

-00 

469326 

00 

1150 

-06 

90298 

-oa 

90441 

-03 

1164 


. 

- 

- 

- 

8£9 

00 

63999 

00 

asm n 

00 

1100 

OS 

£444 

07 

64099 

10 

1250 

02 

10123 

-Ol 

1.0161 

-03 

1061 

-39 

24780 

-20 

2527.1 

-20 

764 

02 

50.4125 

-03 

490326 

09 

1160 

as 

2.7388 

00 

2.7011 

10 

1200 

00 

10J199 

-0.1 

107223 

00 

867 

-63 

34074 

-70 

- 

- 

- 

-za 

20685 

-20 

20615 

-1.7 

860 

-10 

110465 

-20 

1206 

-24 

780 

14 

20179 

1.7 

10754 

20 

1220 

- 

. 

- 

- 

. 

790 

-00 

10835 

-Ol 

10784 

04 

- 

00 

11179 

OS 

2.1086 

0.7 

870 

04 

10722 

06 

10968 

1.1 

820 

ao 

2.1282 

-02 

2.1463 

-ofl 


04 

12.1605 

02 

12.1575 

00 

- 

£1 

15X059 

£4 

148044 

40 

1867 

>10 

2,tpW 

-1.8 

20469 

-10 

- 


Money Market 
Trust Funds 


Ctt«* & c« ^ 

care BMMKiKcorai Bdra' « 

sr sassras 


on -«i we 

.1 -l 


OmEwT^L-. uo j.3 m; ® 

riOMT-ratPO 438 **I : S IS 

bmmSooq MB 12 S2S S 


an* M fiM wfr «e ■£! «» » 

CAF Money Management Co Lid i»l »«ul » 

SSISIS :I«eIb SSS 3 BT 

.,-a- ssusrsss^- 

i!3BaB^=!a }»| i 



IM* 1 are - * 

QbL 90 d RO d OW10 d Engtett 

2 Fore Ant LOOM B3V 8M 

irnmai * -1 loelwm 


Money Market 
Bank Accounts 


i HI til s 

Bna Tfow a ida mmm 


raunoatfi 

oucoah 


dt5 Sfl II? 


tivM M CM Mb 


Ul 00 

aai oa 

U9 O* 


AIM Trot Bank Ltd 

-n tTnrjili la l 

KMHguoi-H 


430 U< Wore 
430 U5 ta H 

*23 8.84 ym 

sh 833 rraS 

loa u* 

S m 

3.13 UT TWO 


mired sa isl is! s 


JuSantfaMa teak tel, 

tOWragrreraranWCFi ! 

1 Ito Rad Mi Crate ta 
1 M»MM»DtoM*< I *2! 


404680 400478 - - - 

50170 80018 - - - - 

20426 20228 - - - - 

50949 50884 - - - 

60282 60574 - - - - - 

128806 129808 - - - - 

410183 41.1380 - - - - 

390350 380700 - - - - 

bin Slow erty ftt Mat One cfccknd ptacaa. F araod iraa »a net *ao Mr mated ta the 
toriUad by the Bank Of Ebpraid. Baa* airaaga 1088 « iCCLSkt Otter and Md+teas h bodi 
I CL08MQ SPOT RATES. Soma tans an ranted by ft* F.T. 




Hambadyife Rnncaftnop 

f+ n aon., 1473 43] I SBB* W 



173 103 MB 

2J0 U 8 M» 

ill U W 

II* UT HB 

3.13 433 Mil 

Ul 419 rt 


SH. unite BSV71A 071 -arena 


ArMtmd Ldhamti Co Ud 
re a* Bora iww eer » vtt. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 



473 34023 1 489 1 W 

3.78 1 ml an 


Sap 26 

Oaring 

rriri-paW 

Europe 



Austria 

Pch» 

100440 

Belgium 

(BR) 

320000 

□aranaric 

(OKI) 

61048 

Ftrioid 

CFM) 

40068 

Franca 

(FFD 

50130 

Germany 

W 

15661 

Greece 

(Dr) 

230080 

botand 

W 

10554 

naiy 

w 

168406 

Luxembourg 

6F4) 

32.0000 

Nethariends 

PJ 

1.7423 

Norway 

(NKi) 

60060 

Portugri 

W 

156480 

Spain 

(PH 

126788 

Sweden 

(SXr) 

7.4827 


(SFr) 

10873 

UK 

to 

10743 

fou 


10270 

SDRf 

- 

1.46899 

Amaricaa 

Aigerdlna 

(Preal 

10001 

BrazS 

W 

00610 

Canada 

(C^ 

10471 


Chang* BkVbOer Day's mid One month Thraa months On* yaar J.P Morgan 
on day spread Ntfi low - RaM MPA Hate KPA Fftta XPA Index 


+00748 418 
+021 600 
400318 040 
-00013 012 
*00326 120 
+00108 548 
-a an MO 
-0006 648 
*025 375 
*021 BOO 
*00117 420 
*00367 070 
+069 410- 
+004 740- 
+00123 789 
+00038 870 
-00045 740 • 
-00008 287 ■ 


465 109580 
200 320440 : 
055 6.1130 

099 40490 

140 6.3210 

554 10675 

900 237.100 1 
661 10679 

476 158025 
200 320440: 
428 1.7449 

090 90182 

610 158000 
790 128080 
884 70232 

875 10806 

748 10777 

272 10308 


00 100438 00 10089 0.7 

00 3108 00 32076 -00 

-10 6.12&3 -10 6.1948 -10 

00 40028 02 40488 -00 

-04 50175 -00 60248 -00 

-01 10346 0.1 10478 00 

-10 237075 -10 240026 -10 


ia , aresiraia 
4SB0 USD 14080 OS. 
84 » 3 -MS I imil OS 


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nraas* 


0.1 

10532 

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10338 

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157675 

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3108 

00 

32075 

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1.7428 

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1.738 

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1060 

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£6346 

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80065 

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860 

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16001 

-60 

16621 

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940 

-2.7 

129.65 

-20 

132416 

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800 

-20 

70287 

-20 

7.7027 

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804 

10 

10838 

1.1 

10586 

14 

1061 

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10722 

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10568 

1.1 

880 

07 

10248 

07 

10178 

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ss 4.73 are 

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478 v*anr 
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330 Tarn 


man jan I * /wl 11300 laoorel os 

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w.CARn*i 1 4 00 are l *orl oar 

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CL000-C4.9* 13D Z48 I 13* OS 

fiL.a»-c8.«sGG_| are cos are » 


Ba re b gp i Prime AcearotKIJA 

£10D-St4M I ISO 1JB 

CJOO-EJUSS 178 24* 

sifuno-etsaB — . are im 
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Mexico (N«w Peec) 30526 


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■*/) ggffi am . Q20 00820 n . . 

+00028 468 - 473 10556 10434 1047 00 1047 0.0 

GOO - 660 30660 ««+rin hsbk iiiwi 


10631 -00 
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Auatraaa (AS) 10510 
Hong Kong (HK$) 7.7278 

fahSa (Ha) 310675 

Japan (V) 88.7000 

Mdayaia (M9 20665 

Nos Zealand (NZ 3) 10591 

PhOppinea Paao) 2S06OO 
SaudUtedda (SH) £7606 
O lngapcra (SS) 10870 
S Africa (Coot) n 30428 
S Africa (HnJ (R) 40400 

South Korea (Won) 800000 
Taiwan (T$) 26.1900 

Thedoid (BQ 240600 

ISDR rtea tar S* 2£ emoffw wara 
but am knplad by onset Marat ma 


-0003 608-612 10626 10463 

-00001 272-279 7.7276 7.7272 

-00013 650 - 700 310700 310660 
*0086 600 - 400 680600 970600 
*00102 660-670 20686 20560 

-00009 584 - 398 10614 10584 

- 900 - 500 26.6500 260600 
-00001 604-506 £7506 £7604 

*00065 869-876 1.4875 1.4726 

+00065 420-435 30440 £6325 

-0076 300-600 40300 40300 

-20 000 - 800 002000 300000 
+00075 400 - 400 280400 28.1400 
+003 500-700 240700240390 
• Si Ha OoOar Bpra tftte ten*, arty fts tea ttr 
l. kK brand A BCU aia quoted ta LIB carmCK 


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10614 10584 


1.4875 1.4726 
30440 £6325 
40300 40300 


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an 7.7282 ao 
-30 310975 -20 
2.7 9709 20 

40 2048 £2 

-0.7 10619 -0.7 


10393 -00 
7.7431 -00 

95466 30 
20195 -2.1 
1.6672 -00 


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ptacaa. forwart item as n 
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£7746 -£6 
1.477 £7 

£6833 -3.4 


2504 -2.7 
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mvtesot 1 WCMOO 



CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


Sep 28 


BFr 

□Nr 

FFr 

OM 

S 

L 

H 

NKr 

Es 

PtB 

SKr 

SFr 

e 

e% 

% 

Y 

Ecu 

Belgium 

(BFr) 

100 

1608 

1801. 

4060 

2009 

4888 

5444 

2106 

4961 

402.4 

2309 

6022 

1086 

4009 

0125 

3080 

2047 

Denmark 

(DKr) 

52.41 

10 

£703 

0547 

1053 

2562 

£863 

11.14 

2590 

2109 

1208 

£108 

1041 

£008 

1038 

1810 

1036 

France 

(FFr) 

6002 

11.49 

10 

2027 

1010 

2944 

£278 

1200 

2902 

2420 

1408 

2422 

1.196 

£535 

1082 

185.7 

1034 

Qemraiy 

(DM) 

2008 

£925 

£417 

1 

0413 

1008 

1.120 

4075 

1010 

8200 

4012 

0028 

0408 

0085 

0843 

8344 

0024 

Inland 

(W 

49.77 

9496 

8066 

2419 

•1 

2433 

£709 

1068 

2464 

2000 

11.64 

£002 

0088 

2095 

1.665 

1530 

1068 

tedy 

to 

2.048 

0090 

0040 

0089 

0041 

100 

am 

0438 

1013 

6233 

0478 

0082 

0041 

0085 

0064 

6008 

0052 

Netherlands 

(F8 

1807 

£505 

5Q*K> 

0893 

0069 

8970 

1 

3008 

9006 

7302 

4096 

0739 

0086 

0773 

0074 

6804 

0486 

Norway 

(NKr) 

47.03 

8073 

7.810 

2088 

0046 

2289 

£680 

10 

2320 

I860 

1100 

1092 

0934 

1079 

1470 

1*5.0 

1.198 

Portugal 

(Es) 

2020 

30S3 

£364 

0982 

0408 

9870 

1.099 

4094 

100 

8108 

6723 

0012 

0401 

0060 

0031 

8227 

0514 

Spain 

(Pta) 

2405 

X741 

£126 

1008 

0499 

1215 

1063 

6084 

123.0 

100 

£812 

1000 

0493 

1048 

0777 

7682 

0833 

Swadan 

(SKO 

*2.70 

0158 

7.100 

2078 

0869 

2090 

MM) 

9092 

211,7 

172-1 

10 

1.720 

0049 

1000 

1038 

1310 

1089 

SaAxariand 

(SFt) 2408 

4.743 

4.1ZB 

1008 

0600 

1215 

1053 

6088 

1201 

1000 

6814 

1 

0494 

1048 

0777 

7665 

0833 

UK 

to 

5037 

9010 

8064 

2448 

1.012 

2482 

£742 

1071 

2404 

20 £7 

11.78 

2020 

1 

£120 

1074 

1560 

1083 

Canada 

PS) 

23.76 

4033 

£845 

1.156 

0477 

1181 

1093 

6052 

1170 

9501 

£557 


0472 

1 

0742 

7306 

0006 

U8 

to 

3200 

a 105 

6014 

1066 

0843 

1564 

1.742 

6804 

1684 

1280 

7484 

1087 

0.835 

1047 

1 

9687 

0016 

Japan 

w 

3243 

6188 

6088 

1076 

0652 

1585 

1.788 

6096 

1606 

1306 

7085 

1008 

0044 

1066 

1014 

IDO 

nrwq 

Ecu 


3908 

7490 

6519 

1008 

0789 

1919 

£137 

8048 

1944 

1660 

9.182 

1079 

0779 

1052 

1027 

1210 

1 


EMS EUROPEAN CURRENCY UNfT RATES 

Bap 26 Ecu can. Rata Change M +/- bom H reread Ov. 



rates 

against Ecu 

on day 

can. rate 

vwarica 

Netherlands 

219672 

215191 

+000198 

-£04 

500 

Mend 

0008628 

0794142 

-0002189 

-1.79 

403 

Belgium 

400123 

390060 

+00318 

-1.78 

400 

Germany 

104984 

102038 

*000202 

-100 

402 

Prance 

803883 

606273 

+00038 

037 

206 

Danmark 

7.43879 

703969 

-000524 

108 

106 

Portugal 

192054 

190718 

-0184 

148 

106 

Spain 

154060 

150982 

-0013 

306 

OOO 

NON ERM MEMBERS 





Greece 

284013 

292049 

+0309 

1080 

-802 

Italy 

179019 

193002 

-308 

708 

-630 

UK 

0788749 

0783863 

-0003022 

-037 

£44 


on -ms reoo 

U1 1* Hi 
UO Ul to 
XIO 4*1 MB 
431 4B7 Mb 

are am m, 
are are Mti 
ui ut w 

XOO 407 HO 


Mredd* BO* HuAb SBMkM Acc 

3ra%taMMPtecx(lteanii 8ia4 MI-MID70 

uojure-Mure [are are t are) os 

reoreo-caixm — are are are os 

QStUUSMdoav I *J» are I 40*l os 

The c»-op*rrtw Bank 

PO Bor 30a. ikrtntrKtea, Lrat . 03*3 33000 
rey— — -j are - 1 -lirary 

I 10,1 m 

po.QQo- IM Jl^^!T5jf ,fc * 1 cir j smja-Mte 
£2UXM*493» *41 311] UBMtt 

UWBO-CMJS 9 . — 1 431 aal 43 a s-mb 

tareo-flAan 1 aai are I xmIs-mb 


are I xnla-uk 
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are I 442 [s-mo 
are I as* 6 -nsi 
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TEUMWl .1 4 

jjrenMaifiiAnM 037 * 74*720 

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tauirante-^w-lAjiBD sreo 40M as 

wnnoooao^_^ 4.IZ9 are* 4in os 

UMMIOU 1 4173 - 49B& Or 

MMDaaUemlTBdUd 
NtaHaHnEHIW 0ei-WM3B 

MHPteiCbreteMMfM 

BABA* ... —1x33 34*1 SJsl or 

UnM Trim Baafi lid (bmartr OLD 

1 OrraCarararaOM, LartB WTH7*. On-ZHODM 
B oreo-ao a* m«c« . 72i x** I arela-rea 

B4oaD-isaranOte- xoa- xoo ais x+m 
R4000 - 1 >ra I X28 410 1 -I rare 


idwiaui. oaooazHii 
4ia are I 4jil ora 
Are -I an! i re 


J.BMySc6ra9aWgnA0aUd __ 
no nugraiA raw ec» wo an-areaaaa 

bo. moo asst aaal mb 

■tedtow— lazso a«37al anl mb 


WMlcni TradM# Idoret arena tec 
i>*iaM*Bteite,itetearan.iiM , vmpnn 

enyro* 4*3 4Ml ub| as £~ 

(&000-C14SW boo xtbI too as V* 

cireo-t*rea_ 47B are I 4 mI os 



n n reo-crejw 

B04M. — 

JMOdwrs** 


Maat pM raw Ira 

liwr. uranraraw 


r (Mr IQ; Bd^on Fnno, Y«t 1 


■ D-MARK FUTURES (IMM) DM 123.000 pw DM 




■ JAM 

IMS YM FUTURES 0MM ) Van 125 par Yen 100 

Open 

Latest 

Change 

Hgh 

Lora 

Eat vd 

Open bit 


Open 

Latest 

Change 

Ugh 

Low 

Dec 0.6458 

0.6438 

-00027 

06458 

0.8433 

24083 

72589 

Dec 

102539 

10240 

-00000 

1.0302 

10230 

Mar 

00446 

- 

- 

06446 

24 

6078 

Mar 

- 

1.0318 

- 

- 

10316 

Jun 

00485 

- 

- 

- 

1 

478 

Jim 

- 

1.0481 

- 

- 

- 


Eat vof Open M. 


6ouoteWteiateaaatbyftaBjraprai Cnrr iwiM ia n.Oi«r*nBireatata<lBio*ndSpiateBite«ranBih. 
foi reunte c b teigw ■» lor Eo< « poaM* draw 4 » | nw « «r»* cura n e *. OAarane s »h ora Bw 
teOo btesmn wg aqraadte Ote puranttgs OMteteios basaera fta aeaM orafcat aid Bcu dteWM ntes 
lw a cwrancy, and lbs matoiwn painind ptecantrea rarattan of fta onsncyli mnSat rate (torn is 
Bor eanate rate. 

P7708Q AsMng «nd MSI Urn tereraxted Own BWL ArMOnaot ctecutated by ft* FtoraM TJnra. 
■ P Hti JMDmwaAditmor n O M6 231050 (oents par pouxg 


■ SWISS PBAMC FUnWB8(1MM) SFr 125.000 par Sfr 


I WITUWBSgMM) £62000 pqrE 


Doe 

07795 

07786 

-00016 07797 

07770 

10020 

35.620 

Dec 

10750 

10736 -00022 10750 

10720 

Mar 

07821 

0.7812 

07821 

07812 

10 

633 

Mar 

• 

10700 

10700 

Jun 

- 

0.7857 

- 

- 

40 

80 

On 

- 

10840 

10640 


Strike 

Price 

Oct 

- CALLS - 
Now 

Deo 

Oct 

— PUIS - 
Nov 

Dao 

1000 

724 

72* 

741 

. 

008 

007 

1026 

401 • 

£01 

508 

001 

001 

081 

1060 

209 

£09 

304 

029 

087 

105 

1075 

100 

107 

232 

1.14 

109 

200 

1000 

025 

077 

106 

203 

£42 

XII 

1026 

O01 

008 

073 

£09 

542 

£95 



WORLD: INTEREST RATES 


MONEY RATES 

September 28 Over Ono Thraa SUi On* Lamb. Ota. Rapa 

nigra month mtfw man yrar inter. me rale 


Prariote rteyte CM* U» Puw 15711 . PMs. rtefa open S4, CMa 403038 Pm 3*80*7 


INTEREST 


Commodities on the move - 
Time to speculate? 

Cal] Philip O’Neill 

TO: 071-329 3333 or Fax 071-329 3919 


INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON +71 329 3377 

LONDON *71 3293377 NBWTOMC+aaagAdW FSANKPORT +490 44W71 


I SUROMAfK FUTURES (UWQ* OMim points of 10086 


Betgtom 

x:« 

5* 

5H 

BH 

64 

7.40 

£50 

- 

amok ego 


5* 

6i 

5% 

84 

7.40 

400 

_ 

France 

5’,. 

55 

SH 

S3 

64 

5.00 

- 

£75 

week 0£0 

51 

5m 

5H 

53 

84 

5.00 

- 

£75 

Germany 

402 

405 

5.0S 

£23 

£83 

QjOQ 

400 

£85 

neck ago 

4.87 

£95 

£02 

£18 

£53 

6.00 

£50 

405 

Ireland 

*i 

6fe 

84 

84 

7H 

- 

- 

£26 

week ago 

■lil 

S'.} 

83 

84 

7% 

- 

_ 

£35 

w» 

8+ 

B'*. 

84 

94 

10 Vi 

— 

7. BO 

£25 

week ago 

8 i 

8t 

SH 

9tt 

10* 


700 

£25 

Netherlands 

404 

502 

5.12 

£33 

5.72 


£2S 

_ 

week ago 

404 

502 

508 

£25 

5.88 

_ 

525 

_ 

Switzerland 

aa 

33 

*« 

4H 

4* 

0425 

£50 

_ 

week ago 

31* 

35 

4 

44 

XH 

8.625 

£50 


US 


5 

54 

5H 

fiH 

_ 

£00 

_ 

weak 000 

43 

5 

5 

5H 

58 

— 

4.00 

_ 

Japan 

214 

2H 

2 * 

24 

2% 

ra 

1.75 

_ 

wMfc ago 

2«.Ji 

214 

2H 

24 

23 

_ 

t.79 

_ 



Open 

Sett price 

Ownga 

KK* 

ION 

Eat. vri 

Open Ml 

Dec 

9X72 

8X71 

•002 

9X74 

9X70 

18352 

181737 

Mar 

94.30 

9X32 

- 

9403 

9X26 

18293 

173058 

Jun 

3303 

93.32 

•002 

9304 

9300 

10834 

104685 

Sep 

8308 

8300 

-003 

9309 

9304 

8077 

88107 


LONDON MONEY RATES 

8ap 26 Orar- 7 days 


I djJIWg wnwg (UFFg LlOOOm powtt oMOOK 


a - 5t» 6*2 - 6% 7*2-7% 

-5% 6 %-BJa 7A-7A 



Open 

Sett price 

Change 

Hfch 

Low 

Eat wri 

Open bit 

Dec 

9008 

9004 

+003 

9009 

9002 

3820 

31907 

Mar 

89.71 

8073 

*003 

8900 

8070 

2101 

18640 

Jun 

8027 

8023 

♦003 

8907 

8020 

857 

15910 

Sep 

8096 

8091 

+005 

8806 

8808 

821 

14702 


\ (UFFq SFrtm pokita of 100W 



Open 

Sett price 

Change 

Hgft 

LOW 

E8L vof 

Opan Int 

Dec 

9508 

9501 

♦001 

9503 

9£S8 

2889 

2Z712 

Mar 

9501 

9501 

-OOI 

9£24 

9501 

978 

11358 

Jun 

9408 

9408 

♦OOi 

9400 

9408 

255 

6069 

Sep 

9405 

9X57 

- 

9X57 

9X55 

17 

910 


I MONTH MCU I 


■ S UBOR FT London 

tntoitumk Fhtag - 5i 51+ 5y 6 J 

week ago - 5i 5A 5% 8 

US DoOar COa - 4.76 5.03 £35 £93 

week 390 - 4.76 4.87 5.19 6,78 

SOR Linked Da - W J) W a 

week ago 3H 3 j 3 * 4 

ecu LteWd Om nM rates: f nut SH: J nten: iX 6 mfts 0S: 1 yaar 89- A UBOH tateib 
rates m oitoad rates tor Slltai ouotM to tha imsbw by tow lataran c* bania at 1 ion, «ae 
day. Tk« cams ant Baton Trust, Bate of reftya. Bnctan and tatord Wteantreter. 

WW rates «* Pram tor fto donraSe Menay Rates, US 8 COa and SOfl Unted DepoKS | 

EURO CURRENCY INTEREST RATES 

Sap 29 Short 7 days One Three Six 


i (UFFEJ Ecutm pabitsd TOOK 






Opan 

Sett price 

Change 

High 

LOW 

“ 

“ 

“ 

Dec 

8£S2 

9306 

. 

9307 

9302 

" 


” 

Mar 

9207 

82.96 

♦O01 

9208 

9206 


- 

“ 

Jun 

9203 

9201 

- 

8203 

8250 

~ 

- 

“ 

Sep 

92.13 

82.12 

♦0.01 

92.13 

9210 


' LFFE tonne baded on Mrt 


■ THUMB MONTH EUHOPOllAH |MM} 51m points at 1QW 


Beigm Franc 
Dsnsb Krpna 
O-Marti 
OuBdi Gutter 
French Fonc 
Pcnugueso Esc. 
Soarssfi Pecota 
SWBng 
Swiss Frans 
Con. Dolor 
US Dolor 
lUUfl Lira 
Ten 

Asian SSinfl 

9nH term ralsa < 


4« ■ 4j2 
5'l - 5% 
■>.*« - *A 
5,‘« • 4B 
5% -5 1 * 
1218 - 11 % 
7,1 ■ 7% 

3*2 - 3*a 

■ 4& 

4 te ' 4U 
9 7lj 
- 2 d 
8 -H 

« cal Igr Vn 


452 ■ 4M 

Sh ■ 6*2 

4^ -4«, 

5-4 h 

5 14 - 5,*, 

9J|-9l8 
lb - 7,4 
■»V4J, 

3^ -3*j 
4U-41, 

Si'a - 4U 
3*9 -ft 
2 ! 1 ■ 2h 
iv m 

U6 Onto aid 


5A - 4(2 
6.1-5% 
4U-4li 

5-4 h 
Si’< • 5,4 
10V 9* 

7%-7lj 
SJ4 - e* 
all - 3,'j 
5-4^ 
5i« - 4B 
8 '* - Sit 
2 *i ■ 2 & 

2 l| - 2 % 

ran. oomr: 


5% - 5i* 

6V612 
5.‘* - 4}» 
Slg-S 
5H-51J 
10 ^ - 101 b 
7 13 - 7H 
5lJ-5i» 

V. - 312 
5,1 - ft 
5 1 * - S»a 
8 fa - 8,4 
2l| - 2A 

3^i - S'* 

mo days' no 


5* ■ 54. 

7h-fit 

5U-5ifl 
5% -SU 
Siz - 5H 
Hit - 10*. 
eia-e^ 
81 4 -8J8 

S^i -5% 
514 - 5,4 
9A - 9A 
SA- 2 ^ 

4-312 


One 

year 

BA - «A 
rh-TH 
5» - 5A 
54-5% 
BA - 6 A 

iOh - 10 Jj 
9% - 9 
7{f - 7A 

4ft -4A 
8 %. 8 b 
BA -BA 
id* -w 
2ft -2% 

4A-4^i 



Open 

Latest 

Change 

Mgh 

Low 

Eat vof 

Open Int 

Dec 

9X10 

9X11 

+001 

9X12 

9X10 

112,466 

rangTk 

Mar 

9075 

83.74 

+001 

93.76 

93-74 

67084 

401/144 

Jun 

S£39 

9308 

♦0.01 

9309 

9308 

41022 

280487 


Wortank Blaring 6-2 6-4% 5h - 5^ 5% - Sh eh - a* 7^ - 7^ 

awing CO. 5*-B* 5S-5V 8>*.Bia 7A-7A 

TrareuyBBe 5i*.-6d 

BraftBtii - - 5M-5Asa-54»84-6 

Locri auttoiy daps. 4ft-43 &A - 5A 5,4-5 A 5ft - 5H 6 & - 8 A 7A - 7A 

Discount Marital dapa 5 -3^ 5 - 4}J 

UK etearing bank ban tanring rate 6\ par cant bom September 12, 1994 

U)» M l 1-3 £8 6-9 9-12 

mh wk^uir raorjlto werth e reael he 

Cana o( Tax depw (£100000 7*1 4 3%, 3T| 3^ 

Cn of Tadn mtar Eioc,ooo la 1 n O epaato i wxftor ei m torcete tape. 

A*te tandv rate ef decora* 4fiO7^90. EC9D brad rate Sdp Braort Hnanea. Udra up dre >to93i. 
1994 Agaad irae tor prated Sep 24 IBP* to Od «L Me*, araemra 8 4 If aqtec. nramne* rate far 
pratod Jdy 30, IBS* id toe 31. IBB*. Sdrame* IV A V 457Bpo. finance Heuaa Brae nan 8>ipa from 
8«P t. IBM 


(UFF3 £500000 pomta Of 100% 

Hfeh Lara Est voi Open im. 
9300 93.13 18207 164391 

8209 6202 11201 6*568 

9104 8106 5112 52737 

91-M 81.12 3258 532S0 


■ SHORT SKMMQOPnOMZm £500 toOpdrtB of 100* 


CLIENT 

TRADING 

ROOM 

PRIVATE CLIENTS 
WELCOME 


38 DOVER STREET, LONDON W1X 3RB 
TEL: 071 829 (133 FAX: 071 496 0032 


PRESS FOR GOLD - 0839 800 411 

DW now tor Gold and Shw prkca, arilh 60 second apdatea 24 hows a day. 
For ddaBaoC per M raage of anractal M on mt o n eaatera. can 971-8859*00. 
Crib are cbvged at 39p/ada cheap raax 49p/rtn an ether bme*. 

Fare PagaUd. 19/21 G«M Tower St, Lend ooBORSAQ. 

Futures CallBIB 




Open 

Sett price 

Change 


Dec 

93.16 

83.10 

- 

3£20 

Mar 

8225 

9228 

-OOI 

CO 00 

Jun 

9107 

9152 

+001 

9104 

Sep 

91.12 

91.10 

+0.02 

0101 

Traded on APT. M Ope. tataas SgO. 

■a tar pradDua dtor. 


ntqxpr ■ WBbgrinCdfcnlaaintlteadMwlMlraGahb 

- you. CdMctadManaf or hn/edirB on Bn 6287215 orratec 

■.WKto tora1Cfci4nilfc.»|| 6notnor<Mn».lmaSto*MB 


FulierMoney - the Global Stcateay Newsletter 

;-ovc -«-.5 fcsndi. st-c*:. currencies & cotnnveaxZ'r.t’-j'Smr v.-noie lj 


ln j'c- issue £15 cr 
£le3Cf OS$2;0 
:n c! Chert Anoi/si' 
:'don 7! -437i9.iir 


■ IBT»»BW«raiUWmW|tiB4$1in|)aifl|w 

Dec 94.64 9403 -4L01 940$ 9403 1011 1B07O 

Mar 9X27 9X08 . &407 9406 1019 8059 

J«» - 93.92 1 J~Mn 

Al Opori Interest Box are lor preriaua day 

■ kUHOWWlK OPTWW3 (UFFg OMim points at 100 % 


Strike 

Price 

Dec 

- CALLS - 
Mar 

J 101 

Dec 

— PUTS - 
Mar 

Jun 

9300 

0.40 

OH 

017 

021 

£88 

10 s 

9925 

£24 

009 

012 

000 

106 

1.75 

8380 

013 

004 

008 

044 

108 

106 


Eat aoL total. Cm 1377 fob 4110. Aentoua day’s open tat. CMa 271108 Pida 174080 


fSUa m ±SRJSSSStS& 

WmcDAY. 

i*#n*o tmb KAMnrr on yoihi fax macmjie nuu. +44 81 33971911 

IN CAPE OF DIFFICULTIES Ca,TtUSOKVftA^a7 axaaaTo* 42 ” 


BASE LENDING RATES 


Strike 

Price 

Oct 

CALLS - 

Nov Dec 

Mar 

Oct 

Non 

puts — 

Dec 

Mar 

9460 

9475 

9500 

fly 1 

£06 

091 

£2 009 

0.10 014 

003 005 

0.19 

Q .10 

005 

002 

010 

000 

005 

0.14 

002 

008 

018 

004 

037 

003 

073 


■ TWHSB MOUTH PCOR POTUmg (MADF) Pafa irtterbeite oftered ra» 
Open Sort price Change High Low Fat VO) 
OK 9406 94.07 *001 94.08 9X0S £71 1 



Opan 

Sett price 

Change 


Law 

Dec 

9X06 

9407 

*0.01 

8X08 

9X05 

Mar 

9355 

93.58 

+002 

9358 

9305 

Jun 

93.15 

8119 

♦OlOQ 

9320 

93.15 

Sop 

8284 

9287 

+0.03 

8288 

8284 


<**» ■»« PUB 758- "Wore d*y^ open hu CMa 18*614 Pula istts 
■ BUBO SWISS PMWC OPTIOWg (LFFE) SFr 1m points of 100% 


Open inL 
46068 

Strata 

Price 

Dec 

- CALLS - 
Mar 

Jun 

Dec 

— PUTS - 
Mar 

Jim 

34.463 

8550 

018 

013 

009 

007 

042 

071 

28,110 

19080 

8678 

8500 

005 

002 

0.07 

005 

005 

019 

0X1 

001 

004 

002 


■ THHM MONTH EUROOOIJLftH (UF^- Sim pofrita o7 100% 


Er. VOL toot CMa 0 PUto a Pr sMu* d*yh cpm inL Cate 1885 Pun 8TS 



Open 

Sett price 

Change 

rtgh 

Low 

Eat «ri 

Opan ini. 

□ee 

94.10 

9X11 

♦001 

oxia 

8X10 

17 

2081 

Mar 

93.73 

9175 

+0.02 

83.74 

93.73 

30 

1445 

Jun 

93.37 

9308 

*0.02 

9307 

9307 

IB 

278 

Sep 

8307 

93.10 

+002 

93.07 

9307 

2 

52 


Adorn & Company— 60S 

AfcdThatSa* S0S 

AS Bank 60S 

•Henry Arabadw 505 

BoftcfBareda 5.75 

Banu Bkaolfaeoya-. £75 

BorircriCyixite — £75 

Berk of Mend.. £73 

Bank of Mb 573 

Bo* or Screm £75 

Bardoys Bank ... £78 

MBtofMdEaot... 60S 
•0Fowna*leyiCoUI£75 
CL Boric Nedartrt ~ 875 

CSBBrilNA 078 

CtydasdtiaBork £75 

The CaopenM in Bank. 879 

Couds&Co £78 

QereiyamaiB 675 

Cyprus Popdra Bank -£75 


□mean Laurie £75 

Scalar Bank Urited- 675 
RnaneWAGanBadc- 65 
•Habarf Hanrag & Co - £75 

Gtobank 675 

•Gufcra M ohai — £73 
Habb Baric AG a*fch. 575 

•Harrtra Bar* £75 

HartUde A Gan bra Bk. £75 
•MSaruL 675 

a Hom a co ■•■■Maaara 5.7S 
Hongkong BStanghri. 60S 
JdanHotoaBank— £73 
•LaopckfJreadi &Sone £75 

uoyda Baric 675 

Ma^TS( Baric LU „ — £75 

WtiandBank 575 

■MoradBaritiig 6 

NaVfesMmra — 5.75 

•HaaMna £75 


* Rcntu^ie Guoadaa 
Coporrilan Umfad ia no 
longer antotoad as 
abanM^fenareon. 8 
BDyrtBkcOooaand-. 675 

•SrriBi & Wamre Sare . 675 

TSS.... 675 

•Unled BkctWwaj— 675 

ureynwr Baric pic- 675 

wreterninre £79 

twinoyl Hkl»i — 3L75 
Yotfn Baric. -3.75 

* Mambara of London 
Investment Banking 
/lUuurlwlHi 

* tofldnMsbreon 



OHHWNCV MANAGEMBVF 
CORTOKATJOrt m: 
HOW Jewry 
Lenta EC2R8DU 
T«* Oil ASS 0800 
Fix: 071-9720970 


•FOREX 'METALS 'BONDS 'SOFTS 

Objactiva onaiysis (or pro(oj S i 0 nal invastors 

0962 879764 

Jen-eshtouss .32 Southgate Strict, Winchester. { 

Hants SC23 3EH F.H: Q424 77J0fi7 



£ 

l 


FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 ★ 


35 


WORLD STOCK MARKETS 


EUROPE 

M£flM{Sep2£/Sdl} 


HiW K 


i-/- 


+/- 


lam TM we 


»/- W* Lw wa HE 


HUM £0*0 

Btfuot MS 


jOm £825 

EVN 1,430 

szs 
no 

441 

208 
1JJ95 
340 


458 

5.685 


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— £200 
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-IS 1.713 
+5 1J07 
-2 744 
-11 1.067 


+3 298 
fl 1.100 

-12 7m 

43 600 


1.750 ZB 
945 OB 
BOB 1« 
£880 03 
1.180 1JS 
1.050 04 
558 

845 1-» 
BSD ZZ 

3 ? IS 

874 „ 

*M U 


i/FraJ 



MB 

895 30 


max 

840 


LVUH 

058 


UdCOD 

SE 

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123 

1.123 


Looito 

0630 


Pa 

360 

48290 

310 

“ 

Mobs 

12X40 

w * _ 

HtoMd 

914 

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Kd&tf 

12* 


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♦ /- MW 


I-/- — law w M 


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5-» +120 570 388 3.1 
848 +7 70S 900 04 

BSS —17 302 B8l Xd 
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z%S2 


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11,100 


4229 




Tatam 
TooAs 20050 
Toaffr 17200 
UntCM 10,800 


-42102275 — 
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+1917301282 22 
+99 9,199 MGS 2.0 
-50 30300 St, 400 1.1 
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BEIHHBJUBB (Stp 2S / Ra.} 


-gagas.. 

4SOO^»gM 22 

mm i 

JtBtSH 

-60 6.620X300 72 

-MO 8.180 7270 52 
-130 lttao 8200 12 
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=32SS§s2S?2 

■^saasis 

is 


■18 —1205 TBS _ 

|73 -21 1.150 BSU _ 

5U -5 804 35E.ID — — 
+■50 287 201 _ _ 
+20 157.40 11350 22 — 
-8 752 S42 13 _ 
+5 845 681 12 _ 

.9* -16 3 nS Z 57D 3.1 Z 

'S+nisiesB = 


UWnr 57 
AEGON 10120 
•RH 40 
AXZDtt 20420 
(taWl 3X50 
BMDN 3820 
CSU 66 

OSU 151.90 
OacTP* ISO. 


-120 7X70 66 XI 

+2011050 8020 5.7 
-20 5X48 42J0 — 
-220 Z291B720 32 
_ 4720 3320 32 
+50 82 3720 22 

-150 7720 8220 _ 
-.401585010620 12 






_ 4 BO 310 92 
-3 Bn 782 12 
-2 180141a 12 

+10 991 700 15 

-40 1230 1.400 13 
-14 1437 1.063 XI 
-1 ITS 123 — 
-10 1.738 1.429 4 A 
-10X640X780 — 
-3 2E3 IBS 03 
-35 12401 J01 — 
♦20132*011.125 04 
-70 7270 5.160 02 
-2200 1260 24 
+5 1256 HD 12 
-2 227 148 12 
+2 888 085 
-1 870 942 — 
+5 12901460 22 
-151.100 B4S 1.9 
-5 3X1 352 44 

-3 298 177 44 
-6 815 564 _ 
-4 770 51E 
_ BBS 735 _ 
-6 1203 1263 Z7 
-10 832 610 £5 
-1B12T8T21B 12 


-.10 BB20 7(70 24 
+20 9730 *000 XI 
♦JO 52 42.10 02 
+40 56.10 4720 — 
— X2D 6720 4X30 X3 
+10 6X30 6640 6.7 
— .2010020 72 22 

-120 03 8075 — 

-20M.S®«2S X? 
-1.10 5X30 40 09 

+.10 8420 71 12 

-40 131 112 XI 
+20 BB 5060 6.1 
+40 1394811450 ZJ 
+.10 10156 81.70 52 
+20 21540 18450 46 
-60 5030 403Q 16 
+60 236 17040 XO 
-3 20316450 12 
+10 5*50 4530 XI 

-20 13150 70120 12 


PACinc 

JAPAN {Sep 26 / Yon) 




1.179 _ . . 

X 342 -17 X211 23S0 02 


STS 29 

gZ -81.191 620 _. 

780 -8 1925 745 19 

30720 -X603me 276 22 
488 — 510 «3G 16 

_ _ BrSqjaa 36120 -420 485 348 X4 

2205 _ 2238 2.105 5.1 _ Bayer 3SX70 -120 4042033150 XI 

hs -swssa = as 

432 +20 57541150 XO 
1970 -51,105 815 14 


-15 2238 2.125 52 


M a e 

Balm 14.150 -150 17330 lino 42 
IreBS 8.4*0 +2011200 9250 42 

UC8 24.000 -200 76.100 27200 24 
UOMkl 2,700 _ 2230 X440 44 


Bqmv 


PBUimctSop2B/Kf) 


CDKn 

CoBCnP 


MPA 640 

IKKUOr 201 

G*1A 298 

*■ 

' Q/512A111.000 
1 Maco IBS 


Denote 

CAM 

USB 

BOM 

BSB 


SqMA 

SoptnB 

&£ 

TvpOan 

UnuiA 


326 

157 

420 

584 

186 

373 

192& 

296 

671 

GOD 

520 

516 

428 

333 

GBO 

240 


— 780 5B5 Z3 

— an aou 

_ 333 251 19 

— 7900 5900 as 
_m»nuni as 
-4 22817691 ._ 
-2 427 307 17 


EPS? 


-320125 
-10 815 
-31 043 

-1 278 
_ 425 
+25 1.053 
-1 305 

+876361 
_ 737 
— 615 
-1 675 

485 

+135033 
-20 U72 


161 67 
385 29 
446 XI 
163 19 
330 XI 
950 04 
292 34 
358 07 
488 19 
305 09 
42B 09 
321 13 
300 _ 
610 1.7 


-2 26738798 49 — 


nMUUB(SepZ6/MaO 


291 +190 34x50 236 1.7 
380 -4 S2B 377 39 

875 -2 851 750 1 9 

1960 ... 1930 1.140 09 

. . 8«9 -10 1930 820 19 

ObirHt 372a -390 3M7BZS0 39 
Omni 233 -490 29B 226 1.7 

DLW 418 -18 BOO 415 09 

772-13JM '304 0BO 19 
478 -1 588 443 19 

236 _ 2805821050 — 

1150 —14 687.50 05350 24 

sunk 184 -1 188 132 24 

Collate SOB _ 607 

Drtprti 32S +4 337 

DndBk 3B090 -29046650 
a SHE 535 -8 816 

270 -490 307 

726 730 

HrnttB 218 -4 245 

IHMZm 1980 -1319601.141 19 

rtnfcrfP 577 -050 061 S64 1.7 

IMz 348 *4 440 34223 

HMMI 896 -7 1998 657 14 

ffetat 336 — 1_50 30B50 3420 XI 

BIO -7 1.088 KH3 19 

215 +1 263 206 X8 

Z7490V -1 S13 2G650XS 

MWk 393 -1 433 360 £3 

MBS 14790 -190 169 131 — 
Kratd 60790 -XSO 64B GIG XI 
KUtol 504 -2 558 461 £7 

MB 129.70 +7016190 11518 



_ 5HUI (Sop 28 / Pt&) 



' 



143 

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880 


800 

630 19 

105 

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— LUBA 

735 


050 

680 19 

138 

+6 178 

121 19 

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am + 2 J 0 

BBS 

830 19 

93 

10S 

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UrwH 

366 



329 XT 

4590 

+90 4990 3090 19 

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188 

—1 21060 157 JO 

143 

-2 233 

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LllflPf 

18890 

-90 

209 

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17.40 

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470 

S7B 1.7 

KfiJN) 

+1 JO 5890 

43 19 


310 

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387 




705 512 19 
ISO 100 07 
247 148 19 
250 147 19 
258 200 09 
260 180 09 
578 287 09 
107 68 — 

104 59 19 

102 54,70 79 
5790 41 _ 

1 2D 8490 1.0 
— 244 175 X7 
-.80 31 IB 

♦90 209B 12 — 

-90 129 69 _ 


a* 


13390-1590 286 133 S9 
X745 -5 3917 2960 04 

242 -6 2B2 210 _ 

PnKsmoi 488 -6 530 483 39 

Pnrseb OBD -0 850 680 04 

WSS +5050190 41B X2 _. 

= 

301 -390 372 28B X3 

229 -6 2K7 204 39 — 

295 -XSO 313 248 24 „ 

040 - 4 1,119 see i 

380 -4 438 350 1 

SI -89079991 633 1 



— 6960 5.100 XI 
-80 OTTO 4920 49 

_ 3935X780 S9 
+25 3400 X415 74 
—10 4475 3,875 49 
_ 17JBB MJMO X 2 
-JO 0921 4.400 8.7 
-21.435 700 205 
-5 3980 2410 XI 
_ XI 58X400 29 
-50 ll SrS 9408 29 
-30X71S 1910 4.7 
S 1.775 1X10 19 
+40X2B0 2.3OO 3.3 
-70 MOO M60 29 
-8 1,100 726 S9 
-80 8M 416143 
__ 5.140 3910 89 
-3 1910 805 74 

— 7400 4.600 XO 
-10 7930 4,000 ZB 
-15 6490 4J200 X3 

-100 12560 9.710 19 
-45X1701900 _ 
+10 4900 X605 XO 
-8 355 102 04 
-10 896 3B1103 
-7 815 910 69 
-104450X805 39 
-20 X1U 1988 39 
— 1435 860 19 
*2 739 553 89 
-80 24001925189 
-13 1710 1,1 SB 59 
+10X120 2980 29 
+25 3980 X250 19 


Orikya B74 
O’ man 740 
DNiMt 631 
Wh 1.120 
OeBfft 1900 
UtoTbr 417 


= ££& 


+M 1.4201.™ _ _ 

+ 101910 881 04 Z 

+101960 076 _ 

-10 1 970 BB1 „ _ 
-10014801,370 _ — 
+ 14 744 633 14 — 

_1JOO B40_._ 
_ 534 402 1.7 _ 
-170 6900 3940 _ _ 
~ 5940 4970 09 _ 
+20 1950 1920 _ ._ 

-10 I960 1940 — -. 
-£ 81 1 390 1.1 _ 

-101900 19*0 — — 

-12 629 410 09 _ 
+2 583 r-9 19 _ 
+4 678 650 _ — 

-6 896 8S6 — _ 

+10 19601980 09 — 

-4 Ml 415 _ — 

+20 3940X410 ... _ 

-2 1920 642 44 __ 
+7 736 436 
_ 1933 1,530 ... 
+1DX5MX6B0 —369 
-10 1910 1920 19 _ 
-1 611 316 _ — 

-4 482 337 19 ~ 

+1 BBT 641 

-20 1,440 19*0 05 _ 
-7 768 571 1.1 — 

_ 2,370 X550 — _ 
+20 1930 1950 _ _ 
+10 X7B0 2,430 — — 
-101960 1910 _ _ 
+1 084 801 19 _ 

-i2 Bee 761 _ _ 

+13 628 410 _ „ 
-3 505 307 _ 

-1019701,420 _ 

+30 1.400 1.050 09 
+60 2900 1,700 — .. 
+2019101400 _ — 
-1 1,020 660 _ _ 

-81920 BOO — 

910 551 — 

-17 570 415 _ _ 

+501970 BBS .. — 
-40 2920 1980 _ _ 

-3 527 345 — — 

—u 1900 ass _ _ 
+34 066 B©7 19 _ 
-101,120 961 _ _ 

-10 1,7101.420 BS9 

+10 1970 1930 09 ._ 
+40 4930 3.720 09 — 

_ 703 545 19 — 
-8 636 4S0 _ ™ 

„ 1910 1,250 _ _ 
_ I960 I960 _ _ 
-20 1,100 003 _ _ 
+20 4940 3900 _ _ 
-4 708 621 09 _ 
+30X450 1920 _ _ 
_ 603 445 — — 

+1D0X8G0XD00 — — 
-1 738 335 1.1 _ 

-7 513 275 _ _ 

-8 an 

-1 1940 719 _ _ 

+301970 000 — — 
-90 2900 I960 — — 

-10 1.1 BO 841 _ — 

— 768 314 — 

-8 933 785 _ _ 

+2019101,110 — _ 
_ 700 430 09 — 
-101950 


Mari 

isiEifi 

MBffUl 


= vsr 

— Malian 

— we 

— NEK HI 

— NGK Sp 


FMMX(Sep2G/lirx) 


£5 


728 
554 
230.-® 

& JS3 

Iknar 515 
Bongm X130 

■ar ijs 

Cwsa-I- 8Z7 
QmGun 178 
CnMUBc 173 
Mour X1 12 
CcWn 10490 
Cnrora 1989 
QuBMd 45*50 
CCF SI* 90 
QfonF 758 
QItQ 387 
Crlocf 380X0 
Cmri 372 
Dotnol 5,670 
Oonons 709 
Dockaf 7*9 
Mfus 374.40 

fbf an 

EmnOi 481+0 
Ecco 871 


SS 


33490 
BTSan B67 
baSar 730 
bBCt. 710 
Eas» 7BB 
Bn X4S0 
hanfr 1950 
CtASCG 647 
Pl«Wfi 0.40 
p%na 111 
Pcncty 710 
FmEM 5,030 
CllCid 44030 
Rati H i X2S0 
Gwrt 343 
(Tpltya 387 
HW 42050 
knria) 574 


-250 358 200 JB _ 
-IB 766 580 49 
—5 B14 655 29 
_ 813 517 XI 
-fi 330 717 159 
-8 1.436 1,140 29 
-39023650 227 19 
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+10 X7G0 2.7H7 X» 
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-231.155 801 45 
_ 22X50 1SBE8 59 
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+190 485 348 XO 
-1.10*030 201 29 
-2 1J65 734 79 
-020 BSB 378 X9 
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-110X1B0S900 07 
-1 1902 BBS 39 
-7 030 610 __ 

-4.70 478 301 19 

+1 877 

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-10 1,127 
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-13 683 
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„ 1487X750 29 
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-.40 1X70 025 XI 
-690 182 110 89 
_ 930 650 XI 
-20 0920 4940 19 
-7 576 3B5 29 
_X754 197D 0.7 
-90 38323X0 1.7 
-13 64538520 39 
-1490 4B320 308 29 
-1 080 403 2.7 
+17 718 442 XI 
+22 197B 8S2 XI 
-90 118 83 49 



(Sep 26/ KroneO 



547 


_ 680 


—7 mi 326 23X56 2J» 


ASAA 

AGAB 


AbmB 

AiUA 


530 -690KBJD * 
340 -6 400 1 

334 -6 415 ! 

*0150 -8-30 528 < 
43650 -430 554 4 
381 -1 443 3 

1JB0 +101973 7 
231 —4 270211 


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Bubo 

OR 


780 ZB 
482 X4 
500 X2 
384 59 
306 G9 
764 XB 
734 _ 
700 B9 
633 1.7 


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FWfta 

FM 

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BOnm 3965 
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1BO 
21900 
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2935 
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1,142 
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10900 
1933 
6985 
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RxtSob 11930 
0535 1935 

G*l*n 39,4087 
6HM 4.190 
HR 26900 
IRL 5900 
m 10 .SC 0 
ha 2950 
IMcb 0.730 
Hricm 11946 
Hon 5.455 
UWdr 14,000 

mom 1X740 

WonUH 1960 
OBvnl 2966 
RlBt 4980 
2906 
2*900 
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STET 4920 
4950 


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+8 MOO 1584 25 
+15 2912 1502 ~. 
+5 2935 1985 XI 
-14 2910 1972 — 
+45X320 1950 XB 
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*10 7950 3979 39 
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+3 1905 1930 XI 
_ 44.723 OB 

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— 1X7D0 1X1 7B 15 
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-25X140 1913 ~ 
-70X100 3910 19 
-363905 1970 — 

-1505450 22500 1 A 
-90 1X100 BL288 29 
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+85 6950 4965 29 
-160 7900 4.W5 — 


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+ 101.230 842 — 

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_ 560 4*7 _ 

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... I960 1.140 — 
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-18 GBO 455 — 

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_ 1420 1.100 Ofl 
+1 080 752 09 
-6 468 37B 
+3 453 337 _ 

-10 030 578 
+2 040 770 07 
-8 4«S 310 _ i 
♦201400 645 - 

+2 1.110 7B0 _ 

-20 X230 1980 04 
+2 782 005 
+1J1910 86fl _ 

+20 XSOa 1983 04 
_. 824 4S5 09 
+ 10 X700 X000 _ 

-00 4.040 3920 -. 

-10 1910 059 _ 

— 1,170 B65 — 
-201.4*0 1920 _ 

+2 830 395 — 

+1 297 231 — 

-14 925 565 

-12 791 526 1.1 

+5 774 483 _ 

♦17 <94 315 
-8 0TO *45 .. 
+91.0*0 7B1 09 
+6 *86 GOO — 

-40X000 1960 — 

+ 1019501900 — 

-13 615 BSD — 

-14 810 628 — 

♦1 558 400 a7 

— 851 579 __ 

+8 520 412 — 

+20 1.4401960 09 
+3 1.1*0 865 .... 

-60 7900 5910 
+7 6,650 602 ... 

-1 462 31 B 
+20X1301910 
+10X3001930 ... 

I. MO 037 — 

-17 B02 702 19 
-8 020 450 — 

-80 X10O 1,700 X7 
+2 650 B2B — 

+* 705 478 ... 
+1019B0 1950 19 

“® 3 J 88 - 

_ 780 508 ... 

-15 772 484 ... 

-30 19001940 1.0 
+1B 017 4E0 .... 

.. .1900 1970 a7 
-3 615 441 — 

— 1.110 000 — 
+1019401920 ... 
+2019101.180 -. 

+18 530 335 -. 

-4 391 302 

-3 534 345 ... 
+300Z7.7D01BLMD 04 
— US* Mum .... 

-15 612 384 — 

—4 887 521 .... 

-8 619 385 — 

+20 1970 1950 09 
-8 63* 349 .. 

+2 934 727 — 
-101970 1940 — 
♦2019201970 ... 

-24 90? 600 — 

+2 475 325 - 

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+101900 1950 19 — 

— 744 650 — ... 
-1104920 2900 04 809 

_ 538 426 _ _ 

+3 779 804 19 — 

— 3940X410 — — 
+13 582 390 1.1 — 

+4 810 440 19 _ 

— 1920 70S — — 

+20 4.650 3J30 — — 
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+20X1501910 

+40 29701,650 — __ 
-10 13100 80S — — 

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-50 99406,100 — — 

_ 4.050 X370 — — 
-1900 1900 09 - 

— 19901.080 - - 

—30 1910 1980 .... — 
-301.160 956 — — 
-301.490 1,150 1 9 — 


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2960 
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490 
525 
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5950 
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517 
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1.470 
418 
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750 
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438 
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1900 
500 
1900 
1910 
1.710 
2.950 
3. IDO 
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699 
2960 
1910 
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584 
1920 
1.420 

780 

747 

1930 

740 

787 

389 

1940 

521 

1980 

87G 

610 

3.170 

7.060 

444 

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4S0 

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5SQ 

400 

373 

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1930 

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1980 

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1.150 

518 

751 
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1910 

874 

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9*1 

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B33 

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— 512 381 
-110 X560 7.430 

— 1.9101920 
-10 2960 2930 
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— X3S1910 
-1 1940 840 
+10 1990 1.130 
-10 1.360 1.120 
+8 838 476 
+5 BIO 411 
+3 88* 250 
+10 700 500 
+1 023 481 

—40 1980 1,110 
+10 2920 Xiao 
-10 628 700 
-ID X48D 5.490 
-3 652 618 

— 747 425 
+10 2990 1.B30 

+14 573 432 
-10 587 *04 

-12 1.100 837 
„ 1980 1.280 
-1 475 350 
_ 485 288 
+281930 HSI 
-5 340 292 
+4 1910 664 
-* 734 811 
-1 1.120 B15 
*301920 1900 
+2 813 874 
—50 19201.090 
-20 5950X7BO 
+B 748 810 

460X7101930 
+8 722 570 
-1 BS2 870 

— 1.690 1970 
-101940 1990 

♦719*0 856 
+3 OD5 400 
+5 628 GIB • 
-7 1.100 705 
+7 681 G88 1 

-4 5S5 387 
+1 720 002 

-33 >393 670 

+15 907 633 
-100 2150017200 
+*0 3930 2960 
+40 1.420 1.110 
-B 53* 328 
-S 997 415 
-20 1900 1.120 , 
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-10 1.720 1.450 
_ XQ20 IJIO 
-50 2900 1.S70 

— 3940 X330 
_ X460 X740 
+2 570 470 
+3 705 530 

+40 Z750 2900 
— X1*0 1.820 
-a 780 *50 

-2 829 E57 
+11 720 540 

-1019501.460 
+30 I960 1.100 
+4 786 576 
-4 676 670 

+30 19*0 1900 
+6 754 433 
—4 903 765 
+5 414 285 
-10 XO0O 1940 
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—20 ZOGO 1.430 
+6 75* 515 
+2 733 524 
-20 X400 X660 
— X2S0 1.T60 
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+24 68D 432 
+3 820 345 
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+6 41B 272 
+40 1900 835 
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+ 10 1930 030 
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—3 1 ,010 592 
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+20 1350 1.110 
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♦ID 1350 1.120 
_ 5*4 350 
-7 063 727 
+1 1.030 734 
+11 1,120 TBO 
+7 989 835 

3i.£ 3 

+101.100 B21 

-IS 763 442 
+5 74G 486 


nrr 237 

TnKpN 4.18 

Wstrmr aiB 

WMno 8.12 

WfeOHa 8 

WbtfTr 237 

VMpoc 423 

WMP1 496 

MTMI 294 


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- AUSTRALIA (Sep 28/AuStS) 



AMOyl 399 

Ameer B95al 

Arnoobt 393 

Amos a 42 

Ashton 3.15 

ANZBk 390 

AusBLI 4.48 

AN 198 

BMP 1982 

Ef* 338 

K S? 

1.03 
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CSR 497 
CRA 1X86*1 
CriM* X12 
OMt XJO 
CCAmM 834 
CorisM 4-05 
Grata! 530*1 
CammfMc 7.42 b) 
Crusdr 1.1Z 
DamMno 040 
Emal 498 

BT" 

Faktx 292 
Rene 393 
i.llnl 
X28 
2130 
196 
191 

290 

HV*G 195 
HnrikS 2 

KW08 1096 
KUdn 4 

LanoLa 17.10 
UtoK 294 
IBM 294 
MnyneH 797 

MnMf aia 

NAB 1090 
Nmal 6.76 
NsusCp 6903*1 
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NridMa X55ri 
NBHMk 396 
PWDun 4.14 
190 
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XI9 
PtaPac XS6 
PUnC B9SM 
POsGU 492W 
QBEIn 596 
OCT M 147 
ftnaiBd 590 
Romm 595 
Santo* 3.77 
SmtnHw 690B) 

Sanfiwa 11.00 
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+9011.12 898 . 
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— 39B 292 
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-93 196 064 
+94 15981X80 
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+97 546 440 
+98 2050 I960 
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— 140 £90 

— 1X30 750 : 
+97 5.70 392 
-99 590 490 
+.14 996 690 
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*■- §92 Jut : 

+93 192 190 
-91 1.40 068 
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+ 395 290 
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_ 140 £43 
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-90 1094 794 

- 491 118 
+94 1396 097 
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+95 1050 895 
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+93 279 190 1 
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* 5.92 397 I 
-93 £15 198 
+ £43 193 
+94 146 XB® ‘ 
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_ 025 550 
-92 490 XB3 
-98 696 4.60 
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-94 02S 498 

— 590 402 
492 398 

+.05 7.10 595 

+.io 1190 aio , 

-04 350 £65 
+.02 3.70 290 I 



22472 

1 453510 BCE 
mm bce Mi 
18173 BSB A 

8811 Brauk 

795027 BHAtall 
102674 BWtorS 
283*7 Bam£> 
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■ TOKYO -MOST 


FT fflEE ANNUAL REPORTS SERVICE 
taaMHNDMB*Mnito«m 
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ri* l l 

ACTIVE STOCKSe Monday. September 28. 1994 


1 

Stocks 

Ctoatng 

Change 


Stocks 

Ck»feig 

Change 


Traded 

Priceo 

on efiy 


Traded 

Prices 

on day 

Nippon Stsd 

7.4m 

307 

-4 

Toshiba 

2.6m 

747 

-A 

NKK . 

6. 9m 

290 

+1 

Ota Bectrtc - 

2.6m 

760 

-20 

Sumtiomo Metal 

3.4m 

341 

-5 

Kao Corp — 

15m 

1200 

+30 

Mitsubishi Hvy 

32m 

758 

-7 

Hitachi . . 

i.9m 

965 

-2 

KawasaM Steel — 

X6m 

438 


Mitsubishi Bee 

1.9m 

700 

+6 


INDICES 


US INDICES 


ssn BT7) 


MUUTBO/VBOI 


BEL20 (1/161) 

M 

Bompi(2V12f83 


IMNIMBfflRS) 

OonpoM4nB73 

RilMri&ttnAg 

OB 

PGA Bn C317I2/80) 


5BF 250(31/1200 

CAC 40pV1387) 


FAZAdtoqpi/12f5« 

C uan a 0ri * T i/raS 

owoonzwr 

tan 

A8Kma£1/l2ro 
Rug Kaos 

Hang SwgOlffiW) 

bta 

BSE Smi1979) 


6ED 0WBA4714H9 

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Bbogb Csnai U (1B3 
HCniiVWI 


NMBSDOn/IMZ) 

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USE 0*004/4/83 


8* 

26 

Sap 

23 

a* 

22 





NBh 

IM 

tBi 20586.18 2000095 2547X40 

16/2 

1775090 20M 

20309 

2CE7J 

JOM? 

zmw 

3/2 

16S79B 27ft 

10037 

1OB02 

10819 

113018 

a? 

00490 56 

40X20 

UPS 

38954 

46090 

2/2 

30087 22ft 

108(96 

108003 

1077 JO 

imm 

1/2 

101198 8ft 

13K91 

130792 

139890 

154298 

a a 

138*91 28ft 

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545329 

piw.n 

5511006 

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380086 an 

M 

417X70 

413690 

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328898 20/4 

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480890 

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385098 24ft 

H 

208112 

208151 

218296 

vz 

188048 28ft 

M 

49*07 

40455 

4B4A70 

23/0 

300120 4M 

35018 

351.18 

351.75 

410TB 

2/2 

33018 2Bfl 

18804 

1664.1 

15429 

1B729B 

4/2 

1601-10 3/1 

1S7B97 

120IT5 

127X47 

158X20 

2 a 

12B&3B 4/7 

1B02J2 

192795 

168897 

totoM 

32 

188018 4/7 

78496 

70092 

78075 

WW 

186 

75791 27ft 

223X6 

22479 

22303 

246*50 

2ft 

214U0 27ft 

206097 

2089.12 

207X03 

2271.11 

186 

TQ8BJ2 20ft 

01793 

88258 

85*99 

nstsa 

W1 

80097 25ft 

064393 

983X47 

9068-14 

1220199 

4/1 

838X44 4ft 

M 

446053 

445178 

4B2B57 

126 

345*90 5h 

51016 

51257 

51X18 

81298 

VI 

44X72 12/7 

183583 

1BS057 

180050 

208X18 

an 

1684.14 1/7 

| 67214 

68019 

671.13 

817.17 

106 

50095 10h 

10099 

10639 

1079 

UUUO 

m 

64499 m 

1981 4J6 

■11683397X155X81 

13 K 

173HX74 4/1 

29007 

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20096 

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28022 4/1 

156521 

Id 

158422 

171233 

13ft 

I4C97 4/1 

223792 

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224046 254298 

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1157.18 

117032 

117X68 

13M9B 

an 

ona 4M 


Sn 

28 


SBP 

23 


Sw 

22 


Hflh 


Sep 

23 


Sen 

22 


Sep 

21 


1994 


LM 


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CBS 11RnGen(Sri 83) 
CSS Al 9r ©id 83) 

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3831.75 

3837.13 

385190 

397838 

358135 

3B7BJ8 

4132 

to 

205792 

222051 

2881.17 0/2 

105733 20/4 





(31/1) 

m 

01/1/M 

(2/7/32) 




46490 31/1 

40G30 21ft 

Ham ftnfc 

9723 

9729 

fi 72* 

HS91 

38.43 

18X77 

5499 

427J 

4204 




(21/1) 

nra 

(18/10/93) 

(1/10«1) 


26X7 

2801 

90490 31/1 

8790 21ft 


149041 

150054 

150096 

180239 

149X41 

188X29 

1232 










era 

(23ft| 

mm 

(07/32) 

207590 

2OB053 

2060*3 

343894 3ft 

184591 11/7 

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17EJ0Q 

17097 

17081 

2Z79S 

17085 

25048 

1050 










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103070 

104594 

105091 

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Dai's Mgh 385092 (3HSX05 ) In 3620.31 (383X06 1 (Actual*) 



2B4490 

295X36 

293(36 

330837 4 n 

250733 90 

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45997 

46137 

461.46 

46296 

43092 

48X00 

4.40 









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m 

12/2/94) 

llft/32) 

26819 

OBTJO 

2KRJ 

33090 UK 

281X80 205 

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54392 

54001 

54028 

5HLB3 

51005 

66083 

162 










06a 

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ns«M 

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56X54 

571.79 

56593 

84191 4/1 

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4153 

4434 

41 ft? 

4094 

4130 

4040 

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(14ft) 

(V4) 

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(1/10/74) 


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SBrih Kern 

KoreeOHpBfVI/BOr 1045.12 102990 103491 1885.12 2&9 

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MedAl GE P0/12/B9 2B7.17 29082 3448 35091 31/1 

AbMttiGen(t037) 14219 14203 14103 KBUO 31/1 


T74990 140 
544000 1V1 


StotaBkhd 01/1268) T2MJ9B 123291 123019 14ZX34 31/1 
SC Gnnl (1/4®) 82199 92X74 92798 109399 31/1 


2M 

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133X78 6/7 

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130 


HVS Deap. 
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25381 

25482 

254 J1 

357.71 

fra 

243.14 

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45533 

45491 

45(77 

48799 

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43712/72) 

757.46 

78044 

7071 

00393 

nra 

68179 

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BOOBS 

(1BOM 

5497 

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702078 893098 688096 794024 178 519(93 19/3 

TMotf 

Bantfok SET OOM/75) 1*95.72 150006 153193 173X73 4/1 119858 4/4 

mg 

BOrtlri CnptlOl 1988) 259719 2577093 2517197 2888390 13/1 1288070 840 

HU 

MSC*MH(I/1/7DJS aaBJT 8300 8209 84400 2)9 EBT90 4H 

G80SS40RDER 

Eurinck 100(28/105101 133995 13*373 133(32 154019 31/1 136X48 21/6 

EuraTop-IDOGGMD) 117594 118258 1T7595 131191 2 12 114X06 21* 

JQvtOpn ovum U 337 JB 33029 906.10 5fl 20028 2U3 

Seringa B1IH947/1/9S) 10170 19051 18999 HU9 2fi/9 K19S 21/4 

m CAC-40 STOCK IMDEX FUTURES (MATIF) 



Sep 23 

Sep 16 

Sep 9 

Year ego 

Dow Jones bid. DA/. Yield 

2.78 

2.69 

X71 

2-88 


Sep 21 

Sep 14 

Sep 7 

Year ago 

8 8 P ted. Dhi. yield 

£41 

237 

297 

X51 

S 0 P ted P/E ratio 

2094 

20.91 

2096 

2792 


H STAMMRD AID POORS 600 IMMSX FUTURES $500 times index 


Doc 

Mar 

Jun 


Open Latest Change 
46195 461.75 

- 485.15 


h«tfi Low EsLvoL Open irtf. 
-020 46X40 461.10 67960 204.133 

146 0,393 

20 2,040 


Open narnat fiRuea an tor pmnous d*y. 


■ HW YORK ACTIVE STOCKS 



Open 

Saffl Price Change 

»9h 

Low 

E8L wot 

Sep 

19359 

1096.0 

-42X1 

1837 J) 

1894.0 

30385 

Oct 

19400 

1905.0 

-4X0 

19400 

19005 

4,520 

Dec 

19305 

1913ft 

-41ft 

1938ft 

192X0 

200 


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Gen Uokn 


Orea Qange 
pries m day 


5,665900 

5984900 

5^6900 


28^ 

4» 


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■ THAPmq ACTlVtTY 

• Vohnc (6*101) 

Sep 23 Sep 22 Sep 21 
New York SE 207-530 30X8G2 351.838 
Ann 19954 ^14. 130 ^17974 


m a. 


j&m- 


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5.040800 


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730 

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34ft 

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33 

21 

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2950900 

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15* 

119 


2977 

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GunebA. • Catamsd a 1500 GMT. • 
The DJ tori. Mar Dtoom U eri day's hl(7* : 



i we too nemges at the taghM end lowest prices i 
' I by mpramt the htghaa and torn*! i 



I; ycu rod yc-ur»o:i in i d-c-Dvlc-: si-.Lo.io:; - ccn r gsr to t.io c.-:co. cr 
•.verse. 1 here's no s? - >e left ts gei Jo - you'd fee in 'a b' : ; of a Jem. 
Unless you'd hxcJ the feniaslic fc'esig'n! to c+t c. Pu'ss. the utt.rnst-o 
in rdokotablo Siiianaal .::ifc/~xiic-r_ its uniqte persona! .database, 
facility allows ycu to irlrrer you' trading siraens at work. VVi'Jo a 
Pulse in your pockeL youV-t^altvays got sorr.eLtirc to erne or. to. 
FANCY A FREE TRIAL? CALL 0330 2328^5. £<!. 131 NOW. 


► PULSE 


Hutchison 

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Tel: +44 (0) 71 825 8000. 

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Tel: 069/15 685 - 113. 

Financial Times Information Services, 

Bureau De Vente Paris, 168 Rne De Rivoli, 75001 Paris, France. 

Tel: (1142 97 06 10. 


Name 


Job Title 


Company 


Nature of business 


Address 


Postcode 


Telephone 


Country 


No. of employees di under 50 
□ SOtolOO □ over 100 
I already use online ED Yes O No 


BBORij 

liL&NESS INFORmiKM] 

PART OF THE FINANCIAL TIMES GROUP 




X 


FINANCIAL TOMES TUESDAY SEPTEMBER 27 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 



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31 22*| ACE LU* 

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27 IDS 14* 14*2 14* 
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332 
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130 13133 2799 05* 83* 

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8^ An Cap he *065 89 


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H; 







6 





4 *• 




FINANCIAL TIMES TUESDAY SEPTEMBER 27 1994 ★ 


37 




4 pm dm September 2t r 


NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET ■tpmciaseSept&mb&X 





Ytt W Sk 
h K 1 IflOt 


OTp. 

am Pm. 
Wft Lot Onto I 


Continued from previous pags 


49% 32% Safe Mm 
13% 11% Sternal & 
5E% 40Sriunn 
2ST7%5nDB6E 

10 7*z SWAP 
17% 13*1 SH68 

40 31% snaf 
26% 18% StflFxP 
» 19% GnLM 
50% 42% SoEU Qrp 
ZD*; 12% Scoop 
41% 31% SOWhW 
71% 54% SdxPI 
63 50% Scttmn 
33% 23% SchwatKO 
10% B% Schemer 
45% 24% SOM 
16% 13 Seaman* 

66% 37% Scoop 
28% 18%Scu»HAsF 
12% 9% Scwttfe&F 
18% 13% SoaCnfl 
10% 14% SaaCI.4025 
32% 26% Soaffm 
39% 22%SagtolEn 
36% 26% SaUM Ak 
55% 42% StaraR 
13% 11% StagmSMi 
35% ZSSaHxmai 
39% 26% SaquaA 
40% BlSevafi 

38 22% SenCp 

28% 22 MW 

25 13% SIMM 
25 19% StamndM 
14% 9%Shet)rWI 
70% 58% SbefTr 
35% 29% SMW 
25% 13% Stxxwys 
22% 13%5KWMM 
20% 17% Son Pac 
6% S%Sta»Mni 
43% 34% SlgnstM 
28% 10% SfcnnGr 
13% 11% Staler 
0% 5% Safer X 
24% 17% Skyline 
5 3% SI Ms 
5% 4% SmAKOR) X 
17% 8% SmBXn 
35% 28% SKBOlA 
33% 23% SKSEqU 
24% 18% SaISfe Fd 
28 28% Sffudw J 
44% 33% ScfOnT 
21 % 17% Snyder 01 
34 23% SafeCSon 
34% 26 Send 

63% 49% Sony * 

19% 11% ScMiysx 
46% 40 Bran Cap 

45% 32SoulMtam 
24 17% SOUadrd 
30 19%Snxhm 
22 ISSCOMO 
22 18% SOAdCp 
22 17% BOllCo 
33% 2B%SouttnEE 
36% 38% SJETelx 

39 22% SWA* 

10% ISSouOttfGas 
18% 15% SodhWBv 
30% 23% SwdHVWSv 
12% 6% SpdnFim 
7% 4% Spain Cp 
18% 14% SphareO 
38% 29% Spring > 
40% 32% SplM 

IB 13%SPX 
19% 13%StdConin 
26% 14% Sd lUm 
12% 7% StanfacUt 
38% 26% Shfita 
30% 24% sum 
37 si%sanhami 
44% 36% SHIM 
44% 37% Staflnc x 
25% 20%StarBtti 
11% IOSObMC 
29% 24%5UffldA 
7% 6%Sta10crp 
13% 3% SfirtgCheni 
14% 9%S8E 
35% 2S5Mp5Ma 
10% eSWtelRn 
33% 27% StanUM X 
21% 9%smCeH 
27% 19% SBp Shoo 
16% 13%SKv 
41% 2S StlTdl 
38% 22% SBSkft 
18% tfSMMfta 
33% 23% Stain Rgtr 
4% 3 Sum Shoe 

11 10% SttlDbAx 

6% 4 Sui Dfc Bx 

7% 4% Su Energy 

48% 33%Swxnr 
50% 41 Sndtt 
71% 0 SintfttnePT 

3% l%5UHtM 
51% 43% Sand 
14% 10% Saw Food 
46% ZBSqMar 
40% 25% SupMl 
3Q 11% Sag Cm 
23% 18S»4SS Hflfe 

31% 15% syntax Tk 
10% 7% Syria Cup 
19% 16% SyrxnuFnx 
24 12% Syntax 
29% 21% Sysco 



22% 22% 
22% 22% 
43 43% 
12% 12% 
40% 40% 


1.40 *2 8 2993 33% 32% 

03! M 252 12% 12* 

084 1.6 8 782 40% i 
1.52 U S 421 16% 

016 1.6 6 979 

72312 171 
2-BO 8.5 15 38 m 
010 04 12 2641 23? 

0*4 2.9 15 2787 22*. 

083 05 11 2SD 43% 

1.00 78 9 SO® 12% 

31 61 40% 

2.M 38 16 2433 88% 68% 68*4 
180 Z2 22 4036 55 54% 54% 

038 18 13 848 28% za% 26% 

25 S3 9 8% 8% 

012 0 3 84 605 42% 41% 42% 

0 TO 06 15 190 16% 16 16 

080 13 16 4060 62% 61 82% 

02T *9 69 23% 22% 23 

0.16 1.6 242 10 B% 9% 

DJU 43 8 11 1B% 16% 16% 

146 6.4 Z100 15% 15% 1E% 

080 18 38 1GG5 31% 38% 31 

30 249 23% 23% 23% 

25 428 33 32% 33 

180 38 7 5518 48% 47% 48% 
a84 7.4 107 11% 11% 11% 

082 08 34 2164 33% 33*2 33% 
afio 2J 6 35 27(06% 27 

0 50 18 17 ID 32 32 32 

042 18 20 682 26% 25% 26 

082 38 12 239 24% 24% 24% 

082 18 17 7868 14%. 14% 14% 

080 17 20 2490 23 21% 21% 

are 28 21 4 9% d9% 9% 

387 48 21 9896 00% B5% 00% 

0.56 18 17 1317 31% 31% 31% 

9 <76 13% 13% 13% 

O10 07 15 108 13% 13% 13% 

1-12 58 11 47 19% 19% 10% 

U» 38 11 1157 sS 35% 35% 

32 3903 25 24% 25 

1.12 88 34 75 12% 12% 12% 

016 28 1 39 6% B% 6% 

048 2.4 19 121 20% 20% 20% 

OHO 1.4 15 16 4% 4% 4% 

020 4.7 70 109 4% 4% 4% 

116 996 15% 15% 15% 
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AASav 016 21 30 35% 35% 35% 

AdstaSya 020 264442 33 31}1 32% -% 

Advance C 7 2*3 8% 9*4 9% 

AH Logic 8 32 4%. 4 4 4, 

AdvPDtym 7 55 5% 5% 5% -% 

AstaTctaeta 14 61Sul7% 16% 16*z .% 

Adwnta OS 15 3S3 29% 29% 29% 

AITynw 13 $72 18 17% 17% 

AgtoOEa 010158 3SB5in4% 14 14j* 

AIrfispr 024 181076 28 27% 28 +% 

AMD ADR 224 21 53 59 58% 58 -% 

AkrfUd 088 17 6S3 20 25% 28 

Atogn &W 16 T1 B}1 B*s Bti ^ 

Alai Dig 052 15 44 40 39 30% *% 

Altai Hi 5 779 8% B% 5% -% 

AHCepOk 1J» 12 14 14% 14% 14% ■% 

AH Cap X 050 12 316 13% 13% 13% +% 

AtadteC 052 8 11 3% 2% 2% 

Ala Gold 006 17 1063 m)3 1% US *£ 
Altera Co 27 5061 Z7% 28% 27% +% 

AmBtoftH 072 8 2B3 22 21% 21% -% 

AraQyBu 14 3 15% 15% 15% 

Am Masap 21 418 23% 22% 22% -% 

Am Med B 13 S2S 9% 9% 9% -% 

AmSoOwa 032 9 573 4% 4% 4% -% 

Am Fftwya 41 1463 24% 24 24% *% 
AmGrtA OS6 17 907 29% 29% 29^ +A 

AnMP 1 <84 1% 1* 1 3 ‘j 

AmHfln 120 7 10 49% 48% 49% «% 

AnPwiCDnr 375490 20% 19*2 19% ■% 
Am Tim 12 BB9 16% 15% 16 -% 

Amgen Inc 20 5068 54% 53% 53% -% 

Amtatoi Cp 008 15 1272 11 10% 10% 

Aimfta 4 83 10 S% 9% -& 

Analogic 16 5* 17% 18% 17 +A 

Araiysb 052 13 55 18% 15% 15% +% 

Ananoaum 1JXJ 13 313 15% i5% 15% 

AnbewCp 25 1218 44% 43% 44% .% 

Andros An 9 *6 16% 18% 16% 

ApopwEn 030 34 150 1 6% 16 16% +% 

APPBo 6 219 5% 5% 5% -% 

Ante Mto 3112395 «% 45 46% -,»« 

AnteC 048 3012726 34% 33% 33ij 

AnMefaees OH 44 1404 16 17% 17% -% 

Altar Dr 024 43 602 19% 18% 19% +% 

ArttCO 019 141421 20% 16% 18% -1% 

Mgoou 1.16 6 41 30*2 29% 30% •*% 

ArawrAI 004 21 15 21% 21% 21% +% 

Arnold h 040 17 233 10% 19% 10% +% 

AStQni 3 44 1 3% 13 13% 

HprefTal 33 427 36% 35% 30% +% 

AaaacCtnn 315 46 25% 25% 2S% -% 

ASTRareh 63174 14 13% 13% -% 

ASdifeOi 12 25 10*4 10 10 +% 

HI SEMr 032 17 1351 24% 23% 24% -% 

AutdSk 048 242006 61% 60% 51% 

AUoUd B 154 3 <E% 2% 

Awnkte 092 18 14 7% 7% 7% 


- B - 

BEIS 006 27 38 5% d5 5 

BKdagns 10 329 12% 12 12% *% 

BaXmHWt 110 i% di m'i 

Baker J 008 12 823 21 20% 20% -% 

BkhmLB 024 3 63 14% 14% 14% -% 

Bandnc 19 506 26 25% 26 +% 

BnkSouOi 052 111461 16% 1B% 16% +% 

BtodumCp 040 91506 17% 17% 17% .% 

BateuDl 060 14 IBS 24% 23% 23% 

BteMEw 052 16 195 33% 33 33% +% 

BasatoF 060 14 135 26% 20% 29% +A 

Bay Vine OGO 13 15 24% 24*4 24% 

Bajtteda 1J» 12 955 55% 55 55% -% 

B8&TPh 1.16 0 259 20% 29% 29% 

BEAtoO 21 62 9% 9 S 

BaauDCa 042 31 29 14% 14 14 -% 

sanitary 14 230 14% 14 14% +% 

BtoMeyWRx044 133181 35% 35% 35% -A 

BKA&p 01216 56 12% 11% 12% ♦% 

Bk!C 102 60 5% 4% 5% +% 

BgB 016 17 384 12 11% 12 

Btadey W 008 15 50 14 13% 13% 

Btogan 57 5472 5352 51% S3% *1% 

BtamH 20 2017 11% 11% 11% 4% 

Stock Dig 104 11 74 31 30% 30% *■% 

BHCSoftw 133159 42% 42 42% *% 

BotomanS 138 9 2767 30% 30% 30% -% 

Bob Evans 029 191001 21% 20% 21% +% 

Bogle SB 15 56 30% 29% 29% +% 

Botaid 13 1233 11% 10% 10% -% 

Boston Bk 076 5 171 36% 34% 34% -2 

Boston Tc SB B86 13% 13% 13% 
BradyWA 060 10 114 48% 47% 48 *1 

Branco x 024 28 25 12% 12% 12% 
BnmoS 025 IB 2032 9% 8% 8% -A 
BSBBncp 07B 9 10 27% Z7% 27% 
BTSMpnp 046 5 130 2% 2% 2% 
BUMS 252051 17% 10% 1B% +& 
BufldaraT 20 10 12% 11% 11% 

BwrBrom W 266 11% 10% 11% +% 

Brioenfi 63 87 33% 33% 33% -% 

Btdfertllgx 040 8 190U32% 31% 32 +& 



- c 

- 




CTac 

770 48 

77 28% 

77 

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Cabal Med 

6 7B3 

5% 

5% 

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CBdSdrwps 099 17 1543 

29% 29% 29% 

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faring MTVnrfl Til 21 107 

18 17% 

IB +*2 

Clara Cp 

4371099 

9% 

8% 

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Catena 

225 5177B 

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CHUod 

22 297 

24% 

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Csttaao 

1 1035 

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CandabL 

1 379 

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4 178 

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Canoahc 

052122 139 

88% 67% 88% 

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3 124 

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CtoteBQu 

053 21 14 

28 

26 

26 


Cascade 

000 23 6 

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OsayS 

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Cdgana 

5 338 

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CEH Cp .18 7 11% 11% 11% ■% 

Centococ 016352018% 17 17H +,*, 

CntrKWx 1.12 11 1028 31% 30% 31*< +% 

CtalSpr 22 20 11 11 11 

□wider B 5 5 5 6 

□marl OBO 7 531 20% 19% 20% -% 

ChrmSh OOB 11 7931 8% 8 6%-% 

Qamtob 17 14 12% 11% 11% -% 

Chsmpamr 13 4 3% 3% 3% -% 

CHpaBTs 91774 5% 4% 5% -% 

Otero Cp 66 8422 69% 68% 69+1% 

am Fin x ire 12 456 52% 51% 52% -% 

Ottos Cp 017 31 162 32 31% 33 +% 

□nudge 29 6811 27% 27% 27% +% 

□6 Tech 112 291 2% 2% 2% 

CtacaSys 1317905 24*2 23% 24% -% 

CtzBenCp 1JB 17 TIB 30% 29% 30% +% 

CtoanHtr 24 719 7 6% 7 +A 

OflaDr 421000 12% 12% 12% 

Ckdtatom 7 it* 4% 4% 4% -% 

CocCdaB 1J» 17 93 28% 27% 28% 

CotaErgy 132 482 B% 8% 8% +% 

CodaAtam 29 15 11% 11% 11% +% 

CDgnaxCU 30 110 T9 18% T9 +% 

Cngnot 109 173 12% 11% 12 +% 

CDherard T7 90 14% 13% 14 -% 

Oftqen 040 BS 533 22% 21% 22 

CotolQas 16B 14 4 21% 21% 21% +% 

QM Bp 060 11 41 29% 29 28% -% 

rum* 024 15 1401 24% 22% 22% -2 

QtadM 009 >92471 16% 15% 15% n* 

CmcstASp 009 39 4417 15% 18% 15% -% 

GunmflkBteOre 11 21 B 31% 30% 31% % 

Coruna x 070 94 43 18% 18 IB +.70 

DHUmC 15 357 23 22% 22% -% 

CbeeattoH 3001643 9% dB 9% -% 
Coataare 53 63 11% 11 11% +% 

CowtocW 34 178 3^ 3 %V -& 

CtaPep ire 33 6 46% 48% 48% 

CoBfltan 4 67 5% 4% 5% +% 

CamtoCto 50 180 23% 23% 23% -% 

CnStDafaa 10 247 7% 7 7 

CoasA 050 71 399 16% 18% 19% +% 

Ccpysoa 34 2S2 5iV 4ii 4% -A 

Quite Qr 232778 53,’, 51% 52 -% 

Cop K A 47 610 17% 16*a 17% *% 

Custer B 002 271319 23% 22% 23% +% 
Cray Comp 0 907 1% i,l 

Chain Rea 32 51 6 5% 5 5%+% 

Cyiogea 2 262 3% 3% 3% -% 


- D - 

DSC Cm 184314 29 28 25% +% 

DtotGrOU 013 31 29 81 50% 61 -I 

DttSwUl II 181 2% 2% 2% -% 

Dtteflnx 29 54 7*4 7% 7% 

Dattanpd 14 B73 15% 14% 15% 

DwttlDpjKUB 12 486 28*2 25% 2^4 ■% 

DebStxxn 020 « 5 8% 6% 6% 

DatadOEn 032 24 150 15% 15% 15% -% 

DtodbGe 080 44 B 29% 29% 29*2 -% 



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DdctniRi 044 10 

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3812001 38*2 36% 37 A 

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Dap oya 

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Dbicoo 

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DH Tech 

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DtonexCp 

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Dach Hta* OfiB 14 

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DracsEnoy 

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DrassBatn 

10 

206 9% 9*2 9% 


Drey GO x 

024 22 

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DnuBnpo 008 461381 4% 4% 4% 

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DS Banter 

109 14 

313 26>2 28 2&A 

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Dunn 

042 12 

738 16% 16 16*4 


DurFU 

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8033*8 32% 32% 


DynaBdi 

7 

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- E 

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1 

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2 

93 

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BPBSO0 

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EnvtrSw. 

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EflcsrB 

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25 

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BddeBec 

15 

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010 24 1624 

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21 

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12% 12 12% 

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- F - 

FaflGra 

id 13 5 04% 4,; 


Fan Cp 024 36 M 7% 6% 6% -% 

Faaanal 004 67 7lBu42*2 41% 42% +1 
PW> taP 17 4836 27*2 27 77% 

FHlTM x 134 16 475 52% 52% 52% +1% 

FfflytW 13 616 4% 4% Vc 

Rggla A 024 0 IBB 0% 5% 9% +% 

n««l 31 1591 23 21% 22% -% 

Ftrto Am 084 8 839 33 32% 32% +% 

FstBcOhto ire 11 38 26% 26% 26*4 ♦% 

FdCoBkx ore 19 433 22% 21% 21% *}& 

FttSeay life 11 622 28% 27% 28% +% 

FtoTcnax 1JW 101339 45% 44% 45% +% 

FttWBSOl 036 7 72 9% 9% 9% 

FitfatMc a 58 7 286 34% 23% 23% -% 

FksOnrx ire 8 6 33% 32% 32% +% 

Ftetndss 49 130 6% 8% 6% +% 

Ftamv 26 688 21% 21% 21% -% 

Flow tot 19 107 8% 6% 6% +A 

FoodA OilB 152794 6 5% 512 ~}i 

FtXXLB 009575 2277 6 5% 5% -% 

Foremost ire 10 47 32 31% 31% -% 

Fdsctw 11 29 12*4 11% 11% 

FOGtotA 33 23 3 3 3 

Ml fin 1J>4 12 95 30% 29% 30% 

FtoFH 040 8 61 B 16*2 16% 16% -% 

FtoHwal 1.18 11 516 28% 28 28% -% 

ftdarw 058 19 174 30% 30% 30% +% 

FutanRnx OfiB ID 180 19% 16*2 18,** -1,’* 

Furan 024 22 06 18 17% 17% -% 

FutmtdADR 15 67 2% |E% 2% -% 


-G- 

GflApp 7 370 3% 3% 3% +% 

GSKSenx 007 21 628 15 14 14 -1 

Banins 0 18 2% 2% 2% *% 

Senate B 20 3% 03% 3% 

GetdCD 016142 IB 5% 5% 5ft -A 

GadBM ore 20 6 19 19 19 

Ettdyle 19 85 5% 5*« 5% -% 

GentoaPti 3B883 9% 8*2 9% +% 

GantBxCp 4D0 36 888 21% 21 21% +% 

Onus toe 150 473 4% 4% *% -% 
Genzyma 692514 37% 36% 37% +*4 
Stem Of 040 20 3598 16% 15% 15% -% 
aodngto. 012 133029 17% 17 17% -% 

GteertA 060 16 59 14% 13% 14% +% 

EMlBtan >1 9 U>% 5% 5% ■*% 

BnxlGuys 16 565 12% 11% 12% +% 

GoddcPny, 060 161385 22% 21% 22 -% 

GfadcoSya 300 318 3 2% 3 +,'* 

Grama 02Q 72 534 23 21% 21% +% 

fttenAP 024 10 15 17% 17% 17% 

GmwliPli 0 49* % i’i -A 

awmans 0 115 2% 2% 2% -*a 

GmdtVtr 625 65 1 3% 12% 12% -*a 

GnCttp 11 108 15% 15 15% +% 

GltaYSvg 61086 ID 9% 9% 


- H - 

Htodng A 53 362 6*4 5% 5}2 +A 

Hariasfd 06B 10 127 25% 24% 25% +1% 

Haiper Gp 020 13 438 15 14% 15 +% 

ffiO 4 Cdi 016 26 1362 33 31% 31% -Til 

HcaBbca 26 4236 28% 27% 27% -% 

KeakDOS 006 19 748 11% 11% 11% -% 

HsaflMyn 11 162 7% 7% 7% -% 

Kscttnger 016 » 1027 14% i4% 14,; +,*« 

Hexknj 3 10,', 10*4 10,’. -A 

HetonTroy 8 40 15 14% 15 +% 

FtefM 072 11 642 17% 16% 17% 

Hogan Sye 015 20 312 7 6% 6% 

Hatogtc 64 1459 14% 13% 14% -% 

Home Bant 060 87100 20% 20% 20% 

Han tads 04* 1b 288 25% K24 25% +1% 

Nontax* 14 627 13% 13 13 -% 

Htsaamu 0*4437 20 4,; 4% 4% -% 

Hun! JB 020 18 588 17016% 16% -*4 

Htotlngarix 060 8 2085 19% 18% 19% +% 

HumCo OOB 1 90 3% 3% 3% +,; 

HttdiTach 145 1045 27% 26 26% -1 

KycorBk) 18 8 4% 4% 4% +% 


- I - 


FRSys 

49 372 7% B% 

7% 

+1% 

DBCtenm 

26 9889 9*4 B% 

9 

+% 

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3 513 4% 4 

4% 

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toxnucor 

351137 6% 5% 

6 

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tominoBBn 

2 124 4% 4% 

4% 

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0« 32 110 17% 17 

17 

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02*192 3 13*2013*2 13% 


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btfeteNax 006 15 23 11% 11% 11% 


htegrDw 

2623394 23/* 20% 21% 

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MBBSys 

» >94 U75 14% >4% 


ktexmtt 

6 744 2% 2,’* 

2% 

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maa 

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20 124 B, ( * B% 

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4 570 4* Z 4% 

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262476 15 14% 14% 

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MtekyQA 

14 61 17% 17 

17 

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Mtes 

002 17 IB 2% dZ% 

2% 


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29 

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tonrogiCp 

2 191 3% 3% 

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teaneeb 

17 554 19% 18% 

19 

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sdVofado 

1JD9 40 ZlOO 217 217 

217 +1% 


- J - 

JU Snack 14 127 12% 12% 12% -*g 

Jaxn tv (UB 13 SB 98% 9 +i 

JLGInd 010 33 73 40% 38% 36% -% 

JehMODW 60 10 24% 24% 24% -% 

jCTHfeU 10 30 13% 13% 13% -% 

JawlfediOID 12 106 7% 7% 7% +% 

JadynCp ia 13 74 3% 29% 29*4 -% 

JSBFto are 161148 26% 26% 28% -% 
JmUg 028 17 730 18617% 17% •% 

Justh 016 10 1222 13% 13 13% +% 


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- K - 

KSwssx 008 12 707 W 23*2 23% -.43 

Karan Co 044 5 178 9% 8*2 9% -*e 

KffipyiU 3 330 6% 6% 6% 

KeflyS* 072 24 799 28% 28% 28% *% 

Kemucky OH 10 21 S% 6% 6% 

KUhDaflx ore 13 193 24% 23% 23% -% 

Ktarataa 21 15 10% 10% 10% 

KLA tnstr 65 5202 Vh* 47% 4g ,i 4 

Knawtodge 2 373 3% J% 3% 

knSA 01746 A % % 

Kunagltt 209 470 23% 23 23 -% 

nutates 101104 16% 10*B <8% 


> L - 

Laboro 072 22 4 16% 16% *8% -% 

Ladd Finn 012 371111 6% 6% 6% -% 

Lam teen 43 5972 39*2 38% 38% -1 

Lancasts 046 T5 255 15% 34% 34% ■% 

Lance toe 096 IB 46 18% *8% 18% +*a 

LandrakGpO 27 604 21% 20% 21 

Lanopacs 12 7 5% 8% B% 

Usenet* 24 78* 4 % 3!J 3jt ■% 

Lathee 5 IS 280 18% 18% *8% -% 

Lansoi Pr«04B 18 281 25*4 24 % 25% .51 

LOOS 3197872 22% 21% 2?% *i2 

LEX Cp 016 1 256 5% 5 5% -*2 

Leonora 19 157 16 15% 15% -% 

Legem Cp 14 2549 24 23% 23% -7 g 

Lite Tech x 02> 15 29 19 18, 1 * IB, 1 , -A 

Ldgflna 23 145 4% 4% 4% +ft 

UtatadA 023 11 209 12*2 12 12% 

LT Si 1XE 247 139% 138% 139% 

LmateT 052 15 127 15% 14*+ 15* a +*4 
UndsayMf 14 Ml 32% 3i% 31 % 
Lnejrlcc 024 38 3252 47% 45% 47% +1 
Ljqulfiox 1 040 17 31 35433% 34 -ii 

LawenGp 005 291210 24% 231. 24% +A 
LorwSar 9 G81 6% 8*4 8% 

LOusO 2923300 37% 35*4 36% *% 

LTXCp 4 1J52 U4% 4% 4% -% 

lvhh are 4 44 32L 32% 32% -*2 


- M - 

MCI Cm are 2134039 24% 3% 24% *% 
MS Cart 20 67 23*4 23 23 -% 

Mac HI 060 45 70 14% 14% 14% ■/, 

MaOstmGE ire 14 94 33% 32*4 32% -% 

Magma Pm 16 3726 34*4 34% 34% +% 

Magna Grp Q76 13 394 20% I9 7 a 20* 4 -% 

MaJ Box 15 856 9% 8% 9% +% 

UarcamCp 20 1 355 9% 5*4 9 +% 

lltorneDi 12 587 «7 t 4% 4% 

Martial Cp 9 6 41% 40% 41% 

Maraud 2 30 1% 1% 1% +% 

MarrUBa 19 637 9% 8% 8§t -A 

MattofimhA 044 it 17 11*4 11% 1i% 

UaitoiaB 080 11 062 20% 20% 20% 

Muffle 9 197 8, 1 , B 6 

Vtaonim 45 1041 60*: 59*4 50% -1% 

MaxnrCp 0 007 4% 4% 

McGrath H 044 12 6 16% 18*2 16% 

McCannicx048 151050 19% 18% 10% +.61 

Madox he *016 17 53 13% 13*4 13% -% 

MfldCtroS 048 14 455 25 24*4 24% -% 

Metomme 024 20 95 9% 9 9%-% 

Matter Cp 018 55 202 16% 15*4 16*2 +% 

IftnkG 024 23 2183 10% 10 10% +% 

MetcanLB x 080 12 196 21% 21% 21% +% 

Mercury G 070 8 91 28% 20% 29% +% 

Mention 1.36 11 1359 29% 28% 29% 

Matted 10 1356 10% 10 10% -*2 

Urinate A 012 IB 328 19% 18*2 19% +% 

MFSCrn 331381 33 31% 32% -% 

MMOdF (L2D 19 109 12 11% 12 +A 

MCtlNtofi 100344 583 76% 7S 7$% +% 

McrcHdi 8 23 3,; zi£ 3,** 

Mkxragg 103071 13% 12% 13% -% 
Mfcrocan 7 569 7% 7% 7J1 +A 

MaKtoi 0 232 5% 5% 5% -% 

Mtapdto 2 252 6% 6% 6% -% 

Molt 1618530 56 55% 55A -£ 

IHAIM 23 5569 M 26% 27 -A 

MdanOc 052 11 964 28% 26% 28% -% 

MUnGraln 050 23 250 28 26 28 -% 

IHsrH OS2 18 502 25 24% 25 +% 

MKm 861 23% 23 23*4 +% 

Moitadi 2D 54 16 15% 15% 

MoHaTal 481431 20 19% ift% -% 

Modem Cn 020 10 37 8 7% 7% •% 

MOdmMI 052 18 3376 26 25% 25? a +% 

Motoxx 004 305 40 39% 40 +,% 

Mttexhcx 004 32 505 42*4 42 42% +j, 

Moscnm 004 15 78 8% 7% 7% -% 

MostoeoP 0 36 24 7 32% 32% 32% *1 

Mr Coflae 18 197 15,; 15% 15% 
MTBGys 058 9 H 00 23*2 23% 23*2 J 2 

Wind 141170 31% 31 31% -% 

Mycogan 4 182 10% 8% 10 


- N - 

MAC Rex 018 11 213 26*4 26 26% -% 

ten Fndl 072 11 21OO 17 17 17 +% 

HsCompt 036116 407 14% 13% 14 +% 

Mrs Sui 020 22 148 15% 14% 15 +% 

Nnd^x 600 11 18 18 17 17% 

NECx 043102 51 59% 59% 58% -% 

HeAcor 18 Z74 28*2 28 Z»*4 +% 

NatWkGai 24 1452 18 >7% 17% -% 

Hands 108 1423 7% 7% 7% -% 

Naoogen 8 581 6 5*2 5% +% 

Ntgna OZ7 36 194 35 A 3$% 35% 

NawEBus QUO 20 990 18% 17% 17% -% 

Newknase 162 351 13% 13 13 -% 

MxdgalM 24 135 32% 31% 32% >% 

Newprl Cp ore 20 104 7% 7*2 7% +% 

Matte Dd 211819 7% 6% 6£ -A 

Nonfcai 056 26 191 56% 57% 57% 

NdGtrra 040 22 9632 39% 37% 38 -% 

Notoanl 14 6 19*4 19% 19% +% 

NSCrUn 4 87 5*2 5% 5% 

Mortals 068 12 713 38*2835% 36*, *% 
MVAfr 182880 18% 17% 17% -% 

Novel 73412266 14% 14% T4j; +A 

Mncfflua 41 3694 48 44% 45% +% 

WCA S 8% 6% 6% +% 

NSC Cop 7 8 2% 2% 2% 


- o - 

OOtafleya 21 44 13% 12% 13% +% 

Octet Con 16 473 21% 21 21% +% 

Oastalttf 14 701 14% 13% 13% -% 

OgtebayN 120 10 3 29 29 28 -% 

OhtoCs 1.46 6 »4 31% 30% 31 ■% 

Old Kant 1.16 10 3BB 32% 31% 32% +% 

OtdNadB 092 16 33 37 36*2 '37 +% 

Ottroremxire 7 507 29 27% 27% -% 

One Price 74054 9% 8% 9% ♦% 

Qpaealft 22 41 23% 23 23% +% 

OracteS B222344 43% 42 42% -% 

MSokp <2 246 16% 16% 18% +% 
Ortatach 099 26 10 9% 9*4 8% -% 

OrctxSupp 7 133 10 10 10 

OragoAM 031 10 628 6% 5% 6 +% 

Ostap 161279 3% 2% 2* -% 

OehkRA 141368 474 14% 14% 14% +A 

QSttatol T 050 10 10 10% 10% 10*2 -% 

OUtoTal 1.72 15 151 34% 33% 33% -% 


- P - Q - 

Paccar 190 12 405 47% «% 47% +% 

Padkntop 062 12 130 12% 12% 12% +% 

Piston 132 16 3 24 24 24 -% 

PactflCra 30 287 74% 73% 74 -1 

paramnre 332475 28% 2B% 28A -A 
Paychex 024 48 1161 37 38*4 36% +% 

Payee Am 21 13 9% 8% B*2 

Psarm H5D 54 12 12*2 12% 12% 

PexroTfly 9 nOO 15*2 15% 15% 

PamVkg 1J0 23 3 33 33 33 

Pentor 072 17 113 40% 38% 40*4 +% 

Ptatadll 13 96 5,; 5 5 -A 

PenwwIL Ore 27 15 24% 24% 24% 

PeoptesH 033 14 730 14% 14% 14% -% 

PfteteS 1.12 IS 213 29 S *%»%+% 

PtHrmacy 35 39 T1% 11% 11% +% 

PtaenxTcti 28 370 6 5% 5% -A 

Ptocadl 0« 3 10 9% 8% 9% 

name 33 130a 16 15% 15% +% 

Pmkeiton 37 135 16dl4% 14% -1% 

PtaneoGp 064 32 44 47 M 47% *7% 

PtottotoK 068 21 667 31 30% 30% 

POMtoSl 012 9 506 18 17% 17% -% 

Ponce Fed 5 2 8*4 8% 8% 

Panel 14 203 5% 5*4 5% -% 

Pies Life OOB 3 84 6% 6% 6% -% 

FYeaM 1602423 43% 41 43% +2% 

Pr/C09 21 4964 14% 14% 14% -% 

Pitta Pet 36 68 5% 5 5 

Pimnrl 28 274 17 16 18% -% 

Pigd Ops fUM 23 784 28 25*a 25% -% 

PurtBn B 012 8 149 16*z <5% 15% ■% 

Pyramid 81020 9% 8% 8% -*i 


ft Be 

CM gk. E IBB* Mak Lot text ora 
OiBdraLOfl ID 3D 6% 6% 6% 

QuaksChm OE 71 2 17% 17% 17% 

Ouat Food ore 16 543 2% 21% 21% -1 

Ouartum 68 3034 1 5*a 14% 15*a +A 

QuctaOy 21 149 15% IS 15% 

OVClnc 293070 «% 43% 44% -% 


-R- 

RakitHW 11 183 12% 11*2 11% •% 

Rsayo 4 396 5% 47 B 5 

tesJMDpl 1 411 3% 03% 3% *14 

Raymond 27 22 20% 20 20% 

Recnton 14 190 15% 14% 15% •% 

RdJte A 22 540 u24 23% 23% *% 

Hepflgen 7 1M 2 7 g T% 2 7 s 

Repwasa 6 59 u3A 3*a 3A +A 

Resraidnd 18 163 n*s 10% iD~ a -% 

Rstatra 037 t5 1766 43% 43*2 43% •% 

Ham toe 9 1M 5% * r a 5 -% 

RMrFytx Q60 10 20 35% 34% 34% 

Rooms im is i75e bo% 59 cn% +% 

RBNgnt 0(2 14 75 ST, 5% 6% -% 

RechSvn ore 4 taz is% ib% ib% -% 

Roosevelt 044 32657 17 1G% 16% -A 

ROSS S» are IT 831 15% 14% IS, 1 * 
MecMtea 28 686 23% 22% 22% -% 

RDU» 058 GO 879 19% 1B 19*2 ~*| 
RPM toe 052 21 572 18% 18% 18% 

RSfln OSD 13 123 22% 2? 22 -% 

Ryan Finty 11 199 6% 6 6% -% 


- s - 

Sateen 196 7 2587 5(% 50% S1% -% 

SHdanaw 030 14 75 79% 18% -*a 

sthkntaov are re ass ^ 27% :?% +% 

Set Med L 1113872 42% 4t% 42% -1% 

SClSyMm 1788191122% 20% 21 7 l -1% 
Su» 6 2564 C% 5% 5% -% 

Sato. Cp 052 TO 1268 =2 21*121% -% 

Seme Bid 5 172 4% 4% 4% -% 

Serrftek) ire u T1 37% 36% 36% 

S' gale 105931 23% 22% 22% -% 

SB Cp 016 27 98 21% 21% 21*2 

Seflwfc B are 6 206 3*a 2}2 3% *A 

Sdeoms 1.12 15 1? 26 25% 26 ->% 

Seguem 82 1661 17% 17% 17% -% 

SnpMa 30 657 4% 4,; 4% -A 

Sera Tech 13 71 9% 9*p 9% -% 

SeraFrad 17. 5 4,; 4,'. 4,', 

Senraon 022 16 127 10% 17% 17% 

Six Med > 084 ?! 1422 2B% 27*i 2B-I,’, 

fM-Kyam 21060 5% 5,% 5% *% 

Smewood 34 190 21% 20% 21 •% 

SPowtaP 7 683 7^ 7% 7% -% 

Sutra On 151174 21 19JJ 20% -% 

Satralu 4 20 3% 3*2 3% 

SQmAI 033 16 1739 36 35 % 35% +% 

StgmePes 17 1227 7 6% 6% -% 

SScrNBc 006 63 38 12% 12% 12% +% 

SHcnVCp 40 1233 14% 13% 13% -A 

Stmpsan 040 14 134 11% 11 11% +% 

Smttifld 38 T254 27% 27% 27,; *A 

Sntettete 36 3201 13% 13% 13ft 

So(Mrad> T 241 4% 4% 4% -% 

Sauce 056 17 1295 23% 22 23 +% 

SouMto 088 10 2058 20 19% 16% -% 

Spiegel A are 32 1247 16 15% 15% -% 

StJudeW 04014 3104 35 33% 34% +% 

StPaJBc are 10 345 20% 20% 20% -% 

SfcyB 1 414 2% 2 2,% 

States 46 7599 31% 2B*z 30 
Stole Sir 060 15 3455 38% 36 36% -% 

StdMfero 131353 20% 20 20 -% 

StdRegta 068 13 332 20%d10% 20% 
StoSTec OJIO 20 449 19 17% 18% -% 

SUUMJSA ore 35 604 10 9% 9ft -A 

SWN 141 6 20% 19% 19% -% 

SUBMlxO 1.10 14 5 23% 23 23 ■% 

StnxatDy 93676 4% 4% 4% Jfl 

Strytan 028 25 2899 36% 35 35% -1% 

SufttanD 19 29 13% 13 13 

SumUSMB 080 18 7100 23% 23% 23% 

Santa Be 084 133004 27% 71% 21% 
Santa Tb 36 1669 34% 32% 34% +1 
Sun Spat 10 28 4% 4% 4% 
SwiMK 1510523 29% 28% 26% -% 

ScdRTn 41 43u40% 40% 40% *% 
Sybase Inc 5810387 50 48 50 +% 

Symantec 41 3241 15% 15% 15% 
Syitatay 040 18 43 18% 18 18,; +A 

Synercom 87 372 4% 4% 4% +% 

Synxgen 1 1566 5% 5 5 %*, 

Syndic 64 12 15% 15% 15*2 +% 

Synoptics 135785 14% 14% 14,’* -A 
SytomSta 012 151020 13% 13% 13% 
^StamSco 27 2S4 17 16% 16% 

SystttnttJ 39 B94 6% 7% 6*4 +% 


- T - 

T-CBBSc 5 90 3 d2% 3 

TjnxePrx 052 20 1120 33% 32% 33% +-28 
TBCCp 13 157 10% 9% 8% -% 

TCA Catft 044 2B 463 24% 24% 24% +% 

TachData 12 561 19% 18% 19*4 +% 

Teeuixwixore 13 TO 50 48 50+1% 

Takelec 5 I77ui4% 12% 13% +% 

Telco Sys 8 438 12% 11% 12% 
TaKtaiA T6GT0899 22% 21% 21% •% 

TatoW 81Z73 5% 5% 5% -% 

TeBton 29 4352 41% 40% 41% -% 

Ttoxui Cp 001 61 280 15 14% 14% -% 

Ten Tec 67 327 8% 8 8% -A 

TavaPMDR 010 28 1640 27% 27% 27% -* z 

Three Con 711ZBH 371 2 36% 36 A -ft 

n 137 S% 5% 5% +% 

TJHX 022 283000 18% 17*2 17% -% 

TokMUad 5 5066 7% 6% 7 -% 

Trim Mar 034 36 2100 60*2 60% 80*2 -1% 

Ton Brown 08 239 12% 12% 12% +% 

ToppsCo 028325 5118 8*2 8*4 6% 

TPI Enter 3 140 6% 6% 6% -% 

liWBWHd 20 11 11 11 

TtBXKlck ire 10 1105 37% 38% 36% -% 

Tricant 21 30 2% 2% 7% 

Tnmhte 71 128 13% 13% 13*2 **B 

TnBCOfikC MO 10 25 19% 19% 19% -1% 

Tseng Lab 020 12 892 &% 6% B% +% 

IfcfdA 008184 773 24% 23% 24 -% 


- u - 

USHUItor 084 15 3156 44 43% 43% -% 

IMta 2 22D 5% 5% 5% 

UQOeaGs T.00 14 17 17% 16% 17% +% 

US Ta 200 17 101 52% 52 52% -% 

IHUdStX 040 8 66 10 9% B% *ii 

IHtofl 008 14 16 16% 18% 18% +% 

urteta ire 28 972 48% 47% 48% +% 

USBancp ire 103185 26% 25% 26 -A 


USEneiggr 

11 

1G9 

4% 4% 4% 

-h 

UST top 

1.12 81876 12% 11% 11% 

-% 

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15 

523 

9% 9% 9% 

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12 

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12 

668 

4 3% 3% 

-% 



- V 



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162 16*4 16 16% 

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VnadCtol 

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513 

20 Z7% 25 


Verttone 

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+% 

Wax 

40 

312 2S% 2% 25% 

t*2 

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101004 

18^ 16% 16% 

**0 

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■% 

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25 4901 

11% n% 11% 


VW»B 

017 3 

70 

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■*« 


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Warner En 010 20 2S5 26 25% 25*2 -% 

Wamrttah 100 654 6 5% 6 +% 

Watodtetsa072 71477 M7 a 20% 20% -% 
WasntedSL 084 8 <24 2&%dl9% 20% 
WBttSireU 022 10 132 25 24% 25 +% 

WaeaiFMxOM 14 515 23% 23% 23% *% 
WD-40 240 16 47 43% 42% 43% +% 

Kedah 61052 3% 3% 3% 

Wed One* 072 111821 3% 28% 29 +1J 
WStPuh II 86 13% 12% 13% ' 

WtopStA 1 637 14% 14 14% +A 

HMSeaU 10 5 3% 3% 3% -% 

Mfflta 096 25 995 51 ft 50% 51% *% 

MtESowna 992453 43% 42 43% +1% 

WaUunL 028 14 40 16% 16% 16% -% 

yynv o*o 27 1495 zi% 71 % 21 % 

WPP Gmup 003 21 187 3% 3% 3% -% 

Wyman-fiitaMO 1 67 6% 6 6% *,% 


- X - Y « Z - 

XtoK 29 2049 46% 45% 46% •% 

XoraCorp Z 892 3J3 2% 3% 

Veto* Qfl* 88 2388 1 8% *8% 16ft -A 

Vorktesh 150 20 4% 4% 4% +% 

ZtoneUita ire 9 087 40 39 »% -% 



38 


WORLD STOCK MARKETS 


FINANCIAL TIMES 


Tuesday September 27 1994 


AMERICA 


EUROPE 


Dow on hold Washington meeting worries weigh on bourses 


ahead of Fed 
rates decision 


Wall Street 


DS stocks struggled to find 
direction yesterday morning as 
investors awaited today’s Fed- 
eral Reserve policy-making ses- 
sion, writes Frank McGurty in 
New York. 

By I pm, the Dow Jones 
Industrial Average was up 3.03 
at 3,834.78, while the more 
broadly based Standard & 
Poor's 500 was a scant 0.20 
higher at 459.87. 

But the Nasdaq composite 
was down 4,59 to 752.87 on 
weakness In technology stocks; 
and the American SE compos- 
ite was off 1.44 at 453.79. Vol- 
ume on the Big Board was 
moderate, with 145m shares 
exchanged by early afternoon. 

After a week of volatility, 
trading settled into a more 
even tempo. The blue chip 
index meandered within a few 
points of its opening level 
throughout the morning , min 
raring a lazy drift by bonds. 

Few investors were willing 
to mairp big new commitments 
before it became clear whether 
the Fed would decide to raise 
interest rates immediately. 

Yesterday’s session brought 
a piece of evidence suggesting 
the economy was cooling. The 
N ational Association of Real- 
tors said that sales of existing 
smgtefatnily homes had fallen 
by LB per cent last month, a 
little more than analysts had 
forecast 

But the data had little 
impact on sentiment Allied 
Signal added SI to $34%. but 
the gain was offset by United 
Technology, which dropped 
SI 1 /* to ¥61%. 

Philip Morris gained $1 to 
¥59% after si gnalling its inten- 
tion to resist more stringent 
restrictions on smoking in New 
York City. 

In semiconductors, Micron 


Technology shed $1% to ¥36 
while Texas Instruments 
plunged ¥4%, or 6 per cent, to 
¥67%. CS First Boston down- 
graded both stocks, citing 
weak demand for dynamic ran- 
dom access memory, or Dram 
computer chips. 

On the Nasdaq, Oracle was 
off $1£ at $42 A while Lotus 
Development added ¥H to 
¥37 A. The two companies 
reached an agreement to inte- 
grate their database software 
products. 

In banking, EquiCredit 
surged $4% to $29% after Bar- 
nett Banks agreed to acquire 
the company. But Arbor 
National Holding plummeted 
¥4% to ¥16% on news of its 
agreement to merge with 
BankAmerica. On the NYSE. 
Barnett dipped ¥% to ¥43% and 
BankAmerica $% to ¥45%. 

Canada 

Toronto was lower In thin mid- 
day dealings as investors 
responded to US interest rate 
worries. The TSE 300 compos- 
ite fell 32.66 to 433m 

Only one of the 14 sub-indi- 
ces remained in positive terri- 
tory at noon, with a 2.0 per 
cent decline in conglomerates 
leading losses. Canadian 
Pacific feU C¥% to C$22% amid 
concern over the effect of 
higher rates on the group. 

Brazil 

S&o Paulo edged down in light 
late mnmhig trade amid con- 
cern over a report quoting the 
presidential candidate, Mr 
Fernando Henrique Cardoso, 
as saying that he saw possible 
government action to slow the 
inflow of foreign money Into 
Brazil as positive. The Bovespa 
index was off 522 at 54JXL0 at 
1L40 local time in turnover of 
R*12Z.5in (¥141m). 


MARKETS IN PERSPECTIVE 


% dmoga In local mnrmcy t 

% dange 
tetet 

K cfcang* 
MUSSt 


into* 

4 Wire 

Iter 

Martel 

MM 

Mart of 
1004 

Start o 1 
1004 

Austria 

-0.95 

-3.45 

+5.69 

-9.04 

-439 

+2-04 

Belgium 

-2.06 

-5-36 

+5.23 

-939 

-344 

+304 

Denmark 

-1.53 

-3-27 

-+-2-26 

-8.61 

-4.17 

+226 

Rntand 

-2557 

-0.91 

+38.09 

+20.68 

+33.47 

+42.42 

France 

-0.60 

-6-19 

-4.16 

-1395 

-9.83 

-377 

Gomsiy 

-1-34 

-3.04 

+6.61 

-8.93 

-403 

+341 

tretend 

-2j57 

-0.77 

+1720 

+1.41 

+323 

+1229 

Italy 

-0-18 

-2.10 

+1155 

+8.93 

+1312 

+20.70 

Netherlands 

-1.52 

•422 

+9.05 

-5.75 

-0^8 

+378 

Norway _ 

-1.21 

-7j45 

+8.79 

-2.36 

+1.62 

+344 

Spain 

-0.57 

-3.74 

+1.72 

-9.81 

-5.72 

+060 

Sweeten 

-1.41 

-158 

+10A6 

+2.64 

+732 

+14^2 

Switzerland 

+0.45 

+0.71 

+S^6 

-1311 

-254 

+4.00 

UK 

-1.27 

-7.23 

+0.95 

-10.92 

-1053 

-425 

EUROPE 

-1.02 

-4.79 

+3^9 

-8-81 

-5.75 

+028 

Aus&rafia 

-2-D3 

-as 9 

+5.95 


-4-35 

+2.07 

Hong Kong 

-3.12 

+3^1 

+31.88 

-18.88 

-2397 

-1387 

Japan 

+0.68 

-2.B9 

-1.92 

+9^4 

+1392 

+24.77 

Malaysia 

-032 

+7.26 

+46.15 

-6.37 

-7.53 

-123 

New Zeeland — 

-1.45 

■HL96 

+11-20 

-031 

+0.10 

+082 

Singapore 

+0.41 

+1^6 

+19A1 

-7.07 

-336 

+1.00 

Canada 

-0 .62 

+1JB0 

+15.62 

+3-96 

-4.05 

+229 

USA 

-228 

-2^9 

+<120 

-1.24 

-7.45 

-124 

Mexico 

+0.89 

+1.66 

+5625 

+7^9 

-7^8 

-127 

South Africa 

-127 

-1.88 

+59.43 

+17J1 

+9.76 

+17.12 

WORLD INDEX 

-IDS 

-OOI 

+2j48 

-088 

-079 

+5-87 


ttartMlMMtatem CopyriaM. lfci AMndW nnaa United. OaMnaa. Soda A Co, 


The world’s equity markets accelerated their downtrend 
last week, the FT-Actuaries World index losing 1.05 per 
cent in local currency terms against a decline of 0.37 per 
cent in the week before. 

Mr Robin Griffiths, technical analyst at James Capel, 
noted a week ago that when the US bond market tope 
ont at the start of this year, it not only cracked all oti 
bond markets, but brought most equity markets down as 

is nemc 


well. Now, he said, the 
three months of stablli 
again in a second dip 


mg repeated: “After 
rices are headed down 
equity prices with it.” 


Hong Kong underperformed for the second week in suc- 
cession. Last week’s fall was directly linked to growing 
fears of an interest rate rise in the US, since the US and 
Hong Kong dollars are linked, but investors were also 
Inhibited by the withdrawal of the five Jardine group 
companies from the local Hang Seng Index, ahead or their 
lent delisting from the exchange. 


FT- ACTUARIES WORLD INDICES 


Worries about the outcome of 
today's Federal Open Market 
Committee meeting in Wash- 
ington continued to weigh 
upon senior bourses, writes 
Our Markets Staff. 

FRANKFURT blamed the 
FOMC prospect as the Dax 
index dropped 2L45 to 2,06&6? 
on the session, but some bro- 
kers injected political appre- 
hension as the Ibis-indicated 
index fell farther to 2457.83 by 
the end of the afternoon, down 
L9 per cent from last Friday's 
post-bourse close. 

Turnover fell from DM5.7bn 
to DM54bn. On the session, 
Daiml er lost DM1340 at DM772 
after last Friday's Stan- 
dard & Poor’s downgrading of 
its debt; and Deutsche Bank 
dropped DM1440 to DM69240 
on US selling on its involve- 
ment with MetaDgesellschaft 
as one of the emhattiad trading 
group's major hanking share- 
holders. 

Metallgesellschaft fell 
DM1540 to DM13340 and hit a 
new 1994 intraday low of 
DM122 after hours before dos- 
ing the afternoon at DM130, 
as stories circulated that 
Deutsche B ank and other 
major banking shareholders 

ASIA PACIFIC 


Metallgftse&scliaR 

Sfjara pries (DM) • 

450 - 


FT-SE Actuaries Share Inc 


Sep 28 
Italy changes 


to® 


THE EUROPEAN SERIES 

nao H.30 wn iaoo tun ism one 



FT-SE Emm* 100 134435 134&9B 1344.41 1341 J3 134055 133082 133M7 133005 
FT-SE Emu* HQ 1OT01 138M8 138208 137026 137030 1377.60 137002 138089 


Sep 23 Sep 22 


Sep 21 


Sep 2D Sop 18 


FT-SE Emmcfc 100 134373 133432 134034 134233 135086 

ft-se Emu* an took mrjw. issue out mows 
B w moo punaaa mphbf mo - wt® sn> - usui umMv no ■ issue 200 - ixvj 2 t mu 


were reducing their positions. 

The afternoon also brought a 
reaction from Siemens, down 
DM15.50 to DM647.70 at the 
close of Ibis trading, after a 
magazine article said the giant 
electricals group would report 
slightly lower profits this year, 
Siemens said the report con- 
tained errors. 

PARIS Raided a number of 
corporate features as the gen- 
eral market fell on interest 
rate worries in a gloomy open- 
ing to the new account The 
CAC 40 index lost 24.63, or 14 


per cent, at 1402.72 after a low 
of 1495.62 for the day. 

Turnover was FFr2. 6bn. The 
best features were in leaders 
such as Peugeot, down just 
FFr2 to FFr793 before news 
after market hours of a return 
to profitability, and Socfett 
Generate,, expected to reveal 
higher profits today and FFrI 
up at FFr536. 

At the more painful end of 
the performance charts, Euro- 
tunnel dropped FFrL45. or 6.4 
per cent, to FFr2U0 on reports 
of water leaks in the tunnel, 
although the company said 
this was a normal occurrence; 
and Credit Lyonnais, opening 
strongly at FFr415 on hopes of 
state aid, fell to FFr378 before 
closing FFr820 lower at FFr387 
as those hopes were denied. 
The bank will produce its 


delayed first-half results this 
afte rnoon. 

AMSTERDAM was lower on 
interest rate worries and the 
AEX index closed 344 down at 
400-47. Unilever bucked the 
trend, however, p icking up 60 
cents at FI 19440 amid opti- 
mism over forthcoming third- 
quarter results. 

A 30-cant advance in Aegon 
to FI 101.70 was attri buted to 
strong interest in its call 
options on the EOE. ABN- 
Amro feQ FI 140 to FI 57 and 
ENG 90 cents to FI 7440. 

ELM ended 20 cents higher 
at FI 47.60 after its deputy 
chairman said the airline 
would seek to stren gthen exist- 
ing co-operation arrangements. 

Heineken dipped El 1.70 to 
FI 236.30: Klein wort Benson, 
which continue to rate the 


stock a buy after the higher 
than expected first-half results, 
said the brewer was its pre- 
ferred defensive play, along 
with CSM. 

ZURICH finished lower in 
thin volume, the SMI index los- 
ing 23.0 at 2486.1, with many 
investors unwilling to commit 
themselves. 

Roche certificates set the 
tone with a SFr70 loss to 
SFr£455 while Nest! 6 gave up 
SFrl4 to SFH.19L and Sulzer 
fell SFr20 to SFr890 ahead of 
today’s first-half results. 

Financials were broadly 
easier. Swiss Re fell SFr4 to 
SFT567. Among the banks, SBC 
lost SFrS to SFr367 and CS 
Holding feQ SFrS to SFr538 

MILAN edged ahead on a day 
of highly charged political 
debate and the Comit index 
rose 3.95 to 672J.4 as Friday’s 
deadline approached for the 
government to present its bud- 
get plans. 

However, Mr John Stewart at 
InterEuropa Sim in Milan 
noted that business was tight, 
with continuing delays and the 
postponement of yesterday 
morning’s meeting between 
the government and unions on 
pensions reform adding to 


investors' worries about the 
eventual effectiveness of the 
budget proposals. 

The small gain in the index 
was largely attributed to 
advances in telecom stocks, 
particularly that of Sfcet, which 
rase LU4 to IA621 on arbitrage 
activity ahead of the expiration 
of the. warrants -on Its savings 
shares. Telecom Italia gained 
L101 at L4425: the group is 
expected to report buoyant 
first-half figures today. 

Six-month results continued 
to feature. Pirelli rose to a high 
of 14,660 in reply to Friday’s 
better than expected first-half 
figures before ending L27 down 
at L2.610. Elat was off 14 at 
L6,S92, after touching L6.745, 
ahead of Thursday's figures. 

MATHtro reversed an early 
improvement to close with the 
general index 1.65 easier at 
297.17. 

Repsol was one of the few 
winners an the day, gaining a 
token PtalO at Pta3,825 on 
news that the equity offer 
forming the third stage of the 
oil major’s privatisation could 
be delayed until next year. 

Written . and edited by Wiliam 

Cochrane and Michael Morgan 


Concerns over US policies inhibit general trading 


Tokyo 


Stocks drifted lower in thin 
trading, with most participants 
sitting on the sidelines, writes 
Robert Patton in Tokyo. 

The Nikkei 225 average eased 
1941 to 1941446 after a three- 
day weekend; Tokyo markets 
were closed on Friday for a 
Japanese national holiday. 
Small early gams lifted the key 
inder to a high of 19,922.4; thie 
day’s low was 19,7804. 

Declines outscored advances 
by 526 to 467, with 193 issues 
unchanged. Volume fell to an 
estimated 250m shares from 
the 353.7m traded last Thurs- 
day. Most traders were cau- 
tious over foreign exchange 
movem ents. Adding to market 
uncertainty was the looming 
Friday deadline for the imposi- 
tion of Super 301 trade sanc- 
tions by the US. 

The capital-weighted Nikkei 
300 index inched ahead 042 to 
29047, while first-section Topix 
stocks closed at 1,58541, up 
099 from Thursday. 

The second section index 
receded 9.44 to 2437.02, with an 
estimated 745m shares chang- 
ing hands. Japan Telecom, 
widely regarded as a market 
indicator ahead of the upcom- 
ing listing of Japan Tobacco on 
October 27, continued to 
decline. Listed on the second 
section, the stock fell Y100,000 
to Y4.05m, its lowest value 
since listing on September 6. 
DDL another second-section 
telecom stock, dipped Y8.000 to 
Y871.000, but Nippon Telegraph 
arid Telephone remained at 
Y885.000. 

In London, the ISE/Nikkei 50 
index finished 049 firmer at 
149747. 

A Sunday newspaper report 
that electronic parts maker 
Hosiden will spend Y60bn to 


build a large thin-fihn transis- 
tor liquid crystal display (TET- 
LCD) plant in Kobe, western 
Japan, raised Hosiden shares 
Y80 to Y2480- Hosiden supplies 
all LCD cockpit display panels 
used in Boeing 777 aircraft 

Other high-technology issues 
lost ground. Toshiba slipped 
Y4 to Y747, NEC was Y10 softer 
at YL170 and Oki Electric shed 
Y20 to Y760. 

In Osaka the OSE average 
gained 28.18 points at 22,10143 
in volume of 604m shares. 

Roundup 

Worries about the outlook for 
interest rates after today's US 
Federal Open Market Commit- 
tee meeting were an inhibition 
to trading in some Pacific Rim 
markets. 

Bombay opened as normal 
hut brokers refused to transact 
business, in sympathy with 10 
brokers whose offices were gut- 
ted in the fire on Friday. The 
exchange is expected to reopen 
today. 

SEOUL made headway after 
Friday's consolidation to end 
at another all-time high as 
early strength in financial and 
banking shares spread to other 
issues. However, profit-taking 
in primary blue chips limited 
the advance. 

The composite index closed 
7.71 stranger at 1,045.12, just off 
a record intraday peak of 
144744 set in the morning. 

The sub-group Index for 
banks rose 11.26, or 1.6 per 
cent, to a fresh high far the 
year of 69646, but profit-taking 
was seen in last week's best 
performers. 

Samsung slipped Worn ,900 to 
Woe 038,100 and Posco declined 
by Won500 to Won86,600. 

TAIPEI put on 14 per cent 
amM late ti ppurari for b anking 
stocks. The weighted index fin- 


S African shares tumble 


Johannesburg tumbled in 
response to a bank rate rise, 
higher August inflation and 
weaker world markets. A 
firmer financial rand also hit 
rand prices of offshore fisted 
stocks. The overall index fell 
138 to 5417, industrials lost 
157, or 24 per cent, at 6403 
and golds slipped 20 to 2,449. 

Gold shares, firm early in 
the session, reversed direction 
as the bullion price felled to 


push ahead towards $400 an 
ounce. 

De Beers retreated B4 to 
R99, Anglos fell R4.50 to 
R23740 and Gencor declined 
40 cents to R14. 

Iscor receded 19 cents to 
R4.35 following its 12-cent 
advance on Friday. Remgro 
dipped 75 cents to R2440, 
Richemont was R143 cheaper 
at R39.75 and Minorca relin- 
quished R3.25 at RUO. 


Jointly compare by The Fkwndd Tune* Lid. Goldman, Sachs ft Co. and NatWMt SecurMes Ltd. In conMxsJon *Wh the tnsttute erf Actuaries aid me Faculty at Actuate 

NATIONAL AND 

REGIONAL MARKETS FRIDAY SEPTEMBER 23 1904 THURSDAY SEPTEMBER 22 ISM DOLLAR INDEX 

Homes In pwe m hoswa US Da/a Fouid Local Local Grass US Pound Local Yaa- 

show number q| Inas Dote Change Staling Yen DM Currency % chg Dhr. Dote Strafing Yen DM Currency 52 war* 52 we* ago 

index on day YMd index index Index tadw Index Htah Low feprax) 


of stock 


Index 


index Index Max 


Auetrallaltt) 

170.32 



Cantata (103}. 

139.03 

Manet pk} 

17340 

Franco (07) 

169AS 

Oenreaiy (58) 

14362 



Italy hU 




MOtaystapP). 

58368 

Nettwrlanrf g7+ 

£357.35 


Norway p3) ' 




Saudi Africa <ss) 

31229 

Spain (43) — 

M0.19 



United Kingdom (204). _ 
USA (51 6) 

194.00 

187 JS6 

EUROPE (717) 


Nettie (11G1 


Pactfle Bosta (748) 

Euro-PacJflc (1463 

172.10 

17122 

North America (61® 

18433 

153JJ0 

Padtc Ex. Japan (27® 
World Ex. US (1645) 

280.49 

173-32 

World Ex. UK (1957)^- 

__ 17527 


0.0 

0J5 

0.4 

0.3 

03 

1J3 

1.5 

0.9 

-as 

-06 

09 

0.4 

-05 

1.1 

1.1 

14 

-05 

05 

2.7 

1.9 

09 

05 

04 
-03 


159.95 

177.24 

157.38 

13056 

23738 

1M.77 

159.00 

13437 

37231 

19530 

77.75 

15147 

548.11 

2213.71 

197.77 

66.12 

16233 

34837 

20333 

131.05 

Z11.1B 

15041 

18103 

17013 


105.19 
11057 
10331 

8537 

16012 

106.36 

10437 

88.70 

245.19 
12044 
51.13 

10026 

380.48 

145531 

130.07 

4430 

12031 

82936 

10334 

8056 

13090 

10236 

12038 

11533 


136.75 

15134 

13436 

11133 

20245 

14067 

13534 

11531 

31074 

10037 

66.47 

13038 

468.81 

1992.62 

18938 

5024 

15639 

29832 

25131 

11236 

18056 

133.72 

15&49 

150.58 


15038 

16139 

131.40 
13534 
20830 
18039 
14025 
11531 
38087 
18731 

96.40 
10038 
57433 

675074 

16035 

6334 

17938 

25324 

295.10 

13008 

248.7! 

13053 

18333 

18736 


-63 

03 

02 

0.4 

03 

1.1 

12 

0.7 

-03 

-03 

0.4 

0.0 

-03 

13 

0.7 

00 

-0.7 

03 

0.0 

1.7 

13 

02 

02 

-03 


3.62 

1.08 

421 

230 

1.42 

0.78 

3.14 
1.78 
3.12 
339 
131 
076 
146 

1.17 
048 
3.74 
135 
138 

2.17 
424 
130 
133 

4.15 
230 


17026 

18735 

18639 

13834 

2S1J80 

173.14 

18836 

14228 

306.13 

20927 

8232 

181. re 

233123 

20837 

71.81 

106.82 


18013 

17533 

15837 

130.40 

23082 

18235 

15634 

13332 

374^*7 

19633 

77.15 

132.14 

55134 

218234 

1953B 

6735 

184.18 

347.43 


304.78 

137.60 

18530 

194.10 

18821 


12942 

20087 

1S534 

132.64 

17732 


10535 

115.66 

10348 

8635 

156.18 

10734 

10044 

8821 

24832 

129.74 

603S 

10028 

38330 

144533 

129.18 
4439 

12140 

229.00 

18834 

8530 

13820 

102.78 

12038 

116.68 


137.09 

15062 

13438 

11134 

20233 

13041 

13435 

11436 

32039 

18831 

6636 

13025 

47232 

1877.10 

167.79 
5738 

157.67 

297.44 

24441 

110.79 
17930 
13330 
15636 
15134 


153.78 

15036 

131.18 

13436 

2Q9.79 

178.71 

13830 

11436 

396.02 

16031 

8536 

10028 

577.87 

688738 

165.13 


18040 

25138 

295.10 

133.78 

248.16 

13024 

18234 

18821 


189.16 
19068 
177.04 
14031 
275-79 
181.70 
18637 
160.40 
50636 
21630 
87.7B 
17010 
621.63 
2647.08 
318.19 
7739 
211.74 
37832 
31434 
15S.79 
231 35 
17636 
21436 
10634 


14134 

16434 

14332 

12034 


10631 

15934 

12439 

29636 

18134 

5736 

12434 

39937 

184532 

1B036 

8922 

16532 

28733 

18534 

12888 

176.83 

13638 

181.11 

17885 


World Ex. So. At 0102). 
World Ex. Japan flOOS} - 


.18832 


03 

03 

03 

06 

-03 

1.0 

- 0.1 

05 

02 

02 

02 


14236 

16732 

14438 

122.15 

22801 

10831 

182.88 

12847 

30034 

16134 

72*7 

15239 

399.B7 

164532 

18130 

so.cn 

1B9-42 

287.83 

18864 

13438 

18804 

13838 

184.17 

187.19 


16018 

20438 

161.62 

16088 

17338 

14434 

250Jffl 

162.78 

16439 

16841 

17533 


10533 

13435 

10829 

10531 

11337 

9436 

16439 

107.04 

1083S 

10878 

11844 


13893 

17430 

1381B 

13735 

14816 

12332 

21336 

138.16 

140.72 

141.42 

15037 


16032 

20638 

111.40 

127.10 
18332 
13036 

237.11 
131.04 
145.07 
147.48 
17888 


05 

0.7 

03 

02 

-03 

07 

-02 

02 

03 

03 

00 


338 

134 

138 

133 
238 
2.47 
2.74 

134 
2-07 
237 
231 


10826 

21828 

17138 

17048 

18812 

16238 

26832 

17239 

174.90 

17530 

18631 


15019 

20337 

16139 

16035 

174.12 

14334 

26036 

162.14 

16430 

16835 

17532 


The WBttt InOBK (2161) 177.01 P* 16823 10932 142.12 14856 03 

CopyiigM, Ha Ftatal Times U« teL ot * a ° wa .? a a ? P* c °-. Bf| 4 NMWtar OecuiUM LMSed. T9B7 

sshsttsss: 


10433 

13435 

10638 

10888 

114.77 

9438 

16841 

10807 

10843 

10889 

11539 


13828 

174.11 

13817 

13737 

14936 

122.46 

214.8S 

13881 

14083 

14135 

15028 


14872 
204.65 
111 ^43 
12634 
18430 
13032 
23737 

13078 

145.07 

147.45 

17883 


17868 

mis 

17638 

17814 

192.73 

15812 

29821 

17886 

17859 

18003 

1B530 


153.96 
173.19 
134.78 
14338 
ITS. 67 
13437 
20818 
14858 
15536 
15834 
174.11 


15434 

17637 

15736 

15G35 

18817 

13534 

20818 

15802 

16331 

16842 

174.18 


237 17QB1 166.11 109.49 14221 W853 18030 15835 16533 


ished 103.74 higher at 7.025.76, 
although turnover was slow at 
T¥48.4bn. 

Financials reversed early 
falls and supported the market 
Chang Hwa Bank put on T$8 at 
TJ209, First Commercial Bank 
T¥9 at T¥205 and Hwa Nan 
Bank TJ9 at T¥229- 

Closed-end funds also 
attracted buying an hopes that 
they would be converted into 
open-end funds soon. Kwang 
Hua Fortune, the most active 
issue, climbed 20 cents to 
T$13.15. 

HONG KONG saw modest 
gains, although the market 
remained overshadowed by 
concern about the outlook for 
US interest rates. 

The Hang Seng index was up 
1L16 at 9,643.63 after an early 
high of 9,700.92, as turnover 
improved to HK¥3.4bn from 
Friday's HK¥3.07bn. 

Among the seven stocks 
which will enter the Hang 
Seng index later this year and 


early in 1995, Sino Land moved 
forward 45 cents to HK¥8.75 
and Oriental Press put on 40 
cents at HK¥5.30. 

Stocks which had been 
widely expected to join the 

main indtwr,, but failed to make 

last Fridays list, fen sharply. 
First Pacific dropped 47.5 
cents, or 8.4 per cent, to 
HKS5.15, Guoco Group lost 
HK91.60, or 4.1 per cent, at 
HKS37.60 and Henderson 
Investment shed 37.5 cents, or 
5.1 per cent, to HK$657S. 

Lai Sun and Winsor both 
declined steeply after the 
announcement that they would 
be removed from the index, fol- 
lowing their underperformance 
of the market. Lai Sun 
retreated HKgl.lO, or 39 per 
cent, to HKS1490 and Winsor 
was 60 cents, or 5.4 per cent, 
lower at HK¥lO-55. 

On the opposite tack, ship- 
ping company IMC picked up 
425 cents, or 7.7 per cent, to 
HE35.95 an institutional buy- 


ing following signs of recovery 
in the Industry. 

SYDNEY edged forward in 
quiet conditions ahead of 
today’s FOMC meeting The All 
Ordinaries index closed 2.3 
higher at 2,030.0 as rises by 
golds and some industrial 
stocks offset falls in finance 
and some resource sectors. 

WELLINGTON eased, with 
the threat of higher interest 
rates acting as a disincentive. 
The NZSE-40 Capital index fin- 
ished 4.73 off at 2.07&80 in very 
low turnover of NZ¥19.49m. 

SINGAPORE was softer, 
although prices showed some 
resilience and the Straits 
Times Industrial index closed 
only 2.24 down at 2,299.81. 
Over-the-counter Malaysian 
shares were dampened by 
heavy profit-taking in the 
afternoon, after an unexpect- 
edly strong start 

Yeo map Seng Malaysia lost 
45 cents at S¥8.45 after the 
Malaysian authorities’ move to 


calm recent feverish specula- 
tion by making it a ‘'desig- 
nated security”. 

KUALA LUMPUR was wor- 
ried about interest rates and 
the composite index gave up 
13.14 at 1.157J& 

Against the trend, Econ- 
states and Actacorp, which 
resumed trading after recent 
suspensions, were sharply 
higher- Econstates rose M$2.65, 
or 67.9 per cent, to M$6^5 on 
the purchase of a port devel- 
oper which has been awarded 
the privatised Klang West Part 

Actacorp climbed MJ1.75, or 
29.4 per cent, to M¥7.70 on 
news that a businessman has 
bought a 26^ per cent stake.' 

MANILA was pulled down by 
ifftrimiwg blue chips, and the 
composite index tost 15.16 at 
2,944.20. Heavy selling was 
seen in a number of issues as 
investors cashed in profits, 
inrinrting Metropolitan Bank & 
Trust, which fell 35 pesos, or 
42 per cent, to 795 pesos. 


i Socuftiaa Lkrtod ml Ootem Sadi* C 



The Commerzbank report 
on German business and finance 9/94 


Germany's capital goods producers 
raise their market share 


The western German economy has 
moved out of recession, but in manu- 
facturing the recovery has so far been 
very uneven. Early this year; the capital 
goods sector began to rebound; it should 
achieve growth of a good 3 % this year 
and 5% in. 1995. However; the industry 
is starting from a low base as production 
had plunged 16% by the end of 1993, a 
much sharper decline than in previous 
recessions, rekindling fears that Germany 
had forfeited some of its international 
competitiveness. 

On the other hand, while the drop in 
the consumer goods sector was in fine 
with that registered during previous 
recessions, the outlook in this area of 
manufacturing remains lackluster. Out- 
put is likely to contract by 45% in the 
current year and in 1995 will probably 
be barely sufficient to offset this decline. 

Boost from foreign demand 

On average, nearly half of western 
Germany’s capital goods’ output (in- 
cluding motor vehicles) has been sold 
abroad over the past ten years, compared 
with only a third of its consumer goods’ 
production. Thus demand for capital 
goods is more sensitive to changes in 
die economic performance of other 
countries, which - together with the 
appreciation of the D-mark in 1992/93 - 
largely explains why German producers 
were so severely hit by the fall in foreign 
demand, the longest and sharpest ever. 
In volume t e r ms , orders from abroad 
were 19% higher in foe second quarter 
of 1994 than at their end-1992 lowpoint, 
but still 6% below their pre-recession 
level 


“The capital goods sector 
could well repeat its success 
during the eighties’’ 


Despite the strength of the D-mark, 
foreign demand is now the driving force 
behind Germany’s economic recovery. 
The continuing robust upswing in the 
US. and Britain, as well 
as the improved prospects 
for Western Europe, are 
boosting economic per- 
formance in western 
Germany. 

In an effort to increase 
their efficiency, German 
firms have tackled the 
problem of costs. Savings 
have been achieved in a 
number of ways: com- 
panies have restructured, 
invested in rationalization 
measures, transferred pro- 
duction abroad, nego- 
tiated more moderate pay 
settlements and considerably trimmed 
their workforces. By the end of the 
second quarter, unit labor costs in 
western German manufacturing were 
down 8% from their peak in early 
1993, and as demand continues to 
pick up, they are likely to decrease 
further in 199S. German firms’ earnings 
performance has improved markedly, 
albeit from a very low level. Indeed, 
having plummeted to a 25-year low in 
1993, the manufacturing sector’s profit 
margin should again be roughly in 
line with its average during the eighties 
next year. 


With private households’ real dispos- 
able income down, domestic orders are 
lagging behind those from abroad in all 
sectors of the economy. As a result, the 
outlook for German consumer goods is 
fairly subdued. In addition, as the pro- 
ducers of consumer goods focus to a 
large degree on relatively unsophisticated 
products, they are more exposed to inter- 
national competition than are their coun- 

Westem Gammy: manufacturing order intake mid output 

la o cnafty-xffuWd qumrty fiQlirMf was m no 



teiparts in the capital goods sector. In 
particular, they face a strong challenge 
from low-wage countries in Asia and. 
increasingly, in Central and Eastern 
Europe as welL The current upturn, which 
could easUy last until the end of the cen- 
tury, presents manufacturers of capita] 
goods with an opportunity to achieve 
growth rates comparable to’thbse seen 
during the long upswing of the 1980s, 
when output in the sector rose by 4% 
per year. Thanks not least to the ad- 
ditional demand created by the modern- 
ization of industry in Central and Eastern 
Europe, this should be feasible- 




COMMERZBANK 

German know-how in global finance 

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